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Page 1
                                  2023              ANNUAL
                                                    REPORT

                                  Igniting
                                  ENGAGEMENT




SNI




      SPINDO   SNI 0039 2013 MED




          PT STEEL PIPE INDUSTRY OF INDONESIA Tbk
Page 2

          
Page 3
                                                                                         Igniting Engagement                          Laporan Tahunan 2023
                                                                                          Elevating Excellence       PT Steel Pipe Industry of Indonesia Tbk




Sanggahan & Batasan Tanggung Jawab
Disclaimer
Laporan tahunan ini memuat pernyataan kondisi keuangan, hasil operasi,                 This annual report contains financial conditions, operation results, projections,

proyeksi, rencana, strategi, kebijakan, serta tujuan Perseroan, yang digolongkan       plans, strategies, policies, as well as objectives of the Company, which are

sebagai pernyataan ke depan dalam pelaksanaan perundang-undangan yang                  classified as forward looking statements in the implementation of the applicable

berlaku, kecuali hal-hal yang bersifat historis.                                       laws and regulations, excluding historical matters.



Pernyataan-pernyataan tersebut memiliki prospek risiko, ketidakpastian, serta          Such forward-looking statements are subject to known and unknown risks

dapat mengakibatkan perkembangan aktual secara material berbeda dari yang              (prospective), uncertainties, and other factors that can cause the actual results to

dilaporkan.                                                                            differ materially from the expected results.



Pernyataan-pernyataan prospektif dalam laporan tahunan ini dibuat berdasarkan          Prospective statements in this annual report are prepared based on numerous

berbagai asumsi mengenai kondisi terkini dan kondisi mendatang Perseroan               assumptions concerning current conditions and future events of the Company,

serta lingkungan bisnis di mana Perseroan menjalankan kegiatan usaha.                  and the business environment where the Company conducts its business.



Perseroan tidak menjamin bahwa dokumen-dokumen yang telah dipastikan                   The Company shall have no obligation to guarantee that all the valid documents

keabsahannya akan membawa hasil-hasil tertentu sesuai harapan. Laporan                 presented will bring specific results as expected. This annual report contains the

tahunan ini memuat kata “SPINDO” dan “Perseroan/Perusahaan” yang didefinisi-            words “SPINDO” and “Company”, hereinafter referred to PT Steel Pipe Industry of

kan sebagai PT Steel Pipe Industry of Indonesia Tbk yang merancang dan mem-            Indonesia Tbk, as a company that designing and producing various steel pipe

produksi berbagai macam produk pipa baja berdasarkan kategori, yang dibuat             products related, made to fulfill orders and made for supplies, which includes

untuk memenuhi pesanan dan untuk persediaan, yang meliputi produksi berbagai           various types of pipes made of hot rolled, cold rolled, and stainless steel.

jenis pipa yang dibuat dari karbon hot rolled, cold rolled, dan stainless steel.

Tata Kelola Perusahaan                             Tanggung Jawab Sosial Perusahaan                     Referensi                              Laporan Keuangan               00
Corporate Governance                                 Corporate Social Responsibility                   References                             Financial Statements            a
Page 4
                  2023 Annual Report                          Igniting Engagement
                  PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                  Daftar Isi
                  Table of Contents
     Bab            Isi                                                                                                                         Halaman
     Chapter        Contents                                                                                                                    Pages




      1
                  Ikhtisar Utama                                                     Highlight                                                            01
                  Peristiwa Penting 2023                                             Events Highlight in 2023                                             02
                  Ikhtisar Keuangan                                                  Financial Highlight                                                  04
                  Ikhtisar Saham                                                     ISSP Share Highlight                                                 07
                  Aksi Korporasi                                                     Corporate Action                                                     10
                  Penghargaan & Partisipasi tahun 2023                               Awards & Participations in 2023                                      14


                  Laporan Manajemen                                                  Management Report                                                    15



     2
                  Laporan Dewan Komisaris                                            Report form Board of Commissioners                                   16
                  Profil Dewan Komisaris                                              Board of Commissioners Profile                                        20
                  Laporan Direksi                                                    Report form Board of Directors                                       26
                  Profil Direksi                                                      Board of Directors Profile                                            31


                  Profil Perusahaan                                                   Corporate Profile                                                     37



     3
                  Data Perusahaan                                                    Corporate Data                                                       38
                  Sekilas Perusahaan                                                 Company at a Glance                                                  40
                  Visi, Misi, dan Nilai-Nilai                                        Vision, Mission, and Corporate Values                                42
                  Jejak Langkah                                                      Milestones                                                           44
                  Bidang Usaha, Produk, dan Jasa                                     Business Lines, Products, and Services                               46
                  Sertifikasi                                                         Certifications                                                        56
                  Wilayah Operasi                                                    Areas of Operation                                                   58
                  Struktur Organisasi                                                Organizational Structure                                             64
                  Manajemen Modal Manusia                                            Human Capital Management                                             66
                  Komposisi Karyawan                                                 Composition of Employee                                              79
                  Komposisi Pemegang Saham                                           Composition of Shareholders                                          81
                  Lembaga Penunjang Profesi & Pasar Modal                            Professional Institutions & Capital Market                           84
                  Informasi pada Situs Perusahaan                                    Information on the Company’s Website                                 85




     4
                  Analisa & Pembahasan Manajemen                                     Management Discussion & Analysis                                     87
                  Tinjauan Bisnis                                                    Overview of Business Performance                                     88
                  Proyek-proyek                                                      Projects                                                             98
                  Kinerja Penjualan                                                  Performance of Sales                                               101
                  Tinjauan Operasional                                               Overview of Operational Performance                                103
                  Tinjauan Keuangan                                                  Overview of Financial Performance                                  107
                  Prospek Usaha                                                      Business Prospect                                                  115
                  Kebijakan Dividen                                                  Dividend Policy                                                    117
                  Perubahan Peraturan Perundang-Undangan                             The Changes in Laws which Significantly Affect to                   119
                  yang Berdampak Terhadap Perusahaan                                 the Company
                  Informasi Kelangsungan Usaha                                       Business Continuity Information                                    120

00             Ikhtisar Utama                          Laporan Manajemen                    Profil Perusahaan                  Analisa & Pembahasan Manajemen
 b               Highlights                            Management Report                    Company Profile                    Management Discussion & Analysis
Page 5
                                                                               Igniting Engagement                         Laporan Tahunan 2023
                                                                                Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Bab                Isi                                                                                                                              Halaman
Chapter            Contents                                                                                                                         Pages




5
                 Tata Kelola Perusahaan                                     Corporate Governance                                                          123
                 Tata Kelola Perusahaan                                     Corporate Governance                                                          124
                 Rapat Umum Pemegang Saham [RUPS]                           General Meeting of Shareholders [GMS]                                         130
                 Rapat Umum Pemegang Saham Tahunan                          Annual General Meeting of Shareholders [AGMS]                                 138
                 [RUPST]
                 Rapat Umum Pemegang Saham Luar Biasa                       Extraordinary General Meeting of Shareholders [EGMS]                          146
                 [RUPSLB]
                 Dewan Komisaris                                            Board of Commissioners                                                        150
                 Direksi                                                    Board of Directors                                                            159
                 Rapat Dewan Komisaris & Direksi                            Meeting of the Board of Commissioners & the Board                             174
                                                                            of Directors
                 Organ Penunjang Dewan Komisaris                            Supporting Organs of the Board of Commissioners                               178
                 Komite Audit                                               Audit Committee                                                               178
                 Fungsi Nominasi & Remunerasi                               Nomination & Remuneration Function                                            187
                 Sekretaris Perusahaan                                      Corporate Secretary                                                           188
                 Audit Internal                                             Internal Audit                                                                202
                 Audit Eksternal                                            External Audit                                                                207
                 Sistem Pengendalian Internal                               Internal Control System                                                       209
                 Manajemen Resiko                                           Risk Management                                                               211
                 Pedoman Perilaku                                           Code of Conduct                                                               216
                 Upaya Penegakan & Sanksi Pelanggaran                       Enforcement Efforts & Sanctions of Code Violation                             220
                 Kode Etik
                 Penerapan Pedoman Tata Kelola Perusahaan                   Implementation of Public Companies Corporate                                  226
                 Terbuka OJK                                                Governance’ Guidelines in Compliance with OJK




6
                 Tanggung Jawab Sosial Perusahaan                           Corporate Social Responsibility                                               241
                 Kebijakan Tanggung Jawab Sosial Perusahaan                 Corporate Social Responsibilities Policy                                      242
                 Tanggung Jawab Sosial Perusahaan Terkait                   Corporate Social Responsibilities Related to Human                            247
                 Hak Asasi Manusia                                          Rights
                 Tanggung Jawab Sosial Perusahaan Terkait                   Corporate Social Responsibilities Related to Fair                             249
                 Operasi yang Adil                                          Operations
                 Tanggung Jawab Sosial Perusahaan Terkait                   Corporate Social Responsibilities Related to                                  251
                 Lingkungan Hidup                                           Environment
                 Tanggung Jawab Sosial Perusahaan Terkait                   Corporate Social Responsibilities Related to                                  253
                 Ketenagakerjaan & K3                                       Manpower & OSH
                 Tanggung Jawab Sosial Perusahaan Terkait                   Corporate Social Responsibilities Related to                                  265
                 Pengembangan Sosial & Kemasyarakatan                       Social & Community Development
                 Tanggung Jawab Sosial Perusahaan Kepada                    Corporate Social Responsibilities to Customers                                268
                 Pelanggan


                 Referensi                                                  Reference                                                                     271




7
                 Laporan Keuangan                                           Financial Statements                                                          287
                 Laporan Keuangan Konsolidasi                               Consolidated Financial Statements


Tata Kelola Perusahaan                  Tanggung Jawab Sosial Perusahaan                      Referensi                             Laporan Keuangan            00
Corporate Governance                      Corporate Social Responsibility                    References                            Financial Statements         c
Page 6
        2023 Annual Report                          Igniting Engagement
        PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                           20                      "Expanding Market Opportunities", merupakan upaya perusahaan untuk memperluas peluang
                                                   segmen pasar dengan melihat kondisi yang ada. Perseroan juga berupaya untuk memahami


                           19
                                                   kondisi pasar terkini dan mencermati peluang yang masih terbuka luas. Sarana komunikasi dan
                                                   pemasaran digital juga menjadi fokus di tahun 2019.


                                                   "Expanding Market Opportunities", was a company's effort to expand market opportunities by
                                                   looking at existing conditions. The company also seeks to understand current market conditions
                                                   and examine opportunities that are still wide open. Communication tools and digital marketing
                                                   were also a focus in 2019.




                           20                      “Maintaining Direction & Accelerate Growth”, Perseroan tetap berupaya secara optimal
                                                   mempertahankan target bersama yang telah ditetapkan. Dengan optimalisasi produksi yang


                           20
                                                   mengedepankan protokol kesehatan serta pola pemasaran yang mengutamakan kepuasan
                                                   pelanggan, SPINDO dapat melewati dan bahkan meningkatkan pertumbuhan selama 2020.


                                                   “Maintaining Direction & Accelerate Growth”, The Company still strives to continue its efforts to
                                                   achieve the common goal. By way of production optimization that emphasizes health protocol and
                                                   market pattern that prioritizes customers’ satisfaction, SPINDO successfully managed to
                                                   overcome and even increase growth in 2020.




                           20                      “Growing Stronger, Aiming High”, sejak pandemi Covid-19 melanda dunia pada awal 2020,
                                                   pertumbuhan ekonomi global mengalami penurunan yang sangat tajam, termasuk ekonomi


                           21
                                                   Indonesia. Penurunan pada semua sektor bisnis berdampak pula pada kinerja Perseroan.
                                                   Operasional Perseroan menghadapi tantangan pada penerapan protokol kesehatan dan
                                                   optimalisasi produksi. Perseroan berusaha untuk terus mempertahankan arah pertumbuhan
                                                   untuk menggapai target melalui kinerjanya di tahun 2020.


                                                   “Growing Stronger, Aiming High”, since the Covid-19 pandemic hit the world in early 2020,
                                                   global economic growth has experienced a very sharp decline, including the Indonesian economy.
                                                   The decline in all business sectors also impacted the Company's performance. The Company's
                                                   operations face challenges in implementing health protocols and optimizing production. The
                                                   Company strives to continue to maintain its growth direction to achieve targets through its
                                                   performance in 2020.




00   Ikhtisar Utama                          Laporan Manajemen                  Profil Perusahaan               Analisa & Pembahasan Manajemen
 d     Highlights                            Management Report                  Company Profile                 Management Discussion & Analysis
Page 7
                                                                    Igniting Engagement                         Laporan Tahunan 2023
                                                                     Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




                         20   “Agile, Grit & Innovative in Challenges”, menghadapi perubahan dunia yang bergerak cepat dan
                              berdampak kepada perilaku bisnis, maka Perseroan dituntut cepat beradaptasi menghadapi


                         22
                              berbagai tantangan tak terduga. Perseroan sebagai pemain terkemuka dalam bisnis pipa baja
                              tetap lincah dan gesit dalam mengambil keputusan serta penuh inovasi.


                              Keberhasilan kinerja Perseroan sepanjang 2022 dalam penjualan menjadi tolak ukur untuk
                              meningkatkan nilai perusahaan dan mencapai pertumbuhan positif di tahun-tahun mendatang.


                              “Agile, Grit & Innovative in Challenges”, facing world changes that move quickly and have an
                              impact on business behavior, the Company is required to adapt quickly to face various unexpected
                              challenges. The Company as a leading player in the steel pipe business remains agile and grit in
                              making decisions and full of innovation.


                              The success of the Company's performance throughout 2022 in sales is a benchmark for
                              increasing company value and achieving positive growth in the coming years.




                                                   20                   “Igniting Engagement, Elevating Excellence”,

                                                                        kebijakan strategis Perseroan untuk membina

                                                                        hubungan kerjasama internal dan eksternal


                                                   23                   memberikan hasil fundamental yang kuat untuk
                                                                        pertumbuhan Perseroan ke depan. Perseroan

                                                                        senantiasa mendukung seluruh rantai bisnis produk

                                                                        dan jasa pipa baja untuk kemajuan bersama.


                                                                        “Igniting Engagement, Elevating Excellence”, The

                                                                        Company's strategic policy of fostering internal and

                                                                        external collaboration ties has produced excellent

                                                                        fundamental benefits for the Company's future
                                                                        growth. The company always supports the full

                                                                        business chain of steel pipe products and services to

                                                                        ensure mutual success.




Tata Kelola Perusahaan          Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      00
Corporate Governance              Corporate Social Responsibility                 References                            Financial Statements   e
Page 8
        2023 Annual Report                          Igniting Engagement
        PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                                                     Halaman ini sengaja dikosongkan
                                                     This page is intentionally left blank




00   Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan   Analisa & Pembahasan Manajemen
 f     Highlights                            Management Report             Company Profile     Management Discussion & Analysis
Page 9
                                                             Igniting Engagement                         Laporan Tahunan 2023
                                                              Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




         01                                         Ikhtisar
                                                    Utama
                                                    Highlight




Tata Kelola Perusahaan   Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      01
Corporate Governance       Corporate Social Responsibility                 References                            Financial Statements   001
Page 10
                2023 Annual Report                          Igniting Engagement
                PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Ikhtisar Utama
      Highlight




                                                           Laba Bersih                                                     Rp498
                                                          Tahun Berjalan                                                Miliar | Billion
                                                          Net Income of The Year




       Peristiwa Penting 2023
       Events Highlight in 2023

                                                          8 Agustus | August 2023
                                                          Penawaran Umum
                                                          Berkelanjutan (PUB) II
                                                          Sustainable Public Offering II

                                                                                         SPINDO menerbitkan Penawaran Umum Berkelanjutan (PUB) II
                                                                                         Tahap II sebesar Rp170.000.000.000,00 dengan spread sebesar
                                                                                         100 bps terhadap Benchmark Obligasi Negara
                                                                                         A Sustainable Public Offering II Phase II worth
                                                                                         IDR170,000,000,000,00 was released by SPINDO, with a 100
                                                                                         basis point spread over the Benchmark State Bond




                                                                                   19 September | September 2023
                                                                                   Acara Pemancangan Perdana
                                                                                   SPINDO Unit 7, Gresik
                                                                                   SPINDO Unit Plant 7
                                                                                   Groundbreaking Ceremony


 01          Ikhtisar Utama                          Laporan Manajemen              Profil Perusahaan                     Analisa & Pembahasan Manajemen
002            Highlights                            Management Report              Company Profile                       Management Discussion & Analysis
Page 11
                                                                Igniting Engagement                         Laporan Tahunan 2023
                                                                 Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




 Penjualan dan                                                 Rp6,45
Pendapatan Jasa                                           Triliun | Trillion
Sales & Service Revenues




15 Juni | June 2023
Peresmian Depo SPINDO
Makassar | Inauguration of
SPINDO Makassar Depot




                                                                27 November | November 2023
                                                                Memperoleh Sertifikat API
                                                                Obtained API Certificate
                                                                                   Memperoleh sertifikat MONOGRAM LICENSE API5L-
                                                                                   1276 dari American Petroleum Institute (API)
                                                                                   Obtained MONOGRAM LICENCE API5L-1276
                                                                                   certificate from the American Petroleum Institute (API)




  Tata Kelola Perusahaan   Tanggung Jawab Sosial Perusahaan                    Referensi                             Laporan Keuangan       01
  Corporate Governance       Corporate Social Responsibility                  References                            Financial Statements    003
Page 12
                2023 Annual Report                          Igniting Engagement
                PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




  Ikhtisar Keuangan
  Financial Highlight
      Laporan Posisi Keuangan                                                                             Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain
      Konsolidasian                                                                                      Expressed in million of Rupiah, unless otherwise stated

      Consolidated Statements of Financial Position                        2023        2022                   2021               2020                  2019
      (Balance Sheet)
      Jumlah Aset Lancar                                                 5.074.574   4.401.410             4.422.689          3.113.612            3.547.289
      Total Current Assets
      Jumlah Aset Tidak Lancar                                           2.897.134   3.004.521             2.674.633          2.962.992            2.877.218
      Total Non-Current Assets
      Jumlah Aset                                                        7.971.708   7.405.931             7.097.322          6.076.604            6.424.507
      Total Assets
      Jumlah Liabilitas Jangka Pendek                                    2.497.358   2.606.899             2.761.503          2.162.323            2.542.901
      Total Current Liabilities
      Jumlah Liabilitas Jangka Panjang                                    856.004     654.497                548.706            578.941               782.940
      Total Non-Current Liabilities
      Jumlah Liabilitas                                                  3.353.362   3.261.396             3.310.209          2.741.264            3.325.841
      Total Liabilities
      Jumlah Ekuitas                                                     4.618.346   4.144.535             3.787.113          3.335.340            3.098.666
      Total Equity
      Modal Kerja Bersih                                                 2.577.216   1.794.511             1.661.186            951.289            1.004.388
      Net working Capital

      Laporan Laba Rugi dan Penghasilan Komprehensif Lain Konsolidasian
      Consolidated Statements of Profit or Loss and Other Comprehensive Income
      Penjualan & Pendapatan Jasa                                        6.455.329   6.255.945             5.378.808          3.775.530            4.885.875
      Sales & Service Revenues
      Laba Kotor                                                         1.068.187    758.611              1.120.014            558.122               688.391
      Gross Profit
      Laba Sebelum Taksiran Beban Pajak                                   640.584     393.231                659.402            155.068               233.293
      Income Before Provision for Tax Expense
      Laba Bersih Tahun Berjalan                                          498.059     305.849                486.061            175.835               185.694
      Net Income of the Year
      Jumlah Laba Komprehensif Tahun Berjalan                             516.203     421.010                494.165            237.344               183.251
      Total Comprehensive Income for The Year

      Laba Tahun Berjalan yang dapat diatribusikan kepada:
      Income for the Year Attributable to:
          Pemilik Entitas Induk                     498.087                          305.860                486.062            175.835              185.695
          Owners of the Parent entity
          Kepentingan Non Pengendali                    (28)                               (11)                    (1)                10                    (1)
          Non-Controlling Interests
                                                                         498.059     305.849                486.061            175.845              185.694



      Jumlah Laba Komprehensif Tahun Berjalan yang dapat diatribusikan kepada:
      Total Comprehensive Income for the Year Attributable to:
         Pemilik Entitas Induk                         516.231    421.021                                   494.166            237.334              183.252
         Owners of the Parent entity
         Kepentingan Non Pengendali                         (28)      (11)                                         (1)                10                    (1)
         Non-Controlling Interests
         Jumlah                                                          516.203     421.010                494.165            237.344              183.251
         Total
      Laba per Saham Dasar (Rupiah Penuh)                                   70,50       43,29                  68,80              24,89                 26,26
      Basic Earning per Share (in full Rupiah)

 01          Ikhtisar Utama                          Laporan Manajemen                Profil Perusahaan                         Analisa & Pembahasan Manajemen
004            Highlights                            Management Report                Company Profile                           Management Discussion & Analysis
Page 13
                                                                                      Igniting Engagement                         Laporan Tahunan 2023
                                                                                       Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




                                                                 7.000.000




                                                                 6.000.000



PENJUALAN &
PENDAPATAN JASA
                                                                 5.000.000




Sales & Service Revenues                                         4.000.000


2023                                      6.455.329
                                                                 3.000.000

2022                                      6.255.945
                                                                 2.000.000
2021                                      5.378.808

2020                                      3.775.530              1.000.000



2019                                      4.885.875

Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain
Expressed in millions of Rupiah, unless otherwise stated                     2019     2020              2021            2022              2023




                                                                 7.000.000




                                                                 6.000.000




                                                                 5.000.000

JUMLAH ASET
Total Assets
                                                                 4.000.000


2023                                      7.971.708
                                                                 3.000.000

2022                                      7.405.931
                                                                 2.000.000
2021                                      7.097.322

2020                                      6.076.604              1.000.000



2019                                      6.424.507

Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain
Expressed in millions of Rupiah, unless otherwise stated                     2019     2020              2021            2022              2023




LABA BERSIH
                                                                 500.000



Net Income
                                                                 400.000


2023                                         498.059
                                                                 300.000

2022                                         305.849

                                                                 200.000
2021                                         486.061

2020                                         175.835             100.000



2019                                         185.694

Disajikan dalam ratusan ribu Rupiah, kecuali dinyatakan lain
Expressed in in hundreds of thousands of Rupiah, unless                      2019     2020              2021            2022              2023
otherwise stated



      Tata Kelola Perusahaan                      Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      01
      Corporate Governance                          Corporate Social Responsibility                 References                            Financial Statements   005
Page 14
                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      MARGIN LABA
      Net Profit Margin                                                 10%



      2023                                                  7,7
                                                                        8%


      2022                                                  4,9
                                                                        6%

      2021                                                  9,0
                                                                        4%
      2020                                                  4,7

      2019                                                  3,8         2%



      Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain
                                                                        0
      Expressed in millions of Rupiah, unless otherwise stated
                                                                                    2019       2020             2021     2022               2023


       LABA PER SAHAM DASAR
       Basic Earnings per Share                                          70



      2023                                               70,50
                                                                         60


      2022                                               43,29
                                                                         50

      2021                                               68,80
                                                                         40
      2020                                               24,89

      2019                                               26,26           30


      Disajikan dalam Rupiah, kecuali dinyatakan lain
      Expressed in Rupiah, unless otherwise stated                       20




                                                                         10




                                                                         0



                                                                                     2019       2020            2021     2022                2023



      Rasio-rasio                                                                              2023            2022    2021         2020               2019
      Ratios

      Pertumbuhan Bersih | Net Growth                                                            3,2%          16,3%   42,5%       -22,7%              9,4%

      Laba Kotor/Penjualan bersih | Gross Profit Margin                                        16,5%           12,1%   20,8%         14,8%           14,1%

      Laba Bersih/Penjualan bersih | Profit Margin                                               7,7%           4,9%    9,0%           4,7%            3,8%

      Imbal Hasil Aset | Return on Asset (ROA)                                                   6,2%           4,1%    6,8%           2,9%            2,9%

      Imbal Hasil Ekuitas | Return on Equity (ROE)                                             10,8%            7,4%   12,8%           5,3%            6,0%

      Aset Lancar/Liabilitas Jangka Pendek | Current Assets/Current Liabilities                 203%           169%    160%           144%            139%

      Jumlah Liabilitas/Jumlah Ekuitas | Total Liabilities/Total Equity                           73%           79%     87%             82%           107%

      Jumlah Liabilitas/Jumlah Aset | Total Liabilities/Total Asset                               42%           44%     47%             45%             52%

      Umur Piutang | AR Days                                                                         63          61      61                78               54

 01                Ikhtisar Utama                          Laporan Manajemen                Profil Perusahaan             Analisa & Pembahasan Manajemen
006                  Highlights                            Management Report                Company Profile               Management Discussion & Analysis
Page 15
                                                                                                         Igniting Engagement                         Laporan Tahunan 2023
                                                                                                          Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Ikhtisar Saham ISSP
ISSP Share Highlight
450




                                                                                                                                                                                            4.500.000.000
                                                                                                                          406
                                                                                                 400
400




                                                                                                                                                                                            4.000.000.000
                                                                                                           398




350




                                                                                                                                                                                            3.500.000.000
                                                                    3.390.672.800




300                                                                                                                                 292                                               292
                                                                                                                                                                          290




                                                                                                                                                                                            3.000.000.000
                                                                                                                                             282
                                2.227.309.500


                                                                                                                                                                   262
                                                                                 2.567.799.000
                                                                                                                                                         252
                                                                                                          2.496.222.400                            246
250




                                                                                                                                                                                            2.500.000.000
                                                                                        240
                                                                                                 2.405.374.600




      1.971.119.500                                                     2.015.183.700
200




                                                                                                                                                                                            2.000.000.000
                                184                                          187

                         1.698.255.223

                                                                    160
                                                   1.501.751.600
                                                                                                                         1.493.658.000
150                1.447.223.800




                                                                                                                                                                                            1.500.000.000
                         128
                                                      124
                                                              116
                                                110
                104
      100
                                           1.099.353.800
100
                                                                                                                                                                                            1.000.000.000




                                                                                                                                  844.264.000
               921.689.100



                                                            747.825.200
                                                                                                                                          586.311.200


50
                                                                                                                                                                                            500.000.000




                                                                                                                                                                   397.242.800

                                                                                                                                                               216.508.100
                                                                                                                                                     197.453.900              188.870.100

                                                                                                                                    168.428.200




        Q1        Q2       Q3         Q4     Q1       Q2      Q3      Q4       Q1       Q2        Q3      Q4        Q1       Q2       Q3        Q4       Q1        Q2        Q3       Q4



              2019                                2020                              2021                                 2022                                 2023

             Tata Kelola Perusahaan                         Tanggung Jawab Sosial Perusahaan                            Referensi                               Laporan Keuangan                            01
             Corporate Governance                             Corporate Social Responsibility                          References                              Financial Statements                         007
Page 16
                        2023 Annual Report                           Igniting Engagement
                        PT Steel Pipe Industry of Indonesia Tbk      Elevating Excellence




      Kinerja Saham ISSP di Bursa Efek Indonesia
      ISSP Share Performance on The Indonesia Stock Exchange

                                                                                                                   Harga Saham
          Periode                 Saham Beredar                    Kapitalisasi Pasar                               Share Price                            Volume
          Period                 Outstanding Share                Market Capitalization                                                                 Perdagangan
                                                                                                                                                       Trading Volume
                                                                                            Pembukaan Tertinggi          Terendah Penutupan
                                                                                             Opening   Highest            Lowest   Closing

            2023
             Q1                      7.185.992.035                1.810.869.992.820            256                256       250          252             197.453.900
             Q2                      7.185.992.035                1.882.729.913.170            270                270       260          262             216.508.100
             Q3                      7.185.992.035                2.083.937.690.150            294                296       290          290             397.242.800
             Q4                      7.185.992.035                2.098.309.674.220            294                294       288          292             188.870.100
      Selama Tahun Laporan           7.185.992.035                2.098.309.674.220            256                296       250          292           1.000.074.900
      During The Year

            2022
             Q1                      7.185.992.035                2.917.512.770.000            398                460       348          406           1.493.658.000
             Q2                      7.185.992.035                2.098.309.670.000            414                388       290          292             844.264.000
             Q3                      7.185.992.035                2.026.499.750.000            292                314       264          282             586.311.200
             Q4                      7.185.992.035                1.767.754.040.000            282                286       244          246             168.428.200
      Selama Tahun Laporan           7.185.992.035                1.767.754.040.000            398                460       244          246           3.678.972.600
      During The Year

            2021
             Q1                      7.185.992.035                1.343.780.510.000            160                306       153          187           2.015.183.700
             Q2                      7.185.992.035                1.724.638.090.000            187                312       187          240           2.567.799.000
             Q3                      7.185.992.035                2.874.396.810.000            240                360       222          400           2.405.374.600
             Q4                      7.185.992.035                2.860.024.830.000            400                510       290          398           2.496.222.400
      Selama Tahun Laporan           7.185.992.035                2.860.024.830.000            160                510       153          400           9.484.579.700
      During The Year

            2020
             Q1                      7.185.992.035                1.465.942.375.140            188                204        84          110           1.099.353.800
             Q2                      7.185.992.035                1.825.241.976.890            204                183       110          124           1.501.751.600
             Q3                      7.185.992.035                1.724.638.088.400            254                149       107          116             747.825.200
             Q4                      7.185.992.035                1.509.058.327.350            240                202       115          160           3.390.672.800
      Selama Tahun Laporan           7.185.992.035                1.509.058.327.350            188                204        84          160           6.739.603.400
      During The Year

            2019
             Q1                      7.185.992.035                1.638.406.183.980            235                143        83          100           1.971.119.500
             Q2                      7.185.992.035                1.293.478.566.300            230                117        88          104             921.689.100
             Q3                      7.185.992.035                  840.761.068.095            185                145       103          128           1.447.233.800
             Q4                      7.185.992.035                1.350.966.502.580            118                242       126          184           2.779.309.500
      Selama Tahun Laporan           7.185.992.035                1.350.966.502.580            235                242        83          184           7.119.351.900
      During The Year




 01                 Ikhtisar Utama                           Laporan Manajemen                 Profil Perusahaan                   Analisa & Pembahasan Manajemen
008                   Highlights                             Management Report                 Company Profile                     Management Discussion & Analysis
Page 17
                                                                                      Igniting Engagement                         Laporan Tahunan 2023
                                                                                       Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Pembayaran Dividen Selama Lima Tahun Terakhir
Dividend Payments Over the Last Five Years




Tahun Buku            Tanggal Pembayaran                   Rp/Shm                         Jumlah Saham*                                     Dividen Kotor
   Year                  Payment Date                    IDR/Shares                      Number of Shares                                   Gross Dividen

 2023                        03.08.2023                       6,00                         7.065.340.735                                  42.392.044.410


 2022                        03.08.2022                       9,00                         7.065.340.735                                  63.588.066.615


 2021                        27.08.2021                       6,00                         7.065.340.735                                  42.392.044.410


 2020                                                 Tidak ada pembagian dividen | No dividend payout


 2019                                                 Tidak ada pembagian dividen | No dividend payout

                             *Jumlah saham 7.065.340.735 tidak termasuk saham treasury, jika termasuk saham treasury adalah 7.185.992.035
                              The number of shares is 7,065,340,735 excluding treasury shares, and 7,185,992,035 including treasury shares.




             Tata Kelola Perusahaan               Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      01
             Corporate Governance                   Corporate Social Responsibility                 References                            Financial Statements   009
Page 18
                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Aksi Korporasi
          Corporate Action




      Perseroan tidak melakukan aksi korporasi apapun, seperti pemecahan                    The Company did not take any corporate action, such as stock split,
      saham (stock split), penggabungan saham (reverse stock), dividen saham,               reverse stock combination, stock dividend, stock bonus, and nominal
      bonus saham, dan mengubah nilai nominal pada tahun 2023.                              value change in 2023.


      Sesuai dengan keputusan RUPST yang ditandatangani pada 30 Juni                        The AGMS resolutions signed on June 30, 2023 approved the
      2023, disetujui untuk melakukan pembayaran dividen tunai sebesar                      distribution of cash dividends of IDR42.39 billion or IDR6.00 per
      Rp42,39 miliar atau setara dengan Rp6,00 per lembar saham dan                         share and the record of a Reserve Fund of IDR 10 billion.
      pembukuan Dana Cadangan sebesar Rp10 miliar.


      Pada tahun 2023, Perseroan menerbitkan Penawaran Umum                                 In 2023, the Company the Company issued the Sustainable Public
      Berkelanjutan (PUB) II SPINDO Tahun 2023 yang dibagi menjadi 2 (dua)                  Offering (PUB) II SPINDO 2023 which was split into two phases:
      tahap:


      Ÿ    Obligasi Berkelanjutan II SPINDO Tahap I Tahun 2023 dengan jumlah                Ÿ    Sustainable Bond II Phase I - Year 2023 with a principal amount of
           pokok sebesar Rp250.000.000.000,00 (Dua Ratus Lima Puluh Miliar                       IDR250,000,000,000.00 (Two Hundred Fifty Billion Rupiah)
           Rupiah) (“Obligasi”).                                                                 ("Bonds").
           Obligasi diterbitkan tanpa warkat, ditawarkan dengan nilai 100%                      The bonds were offered at 100% (one hundred percent) in 3
           (Seratus Persen), dalam 3 (tiga) seri yaitu:                                          (three) series, scripless, and were issued as follows:


           Seri A: Jumlah Pokok Obligasi Seri A sebesar Rp37.900.000.000,00                     Series A:     Principal Amount of Series A Bonds amounting to
                  (tiga puluh tujuh miliar sembilan ratus juta rupiah) dengan                                 IDR37,900,000,000.00 (thirty-seven billion nine
                  tingkat bunga tetap sebesar 7,75% (tujuh koma tujuh lima nol                                hundred million rupiah) with a fixed interest rate of
                  persen) per tahun, yang berjangka waktu 367 (tiga ratus enam                                7.75% (seven point seven five percent) per annum
                  puluh tujuh) Hari Kalender sejak Tanggal Emisi;                                             and a tenor of 367 (three hundred sixty seven)
           Seri B: Jumlah Pokok Obligasi Seri B sebesar Rp211.300.000.000,00                                  Calendar Days from the Date of Issue;
                  (dua ratus sebelas miliar tiga ratus juta rupiah) dengan tingkat              Series B:     Principal Amount of Series B Bonds amounting to
                  bunga tetap sebesar 9,50% (sembilan koma lima nol persen)                                   IDR211,300,000,000.00 (two hundred eleven
                  per tahun, yang berjangka waktu 3 (tiga) tahun sejak Tanggal                                billion three hundred million rupiah) with a fixed
                  Emisi;                                                                                      interest rate of 9.50% (nine point five zero percent)
           Seri C: Jumlah Pokok Obligasi Seri C sebesar Rp800.000.000,00                                      per annum, having a term of 3 (three) years from the
                  (delapan ratus juta rupiah) dengan tingkat bunga tetap sebesar                              Date of Issue;
                  10,00% (sepuluh koma nol nol persen) per tahun, yang                          Series C:     Principal Amount of Series C Bonds amounting to
                  berjangka waktu 5 (lima) tahun sejak Tanggal Emisi;                                         IDR800,000,000.00 (eight hundred million rupiah)
                                                                                                              with a fixed interest rate of 10,00% (ten point zero
                                                                                                              zero percent) per annum, having a term of 5 (five)
                                                                                                              years from the Date of Issue;




 01                Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                      Analisa & Pembahasan Manajemen
010                  Highlights                            Management Report             Company Profile                        Management Discussion & Analysis
Page 19
                                                                                               Igniting Engagement                         Laporan Tahunan 2023
                                                                                                Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




    Bunga Obligasi dibayarkan setiap triwulan, di mana Bunga                               The Bonds Interest shall be paid quarterly, where the first Bonds
    Obligasi pertama akan dibayarkan pada tanggal 4 Juli 2023,                             Interest would be paid on July 4, 2023, and the last Bonds Interest
    sedangkan Bunga Obligasi terakhir sekaligus pelunasan Obligasi                         and redemption would be settled on April 11, 2024 for Series A
    akan dibayarkan pada tanggal 11 April 2024 untuk Obligasi Seri                         Bonds, and on April 4, 2026 for Series B Bonds, and on April 4,
    A, tanggal 4 April 2026 untuk Obligasi Seri B, dan tanggal 4 April                     2028 for Series C Bonds. The repayment of each series of Bonds
    2028 untuk Seri C. Pelunasan masing-masing seri Obligasi akan                          would be made in full (bullet payment) at maturity.
    dilakukan secara penuh (bullet payment) pada saat jatuh tempo.


Ÿ   Sukuk Ijarah Berkelanjutan II SPINDO Tahap I Tahun 2023                            Ÿ   Sustainable Sukuk Ijara II Phase I - Year 2023 with the remaining
    dengan sisa imbalan ijarah sebesar Rp155.000.000.000,00                                ijara reward of IDR155,000,000,000.00 (one hundred and fifty
    (seratus lima puluh lima miliar rupiah) (“Sukuk Ijarah”).                              five billion rupiah) ("Sukuk Ijara").
    Sukuk Ijarah diterbitkan tanpa warkat, ditawarkan dengan nilai                         These Sukuk Ijara were offered at 100% (one hundred percent) in
    100% (seratus persen) dalam 3 (tiga) seri yaitu:                                       3 (three) series, scripless, and were issued as follows:


    Seri A:        Jumlah Sisa Imbalan Ijarah Seri A sebesar                               Series A: The remaining amount of Ijara Fee Series A amounted
                   Rp3.000.000.000,00 (tiga miliar rupiah) dengan                                        to IDR3,000,000,000.00 (three billion rupiah) with
                   cicilan Imbalan Ijarah sebesar Rp232.500.000,00                                       Ijara Fee Installments of IDR232,500,000.00 (two
                   (dua ratus tiga puluh dua juta lima ratus ribu rupiah)                                hundred thirty-two million five hundred thousand
                   per tahun, yang berjangka waktu 367 (tiga ratus                                       rupiah) per year with a period of 367 (three hundred
                   enam puluh tujuh) Hari Kalender sejak Tanggal Emisi;                                  sixty seven) Calendar Days from the Date of Issue;
    Seri B:        Jumlah Sisa Imbalan Ijarah Seri B sebesar                               Series B:     The remaining amount of Ijara Fee Series B amounted
                   Rp141.100.000.000,00 (seratus empat puluh satu                                       to IDR141,100,000,000.00 (one hundred forty one
                   miliar seratus juta rupiah) dengan Cicilan Imbalan                                   billion one hundred billion rupiah) with Ijara Fee
                   Ijarah sebesar Rp13.404.500.000,00 (tiga belas                                       Installments of IDR13,404,500,000.00 (thirteen billion
                   miliar empat ratus empat juta lima ratus ribu rupiah)                                four hundred four million five hundred thousand
                   per tahun, yang berjangka waktu 3 (tiga) tahun sejak                                 rupiah) per year with a period of 3 (three) years from
                   Tanggal Emisi;                                                                       the Date of Issue;
    Seri C:        Jumlah Sisa Imbalan Ijarah Seri C sebesar                               Series C:     The remaining amount of Ijara Fee Series C amounted
                   Rp10.900.000.000,00 (sepuluh miliar sembilan                                          to IDR10,90,000,000.00 (Tten billion nine hundred
                   ratus juta rupiah) dengan Cicilan Imbalan Ijarah                                      million rupiah) with Ijara Fee Installments of
                   sebesar Rp1.090.000.000,00 (satu miliar sembilan                                      IDR1,090,000,000.00 (one billion ninety million
                   puluh juta rupiah) per tahun, yang berjangka waktu 5                                  rupiah) per year with a period of 5 (five) years from the
                   (lima) tahun sejak Tanggal Emisi;                                                     Date of Issue;




    Cicilan Imbalan Ijarah dibayarkan setiap triwulan, di mana Cicilan                     Installments of Ijara Fees shall be paid quarterly, where the first
    Imbalan Ijarah pertama akan dibayarkan pada tanggal 4 Juli 2023,                       installment of Ijara Fees would be paid on July 4, 2023, while the
    sedangkan Cicilan Imbalan Ijarah terakhir sekaligus Tanggal                            last installment of Ijara Fees as well as the Repayment Date of the
    Pembayaran Kembali Sisa Imbalan Ijarah akan dibayarkan pada                            Remaining Ijara Fees would be settled on April 11, 2024 for Sukuk
    tanggal 11 April 2024 untuk Obligasi Seri A, tanggal 4 April 2026                      Ijara Series A, and on April 4, 2026 for Sukuk Ijara Series B, and on
    untuk Obligasi Seri B, dan tanggal 4 April 2028 untuk Seri C.                          April 4, 2028 for Sukuk Ijara Series C. The Repayment of the
    Pembayaran Kembali Sisa Imbalan Ijarah masing-masing seri                              remaining Ijara Fees for each series of Sukuk Ijara shall be made in
    Sukuk Ijarah akan dilakukan secara penuh (bullet payment) pada                         full (bullet payment) at maturity.
    saat jatuh tempo.



              Tata Kelola Perusahaan               Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      01
              Corporate Governance                   Corporate Social Responsibility                         References                            Financial Statements   011
Page 20
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Ÿ   Obligasi Berkelanjutan II SPINDO Tahap II Tahun 2023 dengan                   Ÿ    Sustainable Bond II Phase II - Year 2023 with a principal amount
          jumlah pokok sebesar Rp170.000.000.000,00 (seratus tujuh                           of IDR170,000,000,000.00 (one hundred and seventy billion
          puluh miliar rupiah) (“Obligasi”).                                                 rupiah) ("Bonds").


          Obligasi diterbitkan tanpa warkat, ditawarkan dengan nilai 100%                    Bonds are script-free, with an offering price of 100% of
          (Seratus Persen) sebesar Rp110.350.000.000,00 (seratus                             IDR110,350,000,000.00 (one hundred ten billion three hundred
          sepuluh miliar tiga ratus lima puluh juta rupiah) dengan tingkat                   and fifty million rupiah) with an interest rate of 7.00% (seven point
          bunga sebesar 7,00% (tujuh koma nol nol persen) per tahun dan                      zero zero percent) per year and term time 367 (three hundred and
          jangka waktu 367 (tiga ratus enam puluh tujuh) Hari Kalender                       sixty seven) Calendar Days from the Date of Emission. Quarterly
          sejak Tanggal Emisi. Bunga obligasi dibayarkan setiap triwulan,                    bond interest payments are made; the first installment is due on
          dimana Bunga Obligasi pertama akan dibayarkan pada tanggal 8                       November 8, 2023, and the last installment and bond repayment
          November 2023, sedangkan Bunga Obligasi terakhir sekaligus                         are due on August 15, 2024. Repayment of each series of Bonds
          pelunasan Obligasi akan dibayarkan pada tanggal 15 Agustus                         will be made in full (bullet payment) at maturity tempo.
          2024. Pelunasan masing-masing seri Obligasi akan dilakukan
          secara penuh (bullet payment) pada saat jatuh tempo.


      Ÿ   Sukuk Ijarah Berkelanjutan II SPINDO Tahap II Tahun 2023                      Ÿ    Sustainable Sukuk Ijara II Phase II - Year 2023 with the remaining
          dengan sisa imbalan ijarah sebesar Rp59.650.000.000,00 (lima                       ijara reward of IDR59,650,000,000.00 (fifty-nine billion six
          puluh sembilan miliar enam ratus lima puluh juta rupiah) (“Sukuk                   hundred and fifty million rupiah) ("Sukuk Ijara").
          Ijarah”)


          Sukuk Ijarah diterbitkan tanpa warkat, ditawarkan dengan nilai                    Sukuk Ijara are script-free, with an offering price of 100% of
          100% (seratus persen) sebesar Rp59.650.000.000,00 (lima                           IDR59,650,000,000.00 (fifty-nine billion six hundred and fifty
          puluh sembilan miliar enam ratus lima puluh juta rupiah) per tahun                million rupiah) per year. Ijara Fee Installments of IDR4,175,500.00
          Cicilan Imbalan Ijarah sebesar Rp4.175.500.000,00 (empat miliar                   (four billion one hundred seventy five million five hundred
          seratus tujuh puluh lima juta lima ratus ribu rupiah) per tahun, yang             thousand rupiah) per year with a period of 367 (three hundred
          berjangka waktu 367 (tiga ratus enam puluh tujuh) Hari Kalender                   sixty seven) Calendar Days from the Date of Issue. Ijarah Fee
          sejak Tanggal Emisi. Cicilan Imbalan Ijarah dibayarkan setiap                     installments shall be paid quarterly, where the first installment of
          triwulan, dimana Cicilan Imbalan Ijarah pertama akan dibayarkan                   Ijara Fees would be paid on November 8, 2023, while the last
          pada tanggal 8 November 2023, sedangkan Cicilan Imbalan Ijarah                    installment of Ijara Fees as well as the Repayment Date of the
          terakhir sekaligus Tanggal Pembayaran Kembali Sisa Imbalan                        Remaining Ijara Fees would be settled on August 15, 2024. The
          Ijarah akan dibayarkan pada tanggal 15 Agustus 2024.                              Repayment of the remaining Ijara Fees for each series of Sukuk
          Pembayaran Kembali Sisa Imbalan Ijarah masing-masing seri                         Ijara shall be made in full (bullet payment) at maturity.
          Sukuk Ijarah akan dilakukan secara penuh (bullet payment) pada
          saat jatuh tempo.




 01              Ikhtisar Utama                           Laporan Manajemen             Profil Perusahaan                    Analisa & Pembahasan Manajemen
012                Highlights                             Management Report             Company Profile                      Management Discussion & Analysis
Page 21
                                                                                    Igniting Engagement                         Laporan Tahunan 2023
                                                                                     Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Penangguhan Saham Perseroan |
Suspension of the Company’s Shares
Perdagangan saham Perseroan di Bursa Efek Indonesia tidak                    Trading of the Company’s shares on the Indonesia Stock Exchange
mengalami penangguhan sementara selama tahun 2023.                           was not suspended at any time during 2023.




          Tata Kelola Perusahaan         Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      01
          Corporate Governance             Corporate Social Responsibility                        References                            Financial Statements   013
Page 22
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Penghargaan Tahun 2023 | Awards in 2023
                                   Penghargaan |                                                                   Penyelenggara |            Tanggal Penerimaan |
                                      Awards                                                                          Organizer                 Date of Awarding

      1. PT Steel Pipe Industry of Indonesia Tbk - Unit 2                                                         Gubernur Jawa Timur       12 Januari | January 2023
            Prestasi Penerapan Sistem Manajemen Keselamatan & Kesehatan Kerja (SMK3)                              Governor of East Java
            dengan hasil pencapaian 87,50% (memuaskan) untuk Kategori Tingkat Awal.
            PT Steel Pipe Industry of Indonesia Tbk - Unit 2
            Achievement in the Implementation of the Occupational Safety & Health
            Management System (SMK3) with achievement results of 87.50% (satisfactory)
            for the Entry Level Category.



      Partisipasi Tahun 2023 | Participation in 2023
      No.                                                                                               Penyelenggara |                     Tanggal Penerimaan |
                                                                                                           Organizer                          Date of Awarding

      2. Partisipasi Seminar & Gathering Asosiasi Chief Engineer Banten                 ACE Banten                                        29 Juli | July 2023

      3. Partisipasi Gathering & Anniversary ACE DKI Jakarta ke-5                       ACE DKI Jakarta                                   5 Agustus | August 2023

      4. Sponsor & Gathering Badan Pimpinan Daerah Sumatera Utara                       Ikatan Engineers Indonesia,                       5 Agustus | August 2023
                                                                                        Badan Pimpinan Daerah Sumatera Utara

      5. Partisipasi RAKERPROV INKINDO Jawa Timur 2023                                  INKINDO (Ikatan Nasional Konsultan Indonesia) 31 Agustus | August 2023

                                                                                        Jawa Timur

      6. Partisipasi Gathering ACE Jateng - DIY                                         ACE Jawa Tengah - DIY                             18 November | November 2023

      7. RAKERPROV INKINDO Banten                                                       INKINDO (Ikatan Nasional Konsultan Indonesia) 24 Oktober | October 2023
                                                                                        Banten

      8. Partisipasi INKINDO Sumatera Barat                                             INKINDO (Ikatan Nasional Konsultan Indonesia) 2023
                                                                                        Sumatera Barat

      9. Pembicara Gathering Tukang Pompa se-kota Semarang 2023                         Komunitas Kang Tan (Tukang Toko Tan)              2023




                            1                                                              2                                                          3




                            4                                                              5                                                          6




                            7                                                              8                                                          9


 01               Ikhtisar Utama                          Laporan Manajemen                    Profil Perusahaan                  Analisa & Pembahasan Manajemen
014                 Highlights                            Management Report                    Company Profile                    Management Discussion & Analysis
Page 23
                                                             Igniting Engagement                         Laporan Tahunan 2023
                                                              Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




         02                                         Laporan
                                                    Manajemen
                                                    Management Report




Tata Kelola Perusahaan   Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      02
Corporate Governance       Corporate Social Responsibility                 References                            Financial Statements   015
Page 24
               2023 Annual Report                          Igniting Engagement
               PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Laporan Dewan
      Komisaris
      Report from Board of Commissioners




 02         Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan   Analisa & Pembahasan Manajemen
016           Highlights                            Management Report             Company Profile     Management Discussion & Analysis
Page 25
                                                                                           Igniting Engagement                         Laporan Tahunan 2023
                                                                                            Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Para pemegang saham yang terhormat,                                                Dear shareholders,
Tahun 2023, Perseroan tetap menorehkan prestasi dalam                              In 2023, the Company continued to make a number of achievements,
peningkatan penjualan barang dan jasa, serta laba bersih.                          which was evident in a rise in sales of products and services as well as
Pertumbuhan yang kuat ini akan menjadi fundamental yang kokoh                      in net profits. This significant growth has laid a solid foundation for our
untuk keberlanjutan usaha di masa mendatang.                                       business sustainability in the foreseeable future.


Fluktuasi harga baja global tidak mempengaruhi kinerja Perseroan                   Fluctuations in global steel prices did not affect the Company's
untuk memperoleh margin laba. Penjualan yang kuat dan                              financial performance that was manifested in the achieved profit
kemampuan dalam pengelolaan harga yang menjadi kebijakan                           margin. We especially appreciate the Board of Directors' policies on
Direksi patut kami apresiasi.                                                      the high volume of sales and the ability to maintain price stability.



Penilaian Kinerja Direksi
Assessment of Board of Directors’ Performance
Dewan Komisaris SPINDO mengapresiasi kinerja Direksi dalam                         SPINDO's Board of Commissioners would like to express
pengelolaan manajemen untuk tetap meningkatkan penjualan bersih,                   appreciation of the effort that the Board of Directors had undertaken
di mana fluktuasi harga baja global sangat berpengaruh terhadap                     to continue to boost net sales throughout 2023, where fluctuations in
pendapatan Perseroan sepanjang tahun 2023. Penjualan dan                           global steel prices brought about a strong effect on the Company's
pendapatan jasa di tahun 2023 adalah Rp6,45 triliun, meningkat                     revenue. The Company's sales and service revenue in 2023
3,1% dibandingkan tahun sebelumnya Rp6,25 triliun.                                 amounted to IDR6.45 trillion, showing a 3.1% increase compared to
                                                                                   the previous year's figure of IDR6.25 trillion.


Volume penjualan total Perseroan tumbuh 6,4% dan volume                            The Company's total sales volume grew 6.4% and the sales volume
penjualan dari pipa baja saja tumbuh 10,9% mengindikasikan                         from steel pipes alone grew 10.9%, which indicated a strong growth.
pertumbuhan yang kuat. Penurunan harga baja global, terutama Hot                   Despite the falling global steel price, especially that of Hot Rolled Coil
Rolled Coil (HRC) dari Tiongkok yang turun 13,4% dari tahun                        (HRC) from China which fell 13.4% from the previous year's figure,
sebelumnya, namun harga jual rata-rata (Average Selling Price / ASP)               the Company's average selling price (ASP) only decreased by
Perseroan hanya mengalami penurunan sekitar 2,75%. Kami                            approximately 2.75%. We appreciate the Board of Directors that
memberikan apresiasi kepada Direksi, walaupun terjadi penurunan                    amid an overall decline in sales value the Company was able to
nilai penjualan, Perseroan mampu mengelola harga, dan pada                         maintain price stability and ultimately improve margins.
akhirnya meningkatkan margin.


Laba bersih tahun berjalan adalah Rp498 miliar meningkat 63%                       Net profit for the year was IDR498 billion, that is an increase of 63%
dibanding tahun sebelumnya Rp306 miliar. Efisiensi pembiayaan dan                   over the previous year's figure of IDR306 billion. With the financial
proses operasional telah berjalan dengan baik, Perseroan melakukan                 efficiency being achieved and operational processes operating
pembelian bahan baku dan proses produksi dengan efisien.                            properly, the Company managed to purchase raw materials and
Kapasitas mesin meningkat sehingga kapasitas produksi bertambah,                   regulate production processes efficiently. The machine capacity was
serta kontrol produksi lebih ketat oleh sumber daya manusia yang                   expanded so as to allow an increase in the production capacity and a
minim.                                                                             tighter production control by a minimum number of human resources.


Kami juga memberikan apresiasi kepada Direksi dengan kebijakan                     We also wish to extend our appreciation to the Board of Directors for
strategis yang telah berjalan sepanjang tahun 2023. Kebijakan                      the strategic policies that had been implemented throughout 2023.
strategis pengembangan produk, distribusi produk, dan peningkatan                  The strategic policies in product development, product distribution,




            Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      02
            Corporate Governance                 Corporate Social Responsibility                         References                            Financial Statements   017
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                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      kerjasama dengan mitra bisnis sebagai kelanjutan dari kebijakan                  and cooperation with business partners represent a continuation of
      strategi sebelumnya, yaitu diversifikasi untuk aplikasi pipa baja.                the strategic policies in the preceding years, that is, diversification of
      Berjalannya seluruh kebijakan strategis ini akan mempererat                      steel pipe applications. The implementation of the strategic policies
      hubungan kerja sama antara Perseroan dengan seluruh rantai                       will strengthen the relationship that has existed among the Company,
      distribusi hingga ke end-user.                                                   distribution channels, and end users.




      Pengawasan terhadap Direksi
      Supervision of the Board of Directors
      Pada tahun 2023, kami telah mengadakan 6 kali rapat gabungan                     In 2023, we held six scheduled joint meetings with members of the
      yang terjadwal dengan Direksi di mana kami membahas kinerja                      Board of Directors where we discussed the Company's financial and
      keuangan dan operasional, rencana dan risiko utama                               operational performance, plans and key risks in each business
      Perseroan di setiap fungsi bisnis, serta peluang bisnis baru.                    function as well as opportunities for the Company.


      Kami melakukan pengawasan tambahan melalui Komite Audit, yang                    We exercised an additional supervision through the Audit
      memberi kami gambaran yang jelas mengenai jalannya manajemen                     Committee, giving us a fuller understanding of the Company's risk
      risiko dan fungsi kontrol internal, kepatuhan, audit internal dan                management and internal control functions, compliance, internal and
      eksternal, serta kebijakan remunerasi. Komunikasi dari Dewan                     external audit, and remuneration policies. Communication between
      Komisaris kepada Direksi telah berjalan dengan baik berupa nasehat               members of the Board of Commissioners and the Board of Directors
      dan saran dalam rapat formal maupun informal terkait hal-hal yang                has run well. This largely took the form of advice and suggestions in
      spesifik.                                                                         formal and informal meetings on specific matters.




      Penilaian Penerapan Tata Kelola Perusahaan
      Assessment of Corporate Government Implementation
      Perseroan menyusun Pedoman Tata Kelola Perusahaan berdasarkan                    The Company has prepared Corporate Governance Guidelines
      pada lima prinsip GCG yang meliputi: transparansi, akuntabilitas,                pursuant to five GCG principles that comprise transparency,
      pertanggungjawaban, kemandirian, dan kewajaran. Prinsip-prinsip                  accountability, responsibility, independence, and fairness. These
      tersebut memberikan landasan bagi keberlangsungan usaha, dan                     principles have formed a sound basis for our business continuity, and
      Perseroan telah menunjukkan peningkatan yang stabil sesuai                       the Company has shown steady improvement in terms of the
      prinsip-prinsip tersebut. Kami mengawasi tinjauan dan revisi Piagam              guidelines. We oversaw the review and revision of the Board of
      Direksi agar sejalan dengan pedoman terbaru dari OJK. Kami juga                  Directors Charter in order that it is in alignment with the latest
      telah melihat pelaksanaan sosialisasi whistleblower di seluruh unit-             guidelines released by Indonesia's Financial Services Authority (OJK).
      unit Perseroan dan pada tahun 2023 tidak terdapat laporan tentang                Moreover, we supervised the dissemination of whistleblowing
      pelanggaran yang terjadi di Perseroan.                                           procedure among all the Company units, and it is worthy of note that
                                                                                       in 2023 there was no report of violations occurring in the Company.




 02              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                  Analisa & Pembahasan Manajemen
018                Highlights                            Management Report             Company Profile                    Management Discussion & Analysis
Page 27
                                                                                           Igniting Engagement                         Laporan Tahunan 2023
                                                                                            Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Perubahan Dewan Komisaris
Changes in the Board of Commissioners
Pada tahun 2023 terjadi perubahan susunan anggota Dewan                             In 2023 there will be a change in the composition of the members of
Komisaris. Ibu Ingewati / Kong Ay Ing yang sebelumnya menjabat                      the Board of Commissioners. Mrs. Ingewati / Kong Ay Ing, who
sebagai Komisaris telah meninggal dunia. Kami memberikan                            previously served as Commissioner, has passed away. We would like
apresiasi kepada para pemegang saham dan pemangku kepentingan                       to express our appreciation to all shareholders and stakeholders for
atas kepercayaan terus-menerus yang diberikan. Semoga dukungan                      their continued trust. May you keep supporting our efforts to make
anda terus bersama kami dalam berbagai upaya membawa                                positive changes in life, the environment, and the future of our
perubahan yang positif bagi kehidupan, lingkungan, dan masa depan                   business.
bisnis kami.




Pandangan ke Depan | Business Outlook
Pada tahun-tahun mendatang konsumsi baja nasional akan                              In the coming years, national steel consumption will increase as
meningkat seiring meningkatnya permintaan akibat pertumbuhan                        demand for steel products increases. This conceivably results from
belanja infrastruktur Pemerintah dan perkembangan industri baru                     the growth in the property sector, Government infrastructure
yang berbasis industri hijau, seperti produksi mobil listrik, produksi              spending, and the automotive steel consumption industry. We
solar panel, dan distribusi gas untuk rumah tangga. Kami percaya                    believe that the Company will be able to sustain the growth in these
bahwa Perseroan mampu mengikuti pertumbuhan sektor-sektor                           sectors, thanks to the strategic policies that had been followed during
tersebut berkat kebijakan strategis yang telah dilaksanakan                         2023. We also foster a closer cooperation with many different parties
sepanjang tahun 2023. Kami juga mendukung kerjasama yang                            in an effort to continuously improve SPINDO's steel pipe products
semakin erat dari berbagai pihak untuk senantiasa meningkatkan                      and services.
produk dan jasa pipa baja SPINDO.
                                                                                    Finally, on behalf of the Board of Commissioners, I would like to
Akhir kata, saya mewakili Dewan Komisaris memberikan                                express my deepest appreciation to all members of the Board of
penghargaan yang sebesar-besarnya kepada Direksi, manajemen,                        Directors, management, and employees for their hard work
dan seluruh karyawan atas kerja kerasnya di sepanjang tahun 2023.                   throughout 2023.




                                                             Jakarta, 18 April 2024

                                                         Makmur Widjaja
                                               Komisaris Utama | President Commissioner
                                           Komisaris Independen | Independent Commissioner




               Tata Kelola Perusahaan           Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      02
               Corporate Governance               Corporate Social Responsibility                        References                            Financial Statements   019
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               2023 Annual Report                               Igniting Engagement
               PT Steel Pipe Industry of Indonesia Tbk          Elevating Excellence




      Profil Dewan
      Komisaris
      Board of Commissioners Profile

                                                     Makmur Widjaja
                                                     Komisaris Utama                   President Commissioner
                                                     Komisaris Independen              Independent Commissioner

                                                         Kewarganegaraan                   Indonesia
                                                         Nationality                       Indonesian


                                                         Usia                              63 tahun per 31 Desember 2023
                                                         Age                               63 years old as of 31 December 2023


                                                         Domisili                          Jakarta
                                                         Domicile


                                                         Dasar Hukum                       Diangkat kembali sebagai Komisaris Utama dan Komisaris
                                                         Pengangkatan                      Independen berdasarkan Akta Pernyataan Keputusan Rapat
                                                         Legal Basis of Appointment        Perseroan Terbatas No. 373 tanggal 30 Juni 2023.
                                                                                           Reappointed as a President Commissioner and Independent
                                                                                           Commissioner based on Deed of Resolutions of the Company Meeting
                                                                                           No. 373 dated 30 June 2023.

                                                         Riwayat Pekerjaan                 Ÿ Komisaris, PT Shinhan Sekuritas Indonesia (2016-2019);
                                                         Work Experience                   Ÿ Wakil Komisaris Utama dan Ketua Komite Audit, PT Steel Pipe
                                                                                               Industry of Indonesia Tbk (2012-2020);
                                                                                           Ÿ Direktur Utama, PT Makinta Securities (2004-2009);
                                                                                           Ÿ Managing Director, PT Makinta Securities (2000-2004);
                                                                                           Ÿ Direktur Corporate Finance, PT Bhakti Investama Tbk (1994-
                                                                                               1999);
                                                                                           Ÿ Head of Corporate Finance, PT Bali Securities (1992-1994);
                                                                                           Ÿ Financial & Accounting Controller, PT Brushindo Cemerlang
                                                                                               (1988-1990);
                                                                                           Ÿ Assistant Director, PT Waykandis (1985-1988);
                                                                                           Ÿ Auditor, Ernst & Young (d/h SGV Utomo) (1983-1985).
                                                                                           Ÿ Commissioner, PT Shinhan Sekuritas Indonesia (2016-2019);
                                                                                           Ÿ Vice President Commissioner and Chairman of Audit Committee,
                                                                                               PT Steel Pipe Industry of Indonesia Tbk (2012 - 2020);
                                                                                           Ÿ President Director, PT Makinta Securities (2004-2009);
                                                                                           Ÿ Managing Director, PT Makinta Securities (2000-2004);
                                                                                           Ÿ Corporate Finance Director PT Bhakti Investama Tbk (1994-
                                                                                               1999);
                                                                                           Ÿ Head of Corporate Finance, PT Bali Securities (1992-1994)
                                                                                           Ÿ Financial & Accounting Controller, PT Brushindo Cemerlang
                                                                                               (1988-1990);
                                                                                           Ÿ Assistant Director, PT Waykandis (1985-1988);
                                                                                           Ÿ Auditor, Ernst & Young (d/h SGV Utomo) (1983-1985).


 02         Ikhtisar Utama                          Laporan Manajemen                       Profil Perusahaan                Analisa & Pembahasan Manajemen
020           Highlights                            Management Report                       Company Profile                  Management Discussion & Analysis
Page 29
                                                                          Igniting Engagement                         Laporan Tahunan 2023
                                                                           Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Rangkap Jabatan                                Ÿ Komisaris Independen, PT Steel Pipe Industry of Indonesia (2012-sekarang);
Concurrent Positions                           Ÿ Komisaris Utama, PT Shinhan Sekuritas Indonesia (2016-sekarang);
                                               Ÿ Komisaris Independen PT Campina Ice Cream Industry Tbk (2017-sekarang).
                                               Ÿ Independent Commissioner, PT Steel Pipe Industry of Indonesia (2012-current);
                                               Ÿ President Commissioner, PT Shinhan Sekuritas Indonesia (2016-current);
                                               Ÿ Independent Commissioner, PT Campina Ice Cream Industry Tbk (2017-current).


Riwayat Pendidikan                             Ÿ MBA & Magister Manajemen, Prasetya Mulya Business School, Jakarta,
Educational Background                             Indonesia (1992);
                                               Ÿ Sarjana dari Fakultas Ekonomi, Universitas Katolik Parahyangan, Bandung,
                                                   Indonesia (1985).
                                               Ÿ MBA & Master’s Degree in Management, Prasetya Mulya Business School,
                                                   Jakarta, Indonesia (1992);
                                               Ÿ Bachelor’s Degree in Economic, Universitas Katolik Parahyangan, Bandung,
                                                   Indonesia (1985).


Hubungan Afiliasi                               Tidak memiliki afiliasi dengan sesama anggota Direksi, atau anggota Dewan
Affiliate Relations                             Komisaris, atau dengan pemegang saham utama.
                                               Does not have any affiliations with fellow members of the Board of Directors, or
                                               members of the Board of Commissioners, nor with the ultimate shareholder.


Jumlah Kepemilikan Saham ISSP
Total ISSP Share Ownership                     -



            Tata Kelola Perusahaan   Tanggung Jawab Sosial Perusahaan                    Referensi                             Laporan Keuangan      02
            Corporate Governance       Corporate Social Responsibility                  References                            Financial Statements   021
Page 30
         2023 Annual Report                          Igniting Engagement
         PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                                            Endang Fifi Susanto
                                            Komisaris | Commissioner
                                            Kewarganegaraan                 Indonesia
                                            Nationality                     Indonesian

                                            Usia                            53 tahun per 31 Desember 2023
                                            Age                             53 years old as of 31 December 2023

                                            Domisili                        Jakarta
                                            Domicile


                                            Dasar Hukum Pengangkatan        Diangkat kembali sebagai Komisaris berdasarkan Akta Pernyataan
                                            Legal Basis of Appointment      Keputusan Rapat Perseroan Terbatas No. 373 tanggal 30 Juni 2023.
                                                                            Reappointed as a Commissioner based on Deed of Resolutions of
                                                                            the Company Meeting No. 373 dated 30 June 2023.

                                            Riwayat Pekerjaan               Ÿ General Manager PT Saranacentral Bajatama Tbk (1995-1998);
                                            Work Experience                 Ÿ Staf Senior, Kantor Akuntan Hans Tuanakotta & Mustofa (1993-
                                                                              1995).
                                                                            Ÿ General Manager PT Saranacentral Bajatama (1995-1998);
                                                                            Ÿ Senior Staff, Hans Tuanakotta & Mustofa Public Accounting Firm
                                                                              (1993-1995).


                                            Rangkap Jabatan                 -
                                            Concurrent Positions

                                            Riwayat Pendidikan              Sarjana Perdagangan, University of Western Australia, Australia
                                            Educational Background          (1992).
                                                                            Bachelor of Commerce, University of Western Australia, Australia
                                                                            (1992).

                                            Hubungan Afiliasi                Memiliki hubungan afiliasi dengan anggota Dewan Komisaris lainnya
                                            Affiliate Relations              dan anggota Direksi, dan juga beliau memiliki hubungan afiliasi
                                                                            dengan Pemegang Saham Utama atau Pengendali.
                                                                            She has affiliations with others members of the Board of
                                                                            Commissioners and members of the Board of Directors, and also she
                                                                            has relationship with the main and controlling shareholder.


                                            Jumlah Kepemilikan Saham        -
                                            ISSP
                                            Total ISSP Share Ownership




 02   Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                 Analisa & Pembahasan Manajemen
022     Highlights                            Management Report             Company Profile                   Management Discussion & Analysis
Page 31
                                                                                           Igniting Engagement                         Laporan Tahunan 2023
                                                                                            Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Bing Hartono Poernomosidi
Komisaris Independen | Independent Commissioner
Kewarganegaraan                        Indonesia
Nationality                            Indonesian


Usia                                   65 tahun per 31 Desember 2023
Age                                    65 years old as of 31 December 2023


Domisili                               Surabaya
Domicile


Dasar Hukum Pengangkatan               Diangkat kembali sebagai Komisaris Independen berdasarkan Akta Pernyataan
Legal Basis of Appointment             Keputusan Rapat Perseroan Terbatas No. 373 tanggal 30 Juni 2023.
                                       Reappointed as a Independent Commissioner based on Deed of Resolutions of
                                       the Company Meeting No. 373 dated 30 June 2023.

Riwayat Pekerjaan                      Ÿ Managing Partner, Prasetio, Sarwoko & Sandjaja, Ernst & Young Surabaya Office (2009-2023);
Work Experience                        Ÿ Managing Partner, Hanadi, Sarwoko & Sandjaja, Ernst & Young Surabaya Office (2000-2002);
                                       Ÿ Direktur Utama, PT Jaya Pari Steel Tbk (1996-2000);
                                       Ÿ Pimpinan Cabang Utama, Prasetio Utomo, Arthur Andersen (1990-1995).
                                       Ÿ Managing Partner, Prasetio, Sarwoko & Sandjaja, Ernst & Young Surabaya Office (2009-2023);
                                       Ÿ Managing Partner, Hanadi, Sarwoko & Sandjaja, Ernst & Young Surabaya Office (2000-2002);
                                       Ÿ President Director, PT Jaya Pari Steel Tbk (1996-2000);
                                       Ÿ Head of Main Branch, Prasetio Utomo, Arthur Andersen (1990-1995).


Rangkap Jabatan                        Ÿ Komisaris, PT Semen Indogreen Indonesia (2020-sekarang);
Concurrent Positions                   Ÿ Komite Audit, PT Campina Ice Cream Industry Tbk (2017-sekarang);
                                       Ÿ Komisaris Utama & Komisaris Independen, PT Integra Indocabinet Tbk (2016-sekarang);
                                       Ÿ Komisaris Independen, PT Langgeng Makmur Industry Tbk (2014-sekarang);
                                       Ÿ Komite Audit, PT Trias Sentosa Tbk (2008-sekarang);
                                       Ÿ Komisaris Independen, PT Sekar Laut Tbk (Juni 2023-sekarang).
                                       Ÿ Commissioner, PT Semen Indogreen Indonesia. (2020-current);
                                       Ÿ Audit Committee, PT Campina Ice Cream Industry Tbk (2017-current);
                                       Ÿ President Commissioner & Independent Commissioner, PT Integra Indocabinet Tbk (2016-
                                           current);
                                       Ÿ Independent Commissioner, PT Langgeng Makmur Industry Tbk (2014-current);
                                       Ÿ Audit Committee, PT Trias Sentosa Tbk (2008-current);
                                       Ÿ Komisaris Independen, PT Sekar Laut Tbk (June 2023-current).


Riwayat Pendidikan                     Ÿ Sarjana Ekonomi jurusan akuntansi, Universitas Airlangga, Surabaya, Indonesia (1984).
Educational Background                 Ÿ Bachelor of Economics, majoring in accounting, Airlangga University, Surabaya, Indonesia
                                           (1984).
                                       Informal | Informal
                                       Ÿ Kursus bisnis profesional, Arthur Andersen, St. Charles, Chicago, USA.
                                       Ÿ Professional business courses, Arthur Andersen, St. Charles, Chicago, USA.
                                       Organisasi | Organization
                                       Ÿ Anggota The Indonesian Institute of Accountants.
                                       Ÿ Member of The Indonesian Institute of Accountants.


Hubungan Afiliasi                       Tidak memiliki afiliasi dengan sesama anggota Dewan Komisaris, atau anggota Direksi, atau
Affiliate Relations                     dengan pemegang saham utama.
                                       Does not have any affiliations with fellow members of the Board of Commissioners, or members of
                                       the Board of Directors, nor with the ultimate shareholder.


Jumlah Kepemilikan Saham ISSP          -
Total ISSP Share Ownership

              Tata Kelola Perusahaan                   Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      02
              Corporate Governance                       Corporate Social Responsibility                 References                            Financial Statements   023
Page 32
         2023 Annual Report                          Igniting Engagement
         PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                                 Welly Tantono
                                 Komisaris Independen             Independent Commissioner
                                 Komite Audit                     Audit Committee
                                 Kewarganegaraan                            Amerika Serikat
                                 Nationality                                United States of America


                                 Usia                                       48 tahun per 31 Desember 2023
                                 Age                                        48 years old as of 31 December 2023


                                 Domisili                                   Singapore
                                 Domicile


                                 Dasar Hukum Pengangkatan                   Diangkat kembali sebagai Komisaris Independen berdasarkan Akta Pernyataan
                                 Legal Basis of Appointment                 Keputusan Rapat Perseroan Terbatas No. 373 tanggal 30 Juni 2023.
                                                                            Reappointed as an Independent Commissioner based on Deed of Resolutions of the
                                                                            Company Meeting No. 373 dated 30 June 2023.

                                Riwayat Pekerjaan                           Ÿ   Consultant, Honestbee (2018-2019);
                                Work Experience                             Ÿ   General Counsel & Data Privacy Officer, Honestbee (2017-2018);
                                                                            Ÿ   Country Counsel, Hewlett Packard Enterprise (2015-2017);
                                                                            Ÿ   CEO & General Counsel, The Good Life Cooperative (2013-2014);
                                                                            Ÿ   Counsel, Asia Pacific Bain & Company (2012-2014);
                                                                            Ÿ   IP Counsel, Asia Pacific Hewlett Packard (2010-2011);
                                                                            Ÿ   Senior Corporate Counsel, Entropic Communications (Maxlinear) (2008-2010);
                                                                            Ÿ   Business Associate, Cooley Godward Kronish (Cooley) (2004-2008);
                                                                            Ÿ   Litigation, Cooley Godward Kronish (Cooley) (2003-2004);
                                                                            Ÿ   Associate, Weil Gotshal & Manges (2001-2003);
                                                                            Ÿ   Associate, Kenyon & Kenyon (Andrews Kurth Kenyon) (1999-2001);
                                                                            Ÿ   Summer Associate, Kenyon & Kenyon (Andrews Kurth Kenyon) (1998-1998).


                                Rangkap Jabatan                             Ÿ   Ketua Komite Audit PT Steel Pipe Industry of Indonesia Tbk (2022-sekarang);
                                Concurrent Positions                        Ÿ   Dosen, National University of Singapore (2020-sekarang);
                                                                            Ÿ   General Counsel, Company Secretary, Data Protection Officer & Interim Head of
                                                                                Information Security (2019-sekarang).
                                                                            Ÿ   Chairman of Audit Committee PT Steel Pipe Industry of Indonesia Tbk (2022-
                                                                                current);
                                                                            Ÿ   Lecturer, National University of Singapore (2020-current);
                                                                            Ÿ   General Counsel, Company Secretary, Data Protection Officer & Interim Head of
                                                                                Information Security (2019-current).


                                Riwayat Pendidikan                          Ÿ   Doktor Yurisprudensi pada bidang Hukum, Duke University School of Law,
                                Educational Background                          Amerika Serikat (1999);
                                                                            Ÿ   Sarjana di bidang Matematika, Harvard University, Amerika Serikat (1996).
                                                                            Ÿ   JD in Law, Duke University School of Law, USA (1999);
                                                                            Ÿ   BA in Mathematics, Harvard University, USA (1996).


                                Hubungan Afiliasi                            Tidak memiliki afiliasi dengan sesama anggota Direksi, atau anggota Dewan
                                Affiliate Relations                          Komisaris, atau dengan pemegang saham utama.
                                                                            Does not have any affiliations with fellow members of the Board of Directors, or
                                                                            members of the Board of Commissioners, nor with the ultimate shareholder.


                                Jumlah Kepemilikan Saham ISSP -
                                Total ISSP Share Ownership




 02   Ikhtisar Utama                          Laporan Manajemen                       Profil Perusahaan                   Analisa & Pembahasan Manajemen
024     Highlights                            Management Report                       Company Profile                     Management Discussion & Analysis
Page 33
                                                                                         Igniting Engagement                         Laporan Tahunan 2023
                                                                                          Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




 Makmur Widjaja                                         Ibnu Susanto                                      Tikman Utomo
   Komisaris Utama |                                   Direktur Utama |                                    Direktur | Director
President Commissioner                                 President Director


                        Tedja Sukmana Hudianto                              Soediarto Soerjoprahono                          The, Hanny Purnomo
                             Wakil Direktur Utama |                                Direktur | Director                            Direktur | Director
                             Vice President Director




    Tata Kelola Perusahaan                     Tanggung Jawab Sosial Perusahaan                         Referensi                             Laporan Keuangan      02
    Corporate Governance                         Corporate Social Responsibility                       References                            Financial Statements   025
Page 34
              2023 Annual Report                          Igniting Engagement
              PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Laporan
      Direksi
      Report from Board of Directors




 02        Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan   Analisa & Pembahasan Manajemen
026          Highlights                            Management Report             Company Profile     Management Discussion & Analysis
Page 35
                                                                                            Igniting Engagement                         Laporan Tahunan 2023
                                                                                             Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




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


Menghadapi tahun 2023, Perseroan berupaya membangun                                 Preparing to face the year 2023, the Company has provided a strong
fundamental yang kuat untuk pertumbuhan ke depan, berbagai                          basis for future growth, made various improvements in internal
perbaikan internal manajemen dan perkuatan pasar dalam negeri                       management, and continued to strengthen the domestic market. The
terus dilakukan. Perseroan telah berupaya membuka pasar baru dan                    Company has opened new markets and created new values for the
menciptakan nilai baru untuk industri pipa baja melalui divisi                      steel pipe industry through the Marketing division. SPINDO as a steel
Marketing. Manufaktur pipa baja SPINDO mampu menghasilkan                           pipe manufacturer is now capable of creating products and offering
produk dan jasa yang sangat fleksibel dan memiliki kegunaan yang                     services that are very flexible and have a wide range of applications.
sangat luas.


Kondisi Ekonomi Domestik | Domestic Economic
Perekonomian Indonesia mencatat pertumbuhan menjadi 5,05%                           As of 2023, Indonesia's economy recorded a growth of 5.05%, a
pada tahun 2023, sedikit lebih rendah dari tahun sebelumnya yang                    decline from the previous year's realization of 5.31%. The main
mencapai 5,31%. Penyumbang utama pertumbuhan ini adalah                             contributors to the growth were increased household consumption
peningkatan konsumsi rumah tangga dan investasi. Di tengah                          and investment rates. Amidst the global economic challenges and
tantangan ekonomi global dan inflasi yang tinggi, peningkatan                        high inflation, the increase in household consumption rate showed
konsumsi rumah tangga menunjukkan bahwa daya beli masyarakat                        that Indonesia managed to maintain its purchasing power.
Indonesia masih terjaga.


Per tumbuhan investasi didukung oleh realisasi program                              The investment growth which was supported by the realization of
pembangunan infrastruktur menunjukkan kepercayaan investor                          infrastructure development programs reflected investors' confidence
terhadap perekonomian Indonesia. Stabilitas politik dan ekonomi,                    in the Indonesian economy. Indonesia's political and economic
serta potensi pasar yang besar, menjadi daya tarik bagi investor untuk              stability and its large market potential are attractive to investors.
menanamkan modalnya di Indonesia. Hal ini menimbulkan optimisme                     These were grounds for optimism for the Company to continue
bagi Perseroan untuk terus mengembangkan produk dan jasa pipa                       developing steel pipe products and services, as well as ensuring the
baja, serta memperluas persebaran pipa baja di berbagai daerah di                   wider distribution of steel pipes across various regions in Indonesia.
Indonesia.


Konsumsi baja di Indonesia menunjukkan peningkatan dari tahun ke                    Indonesia's steel consumption has seen a year-to-year increase. In
tahun. Tahun 2023 konsumsi baja meningkat 4,82% dibanding tahun                     2023, the steel consumption rate increased by 4.82% compared to
sebelumnya. Meningkatnya konsumsi baja dalam negeri secara                          the previous year's figure. The increase in the domestic steel
otomatis importasi baja juga ikut melonjak. Oleh karena itu,                        consumption reasonably resulted in increased steel imports.
Pemerintah perlu mendorong iklim investasi industri nasional yang                   Therefore, it is important that the Government fosters a favorable
sedang berlangsung. Saat ini rata-rata utilitas kapasitas produksi                  investment climate of the national industry. Currently, the average
baja nasional masih rendah, sehingga industri baja nasional                         utility of the national steel production capacity is still low, so that the
menghadapi ancaman banjirnya produk jadi dari China.                                national steel industry has been under the threat of a flood of finished
                                                                                    products from China.


Kondisi Ekonomi Global | Global Economic Conditions
Sepanjang tahun 2023, perekonomian global terus menghadapi                          Throughout 2023, the global economy had continued to face
tantangan inflasi dan prospek pertumbuhan rendah seperti kondisi                     challenges of inflation and low growth prospects such as tighter
keuangan yang lebih ketat, pertumbuhan perdagangan yang                             financial conditions, weaker trade growth, as well as low business
melemah, dan rendahnya kepercayaan dunia usaha dan konsumen.                        and consumer confidence. The global economy was also
Perekonomian global juga mengalami transisi dari energi fosil                       experiencing a transition from fossil to renewable energy.
menjadi energi terbarukan.



               Tata Kelola Perusahaan           Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      02
               Corporate Governance               Corporate Social Responsibility                         References                            Financial Statements   027
Page 36
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Isu dekarbonisasi menjadi topik utama global sepanjang tahun 2023.               Issues surrounding decarbonization had become the main global
      Seluruh negara melakukan percepatan dekarbonisasi akibat                         topic during 2023. Many countries are accelerating decarbonization
      pemanasan global akan melampaui ambang batas berbahaya,                          as it now appears that global warming will exceed the dangerous
      bahkan mencapai rekor tertinggi pada tahun 2023. Hal ini                         threshold, and 2023 was even the warmest year on record. This has
      mendorong upaya dekarbonisasi sektor industri besi dan baja melalui              stepped up our efforts to decarbonize the iron and steel industry
      perpindahan teknologi proses produksi. Blast Furnace atau teknologi              through a transfer of technology of production process. It is worth
      tanur tinggi yang menggunakan bahan bakar batu bara dan kokas                    mentioning that the coal and coke-powered blast furnace technology
      mengakibatkan emisi karbon tinggi di industri besi dan baja.                     used in the iron and steel industry generates high carbon emissions.


      Produksi baja di China melambat karena pabrik berupaya mengatasi                 The steel production in both China and Japan saw a slowdown as
      kelebihan pasokan dan lemahnya margin keuntungan, begitu pula                    mills were having an oversupply and slim profit margins. Meanwhile,
      dengan produksi baja di Jepang. Sementara produksi baja India dan                the steel production in India and Russia showed an increase. The
      Rusia mengalami peningkatan. Secara keseluruhan industri baja                    overall steel industry flattened out and experienced a downward
      mendatar dan mengalami tren penurunan pada akhir tahun 2023,                     trend by the end of 2023, resulting in fluctuating world steel prices.
      sehingga harga baja dunia mengalami fluktuasi.


      Kebijakan Strategis | Strategic Policy
      Perseroan melanjutkan dan memperbaiki kebijakan strategis yang                   The Company continued to implement and made improvements in
      sudah ditempuh pada tahun sebelumnya. Strategi diversifikasi                      the strategic policies as these were pursued in the previous years. The
      aplikasi pipa baja telah berkembang secara luas, tidak hanya pada 4              strategy for diversifying steel pipe applications has expanded widely
      (empat) sektor utama Perseroan, yaitu: “infrastruktur, konstruksi dan            beyond the Company's four main sectors: infrastructure, construction
      utilitas”, “minyak dan gas”, “otomotif”, dan “furniture”. Perseroan              and utilities; oil and gas, automotive; and furniture. The Company has
      melihat peluang pada sektor pertanian, perikanan, peternakan,                    seen opportunities to serve agriculture, fishery, animal husbandry,
      informasi teknologi, telekomunikasi, dan sektor usaha lain yang                  information technology, telecommunications, and some other
      belum terlayani.                                                                 underserved business sectors.


      Tahun 2023, Perseroan menetapkan berbagai kebijakan strategis                    In 2023, the Company set various strategic policies on product
      dalam pengembangan produk, distribusi produk dan peningkatan                     development, product distribution, and business partnership. The
      kerja sama dengan mitra bisnis. Perseroan berupaya mengembang-                   Company has further developed products by manufacturing eight-
      kan produk dengan produksi pipa stainless steel hingga 8 (delapan)               inch and up to 16-inch ERW stainless steel pipes. These large
      inci dan produksi pipe ERW hingga 16 (enam belas) inci. Produk pipa              diameter steel pipe products are generally used by the construction
      baja berdiameter besar ini digunakan oleh sektor konstruksi dan                  as well as oil and gas sectors. We are also accelerating the realization
      sektor minyak bumi dan gas. Kami juga berusaha mempercepat                       of Industry 4.0 so as to make our business increasingly efficient and to
      proses untuk mencapai industri 4.0, sehingga bisnis kami akan efisien             excel in the steel pipe industry competition.
      dan unggul dalam kompetisi industri pipa baja.


      Distribusi produk ke berbagai daerah ditandai dengan peresmian                   As regards distribution, the inauguration of Makassar depot helped
      Depo Makassar. Depo ini menjadi depo ke-6 (enam) yang beroperasi.                deliver our products and service to many more regions in Indonesia. It
      Depo sebelumnya telah beroperasi di Jakarta Barat, Bandung,                      is the sixth depot in operation. Already operating depots are located in
      Samarinda, Pasuruan, dan Sidoarjo. Peresmian Depo Makassar pada                  West Jakarta, Bandung (West Java), Samarinda (East Kalimantan),
      tanggal 15 Juni 2023 diharapkan dapat memenuhi kebutuhan                         and Pasuruan and Sidoarjo (East Java). The inauguration took place
      masyarakat di area Sulawesi Selatan dan sekitarnya.                              on June 15, 2023 and it is expected that the new depot will enable the
                                                                                       Company to serve the needs of communities in South Sulawesi and
                                                                                       its surrounding areas.




 02              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                  Analisa & Pembahasan Manajemen
028                Highlights                            Management Report             Company Profile                    Management Discussion & Analysis
Page 37
                                                                                         Igniting Engagement                         Laporan Tahunan 2023
                                                                                          Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Perseroan senantiasa memastikan ketersediaan pasokan pipa baja                    Apart from continually seeking to maintain the availability of steel
kapanpun bagi konsumen yang membutuhkan dan kecepatan                             pipe supply and meet customer needs, the Company ensures a timely
pengiriman produk untuk berbagai daerah di Indonesia.                             product delivery to various regions in the country.


Kebijakan strategis lainnya adalah mempererat hubungan kerja sama                 Another strategic policy was to strengthen cooperation between the
antara Perseroan dengan seluruh rantai distribusi ke end user.                    Company and all distribution channels to end users. The Company
Perseroan tetap aktif mengadakan customer gathering dan pameran,                  continues to actively hold customer gatherings and exhibitions, as
serta terlibat dalam beberapa asosiasi untuk meningkatkan kerja                   well as being involved in several associations in order to improve
sama dan mendapatkan informasi-informasi bisnis. Sebagai wujud                    cooperation with end users and obtain valuable business information.
untuk mempererat hubungan kerja sama, Divisi Pemasaran                            As part of the efforts to enhance business cooperation, the
Perseroan memberikan pelatihan tenaga penjualan (sales training)                  Company's Marketing Division provides store or distributor partners
bersama mitra kerja toko atau distributor. Kerja sama dalam iklan                 with sales training. The cooperation in the form of joint advertising
bersama (ad-sharing) yang telah dilakukan sejak beberapa tahun lalu               (ad-sharing) that has for years been organized continues to run well.
tetap berjalan dengan baik.




Kinerja Tahun 2023 | 2023 Performance
Sepanjang tahun 2023, Perseroan masih membukukan nilai                            In 2023, the Company booked a 3.1% increase in net sales value, that
penjualan bersih yang meningkat 3,1% menjadi Rp6,45 triliun dari                  is, from the previous year's figure of IDR6.25 trillion to that of IDR6.45
tahun sebelumnya Rp6,25 triliun. Begitu pula dengan volume                        trillion. Similarly, the Company's total sales volume grew by 6.4% and
penjualan secara total Perseroan tumbuh 6,4% dan volume                           sales volume of steel pipes alone grew by 10.9%. This indicates that
penjualan dari pipa baja saja tumbuh 10,9%. Hal ini mengindikasikan               the Company's sales volume has managed to sustain a strong
volume penjualan Perseroan yang masih kuat dalam                                  growth.
pertumbuhannya.


Namun nilai penjualan bersih ini tidak mencapai target penjualan                  However, the net sales value did not reach the net sales target set by
bersih yang ditetapkan oleh Perseroan yang berkisar Rp7-7,5 triliun,              the Company which ranged from IDR7 to 7.5 trillion. This is mainly
hal ini disebabkan Penjualan dan Pendapatan Jasa Perseroan                        because the Company's Sales and Service Revenue is closely related
berkaitan erat dengan fluktuasi harga baja global. Tahun 2023, harga               to fluctuating global steel prices. In 2023, the price of Hot Rolled Coil
Hot Rolled Coil (HRC) dari Tiongkok turun 13,4% dari tahun                        (HRC) from China decreased by 13.4% from the previous year, but
sebelumnya, namun harga jual rata-rata (Average Selling Price/ASP)                the Company's Average Selling Price (ASP) only decreased by around
Perseroan hanya mengalami penurunan sekitar 2,75%. Hal ini                        2.75%. This demonstrates the Company's ability to maintain price
menunjukkan kemampuan Perseroan dalam mengelola harga, dan                        stability and thus improve margins.
dengan demikian meningkatkan margin.


Laba bersih Perseroan mengalami peningkatan menjadi Rp498 miliar                  The Company's net profit increased from the previous year's IDR306
dari tahun sebelumnya Rp306 miliar. Peningkatan ini disebabkan                    billion to IDR498 billion. This increase was due largely to the
oleh penjualan produk dan jasa Perseroan yang meningkat, serta                    increased sales of the Company's products and services as well as
proses produksi yang efisien.                                                      efficient production processes.


Sepanjang tahun 2023, 95% produksi pipa baja SPINDO diserap oleh                  In 2023, 95% of SPINDO's steel pipe production served the domestic
pasar domestik, sedangkan sisanya untuk ekspor. Dukungan                          market and the remaining portion reached the export market. The
Pemerintah Indonesia untuk menggiatkan ekspor, menjadi peluang                    Indonesian Government's support for an intensification of export has
bagi Perseroan untuk terus meningkatkan ekspor yang telah berjalan                offered the Company opportunities to continue to increase exports
untuk pasar Kanada dan Amerika Serikat.                                           targeting the Canadian and US markets.


            Tata Kelola Perusahaan            Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      02
            Corporate Governance                Corporate Social Responsibility                        References                            Financial Statements   029
Page 38
                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Prospek Tahun 2024 | 2024 Outlook
      Tahun 2024 perekonomian Indonesia diperkirakan lebih baik, seiring                       In 2024, it is expected that Indonesia's economy will grow more
      dengan inflasi yang diharapkan melandai. Perseroan telah                                  vibrant and that inflation will go down. The Company has designed a
      merancang strategi jangka panjang dengan tetap berfokus pada                             long-term strategy by making improvement in distribution and
      sarana distribusi dan logistik untuk memperluas jangkauan pasar                          logistics facilities and increasing the market share of steel pipes.
      pipa baja.


      Pembangunan Ibu Kota Nusantara (IKN) yang telah berjalan akan                            The ongoing development of the Nusantara Capital City (IKN) will
      menjadi generator pertumbuhan bagi Perseroan dalam penyediaan                            become a growth stimulus to the Company's steel pipe product and
      produk dan jasa pipa baja. Perseroan mempersiapkan dana belanja                          service offerings. The Company has prepared a capital expenditure
      modal sebesar Rp60 miliar hingga Rp100 miliar untuk digunakan                            fund of IDR60 billion up to IDR100 billion to be used for the
      untuk penyelesaian depo atau gudang, serta peremajaan mesin agar                         completion of depots or warehouses and the machinery rejuvenation
      lebih maksimal dalam produksi.                                                           program to maximize production.



      Penerapan Tata Kelola Perusahaan yang Baik
      Implementation of Good Corporate Governance
      Perseroan menjalankan Tata Kelola Perusahaan yang Baik / Good                            The Company implements Good Corporate Governance (GCG) in
      Corporate Governance (GCG) berdasarkan prinsip-prinsip                                   compliance with the principle of transparency, accountability,
      transparansi, akuntabilitas, responsibilitas, independensi, dan                          responsibility, independence, and fairness. Year after year, the
      kewajaran. Setiap tahun, Perseroan senantiasa memperbaiki                                Company continuously improves the implementation of GCG by
      penerapan GCG dengan melakukan koordinasi seluruh pemangku                               ensuring effective coordination among all stakeholders, which
      kepentingan, seperti Direksi, Dewan Komisaris, Komite Audit, dan                         include the Board of Directors, Board of Commissioners, Audit
      unit-unit pendukungnya.                                                                  Committee, and relevant supporting units.


      Komunikasi Direksi dilakukan dengan rapat Direksi yang telah                             Communication between members of the Board of Directors was
      dilakukan sebanyak 12 (dua belas) kali di tahun 2023. Direksi juga                       established in the form the Board of Directors' meetings and was held
      melakukan rapat gabungan antara Direksi dan Dewan Komisaris                              twelve times in 2023. The Board of Directors also conducted six joint
      sebanyak 6 (enam) kali di tahun 2023.                                                    meetings between members of the Board of Directors and the Board
                                                                                               of Commissioners in 2023.


      Penutup | Concluding Remarks
      Tahun 2023 tidak terjadi perubahan komposisi anggota Direksi. Akhir                      There was no change in the composition of the Board of Directors in
      kata, saya mewakili direksi mengucapkan terima kasih kepada                              2023. Finally, on behalf of the Board of Directors, I should be grateful
      seluruh pemangku kepentingan atas dukungan dan kepercayaan                               to all stakeholders for their ongoing support and trust. I also would like
      yang telah diberikan. Saya juga mengucapkan terima kasih kepada                          to thank the Board of Commissioners, fellow Directors, management,
      Dewan Komisaris, rekan-rekan Direksi, manajemen, seluruh                                 employees, suppliers, distributors, stores and end-users for their
      karyawan, pemasok, distributor, toko hingga end-user atas                                unwavering trust in SPINDO steel pipe products and services.
      kepercayaan kepada produk dan jasa pipa baja SPINDO.




                                                                                Jakarta, 18 April 2024

                                                                                Ibnu Susanto
                                                                       Direktur Utama | President Director

 02                Ikhtisar Utama                          Laporan Manajemen                  Profil Perusahaan                    Analisa & Pembahasan Manajemen
030                  Highlights                            Management Report                  Company Profile                      Management Discussion & Analysis
Page 39
                                                                                              Igniting Engagement                         Laporan Tahunan 2023
                                                                                               Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Profil Direksi
 Board of Directors Profile

Ibnu Susanto
Direktur Utama | President Director
Kewarganegaraan                        Indonesia
Nationality                            Indonesian


Usia                                   82 tahun per 31 Desember 2023
Age                                    82 years old as of 31 December 2023


Domisili                               Jakarta
Domicile


Dasar Hukum Pengangkatan               Diangkat kembali sebagai Direktur Utama berdasarkan Akta Pernyataan Keputusan
Legal Basis of Appointment             Rapat Perseroan Terbatas No. 302 tanggal 30 Juni 2022.
                                       Reappointed as a President Director based on Deed of Resolutions of the Company
                                       Meeting No. 302 dated 30 June 2022.


Riwayat Pekerjaan                      Ÿ   Direktur Utama, PT Steel Pipe Industry of Indonesia Tbk (1980-sekarang);
Work Experience                        Ÿ   Komisaris, PT Mitra Graha Andalan (2013-2017);
                                       Ÿ   Komisaris, PT Buana Maju Selaras (2013-2017);
                                       Ÿ   Komisaris Utama, PT Ready Indah (2004-2011);
                                       Ÿ   Direktur Utama, PT Sarana Central Bajatama Tbk (1993-2011);
                                       Ÿ   Direktur Utama, PT Indometal Centraltama Industri (1989-2012);
                                       Ÿ   Direktur Utama, PT Radjin Steel Pipe Industry (1972-1997);
                                       Ÿ   Direktur Utama, PT Nugraha Purnama (1970-2020);
                                       Ÿ   Direktur, PT Cahaya Onderdil Sepeda (1969-1971);
                                       Ÿ   Manajer Produksi, PT Djawa Mulia (1964-1968).
                                       Ÿ   President Director, PT Steel Pipe Industry of Indonesia Tbk (1980-current);
                                       Ÿ   Commissioner, PT Mitra Graha Andalan (2013-2017);
                                       Ÿ   Commissioner, PT Buana Maju Selaras (2013-2017);
                                       Ÿ   President Commissioner, PT Ready Indah (2004-2011);
                                       Ÿ   President Director, PT Sarana Central Bajatama Tbk (1993-2011);
                                       Ÿ   President Director, PT Indometal Centraltama Industri (1989-2012);
                                       Ÿ   President Director, PT Radjin Steel Pipe Industry (1972-1997);
                                       Ÿ   President Director, PT Nugraha Purnama (1970-2020);
                                       Ÿ   Director, PT Cahaya Onderdil Sepeda (1969-1971);
                                       Ÿ   Production Manager, PT Djawa Mulia (1964-1968).


Rangkap Jabatan                        Ÿ   Komisaris Utama, PT Nugraha Purnama Jakarta (2020-sekarang);
Concurrent Positions                   Ÿ   Direktur Utama, Panca Cemerlang Abadi (2019-sekarang);
                                       Ÿ   Direktur Utama, PT Fuji Technologi Indonesia (2014-sekarang);
                                       Ÿ   Komisaris, PT Saranacentral Bajatama Tbk (2011-sekarang);
                                       Ÿ   Direktur Utama, PT Ready Indah (2014-sekarang);
                                       Ÿ   Direktur Utama, PT Djawa Indah (2008-sekarang);
                                       Ÿ   Direktur Utama, PT Pah Tsung School (2007-sekarang);
                                       Ÿ   Komisaris Utama, PT Menara Prambanan (2006-sekarang);
                                       Ÿ   Direktur Utama, PT Sarana Steel Engineering (2003-sekarang);
                                       Ÿ   Komisaris Utama, PT Cakra Bhakti Para Putra (2003-sekarang);

              Tata Kelola Perusahaan                      Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      02
              Corporate Governance                          Corporate Social Responsibility                 References                            Financial Statements   031
Page 40
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                                                  Ÿ    Komisaris Utama, PT Kasih Jatim (1994-sekarang);
                                                  Ÿ    Direktur, PT Nar Stainless Steel Center (1993-sekarang);
                                                  Ÿ    Direktur Utama, PT Sarana Steel (1973-sekarang);
                                                  Ÿ    Direktur Utama, PT Sarana Surya Sakti (1972-sekarang).
                                                  Ÿ    President Commissioner, PT Nugraha Purnama Jakarta (2020-current);
                                                  Ÿ    President Director, Panca Cemerlang Abadi (2019-current);
                                                  Ÿ    President Director, PT Fuji Technologi Indonesia (2014-current);
                                                  Ÿ    Commissioner, PT Saranacentral Bajatama Tbk (2011-current);
                                                  Ÿ    President Director, PT Ready Indah (2014-current);
                                                  Ÿ    President Director, PT Djawa Indah (2008-current);
                                                  Ÿ    President Director, PT Pah Tsung School (2007-current);
                                                  Ÿ    President Commissioner, PT Menara Prambanan (2006-current);
                                                  Ÿ    President Director, PT Sarana Steel Engineering (2003-current);
                                                  Ÿ    President Commissioner, PT Cakra Bhakti Para Putra (2003-current);
                                                  Ÿ    President Commissioner, PT Kasih Jatim (1994-current);
                                                  Ÿ    Director, PT Nar Stainless Steel Center (1993-current);
                                                  Ÿ    President Director, PT Sarana Steel (1973-current);
                                                  Ÿ    President Director, PT Sarana Surya Sakti (1972-current).


      Riwayat Pendidikan                          Sekolah Menengah Atas, Pah Tsung School, Jakarta, Indonesia (1961).
      Educational Background                      High School education, Pah Tsung School, Jakarta, Indonesia (1961).


      Hubungan Afiliasi                            Memiliki hubungan afiliasi dengan anggota Dewan Komisaris lainnya dan
      Affiliate Relations                          anggota Direksi, dan juga beliau memiliki hubungan afiliasi dengan Pemegang
                                                  Saham Utama atau Pengendali.
                                                  He has affiliations with others members of the Board of Commissioners and
                                                  members of the Board of Directors, and also he has relationship with the main
                                                  and controlling shareholder.


      Jumlah Kepemilikan Saham ISSP               -
      Total ISSP Share Ownership




 02              Ikhtisar Utama                          Laporan Manajemen                Profil Perusahaan                  Analisa & Pembahasan Manajemen
032                Highlights                            Management Report                Company Profile                    Management Discussion & Analysis
Page 41
                                                                                        Igniting Engagement                         Laporan Tahunan 2023
                                                                                         Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Tedja Sukmana Hudianto
Wakil Direktur Utama | Vice President Director
Kewarganegaraan                        Indonesia
Nationality                            Indonesian


Usia                                   60 tahun per 31 Desember 2023
Age                                    60 years old as of 31 December 2023


Domisili                               Surabaya
Domicile


Dasar Hukum Pengangkatan               Diangkat kembali sebagai Wakil Direktur Utama berdasarkan Akta
Legal Basis of Appointment             Pernyataan Keputusan Rapat Perseroan Terbatas No. 302 tanggal 30 Juni
                                       2022.
                                       Reappointed as a Vice President Director based on Deed of Resolutions of the
                                       Company Meeting No. 302 dated 30 June 2022.

Riwayat Pekerjaan                      Ÿ Wakil Direktur Utama, PT Steel Pipe Industry of Indonesia Tbk
Work Experience                          (2012-sekarang);
                                       Ÿ Direktur, PT Steel Pipe Industry of Indonesia Tbk (1998-2012);
                                       Ÿ Direktur, PT Radjin (1993-1998);
                                       Ÿ Account Officer, Bank of Tokyo Ltd, Surabaya Branch (1989-1991).
                                       Ÿ Vice President Director, PT Steel Pipe Industry of Indonesia Tbk
                                         (2012-current);
                                       Ÿ Director, PT Steel Pipe Industry of Indonesia Tbk (1998-2012);
                                       Ÿ Director, PT Radjin (1993-1998);
                                       Ÿ Account Officer, Bank of Tokyo Ltd, Surabaya Branch (1989-1991)


Rangkap Jabatan                        Ÿ Direktur, PT Cakra Bhakti Agro Industry (2023-sekarang);
Concurrent Positions                   Ÿ Direktur Utama, PT Cakra Bhakti Bumi Persada (2014-sekarang);
                                       Ÿ Komisaris, PT Sanko Steel Indonesia (2013-sekarang);
                                       Ÿ Direktur, PT Cakra Putra Lestari (2012-sekarang);
                                       Ÿ Direktur Utama, PT Cakra Bhakti Para Putra (1997-sekarang);
                                       Ÿ Direktur, PT NAR Stainless Steel Center (1991-sekarang);
                                       Ÿ Direktur, PT Kasih Jatim (1989-sekarang).
                                       Ÿ Director, PT Cakra Bhakti Agro Industry (2023-current);
                                       Ÿ Direktur Utama, PT Cakra Bhakti Bumi Persada (2014-current);
                                       Ÿ Commissioner, PT Sanko Steel Indonesia (2013-current);
                                       Ÿ Director, PT Cakra Putra Lestari (2012-current);
                                       Ÿ President Director, PT Cakra Bhakti Para Putra (1997-current);
                                       Ÿ Director, PT NAR Stainless Steel Center (1991-current);
                                       Ÿ Director, PT Kasih Jatim (1989-current).


Riwayat Pendidikan                     Sarjana bidang Komunikasi Elektronik, Waseda University, Jepang (1989)
Educational Background                 Bachelor in Electronic Communication, Waseda University, Japan (1989)


Hubungan Afiliasi                       Memiliki hubungan afiliasi dengan anggota Dewan Komisaris lainnya
Affiliate Relations                     dan anggota Direksi, dan juga beliau memiliki hubungan afiliasi dengan
                                       Pemegang Saham Utama atau Pengendali.
                                       He has affiliations with others members of the Board of Commissioners
                                       and members of the Board of Directors, and also he has relationship
                                       with the main and controlling shareholder.


Jumlah Kepemilikan Saham ISSP -
Total ISSP Share Ownership




              Tata Kelola Perusahaan                Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      02
              Corporate Governance                    Corporate Social Responsibility                 References                            Financial Statements   033
Page 42
         2023 Annual Report                          Igniting Engagement
         PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                                             Soediarto Soerjoprahono
                                             Direktur | Director

                                             Kewarganegaraan                Indonesia
                                             Nationality                    Indonesian


                                             Usia                           78 tahun per 31 Desember 2023
                                             Age                            78 years old as of 31 December 2023


                                             Domisili                       Jakarta
                                             Domicile


                                             Dasar Hukum Pengangkatan       Diangkat kembali sebagai Direktur berdasarkan Akta Pernyataan
                                             Legal Basis of Appointment     Keputusan Rapat Perseroan Terbatas No. 302 tanggal 30 Juni 2022.
                                                                            Reappointed as a Director based on Deed of Resolutions of the Company
                                                                            Meeting No. 302 dated 30 June 2022.


                                             Riwayat Pekerjaan              Ÿ Direktur, PT Steel Pipe Industry of Indonesia Tbk (1980-sekarang);
                                             Work Experience                Ÿ Direktur, PT Indometal Centraltama Industry (1989-2012);
                                                                            Ÿ Direktur, PT Radjin Steel Pipe Industry (1972-1996);
                                                                            Ÿ Direktur, CV Nugraha & Co (1971-1973);
                                                                            Ÿ Import Manager, CV Pelita Trading Co (1968-1970).
                                                                            Ÿ Director, PT Steel Pipe Industry of Indonesia Tbk (1980-current);
                                                                            Ÿ Director, PT Indometal Centraltama Industry (1989-2012);
                                                                            Ÿ Director, PT Radjin Steel Pipe Industry (1972-1996);
                                                                            Ÿ Director, CV Nugraha & Co (1971-1973);
                                                                            Ÿ Import Manager, CV Pelita Trading Co (1968-1970).


                                             Rangkap Jabatan                Ÿ Komisaris Utama, PT Sarana Central Bajatama Tbk (1993-sekarang);
                                             Concurrent Positions           Ÿ Direktur, PT Sarana Steel (1973-sekarang);
                                                                            Ÿ Direktur, PT Sarana Surya Sakti (1972-sekarang);
                                                                            Ÿ Direktur, PT Purnama Nugraha (1970-sekarang).
                                                                            Ÿ President Commissioner, PT Sarana Central Bajatama Tbk (1993-
                                                                                  current);
                                                                            Ÿ Director, PT Sarana Steel (1973-current);
                                                                            Ÿ Director, PT Sarana Surya Sakti (1972-current);
                                                                            Ÿ Director, PT Purnama Nugraha (1970-current).


                                             Riwayat Pendidikan             Sekolah Menengah Atas, Surabaya, Indonesia (1964).
                                             Educational Background         High School education, Surabaya, Indonesia (1964).


                                             Hubungan Afiliasi               Memiliki hubungan afiliasi dengan anggota Dewan Komisaris lainnya dan
                                             Affiliate Relations             anggota Direksi, dan juga beliau memiliki hubungan afiliasi dengan
                                                                            Pemegang Saham Utama atau Pengendali.
                                                                            He has affiliations with others members of the Board of Commissioners
                                                                            and members of the Board of Directors, and also he has relationship with
                                                                            the main and controlling shareholder.


                                             Jumlah Kepemilikan Saham       -
                                             ISSP
                                             Total ISSP Share Ownership




 02   Ikhtisar Utama                          Laporan Manajemen                 Profil Perusahaan               Analisa & Pembahasan Manajemen
034     Highlights                            Management Report                 Company Profile                 Management Discussion & Analysis
Page 43
                                                                                       Igniting Engagement                         Laporan Tahunan 2023
                                                                                        Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Tikman Utomo
Direktur | Director

Kewarganegaraan                      Indonesia
Nationality                          Indonesian

Usia                                 78 tahun per 31 Desember 2023
Age                                  78 years old as of 31 December 2023

Domisili                             Surabaya
Domicile

Dasar Hukum Pengangkatan             Diangkat kembali sebagai Direktur berdasarkan Akta Pernyataan
Legal Basis                          Keputusan Rapat Perseroan Terbatas No. 302 tanggal 30 Juni 2022.
                                     Reappointed as a Director based on Deed of Resolutions of the
                                     Company Meeting No. 302 dated 30 June 2022.

Riwayat Pekerjaan                    Ÿ   Direktur, PT Steel Pipe Industry of Indonesia Tbk (1996-
Work Experience                          sekarang);
                                     Ÿ   Manajer Produksi, PT Radjin (1972-1996).
                                     Ÿ   Director, PT Steel Pipe Industry of Indonesia Tbk (1996-
                                         current);
                                     Ÿ   Production Manager PT Radjin (1972-1996).


Rangkap Jabatan                      -
Concurrent Positions


Riwayat Pendidikan                   Ÿ   Sarjana Teknik Mesin, Universitas Trisakti, Jakarta, Indonesia
Educational Background                   (1970);
                                     Ÿ Bachelor of Mechanical Engineering, Trisakti University, Jakarta,
                                         Indonesia (1970);
                                     Informal | Informal
                                     Ÿ Kursus Kerja Manajemen Umum dan Produksi, Mitra
                                         Management Center, Jakarta, Indonesia (1992).
                                     Ÿ General Management and Production Work Course, Mitra
                                         Management Center, Jakarta, Indonesia (1992).


Hubungan Afiliasi                     Tidak memiliki hubungan afiliasi dengan anggota Dewan Komisaris
Affiliate Relations                   lainnya dan anggota Direksi, namun beliau memiliki hubungan
                                     afiliasi dengan Pemegang Saham Utama atau Pengendali.
                                     Does not have any affiliations with other members of the Board of
                                     Directors, or members of the Board of Commissioners, bu he has a
                                     relationship with the ultimate shareholder.


Jumlah Kepemilikan Saham             -
ISSP
Total ISSP Share Ownership




            Tata Kelola Perusahaan                 Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      02
            Corporate Governance                     Corporate Social Responsibility                 References                            Financial Statements   035
Page 44
         2023 Annual Report                          Igniting Engagement
         PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                                The, Hanny Purnomo
                                Direktur | Director
                                Kewarganegaraan                             Indonesia
                                Nationality                                 Indonesian


                                Usia                                        57 tahun per 31 Desember 2023
                                Age                                         57 years old as of 31 December 2023


                                Domisili                                    Surabaya
                                Domicile


                                Dasar Hukum Pengangkatan                    Diangkat kembali sebagai Direktur berdasarkan Akta Pernyataan Keputusan
                                Legal Basis of Appointment                  Rapat Perseroan Terbatas No. 302 tanggal 30 Juni 2022.
                                                                            Reappointed as a Director based on Deed of Resolutions of the Company Meeting
                                                                            No. 302 dated 30 June 2022.

                                Riwayat Pekerjaan                           Ÿ Direktur, PT Steel Pipe Industry of Indonesia Tbk (2018-sekarang);
                                Work Experience                             Ÿ Deputy General Manager, PT Steel Pipe Industry of Indonesia Tbk (2016-2018);
                                                                            Ÿ Senior Manager SAP, PT Steel Pipe Industry of Indonesia Tbk (2009-2016);
                                                                            Ÿ Senior Manager MIS, PT Steel Pipe Industry of Indonesia Tbk (2001-2008);
                                                                            Ÿ Manager MIS, PT Steel Pipe Industry of Indonesia Tbk (1999-2001);
                                                                            Ÿ Manager MIS, PT Pelayaran Nusantara Meratus (1992-1999).
                                                                            Ÿ Director, PT Steel Pipe Industry of Indonesia Tbk (2018-present);
                                                                            Ÿ Deputy General Manager, PT Steel Pipe Industry of Indonesia Tbk (2016-2018);
                                                                            Ÿ SAP Senior Manager, PT Steel Pipe Industry of Indonesia Tbk (2009-2016);
                                                                            Ÿ MIS Senior Manager, PT Steel Pipe Industry of Indonesia Tbk (2001-2008);
                                                                            Ÿ MIS Senior Manager, PT Steel Pipe Industry of Indonesia Tbk (1999-2001);
                                                                            Ÿ MIS Senior Manager, PT Pelayaran Nusantara Meratus (1992-1999).


                                Rangkap Jabatan                             -
                                Concurrent Positions


                                Riwayat Pendidikan                          Ÿ Sarjana Teknik dan Manajemen Industri, Universitas 17 Agustus 1945, Surabaya,
                                Educational Background                          Indonesia (1990);
                                                                            Ÿ Bachelor of Engineering and Industrial Management, 17 Agustus 1945
                                                                                University, Surabaya, Indonesia (1990);


                                Sertifikasi Profesi                          Ÿ SAP-Production Planning & Manufacturing - Associate Level, SAP Global
                                Professional Certification                       Certification (2009);
                                                                            Ÿ Certified Information Systems Auditor (CISA), ISACA (2015);
                                                                                                                        ®



                                                                            Ÿ SAP-Production Planning & Manufacturing - Professional Level, SAP Global
                                                                                Certification (2016);
                                                                            Ÿ Certified Business Analysis Professional™ (CBAP ), International Institute of
                                                                                                                                         ®



                                                                                Business Analysis™ (IIBA ) (2019);
                                                                                                           ®



                                                                            Ÿ Project Management Professional (PMP) , Project Management Institute (PMI) (2020);
                                                                                                                        ®



                                                                            Ÿ Certified Tester Foundation Level (CTFL), International Software Testing
                                                                                Qualifications Board (ISTQB®) (2020);
                                                                            Ÿ TOGAF 9 Foundation, The Open Group (2021);
                                                                                        ®



                                                                            Ÿ Professional Scrum Master™ I (PSM I), Scrum.org™ (2021).


                                Hubungan Afiliasi                            Tidak memiliki afiliasi dengan sesama anggota Direksi, atau anggota Dewan
                                Affiliate Relations                          Komisaris, atau dengan pemegang saham utama.
                                                                            Does not have any affiliations with fellow members of the Board of Directors, or
                                                                            members of the Board of Commissioners, nor with the ultimate shareholder.


                                Jumlah Kepemilikan Saham ISSP -
                                Total ISSP Share Ownership


 02   Ikhtisar Utama                          Laporan Manajemen                         Profil Perusahaan                    Analisa & Pembahasan Manajemen
036     Highlights                            Management Report                         Company Profile                      Management Discussion & Analysis
Page 45
                                                             Igniting Engagement                         Laporan Tahunan 2023
                                                              Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




         03                                         Profil
                                                    Perusahaan
                                                    Corporate Profile




Tata Kelola Perusahaan   Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      03
Corporate Governance       Corporate Social Responsibility                 References                            Financial Statements   037
Page 46
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Data Perusahaan
      Corporate Data


      Nama Perusahaan                                                                  Company Name
      PT Steel Pipe Industry of Indonesia Tbk [PT SPINDO Tbk]


      Tanggal Pendirian                                                                Date of Establishment
      30 Januari 1971


      Kepemilikan                                                                      Ownership
      Perseroan Terbuka                                                                Public Company

      Kegiatan Usaha & Produk yang Dihasilkan                                          Business Activities & Products
      Kegiatan usaha perseroan adalah merancang dan memproduksi                        The Company's business activities are designing and producing
      berbagai macam produk pipa baja berdasarkan kategori, yang                       various steel pipe products related, made to fulfill orders and made
      dibuat untuk memenuhi pesanan dan untuk persediaan, yang                         for supplies, which includes various types of pipes made of hot
      meliputi produksi berbagai jenis pipa yang dibuat dari karbon hot                rolled, cold rolled, and stainless steel. The productions are mainly
      rolled, cold rolled, dan stainless steel. Hasil produksi pipa Perseroan          applied for infrastructure, automotive, oil and gas, drinking water
      digunakan untuk industri infrastruktur, otomotif, minyak dan gas,                pipes, and others.
      pipa air minum, dan lain-lain.


      Kode Saham                                                                       Ticker Code
      ISSP

      Dasar Hukum Pendirian                                                            Legal Basis Establishment
      Akta pendirian dan perubahannya:                                                 Deed of establistment and amendement:
      Ÿ Notaris Djojo Muljadi, S.H. No. 109, tanggal 30 Januari 1971.                  Ÿ Notarial Deed No. 109, dated January 30, 1971 of Djojo Muljadi,
                                                                                         S.H.
      Ÿ Notaris Zuraida Zain, S.H. No. 30, tanggal 18 Februari 1993, juncto            Ÿ Notarial Deed No. 30, dated February 18, 1993 of Zuraida Zain,
        Akta Perubahan No. 10, tanggal 4 Juni 1993, juncto Akta                          S.H., juncto amendments No. 10, dated June 4, 1993, juncto
        Perubahan No. 40, tanggal 21 Oktober 1993.                                       amendments No. 40, dated October 21, 1993.
      Ÿ Notaris Siti Rachmayanti, S.H., CN. No. 97, tanggal 10 Desember                Ÿ Notarial Deed No. 97, dated December 10, 1997 of Siti
        1997.                                                                            Rachmayanti, S.H., CN.
      Ÿ Notaris Sitaresmi Puspadewi Subianto, S.H. No. 11, tanggal 6                   Ÿ Notarial Deed No. 11, dated 6 December 2007 of Sitaresmi
        Desember 2007, juncto No. 21, tanggal 5 September 2008.                          Puspadewi Subianto, S.H., juncto No. 21, dated 5 September
                                                                                         2008.
      Ÿ Notaris Dr. Irawan Soerodjo, S.H., M.Si. No. 154, tanggal 12                   Ÿ Notarial Deed No. 154, dated December 12, 2012 of Dr. Irawan
        Desember 2012.                                                                   Soerodjo, S.H., M.Si..
      Ÿ Notaris Dr. Irawan Soerodjo, S.H., M.Si. No. 421, tanggal 30 Juni              Ÿ Notarial Deed No. 421, dated June 30, 2015 of Dr. Irawan
        2015.                                                                            Soerodjo, S.H., M.Si..
      Ÿ Notaris Christina Dwi Utami, S.H., M.Hum., M.Kn. No. 15, tanggal               Ÿ Notarial Deed No. 15, dated June 15, 2017 of Christina Dwi
        15 Juni 2017.                                                                    Utami, S.H., M.Hum., M.Kn..
      Ÿ Notaris Christina Dwi Utami, S.H., M.Hum., M.Kn. No. 56, tanggal               Ÿ Notarial Deed No. 56, dated October 16, 2018 of Christina Dwi
        16 Oktober 2018.                                                                 Utami, S.H., M.Hum., M.Kn..
      Ÿ Notaris Christina Dwi Utami, S.H., M.Hum., M.Kn. No. 149,                      Ÿ Notarial Deed No. 149, dated June 28, 2019 of Christina Dwi
        tanggal 28 Juni 2019.                                                            Utami, S.H., M.Hum., M.Kn..
      Ÿ Notaris Christina Dwi Utami, S.H., M.Hum., M.Kn. No. 92, tanggal               Ÿ Notarial Deed No. 92, dated September 10, 2020. of Christina
        10 September 2020.                                                               Dwi Utami, S.H., M.Hum., M.Kn..
      Ÿ Notaris Dr. Ir. Yohanes Wilion, S.E., S.H., MM. No. 69, tanggal 28             Ÿ Notarial Deed No. 69, dated July 28, 2021 of Dr. Ir. Yohanes
        Juli 2021.                                                                       Wilion, S.E., S.H., MM..
      Ÿ Notaris Christina Dwi Utami, S.H., M.Hum., M.Kn. No. 302,                      Ÿ Notarial Deed No. 302, dated June 30, 2022. of Christina Dwi
        tanggal 30 Juni 2022.                                                            Utami, S.H., M.Hum., M.Kn..



 03              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                 Analisa & Pembahasan Manajemen
038                Highlights                            Management Report             Company Profile                   Management Discussion & Analysis
Page 47
                                                                                           Igniting Engagement                         Laporan Tahunan 2023
                                                                                            Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Ÿ Notaris Christina Dwi Utami, S.H., M.Hum., M.Kn. No. 99, tanggal                 Ÿ Notarial Deed No. 99, dated November 10, 2022. of Christina
  10 November 2022.                                                                  Dwi Utami, S.H., M.Hum., M.Kn.
Ÿ Notaris Christina Dwi Utami, S.H., M.Hum., M.Kn. No. 373,                        Ÿ Notarial Deed No. 373, dated June 30, 2023. of Christina Dwi
  tanggal 30 Juni 2023.                                                              Utami, S.H., M.Hum., M.Kn.


Alamat Perusahaan                                                                  Company Address
Kantor Pusat SPINDO                                                                SPINDO Head Office
Jl. Kalibutuh No. 189-191,                                                         Jl. Kalibutuh No. 189-191,
Surabaya 60173, Jawa Timur, Indonesia                                              Surabaya 60173, East Java, Indonesia
p : +6231 532 0921, 531 6921,                                                      p : +6231 532 0921, 531 6921,
  +6231 532 0320, 535 3290,                                                          +6231 532 0320, 535 3290,
f : +6231 531 0712, 532 0290,                                                      f : +6231 531 0712, 532 0290,


Kantor SPINDO Jakarta                                                              SPINDO Jakarta Office
Gedung Baja, Lt. 7, Jl. Pangeran Jayakarta No. 55,                                 Gedung Baja, Lt. 7, Jl. Pangeran Jayakarta No. 55,
Jakarta 10730, Indonesia                                                           Jakarta 10730, Indonesia
p : +6221 6231 3502                                                                p : +6221 6231 3502
f : +6221 624 0313                                                                 f : +6221 624 0313


SPINDO Karawang (SKF)                                                              SPINDO Karawang (SKF)
Kawasan Industri Mitrakarawang (KIM), Jl. Mitra Raya No. II Blok F2,               Kawasan Industri Mitrakarawang (KIM), Jl. Mitra Raya No. II Blok F2,
Karawang 41363, Indonesia                                                          Karawang 41363, Indonesia
p : +6221 8911 5085, +62267 440 823                                                p : +6221 8911 5085, +62267 440 823
f : +62267 440 587                                                                 f : +62267 440 587


Kantor Cabang SPINDO SEMARANG                                                      SPINDO SEMARANG Representative Office
Genius Idea @ Dafam Space Menara Suara Merdeka, Lt. 11 - R9,                       Genius Idea @ Dafam Space Menara Suara Merdeka, Lv. 11 - R9,
Jl. Pandanaran No. 30, Pekunden, Kec. Semarang Tengah,                             Jl. Pandanaran No. 30, Pekunden, Kec. Semarang Tengah,
Semarang, Jawa Tengah 50134, Indonesia                                             Semarang, Central Java 50134, Indonesia


Kantor Cabang SPINDO PEKANBARU                                                     SPINDO PEKANBARU Representative Office
Graha Pena Riau Lt. 7 - R705,                                                      Graha Pena Riau Lt. 7 - R705,
Jl. H.R. Soebrantas Panam Km. 10,5 Sidomulyo Barat, Tuah Karya,                    Jl. H.R. Soebrantas Panam Km. 10,5 Sidomulyo Barat, Tuah Karya,
Kec. Tampan, Pekanbaru, Riau 28294, Indonesia                                      Kec. Tampan, Pekanbaru, Riau 28294, Indonesia


Surat Elektronik                                                                   Email
marketing@spindo.co.id (marketing)
corsec@spindo.co.id (corporate secretary & investor relations)


Informasi bagi Investor                                                            Information for Investor
Situs                                                                              Sites
www.spindo.com


Media Sosial                                                                       Social Media
                   SPINDO                 SPINDOSTEELPIPE


            Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      03
            Corporate Governance                 Corporate Social Responsibility                         References                            Financial Statements   039
Page 48
                     2023 Annual Report                          Igniting Engagement
42                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Sekilas Perusahaan
      Company at a Glance


      PT Steel Pipe Industry of Indonesia Tbk (SPINDO) didirikan pada                     PT Steel Pipe Industry of Indonesia Tbk (SPINDO) was established in
      tahun 1971 di Surabaya dengan anggaran dasar sebagai produsen                       1971 in Surabaya with a statute as a steel pipe manufacturer.

      pipa baja. Setelah itu, Perseroan telah berkembang menjadi kapasitas                Thereafter, the Company has grown to become the largest
      produksi terbesar di Indonesia dan berpengalaman dalam                              production capacity in Indonesia and is vastly experienced in

      memproduksi berbagai macam pipa baja/tabung dan berbagai                            producing a wide range of steel pipes/tubes and other related
      produk terkait lainnya.                                                             products.



      Portofolio produk Perseroan terdiri dari beragam produk kustom                      Our product portfolio comprises all sorts of custom-made products
      (dibuat sesuai pesanan) dan produk pipa baja karbon serta pipa                      (produced upon customers’ requests), carbon standard products and

      stainless steel. Produk-produk Perseroan digunakan untuk berbagai                   stainless steel pipes. These products are mostly used by various
      industri: konstruksi, infrastruktur, utilitas, minyak dan gas, furnitur,            industries: construction, infrastructure, utility, oil and gas, furniture
      dan otomotif. Selain memproduksi berbagai produk pipa baja,                         and automotive. Other than manufacturing a variety of industrial
      SPINDO juga menawarkan layanan jasa lainnya galvanisasi,                            products, SPINDO also offers other services namely galvanizing,

      shearing, slitting, 3LPE coating, internal dan external epoxy coating,              shearing, slitting, 3LPE coating, internal and external epoxy coating,

      cement lining, dan uji kendali mutu di laboratorium modern                          cement lining, and quality control testing at the Company’s modern
      perusahaan.                                                                         laboratory facility.


      Dalam perjalanannya yang kini telah menggenapi lima dekade,                         In its five decade journey, the Company has successfully developed

      Perseroan berhasil mengembangkan bisnis secara signifikan.                           businesses significantly. Market absorption of its products drives the

      Serapan pasar akan produk-produk yang dihasilkan membuat                            Company to continually improve the quality of its products and
      Perseroan terus melakukan peningkatan kualitas dan produktivitas                    increase its productivity that earned the Company many certifications

      hingga mendapatkan sejumlah sertifikasi untuk kualitas produknya                     for the excellent quality of its products. In 1998, the Company
      ya n g u n g g u l . Pa d a t a h u n 1 9 9 8 , Pe r s e ro a n m e l a k u k a n   conducted a business merger with PT Radjin with the purpose of
      penggabungan usaha dengan PT Radjin sebagai bentuk perluasan                        expanding its business of producing various types of pipe. In 2005,




 03               Ikhtisar Utama                          Laporan Manajemen               Profil Perusahaan                  Analisa & Pembahasan Manajemen
040                 Highlights                            Management Report               Company Profile                    Management Discussion & Analysis
Page 49
                                                                                          Igniting Engagement                         Laporan Tahunan 2023
                                                                                           Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




bisnis yang memproduksi beragam pipa baja. Pada tahun 2005,                        the Company again expanded its business units with the
Perseroan kembali melakukan perluasan unit usahanya dengan                         development of a production unit in Karawang equipped with the

membangun unit produksi di Karawang dengan perlengkapan                            latest technology innovation in the steel pipe industry.
industri pipa baja dengan teknologi terkini.



Inovasi pun terus dilakukan dengan melihat peluang investasi untuk                 The Company continues to prioritize innovation by observing every
menjaga keberlangsungan bisnis termasuk peningkatan kapasitas                      investment opportunity in order to preserve business sustainability
produksi dan efisiensi. Pada tahun 2014, unit produksi di Sidoarjo                  including increasing the capacity of production and efficiency. In

telah beroperasi dan pada masa mendatang unit produksi di Gresik                   2014, production unit at Sidoarjo has been operating and soon
akan beroperasi. Upaya memperluas jangkauan distribusi                             production unit at Gresik are going to run the business. Endeavor to
diwujudkan dengan pembangunan gudang stok dan penjualan yang                       expand the distribution channel embodied with stock warehouse and
berlokasi di Bandung, Jakarta, Pasuruan, Gresik, Sidoarjo, Samarinda,              sales located in Bandung, Jakarta, Pasuruan, Gresik, Sidoarjo,
dan Makassar pada tahun 2023. Saat ini Perseroan telah memiliki 6                  Samarinda and Makassar in 2023. The Company is currently
fasilitas manufaktur di Indonesia dengan total 38 lini produksi yang               composed of six manufacturing facilities in Indonesia with a total of
masing-masing dapat dikalibrasi untuk menghasilkan berbagai jenis                  38 production units where each of these units can be calibrated to
pipa.                                                                              produce all types of pipe products.


Perjalanan dalam mengembangkan sayap bisnis semakin diperkuat                      The journey in spreading its business wings was solidified when the
saat Perseroan melakukan Penawaran Umum Perdana pada 28                            Company made its Initial Public Offer on January 28, 2013. By
Januari 2013. Pada 22 Februari 2013, Perusahaan resmi tercatat di                  February 22, 2013, the Company was officially listed on the

Bursa Efek Indonesia (BEI) sebagai Perseroan terbuka PT Steel Pipe                 Indonesia Stock Exchange (IDX) as a public Company PT Steel Pipe
Industry of Indonesia Tbk dengan kode emiten ISSP.                                 Industry of Indonesia Tbk with the ISSP issuer code.




            Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      03
            Corporate Governance                 Corporate Social Responsibility                        References                            Financial Statements   041
Page 50
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Visi, Misi, &
      Nilai-Nilai Perusahaan
      Vision, Mission, & Corporate Values

                                                                                      Meningkatkan Kualitas Hidup
                 Visi | Vision                                                        Improving the Quality of Life.


                 Misi | Mission
                  Menopang visi dengan terus melakukan pembaharuan melalui pembelajaran dan peningkatan yang berkelanjutan,
                  penerapan teknologi baru dan dengan mempraktikkan cara bisnis terbaik.
                  Supporting the vision by continuing to reform through continuous learning and improvement, implementing new
                  technologies, and employing the most effective business practices.


                  Menyediakan produk yang dapat diandalkan dari karyawan yang sangat terampil, produktif, dan berdedikasi melalui
                  proses produksi yang mumpuni.
                  Providing reliable products from highly skilled, productive, and dedicated personnel
                  using a capable manufacturing method.


                  Mengembangkan diversifikasi pasar yang memberikan stabilitas serta keuntungan finansial.
                  Developing market diversification provides stability and financial advantages.


                  Memberikan lingkungan yang berorientasi pada pertumbuhan bagi masyarakat.
                  Providing a growth-oriented environment for the community.




               Nilai-Nilai Perusahaan | Corporate Values
      Kejujuran adalah suatu sikap, perkataan,                Kepedulian adalah suatu            Kedisiplinan adalah tindakan            Kompak adalah
      maupun tindakan yang timbul dari dalam                  sikap ikut merasakan dan           dalam melaksanakan kewajiban,           kemampuan melaksanakan
      diri seseorang dengan berlandaskan                      mengerti akan                      rutinitas dengan penuh rasa             kerja secara bersama-sama
      kenyataan, hati nurani, dan kebenaran                   kepentingan orang lain.            tanggung jawab dan menaati              untuk mencapai satu tujuan
      tanpa dipengaruhi situasi apapun.                                                          peraturan.                              yang sama.


      Honesty is the attitude, words and actions              Caring is an attitude of           Discipline is the act of                Team Up is the capability to
      that emerge from within a person based                  sympathy and                       performing obligations, routine         work together to achieve the
      on the reality, conscience and the truth free understanding of other                       activities responsibly and              common goal.
      from the influence of any situation.                     people’s interest.                 according to the regulations.

      Komunikasi adalah kegiatan pemberian                                  Kecepatan adalah kemampuan                        Kreativitas adalah kemampuan
      informasi yang mengandung arti/pesan yang                             melakukan penyelesaian pekerjaan                  menciptakan/memberikan gagasan,
      perlu dipahami bersama oleh pihak-pihak yang                          secara cepat dengan hasil memuaskan               ide maupun inovasi terhadap tugas,
      terkait dalam kegiatan komunikasi.                                    dan sesuai standar yang ditetapkan.               pekerjaan, lingkungan kerja.


      Communication is the activity of sharing                              Responsiveness is the capability in               Creativity is the capability to create/
      information which contains meaning message                            completing tasks swiftly with                     give ideas, ideas and innovations
      that needs collective understanding by all parties                    satisfactory results and in line with             towards duties, occupation, work
      involved in the communication activity.                               assigned standards.                               environment.

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042               Highlights                            Management Report                    Company Profile                      Management Discussion & Analysis
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                                                                                     Igniting Engagement                         Laporan Tahunan 2023
                                                                                      Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Tujuan Perusahaan | Company Objectives
Perseroan menetapkan tujuan perusahaan sebagai                    The Company sets corporate goals as guidelines and
pedoman dan arah untuk seluruh kegiatan organisasi.               directions for all organizational activities. These
Tujuan tersebut adalah:                                           objectives are:




Smart
Bekerja dengan cerdik untuk mencapai tujuan
bersama yang spesifik, terukur, disepakati, realistis,
dan dapat ditelusuri.
                                                                  To work astutely in order to achieve the common goal
                                                                  that is specific, measurable, based on mutual
                                                                  agreement, realistic, and traceable.
                                                                                                                                                          S
Professional & Credible
Mampu dan mau serta dapat dipercaya dalam
menjalankan tugas dan tanggung jawab secara
terus-menerus.
                                                                  Able and willing as well as reliable in carrying out
                                                                  duties and responsibilities continuously.
                                                                                                                                                          P
Innovation & Continuous
Improvement
Berusaha untuk melakukan perubahan &
meningkatkan kualitas secara terus menerus serta
                                                                  Strive to make changes and improve quality
                                                                  continuously as well as finding new avenues in
                                                                                                                                                           I
mencari cara-cara baru dalam membuat barang &                     producing industrial goods and services according to
jasa industri sesuai kebutuhan pasar demi                         the market’s need for the interest of the Company’s
kelangsungan hidup perusahaan.                                    continuity.


No Complaints
Selalu memuaskan semua pelanggan baik dari dalam
maupun luar perusahaan.
                                                                  To bring satisfaction perennially to the customer either
                                                                  from the internal and external of the Company.
                                                                                                                                                          N
Discipline & Loyalty
Taat, patuh dan selalu melaksanakan dengan baik
tata tertib perusahaan, tugas, jabatan, kerja serta
setia dan ikut memajukan perusahaan.
                                                                  Observant, compliant and constantly committed to
                                                                  carrying out the Company’s rules of order, duties,
                                                                  functions, work whilst remaining loyal and actively
                                                                                                                                                          D
                                                                  taking part in the advancement of the Company.


Organized & Teamwork
Bersedia dan mampu untuk bekerja sama sebagai tim
yang tangguh dan saling melengkapi untuk mencapai
tujuan Perseroan yang telah disepakati.
                                                                  Readily and capable to collaborate as a solid and
                                                                  complimentary team to achieve the Company’s agreed
                                                                  upon goals.
                                                                                                                                                          O
            Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                     Referensi                             Laporan Keuangan      03
            Corporate Governance                 Corporate Social Responsibility                   References                            Financial Statements   043
Page 52
                        2023 Annual Report                           Igniting Engagement
                        PT Steel Pipe Industry of Indonesia Tbk      Elevating Excellence




      Jejak Langkah
      Milestones



      1971                                                 1989                                                             1991                                    1993
      Perseroan berdiri sebagai perusahaan                 Ibnu Susanto, pemegang saham “Perusahaan                         Pendirian pabrik di Pasuruan            Transformasi menjadi
      investasi asing di Indonesia dengan                  Dagang dan Industri PT Radjin” mengakuisisi                      dengan mulai memproduksi                perusahaan lokal.
      nama PT Steel Pipe Industry of                       seluruh saham Kawasaki Steel Corporation                         pipa spiral dengan teknik
      Indonesia (SPINDO).                                  dan Itochu Corporation.                                          SSAW.


      Began business as a foreign investment               Ibnu Susanto, shareholders of “Perusahaan                        Established Manufacturing               Transformed into a
      company incorporated in Indonesia                    Dagang dan Industri PT Radjin” purchased                         Plant in Pasuruan to produce            local company.
      under the name PT Steel Pipe                         all the issued shared in Kawasaki Steel                          Spiral Submerged Arc Welded
      Industry of Indonesia (SPINDO).                      Corporation and Itochu Corporation.                              (SSAW).




      2010                                          2011                                     2013                                                              2014
      Persetujuan dari Building                     Memperoleh sertifikat                    Penawaran saham perdana SPINDO,                               Ÿ Implementasi proyek SAP ECC 6
      and Construction Authority                    Occupational Health &                    28 Januari 2013 di The Ritz-Carlton                               untuk seluruh unit bisnis.
      di Singapura untuk                            Safety Management                        Jakarta, Pacific Place & Listing tanggal                      Ÿ Pabrik Unit 6 telah beroperasi.
      menyediakan pipa baja spiral.                 System (OHSAS).                          22 Februari 2013 di BEI Jakarta.                              Ÿ Peresmian perluasan pabrik SPINDO
                                                                                                                                                               Unit 5 - Karawang.
      Approved by Building and                      Obtained a certificate                   Initial Public Offering (IPO) of SPINDO
      Construction Authority,                       of Occupational Health                   on January 28th, 2013, The Ritz-Carlton                       Ÿ Implementation of SAP ECC 6 project
      a statutory board of Singapore                & Safety Management                      Jakarta, Pacific Place & Listing on                               for all business units.
      Government for spiral steel pipes.            System (OHSAS).                          February 22nd, 2013, Indonesian Stock                         Ÿ Plant Unit 6 has been running.
                                                                                             Exchange, Jakarta.                                            Ÿ Official opening of SPINDO Unit 5 -
                                                                                                                                                               Karawang expansion plant.




      2019                                             2020                                      2021
      Ÿ Pembukaan Depo Samarinda yang                   Ÿ Memperoleh ISO 14001 sebagai               Ÿ Dipilih sebagai Best Issuer 2020 untuk sektor industri              Ÿ Mengirimkan ekspor terbesar selama
          melayani berbagai jenis pipa standar,            standar internasional sistem                metal dan kabel dari 338 perusahaan secara                             sejarah operasi SPINDO sekitar 9.600
          SNI, serta kebutuhan Plat dan Strip bagi         manajemen lingkungan yang                   keseluruhan. Penilaian dilakukan berdasarkan delapan                   ton dalam satu pengiriman pada bulan
          pelanggan yang berdomisili di area               meyakinkan bahwa seluruh proses             kriteria, antara lain: return, likuiditas dan tingkat                  Juli hingga Agustus 2021 ke Kanada.
          Kalimantan Timur.                                bisnis maupun produk yang                   volatilitas saham selama satu tahun (dari 1 Juni 2019               Ÿ Melaksanakan kegiatan Witness
      Ÿ Peluncuran jalur digital antara lain,              dihasilkan Perseroan telah                  sampai dengan 31 Mei 2020), pertumbuhan                                Assessment Uji Kompetensi di LSP
          Instagram, LinkedIn, dan Youtube                 memenuhi komitmen terhadap                  penjualan selama tiga tahun, Net Operating Margin,                     SPINDO oleh tim asesor Badan
          Channel.                                         lingkungan.                                 imbal hasil ekuitas, turnover aset, dan pertumbuhan                    Nasional Sertifikasi Profesi (BNSP).
                                                                                                       pendapatan operasional selama tiga tahun.
      Ÿ
      Ÿ The opening of Samarinda Depot which            Ÿ Obtained ISO 14001, an                     Ÿ Selected as the Best Issuer of 2020 for metal and                   Ÿ Delivered the biggest export in
          serves various types of standard pipes,          international standard for                  cable sector out of 338 companies overall. The                         SPINDO history approximately 9,600
          SNI, and supplies plates and strips for          environmental management                    assesment was conducted based on eight criterias,                      tons in one shipment on July to August
          customers who live in the East                   system that ensures all the                 namely: return, liquidity and stock volatility rate for 1              2021 to Canada.
          Kalimantan area.                                 business processes and products             year (from 1 June 2019 up to 31 May 2020), sales                    Ÿ Conducted Witness Assessment of
      Ÿ Launching digital channels, among                  produced by the Company have                growth rate for the last three years, Net Operating                    Competency Test at LSP SPINDO by
          others, Instagram, LinkedIn, and Youtube         fulfilled its commitment to the             Margin, return on equity, assets turnover rate and                     assessor team of National Professional
          Channel.                                         environment.                                operating revenue growth rate for the last three years.                Certification Board (BNSP).



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044                    Highlights                            Management Report                           Company Profile                                  Management Discussion & Analysis
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                                                                                                              Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




1996                                       1998                                                                     2005                                       2007
Memperoleh Sertifikat API 5L               Merger dengan “Perusahaan            Pendirian pabrik di                 Memperoleh sertifikasi API                 Memperoleh ISO TS 16949
dari American Petroleum                    Dagang dan Industri PT Radjin”       Karawang yang mem-                  SL 0475 sebagai penyedia                   Quality Management System
Institute (API) untuk proses               dan mempertahankan nama              produksi pipa mekanik               pipa industri minyak dan                   untuk pipa otomotif di pabrik
pipa SSAW.                                 SPINDO.                              untuk industri otomotif.            gas bumi di Indonesia.                     Karawang.


Obtained a certificate of API 5L           Merged with “Perusahaan              Established manufacturing           Obtained a certification                   Obtained a certificate of ISO
from the American Petroleum                Dagang dan Industri PT Radjin”;      plant in Karawang which             of API SL 0475 for oil &                   TS 16949 Quality Management
Institute (API) for SSAW Process.          Retained the name of SPINDO.         produces mechanical pipes           gas industries in Indonesia.               System for automotive pipes
                                                                                for automotive industries.                                                     in Karawang.




2015                                                                                        2017                                               2018
Ÿ Pertemuan Para Analis di                 Ÿ Penandatanganan nota                           Ÿ Penandatanganan kerja sama                       Ÿ Ekspor perdana pipa
   Gedung Bursa Efek                         kesepahaman antara SPINDO, JFE                    untuk pasokan bahan baku                            bersertifikasi UL
   Indonesia, Jakarta pada                   Steel Corp., dan Marubeni-Itochu                  antara SPINDO dan Benxi                             (Underwriters Laboratory)
   tanggal 14 September                      Inc. pada tanggal 14 Desember                     Steel Group Co. Ltd. tanggal                        ke Kanada dan Amerika
   2015,                                     2015.                                             30 November 2017.                                   pada tanggal 23 Januari 2018.


Ÿ Analyst Meeting at                       Ÿ MOU signing ceremony between                   Ÿ Signing of Cooperation between                   Ÿ First export of UL
   Indonesia Stock Exchange                  SPINDO, JFE Steel Corp. and                       SPINDO and Benxi Steel                              (Underwriters Laboratory)
   Building, Jakarta on                      Marubeni-Itochu Inc. on December                  Group Co. Ltd. on November 30th,                    certified pipes to Canada
   September 14th, 2015,                     14th, 2015.                                       2017.                                               and America on January 23rd, 2018.




                                                2022                                        2023
Ÿ Untuk pertama kalinya                        Ÿ Mulai mengoperasikan mesin                  Ÿ SPINDO menerbitkan Penawaran Umum                     Ÿ Pemancangan pertama Plant 7
   menerbitkan Surat Utang yang                 produksi pipa baja nirkarat                   Berkelanjutan (PUB) II Tahap II sebesar                  SPINDO Gresik pada bulan September
   ditawarkan kepada Publik                     (stainless steel) yang baru.                  Rp170.000.000.000,00 dengan spread                       2023.
   dengan instrumen Obligasi                                                                  sebesar 100 bps terhadap Benchmark                     Ÿ Memperoleh sertifikat MONOGRAM
   dan Sukuk Ijarah.                           Ÿ Started operating a new                      Obligasi Negara.                                         LISENCE API 5L-1276 dari American
                                                machine for stainless steel pipe             Ÿ Peresmian Depo SPINDO keempat di                        Petroleum Institute (API).
Ÿ For the first time issuing Debt               production.                                   Makassar tanggal 15 Juni 2023.
   Securities offered to the Public
   with Bonds and Sukuk Ijarah                                                               Ÿ A Sustainable Public Offering (PUB) II Phase II       Ÿ First groundbreaking for Plant 7
   instruments.                                                                               worth IDR170,000,000,000.00 was released                 SPINDO Gresik in September 2023.
                                                                                              by SPINDO, with a 100 basis point spread               Ÿ Obtained MONOGRAM LICENCE API
                                                                                              over the Benchmark State Bond.                           5L-1276 certificate from the American
                                                                                             Ÿ Inauguration of the fourth SPINDO Depot in              Petroleum Institute (API).
                                                                                              Makassar on June 15th, 2023.




                  Tata Kelola Perusahaan                        Tanggung Jawab Sosial Perusahaan                            Referensi                              Laporan Keuangan            03
                  Corporate Governance                            Corporate Social Responsibility                          References                             Financial Statements         045
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                    2023 Annual Report                          Igniting Engagement
48                  PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Bidang Usaha,
      Produk, & Jasa
      Business Lines, Products, & Services


      Kegiatan usaha Perseroan adalah merancang dan memproduksi                        The Company’s business activities include designing and
      berbagai macam produk pipa baja berdasarkan kategori, baik standar               manufacturing various kinds of steel pipe products based on
      maupun yang dibuat berdasarkan pesanan yang dikustomisasi                        categories both generally ready-made and custom-made as
      sesuai dengan spesifikasi pelanggan. Produksi yang dilakukan                      specified by customers. Raw materials used in the production process
      meliputi berbagai jenis pipa yang dibuat dari karbon hot rolled, cold            namely hot rolled steel, cold rolled steel and stainless steel. From
      rolled dan stainless steel. Hasil produksi pipa Perseroan digunakan              which the final products are mainly used by various industries such as
      untuk berbagai industri seperti industri infrastruktur, otomotif, minyak         infrastructure, automotive, oil and gas, drinking water pipe and many
      dan gas, pipa air minum, dan lain sebagainya. Selain memproduksi                 more. Aside from producing all sorts of pipe products for various
      berbagai macam produk pipa untuk beragam industri, Perseroan juga                industries, the Company also provides coating services (coating and
      menyediakan jasa layanan pelapisan (coating dan protection) internal             protection) internally and externally.
      dan eksternal.


      Untuk pangsa pasar domestik, Perseroan telah menjajaki pasar ritel               For domestic market share, the Company is currently exploring the
      dan proyek, di mana keduanya berkontribusi setara 90% bagi                       retail market and project-based market, where these markets
      pendapatan Perseroan. Sementara pasar global menyasar kawasan                    contribute 90% of the Company’s revenue. In the meantime, for the
      Amerika Utara - Kanada, dan Australia. Untuk Asia Perseroan                      global market, the Company aims to enter North America-Canada
      menyasar pasar Vietnam, Malaysia, dan Timor Leste.                               and Australia markets. For the Asia region, Vietnam, Malaysia, and
                                                                                       East Timor.


      Produk | Products
      Produk-produk yang dihasilkan SPINDO adalah:                                     The products manufactured by SPINDO are:


      Pipa Struktural                                                                  Structural Pipes
      ERW: Pipa baja ERW SPINDO telah digunakan pada beberapa                          ERW steel pipe is used in numerous bridge construction projects and
      proyek jembatan, proyek konstruksi terutama untuk bangunan                       other construction projects mainly for wide-span structure: airport,
      bentang lebar: bandara, stadion, aula, dll, serta aplikasi struktural            stadium, hall and more as well as structural application of building
      selubung bangunan. Perseroan telah melayani ragam proyek, mulai                  envelopes. The Company has served a variety of projects from the
      dari proyek konstruksi raksasa milik Pemerintah dan proyek luar                  Government’s mega construction projects and overseas projects to
      negeri hingga proyek-proyek swasta lokal dengan kontraktor umum.                 local private projects with general contractors.


      SSAW: Pipa baja SSAW SPINDO sangat ideal untuk digunakan pada                    SSAW steel pipe is very ideal to be used in various structural
      berbagai aplikasi struktural, seperti pekerjaan pondasi (tiang                   applications, such as foundation work (piles SNI 8052:2014, ASTM A
      pancang SNI 8052:2014, ASTM A 252) dan di dermaga, jembatan                      252) and in piers, bridges and project building construction.
      dan konstruksi bangunan proyek. Pipa baja SPINDO sangat                          SPINDO’s steel pipe is very useful as an alternative construction
      bermanfaat sebagai bahan alternatif konstruksi karena proses                     material due to the accurate manufacturing process of the spiral pipe
      manufaktur pembentukan pipa spiral yang akurat membuat produk                    that makes it easy to use, combined with high quality welding and
      mudah digunakan, serta dikombinasikan dengan pengelasan                          product quality control to ensure reliability.
      berkualitas tinggi dan uji produk untuk memastikan keandalan.




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046                Highlights                            Management Report             Company Profile                      Management Discussion & Analysis
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                                                                                           Igniting Engagement                         Laporan Tahunan 2023
                                                                                            Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Pipa Air                                                                            Water Pipes
ERW: Pipa Baja SPINDO memenuhi berbagai standar kelayakan                           ERW: SPINDO Steel Pipe meets various eligibility standards for its
penggunaannya sebagai pipa air, salah satunya adalah SNI 0039.                      use as water pipes, such as SNI 0039. The pipes coating process
Pipa Air ERW SPINDO melalui proses pelapisan yang telah teruji                      which has been well tested enables SPINDO to produce the best
supaya dapat menyediakan produk dengan kualitas terbaik.                            quality product. These steel pipes are mostly used for water
Penggunaan pipa baja ini terutama untuk jaringan pipa air transmisi,                transmission pipeline, water treatment plant, wastewater treatment
pabrik pengolahan air, pabrik pengolahan air limbah, fasilitas                      plant, hydropower facilities and water circulation system in buildings.
penggunaan tenaga air, dan sistem sirkulasi air pada bangunan. Pipa                 This particular product has acquired UL 852 and FM 1630
Air ERW SPINDO juga telah mendapatkan sertifikasi UL 852 dan FM                      certifications which are conventionally used abroad for fire
1630, di mana sertifikasi ini biasa dipakai di luar negeri untuk pipa                extinguisher systems.
pemadam kebakaran.


SSAW: Pipa air SSAW SPINDO digunakan untuk distribusi air                           SSAW: SPINDO SSAW water pipe is used for water distribution
dengan diameter besar, seperti pada terowongan air, pabrik                          systems with large diameters, such as water tunnel systems, water
pengolahan air, pabrik pengolahan air limbah, dan sebagainya. Pada                  treatment plants, wastewater treatment plants, etc. This pipe variant
pipa jenis ini terdapat beberapa lapisan pada bagian dalam dan luar                 has several layers of coating both on the inner and outer surface of the
pipa, seperti cement mortar lining dan internal epoxy coating pada                  pipe such as cement mortar lining and internal epoxy coating on the
bagian dalam pipa. Untuk lapisan luar terdapat lapisan three-layer                  inner part of the pipe. The outer layer consists of three-layer
polyethylene dan juga external epoxy coating.                                       polyethylene and an external epoxy coating.




Pipa Oil & Gas                                                                      Oil & Gas Pipes
ERW: SPINDO merupakan salah satu supplier pipa ERW untuk                            ERW: SPINDO one of the suppliers of API 5L certified ERW pipes for
minyak dan gas, dengan sertifikasi API 5L. Pipa ERW kami tersedia                    the oil and gas industry. ERW pipes are available in various grades,
dalam berbagai grade, ketebalan, dan diameter pipa sesuai                           thicknesses and diameters to accommodate the customers’ needs.
kebutuhan pelanggan. Proses produksi pipa ERW menggunakan                           Our ERW pipes production process utilizes high-quality materials, a
material berkualitas tinggi, pengecoran terus menerus, proses kontrol               continuous casting process, roll control process, fine-grain, low
rol, fine grain, serta baja karbon rendah yang sesuai dengan                         carbon steel that has met the required standards of API 5L.
persyaratan standar API 5L.


SSAW: SPINDO memproduksi pipa SSAW berkualitas tinggi                               SSAW: SPINDO produces high quality large diameter SSAW pipe for
berdiameter besar untuk industri minyak dan gas. Manufaktur kami                    the oil and gas industry. Our manufacturer utilizes the production
menggunakan proses produksi berteknologi terkini dan otomatisasi                    process of the latest technology and automation process as the
sebagai langkah maju terdepan. Berbagai ukuran, kapasitas yang                      leading strategic step. Various sizes, adequate capacity, surface
memadai, kemampuan proses pelapisan pipa, dan lokasi strategis                      coating ability and strategic locations are our primary strengths in
menjadi keunggulan kami dalam meraih pasar Indonesia.                               capturing Indonesian market.




            Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      03
            Corporate Governance                  Corporate Social Responsibility                        References                            Financial Statements   047
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                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Pipa Stainless Steel                                                             Stainless Steel Tubes & Pipes
      Pipa Industri: Pipa stainless steel SPINDO memiliki ketahanan yang               Industrial Pipes: SPINDO stainless steel pipes have extremely well
      sangat baik terhadap korosi, tahan panas, serta telah digunakan                  durability against corrosion and heat. It has been used as raw
      sebagai bahan baku yang dapat menahan lingkungan yang korosif                    materials that can withstand corrosive environments such as
      seperti industri kimia.                                                          chemical industries.


      Pipa Ornamen (Ornamental Tubes) SPINDO banyak digunakan untuk                    Ornamental Tubes: Because of their strength and resistance to
      berbagai peralatan sehari-hari karena sangat awet dan mampu                      corrosion, SPINDO ornamental tubes are extensively utilized for a
      menahan korosi. Pipa ini tahan karat, bahkan apabila elemennya tak               range of common appliances. These tubes withstand heat, rust even
      terlindungi, tahan panas, dan kondisi ekstrim lainnya.                           in exposed environments, and other harsh situations with durability.




      Pipa GI                                                                          Galvanized Iron Pipes
      Pipa GI (Galvanized Iron) merupakan pipa yang terbuat dari baja dan              Galvanized Iron Pipes are made of steel and dipped in a protective
      dilapisi oleh pelindung yang terbuat dari bahan seng. Lapisan                    zinc coating to prevent corrosion and make it durable. Other than that,
      tersebut ditujukan untuk melindungi baja dari korosi sehingga                    solid steel construction renders galvanized pipes durable and long-
      penggunaannya lebih awet. Selain itu, konstruksi baja yang kuat                  lasting.
      membuat Pipa GI tahan terhadap beban berat dan juga tahan lama.


      Pipa GI SPINDO sebagian besar diaplikasikan sebagai rangka langit-               Galvanized Iron pipes/SPINDO GI Pipes are mostly installed as ceiling
      langit/plafon, rangka partisi dinding, kanopi, pagar, gerbang, saluran           frames/ceiling, frames in partition walls, canopies, fences, gates,
      kabel listrik dan telekomunikasi. Pipa SPINDO secara fleksibel                    electrical/telecommunication cable lines. SPINDO pipes are flexibly
      diproduksi sesuai spesifikasi standar atau custom.                                produced according to the customized or standard specifications.




      Pipa Perabot                                                                     Furniture Tubes
      Pipa perabot / furnitur merupakan salah satu varian dari pipa baja               Furniture tubes are a type of black steel tubes (black tube). This black
      hitam (pipa hitam). Berbagai produk furnitur fabrikasi dari varian pipa          tube variation is used to build a variety of furniture products, including
      hitam yang satu ini, beberapa di antaranya adalah rangka meja atau               table or chair frames, beds, shelves or cupboards, and so on.
      kursi, ranjang, dan rak atau lemari, dsb.




      Pipa Mekanis                                                                     Mechanical Tubes
      SPINDO memproduksi pipa mekanis dengan kualitas terbaik yang                     Mechanical Tubes: SPINDO produces the best quality mechanical
      dapat diaplikasikan untuk bermacam-macam kegunaan, seperti                       tubes that can be applied for various purposes such as furniture
      bahan furnitur, struktur rangka bus, rangka sepeda, sparepart                    material, bus frame structure, bicycle frame, automotive spare parts
      otomotif dan juga beberapa bagian kendaraan bermotor. Pipa                       as well as several parts of motorized vehicles. SPINDO mechanical
      Mekanis SPINDO telah melewati serangkaian tahap pengecekan dan                   tubes have gone through a series of inspection and testing phases in
      juga pengetesan agar dapat menghasilkan Mechanical Tubes dengan                  order to produce the best quality Mechanical Tubes.
      kualitas terbaik.




 03              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                   Analisa & Pembahasan Manajemen
048                Highlights                            Management Report             Company Profile                     Management Discussion & Analysis
Page 57
                                                                                              Igniting Engagement                         Laporan Tahunan 2023
                                                                                               Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Tiang                                                                               Steel Poles
Tiang Telekomunikasi: Tiang telekomunikasi SPINDO dirancang                         Telecommunication poles: SPINDO telecommunication poles are
untuk memenuhi berbagai permintaan pelanggan. Tiang baja                            designed to meet the various demands of the customers. Steel poles
memiliki keunggulan lebih ringan dibandingkan tiang beton, serta                    are lighter compared to concrete ones and easy to maintain.
mudah untuk pemeliharaan.


Tiang listrik: Tiang listrik SPINDO tersedia dalam berbagai macam                   Electric poles: SPINDO electric poles are available in various sizes and
ukuran dan tipe untuk berbagai kebutuhan tegangan. Sebagai                          variants according to the voltage requirements. As an equipment for
peralatan untuk mendistribusikan listrik, tiang baja menawarkan                     electricity distribution, steel poles offer cost-efficient alternatives
alternatif hemat biaya dibanding material yang lain.                                compared to other materials.


Tiang Penerangan: Penerangan jalan raya yang efisien                                 Light Poles: Efficient street lighting requires safety, economic and
membutuhkan aspek keamanan, ekonomis dan perawatan yang                             easy maintenance aspects. SPINDO poles meet all the design
mudah. Tiang SPINDO memenuhi persyaratan desain sesuai dengan                       requirements according to the existing structure and contemporary
struktur yang ada, serta desain yang kontemporer.                                   design.



Jasa | Services
Pelapisan Internal & Eksternal | Internal & External Coating

Kemampuan Pelapisan:                                                                Coating Capability:

Pelapisan Internal                                                                  Internal Coating
Epoxy Coating                                                                       Epoxy Coating
Ÿ Diameter : 4-82 inci                                                              Ÿ Diameter : 4-82 inch
Ÿ Kapasitas : 500.000 m²/tahun                                                      Ÿ Capacity : 500,000 sqm/year

Internal Cement Lining                                                              Internal Cement Lining
Ÿ Diameter : 8-80 inci                                                              Ÿ Diameter : 8-80 inch
Ÿ Kapasitas : 250.000 m²/tahun                                                      Ÿ Capacity : 250,000 sqm/year



 Pelapisan Internal | Internal Coating
 Ÿ AWWA C210: Liquid-Epoxy Coating Systems for the Interior and Exterior of Steel Water Pipelines
 Ÿ API RP5L2: Recommended Practice for Internal Coating of Line Pipe for Non-Corrosive Gas Transmission Service
 Ÿ AWWA C205: Cement-Mortar Protective Lining and Coating for Steel Water Pipe – 4 inch and Larger – Shop Applied
 Ÿ SSPC-SP10/NACE NO.2: Near-White Blast Cleaning
 Ÿ SSPC-SP1: Solvent Cleaning
 Ÿ SSPC-PA2: Measurement of Dry Paint Thickness with Magnetic Gages
 Ÿ ASTM D4417: Standard Test Method for Field Measurement of Surface Profile of Blast Cleaned Steel
 Ÿ ISO 8501-1: Rust Grades and Preparation Grades of Uncoated Steel Substrates and of Steel Substrates After Overall Removal of
    Previous Coatings
 Ÿ ASTM D3559: Standard Test Method for Measuring Adhesion by Tape Test




            Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                             Referensi                             Laporan Keuangan      03
            Corporate Governance                  Corporate Social Responsibility                           References                            Financial Statements   049
Page 58
                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Pelapisan Eksternal                                                                External Coating
      Epoxy Coating                                                                      Epoxy Coating
      Ÿ Diameter : 4-110 inci                                                            Ÿ Diameter : 4-110 inch
      Ÿ Kapasitas : 750.000 m²/tahun                                                     Ÿ Capacity : 750,000 sqm/year

      Fusion Bonded Epoxy                                                                Fusion Bonded Epoxy
      Ÿ Diameter : 4-64 inci                                                             Ÿ Diameter : 4-64 inch
      Ÿ Kapasitas : 900.000 m²/tahun                                                     Ÿ Capacity : 900,000 sqm/year

      3 LPE / 3 LPP                                                                      3 LPE / 3 LPP
      Ÿ Diameter : 4-64 inci                                                             Ÿ Diameter : 4-64 inch
      Ÿ Kapasitas : 900.000 m²/tahun                                                     Ÿ Capacity : 900,000 sqm/year

      Proses Coating dan Proteksi yang kami lakukan mengacu pada                         Our Coating and Protection Processes refer to the international
      standar internasional.                                                             standard.

       Pelapisan Eksternal | External Coating
       Ÿ AWWA C210: Liquid-Epoxy Coating Systems for the Interior and Exterior of Steel Water Pipelines
       Ÿ CAN/CSA Z245.20: Plant-Applied External Fusion Bond Epoxy Coating for Steel Pipe
       Ÿ CAN/CSA Z245.21: Plant-Applied External Polyethylene Coating for Steel Pipe
       Ÿ ISO 12944: Paints and varnishes - Corrosion Protection of Steel Structures by Protective Paint Systems
       Ÿ SSPC-SP10/NACE NO.2: Near-White Blast Cleaning
       Ÿ SSPC-SP1: Solvent Cleaning
       Ÿ SSPC-PA2: Measurement of Dry Paint Thickness with Magnetic Gages
       Ÿ ASTM D4417: Standard Test Method for Field Measurement of Surface Profile of Blast Cleaned Steel
       Ÿ ISO 8501-1: Rust Grades and Preparation Grades of Uncoated Steel Substrates and of Steel Substrates After Overall Removal of
          Previous Coatings
       Ÿ ASTM D3559: Standard Test Method for Measuring Adhesion by Tape Test
       Ÿ ASTM D4541: Standard Test Method for Pull-Off Strength of Coatings Using Portable Adhesion Testers




      Hot Dip Galvanis (SNI 7033:2020) | Hot Dip Galvanize (SNI 7033:2020)
      Diameter                      : Maksimum 36 inci                                   Diameter                : 36 inch Maximum
      Kapasitas                     : 36.000 ton/tahun                                   Capacity                : 36,000 ton/year




      Tebal                         : 0,50 mm - 12,00 mm                                 Thickness               : 0.50 mm - 12.00 mm
      Diameter Luar Coil            : Maksimum 2,2 m                                     Coil Outside Diameter : 2.2 m Maximum
      Diameter Dalam Coil : 508 mm - 762 mm                                              Coil Inside Diameter    : 508 mm - 762 mm
      Lebar Coil                    : 540 mm - 2.000 mm                                  Coil Width              : 540 mm - 2,000 mm
      Berat Coil                    : Maksimum 25 ton                                    Coil Weight             : 25 ton Maximum
      Panjang                       : 500 mm - 12 m                                      Length                  : 500 mm - 12 m



      Potong Plat Stainless Steel | Stainless Steel Shearing
      Tebal                         : 0,50 mm - 10,00 mm                                 Thickness               : 0.50 mm - 10.00 mm
      Diameter Luar Coil            : Maksimum 2,2 m                                     Coil Outside Diameter   : 2.2 m Maximum
      Diameter Dalam Coil           : 508 mm - 762 mm                                    Coil Inside Diameter    : 508 mm - 762 mm
      Lebar Coil                    : 540 mm - 2.000 mm                                  Coil Width              : 540 mm - 2,000 mm
      Berat Coil                    : Maksimum 25 ton                                    Coil Weight             : 25 ton Maximum
      Panjang                       : 500 mm - 12 m                                      Length                  : 500 mm - 12 m


 03                Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                 Analisa & Pembahasan Manajemen
050                  Highlights                            Management Report             Company Profile                   Management Discussion & Analysis
Page 59
                                                                                                    Igniting Engagement                          Laporan Tahunan 2023
                                                                                                     Elevating Excellence       PT Steel Pipe Industry of Indonesia Tbk




Slitting | Slitting
Tebal                           : 0,25 mm - 12,00 mm                                         Thickness                         : 0.25 mm - 12.00 mm
Diameter Luar Coil              : Maksimum 2,2 m                                             Coil Outside Diameter             : Maximum 2.2 m
Diameter Dalam Coil             : 508 mm - 762 mm                                            Coil Inside Diameter              : 508 mm - 762 mm
Lebar Coil                      : 500 mm - 1.600 mm                                          Coil Width                        : 500 mm - 1,600 mm
Berat Coil                      : Maksimum 25 ton                                            Coil Weight                       : 25 ton Maximum
Lebar Strip                     : Minimum 22 mm                                              Strip Width                       : 22 mm Minimum
Diameter Dalam Strip            : Minimum 508 mm                                             Recoiler Inside Diameter : 508 mm Minimum



Slitting Stainless Steel | Stainless Steel Slitting
Tebal                           : 0,50 mm - 8,00 mm                                          Thickness                         : 0.50 mm - 8.00 mm
Diameter Luar Coil              : Maksimum 2,2 m                                             Coil Outside Diameter             : Maximum 2.2 m
Diameter Dalam Coil             : 508 mm - 762 mm                                            Coil Inside Diameter              : 508 mm - 762 mm
Lebar Coil                      : 500 mm - 1.600 mm                                          Coil Width                        : 500 mm - 1,600 mm
Berat Coil                      : Maksimum 25 ton                                            Coil Weight                       : 25 ton Maximum
Lebar Strip                     : Minimum 22 mm                                              Strip Width                       : 22 mm Minimum
Diameter Dalam Strip            : Minimum 508 mm                                             Recoiler Inside Diameter : 508 mm Minimum




Roll Grooving | Roll Grooving
Diameter                        : ⁄ inci - 8 inci                                            Diameter                          : ⁄ inch - 8 inch
Tebal                           : 2,00 mm - 8,20 mm                                          Thickness                         : 2.00 mm - 8.20 mm



Potong Laser | Laser Profile Cut
Diameter                        : pipa bulat 20 mm - 236 mm                                  Diameter                          : round pipe 20 mm - 236 mm
                                  pipa kotak & persegi                                                                          square & rectangular pipe
                                  20 mm x 20 mm - 100 mm x 100 mm                                                               20 mm x 20 mm - 100 mm x 100 mm
Tebal                           : Maksimum 8,00 mm                                           Thickness                         : 8.00 mm Maximum



Swaging | Swaging
Diameter                        : 1 inci - 2 inci                                            Diameter                          : 1 inch - 2 inch
Tebal                           : 1,65 mm - 2,00 mm                                          Thickness                         : 1.65 mm - 2.00 mm



Expand | Expand
Diameter Pipa                   : ERW | HFW : 2”, 4”, 6”, 8”                                 Pipe Diameter                     : ERW | HFW : 2”, 4”, 6”, 8”
                                 SSAW           : 8” -1.200 mm                                                                  SSAW            : 8” -1,200 mm
Thickness                       : ERW | HFW : maksimum 6,5 mm                                Thickness                         : ERW | HFW : 6.5 mm max.
                                 SSAW           : maksimum 10 mm                                                                SSAW            : 10 mm max.




Pabrikasi Baja | Steel Fabricator
Sesuai kebutuhan pelanggan                                                                   according to customer needs



              Tata Kelola Perusahaan                     Tanggung Jawab Sosial Perusahaan                          Referensi                              Laporan Keuangan      03
              Corporate Governance                         Corporate Social Responsibility                        References                             Financial Statements   051
Page 60
                    2023 Annual Report                                 Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk            Elevating Excellence




      Semua produk Perseroan telah berhasil mencapai standar sertifikasi                                               All of our products have succeeded in achieving both national and
      baik nasional maupun internasional. Proses penjaminan mutu produk                                               international certification standards. The product quality assurance
      diverifikasi terhadap program evaluasi mutu yang ketat, yang                                                     process is verified against a stringent quality evaluation program,
      diwujudkan dalam keberhasilan memperoleh sertifikat internasional                                                which is manifested in the success in obtaining international
      ISO dan API 5L. Sebagai bagian dari upaya memenuhi standar yang                                                 certificates of ISO and API 5L. As part of the efforts to meet the
      diakui secara internasional, SPINDO terus memenuhi sejumlah                                                     internationally recognized standards, SPINDO continues to live up to
      standar mutu yang ditetapkan oleh badan akreditasi lokal dan                                                    a number of quality standards established by local and international
      internasional, antara lain ASTM, BS, JIS, ISO, API, AS, dan SNI. Terkait                                        accreditation bodies, including ASTM, BS, JIS, ISO, API, AS, and SNI.
      basis pelanggan Perseroan, meliputi industri lokal dan perusahaan                                               As regards the Company's customer base, it includes local industries
      multinasional yang beroperasi di Indonesia, misalnya Total, Chevron,                                            and multinational companies operating in Indonesia, for example
      Honda, Yamaha, dan J Steel Australasia Pty, Ltd.                                                                Total, Chevron, Honda, Yamaha, and J Steel Australasia Pty, Ltd.


                                                                                                                                              FM 1630 - Certified
                                                                         Komite Akreditasi Nasional                                            UL 852 - Certified
                                                                                LP-1379-IDN
                  Quality      Quality    Occupational Environmental
                  IATF 16949   ISO 9001   Health and   ISO 14001
                                          Safety
                                          ISO 45001

                                                                                                                                                                                           2000
                     API5L - Certified
                                                                                                      SIRIM                       SIRIM
                                                                                              Certified to MS 863 : 2010 Certified to BS EN 10255 : 2004
                                                                                                Cer. No. : PC011951          Cer. No. : PC011962




      Inspeksi & Pengujian Produk | Inspections & Tests
      Untuk Pipa tanpa Pelapisan (Coating) | For Bare Pipe
      Analisis Kimia | Chemical Analysis                                                                              OES 19 unsur kimia (dengan tambahan CE IIW & CE PCM)

                                                                                                                      OES 19 elements (with additional of CE IIW & CE PCM)

                                                                                                                      Handheld XRF 28 unsur kimia

                                                                                                                      Handheld XRF 28 elements

      Uji Tarik | Tensile Test                                                                                        Beban maksimum 200.000 kgf | Maximum Load 200,000 kgf

      Charpy Impact Test                                                                                              • Tes temperatur sampai dengan minus 40 oC

                                                                                                                          Temperature test up to minus 40 oC

                                                                                                                      • Max. 300 joule

                                                                                                                          Max. 300 joule

      Drop Weight Tear Test                                                                                           -

      Uji Linyak | Flattening Test                                                                                    -

      Uji Lengkung | Bend Test                                                                                        Sudut Lengkung 90o & 180o | Bending Angle 90o & 180o

      Uji Lengkung Terpandu | Guided Bend Test                                                                        Beban maksimum 200.000 kgf | Maximum Load 200,000 kgf

      Uji Hidrostatik | Hydrostatic Test                                                                              Diameter Pipa Maksimum 2.000 mm

                                                                                                                      Maximum Pipe Diameter 2,000 mm

      Uji Radiografi | Radiographic Test (RT)                                                                          Source X-Ray, 300 kV & 3 mA



 03              Ikhtisar Utama                           Laporan Manajemen                                           Profil Perusahaan                             Analisa & Pembahasan Manajemen
052                Highlights                             Management Report                                           Company Profile                               Management Discussion & Analysis
Page 61
                                                                                           Igniting Engagement                         Laporan Tahunan 2023
                                                                                            Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Uji Ultrasonik | Ultrasonic Test (UT)                                               • Automatic online UT

                                                                                    • Automatic offline UT

                                                                                    • Handheld UT

Uji Arus Eddy | Eddy Current Test                                                   ET online

Inspeksi Partikel Magnetik | Magnetic Particle Inspection (MPI)                     -

Uji Penetran | Penetrant Test (PT)                                                  -

Hardness Test                                                                       Beban 0,3 - 30 kilogram-force | Load 0.3-30 kilogram-force

Uji Kekerasan | Hardness Survey                                                     Rockwell C/B & Brinell

Metalografi | Metallographic                                                         Pembesaran Maksimum 1000x | Maximum Magnification 1000x




Untuk Pelapisan | For Coating
Digital Scanning Calorimeter (DSC)                                                  -

Uji Tarik untuk Pelapisan | Tensile Test for Coating                                Beban Maksimum 500 kgf | Maximum Load 500 kgf

Cathodic Disbonding                                                                 -

Uji Kompresi Mortal | Mortal Compression Test                                       Beban Maksimum 200.000 kgf | Maximum Load 200,000 kgf

Holiday Detector                                                                    Low Voltage 5 kV

                                                                                    High Voltage 30 kV

Flexibility Test for PE                                                             -

Peeling Test for PT                                                                 Peel Constant Rate

                                                                                    Peel Hanging Weight

Impact for Coating                                                                  Maksimum 20 joule | Maximum 20 joule

Shore Hardness                                                                      0 ~ 100 HD

Adhesion Test                                                                       Cross Cut

                                                                                    Dolly Test Method

Uji Kekasaran Permukaan | Surface Roughness Test                                    Maximum 350 μm, Accuracy 0,001 μm




             Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      03
             Corporate Governance                 Corporate Social Responsibility                        References                            Financial Statements   053
Page 62
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Rantai Kegiatan Usaha Bisnis |
      Business Chain of Business Activity
      Dalam menjalankan bisnisnya, Perseroan menggarap pasar domestik                  In conducting its business, the Company is working on the domestic
      dan juga global mengingat produk-produk Perseroan diakui                         and global markets in view of the quality of its products that have
      kualitasnya dan sudah mendapatkan sertifikasi baik nasional maupun                been recognized and have acquired both national and international
      internasional. Basis pelanggan Perseroan meliputi perusahaan                     certifications. The Company’s customer basis includes domestic and
      domestik Indonesia dan perusahaan-perusahaan multinasional yang                  multinational Companies operating in Indonesia namely Total,
      beroperasi di Indonesia seperti Total, Chevron, Honda, dan Yamaha,               Chevron, Honda and Yamaha as well as international companies such
      serta perusahaan internasional seperti J Steel Australasia Pty, Ltd.             as J Steel Australasia Pty. Ltd.


      Di pasar domestik, Perseroan telah melakukan sejumlah                            In the domestic market, the Company has developed several
      pengembangan rantai produksi dengan beroperasinya unit produksi                  production chains namely production units located in Sidoarjo began
      di Sidoarjo pada tahun 2014. Pengembangan bidang usaha dengan                    operational in 2014. Other developments conducted by the Company
      pembangunan gudang stok dan penjualan di Bandung dan Jakarta                     are the construction of stock warehouse and marketing units in
      pada tahun 2016, gudang stok dan penjualan di Samarinda pada                     Bandung and Jakarta in 2016, Samarinda in 2018 and then Makassar
      tahun 2018, dan gudang stok dan penjualan di Makassar pada tahun                 in 2023. The Company owns six manufacturing facilities in Indonesia
      2023 ini. Perseroan telah memiliki 6 fasilitas manufaktur di Indonesia           with a total of 38 production lines where each can be calibrated to
      dengan total 38 lini produksi yang masing-masing dapat dikalibrasi               produce a variety of pipes/tubes. Currently, the Company is in the
      untuk menghasilkan berbagai jenis pipa. Saat ini Perseroan juga                  midst of developing SPINDO operation unit on 1,000,000 sqm land in
      tengah dalam proses pembangunan SPINDO di Gresik, Jawa Timur di                  Gresik, East Java.
      atas lahan 1.000.000 m².


      Untuk pasar global, Perseroan telah secara rutin melakukan ekspor                In the global market, the Company has been regularly exporting its
      produk pipa ke Amerika Serikat dan Kanada sejak tahun 2003. Selain               products to the United States of America and Canada since 2003. In
      itu, sejumlah pasar potensial yang belum tersentuh mulai dikalkulasi             addition, several potential new markets have been analyzed for the
      untuk dijadikan target pasar selanjutnya seperti Eropa dan Asia.                 Company’s next export destinations such as Europe and Asia.




 03              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                   Analisa & Pembahasan Manajemen
054                Highlights                            Management Report             Company Profile                     Management Discussion & Analysis
Page 63
                                                                                    Igniting Engagement                         Laporan Tahunan 2023
                                                                                     Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




                                                                                                Kepemilikan efektif SPINDO per 31 Desember 2023
                                                                                          SPINDO’s effective ownership as of 31 December 2023

Perusahaan                                                      Jenis Usaha                   Total Aset*                        Status Operasi
Company                                                         Type of Business              Total Assets*                      Operating Status

Entitas Anak
Subsidiaries

PT SPINDO ENGINEERING INDUSTRY                                 Perdagangan,                             1.024                    Beroperasi.
Jl. Kalibutuh No. 189-191,                                     perindustrian, dan jasa.                                          Operating.
Surabaya, Jawa Timur 60173                                     Trades, industries, and
p : +6231 532 0320                                             services.
f : +6231 531 0712
                                                                                                                                        *dalam jutaan Rupiah
                                                                                                                                         in million Rupiahs]

Perusahaan Asosiasi
Associate Company

PT SANKO STEEL INDONESIA                                       Industri suku cadang                   69.471                     Beroperasi.
Jl. Millennium Raya Blok 1-2 No. 7, Desa Peusar,               dan aksesori                                                      Operating.
Kec. Panongan, Tigaraksa Cikupa, Tangerang,                    kendaraan bermotor.
Banten 15710                                                   Spare parts &
p : +6221 2915 9125                                            accessories for
                                                               motorized vehicle.
f : +6221 2915 9124



PT POSES                                                       Perdagangan besar                                                 Tidak Beroperasi.
Jl. S.A. Tirtayasa No. 7, Rukan Mega Cilegon Blok A,           dan jasa purna jual.                                              Not Operating.
                                                               Large trading and after
Ramanuju, Purwakarta, Cilegon, Banten 42411
                                                               sales services.


                                                                                                                                        *dalam jutaan Rupiah
                                                                                                                                         in million Rupiahs]




            Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                    Referensi                             Laporan Keuangan      03
            Corporate Governance                 Corporate Social Responsibility                  References                            Financial Statements   055
Page 64
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Sertifikasi | Certifications
      Jenis Sertifikasi | Type of Certification                                                             Instansi Penerbit | Issuer
       International Certification | Sertifikasi Internasional
      Activfire Fire Sprinkler and Hydrant Pipe (AFP-3723 ; AFP-3724 ; AFP-3725 ; AFP-3726)                CSIRO (Australia)
      API Monogram License (5L-1143 ; 5L-0313 ; & 5L-1276)                                                American Petrolium Institute (USA)
      CE Marks (946 38289-01)                                                                             TÜV Rheinland
      FM 1630 Approval (3061718)                                                                          FM Approvals (USA)
      IATF 16949 : 2016 Quality Management System (for Automotive ) (IATF20285)                           SAI Global
      ISO 14001 : 2015 Environmental management systems (EMS41564)                                        SAI Global
      ISO 45001 : 2018 Occupational health and safety management systems (OHS20915 & HSM41553)            SAI Global
      ISO 9001 : 2015 Quality Management System (QEC21829)                                                SAI Global
      ISO/IEC 17025 : 2017 Testing and calibration laboratories (LP-1379 IDN)                             Komite Akreditasi Nasional
      Leadfree Safe Drinking Water Act NSF/ANSI/CAN 372-2020 (FILE NUMBER 13708)                          IAPMO Research and Testing, Inc (USA)
      SIRIM MS 863 : 2010 (PC011951) & BS EN 10255: 2004 (PC011962)                                       SIRIM QAS International SDN. BHD.
      Underwriter Laboratories / UL Marks 852 (EX 27615)                                                  UL LLC


       National Certification | Sertifikasi Nasional
      CIQS 2000 : 2018 Standar sistem mutu jaringan akses telekomunikasi (BSCIQS534505)                   Telkom PCC
      Pengujian Jenis / Type Test SPLN D3.019-1:2012 9M/100daN (LKPP/0631/10114088/2024                   PLN Pusertif
      (758.BTND.153A.2013-0631.2024))
      Pengujian Jenis / Type Test SPLN D3.019-1:2012 9M/200daN (LKPP/0632/10114088/2024                   PLN Pusertif
      (759.BTND.153A.2013-0632.2024))
      Pengujian Jenis / Type Test SPLN D3.019-1:2012 11M/200daN (LKPP/0633/10114088/2024                  PLN Pusertif
      (762.BTND.153A.2013-0633.2024))
      Pengujian Jenis / Type Test SPLN D3.019-1:2012 12M/200daN (LKPP/0634/10114088/2024                  PLN Pusertif
      (764.BTND.153A.2013-0634.2024))
      Pengujian Jenis / Type Test SPLN D3.019-1:2012 13M/200daN (LKPP/0635/10114088/2024                  PLN Pusertif
      (766.BTND.153A.2013-0635.2024))
      Pengujian Jenis / Type Test SPLN D3.019-1:2020/SUP-1:2022 - 9M/200daN (LKPP/0387/10112197/2024)     PLN Pusertif
      Pengujian Jenis / Type Test SPLN D3.019-1:2020/SUP-1:2022 - 9M/350daN (LKPP/0388/10112197/2024)     PLN Pusertif
      Pengujian Jenis / Type Test SPLN D3.019-1:2020/SUP-1:2022 - 11M/200daN (LKPP/0389/10112197/2024)    PLN Pusertif
      Pengujian Jenis / Type Test SPLN D3.019-1:2020/SUP-1:2022 - 12M/200daN (LKPP/0390/10112197/2024)    PLN Pusertif
      QA TEST TELKOM T7 - STEL L-003-2021 VERSI 4.0 (Tel.233/TH-01/2021)                                  PT Telekomunikasi Indonesia Tbk
      QA TEST TELKOM T7 2SEGMEN - STEL L-085-2022 VERSI 1.0 (Tel.237/TH-01/2022)                          PT Telekomunikasi Indonesia Tbk
      QA TEST TELKOM T9 - STEL L-003-2021 VERSI 4.0 (Tel.232/TH-01/2021)                                  PT Telekomunikasi Indonesia Tbk
      Sistem Manajemen K3 (PP 50 TAHUN 2012)                                                              Kemenaker
      SPM SPLN D3.019-1:2012 TIANG SUTR 9M/100daN (26.367.079.05/SPM-LMK/24)                              PLN Pusertif
      SPM SPLN D3.019-1:2012 TIANG SUTR/PENOPANG 9M/200daN (24.367.082.06/SPM-LMK/24)                     PLN Pusertif
      SPM SPLN D3.019-1:2012 TIANG SUTR 11M/200daN (24.367.079.07/SPM-LMK/24)                             PLN Pusertif
      SPM SPLN D3.019-1:2012 TIANG SUTM 12M/200daN (24.367.076.08/SPM-LMK/24)                             PLN Pusertif
      SPM SPLN D3.019-1:2012 TIANG SUTM 13M/200daN (24.367.076.09/SPM-LMK/24)                             PLN Pusertif
      SPM SPLN D3.019-1:2020/SUP-1:2022 TIANG SUTR 9M/200daN (24.367.079.01/SPM-LMK/24)                   PLN Pusertif
      SPM SPLN D3.019-1:2020/SUP-1:2022 TIANG SUTR 9M/350daN (24.367.079.02/SPM-LMK/24)                   PLN Pusertif
      SPM SPLN D3.019-1:2020/SUP-1:2022 TIANG SUTR 11M/200daN (24.367.079.03/SPM-LMK/24)                  PLN Pusertif
      SPM SPLN D3.019-1:2020/SUP-1:2022 TIANG SUTM 12M/200daN (24.367.076.04/SPM-LMK/24)                  PLN Pusertif
      SPPT SNI - SNI 0039 : 2013 (310/S/EX/B/V.3/2015)                                                    BSI KEMENPERIN
      SPPT SNI - SNI 0039 : 2013 (311/S/RV/B/V.4/2015)                                                    BSI KEMENPERIN
      SPPT SNI - SNI 0039 : 2013 (364/W/RE/B/X.10/2016)                                                   BSI KEMENPERIN
      SPPT SNI - SNI 0039 : 2013 (385/W/RE/B/X/2017)                                                      BSI KEMENPERIN
      SPPT SNI - SNI 0068 : 2013 (386/S/RE/B/X/2017)                                                      BSI KEMENPERIN
      SPPT SNI - SNI 0068 : 2013 (61/S/RV/B/II/2017)                                                      BSI KEMENPERIN
      SPPT SNI - SNI 05-0069-1987 (366/S/RE/B/X.10/2016)                                                  BSI KEMENPERIN
      SPPT SNI - SNI 05-0069-1987 (389/S/RE/B/X/2017)                                                     BSI KEMENPERIN
      SPPT SNI - SNI 07-0067-1987 (365/S/RE/B/X.10/2016)                                                  BSI KEMENPERIN
      SPPT SNI - SNI 07-0067-1987 (384/S/RE/B/X/2017)                                                     BSI KEMENPERIN

 03              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan   Analisa & Pembahasan Manajemen
056                Highlights                            Management Report             Company Profile     Management Discussion & Analysis
Page 65
                                                                                      Igniting Engagement                         Laporan Tahunan 2023
                                                                                       Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Jenis Sertifikasi | Type of Certification                                                                                Instansi Penerbit | Issuer


SPPT SNI - SNI 07-0537-1989 (189/S/RV/B/VI.4/2016)                                                                     BSI KEMENPERIN
SPPT SNI - SNI 07-0537-1989 (233/S/RE/VI.6/2014)                                                                       BSI KEMENPERIN
SPPT SNI - SNI 07-2658-1992 (390/S/RE/B/X/2017)                                                                        BSPJI KEMENPERIN
SPPT SNI - SNI 7033 : 2020 (622210093)                                                                                 PT IAPMO Group Indonesia
SPPT SNI - SNI 8052 : 2014 (124/S/EX/B/IV.3/2016)                                                                      BSI KEMENPERIN
SPPT SNI - SNI 8052 : 2014 (244/S/EX/B/VII.4/2016)                                                                     BSI KEMENPERIN
TDKN COATING SPIRAL PIPE :
external 3lpe a252; external epoxy a252; external epoxy AWWA C200; Internal epoxy AWWA C200; external
3lpe & internal cement lining AWWA C200; Internal cement lining AWWA C200; external&internal epoxy AWWA                Kemenperin (Via Surveyor Indonesia)
C200; external epoxy & internal cement lining AWWA C200
(9194/SJ-IND.8/TKDN/10/2023)
TKDN API 5L ERW-GR A PSL 1 (9402/SJ-IND.8/TKDN/9/2021)                                                                 Kemenperin (Via Surveyor Indonesia)
TKDN API 5L ERW-GR B PSL1 (9366/SJ-IND.8/TKDN/9/2021)                                                                  Kemenperin (Via Surveyor Indonesia)
TKDN API 5L ERW-GR BM PSL 2 (9398/SJ-IND.8/TKDN/9/2021)                                                                Kemenperin (Via Surveyor Indonesia)
TKDN API 5L ERW-GR X42 PSL 1 (9403/SJ-IND.8/TKDN/9/2021)                                                               Kemenperin (Via Surveyor Indonesia)
TKDN API 5L ERW-GR X42M PSL 2 (9399/SJ-IND.8/TKDN/9/2021)                                                              Kemenperin (Via Surveyor Indonesia)
TKDN API 5L ERW-GR X46M PSL 2 (9400/SJ-IND.8/TKDN/9/2021)                                                              Kemenperin (Via Surveyor Indonesia)
TKDN API 5L ERW-GR X52M PSL 2 (9401/SJ-IND.8/TKDN/9/2021)                                                              Kemenperin (Via Surveyor Indonesia)
TKDN API 5L SPIRAL-GR B PSL 1 (6063/SJ-IND.8/TKDN/7/2021)                                                              Kemenperin (Via Surveyor Indonesia)
TKDN API 5L SPIRAL-GR BM PSL 2 (7377/SJ-IND.8/TKDN/8/2021)                                                             Kemenperin (Via Surveyor Indonesia)
TKDN API 5L SPIRAL-GR X42M PSL 2 (7380/SJ-IND.8/TKDN/8/2021)                                                           Kemenperin (Via Surveyor Indonesia)
TKDN API 5L SPIRAL-GR X52M PSL 2 (7381/SJ-IND.8/TKDN/8/2021)                                                           Kemenperin (Via Surveyor Indonesia)
TKDN API 5L SPIRAL-GR X60M PSL 2 (7382/SJ-IND.8/TKDN/8/2021)                                                           Kemenperin (Via Surveyor Indonesia)
TKDN API 5L SPIRAL-GR X65M PSL 2 (8746/SJ-IND.8/TKDN/9/2021)                                                           Kemenperin (Via Surveyor Indonesia)
TKDN ASTM A252 ERW (9367/SJ-IND.8/TKDN/9/2021)                                                                         Kemenperin (Via Surveyor Indonesia)
TKDN ASTM A252 Gr. 2 SPIRAL (4444/SJ-IND.8/TKDN/7/2021)                                                                Kemenperin (Via Surveyor Indonesia)
TKDN ASTM A252 Gr. 3 SPIRAL (6107/SJ-IND.8/TKDN/7/2021)                                                                Kemenperin (Via Surveyor Indonesia)
TKDN ASTM A53 ERW (8165/SJ-IND.8/TKDN/12/2022)                                                                         Kemenperin (Via Surveyor Indonesia)
TKDN AWWA C200 SPIRAL (9193/SJ-IND.8/TKDN/10/2023)                                                                     Kemenperin (Via Surveyor Indonesia)
TKDN Coating ERW 3-Layer Polyethylene (3LPE) PSL 1
TKDN Coating ERW 3-Layer Polyethylene (3LPE) PSL 2                                                                     Kemenperin (Via Surveyor Indonesia)
TKDN Coating ERW 3-Layer Polyethylene (3LPE) & Internal Epoxy PSL 1
TKDN Coating ERW 3-Layer Polyethylene (3LPE) & Internal Epoxy PSL 2
(5437/SJ-IND.8/TKDN/10/2022)
TKDN Coating Spiral 3-Layer Polyethylene (3LPE) & Internal Coating Epoxy PSL 1
TKDN Coating Spiral 3-Layer Polyethylene (3LPE) & Internal Coating Epoxy PSL 2                                         Kemenperin (Via Surveyor Indonesia)
TKDN Coating Spiral Coating Epoxy Internal dan Eksternal PSL 1
TKDN Coating Spiral Coating Epoxy Internal dan Eksternal PSL 2
(5436/SJ-IND.8/TKDN/10/2022)
TKDN Coating Spiral 3LPE PSL 1 (2691/SJ.IND.8/TKDN/7/2022)                                                             Kemenperin (Via Surveyor Indonesia)
TKDN Coating Spiral 3LPE PSL 2 (2692/SJ.IND.8/TKDN/7/2022)                                                             Kemenperin (Via Surveyor Indonesia)
TKDN Coating Spiral Fusion Bonded Epoxy (FBE) PSL 1 (2693/SJ.IND.8/TKDN/7/2022)                                        Kemenperin (Via Surveyor Indonesia)
TKDN Coating Spiral Fusion Bonded Epoxy (FBE) PSL 2 (2694/SJ.IND.8/TKDN/7/2022)                                        Kemenperin (Via Surveyor Indonesia)
TKDN JIS A5525 SPIRAL (9192/SJ-IND.8/TKDN/10/2023)                                                                     Kemenperin (Via Surveyor Indonesia)
TKDN Pipa ERW Pancang SNI 8052 kelas 1,2&3 (1546/SJ-IND.8/TKDN/2/2023)                                                 Kemenperin (Via Surveyor Indonesia)
TKDN Pipa Spiral Pancang SNI 8052 kelas 2&3 (2708/SJ-IND.8/TKDN/3/2023)                                                Kemenperin (Via Surveyor Indonesia)
TKDN SNI 0039 ERW (3838/SJ-IND.8/TKDN/4/2023)                                                                          Kemenperin (Via Surveyor Indonesia)
TKDN SNI 0039 SPIRAL (10263/SJ-IND.8/TKDN/11/2023)                                                                     Kemenperin (Via Surveyor Indonesia)
TKDN SPLN D3 GALVANIS (1689/SJ-IND.8/TKDN/2/2023)                                                                      Kemenperin (Via Surveyor Indonesia)
TKDN SPLN D3.019-1:2012 SUTM (2561/SJ-IND.8/TKDN/6/2021)                                                               Kemenperin (Via Surveyor Indonesia)
TKDN SPLN D3.019-1:2012 SUTR (2560/SJ-IND.8/TKDN/6/2021)                                                               Kemenperin (Via Surveyor Indonesia)
TKDN STKM 11A (5438/SJ-IND.8/TKDN/10/2022)                                                                             Kemenperin (Via Surveyor Indonesia)

            Tata Kelola Perusahaan                Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      03
            Corporate Governance                    Corporate Social Responsibility                 References                            Financial Statements   057
Page 66
                   2023 Annual Report                           Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk      Elevating Excellence




      Wilayah Operasi | Areas of Operation
      Wilayah operasi SPINDO telah menjangkau berbagai pelosok tanah                              SPINDO's operational area has reached various corners of the
      air dengan pembangunan store dan stockist di beberapa daerah.                               country by building stores and stockists in several areas. A number
      Sejumlah lokasi produksi yang berdekatan dengan jalur distribusi                            of production locations that are close to port distribution channels
      pelabuhan memudahkan pengiriman barang ke wilayah timur                                     facilitate the delivery of goods to eastern Indonesia. The company
      Indonesia. Perseroan berupaya menjangkau hingga ke berbagai                                 seeks to reach various remote areas of Indonesia.
      wilayah Indonesia yang terpencil.



                                                                            Representative
                                                                                                                                   SAMARINDA
                                                                                Office
                                                                            PEKANBARU                                                    Store &
                                                                                                                                         Stockist
                                                     MEDAN




                                                                                                  PONTIANAK
                                                                                                                                                     BALIKPAPAN

                                                                                                                                         SPINDO
                                                PADANG               PALEMBANG                                                           GRESIK
                                                                                                          Representative

                                           SPINDO
                                          JAKARTA
                                                                                                              Office
                                                                                                          SEMARANG
                                                                                                                                     unit
                                                                                                                                             7
                                                                                                                                          Store &
                                                                         LAMPUNG                                                          Stockist         BANJARMASIN
                                             Store &
                                             Stockist


                                                                          SPINDO
                                                                        KARAWANG                                                                          MATARAM
                                                                        unit
                                                                               5                                                                             DENPASAR


                                                          SPINDO                                                                                          SPINDO
                                                         BANDUNG                                                                                         SIDOARJO

                                                             Store &
                                                             Stockist
                                                                                                                                                        unit
                                                                                                                                                               6
                                                                                                                                                           Store &
                                                                                   SPINDO                                                                  Stockist
                                                                                  PASURUAN
                                                                                   unit
                                                                                          4
                                                                                       Store &
                                                                                                                             SPINDO
                                                                                       Stockist                             SURABAYA
                                                                                                                           unit
                                                                                                                                  1          unit
                                                                                                                                                     2
                                                                                                                                  unit
                                                                                                                                         3

 03             Ikhtisar Utama                          Laporan Manajemen                         Profil Perusahaan                           Analisa & Pembahasan Manajemen
058               Highlights                            Management Report                         Company Profile                             Management Discussion & Analysis
Page 67
                                                                                                     Igniting Engagement                          Laporan Tahunan 2023
                                                                                                      Elevating Excellence       PT Steel Pipe Industry of Indonesia Tbk




                                                                          CANADA

                                                                                             Export
                                                                                                                                                               VIETNAM

                                                                                                                                     MALAYSIA




                                                                                                                                                                  TIMOR LESTE




                                                                           AMERICA



                                                                                                                                                         AUSTRALIA
                                           MANADO
                                                                                 SORONG

                                                                                                                                JAYAPURA




                                                             AMBON



                             MAKASSAR
                                 Store &
                                 Stockist




HFW                                                                  SSAW                                                               TIG
Fasilitas produksi oleh pabrik:                                      Fasilitas produksi oleh pabrik:                                    Fasilitas produksi oleh pabrik:
Manufacturing facilities by plants:                                  Manufacturing facilities by plants:                                Manufacturing facilities by plants:
Unit 1 | Unit 2 | Unit 3 | Unit 4 | Unit 5 | Unit 6 |                Unit 4                                                             Unit 2

Black pipes, API pipes               Digunakan untuk                 Spiral pipes            Digunakan untuk                            Pipa Stainless Steel
water pipes, mechanical konstruksi, jalur pipa air,                  (API & Non              konstruksi, tiang pancang,                 Industri & Ornamen.
pipes, furniture pipes,              jalur pipa minyak & gas,        API pipes)              pipa utilitas, perpipaan air,              Digunakan sebagai furnitur,
steel poles.                         pipa otomotif, furnitur,                                transmisi/distribusi minyak                rangka, industri gula, perpipaan,
                                     dan sebagainya.                                         & gas, dan sebagainya.                     dan sebagainya.


                                      Used in construction,                                  Used in construction,                      Industrial & ornament
                                      water pipeline, oil and                                piling, utilities, water                   Stainless Steel pipes.
                                      gas pipeline, auto,                                    pipeline, transmission/                    Used in furniture, frame,
                                      furniture, etc.                                        distribution oil & gas, etc.               chemical/sugar mill, piping, etc.


            Tata Kelola Perusahaan                       Tanggung Jawab Sosial Perusahaan                           Referensi                              Laporan Keuangan      03
            Corporate Governance                           Corporate Social Responsibility                         References                             Financial Statements   059
Page 68
                 2023 Annual Report                          Igniting Engagement
                 PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Informasi Pabrik | Plant Information




       SPINDO - Surabaya                              Rungkut Industri I No. 28 - 32,                            Production facilities:
                                                      Surabaya 60292,                                       4    HFW (Diameter: ½” - 8”)

                                                      East Java
          unit
                 1                                    Land Area:                                            2
                                                                                                            2
                                                                                                                 Services Facilities:
                                                                                                                 Galvanizing
                                                                                                                 Slitting
                                                      30,131 m² Established in 1978                         2    Shearing
                                                                                                            1    Laser Cutting (2 axis)
                                                                                                                 Recutting




       SPINDO - Surabaya
                                                      Rungkut Industri II No. 10,                               Production facilities:
                                                      Surabaya 60292,                                      1 HFW (Diameter: 1” - 3”)
                                                                                                           7 TIG (Diameter: ¼” - 8”)
                                                      East Java
          unit
                 2                                    Land Area:                                                Services Facilities:
                                                                                                           2 Slitting
                                                      15,280 m² Established in 1982                        1 Induction Annealing Offline
                                                                                                           1 Laser Cutting (4 axis)




 03           Ikhtisar Utama                          Laporan Manajemen                 Profil Perusahaan             Analisa & Pembahasan Manajemen
060             Highlights                            Management Report                 Company Profile               Management Discussion & Analysis
Page 69
                                                                          Igniting Engagement                         Laporan Tahunan 2023
                                                                           Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Ds. Warugunung, Karangpilang,                               Production facilities:                                              SPINDO - Surabaya
Surabaya 60221,                                      3      HFW (Diameter: ½” - 8”)

East Java
Land Area:                                           1
                                                     2
                                                            Services Facilities:
                                                            Galvanizing
                                                            Slitting
                                                                                                                                     unit
                                                                                                                                               3
29,800 m² Established in 1971




                                                            Production facilities:
                                                                                                                                SPINDO - Pasuruan
Jl. Kabupaten,                                       4      SSAW (Diameter: 6” - 125”)
Ds. Cangkringmalang,
Beji, Pasuruan,                                             Services Facilities:

East Java
Land Area:
                                                            Steel Coating
                                                               3-Layer Polyethylene Coating
                                                                                                                                    unit
                                                                                                                                               4
                                                               Cement Lining; Epoxy Internal Coating

143,257 m² Established in 1992                                 Epoxy External Coating
                                                            Shearing
                                                     1      Accesories Fabrication
                                                            (Elbow, Concentric Reducer, Excentric Reducer, Tee,
                                                            Lateral, Y-Branch, Bifurcation)

      Tata Kelola Perusahaan    Tanggung Jawab Sosial Perusahaan                         Referensi                             Laporan Keuangan      03
      Corporate Governance        Corporate Social Responsibility                       References                            Financial Statements   061
Page 70
                2023 Annual Report                           Igniting Engagement
                PT Steel Pipe Industry of Indonesia Tbk      Elevating Excellence




      SPINDO - Karawang                                   Kawasan Industri Mitrakarawang                     Production facilities:
                                                          Jl. Mitra Raya 2 Blok F2,                      1   HFW Heavy Gauge Carbon Steel
                                                          Ds. Parungmulya,                                   (D: 1” - 2½”) Thickness 2.50 mm - 6.50 mm

         unit
                5                                         Karawang 41361,

                                                          West Java
                                                                                                         7
                                                                                                         1
                                                                                                             HFW Carbon Steel (D: ½” - 4”)
                                                                                                             HFW SS (D: 1” - 2½”)


                                                          Land Area:                                         Services Facilities:
                                                                                                         2   Slitting
                                                          50,000 m² Established in 2005                  1   Laser Cutting (4 axis)
                                                                                                             Recutting




      SPINDO - Sidoarjo
                                                          Jl. Pahlawan No. 10,                               Production facilities:
                                                          Cemengkalang, Sidoarjo,                        9   HFW (D: 3/8” - 3”)

                                                          East Java
        unit
                6                                         Land Area:                                     1
                                                                                                             Services Facilities:
                                                                                                             Epoxy Coating
                                                                                                         1   Shearing
                                                          40,330 m² Established in 2013                  1   Slitting
                                                                                                             Recutting
                                                                                                             General Fabrication




 03          Ikhtisar Utama                          Laporan Manajemen                Profil Perusahaan            Analisa & Pembahasan Manajemen
062            Highlights                            Management Report                Company Profile              Management Discussion & Analysis
Page 71
                                                                                               Igniting Engagement                          Laporan Tahunan 2023
                                                                                                Elevating Excellence       PT Steel Pipe Industry of Indonesia Tbk




                                                     Informasi Kantor Perwakilan,
                                                                Depo, & Lainnya |
                                 Depot, Representative Office, & Other Information




SPINDO Pekanbaru                              SPINDO Semarang                                      Ongoing Project                                         SPINDO - Gresik
Representative Office                         Representative Office



                                                                                                                                                                       7
Graha Pena Riau Lt. 7 - R705,                 Genius Idea @ Dafam Space                             Jl. Raya Daendels Km. 49,
                                                                                                                                                              unit
Jl. H.R. Soebrantas Panam Km. 10,5            Menara Suara Merdeka, Lt. 11 - R9,                    Desa Wadeng, Gresik, East Java
Sidomulyo Barat, Tuah Karya,                  Jl. Pandanaran No. 30, Pekunden,                      Land Use Permit: 400 ha
Kec. Tampan, Pekanbaru,                       Kec. Semarang Tengah, Semarang,                       Production: up to 16” est. 2023
Riau 28294, Indonesia                         Central Java 50134, Indonesia




SPINDO Jakarta Barat                                           SPINDO Bandung                                                      SPINDO Samarinda
Depot                                                          Depot                                                               Depot

Kawasan Pergudangan Semanan Megah                              Bizpark Commercial Estate                                           Mangkupalas Business Center
Kav. 7 Blok B No. 1, Jl. Daan Mogot Km. 18,                    Jl. Kopo 455 Blok B1 No. 26A,                                       Pergudangan E10-11, F9-10,
Kalideres, West Jakarta                                        Bandung 40277, West Java                                            Samarinda, East Kalimantan
Land Area: 2,150 m²                                            Land Area: 1,746 m²                                                 Land Area: 2,652 m²




SPINDO Pasuruan                                 SPINDO Sidoarjo                             SPINDO Makassar                                       SPINDO Gresik
Depot                                           Depot                                       Depot                                                 Depot

Jl. Kabupaten,                                  Jl. Pahlawan No. 10,                        Jl. Ir. Sutami,                                      Jl. Raya Daendels Km. 49,
Ds. Cangkringmalang, Beji,                      Sidoarjo, East Java                         Makassar, South Sulawesi                             Desa Wadeng, Gresik
Pasuruan, East Java                                                                         Land Area: 6,057 m²                                  East Java
Land Area: 2,268 m²                                                                                                                              Land Area: 8,600 m²




             Tata Kelola Perusahaan                     Tanggung Jawab Sosial Perusahaan                       Referensi                             Laporan Keuangan        03
             Corporate Governance                         Corporate Social Responsibility                     References                            Financial Statements     063
Page 72
                2023 Annual Report                          Igniting Engagement
                PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Struktur Organisasi
      Organizational Structure

                                                                                                                 Rapat Umum
                                                                                                               Pemegang Saham



                                                                                                                Board of Commissioner

                                                                                                                Makmur Widjaja
                                                                                            President Commissioner | Independent Commissioner

                                                                                                           Endang Fifi Susanto
                                                                                                                     Commissioner

                                                                                                          Bing H. Poernomosidi
                                                                                                               Independent Commissioner

                                                                                                                  Welly Tantono
                                                                                                               Independent Commissioner




                                                                                                                  Ibnu Susanto
                                                                                                                   President Director

                                 Johanes W. Edward
                      Chief Strategy & Business Development Officer
                         Corporate Secretary & Investor Relation

                                                                                                       Tedja Sukmana Hudianto
                                                                                                                 Vice President Director




                      Tedja Sukmana Hudianto                                                           Soediarto Soerjoprahono
                               Commercial Director                                                             Sales & Marketing Director




                                                                                   Lita Mutiah Hudianto                                            Vacant
                                                                                     Deputy Director Sales                              Deputy Director Marketing




                                                                                                                                                     Taufik Surya
                                                                                                                                                       SKF Div. Head




            Teddy W. Utomo                     Tedja S. Hudianto                    Edy Lemena A                    Dianawati T.                Alexander Arianto
              Purchasing Technical                   Purchasing                     Purchasing Office            Finance and Accounting              SKF Manufacture
             & Spare Part Div. Head             Raw Material Div. Head             Equipment Div. Head                  Div. Head                       Div. Head




 03          Ikhtisar Utama                          Laporan Manajemen                      Profil Perusahaan                            Analisa & Pembahasan Manajemen
064            Highlights                            Management Report                      Company Profile                              Management Discussion & Analysis
Page 73
                                                                                        Igniting Engagement                         Laporan Tahunan 2023
                                                                                         Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




                                               Audit Committee


                                            Welly Tantono
                                          Antonius I Karamoy
                                    Bastianus Fritz Josef Lumanauw




                                            Teguh Santoso
                                                Internal Audit




                     Tikman Utomo                                                                                              The, Hanny Purnomo
                              Director                                                                                                       Director




                       Nico Gunawan
                   Deputy Operation Director



                                                          Hardiman Utomo                Budi Dwi Santoso
                                                            SPINDO Jakarta Office                 HRD & GA
                                                              General Manager                     Div. Head




Nico Gunawan I Ketut Ardana Dody Hermawan Teguh Waskito Teguh Waskito                                                   Dely Thio              Steven P. Utomo
 Plant 1, 2, & 6             Plant 3              Plant 4                     HSE              QA / QC                     PPIC                            IT
   Div. Head                Div. Head            Div. Head                  Div. Head          Div. Head                 Div. Head                     Div. Head




           Tata Kelola Perusahaan                  Tanggung Jawab Sosial Perusahaan                    Referensi                             Laporan Keuangan      03
           Corporate Governance                      Corporate Social Responsibility                  References                            Financial Statements   065
Page 74
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Manajemen Modal Manusia
      Human Capital Management


      Perseroan yang telah beroperasi selama 5 dekade telah                            The Company, which has been operating for 5 decades, has
      mengembangkan pengelolaan sumber daya manusia menjadi                            developed human resource management into Human Capital
      Manajemen Modal Manusia yang menekankan pada investasi                           Management which emphasizes corporate investment to add value
      perusahaan untuk menambah nilai kepada karyawan melalui                          to employees through motivation, commitment, competence, and
      motivasi, komitmen, kompetensi, serta efektivitas kerja tim.                     teamwork effectiveness.


      Perseroan memandang karyawan sebagai aset yang dapat diperkaya                   The company consider employees as assets that can be enriched and
      dan memberikan keuntungan bagi perusahaan dalam jangka                           provide benefits for the company in the long term. Investment in
      panjang. Investasi pada pengembangan manusia, misalnya melalui                   human development, for example through professional training, can
      pelatihan profesional, dapat meningkatkan kepuasan kerja yang lebih              lead to greater job satisfaction for employees.
      besar bagi karyawan.


      Setiap karyawan memiliki kesempatan yang sama dan setara untuk                   All employees are privileged to have equal opportunities to develop
      mengembangkan karir mereka. Perseroan tidak pernah menjadikan                    professionally. The company does not exploit an employee's
      latar belakang suku, agama, ras, gender maupun hal lain yang bersifat            background, including ethnicity, religion, race, gender, or any other
      diskriminatif dalam menentukan penempatan karyawan pada posisi                   discriminatory aspect, to place an employee in a particular position.
      jabatan tertentu. Perseroan juga mendukung budaya yang                           The company support a culture that promotes diversity and the ability
      mengedepankan keberagaman dan menghargai tiap kontribusi                         of all employees to contribute.
      seluruh karyawan.




      Rekrutmen | Recruitment
      Program rekrutmen Perseroan yang sangat terfokus dan proaktif,                   We have highly focused and proactive recruitment programs,
      yang dirancang bukan hanya untuk menarik bakat terbaik di semua                  designed not only to attract the best talents at all organization levels
      tingkatan organisasi, tetapi juga untuk mengidentifikasi talenta-                 but also to identify potential talents to be promoted to fill critical
      talenta yang berpotensi dipromosikan untuk naik jabatan untuk                    positions. We believe that employees who have vivid career goals
      mengisi posisi-posisi penting. Kami percaya bahwa karyawan yang                  generally opt to dedicate their career with the Company. In addition to
      telah memiliki tujuan karier yang jelas akan cenderung memilih untuk             offering various opportunities to develop employees' potential and
      tetap bersama Perseroan. Perseroan menawarkan peluang                            provide competitive salary budles, we ensure that every employee
      pengembangan potensi mereka dan memberikan paket remunerasi                      develop their potential.
      yang kompetitif.


      Strategi pemenuhan SDM yang diterapkan Perseroan mencakup:                       The strategy of Human Capital procurement implemented by the
      Ÿ Paper Screening                                                                Company includes:
      Ÿ Psikotes                                                                       Ÿ Paper Screening
      Ÿ User Interview                                                                 Ÿ Psychological test
      Ÿ Medical Check Up                                                               Ÿ User Interview
      Ÿ Signing Agreement.                                                             Ÿ Medical Check Up
                                                                                       Ÿ Signing Agreement.




 03              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                  Analisa & Pembahasan Manajemen
066                Highlights                            Management Report             Company Profile                    Management Discussion & Analysis
Page 75
                                                                                                      Igniting Engagement                         Laporan Tahunan 2023
                                                                                                       Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Manajemen Karir | Career Management
Sejalan dengan sistem pengembangan SDM berbasis kompetensi,                                    In line with the competency-based Human Resources development
Perseroan juga telah menyiapkan sistem manajemen karir yang lebih                              system, the Company has also prepared a more comprehensive
komprehensif. Manajemen karir ditujukan untuk memberi peluang                                  career management system, intended to provide opportunities for
kepada karyawan dalam mengembangkan dirinya selaras dengan                                     employees to develop themselves in line with the Company's needs.
kebutuhan posisi dalam perseroan dan dapat memberikan arah                                     Furthermore, this system can provide a career direction for the
pergerakan karir karyawan sesuai potensinya. Bagi karyawan, karir                              employees based on their potential. For employees, a career is a
merupakan indikator proses pengembangan diri, dan bagi perseroan                               development process indicator; on the other hand, for the company, it
menggambarkan posisi-posisi yang diperlukan dalam rangka                                       describes positions needed in order to achieve the Company's goals.
pencapaian tujuan Perseroan.


Untuk mengurangi dampak turn over yang tinggi kami menggunakan                                 To reduce the high turnover impact, we use this technique to find out
teknik ini untuk mengetahui indikasi awal ketidakpuasan karyawan                               early indications of employee dissatisfaction that could result in them
yang dapat mengakibatkan mereka meninggalkan Perseroan. Kami                                   leaving the Company. We can then take action to overcome this
ke m u d i a n d a p a t m e l a k u k a n t i n d a k a n u n t u k m e n g a t a s i         dissatisfaction to prevent the employees from resigning from the
ke t i d a k p u a s a n i n i u n t u k m e n c e g a h ka r ya wa n t e rs e b u t           Company. This strategy has contributed to the lower rate of
mengundurkan diri dari Perseroan. Strategi ini telah berkontribusi                             employees' resignation than the average trend in the market.
pada tingkat pengunduran diri karyawan yang lebih rendah dari rata-
rata pasar.




Remunerasi | Remuneration
Penerapan remunerasi yang baik akan mampu memotivasi kerja                                     Implementation of good remuneration will be able to motivate
karyawan, meningkatkan kinerja individu, mempertahankan pegawai                                employees' work, improve individual performance, retain competent
yang kompeten, efisiensi biaya operasional serta sebagai competitive                            employees, operational cost efficiency as well as a competitive
advantage bagi Perseroan. Berikut struktur remunerasi Perseroan                                advantage for the company. The following is the Company's
yang diterima untuk:                                                                           remuneration structure received for:

   Manajer ke atas                            Manager and above                                  Staf dan Non-Staf                           Staff and Non staff
   Gaji Pokok                                 Basic Salary                                       Gaji Pokok                                  Basic Salary
   Tunjangan Jabatan                          Functional Allowance                               Tunjangan Jabatan                           Functional Allowance
   Tunjangan Hari Raya (THR)                  Religious Festivity Allowance                      Tunjangan Hari Raya (THR)                   Religious Festivity Allowance
   Bonus                                      Bonus                                              Bonus                                       Bonus
   Tunjangan Kesehatan                        Healthcare Allowance                               BPJS Kesehatan                              Healthcare Security - BPJS
   BPJS Kesehatan                             Healthcare Security - BPJS                                                                     Kesehatan
                                              Kesehatan                                          BPJS Ketenagakerjaan                        Manpower Security - BPJS
   BPJS Ketenagakerjaan                       Manpower Security - BPJS                                                                       Ketenagakerjaan
                                              Ketenagakerjaan                                    Tunjangan Transportasi                      Transport Allowance
   Tunjangan Transportasi                     Transport Allowance                                Tunjangan Perjalanan Dinas                  Travel Allowance
   Tunjangan Perjalanan Dinas                 Travel Allowance                                   Program Pensiun                             Retirement Fund
   Car Loan                                   Car Loan                                           Fasilitas Koperasi                          Saving & Loan Facility
   Program Pensiun                            Retirement Fund                                    Bantuan Sosial                              Social Assistance
   Fasilitas Koperasi                         Saving & Loan Facility
   Bantuan Sosial                             Social Assistance

               Tata Kelola Perusahaan                      Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      03
               Corporate Governance                          Corporate Social Responsibility                        References                            Financial Statements   067
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                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Kesejahteraan Karyawan | Employee Welfare
      Kesejahteraan karyawan menjadi salah satu perhatian utama                        Employee welfare is one of the main concerns of the Company to keep
      Perseroan agar karyawan dapat merasa aman dan nyaman dalam                       the employees feel safe and comfortable at work. Thus, they are more
      bekerja, sehingga dapat bekerja dengan motivasi yang lebih baik,                 motivated to work and finally improve their performance and
      yang pada akhirnya akan meningkatkan prestasi dan produktivitas                  productivity. The Company always strives to meet the Government's
      kerja. Perseroan selalu berusaha memenuhi ketentuan-ketentuan                    provisions related to employee welfare in the form of adjusting the
      Pemerintah yang berhubungan dengan kesejahteraan karyawan                        salary amount in alignment with the inflation rate and with the
      berupa penyesuaian besarnya gaji yang sejalan dengan laju inflasi                 Regency/City Minimum Wage (UMK) standard for its employees in
      serta memenuhi standar Upah Minimum Kabupaten/Kota (UMK) bagi                    accordance with the provisions of the Ministry of Manpower.
      kar yawannya sesuai dengan ketentuan Kementerian
      Ketenagakerjaan.


      Di samping itu, Perseroan juga menyediakan berbagai fasilitas dan                In addition, the Company also offers various other facilities and
      tunjangan lain, seperti:                                                         allowances, such as:
      Ÿ Tunjangan kesehatan, diberikan berdasarkan level dan lama                      Ÿ Healthcare allowance, distributed based on the level and work
        bekerja dari masing-masing karyawan                                                experience of each employee
      Ÿ Tunjangan pensiun, diberikan kepada karyawan yang telah bekerja                Ÿ Pension allowance, given to employees who have worked for 25
        selama 25 tahun atau lebih dan telah mencapai usia pensiun (55                     years or more and have reached retirement age (55 years)
        tahun)                                                                         Ÿ Meal and transportation allowance
      Ÿ Tunjangan uang makan dan uang transport                                        Ÿ Communication allowance, for particular divisions.
      Ÿ Tunjangan alat komunikasi, untuk divisi tertentu                               Ÿ Leave allowance for 12 working days
      Ÿ Tunjangan cuti selama 12 hari kerja                                            Ÿ Maternity allowance for 3 months
      Ÿ Tunjangan cuti selama 3 bulan untuk karyawati yang melahirkan                  Ÿ Leave allowance for aprticular events such as death, circumcision,
      Ÿ Tunjangan cuti untuk kejadian khusus seperti kematian, sunatan,                    baptism, graduation, birth, etc. for employees regulated in the
        pembaptisan, wisuda, kelahiran, dan lain sebagainya untuk                          Collective Labor Agreement (PKB)
        karyawan yang diatur dalam Perjanjian Kerja Bersama (PKB).


      Selain fasilitas dan tunjangan yang telah disebutkan di atas,                    In addition to the facilities and allowances mentioned above, the
      Perseroan juga mendaftarkan seluruh karyawan pada BPJS                           Company also registered all employees into Employment Social
      Ketenagakerjaan (d/h Jamsostek) serta BPJS Kesehatan, guna                       Security or BPJS Ketenagakerjaan (formerly Jamsostek) and
      mengantisipasi kejadian tak terduga yang dialami karyawan pada                   Healthcare Security or BPJS Kesehatan, to anticipate unexpected
      saat melaksanakan pekerjaannya.                                                  events encountered by the Company's employees when performing
                                                                                       their work.



      Keberagaman | Diversity
      Di perseroan, kami menghormati dan menghargai perbedaan etnis,                   The Company pays the utmost respect and upholds ethnicity, gender,
      jenis kelamin, usia, asal kebangsaan, orientasi seksual, pendidikan,             age, nationality, gender, education, culture, and religion differences.
      budaya, dan agama, dan kami menghargai beragam perspektif yang                   We also value the diverse perspectives in it. We are proud that our
      hadir dari keberagaman ini. Kami bangga karyawan kami di tingkat                 employees at the managerial level are women, and we continue to
      manajerial adalah perempuan, dan kami terus melakukan langkah-                   take steps to improve this composition. We describe clear targets for
      langkah untuk meningkatkan komposisi ini. Penjabaran target yang                 our diversity performance and affirm a stronger commitment to
      jelas untuk kinerja kami dalam hal keberagaman, serta meneguhkan                 improve the women live along our value chain.
      komitmen yang lebih kuat untuk meningkatkan kehidupan
      perempuan di sepanjang rantai nilai kami.



 03              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                  Analisa & Pembahasan Manajemen
068                Highlights                            Management Report             Company Profile                    Management Discussion & Analysis
Page 77
                                                                                         Igniting Engagement                         Laporan Tahunan 2023
                                                                                          Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Lebih lanjut tentang hal ini dapat dilihat di bagian Tanggung Jawab               This matter is explained in more details in the Corporate Social
Sosial Perseroan Laporan ini. Pada seluruh tingkat organisasi, kami               Responsibility section of this Report. In all levels of the organization,
melakukan perbaikan terus-menerus dalam upaya kesetaraan                          we create continuous improvement in gender equality effort by
gender dengan menetapkan target yang jelas setiap tahunnya, serta                 setting clear annual targets as well as a long-term plan to achieve
rencana jangka panjang untuk mencapainya. Langkah-langkah yang                    them. The steps we have taken include: Building a gender-balanced
telah kami lakukan meliputi: Membangun jajaran tenaga kerja yang                  workforce within the Company, especially at the management level;
seimbang secara jenis kelamin di dalam Perseroan, khususnya pada                  encouraging women safety and security in the community in our
tingkat manajemen; Mendorong keselamatan dan keamanan bagi                        operational place; Increasing women's access to training and skills
para perempuan di komunitas tempat kami beroperasi; Meningkatkan                  throughout our value chain; Expanding opportunities for women in
akses para perempuan ke pelatihan dan keterampilan di seluruh                     our value chain; Providing a support system so that female employees
rantai nilai kami; Memperluas peluang bagi perempuan dalam rantai                 reach a better balance between careers and their families.
nilai kami; Menyediakan sistem pendukung agar karyawan
perempuan mencapai keseimbangan yang lebih baik antara karier
dan keluarga mereka.


Salah satu aspek penting dalam komitmen kami terhadap                             One of the critical aspects of our commitment to diversity is to provide
keberagaman adalah memberikan kesempatan yang adil dan sama ke                    the same and equal opportunities to all employees for training, where
semua karyawan untuk mengikuti pelatihan. kami telah melakukan hal-               we have conducted the following points: The Company's General
hal berikut: Tim General Training Perseroan mengirimkan informasi                 Training Team informs about the training available to all employees
tentang pelatihan yang tersedia kepada seluruh karyawan dan                       and managers to guarantee that each employee has the same
manajer untuk memastikan bahwa setiap individu memiliki                           opportunity to participate.
kesempatan yang sama untuk berpartisipasi.




Penghargaan Terhadap Karyawan | Employee Award
Perseroan memberikan kesamaan hak bagi seluruh karyawan untuk                     The Company provides equal rights for all employees to develop
mengembangkan karir di lingkungan Perseroan. Karyawan yang                        careers within the Company. Employees who have excellent work
memiliki prestasi kerja baik dan memenuhi berbagai persyaratan dari               performance and fulfill various requirements imposed by the
Perseroan akan memperoleh promosi jabatan dan kenaikan gaji.                      Company will get promotion and salary increase. In addition, the
Selain itu, untuk karyawan yang telah bekerja selama 10, 20, dan 30               employees who have worked for 10, 20, and 30 years are rewarded
tahun diberikan penghargaan atas bukti loyalitasnya selama bekerja                for their loyalty to the Company.
di Perseroan.




            Tata Kelola Perusahaan            Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      03
            Corporate Governance                Corporate Social Responsibility                        References                            Financial Statements   069
Page 78
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Hubungan Industri | Industrial Relationship
      Hak seluruh karyawan Perseroan ditetapkan dan dilindungi oleh                   All employees' rights are determined and protected by the Business
      Prinsip Bisnis dan Pedoman Kebijakan (Kode Etik), serta oleh                    Principles and Policy Guidelines (Code of Ethics), as well as by the
      ketentuan dalam Perjanjian Kerja Bersama (PKB). PKB                             provisions in the Collective Labor Agreement (PKB). PKB is
      dinegosiasikan dan ditandatangani ulang setiap dua tahun oleh                   negotiated and re-signed binually by trade unions and management.
      serikat pekerja dan Manajemen. Pada tahun 2019, terdapat 2 (dua)                In 2019, there were 2 (two) main issues that had been discussed
      diskusi pokok yang telah didiskusikan antara Manajemen dan Serikat              between the Management and the Labor Union, which were
      Pekerja, yang diselesaikan secara lancar. Tanggung jawab Perseroan              smoothly settled. The Company's responsibility to employees has
      kepada karyawan telah dijabarkan dalam Pedoman. Termasuk di                     been described in the Guidelines. It includes ensuring a safe and
      antaranya adalah memastikan tempat kerja yang aman dan sehat,                   healthy workplace, upholding all applicable laws and regulations, and
      menjunjung tinggi seluruh undang-undang dan peraturan yang                      ensuring that work relationships are based on mutual respect and
      berlaku, dan memastikan bahwa hubungan kerja berlandaskan pada                  trust. Meanwhile, any employees' complaints can be submitted
      rasa saling menghormati dan kepercayaan. Sementara itu, setiap                  through the Company's bipartite mechanism at the local, regional,
      keluhan dari karyawan dapat diajukan melalui mekanisme bipartit                 and national levels. As previously mentioned, employee welfare is our
      Perseroan di tingkat lokal, regional, dan nasional. Sebagaimana                 top priority. The systems and processes that we have administered to
      disebutkan di atas, kesejahteraan karyawan adalah prioritas utama               ensure a safe working environment are outlined in the 'Occupational
      bagi kami. Sistem serta proses yang telah kami laksanakan untuk                 Safety and Health’ section in page 253-264, chapter 6 of this Annual
      memastikan lingkungan kerja yang aman diuraikan di bagian                       Report.
      'Keselamatan dan Kesehatan Kerja' di halaman 253-264, Bab 6 dari
      Laporan Tahunan ini.




      Program Pelatihan | Training Program
      Perseroan berupaya untuk meningkatkan pengetahuan, ketrampilan,                 The Company always strives to improve knowledge, skills, and work
      dan sikap kerja agar karyawan kompeten sehingga dapat bekerja                   attitudes so that employees are competent so they can work
      dengan efektif. Perseroan juga memberikan pemahaman mengenai                    effectively. The company also provides an understanding of
      digitalisasi kepada seluruh karyawan untuk mendukung Perseroan                  digitalization to all employees to support the company towards
      menuju industri 4.0. Upaya pengembangan karyawan terus menerus                  industry 4.0. Employee development efforts are continuously carried
      dilakukan melalui berbagai jenis kegiatan di antaranya melalui                  out through various types of activities including through the
      keikutsertaan pelatihan secara internal (diselenggarakan secara                 participation of internal training (conducted independently within the
      mandiri di dalam perseroan dan pelatihan eksternal (mengikuti                   company and external training (following public training), in order to
      pelatihan publik), demi mendapatkan hasil yang optimal untuk                    obtain optimal results to ensure that employees who work are
      memastikan bahwa karyawan yang bekerja adalah karyawan yang                     employees who are competent in their jobs. And improvement of
      kompeten di pekerjaannya. Penambahan dan penyempurnaan materi                   training materials will continue to be carried out in accordance with
      pelatihan akan terus dilakukan sesuai dengan kebutuhan dan                      the needs and development of the Company.
      perkembangan Perseroan.


      Berikut ini adalah beberapa pelatihan yang diselenggarakan                      The followings are some of the trainings held throughout 2023,
      sepanjang tahun 2023, antara lain:                                              including:




 03             Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                 Analisa & Pembahasan Manajemen
070               Highlights                            Management Report             Company Profile                   Management Discussion & Analysis
Page 79
                                                                                         Igniting Engagement                         Laporan Tahunan 2023
                                                                                          Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Pelatihan Karyawan | Employee Training
Pelatihan Internal | Internal Training

No.                             Pelatihan Umum | General Training                                                           Jumlah Peserta | No. of Participant

1. Analisa Data Statistik (Seven Tools)                               Statistical Data Analyzis (Seven Tools)                                                       5
2. Aspect Impact Risk Assessment (AIRA)                                                                                                                             10
3. Business Process HRD                                                                                                                                             8
4. English for Business                                                                                                                                             30
5. First Aid                                                                                                                                                        60
6. Hubungan Kerja dan Perjanjian Kerja                                Employment Relationships and Employment                                                       16
                                                                      Agreements
7. Information Security Awareness                                                                                                                                   7
8. Investigasi Kecelakaan Kerja                                       Investigation of Work Accidents                                                               2
9. Melaksanakan Administrasi Pelatihan                                Carrying out training administration                                                          3
10. Melakukan Administrasi Pengupahan                                 Carrying out Wage Administration                                                              11
11. Memasang Perangkat Computer Workstation                           Installing Computer Workstation Equipment                                                     1
12. Memperbaiki Perangkat Komputer dan Perangkat                      Repairing Computer Devices and Supporting                                                     1
      Penunjang                                                       Devices
13. Menerapkan K3 Di Lingkungan Tempat Kerja                          Implementing K3 in the Workplace Environment                                                  40
14. Mengelola Sistem Kearsipan dan Etika Komunikasi                   Managing Filing Systems and Communication                                                     18
      dalam Email                                                     Ethics in Email
15. Mengevaluasi Pelaksanaan Suatu Program Pelatihan                  Evaluating the Implementation of a Training Program                                           3
16. Merencanakan Perawatan Komputer dan Perangkat                     Planning Computer and Supporting Device                                                       1
      Penunjang                                                       Maintenance
17. Merumuskan Kebutuhan Pengguna                                     Formulating User Requirements                                                                 1
18. Moving from Worker to Leader                                                                                                                                    18
19. Pemahaman Hubungan Industrial                                     Understanding Industrial Relations                                                            18
20. Penilaian Resiko & Identifikasi Potensi Bahaya di                  Risk Assessment and Identification of Potential                                                10
      Tempat Kerja (HIRA)                                             Workplace Hazards (HIRA)
21. Penyelesaian Mogok Kerja dan atau Lock - Out                      Resolution of Work Strikes and/or Lock-Outs                                                   9
22. Performance Leadership                                                                                                                                          36
23. Perjanjian Kerja Bersama (PKB)                                    Collective Labor Agreement (PKB)                                                              9
24. PKWT, Alih Daya, dan Pemagangan                                   PKWT, Outsourcing, and Internship                                                             35
25 Process dan Product Knowledge                                                                                                                                    11
26. Project Management                                                                                                                                              5
27. Refreshment Asesor Kompetensi                                     Competency Assessor Refreshment                                                               4
28. Risk Management                                                   Risk Management                                                                               47
29. Serikat Pekerja atau Serikat Buruh                                Workers Union or Labor Union                                                                  9
30. 7 QC Tools & PDCA                                                 7 QC Tools & PDCA                                                                             13
31. Analisa Costing COGS                                                                                                                                            12
32. Change Management                                                                                                                                               9
33. Coaching & Counseling                                                                                                                                           27
34. Daily Check                                                                                                                                                     78
35. HRIS Great Day                                                                                                                                                  8
36. Interaksi dengan Teknologi Komputer                               Interaction with Computer Technology                                                          1
             Tata Kelola Perusahaan                Tanggung Jawab Sosial Perusahaan                     Referensi                             Laporan Keuangan           03
             Corporate Governance                    Corporate Social Responsibility                   References                            Financial Statements        071
Page 80
                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      No.                               Pelatihan Umum | General Training                                                         Jumlah Peserta | No. of Participant

      37. Kaizen & Suggestion System                                                                                                                                104
      38. Kode Material, Batch & Grade                                                                                                                              170
      39. Kredo 7K = E                                                                                                                                              170
      40. Melakukan Pertolongan Pertama Pada Kecelakaan                                  First Aid Procedures for Accidents                                          17
      41. Menerapkan K3 & 5R Di Lingkungan Tempat Kerja                                  Implementing K3 & 5R in the Workplace                                      195
                                                                                         Environment
      42. MS. Access                                                                                                                                                 14
      43. Performance Management System                                                                                                                              11
      44. Pipa Baja dan Standarisasinya                                                  Steel Pipes and Standardization                                            170
      45. Problem Solving                                                                                                                                            20
      46. Product Knowledge                                                                                                                                           5
      47. Product Specification                                                                                                                                      170
      48. Refresh : Asesor BNSP (RCC)                                                    Refresh: BNSP Assessor (RCC)                                                42
      49. Refresh - Menerapkan K3 & 5R Di Lingkungan                                     Refresh - Implementing K3 & 5R in the                                       26
            Tempat Kerja                                                                 Workplace Environment
      50. Safety Induction                                                                                                                                            5
      51. Simulasi Tanggap Darurat                                                       Emergency Response Simulation                                               32
      52. Sosialisasi HR                                                                 HR socialization                                                           171
      53. Visi Misi                                                                      Vision and mission                                                         172
      54. Work Habits                                                                                                                                               110
            TOTAL PESERTA | TOTAL OF PARTICIPANTS                                                                                                                   2180




      No.                               Pelatihan Khusus / Inti | Core Training                                                   Jumlah Peserta | No. of Participant

      1. Autonomous Maintenance                                                                                                                                      35
      2. Investigasi Kecelakaan Kerja                                          Investigation of Work Accidents                                                       14
      3. Kualitas dan Jenis Cacat Hasil Pengelasan HF                          Quality and Types of Defects Results from HF Welding                                  21
      4. Manajemen Pergudangan                                                 Warehouse Management                                                                   1
      5. Manajemen Proyek                                                      Project management                                                                     1
      6. Melaksanakan Pembuatan Gambar Teknik                                  Carrying out technical drawings                                                        1
      7. Melaksanakan Proyek                                                   Implementing Projects                                                                  1
      8. Melaksanakan Sistem dan Prosedur Administrasi                         Implementing Administrative Systems and Procedures                                     9
            Gudang                                                             Warehouse
      9. Melaksanakan Stock Opname                                             Carrying out Stock Taking                                                             17
      10. Melakukan Bongkar – Pasang Roll                                      Carrying out Disassembly – Installing Roll                                             1
      11. Melakukan Pemeliharaan Pompa dan Kompresor                           Carrying out pump and compressor maintenance                                           5
      12. Melakukan Pemeriksaan Akhir Pipa ERW                                 Carrying out Final Inspection of ERW Pipes                                             9




 03              Ikhtisar Utama                            Laporan Manajemen                       Profil Perusahaan              Analisa & Pembahasan Manajemen
072                Highlights                              Management Report                       Company Profile                Management Discussion & Analysis
Page 81
                                                                                                 Igniting Engagement                         Laporan Tahunan 2023
                                                                                                  Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




No.                                       Pelatihan Khusus / Inti | Core Training                                                   Jumlah Peserta | No. of Participant

13. Melakukan Pemeriksaan dan Penerimaan                                 Carrying out Inspection and Receipt of Assets                                                       1
      Barang Asset
14. Melakukan Pemeriksaan Pipa Stainless Steel                           Carrying out Stainless Steel Pipe Inspections                                                      12
15. Melakukan Pemeriksaan Proses Produksi HFW                            Carrying out HFW Production Process Inspections                                                     8
16. Melakukan Pemuatan Untuk Customer                                    Carrying out loading for customers                                                                  6
17. Melakukan Pengelasan SMAW                                            Performing SMAW Welding                                                                            17
18. Melakukan Pengendalian Alat Ukur                                     Controlling a measuring instruments                                                                29
19. Melakukan Pengerjaan Persiapan Specimen                              Carrying out specimen preparation work                                                             14
20. Melakukan Pengujian Hydrostatic                                      Performing Hydrostatic Testing                                                                      7
21. Melakukan Pengukuran dengan Menggunakan                              Measuring using an instruments                                                                     24
      Alat Ukur
22. Melakukan Proses Retur Pelanggan (Customer)                          Carrying out the Customer Return Process (Customer)                                                 1
23. Membongkar, Memperbaiki, Mengganti, Merakit,                         Disassembling, Repairing, Replacing, Assembling                                                     1
      dan Memasang Komponen Mesin                                        and Installing Machine Components
24. Membuat Standar Parameter Proses                                     Creating Standard Process Parameters                                                                1
25. Menghitung Bill of Quantity (BQ)                                     Calculating Bill of Quantity (BQ)                                                                   1
26. Merawat, Mendiagnosa, dan Memperbaiki                                Maintain, Diagnose, and Repair Hydraulic Systems                                                   16
      Sistem Hidrolik
27. Merawat, Mendiagnosa, dan Memperbaiki                                Maintaining, Diagnosing and Repairing Pneumatic                                                    15
      Sistem Pneumatik                                                   Systems
28. Operasi Penuntun Hot-dip Galvanis dan                                Operating Guide for Hot-dip Galvanization                                                           9
      Teori Galvanis                                                     and Galvanic Theory
29. Pengoperasian Alat Zinc Spray dan Marking                            Operating the Zinc Spray Equipment and Marking                                                      2
      Printing                                                           Printing Equipment
30. Pengoperasian dan Perawatan Overhead Crane                           Operating and Maintaining the Overhead Crane                                                       16
31. Pengoperasian Overhead Crane                                         Operating the Overhead Crane                                                                       10
32. Quality Management System ISO 9001:2015                                                                                                                                 22
33. Warehouse Management                                                                                                                                                    10
34. Alat Ukur                                                            Measuring Instrument                                                                               187
35 Build In Quality                                                                                                                                                         94
36. Creative Selling Techniques                                                                                                                                             29
37. Daily Check dan Operasional Crane                                                                                                                                       90
38. Eddy Current Machine                                                                                                                                                    15
39. Finance for Non Finance                                                                                                                                                  4
40. FMEA                                                                                                                                                                     5
41. Instruksi Kerja & Prosedur Internal Sales                            Work Instructions & Internal Sales Procedures                                                       8
42. Instruksi Kerja & Prosedur Sales TelemMarketing                      Work Instructions & Telemarketing Sales Procedures                                                  2
43. Instruksi Kerja Proses Forming - Welding                             Work Instructions for Forming - Welding Process                                                    10
44. Instruksi Kerja Proses Sizing - Cutting                              Work Instructions for Sizing - Cutting Process                                                      5
45. Instruksi Kerja Proses Slitter                                       Work Instructions for Slitting Process                                                              3
46. Instruksi Kerja Proses Uncoiler - Accumulator                        Work Instructions for Uncoiler - Accumulator Process                                                1


                 Tata Kelola Perusahaan                      Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan            03
                 Corporate Governance                          Corporate Social Responsibility                 References                            Financial Statements         073
Page 82
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      No.                                 Pelatihan Khusus/Inti | Core Training                                                   Jumlah Peserta | No. of Participant

      47. Instruksi Kerja & Prosedur Eksternal Sales                            Work Instructions & External Sales Procedures                                         7
      48. Inventory Management                                                                                                                                       10
      49. K3 Awareness                                                                                                                                                2
      50. Lean Manufacturing                                                                                                                                          2
      51. Melakukan Penerimaan, Penyimpanan dan                                 Carrying out Receiving, Storing and Dispensing                                       44
            Pengeluaran Pipa / Material                                         Pipes / Materials
      52. Melakukan Stock Opname                                                Carrying out Stock Opname                                                            40
      53. Mengelola Proses Produksi                                             Managing Production Process                                                           5
      54. Overhead Crane - Teori                                                Overhead Crane - Theory                                                              68
      55. Penanganan Produk Cacat dan Kondisi                                   Handling Defective Products and Abnormal                                             33
            Abnormal                                                            Conditions
      56. Pengelolaan Limbah B3                                                 B3 Waste Management                                                                   3
      57. Pengenalan Dept. Reprocessing                                         Introduction to Dept. Reprocessing                                                  135
      58. Pengenalan Dept. Tubing                                               Introduction to Dept. Tubing                                                        101
      59. Pengenalan Dept. Warehouse                                            Introduction to Dept. Warehouse                                                     169
      60. Pengenalan Instruksi Kerja Maintenance                                Introduction to Maintenance & Engineering Work                                        2
            & Engineering                                                       Instructions
      61. Pengenalan Instruksi Kerja Purchasing                                 Introduction to Purchasing Work Instructions                                          1
      62. Pengenalan Instruksi Kerja QA/QC                                      Introduction to QA/QC Work Instructions                                               2
      63. Pengenalan Instruksi Kerja Reprocessing                               Introduction to Reprocessing Work Instructions                                       26
      64. Pengenalan Instruksi Kerja Tubing                                     Introduction to Tubing Work Instructions                                             19
      65 Pengenalan Instruksi Kerja Warehouse                                   Introduction to Warehouse Work Instructions                                          30
      66. Pengenalan Tubing dan Slitter                                         Introduction to Tubing and Slitters                                                  17
      67. Petugas Peran Penanganan Kebakaran                                    Fire Handling Role Officer                                                            39
      68. PPIC & Pergudangan                                                    PPIC & Warehousing                                                                    7
      69. Praktek Penanganan Kebakaran                                          Fire Handling Practices Using APAR                                                   33
            Menggunakan APAR
      70. Praktek Pengoperasian Overhead Crane                                  Overhead Crane Operating Practices                                                   13
      71. Production / Operation Planning Control                               Production / Operation Planning Control                                               4
      72. Refresh : Praktek Pengoperasian Overhead Crane                        Refresh: Overhead Crane Operation Practices                                           3
      73. Stock Opname                                                                                                                                                8
      74. Supply Chain Management                                                                                                                                    12
      75. Total Productive Maintenance                                                                                                                               14
      76. Training ZWCAD                                                                                                                                              5
      77. Warehouse Barcode System                                                                                                                                   26
            TOTAL PESERTA | TOTAL OF PARTICIPANTS                                                                                                                   1670




 03               Ikhtisar Utama                          Laporan Manajemen                    Profil Perusahaan                  Analisa & Pembahasan Manajemen
074                 Highlights                            Management Report                    Company Profile                    Management Discussion & Analysis
Page 83
                                                                                                Igniting Engagement                         Laporan Tahunan 2023
                                                                                                 Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Pelatihan Eksternal | External Training

No.                                       Pelatihan Non Manajemen | Non Management Training                                        Jumlah Peserta | No. of Participant

1     Technical Performance NDE Level II                                                                                                                                   10
 .    (Ultrasonic Testing)
2. Technical Performance NDE Level II                                                                                                                                      2
      (Liquid Penetrant Test & Magnetic Particle Test)
3. Seminar Tatap Muka ZW3D ZWCAD - 3D                                     Seminar in Person ZW3D ZWCAD - 3D                                                                2
      CAD CAM Software Hi-End dengan Harga                                CAD CAM Hi-End Software with Affordable
      Terjangkau dan Licence Permanent                                    Prices and Permanent License
4. Resertifikasi Petugas P3K Di Tempat Kerja                               Recertification of First Aid Officers in the Workplace                                             2
5. BWI Client’s Gathering Event 2023                                                                                                                                       2
6. ICSA CG Officer Workshop Series                                                                                                                                          1
      (Corporate Communications)
7. Resertifikasi Coating Inspector Level II                                Recertification of Coating Inspector Level II                                                     1
8. Pelatihan dan Pembinaan Operator Forklift                              Training and Coaching for Class I Forklift Operators                                             4
      Kelas I Sertifikasi Kemnaker RI                                      Certification of the Indonesian Ministry of Manpower
9. Pelatihan dan Pembinaan Tenaga Kerja                                   Training and Development of High Building Workforce                                              4
      Bangunan Tinggi Tingkat II (TKBT II) Sertifikasi                     Level II (TKBT II) Certification of the Indonesian
      Kemnaker RI                                                         Ministry of Manpower
10. Grow Together for Eastern Indonesia                                                                                                                                    1
      Complimentary Webinar Series: Customs Audit –
      Practical Considerations
11. Pelatihan dan Sertifikasi Liquid Penetrant Testing                     Training and Certification of Liquid Penetrant Testing &                                          1
      & Magnetic Particle Testing (PTMT) Level II                         Magnetic Particle Testing (PTMT) Level II
12. Pelatihan dan Sertifikasi Welding Inspector                            Training and Certification of Welding Inspector of BNSP                                           1
      Standard BNSP                                                       Standard
13. Refreshment dan Uji Kompetensi Penanggung                             Refreshment and Competency Test of Persons                                                       1
      Jawab Pengendalian Pencemaran Udara (MPPU)                          Responsible for Air Pollution Control (MPPU)
14. Pelatihan dan Sertifikasi Ultrasonic Testing (UT)                      Training and Certification of Ultrasonic Testing (UT)                                             1
      Level II                                                            Level II
15. Resertifikasi Ultrasonic Testing (UT) Level II                         Recertification for Ultrasonic Testing (UT) Level II                                              1
16. Resertifikasi Liquid Penetrant Testing & Magnetic                      Recertification of Liquid Penetrant Testing & Magnetic                                            2
      Particle Testing (PTMT) Level II                                    Particle Testing (PTMT) Level II
17. Training dan Pembinaan Operator Overhead Crane                        Training and Certification of Overhead Crane Operator                                             11
      Kelas III Sertifikasi Kemnaker RI                                    Class III Indonesian Ministry of Manpower Certification
      TOTAL PESERTA | TOTAL OF PARTICIPANTS                                                                                                                                47




                 Tata Kelola Perusahaan                   Tanggung Jawab Sosial Perusahaan                     Referensi                             Laporan Keuangan           03
                 Corporate Governance                       Corporate Social Responsibility                   References                            Financial Statements        075
Page 84
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Pelatihan Eksternal | External Training

      No.                                 Pelatihan Manajemen | Management Training                                                Jumlah Peserta | No. of Participant

      1     PPIC & Pergudangan Based on Modern Supply                                   PPIC & Warehousing Based on Modern Supply                                    4
       .    Chain Management                                                            Chain Management
      2. Warehouse Management                                                                                                                                        1
      3. Pelatihan dan Sertifikasi Welding Inspector                                     Welding Inspector Training and Certification                                  1
            Standard BNSP                                                               Standard BNSP
      4. Purchasing Management                                                                                                                                       2
      5. Career Path and Succession Planning                                                                                                                         1
      6. IR Clinic Offline : Penyusunan PKB Di Tengah Pro                                IR Clinic Offline: Preparation of PKB amidst the                              1
            Kontra PERPU : Re – Design PKB/PP Sesuai                                    Pros and Cons of PERPU: Re-Design PKB/PP
            PERPU UUCK”                                                                 in accordance with PERPU UUCK"
      7. Grading & Total Reward Design                                                                                                                               1
      8. Minaut Indonesia: Problem Solving and Decision                                                                                                              5
            Making
      9. Supply Chain Management                                                                                                                                     1
      10. Chief HR Master Class : Business Results Thru                                                                                                              2
            Future HR Capabilities
      11. Production/Operation Planning & Control                                                                                                                    3
      12. Future Disruptive Leaders                                                                                                                                  5
      13. Lean Manufacturing                                                                                                                                         5
      14. Inventory Management                                                                                                                                       4
      15. Succession Planning for Intergenerational Wealth                                                                                                           1
            in Family Enterprise
      16. Company Culture                                                                                                                                            3
      17. Half Day Technical Seminar "Challenges in Hot Dip                                                                                                          2
            Galvanizing”
      18. Employee Engagement : Key To Your Organization's                                                                                                           2
            Performance
      19. Aligning Business Process to Organization Capability                                                                                                       2
      20. Increase Company Competitiveness Through Total                                                                                                             5
            Productive Maintenance
      21. Implikasi Putusan Mahkamah Konstitusi Nomor                                   Implications of the Constitutional Court Decision Number                     1
            26/PUU-XXI/2023 terhadap Eksistensi Pengadilan Pajak                        26/PUU-XXI/2023 for the Existence of the Tax Court
      22. Technology Seminar And PT. Weiss Tech Open House                                                                                                           2
      23. Dale Carnegie Insights Empowered Employees :                                                                                                               2
            Managing & Retaining Them in the New and Challenging
            Workplace




            TOTAL PESERTA | TOTAL OF PARTICIPANTS


 03               Ikhtisar Utama                          Laporan Manajemen                     Profil Perusahaan                  Analisa & Pembahasan Manajemen
076                 Highlights                            Management Report                     Company Profile                    Management Discussion & Analysis
Page 85
                                                                                                 Igniting Engagement                         Laporan Tahunan 2023
                                                                                                  Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Pelatihan Eksternal | External Training

No.                                   Pelatihan Manajemen | Management Training                                                     Jumlah Peserta | No. of Participant

24. Grow Together for Eastern Indonesia Complimentary                                                                                                                        1
      Webinar Series: Transfer Pricing Compliances – Practical
      Considerations
25. First Line Leadership : Becoming Effective Leader                                                                                                                        3
26. Overcoming Customer's Objection with Negotiation                                                                                                                         3
27. Creative Selling Techniques                                                                                                                                              3
28. Assessor Certification Program Batch 4                                                                                                                                    1
29. Egosentris Divisi : Musibah atau Anugerah?                                      Egocentric Division: Disaster or Blessing?                                               5
30. Handling Complaint With Wow Service                                                                                                                                      3
31. Corporate Culture Under Pressure: How Leaders can                                                                                                                        2
      Respond to Build a Better Organization
32. Unleashing the Power of Human Potential: Discover                                                                                                                        2
      Powerful Talent Management Secrets that Ignite Passion
      and Drive Success"
33. Refreshment dan Uji Kompetensi Penanggung Jawab                                 Refreshment and Competency Test of the                                                   1
      Operasional Instalasi Pengendalian Pencemaran Udara                           Person in Charge of Operational Air Pollution
      (OPPU)                                                                        Control Installations (OPPU)
34. Employee Evolution 2023 : Unleash Your Team Potential                                                                                                                    2
35. Antisipasi Pengupahan 2024 : Sesuai PP No.51 Tahun                              2024 Wage Anticipation: In accordance with                                               1
      2023 Tentang Perubahan Atas Peraturan Pemerintah                              PP No. 51 of 2023 concerning Amendments
      No. 36 Tahun 2021                                                             to Government Regulation No. 36 of 2021
36. Critical Thinking : A Vital Auditing Competency                                                                                                                          1
37. Coating Over Galvanis                                                                                                                                                    1
38. Wawancara Efektif Untuk Seleksi Karyawan                                        Effective Interviews for Employee Selection                                             38
      TOTAL PESERTA | TOTAL OF PARTICIPANTS                                                                                                                                 123




Pelatihan Eksternal | External Training

No.                                   Pelatihan Direksi | Board of Directors Training                                               Jumlah Peserta | No. of Participant

1. Finance for Non Finance                                                                                                                                                   5
2. Sharing Session Generative AI - AI Artistry Unleashed: Navigating the Future                                                                                              5
      with Generative AI in Industry 4.0, Transforming Industries Through AI Innovation
      TOTAL PESERTA | TOTAL OF PARTICIPANTS                                                                                                                                  5




             Tata Kelola Perusahaan                      Tanggung Jawab Sosial Perusahaan                       Referensi                             Laporan Keuangan            03
             Corporate Governance                          Corporate Social Responsibility                     References                            Financial Statements         077
Page 86
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Sepanjang tahun 2023, telah dilakukan 131 Pelatihan Internal yang                Throughout 2023, 131 Internal Trainings have been carried out
      diikuti oleh 3.850 peserta, yang terbagi menjadi 54 Pelatihan Umum               which were attended by 3,850 participants, which are divided into 54
      dan 77 Pelatihan Khusus/Inti. Pelatihan Eksternal telah dilakukan                General Trainings and 77 Special/Core Trainings. There have been 55
      sebanyak 55 pelatihan yang diikuti oleh 170 peserta, yang terbagi                external trainings attended by 170 participants, divided into 47 Non-
      menjadi 47 Pelatihan Non-Manajemen dan 123 Pelatihan                             Management Trainings and 123 Management Trainings.
      Manajemen.


      Pelatihan Eksternal bagi Direksi dilakukan sebanyak 2 pelatihan yang             External Training for Board of Directors was carried out in 2 training
      diikuti oleh 5 peserta.                                                          sessions which were attended by 5 participants.




 03              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                 Analisa & Pembahasan Manajemen
078                Highlights                            Management Report             Company Profile                   Management Discussion & Analysis
Page 87
                                                                                   Igniting Engagement                         Laporan Tahunan 2023
                                                                                    Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Komposisi Karyawan
Composition of Employee

Rekapitulasi Data Sumber Daya Manusia per 31 Desember 2023
Human Resources Data Summary per 31 December 2023

                                     2023                                                                                                                 1020

  Jumlah Karyawan
  Total Employees
                                     2022                                                                                                                 1030


                                     2021                                                                                                                 1110



Komposisi karyawan berdasarkan kategori jenjang manajemen
Employee category by management level
                                                                                                                                              Jumlah      Persentase
                                                                                                                                               Total      Percentage

                                        2023                                                                                                   128            13%
  Manajemen ke atas |
  Management and above
                                        2022                                                                                                   130            13%
                                        2021                                                                                                   122            11%


                                        2023                                                                                                   892            87%
  Staf dan Operator |
  Staff and Operator
                                        2022                                                                                                   900            87%
                                        2021                                                                                                   886            80%


Komposisi karyawan berdasarkan kategori jenjang pendidikan
Employee category by education level
                                                                                                                                              Jumlah      Persentase
                                                                                                                                               Total      Percentage

                                        2023                                                                                                   410            40%
 Diploma / Sarjana ke atas |
                                        2022                                                                                                   400            39%
 Diploma / Bachelor and above
                                        2021                                                                                                   381            34%

 Sekolah Menengah Atas atau Sekolah     2023                                                                                                   610            60%
 Menengah Kejuruan ke bawah |
                                        2022                                                                                                   630            61%
 Senior High School or Vocational
 High School below                      2021                                                                                                   729            66%


Komposisi karyawan berdasarkan status kepegawaian
Employee category by employment status                                                                                                        Jumlah      Persentase
                                                                                                                                               Total      Percentage

                                        2023                                                                                                   920            90%
 Pegawai Tetap |
 Permanent Employee
                                        2022                                                                                                   931            90%
                                        2021                                                                                                   966            87%

                                        2023                                                                                                   100            10%
 Pegawai Kontrak |
 Contract Employee                      2022                                                                                                    99            10%
                                        2021                                                                                                   144            13%

            Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan               03
            Corporate Governance                 Corporate Social Responsibility                 References                            Financial Statements            079
Page 88
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Komposisi karyawan berdasarkan kategori usia
      Employee category by age
                                                                                                                                  Jumlah      Persentase
                                                                                                                                   Total      Percentage

                                                         2023                                                                       64          6%
       <26 tahun | <26 year old                          2022                                                                       63          6%
                                                         2021                                                                      108         10%


                                                         2023                                                                      277         27%
       26 - 35 tahun | 26 - 35 year old                  2022                                                                      273         27%
                                                         2021                                                                      223         20%


                                                         2023                                                                      353         35%
       36 - 45 tahun | 36 - 45 year old                  2022                                                                      364         35%
                                                         2021                                                                      237         21%


                                                         2023                                                                      166         16%
       46 - 50 tahun | 46 - 50 year old                  2022                                                                      183         18%
                                                         2021                                                                      259         23%


                                                         2023                                                                      135         13%
       51 - 55 tahun | 51 - 55 year old                  2022                                                                      121         12%
                                                         2021                                                                      259         23%


                                                         2023                                                                       25          2%
       >56 tahun | >56 year old                          2022                                                                       26          2%
                                                         2021                                                                       24          2%




      Komposisi karyawan berdasarkan jenis kelamin
      Employee category by gender
                                                                                                                                  Jumlah      Persentase
                                                                                                                                   Total      Percentage

                                                         2023                                                                      867         85%
       Pria |
       Male
                                                         2022                                                                      875         85%
                                                         2021                                                                      965         87%


                                                         2023                                                                      153         15%
       Wanita |
       Female                                            2022                                                                      155         15%
                                                         2021                                                                      145         13%

 03               Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan   Analisa & Pembahasan Manajemen
080                 Highlights                            Management Report             Company Profile     Management Discussion & Analysis
Page 89
                                                                              Igniting Engagement                          Laporan Tahunan 2023
                                                                               Elevating Excellence       PT Steel Pipe Industry of Indonesia Tbk




Komposisi Pemegang Saham
Composition of Shareholders


                                                                                                                    %
                                                                               42,38
                                                                               Masyarakat | Public




                                                                                                                           %
 55,94                           %
                                                                                                  1,68
                                                                                                  Saham Treasury | Treasury Stock
 PT Cakra Bhakti Para Putra


        Nama Pemegang Saham                          per 1 January 2023 [%]                                   per 31 December 2023 [%]
         Name of Shareholders                       As of January 1st, 2023 [%]                              As of December 31st, 2023 [%]

    PT Cakra Bhakti Para Putra                                   55,94%                                                       55,94%

    Masyarakat | Public                                          42,38%                                                       42,38%

    Saham Treasury | Treasury Stock                                1,68%                                                        1,68%




Daftar Pemegang Saham & Komposisi Kepemilikan |
List of Shareholders & Percentage of Ownerships

                                                             2023                                                   2022
 Nama Pemegang                           Jumlah                       Persentase                         Jumlah                       Persentase
                                                                                                                                                          Nominal Value IDR 100 per Share




 Saham                                   Saham                        Kepemilikan                        Saham                        Kepemilikan
                                                                       Saham(%)                                                        Saham(%)
 Name of                                Number of                    Percentage of                    Number of                      Percentage of
 Shareholders                            Shares                      Ownership (%)                     Shares                        Ownership (%)

 PT Cakra Bhakti Para Putra           4.020.063.930                       55,94%                  4.020.063.930                           55,94%

 Masyarakat | Public                  3.045.276.805                       42,38%                  3.045.276.805                           42,38%

 Saham Treasury | Treasury Stock       120.651.300                         1,68%                      120.651.300                           1,68%

 TOTAL SAHAM KESELURUHAN              7.185.992.035                        100%                   7.185.992.035                             100%


        Tata Kelola Perusahaan        Tanggung Jawab Sosial Perusahaan                       Referensi                              Laporan Keuangan                                        03
        Corporate Governance            Corporate Social Responsibility                     References                             Financial Statements                                     081
Page 90
Jenis Kepemilikan Saham | Type of Shareholder
Nama                                                  Jumlah Pemegang Saham                    Jumlah Saham            Persentase
Name                                                    Number of Shareholder                 Number of Shares         Percentage

Institusi Lokal | Local Institutions                                   24                      4.160.689.388              57,90%

Institusi Asing | Foreign Institutions                                 29                      1.430.012.415              19,90%

Individu Lokal | Local Individuals                                  11.951                     1.465.942.375              20,40%

Individu Asing | Foreign Individuals                                   29                        129.347.857                1,80%

TOTAL                                                               12.033                     7.185.992.035             100,00%




Kelompok Pemegang Saham | Categories of Shareholder
Status Kepemilikan                                    Jumlah Pemegang Saham                    Jumlah Saham            Persentase
Ownership                                               Number of Shareholder                 Number of Shares         Percentage

PEMODAL NASIONAL | LOCAL INVESTORS

Individu Lokal | Local Individuals                                  11.951                     1.465.942.375              22,40%
Institusi (Broker) | Institutions (Broker)                               4                       693.448.231                9,65%
Koperasi | Cooperative                                                   0                                      0           0,00%
Dana Pensiun | Pension Funds                                             1                       173.362.058                2,41%

Asuransi | Insurance                                                     2                       346.724.116                4,83%

Perseroan Terbatas | Company                                           16                      2.773.792.926              38,60%

Badan Usaha Tetap Khusus Non Tax |                                       0                                      0           0,00%
Non Tax Permanent Establishment

Reksadana | Mutual Funds                                                 1                       173.362.058                2,41%
TOTAL PEMODAL NASIONAL | TOTAL LOCAL INVESTORS                      11.975                     5.626.631.763              78,30%

PEMODAL ASING | FOREIGN INVESTORS

Individu Asing | Foreign Individuals                                   29                        129.347.857                1,80%
Badan Usaha Asing | Foreign Corporation                                29                      1.430.012.415              19,90%

TOTAL PEMODAL ASING | TOTAL FOREIGN INVESTORS                          58                      1.559.360.272              21,70%
TOTAL                                                               12.033                     7.185.992.035                100%




Kepemilikan Saham Anggota Dewan Komisaris & Direksi |
Share Ownership of The Board of Commissioners & Board of Directors
Per 31 Desember 2023, tidak ada anggota Dewan Komisaris dan            As of December 31, 2023, there is no member of the Board of

Direksi yang memiliki saham publik Perseroan baik secara langsung      Commissioners and Board of Directors has a public share of the
maupun tidak langsung.                                                 Company either directly or indirectly.
Page 91
                                                                                                     Igniting Engagement                         Laporan Tahunan 2023
                                                                                                      Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Grup & Struktur Kepemilikan Saham |
Group & Shareholding Structure
                                                PT Cakra Bhakti                                  Pemegang Saham
                                                  Para Putra                                       Shareholders


                                        55,94%                                                                      44,06%



                                90%                                       50%                                                       20%
                               PT SPINDO                                  PT Sanko Steel
                                                                                                                             PT Poses
                           Engineering Industry                             Indonesia

 Pemegang Saham | Shareholders
                                                                                                 2023                                               2022
                       Nama Pemegang Saham                                      Jumlah Saham              Persentase               Jumlah Saham                Persentase
                        Name of Shareholder                                    Number of Shares           Percentage              Number of Shares             Percentage

      Pemberton Asia Opportunities Fund                                              500.000.000               6,96%                    500.000.000                 6,96%
      Saham Warkat (masyarakat) | Script Share (public)                              126.436.750               1,76%                    126.436.750                 1,76%
      Saham Non Warkat (masyarakat) | Scriptless Share (public)                    2.418.840.055              33,66%                  2.418.840.055                33,66%
      Saham Treasury | Treasury Share                                                120.651.300               1,68%                    120.651.300                 1,68%
      Total Saham | Total Share                                                    7.185.992.035            100,00%                   7.185.992.035              100,00%




Entitas Anak & Perusahaan Asosiasi
Subsidiaries & Associate Companies
Entitas Anak                                                                                  Perusahaan Asosiasi
Subsidiaries                                                                                  Associate Companies

PT SPINDO ENGINEERING INDUSTRY                                                                PT SANKO STEEL INDONESIA
Jl. Kalibutuh No. 189-191,                                                                    Jl. Millennium Raya Blok 1-2 No. 7, Desa Peusar, Kec. Panongan,
Surabaya, Jawa Timur 60173                                                                    Tigaraksa Cikupa, Tangerang, Banten 15710
p : +6231 532 0320                                                                            p : +6221 2915 9125
f : +6231 531 0712                                                                            f : +6221 2915 9124

Perdagangan, perindustrian &                 Trading, industrial and                          Industri suku cadang dan
jasa, 90% kepemilikan oleh                   services, 90% owned by                           aksesori kendaraan bermotor,
SPINDO.                                      SPINDO.                                          50% kepemilikan oleh SPINDO.


                                                                                              PT POSES
                                                                                              Jl. S.A. Tirtayasa No. 7, Rukan Mega Cilegon Blok A,
                                                                                              Ramanuju, Purwakarta, Cilegon, Banten 42411

                                                                                              Perdagangan besar dan jasa                  Large trading and after sales
                                                                                              purna jual, 20% kepemilikan oleh services, 20% owned by
                                                                                              SPINDO.                                     SPINDO.


             Tata Kelola Perusahaan                       Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      03
             Corporate Governance                           Corporate Social Responsibility                        References                            Financial Statements   083
Page 92
                  2023 Annual Report                          Igniting Engagement
                  PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




  Lembaga Penunjang
  Profesi & Pasar Modal
  Professional Institutions & Capital Market


  Kantor Akuntan Publik                                                              Bursa
  Public Accounting Firm                                                             Stock Exchange

  Kanaka Puradireja, Suhartono                                                       PT Bursa Efek Indonesia
  (a member of Nexia International)                                                  Indonesia Stock Exchange Building

  18th Office Park, Tower A Lt. 20                                                   Tower I, 6th Floor

  Jl. T.B. Simatupang No. 18,                                                        Jl. Jend. Sudirman Kav. 52 - 53

  Kebagusan, Pasar Minggu                                                            Jakarta 12190, Indonesia

  Jakarta 12520, Indonesia                                                           p : +62 21 515 0515

  P : +6221 2270 8292                                                                f : +62 21 515 0330

  F : +6221 2270 8299                                                                e : callcenter@idx.co.id

  e : office18@kanaka.co.id                                                          w: www.idx.co.id

  w: www.kanaka.co.id



  Notaris                                                                            Biro Administrasi Efek
  Notary                                                                             Share Registrar

  Christina Dwi Utami, SH., M.Hum., M.Kn,                                            PT Adimitra Jasa Korpora
  Jl. K.H. Zainul Arifin No. 2                                                       Rukan Kirana Boutique Office

  Kompleks Ketapang Indah B2 No. 4-5                                                 Jl. Kirana Avenue III Blok F3 No. 5

  Jakarta 11140, Indonesia                                                           Kelapa Gading, Jakarta Utara 14250,

  p : +6221 630 1577                                                                 Indonesia

  f : +6221 633 7851                                                                 p : +6221 2974 5222

                                                                                     f : +6221 2928 9961
                                                                                     e : opr@adimitra-jk.co.id




 03            Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                      Analisa & Pembahasan Manajemen
084              Highlights                            Management Report             Company Profile                        Management Discussion & Analysis
Page 93
                                                                                                Igniting Engagement                         Laporan Tahunan 2023
                                                                                                 Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Informasi pada Situs
Perusahaan
Information on the Company’s Website


Situs atau Website resmi Perseroan dibuat guna menerapkan prinsip                       The purpose of the Company’s official website is to implement the principles of
keterbukaan dalam pengelolaan Perusahaan. Perseroan mengadopsi seluruh                  transparency in the management of the Company. The Company adopted the

intisari dari Peraturan OJK (POJK) No. 8/POJK.04/2015 tentang Situs Web                 entire essence of the FSA Regulation No. 8/POJK.04/2015 concerning

Emiten atau Perusahaan Publik. Situs resmi Perseroan adalah                             Website of the Issuer or Public Company. The Company’s official website is

www.spindo.com. Dalam rangka menjaga aktualitas informasi yang ada,                     www.spindo.com. In order to maintain the actuality of information available,
Perseroan melakukan pembaharuan secara berkala guna menjamin                            the Company carries out routine information updates and guarantees

keterbukaan informasi bagi para pemangku kepentingan. Situs yang disajikan              information disclosure for the stakeholders. The website is available in two

dalam dua bahasa ini, yakni Indonesia dan Inggris, memuat berbagai informasi            languages, Indonesian and English and it contains a variety of information on:

antara lain:


Profil Perusahaan                                                                        Company Profile
Dalam menu ini, berbagai informasi terkait dengan sejarah singkat Perseroan,            This menu presents various information in relation to the brief history of the

Profil Manajemen, Visi dan Misi serta Tujuan perusahaan, Riwayat                         Company, Management Profile, Vision, Mission and Goals, Milestones,

Perusahaan, Struktur Organisasi termasuk Kepemilikan Saham serta Kegiatan               Structure of Organization including information on Share Ownership and
Usaha Perseroan. Dengan melihat informasi tersebut, para Pemangku                       Business Activities. With this information readily available on the website, the

Kepentingan dapat mengetahui dengan jelas Profil Perusahaan serta                        Stakeholders will have a clear insight in regards to the Profile of the Company

pengelolaan perusahaan.                                                                 and its management.


Produk                                                                                  Product
SPINDO memproduksi berbagai macam pipa baja dengan standar sertifikasi                   SPINDO produces a variety of steel pipes with international and national
domestik dan Internasional untuk berbagai macam aspek kehidupan. Jaminan                standards for all kinds of purposes in everyday life. Product quality assurance

mutu produk selalu dilakukan perusahaan untuk menghasilkan produk                       is paramount for the Company in order to produce the
dengan kualitas dengan durabilitas yang baik. Selain itu, pipa kami telah               best quality products with good durability. Additionally, our products have
melalui lebih dari 10 tahap pengujian untuk menghasilkan pipa baja dengan               gone through ten stages of testing to acquire top-quality steel pipes.
kualitas terbaik.


Tata Kelola Perusahaan                                                                  Corporate Governance
SPINDO memiliki komitmen untuk menerapkan tata kelola perusahaan                        SPINDO is committed to implementing Corporate Governance as a process to
sebagai salah satu proses untuk menjaga kesinambungan usaha perusahaan                  sustain business continuity in the long term that prioritizes the interest of

dalam jangka panjang yang mengutamakan kepentingan para pemegang                        shareholders and stakeholders. In implementing GCG, the Company always
saham dan pemangku kepentingan. Dalam pelaksanaan tata kelola                           emphasizes the five principles, such as transparency, accountability,
perusahaan yang baik, Perseroan selalu mengedepankan 5 prinsip, yaitu                   responsibility, independence and fairness as well as equality.
transparansi, akuntabilitas, pertanggungjawaban, independensi, dan

kewajaran serta kesetaraan.




               Tata Kelola Perusahaan               Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      03
               Corporate Governance                   Corporate Social Responsibility                         References                            Financial Statements   085
Page 94
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Investor                                                                          Investor
      Perseroan berkomitmen untuk menyediakan informasi yang dibutuhkan bagi            The Company is committed to providing the information needed by the

      Pemegang Saham seputar daftar pemegang saham, perkembangan harga                  shareholders in regards to shareholder lists, stock price development,

      saham, termasuk laporan kinerja perusahaan yang mencakup laporan                  including the Company’s performance report which includes financial

      keuangan dan laporan tahunan. Informasi tersebut selalu disajikan dengan          statements and annual reports. This information is always presented in the
      mengedepankan prinsip keterbukaan dan transparansi.                               spirit of openness and transparency principles.



      Tanggung Jawab Sosial
      SPINDO memilki komitmen untuk melakukan pengelolaan SDM yang                      Social Responsibility
      berfokus pada peningkatan kualitas SDM, baik didalam perusahaan maupun            SPINDO is committed to human resource management with a focus on

      di lingkungan sekitar perusahaan. Selain itu, perusahaan juga berkomitmen         improving the quality of human resources both within the company and its

      untuk menjaga kelestarian lingkungan secara berkelanjutan yang                    environment. In addition, the company is committed to sustainable

      diharmonisasikan dalam triple bottom line yakni profit, people, dan planet.        environmental protection in line with its triple purpose of profit, people, and
                                                                                        planet.



      Artikel                                                                           Articles
      SPINDO memberikan informasi tentang perkembangan perusahaan,                      SPINDO provides information on company advancements, the steel industry
      informasi tentang sektor industri baja, serta pengumuman penting lainnya.         sector, and other key announcements. The publication of articles is intended to

      Pemuatan artikel diharapkan dapat mempermudah masyarakat dalam                    make it easier for the public to get information about firms and the steel
      memperoleh informasi seputar perusahaan dan sektor industri baja.                 industry sector.


      Karir                                                                             Career
      SPINDO terhubung dengan situs rekruitmen tenaga kerja yang dibutuhkan             SPINDO is linked to the necessary labor recruitment site with certain
      dengan kualifikasi yang jelas.                                                     qualifications.


      Kontak                                                                            Contact
      SPINDO membantu masyarakat untuk dapat langsung terhubung dengan                  SPINDO enables customers to directly contact businesses with questions

      perusahaan untuk berbagai pertanyaan terkait dengan perusahaan, produk            about the company, its products and services, and complaints.
      dan jasa, serta komplain.




 03               Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                     Analisa & Pembahasan Manajemen
086                 Highlights                            Management Report             Company Profile                       Management Discussion & Analysis
Page 95
                                                             Igniting Engagement                         Laporan Tahunan 2023
                                                              Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




         04                                         Analisa &
                                                    Pembahasan
                                                    Manajemen
                                                    Management Discussion & Analysis




Tata Kelola Perusahaan   Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      04
Corporate Governance       Corporate Social Responsibility                 References                            Financial Statements   087
Page 96
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Tinjauan Bisnis
      Overview of Business Performance

      Penerapan Strategi Multisegmen |
      Implementation of Multisegment Strategy
      Perseroan menerapkan strategi multisegmen untuk produk pipa baja                             The company implements a multi-segment strategy for its steel pipe
      yang dihasilkan. Masing-masing pasar memiliki pesan atau produk                              products. Each market has a different message or product, so the
      yang berbeda sehingga Perseroan juga menyesuaikan pesan dan                                  Company also adjusts the message and content to suit the wants and
      konten agar sesuai dengan keinginan dan kebutuhan yang                                       needs determined by each market. The Company has sorted steel
      ditentukan oleh masing-masing pasar. Perseroan telah memilah                                 pipe products according to market needs, including: water pipes,
      produk pipa baja sesuai kebutuhan pasar, antara lain: pipa air, pipa                         structural pipes, oil and gas pipes, GI pipes, furniture pipes,
      struktur, pipa minyak dan gas, pipa GI, pipa furnitur, pipa otomotif,                        automotive pipes, poles, stainless steel pipes for industry and
      tiang, pipa stainless steel untuk industri, dan stainless steel untuk                        stainless steel for ornaments. Each steel pipe product label has been
      ornamen. Masing-masing label produk pipa baja tersebut telah                                 given a different message and content according to end-user needs.
      diberikan pesan dan konten yang berbeda sesuai dengan kebutuhan
      end-user.


      Strategi ini membantu Perseroan mengatasi siklus hidup produk,                               This strategy helps the Company overcome the product life cycle, if
      apabila salah satu produk segmen tertentu turun maka Perseroan                               one particular product segment declines, the Company has other
      memiliki produk segment lain untuk bersaing. Strategi multisegmen                            product segments to compete. The multi-segment strategy gives the
      memberi Perseroan peluang untuk menjangkau pangsa pasar yang                                 Company the opportunity to reach a wider market share, as well as
      lebih luas, sekaligus memungkinkan efisiensi dan efektivitas                                  enabling efficiency and effectiveness of its marketing because the
      pemasarannya karena perusahaan memiliki lebih banyak sarana                                  company has more means to convey messages to consumers.
      untuk menyampaikan pesan kepada konsumen.



                                                                        Finansial
                                                                        Optimasi biaya melalui cost-cutting dan
                                                                        cost-reduction berdasarkan analisa terukur.

                                                                        Financial
              Pelanggan
                                                                        Cost optimization through cost-cutting and              Internal
              Mendorong praktek usaha yang
                                                                        cost-reduction based on measured analysis.              Penggunaan saluran digital untuk
              positif melalui:
                                                                                                                                informasi tentang produk, kapasitas
              Edukasi dan sosialisasi terhadap
                                                                                                                                produksi, ketersediaan produk,
              end-user dan implementasi akan
                                                                                                                                dan pemasaran produk.
              brand awareness komitmen.

              Customer
                                                                  Visi & Strategi                                               Internal
                                                                                                                                Utilization of digital channels for
              encourage a positive business                         Vision & Strategy                                           product information, production
              practices through education and
                                                                                                                                capacity, product availability, and
              socialization to end-users and
                                                                                                                                marketing.
              implement our commitment to
                                                                      Innovation
              brand awareness.
                                                                      Optimalisasi penggunaan teknologi untuk
                                                                      kegiatan Perusahaan termasuk pemasaran,
                                                                      rapat perusahaan, dan inspeksi.

                                                                      Innovation
                                                                      Optimized use of technology in every activity
                                                                      of the company including marketing, corporate
                                                                      meetings, and inspection activities.




 04               Ikhtisar Utama                          Laporan Manajemen                       Profil Perusahaan                   Analisa & Pembahasan Manajemen
088                 Highlights                            Management Report                       Company Profile                     Management Discussion & Analysis
Page 97
                                                                                            Igniting Engagement                         Laporan Tahunan 2023
                                                                                             Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Strategi Tahun 2023 | Strategies in 2023

Optimasi Biaya Operasional                                                           Operational Cost Optimization
Perseroan mengeluarkan belanja modal yang terukur berdasarkan                        The Company made measured capital expenditures based on an
analisis kondisi yang terjadi saat itu. Optimasi biaya juga dilakukan                analysis of the current conditions. The cost optimization was
melalui pengawasan likuiditas yang ketat, di antaranya melalui cost                  achieved by strict liquidity monitoring, including cost cutting and cost
cutting dan cost reduction.                                                          reduction.


Perkiraan Permintaan Akurat dalam Mengatur Inventory                                 Accurate Demand Forecasting in Inventory Management
Dalam menghadapi volatilitas harga komoditas dan ancaman inflasi                      As we were faced with the volatility of commodity price and the threat
dibutuhkan pengambilan keputusan lebih cepat, yang mengarah                          of inflation, it was necessary for us to accelerate the decision-making
pada adaptasi terhadap perubahan pasar lebih cepat. Perseroan                        process, which might lead to a faster adaptation to market changes.
bergerak cepat mengamati sektor-sektor bisnis yang tumbuh pesat                      The Company managed to make prompt decisions about business
dalam pemulihan ekonomi dan mendorong penggunaan pipa baja.                          sectors that maintained a fast growth during the economic recovery
                                                                                     and allowed an increased use of steel pipes.


Mengaktifkan persediaan safety stock                                                 Safety stock inventory Activation
Skala ekonomis dan pengalaman panjang Perseroan selama lebih                         The company's economies of scale and over 50 years of extensive
dari 50 tahun memberi kemudahan dalam memperoleh bahan baku                          experience facilitate timely procurement of large quantities of raw
tepat waktu dalam jumlah besar dan akses pembiayaan dari                             materials and access to financing from suppliers. The company is
pemasok. Perseroan mempersiapkan momentum pembangunan                                gearing up for national development dynamics that will positively
nasional yang berdampak positif pada sektor infrastruktur dan                        impact the infrastructure and construction sector.
konstruksi.


Digitalisasi Sumber Daya Manusia                                                     Digitalization of Human Resources
Perseroan menjalankan program digitalisasi kepada seluruh                            The Company run a digitalization program for all employees. In 2023,
karyawan. Tahun 2023, tenaga penjual dan pemasar telah                               the salespeople and marketers began using available digital channels
menggunakan saluran digital yang tersedia untuk informasi produk,                    to disseminate information about product description and availability,
ketersediaan produk, kapasitas produksi dan pemasaran produk. Ke                     production capacity, and marketing. In the foreseeable future, the
depannya, program ini juga akan menjangkau semua hal yang                            program will also cover many other aspects relating to employee
berkaitan dengan kepentingan kar yawan, termasuk unit                                interests, including the Occupational Health and Safety (OHS) unit.
Keselamatan & Kesehatan Kerja (K3).


Perluasan Jangkauan Pasar                                                            Market Expansion
Saat ini pasar utama yang dilayani oleh Perseroan adalah:                            The main markets that the Company have now served are
“Infrastruktur, konstruksi dan utilitas”, “minyak dan gas”, “otomotif”,              infrastructure, construction and utilities; oil and gas; automotive; and
dan “perabot/furnitur”. Tahun 2023, Perseroan telah merintis layanan                 furniture. In 2023, the Company had started to offer services for
untuk sektor-sektor di bidang pertanian, perikanan, pergudangan,                     agriculture, fisheries, warehousing, telecommunications, and IT
telekomunikasi, dan IT.                                                              sectors.




              Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      04
              Corporate Governance                 Corporate Social Responsibility                        References                            Financial Statements   089
Page 98
                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Keunggulan Bersaing | Competitive Advantage




      Citra Merek yang Kuat | Strong Brand Image
      Merek SPINDO® memiliki sejarah sejak tahun 1971 sebagai produsen pipa              The SPINDO® brand has a history since 1971 as a manufacturer of high quality

      baja berkualitas tinggi dan telah terpercaya hingga kini. Perseroan memiliki       steel pipes and has been trusted to date. The Company has a history of more

      sejarah lebih dari 50 tahun dalam membina hubungan dengan pelanggan                than 50 years in building relationships with customers and suppliers, both
      dan pemasok, baik dari dalam dan luar negeri.                                      domestic and foreign.




      Produsen Terkemuka | Leading Manufacturer
      Perseroan dibangun dengan historis manufaktur utama yang terpercaya di             The Company was held with reliable historical as a major manufacturing in

      Indonesia. Perseroan telah membina hubungan dekat dengan berbagai                  Indonesia. The Company has close relationships with many domestic and

      pemasok internasional dan domestik. Sebagai pemasok utama, kami memiliki           international suppliers. As a major supplier, we have economies of scale that
      skala ekonomi yang memungkinkan perseroan untuk mendapat pasokan                   enables companies to get the best raw material supplies, economic price, and

      dengan bahan terbaik, harga ekonomis, dan ketersediaan tepat waktu.                on time availability.




      Beragam Produk Pipa Baja | Wide Range of Steel Pipe Products
      Perseroan memiliki 38 lini produksi untuk memproduksi berbagai jenis pipa          The Company has 38 production lines to manufacture various types of pipes
      yang dibutuhkan oleh para pelanggan untuk berbagai sektor. Perseroan juga          required by customers for various sectors. The Company is also capable of

      mampu memproduksi pipa baja dengan panjang hingga 72 meter tanpa                   producing steel pipes with lengths of up to 72 meters without joints and

      sambungan dan pipa baja dengan diameter hingga 3,2 meter, serta ketebalan          diameters up to 3.2 meters, and also a thickness of 25 mm which is the thickest

      25 mm yang merupakan spesifikasi paling tebal untuk mesin SAW di                   specification for SAW machine in Indonesia.
      Indonesia.


 04                Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                     Analisa & Pembahasan Manajemen
090                  Highlights                            Management Report             Company Profile                       Management Discussion & Analysis
Page 99
                                                                                              Igniting Engagement                         Laporan Tahunan 2023
                                                                                               Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Lokasi yang Strategis | Strategic Location
Untuk melayani permintaan domestik, lokasi produksi perseroan berada di               To serve the domestic demand, the company's production location is located

beberapa lokasi strategis. Sejak tahun 2017 hingga 2022, Perseroan                    in several strategic locations. From 2017 to 2022, the Company has grown

berkembang pesat dengan memiliki beberapa gudang distribusi di Jakarta                rapidly by having several distribution warehouses in West Jakarta, Bandung,
Barat, Bandung, Samarinda, Makassar serta kantor perwakilan di Semarang               Samarinda, Makassar as well as representative offices in Semarang and

dan Pekanbaru untuk melayani permintaan pipa baja di lokasi-lokasi proyek             Pekanbaru to serve demand for steel pipes in project locations spread

yang tersebar di seluruh wilayah Indonesia.                                           throughout Indonesia.




Tim Profesional & Berpengalaman | Professional & Experienced Team
Tim manajemen dan tim teknis Perseroan terdiri dari orang-orang yang                  Our management team & technical experts combine extensive industry

berpengalaman dalam industri manufaktur pipa baja. Tim senior manajemen               experience with a proven track record of operating and expanding our steel
Perseroan memiliki rata-rata lebih dari 5 tahun pengalaman dalam industri             pipe manufacturing business. The members of our senior management each
manufaktur pipa baja melalui pelatihan yang intensif, sebagian ber-                   have more than five years of experience in the steel pipe manufacturing

pengalaman dalam kapasitas bisnis manajemen, sebagian dalam kapasitas                 industry through intensive training, some in engineering capacities, some in
engineering dan sebagian lainnya berpengalaman dalam bidang keduanya.                 business capacities and some in both.



Berbasis di Negara Berkembang | Based in Developing Country
Perseroan berbasis di Indonesia, sebuah negara dengan demografi usia                  The Company is based in Indonesia, a country with abundant productive age
produktif yang melimpah yang berpotensi meningkatkan pertumbuhan                      demographics that has the potential to boost economic growth. The quality of

ekonomi. Kualitas sumber daya manusia diharapkan juga meningkat seiring               human resources is also expected to increase in line with the plans of the new

dengan rencana pemerintahan baru. Negara ini memiliki basis konsumsi                  government. The country has a large domestic consumption base; wage

domestik yang besar; pertumbuhan upah dan prospek kerja yang membaik                  growth and an improving employment outlook are expected to support
sangat mendukung peningkatan ekonomi di Indonesia.                                    economic improvement in Indonesia.


             Tata Kelola Perusahaan               Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      04
             Corporate Governance                   Corporate Social Responsibility                         References                            Financial Statements   091
Page 100
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Kegiatan Pemasaran | Marketing Do

      Perseroan selama lebih dari 50 tahun telah berhasil menjaga                                 The Company for more than 50 years has succeeded in maintaining
      kepercayaan pelanggan dengan komitmen pada kualitas produk dan                              customer trust with a commitment to quality products and services.
      jasa layanan. Perseroan mampu memberi kepastian ketersediaan                                The company is able to ensure the availability of supply and delivery.
      pasokan dan pengiriman.


      Pasar produk pipa baja Perseroan adalah multisegmen, sehingga                               The market for the Company's steel pipe products is multisegmented,
      masing-masing pasar memiliki informasi pesan dan produk yang                                so that each market has different product and message information.
      berbeda. Perseroan menyampaikan pesan dan konten yang sesuai                                The Company delivers messages and content that are in accordance
      dengan keinginan dan kebutuhan yang ditentukan oleh masing-                                 with the wants and needs determined by each market.
      masing pasar.




      Main Issue                                                Business Challenge                                       SPINDO Do

      Kondisi Perubahan Pasar yang Cepat                        Tumbuhnya Kekuatan Konsumen                              Ÿ Memantau dan mengumpulkan data yang

      Kondisi pasar yang selalu berubah, saat                   Kemampuan untuk memprediksi tren                          akurat untuk merespons setiap tren dengan
      ini berkembang semakin cepat dan                          konsumen, tren pasar, dll. sangat penting                 cepat dan akurat.
      instan karena tren digitalisasi di                        dalam menyikap perubahan iklim ekonomi.                  Ÿ Membuat stok untuk spesifikasi pipa baja yang

      masyarakat.                                               Pe rs e ro a n h a r u s m e n g a m b i l s e t i a p    selalu laku.
                                                                keputusan dengan cepat untuk beradaptasi                 Ÿ Menjadi Market Driver.

                                                                dan bertransformasi sesuai tren pasar.


      Rapid Shifting-Market Condition                           The Growing Power of Consumers                           Ÿ Monitoring and collecting accurate data to

      Market conditions that are always                         Being able to predict consumer trends,                    response any trends quickly and accurately.
      changing, are currently developing faster                 market trends, etc. is vital to a changing               Ÿ Made to stock for fast-moving of steel pipes

      and more instantaneously due to the                       economic climate. The company must make                   specification.
      trend of digitalization in society.                       every decisions quickly to adapt and                     Ÿ Being a Market Driver

                                                                transform according to market trends.



 04               Ikhtisar Utama                          Laporan Manajemen                      Profil Perusahaan                    Analisa & Pembahasan Manajemen
092                 Highlights                            Management Report                      Company Profile                      Management Discussion & Analysis
Page 101
                                                                                       Igniting Engagement                           Laporan Tahunan 2023
                                                                                        Elevating Excellence        PT Steel Pipe Industry of Indonesia Tbk




Main Issue                                    Business Challenge                                          SPINDO Do

Informasi yang cepat dan berlebihan           Produk Instan                                              Ÿ Memberikan informasi yang jelas & tepat yang

Kecepatan dan kelebihan informasi             Konsumen menginginkan barang dan jasa                            mudah diakses oleh konsumen dengan adanya
akibat digitalisasi yang berkembang saat      yang dapat diterima dengan cepat. Proyek-                        Marking pada setiap produk;
ini sangat mempengaruhi perilaku              proyek diharapkan dapat diselesaikan                       Ÿ Lokasi gudang dan depo, ser ta kantor

pelanggan.                                    dengan tenggak waktu yang relatif singkat.                       perwakilan Perseroan di beberapa daerah
                                                                                                               dapat menjamin ketersediaan barang dan
                                              Persaingan Harga                                                 melayani kebutuhan pelanggan dan proyek
                                              Perseroan menghadapi pesaing dengan                              dengan cepat;
                                              biaya unit yang lebih rendah sehingga harus                Ÿ Skala ekonomis Perusahaan dengan unit

                                              berupaya mengimbangi tren tersebut untuk                         barang atau jasa yang lebih banyak dapat
                                              tetap dapat menghasilkan profit.                                  diproduksi dalam skala yang lebih besar
                                                                                                               dengan (rata-rata) biaya input yang lebih
                                              Layanan Penjualan yang responsif                                 sedikit. Produk pipa baja Perseroan memiliki
                                              Konsumen hanya bersedia melakukan                                kualitas tinggi dengan harga yang terjangkau.
                                              pembelian pada layanan yang responsif.                     Ÿ Fokus pada ikatan emosional dan mendekat-

                                              Kemudahan untuk mendapatkan informasi                            kan dengan end-user dengan aktif
                                              tentang spesifikasi produk dengan detail                          mengadakan acara Customer Gathering,
                                              dan mudah dimengerti.                                            mengikuti pameran dan kunjungan berkala ke
                                                                                                               end-user atau proyek-proyek.


Fast and overload of information              Instant Products                                           Ÿ Providing clear & precise information that is

Fast and overload of information as a         Consumers want goods and services that                           easily accessible to consumers with markings
result of digitalization that is developing   can be received quickly. Projects are                            on each product;
at this time greatly influences customer       expected to be completed within a relatively               Ÿ Locations of warehouses and store, as well as

behavior.                                     short deadline.                                                  the Company's representative offices in several
                                                                                                               areas can ensure the availability of goods and
                                              Price competition                                                serve the needs of customers and projects
                                              The company faces competitors with lower                         quickly;
                                              unit costs, so it must try to offset this trend in         Ÿ The Company's economies of scale with more

                                              order to continue to generate profits.                            units of a good or service can be produced on a
                                                                                                               larger scale with (on average) fewer input
                                              Responsive Sales Service                                         costs. The Company's steel pipe products are
                                              Consumers are only willing to make                               of high quality at affordable prices.
                                              purchases on responsive services. Ease of                  Ÿ Focus on emotional bonding and getting closer

                                              getting information about product                                to end-users by actively holding Customer
                                              specifications in detail and easy to                              Gathering events, participating in exhibitions
                                              understand.                                                      and regular visits to end-users or projects.




             Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                     Referensi                               Laporan Keuangan      04
             Corporate Governance                  Corporate Social Responsibility                   References                              Financial Statements   093
Page 102
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Main Issue                                                  Business Challenge                             SPINDO Do

      Saluran Penjualan Baru                                      Beragam Saluran                                Ÿ Perseroan telah melakukan sosialisasi digital

      Akses internet dan teknologi membuka                        Saluran yang tersedia beragam dan                kepada setiap karyawan, terutama divisi
      peluang saluran-saluran informasi baru.                     membutuhkan cukup waktu untuk                    pemasaran dan penjualan. Setiap karyawan
      Komunikasi antara produsen dan pelanggan                    pengenalan penggunaan yang efektif.              diharapkan dapat mudah mengakses dan
      tidak lagi searah namun dapat dilakukan                     Setiap kanal memiliki target pemirsa             menggunakan semua saluran yang tersedia
      secara simultan dari semuanya.                              yang berbeda serta cepat pasang surut.           untuk memperkenalkan produk SPINDO.
                                                                                                                 Ÿ Saat ini Perseroan belum memberikan

                                                                  Dampak Influencer                                 kebijakan dukungan bagi personal Influencer,
                                                                  Personal Influencer yang muncul tiba-             namun Perseroan telah memberikan
                                                                  tiba dapat membawa pengaruh positif              dukungan bagi toko atau distributor untuk
                                                                  atau negatif bagi Perseroan tanpa                saling berbagi dalam iklan dan pelatihan
                                                                  dapat diprediksi.                                tenaga penjual toko.


      New Sales Channel                                           Multiple Channels                              Ÿ The Company has carried out digital

      Internet access and technology open up new                  The available channels vary and it will          socialization to every employee, especially the
      channels of information. Communication                      take time for recognition to be effective.       marketing and sales divisions. It is expected
      between producers and customers is no                       Each channel has a different target              that every employee can easily access and use
      longer unidirectional but can be done                       audience and fast ebb and flow.                   all available channels to introduce SPINDO
      simultaneously from all of them.                                                                             products.
                                                                  Influencer Impact                               Ÿ Currently the Company has not provided a

                                                                  Personal Influencers who appear                   support policy for personal Influencers, but the
                                                                  suddenly can bring positive or negative          Company has provided support for stores or
                                                                  influences to the Company without                 distributors to share in advertising and training
                                                                  being predictable.                               for store salespeople.




      Pendekatan End-User | Approach to End-User
      Tahun 2023, Perseroan fokus kepada strategi pemasaran, terutama                       In 2023, the company had focused on marketing strategies,
      yang berkaitan langsung dengan penjualan. Pendekatan kepada                           particularly ones relating directly to sales. An End-user approach was
      End-user menjadi poin utama dalam produk pipa baja. Pasar                             the key point in steel pipe products. Steel pipes are often perceived by
      Indonesia masih memiliki pandangan bahwa pipa baja sebagai                            Indonesian market as commodities, so that products set at a lowest
      komoditas, sehingga dalam persaingan produk lebih diutamakan                          price will be most preferred in the market. Therefore, in order that
      harga terendah. Akibatnya, untuk mencapai harga yang diinginkan                       prices could be pegged at a desirable range, such product
      pasar, spesifikasi ukuran, ketebalan, finishing, kelengkungan dapat                     specifications as measurement, thickness, finishing, and curvature
      direduksi sesuai budget. Produk pipa baja memiliki nilai fungsi dan                   might be reduced according to budget. Steel pipe products have a
      spesifikasi produksi yang unik; Hal itu menjadi dasar bahwa edukasi                    unique value of function and product specification. This is the reason
      end-user berperan penting dalam strategi marketing.                                   why an End-user approach takes an important role in marketing
                                                                                            strategy.


 04              Ikhtisar Utama                          Laporan Manajemen                  Profil Perusahaan                   Analisa & Pembahasan Manajemen
094                Highlights                            Management Report                  Company Profile                     Management Discussion & Analysis
Page 103
                                                                                             Igniting Engagement                         Laporan Tahunan 2023
                                                                                              Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Acara Temu Pelanggan SPINDO | SPINDO Customer Gathering

Selain marketing campaign dalam bentuk media outdoor, Perseroan                      Aside from the marketing campaign in the form of outdoor media, the
juga aktif melakukan customer gathering di daerah-daerah sebagai                     Company also actively held customer gatherings in several
upaya untuk mengakuisisi pelanggan (customer acquisition)                            Indonesian regions which were mainly designed as both customer
sekaligus meretensi pelanggan (customer retention). Selain                           acquisition and customer retention. In addition to getting feedback
memperoleh umpan balik pelanggan, Perseroan juga memperoleh                          from the customers, the Company could obtain reliable information on
informasi yang akurat dari kondisi retail pipa baja untuk setiap daerah.             steel pipe retail condition from the regions.


Perseroan bekerja sama dengan distributor daerah atau toko yang                      The Company invited store customers, workshops as steel pipe users,
memiliki total komitmen menjual pipa baja SPINDO untuk                               and contractors to customer gatherings, which were organized in
mengundang seluruh pelanggan toko, lokakarya (bengkel) pengguna                      cooperation with regional distributors or stores showing a shared
pipa baja dan kontraktor. Mereka diberikan informasi tentang                         commitment to sell SPINDO steel pipes. Participants of the events
spesifikasi pipa baja beserta uji perbandingan kemampuan produk                      were given information regarding steel pipe specifications and the
pipa baja. Acara ini bertujuan untuk memberikan pemahaman yang                       results of comparison tests on steel pipe performance. The events
lebih baik kepada pelanggan mengenai kualitas dan standar pipa baja                  were held with the intention of providing SPINDO customers with in-
produksi SPINDO, sehingga pelanggan tidak salah pilih dalam                          depth understandings of the quality and standard of steel pipes
menentukan pilihan produk; Saat ini marak produk pipa baja yang                      produced by SPINDO in order that they will make informed decisions
tidak sesuai standar di pasaran.                                                     when it comes to selecting steel pipe products. Unfortunately, many
                                                                                     steel pipe products that are below standard are available in the
                                                                                     market.


Dalam acara ini juga dilakukan uji perbandingan kekuatan dan                         During the customer gatherings, SPINDO's steel pipes and similar
kualitas pipa baja SPINDO dibandingkan dengan produk lain. Dalam                     products of other brands were compared and tested for their strength
uji perbandingan kekuatan antara pipa baja SPINDO dengan pipa                        and quality. Regarding the strength of steel pipes of equal thickness,
baja lain, dengan ukuran ketebalan yang sama, pipa baja SPINDO                       SPINDO's steel pipes stood load tests, whereas other products did
masih tetap kuat ketika diberi beban yang sama, sementara produk                     not.
lain patah.


Perseroan juga mempersiapkan tim untuk mengadakan Customer                           The Company is also preparing a team to hold a Customer Gathering
Gathering guna mendukung customer di seluruh Indonesia.                              to support customers throughout Indonesia. The Customer Gathering
Permintaan Customer Gathering tersebut dapat ditujukan kepada                        request can be addressed to the SPINDO Marketing Directorate.
Direktorat Marketing SPINDO.




                                                                                                                                     Customer Gathering




                                                                                                                                        Bandung, Jawa Barat
                                                                                                                                         26 Juli | July 2023

              Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      04
              Corporate Governance                 Corporate Social Responsibility                         References                            Financial Statements   095
Page 104
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




              Customer Gathering




            Buki nggi, Sumatra Barat,
            24 Agustus | August 2023




      Pelatihan Personel Penjualan kepada Distributor SPINDO |
      Sales Personnel Development for SPINDO’s Distributors
      Sebagai dukungan kepada seluruh mitra Perseroan, Perseroan                      In order to serve all of the Company's partners, the Company gave
      memberikan pelatihan kepada para personel penjualan dari pihak                  training to distributor sales professionals. The goal of the training is to
      distributor. Tujuan pelatihan agar seluruh mitra penjualan memiliki             ensure that all sales partners share the Company's vision and
      visi dan misi yang sejalan dengan Perseroan.                                    mission.


      Perseroan memberikan pelatihan berupa pengenalan produk,                        The company provided training in the form of product introductions,
      spesifikasi teknis, dan ragam pipa baja serta aplikasi pipa baja dalam           technical specifications, numerous steel pipes, and steel pipe
      berbagai sektor industri. Perseroan juga memberikan pendampingan                applications in a variety of industries. The company also provides
      teknis apabila dibutuhkan oleh distributor untuk proyek-proyek                  technical help to distributors for strategic or specific initiatives.
      strategis atau proyek-proyek khusus.




 04             Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                    Analisa & Pembahasan Manajemen
096               Highlights                            Management Report             Company Profile                      Management Discussion & Analysis
Page 105
                                                                                            Igniting Engagement                         Laporan Tahunan 2023
                                                                                             Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Pameran SPINDO | SPINDO Exhibition
Perseroan aktif dalam berbagai pameran dalam negeri yang diadakan                   the Company participated in a variety of domestic exhibitions hosted
institusi swasta maupun pemerintah. Tujuan keikutsertaan dalam                      by private and public entities. Participating in the expo aims to get the
pameran adalah untuk mendekatkan Perseroan dengan end-user.                         company closer to end users.


Berikut beberapa pameran yang telah diikuti oleh Perseroan                          The Company has participated in various exhibitions throughout
sepanjang tahun 2023:                                                               2023, including the following:




IISIA Business Forum 2023, Indonesia Conven on Exhibi on (ICE)                Indo Build Tech 2023, Indonesia Conven on Exhibi on (ICE),
Jakarta, November 2023                                                        Jakarta, July 2023




            Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      04
            Corporate Governance                  Corporate Social Responsibility                         References                            Financial Statements   097
Page 106
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




  Proyek-Proyek
  Projects




       1                                                                                2




      3                                                             4                                          5
      Œ Fly Over Aloha |  Duplikasi Jembatan Pulau Balang Bentang Pendek | Ž Pelabuhan Tilamuta |  Masjid Agung Purwokerto |  Pengembangan Fasilitas Laut Pelabuhan Matui



           No.                                                     Proyek | Project                                                       Pemesan | Orderer

           01.          Fly Over Aloha                                                                                         Wika – Nindya, KSO
           02.          Perbaikan Breasting Dolphin Integrated Terminal Jayapura                                               Familiy Bangun Darmo Perkasa
           03.          Duplikasi Jembatan Pulau Balang Bentang Pendek                                                         Adhi-Duta-Jakon
           04.          Pelabuhan Laut Bula Tahap II                                                                           Esprezza Cipta Griya
           05.          Pelabuhan Lewoleba                                                                                     Sumber Bangun S
           06.          Pelabuhan Tilamuta                                                                                     Sumber Bangun S
           07.          Pelabuhan Soasio                                                                                       Pilar Atmoko Konstruksi
           08.          Elevated Toll IKK Karawang                                                                             Wika Beton
           09.          Tanjung Batu                                                                                           Dermaga Perkasapratama
           10.          Proyek Kuala Gaung                                                                                     PT Artamas – WINS KSO
           11.          Project KPC                                                                                            PT Kaltim Prima Coal
           12.          Eastport Multipurpose Terminal Development                                                             PT Pembangunan Perumahan
           13.          JAB Bendungan Paselloreng - Wajo                                                                       PT Indobangun Megatama
           14.          Proyek Bangkirai Intermediate Stock Pile. Batulicin, Kalsel                                            PT Wika Rekon
           15.          Lanjutan Pengemb. Fas. Laut Pel. Raijua                                                                PT Karya Dwiputra Indonesia
           16.          Pengembangan Fasilitas Laut Pelabuhan Matui                                                            PT Karya Pembangunan Rezki
           17.          New Seawater Pipelines                                                                                 PT Amman Mineral Nusa Tenggara
           18.          Proyek TEMEF                                                                                           PT Barata Indonesia
           19.          Manyar Smelter                                                                                         PT Adhi Karya
           20.          PDAM Surabaya                                                                                          PT Pratiwi Putri Sulung
           21.          Pembangunan Prasarana & Sarana Pelabuhan Perikanan Tiakur SKPT Moa                                     Citra – Pilar, KSO
           22.          Dermaga Gorontalo                                                                                      PT Vanesya Cipta
           23.          Pelabuhan Ambon                                                                                        PT Trisakti Cipta Nusantara



 04               Ikhtisar Utama                          Laporan Manajemen                 Profil Perusahaan                     Analisa & Pembahasan Manajemen
098                 Highlights                            Management Report                 Company Profile                       Management Discussion & Analysis
Page 107
                                                                                       Igniting Engagement                         Laporan Tahunan 2023
                                                                                        Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




 6                                        7                                                           8




9                                                                           10
‘ BMPP Nusantara 1 - Waai Ambon, Maluku | ’ Proyek SPAM Wosusokas | “ Project Mine Site PT Ganda Alam Makmur | ” Muara Pahu Jetty | • Bendungan Tukul



     No.                                            Proyek | Project                                                               Pemesan | Orderer

     24.    Proyek SPAM Wosusokas                                                                              PP - Selaras
     25.    Portside dual powerplant                                                                           PT. Freeport Indonesia
     26.    Sungai Baku Gunung Kidul                                                                           PT. Tirta Restu Ayunda
     27.    Pembangunan Infrastruktur Sandar BMPP Nusantara 1 - Waai Ambon, Maluku                             PT. Bangun Karya Perkasa Jaya
     28.    Penggantian Jembatan Meninting B                                                                   Modern Surya Jaya – Selosari JOPT. Bukit
     29.    Project Infra Site Telen                                                                           Makmur Mandiri Utama
     30.    Project Timor Leste                                                                                PT Waskita Karya
     31.    Revitalisasi Dermaga di Fuel Terminal Moutong                                                      PT Family Bangun
     32.    Project Mine Site PT Ganda Alam Makmur                                                             PT Ganda Alam Makmur
     33.    Proyek Outer Ring Road IKN                                                                         ADHI - Surya Bakti - Laut Permata
     34.    Proyek IT Tanjung Wangi                                                                            PT Bentang Alam Nusantara
     35.    PDAM Dumai                                                                                         PT Adhi Karya
     36.    Line BCT phase 5 Tanjung Batu                                                                      PT Dermaga Perkasapratama
     37.    Muara Pahu Jetty                                                                                   PT Fajar Sakti Prima
     38.    Melak Site Jetty                                                                                   PT Bayan Resources
     39.    Pembangunan Jetty Pulau Bunyu                                                                      PT Parahita Intiraya
     40.    Project Infra Site Tuhup                                                                           PT Bukit Makmur Mandiri Utama
     41.    Coal Crushing System & Loading Terminal di Tanah Grogot                                            PT Wijaya Karya Rekayasa Konstruksi
     42.    Intalasi Pengolahan Air Brayan Kapasitas 500lt/dt                                                  PT Nindya Karya
     43.    Bendungan Tukul                                                                                    Karya – Indah, KSO
     44.    Proyek Berkah Kawan Manyar Sejahtera                                                               PT Panca Indah Jayamahe
     45.    Replacement & Rehabilitasi Fasilitas Pelabuhan Laut Agats                                          CV Jaya Mandiri Bangunindo
     46.    Penanganan Longsoran Jl. Soekarno Hatta Bontang Lestari 2                                          PT Bangun Pilar Persada



             Tata Kelola Perusahaan                Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      04
             Corporate Governance                    Corporate Social Responsibility                 References                            Financial Statements   099
Page 108
                        2023 Annual Report                          Igniting Engagement
                        PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      4 Key Market
                                                                                                                                Furniture
             Construction,
  Infrastructure & Utilities




                                                                                                                                                   Automotive




                                                                                                                                      Oil & Gas




            62%                                                        64%                               18%                                         17%
                2022                                                     2023                            2022                                           2023

      Construction, Infrastructure & Utilities                                               Furniture
      Applications :                                        Electrical poles & conduits      Applications :           Chairs (incl. wheelchairs)                    Kettles
      Piling pipes                                          Fire hydrant (sprinklers)        Bicycles                 Hospital beds                                 Stoves
      Structural pipes (for pillars)                        Power & water treatment plants   Trolleys                 Towel Racks                                   Broomsticks
      Scaffolding                                           Water pipes                      Baby walkers             Clothes hangers                               Desks




             17%                                                        17%                                3%                                          2%
                2022                                                     2023                            2022                                           2023

      Automotive                                                                             Oil & Gas
      Applications on motorcycle                             Motorcycle frames               Applications :
      and car parts including :                              Shock absorbers                 Transmission & distribution of
      Car seat frames                                        Cylinders & mufflers            oil & gas pipelines



                                                                                                                              Percentage as per 31 December 2022

 04                  Ikhtisar Utama                          Laporan Manajemen               Profil Perusahaan                    Analisa & Pembahasan Manajemen
100                    Highlights                            Management Report               Company Profile                      Management Discussion & Analysis
Page 109
                                                                                                 Igniting Engagement                         Laporan Tahunan 2023
                                                                                                  Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Kinerja Penjualan
Performance of Sales


Volume Penjualan | Sales in Quantity
[Ton]

                                                                         2023                  2022                  2021                   2020                      2019

Strips & Plates                                                         40.564                40.092                 39.046                 69.790                    56.043
Spiral Pipes Non API                                                    74.878                68.319                 57.802                 47.569                    69.824
Spiral Pipes API                                                            720                 1.895                       18                       -                      206
Water Pipes                                                             44.210                38.650                 40.853                 42.259                    48.467
Black Pipes Non API                                                     82.134                63.443                 63.282                 53.154                    87.260
Black Pipes API                                                           3.047                 3.718                    1.524                   747                        238
Mechanical Tubes                                                        54.014                49.469                 46.592                 39.056                    59.655
Furniture Tubes                                                         41.747                42.582                 39.469                 41.910                    46.661
Stainless Steel Tubes & Pipes                                             5.516                 4.010                    3.149                1.911                    2.348
Steel Poles                                                               8.086               12.161                 11.046                   6.003                    4.673
Services & Others                                                         8.702               18.156                     4.254                5.452
                        (1)
                                                                                                                                                                       4.090
Total Sales (in tonnage)                                              363.621                342.494               307.037                307.850                 379.465
Notes 1: for services & other are excluded scrap sales




Nilai Penjualan | Sales in Value
[Mio.IDR]
                                                                         2023                  2022                  2021                   2020                      2019

Strips & Plates                                                          542.714              608.522                560.621                624.845                   544.972
Spiral Pipes Non API                                                  1.224.344              1.163.689               879.118                529.783                   828.244

Spiral Pipes API                                                           18.573              50.784                       383                          -              3.262
Water Pipes                                                              965.925              892.295                900.314                727.943                   862.050
Black Pipes Non API                                                   1.413.844              1.170.643            1.125.091                 625.550              1.076.385
Black Pipes API                                                            89.246             106.505                    38.222              14.111                     4.273
Mechanical Tubes                                                      1.031.594               982.438                806.525                513.390                   803.843
Furniture Tubes                                                          726.428              791.744                675.537                516.707                   578.995
Stainless Steel Tubes & Pipes                                            274.034              216.550                141.907                 61.401                    95.613
Steel Poles                                                              142.661              227.775                187.552                 88.109                    72.510
Services & Others                                                          25.966              45.000                    63.538              61.401                    15.728
                        (2)




Total Sales (in IDR mio)                                              6.455.329              6.255.945            5.378.808              3.775.530               4.885.875
Notes 2: for services & other are excluded scrap sales




               Tata Kelola Perusahaan                    Tanggung Jawab Sosial Perusahaan                       Referensi                             Laporan Keuangan            04
               Corporate Governance                        Corporate Social Responsibility                     References                            Financial Statements         101
Page 110
                              2023 Annual Report                          Igniting Engagement
                              PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




       Performa Penjualan per Wilayah |
       Regional Sales Performance
       Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain
       Expressed in million of Rupiah, unless otherwise stated

                  Jawa Timur                                                                                 Jawa Tengah & Yogyakarta
                  East Java                                                                                  Central Java & Yogyakarta




                                                                                                 2022 2023
      2022 2023




                                                              2.117.867                                           302.068

                                                       1.873.890                                                  269.035


                  DKI Jakarta                                                                                Jawa Barat & Banten
                                                                                                             West Java & Banten

                                                                                                 2022 2023
      2022 2023




                                                             1.932.821                                                              1.211.696

                                                             2.115.701                                                              1.160.195


                  Wilayah Sumatra                                                                            Wilayah Sulawesi
                  Sumatra Region                                                                             Sulawesi Region
      2022 2023




                                                                                                 2022 2023




                       177.120                                                                                    213.562

                       131.971                                                                                    171.494


                  Wilayah Kalimantan                                                                         Wilayah Lainnya
                  Kalimantan Region                                                                          Others
      2022 2023




                                                                                                 2022 2023




                        195.880                                                                                  61.457

                        177.416                                                                                 103.608


                  Total Penjualan Lokal
                  Total Domestic Selling
      2022 2023




                                                                                                                                           6.212.471

                                                                                                                                         6.003.310


                  Ekspor
                  Export
      2022 2023




                            242.858

                            252.635


                  Total Penjualan
                  Total Selling
      2022 2023




                                                                                                                                             6.455.329

                                                                                                                                            6.255.945


 04                        Ikhtisar Utama                          Laporan Manajemen                             Profil Perusahaan                Analisa & Pembahasan Manajemen
102                          Highlights                            Management Report                             Company Profile                  Management Discussion & Analysis
Page 111
                                                                                              Igniting Engagement                           Laporan Tahunan 2023
                                                                                               Elevating Excellence        PT Steel Pipe Industry of Indonesia Tbk




Tinjauan Operasional
Overview of Operational Performance


Dalam mengidentifikasi segmen operasi, manajemen melihat dari                           In identifying the Company’s operating segments, the management
jenis usaha berdasarkan sifat produk dan jasa yang mewakili kegiatan                   categorizes the Company’s business based on nature of the
utama usaha Perseroan yaitu pipa baja las lurus (pipa HFW), pipa                       Company’s products and services that represent main activities of the
baja las spiral (pipa SSAW), strip dan plat serta jasa dan lain-lain.                  Company's business: straight welded pipes (HFW), spiral welded
                                                                                       pipes (SSAW), strips and plate and services and others.




Tinjauan Operasional per Segmen Usaha |
Operation Review of Business Segment
Informasi konsolidasian berdasarkan segmen operasi adalah sebagai                      The consolidated information based on operating segments is as
berikut:                                                                               follows:




Pipa HFW | HFW Pipe
Pipa HFW (High-Frequency Welded) memiliki hasil pengelasan yang                        HFW (High-Frequency Welded) pipes’ welding results are in a
berbentuk lurus atau longitudinal dengan menggunakan resistensi                        straight form or longitudinal form by employing a high-frequency
frekuensi tinggi (high-frequency resistance welding).                                  resistance technique (high-frequency resistance welding).



                                                                                                                        (Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)
                                                                                                                      (Expressed in Millions of Rupiah, unless otherwise stated)
                                                                                                                                     Pertumbuhan | Growth

Keterangan | Description                                 2023                               2022                              Nominal                                  %

Volume Produksi (ton)                                   242.038                            214.145                              27.893                               13%
Production Volume (tons)
Penjualan dan Pendapatan Jasa                        4.643.731                           4.387.950                            255.781                                  6%
Sales and Service Revenues
Beban Pokok Pendapatan                               3.875.316                           3.855.857                              19.459                                 1%
Cost of Revenues
Laba Kotor                                              768.415                            532.093                            236.322                                44%
Gross Profit


Sepanjang tahun 2023 Perseroan mencatat volume produksi pipa                           Throughout 2023, The Company recorded 242 thousand tons of
HFW sebanyak 242 ribu ton, naik 28 ribu ton atau 13% dibandingkan                      HFW pipes production volume, higher by 28 thousand tons or 13%
volume produksi tahun 2022 sebanyak 214 ribu ton.                                      compared to that in 2022 of 214 thousand tons.


Nilai penjualan pipa HFW tercatat sebesar Rp4,6 triliun, naik 6%                       HFW pipes sales values reached IDR4.6 trillion, increased by 6%
dibandingkan dengan nilai penjualan di tahun 2022 sebesar Rp4,4                        compared to the sales values in 2022 of IDR4.4 trillion.
triliun.



              Tata Kelola Perusahaan               Tanggung Jawab Sosial Perusahaan                          Referensi                               Laporan Keuangan              04
              Corporate Governance                   Corporate Social Responsibility                        References                              Financial Statements           103
Page 112
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Naiknya nilai penjualan pipa HFW disebabkan karena naiknya                       The increase in the sales value of HFW pipes was due to the increase
      volume penjualan, terutama untuk pipa mekanis, pipa hitam dan pipa               in sales volume, especially for mechanical pipes, black pipes and
      air.                                                                             water pipe.


      Beban Pokok Pendapatan untuk pipa HFW naik 1% dari Rp3,86                        Cost of Revenue for HFW pipes increased by 1% from IDR3.86 trillion
      triliun di tahun 2022 menjadi Rp3,88 triliun di tahun 2023, atau naik            in 2022 to IDR3,88 trillion in 2023, or an increase of IDR0.2 trillion.
      Rp0,2 triliun. Naiknya beban pokok pendapatan sejalan dengan                     The increase in cost of revenue was in line with the increase in sales
      naiknya volume dan penjualan di tahun 2023.                                      volume in 2023.


      Laba Kotor untuk pipa HFW mengalami kenaikan sebesar 44% atau                    Gross Profit for HFW pipes decreased by 44% or IDR236 million
      Rp236 juta jika dibandingkan dengan Laba Kotor tahun 2022.                       compared to Gross Profit in 2022. The increased in Gross Profit was
      Kenaikan Laba Kotor ini disebabkan karena kenaikan nilai penjualan               due to the increase in Sales revenue that was higher when compared
      yang lebih tinggi jika dibandingkan dengan kenaikan Beban Pokok                  to the increase in Cost of revenue , thereby increasing the sales
      Pendapatan sehingga menaikkan margin penjualan.                                  margins.




      Pipa SSAW | SSAW Pipes
      Proses pipa SSAW (Spiral Submerged Arc Welded) dengan meng-                      The SSAW (Spiral Submerged Arc Welded) pipe method uses a spiral
      gunakan teknik las spiral, di mana lembaran baja dilas menjadi pipa              welding technology in which steel sheets are welded into steel pipes
      baja dalam bentuk spiral dan menggunakan filler kawat tembaga                     in a spiral shape, with copper wire filler between the welded edges.
      antara tepi dilas.


                                                                                                                (Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)
                                                                                                              (Expressed in Millions of Rupiah, unless otherwise stated)
                                                                                                                             Pertumbuhan | Growth

      Keterangan | Description                                         2023                   2022                    Nominal                                %

      Volume Produksi (ton)                                             75.077               59.636                     15.441                               26%
      Production Volume (tons)
      Penjualan dan Pendapatan Jasa                                 1.242.916            1.214.473                      28.443                               2%
      Sales and Service Revenues
      Beban Pokok Pendapatan                                        1.037.246            1.067.203                    (29.957)                               -3%
      Cost of Revenues
      Laba Kotor                                                      205.670              147.270                      58.400                               40%
      Gross Profit


      Volume produksi pipa SSAW pada tahun 2023 tercatat sebanyak 75                   In 2023, SSAW pipes production volume reached 75 thousand tons,
      ribu ton, naik 26% atau 15 ribu ton dibandingkan dengan volume                   higher by 26% or 15 thousand tons compared to that in 2022 of 60
      produksi di tahun 2022 yang tercatat sebanyak 60 ribu ton.                       thousand tons.




 04              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                   Analisa & Pembahasan Manajemen
104                Highlights                            Management Report             Company Profile                     Management Discussion & Analysis
Page 113
                                                                                           Igniting Engagement                           Laporan Tahunan 2023
                                                                                            Elevating Excellence        PT Steel Pipe Industry of Indonesia Tbk




Perseroan mencatat nilai penjualan pipa SSAW pada tahun 2023                       The Company recorded sales value of SSAW pipes in 2023 of IDR
sebesar Rp 1,24 triliun atau naik 2% atau Rp 28 miliar dibandingkan                1.24 trillion, an increased of 2% or IDR 28 million compared to sales
nilai penjualan di tahun 2022 yang tercatat sebesar Rp 1,21 triliun.               value in 2022 which was recorded at IDR 1,21 trillion. Contrary to the
Berlawanan dengan peningkatan nilai penjualan, beban pokok                         increase in sales value, the cost of revenue of SSAW pipes recorded to
pendapatan pipa SSAW tercatat mengalami penurunan sebesar 3%                       have decreased by 3% or IDR 30 million, when compared to the cost
atau Rp 30 miliar, jika dibandingkan dengan beban pokok                            of revenue in 2022 of IDR 1.1 trillion.
pendapatan di tahun 2022 sebesar Rp 1,1 triliun.




Strip dan Plat | Strips and Plates
Perseroan memproduksi strip dan plat baja dengan cara gulungan                     The Company manufactures steel strips and plates by placing steel
baja dimasukkan ke mesin pemotong baja, yang kemudian dipotong                     roles inside the steel cutting machine to be cut in strip/plate form of
dalam bentuk strip/plat dengan berbagai ukuran, atau sesuai dengan                 various sizes or according to the customers’ specifications. The
spesifikasi pelanggan. Perseroan menjual strip dan plat baja                        Company sells its steel strip and plate products directly to the end-
langsung ke pengguna akhir, terutama industri konstruksi.                          users, mainly to the construction industries.




                                                                                                                     (Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)
                                                                                                                   (Expressed in Millions of Rupiah, unless otherwise stated)
                                                                                                                                  Pertumbuhan | Growth

Keterangan | Description                             2023                               2022                               Nominal                                  %

Volume Produksi (ton)                               65.925                             72.534                                (6.609)                                -9%
Production Volume (tons)
Penjualan dan Pendapatan Jasa                      542.714                           608.522                               (65.808)                               -11%
Sales and Service Revenues
Beban Pokok Pendapatan                             452.909                           534.731                               (81.822)                               -15%
Cost of Revenues
Laba Kotor                                          89.805                             73.791                                16.014                                22%
Gross Profit




Pada tahun 2023, Perseroan mencatat penurunan sebesar 9% atau                      In 2023, the Company recorded a decrease of 9% or 6.6 thousand
6,6 ribu ton untuk segmen Strip dan Plat, dimana volume produksi                   tons for its strips and plates segment, whereas the production volume
pada tahun 2022 tercatat sebanyak 73 ribu ton jika dibandingkan                    in 2022 was recorded at 73 thousand tons compared to the
dengan volume produksi di tahun 2023 sebanyak 66 ribu ton.                         production volume in 2023 which was recorded at 66 thousand tons.


Nilai penjualan untuk Strip dan Plat di tahun 2023 tercatat sebesar                The sales value for Strips and Plates in 2023 was recorded at IDR543
Rp543 miliar atau turun Rp66 miliar atau 11% jika dibandingkan                     billion or decreased by IDR66 billion or 11% compared to the sales
dengan nilai penjualan di tahun 2022 yang tercatat sebesar Rp543                   value in 2022 which was recorded at IDR543 billion.
miliar.



              Tata Kelola Perusahaan           Tanggung Jawab Sosial Perusahaan                           Referensi                               Laporan Keuangan              04
              Corporate Governance               Corporate Social Responsibility                         References                              Financial Statements           105
Page 114
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Beban pokok pendapatan untuk produksi strip dan plat tercatat                    Cost of Revenue of for the production of Strips and Plates was
      mengalami penurunan sebesar 15% atau Rp82 miliar jika                            recorded to have decreased by 15% or IDR82 billion compared to the
      dibandingkan dengan beban pokok pendapatan di tahun 2022 yaitu                   cost of revenue in 2022, which was amounted to IDR535 billion.
      sebesar Rp535 miliar.




      Jasa dan Lain-Lain | Services and Others
      Selain memproduksi produk-produk tersebut di atas, Perseroan juga                Other than manufacturing the above-mentioned products, the
      memberikan jasa terkait dengan pipa baja. Jasa tersebut dilakukan                Company also offers services in relation to steel pipes. These services
      bila Perseroan memiliki kapasitas cadangan.                                      are carried out when the Company has reserve capacity.


                                                                                                                (Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)
                                                                                                              (Expressed in Millions of Rupiah, unless otherwise stated)
                                                                                                                             Pertumbuhan | Growth

      Keterangan | Description                                         2023                   2022                    Nominal                                 %

      Volume Produksi (ton)                                             8.715               19.072                   (10.357)                                -54%
      Production Volume (tons)
      Penjualan dan Pendapatan Jasa                                   25.968                45.000                   (19.032)                                -42%
      Sales and Service Revenues
      Beban Pokok Pendapatan                                          21.671                39.543                   (17.872)                                -45%
      Cost of Revenues
      Laba Kotor                                                        4.297                 5.457                    (1.160)                               -21%
      Gross Profit


      Volume Produksi Jasa dan produk lain di tahun 2023 tercatat sebesar              The volume of production of Services and others in 2023 was
      8,7 ribu ton, atau mengalami penurunan sebesar 54% atau 10 ribu                  recorded at 8,7 thousand tons, or decreased by 54% or 10 thousand
      ton dibandingkan dengan produksi jasa dan lain-lain di tahun 2022                tons compared to the production of services and others in 2022
      yang tercatat sebesar 19 ribu ton.                                               which was recorded at 19 thousand tons.


      Sedangkan nilai penjualan jasa turun sebesar 42% atau Rp19 miliar,               Meanwhile, the sales value of services and others decreased by 42%
      dari Rp45 miliar di tahun 2022 menjadi Rp26 miliar di tahun 2023.                or Rp19 billion, from Rp45 billion in 2022 to Rp26 billion in 2023.


      Beban pokok pendapatan untuk produk jasa tercatat sebesar Rp22                   The cost of revenue for service products was recorded at IDR40
      miliar di tahun 2023 atau turun 45% dibandingkan beban pokok                     billion in 2022 or decreased by 21% compared to the cost of revenue
      pendapatan di tahun 2022 yang tercatat sebesar Rp40 miliar.                      in 2021 which was recorded at IDR50 billion.


      Perseroan mencatatkan laba kotor dari penjualan jasa dan lain-lain               The company recorded a gross profit from the sale of services and
      sebesar Rp4,3 miliar atau turun 21% atau Rp1,2 miliar jika                       others of IDR4.3 billion, a decrease of 21% or IDR1.2 billion when
      dibandingkan dengan laba kotor di tahun 2022 yaitu Rp5,5 miliar.                 compared to the gross profit in 2022, which was IDR5.5 billion.




 04              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                   Analisa & Pembahasan Manajemen
106                Highlights                            Management Report             Company Profile                     Management Discussion & Analysis
Page 115
                                                                                          Igniting Engagement                           Laporan Tahunan 2023
                                                                                           Elevating Excellence        PT Steel Pipe Industry of Indonesia Tbk




Tinjauan Keuangan
Overview of Financial Performance



Uraian mengenai kinerja keuangan ini disusun berdasarkan Laporan                   This description of financial performance is prepared based on the
Keuangan Konsolidasian Perseroan yang disajikan sesuai dengan                      Company's Consolidated Financial Statements which are presented
Pernyataan Standar Akuntansi Keuangan (PSAK) yang berlaku                          in accordance with the Statement of Financial Accounting Standards
umum di Indonesia untuk tahun buku yang berakhir pada tanggal 31                   (PSAK) which are generally accepted in Indonesia for the financial
Desember 2023.                                                                     year ended 31 December 2023.


Laporan keuangan tersebut telah diaudit oleh Kantor Akuntan Publik                 The financial statements have been audited by Public Accounting
Kanaka Puradiredja, Suhartono (member of Nexia International)                      Firm Kanaka Puradiredja, Suhartono (member of Nexia International)
dalam laporannya tertanggal 12 Maret 2024, yang memberikan opini                   in its report dated March 12, 2024, which fair opinion, in all material
Wajar, dalam semua hal yang material, posisi keuangan                              respects, the consolidated financial position of PT Steel Pipe Industry
konsolidasian PT Steel Pipe Industry of Indonesia Tbk dan entitas                  of Indonesia Tbk and its subsidiaries as of December 31, 2023, and
anaknya tanggal 31 Desember 2023, serta kinerja keuangan dan                       their consolidated financial performance and cash flows for the year
arus kas konsolidasiannya untuk tahun yang berakhir pada tanggal                   then ended, in accordance with the Indonesian Financial Accounting
tersebut, sesuai dengan Standar Akuntansi Keuangan di indonesia.                   Standards.




Aset | Assets
                                         LAPORAN POSISI KEUANGAN KONSOLIDASIAN |
                                       CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                                                                                                    (Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)
                                                                                                                  (Expressed in Millions of Rupiah, unless otherwise stated)
                                                                                                                                 Pertumbuhan | Growth

Aset | Assets                                                      2023                         2022                        Nominal                              %

Aset Lancar                                                    5.074.574                   4.401.410                         673.164                         15%
Current Assets
Aset Tidak Lancar                                              2.897.134                   3.004.521                       - 107.387                         -4%
Non-Current Assets

Jumlah Aset                                                    7.971.708                   7.405.931                         565.777                             8%
Total Assets



Jumlah Aset Perseroan dan Entitas Anak pada tanggal 31 Desember                    Total assets of the Company and Subsidiary as of December 31,
2023 tercatat sebesar Rp7.971.708 juta, mengalami kenaikan                         2023 were recorded at IDR7,971,708 million, experiencing increase
sebesar Rp565.777 juta atau naik 8% dari Rp7.405.931 juta                          of IDR565,777 million, or 8% compared to IDR7,405,931 million as of
dibandingkan dengan jumlah aset pada tanggal 31 Desember 2022.                     31 December 2022. The increase in the total assets was mainly from
Kenaikan jumlah Aset tersebut terutama dari kenaikan pada Aset                     the increase in the Current Assets.
Lancar.




              Tata Kelola Perusahaan           Tanggung Jawab Sosial Perusahaan                          Referensi                               Laporan Keuangan              04
              Corporate Governance               Corporate Social Responsibility                        References                              Financial Statements           107
Page 116
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Jumlah Aset Lancar pada tanggal 31 Desember 2023 tercatat                                   Total Current Assets as of December 31, 2023 was IDR5,074,574
      sebesar Rp5.074.574 juta. Dibandingkan dengan jumlah Aset                                   million. Compare to total Current Assets as of December 31, 2022,
      Lancar pada tanggal 31 Desember 2022 sebesar Rp4.401.410 juta,                              amounting IDR4,401,410 million, experiencing increase of
      mengalami kenaikan sebesar Rp673.164 juta atau naik 15%.                                    IDR673,164 million, or 15%. The increase in the Total Current Assets
      Kenaikan jumlah Aset Lancar tersebut terutama dari disebabkan                               were due to increase in Cash on hand and in Banks and Inventories.
      kenaikan pada akun Kas dan Bank dan Persediaan.


      Jumlah Aset Tidak Lancar pada tanggal 31 Desember 2023 tercatat                             Total Non-Current Assets as of December 31, 2023 was
      sebesar Rp2.897.134 juta. Dibandingkan dengan jumlah Aset Tidak                             IDR2,897,134 million. Compare to total Non-Current Assets as of
      Lancar pada tanggal 31 Desember 2022 sebesar Rp3.004.521 juta,                              December 31, 2022, amounting IDR3,004,521 million, experiencing
      mengalami penurunan sebesar Rp107.387 juta atau turun 4%.                                   decrease of IDR107,387million, or 4%. The decrease in the Total
      Penurunan jumlah Aset Tidak Lancar tersebut terutama dari                                   Non-Current Assets were due to decrease in Estimated claims for tax
      disebabkan penurunan pada akun Taksiran pajak penghasilan.                                  refund account.




      Liabilitas | Liabilities
                                                LAPORAN POSISI KEUANGAN KONSOLIDASIAN |
                                              CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                                                                                                            (Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)
                                                                                                                          (Expressed in Millions of Rupiah, unless otherwise stated)


                                                                                                                                         Pertumbuhan | Growth

      Liabilitas | Liabilities                                                          2023                     2022               Nominal                          %

      Liabilitas Jangka Pendek                                                     2.497.358                  2.606.899            - 109.541                       -4%
      Current Liabilities

      Liabilitas Jangka Panjang                                                         856.004                 654.497              201.507                       31%
      Non-Current Liabilities

      Jumlah Liabilitas                                                           3.353.362                  3.261.396                 91.966                       3%
      Total Liabilities



      Jumlah Liabilitas pada tanggal 31 Desember 2023 tercatat sebesar                            Total Liabilities as of December 31, 2023 was IDR3,353,362 million,
      Rp3.353.362 juta, naik 3% dibandingkan dengan jumlah Liabilitas                             experiencing increased of 3% compare to total Liabilities as of
      pada tanggal 31 Desember 2022 sebesar Rp3.261.396 juta.                                     December 31, 2022, which were recorded at IDR3,261,396 million.
      Kenaikan jumlah Liabilitas tersebut terutama dari disebabkan                                The increase in the Total Liabilities were due to increase in Non-
      kenaikan pada Liabilitas Jangka Panjang.                                                    Current Liabilities.


      Penurunan pada jumlah Liabilitas Jangka Pendek dari Rp2.606.899                             The decrease of total Current Liabilities from IDR2,606,899 millions in
      juta di tahun 2022 menjadi Rp2.497.358 juta di tahun 2023, atau                             2022 to IDR2,497,358 millions in 2023 or decreased by Rp109,541
      turun Rp109.541 juta atau 4% disebabkan karena penurunan pada                               millions or 4% due to the decrease in Short-term bank loans accounts.
      akun Utang bank jangka pendek.




 04               Ikhtisar Utama                          Laporan Manajemen                       Profil Perusahaan                    Analisa & Pembahasan Manajemen
108                 Highlights                            Management Report                       Company Profile                      Management Discussion & Analysis
Page 117
                                                                                          Igniting Engagement                           Laporan Tahunan 2023
                                                                                           Elevating Excellence        PT Steel Pipe Industry of Indonesia Tbk




Sedangkan jumlah Liabilitas Jangka Panjang naik dari Rp654.497                     Meanwhile, the total of Non-Current Liabilities increased from
juta di tahun 2022 menjadi Rp 856.004 juta di tahun 2023, atau naik                IDR654,497 million in 2022 to IDR856,004 million in 2023, or

Rp201.507 juta atau 31% disebabkan karena adanya kenaikan pada                     increassed by IDR201,507 million or 31% due to increased of Long-

akun Utang Jangka Panjang.                                                         term loans.




Ekuitas | Equity
                                         LAPORAN POSISI KEUANGAN KONSOLIDASIAN |
                                       CONSOLIDATED STATEMENT OF FINANCIAL POSITION
                                                                                                                    (Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)
                                                                                                                  (Expressed in Millions of Rupiah, unless otherwise stated)


                                                                                                                                 Pertumbuhan | Growth

Liabilitas | Liabilities                                           2023                          2022                       Nominal                              %

       Ekuitas                                                 4.618.346                    4.144.535                       473.811                          11%
       Equity


Kenaikan jumlah Ekuitas sebesar Rp473.811 juta atau 11% terutama                   The increase in Total Equity of IDR473,811 millions or 11% is
disebabkan karena pencatatan laba bersih tahun berjalan.                           primarily due to the recording of net income for the year.




           LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN KONSOLIDASIAN |
        CONSOLIDATED STATEMENT OF PROFIT & LOSS AND OTHER COMPREHENSIVE INCOME
                                                                                                                    (Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)
                                                                                                                  (Expressed in Millions of Rupiah, unless otherwise stated)


                                                                                                                                 Pertumbuhan | Growth

Liabilitas | Liabilities                                           2023                          2022                       Nominal                              %

Penjualan dan Pendapatan Jasa                                  6.455.329                    6.255.945                        199.384                             3%
Sales & Services Revenue
Beban Pokok Pendapatan                                         5.387.142                    5.497.334                      - 110.192                             -2%
Cost of Revenue
Laba Periode Berjalan                                             498.059                     305.849                        192.210                         63%
Income for the Period
Laba Komprehensif Tahun Berjalan                                  516.203                     421.010                          95.193                        23%
Comprehensive Income for the Year




              Tata Kelola Perusahaan           Tanggung Jawab Sosial Perusahaan                          Referensi                               Laporan Keuangan              04
              Corporate Governance               Corporate Social Responsibility                        References                              Financial Statements           109
Page 118
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Penjualan & Pendapatan Jasa | Sales & Service Revenues
      Di tahun 2023 Perseroan berhasil mencatat penjualan dan                          In 2023 the Company managed to book sales and service revenues of

      pendapatan jasa sebesar Rp6.455.329 juta, mengalami peningkatan                  IDR6,455,329 million, experiencing an increase of IDR199,384

      sebesar Rp199.384 juta atau 3% dibandingkan penjualan dan                        million or 3% compared to that of in 2022. The growth in sales value
      pendapatan jasa di tahun 2022. Pertumbuhan nilai penjualan                       was due to the increase in the sales volume of domestic sales for all

      disebabkan karena peningkatan volume penjualan domestik untuk                    pipe products.
      semua produk pipa.




      Beban Pokok Pendapatan | Cost of Revenues
      Beban Pokok Pendapatan di tahun 2023 tercatat sebesar                            Cost of Revenue in 2022 was recorded at IDR5,387,142 million or

      Rp5.387.142 juta atau turun 2% dari Rp5.497.334 juta di tahun                    decreased by 2% from IDR5,497,334 million in 2022. The decrease
      2022. Penurunan sebesar Rp110.192 juta disebabkan karena                         of IDR110,192 million due to the decrease in the raw materials used

      menurunnya biaya pemakaian bahan baku karena penurunan harga                     which is in line with the decrease of raw material prices.
      bahan baku.




      Laba Periode Berjalan | Income for the Period
      Perseroan berhasil membukukan laba untuk tahun 2023 sebesar                      The company managed to book profits for 2023 of IDR498,059 million

      Rp498.059 juta atau naik 63% dibandingkan perolehan yang sama di                 or increased by 63% compared to that of 2022, which was recorded at

      tahun 2022, yang tercatat sebesar Rp305.849 juta. Kenaikan saldo                 IDR305,849 million. The increase in profit for the period was due to the

      laba periode berjalan disebabkan karena peningkatan Laba Kotor                   increased in the Company's Gross Profit as a result of the increased in

      Perseroan sebagai akibat dari peningkatan Penjualan dan                          Sales and service revenue and decreased of Cost of Revenues.

      pendapatan jasa dan penurunan Beban pokok pendapatan.




      Laba Komprehensif Tahun Berjalan |
      Comprehensive Income for the Year
      Di tahun 2023 Perseroan membukukan laba komprehensif sebesar                     In 2023 the Company booked Total Comprehensive Income of
      Rp516.203 juta. Jika dibandingkan dengan tahun 2022, jumlah laba                 IDR516,203 million. Compare to that of 2022, the total
      komprehensif tahun berjalan lebih tinggi Rp95.193 juta.                          Comprehensive Income for the Year increased by IDR95,193 million.




 04             Ikhtisar Utama                           Laporan Manajemen             Profil Perusahaan                   Analisa & Pembahasan Manajemen
110               Highlights                             Management Report             Company Profile                     Management Discussion & Analysis
Page 119
                                                                                         Igniting Engagement                           Laporan Tahunan 2023
                                                                                          Elevating Excellence        PT Steel Pipe Industry of Indonesia Tbk




Laba Arus Kas Konsolidasian | Consolidated Statement
of Cash Flows
                                                                                                                   (Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)
                                                                                                                 (Expressed in Millions of Rupiah, unless otherwise stated)


                                                                                                                                          Pertumbuhan | Growth

Keterangan | Descriptions                                                    2023                            2022                       Nominal                       %

Arus kas dari aktivitas operasi                                            201.569                         - 31.546                      233.115                      739%
Cash Flows from operating activities

Arus kas dari aktivitas investasi                                          - 62.190                      - 106.739                         44.549                      42%
Cash Flows from investing activities

Arus kas dari aktivitas pendanaan                                          - 12.619                         138.371                   - 150.990                       -109%
Cash Flows from financing activities

Kenaikan Bersih Kas dan Setara Kas                                         126.760                                    86                126.674                 147.295%
Net Increase Cash and Cash Equivalent

Kas dan Setara Kas awal tahun                                                50.178                              50.092                          86                       0%
Cash and Cash Equivalent Beginning of Year

Dampak Perubahan Kurs pada Cash dan Setara Kas                                       -                                  -                           -                      -
Effects of Exchange Differences on Cash and Cash Equivalents
Kas dan Setara Kas akhir tahun                                             176.938                               50.178                 126.760                       253%
Cash and Cash Equivalent End of Year




Saldo Kas dan Setara Kas Konsolidasi Perseroan pada tanggal 31                   The balance of Consolidated Cash and Cash Equivalents as of
Desember 2023 berjumlah Rp176.938 juta. Jika dibandingkan                        December 31, 2023 amounted to IDR176,938 million. Compared to

dengan posisi per 31 Desember 2022 yang berjumlah Rp50.178                       the position as of 31 December 2022 amounted to IDR50,178
juta, terjadi kenaikan sebesar Rp126.760 juta atau 253% yang                     million, there was an increase of IDR126,760 million or 253% which
disebabkan karena peningkatan dari Kas neto yand diperoleh dari                  was due to an increase in net cash provided by operating activities.
aktivitas operasi.




             Tata Kelola Perusahaan          Tanggung Jawab Sosial Perusahaan                           Referensi                               Laporan Keuangan               04
             Corporate Governance              Corporate Social Responsibility                         References                              Financial Statements            111
Page 120
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Rasio Keuangan | Financial Ratios

                                                                                                              2023                      2022

           Rasio Lancar                                                                                       203%                       169%
           Current Ratio

           Jumlah Liabilitas/Jumlah Ekuitas                                                                    73%                         79%
           Total Liabilities/Total Equity
           Jumlah Liabilitas/Jumlah Aset                                                                       42%                         44%
           Total Liabilities/Total Asset



      KEMAMPUAN MEMBAYAR UTANG                                                        SOLVENCY
      Untuk mengukur kemampuan Perseroan dalam membayar Utang,                        To measure the Company's ability to pay debt, the Company uses the
      Perseroan menggunakan Rasio Likuiditas dan Rasio Solvabilitas.                  Liquidity Ratio and Solvability Ratio.


      Rasio Likuiditas                                                                Liquidity Ratio
      Rasio likuiditas mencerminkan kemampuan Perseroan dan Entitas                   The liquidity ratio reflects the ability of the Company and Subsidiaries
      Anak dalam memenuhi liabilitas jangka pendek dengan                             to fulfill their current liabilities by using their current assets
      menggunakan aset lancar yang dimilikinya.



      Tingkat likuiditas diukur dengan menggunakan rasio lancar, yaitu                The level of liquidity is measured by using current ratios, namely the
      perbandingan aset lancar dan liabilitas jangka pendek.                          comparison of current assets and short-term liabilities.


      Di tahun 2023, rasio lancar Perseroan adalah 203%, lebih tinggi jika            In 2023, the Company's current ratio was 203%, better than the
      dibandingkan dengan rasio lancar di tahun 2022, yaitu 169%.                     current ratio in 2022, which was 169%.


      Rasio Solvabilitas                                                              Solvability Ratio
      Solvabilitas merupakan kemampuan Perseroan dan Entitas Anak                     Solvability is the ability of the Company and Subsidiary to fulfill their
      dalam memenuhi liabilitas jangka pendek dan jangka panjang, yang                short-term and long-term liabilities, which is reflected by the ratio of
      tercermin dari perbandingan antara jumlah liabilitas dan ekuitas dan            total liabilities and equity and the ratio of total liabilities and total
      perbandingan antara jumlah liabilitas dan jumlah aset.                          assets.


      Perbandingan antara jumlah liabilitas dan ekuitas Perseroan dan                 The comparison between the total liabilities and total equity of the
      Entitas Anak pada tanggal 31 Desember 2023 dan 2022 adalah                      Company and Subsidiaries as of December 31, 2023 and 2022 were
      masing-masing sebesar 0,73x dan 0,79x.                                          0.73x and 0.79x respectively.


      Sedangkan perbandingan antara jumlah liabilitas dan jumlah asset                While the comparison between the total liabilities and the total assets
      Perseroan dan Entitas Anak pada tanggal 31 Desember 2023 dan                    of the Company and Subsidiaries as of December 31, 2023 and 2022
      2022 masing-masing sebesar 0,42x dan 0,44x.                                     were 0.42x and 0.44x, respectively.




 04             Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                      Analisa & Pembahasan Manajemen
112               Highlights                            Management Report             Company Profile                        Management Discussion & Analysis
Page 121
                                                                                         Igniting Engagement                           Laporan Tahunan 2023
                                                                                          Elevating Excellence        PT Steel Pipe Industry of Indonesia Tbk




TINGKAT KOLEKTIBILITAS                                                            COLLECTIBILITY RATE

Kolektibilitas piutang Perseroan menggambarkan seberapa efektif                   The collectibility of the Company's receivables illustrates how
Perseroan mengelola tagihan-tagihan kepada pelanggannya, yang                     effectively the Company manages its account receivables, which is

tercermin dari umur piutang atau jangka waktu pencairan piutang.                  reflected the account receivables aging or the tenure of receivables.


Umur piutang dihitung dengan cara membandingkan total penjualan                   The accounts receivable aging is calculated by comparing the total
selama setahun dengan rata-rata piutang di tahun tersebut.                        sales for a year with the average accounts receivable in that year.



Jumlah rata-rata umur piutang Perseroan pada tahun 2023 dan 2022                  The average collection period of the Company's receivables in 2023
adalah 63 dan 61 hari. Hal ini menunjukkan stabilitas kinerja                     dan 2022 were 63 and 61 days. This ratio shows the Company's

Perseroan dalam mengelola sumber dananya.                                         stability in managing its sources of funds.




Struktur Modal & Kebijakan Manajemen Atas Struktur Modal |
Capital Structure & Management Policy on Capital Structure
                                                                                                                   (Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)
                                                                                                                 (Expressed in Millions of Rupiah, unless otherwise stated)


Struktur Modal | Capital Structure                                                     2023                       %                    2022                      %


Jumlah Liabilitas Jangka Pendek                                                     2.497.358                    31%               2.606.899                    35%
Total Current Liabilities

Jumlah Liabilitas Jangka Panjang                                                      856.004                    11%                 654.497                      9%
Total Non-Current Liabilities

Jumlah Liabilitas                                                                  3.353.362                     42%               3.261.396                    44%
Total Liabilities

Jumlah Ekuitas                                                                      4.618.346                    58%               4.144.535                    56%
Total Equity

Jumlah Liabilitas dan Ekuitas                                                      7.971.708                 100%                  7.405.931                    100%
Total Liabilities and Equity


Rasio utang dibanding modal Perseroan pada tahun 2023 adalah                      The Company's debt to equity ratio for 2023 was 0.73x. This ratio
0,73x. Rasio ini lebih rendah dibandingkan dengan tahun 2022 yaitu                was lower compared to that of 2022, which was 0.79x.
0,79x.




               Tata Kelola Perusahaan         Tanggung Jawab Sosial Perusahaan                          Referensi                               Laporan Keuangan              04
               Corporate Governance             Corporate Social Responsibility                        References                              Financial Statements           113
Page 122
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Komitmen Material untuk Investasi Barang Modal |
      Material Commitments for Investment in Capital Goods
      Pada tahun 2023 Perseroan tidak memiliki ikatan material untuk                          In 2023 the Company did not engage any material commitments for
      investasi barang modal, selain yang telah dilakukan pada tahun-                         investment in capital good, other than those that have been done in
      tahun sebelumnya.                                                                       previous years.




      Perbandingan Target dan Realisasi Kinerja |
      Comparison of Performance Target and Realisation
      Berikut adalah perbandingan target dan realisasi kinerja Perseroan                      Below is the comparison of performance target and realisation of the
      pada tahun 2023 serta proyeksi di tahun 2024.                                           Company in 2023 and projection in 2024.

                                                                                                                    Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain
                                                                                                                  Expressed in millions of Rupiah, unless otherwise stated


                                                                                                    2023                                           2024
                                 Aset | Assets
                                                                                  Target | Target         Realisasi | Realization            Target | Target


            Penjualan dan Pendapatan Jasa                                    7.000.000-7.500.000                6.455.277               7.000.000-7.500.000
            Sales and Service Revenue




      Investasi Barang Modal | Capital Goods Investment
      Pada tahun 2023 Perseroan mengeluarkan dana sebesar sekitar                             In 2023 the Company spent around IDR66 billion in capital

      Rp66 miliar untuk belanja modal, yang merupakan belanja modal                           expenditure, which was the capital expenditure for acquiring non-
      untuk perolehan aset tetap.                                                             current assets.




      Informasi dan Fakta Material yang Terjadi Setelah
      Tanggal Laporan Keuangan |
      Realization of Investment of Capital Goods
      Tidak ada peristiwa/kejadian penting setelah tanggal laporan                            There was no significant events after the date of the financial
      keuangan yang berpengaruh signifikan terhadap laporan keuangan                          reporting that have a significant effect on the Company's financial
      Perseroan.                                                                              statements.




 04             Ikhtisar Utama                          Laporan Manajemen                    Profil Perusahaan                       Analisa & Pembahasan Manajemen
114               Highlights                            Management Report                    Company Profile                         Management Discussion & Analysis
Page 123
                                                                                                  Igniting Engagement                         Laporan Tahunan 2023
                                                                                                   Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Prospek Usaha
Business Prospect

Potensi atau prospek industri pipa baja diproyeksikan tumbuh dalam                         The earnings potential or prospects of the Steel Pipes & Tubes
hal pendapatan dari tahun 2023 hingga tahun 2030. Meningkatnya                             industry is expected to expand from 2023 to 2030. The construction
pembangunan pabrik petrokimia di seluruh dunia adalah diperkirakan                         of petrochemical plants is increasing around the world, and the
akan meningkatkan konsumsi pipa baja & tabung baja selama periode                          consumption of steel pipes and tubes is expected to increase during

tersebut. Pipa baja & tabung baja digunakan dalam sistem perpipaan,                        this period. Steel pipes and tubes are used for piping systems,
tabung tekanan, dan penukar panas di industri kimia & petrokimia.                          pressure pipes and heat exchangers in the chemical and

                                                                                           petrochemical industry.


Meningkatnya kinerja penjualan dan perolehan laba bersih Perseroan                         The company's sales performance and increase in net income in 2023

di tahun 2023 menjadi modal keyakinan Perseroan untuk                                      reflect the company's confidence in increasing sales volumes. The
mengembangkan volume penjualannya. Perseroan optimis dengan                                company was optimistic about the growth of Indonesia's

pertumbuhan pembangunan di Indonesia dan telah turut serta dalam                           development and participated in the development of New Capital
pembangunan Ibu Kota Nusantara (IKN). Hilirisasi yang terjadi pada                         City of Nusantara (IKN). Downstream developments associated with
industri pertambangan dengan pembangunan smelter telah                                     the construction of smelting furnaces in the mining industry increased
meningkatkan pendapatan Perseroan untuk berbagai produk pipa                               revenue for the company's various steel tubes and tubular products.
baja dan tabung baja.



Informasi APBN 2024 - Anggaran Infrastruktur |
2024 State Revenue and Expenditure Budget
Information [APBN] - Infrastructure Budget
                                         31,2%


                                                                                                             7,2%                                6%

       -22%                                                                      -7,5%                                                          423,4
                                        403,3                                                               399,6
                                                                          372,8
         307,3




           2020                           2021                            2022                    OUTLOOK 2023                            APBN 2024


                Anggaran Infrastruktur (Triliun)                                                    Pertumbuhan (%)
Sumber | Source : Informasi APBN 2024, Mempercepat Transformasi Ekonomi yang Inklusif dan Berkelanjutan disusun oleh Tim Kementrian Keuangan


              Tata Kelola Perusahaan                   Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      04
              Corporate Governance                       Corporate Social Responsibility                        References                            Financial Statements   115
Page 124
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Target Output Strategis Pemerintah Tahun 2024 |
      Government Strategic Output Target in 2024
      Sumber | Source : Informasi APBN 2024, Mempercepat Transformasi Ekonomi yang Inklusif dan Berkelanjutan disusun oleh Tim Kementrian Keuangan




      Anggaran Infrastruktur | infrastructure budget
      Infrastruktur pelayanan dasar                                                         Infrastruktur untuk konektivitas
      Basic service infrastructure                                                          Infrastructure for connectivity

                           Rumah Susun 5.479 unit dan                                                                Jalan baru 271,2 km,
                           Rumah Khusus 533 unit                                                                     Jalan Tol Beroperasi 50,8 km; dan Konstruksi
                                                                                                                     JTTS sepanjang 182 km
                           5,479 units of flats and
                                                                                                                     New road 271.2 km,
                           533 units of Livable Houses                                                               Operating Toll Road 50.8 km; and Construction
                                                                                                                     JTTS is 182 km long
                           Pembangunan, Rehabilitasi dan Renovasi Sarpras
                           Pendidikan Dasar dan menengah 613 unit Sekolah                                            Jembatan baru 4.796,2 m;
                                                                                                                     Flyover / underpass / terowongan 2.259 m
                           Construction, Rehabilitation and Renovation of
                                                                                                                     New bridge 4,796.2 m;
                           Primary and Secondary Education Infrastructure for                                        Flyover / underpass / tunnel 2,259 m
                           613 School Units
                                                                                                                     Panjang jalur kereta api kumulatif 7.451 km’sp
                                                                                                                     The cumulative length of the railway line is
                           Sistem Penyediaan Air Minum (SPAM) dengan
                                                                                                                     7,451 km'sp
                           kapasitas 2.571 liter/detik
                           Clean Water Supply System (SPAM) with a capacity                                          21 Lokasi bandara baru
                           of 2,571 liters/second                                                                    21 locations of new airport

                                                                                                                     36 Pelabuhan penyeberangan baru
                           Pembangunan dan Rehabilitasi Jaringan irigasi
                                                                                                                     36 New ferry ports
                           masing-masing seluas 4.000 ha dan 38.000 ha
                           Construction and Rehabilitation of Irrigation Networks
                           covering an area of 4,000 ha and 38,000 ha respectively

      Infrastruktur energi dan pangan                                                       Infrastruktur Teknologi Informasi & Komunikasi (TIK)
      Energy and food infrastructure                                                        Information & Communication Technology Infrastructure

                                           Pipa Transmisi Gas Bumi Tahap I                                      Digital Broadcasting System
                                           (Ruas Cirebon – Semarang)                                            (DBS) sebanyak 62 unit
                                           Natural Gas Transmission Pipeline                                    Digital Broadcasting System (DBS) of
                                           Phase I (Cirebon – Semarang Section)                                 62 units


                                           Pembangunan Bendungan 16 unit                                        Penyediaan 22.709 Titik Akses
                                           ditargetkan selesai                                                  Internet (Existing)
                                           Construction of the 16 unit dam is                                   Provision of 22,709 Internet Access
                                           targeted for completion                                              Points (Existing)


                                           Bantuan Pasang Baru Listrik                                          Operational proyek SATRIA
                                           kepada 80.000 rumah tangga                                           (Kapasitas Satelit) sebesar 19 Gbps
                                           Assistance for installing new electricity                            Operational SATRIA project (Satellite
                                           to 80,000 households                                                 Capacity) is 19 Gbps



 04               Ikhtisar Utama                          Laporan Manajemen                Profil Perusahaan                       Analisa & Pembahasan Manajemen
116                 Highlights                            Management Report                Company Profile                         Management Discussion & Analysis
Page 125
                                                                                         Igniting Engagement                         Laporan Tahunan 2023
                                                                                          Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Kebijakan Dividen
Dividend Policy

Perseroan akan membagikan dividen kepada para Pemegang Saham                      The Company shall distribute the dividend to Shareholders from the
dari laba tahun berjalan bagian entitas induk setelah dikurangi                   parent portion of the profit for the year deducted by mandatory
penyisihan cadangan wajib dan kebutuhan untuk pengembangan                        reserves allocation and for business development. Dividend
usaha. Pembagian dividen berpedoman pada Anggaran Dasar dan                       distribution refers to the Article Association and the applicable
ketentuan peraturan perundang-undangan yang berlaku. Pemegang                     regulations. Shareholders through the AGMS for the 2022 financial
Saham melalui RUPST tahun buku 2022 yang diadakan tanggal 30                      year which was held on June 30th, 2023 decided to distribute
Juni 2023 memutuskan untuk membagikan dividen sebesar Rp6 per                     dividends of IDR6 per share.
saham.



Program Kepemilikan Saham oleh Karyawan dan/atau Manajemen |
Employee/Management Stock Ownership Program (ESOP/MSOP)
Hingga tahun 2023, Perseroan belum memiliki program kepemilikan                   Up to 2023, the Company has not yet established the employee
saham oleh karyawan dan/atau manajemen.                                           and/or management stock ownership programs.



Realisasi Dana Hasil Penawaran Umum |
Realization of Initial Public Offering Funds
Pada tanggal 29 Maret 2023, Perseroan melakukan Penawaran                         On March 29, 2023, the Company made a Phase II 2023 Sustainable

Umum Berkelanjutan II Tahun 2023 yang terdiri dari:                               Public Offering consisting of:
Ÿ Obligasi Berkelanjutan II SPINDO Tahap I Tahun 2023 dengan                      Ÿ SPINDO Continuous Bond II Phase I 2023, with proceeds of

 perolehan dana sebesar Rp250 miliar. Hasil bersih, setelah                        IDR250 billion. After deducting IDR3.73 billion in emission costs,
 dikurangi dengan Biaya Emisi sebesar Rp3,73 miliar adalah sebesar                 the net proceeds was IDR246.27 billion. The proceeds were used in

 Rp246,27 miliar telah direalisasikan penggunaan dananya sesuai                    accordance with the allocation mentioned in the Prospectus,
 dengan peruntukan yang disebutkan di Prospektus, yaitu untuk                      specifically to pay part of the debt to PT Bank ICBC Indonesia, PT

 membayar sebagian utang kepada PT Bank ICBC Indonesia, PT                         Bank Danamon Indonesia Tbk, and PT Bank Central Asia Tbk.

 Bank Danamon Indonesia Tbk, dan PT Bank Central Asia Tbk


Ÿ Sukuk Ijarah Berkelanjutan II SPINDO Tahap I Tahun 2023 dengan                  Ÿ SPINDO Sustainable Sukuk Ijara II Phase I Year 2023 with proceeds

 perolehan dana sebesar Rp155 miliar. Hasil bersih, setelah                        of IDR155 billion. The net proceeds, after deducting Emission Costs

 dikurangi dengan Biaya Emisi sebesar Rp2,91 miliar adalah sebesar                 of IDR2.91 billion, amounted to IDR152.09 billion, and the funds

 Rp152,09 miliar telah direalisasikan penggunaan dananya sesuai                    were used in accordance with the Prospectus allocation, specifically
 dengan peruntukan yang disebutkan di Prospektus, yaitu untuk                      for the Company's working capital.

 Modal Kerja Perseroan.


Ÿ Obligasi Berkelanjutan II SPINDO Tahap II Tahun 2023 dengan                     Ÿ SPINDO Continuous Bonds II Phase II 2023 with proceeds of

 perolehan dana sebesar Rp110,35 miliar. Hasil bersih, setelah                     IDR110.35 billion. The net proceeds, after deducting Emission
 dikurangi dengan Biaya Emisi sebesar Rp1,192 miliar adalah                        Costs of IDR1.192 billion, amounted to Rp109.158 billion. The

 sebesar Rp109,158 miliar telah direalisasikan penggunaan dana                     proceeds were used in accordance with the Prospectus's allocation,


            Tata Kelola Perusahaan            Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      04
            Corporate Governance                Corporate Social Responsibility                        References                            Financial Statements   117
Page 126
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




       -nya sesuai dengan peruntukan yang disebutkan di Prospektus,                       specifically to cover the company's debt to PT Bank Central Asia

       yaitu untuk membayar utang perseroan kepada PT Bank Central                         Tbk through a Multi Facility credit facility used for working capital.

       Asia Tbk dengan fasilitas kredit Multi Facility yang digunakan untuk                Company business.

       modal kerja bisnis Perseroan.


      Ÿ Sukuk Ijarah Berkelanjutan II SPINDO Tahap II Tahun 2023 dengan                Ÿ SPINDO Sustainable Sukuk Ijarah II Phase II 2023 with proceeds of

       perolehan dana sebesar Rp59,65 miliar. Hasil bersih, setelah                      IDR59.65 billion. The net proceeds, after subtracting Emission

       dikurangi dengan Biaya Emisi sebesar Rp852 juta adalah sebesar                    Costs of IDR852 million, was IDR58.79 billion, and the funds were

       Rp58,79 miliar telah direalisasikan penggunaan dananya sesuai                     used in accordance with the Prospectus allocation, specifically for

       dengan peruntukan yang disebutkan di Prospektus, yaitu untuk                      the Company's working capital.

       Modal Kerja Perseroan.




      Informasi Material Investasi, Ekspansi, Divestasi, Akuisisi, dan
      Restrukturisasi Hutang/Modal | Material Information on Investment,
      Expansion, Divestment, Acquisition, and Debt/Capital Restructuring
      Tidak ada informasi material lainnya yang harus diungkapkan dalam                There was no other material information that needs to be disclosed in

      transaksi-transaksi Perseroan pada 2023, selain yang telah                       the Company’s transactions in 2023, other than what has been

      diungkapkan dalam Laporan Keuangan Konsolidasian Perseroan dan                   disclosed in Consolidated (Audited) Financial Statements of the
      Entitas Anak yang telah diaudit.                                                 Company and Entities.




      Transaksi Material yang Mengandung Benturan Kepentingan
      dan/atau Transaksi dengan Pihak Afiliasi | Material Transaction
      which Contains Conflict of Interest and/or Affiliate Transaction
      Seluruh transaksi dengan pihak afiliasi atau berelasi tidak                      All transactions with affiliated or related parted were not disclosed in

      diungkapkan dalam Laporan Tahunan dan Laporan Keuangan karena                    the Annual Report and Financial Statements for there were no

      sepanjang tahun 2023 tidak terjadi transaksi dengan pihak berelasi.              transactions that occurred with related parties throughout 2023.




 04              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                    Analisa & Pembahasan Manajemen
118                Highlights                            Management Report             Company Profile                      Management Discussion & Analysis
Page 127
                                                                                            Igniting Engagement                         Laporan Tahunan 2023
                                                                                             Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Perubahan Peraturan Perundang-
undangan yang Berdampak
Terhadap Perusahaan
The Changes in Laws which Significantly Affect to the Company



Salah satu komitmen Perseroan terhadap penerapan kepatuhan                           One of the Company’s commitments on the implementation of

adalah selalu menaati peraturan yang berlaku dari regulator, yang                    compliance is to constantly adhere to the prevailing regulations
relevan pada bisnis dan operasi Perusahaan. Bentuk implementasi                      relevant to our business and operations. The manifestation of such

komitmen tersebut adalah melakukan pengkajian terhadap peraturan                     commitments was by conducting a review of the new regulation and
baru dan amandemen peraturan sehingga SPINDO selalu taat pada                        the amended regulations to ensure that SPINDO shall remain

ketentuan peraturan dan amandemennya.                                                compliant with the regulations and its amendment.


Laporan keuangan telah disusun dan disajikan sesuai dengan SAK,                      The financial statements have been prepared and presented in
yang mencakup Pernyataan dan Interpretasi yang diterbitkan oleh                      accordance with SAK, which comprises the Statements and
Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia,                           Interpretations issued by the Board of Financial Accounting
termasuk standar baru dan yang direvisi, amandemen dan                               Standards of the Indonesian Institute of Accountants, including
penyesuaian tahunan, yang berlaku efektif sejak tanggal 1 Januari                    applicable new and revised standards, amendments and annual

2023 serta Lampiran Keputusan Ketua Badan Pengawasan Pasar                           improvements, effective on or after January 1, 2023 and Attachment
Modal dan Lembaga Keuangan (sekarang menjadi Otoritas Jasa                           to the Decision of the Chairman of Bapepam-LK (now becoming
Keuangan atau OJK) No. Kep-347/BL/2012 tanggal 25 Juni 2012                          Indonesian Financial Services Authority or OJK) No. Kep-
yaitu Peraturan No. VIII.G.7 tentang Penyajian dan Pengungkapan                      347/BL/2012 dated June 25, 2012 that is Regulation No. VIII.G.7
Laporan Keuangan yang diterbitkan oleh Otoritas Jasa Keuangan                        regarding Presentation and Disclosures of the Financial Statements
(OJK) (dahulu Badan Pengawas Pasar Modal dan Lembaga                                 issued by the Financial Services Authority (OJK) (formerly Capital

Keuangan (BAPEPAM-LK)) untuk perusahaan publik.                                      Market and Financial Institutions Supervisory Agency (BAPEPAM-

                                                                                     LK)) for publicly listed companies.




Perubahan Kebijakan Akuntansi | Changes in Accounting Policy
Laporan keuangan Perseroan disusun sesuai standar akuntansi                          The Company’s financial statements were prepared in accordance

keuangan (“SAK”) dan interpretasi standar akuntansi keuangan                         with the new and revised financial accounting standards (SAK) and
(“ISAK”) baru dan revisi termasuk pengesahan amandemen dan                           interpretation to financial accounting standards (ISAK) including

penyesuaian tahunan yang dikeluarkan oleh Dewan Standar                              amendment and annual improvements issued by the Board of
Akuntansi Keuangan Ikatan Akuntan Indonesia yang dianggap                            Financial Accounting Standards of the Indonesian Institute of
relevan dengan kegiatan operasinya dan mempengaruhi laporan                          Accountants that are relevant to their operations and affected to the

keuangan konsolidasian berlaku efektif untuk periode tahun buku                      consolidated financial statements effective for accounting period

yang dimulai pada atau setelah 1 Januari 2023.                                       beginning on or after January 1st, 2023.




            Tata Kelola Perusahaan               Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      04
            Corporate Governance                   Corporate Social Responsibility                        References                            Financial Statements   119
Page 128
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Laporan keuangan konsolidasian disusun sesuai dengan PSAK 1                      The consolidated financial statements are prepared in accordance

      (Revisi 2013) "Penyajian Laporan Keuangan", termasuk PSAK 1                      with PSAK 1 (Revised 2013) "Presentation of Financial Statements"

      (Amendemen 2015), "Penyajian Laporan Keuangan tentang                            including PSAK 1 (Amendment 2015) "Presentation of Financial
      Prakarsa Pengungkapan". PSAK revisi ini mengubah                                 Statements on Initiative Disclosures". This revised PSAK changes the

      pengelompokan item-item yang disajikan dalam penghasilan                         grouping of items presented in OCI. Items that could be reclassified to
      komprehensif lain (OCI). Item-item yang akan direklasifikasi ke laba             profit or loss would be presented separately from items that will never

      rugi akan disajikan terpisah dari item-item yang tidak akan                      be reclassified. The adoption of this PSAK affects presentation only
      direklasifikasi ke laba rugi. Penerapan PSAK ini hanya berakibat pada            and has no impact on the Entity's and Subsidiary's financial position

      penyajian saja dan tidak berdampak pada posisi keuangan dan                      or performance.

      kinerja Entitas dan Entitas Anak.




      Informasi Kelangsungan Usaha
      Business Continuity Information
      Penjualan dan pendapatan jasa serta profit margin yang meningkat di              Sales and service revenues, as well as rising profit margins in 2023,
      tahun 2023 memberi optimisme kepada Perseroan kelangsungan                       are encouraging for the Company's business continuity in 2024.
      usaha di tahun 2024.




      Hal-Hal yang Berpotensi Berpengaruh Signifikan terhadap
      Kelangsungan Usaha |
      Matters with Potential Effect on Business Continuity
      Operasi Entitas dan Entitas Anak akan lebih dipengaruhi oleh kondisi             The Entity's and Subsidiary's operations will be more affected by
      ekonomi global. Beberapa hal yang berpotensi berpengaruh                         global economic conditions. Factors that have the potential to affect
      terhadap kelangsungan usaha adalah:                                              business continuity are:
      Ÿ Fluktuasi harga baja global yang berkorelasi dengan nilai penjualan            Ÿ Fluctuations in global steel prices are correlated with the sales value

       produk pipa baja.                                                                  of steel pipe products.
      Ÿ Risiko pasar yang terdiri risiko nilai tukar mata uang asing, risiko           Ÿ Market risks, including currency risk, interest rate risk and price risk.

       suku bunga dan risiko harga.


      Pengaruh lebih lanjut yang signifikan dari kondisi ini, bila ada, akan           Further significant condition, if any, will be reflected in the Entity and
      direfleksikan dalam pelaporan keuangan Entitas dan Entitas Anak di               Subsidiary financial reporting in the subsequent periods.
      periode-periode berikutnya.




 04              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                    Analisa & Pembahasan Manajemen
120                Highlights                            Management Report             Company Profile                      Management Discussion & Analysis
Page 129
                                                                                          Igniting Engagement                         Laporan Tahunan 2023
                                                                                           Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Penilaian Manajemen atas Hal-Hal yang Berpengaruh
Signifikan terhadap Kelangsungan Usaha |
Management Assessment on Matters with Significant Effects
on Business Continuity
Menurut catatan atas laporan keuangan audit 2023, manajemen                        According to the annotation of the audited financial statements FY

Perseroan telah melakukan penilaian atas kemampuan Perseroan untuk                 2023, the Management has conducted an assessment of the
melanjutkan kelangsungan usahanya dan berkeyakinan bahwa                           Company’s capability to continue its business activities and believes

Perseroan memiliki sumber daya untuk melanjutkan usaha di masa                     that the Company has the resources to continue its business into the

mendatang. Selain itu, manajemen Perseroan tidak menemukan adanya                  future. Furthermore, the Management did not find any material
ketidakpastian material yang dapat menimbulkan keraguan yang                       uncertainty that may cause significant hesitancy against the
signifikan terhadap kemampuan Perseroan untuk melanjutkan usaha.                   Company’s capability of continuing its business activities.




 Asumsi yang Digunakan Manajemen dalam
 Melakukan Penilaian |
 Assumptions Used by The Management
 in Assessment
 Manajemen menggunakan asumsi-asumsi dari berbagai sumber baik                      The Company utilizes assumptions from various internal and external
 internal maupun eksternal yang di antaranya adalah indikator-                      sources namely economic indicators such as GDP, inflation rate,
 indikator ekonomi seperti PDB, tingkat inflasi, nilai tukar serta data             foreign exchange and internal performance data such as financial
 kinerja internal seperti laporan kinerja keuangan dan indikator                    performance reports and corporate governance indicators.
 pelaksanaan tata kelola perusahaan.




           Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      04
           Corporate Governance                  Corporate Social Responsibility                        References                            Financial Statements   121
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         PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




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122     Highlights                            Management Report             Company Profile     Management Discussion & Analysis
Page 131
                                                             Igniting Engagement                         Laporan Tahunan 2023
                                                              Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




         05                                         Tata Kelola
                                                    Perusahaan
                                                    Corporate Governance




Tata Kelola Perusahaan   Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      05
Corporate Governance       Corporate Social Responsibility                 References                            Financial Statements   123
Page 132
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Tata Kelola Perusahaan
      Corporate Governance

      SPINDO berkomitmen untuk menjaga standar tinggi etika bisnis dan                  SPINDO is committed to maintaining high standards of business
      praktik tata kelola perusahaan yang menyeimbang-kan kepentingan                   ethics and corporate governance practices that balance the interests
      Perseroan dan para pemangku kepentingan.                                          of the Company and stakeholders.


      Penerapan tata kelola perusahaan yang baik (Good Corporate                        The implementation of good corporate governance (GCG) in a quality
      Governance – GCG) secara berkualitas dan konsisten merupakan                      and consistent manner is part of the Company’s efforts to maintain
      bagian dari upaya menjaga kinerja untuk pertumbuhan yang                          performance for sustainable growth. With GCG, stakeholders,
      berkelanjutan. Dengan GCG para pemangku kepentingan, khususnya                    especially investors, believe that the company will become a long-
      investor, percaya bahwa perusahaan akan menjadi pilihan investasi                 term investment choice if it applies governance, manages risk
      jangka panjang bila menerapkan tata kelola (Governance), mengelola                appropriately (Risk Management ), and complies with applicable
      risiko secara tepat (Risk Management), serta patuh pada ketentuan                 regulations (Compliance).
      yang berlaku (Compliance).




      Landasan Pelaksanaan GCG | Platform for GCG Implementation
      Penerapan Tata Kelola Perusahaan SPINDO memiliki landasan                         The legal basis for the implementation of Corporate Governance of
      hukum dan kebijakan yang meliputi undang-undang, peraturan, dan                   SPINDO is comprised of the following laws, regulations, and
      pedoman sebagai berikut:                                                          guidelines:
      1. Undang-undang Republik Indonesia Nomor: 40 Tahun 2007                          1. Law of the Republic of Indonesia No. 40 of 2007 on Limited
          tentang Perusahaan Terbatas [PT];                                                  Liability Company;
      2. Undang-undang Republik Indonesia Nomor: 8 tahun 1995                           2. Law of the Republic of Indonesia No. 8 of 1995 on Capital Market;
          tentang Pasar Modal dan Perubahan-Perubahannya;
      3. Peraturan OJK Nomor: 21/POJK.04/2015 tentang Penerapan                         3. OJK Regulation No. 21/POJK.04/2015 on the Implementation of
          Pedoman Tata Kelola Perusahaan Terbuka;                                            the Governance Guidelines for Listed Companies;
      4. P OJ K N o . 1 5 / P OJ K . 0 4 / 2 0 2 0 t e n t a n g R e n c a n a d a n    4. OJK Regulation No. 15/POJK.04/2020 on Plans and Procedures of
          Penyelenggaraan Rapat Umum Pemegang Saham Perusahaan                               the General Meeting of Shareholders in Listed Companies;
          Terbuka;
      5. P OJ K N o . 1 6 / P OJ K . 0 4 / 2 0 2 0 t e n t a n g R e n c a n a d a n    5. OJK Regulation No. 16/POJK.04/2020 on Plans and Procedures of
          Penyelenggaraan Rapat Umum Pemegang Saham Perusahaan                               Electronic General Meeting of Shareholders of Listed Companies;
          Terbuka secara Elektronik;
      6. POJK 3/POJK.04/2021 tentang Penyelenggaraan Kegiatan di                        6. OJK Regulation 3/POJK.04/2021 on the Implementation of
          Bidang Pasar Modal;                                                                Activities in the Capital Market;
      7. POJK No. 42/POJK.04/2020 tentang Transaksi Afiliasi dan                         7. OJK Regulation No. 42/POJK.04/2020 on Affiliated Transactions
          Transaksi Benturan Kepentingan;                                                    and Conflict of Interest Transactions;
      8. Surat Edaran OJK No. 16/SEOJK.04/2021 tentang Bentuk dan Isi                   8. OJK Circular Letter No. 16/SEOJK.04/2021 on the Formation and
          Laporan Tahunan Emiten dan Perusahaan Publik;                                      Contents of Annual Reports Filed by Issuers and Public
                                                                                             Companies;
      9. Pedoman Tata Kelola Perusahaan yang dikeluarkan oleh Komite                    9. General Guidelines for Corporate Governance issued by National
          Nasional Kebijakan Governance (KNKG);                                              Committee on Governance Policy (KNKG);
      10. Peraturan-peraturan yang terkait dengan aktivitas bisnis                      10. Regulations related to the Company’s business activities,
          Perseroan, baik yang dikeluarkan pemerintah pusat, kementerian                     whether issued by the central government, relevant ministries,
          terkait, pemerintah provinsi dan pemerintah kabupaten/kota di                      provincial governments and district/city governments where the
          lokasi Perseroan beroperasi;                                                       Company operates;


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Page 133
                                                                                         Igniting Engagement                         Laporan Tahunan 2023
                                                                                          Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




11. Anggaran Dasar Perseroan;                                                     11. Articles of Association of the Company;
12. SK mengenai penerapan Pedoman Perilaku, dan peraturan-                        12. Decree regarding the implementation of the Code of Conduct, and
    peraturan lain di lingkungan Perseroan misalnya Kode Etik                         other regulations within the Company, such as the Supplier’s
    Pemasok beserta perubahan dan pem-baruannya.                                      Code of Conduct.



Tujuan Penerapan GCG | Objectives of GCG Implementation
Penerapan GCG di dalam Perseroan bertujuan untuk:                                 The implementation of GCG in the Company aims to:
1. Melindungi hak-hak Pemegang Saham dan memfasilitasi                            1. Protect the rights of Shareholders and facilitate the
    pelaksanaan hak-hak Pemegang Saham, melalui RUPS.                                 implementation of the rights of Shareholders, through GMS.
2. Mengakui adanya hak-hak pemangku kepentingan (internal                         2. Acknowledge the rights of stakeholders (internal and external)
    maupun eksternal) yang ditetapkan melalui kesepakatan                             stipulated through mutual agreement and to prompt active
    bersama serta mendorong kerja sama yang aktif untuk                               cooperation in order to create the Company’s sustainability.
    menciptakan kesinambungan Perseroan.                                          3. Emphasize the principle of openness to develop the Company’s
3. Mengedepankan prinsip keterbukaan untuk mengembangkan                              products in the Capital Market.
    produk Perseroan di Pasar Modal.                                              4. The Board of Commissioners and the Directors to ensure the
4. Dewan Komisaris dan Direksi memastikan penerapan pedoman                           implementation of the Company’s strategic guidelines, effective
    strategis Perseroan, pengawasan yang efektif terhadap                             supervision over the management and their responsibilities to
    manajemen dan tanggung jawab Dewan Komisaris dan Direksi                          the Company and Shareholders.
    kepada Perseroan dan Pemegang Saham.



Prinsip-Prinsip GCG | GCG Principles
Perseroan menyusun Pedoman Tata Kelola Perusahaan dengan                          The Company has set out GCG Guidelines by adopting five core GCG
berlandaskan pada lima prinsip GCG yang meliputi:                                 principles as follows:


Transparansi | Transparency
Perusahaan memberikan kemudahan terhadap akses informasi yang                     The Company provides easy access to complete, accurate and timely
lengkap, akurat, dan tepat waktu kepada para pemangku                             information for stakeholders and demonstrate openness of decision-
kepentingan serta melaksanakan proses pengambilan keputusan                       making as well as towards disclosure of material and relevant
dan keterbukaan dalam mengemukakan informasi materiil dan                         information regarding the Company.
relevan mengenai Perusahaan.


Akuntabilitas | Accountability
Kejelasan fungsi, struktur, sistem, dan pertanggungjawaban                        This principle concerns the clarity of function, structure, system, and
komponen Perusahaan. Akuntabilitas dalam Perusahaan diterapkan                    responsibility of organs of the Company. Accountability in the
dengan mendorong seluruh individu dan/atau organ Perusahaan                       Company is ensured by encouraging all employees and/or parts of the
untuk menyadari tanggung jawab, wewenang, hak, dan                                Company to remain fully aware of their responsibilities, authorities,
kewajibannya sehingga pengelolaan Perusahaan terlaksana secara                    rights, and duties in order that the Company can be managed in an
efektif.                                                                          effective manner.


Pertanggungjawaban | Responsibility
Perusahaan senantiasa melakukan monitoring kepatuhan proses                       The Company at all times performs monitoring of the compliance of
bisnis Perusahaan terhadap hukum dan peraturan yang berlaku                       the Company's business processes with all applicable laws and
sebagai bentuk pencegahan pelanggaran.                                            regulations so as to prevent any violation of any forms.

           Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
           Corporate Governance                 Corporate Social Responsibility                        References                            Financial Statements   125
Page 134
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Kemandirian | Independency
      Pengelolaan Perusahaan secara profesional tanpa benturan                               This principle deals with the management of the Company in a

      kepentingan dan pengaruh atau tekanan dari pihak manapun yang                          professional manner, avoiding conflict of interest with and influence

      bertentangan dengan peraturan perundang-undangan yang berlaku                          or pressure from any other parties that is in breach of regulations of

      dan prinsip-prinsip korporasi yang sehat.                                              law and of principles of a healthy corporation.




      Kewajaran | Fairness
      Menjamin bahwa setiap pemegang saham dan pemangku                                      This principle ensures that all shareholders and stakeholders receive a

      kepentingan mendapatkan perlakuan yang wajar, setara serta dapat                       fair and equal treatment and that they shall exercise their rights in

      menggunakan hak-haknya sesuai dengan peraturan perundang-                              compliance with applicable regulations of law.

      undangan yang berlaku.




      Mekanisme GCG | GCG Mechanism
      Mekanisme penerapan GCG Perseroan mengacu kepada 4 (empat)                             Mechanism of the Company’s GCG implementation refers to 4 (four)
      aspek GCG yang terdiri dari komitmen tata kelola, struktur tata kelola,                GCG aspects that comprise of governance commitment, governance
      proses tata kelola, dan hasil tata kelola.                                             structure, governance process, and governance outcome.



                                                                 Hasil Tata Kelola yang Berkelanjutan
                                                                  Sustainable Governance Outcome

      Struktur Tata Kelola                                                Organ (RUPS, Dewan Komisaris, Direksi, Komite Audit, Audit Internal, Sekretaris
      Governance Structure                                                Perseroan, dan Hubungan Investor.
                                                                          Organ (GMS, Board of Commissioners, Board of Directors, Audit Committee, Internal
                                                                          Audit, Corporate Secretary and Investor Relations.


                                                                          Kebijakan (Anggaran Dasar Perseroan, Pedoman Tata Kelola Perusahaan, Pedoman
                                                                          Prilaku, Pedoman Direksi dan Dewan Komisaris, Piagam Komite Audit, Piagam Audit
                                                                          Internal, Whistleblowing System).
                                                                          Policies (The Company’s Vendor of Association, GCG Code, Code of Conduct, the Board
                                                                          of Commissioners and Board of Directors’ Manual, Audit Committee Charter, Internal
                                                                          Audit Charter, Whistleblowing System).


      Proses Tata Kelola                                                  Hubungan dengan Pemangku Kepentingan, Perumusan Kebijakan dan Pengambil
      Governance Process                                                  Keputusan, Manajemen Risiko.
                                                                          Relationship with Stakeholders, Policy and Decision Making, Risk Management.



                                                         Komitmen Tata Kelola | Governance Commitmen
                                                           Visi, Misi, Nilai-Nilai | Vision, Mission, Values

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                                                                                        Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Komitmen Tata Kelola | Governance Commitment
Perseroan telah memiliki mekanisme dalam proses penerapan GCG                   The Company has set up a mechanism for the GCG implementation
yang dirancang dalam bentuk kebijakan, pedoman, prosedur, dan                   process designed in the form of policy, manual, procedure and
hubungan antara Dewan Komisaris dan Direksi dalam pengambilan                   relations between the Board of Commissioner and Directors in
keputusan sesuai dengan tugas, fungsi dan tanggung jawabnya.                    making decisions according to their duties, functions and
Perseroan senantiasa mengkaji dan menyempurnakan soft structure                 responsibilities. The Company constantly reviews and updates the
GCG secara berkala guna memastikan penerapan GCG sejalan                        GCG soft structure regularly in order to ensure that the GCG
dengan kebutuhan proses bisnis maupun peraturan yang berlaku.                   implementation is in line with the needs of its business process and
                                                                                the prevailing regulation.



Struktur GCG | GCG Structure
Dalam melaksanakan pengelolaan Perusahaan dan pengambilan                       In implementing corporate governance and decision making, the
keputusan, Organ Perusahaan menjalankan fungsi, tugas, dan                      Company’s organs perform their respective functions, duties and
tanggung jawab masing-masing dengan senantiasa mematuhi                         responsibilities by remaining compliant with the applicable law and
peraturan perundang-undangan yang berlaku, menjunjung tinggi                    regulation, continue to uphold the values of business ethics and
nilai etika bisnis serta menyadari adanya tanggung jawab                        understand the Company’s responsibility to Stakeholders.
Perusahaan terhadap para pemangku kepentingan.




Grup & Struktur Kepemilikan Saham |
Group & Shareholding Structure

                                        Rapat Umum Pemegang Saham [RUPS]
                                           General Meeting of Shareholders



                                                       Dewan Komisaris
                                                     Board of Commissioners

        Komite Audit
       Audit Committee

                                                       Dewan Komisaris
                                                     Board of Commissioners




         Audit Internal                                                              Sekretaris Perseroan & Hubungan Investor
         Internal Audit                                                               Corporate Secretary & Investor Relations



           Tata Kelola Perusahaan           Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
           Corporate Governance               Corporate Social Responsibility                        References                            Financial Statements   127
Page 136
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Kebijakan GCG | GCG Policies
      Dalam melaksanakan tata kelola perusahaan yang baik, Perseroan                           In implementing Good Corporate Governance, the Company is also
      juga didukung dan dipandu sesuai dengan peraturan perundang-                             supported and guided in accordance with legislation and best
      undangan dan best practice. Perseroan telah memberlakukan                                practices. The Company has implemented several policies relating to
      beberapa kebijakan yang berkaitan dengan penerapan GCG, yaitu:                           the implementation of GCG:
      1. Anggaran dasar Perseroan;                                                             1.     Articles of Association of the Company;
      2. Pedoman Tata Kelola Perusahaan (GCG Code);                                            2.     GCG Code;
      3. Pedoman Perilaku (Code of Conduct);                                                   3.     Code of Conduct;
      4. Pedoman direksi dan dewan Komisaris;                                                  4.     Board of Directors and Board of Commissioners Manual;
      5. Piagam Komite Audit;                                                                  5.     Audit Committee Charter;
      6. Piagam Audit Internal;                                                                6.     Internal Audit Charter;
      7. Whistle Blowing System.                                                               7.     Whistle Blowing System.


      Kebijakan-kebijakan tersebut merupakan prosedur dan hubungan                             These measures were designed to establish streamlined procedures
      yang jelas antara pihak yang mengambil keputusan dengan pihak                            as well as good relations between decision makers and control
      yang melakukan kontrol (pengawasan) terhadap keputusan tersebut.                         (supervisory) units. In addition, the policies were published on the
      Kebijakan-kebijakan tersebut dipublikasikan oleh Perseroan melalui                       Company's official website (www.spindo.com) and have been
      website Perseroan (www.spindo.com) dan ditinjau secara berkala                           regularly reviewed and updated according to the Company's actual
      menyesuaikan dengan kondisi Perseroan ser ta peraturan                                   condition and applicable regulations of law.
      perundang-undangan yang berlaku.




      Roadmap GCG | GCG Roadmap

                        2013-2016                                                 2017-2019                                               2020-2024


      Ÿ Penempatan Komisaris Independen                       Ÿ Penyusunan Pedoman GCG                            Ÿ Penyempurnaan Pemenuhan Rekomendasi OJK terkait

        Assignment of Independent Commissioner                  Drafting GCG Guidelines                             Tata Kelola

      Ÿ Penunjukan Direksi Independen                         Ÿ Penyempurnaan Pedoman Perilaku                      Improvement of the Implementation of OJK's
        Appointment of Independent Director                     Improvement of Code of Conducts                     Recommendation concerning the Governance

      Ÿ Pengangkatan Sekretaris Perusahaan                    Ÿ Pengesahan Board Manual                           Ÿ Penyempurnaan dan Implementasi Self-Assessment

        Appointment of Corporate Secretary                      Ratification of Board Manual                         Direksi

      Ÿ Pembentukan Komite Audit                              Ÿ Perubahan Susunan Anggota Komite Audit              Improvement and Implementation of the Board of
        Establishment of Audit Committee                        Change in the Composition of the Audit              Directors’ Self-Assessment

      Ÿ Pembentukan Audit Internal                              Committee Members                                 Ÿ Penyempurnaan Kebijakan Tata Kelola Mengacu pada

        Establishment of Internal Audit                       Ÿ Revisi Piagam Audit Internal                        ACGS (Asean Corporate Governance Scorecard)

                                                                Revision of Internal Audit Charter                  Improvement of the Governance Policies Referring to

                                                              Ÿ Penetapan Fungsi Kerja Komite Pemantau              the Asean Corporate Governance Scorecard

                                                               Penerapan dan Penegakan Pedoman Etika dan          Ÿ Pembentukan Komite Risiko

                                                               Perilaku (Kp5)                                       Establishment of Risk Committee

                                                                Determination of Work Function of the             Ÿ Penyusunan Kebijakan terkait ESG (Environment, Social,

                                                                Monitoring, Implementation, and Enforcement         and Governance)

                                                                of Code of Ethics and Conduct Committee             Policies drafting related to Environment, Social, and

                                                                (Kp5)                                               Governance

                                                                                                                  Ÿ Penyusunan Disaster Recovery Plan (DRP)

                                                                                                                    Preparation of Disaster Recovery Plan (DRP)


 05              Ikhtisar Utama                          Laporan Manajemen                     Profil Perusahaan                   Analisa & Pembahasan Manajemen
128                Highlights                            Management Report                     Company Profile                     Management Discussion & Analysis
Page 137
                                                                                            Igniting Engagement                         Laporan Tahunan 2023
                                                                                             Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Penilaian Penerapan GCG |
Assessment of GCG Implementation
Internalisasi GCG Implementasi GCG pada tahun 2023 telah                            In 2023, in order to internalize and implement GCG, the Company
dilaksanakannya sosialisasi pedoman-pedoman GCG melalui diskusi                     held GCG codes socialization activities in the form of open discussion,
terbuka, one-on-one meeting, serta workshop internal.                               one-on-one meetings and internal workshops.


Pada periode 2023, Perseroan telah melaksanakan aktivitas                           For the 2023 period, the Company has carried out its GCG
internalisasinya terkait GCG sebagai berikut:                                       internalization activities as follows:
a. Pembentukan Tim KP5 (Komite Pemantau Penerapan dan                               a. Formation of KP5 Team (Monitoring Committee on the
   Penegakan Pedoman Etika dan Perilaku).                                               Implementation and Enforcement of Code of Ethics and Conduct).
b. Membuka saluran pengaduan (secara lisan dan tertulis) untuk                      b. Launching the complaints channel (verbally and in writing) for
   setiap pelanggaran yang terjadi di lingkungan perusahaan dan                         every violation that occurred in the Company’s environment and
   melakukan tindak lanjut.                                                             to process with follow-ups.
c. Pelaporan setiap penerimaan dari pihak ketiga yang berkaitan                     c. Every complaint submitted by a third party concerning work
   dengan hubungan kerja dengan perusahaan melalui dokumen                              relations with the Company through certain documents that have
   tertentu yang telah ditetapkan kepada KP5.                                           been assigned to KP5.
d. Melakukan audit operasional secara berkala sesuai dengan                         d. Regular operational audit according to previously determined
   program audit standar audit operasional yang telah ditetapkan.                       operational audit programs/standards.




Perseroan meyakini bahwa penerapan tata kelola yang baik                            The Company believes that GCG implementation is the bedrock for
merupakan landasan keberlanjutan Perusahaan dari waktu ke waktu.                    the Company’s sustainability from time to time. For this, the Company
Untuk itu, Perseroan berupaya mengimplementasikan program-                          sought to implement GCG programs so that it will turn into a culture
program tata kelola yang baik agar menjadi budaya korporasi dan                     for the Company and employees. GCG Implementation is carried out
karyawan. Upaya penerapan GCG dilakukan dengan:                                     through:
a. Menandatangani Pernyataan Kepatuhan atas Code of Conduct                         a. Signing Statement of Compliance with Code of Conduct and Pact
   dan Pakta Integritas.                                                                of Integrity.
b. Melakukan pembayaran pajak pribadi.                                              b. Complete personal tax payment.
c. Melaporkan Daftar Khusus Kepemilikan Saham Direksi dan                           c. Consistent reporting of the Special Register of Shares Ownership
   anggota keluarganya untuk menghindari konflik kepentingan                             of the Directors and their family members to avoid conflict of
   secara konsisten di setiap tahun.                                                    interests annually.
d. Meningkatkan efektivitas Sistem Pelaporan Pelanggaran                            d. Increase effectiveness of Whistle Blowing System by following
   (Whistleblowing System - WBS) dengan menindaklanjuti setiap                          up every report received.
   pelaporan yang masuk.                                                            e. Review and renew the GCG policies and Code of Conduct and
e. Meninjau kembali dan memperbaharui kebijakan-kebijakan GCG                           disseminate them to all employees.
   dan Pedoman Perilaku (Code of Conduct) dan mensosialisasi-
   kannya ke seluruh karyawan.




            Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      05
            Corporate Governance                  Corporate Social Responsibility                         References                            Financial Statements   129
Page 138
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Rapat Umum
      Pemegang Saham [RUPS]
      General Meeting of Shareholders [GMS]

      SPINDO sebagai perusahan publik wajib mengadakan Rapat Umum                      SPINDO as a listed company is required to convene General Meeting
      Pemegang Saham (RUPS) yang penyelenggaraannya mengacu pada                       of Shareholders (GMS) that is in accordance with OJK Regulation No.
      Peraturan OJK Nomor: 32/POJK.04/2014 tentang Rencana dan                         32/POJK.04/2014 on the Planning and Convention of General
      Penyelenggaraan Rapat Umum Pemegang Saham Perusahaan                             Meeting of Shareholders of Listed Companies and with the
      Terbuka dan Anggaran Dasar Perseroan. Sebagai otoritas tertinggi                 Company's Articles of Association. GMS has the highest authority
      dalam Perseroan yang mempunyai kewenangan yang tidak diberikan                   which is not given to the Board of Directors and the Board of
      kepada Direksi atau Dewan Komisaris dalam batas yang ditentukan                  Commissioners and with boundaries set forth in laws and regulations
      dalam Undang-undang dan/atau Anggaran Dasar. Sesuai Anggaran                     and/or the Articles of Association.
      Dasar Perusahaan, RUPS dibagi menjadi 2 (dua) yaitu:                             Pursuant to the Company's Articles of Association, GMS is composed
      1)   RUPS Tahunan wajib diselenggarakan dalam jangka waktu                       of two (2) categories:
           paling lambat 6 (enam) bulan setelah tahun buku berakhir.                   1) Annual General Meeting of Shareholders (AGMS) that is to be
      2)   RUPS lainnya (selanjutnya disebut juga RUPS luar biasa) dapat                    held no later than six (6) months after the end of fiscal year.
           diselenggarakan pada setiap waktu berdasarkan kebutuhan                     2) Extraordinary General Meeting of Shareholders (EGMS) that can
           untuk kepentingan Perusahaan.                                                    at any time be held in alignment with the needs of the Company.




      Pemegang Saham | Shareholders
      Pemegang Saham adalah individu atau badan hukum yang secara                      A Shareholder is a person or legal entity that legally owns shares of
      sah memiliki saham Perusahaan. SPINDO wajib menjaga dan                          the Company. SPINDO is obliged to maintain and to build good
      mengupayakan hubungan komunikasi yang baik dengan Pemegang                       communication with Shareholders and is obliged to honor their rights
      Saham dan wajib menghormati hak-hak Pemegang Saham                               as regulated in the prevailing laws and regulations.
      sebagaimana diatur dalam peraturan perundang-undangan yang
      berlaku.




      Hak Pemegang Saham | Rights of Shareholders
      Pemegang Saham termasuk Pemegang Saham Minoritas dan                             Shareholders including Minority Shareholders and Foreign
      Pemegang Saham Asing, harus diperlakukan setara. Mereka memiliki                 Shareholders must receive equal treatment. They own the basic
      hak-hak dasar yang harus dilindungi dan difasilitasi penggunaannya               rights that must be protected and facilitated by the corporation.
      oleh korporasi.                                                                  1. Basic rights of Shareholders should include the rights to: (a) have
      1. Hak dasar Pemegang Saham harus mencakup hak untuk: (a)                             its share ownership listed in the List of Shareholders of the
           dicatat kepemilikan sahamnya di Daftar Pemegang Saham                            Company; (b) grant or transfer shares; (c) receive regularly and
           Perseroan; (b) menghibahkan atau mentransfer saham, (c)                          timely material information relevant to the Company; (d)
           memperoleh secara teratur dan tepat waktu informasi material                     participate and to cast vote in GMS; and (f) obtain part of the
           yang relevan tentang Perseroan, (d) berpartisipasi dan                           Company’s profit through GMS.
           memberikan suara dalam RUPS, dan (f) memperoleh bagian laba
           Perseroan melalui RUPS.



 05              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                    Analisa & Pembahasan Manajemen
130                Highlights                            Management Report             Company Profile                      Management Discussion & Analysis
Page 139
                                                                                            Igniting Engagement                         Laporan Tahunan 2023
                                                                                             Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




2. Pemegang Saham harus diberikan informasi yang cukup untuk                         2. Shareholders must be given adequate information to and have
   dan berhak dalam menyetujui atau menolak serta berpartisipasi                        the right to approve and decline and to participate in deciding on
   dalam pengambilan keputusan tentang perubahan yang                                   fundamental changes such as: (a) changes in the Company’s
   fundamental seperti: (a) perubahan Anggaran Dasar Perseroan,                         Article of Association; (b) changes in capital structure; and (c)
   (b) perubahan struktur permodalan, dan (c) pelaksanaan                               execution of transaction such as mergers, business combination,
   transaksi seperti merger, penggabungan usaha, dan likuidasi.                         and liquidation.
3. Pemegang Saham harus memiliki kesempatan untuk                                    3. Shareholders must have the opportunity to participate effectively
   berpartisipasi secara efektif dalam memberikan suara di RUPS,                        in casting vote during GMS, and own the right to obtain
   serta berhak untuk memperoleh informasi tentang aturan RUPS                          information on GMS rules including the procedure to cast vote.
   termasuk prosedur pemberian suara.                                                   a. Shareholders must be given adequate information and in a
   a. Pemegang Saham harus diberi informasi yang cukup dan                                  timely manner concerning the date, venue, and agenda of
      tepat waktu tentang tanggal, tempat, dan agenda RUPS.                                 GMS.
   b. Pemegang Saham memiliki kesempatan dalam batas                                    b. Shareholders have the opportunity within a reasonable limit,
      kewajaran, untuk (1) mengajukan pertanyaan dalam RUPS,                                to (1) propose questions in GMS, including questions that
      termasuk pertanyaan yang berkaitan dengan hasil audit                                 relate to the results of annual external audit, (2) propose
      eksternal tahunan, (2) memasukkan mata acara ke dalam                                 agenda items to the GMS agenda.
      agenda RUPS.



Wewenang Pemegang Saham | Authorities of Shareholders
Pemegang Saham memiliki wewenang untuk:                                              Shareholders have the authority to:
1. Mengevaluasi kinerja Dewan Komisaris dan Direksi sebagaimana                      1. Evaluate the performance of the Board of Commissioners and
   tercantum dalam Laporan Keuangan dan Laporan Tahunan.                                Directors as stated in the Financial Statement and Annual Report.
2. Menyetujui usulan penggunaan laba termasuk pembagian                              2. Approve suggestion on the use of profit including dividend
   dividen.                                                                             distribution.
3. Menyetujui remunerasi Dewan Komisaris dan Direksi.                                3. Approve the remuneration of the Board of Commissioners and the
4. Menyetujui perubahan dan pengesahan Anggaran Dasar                                   Board of Directors.
   Perseroan.                                                                        4. Approve changes and attestation of the Company’s Article of
5. Mengangkat dan memberhentikan anggota Dewan Komisaris                                Association.
   dan Direksi.                                                                      5. Appoint and dismiss a member of the Board of Commissioners
                                                                                        and the Board of Directors.



Tanggung Jawab Pemegang Saham |
Responsibilities of Shareholders
Seluruh Pemegang Saham harus dapat:                                                  All Shareholders should be able to:
1. Memisahkan kepemilikan harta Perusahaan dengan kepemilikan                        1. Separate the ownership of the Company’s wealth with that of
   harta pribadi.                                                                       their personal wealth.
2. Memisahkan fungsinya sebagai Pemegang Saham dan sebagai                           2. Separate their functions as Shareholders and as members of the
   anggota Dewan Komisaris atau Direksi dalam hal Pemegang Saham                        Board of Commissioners or the Board of Directors in the case of
   menjabat pada salah satu dari kedua organ tersebut.                                  Shareholders serve in one of the two organs.


              Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
              Corporate Governance                 Corporate Social Responsibility                        References                            Financial Statements   131
Page 140
                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Kebijakan Hubungan dengan Pemegang Saham |
      Policies of Affiliation with Shareholders
      Perseroan telah menyediakan informasi yang sama kepada                             The Company has provided the same information to Shareholders in a
      Pemegang Saham secara tepat waktu, benar, dan teratur. Adapun                      timely, correct, and regular manner. The policies that support the
      kebijakan yang mendukung ketersediaan informasi kepada                             availability of information to Shareholders are as follows:
      Pemegang Saham yaitu:                                                              1. Holding GMS refers to Chapter II.A.1 of the Corporate
      1. Pelaksanaan RUPS Perseroan mengacu pada Pedoman Tata                                 Governance Guidelines with the Board of Commissioners’ Decree
           Kelola Perusahaan pada Bab II.A.1 dengan SK No.001/Kom-                            No. 001/Kom-ISSP/2018 concerning GCG Code of PT Steel Pipe
           ISSP/2018 tentang Pedoman Good Corporate Governance (GCG                           Industry of Indonesia Tbk and the Law No. 40 of 2007 concerning
           Code) PT Steel Pipe Industry of Indonesia Tbk dan Undang-                          Limited Liability Companies.
           Undang No. 40 Tahun 2007 tentang Perseroan Terbatas.                          2. Information Disclosure Policy refers to Chapter III. D.2 of the
      2. Kebijakan Keterbukaan Informasi mengacu pada Pedoman Tata                            Corporate Governance Guidelines with the Board of
           Kelola Perusahaan pada Bab III.D.2 dengan SK No. 001/Kom-                          Commissioners’ Decree No. 001/Kom-ISSP/2018 concerning
           ISSP/2018 tentang Pedoman Good Corporate Governance (GCG                           GCG Code of PT Steel Pipe Industry of Indonesia Tbk.
           Code) PT Steel Pipe Industry of Indonesia Tbk.                                3. Remuneration Policy refers to Chapter III.A.2 of the Corporate
      3. Kebijakan Komunikasi mengacu pada Pedoman Tata Kelola                                Governance Guidelines with the Board of Commissioners’ Decree
           Perusahaan pada Bab III.A.2 dengan SK No. 001/Kom-                                 No. 001/Kom-ISSP/2018 concerning GCG Code of PT Steel Pipe
           ISSP/2018 tentang Pedoman Good Corporate Governance (GCG                           Industry of Indonesia Tbk.
           Code) PT Steel Pipe Industry of Indonesia Tbk.




      Wewenang RUPS | Authority of GMS
      1)   Menyetujui dan mengesahkan Laporan Tahunan yang telah                         1)    Approve and accept Annual Report of the Company that had
           ditelaah oleh Dewan Komisaris termasuk laporan tugas                                been reviewed by the Board of Commissioners, including the
           pengawasan Dewan Komisaris;                                                         Board of Commissioners' supervisory report;
      2)   Mengesahkan Laporan Keuangan yang telah diaudit oleh                          2)    Ratify Financial Statements of the Company that had been
           Akuntan Publik;                                                                     audited by Public Accountants;
      3)   Menetapkan penggunaan laba bersih Perusahaan;                                 3)    Determine the use of the net profits of the Company;
      4)   Mengangkat dan memberhentikan Dewan Komisaris dan                             4)    Appoint and dismiss the Board of Commissioners and the Board
           Direksi;                                                                            of Directors;
      5)   Menetapkan remunerasi Dewan Komisaris dan Direksi;                            5)    Determine the remuneration of the Board of Commissioners and
      6)   Menetapkan pembagian tugas dan tanggung jawab pengurusan                            the Board of Directors;
           di antara anggota Direksi dan/atau batas dan syarat kewenangan                6)    Assign duties and responsibilities to members of the Board of
           Direksi untuk mewakili Perusahaan;                                                  Directors and/or determine the limit to and requirement of
      7)   Menetapkan akuntan publik yang terdaftar di OJK serta                               authorities of the Board of Directors to represent the Company;
           menetapkan jumlah honorarium dan persyaratan lain                             7)    Appoint public accountants registered with the OJK and
           pengangkatan akuntan publik tersebut;                                               determine the compensation and other terms pertaining to the
      8)   Memberikan persetujuan atas aksi korporasi Perusahaan sesuai                        appointment of that public accountant;
           dengan peraturan dan ketentuan yang berlaku;                                  8)    Give approval to actions of the Company in accordance with
      9)   Wewenang lainnya sebagaimana diatur dalam Anggaran Dasar                            existing laws and regulations;
           Perseroan dan peraturan perundang-undangan.                                   9)    Other authorities as set forth in the Company's Articles of
                                                                                               Association and applicable regulations of law.

 05              Ikhtisar Utama                            Laporan Manajemen             Profil Perusahaan                    Analisa & Pembahasan Manajemen
132                Highlights                              Management Report             Company Profile                      Management Discussion & Analysis
Page 141
                                                                                         Igniting Engagement                         Laporan Tahunan 2023
                                                                                          Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Akses Informasi RUPS kepada Pemegang Saham |
Access to Information of GMS for Shareholders
     Media Cetak & Elektronik                          Rapat Umum Pemegang Saham                                                    Pertemuan Investor
    Printed and Electronic Media                       General Meeting of Shareholders                                               Investor Meeting

Ÿ Situs / web perusahaan www.spindo.co.id    Ÿ Forum Pemegang Saham untuk penggunaan sebagian hak-                         Ÿ Pe r t e m u a n r e s m i s e c a r a b e r-
Ÿ The Company’s website www.spindo.co.id       haknya bagi Direksi untuk mempertanggungjawabkan                               kelompok maupun perorangan
                                               pengelolaan atas Perseroan, dan bagi Dewan Komisaris                        Ÿ Official meetings in groups or
Ÿ Iklan di media massa                         untuk mempertanggung-jawabkan pengawasannya atas                               individually
Ÿ Advertisement in mass media                  pengelolaan Perseroan oleh Direksi.
                                             Ÿ Forum for Shareholders to exercise part of its rights to the                Ÿ Roadshow domestik
Ÿ Laporan Keuangan dan Laporan Tahunan         Board of Directors to request report on the management of                   Ÿ Domestic roadshow
Ÿ Financial Statements and Annual Reports      the Company and to the Board of Commissioners to request
                                               report on its supervision function of the management of the
Ÿ Surat elektronik yang ditujukan ke:          Company by the Board of Directors.
  corsec@spindo.co.id
Ÿ Electronic mail addressed to:

  corsec@spindo.co.id



Mekanisme Penyelenggaraan RUPS | GMS Mechanism
Pada tahun 2023, Perseroan telah menyelenggarakan 1 (satu) kali                   In 2023, the Company held 1 (one) Annual GMS for the 2022
RUPS Tahunan untuk Tahun Buku 2022 dan 1 (satu) kali RUPS Luar                    Financial Year and 1 (one) Extraordinary GMS which was held
Biasa yang dilaksanakan bersamaan pada tanggal 30 Juni 2023.                      simultaneously on 30 June 2023. SPINDO organized GMS in 2022
SPINDO menyelenggarakan RUPS tahun 2023 sesuai dengan                             according to the mechanisms stated in the provision of the Article of
mekanisme yang tercantum dalam ketentuan Anggaran Dasar                           Association and POJK No. 32/POJK.04/2014 concerning Planning
Perseroan dan POJK No. 32/POJK.04/2014 tentang Rencana dan                        and Holding General Meetings of Shareholders of Public Limited
Penyelenggaraan Rapat Umum Pemegang Saham Perusahaan                              Company.
Terbuka.


Undangan RUPS dimuat melalui situs web penyedia e-RUPS                            The invitation to GMS are announced in e-GMS provider (eASY.KSEI),
(eASY.KSEI), situs web PT Bursa Efek Indonesia dan situs web                      the website of the Indonesia Stock Exchange and the website of the
Perseroan [www.spindo.com] tidak kurang dari 21 hari sebelum                      Company [www.spindo.com] no less than 21 days prior to the GMS.
pelaksanaan RUPS. Undangan menentukan siapa yang berhak hadir                     The invitation determines who is entitled to attend and the procedure
dan prosedur untuk memberikan kuasa untuk hadir.                                  to grant a proxy to attend.


Pada RUPS, pemimpin rapat terlebih dahulu menyampaikan bahwa                      In GMS, the chairman of the meeting is first conveys that the
pelaksanaan RUPS mengacu pada tata tertib RUPS yang telah                         implementation of the GMS refers to the GMS rules of conduct that
dibagikan. Setelah itu pemimpin rapat memberikan kesempatan                       have been distributed. The chairman of the meeting gives the
kepada Pemegang Saham dan atau kuasanya untuk mengajukan                          opportunity to Shareholders and/or their proxies to propose
pertanyaan/tanggapan dan/atau usulan pada setiap mata acara rapat.                questions/responses and/or suggestions on every agenda item.


Pemimpin Rapat atau Direktur yang ditunjuk oleh Pemimpin Rapat                    The Meeting Chairman or Director appointed by the meeting chair will
menjawab atau menanggapi pertanyaan/catatan Pemegang Saham                        answer or respond to the queries/notes from the attending
yang hadir. Setelah semua pertanyaan dijawab dan ditanggapi                       Shareholders. After all questions have been replied to and responded
selanjutnya dilakukan pemungutan suara dan hanya Pemegang                         to, the meeting continues with the voting process and only
Saham dan/atau kuasanya yang sah yang berhak untuk mengeluarkan                   Shareholders and/or their legal proxies who has the right to cast vote.
suara.

              Tata Kelola Perusahaan          Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan               05
              Corporate Governance              Corporate Social Responsibility                        References                            Financial Statements            133
Page 142
                    2023 Annual Report                            Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk       Elevating Excellence




                                Tahapan Penyelenggaraan RUPST Tahun Buku 2022 & RUPSLB Tahun 2023
                                        Timeline of AGMS for Financial Year 2022 & EGMS in 2023

      No.             Kegiatan                                             Ketentuan                                       Tanggal                      Pelaksanaan
                       Activity                                            Provision                                        Date                       Implementation

      1.    Pemberitahuan kepada OJK               Pe r u s a h a a n Te r b u k a w a j i b t e r l e b i h d a h u l u   16 Mei 2023   Menyampaikan surat pemberitahuan
            Notification to OJK                     menyampaikan pemberitahuan mata acara rapat                             16 May 2023   rencana RUPS Tahunan ke OJK dan BEI
                                                   kepada Otoritas Jasa Keuangan paling lambat 5 hari                                    (melalui e-reporting).
                                                   kerja sebelum pengumuman RUPS, dengan tidak                                           Submitted notification letter of Annual GMS
                                                   memperhitungkan tanggal pengumuman RUPS.                                              plan to OJK and BEI (through e-reporting).


                                                   Public Company must first submit notification                             16 Mei 2023   Menyampaikan surat pemberitahuan
                                                   pertaining to meeting agenda to OJK no less than five                    16 May 2023   rencana RUPS Luar Biasa ke OJK dan BEI
                                                   working days before the announcement of GMS, by not                                   (melalui e-reporting).
                                                   taking into account the date of the announcement of                                   Submitted notification letter of Extraordinary
                                                   the meeting.                                                                          GMS plan to OJK and BEI (through e-
                                                                                                                                         reporting).


      2.    Pengumuman RUPS                        Perusahaan Terbuka wajib melakukan pengumuman                           24 Mei 2023   Pengumuman RUPS Tahunan melalui situs
            Tahunan dan RUPS Luar                  RUPS kepada pemegang saham paling lambat 14 hari                        24 May 2023   web penyedia e-RUPS (eASY.KSEI), situs
            Biasa                                  s e b e l u m p e m a n g g i l a n R U P S, d e n g a n t i d a k                    web PT Bursa Efek Indonesia dan situs web
            Announcement of Annual                 memperhitungkan tanggal pengumuman dan tanggal                                        Perseroan [www.spindo.com] pada tanggal
            GMS and Extraordinary GMS              pemanggilan.                                                                          14 Mei 2023.
                                                   Public Company is obligated to announce GMS to                                        Announcement of Annual GMS via e-GMS
                                                   Shareholders at least fourteen days prior to GMS, by                                  provider (eASY.KSEI), the website of the
                                                   not taking into account the date of the announcement                                  Indonesia Stock Exchange and the website
                                                   and the date of the summon.                                                           of the Company [www.spindo.com] on May
                                                                                                                                         14, 2023.


                                                                                                                           24 Mei 2023   Pengumuman RUPS Luar Biasa melalui situs
                                                                                                                           24 May 2023   web penyedia e-RUPS (eASY.KSEI), situs
                                                                                                                                         web PT Bursa Efek Indonesia dan situs web
                                                                                                                                         Perseroan [www.spindo.com] pada tanggal
                                                                                                                                         14 Mei 2023.
                                                                                                                                         Announcement of Extraordinary GMS via e-
                                                                                                                                         GMS provider (eASY.KSEI), the website of
                                                                                                                                         the Indonesia Stock Exchange and the
                                                                                                                                         website of the Company [www.spindo.com]
                                                                                                                                         on May 14, 2023.


      3.    Recording Date Daftar                  1 hari kerja sebelum pemanggilan RUPS.                                  7 Juni 2023   1 (satu) hari kerja sebelum pemanggilan
            Pemegang                               One working day before the summon of GMS.                               7 June 2023   RUPS Tahunan.
            Saham yang Berhak Hadir                                                                                                      1 (one) working day before the summon of
            dalam RUPS Tahunan dan                                                                                                       Annual GMS.
            RUPS Luar Biasa
            Recording Date of List of                                                                                      7 Juni 2023   1 (satu) hari kerja sebelum pemanggilan
            Shareholders Entitled to                                                                                       7 June 2023   RUPS Tahunan.
            Attend the Annual GMS and                                                                                                    1 (one) working day before the summon of
            Extraordinary GMS                                                                                                            Annual GMS.




 05            Ikhtisar Utama                            Laporan Manajemen                             Profil Perusahaan                      Analisa & Pembahasan Manajemen
134              Highlights                              Management Report                             Company Profile                        Management Discussion & Analysis
Page 143
                                                                                                  Igniting Engagement                         Laporan Tahunan 2023
                                                                                                   Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




                       Tahapan Penyelenggaraan RUPST Tahun Buku 2022 & RUPSLB Tahun 2023
                               Timeline of AGMS for Financial Year 2022 & EGMS in 2023

No.           Kegiatan                                 Ketentuan                                Tanggal                                Pelaksanaan
               Activity                                Provision                                 Date                                 Implementation

4.    Pemanggilan RUPS              P e r u s a h a a n Te r b u k a w a j i b m e l a k u k a n 8 Juni 2023      Pemanggilan RUPS Tahunan melalui situs web
      Tahunan dan RUPS Luar         pemanggilan kepada pemegang saham paling 8 June 2023                          penyedia e-RUPS (eASY.KSEI), situs web PT Bursa Efek
      Biasa                         lambat 21 hari sebelum RUPS, dengan tidak                                     Indonesia dan situs web Perseroan [www.spindo.com].
      Invitation/Summon to          memperhitungkan tanggal pemanggilan dan                                       Summoned to Annual GMS via e-GMS provider
      Annual GMS and                tanggal RUPS.                                                                 (eASY.KSEI), the website of the Indonesia Stock
      Extraordinary GMS             Public Company is obligated to summon / invite                                Exchange and the website of the Company
                                    Shareholders at least twenty-one days prior to                                [www.spindo.com].
                                    GMS, by not taking into account the date of the
                                    date of the summon and the date of GMS.                                       Pemanggilan RUPS Luar Biasa melalui situs web
                                                                                              8 Juni 2023         penyedia e-RUPS (eASY.KSEI), situs web PT Bursa Efek
                                                                                              8 June 2023         Indonesia dan situs web Perseroan [www.spindo.com].
                                                                                                                  Summoned to Extraordinary GMS via via e-GMS
                                                                                                                  provider (eASY.KSEI), the website of the Indonesia Stock
                                                                                                                  Exchange and the website of the Company
                                                                                                                  [www.spindo.com].


5.    Pelaksanaan RUPS              RUPS wajib diselenggarakan di wilayah Negara 30 Juni 2022                     RUPS Tahunan dilaksanakan pada pukul 13.22-13.54
      Tahunan dan RUPS Luar         Republik Indonesia.                                       30 June 2022        WIB di Auditorium Gedung Baja Lantai 9C, Jalan
      Biasa                         It is mandatory to hold GMS within the territory of                           Pangeran Jayakarta nomor 55, Jakarta Pusat 10730.
      Annual GMS and                the Republic of Indonesia.                                                    Annual GMS were held at 13.22-13.54 Western
      Extraordinary GMS                                                                                           Indonesia Time (WIB) in Auditorium Gedung Baja Lantai
                                                                                                                  9C, Jalan Pangeran Jayakarta nomor 55, Jakarta Pusat
                                                                                                                  10730.


                                                                                              30 Juni 2022        RUPS Luar Biasa dilaksanakan pada pukul 14.10-14.20
                                                                                              30 June 2022        WIB di Auditorium Gedung Baja Lantai 9C, Jalan
                                                                                                                  Pangeran Jayakarta nomor 55, Jakarta Pusat 10730.
                                                                                                                  Extraordinary GMS were held at 14.10-14.20 Western
                                                                                                                  Indonesia Time (WIB) in Auditorium Gedung Baja Lantai
                                                                                                                  9C, Jalan Pangeran Jayakarta nomor 55, Jakarta Pusat
                                                                                                                  10730.


6.    Penyampaian Ringkasan         Pengumuman Ringkasan Risalah RUPS diumum- 4 Juli 2023                         Penyampaian Ringkasan Risalah RUPS Tahunan
      Risalah RUPS Tahunan          kan paling lambat 2 hari kerja setelah RUPS 4 July 2023                       melalui surat kepada OJK dan BEI 1 hari setelah
      Submission of the             diselenggarakan dan disampaikan ke OJK dan BEI                                penyelenggaraan RUPS Tahunan.
      Minutes Summary of            dilengkapi dengan resume keputusan RUPS yang                                  Reported the Summary / Minutes of Annual GMS in a
      Annual GMS                    dikeluarkan oleh Notaris.                                                     written letter to OJK and BEI in 1 day after the Annual
                                    The GMS Minutes Summary must be announced                                     GMS.
                                    two days at the latest after the GMS is organized
                                    and reported to OJK and BEI complete with the 4 Juli 2023                     Penyampaian Ringkasan Risalah RUPS Luar Biasa
                                    Summary of GMS Resolution issued by Notary.               4 July 2023         melalui surat kepada OJK dan BEI 1 hari setelah
                                                                                                                  penyelenggaraan RUPS Tahunan.
                                                                                                                  Reported the Summary / Minutes of Annual GMS in a
                                                                                                                  written letter to OJK and BEI in 1 day after the Annual
                                                                                                                  GMS.


           Tata Kelola Perusahaan                      Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
           Corporate Governance                          Corporate Social Responsibility                        References                            Financial Statements   135
Page 144
                    2023 Annual Report                           Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk      Elevating Excellence




                                  Tahapan Penyelenggaraan RUPST Tahun Buku 2022 & RUPSLB Tahun 2023
                                          Timeline of AGMS for Financial Year 2022 & EGMS in 2023

      No.             Kegiatan                                            Ketentuan                                     Tanggal                     Pelaksanaan
                       Activity                                           Provision                                      Date                      Implementation

      7.    Penyampaian Risalah/Berita             Risalah RUPS wajib disampaikan kepada Otoritas Jasa                  14 Juli 2023   Penyampaian Risalah/Berita Acara RUPS Tahunan
            Acara RUPS Tahunan                     Keuangan paling lambat 30 hari setelah RUPS                          14 July 2023   melalui surat kepada OJK 14 hari setelah
            Submission of the Summary/             diselenggarakan.                                                                    penyelenggaraan RUPS Tahunan.
            Minutes of Annual GMS                  Minutes of GMS must be reported to the Financial Services                           Reported the Summary/Minutes of Annual GMS in
                                                   Authority (OJK) at least thirty days after the date of GMS.                         a written letter to OJK in 14 days after the Annual
                                                                                                                                       GMS.


                                                                                                                        14 Juli 2023   Penyampaian Risalah/Berita Acara RUPS Luar
                                                                                                                        14 July 2023   Biasa melalui surat kepada OJK 14 hari setelah
                                                                                                                                       penyelenggaraan RUPS Luar Biasa.
                                                                                                                                       Reported the Summary / Minutes of Extraordinary
                                                                                                                                       GMS in a written letter to OJK in 14 days after the
                                                                                                                                       Extraordinary GMS.




      Ketentuan Kuorum Dalam RUPS | Provision on Quorum in GMS
      Kuorum kehadiran dan kuorum keputusan RUPS untuk mata acara                                     Attendance quorum and decision quorum of GMS for agenda items
      yang harus diputuskan dalam RUPS dilakukan dengan mengikuti                                     that must be resolved in the GMS refer to the provisions based on
      ketentuan berdasarkan POJK dan Anggaran Dasar Perseroan. Kuorum                                 POJK and Article of Association. Attendance quorum in the Annual
      kehadiran dalam RUPS Tahunan Tahun Buku 2023 telah terpenuhi dan                                GMS Financial Year 2023 is as required and the meeting is valid and
      rapat adalah sah dan dapat mengambil keputusan-keputusan yang sah                               qualified to reach decisions that are valid and binding for the
      dan mengikat bagi para Pemegang Saham Perseroan untuk setiap                                    Shareholders for every agenda item.
      Mata Acara Rapat.




 05              Ikhtisar Utama                          Laporan Manajemen                           Profil Perusahaan                      Analisa & Pembahasan Manajemen
136                Highlights                            Management Report                           Company Profile                        Management Discussion & Analysis
Page 145
                                                                                        Igniting Engagement                         Laporan Tahunan 2023
                                                                                         Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Proses Penghitungan Suara Dalam RUPS |
Vote Tabulation Process in GMS
Perhitungan suara dan prosedur pemungutan suara dalam RUPS                       Vote tabulation and voting procedure in GMS are explained in the
dijelaskan dalam Tata Tertib RUPS yang dibagikan kepada                          Rules of Order of the GMS that has been distributed to Shareholders
Pemegang Saham dan dibacakan oleh Pimpinan Rapat sebelum                         and read out by the meeting chairperson before the GMS begins. The
RUPS dimulai. Adapun mekanisme pengambilan keputusan RUPS                        following is the GMS decision-making mechanism:
adalah sebagai berikut:
1. Pimpinan RUPS akan memberikan kesempatan kepada Para                          1. The Chairperson of GMS shall give the opportunity to
   Pemegang Saham dan Kuasa Pemegang Saham agar                                     Shareholders and Shareholder’s Attorneys to raise hand should
   mengangkat tangan apabila tidak menyetujui atau menyatakan                       they disapprove or abstain towards the proposed decision that is
   abstain terhadap usulan keputusan yang akan diambil RUPS.                        about to be made in GMS.
2. Bagi Para Pemegang Saham dan Kuasa Pemegang Saham yang                        2. For Shareholders and Shareholder’s Attorneys who do not raise
   tidak mengangkat tangan dianggap memberikan persetujuan                          their hands are considered as an approval for the proposed
   atas usulan keputusan yang akan diambil di dalam RUPS.                           decision that will be made in the GMS.
3. Bagi Para Pemegang Saham dan Kuasa Pemegang Saham yang                        3. For Shareholders and Shareholder’s Attorneys that raise hands to
   mengangkat tangan untuk memberikan suara tidak setuju atau                       voice their disapproval or to declare abstain on the proposed
   menyatakan abstain atas usulan keputusan yang akan diambil di                    decisions that are to be made at GMS, must state their names and
   dalam RUPS, harus menyebutkan Nama dan Jumlah Saham yang                         the number of shares owned or represented.
   dimiliki atau diwakili.
4. Pemegang Saham dengan hak suara yang hadir dalam RUPS                         4. Shareholders with voting rights present in GMS but do not cast
   namun tidak mengeluarkan suara (abstain) dianggap                                vote (abstain) are considered to cast the same vote as the majority
   mengeluarkan suara yang sama dengan suara mayoritas                              Shareholders who voted.
   Pemegang Saham yang mengeluarkan suara.
5. Bagi Para Pemegang Saham dan Kuasa Pemegang Saham,                            5. For Shareholders and Shareholder’s Attorneys, should they
   apabila mereka mewakili atau memiliki lebih dari 1 saham maka                    represent or own more than 1 (one) share, then the vote cast
   suara yang dikeluarkan untuk memberikan persetujuan atau                         either to approve or disapprove the GMS proposed decisions are
   penolakan atas usulan keputusan RUPS tersebut dianggap                           considered as representing the other shares they own.
   mewakili dari saham-saham lain yang dimilikinya.
Prosedur pemungutan suara RUPS Tahunan dan RUPS Luar Biasa                       The voting procedures at the Annual GMS and Extraordinary GMS
telah secara lengkap dituangkan dalam Tata Tertib Rapat yang                     has been outlined in full detail in the Rules of Order of the Meeting
diberikan dan dibacakan oleh Petugas Rapat. Perseroan telah                      which has been informed and read out by the Meeting Officer before
menunjuk pihak independen dari Notaris Christina Dwi Utami, S.H.,                Annual GMS begins. The Company has appointed an independent
M.Hum., M.Kn., selaku Notaris Publik dan PT Adimitra Jasa Korpora                party from Notaris Christina Dwi Utami, S.H., M.Hum., M.Kn., as Public
(“Adimitra”) selaku Biro Administrasi Efek untuk melakukan                       Notary and PT Adimitra Jasa Korpora (“Adimitra”) as Share Registrar
penghitungan suara dan/atau melakukan validasi suara dalam                       to carry out the vote tabulation and/or validate the votes in the AGMS
RUPST Tahun Buku 2022 dan RUPSLB tahun 2023 .                                    Fy2022 and EGMS in 2023.


Kehadiran Lembaga & Profesi Penunjang Pasar Modal
dalam RUPS | Attendance of Institutions & Capital Market
Supporting in GMS
            Kehadiran Lembaga & Profesi Penunjang Pasar Modal dalam RUPST Tahun Buku 2022 & RUPSLB tahun 2023
             Attendance of the Institutions & Capital Market Supporting Professionals in AGMS Fy2022 and EGMS in 2023

       Biro Administrasi Efek                          Notaris                                Kantor Akuntan Publik                                 Auditor
           Share Registrar                             Notary                                 Public Accountant Firm                                Auditor

PT Adimitra Jasa Korpora (“Adimitra’)     Christina Dwi Utami, S.H.,                     Kanaka Puradiredja Suhartono                           Tan Siddharta
                                          M.Hum., M.Kn.                                      – Nexia International



            Tata Kelola Perusahaan           Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
            Corporate Governance               Corporate Social Responsibility                        References                            Financial Statements   137
Page 146
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Rapat Umum Pemegang
      Saham Tahunan [RUPST]
      Annual General Meeting of Shareholders [AGMS]


      Pelaksanaan RUPS Tahunan | Implementation of Annual GMS
      RUPST telah dilaksanakan pada hari Jumat, 30 Juni 2023 di                       The AGMS was held on Friday, 30 June 2023 at Auditorium Gedung
      Auditorium Gedung Baja, Lantai 9C, Jalan Pangeran Jayakarta No. 55,             Baja, Lantai 9C, Jl. Pangeran Jayakarta No. 55, Jakarta Pusat, Jakarta
      Jakarta Pusat 10730. RUPST dihadiri oleh para pemegang saham                    10730. The AGMS was attended by the shareholders and their
      dan kuasa pemegang saham yang mewakili 6.037.175.280 saham                      proxies representing 6.037.175.280 shares or 85,45% of
      atau 85,45% dari 7.065.340.735 saham yang merupakan seluruh                     7.065.340.735 shares which are all shares with valid voting rights
      saham dengan hak suara yang sah yang telah dikeluarkan oleh                     that have been issued by the Company (after deducting the number
      Perseroan (setelah dikurangi dengan jumlah saham yang telah dibeli              of shares issued) repurchased by the Company).
      kembali oleh Perseroan).


      RUPST dipimpin oleh Bapak Makmur Widjaja, selaku Komisaris                      The AGMS was chaired by Mr. Makmur Widjaja, as the President
      Utama (Komisaris Independen) Perseroan.                                         Commissioner (Independent Commissioner) of the Company.




      Agenda RUPS Tahunan Tahun Buku 2022 |
      Agenda for the Annual GMS FY2022
      1. Persetujuan dan pengesahan Laporan Tahunan Perseroan Tahun                   1. Approval on the Annual Report for the fiscal year of 2022 and
         Buku 2022 termasuk di dalamnya Laporan Kegiatan Perseroan,                        ratification on the Financial Statement of the Company for the
         Laporan Tugas Pengawasan Dewan Komisaris dan Laporan                              financial year ended on 31 December 2022 and provide full
         Keuangan Perseroan Tahun Buku 2022, serta pemberian                               acquittal and discharge (volledig acquit et de charge) to the
         pelunasan dan pembebasan tanggung jawab sepenuhnya                                members of the Board of Directors and Board of Commissioners
         (acquit et de charge) kepada Direksi dan Dewan Komisaris                          of the Company for management and supervision performed
         Perseroan atas tindakan pengurusan dan pengawasan yang                            during the fiscal year of 2022;
         telah dijalankan selama Tahun Buku 2022;                                     2. Resolution on the determination of the use of the Company's net
      2. Penetapan penggunaan Laba Bersih Tahun Buku 2022;                                 profit for the financial year of 2022;
      3. Penunjukan Akuntan Publik dan/atau Kantor Akuntan Publik yang                3. Approval on the appointment of Public Accountant to audit the
         akan melakukan audit atas laporan keuangan Perseroan untuk                        Financial Statement of the Company for the financial year ended
         Tahun Buku 2023, dan pemberian wewenang untuk menetapkan                          on 31 December 2023 and authorize the Company's Board of
         honorarium dan persyaratan lain atas penunjukan tersebut;                         Commissioners to determine the amount of the honorarium of the
      4. Penetapan remunerasi untuk Direksi dan Dewan Komisaris                            Public Accountant along with other terms of their appointment;
         berikut fasilitas dan tunjangan lainnya;                                     4. Resolution on the determination of the salary, honorarium and
      5. Perubahan susunan Dewan Komisaris.                                                allowances and other facilities for the member of the Board of
      6. Laporan dan pertanggungjawaban realisasi penggunaan dana                          Directors and the Board of Commissioners for the financial year of
         hasil penawaran umum obligasi dan sukuk.                                          2023;
                                                                                      5. Approval on the changes to the composition of the member of the
      (Untuk selanjutnya disebut Rapat).                                                   Board of Commissioners of the Company;
                                                                                      6. Report and accountability for the use of proceeds from the public
                                                                                           offering of bonds and sukuk.
                                                                                      (Hereinafter referred to as the Meeting)


 05             Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                    Analisa & Pembahasan Manajemen
138               Highlights                            Management Report             Company Profile                      Management Discussion & Analysis
Page 147
                                                                                              Igniting Engagement                         Laporan Tahunan 2023
                                                                                               Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Kehadiran Direksi & Dewan Komisaris dalam RUPS Tahunan
Tahun Buku 2022 | Attendance of Board of Directors & Board
of Commissioners in Annual GMS FY2022
                                         Kehadiran Direksi dalam RUPST Tahun Buku 2022
                                        Attendance of the Board of Directors in AGMS FY2022
Nama                                                           Jabatan                                          Keanggotaan pada Komite                       Kehadiran
Name                                                           Position                                         Membership in Committee                       Attendance

Ibnu Susanto                          Direktur Utama                                                                          -
                                      President Director
                                                                                                                                                                         ü

Tedja Sukmana Hudianto                Wakil Direktur Utama                                                                    -                                     [ü]
                                      Vice President Director

Soediarto Soerjoprahono               Direktur                                                                                -
                                      Director
                                                                                                                                                                         û

Tikman Utomo                          Direktur                                                                                -
                                      Director
                                                                                                                                                                         û

The, Hanny Purnomo                    Direktur                                                                                -                                     [ü]
                                      Director
                                                                                                  turut mengikuti jalannya Rapat melalui aplikasi Webinar Zoom KSEI
                                                                                              [ü] participate in the meeting through the KSEI Zoom Webinar application



                                    Kehadiran Dewan Komisaris dalam RUPST Tahun Buku 2022
                                     Attendance of the Board of Commissioners in AGMS FY2022
Nama                                                           Jabatan                                           Keanggotaan pada Komite                      Kehadiran
Name                                                           Position                                          Membership in Committee                      Attendance

Makmur Widjaja                        Komisaris Utama (Komisaris Independen)                                                      -
                                      President Commissioner (Independent Commissioner)
                                                                                                                                                                         ü

Endang Fifi Susanto                    Komisaris                                                                                   -
                                      Commissioner
                                                                                                                                                                         û

Bing Hartono Poernomosidi             Komisaris Independen                                                                        -                                 [ü]
                                      Independent Commissioner

Welly Tantono                         Komisaris Independen                                                       Anggota Komite Audit
                                      Independent Commissioner                                                Chairman of Audit Committee
                                                                                                                                                                         û



Pengajuan Pertanyaan dan/atau Pendapat |
Submission of Questions and/or Opinions
Pemegang saham dan kuasa pemegang saham diberi kesempatan                              Shareholders and their proxies are given the opportunity to ask
untuk mengajukan pertanyaan dan/atau pendapat untuk tiap mata                          questions and/or opinions for each agenda item of the Meeting, but no
acara Rapat, namun tidak ada pemegang saham dan kuasa                                  shareholder and proxies of shareholders have asked questions and/or
pemegang saham yang mengajukan pertanyaan dan/atau pendapat.                           opinions.




           Tata Kelola Perusahaan                  Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan          05
           Corporate Governance                      Corporate Social Responsibility                        References                            Financial Statements       139
Page 148
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Mekanisme Pengambilan Keputusan |
      Decision Making Mechanism
      Pengambilan keputusan seluruh mata acara dilakukan berdasarkan                  Decision making for all agenda items is carried out based on
      musyawarah untuk mufakat, dalam hal musyawarah untuk mufakat                    deliberation for consensus, in the event that deliberation for
      tidak tercapai, pengambilan keputusan dilakukan dengan                          consensus is not reached, decision making is carried out by voting.
      pemungutan suara.




      Keputusan dan Realisasi Hasil RUPS Tahunan
      Tahun Buku 2022 | Resolutions and Realizations of
      Annual GMS FY2022


       Mata Acara Pertama | First Agenda
      Hasil Keputusan RUPST | AGMS Resolution

      Menyetujui dan mengesahkan Laporan Tahunan Perseroan untuk                      Approved and ratified the Company's Annual Report for the 2022
      tahun buku 2022 termasuk di dalamnya Laporan Kegiatan Perseroan,                financial year including the Company's Activity Report, the
      Laporan Tugas Pengawasan Dewan Komisaris dan Laporan                            Supervisory Report of the Board of Commissioners and the 2022
      Keuangan tahun buku 2022, serta memberikan pelunasan dan                        Financial Report, as well as providing full settlement and discharge of
      pembebasan tanggung jawab sepenuhnya (acquit et de charge)                      responsibilities (acquit et de charge) to the Board of Directors and the
      kepada Direksi dan Dewan Komisaris Perseroan atas tindakan                      Board of Commissioners of the Company for the management and
      pengurusan dan pengawasan yang mereka lakukan dalam tahun                       supervisory actions they carried out in the 2022 financial year as long
      buku 2022 sepanjang tindakan-tindakan tersebut tercermin dalam                  as these actions are reflected in the Annual Report.
      Laporan Tahunan tersebut.


      Hasil dari Pemungutan Suara RUPST | Outcome of AGMS Voting
      Agenda                                      Suara Setuju                        Suara Tidak Setuju                   Abstain
      Agenda                                      Approve Votes                       Disapproving Votes                   Abstain
      Pertama | First                             6.037.175.280 suara | votes         0 | votes                            6.903.054 suara | votes


      Total suara setuju: 6.037.175.280 suara, atau sebesar 100%, atau                6,037,175,280 votes, or 100%, or more than 1/2 part of the total
      lebih dari 1/2 bagian dari jumlah seluruh suara yang dikeluarkan                number of votes legally cast in the Meeting.
      secara sah dalam Rapat.

      Realisasi | Realization
      Telah Direalisasikan | Has been realized




 05             Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                  Analisa & Pembahasan Manajemen
140               Highlights                            Management Report             Company Profile                    Management Discussion & Analysis
Page 149
                                                                                           Igniting Engagement                         Laporan Tahunan 2023
                                                                                            Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




 Mata Acara Kedua | Second Agenda
Hasil Keputusan RUPST | AGMS Resolution

Menyetujui penggunaan laba bersih Perseroan tahun buku 2022,                       Approved the use of the Company's net profit for the 2022 financial
sebagai berikut:                                                                   year, as follows:
a. sebesar Rp6,00 per saham, dibagikan sebagai dividen tunai                       a. in the amount of IDR6.00 per share, distributed as cash dividends
   kepada para pemegang saham Perseroan, dengan mem-                                  to the shareholders of the Company, with due observance of the
   perhatikan peraturan perpajakan yang berlaku;                                      applicable tax regulations;
b. sebesar Rp10.000.000.000,00 (sepuluh miliar Rupiah) disisihkan                  b. in the amount of IDR10,000,000,000.00 (ten billion Rupiah) set
   dan dibukukan sebagai dana cadangan;                                               aside and recorded as a reserve fund;
c. sisanya dimasukkan dan dibukukan sebagai laba ditahan, untuk                    c. the remainder is entered and recorded as retained earnings, to
   menambah modal kerja Perseroan.                                                    increase the working capital of the Company.


Hasil dari Pemungutan Suara RUPST | Outcome of AGMS Voting
Agenda                               Suara Setuju                                  Suara Tidak Setuju                           Abstain
Agenda                               Approve Votes                                 Disapproving Votes                           Abstain
Kedua | Second                       6.036.974.480 suara | votes                   0 suara | votes                              200.800 suara | votes


Total Suara Setuju: 6.037.175.280 suara, atau sebesar 100%, atau                   Total of approve votes: 6,037,175,280 votes, or 100%, or more than
lebih dari 1/2 bagian dari jumlah seluruh suara yang dikeluarkan                   1/2 part of the total number of votes legally cast in the Meeting.
secara sah dalam Rapat.

Realisasi | Realization
Telah Direalisasikan | Has been realized




 Mata Acara Ketiga | Third Agenda
Hasil Keputusan RUPST | AGMS Resolution

Memberikan wewenang dan kuasa kepada Dewan Komisaris                               Granted authority and power to the Board of Commissioners of the
Perseroan, untuk menunjuk Akuntan Publik dan/atau Kantor Akuntan                   Company, to appoint a Public Accountant and/or Public Accountant
Publik, dengan kriteria Independen dan terdaftar di Otoritas Jasa                  Firm, with independent criteria and registered with the Financial
Keuangan, yang akan mengaudit laporan keuangan Perseroan untuk                     Services Authority, which will audit the Company's financial
tahun buku 2023, oleh karena sedang dipertimbangkan dan                            statements for the financial year 2023, because it is being considered
dievaluasi untuk penunjukan Akuntan Publik dan/atau Kantor                         and evaluated for appointment Further Public Accountants and/or
Akuntan Publik lebih lanjut, serta untuk menetapkan honorarium                     Public Accounting Firms, as well as to determine the honorarium of
Akuntan Publik dan/atau Kantor Akuntan Publik tersebut, dan                        the said Public Accountants and/or Public Accounting Firms, and to
menetapkan syarat-syarat sehubungan dengan penunjukan dan                          determine the conditions relating to the appointment and dismissal of
pemberhentian Akuntan Publik dan/atau Kantor Akuntan Publik                        the said Public Accountants and/or Public Accounting Firms, as well
tersebut, serta penunjukan Akuntan Publik pengganti dalam hal                      as the appointment of a replacement Public Accountant. in the event
terdapat penggantian Akuntan Publik yang bersangkutan.                             that there is a replacement of the Public Accountant concerned.




            Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      05
            Corporate Governance                 Corporate Social Responsibility                         References                            Financial Statements   141
Page 150
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Hasil dari Pemungutan Suara RUPST | Outcome of AGMS Voting
      Agenda                                       Suara Setuju                        Suara Tidak Setuju                  Abstain
      Agenda                                       Approve Votes                       Disapproving Votes                  Abstain
      Ketiga | Third                               5.873.062.897 suara | votes         4.880.783 suara | votes             159.231.600 suara | votes


      Total suara setuju: 6.032.294.497 suara, atau sebesar 99,92%, atau               The total of approve votes: 6,032,294,497 votes, or 99.92%, or more
      lebih dari 1/2 bagian dari jumlah seluruh suara yang dikeluarkan                 than 1/2 part of the total number of votes legally cast in the Meeting.
      secara sah dalam Rapat.

      Realisasi | Realization
      Telah Direalisasikan | Has been realized




       Mata Acara Keempat | Fourth Agenda
      Hasil Keputusan RUPST | AGMS Resolution
      a. Menetapkan remunerasi berikut fasilitas dan tunjangan lainnya                 a. Determine remuneration along with other facilities and
         bagi anggota Dewan Komisaris Perseroan secara keseluruhan                          allowances for members of the Company's Board of
         untuk tahun buku 2023, maksimum sebesar sama dengan tahun                          Commissioners as a whole for the fiscal year 2023, a maximum of
         buku 2022, atau dengan kenaikan tidak melebihi 10% dari tahun                      the same as the fiscal year 2022, or with an increase not
         buku 2022, dan memberikan wewenang kepada Komisaris                                exceeding 10% from the financial year 2022, and authorize the
         Utama untuk menetapkan alokasinya, dengan memperhatikan                            President Commissioner to determine the allocation, by taking
         rekomendasi dari Komite Remunerasi.                                                into account the recommendations of the Remuneration
                                                                                            Committee.
      b. Memberikan wewenang kepada Dewan Komisaris Perseroan                          b. Granting authority to the Company's Board of Commissioners to
         untuk menetapkan remunerasi berikut fasilitas dan tunjangan                        determine remuneration along with other facilities and benefits
         lainnya bagi anggota Direksi Perseroan, dengan memperhatikan                       for members of the Company's Board of Directors, taking into
         rekomendasi dari Komite Remunerasi.                                                account the recommendations of the Remuneration Committee.


      Hasil dari Pemungutan Suara RUPST | Outcome of AGMS Voting
      Agenda                                       Suara Setuju                        Suara Tidak Setuju                  Abstain
      Agenda                                       Approve Votes                       Disapproving Votes                  Abstain
      Keempat | Fourth                             5.872.321.797 suara | votes         5.621.883 suara | votes             159.231.600 suara | votes


      Total suara setuju: 6.031.553.397 suara, atau sebesar 99,91%, atau               The total of approve votes: 6,031,553,397 votes, or 99,91%, or more
      lebih dari 1/2 bagian dari jumlah seluruh suara yang dikeluarkan                 than 1/2 part of the total number of votes legally cast in the Meeting.
      secara sah dalam Rapat.

      Realisasi | Realization
      Telah Direalisasikan | Has been realized




 05              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                 Analisa & Pembahasan Manajemen
142                Highlights                            Management Report             Company Profile                   Management Discussion & Analysis
Page 151
                                                                                              Igniting Engagement                         Laporan Tahunan 2023
                                                                                               Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




 Mata Acara Kelima | Fifth Agenda
Hasil Keputusan RUPST | AGMS Resolution

a. Menetapkan susunan anggota Direksi dan Dewan Komisaris a. Determine the composition of the members of the Company's Board
   Perseroan terhitung sejak ditutupnya Rapat ini sampai dengan                         of Directors and Board of Commissioners as of the closing of this
   ditutupnya Rapat Umum Pemegang Saham Tahunan Perseroan                               Meeting until the closing of the Company's Annual General Meeting
   pada tahun 2027, adalah sebagai berikut:                                             of Shareholders in 2027, as follows:
    Dewan Komisaris               :                                                     Board of Commissioners              :
    Komisaris Utama               : Tuan MAKMUR WIDJAJA                                 President Commissioner              : Mr. MAKMUR WIDJAJA
    (Komisaris Independen)                                                              (Independent Commissioner)
    Komisaris                     : Nyonya ENDANG FIFI SUSANTO                          Commissioner                        : Mrs. ENDANG FIFI SUSANTO
    Komisaris Independen :Tuan BING HARTONO POERNOMOSIDI                                Independent Commissioner : Mr. BING HARTONO PURNOMOSIDI
    Komisaris Independen : Nyonya WELLY TANTONO                                         Independent Commissioner : Mrs. WELLY TANTONO


b. Memberikan wewenang dan kuasa kepada Direksi Perseroan b. Granting authority and power to the Board of Directors of the
   dan/atau Tuan IBNU SUSANTO, baik bersama-sama maupun                                 Company and/or Mr. IBNU SUSANTO, both collectively and
   sendiri-sendiri, dengan hak substitusi, untuk menuangkan/                            individually, with the right of substitution, to express/declare the
   menyatakan keputusan mengenai susunan anggota Direksi dan                            decision regarding the composition of the members of the Board of
   Dewan Komisaris Perseroan tersebut dalam akta yang dibuat                            Directors and the Board of Commissioners of the Company in a deed
   dihadapan Notaris, dan untuk selanjutnya memberitahukannya                           made before a Notary, and to subsequently notify the competent
   pada pihak yang berwenang, serta melakukan semua dan setiap                          authorities, and carry out all and any necessary actions in
   tindakan yang diperlukan sehubungan dengan keputusan tersebut                        connection with the decision in accordance with the applicable laws
   sesuai dengan peraturan perundangan-undangan yang berlaku;                           and regulations.



Hasil dari Pemungutan Suara RUPST | Outcome of AGMS Voting

Agenda                                  Suara Setuju                                  Suara Tidak Setuju                           Abstain
Agenda                                  Approve Votes                                 Disapproving Votes                           Abstain
Kelima | Fifth                          6.036.969.880 suara | votes                   0 suara | votes                              205.400 suara | votes


Total suara setuju: 6.037.175.280 suara, atau sebesar 100%, atau                      The total of approve votes: 6,037,175,280 votes, or 100%, or more
lebih dari 1/2 bagian dari jumlah seluruh suara yang dikeluarkan                      than 1/2 part of the total number of votes legally cast in the Meeting.
secara sah dalam Rapat.

Realisasi | Realization
Telah Direalisasikan | Has been realized




             Tata Kelola Perusahaan               Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      05
             Corporate Governance                   Corporate Social Responsibility                         References                            Financial Statements   143
Page 152
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




       Mata Acara Keenam | Sixth Agenda
      Hasil Keputusan RUPST | AGMS Resolution

      Menerima baik laporan realisasi penggunaan dana hasil Penawaran                 Received reports on the realization of the use of proceeds from the
      Umum Obligasi Berkelanjutan I Spindo Tahap II Tahun 2022 dan                    Public Offering of Spindo Phase I Shelf-Registered Bonds II 2022 and
      Sukuk Ijarah Berkelanjutan I Spindo Tahap II Tahun 2022, yang telah             Spindo's Shelf-Registered Sukuk Ijarah I Phase II Year 2022, which
      digunakan seluruhnya.                                                           have been fully used.



      Hasil dari Pemungutan Suara RUPST | Outcome of AGMS Voting
      Agenda                                      Suara Setuju                        Suara Tidak Setuju                 Abstain
      Agenda                                      Approve Votes                       Disapproving Votes                 Abstain
      Keenam | Sixth                              5,858,011,680 suara | votes         0 suara | votes                    179.163.600 suara | votes


      Total suara setuju: 6.037.175.280 suara, atau sebesar 100%, atau                The total of approve votes: 6,037,175,280 votes, or 100%, or more
      lebih dari 1/2 bagian dari jumlah seluruh suara yang dikeluarkan                than 1/2 part of the total number of votes legally cast in the
      secara sah dalam Rapat                                                          Meeting

      Realisasi | Realization
      Telah Direalisasikan | Has been realized




 05             Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                Analisa & Pembahasan Manajemen
144               Highlights                            Management Report             Company Profile                  Management Discussion & Analysis
Page 153
                                                                        Igniting Engagement                         Laporan Tahunan 2023
                                                                         Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




   RUPS Tahunan Tahun Buku 2022 dan RUPSLB Tahun 2023 telah dilaksanakan pada tanggal 30 Juni 2023 di
             Auditorium Gedung Baja, Lantai 9C, Jalan Pangeran Jayakarta nomor 55, Jakarta Pusat 10730.
The Annual GMS for the 2022 Fiscal Year and Extraordinary GMS for the 2023 Year was held on June 30, 2023 at
             Auditorium Gedung Baja, Lantai 9C, Jalan Pangeran Jayakarta nomor 55, Jakarta Pusat 10730.




Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      05
Corporate Governance                  Corporate Social Responsibility                 References                            Financial Statements   145
Page 154
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Rapat Umum Pemegang
      Saham Luar Biasa [RUPSLB]
      Extraordinary General Meeting of Shareholders [EGMS]


      Pelaksanaan RUPS Luar Biasa pada Tahun 2023 |
      Implementation of Extraordinary GMS in 2023
      RUPSLB telah dilaksanakan pada hari Jumat, 30 Juni 2023 di                       The EGMS was held on Friday, 30 June 2023 at Auditorium Gedung
      Auditorium Gedung Baja Lantai 9C, Jalan Pangeran Jayakarta No. 55,               Baja, Lantai 9C, Jl. Pangeran Jayakarta No. 55, Jakarta Pusat, Jakarta
      Jakarta Pusat 10730. RUPSLB dihadiri dihadiri oleh para pemegang                 10730. The EGMS was attended by the shareholders and their
      saham dan kuasa pemegang saham yang mewakili 6.038.725.280                       proxies representing 6.038.725.280 shares or 85,47% of
      saham atau 85,47% dari 7.065.340.735 saham yang merupakan                        7,065,340,735 shares which are all shares with valid voting rights
      seluruh saham dengan hak suara yang sah yang telah dikeluarkan                   that have been issued by the Company (after deducting the number
      oleh Perseroan (setelah dikurangi dengan jumlah saham yang telah                 of shares issued) repurchased by the Company).
      dibeli kembali oleh Perseroan).


      RUPSLB dipimpin oleh Bapak Makmur Widjaja, selaku Komisaris                      The EGMS was chaired by Mr. Makmur Widjaja, as the President
      Utama (Komisaris Independen) Perseroan.                                          Commissioner (Independent Commissioner) of the Company.




      Agenda RUPS Luar Biasa pada Tahun 2023 |
      Agenda for the Extraordinary GMS in 2023
      1. Perubahan pasal 17 ayat 5 Anggaran Dasar Perseroan mengenai                   1. Approval for the change of article 17 paragraph 5 of the
         Pengumuman Laporan Keuangan Perseroan.                                             Company's Articles of Association regarding the Announcement
      2. Persetujuan untuk menjaminkan lebih dari 1/2 bagian atau                           of the Company's Financial Statements;
         seluruh harta kekayaan Perseroan dalam rangka fasilitas                       2. Approval to guarantee more than 1/2 or the entire wealth of the
         pinjaman yang akan diperoleh perseroan dari Bank dan/atau                          Company in the context of credit facilities that the Company will
         Lembaga Keuangan lainnya termasuk untuk penerbitan Obligasi                        obtain from Banks and/or Financial Institutions, including for the
         dan/atau Sukuk di Pasar Modal.                                                     issuance of Bonds and/or Sukuk in the Capital Market.


      (untuk selanjutnya disebut Rapat).                                               (hereinafter referred to as the Meeting)




 05              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                  Analisa & Pembahasan Manajemen
146                Highlights                            Management Report             Company Profile                    Management Discussion & Analysis
Page 155
                                                                                             Igniting Engagement                         Laporan Tahunan 2023
                                                                                              Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Kehadiran Direksi & Dewan Komisaris dalam RUPS Luar Biasa
di Tahun 2023 | Attendance of Board of Directors & Board of
Commissioners at the Extraordinary GMS in 2023
                                         Kehadiran Direksi dalam RUPSLB di Tahun 2023
                                       Attendance of the Board of Directors in EGMS FY2023
Nama                                                          Jabatan                                          Keanggotaan pada Komite                       Kehadiran
Name                                                          Position                                         Membership in Committee                       Attendance

Ibnu Susanto                         Direktur Utama                                                                          -
                                     President Director
                                                                                                                                                                        ü

Tedja Sukmana Hudianto               Wakil Direktur Utama                                                                    -                                     [ü]
                                     Vice President Director

Soediarto Soerjoprahono              Direktur                                                                                -
                                     Director
                                                                                                                                                                        û

Tikman Utomo                         Direktur                                                                                -
                                     Director
                                                                                                                                                                        û

The, Hanny Purnomo                   Direktur                                                                                -                                     [ü]
                                     Director
                                                                                                 turut mengikuti jalannya Rapat melalui aplikasi Webinar Zoom KSEI
                                                                                             [ü] participate in the meeting through the KSEI Zoom Webinar application



                                    Kehadiran Dewan Komisaris dalam RUPSLB di Tahun 2023
                                    Attendance of the Board of Commissioners in EGMS in 2023
Nama                                                          Jabatan                                           Keanggotaan pada Komite                      Kehadiran
Name                                                          Position                                          Membership in Committee                      Attendance

Makmur Widjaja                       Komisaris Utama (Komisaris Independen)                                                      -
                                     President Commissioner (Independent Commissioner)
                                                                                                                                                                        ü

Endang Fifi Susanto                   Komisaris                                                                                   -
                                     Commissioner
                                                                                                                                                                        û

Bing Hartono Poernomosidi            Komisaris Independen                                                                        -                                 [ü]
                                     Independent Commissioner

Welly Tantono                        Komisaris Independen                                                       Anggota Komite Audit
                                     Independent Commissioner                                                Chairman of Audit Committee
                                                                                                                                                                        û



Pengajuan Pertanyaan dan/atau Pendapat |
Submission of Questions and/or Opinions
Pemegang saham dan kuasa pemegang saham diberi kesempatan                             Shareholders and their proxies are given the opportunity to ask
untuk mengajukan pertanyaan dan/atau pendapat untuk tiap mata                         questions and/or opinions for each agenda item of the Meeting, but no
acara Rapat, namun tidak ada pemegang saham dan kuasa                                 shareholder and proxies of shareholders have asked questions and/or
pemegang saham yang mengajukan pertanyaan dan/atau pendapat.                          opinions.


           Tata Kelola Perusahaan                 Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan          05
           Corporate Governance                     Corporate Social Responsibility                        References                            Financial Statements       147
Page 156
                  2023 Annual Report                          Igniting Engagement
                  PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Mekanisme Pengambilan Keputusan |
      Decision Making Mechanism
      Pengambilan keputusan seluruh mata acara dilakukan berdasarkan                 Decision making for all agenda items is carried out based on
      musyawarah untuk mufakat, dalam hal musyawarah untuk mufakat                   deliberation for consensus, in the event that deliberation for
      tidak tercapai, pengambilan keputusan dilakukan dengan                         consensus is not reached, decision making is carried out by voting.
      pemungutan suara.




      Keputusan dan Realisasi Hasil RUPS Luar Biasa
      di Tahun 2023 | Resolutions and Realizations of the
      Extraordinary GMS in 2023

       Mata Acara Pertama | First Agenda
      Hasil Keputusan RUPSLB | EGMS Resolution

      Ÿ Menyetujui perubahan Pasal 17 ayat 5 Anggaran Dasar                          Ÿ Approving the amendment to Article 17 paragraph 5 of the

        Perseroan, dalam rangka penyesuaian dengan Peraturan Otoritas                   Company's Articles of Association, in order to align with Peraturan
        Jasa Keuangan (POJK) Nomor 14/POJK.04/2022 tentang                              Otoritas Jasa Keuangan (POJK) Number 14/POJK.04/2022
        Penyampaian Laporan Keuangan Berkala Emiten atau Perusahaan                     concerning the Submission of Periodic Financial Reports by
        Publik, sebagaimana telah dijelaskan dalam Rapat;                               Issuers or Public Companies, as explained in the Meeting.
      Ÿ Memberikan wewenang dan kuasa kepada Direksi Perseroan                       Ÿ Granting authority and power to the Board of Directors of the

        dan/atau Tuan Ibnu Susanto, baik bersama-sama maupun sendiri-                   Company and/or Mr. Ibnu Susanto, both collectively and
        sendiri, dengan hak substitusi, untuk melakukan segala dan setiap               independently, with the right of substitution, to undertake any and
        tindakan yang diperlukan sehubungan keputusan tersebut,                         all actions necessary in relation to the aforementioned decision,
        termasuk tetapi tidak terbatas untuk menyatakan/menuangkan                      including but not limited to declaring/incorporating the decision in
        keputusan tersebut dalam akta-akta yang dibuat di hadapan                       deeds executed before a Notary, to amend, adjust, and/or
        Notaris, untuk mengubah, menyesuaikan dan/atau menyusun                         rearrange the provisions of Article 17 paragraph 5 of the
        kembali ketentuan Pasal 17 ayat 5 Anggaran Dasar Perseroan                      Company's Articles of Association or Article 17 of the Company's
        atau Pasal 17 Anggaran Dasar Perseroan secara keseluruhan,                      Articles of Association as a whole, as required by and in
        sebagaimana disyaratkan oleh serta sesuai dengan ketentuan                      accordance with applicable laws and regulations, further to notify
        perundang-undangan yang berlaku, yang selanjutnya untuk                         the competent authorities of this Meeting's decision and/or the
        menyampaikan pemberitahuan atas keputusan Rapat ini dan/atau                    amendments to the Company's Articles of Association in this
        perubahan Anggaran Dasar Perseroan dalam keputusan Rapat ini                    Meeting's decision, and to take any and all necessary actions in
        kepada instansi yang berwenang, serta melakukan semua dan                       accordance with applicable laws and regulations.
        setiap tindakan yang diperlukan, sesuai dengan peraturan
        perundang-undangan yang berlaku.




 05            Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                  Analisa & Pembahasan Manajemen
148              Highlights                            Management Report             Company Profile                    Management Discussion & Analysis
Page 157
                                                                                          Igniting Engagement                         Laporan Tahunan 2023
                                                                                           Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Hasil dari Pemungutan Suara RUPSLB | Outcome of EGMS Voting

Agenda                               Suara Setuju                                  Suara Tidak Setuju                          Abstain
Agenda                               Approve Votes                                 Disapproving Votes                          Abstain
Pertama | First                      6.037.878.880 suara | votes                   275.600 suara | votes                       570.800 suara | votes

Total suara setuju: 6.038.449.680 suara, atau sebesar 99,99%, atau                 The total of approve votes: 6,038,449,680 votes, or 99.99%, or more
lebih dari 2/3 bagian dari jumlah seluruh suara yang dikeluarkan                   than 2/3 part of the total number of votes legally cast in the Meeting.
secara sah dalam Rapat.

Realisasi | Realization
Telah Direalisasikan | Has been realized




 Mata Acara Kedua | Second Agenda

Hasil Keputusan RUPSLB | EGMS Resolution
Menyetujui untuk menjaminkan aset Perseroan, dengan jumlah lebih                   Approved to pledge more than 1/2 (one half) part or all of the
dari 1/2 bagian atau seluruh harta kekayaan Perseroan dalam rangka                 Company's assets in the context of loan facilities to be obtained by the
fasilitas pinjaman yang akan diperoleh perseroan dari Bank dan/atau                Company from banks and/or other financial institutions, including for
Lembaga Keuangan lainnya termasuk untuk penerbitan Obligasi                        the issuance of bonds and/or sukuk in the Capital Market, as well as
dan/atau Sukuk di Pasar Modal;                                                     providing authority and power to the Board of Directors of the
                                                                                   Company, to take any and every necessary action in connection with
                                                                                   the decision.


Hasil dari Pemungutan Suara RUPSLB | Outcome of EGMS Voting
Agenda                               Suara Setuju                                  Suara Tidak Setuju                          Abstain
Agenda                               Approve Votes                                 Disapproving Votes                          Abstain
Kedua | Second                       5.995.963.477 suara | votes                   42.191.003 suara | votes                    570.800 suara | votes

Total suara setuju: 5.996.534.277 suara, atau sebesar 99,30% atau                  The total of approve votes: 5,996,534,277 votes, or 99,30%, or more
lebih dari 3/4 bagian dari jumlah seluruh suara yang dikeluarkan                   than 3/4 part of the total number of votes legally cast in the Meeting.
secara sah dalam Rapat.

Realisasi | Realization
Telah Direalisasikan | Has been realized




            Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
            Corporate Governance                 Corporate Social Responsibility                        References                            Financial Statements   149
Page 158
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Dewan Komisaris
      Board of Commissioners



      Dewan Komisaris merupakan organ Perseroan yang bertugas                           The Board of Commissioners is the Company’s organ serves to
      menjalankan fungsi pengawasan terhadap pengelolaan Perseroan                      perform supervisory function over the management of the Company
      yang dijalankan oleh Direksi. Komposisi dan jumlah anggota Dewan                  by the Board of Directors. The composition and the number of
      Komisaris Perseroan ditetapkan oleh RUPS dengan memperhatikan                     members of the Board of Commissioners are stipulated in the GMS by
      visi, misi, dan rencana strategis Perseroan.                                      considering the vision, mission and strategic plan of the Company.


      Dewan Komisaris wajib melaksanakan pengawasan dan                                 The Board of Commissioners must carry out supervision and provides
      memberikan saran terkait pelaksanaan tugas dan tanggung jawab                     advice in relation to the execution of duties and responsibilities of the
      Direksi serta hal-hal yang ditetapkan di Anggaran Dasar maupun                    Board of Directors as well as matters that were stipulated in the
      perundang-undangan. Dalam menjalankan tugas dan tanggung                          Article of Association and regulation. In performing its duties and
      jawabnya, Dewan Komisaris wajib bertindak secara independen.                      responsibilities, the Board of Commissioners is obliged to act
                                                                                        independently.




      Dasar Hukum | Legal Basis
      Dasar hukum yang menjadi acuan penunjukan Dewan Komisaris                         Legal basis that are applied as references in the appointment of
      SPINDO antara lain:                                                               SPINDO’s Board of Commissioners, namely:
      1. Undang-Undang Republik Indonesia tentang Perseroan                             1. Law of the Republic of Indonesia concerning Limited Liability
         Terbatas.                                                                           Companies.
      2. Anggaran Dasar Perseroan.                                                      2. The Article of Association.
      3. Peraturan Otoritas Jasa Keuangan No. 33 Tahun 2014 tentang                     3. Regulation of Financial Services Authority No. 33 of 2014 on the
         Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik.                          Board of Director and Commissioners of Issuer or Public
      4. Surat Edaran Otoritas Jasa Keuangan No. 32 Tahun 2015 tentang                       Company.
         Pedoman Tata Kelola Perusahaan.                                                4. Circular Letter of Financial Services Authority No. 32 of 2015 on
                                                                                             Corporate Governance Guidelines for Listed Companies;




      Kriteria & Proses Pengangkatan Anggota Dewan Komisaris |
      Criteria & Appointment Process of the Member of the Board
      of Commissioners
      Perseroan memiliki kriteria persyaratan calon anggota Dewan                       The Company has set up the required criteria for the candidate
      Komisaris sebagaimana tercantum dalam Anggaran Dasar                              members of the Board of Commissioners as stated in the Company’s
      Perseroan. Anggota Dewan Komisaris Perseroan adalah orang                         Article of Association. A member of the Board of Commissioners is an
      perseorangan yang memenuhi persyaratan sebagai berikut:                           individual who meets the following requirements:
      1. Mempunyai akhlak, moral, dan integritas yang baik.                             1. Having good character, morals, and integrity.
      2. Cakap melakukan perbuatan hukum.                                               2. Competent in carrying out legal actions.
      3. Dalam 5 tahun sebelum pengangkatan dan selama menjabat:                        3. Within the last 5 (five) years prior to the appointment and while in
         a. Tidak pernah dinyatakan pailit.                                                  office:
                                                                                             a. He/She has never been declared bankrupt.


 05              Ikhtisar Utama                           Laporan Manajemen             Profil Perusahaan                  Analisa & Pembahasan Manajemen
150                Highlights                             Management Report             Company Profile                    Management Discussion & Analysis
Page 159
                                                                                       Igniting Engagement                         Laporan Tahunan 2023
                                                                                        Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




   b. Tidak pernah menjadi anggota Direksi dan/atau anggota                        b. He/She has never been convicted guilty for causing a
      Dewan Komisaris yang dinyatakan bersalah menyebabkan                             Company’s bankruptcy while serving as a member of the
      suatu perusahaan dinyatakan pailit.                                              Board of Directors and/or Commissioners.
   c. Tidak pernah dihukum karena melakukan tindak pidana yang                     c. He/She has never been convicted of any criminal offense that
      merugikan keuangan negara dan/atau yang berkaitan dengan                         inflicts financial loss to the State and/or to those related to the
      sektor keuangan.                                                                 financial sector.
   d. Tidak pernah menjadi anggota Direksi dan/atau anggota                        d. He/She has never served as a member of the Board of
      Dewan Komisaris yang selama menjabat:                                            Directors and/or Commissioners in which during his/her office
                                                                                       terms:
      •   Pernah tidak menyelenggarakan RUPST.                                         •    Has once or more failed to hold AGMS.
      •   Pertanggungjawabannya sebagai anggota Direksi                                •    Has his/her accountability report as a member of the
          dan/atau anggota Dewan Komisaris pernah tidak diterima                            Board of Directors and or Commissioners been rejected
          oleh RUPS atau pernah tidak memberikan pertanggung-                               by GMS or has once or more failed to provide one as a
          jawaban sebagai anggota Direksi dan/atau anggota                                  member of the Board of Directors and/or Commissioners
          Dewan Komisaris kepada RUPS.                                                      to GMS.
      •   Pernah menyebabkan perusahaan yang memperoleh izin,                          •    Has caused a Company that obtained license, approval or
          persetujuan, atau pendaftaran dari OJK tidak memenuhi                             registration from OJK fails to complete its obligation of
          kewajiban menyampaikan laporan tahunan dan/atau                                   submitting an annual report and/or financial statements to
          laporan keuangan kepada OJK.                                                      OJK.
4. Memiliki komitmen untuk mematuhi peraturan perundang-                        4. Having a strong commitment to comply with the laws and
   undangan.                                                                       regulations.
5. Memiliki pengetahuan dan/atau keahlian di bidang yang                        5. Having knowledge and/or expertise in the field that is needed by
   dibutuhkan Perseroan.                                                           the Company.
6. Memenuhi persyaratan lainnya sebagaimana ditentukan dalam                    6. Meet other requirements as stipulated in the Law of Limited
   Undang-Undang Perseroan Terbatas, Peraturan Pasar Modal,                        Liability Company, Capital Market Regulation, and other
   dan Peraturan Perundang-Undangan lainnya yang berlaku.                          applicable laws and regulations.
7. Dewan Komisaris wajib mengungkapkan seluruh benturan                         7. The Board of Commissioners must disclose periodically all conflict
   kepentingan yang dilakukan secara periodik dan pernyataan                       of interest and a statement concerning the conflict of interest to be
   mengenai benturan kepentingan tersebut diungkapkan dalam                        disclosed in the annual report.
   laporan tahunan.




           Tata Kelola Perusahaan           Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
           Corporate Governance               Corporate Social Responsibility                        References                            Financial Statements   151
Page 160
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Jumlah & Komposisi Dewan Komisaris |
      Number & Composition of Board of Commissioners (BoC)
      Pada tahun 2023, Dewan Komisaris Perseroan keseluruhan                             In 2023, Members of the Board of Commissioners of the Company
      berjumlah 4 (empat) orang dengan 3 (tiga) di antaranya merupakan                   are 4 (four) persons, of whom 3 (three) among others is Independent
      Komisaris Independen sehingga telah sesuai dengan ketentuan yang                   Commissioner that complies with applicable provisions, as regulated
      berlaku, sebagaimana yang diatur Piagam Dewan Komisaris. Berikut                   by the Board of Commissioners’ Charter. The following are the
      jumlah dan komposisi Dewan Komisaris Perseroan:                                    number and composition of the Company’s Board of Commissioners:



               Nama                                   Jabatan                                               Dasar Pengangkatan                                  Domisili
               Name                                   Position                                              Basis of Appointment                                Domicile


      Makmur Widjaja             Komisaris Utama | Komisaris Independen               Akta Keputusan Rapat Umum Pemegang Saham Tahunan                           Jakarta
                                  President Commissioner | Independent                                No. 373 tanggal 30 Juni 2023
                                                  Commissioner                          Deed of Resolutions the Annual General Meeting of
                                                                                             Shareholders No. 373 dated June 30th, 2023


      Endang Fifi Susanto                             Komisaris                        Akta Keputusan Rapat Umum Pemegang Saham Tahunan                           Jakarta
                                                  Commissioner                                        No. 373 tanggal 30 Juni 2023
                                                                                        Deed of Resolutions the Annual General Meeting of
                                                                                             Shareholders No. 373 dated June 30th, 2023


      Bing H. Poernomosidi                  Komisaris Independen                      Akta Keputusan Rapat Umum Pemegang Saham Tahunan                         Surabaya
                                        Independent Commissioner                                      No. 373 tanggal 30 Juni 2023
                                                                                        Deed of Resolutions the Annual General Meeting of
                                                                                             Shareholders No. 373 dated June 30th, 2023


      Welly Tantono                         Komisaris Independen                      Akta Keputusan Rapat Umum Pemegang Saham Tahunan                         Singapura
                                        Independent Commissioner                                      No. 373 tanggal 30 Juni 2023
                                                                                        Deed of Resolutions the Annual General Meeting of
                                                                                             Shareholders No. 373 dated June 30th, 2023



      Masa Jabatan Anggota Dewan Komisaris |
      Term of Office of Members of the Board of Commissioners
      a. Masa jabatan anggota Dewan Komisaris untuk 1 periode paling                     a. The term of office of members of the Board of Commissioners for
         lama adalah 5 (lima) tahun terhitung sejak tanggal yang                              1 (one) period is a maximum of 5 (five) years effective from the
         ditetapkan oleh RUPS yang mengangkatnya, namun demikian                              date of appointment by GMS, however by not reducing the rights
         dengan tidak mengurangi hak RUPS tersebut untuk                                      of GMS to dismiss the Board of Commissioners at any time before
         memberhentikan Dewan Komisaris tersebut sewaktu-waktu                                his term ends in accordance with provisions of the Company’s
         sebelum masa jabatannya berakhir sesuai dengan ketentuan                             Articles of Association.
         Anggaran Dasar Perusahaan.
      b. Setelah masa jabatannya berakhir, Dewan Komisaris dapat                         b. After the term of office ends, the Board of Commissioners can be
         diangkat kembali oleh RUPS untuk 1 kali masa jabatan kecuali                         reappointed by the GMS for 1 (one) term of office unless
         ditetapkan lain dalam RUPS.                                                          otherwise stipulated in the GMS.




 05             Ikhtisar Utama                          Laporan Manajemen                Profil Perusahaan                   Analisa & Pembahasan Manajemen
152               Highlights                            Management Report                Company Profile                     Management Discussion & Analysis
Page 161
                                                                                               Igniting Engagement                         Laporan Tahunan 2023
                                                                                                Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




c. Jabatan Dewan Komisaris berakhir apabila:                                            c. The term of office of the Board of Commissioners ends if:
   1. Masa jabatannya berakhir.                                                            1. Term of office ends;
   2. Mengundurkan diri sesuai dengan ketentuan Anggaran Dasar                             2. Resign in accordance with the provisions of the Company’s
       Perusahaan.                                                                             Articles of Association;
   3. Tidak lagi memenuhi persyaratan perundangan yang berlaku.                            3. No longer meets the requirements of the applicable law;
   4. Meninggal dunia dalam masa jabatannya.                                               4. Decease during the term of office;
   5. Diberhentikan berdasarkan Keputusan RUPS.                                            5. Dismissed based on GMS Resolution;
   6. Terlibat dalam tindakan kejahatan keuangan.                                          6. Involved in financial crime;
   7. Batal karena hukum apabila diketahui anggota Dewan                                   7. Annulled due to the law when it is revealed that member of the
       Komisaris tersebut tidak memenuhi persyaratan                                           Board of Commissioners did not comply with the
       sebagaimana dimaksud dalam UU No. 40 Tahun 2007 Pasal                                   requirements as referred by Law No. 40 of 2007 Article 110
       110 dan Dewan Komisaris atau anggota Direksi lainnya harus                              and the Board of Commissioners or other members of the
       mengumumkan batalnya pengangkatan tersebut dalam surat                                  Board of Directors must announce the annulment of the
       kabar serta memberitahukannya kepada Menteri untuk                                      appointment in the newspaper and inform the Minister to be
       dicatat dalam daftar Perusahaan selambat-lambatnya 7                                    noted in the Company register at the latest 7 (seven) days
       (tujuh) hari terhitung sejak diketahuinya.                                              from the date of revelation.
d. Anggota Dewan Komisaris dapat diberhentikan sewaktu-waktu                            d. Members of the Board of Commissioners may be dismissed at any
   berdasarkan keputusan RUPS dengan menyebutkan alasannya,                                time based on the resolution of the GMS by stating the reason, if a
   apabila anggota Dewan Komisaris tersebut:                                               member of the Board of Commissioners:
   1. Tidak dapat melaksanakan tugasnya dengan baik.                                       1. Fails to carry out their duties properly;
   2. Tidak melaksanakan ketentuan peraturan perundang-                                    2. Does not implement the provisions of the laws and
       undangan dan/atau ketentuan Anggaran Dasar Perusahaan.                                  regulations and/or of the Company’s Articles of Association;
   3. Terlibat dalam tindakan kejahatan keuangan.                                          3. Involved in financial crime;
   4. Dinyatakan bersalah dengan putusan pengadilan yang                                   4. Declared guilty by court decision with permanent legal force;
       mempunyai kekuatan hukum yang tetap.                                                5. Resign according to the Articles of Association of the
   5. Mengundurkan diri sesuai Anggaran Dasar Perusahaan.                                      Company;
   6. Pengangkatan anggota Dewan Komisaris tidak memenuhi                                  6. Appointment of members of the Board of Commissioners fails
       persyaratan sebagaimana dimaksud dalam UU No. 40 Tahun                                  to meet the requirements as stipulated in Law No. 40 of 2007
       2007 Pasal 110.                                                                         Article 110.




Piagam Dewan Komisaris | Board of Commissioners’ Charter
Piagam Komisaris tercantum dalam Board Manual yang dikeluarkan                          The Board of Commissioners’ Charter stated in the Board Manual
pada tanggal 9 Januari 2018. Piagam ini menetapkan dasar hukum;                         issued on 9 January 2018. The charter sets out the legal basis; duties,
tugas, tanggung jawab dan wewenang; aturan bisnis; jam kerja; dan                       responsibilities and authority; rules of business; working hours; and
pelaporan serta pertanggungjawaban Dewan Komisaris. Piagam                              reporting and accountability of the Board of Commissioners. The
dievaluasi secara berkala dan diperbarui jika diperlukan. Piagam                        BoC’ Charter is regularly evaluated and updated if necessary. The
Dewan Komisaris tersedia di situs Perseroan:                                            BoC’ Charter is available on the Company’s website at:
https://www.spindo.com/board-manual/                                                    https://www.spindo.com/board-manual/




            Tata Kelola Perusahaan                  Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
            Corporate Governance                      Corporate Social Responsibility                        References                            Financial Statements   153
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                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Tugas & Tanggung Jawab Dewan Komisaris |
      Duties & Responsibilities of The Board of Commissioners (BoC)
      Sesuai dengan Anggaran Dasar Perseroan dan hukum serta                          In accordance with the Company’s Articles of Association and the
      peraturan yang berlaku, Dewan Komisaris bertanggung jawab                       prevailing laws and regulations, the Board of Commissioners (BoC) is
      kepada RUPS dan mengawasi pengelolaan Perseroan oleh Direksi.                   responsible to the GMS and oversees the management of the
      Untuk memastikan efektivitas praktik GCG yang diterapkan                        Company by the Board of Directors (BoD). To ensure the
      Perusahaan sebagaimana tercantum dalam Panduan untuk Dewan                      effectiveness of GCG practices implemented by the Company as
      Komisaris, tugas dan tanggung jawab Dewan Komisaris adalah                      stated in the Board of Commissioners Manual, their duties and
      sebagai berikut:                                                                responsibilities are as follows:


      1. Pengawasan terhadap kebijakan pengurusan, jalannya                           1. Overseeing the management policy, the general management of
         pengurusan pada umumnya, baik mengenai Perusahaan maupun                          the Company and the Company's business, and advises the
         usaha Perusahaan, dan memberi nasihat kepada Direksi;                             Board of Directors ;
      2. Mengawasi pelaksanaan tugas komite-komite yang dibentuk                      2. To oversee the execution of the duties of committees established
         oleh Dewan Komisaris;                                                             by the Board of Commissioners;
      3. Mengawasi pelaksanaan manajemen risiko;                                      3. To oversee the implementation of risk management;
      4. Mengawasi efektivitas penerapan tata kelola perusahaan;                      4. To oversee the effectiveness of the implementation of corporate
      5. Mengawasi kepatuhan Perusahaan terhadap peraturan                                 governance;
         perundang-undangan yang berlaku;                                             5. To oversee the compliance of the Company to the existing laws
      6. Memantau efektivitas praktek GCG antara lain dengan                               and regulations;
         mengadakan pertemuan berkala antara Dewan Komisaris                          6. To monitor the effectiveness of GCG practices, among others, by
         dengan Direksi untuk membahas implementasi GCG di                                 holding regular meetings between Board of Commissioners and
         Perusahaan;                                                                       Board of Directors to discuss the implementation of GCG in the
      7. Memberikan laporan tentang tugas pengawasan yang telah                            Company;
         dilakukan selama tahun buku yang baru lampau kepada RUPS;                    7. To provide a report on the supervisory duties that have been
      8. Menyusun Pedoman dan Tata Tertib Kerja Dewan Komisaris dan                        carried out during the past financial year to the GMS;
         mengungkapkan dalam Laporan Tahunan bahwa Dewan                              8. To arrange the Board of Commissioners' Working Guidelines and
         Komisaris telah memiliki pedoman;                                                 Rules of Work and disclose in the Annual Report that the Board of
                                                                                           Commissioners has its own guidelines;


      Secara prinsip dasar tugas dan kewajiban komisaris adalah                       In principle, the duties and obligations of the commissioners oversee
      melakukan pengawasan pengurusan Perseroan yang dilakukan oleh                   the management of the Company carried out by the Board of
      Direksi, serta memberikan nasihat kepada Direksi termasuk                       Directors, and provide advice to the Board of Directors, including the
      pelaksanaan Rencana–Rencana Perusahaan serta Ketentuan                          implementation of the Company's Plans and the Articles of
      Anggaran Dasar dan Rapat Umum Pemegang Saham (RUPS), dan                        Association and the General Meeting of Shareholders (AGMS), and
      peraturan perundang-undangan.                                                   the laws and regulations.




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154               Highlights                            Management Report             Company Profile                     Management Discussion & Analysis
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Kepemilikan Saham Dewan Komisaris |
Share Ownership by the Board of Commissioners

                                        Kepemilikan Saham Dewan Komisaris dan Keluarga
                                     Share Ownership by the Board of Commissioners and Family

                                                                                                            Kepemilikan Saham | Share Ownership

          Nama                                       Jabatan                                  Pribadi pada Perusahaan                     Keluarga pada Perusahaan
          Name                                       Position                                   Personal to Company                           Family to Company

Makmur Widjaja                         Komisaris Utama & Komisaris Independen                                   -                                            -
                                        President Commissioner & Independent
                                                   Commissioner


Endang Fifi Susanto                                    Komisaris                                                 -                                            -
                                                   Commissioner


Bing Hartono Poernomosidi                      Komisaris Independen                                             -                                            -
                                             Independent Commissioner


Welly Tantono                                  Komisaris Independen                                             -                                            -
                                             Independent Commissioner



Setiap adanya perubahan portofolio kepemilikan saham Perusahaan,                       Any changes in the portfolio of the ownership of the Company’s
maka Dewan Komisaris wajib melaporkan kepada Sekretaris                                shares, the Board of Commissioners must report to the Corporate
Perusahaan melalui penyerahan Daftar Khusus Kepemilikan Saham                          Secretary through Special List of Share Ownership for then to be
untuk selanjutnya disampaikan kepada Otoritas Pasar Modal                              reported to the Capital Market Authority at the latest 3 (three) days
selambat-lambatnya 3 (tiga) hari sejak terjadinya transaksi.                           since the transaction occurred.




            Tata Kelola Perusahaan                 Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
            Corporate Governance                     Corporate Social Responsibility                        References                            Financial Statements   155
Page 164
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Penilaian Kinerja Dewan Komisaris |
      Performance Evaluation of the Board of Commissioners
      Prosedur                                                                         Procedure
      Kinerja Dewan Komisaris dan anggota Dewan Komisaris dievaluasi                   The Board of Commissioners’ performance and its members are
      setiap tahun oleh Pemegang Saham dalam Rapat Umum Pemegang                       evaluated every year by Shareholders in General Meeting of
      Saham. Secara umum, kinerja Dewan Komisaris ditentukan                           Shareholders. In general, the Board of Commissioners’ performance
      berdasarkan tugas kewajiban yang tercantum dalam peraturan                       is determined based on the duties of obligations stated in the
      perundang-undangan yang berlaku dan Anggaran Dasar Perseroan                     applicable laws and regulations and the Articles of Association of the
      maupun amanat Pemegang Saham. Kriteria evaluasi formal                           Company and the mandate of the Shareholders. Formal evaluation
      disampaikan secara terbuka kepada Dewan Komisaris sejak                          criteria are submitted openly to the Board of Commissioners since
      pengangkatannya.                                                                 their appointment.


      Kriteria                                                                         Criteria
      Rapat Umum Pemegang Saham menetapkan kriteria kinerja Dewan                      The General Meeting of Shareholders establishes the performance
      Komisaris maupun individu anggota Dewan Komisaris. Kriteria                      criteria of the Board of Commissioners and individual members of the
      evaluasi kinerja individu Dewan Komisaris antara lain meliputi:                  Board of Commissioners. Criteria for evaluating the individual
                                                                                       performance of the Board of Commissioners include:
      1. Tingkat kehadirannya dalam Rapat Dewan Komisaris maupun                       1. Level of attendance at the Board of Commissioners Meetings and
         rapat dengan komite-komite yang ada.                                               meetings with existing committees.
      2. Kontribusinya dalam proses pengawasan Perseroan.                              2. Its contribution to the Company’s supervision process.
      3. Keterlibatannya dalam penugasan tertentu.                                     3. Its involvement in certain assignments.
      4. Komitmennya dalam memajukan kepentingan Perusahaan.                           4. Its commitment in advancing the interests of the Company.




      Penilaian Kinerja Komite di bawah Dewan Komisaris |
      Performance Evaluation of the Board of Commissioners’
      Committees
      Dewan Komisaris telah melaksanakan evaluasi terhadap kinerja                     The Board of Commissioners has evaluated the performance of the
      Komite Audit. Penilaian kinerja Komite Dewan Komisaris berdasarkan               Audit Committee. The performance evaluation of the Board of
      realisasi dan penyelesaian program kerja yang telah tersusun dalam               Commissioners’ Committees is based on the realization and
      RKA tahunan, saran, rekomendasi, dan masukan yang diberikan oleh                 completion of work programs that have been prepared in the annual
      Komite Dewan Komisaris serta tingkat kehadiran rapat.                            RKA, based on the suggestions, recommendations, and input
                                                                                       provided by the Board of Commissioners’ Committees and based on
                                                                                       the meeting attendance rates.
      Pada tahun 2022, capaian anggota Komite Audit mencapai kriteria
      “Baik”. Detail penilaian terdapat pada setiap penjelasan masing-                 In 2022, the members of the Audit Committee received “Good”
      masing Komite.                                                                   criteria. Details of the evaluation can be found in every explanation of
                                                                                       each Committee.




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156                Highlights                            Management Report             Company Profile                    Management Discussion & Analysis
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                                                                                         Igniting Engagement                         Laporan Tahunan 2023
                                                                                          Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Komisaris Independen | Independent Commissioner
Sesuai dengan UU No. 40 Tahun 2007 tentang Perseroan Terbatas                    According to the Law No. 40 of 2007 concerning Limited Liability
dan POJK 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris                     Company and Regulation of Financial Service Authority No.
Emiten atau Perusahaan Publik mengatur bahwa Komisaris                           33/POJK.04/2014 concerning the Board of Directors and the Board of
Independen yang telah menjadi kebutuhan bagi Perusahaan. Jumlah                  Commissioners of a Public Listed Company or Issuer which regulate
Komisaris Independen adalah paling sedikit 30% (tiga puluh persen)               that Independent Commissioner has become a necessity for
dari anggota Dewan Komisaris, komposisi tersebut dapat berubah                   Company. The number of Independent Commissioners must at least
sesuai dengan ketentuan peraturan yang berlaku.                                  30% of the total members of the Board of Commissioners. The
                                                                                 composition may change according to the prevailing regulations.




Kriteria Penentuan Komisaris Independen |
Criteria for Independent Commissioner
Kriteria Komisaris Independen telah sesuai dengan definisi POJK No.               Criteria for Independent Commissioners is consistent with the
33/POJK.04/2014 tanggal 8 Desember 2014 tentang Direksi dan                      definition stated in Article 21 of POJK No. 33/POJK.04/2014 dated
Dewan Komisaris Emiten atau Perusahaan Publik Pasal 21, sebagai                  December 8, 2014 concerning the Board of Directors and the Board
berikut:                                                                         of Commissioners of Issuers or Public Listed Companies Article 21, as
1.   Bukan merupakan orang yang bekerja atau mempunyai                           follows:
     wewenang dan tanggung jawab untuk merencanakan,                             1.   Not an individual who works or has the authority and
     memimpin, mengendalikan, atau mengawasi kegiatan                                 responsibility to plan, lead, control, or supervise the activities of
     Perusahaan tersebut dalam waktu 6 (enam) bulan terakhir,                         the Company within the last 6 (six) months, except for
     kecuali untuk pengangkatan kembali sebagai Komisaris                             reappointment as Independent Commissioner of Issuer or Public
     Independen Perusahaan periode berikutnya;                                        company for the next period;
2.   Tidak mempunyai saham baik langsung maupun tidak langsung                   2.   Does not own shares directly or indirectly in the Company;
     pada Perusahaan;                                                            3.   Has no affiliation with the other members of the Board of
3.   Tidak memiliki hubungan afiliasi dengan Direktur dan/atau                         Commissioners and or Board of Directors, or main Shareholders
     anggota Dewan Komisaris lainnya dan/atau pemegang saham                          of the Company;
     utama Perusahaan;                                                           4.   Has no direct or indirect business relationship related to the
4.   Tidak mempunyai hubungan usaha kerja/profesional langsung                        Company’s business activities.
     maupun tidak langsung yang berkaitan dengan kegiatan usaha
     Perusahaan.



Kriteria Penentuan Komisaris Independen |
Criteria for Independent Commissioner
Setiap Komisaris menyatakan independensinya dengan membuat                       Every Commissioner declares its independence by issuing a routine

pernyataan secara berkala. Pernyataan independensi tersebut                      statement. The Declaration of Independence is available on the

tersedia di situs web Perseroan: www.spindo.com/gcg. Komisaris                   Company’s website: www.spindo.com/gcg. The appointed

Independen Perseroan yang ditunjuk telah memenuhi kriteria                       Independent Commissioner has met the criteria of independence as

independensi sebagaimana yang telah ditetapkan Pemerintah.                       specified by the Government.




            Tata Kelola Perusahaan           Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      05
            Corporate Governance               Corporate Social Responsibility                         References                            Financial Statements   157
Page 166
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Secara prinsip dasar tugas dan kewajiban komisaris adalah                       In principle, the duties and obligations of the commissioners oversee
      melakukan pengawasan pengurusan Perseroan yang dilakukan oleh                   the management of the Company carried out by the Board of
      Direksi, serta memberikan nasihat kepada Direksi termasuk                       Directors, and provide advice to the Board of Directors, including the
      pelaksanaan Rencana-Rencana Perusahaan serta Ketentuan                          implementation of the Company's Plans and the Articles of
      Anggaran Dasar dan Rapat Umum Pemegang Saham (RUPS), dan                        Association and the General Meeting of Shareholders (AGMS), and
      peraturan perundang-undangan.                                                   the laws and regulations.




      Pernyataan Independensi Komisaris Independen |
      Statement of Independence by Independent Commissioners
      No.                                      Pernyataan Independensi                                      Makmur            Bing H                       Welly
                                              Statement of Independence                                     Widjaja        Poernomosidi                   Tantono


      1.     Tidak memiliki hubungan afiliasi dengan Perseroan atau pemegang saham                                 ü                ü                        ü
             utama/pengendali atau salah satu anggota Dewan Komisaris atau Direksi;
             Does not have any affiliation with the Company or its majority shareholders or
             any of the members of the Boards of Commissioners or Directors;


      2.     Tidak menjabat sebagai Direksi di Perusahaan yang terafiliasi dengan                                  ü                ü                        ü
             Perusahaan.
             Not serving as a member of the Board of Directors in affiliated Company.


      3.     Tidak bekerja pada lembaga pemerintahan dalam kurun waktu tiga tahun                                 ü                ü                        ü
             terakhir.
             Not working with government agencies in the last three years.


      4.     Tidak mempunyai keterkaitan finansial, baik langsung maupun tidak langsung                            ü                ü                        ü
             dengan Perseroan atau perusahaan lain yang menyediakan jasa dan produk
             kepada Perseroan dan afiliasinya.
             Having no financial link, either directly or indirectly with The Company or other
             companies providing services and products to the Company and its affiliates.


      5.     Bebas dari kepentingan dan aktivitas bisnis atau hubungan lain yang dapat
             menghalangi atau mengganggu kemampuan Dewan Komisaris untuk                                          ü                ü                        ü
             bertindak atau berpikir secara bebas di lingkup Perseroan.
             Free from business interests and activities or other relationships that may impair
             or bother the ability of the Board of Commissioners to act or to think freely within
             the scope of the Company.




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Direksi
Board of Directors



Direksi memiliki tanggung jawab penuh secara kolegial untuk                       The Board of Directors have collegial responsibility to carry out the
melakukan pengelolaan Perusahaan serta melaksanakan GCG sesuai                    management of the Company as well as the implementation of GCG
ketentuan yang tercantum di Anggaran Dasar Perseroan. Masing-                     according to the provisions stipulated in the Company’s Articles of
masing anggota Direksi melaksanakan tugas dan wewenangnya,                        Association. Each member of Directors performs his duties and
dengan tujuan menghasilkan pencapaian yang optimal.                               authorities, with the goal of attaining an optimal achievement.




Dasar Hukum | Legal Basis
Dasar hukum yang menjadi acuan penunjukan Dewan Komisaris                         Legal basis that are applied as references in the appointment of
SPINDO antara lain:                                                               SPINDO’s Board of Commissioners, namely:
1. Undang-Undang Republik Indonesia tentang Perseroan                             1. Law of the Republic of Indonesia concerning Limited Liability
   Terbatas.                                                                         Companies.
2. Anggaran Dasar Perseroan.                                                      2. The Article of Association.
3. Peraturan Otoritas Jasa Keuangan No. 33 Tahun 2014 tentang                     3. Regulation of Financial Services Authority No. 33 of 2014 on the
   Direksi dan Dewan Komisaris Emiten atau Perusahaan Publik.                        Board of Director and Commissioners of Issuer or Public
4. Surat Edaran Otoritas Jasa Keuangan No. 32 Tahun 2015 tentang                     Company.
   Pedoman Tata Kelola Perusahaan.                                                4. Circular Letter of Financial Services Authority No. 32 of 2015 on
                                                                                     Corporate Governance Guidelines for Listed Companies;




Kriteria dan Proses Pengangkatan Anggota Direksi |
Criteria and Appointment Process of the Member of the
Board of Directors
Perseroan memiliki kriteria persyaratan calon anggota Dewan                       The Company has set up the required criteria for the candidate
Komisaris sebagaimana tercantum dalam Anggaran Dasar                              members of the Board of Commissioners as stated in the Company’s
Perseroan. Anggota Dewan Komisaris Perseroan adalah orang                         Article of Association. A member of the Board of Commissioners is an
perseorangan yang memenuhi persyaratan sebagai berikut:                           individual who meets the following requirements:
1. Mempunyai akhlak, moral, dan integritas yang baik.                             1. Having good character, morals, and integrity.
2. Cakap melakukan perbuatan hukum.                                               2. Competent in carrying out legal actions.
3. Dalam 5 tahun sebelum pengangkatan dan selama menjabat:                        3. Within the last 5 (five) years prior to the appointment and while in
   a. Tidak pernah dinyatakan pailit.                                                office:
   b. Tidak pernah menjadi anggota Direksi dan/atau anggota                          a. He/She has never been declared bankrupt.
       Dewan Komisaris yang dinyatakan bersalah menyebabkan                          b. He/She has never been convicted guilty for causing a
       suatu perusahaan dinyatakan pailit.                                               Company’s bankruptcy while serving as a member of the
   c. Tidak pernah dihukum karena melakukan tindak pidana yang                           Board of Directors and/or Commissioners.
       merugikan keuangan negara dan/atau yang berkaitan dengan                      c. He/She has never been convicted of any criminal offense that
       sektor keuangan.                                                                  inflicts financial loss to the State and/or to those related to the
                                                                                         financial sector.



            Tata Kelola Perusahaan            Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
            Corporate Governance                Corporate Social Responsibility                        References                            Financial Statements   159
Page 168
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                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




         d. Tidak pernah menjadi anggota Direksi dan/atau anggota                      d. He/She has never served as a member of the Board of Directors
             Dewan Komisaris yang selama menjabat:                                          and/or Commissioners in which during his/her office terms:
             •   Pernah tidak menyelenggarakan RUPST.                                       •    Has once or more failed to hold AGMS.
             •   Pertanggungjawabannya sebagai anggota Direksi                              •    Has his/her accountability report as a member of the Board of
                 dan/atau anggota Dewan Komisaris pernah tidak diterima                          Directors and or Commissioners been rejected by GMS or has
                 oleh RUPS atau pernah tidak memberikan pertanggung-                             once or more failed to provide one as a member of the Board of
                 jawaban sebagai anggota Direksi dan/atau anggota                                Directors and/or Commissioners to GMS.
                 Dewan Komisaris kepada RUPS.                                               •    Has caused a Company that obtained license, approval or
             •   Pernah menyebabkan perusahaan yang memperoleh izin,                             registration from OJK fails to complete its obligation of
                 persetujuan, atau pendaftaran dari OJK tidak memenuhi                           submitting an annual report and/or financial statements to
                 kewajiban menyampaikan laporan tahunan dan/atau                                 OJK.
                 laporan keuangan kepada OJK.                                          4. Having a strong commitment to comply with the laws and
      4. Memiliki komitmen untuk mematuhi peraturan perundang-                              regulations.
         undangan.                                                                     5. Having knowledge and/or expertise in the field that is needed by
      5. Memiliki pengetahuan dan/atau keahlian di bidang yang                              the Company.
         dibutuhkan Perseroan.




      Kebijakan mengenai Suksesi Direksi |
      Policy on the Board of Directors’ Succession
      Kebijakan Suksesi Direksi dirancang untuk menciptakan sebuah pola                The Board of Directors’ Succession Policy is designed to create an
      kaderisasi kepemimpinan yang efektif, transparan, dan wajar dengan               effective, transparent and reasonable leadership regeneration
      mempertimbangkan kinerja, kompetensi, pengalaman berkarir dan                    pattern, by taking into account performance, competencies,
      persyaratan lain sesuai dengan Peraturan yang berlaku, baik regulasi             professional experience and other requirements in accordance with
      maupun aturan internal Perseroan. Calon Anggota Direksi melalui                  the applicable regulations, both institutional regulations as well as the
      beberapa rangkaian proses seleksi yang independen sebelum                        Company’s internal rules. Prospective members of the Board of
      diusulkan ke Pemegang Saham yang memiliki wewenang untuk                         Directors will go through several series of independent selection
      mengusulkan dalam RUPS.                                                          processes before being proposed to the Shareholders who have the
                                                                                       authority to propose him/her in GMS.




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160                Highlights                            Management Report             Company Profile                     Management Discussion & Analysis
Page 169
                                                                                            Igniting Engagement                         Laporan Tahunan 2023
                                                                                             Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Jumlah & Komposisi Direksi |
Number & Composition of Board of Directors (BoD)
Pada tahun 2022, Dewan Direksi Perseroan keseluruhan berjumlah 5                     In 2022, Members of the Board of Directors of the Company are 5
(lima) orang dengan 1 (satu) di antaranya merupakan Direktur                         (five) persons, of whom 1 (one) among others is Independent Director
Independen sehingga telah sesuai dengan ketentuan yang berlaku,                      that complies with applicable provisions, as regulated by the Board of
sebagaimana yang diatur Piagam Direksi. Berikut jumlah dan                           Directors’ Charter. The following are the number and composition of
komposisi Direksi Perseroan:                                                         the Company’s Board of Directors:


       Nama                                Jabatan                                               Dasar Pengangkatan                                                Domisili
       Name                                Position                                              Basis of Appointment                                              Domicile

Ibnu Susanto                           Direktur Utama                     Akta Keputusan Rapat Umum Pemegang Saham Tahunan                                             Jakarta
                                      Presiden Director                                     No. 302 tanggal 30 Juni 2022
                                                                              Deed of Resolutions the Annual General Meeting of
                                                                                     Shareholders No. 302 dated June 30th, 2022

Tedja Sukmana Hudianto              Wakil Direktur Utama                  Akta Keputusan Rapat Umum Pemegang Saham Tahunan                                        Surabaya
                                    Vice President Director                                 No. 302 tanggal 30 Juni 2022
                                                                              Deed of Resolutions the Annual General Meeting of
                                                                                     Shareholders No. 302 dated June 30th, 2022

Soediarto Soerjoprahono                    Direktur                       Akta Keputusan Rapat Umum Pemegang Saham Tahunan                                             Jakarta
                                           Director                                         No. 302 tanggal 30 Juni 2022
                                                                              Deed of Resolutions the Annual General Meeting of
                                                                                     Shareholders No. 302 dated June 30th, 2022

Tikman Utomo                               Direktur                       Akta Keputusan Rapat Umum Pemegang Saham Tahunan                                        Surabaya
                                           Director                                         No. 302 tanggal 30 Juni 2022
                                                                              Deed of Resolutions the Annual General Meeting of
                                                                                     Shareholders No. 302 dated June 30th, 2022

The, Hanny Purnomo                         Direktur                       Akta Keputusan Rapat Umum Pemegang Saham Tahunan                                        Surabaya
                                           Director                                         No. 302 tanggal 30 Juni 2022
                                                                              Deed of Resolutions the Annual General Meeting of
                                                                                     Shareholders No. 302 dated June 30th, 2022


Masa Jabatan Anggota Direksi |
Term of Office of Members of the Board of Directors
a. Masa jabatan anggota Direksi untuk 1 periode paling lama adalah                   a. The term of office of members of the Board of Directors for 1 (one)
   5 (lima) tahun terhitung sejak tanggal yang ditetapkan oleh RUPS                     period is a maximum of 5 (five) years effective from the date of
   yang mengangkatnya, namun demikian dengan tidak                                      appointment by GMS, however by not reducing the rights of GMS
   mengurangi hak RUPS tersebut untuk memberhentikan Direksi                            to dismiss the Board of Directors at any time before his term ends
   tersebut sewaktu-waktu sebelum masa jabatannya berakhir                              in accordance with provisions of the Company’s Articles of
   sesuai dengan ketentuan Anggaran Dasar Perusahaan.                                   Association.
b. Setelah masa jabatannya berakhir, Direksi dapat diangkat kembali                  b. After the term of office ends, the Board of Directors can be
   oleh RUPS untuk 1 kali masa jabatan kecuali ditetapkan lain                          reappointed by the GMS for 1 (one) term of office unless
   dalam RUPS.                                                                          otherwise stipulated in the GMS.

           Tata Kelola Perusahaan                Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan                05
           Corporate Governance                    Corporate Social Responsibility                        References                            Financial Statements             161
Page 170
                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      c. Jabatan Direksi berakhir apabila:                                               c. The term of office of the Board of Directors ends if:
         1. Masa jabatannya berakhir.                                                         1. Term of office ends;
         2. Mengundurkan diri sesuai dengan ketentuan Anggaran Dasar                          2. Resign in accordance with the provisions of the Company’s
             Perusahaan.                                                                           Articles of Association;
         3. Tidak lagi memenuhi persyaratan perundangan yang berlaku.                         3. No longer meets the requirements of the applicable law;
         4. Meninggal dunia dalam masa jabatannya.                                            4. Decease during the term of office;
         5. Diberhentikan berdasarkan Keputusan RUPS.                                         5. Dismissed based on GMS Resolution;
         6. Terlibat dalam tindakan kejahatan keuangan.                                       6. Involved in financial crime;
         7. Batal karena hukum apabila diketahui anggota Direksi                              7. Annulled due to the law when it is revealed that member of the
             tersebut tidak memenuhi persyaratan sebagaimana                                       Board of Directors did not comply with the requirements as
             dimaksud dalam UU No. 40 Tahun 2007 Pasal 110 dan                                     referred by Law No. 40 of 2007 Article 110 and the Board of
             Dewan Komisaris atau anggota Direksi lainnya harus                                    Commissioners or other members of the Board of Directors
             mengumumkan batalnya pengangkatan tersebut dalam surat                                must announce the annulment of the appointment in the
             kabar serta memberitahukannya kepada Menteri untuk                                    newspaper and inform the Minister to be noted in the
             dicatat dalam daftar Perusahaan selambat-lambatnya 7                                  Company register at the latest 7 (seven) days from the date of
             (tujuh) hari terhitung sejak diketahuinya.                                            revelation.
      d. Anggota Direksi dapat diberhentikan sewaktu-waktu                               d. Members of the Board of Directors may be dismissed at any time
         berdasarkan keputusan RUPS dengan menyebutkan alasannya,                             based on the resolution of the GMS by stating the reason, if a
         apabila anggota Direksi tersebut:                                                    member of the Board of Directors:
         1. Tidak dapat melaksanakan tugasnya dengan baik.                                    1. Fails to carry out their duties properly;
         2. Tidak melaksanakan ketentuan peraturan perundang-                                 2. Does not implement the provisions of the laws and
             undangan dan/atau ketentuan Anggaran Dasar Perusahaan.                                regulations and/or of the Company’s Articles of Association;
         3. Terlibat dalam tindakan kejahatan keuangan.                                       3. Involved in financial crime;
         4. Dinyatakan bersalah dengan putusan pengadilan yang                                4. Declared guilty by court decision with permanent legal force;
             mempunyai kekuatan hukum yang tetap.                                             5. Resign according to the Articles of Association of the
         5. Mengundurkan diri sesuai Anggaran Dasar Perusahaan.                                    Company;
         6. Pengangkatan anggota Direksi tidak memenuhi persyaratan                           6. Appointment of members of the Board of Directors fails to
             sebagaimana dimaksud dalam UU No. 40 Tahun 2007 Pasal                                 meet the requirements as stipulated in Law No. 40 of 2007
             93.                                                                                   Article 93.




 05                Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                     Analisa & Pembahasan Manajemen
162                  Highlights                            Management Report             Company Profile                       Management Discussion & Analysis
Page 171
                                                                                         Igniting Engagement                         Laporan Tahunan 2023
                                                                                          Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Piagam Direksi | Board of Directors’ Charter
Direksi memiliki Piagam yang yang memuat seperangkat prosedur                    The Board of Directors’ Charter consists of a set of procedures and
dan pedoman untuk memfasilitasi dan membantu operasi fungsional                  manuals to facilitate and assist the functional operations of the Board
Direksi. Piagam Direksi dan Piagam Dewan Komisaris tercantum                     of Directors. The Charter of the Board of Directors and the Board of
dalam Board Manual yang dikeluarkan pada tanggal 9 Januari 2018.                 Commissioners is stated in the Board Manual issued on January 9,
Piagam ini menetapkan dasar hukum; tugas, tanggung jawab dan                     2018. The Charter stipulates the legal basis, duties, responsibilities
wewenang; aturan bisnis; jam kerja; dan pelaporan dan                            and authorities; business rules; working hours; and reporting and
pertanggungjawaban Direksi.                                                      accountability of the Board of Directors.
Piagam dievaluasi secara berkala dan diperbarui jika diperlukan.                 The BoC’ Charter is regularly evaluated and updated if necessary. The
Piagam Dewan Komisaris tersedia di situs Perseroan:                              BoC’ Charter is available on the Company’s website at:
https://www.spindo.com/board-manual/                                             https://www.spindo.com/board-manual/




Tugas & Tanggung Jawab Direksi |
Duties & Responsibilities of The Board of Directors (BoD)
Secara umum, Direksi berperan untuk mengelola kegiatan                           In general, the Board of Directors serves to manage the Company’s
operasional perusahaan dengan orientasi kepentingan terbaik                      operations with the Company’s best interest as its orientation. The
perusahaan. Ruang lingkup pekerjaan dan tanggung jawab direksi                   scope of duties and responsibilities of the Board of Directors is
dijabarkan sebagai berikut:                                                      detailed below:
a. Dengan itikad baik dan penuh tanggung jawab menjalankan tugas                 a. In good faith and full of responsibility carrying out its duties for the
  untuk kepentingan Perusahaan;                                                     interest of the Company;
b. Tunduk pada ketentuan peraturan perundang-undangan yang                       b. Comply with the provisions of the prevailing laws and regulations,
  berlaku, Anggaran Dasar dan Keputusan RUPS, serta memastikan                      Article of Association and GMS Resolution, and to ensure that all
  seluruh aktivitas Perusahaan telah sesuai dengan ketentuan                        activities of the Company are in line with the provisions of the
  peraturan perundang-undangan yang berlaku, Anggaran Dasar                         prevailing laws and regulations, the Articles of Association and
  dan Keputusan RUPS;                                                               GMS Resolution;
c. Menerapkan prinsip-prinsip GCG secara konsisten dan                           c. Implement the GCG principles consistently and continually based
  berkelanjutan dengan berpedoman pada ketentuan yang berlaku                       on the prevailing provision by constantly observing the applicable
  dengan tetap memperhatikan ketentuan, dan norma yang berlaku                      provisions and norms and the Company’s Article of Association;
  serta Anggaran Dasar Perusahaan;                                               d. Making sure that the External Auditor, Internal Auditor and Audit
d. Memastikan bahwa Auditor Eksternal, Auditor Internal, dan                        Committee and other committees (if any) have access to
  Komite Audit, serta komite lainnya ( jika ada), memiliki akses                    accounting records, supporting data and information concerning
  terhadap catatan akuntansi, data penunjang, dan informasi                         the Company for as long as it needed to perform their duties;
  mengenai Perusahaan, sepanjang diperlukan untuk melaksana-                     e. Comply with the Company’s internal regulation, Code of Conducts
  kan tugasnya;                                                                     and Good Corporate Governance policy;
e. Mematuhi peraturan internal Perusahaan, Pedoman Perilaku                      f. Managing the Company for the interest and purpose of the
  (Code of Conduct) dan Kebijakan Tata Kelola Perusahaan (Good                      Company;
  Corporate Governance);                                                         g. In every decision-making process/action, it must consider the
f. Melaksanakan pengurusan Perusahaan untuk kepentingan dan                         business risk.
  tujuan Perusahaan;
g. Dalam setiap pengambilan keputusan/tindakan, harus
  mempertimbangkan risiko usaha.



            Tata Kelola Perusahaan           Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      05
            Corporate Governance               Corporate Social Responsibility                         References                            Financial Statements   163
Page 172
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Pembagian Tugas Direksi |
      Task Division of the Board of Directors
          Nama                                Jabatan                                                Tugas & Tanggung Jawab
          Name                                Position                                                Duties & Responsibilities

      Ibnu Susanto                      Direktur Utama             Bertanggung jawab atas kebijakan strategis Perusahaan dan memberikan arahan umum
                                       Presiden Director           tentang target dan solusi atas tantangan yang dihadapi.
                                                                   Responsible for corporate strategic policy and provide general guidance on targets and
                                                                   solutions to the challenges faced.


      Tedja Sukmana                 Wakil Direktur Utama Bertanggung jawab atas aspek keuangan, pembelian bahan baku, & kinerja rutin Perseroan.
      Hudianto                     Vice President Director Responsible for financial aspects, raw material purchase, & regular performance of the
                                                                   Company.


      Soediarto                               Direktur             Bertanggung jawab atas pemasaran dan penjualan Perusahaan.
      Soerjoprahono                           Director             Responsible for marketing and sales of the Company.


      Tikman Utomo                            Direktur             Bertanggung jawab atas pengelolaan operasional Perusahaan.
                                              Director             Responsible for managing the Company’s operations.


      The, Hanny Purnomo                      Direktur             Bertanggung jawab atas perencanaan, pelaksanaan, evaluasi dan peningkatan sistem komunikasi,
                                              Director             teknologi, dan data di lingkungan Perusahaan, termasuk aspek penggunaan teknologi.
                                                                   Responsible for planning, execution, evaluation and improvement of communications system,
                                                                   technology, and data in the Company’s environment, including the aspect of technology usage.



      Kepemilikan Saham Direksi |
      Share Ownership by the Board of Directors
                                                Kepemilikan Saham Dewan Komisaris dan Keluarga
                                             Share Ownership by the Board of Commissioners and Family

                                                                                                               Kepemilikan Saham | Share Ownership

          Nama                                                 Jabatan                                Pribadi pada Perusahaan         Keluarga pada Perusahaan
          Name                                                 Position                                 Personal to Company               Family to Company

      Ibnu Susanto                                        Direktur Utama                                         -                                       -
                                                        President Director


      Tedja Sukmana Hudianto                         Wakil Direktur Utama                                        -                                       -
                                                    Vice President Director


      Soediarto Soerjoprahono                                  Direktur                                          -                                       -
                                                               Director


      Tikman Utomo                                             Direktur                                          -                                       -
                                                               Director


      The, Hanny Purnomo                                       Direktur                                          -                                       -
                                                               Director

 05               Ikhtisar Utama                          Laporan Manajemen                 Profil Perusahaan                 Analisa & Pembahasan Manajemen
164                 Highlights                            Management Report                 Company Profile                   Management Discussion & Analysis
Page 173
                                                                                              Igniting Engagement                         Laporan Tahunan 2023
                                                                                               Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Setiap adanya perubahan portofolio kepemilikan saham Perusahaan, maka                Any changes in the portfolio of the ownership of the Company’s shares, the
Direksi wajib melaporkan kepada Sekretaris Perusahaan melalui penyerahan             Board of Directors must report to the Corporate Secretary through Special List
Daftar Khusus Kepemilikan Saham untuk selanjutnya disampaikan kepada                 of Share Ownership for then to be reported to the Capital Market Authority at
Otoritas Pasar Modal selambat-lambatnya 3 (tiga) hari sejak terjadinya               the latest 3 (three) days since the transaction occurred.
transaksi.


Rangkap Jabatan Direksi |
Concurrent Position of the Board of Directors
Ketentuan mengenai rangkap jabatan Direksi SPINDO juga                               Provisions regarding the concurrent position of the SPINDO Board of
tercantum dalam Peraturan Otoritas Jasa Keuangan Nomor                               Directors are also stated in the Financial Services Authority
33/POJK.04/2014 tentang Direksi dan Dewan Komisaris Emiten atau                      Regulation Number 33/POJK.04/2014 concerning the Directors and
Perusahaan Publik serta peraturan perundang-undangan lainnya.                        the Board Commissioner of Issuers or Public Companies and other
                                                                                     regulations.


   Nama                                      Jabatan                                               Rangkap Jabatan pada Perusahaan Lain
   Name                                      Position                                              Concurrent Position in Other Companies


Ibnu Susanto                              Direktur Utama                                  Ÿ   Komisaris Utama, PT Nugraha Purnama Jakarta
                                          President Director                                   President Commissioner, PT Nugraha Purnama Jakarta
                                                                                          Ÿ   Direktur Utama, Panca Cemerlang Abadi
                                                                                               President Director, Panca Cemerlang Abadi
                                                                                          Ÿ   Direktur Utama, PT Fuji Technologi Indonesia
                                                                                               President Director, PT Fuji Technologi Indonesia
                                                                                          Ÿ   Komisaris, PT Saranacentral Bajatama Tbk
                                                                                               Commissioner, PT Saranacentral Bajatama Tbk
                                                                                          Ÿ   Direktur Utama, PT Ready Indah
                                                                                               President Director, PT Ready Indah
                                                                                          Ÿ   Direktur Utama, PT Djawa Indah
                                                                                               President Director, PT Djawa Indah
                                                                                          Ÿ   Direktur Utama, PT Pah Tsung School
                                                                                               President Director, PT Pah Tsung School
                                                                                          Ÿ   Komisaris Utama, PT Menara Prambanan
                                                                                               President Commissioner, PT Menara Prambanan
                                                                                          Ÿ   Direktur Utama, PT Sarana Steel Engineering
                                                                                               President Director, PT Sarana Steel Engineering
                                                                                          Ÿ   Komisaris Utama, PT Cakra Bhakti Para Putra
                                                                                               President Commissioner, PT Cakra Bhakti Para Putra
                                                                                          Ÿ   Komisaris Utama, PT Kasih Jatim
                                                                                               President Commissioner, PT Kasih Jatim
                                                                                          Ÿ   Direktur, PT Nar Stainless Steel Center
                                                                                               Director, PT Nar Stainless Steel Center
                                                                                          Ÿ   Direktur Utama, PT Sarana Steel
                                                                                               President Director, PT Sarana Steel
                                                                                          Ÿ   Direktur Utama, PT Sarana Surya Sakti
                                                                                               President Director, PT Sarana Surya Sakti

             Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                            Referensi                             Laporan Keuangan      05
             Corporate Governance                  Corporate Social Responsibility                          References                            Financial Statements   165
Page 174
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                Nama                                     Jabatan                                                    Rangkap Jabatan pada Perusahaan Lain
                Name                                     Position                                                   Concurrent Position in Other Companies

      Tedja Sukmana Hudianto                        Wakil Direktur Utama                         Ÿ    Direktur, PT Cakra Bhakti Agro Industry
                                                    Vice President Director                           Director, PT Cakra Bhakti Agro Industry
                                                                                                 Ÿ    Direktur Utama, PT Cakra Bhakti Bumi Persada
                                                                                                      Direktur Utama, PT Cakra Bhakti Bumi Persada
                                                                                                 Ÿ    Komisaris, PT Sanko Steel Indonesia
                                                                                                      Commissioner, PT Sanko Steel Indonesia
                                                                                                 Ÿ    Direktur, PT Cakra Putra Lestari
                                                                                                      Director, PT Cakra Putra Lestari
                                                                                                 Ÿ    Direktur Utama, PT Cakra Bhakti Para Putra
                                                                                                      President Director, PT Cakra Bhakti Para Putra
                                                                                                 Ÿ    Direktur, PT NAR Stainless Steel Center
                                                                                                      Director, PT NAR Stainless Steel Center
                                                                                                 Ÿ    Direktur, PT Kasih Jatim
                                                                                                      Director, PT Kasih Jatim
      Soediarto Soerjoprahono                       Direktur                                     Ÿ    Komisaris Utama, PT Sarana Central Bajatama Tbk
                                                    Director                                          President Commissioner, PT Sarana Central Bajatama Tbk
                                                                                                 Ÿ    Direktur, PT Sarana Steel
                                                                                                      Director, PT Sarana Steel
                                                                                                 Ÿ    Direktur, PT Sarana Surya Sakti
                                                                                                      Director, PT Sarana Surya Sakti
                                                                                                 Ÿ    Direktur, PT Purnama Nugraha
                                                                                                      Director, PT Purnama Nugraha
      Tikman Utomo                                  Direktur                                     -
                                                    Director
      The, Hanny Purnomo                            Direktur                                     -
                                                    Director




      Pelatihan Direksi |
      Board of Directors’ Training
      Sepanjang tahun 2023, Direksi telah mengikuti beragam pelatihan                            Throughout 2023, the Board of Directors has participated in various
      sebagai berikut:                                                                           training programs as follows:

                                                                                       Pelaksanaan Pelatihan | Training Implementation

      No.    Unit Kompetensi                          Tanggal                                Judul Pelatihan                     Penyelenggara            Realisasi Pelatihan
             Competence Unit                           Date                                   Training Title                        Provider                 Realization

      1.    Keuangan |                      23 - 24 Mei 2023 |               Finance for Non Finance                             Prasetya Mulya             Selesai | Done
            Finance                         23 - 24 May 2023
      2.    Teknologi Industri |            23 November 2023 |               Sharing Session Generative AI - AI                  Heru Wiryanto              Selesai | Done
            Industrial Technology           23 November 2023                 Artistry Unleashed: Navigating the               (Expertise People
                                                                             Future with Generative AI in Industry            Data Scientist and
                                                                             4.0, Transforming Industries Through AI              HR Growth
                                                                             Innovation                                             Hacker)


 05              Ikhtisar Utama                          Laporan Manajemen                       Profil Perusahaan                   Analisa & Pembahasan Manajemen
166                Highlights                            Management Report                       Company Profile                     Management Discussion & Analysis
Page 175
                                                                                            Igniting Engagement                         Laporan Tahunan 2023
                                                                                             Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Penilaian Kinerja Direksi |
Board of Directors’ Performance Assesment
Prosedur                                                                            Procedure
Pelaksanaan evaluasi kinerja Direksi Perseroan dilakukan secara                     The performance evaluation of the Directors of the Company is
kolegial sebagaimana tercantum dalam Anggaran Dasar Perseroan,                      conducted in a collegial manner as stated in the Company’s Article of
Pedoman, dan Kontrak Manajemen yang ditetapkan oleh Pemegang                        Association, Guidelines, and Management Contracts determined by
Saham pada RUPS Tahunan.                                                            the Shareholders in AGMS.


Kriteria                                                                            Criteria
Penilaian Kinerja dilakukan dengan kriteria yang telah ditetapkan                   Performance appraisal uses the criteria that has been determined
secara tahunan melalui Indikator Penilaian Kinerja (KPI) Direksi yang               annually through Performance Assessment Indicators of the
meliputi aspek:                                                                     Directors (KPI) which covers the aspects of:
1.   Pencapaian Key Performance Indicators (KPI) dalam Kontrak                      1.   Achievement of Key Performance Indicators (KPI) in the
     Manajemen.                                                                          Management Contract.
2.   Self-Assessment penerapan GCG.                                                 2.   Self-Assessment of the implementation of GCG.
3.   Perumusan dan Implementasi, strategi serta inovasi.                            3.   Formulation and Implementation, strategy and innovation.
4.   Pencapaian manajemen dalam meningkatkan nilai bagi                             4.   Management’s achievement in increasing value for Shareholders.
     Pemegang Saham.                                                                5.   The performance of each Director individually.
5.   Kinerja masing-masing Direktur secara individu.


Hasil Penilaian                                                                     Assessment Results
Secara keseluruhan, realisasi pencapaian KPI Direksi pada 2023 telah                Overall, the realization of the Board of Directors’ KPI achievements in
sesuai dengan target yang ditetapkan Pemegang Saham. Di samping                     2023 is in line with the targets set Shareholders In addition, to
itu, untuk mengetahui sejauh mana tingkat penilaian kinerja Direksi                 understand to what extent the level of the performance assessment
berdasarkan implementasi Tata Kelola Perusahaan, SPINDO juga                        of the Board of Directors based on the implementation of corporate
menerapkan self-assessment yang penilaiannya mengacu pada                           governance of the Company, SPINDO has also adopted the self-
Surat Edaran Otoritas Jasa Keuangan No. 32/SEOJK.04.2015 tanggal                    assessment which the assessment method refers to the Circular
17 November 2015 tentang Pedoman Tata Kelola Perusahaan                             Letter of Financial Services Authority No. 32/SEOJK.04.2015 dated
terbuka. Penerapan self-assessment ini juga bertujuan untuk                         November 17, 2015 concerning Corporate Governance Guidelines
meningkatkan kualitas pelaksanaan tugas dan tanggung jawab                          for Public Companies. The self-assessment implementation also aims
Direksi. Selain itu, kebijakan ini juga menilai kinerja Direksi secara              to elevate the quality of the execution of the duties and
kolegial sehingga anggota Direksi dapat berkontribusi untuk                         responsibilities of the Board of Directors. Aside from that, this policy
memperbaiki kinerja Direksi secara berkesinambungan.                                also evaluates the Board of Directors’ performances in a collegial
                                                                                    manner to enable the Board of Directors to contribute in improving
                                                                                    their performance continuously.




            Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      05
            Corporate Governance                  Corporate Social Responsibility                         References                            Financial Statements   167
Page 176
                2023 Annual Report                          Igniting Engagement
                PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Evaluasi Diri Direksi | Board of Directors’ Self-Assessment



      Integritas & Kompetensi | Integrity & Competence

                                           Seluruh anggota Direksi memiliki integritas dan kompetensi sesuai
                                           dengan bidang tugasnya | All members of the Board of Directors have
                                           the integrity and competence appropriate to their respective areas of
                100%                       responsibility

                                                Sudah memperhatikan GCG | Completely observant to GCG




      Pengambilan Keputusan | Decision-Making Process

             9.1%
      9.1%                                 Direksi telah mengungkapkan kepada pegawai kebijakan Perseroan
                                           yang bersifat strategis | The board of directors disclosed the company's
              81.8%                        strategic guidelines to employees
                                                Sudah jelas dan transparan | Clear and transparent            Tidak selalu | Occasionally          Tidak tahu | Unaware




             9.1%
                                           Direksi telah menyediakan data dan informasi yang akurat, relevan, dan
                                           tepat waktu kepada Dewan Komisaris dan Pemegang Saham | The Board
               90.9%                       of Directors has provided accurate, relevant, and timely data and information
                                           to the Board of Commissioners and shareholders

                                                Sudah akurat, relevan, dan tepat waktu | Accurate, relevant, and on time           Tidak tahu | Unaware




             9.1%
                                           Setiap anggota Direksi memiliki kejelasan tugas dan tanggung jawab sesuai
                                           dengan bidang tugasnya | Each Board of Directors has clear duties and
               90.9%                       responsibilities depending on his field of activity
                                                Selalu | Always                                                                    Tidak tahu | Unaware




 05          Ikhtisar Utama                          Laporan Manajemen                     Profil Perusahaan                          Analisa & Pembahasan Manajemen
168            Highlights                            Management Report                     Company Profile                            Management Discussion & Analysis
Page 177
                                                                                      Igniting Engagement                         Laporan Tahunan 2023
                                                                                       Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




   9.1%
                                 Direksi memiliki pedoman dan tata tertib kerja yang telah
                                 mencantumkan pengaturan waktu kerja dan rapat, yang dilaksanakan
        90.9%                    dengan baik | The Board of Directors has guidelines of work and rules,
                                 including working hours and meeting arrangements, that are properly
                                 implemented
                                   Sudah efektif | Effectively                   Tidak tahu | Unaware



  9.1%
                                 Rapat Direksi telah dilakukan dengan efektif |

        90.9        %            The Board of Directors meeting was conducted effectively
                                   Sudah efektif | Effectively                   Ragu-ragu | Uncertain




       9.1%
9.1%                             Keputusan Direksi telah dituangkan ke dalam risalah rapat, termasuk
                                 dissenting opinions yang terjadi secara jelas | The Board of Directors’
        81.8%                    decision have been stated in the minutes of the meeting, including clear
                                 dissenting opinions
                                   Sudah jelas | Clearly                         Ragu-ragu | Uncertain                         Tidak tahu | Unaware




       9.1%
                                 Risalah rapat yang merupakan keputusan bersama seluruh anggota
                                 Direksi telah didokumentasikan dengan baik | Minutes of meetings
        90.9%                    which are joint decisions of all members of the Board of Directors have
                                 been well documented
                                   Sudah baik | Already well                     Tidak tahu | Unaware




18.2%                            Keputusan Rapat Direksi yang Perlu Ditindaklanjuti |
                                 Decision of the Board of Directors Meetings that Needs to be Followed-up
        81.8%
                                   Telah ditindaklanjuti dengan seksama | Have been followed up carefully                    Ragu-ragu | Uncertain




        Tata Kelola Perusahaan               Tanggung Jawab Sosial Perusahaan                        Referensi                             Laporan Keuangan      05
        Corporate Governance                   Corporate Social Responsibility                      References                            Financial Statements   169
Page 178
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Tindak Lanjut Laporan Internal Audit |
      Follow Up on the Internal Audit Report

                                                Apakah Saudara senantiasa bertindak secara independen, bebas dari
                                                benturan kepentingan apapun dan senantiasa bertindak untuk kepentingan
                                                terbaik Perusahaan? | Do you always act independently, without any conflicts
                    100%                        of interest, and always in the best interests of the Company?

                                                    Sudah profesional dan bebas dari vested interest | Have been conducted professionally and free from vested interest




                                                Sejauh yang Anda ketahui, apakah Laporan Internal Audit pada direktorat/
                                                divisi anda telah ditindak lanjuti secara konsisten dan bila perlu dibahas
                                                dalam Rapat Direksi? | To your knowledge, are your department/division's
                    100
                              %
                                                internal audit reports systematically monitored and, if necessary, discussed
                                                at board meetings
                                                     Sudah konsisten dan dipertanggungjawabkan secara berkala | Have been consistent and accounted periodically




      Penilaian atas Kinerja Organ Penunjang Direksi | Performance
      Assessment of the Board of Directors’ Supporting Organs
      Direksi dalam melaksanakan tugas dan tanggung jawabnya                                    In performing their duties and responsibilities, the Board of Directors
      didukung oleh organ di bawah Direksi. Organ pendukung ini terdiri                         is supported by the organs under them. These supporting organs
      dari Unit Audit Internal dan Sekretaris Perusahaan. Direksi telah                         comprise the Internal Audit Unit and the Corporate Secretary. The
      melaksanakan evaluasi terhadap kinerja untuk kedua unit tersebut.                         Board of Directors has evaluated the performance of both units.
      Penilaian kinerja berdasarkan realisasi dan penyelesaian program                          Performance appraisal is based on the realization and completion of
      kerja yang telah tersusun, saran, rekomendasi, dan masukan yang                           the work programs that have been established, advices,
      diberikan oleh organ di bawah Direksi serta tingkat kehadiran rapat.                      recommendations, and inputs provided by the organs under the
                                                                                                Board of Directors as well as meeting attendance rates.


      Pada tahun 2023, capaian Kepala Audit Internal dan Sekretaris                             In 2023, the achievements of the Head of the Internal Audit and the
      Perusahaan telah sesuai dengan target yang ditetapkan.                                    Corporate Secretary are line with the assigned target.




 05              Ikhtisar Utama                          Laporan Manajemen                     Profil Perusahaan                        Analisa & Pembahasan Manajemen
170                Highlights                            Management Report                     Company Profile                          Management Discussion & Analysis
Page 179
                                                                                                        Igniting Engagement                           Laporan Tahunan 2023
                                                                                                         Elevating Excellence        PT Steel Pipe Industry of Indonesia Tbk




Hubungan Afiliasi antara Anggota Direksi, Dewan Komisaris,
dan Pemegang Saham Utama | Affiliation between Member of
the Board of Directors, Board of Commissioners, and Majority
Shareholders
Hubungan afiliasi antara Dewan Komisaris dan Direksi serta                                        Affiliation between Member of Board of Directors, Board of
Pemegang Saham baik secara keuangan maupun kekeluargaan antar                                    Commissioners and Shareholders both financially or kinship between
satu sama lain adalah sebagai berikut:                                                           one another is as follow:



                                  Makmur            Endang          Bing H.            Welly            Ibnu            Tedja S.           Soediarto          Tikman           The, Hanny
                                  Widjaja         Fifi Susanto    Poernomosidi         Tantono          Susanto          Hudianto         Soerjoprahono        Utomo             Purnomo
                                Komisaris Utama     Komisaris        Komisaris         Komisaris         Direktur          Wakil            Direktur          Direktur          Direktur
                                    Komisaris     Commissioner      Independen        Independen         Utama            Direktur          Director          Director          Director
                                   Independen                      Independent       Independent        President         Utama
                                     President                    Commissioner      Commissioner         Director          Vice
                                 Commissioner                                                                            President
                                  Independent                                                                             Director
                                 Commissioner

     Makmur Widjaja
       Komisaris Utama
     Komisaris Independen                              X               X                 X                X                 X                  X                 X                   X
    President Commissioner
  Independent Commissioner

   Endang Fifi Susanto

         Komisaris                      X                              X                 X                                                                       X                   X
       Commissioner


      Welly Tantono

                                        X              X                                 X                X                 X                  X                 X                   X
     Komisaris Independen
  Independent Commissioner

      Bing Hartono
      Poernomosidi
                                        X              X               X                                  X                 X                  X                 X                   X
     Komisaris Independen
  Independent Commissioner


       Ibnu Susanto

                                        X                              X                 X                                                                       X                   X
       Direktur Utama
      President Director

      Tedja Sukmana
         Hudianto
                                        X                              X                 X                                                                       X                   X
   Wakil Direktur Utama
   Vice President Director

        Soediarto
      Soerjoprahono
                                        X                              X                 X                                                                       X                   X
          Direktur
          Director

      Tikman Utomo

                                        X              X               X                 X                X                 X                  X                                     X
          Direktur
          Director

        The, Hanny
         Purnomo
                                        X              X               X                 X                X                 X                  X                 X
          Direktur
          Director



               Tata Kelola Perusahaan                        Tanggung Jawab Sosial Perusahaan                          Referensi                               Laporan Keuangan             05
               Corporate Governance                            Corporate Social Responsibility                        References                              Financial Statements          171
Page 180
                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Kebijakan Keberagaman Komposisi Direksi dan Dewan
      Komisaris | Composition Diversity Policy of the Board of
      Directors & Board of Commissioners
      Perseroan yakin bahwa kebijakan keberagaman merupakan suatu hal                              The Company believes that diversity policy is a positive thing,
      yang positif, khususnya terkait proses pengambilan keputusan dalam                           particularly in relation to the decision-making process in the
      rangka pelaksanaan fungsi pengawasan dan juga operasional                                    implementation of supervisory functions as well as the Company’s
      perusahaan. Perseroan telah memiliki kebijakan keberagaman                                   operations. The company has a policy of diversity in
      Komposisi Dewan Komisaris dan Direksi yang dimuat dalam Piagam                               the composition of the Board of Commissioners and Directors
      Direksi dan Dewan Komisaris serta aturan tertulis.                                           included in the Charters of the Board of Directors and the Board
                                                                                                   Commissioners and written rules.


      Perseroan memperhatikan aspek keberagaman terkait pendidikan,                                The Company observes the diversity aspect in regards to education,
      pengalaman kerja, usia, dan jenis kelamin dalam menentukan                                   professional experience, age and gender in determining the
      komposisi Dewan Komisaris dan Direksi. Namun tetap                                           composition of the Board of Commissioners and Board of Directors.
      mempertimbangkan kebutuhan Perusahaan sesuai dengan bidang                                   Nevertheless, it still considers the needs of the Company according to
      usaha yang dijalankan.                                                                       its line of business.


      Nama                                          Jabatan                                Pendidikan                       Keahlian                     Jenis Kelamin     Usia
      Name                                          Position                                Education                       Expertise                       Gender         Age

                                                                     Dewan Komisaris | Board of Commissioners
      Makmur Widjaja                   Komisaris Utama                         Magister Manajemen & MBA [S2]               Keuangan & Manajemen              Laki-laki      63
                                       Komisaris Independen                                                                Finance & Management              Male
                                       President Commissioner
                                       Independent Commissioner
      Endang Fifi Susanto               Komisaris                               Bachelor of Commerce [S1]                   Manajemen                         Perempuan      53
                                       Commissioner                                                                        Management                        Female
      Bing H. Poernomosidi             Komisaris Independen                    Sarjana Ekonomi bidang Akuntansi [S1]       Keuangan                          Laki-laki      65
                                       Independent Commissioner                Bachelor of economic, majoring in           Finance                           Male
                                                                               accounting
      Welly Tantono                    Komisaris Independen                    Doktor Yurisprudensi bidang hukum           Litigator, Manajemen & IT         Perempuan      48
                                       Independent Commissioner                JD in Law                                   Litigator, Management & IT        Female
                                                                               Sarjana bidang matematika
                                                                               BA in Mathematics


                                                                           Direksi | Board of Directors
      Ibnu Susanto                     Direktur Utama                     SMA                                              Keuangan & Manajemen              Laki-laki      82
                                       President Director                                                                  Finance & Management              Male
      Tedja Sukmana Hudianto           Wakil Direktur Utama               Bachelor of Science [S1]                         Keuangan, Pengadaan,              Laki-laki      60
                                       Vice President Director                                                             Manajemen dan Pemasaran           Male
                                                                                                                           Finance, Procurement,
                                                                                                                           Management and Marketing
      Soediarto Soerjoprahono          Direktur                           SMA                                              Manajemen                         Laki-laki      78
                                       Director                                                                            Management                        Male
      Tikman Utomo                     Direktur                           Sarjana Teknik Mesin [S1]                        Operasional & Teknik              Laki-laki      78
                                       Director                           Bachelor of Mechanical Engineering               Operations & Engineering          Male
      The, Hanny Purnomo               Direktur                           Sarjana Teknik & Manajemen Industri [S1]         Teknologi Informatika             Laki-laki      57
                                       Director                           Bachelor of Engineering and Industrial Information Technology                      Male
                                                                          Management


 05              Ikhtisar Utama                            Laporan Manajemen                       Profil Perusahaan                     Analisa & Pembahasan Manajemen
172                Highlights                              Management Report                       Company Profile                       Management Discussion & Analysis
Page 181
                                                                                         Igniting Engagement                         Laporan Tahunan 2023
                                                                                          Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Kebijakan Remunerasi | Remuneration Policy

Rapat Umum Pemegang Saham Tahunan memberikan otoritas untuk                       The AGMS grants the authority to the Board of Commissioners to
menentukan keseluruhan jumlah remunerasi setiap tahun kepada                      determine the total remuneration every year. The Board of
Dewan Komisaris. Dewan Komisaris kemudian memerintahkan PT                        Commissioners then orders PT Cakra Bhakti Para Putra to propose a
Cakra Bhakti Para Putra untuk mengusulkan paket remunerasi.                       remuneration package. Then, the Board of Commissioners act based
Kemudian Dewan Komisaris, yang bertindak atas wewenang yang                       on the authority granted by the GMS,
dilimpahkan oleh RUPS, menyetujui jumlah akhir tersebut.


Nilai gaji dan tunjangan lain untuk Dewan Komisaris dan Direksi per               The rate of salary and other allowances for the Board of
31 Desember 2023 sama dengan nilai tahun buku sebelumnya                          Commissioners and Board of Directors per 31st December 2023 has
(tahun buku 2022) dengan kenaikan tidak melebihi 10%.                             not changed from the previous fiscal year (FY 2022) with an increase
                                                                                  of no more than 10%.




           Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
           Corporate Governance                 Corporate Social Responsibility                        References                            Financial Statements   173
Page 182
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Rapat Dewan Komisaris
      dan Direksi
      Meeting of the Board of Commissioners and the Board of Directors



      Rapat Dewan Komisaris | Meeting of the Board of Commissioners
      Dewan Komisaris secara berkala melaksanakan rapat baik internal                  The Board of Commissioners periodically holds meetings both
      maupun rapat gabungan dengan Direksi guna melaksanakan                           internal and joint meetings with the Board of Directors in order to
      tugasnya dalam pengawasan. Rapat ini mengacu pada Anggaran                       carry out their supervisory duties. These meetings refer to the
      Dasar Perusahaan dan POJK No. 33/POJK.04/2014 dengan                             Company’s Articles of Association and POJK No. 33/POJK.04/2014 at
      pelaksanaan paling sedikit 1 kali dalam 2 bulan.                                 least 1 (one) time in 2 (two) months.


      Pada saat Rapat, Komisaris Utama akan memimpin. Namun jika                       At the Meeting, the President Commissioner will chair the meeting.
      Komisaris Utama berhalangan hadir, maka Komisaris lainnya yang                   But in the event of the President Commissioner is unable to attend,
      ditunjuk oleh Komisaris Utama dapat menggantikan. Jika ada yang                  then the President Commissioner appoints another member of the
      berhalangan hadir, seorang anggota Dewan Komisaris dapat                         Board of Commissioners to chair in his stead. If anyone is unable to
      menggantikan atau mewakili Komisaris yang berhalangan tersebut.                  attend, a member of the Board of Commissioners can replace or
                                                                                       represent him.


          Tingkat Kehadiran Rapat Dewan Komisaris [2023] | The Level of Attendance of the Board of Commissioners’ meetings [2023]

      Nama                                       Jabatan                                 Jumlah Rapat           Jumlah Kehadiran       Persentase Kehadiran
      Name                                       Position                                Total Meeting           Total Attendance     Percentage of Attendance

      Makmur Widjaja                       Komisaris Utama                                        6                    6                            100%
                                           Komisaris Independen
                                           President Commissioner
                                           Independent Commissioner
      Endang Fifi Susanto                   Komisaris                                              6                    5                             83%
                                           Commissioner
      Bing H. Poernomosidi                 Komisaris                                              6                    6                            100%
                                           Commissioner
      Welly Tantono                        Komisaris Independen                                   6                    6                            100%
                                           Independent Commissioner




      Agenda Rapat Dewan Komisaris |
      Meeting Agenda of the Board of Commissioners
      Pada Agenda Rapat, beberapa pembahasan utama meliputi:                           At the Meeting Agenda, several main discussions comprises:
      1. Tindak lanjut Keputusan RUPS Tahun Buku 2022;                                 1. Follow ups on the Decision of GMS FY 2022;
      2. Evaluasi strategi dan kinerja perusahaan;                                     2. Evaluation of the strategies and the performance of the Company;
      3. Pembahasan dan update isu-isu tata kelola perusahaan dan isu-                 3. Discussion and Update on corporate governance issues and other
         isu strategi lainnya;                                                              strategic issues;
      4. Melakukan diskusi tentang persetujuan proposal investasi.                     4. Discussion on the approval of investment proposal.


 05              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                    Analisa & Pembahasan Manajemen
174                Highlights                            Management Report             Company Profile                      Management Discussion & Analysis
Page 183
                                                                                                  Igniting Engagement                         Laporan Tahunan 2023
                                                                                                   Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Rapat Direksi | Meeting of the Board of Directors
Rapat Direksi dilakukan dengan mengacu pada Anggaran Dasar                                Meeting of the Board of Directors is conducted by referring to The
Perusahaan dan juga POJK No. 33/POJK.04/2014. Setiap rapat                                Company’s Articles of Association and POJK No. 33/POJK.04/2014.
diwajibkan untuk dibuat risalah rapat yang ditandatangani oleh Ketua                      Every meeting is required to have the minutes of the meeting signed
Rapat dan seluruh anggota Direksi yang hadir. Risalah ini berisi hal-                     by the Chairperson of the Meeting and all members of the Board of
hal yang didiskusikan dan diputuskan dalam rapat.                                         Directors present. These minutes contain matters which were
                                                                                          discussed and decided at the meeting.


Rapat Direksi dilangsungkan paling sedikit 1 kali setiap bulan. Namun                     The Board of Directors Meeting is held at least 1 (one) time every
jika dipandang perlu, Direksi dapat mengadakan rapat kapanpun                             month. However, if deemed necessary, the Board of Directors can
sesuai kebutuhan. Ini dilakukan apabila:                                                  hold meetings whenever needed, when:
Ÿ Dipandang perlu oleh seorang atau lebih anggota Direksi;                                Ÿ Deemed necessary by one or more members the Board of

Ÿ Atas permintaan tertulis dari seorang atau lebih anggota Dewan                            Directors;
  Komisaris; atau                                                                         Ÿ At the written request of one or more members of the Board of

Ÿ Atas permintaan tertulis dari 1 orang atau lebih Pemegang Saham                           Commissioners; or
  yang bersama-sama mewakili 1/10 atau lebih dari jumlah seluruh                          Ÿ Upon written request from 1 (one) or more Shareholders who

  Pemegang Saham dengan hak suara.                                                          jointly represent 1/10 (one-tenth) or more from the total
                                                                                            Shareholders with voting rights.


Rapat Direksi dianggap sah jika:                                                          The Board of Directors meeting is considered valid if:
Ÿ Diadakan di tempat kedudukan Perseroan atau tempat lain di                              Ÿ Held at the domicile of the Company or other places within the

  dalam wilayah Republik Indonesia.                                                         territory of the Republic of Indonesia.
Ÿ Dihadiri oleh lebih dari ½ jumlah anggota Direksi atau wakilnya                         Ÿ Attended by more than ½ (one half) of the total members of the

  yang sah.                                                                                 Board of Directors or his authorized representative.


Panggilan atau undangan Rapat Direksi dilakukan secara tertulis oleh                      Summons or invitations of the Board of Directors’ Meetings must be
anggota Direksi yang berhak mewakili Perseroan dan disampaikan                            issued in writing by members of the Board of Directors who are
dalam jangka waktu paling lambat 5 hari sebelum rapat diadakan                            entitled to represent the Company and to be delivered no more than 5
atau dalam waktu yang lebih singkat jika dalam keadaan mendesak.                          (five) days before the meeting is held or in a shorter time if in an urgent
                                                                                          situation.


                 Tingkat Kehadiran Rapat Direksi [2023] | The Level of Attendance of the Board of Director’ Meetings [2023]

Nama                                     Jabatan                                           Jumlah Rapat             Jumlah Kehadiran             Persentase Kehadiran
Name                                     Position                                          Total Meeting             Total Attendance           Percentage of Attendance

Ibnu Susanto                           Direktur Utama                                            12                           12                                       100%
                                       President Director
Tedja Sukmana Hudianto                 Wakil Direktur Utama                                      12                           12                                       100%
                                       Vice President Director
Soediarto Soerjoprahono                Direktur                                                  12                           7                                        58%
                                       Director
Tikman Utomo                           Direktur                                                  12                           8                                        67%
                                       Director
The, Hanny Purnomo                     Direktur                                                  12                           12                                       100%
                                       Director

              Tata Kelola Perusahaan                  Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan       05
              Corporate Governance                      Corporate Social Responsibility                         References                            Financial Statements    175
Page 184
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Agenda Rapat Direksi |
      Meeting Agenda of the Board of Directors
      Pada Agenda Rapat, beberapa pembahasan utama meliputi:                            At the Meeting Agenda, several main discussions comprises:
      1. Ringkasan analisis industri terkait peluang dan tantangan saat ini             1. Summary of industrial analysis relating to the current and future
         hingga ke depannya;                                                                 opportunities and challenges;
      2. Strategi pencapaian target dan penerapannya;                                   2. Strategy for achieving targets and their implementation;
      3. Pembahasan risiko mencakup analisis dampak dan usulan                          3. Discussion of risks including the impact analysis and mitigation
         mitigasi;                                                                           proposal;
      4. Diskusi tentang perekonomian di Indonesia dan global, serta                    4. Discussion of Indonesian and global economy, and its impact on
         dampaknya pada perusahaan;                                                          the Company;
      5. Pembagian tanggung jawab atas rencana kerja dan penentuan                      5. Distribution of responsibilities for work plans and determination
         kurun waktu penyelesaiannya.                                                        of the time frame for completion.




 05             Ikhtisar Utama                            Laporan Manajemen             Profil Perusahaan                   Analisa & Pembahasan Manajemen
176               Highlights                              Management Report             Company Profile                     Management Discussion & Analysis
Page 185
                                                                                                      Igniting Engagement                         Laporan Tahunan 2023
                                                                                                       Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Rapat Gabungan | Joint Meeting

Sesuai dengan POJK No. 33/POJK.04/2014, dinyatakan bahwa                                       In accordance with POJK No. 33/POJK.04/2014, which stated that the
Direksi wajib mengadakan rapat bersama Dewan Komisaris secara                                  Board of Directors must hold a meeting with the Board of
berkala paling kurang 1 kali dalam 4 bulan (3 kali dalam 1 tahun),                             Commissioners periodically at least 1 time in 4 (four) months (3 times
begitu pula sebaliknya. Rapat gabungan dihadiri oleh Direksi dan                               a year), and vice versa. The joint meeting is attended by the Board of
Dewan Komisaris atas undangan Direksi untuk membahas berbagai                                  Directors and Board of Commissioners at the invitation of the Board of
topik kinerja operasional dan keuangan Perseroan, serta melakukan                              Directors to discuss various topics on operational and financial
evaluasi secara berkala.                                                                       performances of the Company and to conduct a periodic evaluation.


Selama 2023, Rapat Kinerja dilaksanakan sebanyak 6 (enam) kali,                                In 2023, the Performance Meeting was held 6 (six) times, with the
dengan tingkat kehadiran sebagai berikut:                                                      following level of attendance:



Nama                                            Jabatan                                           Jumlah Rapat           Jumlah Kehadiran   Persentase Kehadiran
Name                                            Position                                          Total Meeting           Total Attendance Percentage of Attendance

Makmur Widjaja                       Komisaris Utama                                                     6                         6                               100%
                                     Komisaris Independen
                                     President Commissioner
                                     Independent Commissioner
Endang Fifi Susanto                   Komisaris                                                           6                         5                                83%
                                     Commissioner
Bing H. Poernomosidi                 Komisaris Independen                                                6                         6                               100%
                                     Independent Commissioner
Welly Tantono                        Komisaris Independen                                                6                         6                               100%
                                     Independent Commissioner

Ibnu Susanto                         Direktur Utama                                                      6                         6                               100%
                                     President Director
Tedja Sukmana Hudianto               Wakil Direktur Utama                                                6                         6                               100%
                                     Vice President Director
Soediarto Soerjoprahono              Direktur                                                            6                         4                                67%
                                     Director
Tikman Utomo                         Direktur                                                            6                         4                                67%
                                     Director
The, Hanny Purnomo                   Direktur                                                            6                         6                               100%
                                     Director




Agenda Rapat Gabungan | Joint Meeting Agenda
Pada Agenda Rapat, beberapa pembahasan utama meliputi :                                        At the Meeting Agenda, several main discussions comprises :
1. Laporan Kinerja Manajemen berkala;                                                          1. Periodic Report of Management Performance;
2. Evaluasi target dan strategi penerapannya;                                                  2. Evaluation of targets and their implementation strategies;
3. Observasi penerapan Tata Kelola di perusahaan.                                              3. Observation of the implementation of Corporate Governance.




            Tata Kelola Perusahaan                         Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
            Corporate Governance                             Corporate Social Responsibility                        References                            Financial Statements   177
Page 186
                       2023 Annual Report                          Igniting Engagement
                       PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Organ Penunjang
      Dewan Komisaris
      Supporting Organ of the Board of Commissioners

      Dewan Komisaris dalam melaksanakan tugasnya membentuk                               In carrying out its duties, the Board of Commissioners established a
      Komite Penunjang yakni Komite Audit. Komite Penunjang Dewan                         Supporting Committee which is Audit Committee. The Supporting
      Komisaris diketuai oleh anggota Dewan Komisaris, dan tugas serta                    Committee of the Board of Commissioners is chaired by a member of
      tanggung jawab masing-masing Komite tercantum dalam masing-                         the Board of Commissioners, and the duties and responsibilities of
      masing pedoman kerja (charter). Adapun dasar hukum pembentukan                      each Committee are listed in their respective work guidelines
      organ penunjang Dewan Komisaris mengacu pada:                                       (charter). The legal basis which is the establishment of the Board of
      1.   Surat Edaran Otoritas Jasa Keuangan Nomor 32/SEOJK.04/ 2015                    Commissioners’ supporting organs refers to:
           tentang Pedoman Tata Kelola Perusahaan Terbuka.                                1. Circular Letter of Financial Services Authority Number
      2.   Peraturan Otoritas Jasa Keuangan Nomor 55/POJK.04/ 2015                              32/SEOJK.04/2015 concerning the Code of Corporate
           tentang Pembentukan dan Pedoman Pelaksanaan Kerja Komite                             Governance for Public Companies.
           Audit.                                                                         2. F i n a n c i a l S e r v i c e s A u t h o r i t y R e g u l a t i o n N u m b e r
      3.   Anggaran Dasar Perseroan.                                                            55/POJK.04/2015 concerning Guidelines on Establishment and
                                                                                                Working Implementations of Audit Committee.
                                                                                          3. The Articles of Association.


      Anggota Komite Penunjang Dewan Komisaris diberikan kebebasan                        Members of the Board of Commissioners’ supporting organs are
      seluas-luasnya untuk menyampaikan pendapatnya secara                                granted as much freedom to convey their opinion independently and
      independen dan profesional. Keputusan diambil secara musyawarah                     professionally. Decisions are made by deliberation and consensus
      dan mufakat dan dituangkan dalam Risalah Rapat yang                                 and recorded in the Minutes of Meeting signed by all members of the
      ditandatangani oleh seluruh anggota Komite yang hadir dan                           Committee present and acknowledged by the Chairman of the
      diketahui oleh Ketua Komite.                                                        Committee.


      Komite wajib membuat laporan berkala kepada Dewan Komisaris dan                     The Committee is obliged to prepare periodic reports to the Board of
      pada setiap triwulan memberikan rekomendasi perbaikan atas                          Commissioners and every quarter to give recommendations for the
      pengawasan yang dilakukan.                                                          improvement of the supervision duties that have been carried out.




      Komite Audit
      Audit Committee

      Dewan Komisaris Perseroan membentuk Komite Audit berdasarkan                        The Board of Commissioners established Audit Committee based on
      Surat Keputusan Dewan Komisaris No. 006/II/KOM-ISSP/2018                            the Board of Commissioners’ Decree No. 006/II/KOM-ISSP/2018
      tanggal 19 Februari 2018 tentang pengangkatan anggota Komite                        dated February 19, 2018 concerning the appointment of the Audit
      Audit PT Steel Pipe Industry of Indonesia Tbk. Pembentukan Komite                   Committee Members of PT. Steel Pipe Industry of Indonesia Tbk. The
      Audit merupakan bagian yang tidak terpisahkan dari upaya SPINDO                     establishment of the Audit Committee is an integral part of SPINDO
      untuk memastikan efektivitas sistem pengendalian internal dan                       efforts to ensure the effectiveness of the internal control system and
      pelaksanaan prinsip tata kelola perusahaan yang baik, yaitu                         the implementation of GCG principles namely transparency,
      transparansi, akuntabilitas, pertanggungjawaban, independensi,                      accountability, responsibility, independence, equality, and fairness.
      kesetaraan, dan kewajaran.


 05                 Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                         Analisa & Pembahasan Manajemen
178                   Highlights                            Management Report             Company Profile                           Management Discussion & Analysis
Page 187
                                                                                          Igniting Engagement                         Laporan Tahunan 2023
                                                                                           Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Komite Audit menjalankan tugas berdasarkan mandat yang                             The Audit Committee carries out its duties based on the mandate
ditetapkan dengan Keputusan Dewan Komisaris. Tugas utama                           assigned by the Decree of the Board of Commissioners. The main task
Komite Audit adalah memberikan pendapat independen dan                             of the Audit Committee is to provide an independent and professional
profesional kepada Dewan Komisaris berkenaan dengan kegiatan                       opinion to the Board of Commissioners with regards to the
kepatuhan, efektivitas pelaksanaan tata kelola perusahaan, audit                   compliance and effectiveness of corporate governance
internal, audit eksternal, dan pelaporan keuangan Perseroan. Komite                implementation, internal audit, external audit, and the Company’s
ini bertanggung jawab langsung kepada Dewan Komisaris yang                         financial reporting. This committee reports directly to the Board of
bekerja secara independen.                                                         Commissioners who works independently.




Dasar Hukum | Legal Basis
Dasar hukum yang menjadi acuan penunjukan Komite Audit SPINDO                      Legal basis that are applied as references in the appointment of
antara lain:                                                                       SPINDO’s Board of Commissioners, namely:
1. Undang-Undang Nomor 8 tahun 1995, tentang Pasar Modal;                          1. Law No. 8 of 1995 concerning Capital Market;
2. Undang-Undang Nomor 40 tahun 2007, tentang Perseroan                            2. Law No. 40 of 2007 concerning Limited Liability Company;
   Terbatas;                                                                       3. Regulation Number V.A.2 concerning the Independence
3. Peraturan Nomor V.A.2 tentang Independensi Yang Memberikan                         Providing Services in Capital Market, Attachment of Decision of
   Jasa Di Pasar Modal, Lampiran Keputusan Ketua Bapepam-LK                           the Chairman of Bapepam-LK Number: Kep-86/BL/2011 dated
   Nomor: Kep-86/BL/2011 tanggal 28 Februari 2011;                                    February 28, 2011;
4. Peraturan Otoritas Jasa Keuangan No. 55/POJK.04/2015 tentang                    4. Financial Services Authority Regulation No. 55/POJK.04/2015
   Pembentukan Komite Audit;                                                          concerning Guidelines on Establishment and Working
5. Surat Edaran Otoritas Jasa Keuangan No. 21/POJK.04/2014                            Implementations of Audit Committee;
   tentang Penerapan Pedoman Tata Kelola Perusahaan Terbuka;                       5. The Circular Letter of the Financial Services Authority No.
6. Ketentuan-ketentuan Anggaran Dasar Perseroan mengenai                              21/POJK.04/2014 concerning the Implementation of Corporate
   tugas dan wewenang Dewan Komisaris;                                                Governance of Public Companies;
7. Keputusan Dewan Komisaris No.01/VI/Kom-ISSP/2013 tanggal                        6. Provisions of the Article of Association on duties and authorities
   26 Juni 2013 tentang pengangkatan anggota Komite Audit PT                          of the Board of Commissioners;
   Steel Pipe Industry of Indonesia Tbk.                                           7. Board of Commissioner’s Decree No.01/VI/Kom-ISSP/2013
                                                                                      dated June 26, 2013 concerning the appointment of Audit
                                                                                      Committee Members of PT Steel Pipe Industry of Indonesia Tbk.




Susunan Anggota Komite Audit | Composition of
Audit Committee Members
Komposisi Komite Audit terdiri dari 3 (tiga) orang anggota yang                    The composition of the Audit Committee consists of 3 (three)
memiliki pengetahuan dan pengalaman di bidang audit, akuntansi,                    members who have the knowledge and experience in auditing,
keuangan, dan tata kelola yang baik. Profil Komite Audit dapat dilihat              accounting, finance, and good governance. Profile of the Audit
berikut:                                                                           Committee can be viewed on the following page:


               Tata Kelola Perusahaan          Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
               Corporate Governance              Corporate Social Responsibility                        References                            Financial Statements   179
Page 188
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Nama                                      Jabatan                                       Periode Jabatan                 Keterangan
      Name                                      Position                                           Tenure                     Information

      Welly Tantono                            Ketua Komite Audit                               2022 - 2027                   Komisaris Independen
                                               Chairman of Audit Committee                                                    Independent Commissioner
      Antonius Karamoy                         Anggota Komite Audit                             2022 - 2027                   Pihak Independen
                                               Member of Audit Committee                                                      Independent Parties
      Bastianus Fritz Josef                    Anggota Komite Audit                             2022 - 2027                   Pihak Independen
      Lumanauw                                 Member of Audit Committee                                                      Independent Parties



      Profil Komite Audit | Audit Committee Profile

                                              Welly Tantono
                                              Ketua Komite Audit | Chairman of Audit Committee


                                              Diangkat sebagai Ketua Komite Audit sejak tahun 2022, berdasarkan keputusan Dewan Komisaris Perseroan
                                              pada tanggal 8 November 2022. Beliau merangkap sebagai Komisaris Independen Perseroan.
                                              Detail lebih lanjut tentang profil beliau dapat dilihat pada Profil Dewan Komisaris, bab II halaman 24 Laporan
                                              Tahunan ini.
                                              Appointed as Chair of the Audit Committee since 2022, based on the resolution of the Company's Board of
                                              Commissioners on November 8st, 2022. She also serves as the Company's Independent Commissioner.
                                              Further details about her profile can be found at the Board of Commissioners profile, chapter II, page 24 of this
                                              Annual Report.




                                              Antonius Karamoy
                                              Anggota Komite Audit | Member of Audit Committee




      Kewarganegaraan                         Indonesia
      Nationality                             Indonesian


      Usia                                    67 tahun per 31 Desember 2023
      Age                                     67 years old as of 31 December 2023


      Domisili                                Jakarta
      Domicile


      Dasar Hukum Pengangkatan                Diangkat sebagai Anggota Komite Audit sejak tahun 2022, berdasarkan keputusan Dewan Komisaris
      Legal Basis of Appoinment               Perseroan pada tanggal 8 November 2022.
                                              Appointed as Member of the Audit Committee since 2022, based on the resolution of the Company's Board
                                              of Commissioners on November 8th, 2022.




 05              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                 Analisa & Pembahasan Manajemen
180                Highlights                            Management Report             Company Profile                   Management Discussion & Analysis
Page 189
                                                                                 Igniting Engagement                         Laporan Tahunan 2023
                                                                                  Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Riwayat Pekerjaan                     Ÿ Anggota Komite Audit, PT Steel Pipe Industry of Indonesia Tbk (2022-sekarang),
Work Experience                       Ÿ Chief Audit Executive PT Alam Sutra Realty Tbk (2012-2017),
                                      Ÿ Business and Audit Supervisor Chartered Accountant Firms in Sydney, Australia (1999-2011),
                                      Ÿ Chief Financial Officer PT Putra Alvita Pratama (1995-1998),
                                      Ÿ Direktur Keuangan PT Modernland Realty Tbk (1992-1994),
                                      Ÿ Direktur Keuangan PT Honoris Industry (1988-1992),
                                      Ÿ Internal Audit Supervisor PT Arya Upaya Corporation (1985-1987),
                                      Ÿ Senior Auditor Drs. Utomo & Co (Arthur Andersen) (1979-1985).
                                      Ÿ Member of the Committee Audit, PT Steel Pipe Industry of Indonesia Tbk (2022-current),
                                      Ÿ Chief Audit Executive, PT Alam Sutra Realty Tbk (2012-2017),
                                      Ÿ Business and Audit Supervisor, Chartered Accountant Firms in Sydney, Australia (1999-2011),
                                      Ÿ Chief Financial Officer, PT Putra Alvita Pratama (1995-1998),
                                      Ÿ Director of Finance, PT Modernland Realty Tbk (1992-1994),
                                      Ÿ Director of Finance, PT Honoris Industry (1988-1992),
                                      Ÿ Internal Audit Supervisor, PT Arya Upaya Corporation (1985-1987),
                                      Ÿ Senior Auditor, Drs. Utomo & Co (Arthur Andersen) (1979-1985).


Rangkap Jabatan                       Ÿ Anggota Komite Audit PT Wintermar Offshore Tbk (2021-sekarang),
Concurrent Positions                  Ÿ Chief Financial Officer Yayasan Tangan Pengharapan (2021-sekarang).
                                      Ÿ Audit Committee, PT Wintermar Offshore Tbk (2021-current),
                                      Ÿ Chief Financial Officer Yayasan Tangan Pengharapan (2021-current).


Afiliasi Profesional                   Ÿ Anggota senior (fellow) CPA Australia,
Professional Afiliation                Ÿ Anggota Institut Akuntan Publik Indonesia (IAPI),
                                      Ÿ Anggota The Institute of Internal Auditors Indonesia (IIA Indonesia).
                                      Ÿ Senior Member (fellow) CPA Australia,
                                      Ÿ Member of Institut Akuntan Publik Indonesia (IAPI),
                                      Ÿ Member of The Institute of Internal Auditors Indonesia (IIA Indonesia).


Riwayat Pendidikan                    Ÿ Master of Commerce-Professional Accounting, Macquarie University, Sydney, Australia (2005),
Educational Background                Ÿ Magister Manajemen-Jurusan Keuangan, Institut Bisnis Indonesia (Kwik Kian Gie Business
                                          School), Jakarta, Indonesia (1997).
                                      Ÿ Master of Commerce-Professional Accounting, Macquarie University, Sydney, Australia (2005),
                                      Ÿ Master’s Degree in Management - Finance Major, Institut Bisnis Indonesia (Kwik Kian Gie
                                          Business School), Jakarta, Indonesia (1997).


Hubungan Afiliasi                      Tidak memiliki afiliasi dengan sesama anggota Direksi, atau anggota Dewan Komisaris, atau
Affiliate Relations                    dengan pemegang saham utama.
                                      Does not have any affiliations with fellow members of the Board of Directors, or members of the
                                      Board of Commissioners, nor with the ultimate shareholder.


Jumlah Kepemilikan Saham ISSP         -
Total ISSP Share Ownership




             Tata Kelola Perusahaan          Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      05
             Corporate Governance              Corporate Social Responsibility                 References                            Financial Statements   181
Page 190
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                                                          Bastianus Fritz Josef Lumanauw
                                                          Anggota Komite Audit | Member of Audit Committee




      Kewarganegaraan                                     Indonesia
      Nationality                                         Indonesian


      Usia                                                66 tahun per 31 Desember 2023
      Age                                                 66 years old as of 31 December 2023


      Domisili                                            Jakarta
      Domicile


      Dasar Hukum Pengangkatan                            Diangkat sebagai Anggota Komite Audit sejak tahun 2022, berdasarkan keputusan Dewan
      Legal Basis of Appointment                          Komisaris Perseroan pada tanggal 8 November 2022.
                                                          Appointed as Member of the Audit Committee since 2022, based on the resolution of the
                                                          Company's Board of Commissioners on November 8th, 2022.


      Riwayat Pekerjaan                                   Ÿ Anggota Komite Audit, PT Steel Pipe Industry of Indonesia Tbk (2022-sekarang),
      Work Experience                                     Ÿ Internal Auditor, PT Sarana Group (2007-2010),
                                                          Ÿ Pemimpin Cabang, Kantor Akuntan Publik KBS (1989-2007),
                                                          Ÿ Supervisor, Kantor Akuntan Publik KBS (1986-1989),
                                                          Ÿ Asisten Supervisor, Kantor Akuntan Publik Koesbandijah (1984-1986),
                                                          Ÿ Staf Auditor, Kantor Akuntan Publik Koesbandijah (1982-1984).
                                                          Ÿ Member of the Committee Audit, PT Steel Pipe Industry of Indonesia Tbk (2022-current),
                                                          Ÿ Internal Auditor, PT Sarana Group (2007-2010),
                                                          Ÿ Branch Head, KBS public accounting firm (1989-2007),
                                                          Ÿ Supervisor, KBS public accounting firm (1986-1989),
                                                          Ÿ Asisten Supervisor, Koesbandijah public accounting firm (1984-1986),
                                                          Ÿ Staf Auditor, Koesbandijah public accounting firm (1982-1984).


      Rangkap Jabatan                                     Ÿ Komisaris Independen, PT Saranacentral Bajatama Tbk (2011-sekarang),
      Concurrent Positions                                Ÿ Komisaris, PT Sarana Steel Engineering (2008-sekarang).
                                                          Ÿ Independent Commissioner, PT Saranacentral Bajatama Tbk (2011-current),
                                                          Ÿ Commissioner, PT Sarana Steel Engineering (2008-current).


      Riwayat Pendidikan                                  Sarjana Ekonomi, Sekolah Tinggi Ilmu Ekonomi Indonesia, Jakarta, Indonesia (1986).
      Educational Background                              Bachelor of Economy, Sekolah Tinggi Ilmu Ekonomi Indonesia, Jakarta, Indonesia (1986).


      Hubungan Afiliasi                                    Tidak memiliki afiliasi dengan sesama anggota Direksi, atau anggota Dewan Komisaris, atau dengan
      Affiliate Relations                                  pemegang saham utama.
                                                          Does not have any affiliations with fellow members of the Board of Directors, or members of the
                                                          Board of Commissioners, nor with the ultimate shareholder.


      Jumlah Kepemilikan Saham ISSP                       -
      Share Ownership in ISSP
 05              Ikhtisar Utama                          Laporan Manajemen               Profil Perusahaan                 Analisa & Pembahasan Manajemen
182                Highlights                            Management Report               Company Profile                   Management Discussion & Analysis
Page 191
                                                                                           Igniting Engagement                          Laporan Tahunan 2023
                                                                                            Elevating Excellence       PT Steel Pipe Industry of Indonesia Tbk




Independensi Komite Audit |
Independence of Audit Committee
Komite ini bersifat independen dan keseluruhan anggotanya                          This committee is independent and the overall members are
merupakan pihak independen yang berasal dari eksternal                             independent parties coming from external companies and have the
perusahaan dan memiliki komitmen serta integritas yang tinggi, latar               commitment as well high integrity, background and competence of
belakang dan kemampuan para anggota Komite Audit yang memiliki                     the members of Audit Committee who have the aptitude and
kemampuan dan keahlian sesuai bidang pekerjaannya.                                 expertise according to their work field.




                                        Pernyataan tentang Independensi Komite Audit
                                     Statement on the Independence of the Audit Committee

                     Aspek Independensi                                       Welly Tantono                        Antonius Karamoy                  Bastianus Fritz
                    Independence Aspect                                                                                                             Josef Lumanauw


Tidak memiliki hubungan keuangan dengan Dewan
Komisaris dan Direksi.                                                                 ü                                   ü                                     ü
Having no financial relationship with the Board of
Commissioners and the Board of Directors.


Tidak memiliki hubungan kepengurusan di Perseroan,                                     ü                                   ü                                     ü
maupun perusahaan afiliasi.
Having no management relationship in the Company, nor
affiliated companies.


Tidak memiliki hubungan kepemilikan saham Perusahaan.                                  ü                                   ü                                     ü
Having no share ownership relationship in the Company.


Tidak memiliki hubungan keluarga dengan Dewan
Komisaris, Direksi dan/atau sesama anggota Komite Audit.                               ü                                   ü                                     ü
Having no family relationship with the Board of
Commissioners, Board of Directors and/or other members of
the Audit Committee.


Tidak menjabat sebagai pengurus partai politik, pejabat                                ü                                   ü                                     ü
pemerintah daerah.
Not serving as a political party official, a local government
official.




            Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                           Referensi                              Laporan Keuangan      05
            Corporate Governance                 Corporate Social Responsibility                         References                             Financial Statements   183
Page 192
                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Tugas dan Tanggung Jawab Komite Audit |
      Duties and Responsibilities of Audit Committee
      Komite Audit memiliki tugas dan tanggung jawab antara lain sebagai                 The Audit Committee has the following duties and responsibilities:
      berikut:                                                                           1. Review the Company’s financial information issued by SPINDO
      1. Melakukan penelaahan atas informasi keuangan yang akan                                to the public and/or to the authority namely financial statements,
          dikeluarkan SPINDO kepada publik dan/atau pihak otoritas                             projections, other reports in relation to SPINDO’s financial
          antara lain laporan keuangan, proyeksi, dan laporan lainnya                          information;
          terkait dengan informasi keuangan SPINDO;                                      2. Review the Company’s compliance with the laws and regulations
      2. Melakukan penelaahan atas ketaatan terhadap peraturan                                 in connection to SPINDO’s activities;
          perundang-undangan yang berhubungan dengan kegiatan                            3. Provide independent opinion in the event of a difference of
          SPINDO;                                                                              opinions between management and Accountant on the services
      3. Memberikan pendapat independen dalam hal terjadi perbedaan                            it delivers;
          pendapat antara manajemen dan Akuntan atas jasa yang                           4. Provide recommendation to the Board of Commissioners on the
          diberikannya;                                                                        appointment of Accountant based on independence, the scope of
      4. Memberikan rekomendasi kepada Dewan Komisaris mengenai                                duties, and fee;
          penunjukan Akuntan yang didasarkan pada independensi, ruang                    5. Review on the execution of examination by the internal auditor
          lingkup penugasan, dan fee;                                                          and supervise the follow-up actions by the Board of Directors
      5. Melakukan penelaahan atas pelaksanaan pemeriksaan oleh                                over the discovery by the internal auditor;
          auditor internal dan mengawasi pelaksanaan tindak lanjut oleh                  6. Review the implementation of risk management by the Board of
          Direksi atas temuan auditor internal;                                                Directors, if SPINDO does not have risk monitoring function
      6. Melakukan penelaahan terhadap aktivitas pelaksanaan                                   under the Board of Commissioners;
          manajemen risiko yang dilakukan oleh Direksi, jika SPINDO tidak                7. Review complaints in relation to SPINDO’s accounting process
          memiliki fungsi pemantau risiko di bawah Dewan Komisaris;                            and financial reporting;
      7. Menelaah pengaduan yang berkaitan dengan proses akuntansi                       8. Review and provide suggestions to the Board of Commissioners
          dan pelaporan keuangan SPINDO;                                                       related to the potential of conflict of interest of SPINDO; and
      8. Menelaah dan memberikan saran kepada Dewan Komisaris                            9. Maintain the confidentiality of SPINDO’s documents, data, and
          terkait dengan adanya potensi benturan kepentingan SPINDO;                           information.
          dan
      9. Menjaga kerahasiaan dokumen, data, dan informasi SPINDO.




      Wewenang Komite Audit | Authorities of Audit Committee
      Komite Audit mempunyai wewenang sebagai berikut:                                   The authorities of the Audit Committee are as follows:
      1. Mengakses dokumen, data, dan informasi SPINDO tentang                           1. Access SPINDO’s documents, data, and information regarding
          karyawan, dana, aset, dan sumber daya perusahaan yang                                employees, funds, assets, and other resources of the Company if
          diperlukan;                                                                          needed;
      2. Berkomunikasi langsung dengan karyawan, termasuk Direksi                        2. Establish direct communication with employees including the
          dan pihak yang menjalankan fungsi Audit Internal, Manajemen                          Directors and party that performs internal audit function, Risk
          Risiko, dan Akuntan terkait tugas dan tanggung jawab Komite                          Management, and Accountant in relation to the duties and
          Audit;                                                                               responsibilities of Audit Committee;
      3. Melibatkan pihak independen di luar anggota Komite Audit yang                   3. Involve independent party outside of the Audit Committee
          diperlukan untuk membantu pelaksanaan tugasnya ( jika                                members needed to assist in performing its duties (if needed);
          diperlukan); dan                                                                     and
      4. Melakukan kewenangan lain yang diberikan oleh Dewan                             4. Pe r fo r m o t h e r a u t h o r i t i e s g ra n t e d by t h e B o a rd o f
          Komisaris.                                                                           Commissioners.


 05                Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                      Analisa & Pembahasan Manajemen
184                  Highlights                            Management Report             Company Profile                        Management Discussion & Analysis
Page 193
                                                                                         Igniting Engagement                         Laporan Tahunan 2023
                                                                                          Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Piagam Komite Audit | Audit Committee Charter

Organisasi, keanggotaan, tanggung jawab, wewenang, dan                            Organization, membership, accountability, authority, and reporting of
pelaporan Komite Audit dijabarkan dalam Piagam Komite Audit.                      Audit Committee are stated in the Audit Committee Charter. The
Piagam Komite Audit dapat dilihat pada situs Perusahaan di:                       Audit Committee Charter can be viewed in the Company’s website:
https://www.spindo.com/komite-audit                                               https://www.spindo.com/komite-audit




Pelaksanaan Kegiatan Komite Audit 2023 |
Implementation of Audit Committee’s Activities in 2023
Komite Audit membantu Dewan Komisaris melaksanakan fungsi                         The Audit Committee assists the Board of Commissioners to perform
pengawasan dan pemberian nasihat yang diaplikasikan dalam                         supervisory and advisory functions applied in the form of periodic
bentuk rapat berkala, sekurang kurangnya sekali dalam sebulan.                    meetings, at least once a month. Audit Committee also holds periodic
Komite Audit juga mengadakan rapat periodik dengan auditor                        meetings with the internal auditor at least once in each quarter and
internal sekurang-kurangnya sekali dalam tiap triwulan dan rapat                  meeting with the external auditor at least twice during the audit
dengan auditor eksternal sekurang-kurangnya dua kali selama                       period or according to the needs.
periode audit atau lebih disesuaikan dengan kebutuhan.


                         Kegiatan                                                        Target                      Realization                              %
                          Activity                                                       Target                       Realisasi

Rapat Kinerja                                                                                2                              2                            100%
Performance Meeting


Rapat Strategis                                                                              2                              2                            100%
Strategic Meeting


Rapat Komite                                                                                 2                              2                            100%
Committee Meeting


Meninjau Laporan Keuangan 2022                                                               1                              1                            100%
Reviewing the 2022 Financial Statements


Menyiapkan Draft Surat Dewan Komisaris                                                       1                              1                            100%
Preparing the Board of Commissioners Letter Draft


Rapat Koordinasi dengan Auditor Internal                                                     2                              2                            100%
Coordination Meeting with Internal Auditor


Rapat Koordinasi dengan KAP                                                                  1                              1                            100%
Coordination Meeting with KAP


Rapat Kerja Pengawasan dengan Manajemen Operasi                                              2                              2                            100%
Supervision Working Meeting with Operation Management


Kunjungan Operasional*                                                                       2                              2                            100%
Operation Visit*



            Tata Kelola Perusahaan            Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
            Corporate Governance                Corporate Social Responsibility                        References                            Financial Statements   185
Page 194
                    2023 Annual Report                           Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk      Elevating Excellence




      Rapat Komite Audit | Meetings of Audit Committee
      Pada tahun 2023, Komite Audit melalui penyelenggaraan rapat telah                 In 2023, the Audit Committee through the meeting platform has
      melakukan review, evaluasi, dan pemantauan sesuai dengan lingkup                  conducted a review, evaluation, and monitoring in accordance with
      tugas dan tanggung jawabnya, yang meliputi Kinerja Perusahaan,                    the scope of its duties and responsibilities, which include the
      Pengendalian Internal serta Manajemen Risiko.                                     Company’s Performance, Internal Control and Risk Management.




               Kehadiran Komite Audit dalam rapat diselenggarakan pada tahun 2023 adalah sebagai berikut::
                          Attendance of the Audit Committee in meetings held in 2023 is as follows:

          Nama                                                 Jabatan                            Jumlah Rapat           Kehadiran                           %
          Name                                                Designation                       Number of Meetings       Attendance


      Welly Tantono                                 Ketua Komite Audit                                     2                    2                           100%
                                                    Chairman of Audit Committee
      Antonius Karamoy                              Anggota Komite Audit                                   2                    2                           100%
                                                    Member of Audit Committee
      Bastianus Fritz Josef                         Anggota Komite Audit                                   2                    2                           100%
      Lumanauw                                      Member of Audit Committee




      Penilaian Kinerja Komite Audit |
      Evaluation of Audit Committee’s Performance
      Kinerja Komite Audit dievaluasi setiap 1 tahun sekali oleh Dewan                  The performance of the Audit Committee is evaluated once every 1
      Komisaris berdasarkan Piagam Komite Audit. Penilaian kinerja                      (one) year by the Board of Commissioners based on the Audit
      dilakukan berdasarkan realisasi dan penyelesaian program kerja yang               Committee Charter. Performance appraisal is based on the realization
      telah tersusun dalam Rencana Kerja dan Anggaran Tahunan Komite                    and completion of work programs stated in the Audit Committee’s
      Audit.                                                                            Annual Work Plan and Budget.


      Penilaian juga dilakukan atas saran, rekomendasi, dan masukan yang                The assessment is also conducted based on the suggestions,
      diberikan oleh Komite Audit terkait penyempurnaan soft structure                  recommendations, and inputs provided by the Audit Committee
      pendukung pelaksanaan audit, pelaksanaan, dan peningkatan                         related to the improvement of audit supporting soft structure,
      efektivitas audit dan sistem. Hasil penilaian tersebut menjadi bahan              implementation, and improvement of audit effectiveness and system.
      pertimbangan Dewan Komisaris untuk mengangkat kembali                             The results of the assessment will be used by the Board of
      dan/atau memberhentikan anggota Komite Audit untuk periode                        Commissioners as material of consideration to reappoint and/or
      jabatan berikutnya.                                                               dismiss a member of the Audit Committee for the next term of service.




 05              Ikhtisar Utama                          Laporan Manajemen              Profil Perusahaan                 Analisa & Pembahasan Manajemen
186                Highlights                            Management Report              Company Profile                   Management Discussion & Analysis
Page 195
                                                                                          Igniting Engagement                         Laporan Tahunan 2023
                                                                                           Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Fungsi Nominasi
dan Remunerasi
Nomination and Remuneration Function



Hingga akhir tahun 2023, Perseroan belum membentuk Komite                          Until the end of 2023, the Company has not established a Nomination
Nominasi dan Remunerasi dan pelaksanaan fungsi nominasi dan                        and Remuneration Committee and the implementation of the
remunerasi dilakukan oleh Dewan Komisaris di mana Dewan                            nomination and remuneration functions is carried out by the Board of
Komisaris wajib bertindak independen. Dalam melaksanakan tugas                     Commissioners, in which the Board of Commissioners must act
dan fungsinya berkaitan dengan nominasi dan remunerasi, Dewan                      independently. In carrying out its duties and functions related to
Komisaris telah memiliki pedoman fungsi nominasi dan remunerasi.                   nomination and remuneration, the Board of Commissioners has had
                                                                                   guidelines for nomination and remuneration functions.




Wewenang Pemegang Saham | Authorities of Shareholders
Pada tahun 2023, Perseroan masih belum memiliki kebijakan suksesi                  In 2023, the Company still does not have a succession policy because
karena kebijakan suksesi masih dalam tahap penyusunan dan                          the succession policy is still in the stage of preparation and
penyempurnaan, namun Perseroan telah memiliki pedoman fungsi                       refinement, but the Company already has guidelines for the
nominasi di mana prosedur dalam melaksanakan fungsi nominasi                       nomination function where the procedure for carrying out the
adalah sebagai berikut:                                                            nomination function is as follows:
1. Menyusun komposisi dan proses Nominasi anggota Direksi                          1. Develop the composition and nomination process for members of
   dan/atau anggota Dewan Komisaris;                                                  the Board of Directors and/or members of the Board of
                                                                                      Commissioners;
2. Menyusun kebijakan dan kriteria yang dibutuhkan dalam proses                    2. Develop policies and criteria needed in the nomination process for
   nominasi calon anggota Direksi dan/atau anggota Dewan                              candidates for members of the Board of Directors and/or
   Komisaris;                                                                         members of the Board of Commissioners;
3. Membantu pelaksanaan evaluasi atas kinerja anggota Direksi                      3. Assist in the evaluation of the performance of members of the
   dan/atau anggota Dewan Komisaris;                                                  Board of Directors and/or members of the Board of
                                                                                      Commissioners;
4. Menyusun program pengembangan kemampuan anggota                                 4. Develop a capacity development program for members of the
   Direksi dan/atau anggota Dewan Komisaris;                                          Board of Directors and/or members of the Board of
                                                                                      Commissioners;
5. Menelaah dan mengusulkan calon yang memenuhi syarat                             5. Reviewing and proposing candidates who meet the requirements
   sebagai anggota Direksi dan/atau anggota Dewan Komisaris                           as members of the Board of Directors and/or members of the
   kepada Direksi untuk disampaikan kepada RUPS.                                      Board of Commissioners to the Board of Directors to be submitted
                                                                                      to the GMS.




            Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
            Corporate Governance                 Corporate Social Responsibility                        References                            Financial Statements   187
Page 196
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Sekretaris Perusahaan
      Corporate Secretary



      Sekretaris Perusahaan memiliki peran penting dalam memastikan                     The Corporate Secretary holds an important role in making sure that
      implementasi GCG Perseroan telah sesuai dengan ketentuan dan                      the implementation of the Company’s GCG aligns with the existing
      best practices yang ada saat ini. Selain itu, Sekretaris Perusahaan               provisions and best practices. In addition, the Corporate Secretary is
      juga bertanggung jawab untuk memelihara dokumen-dokumen                           also responsible for maintaining important documents which support
      penting yang menunjang struktur GCG dalam penerapan prinsip-                      the GCG structure in applying the GCG principles.
      prinsip GCG.


      Sekretaris Perusahaan juga berperan membangun dan menjaga                         The Corporate Secretary also plays a role in developing and
      komunikasi internal dan eksternal dengan para Pemangku                            preserving internal and external communication with the Company’s
      Kepentingan Perseroan. Ia juga mengelola hubungan kerja Dewan                     Stakeholders. It also manages the working relationship of the Board
      Komisaris dan Direksi untuk memastikan Perseroan dikelola                         of Commissioners and Directors to ensure that the Company is
      berdasarkan prinsip-prinsip GCG. Sekretaris Perusahaan wajib                      managed based on GCG principles. the Corporate Secretary must
      memastikan pemenuhan kepatuhan Perusahaan terhadap peraturan                      ensure the Company’s compliance with the laws and regulations of
      perundang-undangan di bidang pasar modal, sebagaimana                             market capital, as stated in POJK Number 35/POJK.04/2014
      tercantum dalam POJK Nomor 35/POJK.04/2014 tentang Sekretaris                     concerning Corporate Secretary of Issuer or Public Company.
      Perusahaan Emiten atau Perusahaan Publik.




      Dasar Hukum | Legal Basis
      Dasar hukum yang menjadi acuan penunjukan Sekretaris                              Legal basis which the appointment of the Corporate Secretary of
      Perusahaan SPINDO antara lain:                                                    SPINDO refers to, namely:
      1.   Peraturan Otoritas Jasa Keuangan No. 35/POJK.04/2014                         1.    Financial Services Authority Regulation No. 35/POJK.04/2014
           tentang Sekretaris Perusahaan.                                                     concerning Corporate Secretary.
      2.   Surat Edaran Otoritas Jasa Keuangan No. 21/POJK.04/ 2015                     2.    Financial Ser vices Authority Circular Letter No.
           tentang Pedoman Tata Kelola Perusahaan.                                            21/POJK.04/2015 concerning the Implementation of Corporate
                                                                                              Governance in Public Companies.




      Struktur Organisasi Sekretaris Perusahaan |
      Corporate Secretary Organizational Structure
      Sekretaris Perusahaan bertanggung jawab langsung kepada Direksi                   The Corporate Secretary is directly responsible to the Board of
      serta diangkat dan diberhentikan berdasarkan Keputusan Direksi                    Directors and appointed and dismissed based on the Board of
      dengan mekanisme internal Perusahaan dan persetujuan Dewan                        Directors’ Decree with the Company’s internal mechanism and the
      Komisaris. Berdasarkan Surat Keputusan Direksi No. 034/LGL-                       approval of the Board of Commissioners. Based on the Decree of the
      SK/X/2015 tanggal 1 Oktober 2015, perihal Pengangkatan                            Company’s Directors No. 034/LGL-SK/X/2015 dated October 1,
      Sekretaris Perusahaan, yaitu Johanes W. Edward.                                   2015, concerning the Appointment of the Corporate Secretary, which
                                                                                        is Johanes W. Edward.




 05              Ikhtisar Utama                           Laporan Manajemen             Profil Perusahaan                 Analisa & Pembahasan Manajemen
188                Highlights                             Management Report             Company Profile                   Management Discussion & Analysis
Page 197
                                                                                                     Igniting Engagement                         Laporan Tahunan 2023
                                                                                                      Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




                                                                   Chief Strategy & Business Development Officer,
                                                                       Corporate Secretary, Investor Relations




                  Corporate Secretary & Investor Relations Associate                                        Chief Strategy & Business Development Associate




                                Protocol & Secretary Staff                      General Staff & Website                           CSR Staff




Profil Sekretaris Perusahaan | Profile of Corporate Secretary
                                                  Johanes W. Edward
                                                  Chief Strategy & Business Development Officer
                                                  Corporate Secretary & Investor Relation




Kewarganegaraan                                   Indonesia
Nationality                                       Indonesian
Usia                                              47 tahun per 31 Desember 2023
Age                                               47 years old as of 31 December 2023
Domisili                                          Jakarta
Domicile
Dasar Hukum Pengangkatan                          Diangkat sebagai Sekretaris Perusahaan berdasarkan Surat Keputusan Direksi No. 034/LGLSK/X/2015 tanggal 01
Legal Basis                                       Oktober tahun 2015.
                                                  Appointed as a Corporate Secretary based on Decree of the Board of Directors No. 034/LGL-SK/X/2015 dated
                                                  October 1st, 2015.
Riwayat Pekerjaan                                 Ÿ   Direktur Utama PT Evergreen Invesco Tbk (2009-2015)
Work Experience                                        President Director, PT Evergreen Invesco Tbk (2009-2015)
                                                  Ÿ   Komisaris Narada Communication (2003-hingga kini)
                                                       Commissioner, Narada Communication (2003-present)
                                                  Ÿ   PT Andalan Artha Advisindo Sekuritas (2000-2009)
                                                       PT Andalan Artha Advisindo Sekuritas (2000-2009)
Riwayat Pendidikan                                S1 Ekonomi Universitas Katolik Indonesia Atma Jaya, Jakarta (2000).
Educational Background                            Bachelor’s degree in Economics, Universitas Katholik Indonesia Atma Jaya, Jakarta (2000).
Afiliasi Profesional                               Ÿ   Pelatihan profesional di bidang keuangan dan investasi yang diselenggarakan oleh Euromoney (2000, 2004,
Professional Affiliation                               2006).
                                                       Professional Training in Finance and Invesment organized by Euromoney (2000, 2004, 2006).
                                                  Ÿ   Memiliki lisensi sebagai Manajer Investasi dari Bapepam-LK.
                                                       Obtained Investment Manager License from Bapepam-LK.
                                                  Ÿ   Sertifikasi Wakil Perantara Perdagangan Efek (2019) dan Wakil Penjamin Emisi Efek (2019) oleh TICMI.
                                                       Certification of Securities Brokerage Representative (2019) and The Underwriter Representative (2019) by
                                                       the Indonesia Capital Market Institute.




              Tata Kelola Perusahaan                         Tanggung Jawab Sosial Perusahaan                       Referensi                             Laporan Keuangan      05
              Corporate Governance                             Corporate Social Responsibility                     References                            Financial Statements   189
Page 198
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Hubungan Afiliasi dengan anggota                     Tidak memiliki afiliasi dengan sesama anggota Direksi, atau anggota Dewan Komisaris, atau dengan pemegang
      Dewan Komisaris lainnya, anggota                    saham utama.
      Direksi atau pemegang saham utama                   Does not have any affiliations with fellow members of the Board of Directors, or members of the Board of
      Affiliate Relations with Board Members               Commissioners, nor with the ultimate shareholder.
      or Majority Shareholders
      Jumlah Kepemilikan Saham ISSP                       -
      Share Ownership in ISSP




      Wewenang Pemegang Saham | Authorities of Shareholders
      Sekretaris Perusahaan yang juga memimpin Divisi Hubungan                               Corporate Secretary who also heads the Investor Relations Division
      Investor memiliki peranan penting dalam memfasilitasi komunikasi                       holds an important role in facilitating communication between the
      antara Organ Perseroan. Sekretaris Perusahaan bertanggung jawab                        Company’s organs. Corporate Secretary is responsible for
      dalam penyusunan kebijakan, perencanaan, serta memastikan                              establishing policy, planning, and making sure effectiveness and
      efektivitas dan transparansi komunikasi perusahaan, hubungan                           transparency of corporate communication, institutional relations,
      kelembagaan, hubungan investor dan pelaku pasar modal lainnya                          investor relations and other actors in the capital market by continuing
      dengan tetap memperhatikan prinsip dan kriteria pedoman perilaku,                      to observe the principles and criteria of the code of conduct,
      prinsip tata kelola, dan nilai-nilai perusahaan. Selain itu, Sekretaris                governance principles and corporate values of the Company.
      Perusahaan wajib memastikan pemenuhan kepatuhan perusahaan                             Furthermore, Corporate Secretary must ensure the fulfillment of the
      terhadap peraturan perundang-undangan di bidang pasar modal.                           Company’s compliance with the laws of regulations in the field of
                                                                                             capital market.


      Berikut adalah tugas dan tanggung jawab utama Sekretaris Perusahaan:                   The following are the main duties and responsibilities of Corporate Secretary:
      1. Mengikuti perkembangan Pasar Modal khususnya peraturan                              1. Following the development of the Capital Market especially the
          perundang-undangan yang berlaku di bidang Pasar Modal;                                  prevailing laws and regulations in the Capital Market;
      2. Memberikan masukan kepada Direksi dan Dewan Komisaris                               2. Provide input to the Board of Directors and the Board of
          untuk mematuhi ketentuan peraturan perundangan-undangan di                              Commissioners to comply with the provisions of the laws and
          bidang Pasar Modal dan Anggaran Dasar Perseroan;                                        regulations in the Capital Market and with the Article of Association;
      3. Membantu Direksi dan Dewan Komisaris dalam pelaksanaan Tata                         3. Assist the Board of Directors and the Board of Commissioners in
          Kelola Perusahaan yang meliputi:                                                        the implementation of Corporate Governance which includes:
          a. Keterbukaan informasi kepada masyarakat, melalui informasi                           a. Information disclosure to the public, through information
             pada situs web Perusahaan;                                                                disclosure on the Company’s website;
          b. Penyampaian laporan kepada otoritas pasar modal secara                               b. Submit reports to the capital market authority in a timely
             tepat waktu;                                                                              manner;
          c. Penyelenggaraan dan dokumentasi RUPS;                                                c. Holding and documenting GMS;
          d. Penyelenggaraan dan dokumentasi Rapat Direksi, Rapat                                 d. Holding and documenting the Board of Directors’ meetings,
             Dewan Komisaris, Rapat Bersama, dan Rapat Komite;                                         the Board of Commissioners’ meetings, Joint meetings, and
          e. Pelaksanaan Program Orientasi Perusahaan untuk Direksi                                    Committee meetings;
             dan Dewan Komisaris.                                                                 e. Implementation of the Orientation Program of the Company to
                                                                                                       the Board of Directors and Commissioners.
      4. Meningkatkan hubungan baik dan sebagai penghubung antara                            4. Improve good relations and function as liaison between the
          Perusahaan dengan pemegang saham, OJK, dan pemangku                                     Company and Shareholders, OJK, and other Stakeholders.
          kepentingan lainnya.



 05              Ikhtisar Utama                          Laporan Manajemen                   Profil Perusahaan                     Analisa & Pembahasan Manajemen
190                Highlights                            Management Report                   Company Profile                       Management Discussion & Analysis
Page 199
                                                                                             Igniting Engagement                         Laporan Tahunan 2023
                                                                                              Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Pelaksanaan Tugas Sekretaris Perusahaan 2023 |
Implementation of Corporate Secretary’s Duties in 2023
Pada tahun 2023, Sekretaris Perusahaan telah melaksanakan tugas                      In 2023, the Corporate Secretary has completed the following duties
dan kegiatan sebagai berikut:                                                        and activities:
1. Mengikuti perkembangan Pasar Modal, termasuk aktif mengikuti                      1.   Keeping up with the development of the Capital Market including
   acara sosialisasi, seminar, ataupun workshop terkait Pasar Modal                       actively participating in socialization events, seminars, or
   yang diadakan oleh Bursa Efek Indonesia, Indonesia Corporate                           workshops related to the Capital Market organized by the
   Secretary Association (ICSA), KSEI dan instansi/lembaga terkait                        Indonesia Stock Exchange, Indonesia Corporate Secretary
   lainnya;                                                                               Association (ICSA), KSEI and other related agency/institution;
2. Memastikan bahwa Dewan Komisaris dan Direksi memperoleh                           2.   Making sure that the Board of Commissioners and Directors
   informasi dengan segera tentang perubahan peraturan yang                               obtain information immediately pertaining to changes of relevant
   relevan, dan memastikan bahwa mereka memahami implikasi                                regulations and making sure that they understand the implication
   dari perubahan tersebut;                                                               of such changes;
3. Menyelenggarakan kegiatan Rapat Koordinasi bersama Dewan                          3.   Organizing Coordination Meeting with the Board of
   Komisaris, Direksi, Komite Audit, dan Unit Perseroan yang terkait;                     Commissioners, the Board of Directors, Audit Committee, and
4. Pelaksanaan Kepatuhan Tata Kelola Perusahaan;                                          related units of the Company;
5. Penyelenggaraan RUPS Tahunan Perseroan di Jakarta pada                            4.   Implementation of Compliance with the Corporate Governance;
   tahun 2023;                                                                       5.   Holding the Company’s AGMS in Jakarta in 2023;
6. Penyelenggaraan Public Expose pada tahun 2023;                                    6.   Holding the 2023 Public Expose event;
7. Penyelenggaraan kegiatan rapat Koordinasi antara Dewan                            7.   Holding Coordination Meeting with the Board of Commissioners
   Komisaris, Direksi, Komite Audit, dan unit-unit terkait;                               and Directors, Audit Committee, and related units;
8. Menyusun dan menyampaikan Laporan Tahunan 2022 kepada                             8.   Prepare and submit Annual Report 2022 to the regulator and the
   regulator dan publik;                                                                  public;
9. Melakukan penyampaian laporan berkala lainnya kepada                              9.   Prepare and submit other periodic reports to the regulator
   regulator terutama kepada Otoritas Jasa Keuangan dan Bursa                             particularly to the Financial Services Authority and Indonesia
   Efek Indonesia sesuai dengan peraturan berlaku;                                        Stock Exchange according to the prevailing regulations;
10. Melakukan pengkinian informasi Perseroan ke dalam website;                       10. Updating the Company’s information on the website;
11. Membuat press release terkait dengan publikasi Laporan                           11. Prepare press release in relation to the publication of Financial
   Keuangan, RUPS, dan Public Expose;                                                     Statement, GMS, and Public Expose;
12. Mengelola dan memberikan keterbukaan informasi kepada                            12. Managing and publish information disclosure to the public,
   masyarakat, pemegang saham, regulator, maupun pihak lain                               Shareholders, regulator, or other related party, through the
   yang terkait, melalui website Perseroan dan website Bursa Efek                         Company’s website and IDX website;
   Indonesia;                                                                        13. Monitoring news publication/public information concerning the
13. Memantau pemberitaan/informasi publik mengenai Perseroan,                             Company, either through online news portal or the conventional
   baik melalui portal berita online ataupun channel konvensional.                        channel;
14. Membuat konten untuk akun resmi media sosial Perseroan, yaitu                    14. Develop content for the Company’s official social media
   Instagram dan Facebook mengenai produk-produk Perseroan.                               accounts, such as Instagram and Facebook regarding the
                                                                                          Company’s products.




              Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      05
              Corporate Governance                 Corporate Social Responsibility                         References                            Financial Statements   191
Page 200
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Hubungan Investor | Investor Relations
      Hubungan Investor memiliki peranan sebagai manajemen strategis                  Investor Relations holds the role of strategic management to
      untuk mengintegrasikan beberapa aspek penting, seperti keuangan,                integrate a number of important aspects, such as finances,
      komunikasi, pemasaran, dan kepatuhan hukum. Hubungan Investor                   communication, marketing and legal compliance. Investor Relations
      memastikan efektivitas sebuah komunikasi yang baik antara                       ensures the effectiveness of good communication between the
      Perseroan dengan pemangku kepentingan (stakeholder).                            Company and Stakeholders.


      Hubungan Investor bertujuan memberikan layanan informasi terkini                Investor Relations aims at delivering services of the latest information
      terkait dengan kinerja usaha Perseroan dan membina hubungan baik                related to the business performance of the Company and maintaining
      dengan para pemangku kepentingan. Kegiatan hubungan investor                    good relations with the stakeholders. Investor Relations’ activities are
      dilaksanakan dengan di bawah koordinasi Sekretaris Perusahaan.                  organized under the coordination of the Corporate Secretary. In
      Dalam melaksanakan tugasnya, Hubungan Investor harus mematuhi                   performing its duties, Investor Relations must adhere to the
      peraturan tentang pasar modal dan pelaporan mengenai segala                     regulations concerning the capital market and reporting of all
      keterbukaan informasi yang dibutuhkan oleh pemegang saham, di                   information disclosure needed by the Shareholders, wherein the
      mana pelaporan dilakukan secara berkala melalui sistem e-reporting              reporting must be conducted periodically through e-reporting system
      kepada Otoritas Jasa Keuangan dan disampaikan secara umum                       to the Financial Services Authority and to be submitted publically
      melalui pengumuman Bursa Efek Indonesia.                                        through the IDX announcement.


      Hubungan Investor memberikan kesempatan kepada Analis, Investor                 Investor Relations provides the opportunity for Analysts, Investors or
      ataupun pers media untuk terlibat dalam diskusi secara langsung                 press media to get involved in the discussion directly with the
      dengan Perseroan berupa Public Expose, Analyst Meeting, siaran                  Company in the form of public expose, analysts meeting, press
      pers atau Company Visit, yang paling tidak dilaksanakan satu kali               release or company visit, organized at least once a year. In the
      dalam setahun. Sementara itu, hasil dari pemaparan presentasi,                  meantime, the results of the presentation, press release, and other
      siaran pers, dan informasi lainnya diunggah dalam website                       information is uploaded on the Company’s website.
      Perseroan.


      Selama periode 2023, Sekretaris Perusahaan dalam memenuhi                       In meeting the regulations and information disclosure to the public,
      peraturan dan keterbukaan informasi terhadap publik, telah                      the Corporate Secretary has carried out correspondence throughout
      melakukan korespondensi, yakni sebagai berikut:                                 2023, as follows:




 05             Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                  Analisa & Pembahasan Manajemen
192               Highlights                            Management Report             Company Profile                    Management Discussion & Analysis
Page 201
                                                                                 Igniting Engagement                         Laporan Tahunan 2023
                                                                                  Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




                                   Perihal                           Tujuan          No. Surat    Penjelasan                                      Waktu
No.
                                   Subject                           Address     Reference Number Explanation                                     Date

1.    Laporan Hutang Valuta Asing PT Steel Pipe                         OJK      001/I/CS-ISSP/2023                                       05 Januari 2023
      Industry of Indonesia, Tbk ("Spindo") per 31                                                                                        05 January 2023
      Desember 2022.
      Submission of Debt/Liability Data Reports in
      Foreign Currency PT Steel Pipe Industry of
      Indonesia Tbk (“Spindo”) as of 31 December 2023.
2.    Penyampaian Laporan Realisasi Penggunaan Dana                     OJK      002/I/CS-ISSP/2023                                       17 Januari 2023
      Hasil Penawaran Umum PT Steel Pipe Industry of                                                                                      17 January 2023
      Indonesia Tbk (”Spindo”) per 31 Desember 2022.
      Submission of Realization Report on Use of
      Proceeds Funds Public Offering of PT Steel Pipe
      Industry of Indonesia Tbk ("Spindo") per 31
      December 2022.
3.    Laporan Bulanan Registrasi Pemegang Efek per 31                   OJK      003/I/CS-ISSP/2023                                       17 Januari 2023
      Desember 2022.                                                                                                                      17 January 2023
      Monthly Report on Securities Holder Registration
      as of 31 December 2022.
4.    Laporan Hutang Valuta Asing PT Steel Pipe                         OJK      007/II/CS-ISSP/2023                                      08 Februari 2023
      Industry of Indonesia, Tbk ("Spindo") per 31 Januari                                                                                08 February 2023
      2023.
      Submission of Debt/Liability Data Reports in
      Foreign Currency PT Steel Pipe Industry of
      Indonesia Tbk (“Spindo”) as of 31 January 2023.
5.    Laporan Bulanan Registrasi Pemegang Efek per 31                   OJK      008/II/CS-ISSP/2023                                      08 Februari 2023
      Januari 2023.                                                                                                                       08 February 2023
      Monthly Report on Securities Holder Registration
      as of 31 January 2022.
6.    Perubahan Akuntan Publik                                          OJK      016/III/CS-ISSP/2023                                     03 Maret 2023
      Change of Public Accountant                                                                                                         03 March 2023
7.    Dokumen Penunjukan Kantor Akuntan Publik                          OJK      016A/III/CS-ISSP/2023                                    03 Maret 2023
      dan/atau Akuntan Publik yang Ditunjuk oleh Dewan                                                                                    03 March 2023
      Komisaris.
      Document of Appointment of Public Accounting
      Firm and/or Public Accountant appointed by the
      Board of Commissioners.
8.    Laporan Hutang Valuta Asing PT Steel Pipe                         OJK      017/III/CS-ISSP/2023                                     08 Maret 2023
      Industry of Indonesia, Tbk ("Spindo") per 28                                                                                        08 March 2023
      Februari 2023.
      Submission of Debt/Liability Data Reports in
      Foreign Currency PT Steel Pipe Industry of
      Indonesia Tbk (“Spindo”) as of 28 February 2023.
9.    Laporan Bulanan Registrasi Pemegang Efek per 28                   OJK      022/III/CS-ISSP/2023                                     15 Maret 2023
      Februari 2023.                                                                                                                      15 March 2023
      Monthly Report on Securities Holder Registration
      as of 28 February 2022.


          Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan       05
          Corporate Governance                 Corporate Social Responsibility                 References                            Financial Statements    193
Page 202
                  2023 Annual Report                          Igniting Engagement
                  PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                                         Perihal                                     Tujuan                No. Surat    Penjelasan                        Waktu
      No.
                                         Subject                                     Address           Reference Number Explanation                       Date

      10.   Laporan Informasi atau Fakta Material Keterbukaan                         OJK             023/III/CS-ISSP/2023                         24 Maret 2023
            informasi berpulangnya Komisaris.                                                                                                      24 March 2023
            Material Facts or Material Facts Disclosure of
            information sharing regarding a Commissioner's
            passing.
      11.   Penyampaian Bukti Iklan Informasi Laporan                                 OJK             032/III/CS-ISSP/2023                         31 Maret 2023
            Keuangan Tahunan.                                                                                                                      31 March 2023
            Presenting Evidence of Publication of Annual
            Financial Report Data.
      12.   Laporan Informasi atau Fakta Material LAPORAN                             OJK             026/III/CS-ISSP/2023                         31 Maret 2023
            KEUANGAN KONSOLIDASIAN.                                                                                                                31 March 2023
            Information Report or Material Facts
            CONSOLIDATED FINANCIAL STATEMENTS.
      13.   Laporan Hutang Valuta Asing PT Steel Pipe Industry                        OJK             034/III/CS-ISSP/2023                         11 April 2023
            of Indonesia, Tbk ("Spindo") per 31 Maret 2023.                                                                                        11 April 2023
            Submission of Debt/Liability Data Reports in Foreign
            Currency PT Steel Pipe Industry of Indonesia Tbk
            (“Spindo”) as of 31 March 2023.
      14.   Tanggapan Perseroan atas surat OJK no S-                                  OJK             027/III/CS-ISSP/2023                         11 April 2023
            507/PM.21/2023 mengenai Penelaahan Laporan                                                                                             11 April 2023
            Realisasi Penggunaan Dana Hasil Penawaran Umum
            Berkelanjutan Obligasi I tahap II 2022 dan
            Penawaran Umum Berkelanjutan Sukuk I tahap II
            2022 Periode 31 Desember 2022 PT Steel Pipe
            Industry of Indonesia Tbk.
            The Company's response to OJK letter no S-
            507/PM.21/2023 regarding the Review of the
            Realization Report on the Use of Proceeds from the
            Sustainable Public Offering of Bonds I phase II 2022
            and the Sustainable Public Offering of Sukuk I phase
            II 2022 Period 31 December 2022 PT Steel Pipe
            Industry of Indonesia Tbk.
      15.   Laporan Bulanan Registrasi Pemegang Efek per 31                           OJK             035/IV/CS-ISSP/2023                          11 April 2023
            Maret 2023.                                                                                                                            11 April 2023
            Monthly Report on Securities Holder Registration as
            of 31 March 2023.
      16.   Penyampaian Laporan Tahunan PT Steel Pipe                                 OJK             037/V/CS-ISSP/2023                           02 Mei 2023
            Industry of Indonesia Tbk.                                                                                                             02 May 2023
            Submission of PT Steel Pipe Industry of Indonesia
            Tbk's Annual Report.
      17.   Laporan Hutang Valuta Asing PT Steel Pipe Industry                        OJK             038/V/CS-ISSP/2023                           10 Mei 2023
            of Indonesia Tbk ("Spindo") per 30 April 2023.                                                                                         10 May 2023
            Submission of Debt/Liability Data Reports in Foreign
            Currency PT Steel Pipe Industry of Indonesia Tbk
            (“Spindo”) as of 30 April 2023.


 05            Ikhtisar Utama                          Laporan Manajemen                    Profil Perusahaan                 Analisa & Pembahasan Manajemen
194              Highlights                            Management Report                    Company Profile                   Management Discussion & Analysis
Page 203
                                                                                    Igniting Engagement                         Laporan Tahunan 2023
                                                                                     Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




                                    Perihal                             Tujuan          No. Surat    Penjelasan                                      Waktu
No.
                                    Subject                             Address     Reference Number Explanation                                     Date

18.   Laporan Bulanan Registrasi Pemegang Efek per 30                      OJK      039/V/CS-ISSP/2023                                       10 Mei 2023
      April 2023.                                                                                                                            10 May 2023
      Monthly Report on Securities Holder Registration
      as of 30 April 2023.
19.   Laporan Informasi atau Fakta Material Penjelasan                     OJK      040/V/CS-ISSP/2023                                       12 Mei2023
      Volatilitas.                                                                                                                           12 May 2023
      Information Report or Material Fact of Explanation
      of Volatility.                                                                                                                         16 Mei 2023
20.   Penyampaian Mata Acara Rapat Umum Pemegang                           OJK      041/V/CS-ISSP/2023                                       16 May 2023
      Saham Tahunan
      Notification of the Agenda of the Annual General
      Meeting of Shareholders of PT Steel Pipe Industry
      of Indonesia Tbk.
21.   Penyampaian Mata Acara Rapat Umum Pemegang                           OJK      042/V/CS-ISSP/2023                                       16 Mei 2023
      Saham Tahunan Luar Biasa                                                                                                               16 May 2023
      Notification of the Agenda of the Extraordinary
      General Meeting of Shareholders of PT Steel Pipe
      Industry of Indonesia Tbk.
22.   Penjelasan atas Volatilitas Transaksi.                               OJK      040A/V/CS-ISSP/2023                                      16 Mei 2023
      Explanation of Transaction Volatility.                                                                                                 16 May 2023
23    Konfirmasi mata acara RUPS/RUPSLB PT Steel                            OJK      043/V/CS-ISSP/2023                                       22 Mei 2023
      Pipe Industry of Indonesia Tbk.                                                                                                        23 May 2023
      Confirmation of the Agenda of the Annual General
      Meeting of Shareholders / Extraordinary General
      Meeting of Shareholders of PT Steel Pipe Industry
      of Indonesia Tbk.
24.   Pengumuman Rapat Umum Pemegang Saham                                 OJK      044/V/CS-ISSP/2023                                       24 Mei 2023
      Tahunan.                                                                                                                               24 May 2023
      Announcement of the Annual General Meeting of
      Shareholders.
25.   Pengumuman Rapat Umum Pemegang Saham                                 OJK      045/V/CS-ISSP/2023                                       24 Mei 2023
      Tahunan Luar Biasa.                                                                                                                    24 May 2023
      Announcement of the Extraordinary General
      Meeting of Shareholders.
26.   Pemanggilan Rapat Umum Pemegang Saham                                OJK      046/VI/CS-ISSP/2023                                      08 Juni 2023
      Tahunan.                                                                                                                               08 June 2023
      Summons to the Annual General Meeting of
      Shareholders.
27.   Pemanggilan Rapat Umum Pemegang Saham                                OJK      047/VI/CS-ISSP/2023                                      08 Juni 2023
      Tahunan Luar Biasa.                                                                                                                    08 June 2023
      Summons to the Extraordinary General Meeting of
      Shareholders.
28.   Undangan RUPST & RUPSLB.                                     Notaris | Notary 048/VI/S-ISSP/2023                                       08 Juni 2023
      Invitation to AGMS & EGMS                                     Christina Dwi                                                            08 June 2023
                                                                         Utami


           Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                    Referensi                             Laporan Keuangan      05
           Corporate Governance                  Corporate Social Responsibility                  References                            Financial Statements   195
Page 204
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                                           Perihal                                         Tujuan                 No. Surat    Penjelasan                        Waktu
      No.
                                           Subject                                         Address            Reference Number Explanation                       Date

      29.   Undangan RUPST & RUPSLB.                                                     KAP Kanaka          049/VI/S-ISSP/2023                           08 Juni 2023
            Invitation to AGMS & EGMS.                                                    Puradireja                                                      08 June 2023
                                                                                          Suhartono
                                                                                            Nexia
                                                                                         International
      30.   Undangan RUPST & RUPSLB.                                                   PT Adimitra Jasa 050/VI/S-ISSP/2023                                08 Juni 2023
            Invitation to AGMS & EGMS.                                                     Korpora                                                        08 June 2023
      31.   Undangan RUPST & RUPSLB.                                                    Dewan Direksi        051/VI/S-ISSP/2023                           08 Juni 2023
            Invitation to AGMS & EGMS.                                             Board of Directors                                                     08 June 2023
      32.   Undangan RUPST & RUPSLB.                                                   Dewan Komisaris 052/VI/S-ISSP/2023                                 08 Juni 2023
            Invitation to AGMS & EGMS.                                                     Board of                                                       08 June 2023
                                                                                       Commissioners
      33.   Undangan RUPST & RUPSLB.                                                    Komite Audit         053/VI/S-ISSP/2023                           08 Juni 2023
            Invitation to AGMS & EGMS.                                                 Audit Committee                                                    08 June 2023
      34.   Laporan Hutang Valuta Asing PT Steel Pipe                                        OJK             054/VI/CS-ISSP/2023                          09 Juni 2023
            Industry of Indonesia, Tbk ("Spindo") per 31 Mei                                                                                              09 June 2023
            2023
            Submission of Debt/Liability Data Reports in
            Foreign Currency PT Steel Pipe Industry of
            Indonesia Tbk (“Spindo”) as of 31 May 2023.
      35    Laporan Bulanan Registrasi Pemegang Efek per 31                                  OJK             055/VI/CS-ISSP/2023                          09 Juni 2023
            Mei 2023                                                                                                                                      09 June 2023
            Monthly Report on Securities Holder Registration
            as of 31 May 2023.
      36.   Penelaahan atas Laporan Keuangan Tahunan 2022                                    OJK             056/VI/CS-ISSP/2023                          14 Juni 2023
            PT Steel Pipe Industry of Indonesia Tbk.                                                                                                      14 June 2023
            Review of the 2022 Annual Financial Report of PT
            Steel Pipe Industry of Indonesia Tbk.
      37.   Permintaan Informasi oleh Emiten dan Perusahaan                                  OJK             058/VI/CS-ISSP/2023                          27 Juni 2023
            Publik mengenai Lainnya.                                                                                                                      27 June 2023
            Requests for Information by Issuers and Public
            Companies concerning Others.
      38.   Penyampaian Laporan Keberlanjutan.                                               OJK             059/VI/CS-ISSP/2023                          28 Juni 2023
            Submission of Sustainability Reports.                                                                                                         28 June 2023
      39.   Laporan Evaluasi terhadap pelaksanaan pemberian                                  OJK             057/VI/CS-ISSP/2023                          28 Juni 2023
            jasa audit atas informasi keuangan historis tahunan                                                                                           28 June 2023
            oleh AP dan/atau KAP.
            Evaluation report on the implementation of
            providing audit services for annual historical
            financial information by AP and/or KAP.
      40.   Ringkasan Risalah Rapat Umum Pemegang Saham                                      OJK             060/VII/CS-ISSP/2023                         04 Juli 2023
            Tahunan.                                                                                                                                      04 July 2023
            Summary of Minutes of Annual General Meeting of
            Shareholders.



 05              Ikhtisar Utama                          Laporan Manajemen                         Profil Perusahaan                 Analisa & Pembahasan Manajemen
196                Highlights                            Management Report                         Company Profile                   Management Discussion & Analysis
Page 205
                                                                                    Igniting Engagement                         Laporan Tahunan 2023
                                                                                     Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




                                    Perihal                              Tujuan         No. Surat    Penjelasan                                      Waktu
No.
                                    Subject                              Address    Reference Number Explanation                                     Date

41.   Ringkasan Risalah Rapat Umum Pemegang Saham                           OJK     061/VII/CS-ISSP/2023                                     04 Juli 2023
      Tahunan Luar Biasa.                                                                                                                    04 July 2023
      Summary of Minutes of Extraordinary General
      Meeting of Shareholders.
42.   Pembagian Dividen Tunai.                                              OJK     062/VII/CS-ISSP/2023                                     04 Juli 2023
      Distribution of Cash Dividends.                                                                                                        04 July 2023
43.   Permohonan Rekomendasi Tim Ahli Syariah.                              OJK     063/VII/CS-ISSP/2023                                     04 Juli 2023
      Request for Recommendation from the Sharia                                                                                             04 July 2023
      Expert Team.
44.   Laporan Hutang Valuta Asing PT Steel Pipe                             OJK     065/VII/CS-ISSP/2023                                     10 Juli 2023
      Industry of Indonesia, Tbk ("Spindo") per 30 Juni                                                                                      10 July 2023
      2023
      Submission of Debt/Liability Data Reports in
      Foreign Currency PT Steel Pipe Industry of
      Indonesia Tbk (“Spindo”) as of 30 June 2023.
45.   Laporan Bulanan Registrasi Pemegang Efek per 30                       OJK     066/VII/CS-ISSP/2023                                     10 Juli 2023
      Juni 2023                                                                                                                              10 July 2023
      Monthly Report on Securities Holder Registration
      as of 30 June 2023.
46.   Dokumen Informasi Tambahan serta Perubahan                            OJK     067/VII/CS-ISSP/2023                                     10 Juli 2023
      dan/atau Tambahan Informasi dalam rangka                                                                                               10 July 2023
      Penawaran Umum Berkelanjutan Obligasi
      Berkelanjutan II SPINDO Tahap II Tahun 2023 dan
      Sukuk Ijarah Berkelanjutan II SPINDO Tahap II
      Tahun 2023.
      Additional Information Documents as well as
      Amendments and/or Additional Information in the
      context of the Sustainable Public Offering of
      Sustainable Bonds II SPINDO Phase II 2023 and
      Sustainable Sukuk Ijarah II SPINDO Phase II 2023.
47.   Surat izin kepada Wali Amanat untuk site visit PT                     OJK     070/VII/CS-ISSP/2023                                     10 Juli 2023
      Steel Pipe Industry of Indonesia Tbk. (“SPINDO”).                                                                                      10 July 2023
      Letter of permission to the Trustee for site visit to
      PT Steel Pipe Industry of Indonesia Tbk.
      (“SPINDO”).
48.   Risalah Rapat Umum Pemegang Saham Tahunan.                            OJK     071/VII/CS-ISSP/2023                                     14 Juli 2023
      Minutes of Meetings of the Annual General Meeting                                                                                      14 July 2023
      of Shareholders.
49.   Risalah Rapat Umum Pemegang Saham Luar Biasa                          OJK     072/VII/CS-ISSP/2023                                     14 Juli 2023
      Minutes of Meetings of the Extraordinary General                                                                                       14 July 2023
      Meeting of Shareholders.
50.   Penyampaian Prospektus.                                               OJK     075/VII/CS-ISSP/2023                                     18 Juli 2023
      Submission of Prospectus.                                                                                                              18 July 2023




           Tata Kelola Perusahaan               Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      05
           Corporate Governance                   Corporate Social Responsibility                 References                            Financial Statements   197
Page 206
                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                                             Perihal                                     Tujuan                No. Surat    Penjelasan                         Waktu
      No.
                                             Subject                                     Address           Reference Number Explanation                        Date

      51.   Permintaan Informasi oleh Emiten dan Perusahaan                               OJK             076/VII/CS-ISSP/2023                          20 Juli 2023
            Publik mengenai Lainnya.                                                                                                                    20 July 2023
            Requests for Information by Issuers and Public
            Companies regarding Others.
      52.   Pengantar Laporan Keuangan Tengah Tahun 2023.                                 OJK             077/VII/CS-ISSP/2023                          27 Juli 2023
            Introduction to the 2023 Mid-Year Financial                                                                                                 27 July 2023
            Statements.
      53.   Penyampaian Laporan Penunjukan KAP PT Steel                                   OJK             078/VII/CS-ISSP/2023                          27 Juli 2023
            Pipe Industry of Indonesia Tbk (“Spindo”)                                                                                                   27 July 2023
            Submission of Report on Appointment of KAP PT
            Steel Pipe Industry of Indonesia Tbk (“Spindo”)
      54.   Penyampaian Checklist Pengungkapan Laporan                                    OJK             079/VII/CS-ISSP/2023                          27 Juli 2023
            Keuangan Periode 30 Juni 2023.                                                                                                              27 July 2023
            Submission of the Financial Report Disclosure
            Checklist for the Period 30 June 2023.
      55.   Penyampaian Prospektus.                                                       OJK             084/VIII/CS-ISSP/2023                         03 Agustus 2023
            Submission of Prospectus.                                                                                                                   03 August 2023
      56.   Laporan Bulanan Registrasi Pemegang Efek per 31                               OJK             085/VIII/CS-ISSP/2023                         09 Agustus 2023
            Juli 2023                                                                                                                                   09 August 2023
            Monthly Report on Securities Holder Registration
            as of 31 July 2023.
      57.   Laporan Hutang Valuta Asing PT Steel Pipe                                     OJK             087/VIII/CS-ISSP/2023                         09 Agustus 2023
            Industry of Indonesia Tbk ("Spindo") per 31 Juli                                                                                            09 August 2023
            2023.
            Submission of Debt/Liability Data Reports in
            Foreign Currency PT Steel Pipe Industry of
            Indonesia Tbk (“Spindo”) as of 31 July 2023.
      58.   Permintaan Informasi oleh Emiten dan Perusahaan                               OJK             088/VIII/CS-ISSP/2023                         24 Agustus 2023
            Publik mengenai Lainnya.                                                                                                                    24 August 2023
            Requests for Information by Issuers and Public
            Companies concerning Others.
      59.   Penyampaian Sertifikat Pemeringkatan Efek                                      OJK             089/VIII/CS-ISSP/2023                         24 Agustus 2023
            Bersifat Utang dan/atau Sukuk PT Steel Pipe                                                                                                 24 August 2023
            Industry of Indonesia Tbk.
            Submission of Debt and/or Sukuk Securities Rating
            Certificate of PT Steel Pipe Industry of Indonesia
            Tbk.
      60.   Tanggapan PT Steel Pipe Industry of Indonesia Tbk                             OJK             090/VIII/CS-ISSP/2023                         28 Agustus 2023
            atas Penelaahan Laporan Realisasi Penggunaan                                                                                                28 August 2023
            Dana Hasil Penawaran Umum Berkelanjutan
            Obligasi II Tahap I 2023 dan Penawaran Umum
            Berkelanjutan Sukuk II Tahap I 2023 Periode 30
            Juni 2023 PT Steel Pipe Industry of Indonesia Tbk.




 05                Ikhtisar Utama                          Laporan Manajemen                    Profil Perusahaan                  Analisa & Pembahasan Manajemen
198                  Highlights                            Management Report                    Company Profile                    Management Discussion & Analysis
Page 207
                                                                                  Igniting Engagement                         Laporan Tahunan 2023
                                                                                   Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




                                   Perihal                             Tujuan         No. Surat    Penjelasan                                      Waktu
No.
                                   Subject                             Address    Reference Number Explanation                                     Date

      PT Steel Pipe Industry of Indonesia Tbk's response
      to the Review of the Realization Report on the Use
      of Proceeds from the Sustainable Public Offering of
      Bonds II Phase I 2023 and Sustainable Public
      Offering of Sukuk II Phase I 2023 Period 30 June
      2023 PT Steel Pipe Industry of Indonesia Tbk.
61.   Laporan Hutang Valuta Asing PT Steel Pipe                           OJK     091/IX/CS-ISSP/2023                                  07 September 2023
      Industry of Indonesia, Tbk ("Spindo") per 31                                                                                     07 September 2023
      Agustus 2023.
      Submission of Debt/Liability Data Reports in
      Foreign Currency PT Steel Pipe Industry of
      Indonesia Tbk (“Spindo”) as of 31 August 2023.
62.   Laporan Bulanan Registrasi Pemegang Efek per 31                     OJK     092/IX/CS-ISSP/2023                                  08 September 2023
      Agustus 2023.                                                                                                                    08 September 2023
      Monthly Report on Securities Holder Registration
      as of 31 August 2023.
63.   Laporan Hutang Valuta Asing PT Steel Pipe                           OJK     093/IX/CS-ISSP/2023                                  06 Oktober 2023
      Industry of Indonesia, Tbk ("Spindo") per 30                                                                                     06 October 2023
      September 2023.
      Submission of Debt/Liability Data Reports in
      Foreign Currency PT Steel Pipe Industry of
      Indonesia Tbk (“Spindo”) as of 30 September 2023.
64.   Laporan Bulanan Registrasi Pemegang Efek per 30                     OJK     094/IX/CS-ISSP/2023                                  09 Oktober 2023
      September 2023                                                                                                                   09 October 2023
      Monthly Report on Securities Holder Registration
      as of 30 September 2023.
65.   Penyampaian Laporan Keuangan PT Steel Pipe                          OJK     095/X/CS-ISSP/2023                                   31 Oktober 2023
      Industry of Indonesia Tbk ("Spindo") Triwulan III                                                                                31 October 2023
      Tahun 2023.
      Submission of Financial Report for Quarter III fiscal
      year of 2023 of PT Steel Pipe Industry of Indonesia
      Tbk ("Spindo").
66.   Laporan Bulanan Registrasi Pemegang Efek per 31                     OJK     096/XI/CS-ISSP/2023                                  09 November 2023
      Oktober 2023.                                                                                                                    09 November 2023
      Monthly Report on Securities Holder Registration
      as of 31 October 2023.
67.   Laporan Hutang Valuta Asing PT Steel Pipe                           OJK     097/XI/CS-ISSP/2023                                  09 November 2023
      Industry of Indonesia, Tbk ("Spindo") per 31                                                                                     09 November 2023
      Oktober 2023.
      Submission of Debt/Liability Data Reports in
      Foreign Currency PT Steel Pipe Industry of
      Indonesia Tbk (“Spindo”) as of 31 October 2023.
68.   Penyampaian Sertifikat Pemeringkatan Efek                            OJK     098/XI/CS-ISSP/2023                                  13 November 2023
      Bersifat Utang dan/atau Sukuk PT Steel Pipe                                                                                      13 November 2023
      Industry of Indonesia Tbk.


          Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      05
          Corporate Governance                  Corporate Social Responsibility                 References                            Financial Statements   199
Page 208
                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                                             Perihal                                     Tujuan                 No. Surat    Penjelasan                        Waktu
      No.
                                             Subject                                     Address            Reference Number Explanation                       Date

            Submission of Debt and/or Sukuk Securities Rating
            Certificate of PT Steel Pipe Industry of Indonesia
            Tbk.
      69.   Pemberitahuan Rencana Penyelenggaraan Public                                   BEI             099/XI/CS-ISSP/2023                        28 November 2023
            Expose Tahunan 2023.                                                                                                                      28 November 2023
            Notification of Plans to Hold the 2023 Annual
            Public Expose.
      70.   Undangan Public Expose PT Steel Pipe Industry of                              OJK              100/XI/CS-ISSP/2023                        29 November 2023
            Indonesia Tbk Tahun 2023.                                                                                                                 29 November 2023
            Invitation to Public Expose PT Steel Pipe Industry of
            Indonesia Tbk in 2023.                                                        OJK              101/XII/CS-ISSP/2023                       07 Desember 2023
      71.   Penyampaian Materi Public Expose Tahunan 2023.                                                                                            07 December 2023
            Submission of 2023 Annual Public Expose Material.
      72.   Laporan Hutang Valuta Asing PT Steel Pipe
            Industry of Indonesia, Tbk ("Spindo") per 30                                  OJK              102/XII/CS-ISSP/2023                       07 Desember 2023
            November 2023.                                                                                                                            07 December 2023
            Submission of Debt/Liability Data Reports in
            Foreign Currency PT Steel Pipe Industry of
            Indonesia Tbk (“Spindo”) as of 30 November 2023.                              OJK              103/XII/CS-ISSP/2023                       07 Desember 2023
      73.   Laporan Bulanan Registrasi Pemegang Efek per 30                                                                                           07 December 2023
            November 2023.                                                                OJK              104/XII/CS-ISSP/2023                       07 Desember 2023
            Monthly Report on Securities Holder Registration                                                                                          07 December 2023
            as of 30 November 2023.
      74.   Undangan Public Expose PT Steel Pipe Industry of
            Indonesia Tbk Tahun 2023.                                                     OJK              105/XII/CS-ISSP/2023                       07 Desember 2023
            Invitation to Public Expose PT Steel Pipe Industry of                                                                                     07 December 2023
            Indonesia Tbk in 2023.
      75.   Undangan Public Expose PT Steel Pipe Industry of
            Indonesia Tbk Tahun 2023
            Invitation to Public Expose PT Steel Pipe Industry of
            Indonesia Tbk in 2023.                                                        OJK              106/XII/CS-ISSP/2023                       07 Desember 2023
      76.   Undangan Public Expose PT Steel Pipe Industry of                                                                                          07 December 2023
            Indonesia Tbk Tahun 2023
            Invitation to Public Expose PT Steel Pipe Industry of
            Indonesia Tbk in 2023.                                                        OJK              107/XII/CS-ISSP/2023                       15 Desember 2023
      77.   Laporan Hasil Public Expose Tahunan 2023.                                                                                                 15 December 2023
            2023 Annual Public Expose Results Report.
      78.   Penyampaian Informasi Pemenuhan Kewajiban
            Public Expose Tahunan PT Steel Pipe Industry of
            Indonesia Tbk
            Submission of Information on Fulfillment of Annual                             OJK              108/XII/CS-ISSP/2023                       15 Desember 2023
            Public Expose Obligations of PT Steel Pipe Industry                                                                                       15 December 2023
            of Indonesia Tbk




 05                Ikhtisar Utama                          Laporan Manajemen                     Profil Perusahaan                 Analisa & Pembahasan Manajemen
200                  Highlights                            Management Report                     Company Profile                   Management Discussion & Analysis
Page 209
                                                                                                   Igniting Engagement                         Laporan Tahunan 2023
                                                                                                    Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Program Pengembangan Keahlian Sekretaris Perusahaan |
Corporate Secretary Skill Development Program
Demi mendukung pelaksanaan tugas dan tanggung jawabnya, Sekretaris                         In order to support the implementation of its duties and responsibilities, the

Perusahaan terus berupaya meningkatkan kompetensi. Berikut                                 Corporate Secretary continues to improve its competence. The following

pelatihan/workshop/seminar yang diikuti oleh Sekretaris Perusahaan selama                  training/workshops/seminars has been followed by Corporate Secretary
tahun 2023 antara lain:                                                                    during 2023:




    Tanggal                    Program Pengembangan/Workshop/Seminar                                               Penyelenggara                                  Realisasi
     Date                        Development Program/Workshop/Seminar                                                Organizer                                   Realization

31 Juli 2023              Workshop Penelaahan Implementasi POJK Terkait                                     Asosiasi Emiten Indonesia                     Telah direalisasikan
31 July 2023              Perusahaan Terbuka                                                                Indonesian Public Listed                      Has been realized
                          Workshop to Review the Implementation of POJK Regarding                           Companies Association
                          Public Companies
22 Agustus 2023           Webinar : Compliance Refreshment Emiten dan Perusahaan                            OJK - Otoritas Jasa Keuangan                  Telah direalisasikan
22 August 2023            Publik                                                                            The Financial Services Authority Has been realized
                          Webinar : Compliance Refreshment for Issuers and Public
                          Companies
                          Seminar Sosialisasi eASY.KSEI Terkait e-RUPS                                      BEI - Bursa Efek Indonesia                    Telah direalisasikan
                          eASY.KSEI Socialization Seminar Regarding e-GMS                                   IDX - Indonesia Stock Exchange Has been realized
19 Oktober 2023           Sosialisasi terkait Panduan Pengisian Form Informasi DES                          OJK - Otoritas Jasa Keuangan                  Telah direalisasikan
29 October 2023           (Form E088) dalam rangka Pilot Project Sistem Informasi                           The Financial Services Authority Has been realized
                          Daftar Efek Syariah (SIDES)
                          Socialization regarding Guidelines for Filling Out the DES
                          Information Form (Form E088) in the context of the Sharia
                          Securities Registration Information System (SIDES) Pilot
                          Project
24 Oktober 2023           Sosialisasi Peraturan Otoritas Jasa Keuangan (POJK) Nomor                         OJK - Otoritas Jasa Keuangan                  Telah direalisasikan
24 October 2023           14/POJK.04/2023 dan Surat Edaran Otoritas Jasa Keuangan                           The Financial Services Authority Has been realized
                          (SEOJK) Nomor 12/SEOJK.04/2023
                          Socialization of Financial Services Authority Regulation
                          (POJK) Number 14/POJK.04/2023 and Financial Services
                          Authority Circular Letter (SEOJK) Number 12/SEOJK.04/2023


          Tanggal                                      Pelatihan                                              Penyelenggara                                       Realisasi
           Date                                         Training                                                Organizer                                        Realization

04-05 Desember 2023                    Critical Thinking for Internal Auditor                 IIA - The Institute of Internal Auditors                    Telah direalisasikan
04-05 December 2023                                                                           Indonesia                                                   Has been realized
23-24 Mei 2023                         Understanding Financial Statement                      Prasetya Mulya                                              Telah direalisasikan
23-24 May 2023                                                                                                                                            Has been realized
29 Maret 2023                          Pelatihan Wawancara Efektif |                          PKLP UBAYA - Pusat Konsultasi dan                           Telah direalisasikan
29 March 2023                          Effective Interview Training                           Layanan Psikologi Universitas Surabaya                      Has been realized
24 November 2023                       Generative AI                                          One GML                                                     Telah direalisasikan
24 November 2023                                                                                                                                          Has been realized




              Tata Kelola Perusahaan                   Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan         05
              Corporate Governance                       Corporate Social Responsibility                         References                            Financial Statements      201
Page 210
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




  Audit Internal
  Internal Audit




      Perseroan mengawal setiap aktivitas Perusahaan dengan                           The Company oversees every activity of the Company with the
      pembentukan budaya tata kelola yang baik. Pengelolaan risiko serta              establishment of good governance culture. Risk management as well
      Pengendalian internal menyentuh setiap aspek di dalam Perusahaan                as internal controls touch every aspect of the Company both
      baik operasional maupun keuangan. SPINDO mendorong setiap                       operations and finance. SPINDO encourages every existing element
      elemen yang ada untuk memahami dan peduli terhadap budaya GCG.                  to understand and care for GCG culture.


      Langkah tersebut menjadi bagian dalam menciptakan Perusahaan                    The step is one part of creating a healthy and sustainable company so
      yang sehat dan berkelanjutan, sehingga memberikan nilai tambah                  that it generates added value and a strong foundation for the
      dan landasan yang kuat kepada Perseroan untuk bersaing dan                      Company to compete and become the customers’ main option.
      menjadi pilihan utama para pelanggan.


      Peran KP5 yang dilakukan oleh Internal Audit sangat strategis dalam             The role of KP5 (Monitoring Committee on the Implementation and
      menunjang penerapan budaya GCG melalui pendekatan yang                          Enforcement of Code of Ethics and Conduct) carried out by the
      terstruktur dan menyeluruh. KP5 juga berperan untuk menanggapi                  Internal Audit is very strategic in supporting the application of GCG
      pelaporan pelanggaran kode etik di bawah level direksi. Fungsi ini              culture through a structured and comprehensive approach. KP5 also
      dilakukan guna mengevaluasi dan meningkatkan tata kelola                        plays a role in responding to code of ethics breach report below the
      (governance process), pengendalian (control), dan efektivitas proses.           level of the Directors. The purpose of this function is to evaluate and
                                                                                      improve governance (governance process), control, and process
                                                                                      effectiveness.




      Dasar Hukum | Legal Basis
      ŸUndang-Undang No. 40/2007 tentang Perseroan Terbatas;                          Ÿ Law No. 40/2007 on Limited Liability Companies;

      ŸUndang-Undang No. 8/1995 tentang Pasar Modal;                                  ŸLaw No. 8/1995 on the Capital Market;

      ŸPeraturan Otoritas Jasa Keuangan No. 56 / POJK.04 / 2015 tanggal               ŸOJK Regulation No. 56 / POJK.04 / 2015 dated 29 December 2015

      29 Desember 2015 tentang Pembentukan dan Pedoman untuk                           on the Establishment and Guidance to the Formulation of Internal
      Penyusunan Piagam Unit Audit Internal (“POJK No. 56/2015”).                      Audit Unit Charter (“POJK No. 56/2015”).
      ŸKepala Audit Internal ditunjuk melalui surat keputusan Direktur                ŸThe Head of the Internal Audit was appointed by the decision letter

      Utama tertanggal 8 Oktober 2012.                                                 of President Director dated 8 October 2012.




      Struktur Organisasi Unit Audit Internal |
      Internal Audit Unit Organizational Structure
      Unit Audit Internal merupakan unit kerja independen yang                        Internal Audit Unit is an independent work unit directly responsibles
      bertanggung jawab langsung kepada Direksi. Unit Audit Internal                  for the Directors. Internal Audit Unit holds routine meetings with the
      mengadakan pertemuan rutin dengan Komite Audit selaku organ                     Audit Committee as a suppor ting organ of the Board of
      Penunjang Dewan Komisaris untuk membahas isu-isu yang                           Commissioners to discuss matters related to internal control and risk
      pengendalian internal dan manajemen risiko.                                     management.


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202               Highlights                            Management Report             Company Profile                   Management Discussion & Analysis
Page 211
                                                                                                      Igniting Engagement                         Laporan Tahunan 2023
                                                                                                       Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




                                                                          Rapat Umum Pemegang Saham
                                                                          General Meeting of Shareholders




                                       Dewan Komisaris                                                                            Direktur Utama
                                     Board of Commissioners                                                                      President Director




                                         Komite Audit                                                                            Unit Audit Internal
                                        Audit Committee                                                                          Internal Audit Unit




Departemen Audit Internal dipimpin oleh Kepala Audit Internal.                                Internal Audit Department led by the Head of Internal Audit. The
Berikut adalah anggota yang membantu Kepala Audit Internal                                    following are members who assist the Head of Internal Audit and
beserta fungsi dan tugasnya menurut tingkatan, di antaranya:                                  their duties and responsibilites by level, including:



Jumlah Anggota                         Jabatan                                                             Tugas & Tanggung Jawab
   Members                             Position                                                             Duties & Responsibilities

2 (dua)                       Senior Auditor                  Melaksanakan penilaian, efektivitas, dan efisiensi operasional perusahaan serta menjaga
anggota                       Internal                        aset perusahaan dengan melalui proses pemeriksaan dan evaluasi semua aktivitas di dalam
                                                              perusahaan sesuai dengan arahan dan program kerja yang ada serta analisa terhadap
                                                              potensi terjadinya risiko yang dapat mengakibatkan kerugian bagi perusahaan.
2 (two)                       Senior Internal                 Carry out assessment, effectiveness, and efficiency of the company's operations and
members                       Auditor                         safeguard company assets by going through the process of examining and evaluating all
                                                              activities within the company in accordance with existing directives and work programs as
                                                              well as an analysis of potential risks that could result in losses for the company.


2 (dua)                       Middle Auditor                  Melaksanakan penilaian, efektivitas, dan efisiensi operasional perusahaan serta menjaga
anggota                       Internal                        asset perusahaan dengan melalui proses pemeriksaan dan evaluasi semua aktivitas di dalam
                                                              perusahaan sesuai dengan arahan dan program kerja yang ada.
2 (two)                       Middle Internal                 Carry out the assessment, effectiveness, and efficiency of the company's operations and
members                       Auditor                         safeguard company assets by going through the process of checking and evaluating all
                                                              activities within the company in accordance with the existing directives and work programs.


3 (tiga)                      Junior Auditor                  Membantu Middle Auditor Internal dan Senior Auditor Internal dalam melaksanakan
anggota                       Internal                        penilaian, efektivitas, dan efisiensi operasional perusahaan serta menjaga aset perusahaan.
3 (three)                     Junior Internal                 Supports Middle Internal Auditors and Senior Internal Auditors in conducting assessments,
members                       Auditor                         the effectiveness and efficiency of the company's operations and safeguarding the
                                                              company's assets..



Kedudukan Unit Audit Internal | Position of Internal Audit Unit
a. Audit Internal dipimpin oleh seorang kepala yang disebut Kepala                            a. Head of Internal Audit supervises the Internal Audit unit. S/he is

   Audit Internal atau Head of Internal Audit. Secara struktural                                 structurally responsible for reporting to President Director of the
   bertanggung jawab kepada Direktur Utama perusahaan dan                                        Company and holds functional relations with Audit Committee.
   mempunyai hubungan fungsional dengan Komite Audit.


            Tata Kelola Perusahaan                        Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      05
            Corporate Governance                            Corporate Social Responsibility                         References                            Financial Statements   203
Page 212
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      b. Dalam menjalankan kegiatan assurance dan konsultasi, dibentuk                        b. In conducting assurance and consultancy, a team is formed on the
         tim melalui surat tugas dengan jabatan fungsional dan waktu                              basis of a Letter of Assignment which specifies its functional

         tertentu yang susunannya adalah penanggung jawab, ketua tim                              positions, tenure and structure, which is composed of person-in-
         dan anggota tim.                                                                         charge, team leader, and team members.

      c. Kepala Audit Internal diangkat dan diberhentikan oleh Direktur                       c. Head of Internal Audit is appointed and dismissed by the
         Utama perusahaan dengan persetujuan Dewan Komisaris.                                     President Director of the Company with the approval of the Board

      d. Setiap pengangkatan, penggantian, dan pemberhentian Kepala                               of Commissioners.

         Audit Internal segera diberitahukan kepada lembaga terkait,                          d. Any appointment, replacement, and dismissal of Head of Internal
         seperti Otoritas Jasa Keuangan dan lembaga lainnya.                                      Audit shall immediately be notified to relevant Institutions, such as
      e. Pengangkatan dan pemberhentian staf Audit Internal harus                                 the Financial Services Authority and other institutions.

         mempertimbangkan pendapat Kepala Audit Internal dengan                               e. Appointment and dismissal of Internal Audit staffs should

         memperhatikan kompetensi & kriteria seorang auditor.                                     consider the opinion of Head of Internal Audit by taking into
                                                                                                  account the competence and criteria of an auditor.



      Penunjukan Unit Audit Internal |
      Appointment of Internal Audit Unit
      Kepala Audit Internal ditunjuk oleh Direksi dengan persetujuan                          The Head of Internal Audit is appointed by the Board of Directors with

      Dewan Komisaris, dan bertanggung jawab kepada Direktur Utama,                           the approval of the Board of Commissioners, and is responsible to the

      sesuai dengan surat Keputusan Direktur Utama tertanggal 8 Oktober                       President Director, in compliance with the decision letter of the
      2012.                                                                                   President Director dated 8 October 2012.




      Profil Kepala Audit Internal |
      Profile of the Head of Internal Audit Unit
                       Teguh Santoso
                                                          Kepala Audit Internal | Head of Internal Audit




      Kewarganegaraan                                     Indonesia
      Nationality                                         Indonesian
      Usia                                                50 tahun per 31 Desember 2023
      Age                                                 50 years old as of 31 December 2023
      Domisili                                            Surabaya
      Domicile
      Dasar Hukum Pengangkatan                            Diangkat kembali sebagai Kepala Audit Internal berdasarkan Keputusan Dewan Komisaris dan Direksi
      Legal Basis                                         Perseroan tanggal 9 Januari 2018.
                                                          Reappointed as Head of Internal Audit based on the Decree of the Company's Board of
                                                          Commissioners and Directors dated January 9th, 2018.

 05              Ikhtisar Utama                          Laporan Manajemen                   Profil Perusahaan                   Analisa & Pembahasan Manajemen
204                Highlights                            Management Report                   Company Profile                     Management Discussion & Analysis
Page 213
                                                                                               Igniting Engagement                         Laporan Tahunan 2023
                                                                                                Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Riwayat Pekerjaan                          Ÿ   Akuntan Publik Tony Santoso & Co. (1996-2000)
Work Experience                                 Public Accountant Tony Santoso & Co. (1996-2000)
                                           Ÿ   Kepala Akuntan PT Multi Prawn Indonesia (2000-2001)
                                                Head of Accounting, PT Multi Prawn Indonesia (2000-2001)
                                           Ÿ   Internal Audit / Kontrol Internal, Supervisor Akuntan, Kontrol Proyek SAP dan Analis AP (Account Payable) PT
                                               HM Sampoerna Tbk (2001-2011)
                                                Internal Audit/Internal Control, Accounting Supervisor, SAP Project Controller and AP Analyst, PT HM
                                                Sampoerna Tbk (2001-2011)
Riwayat Pendidikan                         S1, Sekolah Tinggi Ilmu Ekonomi Malangkuçeçwara, Malang, Indonesia.
Educational Background                     Bachelor’s degree, Institute of Economic Science Malangkuçeçwara, Malang, Jakarta (2000).
Hubungan Afiliasi dengan anggota            Tidak memiliki afiliasi dengan sesama anggota Direksi, atau anggota Dewan Komisaris, atau dengan pemegang
Dewan Komisaris lainnya, anggota Direksi   saham utama.
atau pemegang saham utama                  Does not have any affiliations with fellow members of the Board of Directors, or members of the Board of
Affiliate Relations with Board Members or   Commissioners, nor with the ultimate shareholder.
Majority Shareholders
Jumlah Kepemilikan Saham ISSP              -
Share Ownership in ISSP




Kualifikasi Serta Sertifikasi | Qualification and Certification
Unit Audit Internal memiliki Piagam Internal Audit sebagai acuan                       The Internal Audit Unit has the Internal Audit Charter as a reference in
dalam pelaksanaan tugasnya. Berikut susunan Unit Audit Internal:                       the implementation of its duties. The composition of the Internal Audit
                                                                                       Unit is as follows:


     Nama                                       Jabatan                                     Latar Belakang Pendidikan                                            Sertifikasi
     Name                                      Designation                                   Educational Background                                             Certification

Teguh Santoso                          Kepala Audit Internal                           S1, Ekonomi                                                                        -
                                       Head of Internal Audit                          Bachelor of Economics
Henry Kristomo                         Senior Auditor Internal                         S1, Teknik                                                                         -
                                       Senior Internal Auditor                         Bachelor of Engineering
Linggarwati                            Senior Auditor Internal                         S1, Ekonomi - Akuntansi                                                            -
                                       Senior Internal Auditor                         Bachelor of Economics - Accounting
I Ketut Alit Suryana Semara            Middle Auditor Internal                         S1, Ekonomi - Manajemen                                                            -
                                       Middle Internal Auditor                         Bachelor of Economics - Management
Liestya Bima Wiratama                  Middle Auditor Internal                         S1, Ekonomi - Manajemen                                                            -
                                       Middle Internal Auditor                         Bachelor of Economics - Management
Bryan Mattheus Widyanata               Junior Auditor Internal                         S1, Ekonomi - Akuntansi                                                            -
                                       Junior Internal Auditor                         Bachelor of Economics - Accounting
Yosua Giovano Putra                    Junior Auditor Internal                         S1, Ekonomi - Akuntansi                                                            -
                                       Junior Internal Auditor                         Bachelor of Economics - Accounting
Samuel Agung Santosa                   Junior Auditor Internal                         S1, Hukum & S2, Sastra Inggris                                                     -
                                       Junior Internal Auditor                         Bachelor of Law & Master Degrees in English
                                                                                       Literature




            Tata Kelola Perusahaan                 Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan           05
            Corporate Governance                     Corporate Social Responsibility                         References                            Financial Statements        205
Page 214
                  2023 Annual Report                          Igniting Engagement
                  PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Program Pelatihan Unit Audit Internal |
      Internal Audit Unit Training Program
      Untuk melakukan pengembangan pengetahuan, mendukung                            To develop knowledge, support the implementation of their duties
      pelaksanaan tugas dan tanggung jawabnya serta meningkatkan                     and responsibilities and improve Internal Audit competencies, the
      kompetensi Audit Internal, berikut adalah pelatihan/workshop/                  following are training/workshops/seminars during 2023:
      seminar yang selama tahun 2023:


      No.                 Program Pelatihan/Workshop/Seminar                                            Penyelenggara                          Tanggal
                           Training/Workshop/Seminar Program                                              Organizer                             Date

      1.            Critical Thinking for Internal Auditor                                              IIA Indonesia                 04-05 Desember 2023
                                                                                                                                      04-05 December 2023
      2.            Understanding Financial Statement                                                   Prasetya Mulya                23-24 May 2023
                                                                                                                                      23-24 May 2023
      3.            Pelatihan Wawancara Efektif | Effective Interview Training                          PKLB Ubaya                    29 Maret 2023
                                                                                                                                      29 March 2023
      4.            Generative AI                                                                       One GML                       24 November 2023
                                                                                                                                      24 November 2023




 05            Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                    Analisa & Pembahasan Manajemen
206              Highlights                            Management Report             Company Profile                      Management Discussion & Analysis
Page 215
                                                                                      Igniting Engagement                          Laporan Tahunan 2023
                                                                                       Elevating Excellence       PT Steel Pipe Industry of Indonesia Tbk




Audit Eksternal
External Audit


Audit eksternal adalah audit yang dilakukan oleh badan di luar                  The external audit is an audit activity conducted by an external entity
perusahaan (independen) yang telah memenuhi persyaratan untuk                   (independent) that meets the requirements to provide confidence in
memberikan keyakinan atas keakuratan dan kelengkapan pencatatan                 the accuracy and completeness of accounting records of the
akuntansi Perusahaan. Audit eksternal dilakukan untuk memastikan                Company. The purpose of an external audit is to ensure that the
bahwa pencatatan akuntansi Perusahaan yang disusun sesuai                       Company’s accounting records are in accordance with the provisions
dengan ketentuan Pernyataan Standar Akuntansi dan Keuangan                      of the Statement of Accounting Standards and Finance (PSAK). The
(PSAK). Audit eksternal dilakukan oleh Akuntan Publik yang telah                external audit is conducted by Public Accountants who have met the
memenuhi persyaratan yang ditetapkan oleh undang-undang dan                     requirements stipulated by the applicable laws and regulations.
peraturan yang berlaku.


Berdasarkan RUPST Perseroan pada 30 Juni 2022 dan berdasarkan                   Based on the AGMS of the Company on June 30th, 2022 and based on
rekomendasi dari Dewan Komisaris serta Komite Audit, RUPS                       the recommendations of the Board of Commissioner as well as Audit
memutuskan menunjuk kembali Kantor Akuntan Publik Kanaka                        Committee, GMS decided to reappoint Kanaka Puradiredja,
Puradiredja, Suhartono (firma anggota jaringan Nexia International).             Suhartono Public Accountant Firm (firm member of the Nexia
Firma ini tidak memberikan jasa yang tidak terkait audit untuk                  International). The Firm does not provide services not related to audit
Perseroan selama tahun berjalan.                                                to the Company during the current year.




Periode dan Biaya | Period and Fee
Selama 6 (enam) tahun terakhir, Akuntan Publik yang ditunjuk oleh               For the last 6 (six) years, Public Accountants appointed by the
Perseroan guna melakukan Audit secara independen yakni:                         Company to conduct an independent audit are:



      Akuntan Publik                                            Rekan                                          Year Period                          Biaya Audit
     Public Accountant                                      Signing Partner                                   Periode Tahun                          Audit Fee

Kanaka Puradiredja, Suhartono                Tan Siddharta, S.E., M.M., C.P.A., C.A.                              2023                        Rp 630.000.000,00
(a member of Nexia International)                                                                                                             IDR 630,000,000.00
Kanaka Puradiredja, Suhartono                Tan Siddharta, S.E., M.M., C.P.A., C.A.                              2022                        Rp 600.000.000,00
(a member of Nexia International)                                                                                                             IDR 600,000,000.00
Kanaka Puradiredja, Suhartono                Adeyana Widjaja                                                      2021                        Rp 600.000.000,00
(a member of Nexia International)                                                                                                             IDR 600,000,000.00
Kanaka Puradiredja, Suhartono                Adeyana Widjaja                                                      2020                        Rp 600.000.000,00
(a member of Nexia International)                                                                                                             IDR 600,000,000.00
Kanaka Puradiredja, Suhartono                Tan Siddharta, S.E., M.M., C.P.A., C.A.                              2019                        Rp 600.000.000,00
(a member of Nexia International)                                                                                                             IDR 600,000,000.00




Jasa Lain | Other Services
Selama tahun buku 2023, Kantor Akuntan Publik dan/atau Akuntan                  During the financial year 2023, the Public Accountant Firm and/or
Publik yang melakukan audit eksternal tidak memberikan jasa lain                Public Accountant that performed an external audit did not provide
kepada Perseroan.                                                               any other services to the Company.


          Tata Kelola Perusahaan            Tanggung Jawab Sosial Perusahaan                         Referensi                              Laporan Keuangan       05
          Corporate Governance                Corporate Social Responsibility                       References                             Financial Statements    207
Page 216
                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Mekanisme Penunjukan | Appointment Mechanism
      Penunjukan Akuntan Publik yang dilakukan oleh Perseroan mengikuti                  Appointment of Public Accountant by the Company goes by the
      mekanisme sebagai berikut:                                                         following mechanism:
      1.   Hasil evaluasi Komite Audit terhadap Kantor Akuntan Publik atas               1. The results of the Audit Committee’s evaluation on Public
           pelaksanaan audit Laporan Keuangan Tahun Buku 2022 yang                            Accounting Firm for the audit of Financial Statements Fiscal Year
           telah disampaikan ke OJK.                                                          2022 which have been submitted to OJK.
      2.   Rekomendasi Komite Audit berkenaan dengan penunjukan                          2. Recommendations of the Audit Committee with regards to the
           Akuntan Publik sebagai dasar untuk melakukan pengadaan                             appointment of a Public Accountant as the basis to procure its
           jasanya.                                                                           services.
      3.   Dewan Komisaris menyetujui penunjukan Kantor Akuntan Publik                   3. The Board of Commissioners approves the appointment of the
           untuk melaksanakan audit atas Laporan Keuangan Konsolidasi-                        Public Accountant Firm to conduct audit of the Company’s
           an Perseroan untuk Tahun Buku 2023.                                                Consolidated Financial Statements for the Fiscal Year 2023.
      4.   Dewan Komisaris mengusulkan kepada RUPST yang diadakan                        4. The Board of Commissioners proposed to the AGMS which was
           pada 30 Juni 2023 untuk menyetujui penunjukan Kantor                               held on June 30th, 2023 to approve appointment of the Public
           Akuntan Publik yang ditugaskan mengaudit Laporan Keuangan                          Accounting Firm assigned to audit the Consolidated Financial
           Konsolidasian Tahun Buku 2023.                                                     Statement Fiscal Year 2023.
      5.   Penunjukan Akuntan Publik dan/atau Kantor Akuntan Publik atas                 5. Appointment of Public Accountant and/or Public Accountant Firm
           Informasi Keuangan Historis Tahunan SPINDO pada tahun buku                         for SPINDO Annual Financial History for the financial year ended
           yang berakhir pada 31 Desember 2023 dan telah dilaporkan ke                        on December 31, 2023 and has been reported to OJK.
           OJK.




 05               Ikhtisar Utama                           Laporan Manajemen             Profil Perusahaan                   Analisa & Pembahasan Manajemen
208                 Highlights                             Management Report             Company Profile                     Management Discussion & Analysis
Page 217
                                                                                       Igniting Engagement                         Laporan Tahunan 2023
                                                                                        Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Sistem Pengendalian Internal
Internal Control System


Sistem Pengendalian Internal merupakan metode, kebijakan, dan                    Internal Control System is a method, policy and procedure
prosedur yang terkoordinasi di dalam perusahaan untuk                            coordinated within the Company to secure the Company’s wealth, to
mengamankan kekayaan perusahaan, menguji ketepatan, ketelitian,                  examine accuracy, precision and reliability of accounting notes/date
dan keandalan catatan/data akuntansi serta untuk mendorong                       as well as to prompt the compliance with the management policy.
ditaatinya kebijakan manajemen.


Sistem pengendalian internal Perseroan dijabarkan dalam bentuk                   The Internal Control System of the Company is elaborated in the form
perencanaan yang meliputi seluruh kegiatan operasional Perseroan                 of planning covering the entire operational activities of the Company
dengan tujuan menjaga eksistensi dan keamanan harta milik                        with the goal to preserve existence and security of the Company’s
Perseroan, memeriksa kebenaran data akuntansi, dan mendorong                     wealth, to examine the validity of accounting data and urge
dipatuhinya seluruh kebijakan-kebijakan manajemen yang telah                     compliance with all of the determined management policies. To
ditetapkan. Untuk dapat mencapai hal tersebut, dalam menjalankan                 achieve these goals, in running its business activities, the Company is
kegiatan usahanya Perseroan dipimpin oleh para Direksi yang sangat               led by the Board of Directors vastly experienced with the Company’s
berpengalaman dalam core business perusahaan, dibantu oleh para                  core business, assisted by experienced managers who possess high
manajer yang berpengalaman, memiliki integritas yang tinggi, dan                 integrity and competence in their respective fields. Furthermore, the
berkompeten di bidangnya masing-masing. Selain itu, Perseroan                    Company always adjusts its operational activities by taking
selalu menyesuaikan kegiatan operasionalnya dengan memanfaat-                    advantage of the latest technological advancements in the fields of
kan perkembangan teknologi terkini baik dalam keuangan, produksi,                finance, production and marketing.
maupun bidang pemasaran.


Pelaksanaan sistem pengendalian internal (Internal Control System)               The implementation of Internal Control System, the Company
Perseroan mengadaptasi framework internal control dari COSO                      adopted the COSO (Committee of Sponsoring Organizations of the
(Committee of Sponsoring Organizations of the Treadway                           Treadway Commission) internal control framework which consists of
Commission) yang memiliki 5 komponen utama, dan 17 prinsip untuk                 5 main components and 17 principles to boost the achievement of
mendukung tercapainya, yaitu antara lain kepatuhan terhadap                      compliance with the existing policies and procedures and the
kebijakan dan prosedur yang ada dan penerapan internal kontrol                   implementation of an effective internal control in the Company’s
yang efektif dalam operasional perusahaan, sebagai berikut:                      operations, as follows:




5 (Lima) Komponen COSO                                      Framework COSO: 17 (tujuh belas) Prinsip Efektif Internal Control
5 (Five) COSO Components                                   COSO Framework: 17 (seventeen) Principles of Effective Internal Control

Control Environment                                        1. Komitmen terhadap integritas dan nilai etika.
                                                                Demonstrate commitment to integrity and ethical values.
                                                           2. Melaksanakan tanggung jawab pengawasan.
                                                                Ensure the board to exercise oversight responsibility.
                                                           3. Menerapkan struktur wewenang dan tanggung jawab.
                                                                Establish a structure, authorities and responsibilities.
                                                           4. Komitmen terhadap kompetensi.
                                                                Demonstrate commitment to competency.
                                                           5. Mendorong akuntabilitas atas sistem internal control.
                                                                Promote accountability on internal control system.



          Tata Kelola Perusahaan             Tanggung Jawab Sosial Perusahaan                         Referensi                             Laporan Keuangan      05
          Corporate Governance                 Corporate Social Responsibility                       References                            Financial Statements   209
Page 218
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      5 (Lima) Komponen COSO                                                   Framework COSO: 17 (tujuh belas) Prinsip Efektif Internal Control
      5 (Five) COSO Components                                                COSO Framework: 17 (seventeen) Principles of Effective Internal Control


      Risk Assessment                                                         6. Menentukan tujuan.
                                                                                   Establish objectives.
                                                                              7. Mengidentifikasi dan menganalisis risiko.
                                                                                   Identify and analyze risks.
                                                                              8. Menilai risiko fraud.
                                                                                   Evaluate fraud risks.
                                                                              9. Mengidentifikasi dan menganalisis perubahan signifikan.
                                                                                   Identify and analyze significant changes.
      Control Activities                                                      10. Mengembangkan kegiatan pengendalian.
                                                                                   Develop control activities.
                                                                              11. Mengembangkan kontrol umum atas teknologi.
                                                                                   Develop general control over technology.
                                                                              12. Merinci kepada kebijakan dan prosedur.
                                                                                   Specify policies and procedures.
      Information & Communication                                             13. Menggunakan informasi yang relevan.
                                                                                   Use relevant information.
                                                                              14. Komunikasi internal yang efektif.
                                                                                   Effective internal communication.
                                                                              15. Komunikasi eksternal yang efektif.
                                                                                   Effective internal communication.
      Monitoring Activities                                                   16. Evaluasi berkelanjutan dan/atau terpisah.
                                                                                   Continuous and/or separated evaluation.
                                                                              17. Mengevaluasi dan melaporkan setiap kekurangan.
                                                                                   Evaluate and report every deficiency.




      Evaluasi dan Kecukupan Sistem Pengendalian Internal |
      Evaluation and Adequacy of the Internal Control System
      Evaluasi atas sistem pengendalian internal di lingkungan Perseroan                       Evaluation of internal control system within the Company is carried
      dilakukan oleh Unit Audit Internal yang selanjutnya hasil tersebut                       out by the Internal Audit Unit which the results will be escalated to the
      akan dieskalasi ke Direksi. Direksi menilai sistem pengendalian                          Board of Directors. The Board of Directors considers that internal
      internal yang dilakukan oleh Perseroan telah berjalan baik dan cukup.                    control system conducted by the Company has been running well and
      Namun Perseroan akan tetap melakukan pengembangan, evaluasi                              adequate. However, the Company will continue to develop, evaluate,
      dan perbaikan yang dilakukan secara terus-menerus agar lebih                             and improve continuously to be more optimal.
      optimal.




 05              Ikhtisar Utama                          Laporan Manajemen                     Profil Perusahaan                  Analisa & Pembahasan Manajemen
210                Highlights                            Management Report                     Company Profile                    Management Discussion & Analysis
Page 219
                                                                                            Igniting Engagement                         Laporan Tahunan 2023
                                                                                             Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Manajemen Resiko
Risk Management


Dalam menjalankan kegiatannya, Perseroan menghadapi risiko                            In executing its activities, the Company is met with business risks and
usaha dan risiko lain yang berada di luar jangkauan Perseroan. Seiring                other risks beyond the Company’s reach. Along with the development
dengan perkembangan Perseroan, maka risiko yang harus dihadapi                        of the Company, the risks that must be dealt with are increasingly
Perseroan pun semakin meluas dan bervariatif. Dituntut kemampuan                      expanding and various. This fact demands prime capability from the
yang prima dari pihak manajemen untuk melakukan proses                                management to conduct series of processes of risk identification,
identifikasi, analisis, dan evaluasi atas risiko agar risiko-risiko tersebut           analysis and evaluation so that they are recognizable and properly
dapat dikenali dan dikendalikan dengan tepat. Tujuan manajemen                        mitigated. The overall objective of the Company’s risk management is
risiko Perseroan secara keseluruhan adalah untuk mengendalikan                        to control the risks effectively and minimize the effects that could lead
risiko-risiko secara efektif dan meminimalisir pengaruh yang dapat                    to further losses.
menimbulkan kerugian lebih lanjut.


Manajemen Risiko menjadi bagian yang tidak kalah penting dalam                        Risk Management is an equally important part of creating good
menciptakan tata kelola perusahaan yang baik. Penerapan prinsip-                      corporate governance. The application of GCG principles is expected
prinsip GCG diharapkan mampu mendorong akurasi dalam                                  to boost accuracy in compiling and mitigating risks. Thus, the
menyusun dan memitigasi risiko. Sehingga kegiatan pengelolaan                         Company’s management activities will run seamlessly and will be
Perusahaan berjalan lancar dan mampu meningkatkan kinerja                             able to improve operational and financial performances of the
operasional dan keuangan Perseroan.                                                   Company.


Sebagai salah satu Perusahaan yang memproduksi pipa dengan                            As one of the companies that produces pipe with various types, the
berbagai jenis, Perseroan menyadari bahwa risiko yang sedang dan                      Company realizes how inevitable the risks when running a business.
akan dihadapi merupakan keniscayaan dalam menjalankan bisnis.                         Risk in SPINDO’s context is a potential event, either predictable
Risiko dalam konteks SPINDO merupakan suatu kejadian potensial,                       (anticipated) or unpredictable (unanticipated) which has negative
baik yang dapat diperkirakan (anticipated) maupun yang tidak                          impact on growth, revenue, and operations.
diperkirakan (unanticipated) yang berdampak negatif terhadap
pertumbuhan, pendapatan, dan operasional.


Manajemen risiko dirancang untuk mengidentifikasi kejadian                             Risk management is designed to identify potential events (risks) that
potensial (risiko) yang dapat mempengaruhi Perseroan untuk                            may affect the Company and then to be managed in such a way so
kemudian dikelola sedemikian rupa agar sesuai dengan risk appetite                    that it is in accordance with risk appetite (risk tolerance).
(toleransi terhadap risiko).




No.                     Jenis Risiko                                                                        Mitigasi
                        Type of Risk                                                                       Mitigation

1.      Risiko fluktuasi harga akibat kelebihan Ÿ Melakukan pengelolaan persediaan yang efektif dan efisien.
        pasokan baja dunia                                To manage supplies effectively and efficiently.
        Risks of price fluctuation due to global Ÿ Melakukan pemilihan vendor yang terpercaya sehingga keandalan pesanan terjaga dengan
        steel oversupply                                harga yang bersaing.
                                                          To conduct vendor selection that is trustworthy so the reliability of orders is preserved with
                                                          competitive price.




           Tata Kelola Perusahaan                 Tanggung Jawab Sosial Perusahaan                         Referensi                             Laporan Keuangan      05
           Corporate Governance                     Corporate Social Responsibility                       References                            Financial Statements   211
Page 220
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      No.                        Jenis Risiko                                                                     Mitigasi
                                 Type of Risk                                                                    Mitigation

      2.     Risiko keterlambatan proyek                         Ÿ Melakukan pendekatan dan pertemuan berkala dengan pemilik proyek untuk senantiasa
             Risks of project delay                                  mendapatkan kondisi terkini dari perencanaan proyek.
                                                                     To conduct periodic approach and meeting with project owner to constantlyacquire the
                                                                     latest condition of the project planning.
                                                                 Ÿ Secara proaktif melakukan koordinasi dengan kontraktor utama dan kontraktor-kontraktor
                                                                     pelaksana.
                                                                     Proactive coordination with main contractors and the managing contractors.
      3.     Risiko perlemahan daya beli                         Ÿ Secara lebih intensif melakukan penjualan kepada pelanggan dengan kategori end user
             masyarakat                                              yang memiliki proses penjualan yang lebih pendek.
             Risks of the weakening public’s                         Intensify sales to customers of the end-user category that has shorter sales process.
             spending power                                      Ÿ Mengoptimalisasi kinerja Divisi Marketing.
                                                                     Optimize the performance of Marketing Division.
                                                                 Ÿ   Memberikan edukasi produk melalui jalur digital yang telah tersedia.
                                                                     Provide product education through the available digital channels.



      Kebijakan Manajemen Risiko | Risk Management Policy
      Untuk saat ini, Perseroan belum memiliki pedoman manajemen risiko                     Currently, the Company has yet to have a formal risk management
      secara formal, akan tetapi prinsip manajemen risiko telah tertuang                    guidelines however the principles of risk management have all been
      pada Pedoman Tata Kelola Perusahaan yang ditandatangani oleh                          incorporated in its Corporate Governance Guidelines signed by all
      seluruh Dewan Komisaris dan Direksi pada 9 Januari 2018.                              members of the Board of Commissioners and Directors on January 9th,
                                                                                            2018.


      Sistem Manajemen Risiko | Risk Management System
      Sistem Manajemen Risiko Perseroan terus berupaya menyempurna-                         The Company continues to seek for the improvement of the existing
      kan Sistem Manajemen Risiko yang ada. Perseroan sedang                                Risk Management System. The Company has drafted and built a risk
      menyusun dan membangun sistem manajemen risiko yang sesuai                            management system in accordance with the line of business and
      dengan bidang usaha dan kondisi operasional. Sistem Manajemen                         operational conditions. Risk Management System shall refer to the
      Risiko akan mengacu pada kerangka kerja COSO-ERM yang                                 COSO-ERM Framework as illustrated in the following diagram:
      tergambar dalam diagram berikut:




                                             Strategic                                                  Subsidiary
                                             Operations                                                 Business Unit
                                             Reporting                                                  Division
                                             Compliance                                                 Entity Level

      Internal Environment                        Event Identification                  Risk Response                          Information & Communication
      Objective Setting                           Risk Assessment                      Control Activities                     Monitoring

 05             Ikhtisar Utama                          Laporan Manajemen                  Profil Perusahaan                      Analisa & Pembahasan Manajemen
212               Highlights                            Management Report                  Company Profile                        Management Discussion & Analysis
Page 221
                                                                                            Igniting Engagement                         Laporan Tahunan 2023
                                                                                             Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Kerangka kerja Enterprise Risk Management (ERM) ini akan memiliki                   Enterprise Risk Management (ERM) Framework will consists of 4 key
4 sasaran utama, yakni:                                                             targets, namely:


Strategis                                                                           Strategic
Sasaran strategi ditetapkan untuk memberikan dukungan dalam                         Strategic targets are set to generate support in the implementation
pelaksanaan dan pencapaian misi Perusahaan, sehingga tujuan yang                    and achievement of the Company’s mission, so the set goals should
ditetapkan menjadi selaras dengan pelaksanaan operasional yang                      be consistent with operational implementation by the Company.
dijalankan oleh Perusahaan.


Operasi                                                                             Operations
Sasaran operasi diperlukan dalam pemanfaatan semua sumber daya                      Operation targets are needed in the utilization of all resources owned
yang dimiliki oleh perusahaan secara efektif dan efisien, sehingga                   by the Company effectively and efficiently, so that it can be more
sumber daya tersebut dapat lebih tepat guna.                                        appropriately used.


Pelaporan                                                                           Reporting
Sasaran pelaporan adalah dapat dipercayainya laporan yang                           Reporting target is when the reports published by companies are
diterbitkan perusahaan, khususnya untuk kepentingan pelaporan                       credible, in particular for the importance of reporting with external
dengan pihak eksternal (Pemangku Kepentingan & Pemegang                             parties (Stakeholders and Shareholders).
Saham).


Kepatuhan                                                                           Compliance
Sasaran kepatuhan adalah terpenuhinya ketentuan dan persyaratan                     Compliance target is the fulfillment of the legal provision and
hukum dan regulasi yang berlaku. Sasaran utama tersebut kemudian                    requirements and the applicable regulations. These key targets will
dituangkan dalam 8 tahapan atau skema kerja, yakni:                                 be then incorporated into eight stages or work scheme, they are:


Lingkungan Internal                                                                 Internal Environment
Manajemen risiko yang dilakukan oleh perusahaan merupakan suatu                     Risk management carried out by the Company is a form of risk
bentuk pengelolaan risiko yang terjadi di dalam lingkungan internal                 management that occurs within the Company’s internal environment.
Perusahaan. Elemen yang mempengaruhi lingkungan internal antara                     Elements that affect the internal environment including the value
lain sistem nilai yang dianut oleh Perusahaan, gaya kepemimpinan                    system embraced by the Company, management leadership style,
manajemen, pola penentuan keputusan, dan pola penentuan                             patterns of determining decisions, and patterns of determining
wewenang dan tanggung jawab manajemen. Hal ini berdampak                            authority and responsibility of the management. These impact the
terhadap bentuk tingkat risiko yang dapat diterima (risk appetite),                 level of the acceptable risk (risk appetite), the level of risk tolerance,
tingkat toleransi risiko, budaya risiko, dan implementasi ERM.                      risk culture, and ERM implementation.


Penetapan Tujuan                                                                    Objective Setting
Tujuan harus ditetapkan lebih awal sebelum manajemen Perusahaan                     Objective must be set at the earliest stage before the Company’s
memutuskan mengidentifikasi risiko-risiko yang telah ada, sehingga                   management decides to identify the existing risks for then to be
diharapkan risiko-risiko tersebut selanjutnya dapat dimitigasi,                     mitigated so that the targets of the Company can be achieved. The
sehingga tujuan Perusahaan dapat tercapai. Tujuan Perusahaan                        targets of the Company can be identified into strategic, operational,
dapat diidentifikasi ke dalam tujuan yang sifatnya strategis,                        fulfillment, and reporting objectives.
operasional, pemenuhan, dan pelaporan.


Identifikasi Kejadian                                                                Event Identification
Seluruh kejadian baik yang datangnya dari dalam Perusahaan                          All events either originated from within the Company (internal) or
(internal) maupun dari luar Perusahaan (eksternal) yang berpotensi                  without (external) which may potentially influence the target that it
mempunyai pengaruh terhadap sasaran yang hendak dicapai, maka                       intends to reach, thus various risks that may arise must be identified.
harus diidentifikasi berbagai risiko yang dapat timbul. Identifikasi                  Identification of these risks can be conducted in a variety of ways,
risiko ini dapat dilakukan dengan berbagai cara, di antaranya melihat               including by observing the tendency analysis (trends), analysis of
analisis kecenderungan (tren), analisis atas kejadian masa lalu                     past events (historical), or by analyzing future projections.
(historis), ataupun dengan analisis proyeksi masa depan.

            Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      05
            Corporate Governance                  Corporate Social Responsibility                         References                            Financial Statements   213
Page 222
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Penilaian Risiko                                                                Risk Assessment
      Dalam penilaian risiko, perusahaan melakukan penilaian berbagai                 In risk assessment, the Company assesses the various levels and
      tingkat dan besarnya risiko yang dapat berpengaruh terhadap                     magnitude of risks that may affect the achievement of the Company’s
      pencapaian tujuan Perusahaan. Risiko-risiko tersebut dapat                      goals. These risks can be determined based on the likelihood and the
      ditentukan berdasarkan kemungkinan keterjadiannya (likelihood) dan              impact it may cause so that the mitigation can be calculated starting
      dampak yang ditimbulkannya sehingga dapat diperhitungkan                        from the level and magnitude of risks, the highest risks to the lowest.
      mitigasi penyelesaiannya dimulai dari tingkat dan besarnya risiko
      yang paling tinggi sampai terendah.


      Perlakuan Risiko                                                                Risk Response
      Tahap selanjutnya melakukan perlakuan risiko yang tepat untuk                   The next phase will be to conduct proper risk treatment for every risk
      setiap risiko yang terjadi, menentukan tingkat toleransi risiko                 that occurs, determine the level of risk tolerance, and determine
      tersebut, dan menentukan berbagai alternatif penyelesaian risiko-               various alternative solutions to the identified risks. There are a number
      risiko yang teridentifikasi. Terdapat beberapa perlakuan risiko yang             of treatments for the emerging risks namely risk avoidance, risk
      timbul yaitu menghindar, menerima, mengurangi, dan membagi risiko               retention, risk reduction, and risk sharing with various parties.
      kepada berbagai pihak.


      Aktivitas Pengendalian                                                          Control Activities
      Dalam aktivitas pengendalian dilakukan penerapan atas kebijakan                 Control activity is carried out by applying the policies and procedures
      dan prosedur yang telah ditetapkan perusahaan yang dimaksudkan                  that have been established by the Company which is intended to
      untuk memastikan bahwa risiko-risiko telah diperlakukan secara                  guarantee that risks have been treated effectively, so that the
      efektif, sehingga proses mitigasi terlaksana dengan baik. Tahap                 mitigation
      selanjutnya menyusun dan mengembangkan sistem pengembangan                      process can be implemented properly. The next stage will be to
      Perusahaan yang terintegrasi.                                                   establish and develop an integrated company development system.


      Informasi dan Komunikasi                                                        Information and Communication
      Informasi yang berkaitan dengan pencapaian tujuan perusahaan                    Information relating to achieving goals of the Company will be
      diidentifikasi apakah berdampak langsung atau tidak, dikelompokkan               identified whether it has a direct impact or not, categorized into
      ke dalam berbagai jenisnya, dan didistribusikan atau dikomunikasi-              various types, and distributed or communicated through proper
      kan melalui media komunikasi yang tepat dengan waktu yang tepat                 communication media at the right time so that every individual of the
      pula sehingga setiap individu perusahaan dapat menjalankan tugas                Company can perform their duties and responsibilities better.
      dan tanggung jawabnya dengan lebih baik.


      Pemantauan                                                                      Monitoring
      Tahap terakhir yaitu melakukan pemantauan atas semua aktivitas                  The last stage is monitoring the risk control activities that have been
      pengendalian risiko yang telah dilakukan untuk menjamin bahwa                   conducted to guarantee that the risks have been properly mitigated.
      risiko-risiko telah dimitigasi dengan baik. Selain itu, mempertimbang-          Apart from that, it should also take into consideration the data
      kan juga data-data yang diperoleh baik berupa data historis, data saat          obtained, either in the form of historical data, current data, as well as
      ini, maupun data berupa peramalan masa depan. Data historis                     data on the future forecast. Historical data is intended to track down
      dimaksudkan untuk melacak kinerja masa lalu terkait pencapaian                  the past performance related to targets achievement, plans, and
      target, rencana, dan ekspektasinya. Data saat ini menyajikan                    expectations. Current data presents additional information and future
      informasi tambahan dan data masa depan untuk penyempurnaan                      data for the improvement of information analysis. The monitoring
      analisa informasi. Dari hasil pemantauan selanjutnya dievaluasi                 results subsequently will be re evaluated for further improvements
      kembali untuk penyempurnaan lebih lanjut kemudian dikembangkan                  and then to be developed to produce a better implementation of the
      untuk menghasilkan pelaksanaan sistem organisasi yang lebih baik.               organizational system.




 05             Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                   Analisa & Pembahasan Manajemen
214               Highlights                            Management Report             Company Profile                     Management Discussion & Analysis
Page 223
                                                                                                   Igniting Engagement                         Laporan Tahunan 2023
                                                                                                    Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Evaluasi Efektivitas dan Kecukupan Sistem Manajemen
Risiko | Evaluation of Risk Management System
Effectiveness and Adequacy
Perseroan melalui unit terkait secara aktif melakukan evaluasi terhadap risiko-           The Company through relevant units actively conducts evaluation process on
risiko sepanjang tahun berjalan. Evaluasi dan peninjauan Manajemen Risiko                 risks throughout the current year. Risk Management Evaluation and Review
bertujuan untuk menentukan level risiko dan mengidentifikasi kemungkinan                   process aims to determine the level of risks and to identify the possibility of
munculnya risiko baru serta mencari mitigasi risiko yang harus dilakukan                  new risks to occur and look for risks mitigation effort in order to tackle these
dalam menanggulangi risiko tersebut.                                                      risks.


Efektivitas manajemen risiko dilakukan dinilai berdasarkan seberapa besar                 The effectiveness of risk management conducted is evaluated based on the
penanganan/mitigasi yang dilakukan dapat mengurangi risiko. Selanjutnya                   magnitude of handling/ mitigation to reduce risks. Subsequently, it will be
akan dilakukan asesmen guna mengetahui kekurangan pelaksanaan                             followed by an assessment to obtain information on the shortcoming of the
manajemen risiko secara menyeluruh. Ini dilakukan sebagai dasar untuk                     overall implementation of risk management which the results will be used as
melakukan peningkatan di masa mendatang.                                                  the basis of improvement in the future.


Selama periode 2023, Direksi menilai Sistem Manajemen Risiko cukup                        The Board of Directors considers that the Risk Management System was
berjalan dengan baik. Parameter yang dapat terlihat dan terukur adalah dari               properly implemented in 2023. The most prominent and measurable
peningkatan penjualan yang terus berlangsung secara konsisten.                            parameters are from the increasement in sales that have continued
                                                                                          consistently.


Masalah Hukum | Material Litigation
Perseroan maupun anak perusahaannya, para anggota Direksi atau Dewan                      Neither the Company nor its subsidiaries, incumbent members of the Board of
Komisaris yang sedang menjabat, tidak terlibat dalam kasus hukum apapun                   Directors or members of the Board of Commissioners were involved in any
pada tahun 2023 yang dapat mempengaruhi kondisi Perseroan.                                material legal cases in 2023 that could influence the condition of the Company.



Sanksi Administratif | Administrative Sanctions
Tidak ada sanksi administratif yang diterima oleh Perseroan selama 2023.                  No material administrative sanction was received by the Company during
                                                                                          2023.


Akses Informasi | Access to Information
Informasi terkini mengenai aksi korporasi, laporan triwulanan dan tahunan,                The latest information on corporate actions, quarterly and annual results and
pergerakan harga saham, serta siaran pers, presentasi, dan informasi                      share price movements, as well as press releases, presentations and other
korporasi lainnya, tersedia di situs web kami, www.spindo.com. Pertanyaan                 corporate information, is available on our website, www.spindo.com.
dapat dilakukan setiap saat melalui:                                                      Inquiries may be made at any time via:



                                                   PT Steel Pipe Industry of Indonesia Tbk

             Sekretaris Perseroan & Hubungan Investor                                                                      Pemasaran
              Corporate Secretary & Investor Relations                                                                      Marketing

        SPINDO Jakarta Office                                                                                  SPINDO Surabaya Office
        Gedung Baja Lt. 7 Jl. Pangeran Jayakarta No. 55                                                       Head Office
        Jakarta Pusat 10730, Indonesia                                                                        Jl. Kalibutuh No. 189-191, Surabaya, Indonesia
        Telp. +6221 62313502 | Fax. +6221 6012361                                                             Telp. +6231 5320320 | Fax. +6231 5310712
        Email: corsec@spindo.co.id                                                                            Email: marketing@spindo.co.id




              Tata Kelola Perusahaan                  Tanggung Jawab Sosial Perusahaan                            Referensi                             Laporan Keuangan      05
              Corporate Governance                      Corporate Social Responsibility                          References                            Financial Statements   215
Page 224
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Pedoman Perilaku
      Code of Conduct


      Sebagai salah satu produsen pipa baja dan stainless steel di                     As one of the steel pipe and stainless steel manufacturer in Indonesia,
      Indonesia, SPINDO sebagai Perusahaan Terbuka berkomitmen untuk                   SPINDO as a public company is subject and comply to all applicable
      menaati dan patuh kepada seluruh ketentuan peraturan perundang-                  laws and regulations, such as Law No.40 of 2007 on Limited Liability
      undangan yang berlaku, di antaranya adalah Undang-undang No. 40                  Company and other related legislation with the rights and obligations
      Tahun 2007 tentang Perseroan Terbatas dan undang-undang lain                     of the company. As a form of accountability to all stakeholders,
      yang berkaitan dengan hak dan kewajiban perusahaan. Sebagai                      SPINDO is committed to implement Good Corporate Governance
      bentuk pertanggung- jawaban kepada seluruh Stakeholders,                         (GCG) principles or Good Corporate Governance based on the Code
      SPINDO berkomitmen untuk melaksanakan prinsip-prinsip Good                       of Business Ethics and Work Ethics.
      Corporate Governance (GCG) atau Tata Kelola Perusahaan Yang Baik
      dengan berlandaskan pada Pedoman Etika Bisnis dan Etika Kerja.


      Pedoman perilaku dan compliance ini memberikan arahan kepada                     This Code of Conduct and compliance provides direction to every
      setiap pejabat dan karyawan di SPINDO mengenai cara bertindak                    officer and employee of SPINDO on how to act in accordance with the
      sesuai dengan ketentuan-ketentuan standar etika, yaitu Etika Bisnis              provisions of the ethical standards, Business Ethics and Work Ethics.
      dan Etika Kerja. Kedua hal tersebut memiliki tujuan sebagai berikut:             Both of these have the following objectives:
      1.   Mewujudkan standar kerja yang sesuai dengan Tata Kelola                     1.    Implement work standards in accordance with Good Corporate
           Perusahaan Yang Baik dan tepat bagi seluruh jajaran Dewan                         Governance for all: the Board of Commissioners, Directors, and
           Komisaris, Direksi, dan karyawan SPINDO dengan tetap                              SPINDO employees while complying with applicable regulations,
           berpedoman pada aturan yang berlaku, sebagai komitmen                             professionally and ethically carry out the same commitment to
           bersama untuk mewujudkan Visi dan me-laksanakan Misi                              actualize the vision and carry out the company's mission related
           perusahaan secara profesional dan beretika, dengan                                to all Stakeholders;
           memperhatikan seluruh stakeholders;                                         2.    Minimizing all risks that may result in conflicts of interest or
      2.   Meminimalisir segala risiko yang mengakibatkan terjadinya                         negligence of work performed by all levels of the Board of
           konflik kepentingan maupun kelalaian yang dilakukan oleh                           Commissioners, Board of Directors, and SPINDO employees;
           seluruh jajaran Dewan Komisaris, Direksi, dan karyawan                      3.    Explaining in detail values as the foundation of ethics to be
           SPINDO;                                                                           followed by all levels of the Board of Commissioners, Directors,
      3.   Menjabarkan Tata Nilai sebagai landasan etika yang harus diikuti                  and SPINDO employees in carrying out their duties.
           oleh seluruh jajaran Dewan Komisaris, Direksi, dan karyawan
           SPINDO dalam melaksanakan tugas.


      Etika bisnis adalah bagian utama dari tata kelola perusahaan untuk               Business ethics is a major part of corporate governance to achieve
      mencapai keberhasilan jangka panjang. Sementara, Kode etik adalah                long-term success. Code of ethics is a code of conduct that becomes a
      pedoman perilaku yang menjadi acuan bagi organ perusahaan dan                    reference for corporate organs and employees in applying corporate
      karyawan dalam menerapkan nilai-nilai perusahaan, yang jika                      values, which if applied in a sustainable manner will become a
      diterapkan secara berkelanjutan akan menjadi budaya perusahaan,                  corporate culture, then Business Ethics and Work Ethics has an
      maka Etika Bisnis dan Etika Kerja memiliki manfaat sebagai acuan                 advantage as a reference or basis to all            SPINDO officials and
      atau landasan perilaku seluruh pejabat dan karyawan SPINDO,                      employees behavior,          creating conducive work environment, a
      menciptakan suasana dan lingkungan kerja yang kondusif, sehat dan                healthy and comfortable work environment, and builds SPINDO's
      nyaman, dan untuk membentuk karakter individu di dalam                           character with integrity and ethics in interacting with others.
      lingkungan SPINDO yang berintegritas dan beretika ketika
      berinteraksi dengan sesama individu.



 05              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                   Analisa & Pembahasan Manajemen
216                Highlights                            Management Report             Company Profile                     Management Discussion & Analysis
Page 225
                                                                                            Igniting Engagement                         Laporan Tahunan 2023
                                                                                             Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Etika Bisnis | Business Ethics
Etika bisnis menjelaskan standar perilaku yang ditetapkan SPINDO                     Business ethics explains the standards of behavior set by SPINDO in
dalam bersikap/berinteraksi dan bertindak bila berhubungan dengan                    behaving / interacting and acting when dealing with parties with an
pihak-pihak yang berkepentingan dengan SPINDO (Stakeholders).                        interest in SPINDO (Stakeholders). Basic business ethics standards
Pokok standar etika bisnis meliputi:                                                 include:


1. Etika perusahaan dengan karyawan;                                                 1. Company ethics to employees;
2. Etika perusahaan dengan serikat pekerja/karyawan;                                 2. Company ethics to labor union/employee;
3. Etika perusahaan dengan anak perusahaan/perusahaan                                3. Company ethics to subsidiaries/joint ventures;
    patungan;                                                                        4. Company ethics to vendors/suppliers;
4. Etika perusahaan dengan vendor/supplier;                                          5. Company ethics to customers;
5. Etika perusahaan dengan pelanggan;                                                6. Company ethics to competitors;
6. Etika perusahaan dengan pesaing;                                                  7. Company ethics to mass media and mass media usage;
7. Etika perusahaan dengan media massa dan penggunaan media                          8. Company ethics to financial institutions and banking;
    massa;                                                                           9. Company ethics to shareholders.
8. Etika perusahaan dengan lembaga keuangan dan Perbankan;                           10. Company ethics to society.
9. Etika perusahaan dengan pemegang saham;                                           11. Company ethics to regulators.
10. Etika perusahaan dengan masyarakat;                                              12. Company ethics related to capital market practices and insider
11. Etika perusahaan dengan regulator;                                                  trading.
12. Etika perusahaan terkait praktik pasar modal dan insider trading;                13. Company ethics related to gratification and corruption.
13. Etika perusahaan terkait gratifikasi dan korupsi.




Etika Kerja | Work Ethics
Etika kerja adalah standar perilaku kerja, sistem nilai atau norma yang              Work ethic is a standard of work behavior, value system or norms
dipergunakan Dewan Komisaris, Direksi, dan Karyawan dalam                            used by the Board of Commissioners, Directors, and Employees in the
pelaksanaan kerja untuk dan atas nama SPINDO, maupun                                 implementation of work for and on behalf of SPINDO, as well as
berinteraksi dan berhubungan dengan sesama rekan kerja, dengan                       interacting and dealing with fellow colleagues, with superiors and
atasan maupun staf lainnya. Berikut adalah pokok-pokok di dalam                      other staff. The following are the main points in work ethics
standar etika kerja, yaitu:                                                          standards, such as:
1. Etika kerja sebagai karyawan;                                                     1. Work ethics as an employee;
2. Etika kerja sebagai pimpinan;                                                     2. Work ethics as a leader;
3. Etika pimpinan dalam melakukan komunikasi;                                        3. Ethics as a leader in communicating;
4. Etika staf dalam melakukan komunikasi;                                            4. Ethics in communicating among staff;
5. Etika dalam menjaga kerahasiaan data dan informasi perusahaan;                    5. Ethics in maintaining data confidentiality and company
6. Etika dalam menyampaikan informasi kepada karyawan;                                  Information;
7. Etika dalam menjaga aset perusahaan;                                              6. Ethics in delivering information to employees;
8. Etika dalam menjaga keselamatan, kesehatan kerja, dan                             7. Ethics in maintaining company assets;
    lingkungan hidup;                                                                8. Ethics in maintaining safety, work health and the environment;




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      9. Etika penggunaan email – internet;                                                 9. Ethics in using email - Internet;
      10. Etika dalam perencanaan dan penggunaan anggaran;                                  10. Ethics in planning and using budget;
      11. E t i k a d a l a m m e n c e g a h b e n t u r a n k e p e n t i n g a n d a n   11. Ethics in preventing conflict of interest and abuse of office;
          penyalahgunaan jabatan;                                                           12. Ethics in political activities;
      12. Etika dalam kegiatan politik;                                                     13. Ethics in activity organization mass/non governmental
      13. Etika dalam kegiatan organisasi massa/lembaga swadaya                                  organization/others;
          masyarakat/organisasi lainnya;                                                    14. Integrity of Financial Statements;
      14. Integritas Laporan Keuangan;                                                      15. Ethics in gratifications and bribery.
      15. Etika terkait gratifikasi dan penyuapan.




       Penyebarluasan Kode Etik | Dissemination of the
       Code of Conduct
       Media penyebarluasan kode etik kepada seluruh warga perusahaan                         Media dissemination of code of ethics to all citizens of the company,
       antara lain melalui:                                                                   through:
       Ÿ Website Perseroan                                                                    Ÿ Company Website

       Ÿ Laporan tahunan                                                                      Ÿ Annual report

       Ÿ Sosialisasi                                                                          Ÿ Socialization

       Ÿ Materi orientasi pegawai baru                                                        Ÿ Material of orientation of new employee

       Ÿ Dan lain-lain.                                                                       Ÿ Others.




      Kepatuhan terhadap Kode Etik |
      Compliance of Code of Conduct
      Bentuk kepatuhan terhadap Code of Conduct ditunjukkan dengan                           Compliance with the Code of Conduct is shown                            by the
      penerapan etika kerja dan etika bisnis di setiap lini organisasi.                      implementation of work ethics and business ethics in every line of the
      Kesadaran akan penerapan Code of Conduct telah menjadi bagian                          organization. Awareness of the implementation of the Code of
      yang tidak dapat dipisahkan dari tanggung jawab seluruh pejabat                        Conduct has become an inseparable part of the responsibilities of all
      dan karyawan untuk memberikan dampak positif SPINDO. Lembar                            officials and employees to have a positive impact on SPINDO. The
      Pernyataan kepatuhan Code of Conduct dapat dilihat melalui                             Code of Conduct compliance statement sheet can be seen through
      Pedoman Sistem Whistleblowing pada website Perseroan:                                  the Whistleblowing System Guidelines on the Company's website:
       https://www.spindo.com/sistem-whistleblowing                                           https://www.spindo.com/sistem-whistleblowing




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Prinsip Kode Etik | Principles of Code of Conduct
Prinsip-prinsip kode etik Perseroan adalah sebagai berikut:                         The Company's code of ethics principles are as follows:
Ÿ Ketaatan terhadap Peraturan Perusahaan Peraturan Perusahaan                       Ÿ Adherence to Company Regulations Company Regulations must

  harus dijunjung tinggi dan dipatuhi oleh seluruh pegawai.                           be respected and adhered to by all employees. Breach of rules or
  Pelanggaran terhadap peraturan atau tata tertib dapat berakibat                     regulations may result in warnings to termination of employment.
  pada peringatan hingga pemutusan hubungan kerja.                                  Ÿ Obedience to avoid conflicts of interest in any conflict of interest,

Ÿ Ketaatan untuk menghindari benturan kepentingan dalam setiap                        decisions taken by the employee shall be made by prioritizing the
  benturan kepentingan, keputusan yang diambil oleh pegawai                           interests of the Company.
  haruslah dibuat dengan mengutamakan kepentingan Perseroan.                        Ÿ Obligation to maintain the confidentiality of the Company. All

Ÿ Kewajiban untuk menjaga kerahasiaan Perseroan. Semua                                employees are not allowed to disclose information that could harm
  pegawai tidak diperkenankan untuk mengungkapkan informasi                           the Company.
  yang dapat merugikan Perseroan.




Kode Etik Berlaku Bagi Seluruh Level Organisasi |
Code of Ethics Applies to All Organizational Level
Kode Etik Bisnis dan Etika SPINDO untuk pejabat dan seluruh                         The Business and Ethics Code of SPINDO for officials and all
Karyawan di SPINDO; Yang dimaksud dengan pejabat adalah Dewan                       Employees at SPINDO; What is meant by officials is the Board of
Komisaris dan/atau anggota Direksi. Sedangkan karyawan berarti                      Commissioners and/or members of the Board of Directors. While the
seluruh personil/staf termasuk pimpinan yaitu koordinator staf dan                  employee means all personnel/staff including the leadership of the
serendah-rendahnya dengan jabatan Manajer yang memiliki                             staff coordinator and as low as the job manager who has a working
hubungan kerja dengan SPINDO (karyawan internal maupun                              relationship with SPINDO (both internal and outsourced employees).
outsourcing).




            Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
            Corporate Governance                  Corporate Social Responsibility                        References                            Financial Statements   219
Page 228
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Upaya Penegakan dan Sanksi
      Pelanggaran Kode Etik
      Enforcement Efforts and Sanctions of Code Violations



      Setiap pegawai diharuskan menandatangani pernyataan kepatuhan                    Every employee is required to sign a compliance statement of the
      pedoman perilaku saat bergabung dengan Perseroan dan                             Code of Conduct when joining the Company and implementing it in
      melaksanakannya dalam kegiatan sehari-hari. Perseroan juga secara                daily activities. The Company also periodically organizes events to
      berkala mengadakan acara untuk menekankan penerapan kode etik                    emphasize the application of codes of ethics to employees. The
      bagi para pegawai. Pelanggaran terhadap kode etik dapat berakibat                breach of the code of conduct may result in warnings to termination of
      pada peringatan hingga pemutusan hubungan kerja.                                 employment.



      Pengelolaan Sistem Whistleblower |
      Whistleblower Management System
      Perusahaan memberikan kesempatan kepada Manajemen dan                            The company provides an opportunity for the Management and
      Karyawan Perusahaan untuk dapat melaporkan setiap kasus korupsi,                 Employees of the Company to be able to report any cases of
      suap, gratifikasi, maupun penyelewengan lainnya kepada Komite                     corruption, bribery, gratuity, or other fraud to the GCG Committee. All
      GCG. Seluruh karyawan SPINDO, mitra bisnis, dan para pemangku                    SPINDO employees, business partners and stakeholders have easy
      kepentingan memiliki akses yang mudah ke saluran whistleblower                   access to our whistleblower channel, where they can report
      kami, di mana mereka dapat melaporkan pelanggaran, dugaan, atau                  violations, allegations, or potential violations of the Code of Business
      potensi pelanggaran Kode Etik Bisnis dan Aturan Kebijakan, serta                 Conduct and Policy Rules, as well as ethical or other illegal conduct
      pelanggaran etika atau perilaku ilegal lainnya. Semua laporan                    violations. All reports of ethical offenses committed by Company
      terhadap tindakan pelanggaran etika yang dilakukan Pegawai                       Employees are submitted to the Monitoring Committee on the
      Perusahaan disampaikan kepada Komite Pemantau Penerapan dan                      Implementation and Enforcement of the Code of Ethics and Conduct
      Penegakan Pedoman Etika dan Perilaku (KP5). Namun demikian,                      (KP5). However, specifically for the breach committed by the Board of
      khusus untuk pelanggaran yang dilakukan oleh Direksi dan/atau                    Directors and / or members of KP5, the reporting of the breach is
      anggota KP5, maka pelaporan tindakan pelanggaran disampaikan                     submitted directly to the Audit Committee.
      langsung kepada Komite Audit.




      Tujuan Sistem Whistleblowing |
      Purpose of the Whistleblowing System
      Dengan adanya Sistem Whistleblowing ini memiliki tujuan sebagai                  The existence of the Whistleblowing System has the following
      berikut:                                                                         objectives:
      Ÿ Memiliki peran sebagai alat deteksi dini dan pencegahan terhadap               Ÿ Acts as an early detection and prevention tool for violations of code

        suatu tindakan pelanggaran kode etik, pedoman perilaku dan                         of conduct, code of conduct and conflicts of interest by SPINDO
        benturan kepentingan oleh insan SPINDO di lingkungan                               people in the Company's environment;
        Perusahaan;                                                                    Ÿ A means for stakeholders (whistleblowers) to report violations of

      Ÿ Merupakan sarana bagi stakeholder (whistleblower) untuk                            the code of ethics, code of conduct, and conflicts of interest
        melaporkan tindakan pelanggaran kode etik, pedoman perilaku,                       committed by both Employees and Directors of SPINDO.
        dan benturan kepentingan yang dilakukan baik oleh pegawai
        maupun Direksi SPINDO.



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                                                                                          Igniting Engagement                         Laporan Tahunan 2023
                                                                                           Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




1. Para stakeholders (whistleblower) dalam menyampaikan laporan                    1. The stakeholders (whistleblowers) in submitting reports of acts of
   tindakan pelanggaran dapat melalui sarana yang ditujukan                           violation may be by means addressed to :
   kepada:                                                                            a. Letters: The Committee for Monitoring the Implementation
   a. Surat: Komite Pemantau Penerapan dan Penegakan                                      and Enforcement of the Code of Ethics and Conduct (KP5) -
      Pedoman Etika dan Perilaku (KP5) - Komite Audit                                     Audit Committee
   b. Email:kp5@spindo.co.id ; lapor@komiteaudit.site                                 b. Email : kp5@spindo.co.id ; lapor@komiteaudit.site
   c. Website: https://www.spindo.com/sistem-whistleblowing                           c. Website: https://www.spindo.com/sistem-whistleblowing


2. Dalam hal pelaporan tindakan pelanggaran disampaikan dalam                      2. In the event that the reporting of the offense is submitted in the
   bentuk surat, maka harus disampaikan dalam amplop tertutup                         form of a letter, it must be submitted in a sealed envelope and
   dan ditulis di pojok kiri “RAHASIA PRIBADI”, ditujukan kepada:                     written in the left corner "CONFIDENTIAL", addressed to:

                  Bilamana yang terlapor adalah                                                        Bilamana yang terlapor adalah
                anggota Direksi atau anggota KP5                                                                 karyawan
               harap lapor ke alamat email berikut:                                                           harap lapor ke:
               When the reported is a member of the                                                   When the reported is an employee,
             Board of Directors or KP5, please report to:                                                     please report to:




    lapor@komiteauditspindo.com                                                                         kp5@spindo.co.id
               Atau mengirimkan laporan tertulis ke:                                               Atau mengirimkan laporan tertulis ke:
                    Or send the written mail to:                                                        Or send the written mail to:

     PT Steel Pipe Industry of Indonesia Tbk                                              PT Steel Pipe Industry of Indonesia Tbk
  Gedung Baja Lt 7 Jl. Pangeran Jayakarta No. 55,                                          Jl. Kalibutuh No. 189 -191, Surabaya
                  Jakarta Pusat                                                      Up: Komite Pemantau Penerapan dan Penegakan
                Up: Komite Audit                                                               Pedoman Etika & Perilaku (KP5)

3. Khusus terhadap tindakan pelanggaran yang dilakukan oleh                        3. Especially for the breach committed by the Board of Directors and
   Direksi dan/atau anggota KP5, maka pelaporan tindakan                              / or members of KP5, the reporting of the offense shall be
   pelanggaran disampaikan kepada Komite Audit. Dalam hal                             submitted to the Audit Committee. In the case of an offense
   tindakan pelanggaran dilakukan Pegawai Perusahaan selain                           committed by an Employee of the Company other than a member
   anggota KP5, maka pelaporannya disampaikan kepada KP5.                             of KP5, the reporting shall be submitted to Kp5.


4. Pada prinsipnya setiap whistleblower berhak memperoleh                          4. In principle, whistleblowers are entitled to information on the
   informasi mengenai perkembangan pelaporannya. Untuk itu,                           progress of their reporting. To that end, in its complaint report,
   dalam laporan pengaduannya, whistleblower harus memberikan                         whistleblower must provide its identity and communications
   mengenai identitas dirinya dan media komunikasi yang dipilih                       media selected by whistleblower to be used by the Audit
   oleh whistleblower untuk dapat digunakan oleh Komite Audit                         Committee or KP5 to communicate its reporting progress.
   atau KP5 mengkomunikasikan perkembangan pelaporannya.
                                                                                   5. The Audit Committee or KP5 shall not be entitled to provide
5. Komite Audit atau KP5 tidak berhak memberikan informasi                            information on the progress of reporting any braches actions
   perkembangan pelaporan tindakan pelanggaran selain kepada                          other than to the Board of Commissioners / Board of Directors and
   Dewan Komisaris/Direksi dan kepada pelapor yang disertai                           to the complainant accompanied by written request from the
   dengan adanya permintaan tertulis dari yang bersangkutan.                          person concerned.


             Tata Kelola Perusahaan            Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
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                      2023 Annual Report                          Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Prosedur Pelaporan | Reporting Procedure
      6. Setiap pelaporan yang disampaikan oleh whistleblower harus                      6. Any report submitted by a whistleblower shall be accountable
         dapat dipertanggungjawabkan dan bukan bersifat fitnah yang                             and not libelous in nature which defames and/or a person's
         mencemarkan nama baik dan/atau reputasi seseorang dan wajib                           reputation and shall meet the following requirements:
         memenuhi persyaratan berikut:
         a. Disampaikan secara tertulis melalui media sebagaimana                              a. Submitted in writing through the media referred to in item 2 or
             dimaksud dalam butir 2 atau 3 di atas.                                                3 above.
         b. Memuat indikasi awal mengenai tindakan pelanggaran yang                            b. Contains early indications of responsible acts of offenses, at
             dapat dipertanggungjawabkan, minimal memuat hal-hal                                   least containing the following:
             sebagai berikut:
             i.   Perbuatan berindikasi pelanggaran yang diketahui (what)                          i.   Indicated acts of known infringement (what)
             ii. Di mana perbuatan tersebut dilakukan (where)                                      ii. Where the deed was done (where)
             iii. Kapan perbuatan tersebut dilakukan (when)                                        iii. When the deed was done (when)
             iv. Siapa saja pihak yang terlibat dalam perbuatan tersebut                           iv. Who were the parties involved in the deed(who)
                  (who)                                                                            v. How the deed was done (how)
             v. Bagaimana perbuatan tersebut dilakukan (how)
         c. Laporan yang disampaikan harus berhubungan dengan:                                 c. The report submitted should be related to:
             i.   Fraud.                                                                           i.   Fraud.
             ii. Pelanggaran hukum (ketentuan perundang-undangan).                                 ii. Break the law (statutory provisions).
             iii. Pelanggaran Peraturan Perusahaan.                                                iii. Breach the Company Rules.
             iv. Pelanggaran Kebijakan Perusahaan.                                                 iv. Breach the Company Policy.
             v. Pelanggaran Code of Conduct, termasuk pelanggaran                                  v. Breach of the Code of Conduct, including breachs of he
                  tata nilai Perusahaan dan benturan kepentingan.                                       Company's values and conflict of interest.
         d. Diharapkan laporan yang disampaikan didukung dengan                                d. It is hoped that the reports will be supported with sufficient
                  bukti-bukti yang cukup dan dapat diandalkan.                                          and reliable evidence.


      7. Komite Audit atau KP5 hanya akan menindaklanjuti pelaporan                      7. The Audit Committee or KP5 shall only follow up on reporting that
         yang memenuhi persyaratan sebagaimana dimaksud dalam butir                            meets the requirements referred to in item 7 above.
         7 di atas.


      8. Komite Audit dan KP5 wajib memantau pengaduan melaui email                      8. The Audit Committee and KP5 shall monitor complaints by email
         dan atau website pada minggu pertama setiap bulannya.                                 and / or website on the first week of each month.


      9. Komite Audit dan KP5 akan mengadakan rapat khusus untuk                         9. The Audit Committee and KP5 will hold special meetings to
         menilai dan menentukan apakah pengaduan yang masuk                                    assess and determine whether incoming complaints meet the
         memenuhi persyaratan untuk ditindaklanjuti. Rapat khusus ini                          requirements for follow up. This special meeting shall be
         dilakukan paling lambat pada minggu kedua sejak diterimanya                           conducted no later than the second week of receipt of the report
         laporan sebagaimana dimaksud butir 9 di atas.                                         referred to in item 9 above.


      10. Keputusan rapat khusus sebagaimana dimaksud dalam butir 10                     10.       The decision of the special meeting as referred to in point 10
         di atas akan disampaikan kepada Dewan Komisaris (untuk                                above shall be submitted to the Board of Commissioners (for
         pengaduan yang disampaikan melalui Komite Audit) dan Direksi                          complaints submitted through the Audit Committee) and the
         (untuk pengaduan yang disampaikan melalui KP5) untuk                                  Board of Directors (for complaints submitted through KP5) for the
         dimintakan persetujuan terkait sebagai berikut:                                       following related approvals:
         a. Dalam hal keputusan rapat khusus berupa pengaduan tidak                            a. In the event that the decision of a special meeting in the form
             dapat ditindaklanjuti, maka dimintakan persetujuan kepada                             of a complaint can not be followed up, an approval is
             Dewan Komisaris/Direksi untuk ditetapkan kasus ditutup                                requested to the Board of Commissioners/Directors to set a
             (close case).                                                                         closed case.


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222                 Highlights                             Management Report             Company Profile                          Management Discussion & Analysis
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                                                                                           Igniting Engagement                         Laporan Tahunan 2023
                                                                                            Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




   b. Dalam hal keputusan rapat khusus berupa pengaduan dapat                          b. In the event that a special meeting decision in the form of a
      ditindaklanjuti, maka akan dimintakan persetujuan kepada                             complaint can be followed up, an approval from the Board of
      Dewan Komisaris/Direksi untuk dilakukan evaluasi dan                                 Commissioners/Board of Directors is required for evaluation
      investigasi.                                                                         and investigation.
   c. Apabila Komite Audit dan KP5, dengan pertimbangan                                c. If the Audit Committee and KP5, in consideration of the
      keterbatasan kewenangan dan kompetensinya, memandang                                 limitation of their competence and competence, deem it
      perlu meminta bantuan Satuan Pengawasan Internal/Tenaga                              necessary to request the assistance of the Internal
      Ahli/Konsultan/Auditor eksternal, maka Komite Audit dan KP5                          Supervisory/External/Consultant/Auditor Unit, the Audit
      harus mendapat persetujuan terlebih dahulu dari Dewan                                Committee and KP5 must obtain prior approval from the
      Komisaris / Direksi.                                                                 Board of Commissioners / Board of Directors.


11. Dalam hal hasil evaluasi dan investigasi terbukti Terlapor                      11. In the event that the result of the evaluation and investigation is
   melakukan tindakan pelanggaran sebagaimana dimaksud dalam                           proven that the Reported Party has committed an offense as
   butir 7c yang terkait dengan ketentuan internal Perusahaan, maka                    referred to in point 7c in relation to the internal requirements of the
   Komite Audit/KP5 akan merekomendasikan kepada Direksi atau                          Company, the Audit Committee / KP5 will recommend to the
   Komisaris untuk memberikan sanksi kepada Terlapor sesuai                            Board of Directors or Commissioners to sanction the Reported
   peraturan Perusahaan. Dalam hal pelanggaran sebagaimana                             Party according to Company regulations. In the case of the
   dimaksud dalam butir 7c yang terkait dengan ketentuan                               violations referred to in point 7c relating to the provisions of the
   peraturan perundang-undangan yang bersifat pidana maka akan                         criminal legislation it shall be applied by case-by-case.
   diterapkan secara case by case.


12. Dalam rangka menghindari dan atau mencegah pengulangan                          12. In order to avoid and / or prevent the repetition of acts of
   tindakan pelanggaran di lingkungan Perusahaan, maka Komite                          infringement within the Company, the Audit Committee / KP5 will
   Audit/KP5 akan memberikan rekomendasi kepada Unit Kerja                             recommend to the relevant Working Units for the improvement of
   terkait untuk perbaikan sistem dan proses kerja.                                    work systems and processes.


13. Hasil evaluasi dan investigasi dilaporkan kepada Dewan                          13. The results of the evaluation and investigation are reported to the
   Komisaris (untuk pengaduan yang disampaikan melalui Komite                          Board of Commissioners (for complaints submitted through the
   Audit) atau Direksi (untuk pengaduan yang disampaikan melalui                       Audit Committee) or the Board of Directors (for complaints
   KP5) dan ditembuskan kepada unit kerja terkait (apabila terdapat                    submitted through KP5) and forwarded to the relevant work units
   rekomendasi yang harus ditindaklanjuti oleh unit kerja terkait).                    (where recommendations are to be acted upon by the relevant
                                                                                       work units).


14. Komite Audit dan KP5 wajib melaporkan penyelenggaraan                           14. The Audit Committee and KP5 shall report the conduct of the
   Whistleblowing System kepada Dewan Komisaris (untuk                                 Whistleblowing System to the Board of Commissioners (for
   pengaduan yang disampaikan melalui Komite Audit) atau Direksi                       complaints submitted through the Audit Committee) or the Board
   (untuk pengaduan yang disampaikan melalui KP5) minimal satu                         of Directors (for complaints submitted through KP5) at least once
   kali dalam jangka waktu satu tahun. Hal-hal yang dilaporkan                         in a period of one year. Minimum reported items include the
   minimal mencakup informasi sebagai berikut:                                         following information:
   a. Jumlah pengaduan yang diterima dalam jangka waktu 1 (satu)                       a. Number of complaints received within 1 (one) year.
      tahun.                                                                           b. The area or problem to be reported.
   b. Area atau permasalahan yang diadukan.                                            c. Number of non-actionable complaints and reasons why.
   c. Jumlah pengaduan yang tidak dapat ditindaklanjuti dan
      alasannya.




            Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      05
            Corporate Governance                  Corporate Social Responsibility                        References                            Financial Statements   223
Page 232
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




         d. Jumlah pengaduan yang dapat ditindaklanjuti.                                   d. Number of complaints that can be acted upon.
         e. Perkembangan proses evaluasi dan investigasi atas                              e. The development of an actionable process of evaluation and
             pengaduan yang dapat ditindaklanjuti (termasuk tindaklanjut                        investigation of complaints (including unresolved complaints
             pengaduan yang belum tuntas di periode sebelumnya).                                in the previous period).


      16. Secara berkala, KP5 melakukan evaluasi efektivitas Pedoman                  16. The Whistleblowing System Guidelines and their implementation
          Whistleblowing System dan penerapannya. Hasil evaluasi ini                            are periodically assessed by KP5. Reported to the Board of
          dilaporkan kepada Direksi.                                                            Directors are the evaluation's findings.


      17. Komite Audit dapat memberikan masukan untuk perbaikan                       17. The Audit Committee may provide input for improvements to the
         Pedoman Whistleblowing System yang disampaikan kepada                             Whistleblowing System Guidelines submitted to KP5 through the
         KP5 melalui Satuan Pengawasan Intern.                                             Internal Audit Unit.




      Perlindungan untuk Pelapor | Protection for the Whistleblower
      Sebagai wujud komitmen Perusahaan dalam menerapkan tata kelola                  As a commitment of the company in implementing good corporate
      Perusahaan yang baik, maka atas laporan yang terbukti                           governance, on a verifiable report, the Company will provide
      kebenarannya, Perusahaan akan memberikan perlindungan kepada                    protection to whistleblowers. The protection provided includes:
      whistleblower. Perlindungan yang diberikan meliputi:


      1. Jaminan atas kerahasiaan identitas pelapor (whistleblower).                  1. Guarantees of the identity of the whistleblower.
      2. Jaminan atas kerahasiaan isi laporan yang disampaikan.                       2. Warranty on the confidentiality of the contents of the report
      3. Jaminan atas perlindungan kemungkinan adanya tindakan                             submitted.
         ancaman, intimidasi, hukuman, ataupun tindakan tidak                         3. Guarantee for the protection of possible threats, intimidation,
         menyenangkan lainnya dari pihak terlapor.                                         punishment or other unpleasant acts by the party reported.
      4. Bagi pelapor internal yang merupakan korban atau tidak terlibat              4. For internal reporters who are victims or not involved in the case
         dalam kasus yang dilaporkan, Perusahaan memberikan jaminan                        reported, the Company provides a guarantee of protection shall
         perlindungan tidak akan dikenai:                                                  not be subject to:
         1. Pemecatan;                                                                     1. Dismissal;
         2. Penurunan jabatan atau pangkat;                                                2. Demotion;
         3. Pelecehan atau diskriminasi dalam segala bentuknya;                            3. Harassment or discrimination in all its forms;
         4. Catatan yang merugikan dalam file data pribadinya (personal                     4. Adverse records in personal data files (personal file record).
             file record).                                                                  Relating to the action reported or indirectly related to the party
         Yang berkaitan dengan tindakan yang dilaporkan atau secara                        reported. As for the parties involved with the reported case, the
         tidak langsung berkaitan dengan pihak yang dilaporkan.                            report should be considered as a mitigating factor for the
         Sedangkan untuk pihak yang terlibat dengan kasus yang                             complainant.
         dilaporkan, laporan harus dipertimbangkan sebagai faktor yang
         meringankan bagi pelapor.
      5. Selain perlindungan sebagaimana dimaksud dalam butir 1 s/d                   5. In addition to the protection referred to in items 1 to 4 above, for a
         butir 4 di atas, untuk pelapor yang beritikad baik, Perusahaan juga               well-informed reporter, the Company shall also seek legal
         akan mengupayakan perlindungan hukum kepada pelapor                               protection to the complainant as stipulated by law.
         sebagaimana ketentuan yang diatur peraturan perundang-
         undangan.



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224               Highlights                            Management Report             Company Profile                       Management Discussion & Analysis
Page 233
                                                                                            Igniting Engagement                         Laporan Tahunan 2023
                                                                                             Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Pemahaman akan Mekanisme Whistleblower |
Understanding of the Whistleblower Mechanism
Dalam rangka penerapan whistleblowing system, Perseroan                             To implement the whistleblowing system, the Company places a
menempatkan sejumlah pengingat visual yang ditempatkan secara                       number of visual reminders strategically placed in all of the
strategis di semua kantor dan fasilitas perusahaan mengenai                         Company's offices and all facilities on whistleblower mechanisms.
mekanisme whistleblower, berupa poster yang menjelaskan                             Visual reminders in the form of posters explaining how to report
bagaimana cara melaporkan potensi atau pelanggaran Pedoman                          potential or breaches of Code of Conduct. It is also promoted through
Perilaku (Code Of Conduct). Mekanisme pelaporan ini juga                            all the Company’s integrity campaigns, activations, and guidance
disebarluaskan melalui sosialisasi, aktivasi, dan bimbingan integritas              organised by the Business Integrity Division.
Perseroan yang diselenggarakan oleh Divisi Internal Audit.


Selain itu, KP5 wajib melakukan sosialisasi kebijakan ini minimal                   In addition, KP5 must socialize this policy at least once a year, both to
setahun sekali, baik kepada pegawai dan stakeholder dengan                          employees and stakeholders using the following media:
menggunakan media sebagai berikut:                                                  a. Company Internal Email;
a. Email Internal Perusahaan;                                                       b. SPINDO website;
b. Website SPINDO;                                                                  c. Face-to-face meetings conducted during Gathering / Training
c. Pertemuan tatap muka yang dilakukan saat Gathering/Training                      d. Specifically for customers, partners, and suppliers, socialization
d. Khusus untuk para pelanggan, mitra kerja, dan pemasok,                              will be carried out through a circular notification.
   sosialisasi akan dilakukan melalui surat edaran pemberitahuan.




Jumlah Pengaduan | Total Complaints
Selama 2023, Perseroan tidak menerima laporan dugaan                                In 2023, the Company did not receive any report of alleged violation.
pelanggaran.




Sanksi/Tindak Lanjut | Sanctions/Follow-Ups
Pada 2023, Perseroan tidak memberikan sanksi dan tidak                              In 2023, the Company did not impose sanction anda follow-up report
menindaklanjuti pelaporan dikarenakan tidak adanya laporan                          because it did not receive any report of violation.
pelanggaran yang diterima.




            Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      05
            Corporate Governance                  Corporate Social Responsibility                         References                            Financial Statements   225
Page 234
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Penerapan Pedoman Tata
      Kelola Perusahaan Terbuka
      OJK
      Implementation of Public Companies Corporate Governance Guidelines in Compliance
      with OJK




      Sesuai dengan Peraturan Jasa Keuangan (POJK) Nomor                              In accordance with the Financial Services Regulations (POJK)
      21/POJK.04/2015 tentang Penerapan Pedoman Tata Kelola                           Number 21/POJK.04 /2015 concerning Application of Public

      Perusahaan Terbuka dan Surat Edaran Otoritas Jasa Keuangan                      Company Governance Guidelines and Financial Services Authority
      (SEOJK) Nomor 32/SEOJK.04/2015 tentang Pedoman Tata Kelola                      Circular Letter (SEOJK) Number 32/SEOJK.04/2015 concerning

      Perusahaan Terbuka, dalam penerapan 5 (lima) aspek, 8 (delapan)                 Guidelines for Governance of Public Companies, in applying 5 (five)

      prinsip tata kelola perusahaan yang baik serta 25 (dua puluh lima)              aspects, 8 (eight) principles of Good Corporate Governance and 25
      rekomendasi yang disampaikan oleh OJK, penerapan aspek dan                      ( t we n t y fi ve) re c o m m e n d a t i o n s s u b m i t t e d by t h e OJ K ,
      prinsip tata kelola perusahaan yang baik berdasarkan pendekatan                 implementation aspects and principles of Good Corporate

      “comply or explain” oleh SPINDO disampaikan sebagai berikut:                    Governance is based on a "comply or explain" by SPINDO submitted

                                                                                      as follows:




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226               Highlights                            Management Report             Company Profile                        Management Discussion & Analysis
Page 235
                                                                                                                 Igniting Engagement                             Laporan Tahunan 2023
                                                                                                                  Elevating Excellence          PT Steel Pipe Industry of Indonesia Tbk




       Prinsip                          Rekomendasi                       Keterangan Rekomendasi OJK                                             Penjelasan Penerapan SPINDO
      Principle                     Recommendation                      OJK Recommendation Statements                                          SPINDO Implementation Statements

 Aspek 1 : Hubungan Perusahaan Terbuka dengan Pemegang Saham Dalam Menjamin Hak-Hak Pemegang Saham

 Aspect 1 : Open Corporate Relationship with Shareholders in Protecting Shareholders’ Rights


Prinsip 1:                  1.1 Perusahaan Terbuka memiliki           Setiap saham dengan hak suara yang                                Terpenuhi; Di dalam Tata Tertib RUPS Tahunan Perseroan

Meningkatkan Nilai               cara atau prosedur teknis            dikeluarkan mempunyai satu hak suara (one                         tanggal 28 Juni 2019 dan sesuai ketentuan Pasal 23 ayat 6

Penyelenggaraan                  pengumpulan suara (voting)           share one vote). Pemegang saham dapat                             Anggaran Dasar Perseroan, pemungutan suara dalam Rapat

Rapat Umum                       baik secara terbuka maupun           m e n g g u n a ka n h a k s u a ra n ya p a d a s a a t          ini dilakukan secara lisan dengan prosedur :

Pemegang Saham                   tertutup yang mengedepankan          pengambilan keputusan dengan cara                                 Ÿ   Pemegang saham atau kuasanya yang memberikan

(RUPS)                           independensi dan kepentingan         p e n g u m p u l a n s u a r a ( v o t i n g ) . Pro s e d u r       suara tidak setuju akan diminta untuk mengangkat

                                 pemegang saham.                      pengambilan suara (voting) tersebut harus                             tangan, lalu diberikan lembar formulir untuk pengisian

Principle 1:                                                          menjaga independensi ataupun kebebasan                                nama, jumlah saham dimiliki/diwakili, dan Notaris akan

Increasing the Value of                                               pemegang saham.                                                       mencatat suara tidak setuju.

the Annual General                                                                                                                      Ÿ   Pemegang saham atau kuasanya yang memberikan

Meeting of                                                                                                                                  suara blanko akan diminta untuk mengangkat tangan,

Shareholders (AGMS)                                                                                                                         lalu diberikan lembar formulir untuk pengisian nama,

                                                                                                                                            jumlah saham dimiliki/diwakili, dan Notaris akan

                                                                                                                                            mencatat suara blanko yang dikeluarkan dalam Rapat.

                                                                                                                                        Ÿ   Pemegang saham atau kuasanya yang tidak mengangkat

                                                                                                                                            tangan dianggap memberikan suara setuju.



                            1.1 Public companies have a               Each voting shares issued have one vote (one                      Comply; In the Rules of Conduct Annual General Meeting of

                                 method or procedure for voting,      share one vote). Shareholders can use their                       the Company dated June 28, 2019 pursuant to Article 23,

                                 whether open or closed, that        voting rights at the time of decision making by                    paragraph 6 of the Articles of Association, the Meeting

                                 protects the independence and       voting. The voting procedure must maintain the                     voting is done verbally with the procedure:

                                 the interests of the                independence or freedom of shareholders.                           Ÿ   Shareholders or their proxies who vote disagree will be

                                 shareholders.                                                                                              asked to raise their hands, then given a form sheet to fill in

                                                                                                                                            the name, if the shares are owned / represented, and the

                                                                                                                                            Notary will record the dissenting vote.

                                                                                                                                        Ÿ   Shareholders or their proxies who provide blank votes

                                                                                                                                            will be asked to raise their hands, then a form sheet is

                                                                                                                                            given to fill in the name, the number of shares owned /

                                                                                                                                            represented, and the Notary will record the blank votes

                                                                                                                                            issued at the Meeting.

                                                                                                                                        Ÿ   Shareholders or their proxies who do not raise their hands

                                                                                                                                            are considered to vote in agreement.



                            1.2 Seluruh anggota Direksi dan          Kehadiran seluruh anggota Direksi dan anggota                      Terpenuhi; Kehadiran anggota Direksi dan Dewan Komisaris

                                 anggota Dewan Komisaris             Dewan Komisaris Perusahaan Terbuka bertujuan                       telah diungkapkan didalam Ringkasan Risalah RUPS

                                 Perusahaan Terbuka hadir            agar setiap anggota Direksi dan anggota Dewan                      Tahunan dan di Bab Tata Kelola Perusahaan pada Annual

                                 dalam RUPS Tahunan.                 Komisaris dapat memperhatikan, menjelaskan,                        Report ini.

                                                                     dan menjawab secara langsung permasalahan

                                                                     yang terjadi atau pertanyaan yang diajukan oleh

                                                                     pemegang saham terkait mata acara dalam

                                                                     RUPS.


               Tata Kelola Perusahaan                        Tanggung Jawab Sosial Perusahaan                                      Referensi                              Laporan Keuangan                  05
               Corporate Governance                            Corporate Social Responsibility                                    References                             Financial Statements               227
Page 236
                    2023 Annual Report                             Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk        Elevating Excellence




             Prinsip                       Rekomendasi                           Keterangan Rekomendasi OJK                               Penjelasan Penerapan SPINDO
          Principle                     Recommendation                         OJK Recommendation Statements                           SPINDO Implementation Statements

                                  1.2 All members of the Board of          The presence of all members of the Board of Comply; The presence of members of the Board of Directors

                                      Directors and Board of               D i r e c t o r s a n d m e m b e r s o f t h e B o a r d o f and Commissioners has been disclosed in the Summary of

                                      Commissioners attended the           Commissioners of the Public Company is intended so Annual GMS Minutes and Corporate Governance Chapter of

                                      Annual General Meeting of            that each member of the Board of Directors and this Annual Report.

                                      Shareholders.                        members of the Board of Commissioners can pay

                                                                           attention, explain, and respond directly to problems

                                                                           that occur or questions raised by shareholders

                                                                           related to the agenda at the GMS.



                                  1.3 Ringkasan risalah RUPS               Perusahaan Terbuka wajib membuat ringkasan Terpenuhi; Perseroan telah membuat Ringkasan Risalah

                                      tersedia dalam Situs Web             risalah RUPS dalam bahasa Indonesia dan bahasa RUPS Tahunan dalam Bahasa Indonesia dan Inggris, serta

                                      Perusahaan terbuka paling            asing (minimal dalam bahasa Inggris), serta telah diumumkan 2 (dua) hari kerja setelah pelaksanaan

                                      sedikit selama 1 (satu) tahun.       diumumkan 2 (dua) hari kerja setelah RUPS RUPS Tahunan tanggal 30 Juni 2022. Ringkasan Risalah

                                                                           diselenggarakan kepada masyarakat, yang salah RUPS Tahunan Perseroan telah dimuat dalam harian Kontan

                                                                           satunya melalui Situs Web Perusahaan Terbuka. pada hari Senin, 4 Juli 2022 dan diupload melalui situs web

                                                                           Ketersediaan ringkasan risalah RUPS pada Situs Bursa Efek serta situs website :

                                                                           Web Perusahaan Terbuka memberi kesempatan (https://www.spindo.com/rups).

                                                                           bagi pemegang saham yang tidak hadir untuk

                                                                           mendapat informasi penting dalam penyelenggara-

                                                                           an RUPS secara mudah & cepat.



                                  1.3 A summary of the minutes of          The Public Company is required to make a summary Comply; The Company has published the summary of the

                                      the AGMS is available on the         of the minutes of the GMS in Indonesian and foreign Annual GMS Minutes in Indonesian and English, and has

                                      Website of a public company          languages (at least in English), and be announced 2 been announced 2 (two) working days after the

                                      for at least 1 (one) year.           (two) working days after the GMS is held to the implementation of the Annual GMS on 30 June 2022. The

                                                                           public, one of which is through the Public Company summary of the Annual GMS Minutes has been published in

                                                                           Website. The availability of a summary of GMS Kontan Daily News, Monday, July 4th 2022 and uploaded in

                                                                           minutes on the Public Company Website provides an the Stock Exchange’s website and the Company's website.

                                                                           opportunity for shareholders who are not present to

                                                                           obtain important information in the holding of the

                                                                           GMS easily and quickly.



  Prinsip 2:                      2.1 Perusahaan Terbuka memiliki          Terdapat Komunikasi antara Perusahaan Terbuka Terpenuhi; Perseroan memiliki kebijakan komunikasi

  Meningkatkan Kualitas               suatu kebijakan komunikasi           d e n g a n p e m e g a n g s a h a m a t a u i n v e s t o r dengan pemegang saham atau investor, yang berfungsi

  komunikasi Perusahaan               dengan pemegang saham atau           dimaksudkan agar mendapatkan pemahaman lebih sebagai panduan Perseroan dalam berkomunikasi dengan

  Terbuka dengan                      investor.                            jelas atas informasi yang telah dipublikasikan kepada pihak-pihak terkait. Kebijakan komunikasi tersebut

  Pemegang Saham atau                                                      masyarakat, seperti laporan berkala, keterbukaan sebagaimana diatur dalam Pedoman Tata Kelola

  Investor                                                                 informasi, kondisi atau prospek bisnis dan kinerja, Perusahaan pada Bab III. A.2. , yaitu Komunikasi dengan

                                                                           serta pelaksanaan tata kelola Perusahaan Terbuka. Pemegang Saham dan Investor. Media komunikasi dengan

  Principle 2:                                                             Disamping itu, pemegang saham atau investor juga pemegang saham atau investor dilakukan yang di atur

  Strengthening the Quality                                                dapat menyampaikan masukan dan opini kepada tersebut melalui: RUPS, Public Expose, Laporan Tahunan,

  of Communication                                                         manajemen Perusahaan Terbuka.                          Laporan Keuangan Tahunan dan Interim, Analyst Meeting,

  between Public Companies                                                                                                        Press Release, Situs Web Perusahaan, Media Sosial

  and the Shareholders or                                                                                                         Perusahaan, Pertanyaan/Informasi Pemegang Saham, dan

  Investors                                                                                                                       Akses E-mail yaitu corsec@spindo.co.id.


 05              Ikhtisar Utama                           Laporan Manajemen                          Profil Perusahaan                           Analisa & Pembahasan Manajemen
228                Highlights                             Management Report                          Company Profile                             Management Discussion & Analysis
Page 237
                                                                                                   Igniting Engagement                          Laporan Tahunan 2023
                                                                                                    Elevating Excellence       PT Steel Pipe Industry of Indonesia Tbk




Prinsip                         Rekomendasi                      Keterangan Rekomendasi OJK                                     Penjelasan Penerapan SPINDO
Principle                   Recommendation                     OJK Recommendation Statements                                   SPINDO Implementation Statements

                    2.1 Public companies disclose their       There is a Communication between the Public              Comply; The Company has a communication policy with

                         policies on communication with       Company and the shareholders or investors                shareholders or investors, which serves as a guide for the

                         the shareholders or investors.       intended to gain a clearer understanding of              Company in communicating with related parties. The

                                                              information that has been published to the public,       communication policy as regulated in the Corporate

                                                              such as periodic reports, information disclosure,        Governance Guidelines in Chapter III. A.2., Communication

                                                              business conditions or prospects and                     with Shareholders and Investors. Media communication with

                                                              performance, as well as the implementation of            shareholders or investors is conducted through the

                                                              public company governance. In addition,                  following: RUPS, Public Expose, Annual Reports, Annual

                                                             shareholders or investors can also submit input           and Interim Financial Reports, Analyst Meetings, Press

                                                             and opinions to the management of the Public              Releases, Company Websites, Corporate Social Media,

                                                             Company.                                                  Shareholder Questions/Information, and E-mail access:

                                                                                                                       corsec@spindo.co.id



                    2.2 Perusahaan Terbuka                   Pengungkapan kebijakan komunikasi merupakan               Terpenuhi; Perseroan telah memiliki kebijakan komunikasi

                         mengungkapkan kebijakan             bentuk transparansi atas komitmen Perusahaan              Perusahaan Terbuka dengan pemegang saham atau Emiten

                         komunikasi Perusahaan               Terbuka dalam memberikan kesetaraan kepada                yang dituangkan dalam Pedoman Tata Kelola Perusahaan

                         Terbuka dengan pemegang             semua pemegang saham atau investor atas                   pada Bab III dan telah diunggah dalam website Perseroan:

                         saham atau investor dalam           pelaksanaan komunikasi. Pengungkapan                      https://www.spindo.com/tata-kelola-perusahaan.

                         Situs Web.                          informasi tersebut juga ber tujuan untuk

                                                             meningkatkan partisipasi dan peran pemegang

                                                             saham atau investor dalam pelaksanaan program

                                                             komunikasi Perusahaan Terbuka.



                    2.2 Public companies disclose their      Disclosure of communication policies is a form of         Comply; The Company has a Public Company

                         policies on communication with      transparency of the commitment of the public              communication policy with shareholders or Issuers as

                         the shareholders or investors on    company in providing equality to all shareholders         outlined in the Corporate Governance Guidelines in Chapter

                         the Website.                        or i nve st ors fo r t h e i m p l e me nt a t i o n of   III and has been uploaded on the Company's website:

                                                             communication. Disclosure of this information also        https://www.spindo.com/tata-management-company

                                                             aims to increase participation and the role of

                                                             shareholders or investors in the implementation of

                                                             the public company communication program.




       Tata Kelola Perusahaan                        Tanggung Jawab Sosial Perusahaan                              Referensi                             Laporan Keuangan           05
       Corporate Governance                            Corporate Social Responsibility                            References                            Financial Statements        229
Page 238
                        2023 Annual Report                            Igniting Engagement
                        PT Steel Pipe Industry of Indonesia Tbk       Elevating Excellence




             Prinsip                          Rekomendasi                           Keterangan Rekomendasi OJK                                   Penjelasan Penerapan SPINDO
            Principle                       Recommendation                        OJK Recommendation Statements                               SPINDO Implementation Statements
       Aspek 2 : Fungsi dan Peran Dewan Komisaris

       Aspect 2 : Function and Role of the Board of Commissioners

      Prinsip 3:                      3.1 Penentuan jumlah anggota            J u m l a h a n g g o t a D e w a n K o m i s a r i s d a p a t Terpenuhi; Penentuan jumlah anggota Dewan Komisaris

      Memperkuat                          Dewan Komisaris                     mempengaruhi efektivitas pelaksanaan tugas dari Perseroan telah dilakukan dengan mempertimbangankan

      Keanggotaan dan                     mempertimbangkan kondisi            Dewan Komisaris. Penentuan jumlah anggota kondisi perusahaan dan juga sesuai dengan ketentuan POJK

      Komposisi Dewan                     Perusahaan Terbuka.                 Dewan Komisaris Perusahaan Terbuka wajib No. 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris

      Komisaris                                                               mengacu kepada ketentuan peraturan perundang- Emiten atau Perusahaan Publik (POJK 33/2014).

                                                                              undangan yang berlaku.

      Principle 3:

      Strengthening the               3.1 The determination of the            T h e n u m b e r o f m e m b e r s o f t h e B o a rd o f Comply; The determination of the number of members of the

      Membership and                      number of members of the            Commissioners can affect the effectiveness of Board of Commissioners of the Company has been carried

      composition of the                  Board of Commissioners takes        c a r r y i n g o u t t h e d u t i e s o f t h e B o a r d o f out by considering the condition of the company and also in

      Board of                            into account the condition of the Commissioners. Determination of the number of a c c o r d a n c e w i t h t h e p r o v i s i o n s o f P O J K N o .

      Commissioners                       public company.                     members of the Board of Commissioners of a Public 33/POJK.04/2014 concerning Board of Directors and Board

                                                                              Company must refer to the provisions of the of Commissioners of Issuers or Public Companies (POJK

                                                                              applicable laws and regulations.                          33/2014).



                                      3.2 Penentuan komposisi anggota         Komposisi Dewan Komisaris merupakan kombinasi Terpenuhi; Komposisi Dewan Komisaris Perseroan telah

                                          Dewan Komisaris                     karakteristik baik dari segi organ Dewan Komisaris dilakukan dengan memperhatikan kebutuhan Perseroan.

                                          memperhatikan keberagaman           maupun anggota Dewan Komisaris secara individu, Anggota Dewan Komisaris sangat beragam dengan

                                          keahlian, pengetahuan, dan          sesuai dengan kebutuhan Perusahaan Terbuka. keahlian, pengetahuan, pengalaman, dan kewarganegaraan

                                          pengalaman yang dibutuhkan.         Karakteristik tersebut dapat tercermin dalam yang bertujuan untuk mendukung dan mempertahankan

                                                                              penentuan keahlian, pengetahuan, dan pengalaman keunggulan kompetitif. Segala bentuk fungsi, tugas, hak dan

                                                                              yang dibutuhkan dalam pelaksanaan tugas kewenangan, pembagian kerja, persyaratan, pengangkatan,

                                                                              pengawasan dan pemberian nasihat oleh Dewan keanggotaan dan hal lainnya yang terkait Dewan Komisaris

                                                                              Komisaris Perusahaan Terbuka. Komposisi yang dimuat dalam Board Manual-Panduan Bagi Dewan

                                                                              telah memperhatikan kebutuhan Perusahaan Komisaris dan Direksi sesuai Tata Kelola Perusahaan Yang

                                                                              Terbuka merupakan suatu hal yang positif, Baik dan dapat diakses di website Perseroan :

                                                                              khususnya terkait pengambilan keputusan dalam https://www.spindo.com/board-manual

                                                                              rangka pelaksanaan fungsi pengawasan yang

                                                                              dilakukan dengan mempertimbangkan berbagai

                                                                              aspek yang lebih luas.



                                      3.2 The determination of the            The composition of the Board of Commissioners is a Comply; The composition of the Company's Board of

                                          composition of the Board of         combination of characteristics both in terms of the Commissioners has been carried out with due regard to the

                                          Commissioners takes into            organs of the Board of Commissioners and individual needs of the Company. Members of the Board of

                                          account the diversity of            members of the Board of Commissioners, according Commissioners are very diverse with expertise, knowledge,

                                          expertise, knowledge, and           to the needs of the Public Company. These experience and citizenship that aims to support and maintain

                                          experience required.                characteristics can be reflected in the determination competitive advantage. All forms of functions, duties, rights

                                                                              of expertise, knowledge, and experience needed in and authorities, division of labor, requirements, appointment,

                                                                              carrying out supervisory duties and providing advice membership, and other matters related to the Board of

                                                                              by the Board of Commissioners of the Public Commissioners are contained in the Board Manuals for the

                                                                              Company. The composition that has taken into Board of Commissioners and Directors in accordance with

                                                                              account the needs of the public company is a positive     Good Corporate Governance and can be accessed on the




 05                  Ikhtisar Utama                          Laporan Manajemen                           Profil Perusahaan                              Analisa & Pembahasan Manajemen
230                    Highlights                            Management Report                           Company Profile                                Management Discussion & Analysis
Page 239
                                                                                                                Igniting Engagement                           Laporan Tahunan 2023
                                                                                                                 Elevating Excellence        PT Steel Pipe Industry of Indonesia Tbk




       Prinsip                            Rekomendasi                      Keterangan Rekomendasi OJK                                         Penjelasan Penerapan SPINDO
      Principle                       Recommendation                     OJK Recommendation Statements                                       SPINDO Implementation Statements



                                                                      thing, especially related to decision making in the Company's website:

                                                                      context of implementing the supervisory function https://www.spindo.com/board-manual

                                                                      carried out by considering a broader range of

                                                                      aspects.



Prinsip 4:                    4.1 Dewan Komisaris mempunyai           Kebijakan penilaian sendiri (self assessment) Dewan Penjelasan; Perseroan masih belum memiliki kebijakan Self-

Meningkatkan Kualitas              kebijakan penilaian sendiri (self- Komisaris merupakan suatu pedoman yang Assesment, karena kebijakan self-assesment masih dalam

Pelaksanaan Tugas dan              assessment) untuk menilai          digunakan sebagai bentuk akuntabilitas atas penilaian tahap penyusunan dan penyempurnaan.

Tanggung Jawab                     kinerja Dewan Komisaris.           kinerja Dewan Komisaris secara kolegial. Self

Dewan Komisaris                                                       assessment atau penilaian sendiri dimaksud dilakukan

                                                                      oleh masing-masing anggota untuk menilai

Principle 4:                                                          pelaksanaan kinerja Dewan Komisaris secara kolegial,

Strengthening the                                                     dan bukan menilai kinerja individual masing-masing

Quality of the                                                        anggota Dewan Komisaris. Dengan adanya self

Execution of Duties                                                   assessment ini diharapkan masing-masing anggota

and Responsibilities of                                               Dewan Komisaris dapat berkontribusi untuk

the Board of                                                          memperbaiki kinerja Dewan Komisaris secara ber-

Commissioners                                                         kesinambungan.



                              4.1 The Board of Commissioners has The Board of Commissioners' self-assessment policy Explain; The Company still has not had a Self-Assessment

                                   a policy on (Self-Assessment)      is a guideline used as a form of accountability for Policy, and it is still in the preparation and completion stage.

                                   to evaluate the performance of     collegially evaluating the performance of the Board of

                                   the Board of Commissioners.        Commissioners. Self-assessment is intended by each

                                                                      member to assess the implementation of the

                                                                     performance of the Board of Commissioners

                                                                     collegially, and not to assess the individual

                                                                     performance of each member of the Board of

                                                                     Commissioners. With this self assessment it is

                                                                     expected that each member of the Board of

                                                                     Commissioners can contribute to improving the

                                                                     performance of the Board of Commissioners on an

                                                                     ongoing basis.



                              4.2 Kebijakan penilaian sendiri (self- Pengungkapan kebijakan Self-Assessment atas Pe n j e l a s a n ; Pe r s e r o a n m a s i h b e l u m m e m e n u h i

                                   assessment) untuk menilai         kinerja Dewan Komisaris dilakukan tidak hanya untuk rekomendasi ini, karena masih belum memiliki kebijakan self-

                                   kinerja Dewan Komisaris,          memenuhi aspek transparansi sebagai bentuk assesment.

                                   diungkapan melalui Laporan        pertanggungjawaban atas pelaksanaan tugasnya,

                                   Tahunan Perusahaan Terbuka.       namun juga, untuk memberikan keyakinan khususnya

                                                                     kepada para pemegang saham atau investor atas

                                                                     u p a ya - u p a ya ya n g p e r l u d i l a k u k a n d a l a m

                                                                     meningkatkan kinerja Dewan Komisaris. Dengan

                                                                     adanya pengungkapan tersebut pemegang saham

                                                                     atau investor mengetahui mekanisme check &

                                                                     balance terhadap kinerja Dewan Komisaris.

                 Tata Kelola Perusahaan                        Tanggung Jawab Sosial Perusahaan                                  Referensi                             Laporan Keuangan      05
                 Corporate Governance                            Corporate Social Responsibility                                References                            Financial Statements   231
Page 240
              2023 Annual Report                           Igniting Engagement
              PT Steel Pipe Industry of Indonesia Tbk      Elevating Excellence




      Prinsip                       Rekomendasi                          Keterangan Rekomendasi OJK                                 Penjelasan Penerapan SPINDO
      Principle                   Recommendation                        OJK Recommendation Statements                            SPINDO Implementation Statements
                            4.2 The policy on Self-Assessment        Disclosure of the Self Assessment policy on the        Explain; The company still has not complied with this

                                to evaluate the performance of       performance of the Board of Commissioners is           recommendation, because it still does not have a self-

                                the Board of Commissioners is        done not only to fulfill the transparency aspect as a   assessment policy.

                                stated in the Annual Report of       form of accountability for carrying out its duties,

                                a public company.                    but also, to provide confidence especially to

                                                                     shareholders or investors of the efforts that need

                                                                     to be done in improving the performance of the

                                                                     Board of Commissioners. With this disclosure,

                                                                     shareholders or investors are aware of the check

                                                                     and balance mechanism for the performance of

                                                                     the Board of Commissioners.



                            4.3 Dewan Komisaris mempunyai            Kebijakan pengunduran diri anggota Dewan               Terpenuhi; Dewan Komisaris mempunyai kebijakan terkait

                                kebijakan terkait pengunduran        Komisaris yang terlibat dalam kejahatan keuangan       pengunduran diri anggota Dewan Komisaris apabila terlibat

                                diri anggota Dewan Komisaris         merupakan kebijakan yang dapat meningkatkan            dalam kejahatan keuangan sesuai dengan Pedoman kerja

                                apabila terlibat dalam kejahatan     kepercayaan para pemangku kepentingan                  Direksi dan Dewan Komisaris Perseroan serta peraturan

                                keuangan.                            terhadap Perusahaan Terbuka, sehingga                  perundang-undangan terkait.

                                                                     integritas perusahaan akan tetap terjaga.



                            4.3 The Board of Commissioners           The resignation policy of members of the Board of      Comply; The Board of Commissioners has a policy related to

                                has a policy on the resignation      Commissioners involved in financial crimes is a         the resignation of members of the Board of Commissioners

                                of members of the Board of           policy that can increase the confidence of              when involved in financial crimes in accordance with the

                                Commissioners who are                stakeholders in the public company, so that the        work guidelines of the Board of Directors and the Board of

                                involved in financial crimes.         integrity of the company will be maintained.           Commissioners of the Company as well as related laws and

                                                                                                                            regulations.



                            4.4 Dewan Komisaris atau Komite          Berdasarkan ketentuan Peraturan Otoritas Jasa          Penjelasan; Perseroan masih belum memiliki kebijakan

                                yang menjalankan fungsi              Keuangan No. 34/POJK.04/2014 tentang Komite            suksesi karena kebijakan suksesi masih dalam tahap

                                Nominasi dan Remunerasi              Nominasi dan Remunerasi Emiten atau                    penyusunan dan penyempurnaan.

                                menyusun kebijakan suksesi           Perusahaan Publik, komite yang menjalankan

                                dalam proses Nominasi                fungsi nominasi mempunyai tugas untuk

                                anggota Direksi.                     menyusun kebijakan dan kriteria yang dibutuhkan

                                                                     dalam proses Nominasi calon anggota Direksi.

                                                                     Salah satu kebijakan yang dapat mendukung

                                                                     proses Nominasi sebagaimana dimaksud adalah

                                                                     kebijakan suksesi anggota Direksi. Kebijakan

                                                                     mengenai suksesi bertujuan untuk menjaga

                                                                     kesinambungan proses regenerasi atau kaderisasi

                                                                     kepemimpinan di perusahaan dalam rangka

                                                                     mempertahankan keberlanjutan bisnis dan tujuan

                                                                     jangka panjang perusahaan.




 05        Ikhtisar Utama                           Laporan Manajemen                         Profil Perusahaan                             Analisa & Pembahasan Manajemen
232          Highlights                             Management Report                         Company Profile                               Management Discussion & Analysis
Page 241
                                                                                                           Igniting Engagement                         Laporan Tahunan 2023
                                                                                                            Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




       Prinsip                          Rekomendasi                       Keterangan Rekomendasi OJK                                   Penjelasan Penerapan SPINDO
      Principle                     Recommendation                     OJK Recommendation Statements                                  SPINDO Implementation Statements
                            4.4 The Board of Commissioners or       Based on the provisions of the Financial Services Explain; The Company still has not had a Succession Policy,

                                 the Committee of the               Authority Regulation No. 34/POJK.04/2014 and it is still in the preparation and completion progress.

                                 Nomination and Remuneration        concerning the Nomination and Remuneration

                                 functioning of succession in the   Committee of Issuers or Public Companies, the

                                 process of formulating policies    committee that carries out the nomination function

                                 Nomination of Directors            has the task of compiling the policies and criteria

                                 members.                           needed in the process of nominating candidates for

                                                                    Directors. One of the policies that can support the

                                                                    Nomination process referred to is the succession

                                                                    policy for members of the Board of Directors. The

                                                                    succession policy aims to maintain the continuity of

                                                                    the regeneration process or the regeneration of

                                                                    leadership in the company in order to maintain

                                                                    business sustainability and the long-term goals of the

                                                                    company.



 Aspek 3 : Fungsi dan Peran Direksi
 Aspect 3 : Function and Role of the Board of Directors


Prinsip 5:                  5.1 Penentuan jumlah anggota            Penentuan jumlah anggota Direksi harus dilakukan Terpenuhi; Penentuan jumlah anggota Dewan Komisaris

Memperkuat                       Direksi mempertimbangkan           melalui pertimbangan yang matang dan wajib Perseroan telah dilakukan dengan mempertimbangankan

Keanggotaan dan                  kondisi Perusahaan Terbuka         mengacu pada ketentuan Peraturan Perundang- kondisi perusahaan dan juga sesuai dengan ketentuan POJK

Komposisi Direksi                serta efektifitas dalam             undangan yang berlaku. Di samping itu, Penentuan No. 33/POJK.04/2014 tentang Direksi dan Dewan Komisaris

                                 pengambilan keputusan              jumlah anggota Direksi mempertimbangkan kondisi Emiten atau Perusahaan Publik (POJK 33/2014)

Principle 5:                                                        Perusahaan Terbuka ser ta efektifitas dalam

Strengthening the                                                   pengambilan keputusan Direksi.

Membership and

Composition of the          5.1 The determination of the            Determination of the number of members of the Comply; Determination of the number of members of the

Board of Directors               number of member the Board of Board of Directors must be done through careful Board of Commissioners of the Company has been carried

                                 Directors takes into account       consideration and must refer to the provisions of the out by considering the condition of the company and also in

                                 condition of the Public            prevailing laws and regulations. In addition, the a c c o r d a n c e w i t h t h e p r o v i s i o n s o f P O J K N o .

                                 Company and the effectiveness      determination of the number of members of the 33/POJK.04/2014 concerning Board of Directors and Board

                                 of decision making.                Board of Directors considers the condition of the of Commissioners of Issuers or Public Companies (POJK

                                                                    Public Company and the effectiveness in making 33/2014).

                                                                    decisions of the Board of Directors.



                            5.2 Penentuan komposisi anggota         Keberagaman komposisi anggota Direksi merupakan Terpenuhi; Direksi Perseroan memiliki latar belakang yang

                                 Direksi memperhatikan,             kombinasi karakteristik yang diinginkan baik dari segi beragam atas keahlian, pengetahuan dan pengalaman. Hal

                                 keberagaman, keahlian,             organ Direksi maupun anggota Direksi secara tersebut dapat dilhat dari profil masing-masing Direksi, baik

                                 pengetahuan, dan pengalaman        individu dan pertimbangan kombinasi karakteristik di dalam Laporan Tahunan atau website Perseroan.

                                 yang dibutuhkan.                   dimaksud akan berdampak dalam ketepatan proses Komposisi Direksi yang beragam ini diharapkan dapat

                                                                    pencalonan dan penunjukan individual anggota memberikan opsi atau alternatif penyelesaian dan

                                                                    Direksi ataupun Direksi secara kolegial.                   pengambilan keputusan terhadap suatu masalah yang

                                                                                                                               semakin kompleks dihadapi oleh Perseroan.




               Tata Kelola Perusahaan                        Tanggung Jawab Sosial Perusahaan                             Referensi                             Laporan Keuangan                05
               Corporate Governance                            Corporate Social Responsibility                           References                            Financial Statements             233
Page 242
                         2023 Annual Report                           Igniting Engagement
                         PT Steel Pipe Industry of Indonesia Tbk      Elevating Excellence




                Prinsip                         Rekomendasi                         Keterangan Rekomendasi OJK                                 Penjelasan Penerapan SPINDO
            Principle                        Recommendation                       OJK Recommendation Statements                             SPINDO Implementation Statements


                                       5.2 The determination of the             The diversity of the composition of members of the     Comply; The Company's Directors have diverse

                                           composition of the Board of          Board of Directors is a combination of the desired     backgrounds in expertise, knowledge and experience. This

                                           Directors takes into account the     characteristics both in terms of organs of the         can be seen from the profiles of each Directors, both in the

                                           diversity of expertise,              Board of Directors and individual members of the       Annual Report or the Company's website. The diverse

                                           knowledge and experience             Board of Directors and consideration of the            composition of the Board of Directors is expected to provide

                                           required.                            combination of these characteristics will have an      options or alternatives for resolution and decision making on

                                                                                impact on the accuracy of the nomination process       an increasingly complex problem faced by the Company.

                                                                                and the appointment of individual members of the

                                                                                Directors or Directors collegially.



                                       5.3 Anggota Direksi yang                 Berdasarkan peraturan perundang-undangan di            Penjelasan; Perseroan belum memiliki Direktur Keuangan,

                                           membawahi bidang akuntansi           sektor Pasar Modal yang mengatur mengenai              hingga saat ini fungsi Direksi yang membawahi keuangan

                                           atau keuangan memiliki               tanggung jawab Direksi atas Laporan Keuangan,          masih dirangkap jabatan oleh Wakil Direktur utama.

                                           keahlian dan/atau pengetahuan        Direksi secara tanggung renteng bertanggung

                                           di bidang akuntansi.                 jawab atas Laporan Keuangan, yang ditanda-             .

                                                                                tangani Direktur Utama dan anggota Direksi yang

                                                                                membawahi bidang akuntansi atau keuangan.



                                       5.3 Members of the Board of              Based on the laws and regulations in the Capital       Explain; The Company has not had a Finance Director yet,

                                           Directors who head accounting        Market sector that regulates the responsibilities of   until now the function of the Board of Directors in charge

                                           or finance areas have expertise       the Board of Directors for the Financial               of the finance is still concurrently positioned by the Vice

                                           in and/or knowledge of               Statements, the Board of Directors is jointly          President Director.

                                           accounting.                          responsible for the Financial Statements, which

                                                                                are signed by the President Director and members

                                                                                of the Board of Directors in charge of accounting or

                                                                                finance.



      Prinsip 6:                       6.1 Direksi mempunyai kebijakan          Kebijakan penilaian sendiri (self assessment)          Terpenuhi; Perseroan telah memiliki kebijakan Self-

      Meningkatkan Kualitas                penilaian sendiri (self-             Direksi atau penilaian sendiri dimaksud dilakukan      Assesment.

      Pelaksanaan Tugas dan                assessment) untuk menilai            oleh masing-masing anggota Direksi untuk

      Tanggung Jawab                       kinerja Direksi.                     menilai pelaksanaan kinerja Direksi secara

      Direksi                                                                   kolegial, dan bukan menilai kinerja individual

                                                                                masing-masing anggota Direksi.

      Principle 6:

      Strengthening the                6.1 The Board of Directors has a         The Directors' self-assessment policy or the self-     Comply; The Company has had a Self-Assessment Policy.

      Quality of the Execution             policy on Self-Assessment to         assessment referred to is carried out by each

      of Duties and                        evaluate the performance of the      member of the Board of Directors to assess the

      Responsibilities of the              Board of Directors.                  collegial performance of the Directors, and not to

      Board of Directors                                                        assess the individual performance of each

                                                                                member of the Board of Directors.




 05                   Ikhtisar Utama                          Laporan Manajemen                           Profil Perusahaan                           Analisa & Pembahasan Manajemen
234                     Highlights                            Management Report                           Company Profile                             Management Discussion & Analysis
Page 243
                                                                                                    Igniting Engagement                          Laporan Tahunan 2023
                                                                                                     Elevating Excellence       PT Steel Pipe Industry of Indonesia Tbk




Prinsip                         Rekomendasi                          Keterangan Rekomendasi OJK                                  Penjelasan Penerapan SPINDO
Principle                   Recommendation                         OJK Recommendation Statements                               SPINDO Implementation Statements


                    6.2 Kebijakan penilaian sendiri            Pengungkapan kebijakan self-assessment atas Terpenuhi; Perseroan telah memiliki kebijakan Self-

                         (self- assessment) untuk              kinerja Direksi dilakukan tidak hanya untuk memenuhi Assesment.

                         menilai kinerja Direksi               aspek transparansi sebagai bentuk pertanggung-

                         diungkapkan melalui laporan           jawaban atas pelaksanaan tugasnya, namun juga

                         tahunan Perusahaan Terbuka.           untuk memberikan informasi penting atas upaya-

                                                               upaya perbaikan dalam pengelolaan Perusahaan

                                                               Terbuka. Dengan adanya pengungkapan tersebut

                                                               pemegang saham atau investor mengetahui

                                                               mekanisme check and balance terhadap kinerja

                                                               Direksi.



                    6.2 The Policy on Self-Assessment          Disclosure of the self-assessment policy on the Comply; The Company has had a Self-Assessment Policy.

                         to evaluate the performance of        performance of the Directors is carried out not only to

                         the Board of Directors is stated      fulfill the transparency aspect as a form of

                         in the Annual Report of the           accountability for the implementation of its duties,

                         Public Company.                       but also to provide important information for

                                                               improvement efforts in the management of the

                                                               Public Company. With this disclosure, shareholders

                                                               or investors are aware of the check and balance

                                                               mechanism for the performance of the Board of

                                                               Directors.



                    6.3 Direksi mempunyai kebijakan            Kebijakan pengunduran diri anggota Direksi yang Terpenuhi; Direksi mempunyai kebijakan terkait

                         terkait pengunduran diri              terlibat dalam kejahatan keuangan merupakan pengunduran diri anggota Direksi apabila terlibat dalam

                         anggota Direksi apabila terlibat      kebijakan yang dapat meningkatkan kepercayaan kejahatan keuangan sesuai dengan Pedoman kerja Direksi

                         dalam kejahatan keuangan.             para pemangku kepentingan terhadap Perusahaan dan Dewan Komisaris Perseroan ser ta peraturan

                                                               Terbuka, sehingga integritas perusahaan akan tetap perundang-undangan terkait.

                                                               terjaga.



                    6.3 The Board of Commissioners             The resignation policy of members of the Board of Comply; The Board of Directors has a policy related to the

                         has a policy on the resignation       Directors involved in financial crimes is a policy that resignation of members of the Board of Directors if it is

                         of members of the Board of            can increase the confidence of stakeholders in public involved in financial crimes in accordance with the work

                         Commissioners who are                 companies, so that the integrity of the company will guidelines of the Board of Directors and the Board of

                         involved in financial crimes.          be maintained.                                            Commissioners of the Company and related laws and

                                                                                                                         regulations.




       Tata Kelola Perusahaan                           Tanggung Jawab Sosial Perusahaan                           Referensi                              Laporan Keuangan        05
       Corporate Governance                               Corporate Social Responsibility                         References                             Financial Statements     235
Page 244
                         2023 Annual Report                              Igniting Engagement
                         PT Steel Pipe Industry of Indonesia Tbk         Elevating Excellence




             Prinsip                            Rekomendasi                            Keterangan Rekomendasi OJK                                  Penjelasan Penerapan SPINDO
            Principle                        Recommendation                          OJK Recommendation Statements                             SPINDO Implementation Statements
       Aspek 4 : Partisipasi Pemangku Kepentingan

       Aspect 4 : Stakeholder Participation

      Prinsip 7:                       7.1 Perusahaan Terbuka memiliki             Perusahaan Terbuka dapat meminimalisir                 Terpenuhi; Perusahaan memiliki kebijakan pencegahan

      Meningkatkan Aspek                   kebijakan untuk mencegah                terjadinya insider trading tersebut melalui            terjadinya insider trading yang diatur dalam Code of Conduct

      Tata Kelola Perusahaan               terjadinya insider trading.             kebijakan pencegahan, misalnya dengan                  Perseroan pada Bab Standar Etika Bisnis pasal 12, yaitu

      melalui Partisipasi                                                          memisahkan secara tegas data dan/atau                  Etika perusahaan terkait praktik pasar modal dan insider

      Pemangku                                                                     informasi yang bersifat rahasia dengan yang            trading yang menjelaskan hal-hal yang wajib dilakukan dan

      Kepentingan                                                                  bersifat publik, serta membagi tugas dan               hal-hal yang tidak dapat/boleh dilakukan, di mana standar

                                                                                   tanggung jawab atas pengelolaan informasi              etika bisnis tersebut harus dipedomani oleh seluruh jajaran

      Principle 7:                                                                 dimaksud secara proporsional dan efisien.               Perseroan.

      Strengthening                                                                                                                       Adapun disampaikan juga di dalam Pedoman Tata Kelola

      Corporate Governance                                                                                                                Perusahaan pada BAB III : Penerapan Tata Kelola

      Aspects Through                                                                                                                     Perusahaan huruf B.4 perihal Pencegahan Transaksi Orang

      Stakeholder                                                                                                                         Dalam (Insider Trading).

      Participation

                                       7.1 Public Companies have a policy          Public Company can minimize the occurrence of          Comply; The company has a policy of preventing insider

                                           on preventing insider trading.          insider trading through prevention policies, for       trading that is regulated in the Code of Conduct of the

                                                                                   example by strictly separating data and/or             Company in the Chapter of Business Ethics Standards,

                                                                                   information that is confidential from the public        article 12: Company ethics related to capital market practices

                                                                                   nature, as well as dividing the duties and             and insider trading that explains the things that must be

                                                                                   responsibilities for the management of said            done and the things that cannot / can be done, where

                                                                                   information proportionally and efficiently.             business ethics standards must be followed by all levels of

                                                                                                                                          the Company.

                                                                                                                                          Also stated in the Corporate Governance Guidelines in

                                                                                                                                          Chapter III : Implementation of Corporate Governance, article

                                                                                                                                          B.4 Concerning Prevention of Insider Trading.



                                       7.2 Perusahaan Terbuka memiliki             Kebijakan tersebut dapat merupakan bagian              Terpenuhi; Kebijakan terkait gratifikasi dan anti-korupsi

                                           kebijakan anti korupsi dan anti-        dalam kode etik, ataupun dalam bentuk                  tersebut dimuat dalam Code of Conduct Perseroan pada Bab

                                           fraud.                                  tersendiri. Dalam kebijakan tersebut dapat             Standar Etika Bisnis pasal 13 perihal Etika Perusahaan

                                                                                   meliputi antara lain mengenai program dan              Terkait Gratifikasi dan Korupsi bahwa memberi, menerima

                                                                                   prosedur yang dilakukan dalam mengatasi                dan membiarkan lingkungan yang terindikasi suap dalam

                                                                                   praktik korupsi, balas jasa (kickbacks), fraud, suap   bentuk apapun kepada pihak-pihak yang memiliki

                                                                                   dan/atau gratifikasi dalam Perusahaan Terbuka.          kepentingan bisnis dengan Perseroan merupakan bentuk

                                                                                                                                          pelanggaran.



                                       7.2 Public Companies have anti              The policy can be part of the code of ethics, or in    Comply; The policies related to gratuity and anti-corruption

                                           corruption and anti fraud               its own form. The policy can include, among            are contained in the Company's Code of Conduct in the

                                           policies.                               others, the programs and procedures carried out        Chapter Business Ethics Standard, article 13 regarding

                                                                                   in dealing with corrupt practices, fraud,              Corporate Ethics regarding gratification and corruption that

                                                                                   kickbacks, bribes and/or gratuities in public          gives, receives and allows a bribery-indicated environment

                                                                                   companies.                                             in any form to parties who have business interests with The

                                                                                                                                          company is a form of violation.




 05                   Ikhtisar Utama                          Laporan Manajemen                             Profil Perusahaan                             Analisa & Pembahasan Manajemen
236                     Highlights                            Management Report                             Company Profile                               Management Discussion & Analysis
Page 245
                                                                                                     Igniting Engagement                          Laporan Tahunan 2023
                                                                                                      Elevating Excellence       PT Steel Pipe Industry of Indonesia Tbk




Prinsip                         Rekomendasi                         Keterangan Rekomendasi OJK                                    Penjelasan Penerapan SPINDO
Principle                   Recommendation                        OJK Recommendation Statements                                  SPINDO Implementation Statements


                    7.3 Perusahaan Terbuka memiliki              Kebijakan tentang seleksi pemasok atau vendor           Terpenuhi; Perseroan memiliki kebijakan tentang seleksi

                         kebijakan tentang seleksi dan           bermanfaat untuk memastikan agar Perusahaan             dan peningkatan kemampuan pemasok atau vendor yang

                         peningkatan kemampuan                   Terbuka memperoleh barang atau jasa yang                bertujuan untuk memastikan hubungan dengan pemasok

                         pemasok atau vendor.                    diperlukan dengan harga yang kompetitif dan             mencerminkan dan mendukung standar etika tinggi yang

                                                                 kualitas yang baik. Pelaksanaan kebijakan-              sama. Kebijakan tersebut dimuat dalam Code of Conduct

                                                                 kebijakan tersebut dapat menjamin kontinuitas           pada Bab Standar Etika Bisnis pasal 4 perihal Etika

                                                                 pasokan, baik dari segi kuantitas maupun kualitas       Perusahaan dengan Vendor / Supplier.

                                                                 yang dibutuhkan Perusahaan Terbuka.



                    7.3 Public Companies have a policy           The policy on selecting suppliers or vendors is         Comply; The Company has a policy regarding the selection

                         on the selection and                    useful to ensure that the public company obtains        and enhancement of the ability of suppliers or vendors that

                         improvement of vendors.                 the goods or services needed at competitive prices      aims to ensure relations with suppliers reflect and support

                                                                 and good quality. implementation of these policies      the same high ethical standards. This policy is contained in

                                                                 can guarantee continuity of supply, both in terms       the Code of Conduct in Chapter Business Ethics Standard

                                                                of quantity and quality required by the public           article 4 regarding Company Ethics with Vendors / Suppliers.

                                                                company.



                    7.4 Perusahaan Terbuka memiliki             Kebijakan tentang pemenuhan hak-hak kreditur             Terpenuhi; Kebijakan pemenuhan hak-hak kreditur

                         kebijakan untuk pemenuhan              digunakan sebagai pedoman dalam melakukan                digunakan sebagai pedoman dalam melakukan pinjaman

                         hak- hak kreditur.                     pinjaman kepada kreditur. Tujuan dari kebijakan          kepada kreditur. Tujuan dari kebijakan tersebut adalah untuk

                                                                dimaksud adalah untuk menjaga terpenuhinya               menjaga pemenuhan hak dan menjaga kepercayaan kreditur

                                                                hak-hak dan menjaga kepercayaan kreditur                 terhadap perusahaan terbuka.

                                                                terhadap Perusahaan Terbuka.



                    7.4 Public Companies have a policy          The policy on fulfilling creditors' rights is used as a   Comply; The policy on fulfilling creditors' rights is used as a

                         on fullfilling creditors’ rights.       guide in making loans to creditors. The purpose of       guide in making loans to creditors. The purpose of the policy

                                                                the policy is to maintain the fulfillment of rights and   is to maintain the fulfillment of rights and maintain creditor

                                                                maintain creditor trust in the public company.           trust in the public company.



                    7.5 Perusahaan Terbuka memiliki             Kebijakan sistem whistleblowing yang telah               Terpenuhi; Perseroan memiliki kebijakan sistem

                         kebijakan sistem                       disusun baik akan memberikan kepastian                   whistleblowing yang diatur dalam Pedoman

                         whistleblowing.                        perlindungan kepada saksi atau pelapor atas              Whistleblowing System Perseroan. Jenis pelanggaran yang

                                                                suatu indikasi pelanggaran yang dilakukan                dapat dilaporkan melalui adalah pelanggaran, dugaan, atau

                                                                karyawan / manajemen Perusahaan Terbuka.                 potensi pelanggaran Kode Etik Bisnis dan Aturan Kebijakan,

                                                                                                                         serta pelanggaran etik dan perilaku illegal lainnya.

                                                                                                                         Penjelasan lebih lanjut mengenai cara pengaduan dapat

                                                                                                                         dibaca di Laporan Tahunan Perseroan dan Whistleblowing

                                                                                                                         System pada situs web Perseroan:

                                                                                                                         https://www.spindo.com/sistem-whistleblowing




       Tata Kelola Perusahaan                           Tanggung Jawab Sosial Perusahaan                             Referensi                             Laporan Keuangan               05
       Corporate Governance                               Corporate Social Responsibility                           References                            Financial Statements            237
Page 246
                        2023 Annual Report                          Igniting Engagement
                        PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




             Prinsip                          Rekomendasi                         Keterangan Rekomendasi OJK                                    Penjelasan Penerapan SPINDO
            Principle                       Recommendation                       OJK Recommendation Statements                               SPINDO Implementation Statements


                                      7.5 Public Companies have a policy      The whistleblowing system policy that has been           Comply; The Company has a whistleblowing system policy

                                          on the whistleblowing system.       prepared well will provide certainty of protection       that is regulated in the Company's Whistleblowing System

                                                                              to witnesses or reporters for an indication of           Guidelines. Types of violations that can be reported through

                                                                              violations committed by employees /                      are violations, allegations, or potential violations of the Code

                                                                              management of the Public Company.                        of Business Ethics and Policy Rules, as well as violations of

                                                                                                                                       ethics and other illegal behavior.

                                                                                                                                       Further explanation on how complaints can be read in the

                                                                                                                                       Company's Annual Report and Whistleblowing System on

                                                                                                                                       the Company's website :

                                                                                                                                       https://www.spindo.com/sistem-whistleblowing



                                      7.6 Perusahaan Terbuka memiliki         Insentif jangka panjang bermanfaat dalam rangka          Penjelasan; Perseroan masih belum menerapkan kebijakan

                                          kebijakan pemberian insentif        menjaga loyalitas dan memberikan motivasi                pemberian insentif jangka panjang kepada Direksi dan

                                          jangka panjang kepada Direksi       kepada Direksi dan karyawan untuk menigkatkan            Karyawan.

                                          dan karyawan.                       kinerja atau produktivitasnya yang akan

                                                                              berdampak pada peningkatan kinerja perusahaan

                                                                              dalam jangka panjang.



                                      7.6 The Public Company has a            Long-term incentives are useful in order to              Explain; The Company has not yet implemented a policy of

                                          policy of providing long-term       maintain loyalty and provide motivation to the           providing long-term incentives to Directors and Employees.

                                          incentives to Directors and         Directors and employees to improve their

                                          employees.                          performance or productivity which will have an

                                                                              impact on improving the company's performance

                                                                              in the long run.


       Aspek 5 : Keterbukaan Informasi

       Aspect 5 : Information Disclosure

      Prinsip 8:                      8.1 Perusahaan Terbuka                  Keterbukaan informasi yang dilakukan tidak               Terpenuhi; Dalam situs website SPINDO, terdapat segala

      Meningkatkan                        memanfaatkan penggunaan             hanya keterbukaan informasi yang telah diatur            informasi yang terkait dengan Keterbukaan Informasi. Dan

      Pelaksanaan                         teknologi informasi secara lebih    dalam peraturan perundang-undangan, namun                selain situs website, Perseroan memanfaatkan teknologi

      Keterbukaan Informasi               luas selain Situs Web sebagai       juga informasi lain terkait Perusahaan Terbuka           informasi lainnya melalui media sosial (seperti Instagram,

                                          media keterbukaan informasi.        yang dirasakan bermanfaat untuk diketahui                Facebook, dan Twitter) sebagai saluran media untuk

      Principle 8:                                                            pemegang saham atau investor.                            keterbukaan informasi.

      Strengthening

      Information Disclosure          8.1 Public Companies make use of        The disclosure of information is not only disclosure     Comply; On the SPINDO website, there is all information

                                          information technology other        of information that has been regulated in the            relating to Information Disclosure. And in addition to the

                                          than the website as a means for     legislation, but also other information related to the   website, the Company utilizes other information technology

                                          diclosing information.              public company that is considered useful for             through social media (such as Instagram, Facebook and

                                                                              shareholders or investors to know.                       Twitter) as a media channel for information disclosure.




 05                  Ikhtisar Utama                          Laporan Manajemen                          Profil Perusahaan                             Analisa & Pembahasan Manajemen
238                    Highlights                            Management Report                          Company Profile                               Management Discussion & Analysis
Page 247
                                                                                                 Igniting Engagement                         Laporan Tahunan 2023
                                                                                                  Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Prinsip                         Rekomendasi                        Keterangan Rekomendasi OJK                                   Penjelasan Penerapan SPINDO
Principle                   Recommendation                       OJK Recommendation Statements                              SPINDO Implementation Statements


                    8.2 Laporan Tahunan Perusahaan              Peraturan perundang-undangan di sektor Pasar         Terpenuhi; Perseroan telah mengungkapkan informasi

                         Terbuka mengungkapkan                  Modal yang mengatur mengenai penyampaian             mengenai Pemegang Saham yang memiliki 5% atau lebih

                         pemilik manfaat akhir dalam            laporan tahunan Perusahaan Terbuka telah             saham Perseroan dalam Laporan Tahunan di bagian

                         kepemilikan saham Perusahaan           mengatur kewajiban pengungkapan informasi            Komposisi Pemegang Saham.

                         Terbuka paling sedikit 5% (lima        mengenai pemegang saham yang memiliki 5%

                         persen), selain pengungkapan           (lima persen) atau lebih saham Perusahaan

                         pemilik manfaat akhir dalam            Terbuka, ser ta kewajiban pengungkapan

                         kepemilikan saham Perusahaan           informasi mengenai pemegang saham utama dan

                         Terbuka melalui pemegang               pengendali Perusahaan Terbuka.

                         saham utama dan pengendali.



                    8.2 The Annual Report of a Public          The laws and regulations in the Capital Market        Comply; The Company has disclosed information regarding

                         Company discloses the ultimate        sector that regulate the submission of the annual     Shareholders who own 5% or more of the Company's shares

                         beneficial owner in                    report of the Public Company have set the             in the Annual Report in the Shareholders Composition

                         shareholdings in a Public             obligation to disclose information about              section.

                         Company of at least 5% (five           shareholders who own 5% (five percent) or more

                         percent), other than the              shares of the Public Company, as well as the

                         declaration of the ultimate           obligation to disclose information about the main

                         beneficial owner in the                shareholders and controllers of the Public

                         shareholding of a Public              Company.

                         Company through the main and

                         controlling shareholders.




       Tata Kelola Perusahaan                          Tanggung Jawab Sosial Perusahaan                         Referensi                             Laporan Keuangan         05
       Corporate Governance                              Corporate Social Responsibility                       References                            Financial Statements      239
Page 248
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         PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




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240     Highlights                            Management Report             Company Profile       Management Discussion & Analysis
Page 249
                                                             Igniting Engagement                         Laporan Tahunan 2023
                                                              Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




         06                                         Tanggung
                                                    Jawab Sosial
                                                    Perusahaan
                                                    Corporate Social Responsibility




Tata Kelola Perusahaan   Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      06
Corporate Governance       Corporate Social Responsibility                 References                            Financial Statements   241
Page 250
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Tanggung Jawab Sosial Perusahaan
      Corporate Social Responsibility Policy




      Komitmen Pada Tanggung Jawab Sosial |
      Commitment Towards Social Responsiblity
      Perseroan meyakini bahwa pengelolaan sumber daya alam sebagai                               The Company believes that management of natural resources as part
      bagian dari rantai nilai Perusahaan harus memberikan manfaat bagi                           of its value chains should benefit all stakeholders and the lives of the
      para Pemangku Kepentingan dan kehidupan masyarakat pada saat                                community presently and in the future. By emphasizing the
      ini dan masa mendatang. Dengan mengedepankan harmoninasi                                    harmonization between the social, environmental and business
      antara kepentingan Sosial, Lingkungan, dan Bisnis (People, Planet,                          interests (People, Planet, Profit), the system and programs applied in
      Profit) maka sistem dan program yang diterapkan Perseroan dalam                              the Company’s operations will display the harmonization of the three.
      menjalankan operasionalnya mencerminkan harmonisasi ketiganya.


      Perseroan meyakini harmonisasi kepentingan-kepentingan tersebut                             The Company is convinced that the harmonization of these interests
      akan menghasilkan keberlanjutan pertumbuhan bisnis. Komitmen                                will deliver sustainable business growth. Our commitment to
      Perseroan dalam mencapai keberlanjutan di berbagai sisi ditunjukkan                         achieving sustainability in all aspects is reflected in the various Social
      dengan berbagai program Tanggung Jawab Sosial dan Lingkungan                                and Environmental Responsibility programs which are known as
      yang lebih dikenal dengan Corporate Social Responsibility (CSR).                            Corporate Social Responsibility (CSR).




      Metode & Lingkup Uji Kelayakan Dampak Sosial, Ekonomi,
      dan Lingkungan | Method & Scope of Due Dilligence Test on
      Social, Economic, and Environmental Impacts
      Perencanaan, pelaksanaan, dan pengawasan setiap tahapan rantai                              The Company refer to the established standards in its planning,
      produksi dilakukan dengan mengacu pada standar yang telah                                   execution, and supervision process on every stages of its production
      ditetapkan. Keseluruhan prosedur berpedoman pada ISO 26000                                  chains. Entire procedures refer to ISO 26000 as guidance in
      sebagai panduan dalam pelaksanaan tanggung jawab sosial                                     implementing CSR in all areas through the following method:
      Perseroan di semua bidang melalui metode sebagai berikut:




                 Tahap 1 : Identifikasi                                                 Tahap 2 : Prioritas                              Tahap 3 : Tinjauan
                 Phase 1 : Identification                                                Phase 2 : Priority                               Phase 3 : Review

      Dilakukan sebuah proses yang bertahap                       Selanjutnya, dari hasil inventarisasi dampak,           Dari hasil pemilahan dan penilaian
      dalam mengidentifikasi dampak operasional                    dilakukan proses skoring atau penilaian guna            berdasarkan persepsi dan dampak terhadap
      Perusahaan. Proses ini melibatkan setiap                    mengukur tingkat signifikansi dampak                     keberlanjutan perusahaan, maka Perseroan
      Departemen dan juga segmen usaha.                           terhadap operasional Perusahaan.                        membuat program dan anggaran biaya.
      We carry out a gradual process in identifying               Furthermore, from the results of the impact             From the results of sorting and assessment
      the operational impacts. This process                       inventory, a scoring or assessment process is           based on perception and impact on the
      involves every Department and business                      carried out to measure the significance of the           Company’s sustainability, the Company
      segment.                                                    impact on the Company’s operations.                     prepares the programs and budget.




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242                Highlights                            Management Report                        Company Profile                    Management Discussion & Analysis
Page 251
                                                                                          Igniting Engagement                         Laporan Tahunan 2023
                                                                                           Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Pemangku Kepentingan yang Terdampak dari Kegiatan
Perseroan | Stakeholders Impacted By Company’s Activities
Perseroan menyadari bahwa Pemangku Kepetingan memegang                             We realized that stakeholders have a significant role in the
peranan penting terhadap operasional perusahaan. Untuk itu penting                 Company’s operation process. Therefore, it is important for SPINDO
bagi SPINDO senantiasa menjaga hubungan baik dengan para                           to always maintain a good relationship with the stakeholders.
Pemangku Kepentingan. Pemangku Kepentingan diidentifikasikan                        Stakeholder means entities who can influence and impact the
sebagai pihak yang dapat memengaruhi operasional serta arah                        Company’s operations process and strategic course.
strategis Perseroan, termasuk pihak yang terdampak dari operasional
dan arah strategis Perusahaan.


         Bisnis Proses                                         Dampak                                                      Pemangku Kepentingan
        Business Process                                        Impact                                                         Stakeholder


Perencanaan strategis & anggaran       1. Penetapan biaya | Costing                                         1.    Pemegang saham | Shareholders

Strategic planning and budget          2. Penetapan rencana strategis | Strategic planning                  2.    Induk usaha | Parent/Holding Company

                                                                                                            3.    Anak usaha | Subsidiaries

Pengembangan bisnis & proyek           1. Penjualan | Company sales                                         1.    Pemegang saham | Shareholders

Business and Project Development       2. Kelengkapan administrasi & perizinan perusahaan |                 2.    Anak usaha | Subsidiaries

                                       Complete administration & company’s license                          3.    Partner bisnis | Business partners

                                       3. Transparansi informasi | Information transparency                 4.    Kontraktor / vendor | Contractors / vendors

                                       4. Dukungan operasional | Operational support                        5.    Pemerintah daerah / pusat | Local / central

                                                                                                                  government

                                                                                                            6.    Lembaga hukum | Legal institutions

                                                                                                            7.    Penegak hukum | Law enforcement

                                                                                                            8.    Pekerja | Workers

Operasional                            Kelancaran operasional | Operational continuity                      1.    Pemerintah daerah / pusat | Local / central

Operation                                                                                                         government

                                                                                                            2.    Vendor/kontraktor | Vendors/contractors

                                                                                                            3.    Karyawan | Employees

                                                                                                            4.    Masyarakat | Communities

                                                                                                            5.    Penegak hukum | Law enforcer

                                                                                                            6.    Organisasi/asosiasi | Organizations/associations

                                                                                                            7.    LSM | NGOs

                                                                                                            8.    Media | Media

                                                                                                            9.    Lembaga survey | Survey institutions

                                                                                                            1.    Pemerintah dan Regulator | Government and

Pelaporan                              1. Input data | Data Input                                                 Regulator

Reporting                              2. Menerima laporan | Receiving/Collecting reports                   2.    Pemegang saham | Shareholders




              Tata Kelola Perusahaan           Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      06
              Corporate Governance               Corporate Social Responsibility                        References                            Financial Statements   243
Page 252
                  2023 Annual Report                           Igniting Engagement
                  PT Steel Pipe Industry of Indonesia Tbk      Elevating Excellence




                                                   Metode Pelibatan/Pendekatan Pemangku Kepentingan
                                                            Stakeholders Engagement Method

              Pemangku Kepentingan                             Metode Pelibatan/Pendekatan                                                     Frekuensi
                  Stake Holders                                    Engagement Method                                                           Frequency


      1.     Pemegang Saham                                 RUPS | GMS                                                                    Rutin & situasional
             Shareholders                                   Rapat | Meeting                                                               Routines & Accordingly
      2.     Induk Usaha                                    Rapat | Meeting                                                               Rutin & situasional
             Parent/Holding Business                                                                                                      Routines & Accordingly
      3.     Anak usaha                                     Rapat berkala | Periodic Meeting                                              Rutin & situasional
             Subsidiaries                                   Komunikasi/koordinasi | Communication/Coordination                            Routines & Accordingly
      4.     Karyawan                                       Musyawarah | Townhall                                                         Rutin & situasional
             Employees                                      Rapat | Meeting                                                               Routines & Accordingly
                                                            Jajak pendapat | Polling
                                                            Silaturahmi | Gathering
      5.     Pemerintah Daerah/Pusat                        Laporan | Report                                                              Rutin & situasional
             Local/Central Government                       Perizinan | Licensing/Permit                                                  Routines & Accordingly
                                                            Konsultasi | Consultation
      6.     Masyarakat                                     Pertemuan langsung | Face-to-face interaction                                 Situasional
             Society                                                                                                                      Accordingly
      7.     Pelanggan                                      Jajak pendapat | Polling                                                      Situasional
             Buyers                                         Umpan balik penjualan | Sales feedback                                        Accordingly
                                                            Kontrak | Contract
      8.     Kontraktor                                     Kontrak | Contract                                                            Situasional
             Vendors (contractors)                          Rapat | Meeting                                                               Accordingly
      9.     Penegak hukum                                  Konsultasi | Consultation                                                     Situasional
             Law Enforcer                                                                                                                 Accordingly
      10.    Organisasi/Asosiasi                            Rapat | Meeting                                                               Situasional
             Organizations/Associations                                                                                                   Accordingly
      11.    LSM                                            Silaturahmi | Gathering                                                       Situasional
             NGOs                                                                                                                         Accordingly
      12.    Lembaga Survey                                 Kontrak | Contract                                                            Situasional
             Surveyors                                                                                                                    Accordingly
      13.    Partner bisnis                                 Konsultasi | Consultation                                                     Situasional
             Business Partners                                                                                                            Accordingly


      Stakeholder Relations di bawah kontrol Sekretaris Perusahaan                         Stakeholder Relations, under the control of the Company Secretary, is
      bertanggung jawab untuk mengkoordinasikan dan memastikan                             responsible for coordinating and ensuring the implementation of CSR
      pelaksanaan kegiatan CSR sesuai dengan program yang telah                            activities in accordance with the program prepared and approved by
      disusun dan disetujui oleh Direksi. Seluruh kegiatan CSR yang                        the Board of Directors. All CSR activities carried out by SPINDO are
      dilaksanakan SPINDO diintegrasikan dengan kegiatan usaha utama                       integrated with the Company's main business activities to have a
      Peerseroan sehingga mampu memberikan dampak yang positif bagi                        positive impact on stakeholders.
      para Pemangku Kepentingan.




 06            Ikhtisar Utama                          Laporan Manajemen                   Profil Perusahaan                   Analisa & Pembahasan Manajemen
244              Highlights                            Management Report                   Company Profile                     Management Discussion & Analysis
Page 253
                                                                                                Igniting Engagement                         Laporan Tahunan 2023
                                                                                                 Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




 Isu-Isu Penting Sosial, Ekonomi dan Lingkungan |
 Material Issues On Social, Economy and Environment
 Didasarkan atas hasil pemetaan, maka isu-isu penting (material) yang                    According to the roadmap, material issues related to the Company’s
 terkait dampak ekonomi, lingkungan dan sosial Perusahaan selama                         economic, environmental and social impact in 2023 are as follows:
 tahun 2023, adalah sebagai berikut:

                                           Isu-Isu Penting Sosial, Ekonomi dan Lingkungan
                                          Material Issues On Social, Economy And Environment
    Area                                Isu                                                               Keterangan
    Area                              Issues                                                              Description

Ekonomi               1. Kinerja perusahaan.                   1. Kinerja Perseroan telah menciptakan ekonomi langsung kepada masyarakat.
Economy               2. Dampak operasional                       Produk dan jasa yang ditawarkan Perseroan meliputi bidang dan pasar yang
                          perusahaan terhadap                     beragam.
                          masyarakat sekitar lingkungan        2. Operasional Perseroan di berbagai daerah telah secara langsung memacu putaran
                          produksi.                               roda perekonomian. Banyaknya tenaga kerja yang terserap, baik langsung maupun
                                                                  tidak langsung telah membantu daerah dalam mengurangi pengangguran dan
                                                                  kemiskinan.
                      1. Company performance                   1. The Company's operating results have created a direct economy for the community.
                      2. The impact of company                    The products and services provided by the Company cover many different fields
                          operations on communities               and markets.
                          surrounding the production           2. The Company's activities in many different areas have directly promoted the
                          environment.                            economy. The large amount of labor absorbed, directly and indirectly, has helped
                                                                  the region reduce unemployment and poverty.


Sosial                1. Ketenagakerjaan                       1. Perseroan memiliki jumlah karyawan permanen yang lebih banyak daripada
Social                2. Pelatihan dan pengembangan               karyawan kontrak.
                          kompetensi karyawan.                 2. Peningkatan pesat jumlah pelatihan dan pengembangan kompetensi karyawan
                      3. Keselamatan dan kesehatan                setiap tahunnya untuk mendukung kinerja produksi.
                          Kerja.                               3. Pelaksanaan prosedur Keselamatan dan Kesehatan Kerja (K3) sebagai upaya
                      4. Kegiatan sosial untuk                    meminimalisasi kecelakaan dan kerugian akibat insiden.
                          masyarakat sekitar lingkungan        4. Perseroan memiliki Program Dana Pengembangan Masyarakat disalurkan dalam 4
                          unit pabrik.                            (empat) bidang utama, yaitu: Kontribusi kepada Komunitas, Amal / Santunan,
                                                                  Sponsorship, dan Pembangunan Infrastruktur. Keempat bidang ini diasumsikan
                                                                  dapat memenuhi kebutuhan masyarakat sekitar wilayah operasional.
                      1. Employment                            1. The company has more permanent employees than contract employees.
                      2. Training and competency               2. Rapidly increase the amount of employee training and skills development annually
                          development for employees               to support production efficiency.
                      3. Occupational safety and               3. Implement Occupational Safety and Health (OSH) procedures to minimize
                          health                                  accidents and losses due to incidents.
                      4. Social activities for the             4. The Company has a Community Development Fund Program divided into 4 (four)
                          communities around the                  main areas, specifically: Contribution to the community, Charity / Compensation,
                          manufacturing plant region.             Grant, and Infrastructure development. These four areas are expected to be able to
                                                                  meet the needs of the communities surrounding the operation area.


             Tata Kelola Perusahaan                  Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      06
             Corporate Governance                      Corporate Social Responsibility                        References                            Financial Statements   245
Page 254
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                                                   Isu-Isu Penting Sosial, Ekonomi dan Lingkungan
                                                  Material Issues On Social, Economy And Environment

          Area                               Isu                                                                   Keterangan
          Area                             Issues                                                                  Description


      Lingkungan                  1. Efisiensi Energi                                   1. Perseroan berupaya menekan penggunaan energi dan mencari sumber
      Environment                 2. Pengendalian Limbah                                 energi ramah lingkungan - listrik tenaga matahari (solar cell)
                                  3. Penghijauan di sekitar lingkungan                 2. Perseroan mematuhi peraturan dan perundang-undangan pemerintah
                                    industri                                             Indonesia.
                                                                                       3. Perseroan turut berpartisipasi dalam Hari Lingkungan Hidup tahun 2023,
                                                                                         bersama DLH Provinsi Jawa Timur melakukan penanaman 10.000 bibit
                                                                                         pohon.
                                  1. Energy Efficiency                                  1. The company strives to reduce energy consumption and seek
                                  2. Waste Control                                       environmentally friendly energy sources - solar power (solar cells)
                                  3. Reforestation in industrial                       2. The company complies with the rules and regulations of the Indonesian
                                    environment                                          government .
                                                                                       3. The company participated in Environment Day 2023, in collaboration with
                                                                                         DLH East Java Province, by planting 10,000 tree seedlings.




      Pembiayaan dan Anggaran | Financing and Budget
      Keseluruhan pembiayaan dalam pelaksanaan program tanggung                                   The Company and its subsidiaries provide all of the funding required
      jawab sosial seluruhnya berasal dari alokasi keuangan Perseroan serta                       to carry out the social responsibility initiative. The Company has
      anak usaha. Selama Periode 2023, Perseroan telah merealisasikan                             invested IDR 404,817,371.00 in a social responsibility program
      program tanggung jawab sosial dengan biaya sebesar                                          during the 2023 period.
      Rp 404.817.371,00


      Nilai dana program tanggung jawab sosial setiap tahun berbeda-beda                          The annual worth of funding allocated to social responsibility
      tergantung kebutuhan dari masyarakat sekitar.                                               programs fluctuates based on the demands of the local community.




 06              Ikhtisar Utama                          Laporan Manajemen                      Profil Perusahaan                   Analisa & Pembahasan Manajemen
246                Highlights                            Management Report                      Company Profile                     Management Discussion & Analysis
Page 255
                                                                                              Igniting Engagement                         Laporan Tahunan 2023
                                                                                               Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Tanggung Jawab Sosial Perusahaan
Terkait Hak Asasi Manusia
Corporate Social Responsibility Related to Human Rights




Komitmen Tanggung Jawab Sosial Terkait Hak Asasi Manusia |
Corporate Social Responsibility Commitment Related to
Human Rights
Komitmen Perseroan untuk menghormati hak asasi manusia                                Our commitment to respecting human rights is actualized in the
diwujudkan dalam Peraturan Perusahaan dan juga standar                                Company Regulations and the existing operational standards such as
operasional yang ada seperti Sistem Manajemen, Perilaku Bisnis dan                    Management System, Code of Ethics and Business Conduct. In order
Kode Etik. Demi mewujudkan komitmen ini, Perseroan mengadopsi                         to manifest this commitment, the Company adopted Human Rights
Kebijakan Hak Asasi Manusia Perusahaan dalam setiap pengambilan                       Policies in every decision-making process.
keputusan.




Pelaksanaan Inisiatif Hak Asasi Manusia [HAM] |
Implementation Of Human Rights Initiatives
Seluruh karyawan SPINDO diharuskan untuk menegakkan HAM                               All employees are required to uphold human rights in
dalam setiap operasionalnya, diantaranya mencakup:                                    every activity which includes:
Ÿ   Sikap mendukung dan meghargai keberagaman di tempat kerja                         Ÿ   Supportive attitude and to respect diversity at workplace and not
    dan tidak melakukan diskriminasi berdasarkan Suku, Agama, Ras.                        to discriminate based on ethnicity, religion and race.
Ÿ   Sikap non-diskriminasi tersebut harus tercermin dalam                             Ÿ   Non-discriminatory attitude must be reflected in the daily
    keseharian kegiatan operasional karyawan di Perusahaan. Hal                           operational activities of employees in the workplace. It applies to
    tersebut berlaku untuk proses rekruitmen Departemen SDM dan                           the HR Department’s recruitment process including employee
    juga proses pengangkatan atau promosi karyawan.                                       appointment or promotion process.
Ÿ   Sikap non-diskriminasi tersebut juga berlaku dalam proses                         Ÿ   This non- discriminator y at titude also applies to the
    pemilihan supplier/vendor serta turunannya.                                           supplier/supplier selection process and its derivative products.
Ÿ   Menghargai kebebasan berpendapat dan berserikat dan                               Ÿ   Respect freedom of opinion and association and collective
    perundingan bersama.                                                                  bargaining.
Ÿ   Menjunjung tinggi etos kerja dan memberikan penghargaan atas                      Ÿ   Upholding work ethics and giving appreciation for the work done
    pekerjaan yang dilakukan karyawan serta tidak melakukan kerja                         by employees and not carrying out forced labor.
    paksa.
Ÿ   Tidak mempekerjakan pekerja di bawah umur di tempat kerja.                        Ÿ   Do not employ underage workers in the workplace.
Ÿ   Melindungi seluruh karyawan dan aset serta menyediakan                            Ÿ   Protect all employees and assets and provide a safe environment
    lingkungan yang aman agar operasi bisnis dapat berjalan dengan                        for business operations.
    lancar.
Ÿ   Setiap karyawan berhak atas lingkungan kerja yang aman dalam                      Ÿ   Every employee reserves the rights to a safe work environment in
    hal berkaitan dengan keamanan pekerjaan itu sendiri (safety)                          regards to the safety of the occupation itself or safety during off-
    ataupun keamanan saat karyawan bekerja di luar kantor.                                site duties.




              Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      06
              Corporate Governance                  Corporate Social Responsibility                         References                            Financial Statements   247
Page 256
                       2023 Annual Report                          Igniting Engagement
                       PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Ÿ   SPINDO tidak memperbolehkan adanya pelecehan secara verbal                      Ÿ    SPINDO prohibits verbal harassment and sexual harassment
          ( Verbal Harassment ) dan pelecehan seksual (Sexual                                  while on the job, at workplace and business travel or during off-
          Harassment) selama bekerja, di tempat kerja dan Perjalanan                           site meeting events. The scope also applies during a leave of
          Dinas atau rapat-rapat di luar kantor. Cakupan ini juga berlaku di                   absence.
          antara karyawan selama waktu tidak bekerja di luar lingkungan
          kantor.                                                                         Ÿ    Every employee has the rights to work environments that are safe,
      Ÿ   Setiap karyawan berhak atas lingkungan kerja yang aman, bebas                        free from verbal and physical harassments or any other forms of
          dari pelecehan secara verbal, fisik atau pelecehan lainnya. Dengan                    harassment. Therefore, every superior and their respective team
          demikian, harus tercipta kerja sama antara setiap atasan dan                         members must work together to create a safe and harassment-
          karyawan untuk membentuk lingkungan kerja yang bebas dari                            free work environment.
          pelecehan.
      Ÿ   Bagi karyawan SPINDO yang meyakini dirinya telah dilecehkan                     Ÿ    For employees who believe to have been harassed in any form
          dalam bentuk apapun, hendaknya melaporkan kejadian tersebut                          should file a complaint report to his/her superior or the Board of
          kepada atasannya atau Direksi atau Departemen SDM atau                               Directors or HR Department or through Whistleblowing System
          melalui Sistem Whistleblowing yang dimiliki Perusahaan. Atas hal                     established by the Company. In this case, the Company have
          ini, Perseroan telah melakukan sosialisasi mekanisme pelaporan,                      conducted socialization of reporting mechanism, activation and
          aktivasi dan bimbingan integritas Perseroan yang diselenggara-                       integrity guidance organized by Internal Audit Division.
          kan oleh Divisi Internal Audit.
      Ÿ   Hukuman atau pembinaan atas pelangaran–pelanggaran yang                         Ÿ    Penalty or counseling sessions for violations committed will be
          terjadi, akan ditindaklanjuti sesuai dengan Peraturan Perusahaan                     followed up according to the application Company Regulations.
          yang berlaku.
      Ÿ   Menghormati Hak Asasi Manusia dengan mendorong komunikasi                       Ÿ    To respect human rights by encouraging a two-way proactive and
          dua arah proaktif serta berkelanjutan dengan masyarakat dan                          sustainable communication with the community and
          Pemangku Kepentingan.                                                                stakeholders.
      Ÿ   Menghormati HAM para Pemangku Kepentingan dan Pemegang                          Ÿ    To honor the rights of stakeholders and shareholders by providing
          Saham melalui penyajian informasi yang valid termasuk bagi                           valid information including information on capital market
          praktik pasar modal.                                                                 practices.



      Pencapaian CSR di Bidang Hak Asasi Manusia |
      CSR Achievements In Human Rights
      Perseroan secara aktif memastikan setiap operasional Perseroan di                   The Company has been very active in ensuring that its operations
      wilayah manapun tidak bertentangan dan melanggar prinsip dasar                      process in all of its operational areas are not against and do not violate
      HAM. Perseroan juga mengadakan sosialisasi terhadap kode etik dan                   the basic principles of human rights. The Company also held
      peraturan perusahaan yang selaras dengan penerapan HAM di                           socialization related to the Code of Conduct and Company Regulation
      lingkungan Perseroan. Tidak hanya itu, Perseroan juga memastikan                    that is consistent with the implementation of human rights in the
      mitra kerja selalu menjunjung tinggi HAM dalam proses                               Company’s environment. Not only that, the Company also made sure
      kemitraannya, seperti tidak memperkerjakan anak di bawah umur                       that its work partners always honor the principle of human rights in its
      dan juga diskriminatif terkait SARA. Sepanjang tahun 2023,                          partnership process for instance to not employ minors and implement
      Perseroan tidak mendapatkan laporan mengenai pelanggaran HAM                        discriminative policies. Throughout 2023, the Company did not
      yang berkaitan dengan praktik ketenagakerjaan ataupun masyarakat                    receive any complaints of human rights violations in regards to
      sekitarnya.                                                                         employment practices or the surrounding communities.


 06                 Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                   Analisa & Pembahasan Manajemen
248                   Highlights                            Management Report             Company Profile                     Management Discussion & Analysis
Page 257
                                                                                            Igniting Engagement                         Laporan Tahunan 2023
                                                                                             Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Tanggung Jawab Sosial Perusahaan
Terkait Operasi yang Adil
Corporate Social Responsibility Related to Fair Operation




Komitmen Tanggung Jawab Sosial Perusahaan Terkait
Operasi Yang Adil | Corporate Social Responsibility
Commitment Related To Fair Operations
Operasi yang adil tercermin melalui penerapan sistem GCG di                         A fair operation is mirrored through the implementation of GCG
pelaksanaan operasional Group SPINDO. Hal ini juga tercermin dari                   system in SPINDO Group operation process and through the
berbagai kebijakan untuk memastikan operasi yang adil, antara lain                  company’s established policies namely policies on anti-corruption,
kebijakan anti korupsi, kebijakan hak-hak kreditur, pengadaan barang                rights of creditors, transparent goods and services procurement and
dan jasa yang transaparan serta kebijakan pelaporan pelanggaran.                    complaint reporting.




Pelaksanaan Inisiatif Operasi Yang Adil |
Implementation Of Fair Operation Initiatives
Setiap karyawan Perseroan diwajibkan melaksanakan budaya anti                       Every employee is obligated to apply anti-corruption culture in its
korupsi dalam operasionalnya. Selain guna terhindar dari masalah                    daily operations which aims to deter legal problem while at the same
hukum, hal ini juga akan menciptakan budaya efisien dan transparan.                  time it will build a culture of efficiency and transparency.
1.   Kampanye Anti Korupsi                                                          1. Anti-Corruption Campaign
     Demi mewujudkan lingkungan usaha yang bersih dan sehat,                            The Company is committed to safeguarding the integrity instilled
     Perseroan senantiasa menjaga integritas dari seluruh Insan                         in all members of the Company in order to create a healthy and
     Perseroan. Perseroan dengan tegas menolak adanya praktik                           clean business environment. The Company unequivocally rejects
     KKN (Korupsi, Kolusi dan Nepotisme). Sebagai dasar                                 corruption, collusion and nepotism practices. The basis of the
     kebijakannya, melalui Surat Keputusan Bersama Dewan                                policy is the Joint Decree of the Board of Commissioners and
     Komisaris dan Direksi tentang Pedoman Tata Kelola Perusahaan                       Directors on Corporate Governance Guidelines and Code of
     dan Pedoman Etika Perilaku, Perseroan menyatakan komitmen                          Ethics and Conduct in which stated the Company’s commitment
     untuk melaksanakan proses bisnis dengan mengutamakan etika                         to implementing a business process that emphasizes ethics of
     dalam berbisnis dan berperilaku. Bentuk komitmen tersebut                          doing business and conduct. The manifestation of such
     antara lain larangan adanya benturan kepentingan dalam                             commitments including a prohibition of conflict of interest in
     menjalankan proses bisnis, larangan menerima dan memberi                           executing business process, prohibition of accepting and giving
     suap, larangan gratifikasi. Sosialisasi mengenai hal ini dilakukan                  bribes and prohibition of gratification. Socialization activities in
     sebanyak minimal 1 (satu) kali, melalui media komunikasi (baik                     respect of these policies were conducted at least once a year,
     lisan maupun tertulis) yang ada di perusahaan. Upaya                               through company’s media communication (both oral and written).
     awareness juga dilakukan dengan memasukkan materi anti                             Activities to enhance awareness were also incorporated in the
     korupsi dalam orientasi karyawan baru. Ini dilakukan agar anti                     new employee orientation program by inserting topics on anti-
     korupsi benarbenar dimengerti dan diimplementasikan dalam                          corruption. The aim is to increase employees’ understanding
     aktivitas operasional sehari-hari dan menjadi budaya                               about anti-corruption and implementing it in the daily operational
     perusahaan.                                                                        activities and to become corporate culture.




            Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      06
            Corporate Governance                  Corporate Social Responsibility                         References                            Financial Statements   249
Page 258
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      2.   Persaingan Usaha yang Sehat                                                 2. Healthy Business Competition
           Operasional Perseroan juga menjunjung tinggi persaingan                          The company’s operation also values a healthybusiness
           usaha yang sehat serta menghargai hak kepemilikan setiap                         competition and respects property rights of every stakeholder for
           Pemangku Kepentingan. Hal ini sangat mendukung operasional                       it will provide strong support to fair operations and to stave off
           yang adil dan terhindar dari berbagai tuntutan dan sanksi hukum.                 lawsuits and legal sanctions. Furthermore, it will increase the
           Selain itu, rumusan ini juga akan mendukung peningkatan citra                    Company’s positive image to stakeholders.
           perusahaan kepada para Pemangku Kepentingan.
      3.   Transparansi Pengadaan Barang dan Jasa                                      3. Transparency in Goods and Services Procurement
           Perseroan memberikan kesempatan yang sama kepada semua                           The Company provides equal opportunities to all parties to
           pihak untuk menjadi mitra dalam proses pengadaan barang dan                      become partners in goods and services procurement, according
           jasa, sesuai dengan persyaratan yang ditetapkan. Semua                           to established requirements. All provisions and information
           ketentuan dan informasi mengenai pengadaan barang dan jasa,                      pertaining to goods and services procurement including
           termasuk syarat teknis administrasi pengadaan, tata cara                         procurement administrative requirements, evaluation
           evaluasi, hasil evaluasi, penetapan calon penyedia barang dan                    procedures, evaluation results, determining goods and services
           jasa, sifatnya terbuka bagi peserta penyedia barang dan jasa                     supplier candidates are open to all interested suppliers.
           yang berminat.




      Pencapaian CSR di Bidang Operasi Yang Adil |
      CSR Achievements In Fair Operations
       Sepanjang tahun 2023, Perseroan menerima nihil laporan atas                       Throughout 2023, the Company received zero report of an unfair
       temuan adanya tindakan operasional yang tidak adil. SPINDO                        operational process. SPINDO believes such achievement is part of its
       meyakini bahwa pencapaian ini merupakan bagian upaya Perseroan                    efforts in meeting all regulations, particularly in the information
       dalam memenuhi berbagai regulasi, khususnya di bidang                             disclosure and GCG aspects. The zero complaints either from
       keterbukaan informasi dan Tata Kelola Perusahaan yang baik. Tidak                 employees or customers in regards to unfair practices that may lead
       adanya pengaduan yang diterima baik dari karyawan maupun                          to material impact indicates that SPINDO has conducted a fair
       pelanggan terkait praktik ketidakadilan yang berdampak material                   operation in related industries.
       menunjukan bahwa SPINDO telah melaksanakan kegiatan operasi
       yang adil di industri terkait.




 06              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                     Analisa & Pembahasan Manajemen
250                Highlights                            Management Report             Company Profile                       Management Discussion & Analysis
Page 259
                                                                                                        Igniting Engagement                         Laporan Tahunan 2023
                                                                                                         Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Tanggung Jawab Sosial Perusahaan
Terkait Lingkungan Hidup
Corporate Social Responsibility Related to Environment



Perseroan berkomitmen dalam menetapkan ketaatan terhadap peraturan dan                          The Company is committed to remaining adhered to the prevailing laws and

perundangan-undangan terkait tanggung jawab terhadap lingkungan hidup                           regulations concerning environmental responsibility by referring to Law No.32
yang mengacu pada Undang-Undang No.32 tahun 2009 tentang                                        of 2009 on Environmental Protection and Management. It is one of the legal

Perlindungan dan Pengelolaan Lingkungan Hidup. Perundangan tersebut                             bases for the Company in preparing work program along with the Company’s

menjadi salah satu dasar hukum bagi Perseroan dalam menyusun program                            commitment towards GCG as required by the regulations.

kerja seiring dengan komitmen Perusahaan terhadap Tata Kelola Perusahaan
yang baik, sebagaimana disyaratkan perundangan.



Pengelolaan Limbah | Waste Management
Wujud ketaatan terhadap peraturan dan perundangan-undangan yaitu                                The form of compliance with laws and regulations is by having environmental

dengan memiliki izin lingkungan, UKP dan UPL serta izin pengelolaan limbah.                     permits, UKP and UPL as well as waste management permits. The following

Berikut adalah jenis limbah dari operasional Perseroan dan pengelolaannya:                      are types of waste from the Company's operations and their management:



                                                   Pengelolaan Limbah Terkait Tanggung Jawab Sosial Perusahaan
                                                    Waste Management Related to Corporate Social Responsibility

Kategori Limbah                                          Jenis                                                     Upaya Pengelolaan                                  Jumlah [Ton]
Waste Category                                           Type                                                      Management Step                                    Total [Tonnes]

Cair | Liquid                      Oli Bekas                                                                       Diolah oleh pihak ketiga                                         43,14
                                   Used Oil                                                                        Managed by a Third Party

                                   Asam Bekas (HCL cair)                                                           Diolah oleh pihak ketiga                                        742,08

                                   Used Acid (liquid HCL)                                                          Managed by a Third Party

                                   Asam Pickling                                                                   Diolah oleh pihak ketiga                                        374,42

                                   Pickling Acid                                                                   Managed by a Third Party
                                   Asam Bekas (H₂SO₄ Cair)                                                         Diolah oleh pihak ketiga                                        564,65

                                   Used Acid (liquid H₂SO₄)                                                        Managed by a Third Party
Padat | Solid                      Aki/Batere bekas                                                                Diolah oleh pihak ketiga                                         0,763

                                   Used Battery                                                                    Managed by a Third Party
                                   Majun bekas / sarung tangan bekas                                               Diolah oleh pihak ketiga                                        91.124
                                   Used Rag and Gloves                                                             Managed by a Third Party

                                   Kemasan bekas, terkontaminasi B3                                                Diolah oleh pihak ketiga                                        33.114

                                   Used Packaging contaminated by Hazardous and Toxic                              Managed by a Third Party
                                   Substances

                                   Elektronik bekas (Lampu TL, Lampu LED, Bohlam, PCB, MCB)                        Diolah oleh pihak ketiga                                          2,87

                                   Secondhand Electronics (TL lamps, LED lamps, Bulbs, PCB, MCB)                   Managed by a Third Party
                                   Sludge Carbon                                                                   Diolah oleh pihak ketiga                                   274.697
                                                                                                                   Managed by a Third Party




                Tata Kelola Perusahaan                      Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan               06
                Corporate Governance                          Corporate Social Responsibility                         References                            Financial Statements            251
Page 260
                     2023 Annual Report                            Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk       Elevating Excellence




      Sertifikasi Lingkungan | Environmental Certifications
      No.      Sertifikasi                             Unit                                                                      Keterangan
              Certification                            Units                                                                     Description
      1.     PROPER                       Unit 3,                                              m e m p e ro l e h P R O G R A M P E N I LA I A N P E R I N G KAT K I N E R J A
                                          Warugunung, Surabaya, Jawa Timur;                    PERUSAHAAN DALAM PENGELOLAAN LINGKUNGAN HIDUP dengan
                                          Unit 5,                                              predikat peringkat “BIRU” dari Kementerian Lingkungan Hidup                       &
                                          Karawang, Jawa Barat;                                Kehutanan Republik Indonesia
                                          Unit 6,                                              Obtained the “Corporate Performance Rating Assessment Program in
                                          Sidoarjo, Jawa Timur.                                Environmental Management” with a "BLUE" rating from the Ministry of
                                                                                               Environment & Forestry of the Republic of Indonesia


      2.     ISO 14001:2015               Unit 3,                                              Sertifikasi Penerapan Sistem Manajemen Lingkungan yang diberikan oleh
                                          Warugunung, Surabaya, Jawa Timur;                    SAI GLOBAL.
                                          Unit 4,                                              System Implementation Certification provided by SAI GLOBAL.
                                          Pasuruan, Jawa Timur;


      Penghematan Penggunaan Energi |
      Energy Usage Savings
      Perseroan berkomitmen dalam penghematan penggunaan energi listrik yang                       The company is committed to saving the use of electrical energy which is

      diwujudkan dalam :                                                                           realized in:

                                                                     Program Rencana Efisiensi Energi
                                                                      Energy Efficiency Plan Program
                   Program                                 Unit                           Kapasitas                                       Penjelasan
                   Program                                 Units                          Capacities                                      Explanation

      Solar Cell Sebagai alternatif                       Unit 4            Solar Cell 310 KWP;                       Solar Cell hanya bisa menyediakan daya saat siang hari

      sumber energi listrik | Solar Cell                                    daya PLN terpasang 3.465 KVA,             maka penghematan sesungguhnya adalah 5%.

      As an alternative source of                                           penghematan energi listrik PLN 9%.        Solar Cell can only supply during the day, the real saving is

      electrical energy                                                     PLN installed power is 3,465 KVA,         5%.

                                                                            PLN electricity energy saving is 9%.

                                                          Unit 6            Solar Cell 340 KWP;                       Solar Cell hanya bisa menyediakan daya saat siang hari

                                                                            daya PLN terpasang 2.180 KVA,             maka penghematan sesungguhnya adalah 5%.
                                                                            penghematan energi listrik PLN 15%.       Solar Cell can only supply during the day, the real saving is
                                                                            PLN installed power is 2,180 KVA,         5%.
                                                                            PLN electricity energy saving is 15% .

                                                          Unit 5                                                      Solar Cell masih proses negosiasi kontrak.

                                                                                                                      Contract negotiation process of Solar Cell.



      Mekanisme Pengaduan Masalah Lingkungan |
      Environment-Related Complaint Mechanism
      Masyarakat secara formal dapat melaporkan dan melakukan pengaduan                           The public can formally report and submit complaints or grievances regarding

      ataupun keluhan terkait operasional Perusahaan dengan penyampaian                           the Company's operations by direct submission to the relevant Operational

      langsung kepada Kantor Operasional terkait atau kepada Kantor Pusat. Alamat                 Office or Head Office. The address of the head office can be seen on page 38,
      kantor pusat dapat dilihat pada halaman 38, Bab 3 Laporan Tahunan ini.                      Chapter 3 of this Annual Report.




 06               Ikhtisar Utama                          Laporan Manajemen                        Profil Perusahaan                     Analisa & Pembahasan Manajemen
252                 Highlights                            Management Report                        Company Profile                       Management Discussion & Analysis
Page 261
                                                                                          Igniting Engagement                         Laporan Tahunan 2023
                                                                                           Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Tanggung Jawab Sosial Perusahaan
Terkait Ketenagakerjaan dan K3
Corporate Social Responsibility Related to Employment and OHS


Bagi Perseroan, Sumber Daya Manusia (SDM) merupakan asset yang                     For the Company, Human Resources is the most important assets.
sangat penting. Keberlangsungan operasional dan juga                               Operational continuity as well as the Companys’ will very much
keberlangsungan perusahaan akan sangat bergantung kepada SDM                       depend on excellent HR. As explained in the previous chapter that the
yang baik. Sebagaimana telah dijelaskan dalam bab sebelumnya                       Company facilitates its employees with a number of training courses
bahwa Perseroan memfasilitasi karyawannya dengan sejumlah                          for personal development and remuneration, the Company will
pelatihan untuk pengembangan diri serta remunerasi, maka                           render Occupational Safety and Health as key elements in its
Perseroan juga menjadikan Kesehatan dan Keselamatan Kerja                          operations. In light of this, the Company has prepared a number of
Karyawannya sebagai hal yang utama. Terkait hal tersebut,                          strategic steps through the Implementation of Occupational Safety
Perseroan membuat sejumlah langkah strategis melalui penerapan                     and Health Management System based on the Regulation of Minister
Sistem Manajemen Keselamatan dan Kesehatan Kerja (SMK3) yang                       of Manpower No.5 of 1996 concerning Occupational Safety and
dilandasi pada Peraturan Menteri Tenaga Kerja nomor 5 Tahun 1996                   Health Management System. The regulation was then refined
tentang Sistem Manajemen Keselamatan dan Kesehatan Kerja.                          through Government Regulation No.50 of 2012 concerning
Peraturan tersebut kemudian telah disempurnakan melalui Peraturan                  Occupational Safety and Health Management System. In addition,
Pemerintah nomor 50 Tahun 2012 tentang Sistem Manajemen                            the Company has also implemented the International Standard on
Keselamatan dan Kesehatan Kerja (SMK3). Selain SMK3 Perseroan                      Occupational Safety and Health based on ISO 45001.
juga, menerapkan standar internasional dalam keselamatan dan
kesehatan kerja berlandaskan ISO 45001.


Melalui SMK3 atau ISO 45001, Perseroan melakukan upaya                             Through Occupational Safety and Health Management System or ISO
identifikasi bahaya dan penilaian resiko dalam setiap aktivitas proses              45001, the Company conducted risk identification and assessment of
kerja, serta upaya pengendalian risiko termasuk pencegahan                         every work process along with risk control activity in which includes
kecelakaan kerja dan penyakit akibat kerja. Sistem manajemen ini                   work incident and work-related diseases. The management system is
diharapkan membantu terciptanya tempat kerja yang aman, sehat                      expected to boost the creation of a safe and healthy workplace as well
serta lingkungan kerja yang efisien dan produktif berwawasan                        as an efficient and productive and an environmentally friendly work
lingkungan.                                                                        environment.


Dalam rangka menciptakan suasana kerja yang kondusif, Perseroan                    In order to create a conducive work atmosphere, the Company openly
secara terbuka menerima pengaduan karyawan atas keluhan-                           accepts report from employees over grievances they experience,
keluhan yang mereka hadapi, baik dalam lingkup pekerjaan maupun                    either within the scope of occupational or personal aspect. The
personal. Pengaduan karyawan diterima dan dievaluasi oleh                          complaints were received and evaluated by the HR Department after
Departemen SDM. Departemen SDM meneruskan pengaduan                                which they pass on these reports to the work units responsible for the
karyawan kepada unit-unit yang bertanggung jawab atas pokok                        core issues to allow the employee to communicate directly without an
permasalahan sehingga karyawan dapat berkomunikasi langsung                        intermediary.
tanpa perantara.


Perseroan juga mendukung pemenuhan hak berserikat karyawan                         The Company also supports employees’ rights to unionized as part of
sebagai bagian upaya membangun hubungan industrial yang solid.                     its effort to build a solid industrial relation. SPINDO Labor Union
Serikat Pekerja di SPINDO melakukan pertemuan Bipartit secara                      conducted routine bipartite meetings of at least once every three
rutin, minimal tiga bulan sekali khususnya di lokasi operasional                   months mainly in the Company’s operational sites. It is a meeting
Perusahaan. Pertemuan bipartit juga menjadi forum untuk                            forum that aims to anticipate potential issues that may arise in the
mengantisipasi masalah berpotensi muncul di tempat kerja dan                       workplace and to work on the solutions by deliberation and


              Tata Kelola Perusahaan           Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      06
              Corporate Governance               Corporate Social Responsibility                        References                            Financial Statements   253
Page 262
                   2023 Annual Report                            Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk       Elevating Excellence




      penyelesaian masalah secara musyawarah dan mufakat. Komunikasi                    consensus. Routine communication sessions are also carried out
      tersebut juga rutin dilakukan dengan setiap Serikat Pekerja di                    with every Labor Union of respective operational sites as well as
      masing-masing lokasi operasional termasuk Serikat Pekerja Seluruh                 with All Indonesian Workers Union of SPINDO.
      Indonesia (SPSI) SPINDO.




      Mekanisme Pengaduan Masalah Ketenagakerjaan |
      Labor Issue Complaint Mechanism
      Dalam melaksanakan tugas dan tanggung jawabnya, karyawan akan                     In performing its duties and responsibilities, employees are protected
      dilindungi dengan berbagai program dan prosedur kerja yang                        with various work programs and procedures to maximize protection
      memaksimalkan perlindungan, guna menciptakan keselamatan dan                      in order to create safety and health at work. The protection of
      kesehatan dalam bekerja. Mengenai hal terserbut maka seluruh                      employees’ interests is actualized by registering it at the Ministry of
      karyawan terlindungi kepentingannya yang terdaftar dalam                          Manpower in which case the Directorate General for Industrial
      Kementeriaan Ketenagakerjaan RI cq Direktorat Jenderal Pembinaan                  Relations and Social Security No. 93AJ8012 dated August 31, 2004.
      Hubungan Industrial dan Jaminan Sosial Tenaga Kerja No. 93AJ8012
      tanggal 31 Agustus 2004.


      Untuk memastikan bahwa SPINDO telah mengimplementasikan                           To ensure that SPINDO has properly implemented Human Resources
      sistem pengelolaan SDM yang baik, Perseroan secara terbuka                        Management System, the Company openly accepts report from an
      menerima pengaduan karyawan atas keluhan-keluhan yang mereka                      employee over grievances they experience, either within the scope of
      hadapi, baik dalam lingkup pekerjaan maupun personal. Pengaduan                   occupational or personal aspect. The complaints were received and
      karyawan diterima dan dievaluasi oleh Departemen SDM.                             evaluated by the HR Department after which they pass on these
      Departemen SDM meneruskan pengaduan karyawan kepada unit-                         reports to the work units responsible for the core issues to allow the
      unit yang bertanggung jawab atas pokok permasalahan sehingga                      employee to communicate directly without intermediary.
      karyawan dapat berkomunikasi langsung tanpa perantara.




                                                                                             Apabila keluhan belum
                                                                                                dapat diselesaikan
                                                                                            maka upaya penyelesaian
         Keluhan diterima                                      Departemen SDM
                                                                                                 dilakukan sesuai                                Keluhan
           Departemen                                        meneruskan keluhan
                                                                                             dengan ketentuan yang                                selesai
              SDM                                                 ke Unit Kerja
                                                                                                      berlaku                                   Complaints
        The HR Department                                     Department submits
                                                                                                  In the event of                                resolved
           has received                                      the complaint reports
                                                                                            unresolvable complaints,
            complaints.                                         to the Work Unit
                                                                                             efforts of settlement are
                                                                                               conducted according
                                                                                           to the applicable provisions




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254               Highlights                            Management Report               Company Profile                    Management Discussion & Analysis
Page 263
                                                                                          Igniting Engagement                         Laporan Tahunan 2023
                                                                                           Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Komitmen Tanggung Jawab Sosial Perusahaan Terkait
Ketenagakerjaan dan K3 | Corporate Social Responsibility
Commitment Related to Employment and OHS
Implementasi Inisiatif Ketenagakerjaan dan K3 Kegiatan/program                     Implementation of Employment and OHS Initiatives
yang dilakukan Perseroan dalam rangka menciptakan rasa aman dan                    Activities/programs carried out by the Company in order to create a
nyaman dalam bekerja adalah sebagai berikut:                                       sense of security and comfort at work are as follows:




1. Kesetaraan Gender & Kesempatan Kerja |
   Gender Equality & Employment Opportunity
Bidang usaha SPINDO menyebabkan minimnya jumlah perempuan                          The business sector of SPINDO contributes to the low proportion of
bekerja di Perusahaan khususnya di lokasi proses produksi yang                     women employed by the company, particularly in areas where heavy
melibatkan alat berat. Perusahaan senantiasa membuka kesempatan                    equipment is used in production. The Company consistently provides
bagi perempuan untuk berkiprah di dalam operasional Perseroan.                     avenues for women to participate in its activities.



Rekapitulasi Data Sumber Daya Manusia per 31 Desember 2023
Human Resources Data Summary per 31 December 2023

  Komposisi karyawan berdasarkan jenis kelamin
  Employee category by gender
                                                                             2021                                 2022                                  2023


  Pria
  Male
                                                                        965                                  875                                  867
                                                                              87%                                 85%                                   85%


  Wanita
  Female
                                                                          145                                     155                               153
                                                                              13%                                 15%                                   15%


  Komposisi karyawan berdasarkan kategori usia
  Employee category by age
                                                                             2021                                 2022                                  2023


  <26 tahun
  <26 year old
                                                                         108                                      63                                 64
                                                                              10%                                    6%                                  6%


  26 - 35 tahun
  26 - 35 year old
                                                                         223                                  273                                  277
                                                                              20%                                 27%                                   27%


  36 - 45 tahun
  36 - 45 year old
                                                                         237                                 364                                   353
                                                                              21%                                 35%                                   35%

           Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan      06
           Corporate Governance                  Corporate Social Responsibility                        References                            Financial Statements   255
Page 264
                       2023 Annual Report                          Igniting Engagement
                       PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




                                                                                          2021                       2022                               2023



         46 - 50 tahun | 46 - 50 year old
                                                                                          259                     183                               166
                                                                                          23%                        18%                                16%



                                                                                          259                      121                              135
       51 - 55 tahun | 51 - 55 year old
                                                                                          23%                        12%                                13%




             >56 tahun | >56 year old
                                                                                          24                        26                                25
                                                                                           2%                          2%                                2%

      Perseroan memiliki SDM yang berasal dari berbagai latar belakang.                    The Company’s employee members come from various backgrounds.
      Karenanya Perseroan menerapkan prinsip non-diskriminasi yang                         Therefore, the Company then implemented the stringent and
      ketat dan konsisten dalam pengelolaan SDM. Kesempatan yang                           consistent principle of non-discrimination in its HR management.
      sama dan setara diberikan kepada setiap karyawan sesuai status                       Equal
      kepegawaian-nya untuk berkarya tanpa membedakan suku, ras,                           opportunities are given to every employee according to its
      warna kulit, agama, gender, usia, status perkawinan di setiap bidang                 employment status to work regardless of ethnicity, race, skin color,
      sebagaimana yang tertuang dalam Peraturan Perusahaan. Proses                         religion, gender, age and marital status in every area as stipulated in
      perekrutan dilakukan melalui pertimbangan dengan konteks                             the Company Regulation. The recruitment process is conducted in the
      professional antara lain: Kesesuaian kemampuan professional                          context of professional skills, namely: suitability of professional skill
      dengan pekerjaan melalui paper screening, Penilaian kemampuan                        with the job through paper screening, technical skills and character
      teknis dan karakter melalui psikotes serta user interview.                           assessments and through psychological test and user intreview.



      2. Remunerasi dan Kesejahteraan Karyawan |
         Remuneration and Employee Welfare
      Perseroan senantiasa berupaya untuk memenuhi hak-hak karyawan                        The Company seeks to meet the rights of employees as regulated by
      seperti yang diatur dalam Undang-Undang No.13 tahun 2003                             Law No.13 of 2003 concerning Manpower (Labor Law). All
      tentang Ketenagakerjaan. Seluruh karyawan Perseroan diberikan                        employees receive remuneration and benefits policies based on the
      kebijakan remunerasi dan benefit, disesuaikan dengan ketentuan                        Provincial Minimum Wage provisions. The Company also applies
      Upah Minimum Provinsi (UMP). Perseroan juga menerapkan                               performance-based remuneration policies.
      remunerasi berbasis kinerja.


      Kesejahteraan Karyawan                                                               Employee Welfare
      Kesejahteraan karyawan menjadi salah satu perhatian utama                            The welfare of employee is one of the main attentions of the Company
      Perseroan agar karyawan dapat merasa aman dan nyaman dalam                           to make employee feels safe and comfortable at work and to be able
      bekerja, sehingga dapat bekerja dengan motivasi yang lebih baik.                     to work with better motivation. In the end, it is expected that it will
      Pada akhirnya hal tersebut diharapkan akan berkontribusi pada                        contribute to the increase of work achievements and productivity. In
      peningkatkan prestasi dan produktivitas kerja. Terkait hal tersebut,                 relation to this, the Company always strives to meet the
      Perseroan selalu berusaha memenuhi ketentuanketentuan                                Government’s provisions concerning employee welfare such as basic
      Pemerintah yang berhubungan dengan kesejahteraan karyawan                            salary rate that is in line with the current inflation rate and meets the
      berupa penyesuaian besarnya gaji yang sejalan dengan laju inflasi                     Regency /Municipality Minimum Wage standard according to the
      serta memenuhi standar Upah Minimum Kabupaten/Kota (UMK)                             provision of the Ministry of Manpower. Additionally, the Company
      sesuai dengan ketentuan Kementerian Ketenagakerjaan. Disamping                       offers its employees a range of facilities and other benefits, including::
      itu, Perseroan juga menyediakan berbagai fasilitas dan tunjangan
      lain, seperti:

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256                 Highlights                              Management Report              Company Profile                     Management Discussion & Analysis
Page 265
                                                                                                Igniting Engagement                         Laporan Tahunan 2023
                                                                                                 Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Ÿ   Tunjangan kesehatan, diberikan berdasarkan level dan lama                           Ÿ   Health Allowance, facilitated based functional level
    bekerja dari masing-masing karyawan.                                                Ÿ   and service period of each employee
Ÿ   Tunjangan pensiun, diberikan kepada karyawan yang telah                             Ÿ   Pension Allowance, facilitated to employees who have been
    bekerja selama 25 tahun atau lebih dan telah mencapai 5 usia                            working for 25 years or more and have reached 5 pension ages
    pensiun (55 tahun).                                                                     (55 years old)
Ÿ   Tunjangan uang makan dan uang transport.                                            Ÿ   Allowances for Food and Transportation
Ÿ   Tunjangan alat komunikasi, untuk divisi tertentu.                                   Ÿ   Communication device allowance, for certain divisions.
Ÿ   Tunjangan cuti selama 12 (dua belas) hari kerja.                                    Ÿ   12 (Twelve) days Annual Leave entitlement.
Ÿ   Tunjangan cuti selama 3 (tiga) bulan untuk karyawati yang                           Ÿ   Three-month maternity leave entitlement.
    melahirkan.                                                                         Ÿ   Leave facility for special events such as death, son’s circumcision,
Ÿ   Tunjangan cuti untuk kejadian khusus seperti kematian, sunatan,                         child’s baptism, school graduation, birth etc as regulated in the
    pembaptisan, wisuda, kelahiran, dan lain sebagainya untuk                               Collaborative Labor Agreements (PKB).
    karyawan, yang diatur dalam Perjanjian Kerja Bersama (PKB).


Selain fasilitas dan tunjangan yang telah disebutkan di atas,                           Other than the above-mentioned facilities and allowances, the
Perseroan juga mendaftarkan seluruh karyawan pada BPJS                                  Company also listed all employees in the Employees Social Security
Ketenagakerjaan (d/h Jamsostek) serta BPJS Kesehatan, guna                              System (BPJS Ketenagakerjaan previously known as Jamsostek) and
mengantisipasi kejadian tak terduga yang dialami karyawan pada                          Healthcare BPJS to anticipate unexpected events that occurred on
saat melaksanakan pekerjaannya.                                                         employees while performing duties.



    Manajer ke atas                     Manager and above                                   Staf dan Non-Staf                           Staff and Non staff
    Gaji Pokok                          Basic Salary                                        Gaji Pokok                                  Basic Salary
    Tunjangan Jabatan                   Functional Allowance                                Tunjangan Jabatan                           Functional Allowance
    Tunjangan Hari Raya (THR)           Religious Festivity Allowance                       Tunjangan Hari Raya (THR)                   Religious Festivity Allowance
    Bonus                               Bonus                                               Bonus                                       Bonus
    Tunjangan Kesehatan                 Healthcare Allowance                                BPJS Kesehatan                              Healthcare Security - BPJS
    BPJS Kesehatan                      Healthcare Security - BPJS                                                                      Kesehatan
                                        Kesehatan                                           BPJS Ketenagakerjaan                        Manpower Security - BPJS
    BPJS Ketenagakerjaan                Manpower Security - BPJS                                                                        Ketenagakerjaan
                                        Ketenagakerjaan                                     Tunjangan Transportasi                      Transport Allowance
    Tunjangan Transportasi              Transport Allowance                                 Tunjangan Perjalanan Dinas                  Travel Allowance
    Tunjangan Perjalanan Dinas          Travel Allowance                                    Program Pensiun                             Retirement Fund
    Car Loan                            Car Loan                                            Fasilitas Koperasi                         Saving & Loan Facility
    Program Pensiun                     Retirement Fund                                     Bantuan Sosial                             Social Assistance
    Fasilitas Koperasi                  Saving & Loan Facility
    Bantuan Sosial                      Social Assistance




               Tata Kelola Perusahaan               Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      06
               Corporate Governance                   Corporate Social Responsibility                         References                            Financial Statements   257
Page 266
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      3. Pengembangan Kompetensi | Competency Development


      Untuk mencapai tujuan, organisasi membutuhkan sumber daya                        In an effort to achieve the Company's goals, our organization needs
      manusia yang kompeten di bidangnya masing-masing. Salah satu                     competent human resources in their respective fields. We have taken
      upaya yang dilakukan untuk meningkatkan pengetahuan dan                          a number of measures to improve employees' knowledge and abilities
      kemampuan karyawan dalam menjalankan tugasnya adalah melalui                     to carry out their duties, and one of which is through competency
      pengembangan kompetensi. Pengembangan kompetensi bagi                            development. This is aimed at developing employees' knowledge and
      karyawan Perseroan merupakan upaya dalam pengembangan                            skills as well as fostering their work attitude and behavior as they
      pengetahuan, keterampilan, dan/atau sikap perilaku kerja dalam                   perform their tasks in order that the Company will be able to draw on
      melaksanakan tugas jabatannya guna mewujudkan sumber daya                        competent human resources in accordance with organizational
      manusia yang kompeten sesuai dengan kebutuhan organisasi.                        needs.


      Pengembangan kompetensi karyawan dilaksanakan dalam bentuk                       The employee competency development takes the form of trainings,
      pelatihan, seminar, workshop / lokakarya dan sosialisasi. Sementara              seminars, workshops, and outreach programs. In addition to the
      pembelajaran dilakukan melalui dua jalur, yaitu pembelajaran klasikal            activities, learning sessions are organized in the form of both
      dan pembelajaran nonklasikal. Pengembangan kompetensi klasikal                   classroom and non-classroom instructions.
      dapat berupa kegiatan seperti :                                                  Classroom competence development programs may include the
      1.   Pelatihan kepemimpinan, manajerial dan teknis                               following:
      2.   Kegiatan sejenis seminar / konferensi / sarasehan, workshop atau            1. Leadership, managerial, and technical trainings;
           lokakarya;                                                                  2. Seminar / conference / workshop-based events;
      3.   Kegiatan terfokus lain semisal bimbingan teknis dan sosialisasi.            3. Focused activities such as technical assistance and outreach
      4.   Jalur Pengembangan Kompetensi dalam bentuk pelatihan                             programs;
           klasikal lainnya.                                                           4. Competency Development Pathway in the form of other
                                                                                            classroom trainings.


      Sedangkan pengembangan kompetensi non klasikal dapat berupa                      Non-classroom competency development programs may include the
      kegiatan seperti :                                                               following:
      1.   Coaching, mentoring, self study, dan on the job training;                   1. Coaching, mentoring, self-study, and on-the-job trainings
      2.   Pelatihan jarak jauh;                                                       2. Distance trainings
      3.   Pembelajaran berupa kegiatan patok banding (benchmarking);                  3. Benchmarking activity-based learning
      4.   Kegiatan belajar lain seperti belajar mandiri , komunitas belajar ,         4. Independent study, learning community, workplace guidance,
           bimbingan di tempat kerja dan magang / praktik kerja;                            and internship / practical work;
      5.   Jalur pengembangan kompetensi dalam bentuk pelatihan non                    5. Competency development pathway in the form of other non-
           klasikal lainnya.                                                                classroom trainings.


      Identifikasi kebutuhan pelatihan karyawan dapat dilakukan sesuai                  The Company identifies employee training needs by referring to
      dengan Kebutuhan Minimal Jabatan dan Hasil Asesmen Kompetensi                    Minimum Position Requirements and position-based Competency
      sesuai jabatan. Standar Kompetensi yang digunakan Perseroan                      Assessment Results. Competency standards that the Company
      bersumber dari SKKNI (Standar Kompetensi Kerja nasional                          adopts are derived from the Indonesian National Work Competency
      Indonesia) dan SKKK (Standar Kompetensi Kerja Khusus).                           Standards (SKKNI) and Specific Work Competency Standards
                                                                                       (SKKK).




 06              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                   Analisa & Pembahasan Manajemen
258                Highlights                            Management Report             Company Profile                     Management Discussion & Analysis
Page 267
                                                                                        Igniting Engagement                         Laporan Tahunan 2023
                                                                                         Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Selanjutnya dalam pelaksanaan pengembangan kompetensi,                          Furthermore, employees taking part in competency development-
karyawan yang akan mengikuti pelatihan mengikuti Prosedur                       related programs need to follow the applicable training procedures.
Pelatihan yang berlaku.


Mengingat adanya keterbatasan jam kerja dan tidak semua pegawai                 Given the fact that working hours are limited and that it is unlikely that
berkesempatan mengikuti semua pelatihan yang ada dalam satu                     employees attend available trainings at once, the competency
waktu maka pengembangan kompetensi dilakukan melalui sharing                    development is also made possible through sharing sessions. These
session. Kegiatan sharing session dilakukan dengan menugaskan                   activities are conducted by assigning employees who have
karyawan yang telah selesai mengikuti pelatihan baik itu klasikal               completed both classroom (external) and non-classroom training
(eksternal) untuk menyampaikan kembali ilmu yang didapatkan                     sessions to share knowledge and skills they gained during the
selama pelatihan kepada karyawan lain.                                          sessions with their peers.


Dengan banyaknya pilihan pelatihan yang dapat diikuti oleh                      Employees have many different training options to take in order to
karyawan untuk meningkatkan kompetensi diharapkan para                          increase their competence. It is thus expected that employees actively
karyawan dapat berpartisipasi aktif dengan atasan langsungnya                   coordinate their competency development programs with their
terkait perencanaan pengembangan kompetensinya. Kemudian,                       immediate superior. Then, direct supervisor can also play a role in
atasan langsung turut dapat berperan dalam memberikan bimbingan                 providing guidance to subordinates participating in the competency
(menjadi mentor/coach) kepada bawahan yang telah mengikuti                      development, for example, by becoming a mentor or coach. In turn,
pengembangan kompetensi, agar hasil pembelajaran yang telah                     employees have the ability and opportunity to apply the outcomes of
diperoleh dapat diterapkan dalam pelaksanaan tugas dan fungsi                   learning as they perform their respective duties and functions.
masing-masing sesuai jabatannya.




Jam dan Biaya Pengembangan Kompetensi Karyawan |
Employee Competency Development Hours and Costs
        Tahun                                                    Biaya [Rp]                                                              Jumlah [Jam]
         Year                                                    Costs [IDR]                                                             Total [Hours]

         2023                                                     378.725.192                                                                    8795

         2022                                                     171.349.000                                                                      277

         2021                                                       21.665.000                                                                     181




            Tata Kelola Perusahaan          Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      06
            Corporate Governance              Corporate Social Responsibility                         References                            Financial Statements   259
Page 268
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      4. Sarana Keselamatan Kerja | Occupational Safety Facilities

      Kesehatan dan Keselamatan Kerja (K3) menjadi prioritas dalam                     Occupational Safety and Health (OSH) is a priority in SPINDO
      operasional SPINDO khususnya dilokasi proses produksi (pabrik).                  operations particularly in production sites (plants). For the operations
      Untuk operasional, bagian K3 berada dibawah tanggungjawab Divisi                 process, the OSH aspect is under the responsibility of Health, Safety,
      Health, Safety, and Environment/HSE.                                             and Environment/HSE Division.


      1.   Menyediakan Sarana Keselamatan Kerja                                        1. Provide Occupational Safety Facilities
           Dalam upaya memberikan kenyamanan dan keselamatan                                To facilitate comfort and safety at work and to endorse the OHS
           bekerja, serta mendukung program K3 sesuai dengan regulasi                       programs according to the rules and regulations, the Company
           dan aturan, Perseroan menyediakan kebutuhan atau sarana                          accommodates the needs or facilities of occupational safety, such
           keselamatan kerja, seperti Alat Pelindung Diri (APD) atau                        as Personal Protective Equipment and other aid facilities or tools
           Personal Protective Equipment (PPE) serta sarana atau alat                       according to the work area and risk level. PPE is provided to
           bantu lainnya sesuai dengan wilayah kerja dan tingkat risiko                     technical worker/work executor based on the needs in the field,
           bekerja. APD disediakan untuk tenaga kerja teknik/pelaksana                      among others:
           pekerjaan sesuai dengan kebutuhan di lapangan, antara lain:                      1)      Personal Protective Equipment – PPE
           1)   Wearpack                                                                    2)      Helmet
           2)   Helm                                                                        3)      Safety Goggles
           3)   Pelindung Mata                                                              4)      Safety shoes
           4)   Sepatu safety                                                               5)      Ear plug/Earmuff
           5)   Penutup telinga                                                             6)      Paper Face Mask
           6)   Masker kertas                                                               7)      Gloves
           7)   Sarung tangan                                                               8)      Long leather gloves
           8)   Sarung tangan kulit panjang                                                 9)      Long latex gloves
           9)   Sarung tangan karet panjang                                                 10) Chemical respirator
           10) Chemical respirator                                                          11) Safety belt
           11) Safety belt                                                                  12) Clinic with certified paramedic
           12) Klinik dengan tenaga Paramedis bersertifikat                                  13) First Aid Facilities
           13) Fasilitas P3K                                                                14) Medical Check-up for employees in cooperation with
           14) Medical Check Up untuk Karyawan bekerjasama dengan                                   Occupational Health and Safety service company
                Perusahaan Jasa Kesehatan dan Keselamatan Kerja                             15) Installation of Earth Leakage Circuit Breaker to anticipate
           15) Pemasangan Earth Leakage Circuit Breaker untuk                                       electrical hazards to employees.
                mengantisipasi bahaya kelistrikan terhadap karyawan.


      2.   Sistem Penanggulangan Kebakaran                                             2. Fire Management System
           Sistem penanggulangan kebakaran Perseroan menggunakan                            The Company’s Fire Management System employs active
           sistem proteksi aktif yang tersedia di kantor dan pabrik dengan                   protection system available in the office and plant areas with the
           kelengkapan sebagai berikut:                                                      following tools:
           1.   Fire Alarm Break Glass                                                      1.      Fire Alarm Break Glass
           2.   Fire Alarm Smoke Detector                                                   2.      Fire Alarm Smoke Detector
           3.   Alat Pemadam Api Ringan – APAR                                              3.      Fire Extinguisher




 06              Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                      Analisa & Pembahasan Manajemen
260                Highlights                            Management Report             Company Profile                        Management Discussion & Analysis
Page 269
                                                                                                Igniting Engagement                         Laporan Tahunan 2023
                                                                                                 Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




     4.   Hydrant System untuk Gedung                                                      4.     Building hydrants
     5.   Hydrant System untuk Pabrik dan Halaman                                          5.     Factory and Courtyard hydrants
     6.   Siamese Connection                                                               6.     Siamese Connection
     7.   Sprinkler                                                                        7.     Sprinkler
     8.   Lampu Penerangan Darurat                                                         8.     Emergency Lighting
     9.   Petunjuk Jalan Arah Keluar                                                       9.     Direction for Exit
     10. Pintu dan Tangga Darurat                                                          10. Emergency Doors and Stairs
     11. Area Assembly Point untuk Evakuasi                                                11. Assembly Point Area for Evacuation


3.   Menciptakan Lingkungan Bekerja yang Layak dan Aman                               3.   Creating a Safe and Decent Work Environment

     Untuk mencegah terjadinya kecelakaan kerja, Perseroan berupaya untuk                  To prevent work accident, the Company seeks to raise safety awareness

     meningkatkan safety awareness di semua tingkatan organisasi. Hal                      in all levels of the organization through training a number of times in

     tersebut dilakukan melalui sejumlah pelatihan yang terkait dengan                     relation to Occupational Health and Safety.

     Kesehatan dan Keselamatan kerja.


                                      Program K3 | Occupational Health and Safety (OHS) Program

                                                                                                                                             Lokasi | Location

                                           Pelatihan                                                                                  Kantor                         Pabrik
                                            Training                                                                                  Office                          Plant

Ahli K3 Umum
                                                                                                                                         ü                            ü
General Occupational Safety and Health Expert
Pengenalan Potensi bahaya di tempat kerja
                                                                                                                                         ü                            ü
Introduction of potential hazards at workplace

Pemakaian Alat Pemadam Api Ringan (external dari penyedia dan internal)
                                                                                                                                         ü                            ü
How to use Fire Extinguisher

Pengenalan Limbah industry
                                                                                                                                         ü                            ü
Introduction of Industrial Wastes

Simulasi tanggap darurat
                                                                                                                                         ü                            ü
Emergency Response Simulation

BIMTEK P2K3 ( Disnaker)
                                                                                                                                         ü                            ü
Health and Safety Committee Training (Manpower Agency)
Pelatihan P3K
                                                                                                                                         ü                            ü
First Aid Training

Auditor ISO 14001
                                                                                                                                         ü                            ü
Auditor ISO 14001
Identifikasi Dampak dan Aspek serta penilaian risiko terhadap lingkungan
                                                                                                                                         ü                            ü
Identification of impacts, aspects and assessment of risks to the environment
Identifikasi bahaya dan Penilaian risiko di tempat kerja
                                                                                                                                         ü                            ü
Hazard Identification and Risk Assessment at Work Place

             Tata Kelola Perusahaan               Tanggung Jawab Sosial Perusahaan                             Referensi                             Laporan Keuangan         06
             Corporate Governance                   Corporate Social Responsibility                           References                            Financial Statements      261
Page 270
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      4.   Prosedur Kesiapsiagaan dan Tanggap Darurat                                          4. Emergency Preparedness and ResponseProcedures
           Melalui Prosedur Kesiapsiagaan dan Tanggap Darurat,                                       Through Emergency Preparedness and Response Procedures,
           Perseroan memastikan potensi bahaya atau keadaan darurat                                  the Company makes sure the potential hazards or emergencies
           dapat ditangani dengan segera. Prosedur tersebut dilakukan                                can be handled quickly. The procedures flow stage is as follows:
           melalui tahapan sebagai berikut:



                                                                                                                                                 Environmental
                                                                                                           Indentifikasi lingkungan,
                                                                                                                                                 identification,
                                                                                                        keselamatan & kesehatan kerja
                                                     MULAI                                               berkaitan dengan kecelakaan
                                                                                                                                                 occupational safety
                                                                                                                                                 & health related to
                                                                                                             atau keadaan darurat
                                                                                                                                                 accident or emergency

                                                       Start                                                                                     Ensure an Emergency
                                                                                                           Menetapkan Tim Tanggap
                                                                                                                                                 Response Team &
                                                                                                          Darurat & Prosedur tanggap
                                                                                                                                                 Emergency Response
             Penanggulangan Kecelakaan Kerja                                                             darurat untuk kecelakaan atau
                                                                                                                                                 Procedures for accidents
                                                                                                           keadaan darurat termasuk
             Perseroan senantiasa mengoptimalisasi dengan memberi                                                                                or emergencies including
                                                                                                        investigasi kecelakaan / insiden
                                                                                                                                                 accident / incident
             ruang kenyamanan dan keamanan serta selalu mem-                                                                                     investigations

             perhatikan keselamatan kerja karyawan perseroan. Melalui                                       Menetapkan pencegahan                Ensure prevention
                                                                                                            untuk potensi kecelakaan             for potential accidents
             Prosedur Kesiapsiagaan dan Tanggap Darurat, Perseroan                                                                               and emergencies
                                                                                                              dan keadaan darurat
             memastikan potensi bahaya atau keadaan darurat dapat
             ditangani sehingga akibat kondisi bahaya dapat dihindari.
                                                                                                            Membuat matrik / jadwal              Create an emergency
             Work Accident Response
                                                                                                            simulasi keadaan darurat             simulation matrix / schedule
             Company continues to optimize to provide comfort and
             security, and always pay attention to safety of employees
             of the company. Through Emergency Preparedness and                                              Menetapkan simulasi                 Ensure simulation of
                                                                                                               keadaan darurat                   emergencies (at least
             Response Procedures, the Company ensures potential                                             (minimal 1 tahun sekali)             once a year)

             hazards or emergencies can be handled so that the
             consequences of hazard conditions can be avoided.                                               Pelaksanaan simulasi                Implementation of
                                                                                                                keadaan darurat                  an emergency simulation
                                                                                                       (salah satu dari keadaan darurat)         (one of emergencies)




                                                                                                              Evaluasi Efektifitas?               Efectivity evaluations?

                                                                                                                             Ya | Yes

                                                                                                           Peninjauan ulang prosedur
                                                                                                            tanggap darurat 1 tahun
                                                                                                             sekali dan menyiapkan                              FILE
                                                                                       Tidak | No           laporan tanggap darurat

                                                                                                    Review the emergency response procedure
                                                                                                       at least once a year and prepare the
                                                                                                            emergency response report




 06              Ikhtisar Utama                          Laporan Manajemen                     Profil Perusahaan                            Analisa & Pembahasan Manajemen
262                Highlights                            Management Report                     Company Profile                              Management Discussion & Analysis
Page 271
                                                                                             Igniting Engagement                           Laporan Tahunan 2023
                                                                                              Elevating Excellence        PT Steel Pipe Industry of Indonesia Tbk




Tingkat Kecelakaan Kerja | Occupational Accident Rate

 Perseroan secara berkala melakukan pengukuran untuk performa                           The Company regularly conducts an assessment of OSH
 kinerja K3. Dalam melakukan pengukuran tersebut, tingkat                               performance. In this assessment process, the Company classifies the
 kecelakaan kerja dikategorikan sebagai berikut:                                        level of work accidents as follows:
 1.   Near miss / Berpotensi Celaka: Kejadian tak terduga/tak                           1. Near miss / Potential Accident: An unexpected/unplanned event
      terencana yang tidak menimbulkan cidera pada manusia                                  that does not cause injury to people or damage to equipment, but
      ataupun kerusakan pada alat, tetapi berpotensi terhadap                               has the potential to have a more serious impact.
      dampak yang lebih serius.                                                         2. Minor Accident: An accident that causes injury to the worker so
 2.   Kecelakaan Ringan: Kecelakaan yang menyebabkan cedera                                 that the worker is unable to work for less than 48 hours.
      pada pekerja sehingga pekerja tidak mampu bekerja selama                          3. Moderate Accident: An accident that causes injury to the worker
      kurang dari 48 jam.                                                                   so that he is unable to work more than 48 hours and less than 7
 3.   Kecelakaan Sedang: Kecelakaan yang menyebabkan cedera                                 (seven) days.
      pada pekerja sehingga tidak mampu bekerja lebih dari 48 jam                       4. Serious Accident: An accident that causes injury to workers that
      dan kurang dari 7 (tujuh) hari.                                                       causes disability or loss of body function, so that they are unable
 4.   Kecelakaan Berat: Kecelakaan yang menyebabkan cedera pada                             to work for more than 7 (seven) days.
      pekerja yang menyebabkan cacat atau kehilangan fungsi tubuh,                      5. Fatality: An accident resulting in death or the death of the worker.
      sehingga tidak mampu bekerja lebih dari 7 (tujuh) hari.                           6. Property Damage: Accident that results in damage on equipment
 5.   Fatality: Kecelakaan yang berakibat kematian atau pekerja                             or unit but does not involve injury to the worker.
      meninggal dunia.
 6.   Kerusakan Properti: Kecelakaan yang berakibat kerusakan
      peralatan atau unit tetapi tidak disertai cedera pada manusia.


 Berdasarkan penggolongan sebagaimana disebutkan sebelumnya,                            Based on the aforementioned classification, the assessment of OSH
 maka pengukuran kinerja K3 diukur berdasarkan:                                         performance is based on:

                                                                 2023                                           2022                                        2021

          Kategori Kecelakaan                        Kantor               Pabrik                  Kantor                  Pabrik               Kantor                Pabrik
               Category                              Office                Plant                   Office                   Plant                Office                 Plant

 Berpotensi Celaka | Potentially Accident                    -                      -                    -                      1                      -                   2

 Ringan | Minor Injury                                       -                     57                    -                    66                       -                  73

 Sedang | Moderate Injury                                    -                     11                    -                    19                       -                  10

 Berat | Major Injury                                        -                      6                    -                      9                      -                   8

 Kematian | Fatality                                         -                      -                    -                      -                      -                   -

 Kerusakan Properti | Property Damage                        -                      -                    -                      -                      -                   -

 Jumlah | Total                                              -                     74                    -                    95                       -                  93




           Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                               Referensi                             Laporan Keuangan           06
           Corporate Governance                  Corporate Social Responsibility                             References                            Financial Statements        263
Page 272
                     2023 Annual Report                          Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Tingkat Perpindahan Karyawan | Turnover Rate
      Sepanjang tahun 2023, sebanyak 44 karyawan berhenti/keluar dari                   In 2023, there were 44 Employees resigned from the Company with a natural

      Perusahaan dengan sebab natural maupun pengunduran diri. Sesuai dengan            reason of resignation. According to the applicable Law No. 13 concerning

      UU 13 Ketenagakerjaan dan Peraturan Perseroan yang berlaku, karyawan              Manpower and the Company Regulations, employee reserves the right to

      berhak atas uang pisah dan/atau uang pesangon, masa kerja serta                   Separation Pay and/or Severance Pay, long service pay and Compensation rights
      penggantian hak sesuai dengan masa kerjanya di Perusahaan.                        pay based on service period in the Company.



      Tingkat perpindahan karyawan ideal setiap tahun adalah di bawah 10%.              The ideal employee turnover rate each year is under 10%. The Company's

      Sepanjang tahun 2023, tingkat perpindahan karyawan Perseroan sebanyak             staff turnover rate for the entire year 2023 was 4%. The prior year's employee

      4%. Tingkat perpindahan karyawan tahun sebelumnya, yaitu tahun 2022               turnover rate was 4% in 2022 and 4% in 2021.
      sebanyak 4% dan tahun 2021 sebanyak 4%.



      Latar belakang keluar karyawan Perseroan, mulai dari yang terbanyak adalah :      The background of the Company's employees leaving, starting from the most

      berhenti setelah mencapai usia pensiun, mengundurkan diri, diikuti dengan         are: termination upon reaching retirement age, resigning, followed by other
      alasan lain (pensiun dini) dan meninggal dunia.                                   reasons (early retirement) and death.




                                                                      Tingkat Perpindahan Karyawan
                                                                               Turnover Rate
                                                                                                                            Orang | Person

                                   Keterangan | Description                                                 2023                      2022                     2021


      Jumlah Karyawan Keluar | Total Employees Left                                                                44                        47                      53

      Jumlah Karyawan di Akhir Tahun | Total Employee by the Year End                                           1020                     1030                      1110

      Rasio Perputaran Karyawan | Employee Turnover Ratio                                                         4%                        4%                      4%




                                                           Jumlah dan Latar Belakang Karyawan Keluar
                                                           Number and Background of Leaving Employees

                                                                                                                                         Orang | Person

                                   Keterangan | Description                                                 2023                      2022                     2021

      Berhenti setelah mencapai usia pensiun | Termination upon reaching retirement age                            21                        20                     21

      Mengundurkan Diri | Total Employees Left                                                                     11                        15                       5

      Meninggal Dunia | Deceased                                                                                     -                         6                      7

      Lain-Lain (Pensiun Dini) | Others (Early Retirement)                                                         11                          6                    20

      Jumlah | Total                                                                                               44                        47                     53




 06               Ikhtisar Utama                          Laporan Manajemen             Profil Perusahaan                        Analisa & Pembahasan Manajemen
264                 Highlights                            Management Report             Company Profile                          Management Discussion & Analysis
Page 273
                                                                                          Igniting Engagement                         Laporan Tahunan 2023
                                                                                           Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Tanggung Jawab Sosial Perusahaan
Terkait Pengembangan Sosial dan
Kemasyarakatan
Corporate Social Responsibility Related to Social and Community Development


Komitmen Tanggung Jawab Sosial Perusahaan Terkait
Pengembangan Sosial dan Kemasyarakatan | Corporate
Social Responsibility Commitment Related to Social and
Community Development
Perseroan menjadikan masyarakat sebagai Pemangku Kepentingan                       The Company concluded the community as stakeholders especially
khususnya yang berada di lokasi sekitar kegiatan operasional                       ones in the surrounding operational sites of the Company mainly
Perusahaan. Hal ini dilakukan karena keberlangsungan usaha                         because its business continuity is connected to roles and the
Perseroan tak terlepas dari peran dan kontribusi masyarakat. Oleh                  contributions of the community. Therefore, the Company has the
karena itu, Perseroan memiliki tanggung jawab untuk melakukan                      responsibility to carry out social and community development with
pengembangan sosial kemasyarakatan dengan tujuan meningkatkan                      the aim to increase the economic capability of the community. The
kemampuan ekonomi masyarakat. Komitmen Perseroan telah                             Company's commitment has been realized through contribution to
diwujudkan melalui kontribusi kepada komunitas, amal/santunan,                     community, donations/charity, sponsorship and infrastructure
sponsorship dan pembangunan infrastruktur, serta iuran dana                        development, as well as social contributions.
kemasyarakatan.

Dana CSR per bulan | CSR funds per month                                                   2023                                2022                                  2021

Januari | January                                                                    7.531.000                        82.399.440                                        -
Februari | February                                                                 33.183.280                            647.500                                       -
Maret | March                                                                        1.500.000                         3.480.000                               11.130.831
April | April                                                                       76.089.150                        88.640.900                                2.800.000
Mei | May                                                                           22.674.962                        33.307.595                               50.723.070
Juni | June                                                                         91.165.480                        27.373.860                                        -
Juli | July                                                                          8.775.680                        95.738.962                               38.462.688
Agustus | August                                                                    52.214.450                        11.116.000                                1.526.383
September | September                                                                6.386.379                        17.095.720                                1.000.000
Oktober | October                                                                   11.295.804                        26.264.160                               24.500.000
November | November                                                                  6.418.779                         6.668.000                                4.500.000
Desember | December                                                                 10.782.407                            500.000                              62.068.295
TOTAL                                                                              328.017.371                       393.232.137                           196.711.267



Iuran Dana Kemasyarakatan | Community Contribution                                         2023                                2022                                  2021

Iuran rutin yang dilakukan setiap bulan dari dana kantor & pabrik                   76.800.000                       180.300.000                           180.300.000
Routine contributions made every month from office & factory funds


Total dana CSR | CSR Total                                                                 2023                                2022                                  2021

                                                                                   404.817.371                       573.532.137                           377.011.267

                Tata Kelola Perusahaan         Tanggung Jawab Sosial Perusahaan                          Referensi                             Laporan Keuangan             06
                Corporate Governance             Corporate Social Responsibility                        References                            Financial Statements          265
Page 274
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Pelaksanaan Inisiatif Pengembangan Sosial &
      Kemasyarakatan | Implementation of Social & Community
      Development Initiatives

      1.   Penggunaan Tenaga Kerja Lokal                                                     1. Use of Local Workforce
           Setiap pelaksanaan pengembagan sosial dan kemasyarakatan,                              In the implementation of social and societal development, the
           Perseroan senantiasa mengupayakan memilliki peran dan                                  Company always seeks to acquire the role and contribution from
           kontribusi dari para pekerja lokal yang direkrut oleh Perseroan.                       the local workers recruited by the Company. This program is
           Program ini dinilai memberikan dampak positif guna mendukung                           considered will give a positive impact that will render support to
           program Pemerintah dalam mengurangi angka pengangguran.                                the Government’s program to reduce unemployment rate.


      2.   Pemasok Lokal                                                                     2. Local Supplier
           SPINDO memiliki banyak lokasi porduksi Perusahaan yang                                 SPINDO has numerous production sites spread out in a number of
           tersebar di sejumlah wilayah di Indonesia. Wilayah operasional                         regions in Indonesia. SPINDO’s area of operations includes
           SPINDO mencakup Surabaya [Jawa Timur], Cikupa-Tangerang                                Surabaya [East Java], Cikupa-Tangerang, Banteng, Cilegon-
           Banten, Cilegon-Banten, DKI Jakarta, Bandung [Jawa Barat],                             Banten, DKI Jakarta, Bandung [West Java], Makassar [South
           Makasar [Sulawesi Selatan] dan Samarinda [Kalimantan Timur].                           Sulawesi] and Samarinda [East Kalimantan]. In its operations,
           Dalam operasionalnya, SPINDO selalu mengoptimalkan dan                                 SPINDO constantly optimizes and prioritizes local resources in
           mengutamakan pemasok lokal guna mendukung jalannya                                     supporting its operations, in particular the existing suppliers in the
           operasi, khususnya pemasok yang memang sudah tersedia di                               operational sites.
           lokasi tempat operasional berlangsung.


      Jumlah Pemasok Lokal Berdasarkan Lokasi [2023] | Total Local Suppliers based on Location [2023]

      Wilayah Operasional | Area of Operation                         Jumlah Pemasok | Total Supplier                        Layanan | Services


      Surabaya, Jawa Timur | Surabaya, East Java                                       126        Jasa | Services

      Surabaya, Jawa Timur | Surabaya, East Java                                       85         Barang | Goods
      Surabaya, Jawa Timur | Surabaya, East Java                                       35         Barang & Jasa | Goods & Services

      Jakarta & Jawa Barat | Jakarta & West Java                                       77         Barang, Jasa, Barang & Jasa | Goods, Services, Goods & Services
      Samarinda, Kalimantan Timur | Samarinda, East Kalimantan                         2          Barang, Jasa, Barang & Jasa | Goods, Services, Goods & Services

      Makassar, Sulawesi Selatan | Makassar, South Sulawesi                            6          Barang, Jasa, Barang & Jasa | Goods, Services, Goods & Services


      3.   Program Pengembangan Masyarakat                                                   3.   Community Development Program

           Perseroan memberikan kontribusi bagi kegiatan masyarakat yang                          The Company contributes to community activities which are carried out

           dilakukan setiap bulannya selama tahun 2023 dalam bentuk:                              every month during 2023 in the form of:

           1. Kontribusi kepada komunitas; Pemberian bantuan kepada komunitas                     1. Contribution to Community; Giving donations to the community or
             masyarakat / institusi / perangkat desa di sekitar area operasional.                      institutions / village apparatus around the operational area.




 06              Ikhtisar Utama                          Laporan Manajemen                   Profil Perusahaan                        Analisa & Pembahasan Manajemen
266                Highlights                            Management Report                   Company Profile                          Management Discussion & Analysis
Page 275
                                                                                               Igniting Engagement                          Laporan Tahunan 2023
                                                                                                Elevating Excellence       PT Steel Pipe Industry of Indonesia Tbk




     2. Amal / Santunan; Pemberian bantuan untuk korban bencana alam dan                   2. Donations / Charity; Providing donations to victims of natural

         hari raya keagamaan.                                                                  disasters and religious holidays.
     3. Sponsorship.                                                                       3. Grant.

     4. Pembangunan Infrastruktur kepada masyarakat.                                       4. Infrastructure Development for the Community.




                                         Program Pengembangan Masyarakat (CSR) tahun 2023 |
                                             Community Development Program (CSR) in 2023

CSR per bulan                            Kontribusi Kepada Komunitas                Amal / Santunan                    Sponsorship           Pembangunan Infrastruktur
CSR per month                             Contribution to Community                Donations / Charity                    Grant              Infrastructure Development

Januari | January                                Rp6.400.000                              Rp1.000.000                                 -                          Rp6.531.000

Februari | February                              Rp6.400.000                              Rp1.000.000                                 -                        Rp32.183.280
Maret | March                                    Rp6.400.000                              Rp1.500.000                                 -                                    -

April | April                                    Rp6.400.000                             Rp76.089.150                                 -                                    -
Mei | May                                        Rp6.400.000                              Rp6.480.200                                 -                        Rp16.194.762

Juni | June                                      Rp6.400.000                             Rp42.000.000                                 -                        Rp49.165.480

Juli | July                                      Rp6.400.000                              Rp3.350.000                                 -                          Rp5.425.680
Agustus | August                                 Rp6.400.000                              Rp8.970.000                                 -                        Rp43.244.450

September | September                            Rp6.400.000                              Rp6.386.379                                 -                                    -
Oktober | October                                Rp6.400.000                                             -                            -                        Rp11.295.804
November | November                              Rp6.400.000                              Rp6.418.779                                 -                                    -

Desember | December                              Rp6.400.000                                             -                            -                        Rp10.782.407

TOTAL                                          Rp76.800.000                             Rp153.194.508                                 -                      Rp174.822.863



Total Dana Program Pengembangan Masyarakat (CSR) tahun 2023 |                                                                                                Rp328.017.371
Total Community Development Program (CSR) Funds in 2023
Total Iuran Rutin Dana Kemasyarakatan per bulan | Total Monthly Contribution to Community                                                                      Rp76.800.000
                                                                                                                                                             Rp404.817.371
TOTAL



Dampak dan Pencapaian | Impact and Achievement
Kegiatan sosial kemasyarakatan yang dilakukan oleh SPINDO                               Social and Societal activities carried out by SPINDO has generated
memberikan kontribusi positif bagi masyarakat. Bantuan pendidikan,                      positive contribution to the community. Education, religious and
keagamaan dan kesehatan yang diberikan telah disesuaikan dengan                         health aides have been aligned with the important issues occurring in
isu dan permasalahan penting yang terjadi di sekitar masyarakat.                        the community. These social activities were planned and recurring
Kegiatan-kegiatan sosial tersebut juga merupakan kegiatan sosial                        activities because the Company realizes the increase in benefits to
yang terencana dan berkelanjutan karena Perseroan menyadari                             the community.
adanya peningkatan manfaat yang dirasakan oleh masyarakat.




                Tata Kelola Perusahaan              Tanggung Jawab Sosial Perusahaan                          Referensi                              Laporan Keuangan          06
                Corporate Governance                  Corporate Social Responsibility                        References                             Financial Statements       267
Page 276
                  2023 Annual Report                          Igniting Engagement
                  PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




  Tanggung Jawab Sosial Perusahaan
  Kepada Pelanggan
  Corporate Social Responsibility to Customers



  Komitmen Tanggung Jawab Sosial Perusahaan Kepada
  Pelanggan | Corporate Social Responsibility Commitment
  to Customers
  Dalam salah satu penetapan tujuan untuk menjalankan Misi                           In one of the goal setting process to implement corporate Mission,
  organisasi Perusahaan, disebutkan poin mengenai “No Complaints”                    stated the point of “No Complaints” that the Company aims at
  yang ditujukan Perseroan bagi kepuasan pelanggan. Artinya seluruh                  customer satisfaction. Meaning all members of the organization were
  insan Perseroan diminta untuk memberikan pelayanan menyeluruh                      asked to provide a comprehensive service to the customers. Excellent
  kepada para pelanggan. Persepsi yang sangat baik terhadap kinerja                  perception of the Company’s performance is expected to render the
  Perseroan diharapkan dapat menjadikan konsumen sebagai                             consumers as customers loyal to the Company’s products and
  pelanggan setia terhadap produk dan layanan Perseroan.                             services.


  Perseroan mengedepankan pelanggan sebagai Pemangku                                 The Company emphasizes that the customers are the key
  Kepentingan utama bagi keberlangsungan dan keberlanjutan bisnis.                   stakeholders for the continuity and sustainability of its business. For
  Untuk itu, Perseroan secara terus menerus melakukan terobosan dan                  this, the Company continuously promotes breakthroughs and
  inovasi guna memberikan kemudahan layanan dan perlindungan                         innovations in order to provide ease of service and protection for its
  terhadap para pelanggannya. Perseroan tidak hanya sekadar                          customers. The Company does not simply seek to meet all conditions
  memenuhi seluruh butir yang disyaratkan dari Perjanjian kerja sama.                required in the covenant. More than that, the Company will do its
  Lebih dari itu, Perseroan akan berupaya maksimal memberikan nilai                  utmost to provide added value to customers. Customers must feel
  tambah bagi para pelanggan. Pelanggan harus merasa diuntungkan                     that they will benefit from working with SPINDO.
  menjalin kerja sama dengan SPINDO.



  Pelaksanaan Inisiatif Pelayanan Kepada Pelanggan |
  Implementation of Customer Service Initiatives
  Guna memberikan pelayanan yang maksimal kepada para                                In order to give maximum service to the customers, in 2023 the
  pelanggan, Perseroan mulai tahun 2023 menargetkan zero penalty                     Company launched the campaign of zero-penalty target and zero
  atau nihil sanksi dalam memberikan pelayanan. Perseroan juga                       sanctions in providing services. The Company is also committed to
  berkomitmen untuk menyelesaikan keluhan ataupun pengaduan                          resolving complaints or grievances according to the previously
  sesuai dengan standar kerjasama yang telah disepakati sebelumnya.                  agreed upon cooperation standards.


  Dalam upaya mencapai target yang telah ditetapkan oleh                             In its efforts to achieve its targets which have been determined by the
  manajemen, maka Perseroan melakukan kegiatan atau program                          Management, the Company has conducted the following activities or
  sebagai berikut:                                                                   programs:
  Ÿ   Manajemen proses produksi yang displin dan sesuai dengan                       Ÿ      Discipline and on-target production management has been
      target yang telah dibuat.                                                             established.
  Ÿ   Pelaksanaan pengendalian mutu (Quality Control) yang sesuai                    Ÿ      Implementation of Quality Control examination process in
      dengan prosedur guna memastikan kesesuaian produk dengan                              accordance with the procedures is to ensure the quality of the
      persyaratan standar yang disepakati. Hal tersebut juga berlaku                        product is consistent with the standard requirements. This goes
      bagi unit bisnis yang menghasilkan sektor jasa bagi pelanggan.                        as well for business units that provide services to customers.



 06            Ikhtisar Utama                          Laporan Manajemen                 Profil Perusahaan                   Analisa & Pembahasan Manajemen
268              Highlights                            Management Report                 Company Profile                     Management Discussion & Analysis
Page 277
                                                                                          Igniting Engagement                         Laporan Tahunan 2023
                                                                                           Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




Ÿ   Pendistribusian produk yang mengutamakan Keselamatan dan                      Ÿ   Product distribution activity emphasizes the Occupational Safety
    Kesehatan Kerja (K3). Perseroan memastikan proses                                 and Health (OSH) aspect. The Company will ensure the
    pendistribusian terlebih untuk produk-produk yang memiliki                        distribution process is aligned with OSH procedures mainly for the
    resiko tinggi bagi keselamatan dikarenakan besarannya, agar                       products that have higher risk rates for safety due to the
    dilakukan sesuai prosedur K3.                                                     magnitude of its size.
Ÿ   Informasi jasa yang faktual kepada Pelanggan. Perseroan dalam                 Ÿ   Factual service information to the customers. In this aspect, the
    hal ini memberikan informasi faktual mengenai produk,                             Company provides factual information pertaining to products,
    pendistribusian ataupun jasa yang dilakukan Perseroan secara                      distribution activity or services rendered by the Company in
    spesifik dan faktual. Selain itu Perseroan juga melakukan                          specific and factual. The aim is to aver misperception and
    mekanisme pengecekan berkala di lapangan agar informasi yang                      misinformation between the Company and the customers under
    disampaikan kepada Pelanggan sesuai dengan fakta di lapangan.                     an active agreement. Information disclosure will greatly impact
    Hal ini dilakukan agar tidak terjadi kesalahan persepsi dan                       the prevention of future disputes between the Company and the
    informasi antar Perseroan dan pelanggan saat kerjasama                            customers or work partners.
    dilakukan. Keterbukaan informasi akan sangat berdampak dalam
    pencegahan perselisihan di kemudian hari antara Perseroan dan
    pelanggan atau mitra kerja
Ÿ   Inovasi dan Pengembangan spesifikasi produk maupun jasa yang                   Ÿ   Innovation and Development of product and service specification
    dihasilkan SPINDO terus menerus dilakukan sebagai upaya                           provided by SPINDO are continuous priorities as an effort to
    memberikan kepuasan bagi pelanggan termasuk melakukan                             render satisfaction for the customers in which include as well the
    perbaikan dan penyempurnaan.                                                      aspect of improvement and refinement.
Ÿ   Perbaikan, penyempurnaan dan inovasi yang telah dan sedang                    Ÿ   Improvement, refinement and innovation that has
    dilakukan oleh Perseroan diantaranya:                                         Ÿ   been and being conducted includes:
    a. Penyesuaian investasi sesuai dengan regulasi                                   a. Investment adjustment according to the regulations
    b. Selama tahun 2022, tidak ada insiden ketidakpatuhan                            b. In 2022, there were no incidents of noncompliance with the
       terhadap peraturan dan perundang-undangan atas suatu                               laws and regulations over a product or service provided by the
       produk atau jasa yang diberikan Perseroan. Juga, tidak ada                         Company. Also, there were fines imposed for noncompliance
       denda atas ketidakpatuhan yang berkaitan dengan produksi                           related to the production of goods and services by the
       produk serta penyediaan jasa yang diberikan Perseroan.                             Company.


Tata Kelola Pengaduan Konsumen |
Customer Complaint Management
Penanganan Keluhan Pelanggan diatur dalam sebuah Prosedur                         The handling of customers’ complaints is regulated in the Complaint
Penanganan Keluhan, dimana adanya panduan dalam menangani                         Handling Procedures in which consists of FAQ guidelines. The
keluhan pelanggan, yaitu melalui pedoman FAQ (Frequently Asked                    Company also carries out continuous updates each year by referring
Questions). Perseroan juga melakukan pembaharuan secara terus                     to the Standard Operating Procedure (SOP) established by the
menerus di setiap tahun, mengacu kepada Standard Operating                        Company concerning complaint management. The Company will
Procedure (SOP) yang di tetapkan Perseroan mengenai pengelolaan                   provide response to any queries and or complaints from stakeholders
pengaduan/keluhan. Atas hal tersebut Perseroan akan memberikan                    in the guest book section of the Company’s website within at least
tanggapan/respon atas pertanyaan dan atau keluhan para Pemangku                   1x24 hours or through direct notification from the customers to the
Kepentingan pada buku tamu situs web elektronik Perseroan                         Salesperson in charge.
selambat-lambatnya 1x24 jam maupun pemberitahuan langsung
dari pelanggan melalui personil Sales yang bertanggung jawab.




            Tata Kelola Perusahaan            Tanggung Jawab Sosial Perusahaan                           Referensi                             Laporan Keuangan      06
            Corporate Governance                Corporate Social Responsibility                         References                            Financial Statements   269
Page 278
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      Adapun mekanisme pengelolaan pengaduan/keluhan tersebut                         The mechanism of complaints/grievances management is preceded
      didahului dengan penerimaan pertanyaan/keluhan dari Pemangku                    by the receipt of complaints from Stakeholders followed by a
      Kepentingan, melakukan verifikasi dengan unit terkait guna                       verification process with the relevant unit in order to obtain further
      mendapatkan informasi lebih lanjut, selanjutnya menyampaikan                    information, and then address the complaint response to the
      jawaban atau penanganan keluhan diberikan kepada Pemangku                       Stakeholders. The person in charge of managing customer
      Kepentingan. Sebagai Penanggung Jawab dalam pengelolaan                         complaints in the Company is the Sales Division. Throughout 2023,
      pengaduan pelanggan di Perseroan adalah Divisi Sales. Sepanjang                 there were no material complaints against the Company.
      2023, tidak terdapat pengaduan yang bersifat material kepada
      Perseroan.




 06            Ikhtisar Utama                           Laporan Manajemen             Profil Perusahaan                Analisa & Pembahasan Manajemen
270              Highlights                             Management Report             Company Profile                  Management Discussion & Analysis
Page 279
                                                                Igniting Engagement                         Laporan Tahunan 2023
                                                                 Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




                                  Referensi
                                                 Reference



            Referensi SEOJK No. 30/SEOJK.04/2016: Laporan Tahunan Perusahaan
Public Reference of OJK Circular Letter No. 30/SEOJK.04/2016: Annual Report & Public Company




 Tata Kelola Perusahaan     Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      07
 Corporate Governance         Corporate Social Responsibility                 References                            Financial Statements   271
Page 280
                     2023 Annual Report                           Igniting Engagement
                     PT Steel Pipe Industry of Indonesia Tbk      Elevating Excellence




      Referensi
      Reference



                          Referensi SEOJK No. 30/SEOJK.04/2016: Laporan Tahunan Perusahaan
              Public Reference of OJK Circular Letter No. 30/SEOJK.04/2016: Annual Report & Public Company
      No.                               Kriteria                                                             Penjelasan                                                  Halaman
                                        Criteria                                                             Description                                                  Page

                                                                 Bentuk Laporan Tahunan | Annual Report Form

      1.    Laporan Tahunan disajikan dalam bentuk dokumen                                                                                                                        ü
            cetak dan salinan dokumen elektronik.
            The Annual Report is presented in the form of printed
            documents and copies of electronic documents.
      2.    Laporan Tahunan yang disajikan dalam bentuk
                                                                                                                                                                                  ü
            dokumen cetak, dicetak pada kertas yang berwarna
            terang, berkualitas baik, berukuran A4, dijilid, dan
            dapat diperbanyak dengan kualitas yang baik.
            The Annual Report presented in the form of a printed
            document, printed on lightcolored paper, of good
            quality, A4 size, bound, and can be reproduced in
            good quality.
      3.    Laporan Tahunan yang disajikan dalam bentuk
                                                                                                                                                                                  ü
            salinan dokumen elektronik merupakan Laporan
            Tahunan yang dikonversi dalam format pdf.
            The Annual Report presented in the form of a copy of
            electronic document that is an Annual Report that
            has been converted in pdf format.




                                                               Isi Laporan Tahunan | contents of the annual report

      1.    Laporan Tahunan paling sedikit memuat informasi            1.     Ikhtisar data keuangan penting;            1.   Overview of important financial data;                ü
            mengenai:                                                  2.     Informasi saham ( jika ada);               2.   Shares information (if any);
            The Annual Report contains at least information            3.     Laporan Direksi;                           3.   Directors' Report;
            about:                                                     4.     Laporan Dewan Komisaris;                   4.   Report of the Board of Commissioners;
                                                                       5.     Profil Emiten atau PerusahaanPublik;        5.   Profile of Issuer or Public Company;
                                                                       6.     Analisis dan pembahasan manajemen;         6.   Management analysis and discussion;
                                                                       7.     Tata kelola Emiten atau Perusahaan         7.   Governance of Issuers or Public
                                                                              Publik;                                         Companies;
                                                                       8.     Tanggung jawab sosial & lingkungan         8.   Social & environmental responsibilities
                                                                              Emiten atau Perusahaan Publik;                  of the Issuer or Public Company;
                                                                       9.     Laporan keuangan tahunan yang telah        9.   Annual audited financial statements;
                                                                              diaudit; dan                                    and
                                                                       10. Surat pernyataan anggota Direksi dan          10. Statement of members of the Board of
                                                                              anggota Dewan Komisaris tentang                 Directors and members of the Board of
                                                                              tanggung jawab atas Laporan Tahunan;            Commissioners regarding responsibilities
                                                                                                                              for the Annual Report;
      2.    Laporan Tahunan dapat menyajikan informasi                                                                                                                            ü
            berupa gambar, grafik, tabel, dan/atau diagram
            dengan mencantumkan judul dan/atau keterangan
            yang jelas, sehingga mudah dibaca dan dipahami;
            The Annual Report can present information in the
            form of images, graphics, tables, and/or diagrams
            by including clear title and/or information, so that it
            is easy to read and understand.




 07            Ikhtisar Utama                             Laporan Manajemen                           Profil Perusahaan                         Analisa & Pembahasan Manajemen
272              Highlights                               Management Report                           Company Profile                           Management Discussion & Analysis
Page 281
                                                                                                             Igniting Engagement                             Laporan Tahunan 2023
                                                                                                              Elevating Excellence          PT Steel Pipe Industry of Indonesia Tbk




No.                          Kriteria                                                               Penjelasan                                                                            Halaman
                             Criteria                                                               Description                                                                            Page

3.    Ikhtisar Data Keuangan Penting memuat informasi              1.   Pendapatan/penjualan;                           1.    Income / sales;                                              004-006
      keuangan yang disajikan dalam bentuk                         2.   Laba bruto;                                     2.    Gross profit;
      perbandingan selama 3 (tiga) tahun buku atau sejak           3.   Laba (rugi);                                    3.    Profit (loss);
      memulai usahanya jika Emiten atau Perusahaan                 4.   Jumlah laba (rugi) yang dapat                   4.    Amount of profit (loss) attributable to
      Publik tersebut menjalankan kegiatan usahanya                     diatribusikan kepada pemilik entitas induk            owners of the parent entity and non-
      kurang dari 3 (tiga) tahun, paling sedikit memuat:                dan kepentingan non pengendali;                       controlling interests;
      Summary of Important Financial Data contains                 5.   Total laba (rugi) komprehensif;                 5.    Total comprehensive profit (loss);
      financial information presented in the form of                6.   Jumlah laba (rugi) komprehensif yang            6.    To t a l c o m p r e h e n s i v e p r o fi t ( l o s s )
      comparison for 3 (three) financial years or from the               dapat diatribusikan kepada pemilik entitas            attributable to owners of the parent entity
      start of the business if the Issuer or Public Company             induk dan kepentingan non pengendali;                 and non-controlling interests;
      performs its business activities in less than 3 (three)      7.   Laba (rugi) per saham;                          7.    Profit (loss) per share;
      years, at least contains:                                    8.   Jumlah aset;                                    8.    Amount of assets;
                                                                   9.   Jumlah liabilitas;                              9.    Total liabilities;
                                                                   10. Jumlah ekuitas;                                  10. Amount of equity;
                                                                   11. Rasio laba (rugi) terhadap jumlah aset;          11. Ratio of profit (loss) to total assets;
                                                                   12. Rasio laba (rugi) terhadap ekuitas;              12. Ratio of profit (loss) to equity;
                                                                   13. Rasio laba (rugi) terhadap pendapatan            13. Ratio of profit (loss) to income/sales;
                                                                        /penjualan;                                     14. Current ratio;
                                                                   14. Rasio lancar;                                    15. Liabilities to equity ratio;
                                                                   15. Rasio liabilitas terhadap ekuitas;               16. Ratio of liabilities to total assets; and
                                                                   16. Rasio liabilitas terhadap jumlah aset; dan       17. Information and other financial ratios
                                                                   17. Informasi dan rasio keuangan lainnya                   relevant to the Issuer or Public Company
                                                                        yang relevan dengan Emiten atau                       and the type of industry.
                                                                        Perusahaan Publik dan jenis industrinya;
4.    Informasi Saham                                              Informasi saham ( jika ada) paling sedikit           Share information (if any) contains at least:                      007-009
      Share information                                            memuat:                                              1) Shares that have been issued for each
                                                                   1)   Saham yang telah diterbitkan untuk setiap             quarter (if any) which are presented in a
                                                                        masa triwulan ( jika ada) yang disajikan              comparative form for the last 2 (two)
                                                                        dalam bentuk perbandingan selama 2                    financial years, at least include:
                                                                        (dua) tahun buku terakhir, paling sedikit             a)     Number of outstanding shares;
                                                                        meliputi:                                             b)     Market capitalization based on prices
                                                                        a)   Jumlah saham yangberedar;                               on the Stock Exchange where the
                                                                        b)   Kapitalisasi pasar berdasarkan harga                    shares are listed;
                                                                             pada Bursa Efek tempat saham                     c)     The highest, lowest and closing share
                                                                             dicatatkan;                                             price are based on the price on the
                                                                        c)   Harga saham tertinggi, terendah, dan                    Stock Exchange where the shares are
                                                                             penutupan berdasarkan harga pada                        listed; and
                                                                             Bursa Efek tempat saham dicatatkan;              d) Trading volume on the Stock Exchange
                                                                             dan                                                     where the shares are listed;
                                                                        d)   Volume perdagangan pada Bursa                           Information in letter a) is disclosed by
                                                                             Efek tempat saham dicatatkan;                           an Issuer which is a Public Company
                                                                             Informasi pada huruf a) diungkapkan                     whose shares are listed or not listed in
                                                                             oleh Emiten yang merupakan                              the Stock Exchange; Information in
                                                                             Perusahaan Terbuka yang sahamnya                        letter b), letter c), and letter d) is only
                                                                             tercatat maupun tidak tercatat di                       disclosed if the Issuer is a Public
                                                                             Bursa Efek; Informasi pada huruf b),                    Company and its shares are listed in
                                                                             huruf c), dan huruf d) hanya                            the Stock Exchange;
                                                                             diungkapkan jika Emiten merupakan
                                                                             Perusahaan Terbuka dan sahamnya
                                                                             tercatat di Bursa Efek;                    2)    In the event of a corporate action, such as a
                                                                   2)   Dalam hal terjadi aksi korporasi, seperti             stock split, reverse stock, stock dividend,                  010-012
                                                                        pemecahan saham (stock split),                        bonus shares, and changes in the share
                                                                        penggabungan saham (reverse stock),                   nominal value, the share information as
                                                                        dividen saham, saham bonus, dan                       referred to in number 1) adds an
                                                                        perubahan nilai nominal saham, informasi              explanation of at least:
                                                                        saham sebagaimana dimaksud pada
                                                                        angka 1) Ditambahkan penjelasan paling
                                                                        sedikit mengenai:




               Tata Kelola Perusahaan                           Tanggung Jawab Sosial Perusahaan                              Referensi                                     Laporan Keuangan         07
               Corporate Governance                               Corporate Social Responsibility                            References                                    Financial Statements      273
Page 282
                      2023 Annual Report                                      Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk                 Elevating Excellence




      No.                             Kriteria                                                                     Penjelasan                                                                  Halaman
                                      Criteria                                                                     Description                                                                  Page

                                                                                        a)   Tanggal pelaksanaan aksi korporasi;           a)   Date of implementation of corporate
                                                                                        b)   Rasio pemecahan saham (stock split),               action;
                                                                                             penggabungan saham (reverse                   b)   Stock split ratio, reverse stock, stock
                                                                                             stock), dividen saham, saham bonus,                dividend, bonus shares, and changes
                                                                                             dan perubahan nilai nominal saham;                 in share nominal value;
                                                                                        c)   Jumlah saham beredar sebelum dan              c)   Number of outstanding shares before
                                                                                             sesudah aksi korporasi; dan                        and after corporate actions; and
                                                                                        d)   Harga saham sebelum dan sesudah               d)   Share prices before and after
                                                                                             aksi korporasi;                                    corporate actions;
      5.    D a l a m h a l t e r j a d i p e n g h e n t i a n s e m e n t a ra                                                                                                            Tidak Terjadi | Not
            perdagangan saham (suspension), dan/atau                                                                                                                                                Occur
            penghapusan pencatatan saham (delisting) dalam
            tahun buku, Emiten atau Perusahaan Publik
            menjelaskan alasan penghentian sementara
            perdagangan saham (suspension) dan/atau
            penghapusan pencatatan saham (delisting) tersebut;
            dan
            In the event of a temporary suspension of stock
            trading (suspension) and / or the elimination of
            delisting in the financial year, the Issuer or Public
            Company explains the reason for the temporary
            termination of stock trading (suspension) and/or the
            delisting of the delisting; and
      6.    Dalam hal penghentian sementara perdagangan                                                                                                                                     Tidak Terjadi | Not
            saham (suspension) dan/atau penghapusan                                                                                                                                                 Occur
            pencatatan saham (delisting) sebagaimana
            dimaksud pada angka 3) masih berlangsung hingga
            akhir periode Laporan Tahunan, Emiten atau
            Perusahaan Publik menjelaskan tindakan yang
            dilakukan untuk menyelesaikan penghentian
            sementara perdagangan saham (suspension)
            dan/atau penghapusan pencatatan saham (delisting)
            tersebut;
            In the event that the suspension of stock trading
            (suspension) and / or the
            elimination of delisting as referred to in number 3)
            continues until the end of the
            Annual Report period, the Issuer or Public Company
            explains the actions taken to resolve the suspension
            of stock trading (suspension) and / or deletion of the
            delisting;
      7.    Laporan Direksi                                                        Memuat:                                            Contains:                                                    026-030
            Board of Directors’ Reports                                            1) Uraian singkat mengenai kinerja Emiten atau 1)       A brief description of the performance of
                                                                                        Perusahaan Publik, paling sedikit meliputi:        the Issuer or Public Company, at least
                                                                                        a)   Strategi dan kebijakan strategis              includes:
                                                                                             Emiten atau Perusahaan Publik;                a)   Strategies and strategic policies of
                                                                                        b)   Perbandingan antara hasil yang                     the Issuer or Public Company;
                                                                                             dicapai dengan yang ditargetkan; dan          b)   Comparison between the results
                                                                                        c)   Kendala yang dihadapi Emiten atau                  achieved and those targeted; and
                                                                                             Perusahaan Publik;                            c)   Constraints faced by the Issuer or
                                                                                   2)   Gambaran tentang prospek usaha;                         Public Company;
                                                                                   3)   Penerapan tata kelola Emiten atau 2)               Description of business prospects;
                                                                                        Perusahaan Publik; dan                        3)   Implementation of governance of the
                                                                                   4)   Perubahan komposisi anggota Direksi dan            Issuer or Public Company; and
                                                                                        alasan perubahannya ( jika ada).              4)   Changes in the composition of the
                                                                                                                                           members of the Board of Directors and
                                                                                                                                           the reasons for the changes (if any).




 07               Ikhtisar Utama                                   Laporan Manajemen                              Profil Perusahaan                              Analisa & Pembahasan Manajemen
274                 Highlights                                     Management Report                              Company Profile                                Management Discussion & Analysis
Page 283
                                                                                                                       Igniting Engagement                           Laporan Tahunan 2023
                                                                                                                        Elevating Excellence        PT Steel Pipe Industry of Indonesia Tbk




No.                             Kriteria                                                                         Penjelasan                                                                    Halaman
                                Criteria                                                                         Description                                                                    Page

8.    Laporan Komisaris                                                          Memuat:                                          Contains:                                                     016-019
      Board of Commissioners’ Reports                                            1)   Penilaian terhadap kinerja Direksi          1) Assessment of the performance of the
                                                                                      mengenai pengelolaan Emiten atau                  Board of Directors regarding the
                                                                                      Perusahaan Publik;                                management of the Issuer or Public
                                                                                 2)   Pengawasan terhadap implementasi                  Company;
                                                                                      strategi Emiten atau Perusahaan Publik;     2)     Supervision of the strategy implementation
                                                                                 3)   Pandangan atas prospek usaha Emiten               of the Issuer or Public Company;
                                                                                      atau Perusahaan Publik yang disusun         3) A view of the business prospects of the
                                                                                      oleh Direksi;                                     Issuer or Public Company compiled by
                                                                                 4)   Pandangan atas penerapan tata kelola              the Board of Directors;
                                                                                      Emiten atau Perusahaan Publik;              4 ) V i e ws o n t h e i m p l e m e n t a t i o n o f
                                                                                 5)   Perubahan komposisi anggota Dewan                 governance of the Issuer or Public
                                                                                      Komisaris dan alasan perubahannya                 Company;
                                                                                      ( jika ada); dan                            5) Changes in the composition of the
                                                                                 6)   Frekuensi dan cara pemberian nasihat              members of the Board of Commissioners
                                                                                      kepada anggota Direksi.                           and the reasons for the changes (if any);
                                                                                                                                        and
                                                                                                                                  6)     Frequency and method of giving advice
                                                                                                                                        to members of the Board of Directors.


                                                                                Profil Perusahaan | Company Profile

1.    Nama Emiten atau Perusahaan Publik termasuk                                                                                                                                                  038
      a p a b i l a t e rd a p a t p e r u b a h a n n a m a , a l a s a n
      perubahan, dan tanggal efektif perubahan nama
      pada tahun buku;
      Name of the Issuer or the Public Company including if
      there is changes in name, reason of change, and
      effective date of name change in the financial year;
2.    Akses terhadap Emiten atau Perusahaan Publik                                                                                                                                                 039
      termasuk kantor cabang atau kantor perwakilan
      yang memungkinkan masyarakat dapat memperoleh
      informasi mengenai Emiten atau Perusahaan Publik;
      Access to Issuer or Public Company including the
      branch office or the representative office that made it
      possible for the public to obtain information on Issuer
      or Public Company;
3.    Riwayat singkat Emiten atau Perusahaan Publik;                                                                                                                                            040-041
      Brief history of the Issuer or Public Company;
4.    Visi dan Misi emiten atau Perusahaan publik;                                                                                                                                              042-043
      Vision and Mission of the Issuer or Public Company;
5.    Kegiatan usaha menurut AD terakhir, kegiatan usaha                                                                                                                                        046-063
      yang dijalankan pada tahun buku serta jenis barang
      dan/atau jasa yang dihasilkan.
      Business activities according to the last articles of
      association, business activities conducted in the
      financial year and type of goods and/or service
      produced.
6.    Struktur organisasi emiten atau perusahaan publik                                                                                                                                         064-065
      dalam bagan, paling sedikit sampai dengan struktur
      1 tingkat di bawah Direksi disertai dengan nama dan
      jabatan.
      The organizational structure of the Issuer or Public
      Company in a chart, at least up to one level under the
      Board of Directors which includes the names and
      positions.




               Tata Kelola Perusahaan                                        Tanggung Jawab Sosial Perusahaan                           Referensi                                Laporan Keuangan         07
               Corporate Governance                                            Corporate Social Responsibility                         References                               Financial Statements      275
Page 284
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      No.                         Kriteria                                                                 Penjelasan                                                                        Halaman
                                  Criteria                                                                 Description                                                                        Page

      7.    Profil Direksi:                                           Informasi memuat :                                            Information contains:                                         031-035
            Profile of the Board of Directors                         a)   Nama dan jabatan yang sesuai dengan a)                        Name and position according to duties
                                                                          tugas dan tanggung jawab;                                     and responsibilities;
                                                                     b)   Foto terbaru;                                            b)   Recent photograph;
                                                                     c)   Usia;                                                    c)   Age
                                                                     d)   Kewarganegaraan;                                         d)   Citizenship
                                                                     e)   Riwayat pendidikan;                                      e)   Educational Background
                                                                     f)   Riwayat jabatan, meliputi informasi:                     f)   Job history, includinginformation:
                                                                          1)     Dasar hukum penunjukan sebagai                         1)    Legal basis of appointment as a
                                                                                  anggota Direksi pada Emiten atau                            member of the Board of Directors
                                                                                  P e r u s a h a a n P u b l i k y a n g b e r-              with the concerned Issuer or Public
                                                                                  sangkutan;                                                  Company;
                                                                          2)     Rangkap jabatan, baik sebagai                          2)    Double positions, either as a member of
                                                                                  anggota Direksi, anggota Dewan                              the Board of Directors, member of the
                                                                                  Komisaris, dan/atau anggota komite                          Board of Commissioners, and/or
                                                                                  serta jabatan lainnya ( jika ada); dan                      committee member and other positions
                                                                          3)     Pengalaman kerja beserta periode                             (if any); and
                                                                                  waktunya baik di dalam maupun di                      3) Work experience along with the time
                                                                                  luar Emiten atau Perusahaan Publik;                         period both inside and outside of the
                                                                     g)   Pendidikan dan/atau pelatihan yang telah                            Issuer or Public Company;
                                                                             d i i k u t i a n g g o t a D i r e k s i d a l a m g)     Education and / or training that members
                                                                             meningkatkan kompetensi dalam tahun                        Board of Directors have followed in order
                                                                             buku ( jika ada); dan                                      to improve their competence in the
                                                                     h)   Hubungan Afiliasi dengan anggota Direksi                       financial year (if any); and
                                                                             lainnya, anggota Dewan Komisaris, dan h)                   Affiliate Relations with other members of
                                                                             pemegang saham utama ( jika ada)                           the Board of Directors, members of the
                                                                             meliputi nama pihak yang terafiliasi;                       Board of Commissioners, and main
                                                                                                                                        shareholders (if any) including the name of
                                                                                                                                        the affiliated party;
      8.    Profil Dewan Komisaris:                                   Informasi memuat :                                            Information contains:                                         020-024
            Profil of the Board of Commissioners                      a)   Nama;                                                    a)   Name;
                                                                     b)   Foto terbaru;                                            b)   Recent photograph;
                                                                     c)   Usia;                                                    c)   Age
                                                                     d)   Kewarganegaraan;                                         d)   Citizenship
                                                                     e)   Riwayat pendidikan;                                      e)   Educational Background
                                                                     f)   Riwayat jabatan, meliputi informasi:                     f)   Job history, including information:
                                                                          (1) Dasar hukum penunjukan sebagai                            (1) Legal basis of appointment as a
                                                                                 anggota Dewan Komisaris yang                                member of the Board of
                                                                                 bukan merupakan Komisaris                                   Commissioners who is not an
                                                                                 Independen pada Emiten atau                                 Independent Commissioner of the
                                                                                 P e r u s a h a a n P u b l i k y a n g b e r-              Issuers or a Public Company that is
                                                                                 sangkutan;                                                  concerned;
                                                                          (2) Dasar hukum penunjukan pertama                            (2) Legal basis of first time appointment as
                                                                                 kali sebagai anggota Dewan                                  the member of the Board of
                                                                                 Komisaris yang merupakan Komisaris                          Commissioners who is also an
                                                                                 Independen pada Emiten atau                                 Independent Commissioner of the
                                                                                 Perusahaan Publik yang bersangkut-                          Issuer or a Public Company that is
                                                                                 an;                                                         concerned;
                                                                          (3) Rangkap jabatan, baik sebagai                             (3) Double positions, either as a member
                                                                                 anggota Dewan Komisaris, anggota                            of the Board of Commissioners,
                                                                                 Direksi, dan/atau anggota komite                            member of the Board of Directors,
                                                                                 serta jabatan lainnya ( jika ada); dan                      and/or committee member and other
                                                                          (4) Pengalaman kerja beserta periode                               positions (if any); and
                                                                                 waktunya baik di dalam maupun di                       (4) Work experience along with the time
                                                                                 luar Emiten atau Perusahaan Publik;                         period both inside and outside of the
                                                                     g)   Pendidikan dan/atau pelatihan yang telah                           Issuer or Public Company;

                                                                             diikuti anggota Dewan Komisaris dalam g)                   Education and/or training that the
                                                                                                                                        members Board of Commissioners have
                                                                             meningkatkan kompetensi dalam tahun
                                                                                                                                        followed in order to improve their
                                                                             buku ( jika ada);
                                                                                                                                        competence in the financial year (if any);
 07              Ikhtisar Utama                          Laporan Manajemen                               Profil Perusahaan                                     Analisa & Pembahasan Manajemen
276                Highlights                            Management Report                               Company Profile                                       Management Discussion & Analysis
Page 285
                                                                                                          Igniting Engagement                          Laporan Tahunan 2023
                                                                                                           Elevating Excellence       PT Steel Pipe Industry of Indonesia Tbk




No.                         Kriteria                                                                Penjelasan                                                                  Halaman
                            Criteria                                                                Description                                                                  Page

                                                                 h)    Hubungan Afiliasi dengan anggota h)                Affiliate Relations with other members of
                                                                       Dewan Komisaris lainnya dan                       the Board of Commissioners and main
                                                                       pemegang saham utama ( jika ada)                  shareholders (if any) including the name of
                                                                       meliputi nama pihak yang terafiliasi; dan          the affiliated party; and
                                                                 I)    Pernyataan independensi Komisaris i)              Statement of Independent Commissioner
                                                                       Independen dalam hal Komisaris                   in the event of the Independent
                                                                       Independen telah menjabat lebih dari 2           Commissioner has served longer than 2
                                                                       (dua) periode ( jika ada);                       (two) period (if any);
9.    Dalam hal terdapat perubahan susunan anggota                                                                                                                                     18,
      Direksi dan/atau anggota Dewan Komisaris yang                                                                                                                             064-065
      terjadi setelah tahun buku berakhir sampai dengan
      batas waktu penyampaian Laporan Tahunan,
      susunan yang dicantumkan dalam Laporan Tahunan
      adalah susunan anggota Direksi dan/atau anggota
      Dewan Komisaris yang terakhir dan sebelumnya;
      In the event of a change in the composition of
      members of the Board of Directors and/or member of
      the Board of Commissioners which occurs after the
      financial year ends up to the deadline Submission of
      Annual Reports, the arrangement listed in The
      Annual Report is an arrangement member of the
      Board of Directors and/or the recent members of the
      Board of Commissioners and the previous;
10.   Jumlah karyawan dan deskripsi sebaran tingkat                                                                                                                             079-080
      pendidikan dan usia karyawan dalam tahun buku;
      Number of employees and description distribution of
      education and age levels employees in the financial
      year;
11.   Nama pemegang saham dan persentase                         Mencakup antara lain:                             Includes among others:                                       081-083
      kepemilikan pada akhir tahun buku;                         a) Pemegang saham yang memiliki 5% (lima a)             Shareholders who own 5% (five percent)
      Name of shareholders and percentage ownership at                persen) atau lebih saham Emiten atau               or more of the Issuer's or the Company's
      the end of the financial year;                                   Perusahaan Publik;                                 public shares; b) Members of the Board of
                                                                 b) Anggota Direksi dan anggota Dewan                    Directors and members the Board of
                                                                      Komisaris yang memiliki saham Emiten               Commissioners who own the Issuer's or
                                                                      atau Perusahaan Publik; dan                        the Company’s public shares; and
                                                                 c) Kelompok pemegang saham masyarakat, c)               Shareholders group community, namely a
                                                                      yaitu kelompok pemegang saham yang                 group of shareholders that have less than
                                                                      masing-masing memiliki kurang dari 5%              5% (five percent) of the Issuer’s shares or
                                                                      (lima persen) saham Emiten atau                    the Public Company’s;
                                                                      Perusahaan Publik;
12.   Jumlah pemegang saham dan persentase ke-                   Mencakup antara lain:                             Includes among others:                                          082
      pemilikan per akhir tahun buku berdasarkan                 a)    Kepemilikan institusi lokal;                a)    Ownership of the local institutions;
      klasifikasi;                                                b)    Kepemilikan institusi asing;                b)    Ownership of the foreign institutions;
      Number of shareholders and percentages ownership           c)    Kepemilikan individu lokal; dan             c)    Ownership of the local individual; and
      per the end of the financial year based on the              d)    Kepemilikan individu asing;                 d)    Ownership of the foreign individuals;
      classification;
13.   Informasi mengenai pemegang saham utama dan                                                                                                                                  081
      pengendali Emiten atau Perusahaan Publik, baik
      langsung maupun tidak langsung, sampai kepada
      pemilik individu, yang disajikan dalam bentuk skema
      atau bagan;
      Information about main and controlling shareholders
      of the Issuer or the Public Company, both direct and
      indirect, up to the individual owners, which are
      presented in the form schema or chart;




              Tata Kelola Perusahaan                         Tanggung Jawab Sosial Perusahaan                            Referensi                               Laporan Keuangan            07
              Corporate Governance                             Corporate Social Responsibility                          References                              Financial Statements         277
Page 286
                      2023 Annual Report                              Igniting Engagement
                      PT Steel Pipe Industry of Indonesia Tbk         Elevating Excellence




      No.                             Kriteria                                                Penjelasan                                       Halaman
                                      Criteria                                                Description                                       Page

      14.   Nama entitas anak, perusahaan asosiasi,                                                                                                 083
            perusahaan ventura bersama dimana Emiten atau
            Perusahaan Publik memiliki pengendalian bersama
            entitas, beserta persentase kepemilikan saham,
            bidang usaha, total aset, dan status operasi Emiten
            atau Perusahaan Publik tersebut ( jika ada); Untuk
            entitas anak, ditambahkan informasi mengenai
            alamat entitas anak tersebut;
            Name of the subsidiaries, associated companies,
            joint venture companies where the Issuer or the
            Public Company have joint control of the entity,
            together with percentage of share ownership,
            business fields, total assets, and operating status of
            the Issuer or Public Company (If any); For
            subsidiaries, information is added regarding the
            address of the subsidiaries.
      15.   Kronologi pencatatan saham, jumlah saham, nilai                                                                                        044-045
            nominal, dan harga penawaran dari awal pencatatan
            hingga akhir tahun buku serta nama Bursa Efek
            dimana saham Emiten atau Perusahaan Publik
            dicatatkan ( jika ada);
            Chronology of stock listing, amount shares, nominal
            value, and bid price from the beginning of the
            recording until the end of the year books and names of
            Stock Exchanges where shares of the Issuer or Public
            Company are listed (If any);
      16.   Kronologi pencatatan Efek lainnya selain Efek                                                                                             -
            sebagaimana dimaksud pada angka 15), yang paling
            sedikit memuat nama Efek, tahun penerbitan,
            tanggal jatuh tempo, nilai penawaran, dan peringkat
            Efek ( jika ada);
            Chronology of the recording of other securities
            besides Securities that are referred in numbers 15),
            which contain at least the name of the Securities,
            year of issuance, date of maturity, bid value, and
            rating Securities (if any);
      17.   Nama dan alamat lembaga dan/atau profesi                                                                                                084
            penunjang pasar modal;
            Name and address of the institution and /or capital
            market supporting professions;
      18.   Dalam hal terdapat profesi penunjang pasar modal yang                                                                                   207
            memberikan jasa secara berkala kepada Emiten atau
            Perusahaan Publik, diungkapkan informasi mengenai
            jasa yang diberikan, komisi (fee), dan periode penugasan;
            dan
            In the case of a supporting profession of the capital
            market that provides services in a periodical manner
            to the Issuer or the Public Company, information
            about services provided, commissions (fees), and
            assignment period is disclosed; and
      19.   Penghargaan dan/atau sertifikasi yang diterima                                                                                           014,
            Emiten atau Perusahaan Publik baik yang berskala                                                                                       056-057
            nasional maupun internasional dalam tahun buku
            terakhir ( jika ada),
            Awards and / or certifications accepted by the Issuer
            or the Public Company both national scale and
            international in the last financial year (If any)




 07                Ikhtisar Utama                              Laporan Manajemen             Profil Perusahaan   Analisa & Pembahasan Manajemen
278                  Highlights                                Management Report             Company Profile     Management Discussion & Analysis
Page 287
                                                                                                               Igniting Engagement                               Laporan Tahunan 2023
                                                                                                                Elevating Excellence            PT Steel Pipe Industry of Indonesia Tbk




No.                         Kriteria                                                                 Penjelasan                                                                           Halaman
                            Criteria                                                                 Description                                                                           Page

      Analisa & Pembahasan Manajemen atas Kinerja Perusahaan | Management Discussion & Analysis on Company’s Performance

1.    Tinjauan operasi per segmen operasi sesuai dengan           Mengenai:                                               Concerning:                                                     046-054
      jenis industri Emiten atau Perusahaan Publik;               a)    Pro d u ks i , ya n g m e l i p u t i p ro s e s , a)    Production, which includes process,                      103-106
      Operational review per operating segment according                 kapasitas, dan perkembangannya;                         capacity and its development;
      to the type of industries of the Issuer or Public           b)    Pendapatan / penjualan; dan                       b)     Revenue / sales; and
      Company;                                                    c)    Profitabilitas;                                    c)     Profitability
      Kinerja keuangan komprehensif yang mencakup                 Mencakup antara lain :                                  Includes among others:                                          107-113
2.    perbandingan kinerja keuangan dalam 2 (dua) tahun           a)    Kepemilikan institusi lokal;                      a)     Ownership of the local institutions;
      buku terakhir, penjelasan tentang penyebab adanya           b)    Kepemilikan institusi asing;                      b)     Ownership of the foreign institutions;
      perubahan dan dampak perubahan tersebut.                    c)    Kepemilikan individu lokal; dan                   c)     Ownership of the local individual; and
      Comprehensive financial performance includes a               d)    Kepemilikan individu asing;                       d)     Ownership of the foreign individuals;
      comparison of financial performance in the last 2
      (two) financial years, an explanation of the cause of
      existence changes and impacts of change.
3.    Kemampuan membayar utang dengan menyajikan                                                                                                                                            112
      perhitungan rasio yang relevan;
      Ability to pay debts by presenting relevant ratio
      calculations;
4.    Tingkat kolektibilitas piutang Emiten atau                                                                                                                                            113
      Perusahaan Publik dengan menyajikan perhitungan
      rasio yang relevan;
      Collectability of the Issuer or receivables of the Public
      Company by presenting relevant ratio calculation.
5.    Struktur modal (capital structure) dan kebijakan                                                                                                                                    111-113
      manajemen atas struktur modal (capital structure)
      tersebut disertai dasar penentuan kebijakan
      dimaksud;
      Capital structure and management policy on capital
      structure (capital structure) accompanied by the
      basis determination of the said policy;
6.    Bahasan mengenai ikatan yang material untuk                 Penjelasan paling sedikit meliputi:                     At least explanation includes:                                    114
      investasi barang modal;                                     a) tujuan dari ikatan tersebut;                         a) the purpose of the commitment;
      Discussion on material commitment for capital goods         b) sumber dana yang diharapkan untuk b) the expected source of funds to fulfill the
      investment;                                                      memenuhi ikatan tersebut;                                said bond;
                                                                  c) mata uang yang menjadi denominasi; dan               c) the currency that becomes denomination; and
                                                                  d) langkah yang direncanakan Emiten atau d) steps planned by the Issuer or the Public
                                                                       Perusahaan Publik untuk melindungi                       Company to mitigate the risk from foreign
                                                                       risiko dari posisi mata uang asing yang                  currency position;
                                                                       terkait;
7.    Bahasan mengenai investasi barang modal yang                Meliputi:                                               Includes:                                                         114
      direalisasikan dalam tahun buku terakhir;                   a) Jenis investasi barang modal;                        a) Type of capital goods investment;
      Discussion on capital goods investment which is             b) Tujuan investasi barang modal; dan                   b) The purpose of investing in capital goods;
      realized in the latest financial year;                       c) Nilai investasi barang modal yang                          and
                                                                       dikeluarkan;                                       c) Value of investment in capital goods issued:
8.    Informasi & fakta material yang terjadi setelah                                                                                                                                       114
      tanggal laporan akuntan ( jika ada);
      Information & material facts that occurred after the
      date of the accountant's report (if any);
9.    Prospek usaha dari Emiten atau Perusahaan Publik                                                                                                                                    115-116
      dikaitkan dengan kondisi industri, ekonomi secara
      umum dan pasar internasional diser tai data
      pendukung kuantitatif dari sumber data yang layak
      dipercaya;
      Business prospects of the Issuer or the Public
      Company that is associated with industrial
      conditions, the economy in general and international
      markets accompanied by quantitative data
      supported from trustworthy sources;


             Tata Kelola Perusahaan                          Tanggung Jawab Sosial Perusahaan                                    Referensi                                Laporan Keuangan          07
             Corporate Governance                              Corporate Social Responsibility                                  References                               Financial Statements       279
Page 288
                    2023 Annual Report                                           Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk                      Elevating Excellence




      No.                            Kriteria                                                                             Penjelasan                                                                    Halaman
                                     Criteria                                                                             Description                                                                    Page

      10.   Perbandingan antara target/proyeksi pada awal                                                                                                                                                     114
            tahun buku dengan hasil yang dicapai (realisasi).
            Comparison between target / projection in the
            beginning of the financial year and the achieved
            results (realization).
      11.   Target/proyeksi yang ingin dicapai Emiten atau                                                                                                                                                    114
            Perusahaan Publik untuk 1 (satu) tahun mendatang;
            The target / projection that the Issuer or the Public
            Company wants to achieve for 1 (one) coming year;
      12.   Aspek pemasaran atas barang dan/ atau jasa Emiten                                                                                                                                               088-097
            atau Perusahaan Publik, paling sedikit mengenai
            strategi pemasaran dan pangsa pasar;
            Marketing aspects of goods and / or services of the
            Issuer or Public Company, at the very least about the
            marketing strategies and market share;
      13.   Uraian mengenai dividen selama 2 (dua) tahun buku                            Mengenai:                                                About:                                                    117-118
            terakhir ( jika ada)                                                         a)    Pendapatan/penjualan;                              a)   Income / sales;
            Description of the dividends in the last 2 (two)                             b)    Laba (rugi);                                       b)   Profit (loss);
            financial years (if any)                                                      c)    Struktur modal (capital structure);                c)   Capital structure (capital structure);
                                                                                         d)    Kebijakan dividen; atau                            d)   Dividend policy; or
                                                                                         e)    Hal lainnya yang dianggap penting bagi             e)   Other things considered important for
                                                                                               Emiten atau Perusahaan Publik;                          the Issuer or Public Company
      14.   Realisasi penggunaan dana hasil Penawaran Umum                               Memuat :                                                 Consists of:                                              010-012,
            Realization of the use of the IPO Proceeds                                   a) Kebijakan dividen;                                    a)   Dividend policy;                                     117-118
                                                                                         b) Ta n g g a l p e m b a ya ra n d i v i d e n ka s     b)   Date of the dividend payment and / or
                                                                                              dan/atau tanggal distribusi dividen non                  the distribution date of the non-cash
                                                                                              kas;                                                     dividends;
                                                                                         c) Jumlah dividen per saham (kas dan/atau                c)   Total dividends per share (cash and / or
                                                                                              non kas); dan                                            non-cash); and d) Amount of paid
                                                                                         d) Jumlah dividen per tahun yang dibayar;                     dividends in a year
                                                                                         Memuat:                                                  Consists of:
                                                                                         a) Dalam hal selama tahun buku, Emiten                   a)   During the financial year, the Issuer has
                                                                                              memiliki kewajiban menyampaikan                          the obligation to submit a realization
                                                                                              laporan realisasi penggunaan dana, maka                  report of the use of funds, then disclosed
                                                                                              diungkapkan realisasi penggunaan dana                    the realized cumulative use of IPO
                                                                                              hasil Penawaran Umum secara kumulatif                    proceeds up to the end of the fiscal year;
                                                                                              sampai dengan akhir tahun buku; dan                      and
                                                                                         b) Dalam hal terdapat perubahan peng-                    b)   In the event of a change in the use of
                                                                                              gunaan dana sebagaimana diatur dalam                     funds as regulated in the Authority
                                                                                              Peraturan Otoritas Jasa Keuangan                         Financial Services Regulations about
                                                                                              tentang Laporan Realisasi Penggunaan                     Realization Report on the Use of Funds
                                                                                              Dana Hasil Penawaran Umum, maka                          Results from the Public Offering, in that
                                                                                              Emiten menjelaskan perubahan tersebut.                   case, the Issuer explains the changes.
      15.   Informasi material ( jika ada), antara lain mengenai                         Memuat:                                                  Consists of:                                                118
            investasi, ekspansi, divestasi, penggabungan                                 a)    Tanggal, nilai, dan objek transaksi;               a)   Date, value, and the transaction objects;
            /p e l e b u ra n u s a h a , a k u i s i s i , re st r u kt u r i s a s i   b)    Nama pihak yang melakukan transaksi;               b)   Name of the parties conducting the
            utang/modal, transaksi Afiliasi, dan transaksi yang                           c)    Sifat hubungan Afiliasi ( jika ada);                     transaction;
            mengandung benturan kepentingan, yang terjadi                                d)    Pe n j e l a s a n m e n g e n a i kewa j a ra n   c)   Nature of the Affiliate relationship (if
            pada tahun buku;                                                                   transaksi; dan                                          any);
            Material information (if any), among others regarding                        e)    Pemenuhan ketentuan terkait;                       d)   Explanation of reasonableness of the
            investment, expansion, divestment, business                                                                                                transaction; and e) Compliance with
            merger/acquisition, acquisition, debt / capital                                                                                            relevant provisions;
            restructuring, affiliates transactions, and
            transactions that involve a conflict of interest, which
            happened in the fiscal year;




 07             Ikhtisar Utama                                       Laporan Manajemen                                  Profil Perusahaan                                 Analisa & Pembahasan Manajemen
280               Highlights                                         Management Report                                  Company Profile                                   Management Discussion & Analysis
Page 289
                                                                                                       Igniting Engagement                          Laporan Tahunan 2023
                                                                                                        Elevating Excellence       PT Steel Pipe Industry of Indonesia Tbk




No.                           Kriteria                                                       Penjelasan                                                                      Halaman
                              Criteria                                                       Description                                                                      Page

16.   Perubahan ketentuan peraturan perundang-                                                                                                                                119-120
      undangan yang berpengaruh signifikan terhadap
      Emiten atau Perusahaan Publik dan dampaknya
      terhadap laporan keuangan ( jika ada); dan
      Changes in the regulatory provisions that influence
      the legislation significant to the Issuer or Public
      Company and its impact on the financial statements
      (if any); and
17.   Perubahan kebijakan akuntansi, alasan dan                                                                                                                                    119
      dampaknya terhadap laporan keuangan ( jika ada);
      Changes in accounting policies, reasons and the
      impact on financial statements (If any);




                                                   Tata Kelola Perusahaan | Good Corporate Governance

1.    Direksi                                               Mencakup antara lain:                               Includes among others:                                        159-170
      Board of Directors                                    a)   Tugas dan tanggung jawab masing-               a) Duties and responsibilities each member of the
                                                                 masing anggota Direksi;                            Board of Directors;
                                                            b)   Pernyataan bahwa Direksi memiliki              b) Statement that the Board of Directors has a
                                                                 pedoman atau piagam (charter) Direksi;             Directors’ guideline or charter (charter);
                                                            c)   Prosedur, dasar penetapan, struktur and        c) Procedures, basis for the stipulation, structure
                                                                 besarnya remunerasi masing-masing                  and magnitude of the remuneration of each
                                                                 anggota Direksi, serta hubungan antara             member of the Board of Directors, as well as the
                                                                 remunerasi dengan kinerja Emiten atau              relationship between remuneration and the
                                                                 Perusahaan Publik;                                 performance of the Issuer or the Public
                                                            d)   Kebijakan dan pelaksanaan tentang                  Company;
                                                                 frekuensi rapat Direksi, termasuk rapat        d) Policy and implementation of the frequency of
                                                                 bersama Dewan Komisaris, dan tingkat               the Board of Directors meetings, including joint
                                                                 kehadiran anggota Direksi dalam rapat              meetings with the Board Commissioners and
                                                                 tersebut;                                          the attendance rate of the members of the
                                                            e)   Informasi mengenai keputusan RUPS 1                Board of Directors in the said meeting;
                                                                 (satu) tahun sebelumnya, meliputi:             e) Information about the GMS’ decisions in the last
                                                                 (1) Keputusan RUPS yang direalisasi-               1 (one) year include:
                                                                      kan pada tahun buku; dan                      (1) A GMS decision realized in the fiscal year;
                                                                 (2) Alasan dalam hal terdapat keputusan                 and
                                                                      yang belum direalisasikan;                    (2) Reasons in the event that there are
                                                            f)   Informasi mengenai keputusan RUPS                       decisions that haven’t been realized;
                                                                 pada tahun buku, meliputi:                     f) Information about decisions The GMS in the
                                                                 (1) Keputusan RUPS yang direalisasi-               financial year includes:
                                                                      kan pada tahun buku; dan                      (1) A GMS decision realized in the fiscal year;
                                                                 (2) Alasan dalam hal terdapat keputusan                 and
                                                                      yang belum direalisasikan; dan                (2) Reasons in the event that there are decisions
                                                            g)   Penilaian terhadap kinerja komite yang                  that haven’t been realized; and
                                                                  mendukung pelaksanaan tugas Direksi;          g) Assessment of the per formance of the
                                                                                                                    committee that supports the Board of Directors’
                                                                                                                    duties;




                Tata Kelola Perusahaan                   Tanggung Jawab Sosial Perusahaan                             Referensi                              Laporan Keuangan            07
                Corporate Governance                       Corporate Social Responsibility                           References                             Financial Statements         281
Page 290
                   2023 Annual Report                          Igniting Engagement
                   PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      No.                        Kriteria                                                             Penjelasan                                                                     Halaman
                                 Criteria                                                             Description                                                                     Page

      2.    Dewan Komisaris                                         Mencakup antara lain:                               Includes among others:                                           150-158
            Board of Commissioners                                  a) Tugas dan tanggung jawab Dewan a) Duties and responsibilities of the Board of
                                                                         Komisaris;                                          Commissioners;
                                                                    b) Pernyataan bahwa Dewan Komisaris b) Statement that the Board of Commissioners
                                                                         memiliki pedoman atau piagam (charter)              has a guideline or a charter;
                                                                         Dewan Komisaris;                               c) Procedures, basis for the stipulation,
                                                                    c) Prosedur, dasar penetapan, struktur, dan              structure, and magnitude of the
                                                                         besarnya remunerasi masing-masing                   remuneration of each member of the Board
                                                                         anggota Dewan Komisaris;                            of Commissioners;
                                                                    d) Kebijakan dan pelaksanaan tentang d) Policy and implementation of the frequency
                                                                         frekuensi rapat Dewan Komisaris,                    of the Board of Commissioners meetings,
                                                                         termasuk rapat bersama Direksi, dan                 including joint meetings with the Board
                                                                         tingkat kehadiran anggota Dewan                     Directors and the attendance rate of the
                                                                         Komisaris dalam rapat tersebut;                     members of the Board of Commissioners in
                                                                    e) Kebijakan Emiten atau Perusahaan Publik               the said meeting;
                                                                         tentang penilaian terhadap kinerja e) Policies of the Issuer or the Public Company
                                                                         anggota Direksi dan anggota Dewan                   on the performance assessment of the
                                                                         Komisaris dan pelaksanaannya, paling                members of the Board of Directors and
                                                                         sedikit meliputi:                                   Commissioners, and their implementation,
                                                                         (1) Prosedur pelaksanaan penilaian                  which at least include:
                                                                              kinerja;                                       (1) Implementation procedures of the
                                                                         (2) Kriteria yang digunakan; dan                    performance assessment;
                                                                         (3) Pihak yang melakukan penilaian;                 (2) Criteria used; and
                                                                    f) Penilaian terhadap kinerja komite yang                (3) Parties who did the assessment;
                                                                         mendukung pelaksanaan tugas Dewan f) Performance assessment of the committee
                                                                         Komisaris; dan                                      that supports the duties of the Board of
                                                                    g) Dalam hal Dewan Komisaris tidak                       Commissioners; and
                                                                         membentuk Komite Nominasi dan g) In the case of the Board of Commissioners did
                                                                         Remunerasi, dimuat informasi paling                 not form a Nomination and Remuneration
                                                                         sedikit mengenai:                                   Committee, the least information containst:
                                                                         (1) Alasan tidak dibentuknya komite; dan            (1) Reasons of not forming the committee;
                                                                         (2) Prosedur nominasi dan remunerasi                    and
                                                                              yang dilakukan dalam tahun buku;               (2) N o m i n a t i o n a n d r e m u n e r a t i o n
                                                                         (3) Dewan Pengawas Syariah, bagi                        procedures that have been carried out
                                                                              (Emiten atau Perusahaan Publik yang                during the financial year;
                                                                              menjalankan kegiatan usaha                     (3) Sharia Supervisory Board, for the Issuer
                                                                              berdasarkan prinsip syariah                        or Public Company that are running
                                                                              sebagaimana tertuang dalam                         business activities based on the sharia
                                                                              anggaran dasar, paling sedikit                     principles as stated in the articles of
                                                                              memuat:                                            association, at least contains:
                                                                              a) Nama;                                           a) Name;
                                                                              b) Tugas dan tanggungjawab Dewan                   b) Duties and responsibilities of the
                                                                                    Pengawas Syariah; dan                            Sharia Supervisory Board; and
                                                                              c) Frekuensi dan cara pemberian                    c) Frequency and methods of giving
                                                                                    nasihat dan saran serta                          advices and suggestions, as well as
                                                                                    pengawasan pemenuhan Prinsip                     complete supervision of the Sharia
                                                                                    Syariah di Pasar Modal terhadap                  Principles in the Capital Market
                                                                                    Emiten atau Perusahaan Publik;                   toward the Issuer or the Public
                                                                                                                                     Company;
      3.    Komite Audit                                            Mencakup antara lain:                               Includes among others:                                           178-186
            Audit Commitee                                          a)      Nama dan jabatannya dalam ke- a)                  Name and position within the committee
                                                                            anggotaan komite;                                  membership;
                                                                    b)      Usia;                                       b)    Age;
                                                                    c)      Kewarganegaraan;                            c)    Citizenship;
                                                                    d)      Riwayat pendidikan;                         d)    Educational history;
                                                                    e)      Riwayat jabatan, meliputi informasi:        e)    Job history, including information:
                                                                            (1) Dasar hukum penunjukan sebagai                (1) Legal basis of appointment as a
                                                                                anggota komite;                                      committee member;




 07             Ikhtisar Utama                          Laporan Manajemen                            Profil Perusahaan                                 Analisa & Pembahasan Manajemen
282               Highlights                            Management Report                            Company Profile                                   Management Discussion & Analysis
Page 291
                                                                                                        Igniting Engagement                           Laporan Tahunan 2023
                                                                                                         Elevating Excellence        PT Steel Pipe Industry of Indonesia Tbk




No.                       Kriteria                                                            Penjelasan                                                                        Halaman
                          Criteria                                                            Description                                                                        Page

                                                                (2) Rangkap jabatan, baik sebagai                    (2) Double positions, either as a member of
                                                                       anggota Dewan Komisaris, anggota                  the Board of Commissioners, a member of
                                                                       Direksi, dan/atau anggota komite                  the Board of Directors, and/or committee
                                                                       serta jabatan lainnya ( jika ada); dan            member and other positions (if there is);
                                                                (3) Pengalaman kerja beserta periode                     and
                                                                       waktunya baik di dalam maupun di              (3) Work experience and period of time both
                                                                       luar Emiten atau Perusahaan Publik;               inside and outside the Issuer or Public
                                                             f) Periode dan masa jabatan anggota                         Company;
                                                                 Komite Audit;                                   f) Period and tenure of the Audit Committee
                                                             g) Pernyataan independensi Komite Audit;                members;
                                                             h) Kebijakan dan pelaksanaan tentang g) Statement of independence of the Audit
                                                                 frekuensi rapat Komite Audit dan tingkat            Committee;
                                                                 kehadiran anggota Komite Audit dalam h) Policy and implementation of the frequency of
                                                                 rapat tersebut;                                     the Audit Committee meetings and
                                                             I) Pendidikan dan/atau pelatihan yang telah             attendance rate of the Audit Committee
                                                                 diikuti dalam tahun buku ( jika ada);               members;
                                                                 dan                                             i) Education and / or training which have been
                                                             j) Pelaksanaan kegiatan Komite Audit pada               done in the fiscal year (if any); and
                                                                 t a h u n b u k u s e s u a i d e n g a n y a n g j) Implementation of the Audit Committee’s
                                                                 dicantumkan dalam pedoman atau                      activities in the financial year is appropriate for
                                                                piagam (charter) Komite Audit;                       those listed in the guidelines or charter
                                                                                                                     (charter) of the Audit Committee
4.    Komite lain yang dimiliki Emiten atau Perusahaan       Mencakup antara lain:                               Includes among others:                                            Tidak ada
      Publik dalam rangka mendukung fungsi dan tugas         a) N a m a d a n j a b a t a n n y a d a l a m k e - a) Name and position within the committee                             None
      Direksi dan/atau Dewan Komisaris, seperti Komite          anggotaan komite;                                    membership;
      Nominasi dan Remunerasi, mencakup antara lain:         b) Usia;                                            b) Age;
      Other committees owned by the Issuer or Public         c) Kewarganegaraan;                                 c) Citizenship;
      Company in order to support the functions and duties   d) Riwayat pendidikan;                              d) Educational history;
      of the Board of Directors and/or the Board of          e) Riwayat jabatan, meliputi informasi:             e) Job history, including information:
      Commissioners, such as the Nomination and                (1) Dasar hukum penunjukan sebagai                   (1) L e g a l b a s i s o f a p p o i n t m e n t a s a
      Remuneration Committee, includes:                             anggota komite;                                      committee member;
                                                               (2) Rangkap jabatan, baik sebagai                    (2) Double positions, either as a member of
                                                                    anggota Dewan Komisaris, anggota                     the Board Commissioners, members of
                                                                    Direksi, dan/atau anggota komite                     the Board of Directors, and/or committee
                                                                    serta jabatan lainnya ( jika ada); dan               member and other positions (if there is);
                                                               (3) Pengalaman kerja beserta periode                      and
                                                                    waktunya baik di dalam maupun di                (3) Work experience and period of time both
                                                                    luar Emiten atau Perusahaan Publik;                  inside and outside the Issuer or Public
                                                             f) Periode dan masa jabatan anggota                         Company;
                                                                komite;                                          f) Period and tenure of the committee member;
                                                             g) Uraian tugas dan tanggung jawab;                 g) Description of duties and responsibilities;
                                                             h) Pe r n ya t a a n b a h wa t e l a h m e m i l i k i h) Statement that it has a committee guideline or
                                                                pedoman atau piagam (charter) komite;                charter (charter) committee;
                                                             i) Pernyataan independensi komite;                  i) Statement of independence of the committee;
                                                             j) Kebijakan dan pelaksanaan tentang j) Policy and implementation of the frequency of
                                                                frekuensi rapat komite dan tingkat                   the committee meetings and the rate of
                                                                kehadiran anggota komite dalam rapat                 attendance of the committee members;
                                                                tersebut;                                        k) Education and / or training which has been
                                                             k) Pendidikan dan/atau pelatihan yang telah             done in year book (if any); and
                                                                diikuti dalam tahun buku ( jika ada); dan        l) A brief description of the implemented
                                                             l) Uraian singkat pelaksanaan kegiatan                  committee’s activities in the fiscal year;
                                                                komite pada tahun buku;




            Tata Kelola Perusahaan                       Tanggung Jawab Sosial Perusahaan                              Referensi                                  Laporan Keuangan             07
            Corporate Governance                           Corporate Social Responsibility                            References                                 Financial Statements          283
Page 292
                    2023 Annual Report                             Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk        Elevating Excellence




      No.                         Kriteria                                                                  Penjelasan                                                                      Halaman
                                  Criteria                                                                  Description                                                                      Page

      5.    Sekretaris Perusahaan                                     Mencakup antara lain:                                        Includes among others:                                       188-201
            Corporate Secretary                                       a)    Nama;                                                  a)    Name;
                                                                      b)    Domisili;                                              b)    Domicile;
                                                                      c)    Riwayat jabatan, meliputi informasi:                   c)    Job history, including information:
                                                                            (1) Dasar hukum penunjukansebagai                            (1) Legal basis of appointment as
                                                                                 Sekretaris Perusahaan; dan                                   Corporate Secretary; and
                                                                            (2) Pengalaman kerja beserta periode                         (2) Work experience and the period of
                                                                                 waktunya baik di dalam maupun di                             time both inside and outside the
                                                                                 luar Emiten atau Perusahaan Publik;                          Issuer or Public Company;
                                                                      d)    Riwayat pendidikan;                                    d)    Educational history;
                                                                      e)    Pendidikan dan/atau pelatihan yang diikuti             e)    Education and / or training that has been
                                                                            dalam tahun buku; dan                                        done in the financial year; and
                                                                      f)    Uraian singkat pelaksanaan tugas                       f)    A brief description of the implementation
                                                                            Sekretaris Perusahaan pada tahun buku;                       regarding the duties of the Corporate
                                                                                                                                         Secretary in the financial year;
      6.    Audit Internal                                            Mencakup antara lain:                                        Includes among others:                                       202-206
            Internal Audit                                            a)    Nama kepala Unit Audit Internal;                       a)    Name of the Head of the Internal Audit
                                                                      b)    Riwayat jabatan, meliputi informasi:                         Unit;
                                                                            (1) Dasar hukum penunjukan sebagai                     b)    Job history, including information:
                                                                                 kepala Unit Audit Internal; dan                         (1) Legal basis of appointment as the
                                                                            (2) Pengalaman kerja beserta periode                              Head of the Internal Audit Unit; and
                                                                                 waktunya baik di dalam maupun di                        (2) Work experience and the period of
                                                                                 luar Emiten atau Perusahaan Publik;                          time both inside and outside the
                                                                      c)    Kualifikasi atau sertifikasi sebagai profesi                        Issuer or Public Company;
                                                                            audit internal ( jika ada);                            c)    Qualifications or certifications as an
                                                                      d)    Pendidikan dan/atau pelatihan yang diikuti                   internal audit profession (If there is);
                                                                            dalam tahun buku;                                      d)    Education and / or training that has been
                                                                      e)    Struktur & kedudukan Unit Audit Internal;                    done in the financial year;
                                                                      f)    Uraian tugas dan tanggung jawab;                       e)    Structure & position of the Internal Audit;
                                                                      g)    Pe r n ya t a a n b a h wa t e l a h m e m i l i k i   f)    Description of duties and responsibilities;
                                                                            pedoman atau piagam (charter) Unit                     g)    Statement that it has an Internal Audit’s
                                                                            Audit Internal; dan                                          guideline or charter (charter); and
                                                                      h)    Uraian singkat pelaksanaan tugas Unit                  h)    A brief description of the implemented
                                                                            Audit Internal pada tahun buku;                              duties of the Internal Audit Unit in the
                                                                                                                                         fiscal year;
      7.    Uraian mengenai sistem pengendalian internal              Mencakup antara lain:                                        Includes among others:                                       209-210
            (internal control) yang diterapkan oleh Emiten atau       a) Pengendalian keuangan dan operasional,                    a) Financial control and operations, and
            Perusahaan Publik                                              ser ta kepatuhan terhadap peraturan                          compliance with the other legislations; and
            Description of the internal control system (internal           perundang-undangan lainnya; dan                         b) Review of the effectiveness of the internal
            control) applied by the Issuer or the Public Company      b) Tinjauan atas efektivitas sistem pengen-                       control system;
                                                                           dalian internal;
      8.    Sistem manajemen risiko yang diterapkan oleh              Mencakup antara lain:                                        Includes among others:                                       211-214
            Emiten atau Perusahaan Publik                             a) G a m b a ra n u m u m m e n g e n a i s i st e m         a) General description of the Issuer or the
            The risk management system applied by the Issuer or            manajemen risiko Emiten atau Perusahaan                      Public Company's risk management
            the Public Company                                             Publik;                                                      system;
                                                                      b) Jenis risiko dan cara pengelolaannya; dan                 b) Types of risks and management methods;
                                                                      c) Tinjauan atas efektivitas sistem manajemen                     and
                                                                           risiko Emiten atau Perusahaan Publik.                   c) Review of the Issuer or the Public
                                                                                                                                        Company’s risk management effectiveness.
      9.    Perkara penting yang dihadapi oleh Emiten atau            Mencakup antara lain:                                        Includes among others:                                        215
            Perusahaan Publik, entitas anak, anggota Direksi dan      a) Pokok perkara/gugatan;                                    a) Principal case / claim;
            anggota Dewan Komisaris ( jika ada)                       b) Status penyelesaian perkara/gugatan; dan                  b) Case settlement status / claim;and
            Important case faced by the Issuer or the Public          c) Pengaruhnya terhadap kondisi Emiten atau                  c) Impact on conditions of the Issuer or Public
            Company, subsidiaries, members of the Board of                 Perusahaan Publik;                                           Company;
            Directors and Board of Commissioners (if any)




 07              Ikhtisar Utama                          Laporan Manajemen                                Profil Perusahaan                                   Analisa & Pembahasan Manajemen
284                Highlights                            Management Report                                Company Profile                                     Management Discussion & Analysis
Page 293
                                                                                                                    Igniting Engagement                            Laporan Tahunan 2023
                                                                                                                     Elevating Excellence         PT Steel Pipe Industry of Indonesia Tbk




No.                             Kriteria                                                                 Penjelasan                                                                         Halaman
                                Criteria                                                                 Description                                                                         Page

10.   Informasi tentang sanksi administratif yang                                                                                                                                             215
      dikenakan kepada Emiten atau Perusahaan Publik,
      anggota Dewan Komisaris dan Direksi, oleh otoritas
      Pasar Modal dan otoritas lainnya pada tahun buku
      ( jika ada);
      Information about administrative sanctions imposed
      on the Issuer or Public Company, members of the
      Board of Commissioners and Directors, by the
      Capital Market authorities and other authorities in the
      financial year (if any);
11.   Uraian mengenai program kepemilikan saham oleh              Mengenai:                                                      Concerning:                                                Tidak ada
      karyawan dan/atau manajemen yang dilaksanakan               a) Jumlah saham dan/atau opsi;                                 a) Number of shares and / or options;                        None
      Emiten atau Perusahaan Publik (jika ada),                   b) Jangka waktu pelaksanaan;                                   b) Implementation period;
      Description of the employees and/ or management             c) Persyaratan karyawan dan/atau                               c) Requirements for employees and / or the
      stock ownership program                                         manajemen yang berhak; dan                                    management that are entitled; and
      implemented by the Issuer or Public Company (if any)        d) Harga pelaksanaan;                                          d) Exercise Price;
12.   Uraian mengenai sistem pelaporan pelanggaran                Meliputi:                                                      Includes:                                                  220-225
      (whistleblowing system) di Emiten atau Perusahaan           a) Cara penyampaian laporan pelanggaran;                       a) How to submit violation reports;
      Publik ( jika ada),                                         b) Perlindungan bagi pelapor;                                  b) Protection for the informants;
      Description of the whistleblowing system in the             c) Penanganan pengaduan;                                       c) Complaint handling;
      Issuer or Public Company (if any),                          d) Pihak yang mengelola pengaduan; dan                         d) The party that manages its complaints; and
                                                                  e) Hasil dari penanganan pengaduan, paling                     e) Results of the handling of complaints, at
                                                                      sedikit meliputi:                                             least include:
                                                                      (1) Jumlah pengaduan yang masuk dan                           (1) Number of complaints submitted and
                                                                          diproses dalam tahun buku; dan                                proceeded during the fiscal year; and
                                                                      (2) Tindak lanjut pengaduan;                                  (2) Follow up of the complaints;
                                                                                                                                 Includes:
13.   Penerapan atas Pedoman Tata Kelola Perusahaan               Meliputi:                                                      a) Statement of recommendations that have                  226-239
      Terbuka bagi Emiten atau Perusahaan Publik yang             a) Pernyataan mengenai rekomendasi yang                           been implemented; and / or
      menerbitkan Efek Bersifat Ekuitas                               telah dilaksanakan; dan/atau                               b) Explanation of recommendations that have
      Implementation of the Corporate Governance by an            b) Penjelasan atas rekomendasi yang belum                         not been implemented, along with the
      Issuer or a Public Company that issues Equity                   dilaksanakan, disertai alasan dan alternatif                  reasons and alternative implementations (if
                                                                      pelaksanaannya ( jika ada);                                   any);
14.   Informasi mengenai tanggung jawab sosial dan                Mencakup :                                                     Includes:                                                  251-252
      lingkungan Emiten atau Perusahaan Publik meliputi           a) Lingkungan hidup, antara lain:                              a) The environment, includes:
      kebijakan, jenis program, dan biaya yang dikeluarkan            (1) Penggunaan material dan energi yang                       (1) Use of materials and environmentally
      Information regarding social and environmental                       ramah lingkungan dan dapat didaur                            friendly energy that can be recycled;
      responsibility of the Issuer or Public Company                       ulang;                                                   (2) Waste treatment system of the Issuer
      including policies, type of programs, and the costs             (2) Sistem pengolahan limbah Emiten atau                          or the Public Company;
      spent                                                                Perusahaan Publik;                                       (3) Complaint mechanism regarding
                                                                      (3) Mekanisme pengaduan masalah                                   environmental problems; and
                                                                           lingkungan; dan                                          (4) Certifications in the environmental field
                                                                      (4) Sertifikasi di bidang lingkungan yang                          which are owned;
                                                                           dimiliki;
                                                                  b) Praktik ketenagakerjaan, kesehatan, dan                     b) Labor practices, health and safety work,                253-264
                                                                      keselamatan kerja, antara lain:                               include:
                                                                      (1) Kesetaraan gender & kesempatan                            (1) Gender equality and employment
                                                                           kerja;                                                       opportunities;
                                                                      (2) Sarana dan keselamatan kerja;                             (2) Work facilities and safety;
                                                                      (3) T i n g ka t p e r p i n d a h a n ( t u r n ove r )      (3) Turnover rate of the employees;
                                                                           karyawan;                                                (4) Work accident rate;
                                                                      (4) Tingkat kecelakaan kerja;                                 (5) Education and/or training;
                                                                      (5) Pendidikan dan/atau pelatihan;                            (6) Remuneration; and
                                                                      (6) Remunerasi; dan                                           (7) Complaint mechanism involving labor
                                                                      (7) Mekanisme pengaduan masalah                                   issues;
                                                                           ketenagakerjaan;




                Tata Kelola Perusahaan                          Tanggung Jawab Sosial Perusahaan                                     Referensi                              Laporan Keuangan            07
                Corporate Governance                              Corporate Social Responsibility                                   References                             Financial Statements         285
Page 294
                       2023 Annual Report                          Igniting Engagement
                       PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




      No.                           Kriteria                                                            Penjelasan                                                                     Halaman
                                    Criteria                                                            Description                                                                     Page

                                                                        c) Pengembangan sosial dan kemasyarakatan, c) Social community development, includes:                           265-267
                                                                           antara lain:                                  (1) Use of local labor;
                                                                           (1) Penggunaan tenaga kerja lokal;            (2) Empowering the community around the
                                                                           (2) Pemberdayaan masyarakat sekitar                Issuer or the Public Company, through
                                                                                Emiten atau Perusahaan Publik antara          the use of raw materials produced by the
                                                                                lain melalui penggunaan bahan baku            community or providing education;
                                                                                yang dihasilkan oleh masyarakat atau     (3) R e p a i r o f f a c i l i t i e s a n d s o c i a l
                                                                                pemberian edukasi;                            infrastructure;
                                                                           (3) Perbaikan sarana dan prasarana sosial;    (4) Other forms of donations; and
                                                                           (4) Bentuk donasi lainnya; dan                (5) Communication regarding policies and
                                                                           (5) Komunikasi mengenai kebijakan dan              anti corruption procedures in the Issuer
                                                                                prosedur anti korupsi di Emiten atau          or the Public Company, as well as anti
                                                                                Perusahaan Publik, serta pelatihan            corruption training (if any);
                                                                                mengenai anti korupsi ( jika ada);
                                                                        d) Tanggung jawab barang dan/atau jasa, d) Responsibility for goods and / or services,                          268-270
                                                                           antara lain:                                  includes:
                                                                           (1) Kesehatan dan keselamatan konsumen;       (1) Health and safety of the consumers;
                                                                           (2) Informasi barang dan/atau jasa; dan       (2) Information on goods and/or services; and
                                                                           (3) Sarana, jumlah, dan penanggulangan        (3) Means, amounts and upper countermeasures
                                                                                atas pengaduan konsumen.                     regarding the consumer complaints.
      15.   Laporan Keberlanjutan sebagaimana dimaksud pada                                                                                                                          Memiliki Laporan
            harus disusun sesuai Pedoman Teknis Penyusunan                                                                                                                            Keberlanjutan
            Laporan Keberlanjutan (Sustainability Report) Bagi                                                                                                                            Have
            Emiten dan Perusahaan Publik merupakan bagian                                                                                                                            a Sustainability
            tidak terpisahkan dari Surat Edaran Otoritas Jasa                                                                                                                            Report
            Keuangan ini;
            The Sustainability Report referred to in must be
            prepared in accordance with the Technical Guidelines
            for Preparing Sustainability Reports for Issuers and
            Public Companies, which is an integral part of this
            Financial Services Authority Circular Letter;
      16.   Laporan keuangan tahunan yang dimuat dalam Laporan                                                                                                                            Bab 7
            Tahunan disusun sesuai dengan standar akuntansi                                                                                                                          Laporan Tahunan
            keuangan di Indonesia dan telah diaudit oleh akuntan                                                                                                                        Chapter 7
            publik yang terdaftar di Otoritas Jasa Keuangan.                                                                                                                          Annual Report
            The annual financial statements included in the Annual
            Report are prepared in accordance with Indonesian
            financial accounting standards and have been audited
            by a public accountant registered with the Financial
            Services Authority.
      17.   Surat Pernyataan Anggota Direksi dan Anggota Dewan                                                                                                                            Bab 7
            Komisaris tentang Tanggung Jawab atas Laporan                                                                                                                            Laporan Tahunan
            Tahunan Surat pernyataan anggota Direksi dan anggota                                                                                                                        Chapter 7
            Dewan Komisaris tentang tanggung jawab atas                                                                                                                               Annual Report
            Laporan Tahunan disusun sesuai dengan format Surat
            Pernyataan Anggota Direksi dan Anggota Dewan
            Komisaris tentang Tanggung Jawab atas Laporan
            Tahunan.
            Statements of Members of the Board of Directors and
            Members of the Board of Commissioners regarding
            Responsibility for the Annual Report Statements of
            members of the Board of Directors and members of the
            Board of Commissioners regarding responsibility for the
            Annual Report are prepared according to the format of
            Statement of Members of the Board of Directors and
            Members of the Board of Commissioners concerning
            Responsibility for Annual Reports.




 07                Ikhtisar Utama                           Laporan Manajemen                         Profil Perusahaan                            Analisa & Pembahasan Manajemen
286                  Highlights                             Management Report                         Company Profile                              Management Discussion & Analysis
Page 295
                                                             Igniting Engagement                         Laporan Tahunan 2023
                                                              Elevating Excellence      PT Steel Pipe Industry of Indonesia Tbk




         07                                         Laporan
                                                    Keuangan
                                                    Financial Statements




Tata Kelola Perusahaan   Tanggung Jawab Sosial Perusahaan                   Referensi                             Laporan Keuangan      08
Corporate Governance       Corporate Social Responsibility                 References                            Financial Statements   287
Page 296
                    2023 Annual Report                          Igniting Engagement
                    PT Steel Pipe Industry of Indonesia Tbk     Elevating Excellence




       Surat Pernyataan Anggota Dewan Komisaris & Direksi Tentang Tanggung Jawab
             Atas Laporan Tahunan 2023 PT Steel Pipe Industry of Indonesia Tbk
      The Board of Commissioners’ & The Board of Directors’ Statement of Responsibility
             for the 2023 Annual Report of PT Steel Pipe Industry of Indonesia Tbk

      Kami yang bertanda tangan di bawah ini menyatakan bahwa semua informasi                       We, the undersigned, hereby declare that all the information in the 2023
      dalam Laporan Tahunan PT Steel Pipe Industry of Indonesia Tbk / SPINDO                        Annual Report of PT Steel Pipe Industry of Indonesia Tbk / SPINDO have been
      tahun 2023 telah dimuat secara lengkap dan bertanggung jawab penuh atas                       presented completely and we are thus fully responsible for the contents in this
      kebenaran isi Laporan Tahunan dan Laporan Keuangan Perusahaan.                                Annual Report and Financial Report of the Company.



      Demikian pernyataan ini dibuat dengan sebenarnya.                                             This statement is made in truthfully.

      Surabaya, April 2024                                                                          Surabaya, April 2024




                              DEWAN KOMISARIS | BOARD OF COMMISSIONERS




                                                                                MAKMUR WIDJAJA
                                                                      Komisaris Utama | President Commissioner
                                                                   Komisaris Independen | Independent Commissioner




              ENDANG FIFI SUSANTO                                       BING HARTONO POERNOMOSIDI                                                  WELLY TANTONO
                Komisaris | Commissioner                             Komisaris Independen | Independent Commissioner                  Komisaris Independen | Independent Commissioner




                                                     DIREKSI | BOARD OF DIRECTORS




                                                 IBNU SUSANTO                                                     TEDJA SUKMANA HUDIANTO
                                          Direktur Utama | President Director                                  Wakil Direktur Utama | Vice-President Director




         SOEDIARTO SOERJOPRAHONO                                                       TIKMAN UTOMO                                            THE, HANNY PURNOMO
                    Direktur | Director                                                 Direktur | Director                                            Direktur | Director


 08              Ikhtisar Utama                          Laporan Manajemen                         Profil Perusahaan                         Analisa & Pembahasan Manajemen
288                Highlights                            Management Report                         Company Profile                           Management Discussion & Analysis
Page 297
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk
DAN ENTITAS ANAKNYA/AND ITS SUBSIDIARY

LAPORAN KEUANGAN KONSOLIDASIAN/
CONSOLIDATED FINANCIAL STATEMENTS
Pada dan Untuk Tahun-Tahun yang Berakhir Tanggal
31 Desember 2023, 2022, dan 2021/
As of and For the Years Ended December 31, 2023, 2022, and 2021

dan/and

LAPORAN AUDITOR INDEPENDEN/INDEPENDENT AUDITORS’ REPORT
Page 298
                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk
                               DAN ENTITAS ANAKNYA/AND ITS SUBSIDIARY


Daftar Isi                                                                                           Table of Contents

                                                   Halaman/Page

Pernyataan Direksi                                                                                Director’s Statement

Laporan Auditor Independen                                                               Independent Auditors’ Report

Laporan Keuangan Konsolidasian                                                     Consolidated Financial Statetement
  Pada dan Untuk Tahun-Tahun yang Berakhir                         As of and For the Year Ended December 31, 2023,
  Tanggal 31 Desember 2023, 2022, dan 2021                                                          2022, and 2021

  Laporan Posisi Keuangan Konsolidasian               1–3              Consolidated Statement of Financial Position

  Laporan Laba Rugi dan Penghasilan Komprehensif                  Consolidated Statement of Profit or Loss and Other
    Lain Konsolidasian                                4–5                                 Comprehensive Income

  Laporan Perubahan Ekuitas Konsolidasian             6–7               Consolidated Statement of Changes in Equity

  Laporan Arus Kas Konsolidasian                      8–9                     Consolidated Statement of Cash Flows

  Catatan Atas Laporan Keuangan Konsolidasian        10 – 126        Notes to The Consolidated Financial Statements

  Informasi Tambahan                                127 – 134                            Supplementary Information
Page 299
                                              PT. STEEL PIPE INDUSTRY OF INDONESIA, TbK.
                                              Haadquartaa                                                                SPINDO J.karta Ottice (SrO)
                                              Jt. Xatibuluh 189 - 191, Surabaya 60173, E.rt..,ava, tndonesia             Gedung 8aja, Lt. 7
                                             p | +6231 532 0921, 531 6921, 532 0320,535 3290
SPINDO                                       f . +6211 531 07'12, 5320290, 545 8122
                                                                                                                         Jl. Pangeran layakarta 55, Jakarta 10710, tndonesia
                                                                                                                         p    : +6221 6231 3502(4lines)

                                             e :marketing@rpiodo.co.id                                                   I : +6221 624 0313
                                                   www. splndorom
                                                                                                                         e : marketing.sjo@5pindo.co.id



                    SURAT PERNYATAAN DIREKSI                                                                               DIRECTORS' STATEMENT
                  TENTANG TANGGUNG JAWAB ATAS                                                               REGARDING THE RESPONSIBILITY FOR
                LAPORAN KEUANGAN KONSOLIDASIAN                                                         THE CONSOLIDATED FINANCIAL STATEMENTS

       SERTA UNTUK TAHUN.TAHUN YANG BERAKHIR                                                                    AND FOR THE YEARS THEN ENDED
           PADA TANCGAL-TANGGAL TERSEBUT

           PT STEEL PIPE INDUSTRY OF INDONESIA                                      TbK                PT STf,EL PIPE INDUSTRY OF INDONESIA TbK
                                  DAN ENTITASANAK                                                                                AND SUBSIDIARY
                                                          Kami )ang betundatangan diba$ah inil We, the undersigned


        Namal Nane                                                                                       Ibnu Susanto
        Alunat Kanto O/trce sdrcss                                                                       Jalao Pangeran Jayakana 55,Jakana

        Alamat Domisilv Doniciled at                                                                     Jalan Taman Golf Timur I , B.1,25 Jakarta

        labalmlTitle                                                                                     Dir ekltr Utamal Pre s ide nt Dire ct ot

       Namal Name                                                                                       Tedja Sukmana Hudianto
                                                                                                        Jalan kalibutuh 189-191, Surabaya
        Alamat Kantor I OlJi c e adr e s s
                                                                                                        Jalan Imar Bonjol 122, Surabaya
        Alulj'zt Domisili/ Donici led ot
        Jabatd-I,/Title                                                                                 Wakil Direktur Utama/Represent of Presideht Dircctor


                                                                             menyatakan bah\vu'cert ify that

       l. Kami Benanggungjawab atas penyusunan dar penyajian laporan I                                  We take the responsibility for the compilation and
            keuangan konsolidasian PT Steel Pipe Industry of Indonesia Tbk                              presentalion ofThe Consolidated financiol stalements of
            dan Entitas Anak.                                                                           PT Steel Pipe Industry of Indonesia Tbk and Subsidiary.
      2. Laporan keuangan konsolidasian Entitas telah disusun dan 2                                     The Entity's consolidaled lnancial Statements have been
            disajikan sesuai dengan Standar Akuntansi Keuangan di                                       prepored and presented in accordance with the Indonesian
             Indonesia.                                                                                 Finakc ial Acc ounl ing S t andords.

      3. a. Semua informasi material dalam laporan keuangan 3 a. Allmaterial information hos been{ully and correclly
                  konsolidasian Entitas telah dimual secara lengkap dan benar.                                 disclosed in The Enlity's Consolidated Financial
                                                                                                               State ents.
            b. Laporan keuangan konsolidasian Entitas tidak mengandung                                  b. The Enlily's Consolidatedfinancial state, enls donot
                  informasi atau fakta material yang tidak benar, dan tidak                                    conloin any impropet mateial information ot locl
               menghilangkan informasi atau falla mate al;                                                   and, do not omit any mateial inlormation ot fact;
      4.    Kami bertanggung jawab atas sistem pengendalian intem dalam                           .l    lle are responsible for the Entity inlemal contrcl system.
            Entitas.

            Demikian pemyataan ini dibuat denga[ sebenamya.                                             This is our declaration,which has been made truthfully.



                                                              Surabay4 12 Maret 2024/Suroboya March 12,2024

                                                                                                                 l.:l i. Tbt
                                                                                                                )



                                                             lbnu Susanto                                 Tedja Sukmana Hudianto
                                              Direktur Utama/Presl de nl di re c t or                      Wakil Direktur Utama /
                                                                                                       Represe ofPrcsidenl Dircclor

o
E
E
o
E
    ll. Rungkut l.dustril/28 - 32, Sorabaya 60292, E.st.r.va, hdon€sia
    Jl. Rungkut hdurlrill/ 10, Surabaya 60292, Ea3t Jav.,lndonesi.
    Ds. W..lgunuoq - Kec Karangpil.ng, Surabayi 60221, E.st Jav.,lndonesi.
    Jl. K.bop.ten, Ds. Cangkringmalang,   Kec Beji, P.suru.o, E.stJ.va, tndonesia
     K.w.sao l.dultri Mitrakar.wa.g, .rl, Mitra R.y. BlokF2,Oes. Parungmulya,
    k.awa.g 41361, West J.v., lndoneria
                                                                                                 i$,ffi                                    v r(all
                                                                                                                                                                il
o   ll Pahlawan No. 10 Cemengkalang, sidoarjo, lawa Timur
Page 300
                                                                                    KANAI$ PURADIREDJA, SUHARTONO
               Nexia                                                                B.an(h Jakarta Sel.tan
                                                                                    Branch ticence tlo. 1155/(1.1.1/2017
               KPS                                                                  18 office Pa* Tow€' A, 20th floor
                                                                                    Jl. Tg. Simatupang No. 18. Pasar l4inggu
                                                                                    Jakafta 12520 - Indonesia
                                                                                    P,6? - ?7 2270a292 F.62 - 2122708299
                                                                                    E. offrcelS@nexia.id




                       LAPORAN AUDITOR INDEPTNDEN                                      Iq'|DEPENDE r AUOfiORS' REP0R|



       Laporan No I ooo44/3.0357 /AU.7/04/0111-2/1/LI1/2024            Report l'lo : 00044n.857/AU.1//04/0111-2/1/11y2024


       Pemegang 5aham, Dewan Komisarjs dan Direksi                     lhe stockholdeg. Roard of Connissione$ and Directors
       PT Steet Pipe Industry 0f Indonesia Tbk
                                                                       Pf       Pipe Industry Of Indonesia lbk
                                                                            'tuel
       0pini                                                           0pinion

       Kami tetah mengaudit laporan keuangan PT SteeL Pipe             We have audited the consolidated finaocial statenents ol

       lndustry of Indonesia Tbk dan entitas anaknya ("Grup"), yang    Pf Sbel Pipe Industty of Indonesia fbk and its subsidiaies
       terdiri dari taporan posisi keuangan konsolidasian tanggal      ("the 6roup"), whoh conpise the consolidated sabnent ol
       31 Desember 2023, 2022 dan 2021, serta laporan laba rugi        financial position as of ,ecenber 31, 2023, 2022 and 2021
       dan penghasitan komprehensif lain konsotidasian, laporan        and the consolidated statement of ptofit or loss dod othet
       perubahan ekuitas konsotidasian, dan taporan arus kas           conprehensive incone, consolidated statenent of changes
       konsotidasjan untuk tahun-tahun buku yang berakhir pada         in equity and consolidated statenent of cash flow, for the
       tanggat tersebut, serta catatan atas laporan keuangan,          years ended and notes to the consolidated financial
       termasuk informasi kebijakan akuntansi materiat.                statements, including a nateial accounting policies
                                                                       infornation,

       Menurut opini kami, taporan keuangan konsotidasian              In our opinion, the acconpaning coosolidated frnancial
       tertampir menyajikan secara wajar, dalam semua hat yang         statenents prcsent fairly, in all naterial respects. the
       materiat, posisi keuangan konsotidasian Grup tanggal            consolidated fioancial position of the GrouP as at
       31 Desember ?023, 2022 dan 2021, serta kinerja keuanqan                       31. 2023, 2022 and 2021, and its consoliddted
       konsolidasian dan arus kas konsotidasiannya dan untuk tahun     ^ecenbetperfornance and its consolidated cash tlows for the
                                                                       financial
       yang berakhir pada tanggattersebut, sesuai dengan Standar       years ended in accordance with Indonesian Financial
       Akuntansi Keuanqan dj Indonesia.                                Accounting Staodards,


       Basis opini                                                     Basis for apinion


        Kami metaksanakan audit kami berdasarkan Standar Audit         we conducted our audit in accotdance Yith Standards on
       yanq ditetapkan oteh Institut Akuntan Pubtik Indonesia.         Auditing e*ablished by the Indonetian Institute of Certified
       Tanggung jawab kami menurut Standar tersebut diuraikan          Public Accountants. Our responsibilities under those
        tebih tanjut datam paragraf Tanggung Jawab Auditor             standards are fufther desuibed in the Auditor's
       terhadap Audit atas Laporan Keuangan Konsotidasian pada         Responsibilities for the Audit of the Consolidated Financial
        taporan kami, Kami independen terhadap Grup berdasarkan        Statenents paftgaph of our report, We are indepeodent ol
        ketentuan etika yang relevan datam audit kami atas laporan     the Group in accordance with the ethical requirenents that
        keuangan di Indonesia, dan kami telah memenuhi tanggung        are relevant to our audit of the contolidated financial
       jawab etjka lainnya berdasarkan ketentuan tersebut. Kami        statenents in Indonesia. and we have fulfilled our other
       yakin bahwa bukti audit yang tetah kami peroteh adatah          ethical tesponsibilities in accordance with these
        cukup dan tepat untuk menyediakan suatu basis bagi opini       requtenents. We believe that the audit evidence we have
       kami.                                                           obtained is sufficient and apprcpiate to provide a basis fot
                                                                       our opinion,


       Hat Audit utama                                                 Key Audit +tatters


       Hat audit utama adatah haL-haI yang, menurut pertimbangan        Key audit natters arc those natte5 that in our professional
       profesjonaI kami, merupakali hat yang pating signifikan         judgnent, were of nost significance in our audit of the
       datam audit kamj atas Iaporan keuangan konsolidasian            consolidated financial statenents of the current peiod.
       periode kini. Hat-hat tersebut disampaikan datam konteks        fhese natte5 were addressed in the context of our audit ol
       audit kami atas laporan keuangan konsotidasian secara           the consolidated fioancial statenents as a whole and in
       keseluruhan. dan datam merumuskan opini kami atas [aporan       forming our opinion thereon, and we do not pronde a
       keuangan terkait, kami tidak menyatakan suatu opini             sepdnte opinion on these natteB.
       terpisah atas haI audit utama tersebut.




    FoRl rM oF FrRMs




I    Jak.rta Po!.t         I   J.ttrta Earet     I   Jik.rta S.tat.n        I   Medan I              Sur.bava              I   Scmrrang   I
Page 301
6   Nexia
    KPS
                                                                       KANAKA PURADIREDJA, SUHARTONO




    Ha[ Audit utama - Lanjutan                                     Key Audit tlatters - Continued


    1, Penyisihan penurun nitai persediaan                         1, Allowance of impairment of inventoies

       lvlengacu catatan 3g (untuk kebijakan akuntansi) dan           Refer to I'tote 39 (accounting policy) and ltote   I to the
       Catatan No 8 atas Laporan Keuangan Konsotidasian.              Co n so lida te d Fin a n cia I ten e n ts.
                                                                                           'ta
       Grup tidak metakukan penyisihan untuk persedjaan usang         fhe Gtoup has not provided allowance fot obsolete and
       dan atau lambat pergerakannya.                                 or slow-noving ioventoly.

       Satdo persediaan Grup adatah sebesar Rp 3.676.658 juta,        Inventory balance of the Group amounts to Rp 3,676,658
       Rp 3,095.377 juta, dan Rp 3.243.160 iula pada tanggat          niltion, Rp 3,095,376 nillio1 and Rp 3,243.758 nillton
       31 Desember 2023, 2022 dar 2027 (Catatan 8). Evaluasi          aftet inpairnent allowance as of Decenber 31' 20?3,
       penitaian teliebut memertukan pertimbangan manajemen           2022 and 2021 (l'lote 8). fhe inpaiment evaluahon
       dalam menilai apakah nitai tercatat persediaan tidak           requires managenentiudgnent in assessing whether the
       tebih tinggi dari nilai re;tisasi bersjhnya pada akhir         canying vatue of inventoies is not higher than their net
       tahun. Setain itu, pertimbangan manajemen yang                 realizable value at year-end. Abo, Significant
       signifikan dipertukan datam menentukan penyisihan              naoagenent judgnent i5 required io deternining the
       keusangan persediaan, karena hal ini didasarkan pada           inventory obsolesceoce allowance, asit is based on the
       penilaian manajemen terhadap riwayat dan prakiraan             nanagement's assessnent of historical and forecasted
       penjuatan persediaan, keusangan fisik barang dan faktor         sales of inventory, physical obsolescence and othet
       retevan lainnya. Perubahan asumsj ini            dapat         relevant factors, Chaoges to these assunPtioos could
       mengakibatkan perubahan materiaI pada nitaj tercatat           result in a nateial change in the carrying value ol
       persediaan.                                                    invento4./.


       Namun, Manajemen menekankan bahwa sifat produk pipa            However, the lilanagenent enphasizes that the nature ol
       baja, memil.iki produk yang berumur panjang, tak [ekang        the steel pipe product, has a long life product timeless
       waktu bahkan hingga 10-50 tahun, dengan biaya                  even up to 10-50years, with insignifi'cant cleaning costs.
       pembersihan.yang tidak signifi kan.

       Lambatnya perputaran produk piPa baja tersebut                 fhe slow-moring steel pipes products are caused by
       disebabkan oteh beberapa pengiriman produk pipa baja           several shipnents of steet pipes prcducts do not follow
       yang tidak menqikuti alur masuk pertama keluar pertama         the flow of the first in first out physically due to urgent
       secara fisik karena adanya permintaan petanggan yang           custone5 denand for steel pipes that nust be fulfilled
       mendesak akan pipa baja yang harus segera dipenuhi.            in media tely.

       Dengan demikian, Manajemen berkesimputan bahwa                 Accordingly, the l'lanagenent concludes that the steel
       produk pipa baja tersebut bukan merupakan produk usang         pipe products are not obsolete pruduct rather than slow
       metainkan bergerak lambat, dan tidak pertu ditakukan           moving, and no prorisions to be nade necessaily.
       penyisihan.

       Hat ini penting bagi audit kami karena saldo persediaan        fhis nattet is sigoificant to ou audit since the inventory
       adatah materiaI bagi Grup, mencakup 46io dari totaI aset       baldnce is nateial to the Group, compising 46/o of the
       Grup dan memertukan pertimbangan manajemen yang                Gtoup total assets and requtes a significant nanagenent
       signifikan.                                                    judgnent.

       Bagaimana audit kami merespons hat audit utama                 How oar audit addrcssed the key audit matter


           Kami tetah menitai perhitunqan niLai reatisasi bersjh          I,l/e have assessed nanagenent's   calculations of net
           persediaan yang ditakukan oteh manajemen                       realizable value of inventoies based on a review ol
           berdasarkan penetaahan penjuatan berikutnya                    subsequent sales after the end of the year.
           setetah a khir tahun.
           Kami tetah menguji pergerakan persediaan bahan                 We hdve tested novenent ofraw naterial inventoies

           baku dengan memperoteh informasi dokumen utama                 by obtaining infornation of pinary docunents
           yang mendukung tanggaI perotehan bahan baku dan                suppoiing the date of acquisition of raw materials
           tanggaI pembuatan barang jadj berdasarkan sampel.              aDd the date of nanufactuing ofthe finished goods
                                                                          on a sanple basis-
Page 302
Nexia                                                               KANAKA PURADIREDJA, SUHARTONO
KPS




Hal Audit Utama - Laniutan                                      Key Audit l'lattert - Continued


       Kami telah mempertimbangkan kecukupan                           we have considered the adequacy of disclosures in
       pengungkapan dalam [aporan keuangan pada area ini               the hnancial statenents in this arca (llote 8)'
       (Catatan 8).

2. Penyisihan Kerugian Kredit Ekspektasian ata5 Piutang         2. Allowance of Expeded Credit loss for Account
   Usaha                                                           Receivable


   Pada tanggal 31 Desember 2023, ?022 dan 2A27, Gtup              At December 31, 2023, 2022 and 2021, the GrouP
   mengakui piutang usaha bersjh dari peianggan masing-            recoqnised net trade receivables from customes ol
   masing sebesar Rp 1.134.793 juta, Rp 1.159 861juta dan          Rp 1,134,795 nillion, Rp 1.159,861 nilion and
   Rp 1.019.584 juta, setetah mengakui penyisihan kerugian         Rp 1,019,584 nillion aftet recognising an allowance for
   kredit ekspektasian sebesar Rp 49.230 jrta, Rp 44.373           expected credit losses (ECI) allowance of Rp 49,230
   juta dan Rp 43.792 pet 31 Desember 2023, 2022 dan               nillion, Rp 44,373 niltion and Rp 43.792 as of qecembet
   2021.                                                           2023, 2022 and 2021.

   Grup menqembanqkan modeI perhitungan penyisihan                  fhe Group developed a nodel for calculation of the
   kerugian kredit ekspektasjan dengan menerapkan                  expected credit los5 allowance by applying the sinplifi'ed
   pendekatan yang disederhanakan berdasarkan PSAK 71-             approach under PSAK 71 Financidl Instrunents and -
   lnstrumen Keuangan dan - oteh karena itu - mengukur             accordingly - neatures the ECL allowance at dn anouot
   penyisihan kerugian kredit ekspektasian sebesar jumtah          equa! to the lifetine expected credit losses ("FCL") ofall
   kerugian kredit ekspektasian seumur hidup ("ECL") dari          trade receivables.
   seturuh piutang usaha.

   Kerugian kredit ekspektasian seumur hjdup didasarkan            tifetime ECL arc based on prcbability weighted cash flows
   pada arus kas tertimbang probabititas dengan                    consideing d range of possib/e outcones and
   mempertimbangkan serangkaian kemungkinan hasiI dan              discounting these cash flows at the oiginal effective
   mendiskontokan arus kas ini pada suku bunqa efektif             interest nte.
   awa[.

   Dalam menentukan penyisihan kerugian kredit                      In deternining the ECL allotrance, the following key
   ekspektasian. pertimbangan utama berikut diterapkan             judgenents tverc applied by the Gtoup:
   oleh Grup:
   .   Menentukan kriterja peristiwa transjsi, yang                    ?eternining cLiteia fot transition events, which are
       djgunakan untuk merangkum masjng-masing piutang                 used to sunmaise indirridual trade receivables into
       dagang ke daLam negara-negara populasi, dan untuk               population states, and to ptedict the likelihood ol
       memperkirakan kemungkinan transisi piutang dagang               trade receivdbles transitioning between such
       antar negara-negara poputasi tersebut (tingkat                  population states (transition fttes);
       transisi);
   .   Menetapkan seqmen piutang sejenis untuk kepertuan               Establishng segnents of sinitat receivables for the
       penguktl,an penyisihan ECL secara kolektif; Dan                 purposes of neasuring the ECL allowance on a
                                                                       collective basis; and
        l4enetapkan juml.ah dan bobot retatif dari skenarjo            fstablishing the nunber and relative weightings ol
       berwawasan ke depan seperti perkiraan PD8,                      forward-looking scenarios such as 6DP outlook,
        perkiraan tingkat suku bunga dan jnflasi untuk setiap          interest rate and inflation rate forecasts for each type
       jenis produk,/pasar dan penyisihan kerugjan kredit              of product/natket and the ECI allowance,
       ekspektasian.

   Kami fokus pada area ini karena nilai tercatat atas              We focused on this arca because the carrying value ol
   piutanq usaha mewakili 14ol" dari totat aset Grup dan           trade rcceivables represents 14% of the Group's total
   besarnya nitai penyisihan kerugian kredit ekspektasian          assets and the amount of the allowance fot expected
   yang dibentuk atas piutang usaha tersebut. yang nitainya        credit losses established on these tnde receivables is
   signifikan terhadap taporan keuangan konsotidasian.             significant to the consolidated finaocial statenents.
   Penentuan penyisihan kerugian kredit ekspektasian                1etemining the Attowance for fxpected Credit Losses
   membutuhkan pertimbangan manajemen yang objektif                 requires objective ndnagenent judgnent and involves
   dan metibatkan penggunaan estjmasi dengan tingkat                the use of estinates with a high degree of unceftainty,
   ketidakpastian yang tinggi.
Page 303
Nexia                                                                 KANAKA PURADIREDJA, SUHARTONO
KPS




   Bagaimana audit kami merespons haI audit utama                    How our aadit addretsed the key audit matter


   Kami metakukan prosedur audit berikut pada penyisihan             We petorned the following audit procedures on the    fcl
   kerugian kredit ekspektasian:                                     allowance:
   .   Kami mel.akukan penitaian terhadap kebijakan                  .    We assessed the accounting policies relating to the
       akuntansi terkait penentuan penyisihan kerugian                    determination ofthe ECL al/owance with reference to
       kredjt ekspektasian dengan mengacu pada                            the requirenents of PSAK 71 dnd application thereol
       persyaratan PSAK 71 dan penerapannya datam                         in the ,roups indust4/, we identified no significant
       industrj Grup. Kami mengidentifikasi tidak ada                     deviations fron PSAK 71 and industty pzctice;
       penyimpingan yang signifikan dari PSA( 71 dan
       praktik industry.
   o lJntuk sampel piutang usaha, karni menyepakati                       For tanpling of trade receivables. we agrced the
       informasi yang mendasarinya sehubungan dengan                      underlying infomation with resPect to individual
       masing-masing piutang u5aha. serta portofotio                      trade receivables, as well as pottfolios of trade
       piutang usaha yanq digunakan dalam modeL ke                        receivables utilised in the nodel, to the relevant
       datam catatan akuntansi dan dokumen pendukung                      accounting records and underlying docunents. llo
       yang retevan. Tidak ada perbedaan signifikan                       nateial differences were noted;
       tercatat.
   .    Kami membandingkan tambahan penyisihan kerugian                   We conpared the additional ECI allowance
        kredit ekpsektasian yang ditentukan berdasarkan                   determined based on these adjusted coverage rates,
       tingkat cakupan yang disesuaikan ,dengan                           to the Groupl fowardlooking adjustnents and
        penyesuaian ke depan yang dilakukan Grup dan                      found that the 6roup's adjustnents were not
        menemukan bahwa penyesuaian yang dilakukan Grup                   significant in our range ofindependent expectations.
        masih datam jangkauan ekspektasi independen kami.

Informasi Lain                                                    2thet Information

Manajemen bertanggung jawab atas informasi lain lnformasi         liaoagenent is retponsible for the other infornation' lhe
tain terdiri dari informasi yanq tercantum dalam taporan          other infonnation comprises the infornation included in the
tahunan, tetapi       tidak termasuk laporan keuangan             annual report, but does not include the consotidated
konsolidasian dan Laporan auditor kami. Laporan tahunan           fioancial statenents and our auditors'repoft thereon, fhe
diharapkan akan tersedia bagi kami setelah tanggal laporan        annual report is expected to be nade available to us aftet
auditor ini.                                                      the date of this auditors'repoft.

Opini kami atas taporan keuangan konso[idasian tidak              our opinio7 on the consolidated financidl statenents does
mencakup informasi Lain, dan oteh karena itu, kami tidak          not covet the other information and we will not express any
menyatakan bentuk keyakinan apapun atas informasj lain            form of assurance conclusion thereon.
tersebut.

Sehubungan dengan audit kami atas laporan keuangan                In connection with our audit of the consolidated finaocial
konsolidasian, tanggung jawab kami adatah untuk membaca           statenents, our responsibilily is to read the other
informasi lain yang teridentifikasi dj atas. jika tersedia dan.   infornation identified above when it becones auaitable and,
dalam metaksanakannya, mempertimbangkan apakah                    iD doing 50, consider whether the othet infornation i5
informasi Lain menqandung ketidakkonsistensian material           nateially inconsistent with the consolidated financtal
dengan laporan keuangan konsolidasian atau pemahaman              statenentt or our knowledge obtained in the audit or
yang kami peroleh selama audit, atau mengandung kesalahan         otheruise appedrs to be naterially nisstated.
penyajian materjat.

Ketika kami membaca laporan tahunan, jika kami                    When we rcad the annual rcport if we conclude that there i5
menyimputkan bahwa terdapat suatu kesalahan penyajian             a nateial nisstatenent therein. we are rcquired to
material    di datamnya, kamj diharuskan untuk                    comnunicate the nattet to those charged with govenance
mengomunikasikan hal tersebut kepada pihak yang                   and take approPriate actions in accordance with Standads
bertanggung jawab atas tata ketota dan mengambit tindakan         on Auditing estabtished by the Indonesian Institute ol
tepat berdasarkan standar Audjt yang ditetapkan oleh              Certified Public Accou n ta nts.
Institut Akuntan Pubtik Indonesia.
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Tanggung Jawab Manajemen dan Pihak yang Bertanggung              nesponsibilities of lla1agement and fhose Charged wtth
Jawab atas Tata Kelota terhadap Laporan l(euangan                Goyernance for theconsotidated Financial Statemen ts
Konsotidasian

lqanajemen bertanggung jawab atas penyusunan dan                 /"lanagenent is responsible for the preparation and fair
penyajian wajar taporan keuangan konsotidasian tersebut          presentation of the consolidated financiat statenents in
sesuai dengan Standar Akuntansi Keuangan di Indonesia, dan       accordance with Indonesian Financial Accounting Standatds,
atas pengendal.ian internaI yang dianggap perlu oteh             and for such internal control as nanagement determines i5
manajemen untuk memungkinkan penyusunan [aporan                  necessaty to enable the preparatiot| ofconsolidated financial
keuangan konsotidasian yang bebas dari kesa[ahan penyajian       statenents that dre frce frun naterial misstatenent,
materiat, baik yang disebabkan oteh kecurangan maupun            whether due to fraud ot erot.
kesatahan.

Dalam penyusunan taporan keuangan konsotidasian,                 In peparing the consolidated financial statements,
manajemen bertanggung jawab untuk menilai kemampuan              management is responsible for assessing the Grcup's ability
Grup datam mempertahankan ketangsungan usahanya,                 to continue as a going concern, disclosing, as applicable,
mengungkapkan. sesuai dengan kondisinya, hat-hat yang            mattes related to going concem and using the going
berkajtan dengan ketangsungan usaha, dan menggunakan             concen basis of accounting unless naoagenent either
basis akuntansj ketangsungan usaha, kecua[i manajemen            intends to liquidate the 610up or to cedse operations, or has
memjl.iki intensi untuk metikujdasj Grup atau menghentikan       no realistic alternative but to do so.
operasi, atau tidak memil.jkj atternatif yang reatistjs setajn
me[aksanakannya.

 Pihak yang bertanggung jawab atas tata kelota bertanggung       fhose charged with governance are responsible for
jawab untL!k mengawasi proses peLaporan keuangan Grup.           overseeing the Group's financial repoiing process.


Tanggung jawab auditor tethadap Audit atas Laporan               Aadito,/s nesponsibilities for the Audit of the
(euangan Konsolidasian                                           Consolidated Financial Statemeots


Tujuan kami adalah untuk memeroteh keyakinan memadai             1ur objectives are to obtain reasonable assuance dbout
tentang apakah taporan keuangan konsolidasian secara             whether the consolidated fiDancidl statements as a whole are
keseturuhan bebas dari kesalrhan penyajian material, baik        free fion mdterial nisstatenent, whether due to fraud ot
yang disebabkan oleh kecurangan maupun kesatahan, dan            error, and to issue an auditor's repoft that includes our
untuk menerbitkan [aporan auditor yang mencakup opini            opinion, Reasonable assurance is a high level of assurance,
kami. Keyakinan memadai merupakan suatu tjngkat                  but is not a guarantee that an audit conducted in accordance
keyakinan tinggj, namun bukan merupakan suatu jaminan            with Standard on Auditing will always detect a mateial
bahwa audit yang ditaksanakan berdasarkan Standar Audit          misstatement when it exists. /tlisstatenents cdn arise fron
akan setatu mendeteksi kesatahan penyajian material ketika       fraud or error and are considercd nateial it individually or
haltersebut ada, Kesatahan penyajian dapat disebabkan oleh       in the aggregate, they could reasonably be expected to
kecurangan maupun kesalahan dan dianggap materiat jika,          influence the econonic decisioos of useB taken on the basi'
baik secara individual maupun secara agregat, dapat              of these consolidated financial statenent5,
diekspektasikan secara wajar akan memengaruhi keputusan
ekonomi yang diambil. oteh pengguna berdasarkan laporan
keuangan konsolidasian tersebut.

Sebagai bagian dari suatu audit berdasarkan Standar Audit,       As part ofan audit in accodance with Standard on Auditing,
kami    menerapkan pertimbangan profesionaI dan                  we exercise professiona I judgment a nd naintain professional
mempertahankan skeptisisme profesionaI setama audit. Kami        skepticisn throughout the audit. We also:
juga:
    .   l"lengidentifikasi dan menitai risiko kesatahan              . Identifu and assess the isks of naterial
        penyajian materiaI datam laporan keuangan                      nisstatenent of the consolidated financial
        konsotidasian, baik yang disebabkan oteh kecurangan              statements, whetherdue to ftaud or effor, design and
        maupun kesatahan, mendesain dan metaksanakan                    petorn audit procedures responsive to those isks,
        prosedur audit yang responsif terhadap risiko                   dod obtain audit evidence that is sufficient and
        tersebut, serta memeroteh bukti audjt yang cukup                 appropiate to pronde a basis for our opinion' Ihe
        dan tepat untuk menyediakan basis bagi opini kami                nlk of not detecting a matenel nisstatenent
        Risiko tidak terdeteksinya kesatahan penyajian                   resulting fron fraud is highet than for one rcsulting
        materiat yang disebabkan oteh kecurangan lebih                   fron enor, as fiaud nay involve collusion, foryery.
        tinggi dari yang disebabkan oteh kesatahan, karena               intentional onissions, niseprcsentdtions, or the
        kecurangan dapat metibatkan kotusj, pemat5uan,                   overnde of intemal contrul.
        penghitangan secara sengaja. pernyataan satah, atau
        pengabaian pengendatian internal.
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Tanggung jawab auditor terhadap Audit atas Laporan                Auditot/s Responsibilities for the Audit of the
Keuangan (onsotidasian - Lanjutan                                 Consolidated Financial Statements - Continued

    r      Memeroteh suatu pemahaman tentang pengendatian                1btain an unde5tanding of intetoal control releuant
           internaI yang retevan dengan audit untuk mendesain            to the audit in order to design audit procedures that
           prosedur audit yang tepat sesuai dengan kondisinya,           are appropiate in the circunstances, but not for the
           tetapi bukan untuk tujuan menyatakan opini atas               purpose of expressing dn opinion on the
           keefektivitasan pengendatian internaI Grup                    effectiveness of the qroupA intenal control.
    .      Mengevatuasi ketepatan kebijakafl akuntansi yang              fvaluate the appropridteness of accounting policies
           digunakan serta kewajaran estimasi akuntansj dan              used and the reasonableness ofaccounting estimates
           pengungkapan terkait yang dibuat oteh manajemen.              and related disclosures nade by nanagenent.
    .      lvlenyimpul.kan ketepatan pengqunaan basis                    Conclude on the approPnbteness of nanagenent's
           akuntansi ketangsungan usaha oteh manajemen dan,              use of the going concern basis of accounting and
           berdasarkan bukti audit yang diperoteh, apakah                based on the audit euidence obtained whethet a
           terdapat suatu ketidakpastian materiaL yang terkait           nateial uncettain,/ exittt related to events ot
           dengan peristiwa atau kondisi yang dapat                      conditions that nay cast significant doubt on the
           menyebabkan keraguan signifikan atas kemampuan                Group\ ability to continue at a going concen. If we
           Grup untuk mempertahankan ketangsungan                        conclude that a nateial uocertainty exists, we are
           usahanya. Ketjka kami menyimputkan bahwa terdapat             requted to draw attention in our auditor\ report to
           suatu ketidakpastian materiat, kami djharuskan untuk          the related disclosures in the consolidated financlal
           menarik perhatian datam laporan auditor kami ke               statenents or, if such disclosutes arc inadequate, to
           pengungkapan terkait da[am taporan keuangan                   nodifil our opinion. 1ur conclusions are based on the
           konsoLidasian atau, jika pengungkapan tersebut tidak          audit ewdence obtained up to the date of out
           memadai, harus menentukan apakah perlu untuk                  auditor\ repott. However, future events or conditions
           memodifikasi opini kami. Kesimputan kami                      nay cause the 6toup to cease to continue as a going
           didasarkan pada bukti audit yang diperoteh hingga
           tanggal [aporan auditor kami. Namun, peristiwa atau
           kondisi masa depan dapat menyebabkan Grup tidak
           dapat mempertahankan kelangsunqan usaha.
    .      Mengevatuasi penyajian, struktur, dan isi [aporan             fvaluate the ovenll presentation, structure and
           keuangan konsotidasian secara keseturuhan,                    content of the consolidated financial statenents,
           termasuk pengungkapannya, dan apakah taporan                  induding the disclosures, and whethet the
           keuangan konsoUda5ian mencerminkan transaksi dan              consolidated financial statenents represent the
           peristiwa yanq mendasarinya dengan suatu cara yang            underlying transactions and events in a nanner that
           mencapai penyajian wajar.                                     achieves fdir prcsentahbn.
    .      l"lemeroteh bukti audit yang cukup dan tepat terkait
                                                                         qbtain su[ficient appropriate audit evidence
           informasi keuangan entitas atau aktivitas bisnis              regarding the financial information of the enhttes or
           datam Grup untuk menyatakan opini atas laporan                business activities within the 6roup to express an
           keuanqan konsotidasjan. (ami bertanggung jawab                opinion on the consolidated financial statenents. we
           atas arahan, supervisi, dan petaksanaan audit Grup.           are respoosible fot the dircction, supervision and
           Kami tetap bertanggung jawab sepenuhnya atas opini            peiormance of the group audit. We renain solely
           audit kami.                                                   responsible fot our audit opinion,

 Kami mengomunikasikan kepada pihak yanq bertanggung              We connunicate with those charged with govenance
jawab atas tata ketota mengenai, antara lain, ruang tingkup       regading, anong other natters, the planned scope and
 dan saat yang direncanakan atas audit, serta temuan audit        tining of the audit dnd significant audit findings, including
signifikan, termasuk setiap defisiensi signifikan datam           any significant deficiencies in intemal control that we
pengendalian internat yang teridentifikasi o(eh kami setama       identify duing our audit.
audit.

Kami juga memberikan suatu pernyataan kepada pihak yanq           we dlso provide those charged with govemance with a
bertanggung jawab atas tata ketota bahwa kami tetah               statenent that we have conPlied with rclevant ethrcal
mematuhi ketentuan etika yang retevan mengenai                    requirenents regarding independence, and to communicate
independensi, dan mengomunikasikan seturuh hubungan.              with then all rclationships and other natteq that nay
serta hat-hat tain yang dianggap secara wajar berpengaruh         reasonably be thought to bear on our indePendence and
terhadap independensi kami, dan, jika retevan, pengamanan         where applicable, rclated safeguards'
terkait.
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Tanggung jawali auditor terhadap Audit atas Laporan             Auditot's Respon.tibilities for the Aadit of the
l(euangan Konsolidasian - Lanjutan                              Consolidated financial ttatements - Continued

oari hal.-hal yang dikomunikasikan kepada pihak yang            fton the natters connunicated with those charged with
bertanggung jawab atas tata ketota, kami menentukan hat-        governance, we deternine those natters that were of nost
hattersebut yang paling signifikan datam audit atas [aporan     siqnificance in the audit of the consolidated financial
keuangan periode kini dan oteh karenanya menjadi hal audit      statenents of the curreot period and arc therefore the key
utama. Kami mengurajkan hal audit utama datam Iaporan           audit matters. We descibe these natters in our auditorJ
audjtor kami, kecuati peraturan perundang-undangan              report unlels law ot rcgulation precludes public disclosure
metarang pengungkapan publik tentang hal tersebut atau          about the nattet or when, in extrcnely rarc circumstances,
ketika, datam kondisi yang sangat jarang terjadi, kami          we detemine that a natter should not be connunicated in
menentukan bahwa suatu hat tidak boLeh dikomunikasikan          our rcpoft because the adverse consequences of doing so
datam taporan kami karena konsekuensi merugikan dari            would reasonably be expected to outweigh the public interest
mengomunikasikan haI tersebut akan diekspektasikan secara       benefits of such connunication'
wajar meLebihi manfaat kepentingan pubtik atas komunikasi
tersebut.




                                           KANAKA Pt',RADIREDJA, SUHARTONO




                                                                S.,--      l

                                                       Tan Siddharta
                                                   Ijin/License: AP.0111

                                               72 Marcl 2024/ Llarch 12, 2024
Page 307
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                    PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                               ITS SUBSIDIARY
LAPORAN POSISI KEUANGAN                                                             CONSOLIDATED STATEMENT OF FINANCIAL
KONSOLIDASIAN                                                                                                        POSITION
31 DESEMBER 2023, 2022, DAN 2021                                                              DECEMBER 31, 2023, 2022, AND 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                        (Expressed in Millions of Rupiah, unless otherwise stated)

                                     Catatan /
                                       Notes                  2023                 2022               2021

ASET                                                                                                                                   ASSETS

ASET LANCAR                                                                                                               CURRENT ASSETS

                                    3d,3e,3r,5,34
Kas dan bank                        37,38,39,40                 176.938                50.178             50.092     Cash on hand and in banks
Piutang usaha                                                                                                                 Trade receivables
  Pihak ketiga                      3e,6,37,38,39             1.102.407             1.121.111           972.698                  Third parties
  Pihak berelasi                 3e,3f,6,34,37,38,39                32.386             38.750             46.886               Related parties
Piutang lain-lain                                                                                                             Other receivables
  Pihak ketiga                        3e,7,38                     1.463                 1.705              1.618                 Third parties
Persediaan                              3g,8                  3.676.658             3.095.377          3.243.760                     Inventories
Pajak dibayar di muka                  3s,35a                        5.584             62.349             68.872                  Prepaid taxes
Uang muka                                9                          10.000             21.760             29.640                      Advances
Biaya dibayar di muka                  3h,10                        69.138             10.180              9.123              Prepaid expenses

Jumlah Aset Lancar                                            5.074.574             4.401.410          4.422.689           Total Current Assets

ASET TIDAK LANCAR                                                                                                   NON-CURRENT ASSETS

                                                                                                                           Estimated claims for
Taksiran pajak penghasilan           3s,4d,35d                          -              82.939                  -                  tax refund
Piutang pihak berelasi             3e,3f,34,38,39                       7                   7                  7       Due from related parties
Investasi                               3l,11                    35.529                32.452             30.218                   Investments
Aset tetap                          3i,3m,4b,12               2.450.464             2.471.517          2.214.814 Property, plant and equipment
Properti investasi                    3j,4b,13                       9.067              9.067              9.067          Investment properties
Aset takberwujud-neto                  3k,14                      2.772                 8.347            13.922             Intangible asset-net
Uang muka                                9                      399.295               396.339           401.789                       Advances
Aset tidak lancar lainnya                15                                -            3.853              4.816       Other non-current assets

Jumlah Aset Tidak Lancar                                      2.897.134             3.004.521          2.674.633      Total Non-Current Assets

JUMLAH ASET                                                   7.971.708             7.405.931          7.097.322              TOTAL ASSETS




Catatan atas laporan keuangan konsolidasian terlampir merupakan            The accompanying notes to consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian                      integral part of these consolidated financial statements
secara keseluruhan                                                                                                             taken as a whole

                                                                       1
Page 308
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                    PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                               ITS SUBSIDIARY
LAPORAN POSISI KEUANGAN                                                             CONSOLIDATED STATEMENT OF FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                                 POSITION - Continued
31 DESEMBER 2023, 2022, DAN 2021                                                              DECEMBER 31, 2023, 2022, AND 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                        (Expressed in Millions of Rupiah, unless otherwise stated)

                                         Catatan /
                                          Notes               2023                 2022               2021


LIABILITAS DAN EKUITAS                                                                                             LIABILITIES AND EQUITY

LIABILITAS                                                                                                                        LIABILITIES

LIABILITAS JANGKA
  PENDEK                                                                                                             CURRENT LIABILITIES

Utang bank jangka pendek              3e,16,37,38,39          1.757.746             2.069.716          1.838.460          Short-term bank loans
Utang usaha                                                                                                                       Trade payables
  Pihak ketiga                        3e,17,37,38,39            269.277               258.311           386.320                   Third parties
  Pihak berelasi                    3e,3f,17,34,37,38,39               590                974             1.508                 Related parties
Utang pajak                              3s,4d,35c                  59.265              1.602           118.666                   Taxes payable
Biaya masih harus dibayar               3e,3f,18,38                 26.704             19.591             18.129               Accrued expenses
Uang muka pelanggan                                                 36.144             21.296             17.869         Advance from customer
Liabilitas jangka pendek lainnya        3e,3f,19,38                 14.758              9.547             16.641         Other current liabilities
Utang jangka panjang bagian
  yang jatuh tempo dalam                                                                                           Long-term loan net of current
  satu tahun :                                                                                                            maturities liabilities:
  Bank                                3e,20,37,38,39                  708              88.330           154.064                            Bank
  Liabilitas sewa                    3e,3n,20,37,38,39           21.266                22.532             9.846                Lease liabilities
  Utang obligasi                         21,38,39               197.250                15.000           101.000                 Bonds payable
  Utang sukuk ijarah                     22,38,39               113.650               100.000             99.000         Sukuk ijarah payable

Jumlah Liabilitas Jangka Pendek                               2.497.358             2.606.899          2.761.503        Total Current Liabilities


LIABILITAS JANGKA                                                                                                             NON-CURRENT
  PANJANG                                                                                                                       LIABILITIES

Utang jangka panjang - setelah
  dikurangi bagian jatuh tempo                                                                                              Long-term loan - net
  dalam satu tahun :                                                                                                    of current maturities :
  Bank                                3e,20,37,38,39                     -                708             89.038                         Bank
  Liabilitas sewa                    3e,3n,20,37,38,39              20.390             39.351             20.912               Lease liabilities
  Utang obligasi                         21,38,39               347.100               184.000             49.000               Bonds payable
  Utang sukuk ijarah                      22,38,39              202.000               101.000             51.000         Sukuk ijarah payable
Utang pihak berelasi                   3e,3f,34,38,39                      -            6.205              6.205           Due to related parties
Liabilitas pajak tangguhan               3s,4d,35e              199.755               208.440           176.451           Deferred tax liabilities
                                                                                                                        Liabilities for employees
Liabilitas imbalan kerja karyawan        3o,4e,23                   86.759            114.793           155.481                       benefits
Keuntungan ditangguhkan atas                                                                                          Deferred gain on sale and
  transaksi sewa dan jual balik            3n,20                           -                 -               619                     leaseback

Jumlah Liabilitas Jangka Panjang                                856.004               654.497           548.706     Total Non-Current Liabilities

JUMLAH LIABILITAS                                             3.353.362             3.261.396          3.310.209         TOTAL LIABILITIES




Catatan atas laporan keuangan konsolidasian terlampir merupakan            The accompanying notes to consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian                      integral part of these consolidated financial statements
secara keseluruhan                                                                                                             taken as a whole

                                                                       2
Page 309
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
LAPORAN POSISI KEUANGAN                                                         CONSOLIDATED STATEMENT OF FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                             POSITION - Continued
31 DESEMBER 2023, 2022, DAN 2021                                                          DECEMBER 31, 2023, 2022, AND 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                      (Expressed in Millions of Rupiah, unless otherwise stated)

                                     Catatan /
                                      Notes                   2023               2022               2021

EKUITAS                                                                                                                              EQUITY

Modal saham - nilai nominal                                                                                          Capital stock - par value
 Rp 100 per saham                                                                                                     Rp 100 per share (full
 (Rupiah penuh) Modal                                                                                                  amount) Authorized
  dasar - 17.000.000.000                                                                                          capital - 17,000,000,000
  saham Modal ditempatkan                                                                                                 shares Issued and
  dan disetor penuh -                                                                                                    fully paid capital -
  7.185.992.035 saham                   24                      718.599             718.599            718.599        7,185,992,035 shares
Tambahan modal disetor - neto          3p,25                    500.880             500.880            500.880 Additional paid-in capital - net
Saham treasuri - 120.651.300                                                                                                 Treasury stocks -
  saham                                3u,24                    (12.065)           (12.065)           (12.065)          120,651,300 shares
Saldo laba                                                                                                                  Retained earnings
  Dicadangkan                                                    30.000              20.000             10.000                 Appropriated
  Tidak Dicadangkan                                           2.161.643           1.715.948          1.483.676             Unappropriated
Komponen ekuitas lainnya                 26                   1.219.256           1.201.112          1.085.951      Other equity components

Sub jumlah                                                    4.618.313           4.144.474          3.787.041                       Sub total

Kepentingan non-pengendali               3c                          33                  61                 72        Non-controlling interest

Jumlah Ekuitas                                                4.618.346           4.144.535          3.787.113                    Total Equity

JUMLAH LIABILITAS                                                                                                      TOTAL LIABILITIES
  DAN EKUITAS                                                 7.971.708           7.405.931          7.097.322             AND EQUITY




Catatan atas laporan keuangan konsolidasian terlampir merupakan          The accompanying notes to consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian                    integral part of these consolidated financial statements
secara keseluruhan                                                                                                           taken as a whole

                                                                     3
Page 310
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
LAPORAN LABA RUGI DAN PENGHASILAN                                         CONSOLIDATED STATEMENT OF PROFIT OR LOSS
KOMPREHENSIF LAIN KONSOLIDASIAN                                                    AND OTHER COMPREHENSIVE INCOME
Untuk Tahun-Tahun Yang Berakhir Tanggal                                                                 For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)

                                    Catatan/
                                     Notes            2023                2022                 2021

PENJUALAN DAN                                                                                                      SALES AND SERVICE
  PENDAPATAN JASA                    3q,27             6.455.329            6.255.945           5.378.808                 REVENUES

BEBAN POKOK PENDAPATAN               3q,28            (5.387.142)         (5.497.334)          (4.258.794)         COST OF REVENUES

LABA KOTOR                                             1.068.187             758.611            1.120.014                 GROSS PROFIT

Pendapatan lain-lain                 3q,29                143.118             154.567             136.284                     Other income
Beban penjualan dan distribusi       3q,30              (160.557)           (138.190)           (196.518) Selling and distribution expenses
                                                                                                                               General and
Beban umum dan administrasi          3q,31              (144.052)           (124.364)           (190.510)         administrative expense
Beban keuangan                       3q,32              (237.188)           (200.744)           (174.578)               Financial expenses
Beban lain-lain                      3q,33               (28.924)            (56.649)            (35.290)                    Other expenses

LABA SEBELUM TAKSIRAN                                                                                        INCOME BEFORE PROVISION
  PENGHASILAN                                                                                                       FOR TAX INCOME
  (BEBAN) PAJAK                                          640.584             393.231              659.402                 (EXPENSE)

TAKSIRAN PENGHASILAN                                                                                                 PROVISION FOR TAX
  (BEBAN) PAJAK:                    3s,4d,35                                                                       INCOME (EXPENSE):
  Kini                                                  (156.327)            (87.874)           (160.417)                     Current
  Tangguhan                                                13.802                 492            (12.924)                    Deferred

JUMLAH TAKSIRAN                                                                                                        TOTAL PROVISION
  BEBAN PAJAK                                           (142.525)            (87.382)           (173.341)            FOR TAX EXPENSE

LABA PERIODE BERJALAN                                    498.059             305.849              486.061    INCOME FOR THE PERIOD

PENGHASILAN                                                                                                   OTHER COMPREHENSIVE
  KOMPREHENSIF LAIN                                                                                                      INCOME

POS-POS YANG TIDAK AKAN                                                                                                 ITEM NOT TO BE
  DIREKLASIFIKASI                                                                                                   RECLASSIFIED TO
  KE LABA RUGI                                                                                                        PROFIT OR LOSS
  Surplus revaluasi                   3i,26                    -             136.158                   -              Revaluation surplus
  Keuntungan (kerugian) aktuaria    3o,23,26              23.262              11.484              10.390            Actuarial gain (losses)
Pajak penghasilan terkait                                                                                         Income tax related to item
  pos-pos yang tidak akan                                                                                            not to be reclassified
  direklasifikasi ke laba rugi                            (5.118)            (32.481)              (2.286)                 to profit or loss

Penghasilan komprehensif lain                                                                                  Other comprehensive income
  tahun berjalan setelah pajak                            18.144             115.161                8.104          for the year net of tax

JUMLAH LABA
  KOMPREHENSIF TAHUN                                                                                          TOTAL COMPREHENSIVE
  BERJALAN                                               516.203             421.010              494.165    INCOME FOR THE YEAR




Catatan atas laporan keuangan konsolidasian terlampir merupakan         The accompanying notes to consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian                   integral part of these consolidated financial statements
secara keseluruhan                                                                                                          taken as a whole

                                                                    4
Page 311
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
LAPORAN LABA RUGI DAN PENGHASILAN                                          CONSOLIDATED STATEMENT OF PROFIT OR LOSS
KOMPREHENSIF LAIN KONSOLIDASIAN - Lanjutan                                AND OTHER COMPREHENSIVE INCOME - Continued
Untuk Tahun-Tahun Yang Berakhir Tanggal                                                                  For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)

                                    Catatan/
                                     Notes            2023                 2022                2021

Laba (rugi) periode berjalan yang                                                                                     Income (loss) for the
  dapat diatribusikan kepada:                                                                                     period attributable to:
  Pemilik entitas induk                                 498.087              305.860             486.062       Owners of the parent entity
  Kepentingan non - pengendali                              (28)                 (11)                 (1)        Non-controlling interest

JUMLAH                                                  498.059              305.849             486.061                            TOTAL

Jumlah laba (rugi) komprehensif                                                                                Total comprehensive income
  periode berjalan yang dapat                                                                                         (loss) for the period
  diatribusikan kepada:                                                                                                    attributable to:
  Pemilik entitas induk                                 516.231              421.021             494.166       Owners of the parent entity
  Kepentingan non - pengendali                              (28)                 (11)                 (1)         Non-controlling interest

JUMLAH                                                  516.203              421.010             494.165                            TOTAL

Laba Per Saham Dasar                 3v,36                                                                        Basic Earnings Per Share

  Jumlah Saham                                    7.065.340.735         7.065.340.735      7.065.340.735          Total Outstanding Share
  Laba Per Saham Dasar                                                                                           Basic Earnings Per Share
    (Rupiah Penuh)                                         70,50               43,29                68,80                (Full Amount)




Catatan atas laporan keuangan konsolidasian terlampir merupakan         The accompanying notes to consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian                   integral part of these consolidated financial statements
secara keseluruhan                                                                                                          taken as a whole

                                                                    5
Page 312
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN ENTITAS ANAKNYA                                                                                        PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND ITS SUBSIDIARY
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN                                                                                                                       CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Untuk Tahun-Tahun Yang Berakhir Tanggal 31 Desember 2023, 2022, dan 2021                                                                                           For The Years Ended December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                                                                                                                  (Expressed in Millions of Rupiah, unless otherwise stated)

                                                  Ekuitas yang Dapat Diatribusikan Kepada Pemilik Entitas Induk/Equity Attributable to Owners of the Parent Entity
                                     Modal            Tambahan                          Komponen Ekuitas Lainnya/                                                                  Kepentingan
                                  Ditempatkan       Modal Disetor-                       Other Equity Components                                                                       Non
                                   dan Disetor           Neto/           Saham           Surplus            Kerugian            Saldo Laba/Retained Earnings                       pengendali/
                                     Penuh/           Additional        Treasuri/       Revaluasi/          Aktuaria/          Ditentukan        Tidak ditentukan                     Non-
                               Issued and Fully         Paid-in         Treasury       Revaluation          Actuarial       penggunaannya/       penggunaannya/      Jumlah/       Controlling       Jumlah Ekuitas/
                                  Paid Capital       Capital-Net         Stocks          Surplus             Losses          Appropriated        Unappropriated       Total          Interest         Total Equity

                                                                                                                                                                                                                                 Balance as of
Saldo 1 Januari 2021                    718.599           500.880          (12.065)        1.115.511           (37.664)                    -           1.050.006      3.335.267             73            3.335.340          January 1, 2021

Penghasilan komprehensif                                                                                                                                                                                                   Other comprehensive
  lainnya                                     -                  -                -                 -            8.104                     -                    -         8.104                  -            8.104                  income

Pembentukan cadangan                                                                                                                                                                                                      Allocation for general
  umum                                        -                  -                -                 -                 -              10.000              (10.000)              -                 -                 -                  reserve

Dividen                                       -                  -                -                 -                 -                    -             (42.392)       (42.392)                 -          (42.392)                   Dividend

Laba bersih periode berjalan                  -                  -                -                 -                 -                    -             486.062        486.062              (1)            486.061    Net income for the period

                                                                                                                                                                                                                                Balance as of
Saldo 31 Desember 2021                  718.599           500.880          (12.065)        1.115.511           (29.560)              10.000            1.483.676      3.787.041             72            3.787.113       December 31, 2021

Penghasilan komprehensif                                                                                                                                                                                                   Other comprehensive
  lainnya                                     -                  -                -          106.203             8.958                     -                    -       115.161                  -          115.161                  income

Pembentukan cadangan                                                                                                                                                                                                      Allocation for general
  umum                                        -                  -                -                 -                 -              10.000              (10.000)              -                 -                 -                  reserve

Dividen                                       -                  -                -                 -                 -                    -             (63.588)       (63.588)                 -          (63.588)                   Dividend

Laba bersih periode berjalan                  -                  -                -                 -                 -                    -             305.860        305.860            (11)             305.849    Net income for the period

                                                                                                                                                                                                                                Balance as of
Saldo 31 Desember 2022                  718.599           500.880          (12.065)        1.221.714           (20.602)              20.000            1.715.948      4.144.474             61            4.144.535       December 31, 2022




Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari                                 The accompanying notes to consolidated financial statements form an integral part of these consolidated
laporan keuangan konsolidasian secara keseluruhan                                                                                                                                                   financial statements taken as a whole

                                                                                                                            6
Page 313
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN ENTITAS ANAKNYA                                                                                      PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND ITS SUBSIDIARY
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN – Lanjutan                                                                                                CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - Continued
Untuk Tahun-Tahun Yang Berakhir Tanggal 31 Desember 2023, 2022, dan 2021                                                                                         For The Years Ended December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                                                                                                                (Expressed in Millions of Rupiah, unless otherwise stated)

                                                Ekuitas yang Dapat Diatribusikan Kepada Pemilik Entitas Induk/Equity Attributable to Owners of the Parent Entity
                                   Modal            Tambahan                          Komponen Ekuitas Lainnya/                                                                  Kepentingan
                                Ditempatkan       Modal Disetor-                       Other Equity Components                                                                       Non
                                 dan Disetor           Neto/           Saham           Surplus            Kerugian           Saldo Laba/Retained Earnings                        pengendali/
                                   Penuh/           Additional        Treasuri/       Revaluasi/          Aktuaria/          Ditentukan        Tidak ditentukan                     Non-
                             Issued and Fully         Paid-in         Treasury       Revaluation          Actuarial       penggunaannya/       penggunaannya/      Jumlah/       Controlling       Jumlah Ekuitas/
                                Paid Capital       Capital-Net         Stocks          Surplus             Losses          Appropriated        Unappropriated       Total          Interest         Total Equity

                                                                                                                                                                                                                            Balance as of
Saldo 1 Januari 2023                  718.599           500.880          (12.065)        1.221.714           (20.602)              20.000            1.715.948      4.144.474             61            4.144.535       January 1, 2023

Penghasilan komprehensif                                                                                                                                                                                               Other comprehensive
  lainnya                                   -                  -                -                 -           18.144                     -                    -        18.144                  -           18.144                income

Pembentukan cadangan                                                                                                                                                                                                  Allocation for general
  umum                                      -                  -                -                 -                 -              10.000              (10.000)              -                 -                 -                reserve

Dividen                                     -                  -                -                 -                 -                    -             (42.392)       (42.392)                 -          (42.392)                Dividend

Laba bersih tahun berjalan                  -                  -                -                 -                 -                    -             498.087        498.087            (28)             498.059    Net income for the year

                                                                                                                                                                                                                            Balance as of
Saldo 31 Desember 2023                718.599           500.880          (12.065)        1.221.714            (2.458)              30.000            2.161.643      4.618.313             33            4.618.346     December 31, 2023




Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari                               The accompanying notes to consolidated financial statements form an integral part of these consolidated
laporan keuangan konsolidasian secara keseluruhan                                                                                                                                                 financial statements taken as a whole

                                                                                                                          7
Page 314
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                   PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                               ITS SUBSIDIARY
LAPORAN ARUS KAS KONSOLIDASIAN                                                    CONSOLIDATED STATEMENT OF CASH FLOW
Untuk Tahun-Tahun Yang Berakhir Tanggal                                                                     For The Years Ended
31 Desember 2023, 2022, dan 2021                                                               December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                        (Expressed in Millions of Rupiah, unless otherwise stated)

                                      Catatan/
                                       Notes            2023                   2022               2021

ARUS KAS DARI                                                                                                        CASH FLOWS FROM
  AKTIVITAS OPERASI                                                                                             OPERATING ACTIVITIES

Penerimaan kas dari pelanggan          6,9,27           6.500.458              6.111.987         5.209.490         Cash receipt from customers
Pembayaran kas kepada                                                                                                    Cash paid to suppliers
  pemasok, karyawan, dan lain-lain                     (6.050.176)            (5.837.494)        (5.273.948)           employees and others

Kas yang dihasilkan dari operasi                          450.282               274.493             (64.458)    Cash generated from operations

Pembayaran biaya keuangan                                (237.188)              (200.743)         (174.578)             Payment of finance cost
Pembayaran pajak penghasilan                             (102.416)              (105.393)          (47.798)              Payment of income tax
Penerimaan dari restituasi pajak         35                90.598                      -           155.714                 Receipt of tax refund
Penerimaan penghasilan keuangan                               293                     97            20.839             Receipt of finance income

Kas Neto Diperoleh dari (Digunakan)                                                                             Net Cash Provided by (Used in)
 untuk Aktivitas Operasi                                  201.569                (31.546)         (110.281)             Operating Activities

ARUS KAS DARI                                                                                                         CASH FLOWS FROM
 AKTIVITAS INVESTASI                                                                                             INVESTING ACTIVITIES

                                                                                                              Proceeds from sale of property,
Hasil penjualan aset tetap               12                         -                 975                618           plant and equipment
                                                                                                                     Acquisitions of property,
Perolehan aset tetap                     12               (63.087)              (103.949)         (105.557)            plant and equipment
Penambahan uang muka                                                                                        Addition on advances of property,
  pembelian aset tetap                                     (2.956)                (4.728)           (6.000)            plant and equipment
Pengurangan (Penambahan)                                                                                               Decrease (Addition) of
  aset tidak lancar lainnya                                 3.853                     963          152.386          other non-current asset
Penerimaan (penambahan)                                                                                                   Receipt (addition) of
  piutang berelasi                       34                         -                   -                4                related receivable

Kas Neto Diperoleh dari (Digunakan)                                                                             Net Cash Provided by (Used in)
 untuk Aktivitas Investasi                                (62.190)              (106.739)           41.451               Investing Activities




Catatan atas laporan keuangan konsolidasian terlampir merupakan             The accompanying notes to consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian                       integral part of these consolidated financial statements
secara keseluruhan                                                                                                              taken as a whole

                                                                        8
Page 315
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                   PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                               ITS SUBSIDIARY
LAPORAN ARUS KAS                                                                              CONSOLIDATED STATEMENT OF
KONSOLIDASIAN - Lanjutan                                                                              CASH FLOW - Continued
Untuk Tahun-Tahun Yang Berakhir Tanggal                                                                     For The Years Ended
31 Desember 2023, 2022, dan 2021                                                               December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                        (Expressed in Millions of Rupiah, unless otherwise stated)

                                      Catatan/
                                       Notes            2023                   2022               2021

ARUS KAS DARI                                                                                                         CASH FLOWS FROM
 AKTIVITAS PENDANAAN                                                                                             FINANCING ACTIVITIES

Pembayaran liabilitas sewa               20               (20.569)               (10.746)            (6.168)         Payment of lease liabilities
Penambahan liabilitas sewa                                      -                 39.548             26.526          Addition to lease liabilities
Pembayaran dividen                       24               (42.392)               (63.588)           (42.392)                 Dividend payment
Penambahan bersih dari utang bank                                                                                             Net increase from
  jangka pendek                          16             6.711.771              6.798.833         8.072.669             short-term bank loans
Penurunan bersih dari utang bank                                                                                             Net decrease from
  jangka pendek                          16            (7.018.208)            (6.567.577)        (8.111.478)           short-term bank loans
Penerimaan utang obligasi                                 360.350                150.000            150.000              Receipt bonds payable
Pembayaran utang obligasi                                 (15.000)              (101.000)                 -             Payment bonds payable
Biaya emisi obligasi                                       (4.922)                (1.995)            (2.652)               Bonds issuance costs
Penerimaan utang sukuk                                    214.650                150.000            150.000              Receipt sukuk payable
Pembayaran utang sukuk                                   (100.000)               (99.000)                 -             Payment sukuk payable
Biaya emisi sukuk                                          (3.764)                (2.040)            (2.690)               Sukuk issuance costs
Pembayaran untuk utang                                                                                                   Payments to long-term
  bank jangka panjang                    20               (88.330)              (154.064)          (174.436)                       bank loans
Penambahan (pembayaran)                                                                                                   Addition (payment) of
  utang pihak berelasi                                     (6.205)                     -                  -               debt related parties

Kas Neto Diperoleh dari (Digunakan)                                                                             Net Cash Provided by (Used in)
 dari Aktivitas Pendanaan                                 (12.619)              138.371             59.379              Financing Activities

KENAIKAN (PENURUNAN)                                                                                         NET INCREASE (DECREASE)
 NETO KAS DAN                                                                                                        CASH AND CASH
 SETARA KAS                                               126.760                     86             (9.451)          EQUIVALENTS

                                                                                                                         CASH AND CASH
KAS DAN SETARA KAS                                                                                                     EQUIVALENTS AT
 AWAL TAHUN                              5                 50.178                 50.092            59.543          BEGINNING OF YEAR

DAMPAK PERUBAHAN KURS                                                                                            EFFECTS OF EXCHANGE
 PADA KAS DAN                                                                                                   DIFFERENCES ON CASH
 SETARA KAS                                                         -                  -                  -    AND CASH EQUIVALENTS

                                                                                                                          CASH AND CASH
KAS DAN SETARA KAS                                                                                                      EQUIVALENTS AT
 AKHIR TAHUN                             5                176.938                 50.178            50.092                 END OF YEAR




Catatan atas laporan keuangan konsolidasian terlampir merupakan             The accompanying notes to consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian                       integral part of these consolidated financial statements
secara keseluruhan                                                                                                              taken as a whole

                                                                        9
Page 316
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN                                                                                                STATEMENTS
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)

1.   UMUM                                                            1.     GENERAL

     a. Pendirian Entitas                                                   a. The Entity’s Establishment

         PT Steel Pipe Industry of Indonesia Tbk (Entitas)                      PT Steel Pipe Industry of Indonesia Tbk (the Entity)
         didirikan pada tanggal 30 Januari 1971 berdasarkan                     was established on January 30, 1971 based on
         akta notaris No. 109 dari Djojo Muljadi, S.H.,                         notarial deed No. 109 of Djojo Muljadi, S.H., Notary
         Notaris di Jakarta. Akta pendirian ini disahkan oleh                   in Jakarta. The deed of establishment was approved
         Menteri Kehakiman Republik Indonesia dalam                             by the Ministry of Justice of the Republic of
         Surat Keputusannya No. J.A.5/213/10, tanggal                           Indonesia in its decision letter No. J.A.5/213/10,
         30 Desember 1971 serta telah diumumkan dalam                           dated December 30, 1971 and was published in the
         Berita Negara No. 42, tanggal 26 Mei 1972,                             State Gazette No. 42, dated May 26, 1972,
         Tambahan No. 196.                                                      Supplement No. 196.

         Anggaran Dasar Entitas telah mengalami beberapa                        The Articles of Association of the Entity have been
         kali perubahan, terakhir dengan Akta Notaris                           amended several times, most recently by Notarial
         Christina Dwi Utami, S.H., M.Hum., M.Kn. No.                           Deed of Christina Dwi Utami, S.H., M.Hum., M.Kn.
         373 dan 374 tanggal 30 Juni 2023, mengenai                             No. 373 and 374 dated June 30, 2023, regarding the
         pernyataan keputusan rapat Entitas sehubungan                          statement of the decision of the Entity's meeting
         dengan perubahan susunan Dewan Komisaris dan                           regarding the change in the composition of the Board
         perubahan Pasal 17 ayat 5 Anggaran Dasar                               of Commissioners and amendments to Article 17
         Perseroan. Akta perubahan ini telah mendapat                           paragraph 5 of the Company's Articles of
         pengesahan dari Kementrian Hukum dan Hak Asasi                         Association. This deed of amendment has been
         Manusia Republik Indonesia dengan surat                                approved by the Ministry of Law and Human Rights
         keputusan No. AHU-AH.01.09-0135166 dan No.                             of the Republic of Indonesia with Decree No. AHU-
         AHU-AH.01.03-0087813 tahun 2023, tanggal 06                            AH.01.09-0135166 and No. AHU-AH.01.03-
         Juli 2023.                                                             0087813 year 2023, July 06, 2023.

         Entitas berkedudukan di Surabaya, dengan pabrik                        The Entity is domiciled in Surabaya, with its plants
         berlokasi di Surabaya, Sidoarjo, Pasuruan dan                          located in Surabaya, Sidoarjo, Pasuruan and
         Karawang. Kantor pusat Entitas beralamat di Jl.                        Karawang. The Entity’s head office is located at Jl.
         Kalibutuh No. 189-191, Surabaya.                                       Kalibutuh No. 189-191, Surabaya.

         Sesuai dengan pasal 3 akta perubahan Anggaran                          In accordance with article 3 of the Articles of
         Dasar No. 69, tanggal 28 Juli 2021, maksud dan                         Association     amendment       No.      69,    dated
         tujuan serta kegiatan usaha Entitas adalah berusaha                    July 28, 2021, the scope of activities of the Entity is
         dalam bidang industri dan perdagangan.                                 to engage in industry and commerce.

         Entitas mulai beroperasi secara komersial pada                         The Entity started its commercial operations in 1972.
         tahun 1972. Entitas saat ini melakukan kegiatan                        The Entity is currently conducting business in the
         usaha dalam bidang industri pipa baja.                                 steel pipe industry.

         Entitas induk dan entitas induk terakhir Entitas                       The Entity’s parent entity and ultimate parent entity
         adalah PT Cakra Bhakti Para Putra.                                     is PT Cakra Bhakti Para Putra.

     b. Penawaran Umum Saham Efek Entitas                                    b. Public Offering of Shares of the Entity

         Pada tanggal 13 Februari 2013, Entitas memperoleh                      On February 13, 2013, the Entity received an
         pernyataan efektif dari Otoritas Jasa Keuangan                         effective notification from the Financial Services
         dengan Surat No. S-31/D.03/2013 untuk melakukan                        Authority (“Otoritas Jasa Keuangan”) with the
         Penawaran Umum Perdana sebanyak 2.900.000.000                          Letter No. S-31/D.04/2013 to conduct Initial Public
         lembar saham dengan nilai nominal Rp 100 per                           Offering of 2,900,000,000 common shares with par
         saham dengan harga penawaran sebesar Rp 295 per                        value of Rp 100 per share, with the offering price of
         saham.                                                                 Rp 295 per share.

         Selanjutnya, tanggal 21 September 2015 sampai                          Then,    from     September    21,    2015    to
         dengan 31 Desember 2023, Entitas telah melakukan                       December 31, 2023, the Entity had purchased of
         pembelian saham treasuri sejumlah 120.651.300                          treasury stocks amounting to 120,651,300 shares.
         saham. Jumlah saham yang beredar menjadi sebesar                       The number of shares outstanding amounted to
         7.065.340.735 saham (lihat Catatan 24).                                7,065,340,735 (see Note 24).




                                                                10
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
1.   UMUM - Lanjutan                                                 1.      GENERAL - Continued
                                                                          c.
     c.   Penawaran Umum Obligasi                                         d. c. Public Offering of Bonds
                                                                          e.
          Pada 26 November 2021, Entitas memperoleh                             On November 26, 2021, the Entity obtained an
          pernyataan efektif dari Otoritas Jasa Keuangan                        effective notice from the Financial Services Authority
          (OJK) dengan suratnya No. S-214/D.04/2021 untuk                       in his letter No. S-214/D.04/2021 for the Sustainable
          melakukan Penawaran Umum Berkelanjutan                                Public Offering of Sustainable Bonds I SPINDO
          Obligasi Berkelanjutan I SPINDO Tahap I tahun                         Phase I 2021 with Fixed Interest Rate and maximum
          2021 dengan tingkat Bunga Tetap dengan jumlah                         principal amount of Rp 150,000, which Bond were
          pokok sebanyak-banyaknya Rp 150.000, dimana                           listed on the Indonesia Stock Exchange. In relation to
          Obligasi tersebut tercatat di Bursa Efek Indonesia.                   the issuance of the bonds, PT Bank Rakyat Indonesia
          Dalam rangka penerbitan obligasi ini, PT Bank                         (Persero) Tbk acted as trustee (see Note 21).
          Rakyat Indonesia (Persero) Tbk bertindak sebagai
          wali amanat (lihat Catatan 21).

          Pada 26 November 2021, Entitas memperoleh                             On November 26, 2021, the Entity obtained an
          pernyataan efektif dari Otoritas Jasa keuangan                        effective notice from the Financial Services Authority
          (OJK) dengan suratnya No. S-214/D.04/2021 untuk                       in his letter No. S-214/D.04/2021 for the Sustainable
          melakukan Penawaran Umum Berkelanjutan Sukuk                          Public Offering of Sustainable Sukuk Ijarah I
          Ijarah Berkelanjutan I SPINDO Tahap I tahun 2021                      SPINDO Phase I 2021 with Installment Ijarah
          dengan Cicilan Imbalan Ijarah dengan jumlah                           amounting Rp 150,000, which Sukuk Ijarah were
          sebesar Rp 150.000, dimana Sukuk Ijarah tersebut                      listed on the Indonesia Stock Exchange. In relation to
          tercatat di Bursa Efek Indonesia. Dalam rangka                        the issuance of the sukuk, PT Bank Rakyat Indonesia
          penerbitan sukuk ini, PT Bank Rakyat Indonesia                        (Persero) Tbk acted as trustee (see Note 22).
          (Persero) Tbk bertindak sebagai wali amanat (lihat
          Catatan 22).

          Pada 29 Maret 2023, Entitas memperoleh                                On March 29, 2023, the Entity obtained an pre
          pernyataan pra efektif dari Otoritas Jasa Keuangan                    effective statement from the Financial Services
          (OJK) dengan suratnya No. S-82/D.04/2023 untuk                        Authority (OJK) with its letter No. S-82/D.04/2023 to
          melakukan Penawaran Umum Berkelanjutan                                conduct a Public Offering of Sustainable Bonds and
          Obligasi dan Sukuk Berkelanjutan II SPINDO                            Sustainable Sukuk II SPINDO Phase I Year 2023 with
          Tahap I Tahun 2023 dengan jumlah pokok dan sisa                       a maximum principal amount and remaining Ijarah
          imbalan Ijarah sebanyak-banyaknya masing-masing                       of Rp 405,000.
          sebesar Rp 405.000.

          Pada tanggal 04 April 2023, Seluruh dana tersebut                     On April 04, 2023, all of these funds have been
          sudah diterima oleh Entitas.                                          received by the Entity.

          Pada tanggal 04 Agustus 2023, Entitas menerbitkan                     On August 04, 2023, the Entity issued Bond and
          Obligasi dan Sukuk dengan nama Obligasi dan                           Sukuk namely Sustainable Bond and Sustainable
          Sukuk Berkelanjutan II Spindo Tahap II Tahun 2023                     Sukuk II Spindo Phase II Year 2023 amounting to
          sebesar Rp 170.000.                                                   Rp 170.000.

          Pada tanggal 08 Agutus 2023, Seluruh dana tersebut                    On August 08, 2023, all of these funds have been
          sudah diterima oleh Entitas.                                          received by the Entity

     d. Entitas Anak                                                        d. Subsidiary

          Sejak tanggal 28 Februari 2008, Entitas memiliki                      Since Febuary 28, 2008, the Entity has owned 90% of
          90% saham PT Spindo Engineering Industry                              the shares of PT Spindo Engineering Industry (SEI).
          (PT SEI). Entitas Anak berkedudukan di Surabaya,                      The Subsidiaries domiciled in Surabaya, East Java,
          Jawa Timur, yang bergerak dalam bidang                                which is engaged in trading, industries and services.
          perdagangan, perindustrian dan jasa.




                                                                11
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
1.   UMUM - Lanjutan                                                 1.        GENERAL - Continued
                                                                          f.
     d. Entitas Anak – Lanjutan                                                d. Subsidiary – Continued
                                                                          g.
         Ringkasan informasi keuangan Entitas Anak adalah                         The summary of financial information of the
         sebagai berikut:                                                         Subsidiary is as follows:

                                                 2023                 2022                  2021

         Jumlah agregat aset                        1.067                      1.118             1.073          Total aggregate assets
         Jumlah agregat liabilitas                    745                        512               354      Total aggregate liabilities
         Jumlah agregat penjualan neto                 54                        101               112       Total aggregate net sales
         Jumlah agregat laba (rugi)                                                                            Total aggregate income
           tahun berjalan                               (285)                  (112)                (8)            (loss) for the year
         Jumlah agregat laba (rugi)                                                                     Total aggrgate comprehensive
           komprehensif tahun berjalan                  (285)                  (112)                (8) income (loss) for the year

     e. Dewan Komisaris, Direksi, Komite Audit dan                             e. Board of Commissioners,          Directors,   Audit
        Karyawan                                                                  Committee and Employees

         Susunan Dewan Komisaris dan Direksi Entitas pada                         The Entity’s Board of Commissioners and Directors
         31 Desember 2023, 2022 dan 2021 adalah sebagai                           as December 31, 2023, 2022 and 2021 are as follows:
         berikut:

                                                 31 Desember 2023/December 31, 2023
         Dewan Komisaris                                                                                     Board of Commissioners
         Komisaris Utama                     :               Makmur Widjaja                  :                President Commissioner
         Komisaris                           :             Endang Fifi Susanto               :                        Commissioners
         Komisaris Independen                :          Bing Hartono Poernomosidi            :             Independent Commissioner
                                                              Welly Tantono

         Direksi                                                                                                            Directors
         Direktur Utama                      :                 Ibnu Susanto                  :                     President Director
         Wakil Direktur Utama*               :           Tedja Sukmana Hudianto              :               Vice President Director*
         Direktur                            :               Tikman Utomo                    :                              Directors
                                                         Soediarto Soerjoprahono
                                                          The, Hanny Purnomo

                                                 31 Desember 2022/December 31, 2022
         Dewan Komisaris                                                                                     Board of Commissioners
         Komisaris Utama                     :               Makmur Widjaja                  :               President Commissioner
         Komisaris                           :                   Ingewati                    :                        Commissioners
                                                           Endang Fifi Susanto
         Komisaris Independen                :          Bing Hartono Poernomosidi            :             Independent Commissioner
                                                              Welly Tantono

         Direksi                                                                                                            Directors
         Direktur Utama                      :                 Ibnu Susanto                  :                     President Director
         Wakil Direktur Utama*               :           Tedja Sukmana Hudianto              :               Vice President Director*
         Direktur                            :               Tikman Utomo                    :                              Directors
                                                         Soediarto Soerjoprahono
                                                          The, Hanny Purnomo




                                                                12
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
1.   UMUM - Lanjutan                                                 1.      GENERAL - Continued
                                                                          h.
     e. Dewan Komisaris, Direksi, Komite Audit dan                        i. e. Board of Commissioners, Directors,              Audit
        Karyawan - Lanjutan                                                     Committee and Employees - Continued

                                                 31 Desember 2021/December 31, 2021
         Dewan Komisaris                                                                                      Board of Commissioners
         Komisaris Utama                     :              Makmur Widjaja                   :                President Commissioner
         Komisaris                           :                  Ingewati                     :                         Commissioners
                                                           Endang Fifi Susanto
         Komisaris Independen                :               Soesilo Widjaja                 :              Independent Commissioner

         Direksi                                                                                                             Directors
         Direktur Utama                      :               Ibnu Susanto                    :                      President Director
         Wakil Direktur Utama*               :         Tedja Sukmana Hudianto                :                Vice President Director*
         Direktur                            :             Tikman Utomo                      :                               Directors
                                                       Soediarto Soerjoprahono
         Direktur (Independen)               :          The, Hanny Purnomo                   :                    Independent Director

         Berdasarkan Surat Keputusan Dewan Komisaris No.                        Based on the Decree of the Board of Commissioners
         001/XI/Kom-ISSP/2022,      memutuskan       untuk                      No. 001/XI/Kom-ISSP/2022, decided to change the
         merubah susunan anggota komite audit tahun 2022.                       composition of the audit committee members in 2022.

         Pada tanggal 31 Desember 2023, 2022 dan 2021,                          As of December 31, 2023, 2022 and 2021, the
         susunan komite audit Entitas adalah sebagai berikut:                   composition of audit committee is as follows:

                                     31 Desember 2023 dan 2022/December 31, 2023 and 2022
         Komite Audit                                                                                               Committee Audit
         Ketua Komite Audit              :                 Welly Tantono                         :            Head of Audit Committe
         Anggota                         :               Antonius Karamoy                        :                          Members
                                                   Bastianus Fritz Josef Lumanauw

                                                 31 Desember 2021/December 31, 2021
         Komite Audit                                                                                               Committee Audit
         Ketua Komite Audit              :                 Makmur Widjaja                        :            Head of Audit Committe
         Anggota                         :            Bing Hartono Poernomosidi                  :                          Members
                                                           Soesilo Widjaja

         Jumlah total karyawan yang dimiliki Entitas dan                        The Entity and Subsidiary had total number of
         Entitas Anak adalah sejumlah 1.020, 1.030 dan                          employees of 1,020, 1,030 and 1,110 as of
         1.110 masing - masing pada tanggal 31 Desember                         December 31, 2023, 2022 and 2021, respectively
         2023, 2022 dan 2021 (tidak diaudit).                                   (unaudited).

         *) Membawahi bidang akuntansi dan keuangan                             *) In charge of accounting and finance




                                                                13
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                 (Expressed in Millions of Rupiah, unless otherwise stated)
2.   PENERAPAN     PERNYATAAN      STANDAR                         2.     ADOPTION   OF    NEW    AND   REVISED
     AKUNTANSI KEUANGAN (“PSAK”) DAN                                      STATEMENTS OF FINANCIAL ACCOUNTING
     INTERPRETASI    STANDAR     AKUNTANSI                                STANDARDS (“PSAK”) AND INTERPRETATION
     KEUANGAN (“ISAK”) BARU DAN REVISI                                    TO FINANCIAL ACCOUNTING STANDARDS
                                                                          (“ISAK”)

     a. Standar (SAK) dan Interpretasi Standar                            a. Standards (SAK) and Interpretation to Financial
        Akuntansi Keuangan (ISAK) yang Diterbitkan                           Accounting Standards (ISAK) Issued and Effective
        dan Berlaku Efektif Dalam Periode Berjalan                           in the Current Period (on or after January 1, 2023)
        (pada atau setelah 1 Januari 2023)

         Dalam periode berjalan, Entitas dan Entitas Anak                     In the current period, the Entity’s and Subsidiary has
         telah menerapkan standar akuntansi keuangan                          adopted all of the new and revised financial
         (“SAK”) dan intrepretasi standar akuntansi                           accounting standards (SAK) and interpretation to
         keuangan (“ISAK”) baru dan revisi termasuk                           financial accounting standards (ISAK) including
         pengesahan amandemen dan penyesuaian tahunan                         amendment and annual improvements issued by the
         yang dikeluarkan oleh Dewan Standar Akuntansi                        Board of Financial Accounting Standards of the
         Keuangan Ikatan Akuntan Indonesia yang dianggap                      Indonesian Institute of Accountants that are relevant
         relevan dengan kegiatan operasinya dan                               to their operations and affected to the consolidated
         mempengaruhi laporan keuangan konsolidasian                          financial statements effective for accounting period
         berlaku efektif untuk periode tahun buku yang                        beginning on or after January 1, 2023.
         dimulai pada atau setelah 1 Januari 2023.

         SAK dan ISAK baru dan revisi termasuk                                New and revised SAK and ISAK including
         pengesahan amandemen dan penyesuaian tahunan                         amendments and annual improvements effective in
         yang berlaku efektif dalam periode berjalan adalah                   the current period are as follows:
         sebagai berikut:

         -   Amendemen PSAK 1: Amendemen PSAK 1                               -   Amendment to PSAK 1: Amendment to PSAK 1
             mengubah     istilah   “signifikan” menjadi                          changes the term “significant” to “material”
             “material” dan memberi penjelasan mengenai                           and provides an explanation of material
             kebijakan akuntansi material.                                        accounting policies.

         -   Amandemen PSAK 1: Penyajian Laporan                              -   Amendment to PSAK 1: Presentation of
             Keuangan tentang Klasifikasi Liabilitas Jangka                       Financial Statements on Classification of
             Pendek atau Jangka Panjang. Amandemen                                Liabilities as Short-Term or Long-Term. The
             tersebut memperjelas salah satu kriteria dalam                       amendment clarifies one of the criteria in
             mengklasifikasikan suatu liabilitas sebagai                          classifying a liability as long-term, namely
             jangka panjang, yaitu mensyaratkan entitas                           requiring an entity to have the right to defer
             memiliki hak untuk menunda penyelesaian                              settlement of the liability for at least 12 months
             liabilitas setidaknya selama 12 bulan setelah                        after the reporting period.
             periode pelaporan.

         -   Amandemen PSAK 16: Aset Tetap tentang Hasil                      -   Amendment to PSAK 16: Property, Plant and
             Sebelum Penggunaan yang Diintensikan.                                Equipment on Proceeds Before Intended Use.

         -   Amendemen PSAK 25 memberi definisi baru                          -   Amendment to PSAK 25 provides a new
             dari "estimasi akuntansi" dan penjelasannya.                         definition of "accounting estimates" and
                                                                                  explanations.

         -   Amendemen PSAK 46: Pajak Penghasilan                             -   Amendment to PSAK 46: Income Taxes tentang
             tentang Pajak Tangguhan Terkait Aset dan                             Deferred Tax related to Assets and Liabilities
             Liabilitas yang Timbul dalam Satu Transaksi.                         arising from a Single Transaction.




                                                              14
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
2.   PENERAPAN    PERNYATAAN   STANDAR                               2.     ADOPTION OF NEW AND REVISED STATEMENTS
     AKUNTANSI KEUANGAN (“PSAK”) DAN                                        OF FINANCIAL ACCOUNTING STANDARDS
     INTERPRETASI   STANDAR  AKUNTANSI                                      (“PSAK”) AND INTERPRETATION TO FINANCIAL
     KEUANGAN (“ISAK”) BARU DAN REVISI-                                     ACCOUNTING STANDARDS (“ISAK”)-Continued
     Lanjutan

     b. Standar (SAK) dan Interpretasi Standar                              b. Standards (SAKs) and Interpretation to Financial
        Akuntansi Keuangan (ISAK) yang Diterbitkan                             Accounting Standards (ISAKs) Issued but not
        Namun Belum Berlaku Efektif Dalam Periode                              Effective in the Current Period
        Berjalan

         -   Amendemen PSAK 1 tentang Penyajian Laporan                         -   Amendment to PSAK 1 concerning Presentation
             Keuangan terkait liabilitas jangka panjang                             of Financial Statements related to long-term
             dengan kovenan. Amandemen ini berlaku efektif                          liabilities with covenants. This amendment is
             untuk periode pelaporan tahunan yang dimulai                           effective for the annual reporting period
             pada atau setelah tanggal 1 Januari 2024 dengan                        beginning on or after January 1, 2024 with early
             penerapan dini diperbolehkan.                                          application permitted.

         -   Amendemen PSAK 73 tentang Sewa mengenai                            -   Amendment to PSAK 73 concerning Leases
             liabilitas sewa dalam transaksi jual dan sewa                          regarding lease liabilities in a sale and
             kembali. Amendemen ini berlaku efektif untuk                           leaseback. This amendment is effective for the
             periode pelaporan tahunan yang dimulai pada                            annual reporting period beginning on or after
             atau setelah tanggal 1 Januari 2024 dengan                             January 1, 2024 with early application
             penerapan dini diperbolehkan.                                          permitted.

         -   PSAK 74 memperkenalkan Pendekatan Block                            -   PSAK 74 introduces the Block Building
             Building, yang dimodifikasi untuk kontrak                              Approach, which is modified for insurance
             asuransi dengan fitur partisipasi langsung, yang                       contracts with direct participation features,
             digambarkan sebagai Pendekatan Biaya                                   described as a Variable Fee Approach. There is
             Variabel. Terdapat penyederhanaan jika kriteria                        simplification if certain criteria are met by using
             tertentu terpenuhi dengan menggunakan                                  the Premium Allocation Approach. This PSAK
             Pendekatan Alokasi Premi. PSAK 74 ini berlaku                          74 is effective for the annual reporting period
             efektif untuk periode pelaporan tahunan yang                           beginning on or after January 1, 2025 with early
             dimulai pada atau setelah tanggal 1 Januari 2025                       application permitted.
             dengan penerapan dini diperbolehkan.

         -   Amendemen PSAK 74: Kontrak Asuransi –                              -   Amendment to PSAK 74 – Insurance Contracts –
             Penerapan Awal PSAK 74 dan PSAK 71-                                    Initial Application of PSAK 74 and PSAK 71 –
             Informasi Komparatif, berlaku efektif ketika                           Comparative Information, effective when the
             entitas pertama kali menerapkan PSAK 74.                               entity first applies PSAK 74.

         Beberapa dari SAK dan ISAK termasuk amandemen                          Several SAKs and ISAKs including amendments and
         dan peyesuaian tahunan yang berlaku dalam tahun                        annual improvements that became effective in the
         berjalan dan relevan dengan kegiatan Entitas dan                       current year and are relevant to the Entity’s and
         Entitas Anak telah diterapkan sebagaimana                              Subsidiary’s operation have been adopted as
         dijelaskan dalam “Informasi Kebijakan Akuntansi                        disclosed in the “Material Accounting Polices
         Material”.                                                             Information”.

         Beberapa SAK dan ISAK lainnya yang tidak relevan                       Other SAKs and ISAKs that are not relevant to the
         dengan kegiatan Entitas dan Entitas Anak atau                          Entity’s and Subsidiary’s operation or might affect
         mungkin      akan     mempengaruhi        kebijakan                    the accounting policies in the future are being
         akuntansinya dimasa depan sedang dievaluasi oleh                       evaluated by the management the potential impact
         manajemen potensi dampak yang mungkin timbul                           that might arise from the adoption of these standards
         dari penerapan standar-standar ini terhadap laporan                    to the consolidated financial statements.
         keuangan konsolidasian.




                                                                15
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI           KEBIJAKAN             AKUNTANSI              3.     MATERIAL             ACCOUNTING                POLICIES
     MATERIAL                                                                INFORMATION

     Kebijakan akuntansi diterapkan secara konsisten dalam                   The accounting policies have been applied consistently in
     penyajian laporan keuangan konsolidasian kecuali bagi                   the preparation of consolidated financial statements
     penerapan beberapa SAK yang telah direvisi dan berlaku                  except for the adoption of several new and revised SAKs
     efektif sejak tanggal 1 Januari 2023, yaitu sebagai                     and ISAKs that effective on or after January 1, 2023, as
     berikut:                                                                follows:

     a. Pernyataan Kepatuhan                                                 a. Statement of Compliance

         Laporan keuangan telah disusun dan disajikan sesuai                     The financial statements have been prepared and
         dengan SAK, yang mencakup Pernyataan dan                                presented in accordance with SAK, which comprises
         Interpretasi yang diterbitkan oleh Dewan Standar                        the Statements and Interpretations issued by the
         Akuntansi Keuangan Ikatan Akuntan Indonesia,                            Board of Financial Accounting Standards of the
         termasuk standar baru dan yang direvisi,                                Indonesian Institute of Accountants, including
         amandemen dan penyesuaian tahunan, yang berlaku                         applicable new and revised standards, amendments
         efektif sejak tanggal 1 Januari 2023 serta Lampiran                     and annual improvements, effective on or after
         Keputusan Ketua Badan Pengawasan Pasar Modal                            January 1, 2023 and Attachment to the Decision of
         dan Lembaga Keuangan (sekarang menjadi Otoritas                         the Chairman of Bapepam – LK (now becoming
         Jasa Keuangan atau OJK) No. Kep-347/BL/2012                             Indonesian Financial Services Authority or OJK) No.
         tanggal 25 Juni 2012 yaitu Peraturan No.VIII.G.7                        Kep-347/BL/2012 dated June 25, 2012 that is
         tentang Penyajian dan Pengungkapan Laporan                              Regulation No.VIII.G.7 regarding Presentation and
         Keuangan yang diterbitkan oleh Otoritas Jasa                            Disclosures of the Financial Statements issued by the
         Keuangan (OJK) (dahulu Badan Pengawas Pasar                             Financial Services Authority (OJK) (formerly
         Modal dan Lembaga Keuangan (BAPEPAM-LK))                                Capital Market and Financial Institutions
         untuk perusahaan publik.                                                Supervisory Agency (BAPEPAM-LK)) for publicly
                                                                                 listed companies.

     b. Dasar     Penyusunan         Laporan       Keuangan                a. b. Basis of Preparation of Consolidated Financial
        Konsolidasian                                                            Statements

         Laporan keuangan konsolidasian disusun sesuai                           The consolidated financial statements are prepared
         dengan PSAK 1 (Revisi 2013) “Penyajian Laporan                          in accordance with PSAK 1 (Revised 2013)
         Keuangan”, termasuk PSAK 1 (Amendemen 2015),                            “Presentation of Financial Statements” including
         “Penyajian Laporan Keuangan tentang Prakarsa                            PSAK 1 (Amendment 2015) “Presentation of
         Pengukapan”. PSAK revisi ini mengubah                                   Financial Statements on Initiative Disclosures”. This
         pengelompokkan item-item yang disajikan dalam                           revised PSAK changes the grouping of items
         penghasilan komprehensif lain (OCI). Item-item                          presented in OCI. Items that could be reclassified to
         yang akan direklasifikasi ke laba rugi akan disajikan                   profit or loss would be presented separately from
         terpisah dari item-item yang tidak akan                                 items that will never be reclassified. The adoption of
         direklasifikasi ke laba rugi. Penerapan PSAK ini                        this PSAK affects presentation only and has no
         hanya berakibat pada penyajian saja dan tidak                           impact on the Entity’s and Subsidiary’s financial
         berdampak pada posisi keuangan dan kinerja Entitas                      position or performance.
         dan Entitas Anak.

         Laporan      keuangan      konsolidasian    disusun                     The consolidated financial statements have been
         berdasarkan asumsi kelangsungan usaha serta atas                        prepared on the assumption of going concern and
         dasar akrual, kecuali laporan arus kas konsolidasian                    accrual basis except for consolidated statements of
         yang menggunakan dasar kas.                                             cash flows using cash basis.

         Dasar pengukuran dalam penyusunan laporan                               The measurement in the preparation of consolidated
         keuangan konsolidasian ini adalah konsep biaya                          financial statements is historical cost concept, except
         perolehan (historical cost), kecuali untuk beberapa                     for certain accounts which are measured on the basis
         akun tertentu yang didasarkan pengukuran lain                           described in the related accounting policies of
         sebagaimana yang diungkapkan pada kebijakan                             respective account.
         akuntansi dalam masing-masing akun tersebut.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                   AKUNTANSI              3.     MATERIAL       ACCOUNTING                        POLICIES
     MATERIAL - Lanjutan                                                     INFORMATION - Continued

     b. Dasar     Penyusunan         Laporan       Keuangan                b. b. Basis of Preparation of Consolidated Financial
        Konsolidasian – Lanjutan                                                 Statements – Continued

         Laporan arus kas konsolidasian disusun dengan                           The consolidated statements of cash flows, which
         menggunakan metode langsung (direct method)                             have been prepared using the direct method, present
         dengan mengelompokkan arus kas dalam aktivitas                          cash receipts and payments classified into operating,
         operasi, investasi dan pendanaan.                                       investing and financing activities.

         Mata uang pelaporan yang digunakan dalam laporan                        The reporting currency used in the preparation of the
         keuangan konsolidasian adalah Rupiah (Rp) yang                          consolidated financial statements is Rupiah (Rp)
         juga merupakan mata uang fungsional Entitas dan                         which also represents functional currency of the
         Entitas Anak.                                                           Entity’s and Subsidiary.

         Ketika entitas menerapkan suatu kebijakan                               When the entity adopts accounting policy
         akuntansi secara restrospektif atau membuat                             retrospectively or restates items in its financial
         penyajian kembali pos-pos laporan keuangan atau                         statements or the entity reclassifies the items in its
         ketika entitas mereklasifikasi pos-pos dalam laporan                    financial statements, the statement of financial
         keuangannya maka entitas menyajikan kembali                             position at the beginning of comparative period is
         laporan posisi keuangan pada awal periode                               presented.
         komparatif yang disajikan.

     c. Prinsip-prinsip Konsolidasian                                        c. Principles of Consolidation

         Sesuai dengan PSAK No. 65, mengenai “Laporan                            According to PSAK No. 65, regarding “Consolidated
         Keuangan Konsolidasian”, definisi Entitas Anak                          Financial Statements” Subsidiary is defined as all
         adalah semua Entitas (termasuk entitas terstruktur)                     entities (including structured entities) over which the
         dimana Entitas memiliki pengendalian.                                   Entity has control.

         Dengan demikian, Entitas mengendalikan Entitas                          Thus, the Entity controls the Subsidiary if and only if
         Anak jika dan hanya jika Entitas memiliki seluruh                       the Entity has all of the following:
         hal berikut ini:
         - Kekuasaan atas Entitas Anak;                                          -   Has power over the Subsidiary;
         - Ekposur atau hak atas imbal hasil variabel dari                       -   Is exposed or has rights to variable returns from
             keterlibatannya dengan Entitas Anak; dan                                its involvement with Subsidiary; and
         - Kemampuan untuk menggunakan kekuasaannya                              -   Has the ability to use its power to affect its
             atas Entitas Anak untuk mempengaruhi jumlah                             returns.
             imbal hasil Entitas Anak.

         Entitas    menilai      kembali    apakah     Entitas                   The Entity re-assesses whether or not it controls an
         mengendalikan investee jika fakta dan keadaan                           investee if facts and circumstances indicate that there
         mengindikasikan adanya perubahan terhadap satu                          are changes to one or more of the three elements of
         atau lebih dari tiga elemen pengendalian. Ketika hak                    control. When the Entity has less than a majority of
         suara Entitas atas investee kurang dari mayoritas,                      the voting rights of an investee, it has power over the
         Entitas memiliki kekuasaan atas investee ketika hak                     investee when the voting rights are sufficient to give
         suara-nya secara sepihak mempunyai kemampuan                            it the practical ability to direct the relevant activities
         praktikal dalam mengarahkan kegiatan relevan dari                       of the investee unilaterally. The Entity considers all
         investee. Entitas mempertimbangkan seluruh fakta                        relevant facts and circumstances in assessing
         dan keadaan yang relevan dalam menilai apakah hak                       whether or not the Entity’s voting rights in an
         suara Entitas atas investee cukup untuk memberinya                      investee are sufficient to give it power, including:
         wewenang, termasuk:

         a) Ukuran kepemilikan hak suara Entitas                                 a) The size of the Entity’s holding of voting rights
            sehubungan dengan ukuran dan sebaran                                    relative to the size and dispersion of holdings of
            pemegang suara lainnya;                                                 the other vote holders;
         b) Hak suara potensial yang dimiliki oleh Entitas,                      b) Potential voting rights held by the Entity, other
            pemegang suara lainnya atau pihak lainnya;                              vote holders or other parties;
         c) Hak yang timbul dari perjanjian kontrak lainnya,                     c) Right arising         from other contractual
            dan                                                                     arrangements; and



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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                   AKUNTANSI              3.     MATERIAL       ACCOUNTING                     POLICIES
     MATERIAL - Lanjutan                                                     INFORMATION - Continued

     c.   Prinsip-prinsip Konsolidasian - Lanjutan                           c. Principles of Consolidation - Continued

          d) Fakta    dan   keadaan    tambahan    yang                          d) Any additional facts and circumstances that
             mengindikasikan bahwa saat ini Entitas                                 indicate that the Entity has, or does not have, the
             memiliki atau tidak memiliki kemampuan                                 current ability to direct the relevant activities at
             mengarahkan kegiatan yang relevan pada saat                            the time that decisions need to be made, including
             keputusan harus diambil, termasuk pola                                 voting patterns at previous shareholders
             pemungutan suara pada pertemuan pemegang                               meetings.
             saham sebelumnya.

          Konsolidasian atas Entitas Anak dimulai sejak                          Consolidation of a subsidiary begins when the Entity
          tanggal memperoleh pengendalian atas Entitas Anak                      obtains control over the subsidiary and ceases when
          dan berakhir ketika kehilangan pengendalian atas                       the Entity loses control of the subsidiary. Income and
          Entitas Anak. Penghasilan dan beban Entitas Anak                       expenses of subsidiary acquired or diposed of during
          dimasukkan atau dilepaskan selama tahun berjalan                       the year are included in the profit or loss from the
          dalam laba rugi dari tanggal diperolehnya                              date the Entity gains control until the date the Entity
          pengendalian sampai dengan tanggal ketika Entitas                      ceases to control the Subsidiary.
          kehilangan pengendalian atas Entitas Anak.

          Kepentingan non pengendali disajikan di ekuitas                        Non-controlling interests in subsidiary are presented
          dalam laporan posisi keuangan konsolidasian,                           in the consolidated statements of financial position
          terpisah dari ekuitas pemilik Entitas.                                 separately from the equity attributable to equity
                                                                                 owners of the Equity.

          Laba rugi dan setiap komponen dari penghasilan                         Profit or loss and each component of other
          komprehensif lain diatribusikan kepada pemilik                         comprehensive income are attributed to owners of the
          Entitas Induk dan kepentingan non pengendali,                          parent and to the non-controlling interests, even if
          meskipun hal tersebut mengakibatkan kepentingan                        this results in the non-controlling interests having a
          non pengendali memiliki saldo defisit.                                 deficit balance.

          Jika diperlukan, dilakukan penyesuaian atas laporan                    When necessary, adjustments are made to the
          keuangan Entitas Anak guna memastikan                                  financial statements of subsidiary to bring their
          keseragaman dengan kebijakan akuntansi Entitas                         accounting policies into line with the Entity’s and
          dan Entitas Anak. Mengeliminasi secara penuh aset                      Subsidiary’s accounting policies. All intra-group
          dan liabilitas, penghasilan, beban, dan arus kas                       assets and liabilities, equity, income, expenses and
          dalam Entitas dan Entitas Anak terkait dengan                          cash flows relating to transactions between members
          transaksi antar Entitas dan Entitas Anak.                              of the Entity and Subsidiary are eliminated in full on
                                                                                 consolidation.

     d.   Kas dan Bank                                                 d.    d. Cash on Hand and in Banks

          Sesuai dengan PSAK No. 2, mengenai “Laporan                            According to PSAK No. 2, regarding “Statements of
          Arus Kas”, kas dan setara kas terdiri dari kas, bank                   Cash Flows”, cash on hand and in banks consist of
          dan deposito berjangka dengan jangka waktu 3 (tiga)                    cash on hand, cash in bank, and time deposits with
          bulan atau kurang sejak tanggal penempatannya                          maturity period of 3 (three) months or less from the
          serta dapat segera dijadikan kas tanpa terjadi                         date of placement and can be cash soon without
          perubahan nilai yang signifikan. Kas dan setara kas                    significant value changes. Cash and cash equivalents
          tidak digunakan sebagai jaminan atas liabilitas dan                    are not pledged as collaterals for liabilities and
          pinjaman lainnya dan tidak dibatasi penggunaannya.                     others loans and not restricted.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI              3.     MATERIAL       ACCOUNTING                      POLICIES
     MATERIAL - Lanjutan                                                    INFORMATION - Continued

     e.   Instrumen Keuangan                                              b. e. Financial Instruments

          (1) Aset keuangan                                                     (1) Financial Assets

          Pengakuan dan Pengukuran Awal                                         Initial Recognition and Measurement

          Aset keuangan diakui pada posisi keuangan ketika                      Financial assets are recognized on the financial
          entitas menjadi pihak dalam penyediaan instrumen                      position when the entity becomes a party to the
          secara kontraktual. Semua aset keuangan diakui dan                    contractual provision of the instrument. All financial
          dihentikan pengakuannya berdasarkan tanggal                           assets are recognized and de-recognized on a trade
          perdagangan di mana pembelian atau penjualan aset                     date basis where the purchase or sale of financial
          keuangan dilakukan berdasarkan kontrak yang                           assets is under a contract whose terms require
          persyaratannya mengharuskan penyerahan aset                           delivery of assets within the time frame established by
          dalam jangka waktu yang ditetapkan oleh pasar yang                    the market concerned
          bersangkutan.

          Aset keuangan pada awalnya diukur pada nilai                          Financial assets are initially measured at fair value,
          wajar, dalam hal investasi tidak diklasifikasikan                     in the case of investments not classified as FVTPL,
          sebagai FVTPL, nilai wajar ditambah biaya transaksi                   fair value plus transaction costs that are directly
          yang dapat diatribusikan secara langsung dengan                       attributable to the acquisition or issuance of financial
          akuisisi atau penerbitan aset keuangan.                               assets.

          Semua aset keuangan yang diakui kemudian diukur                       All recognized financial assets are subsequently
          secara keseluruhan pada biaya perolehan                               measured in their entirety at either amortized cost or
          diamortisasi atau nilai wajar, tergantung pada                        fair value, depending on the classification of the
          klasifikasi aset keuangan tersebut.                                   financial assets.

          Pengukuran Selanjutnya                                                Subsequent Measurement

          Instrumen utang yang memenuhi kondisi berikut                         Debt instruments that meet the following conditions
          diukur pada biaya perolehan diamortisasi:                             are subsequently measured at amortized cost:
          - aset keuangan dimiliki dalam model bisnis yang                      - the financial asset is held within a business model
              bertujuan untuk memiliki aset keuangan untuk                         whose objective is to hold financial assets in order
              mengumpulkan arus kas kontraktual; dan                               to collect contractual cash flows; and
          - Persyaratan kontraktual dari aset keuangan                          - the contractual terms of the financial asset give
              menimbulkan arus kas pada tanggal tertentu yang                      rise on specified dates to cash flows that are solely
              hanya merupakan pembayaran pokok dan bunga                           payments of principal and interest on the principal
              dari jumlah pokok terutang.                                          amount outstanding.

          Instrumen utang yang memenuhi ketentuan berikut                       Debt instruments that meet the following conditions
          ini selanjutnya diukur pada nilai wajar melalui                       are subsequently measured at fair value through
          penghasilan komprehensif lain (FVOCI):                                other comprehensive income (FVOCI):

          - aset keuangan dimiliki dalam model bisnis yang                      - the financial asset is held within a business model
            tujuannya dicapai dengan mengumpulkan arus                            whose objective is achieved by both collecting
            kas kontraktual dan menjual aset keuangan; dan                        contractual cash flows and selling the financial
                                                                                  assets; and
          - Persyaratan kontraktual dari aset keuangan                          - the contractual terms of the financial asset give
            menimbulkan arus kas pada tanggal tertentu yang                       rise on specified dates to cash flows that are solely
            hanya merupakan pembayaran pokok dan bunga                            payments of principal and interest on the principal
            dari jumlah pokok terutang.                                           amount outstanding.

          Semua aset keuangan lain yang tidak                                   All other financial assets that are not classified as
          diklasifikasikan     sebagai     biaya    perolehan                   amortized cost or FVOCI are subsequently measured
          diamortisasi atau FVOCI selanjutnya diukur pada                       at fair value through profit or loss (FVTPL).
          nilai wajar melalui laporan laba rugi (FVTPL).




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI              3.     MATERIAL       ACCOUNTING                    POLICIES
     MATERIAL - Lanjutan                                                    INFORMATION - Continued

     e. Instrumen Keuangan (Lanjutan)                                     c. e. Financial Instruments (Continued)

         (1) Aset keuangan - Lanjutan                                           (1) Financial assets - Continued

         Pengukuran Selanjutnya - Lanjutan                                     Subsequent Measurement – Continued

         Entitas dan Entitas Anak dapat membuat penetapan                       The Entity’s and Subsidiary may make the following
         yang tidak dapat dibatalkan berikut ini pada                           irrevocable designation at initial recognition of a
         pengakuan awal aset keuangan:                                          financial asset:
         - Entitas dan Entitas Anak dapat memilih yang                          - the Group may irrevocably elect to present
            tidak dapat dibatalkan untuk menyajikan                                subsequent changes in fair value of an equity
            perubahan berikutnya dalam nilai wajar dari                            investment in other comprehensive income (no
            investasi ekuitas dalam pendapatan komprehensif                        recycling) if meet certain criteria; and
            lain (tanpa klasifikasi kembali) jika memenuhi
            kriteria tertentu; dan
         - Entitas dan Entitas Anak dapat menetapkan                            - the Entity’s and Subsidiary may irrevocably
            investasi utang yang tidak dapat dibatalkan yang                      designate a debt investment that meets the
            memenuhi biaya diamortisasi atau kriteria FVOCI                       amortized cost or FVOCI criteria as measured at
            sebagai yang diukur pada FVTPL jika tindakan                          FVTPL if doing so eliminates or significantly
            tersebut menghilangkan atau secara signifikan                         reduces an accounting mismatch.
            mengurangi inkonsistensi akuntansi.

         Dalam tahun berjalan, Entitas dan Entitas Anak tidak                   In the current year, the Entity’s and Subsidiary has
         ada penetapan investasi utang yang memenuhi biaya                      neither designated any debt investments that meet the
         diamortisasi atau kriteria FVOCI sebagai yang                          amortized cost or FVOCI criteria as measured at
         diukur pada FVTPL maupun investasi ekuitas                             FVTPL nor any equity investment as FVOCI.
         sebagai FVOCI.

         Biaya Perolehan Diamortisasi dan Metode Bunga                         Amortized Cost and Effective Interest Method
         Efektif

         Biaya perolehan diamortisasi dari aset keuangan                       The amortized cost of a financial asset is the amount
         adalah jumlah di mana aset keuangan diukur pada                       at which the financial asset is measured at initial
         pengakuan awal dikurangi pembayaran pokok,                            recognition minus the principal repayments, plus the
         ditambah       amortisasi      kumulatif     dengan                   cumulative amortization using the effective interest
         menggunakan metode suku bunga efektif dari setiap                     method of any difference between that initial amount
         perbedaan antara jumlah awal dan jumlah jatuh                         and the maturity amount, adjusted for any loss
         tempo, disesuaikan dengan penyisiahn kerugian. Di                     allowance. On the other hand, the gross carrying
         sisi lain, jumlah tercatat bruto dari aset keuangan                   amount of a financial asset is the amortized cost of a
         adalah biaya perolehan diamortisasi dari aset                         financial asset before adjusting for any loss
         keuangan sebelum disesuaikan dengan penyisihan                        allowance.
         kerugian.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI              3.     MATERIAL       ACCOUNTING                       POLICIES
     MATERIAL - Lanjutan                                                    INFORMATION - Continued

     e. Instrumen Keuangan (Lanjutan)                                     d. e. Financial Instruments (Continued)

         (1) Aset keuangan - Lanjutan                                          (1) Financial assets - Continued

         Pengukuran Selanjutnya - Lanjutan                                     Subsequent Measurement – Continued

         Biaya Perolehan Diamortisasi dan Metode Bunga                         Amortized Cost and Effective Interest Method -
         Efektif – Lanjutan                                                    Continued

         Pendapatan bunga diakui dengan menggunakan                            Interest income is recognized using the effective
         metode suku bunga efektif untuk instrumen utang                       interest method for debt instruments measured
         yang diukur kemudian pada biaya perolehan                             subsequently at amortized cost and at FVOCI. For
         diamortisasi dan pada FVOCI. Untuk instrumen                          financial instruments other than purchased or
         keuangan selain yang dibeli atau yang berasal dari                    originated credit-impaired financial assets, interest
         aset keuangan memburuk, pendapatan bunga                              income is calculated by applying the effective interest
         dihitung dengan menggunakan suku bunga efektif                        rate to the gross carrying amount of a financial asset
         terhadap jumlah tercatat bruto dari aset keuangan                     (gross basis), except for financial assets that have
         (basis bruto), kecuali untuk aset keuangan yang                       subsequently become credit-impaired. For financial
         kemudian mengalami penurunan nilai kredit. Untuk                      assets that have subsequently become credit-
         aset keuangan yang kemudian mengalami                                 impaired, interest income is recognized by applying
         penurunan nilai kredit, pendapatan bunga diakui                       the effective interest rate to the amortized cost of the
         dengan menerapkan suku bunga efektif pada biaya                       financial asset. If, in subsequent reporting periods, the
         perolehan diamortisasi dari aset keuangan tersebut.                   credit risk on the credit-impaired financial instrument
         Jika, pada periode pelaporan berikutnya, risiko                       improves so that the financial asset is no longer
         kredit atas instrumen keuangan yang mengalami                         credit-impaired, interest income is recognized by
         penurunan nilai kredit meningkat sehingga aset                        applying the effective interest rate to the gross
         keuangan tidak lagi mengalami penurunan nilai                         carrying amount of the financial asset.
         kredit, maka pendapatan bunga diakui dengan
         menerapkan suku bunga efektif terhadap nilai
         tercatat bruto aset keuangan.

         Metode suku bunga efektif adalah metode yang                          The effective interest method is a method of
         digunakan untuk menghitung biaya perolehan                            calculating the amortized cost of a debt instrument
         diamortisasi dari instrumen utang dan metode untuk                    and of allocating interest income over the relevant
         mengalokasikan pendapatan bunga selama periode                        period.
         yang relevan.

         Untuk instrumen keuangan selain yang dibeli atau                      For financial instruments other than purchased or
         yang berasal dari aset keuangan memburuk (yaitu                       originated credit-impaired financial assets (i.e. assets
         aset yang mengalami penurunan nilai kredit pada                       that are credit-impaired on initial recognition), the
         pengakuan awal), suku bunga efektif adalah suku                       effective interest rate is the rate that exactly discounts
         bunga yang secara tepat mendiskontokan estimasi                       estimated future cash receipts (including all fees and
         penerimaan kas masa depan (termasuk semua biaya                       points paid or received that form an integral part of
         dan poin yang dibayarkan atau diterima merupakan                      the effective interest rate, transaction costs and other
         bagian yang tidak terpisahkan dari suku bunga                         premiums or discounts) excluding expected credit
         efektif, biaya transaksi dan premi atau diskon                        losses, through the expected life of the debt
         lainnya) tidak termasuk kerugian kredit yang                          instrument, or, where appropriate, a shorter period,
         diharapkan, selama perkiraan umur dari instrumen                      to the gross carrying amount of the debt instrument on
         utang, atau, jika sesuai, periode yang lebih pendek,                  initial recognition.
         ke jumlah tercatat bruto dari instrumen hutang pada
         pengenalan awal.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                  (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI             3.     MATERIAL      ACCOUNTING                     POLICIES
     MATERIAL - Lanjutan                                                   INFORMATION - Continued

     e. Instrumen Keuangan - Lanjutan                                    e. e. Financial Instruments - Continued

         (1) Aset keuangan - Lanjutan                                         (1) Financial assets - Continued

         Pengukuran Selanjutnya - Lanjutan                                    Subsequent Measurement – Continued

         Biaya Perolehan Diamortisasi dan Metode Bunga                        Amortized Cost and Effective Interest Method -
         Efektif – Lanjutan                                                   Continued

         Untuk aset keuangan yang dibeli atau yang berasal                    For purchased or originated credit-impaired
         dari aset keuangan memburuk, Entitas dan Entitas                     financial assets, the Entity’s and Subsidiary
         Anak mengakui pendapatan bunga dengan                                recognizes interest income by applying the credit-
         menerapkan suku bunga efektif yang disesuaikan                       adjusted effective interest rate to the amortized cost
         dengan kredit ke biaya perolehan diamortisasi dari                   of the financial asset from initial recognition. The
         aset keuangan tersebut sejak pengakuan awal.                         calculation does not revert to the gross basis even if
         Penghitungan tidak kembali ke basis bruto meskipun                   the credit risk of the financial asset subsequently
         risiko kredit dari aset keuangan kemudian membaik                    improves so that the financial asset is no longer
         sehingga aset keuangan tidak lagi memburuk.                          credit-impaired.

         Pendapatan bunga diakui dalam laporan laba rugi                      Interest income is recognized in profit or loss and is
         dan dimasukkan dalam item baris "Pendapatan                          included in the "Finance Income – Interest Income"
         Keuangan - Pendapatan Bunga".                                        line item.

         Investasi dalam Instrumen           Utang    Yang                    Investment in Debt Instruments Classified as at
         Diklasifikasikan sebagai FVOCI                                       FVOCI

         Instrumen utang pada awalnya diukur pada nilai                       The debt instruments are initially measured at fair
         wajar ditambah biaya transaksi. Selanjutnya,                         value plus transaction costs. Subsequently, changes
         perubahan nilai tercatat instrumen utang sebagai                     in the carrying amount of the debt instruments as a
         akibat dari keuntungan dan kerugian selisih kurs,                    result of foreign exchange gains and losses,
         keuntungan atau kerugian penurunan nilai, dan                        impairment gains or losses, and interest income
         pendapatan bunga yang dihitung dengan                                calculated using the effective interest method are
         menggunakan metode suku bunga efektif, diakui                        recognized in profit or loss. The amounts that are
         dalam laporan laba rugi. Jumlah yang diakui dalam                    recognized in profit or loss are the same as the
         laba rugi sama dengan jumlah yang akan diakui                        amounts that would have been recognized in profit or
         dalam laporan laba rugi jika aset keuangan tersebut                  loss if these financial assets had been measured at
         diukur dengan biaya perolehan diamortisasi. Semua                    amortized cost. All other changes in the carrying
         perubahan lain dalam nilai tercatat dari aset                        amount of these financial assets are recognized in
         keuangan tersebut diakui dalam penghasilan                           other comprehensive income and accumulated under
         komprehensif lain dan diakumulasi dalam akun                         the heading of investments revaluation reserve. When
         cadangan revaluasi investasi. Ketika aset keuangan                   these financial assets are derecognized, the
         ini dihentikan pengakuannya, keuntungan atau                         cumulative gains or losses previously recognized in
         kerugian kumulatif yang sebelumnya diakui dalam                      other comprehensive income are reclassified to profit
         penghasilan komprehensif lain akan direklasifikasi                   or loss.
         ke laba rugi.

         Investasi dalam Instrumen          Ekuitas   Yang                    Investment in Equity Instruments Designated as at
         Ditetapkan pada FVOCI                                                FVOCI

         Pada pengakuan awal, Entitas dan Entitas Anak                        On initial recognition, the Entity’s and Subsidiary
         dapat membuat pemilihan yang tidak dapat                             may make an irrevocable election (on an instrument-
         dibatalkan (atas dasar instrumen per instrumen)                      by-instrument basis) to designate investments in
         untuk menetapkan investasi pada instrumen ekuitas                    equity instruments as at FVOCI. Designation at
         sebagai pada FVOCI. Penetapan FVOCI tidak                            FVOCI is neither permitted if the equity investment is
         diperkenankan jika investasi ekuitas dimiliki untuk                  held for trading nor if it is contingent consideration
         diperdagangkan atau jika merupakan imbalan                           recognized by an acquirer in a business combination
         kontinjensi yang diakui oleh pihak pengakuisisi                      to which PSAK 22 applies.
         dalam kombinasi bisnis yang menerapkan PSAK 22.



                                                               22
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI               3.     MATERIAL       ACCOUNTING                     POLICIES
     MATERIAL - Lanjutan                                                     INFORMATION - Continued

     e. Instrumen Keuangan - Lanjutan                                      f. e. Financial Instruments - Continued

         (1) Aset keuangan - Lanjutan                                           (1) Financial assets - Continued

         Pengukuran Selanjutnya - Lanjutan                                      Subsequent Measurement – Continued

         Investasi dalam Instrumen Ekuitas              Yang                    Investment in Equity Instruments Designated as at
         Ditetapkan pada FVOCI – Lanjutan                                       FVOCI – Continued

         Aset keuangan disimpan untuk diperdagangkan jika:                      A financial asset is held for trading if:
         - diakuisisi terutama untuk tujuan menjualnya                          - it has been acquired principally for the purpose of
           dalam waktu dekat; atau                                                  selling it in the near term; or
         - pada pengakuan awal, ini merupakan bagian dari                       - on initial recognition it is part of a portfolio of
           portofolio instrumen keuangan teridentifikasi                            identified financial instruments that the Entity’s
           yang dikelola bersama oleh Entitas dan Entitas                           and Subsidiary manages together and has
           Anak dan memiliki bukti pola pengambilan laba                            evidence of a recent actual pattern of short-term
           jangka pendek aktual terkini; atau                                       profit-taking; or
         - merupakan derivatif (kecuali untuk derivatif yang                    - it is a derivative (except for a derivative that is a
           merupakan kontrak jaminan keuangan atau                                  financial guarantee contract or a designated and
           instrumen lindung nilai yang ditetapkan dan                              effective hedging instrument).
           efektif).

         Investasi dalam instrumen ekuitas pada FVOCI pada                      Investments in equity instruments at FVOCI are
         awalnya diukur pada nilai wajar ditambah biaya                         initially measured at fair value plus transaction costs.
         transaksi. Selanjutnya, nilai wajar tersebut diukur                    Subsequently, they are measured at fair value with
         pada nilai wajar dengan keuntungan dan kerugian                        gains and losses arising from changes in fair value
         yang timbul dari perubahan nilai wajar diakui dalam                    recognized in other comprehensive income and
         penghasilan komprehensif lain dan diakumulasi                          accumulated in the investments revaluation reserve.
         dalam cadangan revaluasi investasi. Keuntungan                         The cumulative gain or loss will not be reclassified to
         atau kerugian kumulatif tidak akan direklasifikasi ke                  profit or loss on disposal of the equity investments,
         laba rugi atas pelepasan investasi ekuitas, melainkan                  instead, they will be transferred to retained earnings.
         akan ditransfer ke saldo laba.

         Pendapatan dividen dari investasi dalam instrumen                      Dividends income on these investments in equity
         ekuitas ini diakui dalam laporan laba rugi ketika hak                  instruments are recognized in profit or loss when the
         Entitas dan Entitas Anak untuk menerima dividen                        Entity’s and Subsidiary’s right to receive the
         ditetapkan, kecuali dividen tersebut secara jelas                      dividends is established, unless the dividends clearly
         merupakan pemulihan sebagian biaya investasi.                          represent a recovery of part of the cost of the
         Dividen disertakan dalam baris rincian "Pendapatan                     investment. Dividends are included in the “Finance
         Keuangan - Pendapatan Dividen" dalam laporan                           Income – Dividend Income” line item in profit or loss.
         laba rugi.

         Aset Keuangan pada FVTPL                                               Financial Assets at FVTPL

         Aset keuangan yang tidak memenuhi kriteria untuk                       Financial assets that do not meet the criteria for being
         diukur pada biaya perolehan diamortisasi atau                          measured at amortized cost or FVOCI are measured
         FVOCI diukur pada FVTPL.                                               at FVTPL.

         Secara khusus:                                                         Specifically:
         - Investasi pada instrumen ekuitas diklasifikasikan                    - Investments in equity instruments are classified as
            sebagai FVTPL, kecuali Entitas dan Entitas Anak                        at FVTPL, unless the Entity designates an equity
            menetapkan investasi ekuitas yang dimiliki untuk                       investment that is neither held for trading nor a
            tidak diperdagangkan atau imbalan kontinjensi                          contingent consideration arising from a business
            yang timbul dari kombinasi bisnis sebagai FVOCI                        combination as at FVOCI irrevocably on initial
            yang tidak dapat dibatalkan pada pengakuan awal.                       recognition.




                                                                 23
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI              3.     MATERIAL       ACCOUNTING                     POLICIES
     MATERIAL - Lanjutan                                                    INFORMATION - Continued

     e. Instrumen Keuangan - Lanjutan                                     g. e. Financial Instruments - Continued

         (1) Aset keuangan - Lanjutan                                          (1) Financial assets - Continued

         Pengukuran Selanjutnya - Lanjutan                                     Subsequent Measurement – Continued

         Aset Keuangan pada FVTPL – Lanjutan                                   Financial Assets at FVTPL – Continued

         - Instrumen utang yang tidak memenuhi kriteria                        -   Debt instruments that do not meet the amortized
           biaya perolehan diamortisasi atau kriteria FVOCI                        cost criteria or the FVOCI criteria are classified
           diklasifikasikan sebagai FVTPL. Selain itu,                             as at FVTPL. In addition, debt instruments that
           instrumen utang yang memenuhi kriteria biaya                            meet either the amortized cost criteria or the
           perolehan diamortisasi atau kriteria FVOCI dapat                        FVOCI criteria may be designated as at FVTPL
           ditetapkan sebagai FVTPL yang tidak dapat                               irrevocably upon initial recognition if such
           dibatalkan pada saat pengakuan awal jika                                designation eliminates or significantly reduces a
           penetapan tersebut menghilangkan atau secara                            measurement or recognition inconsistency that
           signifikan mengurangi inkonsistensi pengukuran                          would arise from measuring assets or liabilities or
           atau pengakuan yang akan timbul dari                                    recognizing the gains and losses on them on
           pengukuran aset atau liabilitas atau pengakuan                          different bases.
           keuntungan dan kerugian pada mereka atas dasar
           yang berbeda.

         Aset keuangan pada FVTPL diukur pada nilai wajar                      Financial assets at FVTPL are measured at fair value
         pada setiap tanggal pelaporan, dengan keuntungan                      as at each reporting date, with any fair value gains or
         atau kerugian nilai wajar diakui dalam laporan laba                   losses recognized in profit or loss to the extent they
         rugi sepanjang bukan merupakan bagian dari                            are not part of a designated hedging relationship. The
         hubungan lindung nilai yang ditentukan.                               net gain or loss recognized in profit or loss includes
         Keuntungan atau kerugian bersih yang diakui dalam                     any dividend or interest earned on the financial asset
         laporan laba rugi termasuk dividen atau bunga yang                    and is included in the “Other Gains and Losses” line
         diperoleh dari aset keuangan dan dimasukkan dalam                     item.
         item baris "Keuntungan dan Kerugian Lainnya".

         Keuntungan dan Kerugian Selisih Kurs                                  Foreign Exchange Gains and Losses

         Nilai tercatat aset keuangan dalam mata uang asing                    The carrying amount of financial assets that are
         ditentukan dalam mata uang asing tersebut dan                         denominated in a foreign currency is determined in
         dijabarkan dengan kurs spot pada setiap tanggal                       that foreign currency and translated at the spot rate
         pelaporan.                                                            as at each reporting date.

         Secara khusus,                                                        Specifically,
         - untuk aset keuangan yang diukur pada biaya                          - for financial assets measured at amortized cost
           perolehan diamortisasi yang bukan merupakan                            that are not part of a designated hedging
           bagian dari hubungan lindung nilai yang                                relationship, exchange differences are recognized
           ditentukan, selisih kurs diakui dalam laporan laba                     in profit or loss in the “Gains or Losses on
           rugi pada item baris “Keuntungan atau Kerugian                         Foreign Exchange” line item;
           Selisih Kurs”;

         - untuk instrumen utang yang diukur pada FVOCI                        -   for debt instruments measured at FVOCI that are
           yang bukan merupakan bagian dari hubungan                               not part of a designated hedging relationship,
           lindung nilai yang ditentukan, selisih kurs atas                        exchange differences on the amortized cost of the
           biaya perolehan diamortisasi dari instrumen                             debt instrument are recognized in profit or loss in
           utang tersebut diakui dalam laporan laba rugi                           the “Gains or Losses on Foreign Exchange” line
           pada item baris “Keuntungan atau Kerugian                               item;
           Selisih Kurs”;




                                                                24
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI               3.     MATERIAL       ACCOUNTING                      POLICIES
     MATERIAL - Lanjutan                                                     INFORMATION - Continued

     e. Instrumen Keuangan - Lanjutan                                      h. e. Financial Instruments - Continued

         (1) Aset keuangan - Lanjutan                                            (1) Financial assets - Continued

         Keuntungan dan Kerugian Selisih Kurs –                                 Foreign Exchange Gains and Losses – Continued
         Lanjutan

         - untuk aset keuangan yang diukur pada FVTPL                           -   for financial assets measured at FVTPL that are
           yang bukan merupakan bagian dari hubungan                                not part of a designated hedging relationship,
           lindung nilai yang ditentukan, selisih kurs diakui                       exchange differences are recognized in profit or
           dalam laporan laba rugi pada item baris                                  loss in the “Gains or Losses on Foreign
           “Keuntungan atau Kerugian Selisih Kurs”; dan                             Exchange” line item; and

         - untuk instrumen ekuitas yang diukur dengan                           -   for equity instruments measured at FVOCI,
           FVOCI, selisih kurs diakui dalam penghasilan                             exchange differences are recognized in other
           komprehensif lain dalam cadangan revaluasi                               comprehensive income in the investments
           investasi.                                                               revaluation reserve.

         Penurunan nilai aset keuangan                                           Impairment of financial assets

         Entitas dan Entitas Anak mengakui penyisihan                            The Group recognizes a loss allowance for expected
         kerugian kredit ekspektasian (“ECL”) atas investasi                     credit losses (“ECL”) on investments in debt
         dalam instrumen utang yang diukur pada biaya                            instruments that are measured at amortized cost or at
         perolehan diamortisasi atau pada FVOCI, piutang                         FVOCI, lease receivables, contract assets, as well as
         sewa, aset kontrak, serta komitmen pinjaman pada                        on loan commitments financial guarantee contracts.
         kontrak jaminan keuangan. Tidak ada kerugian                            No impairment loss is recognized for investments in
         penurunan nilai yang diakui untuk investasi pada                        equity instruments. The amount of expected credit
         instrumen ekuitas. Jumlah kerugian kredit                               losses is updated at each reporting date to reflect
         ekspektasian diperbarui pada setiap tanggal                             changes in credit risk since initial recognition of the
         pelaporan untuk mencerminkan perubahan risiko                           respective financial instrument.
         kredit sejak pengakuan awal atas instrumen
         keuangan tersebut.

         Entitas dan Entitas Anak selalu mengakui ECL                            The Entity’s and Subsidiary always recognizes
         sepanjang umur untuk piutang usaha, aset kontrak                        lifetime ECL for trade receivables, contract assets
         dan piutang sewa. Kerugian kredit ekspektasian atas                     and lease receivables. The expected credit losses on
         aset keuangan ini diestimasi dengan menggunakan                         these financial assets are estimated using a provision
         matriks provisi berdasarkan pengalaman kerugian                         matrix based on the Entity’s and Subsidiary’s
         kredit historis Entitas dan Entitas Anak, disesuaikan                   historical credit loss experience, adjusted for factors
         untuk faktor-faktor yang spesifik bagi debitur,                         that are specific to the debtors, general economic
         kondisi ekonomi secara umum dan penilaian                               conditions and an assessment of both the current as
         terhadap arah saat ini maupun arah kondisi perkiraan                    well as the forecast direction of conditions at the
         kerugian pada tanggal pelaporan, termasuk nilai                         reporting date, including time value of money where
         waktu uang jika sesuai.                                                 appropriate.




                                                                 25
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI               3.     MATERIAL       ACCOUNTING                       POLICIES
     MATERIAL - Lanjutan                                                     INFORMATION - Continued

     e. Instrumen Keuangan - Lanjutan                                      i. e. Financial Instruments - Continued

         (1) Aset keuangan - Lanjutan                                            (1) Financial assets - Continued

         Penurunan nilai aset keuangan – Lanjutan                               Impairment of financial assets – Continued

         Untuk semua instrumen keuangan lainnya, Entitas                         For all other financial instruments, the Entity’s and
         dan Entitas Anak mengakui ECL sepanjang umur                            Subsidiary recognizes lifetime ECL when there has
         ketika terdapat peningkatan yang signifikan dalam                       been a significant increase in credit risk since initial
         risiko kredit sejak pengakuan awal. Sebaliknya, jika                    recognition. If, on the other hand, the credit risk on
         risiko kredit atas instrumen keuangan tidak                             the financial instrument has not increased
         meningkat secara signifikan sejak pengakuan awal,                       significantly since initial recognition, the Entity’s and
         Entitas dan Entitas Anak mengukur penyisihan                            Subsidiary measures the loss allowance for that
         kerugian untuk instrumen keuangan tersebut dengan                       financial instrument at an amount equal to 12 month
         jumlah yang sama dengan ECL 12 bulan (12mECL).                          ECL (12mECL). The assessment of whether lifetime
         Penilaian apakah ECL sepanjang umur harus diakui                        ECL should be recognized is based on significant
         didasarkan pada peningkatan signifikan dalam                            increases in the likelihood or risk of a default
         kemungkinan atau risiko gagal bayar yang terjadi                        occurring since initial recognition instead of on
         sejak pengakuan awal alih-alih pada bukti aset                          evidence of a financial asset being credit-impaired at
         keuangan mengalami penurunan nilai kredit pada                          the reporting date or an actual default occurring.
         tanggal pelaporan atau terjadi gagal bayar (default)
         yang sebenarnya.
         ECL sepanjang umur merupakan kerugian kredit                            Lifetime ECL represents the expected credit losses
         ekspektasian yang dihasilkan dari semua                                 that will result from all possible default events over
         kemungkinan peristiwa gagal bayar (default) selama                      the expected life of a financial instrument. In contrast,
         perkiraan umur instrumen keuangan. Sebaliknya,                          12mECL represents the portion of lifetime ECL that
         12mECL merupakan porsi ECL sepanjang umur                               is expected to result from default events on a financial
         yang diharapkan dihasilkan dari peristiwa gagal                         instrument that are possible within 12 months after
         bayar (default) pada instrumen keuangan yang                            the reporting date.
         mungkin terjadi dalam 12 bulan setelah tanggal
         pelaporan.
         Risiko Kredit Meningkat Signifikan                                      Significant Increase in Credit Risk

         Dalam menilai apakah risiko kredit pada instrumen                       In assessing whether the credit risk on a financial
         keuangan telah meningkat secara signifikan sejak                        instrument has increased significantly since initial
         pengakuan awal, Entitas dan Entitas Anak                                recognition, the Entity’s and Subsidiary compares the
         membandingkan risiko gagal bayar (default) yang                         risk of a default occurring on the financial instrument
         terjadi pada instrumen keuangan pada tanggal                            as at the reporting date with the risk of a default
         pelaporan dengan risiko gagal bayar (default) yang                      occurring on the financial instrument as at the date
         terjadi pada instrumen keuangan pada tanggal                            of initial recognition. In making this assessment, the
         pengakuan awal. Dalam melakukan penilaian ini,                          Entity’s and Subsidiary considers both quantitative
         Entitas dan Entitas Anak mempertimbangkan                               and qualitative information that is reasonable and
         informasi kuantitatif dan kualitatif yang wajar dan                     supportable, including historical experience and
         dapat didukung, termasuk pengalaman historis dan                        forward-looking information that is available without
         informasi berwawasan ke depan yang tersedia tanpa                       undue cost or effort.
         biaya atau upaya yang tidak semestinya.

         Informasi     berwawasan      ke     depan      yang                    Forward-looking information considered includes
         dipertimbangkan mencakup prospek masa depan                             the future prospects of the industries in which the
         industri dimana debitur Entitas dan Entitas Anak                        Entity’s and Subsidiary’s debtors operate, obtained
         beroperasi, yang diperoleh dari laporan ahli                            from economic expert reports, financial analysts,
         ekonomi, analis keuangan, badan pemerintah,                             governmental bodies, relevant think tanks and other
         lembaga pemikir (think-tanks) terkait, dan organisasi                   similar organizations, as well as consideration of
         serupa lainnya, serta pertimbangan berbagai sumber                      various external sources of actual and forecast
         eksternal dan memperkirakan informasi ekonomi                           economic information that relate to the Entity’s and
         yang terkait dengan operasi inti Entitas dan Entitas                    Subsidiary’s core operations.
         Anak.


                                                                 26
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                  (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                 AKUNTANSI              3.     MATERIAL       ACCOUNTING                      POLICIES
     MATERIAL - Lanjutan                                                   INFORMATION - Continued

     e. Instrumen Keuangan - Lanjutan                                    j. e. Financial Instruments - Continued

         (1) Aset keuangan - Lanjutan                                          (1) Financial assets - Continued

         Risiko Kredit Meningkat Signifikan - Lanjutan                         Significant Increase in Credit Risk - Continued

         Untuk komitmen pinjaman dan kontrak jaminan                           For loan commitments and financial guarantee
         keuangan, pada tanggal Entitas dan Entitas Anak                       contracts, the date that the Group becomes a party to
         menjadi salah satu pihak dari komitmen yang tidak                     the irrevocable commitment is considered to be the
         dapat dibatalkan dianggap sebagai tanggal                             date of initial recognition for the purposes of
         pengakuan awal untuk tujuan penilaian penurunan                       assessing the financial instrument for impairment. In
         nilai instrumen keuangan. Dalam menilai apakah                        assessing whether there has been a significant
         terdapat peningkatan yang signifikan dalam risiko                     increase in the credit risk since initial recognition of
         kredit sejak pengakuan awal atas komitmen                             a loan commitment and financial guarantee contract,
         pinjaman dan kontrak jaminan keuangan, Entitas dan                    the Entity’s and Subsidiary considers the changes in
         Entitas Anak mempertimbangkan perubahan risiko                        the risk that the specified debtor will default on the
         di mana debitur tertentu akan gagal bayar (default)                   contract.
         dalam kontrak.

         Entitas dan Entitas Anak secara berkala memantau                      The Entity’s and Subsidiary regularly monitors the
         efektivitas kriteria yang digunakan untuk                             effectiveness of the criteria used to identify whether
         mengidentifikasi apakah terdapat peningkatan risiko                   there has been a significant increase in credit risk
         kredit yang signifikan dan merevisinya sesuai                         and revises them as appropriate to ensure that the
         kebutuhan untuk memastikan bahwa kriteria tersebut                    criteria are capable of identifying significant
         mampu mengidentifikasi peningkatan risiko kredit                      increase in credit risk before the amount becomes
         yang signifikan sebelum jumlah tersebut jatuh                         past due.
         tempo.

         Jika Entitas dan Entitas Anak telah mengukur                          If the Entity’s and Subsidiary has measured the loss
         penyisihan kerugian untuk instrumen keuangan                          allowance for a financial instrument at an amount
         dengan jumlah yang sama dengan ECL sepanjang                          equal to lifetime ECL in the previous reporting
         umur pada periode pelaporan sebelumnya, tetapi                        period, but determines at the current reporting date
         menentukan pada tanggal pelaporan saat ini bahwa                      that the conditions for lifetime ECL are no longer
         kondisi untuk ECL sepanjang umur tidak lagi                           met, the Entity’s and Subsidiary measures the loss
         terpenuhi, Entitas dan Entitas Anak mengukur                          allowance at an amount equal to 12mECL at the
         penyisihan kerugian pada jumlah yang sama dengan                      current reporting date, except for assets for which
         12mECL pada tanggal pelaporan saat ini, kecuali                       simplified approach was used.
         untuk aset yang menggunakan pendekatan yang
         disederhanakan.

         Entitas dan Entitas Anak mengakui keuntungan atau                     The Entity’s and Subsidiary recognizes an
         kerugian penurunan nilai dalam laporan laba rugi                      impairment gain or loss in profit or loss for all
         untuk semua instrumen keuangan dengan                                 financial instruments with a corresponding
         penyesuaian yang sesuai dengan nilai tercatatnya                      adjustment to their carrying amount through a loss
         melalui akun penyisihan kerugian, kecuali untuk                       allowance account, except for investments in debt
         investasi dalam instrumen utang yang diukur pada                      instruments that are measured at FVOCI, for which
         FVOCI, di mana penyisihan kerugian diakui pada                        the loss allowance is recognized in other
         penghasilan komprehensif lain dan diakumulasi                         comprehensive income and accumulated in the
         dalam cadangan revaluasi investasi, dan tidak                         investment revaluation reserve, and does not reduce
         mengurangi nilai tercatat aset keuangan pada                          the carrying amount of the financial asset in the
         laporan posisi keuangan.                                              statement of financial position.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI               3.     MATERIAL       ACCOUNTING                       POLICIES
     MATERIAL - Lanjutan                                                     INFORMATION - Continued

     e. Instrumen Keuangan - Lanjutan                                      k. e. Financial Instruments - Continued

         (1) Aset keuangan - Lanjutan                                            (1) Financial assets - Continued

         Kebijakan Penghapusan                                                   Write-off Policy

         Entitas dan Entitas Anak menghapus aset keuangan                        The Entity’s and Subsidiary writes off a financial
         jika terdapat informasi yang menunjukkan bahwa                          asset when there is information indicating that the
         debitur berada dalam kesulitan keuangan yang parah                      debtor is in severe financial difficulty and there is no
         dan tidak ada prospek pemulihan yang realistis. Aset                    realistic prospect of recovery. Financial assets
         keuangan yang dihapuskan mungkin masih tunduk                           written off may still be subject to enforcement
         pada aktivitas penegakan hukum berdasarkan                              activities under the Entity’s and Subsidiary’s
         prosedur pemulihan Entitas dan Entitas Anak,                            recovery procedures, taking into account legal advice
         dengan mempertimbangkan advis hukum jika                                where appropriate. Any recoveries made are
         sesuai. Setiap pemulihan yang dilakukan diakui                          recognized in profit or loss.
         dalam laporan laba rugi.

         Penghentian Pengakuan Aset Keuangan                                     Derecognition of Financial Assets

         Entitas dan Entitas Anak menghentikan pengakuan                         The Entity’s and Subsidiary derecognizes a financial
         aset keuangan hanya jika hak kontraktual atas arus                      asset only when the contractual rights to the cash
         kas dari aset tersebut berakhir, atau saat aset                         flows from the asset expire, or when it transfers the
         keuangan tersebut dialihkan dan secara substansial                      financial asset and substantially all the risks and
         seluruh risiko dan manfaat kepemilikan aset kepada                      rewards of ownership of the asset to another party. If
         pihak lain. Jika Entitas dan Entitas Anak tidak                         the Entity’s and Subsidiary neither transfers nor
         mengalihkan      atau    mempertahankan      secara                     retains substantially all the risks and rewards of
         substansial seluruh risiko dan manfaat kepemilikan                      ownership and continues to control the transferred
         dan terus mengendalikan aset yang dialihkan, Entitas                    asset, the Entity’s and Subsidiary recognizes its
         dan Entitas Anak mengakui hak kepemilikannya atas                       retained interest in the asset and an associated
         aset dan liabilitas terkait sebesar jumlah yang                         liability for amounts it may have to pay. If the Entity’s
         mungkin harus dibayar. Jika Entitas dan Entitas                         and Subsidiary retains substantially all the risks and
         Anak memiliki secara substansial seluruh risiko dan                     rewards of ownership of a transferred financial asset,
         manfaat kepemilikan aset keuangan yang dialihkan,                       the Entity’s and Subsidiary continues to recognize the
         Entitas dan Entitas Anak tetap mengakui aset                            financial asset and also recognizes a collateralized
         keuangan dan juga mengakui pinjaman yang dijamin                        borrowing for the proceeds received.
         sebesar hasil yang diterima.

         Pada penghentian pengakuan aset keuangan yang                           On derecognition of a financial asset measured at
         diukur dengan biaya perolehan diamortisasi,                             amortized cost, the difference between the asset’s
         perbedaan antara nilai tercatat aset dan jumlah                         carrying amount and the sum of the consideration
         imbalan yang diterima dan piutang diakui dalam                          received and receivable is recognized in profit or
         laporan laba rugi. Selain itu, pada penghentian                         loss. In addition, on derecognition of an investment
         pengakuan investasi dalam instrumen utang yang                          in a debt instrument classified as at FVOCI, the
         diklasifikasikan sebagai FVOCI, keuntungan atau                         cumulative gain or loss previously accumulated in the
         kerugian kumulatif yang sebelumnya diakumulasi                          investments revaluation reserve is reclassified to
         dalam cadangan revaluasi investasi direklasifikasi ke                   profit or loss. In contrast, on derecognition of an
         laba rugi. Sebaliknya, pada penghentian pengakuan                       investment in equity instrument which the Entity’s
         investasi dalam instrumen ekuitas yang telah                            and Subsidiary has elected on initial recognition to
         ditetapkan Entitas dan Entitas Anak pada pengakuan                      measure at FVOCI, the cumulative gain or loss
         awal untuk diukur pada FVOCI, keuntungan atau                           previously accumulated in the investments
         kerugian kumulatif yang sebelumnya diakumulasi                          revaluation reserve is not reclassified to profit or
         dalam cadangan revaluasi investasi tidak                                loss, but is transferred to retained earnings.
         direklasifikasi ke laba rugi, tetapi dipindahkan ke
         saldo laba.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI               3.     MATERIAL       ACCOUNTING                         POLICIES
     MATERIAL - Lanjutan                                                     INFORMATION - Continued

     e. Instrumen Keuangan - Lanjutan                                      l. e. Financial Instruments - Continued

         (2) Liabilitas Keuangan                                                 (2) Financial Liabilities

         Semua liabilitas keuangan selanjutnya diukur pada                       All financial liabilities are subsequently measured at
         biaya perolehan diamortisasi dengan menggunakan                         amortized cost using the effective interest method or
         metode suku bunga efektif atau pada FVTPL.                              at FVTPL.

         Namun, liabilitas keuangan yang timbul ketika                           However, financial liabilities that arise when a
         pengalihan aset keuangan tidak memenuhi syarat                          transfer of a financial asset does not qualify for
         untuk penghentian pengakuan atau ketika                                 derecognition or when the continuing involvement
         pendekatan keterlibatan berkelanjutan diterapkan,                       approach applies, financial guarantee contracts and
         kontrak dan komitmen jaminan keuangan yang                              commitments issued by the Entity’s and Subsidiary,
         diterbitkan oleh Entitas dan Entitas Anak, diukur                       are measured in accordance with the specific
         sesuai dengan kebijakan akuntansi spesifik yang                         accounting policies set out below.
         ditetapkan di bawah ini.

         Liabilitas Keuangan Selanjutnya Diukur pada                             Financial Liabilities Subsequently Measured at
         FVTPL                                                                   FVTPL

         Liabilitas keuangan diklasifikasikan sebagai FVTPL                      Financial liabilities are classified as at FVTPL when
         jika liabilitas keuangan merupakan imbalan                              the financial liability is contingent consideration of
         kontinjensi dari pihak pengakuisisi dalam kombinasi                     an acquirer in a business combination, held for
         bisnis, dimiliki untuk diperdagangkan atau                              trading or it is designated as at FVTPL.
         ditetapkan sebagai FVTPL.

         Liabilitas keuangan diklasifikasikan sebagai dimiliki                   A financial liability is classified as held for trading if:
         untuk diperdagangkan jika:
         - telah diperoleh terutama untuk tujuan dibeli                          - it has been acquired principally for the purpose of
            kembali dalam waktu dekat; atau                                        repurchasing it in the near term; or
         - pada pengakuan awal, ini merupakan bagian dari                        - on initial recognition it is part of a portfolio of
            portofolio      instrumen      keuangan      yang                      identified financial instruments that the Entity’s
            diidentifikasi yang dikelola bersama oleh Entitas                      and Subsidiary manages together and has a recent
            dan Entitas Anak dan memiliki pola pengambilan                         actual pattern of short-term profit-taking; or
            keuntungan jangka pendek aktual terkini; atau
         - merupakan derivatif, kecuali untuk derivatif yang                     - it is a derivative, except for a derivative that is a
            merupakan kontrak jaminan keuangan atau                                financial guarantee contract or a designated and
            instrumen lindung nilai yang ditetapkan dan                            effective hedging instrument.
            efektif.

         Liabilitas keuangan selain liabilitas keuangan yang                     A financial liability other than a financial liability
         dimiliki untuk diperdagangkan atau imbalan                              held for trading or contingent consideration of an
         kontinjensi dari pihak pengakuisisi dalam kombinasi                     acquirer in a business combination may be
         bisnis dapat ditetapkan sebagai FVTPL pada                              designated as at FVTPL upon initial recognition if:
         pengakuan awal jika:




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                    PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                                ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                            NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                              STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                   As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                                December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                        (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                     AKUNTANSI                3.      MATERIAL           ACCOUNTING                  POLICIES
     MATERIAL - Lanjutan                                                          INFORMATION - Continued
                                                                               m.
     e. Instrumen Keuangan - Lanjutan                                          n. e. Financial Instruments - Continued

         (2) Liabilitas Keuangan - Lanjutan                                          (2) Financial Liabilities - Continued

         Liabilitas Keuangan Selanjutnya Diukur pada                                 Financial Liabilities Subsequently Measured at
         FVTPL – Lanjutan                                                            FVTPL – Continued

         - penetapan tersebut menghilangkan atau secara                              - such designation eliminates or significantly
           signifikan mengurangi pengukuran atau                                       reduces a measurement or recognition
           pengakuan yang inkonsistensi, yang jika tidak                               inconsistency, that would otherwise arise; or
           maka akan timbul; atau
         - liabilitas keuangan merupakan bagian dari                                 - the financial liability forms part of a group of
           kelompok aset keuangan atau kewajiban                                       financial assets or financial liabilities or both,
           keuangan atau keduanya, yang dikelola dan                                   which is managed and its performance is
           kinerjanya dievaluasi berdasarkan nilai wajar,                              evaluated on a fair value basis, in accordance with
           sesuai dengan manajemen risiko atau strategi                                the Group’s documented risk management or
           investasi yang didokumentasikan oleh Entitas                                investment strategy, and information about the
           dan Entitas Anak, dan informasi tentang                                     Entity’s and Subsidiarying is provided internally
           pengelompokan tersebut adalah disediakan                                    on that basis; or
           secara internal atas dasar tersebut; atau
         - merupakan bagian dari kontrak yang                                        - it forms part of a contract containing one or more
           mengandung satu atau lebih derivatif melekat,                               embedded derivatives, and PSAK 71 permits the
           dan PSAK 71 mengizinkan seluruh kontrak                                     entire combined contract to be designated as at
           gabungan untuk ditetapkan sebagai FVTPL.                                    FVTPL.

         Liabilitas keuangan pada FVTPL disajikan sebesar                            Financial liabilities at FVTPL are stated at fair value
         nilai wajar dengan keuntungan atau kerugian yang                            with any gains or losses arising on changes in fair
         timbul dari perubahan nilai wajar yang diakui dalam                         value recognized in profit or loss to the extent that
         laporan laba rugi sepanjang hal tersebut bukan                              they are not part of a designated hedging
         merupakan bagian dari hubungan lindung nilai yang                           relationship. The net gain or loss recognized in profit
         ditentukan. Keuntungan atau kerugian bersih yang                            or loss incorporates any interest paid on the financial
         diakui dalam laba rugi menggabungkan setiap bunga                           liabilities and is included in the “Other Gains and
         yang dibayarkan atas liabilitas keuangan dan                                Losses” line item.
         dimasukkan dalam item baris "Keuntungan dan
         Kerugian Lain-lain".

         Namun, untuk liabilitas keuangan yang ditetapkan                            However, for financial liabilities that are designated
         sebagai FVTPL, jumlah perubahan nilai wajar                                 as at FVTPL, the amount of change in the fair value
         liabilitas keuangan yang dapat diatribusikan pada                           of the financial liability that is attributable to
         perubahan risiko kredit sendiri dari liabilitas tersebut                    changes in own credit risk of that liability is
         diakui dalam penghasilan komprehensif lain, kecuali                         recognized in other comprehensive income, unless
         pengakuan dampak dari perubahan risiko kredit                               the recognition of the effects of changes in the
         liabilitas dalam penghasilan komprehensif lain akan                         liability’s credit risk in other comprehensive income
         menciptakan atau memperbesar inkonsistensi                                  would create or enlarge an accounting mismatch in
         akuntansi dalam laba rugi. Sisa perubahan nilai                             profit or loss. The remaining amount of change in the
         wajar karena selain risiko kredit sendiri dari liabilitas                   fair value due to other than own credit risk of liability
         diakui dalam laporan laba rugi. Perubahan nilai                             is recognized in profit or loss. Changes in fair value
         wajar yang dapat diatribusikan pada risiko kredit                           attributable to a financial liability’s credit risk that
         liabilitas keuangan diakui dalam penghasilan                                are recognized in other comprehensive income are
         komprehensif      lain     dan     kemudian        tidak                    not subsequently reclassified to profit or loss;
         direklasifikasi ke laba rugi; sebagai gantinya,                             instead, they are transferred to retained earnings
         mereka dipindahkan ke saldo laba pada saat                                  upon derecognition of the financial liability.
         penghentian pengakuan kewajiban keuangan.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                 AKUNTANSI               3.     MATERIAL       ACCOUNTING                       POLICIES
     MATERIAL - Lanjutan                                                    INFORMATION - Continued
                                                                          o.
     e. Instrumen Keuangan - Lanjutan                                     p. e. Financial Instruments - Continued

         (2) Liabilitas Keuangan - Lanjutan                                     (2) Financial Liabilities - Continued

         Liabilitas Keuangan Selanjutnya Diukur pada                            Financial Liabilities Subsequently Measured at
         FVTPL – Lanjutan                                                       FVTPL – Continued

         Keuntungan atau kerugian dari kontrak jaminan                          Gains or losses on financial guarantee contracts and
         keuangan dan komitmen pinjaman yang diterbitkan                        loan commitments issued by the Entity’s and
         oleh Entitas dan Entitas Anak yang ditetapkan oleh                     Subsidiary that are designated by the Entity’s and
         Entitas dan Entitas Anak pada nilai wajar melalui                      Subsidiary as at fair value through profit or loss are
         laporan laba rugi diakui dalam laporan laba rugi.                      recognized in profit or loss

         Liabilitas Keuangan Selanjutnya Diukur pada                            Financial Liabilities Subsequently Measured at
         Biaya perolehan diamortisasi                                           Amortized Cost

         Liabilitas keuangan yang bukan merupakan imbalan                       Financial liabilities that are not contingent
         kontinjensi dari pihak pengakuisisi dalam kombinasi                    consideration of an acquirer in a business
         bisnis, dimiliki untuk tidak diperdagangkan, atau                      combination, not held-for-trading, or designated as
         ditetapkan sebagai FVTPL, selanjutnya diukur pada                      at FVTPL, are subsequently measured at amortized
         biaya perolehan diamortisasi dengan menggunakan                        cost using the effective interest method.
         metode suku bunga efektif.

         Metode suku bunga efektif adalah metode untuk                          The effective interest method is a method of
         menghitung biaya perolehan diamortisasi dari                           calculating the amortized cost of a financial liability
         liabilitas   keuangan     dan       metode     untuk                   and of allocating interest expense over the relevant
         mengalokasikan beban bunga selama periode yang                         period. The effective interest rate is the rate that
         relevan. Suku bunga efektif adalah suku bunga yang                     exactly discounts estimated future cash payments
         secara tepat mendiskontokan estimasi pembayaran                        (including all fees and points paid or received that
         tunai di masa depan (termasuk semua biaya dan poin                     form an integral part of the effective interest rate,
         yang dibayarkan atau diterima yang merupakan                           transaction costs and other premiums or discounts)
         bagian integral dari suku bunga efektif, biaya                         through the expected life of the financial liability, or
         transaksi, dan premi atau diskon lainnya) selama                       (where appropriate) a shorter period, to the
         perkiraan umur kewajiban keuangan, atau (jika                          amortized cost of a financial liability.
         sesuai) periode yang lebih singkat, untuk biaya
         perolehan diamortisasi dari liabilitas keuangan.

         Keuntungan dan Kerugian Selisih Kurs                                   Foreign Exchange Gains and Losses

         Untuk liabilitas keuangan dalam mata uang asing                        For financial liabilities that are denominated in a
         dan diukur pada biaya perolehan diamortisasi pada                      foreign currency and are measured at amortized cost
         setiap tanggal pelaporan, keuntungan dan kerugian                      as at each reporting date, the foreign exchange gains
         selisih kurs ditentukan berdasarkan biaya perolehan                    and losses are determined based on the amortized
         diamortisasi instrumen tersebut. Keuntungan dan                        cost of the instruments. These foreign exchange gains
         kerugian selisih kurs ini diakui dalam “Keuntungan                     and losses are recognized in the “Gains or Losses on
         atau Kerugian Selisih Kurs” dalam laporan laba rugi                    Foreign Exchange” in profit or loss for financial
         untuk liabilitas keuangan yang bukan merupakan                         liabilities that are not part of a designated hedging
         bagian dari hubungan lindung nilai yang ditentukan.                    relationship. For those which are designated as a
         Untuk liabilitas yang ditetapkan sebagai instrumen                     hedging instrument for a hedge of foreign currency
         lindung nilai untuk lindung nilai atas risiko mata                     risk, foreign exchange gains and losses are
         uang asing, keuntungan dan kerugian selisih kurs                       recognized in other comprehensive income and
         diakui dalam penghasilan komprehensif lain dan                         accumulated in a separate component of equity.
         diakumulasi dalam komponen ekuitas yang terpisah




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                  PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                              ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                            STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                 As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                              December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                      (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                    AKUNTANSI               3.     MATERIAL       ACCOUNTING                       POLICIES
     MATERIAL - Lanjutan                                                       INFORMATION - Continued
                                                                             q.
     e. Instrumen Keuangan - Lanjutan                                        r. e. Financial Instruments - Continued

         (2) Liabilitas Keuangan - Lanjutan                                        (2) Financial Liabilities - Continued

         Keuntungan dan Kerugian Selisih Kurs –                                    Foreign Exchange Gains and Losses – Continued
         Lanjutan

         Nilai wajar dari liabilitas keuangan dalam mata uang                      The fair value of financial liabilities denominated in
         asing ditentukan dalam mata uang asing tersebut dan                       a foreign currency is determined in that foreign
         dijabarkan dengan kurs spot pada akhir periode                            currency and translated at the spot rate at the end of
         pelaporan. Untuk liabilitas keuangan yang diukur                          the reporting period. For financial liabilities that are
         pada FVTPL, komponen valuta asing merupakan                               measured as at FVTPL, the foreign exchange
         bagian dari keuntungan atau kerugian nilai wajar dan                      component forms part of the fair value gains or losses
         diakui dalam laporan laba rugi untuk liabilitas                           and is recognized in profit or loss for financial
         keuangan yang bukan merupakan bagian dari                                 liabilities that are not part of a designated hedging
         hubungan lindung nilai yang ditentukan.                                   relationship

         Penghentian Pengakuan Liabilitas Keuangan                                 Derecognition of Financial Liabilities

         Entitas dan Entitas Anak menghentikan pengakuan                           The Entity’s and Subsidiary derecognizes financial
         liabilitas keuangannya jika, dan hanya jika, liabilitas                   liabilities when, and only when, the Entity’s and
         Entitas dan Entitas Anak dilepaskan, dibatalkan,                          Subsidiary’s obligations are discharged, cancelled
         atau habis masa berlakunya. Selisih antara nilai                          or they expire. The difference between the carrying
         tercatat liabilitas keuangan yang dihentikan                              amount of the financial liability derecognized and the
         pengakuannya dan imbalan yang dibayarkan dan                              consideration paid and payable, including any non-
         terutang, termasuk aset non tunai yang dialihkan                          cash assets transferred or liabilities assumed, is
         atau liabilitas yang diambil alih, diakui dalam                           recognized in profit or loss.
         laporan laba rugi.

         Ketika Entitas dan Entitas Anak menukar dengan                            When the Entity’s and Subsidiary exchanges with the
         pemberi pinjaman yang eksis, suatu instrumen utang                        existing lender one debt instrument into another one
         ke instrumen lain dengan persyaratan yang secara                          with the substantially different terms, such exchange
         substansial berbeda, pertukaran tersebut dicatat                          is accounted for as an extinguishment of the original
         sebagai penghapusan liabilitas keuangan awal dan                          financial liability and the recognition of a new
         pengakuan liabilitas keuangan baru. Demikian pula,                        financial liability. Similarly, the Entity’s and
         Entitas dan Entitas Anak mencatat modifikasi                              Subsidiary accounts for substantial modification of
         substansial dari persyaratan liabilitas yang ada atau                     terms of an existing liability or part of it as an
         bagian darinya sebagai penghapusan liabilitas                             extinguishment of the original financial liability and
         keuangan asli dan pengakuan liabilitas baru.                              the recognition of a new liability.

         Diasumsikan bahwa persyaratannya secara                                   It is assumed that the terms are substantially different
         substansial berbeda jika nilai sekarang yang                              if the discounted present value of the cash flows
         didiskontokan dari arus kas menurut persyaratan                           under the new terms, including any fees paid net of
         baru, termasuk biaya yang dibayarkan setelah                              any fees received and discounted using the original
         dikurangi biaya yang diterima dan didiskontokan                           effective rate is at least 10 per cent different from the
         menggunakan tarif efektif awal sekurang-kurangnya                         discounted present value of the remaining cash flows
         10 persen berbeda dari nilai wajar yang                                   of the original financial liability. If the modification
         didiskontokan atas nilai sisa arus kas dari liabilitas                    is not substantial, the difference between: (1) the
         keuangan awal. Jika modifikasi tidak substansial,                         carrying amount of the liability before the
         perbedaan antara: (1) nilai tercatat liabilitas sebelum                   modification; and (2) the present value of the cash
         modifikasi; dan (2) nilai kini arus kas setelah                           flows after modification should be recognized in
         modifikasi harus diakui dalam laporan laba rugi                           profit or loss as the modification gain or loss within
         sebagai keuntungan atau kerugian modifikasi dalam                         other gains and losses.
         keuntungan dan kerugian lain.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                 PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                             ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                           STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                             December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                   AKUNTANSI               3.     MATERIAL       ACCOUNTING                     POLICIES
     MATERIAL - Lanjutan                                                      INFORMATION - Continued
                                                                            s.
     e. Instrumen Keuangan - Lanjutan                                       t. e. Financial Instruments - Continued

         (3) Instrumen Keuangan Derivatif                                         (3) Derivative Financial Instruments

         Untuk mengelola eksposur terhadap risiko suku                            To manage its exposure to interest rate and foreign
         bunga dan nilai tukar mata uang asing, termasuk                          exchange rate risks, including foreign exchange
         kontrak berjangka valuta asing dan swap suku                             forward contracts and interest rate swaps, the Group
         bunga, Entitas dan Entitas Anak dapat masuk ke                           can enter into a variety of derivative financial
         dalam berbagai instrumen keuangan derivatif.                             instruments.

         Derivatif pada awalnya diakui pada nilai wajar pada                      Derivatives are initially recognized at fair value at
         tanggal kontrak derivatif ditandatangani dan                             the date the derivative contracts are entered into and
         selanjutnya diukur kembali ke nilai wajarnya pada                        are subsequently remeasured to their fair value as at
         setiap tanggal pelaporan. Keuntungan atau kerugian                       each reporting date. The resulting gain or loss is
         yang dihasilkan segera diakui dalam laporan laba                         recognized in profit or loss immediately unless the
         rugi kecuali derivatif tersebut ditetapkan dan efektif                   derivative is designated and effective as a hedging
         sebagai instrumen lindung nilai, di mana waktu                           instrument, in which event the timing of the
         pengakuan laba rugi tergantung pada sifat hubungan                       recognition in profit or loss depends on the nature of
         lindung nilai.                                                           the hedge relationship.

         Derivatif dengan nilai wajar positif diakui sebagai                      A derivative with a positive fair value is recognized
         aset keuangan sedangkan derivatif dengan nilai                           as a financial asset whereas a derivative with a
         wajar negatif diakui sebagai liabilitas keuangan.                        negative fair value is recognized as a financial
         Derivatif tidak saling hapus dalam laporan keuangan                      liability. Derivatives are not offset in the financial
         kecuali Entitas dan Entitas Anak memiliki hak                            statements unless the Entity’s and Subsidiary has
         hukum dan niat untuk saling hapus.                                       both legal right and intention to offset.

         Derivatif Melekat                                                        Embedded Derivatives

         Derivatif melekat adalah komponen dari kontrak                           An embedded derivative is a component of a hybrid
         hibrida yang juga mencakup host non-derivatif                            contract that also includes a non-derivative host with
         dengan pengaruh bahwa beberapa arus kas dari                             the effect that some of the cash flows of the combined
         instrumen gabungan bervariasi dengan cara yang                           instrument vary in a way similar to a stand-alone
         serupa dengan derivatif yang berdiri sendiri.                            derivative.

         Derivatif yang melekat pada kontrak utama non-                           Derivatives embedded in non-derivative host
         derivatif yang bukan merupakan aset keuangan                             contracts that are not financial assets within the
         dalam ruang lingkup PSAK 71 diperlakukan sebagai                         scope of PSAK 71 are treated as separate derivatives
         derivatif terpisah jika memenuhi definisi derivatif,                     when they meet the definition of a derivative, their
         risiko dan karakteristiknya tidak terkait erat dengan                    risks and characteristics are not closely related to
         risiko dan karakteristik kontrak utama dan kontrak                       those of the host contracts and the host contracts are
         utama kontrak tidak diukur pada FVTPL.                                   not measured at FVTPL.

         Derivatif yang melekat pada kontrak hibrida yang                         Derivatives embedded in hybrid contracts that
         mengandung aset keuangan utama dalam ruang                               contain financial asset hosts within the scope of
         lingkup PSAK 71 tidak dipisahkan. Seluruh kontrak                        PSAK 71 are not separated. The entire hybrid
         hibrida diklasifikasikan dan selanjutnya diukur                          contract is classified and subsequently measured as
         sebagai biaya perolehan diamortisasi atau FVTPL                          either amortized cost or FVTPL as appropriate.
         sebagaimana mestinya.




                                                                  33
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                 PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                             ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                           STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                             December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                   AKUNTANSI               3.     MATERIAL           ACCOUNTING                   POLICIES
     MATERIAL - Lanjutan                                                      INFORMATION - Continued
                                                                            u.
     e.   Instrumen Keuangan - Lanjutan                                     v.e. Financial Instruments - Continued

          (3) Instrumen Keuangan Derivatif - Lanjutan                             (3) Derivative Financial Instruments - Continued

          Derivatif Melekat - Lanjutan                                            Embedded Derivatives - Continued

          Berbeda dengan aset keuangan, ketentuan yang ada                        In contrast to financial assets, the existing
          dalam PSAK 55 untuk pemisahan derivatif melekat                         requirements in PSAK 55 for the separation of
          tetap dilanjutkan untuk liabilitas keuangan, artinya                    embedded derivatives have been continued for
          liabilitas keuangan yang diukur pada biaya                              financial liabilities, meaning that financial liabilities
          perolehan diamortisasi masih perlu dianalisis untuk                     to be measured at amortized cost would still need to
          menentukan apakah terdapat derivatif melekat yang                       be analyzed to determine whether they contain any
          harus dipertanggungjawabkan secara terpisah pada                        embedded derivatives that are required to be
          FVTPL.                                                                  accounted for separately at FVTPL.

          Jika kontrak hibrida merupakan liabilitas keuangan                      If the hybrid contract is a quoted financial liability,
          kuotasian, alih-alih memisahkan derivatif melekat,                      instead of separating the embedded derivative, the
          Entitas dan Entitas Anak biasanya menetapkan                            Entity’s and Subsidiary generally designates the
          seluruh kontrak hibrida pada FVTPL.                                     whole hybrid contract at FVTPL

          Derivatif melekat disajikan sebagai aset tidak lancar                   An embedded derivative is presented as a
          atau liabilitas tidak lancar jika sisa jatuh tempo                      non‑current asset or non‑current liability if the
          instrumen hibrida yang terkait dengan derivatif                         remaining maturity of the hybrid instrument to which
          melekat lebih dari 12 bulan dan tidak diharapkan                        the embedded derivative relates is more than 12
          akan direalisasikan atau diselesaikan dalam 12                          months and is not expected to be realized or settled
          bulan.                                                                  within 12 months.

          (4) Akuntansi Lindung Nilai                                             (4) Hedge Accounting
          Entitas dan Entitas Anak menetapkan derivatif                           The Entity’s and Subsidiary designates certain
          tertentu sebagai instrumen lindung nilai sehubungan                     derivatives as hedging instruments in respect of
          dengan risiko mata uang asing dan risiko suku bunga                     foreign currency risk and interest rate risk in fair
          dalam lindung nilai nilai wajar, lindung nilai arus                     value hedges, cash flow hedges, or hedges of net
          kas, atau lindung nilai atas investasi neto dalam                       investments in foreign operations as appropriate.
          operasi luar negeri yang sesuai. Lindung nilai atas                     Hedges of foreign exchange risk on firm
          risiko nilai tukar mata uang asing atas komitmen                        commitments are accounted for as cash flow hedges.
          dicatat sebagai lindung nilai arus kas.
          Pada insepsi hubungan lindung nilai, Entitas dan                        At the inception of the hedge relationship, the
          Entitas Anak mendokumentasikan hubungan antara                          Entity’s and Subsidiary documents the relationship
          instrumen lindung nilai dan item yang dilindung                         between the hedging instrument and the hedged item,
          nilai, bersama dengan tujuan manajemen risiko dan                       along with its risk management objectives and its
          strateginya untuk melakukan berbagai transaksi                          strategy for undertaking various hedge transactions.
          lindung nilai

          Selanjutnya, pada awal lindung nilai dan secara                         Furthermore, at the inception of the hedge and on an
          berkelanjutan, Entitas       dan Entitas       Anak                     ongoing basis, the Entity’s and Subsidiary
          mendokumentasikan apakah instrumen lindung nilai                        documents whether the hedging instrument is
          efektif dalam mengimbangi perubahan nilai wajar                         effective in offsetting changes in fair values or cash
          atau arus kas dari item yang dilindungi nilai yang                      flows of the hedged item attributable to the hedged
          disebabkan oleh risiko lindung nilai, yaitu ketika                      risk, which is when the hedging relationships meet all
          hubungan lindung nilai memenuhi semua dari                              of the following hedge effectiveness requirements:
          persyaratan efektivitas lindung nilai berikut:




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                   PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                               ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                           NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                             STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                  As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                               December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                       (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                    AKUNTANSI                3.     MATERIAL           ACCOUNTING                  POLICIES
     MATERIAL - Lanjutan                                                        INFORMATION - Continued
                                                                              w.
     e. Instrumen Keuangan - Lanjutan                                         x.e. Financial Instruments - Continued

         (4) Akuntansi Lindung Nilai - Lanjutan                                     (4) Hedge Accounting - Continued

         - ada hubungan ekonomi antara item yang                                    -   there is an economic relationship between the
           dilindungi nilai dan instrumen lindung nilai;                                hedged item and the hedging instrument;
         - pengaruh risiko kredit tidak mendominasi                                 -   the effect of credit risk does not dominate the
           perubahan nilai yang dihasilkan dari hubungan                                value changes that result from that economic
           ekonomi tersebut; dan                                                        relationship; and
         - rasio lindung nilai dari hubungan lindung nilai                          -   the hedge ratio of the hedging relationship is the
           adalah sama dengan yang dihasilkan dari jumlah                               same as that resulting from the quantity of the
           item yang dilindungi nilai yang sebenarnya                                   hedged item that the Entity’s and Subsidiary
           dilindung nilai oleh Entitas dan Entitas Anak dan                            actually hedges and the quantity of the hedging
           jumlah instrumen lindung nilai yang sebenarnya                               instrument that the Entity’s and Subsidiary
           digunakan Entitas dan Entitas Anak untuk                                     actually uses to hedge that quantity of hedged
           lindung nilai atas jumlah item yang dilindungi                               item.
           nilai tersebut.

         Jika hubungan lindung nilai tidak lagi memenuhi                            If a hedging relationship ceases to meet the hedge
         persyaratan efektivitas lindung nilai yang berkaitan                       effectiveness requirement relating to the hedge ratio
         dengan rasio lindung nilai tetapi tujuan manajemen                         but the risk management objective for that designated
         risiko untuk hubungan lindung nilai yang ditentukan                        hedging relationship remains the same, the Entity’s
         tetap sama, Entitas dan Entitas Anak menyesuaikan                          and Subsidiary adjusts the hedge ratio of the hedging
         rasio lindung nilai dari hubungan lindung nilai (yaitu                     relationship (i.e. rebalances the hedge) so that it
         menyeimbangkan kembali lindung nilai) sehingga                             meets the qualifying criteria again.
         memenuhi kriteria kualifikasi lagi.

         Entitas dan Entitas Anak hanya menetapkan nilai                            The Entity’s and Subsidiary designates only the
         intrinsik kontrak opsi sebagai item lindung nilai.                         intrinsic value of option contracts as a hedged item.
         Perubahan nilai wajar dari nilai waktu selaras dari                        The changes in the fair value of the aligned time value
         opsi diakui dalam penghasilan komprehensif lain                            of the option are recognized in other comprehensive
         dan diakumulasikan dalam biaya penyisihan lindung                          income and accumulated in the cost of hedging
         nilai. Jika item yang dilindungi nilainya terkait                          reserve. If the hedged item is transaction‑related, the
         dengan transaksi, nilai waktunya direklasifikasi ke                        time value is reclassified to profit or loss when the
         laba rugi ketika item yang dilindungi nilainya                             hedged item affects profit or loss. If the hedged item
         mempengaruhi laba rugi. Jika item yang dilindungi                          is time‑period related, then the amount accumulated
         nilai terkait dengan periode waktu, maka jumlah                            in the cost of hedging reserve is reclassified to profit
         yang terakumulasi dalam biaya penyisihan lindung                           or loss on a rational basis – the Entity’s and
         nilai direklasifikasi ke laba rugi secara basis rasional                   Subsidiary applies straight‑line amortization. Those
         – Entitas dan Entitas Anak menerapkan amortisasi                           reclassified amounts are recognized in profit or loss
         garis lurus. Jumlah yang direklasifikasi tersebut                          in the same line as the hedged item. If the hedged item
         diakui dalam laporan laba rugi pada baris yang sama                        is a non‑financial item, then the amount accumulated
         dengan item yang dilindungi nilai. Jika item yang                          in the cost of hedging reserve is removed directly
         dilindungi nilai adalah item non-keuangan, maka                            from equity and included in the initial carrying
         jumlah yang terakumulasi dalam biaya penyisihan                            amount of the recognized non‑financial item.
         lindung nilai dihapus langsung dari ekuitas dan                            Furthermore, if the Entity’s and Subsidiary expects
         dimasukkan ke dalam jumlah tercatat awal item non-                         that some or all of the loss accumulated in cost of
         keuangan yang diakui. Selanjutnya, jika Entitas dan                        hedging reserve will not be recovered in the future,
         Entitas Anak mengharapkan sebagian atau seluruh                            that amount is immediately reclassified to profit or
         kerugian yang terakumulasi dalam biaya penyisihan                          loss.
         lindung nilai tidak akan dipulihkan di masa depan,
         jumlah tersebut segera direklasifikasi ke laba rugi.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI               3.     MATERIAL           ACCOUNTING                  POLICIES
     MATERIAL - Lanjutan                                                     INFORMATION - Continued
                                                                           y.
     e. Instrumen Keuangan - Lanjutan                                      z.e. Financial Instruments - Continued

         (4) Akuntansi Lindung Nilai – Lanjutan                                  (4) Hedge Accounting - Continued

         Lindung Nilai - Nilai Wajar                                             Fair Value Hedges

         Perubahan nilai wajar atas instrumen lindung nilai                      The fair value change on qualifying hedging
         yang memenuhi syarat diakui dalam laporan laba                          instruments is recognized in profit or loss except
         rugi kecuali jika instrumen lindung nilai tersebut                      when the hedging instrument hedges an equity
         melakukan lindung nilai atas instrumen ekuitas yang                     instrument designated at FVOCI in which case it is
         ditetapkan pada FVOCI dalam hal ini diakui dalam                        recognized in other comprehensive income.
         penghasilan komprehensif lain.

         Nilai tercatat item yang dilindungi nilai yang belum                    The carrying amount of a hedged item not already
         diukur pada nilai wajar disesuaikan dengan                              measured at fair value is adjusted for the fair value
         perubahan nilai wajar yang dapat diatribusikan pada                     change attributable to the hedged risk with a
         risiko lindung nilai dengan entri yang sesuai dalam                     corresponding entry in profit or loss. For debt
         laba rugi. Untuk instrumen utang yang diukur pada                       instruments measured at FVOCI, the carrying
         FVOCI, nilai tercatatnya tidak disesuaikan karena                       amount is not adjusted as it is already at fair value,
         telah diukur pada nilai wajarnya, tetapi keuntungan                     but the hedging gain or loss is recognized in profit or
         atau kerugian lindung nilai diakui dalam laba rugi,                     loss instead of other comprehensive income. When
         bukan penghasilan komprehensif lain. Jika item                          the hedged item is an equity instrument designated at
         lindung nilai merupakan instrumen ekuitas yang                          FVOCI, the hedging gain or loss remains in other
         ditetapkan pada FVOCI, keuntungan atau kerugian                         comprehensive income to match that of the hedging
         lindung nilai tetap berada dalam penghasilan                            instrument.
         komprehensif lain agar sesuai dengan instrumen
         lindung nilai.

         Entitas dan Entitas Anak menghentikan akuntansi                         The Entity’s and Subsidiary discontinues hedge
         lindung nilai hanya jika hubungan lindung nilai (atau                   accounting only when the hedging relationship (or a
         bagian darinya) tidak lagi memenuhi kriteria                            part thereof) ceases to meet the qualifying criteria
         kualifikasi (setelah penyeimbangan kembali, jika                        (after rebalancing, if applicable). This includes
         berlaku). Ini termasuk contoh ketika instrumen                          instances when the hedging instrument expires or is
         lindung nilai kedaluwarsa atau dijual, dihentikan                       sold, terminated or exercised. The discontinuation is
         atau dilaksanakan. Penghentian diperhitungkan                           accounted for prospectively. The fair value
         secara prospektif. Penyesuaian nilai wajar atas nilai                   adjustment to the carrying amount of the hedged item
         tercatat item yang dilindungi nilai yang timbul dari                    arising from the hedged risk is amortized to profit or
         risiko lindung nilai diamortisasi ke laba rugi sejak                    loss from that date.
         tanggal tersebut.

         Lindung Nilai - Arus Kas                                                Cash Flow Hedges

         Bagian efektif dari perubahan nilai wajar derivatif                     The effective portion of changes in the fair value of
         dan instrumen lindung nilai lain yang memenuhi                          derivatives and other qualifying hedging instruments
         syarat yang ditetapkan dan memenuhi syarat sebagai                      that are designated and qualify as cash flow hedges
         lindung nilai arus kas, diakui dalam penghasilan                        is recognized in other comprehensive income and
         komprehensif lain dan diakumulasikan dalam akun                         accumulated under the heading of cash flow hedging
         penyisihan lindung nilai arus kas, terbatas pada                        reserve, limited to the cumulative change in fair
         perubahan kumulatif nilai wajar dari item yang                          value of the hedged item from inception of the hedge.
         dilindungi nilai sejak dimulainya lindung nilai.                        The gain or loss relating to the ineffective portion is
         Keuntungan atau kerugian yang terkait dengan                            recognized immediately in profit or loss, and is
         bagian yang tidak efektif segera diakui dalam laba                      included in the “Other Gains and Losses” line item.
         rugi, dan dimasukkan dalam baris "Keuntungan dan
         Kerugian Lainnya".




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                 PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                             ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                           STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                             December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                   AKUNTANSI               3.    MATERIAL           ACCOUNTING                    POLICIES
     MATERIAL - Lanjutan                                                     INFORMATION - Continued
                                                                            aa.
     e. Instrumen Keuangan - Lanjutan                                       bb.
                                                                             e. Financial Instruments - Continued

         (4) Akuntansi Lindung Nilai                                             (4)   Hedge Accounting

         Lindung Nilai - Arus Kas - Lanjutan                                      Cash Flow Hedges - Continued

         Jumlah yang sebelumnya diakui dalam penghasilan                          Amounts      previously     recognized       in   other
         komprehensif lain dan diakumulasi dalam ekuitas                          comprehensive income and accumulated in equity
         direklasifikasi ke laba rugi pada periode ketika item                    are reclassified to profit or loss in the periods when
         yang dilindungi nilai mempengaruhi laba rugi, di                         the hedged item affects profit or loss, in the same line
         baris yang sama dengan item yang dilindungi nilai                        as the recognized hedged item. However, when the
         yang diakui. Namun, ketika prakiraan transaksi                           hedged forecast transaction results in the recognition
         lindung nilai menghasilkan pengakuan aset non-                           of a non-financial asset or a non-financial liability,
         keuangan atau liabilitas non-keuangan, keuntungan                        the gains and losses previously recognized in other
         dan kerugian yang sebelumnya diakui dalam                                comprehensive income and accumulated in equity
         penghasilan komprehensif lain dan diakumulasi                            are removed from equity and included in the initial
         dalam ekuitas dikeluarkan dari ekuitas dan                               measurement of the cost of the non-financial asset or
         dimasukkan dalam pengukuran awal biaya aset non-                         non-financial liability. This transfer does not affect
         keuangan atau kewajiban non-keuangan. Transfer                           other comprehensive income. Furthermore, if the
         ini tidak mempengaruhi penghasilan komprehensif                          Entity’s and Subsidiary expects that some or all of
         lain. Lebih lanjut, jika Entitas dan Entitas Anak                        the loss accumulated in other comprehensive income
         memperkirakan bahwa sebagian atau seluruh                                will not be recovered in the future, that amount is
         kerugian yang diakumulasi dalam penghasilan                              immediately reclassified to profit or loss.
         komprehensif lain tidak akan dipulihkan di masa
         depan, jumlah tersebut segera direklasifikasi ke laba
         rugi.

         Lindung Nilai Investasi Bersih dalam Operasi                             Hedges of Net Investments in Foreign Operations
         Asing

         Lindung nilai atas investasi bersih dalam operasi                        Hedges of net investments in foreign operations are
         asing dicatat serupa dengan lindung nilai arus kas.                      accounted for similarly to cash flow hedges. Any gain
         Keuntungan atau kerugian dari instrumen lindung                          or loss on the hedging instrument relating to the
         nilai yang terkait dengan bagian efektif dari lindung                    effective portion of the hedge is recognized in other
         nilai diakui dalam penghasilan komprehensif lain                         comprehensive income and accumulated under the
         dan diakumulasikan dalam akun penyisihan                                 heading of foreign currency translation reserve. The
         penjabaran mata uang asing. Keuntungan atau                              gain or loss relating to the ineffective portion is
         kerugian yang terkait dengan bagian yang tidak                           recognized immediately in profit or loss, and is
         efektif segera diakui dalam laba rugi, dan                               included in the “Other Gains and Losses” line item.
         dimasukkan dalam baris "Keuntungan dan Kerugian
         Lainnya".

         Keuntungan dan kerugian dari instrumen lindung                           Gains and losses on the hedging instrument relating
         nilai terkait dengan bagian efektif dari lindung nilai                   to the effective portion of the hedge accumulated in
         yang diakumulasi dalam penyisihan penjabaran                             the foreign currency translation reserve are
         mata uang asing direklasifikasi ke laba rugi atas                        reclassified to profit or loss on the disposal or partial
         pelepasan atau pelepasan sebagian operasi luar                           disposal of the foreign operation.
         negeri.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                 PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                             ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                           STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                             December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                   AKUNTANSI               3.    MATERIAL           ACCOUNTING                      POLICIES
     MATERIAL - Lanjutan                                                     INFORMATION - Continued
                                                                            cc.
     e. Instrumen Keuangan - Lanjutan                                       dd.
                                                                             e. Financial Instruments - Continued

          (5) Pengaturan Saling Hapus                                               (5)   Offsetting Arrangements

          Aset keuangan dan liabilitas keuangan saling hapus                        Financial assets and financial liabilities are offset
          dan jumlah bersih disajikan di laporan posisi                             and the net amount presented in the statement of
          keuangan jika, dan hanya jika, Entitas dan Entitas                        financial position when, and only when, the Entity’s
          Anak memiliki hak yang dapat diberlakukan secara                          and Subsidiary has a legally enforceable right to set
          hukum untuk menghapus jumlah yang diakui; dan                             off the recognized amounts; and intends either to
          bermaksud untuk menyelesaikan secara neto, atau                           settle on a net basis, or to realize the asset and settle
          untuk merealisasikan aset dan menyelesaikan                               the liability simultaneously. A right to set-off must be
          liabilitas secara bersamaan. Hak untuk kompensasi                         available today rather than being contingent on a
          harus tersedia saat kini daripada bergantung pada                         future event and must be exercisable by any of the
          peristiwa di masa depan dan harus dapat                                   counterparties, both in the normal course of business
          dilaksanakan oleh salah satu pihak lawan, baik                            and in the event of default, insolvency or bankruptcy.
          dalam kegiatan bisnis normal dan dalam hal terjadi
          gagal bayar (default), keadaan tidak dapat
          membayar (insolvency) atau kebangkrutan.

          (6) Reklasifikasi Instrumen Keuangan                                      (6)   Reclassification of Financial Instruments

          Untuk aset keuangan, diperlukan reklasifikasi antara                      For financial assets, reclassification is required
          FVTPL, FVOCI dan biaya perolehan diamortisasi,                            between FVTPL, FVOCI and amortized cost, if and
          jika dan hanya jika tujuan model bisnis entitas untuk                     only if the entity's business model objective for its
          aset keuangannya berubah sehingga penilaian model                         financial assets changes so its previous model
          sebelumnya tidak berlaku lagi.                                            assessment would no longer apply.

          Jika reklasifikasi sudah sesuai, maka harus                               If reclassification is appropriate, it must be done
          dilakukan secara prospektif sejak tanggal                                 prospectively from the reclassification date which is
          reklasifikasi yang ditetapkan sebagai hari pertama                        defined as the first day of the first reporting period
          periode pelaporan pertama setelah perubahan model                         following the change in business model. The Entity’s
          bisnis. Entitas dan Entitas Anak tidak menyajikan                         and Subsidiary does not restate any previously
          kembali keuntungan, kerugian, atau bunga yang                             recognized gains, losses, or interest.
          diakui sebelumnya.

          PSAK 71 tidak mengizinkan reklasifikasi:                                  PSAK 71 does not allow reclassification:
          - untuk investasi ekuitas yang diukur pada FVOCI,                         - for equity investments measured at FVOCI, or
            atau
          - di mana opsi nilai wajar telah dilaksanakan dalam                       - where the fair value option has been exercised
            kondisi apapun untuk aset keuangan atau                                   under any circumstances for the financial asset or
            liabilitas keuangan.                                                      financial liability
                                                                            ee.
     f.   Transaksi dengan Pihak-pihak Berelasi                             ff.f.   Transactions with Related Parties

          Entitas dan Entitas Anak melakukan transaksi                              The Entity and Subsidiary have transactions with
          dengan pihak-pihak berelasi seperti yang dinyatakan                       entities that are regarded as having special
          dalam PSAK No. 7 (Revisi 2015), mengenai                                  relationship as defined by PSAK No. 7 (Revised
          “Pengungkapan Pihak-pihak Berelasi”.                                      2015), regarding “Related Parties Disclosures”.

          Pihak-pihak berelasi adalah orang atau entitas yang                       Related party represents a person or an entity who is
          terkait dengan entitas pelapor:                                           related to the reporting entity:




                                                                  38
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                  PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                              ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                            STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                 As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                              December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                      (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                    AKUNTANSI               3.      MATERIAL       ACCOUNTING                         POLICIES
     MATERIAL - Lanjutan                                                        INFORMATION - Continued

     f. Transaksi dengan Pihak-pihak Berelasi - Lanjutan                     gg.f.   Transactions with Related Parties - Continued

         (a)   Orang atau anggota keluarga terdekat                                  (a)   A person or a close member of the person’s
               mempunyai relasi dengan entitas pelapor jika                                family is related to a reporting entity if that
               orang tersebut:                                                             person:
               (i) memiliki           pengendalian    atau                                 (i) has control or joint control over the
                     pengendalian bersama atas entitas                                           reporting entity;
                     pelapor;
               (ii) memiliki pengaruh signifikan atas                                      (ii)  has significant influence over the
                     entitas pelapor; atau                                                       reporting entity; or
               (iii) personil manajemen kunci entitas                                      (iii) is a member of the key management
                     pelapor atau entitas induk entitas                                          personnel of the reporting entity or of a
                     pelapor.                                                                    parent of the reporting entity.

         (b)   Suatu entitas berelasi dengan entitas pelapor                         (b)   An entity is related to a reporting entity if any
               jika memenuhi salah satu hal berikut:                                       of the following conditions applies:
               (i) entitas dan entitas pelapor adalah                                      (i) the entity and the reporting entity are
                     anggota dari Entitas dan Entitas Anak                                       members of the same group (which means
                     yang sama (artinya entitas induk, entitas                                   that each parent, subsidiary and fellow
                     anak, dan entitas anak berikutnya terkait                                   subsidiary is related to the others).
                     dengan entitas lain).
               (ii) satu entitas adalah entitas asosiasi atau                              (ii)   one entity is an associate or joint venture
                     ventura bersama dari entitas lain (atau                                      of the other entity (or an associate or joint
                     entitas asosiasi atau ventura bersama                                        venture of a member of Entity and
                     yang merupakan anggota suatu Entitas                                         Subsidiary of which the other entity is a
                     dan Entitas Anak, yang mana entitas lain                                     member).
                     tersebut adalah anggotanya).
               (iii) kedua entitas tersebut adalah ventura                                 (iii) both entities are joint ventures of the
                     bersama dari pihak ketiga yang sama.                                        same third party.
               (iv) satu entitas adalah ventura bersama dari                               (iv) one entity is a joint venture of a third
                     entitas ketiga dan entitas yang lain                                        entity and the other entity is an associate
                     adalah entitas asosiasi dari entitas                                        of the third entity.
                     ketiga.
               (v) entitas tersebut adalah suatu program                                   (v)    the entity is a post-employment benefit
                     imbalan pascakerja untuk imbalan kerja                                       plan for the benefit of employees of either
                     dari salah satu entitas pelapor atau                                         the reporting entity or an entity related to
                     entitas yang terkait dengan entitas                                          the reporting entity. If the reporting entity
                     pelapor. Jika entitas pelapor adalah                                         is itself such a plan, the sponsoring
                     entitas yang menyelenggarakan program                                        employers are also related to the
                     tersebut, maka entitas sponsor juga                                          reporting entity.
                     berelasi dengan entitas pelapor.
               (vi) entitas      yang     dikendalikan      atau                           (vi) the entity is controlled or jointly
                     dikendalikan bersama oleh orang yang                                       controlled by a person identified in (a).
                     diidentifikasi dalam huruf (a).
               (vii) orang yang diidentifikasi dalam huruf                                 (vii) a person identified in (a) (i) has
                     (a) (i) memiliki pengaruh signifikan atas                                    significant influence over the entity or is
                     entitas atau personil manajemen kunci                                        a member of the key management
                     entitas (atau entitas induk dari entitas).                                   personnel of the entity (or of a parent of
                                                                                                  the entity).
               (viii) entitas, atau anggota dari kelompok yang                             (viii) the entity, or any member of a group of
                      mana entitas merupakan bagian dari                                          which it is a part, provided key
                      kelompok tersebut, menyediakan jasa                                         management personnel services to the
                      personil manajemen kunci kepada                                             reporting entity or to the parent of the
                      entitas pelapor atau kepada entitas induk                                   reporting entity.
                      dari entitas pelapor.




                                                                   39
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                  PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                              ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                            STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                 As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                              December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                       (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                    AKUNTANSI               3.       MATERIAL       ACCOUNTING                       POLICIES
     MATERIAL - Lanjutan                                                         INFORMATION - Continued

     f. Transaksi dengan Pihak-pihak Berelasi - Lanjutan                      hh.f.   Transactions with Related Parties - Continued

         Entitas atau anggota dari kelompok yang mana                                 The Entity or any member of a group of which it is a
         entitas merupakan bagian dari kelompok tersebut,                             part, provides key management personnel services to
         menyediakan jasa personil manajemen kunci kepada                             the reporting Entity or to the parent of the reporting
         entitas pelapor atau kepada entitas induk dari entitas                       entity.
         pelapor.

         Seluruh saldo dan transaksi yang signifikan dengan                           All significant balances and transactions with related
         pihak berelasi, baik yang dilakukan dengan                                   parties, whether or not conducted under the normal
         persyaratan dan kondisi normal sebagaimana yang                              terms and conditions similar to those transacted with
         dilakukan dengan pihak ketiga, diungkapkan dalam                             parties, are disclosed in the notes to the consolidated
         catatan atas laporan keuangan konsolidasian.                                 financial statements.

     g. Persediaan                                                            ii. g. Inventories

         Sesuai dengan PSAK No. 14, mengenai                                          According to PSAK No. 14, regarding ‘Inventories”,
         “Persediaan”, persediaan dinyatakan sebesar nilai                            inventories are stated at the lower of cost or net
         terendah antara biaya perolehan atau nilai realisasi                         realizable value, whichever is lower. Cost is
         neto (the lower of cost or net realizable value). Biaya                      determined using the average method. Which
         perolehan persediaan ditentukan dengan metode                                reflecting the current condition of inventories.
         rata-rata (average method) yang mencerminkan
         kondisi terkini persediaan.

         Nilai realisasi neto adalah estimasi harga jual dalam                        Net realizable value represents the estimated selling
         kegiatan usaha normal dikurangi estimasi biaya                               price in the ordinary course of business less the
         penyelesaian dan estimasi biaya yang diperlukan                              estimated cost of completion and the estimated costs
         untuk membuat penjualan.                                                     necessary to make the sale.

         Penyisihan atas persediaan usang atau penurunan                              Allowance for inventory losses, obsolescence or
         nilai persediaan ditetapkan berdasarkan penelaahan                           decline in stock value are based on a review of the
         berkala terhadap kondisi fisik dan tingkat perputaran                        physical conditions and inventory turnover.
         persediaan.

     h. Biaya Dibayar di Muka                                                 i. h. Prepaid Expenses

         Biaya dibayar di muka dibebankan pada laba rugi                              Prepaid expenses are amortized over their beneficial
         tahun berjalan sesuai masa manfaat masing-masing                             periods by using the straight-line method.
         biaya dengan menggunakan metode garis lurus
         (straight-line method).

     i. Aset Tetap                                                           j. i.    Property, Plant and Equipment

         Tanah, bangunan dan prasarana serta mesin dan                                Land, buildings and improvements, and machines and
         peralatan dicatat pada jumlah revaluasian, yaitu nilai                       equipment are stated at their revalued amount, being
         wajar pada tanggal revaluasi dikurangi akumulasi                             the fair value at the date of revaluation, less any
         penyusutan dan akumulasi rugi penurunan nilai yang                           subsequent     accumulated       depreciation    and
         terjadi setelah tanggal revaluasi. Revaluasi                                 subsequent accumulated impairment losses.
         dilakukan dengan keteraturan yang cukup reguler                              Revaluations are performed with sufficient regularity
         untuk memastikan bahwa jumlah tercatat tidak                                 such that the carrying amount does not differ
         berbeda secara material dari jumlah yang ditentukan                          materially from that which would be determined
         dengan menggunakan nilai wajar pada tanggal posisi                           using fair values at financial position date. The
         keuangan. Atas perubahan kebijakan akuntansi dari                            changes of accounting policies from cost model to
         model biaya ke model revaluasi, maka perubahan                               cost revaluation are applied prospectively.
         tersebut berlaku secara prospektif.




                                                                   40
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                 PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                             ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                           STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                             December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                   AKUNTANSI               3.      MATERIAL       ACCOUNTING                        POLICIES
     MATERIAL - Lanjutan                                                       INFORMATION - Continued
                                                                            k.
     i.   Aset Tetap - Lanjutan                                             l. i.     Property, Plant and Equipment - Continued

          Penyusutan dihitung dengan menggunakan metode                              Depreciation is computed using the straight-line
          garis lurus untuk kelompok bangunan dan prasarana                          method for buildings and improvements. depreciation
          sedangkan untuk kelompok selain bangunan dan                               of non-buildings and improvements are computed
          prasarana disusutkan dengan metode saldo menurun                           using the double-declining-balance-method based on
          ganda berdasarkan taksiran masa manfaat ekonomis                           the estimated useful lives of the assets as follows:
          sebagai berikut:
                                                                                    Presentase/
                                                Tahun/Years
                                                                                    Percentage
          Bangunan dan prasarana                      20                                5%                      Building and improvement
          Mesin dan peralatan                       4 - 25                           25% – 4%                   Machinery and equipment

          Estimasi masa manfaat ekonomis, nilai residu dan                          The estimated of useful lives, residual values and
          metode penyusutan direview setiap akhir tahun dan                         depreciation method are reviewed at the end of the year
          pengaruh dari setiap perubahan estimasi tersebut                          and the effect of any changes in estimate accounted for
          berlaku prospektif.                                                       prospectively.

          Kenaikan yang berasal dari revaluasi tanah,                               Any revaluation increase arising on the revaluation of
          bangunan dan mesin tersebut langsung dikreditkan                          such land, building and machines is credited to the
          ke surplus revaluasi pada pendapatan komprehensif                         revaluation surplus in other comprehensive income,
          lain, kecuali sebelumnya penurunan revaluasi atas                         except to the extent that it reverses a revaluation
          aset yang sama pernah diakui dalam laporan laba                           decrease, for the same asset which was previously
          rugi dan        penghasilan komprehensif         lain                     recognized in consolidated statement of profit or loss
          konsolidasian, dalam hal ini kenaikan revaluasi                           and other comprehensive income, in which case the
          hingga sebesar penurunan nilai aset akibat revaluasi                      increase is credited to consolidated statement of profit
          tersebut, dikreditkan dalam laporan laporan laba rugi                     or loss and other comprehensive income to the extent of
          dan penghasilan komprehensif lain konsolidasian.                          the decrease previously charged. A decrease in
          Penurunan jumlah tercatat yang berasal dari                               carrying amount arising on the revaluation is charged
          revaluasi aset tetap dibebankan dalam laporan laba                        to consolidated statement of profit or loss and other
          rugi dan        penghasilan komprehensif         lain                     comprehensive income to the extent that it exceeds the
          konsolidasian apabila penurunan tersebut melebihi                         balance, if any, held in the preperties revaluation
          saldo akun surplus revaluasi aset tetap yang berasal                      reserve relating to a provious revaluation.
          dari revaluasi sebelumnya, jika ada.

          Dampak atas pajak penghasilan, jika ada yang                              Impact on income tax, if any, resulting from the
          dihasilkan dari revaluasi aset tetap diakui dan                           revaluation of property, plant and equipment are
          diungkapkan sesuai dengan PSAK No. 46, mengenai                           recognized and disclosed in accordance with
          Pajak Penghasilan.                                                        PSAK No. 46, regarding Income Tax.

          Penyusutan atas nilai revaluasian bangunan dan                              Depreciation      on     revalued    building     and
          prasarana serta mesin dan peralatan dibebankan ke                           improvements and machines and equipment are
          laporan laba rugi dan penghasilan komprehensif lain                         charged to consolidated statement of profit or loss
          konsolidasian. Bila aset tetap yang telah direvaluasi                       and other comprehensive income. The attributable
          dilepas atau dihentikan penggunaanya, saldo surplus                         revaluation surplus remaining in the property, plant
          revaluasi tersisa dipindahkan langsung ke saldo laba                        and equipment, revaluation reserve is transferred
          beserta pengaruh pajaknya.                                                  directly to retained earnings with the tax impact.

          Akumulasi penyusutan pada tanggal revaluasi                                 Accumulated depreciation at the date of revaluation
          diperlakukan dengan cara dieliminasikan terhadap                            is treated in a manner eliminated against the gross
          jumlah tercatat bruto dari aset dan jumlah tercatat                         carrying amount of assets and the carrying amount
          neto setelah eliminasi disajikan sebesar jumlah                             net of eliminations is presented again at the amount
          revaluasian dari aset tersebut.                                             of revaluation of assets.




                                                                  41
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                  PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                              ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                            STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                 As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                              December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                      (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                    AKUNTANSI               3.     MATERIAL       ACCOUNTING                       POLICIES
     MATERIAL - Lanjutan                                                       INFORMATION - Continued

     i.   Aset Tetap - Lanjutan                                              m.i.   Property, Plant and Equipment - Continued

          Keuntungan dan kerugian yang timbul dari                                  The gain or loss arising on sale or retirement of land,
          penjualan atau penghentian tanah, bangunan dan                            buildings and improvements and machines and
          prasarana serta mesin dan peralatan ditentukan                            equipment is determined as the difference between the
          sebesar perbedaan antara jumlah neto hasil                                sales proceeds and carrying amount of the assets and
          pelepasan dan jumlah tercatat dari aset tetap tersebut                    is recognized in the consolidated statement of profit
          dan dicatat dalam laporan laba rugi dan penghasilan                       or loss and other comprehensive income.
          komprehensif lain konsolidasian.

          Entitas melakukan revaluasi karena adanya                                 The Entity revalued due to changes in accounting
          perubahan kebijakan akuntansi, tidak dilakukan                            policies, revaluation was not carried out for fiscal
          revaluasi karena alasan fiskal sehingga tidak ada                         reasons so that there was no reporting to the
          pelaporan ke Direktorat Jendral Pajak untuk                               Directorate General of Taxes for the permit.
          perijinan tersebut.

          Revaluasi akan dilakukan secara tahunan bagi aset                         Revaluation will be carried out annually for assets
          yang mengalami perubahan nilai wajar secara                               that experience significant and volatile changes in
          signifikan dan fluktuatif sedangkan bagi aset yang                        fair value, while assets that do not experience
          tidak mengalami perubahan nilai wajar secara                              significant changes in fair value must be revalued at
          signifikan wajib direvaluasi paling kurang setiap                         least every 3 (three) years.
          3 (tiga) tahun.

          Entitas telah menerapkan metode revaluasi sebagai                         The Entity has applied the revaluation method as an
          kebijakan akuntansi pada pencatatan aset tetap sejak                      accounting policy to the recording of property, plant
          1 Januari 2009.                                                           and equipment since January 1, 2009.

          Aset tetap lainnya                                                        Other Property, Plant and Equipment

          Aset tetap lainnya dinyatakan berdasarkan biaya                           Other property, plant and equipment is stated at cost
          perolehan setelah dikurangi akumulasi penyusutan                          less accumulated depreciation and any accumulated
          dan akumulasi kerugian penurunan nilai.                                   impairment losses. Depreciation is computed using
          Penyusutan dihitung dengan menggunakan metode                             the double-declining method based on the estimated
          saldo menurun ganda berdasarkan taksiran masa                             useful lives of the assets as follows:
          manfaat ekonomis aset tetap sebagai berikut:
                                                                              Presentase/
                                               Tahun/Years
                                                                              Percentage
           Kendaraan                                2-4                       50% - 25%                                          Vehicles
           Inventaris kantor                        2-4                       50% - 25%                      Office furniture and fixtures
          Aset sewa pembiayaan disusutkan berdasarkan                               Assets held under finance leases are depreciated
          taksiran masa manfaat ekonomis yang sama dengan                           based on the same estimated useful life as owned
          aset yang dimiliki sendiri.                                               assets.

          Estimasi masa manfaat ekonomis, nilai residu dan                          The estimated useful lives, residual values and
          metode penyusutan direview setiap akhir tahun dan                         depreciation method are reviewed at each year end,
          pengaruh dari setiap perubahan estimasi tersebut                          with the effect of any changes in estimates accounted
          berlaku prospektif.                                                       for on a prospective basis.

          Penyusutan dihentikan lebih awal ketika aset yang                         Depreciation is discontinued earlier if the
          dimiliki diklasifikasikan sebagai aset untuk dijual                       classification of assets owned are ready to dispose of
          atau aset tersebut termasuk dalam kelompok aset                           or those assets are retired.
          yang tidak digunakan lagi.




                                                                   42
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                  PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                              ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                            STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                 As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                              December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                          (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                    AKUNTANSI               3.         MATERIAL       ACCOUNTING                      POLICIES
     MATERIAL - Lanjutan                                                           INFORMATION - Continued

     i.   Aset Tetap - Lanjutan                                               n. i.    Property, Plant and Equipment - Continued

          Jumlah tercatat aset tetap yang dilepaskan atau sudah                        Net book value of other property, plant and
          tidak mempunyai manfaat ekonomis masa depan                                  equipment disposed or when they have no expected
          yang diharapkan dari penggunaan atau pelepasannya                            economical future value from their usage or disposal.
          dihentikan pangakuannya. Laba atau rugi yang                                 Gain or loss on disposal of other equipment reflected
          timbul dari penghentian pengakuan aset tetap harus                           in current operations as the other equipment retired.
          dimasukkan dalam laporan laba rugi pada saat aset
          tersebut dihentikan pengakuannya.

          Beban pemeliharaan dan perbaikan dibebankan pada                             The cost of maintenance and repairs is charged to
          laporan laba rugi dan penghasilan komprehensif lain                          consolidated statement of profit or loss and other
          konsolidasian pada saat terjadinya. Biaya-biaya lain                         comprehensive income. Other costs incurred
          yang terjadi selanjutnya yang timbul untuk                                   subsequently to add, to replace part of, or to repair
          menambah, mengganti atau memperbaiki aset tetap                              an item of other equipment, are recognized as an
          dicatat sebagai biaya perolehan aset jika dan hanya                          asset if, and only if, it is probable that future
          jika besar kemungkinan manfaat ekonomis di masa                              economic benefits associated with the item will flow
          depan berkenaan dengan aset tersebut akan mengalir                           to the entity and the cost of the item can be measured
          ke entitas dan biaya perolehan aset dapat diukur                             reliably. When assets are retired or otherwise
          secara andal. Aset tetap yang sudah tidak digunakan                          disposed of, their carrying values and the related
          lagi atau yang dilepas dikeluarkan dari kelompok                             accumulated depreciations and any impairment
          aset tetap berikut akumulasi penyusutannya.                                  losses are removed from the accounts and any
          Keuntungan atau kerugian dari pelepasan aset tetap                           resulting losses from the disposal of property, plant
          tersebut dibukukan dalam laporan laba rugi dan                               and equipment recognized in the consolidated
          penghasilan komprehensif lain konsolidasian pada                             statement of profit or loss and other comprehensive
          tahun yang bersangkutan.                                                     income is reflected in the current operations.

          Aset dalam penyelesaian dinyatakan sebesar biaya                             Construction in progress is stated at cost. less any
          perolehan dikurangi penurunan nilai yang ada.                                impairment loss and is transferred to the respective,
          Akumulasi biaya perolehan akan dipindahkan ke                                property, plant and equipment account when
          masing-masing aset tetap yang bersangkutan pada                              completed and ready for use.
          saat selesai dan siap digunakan.

     j.   Properti Investasi                                                 h. j.     Investment Property
                                                                             i.
          Properti investasi adalah properti (tanah atau                     j.        Investment property is property (land or buildings or
          bangunan atau bagian dari suatu bangunan atau                                parts of a building or both) held to earn rentals or for
          kedua-duanya) untuk menghasilkan rental atau                                 capital appreciation or both, and not used in the
          untuk kenaikan nilai atau kedua-duanya, dan tidak                            production or supply of goods or services for
          digunakan dalam produksi atau penyediaan barang                              administrative purposes or sold in the ordinary
          atau jasa untuk tujuan administratif atau dijual dalam                       course of business day. Investment property is
          kegiatan usaha sehari-hari. Properti investasi diukur                        measured at cost.
          sebesar nilai perolehan.
                                                                             k.
          Properti investasi pada awalnya diukur sebesar biaya               l.        Investment property is initially recognized at
          perolehan. Setelah pengakuan awal, Entitas dan                               acquisition cost. The Entity and Subsidiary have
          Entitas Anak memilih model biaya sebagai                                     chosen the cost model as the accounting policy for its
          kebijakan     akuntansi     pengukuran      properti                         investment property measurement.
          investasinya.
                                                                             m.
          Properti investasi dihentikan pengakuannya pada                    n.        Investment property is derecognized upon permanent
          saat dilepaskan secara permanen atau tidak                                   disposal or not used permanently and no future
          digunakan secara permanen dan tidak memiliki                                 economic benefits are expected from its disposal.
          manfaat ekonomi masa depan yang diperkirakan dari                            Gains or losses arising from the retirement or
          pelepasannya. Keuntungan atau kerugian yang                                  disposal of investment property are recognized in the
          timbul dari transaksi penghentian atau pelepasan                             consolidated statements of profit or loss and other
          properti investasi diakui dalam laporan laba rugi dan                        comprehensive income, except for the sale and lease-
          penghasilan komprehensif lain konsolidasian                                  back.
          kecuali transaksi jual dan sewa-balik.


                                                                   43
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                 PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                             ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                           STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                             December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                         (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                   AKUNTANSI               3.         MATERIAL       ACCOUNTING                       POLICIES
     MATERIAL - Lanjutan                                                          INFORMATION - Continued

     k. Aset Takberwujud                                                          k. Intangible Assets

          Aset takberwujud meliputi biaya perolehan                                   Intangible assets that consist of costs of computer
          perangkat lunak yang diamortisasi dengan metode                             software are amortized using the straight-line
          garis lurus selama masa manfaat 5-10 tahun.                                 method over their beneficial periods of 5-10 years.

     l.   Investasi pada Entitas Asosiasi                                    o. l.    Investment in Associate

          Sesuai dengan PSAK No. 15, mengenai “Investasi                    k.        According to PSAK No. 15, regarding “Investments
          pada Entitas Asosiasi dan Ventura Bersama”, Entitas                         in Associates and Joint Ventures”, an associate is an
          asosiasi adalah suatu entitas dimana Entitas dan                            entity over which the Entiy and Subsidiary have
          Entitas Anak memiliki pengaruh signifikan dan                               significant influence and that is neither a subsidiary
          bukan merupakan entitas anak atau ventura bersama.                          nor an interest in a joint venture. Significant
          Pengaruh signifikan adalah kekuasaan untuk ikut                             influence is the power to participate in the financial
          serta dalam mengambil keputusan atas kebijakan                              and operating policy decisions of the investee but is
          keuangan dan operasional investee tetapi tidak                              not control or joint control over those policies.
          mengendalikan atau mengendalikan bersama atas
          kebijakan tersebut.

          Investasi pada entitas asosiasi pada awalnya diakui               l.        The investment is an associate is initially recognized
          sebesar biaya perolehan dan disesuaikan dengan                              at cost and adjusted for the Entity’s and Subsidiary’s
          bagian grup dari aset bersih investee setelah tanggal                       share of in the net assets of the investee after the date
          akuisisi, dan untuk setiap penuruanan nilai (metode                         of acquisition, and for any impairment in value
          ekuitas), kecuali investasi tersebut diklasifikasikan                       (equity method), except the investment is classified as
          sebagai dimiliki untuk dijual sesuai dengan PSAK                            held-for-sale in accordance with PSAK No. 58,
          No. 58, mengenai “Aset Tidak Lancar yang Dimiliki                           regarding “Non-current Assets Held-for-sale and
          Untuk Dijual dan Operasi yang Dihentikan”. Jika                             Discontinued Operations”. If the Entity’s and
          Entitas dan Entitas Anak kehilangan bagiannya atas                          Subsidiary’s share of losses of an associate the Entity
          entitas asosiasi, Entitas dan Entitas Anak                                  and Subsidiary discontinue recognizing their share of
          menghentikan mengakui bagiannya atas kerugian                               further losses.
          selanjutnya.

     m. Penurunan Nilai Aset Non-Keuangan                                   m. m. Impairment of Non-Financial Assets

          Sesuai dengan PSAK No. 48, mengenai “Penurunan                              According to PSAK No. 48, regarding “Impairment
          Nilai Aset”, pada tanggal laporan posisi keuangan                           of Assets”, at the consolidated statement of financial
          konsolidasian, Entitas dan Entitas Anak menelaah                            position dates, the Entity and Subsidiary review the
          nilai tercatat aset non-keuangan untuk menentukan                           carrying amount of non-financial assets to determine
          apakah terdapat indikasi bahwa aset tersebut telah                          whether there is any indication that those assets have
          mengalami penurunan nilai.                                                  suffered an impairment loss.

          Jika terdapat indikasi tersebut, nilai yang dapat                           If any such indication exists, the recoverable amount
          diperoleh kembali dari aset diestimasi untuk                                of the asset is estimated in order to determine the
          menentukan tingkat kerugian penurunan nilai (jika                           extent of the impairment loss (if any).
          ada).

          Bila tidak memungkinkan untuk mengestimasi nilai                            Where is it not possible to estimate the recoverable
          yang dapat diperoleh kembali atas suatu aset                                amount of an individual asset, the Entity and
          individu, Entitas dan Entitas Anak mengestimasi                             Subsidiary estimate the recoverable amount of the
          nilai yang dapat diperoleh kembali dari unit                                cash generating unit to which the asset belongs.
          penghasil kas atas aset. Perkiraan jumlah yang dapat                        Estimated recoverable amount is the higher of fair
          diperoleh kembali adalah nilai tertinggi antara harga                       value less costs to sell or value in use.
          jual neto atau nilai pakai.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI               3.     MATERIAL       ACCOUNTING                      POLICIES
     MATERIAL - Lanjutan                                                     INFORMATION - Continued

     m. Penurunan Nilai Aset Non-Keuangan - Lanjutan                       n. m. Impairment of Non-Financial Assets - Continued

         Jika jumlah yang dapat diperoleh kembali dari aset                      If the recoverable amount of a non-financial asset
         non-keuangan (unit penghasil kas) kurang dari nilai                     (cash generating unit) is less than it’s carrying
         tercatatnya, nilai tercatat aset (unit penghasil kas)                   amount, the carrying amount of the asset (cash
         dikurangi menjadi sebesar nilai yang dapat diperoleh                    generating unit) is reduced to its recoverable amount
         kembali dan rugi penurunan nilai diakui langsung ke                     and an impairment loss is recognized immediately in
         laporan laba rugi dan penghasilan komprehensif lain                     the consolidated statements of profit or loss and other
         konsolidasian.                                                          comprehensive income.

         Untuk aset takberwujud yang memiliki umur tidak                         For intangible assets that have an indefinite life, and
         terbatas, dan aset takberwujud belum tersedia untuk                     intangible assets not yet available for use, the
         digunakan, jumlah yang dapat diperoleh kembali                          recoverable amount is estimated annually and at the
         diperkirakan setiap tahun dan pada akhir periode                        end of each reporting period if there is an indication
         pelaporan jika terdapat indikasi penurunan nilai.                       of impairment.

     n. Sewa                                                               m.n. Leases

         Entitas dan Entitas Anak sebagai Penyewa                                Entity and Subsidiary as a Lessee

         Pada insepsi kontrak, Entitas dan Entitas Anak                          At the inception of a contract, the Entity and
         menilai apakah kontrak adalah, atau mengandung,                         Subsidiary assesses whether the contract is, or
         sewa. Suatu kontrak adalah atau mengandung sewa                         contains, a lease. A contract is or contains a lease if
         jika kontrak tersebut memberikan hak untuk                              the contract conveys the right to control the use of an
         mengendalikan penggunaan aset yang identifikasian                       identified assets for a period of time in exchange for
         selama suatu jangka waktu waktu untuk                                   consideration.
         dipertukarkan dengan imbalan.

         Untuk menilai apakah kontrak memberikan hak                             The Entity and Subsidiary has the right to obtain
         untuk mengendalikan penggunaan aset yang                                substantially all the economic benefits from use of the
         identifikasian, Entitas dan Entitas Anak harus                          identified asset throughout the period of use; and
         menilai apakah:

         - Entitas dan Entitas Anak memiliki hak untuk                           - The Entity and Subsidiary has the right to obtain
           mendapatkan secara substansial seluruh manfaat                          substantially all the economic benefits from use of
           ekonomik dari penggunaan aset identifikasian                            the identified asset throughout the period of use;
           selama periode penggunaan; dan                                          and

         - Entitas dan Entitas Anak memiliki hak untuk                           - The Entity’s and Subsidiary has the right to direct
           mengarahkan penggunaan aset identifikasian.                             the use of the identified asset. The Entity’s and
           Entitas dan Entitas Anak memiliki hak ini ketika                        Subsidiary has this right when it has the decision-
           Entitas dan Entitas Anak memiliki hak                                   making rights that are the most relevant to
           pengambilan keputusan yang paling relevan                               changing how and for what purpose the asset is
           untuk mengubah cara dan tujuan penggunaan aset                          used are predetermined:
           telah ditentukan sebelumnya:
           1. Entitas dan Entitas Anak memiliki hak untuk                           1. The Entity’s and Subsidiary has the right to
               mengoperasikan aset identifikasian;                                     operate the identified asset;
           2. Entitas dan Entitas Anak telah mendesain aset                         2. The Entity’s and Subsidiary has designed the
               identifikasian dengan cara yang telah                                   identified asset in a way that predetermined
               ditentukan sebelumnya bagaimana dan untuk                               how and for what purpose it will be used.
               tujuan apa aset itu akan digunakan.




                                                                 45
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI              3.     MATERIAL       ACCOUNTING                        POLICIES
     MATERIAL - Lanjutan                                                    INFORMATION - Continued
                                                                          n.
     n. Sewa - Lanjutan                                                   o. n. Leases - Continued

         Pada insepsi atau penilaian kembali kontrak yang                       At the inception or on reassessment of a contract that
         berisi komponen sewa, Entitas dan Entitas Anak                         contains a lease component, the Entity’s and
         mengalokasikan imbalan dalam kontrak untuk setiap                      Subsidiary allocates the consideration in the contract
         komponen sewa atas dasar harga relatif tersendiri                      to each lease component on the basis of their relative
         dan harga tersendiri agregat dari komponen                             stand-alone prices and the aggregate stand-alone
         nonsewa. Akan tetapi, untuk sewa perbaikan di                          price of the non-lease components. However, for the
         mana Entitas dan Entitas Anak adalah penyewa.                          leases of improvements in which the Entity’s and
                                                                                Subsidiary is a lessee.

         Pada saat permulaan sewa, penyewa mengakui aset                        Upon lease commencement a lessee recognizes a
         hak-guna dan liabilitas sewa. Aset hak-guna                            right-of-use asset and a lease liability. The right-of-
         awalnya diukur pada harga perolehan, yang terdiri                      use asset is initially measured at cost, which
         dari jumlah awal liabilitas sewa yang disesuaikan                      comprises the initial amount of the lease liability
         dengan pembayaran sewa yang dilakukan pada atau                        adjusted for any lease payment made at or before the
         sebelum tanggal permulaan, ditambah biaya                              commencement date, plus any initial direct cost
         langsung awal yang timbul dan estimasi biaya untuk                     incurred and an estimate of costs to dismantle and
         membongkar dan memindahkan aset pendasar atau                          remove the underlying asset or to restore the
         merestorasi aset pendasar ke kondisi yang                              underlying asset to the condition required by the
         disyaratkan oleh syarat dan ketentuan sewa,                            terms and conditions of the lease, less any lease
         dikurangi insentif sewa yang diterima.                                 incentives received.

         Setelah tanggal permulaan, Entitas dan Entitas Anak                    After lease commencement, The Entity’s and
         mengukur aset hak-guna dengan menggunakan                              Subsidiary measures the right-of-use asset using a
         model biaya yang berkaitan aset tetap sesuai                           cost model that relates to Property, Plant and
         PSAK 16.                                                               Equipment under PSAK 16.

         Berdasarkan model biaya, aset hak-guna diukur pada                     Under the cost model, a right-of-use asset is
         biaya perolehan dikurangi akumulasi penyusutan                         measured at cost less accumulated depreciation and
         dan akumulasi penurunan nilai. Jika sewa                               accumulated impairment. If the lease transfers
         mengalihkan kepemilikan aset pendasar kepada                           ownership of the underlying assets to the Entity’s and
         Entitas dan Entitas Anak pada akhir masa sewa atau                     Subsidiary at the end of the lease period or if the
         jika biaya perolehan aset hak-guna mencerminkan                        acquisition cost of the right-of-use asset reflects that
         bahwa penyewa akan mengeksekusi opsi beli,                             the lessee will make a purchase option, the Entity’s
         Entitas dan Entitas Anak mendepresiasi hak-guna                        and Subsidiary depreciates the right-of-use asset
         sejak tanggal permulaan hingga akhir umur manfaat                      from the commencement date until the end of the
         aset pendasar. Jika tidak, Entitas dan Entitas Anak                    useful life of the asset underlying assets. If not, the
         mendepresiasi aset hak-guna dari tanggal permulaan                     Entity’s and Subsidiary depreciates the right-of-use
         hingga tanggal yang lebih awal antara akhir umur                       assets from the commencement date to the earlier of
         manfaat aset hak-guna atau akhir masa sewa.                            the end of the useful life of the right-of-use asset or
                                                                                the end of the lease term.

         Liabilitas sewa pada awalnya diukur pada nilai kini                    The lease liability is initially measured at the present
         dari pembayaran sewa yang terutang selama masa                         value of the lease payments payable over the lease
         sewa, didiskontokan pada suku bunga implisit dalam                     term, discounted at the rate implicit in the lease if that
         sewa jika hal itu dapat segera ditentukan. Jika suku                   can be readily determined. If that rate cannot be
         bunga implisit tersebut tidak dapat segera                             readily determined, the Entity’s and Subsidiary uses
         ditentukan, Entitas dan Entitas Anak menggunakan                       its incremental borrowing rate.
         suku bunga pinjaman inkremental.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                   PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                               ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                           NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                             STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                  As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                               December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                       (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                     AKUNTANSI               3.     MATERIAL          ACCOUNTING                  POLICIES
     MATERIAL - Lanjutan                                                        INFORMATION - Continued
                                                                              p.
     n.    Sewa - Lanjutan                                                    q.n. Leases - Continued

          Pembayaran sewa yang termasuk                   dalam                     Lease payments included in the measurement of the
          pengukuran liabilitas sewa terdiri dari:                                  lease liability comprise the following:

          -   pembayaran tetap, termasuk pembayaran tetap                           -   fixed payments, including in-substance fixed
              secara-substansi dikurangi piutang insentif                               payments less any lease incentive receivable;
              sewa;
          -   pembayaran sewa variabel yang bergantung                              -   variable lease payments that depend on an index
              pada indeks atau suku bunga, awalnya diukur                               or a rate, initially measured using the index or
              menggunakan indeks atau suku bunga pada                                   rate as at the commencement date;
              tanggal permulaan;
          -   jumlah yang diperkirakan akan dibayarkan oleh                         -   amounts expected to be payable by the Entity’s
              Entitas dan Entitas Anak dalam jaminan nilai                              and Subsidiary under a residual value guarantee;
              residual;
          -   harga eksekusi opsi beli yang cukup pasti                             -   the exercise price under a purchase option that
              Entitas dan Entitas Anak akan mengeksekusi;                               the Entity’s and Subsidiary is reasonably certain
              dan                                                                       to exercise; and
          -   pembayaran penalti untuk penghentian sewa                             -   penalties payment for early termination of a lease
              lebih awal kecuali Entitas dan Entitas Anak                               unless the Entity’s and Subsidiary is reasonably
              cukup pasti untuk tidak menghentikan kontrak                              certain not to terminate early.
              lebih awal.

          Pembayaran sewa variabel yang tidak termasuk                              Variable lease payments that are not included in the
          dalam pengukuran liabilitas sewa diakui dalam                             measurement of the lease liability are recognized in
          laporan laba rugi pada periode terjadinya peristiwa                       profit or loss in the period in which the event or
          atau kondisi yang memicu terjadinya pembayaran,                           condition that triggers payment occurs, unless the
          kecuali biaya tersebut dimasukkan dalam nilai                             costs are included in the carrying amount of another
          tercatat aset lain menurut Pernyataan lain.                               asset under another Standard.

          -   masa sewa (menggunakan tingkat diskonto                               -   the lease term (using a revised discount rate);
              yang direvisi);
          -   penilaian opsi beli (menggunakan tingkat                              -   the assessment of a purchase option (using a
              diskonto yang direvisi);                                                  revised discount rate);
          -   pembayaran sewa masa depan sebagai akibat                             -   future lease payments resulting from a change in
              dari perubahan indeks atau suku bunga yang                                an index or a rate used to determine those
              digunakan untuk menentukan pembayaran                                     payments (using an unchanged discount rate).
              tersebut (menggunakan tingkat diskonto yang
              tidak berubah).

          Sewa jangka pendek dan aset pendasar bernilai                             Short-term leases and low value underlying assets
          rendah

          Entitas dan Entitas Anak telah memilih untuk tidak                        The Entity’s and Subsidiary has elected not to
          mengakui aset hak-guna dan liabilitas sewa untuk                          recognize right-of-use assets and lease liabilities for
          sewa jangka pendek yang memiliki jangka waktu                             short-term leases that have a lease term of 12 months
          sewa 12 bulan atau kurang. Entitas dan Entitas Anak                       or less. The Entity’s and Subsidiary recognizes the
          mengakui pembayaran sewa terkait dengan sewa                              leases payments associated with these leases as an
          tersebut sebagai beban dengan metode garis lurus                          expense on a straight-line basis over the lease term.
          selama masa sewa.

          Entitas dan Entitas Anak belum menentukan ambang                          The Entity’s and Subsidiary has not determined the
          batas aset bernilai rendah, oleh karena itu Entitas dan                   threshold of low value assets, accordingly the
          Entitas Anak tidak menggunakan pengecualian ini                           Entity’s and Subsidiary does ot use this exemption
          dan menerapkan PSAK 73 sebagaimana mestinya.                              and applies PSAK 73 as appropriate.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI               3.     MATERIAL          ACCOUNTING                   POLICIES
     MATERIAL - Lanjutan                                                     INFORMATION - Continued
                                                                           r.
     n.   Sewa - Lanjutan                                                  s.n. Leases - Continued

          Modifikasi sewa                                                        Lease modification

          Modifikasi sewa juga dapat meminta pengukuran                          Lease modifications may also prompt remeasurement
          kembali liabilitas sewa kecuali jika diperlakukan                      of the lease liability unless they are to be treated as
          sebagai sewa terpisah.                                                 separate leases.

          Penyewa mencatat modifikasi sewa sebagai sewa                          The lessee accounts for a lease modification as a
          terpisah jika keduanya:                                                separate lease if both:
          - modifikasi meningkatkan ruang lingkup sewa                           - the modification increases the scope of the lease
              dengan menambahkan hak untuk menggunakan                              by adding the right to use one or more underlying
              satu atau lebih aset pendasar; dan                                    assets; and
          - imbalan sewa meningkat sebesar jumlah yang                           - the consideration for the lease increases by an
              setara dengan harga tersendiri untuk                                  amount commensurate with the stand-alone price
              peningkatan ruang lingkup dan penyesuaian                             for the increase in scope and any appropriate
              yang tepat terhadap harga tersendiri tersebut                         adjustments to that stand-alone price to reflect the
              untuk mencerminkan kondisi kontrak tertentu.                          circumstances of the particular contract.

          Untuk modifikasi sewa yang tidak dicatat sebagai                       For a lease modification that is not accounted for as
          sewa terpisah, pada tanggal efektif modifikasi sewa,                   a separate lease, at the effective date of the lease
          penyewa:                                                               modification, the lessee:
          - mengukur kembali dan mengalokasikan                                  - remeasure and allocate the consideration in the
             imbalan dalam kontrak modifikasian;                                    modified contract;
          - menentukan masa sewa dari sewa modifikasian;                         - determine the lease term of the modified lease;
          - mengukur kembali liabilitas sewa dengan                              - remeasure the lease liability by discounting the
             mendiskontokan pembayaran sewa yang                                    revised lease payments using a revised discount
             direvisi menggunakan tingkat diskonto revisian                         rate on the basis of the remaining lease term and
             atas dasar sisa masa sewa dan sisa pembayaran                          the remaining lease payment with a
             sewa dengan penyesuaian yang sesuai dengan                             corresponding adjustment to the right-of-use
             aset hak-guna. Tingkat diskonto revisian                               assets. The revised discount rate is determined as
             ditentukan sebagai suku bunga pinjaman                                 the lessee’s incremental borrowing rate at the
             inkremental penyewa pada tanggal efektif                               effective date of the modification;
             modifikasi;
          - menurunkan nilai tercatat aset hak-guna untuk                        - decrease the carrying amount of the right-of-use
             mencerminkan penghentian parsial atau penuh                           asset to reflect the partial or full termination of
             dari sewa untuk modifikasi sewa yang                                  the lease for lease modifications that decrease the
             menurunkan ruang lingkup sewa. Penyewa                                scope of the lease. The lessee recognizes in profit
             mengakui dalam laba rugi setiap keuntungan                            or loss any gain or loss relating to the partial or
             atau kerugian yang terkait dengan penghentian                         full termination of the lease; and
             parsial atau penuh sewa tersebut; dan
          - membuat penyesuaian terkait dengan aset hak-                         - make a corresponding adjustment to the right-of-
             guna untuk semua modifikasi sewa lainnya.                             use asset for all other lease modifications.

          Entitas dan Entitas Anak sebagai Pesewa                                Entity and Subsidiary as a Lessor

          Ketika Entitas dan Entitas Anak bertindak sebagai                      When the Entity’s and Subsidiary acts as a lessor, it
          pesewa, maka setiap sewa diklasifikasikan sebagai                      shall classify each lease as either an operating lease
          sewa operasi atau sewa pembiayaan.                                     or a finance lease.

          Sewa diklasifikasikan sebagai sewa pembiayaan jika                     A lease is classified as a finance lease if it transfers
          sewa mengalihkan secara substansial semua risiko                       substantially all the risks and rewards incidental to
          dan manfaat yang terkait dengan kepemilikan aset                       ownership of an underlying asset. Otherwise a lease
          pendasar. Jika tidak, sewa diklasifikasikan sebagai                    is classified as an operating lease.
          sewa operasi.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                  PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                              ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                            STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                 As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                              December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                      (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                    AKUNTANSI               3.     MATERIAL       ACCOUNTING                       POLICIES
     MATERIAL - Lanjutan                                                       INFORMATION - Continued
                                                                             t.
     n.    Sewa - Lanjutan                                                   u.n.   Leases - Continued

          Sebagai bagian dari penilaian ini, Entitas dan                            As part of this assessment, the Entity’s and
          Entitas Anak mempertimbangkan indikator-                                  Subsidiary considers certain indicators such as:
          indikator tertentu seperti:
          a. sewa mengalihkan kepemilikan aset pendasar                             a. the lease transfers ownership of the underlying
             kepada penyewa pada akhir masa sewa;                                      asset to the lessee by the end of the lease term;
          b. penyewa memiliki opsi untuk membeli aset                               b. the lessee has the option to purchase the
             pendasar dengan harga yang diperkirakan cukup                             underlying asset at a price which is expected to
             lebih rendah dari nilai wajar pada tanggal opsi                           be sufficiently lower than fair value at the date
             tersebut dapat dieksekusi sehingga menjadi                                the option becomes exercisable that, at the
             cukup pasti, pada tanggal insepsi, bahwa opsi                             inception of the lease, it is reasonably certain that
             tersebut akan dieksekusi;                                                 the option will be exercised;
          c. masa sewa adalah untuk sebagian besar umur                             c. the lease term is for the major part of the
             ekonomik aset pendasar, meskipun hak milik                                economic life of the underlying asset, even if title
             tidak dialihkan;                                                          is not transferred;
          d. pada tanggal insepsi, nilai kini dari pembayaran                       d. at the inception of the lease, the present value of
             sewa setidaknya mencakup secara substansial                               the minimum lease payments amounts to at least
             seluruh nilai wajar aset pendasar;                                        substantially all of the fair value of the underlying
                                                                                       asset;
          e. aset pendasar bersifat khusus sehingga hanya                           e. the underlying assets are of a specialized nature
             penyewa yang dapat menggunakannya tanpa                                   such that only the lessee can use them without
             modifikasi signifikan.                                                    major modifications being made.

          Pada permulaan sewa, Entitas dan Entitas Anak                             Upon lease commencement, the Entity’s and
          mengakui aset yang dimiliki dalam sewa                                    Subsidiary recognizes assets held under a finance
          pembiayaan sebagai piutang pada jumlah yang sama                          lease as a receivable at an amount equal to the net
          dengan investasi neto sewa.                                               investment in the lease.

          Investasi neto sewa adalah investasi sewa bruto yang                      The net investment in the lease is the gross investment
          didiskontokan pada tingkat bunga implisit dalam                           in the lease discounted at the interest rate implicit in
          sewa. Investasi bruto dalam sewa adalah jumlah                            the lease. The gross investment in the lease is the sum
          dari:                                                                     of:
          1. piutang pembayaran sewa oleh Entitas dan                               1. lease payments receivable by the Entity’s and
               Entitas Anak dalam sewa pembiayaan, dan                                    Subsidiary under a finance lease, and
          2. nilai residual yang tidak dijamin yang diperoleh                       2. any unguaranteed residual value accruing to the
               Entitas dan Entitas Anak. Nilai residual yang                              Entity’s and Subsidiary. The unguaranteed
               tidak dijamin adalah bagian dari nilai residual                            residual value is the portion of the residual
               aset pendasar, yang realisasinya oleh Entitas dan                          value of the underlying asset, the realization of
               Entitas Anak tidak diyakini atau dijamin hanya                             which by the Entity’s and Subsidiary is not
               oleh satu pihak yang terkait dengan Entitas dan                            assured or is guaranteed solely by a party
               Entitas Anak.                                                              related to the Entity’s and Subsidiary.

          Entitas dan Entitas Anak mengakui pendapatan                              The Entity’s and Subsidiary recognizes finance
          keuangan selama masa sewa dari sewa pembiayaan,                           income over the lease term of a finance lease, based
          berdasarkan pola yang mencerminkan tingkat                                on a pattern reflecting a constant periodic rate of
          pengembalian investasi neto periodik yang konstan.                        return on the net investment. This is achieved by
          Hal ini dicapai dengan mengalokasikan sewa yang                           allocating the lease received (net of any charges for
          diterima (setelah dikurangi biaya jasa, dll.) oleh                        services etc.) by the Entity’s and Subsidiary between
          Entitas dan Entitas Anak antara pendapatan                                finance (interest) income to the Entity’s and
          keuangan (bunga) kepada Entitas dan Entitas Anak                          Subsidiary and repayment of the debtor balance
          dan pembayaran kembali saldo debitur (pokok),                             (principal), that is amortized cost method.
          yaitu metode biaya perolehan diamortisasi.

          Entitas dan Entitas Anak mengakui pembayaran                              The Entity’s and Subsidiary recognizes operating
          sewa operasi sebagai pendapatan dengan dasar garis                        lease payments as income on a straight-line basis or,
          lurus atau, jika lebih merepresentasikan pola                             if more representative of the pattern in which benefit
          manfaat dari penggunaan aset pendasar yang                                from use of the underlying asset is diminished,
          menurun, maka dengan dasar sistematis lain.                               another systematic basis.


                                                                   49
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI               3.    MATERIAL            ACCOUNTING                  POLICIES
     MATERIAL - Lanjutan                                                    INFORMATION - Continued
                                                                           v.
     n. Sewa - Lanjutan                                                    w.n. Leases - Continued

         Transaksi Jual dan Sewa-Balik                                           Sale and Leaseback Transactions

         Untuk menentukan apakah pengalihan aset dicatat                         To determine whether the transfer of an asset is
         sebagai penjualan, Entitas dan Entitas Anak                             accounted for as a sale the Entity’s and Subsidiary
         menerapkan ketentuan PSAK 72 “Pendapatan dari                           applies the requirements of PSAK 72 “Revenue from
         Kontrak dengan Pelanggan” untuk menentukan                              Contracts with Customers” for determining when a
         kapan kewajiban pelaksanaan terpenuhi.                                  performance obligation is satisfied.

         Jika pengalihan aset memenuhi persyaratan PSAK                          If an asset transfer satisfies the requirements of PSAK
         72 untuk dicatat sebagai penjualan, penjual                             72 to be accounted for as a sale the seller measures
         mengukur aset hak-guna sesuai proporsi jumlah                           the right-of-use asset at the proportion of the
         tercatat sebelumnya yang terkait dengan hak-guna                        previous carrying amount that relates to the right of
         yang masih dipertahankan. Oleh karena itu, penjual                      use retained. Accordingly, the seller only recognizes
         hanya mengakui keuntungan atau kerugian yang                            the amount of gain or loss that relates to the rights
         terkait dengan hak yang dialihkan kepada pembeli.                       transferred to the buyer.

         Jika nilai wajar imbalan penjualan tidak sama                           If the fair value of the sale consideration does not
         dengan nilai wajar aset, atau jika pembayaran sewa                      equal the asset’s fair value, or if the lease payments
         tidak pada harga pasar, hasil penjualan disesuaikan                     are not market rates, the sales proceeds are adjusted
         ke nilai wajar, baik dengan memperhitungkan                             to fair value, either by accounting for prepayments of
         pembayaran di muka atas pembayaran sewa jika                            lease payments if any below-market term or
         berada di bawah harga pasar atau pembiayaan                             additional financing provided by the buyer to the
         tambahan yang diberikan oleh pembeli kepada                             Entity’s and Subsidiary if any above-market term.
         Entitas dan Entitas Anak jika berada di atas harga
         pasar.

         Entitas dan Entitas Anak tidak menilai kembali                          The Entity and Subsidiaries did not reassess the
         transaksi jual dan sewa-balik yang disepakati                           agreed sale and leaseback transactions prior to the
         sebelum tanggal penerapan awal.                                         initial application date.

         Subsewa                                                                 Subleases

         Berdasarkan PSAK 73, Entitas dan Entitas Anak                           Under PSAK 73, the Entity’s and Subsidiary as an
         sebagai pesewa-antara memperhitungkan sewa                              intermediate lessor accounts for the head lease and
         utama dan subsewa sebagai dua kontrak terpisah.                         the sublease as two separate contracts. The Entity’s
         Entitas dan Entitas Anak disyaratkan untuk                              and Subsidiary is required to classify the sublease as
         mengklasifikasikan       subsewa    sebagai    sewa                     a finance or operating lease by reference to the
         pembiayaan atau operasi dengan mengacu pada aset                        right‑of‑use asset arising from the head lease. If the
         hak-guna yang timbul dari sewa utama. Jika sewa                         head lease is a short-term lease has accounted
         utama adalah sewa jangka pendek yang                                    applying not to recognize right-of-use asset and lease
         diperhitungkan dengan menerapkan tidak mengakui                         liability, the sublease should be classified as an
         aset hak-guna dan liabilitas sewa, maka subsewa                         operating lease.
         tersebut harus diklasifikasikan sebagai sewa operasi.

         Ketika Entitas dan Entitas Anak melakukan sewa                          When the Entity’s and Subsidiary enters into the
         pembiayaan, Entitas dan Entitas Anak:                                   finance sublease, the Entity’s and Subsidiary:
         - menghentikan pengakuan aset hak-guna terkait                          - derecognizes the right-of-use asset relating to the
           dengan sewa utama yang dialihkan ke                                      head lease that it transfers to the sublesee and
           subpenyewa dan mengakui investasi neto sewa;                             recognizes the net investment in the sublease;
         - mengakui perbedaan antara aset hak-guna dan                           - recognizes any difference between the right-of-use
           investasi neto dalam laba atau rugi; dan                                 asset and the net investment in the sublease in
                                                                                    profit or loss; and




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                  AKUNTANSI               3.     MATERIAL          ACCOUNTING                     POLICIES
     MATERIAL - Lanjutan                                                     INFORMATION - Continued
                                                                           x.
     n. Sewa - Lanjutan                                                    y.n. Leases - Continued

         Subsewa – Lanjutan                                                       Subleases – Continued

         - mempertahankan liabilitas sewa terkait dengan                          - retains the lease liability relating to the head lease
           sewa utama dalam laporan posisi keuangannya,                             in its statement of financial position, which
           yang merupakan pembayaran sewa yang terutang                             represents the lease payments owed to the head
           kepada pesewa utama.                                                     lessor.

         Selama masa sewa, Entitas dan Entitas Anak                               During the term of the sublease, the Entity’s and
         mengakui pendapatan keuangan dari subsewa dan                            Subsidiary recognizes both finance income on the
         beban bunga dari sewa utama.                                             sublease and interest expense on the head lease.

         Ketika Entitas dan Entitas Anak melakukan subsewa                        When the Entity’s and Subsidiary enters into the
         operasi, Entitas dan Entitas Anak tetap memiliki                         operating sublease, the Entity’s and Subsidiary
         liabilitas sewa dan aset hak-guna yang terkait dengan                    retains the lease liability and the right-of-use asset
         sewa utama di laporan posisi keuangannya. Selama                         relating to the head lease in its statement of financial
         masa sewa, Entitas dan Entitas Anak mengakui                             position. During the term of the sublease, the Entity’s
         biaya penyusutan atas aset hak-guna dan bunga atas                       and Subsidiary recognizes a depreciation charge for
         liabilitas sewa dan mengakui pendapatan sewa dari                        the right-of-use asset and interest on the lease
         subsewa.                                                                 liability and recognizes lease income from the
                                                                                  sublease.

         Pada penerapan awal atas transaksi jual dan sewa                         On initial implementation the sale and lease-back
         balik dicatat sebagai sewa pembiayaan dan                                transaction is recorded as a finance lease and
         dilanjutkan mengamortisasi keuntungan jual dan                           continue to amortize gain on sale and lease-back over
         sewa balik selama masa sewa.                                             the lease term.

     o. Imbalan Kerja                                                      o. o. Employee Benefits

         Sesuai dengan PSAK No. 24, mengenai “Imbalan                             According to PSAK No. 24, regarding “Employee
         Kerja”, Entitas dan Entitas Anak mengakui program                        Benefit” the Entity and Subsidiary established
         imbalan pasti untuk semua karyawan tetap. Entitas                        defined benefit pension plan covering all the local
         dan Entitas Anak juga membukukan imbalan pasca                           permanent employees. In addition, the Entity and
         kerja pasti untuk karyawan sesuai dengan Undang-                         Subsidiary also provide post-employment benefit as
         Undang Ketenagakerjaan No. 13/ 2013 dan untuk                            required under Labor Law No. 13/ 2013 (the “Labor
         non-manajemen sesuai dengan Undang-Undang No.                            Law”) and for non-management in accordance with
         11 Tahun 2020 tentang Cipta Kerja. Entitas dan                           Law no. 11 of 2020 concerning Job Creation. For
         Entitas Anak menghitung selisih antara imbalan                           normal pension scheme, the Entity and Subsidiary
         yang diterima karyawan berdasarkan undang-                               calculate and recognizes the higher of the benefits
         undang yang berlaku dengan manfaat yang diterima                         under the Labor Law and those under such pension
         dari program pensiun untuk pensiun normal.                               plan.
                                                                           o.
     p. Biaya Emisi Saham                                                   p. p. Stock Issuance Cost
                                                                           q.
         Biaya-biaya emisi efek yang terjadi sehubungan                          r. Costs incurred related to the public offering of shares
         dengan penawaran saham kepada masyarakat                                   (including pre-emptive rights issues) are deducted
         (termasuk penerbitan hak memesan efek terlebih                             from the proceeds and presented as a deduction from
         dahulu) dikurangkan langsung dari hasil emisi dan                          the “Additional Paid-in-Capital” account, under
         disajikan sebagai pengurang pada akun “Tambahan                            Equity section in the consolidated statements of
         Modal Disetor”, sebagai bagian dari ekuitas pada                           financial position.
         laporan posisi keuangan konsolidasian.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                  PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                              ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                            STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                 As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                              December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                      (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                    AKUNTANSI               3.         MATERIAL       ACCOUNTING                    POLICIES
     MATERIAL - Lanjutan                                                           INFORMATION - Continued
                                                                             q.
     q.   Pengakuan Pendapatan dan Beban                                     r. q. Revenue and Expense Recognition
                                                                             s.
          Pendapatan diakui menggunakan penilaian 5                          t.    Revenue is recognized using the 5-step assessment:
          langkah:
                                                                             u.
          1.   Identifikasi Kontrak dengan Pelanggan                         v.      1.   Identification of the Contract with the
                                                                                          Customer
               Kontrak adalah kesepakatan antara dua pihak                   w.           Contract is an agreement between two or more
               atau lebih yang menciptakan hak dan kewajiban                              parties that creates enforceable rights and
               yang dapat dipaksakan.                                                     obligations.
                                                                             x.
          2.   Identifikasi Kewajiban Pelaksanaan dalam                      y.      2.   Identification of the Performance Obligation
               Kontrak                                                                    in the Contract
               Kewajiban pelaksanaan adalah janji kepada                     z.           A performance obligation is a promise to a
               pelanggan untuk mengalihkan barang atau jasa                               customer to transfer good or service (or a
               (atau sekumpulan barang atau jasa) yang berifat                            bundle of goods or services) that is distinct; or
               dapat dibedakan; atau serangkaian barang atau                              a series of distinct goods or services that are
               jasa bersifat dapat dibedakan yang secara                                  substantially the same and that have the same
               substansial sama dan memiliki pola pengalihan                              pattern of transfer to the customer. Distinct
               yang sama kepada pelanggan. Bersifat dapat                                 means separable, or separately identifiable.
               dibedakan artinya dapat dipisahkan, atau dapat
               diidentifikasi secara terpisah.
                                                                             aa.
          3.   Penetapan Harga Transaksi                                     bb.     3.   Determination of the Transaction Price
               Harga transaksi adalah jumlah imbalan yang                    cc.          The transaction price is the amount of
               diperkirakan menjadi hak Entitas dan Entitas                               consideration that the Entity and Subsidiary
               Anak dalam pertukaran untuk mengalihkan                                    expects to be entitled to in exchange for the
               barang atau jasa kepada pelanggan, tidak                                   goods or services to a customer, excluding
               termasuk jumlah yang ditagih atas nama pihak                               amounts collected on behalf of third parties (for
               ketiga (misalnya, pajak pertambahan nilai). Jika                           example, value added tax). If the consideration
               imbalan yang dijanjikan dalam kontrak                                      promised in a contract includes a variable
               mencakup jumlah variabel, Entitas dan Entitas                              amount, the Entity and Subsidiary estimates the
               Anak mengestimasi jumlah imbalan yang                                      amount of consideration to which it expects to
               diharapkan menjadi haknya dalam pertukaran                                 be entitled in exchange for transferring the
               untuk mengalihkan barang atau jasa yang                                    promised goods or services to a customer less
               dijanjikan kepada pelanggan dikurangi estimasi                             the estimated variable amount which will be
               jumlah variabel yang akan dibayar selama                                   paid during the contract period.
               kontrak.
                                                                             dd.
          4.   Alokasi Harga Transaksi untuk Kewajiban                       ee.     4.   Allocation Transaction Price to Performance
               Pelaksanaan                                                                Obligations
               Alokasikan harga transaksi untuk setiap                       ff.          Allocate the transaction price to each
               kewajiban pelaksanaan berdasarkan harga jual                               performance obligation on the basis of the
               berdiri sendiri relatif dari setiap barang atau                            relative stand-alone selling prices of each
               jasa berbeda yang dijanjikan dalam kontrak.                                distinct goods or services promised in the
               Jika hal ini tidak dapat diamati secara langsung,                          contract. Where these are not directly
               harga jual berdiri sendiri relative perlu                                  observable, the relative stand-alone selling
               diestimasi.                                                                price is required to be estimated.
                                                                             gg.
          5.   Pengakuan Pendapatan ketika Kewajiban                         hh.     5.   Recognition of Revenue when Performance
               Pelaksanaan Dipenuhi                                                       Obligation is Satisfied
               Pendapatan dari penjualan diakui sebagai                      ii.          Revenue from sales is recognized as a
               representasi penyerahan barang atau jasa                                   representation of the delivery of goods or the
               dengan jumlah yang secara tepat mewakili                                   rendering of services at the amount that
               kewajiban yang dilakukan dan hak untuk                                     correctly represents the performed obligation
               menerima imbalan sebagai imbalan atas barang                               and the right to receive consideration in
               dan/atau jasa tersebut. Pengakuan pendapatan                               exchange for the goods and/or services.
               tergantung     pada      apakah      pengalihan                            Revenue recognition depends on whether the
               diselesaikan sepanjang waktu atau pada waktu                               transfer is being settled over time or at a certain
               tertentu. Pengalihan kendali diperhitungkan.                               point in time. In any case, the transfer of control
                                                                                          is taken into account.

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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI      KEBIJAKAN                  AKUNTANSI               3.     MATERIAL      ACCOUNTING                        POLICIES
     MATERIAL - Lanjutan                                                      INFORMATION - Continued

     q.   Pengakuan Pendapatan dan Beban – Lanjutan                         jj. q. Revenue and Expense Recognition - Continued
                                                                            kk.
               Untuk setiap kewajiban pelaksanaan yang                      ll.         For each performance obligation that is satisfied
               dipenuhi sepanjang waktu, pendapatan diakui                              over time, revenue is recognized by measuring
               dengan mengukur kemajuan penyelesaian                                    progress      towards     completion of that
               kewajiban pelaksanaan tersebut berdasarkan                               performance obligation based on appropriate
               pengukuran kemajuan yang tepat baik “Metode                              measurement of progress either “Output
               Keluaran” atau “Metode Masukan”.                                         Method” or “Input Method”.
                                                                            mm.
          Biaya Mendapatkan Kontrak                                         nn. Costs of Obtaining a Contract
                                                                            oo.
          Biaya inkremental untuk mendapatkan kontrak                       pp. The incremental costs of obtaining a contract with a
          dengan pelanggan diakui sebagai aset jika Entitas                        customer are recognized as an asset if the Entity and
          dan Entitas Anak mengharapkan untuk memulihkan                           Subsidiary expects to recover those costs. Those
          biaya tersebut. Biaya inkremental tersebut adalah                        incremental costs are costs incurred to obtain a
          biaya yang timbul untuk mendapatkan kontrak                              contract with a customer that would not have been
          dengan pelanggan yang tidak akan terjadi jika                            incurred if the contract had not been successfully
          kontrak tersebut tidak berhasil diperoleh.                               obtained.
                                                                            qq.
          Biaya Pemenuhan Kontrak                                           rr. Costs of Fulfilling a Contract
                                                                            ss.
          Suatu aset diakui untuk biaya yang timbul untuk                   tt.    An asset is recognized for the costs incurred to fulfil
          memenuhi kontrak hanya jika biaya tersebut                               a contract only if those costs meet all of the following
          memenuhi semua kriteria berikut:                                         criteria:
            a) biaya terkait langsung dengan kontrak atau                   uu.        a) the costs relate directly to a contract or to an
                 kontrak yang diantisipasi yang secara                                       anticipated contract that the Entity and
                 spesifik dapat diidentifikasi oleh Entitas dan                              Subsidiary can specifically identify;
                 Entitas Anak;
            b) biaya menghasilkan atau meningkatkan                         vv.      b)    the costs generate or enhance resources of
                 sumber daya Entitas dan Entitas Anak yang                                 the Entity and Subsidiary that will be used in
                 akan digunakan untuk memenuhi (atau terus                                 satisfying (or in continuing to satisfy)
                 memenuhi) kewajiban pelaksanaan di masa                                   performance obligations in the future; and
                 depan; dan
            c) biaya diharapkan dapat dipulihkan.                           ww.     c) the costs are expected to be recovered.
                                                                            xx.
          Aset yang dihasilkan akan diamortisasi secara                     yy. Any resulting asset would be amortized on a
          sistematis selama periode kontrak. Ketika biaya                        systematic basis over period of the contract. When
          yang timbul dalam memenuhi kontrak dengan                              costs incurred in fulfilling a contract with a customer
          pelanggan berada dalam lingkup Pernyataan lain,                        are within the scope of other Standards, they are
          biaya tersebut diperhitungkan sesuai dengan                            accounted for in accordance with those other
          Pernyataan lainnya.                                                    Standards.
                                                                            zz.
          Pendapatan diukur berdasarkan imbalan yang                        aaa. Revenue is measured based on the consideration
          ditentukan dalam kontrak dengan pelanggan dan                          specified in a contract with a customer and excludes
          tidak termasuk jumlah yang ditagih atas nama pihak                     amounts collected on behalf of third parties such as
          ketiga seperti PPN (Pajak Pertambahan Nilai).                          VAT (Value Added Tax). The Entity and Subsidiary
          Entitas dan Entitas Anak mengakui pendapatan saat                      recognizes revenue when it transfers control of a
          mengalihkan kendali atas produk atau jasa kepada                       product or service to a customer.
          pelanggan.
                                                                            bbb.
          Beban diakui pada saat terjadinya (basis akrual).                 ccc. Expenses are recognized when incurred (accrual
                                                                                 basis).




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                 PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                             ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                           STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                             December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI      KEBIJAKAN                  AKUNTANSI               3.     MATERIAL       ACCOUNTING                      POLICIES
     MATERIAL - Lanjutan                                                      INFORMATION - Continued

     r. Transaksi dan Saldo dalam Mata Uang Asing                           ddd.
                                                                              r. Foreign Currency Transactions and Balances

         Sesuai dengan PSAK No. 10, mengenai “Pengaruh                            According to PSAK No. 10, regarding “The Effects of
         Perubahan Kurs Valuta Asing”, transaksi-transaksi                        Changes in Foreign Exchange Rates”, transactions
         dalam mata uang asing dijabarkan dalam mata uang                         involving foreign currencies are recorded in Rupiah
         Rupiah dengan menggunakan kurs yang berlaku                              amounts at the rates of exchange prevailing at the
         pada saat transaksi dilakukan.                                           time the transactions are made.

         Pada tanggal laporan posisi keuangan konsolidasian,                      At consolidated statements of financial position date,
         aset dan liabilitas moneter dalam mata uang asing                        monetary assets and liabilities denominated in
         dijabarkan dalam mata uang Rupiah dengan                                 foreign currencies are adjusted to Rupiah to reflect
         mempergunakan kurs tengah wesel ekspor Bank                              the prevailing rates of exchange as published by Bank
         Indonesia yang berlaku pada tanggal tersebut.                            Indonesia. Any resulting gains or losses are charged
         Keuntungan atau kerugian yang timbul dibebankan                          to current current operations.
         pada operasi tahun berjalan.

         Pada tanggal 31 Desember 2023, 2022 dan 2021,                            As of December 31, 2023, 2022 and 2021, the
         kurs yang dihitung berdasarkan rata-rata kurs beli                       exchange rates used were computed by taking the
         dan jual yang dipublikasikan terakhir pada tahun                         average of the last published buying and selling rates
         tersebut untuk uang kertas dan kurs transaksi Bank                       for bank notes and/or transaction exchange rates by
         Indonesia adalah sebagai berikut:                                        Bank Indonesia are as follows:

                                       31 Desember            31 Desember                 31 Desember
                                          2023/                  2022/                       2021/
                                       December 31,           December 31,                December 31,
                                           2023                   2022                       2021

          1 Euro Eropa (EUR)               17.140                  16.713                     16.127           1 European Euro (EUR)
          1 Dolar Amerika Serikat                                                                                1 United States Dollar
             (USD)                         15.416                  15.731                     14.269                          (USD)
          1 Dolar Singapura (SGD)          11.712                  11.659                     10.534         1 Singapore Dollar (SGD)
          1 Yen Jepang (JPY)                110                     118                        124                1 Japanese Yen (JPY)

     s. Pajak Penghasilan                                                   r. s. Income Tax

         Entitas dan Entitas Anak menerapkan PSAK                                 The Entity and Subsidiary applied PSAK No. 46
         No. 46 (Revisi 2014), mengenai “Pajak                                    (Revised 2014) regarding, “Income Tax”, which
         Penghasilan”, yang mengharuskan Entitas dan                              requires the Entity and Subsidiary to account for the
         Entitas Anak untuk memperhitungkan konsekuensi                           current and future tax consequences of the future
         pajak kini dan pajak masa depan atas pemulihan di                        recovery (settlement) of the carrying amount of assets
         masa depan (penyelesaian) dari jumlah tercatat aset                      (liabilities) that are recognized in the consolidated
         (liabilitas) yang diakui dalam laporan posisi                            statement of financial position; and transactions and
         keuangan konsolidasian, dan transaksi-transaksi                          other events of the current year that are recognized
         serta peristiwa lain yang terjadi dalam tahun berjalan                   in the consolidated financial statements.
         yang diakui dalam laporan keuangan konsolidasian .

         Beban pajak kini ditetapkan berdasarkan taksiran                         Current tax expense is provided based on the
         penghasilan kena pajak tahun berjalan. Aset dan                          estimated taxable income for the current year.
         liabilitas pajak tangguhan diakui atas perbedaan                         Deferred tax assets and liabilities are recognized for
         temporer antara aset dan liabilitas untuk tujuan                         temporary differences between commercial and tax
         komersial dan untuk tujuan perpajakan setiap                             bases of assets and liabilities at each reporting date.
         tanggal pelaporan. Manfaat pajak di masa                                 Future tax benefit, such as the carry-forward of
         mendatang, seperti nilai terbawa atas saldo rugi                         unused tax losses, if any, is also recognized to the
         fiskal yang belum digunakan, jika ada, juga diakui                       extent that realization of such tax benefit is probable.
         sejauh realisasi atas manfaat pajak tersebut
         dimungkinkan.




                                                                  54
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                   PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                               ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                           NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                             STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                  As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                               December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                       (Expressed in Millions of Rupiah, unless otherwise stated)

3.   INFORMASI     KEBIJAKAN                     AKUNTANSI               3.     MATERIAL       ACCOUNTING                      POLICIES
     MATERIAL - Lanjutan                                                        INFORMATION - Continued

     s.   Pajak Penghasilan- Lanjutan                                         s. s. Income Tax - Continued

          Aset dan liabilitas pajak tangguhan diukur pada tarif                     Deferred tax assets and liabilities are measured at
          pajak yang diharapkan akan digunakan pada tahun                           the tax rates that are expected to apply to the year
          ketika aset direalisasi atau ketika liabilitas dilunasi                   when the assets are realized or the liabilities are
          berdasarkan tarif pajak (dan peraturan perpajakan)                        settled, based on the applicable tax rates (and tax
          yang berlaku atau secara substansial telah                                laws) that have been enacted or substantively enacted
          diberlakukan pada tanggal laporan posisi keuangan                         at consolidated statements of financial position date.
          konsolidasian.

          Perubahan nilai tercatat aset dan liabilitas pajak                        Changes in the carrying amount of deferred tax
          tangguhan yang disebabkan oleh perubahan tarif                            assets and liabilities due to a change in tax rates is
          pajak dibebankan pada tahun berjalan, kecuali untuk                       charged to current year operations,except to the
          transaksi-transaksi yang sebelumnya telah langsung                        extent that it relates to items previously charged or
          dibebankan atau dikreditkan ke ekuitas.                                   credited to equity.

          Perubahan terhadap liabilitas perpajakan diakui pada                      Amendments to tax obligations are recorded when an
          saat penetapan pajak diterima atau jika Entitas dan                       assessment is received or, if appealed against by the
          Entitas Anak mengajukan keberatan, pada saat                              Entity and Subsidiary, when the result of the appeal
          keputusan atas keberatan telah ditetapkan.                                is determined.

     t.   Segmen Operasi                                                      eee.
                                                                                 t. Operation Segment
                                                                              fff.
          PSAK No. 5 (Penyesuaian 2015) tentang “Segmen                             PSAK No. 5 (Improvement 2015) regarding
          Operasi”       mengharuskan      segmen      operasi                      “Operating Segments” requires operating segments
          diidentifikasi berdasarkan laporan internal mengenai                      to be identified on the basis of internal reports about
          komponen dari Entitas dan Entitas Anak yang secara                        components of the Entity and Subsidiary that are
          regular direview oleh “pengambil keputusan                                regularly reviewed by the "chief operating decision
          operasional” dalam rangka mengalokasikan sumber                           maker" in order to allocate resources and assessing
          daya dan menilai kinerja segmen operasi. Kebalikan                        performance of the operating segments. Contrary to
          dengan standar sebelumnya yang mengharuskan                               the performance of the previous standard that
          Entitas dan Entitas Anak mengindentifikasi dua                            requires the Entity and Subsidiary identified two
          segmen (bisnis dan geografis), menggunakan                                segments (business and geographical), using a risks
          pendekatan risiko dan pengembalian.                                       and returns approach.

          PSAK revisi ini mengatur pengungkapan yang                                The revised PSAK disclosures that enable users of the
          memungkinkan pengguna laporan keuangan                                    consolidated financial statements to evaluate the
          konsolidasian untuk mengevaluasi sifat dan dampak                         nature and financial effects of the business activities
          keuangan dari aktivitas bisnis yang mana entitas                          in which the entities involved and the economic
          terlibat dan lingkungan ekonomi dimana entitas                            environment in which the entity operates.
          beroperasi.

          Segmen operasi adalah suatu komponen dari Entitas                         An operating segment is a component of the Entity or
          atau Entitas Anak:                                                        Subsidiary:

          -   Yang melibatkan dalam aktivitas bisnis yang                           -   Involving in business activities which earn
              mana      memperoleh        pendapatan        dan                         income and create a load (including revenues
              menimbulkan beban (termasuk pendapatan dan                                and expenses related to transactions with other
              beban terkait dengan transaksi dengan                                     components of the same entity);
              komponen lain entitas yang sama);
          -   Hasil operasinya dikaji ulang secara regular oleh                     -   The results of operations are reviewed regularly
              pengambil keputusan tentang sumber daya yang                              by decisions maker about the resources allocated
              dialokasikan pada segmen tersebut dan                                     to the segment and its performance; and
              kinerjanya; dan
          -   Tersedia informasi keuangan yang dapat                                -   Available financial information which can be
              dipisahkan.                                                               separated.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                 PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                             ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                           STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                             December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                         (Expressed in Millions of Rupiah, unless otherwise stated)
3.   INFORMASI     KEBIJAKAN                   AKUNTANSI               3.       MATERIAL            ACCOUNTING              POLICIES
     MATERIAL - Lanjutan                                                        INFORMATION - Continued
                                                                             ggg.
     t.   Segmen Operasi – Lanjutan                                          hhh.
                                                                                t. Operation Segment - Continued
                                                                             iii.
          Pendapatan, beban, hasil, aset dan liabilitas segmen                     Revenues, expenses, results, assets and liabilities
          termasuk item-item yang dapat diatribusikan                              include items directly attributable to a segment as
          langsung kepada suatu segmen serta hal-hal yang                          well as those that can be allocated on a reasonable
          dapat dialokasikan dengan dasar yang sesuai kepada                       basis to that segment.
          segmen tersebut.

     u. Saham Treasuri                                                       u. u. Treasury Stock
                                                                            v.
          Instrumen ekuitas sendiri yang diperoleh kembali                  w.     The recoverable equity instruments (treasury stock)
          (saham treasuri) diakui pada harga perolehan                             are recognized at cost and subtracted from equity. No
          kembali dan dikurangi dari ekuitas. Tidak ada laba                       gain or loss is recognized in profit or loss on the
          atau rugi yang diakui pada laba rugi atas perolehan,                     acquisition, resale, issuance or cancellation of the
          penjualan kembali, penerbitan atau pembatalan dari                       Entity's equity instruments. The difference between
          instrumen ekuitas Entitas. Selisih antara jumlah                         the carrying amount and revenues, when redeemed,
          tercatat dan penerimaan, bila diterbitkan kembali,                       is recognized as part of additional paid-in capital in
          diakui sebagai bagian dari tambahan modal disetor                        equity.
          pada ekuitas.
                                                                            x.
          Saham yang dibeli kembali (treasury stock) untuk                  y.        Shares repurchased (treasury stock) to be issued
          dikeluarkan lagi dikemudian hari dicatat dengan                             again later recorded by the method of nominal value
          metode nilai nominal (par value method).                                    (par value method).
                                                                            z.
          Berdasarkan metode ini, saham beredar yang                        aa.       Under this method, treasury stock is presented at the
          diperoleh kembali dicatat sebesar nilai nominalnya                          par value as a reduction from the capital stock
          dan disajikan sebagai pengurang akun modal saham.                           account. If the treasury stock had been original
          Apabila saham beredar yang diperoleh kembali                                issued at a price above par value, the related
          tersebut semula dikeluarkan dengan harga di atas                            additional paid in capital account is adjusted. Any
          nilai nominal, akun tambahan modal disetor akan                             excess of the reacquisition cost over the original
          disesuaikan. Selisih lebih harga perolehan dari harga                       reissuance price is adjusted to premium on treasury
          penerbitannya akan dikoreksi ke agio saham beredar                          stock.
          yang diperoleh kembali.
                                                                            bb.
     v. Laba per Saham Dasar                                                 jjj.v. Basic Earnings per Share
                                                                             kkk.
          Sesuai dengan PSAK No. 56 mengenai, “Laba per                             According to PSAK No. 56 regarding, “Basic
          Saham Dasar”, laba per saham dasar dihitung                               Earnings per Share, basic earnings per share is
          dengan membagi laba rugi yang dapat diatribusikan                         computed by dividing profit or loss attributable to
          kepada pemegang saham biasa Entitas dengan                                Entity’s ordinary stockholders by the weighted
          jumlah rata-rata tertimbang saham biasa yang                              average number of shares outstanding in issue during
          beredar dalam suatu tahun, tidak termasuk saham                           the year, excluding ordinary shares purchased by the
          biasa yang dibeli oleh Entitas yang dikenal sebagai                       Entity and held as treasury stock, amounting to
          saham treasuri yaitu sebesar 7.065.340.735 saham                          7,065,340,735 shares as of December 31, 2023, 2022
          pada tanggal 31 Desember 2023, 2022 dan 2021                              and 2021 (see Note 24 and 36).
          (lihat Catatan 24 dan 36).


4.   PERTIMBANGAN, ESTIMASI DAN ASUMSI                                 4.       SIGNIFICANT           ACCOUNTING            JUDGMENT,
     AKUNTANSI YANG SIGNIFIKAN                                                  ESTIMATES AND ASSUMPTIONS
                                                                             lll.
     Penyusunan     laporan   keuangan      konsolidasian                       The preparation of consolidated financial statements
     mengharuskan manajemen untuk membuat estimasi dan                          requires management to make estimation and
     asumsi yang mempengaruhi jumlah aset dan liabilitas                        assumption that affect assets and liabilities and
     dan pengungkapan aset dan liabilitas kontinjensi pada                      disclosure of contingent assets and liabilities at the date
     tanggal laporan keuangan konsolidasian serta jumlah                        of the consolidated financial statements and the reported
     pendapatan dan beban yang dilaporkan selama periode                        amounts of revenues and expenses during the reporting
     pelaporan.                                                                 period.



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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
4.   PERTIMBANGAN, ESTIMASI DAN ASUMSI                                4.     SIGNIFICANT          ACCOUNTING            JUDGMENT,
     AKUNTANSI YANG SIGNIFIKAN - Lanjutan                                    ESTIMATES AND ASSUMPTIONS - Continued
                                                                           mmm.
     Pos-pos signifikan yang terkait dengan estimasi dan                     Significant posts associated with the estimation and
     asumsi antara lain:                                                     assumptions include:
                                                                           nnn.
     a. Cadangan Kerugian Kredit Ekspektasian                              ooo.
                                                                             a. Allowances for Expected Credit Loss
                                                                           ppp.
         Entitas dan Entitas Anak mengevaluasi akun tertentu               qqq. The Entity and Subsidiary evaluate specific accounts
         jika terdapat informasi bahwa pelanggan yang                            where it has information that certain customers are
         bersangkutan tidak dapat memenuhi liabilitas                            unable to meet their financial obligations.
         keuangannya.
                                                                           rrr.
         Dalam hal tersebut, Entitas dan Entitas Anak                      sss.   In these cases, the Entity and Subsidiary use
         mempertimbangkan, berdasarkan fakta dan situasi                          judgment, based on the best available facts and
         yang tersedia, termasuk namun tidak terbatas pada,                       circumstances, including but not limited to, the length
         jangka waktu hubungan dengan pelanggan dan                               of its relationship with the customer and the
         status kredit dari pelanggan dan faktor pasar yang                       customer’s current credit status and known market
         telah diketahui, untuk mencatat provisi spesifik atas                    factors, to record specific provisions against amounts
         jumlah piutang guna mengurangi jumlah piutang                            due to reduce its receivable amounts that expects to
         pada jumlah yang diharapkan dapat diterima. Provisi                      collect. These specific provisions are re-evaluated
         spesifik ini dievaluasi kembali dan disesuaikan jika                     and adjusted as additional information received
         tambahan informasi yang diterima mempengaruhi                            affects the amounts of allowance for impairment of
         jumlah penyisihan untuk penurunan nilai piutang.                         receivables.
                                                                           ttt.
         Nilai tercatat pinjaman yang diberikan dan piutang                uuu. The carrying amount of loans and receivables are
         telah diungkapkan dalam Catatan 6 dan 7.                                disclosed in Notes 6 and 7.
                                                                           vvv.
     b. Taksiran Masa Manfaat Ekonomis Aset Tetap dan                      www.
                                                                              b. Estimated Useful Lives of Property, Plant and
        Properti Investasi                                                       Equipment and Investment Property
                                                                           xxx.
         Masa manfaat setiap aset tetap dan properti investasi             yyy. The useful life of each item of the Entity and
         Entitas dan Entitas Anak ditentukan berdasarkan                         Subsidiary of property, plant and equipment, and
         kegunaan yang diharapkan dari aset tersebut.                            investment properties are estimated based on the
         Estimasi ini ditentukan berdasarkan evaluasi teknis                     period over which the asset is expected to be
         internal dan pengalaman atas aset sejenis.                              available for use. Such estimation is based on
                                                                                 internal technical evaluation and experience with
                                                                                 similar assets.
                                                                           zzz.
         Masa manfaat setiap aset direview secara periodik                 aaaa. The estimated useful life of each asset is reviewed
         dan disesuaikan apabila prakiraan berbeda dengan                        periodically and updated if expectations differ from
         estimasi sebelumnya karena keausan, keusangan                           previous estimates due to physical wear and tear,
         teknis dan komersial, hukum atau keterbatasan                           technical or commercial obsolescence and legal or
         lainnya atas pemakaian aset. Namun terdapat                             other limits on the use of the asset. It is possible,
         kemungkinan bahwa hasil operasi dimasa                                  however, that future results of operations could be
         mendatang dapat dipengaruhi secara signifikan oleh                      materially affected by changes in the amounts and
         perubahan atas jumlah serta periode pencatatan                          timing of recorded expenses brought about by
         biaya yang diakibatkan karena perubahan faktor                          changes in the factors mentioned above.
         yang disebutkan di atas.
                                                                           bbbb.
         Perubahan masa manfaat aset tetap dan properti                    cccc. A change in the estimated useful life of any item of
         investasi dapat mempengaruhi jumlah biaya                               property, plant and equipment and investment
         penyusutan yang diakui dan penurunan nilai tercatat                     properties would affect the recorded depreciation
         aset tersebut. Nilai tercatat aset tetap dan properti                   expense and decrease in the carrying values of these
         investasi diungkapkan dalam Catatan 12 dan 13.                          assets. The carrying amount of property, plant and
                                                                                 equipment and investment property are disclosed in
                                                                                 Notes 12 and 13.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                  PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                              ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                            STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                 As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                              December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                      (Expressed in Millions of Rupiah, unless otherwise stated)
4.   PERTIMBANGAN, ESTIMASI DAN ASUMSI                                  4.     SIGNIFICANT   ACCOUNTING      JUDGMENT,
     AKUNTANSI YANG SIGNIFIKAN - Lanjutan                                      ESTIMATES AND ASSUMPTIONS - Continued

      c. Penurunan Nilai Aset Non-Keuangan                                     c. Impairment of Non-Financial Assets, except Goodwill
                                                                             dddd.
         Pada setiap akhir periode pelaporan, Entitas dan                    eeee. At the end of each reporting period, the Entity and
         Entitas Anak menelaah nilai tercatat aset non-                            Subsidiary review the carrying amount of non-
         keuangan untuk menentukan apakah terdapat                                 financial assets to determine whether there is any
         indikasi bahwa aset tersebut telah mengalami                              indication that those assets have suffered an
         penurunan nilai. Jika terdapat indikasi tersebut, nilai                   impairment loss. If any such indication exists, the
         yang dapat diperoleh kembali dari aset diestimasi                         recoverable amount of the asset is estimated in order
         untuk menentukan tingkat kerugian penurunan nilai                         to determine the extent of the impairment loss (if any).
         (jika ada). Bila tidak memungkinkan untuk                                 Where it is not possible to estimate the recoverable
         mengestimasi nilai yang dapat diperoleh kembali                           amount of an individual asset, the Entity and
         atas suatu aset individu, Entitas dan Entitas Anak                        Subsidiary estimate the recoverable amount of the
         mengestimasi nilai yang dapat diperoleh kembali                           cash generating unit to which the asset belongs.
         dari unit penghasil kas atas aset.
                                                                             ffff.
         Perkiraan jumlah yang dapat diperoleh kembali                       gggg. Estimated recoverable amount is the higher of fair
         adalah nilai tertinggi antara nilai wajar dikurangi                       value less cost to sell and value in use. In assessing
         biaya untuk menjual dan nilai pakai. Dalam menilai                        value in use, the estimated future cash flows are
         nilai pakai, estimasi arus kas masa depan                                 discounted to their present value using a pre-tax
         didiskontokan ke nilai kini menggunakan tingkat                           discount rate that reflects current market assessments
         diskonto sebelum pajak yang menggambarkan                                 of the time value of money and the risks specific to the
         penilaian pasar kini dari nilai waktu uang dan risiko                     asset for which the estimates of future cash flows
         spesifik atas aset yang mana estimasi arus kas masa                       have not been adjusted.
         depan belum disesuaikan.
                                                                             hhhh.
         Jika jumlah yang dapat diperoleh kembali dari aset                          If the recoverable amount of the non-financial asset
         non-keuangan (unit penghasil kas) kurang dari nilai                         (cash generating unit) is less than its carrying
         tercatatnya, nilai tercatat aset (unit penghasil kas)                       amount, the carrying amount of the asset (cash
         dikurangi menjadi sebesar nilai yang dapat diperoleh                        generating unit) is reduced to its recoverable amount
         kembali dan rugi penurunan nilai diakui langsung ke                         and an impairment loss is recognized immediately
         laba rugi.                                                                  against earnings.
                                                                             iiii.
      d. Pajak Penghasilan                                                     d. Income Tax

         Entitas dan Entitas Anak beroperasi di bawah                                The operations of the Entity and Subsidiary are under
         peraturan perpajakan di Indonesia. Pertimbangan                             the Indonesian tax regulations. Significant judgement
         yang signifikan diperlukan untuk menentukan                                 is required in determining the provision for income
         provisi pajak penghasilan dan pajak pertambahan                             taxes and value added taxes. Where the final tax
         nilai. Apabila keputusan final atas pajak tersebut                          outcome of these matters is different from the
         berbeda dari jumlah yang pada awalnya dicatat,                              amounts that were initially recorded, such
         perbedaan tersebut akan dicatat di laporan laba rugi                        differences will recorded at profit and loss account in
         pada periode dimana hasil tersebut dikeluarkan.                             the period in which such determination is made.

      e. Imbalan Kerja                                                         e.    Employee Benefits

         Nilai kini liabilitas imbalan kerja tergantung pada                         The present value of the employee benefits obligation
         sejumlah faktor yang ditentukan dengan                                      depends on a number of factors that are determined
         menggunakan asumsi aktuaria. Asumsi yang                                    on an actuarial basis using a number of assumptions.
         digunakan dalam menentukan biaya bersih untuk                               The assumptions used in determining the net cost for
         pensiun termasuk tingkat pengembalian jangka                                pensions include the expected long-term rate of
         panjang yang diharapkan atas aset program dan                               return on the relevant plan assets and the discount
         tingkat diskonto yang relevan. Setiap perubahan                             rate. Any changes in these assumptions will impact
         dalam asumsi ini akan berdampak pada nilai tercatat                         the carrying amount of employee benefits obligation.
         liabilitas imbalan kerja.




                                                                   58
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
4.    PERTIMBANGAN, ESTIMASI DAN ASUMSI                               4.     SIGNIFICANT   ACCOUNTING      JUDGMENT,
      AKUNTANSI YANG SIGNIFIKAN - Lanjutan                                   ESTIMATES AND ASSUMPTIONS - Continued

     e. Imbalan Kerja – Lanjutan                                             e.   Employee Benefits – Continued

       Asumsi tingkat pengembalian yang diharapkan atas                           The expected return on plan assets assumption is
       aset program ditentukan secara seragam, dengan                             determined on a uniform basis, taking into
       mempertimbangkan pengembalian historis jangka                              consideration long-term historical returns,asset
       panjang, alokasi aset dan perkiraan masa depan atas                        allocation and future estimates of long-term
       pengembalian investasi jangka panjang.                                     investment returns.

       Asumsi penting lainnya untuk liabilitas imbalan kerja                      Other key assumptions for employee benefits
       sebagian didasarkan pada kondisi pasar saat ini.                           obligation are based in part on current market
                                                                                  conditions.

       Nilai tercatat liabilitas diestimasi imbalan kerja                         The carrying amount of estimated liabilities for
       diungkapkan dalam Catatan 23.                                              employee benefits is disclosed in Note 23.

      f. Pengukuran Nilai Wajar                                              f.   Fair Value Measurement

         Sejumlah aset dan kewajiban yang termasuk ke                             A number of assets and liabilities included in the
         dalam laporan keuangan Entitas dan Entitas Anak                          Entity and Subsidiary financial statements require
         memerlukan pengukuran, dan/atau pengungkapan                             measurement at, and/or disclosure of fair value.
         atas nilai wajar.

         Pengukuran nilai wajar aset dan kewajiban keuangan                       The fair value measurement of the Entity’s and
         dan non-keuangan Entitas dan Entitas Anak                                Subsidiary financial and non-financial assets and
         memanfaatkan pasar input dan data yang dapat                             liabilities utilize market observable inputs and data
         diobservasi sedapat mungkin. Input yang digunakan                        as far as possible. Inputs used in determining fair
         dalam menentukan pengukuran nilai wajar                                  value measurements are categorized into different
         dikategorikan ke dalam level yang berbeda                                levels based on how observable the inputs used in the
         berdasarkan pada bagaimana input dapat diobservasi                       valuation technique utilized are (the fair value
         yang digunakan dalam teknik penilaian yang                               hierarchy):
         digunakan (hirarki nilai wajar):
         - Level 1: Harga kuotasi di pasar aktif untuk item                       -   Level 1: Quoted prices in active markets for
             yang serupa (tidak disesuaikan).                                         identical items (unadjusted).
         - Level 2: Teknik penilaian untuk input yang dapat                       -   Level 2: Valuation techniques for observable
             diamati langsung atau tidak langsung selain                              direct or indirect inputs other than level 1 inputs.
             input level 1.
         - Level 3: Teknik penilaian untuk input yang tidak                       -   Level 3: Valuation techniques for unobservable
             dapat diobservasi (yaitu tidak berasal dari data                         inputs (i.e. not derived from market data).
             pasar).

         Klasifikasi item menjadi level di atas didasarkan                        The classification of an item into the above levels is
         pada tingkat terendah dari input yang digunakan                          based on the lowest level of the inputs used that has
         yang memiliki efek signifikan pada pengukuran nilai                      a significant effect on the fair value measurement of
         wajar item tersebut. Transfer item antar level diakui                    the item. Transfers of items between levels are
         pada periode saat terjadinya.                                            recognized in the period they occur.

      Menentukan Penilaian Model Bisnis                                      Determining Business Model Assessment

      Klasifikasi dan pengukuran aset keuangan bergantung                    Classification and measurement of financial assets
      pada hasil pengujian semata pembayaran pokok dan                       depends on the results of the solely payment of principal
      bunga (SPPI) atas jumlah pokok terutang dan model                      and interest (SPPI) on the principal amount outstanding
      bisnis. Entitas dan Entitas Anak menentukan model                      and the business model test. Entity and Subsidiary
      bisnis pada tingkat yang mencerminkan bagaimana                        determines the business model at a level that reflects how
      kelompok aset keuangan dikelola bersama untuk                          groups of financial assets are managed together to
      mencapai tujuan bisnis tertentu. Penilaian ini mencakup                achieve a particular business objective. This assessment
      penilaian yang mencerminkan semua bukti yang relevan                   includes judgment reflecting all relevant evidence
      termasuk bagaimana kinerja aset dievaluasi dan                         including how the performance of the assets is evaluated
      kinerjanya diukur, risiko yang memengaruhi kinerja                     and their performance measured, the risks that affect the
      aset dan bagaimana pengelolaannya.                                     performance of the assets and how these are managed.


                                                                 59
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
4.   PERTIMBANGAN, ESTIMASI DAN ASUMSI                                4.      SIGNIFICANT           ACCOUNTING            JUDGMENT,
     AKUNTANSI YANG SIGNIFIKAN - Lanjutan                                     ESTIMATES AND ASSUMPTIONS - Continued
                                                                           jjjj.
     Menentukan Penilaian Model Bisnis – Lanjutan                          kkkk.
                                                                              Determining Business Model Assessment – Continued
                                                                           llll.
     Entitas dan Entitas Anak memantau aset keuangan yang                  mmmm.
                                                                              Entity and Subsidiary monitors financial assets measured
     diukur pada biaya perolehan diamortisasi atau nilai                      at amortized cost or fair value through other
     wajar melalui pendapatan komprehensif lain yang                          comprehensive income that are derecognized prior to
     dihentikan pengakuannya sebelum jatuh tempo untuk                        their maturity to understand the reason for their disposal
     memahami alasan pelepasannya dan apakah alasan                           and whether the reasons are consistent with the objective
     tersebut konsisten dengan tujuan bisnis di mana aset                     of the business for which the asset was held. Monitoring
     tersebut dimiliki. Pemantauan adalah bagian dari                         is part of the Entity’s and Subsidiary continuous
     penilaian berkelanjutan Entitas dan Entitas Anak tentang                 assessment of whether the business model for which the
     apakah model bisnis yang memiliki aset keuangan yang                     remaining financial assets are held continues to be
     tersisa masih sesuai dan jika tidak sesuai apakah telah                  appropriate and if it is not appropriate whether there has
     terjadi perubahan model bisnis dan oleh karena itu                       been a change in business model and so a prospective
     terdapat perubahan prospektif terhadap klasifikasi aset                  change to the classification of those assets.
     keuangan tersebut.
                                                                           nnnn.
     Menentukan      Peningkatan     Risiko    Kredit   yang               oooo.
                                                                             Determining Significant Increase in Credit Risk
     Signifikan
                                                                           pppp.
     Kerugian kredit ekspektasian (ECL) diukur sebagai                     qqqq.
                                                                             Expected credit losses (ECL) are measured as an
     penyisihan yang setara dengan ECL 12-bulan (12mECL)                     allowance equal to 12‑month ECL (12mECL) for stage 1
     untuk aset tahap 1, atau ECL sepanjang umur untuk aset                  assets, or lifetime ECL for stage 2 or stage 3 assets. An
     tahap 2 atau tahap 3. Suatu aset bergerak ke tahap 2                    asset moves to stage 2 when its credit risk has increased
     ketika risiko kreditnya telah meningkat secara signifikan               significantly since initial recognition. In assessing
     sejak pengakuan awal. Dalam menilai apakah risiko                       whether the credit risk of an asset has significantly
     kredit suatu aset telah meningkat secara signifikan,                    increased the Entity’s and Subsidiary into account
     Entitas dan Entitas Anak mempertimbangkan informasi                     qualitative and quantitative reasonable and supportable
     berwawasan ke depan yang wajar dan dapat didukung                       forward-looking information.
     secara kualitatif dan kuantitatif.
                                                                           rrrr.
     Menentukan dan Menghitung Penyisihan Kerugian                         ssss.
                                                                              Determining and Calculation of Loss Allowance
                                                                           tttt.
     Ketika mengukur kerugian kredit ekspektasian (ECL),                   uuuu.
                                                                              When measuring expected credit losses (ECL), Entity’s
     Entitas dan Entitas Anak menggunakan informasi                           and Subsidiary uses reasonable and supportable
     berwawasan ke depan yang wajar dan dapat didukung,                       forward-looking information, which is based on
     yang didasarkan pada asumsi untuk pergerakan masa                        assumptions for the future movement of different
     depan dari berbagai pendorong ekonomi dan bagaimana                      economic drivers and how these drivers will affect each
     pendorong ini akan saling memengaruhi.                                   other.
                                                                           vvvv.
     Loss given default adalah estimasi kerugian yang timbul               wwww.
                                                                              Loss given default is an estimate of the loss arising on
     karena gagal bayar (default). Hal ini didasarkan pada                    default. It is based on the difference between the
     perbedaan antara arus kas kontraktual yang jatuh tempo                   contractual cash flows due and those that the lender
     dan yang diharapkan akan diterima pemberi pinjaman,                      would expect to receive, taking into account cash flows
     dengan mempertimbangkan arus kas dari agunan dan                         from collateral and integral credit enhancements.
     peningkatan kredit integral.
                                                                           xxxx.
     Probabilitas default merupakan input utama dalam                      yyyy.
                                                                             Probability of default constitutes a key input in
     mengukur ECL. Probabilitas gagal bayar (default)                        measuring ECL. Probability of default is an estimate of
     adalah estimasi kemungkinan gagal bayar (default)                       the likelihood of default over a given time horizon, the
     selama jangka waktu tertentu, yang penghitungannya                      calculation of which includes historical data,
     mencakup data historis, asumsi, dan ekspektasi kondisi                  assumptions and expectations of future conditions.
     masa depan.




                                                                 60
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                  (Expressed in Millions of Rupiah, unless otherwise stated)
4.   PERTIMBANGAN, ESTIMASI DAN ASUMSI                              4.     SIGNIFICANT   ACCOUNTING     JUDGMENT,
     AKUNTANSI YANG SIGNIFIKAN - Lanjutan                                  ESTIMATES AND ASSUMPTIONS - Continued

     Menentukan Apakah Suatu Pengaturan adalah atau                        Determining Whether an Arrangement is or Contains a
     Mengandung Sewa                                                       Lease

     Penentuan apakah suatu pengaturan merupakan atau                      Determining whether an arrangement is or contains a
     mengandung sewa memerlukan pertimbangan yang                          lease requires careful judgement to assess whether the
     cermat untuk menilai apakah pengaturan tersebut                       arrangement conveys a right to obtain substantially all
     memberikan hak untuk memperoleh secara substansial                    the economic benefits from use of the asset throughout
     semua manfaat ekonomik dari penggunaan aset selama                    the period of use and right to direct the use of the asset,
     periode penggunaan dan hak untuk mengarahkan                          even if the right is not explicitly specified in the
     penggunaan aset, bahkan jika pengaturan tersebut hak                  arrangement.
     tidak secara eksplisit ditentukan dalam pengaturan.

     Penentuan Opsi Masa Sewa                                              Determination Lease Term Option

     Masa sewa merupakan komponen signifikan dalam                         The lease term is a significant component in the
     pengukuran aset hak-guna dan liabilitas sewa.                         measurement of both the right-of-use asset and lease
     Pertimbangan dilakukan dalam menentukan apakah                        liability. Judgment is exercised in determining whether
     terdapat opsi untuk memperpanjang sewa atau membeli                   there is reasonable certainty that an option to extend the
     aset pendasar cukup pasti akan dieksekusi, atau opsi                  lease or purchase the underlying asset will be exercised,
     untuk mengakhiri sewa tidak akan dieksekusi, ketika                   or an option to terminate the lease will not be exercised,
     memastikan periode yang akan disertakan dalam masa                    when ascertaining the periods to be included in the lease
     sewa. Dalam menentukan masa sewa, semua fakta dan                     term. In determining the lease term, all facts and
     keadaan yang menciptakan insentif ekonomik untuk                      circumstances that create an economical incentive to
     menggunakan opsi perpanjangan, atau tidak untuk                       exercise an extension option, or not to exercise a
     menggunakan opsi penghentian, dipertimbangkan pada                    termination option, are considered at the lease inception
     tanggal insepsi sewa.                                                 date.

     Faktor-faktor yang dipertimbangkan dapat mencakup                     Factors considered may include the importance of the
     pentingnya aset untuk operasi Entitas dan Entitas Anak;               asset to the Entity and Subsidiary operations;
     perbandingan syarat dan ketentuan dengan harga pasar                  comparison of terms and conditions to prevailing market
     yang berlaku; timbulnya penalti yang signifikan; adanya               rates; incurrence of significant penalties; existence of
     perbaikan hak penyewaan yang signifikan; dan biaya                    significant leasehold improvements; and the costs and
     serta masalah gangguan untuk mengganti aset. Entitas                  disruption to replace the asset. the Entity and Subsidiary
     dan Entitas Anak menilai kembali apakah cukup pasti                   reassesses whether it is reasonably certain to exercise an
     untuk mengeksekusi opsi perpanjangan, atau tidak                      extension option, or not exercise a termination option, if
     mengeksekusi opsi penghentian, jika terdapat peristiwa                there is a significant event or significant change in
     signifikan atau perubahan keadaan yang signifikan.                    circumstances.

     Menentukan Suku Bunga Pinjaman Inkremental                            Determining Incremental Borrowing Rate

     Jika suku bunga implisit dalam sewa tidak dapat segera                Where the interest rate implicit in a lease cannot be
     ditentukan, suku bunga pinjaman inkremental diestimasi                readily determined, an incremental borrowing rate is
     untuk mendiskontokan pembayaran sewa di masa                          estimated to discount future lease payments to measure
     mendatang untuk mengukur nilai kini liabilitas sewa                   the present value of the lease liability at the lease
     pada tanggal permulaaan sewa. Suku bunga tersebut                     commencement date. Such a rate is based on what the
     didasarkan pada estimasi Entitas dan Entitas Anak yang                Entity’s and Subsidiary estimates it would have to pay a
     harus dibayarkan oleh Entitas dan Entitas Anak kepada                 third party to borrow the funds necessary to obtain an
     pihak ketiga untuk meminjam dana yang diperlukan                      asset of a similar value to the right-of-use asset, with
     untuk memperoleh aset dengan nilai yang sama dengan                   similar terms, security and economic environment.
     aset hak-guna, dengan persyaratan, keamanan, dan
     lingkungan ekonomi yang serupa.




                                                               61
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                 (Expressed in Millions of Rupiah, unless otherwise stated)
5.   KAS DAN BANK                                              5.        CASH ON HAND AND IN BANKS
                                                                        ii.
     Akun ini terdiri dari:                                              This account consists of:
                                            2023               2022                   2021

     Kas                                           1.873                 1.455                957                   Cash on hand

     Bank:                                                                                                        Cash in banks:
     Rupiah                                                                                                               Rupiah
      PT Bank Danamon                                                                                       PT Bank Danamon
        Indonesia Tbk                           50.290                      81               163               Indonesia Tbk
      PT Bank Central Asia Tbk                   6.737                   3.033             5.668      PT Bank Central Asia Tbk
      PT Bank Mandiri Tbk                        6.169                   5.005            14.668          PT Bank Mandiri Tbk
      Lain - lain                                                                                                       Others
        (di bawah Rp 1 milyar)                  49.337                  19.977               7.838       (below Rp 1 billion)
     Sub-jumlah                                112.533                  28.096            28.337                         Sub-total

     Dolar Amerika Serikat                                                                                           U.S. Dollar
      PT Bank Central Asia Tbk                     8.110                 2.045               1.017    PT Bank Central Asia Tbk
      PT Bank Resona Perdania                      1.930                   879                   -    PT Bank Resona Perdania
      Lain - lain                                                                                                       Others
         (di bawah Rp 1 milyar)                    2.492                17.703            19.781         (below Rp 1 billion)
     Sub-jumlah                                 12.532                  20.627            20.798                         Sub-total
     Deposito                                   50.000                       -                   -                        Deposit
     Jumlah                                    176.938                  50.178            50.092                             Total

     Pada tanggal 31 Desember 2023, 2022 dan 2021, tidak                   As of December 31, 2023, 2022 and 2021, no cash on
     ada kas dan bank yang digunakan sebagai jaminan. Tidak                hand and in banks were used as collateral. There are no
     terdapat saldo kas dan bank yang tidak dapat digunakan                cash and bank balances that cannot be used or restricted
     atau dibatasi penggunaannya.                                          in use.

     Seluruh saldo kas dan bank merupakan milik Entitas dan                All cash and bank balance belong to the Entity and
     Entitas Anak.                                                         Subsidiary.


6.   PIUTANG USAHA                                                 6.   TRADE RECEIVBLES
                                                                       iii.
     Akun ini terdiri dari:                                        iv. This account consists of:
                                                                       v.
     a. Berdasarkan pelanggan                                            a. By debtors
                                               2023                 2022                2021
           Pihak ketiga                                                                                              Third parties
             Pelanggan dalam negeri            1.096.015            1.143.394             954.590                  Local debtors
             Pelanggan luar negeri                55.622               22.091              61.900                Foreign debtors

           Sub-jumlah                          1.151.637            1.165.485           1.016.490                         Sub-total

           Cadangan kerugian                                                                               Allowance for expected
            kredit ekspektasian                  (49.230)               (44.374)           (43.792)                  credit loss

           Sub-jumlah                          1.102.407            1.121.111             972.698                         Sub-total




                                                              62
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                           PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                       ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                   NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                     STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                          As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                       December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)               (Expressed in Millions of Rupiah, unless otherwise stated)
6.   PIUTANG USAHA – Lanjutan                                    6.    TRADE RECEIVBLES – Continued

      a. Berdasarkan pelanggan - Lanjutan                               a. By debtors - Continued

                                               2023               2022                2021

         Pihak berelasi                                                                                          Related parties
           PT Sanko Steel Indonesia               31.670               33.640            36.957     PT Sanko Steel Indonesia
           PT Citra Cakra Logam                        -                1.374                 -        PT Citra Cakra Logam
           Ingewati                                    -                1.167             1.319                      Ingewati
           PT Sarana Steel                                                                                    PT Sarana Steel
             Corporation                                -                   -              5.587               Corporation
           Lain - lain (dibawah 1 milliar)            716               2.569              3.023   Others (below Rp 1 billion)

         Sub-jumlah                               32.386               38.750            46.886                         Sub-total
         Jumlah                                1.134.793         1.159.861            1.019.584                             Total


     b. Berdasarkan umur piutang usaha                                   b. Based on aging schedule of trade receivables

                                               2023               2022                2021
         Pihak ketiga                                                                                              Third parties
         Belum jatuh tempo                       703.475              681.356           620.976                      Not yet due
         Jatuh tempo:                                                                                                  Due date:
           0 - 30 hari                           277.103              294.737           159.615                    0 - 30 days
           31 - 90 hari                           65.207              119.284           140.146                   31 - 90 days
           > 90 hari                              56.622               25.734            51.961                    > 90 days
         Sub-jumlah                            1.102.407         1.121.111              972.698                         Sub-total

         Pihak berelasi                                                                                          Related parties
         Belum jatuh tempo                        12.434               20.155            34.044                      Not yet due
         Jatuh tempo:                                                                                                  Due date:
           0 - 30 hari                            14.490               14.838            10.179                    0 - 30 days
           31 - 90 hari                            5.462                3.757             2.648                    31- 90 days
           > 90 hari                                   -                    -                15                     > 90 days
         Sub-jumlah                               32.386               38.750            46.886                         Sub-total
         Jumlah                                1.134.793         1.159.861            1.019.584                             Total




                                                            63
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                  (Expressed in Millions of Rupiah, unless otherwise stated)
6.   PIUTANG USAHA - Lanjutan                                       6.      TRADE RECEIVBLES – Continued

     c. Berdasarkan mata uang adalah sebagai berikut:                       c. Based on currency are as follows:

                                               2023                  2022                  2021
         Pihak ketiga                                                                                                  Third parties
           Rupiah                              1.045.535             1.073.241               897.501                       Rupiah
           Dolar Amerika Serikat                  56.872                47.870                75.197         Dolar Amerika Serikat
         Sub-jumlah                            1.102.407             1.121.111               972.698                          Sub-total
         Pihak berelasi                                                                                               Related parties
           Rupiah                                 32.386                  38.750              46.886                        Rupiah
         Jumlah                                1.134.793             1.159.861             1.019.584                             Total


         Perubahan cadangan kerugian penurunan nilai adalah               vi.    The changes in the allowance for impairment losses
         sebagai berikut:                                                        are as follows:

                                               2023                  2022                  2021
         Saldo awal                               44.374                  43.792              41.187              Beginning balance
         Penambahan periode berjalan               8.840                   3.767               3.139      Addition during the period
         Pemulihan periode berjalan                    -                  (2.925)               (534)     Recovery during the period
         Pengurangan periode berjalan             (3.984)                   (260)                  -     Deduction during the period
         Saldo akhir                              49.230                  44.374              43.792                  Ending balance


        Piutang usaha merupakan tagihan kepada pelanggan                  vii.   Trade receivables represent receivables from
        atas kegiatan utama Entitas menjual produk hasil                         customers for the Entity's main activity selling its
        produksinya, tidak terdapat pengakuan pada piutang                       products, there is no recognition of trade receivables
        usaha diluar kegiatan utama Entitas.                                     outside the Entity's main activity.
                                                                          viii.
        Berdasarkan hasil penelaahan atas kolektabilitas                  ix. Based on the review of the collectibility of individual
        piutang masing-masing pelanggan pada akhir periode                      receivables at the end of statement, the management
        laporan, manajemen Entitas berpendapat bahwa                            of the Entity and Subsidiary believe that the
        cadangan kerugian penurunan nilai tersebut cukup                        allowance for impairment loss is adequate to cover
        untuk menutup kemungkinan kerugian dari tidak                           possible losses on uncollectible accounts.
        tertagihnya piutang usaha.
                                                                          x.
        Pemulihan atas kerugian kredit ekspektasian                       xi.    Recovery of expected credit losses was due to the
        disebabkan oleh dapat tertagihnya piutang usaha yang                     collectibility of trade receivables which in 2022-
        pada tahun 2022-2021 telah dihitung kemungkinan                          2021 have been calculated to be likely to experience
        akan mengalami kerugian kredit ekspektasian.                             expected credit losses.
                                                                          xii.
        Tidak terdapat pengaruh yang signifikan terhadap                  xiii. There is no significant impact on the Entity
        operasional Entitas karena pihak terkait sudah                          operations because the related parties have made
        melakukan pembayaran di bulan berikutnya                                payments in the following month, although some are
        meskipun beberapa masih terdapat outstanding.                           still outstanding.
                                                                          xiv.
        Pemulihan berasal dari semua pihak dari daftar umur               xv. Recovery comes from all parties of the accounts
        piutang usaha.                                                          receivable aging list.




                                                               64
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                            PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                        ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                    NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                      STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                           As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                        December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                (Expressed in Millions of Rupiah, unless otherwise stated)
6.   PIUTANG USAHA - Lanjutan                                     6.       TRADE RECEIVBLES – Continued
                                                                        xvi.
        Dalam hal terdapat piutang yang dijaminkan ke bank              xvii. In the event that there are receivables that are
        dan bermasalah, Entitas tetap berkomitmen untuk                        pledged as collateral to the bank and are
        bertanggung jawab atas pembayaran piutang-piutang                      problematic, the Entity remains committed to being
        tersebut.                                                              responsible for the payment of these receivables.
                                                                        xviii.
        Piutang usaha digunakan sebagai jaminan utang bank              xix. Trade receivables are used as collateral for bank
        yang diperoleh dari PT Bank Central Asia Tbk,                          loans obtained from PT Bank Central Asia Tbk,
        PT Bank Danamon Indonesia Tbk, PT Bank ICBC                            PT Bank Danamon Indonesia Tbk, PT Bank ICBC
        Indonesia, PT Bank BTPN Tbk, PT Bank CTBC                              Indonesia, PT Bank BTPN Tbk, PT Bank CTBC
        Indonesia dan PT Bank Resona Perdania (lihat                           Indonesia and PT Bank Resona Perdania (see Notes
        Catatan 16 dan 20).                                                    16 and 20).


7.   PIUTANG LAIN-LAIN                                            7.      OTHER RECEIVABLE
                                                                        xx.
     Akun ini terdiri dari:                                               This account consists of:

                                             2023             2022                    2021
     Pihak ketiga                                                                                                   Third parties
       Lain-lain                                    990                 1.190              1.382                        Others
       Karyawan                                     473                   515                236                    Employees

     Sub-jumlah                                  1.463                  1.705              1.618                         Sub-total
     Pihak berelasi                                                                                               Related parties
       PT Sanko Steel Indonesia                  2.230                  2.230              2.230       PT Sanko Steel Indonesia
        Cadangan kerugian kredit                                                                         Allowance for expected
         ekspektasian                           (2.230)                (2.230)           (2.230)                   credit loss
     Sub-jumlah                                       -                      -                 -                         Sub-total
     Jumlah                                      1.463                  1.705             1.618                             Total


     Piutang lain-lain pihak ketiga pada pos lain-lain            xxi. Other receivables from third parties in other items
     merupakan piutang ongkos angkut penjualan pada pihak                represent freight charges receivable from sales to third
     ketiga dan uang jaminan sewa.                                       parties and rental deposit.
                                                                  xxii.
     Piutang PT Sanko Steel Indonesia tidak dikenakan             xxiii. Receivable from PT Sanko Steel Indonesia is unbearing
     bunga.                                                              interest.
                                                                  xxiv.
     Perubahan cadangan kerugian penurunan nilai adalah           xxv. The changes in the allowance for impairment losses are
     sebagai berikut:                                                    as follows:

                                             2023             2022                    2021
     Saldo awal                                  2.230                  2.230                 -                Beginning balance
     Penambahan periode berjalan                     -                      -             2.230        Addition during the period
     Pemulihan periode berjalan                      -                      -                 -        Recovery during the period
     Pengurangan periode berjalan                    -                      -                 -       Deduction during the period
     Saldo akhir                                 2.230                  2.230             2.230                  Ending balance




                                                             65
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                 (Expressed in Millions of Rupiah, unless otherwise stated)
8.   PERSEDIAAN                                                      8.     INVENTORY
                                                                     xxvi.
     Akun ini terdiri dari:                                          xxvii. This account consists of:

                                             2023                2022                   2021

     Bahan baku                              2.059.310           1.818.935             1.757.046                      Raw materials
     Barang jadi                               974.941           1.014.210             1.130.977                     Finished goods
     Bahan pembantu                            178.173             261.005               216.246                  Indirect materials
     Barang dalam perjalanan                   464.234               1.227               139.491                    Goods in transit

     Jumlah                                  3.676.658           3.095.377             3.243.760                               Total

     Persediaan digunakan sebagai jaminan atas utang bank                  Inventories are used as collateral for bank loans obtained
     yang diperoleh dari Indonesia Eximbank, PT Bank                       from Indonesia Eximbank, PT Bank Central Asia Tbk,
     Central Asia Tbk, PT Bank Danamon Indonesia Tbk,                      PT Bank Danamon Indonesia Tbk, PT Bank ICBC
     PT Bank ICBC Indonesia, PT Bank BTPN Tbk,                             Indonesia, PT Bank BTPN Tbk, PT Bank Resona
     PT Bank Resona Perdania, PT Bank CTBC Indonesia                       Perdania, PT Bank CTBC Indonesia and PT Bank
     dan PT Bank Shinhan Indonesia (lihat Catatan 16 dan                   Shinhan Indonesia (see Notes 16 and 20).
     20).

     Berdasarkan penelaahan terhadap kondisi fisik dan                     Based on a review of the physical condition and turnover
     tingkat perputaran persediaan pada akhir periode                      of the inventories at the end of the reporting period, the
     laporan, manajemen Entitas dan Entitas Anak menilai                   management of the Entity and Subsidiaries assesses that
     bahwa telah terjadi pengakuan beban atas persediaan                   there has been recognition of expenses for reject and have
     karena reject bukan karena usang dan telah dibebankan                 been charged to the income statement for the years ended
     pada laporan laba rugi untuk tahun yang berakhir                      December 31, 2023, 2022 and 2021 amounting to
     31 Desember 2023, 2022 dan 2021 sebesar Rp 15.114,                    Rp 15,114, Rp 17,285 and Rp 18,919 (see Note 33).
     Rp 17.285 dan Rp 18.919 (lihat Catatan 33).

     Manajemen berkeyakinan bahwa tidak ada persediaan                     Management believes that these are no other obsolete
     usang selain biaya yang telah dibebankan pada laba rugi.              inventories aside from those charged to profit or loss.
     Persediaan tidak dicadangkan penurunan nilainya,                      Inventories are not provided for for impairment, due to
     karena sifat persediaan baja tersebut tidak lekang oleh               the timeless nature of steel inventories due to inventory
     waktu atas keusangan persediaannya.                                   obsolescence.

     Persediaan dan aset tetap, kecuali tanah, diasuransikan               Inventories and property, plant and equipment, except
     secara bersama terhadap risiko kebakaran, pencurian                   land, together were insured against fire, theft and other
     dan risiko lainnya dengan jumlah pertanggungan sebesar                possible risks with the amounts insured amounting to
     Rp 1.669.454, USD 31.720, EUR 1.490, JPY 83.237                       Rp 1,669,454, USD 31,720, EUR 1,490, JPY 83,237 as of
     pada tanggal 31 Desember 2023, Rp 1.296.644, USD                      December 31, 2023, Rp 1,296,644, USD 31,064,
     31.064, EUR 1.490, JPY 83.237 pada tanggal                            EUR 1,490, JPY 83,237 as of December 31, 2022 and
     31 Desember 2022 dan Rp 1.556.485, USD 21.214,                        Rp 1,556,485, USD 21,214, EUR 128, JPY 27,746 as of
     EUR 128, JPY 27.746 pada tanggal 31 Desember 2021.                    December 31, 2021. Management believes that the
     Manajemen berpendapat bahwa jumlah pertanggungan                      insurance coverage is adequate to cover all possible
     asuransi tersebut adalah cukup untuk menutup kerugian                 losses to the assets and inventories insured. Inventories
     dari risiko atas aset dan persediaan yang                             are insured with insurance companies PT Asuransi Tugu
     dipertanggungkan. Persediaan telah diasuransikan pada                 Pratama Indonesia, PT BCA Insurance and PT Lippo
     perusahaan asuransi PT Asuransi Tugu Pratama                          Insurance.
     Indonesia, PT BCA Insurance, dan PT Lippo Insurance.




                                                                66
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                           PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                       ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                   NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                     STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                          As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                       December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                (Expressed in Millions of Rupiah, unless otherwise stated)
9.   UANG MUKA                                                   9.    ADVANCES
                                                                 xxviii.
     Akun ini terdiri dari:                                            This account consists of:

                                              2023               2022                 2021

     Uang muka lancar                                                                                  Current advance payments
      Pembelian bahan baku                       10.000               21.760             29.640      Purchases of raw materials

     Uang muka tidak lancar                                                                         Non-current advance payments
      Pembelian tanah                          314.379               311.423            316.873              Purchases of land
      Pembelian mesin                           84.916                84.916             84.916         Purchases of machines
     Jumlah                                    399.295               396.339            401.789                                Total


     Uang muka pembelian tanah merupakan pembelian                      Advance for land acquisition represents land located at
     tanah yang berlokasi di Gresik, Jawa Timur. Pada                   Gresik, East Java. As of December 31, 2023, the land is
     31 Desember 2023, tanah tersebut masih dalam proses                still in the process of land acquisition and processing from
     pembebasan lahan dan pengurusan dari akta jual beli ke             a sale and purchase deed to a land certificate.
     sertifikat tanah.

     Uang muka pembelian tanah yang dibayarkan bersifat                 Advances for land purchases paid are binding on the
     mengikat harga beli tanah tersebut sehingga ketika                 purchase price of the land so that when the advances are
     direalisasi uang muka tersebut nilainya adalah tetap dan           realized, the value is fixed and there is no impairment.
     tidak terdapat penurunan nilai.

     Tidak terdapat kendala yang signifikan dalam proses                There were no significant obstacles in the land acquisition
     pembebasan lahan selain mengenai kesepakatan harga                 process apart from price agreements and land
     dan ketersediaan lahan. Entitas masih menunggu proses              availability. The entity is still waiting for the land
     sertifikasi tanah. Namun pembelian tanah menuju                    certification process. However, land purchases leading to
     proses sertifikasi memerlukan banyak tahapan prosedur              the certification process require many stages of the
     mulai dari girik, hingga sertifikasi hak guna bangunan             procedure, starting from girik, to building use rights
     sehingga tidak dapat diprediksi kapan selesainya                   certification, so it cannot be predicted when the certificate
     sertifikat tersebut.                                               will be completed.

     Uang muka Pembelian Mesin sampai saat ini belum                    Advances for Machine Purchase have not yet been
     dapat direalisasi karena belum selesainya tempat                   realized due to the unfinished machine storage area at the
     penyimpanan mesin dilokasi proyek Gresik yang masih                Gresik project location which is still under construction.
     dalam proses pembangunan. Namun atas uang muka                     However, there was no indication of a decrease in value
     tersebut tidak terdapat indikasi penurunan nilai karena            because the advance paid was USD 6,825,000 (full
     uang muka yang telah dibayarkan sebesar                            amount) or equivalent Rp. 84,915,689,600 (full amount) is
     USD 6.825.000 (dalam nilai penuh) atau setara                      in the form of cash which will remain the same value in
     Rp 84.915.689.600 (dalam nilai penuh) adalah berupa                terms of both Management and Vendors. Therefore, the
     uang tunai yang akan tetap bernilai sama baik dari sisi            advance is not included in the scope of asset impairment
     Manajemen maupun Vendor. Sehingga uang muka                        as stipulated in PSAK 48.
     tersebut tidak termasuk dalam ruang lingkup penurunan
     nilai aset sebagaimana diatur dalam PSAK 48.




                                                                67
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                       (Expressed in Millions of Rupiah, unless otherwise stated)
10.   BIAYA DIBAYAR DI MUKA                                            10. PREPAID EXPENSES
                                                                       xxix.
      Akun ini terdiri dari:                                           xxx. This account consists of:

                                               2023                2022                     2021

      Ongkos angkut                               66.096                   7.673                 6.840                  Freight charges
      Asuransi                                     3.042                   2.507                 2.283                       Insurance
      Jumlah                                      69.138                  10.180                 9.123                             Total



11.   INVESTASI                                                        11. INVESTMENTS
                                                                       xxxi.
      Investasi                                                        xxxii. Investments
                                                                       xxxiii.
      Berdasarkan    akta    No.   32,    oleh    notaris              xxxiv.Based on deed No. 32, dated September 22, 2017 by Jhon
      Jhon Edy Rahman, SH, Mkn di Jakarta Timur,                              Edy Rahman, SH, Mkn., notary in East Jakarta, the Entity
      tanggal 22 September 2017, Entitas melakukan                            invested in PT Marubeni - Itochu Steel Indonesia
      penyertaan saham di PT Marubeni - Itochu Steel                          amounting to 1,150 shares or equal to
      Indonesia sebesar 1.150 lembar atau setara sebesar                      Rp 57,658,125 (Full amount) or 0.23% of the equity
      Rp 57.658.125 (dalam nilai penuh) atau 0,23%                            shares.
      kepemilikan saham.
                                                                       xxxv.
      Serta berdasarkan akta No. 42, oleh notaris                      xxxvi.And based on deed No. 42, dated June 08, 2018
      Jhon Edy Rahman, SH, Mkn di Jakarta Timur,                             by Jhon Edy Rahman, SH, Mkn, notary in East Jakarta,
      tanggal 08 Juni 2018, Entitas melakukan penyertaan                     The Entity invested stock series B in PT Marubeni-Itochu
      saham seri B di PT Marubeni-Itochu Steel Indonesia                     Steel Indonesia amounting to 10,350 shares or equal to
      sebesar 10.350 lembar atau setara sebesar                              Rp 143,626,950 (Full amount) or 0.23% of the equity
      Rp 143.626.950 (dalam nilai penuh) atau 0,23%                          shares.
      kepemilikan saham.
                                                                       xxxvii.
      Investasi pada PT Marubeni-Itochu Steel Indonesia,               xxxviii.
                                                                             Investment in PT Marubeni-Itochu Steel Indonesia, the
      Entitas mencatatnya sebagai investasi dengan metode                    Entity recorded it as an investment using the acquisition
      perolehan karena Entitas tidak memiliki signifikansi atas              method because the Entity has no significance for the
      investasi pada Entitas Asosiasi tersebut. Dan                          investment     in    the    Associated    Entity.    And
      PT Marubeni-Itochu Steel Indonesia telah beroperasi.                   PT Marubeni-Itochu Steel Indonesia has been operating.
                                                                       xxxix.
      Investasi Pada Entitas Asosiasi                                  xl. Investments In Associates
                                                                       xli.
      Berdasarkan akta No. 20, oleh notaris Lusia Hutabarat,                 Based on deed No. 20, dated November 11, 2015
      S.H. di Jakarta, tanggal 11 November 2015,                             by Lusia Hutabarat, S.H. notary in Jakarta, the Entity
      Entitas melakukan peningkatan penyertaan saham di                      invested in PT Sanko Steel Indonesia amounting to
      PT Sanko Steel Indonesia menjadi sebesar                               USD 2,800,000 or 50% of the equity shares whereby the
      USD 2.800.000 atau 50% kepemilikan saham dimana                        Entity is non-controlling shareholder.
      Entitas bukan pemegang saham pengendali.
                                                                       xlii.
      Mutasi penyertaan saham pada entitas asosiasi adalah                      Movement in investments in associates are as follows:
      sebagai berikut:




                                                                  68
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
11.   INVESTASI - Lanjutan                                            11.    INVESTMENTS - Continued

                                                  31 Desember 2023/December 31, 2023
                            Persentase                 Akumulasi Ekuitas dalam
                           Kepemilikan/     Harga        Laba (Rugi) Bersih/   Penurunan Nilai/
                            Percentage     Perolehan/      Accumulated Equity          Impairment          Nilai Buku/
                           of Ownership    At Cost        Net Earnings (Losses)           Value          Net Book Value


      Metode ekuitas                                                                                                           Equity method
      PT Sanko Steel                                                                                                          PT Sanko Steel
        Indonesia                50,00%        28.252                        7.076                  -           35.328           Indonesia


      Metode biaya
        perolehan                                                                                                               Cost method
      PT Marubeni-Itochu                                                                                                  PT Marubeni-Itochu
        Steel Indonesia           0,23%           201                             -                 -               201     Steel Indonesia

      Jumlah                     50,23%        28.453                        7.076                  -           35.529                  Total



                                                     31 Desember 2022/December 31, 2022
                            Persentase                    Akumulasi Ekuitas dalam
                            Kepemilikan/    Harga           Laba (Rugi) Bersih/       Penurunan Nilai/
                            Percentage     Perolehan/     Accumulated Equity           Impairment          Nilai Buku/
                           of Ownership    At Cost        Net Earnings (Losses)           Value          Net Book Value

      Metode ekuitas                                                                                                           Equity method
      PT Sanko Steel                                                                                                          PT Sanko Steel
        Indonesia                50,00%        28.252                        3.999                  -           32.251           Indonesia

      Metode biaya
        perolehan                                                                                                               Cost method
      PT Marubeni-Itochu                                                                                                  PT Marubeni-Itochu
        Steel Indonesia           0,23%           201                             -                 -               201     Steel Indonesia

      Jumlah                     50,23%        28.453                        3.999                  -           32.452                  Total



                                                  31 Desember 2021/December 31, 2021
                            Persentase                 Akumulasi Ekuitas dalam
                           Kepemilikan/     Harga        Laba (Rugi) Bersih/   Penurunan Nilai/
                            Percentage     Perolehan/      Accumulated Equity          Impairment          Nilai Buku/
                           of Ownership    At Cost        Net Earnings (Losses)           Value          Net Book Value

      Metode ekuitas                                                                                                          Equity method
      PT Sanko Steel                                                                                                          PT Sanko Steel
        Indonesia                50,00%        28.252                        1.765                  -           30.017           Indonesia

      Metode biaya
        perolehan                                                                                                               Cost method
      PT Marubeni-Itochu                                                                                                  PT Marubeni-Itochu
        Steel Indonesia           0,23%           201                             -                 -               201     Steel Indonesia

      Jumlah                     50,23%        28.453                        1.765                  -           30.218                  Total




                                                                 69
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                                 PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                                             ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                                         NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                                           STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                                As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                                             December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                                       (Expressed in Millions of Rupiah, unless otherwise stated)
11.   INVESTASI - Lanjutan                                                               11.       INVESTMENTS - Continued

      Tidak tersedia informasi berdasarkan kuotasi harga                                           There was no fair value information available based on
      publikasian atas nilai wajar investasi pada entitas                                          quoted market prices of the investment in associates.
      asosiasi tersebut.

      Ringkasan informasi keuangan entitas asosiasi adalah                                         The summary of financial information of the associates
      sebagai berikut:                                                                             are as follows:

                                                               2023                    2022                            2021
      PT Sanko Steel Indonesia                                                                                                               PT Sanko Steel Indonesia
      Jumlah agregat aset                                       108.613                   105.353                        99.633                Total aggregate assets
      Jumlah agregat liabilitas                                  45.476                    46.069                        45.342            Total aggregate liabilities
      Jumlah agregat penjualan dan                                                                                                      Total aggregate net sales and
        pendapatan jasa                                         164.620                   142.665                       103.223                     service revenues
      Jumlah agregat laba (rugi) tahun                                                                                                        Total aggregate income
        berjalan                                                   6.154                       5.865                       6.800                  (loss) for the year


                                                               2023                    2022                            2021
      PT Marubeni-Itochu Steel                                                                                                               PT Marubeni-Itochu Steel
       Indonesia                                                                                                                                         Indonesia
      Jumlah agregat aset                                       346.054                   309.641                       348.274                Total aggregate assets
      Jumlah agregat liabilitas                                 198.735                   162.824                       213.760            Total aggregate liabilities
      Jumlah agregat penjualan dan                                                                                                      Total aggregate net sales and
        pendapatan jasa                                         990.773                1.015.263                        823.997                     service revenues
      Jumlah agregat laba (rugi) tahun                                                                                                        Total aggregate income
        berjalan                                                   6.866                    12.241                         5.603                  (loss) for the year



12.   ASET TETAP                                                                         12.       PROPERTY, PLANT AND EQUIPMENT

                                                                                                       Revaluasi/ Revaluation
                                                                                                       Eliminasi
                                                                                                      Akumulasi
                                                                                                     Penyusutan/          Surplus
                                                                                                    Elimination of      Revaluasi /
                            1 Januari 2023/   Penambahan/       Pengurangan/     Reklasifikasi/     Accumulated         Revaluation     31 Desember 2023/
                           January 1, 2023     Additions        Deductions     Reclassifications Depreciation            Surplus        December 31, 2023

      Biaya Perolehan/                                                                                                                                        Acquisition Cost/
        Revaluasi                                                                                                                                               Revaluation

      Pemilikan Langsung                                                                                                                                     Direct Acquisitions

      Tanah                       1.628.137        55.194                  -                   -                   -                -            1.683.331                 Land
      Bangunan dan                                                                                                                                                Buildings and
        prasarana                  291.917                 -               -             13.816                    -                -             305.733      improvements
      Mesin dan                                                                                                                                                   Machines and
        peralatan                  402.424         11.607                43              20.361                    -                -             434.349         equipment
      Kendaraan                      34.117           789               746                    -                   -                -              34.160               Vehicles
      Inventaris                                                                                                                                                 Office furniture
        kantor                       58.360           136                  -                   -                   -                -              58.496        and fixtures
      Sub-jumlah                  2.414.955        67.726               789              34.177                    -                -            2.516.069             Sub-total




                                                                                    70
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                                      (Expressed in Millions of Rupiah, unless otherwise stated)
12.   ASET TETAP – Lanjutan                                                             12.       PROPERTY, PLANT AND EQUIPMENT - Continued

                                                                                                     Revaluasi/ Revaluation
                                                                                                     Eliminasi
                                                                                                    Akumulasi
                                                                                                   Penyusutan/         Surplus
                                                                                                  Elimination of     Revaluasi /
                            1 Januari 2023/   Penambahan/      Pengurangan/     Reklasifikasi/    Accumulated        Revaluation     31 Desember 2023/
                           January 1, 2023     Additions       Deductions     Reclassifications Depreciation          Surplus        December 31, 2023

      Biaya Perolehan/                                                                                                                                     Acquisition Cost/
        Revaluasi                                                                                                                                            Revaluation

      Aset Dalam                                                                                                                                             Construction in
        Penyelesaian                                                                                                                                             Progress

      Bangunan dan                                                                                                                                             Buildings and
        prasarana                    27.114        24.127               15            (16.375)                   -               -              34.851      improvements
      Mesin dan                                                                                                                                                Machines and
        peralatan                    17.017        32.577              206              (2.393)                  -               -              46.995         equipment
      Inventaris                                                                                                                                              Office furniture
        kantor                        1.050         2.560                -                    -                  -               -               3.610        and fixtures
      Sub-jumlah                     45.181        59.264              221            (18.768)                   -               -              85.456              Sub-total

      Aset Hak Guna                                                                                                                                        Right of Use Asset

      Mesin dan                                                                                                                                                Machines and
        peralatan                    83.473           218                -            (15.409)                   -               -              68.282         equipment
      Inventaris                                                                                                                                              Office furniture
        kantor                            -                -             -                                       -               -                    -       and fixtures
      Sub-jumlah                     83.473           218                -            (15.409)                   -               -              68.282              Sub-total

      Jumlah                      2.543.609       127.208            1.010                    -                  -               -            2.669.807                 Total

      Akumulasi                                                                                                                                                Accumulated
        Penyusutan                                                                                                                                           Depreciation

      Pemilikan Langsung                                                                                                                                  Direct Acquisitions

      Bangunan dan                                                                                                                                            Buildings and
        prasarana                         -        48.164                -                    6                  -               -              48.170      improvements
      Mesin dan                                                                                                                                                Machines and
        peralatan                         -        74.597                -              1.539                    -               -              76.136         equipment
      Kendaraan                      22.676         4.167              739                    -                  -               -              26.104               Vehicles
      Inventaris                                                                                                                                              Office furniture
        kantor                       49.416         2.305                -                    -                  -               -              51.721        and fixtures
      Sub-jumlah                     72.092       129.233              739              1.545                    -               -             202.131              Sub-total

      Aset Hak Guna                                                                                                                                        Right of Use Asset

      Mesin dan                                                                                                                                                Machines and
        peralatan                         -        18.757                -              (1.545)                  -               -              17.212         equipment
      Inventaris                                                                                                                                              Office furniture
        kantor                            -                -             -                    -                  -               -                    -       and fixtures
      Sub-jumlah                          -        18.757                -              (1.545)                  -               -              17.212              Sub-total


      Jumlah                         72.092       147.990              739                    -                  -               -             219.343                  Total

      Nilai Buku                2.471.517                                                                                                    2.450.464           Book value




                                                                                   71
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                                         (Expressed in Millions of Rupiah, unless otherwise stated)
12.   ASET TETAP - Lanjutan                                                             12.       PROPERTY, PLANT AND EQUIPMENT - Continued
                                                                                                      Revaluasi/ Revaluation
                                                                                                      Eliminasi
                                                                                                     Akumulasi
                                                                                                    Penyusutan/         Surplus
                                                                                                   Elimination of     Revaluasi /
                            1 Januari 2022/   Penambahan/      Pengurangan/     Reklasifikasi/     Accumulated        Revaluation     31 Desember 2022/
                           January 1, 2022     Additions       Deductions     Reclassifications Depreciation           Surplus        December 31, 2022

      Biaya Perolehan/                                                                                                                                      Acquisition Cost/
        Revaluasi                                                                                                                                             Revaluation

      Pemilikan Langsung                                                                                                                                   Direct Acquisitions

      Tanah                       1.467.670       135.185                -                    -                   -        25.282              1.628.137                 Land
      Bangunan dan                                                                                                                                              Buildings and
        prasarana                  291.351          2.733                -              20.159            62.735           40.409               291.917      improvements
      Mesin dan                                                                                                                                                 Machines and
        peralatan                  468.651          6.829           21.623              15.748           129.658           62.477               402.424         equipment
      Kendaraan                      28.754         6.963            1.600                    -                   -               -              34.117               Vehicles
      Inventaris                                                                                                                                               Office furniture
        kantor                       50.664         1.024                -               6.672                    -               -              58.360        and fixtures
      Sub-jumlah                  2.307.090       152.734           23.223              42.579           192.393          128.168              2.414.955             Sub-total

      Aset Dalam                                                                                                                                              Construction in
        Penyelesaian                                                                                                                                              Progress

      Bangunan dan                                                                                                                                              Buildings and
        prasarana                    19.202        27.998              270            (19.816)                    -               -              27.114      improvements
      Mesin dan                                                                                                                                                 Machines and
        peralatan                     7.450        49.136           23.756            (15.813)                    -               -              17.017         equipment
      Inventaris                                                                                                                                               Office furniture
        kantor                        6.797           925                -              (6.672)                   -               -               1.050        and fixtures
      Sub-jumlah                     33.449        78.059           24.026            (42.301)                    -               -              45.181              Sub-total

      Aset Hak Guna                                                                                                                                         Right of Use Asset

      Mesin dan                                                                                                                                                 Machines and
        peralatan                    52.028        39.548                -               (278)            15.815            7.990                83.473         equipment
      Inventaris                                                                                                                                               Office furniture
        kantor                            -                -             -                    -                   -               -                    -       and fixtures
      Sub-jumlah                     52.028        39.548                -               (278)            15.815            7.990                83.473              Sub-total

      Jumlah                      2.392.567       270.341           47.249                    -          208.208          136.158              2.543.609                 Total

      Akumulasi                                                                                                                                                 Accumulated
        Penyusutan                                                                                                                                            Depreciation

      Pemilikan Langsung                                                                                                                                   Direct Acquisitions

      Bangunan dan                                                                                                                                             Buildings and
        prasarana                    31.424        31.311                -                    -           62.735                  -                    -     improvements
      Mesin dan                                                                                                                                                 Machines and
        peralatan                    73.191        62.244            5.877                100            129.658                  -                    -        equipment
      Kendaraan                      20.340         3.936            1.600                    -                   -               -              22.676               Vehicles
      Inventaris                                                                                                                                               Office furniture
        kantor                       48.016         1.400                -                    -                   -               -              49.416        and fixtures
      Sub-jumlah                   172.971         98.891            7.477                100            192.393                  -              72.092              Sub-total

      Aset Hak Guna                                                                                                                                         Right of Use Asset

      Mesin dan                                                                                                                                                 Machines and
        peralatan                     4.782        11.133                -               (100)            15.815                  -                    -        equipment
      Inventaris                                                                                                                                               Office furniture
        kantor                            -                -             -                    -                   -               -                    -       and fixtures
      Sub-jumlah                      4.782        11.133                -               (100)            15.815                  -                    -             Sub-total

      Jumlah                       177.753        110.024            7.477                    -          208.208                  -              72.092                  Total

      Nilai Buku                2.214.814                                                                                                     2.471.517           Book value



                                                                                   72
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                                 PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                                             ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                                         NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                                           STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                                As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                                             December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                                          (Expressed in Millions of Rupiah, unless otherwise stated)
12.   ASET TETAP - Lanjutan                                                              12.       PROPERTY, PLANT AND EQUIPMENT - Continued
                                                                                                       Revaluasi/ Revaluation
                                                                                                      Eliminasi
                                                                                                     Akumulasi
                                                                                                     Penyusutan/        Surplus
                                                                                                    Elimination of    Revaluasi /
                            1 Januari 2021/    Penambahan/      Pengurangan/     Reklasifikasi/     Accumulated       Revaluation     31 Desember 2021/
                           January 1, 2021      Additions       Deductions     Reclassifications Depreciation          Surplus        December 31, 2021

      Biaya Perolehan/                                                                                                                                      Acquisition Cost/
        Revaluasi                                                                                                                                             Revaluation

      Pemilikan Langsung                                                                                                                                   Direct Acquisitions

      Tanah                       1.394.075         73.595                -                    -                  -               -            1.467.670                 Land
      Bangunan dan                                                                                                                                              Buildings and
        prasarana                  285.414             283                -               5.654                   -               -             291.351         improvements
      Mesin dan                                                                                                                                                 Machines and
        peralatan                  444.191          16.780           12.197              19.877                   -               -             468.651         equipment
      Kendaraan                      27.239          3.770            2.255                    -                  -               -              28.754               Vehicles
      Inventaris                                                                                                                                               Office furniture
        kantor                       49.385            646                -                633                    -               -              50.664        and fixtures
      Sub-jumlah                  2.200.304         95.074           14.452              26.164                   -               -            2.307.090             Sub-total

      Aset Dalam                                                                                                                                              Construction in
        Penyelesaian                                                                                                                                              Progress

      Bangunan dan                                                                                                                                              Buildings and
        prasarana                    16.287          8.521                -              (5.606)                  -               -              19.202         improvements
      Mesin dan                                                                                                                                                 Machines and
        peralatan                    11.252          3.967                -              (7.769)                  -               -               7.450         equipment
      Inventaris                                                                                                                                               Office furniture
        kantor                        5.826          1.604                -               (633)                   -               -               6.797        and fixtures
      Sub-jumlah                     33.365         14.092                -            (14.008)                   -               -              33.449              Sub-total

      Aset Hak Guna                                                                                                                                         Right of Use Asset

      Mesin dan                                                                                                                                                 Machines and
        peralatan                    31.477         33.241              534            (12.156)                   -               -              52.028         equipment
      Inventaris                                                                                                                                               Office furniture
        kantor                            -                 -             -                    -                  -               -                    -       and fixtures
      Sub-jumlah                     31.477         33.241              534            (12.156)                   -               -              52.028              Sub-total

      Jumlah                      2.265.146        142.407           14.986                    -                  -               -            2.392.567                 Total

      Akumulasi                                                                                                                                                 Accumulated
        Penyusutan                                                                                                                                            Depreciation

      Pemilikan Langsung                                                                                                                                   Direct Acquisitions

      Bangunan dan                                                                                                                                             Buildings and
        prasarana                         -         31.424                -                    -                  -               -              31.424         improvements
      Mesin dan                                                                                                                                                 Machines and
        peralatan                         -         76.383            3.837                645                    -               -              73.191         equipment
      Kendaraan                      20.570          2.025            2.255                    -                  -               -              20.340               Vehicles
      Inventaris                                                                                                                                               Office furniture
        kantor                       46.787          1.229                -                    -                  -               -              48.016        and fixtures
      Sub-jumlah                     67.357        111.061            6.092                645                    -               -             172.971              Sub-total

      Aset Hak Guna                                                                                                                                         Right of Use Asset

      Mesin dan                                                                                                                                                 Machines and
        peralatan                        (1)         5.428                -               (645)                   -               -               4.782         equipment
      Inventaris                                                                                                                                               Office furniture
        kantor                            -                 -             -                    -                  -               -                    -       and fixtures
      Sub-jumlah                         (1)         5.428                -               (645)                   -               -               4.782              Sub-total

      Jumlah                         67.356        116.489            6.092                    -                  -               -             177.753                  Total

      Nilai Buku                2.197.790                                                                                                     2.214.814           Book value



                                                                                    73
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
12.   ASET TETAP – Lanjutan                                           12.    PROPERTY, PLANT AND EQUIPMENT - Continued

      Tanah, bangunan dan prasarana serta mesin dan                          Land, buildings and improvements and machines and
      peralatan dicatat berdasarkan nilai revaluasi yang telah               equipment are recorded at revalued amounts which were
      dinilai oleh penilai independen Indriani Budiman, ST.                  revalued by independent appraiser Indriani Budiman,
      dari KJPP Felix Sutandar & Rekan, dalam laporannya                     ST. from KJPP Felix Sutandar & Partner, with reports
      bertanggal 23 Maret 2023. Dasar penilaian yang                         dated March 23, 2023. The valuation basis applied was
      diterapkan adalah nilai pasar dengan menggunakan                       market value by using cost approach, where the market
      pendekatan biaya, dimana nilai pasar dari aset yang                    value of the assets for the year 2022 amounted to
      direvaluasi pada tahun 2022 adalah sebesar                             Rp 2,406,487.
      Rp 2.406.487.

      Selain metode dengan pendekatan biaya yang digunakan                   In addition to the cost approach used in estimating fair
      dalam mengestimasi nilai wajar, metode pendekatan                      value, other approaches are the revenue approach, the
      lainnya adalah pendekatan pendapatan, pendekatan                       replacement cost approach, and the market data
      biaya pengganti, dan pendekatan data pasar.                            approach.

      Tidak terdapat pembatasan-pembatasan distribusi saldo                  There are no restrictions on the distribution of the
      surplus revaluasi terhadap penurunan saham atas                        revaluation surplus balance to the decline in shares due
      perubahan revaluasi atau rugi penurunan nilai tersebut.                to changes in the revaluation or impairment losses.

      Berikut jumlah tercatat untuk setiap aset yang                         The following is the carrying amount for each asset that
      direvaluasi jika dicatat dengan menggunakan model                      is revalued when recorded using the cost model:
      biaya:

                                                                  2022
      Pemilikan Langsung                                                                                          Direct Acquisitions
      Tanah                                                            1.602.854                                                Land
      Bangunan dan prasarana                                             251.511                          Building and improvements
      Mesin dan peralatan                                                339.947                            Machines and equipment
      Sub Jumlah                                                       2.194.312                                            Sub Total

      Aset Hak Guna                                                                                              Right of Use Asset
      Mesin dan Peralatan                                                   76.018                          Machines and equipment
      Sub Jumlah                                                            76.018                                          Sub Total
      Jumlah                                                           2.270.330                                                Total


      Berikut rincian saldo transaksi surplus revaluasi:                     The following are the details of the revaluation surplus
                                                                             transaction balance:

                                               2023               2022                   2021

      Saldo Awal                               1.221.714          1.115.511              1.115.511                 Beginning balance
      Mutasi                                               -          106.203                     -                         Mutation

      Saldo Akhir                              1.221.714          1.221.714              1.115.511                   Ending balance

      Beban penyusutan yang dialokasikan adalah sebagai                      Depreciation expenses are allocated as follows:
      berikut:




                                                                 74
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                            PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                        ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                    NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                      STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                           As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                        December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
12.   ASET TETAP - Lanjutan                                          12.     PROPERTY, PLANT AND EQUIPMENT - Continued

                                             2023                2022                    2021

      Beban pabrikasi                          143.970                106.087              114.439          Manufacturing expenses
      Beban umum dan administrasi                2.478                  2.165                1.794        General and administrative
                                                                                                             Selling and distribution
      Beban penjualan dan distribusi             1.542                     1.772                256                       expenses
      Jumlah                                   147.990                110.024              116.489                               Total


      Penjualan aset tetap pemilikan langsung adalah sebagai               xliii.
                                                                             The sale of property, plant and equipment – direct
      berikut:                                                               ownership are as follows:

                                             2023                2022                    2021
      Harga jual                                      -                      975                618                      Selling price
      Nilai buku                                      -                        -                  -                       Book value
      Laba penjualan aset tetap                       -                      975                618      Gain on sales of fixed assets


      Penambahan aset untuk tahun yang berakhir tanggal              xliv. Addition of property, plant and equipment for the period
      31 Desember 2023 sebesar Rp 127.208 adalah berasal                   ended Decemebr 31, 2023 amounting to Rp 127,208 is
      dari perolehan langsung. Terdapat penambahan aset yang               derived from direct acquisition. There were additional
      berasal dari reklasifikasi uang muka pembelian sebesar               assets resulting from the reclassification of advances for
      Rp 55.194 pada periode yang berakhir 31 Desember                     purchases of Rp 55,194 for the period ended
      2023.                                                                December 31, 2023.
                                                                     xlv.
      Tidak terdapat aset tetap yang tidak dipakai sementara         xlvi. There are no temporary unused fixed assets for the years
      pada tahun yang berakhir 31 Desember 2023, 2022 dan                  ended December 31, 2023, 2022 and 2021.
      2021.
                                                                     xlvii.
      Tidak terdapat aset tetap yang dihentikan penggunaannya        xlviii. There are no fixed assets that are discontinued so that
      sehingga tidak diklasifikasikan sebagai tersedia untuk                 they are not classified as available for sale.
      dijual.
                                                                     xlix.
      Pada tanggal 31 Desember 2023, 2022 dan 2021, Entitas                  As of December 31, 2023, 2022 and 2021, the Entity and
      dan Entitas Anak masih menggunakan aset tetap yang                     Subsidiary are still using the property, plant and
      nilai bukunya telah habis disusutkan dengan harga                      equipment which their book value have been fully
      perolehan masing-masing sebesar Rp 65.025, Rp 40.369                   depreciated with carrying value amounting to Rp 65,025,
      dan Rp 39.752.                                                         Rp 40,369 and Rp 39,752, respectively.

      Pada tanggal 31 Desember 2023, 2022 dan 2021, Entitas                  As of December 31, 2023, 2022 and 2021, the Entity and
      dan Entitas Anak melakukan penghapusbukuan aset tetap                  Subsidiary perform write-off of the property, plant and
      dengan nilai buku masing-masing sebesar Rp 739,                        equipment which their book value amounting to Rp 739,
      Rp 14.853 dan Rp 2.255.                                                Rp 14,853 and Rp 2,255, respectively.

      Entitas memiliki beberapa bidang tanah yang terletak di                The Entity owns several plots of land that are located in
      Surabaya, Pasuruan, Karawang dan Sidoarjo dengan hak                   Surabaya, Pasuruan, Karawang and Sidoarjo with
      legal berupa Hak Guna Bangunan (HGB) yang berjangka                    Building Use Rights (Hak Guna Bangunan or HGB) for
      waktu antara 20 dan 30 tahun yang akan jatuh tempo                     a period of 20 and 30 years that will mature in the years
      antara tahun 2023 dan 2045.                                            between 2023 and 2045.

      Entitas memiliki beberapa bidang tanah yang terletak di                The Entity owns several plots of land located in Gresik
      Gresik dan saat ini sedang dalam proses perubahan hak                  and is still in the process of changing the legal right to
      legal menjadi atas nama Entitas.                                       such plots to the name of Entity.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
12.   ASET TETAP - Lanjutan                                           12.     PROPERTY, PLANT AND EQUIPMENT - Continued

      Berdasarkan evaluasi yang dilakukan, manajemen                          Based on the management’s evaluation, there are no
      berpendapat bahwa tidak terdapat peristiwa atau                         events or changes in circumstances which may indicate
      perubahan keadaan yang menunjukkan adanya                               impairment in value of property, plant and equipment
      penurunan nilai aset tetap Entitas dan Entitas Anak pada                owned by the Entity and Subsidiary as of
      tanggal 31 Desember 2023, 2022 dan 2021.                                December 31, 2023, 2022 and 2021.

      Pada 31 Desember 2023, nilai tercatat aset dalam                        As of December 31, 2023, the carrying value of the
      penyelesaian Entitas mencapai 89% dari besarnya nilai                   construction in progress of the Entity was 89% of the
      kontrak, dimana estimasi penyelesaian aset di akhir                     amount value of the contract, is at the end of where the
      2023. Tidak terdapat hambatan yang signifikan dalam                     estimated completion of the assets in 2023. There are no
      penyelesaian aset.                                                      significant barriers to the completion of the asset.

      Aset tetap tertentu milik Entitas dijadikan jaminan atas                Certain property, plant and equipment which were
      utang bank yang diperoleh dari PT Bank Central Asia                     owned by the Entity are used as collateral for the bank
      Tbk (lihat Catatan 16 dan 20).                                          loans obtained from PT Bank Central Asia Tbk
                                                                              (see Notes 16 and 20).

      Aset tetap, kecuali tanah, bersama-sama dengan                          Property, plant and equipment, except land, together
      persediaan, telah diasuransikan terhadap risiko                         with inventories, were insured against fire, theft and
      kebakaran, pencurian dan risiko lainnya dengan jumlah                   other possible risks with the amounts insured amounting
      pertanggungan sebesar Rp 1.669.455, USD 31.720,                         to Rp 1,669,455, USD 31,720, EUR 1,490, JPY 83,237
      EUR 1.490, JPY 83.237 pada tanggal 31 Desember 2023,                    as of December 31, 2023, Rp 1,296,644, USD 31,064,
      Rp 1.296.644, USD 31.064, EUR 1.490, dan JPY 83.237                     EUR 1,490, dan JPY 83,237 as of December 31, 2022
      pada tanggal 31 Desember 2022 dan Rp 1.556.485,                         and Rp 1,556,485, USD 21,214, EUR 128, and
      USD 21.214, EUR 128, dan JPY 27.746 pada tanggal                        JPY 27,746 as of December 31, 2021. The assets are
      31 Desember 2021. Aset telah diasuransikan pada                         insured with insurance companies PT CAR Life
      perusahaan asuransi PT CAR Life Insurance, PT ATB                       Insurance, PT ATB Insurance, PT Lippo Insurance and
      Insurance, PT Lippo Insurance, dan PT Bintang                           PT Bintang Insurance.
      Insurance.

      Manajemen berpendapat bahwa jumlah pertanggungan                        Management believes that insurance coverage is
      asuransi tersebut adalah cukup untuk menutup kerugian                   adequate to cover all possible losses to the assets and
      dari risiko atas aset dan persediaan yang                               inventories insured.
      dipertanggungkan.


13.   PROPERTI INVESTASI                                              13.     INVESTMENT PROPERTIES

                                              2023                2022                    2021

      Denpasar                                    4.788                     4.788             4.788                         Denpasar
      Prigen                                      4.279                     4.279             4.279                           Prigen
      Jumlah                                      9.067                     9.067             9.067                             Total


      Properti investasi merupakan tanah di Denpasar dengan                   Investment properties represent in Denpasar with an
      luas 400 m2 dan tanah di Prigen dengan luas 2.680 m2.                   area of 400 m2 and in Prigen with an area of 2,680 m2.
      Pada tanggal 31 Desember 2023, manajemen Entitas dan                    As of December 31, 2023, the Entity’s and Subsidiary’s
      Entitas Anak belum memutuskan tujuan penggunaan atas                    management have not yet decided on the intended use of
      properti investasi berupa tanah tersebut.                               the land in the form of an investment property.

      Tidak terdapat beban yang ditimbulkan atas properti                     There is no expense incurred on investment property,
      investasi, karena properti investasi tersebut tidak                     because the investment property is not rented out.
      disewakan.




                                                                 76
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                            PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                        ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                    NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                      STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                           As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                        December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
13.   PROPERTI INVESTASI – Lanjutan                                  13.     INVESTMENT PROPERTIES – Continued

      Tidak terdapat perubahan nilai wajar atas properti                     There is no change in the fair value of the investment
      investasi tersebut karena Entitas mencatat dengan nilai                property because the Entity records it at cost, because
      perolehan, disebabkan nilai pasar melebihi dari nilai                  the market value exceeds the cost value.
      perolehan.


14.   ASET TAKBERWUJUD                                               14.     INTANGIBLE ASSET

      Akun ini terdiri dari:                                                 This account consists of:

                                             2023                2022                    2021
      Harga perolehan                           98.706                98.706                98.706                   Acquisition cost
      Akumulasi amortisasi                     (95.934)              (90.359)              (84.784)          Accumulated amortization
      Nilai buku aset takberwujud                2.772                 8.347                13.922       Book value of intangible asset



15.   ASET TIDAK LANCAR LAINNYA                                      15.     OTHER NON-CURRENT ASSETS

      Akun ini terdiri dari:                                                 This account consists of:

                                             2023                2022                    2021
      Kerugian ditangguhkan atas                                                                              Deferred loss on sale and
       transaksi sewa dan jual balik                  -                    3.853                 -                         leaseback
      Beban tanah ditangguhkan                        -                        -             4.816             Deferred land expenses
      Jumlah                                          -                    3.853             4.816                                Total



16.   UTANG BANK JANGKA PENDEK                                       16.     SHORT-TERM BANK LOANS

      Akun ini terdiri dari:                                                 This account consists of:

                                             2023                2022                    2021
      PT Bank Central Asia Tbk               1.268.527           1.089.465               1.166.403          PT Bank Central Asia Tbk
      PT Bank Resona Perdania                  217.026             232.635                 207.286          PT Bank Resona Perdania
      PT Bank BTPN Tbk                         125.369             285.747                 143.065                PT Bank BTPN Tbk
      PT Bank Danamon                                                                                              PT Bank Danamon
        Indonesia Tbk                           73.583                77.026                14.323                   Indonesia Tbk
      PT Bank Shinhan Indonesia                 51.411                52.374                74.324         PT Bank Shinhan Indonesia
      PT Bank ICBC Indonesia                    21.830               168.262                69.786           PT Bank ICBC Indonesia
      Indonesia Eximbank                             -               105.000               105.000               Indonesia Eximbank
      PT Bank CTBC Indonesia                         -                59.207                58.273          PT Bank CTBC Indonesia
      Jumlah                                 1.757.746           2.069.716               1.838.460                                Total




                                                                77
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
16.   UTANG BANK JANGKA PENDEK - Lanjutan                              16.     SHORT-TERM BANK LOANS - Continued

      Semua batasan-batasan atau negative covenant dalam                      All restrictions or negative covenants in the bank and
      perjanjian bank dan waiver sudah diungkapkan dalam                      waiver agreements have been disclosed in the notes to
      catatan atas laporan keuangan terkait.                                  the related financial statements.

      Pembayaran utang bank jangka pendek selama periode                      Payment of short-term bank loans for the period
      31 Desember 2023, 2022 dan 2021 adalah sebesar                          December 31, 2023, 2022 and 2021 amounted to
      Rp 7.018.208, Rp 6.567.577 dan Rp 8.022.707.                            Rp 7,018,208, Rp 6,567,577 amd Rp 8,022,707.

      PT Bank Central Asia Tbk (BCA)                                           PT Bank Central Asia Tbk (BCA)

      Entitas memperoleh pinjaman dari BCA berupa fasilitas                   The Entity obtained loan facilities from BCA are as
      sebagai berikut:                                                        follows:

                         Fasilitas/                        Maksimum Kredit/                                Jatuh Tempo/
                        Facilities                         Maximum Credit                                  Maturity Date

      Valuta asing/Foregn Exchange                           USD 20.000                            29 Februari 2024/February 29, 2024
      Kredit Lokal/Local Credit                               Rp 100.000                           29 Februari 2024/February 29, 2024
      Kredit Multi Facility/Multy Facility Credit            USD 105.000                           29 Februari 2024/February 29, 2024
      Time Loan Revolving                                     Rp 440.000                           29 Februari 2024/February 29, 2024
      Bank Garansi/Bank Guarantee                             Rp 30.000                            29 Februari 2024/February 29, 2024
      Nego/Diskonto/Negotiation /Discounts                    USD 5.000                            29 Februari 2024/February 29, 2024
      Kredit Investasi 5/Investment Credit 5                  Rp 95.000                                   22 April 2024/April 22, 2024

      Fasilitas pinjaman tersebut dijamin dengan piutang                     a. The loan facility is collateralized with trade receivables,
      usaha, persediaan, tanah, bangunan, dan mesin milik                       inventories, landrights, building, and machines, owned
      Entitas (lihat Catatan 6, 8 dan 12). Pinjaman ini dijamin                 by the Entity (see Notes 6, 8 and 12). The loan is
      dengan jaminan yang sama dengan fasilitas jangka                          collateralized by the same collateral as the long-term
      panjang yang diperoleh dari bank yang sama                                facilities obtained from the same bank (see Note 19). This
      (lihat Catatan 19). Pinjaman ini dikenakan bunga                          loan bears annual interest of 7.25 – 7.75% and 7.75% as
      tahunan masing-masing sebesar 7,25 – 7,75% dan 7,75%                      of December 31, 2023, 2022 and 2021.
      pada tanggal 31 Desember 2023, 2022 dan 2021.

      Persyaratan dalam perjanjian sehubungan dengan                           Terms of the agreement in connection with this credit
      fasilitas kredit ini meliputi pembatasan sebagai berikut:                facility includes:

      1. Pemeliharaan rasio keuangan (Current Ratio                            1. Maintenance of financial ratios (Current Ratio of at
         minimum 1, Leverage Ratio maksimum 2,5 dan Debt                          least 1, Leverage Ratio maximum of 2.5, and Debt
         Service Coverage minimum 1,0).                                           Service Coverage at least 1.0).
      2. Tanpa persetujuan tertulis terlebih dahulu dari BCA,                  2. Without prior written approval from BCA, the Entity
         Entitas tidak diperkenankan untuk:                                       is not allowed to:
         a. Mengikatkan diri sebagai penjamin.                                    a. Bind the Entity is itself as a guarantor.
         b. Menambah fasilitas kredit dari bank atau                              b. Receive credit facility from bank or other
             lembaga keuangan lain.                                                   financial institution.

      Pada tanggal 31 Desember 2023, 2022 dan 2021, Entitas                    As of December 31, 2023, 2022 and 2021, the Entity has
      telah memenuhi persyaratan tersebut.                                     complied with these requirements.




                                                                  78
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
16.   UTANG BANK JANGKA PENDEK - Lanjutan                              16.     SHORT-TERM BANK LOANS - Continued

      PT Bank Resona Perdania (Resona)                                        PT Bank Resona Perdania (Resona)

      Entitas memperoleh pinjaman dari Resona berupa                          The Entity obtained loan facility from Resona in the form
      fasilitas Limit Gabungan dengan jumlah maksimum                         of Combined Limit and Treasury Facility in the form of
      masing-masing sebesar USD 15.000 dan dikenakan                          with maximum credit amounting to USD 15,000,
      tingkat bunga sebesar COLF+0,75% untuk mata uang                        respectively, with interest rate of COLF +0.75% for USD
      USD dan COLF+2% untuk mata uang Rupiah. Pinjaman                        currency and COLF + 2% per for Rupiah currency. This
      ini jatuh tempo pada tanggal 15 Agustus 2024.                           loan facility has maturity date on August 15, 2024.

      Fasilitas pinjaman dari Resona ditunjukan untuk                         Facilities from Resona are intended to support the
      menunjang kegiatan operasional Entitas.                                 Entity’s operating activities.

      Fasilitas pinjaman tersebut dijamin dengan piutang usaha                The loan facilities are collateralized by trade receivables
      dan persediaan yang diikat Fidusia Notariil sebesar                     and inventories which is bound by notary fiduciary
      USD 15.000 milik Entitas.                                               amounting to USD 15,000 owned by the Entity.

      Persyaratan dalam perjanjian sehubungan dengan                          Terms of the agreement in connection with this credit
      fasilitas kredit ini meliputi pembatasan sebagai berikut:               facility include:

      1. Tanpa persetujuan tertulis terlebih dahulu dari                      1. Without prior written approval from Resona, the
         Resona, Entitas, tidak diperkenankan untuk:                             Entity, is not allowed to:
         a. Memperoleh fasilitas kredit baru dari pihak lain.                    a. Obtain new credit facilities from other parties.
         b. Mengikatkan diri sebagai penjamin.                                   b. Bind the Entity is itself as a guarantor.
         c. Memindah tangankan, menjual atau melepaskan                          c. Transfer, sell or otherwise dispose of material
            aset material Entitas.                                                   assets of the Entity.
         d. Mengubah bentuk/status hukum Entitas.                                d. Change the Entity’s form/legal status.

      Pada tanggal 31 Desember 2023, 2022 dan 2021, Entitas                   As of December 31, 2023, 2022 and 2021, the Entity has
      telah memenuhi persyaratan tersebut.                                    complied with these requirements.

      PT Bank ICBC Indonesia (ICBC)                                           PT Bank ICBC Indonesia (ICBC)

      Entitas memperoleh pinjaman dari ICBC berupa fasilitas                  The Entity obtained Import letter of Credit (LC) Line
      Import LC Line (Sight/Usance) dengan main limit                         (Sight/Usance) loan facility with main limit
      sebesar Rp 182.500. Pinjaman ini dikenakan bunga                        amounting to Rp 182,500 from ICBC. This loan bears
      sebesar 8,75 - 11% per tahun. Perjanjian ini telah                      interest at 8.75 - 11% per annum. The agreement has
      diperpanjang dan akan jatuh tempo pada tanggal                          been extended and will be due on May 26, 2024.
      26 Mei 2024.

      Entitas telah memperoleh perubahan perjanjian kredit                    The Entity has obtained an amendment to the credit
      dengan No. 114/LOD-CBSBY/IX/2021 pada tanggal                           agreement with No. 114/LOD-CBSBY/IX/2021 on
      24 September 2021 perihal perubahan pemberitahuan                       September 24, 2021 regarding changes to the
      pemegang saham non publik debitur yang disampaikan                      notification of debtor non-public shareholders submitted
      tidak lebih dari 30 hari setelah peristiwa.                             no later than 30 days after the event.

      Fasilitas pinjaman tersebut dijamin dengan piutang usaha                The loan facility was collateralized with trade
      dan persediaan milik Entitas yang diikat Fidusia Notariil               receivables and inventories owned by the Entity which is
      sebesar USD 20.000.(lihat Catatan 6 dan 8).                             bound by Notary Fiduciary amounting to
                                                                              USD 20,000 (see Notes 6 and 8).

      Persyaratan dalam perjanjian sehubungan dengan                          Terms of the agreement in connection with this credit
      fasilitas kredit ini meliputi pembatasan sebagai berikut:               facility include:




                                                                  79
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
16.   UTANG BANK JANGKA PENDEK - Lanjutan                             16.    SHORT-TERM BANK LOANS - Continued

      PT Bank ICBC Indonesia (ICBC) - Lanjutan                               PT Bank ICBC Indonesia (ICBC) - Continued

      1. Pemeliharaan Gearing Ratio maksimum 3,25.                           1. Maintenance of Gearing Ratio with maximum of
                                                                                3.25.
      2. Tanpa persetujuan tertulis terlebih dahulu dari ICBC,               2. Without prior written approval from ICBC, the
         Entitas, tidak diperkenankan untuk:                                    Entity, is not allowed to:
         a. Mengalihkan hak dan kewajiban kepada pihak                          a. Transfer the rights and obligations to any party.
             manapun juga.
         b. Memperoleh pinjaman dan atau meminjamkan                              b. Obtain loans or lend money to a third party.
             uang kepada pihak ketiga.
         c. Mengubah bidang usaha Entitas.                                        c. Change fields of business.
         d. Mengubah bentuk/status hukum Entitas.                                 d. Change the Entity’s form / legal status.
         e. Melakukan merger, akuisisi, konsolidasian,                            e. Conduct merger, acquisition, consolidation,
             investasi.                                                              investment.
         f. Memindah tangankan, menjual atau melepaskan                           f. Transfer, sell or otherwise dispose of material
             aset material Entitas.                                                  assets of the Entity.

      Pada tanggal 31 Desember 2023, 2022 dan 2021, Entitas                  As of December 31, 2023, 2022 and 2021, the Entity has
      telah memenuhi persyaratan tersebut.                                   complied with these requirements.

      PT Bank BTPN Tbk                                                       PT Bank BTPN Tbk

      Entitas mendapatkan fasilitas pinjaman dari BTPN yaitu                 The Entity obtained facility from BTPN are as follows:
      berupa:

                                     Maksimum Kredit/
       Fasilitas/Facilities          Maximum Credit                                                          Kegunaan/Use of Fund
       Loan on Note-1                    USD 3.000                                                     Modal kerja/Working Capital
       Loan on Note-2                    USD 14.000                     Pembiayaan tagihan supplier/Financing invoice to suppliers
                                                                      Impor (penerbitan L/C impor dan L/C lokal untuk pengadaan
       Commercial letter of                                               barang/ Import (issuance of import L/C and local L/C for
       credit                            USD 20.000                                                            goods procurement)
                                                                          Impor (pembayaran L/C Impor (Usance) dan L/C Lokal)/
       Acceptance                        USD 20.000
                                                                                    Import (to settle impor (usance) and local L/C)
       Loan on note trust                                              Impor (pembayaran L/C dan L/C Lokal (Sight dan Usance))/
       receipt                           USD 20.000                        Import (to settle L/C and Local L/C (Sight and Usance))
       Bank garansi/bank
       guarantee                         USD 14.000                             Penerbitan bank garansi/Issuance of bank guarantee
       Foreign Bills Bought-2            USD 14.000                                                   Modal kerja/Working capital

      Pinjaman ini dikenakan bunga tahunan sebesar 1,5%                      These loans bear annual interest at 1.5% above cost of
      ditambah cost of fund dan 2,5% ditambah cost of fund                   fund and 2.5% above cost of fund for loan in IDR
      masing-masing untuk pinjaman dalam mata uang IDR                       currency and USD currency, respectively, secured by
      dan USD serta dijamin dengan piutang dan persediaan                    trade receivables and inventories owned by the Entity
      Entitas (lihat Catatan 6 dan 8). Pinjaman ini akan jatuh               (see Notes 6 and 8). The loan will be due on
      tempo pada tanggal 30 September 2024.                                  September 30, 2024.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
16.   UTANG BANK JANGKA PENDEK - Lanjutan                              16.    SHORT-TERM BANK LOANS - Continued

      PT Bank BTPN Tbk - Lanjutan                                             PT Bank BTPN Tbk - Continued

      Persyaratan dalam perjanjian sehubungan dengan                          Terms of the agreement in connection with this credit
      fasilitas kredit ini meliputi pembatasan sebagai berikut:               facility includes:

      1. Rasio lancar dipertahankan paling sedikit 1,0                        1. Current ratio is maintained for minimum of 1.0 to
         banding 1,0 kali.                                                       1.0 times.
      2. Perbandingan utang terhadap ekuitas dipertahankan                    2. Debt to equity ratio is maintained equal or not
         sama atau tidak lebih dari 3,5 banding 1,0 kali.                        more than 3.5 to 1.0 times.
      3. Tanpa persetujuan tertulis terlebih dahulu dari Bank,                3. Without prior written approval from Bank, the
         Entitas, tidak diperkenankan untuk:                                     Entity is not allowed to:
         a. Melakukan kegiatan atau transaksi yang tidak                         a. Conduct any unreasonable transactions.
             wajar.
         b. Melakukan merger, konsolidasian, penyertaan                           b. Conduct merger, consolidation or purchases
             modal atau pembelian saham.                                             of shares.
         c. Mengadakan perjanjian utang kecuali dalam                             c. Enter into loan agreement except in
             kegiatan usaha.                                                         operational activities.
         d. Menjamin aset Entitas.                                                d. Pledge the Entity’s assets.

      Pada tanggal 31 Desember 2023, 2022 dan 2021, Entitas                   As of December 31, 2023, 2022 and 2021, the Entity has
      telah memenuhi persyaratan tersebut.                                    complied with these requirements.

      PT Bank Danamon Indonesia Tbk (Danamon)                                 PT Bank Danamon Indonesia Tbk (Danamon)

      Entitas memperoleh pinjaman dari Danamon berupa                         The Entity obtained loan facilities from Danamon are as
      fasilitas sebagai berikut:                                              follows:

                         Fasilitas/                         Maksimum Kredit/                              Jatuh Tempo/
                         Facilities                         Maximum Credit                                Maturity Date

                 Fasilitas Omnibus Trade/                                                                 23 Mei 2024/
                  Ombibus Trade Facility                          Rp 100.000                              May 23, 2024
             Fasilitas Transaksi Valuta Asing/                                                            23 Mei 2024/
          Foreign Currency Trancactions Facility                  USD 500                                 May 23, 2024

      Fasilitas pinjaman tersebut dijamin dengan piutang usaha                The loan facility was collateralized with trade
      dan persediaan milik Entitas (lihat Catatan 6                           receivables and inventories owned by the Entity
      dan 8) yang diikat Fidusia Notariil sebesar USD 20.000.                 (see Notes 6 and 8) which is bound by Notary Fiduciary
      Pinjaman ini dibebani bunga tahunan sebesar 8,75%                       amounting to USD 20,000. This loan bears annual
      pada tanggal 31 Desember 2023, 2022 dan 2021.                           interest at 8.75% as of December 31, 2023, 2022 and
                                                                              2021.

      Persyaratan dalam perjanjian sehubungan dengan                          Terms of the agreement in connection with this credit
      fasilitas kredit ini meliputi pembatasan sebagai berikut:               facility include:




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
16.   UTANG BANK JANGKA PENDEK - Lanjutan                             16.    SHORT-TERM BANK LOANS - Continued

      PT Bank Danamon Indonesia Tbk (Danamon) –                              PT Bank Danamon Indonesia Tbk (Danamon) –
      Lanjutan                                                               Continued

      1. Pemeliharaan Gearing Ratio maksimum 2,5.                             1. Maintenance of Gearing Ratio with maximum
                                                                                 of 2.5.
      2. Tanpa persetujuan tertulis terlebih dahulu dari                      2. Without prior written approval from Danamon, the
         Danamon, Entitas, tidak diperkenankan untuk:                            Entity, is not allowed to:
         a. Menjual atau mengalihkan kekayaan.                                   a. Sell or transfer its assets.
         b. Menjaminkan kekayaan Entitas.                                        b. Pledge the Entity’s assets.
         c. Mengadakan perjanjian utang kecuali dalam                            c. Enter financial obligations except in operational
            kegiatan usaha.                                                          activities.
         d. Menjamin pihak ketiga.                                               d. Bind itself as a guarantor.
         e. Memberikan pinjaman kecuali dalam kegiatan                           e. Provide loans except in operating activities.
            usaha.
         f. Merubah sifat dan kegiatan usaha.                                     f.   Change the nature and operational activity.
         g. Membubarkan Entitas.                                                  g.   Liquidate the Entity.
         h. Membayar utang pemegang saham.                                        h.   Pay the shareholders’ payables.
         i. Merubah anggaran dasar.                                               i.   Amend Entity’s articles of association

      Pada tanggal 31 Desember 2023, 2022 dan 2021, Entitas                  As of December 31, 2023, 2022 and 2021, the Entity has
      telah memenuhi persyaratan tersebut.                                   complied with these requirements.

      Indonesia Eximbank (Eximbank)                                          Indonesia Eximbank (Eximbank)

      Entitas memperoleh pinjaman dari Eximbank berupa                       The Entity obtained loan facility from Eximbank as
      fasilitas Kredit Modal Kerja Ekspor (Skema Warehouse                   Export Working Capital Loan (Warehouse Receipt
      Receipt) dengan nilai sebesar Rp 170.000. Pinjaman ini                 Scheme) amounting to Rp 170,000. This loan bears
      dikenakan bunga sebesar 9% dan 9,5% per tahun, pada                    interest at 9% and 9.5% per annum as of December 31,
      tanggal 31 Desember 2022 dan 2021.                                     2022 and 2021.

      Pada tanggal 09 Juni 2022, dilakukan perubahan fasilitas               On June 09, 2022, the following credit facility changes
      kredit sebagai berikut :                                               were made:
      a. Fasilitas KMKE l sebesar Rp 105.000. Fasilitas ini                  a. KMKE1 facilities amounting to Rp 105,000. This
          bersifat revolving dengan jangka waktu 12 bulan                       faciliy is revolving with a period of 12 months and
          serta dapat di perpanjang dan akan jatuh tempo pada                   can be extended and will mature on June 09, 2023.
          tanggal 09 Juni 2023.

      Fasilitas pinjaman ini digunakan untuk modal kerja.                    This facility is used for working capital.

      Fasilitas ini dijamin dengan persediaan milik Entitas                  This facility is collateralized by the inventories owned by
      (lihat Catatan 8).                                                     the Entity (see Note 8).

      Persyaratan dalam perjanjian sehubungan dengan                         Terms of the agreement in connection with this credit
      fasilitas kredit ini meliputi pembatasan bahwa tanpa                   facility is that without prior written approval from
      persetujuan tertulis terlebih dahulu dari Eximbank,                    Eximbank, the Entity is not allowed to:
      Entitas, tidak diperkenankan untuk:




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
16.   UTANG BANK JANGKA PENDEK - Lanjutan                              16.    SHORT-TERM BANK LOANS - Continued

      Indonesia Eximbank (Eximbank) – Lanjutan                                Indonesia Eximbank (Eximbank) – Continued

      a. Memperoleh pinjaman baru.                                            a. Obtain new loans.
      b. Meminjamkan uang kepada afiliasi.                                    b. Lend money to an affiliate.
      c. Bertindak sebagai penjamin.                                          c. Act as a guarantor.
      d. Menggunakan fasilitas selain yang telah diatur.                      d. Use the facilities other than have been set aside.
      e. Melakukan pengikatan yang berdampak pada                             e. Conduct agreement which effect is distruption in
         terganggunya kewajiban.                                                 liabilities.
      f. Melakukan merger, konsolidasian, penyertaan                          f. Conduct merger, consolidation or purchase of
         modal atau pembelian saham.                                             shares.
      g. Melakukan investasi di luar bidang usaha.                            g. Invest in other areas of business.
      h. Menjual harta Entitas.                                               h. Sell the Entity’s property.
      i. Melakukan kegiatan atau transaksi yang tidak wajar.                  i. Conduct any non-reasonable transactions.
      j. Membubarkan atau menyatakan pailit.                                  j. Dissolution or declare bankruptcy.

      Pada tanggal 31 Desember 2022 dan 2021, Entitas telah                   As of December 31, 2022 and 2021, the Entity has
      memenuhi persyaratan tersebut.                                          complied with these requirements.

      Terdapat perubahan pada persyaratan dalam perjanjian                    There is a change in the terms of this credit facility
      fasilitas kredit ini, yaitu terkait memperkenankan                      agreement, which is related to allowing the distribution
      pembagian dividen kepada pemegang sahamnya.                             of dividends to its shareholders.

      Berdasarkan surat No. BS. 0036/PBD/04/2023, bahwa                       Based on letter no. BS. 0036/PBD/04/2023, that the
      Fasilitas Kredit berdasarkan Akta Perjanjian Kredit                     Credit Facility is based on Export Working Capital
      Modal Kerja Ekspor No. 49 tanggal 22 Desember 2006                      Credit Agreement Deed No. 49 dated December 22, 2006
      beserta perubahan dan turutan-turutannya, tanggal                       along with its amendments and sequels, on April 06,
      06 April 2023 dinyatakan telah lunas.                                   2023 is declared to have been paid in full.

      PT Bank Shinhan Indonesia (Shinhan)                                     PT Bank Shinhan Indonesia (Shinhan)

      Entitas memperoleh pinjaman dari Shinhan Bank berupa                    The Entity obtained loan facilities from Shinhan Bank
      fasilitas sebagai berikut:                                              are as follows:

                        Fasilitas/                         Maksimum Kredit/                               Jatuh Tempo/
                       Facilities                          Maximum Credit                                 Maturity Date

      Fasilitas Omnibus Credit                                 USD 8.000                                  3 Maret 2024/March 3, 2024
      Fasilitas Forex Forward Line                              USD 500                                   3 Maret 2024/March 3, 2024

      Fasilitas pinjaman dari Shinhan ditujukan untuk                         The facilities from Shinhan are intended for the working
      pembiayaan modal kerja.                                                 capital financing.

      Fasilitas pinjaman tersebut dijamin dengan persediaan                   The loan facilities are collateralized with inventory
      milik Entitas yang diikat Fidusia Notariil sebesar                      owned by the Entity which is bound by Notary Fiduciary
      USD 9.000 (lihat Catatan 8).                                            amounting to USD 9,000 (see Notes 8).

      Persyaratan dalam perjanjian sehubungan dengan                          Terms of the agreement in connection with this credit
      fasilitas kredit ini meliputi pembatasan sebagai berikut:               facility include:

      1. Pemeliharaan rasio keuangan (Current Ratio                           1. Maintenance of financial ratios (Current Ratio
         minimal 1, Gearing Ratio maksimal 3,25 dan Debt                         minimum of 1, Gearing Ratio with maximum of 3.25,
         Service Ratio minimal 1).                                               and Debt Service Ratio minimum 1).




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                            PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                        ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                    NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                      STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                           As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                        December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
16.   UTANG BANK JANGKA PENDEK - Lanjutan                            16.    SHORT-TERM BANK LOANS - Continued

      PT Bank Shinhan Indonesia (Shinhan) – Lanjutan                        PT Bank Shinhan Indonesia (Shinhan) - Continued

      2. Tanpa persetujuan tertulis terlebih dahulu dari Bank               2. Without prior written approval from Shinhan Bank,
         Shinhan, Entitas, tidak diperkenankan untuk:                          the Entity is not allowed to:
         a. Mengubah bentuk/status hukum dan/atau bidang                       a. Changing the form/legal status and/or line of
            usaha.                                                                 business.
         b. Memindah tangankan, menjual atau melepaskan                        b. Transfer the, sell or otherwise dispose of
            aset material nasabah.                                                 material assets of the Entity.
         c. Menjaminkan kekayaan ke pihak lain.                                c. Pledge assets to other parties.
         d. Mengajukan permohonan untuk dinyatakan pailit                      d. Submit an application for bankruptcy or
            atau penundaan pembayaran atas hutang-hutang.                          postponement of payment of debts.
         e. Melakukan        investasi   pada     perusahaan-                  e. Invest in other companies or in other business
            perusahaan lain atau pada bidang usaha lainnya                         fields that may result in/have a negative impact
            yang dapat mengakibatkan/membawa dampak                                on business management.
            negatif terhadap pengelolaan usaha.
         f. Mengalihkan fasilitas kredit kepada pihak                           f.    Transferring credit facilities to any party.
            manapun.
         g. Mengalihkan usaha kepada pihak manapun.                             g. Transferring business to any party.

      Fasilitas ini dibebani bunga tahunan sebesar 5,00% per                This loan bears annual interest of 5,00% per annum.
      tahun.

      Pada tanggal 31 Desember 2023, 2022 dan 2021, Entitas                 As of December 31, 2023, 2022 and 2021, the Entity has
      telah memenuhi persyaratan tersebut.                                  complied with these requirements.

      PT Bank CTBC Indonesia                                                 PT Bank CTBC Indonesia

      Berdasarkan Akta Notaris Sri Wahyu Jatmikowati, S.H.,                 Based on the Deed of Notary Sri Wahyu Jatmikowati,
      MH. No 35 tanggal 17 Juni 2021, Entitas memperoleh                    S.H., MH. No. 35 dated June 17, 2021, the Entity
      fasilitas kredit dari PT Bank CTBC Indonesia sebagai                  obtained credit facilities from PT Bank CTBC Indonesia
      berikut:                                                              as follows:


                                                                              Maksimum Kredit/                   Jatuh Tempo/
                           Fasilitas/Facilities                               Maximum Credit                     Maturity Date

                                                                                                              19 Februari 2024/
       Fasilitas Omnibus Credit/Omnibus Credit Facility                              USD 5.000
                                                                                                              February 19, 2024
       Fasilitas Transaksi Valuta Asing/Foreign Exchange                                                      19 Februari 2024/
                                                                                     USD 500
       Transaction Facility                                                                                   February 19, 2024

      Fasilitas pinjaman dari Bank CTBC ditujukan untuk                     The facilities from CTBC Bank are intended for the
      pembiayaan modal kerja.                                               working capital financing.

      Fasilitas pinjaman tersebut dijamin dengan piutang dan                The loan facilities are collateralized with trade
      persediaan milik Entitas yang diikat Fidusia Notariil                 receivables and inventory owned by the Entity which is
      sebesar USD 2.750 (lihat Catatan 6 dan 8).                            bound by Notary Fiduciary amounting to
                                                                            USD 2,750 (see Notes 6 and 8).

      Fasilitas ini dibebani bunga tahunan sebesar 4 – 5,75%                This facility bears annual interest of 4 – 5.75% per
      per tahun untuk mata uang USD dan 7,5% untuk mata                     annum for USD and 7.5% for IDR.
      uang IDR.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                        PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                    ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                  STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                       As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                    December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)               (Expressed in Millions of Rupiah, unless otherwise stated)
17.   UTANG USAHA                                                17.    TRADE PAYABLES

      Akun ini terdiri dari:                                            This account consists of:

      a. Berdasarkan pemasok                                             a. Suppliers

                                               2023              2022                   2021

         Pihak ketiga                                                                                              Third parties
           Pemasok luar negeri                   223.972           200.435               238.071             Foreign suppliers
           Pemasok dalam negeri                   45.305            57.876               148.249               Local suppliers
         Sub-jumlah                              269.277           258.311               386.320                        Sub-total

         Pihak berelasi                                                                                         Related parties
           PT Sarana Surya Sakti                      567                 786              1.508        PT Sarana Surya Sakti
           PT Sarana Steel                                                                                    PT Sarana Steel
             Corporation                               23                 188                    -             Corporation
         Sub-jumlah                                   590                 974              1.508                        Sub-total
         Jumlah                                 269.867            259.285               387.828                            Total


      b. Berdasarkan umur                                                b. By age

                                               2023              2022                   2021

         Pihak ketiga:                                                                                             Third parties:
         Belum jatuh tempo                      193.809            164.234               131.220                      Not yet due
         Telah jatuh tempo:                                                                                            Past due :
           1 - 30 hari                            61.335               90.946            151.135                    1 - 30 days
           31 - 60 hari                            5.272                2.815             34.340                   31 - 60 days
           61 - 90 hari                            6.773                    5             58.149                   61 - 90 days
           Di atas 90 hari                         2.088                  311             11.476                  Over 90 days
         Sub-jumlah                              269.277           258.311               386.320                        Sub-total
         Pihak berelasi                                                                                          Related parties
         Belum jatuh tempo                             12                 506                  173                   Not yet due
         Telah jatuh tempo:                                                                                            Past due :
           1 - 30 hari                                578                 453                  703                 1 - 30 days
           31 - 60 hari                                 -                  15                  170                31 - 60 days
           61 - 90 hari                                 -                   -                  462                61 - 90 days
           Di atas 90 hari                              -                   -                    -               Over 90 days
         Sub-jumlah                                   590                 974              1.508                        Sub-total
         Jumlah                                 269.867            259.285               387.828                           Total




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                         PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                     ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                 NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                   STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                        As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                     December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                (Expressed in Millions of Rupiah, unless otherwise stated)
17.   UTANG USAHA - Lanjutan                                      17.     TRADE PAYABLES - Continued

      c. Berdasarkan mata uang                                            c. By currencies

                                               2023                2022                   2021

          Pihak ketiga                                                                                                 Third parties
          Pemasok luar negeri:                                                                                   Foreign suppliers:
            Dolar Amerika Serikat                203.314                199.842             236.800          United States Dollars
            Lain-lain                             20.657                    593               1.271                        Others
          Sub-jumlah                             223.971                200.435             238.071                         Sub-total
          Pemasok dalam negeri:                                                                                     Local suppliers:
            Rupiah                                  45.257               57.876             148.249            Indonesian Rupiah
            Dolar Amerika Serikat                       49                    -                   -          United States Dollars
          Sub-jumlah                                45.306               57.876             148.249                         Sub-total
          Pihak berelasi                                                                                             Related parties
          Rupiah                                      590                  974                 1.508              Indonesian Rupiah
          Jumlah                                 269.867            259.285                 387.828                            Total


         Tidak terdapat jaminan yang diberikan sehubungan                       There is no collateral provided with regards to trade
         dengan utang usaha tersebut.                                           payables.


18.   BIAYA MASIH HARUS DIBAYAR                                   18.     ACCRUED EXPENSES

      Akun ini terdiri dari:                                              This account consists of:

                                             2023             2022                      2021

      Ongkos angkut                              7.316                  6.512                6.858                    Freight costs
      Utilitas                                   3.700                  6.558                5.958                          Utility
      Bunga obligasi dan sukuk                  15.688                  6.521                2.154          Bond and sukuk interest
      Jumlah                                    26.704             19.591                  18.129                              Total




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
19.   LIABILITAS JANGKA PENDEK LAINNYA                                19.     OTHER CURRENT LIABILITIES

      Akun ini terdiri dari:                                                 This account consists of:

                                              2023                2022                    2021

      Uang jaminan pelanggan                     14.215                     9.004            16.098                 Customer deposits
      Utang lain-lain                               543                       543               543                   Other payables
      Jumlah                                     14.758                     9.547            16.641                               Total


      Utang lain-lain merupakan transaksi kurang bayar atas                  Other payables represent underpayment transactions for
      pembelian properti Samarinda. Saldo yang belum                         the purchase of Samarinda property. The unpaid balance
      dibayarkan tersebut merupakan retensi 5% dari total                    represents the retention of 5% of the total contract to the
      kontrak kepada kontraktor pembangunan Depo                             Samarinda Depot construction contractor.
      Samarinda.


20.   UTANG JANGKA PANJANG                                            20.     LONG-TERM LIABILITIES

      Akun ini terdiri dari:                                                 This account consists of:

                                              2023                2022                    2021

      PT Bank Central Asia Tbk                        708               89.038              243.102         PT Bank Central Asia Tbk
      Bagian yang jatuh tempo
       dalam waktu satu tahun                        (708)            (88.330)             (154.064)                   Current portion
      Bagian jangka panjang                              -                   708             89.038                  Long-term portion
      Tingkat bunga per tahun:                                                                                Interest rate per annum:
        Rupiah                            7,25 - 7,75%            7,75%                  7,75%                   Indonesian Rupiah


      Syarat dan ketentuan penting atas fasilitas pinjaman ini                Important terms and conditions of this loan facility also
      juga merujuk pada informasi yang diungkapkan pada                       refer to the information disclosed in Note 16.
      Catatan 16.

      Pinjaman ini dijamin dengan jaminan yang sama dengan                    The loan is collateralized by the same collateral as the
      fasilitas jangka pendek yang diperoleh dari bank yang                   short-term facilities obtained from the same bank
      sama (lihat Catatan 16).                                                (see Note 16).

      Liabilitas Sewa                                                         Lease Liabilities

      Pembayaran sewa minimal berdasarkan perjanjian sewa                     The future minimum lease payments based on finance
      pembiayaan pada tanggal 31 Desember 2023, 2022 dan                      lease agreements as of December 31, 2023, 2022 and
      2021 adalah sebagai berikut:                                            2021 are as follows:




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                           PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                       ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                   NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                     STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                          As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                       December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                  (Expressed in Millions of Rupiah, unless otherwise stated)
20.   UTANG JANGKA PANJANG - Lanjutan                               20.    LONG-TERM LIABILITIES - Continued

      Liabilitas Sewa - Lanjutan                                           Lease Liabilities – Continued

                                             2023               2022                   2021

      Mitsubishi UFJ Lease &                                                                              Mitsubishi UFJ Lease &
       Finance Indonesia                         29.376               43.794               23.840             Finance Indonesia
      PT Bumiputera - BOT Finance                 9.779               12.841                    -    PT Bumiputera - BOT Finance
      PT BCA Finance                              2.501                4.453                4.051                 PT BCA Finance
      PT Resona Indonesia Finance                     -                  795                2.867     PT Resona Indonesia Finance
      Nilai kini pembayaran                                                                              Present value of minimum
       sewa minimal                              41.656               61.883               30.758                 lease payments
      Bagian yang jatuh tempo
       dalam satu tahun                        (21.266)             (22.532)               (9.846)                  Current portion
      Bagian Jangka Panjang                      20.390               39.351               20.912               Long - term Portion

      Pembayaran yang jatuh tempo
        pada tahun:                                                                                               Payments due in:
      2022                                            -                    -               12.485                            2022
      2023                                            -               28.266               10.469                            2023
      2024                                        8.790               24.437                9.147                            2024
      2025                                       23.044               16.288                4.114                            2025
      2026                                       14.454                2.786                    -                            2026
      Jumlah pembayaran                                                                                              Total minimum
        sewa minimal                             46.288               71.777               36.215                  lease payments
      Dikurangi beban keuangan
        masa depan                               (4.632)             (9.894)               (5.457)      Less future finance charges
      Nilai kini pembayaran sewa                                                                         Present value of minimum
       minimal                                   41.656               61.883               30.758                 lease payments
      Bagian yang jatuh tempo
       dalam satu tahun                        (21.266)              (22.532)              (9.846)                  Current portion
      Bagian Jangka Panjang                      20.390              39.351               20.912                Long - term Portion

      Beban bunga yang timbul atas liabilitas sewa sebesar                 The interest expense incurred on the lease liability is
      Rp 5.332, Rp 3.183 dan Rp 1.936 pada tanggal                         Rp 5,332, Rp 3,183 and Rp 1,936 as of December 31,
      31 Desember 2023, 2022 dan 2021 (lihat Catatan 32).                  2023, 2022 and 2021 (see Note 32).

      Mitsubishi UFJ Lease & Finance Indonesia                             Mitsubishi UFJ Lease & Finance Indonesia

      Entitas mengadakan pembiayaan dengan Mitsubishi UFJ                  The Entity entered into lease with Mitsubishi UFJ Lease
      Lease & Finance Indonesia sebesar USD 3.138 dengan                   & Finance Indonesia amounting to USD 3,138 with a
      jangka waktu 4 tahun. Pinjaman ini dibebani bunga                    period of 4 years. This loan bears interest between 3.50%
      antara 3,50% - 3,76% per tahun. Pembiayaan ini                       - 3.76% per annum. This lease is a sale and leaseback
      merupakan transaksi jual dan sewa balik, atas saldo                  transaction, on the balance of the gain from the sale and
      keuntungan transaksi jual dan sewa balik dilanjutkan                 leaseback transaction followed by amortization over the
      amortisasinya selama masa sewa karena transaksi jual                 lease term because the sale and leaseback transaction
      dan sewa balik terjadi sebelum awal penerapan PSAK 73                occurred before the beginning of the application of
      pada 1 Januari 2020. Hal ini sesuai dengan PSAK 73 C16               PSAK 73 on January 1, 2020. This is in accordance with
      dan C17.                                                             PSAK 73 C16 and C17.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
20.   UTANG JANGKA PANJANG - Lanjutan                                  20.    LONG-TERM LIABILITIES – Continued

      Liabilitas Sewa - Lanjutan                                              Lease Liabilities – Continued

      Mitsubishi UFJ Lease & Finance Indonesia – Lanjutan                     Mitsubishi UFJ Lease & Finance Indonesia – Continued

      Fasilitas ini sudah dibayar lunas pada tahun 2020.                      This facility has been fully paid in 2020.

      Pada tanggal 8 Maret 2021, Entitas memperoleh kembali                   On March 8, 2021, the Entity obtained a sale and
      fasilitas jual dan sewa balik dari PT Mitsubishi UFJ                    leaseback facility from PT Mitsubishi UFJ Lease &
      Lease & Finance Indonesia atas peralatan dan mesin                      Finance Indonesia for equipment and machinery with a
      dengan nilai pembiayaan sebesar Rp 26.593 dengan                        financing value of Rp 26,593 with a period of 48 months
      jangka waktu 48 bulan (4 tahun). Tingkat suku bunga                     (4 years). The prevailing interest rate is 10.50%.
      yang berlaku adalah 10,50%.

      Pada tanggal 28 September 2022, Entitas memperoleh                      On September 28, 2022, the Entity obtained a sale and
      kembali fasilitas jual dan sewa balik dari PT Mitsubishi                leaseback facility from PT Mitsubishi UFJ Lease &
      UFJ Lease & Finance Indonesia atas peralatan dan mesin                  Finance Indonesia for equipment and machinery with a
      dengan nilai pembiayaan sebesar Rp 25.908 dengan                        financing value of Rp 25,908 with a period of 36 months
      jangka waktu 36 bulan (3 tahun). Tingkat suku bunga                     (3 years). The prevailing interest rate is 9.80%.
      yang berlaku adalah 9,80%.

      PT BCA Finance                                                          PT BCA Finance

      Entitas memperoleh fasilitas dari PT BCA Finance                        The Entity obtained facility from PT BCA Finance
      dengan sebesar Rp 4.387 dengan jangka 4 tahun.                          amounting to Rp 4,387 with a term of 4 years.
      Pinjaman ini dibebani bunga antara 4,99 % - 6,00%                       The above loan bears interest at the annual rate between
      per tahun.                                                              of 4.99% - 6.00% per annum.

      PT Resona Indonesia Finance                                             PT Resona Indonesia Finance

      Entitas memperoleh fasilitas dari PT Resona Indonesia                   The Entity obtained facility from PT Resona Indonesia
      Finance sebesar Rp 8.947 dengan jangka waktu 5 tahun.                   Finance amounting to Rp 8,947 with a term of 5 years.
      Pinjaman ini dibebani bunga antara 8,99% per tahun.                     The above loan bears interest at the annual rate between
                                                                              of 8.99% per annum.

      PT Hino Finance Indonesia                                               PT Hino Finance Indonesia

      Entitas memperoleh fasilitas dari PT Hino Finance                       The Entity obtained facility from PT Hino Finance
      Indonesia sebesar Rp 997 dengan jangka waktu 3 tahun.                   Indonesia amounting to Rp 997 with a term of 3 year.
      Pinjaman ini dibebani bunga antara 6,00% per tahun.                     The above loan bears interest at the annual rate between
                                                                              of 6.00% per annum.

      Pada tanggal 7 Juni 2021, terdapat pelunasan leasing                    As of June 7, 2021, there was a lease payment to
      kepada PT Hino Finance Indonesia atas kendaraan Hino                    PT Hino Finance Indonesia for the Hino Dutro 130 HDL
      Dutro 130 HDL.                                                          vehicle.

      PT Bumiputera-BOT Finance                                               PT Bumiputera-BOT Finance

      Pada tanggal 18 Mei 2022, Entitas memperoleh fasilitas                  As of May 18, 2022, the Entity obtained a financing
      pembiayaan dari PT Bumiputera-Bot Finance sebesar                       facility from PT Bumiputera-Bot Finance amounting to
      Rp 13.797 dengan jangka waktu 4 tahun. Pinjaman ini                     Rp 13,797 with a term of 4 years. The above loan bears
      dibebani bunga sebesar 9,75% per tahun.                                 interest at 9.75% per annum.

      Selisih antara harga jual dan nilai buku aset yang dijual               The difference between selling price and net book value
      diakui dan dicatat sebagai keuntungan ditangguhkan atas                 was recorded as deferred gain on sale and leaseback and
      transaksi sewa dan jual balik dan diamortisasi selama                   amortized proportionately over the lease period. The
      periode sewa. Pada tanggal 31 Desember 2023, 2022 dan                   balance of deferred gain (loss) on sale and leaseback-net
      2021 besarnya keuntungan (kerugian) ditangguhkan atas                   as of December 31, 2023, 2022 and 2021 amounting to
      transaksi jual dan sewa balik masing-masing adalah                      Rp nil, (Rp 3,853) and Rp 619 respectively.
      sebesar Rp nihil, (Rp 3.853) dan Rp 619.



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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                            PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                        ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                    NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                      STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                           As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                        December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
21.   UTANG OBLIGASI                                                 21.    BONDS PAYABLE

                                             2023                2022                   2021

      Obligasi Dengan Bunga                                                                                         Bond With Fixed
       Tetap Tahap 1.1                                                                                     Interest Rate Phase 1.1
          Seri A                                     -                     -              101.000                       A Series
          Seri B                                49.000                49.000               49.000                       B Series
      Obligasi Dengan Bunga                                                                                         Bond With Fixed
       Tetap Tahap 1.2                                                                                     Interest Rate Phase 1.2
          Seri A                                     -                15.000                     -                      A Series
          Seri B                               135.000               135.000                     -                      B Series
      Jumlah                                   184.000               199.000              150.000                              Total
      Obligasi Dengan Bunga                                                                                         Bond With Fixed
       Tetap Tahap 2.1                                                                                     Interest Rate Phase 2.1
          Seri A                                37.900                        -                  -                      A Series
          Seri B                               211.300                        -                  -                      B Series
          Seri C                                   800                        -                  -                      C Series
      Obligasi Dengan Bunga                                                                                         Bond With Fixed
       Tetap Tahap 2.2                                                                                     Interest Rate Phase 2.2
          Seri A                               110.350                        -                  -                      A Series
      Jumlah                                   360.350                        -                  -                             Total
      Dikurangi bagian yang jatuh
       tempo dalam satu tahun                 (197.250)               (15.000)           (101.000)           Less current maturities
      Bagian jangka panjang                    347.100               184.000               49.000                       Non-current

      Pada tanggal 26 November 2021, Entitas telah                          On November 26, 2021, the Entity obtained an effective
      memperoleh pernyataan efektif dari Ketua Otoritas Jasa                notice from the Chairman of Financial Services
      Keuangan untuk melakukan Penawaran Umum                               Authority to offer Sustainable Public Offering of
      Berkelanjutan Obligasi Berkelanjutan I SPINDO Tahap                   Sustainable Bonds I SPINDO Phase I 2021 amounting
      I Tahun 2021 sebesar Rp 150.000 dengan tingkat bunga                  Rp 150,000 with Fixed Interest Rate consisting of
      tetap yang terdiri dari 2 seri, yaitu seri A yang jatuh               2 series, series A due on December 9, 2022 (367 calender
      tempo pada 9 Desember 2022 (367 hari kalender) dengan                 days) with an interest rate of 8.175% per annum and
      tingkat bunga 8,175% per tahun dan seri B yang jatuh                  series B due on December 02, 2024 (3 years) with an
      tempo pada 02 Desember 2024 (3 tahun) dengan tingkat                  interest rate of 9.5% per annum.
      bunga 9,5% per tahun.

      Bunga Obligasi Tahap I dibayarkan setiap triwulan,                    Bond interest Phase I is paid quarterly, where the first
      dimana bunga Obligasi pertama akan dibayarkan pada                    Bond interest will be paid on March 02, 2022, while the
      tanggal 02 Maret 2022, sedangkan bunga Obligasi                       last Bond interest as well as Bond redemption will be
      terakhir sekaligus pelunasan Obligasi akan dibayarkan                 paid on December 09, 2022 for Series A Bonds and
      pada tanggal 09 Desember 2022 untuk Obligasi Seri A                   December 02, 2024 for Series B Bonds. Bond series will
      dan tanggal 02 Desember 2024 untuk Obligasi Seri B.                   be made in full (bullet payment) at maturity.
      Pelunasan masing-masing seri Obligasi akan dilakukan
      secara penuh (bullet payment) pada saat jatuh tempo.

      Pada tahun 2021, PT Pemeringkat Efek Indonesia                        In 2021, PT Pemeringkat Efek Indonesia (Pefindo),
      (Pefindo), agen pemeringkat efek di Indonesia,                        rating agencies securities in Indonesia, provides rank
      memberikan peringkat idA- (Single A Minus) atas                       idA- (Single A Minus) on the bonds.
      obligasi tersebut.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
21.   UTANG OBLIGASI – Lanjutan                                        21.    BONDS PAYABLE – Continued

      Pada tanggal 28 Juli 2022, Entitas menerbitkan Obligasi                 On July 28, 2022, the Entity issued Bond namely
      dengan nama Obligasi Berkelanjutan I Spindo Tahap II                    Sustainable Bond I Spindo Phase II Year 2022
      Tahun 2022 sebesar Rp 150.000 dengan tingkat bunga                      amounting to Rp 150,000 with a fixed interest rate
      tetap yang terdiri dari 2 seri, yaitu seri A yang jatuh                 consisting of 2 series, namely series A due on August 3,
      tempo pada 03 Agustus 2023 (367 hari kalender) dengan                   2023 (367 calendar days) with interest rate 7.5% per
      tingkat bunga 7,5% per tahun dan seri B yang jatuh                      annum and series B due on July 27, 2025 (3 years) with
      tempo pada 27 Juli 2025 (3 tahun) dengan tingkat bunga                  an interest rate of 9.50% per annum.
      9,50% per tahun.

      Pada tanggal 15 November 2022, PT Pemeringkat Efek                      On November 15, 2022, PT Pemeringkat Efek Indonesia
      Indonesia (Pefindo) memberikan peringkat idA- (Single                   (Pefindo) assigned an idA- (Single A Minus) rating for
      A Minus) untuk Obligasi Berkelanjutan II Spindo Tahun                   Sustainable Bond II Spindo Year 2023.
      2023.

      Pada 9 Desember 2022 telah dilakukan pembayaran                         On December 9, 2022, on the principal the Phase I Bond
      pokok utang Obligasi Tahap I Seri A sebesar Rp 101.000.                 Series A payment was made in the amount of Rp 101,000.

      Pada 29 Maret 2023, Entitas memperoleh pernyataan pra                   On March 29, 2023, the Entity obtained an pre effective
      efektif dari Otoritas Jasa Keuangan (OJK) dengan                        statement from the Financial Services Authority (OJK)
      suratnya No. S-82/D.04/2023 untuk melakukan                             with its letter No. S-82/D.04/2023 to conduct a Public
      Penawaran Umum Berkelanjutan Obligasi Berkelanjutan                     Offering of Sustainable Bonds SPINDO Phase I Year
      II SPINDO Tahap I Tahun 2023 dengan jumlah pokok                        2023 with a maximum principal amount of Rp 250,000,
      sebesar Rp 250.000, yang diterbitkan dalam beberapa                     which was issued in series as follows:
      seri sebagai berikut:

      Obligasi II Tahap I:                                                    Bond II Phase I:

                                           Tingkat bunga
                                           tetap tahunan/
                       Nilai nominal/       Annual fixed            Jatuh tempo/                      Status/
                      Nominal amount         interest rate            Maturity                        Status
      Seri                                                                                                                       Series
        Seri A          Rp       37.900              7,75%        11 April/April 2024       Belum lunas/Outstanding          Series A
        Seri B          Rp      211.300              9,50%        04 April/April 2026       Belum lunas/Outstanding          Series B
        Seri C          Rp          800             10,00%        04 April/April 2028       Belum lunas/Outstanding          Series C
                        Rp      250.000

      PT Pemeringkat Efek Indonesia (Pefindo), agen                           PT Pemeringkat Efek Indonesia (Pefindo), rating
      pemeringkat efek di Indonesia, memberikan peringkat                     agencies securities in Indonesia, provides rank idA-
      idA- (Single A Minus) untuk obligasi dan idA-(sy) (Single               (Single A Minus) for bonds and idA-(sy) (Single A Minus
      A Minus Syariah) untuk sukuk ijarah.                                    Syariah) for sukuk ijarah.

      Seluruh dana yang yang diperoleh dari hasil Penawaran                   All funds obtained from the Bonds Public Offering after
      Umum Obligasi setelah dikurangi dengan biaya-biaya                      deducting the related issuance costs, will be used for the
      emisi terkait, seluruhnya akan digunakan untuk                          payment of a portion of the Entity's loan in Rupiah with
      pembayaran sebagian pinjaman Entitas dalam mata uang                    the following details:
      Rupiah dengan rincian sebagai berikut:
      1. Sebesar-besarnya Rp 130.000 akan digunakan untuk                     1. A maximum of Rp 130,000 will be used to pay part of
          membayar sebagian utang Entitas kepada PT Bank                         the Entity's debt to PT Bank ICBC Indonesia.
          ICBC Indonesia.
      2. Sebesar-besarnya Rp 70.000 akan digunakan untuk                      2. A maximum of Rp 70,000 will be used to pay part of
          membayar sebagian utang Entitas kepada PT Bank                         the Entity's debt to PT Bank Danamon Indonesia,
          Danamon Indonesia, Tbk.                                                Tbk.
      3. Sebesar-besarnya Rp 50.000 akan digunakan untuk                      3. A maximum of Rp 50,000 will be used to pay part of
          membayar sebagian utang Entitas kepada PT Bank                         the Entity's debt to PT Bank Central Asia, Tbk.
          Central Asia, Tbk.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                            PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                        ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                    NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                      STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                           As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                        December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
21.   UTANG OBLIGASI – Lanjutan                                      21.    BONDS PAYABLE – Continued

      Seluruh dana yang diperoleh dari hasil Penawaran                      All funds obtained from the Public Offering of Sukuk
      Umum Sukuk Ijarah setelah dikurangi dengan biaya-                     Ijarah after deducting the related issuance costs, will be
      biaya emisi terkait, seluruhnya akan digunakan untuk                  used entirely for the Entity's working capital, namely the
      modal kerja Entitas yaitu pembelian bahan baku sesuai                 purchase of raw materials according to the needs of the
      dengan kebutuhan Entitas yaitu bahan hot-rolled carbon                Entity, namely hot-rolled carbon steel coils (HRC) and
      steel coils (HRC) dan cold-rolled carbon steel coils                  cold-rolled carbon steel coils (CRC).
      (CRC).

      Pada tanggal 04 April 2023, Seluruh dana tersebut sudah               On April 04, 2023, all of these funds have been received
      diterima oleh Entitas.                                                by the Entity.

      Pada tanggal 04 Agustus 2023, Entitas menerbitkan                     On August 04, 2023, the Entity issued Bond namely
      Obligasi dengan nama Obligasi Berkelanjutan II Spindo                 Sustainable Bond II Spindo Phase II Year 2023
      Tahap II Tahun 2023 sebesar Rp 110.350 dengan tingkat                 amounting to Rp 110,350 with a fixed interest rate
      bunga tetap yang terdiri dari 1 seri, yaitu seri A yang               consisting of 1 series, namely series A due on August 15,
      jatuh tempo pada 15 Agustus 2024 (367 hari kalender)                  2024 (367 calendar days) with interest rate 7.0% per
      dengan tingkat bunga 7,0% per tahun.                                  annum.

      Pada 2 Agustus 2023 telah dilakukan pembayaran pokok                  On August 2, 2023, the principal payment for Bonds I
      utang Obligasi I Tahap II Seri A sebesar Rp 15.000.                   Phase II Series A amounting to Rp 15,000 was made.


22.   UTANG SUKUK IJARAH                                             22.    SUKUK IJARAH PAYABLE

                                             2023                2022                   2021
      Nilai nominal - Tahap 1.1                                                                           Nominal value - Phase 1.1
       Seri A                                        -                     -               99.000                        A Series
       Seri B                                   51.000                51.000               51.000                        B Series
      Nilai nominal - Tahap 1.2                                                                           Nominal value - Phase 1.2
       Seri A                                        -               100.000                     -                       A Series
       Seri B                                   50.000                50.000                     -                       B Series
      Jumlah                                   101.000               201.000              150.000                               Total
      Nilai nominal - Tahap 2.1                                                                           Nominal value - Phase 2.1
       Seri A                                    3.000                        -                  -                       A Series
       Seri B                                  141.100                        -                  -                       B Series
       Seri C                                   10.900                        -                  -                       C Series
      Nilai nominal - Tahap 2.2                                                                           Nominal value - Phase 2.2
       Seri A                                   59.650                        -                  -                       A Series
      Jumlah                                   214.650                        -                  -                              Total
      Dikurangi bagian yang jatuh
       tempo dalam satu tahun                 (113.650)              (100.000)            (99.000)           Less current maturities
      Bagian jangka panjang                    202.000               101.000               51.000                        Non-current


      Entitas melakukan Penawaran Umum Berkelanjutan                        The Entity offer Sustainable Public Offering of
      Sukuk Ijarah Berkelanjutan I SPINDO Tahap I Tahun                     Sustainable Sukuk Ijarah I SPINDO Phase I 2021
      2021 sebesar Rp 150.000 yang terdiri dari 2 seri, yaitu               amounting Rp 150,000 consisting 2 series, series A due
      seri A yang jatuh tempo pada 09 Desember 2022                         on December 09, 2022 (367 calender days) with
      (367 hari kalender) dengan Cicilan Imbalan Ijarah                     Installment Ijarah amounting Rp 8,093,250,000 (full
      sebesar Rp 8.093.250.000 (dalam rupiah penuh) per                     amount) per annum and series B due on
      tahun dan seri B yang jatuh tempo pada                                December 02, 2024 (3 years) with Installment Ijarah
      02 Desember 2024 (3 tahun) dengan Cicilan Imbalan                     amounting Rp 4,845,000,000 (full amount) per annum.
      Ijarah sebesar Rp 4.845.000.000 (dalam rupiah penuh)
      per tahun.



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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                           PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                       ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                   NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                     STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                          As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                       December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                  (Expressed in Millions of Rupiah, unless otherwise stated)
22.   UTANG SUKUK IJARAH – Lanjutan                                 22.    SUKUK IJARAH PAYABLE – Continued

      Sukuk Ijarah ini diterbitkan tanpa warkat, kecuali                   This Sukuk Ijarah is issued scripless, except for the
      Sertifikat Jumbo Sukuk Ijarah yang diterbitkan untuk                 Jumbo Sukuk Ijarah Certificate issued to be registered in
      didaftarkan atas nama KSEI ditawarkan dengan nilai                   the name of KSEI which is offered at 100% of the
      100% dari nilai nominal dan tercatat di Bursa Efek                   nominal value and listed on the Indonesia Stock
      Indonesia.                                                           Exchange.

      Cicilan Imbalan Ijarah dibayarkan setiap triwulan,                   Installment Ijarah is paid quarterly, where the first
      dimana Cicilan Imbalan Ijarah pertama akan dibayarkan                Installment Ijarah will be paid on March 02, 2022, while
      pada tanggal 02 Maret 2022, sedangkan Cicilan Imbalan                the last Installment Ijarah as well as the remaining
      Ijarah terakhir sekaligus tanggal pembayaran kembali                 Installment Ijarah repayment date will be paid on
      sisa Imbalan Ijarah akan dibayarkan pada tanggal                     December 09, 2022 for Series A Sukuk Ijarah and
      09 Desember 2022 untuk Sukuk Ijarah seri A dan tanggal               December 02, 2024 for Sukuk Ijarah series B. Repayment
      02 Desember 2024 untuk Sukuk Ijarah seri B.                          of the remaining Ijarah Returns for each series of Sukuk
      Pembayaran kembali sisa Imbalan Ijarah masing-masing                 Ijarah will be made in full (bullet payment) at maturity.
      seri Sukuk Ijarah akan dilakukan secara penuh (bullet
      payment) pada saat jatuh tempo.

      Pada tahun 2021, PT Pemeringkat Efek Indonesia                       In 2021, PT Pemeringkat Efek Indonesia (Pefindo),
      (Pefindo), agen pemeringkat efek di Indonesia,                       rating agencies securities in Indonesia, provides rank id
      memberikan peringkat id A-(sy) (Single A Minus                       A-(sy) (Single A Minus Syariah) on the Sukuk Ijarah.
      Syariah) atas Sukuk Ijarah tersebut.

      Pada tanggal 28 Juli 2022, Entitas menerbitkan Sukuk                 On July 28, 2022, the Entity issued Sukuk Ijarah namely
      Ijarah dengan nama Sukuk Ijarah Berkelanjutan I Spindo               Sustainable Sukuk Ijarah I Spindo Phase II Year 2022
      Tahap II Tahun 2022 sebesar Rp 150.000 yang terdiri                  amounting to Rp 150,000 consisting 2 series, series A
      dari 2 seri, yaitu seri A yang jatuh tempo pada                      due on August 03, 2023 (367 calender days) with
      03 Agustus 2023 (367 hari kalender) dengan Cicilan                   Installment Ijarah amounting Rp 7,500,000,000 (full
      Imbalan Ijarah sebesar Rp 7.500.000.000 (dalam rupiah                amount) per annum and series B due on July 27, 2025
      penuh) per tahun dan seri B yang jatuh tempo pada                    (3 years) with Installment Ijarah amounting
      27 Juli 2025 (3 tahun) dengan Cicilan Imbalan Ijarah                 Rp 4,750,000,000 (full amount) per annum.
      sebesar Rp 4.750.000.000 (dalam rupiah penuh) per
      tahun.

      Pada tanggal 15 November 2022, PT Pemeringkat Efek                   On November 15, 2022, PT Pemeringkat Efek Indonesia
      Indonesia (Pefindo) memberikan peringkat idA-(sy)                    (Pefindo) assigned an idA-(sy) (Single A Minus Syariah)
      (Single A Minus Syariah) untuk Sukuk Ijarah                          rating for Sustainable Sukuk Ijarah II Spindo Year 2023.
      Berkelanjutan II Spindo Tahun 2023.

      Pada 9 Desember 2022 telah dilakukan pembayaran                      On December 9, 2022, the Phase I Series A Installment
      Imbalan Ijarah Tahap I Seri A sebesar Rp 99.000.                     Ijarah payment was made in the amount of Rp 99,000.

      Pada 29 Maret 2023, Entitas memperoleh pernyataan pra                On March 29, 2023, the Entity obtained an pre effective
      efektif dari Otoritas Jasa Keuangan (OJK) dengan                     statement from the Financial Services Authority (OJK)
      suratnya No. S-82/D.04/2023 untuk melakukan                          with its letter No. S-82/D.04/2023 to conduct a Public
      Penawaran Umum Berkelanjutan Sukuk Ijarah                            Offering of Sustainable Sukuk Ijarah II SPINDO Phase I
      Berkelanjutan II SPINDO Tahap I Tahun 2023 dengan                    Year 2023 with a maximum principal amount and
      jumlah pokok dan sisa imbalan Ijarah sebesar                         remaining Ijarah of Rp 155,000, which was issued in
      Rp 155.000, yang diterbitkan dalam beberapa seri                     series as follows:
      sebagai berikut:




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
22.   UTANG SUKUK IJARAH – Lanjutan                                    22.    SUKUK IJARAH PAYABLE – Continued

      Sukuk Ijarah II Tahap I:                                                Sukuk Ijarah II Phase I:

                                             Imbalan tetap
                                            Ijarah tahunan/
                       Nilai nominal/         Annual fixed          Jatuh tempo/                      Status/
                      Nominal amount          Ijarah return           Maturity                        Status
      Seri                                                                                                                       Series
        Seri A         Rp          3.000     Rp         233       11 April/April 2024       Belum lunas/Outstanding          Series A
        Seri B         Rp        141.100     Rp      13.405       04 April/April 2026       Belum lunas/Outstanding          Series B
        Seri C         Rp         10.900     Rp       1.090       04 April/April 2028       Belum lunas/Outstanding          Series C
                        Rp       155.000

      PT Pemeringkat Efek Indonesia (Pefindo), agen                           PT Pemeringkat Efek Indonesia (Pefindo), rating
      pemeringkat efek di Indonesia, memberikan peringkat                     agencies securities in Indonesia, provides rank idA-
      idA- (Single A Minus) untuk obligasi dan idA-(sy) (Single               (Single A Minus) for bonds and idA-(sy) (Single A Minus
      A Minus Syariah) untuk sukuk ijarah.                                    Syariah) for sukuk ijarah.

      Seluruh dana yang diperoleh dari hasil Penawaran                        All funds obtained from the Public Offering of Sukuk
      Umum Sukuk Ijarah setelah dikurangi dengan biaya-                       Ijarah after deducting the related issuance costs, will be
      biaya emisi terkait, seluruhnya akan digunakan untuk                    used entirely for the Entity's working capital, namely the
      modal kerja Entitas yaitu pembelian bahan baku sesuai                   purchase of raw materials according to the needs of the
      dengan kebutuhan Entitas yaitu bahan hot-rolled carbon                  Entity, namely hot-rolled carbon steel coils (HRC) and
      steel coils (HRC) dan cold-rolled carbon steel coils                    cold-rolled carbon steel coils (CRC).
      (CRC).

      Pada tanggal 04 April 2023, Seluruh dana tersebut sudah                 On April 04, 2023, all of these funds have been received
      diterima oleh Entitas.                                                  by the Entity.

      Pada tanggal 08 Agutus 2023, Entitas menerbitkan                        On August 08, 2023, the Entity issued Sukuk Ijarah
      Sukuk Ijarah dengan nama Sukuk Ijarah Berkelanjutan II                  namely Sustainable Sukuk Ijarah II Spindo Phase II Year
      Spindo Tahap II Tahun 2022 sebesar Rp 59.650 yang                       2022 amounting to Rp 59,650 consisting 1 series, series
      terdiri dari 1 seri, yaitu seri A yang jatuh tempo pada                 A due on August 15, 2024 (367 calender days) with
      15 Agustus 2024 (367 hari kalender) dengan Cicilan                      Installment Ijarah amounting Rp 4,175,500,000 (full
      Imbalan Ijarah sebesar Rp 4.175.500.000 (dalam rupiah                   amount) per annum.
      penuh) per tahun.

      Pada 2 Agustus 2023 telah dilakukan pembayaran                          On August 2, 2023, Ijarah I Phase II Series A payment
      Imbalan Ijarah Tahap II Seri A sebesar Rp 100.000.                      was made in the amount of Rp 100,000.


23.   LIABILITAS       DIESTIMASI          ATAS   IMBALAN              23.    ESTIMATED         LIABILITIES       FOR     EMPLOYEE
      KERJA                                                                   BENEFITS

      Sampai dengan 31 Desember 2023, perhitungan imbalan                     As of December 31, 2023, the calculation of the Entity's
      pasca kerja Entitas telah mengikuti UU Cipta Kerja                      post-employment benefits has followed the Job Creation
      untuk golongan manajemen sedangkan non-manajemen                        Act for the management group while non-management
      masih menerapkan PKB dengan serikat pekerja sampai                      still applies the CLA with the union until the end of 2023.
      dengan akhir tahun 2023. Untuk sebagian karyawan,                       For some of its employees, the defined benefit plan is
      program ini didanai oleh Entitas melalui pembayaran                     funded through insurance premiums paid to PT Sun Life
      premi asuransi kepada PT Sun Life Financial Indonesia                   Financial Indonesia and PT AXA Financial Indonesia.
      dan PT AXA Financial Indonesia. Jumlah karyawan                         Number of employees entitled to the benefits is 902, 921
      yang berhak atas imbalan tersebut adalah 902, 921 dan                   and 957 as of December 31, 2023, 2022 and 2021.
      957 pada tanggal 31 Desember 2023, 2022 dan 2021.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                            PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                        ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                    NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                      STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                           As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                        December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
23.   LIABILITAS DIESTIMASI             ATAS     IMBALAN             23.    ESTIMATED LIABILITIES              FOR     EMPLOYEE
      KERJA – Lanjutan                                                      BENEFITS – Continued

      Saldo liabilitas diestimasi atas imbalan kerja                        The balance of estimated liabilities for employee benefits
      pada 31 Desember 2023, 2022 dan 2021 dihitung oleh                    as of December 31, 2023, 2022 and 2021 is calculated
      PT Sienco Aktuarindo Utama, aktuaris independen                       by PT Sienco Aktuarindo Utama, independent actuary
      dengan nomor 025/LA-IK/KKAICS/III-2024 tanggal                        number 025/LA-IK/KKAICS/III-2024 dated March 08,
      08 Maret 2024. Asumsi - asumsi aktuaria yang                          2024. Actuarial assumptions used to determine post-
      digunakan untuk menghitung beban dan liabilitas                       employment benefit expenses and liabilities are as
      imbalan paska kerja adalah sebagai berikut:                           follows:

                                                             31 Desember 2023/
                                                             December 31, 2023

      Usia pensiun                                             55 tahun/year                                        Retirement age
      Tingkat kenaikan gaji                             5% per tahun/ per annum                               Salary increment rate
      Tingkat diskonto                                             6,56%                                              Discount rate
                                                      Table of Mortality of Indonesia
      Tingkat mortalitas                                      (TMI-IV) 2019                                           Mortality rate

      a. Beban imbalan kerja yang diakui di laporan laba rugi                 a. Amounts recognized as expense in the consolidated
         dan penghasilan komprehensif lain konsolidasian                         statements of profit or loss and other
         adalah sebagai berikut:                                                 comprehensive income in respect of these employee
                                                                                 benefits are as follows:

                                               2023                  2022                 2021

         Beban jasa kini                           6.576                    9.719             10.431             Current service cost
         Beban bunga                               8.037                   10.095             10.614                     Interest cost
         Penyisihan kelebihan                                                                                 Provision for excess of
           pembayaran manfaat                          927                       -                  -                  benefit paid
         Dampak atas perubahan                                                                                  Impact of changes in
           metode atribusi                                                                                      attribution method
           (lihat Catatan 29)                   (10.915)               (37.890)                     -                 (see Note 29)
         Jumlah                                    4.625               (18.076)               21.045                            Total


      b. Liabilitas diestimasi atas imbalan kerja di laporan                b. The estimated liabilities for employee benefits in the
         posisi keuangan konsolidasian adalah sebagai                          consolidated statements of financial position are as
         berikut:                                                              follows:

                                               2023                  2022                 2021

         Nilai kini liabilitas                                                                               Present value deferred
           imbalan pasti                          91.026               118.696              160.781             benefit obligation
         Saldo polis asuransi jiwa                                                                      Balance of the life insurance
           (Unit Link)                            (4.267)                  (3.903)           (5.300)            policy (Unit Link)
         Nilai kini liabilitas                                                                             Present value of deferred
           imbalan pasti setelah                                                                                benefit obligation
           diperbandingkan                        86.759               114.793              155.481              after comparison
         Jumlah Liabilitas                        86.759               114.793              155.481                    Total Liability




                                                                95
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                         PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                     ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                 NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                   STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                        As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                     December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                (Expressed in Millions of Rupiah, unless otherwise stated)
23.   LIABILITAS DIESTIMASI             ATAS     IMBALAN          23.    ESTIMATED LIABILITIES              FOR      EMPLOYEE
      KERJA – Lanjutan                                                   BENEFITS – Continued

      c. Analisis liabilitas diestimasi atas imbalan kerja               c. Analysis of estimated liabilities for employee benefits
         adalah sebagai berikut:                                            is as follows:

                                               2023               2022                 2021

         Saldo awal tahun                        114.793            155.481              162.828           Beginning of the year
         Beban periode berjalan                   15.541             19.814               21.045        Current period expenses
         Dampak atas perubahan                                                                              Impact of changes in
           metode atribusi                                                                                  attribution method
           (lihat Catatan 29)                   (10.915)            (37.890)                    -                 (see Note 29)
         Penghasilan komprehensif lain          (23.262)            (11.484)             (10.390)   Other comprehensive income
         Kontribusi pemberi kerja                (1.400)             (2.300)              (4.800)        Employer contributions
         Kelebihan pembayaran manfaat              (927)                   -                    -          Excess of benefit paid
         Pembayaran manfaat                      (7.071)             (8.828)             (13.202)               Benefits payment
         Saldo akhir tahun                        86.759            114.793              155.481                   End of the year

         Tabel berikut menyajikan sensitivitas atas                          The following table summarizes the sensitivity to a
         kemungkinan perubahan tingkat suku bunga pasar,                     reasonably possible change in market interest rates,
         dengan lain dianggap tetap, terhadap liabilitas                     with all other variables held constant, of the
         diestimasi atas imbalan kerja dan beban jasa.                       estimated liabilities for employee benefits and
                                                                             current service cost.

                                           31 Desember 2023/              31 Desember 2022/
                                           December 31, 2023              December 31, 2022
                                         Kenaikan/ Penurunan/           Kenaikan/ Penurunan/
                                         Increase    Decrease           Increase    Decrease

         Tingkat diskonto 1%                81.402         93.773         106.308        124.520           Discount rate in 1%
                                                                                                          Future Salary increase
         Tingkat kenaikan gaji 1%           94.258         80.874         124.921        105.805                    rate in 1%


         Manajemen Entitas berpendapat bahwa jumlah                          The management of the Entity believe that the
         penyisihan atas imbalan kerja pada tanggal                          allowance for employee benefits as of
         31 Desember 2023, 2022 dan 2021 tersebut adalah                     December 31, 2023, 2022 and 2021 is adequate to
         memadai untuk memenuhi ketentuan dalam PSAK                         meet the requirements of PSAK No. 24 (Revised
         No. 24 (Revisi 2015).                                               2015).




                                                             96
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                        PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                    ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                  STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                       As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                    December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)            (Expressed in Millions of Rupiah, unless otherwise stated)
24.   MODAL SAHAM DAN SAHAM TREASURI                         24.     CAPITAL STOCK AND TREASURY STOCK

      Pemilikan   saham    Entitas   pada    tanggal                 The Entity’s shareholders as of December 31, 2023, 2022
      31 Desember 2023, 2022 dan 2021 adalah sebagai                 and 2021 are as follows:
      berikut:

                                            31 Desember 2023/December 31, 2023
                                                           Persentase
                                                           Pemilikan/
                                         Jumlah Saham/   Percentage of     Jumlah/
      Nama Pemegang Saham               Number of Shares  Ownership%        Total                      Name of shareholders
      PT Cakra Bhakti Para Putra           4.020.063.930         56,90%          402.006        PT Cakra Bhakti Para Putra
      DBS Bank Ltd                           500.000.000         7,08%            50.000                      DBS Bank Ltd
      Ahli Waris Alm The Tjahjono                                                               Ahli Waris Alm The Tjahjono
        Tedjo Koesoemo                       126.436.750         1,79%             12.644                 Tedjo Koesoemo
      Pandu Lokiswara Salam                   23.453.705         0,33%              2.345            Pandu Lokiswara Salam
      Masyarakat (masing -
        masing di bawah 5%)                2.395.386.350         33,90%          239.539             Public (each below 5%)
      Sub-jumlah                           7.065.340.735         100,00%         706.534                            Sub-total
      Saham treasuri                         120.651.300                           12.065                    Treasury shares
      Jumlah                                7.185.992.035                        718.599                               Total


                                            31 Desember 2022/December 31, 2022
                                                           Persentase
                                                           Pemilikan/
                                         Jumlah Saham/   Percentage of     Jumlah/
      Nama Pemegang Saham               Number of Shares  Ownership%        Total                      Name of shareholders
      PT Cakra Bhakti Para Putra           4.020.063.930         56,90%           402.006       PT Cakra Bhakti Para Putra
      DBS Bank Ltd                           500.000.000         7,08%             50.000                     DBS Bank Ltd
      Ahli Waris Alm The Tjahjono                                                               Ahli Waris Alm The Tjahjono
        Tedjo Koesoemo                       126.436.750          1,79%            12.644                 Tedjo Koesoemo
      Pandu Lokiswara Salam                   30.050.005          0,43%             3.005            Pandu Lokiswara Salam
      Masyarakat (masing -
        masing di bawah 5%)                2.388.790.050         33,81%           238.879            Public (each below 5%)
      Sub-jumlah                           7.065.340.735         100,00%          706.534                           Sub-total
      Saham treasuri                         120.651.300                           12.065                    Treasury shares
      Jumlah                                7.185.992.035                         718.599                              Total




                                                            97
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                            PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                        ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                    NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                      STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                           As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                        December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
24.   MODAL SAHAM DAN SAHAM TREASURI -                               24.    CAPITAL STOCK AND TREASURY STOCK -
      Lanjutan                                                              Continued

                                             31 Desember 2021/December 31, 2021
                                                            Persentase
                                                            Pemilikan/
                                          Jumlah Saham/   Percentage of     Jumlah/
      Nama Pemegang Saham                Number of Shares  Ownership%        Total                            Name of shareholders

      PT Cakra Bhakti Para Putra            4.020.063.930            56,90%             402.006        PT Cakra Bhakti Para Putra
      DBS Bank Ltd                            480.000.000            6,79%               48.000                      DBS Bank Ltd
      Ahli Waris Alm The Tjahjono                                                                      Ahli Waris Alm The Tjahjono
        Tedjo Koesoemo                        126.436.750             1,79%               12.644                 Tedjo Koesoemo
      Pandu Lokiswara Salam                    30.050.005             0,43%                3.005            Pandu Lokiswara Salam
      Masyarakat (masing -
        masing di bawah 5%)                 2.408.790.050            34,09%             240.879             Public (each below 5%)
      Sub-jumlah                            7.065.340.735            100,00%            706.534                            Sub-total
      Saham treasuri                          120.651.300                                 12.065                    Treasury shares
      Jumlah                                7.185.992.035                               718.599                               Total


      Entitas melakukan Penawaran Umum Perdana sebanyak                     The Entity conducted an Initial Public Offering of
      2.900.000.000 saham yang telah dicatatkan di Bursa Efek               2,900,000,000 shares and had been listed in Indonesian
      Indonesia     pada  tanggal     13    Februari    2013                Stock Exchange on February 13, 2013 (see Note 1b).
      (lihat Catatan 1b).

      Pada tahun 2015, berdasarkan Surat Entitas                            In 2015, according to the Entity’s letters,
      No. 162/VIII/CS-ISSP/2015 tanggal 31 Agustus 2015                     No. 162/VIII/CS-ISSP/2015 dated August 31, 2015 to
      kepada OJK, Entitas melakukan permohonan pembelian                    OJK, the Entity made an application for the repurchase
      kembali saham Entitas sesuai dengan ketentuan dan                     of the Entity’s shares in accordance with the regulation
      peraturan yang berlaku di bidang pasar modal. Pembelian               and legislation in force in capital market. The share buy
      kembali saham Entitas dilaksanakan mulai tanggal                      back of shares starts from September 1, 2015 up to
      1 September 2015 sampai dengan tanggal                                November 30, 2015 wih maximum shares of buy back
      30 Nopember 2015 dengan jumlah saham yang akan                        amounting to Rp 50,000 with estimated cost
      dibeli kembali sebanyak-banyaknya Rp 50.000 dengan                    approximately Rp 100 excluded VAT.
      perkiraan biaya sekitar Rp 100 diluar PPN.

      Sampai dengan tanggal 31 Desember 2019, Entitas telah                 Until December 31, 2019, the Entity had purchased
      melakukan pembelian saham treasuri sebanyak                           amounting to 114,068,100 shares at an acquisition price
      114.068.100 saham dengan harga perolehan sebesar                      of Rp 19,640, and of March 2020, the Entity had
      Rp 19.640, dan pada bulan Maret 2020, Entitas kembali                 purchase amounting to 6,583,200 shares at an
      melakukan pembelian saham tresuri sebanyak 6.583.200                  acquisition price of Rp 670 which was presented as
      saham dengan harga perolehan sebesar Rp 670 yang                      "Treasury Stocks" and presented as a reduction of equity
      disajikan sebagai akun “Saham Treasuri” yang dicatat                  in the consolidated statements of financial position.
      sebagai pengurang ekuitas pada laporan posisi keuangan
      konsolidasian.




                                                                98
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
24.   MODAL SAHAM DAN SAHAM TREASURI -                                24.    CAPITAL STOCK AND TREASURY STOCK -
      Lanjutan                                                               Continued

      Perubahan jumlah saham treasuri sampai dengan tanggal                  Changes in the number of treasury shares as of
      31 Desember 2023 adalah sebagai berikut:                               December 31, 2023 are as follows:

                                                                                                 Tambahan
                                                 Nilai Perolehan                                Modal Disetor/
                                  Total Saham/      Kembali/            Nilai Nominal/         Additional Paid
                                Number of Shares Buyback value           Par Value               in Capital
      Periode buyback                                                                                                   Buyback period
        Tanggal 1 September
          s/d 30 November                                                                                           September 1 until
          2015                     114.068.100             (19.640)                (11.406)              (8.234) November 30, 2015
        Tanggal 16 Maret s/d                                                                                          March 16 until
          15 Juni 2020                6.583.200              (670)                   (659)                  (11)     June 15, 2020
      Jumlah                       120.651.300             (20.310)                (12.065)              (8.245)                 Total


      Selisih hasil pembelian kembali sebesar Rp 8.245 dicatat               Gain from the buyback amounted to Rp 8,245 recorded
      sebagai tambahan modal disetor pada laporan perubahan                  as additional paid in capital in the consolidated
      ekuitas konsolidasian.                                                 statement of changes in equity.

      Berdasarkan Akta Notaris Christina Dwi Utami, S.H.,                    Based on Deed of Notary Christina Dwi Utami, S.H.,
      M.Hum., M.Kn. No. 371 tanggal 30 Juni 2023, disetujui                  M.Hum., M.Kn. No. 371 dated June 30, 2023, it was
      untuk melakukan pembagian dividen tunai sebesar                        agreed to distribute cash dividends of Rp 42,392 and
      Rp 42.392 dan pembukuan Dana Cadangan sebesar                          book a Reserve Fund of Rp 10,000.
      Rp 10.000.


25.   TAMBAHAN MODAL DISETOR - NETO                                   25.    ADDITIONAL PAID-IN CAPITAL - NET

      Akun ini terdiri dari :                                                This account consists of :

                                             2023                 2022                        2021

      Saldo awal                               500.880                500.880                  500.880                Beginning balance
      Agio saham atas penawaran                                                                             Share premium arising from
        saham perdana                                 -                        -                     -          initial public offering
      Beban emisi saham                               -                        -                     -           Share issuance expense
      Pembelian saham
        diperoleh kembali                             -                        -                     -     Buyback from treasury shares
      Jumlah                                   500.880                500.880                  500.880                            Total




                                                                 99
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                        PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                    ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                  STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                       As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                    December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)               (Expressed in Millions of Rupiah, unless otherwise stated)
26.   KOMPONEN EKUITAS LAINNYA                              26.        OTHER EQUITY COMPONENTS

      Akun ini terdiri dari :                                          This account consists of :

                                             2023            2022                   2021

      Pos-pos yang tidak akan                                                                                 Items that will not be
        direklasifikasi ke laba rugi                                                                   reclassified profit or loss
      Saldo awal                             1.201.112       1.085.951              1.077.847                    Beginning balance
      Keuntungan (kerugian) aktuaria                                                                        Actuarial gain (losses)
        (lihat Catatan 23)                      23.262             11.484               10.390                       (see Note 23)
      Surplus revaluasi                                                                                         Revaluation surplus
        (lihat Catatan 12)                            -          136.158                      -                      (see Note 12)
      Pajak penghasilan terkait                                                                          Income tax related to item
        pos-pos yang tidak akan                                                                     that will not be reclasssified
        direklasifikasi ke laba rugi            (5.118)          (32.481)              (2.286)                    to profit or loss
      Saldo akhir                           1.219.256       1.201.112               1.085.951                      Ending balance



27.   PENJUALAN DAN PENDAPATAN JASA                              27.    SALES AND SERVICE REVENUES

      Akun ini terdiri dari :                                           This account consists of :

                                             2023            2022                   2021

      Lokal                                                                                                              Domestic
      Pipa hitam                            1.310.970        1.106.642                733.087                           Black pipe
      Pipa spiral                           1.227.706        1.173.323                861.311                           Spiral pipe
      Pipa mekanis                          1.031.594          982.438                806.525                    Mechanical pipe
      Pipa air                                934.562          854.589                847.387                           Water pipe
      Pipa perabot                            726.244          791.744                675.537                       Furniture pipe
      Strip dan plat                          542.714          608.522                560.621                     Strips and plate
      Pipa stainless                          274.034          216.550                141.907                        Stainless pipe
      Tiang                                   142.661          227.737                187.552                                  Pole
      Jasa dan lain-lain                       21.986           41.765                 32.198                  Services and others
      Sub-jumlah                            6.212.471        6.003.310              4.846.125                             Sub-total
      Ekspor                                                                                                               Export
      Pipa hitam                               192.120           170.506              430.226                           Black pipe
      Pipa air                                  31.362            37.706               52.927                          Water pipe
      Pipa spiral                               15.210            41.150               18.190                          Spiral pipe
      Pipa perabot                                 184                 -                    -                       Furniture pipe
      Tiang                                           -               38                    -                                 Pole
      Jasa & Lain-lain                           3.982             3.235               31.340                  Services and others
      Sub-jumlah                              242.858            252.635              532.683                             Sub-total
      Jumlah                                6.455.329        6.255.945              5.378.808                                 Total




                                                           100
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                            PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                        ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                    NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                      STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                           As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                        December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
27.   PENJUALAN          DAN    PENDAPATAN          JASA   –         27.    SALES AND SERVICE REVENUES – Continued
      Lanjutan

      Penjualan dan pendapatan jasa kepada pihak berelasi                   Sales and service revenues to related parties amounted
      yang berakhir pada tanggal 31 Desember 2023, 2022 dan                 to Rp 96,778, Rp 125,987 and Rp 130,959 for the year
      2021 masing-masing sebesar Rp 96.778, Rp 125.987 dan                  ended December 31, 2023, 2022 and 2021, respectively
      Rp 130.959 (lihat Catatan 34).                                        (see Note 34).

      Tidak terdapat penjualan kepada pelanggan yang                        There were no individual sales which are above 10% of
      jumlahnya melebihi 10% dari jumlah penjualan dan                      the total sales and service revenues for the period/year
      pendapatan jasa untuk tahun yang berakhir pada tanggal                ended December 31, 2023, 2022 and 2021.
      31 Desember 2023, 2022 dan 2021.

      Pendapatan jasa merupakan pendapatan atas jasa proses                 Service revenues represent revenues arising from cutting
      pemotongan coil, jasa proses pelapisan pipa dan jasa                  coil, coating pipe process and tooling services process.
      pembuatan pipa (tooling).


28.   BEBAN POKOK PENDAPATAN                                         28.    COST OF REVENUES

      Akun ini terdiri dari :                                               This account consists of :

                                             2023                2022                   2021

      Pemakaian bahan baku                   4.788.301           4.885.136              4.108.394              Raw materials used
      Tenaga kerja langsung                     96.681              92.747                 85.737                     Direct labor
      Beban pabrikasi                          462.891             402.684                395.177           Manufacturing expenses

      Jumlah beban produksi                  5.347.873           5.380.567              4.589.308         Total manufacturing costs

      Persediaan barang jadi                                                                                        Finished goods
      Awal periode                           1.014.210           1.130.977                800.463            At beginning of period
      Akhir periode                           (974.941)         (1.014.210)            (1.130.977)                 At end of period
      Beban pokok pendapatan                5.387.142           5.497.334               4.258.794                  Cost of revenues


      Pembelian bahan baku masing-masing yang berakhir                      Raw material purchases from related parties amounted
      pada tanggal 31 Desember 2023, 2022 dan 2021 dari                     to Rp 133, Rp 695 and Rp 73 for the years ended
      pihak berelasi masing-masing sebesar Rp 133, Rp 695                   December 31, 2023, 2022 and 2021, respectively (see
      dan Rp 73 (lihat Catatan 34).                                         Note 34).

      Berikut adalah rincian pembelian bahan baku yang                      Purchases of raw materials for more than 10% of the
      melebihi 10% dari jumlah pembelian masing-masing                      total purchases for the years ended December 31, 2023,
      untuk tahun yang berakhir 31 Desember 2023, 2022 dan                  2022 and 2021 are as follows:
      2021 adalah sebagai berikut:




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                        PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                    ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                  STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                       As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                    December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)               (Expressed in Millions of Rupiah, unless otherwise stated)
28.   BEBAN POKOK PENDAPATAN – Lanjutan                          28.     COST OF REVENUES – Continued

                                             2023            2022                    2021

      Sino Glory Metal Resources Inc         1.077.586         648.030                  86.091 Sino Glory Metal Resources Inc
      Baosteel Singapore Pte Ltd               792.119       1.044.587                 512.638     Baosteel Singapore Pte Ltd
      PT Krakatau Posco                        606.142               -                       -            PT Krakatau Posco
      PT Hanwa Indonesia                       494.539         902.521                 231.636           PT Hanwa Indonesia
      PT Krakatau Steel                                                                                     PT Krakatau Steel
        (Persero) Tbk                          361.373           553.273               677.595                (Persero) Tbk
      Marubeni-Itochu Steel                    316.039           700.034               337.301          Marubeni-Itochu Steel
      Hyosung TNC Corporation                  142.021           173.898                74.630     Hyosung TNC Corporation
      Jumlah                                3.789.819        4.022.343               1.919.891                             Total



29.   PENDAPATAN LAIN-LAIN                                       29.     OTHER INCOME

      Akun ini terdiri dari :                                            This account consists of :

                                             2023            2022                    2021

      Penjualan barang aval                    101.638           112.402               108.539                       Scrap sales
      Keuntungan selisih kurs                   21.242                 -                     -          Foreign exchange gain
      Dampak atas perubahan                                                                                Impact of changes in
        metode atribusi                                                                                    attribution method
        (lihat Catatan 23)                      10.915             37.890                     -                  (see Note 23)
                                                                                                               Part of gain from
      Bagian laba entitas asosiasi               3.077                 2.234             3.400              associate entities
      Pendapatan bunga                             293                    96            20.839                   Interest income
      Pendapatan klaim asuransi                     16                    54                16 Income from insurance's claims
                                                                                                Gain on sales of property, plant,
      Laba penjualan aset tetap                      -                  975                618                  and equipment
      Lain-lain                                  5.937                  916              2.872                            Others
      Jumlah                                  143.118            154.567              136.284                             Total



30.   BEBAN PENJUALAN DAN DISTRIBUSI                             30.     SELLING AND DISTRIBUTION EXPENSES

      Akun ini terdiri dari :                                            This account consists of :

                                             2023            2022                    2021

      Ekspor dan pengiriman                    104.726             95.497              148.454              Export and freight
      Gaji dan tunjangan                        36.893             28.077               30.403            Salaries and benefits
      Komisi dan klaim                           5.464              2.255                4.220         Commissions and claims
      Lain-lain                                 13.474             12.361               13.441                          Others
      Jumlah                                   160.557           138.190               196.518                            Total




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                        PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                    ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                  STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                       As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                    December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)               (Expressed in Millions of Rupiah, unless otherwise stated)
31.   BEBAN UMUM DAN ADMINISTRASI                                31.     GENERAL AND ADMINISTRATIVE EXPENSES

      Akun ini terdiri dari :                                            This account consists of :

                                             2023            2022                    2021

      Gaji dan tunjangan                        67.605             57.084               56.503            Salaries and benefits
      Imbalan pasca kerja                                                                                    Employee benefits
        (lihat Catatan 23)                      15.541             19.814               21.045                  (see Note 23)
      Perbaikan dan pemeliharaan                14.532             11.818                4.034        Repair and maintenance
      Jasa manajemen                             7.584              7.200                5.240                Management fees
      Pencadangan piutang                        6.157                840                6.222 Provision for impairment losses
      Amortisasi aset tak berwujud                                                                  Amortization of intangible
        (lihat Catatan 14)                       5.575              5.575                6.679            asset (see Note 14)
      Honorarium tenaga ahli                     4.302              2.705                2.693                Professional fees
      Penyusutan (lihat Catatan 12)              2.479              2.165                1.793     Depreciation (see Note 12)
      Pajak dan perijinan                        1.307                760               31.651               Taxes and permits
      Telepon dan faksimile                        896              1.037                1.018        Telephone and facsimile
      Listrik dan air                              758                740                  778            Electricity and water
      Lain-lain                                 17.316             14.626               52.854                           Others
      Jumlah                                   144.052           124.364               190.510                               Total



32.   BEBAN KEUANGAN                                             32.     FINANCIAL EXPENSES

      Akun ini terdiri dari :                                            This account consists of :

                                             2023            2022                    2021

      Provisi dan administrasi bank            106.096           103.789                93.707        Provision and bank charges
      Bunga obligasi dan sukuk                  64.818            37.085                 2.154           Bond and sukuk interest
      Bunga bank                                60.942            56.687                76.781                      Bank interest
      Bunga liabilitas sewa                      5.332             3.183                 1.936           Lease liabilities interest
      Jumlah                                  237.188            200.744              174.578                               Total



33.   BEBAN LAIN - LAIN                                          33.     OTHER EXPENSES

      Akun ini terdiri dari :                                            This account consists of :

                                             2023            2022                    2021

      Beban penurunan nilai                                                                                 Inventory impairment
       persediaan (lihat Catatan 8)             15.114             17.285               18.919             charges (see Note 8)
      Beban pembukaan                                                                                           Opening Letter of
       Letter of Credit                          6.963                 5.786             9.017                   Credit expense
      Kerugian penghapusan                                                                        Losses on write-off of property,
       aset tetap                                    7                   -                    -           plant, and equipment
      Kerugian selisih kurs                          -             32.656                7.008          Foreign exchange losses
      Lain-lain                                  6.840                922                  346                             Others
      Jumlah                                    28.924            56.649                35.290                              Total




                                                           103
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                          PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                      ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                  NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                    STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                         As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                      December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                 (Expressed in Millions of Rupiah, unless otherwise stated)
34.   SALDO DAN TRANSAKSI DENGAN PIHAK-                            34.    BALANCES   AND             TRANSACTIONS           WITH
      PIHAK BERELASI                                                      RELATED PARTIES

      Sifat transaksi dan hubungan dengan pihak-pihak                     The nature of transaction and relationship with related
      berelasi adalah sebagai berikut:                                    parties are as follows:

                                                         Sifat Hubungan/                              Jenis Transaksi/
       Pihak-pihak Berelasi/Related Parties           Nature of Relationship                       Nature of Transactions

      PT Sarana Steel Corporation               Memiliki pemegang saham dan                Penjualan pipa/Sales of pipe
                                                 manajemen yang sama dengan
                                                 Entitas/Same shareholders
                                                 and management with the Entity

      PT Citra Cakra Logam                      Memiliki pemegang saham dan                Penjualan aval/Sales of scrap
                                                 manajemen yang sama dengan
                                                 Entitas/Same shareholders
                                                 and management with the Entity

      PT Takiron Indonesia                      Memiliki pemegang saham dan                Penjualan pipa/Sales of pipe
                                                 manajemen yang sama dengan
                                                 Entitas/Same shareholders
                                                 and management with the Entity

      PT Alam Metal Mercuniaga                  Memiliki pemegang saham dan                Penjualan pipa/Sales of pipe
                                                 manajemen yang sama dengan
                                                 Entitas/Same shareholders
                                                 and management with the Entity

      PT Cakra Bhakti Para Putra                Memiliki pemegang saham dan                Jasa manajemen/Management fee
                                                 manajemen yang sama dengan
                                                 Entitas/Same shareholders
                                                 and management with the Entity

      PT Saranacentral Bajatama Tbk             Memiliki pemegang saham dan                Penjualan pipa/Sales of pipe
                                                 manajemen yang sama dengan
                                                 Entitas/Same shareholders
                                                 and management with the Entity

      PT Sarana Surya Sakti                     Memiliki pemegang saham dan                Penjualan pipa/Sales of pipe
                                                 manajemen yang sama dengan
                                                 Entitas/Same shareholders
                                                 and management with the Entity

      PT Cakra Bhakti Bumi Persada              Memiliki pemegang saham dan                Penjualan pipa/Sales of pipe
                                                 manajemen yang sama dengan
                                                 Entitas/Same shareholders
                                                 and management with the Entity

      Ingewati                                  Komisaris Entitas/Entity's                 Penjualan pipa/Sales of pipe
                                                 Commisioner

      PT Sanko Steel Indonesia                  Entitas Asosiasi/Associated                Penjualan pipa/Sales of pipe




                                                             104
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
34.   SALDO DAN TRANSAKSI DENGAN PIHAK-                               34.    BALANCES   AND     TRANSACTIONS                   WITH
      PIHAK BERELASI - Lanjutan                                              RELATED PARTIES - Continued

      Transaksi dan saldo dengan pihak-pihak berelasi adalah                 Transactions and balances with related parties are as
      sebagai berikut:                                                       follows:

      a. Entitas melakukan transaksi penjualan kepada pihak-                 a. The Entity conducted sales transactions with related
         pihak berelasi. Saldo yang timbul dari transaksi                       parties. The balance arising from the transaction as
         tersebut pada tanggal 31 Desember 2023, 2022 dan                       of December 31, 2023, 2022 and 2021 are presented
         2021 disajikan sebagai akun “Piutang Usaha - Pihak                     as "Trade Receivables - Related Parties" in the
         Berelasi” dalam laporan posisi keuangan                                consolidated statements of financial position (see
         konsolidasian (lihat Catatan 6).                                       Note 6).

         Transaksi penjualan dan pendapatan jasa dengan                          Sales and service revenues with related parties are
         pihak berelasi adalah sebagai berikut:                                  as follows:

                                               2023                   2022                 2021

         PT Sanko Steel Indonesia                 99.912                    79.182             69.621    PT Sanko Steel Indonesia
         PT Sarana Steel Corporation              17.786                    18.271             29.982 PT Sarana Steel Corporation
         PT Citra Cakra Logam                      9.873                    12.585             10.899      PT Citra Cakra Logam
         PT Alam Metal Mercuniaga                  5.117                    10.258              8.273 PT Alam Metal Mercuniaga
         Ingewati                                    834                     3.968              4.495                    Ingewati
         PT Takiron Indonesia                        586                     1.694              2.131       PT Takiron Indonesia
         PT Sarana Surya Sakti                         6                        29              5.558      PT Sarana Surya Sakti
         Jumlah                                  134.114                125.987              130.959                            Total

         Persentase dari Jumlah
           Penjualan dan                                                                                    Percentage to Total Sales
           Pendapatan Jasa                         2,08%                     2,01%             2,43%         and Service Revenues


      b. Entitas melakukan transaksi non usaha dengan                        b. The Entity conducted non-trade transactions with
         PT Sanko Steel Indonesia. Saldo yang timbul dari                       PT Sanko Steel Indonesia. The balance arising from
         transaksi tersebut pada tanggal 31 Desember 2023,                      the transaction as of December 31, 2023, 2022 and
         2022 dan 2021 disajikan sebagai akun “Piutang Lain-                    2021 are presented as "Other Receivables - Related
         lain - Pihak Berelasi” dalam laporan posisi keuangan                   Parties" in the consolidated statements of financial
         konsolidasian untuk tahun yang berakhir tanggal                        position for the year ended December 31, 2023 (see
         31 Desember 2023 (lihat Catatan 7).                                    Note 7).

      c. Entitas melakukan transaksi keuangan dengan pihak-                  c. The Entity, had financial transactions with related
         pihak berelasi. Saldo yang timbul dari transaksi                       parties. The related outstanding balance as of
         tersebut pada tanggal 31 Desember 2023, 2022 dan                       December 31, 2023, 2022 and 2021 are presented as
         2021 disajikan sebagai akun “Piutang Pihak                             “Due from Related Parties” in the consolidated
         Berelasi” dalam laporan posisi keuangan                                statements of financial position.
         konsolidasian.

         Saldo piutang pihak berelasi adalah sebagai berikut:                    Due from related parties are as follows:

                                               2023                   2022                 2021

         PT Sarana Steel Corporation                    7                        7                  7   PT Sarana Steel Corporation
         Jumlah                                         7                        7                  7                           Total

         Persentase terhadap
          jumlah aset                              0,00%                     0,00%             0,00%         Percentage to total asset




                                                                105
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
34.   SALDO DAN TRANSAKSI DENGAN PIHAK-                               34.    BALANCES   AND     TRANSACTIONS                   WITH
      PIHAK BERELASI - Lanjutan                                              RELATED PARTIES - Continued

         Tidak terdapat syarat dan ketentuan penting dari pos                     There are no important terms and conditions of the
         piutang pihak perelasi tersebut diatas.                                  post receivables from the related parties mentioned
                                                                                  above.

         Saldo utang pihak berelasi adalah sebagai berikut:                       Due to related parties are as follows:

                                               2023                   2022                  2021

         PT Cakra Bhakti Para Putra                        -                 6.205              6.205    PT Cakra Bhakti Para Putra
         Persentase terhadap                                                                                       Percentage to total
           jumlah liabilitas                       0,00%                     0,19%              0,19%                    liabilities


      d. Entitas melakukan transaksi pembelian dari pihak-                   d. The Entity had purchase transactions from related
         pihak berelasi. Saldo yang timbul dari transaksi                       parties. The balance arising from the transaction as
         tersebut pada tanggal 31 Desember 2023, 2022 dan                       of December 31, 2023, 2022 and 2021 are presented
         2021 disajikan sebagai akun ”Utang Usaha - Pihak                       as "Trade Payables - Related Parties" in the
         Berelasi” dalam laporan posisi keuangan                                consolidated statement of financial position (see
         konsolidasian (lihat Catatan 17).                                      Note 17).

         Transaksi pembelian bahan baku dengan pihak                              Purchase of raw materials transactions with related
         berelasi adalah sebagai berikut:                                         parties are as follows:

                                               2023                   2022                  2021

         PT Sarana Steel Corporation                  133                      695                  73   PT Sarana Steel Corporation
         Jumlah                                       133                      695                  73                          Total

         Persentase dari jumlah beban                                                                              Percentage to total
          pokok penjualan                          0,00%                     0,01%              0,00%               cost of revenues


      e. Entitas menerima jasa manajemen dan teknis dari                     e. The Entity received the management and technical
         PT Cakra Bhakti Para Putra yang mana Entitas                           services from PT Cakra Bhakti Para Putra where the
         membayar jasa manajemen untuk tahun yang                               Entity pays for management services for the years
         berakhir pada 31 Desember 2023, 2022 dan 2021                          ended December 31, 2023, 2022 and 2021
         sebesar Rp 7.584, Rp 7.200 dan Rp 5.240. Nilai                         amounting to Rp 7,584, Rp 7,200 and Rp 5,240. The
         tersebut disajikan sebagai bagian dari akun “Beban                     amount are presented as part of "General and
         Umum dan Administrasi” dalam laporan laba rugi                         Administrative expenses" in the consolidated
         dan penghasilan komprehensif lain konsolidasian                        statement of profit or loss and other comprehensive
         (lihat Catatan 31).                                                    income (see Note 31).

      f. Entitas melakukan transaksi penjualan avalan kepada                 f.   The Entity conducted scrap sales transactions with
         PT Citra Cakra Logam sebesar Rp 9.800, Rp 12.531                         PT Citra Cakra Logam amounting to Rp 9,800,
         dan Rp 10.021. Saldo yang timbul dari transaksi                          Rp 12,531 and Rp 10,021. The balance arising from
         tersebut pada tanggal 31 Desember 2023, 2022 dan                         the transaction as of December 31, 2023, 2022 and
         2021 disajikan sebagai akun “Piutang Usaha - Pihak                       2021 are presented as "Trade Receivables - Related
         Berelasi” dalam laporan posisi keuangan                                  Parties" in the consolidated statements of financial
         konsolidasian (lihat Catatan 6).                                         position (see Note 6).

      g. Gaji dan tunjangan lain yang diberikan untuk Dewan                  g. Salaries and other compensation benefits of the
         Komisaris dan Direksi Entitas adalah sebesar                           Entity’s and Subsidiary’s Board of Commissioners
         Rp 28.458, Rp 15.737 dan Rp 22.774 masing-masing                       and Directors amounting to Rp 28,458, Rp 15,737
         yang berakhir pada tanggal 31 Desember 2023, 2022                      and Rp 22,774 period ended December 31, 2023,
         dan 2021.                                                              2022 and 2021, respectively.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                           PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                       ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                   NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                     STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                          As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                       December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                  (Expressed in Millions of Rupiah, unless otherwise stated)
35.   PERPAJAKAN                                                    35.    TAXATION

      a. Pajak Dibayar di Muka                                            b. a. Prepaid Taxes

                                               2023                 2022                  2021

         Pajak Pertambahan Nilai                   5.551                  62.317             68.844                  Value Added Tax
         Pajak Penghasilan:                                                                                            Income Taxes:
          Pasal 25                                    33                      32                  26                     Article 25
         PPh Pasal 28 A                                -                       -                   2                      Article 28A
         Jumlah                                    5.584                  62.349             68.872                               Total


      b. Penghasilan (Beban) Pajak                                         b. Tax Income (Expense)

                                               2023                 2022                  2021

         Pajak kini                             (156.327)             (87.874)             (160.417)                       Current tax
         Pajak tangguhan                          13.802                  492               (12.924)                      Deferred tax
         Jumlah                                 (142.525)             (87.382)             (173.341)                              Total


      c. Utang Pajak                                                        c. Taxes Payable

         Akun ini terdiri dari :                                               This account consists of :

                                               2023                 2022                  2021

         Pajak Penghasilan:                                                                                            Income Taxes:
         Pasal 21                                  4.937                   1.308              5.903                        Article 21
         Pasal 23                                  2.063                      83                 15                        Article 23
         Pasal 4 ayat 2                              151                     205                130                       Article 4(2)
         Pajak Pertambahan Nilai                       6                       6                  4                  Value Added Tax
         Pasal 29                                 52.108                        -           112.614                        Article 29
         Jumlah                                   59.265                   1.602            118.666                               Total


         Hasil Pemeriksaan Pajak                                               Result of Tax Assessment

         Tahun Pajak 2022                                                      Fiscal Year 2022

         Pada tahun 2023, Entitas menerima hasil                               In 2023, the Entity receives the results of the tax audit
         pemeriksaan pajak berupa SKPLB PPh Badan 2022                         in the form of 2022 Corporate Income Tax SKPLB
         No: 00001/406/22/092/23 sebesar Rp 90.798. Entitas                    No: 00001/406/22/092/23 amounting to Rp 90,798.
         memperoleh kelebihan pembayaran pendapatan PPh                        The entity received an overpayment of income from
         pasal 25/29 badan dengan masa tahun pajak 2022                        corporate income tax article 25/29 for the 2022 tax
         sebesar Rp 90.798, dikompensasikan ke sejumlah                        year of Rp 90,798, which was compensated for the
         utang pajak melalui SKPKB Rp 200, sehingga                            amount of tax debt through SKPKB of Rp 200, so that
         jumlah yang diterima sebesar Rp 90.598.                               the amount received was Rp 90,598.

         Pada tanggal 12 September 2023, Entitas menerima                      As of September 12, 2023, the Entity received a tax
         pengembalian atas pajak tahun 2022 sebesar                            refund for 2022 fiscal year of Rp 90,598.
         Rp 90.598.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                        PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                    ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                  STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                       As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                    December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                (Expressed in Millions of Rupiah, unless otherwise stated)
35.   PERPAJAKAN - Lanjutan                                       35.     TAXATION – Continued

      d. Pajak Kini                                                       d. Current Tax

         Rekonsiliasi antara laba sebelum taksiran                            Reconciliation between income before provision for
         penghasilan (beban) pajak seperti yang tercantum                     tax income (expense) as shown in the consolidated
         dalam laporan laba rugi dan penghasilan                              statements of profit or loss and other comprehensive
         komprehensif lain konsolidasian untuk tahun yang                     income with the estimated taxable income for the
         berakhir pada tanggal 31 Desember 2023, 2022 dan                     years ended December 31, 2023, 2022 and 2021 are
         2021 dengan taksiran laba kena pajak adalah sebagai                  as follows:
         berikut:

                                               2023               2022                 2021

         Laba (rugi) sebelum taksiran                                                             Income (loss) before provision
           penghasilan (beban) pajak                                                                      tax income (expense)
           sesuai dengan laporan laba                                                                according to consolidated
           rugi dan penghasilan                                                                     statements of profit or loss
           komprehensif lain                                                                          and other comprehensive
           konsolidasian                         640.584            393.231               659.402                       income

         Rugi (laba) sebelum taksiran                                                                        Loss (income) before
          penghasilan (beban) pajak -                                                                      provision tax income
          Entitas Anak                                285                  112                  3         (expense) - Subsidiary

         Laba (rugi) sebelum taksiran                                                                Income (loss) before provison
           penghasilan (beban) pajak             640.869            393.343               659.405          tax income (expense)

         Beda waktu:                                                                                       Temporary differences:
          Penyusutan                              79.629              39.363               49.593                   Depreciation
          Imbalan paska kerja                     (4.772)           (29.204)                3.043     Post-employment benefits
          Cadangan kerugian                                                                           Allowance for impairment
            penurunan nilai piutang                 6.157                  840               6.222        losses of receivables
          Liabilitas sewa                        (18.276)               (8.762)            (1.882)               Lease liabilities
         Jumlah                                   62.738                 2.237             56.976                            Total

         Beda tetap:                                                                                       Permanent differences:
          Denda dan bunga pajak                       854                   50             31.000       Tax penalty and interest
          Penghasilan bunga yang telah                                                                 Interest income subjected
            dikenakan pajak final                  (282)                   (88)          (20.831)                   to final tax
          Bunga leasing                            5.332                 3.183              1.945                   Interest lease
          Sumbangan                                1.065                   698                650                       Donation

         Jumlah                                    6.969                 3.843             12.764                            Total
         Taksiran laba kena pajak                710.576            399.423               729.145       Estimated taxable income

         Beban pajak penghasilan:                                                                             Income tax expense:
         22% x Rp 710.576                        156.327                     -                 -                22% x Rp 710,576
         22% x Rp 399.423                              -                87.873                 -                22% x Rp 399,423
         22% x Rp 729.145                              -                     -           160.412                22% x Rp 729,145

         Jumlah beban
           pajak penghasilan                     156.327                87.873           160.412         Total income tax expense




                                                            108
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                           PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                       ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                   NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                     STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                          As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                       December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
35.   PERPAJAKAN - Lanjutan                                          35.     TAXATION - Continued

      d. Pajak Kini – Lanjutan                                               d. Current Tax - Continued

                                               2023                  2022                  2021

         Kredit pajak                                                                                                       Tax credit
         Pajak Penghasilan:                                                                                             Income Taxes:
           Pasal 22                              (70.957)              (79.999)              (35.009)                     Article 22
           Pasal 23                                 (155)                 (125)               (1.067)                     Article 23
           Pasal 25                              (33.106)              (90.688)              (11.721)                     Article 25

         Jumlah                                 (104.218)             (170.812)              (47.797)                             Total
         Jumlah kurang (lebih) bayar                                                                                Total under (over)
           pajak penghasilan                      52.109               (82.939)              112.615                     income tax
         Jumlah taksiran tagihan pajak                                                                      Total prior year claim for
           penghasilan tahun lalu                 82.939                         -           155.714                      tax refund
         Penyesuaian dari:                                                                                             Adjustment of:
         Hasil sidang atas PPh                                                                                    Result of Corporate
           badan tahun 2022                      (90.598)                       -                  -            Income tax in 2022
         Koreksi piutang pajak                     7.659                        -            (46.751)       Correction tax receivable
         Lebih bayar pajak                             -                   82.939                  -                Tax overpayment
         Jumlah taksiran tagihan pajak                                                                         Total estimated claims
           penghasilan - Entitas                           -               82.939                   -         for tax refund - Entity
         Jumlah taksiran tagihan                                                                               Total estimated claims
           pajak penghasilan                               -               82.939                   -                 for tax refund


         Laba kena pajak hasil rekonsiliasi menjadi dasar                        The taxable profit resulting from the reconciliation is
         dalam pengisian SPT Tahunan PPh Badan.                                  the basis for filling out the Annual Corporate Income
                                                                                 Tax Return.

      e. Pajak Tangguhan                                                     e. Deferred Tax

         Perhitungan taksiran penghasilan pajak tangguhan                        The calculation of deferred income tax for the years
         untuk tahun yang berakhir pada tanggal                                  ended December 31, 2023, 2022 and 2021 are as
         31 Desember 2023, 2022 dan 2021 adalah sebagai                          follows:
         berikut:

                                               2023                  2022                  2021

         Penghasilan pajak tangguhan                                                                            Deferred tax income
                                                                                                          Depreciation of property,
           Penyusutan aset tetap                  17.518                    8.660             23.876        plant and equipment
           Imbalan pasca kerja                    (1.050)                  (6.425)             5.554      Post-employment benefits
           Pencadangan penurunan                                                                               Impairment of trade
             piutang                               1.355                      185              2.786                 receivables
                                                                                                            Revaluation surplus of
                                                                                                                  property, plant
           Surplus revaluasi aset tetap                -                        -            (42.224)             and equipment
           Liabilitas sewa                        (4.021)                  (1.928)            (2.916)              Lease liabilities
         Jumlah Penghasilan                                                                                        Total Deferred Tax
           Pajak Tangguhan - Neto                 13.802                      492            (12.924)                  Income - Net



                                                               109
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                           PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                       ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                   NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                     STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                          As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                       December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
35.   PERPAJAKAN - Lanjutan                                          35.     TAXATION - Continued

      e. Pajak Tangguhan – Lanjutan                                          e. Deferred Tax - Continued

         Rincian liabilitas pajak tangguhan neto pada tanggal                   The details of deferred tax liabilities net as of
         31 Desember 2023, 2022 dan 2021 adalah sebagai                         December 31, 2023, 2022 and 2021 are as follows:
         berikut:

                                               2023                  2022                 2021

         Liabilitas diestimasi atas                                                                           Estimated liabilities
           imbalan kerja                          19.087                25.255                34.206       for employee benefits
         Aset tetap                              132.171               114.652              105.993 Property, plant and equipment
         Cadangan kerugian                                                                              Allowance for impairment
           nilai piutang                           13.299                11.945               11.761        losses of receivables
         Liabilitas sewa                         (24.714)              (20.694)             (18.766)               Lease liabilities
                                                                                                            Revaluation surplus of
                                                                                                                  property, plant
         Surplus revaluasi aset tetap           (339.598)             (339.598)            (309.643)              and equipment
         Jumlah Liabilitas Pajak                                                                                  Total Deferred Tax
           Tangguhan-Neto                       (199.755)             (208.440)            (176.451)               Liabilities - Net


         Rekonsiliasi antara beban pajak penghasilan yang                       The reconciliation of the income tax expense is
         dihitung dengan menggunakan tarif pajak yang                           calculated by applying the applicable tax rate to the
         berlaku dari laba konsolidasian sebelum pajak                          consolidated income before income tax and the
         penghasilan dengan beban pajak penghasilan untuk                       income tax expense for the years ended
         tahun yang berakhir pada tanggal 31 Desember 2023,                     December 31, 2023, 2022 and 2021 are as follows:
         2022 dan 2021 adalah sebagai berikut:

                                               2023                  2022                 2021

         Laba (rugi) sebelum taksiran                                                                            Income (loss) before
          penghasilan (beban) pajak                                                                           provision tax income
          sesuai dengan laporan laba                                                                        (expense) according to
          rugi dan penghasilan                                                                           consolidated statements of
          komprehensif lain                                                                                 profit or loss and other
          konsolidasian                          640.584               393.231              659.402         comprehensive income

         Rugi (laba) sebelum taksiran                                                                           Loss (income) before
          penghasilan (beban) pajak -                                                                         provision tax income
          Entitas Anak                                285                     112                  3         (expense) - Subsidiary

         Laba (rugi) sebelum taksiran                                                                   Income (loss) before provison
          penghasilan (beban) pajak              640.869               393.343              659.405          tax income (expense)

         Beban pajak dengan                                                                                           Tax expense at
          tarif yang berlaku                    (140.991)              (86.537)            (145.069)             effective tax rates
         Taksiran pajak kini                                                                                   Provision income tax
          entitas anak                                     -                     -                (5)         expense - Subsidiary




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                 PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                             ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                         NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                           STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                             December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                        (Expressed in Millions of Rupiah, unless otherwise stated)
35.   PERPAJAKAN - Lanjutan                                               35.     TAXATION - Continued

      e. Pajak Tangguhan – Lanjutan                                               e. Deferred Tax - Continued

                                                 2023                     2022                 2021

                                                                                                                  Tax effect on permanent
          Pengaruh pajak atas beda tetap:                                                                                    differences:
          Denda dan bunga pajak                         (188)                      (11)             (6.820)       Tax penalty and interest
          Penghasilan bunga yang telah                                                                        Interest income subjected to
            dikenakan pajak final                          62                       19               4.583                       final tax
          Bunga leasing                                (1.173)                    (700)              (428)                   Interest lease
          Sumbangan                                      (235)                    (153)              (143)                        Donation
                                                                                                                   Adjustment on effective
          Penyesuaian tarif pajak                            -                        -          (25.459)                         tax rate
          Sub-jumlah                                   (1.534)                    (845)          (28.267)                        Sub-total
          Jumlah beban
            pajak penghasilan                     (142.525)                 (87.382)            (173.341)       Total income tax expense



36.   LABA PER SAHAM DASAR                                                36.    BASIC EARNINGS PER SHARE

                                               2023                   2022                   2021

      Laba yang dapat Diatribusikan                                                                             Profit Attributable to the
       kepada Entitas Induk                      498.087                  305.860              486.062                    Parent Entity
                                                                                                                    Weighted Average of
      Rata - rata Tertimbang Saham                                                                                 Outstanding Shares
       (Jumlah Penuh)                       7.065.340.735         7.065.340.735           7.065.340.735                  (Full Amount)
      Laba per Saham Dasar                                                                                            Basic Earnings per
       (Jumlah Penuh)                              70,50                    43,29                68,80             Share (Full Amount)



37.   ASET DAN LIABILITIS MONETER DALAM                                   37.     MONETARY ASSETS AND                 LIABILITIES       IN
      MATA UANG ASING                                                             FOREIGN CURRENCIES

                                     2023                   2022                   2021
                            Mata Uang    Ekuivalen Mata Uang    Ekuivalen Mata Uang    Ekuivalen
                              Asing/      Rupiah/   Asing/       Rupiah/   Asing/       Rupiah/
                             Foreign Equivalent in Foreign Equivalent in Foreign Equivalent in
                            Currency      rupiah   Currency      rupiah   Currency      rupiah
      Aset                                                                                                                       Assets
                                                                                                                         Cash on hand
      Kas dan bank                 818        12.610              1.317           20.714          1.464        20.890    and in bank
      Piutang usaha              3.689        56.872              3.043           47.871          5.270        75.197 Trade receivables

      Jumlah Aset                4.507        69.482              4.360           68.584          6.734        96.087         Total Assets

      Liabilitas                                                                                                               Liabilities
      Utang bank                63.385      977.151              44.397          698.417         35.555       507.337         Bank loans
      Utang usaha               13.192      203.363              12.704          199.841         16.595       236.800     Trade payables
      Jumlah Liabilitas         76.577   1.180.514               57.101          898.258         52.150       744.137    Total Liabilities

      Jumlah Liabilitas -                                                                                               Total liabilities -
        Neto                    72.070   1.111.032               52.741          829.674         45.416       648.050                Net


                                                                    111
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                     PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                                 ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                             NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                               STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                    As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                                 December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                            (Expressed in Millions of Rupiah, unless otherwise stated)
38.   NILAI WAJAR INSTRUMEN KEUANGAN                                          38.     FAIR VALUE OF FINANCIAL INSTRUMENTS

      Nilai wajar adalah harga yang akan diterima untuk                               Fair value is the price that would be received to sell an
      menjual suatu aset atau harga yang akan dibayar untuk                           asset or paid to transfer a liability in an orderly
      mengalihkan suatu liabilitas dalam suatu transaksi teratur                      transaction between market participants at the
      antara pelaku pasar pada tanggal pengukuran. Nilai wajar                        measurement date. The fair value is derived from
      diperoleh dari kuotasi harga atau model arus kas                                quotated market price discounted cash flow models. The
      diskonto. Instrumen keuangan Entitas dan Entitas Anak                           financial instruments of the Entity and Subsidiary consist
      terdiri dari aset keuangan dan liablitas keuangan.                              of financial assets and financial liabilities.

      Tabel di bawah ini menggambarkan nilai tercatat dan                             The table below shows the carrying values and fair
      nilai wajar dari aset dan liabilitas keuangan yang tercatat                     values of the financial assets and financial liabilities
      pada laporan posisi keuangan konsolidasian yang                                 recorded in the consolidated statements of financial
      berakhir pada tanggal 31 Desember 2023, 2022 dan                                position as of December 31, 2023, 2022 and 2021:
      2021:

                                                Nilai Tercatat/                                 Nilai Wajar/
                                              Carrying Amount                                   Fair Value
                                   2023             2022           2021              2023          2022          2021

      Aset Keuangan                                                                                                             Financial Assets
                                                                                                                                   Cash on hand
      Kas dan bank                  176.938          50.178          50.092           176.938       50.178        50.092           and in bank
      Piutang usaha               1.134.793       1.159.861       1.019.584         1.134.793    1.159.861     1.019.584       Trade receivables
      Piutang lain-lain               1.463           1.705           1.618             1.463        1.705         1.618        Other receivables
      Piutang pihak berelasi              7               7               7                 7            7             7 Due from related parties

      Jumlah Aset Keuangan        1.313.201       1.211.751       1.071.301         1.313.201    1.211.751     1.071.301    Total Financial Assets

      Liabilitas Keuangan                                                                                                    Financial Liabilities
      Utang bank jangka pendek    1.757.746       2.069.716       1.838.460         1.757.746    2.069.716     1.838.460    Short-term bank loans
      Utang usaha                   269.867         259.285         387.828           269.867      259.285       387.828           Trade payables
      Utang pihak berelasi                -           6.205           6.205                 -        6.205         6.205     Due to related parties
      Biaya masih harus dibayar      26.704          19.591          18.129            26.704       19.591        18.129        Accrued expenses
      Liabilitas jangka                                                                                                              Other current
        pendek lainnya              14.758            9.547         16.641            14.758         9.547       16.641                liabilities
      Utang bank                       708           89.038        243.102               708        89.038      243.102                 Bank loans
      Liabilitas sewa               41.656           61.883         30.758            41.656        61.883       30.758            Lease liabilities
      Utang obligasi               494.550          199.000        150.000           494.550       199.000      150.000             Bonds payable
      Utang sukuk                  253.750          201.000        150.000           253.750       201.000      150.000             Sukuk payable

      Jumlah Liabilitas                                                                                                            Total Financial
        Keuangan                  2.859.739       2.915.265       2.841.123         2.859.739    2.915.265     2.841.123              Liabilities

      Taksiran nilai wajar dari kelompok instrumen keuangan                           Estimated fair values of the financial instruments in the
      pada tabel di atas ditentukan dengan menggunakan                                table above is determined by using the following methods
      metode-metode dan asumsi-asumsi berikut:                                        and assumptions:

      (i) Nilai tercatat aset keuangan dan liabilitas keuangan                        (i) The carrying value of financial assets and financial
          seperti kas dan setara kas, piutang usaha, piutang                              liabilities such as cash and cash equivalents, trade
          lain-lain, piutang pihak berelasi dan liabilitas                                receivables, other receivables, due from related
          keuangan seperti utang bank jangka pendek, utang                                parties, and financial liabilities of short-term bank
          usaha, beban masih harus dibayar dan liabilitas                                 loan, trade payables, accrued expenses and other
          jangka pendek lainnya tersebut merupakan perkiraan                              current liabilities are estimated to approximate their
          yang telah mendekati nilai wajarnya karena akan                                 fair values, because these will mature in less than one
          jatuh tempo dalam waktu kurang dari satu tahun.                                 year.

      (ii) Nilai wajar dari utang bank jangka panjang dan utang                       (ii) The fair value of long-term banks loans and
           sewa pembiayaan, ditentukan menggunakan                                         obligation under finance lease liabilities, are
           diskonto arus kas berdasarkan tingkat suku bunga                                determined by using discounted cash flow using
           pasar pada tanggal 31 Desember 2023, 2022 dan                                   market interest rate as of December 31, 2023, 2022
           2021.                                                                           and 2021.


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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                      (Expressed in Millions of Rupiah, unless otherwise stated)
38.   NILAI WAJAR INSTRUMEN KEUANGAN -                                  38.     FAIR VALUE OF FINANCIAL INSTRUMENTS -
      Lanjutan                                                                  Continued

      Hirarki nilai wajar                                                       Fair value hierarchy

      Berikut adalah definisi hirarki nilai wajar instrumen                     Below are the definition of the fair value hierarchy of
      keuangan yang dimiliki Entitas dan Entitas Anak:                          financial instruments owned by the Entity and
                                                                                Subsidiary:

      -   Level 1: harga kuotasi (belum disesuaikan) pada                     - -   Level 1: quoted prices (unadjusted) in active markets
          pasar aktif untuk aset atau liabilitas yang identik.                      for identical assets or liabilities.
      -   Level 2: input selain harga kuotasi yang dimaksud                     -   Level 2: input other than quoted prices included
          dalam tingkat 1, yang dapat diobservasi untuk aset                        within Level 1 that are observable for the asset or
          atau liabilitas, baik secara langsung atau tidak                          liability, either directly or indirectly.
          langsung.
      -   Level 3: input yang tidak didasarkan pada data pasar                  -   Level 3: inputs are unobservable inputs for the asset
          yang dapat diobservasi.                                                   or liability.


39.   MANAJEMEN RISIKO KEUANGAN                                         39.     FINANCIAL RISK MANAGEMENT

      Dalam transaksi normal Entitas dan Entitas Anak, secara                   In a normal transaction, the Entity and Subsidiary are
      umum terekspos risiko keuangan sebagai berikut:                           generally exposed to financial risks as follows:

      a. Risiko pasar yang terdiri risiko nilai tukar mata uang               a. a. Market risks, including currency risk, interest rate
         asing, risiko suku bunga dan risiko harga.                                 risk and price risk.
      b. Risiko kredit.                                                          b. Credit risk.
      c. Risiko likuiditas.                                                      c. Liquidity risk.

      Catatan ini menjelaskan mengenai eksposur Entitas dan                     This note describes regarding the exposure of the Entity
      Entitas Anak terhadap masing-masing risiko di atas dan                    and Subsidiary towards each risk and quantitative
      pengungkapan secara kuantitatif termasuk seluruh                          disclosures including exposure risks and summarize the
      eksposur risiko serta merangkum kebijakan dan proses-                     policies and processes for measuring and managing the
      proses yang dilakukan untuk mengukur dan mengelola                        arising risk, including capital management.
      risiko yang timbul, termasuk yang terkait dengan
      pengelolaan modal.

      Direksi Entitas dan Entitas Anak bertanggung jawab                        The Entity and Subsidiary directors are responsible for
      dalam melaksanakan kebijakan manajemen risiko                             implementing risk management policies and overall
      keuangan Entitas dan Entitas Anak dan secara                              financial risk management program which focuses on
      keseluruhan program manajemen risiko keuangan                             uncertainty the financial market and minimize potential
      Entitas dan Entitas Anak difokuskan pada ketidakpastian                   losses that impact to the Entity and Subsidiary financial
      pasar keuangan dan meminimalisasi potensi kerugian                        performance.
      yang berdampak pada kinerja keuangan Entitas dan
      Entitas Anak.

      Kebijakan manajemen Entitas dan Entitas Anak                              The Entity and Subsidiary management policies
      mengenai risiko keuangan adalah sebagai berikut:                          regarding financial risks are as follows:

      a. Risiko Pasar                                                         b. a. Market Risks
                                                                              c.
          1) Risiko Nilai Tukar Mata Uang                                          d. 1) Foreign Exchange Risk
                                                                              e.
             Eksposur risiko nilai tukar mata uang Entitas dan                           The exposure of currency exchange risk of the
             Entitas Anak terutama disebabkan oleh utang                                 Entity and and Subsidiary, is primarily
             usaha dan utang bank yang sebagian                                          generated by trade payables and bank loan
             didenominasikan dalam Dolar Amerika Serikat.                                which are denominated in United States Dollar.
             Entitas dan Entitas Anak tidak melakukan                                   The Entity and Subsidiary do not take hedging on
             aktivitas lindung nilai terhadap porsi eksposur                            exposure to risk in foreign exchange rates,
             risiko nilai tukar mata uang asing, karena risiko                          because this risk is within the tolerable limit of
             ini masih dalam batas toleransi Entitas dan                                the Entity and Subsidiary.
             Entitas Anak.

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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                      (Expressed in Millions of Rupiah, unless otherwise stated)
39.   MANAJEMEN RISIKO KEUANGAN - Lanjutan                              39.      FINANCIAL RISK MANAGEMENT - Continued
                                                                              f.
      a. Risiko Pasar – Lanjutan                                              g. a. Market Risks - Continued
                                                                              h.
         1) Risiko Nilai Tukar Mata Uang – Lanjutan                                i. 1) Foreign Exchange Risk - Continued
                                                                              j.
             Tabel berikut menyajikan aset dan liabilitas                                The following table presents the Entity and
             keuangan Entitas dan Entitas Anak yang                                      Subsidiary financial assets and financial
             didenominasi dalam mata uang asing:                                         liabilities denominated in foreign currency:

                                         2023                         2022                           2021
                                            Ekuivalen/                   Ekuivalen/                     Ekuivalen/
                                          Equivalent in                 Equivalent in                  Equivalent in
                                     USD       Rp                 USD        Rp                  USD        Rp

             Aset                                                                                                                Assets
                                                                                                                         Cash on hand
             Kas dan bank               818       12.610           1.317           20.714         1.464        20.890    and in bank
             Piutang usaha            3.689       56.872           3.043           47.871         5.270        75.197 Trade receivables
             Jumlah Aset              4.507       69.482           4.360           68.584         6.734        96.087        Total Assets

             Liabilitas                                                                                                        Liabilities
             Utang usaha             13.192      203.363          12.704          199.841        16.595       236.800     Trade payables
             Utang bank              63.385      977.151          44.397          698.417        35.555       507.337         Bank loans
             Jumlah liabilitas                                                                                              Total finance
               keuangan              76.577    1.180.514          57.101          898.258        52.150       744.137        liabilities
             Jumlah Liabilitas -                                                                                        Total Liabilities -
               Neto                  72.070    1.111.032          52.741          829.674        45.416       648.050                Net


             Nilai tukar mata uang asing yang signifikan                               Significant foreign exchanges rate during the
             selama tahun berjalan adalah sebagai berikut                              year are as follows (full Indonesian Rupiah):
             (dalam satuan Rupiah):

                                             Kurs Rata-rata/                            Kurs Tanggal Laporan/
                                         Average Exchange Rate                        Reporting Exchange Rate
                                     2023         2022         2021                2023         2022          2021

             Dollar Amerika                                                                                                 United States
               Serikat (USD)          15.219       14.917          14.345           15.416       15.731        14.269      Dollar (USD)


             Analisis Sensitivitas                                                     Sensitivity Analysis

             Pergerakan yang mungkin terjadi terhadap nilai                            Movement that may occur towards Rupiah
             tukar Rupiah, seperti yang diindikasikan pada                             exchange rate, as indicated in the table below
             tabel di bawah, terhadap mata uang Dolar                                  against US Dollar at the year end that could be
             Amerika Serikat pada tanggal akhir tahun dapat                            increased (decreased) equity or profit or loss
             meningkatkan (mengurangi) nilai ekuitas atau                              amount in the value presented in table.
             laba rugi sebesar nilai yang disajikan pada tabel.                        The analysis conducted was based on variance of
             Analisis ini dilakukan berdasarkan varians nilai                          foreign currency exchange rate during the
             tukar mata uang asing yang dipertimbangkan                                consolidated statement of financial position date.
             dapat terjadi pada tanggal laporan posisi
             keuangan konsolidasian.




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
39.   MANAJEMEN RISIKO KEUANGAN - Lanjutan                             39.    FINANCIAL RISK MANAGEMENT - Continued

      a. Risiko Pasar - Lanjutan                                              a. Market Risks - Continued

         1) Risiko Nilai Tukar Mata Uang - Lanjutan                               1) Foreign Exchange Risk - Continued

             Analisis Sensitivitas – Lanjutan                                            Sensitivity Analysis – Continued

             Tabel berikut menunjukan sensitivitas perubahan                             The following table presented sensitivity
             kurs terhadap laba bersih dan ekuitas Entitas dan                           exchange rate changes on net income and equity
             Entitas Anak:                                                               of the Entity and Subsidiary:

                                                 2023                    2022                   2021

             Perubahan Nilai tukar                                                                                Changes in exchange
               (dalam USD)                                                                                            rates (in USD)
               Menguat                                  (588)                    (47)                  (84)              Appreciates
               Melemah                                   211                     220                   242               Depreciates
             Sensitivitas terhadap                                                                                  Sensitivity to profit
               laba tahun berjalan                                                                                    for the current
               dan ekuitas                                                                                           year and equity
               Menguat                                    32                        2                    3               Appreciates
               Melemah                                   (11)                      (9)                  (8)             Depreciatess


         2) Risiko Tingkat Suku Bunga                                             2) Interest Rate Risk

             Eksposur Entitas dan Entitas Anak terhadap                                  The Entity and Subsidiary exposure to
             fluktuasi tingkat suku bunga terutama berasal                               fluctuations of interest rate mainly arises from
             dari suku bunga mengambang atas utang bank                                  floating interest rate of bank loan and financial
             dan lembaga keuangan. Beban bunga mengacu                                   institutions. Interest expenses refer to the rate
             pada tingkat yang diterapkan untuk mata uang                                applied in Rupiah and US Dollar currency based
             Rupiah dan Dolar Amerika Serikat berdasarkan                                on bank policy, which depends on fluctuation of
             ketentuan setiap Bank, yang mana sangat                                     market interest rate.
             bergantung kepada fluktuasi bunga pasar.

             Entitas dan Entitas Anak melakukan pengawasan                               The Entity and Subsidiary are monitoring the
             pergerakan tingkat suku bunga untuk                                         movement of interest rate to minimize negative
             meminimalisasi dampak negatif terhadap posisi                               impact of financial position. The Entity and
             keuangan Entitas dan Entitas Anak. Untuk                                    Subsidiary analyze the movement of interest rate
             mengukur risiko pasar atas pergerakan suku                                  margin and profile of financial assets and
             bunga, Entitas dan Entitas Anak melakukan                                   financial liabilities maturity based on movement
             analisa pada pergerakan marjin suku bunga dan                               of interest rate schedule to measure the market
             pada profil jatuh tempo aset dan liabilitas                                 risk of the interest rate movement.
             keuangan berdasarkan jadwal perubahan suku
             bunga.

             Pada tanggal laporan posisi keuangan                                        On the consolidated statement of financial
             konsolidasian, profil instrumen keuangan Entitas                            position date, the Entity’s and Subsidiary’s
             dan Entitas Anak yang dipengaruhi bunga                                     profile of financial instruments that are affected
             adalah:                                                                     by the interest are, as follows:




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
39.   MANAJEMEN RISIKO KEUANGAN - Lanjutan                             39.     FINANCIAL RISK MANAGEMENT - Continued

      a. Risiko Pasar - Lanjutan                                             k. a. Market Risks - Continued

         2) Risiko Tingkat Suku Bunga - Lanjutan                                  2) Interest Rate Risk - Continued

                                                 2023                    2022                    2021

             Instrumen dengan
               bunga tetap                                                                                       Flat interest instrument
               Aset keuangan                         50.000                         -                    -             Financial assets
               Liabilitas keuangan                 (41.656)                  (61.883)             (30.758)        Financial liabilities

             Instrumen dengan bunga                                                                                     Floating interest
               mengambang                                                                                                  instrument
               Aset keuangan                       125.065                  48.723                49.135              Financial assets
               Liabilitas keuangan              (1.758.454)             (2.158.754)           (2.081.562)          Financial liabilities

             Liabilitas Keuangan - Bersih       (1.633.389)             (2.110.031)            (2.032.427) Financial Liabilities - Net


             Tabel berikut menyajikan sensitivitas perubahan                            The table summarizes the sensitivity to interest
             tingkat suku bunga yang mungkin terjadi,                                   rate changes that may occur, with other
             dengan variabel lain tetap konstan, terhadap laba                          variables held constant, towards the net income
             bersih Entitas dan Entitas Anak selama tahun                               of the Entity and Subsidiary during the year and
             berjalan dan ekuitas:                                                      equity, as follows:

                                                 2023                    2022                    2021

             Kenaikan (Penurunan)                                                                                    Increase (Decrease)
               tingkat suku bunga                                                                                           interest rate
               dalam basis poin:                                                                                         in basis point:
               Rupiah                                   125                       125                   (25)                     Rupiah
             Efek terhadap laba tahun                                                                           The effect on profit of the
               berjalan dan ekuitas:                                                                           current year and equity:
             Rupiah                                  62.007                    57.922              23.962                          Rupiah


         3) Risiko Harga Baja                                                     3) Steel Price Risk

             Risiko harga baja adalah risiko laba rugi atau                             Steel price risk is the risk to earnings or equity
             ekuitas yang timbul dari perubahan harga                                   arising from changes in commodity prices of
             komoditas baja di pasar dunia. Eksposur Entitas                            steel in the world market. The Entitiy’s and
             dan Entitas Anak terhadap risiko harga baja                                Subsidiary’s exposure to steel price risk
             terutama berkaitan dengan persediaan bahan                                 primarily relates to a ready supply of raw
             baku yang siap di produksi dan barang jadi yang                            materials in the production and finished goods
             tersedia untuk dijual.                                                     available-for-sale.

      b. Risiko Kredit                                                       l. b. Credit Risk

         Risiko kredit merupakan risiko atas kerugian                             Credit risk represents the risk of financial loss of the
         keuangan Entitas dan Entitas Anak jika pelanggan                         Entity and Subsidiary if any customer or other party
         atau pihak lain dari instrumen keuangan gagal                            of a financial instrument fails to meet contractual
         memenuhi liabilitas kontraktualnya.                                      liabilities.




                                                                 116
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                      (Expressed in Millions of Rupiah, unless otherwise stated)
39.   MANAJEMEN RISIKO KEUANGAN - Lanjutan                              39.     FINANCIAL RISK MANAGEMENT - Continued

      b. Risiko Kredit - Lanjutan                                               b. Credit Risk - Continued

         PT SEI, Entitas Anak, tidak terpengaruh oleh risiko                       PT SEI, Subsidiary, is not affected by credit risk due
         kredit karena penjualan dilakukan secara tunai dan                        to sales made in cash and payment in advance before
         pembayaran dilakukan di depan sebelum                                     delivery.
         pengiriman.

         Eksposur atas risiko kredit                                               Exposure of credit risk

         Nilai tercatat dari aset keuangan mencerminkan nilai                      The carrying amount of the financial asset reflects
         eksposur kredit maksimum. Nilai eksposur kredit                           the value of the maximum credit exposure. The
         maksimum pada tanggal laporan posisi keuangan                             maximum credit exposure value on the consolidated
         konsolidasian adalah sebagai berikut:                                     statement of financial position as follows:

                                                   Nilai Tercatat/Carrying Amount
                                                2023             2022            2021

         Pinjaman yang diberikan
           dan piutang                                                                                          Loans and Receivables
         Piutang usaha                          1.134.793               1.159.861            1.019.584               Trade receivables
         Bank                                      78.800                  47.814               48.398                  Cash in banks
         Piutang lain-lain                          1.463                   1.705                1.618               Other receivables
         Piutang pihak berelasi                         7                       7                    7         Due from related parties
         Jumlah                                 1.215.063               1.209.387            1.069.607                              Total

         Manajemen berkeyakinan bahwa cadangan kerugian                            Management believes that the allowance for
         penurunan nilai piutang tersebut cukup untuk                              impairment losses on receivables is adequate to
         menutup kemungkinan adanya kerugian atas tidak                            cover possible losses on uncollectible accounts
         tertagihnya piutang usaha.                                                receivable.

      c. Risiko Likuiditas                                                    m.c. Liquidity Risk

         Risiko likuiditas timbul jika Entitas dan Entitas Anak                    Liquidity risk arises if the Entity and Subsidiary are
         mengalami kesulitan untuk memenuhi liabilitas                             having difficulty to fulfill financial liabilities in
         keuangan sesuai dengan waktu maupun jumlah yang                           accordance with the time limit and previously agreed
         telah ditetapkan sebelumnya. Manajemen risiko                             amount. Management liquidity risk means
         likuiditas berarti menjaga kecukupan saldo kas dan                        maintaining sufficient cash and cash equivalents in
         setara kas dalam upaya pemenuhan liabilitas                               order to fulfill financial liabilities of the Entity and
         keuangan Entitas dan Entitas Anak. Entitas dan                            Subsidiary. The Entity and Subsidiary manage
         Entitas Anak mengelola risiko likuiditas dengan                           liquidity risk by monitoring forecast and actual cash
         pengawasan proyeksi dan arus kas aktual secara                            flows and continuous monitoring on the due dates of
         terus-menerus serta pengawasan tanggal jatuh tempo                        financial liabilities.
         liabilitas keuangan.

         Rincian kontraktual jatuh tempo liabilitas keuangan                       Details of the contractual maturities of financial
         (tidak termasuk bunga) yang dimiliki adalah sebagai                       liabilities (excluding interest) held are as follows:
         berikut:




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                            PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                        ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                    NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                      STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                           As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                        December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                 (Expressed in Millions of Rupiah, unless otherwise stated)
39.   MANAJEMEN RISIKO KEUANGAN - Lanjutan                         39.      FINANCIAL RISK MANAGEMENT - Continued
                                                                         n.
      c. Risiko Likuiditas - Lanjutan                                    o. c. Liquidity Risk - Continued

                                                   31 Desember 2023/December 31, 2023
                               Kurang dari   1 sampai     2 sampai     3 sampai     4 sampai       Lebih dari
                                 1 tahun/    2 tahun/     3 tahun/     4 tahun/     5 tahun/        5 tahun/
                               Less than     1 up to      2 up to      3 up to      4 up to        More than
                                 1 year      2 years      3 years      4 years      5 years         5 years
         Utang bank             1.757.746             -            -            -            -               -            Bank loans
         Utang usaha              269.867             -            -            -            -               -       Trade payables
         Beban masih                                                                                                        Accrued
           harus dibayar           26.704            -             -              -            -             -            expenses
         Liabilitas jangka                                                                                            Other current
           pendek lainnya          14.758            -             -              -            -             -           liabilities
         Utang jangka                                                                                                      Long-term
           panjang:                                                                                                     liabilities:
           Bank                       708           -            -                -           -              -               Bank
           Liabilitas sewa          7.406      20.407       13.843                -           -              -     Lease liabilities
           Utang obligasi         197.250     135.000      211.300                -         800              -      Bonds payable
           Utang sukuk            113.650      50.000      141.100                -       10.900             -      Sukuk payable

         Jumlah                 2.388.089     205.407      366.243                -       11.700             -                  Total


                                                   31 Desember 2022/December 31, 2022
                               Kurang dari   1 sampai     2 sampai     3 sampai     4 sampai       Lebih dari
                                 1 tahun/    2 tahun/     3 tahun/     4 tahun/     5 tahun/        5 tahun/
                               Less than     1 up to      2 up to      3 up to      4 up to        More than
                                 1 year      2 years      3 years      4 years      5 years         5 years
         Utang bank             2.069.716             -            -            -            -               -            Bank loans
         Utang usaha              259.285             -            -            -            -               -       Trade payables
         Beban masih                                                                                                        Accrued
           harus dibayar           19.591            -             -              -            -             -            expenses
         Liabilitas jangka                                                                                             Other current
           pendek lainnya           9.547            -             -              -            -             -           liabilities
         Utang jangka                                                                                                      Long-term
           panjang:                                                                                                     liabilities:
           Bank                    88.330         708            -                -            -             -                Bank
           Liabilitas sewa         22.532      21.363       15.301            2.687            -             -     Lease liabilities
           Utang obligasi          15.000           -      184.000                -            -             -      Bonds payable
           Utang sukuk            100.000           -      101.000                -            -             -      Sukuk payable


         Jumlah                 2.584.001      22.071      300.301            2.687            -             -                  Total




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
39.   MANAJEMEN RISIKO KEUANGAN - Lanjutan                            39.      FINANCIAL RISK MANAGEMENT - Continued
                                                                            p.
      c. Risiko Likuiditas - Lanjutan                                       q. c. Liquidity Risk - Continued
                                                                            r.
                                                      31 Desember 2021/December 31, 2021
                                  Kurang dari   1 sampai     2 sampai     3 sampai     4 sampai          Lebih dari
                                    1 tahun/    2 tahun/     3 tahun/     4 tahun/     5 tahun/           5 tahun/
                                  Less than     1 up to      2 up to      3 up to      4 up to           More than
                                    1 year      2 years      3 years      4 years      5 years            5 years
         Utang bank                1.838.460             -            -            -            -                  -              Bank loans
         Utang usaha                 387.828             -            -            -            -                  -           Trade payables
         Beban masih                                                                                                                 Accrued
           harus dibayar             18.129              -            -                -            -              -              expenses
         Liabilitas jangka                                                                                                       Other current
           pendek lainnya            16.641              -            -                -            -              -               liabilities
         Utang jangka                                                                                                               Long-term
           panjang:                                                                                                               liabilities:
           Bank                     154.064       88.330          708                  -            -              -                    Bank
           Liabilitas sewa            9.846        8.732        8.223              3.957            -              -         Lease liabilities
           Utang obligasi           101.000            -       49.000                  -            -              -          Bonds payable
           Utang sukuk               99.000            -       51.000                  -            -              -          Sukuk payable

         Jumlah                   2.624.968       97.062      108.931              3.957            -              -                    Total



40.   PENGELOLAAN PERMODALAN                                          40.    CAPITAL MANAGEMENT

      Tujuan utama Entitas dan Entitas Anak dalam hal                        The main objectives of the Entity and Subsidiary in
      pengelolaan modal adalah mengoptimalisasi saldo utang                  managing capital are to optimize the balance of debt and
      dan ekuitas Entitas dan Entitas Anak dalam rangka                      equity in order to maintain the Entity’s and Subsidiary’s
      mempertahankan perkembangan bisnis di masa depan                       future business growth and maximize the shareholder’s
      dan memaksimalkan nilai pemegang saham.                                value.

      Entitas dan Entitas Anak mengelola struktur modal dan                  The Entity and Subsidiary manage their capital structure
      membuat penyesuaian yang diperlukan dengan                             and makes necessary adjustments by considering the
      memperhatikan perubahan kondisi ekonomi dan tujuan                     changes in economic conditions and the Entity’s and
      strategis Entitas dan Entitas Anak.                                    Subsidiary’s strategic objectives.

      Untuk menjaga dan menyesuaikan struktur modal.                         To maintain and adjust the capital structure, the Entity
      Entitas mungkin menerbitkan saham baru, memperoleh                     and Subsidiary may issue new shares, obtain new
      pinjaman baru atau melakukan pelunasan pinjaman.                       borrowings or make repayment.

                                                2023               2022                    2021

      Liabilitas Neto                                                                                                         Net Liabilities
        Jumlah Liabilitas                       3.353.362          3.261.396               3.310.209                     Total Liabilities
                                                                                                                        Less: Cash on Hand
      Dikurangi: Kas dan Bank                   (176.938)             (50.178)              (50.092)                         and in Banks

      Jumlah Liabilitas Neto                    3.176.424          3.211.218               3.260.117                    Total Net Liabilities
      Jumlah Ekuitas Disesuaikan                3.399.057          2.943.362               2.701.090                   Total Adjusted Equity

      Rasio Liabilitas terhadap
       Ekuitas Disesuaikan                             0,93                 1,09                  1,21    Debt to Adjusted Equity Ratio




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                     PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                                 ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                             NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                               STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                    As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                                 December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                            (Expressed in Millions of Rupiah, unless otherwise stated)
41.   SEGMEN OPERASI                                                          41.       OPERATING SEGMENT

      Dalam mengidentifikasi segmen operasi Entitas dan                                 In identifying the Entity and Subsidiary operating
      Entitas Anak, manajemen melihat dari jenis usaha                                  segments, the management categorizes the Entity and
      berdasarkan sifat produk dan jasa yang mewakili                                   Subsidiary business based on nature of the Entity and
      kegiatan utama usaha Entitas dan Entitas Anak yaitu pipa                          Subsidiary products and services that represent main
      baja las lurus, pipa baja las spiral, strip dan plat serta jasa                   activities of the Entity and Subsidiary business: steel pipe
      dan lain-lain.                                                                    mill, spiral steel pipe mill, strips and plate and services
                                                                                        and others.

      Informasi konsolidasian berdasarkan segmen operasi                                The following table sets forth the consolidated
      adalah sebagai berikut:                                                           information based on their operating segments:

                                                       31 Desember 2023/December 31, 2023
                                                      Pipa Baja                  Jasa dan
                                      Pipa Baja       Las Spiral/  Strip dan    Lain-Lain/
                                     Las Lurus/      Spiral Steel  Plat/Strips Services and                  Jumlah/
                                   Steel Pipe Mill    Pipe Mill   and Plate       Others                      Total

      Penjualan dan                                                                                                                 Sales and service
        pendapatan jasa                4.643.731      1.242.916          542.714                25.968        6.455.329                   revenues
      Beban pokok pendapatan          (3.875.316)    (1.037.246)        (452.909)              (21.671)      (5.387.142)            Cost of revenues

      Laba kotor                         768.415        205.670           89.805                 4.297        1.068.187                  Gross profit
      Pendapatan lain-lain                     -              -                -                     -          143.118                 Other income
      Beban penjualan dan                                                                                                    Selling and distribution
        distribusi                              -              -                    -                -         (160.557)                  expenses
      Beban umum dan                                                                                                                     General and
        administrasi                            -              -                    -                -         (144.052)   administrative expenses
      Beban keuangan                            -              -                    -                -         (237.188)         Financial expenses
      Beban lain-lain                           -              -                    -                -          (28.924)              Other expenses

      Laba sebelum taksiran                                                                                                  Income before provision
        penghasilan (beban)                                                                                                        for tax income
        pajak                                   -              -                    -                -         640.584                   (expense)

      Jumlah taksiran beban                                                                                                   Total provision for tax
        pajak                                   -              -                    -                -         (142.525)                   expense
      Laba bersih tahun berjalan                                                                               498.059        Net income for the year

      Informasi-informasi lain                                                                                                   Other Information
      Total aset                                -              -                    -                -        7.971.708                  Total Assets
      Total liabilitas                          -              -                    -                -        3.353.362               Total liabilities
      Ekuitas - neto                            -              -                    -                -        4.618.346                   Equity - net
                                                                                                                                    Depreciation and
      Penyusutan dan amortisasi                 -              -                    -                -           8.054                amortization
      Penambahan aset tetap                     -              -                    -                -         127.208       Additions of fixed assets




                                                                        120
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                            ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                        NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                          STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                               As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                            December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                       (Expressed in Millions of Rupiah, unless otherwise stated)
41.   SEGMEN OPERASI - Lanjutan                                          41.       OPERATING SEGMENT - Continued

                                                       31 Desember 2022/December 31, 2022
                                                      Pipa Baja                  Jasa dan
                                      Pipa Baja       Las Spiral/  Strip dan    Lain-Lain/
                                     Las Lurus/      Spiral Steel  Plat/Strips Services and          Jumlah/
                                   Steel Pipe Mill    Pipe Mill   and Plate       Others              Total

      Penjualan dan                                                                                                        Sales and service
        pendapatan jasa                4.387.950      1.214.473      608.522            45.000       6.255.945                   revenues
      Beban pokok pendapatan          (3.855.857)    (1.067.203)    (534.731)          (39.543)     (5.497.334)            Cost of revenues

      Laba kotor                        532.093         147.270       73.791             5.457         758.611                  Gross profit
      Pendapatan lain-lain                    -               -            -                 -         154.567                 Other income
      Beban penjualan dan                                                                                           Selling and distribution
        distribusi                              -             -                -             -        (138.190)                  expenses
      Beban umum dan                                                                                                            General and
        administrasi                            -             -                -             -        (124.364)   administrative expenses
      Beban keuangan                            -             -                -             -        (200.744)         Financial expenses
      Beban lain-lain                           -             -                -             -         (56.649)              Other expenses

      Laba sebelum taksiran                                                                                         Income before provision
        penghasilan (beban)                                                                                               for tax income
        pajak                                   -             -                -             -         393.231                  (expense)

      Jumlah taksiran beban                                                                                          Total provision for tax
        pajak                                   -             -                -             -         (87.382)                   expense
      Laba bersih tahun berjalan                                                                       305.849      Net income for the year

      Informasi-informasi lain                                                                                          Other Information
      Total aset                                -             -                -             -       7.405.931                  Total Assets
      Total liabilitas                          -             -                -             -       3.261.396               Total liabilities
      Ekuitas - neto                            -             -                -             -       4.144.535                   Equity - net
                                                                                                                           Depreciation and
      Penyusutan dan amortisasi                 -             -                -             -           7.740               amortization
      Penambahan aset tetap                     -             -                -             -         270.341      Additions of fixed assets




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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                                  PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                              ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                          NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                            STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                                 As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                              December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                         (Expressed in Millions of Rupiah, unless otherwise stated)
41.   SEGMEN OPERASI - Lanjutan                                            41.       OPERATING SEGMENT - Continued

                                                        31 Desember 2021/December 31, 2021
                                                       Pipa Baja                  Jasa dan
                                      Pipa Baja        Las Spiral/   Strip dan   Lain-Lain/
                                     Las Lurus/       Spiral Steel  Plat/Strips Services and            Jumlah/
                                   Steel Pipe Mill     Pipe Mill    and Plate      Others                Total

      Penjualan dan                                                                                                             Sales and service
        pendapatan jasa                3.875.148         879.501      560.621               63.538       5.378.808                    revenues
      Beban pokok pendapatan          (3.068.237)       (696.365)    (443.884)             (50.308)     (4.258.794)             Cost of revenues

      Laba kotor                        806.911          183.136      116.737               13.230       1.120.014                   Gross profit
      Pendapatan lain-lain                    -                -            -                    -         136.284                  Other income
      Beban penjualan dan                                                                                                Selling and distribution
        distribusi                              -                -               -               -        (196.518)                   expenses
      Beban umum dan                                                                                                                 General and
        administrasi                            -                -               -               -        (190.510)    administrative expenses
      Beban keuangan                            -                -               -               -        (174.578)          Financial expenses
      Beban lain-lain                           -                -               -               -         (35.290)               Other expenses

      Laba sebelum taksiran                                                                                              Income before provision
        penghasilan (beban)                                                                                                    for tax income
        pajak                                   -                -               -               -          659.402                  (expense)

      Jumlah taksiran beban                                                                                               Total provision for tax
        pajak                                   -                -               -               -        (173.341)                    expense
      Laba bersih tahun berjalan                                                                            486.061      Net income for the year

      Informasi-informasi lain                                                                                               Other Information
      Total aset                                -                -               -               -      7.097.322                    Total Assets
      Total liabilitas                          -                -               -               -      3.310.209                 Total liabilities
      Ekuitas - neto                            -                -               -               -      3.787.113                     Equity - net
                                                                                                                                Depreciation and
      Penyusutan dan amortisasi                 -                -               -               -          8.472                 amortization
      Penambahan aset tetap                     -                -               -               -        142.407        Additions of fixed assets


      Penjualan dan pendapatan jasa berdasarkan lokasi                               Sales and service revenues according to region based on
      pelanggan untuk tahun yang berakhir pada tanggal                               customers     location    for    the    years    ended
      31 Desember 2023, 2022 dan 2021 adalah sebagai                                 December 31, 2023, 2022 and 2021 are as follows:
      berikut:

                                                     2023              2022                     2021

      Lokal                                                                                                                         Domestic
      Jawa Timur                                     2.117.867         1.873.890                1.495.719                           East Java
      DKI Jakarta                                    1.932.821         2.115.701                1.603.070                         DKI Jakarta
      Jawa Barat dan Banten                          1.211.696         1.160.195                  886.184                West Java and Banten
      Jawa Tengah dan Yogyakarta                       302.068           269.035                  252.804         Central Java and Yogyakarta
      Wilayah Sulawesi                                 213.562           171.494                  109.161                     Sulawesi Region
      Wilayah Kalimantan                               195.880           177.416                  219.082                  Kalimantan Region
      Wilayah Sumatera                                 177.120           131.971                  168.569                    Sumatera Region
      Wilayah Lainnya                                   61.457           103.608                  111.537                              Others
      Sub-jumlah                                     6.212.471         6.003.310                4.846.126                              Sub-total
      Ekspor                                           242.858           252.635                  532.682                                Export
      Jumlah                                         6.455.329         6.255.945                5.378.808                                   Total




                                                                     122
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                              PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                          ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                      NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                        STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                             As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                          December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                     (Expressed in Millions of Rupiah, unless otherwise stated)
42.   REKONSILIASI             ARUS    KAS       AKTIVITAS             42.     RECONCILIATION OF CASH                 FLOW        FROM
      PENDANAAN                                                                FINANCING ACTIVITIES

                                                                             Perubahan
                                                                              non-kas/
                                   1 Januari 2023/    Arus kas/              Non-cash     31 Desember 2023/
                                  January 1, 2023    Cash flows              changes      December 31, 2023

      Liabilitas sewa                       61.883          (20.569)               342                41.656              Lease liabilities
      Utang bank jangka pendek           2.069.716         (306.437)            (5.533)            1.757.746       Short-term bank loans
      Utang bank jangka panjang             89.038          (88.330)                 -                   708       Long-term bank loans
      Utang obligasi                       199.000          345.350                  -               544.350               Bonds payable
      Utang sukuk                          201.000          114.650                  -               315.650               Sukuk payable
      Utang pihak berelasi                   6.205           (6.205)                 -                   -          Due to related parties

      Jumlah liabilitas dari                                                                                         Total liabilities from
        aktivitas pendanaan              2.626.842          38.459              (5.191)            2.660.110        financing activities


                                                                             Perubahan
                                                                              non-kas/
                                   1 Januari 2022/    Arus kas/              Non-cash     31 Desember 2022/
                                  January 1, 2022    Cash flows              changes      December 31, 2022

      Liabilitas sewa                       30.758           28.802              2.323                61.883              Lease liabilities
      Utang bank jangka pendek           1.838.460          231.256                  -             2.069.716       Short-term bank loans
      Utang bank jangka panjang            243.102         (154.064)                 -                89.038       Long-term bank loans
      Utang obligasi                       150.000           49.000                  -               199.000               Bonds payable
      Utang sukuk                          150.000           51.000                  -               201.000               Sukuk payable
      Utang pihak berelasi                   6.205                -                  -                 6.205        Due to related parties
      Jumlah liabilitas dari                                                                                         Total liabilities from
        aktivitas pendanaan              2.418.525         205.994               2.323             2.626.842        financing activities


                                                                             Perubahan
                                                                              non-kas/
                                   1 Januari 2021/    Arus kas/              Non-cash     31 Desember 2021/
                                  January 1, 2021    Cash flows              changes      December 31, 2021

      Liabilitas sewa                        6.604           20.358              3.796                30.758              Lease liabilities
      Utang bank jangka pendek           1.877.269          (38.809)                 -             1.838.460       Short-term bank loans
      Utang bank jangka panjang            417.538         (174.436)                 -               243.102       Long-term bank loans
      Utang obligasi                             -          150.000                  -               150.000               Bonds payable
      Utang sukuk                                -          150.000                  -               150.000               Sukuk payable
      Utang pihak berelasi                   6.205                -                  -                 6.205        Due to related parties
      Jumlah liabilitas dari                                                                                         Total liabilities from
        aktivitas pendanaan              2.307.616         107.113               3.796             2.418.525        financing activities




                                                                123
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                            PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                        ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                    NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                      STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                           As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                        December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                   (Expressed in Millions of Rupiah, unless otherwise stated)
43.   TRANSAKSI NON KAS                                              43.     NON-CASH TRANSACTIONS

      Untuk tahun yang berakhir 31 Desember 2023, 2022 dan                   For the years ended December 31, 2023, 2022 and 2021,
      2021, terdapat beberapa akun dalam laporan keuangan                    the addition of several accounts in the financial
      yang penambahannya merupakan aktivitas yang tidak                      statements, represents activity that does not affect cash
      mempengaruhi arus kas. Akun-akun tersebut adalah                       flows. The accounts are as follows:
      sebagai berikut:

                                             2023                2022                    2021

                                                                                                       Addition of property, plant and
      Penambahan aset tetap non kas                                                                             equipment non cash
        (lihat Catatan 12)                      64.123               166.395                36.849                    (see Note 12)

                                                                                                          Acquisitions of assets under
      Penambahan aset sewa                                                                                    finance lease through
        pembiayaan melalui liabilitas                                                                               lease liabilities
        sewa (lihat Catatan 12)                     342                    2.323              3.730                   (see Note 12)

                                                                                                           Addition of property, plant
      Penambahan aset tetap melalui                                                                         and equipment through
        revaluasi (lihat Catatan 12)                  -              136.158                       -      revaluation (see Note 12)



44.   INFORMASI TAMBAHAN                                             44.     SUPPLEMENTARY INFORMATION

      Informasi keuangan Entitas (entitas induk) terlampir                   The accompanying financial information of the Entity
      yang terdiri dari laporan posisi keuangan tanggal                      (parent), which comprises the statements of financial
      31 Desember 2023, 2022 dan 2021, serta laporan laba                    position as of December 31, 2023, 2022 and 2021 and
      rugi dan penghasilan komprehensif lain, laporan                        the statements of profit or loss and other comprehensive
      perubahan ekuitas, dan laporan arus kas untuk tahun                    income, statement of changes in equity, and statements
      yang berakhir pada tanggal tersebut (secara kolektif                   of cash flows for the years ended (collectively referred as
      disebut sebagai “Informasi Keuangan Entitas Induk”)                    “Parent Financial Information”) which are presented as
      yang disajikan sebagai informasi tambahan terhadap                     supplementary information to the consolidated financial
      laporan keuangan konsolidasian, disajikan untuk tujuan                 statements, is presented for the purposes of additional
      analisis tambahan dan bukan merupakan bagian dari                      analysis and is not a required part of the consolidated
      laporan keuangan konsolidasian yang diharuskan                         financial statements under Indonesian Financial
      menurut Standar Akuntansi Keuangan di Indonesia.                       Accounting Standards. The Parent Financial
      Informasi Keuangan Entitas Induk merupakan tanggung                    Information is the responsibility of management and was
      jawab dari manajemen serta dihasilkan dari dan                         derived from and relates directly to the underlying
      berkaitan secara langsung dengan catatan akuntansi dan                 accounting and other records used to prepare the
      catatan lainnya yang mendasarinya yang digunakan                       consolidated financial statements.
      untuk menyusun laporan keuangan konsolidasian.




                                                               124
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                               PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                           ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                       NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                         STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                              As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                           December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                      (Expressed in Millions of Rupiah, unless otherwise stated)
45.   KOMITMEN DAN KONTINJENSI                                          45.    COMMITMENT AND CONTINGENCY

      Komitmen                                                                 Commitment

      Komitmen Jual                                                            Sales Commitment

      Entitas berkomitmen untuk menjual pipa baja kepada                       The Entity is committed to selling steel pipes to all of its
      semua pelanggannya, tidak terdapat penjualan yang                        customers, no sales are bound by a sales contract. But
      diikat dengan kontrak penjualan. Namun hanya terikat                     only tied to a regular purchase order.
      dengan pesanan pembelian biasa.

      Komitmen Beli                                                            Purchase Commitment

      Entitas berkomitmen untuk membeli coil dan strip                         The Entity is committed to purchasing coils and strips
      kepada pemasok lokal dan pemasok impor. Pemasok                          from local suppliers and imported suppliers. Local
      lokal yaitu PT Krakatau Steel Tbk, PT Sarana Steel,                      suppliers are PT Krakatau Steel Tbk, PT Sarana Steel,
      PT Gunung Raja Paksi, PT Essar Indonesia, dan                            PT Gunung Raja Paksi, PT Essar Indonesia, and
      PT Jindal Stainless Indonesia. Sedangkan pemasok                         PT Jindal Stainless Indonesia. Meanwhile, import
      impor yaitu Hyundai Steel, JFE, Posco, dan Arcelor.                      suppliers are Hyundai Steel, JFE, Posco, and Arcelor.

      Kontinjensi                                                              Contingency

      Pada saat laporan keuangan ini diterbitkan, Entitas tidak                At the time financial statements are published, Entity not
      sedang tersangkut perkara pidana, perkara perdata,                       being caught or criminal cases and civil cases and or
      administratif dengan instansi pemerintah yang                            bankruptcy and or other disputes or matters judiciary
      berwenang. Demikian pula entitas tidak pernah                            and taxes and or administrative disputes with the
      dinyatakan pailit atas baik permohonan sendiri maupun                    government authorities. Similarly Entities not been
      permohonan pihak lain. Bahwa Entitas tidak pernah                        declared bankrupt over a request either own or at the
      dihukum karena melakukan tindak pidana yang                              request of the other party and that the Company or
      merugikan Negara.                                                        management is not been convicted of a crime that harms
                                                                               the State.


46.   PERISTIWA SETELAH TANGGAL PELAPORAN                               46.    EVENT AFTER REPORTING PERIOD

      PT Bank Central Asia Tbk                                                 PT Bank Central Asia Tbk

      Berdasarkan surat No. 30108/GBK/2024 tanggal                             Based on letter No. 30108/GBK/2024 dated
      20 Februari 2024 mengenai pemberitahuan perpanjangan                     February 20, 2024 regarding notification of credit
      fasilitas kredit, Bank setuju untuk memperpanjang                        facility extension, the Bank agreed to extend the term of
      jangka waktu fasilitas kredit, dengan rincian sebagai                    the credit facility, with the following details:
      berikut:

                         Fasilitas/                        Maksimum Kredit/                               Jatuh Tempo/
                        Facilities                         Maximum Credit                                 Maturity Date

      Valuta asing/Foregn Exchange                           USD 20.000                                   28 April 2024/April 28, 2024
      Kredit Lokal/Local Credit                               Rp 100.000                                  28 April 2024/April 28, 2024
      Kredit Multi Facility/Multy Facility Credit            USD 105.000                                  28 April 2024/April 28, 2024
      Time Loan Revolving                                     Rp 440.000                                  28 April 2024/April 28, 2024
      Bank Garansi/Bank Guarantee                             Rp 30.000                                   28 April 2024/April 28, 2024
      Nego/Diskonto/Negotiation /Discounts                    USD 5.000                                   28 April 2024/April 28, 2024

      Syarat dan ketentuan terkait fasilitas kredit ini sama                   The terms and conditions related to this credit facility are
      dengan perjanjian kredit sebelumnya (lihat Catatan 16).                  the same as the previous credit agreement (see Note 16).




                                                                  125
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk DAN                             PT STEEL PIPE INDUSTRY OF INDONESIA Tbk AND
ENTITAS ANAKNYA                                                                                         ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN                                                     NOTES TO CONSOLIDATED FINANCIAL
KONSOLIDASIAN - Lanjutan                                                                       STATEMENTS - Continued
Pada dan Untuk Tahun-Tahun Yang Berakhir Tanggal                                            As of and For The Years Ended
31 Desember 2023, 2022, dan 2021                                                         December 31, 2023, 2022, and 2021

(Disajikan dalam Jutaan Rupiah, kecuali dinyatakan lain)                    (Expressed in Millions of Rupiah, unless otherwise stated)
46.   PERISTIWA SETELAH TANGGAL PELAPORAN                             46.    EVENT AFTER REPORTING PERIOD – Continued
      – Lanjutan

      PT Bank Shinhan Indonesia (Shinhan)                                    PT Bank Shinhan Indonesia (Shinhan)

      Berdasarkan surat No. 028/BSI-LSD/SBY/III/2024                         Based on letter No. 028/BSI-LSD/SBY/III/2024 dated
      tanggal 01 Maret 2024 mengenai Pemberitahuan                           March 01, 2024 regarding Notification of Credit
      Persetujuan Kredit, bahwa Shinhan telah menyetujui                     Approval, that Shinhan has approved the application for
      permohonan perpanjangan fasilitas kredit. Jangka waktu                 an extension of the credit facility. The term of the credit
      fasilitas kredit menjadi sebagai berikut:                              facility is as follows:

                       Fasilitas/                          Maksimum Kredit/                               Jatuh Tempo/
                      Facilities                           Maximum Credit                                 Maturity Date

      Fasilitas Omnibus Credit                                USD 8.000                                   3 Maret 2025/March 3, 2025
      Fasilitas Forex Forward Line                             USD 500                                    3 Maret 2025/March 3, 2025

      Syarat dan ketentuan terkait fasilitas kredit ini sama                 The terms and conditions related to this credit facility are
      dengan perjanjian kredit sebelumnya (lihat Catatan 16).                the same as the previous credit agreement (see Note 16).

      PT Bank CTBC Indonesia                                                 PT Bank CTBC Indonesia

      Berdasarkan surat No. CTBCI SBY-423/II-2024                            Based on letter No. CTBCI SBY-423/II-2024 regarding
      mengenai perubahan perjanjian fasilitas kredit, Bank                   changes to the credit facility agreement, the Bank agrees
      setuju untuk memperpanjang jangka waktu fasilitas                      to extend the term of the credit facility, with the following
      kredit, dengan rincian sebagai berikut:                                details:


                                                                               Maksimum Kredit/                  Jatuh Tempo/
                           Fasilitas/Facilities                                Maximum Credit                    Maturity Date

                                                                                                               19 Februari 2025/
       Fasilitas Omnibus Credit/Omnibus Credit Facility                            USD 5.000
                                                                                                               February 19, 2025
       Fasilitas Transaksi Valuta Asing/Foreign Exchange                                                       19 Februari 2025/
                                                                                    USD 500
       Transaction Facility                                                                                    February 19, 2025

      Syarat dan ketentuan terkait fasilitas kredit ini sama                 The terms and conditions related to this credit facility are
      dengan perjanjian kredit sebelumnya (lihat Catatan 16).                the same as the previous credit agreement (see Note 16).


47.   PENYELESAIAN            LAPORAN             KEUANGAN            47.    COMPLETION OF CONSOLIDATED FINANCIAL
      KONSOLIDASIAN                                                          STATEMENTS

      Manajemen Entitas dan Entitas Anak bertanggung jawab                   The management of the Entity and Subsidiary are
      atas penyusunan laporan keuangan konsolidasian yang                    responsible for the preparation of the consolidated
      telah diselesaikan pada tanggal 12 Maret 2024.                         financial statements which were completed on
                                                                             March 12, 2024.




                                                                126
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk                                   PT STEEL PIPE INDUSTRY OF INDONESIA Tbk
(ENTITAS INDUK)                                                                                    (PARENT ONLY)
INFORMASI TAMBAHAN                                                                   SUPPLEMENTARY INFORMATION
LAPORAN POSISI KEUANGAN                                                         STATEMENT OF FINANCIAL POSITION
31 DESEMBER 2023, 2022, DAN 2021                                                   DECEMBER 31, 2023, 2022, AND 2021


(Disajikan dalam Jutaan Rupiah dan Ribuan Mata Uang Asing, (Expressed in Millions of Indonesian Rupiah and Thousands of
kecuali dinyatakan lain)                                                       Foreign Currency, unless otherwise stated)
                                       2023               2022                  2021

ASET                                                                                                                 ASSETS

ASET LANCAR                                                                                             CURRENT ASSETS

Kas dan setara kas                        175.976                49.166                49.139      Cash on hand and in banks
Piutang usaha                                                                                               Trade receivables
  Pihak ketiga                          1.102.352           1.121.053              972.618                    Third parties
  Pihak berelasi                           32.386              38.750               46.886                  Related parties
Piutang lain-lain                                                                                           Other receivables
  Pihak ketiga                              1.446               1.688                1.605                    Third parties
Persediaan                              3.676.658           3.095.377            3.243.760                        Inventories
Pajak dibayar di muka                       5.551              62.317               68.844                     Prepaid taxes
Uang muka                                  10.000              21.760               29.640                          Advances
Biaya dibayar di muka                      69.138              10.180                9.123                  Prepaid expenses

Jumlah Aset Lancar                      5.073.507           4.400.291            4.421.615                Total Current Assets

ASET TIDAK LANCAR                                                                                 NON-CURRENT ASSETS

                                                                                                          Estimated claims for
Taksiran pajak penghasilan                      -              82.939                    -                        tax refund
Piutang pihak berelasi                        669                 442                  313           Due from related parties
Investasi pada entitas asosiasi            35.529              32.452               30.218          Investments in associates
Penyertaan saham                              900                 900                  900                    Stock investment
Aset tetap                              2.450.464           2.471.517            2.214.814      Property, plant and equipment
Properti investasi                          9.067               9.067                9.067              Investment properties
Aset takberwujud-neto                       2.772               8.347               13.922                 Intangible asset-net
Uang muka                                 399.295             396.339              401.789                            Advances
Aset tidak lancar lainnya                       -               3.853                4.816           Other non-current assets

Jumlah Aset Tidak Lancar                2.898.696           3.005.856            2.675.839           Total Non-Current Assets

JUMLAH ASET                             7.972.203           7.406.147            7.097.454                  TOTAL ASSETS




                                                           127
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PT STEEL PIPE INDUSTRY OF INDONESIA                                     PT STEEL PIPE INDUSTRY OF INDONESIA
(ENTITAS INDUK)                                                                                (PARENT ONLY)
INFORMASI TAMBAHAN                                                             SUPPLEMENTARY INFORMATION
LAPORAN POSISI KEUANGAN - Lanjutan                                STATEMENT OF FINANCIAL POSITION - Continued
31 DESEMBER 2023, 2022, DAN 2021                                              DECEMBER 31, 2023, 2022, AND 2021


(Disajikan dalam Jutaan Rupiah dan Ribuan Mata Uang Asing, (Expressed in Millions of Indonesian Rupiah and Thousands of
kecuali dinyatakan lain)                                                       Foreign Currency, unless otherwise stated)
                                           2023            2022               2021

LIABILITAS DAN EKUITAS                                                                         LIABILITIES AND EQUITY

LIABILITAS                                                                                                      LIABILITIES

LIABILITAS JANGKA PENDEK                                                                          CURRENT LIABILITIES

Utang bank jangka pendek                    1.757.746       2.069.716          1.838.460               Short-term bank loans
Utang usaha                                                                                                   Trade payables
  Pihak ketiga                                269.277         258.311            386.320                      Third parties
  Pihak berelasi                                  590             974              1.508                    Related parties
Utang pajak                                    59.258           1.593            118.659                       Taxes payable
Beban masih harus dibayar                      26.629          19.525             18.088                   Accrued expenses
Uang muka pelanggan                            36.144          21.296             17.869             Advance from customer
Liabilitas jangka pendek lainnya               14.757           9.546             16.640              Other current liabilities
Utang jangka panjang bagian yang                                                                        Long-term loan net of
  jatuh tempo dalam satu tahun:                                                                current maturities liabilities:
  Bank                                            709          88.330            154.064                                Bank
  Liabilitas sewa                              21.266          22.532              9.846                   Lease liabilities
  Utang obligasi                              197.250          15.000            101.000                    Bonds payable
  Utang sukuk ijarah                          113.650         100.000             99.000              Sukuk ijarah payable

Jumlah Liabilitas Jangka Pendek             2.497.276       2.606.823          2.761.454              Total Current Liabilities


LIABILITAS JANGKA PANJANG                                                                   NON-CURRENT LIABILITIES

Utang jangka panjang - setelah dikurangi                                                                   Long-term loan - net
  bagian jatuh tempo dalam satu tahun:                                                                 of current maturities:
  Bank                                              -             709             89.038                                 Bank
  Liabilitas sewa                              20.390          39.351             20.912                      Lease liabilities
  Utang obligasi                              347.100         184.000             49.000                       Bonds payable
  Utang sukuk ijarah                          202.000         101.000             51.000                Sukuk ijarah payable
Utang pihak berelasi                                -           6.205              6.205                  Due to a related party
Liabilitas pajak tangguhan                    199.755         208.440            176.451                 Deferred tax liabilities
Liabilitas imbalan kerja karyawan              86.759         114.793            155.481     Liabilities for employees' benefits
Keuntungan ditangguhkan atas transaksi                                                               Deferred gain on sale and
  sewa dan jual balik                               -               -                619                           leaseback

Jumlah Liabilitas Jangka Panjang              856.004         654.498            548.706         Total Non-Current Liabilities

JUMLAH LIABILITAS                           3.353.280       3.261.321          3.310.160               TOTAL LIABILITIES




                                                           128
Page 435
PT STEEL PIPE INDUSTRY OF INDONESIA                                    PT STEEL PIPE INDUSTRY OF INDONESIA
(ENTITAS INDUK)                                                                               (PARENT ONLY)
INFORMASI TAMBAHAN                                                            SUPPLEMENTARY INFORMATION
LAPORAN POSISI KEUANGAN - Lanjutan                               STATEMENT OF FINANCIAL POSITION - Continued
31 DESEMBER 2023, 2022, DAN 2021                                             DECEMBER 31, 2023, 2022, AND 2021


(Disajikan dalam Jutaan Rupiah dan Ribuan Mata Uang Asing, (Expressed in Millions of Indonesian Rupiah and Thousands of
kecuali dinyatakan lain)                                                       Foreign Currency, unless otherwise stated)
                                        2023              2022                2021

EKUITAS                                                                                                               EQUITY
Modal saham - nilai nominal                                                                           Capital stock - par value
  Rp 100 per saham (Rupiah penuh)                                                             Rp 100 per share (full amount)
  Modal dasar - 17.000.000.000                                                           Authorized capital - 17,000,000,000
  saham Modal ditempatkan dan disetor                                                           shares Issued and fully paid
  penuh - 7.185.992.035 saham             718.599            718.599             718.599      capital - 7,185,992,035 shares
Tambahan modal disetor - neto             500.880            500.880             500.880        Additional paid-in capital - net
Saham treasuri - 120.651.300 saham        (12.065)           (12.065)            (12.065) Treasury stocks - 120,651,300 shares
Saldo laba                                                                                                    Retained earnings
  Ditentukan penggunaannya                  30.000            20.000              10.000                        Appropriated
  Tidak ditentukan penggunaannya         2.162.253         1.716.300           1.483.929                     Unappropriated
Komponen ekuitas lainnya                 1.219.256         1.201.112           1.085.951              Other equity components

Jumlah Ekuitas                           4.618.923         4.144.826           3.787.294                           Total Equity

JUMLAH LIABILITAS                                                                                       TOTAL LIABILITIES
  DAN EKUITAS                            7.972.203         7.406.147           7.097.454                    AND EQUITY




                                                           129
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk                                   PT STEEL PIPE INDUSTRY OF INDONESIA Tbk
(ENTITAS INDUK)                                                                                    (PARENT ONLY)
INFORMASI TAMBAHAN                                                                   SUPPLEMENTARY INFORMATION
LAPORAN LABA RUGI DAN PENGHASILAN                                        STATEMENT OF PROFIT OR LOSS AND OTHER
KOMPREHENSIF LAIN                                                                         COMPREHENSIVE INCOME
UNTUK TAHUN-TAHUN YANG BERAKHIR PADA                                                        FOR THE YEARS ENDED
TANGGAL 31 DESEMBER 2023, 2022, DAN 2021                                           DECEMBER 31, 2023, 2022, AND 2021

(Disajikan dalam Jutaan Rupiah dan Ribuan Mata Uang Asing, (Expressed in Millions of Indonesian Rupiah and Thousands of
kecuali dinyatakan lain)                                                       Foreign Currency, unless otherwise stated)

                                            2023          2022                  2021

PENJUALAN DAN                                                                                            SALES AND SERVICE
  PENDAPATAN JASA                            6.455.275      6.255.844            5.378.697                      REVENUES

BEBAN POKOK PENDAPATAN                      (5.387.142)    (5.497.334)          (4.258.794)               COST OF REVENUES

LABA BRUTO                                   1.068.133       758.510             1.119.903                       GROSS PROFIT

Pendapatan lain-lain                           143.104        154.556              136.274                        Other income
Beban penjualan dan distribusi               (160.302)      (138.044)            (196.447)    Selling and distribution expenses
Beban umum dan administrasi                  (143.953)      (124.285)            (190.460) General and administrative expenses
Beban keuangan                               (237.188)      (200.744)            (174.578)                  Financial expenses
Beban lain-lain                               (28.924)       (56.652)             (35.288)                       Other expenses

LABA (RUGI) SEBELUM                                                                                     INCOME (LOSS) BEFORE
  TAKSIRAN PENGHASILAN                                                                                    PROVISION FOR TAX
  (BEBAN) PAJAK                               640.870        393.341              659.404                 INCOME (EXPENSE)

TAKSIRAN PENGHASILAN                                                                                       PROVISION FOR TAX
  (BEBAN) PAJAK:                                                                                         INCOME (EXPENSE):
  Kini                                       (156.327)       (87.874)            (160.412)                           Current
  Tangguhan                                     13.802            492             (12.924)                         Deferred

JUMLAH TAKSIRAN                                                                                          TOTAL PROVISION FOR
  BEBAN PAJAK                                (142.525)       (87.382)            (173.336)                    TAX EXPENSE

LABA PERIODE BERJALAN                         498.345        305.959              486.068         INCOME FOR THE PERIOD

PENGHASILAN                                                                                        OTHER COMPREHENSIVE
  KOMPREHENSIF LAIN                                                                                           INCOME

POS-POS YANG TIDAK AKAN                                                                                      ITEM NOT TO BE
  DIREKLASIFIKASI KE                                                                                      RECLASSIFIED TO
  LABA RUGI                                                                                                PROFIT OR LOSS
Surplus revaluasi                                   -        136.158                    -                    Revaluation surplus
Keuntungan (kerugian) aktuaria                 23.262         11.484               10.390                  Actuarial gain (losses)

Pajak penghasilan terkait pos-pos yang                                                            Income tax related to item not to
  tidak akan direklasifikasi ke laba rugi       (5.118)      (32.481)               (2.286)        be reclassified to profit or loss

PENGHASILAN KOMPREHENSIF
  LAIN TAHUN BERJALAN                                                                          COMPREHENSIVE INCOME FOR
  SETELAH PAJAK                                18.144        115.161                   8.104        THE YEAR NET OF TAX

JUMLAH LABA KOMPREHENSIF                                                                            TOTAL COMPREHENSIVE
  TAHUN BERJALAN                              516.489        421.120              494.172          INCOME FOR THE YEAR




                                                           130
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk                                                                                                                       PT STEEL PIPE INDUSTRY OF INDONESIA Tbk
(ENTITAS INDUK)                                                                                                                                                                         (PARENT ONLY)
INFORMASI TAMBAHAN                                                                                                                                                      SUPPLEMENTARY INFORMATION
LAPORAN PERUBAHAN EKUITAS                                                                                                                                            STATEMENT OF CHANGE IN EQUITY
UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL                                                                                                                                    FOR THE YEARS ENDED
31 DESEMBER 2023, 2022, DAN 2021                                                                                                                                       DECEMBER 31, 2023, 2022, AND 2021

                                                                                                                     (Expressed in Millions of Indonesian Rupiah and Thousands of Foreign Currency, unless
(Disajikan dalam Jutaan Rupiah dan Ribuan Mata Uang Asing, kecuali dinyatakan lain)                                                                                                       otherwise stated)

                                                                                                Komponen Ekuitas Lainnya/
                                      Modal                Tambahan                              Other Equity Components
                                Ditempatkan dan         Modal Disetor-          Saham           Surplus           Kerugian           Saldo Laba/Retained Earnings
                                  Disetor Penuh/              Neto/            diperoleh       Revaluasi/         Aktuaria/         Ditentukan        Tidak ditentukan
                                Issued and Fully       Additional Paid-in      kembali/       Revaluation        Actuarial        penggunaannya/      penggunaannya/     Jumlah Ekuitas/
                                  Paid Capital            Capital-Net       Treasury Stocks     Surplus            Losses          Appropriated       Unappropriated      Total Equity

                                                                                                                                                                                                         Balance as of
Saldo 1 Januari 2021                     718.599                 500.880           (12.065)      1.115.510             (37.663)                 -           1.050.253         3.335.514              January 1, 2021

Penghasilan komprehensif
  lainnya                                          -                    -                 -               -              8.104                  -                    -            8.104     Other comprehensive income

Pembentukan cadangan umum                          -                    -                 -               -                   -            10.000             (10.000)                 -   Allocation for general reserve

Dividen                                            -                    -                 -               -                   -                 -             (42.392)          (42.392)                       Dividend

Laba bersih periode berjalan                       -                    -                 -               -                   -                 -             486.068           486.068        Net income for the period

                                                                                                                                                                                                        Balance as of
Saldo 31 Desember 2021                   718.599                 500.880           (12.065)      1.115.510             (29.559)            10.000           1.483.929         3.787.294           December 31, 2021

Penghasilan komprehensif
  lainnya                                          -                    -                 -        106.203               8.958                  -                    -          115.161     Other comprehensive income

Pembentukan cadangan umum                          -                    -                 -               -                   -            10.000             (10.000)                 -   Allocation for general reserve

Dividen                                            -                    -                 -               -                   -                 -             (63.588)          (63.588)                       Dividend

Laba bersih periode berjalan                       -                    -                 -               -                   -                 -             305.959           305.959        Net income for the period

                                                                                                                                                                                                        Balance as of
Saldo 31 Desember 2022                   718.599                 500.880           (12.065)      1.221.713             (20.601)            20.000           1.716.300         4.144.826           December 31, 2022




                                                                                                        131
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk                                                                                                                       PT STEEL PIPE INDUSTRY OF INDONESIA Tbk
(ENTITAS INDUK)                                                                                                                                                                         (PARENT ONLY)
INFORMASI TAMBAHAN                                                                                                                                                      SUPPLEMENTARY INFORMATION
LAPORAN PERUBAHAN EKUITAS – Lanjutan                                                                                                                        STATEMENT OF CHANGE IN EQUITY - Continued
UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL                                                                                                                                    FOR THE YEARS ENDED
31 DESEMBER 2023, 2022, DAN 2021                                                                                                                                       DECEMBER 31, 2023, 2022, AND 2021

                                                                                                                     (Expressed in Millions of Indonesian Rupiah and Thousands of Foreign Currency, unless
(Disajikan dalam Jutaan Rupiah dan Ribuan Mata Uang Asing, kecuali dinyatakan lain)                                                                                                       otherwise stated)

                                                                                                Komponen Ekuitas Lainnya/
                                      Modal                Tambahan                              Other Equity Components
                                Ditempatkan dan         Modal Disetor-          Saham           Surplus           Kerugian           Saldo Laba/Retained Earnings
                                  Disetor Penuh/              Neto/            diperoleh       Revaluasi/         Aktuaria/         Ditentukan        Tidak ditentukan
                                Issued and Fully       Additional Paid-in      kembali/       Revaluation        Actuarial        penggunaannya/      penggunaannya/     Jumlah Ekuitas/
                                  Paid Capital            Capital-Net       Treasury Stocks     Surplus            Losses          Appropriated       Unappropriated      Total Equity

                                                                                                                                                                                                         Balance as of
Saldo 1 Januari 2023                     718.599                 500.880           (12.065)      1.221.713             (20.601)            20.000           1.716.300         4.144.826              January 1, 2023

Penghasilan komprehensif
  lainnya                                          -                    -                 -               -            18.144                   -                    -           18.144     Other comprehensive income

Pembentukan cadangan umum                          -                    -                 -               -                   -            10.000             (10.000)                 -   Allocation for general reserve

Dividen                                            -                    -                 -               -                   -                 -             (42.392)          (42.392)                       Dividend

Laba bersih periode berjalan                       -                    -                 -               -                   -                 -             498.345           498.345        Net income for the period

                                                                                                                                                                                                        Balance as of
Saldo 31 Desember 2023                   718.599                 500.880           (12.065)      1.221.713              (2.457)            30.000           2.162.253         4.618.923           December 31, 2023




                                                                                                        132
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk                                   PT STEEL PIPE INDUSTRY OF INDONESIA Tbk
(ENTITAS INDUK)                                                                                   (ENTITAS INDUK)
INFORMASI TAMBAHAN                                                                   SUPPLEMENTARY INFORMATION
LAPORAN ARUS KAS                                                                        STATEMENT OF CASH FLOWS
UNTUK TAHUN-TAHUN YANG BERAKHIR PADA                                                        FOR THE YEARS ENDED
TANGGAL 31 DESEMBER 2023, 2022, DAN 2021                                           DECEMBER 31, 2023, 2022, AND 2021

(Disajikan dalam Jutaan Rupiah dan Ribuan Mata Uang Asing,      (Expressed in Millions of Indonesian Rupiah and Thousands
kecuali dinyatakan lain)                                                      of Foreign Currency, unless otherwise stated)

                                      2023               2022                   2021

ARUS KAS DARI                                                                                          CASH FLOWS FROM
  AKTIVITAS OPERASI                                                                              OPERATING ACTIVITIES
Penerimaan kas dari pelanggan          6.500.401             6.111.879           5.209.375         Cash receipt from customers
Pembayaran kas kepada                                                                                    Cash paid to suppliers
  pemasok, karyawan dan lain-lain     (6.049.831)        (5.837.307)             (5.273.822)           employees and others

Kas yang dihasilkan dari operasi         450.570              274.572              (64.447)     Cash generated from operations

Pembayaran biaya keuangan               (237.188)            (200.743)            (174.578)             Payment of finance cost
Pembayaran pajak penghasilan            (102.416)            (105.393)             (47.798)              Payment of income tax
Penerimaan dari restitusi pajak           90.598                    -              155.714                 Receipt of tax refund
Penerimaan penghasilan keuangan              282                   88               20.831             Receipt of finance income

Kas Neto Diperoleh dari (Digunakan)                                                              Net Cash Provided by (Used In)
 untuk Aktivitas Operasi                 201.846               (31.476)           (110.278)               Operating Activities

ARUS KAS DARI                                                                                            CASH FLOWS FROM
 AKTIVITAS INVESTASI                                                                             INVESTING ACTIVITIES
                                                                                                 Proceeds from sale of property,
Hasil penjualan aset tetap                       -                975                  618                plant and equipment
                                                                                                        Acquisitions of property,
Perolehan aset tetap                     (63.087)            (103.949)            (105.557)               plant and equipment
Penambahan uang muka                                                                           Addition on advances of property,
  pembelian aset tetap                    (2.956)               (4.728)              (6.000)              plant and equipment
Pengurangan (Penambahan)                                                                                  Decrease (Addition) of
  aset tidak lancar lainnya                  3.853                963              152.386            other non-current assets
Pembayaran piutang berelasi                   (227)              (129)                 (58)       Payment of related receivable

Kas Neto Diperoleh dari (Digunakan)                                                              Net Cash Provided by (Used In)
 untuk Aktivitas Investasi               (62.417)            (106.868)              41.389                Investing Activities




                                                         133
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PT STEEL PIPE INDUSTRY OF INDONESIA Tbk                                   PT STEEL PIPE INDUSTRY OF INDONESIA Tbk
(ENTITAS INDUK)                                                                                   (ENTITAS INDUK)
INFORMASI TAMBAHAN                                                                   SUPPLEMENTARY INFORMATION
LAPORAN ARUS KAS - Lanjutan                                                   STATEMENT OF CASH FLOWS - Continued
UNTUK TAHUN-TAHUN YANG BERAKHIR PADA                                                        FOR THE YEARS ENDED
TANGGAL 31 DESEMBER 2023, 2022, DAN 2021                                           DECEMBER 31, 2023, 2022, AND 2021

(Disajikan dalam Jutaan Rupiah dan Ribuan Mata Uang Asing,      (Expressed in Millions of Indonesian Rupiah and Thousands
kecuali dinyatakan lain)                                                      of Foreign Currency, unless otherwise stated)

                                      2023               2022                   2021

ARUS KAS DARI                                                                                             CASH FLOWS FROM
  AKTIVITAS PENDANAAN                                                                              FINANCING ACTIVITIES
Pembayaran liabilitas sewa               (20.569)              (10.746)             (6.168)            Payment of lease liabilities
Penambahan liabilitas sewa                     -                39.548              26.526             Addition to lease liabilities
Pembayaran dividen                       (42.392)              (63.588)            (42.392)                     Dividend payment
Penambahan bersih dari utang bank                                                                    Net increase from short-term
  jangka pendek                        6.711.771             6.798.833           8.072.669                            bank loans
Penurunan bersih dari utang bank                                                                                    Decrease from
  jangka pendek                       (7.018.208)        (6.567.577)             (8.111.478)              short-term bank loans
Penerimaan utang obligasi                360.350            150.000                 150.000                 Receipt bonds payable
Pembayaran utang obligasi                (15.000)          (101.000)                      -                Payment bonds payable
Biaya emisi obligasi                      (4.922)            (1.995)                 (2.652)                  Bonds issuance costs
Penerimaan utang sukuk                   214.650            150.000                 150.000                 Receipt sukuk payable
Pembayaran utang sukuk                  (100.000)           (99.000)                      -                Payment sukuk payable
Biaya emisi sukuk                         (3.764)            (2.040)                 (2.690)                  Sukuk issuance costs
Pembayaran untuk utang                                                                                      Payments to long-term
  bank jangka panjang                    (88.330)            (154.064)            (174.436)                           bank loans
Penambahan (pembayaran)                                                                                      Addition (payment) of
  utang pihak berelasi                    (6.205)                    -                    -                  debt related parties

Kas Neto Diperoleh dari (Digunakan)                                                                Net Cash Provided by (Used In)
 Aktivitas Pendanaan                     (12.619)             138.371               59.379                  Financing Activities

                                                                                                 NET INCREASE (DECREASE)
KENAIKAN (PENURUNAN) NETO                                                                                   IN CASH AND
 KAS DAN SETARA KAS                      126.810                   27                (9.510)          CASH EQUIVALENTS

KAS DAN SETARA KAS                                                                             CASH AND CASH EQUIVALENTS
 AWAL TAHUN                               49.166               49.139               58.649         AT BEGINNING OF YEAR

                                                                                                    EFFECTS OF EXCHANGE
DAMPAK PERUBAHAN KURS                                                                              DIFFERENCES ON CASH
 PADA KAS DAN SETARA KAS                       -                     -                    -       AND CASH EQUIVALENTS

KAS DAN SETARA KAS                                                                             CASH AND CASH EQUIVALENTS
 AKHIR TAHUN                             175.976               49.166               49.139           AT THE END OF YEAR




                                                         134
Page 441

          
Page 442
PT STEEL PIPE INDUSTRY OF INDONESIA Tbk
SPINDO Head Office                      SPINDO Jakarta Office                              SPINDO Karawang (SKF)
Jl. Kalibutuh No. 189 - 191,            Gedung Baja, Lt. 7                                 Kawasan Industri Mitrakarawang (KIM),
Surabaya 60173, East Java, Indonesia    Jl. Pangeran Jayakarta No. 55                      Jl. Mitra Raya No. II Blok F2,
p : +6231 532 0921, 531 6921,           Jakarta 10730, Indonesia                           Karawang 41363, Indonesia
    +6231 532 0320, 535 3290,           p : +6221 6231 3502                                p : +6221 8911 5085, +62267 440 823
f : +6231 531 0712, 532 0290            f : +6221 624 0313                                 f : +62267 440 587
e : marketing@spindo.co.id              e : marketing.sjo@spindo.co.id                     e : marketing.skf@spindo.co.id




                                                          Spindo Sprinkler Pipe / Spindo




                      spindosteelpipe

                      facebook.com/spindosteelpipe

                              spindo

                      linkedin.com/company/spindo

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Names mentioned 128 people and organisations named in the text · linked when the evidence is strong

linked person Makmur Widjaja · Komisaris p.27 ×17
linked org Shinhan Sekuritas p.28 ×4
linked org Campina Ice Cream Industry Tbk p.29 ×11
linked person Endang Fifi Susanto · Komisaris p.30 ×5
linked org Saranacentral Bajatama Tbk p.30 ×10
linked person Bing Hartono Poernomosidi · Komisaris Independen p.31 ×10
linked org Integra Indocabinet Tbk p.31 ×5
linked org Langgeng Makmur Industry Tbk p.31 ×5
linked org Trias Sentosa Tbk p.31 ×5
linked org Sekar Laut Tbk p.31 ×5
linked person Ibnu Susanto · Direktur Utama p.33 ×16
linked person Tikman Utomo · Direktur p.33 ×6
linked person Tedja Sukmana Hudianto · Wakil Direktur Utama p.33 ×7
linked person Soediarto Soerjoprahono · Direktur p.33 ×6
linked person The, Hanny Purnomo · Direktur p.33 ×7
linked org Sarana Steel p.39 ×9
linked org Itochu Corporation p.52 ×3
linked person Bastianus Fritz Josef Lumanauw p.73
linked person Nico Gunawan p.73 ×2
linked org Dana Pensiun p.90
possible org Bursa Efek Indonesia p.16 ×4
possible — Maju Selaras p.39 ×2
possible org PT Cakra Bhakti Para Putra p.39 ×13
possible person Dr. Irawan Soerodjo p.46 ×5
possible person Dwi Santoso p.73
possible org Otoritas Jasa Keuangan p.156 ×3
unresolved org PT Steel Pipe Industry p.3 ×149
unresolved org Indonesia Tbk p.3 ×149
unresolved person Organ · Komisaris p.5
unresolved person Supporting Organs · Komisaris p.5
unresolved org Indonesia Stock Exchange p.16 ×5
unresolved org Pimpinan Daerah Sumatera Utara p.22 ×2
unresolved org Financial Services Authority p.26 ×3
unresolved person Ingewati p.27 ×2
unresolved — Kong Ay Ing · Komisaris p.27
unresolved org PT Shinhan Sekuritas Indonesia p.28 ×4
unresolved org PT Makinta Securities p.28 ×4
unresolved org Bhakti Investama Tbk p.28 ×4
unresolved org PT Bali Securities p.28 ×2
unresolved org PT Brushindo Cemerlang p.28 ×2
unresolved org PT Waykandis p.28 ×2
unresolved org Jaya Pari Steel Tbk p.31 ×4
unresolved org PT Semen Indogreen Indonesia p.31 ×2
unresolved org Kota Nusantara p.38
unresolved org PT Mitra Graha Andalan p.39 ×2
unresolved org PT Buana Maju Selaras p.39 ×2
unresolved org PT Ready Indah p.39 ×4
unresolved org Sarana Central Bajatama Tbk p.39 ×8
unresolved org PT Indometal Centraltama Industri p.39 ×2
unresolved org PT Radjin Steel Pipe Industry p.39 ×4
unresolved org PT Nugraha Purnama p.39 ×4
unresolved org PT Cahaya Onderdil Sepeda p.39 ×2
unresolved org PT Djawa Mulia p.39 ×2
unresolved org PT Fuji Technologi Indonesia p.39 ×2
unresolved org PT Djawa Indah p.39 ×2
unresolved org PT Pah Tsung School p.39 ×2
unresolved org PT Menara Prambanan p.39 ×2
unresolved org PT Sarana Steel Engineering p.39 ×2
unresolved org PT Kasih Jatim p.40 ×4
unresolved org PT Nar Stainless Steel Center p.40 ×4
unresolved org PT Sarana Surya Sakti p.40 ×4
unresolved person Vice · Wakil Direktur Utama p.41 ×2
unresolved org PT Radjin p.41 ×10
unresolved org Tokyo Ltd p.41 ×2
unresolved org PT Cakra Bhakti Agro Industry p.41 ×2
unresolved org PT Cakra Bhakti Bumi Persada p.41 ×2
unresolved org PT Sanko Steel Indonesia p.41 ×4
unresolved org PT Cakra Putra Lestari p.41 ×2
unresolved org PT Indometal Centraltama Industry p.42 ×2
unresolved org PT Purnama Nugraha p.42 ×2
unresolved org PT Pelayaran Nusantara Meratus p.44 ×2
unresolved org SPINDO Tbk p.46 ×3
unresolved person Djojo Muljadi p.46 ×2
unresolved person Zuraida Zain p.46
unresolved person Siti Rachmayanti p.46
unresolved person Rachmayanti p.46
unresolved person Sitaresmi Puspadewi Subianto p.46 ×2
unresolved person Dr. Irawan p.46 ×2
unresolved person Soerodjo p.46 ×2
unresolved person Irawan 2015. | Soerodjo p.46
unresolved person Christina Dwi Utami p.46 ×9
unresolved person Utami p.46 ×5
unresolved person Dr. Ir. Yohanes Wilion p.46 ×2
unresolved person Dr. Ir. Yohanes p.46
unresolved person Wilion p.46
unresolved org PT Steel Pipe p.49 ×2
unresolved org Kawasaki Steel Corporation p.52
unresolved org Channel. p.52
unresolved org Steel Corp. p.53
unresolved org Steel Group Co. Ltd. p.53
unresolved org JFE Steel Corp. p.53
unresolved org Marubeni-Itochu Inc. p.53
unresolved org Group Co. Ltd. p.53
unresolved org J Steel Australasia Pty. Ltd. p.62
unresolved org PT SPINDO ENGINEERING INDUSTRY p.63 ×2
unresolved org PT POSES p.63 ×2
unresolved org UL LLC p.64
unresolved org Telekomunikasi Indonesia Tbk p.64 ×6
unresolved org PT IAPMO Group Indonesia SPPT SNI p.65
unresolved person Ir. Sutami p.71
unresolved person H. Poernomosidi Independent Commissioner Welly Tantono Independent · Komisaris Independen p.72 ×14
unresolved org Ministry of Manpower. p.76 ×3
unresolved org Kementerian Ketenagakerjaan. Di p.76
unresolved org Ministry of Manpower Certi p.83
unresolved org PT. Weiss Tech Open House p.84
unresolved org PT Cakra Bhakti Para Putra Nama Pemegang Saham p.89
unresolved org Tetap Khusus Non Tax p.90
unresolved org Foreign Corporation p.90
unresolved org PT Cakra Bhakti p.91
unresolved org PT Sanko Steel p.91
unresolved org PT Poses Engineering Industry p.91
unresolved org Pemberton Asia Opportunities Fund p.91
unresolved person Drafting GCG Guidelines · Commissioner p.136
unresolved person Improvement · Director p.136
unresolved person Rati · Corporate Secretary p.136
unresolved — sah memiliki saham Perusahaan. SPINDO wajib menjaga p.138
unresolved — mengupayakan hubungan komunikasi yang baik p.138
unresolved — wajib menghormati hak-hak p.138
unresolved — termasuk Pemegang Saham Minoritas p.138
unresolved — harus diperlakukan setara. Mereka memiliki p.138
unresolved — dicatat kepemilikan sahamnya di Daftar p.138
unresolved person (b) menghibahkan atau mentransfer saham, (c) p.138
unresolved — memperoleh secara teratur dan tepat waktu p.138
unresolved org PT Steel Pipe ISSP p.140 ×2
unresolved person AGMS · Komisaris p.146
unresolved person Bing H. Poernomosidi · Komisaris Independen p.160
unresolved person H. Poernomosidi p.160

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