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2023 INTEGRATED ANNUAL REPORT PT BFI Finance Indonesia Tbk
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ii PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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COVER STORY
Spiral staircases have been an eye-pleasing feature of architecture for more than two millennia.
They are found in ancient castles, temples, and towers, all the way to lighthouses that still
stand to this day alongside modern buildings across the globe. Many ancient philosophers
had contemplated upon the reason behind the enchanting aesthetic of the spiral structure, a
pattern that also abounds in nature—from sunflower blossoms to nautilus shells.
Upon centuries of study and tinkering through multi-disciplinary application, the reason
for this elegance became formalized in the Renaissance, with the introduction of the term
“the divine proportion” by an Italian mathematician. That proportion, more popularly known
now as the “golden ratio”, is defined as a ratio between two numbers—lengths—that when
represented visually creates a sensation of elegance and orderliness that, seemingly, came out
of nowhere but strikes our eyes as a marvel. Even as the spiral grows, the ratio between each
successive pair of lengths remains the same.
It took another half millennium for humanity, enabled by scientific strides, to see for itself that
this notion of beauty is inherent not just in nature. It is also within us all. The golden ratio is
embedded in our DNA: dividing the length of one full double-helix structure of our DNA by its
width produces this very ratio.
With further exploration we learnt why nature persistently prefers such a particular
proportion. Spiral structures that arise from the golden ratio are not objects of mere
beauty. They also provide a structural integrity and stability to the building through an even
distribution of weight. These staircases are also an embodiment of efficiency, making use of
the least amount of space to achieve an optimum vertical ascent.
Just as the idea of beauty is encoded in our genetics, the idea of progress is also inherent to
BFI Finance’s corporate DNA. Just as one climbs the spiral staircase to reach the apex of the
tower, we ascend along circular paths, adapting and innovating with each business cycle that
we experience. Constantly reinventing as we progress, we become more resilient and agile.
We get better at what we do. Our journey continues.
DISCLAIMER
PT BFI Finance Indonesia Tbk (BFI Finance or the Company) has ensured the accuracy of the information contained in this Integrated
Annual Report. However, the Company does not guarantee the appropriateness, accuracy, usefulness or any other matter regarding
this information. This Integrated Annual Report contains some forward-looking statements about the Company’s future expectations,
plans, and strategies that are not historical facts. They are based on current expectations, estimates, forecasts, and projections about
the business and environment in which the Company operates and beliefs and assumptions made by management. As these
expectations, estimates, forecasts, and projections are subject to a number of risks, uncertainties, and assumptions, actual results
may differ materially from those projected. The Company, therefore, cautions readers not to place undue reliance on forward-looking
statements. The Company undertakes no obligation to update any forward-looking statements as a result of new information, future
events or other developments. Any reliance placed on the Integrated Annual Report and Financial Statements is done entirely at
the risk of the person placing such reliance. Additionally, numbers represented throughout this Integrated Annual Report have
been rounded up to the closest million or billion rupiah, and as such, there may be discrepancies in percentage change calculations
compared to when calculated using full figures from the Annual Financial Statements.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 1
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TABLE OF CONTENTS
1 Cover Story 44 Responsibility of 83 Senior Management
Integrated Annual Report Profiles
ABOUT THIS REPORT 44 • Statement of the Board 86 Corporate Structure
of Commissioners on
the Responsibility for the 87 Subsidiaries and
4 Continuous Reinvention
2023 Integrated Annual Associated Entities
5 Theme Continuity Report of PT BFI Finance 92 Share Ownership
6 Introduction to Integrated Indonesia Tbk Composition
Reporting 45 • Statement of the Board 94 Controlling Shareholder
8 Summary of Integrated of Directors on the Profile
Annual Report 2023 Responsibility for the
2023 Integrated Annual 94 Ultimate Beneficial
10 Summary of 2023 Report of PT BFI Finance Owners
Sustainable Performance Indonesia Tbk
95 Chronological Listing of
12 2023 Key Highlights Shares and Changes in
Number of Shares
03 COMPANY PROFILE 98 Chronological Listing of
01 2023 PERFORMANCE HIGHLIGHTS 48 General Company Other Securities
Information 100 Public Accountant
16 Key Financial Highlights
50 Company Vision and Services
18 Share Highlights Mission 101 Capital Market Supporting
19 • Comparison between 51 Sustainability Vision and Institutions and
Share Price Performance Mission Professions
of BFI Finance (BFIN)
and the Composite 52 Brief Company History
Share Price Index (IHSG)
in 2023 54 Milestones 04 BUSINESS SUPPORTING UNITS
19 56 Core Values and Corporate 104 Information Technology
• Corporate Action
Culture
19 • Suspension and/or 107 Network and Operational
58 Corporate Identity Development
Delisting
59 Line of Business 110 Customer Service
20 • Structure of
Shareholders 62 Map and Operational
Network
MANAGEMENT DISCUSSION
05 AND ANALYSIS
21 • Dividend Payment
History 64 Organization Structure
22 Bonds Highlights 66 Workforce Profile 116 Industry Overview
23 Important Events in 2023 68 Board of Commissioners 120 Business Review
Profiles
28 Awards and Recognition 128 Marketing
73 Board of Directors Profiles
132 Financial Performance
02 REPORTS TO STAKEHOLDERS
77 Sharia Supervisory Board Review
Profiles
132 • Consolidated Statement
79 Committees of the Board of Financial Position
32 Report of the Board of
of Commissioners Profiles
Commissioners
148 • Consolidated
79 • Audit Committee Statement of Profit
38 Report of the Board of
Directors 80 • Risk Oversight or Loss and Other
Committee Comprehensive Income
82 154 • Consolidated Statement
• Nomination and
Remuneration of Cash Flows
Committee
2 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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07 SUSTAINABILITY
155 Analysis of Key Ratios 207 Sharia Supervisory Board
158 Comparison of 210 Audit Committee
Achievements Against 260 Sustainability Strategy
Targets in 2023 215 Risk Oversight Committee
263 Human Capital
159 Capital Structure (Capital 218 Nomination and
Adequacy) Remuneration Committee 270 Environmental
Performance
159 Material Capital 222 Corporate Secretary
Expenditures 273 Social Performance
224 Internal Audit
160 Events After Reporting 281 Responsibility for
229 Internal Control System
Period Sustainable Product/
231 Risk Management Service Development
160 Dividends
237 Legal Cases
161 Use of Public Offering
Funds 237 Administrative Sanctions 08 SUPPORTING DATA
161 Material Investment, 238 Access to Information and 284 Addresses of Outlets
Divestment, Merger & Communication
Acquisition, and Debt or 300 Glossary
243 Investor Relations
Capital Restructuring
244 Compliance
09 ANNUAL FINANCIAL STATEMENTS
161 Transactions with
Potential Conflicts of 244 • Anti-Money Laundering,
Interest and Related Combating the
Parties 306 Consolidated Financial
Financing of Terrorism,
Statements for the Year
162 Impact from Regulatory and Counter Proliferation
Ended 31 December 2023
Changes on the Company Financing of Weapons of
and Independent Auditors’
Mass Destruction (AML—
Report
163 Accounting Policy CFT—CPF)
Changes
246 Code of Conduct and
165 2024 Business Prospects Corporate Culture APPENDICES
249 Management and
416 Summary of
06 GOOD CORPORATE GOVERNANCE
Employee Stock
Ownership Program the Sustainable Financial
(MESOP) Action Plan (RAKB) Report
168 Good Corporate
249 Information Disclosure 419 Feedback Form
Governance Report
Policy 420 Cross Reference
174 Sustainability Governance
250 Whistleblowing System OJK Circular No. 16/
176 General Meeting of SEOJK.04/2021 – Form
Shareholders 251 Anti-Corruption Policy and Content of Annual
Reports of Issuers or Public
181 Board of Commissioners 252 Procurement Policy Companies
190 Board of Directors 255 Transparency of Financial 432 Cross Reference OJK
and Non-Financial Regulation No. 51/
202 Performance Assessment Conditions Not Disclosed POJK.03/2017 –
of the Board of in Other Reports Implementation of
Commissioners and Board
256 Statement of Sustainable Finance
of Directors
Implementation of the for Financial Services
203 Meetings of the Board of Corporate Governance Institutions, Issuers, and
Commissioners, Board Guidelines for Public Public Companies
of Directors, and Joint Companies
Meetings of the Board of
Commissioners and Board
of Directors
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 3
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
CONTINUOUS
REINVENTION
The 41-year journey that BFI Mastery of digital capabilities as we move forward and elevate our
Finance has undergone is part of business transformation level of performance may well be
continuously enriching the demands change to take place more demanding and varied, as
people and the organization across old frames of mind and this industry is becoming more
with multiple facets of learning ways of working. Some of these competitive with each passing
experiences that have enabled have been deeply rooted in the day. All this notwithstanding,
it to grow to where it is now. practice of various components giving up is not in our playbook.
The Company continued to face of the Company, just as they We sharpen our agility to fashion
challenges and changing trends. have in the society. Digitalization the best solutions, constantly
In light of this, there is no reason is a journey, and the process learning as we climb the stairs,
to be complacent. In 2022, requires all parties involved in the step by steady step, towards the
BFI Finance delivered a most Company to hone their adaptive apex of our aspirations.
sterling performance, recording skills. This takes time.
With a positive attitude and a
the highest business results in
While the learning process carries mentality that embraces learning,
its 40-year history. Following
on, the range of experiences in we firmly believe that every
that, in 2023 the Company
2023 had forged the Company to obstacle can be surmounted
continued its transformation,
become more mature as well as by ingenious and effectual
which it had been pursuing for
prepared to navigate the future. adaptation. We strive to expand
the last few years. At the heart
BFI Finance’s transformation our capacity to run the business
of this transformation are digital
to become the tech-based with optimum effectiveness
capabilities, which the Company
multifinance in Indonesia is and efficiency, starting from
believes must be mastered to
fraught with challenges. Many origination to collection. All
generate sustainable growth.
processes must be repeated, over employees of BFI Finance
In this increasingly digital era,
and over again, with only gradual are required and equipped
digital capabilities have become
and time-consuming progress. to work more optimally while
the defining factor for businesses
Going through all this calls for upholding prudence at all times,
in their aim to become better in
vast reserves of energy, a staunch as we all trace this learning
serving the market.
commitment, and an optimism curve of technological mastery,
powered by determination. The strengthening our grip of cutting-
challenges that lie before us as edge technologies that bolster our
business process. This is the BFI
Finance way to deliver excellence
that sets us apart from the rest.
4 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
THEME CONTINUITY
2023
CONTINUOUS REINVENTION
BFI Finance, leveraging decades of experience, continued its
transformative journey by focusing on digital capabilities to sustain
growth in the competitive financing industry. Following a historic
performance in 2022, the Company addressed the need for a cultural
and operational shift towards digital proficiency. Against several
challenges, BFI Finance’s firm stance on continuous reinvention
underpins its strategy to excel in the business as a technology-driven
leader in Indonesia's multifinance industry.
2022 2021
BUILDING THE NEXT CHAPTER BEYOND THE NEW NORMAL
Grounded upon the solid financial achievements made A change in perspective is key to survival in the face of
possible thanks to a comprehensive transformation rampant uncertainty. It also gives rise to a change in
that took place in lockstep with the post-pandemic mindset, showing us that there are many means and
economic recovery, the Company recorded a significant ways to pursue a goal towards its fruition. Changing
achievement in its 40th anniversary. The Company strives our mindset requires us to contemplate things that we
to enhance its business model, which have matured have never done before, and with it, our field of vision
over the course of four decades, to continue evolving becomes enriched with colors and nuances. This is the
and maintain its position at the forefront in serving powerful effect of perspective change: it sharpens the
customers in the multifinance industry. focus, affording us to glimpse into the future, far beyond
our current confines.
2020 2019
OPPORTUNITY IN UNCERTAINTY AGILITY FOR TRANSFORMATION
The Covid-19 pandemic presents significant challenges Aspiring to thrive alongside market development while
and add to the element of “uncertainty” in the era of seizing emerging opportunities, BFI Finance continues
“New Normal”. However, through experiences and to instill a culture of change and transformation within
business agility, and supported by the determination the organization, to make it more agile and resilient in
of the entire organization to continue to strive for the face of future challenges. This requires deftness and
excellence amid various limitations, the Company could robustness of systems and processes, as well as in our
maintain its operations and seek to seize opportunities organization-wide mindset.
amid the difficult conditions. The Company will maintain
its existence adaptively, create value to the stakeholders
continuously, and implement various plans to reach the
desired transformation.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 5
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
INTRODUCTION TO INTEGRATED REPORTING
BFI Finance presents the 2023 4. Integrated Reporting decision-making based on
Annual Report as an Integrated International <IR> Framework, interconnected, multi-capital
Report. issued in January 2021 by information. This approach is
the International Integrated fundamental to the Integrated
The concept of integrated
Reporting Council (IIRC, now Reporting Framework, which
reporting has been espoused by
part of the IFRS Foundation); BFI Finance has long adopted,
BFI Finance since 2016, with the
and as it encourages us to think
publication of its 2016 Integrated
5. Integrated Thinking Principles and report beyond traditional
Annual Report. Since then,
v1.0, issued in December financial metrics and take
the Company has aligned and
2021 by the Value Reporting into account broader factors
updated its reporting practices
Foundation (now part of the such as social, intellectual, and
with the following reporting
IFRS Foundation). environmental capitals.
criteria and standards:
1. SEOJK No. 16/2021 on Form Including the nascent concept Incorporating integrated thinking
and Content of Annual of “integrated thinking” into the into business practices aligns
Report of Issuers of Public Integrated Reporting Framework with the global shift towards
Companies; enriches the understanding of sustainable decision-making.
why our company has chosen to It helps BFI Finance address
2. POJK No. 51/2017 on
align our annual report with this complex challenges and
Implementation of
framework. opportunities in a more cogent
Sustainable Finance for
and comprehensive manner. By
Financial Services Institutions,
Issuers, and Public Integrated Thinking: adopting the Integrated Thinking
Principles–namely Purpose,
Companies; A Holistic Approach
Governance, Culture, Strategy,
3. Statements of Financial Integrated thinking is a multi- Risks & Opportunities, and
Accounting Standards (PSAK) capital management approach Performance–our business will
and Interpretation of Financial that enables organizations to be able to optimize the ability to
Accounting Standards (ISAK), deliver their purpose to benefit create value over the long term,
issued by the Indonesian their key stakeholders over time. understanding the trade-offs
Financial Accounting It emphasizes creating and made across various resources
Standards Board (DSAK) of preserving value and improving and relationships.
the Institute of Indonesia
Chartered Accountants (IAI);
Graph 1 • Integrated Thinking
NA L ENVIRONMENT THE CAPITALS
TER
EX Financial
Manufactured
CA
PR
Intellectual
IN Human
PI
TA
Social and Relationship
CI
LS
BUSIN
P
OUTPUTS & ESS
LE
OUTCOMES
MOD
EL
Natural
S
TAN
THE PRINCIPLES
GIBL
E VAL
UE
Purpose
INTA
NGIBL
E VALUE Governance
Culture
Strategy
VALUE CREATION
FOR THE ORGANIZATION Risks & Opportunities
AND ITS KEY STAKEHOLDERS Performance
Source: IFRS Foundation – https://integratedreporting.ifrs.org/integrated-thinking/
6 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Graph 2 • The Interplay of Multiple Capitals in Company Value Creation
EXTERNAL ENVIRONMENT
PURPOSE, MISSION, VISION
GOVERNANCE
Financial Financial
RISKS AND STRATEGY AND
OPPORTUNITIES RESOURCE LOCATION
Manufactured Manufactured
BUSINESS MODEL
Intellectual BUSINESS Intellectual
ACTIVITIES
OUTCOMES
(Positive and
INPUTS
Negative over the
short, medium
and long term)
OUTPUTS
Human Human
Social and Social and
Relationship PERFORMANCE OUTLOOK Relationship
Natural Natural
VALUE CREATION, PRESERVATION OR EROSION OVER TIME
Source: International <IR> Framework, Integrated Reporting – https://integratedreporting.ifrs.org
Benefits and Long- • Create Long-term Value: By About This
considering multiple capitals
term Goals of under our control, we can
Integrated Report
Integrated Reporting focus on creating value not The 2023 Integrated Annual
and Thinking just financially but also in Report of PT BFI Finance Indonesia
terms of social, intellectual, Tbk reports the Company’s
Our Company believes that by
and environmental impacts. performance of value creation in
adopting the Integrated Reporting
• Improve Stakeholder the aspects as described in the
and Thinking framework and
Engagement: Our integrated above framework. The scope of
principles, we can:
report provides stakeholders this report is the Company and its
• Enhance Decision-Making: subsidiary, PT Finansial Integrasi
with a more comprehensive
Integrated Thinking fosters Teknologi (FIT), whose financial
view of our strategy,
a more holistic view of our results are consolidated into the
performance, and prospects.
organization, leading to Company’s. The period covered in
better-informed decisions • Uphold Transparency
this report is from 1 January 2023 to
that consider a wide array and Accountability: This
31 December 2023. The Company
of factors, from financial to approach promotes greater
publishes its integrated reporting
environmental. transparency in our reporting,
on an annual basis.
allowing our stakeholders to
• Promote Sustainable
see clearly and understand the
Business Practices: We
full spectrum of our activities
will align our practices with
and impacts.
global trends emphasizing
sustainability, which in turn
will empower us in adapting
to environmental and social
risks and opportunities.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 7
Page 10
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
SUMMARY OF INTEGRATED
ANNUAL REPORT 2023
Subject Matter
The 2023 Integrated Annual Report of PT BFI Finance Indonesia Tbk is an integration of both the annual
and sustainability reports, consisting of ten chapters on the Company’s business and non-business related
discussions, as follows:
1. About This Report 6. Management Discussion and Analysis
2. 2023 Performance Highlights 7. Good Corporate Governance
3. Reports to Stakeholders 8. Sustainability
4. Company Profile 9. Supporting Data
5. Business Supporting Units 10. Annual Financial Statements
In addition to the printed form, this report is accessible online on the Company’s website:
https://www.bfi.co.id/en/corporate/Investor-Relations/Annual-Sustainability-Report
References
The main references used in the making of the 2023 Integrated Annual Report of PT BFI Finance Indonesia
Tbk are the regulations issued by regulators or authorities concerning publication of annual report by public
companies or issuers and international standard guideline for sustainability reporting, among others:
1. Law No. 40/2007 on Limited Liability Companies (UU PT);
2. POJK No. 29/POJK.04/2016 on Annual Report of Issuers or Public Companies;
3. POJK No. 51/POJK.03/2017 on Implementation of Sustainable Finance for Financial Services Institutions,
Issuers, and Public Companies;
4. SEOJK No. 16/SEOJK.04/2021 on Form and Content of Annual Report of Issuers or Public Companies;
5. Regulations related to stock exchange and capital market issued by IDX; and
6. Other laws, POJK, SEOJK, and regulations which become the references for the content and discussion
material in the integrated annual report.
Sustainability Element
The inclusion of the Sustainability chapter in the Integrated Annual Report is a form of compliance with
POJK No. 51/POJK.03/2017 on the Implementation of Sustainable Finance for Financial Services Institutions,
Issuers, and Public Companies, as affirmed by SEOJK No. 16/SEOJK.04/2021.
Sustainable Finance is a comprehensive support from the financial services sector to create sustainable
economic growth by aligning economic, social and environmental interests.
Various sustainability elements have been integrated into the Company’s annual reporting using the
Integrated Thinking approach promoted by the Value Reporting Foundation.
8 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Company Capital
Referring to the Integrated Thinking approach, the Company’s business processes involve six main types of
capital, namely:
Financial Intellectual Manufactured Human Relationship & Natural
Social
Company Stakeholders
Given BFI Finance’s line of business as a multifinance company, and its alignment with the six main types of
capital, the Company’s business and non-business performances and achievements create added value to its
main stakeholders, who are, among others:
Customers Shareholders/ Employees Regulators General Environment Business
Investors Public Partners
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 9
Page 12
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
SUMMARY OF 2023
SUSTAINABILITY PERFORMANCE
Sustainability Statement
We conduct a responsible business that elevates the livelihoods of our customers by providing them with
access to financial empowerment through financing products, with a consideration on the betterment of
society and conservation of the environment.
BFI Finance’s Value Distribution
By conducting a superior business in the multifinance industry in Indonesia, over the course of 2023 we:
• Provided financing products to more than 459 thousand customers in 35 provinces in Indonesia to
improve their economic capability;
• Disbursed financing of more than Rp12 trillion to support the advancement of MSMEs in Indonesia;
• Employed 11,207 personnel and supported their families;
• Procured products and services from 6,810 entities across Indonesia, creating economic ripple effect that
elevated livelihoods;
• Contributed to the surroundings’ social betterment and environmental conservation through our CSR
and financial literacy activities and tax payments to the government; and
• Created attractive shareholder value and returns for our investors grounded upon our industry standing
and a high dividend payout ratio.
Financial Value Creation and Distribution
BFI Finance creates financial value and capital through its various business processes, and distributes this to
different stakeholders via various means and in various forms. The amount of financial value that BFI Finance
distributed over the past three years is detailed below (in Rp million):
Table 1 • Financial Value Creation and Distribution
Description (Rp million) 2021 2022 2023
Revenue 4,122,555 5,383,010 6,353,113
Shareholders/Investors 374,109 570,747* 902,363**
Employees 1,023,279 1,324,648 1,457,103
Business Partners and Other Operations 1,685,388 1,816,258 2,869,264
Government 279,620 432,002 381,453
Surrounding Communities 2,930 3,423 1,494
Business Continuity 1,131,338 1,806,679 1,643,799
* Final dividend for 2021 paid in 2022 and interim cash dividend for 2022, including Article 26 Income Tax on Dividend
** Final dividend for 2022 paid in 2023 and interim cash dividend for 2023, including Article 26 Income Tax on Dividend
10 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 13
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 2 • Capital Utilization and Value Creation for Stakeholders
Utilization and
Type of Capital Form of Capital Beneficiary Stakeholder Explained in Chapter
Value Creation Activity
Financial Financing facility Normal business activities, Customers, 2, 3, 4, 6, 10
adjustments of business Shareholders/
strategy to the developments Investors,
of digital transformation Suppliers, Business
Partners
Equity Business strategy execution
Intellectual Business model Development of a robust Customers, 2, 3, 4, 5, 6
and adaptive business Shareholders/
model Investors,
Employees,
Digitalization Continuous formulation Suppliers, Business
initiatives and implementation of Partners
digitalization in various
business processes
Manufactured Operational Expansion of physical Customers, 2, 3, 4, 5, 8
business network and digital presence, Shareholders/
strengthening via Investors,
partnerships Employees,
Suppliers, Business
Operational Investment, and Partners 2, 3, 4, 5
infrastructure enhancement and
development
Information Development and 2, 5
technology (IT) investment in IT,
cybersecurity reinforcement
Human Employees Training, empowerment, Employees, 2, 8
professional development, Regulators
occupational health and
safety
Work culture Implementation of New 8
Mindset by all employees
Employment Enhancement and 7, 8
practices alignment with the
prevailing standards and
best practices
Relationship Partnership with Support to government’s Regulators 2, 6, 7, 8
& Social the government initiatives and programs for
national welfare, compliance
with regulations
Interactions with Empowerment and General Public 8
surrounding enhancement of economic
communities self-reliance, improvement
of quality of life through
the provision of clean water
facilities, public health
protection, development
of educational facilities in
schools in economically
disadvantaged areas to
adapt to the digital era
Scholarship Ongoing implementation General Public, 8
program and concept refinement Employees
CSR programs Formulation, General Public 8
implementation,
Natural evaluation, and continuous 8
improvement Environment
Resources Reduction and more Environment 8
utilization efficient use of resources
with technology support
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 11
Page 14
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
2023
KEY HIGHLIGHTS
Income Assets Net Financing
(Rp billion) (Rp billion) Receivables
(Rp billion)
18.0% 9.4% 6.1%
6,353 23,993 20,759
2023
2023
2023
2021 2022
2021 2022
2021 2022
5,383 21,930 19,562
4,123 15,363 13,683
Profit for Managed Receivables by Asset Type
the Year
(Rp billion) 8.4
9.0%
7.6
Car
1,644 %
Heavy Equipment
2023
14.9
69.1 Motorcycle
Property and Others
2021 2022
1,807
1,131
ROAA (%) ROAE (%) NPF (%)
17.7
3.53
12.2
8.4
21.9
9.6 2.32 2.44
16.1 14.4 15.0
5.7 5.6 11.4
1.36
4.5
1.25
1.00
2021 2022 2023 2021 2022 2023 2021 2022 2023
BFI Finance Industry Average BFI Finance Industry Average BFI Finance Industry Average
12 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
271
Outlets
Outlet Region (%)
Java, Bali & Nusa Tenggara
(including Greater Jakarta)
Eastern Indonesia
51.7
19.5
(Sulawesi, Maluku, Papua)
in Indonesia, including 45 sharia
representative branches sharing premises Sumatra 17.7
with conventional branches
Kalimantan 11.1
Awards Shareholders
Asiamoney AOCP Awards 2023
Outstanding Company in the Financials Sector in
Indonesia based on “Asia’s Outstanding Companies
Poll 2023”
%
19th Infobank Multifinance Awards 2023 40,82
40.82 48,15
48.15
• “The Highest Score Multifinance Company 2023
(Assets > Rp10 Trillion)” category
• “The Best Performance Multifinance Company
2023 (Assets > Rp10 Trillion)” category
5.22
5,81
• “Titanium Trophy for The Best Performance 5,22
5.81
in 15 Consecutive Years” for the fourth
consecutive year
Trinugraha NTAsian
12th Infobank Digital Brand Awards 2023 Capital & Co SCA Discovery Fund
• “The Best” for the category of Assets of
PT BFI Finance Others (each
Rp10 Trillion and Above
Indonesia Tbk* below 5%)
• Golden Trophy for “The Best Multifinance
Company in Digital Brand 5 Years in a Row
(2019–2023)” * Result of the Company's stock buyback program in line with
the EGMS resolution on 15 April 2015 and the remaining treasury
• “The 2nd Highest Digital Index” stock after the MESOP implementation based on the EGMS
resolution on 29 June 2022
Top 5 Best Multifinance Companies in 2022
(Asosiasi Perusahaan Pembiayaan Indonesia/APPI)
Award for the category of Assets Above Rp5 Trillion Employees Active Contracts
Bisnis Indonesia Award 2023
Perusahaan Jasa Pembiayaan Terbaik (Best
Multifinance Company)
11,207 498,378
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 13
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01 2023 PERFORMANCE HIGHLIGHTS 14 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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Transformative Growth through Sustainable Innovation Yesterday was a lesson, today is an experience, and tomorrow represents improvement and advancement. The challenges and experiences we have faced have motivated us to maintain a positive outlook as we progress, flexibly embracing change in our pursuit of success. 2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 15
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
KEY FINANCIAL HIGHLIGHTS
Figures in the tables and graphs below are presented in billion rupiah (unless stated otherwise).
Table 3 • Financial Performance Highlights and Ratios
Description 2021 2022 2023
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Financing Income 3,821 5,117 6,042
Others 302 266 311
Total Income 4,123 5,383 6,353
Salaries and Benefits 1,023 1,325 1,457
Interest and Financing Charges 570 624 951
General and Administrative 647 771 871
Allowance for Impairment Losses 435 367 786
Others 37 57 263
Total Expenses 2,712 3,144 4,328
Profit Before Tax 1,411 2,239 2,025
Income Tax Expense 280 432 381
Profit for the Year 1,131 1,807 1,644
Other Comprehensive Income for the Year - Net of Tax 67 14 2
Total Comprehensive Income for the Year 1,198 1,821 1,646
Consolidated Statement of Financial Position
Cash and Cash Equivalents 969 1,073 1,740
Net Financing Receivables 13,683 19,562 20,759
Other Receivables - Third Parties 87 163 251
Derivative Assets - 103 57
Fixed Assets - Net 607 659 721
Intangible Assets - Net 56 140 255
Other Assets 234 230 209
Total Assets 15,636 21,930 23,992
Fund Borrowings - Third Parties 4,789 10,247 8,666
Securities Issued - Net 2,488 1,581 4,721
Other Payables 929 1,346 1,105
Total Liabilities 8,206 13,174 14,492
Equity 7,430 8,756 9,500
Total Liabilities and Equity 15,636 21,930 23,992
Shares Data
Share Outstanding (million) 15,967 15,967 15,967
Basic Earnings per Share (Full Amount of Rupiah) 76 121 109
Dividend per Share (Full Amount of Rupiah) 1
17 60 See Note 1
16 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Description 2021 2022 2023
Ratios
Profitability
Return on Average Assets (ROAA)2 9.6% 12.2% 8.4%
Return on Average Equity (ROAE)3 16.1% 21.9% 17.7%
Profit for the Year / Total Income 27.4% 33.6% 25.9%
Asset Quality
NPF (including Joint Financing) - Gross 1.25% 1.00% 1.36%
Allowance for Impairment Losses on Managed Receivables 5.8% 4.1% 3.5%
Coverage of NPF 4.6x 4.1x 2.6x
Liquidity
Current Ratio4 1.9x 1.6x 1.4x
Solvency
Liabilities to Assets Ratio5 0.5x 0.6x 0.6x
Liabilities to Equity Ratio 6
1.1x 1.5x 1.5x
Gearing Ratio 7
1.0x 1.4x 1.4x
Other Relevant Financial Ratios
Financing-to-Assets Ratio 87.5% 89.2% 86.5%
Equity-to-Paid-up-Capital Ratio 1,861.4% 2,193.5% 2,379.8%
Operational Efficiency Ratio 66.5% 59.0% 69.4%
Other Information
Number of Outlets8 319 282 271
Number of Employees 9
9,450 10,111 11,207
1. Final dividend per share for 2023 is pending the 2024 GMS resolution
2. Profit Before Tax / Average Assets
3. Profit for the Year / Average Equity
4. Current Assets / Current Liabilities
5. Total Liabilities / Total Assets
6. Total Liabilities / Total Equity
7. (Fund Borrowings and Securities Issued) / Equity
8. Comprising conventional branches, kiosks, and sharia representative branches. Prior to 2022, sharia representative branches were counted
as conventional branches. Starting from 2022, in line with licenses obtained from OJK, sharia representative branches are counted separately
from conventional branches.
9. For 2023, comprising 11,119 employees of BFI Finance and 88 employees of FIT
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 17
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
SHARE HIGHLIGHTS
Table 4 • History of Share Issuance
New Shares Outstanding
Corporate Action Period Issued Shares
(million) (million)
IPO @Rp5,750 April 1990 2.1 10.5
1-for-10 Stock Dividend January 1993 1.2 11.7
17-for-20 Stock Bonus July 1993 9.9 21.6
1-for-3 Stock Dividend January 1994 7.2 28.8
1-for-1 Rights Issue @Rp1,500 May 1994 28.9 57.7
2-for-1 Rights Issue @Rp1,000 March 1997 115.4 173.1
2-for-1 Stock Split September 1997 173.1 346.2
New Shares from Mandatory Convertible August 2002 - May 2006 414.2 760.4
Bonds Conversion
2-for-1 Stock Split August 2012 760.3 1,520.7
MESOP Phase I - Grant Date 1 May 2013 5.9 1,526.6
MESOP Phase I - Grant Date 2 May 2014 23.3 1,549.9
MESOP Phase II - Grant Date 1 May 2015 16.0 1,566.0
MESOP Phase II - Grant Date 2 May 2016 30.8 1,596.7
10-for-1 Stock Split June 2017 14,370.4 15,967.1
Table 5 • Share Price Summary
Share Price (Rp)
Transaction Volume Market Capitalization
(million units) (Rp billion)
Period Highest Lowest Closing
2022 2023 2022 2023 2022 2023 2022 2023 2022 2023
1 Quarter
st
1,460 1,400 1,130 1,010 1,280 1,315 2,382 782 20,438 20,997
2nd
Quarter 1,375 1,535 935 1,205 1,095 1,430 1,712 820 17,484 22,833
3 Quarter
rd
1,320 1,455 990 1,085 1,150 1,145 1,100 1,305 18,362 18,123
4 Quarter
th
1,150 1,215 965 955 1,055 1,205 699 958 16,845 19,240
18 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Graph 3 • Share Performance
2,000,000,000 2,000
2022 2023
1,800,000,000 1,800
1,600,000,000 1,600
1,400,000,000 1,400
1,200,000,000 1,200
1,000,000,000 1,000
800,000,000 800
600,000,000 600
400,000,000 400
200,000,000 200
0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Volume Closing Price
BFI Finance’s market capitalization reached Rp19.2 trillion as at end of 2023, 14.22% higher than its value as at
end of 2022, which was Rp16.8 trillion. The total number of BFI Finance shares traded in 2023 was 5.9 billion
shares, worth Rp4.8 trillion.
By end of 2023, BFIN shares were included in the KOMPAS100 and IDX ESG Leaders indices, respectively
demonstrating the shares’ liquidity and the Company’s excellence in the environmental, social, and
governance aspects among companies listed on the IDX.
Comparison between Share Price Performance of BFI Finance (BFIN)
and the Composite Share Price Index (IHSG) in 2023
Trading of BFIN shares opened on 2 January 2023 with a price of Rp1,050 and closed on 29 December 2023
with a price of Rp1,205 per share, equal to an increase of 14.76% within the year. The IHSG rose by 6.16%
from the level of 6,850.98 to 7,272.80 by the end of 2023, continuing its previous year’s increase of 4.09%.
Indonesia's stock market capitalization reached Rp11,708 trillion, which was an increase of 22.86% over the
course of 2023. IHSG’s performance throughout 2022 was the second best among stock exchanges in ASEAN,
and ranked seventh across Asia Pacific.
Corporate Action
The Company distributed cash dividends amounting to a total of Rp60 (full amount) per share or equivalent
to Rp902 billion from the 2022 net income. Dividend of Rp28 (full amount) per share amounting to
Rp421 billion was distributed to the shareholders of the Company on 22 December 2022. The remaining balance of
Rp32 (full amount) per share amounting to Rp481 billion was distributed on 15 June 2023.
The Company also approved the distribution of interim cash dividends for 2023 fiscal year, amounting to
Rp28.00 (full amount) per share, or equivalent to Rp421 billion. This was paid out on 21 December 2023.
Apart from the above, in 2023 the Company did not conduct any other corporate actions that might affect
the trading of its shares on the stock exchange.
Suspension and/or Delisting
The trading of BFIN shares was never suspended in 2023.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 19
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HIGHLIGHTS SUPPORTING UNITS
Structure of Shareholders
As of 31 December 2023, Trinugraha Capital & Co SCA (profile presented in the Company Profile chapter
page 94 was the controlling shareholder of BFI Finance with 48.15% ownership. The structure of shareholders
with ownership of 5% or more as of 31 December 2023 are detailed below:
Table 6 • Structure of Shareholders
2023
Shareholders
Total Shares Nominal Amount (Rp) %
Trinugraha Capital & Co SCA 7,688,125,938 192,203,148,450 48.15
PT BFI Finance Indonesia Tbk* 927,732,000 23,193,300,000 5.81
NTAsian Discovery Fund 832,804,900 20,820,122,500 5.22
Others (each below 5%) 6,518,452,782 162,961,319,550 40.82
Total Issued and Fully Paid-up Capital 15,967,115,620 399,177,890,500 100.00
* Result of the Company's stock buyback program in line with the EGMS resolution on 15 April 2015 and the remaining treasury stock after the MESOP
implementation based on the EGMS resolution on 29 June 2022
Graph 4 • Composition of Shareholders
Trinugraha Capital & Co SCA
%
PT BFI Finance Indonesia Tbk*
40.82 48.15
NTAsian Discovery Fund
Others (each below 5%)
* Result of the Company's stock buyback program in line with the EGMS resolution on
15 April 2015 and the remaining treasury stock after the MESOP implementation based on
the EGMS resolution on 29 June 2022
5.22
5.81
20 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Dividend Payment History
The Company’s dividend payment history for the past five years is as follows:
Table 7 • Dividend Payments for the Last Five Years
Fiscal Year 2019 2020 2021 2022 2023
Date of BOD Meeting - - 6 December 2021 2 December 2022 1 December 2023
Date of GMS 29 June 2020 25 May 2021 29 June 2022 16 May 2023 *
Dividend per Share (in full amount - rupiah currency)
Interim** - - 7 28 28
Final 12 18 10 32 ***
Total 12 18 17 60 28
Payout Ratio 25.2% 38.4% 22.5% 50.0% ***
Payment Date
Interim** - - 23 December 2021 22 December 2022 21 December 2023
Final 29 July 2020 25 June 2021 28 July 2022 15 June 2023 ***
Total of Dividend
180 269 254 902 421
(Rp billion)
* Pending decision on the date of 2024 GMS
** Interim cash dividend was determined at the BOD Meeting
*** Payment of final dividend for 2023 shall be determined during the 2024 GMS
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 21
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2023 PERFORMANCE BUSINESS
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HIGHLIGHTS SUPPORTING UNITS
BONDS HIGHLIGHTS
The Company’s securities that were issued in the period 2020–2023 and listed on IDX are as follows:
Table 8 • Bonds Issuance
Amount Amount
Date Listed Effective Bond
Bonds Issued Issued per Serial Due Date Status
on IDX Date Rating
(Rp billion) (Rp billion)
18
Obligasi Serial A: 437 September
7 June
Berkelanjutan IV 8 2021
2018
BFI Finance September AA-(idn) 832 Paid
(No.S-67/
Indonesia Tahap 2020
D.04/2018) 8 September
III Tahun 2020 Serial B: 395
2023
Obligasi Serial A: 200 8 June 2022 Paid
Berkelanjutan V
31 May
BFI Finance AA-(idn) 600
2021
Indonesia Tahap I
Not yet
Tahun 2021 Serial B: 400 28 May 2024
due
16 August
Serial A: 210
Obligasi 2022
Berkelanjutan V Paid
9 August 6 August
BFI Finance Serial B: AA-(idn) 1,000 260
2021 2023
Indonesia Tahap II
Tahun 2021 6 August Not yet
Serial C: 530
2024 due
21 May 7 February
Serial A: 2021 617
Obligasi 2024
Berkelanjutan V (No. S-66/
30 January D.04/2021) 27 January Not yet
BFI Finance Serial B: AA-(idn) 1,100 227
2023 2025 due
Indonesia Tahap
III Tahun 2023 27 January
Serial C: 256
2026
Obligasi Serial A: 590 24 April 2024
Berkelanjutan V
17 April Not yet
BFI Finance Serial B: AA-(idn) 1,600 385 14 April 2025
2023 due
Indonesia Tahap
IV Tahun 2023 Serial C: 625 14 April 2026
Obligasi
Serial A: 250 25 June 2024
Berkelanjutan V
16 June Not yet
BFI Finance AA-(idn) 1,100
2023 due
Indonesia Tahap V
Serial B: 850 15 June 2026
Tahun 2023
22 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
IMPORTANT EVENTS IN 2023
January
a 10 Holding of the 2023 National Kick-off Meeting online
a
from BFI Tower, Tangerang Selatan, Banten
12–13 Holding of the BFI Finance 2023 National Work Meeting
in Tangerang Selatan
25 Provision of free medical services to female traders at Jatibarang
Regional Market, Indramayu, West Java
30 Issuance of Obligasi Berkelanjutan V BFI Finance Indonesia Tahap III
Tahun 2023 Serial A, B, and C with a total amount of Rp1.1 trillion
February
a b 16 Financial literacy seminar for
a
MSME owners in Belitung,
Bangka Belitung Islands
27 Holding of the 2023 National
b
Agent Gathering in Trembesi
Hotel, Tangerang Selatan
March
a 2 Upgrade of BFI Finance’s ratings by Fitch Ratings Indonesia:
National Long-Term Rating to ‘AA-(idn)’ with a Stable Outlook,
National Short-Term Rating to ‘F1+(idn)’, and Obligasi Berkelanjutan
BFI Finance Indonesia to ‘AA-(idn)’
4 Handing of reward for a consumer in Ketapang, West Kalimantan,
a
as part of the Sensasi BFI Finance program
16 Provision of plant seeds, agricultural tools, distribution of basic
b goods, free health service, and provision of emergency latrine
b
facility to accelerate societal recovery following the Cianjur
earthquake in West Java
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 23
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2023 PERFORMANCE BUSINESS
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HIGHLIGHTS SUPPORTING UNITS
April
a b 13 Celebration of BFI Finance’s 41st
a
anniversary marked by various
events at numerous locations
17 Issuance of Obligasi Berkelanjutan
V BFI Finance Indonesia Tahap IV
Tahun 2023 Serial A, B, and C with
a total amount of Rp1.6 trillion
18 Sharing of takjil and basic goods
b
for the community around 15 of
BFI Finance’s branches, in the
spirit of Ramadan
May
a b 2 Signing of a syndicated term
loan facility agreement worth
USD 150 million with Standard
Chartered Bank and United
Overseas Bank Ltd. as the
Mandated Lead Arranger and
Bookrunner, respectively
16 Holding of AGMS and EGMS of
c d a
BFI Finance in hybrid format at
BFI Tower, Tangerang Selatan
20 Financial literacy seminar for
b
MSME owners in Pontianak,
West Kalimantan
21 Holding of “Road to BFI
c
RUN 2023”
26 Signing of a joint financing
d
facility agreement worth
Rp2 trillion with Bank Jago
24 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
June
a b
7 Press conference related to the holding of BFI RUN 2023, in Jakarta Selatan
a
15 Distribution of final dividend of Rp32 per share, bringing the total dividend from the 2022 net
income to Rp60 per share, or equal to Rp902 billion
16 Issuance of Obligasi Berkelanjutan V BFI Finance Indonesia Tahap V Tahun 2023 Serial A and B
with a total amount of Rp1.1 trillion
25 BFI RUN 2023 taking place in Tangerang, Banten, themed Power Up to the Next Level, featuring
b
four race categories and total prize of Rp350 million, joined by about 5,000 participants
July
a 20–24 Participation in Surabaya Printing Expo at Grand City
a
Mall, Surabaya, East Java
August
a 5 Holding of BFI RIDE 2023 in commemoration of the 78th
a
Anniversary of the Independence of the Republic of Indonesia,
involving 150 participants from customers, business partners,
members of the community, employees, and the general
public, taking place in BSD City, Tangerang Selatan
10 Holding of education CSR program, “Gerakan 1000 Sepatu
b
Sekolah untuk Anak Bangsa” (“1000 Shoes for Indonesian
Children Movement”), in which one thousand pairs of shoes
b
and socks were distributed to elementary school students
in Maluku and North Maluku, followed by a financial literacy
education program and provision of employee-donated books
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 25
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2023 PERFORMANCE BUSINESS
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HIGHLIGHTS SUPPORTING UNITS
August
a
16–26 Blood drive and free medical check-up titled “Sehat untuk
a
Merdeka” (Healthy for Freedom), taking place at the Head
Office and several branch offices, involving customers,
business partners, employees, and communities around
the offices
September
a b c
7 • Launching of EV2W financing product for two-wheeled electric vehicles
a
• Holding of Media Gathering, in which Company management interacted with journalists from
various mass media, taking place in Jakarta Selatan
8–10 Participation in the national Franchise & Business Concept (IFBC) Expo 2023 at
b The Square Ballroom, ICBC Building, Surabaya, East Java
13–16 Participation in Mining Expo 2023 at Jakarta International Expo (JIExpo) Kemayoran,
c
Jakarta Pusat
October
a b c
7–8 Holding of MSME festival #BFINgangkatUsahaLokal 2023 titled “Belajar Kreatif, Omzet Makin
a
Melejit” (“Learn to Be Creative to Boost Revenue”) at Oudetrap, Semarang Old Town, Central Java
11–14 Participation in ALLPRINT Indonesia 2023 at Jakarta International Expo (JIExpo) Kemayoran,
b
Jakarta Pusat
13–15 Participation in APPI’s Multifinance Day exhibition in Palembang, South Sumatra, in
c
commemoration of the Financial Inclusion Month 2023
26 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
October
a 17 Continuation of the financial literacy seminar for MSME owners
in Belitung, in the form of a business financial management
workshop
26–29 Participation in FinEXPO 2023 in Yogyakarta held by OJK
a
to improve public understanding of BFI Finance’s financial
products and solutions
November
a
22 Holding of the Annual Public Expose of BFI Finance online from
a
BFI Tower, Tangerang Selatan
December
a 6–9 Participation in Manufacturing Indonesia 2023 at Jakarta
International Expo (JIExpo) Kemayoran, Jakarta Pusat
7–8 Holding of the second MSME festival #BFINgangkatUsahaLokal
a
2023, taking place at Focal Point Mall, Medan, North Sumatra
This event is featured in the photo
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 27
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
AWARDS AND
RECOGNITION
19th Infobank
Multifinance Awards
2023
• “The Highest
12th Infobank Digital Score Multifinance
Brand Awards 2023 Company 2023
(Assets > Rp10 Trillion)”
• “The Best” for the
category
category of Assets of
Rp10 Trillion and Above • “The Best Performance
Multifinance
• Golden Trophy for
Company 2023
“The Best Multifinance
(Assets > Rp10 Trillion)”
Company in Digital
category
Brand 5 Years in a Row
(2019–2023)” Bisnis Indonesia Award • “Titanium Trophy for
• “The 2nd Highest Digital 2023 The Best Performance in
15 Consecutive Years” for
Index” “Perusahaan Jasa
the fourth consecutive
Pembiayaan Terbaik”
year
(“Best Multifinance
Infobank magazine and Isentia, Company”)
12 April 2023, in Jakarta
Infobank magazine, 27 July 2023,
in Jakarta
Bisnis Indonesia, 31 May 2023,
in Jakarta
Asiamoney AOCP
Awards 2023 Top 5 Best Multifinance
Outstanding Company in
Companies in 2022
the Financials Sector in
Indonesia based on “Asia’s Award for the category of
Bisnis Indonesia Outstanding Companies Assets Above Rp5 Trillion
Financial Award Poll 2023”
(BIFA) 2023 Indonesian Financial
“The Best Performance Services Association (APPI),
Asiamoney.com, 31 August 2023
Multifinance” in the sub- 28 November 2023, in Jakarta
category of “Multifinance
Go Public”
Bisnis Indonesia, 24 August 2023,
in Jakarta
28 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Top 20 Financial
Institutions 2023 The 14th IICD Corporate
The Best Performing Governance (CG)
Multifinance 2023 in the Conference and Award
category of Assets of 2023
Rp10 Trillion and Above
“Top 50 Big Capitalization
Public Listed Company”
Human Capital (Big Cap PLCs) and Best
Resilience Award
The Finance
online magazine,
Governance Practices for
14 November 2023, (HCREA) 2023 the third consecutive year
in Jakarta
• “The Best Recruitment”
category
Indonesian Institute for
• “The Best Teamwork” Corporate Directorship (IICD),
category 18 September 2023, in Jakarta
• “Excellence in HC
Appreciation Night for Change Management
Issuers: Launching of & Communication
Tempo-IDN Financials Strategy” category
52 Index • “The Best Leadership
Development Focus
“Main Index–High
on HC” title for Andrew
Dividend” category for
Adiwijanto, Director
increasing financial
performance portfolio in
the last five years up to Indonesia Corporate
Secretary &
First Indonesia Magazine,
March 2023 5 July 2023, in Jakarta
Communication Award
Tempo.co and Idnfinancials.com,
2023
23 June 2023, in Jakarta Platinum Award for the
category of “Multifinance
Public Company”
Financial Integrity
Rating on Money Economic Review magazine,
Laundering and 19 May 2023, in Jakarta
Terrorism Financing
(FIR on ML/TF) 2022
Anti-Money Laundering
TrenAsia ESG Award
and Combating Terrorism 2023
Financing (AML–CFT) in ISO IEC 27001:2013 Winner in the category of
the Good category Multifinance Companies
Information Security
with “Sustainability” title
Management System
Financial Transaction Reports
and Analysis Center (PPATK), PT Tren Media Berjejaring,
BSI Group Indonesia,
10 May 2023, in Jakarta 30 August 2023, in Jakarta
30 October 2023, in Jakarta
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 29
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Agile and Adaptive Effective business strategy encompasses key elements to fulfill the Company's objectives, supported by rigorous market analyses for understanding customer needs, industry trends, and competitive dynamics. 30 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 33
02 REPORTS TO STAKEHOLDERS 2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 31
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
REPORT OF THE BOARD OF COMMISSIONERS
The BOC acknowledges
the efficacy of the quick
response and measures taken
by the BOD and management
in bringing stability and
leading the Company out
of this difficult period
with composure.
Kusmayanto Kadiman
President Commissioner
Esteemed Stakeholders,
On behalf of the Board of
Commissioners, I extend to you
the report of our supervisory
activities over the running
of BFI Finance’s business
throughout 2023. We appreciate
the firm support from all
stakeholders for every measure
the Company has taken in
overcoming the challenges while
striving to preserve our growth
momentum.
In 2023 the world re-emerged to
pre-pandemic normalcy in terms
of physical activity. However, there
were aftereffects of the global
shutdown that have persisted
even after the world opened up.
Global growth spurt was held
back by soaring inflation rates
32 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
resulting from extended supply the face of this incident. the BOD has maintained BFI
shortages due to the pandemic. Finance’s reputation in the view
As a result, even though business
As a response, central banks of its stakeholders, particularly
operations were disrupted
around the globe reversed banking institutions and
for several months and the
their policies, raising their key investors. Thus, in the prevailing
recovery took place gradually,
interest rates that had been kept high rate environment, the
the Company’s balance sheet
at very low levels throughout Company was able to secure
and reserves were well-managed.
the pandemic. stable funding sources at
The BOC acknowledges the
competitive rates. Attesting to
In the midst of the declining rate efficacy of the quick response
BFI Finance’s improving financial
of global economic growth in and measures taken by the
soundness, Fitch Ratings
2023, Indonesia’s GDP increase of BOD and management in
upgraded our National Long-
5.05% showed the sturdiness of its bringing stability and leading
Term Rating from ‘A+(idn)’ to ‘AA-
economic sectors even with the the Company out of this difficult
(idn)’ in March 2023.
decline in prices of several of its period with composure. The
core export commodities. Strong BOD not only succeeded in Equipped with highly adequate
household economic activity comprehensively restoring capital reserves, BFI Finance
was a driver of this growth. In and strengthening the ended 2023 in a satisfactory
line with this, the multifinance Company’s business systems position, setting the foundation
industry recorded 13.2% growth, and infrastructure, making it to further expand the size and
continuing the previous better prepared to deal with scope of its financing portfolio
year’s run. similar future events, but also in the future. While new
protected the financing portfolio bookings were hampered by the
Supervision and from a significant deterioration cybersecurity incident in May,
Evaluation of BOD in quality. Simultaneously, the resulting in full-year negative
BOD continued to guide the growth of 5.0%, the Company
Performance
exploration of new business was able to deliver portfolio
For BFI Finance, 2023 was an avenues by developing the growth of 7.4% and maintain a
peculiar year owing to the appropriate capabilities robust composition of assets,
challenges it presented. While to enrich the Company’s while recording a respectable net
the Company carried on with its partnership network, including in income of Rp1.64 trillion, a slight
business process modernization the digital space. decline of 9.0% from 2022 figure.
and digitalization, as part of an
Mitigating the cyberattack had Such a financial performance
ongoing transformation, in mid–
quite an impact on the business, has enabled the Company to
2023 the Company experienced
requiring the Company to make continue to provide meaningful
a cyberattack that disrupted
adjustments to its financial shareholder value, both through
its operational activities. This
targets for 2023. Nonetheless, the increase in market valuation
incident necessitated the
apart from ensuring that these as well as dividend distribution.
Company to move swiftly by
new targets were achieved, the Based on the net income
limiting and even temporarily
BOD managed to keep a healthy for 2023 financial year, the
suspending all of its operational
liquidity position by banking Company distributed in late 2023
systems to minimize the impact.
on the Company’s competitive an interim dividend of Rp28 per
While coordinating with us as
advantages as an independent share, equivalent to a dividend
shareholder representatives, and
and leading multifinance yield of 2.5%.
communicating transparently
in Indonesia. Relying on the
with regulators and other
consistent achievements that
stakeholders, management has
we have recorded year after
demonstrated their leadership
year, supported by continuously
qualities by implementing the
enhanced risk management,
business continuity plan in a
proper and measured manner in
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 33
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Corporate Governance BFI Finance’s performance in
BFI Finance’s maintaining an excellent level
Performance of corporate governance is
performance in
We were able to closely oversee reflected in a number of awards
upholding excellent
all measures taken by the BOD for compliance and governance
corporate governance and management in leading that the Company received
garnered a number BFI Finance to navigate the rather in 2023. These include the
of awards in 2023, challenging terrain thanks to the "Financial Integrity Rating on
including those from strong coordination between the Money Laundering and Terrorism
IICD and PPATK. BOD and the BOC along with Financing" from PPATK and the
the committees under the BOC. Company’s inclusion in the IICD
We held joint meetings with the list of “Top 50 Big Capitalization
BOD, where they reported on Public Listed Companies” in
key processes in the business. terms of governance performance
In these meetings, the BOC for the third consecutive year.
conveyed direction and advice These two awards make up a
on various topics of concern, multi-year string of accolades in
without encountering any recognition of BFI Finance as a
obstacles. In addition, the BOC first-rate multifinance.
fostered productive relationships
with various stakeholders, Changes in BOC
including the authorities and Composition
minority shareholders.
Based on the 16 May 2023 EGMS
Success in carrying out our resolution, the BOC composition
supervisory role as the BOC was was changed with the succession
enabled by reliable committees of Mr. Dominic John Picone from
led by the two Independent his role as Commissioner by Mr.
Commissioners in the Company. Saurabh Narayan Agarwal, who
The Audit Committee and the was appointed for a five-year term,
Risk Oversight Committee, led 2023–2028. Representing the BOC,
by Mr. Johanes Sutrisno, ensured I express our respect and gratitude
that all business processes to Dom, a capable colleague
were carried out well within the that had contributed positively
corridor of strict regulations to the progress of the Company.
and in line with the Company’s We warmly welcome Saurabh’s
risk appetite. Meanwhile, the joining the Company and have
Nomination and Remuneration also begun to work together
Committee chaired by Mr. fruitfully with him in carrying out
Alfonso Napitupulu provided our supervisory duties.
assurance that nomination
and remuneration policies and
practices are attuned to industry
best practices and the Company’s
internal capacity. These three
committees routinely submit
reports and recommendations
according to their respective
purviews to the BOC, to obtain
our direction to be followed up
by management.
34 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
View of Business Plan The global economy will be a Closing
highly dynamic one in 2024,
and Prospect and we believe Indonesia will We thank the shareholders
Having brought to the fore be able to grow at a relatively and stakeholders who have
the Company’s resilience in stable pace. Private consumption provided support to BFI
overcoming disruptions in 2023 is expected to be the growth Finance, especially given that
to quickly return to growth, the engine, while investment 2023 has taught the Company
BOD has presented a plan for will escalate under the new an invaluable lesson. We are
2024 to the BOC. We have looked administration’s guidance. As indebted to many, including our
at the various elements of their Indonesia is shifting gear in customers, business partners,
exposition, according to which, anticipation of the 2045 Golden and investors, whose loyalty and
2024 will be a monumental Indonesia era, a foundation for trust always motivate us in our
year for BFI Finance’s growth. inclusive, green, and sustainable endeavor to serve better. With
Various capabilities that have economic growth is being built. all stakeholders, BFI Finance will
been and continue to be built All of this spells fertile ground persevere with its aim to boost its
in digitalization and automation for the Company to cultivate relevance in serving this nation’s
will be increasingly utilized the market segments that over financing needs, and render the
to expedite the Company’s the years have been its bread- economy stronger together.
business transformation amidst and-butter, and also to carve out
the burgeoning of the digital new market niches by means
financial ecosystem and the of partnerships. We give full
ever-keener competition. This backing to the BOD to enact this
is the crux of the Continuous plan with wisdom and audacity.
Reinvention spirit that underlies
BFI Finance’s strategy to be
a leader in the multifinance
industry in terms of efficiency,
innovation, and collaboration.
On behalf of the Board of Commissioners of
PT BFI Finance Indonesia Tbk,
Kusmayanto Kadiman
President Commissioner
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 35
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
THE BOARD OF COMMISSIONERS
36 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
From left to right
Johanes Sutrisno
Independent Commissioner
Sunata Tjiterosampurno
Commissioner
Kusmayanto Kadiman
President Commissioner
Alfonso Napitupulu
Independent Commissioner
Saurabh Narayan Agarwal
Commissioner
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 37
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
REPORT OF THE BOARD OF DIRECTORS
We continued to lay the
foundations of more agile and
rigorous systems to serve the
market better.
Francis Lay Sioe Ho
President Director
Dear Shareholders and
Stakeholders,
As we reflect on another
challenging year, we see how
the Company has evolved and
navigate the obstacles during the
year. After strong post-pandemic
recovery in 2022, BFI Finance
faced some unexpected and
formidable challenges in 2023.
Through this, we learnt to be
resilient, cautious, and more agile
as we stepped up our awareness
of risk management.
In 2023, Indonesia’s economy
charted a path of moderate
growth of about 5.05%. This was
somewhat short of expectations,
with shrinking exports and
38 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
soft household spending. As we reflect back to the levels gradually returned to
Globally, inflation following loose incident, we feel a sense of normal, we took time to revamp,
monetary policies during the humility, and a dent to our and in some instances replace
pandemic forced central banks track record. We deactivated wholesale, critical components
to act fast, lifting interest rates our systems to prevent further in the Company’s technological
to prevent the economy from harm and protect our data backbone, leading towards full
overheating. Indonesia’s inflation from being stolen or destroyed recovery by Q3 2023.
was well within Bank Indonesia’s by the perpetrators, and set
During and after the incident
target range, as the central bank emergency protocols into
recovery, the BOD was deeply
raised BI7DRR early in the year, motion in a calculated manner
involved in coordinating
with another hike in October, for to dampen the impact and
the system recovery effort,
a total of 0.50%. systematically worked our way
communicating with key
towards full operation recovery.
The multifinance industry also stakeholders, mainly regulators,
At the top of our mind was how
chugged along, recording investors, lenders and customers.
to continue serving customers,
modest growth in a year of Subsequently, BOD revisited
while keeping stakeholders
missing targets, where car sales business plans and leading the
informed of our actions and
showed 4% decrease compared execution thereof. Key initiatives
plans to deal with the matter.
to 2022. Slight deterioration in in 2023 included accelerating
We were transparent from the
receivables quality to 2.44% was process automation and
beginning, and provided full
recorded, compared to 2.32% the strengthening data analytics
disclosure to regulators as well
year before whilst the industry capabilities for us to evaluate
as the market on the incident.
notched a 13.2% overall growth financing applications, engage
It was a monumental task for
in 2023, supported largely customers, and perform
everyone in the Company, from
by investment and working collection more optimally. These
back office staff all the way to
capital loans. were supported by granular
frontliners and collection officers,
upgrades to work systems and
to maintain operations while
Strategy Execution procedures, and continuation of
being inundated by inquiries
and Operations from all sides and with what
several pilot projects.
limited means available. We put
BFI Finance started the year Financial Performance
on a high note, continuing our best foot forward from the
our momentum carried over start, each going the extra mile The Company’s 2023 financial
from 2022. In the first quarter to sort out any consequential achievements were below target
of 2023, our business was issues as effectively as possible. due to the mid-year operational
robust. We continued to lay the disruption. Aggregate New
It is a mark of resilience to
foundations of more agile and Financing stood at Rp19.1 trillion
bounce back following an
rigorous systems to serve the in 2023, 5.0% lower than 2022
episode of adversity and grow
market better, and we focused figure and 85.4% of the target
from the challenge. It was
on strengthening our collection for the year. At year-end, Total
what our teams demonstrated,
capability, whilst continuing our Managed Receivables amounted
starting from restoring
upgrades across the board. to Rp22 trillion, 7.4% above prior
customer-facing services to
year’s figure and 90.3% of our
Our biggest challenge came reasonable levels within days.
target. Our financing portfolio
in May 2023, when our IT In the ensuing weeks, extensive
composition in 2023 remained
infrastructure was breached. investigations and IT audit
dominated by our core offering,
Given the scale of our operations, were undertaken by the digital
Non-Dealer Financing (NDF),
and the increasing dependence forensics team, aided by expert
making up 70.0% of Total New
on digital technologies, this consultants. The root cause was
Financing and 62.7% of Total
attack has a significant impact to found and addressed, thereafter
Managed Receivables.
our operations. additional measures were set
up to correct lapses. As service
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 39
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Improvements in new bookings Risk Management and
Our asset were achieved in Heavy
Equipment Financing, Dealer
Corporate Governance
composition
Financing, and Sharia Financing. BFI Finance maintained close
remained healthy.
Our segmentation shift in communication with regulators
We continued
Heavy Equipment Financing and all stakeholders throughout
to be able to towards higher-grade customers 2023, and especially during
secure funding at increased by 11.0% and cost of the cyberattack mitigation.
competitive rates and credit declined accordingly. In We continued to have a robust
received corporate Dealer Financing and Sharia disclosure policy by regular
rating upgrade. Financing, we grew 28.2% and reporting of the Company’s
30.3% respectively, albeit their business progress and plans
prior year figures were still rather to our shareholders through
small. These three segments at BOC–BOD joint meetings,
the end of 2023 made up 27.3% of analyst meetings, and to
the Total Managed Receivables. the stakeholders through
public expose. We sought and
Our asset composition remained
considered recommendations
healthy and we continued to be
from various parties, and put
able to secure funding at rates
most of these into action,
lower than industry average.
with an aim to make our
Fitch Ratings’ upgrade of BFI
operations more secure and our
Finance’s National Long-Term
governance sturdier.
Rating to ‘AA-(idn)’ was obtained
in March. The Company’s was We concluded 2023 with our
again able to secure USD 150 Non-Performing Financing
million in syndicated and (NPF) standing at 1.36%. This
bilateral loans from various was higher than 2022 figure yet
offshore lenders. In addition, we still much lower than industry
also obtained Rp3.8 trillion of average. We maintain an
fresh funds at competitive rates adequate allowances to protect
through three shelf-registered our position against future
bonds issuance. impairments. Throughout the
year, we made adjustments
BFI Finance also continues to
to our risk management tools
take an expansionary approach
to monitor our financing
and create greater shareholder
receivables quality and manage
value. With Total Income for 2023
our cost of credit.
reaching Rp6.4 trillion, we
booked Profit for the Year of At the EGMS on 16 May 2023,
Rp1.64 trillion, 9,0% lower than the shareholders accepted
in 2022 and 79.5% of the 2023 the resignation of our valued
target, allowing us to distribute colleague, Mr. Sigit Hendra
interim dividends of Rp28 per Gunawan, from his position as
share in December 2023. Enterprise Risk Director. His
portfolio has since been taken
up temporarily by myself and
my fellow board member, Mr.
Andrew Adiwijanto, until the
appointment of a new Enterprise
Risk Director. We thank Sigit
for his invaluable contribution
40 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
throughout his tenure, and wish To keep up with our outward Acknowledgements
him our best for the journey expansion, we continue to
ahead. We also welcome Mr. add capacity and scale up our What BFI Finance has achieved
Saurabh Narayan Agarwal as digital capabilities. We are was only possible with the
Commissioner representing the enhancing, accelerating, and commitment and dedication
Company’s majority shareholder. streamlining processes so we can of our employees. We continue
serve customers better. We are to enhance our talent pool by
Looking Ahead: positioning ourselves by adding adding innovative bright talent
to complement the existing
Penetrating New capabilities as well as capacity in
2023 in order to ready ourselves team. The BOD extends our
Markets thanks and appreciation to their
in our journey for continous
For 41 years BFI Finance’s transformation. At the same efforts. Their contribution and
successes as a multifinance time, we continue reinforcing the continued support of our
company have rested on the guardrails of governance shareholders, the BOC and its
our customers’ patronage. and risk management to ensure committees, business partners
As we continue to widen long-term continuity and market and regulators, and the loyalty
our customer base across leadership. We are confident and trust of our customers, are
Indonesia by delivering tried- about the future, drawing on essential and have enabled the
and-tested financing products what we have built up over Company to sustain its growth
with our commitment to the years. trajectory. We will continue in our
service, we are also striving growth journey in the coming
For the shorter time horizon, year and play a role in assisting
to fashion new offerings and
supported by the above Indonesia’s thriving economy.
forge new partnerships to
enhancements, we aim to
tap into Indonesia’s younger
achieve New Booking of at
demographic. BFI Finance’s
least Rp21.9 trillion (15% growth)
value proposition needs to
in 2024, which would see us
be constantly enriched to
expand our Total Assets by 10%
cater to this market more
and record a 15% increase in
profitably, leveraging on their
Profit for the Year.
digital savviness and lifestyle
preferences. With that in mind,
we are enhancing collaboration
with certain players in the
digital ecosystem to expand our
presence in this space.
On behalf of the Board of Directors of
PT BFI Finance Indonesia Tbk,
Francis Lay Sioe Ho
President Director
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 41
Page 44
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
THE BOARD OF DIRECTORS
42 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
From left to right
Andrew Adiwijanto
Operations, Human Capital &
Asset Management Director
Francis Lay Sioe Ho
President Director
Sudjono
Finance Director
Sutadi
Business Director
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 43
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
STATEMENT OF THE BOARD OF COMMISSIONERS
ON THE RESPONSIBILITY FOR
THE 2023 INTEGRATED ANNUAL REPORT OF
PT BFI FINANCE INDONESIA Tbk
We, the undersigned, testify that all information contained in the 2023 Integrated Annual Report of
PT BFI Finance Indonesia Tbk has been presented completely and we are fully responsible for the
accuracy of the contents of the Company’s Integrated Annual Report.
This statement is hereby made in all truthfulness.
Tangerang Selatan, 26 April 2024
BOARD OF COMMISSIONERS
Kusmayanto Kadiman
President Commissioner
Johanes Sutrisno Alfonso Napitupulu
Independent Commissioner Independent Commissioner
Sunata Tjiterosampurno Saurabh Narayan Agarwal
Commissioner Commissioner
44 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
STATEMENT OF THE BOARD OF DIRECTORS
ON THE RESPONSIBILITY FOR
THE 2023 INTEGRATED ANNUAL REPORT OF
PT BFI FINANCE INDONESIA Tbk
We, the undersigned, testify that all information contained in the 2023 Integrated Annual Report of
PT BFI Finance Indonesia Tbk has been presented completely and we are fully responsible for the
accuracy of the contents of the Company’s Integrated Annual Report.
This statement is hereby made in all truthfulness.
Tangerang Selatan, 26 April 2024
BOARD OF DIRECTORS
Francis Lay Sioe Ho
President Director
Sudjono Sutadi
Finance Director Business Director
Andrew Adiwijanto
Operations, Human Capital & Asset
Management Director
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 45
Page 48
03 COMPANY PROFILE 46 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 49
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Berbekal with vastoperasional
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yangnetwork
luas dan
andstaf
competent
yang talents,
BFI FinanceBFI
kompeten, stands
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ready
siap
to serve
melayani
customers
konsumen
withdengan
financing solutions
tailored
solusi pembiayaan
to their needs.
yang sesuai kebutuhan.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 47
Page 50
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
GENERAL COMPANY INFORMATION
Company Name Domicile Established
PT BFI Finance Indonesia Tbk Tangerang Selatan, Banten 7 April 1982
Province, Indonesia
(abbreviated as BFI Finance)
Legal Basis of Establishment
The Company was established based on Deed No. 57
made before Kartini Muljadi, S.H., Notary in Jakarta.
The deed of establishment was approved by the
Minister of Justice (now the Ministry of Justice and
Human Rights) of the Republic of Indonesia through
Decree No. C2-2091-HT.01.01.TH.82 dated 28 October
1982 and published on the RI State Gazette No. 102
dated 21 December 1982, Supplement No. 1390. Stock Market
BFI Finance shares are listed
and traded on the IDX.
Authorized Issued and Fully Date of Share Ticker
Capital Paid-up Capital Registration Symbol
Rp500 Rp399.2 16 May 1990 BFIN
billion billion
Share Ownership
Trinugraha Capital & Co SCA NTAsian Discovery Fund
40.82 48.15 PT BFI Finance Indonesia Tbk* Public/Others (each below 5%)
* Result of the Company's stock buyback program in line with the EGMS resolution on
15 April 2015 and the remaining treasury stock after the MESOP implementation based on
5.22 the EGMS resolution on 29 June 2022
5.81
Memberships in Associations
Indonesian Indonesian Public Indonesian Financial Services Sector PT Rapi Utama
Financial Services Listed Companies Employers’ Alternative Dispute Indonesia
Association Association Association Resolution Institution (RAPINDO)
(APPI) (AEI) (APINDO) (LAPS SJK)
48 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Corporate Investor Website
Secretary Relations www.bfi.co.id
corsec@bfi.co.id investor@bfi.co.id
Social Media Main Business Activities
• Investment Financing • Multipurpose Financing
BFI Finance
• Working Capital Financing • Sharia Financing
@BFIFinance
@bfifinance
PT BFI Finance Total Outlets
271
Indonesia Tbk
BFI Finance Official
@BFIFinanceOfficial Comprising 195 conventional branches, 45 sharia
representative branches sharing premises with the
conventional branches, and 31 kiosks
Total Employees Head Office
BFI Tower, Sunburst CBD Lot 1.2
11,207
Jl. Kapt. Soebijanto Djojohadikusumo
BSD City - Tangerang Selatan 15322
Indonesia
of whom 11,119 worked at (62-21) 2965 0300, 2965 0500
BFI Finance and 88 worked at
FIT (a subsidiary) Call Center
1500018
Business Scale Total Total Liabilities Total Net Financing Market Share in
As at 31 December 2023, Assets Receivables the Indonesian
indicators of the Company’s Multifinance Industry
business scale are
as follows:
Rp24 Rp14 Rp21 4.4%
trillion trillion trillion
Significant Changes in 2023
No significant changes to the Company’s line of business, scope of operations, or its supply chains,
took place in 2023.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 49
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
COMPANY VISION AND MISSION
VISION
To become a trusted partner in
financial solutions that contributes
to the enhancement of people’s
standard of living
MISSION
• To provide reliable and effective financial solutions
to our customers
• To deliver superior return-on-investment and sustain
our reputation as a trusted public company
• To provide an ecosystem that nurtures future leaders
of the organization
• To build long-term collaboration with business
partners, based on mutual trust and benefit
• To contribute positively to the society
The Company’s Vision and Mission have been reviewed comprehensively
to keep them up to date with the Company’s dynamic business
development. The Company’s BOC and BOD have approved this Vision
and Mission to be the Company’s objective of its business activities.
50 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
SUSTAINABILITY VISION AND MISSION
VISION
SUSTAINABLE FINANCE
To become a multifinance company that is always
at the forefront of the non-bank financial industry
by upholding its commitment to becoming
a trusted partner in the public’s financial solutions,
paying attention to the balance of achieving
economic, social, and environmental sustainability,
to support sustainable development of the nation
and improve the living standards of the community
wherever the Company operates
MISSION
SUSTAINABLE FINANCE
Capable of carrying out business activities
in a sustainable manner, supporting the
development of entrepreneurs in the low- to
middle-income groups to boost the local economy
and social welfare by always paying attention
to environmental impacts
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 51
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
BRIEF COMPANY HISTORY
Establishment No. 102 dated 21 December 1982, Indonesia, under the deed made
Supplement No. 1390. MHLC’s before Inge Hendarmin, S.H.,
BFI Finance is one of the shareholding in the Company a Notary in Jakarta, dated
pioneers in the financing sector was 70%, with the rest owned by 17 September 1986, and approved
in Indonesia. Initially established Indonesian nationals. by the RI Minister of Justice by
as PT Manufacturers Hanover virtue of its Decree No. C2-6977.
Leasing Indonesia, a joint The Company was granted the
HT.01.04.TH.86 dated 7 October
venture with Manufacturers finance institution business
1986, and published on the
Hanover Leasing Corporation license as a leasing company
RI State Gazette No. 94 dated
from the United States, the from the RI Minister of Finance
25 November 1986, Supplement
Company was established on under the Decree No. KEP-038/
No. 1451.
7 April 1982 under the Notarial KM.11/1982 dated 12 August 1982.
Deed No. 57 made before In 1986, PT Bank Umum Nasional Development
Kartini Muljadi, S.H., a Notary in and Essompark Ltd., Hong Kong,
Jakarta, and approved by the RI In 1990, the Company became
took over Manufacturers Hanover
Minister of Justice by virtue of one of the first multifinance
Leasing Corporation’s ownership
its Decree No. C2-2091-HT.01.01. companies to list its shares at
of the Company, and later
TH.82 dated 28 October 1982, and the Jakarta Stock Exchange and
changed the Company name
published on the RI State Gazette Surabaya Stock Exchange (both
to PT Bunas Intitama Leasing
52 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
now known as IDX), with the to Articles 3 and 15 of the Internationally, following its
ticker symbol of BFIN. The name Company’s articles of association, 2021 and 2022 achievements,
and status of the Company were which have been received and the Company’s performance
adjusted to PT Bunas Finance registered in the database of the was acknowledged by the
Indonesia Tbk. The Company Legal Entities Administration prestigious online media portal,
also altered its operating license System of the RI Ministry of Law Asiamoney.com , as Indonesia
to a multifinance company, and Human Rights by virtue of its Outstanding Company in
pursuant to the Decree of the Letter No. AHU-0052483.AH.01.02. Financials Sector based on the
RI Minister of Finance No. 493/ Tahun 2022 dated 27 July 2022. “Asia's Outstanding Companies
KMK.013/1990 dated 23 April 1990. The amendment was announced Poll 2023” (AOCP 2023). Besides
on the RI State Gazette No. 74 accolades for its business and
After overcoming the 1997 Asian
dated 16 September 2022, finance, BFI Finance also won
financial crisis, the Company
Supplement No. 31534. awards and accolades in various
successfully restructured its debts
other fields, such as the ISO/
in 2001 and changed its name
BFI Finance Today IEC 27001:2013 Information
to PT BFI Finance Indonesia Tbk,
Security Management System
under the Notarial Deed No. 116 BFI Finance is now among the
certification, good corporate
made before Aulia Taufani, S.H., top multifinance companies in
governance (GCG), Anti-Money
previously Sutjipto, S.H., a Notary Indonesia, known for its widest
Laundering and Combating
in Jakarta, dated 27 June 2001, coverage and product range,
Terrorism Financing (AML–CFT),
that was approved by the RI employing 11,207 personnel
HC management, corporate
Minister of Law and Human in 271 outlets in 35 provinces.
secretary and corporate
Rights by virtue of its Decree
BFI Finance has demonstrated communications performance,
No. C-03668.HT.01.04.TH.2001
continuous growth, as made digital brand index, as well
dated 24 July 2001 and published
evident by the numerous awards as sustainable practices for
on the RI State Gazette No. 35
it has won for its business multifinance companies.
dated 30 April 2002, Supplement
performance, among others,
No. 4195. Details of the Company’s awards
retaining the title of “Multifinance
and accolades in 2023 are
On 20 February 2006, the RI Company with Excellent Financial
presented in the Awards and
Minister of Finance amended Performance” from InfoBank
Recognition section in the 2023
the Company’s business license magazine for fifteen consecutive
Performance Highlights chapter
through the Decree No. KEP-038/ financial years (2008-2022),
(pages 28–29).
KM.5/2006 to amend the business an achievement for which it
license previously granted to received the Infobank Titanium As at 31 December 2023,
PT Bunas Finance Indonesia Trophy 2023. This high-profile Trinugraha Capital & Co SCA was
Tbk to the date of the approval trophy is testament to the the controlling shareholder of
of the Company’s name change Company’s sterling performance BFI Finance, with a 48.15% stake.
to PT BFI Finance Indonesia for four years in a row.
Since 2013, the Company’s
Tbk under the Decree of the
For yet another year, the Head Office has been located
RI Minister of Law and Human
Company was garnered the in BFI Tower, Sunburst CBD
Rights No. C-03668.HT.01.04.
Infobank Multifinance Awards Lot 1.2, Jl. Kapt. Soebijanto
TH.2001 dated 24 July 2001.
2023 in the category of “Financial Djojohadikusomo, BSD City,
The Company’s articles of Companies with Assets of Tangerang Selatan 15322,
association have been amended Rp10 Trillion and Above” with Banten Province.
several times. The latest “Excellent” financial performance
amendment was made under the throughout 2022 and occupied
Deed of Statement of Meeting the First Rank in the rating of
Resolution on the Amendment to 139 multifinance companies in
the Articles of Association No. 19 Indonesia, based on the survey
dated 29 June 2022, made before results from Infobank Research
Shanti Indah Lestari, S.H., M.Kn., Bureau in 2023.
Notary in Tangerang Regency, on
the approval of the amendments
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 53
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
MILESTONES
• Obtained a multifinance business license, which was renewed
1982 in 1990
• Conducted an Initial Public Offering on the Jakarta Stock
• The Company was founded Exchange and the Surabaya Stock Exchange (now Indonesia
under the name of Stock Exchange/IDX) with ticker symbol of BFIN by issuing
PT Manufacturers Hanover 25% of new shares (2,125,000 shares) offered to the public at
Leasing Indonesia Rp5,750 per share with nominal price of Rp1,000 per share
• Obtained a finance • The Company’s status and name was changed to PT Bunas
institution business license Finance Indonesia Tbk
(leasing)
1990 1994
• Conducted Limited Public Offering I
(Rights Issue I) for 28,829,558 shares
2018 2017
• The Company obtained the • Established of a subsidiary,
license from OJK to run PT Finansial Integrasi Teknologi
the Sharia Business Unit by (FIT), a company that provides
offering products marketed IT-based money borrowing
via online and conventional and lending services, based on
channels through its sharia the peer-to-peer (P2P) lending
representative branches across concept
Indonesia, and launched
two initial sharia financing
products, i.e., for umrah and
halal travel 2022
• FIT was registered on the OJK
• Trinugraha Capital & Co SCA (TCC) conducted
and commenced operations
a Voluntary Tender Offer of the Company’s shares
officially via Pinjam Modal
platform • Mr. Jerry Ng became the Company’s controlling
shareholder upon passing the OJK’s fit and
proper test
• Transfer of 75 million treasury shares of the
2020 Company to eligible management personnel
and employees via MESOP
• FIT obtained a Business • The Company recorded the highest-ever assets,
License from OJK as the new bookings, and net income for the year in its
provider of IT-based lending 40-year history in the industry
and borrowing services
54 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
2001 2006 2007
• Completed financial • Amended the Company’s • Conducted an initial bond
restructuring, resulting business license to offering for BFI Finance
in a change of majority accommodate the Indonesia Bonds
shareholder Company’s name change Year 2007 With Fixed
Interest Rate
• The Company • Full repayment of debts
changed its name under debt restructuring • Obtained a rating of
to PT BFI Finance exercise ‘Baa1(id)’ from Moody’s
Indonesia Tbk Investors Service
2016 2015 2011
• Obtained the ‘AA-(idn)’ • Conducted stock buyback • Trinugraha Capital & Co
rating with Outlook Stable program to improve SCA became a controlling
from Fitch Ratings from the Company’s capital shareholder with a
previously ‘A+(idn)’ with management 44.95% stake
Outlook Positive
• Obtained a rating of
‘A(idn)’ from Fitch Ratings
2023
• Signing of Guaranteed Syndicated Term
Facility amounting to USD 150 million
• Upgrading of Long-Term National Rating
from ‘A+(idn)’ to ‘AA-(idn)’ with Outlook
Stable from Fitch Ratings
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 55
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
CORE VALUES AND CORPORATE CULTURE
G
Definition
Grow and Improve
Continuing to improve oneself as a contribution to the Company
This value is adapted into three main behaviors, namely:
Continuously
Studious Innovative Proactive
R
Definition
Cultivating mutual respect and care to maintain a positive
Respect and Care
work environment
This value is adapted into three main behaviors, namely:
Respect Positive Solution Caring
E
Definition
Giving the best service to ensure internal and external
Excellent Service
customers’ satisfaction
This value is adapted into three main behaviors, namely:
Positive Attitude Responsive Professional
A
Definition
Maintaining integrity in every action to maintain professional
Absolute Integrity
reputation of oneself and the Company’s
This value is adapted into three main behaviors, namely:
Honest Consistent Compliant
T
Definition
Trust and
Maintaining a spirit of cooperation and mutual trust to achieve
mutual goals
Team Spirit This value is adapted into three main behaviors, namely:
Communicative Cooperative Synergic
The Core Values underlying the Corporate Culture have been reviewed comprehensively to keep them up
to date with the Company’s dynamic business development. The Company’s BOC and BOD have approved
the Core Values and Corporate Culture to be the key guidelines for all employees in achieving the Company’s
objectives of its business activities.
56 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
To promote the digital transformation process development and the implementation of such processes to
achieve BFI Finance’s goal of becoming a tech-based multifinance company, with full support from all of the
Company’s workforce at all levels, on 17 October 2022 the Human Capital (HC) Department launched the “BFI
New Mindset”. Accompanied by the #NewMindset hashtag, the three-point launch, which is a statement of
agreement among the management and all employees of the Company to adopt this new positive mindset
and behavior, consists of:
Dare to Try Empower and Listen, Speak
and Learn Collaborate with Up, and Take
Other Parties Responsibility
Definition: Possessing Definition: Proactive in Definition: Willing to
the courage to try new supporting others to carry listen and consider others’
approaches or new ways out work according to the opinions when making
of solving problems, and set targets, and establishing decisions, and possessing
willing to learn from one’s effective collaboration with a strong initiative to take
own successes or failures other parties to achieve responsibility for the
common goals consequences of these
decisions
The three new mindsets and behaviors of the Company’s workforce aim to complement the G.R.E.A.T.
Core Values and Corporate Culture, which remain applicable to this day. How the “BFI New Mindset”
is disseminated and applied among the employees is detailed in the Human Resources section of the
Sustainability chapter (page 263–269).
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 57
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
CORPORATE IDENTITY
Logogram
Company
Name
Logotype
The logo of BFI Finance has been designed to reflect the Company’s identity and values. The logo comprises
three main elements, namely logogram, logotype, and company name. In their usage for all kinds of
purposes, the logogram and the logotype are inseparable. The various configurations of placement of the
logogram, logotype, and company name, along with the color palettes that are allowed, are detailed in a
Corporate Brand Guidelines document in BFI Finance, titled “Brand Visual Identity”.
58 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
LINE OF BUSINESS
Business Activities
In accordance with POJK The scope of business of each of • Funding Facility;
No. 35/POJK.05/2018 (POJK 35) on the above is carried out through
• Factoring (with recourse);
Execution of Finance Companies’ these means:
Businesses, the Company’s scope • Financing of projects,
• Finance Lease;
of business covers the following: infrastructure, and others.
• Sale and Leaseback;
• Investment Financing; Currently, the Company is
• Installment Financing, or engaged in the following
• Working Capital Financing;
also known as Consumer business activities:
• Multipurpose Financing; and Financing;
• Other financing activities • Working Capital Facility;
approved by OJK.
Table 9 • The Company’s Business Activities
Type of Business Activities
Means of Financing
Investment Working Capital Multipurpose
Other Financing
Financing Financing Financing
Conventional Financing
Finance Lease √ - - -
Sale and Leaseback √ √ - -
Consumer Financing √ - √ -
Working Capital - √ - -
Funding Facility - - √ -
Factoring - - - -
Project Financing and Others - - - -
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 59
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 9 • The Company’s Business Activities
Type of Business Activities
Means of Financing
Sale and Purchase
Investment Financing Services Financing
Financing
Sharia Financing
Wadi’ah - - -
Mudharabah - - -
Musyarakah - - -
Murabahah - √ -
Salam - - -
Istisna - - -
Ijarah - - √
Ijarah Muntahiyah Bittamlik - - -
Qardh - - -
Al-Bai’ wa al-Isti’jar - - √
Based on the amendment 1. Financing of Cars via Dealers Finance Lease
to the Company’s articles Cars financing via dealers
Finance Lease business includes
of association as stated in has been BFI’s core business
financial services aimed at
Deeds No. 6 and No. 7 dated for more than 25 years. This
individual and corporate
25 October 2017, the Company product, offered in almost all
customers who purchase or
is also engaged in sharia-based branches, provides financing
engage in sale and leaseback of
financing activities based facilities for new and used cars
heavy equipment, machinery,
on Article 4 of POJK purchased via dealer partners.
motor vehicles, and other
No. 10/POJK.05/2019 on Business The financing term ranges
equipment, in new or used
Operations of Sharia Finance from one to up to four years,
condition. Customers of the
Companies and Sharia Business with a fixed interest
Company’s Finance Lease
Units of Finance Companies 2. Non-Dealer Financing of Cars
business generally come
(POJK 10), comprising: and Motorcycles
from the mining, trading,
• Sale and Purchase Financing; Non-dealer financing was
construction, services, agriculture,
• Investment Financing; and/or introduced in 2006 to
manufacturing, transportation,
serve the financing needs
• Services Financing. infrastructure, and other sectors.
of the customers (car and
motorcycle owners) directly, Sharia-based Consumer
Business Segments
as well as existing customers Financing
In line with the division of with repeat orders, new
Sharia-based financing was
business activities in which customers referred by existing
started in 2018. The Company’s
the Company is engaged, as customers (Customer-Get-
Sharia Business Unit (SBU) has
explained above, the types of Customer program), or
received approval from OJK to
business activities the Company through independent sales
conduct and market the use
conducts, by segment, are as agents and Telesales Call
of deeds from sharia-based
follows: Centers (direct marketing
financing, namely:
and sales). The Company’s
Consumer Financing 1. Ijarah contract for umrah
target market is the low-to-
Consumer Financing includes middle income segment. financing;
the financing of new and used 2. Ijarah contract for halal travel
cars purchased via dealers, and financing;
financing via the Company’s sales 3. Ijarah contract for financing of
representatives (non-dealers) with various services;
used cars and used motorcycles
as collateral).
60 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
4. Ijarah contract for education 4. My B-Share for multipurpose Financing Product
financing; financing or refinancing, for
productive and consumptive
by Asset Type
5. Murabahah contract for
motorized vehicle financing; purposes, such as for tuition, Consumer Financing and Finance
home renovation, and Lease business segments cover
6. Murabahah contract for
business development. the following product portfolio by
financing of various goods;
asset type:
and Marketing for My Ihram (umrah
financing), My Safar (halal 1. New cars;
7. Al-Bai’wa al-Isti’jar contract for
sharia refinancing, for which travel financing), and My Ta’lim 2. Used cars;
the license was obtained (education financing) products 3. Used motorcycles;
by the SBU pursuant to the are temporarily deactivated, in
4. Heavy equipment,
approval letter from OJK line with the SBU management’s
consisting of:
No. S-1027/NB.213/2022 dated focus on marketing sharia
financing for goods and services, • Heavy equipment;
10 October 2022.
and with the policy of requiring • Trucks and public
Out of the seven sharia financing collateral in the form of proof of transportation;
products, all managed by the ownership of motorized vehicles. • Machinery;
SBU, the Company focused only
on marketing four products, All the above financing • Other equipment; and
namely: contracts are marketed online 5. Property.
via BFI Finance Syariah microsite,
1. My Hajat for financing of Further explanation on the
syariah.bfi.co.id, other digital
various services, such as Company’s product portfolio is
marketing channels, and
house/shophouse contract presented in the Management
conventionally via the sharia
services, home renovation, Discussion and Analysis chapter
representative branches across
and consultancy; of this Integrated Annual Report
45 locations in various regions
2. My Car Syariah for financing of (pages 120–127).
in Indonesia.
used four-wheeled motorized
vehicles; Pursuant to Article 12 of POJK 10,
BFI Finance has established the
3. My Faedah for financing
Sharia Product and Business
of various goods, such
Activity Development Committee
as construction material,
since 2021, chaired by the head of
household goods, and other
the SBU.
goods that are beneficial to
society; and
I Made Artaya
Dealer and Owner of Artha Jaya Motor
Denpasar, Bali
Cooperating with BFI Finance has been a truly impressive
experience. They offer attractive bonuses and expand the network
to other dealers. It feels to me like being part of a big family where
everyone is so supportive of each other towards a common goal.
The process is fast, and BFI Finance’s service is top-notch. I hope in
the future the financing application processing time will be shorter
and the down payments lighter.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 61
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
MAP AND OPERATIONAL NETWORK
Kalimantan
Branches Kiosks Sharia
22 3 5
Sumatra
Branches Kiosks Sharia
40 0 8
Jabodetabek
Branches Kiosks Sharia
27 14 10 Java, Bali & Nusa Tenggara
Branches Kiosks Sharia
64 8 17
62 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Eastern Indonesia
(Sulawesi, Maluku, Papua)
Branches Kiosks Sharia
42 6 5
Distribution of Branches, Kiosks, and Sharia 2021-2023
(as of 31 December 2023)
2021 217 57 45 319
2022 203 34 45 282
2023 195 31 45 271
Branches Kiosks Sharia
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 63
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
ORGANIZATION STRUCTURE
BFI Finance’s organization structure as at 31 December 2023 was as follows:
SHARIA SUPERVISORY
BOARD
Asrori S. Karni (Chairman)
Helda Rahmi Sina
PRESIDENT DIRECTOR
Francis Lay Sioe Ho
OPERATIONS, HUMAN
BUSINESS DIRECTOR CAPITAL & ASSET FINANCE DIRECTOR
MANAGEMENT DIRECTOR
Sutadi Andrew Adiwijanto Sudjono
NEW BUSINESS TRIBE HUMAN CAPITAL FINANCE & TREASURY CREDIT OPERATIONS
DIRECT &
Baskoro Fadin Wafdana TELEMARKETING Elisabeth Vivi Jeki Aryani Tonny Widjaja Emiliana Woro Saptiti
Hari Putri
Dani Reinhard Hutabarat
CORPORATE BUSINESS OPERATIONS & FINANCIAL CONTROL OPERATIONAL
SERVICE EXCELLENCE
BUSINESS PROJECT & MIS RISK & KYC
Stanly Darisang Jefry Suryo
Margaretha Br. Tarigan
Amy Setyawati
Anov Finanda
SHARIA PRODUCT CORPORATE
BRANCH BUSINESS
COMMUNICATION, RISK MANAGEMENT
PARTNER
Deni Nasri CORE BUSINESS TRIBE CSR & CPDM
Iwan August Rinaldi Sanoesi
Francisca Susilawati
(TBA)**
Rimbajaya
NATIONAL SALES
INSURANCE & DATA MANAGEMENT
CHANNEL TRIBE OPERATIONAL SERVICES
Tan Rudy Eddywidjaja
Ni Made Sunarti
(TBA)** Ika Santi
DIGITAL
OPERATIONAL ANTI-FRAUD
INTEGRATED MARKETING
Kardiawan DEVELOPMENT
COMMUNICATION (TBA)**
Yogi Pratama Putra Moedy
(TBA)**
COLLECTION ANALYTIC
ASSET MANAGEMENT,
RECOVERY & INVENTORY (TBA)**
John Piter Sinaga
COLLECTION SQUAD
Purwaning Baskoro
64 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
GENERAL MEETING OF
SHAREHOLDERS
BOARD OF COMMISSIONERS
President Commissioner : Kusmayanto Kadiman
Commissioner : Sunata Tjiterosampurno
Commissioner : Saurabh Narayan Agarwal
Independent Commissioner : Johanes Sutrisno
Independent Commissioner : Alfonso Napitupulu
NOMINATION &
RISK OVERSIGHT
REMUNERATION AUDIT COMMITTEE
COMMITTEE
COMMITTEE
Alfonso Napitupulu (Chairman)* Johanes Sutrisno (Chairman)*
Johanes Sutrisno (Chairman)*
Sunata Tjiterosampurno* Friso Palilingan
Jono Effendy
Elisabeth Vivi Jeki Aryani* Edy Sugito
SHARIA PRODUCT &
DIGITAL & BUSINESS
BUSINESS ACTIVITY HEAD OF INTERNAL AUDIT CORPORATE SECRETARY
INCUBATION
DEVELOPMENT COMMITTEE
Deni Nasri (Ketua)*
Ari Binoto Lumbantobing Fledy Rizmara Sudjono*
August Rinaldi Sanoesi*
Emiliana Woro Saptiti
Hari Putri*
TECHNOLOGY PROGRAM John Piter Sinaga* HEAD OF PROJECT
MANAGEMENT MANAGEMENT OFFICE
Debut M. O. Mustari RISK MANAGEMENT
COMMITTEE Goklas
ENTERPRISE
ARCHITECTURE Francis Lay Sioe Ho (Ketua)*
Sudjono*
Azby Khil Mafazi Luthfan HEAD OF CORPORATE
August Rinaldi Sanoesi* COMPLIANCE
Amy Setyawati*
TECHNOLOGY
DEVELOPMENT Budi Darwan Munthe
(TBA)**
IT STEERING COMMITTEE
TECHNOLOGY
OPERATIONS
Francis Lay Sioe Ho (Ketua)*
Anton Rumayar Sudjono*
Sutadi*
Andrew Adiwijanto*
SHARED ENTERPRISE
SOLUTION Ari Binoto Lumbantobing*
Goklas*
Heri Setiawan
SQUAD LEADER
Lisa Gunawan,
Donny Patrick Manik, * Concurrent position
Tania Febrina ** To be assigned
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 65
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
WORKFORCE PROFILE
Table 10 • Total Employees
Comparison with Last year
Description 31 Dec 2022 31 Dec 2023
Total Percentage
Total Employees 10,111 11,207 1,096 10.8%
Table 11 • Number of Employees by Directorate
Directorate Male Female Total
BOC & Sharia Supervisory Board 6 1 7
BOD 4 - 4
CEO Office 517 184 701
Business 3,357 681 4,038
Operations & HC 2,248 1,255 3,503
Enterprise Risk 2,148 385 2,533
Finance 271 62 333
FIT 68 20 88
Total 8,619 2,588 11,207
Table 12 • Number of Employees by Employment Status
Employment Status Male Female Total
Permanent 4,560 1,766 6,326
Non-permanent 4,059 822 4,881
Total 8,619 2,588 11,207
Table 13 • Number of Employees by Employment Contract
Employment Contract Male Female Total
Full Time 8,619 2,588 11,207
Part Time - - -
Total 8,619 2,588 11,207
Table 14 • Number of Employees by Region
Region Male Female Total
Head Office 890 614 1,504
Greater Jakarta 1,689 396 2,085
Java, Bali & Nusa Tenggara 2,850 704 3,554
Sumatra 1,211 321 1,532
Kalimantan 742 210 952
Eastern Indonesia (Sulawesi, Maluku, Papua) 1,237 343 1,580
Total 8,619 2,588 11,207
66 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 15 • Number of Employees by Level of Education
Level of Education Male Female Total
Master's & Doctoral Degree 67 38 105
Bachelor's Degree 5,607 2,004 7,611
Diploma 691 282 973
High School & below 2,254 264 2,518
Total 8,619 2,588 11,207
Table 16 • Number of Employees by Position Level
Position Level Male Female Total
BOC, BOD & Sharia Supervisory Board 10 1 11
Senior Manager 97 26 123
Junior Manager 511 124 635
Officer 2,927 1,071 3,998
Staff 5,074 1,366 6,440
Total 8,619 2,588 11,207
Table 17 • Number of Employees by Age Group
Age Group Male Female Total
< 25 years 1,115 494 1,609
25-30 years 3,776 1,178 4,954
31-40 years 3,188 796 3,984
41-50 years 473 99 572
> 50 years 67 21 88
Total 8,619 2,588 11,207
Table 18 • Number of Employees by Tenure
Tenure Male Female Total
< 3 years 4,807 1,206 6,013
3-5 years 1,269 415 1,684
6-10 years 1,730 602 2,332
> 10-20 years 712 323 1,035
> 20 years 101 42 143
Total 8,619 2,588 11,207
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 67
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
BOARD OF COMMISSIONERS PROFILES
In 2023, the composition of BOC members changed with the succession of Dominic John Picone
by Saurabh Narayan Agarwal as a Commissioner, effective from the closing of the 2023 EGMS.
Kusmayanto Kadiman
President Commissioner
Indonesian Tangerang,
Age: 69
Citizen Banten
He serves as the Company’s President Commissioner pursuant to
the Deed of AGMS Minutes No. 80 dated 15 June 2011 (2011–2016),
was reappointed pursuant to the Deed of EGMS Minutes No. 43
dated 25 April 2016 (2016–2021), and the Deed of EGMS Minutes
No. 3 dated 25 May 2021 in conjunction with the Deed of Meeting
Resolutions Statement No. 4 dated 25 May 2021 for the period
2021–2026. He earned the Basic Financing Certification from
PT Sertifikasi Profesi Pembiayaan Indonesia (SPPI) on 27 July 2016.
He also has been serving as Vice President Commissioner
of PT Adaro Power since 2015, President Commissioner of
PT Setiabudi Investment Management since 2016, Commissioner
of PT Profesional Telekomunikasi Indonesia (Protelindo) since 2017,
Independent Commissioner of PT Sarana Menara Nusantara Tbk
since 2020, member (advisor) of the International Advisory Board of
Komatsu Ltd, Japan, since 2021, and Independent Commissioner of
PT Global Digital Niaga Tbk since 2022.
Previously, he served as a Commissioner of PT Tamaris Hidro
(2015–2020), President Commissioner of PT iForte Solusi Infotek
(2016–2017), commissioner and advisor at several companies
focusing on natural resources and power generation since 2009,
Minister of Research and Technology of the Republic of Indonesia
(2004–2009), Chairman of Asian–Europe University Network (ASEA–
UNINET) in 2002–2004, Rector of Bandung Institute of Technology
(ITB) in 2001–2004, Head of Technology Development Center of ITB
(1998–2001), Head of ITB Control Laboratory (1995–1998), Director of
Business Group in Jakarta (1993–1995), and Director of ITB Computer
Center (1990–1993).
In connection with his position at PT Adaro Power (subsidiary of
PT Adaro Energy Tbk), he has an affiliation with the controlling
shareholder, Trinugraha Capital & Co SCA. There is no affiliation with
other members of the BOC and members of the BOD.
He obtained his Doctor of Philosophy degree from the Australian
National University, Canberra, Australia, in 1988, and Bachelor of
Engineering Physics from ITB in 1977.
68 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Johanes Sutrisno
Independent Commissioner
Indonesian Jakarta,
Age: 72
Citizen DKI Jakarta
He serves as the Company’s Independent Commissioner pursuant
to the Deed of AGMS Minutes No. 80 dated 15 June 2011 (2011–2016),
was reappointed pursuant to the Deed of EGMS Minutes No. 43
dated 25 April 2016 (2016–2021), and the Deed of EGMS Minutes
No. 3 dated 25 May 2021 in conjunction with the Deed of Meeting
Resolutions Statement No. 4 dated 25 May 2021 for the period
2021–2026. He also serves as Chairman of the Audit Committee
and Chairman of the Risk Oversight Committee. He earned the
Basic Financing Certification from SPPI on 2 March 2017.
He once joined BFI Finance as a Credit Officer (1982–1991), then
Director (1991–1999) and President Commissioner (2000–2011).
He was also Director of PT Gaudi Dwi Laras (2014–2016),
member of the Audit Committee of PT Bentoel International
Investama Tbk (2010–2016), Finance Director of PT Carsurin
(2007–2013), joined the Mutual International Finance Corporation
(1980–1982), and Auditor in SGV, Utomo, Mulia & Co. (1973–1976).
He does not have any concurrent positions outside BFI Finance
and any affiliation with other members of the BOC, members
of the BOD, major and controlling shareholders; either directly
or indirectly.
He obtained his Master of Business Administration (MBA) degree
from Gadjah Mada University, Yogyakarta, in 2009, and Bachelor
of Economics in Management (Drs.) from Universitas Indonesia,
Jakarta, in 1980.
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HIGHLIGHTS SUPPORTING UNITS
Alfonso Napitupulu
Independent Commissioner
Indonesian Jakarta,
Age: 73
Citizen DKI Jakarta
He serves as the Company’s Independent Commissioner
pursuant to the Deed of AGMS Minutes No. 80 dated 15 June 2011
(2011–2016), was reappointed pursuant to the Deed of EGMS
Minutes No. 43 dated 25 April 2016 (2016–2021), and the Deed of
EGMS Minutes No. 3 dated 25 May 2021 in conjunction with the
Deed of Meeting Resolutions Statement No. 4 dated 25 May 2021
for the period 2021–2026. He earned the Basic Financing
Certification from SPPI on 12 June 2015.
He also serves as Chairman of the Nomination and Remuneration
Committee and holds a concurrent position as Managing Partner at
the Law Office of Alfonso Napitupulu & Partners, Jakarta, since 1993.
Previously, he concurrently served as Statutory Management
Expert Staff of AJB Bumiputera 1912 (2016–2017), Independent
Commissioner of PT BRI Asuransi Indonesia (BRINS General
Insurance) (2015–2021), Commissioner and President
Commissioner of PT Kredit Biro Indonesia Jaya (KBIJ) for the
period 2014–2016 and 2016–2018, President Director of PT Nana
Mandiri Dwikarya (1989–2020), and Advisory Board of Indonesian
Advocates Association (Perhimpunan Advokat Indonesia/
PERADI) for the period 2015–2020.
Prior to joining BFI Finance, he was a Partner at the Law
Office of Alfonso, Giunseng & Kolopaking, Jakarta (1988–1993),
International Lawyer Practitioner at the Law Office of Bronson &
McKinnon, San Francisco, California, USA (1984–1985), Partner at
the Law Office of Gani Djemat & Partners (1975–1988), and Legal
Consultant Advocate for Capital Market and Intellectual Property
Rights (1976).
He does not have any affiliation with other members of the BOC,
members of the BOD, and major and controlling shareholders;
either directly or indirectly.
He obtained his Bachelor of Law degree (Civil Law) from
Universitas Indonesia, Jakarta, in 1975.
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AND ANALYSIS GOVERNANCE STATEMENTS
Sunata Tjiterosampurno
Commissioner
Indonesian Jakarta,
Age: 51
Citizen DKI Jakarta
He serves as the Company’s Commissioner pursuant to the
Deed of EGMS Minutes No. 44 dated 15 April 2015 in conjunction
with the Deed of Meeting Resolutions Statement No. 3 dated
6 July 2015 (2015–2020), then was reappointed pursuant to the
Deed of EGMS Minutes No. 7 dated 29 June 2020 in conjunction
with the Deed of Meeting Resolutions Statement No. 8 dated
29 June 2020 for the period 2020–2025. He earned the Basic
Financing Certification from SPPI on 27 July 2016.
He also serves as member of the Nomination and Remuneration
Committee. Previously, he was member of the Risk Management
Committee (now Risk Oversight Committee) from May 2013 until
September 2014.
Currently, he also holds the positions of Managing Director
of Northstar Advisors Pte. Ltd. since 2006, Commissioner
of PT Trimegah Sekuritas Indonesia Tbk since 2013 and
PT Bundamedik Healthcare System Tbk (BMHS) since 2022.
He once served as Commissioner of PT Delta Dunia Makmur Tbk
(2011–2022), President Commissioner of PT Bukit Makmur Mandiri
Utama (2009–2021), Commissioner, member of the Audit, Risk
Monitoring, and Remuneration and Nomination Committees
of PT Bank Tabungan Pensiunan Nasional Tbk (2008–2015),
Director of Investment Banking of PT Danareksa Sekuritas (2004–
2006), and Consultant at Boston Consulting Group, Jakarta (1998–
2004). His career began as Assistant Vice President for Equity
Research of PT Lippo Securities – SBC Warburg (1995–1998).
In connection with his position at Northstar Advisors Pte. Ltd.,
he has an affiliation with the controlling shareholder, Trinugraha
Capital & Co SCA. There is no affiliation with other members of
the BOC and members of the BOD.
He obtained his Master of Finance (Merit) degree from
London Business School, UK, 2002, and Bachelor of Business
Administration (Distinction) from University of Wisconsin–
Madison, USA, in 1995.
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HIGHLIGHTS SUPPORTING UNITS
Saurabh Narayan Agarwal
Commissioner
Singapore
Age: 42 Singapore
Citizen
He serves as the Company’s Commissioner pursuant to the
Deed of EGMS Minutes No. 7 dated 16 May 2023 for the period
2023–2028. He earned the Basic Financing Certification from
SPPI on 7 August 2023.
He also has been serving as Managing Director and Head of
Southeast Asia Private Equity of Warburg Pincus LLC since 2016
in Singapore, where he relocated from the company’s headquarter
in New York, USA, which he joined in 2009. Currently, he is also
a Commissioner of PT Asuransi Bina Dana Arta Tbk (ABDA; also
known as Oona Insurance Indonesia), a Director of Advance
Intelligence Group (ADVANCE.AI), Oona Insurance Singapore
(Oona Holding Pte. Ltd.), Circles.Life, Everise, GCash (Mynt – Globe
Fintech Innovations, Inc.), MoMo Pay, and Techcombank (Vietnam
Technological and Commercial Joint Stock Bank).
Prior to joining Warburg Pincus, he worked at McKinsey &
Company in New Jersey (USA) and New Delhi (India) as Business
Analyst (2004–2007), and Temasek Holdings in Mumbai (India)
as Private Equity Investment Associate (2007). He also previously
served on the boards of various companies, among others, AAG
Energy Holdings Ltd. (HKG:2686), CleanMax Enviro Energy Solutions
Pvt. Ltd., Converge Information and Communications Technology
Solutions, Inc. (Converge ICT), Competitive Power Ventures, Inc.
(CPV), Solar Mosaic LLC (Mosaic Inc.), RimRock Oil & Gas, RS Energy
Group, Trident Energy, CASA Exploration, Canbriam Energy Inc.,
Delonex Energy Ltd., Velvet Energy Ltd., Venari Resources LLC,
Liberty Wireless Pte. Ltd., and M-Service GmbH.
In connection with his position at Warburg Pincus, he has an
affiliation with the controlling shareholder, Trinugraha Capital &
Co SCA. There is no affiliation with other members of the BOC
and members of the BOD.
He holds a Bachelor of Technology (B.Tech.) degree in
Electrical Engineering and a Master of Science (M.S.) degree in
Microelectronics in 2004 from the Indian Institute of Technology
(IIT) Bombay, India, as well as a Master of Business Administration
(M.B.A.) degree in 2009 from Harvard Business School, USA.
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
BOARD OF DIRECTORS PROFILES
In 2023, the composition of BOD members changed with the resignation of
Sigit Hendra Gunawan as a Director, effective from the closing of the 2023 EGMS.
Francis Lay Sioe Ho
President Director
Indonesian Jakarta,
Age: 75
Citizen DKI Jakarta
Appointed as Director of the Company in 1983 and elected as
President Director in 1986. He was reappointed to the same
position pursuant to the Deed of AGMS Minutes No. 80 dated
15 June 2011 (2011–2016), the Deed of EGMS Minutes No. 43 dated
25 April 2016 (2016–2021), and the Deed of EGMS Minutes No. 3
dated 25 May 2021 in conjunction with the Deed of Meeting
Resolutions Statement No. 4 dated 25 May 2021 for the period
2021–2026. He earned the Basic Financing Certification
from PT Sertifikasi Profesi Pembiayaan Indonesia (SPPI) on
2 March 2017.
Pursuant to the Shareholders’ Resolutions in Lieu of GMS of
PT FIT (the Company’s subsidiary) dated 29 July 2021 as per
Deed of Shareholders' Resolutions Statement in Lieu of GMS
of PT FIT No. 06 dated 5 August 2021, he was also appointed as
the President Commissioner of PT FIT.
Prior to joining BFI Finance in 1980, he worked at Singapore
Ministry of Finance (1972–1973), then joined PT Indovest
(1975–1980).
He does not have any other positions outside BFI Finance
(including FIT) and any affiliation with other BOD members, BOC
members, major and controlling shareholders; either directly
or indirectly.
He earned his Bachelor of Business Administration (BBA) degree
from the University of Singapore (now the National University of
Singapore or NUS) in Singapore in 1972, and Master of Business
Management (MBM) from the Asian Institute of Management
(AIM) in Manila, Philippines, in 1975.
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HIGHLIGHTS SUPPORTING UNITS
Sudjono
Finance Director
Indonesian Tangerang
Age: 53
Citizen Selatan, Banten
He serves as the Company’s Finance Director pursuant to the
Deed of EGMS Minutes No. 18 dated 6 May 2014 (2014-2019).
He was reappointed for the period 2019-2024 pursuant to the
Deed of EGMS Minutes No. 59 dated 28 May 2019 in conjunction
with the Deed of Meeting Resolutions Statement No. 56 dated
25 June 2019. He concurrently holds the position of Corporate
Secretary based on the BOD Decree No. BOD–BOC/VI/2014–0011
dated 24 June 2014. He earned the Basic Financing Certification
from SPPI on 26 April 2016.
Referring to the Shareholders’ Resolutions in Lieu of GMS of PT FIT
(the Company’s subsidiary) dated 29 July 2021 as per Deed of
Shareholders' Resolutions Statement in Lieu of GMS of PT FIT No. 06
dated 5 August 2021, he also serves as the Commissioner of PT FIT.
Previously, he also served as Information Technology Director
from May 2014 to May 2017. Prior to his appointment as Director,
he held the positions of Head of Finance and Information
Technology Division and various other positions (1993-2014), and
member of the Risk Management Committee (2003-2013) now
known as the Risk Oversight Committee.
Prior to joining BFI Finance, he had served as Senior Auditor
at the Public Accounting Firm of Hans Tuanakotta Mustofa –
member firm of Deloitte Touche Tohmatsu International
(1991-1993).
He does not have any concurrent positions outside BFI Finance
(including FIT) and any affiliation with other BOD members, BOC
members, major and controlling shareholders; either directly
or indirectly.
He obtained his Enterprise Risk Manager (ERM™) title
f rom Asia Risk Management Institute (ARiMI) and National
University of Singapore (NUS) in Singapore in 2009, Master of
Business Administration (MBA) from Institut Pengembangan
Manajemen Indonesia (IPMI), Jakarta, in 2006, and Bachelor
of Economics majoring in Accounting from Tarumanagara
University, Jakarta, in 1993.
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AND ANALYSIS GOVERNANCE STATEMENTS
Sutadi
Business Director
Indonesian Tangerang,
Age: 49
Citizen Banten
He serves as the Company’s Business Director pursuant to
the Deed of EGMS Minutes No. 18 dated 6 May 2014 (2014-2019).
He was then reappointed for the period 2019-2024 pursuant
to the Deed of EGMS Minutes No. 59 dated 28 May 2019 in
conjunction with the Deed of Meeting Resolutions Statement
No. 56 dated 25 June 2019. He earned the Basic Financing
Certification from SPPI on 26 April 2016.
Previously, he served in various other positions at the Company,
among others, Retail Business Division Head until April 2014,
Department Head and Associate Division Head (2008-2012),
Regional Manager (2006-2008), Branch Manager (2004-2006),
Branch Establishment Manager (2001-2004), and Branch
Manager (2000-2001).
He also had served as Sales Executive in Marketing Export of
PT Tjiwi Kimia Pulp & Paper (1999-2000) and Collection & Credit
Analyst Officer of PT Bunas Finance Indonesia (1997-1999).
He does not have any concurrent positions outside BFI Finance
and any affiliation with other BOD members, BOC members,
major and controlling shareholders; either directly or indirectly.
He earned his Executive MBA degree from IPMI International
Business School, Jakarta, in 2018, and Bachelor of Industrial
Engineering from Trisakti University, Jakarta, in 1998.
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HIGHLIGHTS SUPPORTING UNITS
Andrew Adiwijanto
Operations, Human Capital & Asset Management Director
Indonesian Jakarta,
Age: 55
Citizen DKI Jakarta
He serves as the Company’s Operations, Human Capital &
Asset Management Director pursuant to the Deed of EGMS
Minutes No. 25 dated 18 April 2017 in conjunction with the Deed
of Meeting Resolutions Statement No. 15 dated 13 June 2017
for the period 2017-2022, and was reaffirmed for the period
2022-2027 by the Deed of EGMS Minutes No. 17 dated 29 June
2022 in conjunction with the Deed of Meeting Resolutions
Statement No. 18 dated 29 June 2022. Since 2023, he has also
held responsibility for asset management on an interim basis.
He earned the Basic Financing Certification from SPPI on
27 July 2017.
Previously, he was a member of the Nomination and
Remuneration Committee from April 2015 to April 2017, Head of
Operations & Control (2012-2017), and Head of Compensation &
Benefit (2014-2017).
He joined BFI Finance in 1993 as a Marketing Officer and
has held various other positions, among others, Branch
Manager in Makassar, Denpasar, and Palembang, Regional
Manager for Sumatera Region, and Department Head of
Quality Service, Corporate Services, Human Resources, as well
as Branch Operations.
He does not have any concurrent positions outside BFI Finance
and any affiliation with other BOD members, BOC members,
major and controlling shareholders; either directly or indirectly.
He earned his Master of Business Administration (MBA) degree
from Gadjah Mada University, Jakarta, in 2013, and Bachelor of
Electrical Engineering from Sekolah Tinggi Teknik Surabaya
(STTS), East Java, in 1992. He obtained a special certificate for
joining “Human Capital Management: Making HR & Business
Partnership Work”, an intensive course from the Asian Institute of
Management (AIM) in Manila, Philippines, in 2008.
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AND ANALYSIS GOVERNANCE STATEMENTS
SHARIA SUPERVISORY BOARD PROFILES
Asrori S. Karni
Chairman of Sharia Supervisory Board
Indonesian Jakarta,
Age: 48
Citizen DKI Jakarta
He serves as the Company’s Chairman of Sharia Supervisory
Board pursuant to the Deed of Minutes of EGMS No. 6 dated
25 October 2017 in conjunction with the Deed of Meeting
Resolutions Statement No. 19 dated 21 December 2017 for the
period 2017-2022, and was reaffirmed for the period 2022-2027
by the Deed of EGMS Minutes No. 17 dated 29 June 2022 in
conjunction with the Deed of Meeting Resolutions Statement
No.18 dated 29 June 2022.
He obtained his Sharia Supervisory Competency Certificate
from the Professional Certification Agency (LSP) of National
Sharia Board–Indonesian Ulema Council (DSN–MUI) on
28 November 2018 and valid until 28 November 2021.
Currently, he is a Lecturer of Sharia Economic Law Study
Program at Sharia and Law Faculty of State Islamic University
(UIN) Syarif Hidayatullah Jakarta since 2013, also serves as Deputy
Secretary–General of MUI Headquarters for the period 2020-2025,
Chairman of Sharia Supervisory Board of PT Sinar Mitra Sepadan
(SMS) Finance since 2021, and member of Sharia Supervisory
Board of PT Indomobil Finance Indonesia since 2018.
He was previously a Lecturer of Sharia Economics Study
Program at Islamic Religion Faculty of Universitas Nahdlatul
Ulama Indonesia (UNUSIA) Jakarta (2012-2020), served as Vice
Chairman of Qanuniyah (Islamic Law) at Bahtsul Masail Institute
of the Board of Nahdlatul Ulama (LBM PBNU) (2015-2020), and
Chairman of the Information and Communications Commission
of MUI Headquarters (2015-2020).
He does not have any affiliation with the members of Sharia
Supervisory Board, BOC, and BOD, major and controlling
shareholders; either directly or indirectly.
At the moment, he is taking a Doctoral Program in Law Science
at Diponegoro University, Semarang, Central Java. He earned
his Master of Laws degree majoring in Economic Law from
Universitas Indonesia in 2010, and Bachelor of (Islamic) Religion
majoring in Comparative Madhhab and Law from Sharia and Law
Faculty at Institut Agama Islam Negeri (IAIN) Syarif Hidayatullah;
now known as UIN Syarif Hidayatullah Jakarta; in 1998.
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HIGHLIGHTS SUPPORTING UNITS
Helda Rahmi Sina
Member of Sharia Supervisory Board
Indonesian Jakarta,
Age: 50
Citizen DKI Jakarta
She serves as the Company’s Member of Sharia Supervisory
Board pursuant to the Deed of Minutes of EGMS No. 6 dated
25 October 2017 in conjunction with the Deed of Meeting
Resolutions Statement No. 19 dated 21 December 2017 for the
period 2017-2022, and was reaffirmed for the period 2022-2027
by the Deed of EGMS Minutes No. 17 dated 29 June 2022 in
conjunction with the Deed of Meeting Resolutions Statement
No.18 dated 29 June 2022.
Currently, her concurrent positions include Chief of Strategic
Alliance at Hurriyah Global Consulting Firm (HGC Firm), General
Secretary of Yayasan Pendidikan Fatahillah Jakarta (YPFJ),
Postgraduate Program Lecturer at Sekolah Tinggi Ilmu Ekonomi
Indonesia (STEI) Rawamangun, Jakarta Timur, as well as the
Faculty Member of Indonesian Banking Development Institute
(Lembaga Pengembangan Perbankan Indonesia/LPPI).
Previously, she was a Head of Marketing and Training Division
of LPPI (2020-2023), Head of Consultation and Development
Division for Sharia Financial Program at International Center
for Development in Islamic Finance – Indonesian Banking
Development Institute (ICDIF–LPPI) (2014-2020), member of the
Sharia Economics Expert Board at Universitas Azzahra in Jakarta
Timur (2010-2014), worked as a Lecturer of Sharia Contracts &
Products course for the M.B.A. in Sharia Banking & Finance
Program at Bandung Institute of Technology or ITB (2009-2015),
Head of Sharia Financial Program Implementation Department
at ICDIF–LPPI (2008-2014), and President of Sekolah Tinggi
Ekonomi Islam Tiara (STEI Tiara) Rawamangun, Jakarta Timur
(2006-2008).
She does not have any affiliation with the Chairman of Sharia
Supervisory Board, BOC and BOD members, major and
controlling shareholders; either directly or indirectly.
She graduated from her Doctoral Program in Sharia Economics
from Universiti Malaya, Kuala Lumpur, Malaysia, in 2007, earned
her Master in Islamic Economics (MA) degree from Universiti
Kebangsaan Malaysia in 2000, and Bachelor of Syariah Islamiyyah
(Lc) from the Faculty of Islamic Studies and Arabic Language,
Al–Azhar University in Cairo, Egypt, in 1996.
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AND ANALYSIS GOVERNANCE STATEMENTS
COMMITTEES OF THE BOARD OF
COMMISSIONERS PROFILES
AUDIT COMMITTEE
Johanes Sutrisno
Chairman of the Audit Committee
Indonesian
Age: 72 Jakarta, DKI Jakarta
Citizen
He was appointed as Chairman of the Audit Committee pursuant to the BOC Decree No. BOC/
SK/I/2021-001 dated 26 January 2021 for the period 2021-2026. He also serves as Independent
Commissioner and Chairman of the Risk Oversight Committee. His profile is presented in the BOC
Profiles section (page 69).
Edy Sugito
Member of the Audit Committee
Indonesian
Age: 59 Jakarta, DKI Jakarta
Citizen
He serves as a member of the Audit Committee pursuant to the BOC Decree No. BOC/SK/VI/2016-
05 dated 21 June 2016 (2016-2021) and was reappointed by the BOC Decree No. BOC/SK/I/2021-001
dated 26 January 2021 for the period 2021-2026.
He also serves as President Commissioner/ Independent Commissioner of PT Trimegah Sekuritas
Indonesia Tbk and Independent Commissioner in several companies, among others, PT PP London
Sumatra Indonesia Tbk and PT Wismilak Inti Makmur Tbk.
Previously, he was a Commissioner of PT Gayatri Kapital Indonesia (until 2023), Director of Company
Valuation of PT Bursa Efek Indonesia (2000-2005), Director of PT Kliring Penjaminan Efek Indonesia
(2000-2005), and Director of PT Kustodian Sentral Efek Indonesia (1998-2000).
He does not have any affiliation with other members of the BOC Committees, BOC and BOD
members, or major and controlling shareholders; either directly or indirectly.
He earned his Bachelor of Economics degree in Accounting from Trisakti University, Jakarta, in 1991.
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Friso Palilingan
Member of the Audit Committee
Indonesian
Age: 40 Jakarta, DKI Jakarta
Citizen
He serves as a member of the Audit Committee pursuant to the BOC Decree No. BOC/SK/
IV/2015/0081 dated 13 April 2015, was reaffirmed by the BOC Decree No. BOC/SK/VI/2016-05 dated
21 June 2016 (2016-2021), and subsequently reappointed by the BOC Decree No. BOC/SK/I/2021-001
dated 26 January 2021 for the period 2021-2026.
At present, he also serves as Senior Partner at the Certified Public Accounting Firm Paul
Hadiwinata, Hidajat, Arsono, Retno, Palilingan & Rekan (PKF Indonesia, member of PKF
International), Independent Commissioner and Chairman of the Audit Committee of PT Intiland
Development Tbk, Commissioner of PT Kiat Ananda Cold Storage, PT Ananda Solusindo, and
PT Manggala Kiat Ananda, as well as member of the Audit Committees of PT Asahimas Flat
Glass Tbk, PT Cisarua Mountain Dairy (Cimory), and PT Provident Investasi Bersama Tbk. Since 2023,
he has also been serving as a Commissioner of PT Mitra Ananda Megadistrindo and member of the
Audit Committee of PT BNI Sekuritas.
Previously, he was a partner of a global top five accounting firm, member of the Audit Committee
of PT Medikaloka Hermina Tbk and PT Duta Intidaya Tbk, as well as member of the Financial
Accounting Standards Board at the Institute of Indonesia Chartered Accountants.
He does not have any affiliation with other members of the BOC Committees, BOC and BOD
members, or major and controlling shareholders; either directly or indirectly.
He obtained his Bachelor of Economics degree in Accounting in 2005 and Master of Accounting
in 2008, both from Kwik Kian Gie School of Business, Certified Public Accountant (CPA) in 2008 and
Chartered Accountant (CA) in 2013, both from IAI, as well as Certified Audit Committee Practitioner
from Indonesian Institute of Audit Committee (IKAI) in 2016.
RISK OVERSIGHT COMMITTEE
Johanes Sutrisno
Chairman of the Risk Oversight Committee
Indonesian
Age: 72 Jakarta, DKI Jakarta
Citizen
He was appointed as Chairman of the Risk Oversight Committee pursuant to the BOC Decree No. BOC/
SK/VI/2016-05 dated 21 June 2016 (2016-2021) and was reappointed by the BOC Decree No. BOC/SK/
VI/2021-0092 dated 15 June 2021 for the period 2021-2026. He also serves as Independent Commissioner
and Chairman of the Audit Committee. His profile is presented in the BOC Profiles section (page 69).
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AND ANALYSIS GOVERNANCE STATEMENTS
Jono Effendy
Member of the Risk Oversight Committee
Indonesian
Age: 49 Jakarta, DKI Jakarta
Citizen
He serves as a member of the Risk Oversight Committee pursuant to the BOC Decree No. BOC/SK/
IV/2015-0081 dated 13 April 2015, was reaffirmed by the BOC Decree No. BOC/SK/VI/2016-05 dated
21 June 2016 (2016-2021), and subsequently reappointed by the BOC Decree No. BOC/SK/VI/2021-
0092 dated 15 June 2021 for the period 2021-2026.
He is the Founder and President Director of PT Pasar Jasa Profesional (since 2019). Currently, he
also serves as a member of the Audit Committee and the Risk Oversight Committee of PT Bank
Commonwealth (since 2013), Independent Commissioner and concurrently member of the Risk
Oversight Committee (since 2020) and the Good Corporate Governance Committee (since 2022) of
PT FWD Insurance Indonesia, as well as member of the Audit Committee and the Risk Oversight
Committee of PT Nusantara Finance Cakrawala (since 2023).
He previously served as Independent Commissioner and Chairman of the Risk Oversight
Committee of PT Commonwealth Life (2014-2020), Managing Director of PT Mudita Finansial
Teknologi for 3 years, Managing Director of PT Kiran Resources Indonesia for 14 years, and member
of Audit Committee and Risk Monitoring Committee in several banks and financial institutions,
such as PT Bank BNP Paribas Indonesia (11 years), PT Bank Barclays Indonesia (1 year), and PT BII
Finance Centre (2 years). From 2001 to 2004, he held various positions at the Indonesian Bank
Restructuring Agency (BPPN).
He began his career at PT Tanjung Johor Wood Industry, Jakarta (1993-1996) as an Accountant, then
as Senior Auditor at Arthur Andersen, Jakarta (1996-1998), and Senior Consultant at Deloitte Touche,
Jakarta (1998-2001).
He does not have any affiliation with other members of the BOC Committees, BOC and BOD
members, or major and controlling shareholders; either directly or indirectly.
He obtained his Master’s degree in Finance from Pelita Harapan University, Tangerang, in
2003, Bachelor of Economics in Accounting from Tarumanagara University, Jakarta, in 1996,
Risk Management Certification Level 3 from Badan Sertifikasi Manajemen Risiko (BSMR) in
Indonesia and International Certificate in Banking and Regulation from Global Association of
Risk Professionals (GARP) in 2011, Risk Management Certification for Insurance Company Level
5 from Asosiasi Ahli Manajemen Asuransi Indonesia (AAMAI) in 2015, Certified in Enterprise Risk
Governance (CERG) from Enterprise Risk Management Academy (ERMA), Singapore, in 2017,
Certified in Qualified Risk Governance Professional (QRGP) from LSP MKS in 2021, and “Digital
Transformation: Platform Strategies for Success” Certification from EMERITUS in collaboration with
MIT Sloan School of Management held online in 2021.
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HIGHLIGHTS SUPPORTING UNITS
NOMINATION AND REMUNERATION COMMITTEE
Alfonso Napitupulu
Chairman of the Nomination and Remuneration Committee
Indonesian
Age: 73 Jakarta, DKI Jakarta
Citizen
His position as Chairman of the Nomination and Remuneration Committee was pursuant to the
BOC Decree No. BOC/SK/IV/2015-0081 dated 13 April 2015, was reaffirmed by the BOC Decree
No. BOC/SK/VI/2016-05 dated 21 June 2016 (2016-2021), and subsequently reappointed by the
BOC Decree No. BOC/IV/2021-0049 dated 1 April 2021 for the period 2021-2026. He also serves as
Independent Commissioner. His profile is presented in the BOC Profiles section (page 70).
Sunata Tjiterosampurno
Member of the Nomination and Remuneration Committee
Indonesian
Age: 51 Jakarta, DKI Jakarta
Citizen
He serves as a member of the Nomination and Remuneration Committee pursuant to the BOC
Decree No. BOC/VI/2017-0103 dated 2 June 2017 for the period up to 2021, and was reappointed by
the BOC Decree No. BOC/IV/2021-0049 dated 1 April 2021 for the period 2021-2026. He also serves as
Commissioner. His profile is presented in the BOC Profiles section (page 71).
Elisabeth Vivi Jeki Aryani
Member of the Nomination and Remuneration Committee
Indonesian
Age: 55 Bogor, West Java
Citizen
She serves as a member of the Nomination and Remuneration Committee pursuant to the BOC Decree
No. BOC/IV/2021-0049 dated 1 April 2021 for the period 2021-2026. She also has a concurrent position as the
Company’s Head of Human Capital (page 83).
Previously, she was a Talent Acquisition Head at Bank CIMB Niaga (2017-2019), Recruitment Head at Bank
OCBC NISP (2016-2017), Mass Resourcing Head at Bank BTPN (2008-2016), and Recruitment Planning &
Strategic Head at Bank Danamon (2008).
She does not have any affiliation with other members of the BOC Committees, BOC members, or major
and controlling shareholders; either directly or indirectly.
She earned her Bachelor of Psychology degree from Soegijapranata Catholic University, Semarang,
in 1994.
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
SENIOR MANAGEMENT PROFILES
Head Office
The following are Head Office Senior Management officers whose structural positions are one level below
the BOD:
Ari Binoto Baskoro Fadin Elisabeth Vivi Jeki
Name Goklas
Lumbantobing Wafdana Aryani
Citizenship Indonesian Indonesian Indonesian Indonesian
Age 44 39 55 45
Tangerang Selatan,
Domicile Jakarta, DKI Jakarta Bogor, West Java Jakarta, DKI Jakarta
Banten
Joined BFI Finance in 2022 2008 2019 2001
Head of Digital & New Business Tribe Head of Human Head of Project
Position
Business Incubation Lead Capital Management Office
Since 2022 2023 2019 2015
Tan Rudy
Name Iwan John Piter Sinaga Tonny Widjaja
Eddywidjaja
Citizenship Indonesian Indonesian Indonesian Indonesian
Age 53 54 53 56
Domicile Tangerang, Banten Tangerang, Banten Jakarta, DKI Jakarta Jakarta, DKI Jakarta
Joined BFI Finance in 1995 1997 1997 1994
Head of Asset
Head of Branch Head of National Head of Finance &
Position Management,
Business Partner Sales Treasury
Recovery & Inventory
Since 2019 2019 2017 1996
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HIGHLIGHTS SUPPORTING UNITS
Regional Offices
The following are General Managers who are part of the Senior Management:
Name Sudi Hartono Arwin Susinto Tenggono Then
Citizenship Indonesian Indonesian Indonesian
Age 52 41 50
Domicile Medan, North Sumatra Tangerang Selatan, Banten Tangerang Selatan, Banten
Joined BFI Finance in 1994 2005 1994
General Manager-Asset General Manager-Business
General Manager-Business
Position Management covering covering Greater Jakarta
covering Sumatra region
Sumatra region region
Since 2021 2021 2020
Name Tan Eng Han Rachmadi Augusnen Silalahi
Citizenship Indonesian Indonesian Indonesian
Age 48 53 51
Domicile Tangerang Selatan, Banten Semarang, Central Java Tangerang, Banten
Joined BFI Finance in 1997 2006 1999
General Manager-Asset General Manager-Business General Manager-Asset
Position Management covering covering West and Central Management covering West
Greater Jakarta region Java Provinces and Central Java Provinces
Since 2020 2023 2023
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AND ANALYSIS GOVERNANCE STATEMENTS
Name I Kadek Tirtayasa Medy Mirdianata Hernandi Kusno
Citizenship Indonesian Indonesian Indonesian
Age 52 50 55
Domicile Denpasar, Bali Tangerang Selatan, Banten Samarinda, East Kalimantan
Joined BFI Finance in 1997 1997 1994
General Manager-Business General Manager-Asset General Manager-Business
Position covering East Java and Bali Management covering East covering Kalimantan region
Provinces Java and Bali Provinces
Since 2022 2022 2022
Name Khenriek Tjandra Sastero Wijaya Gunawan Nuzul Ittaqa
Citizenship Indonesian Indonesian Indonesian
Age 50 44 52
Domicile Tangerang Selatan, Banten Tangerang Selatan, Banten Tangerang Selatan, Banten
Joined BFI Finance in 2002 2002 1997
General Manager-Asset General Manager-Business General Manager-Asset
Management covering covering Sulawesi, Maluku, Management covering
Position
Kalimantan region and Papua region Sulawesi, Maluku, and Papua
region
Since 2022 2022 2022
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HIGHLIGHTS SUPPORTING UNITS
CORPORATE STRUCTURE
BFI Finance’s corporate structure as at 31 December 2023 was as follows:
48.15% 5.81% 5.22% 40.82%
Trinugraha Capital PT BFI Finance Others
NTAsian Discovery Fund
& Co SCA Indonesia Tbk* (each below 5%)
1.00%
99.00% Others
* Result of the Company's stock buyback program in line with the EGMS resolution on 15 April 2015 and the remaining treasury stock after the MESOP
implementation based on the EGMS resolution on 29 June 2022
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AND ANALYSIS GOVERNANCE STATEMENTS
SUBSIDIARIES AND ASSOCIATED ENTITIES
Subsidiaries offer include Inventory Financing, Through partnerships with
Merchant Financing, Working prominent names and nascent
Up to the end of 2023, BFI Finance Capital Financing, and Employee players in the ecosystem, FIT is
had one subsidiary: PT Finansial Loan. All products offer flexible reaching out to an increasingly
Integrasi Teknologi (FIT). tenure and competitive interest large market across channels,
PT Finansial Integrasi rates. from B2C to B2B and B2B2C
segments. FIT has enabled them
Teknologi (FIT) FIT employs the latest and most
to connect to its ecosystem in
secure digital technologies,
FIT in a Nutshell a fast and hassle-free manner.
and continues to strengthen
This is how FIT is supporting the
PT Finansial Integrasi Teknologi its infrastructure with a rich
Indonesian Government’s vision
(FIT) is a financial technology arm array of features. It ensures that
of an equitable and just society
of the Company that engages users of the platform can enjoy
through digitally-empowered
in peer-to-peer (P2P) lending a seamless experience from the
financial inclusion.
through its proprietary platform, moment they apply for funding,
Pinjam Modal. FIT is majority- all the way to the underwriting Strategy and Performance
owned by the Company, with process and relationship in 2023
a 99.00% stake. management. Currently,
customers can independently FIT’s P2P lending business
FIT was established in 2017 amid in 2023 remained focused on
perform various processes on
the trend of increasing demand providing funding to small
Pinjam Modal mobile application
for easy-to-access, technology- and medium-sized retailers
and web dashboard, starting
driven financial products in the present in traditional markets
from onboarding, submitting
Indonesian market. In July 2018, across the country, as well
application, to obtaining funding.
FIT was registered as a financial as businesses engaged in the
technology P2P lending company With its business processes fast moving consumer goods
on OJK. It subsequently began enabled by an advanced and sector. The emphasis of business
operating in September 2018. comprehensive technology development was on expansion
In May 2020, FIT obtained a stack from end to end, FIT of network and reinforcement
license from OJK, making runs a lean and streamlined of business supporting
BFI Finance the first multifinance operation, allowing its technologies, especially to
company who owned a fintech services to be optimizable support FIT’s strategy to cultivate
company. and customizable to each business along the supply chain
customer. Customer data and industrial segment.
FIT’s services are accessible by
privacy are maintained in FIT’s
the Indonesian society through FIT’s collaboration with a wide
ISO 27001-certified information
its application available on range of players in the Indonesian
security management system.
Google Play Store and Apple App financial services ecosystem in
Furthermore, FIT ensures its
Store, as well as pinjammodal.id 2023 included its partnership
business governance and
website. Its primary target market with: Bank Jago as an institutional
manages its financial and
are budding entrepreneurs and lender; Boom Motorist and Grosir
operational risks within the
SMEs that require financing One for product diversification;
acceptable range by employing
for their business or productive and various leading names in the
superior big data analytics and
purposes, as well as technology tech world for strengthening FIT’s
machine learning capabilities.
platform in supply chain that overall system, spanning from
need support for their working cyber security to credit scoring
capital financing. Services on capability.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 87
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HIGHLIGHTS SUPPORTING UNITS
Bolstered by intensive marketing application. Apart from that, Development of the latest
efforts and financing products strengthening will also be carried technological aspects will
that effectively serve the needs of out by adding new partnerships include an early warning system
its targeted market segments, FIT with third parties who have and integration of the OJK’s
managed to multiply its user base productive business ecosystems Fintech Lending Data Center
in 2023, to reach 100 lenders (of that involve technology (Pusdafil) to maintain funding
whom around 8 were active) and integration between partners quality, development of internal
24,000 borrowers (around 3,400 so that financial services can be applications in the form of sales
active) as at the end of the year. easily accessed by productive applications to support and
FIT’s customers now can use the communities, such as shops, enhance the work processes of
loan facility ceiling conveniently wholesalers and distributors. each network, as well as system
and in real time. development Internal assessment
Improvements to Pinjam Modal
and individual performance
By end of 2023, FIT had disbursed platform will be carried out
control to assist the HC team
financing with total amount of by developing information
in executing HC development.
Rp2.3 trillion, and the total loan system features and capab ilities
In order to secure customer data,
outstanding amounted to more from existing technological
FIT will apply industry-leading
than Rp280 billion. FIT’s Loan aspects, namely developing
information architecture. With
Repayment Rate on average data architecture which includes
all these efforts, the governance
reached 95,71%, in accordance database technology to support
system at FIT will become
with the target suggested by OJK. mapping, patterns and trends
stronger and in accordance with
to support decision making,
Future Plans the latest regulations.
augmenting cyber security in the
In 2024, FIT plans to strengthen scope of infrastructure, continued Success in implementing this
and develop its network further. development of the core funding business plan will support
Networking in this context system, internal dashboard, FIT’s goal of extending at least
pertains to an offline to online integration with banks, and Rp3.1 trillion in financing to
concept through the presence payment gateways. Integration its users, with the financing
of sales staff who educate and with third parties will be pursued, receivables balance of
disseminate the Company’s including with credit bureau Rp421 billion at the end of 2024,
products to certain customer services, digital signatures, thus reaffirming its market share
segments in the business chain, verification, and customer in the P2P lending industry
supported by online work tools validation. in Indonesia.
such as mobile sales application
and web-based customer
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AND ANALYSIS GOVERNANCE STATEMENTS
Corporate Data Vision Shareholders
To provide easily accessible • PT BFI Finance Indonesia
Office Address
financial services to the Tbk: 99.00%
Foresta Business Loft 5 Unit 11
Indonesian society to • Others: 1.00%
Lengkong Kulon, Pagedangan
contribute to the improvement
Tangerang Regency 15331 OJK Registration and License
of public welfare
Date of Establishment • Letter No. S-588/NB.213/2018
Mission dated 31 July 2018
15 September 2017
1. Providing easy access to • Letter No. KEP-20/D.05/2020
Legal Basis of Establishment services for the public by dated 19 May 2020
utilizing state-of-the-art
Notary Deed of Herna
technologies Membership in Association
Gunawan, S.H., M.Kn., No. 4
dated 15 September 2017, 2. Providing competitive and
as approved by the Minister practical financial services
of Law and Human Rights of to be used widely by the
the Republic of Indonesia by Indonesian society Indonesia Fintech Association
the letter No. AHU-0043022. 3. Growing into a sound, (AFTECH)
AH.01.01.Tahun 2017 dated strong, and integrated
29 September 2017 company
Line of Business
Indonesia Fintech Lending
Financial technology borrowing Association (AFPI)
and lending services via Pinjam
Modal platform
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 89
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HIGHLIGHTS SUPPORTING UNITS
Management Profiles
Francis Lay Sioe Ho
President Commissioner
Indonesian
Age: 75 Jakarta, DKI Jakarta
Citizen
He served as Commissioner for the period 2017-2022 and was subsequently appointed as President
Commissioner pursuant to the Shareholders’ Resolutions in Lieu of GMS of PT FIT on 29 July 2021
as per Deed of Shareholders' Resolutions Statement in Lieu of GMS of PT FIT No. 06 dated
5 August 2021.
He also serves as President Director of BFI Finance. His profile is presented in the Board of Directors
Profiles (page 73).
Sudjono
Commissioner
Indonesian Tangerang Selatan,
Age: 53
Citizen Banten
He was appointed as Commissioner pursuant to the Shareholders’ Resolutions in Lieu of GMS of PT FIT
on 29 July 2021 as per Deed No. 06 dated 5 August 2021.
He also serves as Finance Director and Corporate Secretary of BFI Finance. His profile is presented in
the Board of Directors Profiles (page 74).
Herman Handoko
President Director
Indonesian
Age: 45 Jakarta, DKI Jakarta
Citizen
Appointed as President Director according to the Shareholders’ Resolutions in Lieu of GMS of PT FIT dated
29 July 2021 as per Deed No. 06 dated 5 August 2021. The Notary Deed of Veronika Farida Riswanti, S.H., M.Kn.
has been received and recorded by the Minister of Law and Human Rights of the Republic of Indonesia as
proven in the Decree of Acceptance of Amendment Notification to the Company Data of PT FIT regarding
changes in the Board of Directors and Commissioners No. AHU-AH.01.03-0439071 dated 20 August 2021.
Previously, he was the Director of PT FIT pursuant to the Notary Deed of Herna Gunawan, S.H., M.Kn. No. 4
dated 15 September 2017 that had been endorsed by the Minister of Law and Human Rights of the Republic
of Indonesia No. AHU-0043022.AH.01.01.TAHUN 2017 dated 29 September 2017.
He had worked at BFI Finance (2003-2017) and held various positions, among others: as Head of Operations,
Marketing Officer of Leasing & Used Car, Head of Sales, Head of Car Product, Branch Manager of Jakarta
Barat-Meruya, Area Manager of DKI Jakarta, Associate Department Head of Network & Development,
Head of Branch Management Department, Regional Manager for Jakarta, Depok and Tangerang region,
Head of Business Strategy Development & Management, and Head of Channel.
He earned his Bachelor of Economics degree in Accounting from Atma Jaya Catholic University, Jakarta,
in 2002.
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Ichwan Peryana
Director
Indonesian Tangerang Selatan,
Age: 33
Citizen Banten
Joined PT FIT in 2017 as System & Technology Manager and Head of Technology. Then, he was appointed
as Director according to the Shareholders’ Resolutions in Lieu of GMS of PT FIT dated 29 July 2021 as
per Deed No. 06 dated 5 August 2021. The Notary Deed of Veronika Farida Riswanti, S.H., M.Kn. has been
received and recorded by the Ministry of Law and Human Rights of the Republic of Indonesia as proven
in the Decree of Acceptance of Amendment Notification to the Company Data of PT FIT regarding
changes in the Board of Directors and Commissioners No. AHU-AH.01.03-0439071 dated 20 August 2021.
Previously, he had also joined BFI Finance and held a position of Digital Marketing Unit Head (2016–2017).
He earned his Bachelor of Communication Management degree from Universitas Padjadjaran, Bandung,
West Java, in 2013 and completed the Executive Education FinTech & Digital Strategy from INSEAD and
Cybersecurity Leadership from MIT Sloan School of Management in 2021.
He has received several awards, including being among the Top 200 CIO Southeast Asia from Global CIO
Forum in The World CIO 200 Summit 2021, 2022, and 2023, CIO 100 Awards 2022 and 2023 from cio.com,
CSO30 ASEAN Awards 2022 and 2023 from csoonline.com, and Tech Innovator of the Year from World
Financial Innovation Series 2023.
In 2023, the composition of FIT BOD was changed with the resignation of Agus Ghozali from his position as
Director, pursuant to the Notary Deed of Geraldine H.S.S.U. Sianturi, S.H., M.Kn., in Tangerang Selatan, i.e.,
Deed of Shareholders Resolution Statement in Lieu of AGMS of PT FIT No. 06 dated 8 May 2023.
Associated Entities
Up to the end of 2023, BFI Finance did not have any associated entities.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 91
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HIGHLIGHTS SUPPORTING UNITS
SHARE OWNERSHIP COMPOSITION
Based on the Shareholders Register issued by PT Raya Saham Registra as the Company’s Share Registrar,
the composition of shareholders of BFI Finance as at 31 December 2023 was as follows:
Table 19 • Composition of Shares and Shareholders
Price per Share Rp25
Description
Total Shares Face Value (Rp) % Shares
Authorized Capital 20,000,000,000 500,000,000,000 100.00
Issued and Fully Paid-up Capital 15,967,115,620 399,177,890,500 79.84
Share Capital in Portfolio 4,032,884,380 100,822,109,500 20.16
Shareholders
Trinugraha Capital & Co SCA 7,688,125,938 192,203,148,450 48.15
PT BFI Finance Indonesia Tbk* 927,732,000 23,193,300,000 5.81
NTAsian Discovery Fund 832,804,900 20,820,122,500 5.22
Others (each below 5%) 6,518,452,782 162,961,319,550 40.82
Total 15,967,115,620 399,177,890,500 100.00
* Result of the Company's stock buyback program in line with the EGMS resolution on 15 April 2015 and the remaining treasury stock after the MESOP
implementation based on the EGMS resolution on 29 June 2022
Share ownership of members of the BOD as at 31 December 2023 was as follows:
Table 20 • Share Ownership of Members of the BOD
Beginning of Year Akhir Tahun Nature of
Name Position
Total Shares % Shares Total Shares % Shares Ownership
Francis Lay Sioe Ho President Director 386,771,480 2.42 344,108,180 2.16 Direct
Sudjono Director 26,310,800 0.16 26,310,800 0.16 Direct
Sutadi Director 17,517,000 0.11 17,517,000 0.11 Direct
Andrew Adiwijanto Director 10,240,000 0.06 10,240,000 0.06 Direct
Sigit Hendra Gunawan* Director 10,000,000 0.06 - - Direct
Total 450,839,280 2.81 398,175,980 2.49
* No longer serving as Director effective from the 16 May 2023 EGMS
PT BFI Finance Indonesia Tbk’s ownership structure, as at end of 2023, comprised a total of 8,781 individuals
and institutions, of which 69.70% were registered abroad and the remaining 30.30% locally. There were
no shareholders with ownership of more than 5%, except Trinugraha Capital & Co SCA as the controlling
shareholder, NTAsian Discovery Fund, and the Company’s treasury stock.
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AND ANALYSIS GOVERNANCE STATEMENTS
Graph 5 • Classification of Shareholders Graph 6 • Shareholding Composition
13.92
30.30 16.38 40.82 48.15
69.70
69.69 0.01
5.22 5.81
Domestic Foreign Trinugraha Capital & Co SCA
Individual Individual
PT BFI Finance Indonesia Tbk*
Domestic Foreign
Institutional Institutional NTAsian Discovery Fund
Total Domestic Total Foreign Others (each below 5%)
Share Share
* Result of the Company's stock buyback program
in line with the EGMS resolution on 15 April 2015
and the remaining treasury stock after the MESOP
implementation based on the EGMS resolution on
29 June 2022
Share Ownership Structure
as of 31 December 2023
Jerry Ng
100% Private equity
managed by
Bravo Capital NS Advisors 1
Garibaldi Thohir Holdings Ltd. Other/Passive Investor 2
7.3% 23.2% 14.3% 55.2%
Bravo Investments Ltd.
0.66%
99.34%
Trinugraha Capital & Co SCA Treasury Stock/BFI Finance NTAsian Discovery Fund Public below 5%
48.15% 5.81% 5.22% 40.82%
PT BFI Finance Indonesia Tbk Francis Lay Sioe Ho
99.00% 1.00%
PT Finansial Integrasi Teknologi
Ultimate Beneficial Owners (UBO)
1 NS Advisors is Northstar Advisors Pte. Ltd.
2 Other/Passive Investors are those without voting rights
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HIGHLIGHTS SUPPORTING UNITS
CONTROLLING SHAREHOLDER PROFILE
Trinugraha Capital with the latest amendment Managers and Supervisors
being effective based on the of TCC
& Co SCA resolutions of TCC’s EGMS dated
In accordance with its articles
Manager 28 November 2022, made before
Maître Edouard Delosch, a Notary of association, TCC is managed
Trinugraha Capital (TC SARL) by one or more managers
in Luxembourg.
who are the unlimited liability
Brief History
Objectives and Interests shareholders/commandite.
Trinugraha Capital & Co SCA of TCC TC SARL, a société à
(TCC) is a company incorporated responsabilité limitée, was
TCC’s objectives and interests are
under the laws of the Grand- appointed as the sole manager
in participating, in any form, in
Duchy of Luxembourg with its of TCC. All matters related to TCC
companies, partnerships, or other
establishment made before and their financial condition
forms of business entity. TCC has
Maître Joseph Elvinger, a Notary including in particular the
the capability to be involved in
in Luxembourg, and was listed bookkeeping and accounts are
all of the commercial, technical,
on The Registre de Commerce overseen by the TCC Supervisory
financial, or operational aspects,
et des Sociétés in Luxembourg Board.
either directly or indirectly,
under number B 160504. The
in order to successfully achieve its
articles of association of TCC have
objectives.
been amended several times
ULTIMATE BENEFICIAL OWNERS
The Ultimate Beneficial Owners The designation of Garibaldi The two parties designated as
(UBO) of the Company are Thohir and Jerry Ng as the UBO the UBO have fulfilled the criteria
Garibaldi Thohir and Jerry Ng. is in accordance with the stated in Article 4 paragraph 1
The Company submitted the provisions in the Regulation of points f and g of the Regulation
information disclosure regarding the RI President No. 13/2018 on of the RI President No. 13/2018,
the ultimate beneficial owners Implementation of the Principle namely:
to the RI Minister of Law and of Recognizing Beneficial a. Receiving benefits from
Human Rights as stated in the Owners of Corporations in the a limited liability company;
Data Submission Statement Context of Preventing and and/or
dated 17 June 2022. Jerry Ng Eradicating the Financial Crime
b. Being the actual owner of the
was approved as the controlling of Money Laundering and
funds related to the ownership
shareholder of BFI Finance based the Criminal Act of Terrorism
of shares of the limited liability
on the Decree of Members of the Financing, in conjunction with
company.
Board of Commissioners of OJK the Regulation of the RI Minister
No. KEP-381/NB.11/2022 dated of Law and Human Rights
1 July 2022 on the Fit and Proper No.15/2019 on Procedures for
Test Result for Mr. Jerry Ng as the Implementing the Principle of
Candidate for Controller of PT BFI Recognizing Beneficial Owners of
Finance Indonesia Tbk. Corporations.
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CHRONOLOGICAL LISTING OF SHARES AND
CHANGES IN NUMBER OF SHARES
Chronology of Share capital amounting to Rp1.5 billion, Rp1.5 million to Rp15 billion divided
divided into 100 preferred shares into 15 million ordinary shares each
Listing and 900 common shares. having a nominal value of Rp1,000,
Based on Deed No. 57 on while the issued and fully paid-up
Based on Deed No. 80 dated
7 April 1982, and amended by capital amounting to Rp8.5 billion,
22 November 1989 and Deed
Deed No. 40 dated 6 October consisting of 8.5 million shares.
No. 27 dated 8 March 1990,
1982, both made before Kartini
the authorized capital of the The following is a summary of the
Muljadi, S.H., a Notary in Jakarta,
Company when the Company Company’s chronological share
the authorized capital of the
was about to conduct a public listings:
Company was Rp3 billion divided
offering increased from Rp3
into 100 preferred shares and
billion divided into 100 preferred
1,900 common shares, each with
shares and 1,900 common shares
a nominal value of Rp1.5 million,
each with a nominal value of
while the issued and fully paid-up
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HIGHLIGHTS SUPPORTING UNITS
Table 21 • Chronological Listing of Shares and Changes in Total Outstanding Shares
Stock Total Listed
Corporate Action Listing Date Listed Shares Value & Price (Rp)
Exchange Shares
BEJ &
Initial Public Offering 16 May 1990 2,125,000 1,000 2,125,000
BES
BEJ 14 June 1993 The Company issued
Share Dividend 1,062,500 1 new share for every 3,187,500
BES 11 June 1993 10 shares owned
BEJ 22 September 1993 The Company issued
17 bonus shares
Bonus Share 9,934,668 13,122,168
for every 20 shares
BES 13 September 1993 owned
BEJ 6 December 1993
Company Listing 8,500,000 1,000 21,622,168
BES 2 December 1993
BEJ 22 March 1994 The Company issued
Share Dividend 7,207,390 1 new share for every 28,829,558
BES 21 March 1994 3 shares owned
Limited Public Offering I
(Rights Issue I): BEJ &
9 May 1994 28,829,558 1,000 57,659,116
1 share entitled to 1 new BES
share
Limited Public Offering
II (Rights Issue II): BEJ &
12 February 1997 115,318,232 1,000 172,977,348
1 share entitled to 2 new BES
shares
BEJ &
Stock Split 1:2 3 November 1997 172,977,348 500 345,954,696
BES
New Shares from MCB BEJ 11 May 2006
414,384,585 760,339,281
Conversion BES 5 June 2006
Stock Split 1:2 BEI 7 August 2012 760,339,281 250 1,520,678,562
Issuance of Shares for
Implementation of
BEI 31 May 2013 5,936,000 250 1,526,614,562
MESOP Phase I - Grant
Date 1
Issuance of Shares for
Implementation of
BEI 30 May 2014 23,320,000 250 1,549,934,562
MESOP Phase I - Grant
Date 2
Issuance of Shares for
Implementation of
BEI 29 May 2015 16,025,000 250 1,565,959,562
MESOP Phase II - Grant
Date 1
Issuance of Shares for
Implementation of
BEI 31 May 2016 30,752,000 250 1,596,711,562
MESOP Phase II - Grant
Date 2
Company's Share
Total shares
Buyback with the
purchased
maximum repurchasing N/A 15 April 2015 100,273,200 n/a
amounted to
period of 18 months
Rp252,160,169,658
from 15 April 2015
Stock Split 1:10 BEI 5 June 2017 1,596,711,562 25 15,967,115,620
MESOP from Treasury
BEI 11 October 2022 75,000,000 500 15,967,115,620
Shares
All of the above actions have been approved by the capital market authorities and duly implemented.
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 97
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
CHRONOLOGICAL LISTING
OF OTHER SECURITIES
Listing of Bonds
Table 22 • Bond Listing Summary
Amount
Date Listed Effective Bond Amount Issued
Bonds Issued per Serial Coupon Due Date
on IDX Date Rating (Rp billion)
(Rp billion)
18
Obligasi Serial A 437 8.00% September
7 June
Berkelanjutan IV 8 2021
2018
BFI Finance September AA-(idn) 832
(No.S-67/
Indonesia Tahap 2020 8 September
Serial B D.04/2018) 395 9.50%
III Tahun 2020 2023
Obligasi Serial A 200 6.00% 8 June 2022
Berkelanjutan V
31 May
BFI Finance AA-(idn) 600
2021
Indonesia Tahap I
Tahun 2021 Serial B 400 7.75% 28 May 2024
16 August
Serial A 210 5.25%
2022
Obligasi
Berkelanjutan V 6 August
Serial B 9 August 260 6.25%
BFI Finance AA-(idn) 1,000 2023
2021
Indonesia Tahap II
Tahun 2021
6 August
Serial C 530 7.25%
2024
7 February
Serial A 617 6.25%
2024
Obligasi 21 May
Berkelanjutan V 2021
30 January 27 January
BFI Finance Serial B (No. S-66/ AA-(idn) 1,100 227 7.00%
2023 2025
Indonesia Tahap D.04/2021)
III Tahun 2023
27 January
Serial C 256 7.375%
2026
Serial A 590 6.10% 24 April 2024
Obligasi
Berkelanjutan V
17 April
BFI Finance Serial B AA-(idn) 1,600 385 7.00% 14 April 2025
2023
Indonesia Tahap
IV Tahun 2023
Serial C 625 7.15% 14 April 2026
Obligasi Serial A 250 6.00% 25 June 2024
Berkelanjutan V
16 June
BFI Finance AA-(idn) 1,100
2023
Indonesia Tahap
V Tahun 2023 Serial B 850 7.00% 15 June 2026
98 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Public Legal Bond Rating
Status Underwriter Trustee Notary
Accontant Consultant Agency
PT BNI Sekuritas
Tanubrata
PT Danareksa Sekuritas PT Bank Ir. Nanette
Sutanto Jusuf PT Fitch
Tabungan Cahyanie
Paid PT DBS Vickers Sekuritas Indonesia Fahmi Indradewa Ratings
Negara Handari Adi
PT Mandiri Sekuritas Bambang & Partners Indonesia
(Persero) Tbk Warsito, S.H.
& Rekan
PT Trimegah Sekuritas Indonesia Tbk
PT BNI Sekuritas
Paid Tanubrata
PT BRI Danareksa Sekuritas PT Bank Ir. Nanette
Sutanto Jusuf PT Fitch
Tabungan Cahyanie
PT DBS Vickers Sekuritas Indonesia Fahmi Indradewa Ratings
Not Negara Handari Adi
PT Mandiri Sekuritas Bambang & Partners Indonesia
yet (Persero) Tbk Warsito, S.H.
& Rekan
due PT Trimegah Sekuritas Indonesia Tbk
PT BCA Sekuritas
Paid PT BNI Sekuritas Tanubrata
PT Bank Ir. Nanette
PT DBS Vickers Sekuritas Indonesia Sutanto Jusuf PT Fitch
Tabungan Cahyanie
Fahmi Indradewa Ratings
PT BRI Danareksa Sekuritas Negara Handari Adi
Bambang & Partners Indonesia
(Persero) Tbk Warsito, S.H.
Not PT Mandiri Sekuritas & Rekan
yet PT Trimegah Sekuritas Indonesia Tbk
due
PT BCA Sekuritas Tanubrata
PT Bank Ir. Nanette
Not PT BRI Danareksa Sekuritas Sutanto Jusuf PT Fitch
Tabungan Cahyanie
yet Fahmi Indradewa Ratings
PT Mandiri Sekuritas Negara Handari Adi
due Bambang & Partners Indonesia
(Persero) Tbk Warsito, S.H.
PT Trimegah Sekuritas Indonesia Tbk & Rekan
PT BCA Sekuritas Tanubrata
PT Bank Ir. Nanette
Not PT BRI Danareksa Sekuritas Sutanto Jusuf PT Fitch
Tabungan Cahyanie
yet Fahmi Indradewa Ratings
PT Mandiri Sekuritas Negara Handari Adi
due Bambang & Partners Indonesia
(Persero) Tbk Warsito, S.H.
PT Trimegah Sekuritas Indonesia Tbk & Rekan
PT BCA Sekuritas Tanubrata
PT Bank Ir. Nanette
Not PT BRI Danareksa Sekuritas Sutanto Jusuf PT Fitch
Tabungan Cahyanie
yet Fahmi Indradewa Ratings
PT Mandiri Sekuritas Negara Handari Adi
due Bambang & Partners Indonesia
(Persero) Tbk Warsito, S.H.
PT Trimegah Sekuritas Indonesia Tbk & Rekan
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 99
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
PUBLIC ACCOUNTANT SERVICES
Public Accounting Firm The above public accounting The fee for the 2023 assignment
firm has audited the Company’s period was Rp627 million,
Tanubrata Sutanto Fahmi annual financial statements for including VAT.
Bambang & Rekan eight years, since 2016.
The public accounting firm
Prudential Tower Lt. 17 The public accountant that rendered no other professional
Jl. Jend. Sudirman Kav. 79 audited the Company’s annual services to the Company in the
Jakarta 12910, Indonesia financial statements for the financial year of 2023, apart from
Tel: (62-21) 5795 7300 financial year of 2023 was Susanto the audit of financial statements
Fax: (62-21) 5795 7301 Bong, S.E., Ak., C.P.A, C.A. as mentioned above.
www.bdo.co.id
Table 23 • Chronology of Public Accounting Firm Appointments
Period Public Accounting Firm Accountant Name Report Release Date Opinion
2019 Tanubrata Sutanto Fahmi Susanto Bong, S.E., 19 February 2020 Unmodified Opinion
Bambang & Rekan Ak., C.P.A., C.A.
2020 Tanubrata Sutanto Fahmi Susanto Bong, S.E., 12 March 2021 Unmodified Opinion
Bambang & Rekan Ak., C.P.A., C.A.
2021 Tanubrata Sutanto Fahmi Dr. Herry Sunarto, 15 February 2022 Unmodified Opinion
Bambang & Rekan S.E., Ak., S.H., M.B.A.,
M.H., C.P.A., C.P.M.A.,
C.M.A., C.A.
2022 Tanubrata Sutanto Fahmi Santanu Chandra, 13 February 2023 Unmodified Opinion
Bambang & Rekan C.P.A.
2023 Tanubrata Sutanto Fahmi Susanto Bong, S.E., 23 February 2024 Unmodified Opinion
Bambang & Rekan Ak., C.P.A., C.A.
100 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
CAPITAL MARKET SUPPORTING INSTITUTIONS
AND PROFESSIONS
Ratings Agency Share Registrar
PT Fitch Ratings Indonesia PT Raya Saham Registra
DBS Bank Tower Lt. 24, Suite 2403 Gedung Plaza Sentral Lt. 2
Jl. Prof. Dr. Satrio Kav. 3-5 Jl. Jend. Sudirman Kav. 47-48
Jakarta 12940, Indonesia Jakarta 12930, Indonesia
Phone (62-21) 2988 6800 Phone (62-21) 252 5666
Fax: (62-21) 2988 6822 Fax: (62-21) 252 5028
www.fitchratings.com/region/indonesia www.registra.co.id
Fee for the 2023 assignment period was Fee for the assignment period 2023 was
Rp492 million. Rp186 million.
Trustee Capital Market Institution
PT Bank Tabungan Negara (Persero) Tbk PT Bursa Efek Indonesia
Menara BTN (Indonesia Stock Exchange)
Jl. Gajah Mada No. 1 Gedung Bursa Efek Indonesia, Tower 1, Lt. 6
Jakarta 10130, Indonesia Jl. Jend. Sudirman Kav. 52–53
Phone (62-21) 633 6789 ext. 1844-1847 Jakarta Selatan 12190, Indonesia
www.btn.co.id Phone (62-21) 515 0515
Fax: (62-21) 515 4153
Fee for the assignment period 2016-2023
Call Center (National): 150515
ranged from 0.0088%-0.0165% of the total
www.idx.co.id
bonds issued.
Legal Consultant Depository and Settlement
Institution
Jusuf Indradewa & Partners
Menara BCA (Grand Indonesia) Lt. 50 PT Kustodian Sentral Efek Indonesia
Jl. M.H. Thamrin No. 1 (Indonesia Central Securities Depository)
Jakarta 10310, Indonesia Gedung Bursa Efek Indonesia, Tower 1, Lt. 5
Tel.: (62-21) 2254 4117 (hunting) Jl. Jend. Sudirman Kav. 52–53
Fax: (62-21) 2254 4367 Jakarta 12190, Indonesia
www.jusufind.com Phone (62-21) 515 2855
Fax: (62-21) 5299 1199
Fee for the assignment period 2019-2023 was
Toll Free: 0800-186-5734
approximately 0.0138-0.0248% of the total
www.ksei.co.id
bonds issued.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 101
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Effectiveness Across All Fronts The Telecollection operational system at BFI Finance is steadily improving in effectiveness and efficiency through the implementation of the Call Identifier system, which aids in the selection of customer contacts, automatically connecting our agents with active numbers. 102 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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04 BUSINESS SUPPORTING UNITS 2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 103
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
INFORMATION TECHNOLOGY
IT initiatives in 2023 were focused To stay relevant in the fast-
evolving financial ecosystem,
on revamping the origination BFI Finance has been
reinventing itself to excel in
system and strengthening overall the information technology (IT)
domain. It is pursuing a multi-
IT security, in particular with pronged strategy aiming to
regards to prevention, monitoring, digitally transform the business
in ways that are aligned with
and employee awareness. the demands of the times,
while remaining rooted to the
principles that have made
BFI Finance the top-of-mind
choice for hundreds of thousands
of customers in the first place.
In 2023, as the digitalization
momentum was gaining
strength, BFI Finance’s business
experienced a hiccup. It proved
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AND ANALYSIS GOVERNANCE STATEMENTS
to be a pivotal moment for the limited scope in the beginning of for dominance in the new
Company, calling for a firm and 2024, with a view to be scaled up normal, this system banks on
well-orchestrated response to nationwide later on in the year. advanced machine learning to
the ensuing complexities, to evaluate current and potential
IT-related improvements
minimize impact on its day- delinquencies, which can to
to the loan origination side
to-day operations. For the IT some extent predict customers’
of the business have made
team and the entire workforce future payment performance
onboarding process a faster
of BFI Finance, the outcomes based on big data and prior
and more seamless experience
of this hiccup helped steer the records. The system will
for customers. This is paired
Company’s future digitalization then devise a customer-by-
up with upgraded decision-
initiatives with stronger risk customer individual approach
making processes on the back
management and greater for field collection agents to
end. Effective underwriting is
agility, bringing itself on par with perform collection as efficiently
enhanced through automated
leading digital-native companies as possible.
algorithms empowered by
of today.
machine learning capabilities. The second took the form of
Furthermore, deeper integration a revamped mobile application
Enhancements to
of the Company’s digital systems for collection. Utilizing the data
Loan Origination with those of its partners’ allows fed into it by the centralized
The cornerstone of IT initiatives the entire flow—from origination collection system, the application
in 2023 was a thorough to payment—to take place gives recommendations to
rejuvenation of the loan on interconnected platforms. field collection agents on the
origination system, complete This hassle-free approach has strategy to deal with specific
with the establishment of new proven crucial in boosting delinquent customers. It also
features within the system. These customer satisfaction. actively collects insights from
newly developed systems not agent-customer interactions to
only have streamlined processes, Strengthening inform future actions and decide
but also carved up new channels Collection whether the treatment plan
needs adjusments.
for loan generation, significantly Performance
expanding the Company’s reach The third major path was
into the vast and relatively Advances in loan origination
through the autodialer
undertapped Indonesian market. to expand the scale of business
system. It went live in late
were complemented by a host
Armed with additional 2023 and has significantly
of initiatives to reinforce
capabilities, the Company’s raised the performance level
the Company’s collection
loan origination systems now of the telecollection team.
performance. Essential to
serve both internal employees It has done so by reducing
guarding against deterioration of
as well as external partners the telecollection agent’s waiting
portfolio quality, these initiatives
and agents to bring in new time when making calls and
involved a more extensive
leads more efficiently than with by increasing the chance that
automation of key tasks that
conventional methods. Certain customers are contacted at
the collection team performed
collaboration projects had the most opportune moment.
on a regular basis. They also
been run up to the end of 2023, enriched the collection strategy, Blending technology into
involving several key players in and thus improved performance, both the strategic and routine
the digital financial ecosystem, through three main paths. decision-making tasks of the
allowing the Company to extend collection staff, who themselves
its offerings to a wider swath The first dealt with
are continuously equipped and
of the market, and with more the Company’s centralized
upskilled, has improved collection
diverse characteristics. These collection system. Established
efficacy without causing a linear
systems are to be piloted in as part of BFI Finance’s drive
increase in headcount or cost.
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2023 PERFORMANCE BUSINESS
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HIGHLIGHTS SUPPORTING UNITS
The Cyberattack and conducted to identify the core Plans for 2024
issues and at the same time
Its Aftermath formulate new protection Two main initiatives in IT for 2024
In May 2023 the Company and monitoring mechanisms are scaling up loan origination
faced a cyberattack caused to better prepare the Company systems and strengthening
by a vulnerability in one of the in facing future recurrence. This collection operations. The full
commercial software systems involved enhancing the systems’ running of several systems
used in its IT infrastructure. credential management, that are being integrated into
The vulnerability allowed bolstering backup capabilities, partners’ ecosystems—planned
unauthorized access to as well as ramping up endpoint to commence in the first half of
the Company’s critical systems security and remote monitoring 2024—will help the Company
by external parties. Infiltration of across the digital devices used gain traction from these digital
the main infrastructure through by employees. partners’ considerably large user
this vulnerability rendered base. Engagement with external
At the same time, BFI Finance consultants will also continue to
various IT-supported processes
has also been promoting enrich the IT team’s expanding
in the Company inaccessible.
awareness among its employees skillset, as BFI Finance aspires
The first rapid-response of cyber threats, and what to be a prominent tech-based
measure by the Company was needs to be done to prevent and financial institution with a robust
to disconnect its systems from tackle such risk. This ongoing security posture.
the external network, isolating campaign includes webinars
them so a thorough clean-up and dissemination of relevant
can be performed. The Company materials regularly to all
engaged third-party experts to employees.
assist in the identification and
recovery processes following
the incident. An IT audit was
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
NETWORK AND OPERATIONAL DEVELOPMENT
BFI Finance succeeded in Since 2020, BFI Finance has
embarked on an initiative
overcoming the cyber challenge to centralize processes and
verticalize business functions
it faced mid-year, setting its as it transitioned into a new
operational model. These two
course back on a future-oriented strategic efforts were pursued
path where various network thoroughly in 2023 with the
expanded application of
development projects are being automation to accelerate
business processes, redefining
pursued to serve customers various aspects from consumer
acquisition to billing.
better and more expeditiously In the previous years, numerous
while empowering the collection operational aspects had been
transformed. As each function’s
process. structure became verticalized,
productivity increased. Related
processes also made extensive
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ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
use of digital technology, bringing However, employees in each further speeding up service for
comfort and convenience to affected function were able to customers, so that branch staff
both employees and consumers. demonstrate strong capability, could drive the scalability of their
Nonetheless, there was competence, and enthusiasm to operations while ensuring a high
a disruption to the operational continue working under these level of customer satisfaction.
transformation that the Company extraordinary circumstances, thus This project has been piloted in
was undertaking. enabling a smooth and rapid 67 outlets in different regions
recovery to normal conditions. in Indonesia. Once the results
Mitigating the These challenges could be get evaluated in 2024, the next
Cyberattack’s Impact overcome without substantial target will be to expand its
delays to various automation implementation to more outlets.
The May 2023 cyberattack and digitalization initiatives as
delivered a unique lesson originally planned. Reinforcing Collection
for the Company. To limit
Capabilities
the spread of its impact, and Accelerated
mitigate it completely, the In 2023, the Company continued
management set into motion
Processing and the pilot project initiated in
a controlled business recovery Customer Service 2022 to strengthen its collection
plan. The business continuity plan Throughout 2023, the Company’s capabilities with the help of
contained a series of operational operational development machine learning. Aside from
procedures to address priority team continued to focus on expanding its application,
issues for each function. accelerating the digitalization the capabilities of this new
of various business processes, collection system also continued
After ensuring that the incident
further enhancing what had to be enriched. Now, the system
did not threaten the Company’s
been implemented in the can identify and categorize
data integrity, especially those
previous period. One of the customers automatically, in light
directly related to customers,
main innovations introduced of their habit patterns, installment
the operational team’s main
in 2023 was a new operational payment schedules, risk factors
priority was to restore key
platform whose function was associated with the business
functions by activating
to speed up the processing of they run, along with their other
backup systems. The feature of
administrative data related to characteristics.
installment payments—as one
of the most critical functions financing applications, with Once customers are classified by
affected—could be restored at an improved capability for the machine learning algorithm
each branch within one day after risk factor analysis. As a result, into the segments, the system will
the incident. customers could receive their provide recommendations on the
funds after a shorter wait time best way for collection personnel
While the Company thoroughly
than before. This platform had to approach them. This system
evaluated the incident, a number
been implemented in nearly all thus allows the field collection
of non-critical processes that
branches as at the end of 2023. team to choose the most effective
previously had been automated
Up to the close of 2023, the route for collecting installment
and moved to the digital
Company had been running payments from customers.
realm were done manually
a pilot project that integrated In addition, this system helps
for some time. The decline in
sleek and high-capability features the Company prioritize which
productivity that occurred was
into its operational platform. segments require further
a logical consequence that
This project was aimed at handling from the field team.
the Company had previously
taken into consideration.
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
The new colleciton system had contact customers at the right Routine processes, some of
been implemented in all outlets time, resulting in higher response which had been transferred to
as at the end of 2023. rates. The Company provided the center (as a result of prior
ongoing training to agents so years’ centralization strategy) and
To complement this new
they can carry out the new work others retained in the branches,
system, the Company has also
procedures smoothly, facilitated can now take place more swiftly
been developing machine
by the autodialer. A number of and effectively than before.
learning capabilities to perform
trailblazing projects in the area of
independent analyses of data Taking into account this progress
collection supported the ongoing
obtained from customers. and the different business
development of a comprehensive
The results of the analyses will conditions in each area the
and centralized collection
be useful for determining the Company serves, in 2023 the
management system.
type of treatment for customers Company decided to streamline
showing a deterioration in its operations to increase work
Increased Network
the quality of their financing effectiveness, from 282 outlets
portfolio. This feature will provide Productivity one year prior to 271, consisting
reasonable and impartial With increasing use of of 195 branches and 31 kiosks,
recommendations to the automation and digital systems including 45 sharia representative
collection personnel in handling throughout the Company’s branches operating within the
individual customers. operational network, each of conventional branches. Despite
the outlets is now able to serve the smaller number of outlets,
One particular advancement
customer needs in a more BFI Finance’s geographic
that has been proven to boost
focused manner, taking into coverage has not shrunk, but
the efficacy of the collection
consideration the particular instead, productivity per outlet
function upon its initiation
characteristics of the dominant was bolstered
in mid–2023 is the autodialer
mechanism, which helps market segments in each region.
connect telecollection agents
with customers automatically.
The autodialer algorithm ensures
that telecollection agents can
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HIGHLIGHTS SUPPORTING UNITS
CUSTOMER SERVICE
Customer Care
WhatsApp
1500018
0882-1150-0018
Broadening the deployment For decades serving the
multifinance needs of the
of CS Virtual to 21 provinces Indonesian people, BFI Finance
continues to maintain its
brought employees closer reputation as a multifinance
that is committed to providing
to the customers, therefore the highest level of service to
raising customer satisfaction its customers. This means that
the Company ensures every
as evidenced by the year-end employee, from customer-
facing frontliners all the way
Net Promoter Score of 95%. to the support staff, has a
profound understanding and
strong enthusiasm in their
interactions with the customers.
The Company continues to forge
meaningful relationships with
customers, while deepening
its understanding of their
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
financial needs, ready to responsive, and professional Maintaining Trust
respond across an array of attitude, while interacting with
communication channels that are customers as well as when
and Loyalty
regularly updated. carrying out their daily tasks. Implementing the three elements
of Service Excellence Strategy
This is supported by character
Foundation for at all times with discipline, the
development of employees,
Excellent Customer to make them ready and alert
Company was able to uphold the
level of customer satisfaction in
Service in building relationships with
2023, even as its operations were
customers. This attitude is
The customer service program at disrupted by a cyberattack in the
brought into practice, among
BFI Finance has been developed middle of the year. Immediately
other things, by offering the right
according to the Consumer following the incident, the
solutions to what customers
Protection Law and the POJK Company exerted every effort
need, collecting non-performing
on Consumer Protection in to restore service levels back
financing ethically, as well as
the Financial Sector. Every to normal conditions, with the
giving customers appreciation for
Customer Financing Agreement shortest possible recovery time.
their loyalty.
between BFI Finance and
Embodying the principle of
prospective customers is drawn In an effort to impress customers
transparency in service, Company
by upholding transparency. in their experience, BFI Finance
employees promptly conveyed
Detailed information about carried out several service
information to them regarding
consumer rights and obligations, programs to boost consumer
the disruption to the online
including the freedom to request satisfaction and loyalty. One of
payment system. The Company
information and submit questions them was the Servprize
set up an emergency customer
or complaints regarding program, where the Company
complaint handling service, so
Company services, is conveyed representative pays special
that every urgent need could
straightforwardly by Company visits to selected customers
be attended to. Simultaneously,
employees. This information in special moments. Several
various resources in each branch
is also made available on the customers whose businesses
were deployed to serve customers
Company’s official website, have been growing together with
who wished to make payments
bfi.co.id. BFI Finance were also involved
directly at the branch.
in this program. Additionally,
As a foundation for various
the BFI Close to You program As operational recovery efforts
initiatives to ensure that the
brought the Company closer progressed, the Company strived
best level of service is delivered
to several communities in six to restore service as well as
to the customers, the Company
operational areas. customer satisfaction. A measure
maintains the Service Excellence
to maintain trust and loyalty
Strategy framework, underpinned In keeping with this, Company
was to bring the management
by three core components: employees are also open
directly to the front line. At least
1. Sustaining Service Insight; to listening to customer
once a month, members of the
complaints, and make every
2. Customer Relationship & management met face to face
effort to ensure that these
Engagement; and with customers at the branches,
complaints are handled promptly
3. Complaint Handling & Service listening to their insights and
and satisfactorily. As a result,
Recovery. complaints. Field employees
customers retained their trust in
also became more proactive in
To sustain service insight, the Company.
approaching customers to listen
BFI Finance employees are
to their needs and provide the
required to provide satisfaction to
best solutions for them.
customers by keeping a positive,
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ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
As a means for customers to submit their complaints, identify financing products, and obtain solutions, the
Virtual Customer Service channel, running since 2022, was expanded to more branches in Indonesia. As at
the end of 2023, this Virtual CS service had been running in 46 branches in 21 provinces, and within the year
it interacted with 2,638 customers and potential customers of BFI Finance.
Measuring Consumer Satisfaction
Sincere measures taken by BFI Finance employees to preserve good relations with customers and
engage them with intent proved effective in restoring customer satisfaction levels following the May 2023
cyberattack. Having dipped following this incident, the scores of two customer satisfaction parameters which
the Company measured—Customer Satisfaction Index (CSI) and Net Promoter Score (NPS)—have been
climbing up since.
Graph 7 • Consumer Satisfaction Index 2023
5.00
4.00
4.94 4.74 4.86 4.84
3.00 4.42 4.57 4.69
3.84 4.10 3.97
3.73 3.63
2.00
1.00
0.00
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Graph 8 • Net Promoter Score 2023
100%
80%
60% 95% 93% 94% 95%
82% 84% 90%
74% 79% 78%
40% 72%
62%
20%
0%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
The Company maintains a customer satisfaction survey that can be taken independently by customers
through an online form. This method has been in effect nationwide since 2022. Various channels are
also made available to receive complaints from customers, as stated on the Company’s website. In 2023,
a total of 8,063 complaints were received and 100% of this number had been resolved by the end of the
year. The Company sustained its performance in resolving complaints in accordance with the standards
stipulated in POJK No. 18/POJK.07/2018 on Customer Complaint Services in the Financial Services Sector,
namely a maximum of 5 working days for verbal complaints and 20 working days for written complaints.
112 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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Table 24 • Customer Complaint Handling 2023
Status of Resolution
Financing Type Resolved Being Processed Unresolved Number of Complaints
Total % Total % Total %
Investment 186 100 0 0 0 0 186
Working Capital 2,445 100 0 0 0 0 2,445
Multipurpose 4,256 100 0 0 0 0 4,256
Non-Customer 1,176 100 0 0 0 0 1,176
Total 8,063
Complaints in 2023 increased in number by 30% from 2022’s figure, due to the cyberattack that occurred in
mid-2023. This incident prevented some customers from making online payments on the Company system.
Of the total number of complaints received in 2023, 21% related directly to issues with the payment system.
All complaints were resolved according to the applicable service level.
Internal Assessments
The Company has a dedicated mechanism called YOUR VOICE to measure employee satisfaction regarding
the quality of their professional interactions with Company colleagues, and the services of these colleagues.
YOUR VOICE serves as both team and individual performance assessments, and is accessible using a QR code.
YOUR VOICE has two assessment types: iVOTE to assess the colleagues’ performance, and iCARE to channel
ideas and aspirations for developing an internal strategy on certain topics and improving the future
execution thereof.
In 2023, iVOTE received 9,175 responses from employees, with an average score of 3.75 out of a maximum 4,
and 40% of respondents expressed the highest level of satisfaction (“excellent”). A total of 3,905 responses
were received via iCARE, with the top two topics of concern among respondents being work infrastructure
(31% of the total) and employee welfare (19%).
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05 MANAGEMENT DISCUSSION AND ANALYSIS 114 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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Evaluation for Improved Performance Comprehensive economic and business reviews across different levels support the formulation of future business strategies, ensuring a robust competitive edge, and fostering effective and optimal business performance. 2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 115
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2023 PERFORMANCE BUSINESS
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HIGHLIGHTS SUPPORTING UNITS
INDUSTRY OVERVIEW
Indonesia's economic stability Global Economic
Review
brought growth of 5.05%
As economic fragmentation
in 2023, with the financing intensified, global GDP growth
was affected, reaching only
industry recording a 13.2% rise 3.1% in 2023, based on IMF data.
in financing receivables to reach This growth was slightly slower
than the previous year’s.
Rp470.9 trillion in total. Two main factors underlay
this slowdown.
Persistent high core inflation in
various countries, both developed
and developing, limited the fiscal
room for governments and global
banking authorities to boost
growth. This prompted the Fed
to raise the Fed Funds Rate four
times in 2023, up to 5.50% at the
end of the year. The increase in
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
the US benchmark interest rate Meanwhile, the return of energy Indonesia’s economic growth was
strengthened the standing of commodity supply levels caused boosted by household spending,
the US dollar among other global this sector to be corrected which remained robust, and the
currencies. However, as the Fed significantly. Average prices for steady growth of investment flow.
paused its interest rate hike in non-renewable energy sources, This helped offset the decline in
November 2023, the US dollar such as oil and coal, was recorded Indonesia’s export performance,
exchange rate also reversed to be lower in the course of 2023, which was more pronounced
direction. Market expected the compared to their respective than its import performance in
current levels had peaked, and figures in 2022. However, energy 2023, due to the weaker prices of
may reverse in the next year. supply from renewable sources two key commodities, coal and
Many central banks had followed continued to accelerate, even palm oil. The average exchange
the Fed’s direction by raising at the highest rate in history. rate of the rupiah against the US
interest rates in their respective Progress in the renewable energy dollar in 2023 also dropped 2.54%
countries, while gradually sector has also been driven by from the 2022 annual average,
reducing their balance sheet. the development of increasingly owing to the Fed’s hawkish
cheap and sophisticated battery monetary policy over the last two
On the other hand, China’s
technology. years. The rupiah however was
economy experienced
among the better-performing
a significant slowdown, impacted
Indonesia’s Economic regional currencies for the whole
by the US policy to decouple its
manufacturing base from China, Review period.
alongside the restrictive policies Indonesia’s economic stability as Indonesian population’s
undertaken during the Covid-19 a developing country continues spending patterns in the
pandemic. Export performance, to be reliant on global economic first post-pandemic year had
which has historically been policies which themselves are still notably shifted. With the lifting
underpinning China’s economic replete with uncertainty. Various of restrictions on people’s
growth, contracted quite sharply. factors have influenced this mobility, household spending
Import value also experienced uncertainty, ranging from post- for entertainment and tourism
a comparable decline. pandemic inflation, geopolitical purposes were greater in 2023,
tensions, economic polarization and as an impact spending on
Economic growth in 2023 was
between the US and China, goods shrank. High interest
bolstered by the higher GDP
to disruptions in food and energy rates also suppressed the
growth rates in the US and
commodity supply chains, all of appetite to buy motor vehicles
a number of developing countries,
which gave an impact on the on installments, even as more
particularly China, India, Indonesia,
Indonesian economy. affordable Chinese brands were
Brazil, and Russia. In the US,
beginning to penetrate the
the technology sector posted the Indonesia’s GDP grew steadily market. Sales of cars declined
most stellar performance, with in 2023, at 5.05%, slightly compared to in 2022, despite
the uplift from the increasingly slower than 5.31% in 2022. Bank the supply of new cars having
sophisticated artificial intelligence Indonesia’s efforts to increase normalized, while sales of
technology taking the shape its benchmark interest rate, motorbikes went up significantly
of generative AI (GenAI). GenAI BI7DRR, by 0.50%, continuing in 2023.
has been predicted to transform the measures it had taken
the way things work in various since August 2022, managed In contrast to the motor vehicle
industries. Digital transformation to reduce annual inflation in market, sales of electric vehicles
has also improved the performance 2023 to 2.61%, significantly (EV) recorded a rapid rise from
of the telecommunications lower than the previous year’s 2022 figures, with hybrid vehicles
industry, with the implementation 5.51%, and relatively below those becoming the choice of the
of 5G network technology by rates observed in various other majority of buyers. In the EV
cellular operators in many developing countries. segment, Chinese and Korean
countries.
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HIGHLIGHTS SUPPORTING UNITS
brands that have been in the Nevertheless, 2023 was Data from the Association of
market for longer seemed to a particularly challenging year, Indonesia Automotive Industries
dominate. The Indonesian given the shift in the quality of (GAIKINDO) stated that car sales
government also supported the financing customers, as physical in 2023 reached 1,005,802 units,
transition to EVs by providing mobility restrictions ended and below the year’s target and
subsidized electric motorbikes. people tended to postpone their also the 2022’s figure. A more
Their sales as at the end of 2023 investment decisions ahead heartening situation was seen in
reached 11,532 units. of the 2024 general election. the motorbike segment, where
Consequently, the multifinance domestic sales were reported
Financing Industry industry’s overall risk profile had by the Association of Indonesia
Overview also changed, as reflected in Motorcycle Industry (AISI)
the increase in Non-Performing at 6.24 million units, compared
The multifinance industry Financing (NPF) from 2.32% at to 5.22 million units in 2022.
recorded growth of 13.2% in the end of 2022 to 2.44% in 2023.
2023, with financing receivables The multifinance industry also
booked by industries standing Inflation and high interest rates expanded into EV financing.
at Rp470.9 trillion. The amount also contributed to a higher Entering 2024, rising popularity
comprised multipurpose financing ratio of operating expenses of EV vehicles among various
of Rp245.2 trillion or 52.1% of the to operating income (BOPO). circles in the Indonesian market
total financing amount, followed At year-end BOPO stood at is predicted to intensify, and with
by investment financing whose 76.89%, compared to 75.64% one it, prospect on the multifinance
portion was 32.8%, and then year earlier. Despite this, overall industry seems to be brighter.
working capital financing (9.7%), the multifinance industry was
sharia financing (5.3%), and able to record better profitability,
others (0.1%). with industry ROA reaching 5.58%
and ROE reaching 14.96%.
Graph 9 • National Car Sales (units) Graph 10 • National Motorcycle Sales (units)
5,521,470
6,236,992
5,057,516
1,048,040
1,005,802
887,200
2021 2022 2023 2021 2022 2023
Source: The Association of Indonesia Automotive Source: Association of Indonesia Motorcycle
Industries (GAIKINDO) as of 31 December 2023 Industry (AISI) as of 31 December 2023
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
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AND ANALYSIS GOVERNANCE STATEMENTS
Graph 11 • Multifinance Industry Receivables (in Rp billion)
Investment Working Capital Multipurpose Others Sharia
500,000
Total: 364,232 Total: 415,864 Total: 470,863
24,909
823
18,745
400,000 511
13,674
422
245,224
300,000
215,399
206,907
200,000
45,557
39,579
28,953
100,000
154,351
141,630
114,276
0
2021 2022 2023
* Source: Data of Statistics of Indonesian Financing Institutions as of 31 December 2023 issued by OJK
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BUSINESS REVIEW
Recording a positive performance in Heavy Equipment,
New Cars, and Sharia Financing segments, BFI Finance
continued to contribute towards raising the living
standards of its customers even amidst a challenging
business situation in 2023.
BFI Finance’s financing services approach, which is crucial for In 2023, Heavy Equipment,
are fully supervised and regulated future business expansion, Machinery, and Other Equipment
by OJK Regulations with financing has influenced the Company’s Financing again showed positive
products including asset- overall performance, both in growth and became one of the
backed products (in the form of terms of how it works and its pillars supporting financing
motorcycles and cars, machinery, supporting systems, as part performance. Meanwhile,
heavy equipment, and property) of its comprehensive digital the automotive sector, especially
for investment, working capital transformation process. This used cars and motorcycles,
and multipurpose purposes. reflects BFI Finance’s focused experienced a contraction,
These products are available efforts to align its operations with contributing to the weakening
to customers in conventional long-term goals and emerging of the Company’s overall
and sharia-based forms. market trends. new financing distribution
during 2023.
Through these products, In addition to this, in May 2023
BFI Finance contributes to the Company was confronted The following is the analysis
improve the standard of living with a cyberattack that forced of the Company’s business
of its customers, including the Company to temporarily on the performance of New
individuals, MSMEs and large- halt its operational systems to Financing disbursed in 2023
scale companies. The Company’s carry out security enhancements compared to 2022, followed by
contribution has an impact on various lines. This situation the performance of the Financing
on many industrial sectors contributed to the slowing of Receivables Portfolio.
in Indonesia. the Company’s business growth.
In line with achieving sustainable For the purpose of business
growth, BFI Finance has taken analysis in this chapter,
strategic steps to adapt to the BFI Finance records all of its
new ways of working and new financing receivables based on
operating model implemented the financed asset type with the
since 2020. This proactive classification as stated in Table 25.
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New Financing
Table 25 • New Financing by Asset Type
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Used Cars Financing 12,948 12,528 (420) -3.2%
New Cars Financing 381 590 209 54.9%
Cars Financing 13,329 13,118 (211) -1.6%
Motorcycles Financing 3,389 2,410 (979) -28.9%
Heavy Equipment Financing 2,372 2,634 262 11.0%
Property Financing 677 510 (167) -24.7%
Sharia Financing 314 409 95 30.3%
Total 20,081 19,081 (1,000) -5.0%
Percentage of Total
Used Cars Financing 64.5% 65.7% n/a 1.2%
New Cars Financing 1.9% 3.1% n/a 1.2%
Cars Financing 66.4% 68.8% n/a 2.4%
Motorcycles Financing 16.9% 12.6% n/a -4.3%
Heavy Equipment Financing 11.8% 13.8% n/a 2.0%
Property Financing 3.4% 2.7% n/a -0.7%
Sharia Financing 1.5% 2.1% n/a 0.6%
Total 100.0% 100.0%
Description (unit)
Used Cars Financing 130,146 119,247 (10,899) -8.4%
New Cars Financing 1,353 2,009 656 48.5%
Cars Financing 131,499 121,256 (10,243) -7.8%
Motorcycles Financing 380,059 260,168 (119,891) -31.5%
Heavy Equipment Financing 3,312 3,484 172 5.2%
Property Financing 1,123 1,077 (46) -4.1%
Sharia Financing 2,406 3,151 745 31.0%
Total 518,399 389,136 (129,263) -24.9%
121,256 260,168 3,484 1,077 3,151
units units units units units
Cars Motorcycles Heavy Property Sharia
Financing Financing Equipment Financing Financing
Financing
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New Financing recorded by the Company in 2023 amounted to Rp19,081 billion, a decrease of 5.0% from
Rp20,081 billion in 2022.
Cars Financing continued to dominate the Company’s New Financing portfolio, with a portion of 68.8% of
the total, which consisted of Used Cars Financing with 65.7% contribution, and New Cars Financing with 3.1%.
The remaining 31.2% was divided between Heavy Equipment Financing (13.8%), Motorcycles Financing (12.6%),
Property Financing (2.7%), and Sharia Financing (2.1%).
New Cars Financing and Sharia Financing showed significant proportional growth in 2023. New Cars
Financing increased by 54.9% from Rp381 billion in 2022 to Rp590 billion in 2023, and Sharia Financing
increased by 30.3% from Rp314 billion to Rp409 billion.
The performance of each financing product is described in the following tables.
Cars Financing
Table 26 • New Financing of Cars (New and Used) by Source of Origination
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Non-Dealer Financing 11,640 10,953 (687) -5.9%
Dealer Financing
Used Cars Financing 1,308 1,575 267 20.4%
New Cars Financing 381 590 209 54.9%
Total 13,329 13,118 (211) -1.6%
Description (unit)
Non-Dealer Financing 120,231 108,797 (11,434) -9.5%
Dealer Financing
Used Cars Financing 9,915 10,450 535 5.4%
New Cars Financing 1,353 2,009 656 48.5%
Total 131,499 121,256 (10,243) -7.8%
Table 27 • New Financing of Cars (New and Used) by Category
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Passenger Car 10,575 10,267 (308) -2.9%
Commercial Car 2,754 2,851 97 3.5%
Total 13,329 13,118 (211) -1.6%
Percentage of Total
Passenger Car 79.3% 78.3% n/a -1.0%
Commercial Car 20.7% 21.7% n/a 1.0%
Total 100.0% 100.0%
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Table 28 • New Financing of Cars (New and Used) by Car Type
Comparison with Last Year
Description (Rp billion) 2022 2023
Jumlah Persentase
Minibus/MPV 8,278 8,144 (134) -1.6%
Jeep 1,701 1,549 (152) -8.9%
Truck 1,350 1,423 73 5.4%
Pick-up 1,296 1,302 6 0.5%
Sedan 608 582 (26) -4.3%
Bus 96 118 22 22.9%
Total 13,329 13,118 (211) -1.6%
Percentage of Total
Minibus/MPV 62.1% 62.1% n/a 0.0%
Jeep 12.8% 11.8% n/a -1.0%
Truck 10.1% 10.8% n/a 0.7%
Pick-up 9.7% 9.9% n/a 0.2%
Sedan 4.6% 4.5% n/a -0.1%
Bus 0.7% 0.9% n/a 0.2%
Total 100.0% 100.0%
Table 29 • New Financing of Cars (New and Used) by Brand
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Toyota 4,793 4,556 (237) -4.9%
Mitsubishi 2,079 2,035 (44) -2.1%
Honda 1,944 1,855 (89) -4.6%
Daihatsu 1,820 1,812 (8) -0.4%
Suzuki 1,191 1,197 6 0.5%
Isuzu 166 192 26 15.7%
Other Japanese Brand 924 1,002 78 8.4%
Non-Japanese Brand 412 469 57 13.8%
Total 13,329 13,118 (211) -1.6%
Percentage of Total
Toyota 36.0% 34.7% n/a -1.3%
Mitsubishi 15.6% 15.5% n/a -0.1%
Honda 14.6% 14.2% n/a -0.4%
Daihatsu 13.7% 13.8% n/a 0.1%
Suzuki 8.9% 9.1% n/a 0.2%
Isuzu 1.2% 1.5% n/a 0.3%
Other Japanese Brand 6.9% 7.6% n/a 0.7%
Non-Japanese Brand 3.1% 3.6% n/a 0.5%
Total 100.0% 100.0%
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New Financing of Cars weakened which has been the largest Contributions of New Financing
with the accumulated value contributor. The decline for Passenger Cars and
reaching Rp13,118 billion, a drop in NDF was recorded at Commercial Cars in 2023 were
of 1.6% or Rp211 billion from 2022 Rp687 billion or 5.9% of the Rp10,267 billion (78.3% of the total)
figure. This can be attributed value in 2022 to Rp10,953 billion. and Rp2,851 billion (21.7%),
to several factors—a general However, on the other hand, respectively. This was a slight shift
slowdown in the automotive the Dealer Financing (DF) from conditions in 2022, where
sector, softer consumption and segment increased in 2023 by Passenger Cars took up a slightly
higher risk perception, especially Rp267 billion (20.4% growth larger portion (79.3% of the
in the lower income segment, in 2023) respectively for Used total). Of all the Passenger Cars
as well as operational disruptions Cars and Rp209 billion (54.9%) whose financing was facilitated
in the Company during the year. for New Cars. by the Company in 2023,
the majority were of the Minibus/
This weaker performance was The total number of car units
MPV type, while the most
largely contributed by a decrease financed by the Company
common type of Commercial
in the amount of New Financing reached 121,256 units in 2023.
Cars financed by the Company
of Cars through the Non-Dealer The financing of cars via the NDF
was Trucks.
Financing (NDF) scheme, scheme reached 108,797 units,
and financing through DF
reached 12,459 units.
Motorcycles Financing
Table 30 • New Financing of Motorcycles by Brand
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Honda 2,210 1,592 (618) -28.0%
Yamaha 1,029 725 (304) -29.5%
Suzuki 74 45 (29) -39.2%
Others 76 48 (28) -36.8%
Total 3.389 2.410 (979) -28.9%
Percentage of Total
Honda 65.2% 66.0% n/a 0.8%
Yamaha 30.4% 30.1% n/a -0.3%
Suzuki 2.2% 1.9% n/a -0.3%
Others 2.2% 2.0% n/a -0.2%
Total 100.0% 100.0%
The Motorcycles Financing In 2023, the Company started Motorcycles Financing
business run by the Company the initial phase to provide performance experienced
is still completely dominated financing for new electric a substantial decline, due to
by Used Motorcycles Financing, motorcycles. This product is still the tightening in origination
with the units treated as being refined through expanded between the second and third
collateral. This product is the collaboration with manufacturers quarters of 2023. The financing
product of choice especially and distributors. value decreased by 28.9%
among the lower middle class. compared to the previous year.
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AND ANALYSIS GOVERNANCE STATEMENTS
However, the performance of this segment began to rebound in the fourth quarter after the recovery
of the Company’s entire business system. The Company is also committed to continuing the process of
adjusting its business model, which has been developed since 2020 to be more reflective and responsive
to shifting trends and market segments.
Based on brand, Honda motorcycles retained its dominance with 66.0% of total Motorcycles Financing
in 2023, followed by Yamaha (30.1%), Suzuki (1.9%), and Others (2.0%)
Financing of Heavy Equipment, Machinery, and Other Equipment
Table 31 • New Financing of Heavy Equipment, Machinery, and Other Equipment by Industry
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Mining 862 927 65 7.5%
Construction 503 589 86 17.1%
Industrial and Manufacturing 271 346 75 27.7%
Plantation 208 236 28 13.5%
Forestry 228 221 (7) -3.1%
Services 129 152 23 17.8%
Trade and Distribution 92 74 (18) -19.6%
Others 79 89 10 12.7%
Total 2,372 2,634 262 11.0%
Percentage of Total
Mining 36.3% 35.2% n/a -1.1%
Construction 21.2% 22.4% n/a 1.2%
Industrial and Manufacturing 11.4% 13.1% n/a 1.7%
Plantation 8.8% 8.9% n/a 0.1%
Forestry 9.6% 8.4% n/a -1.2%
Services 5.5% 5.8% n/a 0.3%
Trade and Distribution 3.9% 2.8% n/a -1.1%
Others 3.3% 3.4% n/a 0.1%
Total 100.0% 100.0%
Table 32 • New Financing of Heavy Equipment, Machinery, and Other Equipment by Type
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Excavator 1,060 1,089 29 2.7%
Truck 470 520 50 10.6%
Bulldozer 174 161 (13) -7.5%
Wheel Loader 55 69 14 25.5%
Forklift 24 44 20 83.3%
Other Heavy Equipment 178 218 40 22.5%
Total Heavy Equipment 1,961 2,101 140 7.1%
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Table 32 • New Financing of Heavy Equipment, Machinery, and Other Equipment by Type
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Machinery 393 513 120 30.5%
Others 18 20 2 11.1%
Total 2,372 2,634 262 11.0%
Percentage of Total
Excavator 44.7% 41.3% n/a -3.4%
Truck 19.8% 19.7% n/a -0.1%
Bulldozer 7.3% 6.1% n/a -1.2%
Wheel Loader 2.3% 2.6% n/a 0.3%
Forklift 1.0% 1.7% n/a 0.7%
Other Heavy Equipment 7.5% 8.3% n/a 0.8%
Total Heavy Equipment 82.6% 79.7% n/a -2.9%
Machinery 16.6% 19.5% n/a 2.9%
Others 0.8% 0.8% n/a 0.0%
Total 100.0% 100.0%
BFI Finance supports during that period. Meanwhile, Based on the type of equipment,
the business operations of clients the Construction sector the largest portion of financing
in various industrial sectors experienced a value growth in 2023 was for Excavators, with
through Financing of Heavy of Rp86 billion (increased by a portion of 41.3% of the total
Equipment, Machinery, and Other 17.1% from 2022). Financing to financing value in this segment.
Equipment products. the Mining sector continued to However, Excavators financing
grow, amounting to Rp65 billion portion was reduced from 44.7%
The primary sectors that obtained
(7.5%), even though coal prices on in the previous year. On the other
financing from the Company
the global market experienced hand, the other three categories,
in 2023, as in 2022, were
a sharp correction in line with namely Heavy Equipment,
Mining, Construction, as well as
the returning of normal supply Machinery, and Other Equipment,
Industry and Manufacturing.
and prices of various global all experienced promising growth.
The contributions of these three
energy commodities. Machinery Financing showed
sectors to the overall value of
a strong increase by 30.5% to
Heavy Equipment, Machinery, Overall, the amount of Heavy
Rp120 billion, making it the
and Other Equipment Financing Equipment, Machinery, and
highest growth with a significant
were 35.2%, 22.4% and 13.1%, Other Equipment Financing
contribution to this segment.
respectively. increased by 11.0%, reaching
Thus, financing for the Industry
Rp2,634 billion in 2023, compared
The highest proportional growth and Manufacturing sector grew
to Rp2,372 billion in 2022.
in 2023, namely 27.7%, was in significantly in 2023.
Apart from being bolstered
the Industry and Manufacturing
by the increase in financing to
sector, in line with the
the sectors described above,
consistent flow of investment
several other sectors also
into the manufacturing sector
recorded positive growth, for
example Plantation and Services.
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Property-Backed Financing
Table 33 • New Property-Backed Financing by Type
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
House 657 474 (183) -27.9%
Shophouse 20 36 16 80.0%
Total 677 510 (167) -24.7%
Percentage of Total
House 97.0% 92.9% n/a -4.1%
Shophouse 3.0% 7.1% n/a 4.1%
Total 100.0% 100.0%
The Company distributes This growth was consistent The amount of Sharia Financing
Property-Backed Financing with the improving business thus increased sharply
for House and Shophouse climate during 2023, while the by 30.3%, from Rp314 billion in
products as collateral. In 2023, weakening in the property 2022 to Rp409 billion in 2023.
the financing value decreased by market for housing was largely The increase was the highest
24.7%, from Rp677 billion in 2022 caused by people’s anticipation proportional growth in 2023,
to Rp510 billion. This was caused of uncertainty in 2024 due to it compared to other financing
by a 27.9% decline in the amount being a political year. products offered by the Company.
of House-Backed Financing
While several other financing
in 2023. On the other hand, Sharia Financing
segments experienced a decline,
Shophouse-Backed Financing
Throughout 2023, the Company growth in this segment saw
grew significantly by 80% from
continued to focus its Sharia an increase in its contribution
Rp20 billion to Rp36 billion.
Financing business on collateral- to the overall value of New
Hence, the proportion of
based products, continuing Financing from 1.5% in 2022
Shophouses to overall Property-
with the transition in 2022. to 2.1% in 2023.
Backed Financing was increased
Meanwhile, the acquisition and
more than doubled, from
asset management process for
3.0% in 2022 to 7.1% in 2023.
the Sharia Financing segment
was also continuously refined.
Dian Syahputra
Sharia Financing Customer
Medan, Sumatra Utara
I have used My Cars product from BFI Finance’s sharia business unit
in Medan branch since March 2023. I found out about it through Elang
Property, a Sharia credit service company. The Sharia product has
significantly eased my business capital concerns. What made me
choose BFI Finance? Well, the easy administrative requirements and the
fact there are no penalties or fines, with consistent installment amounts.
I’ve been impressed with their service quality, including their fast and
easy procedures, reliability, and friendly staff. I’ll definitely choose BFI
again for future financing needs.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 127
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
MARKETING
Working along four principal Indonesia’s economy grew
quite consistently in 2022–2023,
marketing channels, as society experienced its
first year where Covid-19 was
BFI Finance reaches out to no longer treated as a pandemic.
The level of societal mobility
various demographic groups returned to pre-pandemic
across Indonesia, relentlessly times, and various technological
advances introduced during
introducing new innovations the pandemic have now become
an integral part of daily life.
into the formulation of its People have become more fluent
in utilizing technology to interact
marketing strategies. in the digital realm, even as they
return to conducting activities
in the physical world.
BFI Finance saw the need to act
swiftly and market its financing
products as effectively as possible.
128 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Over the last few years, Marketing Channels As at the end of 2023, BFI Finance
the Company has sharpened managed partnerships with
its capabilities in working on BFI Finance maintains four main 1,801 dealers who actively worked
the market and reaching into marketing channels, namely: as its partners in financing
certain market segments • Dealer/Supplier: for car, heavy the purchase of used and new
which remain the main equipment, and machinery cars. This figure increased from
contributors to its business, financing products; 1,374 active dealers at the end
through continuously building • Agent: for multipurpose of 2022.
partnership networks and also financing with a car, Marketing via the agency
harnessing technology and motorbike or house/shop channel is one of the initiatives
automation. The Company is also certificate as collateral; that the Company has been
expanding its target market and
• Telemarketing: to reach focusing intensively. Along with
strengthening its penetration
customers via telephone, short the Company’s growth, there
into new segments, especially
message, and hotline number was an increase in the average
the young people in Indonesia.
1500018; and number of agents, from 80,249
BFI Finance’s market segments • Digital: to rapidly respond in 2022 to 81,997 in 2023, with
cover various demographic to various consumer needs 18,151 of them (approximately
groups throughout Indonesia. conveyed on the official 22% of the total) being active
This calls for the Company to Corporate website, agent agents and regularly contribute
continue evolving and innovating aggregators, and a number of to sales. The Company provided
in developing marketing social media accounts. opportunities for those interested
strategies that are rich and in becoming its marketing
diversified, so that the Company agents to register, via online or
can be more relevant to each offline channels.
segment it wishes to serve.
I Komang Sudiarta
Dealer and Owner of Nyoman Motor
Denpasar, Bali
Partnering with BFI Finance was a brilliant decision. The bonuses,
rewards, and international tours they provide have been satisfying.
BFI Finance team is friendly, always helpful and flexible. The service is
consistently outstanding. I expect to see faster financing application
processing, more effective programs, and bigger bonuses from them in
the future.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 129
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Company agents were given BFI Finance designed an the telecommunications industry
ample material and technological omnichannel marketing channel and digital marketplace. As at
support, so they could carry to tap into to the increasingly the end of 2023, the Company
out their marketing effectively. widespread use of WhatsApp. had finalized a partnership
The Company also gave Through omnichannel marketing, program with one of the unicorn
appreciation to its active agents the Company reached out to startups in Indonesia. Through
who had demonstrated optimal a variety of communication this program, the Company will
performance and work results. channels in a coordinated be able to serve the motorbike
Agent satisfaction in partnering manner. This enabled and car financing needs of the
with the Company continues the telemarketing personnel ride hailing driver partners.
to be maintained, in light of to do work more flexibly and
Anticipating further progress
their crucial role in building practically, while the field staff
in the electric vehicle industry,
the BFI Finance business over could convey information on
especially electric motorbikes,
the years. relevant financing products
which are now available in various
information to customers
Centralization of telemarketing brands and at relatively affordable
across all marketing channels
agents, which took place in 2022 prices, in 2023 the Company
coherently. Omnichannel
and included the separation built collaborations to market
operations enabled the Company
of telecollection function from the related financing products.
to analyze customer behavior
telemarketing’s scope of work, This business is expected to
data holistically, allowing
made their performance even become more attractive in the
better decision making
more effective in 2023. Currently, coming years, with increasing
regarding customer application
BFI Finance’s telemarketing readiness in Indonesia in terms
submissions, including from
agents work in three locations: of the supporting infrastructure,
repeat customers. Such
Jakarta, Semarang, and Makassar. especially the number and scope
comprehensive analysis made
of distribution of battery swap
Throughout 2023, the Company the application and disbursement
stations and charging stations.
also developed its digital process faster, and is expected
marketing network. A range of to bring greater satisfaction In marketing machinery and
initiatives were pursued to foster to customers. heavy equipment financing,
partnerships with digital agents, the Company strengthened
including aggregators, as well Marketing Strategy its partnership with a heavy
as building new collaborations and Initiatives equipment supplier from
with leading players in the China, whose market share
digital ecosystem in Indonesia. The Company’s flagship financing continued to expand. Gradually,
The Company’s value proposition product is Non-Dealer Financing the Company was also shifting
in marketing its products in (NDF), with cars and motorbikes its target segment for heavy
digital channels–namely Fast, as collateral. The Company has equipment financing towards
Easy, and Trustworthy–was been exploring a number of contractors with excellent track
upheld. And in anticipation of the collaborative schemes to market records, thereby minimizing the
enactment of the Personal Data this NDF product, including risk of deteriorating financing
Protection Law (Law No. 27 of with several institutional quality. This strategy succeeded
2022), the Company implemented players with a wide scope and in preventing an increase in the
a system to ensure the security of strong presence throughout NPF ratio in the heavy equipment
its customers’ personal data. Indonesia, for example those in
130 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Umi Lestari
Car and Motorcycle Financing Customer
Semarang, Jawa Tengah
I have been a BFI Finance customer in Semarang branch since 2010.
I discovered the Company through an outdoor billboard. They have
been very helpful for me to satisfy my additional business capital.
The application process was hassle-free, with requirements that were
easy to fulfill and the funds were quickly transferred to my account.
I applaud BFI Finance for the easy administrative requirements and
satisfying service. I’ll definitely choose BFI Finance again for future
financing needs, although I do hope they can lower their interest
rates for loyal customers like me, and possibly offer a three-month
tenure option.
segment, even though in 2023 Network Distribution As detailed in the previous
the prices of Indonesia’s main section, the reduction in the
export commodities, especially BFI Finance managed number of outlets has not caused
coal, dropped rather steeply. 271 operational outlets as at the Company’s business network
the end of 2023. This consisted to become narrower in scope.
The proportion of property and of 195 branches and 31 outlets, The Company’s operational
sharia financing products to including 45 sharia representative area remains the largest among
the total is still relatively small, branches operating in other multifinance companies
but the annual growth has conventional branch buildings. with nationwide presence in
been significant over the years. The number of outlets decreased Indonesia. BFI Finance is serving
To market these products, the from 282 outlets one year prior, the Indonesian population,
Company enhanced their value in line with the Company’s efforts from Sumatra to Papua, from
proposition to make them more to boost its business effectiveness, major cities to settlements in
attractive to potential customers. but without reducing the the remote and border areas.
employee headcount in BFI Finance’s reputation, as an
the outlets. independent financing company
that understands best what the
public needs and also is most
accessible to them, continues
to be maintained.
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
FINANCIAL PERFORMANCE REVIEW
Consolidated Statement of Financial Position
Assets
Table 34 • Total Assets
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Cash and Cash Equivalents 1,073 1,740 667 62.2%
Financing Receivables - Net 19,554 20,706 1,152 5.9%
Ijarah and IMBT Receivables - Net 8 53 45 562.5%
Total Net Receivables 19,562 20,759 1,197 6.1%
Other Receivables - Third Parties 163 251 88 54.0%
Derivative Assets 103 57 (46) -44.7%
Prepaid Expenses and Advances 25 34 9 36.0%
Fixed Assets - Net 659 721 62 9.4%
Right-of-Use Assets - Net 38 41 3 7.9%
Intangible Assets - Net 140 255 115 82.1%
Deferred Tax Assets 164 132 (32) -19.5%
Other Assets 3 2 (1) -33.3%
Total Assets 21,930 23,992 2,062 9.4%
Percentage of Total
Cash and Cash Equivalents 4.9% 7.3% n/a 2.4%
Financing Receivables - Net 89.2% 86.3% n/a -2.9%
Ijarah and IMBT Receivables - Net 0.0% 0.2% n/a 0.2%
Total Net Receivables 89.2% 86.5% n/a -2.7%
Other Receivables - Third Parties 0.7% 1.0% n/a 0.3%
Derivative Assets 0.5% 0.2% n/a -0.3%
Prepaid Expenses and Advances 0.1% 0.1% n/a 0.0%
Fixed Assets - Net 3.0% 3.0% n/a 0.0%
Right-of-Use Assets - Net 0.2% 0.2% n/a 0.0%
Intangible Assets - Net 0.6% 1.1% n/a 0.5%
Deferred Tax Assets 0.8% 0.6% n/a -0.2%
Other Assets 0.0% 0.0% n/a 0.0%
Total Assets 100.0% 100.0%
132 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
The Company continued to grow with Total Assets recorded as at 31 December 2023 reached Rp23,992 billion,
an increase of 9.4% from Rp21,930 billion in the previous year. The largest contributor to this increase was
the escalation of Financing Receivables – Net as well as Cash and Cash Equivalents.
The Company’s Total Net Receivables as at the end of 2023 amounted to Rp20,759 billion, an increase of 6.1%
from the value as at the end of 2022, representing 86.5% of the Company’s Total Assets.
Net Receivables
Table 35 • Net Receivables
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Financing Receivables - Net 19,554 20,706 1,152 5.9%
Ijarah and IMBT Receivables - Net 8 53 45 562.5%
Total Net Receivables 19,562 20,759 1,197 6.1%
The Company’s total Financing Receivables – Net increased by 5.9% from Rp19,554 billion at the end of 2022
to Rp20,706 billion at the end of 2023. This increase was mainly contributed by financing receivables for used
and new cars and heavy equipment.
The Company also recorded an increase of 562.5% in Ijarah and IMBT Receivables – Net from Rp8 billion to
Rp53 billion as at the end of 2023. Thus, Total Net Receivables grew 6.1% in 2023, reaching Rp20,759 billion at
the end of the year.
Total Managed Receivables at the end of 2023 was recorded at Rp22,012 billion or an increase of 7.4% with a
value of Rp1,514 billion from the 2022 position of Rp20,498 billion. The details are presented in Table 36.
Allowance for Impairment Losses is detailed on pages 139–140.
Hery Yudianto Sertiawan
President Director of PT Sany Perkasa
Heavy Equipment Financing Business Partner
We have been partnering with BFI Finance since 2017 for our heavy
equipment financing. The reasons are simple, BFI Finance stands
out in the market with competitive interest rates, reasonably easy
administrative requirements, and extensive networking opportunities.
They were the first multifinance company willing to work with us
when we were only newcomers in the heavy equipment market,
especially with excavators. This partnership has significantly boosted
our business operations, making us now a force to be reckoned with
in the market. We are very satisfied working with BFI Finance. Looking
ahead, we hope to see enhanced offerings, especially in financing
for our customers.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 133
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 36 • Managed Receivables vs Net Receivables
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Financing Receivables 20,490 21,958 1,468 7.2%
Ijarah and IMBT Receivables 8 54 46 575.0%
Total Managed Receivables 20,498 22,012 1,514 7.4%
Less Joint Financing - booked by third
(102) (488) (386) 378.4%
parties
Total Receivables Before Allowance for
20,396 21,524 1,128 5.5%
Impairment Losses
Allowance for Impairment Losses 834 765 (69) -8.3%
Total Receivables - Net 19,562 20,759 1,197 6.1%
The analysis of Receivables is focused on Total Receivables Managed by Asset Type, according to the business
classification as determined by the Company.
Table 37 • Diversification of Financing Portfolio by Asset Type
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Used Cars Financing 13,288 14,400 1,112 8.4%
New Cars Financing 510 810 300 58.8%
Cars Financing 13,798 15,210 1,412 10.2%
Heavy Equipment Financing 2,674 3,286 612 22.9%
Motorcycles Financing 2,435 1,681 (754) -31.0%
Property Financing 854 957 103 12.1%
Sharia Financing 391 606 215 55.0%
Channeling 346 272 (74) -21.4%
Total Managed Receivables 20,498 22,012 1,514 7.4%
Percentage of Total
Used Cars Financing 64,8% 65,4% n/a 0.6%
New Cars Financing 2,5% 3,7% n/a 1.2%
Cars Financing 67,3% 69,1% n/a 1.8%
Heavy Equipment Financing 13,0% 14,9% n/a 1.9%
Motorcycles Financing 11,9% 7,6% n/a -4.3%
Property Financing 4,2% 4,4% n/a 0.2%
Sharia Financing 1,9% 2,8% n/a 0.9%
Channeling 1,7% 1,2% n/a -0.5%
Total 100.0% 100.0%
134 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
The largest portion of Total Total Managed Receivables The Company’s Cars Financing
Managed Receivables in 2023, – Cars covered various car types,
with a value of Rp15,210 billion namely Minibus/MPV, Jeep,
or 69.1% of the total, was The portions of the Used Truck, Pick-up, Sedan, and Bus.
Cars Financing. The Used Cars Financing and New Cars The Cars Financing portfolio
Cars Financing Portfolio was Financing to Total Managed was still dominated by Minibus/
recorded at Rp14,400 billion, Receivables in 2022 were MPV, with the proportion
grew by 8.4%, while the New 65.4% and 3.7%, respectively. unchanged from the end of
Cars Financing portion was The contribution of both to 2022. The next two categories
Rp810 billion, grew by 58.8% from the Company’s Financing were Trucks at 11.9% and Jeeps
the respective positions at the Portfolio increased with the at 11.4%. The growth in the value
end of 2022. The remaining 30.9% strong increase in New Cars of the Financing Portfolio for
came from Heavy Equipment Financing Portfolio in 2023 Trucks, Pick-ups, and Buses was
Financing (14.9%), followed by in terms of New Financing consistent with the performance
Motorcycles Financing (7.6%), disbursement. of New Financing for Commercial
Property-Backed Financing (4.4%), Car which grew by 3.5% in 2023.
Sharia Financing (2.8%), and
Channeling (1.2%).
Table 38 • Diversification of Cars Financing Portfolio by Car Type
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Minibus/MPV 8,487 9,344 857 10.1%
Truck 1,569 1,811 242 15.4%
Jeep 1,681 1,739 58 3.5%
Pick-up 1,368 1,553 185 13.5%
Sedan 597 632 35 5.9%
Bus 96 131 35 36.5%
Total 13,798 15,210 1,412 10.2%
Percentage of Total
Minibus/MPV 61.5% 61.4% n/a -0.1%
Truck 11.4% 11.9% n/a 0.5%
Jeep 12.2% 11.4% n/a -0.8%
Pick-up 9.9% 10.2% n/a 0.3%
Sedan 4.3% 4.2% n/a -0.1%
Bus 0.7% 0.9% n/a 0.2%
Total 100.0% 100.0%
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
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Table 39 • Diversification of Cars Financing Portfolio by Brand
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Toyota 4,999 5,327 328 6.6%
Mitsubishi 2,207 2,496 289 13.1%
Daihatsu 1,947 2,156 209 10.7%
Honda 1,907 2,048 141 7.4%
Suzuki 1,241 1,409 168 13.5%
Isuzu 169 209 40 23.7%
Other Japanese Brand 965 1,120 155 16.1%
Non-Japanese Brand 363 445 82 22.6%
Total 13,798 15,210 1,412 10.2%
Percentage of Total
Toyota 36.2% 35.0% n/a -1.2%
Mitsubishi 16.0% 16.4% n/a 0.4%
Daihatsu 14.1% 14.2% n/a 0.1%
Honda 13.8% 13.5% n/a -0.3%
Suzuki 9.0% 9.3% n/a 0.3%
Isuzu 1.2% 1.4% n/a 0.2%
Other Japanese Brand 7.0% 7.3% n/a 0.3%
Non-Japanese Brand 2.7% 2.9% n/a 0.2%
Total 100.0% 100.0%
In 2023, the Cars Financing Total Managed Receivables The Financing Portfolio value
Portfolio continued to be – Motorcycles for all motorcycle brands as at
dominated by Japanese the end of 2023 experienced
brands, with only 2.9% of the Total Managed Receivables – a decline. Honda motorcycles
value of the Company’s Cars Motorcycles at the Company as experienced a huge decline of
Financing Portfolio came from at the end of 2023 was recorded Rp481 billion (30.1%) and occupied
brands from other countries. at Rp1,681 billion, a decrease the top position in terms of
The contribution of non-Japanese of 31.0% from its value in 2022. proportion to the number.
brands increased slightly in This decrease was a direct impact However, the contribution
2023, mainly due to a decline of the reduced value of New of Honda brand to the total
in the Toyota brand by 1.2%, Financing for Motorcycles in Motorcycles Financing Portfolio
continuing the trend seen since 2023, due to the causes that were as at the end of 2023 increased
2021. With a proportion of 35.0% mentioned previously. by 0.8% due to other brands also
of the overall Cars Financing experienced proportionally larger
Portfolio, Toyota remained the declines.
main contributor, followed by
Mitsubishi, Daihatsu, and Honda,
respectively at 16.4%, 14.2%, and
13.5%.
136 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 40 • Diversification of Motorcycles Financing Portfolio by Brand
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Honda 1,597 1,116 (481) -30.1%
Yamaha 733 504 (229) -31.2%
Suzuki 52 29 (23) -44.2%
Others 53 32 (21) -39.6%
Total 2,435 1,681 (754) -31.0%
Percentage of Total
Honda 65.6% 66.4% n/a 0.8%
Yamaha 30.1% 30.0% n/a -0.1%
Suzuki 2.1% 1.7% n/a -0.4%
Others 2.2% 1.9% n/a -0.3%
Total 100.0% 100.0%
Total Managed Receivables – Heavy Equipment, Machinery, Other Equipment
The total Financing Portfolio of Heavy Equipment, Machinery and Other Equipment as at the end of 2023
was recorded at Rp3,286 billion, an increase of 22.9% or Rp612 billion compared to the end of 2022.
This increase was supported by Excavators portfolio growth of 22.7%. Excavators also occupied the top
position in percentage terms, accounting for 44.3% of the Total Managed Receivables in this segment.
Meanwhile, the growth in New Financing for Other Heavy Equipment in 2023 resulted in the share of Heavy
Equipment in Total Managed Receivables in this segment rising from 81.8% as at the end of 2022 to 83.8%.
The remainder consisted of Machinery (15.6%) and Other Equipment (0.6%).
Based on industry, the highest growth in the Financing Portfolio, amounting to Rp242 billion in 2023, came
from the Mining sector. This sector was also the largest contributor to the Financing Portfolio, with a portion
of 35.5%. Significant increase was also experienced by the Construction and Plantation sectors, amounting to
Rp157 billion and Rp62 billion, respectively.
Table 41 • Diversification of Heavy Equipment, Machinery, and Other Equipment Financing Portfolio
by Type of Equipment
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Excavator 1,186 1,455 269 22.7%
Truck 466 625 159 34.1%
Bulldozer 185 220 35 18.9%
Wheel Loader 63 87 24 38.1%
Forklift 30 48 18 60.0%
Other Heavy Equipment 257 321 64 24.9%
Total Heavy Equipment 2,187 2,756 569 26.0%
Machinery 470 512 42 8.9%
Others 17 18 1 5.9%
Total 2,674 3,286 612 22.9%
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 41 • Diversification of Heavy Equipment, Machinery, and Other Equipment Financing Portfolio
by Type of Equipment
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Percentage of Total
Excavator 44.4% 44.3% n/a -0.1%
Truck 17.4% 19.0% n/a 1.6%
Bulldozer 6.9% 6.7% n/a -0.2%
Wheel Loader 2.4% 2.6% n/a 0.2%
Forklift 1.1% 1.4% n/a 0.3%
Other Heavy Equipment 9.6% 9.8% n/a 0.2%
Total Heavy Equipment 81.8% 83.8% n/a 2.0%
Machinery 17.6% 15.6% n/a -2.0%
Others 0.6% 0.6% n/a 0.0%
Total 100.0% 100.0%
Table 42 • Diversification of Heavy Equipment, Machinery, and Other Equipment Financing Portfolio by Industry
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Mining 924 1.166 242 26.2%
Construction 578 735 157 27.2%
Industrial and Manufacturing 334 391 57 17.1%
Forestry 249 301 52 20.9%
Plantation 234 296 62 26.5%
Services 179 190 11 6.1%
Trade and Distribution 83 89 6 7.2%
Others 93 118 25 26.9%
Total 2,674 3,286 612 22.9%
Percentage of Total
Mining 34.6% 35.5% n/a 0.9%
Construction 21.6% 22.4% n/a 0.8%
Industrial and Manufacturing 12.5% 11.9% n/a -0.6%
Forestry 9.3% 9.1% n/a -0.2%
Plantation 8.7% 9.0% n/a 0.3%
Services 6.7% 5.8% n/a -0.9%
Trade and Distribution 3.1% 2.7% n/a -0.4%
Others 3.5% 3.6% n/a 0.1%
Total 100.0% 100.0%
138 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 43 • Diversification of Property-Backed Financing Portfolio by Type
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
House 828 916 88 10.6%
Shophouse 26 41 15 57.7%
Total 854 957 103 12.1%
Percentage of Total
House 97.0% 95.7% n/a -1.3%
Shophouse 3.0% 4.3% n/a 1.3%
Total 100.0% 100.0%
Total Managed Receivables – Total Managed Receivables Allowance for Impairment Losses
Property-Backed Financing – Channeling decreased by 8.3% or Rp69 billion
in 2023, to Rp765 billion. This was
In 2023, BFI Finance took a more The total Channeling represents in line with the use of reserves
aggressive stance in marketing the financing carried out by set aside at the end of 2022
its Property-Backed Financing the Company’s P2P Lending to anticipate credit losses that
product. Therefore, as at subsidiary, namely PT FIT, occur during the current year.
the end of 2023, Total Managed where BFI Finance as the parent The current reserves level reached
Receivables in this segment company acts as a lender. 3.5% of the Total Managed
was recorded at Rp957 billion, This financing recorded Receivables, and the Company’s
or 12.1% higher than the position a decrease from Rp346 billion NPF Coverage was recorded
at the end of 2022. A total in 2022 to Rp272 billion in 2023. at 2.6x, above the financing
of 95.7% of the portfolio was in This was in line with the decrease industry average.
the form of Houses, with the in the amount of receivables
value rising by Rp88 billion financed by the Company As at 31 December 2023, the value
in 2023. The remaining 4.3% as a lender. of financing that was more
was in the form of Shophouses, than 90 days past due was
Allowance for Impairment Rp300 billion, or the equivalent
supported by significant
growth of 57.7% or Rp15 billion Losses of 1.4% of the Company’s Total
during 2023. Managed Receivables.
Allowance for Impairment
Losses is the value set aside
Total Managed Receivables –
from Total Managed Receivables
Ijarah and IMBT Receivables
to anticipate potential losses
(Ijarah Muntahiyah on the Receivables in the future.
Bittamlik) The value is calculated statistically
The total Ijarah and IMBT for each exposure and type
Receivables – Net at the end of assets being financed.
of 2023 reached Rp53 billion and Further information is presented
experienced more than five-fold in Note 2.e.6 to the Consolidated
growth during 2023 in line with Financial Statements, Exhibit E/18.
growth in the Sharia Financing
segment during the same period.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 139
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2023 PERFORMANCE BUSINESS
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HIGHLIGHTS SUPPORTING UNITS
Table 44 • Allowance for Impairment Losses
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Total Managed Receivables 20,498 22,012 1,514 7.4%
NPF (including Joint Financing) 205 300 95 46.3%
Allowance for Impairment Losses 834 765 (69) -8.3%
NPF Coverage 4.1x 2.6x
Cash and Cash Equivalents
The Company’s Cash and Cash Equivalents as at the end of 2023 amounted to Rp1,740 billion, an increase
of Rp667 billion or 62.2% from Rp1,073 billion as at the end of 2022. This increase was mainly due to the
distribution of Net Cash Flows from Financing Activities of Rp725 billion and from Operating Activities
amounting to Rp277 billion.
Other Receivables – Third Parties
The Company recorded Other Receivables – Third Parties in various forms, including Receivables in
the Settlement Process – Net (book value of collateral assets returned by/repossessed from customers who
were unable to continue paying the installments), Customer Installment Receipt Receivables (payments that
have been made by customers and received by BFI Finance’s payment partners, but will only be credited
to the Company’s bank account on the next working day), Employee Receivables, and Insurance Premium.
The amount of Other Receivables recorded as at 31 December 2023 was Rp251 billion, or 54.0% of Rp163 billion
as at the end of 2022 due to an increase in the value of Receivables in the Settlement Process – Net of
Rp75 billion and an increase in Customer Installment Receipt Receivables of Rp17 billion.
Table 45 • Other Receivables – Third Parties
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Receivables in the Settlement Process - Net 72 147 75 104.2%
Customer Installment Receipt Receivables 33 50 17 51.5%
Employee Receivables 53 49 (4) -7.5%
Insurance Premium 2 1 (1) -50.0%
Others 3 4 1 33.3%
Total 163 251 88 54.0%
Prepaid Expenses and Advances
The total Prepaid Expenses and Advances as at 31 December 2023 was Rp34 billion, an increase of 36.0%
from Rp25 billion as at the end of 2022. This increase was mainly due to prepaid provision expenses on loans
received amounting to Rp9 billion.
140 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 46 • Prepaid Expenses and Advances
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Loan Access Bureau 13 13 - 0.0%
Interest 2 11 9 450.0%
IT Project Implementation 7 8 1 14.3%
Others 3 3 (1) -33.3%
Total 25 34 9 36.0%
Fixed Assets – Net Deferred Tax Assets Increases or decreases
in Derivative Assets have
BFI Finance’s Fixed Assets – Deferred Tax Assets
no impact on the Company’s
Net as at 31 December 2023 reached Rp132 billion as at
performance, as these assets
amounted to Rp721 billion, 31 December 2023, a decrease
are purely derived from
an increase of 9.4% from of 19.5% from Rp164 billion as at
the Company’s hedging activities.
Rp659 billion as at the end of the end of 2022. This decrease
2022. This increase was mainly occurred for the third year in The Company implements
due to the addition of tangible a row since 2021. The main cause a strict hedging policy for loans
assets for Vehicles in the of this decrease was the Expenses denominated in foreign currencies
Company during 2023. for Bonuses and Other Employee and with floating interest rates.
Benefits Due to be Paid and All hedging activities take
Right-of-Use Assets – Net place through currency swap
additions to Intangible Assets
The total Right-of-Use Assets during 2023. agreements with leading banks.
– Net as at 31 December 2023 Hedging is carried out on all loans
Derivative Assets in foreign currency. There are
reached Rp41 billion, or 7.9%
higher than the Rp38 billion The Company recorded Derivative no financial components exposed
recorded at the end of 2022. Assets worth Rp103 billion to foreign currency risk and
on 31 December 2022, while interest rate risk.
Intangible Assets – Net
the value on 31 December 2023
As at 31 December 2023, decreased by 44.7% to Rp57 billion.
Intangible Assets – Net increased These Derivative Assets originate
by 82.1%, from Rp140 billion from the Company’s swap
to Rp255 billion and mostly agreements to hedge loans
consist of software acquired in foreign currencies—especially
for digitalization purposes. foreign loans denominated in
This increase was in line US dollars—as one of its funding
with additional investments sources, to anticipate interest
by the Company to support rate risk and currency exchange
its information technology rate risk.
transformation process,
as well as the strengthening
of the Company’s cybersecurity
and infrastructure following
the cyberattack.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 141
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Table 47 • Derivative Assets
2022 2023
Description USD Notional USD Notional
Derivative Assets Derivative Assets
Amount Amount
(Rp billion) (Rp billion)
(full amount) (full amount)
Standard Chartered Bank, Jakarta Branch 25,000,000 34 10,500,000 13
PT Bank Permata Tbk 53,500,000 58 40,833,334 25
PT Bank CIMB Niaga Tbk 8,000,000 11 24,000,000 15
PT Bank CTBC Indonesia - - 13,000,000 2
PT Bank Rakyat Indonesia (Persero) Tbk - - 55,000,000 2
Total 86,500,000 103 143,333,334 57
Liabilities
Table 48 • Total Liabilities
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Fund Borrowings - Third Parties 10,247 8,666 (1,581) -15.4%
Securities Issued - Net 1,581 4,721 3,140 198.6%
Accrued Expenses 480 324 (156) -32.5%
Taxes Payable 263 200 (63) -24.0%
Other Payables - Third Parties 491 438 (53) -10.8%
Post-Employment Benefits Liabilities 112 143 31 27.7%
Total 13,174 14,492 1,318 10.0%
Percentage of Total
Fund Borrowings - Third Parties 77.8% 59.8% n/a -18.0%
Securities Issued - Net 12.0% 32.6% n/a 20.6%
Accrued Expenses 3.6% 2.2% n/a -1.4%
Taxes Payable 2.0% 1.4% n/a -0.6%
Other Payables - Third Parties 3.7% 3.0% n/a -0.7%
Post-Employment Benefits Liabilities 0.9% 1.0% n/a 0.1%
Total 100.0% 100.0%
BFI Finance’s Total Liabilities as at 31 December 2023 reached Rp14,492 billion, an increase of 10.0% from
Rp13,174 billion as at 31 December 2022. The main component of Liabilities as at the end of 2023 was Fund
Borrowings – Third Parties, with a proportion of 59.8% of total liabilities. This proportion decreased from
the 2022 figure, due to a shift in borrowings to Bonds, which increased by almost 200% throughout 2023,
and contributed 20.6% to overall Liabilities.
142 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 49 • Source of Funds
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Fund Borrowings
Foreign Currency Borrowings 1,350 2,190 840 62.2%
Rupiah Borrowings 8,897 6,476 (2,421) -27.2%
Total Fund Borrowings 10,247 8,666 (1,581) -15.4%
Securities Issued
Bonds Payable 1,581 4,721 3,140 198.6%
Total Securities Issued - Net 1,581 4,721 3,140 198.6%
Total Source of Funds 11,828 13,387 1,559 13.2%
Fund Borrowings as at 31 December 2023, or 15.4% Rp8,897 billion as at the end
lower than Rp10,247 billion as at of 2022 to Rp6,476 billion as at
BFI Finance signed new loan
the end of 2022. This decrease the end of 2023. This decrease
agreements with several banks
was mainly due to repayment of was higher than the increase in
and financial institutions during
overdue loans, which was higher the value of Fund Borrowings in
2023. The total Loans Received
than new loans, from a total of US Dollar at Rp840 billion in 2023.
was recorded at Rp8,666 billion
Table 50 • Details of Fund Borrowings
Comparison
Description (Rp billion) 2022 2023
with Last Year
Borrowings (US Dollar)
Syndicated Loans 1,076 1,901 825
PT Bank CTBC Indonesia - 200 200
responsAbility SICAV (Lux) - consolidated 274 89 (185)
Total Borrowings (US Dollar) 1,350 2,190 840
Borrowings (Rupiah)
PT Bank Mandiri (Persero) Tbk 1,958 1,219 (739)
Syndicated Loan (Agent: PT Bank DKI) 927 1,072 145
PT Bank Pan Indonesia Tbk 1,664 1,050 (614)
PT Bank Central Asia Tbk 1,651 978 (673)
PT United Tractors Tbk 407 432 25
PT Bank KEB Hana Indonesia 238 330 92
PT Bank Jago Tbk 299 296 (3)
PT Bank CIMB Niaga Tbk 230 276 46
PT Bank DKI 422 261 (161)
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 143
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2023 PERFORMANCE BUSINESS
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Table 50 • Details of Fund Borrowings
Comparison
Description (Rp billion) 2022 2023
with Last Year
PT Bank Pembangunan Daerah Jawa Barat dan Banten - 150 150
PT Bank China Construction Bank Indonesia Tbk 212 132 (80)
PT Bank UOB Indonesia 400 100 (300)
PT Bank Shinhan Indonesia 166 100 (66)
PT Bank Permata Tbk 135 35 (100)
PT Gaya Makmur Tractors 53 35 (18)
PT Bank Permata Syariah Tbk 35 10 (25)
PT Bank Victoria International Tbk 100 - (100)
Total Borrowings (Rupiah) 8,897 6,476 (2,421)
Total Borrowings 10,247 8,666 (1,581)
Joint Financing as a service provider, which was The BFI Finance Joint Financing
responsible, among other things, agreement as at the end
The Company signed a Joint
for withdrawing and receiving of 2023 reached Rp494 billion,
Financing Agreement with
payments from customers and having increased by Rp391 billion,
PT Bank Jago Tbk in 2023.
forwarding payments to the or almost four times from
The Company’s portion in
lending bank, as well as being Rp103 billion recorded
Co-Financing was 10%. In this Joint
the custodian of asset documents at the end of 2022.
Financing, the Company acted
that are used as collateral.
Table 51 • Joint Financing
Comparison with Last Year
BFI Finance's
Description (Rp billion) 2022 2023
Portion
Total Percentage
PT Bank Jago Tbk 103 494 10% 391 379.6%
Total 103 494 391 379.6%
Taxes Payable Securities Issued BFI Finance Indonesia Tahap III,
IV, and V Tahun 2023, with a total
Tax Payable as at 31 December Aside from bank loans,
acquisition value Rp3,800 billion.
2023 reached Rp200 billion, 24.0% BFI Finance also obtains funding
BFI Finance also made payments
below its value as at the end of from the debt securities market
on bonds that had matured
2022 at Rp263 billion. This was in the form of Rupiah Bonds. As
in 2023.
the result of a decrease in the at 31 December 2023, Securities
Estimated Corporate Income Issued – Net had reached
Tax (Article 29) Payable for Rp4,721 billion, an increase of
the Current Year, amounting to Rp3,140 billion or 198.6% from
Rp46 billion. This correlates with the position at the end of 2022.
the amount of Profit Before Tax This increase came from the
in 2023, which decreased by 9.6% issuance of new bonds, namely
compared to the amount in 2022. Obligasi Berkelanjutan V
144 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 52 • Securities Issued
Description (Rp billion) 2022 2023
Bonds
Obligasi Berkelanjutan IV BFI Finance Indonesia Tahap III Tahun 2020 395 -
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap I Tahun 2021 400 400
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap II Tahun 2021 790 530
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap III Tahun 2023 - 1,100
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap IV Tahun 2023 - 1,600
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap V Tahun 2023 - 1,100
Total Nominal Value 1,585 4,730
Less Unamortized Bonds Issuance Cost 4 9
Total - Net 1,581 4,721
Total Securities Issued 1,581 4,721
Accrued Expenses
Accrued Expenses are expenses consisting of Bonuses and Other Allowances, Interest, Professional Services,
and Others. As at 31 December 2023, the value of Accrued Expenses decreased by 32.5% from Rp480 billion
in the previous year to Rp324 billion. The main cause of this decrease was the repayment of accrued expenses
in the current year, and a decrease in expenses to be paid at the end of 2023.
Table 53 • Accrued Expenses
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Bonus and Other Allowances 259 199 (60) -23.2%
Interest 48 75 27 56.3%
Professional Fees 130 8 (122) -93.8%
Others 43 42 (1) -2.3%
Total 480 324 (156) -32.5%
Other Payables – Third Parties
Other Payables mainly consisted of Customer Deposits, Payables to Suppliers, Insurance Premium, and
Others. Total Other Payables as at 31 December 2023 was Rp438 billion, 10.8% lower than the position
one year earlier, due to a decrease in all its components.
Table 54 • Other Payables – Third Parties
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Customer Deposits 279 259 (20) -7.2%
Payables to Suppliers 85 81 (4) -4.7%
Insurance Premium 59 45 (14) -23.7%
Others 68 53 (15) -22.1%
Total 491 438 (53) -10.8%
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 145
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Post-Employment Benefit until retirement, or sooner, year to Rp143 billion, due to an
Liabilities in accordance with applicable adjustment to the Press Release
labor regulations. The Company’s of the Financial Accounting
Post-Employment Benefit Post-Employment Benefits Standards Board (DSAK) of
Liabilities are the Company’s Liabilities as at 31 December 2023 the Institute of Indonesian
obligation to fulfill the rights of showed an increase of 27.7% Chartered Accountants (IAI).
employees who have worked from Rp112 billion in the previous
Table 55 • Post-Employment Benefit Liabilities
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Beginning Balance 116 112 (4) -3.4%
Contributon Plan of the Company (6) (6) - 0.0%
Benefits Paid by the Company (15) (14) 1 -6.7%
Expense Recognized in Profit Loss 37 41 4 10.8%
Expense Recognized in Other
7 10 3 42.9%
Comprehensive Income
Impact of DSAK IAI Press Release's
(27) - 27 -100.0%
Adjustments
Total 112 143 31 27.7%
Equity
Table 56 • Total Equity
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Share Capital 399 399 - 0.0%
Additional Paid-in Capital - Net 610 610 - 0.0%
Treasury Stock (233) (233) - 0.0%
Other Comprehensive Income
Cumulative (Losses) Gain on Derivative
(10) 1 11 -110.0%
Instrument for Cash Flows Hedges - Net
Gain on Remeasurement of Defined
73 65 (8) -11.0%
Benefit Actuarial Program
Retained Earnings
Appropriated 115 120 5 4.3%
Unappropriated 7,802 8,538 736 9.4%
Total 8,756 9,500 744 8.5%
146 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
BFI Finance’s Total Equity as at 31 December 2023 increased by Rp744 billion or 8.5%, from Rp8,756 billion
as at the end of 2022 to Rp9,500 billion. The increase in Equity largely came from an increase in the value of
Unappropriated Retained Earnings, from Rp7,802 billion at the end of 2022 to Rp8,538 billion at the end of 2023.
Additional Paid-in Capital – Net
During the period 31 December 2022 to 31 December 2023, Additional Paid-in Capital – Net has yet to change
at Rp610 billion.
Treasury Stock
During the period 31 December 2022 to 31 December 2023, the amount of Treasury Stock was unchanged
at Rp233 billion.
Table 57 • Treasury Stock
Description Number of Shares Percentage
Treasury Stock 927,732,000 5.81%
Table 58 • Share Ownership of Members of the BOC and the BOD
2022 2023
Name Position
Total Shares % Shares Total Shares % Shares
Francis Lay Sioe Ho President Director 386,771,480 2.42 344,108,180 2.16
Sudjono Director 26,310,800 0.16 26,310,800 0.16
Sutadi Director 17,517,000 0.11 17,517,000 0.11
Andrew Adiwijanto Director 10,240,000 0.06 10,240.000 0.06
Sigit Hendra Gunawan* Director 10,000,000 0.06 - -
Total 450,839,280 2.81 398,175,980 2.49
* No longer serving as Director effective from the 16 May 2023 EGMS
Retained Earnings
The Company’s total Retained Earnings as at the end of 2023 reached Rp8,658 billion, or 9.4% of the position
as at the end of 2022 at Rp7,917 billion.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 147
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2023 PERFORMANCE BUSINESS
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HIGHLIGHTS SUPPORTING UNITS
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Income
The Company’s Income was derived from Financing Income (93.4% of the total), Sharia Income (1.7%),
and Other Income (4.9%).
Total Income increased by 18.0% from Rp5,383 billion in 2022 to Rp6,353 billion in 2023. This increase mainly
came from Financing Receivables Income of Rp881 billion.
Table 59 • Income
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Income
Own & Joint Financing 5,119 6,065 946 18.5%
Other Income 266 311 45 16.9%
Total 5,385 6,376 991 18.4%
Less Joint Financing (2) (23) (21) 1,050.0%
Total Income 5,383 6,353 970 18.0%
Income (Own Financing)
Financing Receivables
Financing Income 3,670 4,442 772 21.0%
Administration 764 839 75 9.8%
Late Charges 329 353 24 7.3%
Termination 289 299 10 3.5%
Total Financing Receivables Income 5,052 5,933 881 17.4%
Sharia Financing 65 109 44 67.7%
Total Financing Income 5,117 6,042 925 18.1%
Other Income 266 311 45 16.9%
Total Income 5,383 6,353 970 18.0%
Financing Income
Financing Income (excluding Joint Financing) during 2023 was recorded at Rp6,042 billion, an increase of
18.1% from Rp5,117 billion during 2022. Financing Income was derived from Interest Income from Financing
Activities, Administration Income, Late Charges, and Termination Income.
The largest component was Financing Income, whose value reached Rp4,442 billion, an increase of 21.0%
in 2023 compared to 2022. Administration Income increased by 9.8% to Rp839 billion in 2023, while Late
Charges and Termination Income also increased from their previous year's figures by 7.3% and 3.5%,
respectively, to Rp353 billion and Rp299 billion.
148 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 60 • Financing Income by Asset Type
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Breakdown by Asset Type
Used Cars Financing 3,345 3,924 579 17.3%
Motorcycles Financing 1,104 1,187 83 7.5%
Heavy Equipment Financing 356 479 123 34.6%
Property Financing 112 181 69 61.6%
New Cars Financing 79 133 54 68.4%
Sharia Financing 65 109 44 67.7%
Channeling 58 52 (6) -10.3%
Total Financing Income
5,119 6,065 946 18.5%
(including Joint Financing)
Percentage of Asset Type
Used Cars Financing 65.3% 64.7% n/a -0.6%
Motorcycles Financing 21.6% 19.5% n/a -2.1%
Heavy Equipment Financing 7.0% 7.9% n/a 0.9%
Property Financing 2.2% 3.0% n/a 0.8%
New Cars Financing 1.5% 2.2% n/a 0.7%
Sharia Financing 1.3% 1.8% n/a 0.5%
Channeling 1.1% 0.9% n/a -0.2%
Total 100.0% 100.0%
Discussion of Financing Income was carried out based on Asset Type. In 2023, the largest contributor
was Used Cars Financing, worth Rp3,924 billion with a portion of 64.7% of the total Financing Income.
This amount increased by 17.3%, from Rp3,345 billion in 2022.
The New Cars Financing segment recorded the highest percentage increase in Income at 68.4%,
from Rp79 billion to Rp133 billion in 2023.
Sharia Income increased by 67.7% due to a significant increase in Murabahah Margin in 2023.
Other Income
Other Income includes all non-core sources of income originating from the Company’s main activities
outside of financing activities, namely Recovery on Write-Off Receivables, Finance, Gain on Sale of Fixed
Assets – Net, and Others.
Total Other Income increased by 16.9% from 2022 amounting to Rp266 billion to Rp311 billion in 2023,
mainly due to Other Income – Finance, which increased by Rp60 billion or 260.9% in 2023.
Table 61 • Other Income
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Recovery on Written-off Receivables 209 196 (13) -6.2%
Finance 23 83 60 260.9%
Gain on Sale of Fixed Assets - Net 20 14 (6) -30.0%
Others 14 18 4 28.6%
Total 266 311 45 16.9%
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 149
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2023 PERFORMANCE BUSINESS
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HIGHLIGHTS SUPPORTING UNITS
Expenses
Table 62 • Expenses
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Salaries and Benefits 1,325 1,457 132 10.0%
Interest and Financing Charges 624 951 327 52.4%
General and Administrative 771 871 100 13.0%
Provision for Impairment Losses 367 786 419 114.2%
Others 57 263 206 361.4%
Total 3,144 4,328 1,184 37.7%
Percentage of Expenses
Salaries and Benefits 42.1% 33.7% n/a -8.4%
Interest and Financing Charges 19.8% 22.0% n/a 2.2%
General and Administrative 24.5% 20.1% n/a -4.4%
Provision for Impairment Losses 11.7% 18.1% n/a 6.4%
Others 1.8% 6.1% n/a 4.3%
Total 100.0% 100.0%
Total Expenses were recorded at Rp4,328 billion in 2023, an increase of 37.7% from Rp3,144 billion in 2022.
All Expenses components in 2023 experienced an increase from their respective values in 2022. The largest
increase, namely Rp419 billion, occurred in the component Provision for Impairment Losses. Meanwhile,
the largest component of Expenses in 2023 was Salaries and Benefits, which reached Rp1,457 billion and
made up 33.7% of the total Expenses.
Salaries and Benefits
Salaries and Benefits consist of all salaries and benefits paid throughout the year, including all types of
employee benefits such as performance bonuses, employee benefits and pension compensation that have
been determined in accordance with applicable accounting standards.
The value of Salaries and Benefits increased by 10.0% of its value in 2022. This increase was consistent with
the increase in the number of employees, from 10,111 employees in 2022 to 11,207 employees in 2023, or 10.8%.
Table 63 • Salaries and Benefits Expenses
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Salaries and Employee Benefits 1,277 1,416 139 10.9%
Post-Employment Benefits* 10 41 31 310.0%
Others 38 - (38) n/a
Total 1,325 1,457 132 10.0%
* There was an adjustment to post-employment benefits due to the implementation of the Job Creation Law No. 11/2020 and its derivative regulation, that
is Government Regulation No. 35/2021
150 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Interest and Financing Charges
Interest and Financing Charges originated from the Company’s funding activities, both through bank loans
and securities issued, as well as related costs and expenses.
Interest and Financing Charges in 2023 rose significantly by Rp327 billion or 52.4% of the value in 2022.
The increase in Interest Charges was in line with total Borrowings in 2023, which reached Rp13,387 billion, or 13.2%
higher than Rp11 ,828 billion in 2022. Average Cost of Funds did not change from 2022 to 2023, which was at 7.0%.
Table 64 • Borrowings, Interest and Financing Charges, and Cost of Funds
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Fund Borrowings - Third Parties 10,247 8,666 (1.581) -15.4%
Securities Issued - Net 1,581 4,721 3.140 198.6%
Total Borrowings 11,828 13,387 1.559 13.2%
Interest and Financing Charges 624 951 327 52.4%
Average Cost of Funds 7.0% 7.0% n/a 0.0%
General and Administrative Expenses
General and Administrative Expenses consist of expenses paid to support the Company’s operational
activities and business growth. There was an increase of Rp100 billion in General and Administrative Expenses
in 2023, which was mainly due to Installment Collection Expense, which increased by 85.2% or Rp69 billion.
A significant increase also occurred in Repairs and Maintenance Expense, amounting to 39.3% or Rp35 billion.
Meanwhile, Professional Fees, which in 2022 was the largest component of General and Administrative
Expenses, showed a decrease of 70.9% or Rp105 billion in 2023.
Table 65 • General and Administrative Expenses
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Installment Collection Expense 81 150 69 85.2%
Repairs and Maintenance 89 124 35 39.3%
Depreciation of Fixed Assets 100 117 17 17.0%
Marketing 79 99 20 25.3%
Amortization of Intangible Assets 22 54 32 145.5%
Travel and Transportation 34 51 17 50.0%
Professional Fees 148 43 (105) -70.9%
Training and Education 23 27 4 17.4%
Communications 25 26 1 4.0%
Depreciation of Right-of-Use Assets 22 23 1 4.5%
Insurance 17 22 5 29.4%
Courier, Postage and Stamp Duty 18 22 4 22.2%
Outsourced Service Expenses 16 17 1 6.3%
Electricity and Water 16 17 1 6.3%
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 151
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2023 PERFORMANCE BUSINESS
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HIGHLIGHTS SUPPORTING UNITS
Table 65 • General and Administrative Expenses
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Office Expense 17 16 (1) -5.9%
Membership and Subscription 9 14 5 55.6%
Bank Administration Charges 3 3 - 0.0%
Rental 2 2 - 0.0%
CSR Program 3 2 (1) -33.3%
Legalized Document and Photocopy 2 1 (1) -50.0%
Others 45 41 (4) -8.9%
Total 771 871 100 13.0%
Provision for Impairment Losses
Provision for Impairment Losses is the value set aside based on an evaluation of the value of the Company’s
Financing Receivables, both individually and collectively, which is calculated on a monthly basis to ensure the
adequacy of Allowance for Impairment Losses in Receivables stated in the Statement of Financial Position,
which represents fair value according to the standard applicable accounting standards (IFRS 9/SFAS 71).
Provision for Impairment Losses in 2023 increased by 114.2% from Rp367 billion in 2022 to Rp786 billion.
This increase was partly due to the impact of rising amounts of bad debts following the cyberattack,
owing to the temporary halting of the Company’s operational system. This hampered the effectiveness
of the collection team in carrying out their duties, and in turn caused the increase in bad debts
and uncollectible receivables.
Table 66 • Provision for Impairment Losses
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Persentase
Provision for Impairment Losses -
367 785 418 113.9%
Financing Receivables
Provision for Impairment Losses - Ijarah
- 1 1 -
and IMBT Receivables
Total 367 786 419 114.2%
Other Expenses
Other Expenses consist of expenses that are not routine in nature or directly support the Company’s
operational activities and business growth.
Other Expenses in 2023 were mainly in the form of Written-off Receivables in the Settlement Process.
The amount reached 87.1% of total Other Expenses, which reached Rp263 billion, an increase of more than
3.5 times the value in 2022. The cause is the high level of settlement of receivables through the asset transfer
mechanism, in which there was a decrease in the sales value of transferred assets compared to the book
value from the settlement process.
152 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 67 • Other Expenses
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Written-off Receivables in the Settlement
65 229 164 252.3%
Process
(Recovery) Provision for Impairment Losses
(8) 34 42 -525.0%
of Receivables in the Settlement Process
Total 57 263 206 361.4%
Profit for the Year
In 2023, the Company paid Income Tax Expense of Rp381 billion, or Rp51 billion lower than in 2022. This
correlated with the amount of Profit Before Tax in 2023, at Rp2,025 billion or 9.6% below the achievement in
2022. Income Tax Expense Ratio was 18.8% of total Profit Before Tax in 2023, while the corresponding ratio
in 2022 was 19.3%. As a result, Profit for the Year in 2023 was recorded at Rp1,644 billion, or 9.0% lower than
Rp1,807 billion in 2022.
Table 68 • Profit for the Year
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Profit Before Tax 2,239 2,025 (214) -9.6%
Income Tax Expense 432 381 (51) -11.8%
Profit for the Year 1,807 1,644 (163) -9.0%
Income Tax Expense Ratio 19.3% 18.8% n/a -0.5%
The income tax rate for • Both of these conditions adjustments to posts that had
the Company in 2022 and 2023 must be fulfilled for at least no effect on net profit, but had
was 19%, lower than the standard six months (183 days) in one an impact on the Company’s
rate of 22%, since the Company tax year. equity value.
met the following criteria:
Comprehensive Income for Thus, Total Comprehensive
• At least 40% of the shares Income for the Year in 2023
the Year
issued are owned by reached Rp1,646 billion, or 9.6%
the public; The total of Other Comprehensive lower than Rp1,821 billion
• The public must consist of Income for the Year – Net of recorded in 2022.
a minimum of 300 individuals, Tax in 2023 reached Rp2 billion,
each holding less than 5% compared to Rp14 billion
of the issued shares; and in 2022. This was derived from
Table 69 • Comprehensive Income for the Year
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Profit for the Year 1,807 1,644 (163) -9.0%
Other Comprehensive Income for the Year
14 2 (12) -85.7%
- Net of Tax
Total Comprehensive Income for the Year 1,821 1,646 (175) -9.6%
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Basic Earnings per Share
Consistent with the decline in Profit for the Year of 9.0% in 2023, BFI Finance recorded Basic Earnings
per Share of Rp109 per share, or 9.9% lower than Rp121 in 2022.
Table 70 • Basic Earnings per Share
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Profit for the Year 1,807 1,644 (163) -9.0%
Basic Earnings per Share (full amount) 121 109 (12) -9.9%
Consolidated Statement of Cash Flows
BFI Finance’s Cash Flows are classified into Operating, Investing and Funding Activities, as follows:
Table 71 • Statement of Cash Flows
Comparison with Last Year
Description (Rp billion) 2022 2023
Total Percentage
Cash and Cash Equivalents
969 1,073 104 10.7%
at Beginning of Year
Net Cash Flows (for)
(3,522) 277 3,799 -107.9%
from Operating Activities
Net Cash Flows for Investing Activities (238) (335) (97) 40.8%
Net Cash Flows from Financing Activities 3,864 725 (3,139) -81.2%
Net Increase in Cash and Cash Equivalents 104 667 563 541.3%
Cash and Cash Equivalents at End of Year 1,073 1,740 667 62.2%
The Company’s Cash and at Rp3,522 billion. The biggest increase of Rp97 billion from
Cash Equivalents experienced contributor to this change in cash the value in 2022. This was due
a significant increase of flow came from an increase in to the increase in Acquisition
Rp667 billion during 2023. Cash Received from Financing of Intangible Assets in 2023,
These changes are Transactions in 2023 compared namely software.
explained below. to 2022, however there were
Cash Flows from
lower Cash Disbursements for
Cash Flows from Financing Activities
New Financing Transactions in
Operating Activities the same period. Cash Flows from Financing
Cash Flows from Operating Activities refer to financing
Cash Flows from
Activities represent cash transactions, including new
Investing Activities
movements used to fund the funding, debt repayment, and
Company’s business activities, Cash Flows from Investing interest payments on sources
especially the disbursement Activities originate from of funds. Net Cash Flows from
of new financing. Net Cash gains and losses related Financing Activities reached
Flows from Operating Activities to investing activities and Rp725 billion in 2023, lower than
in 2023 was recorded at capital expenditures. Net the value in 2022, which reached
Rp277 billion. Meanwhile, in 2022, Cash Flows for Investing Rp3,864 billion. This was due to the
the Company recorded Net Cash Activities in 2023, amounting Loan Repayment value was higher
Flows for Operating Activities to Rp335 billion, it showed an compared to new Loans Received
in 2023 in comparison to 2022.
154 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
ANALYSIS OF KEY RATIOS
Profitability
BFI Finance recorded a respectable level of profitability during 2023, although below the results achieved
in 2022, where the Company achieved the highest level of profitability in the Company’s 40-year history.
The total net profit of Rp1,644 billion achieved in 2023 was the second highest net profit in BFI Finance’s
history.
Average Return on Assets (ROAA) in 2023 was recorded at 8.4%, decreased by 3.8% from 12.2% in 2022,
although still higher than the average for the financing industry in Indonesia, which is 5.6%.
Average Return on Equity (ROAE) also contracted, from 21.9% to 17.7% in the same period. As with ROAA,
the Company’s ROAE was also higher than financing industry in Indonesia.
Table 72 • ROAA and ROAE
Rasio 2022 2023 Industry Average*
ROAA 12.2% 8.4% 5.6%
ROAE 21.9% 17.7% 15.0%
Profit for the Year / Total Income 33.6% 25.9% 18.7%
* Source: Data of Statistics of Indonesian Financing Institutions as of 31 December 2023 issued by OJK
Debt Repayment Ability
The Company’s ability to pay debts is measured by the following criteria:
• Asset Solvency Ratio to measure the amount of Assets financed using Liabilities;
• Liquidity Ratio to measure the ability to meet Current Liabilities using Current Assets;
• Gearing Ratio to measure Debt-to-Equity Ratio; and
• Rating results by accredited credit rating agencies.
Despite encountering a slowdown in business performance in 2023, the Company recorded solvency ratios
whose values at the end of 2023 did not change from the end of 2022. In addition, in 2023 the Company’s
credit rating increased from ‘A+(idn)’ to ‘AA-(idn)’.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 155
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 73 • Debt Repayment Ability Ratio
Ratios 2022 2023 Industry Average*
Solvency
Liabilities-to-Assets Ratio 0.6x 0.6x 0.7x
Liabilities-to-Equity Ratio 1.5x 1.5x 2.5x
Gearing Ratio 1.4x 1.4x 2.3x
Corporate Credit Ratings A+(idn) AA-(idn) -
* Source: Data of Statistics of Indonesian Financing Institutions as of 31 December 2023 issued by OJK
Receivables Collectibility Level (Asset Quality)
Table 74 • Receivables Collectibility Level (Asset Quality)
Amount of Receivables
Percentage
(Rp billion)
Description Days Past Due
2022 2023 2022 2023
1 - Current 0 - 10 days 18,272 19,087 89.14% 86.71%
2a - Special Mention 11 - 60 days 1,895 2,448 9.25% 11.12%
2b - Special Mention 61 - 90 days 126 177 0.61% 0.81%
3a - Non-current 91 - 120 days 67 88 0.33% 0.40%
3b - Non-current 121 - 150 days 47 80 0.23% 0.36%
4 - Doubtful 151 - 180 days 39 72 0.19% 0.33%
5 - Bad > 180 days 52 60 0.25% 0.27%
Total 20,498 22,012 100.00% 100.00%
Non-NPF 0 - 90 days 20,293 21,712 99.00% 98.64%
NPF > 90 days 205 300 1.00% 1.36%
Receivables Collectibility is as at the end of 2023 reached the end of 2022, but still lower
classified based on the number of 86.7%, while the number of than the financing industry
days due. Receivables categorized as "Loss" average in Indonesia of 2.44%.
was only less than 0.3% of Total Meanwhile, net NPF was
The Company’s Collectibility
Receivables. successfully reduced from 0.38%
Ratio in 2023 experienced a
at the end of 2022 to 0.15% at the
weakening compared to the end At the end of 2023, gross NPF
end of 2023. This achievement
of 2022. The proportion of Current at BFI Finance was recorded
was far better than the NPF
Receivables to Total Receivables at 1.36%, higher than 1.00% at
provisions set by the OJK, i.e., less
than or equal to 5%.
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Other Relevant Financial Ratios
BFI Finance continuously complies with all applicable Bank Indonesia and OJK regulations, including those
related to financial ratios.
Overall, based on the financial ratios shown in Table 75, the Company’s financial position was relatively stable
during 2023. All of these ratios were better than the industry average and the thresholds set by the OJK.
Table 75 • Other Relevant Financial Ratios
Ratios OJK Requirement 2022 2023 Industry Average*
Financing-to-Assets Ratio (FAR) ≥ 40% 89.2% 86.5% 85.2%
Financing-to-Debt Ratio ≥ 50%** 165.4% 155.1% 131.3%
Investment and Working Capital
≥ 10% 76.9% 78.6% 42.5%
Financing to Total Financing Ratio
Non-Performing Financing Ratio - Gross ≤ 5% 1.00% 1.36% 2.44%
Non-Performing Financing Ratio - Net ≤ 5% 0.38% 0.15% 0.64%
Capital Ratio ≥ 10% 62.6% 65.0% n/a
Gearing Ratio ≤ 10x 1.4x 1.4x 2.3x
Equity-to-Paid-up-Capital Ratio ≥ 50% 2,193.5% 2,379.8% 315.0%
* Source: Data of Statistics of Indonesian Financing Institutions as of 31 December 2023 issued by OJK
** The target set by management is in accordance with POJK No. 35/POJK.05/2018
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 157
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
COMPARISON OF ACHIEVEMENTS
AGAINST TARGETS IN 2023
BFI Finance posted lower and return business growth to investment in this case was
performance in 2023 compared levels close to pre-attack. The carried out to ensure success
to the target set at the beginning decline in business was largely and sustainable growth in the
of the year. The main cause contributed by the performance future. This was also a factor
was the cyberattack incident in the second and third quarters causing a temporary decline
experienced in May 2023, which where the Company was in the performance of New
had an impact on disrupting in the recovery period after Financing distribution in 2023.
the Company’s operations the cyberattack.
The Company’s achievements in
and increasing bad debts,
Furthermore, to pursue various aspects of performance
forcing management to adjust
sustainable growth, BFI Finance are presented in full in Table 76.
credit policies while restoring
has taken innovative steps In several aspects, such as NPF
the Company’s operations and
since 2020 by improving its and gearing ratio, the Company
stabilizing the quality of its
working methods and operational made positive achievements
deteriorating assets.
model. This step is part of a and was able to meet, if not
The quick response given by the long-term strategy to increase exceed, the targets that had been
Company’s management had a competitiveness and business set. This proves the Company’s
sustainable positive impact on growth. However, the process discipline in managing the quality
the Company’s performance. of adapting to this new way of of its financing portfolio and in
In the fourth quarter of 2023, working and operational model seeking funding. In several other
the Company was able to requires time and focused aspects, especially profitability,
restore its overall operations effort. BFI Finance’s strategic the Company’s target for 2023
was not achieved.
Table 76 • Comparison of Achievements Against Targets
Description (Rp billion) Target Realization
New Financing Growth 10% -5.0%
Net Receivables Growth 10% 6.1%
Asset Growth 20% 9.4%
Revenue Growth 20% 18.0%
Net Profit 15% -9.0%
NPF < 2.0% 1.36%
Debt-to-Equity Ratio < 2.0x 1.4x
Dividend Payout Ratio Up to 50% *
* Pending 2024 GMS resolution
158 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
CAPITAL STRUCTURE (CAPITAL ADEQUACY)
Management Policy on Capital Structure
The Company’s articles of association stipulate that the Company’s Authorized Capital is Rp500 billion,
consisting of 20 billion shares with a nominal value of Rp25 per share. Of the Authorized Capital,
15,967,115,620 shares have been issued and fully paid up. A total of 1,002,732,000 shares have been bought
back by the Company as at 31 December 2023.
For capital management, the Company refers to POJK 35, which requires:
• A minimum capital of Rp100 billion;
• Minimum equity of 50% of the total Paid-in Capital; and
• Gearing Ratio (Ratio of Total Financing to Equity minus Subordinated Loans with Investment) of
a maximum of 10 times, both for domestic and international financing.
Table 77 • Capital Structure
Company Realization
Description (Rp billion) POJK Requirement
2022 2023
Equity Minimum Rp100 billion 8,756 9,500
Ratio of Total Equity to Paid-up Capital Minimum 50% 2,193.5% 2,379.8%
Financing-to-Equity Ratio Maximum 10x 1.4x 1.4x
MATERIAL INVESTMENT ON CAPITAL GOODS
The Company’s Capital Expenditure in 2023 was focused on purchasing Vehicles and Office Equipment,
following developments in the operational needs of its employees.
For 2023, overall Capital Expenditures amounting to Rp362 billion, with 89.8% had been completed,
and the remainder still in process. The source of funding for Capital Expenditures was derived from
the Company funds.
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 78 • Value of Capital Goods Investment
Value of Capital Goods Investment (Rp billion)
Type of Capital Goods Investment
Completed In Progress Total
Building and Infrastructure 3 10 13
Office Equipment 202 26 228
Vehicles 119 - 119
Furniture and Fixtures 1 1 2
Total 325 37 362
Material Commitments
Throughout 2023, the Company did not make any material commitments other than those discussed in
the previous sections.
EVENTS AFTER THE REPORTING PERIOD
The Company did not carry out any corporate actions in the period between 31 December 2023 up to
the 2024 AGMS.
DIVIDENDS
The Company’s Dividend Policy is • Without prejudice to the • The Company’s Board
summarized as follows: right of the GMS to determine of Directors meeting on
• All issued and fully paid otherwise, the Company 1 December 2023 decided to
shares have the same intends to distribute Cash distribute an Interim Cash
rights, including the right Dividends with a value of Dividend for the 2023 financial
to Dividends, except for up to 50% of Net Income for year of Rp28 per share.
repurchased shares the Year; Dividend payments to
(Treasury Shares); • Dividends can be distributed shareholders was made on
all at once in a year, or more 21 December 2023.
than once through Interim
Dividends; and
Table 79 • Dividend Policy and Payment
Description (Rp billion) Target Realization
Net Income for the Year 2,078 1,644
Cash Dividend 956 421*
% Cash Dividend to Previous Year Net Income 46.0% **
* Interim dividend
** Pending 2024 GMS resolution
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
USE OF PUBLIC OFFERING FUNDS
In accordance with Berkelanjutan V BFI Finance the Company reported the use
POJK requirements Indonesia Tahap III, IV and V of funds from the corporate
No. 30/POJK.04/2015 on the 2023, with total proceeds of action. In accordance with the
obligation to submit a Report Rp3,800 billion. Details of the guidance in the prospectus and
on the Realization of the Use of public offering are presented in additional information published,
Funds from a Public Offering, the Company Profile chapter, these funds were used entirely for
the Company reports the use of pages 98–99. working capital needs to carry out
funds from each corporate action the Company’s main business.
In accordance with the
it performs. There was no change in the use of
requirements of POJK
funds from this general issuance.
During 2023, the Company No. 30/POJK.04/2015 on
All uses had been reported to
offered bonds denominated the obligation to submit a
the authorities.
in rupiah, namely Obligasi Report on the Realization of Use
of Funds from Public Offering,
INVESTMENT, DIVESTMENT, MERGER
& ACQUISITION, AND DEBT OR
CAPITAL RESTRUCTURING
The Company did not carry out any Material Investments, Divestments, Mergers & Acquisitions, or Debt
or Capital Restructuring in 2023
TRANSACTIONS WITH POTENTIAL CONFILICT OF
INTEREST AND RELATED PARTIES
In carrying out its business in 2023, which was 1.5% of All Transactions with Related
activities, the Company and its Total Expenses for that year. Parties, except for Salaries
subsidiaries carry out transactions Meanwhile, the amount in 2022 and Employee Benefits
with certain related parties. reached Rp58 billion (1.8% of paid to key management
Total Expenses). personnel, were carried out
Transactions with related parties
under the normal business
consist of Salaries and Benefits
operations requirements.
amounting to Rp66 billion
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
IMPACT FROM REGULATORY CHANGES
ON THE COMPANY
In 2023, the RI Government issued 8. OJK Regulation No. 3/2023 on 15. OJK Regulation No. 29/2023 on
18 new regulations related to Increasing Financial Literacy the Buyback of Shares Issued
the implementation of business and Inclusion in the Financial by Public Companies;
activities and operations of Services Sector for Consumers 16. OJK Circular No. 18/
multifinance companies, namely: and the Public; SEOJK.03/2023 on Procedures
1. RI Government Law No. 4/2023 9. OJK Regulation No. 8/2023 on for Using the Services of
on Development and Implementation of Programs Public Accountants and Public
Strengthening of the Financial of Anti-Money Laundering, Accounting Firms in Financial
Sector; Prevention of Terrorism Services Activities;
2. RI Government Law No. 6/2023 Financing, and Prevention of 17. OJK Circular No. 19/
on Stipulation of Government Funding for the Proliferation of SEOJK.06/2023 on the
Regulation in Lieu of Law Weapons of Mass Destruction Implementation of
No. 2/2022 on Job Creation to in the Financial Services Information Technology-
Become Law; Sector; Based Shared Services; and
3. RI Government Regulation 10. OJK Regulation No. 9/2023 on 18. OJK Circular No. 20/
No. 5/2023 on Investigation of the Use of Services of Public SEOJK.06/2023 on Application
Criminal Acts in the Financial Accountants and Public for Licensing, Approval, and
Services Sector; Accounting Firms in Financial Electronic Reporting for
Services Activities; Financing Companies and
4. RI Government Regulation
No. 10/2023 on Types and 11. OJK Regulation No. 13/2023 Sharia Financing Companies.
Tariffs for Non-Tax State on Policies for Maintaining
The Company views that these
Revenues Applicable to the Capital Market Performance
regulatory changes have been
Ministry of Home Affairs; and Stability in Significantly
intended to bring about a
Fluctuating Market
5. RI Government Regulation positive, strengthening impact
Conditions;
No. 49/2023 on the Second on Indonesia’s financial services
Amendment to Government 12. OJK Regulation No. 16/2023 sector and especially the
Regulation No. 44/2015 on on Investigation of Criminal financing industry. Accordingly,
the Implementation of Work Acts in the Financial Services it has taken every measure
Accident Insurance and Death Sector (POJK on Investigation); necessary to comply with
Insurance Programs; 13. OJK Regulation No. 18/2023 on the requirements of these
6. RI Government Regulation Issuance and Requirements regulations.
No. 51/2023 on Amendments for Debt Securities and Sukuk
to Government Regulation Based on Sustainability;
No. 36/2021 on Remuneration; 14. OJK Regulation No. 22/2023
7. RI Minister of Finance on Consumer and Community
Regulation No. 41/2023 Protection in the Financial
on Value Added Tax on Services Sector;
the Delivery of Collateral Taken
Over by Creditors to Collateral
Buyers;
162 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
ACCOUNTING POLICY CHANGES
Changes to Statements of Financial Accounting Standards (SFAS) and
Interpretation of Financial Accounting Standards (ISAK) which Applied
Effectively in the Current Period
The implementation of changes to accounting standards, which are effective from 1 January 2023, and are
relevant for the Company and its subsidiaries but do not have a significant impact on the accounting policies
of the Company and its subsidiaries, are as follows:
• Amendment to SFAS 1: “Presentation of Financial Statements; Disclosure of Accounting Policies”;
• Amendment to SFAS 16: “Fixed Assets”;
• Amendment to SFAS 25: "Accounting Policies, Changes in Accounting Estimates, and Errors: Definition of
Accounting Estimates";
• Amendment to SFAS 46: “Income Tax”; and
• Revision of SFAS 107: “Ijarah Accounting”.
These new accounting standards have been implemented to the financial statements since 1 January 2023.
A summary of the changes and their impact on the Company’s financial condition is presented in Table 80.
Table 80 • Changes of SFAS that Affect the Company
Impact on
Accounting Standards Summary of Changes Reasons for Changes
the Company
Amendment to SFAS The amended SFAS 1 This amendment clarifies that Has been
1: "Presentation of required entities to disclose immaterial accounting policies do adjusted
Financial Statements: material accounting policies, not need to be disclosed, and if
Disclosure of not significant accounting policies. they are disclosed, they should
Accounting Policies" The amendments define what not obscure material accounting
is ‘material accounting policy information.
information’ and explain how to
identify when accounting policy
information is material.
Amendment to SFAS This amendment prohibits entities This amendment clarifies Not significant
16: "Fixed Assets" from deducting the cost of a fixed the meaning of ‘testing’ whether
asset from sales received of selling the asset is functioning properly
items produced by fixed asset before when the entity assesses
ready for it's intended use. the technical and physical
performance of the asset.
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 80 • Changes of SFAS that Affect the Company
Impact on
Accounting Standards Summary of Changes Reasons for Changes
the Company
Amendment to SFAS 'Changes in Accounting Estimates The distinction is important, No
25: “Accounting and Errors: Definition of Accounting because changes in implications
Policies, Changes Estimates' clarifies how an entity accounting estimates are
in Accounting distinguishes changes in accounting applied prospectively to future
Estimates, and policies and changes in accounting transactions and other future
Errors: Definition estimates. events, whereas changes in
of Accounting accounting policies are generally
Estimates” applied retrospectively to past
transactions and other past
events as well as the current
period.
Amendment to Deferred Tax related to Assets This amendment generally No
SFAS 46: "Income and Liabilities arising from applies to transaction occuring at implications
Tax" - Deferred Tax Single Transaction requires an or after the beginning of earliest
related to Assets entity to recognize deferred tax comparative period presented.
and Liabilities on transactions that on initial Otherwise, the entity must
arising from Single recognition, give rise to taxable recognize deferred tax assets and
Transaction temporary differences that can be liabilities including all deduction
deducted in the equal amounts. of temporary differences,
and other related temporary
differences are to be recognized
at the beginning of the earliest
comparative period.
Revision of SFAS 107: Change in the method of This revision accommodates No
“Ijarah Accounting” recognition of indirect service ijarah contracts for sharia-based implications
and income and expenses from hotel and health industry sectors.
a straight line to a percentage of
completion and evenly distributed
according to period of both
contracts
164 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
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AND ANALYSIS GOVERNANCE STATEMENTS
2024 BUSINESS PROSPECTS
The Indonesian government purchasing power of the middle predictions, growth in this
through the 2024 APBN has class, thereby suppressing industry will be in the range
set economic growth at 5.2%, household consumption growth. of 11 to 13% throughout 2024.
while various analysts and global Meanwhile, GAIKINDO predicted
BFI Finance has set a growth
financial institutions are targeting car sales to dealers will rise to
target of 15–20% in 2024 for
growth in the range of 4.9 to 5.2%. 1.1 million units (about 10% of
New Financing Distribution,
Indonesia’s growth rate is higher 2023 sales figure). Motorcycle
Net Receivables, and Net
than predicted growth, both for sales, on the other hand, having
Profit, from their respective
the global economy, which is in experienced an increase of 19.4%
values in 2023. Both Assets
the range of 2.4 to 3.0%, and for in 2023, are targeted by AISI to
and Revenue are targeted
the economies of G20 member reach 6.5 million units, which is
to grow 15% from the 2023
countries, which is around 2.8%. equivalent to growth of around
achievement. This performance
Indonesia’s economic growth is 5% from the 2023 figure.
will be supported by a good
supported by the government’s
OJK predicts strong growth in Gearing Ratio kept below 2.0x.
efforts to ensure the continuation
the finance industry in 2024, Thus, the Company expects to
of the downstream process,
continuing the momentum distribute dividends with a ratio
especially in the mining and
in 2023. OJK projects that the of up to 50%.
energy sectors, as well as
total assets of all multi-finance
sustainable development in In developing its business
companies in Indonesia will
the manufacturing industry. sustainably, BFI Finance will
increase by 10–12% in 2024 from
always rely on its reputation,
Weakening demand from their value as at the end of 2023.
which has been built for more
China for various export This growth will be driven by
than 40 years as a finance
products from Indonesia is several main sectors, namely
company that is committed
slowing down the country’s Wholesale and Retail Trade,
to being a trusted partner
economic growth to around Car and Motorcycle Repair and
that are accessible to all layers
4.7% in 2024. This situation Maintenance, and Mining and
of society across Indonesia,
holds potential to reduce the Quarrying. According to APPI
from Aceh to Papua.
Table 81 • 2024 Business Targets
Description Target
New Financing Growth 15% above 2023 achievement
Net Receivables Growth 13% above 2023 achievement
Asset Growth 10% above 2023 achievement
Revenue Growth 8% above 2023 achievement
Net Profit 15% above 2023 achievement
NPF < 2.0%
Debt-to-Equity Ratio < 2.0x
Dividend Payout Ratio Up to 50%
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 165
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Stepping Forward with Confidence Transparency, supported by compliance, serves as our primary foundation for committing ourselves to good corporate governance practices, building trust among our stakeholders. 166 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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06 GOOD CORPORATE GOVERNANCE 2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 167
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
GOOD CORPORATE
GOVERNANCE REPORT
A consistent BFI Finance conducts good
corporate governance practices
and disciplined (GCG) in accordance with
guidelines from relevant
implementation of good authorities, demonstrating the
management and employees’
corporate governance commitment to long-term
serves as the basis for business sustainability. The
Company is dedicated to
BFI Finance in building conducting a healthy business,
in compliance with financial
customers’ and investors’ services industry regulations.
The Company’s GCG practices
trust in the Company. adhere to the prevailing laws and
regulations, the list for which is
regularly updated and accessible at
https://www.bfi.co.id/en/corporate/
Corporate-Good-Governance/
corporate-governance-guidelines.
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Main Principles
The Company applies the following GCG principles in its business activities in all organizational levels::
Table 82 • Main GCG Principles
No. GCG Principle Implementation
1 Transparency in the decision-making process and in Transparency of business management to all
the availability and disclosure of relevant information stakeholders, through the publication of various
regarding the Company reports (including integrated annual reports and
financial reports) as well as business-related matters
on the website
2 Accountability of all parties in the Company in Clarity in the rights, authority, duties, and
conducting every action in accordance with their responsibilities of employees and all governance
respective functions bodies of the Company
3 Responsibility in the Company’s management Compliance with the articles of association and the
according to the rules and regulations in financing prevailing regulations, and implementation of tax
sector, ethical values, as well as sound business obligations and corporate social responsibility
practices
4 Independence in the Company’s management, Principle of mutual respect upheld by every party
free from interference from any party which are not within the Company, and avoidance of conflict of
in line with the laws and regulations and free from interest in all business processes
conflict of interest
5 Equality and Fairness in fulfilling the rights of Fulfillment of the rights of stakeholders in a just and
Stakeholders arising from the agreement, rules and equitable manner in accordance with the prevailing
regulations regulations, maintenance of a decent and safe
workplace, and equal opportunity provided to every
employee
The guideline for implementing these GCG principles is available on the Company website at
https://www.bfi.co.id/en/corporate/Corporate-Good-Governance/corporate-governance-guidelines.
GCG Purposes
BFI Finance implements GCG principles to achieve, among others:
1. Optimization of the Company’s values for stakeholders;
2. Improvement of the Company’s professional, effective, and efficient management;
3. Improvement of the Company’s governance bodies’ and its subordinates’ compliance with the strict
ethical standards, rules and regulations, and awareness of social responsibility;
4. Establishment of a financially sound business that is reliable and has a competitive edge in order to
maintain its presence and sustainability to achieve the Company’s aims and objectives; and
5. Improvement of the Company’s contribution to the national economy
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GCG Structure and Mechanism
The GCG structure at BFI Finance consists of the following governance bodies in the chart below:
Graph 12 • GCG Structure of the Company
Governance
Transparency, Accountability, Responsibility, Independence, and Fairness
Principles
GMS
Audit Committee
Risk Oversight
Committee
Governance
Nomination and
Sharia Supervisory Structure
Board
BOD BOC Remuneration
Committee
Internal
Internal Corporate Risk
Control Compliance
Audit Secretary Management
System
GMS; execution of functions, authorities and responsibilities of the BOC and the BOD; meetings Governance
between the BOC and the BOD; execution of policies and strategies in line with vision and mission; Processes
human capital development and training; and implementation of CSR programs
Business sustainability, efficiency, benefits for society, compliance with regulations, consumer Governance
protection, and environmental protection Outcomes
The Company’s GCG structure is one of the manifestations of GCG implementation for ensuring a clear
mapping of functions or business activities to avoid conflict of interest and to ensure that the checks and
balances mechanism takes place effectively and efficiently.
GCG is exercised by the governance bodies of BFI Finance’s GCG structure takes within a GCG infrastructure
framework. This includes policies, procedures, management information system, and main duties as well as
functions of each governance body.
This GCG infrastructure is evaluated regularly and adjusted to the latest developments and best practices in
GCG. The latest enhancements to BFI Finance’s GCG Infrastructure were ratified in the Policy/026 dated 1 July
2021 on Guidelines for the Implementation of Good Corporate Governance.
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Table 83 • BFI Finance’s GCG Infrastructure
No. GCG Infrastructure Form
1. Code of Business Principles which is applicable • Company Core Values (G.R.E.A.T.) and BFI New Mindset as
to all BFI Finance’s activities, both in head office the guidelines on the Company’s culture and behavior
and branches, and to all employees • Corporate Responsibilities
• Business Integrity
• Operational Activity Commitment
• Company Regulations 2022–2024
2. Procedures to carry out duties and Guidelines for the BOC and the BOD (Board Manual)
responsibilities of the BOC and the BOD
3. Completeness and procedures of carrying out • Audit Committee Charter
the duties of committees and work units in • Risk Oversight Committee Manual
conducting internal control function • Nomination and Remuneration Committee Manual
• Sharia Product and Business Activity Development
Committee Charter
• Risk Management Committee Charter
• Information Technology (IT) Steering Committee Charter
4. External audit, internal audit, compliance • Code of Business Principles
function implementation procedures and • G.R.E.A.T. (Company Core Values) and BFI New Mindset,
policies guidelines on behavior and culture, applicable to all
employees
• Company Regulations 2022–2024
• Internal Audit Charter
• Various applicable policies, decrees, SOPs, and guidelines
in the Company
5. Policy of transparency of financial and non- • Quarterly Financial Statements
financial conditions • Mid-year Financial Statements
• Annual Financial Statements
• Integrated Annual Report (featuring both Annual Report
and Sustainability Report)
GCG Roadmap GCG Implementation 3. Evaluation of outcome
(implementation result),
The Company’s GCG Roadmap is Focus which includes qualitative
implicitly stated and aligned to In 2023, the Company’s focus of and quantitative aspects, as
OJK’s directive in every practice. GCG implementation was on: follows:
Several important structures 1. Improvement of the a. Adequate transparency of
and mechanisms, which are still quality and efficacy of reports;
ongoing in GCG implementation risk management, in
at the Company, are Code of b. Compliance with rules and
particular with respect to
Business Principles, Board Manual regulations;
asset management and
for the BOC and BOD as well as cybersecurity; c. Consumer protection;
the Committees, and supporting d. Audit independence; and
2. Enhancement of Company
procedures and policies such
regulations in alignment with e. Company performance and
as Whistleblowing System,
the latest external regulations; achievements, financially
Risk Management Policy, and
and and operationally.
Compliance Policy.
As a part of GCG Roadmap, the
Company regularly evaluates,
updates, and disseminates its
GCG practices to all employees.
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GCG Implementation Evaluation
Results of an internal assessment conducted by BFI Finance of its GCG achievements in 2023 showed that
the Management had implemented GCG satisfactorily, as summarized in Table 84.
Table 84 • GCG Implementation Evaluation
No. Aspect Positive Factors Negative Factors
A Governance Structure
1. The Number, Composition, Integrity In general, in accordance with the complexity None
and Competence of Members of the and size of the Company and in compliance with
BOC, Committees under the BOC, applicable regulations.
Sharia Supervisory Board, BOD, and
Committees under the BOD
2. Organizational Structure In general, BFI Finance has an organizational None
structure consisting of directorates, divisions,
departments, and work functions/units with clear
division of duties, responsibilities, and authorities. It
support s business and operational activities as well
as internal control implementation.
3. Policies and Procedures BFI Finance has policies and procedures consisting None
of the Board Manual for the BOC and the BOD, Audit
Committee Charter, Risk Oversight Committee
Manual, Nomination and Remuneration Committee
Manual, Sharia Product and Business Activity
Development Committee Charter, Risk Management
Committee Charter, IT Steering Committee
Charter, Internal Audit Charter, Code of Business
Principles, Company Regulations 2020–2022,
Operational Commitments, Company Core Values
and Employee Behavior Guidelines (G.R.E.A.T. and
BFI New Mindset), and Information Technology (IT)
Procedures and Policies.
4. Information System BFI Finance runs a Management Information System None
(MIS) and Power Business Intelligence (Power BI) to
support operational and business activities as well as
internal control system.
B Governance Process
1. Execution of Duties and In general, the duties and responsibilities of the BOC, None
Responsibilities the BOD, and Committees under the BOC and the
BOD have been satisfactorily executed.
2. Human Capital BFI Finance has improved the human capital None
quantity and quality by intensifying training and
focusing on human capital availability and adequacy.
3. Risk Management BFI Finance regularly reviews risk limit, risk None
measuring, monitoring and control, and internal
model assessment of risk management.
4. Customer Complaint BFI Finance manages and resolves customer None
complaint according to SLA’s stipulations.
5. Compliance and Discipline Cultures BFI Finance continuously upholds discipline and None
compliance culture in all organizational levels by
establishing the Integrity Pact to increase legal
enforcement, to carry out anti-fraud policy and
Whistleblowing System, to apply G.R.E.A.T. and
BFI New Mindset as the Company Core Values, and
to strengthen the Internal Control System.
6. CSR BFI Finance has carried out CSR as part of its None
business process.
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Table 84 • GCG Implementation Evaluation
No. Aspect Positive Factors Negative Factors
C Governance Result
1. Recommendations from the BOC and Recommendations from the BOC and the None
Committees under the BOC Committees under the BOC are documented
in the meeting minutes and serve as input and
considerations for the BOD in making a decision.
2. Conflict of Interest There is no indication of any conflict of interest that None
bring losses to the Company.
3. Information Disclosure to the Public BFI Finance has disclosed its financial and non- None
financial information to public transparently,
including through quarterly financial statements,
mid-year financial statements, annual financial
statements, and Integrated Annual Report
(consisting of Annual Report and Sustainability
Report).
4. Company Performance BFI Finance records growth and positive None
performance, as reflected in its growing assets and
profit, and a well-managed NPF.
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HIGHLIGHTS SUPPORTING UNITS
SUSTAINABILITY GOVERNANCE
GCG implementation within The responsibility for BFI Finance categorizes its
BFI Finance takes into account implementing sustainable stakeholder groups based on
Environmental, Social, and finance lies with the Finance the extent of their engagement
Governance (ESG) principles that Directorate. The Finance Director with its business. These groups
strengthen the foundation for coordinates all sustainable therefore are customers,
sustainability governance and finance programs and activities shareholders, suppliers,
sustainable development, which across the Company’s outlets. employees, business partners,
also comprise the Company’s The BOD took part in various the public, and regulators. With
long-term vision. trainings including for enhancing each of them, the Company
their sustainability-related strives to build a transparent
ESG practices within the
competence, as detailed in the way of communication with the
Company throughout the
BOD Competency Enhancement aim of creating and fostering
reporting period are presented
table (page 196). mutual trust.
in the Sustainability chapter
(pages 258–281). Risks associated with Effective communication is
implementing sustainable cultivated through dialogue with
Sustainable Finance finance programs are various stakeholders to discern
further discussed in the Risk their needs and expectations,
Being a prominent and far-
Management section of this resolve issues, mitigate impacts,
reaching financial institution in
chapter (pages 231–236). and identify opportunities, which
Indonesia, BFI Finance considers
may arise from the interaction
sustainable finance as an
integral part of its business. With
Stakeholder between the Company and these
a sustainability mindset, the Engagement stakeholder groups, to deliver
optimal benefits to all parties.
Company aims to provide broad, As part of it sustainable
equal, and inclusive economic governance, BFI Finance The various issues encountered
empowerment across all societal engages its stakeholders in a while engaging stakeholders,
levels in Indonesia through its multitude of ways. including in implementing
financing. of sustainable finance, are
presented in Table 85.
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Table 85 • Summary of BFI Finance’s Stakeholders Issues in 2023
Stakeholder
Engagement Method Issues Raised in 2023
Group
Customers Customer surveys, customer Access to customer services, product information
complaint data, customer explanations and services, intensive handling of consumer
responses and comments complaints regarding service disruptions due to cyberattack
through various Company on the Company’s operational systems in mid-May 2023, the
communication channels, Servprize program in the form of special visits to selected
including Customer Care services customers during special moments, the BFI Close to You
(hotline, email, SMS, WhatsApp, program directly involving employees in various community
live chat on the website, and communities in the Company’s six operational areas, the
Company social media “Fraud Alert!” campaign appealing to customers to be
careful about special promotional offers in the name of the
Company, avoiding transfers to bank accounts in the name of
individuals/individuals claiming to be Company employees,
dissemination of Payment Points listed on the Company’s
website, and information on customer installment payments
via virtual accounts from the Company’s partner banks
Employees Employee surveys, meetings Strengthening of BFI New Mindset across all employee
with employee representatives, levels, innovations in employee recruitment to attract quality
email blasts, Leader’s Talk, talent in digital and technology, reformulation of employee
Service Insight Community (SIC), orientation period, establishment of RTCs for more effective
BFI Agile Thought Community offline training
(BATC), interactive employee
communication facilities through
the BELLA application, various
training via offline and online
channels such as M-BEAT
application as a facility for
employees for learning technical
and non-technical topics
Shareholders Quarterly and annual reports, Business development, governance and accountability,
meetings with investors, potential business financial soundness, cybersecurity-related issues
investors, and analysts, AGMS and
EGMS
Suppliers Engagement based on contract, Continuity of supply, level of performance and production,
performance review timeliness
Business Engagement based on contract, Performance, timeliness, contract evaluation
Partners performance appraisal
Public forums and training programs, Support to community’s socioeconomic and environmental
annual public expose to the aspects, financial literacy education, financial inclusion,
mass media, partnerships with Company performance reporting, cybersecurity-related
community institutions issues
Regulators Regular meetings (including Compliance, information disclosure, business development,
webinars and FGDs), survey filling, governance and accountability, business financial soundness,
routine and ad hoc reporting cybersecurity-related issues
The Company further engages its stakeholders by becoming a member of relevant external organizations
aligned with its goals.
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HIGHLIGHTS SUPPORTING UNITS
GENERAL MEETING OF SHAREHOLDERS
The GMS is a governance body 2. Ratify or decide on issues that Shareholders’ Rights
of the Company that possesses are necessary to safeguard
certain powers not granted to the the long-term and short-term The shareholders have the
BOC or the BOD within the limits interests of the Company in right to propose the agendas
prescribed by the laws and/or the accordance with the prevailing for every GMS that will be held
articles of association. regulations and/or the articles by the Company, propose the
of association; appointment of members of
The GMS is a forum for the BOC and/or the BOD of the
shareholders to influence the 3. Approve the annual
Company, especially for measures
Company, as well as a forum for report including financial
that require prior approval of the
the BOC and the BOD to report statements, and approve the
shareholders in accordance with
and be held accountable for the BOC’s supervisory duties in
the prevailing regulations.
implementation of their tasks and accordance with the prevailing
regulations and/or the articles
performance to the shareholders. 2023 GMS
of association;
The GMS consists of the Implementation
4. Set targets and assess the
Annual GMS (AGMS) and the
performance of the BOD and In 2023, BFI Finance held 1 AGMS
Extraordinary GMS (EGMS), which
the BOC; and 1 EGMS.
are held in accordance with the
articles of association and the 5. Determine remuneration for Procedures of 2023 GMS
prevailing regulations. the BOC and the BOD;
Implementation
6. Appoint the external public
GMS Authority accounting firm;
BFI Finance held the 2023 GMS
by adhering to the procedures
The GMS has the authority, 7. Approve or reject the
stipulated in OJK Regulation No.
among other things, to: Company’s work plan and
15/POJK.04/2020 on the Plan
budget, and the long-term
1. Appoint and dismiss the and Implementation of General
work plan;
members of the BOC and Meeting of Shareholders of Public
the BOD based on policies/ 8. Make decisions through a Companies (POJK 15) and OJK
guidelines established by process that is open, fair, and Regulation No. 16/POJK.04/2020
shareholders; accountable; and on Electronic Implementation of
9. Implement GCG in accordance General Meeting of Shareholders
with its authority and remits. (POJK 16).
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Table 86 • AGMS and EGMS Procedures
No. Activity Implementation Stages of AGMS & EGMS 2023 Legal Basis
1. Notification of plan and BFI Finance’s letter No. Corp/Sjn/L/III/23-0063 dated Articles 4, 13, and
agendas of the GMS to OJK 28 March 2023 was sent to OJK, with copies sent to 52 POJK 15
no later than five business the Chief Executive Supervisor of Non-Bank Financial
days before the GMS Institutions (IKNB), IDX, KSEI, PT Raya Saham Registra,
announcement and The Indonesia Capital Market Institute (TICMI)
2. Notice for the GMS Plan to the • Notice for the GMS Plan was announced on the Articles 14 and 52
Shareholders, at least 14 days websites of IDX, KSEI, and the Company in Indonesian POJK 15
prior to the GMS Summons and English on 4 April 2023
• Correspondences of BFI Finance’s letter No. Corp/
SJN/L/IV/23-0067 dated 4 April 2023 to OJK, Chief
Executive Supervisor of IKNB, and IDX, with copies
sent to IKNB and TICMI, by attaching screen captures
as proof of the Notice of the GMS Plan to the
Shareholders on the websites of IDX, KSEI, and the
Company
3. The final date for the Requested the Share Registrar (PT Raya Saham Article 23
Shareholders Register, at 16:00 Registra) to recap the names of shareholders entitled to POJK 15
Western Indonesia Time, one attend the GMS
day prior to the date of the
GMS Summons
4. GMS Summons to the • GMS Summons to the Shareholders was announced Articles 17 and 52
Shareholders, at least 21 days on the websites of IDX, KSEI, and the Company in POJK 15
prior to the GMS, excluding the Indonesian and English on 19 April 2023
date of summons and the date
of the GMS • Correspondences of BFI Finance’s letter Corp/SJN/L/
IV/23-0079 dated 19 April 2023 to OJK, with copies
sent to Chief Executive Supervisor of IKNB, IDX,
PT Raya Saham Registra, and TICMI, by attaching
screen captures as proof of the GMS Summons to the
Shareholders on the websites of IDX, KSEI, and the
Company
5. GMS implementation On 16 May 2023 at BFI Tower, Sunburst CBD Lot.1.2, -
Jl. Kapt. Soebijanto Djojohadikusumo, BSD City –
South Tangerang 15322, Indonesia
6. Delivery of the GMS Minutes to BFI Finance’s letter No. Corp/SJN/L/V/23-0107 dated 17 Article 50
OJK, no later than 30 days after May 2023 to OJK, with copies sent to the Chief Executive POJK 15
the date of the GMS Supervisor of IKNB, IDX, KSEI, PT Raya Saham Registra,
and TICMI
7. Announcement of the GMS • Notice for the GMS Minutes was announced on the Articles 51 and 52
Minutes to the public, no later websites of IDX, KSEI, and the Company in Indonesian POJK 15
than two working days after and English on 19 May 2023
the date of the GMS • Correspondences of BFI Finance’s letter No. Corp/
SJN/L/V/23-0111 dated 17 May 2023 to OJK, with copies
sent to IDX, KSEI, PT Raya Saham Registra, and
TICMI, by attaching screen captures as proof of the
announcement of the Summary of the GMS Minutes
on the websites of IDX, KSEI, and the Company
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Description and Resolutions of 2023 GMS
On Tuesday, 16 May 2023, at BFI Tower, Sunburst CBD Lot 1.2 Jl. Kapt. Soebijanto Djojohadikusumo, BSD City,
Tangerang Selatan, the Annual General Meeting of Shareholders (“AGMS”) and the Extraordinary General
Meeting of Shareholders (“EGMS”) of the Company were held.
The summary of the AGMS and the EGMS is presented on https://www.bfi.co.id/en/corporate/Investor-
Relations/General-Meeting-of-Shareholders/Announcement-of-the-Extraordinary-General-Meeting-of-
Shareholders-2023.
2023 GMS Resolutions and Their Implementation
All of the 2023 GMS resolutions, i.e., those of the AGMS and EGMS held on 16 May 2023, had fully been
implemented in 2023, as stated in Tables 87 and 88.
Table 87 • Implementation of 16 May 2023 AGMS Resolutions
Implemented (Y)
Resolution
Not Implemented (N)
To accept and approve the Company’s Annual Report for the financial year ended
31 December 2022, including the Financial Statements and the Supervisory Report from the Y
Company’s BOC
To accept and ratify the Company’s Financial Statements for the financial year ended
31 December 2022 as audited by the Public Accountant Firm “Tanubrata Sutanto Fahmi
Bambang & Rekan” whose Report Number: 00005/3.0423/AU.1/09/0119-1/II/2023 expressed
“Unmodified” opinion, thus granting the release and discharge (acquit et de charge) to the Y
BOD and the BOC relating to their duties of management and supervision conducted during
the financial year 2022, provided that such actions are reflected in the Company’s Annual
Report for the financial year 2022 and not in conflict with statutory regulations
To approve the use of the Company’s net profit for the financial year ending
31 December 2022, amounting to Rp1,806,679,000,000 (one trillion eight hundred and
six billion six hundred seventy-nine million rupiah) with the allocation as follows:
a. The amount of Rp5,000,000,000 (five billion rupiah) from the net profit which can be
attributed to the owners of the Company’s parent entity as mandatory reserves, pursuant to
the Company’s Articles of Association and the Company Law No. 40 of 2007;
b. As final cash dividends of Rp60 (sixty rupiah) per share of the Company’s net profit,
including the Rp28 (twenty-eight rupiah) per share that have been distributed as interim Y
dividends and have been paid on 22 December 2022, so that the remaining dividends to
be distributed are Rp32 (thirty-two rupiah) per share. The remaining final dividends will
be distributed to the Company’s shareholders listed in the Register of the Company’s
Shareholders on 29 May 2023, at 16:00 WIB, and will be paid to the Company’s shareholders
on 15 June 2023;
c. The balance of 2022 net profit will be booked as Retained Earnings to strengthen the
Company’s capital
To give power and authority to the Company’s Board of Directors with substitution rights to
execute the utilization of net profit as mentioned above, including to set up the schedule and
procedures of cash dividends distribution to the Company’s shareholders, and to attend and Y
meet the authorities, one way or another without any exception, including the procedure for
taking dividends that have been included in special reserves
To authorize the Company’s BOC to appoint a Public Accountant and/or a Public Accountant
Firm registered with the Financial Services Authority (OJK) to audit the Company’s Financial
Statements for the financial year ended 31 December 2023 and to authorize the Company’s Y
BOC to determine the amount of honorarium and other requirements relating to the
appointment by taking into account the proposals from the Company’s Audit Committee
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Table 87 • Implementation of 16 May 2023 AGMS Resolutions
Implemented (Y)
Resolution
Not Implemented (N)
To establish the remuneration of the BOC with the total amount of Rp252,166,958
(two hundred fifty-two million one hundred sixty-six thousand nine hundred fifty-eight
rupiah) per month after tax for the financial year 2023 and to give the bonus to the BOC for Y
the financial year 2022 amounting to Rp2,815,813,574 (two billion eight hundred fifteen million
eight hundred thirteen thousand five hundred seventy-four rupiah)
To delegate the authority to the BOC in determining the amount for each member of the
BOC and to adjust the total amount of remuneration in the event of changes in the number Y
of members of the BOC in the financial year 2023
To approve the provision of power and authority to the BOC in determining the division of
duties and authorities to each member of the BOD as well as to determine the remuneration Y
for members of the BOD
The accountability report on the use of proceeds from the Continuous Public Offering of
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap III and Tahap IV Tahun 2023 after
Y
deducting issuance costs has been used in accordance with the plan for the use of funds set
forth in the Prospectus
Table 88 • Implementation of 16 May 2023 EGMS Resolutions
Implemented (Y)
Resolution
Not Implemented (N)
Approval to transfer and/or pledge more than 50% of the Company’s assets in one or more
transactions, whether in relation to each other or not within a period of one financial year or
more, for obtaining loans from banks and non-banks, the issuance of Bonds and Medium
Y
Term Notes (MTN), conducting joint financing with banks and non-banks, securitization, and
obtaining loans from various other funding sources needed for the Company’s normal course
of business activities
Approval to grant power and authority to the BOD of the Company to perform the above
actions, including to obtain loans from banks and non-banks, issue Bonds and Medium Term
Notes (MTN), carry out financing cooperation with banks and non-banks, securitization, and
Y
obtain loans from various other funding sources in the Company’s normal bussines activities,
by taking into account the terms and conditions in the applicable laws and regulations,
especially the Capital Market regulations
To approve the respectful discharge of Dominic John Picone from his position as
Y
Commissioner of the Company which is effective as of the closing of this Meeting
To approve the appointment of Saurabh N. Agarwal as Commissioner of the Company which
is effective as of the closing of this Meeting and after obtaining approval from the relevant Y
Regulator, until the closing of the next 5th (fifth) AGMS
To accept well and ratify the resignation of Sigit Hendra Gunawan from his position as
Y
Director of the Company which is effective as of the closing of this Meeting
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 179
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 88 • Implementation of 16 May 2023 EGMS Resolutions
Implemented (Y)
Resolution
Not Implemented (N)
To establish the composition of the members of the Company’s BOC, BOD, and SSB as of the
closing of this Meeting until the closing of the next 5th (fifth) AGMS since their respective
appointments, to be as follows:
BOARD OF COMMISSIONERS
President Commissioner: Kusmayanto Kadiman
Independent Commissioner: Johanes Sutrisno
Independent Commissioner: Alfonso Napitupulu
Commissioner: Sunata Tjiterosampurno
Commissioner: Saurabh N. Agarwal
Y
BOARD OF DIRECTORS
President Director: Francis Lay Sioe Ho
Director: Sudjono
Director: Sutadi
Director: Andrew Adiwijanto
SHARIA SUPERVISORY BOARD
Chairman: Asrori S. Karni
Member: Helda Rahmi Sina
To grant power and authority to the Company’s BOD with substitution rights to declare
changes to the members of the BOD and/or the BOC in a separate notarial deed and arrange
a notification and a registration to relevant authorities, as well as perform all necessary Y
actions in accordance with the prevailing legislation in connection with the Meeting agenda
resolutions
2022 GMS Resolutions and Their Implementation
Among the EGMS resolutions on 29 June 2022, one agenda had not been fully realized, namely the transfer
of a maximum of 927,732,000 (nine hundred twenty-seven million seven hundred thirty-two thousand)
Treasury Shares by selling them on the Stock Exchange, or outside of the Stock Exchange to other parties, to
the main shareholder of the Company (Trinugraha Capital & Co. SCA) and to other third parties. The reason
for this was the capital market conditions not being conducive to such transfer. The summary of these AGMS
and the EGMS is presented on https://www.bfi.co.id/en/corporate/Investor-Relations/General-Meeting-of-
Shareholders/Announcement-of-the-Extraordinary-General-Meeting-of-Shareholders-2022.
Counting of Votes at the GMS
The counting of votes for the 2023 AGMS and EGMS was carried out through the KSEI system as the e-GMS
provider, accompanied by a physical counting by the Share Registrar and witnessed by a Notary.
180 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
BOARD OF COMMISSIONERS
Main Tasks 4. Supervision is conducted not BOC Appointment and
only by receiving information
The Board of Commissioners from the BOD or the GMS,
Dismissal Procedures
(BOC) is a representative body but can also be conducted by Based on the articles of
of the shareholders, established taking other actions according association, BOC members
to perform supervisory functions to accurate and reliable are appointed by the GMS for
based on the articles of information from other a period of five years, without
association, to advise the BOD in sources; prejudice to the right of the GMS
managing the Company, as well to dismiss them at any time
5. The BOC is not merely
as to monitor the efficacy of GCG before the tenure expires, if the
approving or disapproving
practices in the Company. BOC members are deemed to
of the acts that require the
The supervision function of the approval of the BOC, but be able to carry out their duties
BOC takes place on two levels, also supervising all business as stipulated in the articles of
namely: and corporate aspects of the association and/or the GMS
Company; resolutions. Such dismissal is
1. Performance Level, i.e.,
applicable after the close of
supervision through joint 6. The BOC shall ensure that the
the meeting, unless otherwise
meetings with the BOD Company’s Annual Report
determined by the GMS. After
to obtain explanation, includes information about
their term of office ends, BOC
provide assessment and the identity of the BOC
members may be reappointed by
recommendation to the BOD, members, its main tasks,
the GMS.
if necessary, and submit a concurrent positions assumed
proposal in the GMS to gain by the BOC members in other Prior to their appointment as
approval. companies, membership of BOC members, candidates
2. Conformance Level, i.e., the BOC members in the are required to meet the
implementation of supervision Company’s Committees requirements set by OJK
function at a later stage to and in committees of other Regulation No. 34/POJK.03/2018
ensure compliance with the companies, including dated 27 December 2018 on
applicable regulations and the meetings conducted in one Reassessment of Key Personnel in
articles of association. year (BOC meeting and joint Financial Services Institutions in
meetings with the BOD), and conjunction with POJK
In exercising supervision:
the amount of honorarium No. 27/POJK.03/2016 dated
1. The BOC acts collectively as received from the Company 22 July 2016 on Fit and Proper
the board and not individually; as well as other information Test for Key Personnel in Financial
2. The BOC is not allowed to as stipulated in the applicable Services Institutions. Candidates
perform executive tasks, regulations; and are required to pass the fit
which are the authority of 7. The BOC shall ensure that and proper test conducted by
the BOD, except in certain the BOD has followed the fit and proper test team
circumstances and for a up on audit findings and formed by OJK. All current BOC
specific period of time, based recommendations of the members have complied with the
on the articles of association Company’s internal audit applicable regulations.
or GMS resolution; unit, external audit, and the Upon reaching the end of their
3. Supervision is conducted results of OJK and/or other term of office, the BOC members
on the decisions that have authorities’ supervision. may be reappointed, subject
been taken (ex-post facto) to a performance assessment
and/or decisions to be taken overseen by the Nomination and
(preventive basis); Remuneration Committee. After
assessment, the Nomination
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 181
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
and Remuneration Committee c. Have never been convicted 4. Have met the additional
will make a recommendation, of a criminal act that criteria for the Commissioner
should the Committee decide is detrimental to the who is also an Independent
to authorize the BOC members’ country’s financial sector Commissioner, as outlined
reappointment. Based on and/or related to the in the Independent
the recommendations of the financial sector; Commissioners section in this
Nomination and Remuneration d. Have never been members chapter.
Committee, the BOC will propose of a BOD and/or a BOC that
the reappointment of the BOC during their period: BOC Composition and
members at the GMS.
• Have never conducted Profile
an AGMS;
Criteria for In 2023, there was a change to
• Have been members the composition of the BOC of
BOC Members of a BOD and/or a BOC BFI Finance, with Dominic John
Appointment whose accountability Picone replaced by Saurabh
Those who may be appointed had not been accepted Narayan Agarwal.
as BOC members are those by the GMS or had not
The composition of the currently
who meet the requirements provided accountability
presiding BOC is based on the
as specified by the applicable as members of a BOD
Company’s Minutes of EGMS by
regulations in the Capital Market, and/or a BOC to the
means of the Deed No.7 dated
and that upon appointment and GMS; and
16 May 2023 in conjunction
during their period: • Have never caused a with the Deed of Statement of
1. Have a good character, morals, company that obtained Meeting Resolutions No. 8 dated
and integrity; a license, approval, or 16 May 2023 prepared before
registration of OJK to Shanti Indah Lestari, S.H., M.Kn.,
2. Are legally competent;
not fulfill the obligation Notary in Tangerang Regency,
3. Within five years prior to to submit annual accepted and recorded in the
appointment and during their reports and/or financial SABH database of the Ministry
tenure: reports to OJK; of Law and Human Rights
a. Have not been declared e. Have commitment to of the Republic of Indonesia
bankrupt; complying with the No. AHU-AH.01.09-0123964 dated
b. Have never been members prevailing regulations; and 6 June 2023.
of a BOD and/or a BOC that f. Have the required The BOC composition is
has been found guilty for knowledge and/or presented in Table 89.
causing a company to go expertise in the Company’s
bankrupt; field of business;
182 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 89 • BOC Composition
Name Position Country of Date of Appointment End Number and Date of the Decree of the Fit
Residence of Term and Proper Test
Kusmayanto President Indonesia Deed of the 2026 Decree of Bapepam-LK Chairman
Kadiman Commissioner EGMS Minutes GMS No. KEP-473/BL/2011 dated
No. 3 dated 11 August 2011
25 May 2021
Johanes Sutrisno Independent Indonesia Deed of the 2026 Decree of the Board of
Commissioner EGMS Minutes GMS Commissioners of OJK
No. 3 dated No. KEP-2020/NB.1/2014 dated
25 May 2021 4 August 2014
Alfonso Independent Indonesia Deed of the 2026 Decree of the Board of
Napitupulu Commissioner EGMS Minutes GMS Commissioners of OJK
No. 3 dated No. KEP-2019/NB.1/2014 dated
25 May 2021 4 August 2014
Sunata Commissioner Indonesia Deed of the 2025 Decree of the Board of
Tjiterosampurno EGMS Minutes GMS Commissioners of OJK
No. 7 dated No. Kep-282-NB.11-2015 dated
29 June 2020 1 June 2015
Saurabh Commissioner Singapore Deed of the 2028 Decree of the Board of
Narayan Agarwal EGMS Minutes GMS Commissioners of OJK
No. 7 dated No. KEP-203/PL.02/2023 dated
16 May 2023 8 December 2023
Profiles of each member of the The Board Manual is a 9. Supporting Bodies of the BOC;
BOC are presented in the BOC compilation of the principles of and
Profile section in the Company corporate laws, the prevailing 10. Working Relationships
Profile chapter (pages 68–72). regulations, and the Company’s between the BOC and
articles of association governing the BOD.
BOC Guidelines and the working procedures
Information on the Positional
Work Rules of the BOC and the BOD.
Ethics, Duties and Authorities,
The Board Manual is the result
In carrying out its duties and of codification of the various and other matters related to the
responsibilities, the BOC refers regulations applicable to the BOC are available at https://www.
to its guidelines and work rules Company and best practices in bfi.co.id/en/corporate/Corporate-
prescribed in the Board Manual implementing GCG principles. Good-Governance/board-manual.
of the BOC and the BOD of
PT BFI Finance Indonesia Tbk The Board Manual stipulates: Diversity of
(Board Manual), issued on 1. Function of the BOC; BOC Composition
1 December 2015. 2. Membership of the BOC;
The BOC composition reflects its
The Board Manual is a reference 3. General Guidelines for BOC members’ diversity in education,
and/or guideline for the BOC and Supervision; work experience, age, and
the BOD in performing the duties 4. Positional Ethics of the BOC; skills. Each member of the BOC
and functions as the respective competently supports the BOC
5. Duties and Authorities of
governance bodies of the supervisory function to ensure
the BOC;
Company, to improve the quality the Company performs optimally.
and effectiveness of the working 6. Rights of the BOC;
relationship between the BOC 7. Meetings of the BOC;
and the BOD; and to implement 8. Performance Evaluation of
GCG principles. the BOC;
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 183
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 90 • Diversity of BOC Composition
Name Position Competence
Kusmayanto President Education: Doctor of Philosophy and Bachelor of Engineering Physics
Kadiman Commissioner
Work Experience: President Commissioner, Vice President
Commissioner, Commissioner, Independent Commissioner, Director,
ITB Rector, Minister of Reseach and Technology of the Republic of
Indonesia
Age: 69
Johanes Sutrisno Independent Education: Master of Business Administration (M.B.A.) and Bachelor of
Commissioner Economics in Management
Work Experience: President Commissioner, Commissioner, Director,
Audit Committee, Risk Management Committee, Risk Oversight
Committee
Age: 72
Alfonso Napitupulu Independent Education: Bachelor of Law
Commissioner
Work Experience: Lawyer, Legal Consultant, Commissioner,
Independent Commissioner, President Director, Nomination and
Remuneration Committee
Age: 73
Sunata Commissioner Education: Master of Finance and Bachelor of Business Administration
Tjiterosampurno
Work Experience: Consultant, Director, Managing Director,
Commissioner, President Commissioner, Audit Committee, Risk
Management Committee, Nomination and Remuneration Committee
Age: 51
Saurabh Narayan Commissioner Education: Bachelor of Technology (B.Tech.) in Electrical Engineering,
Agarwal Master of Science (M.S.) in Microelectrics, Master of Business
Administration (M.B.A.)
Work Experience: Commissioner, President Director, and Director
in various companies in the fields of finance, telecommunications,
investment, energy, mining, and management consulting services,
business analyst, private equity investment associate
Age: 42
BOC Independence
Members of BFI Finance’s BOC have no financial and family relationships to the second degree with fellow
BOC members, members of the BOD, and/or controlling shareholders, or relationships with the Company,
except Kusmayanto Kadiman (President Commissioner), Sunata Tjiterosampurno (Commissioner), and
Saurabh Narayan Agarwal (Commissioner), who have financial relationships with the controlling shareholder.
Table 91 • BOC Independence
Financial Relationship with Family Relationship with
Controlling Controlling
Name Commissioners Directors Commissioners Directors
Shareholders Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No
Kusmayanto Kadiman - √ - √ √ - - √ - √ - √
Johanes Sutrisno - √ - √ - √ - √ - √ - √
Alfonso Napitupulu - √ - √ - √ - √ - √ - √
Sunata Tjiterosampurno - √ - √ √ - - √ - √ - √
Saurabh Narayan
- √ - √ √ - - √ - √ - √
Agarwal
184 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 92 • BOC Share Ownership Amounting to 5% or More from the Paid-up Capital
Name Position BFI Finance Other Company
Kusmayanto Kadiman President Commissioner None None
Johanes Sutrisno Independent Commissioner None None
Alfonso Napitupulu Independent Commissioner None None
Sunata Tjiterosampurno Commissioner None None
Saurabh Narayan Agarwal Commissioner None None
Independent Independent Commissioner of their ability to act independently,
the Company in subsequent cannot be appointed as
Commissioners periods; Independent Commissioners of
Independent Commissioners 2. Does not own shares; either the Company, before completing
encourage the creation of a directly or indirectly; in the a cooling off period of one year.
working environment that Company; Of the five BOC members
is objective, placing fairness
3. Is not affiliated with the who were in office as at
and equality among various
Company, members of the 31 December 2023, two of them
interests, including the interests
BOC, members of the BOD, are Independent Commissioners.
of minority shareholders and
or major shareholders of Therefore, 40% of the total BOC
other stakeholders. Independent
the Company; members are Independent
Commissioner should be free
4. Does not have any business Commissioners, in keeping with
of any conflict of interest in
relationship; either directly OJK provisions.
conducting their duties.
or indirectly; relating to the Independent
Independent Commissioners, Company’s business activities;
based on OJK Regulation No. Commissioners’ Statement
and
33/POJK.04/2014 on Board of Independence
5. Independent Commissioners
of Directors and Board of With reference to Article 25 of
who have served for two
Commissioners of Issuers or POJK 33, each of the Company’s
periods may be reappointed
Public Companies (POJK 33), Independent Commissioners,
for the next period
are members of the BOC from namely Johanes Sutrisno and
providing the Independent
outside the Issuer or Public Alfonso Napitupulu, have met
Commissioners declare to
Company who meet the the criteria as Independent
remain independent to the
requirements as Commissioners. Commissioners. Neither
GMS.
In the event that the BOC of them has any financial,
consists of two members, one of The Statement of Independence
management, share ownership
them must be an Independent from Independent
and/or family relationships with
Commissioner. Commissioners is disclosed in
other BOC members, BOD and/
the annual report. In the case
In addition to meeting the or Controlling Shareholders or
of Independent Commissioners
requirement provisions as relationships with the Company,
serving on the Audit Committee,
a member of the BOC, an which may affect their ability to
the Independent Commissioners
Independent Commissioner shall act independently as stipulated
concerned can only be
meet the following requirements: in the implementation of GCG for
reappointed for one more term as
finance companies.
1. Is not a person who is working member of the Audit Committee.
or having authority and
responsibility for planning, Based on the Board Manual of
directing, controlling, or the BOC and the BOD, former
supervising the activities members of the BOD or executive
of the Company within officers of the Company or parties
six months, except for who have a relationship with
reappointment as an the Company, which may affect
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 185
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Concurrent Positions of BOC Members
Table 93 • Concurrent Positions of BOC Members
Name Position Position Outside the Company and Its Subsidiary
Kusmayanto President • Vice President Commissioner of PT Adaro Power
Kadiman Commissioner • President Commissioner of PT Setiabudi Investment Management
• Commissioner of PT Profesional Telekomunikasi Indonesia (Protelindo)
• Commissioner of Independen PT Sarana Menara Nusantara Tbk
• Commissioner of Independen PT Global Digital Niaga Tbk
• Member of International Advisory Board Komatsu Ltd., Jepang
Johanes Sutrisno Independent None
Commissioner
Alfonso Independent Managing Partner at the Law Office of Alfonso Napitupulu & Partners
Napitupulu Commissioner
Sunata Commissioner • Managing Director of Northstar Advisors Pte. Ltd.
Tjiterosampurno • Commissioner of PT Trimegah Sekuritas Indonesia Tbk
• Commissioner of PT Bundamedik Healthcare System Tbk (BMHS)
Saurabh Narayan Commissioner • Managing Director and Head of Southeast Asia Private Equity di
Agarwal Warburg Pincus LLC, Singapura
• Commissioner of PT Asuransi Bina Dana Arta Tbk (ABDA / Oona
Insurance Indonesia)
• Director of Advance Intelligence Group (ADVANCE.AI), Oona Insurance
Singapore (Oona Holdings Pte. Ltd.), Circles.Life, Everise, GCash (Mynt –
Globe Fintech Innovations, Inc.), MoMo Pay, and Techcombank (Vietnam
Technological and Commercial Joint Stock Bank)
Based on Article 24 of POJK 33, running the functional tasks of 4. Approved the Company’s 2024
BOC members may hold the Company’s shareholders, operating plan; and
concurrent positions as members which are legal entities in the 5. Approved the BOD’s proposal
of the BOD at no more than two business group; and/or BOC for 2024 budget.
other issuers or other public members holding positions
companies, and BOC members at non-profit organizations or In 2023, the BOC made the
at two issuers or other public agencies, ensuring that those following recommendations:
companies at most. In the case of concerned do not neglect their 1. Proposed nomination of the
none of the BOC members holds duties and responsibilities as the Company’s internal officials;
a position as a member of the Company’s BOC members. 2. Proposed remuneration for
BOD, BOC members concerned the BOD and the BOC;
All BOC members of the
may hold concurrent positions
Company presiding up to 3. Appointment of the public
as BOC members at no more
31 December 2023 have complied accounting firm;
than four issuers or other public
with the provisions of POJK 30 4. Follow up on the public
companies. BOC members may
and POJK 33. accounting firm’s
serve as a member of at most five
recommendations;
committees of public companies
BOC’s Duties 5. Proposed the appropriation of
and also serve as a member of the
BOD or the BOC. Execution the FY2022 earnings;
In 2023, the BOC carried out 6. Proposed matters related
Based on Article 18 of POJK
among others the following to the strategic business
No. 30/POJK.05/2014 regarding
activities: activities; and
GCG for Finance Companies
(POJK 30), BOC members are 1. Conducted 11 BOC Meetings; 7. Approved the actions of
prohibited from concurrent 2. Conducted 11 BOC–BOD Joint the BOD as stipulated in
positions as BOC members Meetings; the Company’s articles of
in more than three other association.
3. Approved the appointment of
companies. This excludes
the public accounting firm for
concurrent positions as referred
FY2023;
to in Paragraph (4) if the non-
independent BOC members
186 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Policy on Determining BOC Remuneration
The Company’s remuneration policy is based on Article 113 of the Limited Liability Company Law and Article
17 Paragraph (10) of the Company’s articles of association. These laws describe the amount of salary or
honorarium and allowances for BOC members and the BOD to be determined by the GMS. The GMS can also
delegate the authority to the BOC to establish and approve the amount of the proposed remuneration.
The BOC’s and the BOD’s remunerations are recommended by the Nomination and Remuneration
Committee, based on a formula referred to in the Company’s internal policies, prevailing regulations, and
taking into account the Company’s performance.
Graph 13 • BOC Remuneration Mechanism
Recommendation of
BOC GMS
the Nomination and
Approval Meeting Approval
Remuneration Committee
The Nomination and to the BOC to obtain their per month after tax for 2023, and
Remuneration Committee’s approval, in accordance determined to give performance
recommendation is submitted with the authority granted bonus (tantieme) for 2022
to the BOC and delivered in by the GMS, approves the amounting to Rp2.8 billion.
the GMS. The mechanism for amount of remuneration, and The total salary and allowances
determining the remuneration for determines the distribution for all BOC members for 2023
the BOC is as follows: of remuneration among thus amounted to Rp5.6 billion.
• The BOD, taking into the BOC members. The
account the Company’s total remuneration for the Orientation Program
financial condition, prepares BOC and the BOD will be for New BOC Members
a proposal for the amount reported to the Shareholders
in the Annual Report of the For new BOC members, to enable
of remuneration for the
Company. them to determine the general
BOC to the Nomination and
condition of the Company
Remuneration Committee;
BOC’s Remuneration and be more familiar with the
• The Nomination and Structure and Amount other members, and devise
Remuneration Committee ways to collaborate as a solid,
examines the remuneration The structure of remuneration for
comprehensive and effective
proposal from the BOD and all BOC members of the Company
team, the Company organizes an
the market conditions for the for 2023 consists of:
orientation program. Orientation
relevant industry and business • Honorarium; of new BOC members is held at
of a comparable size; and • Allowances; and the first BOC Meeting attended
• Taking into account the • Performance bonus. by the new members.
business performance of the
The AGMS on 16 May 2023 In 2023, the new Commissioner
Company and its members’
determined that the total Saurabh Narayan Agarwal
contributions, the Nomination
amount of the remuneration attended the orientation program
and Remuneration Committee
of the BOC was Rp252.2 million taking place at the BOC Meeting
will make recommendations
on 13 June 2023.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 187
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
BOC Competence Enhancement and Training Programs
The Company allocates a budget for the BOC to attend various training programs and seminars in order to
develop their competence. The list of training programs in 2023 attended by BOC members is presented in
Graph 14.
Graph 14 • BOC Competence Enhancement
JUNE OCTOBER
6 APPI, Jakarta
3 APPI, Jakarta
National Seminar on A New Era for National Seminar on Economic Outlook 2024
Financing Industry
KK JS AN ST
Kusmayanto Kadiman Alfonso Napitupulu Saurabh Narayan Agarwal
KK AN SA
Johanes Sutrisno Sunata Tjiterosampurno
JS ST
Working Relationship 4. Informal working relationships 7. The BOD is responsible for
are allowed for the BOC ensuring that information
between the BOC and members and BOD members, about the Company is granted
the BOD but cannot be used as a formal to the BOC in a timely,
The Company maintains a good policy before undergoing accurate, consistent and
working relationship between the the proper mechanism or complete manner; and
BOC and the BOD by applying correspondence that can be 8. Every working relationship
the following principles: accounted for; between the BOC and the
1. The BOC must respect the 5. The BOC reserves the right to BOD is an institutional
functions and roles of the BOD gain access to timely, accurate, relationship, i.e., the BOC
in managing the Company and complete company and the BOD are collective
as stipulated in the laws and information; offices that represents all of its
the Company’s articles of 6. To obtain further information members, so that the working
association; on a case, the Board may relationship between the BOC
request explanations from and the BOD is understood by
2. The BOD must respect the
officials under the BOD with BOC members and the BOD.
functions and roles of the BOC
in conducting monitoring and prior coordination with the
providing policy advice to the BOD, so as to create a working
management of the Company; relationship between the BOC
and the BOD, so that the aim
3. The working relationship
of corporate communication
between the BOC and
through the one-gate policy
the BOD is a formal
can be achieved;
relationship, guided by
a standard mechanism or
correspondence that can be
accounted for;
188 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
BOC Committees The duties of the above three Based on the result of assessment
committees are elaborated of each committee under the
In executing their duties, the BOC in their own charter. The BOC, considering the collective
is assisted by three committees, Committees report directly to performance, competence, and
i.e., Audit Committee, Risk the BOC, and at the Company’s attendance in meetings of each
Oversight Committee, and expenses, each committee is committee, the BOC concluded
Nomination and Remuneration entitled to ask for advisory service that its committees carried
Committee. Each committee from external agencies if deemed out their respective duties and
holds meetings regularly or necessary. The description of responsibilities meetings in 2023,
whenever deemed necessary. each committee under the BOC is according to the mandate given
Each committee consists of the presented in subsequent sections to them.
Chairperson from one of the in this chapter (pages 210–221).
Independent Commissioners,
and its members, whom are
appointed by the BOC.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 189
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
BOARD OF DIRECTORS
Main Tasks fit and proper test team formed 3. Within five years prior to
by OJK. All BOD members have appointment and during their
The Board of Directors (BOD) is complied with the prevailing period:
established as the Company’s regulations. a. Have not been declared
governance body that is fully
Upon reaching the end of bankrupt;
responsible for the management
of the Company’s interests and their term of office, the BOD b. Have never been members
objectives as well as representing members may be reappointed, of a BOD and/or a BOC
the Company, both in and out of subject to a performance that has been found guilty
the court, in every way and for assessment supervised by the for causing a company to
any event. Nomination and Remuneration bankruptcy;
Committee. After the c. Have never been convicted
BOD Appointment and assessment, the Nomination of a criminal act that
and Remuneration Committee
Dismissal Procedures is detrimental to the
shall make a recommendation country’s financial sector
Based on the articles of if the Committee authorizes the and/or related to the
association, BOD members are reappointment of those members financial sector; and
appointed by the shareholders at whose period has finished. Based
d. Have never been members
the GMS for a term commencing on the recommendations of the
of a BOD and/or a BOC that
on the date of appointment until Nomination and Remuneration
during their period:
the closing of the fifth AGMS. Committee, the BOC will propose
BOD members may be dismissed the reappointment of the BOD • Have never conducted
by the shareholders at the GMS members at the GMS. an AGMS;
at any time before their term of • Have been members
office expires. Criteria for of a BOD and/or a BOC
BOD Members whose accountability
Prior to their appointment as
had not been accepted
BOD members, candidates Appointment by the GMS or had
are required to meet the
Those who may be appointed not provided the
requirements set by POJK
as BOD members can be accountability as
No. 34/POJK.05/2018 dated 27
Indonesian citizens and/or foreign members of a BOD and/
December 2018 on Reassessment
nationals who are qualified to or a BOC to the GMS;
of Key Personnel in Financial
be appointed as Directors of the and
Services Institutions, which has
Company, in line with the articles • Have caused a
been amended with POJK No.
of association, and following company that obtained
14/POJK.03/2021 dated 31 July
the provisions of the prevailing a license, approval, or
2021, in conjunction with POJK
regulations in the Capital Market, registration of OJK to
No. 27/POJK.03/2016 dated 22
among others: not fulfill the obligation
July 2016 on Fit and Proper Test
for Key Personnel in Financial 1. Have a good character, morals to submit annual
Services Institutions. Candidates and integrity; reports and/or financial
are required to pass the fit and 2. Are legally competent; reports to OJK;
proper test conducted by the
190 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
e. Have commitment to 3. Have experience working in The composition of the currently
comply with the prevailing finance companies and other presiding BOD is based on the
regulations; and fields that are relevant to their Company’s Minutes of EGMS by
f. Have the required positions; and means of the Deed No. 7 dated
knowledge and/or 4. Have the ability to make 16 May 2023 in conjunction
expertise in the Company’s strategic management with the Deed of Statement of
field of business. decisions in order to develop Meeting Resolutions No. 8 dated
the Company into a healthy 16 May 2023 prepared before
In addition to the above, BOD Shanti Indah Lestari, S.H., M.Kn.,
financial institution.
members are also obliged to Notary in Tangerang Regency,
meet the following requirements:
BOD Composition accepted and recorded in the
1. Have sufficient knowledge SABH database of the Ministry
and relevant to their positions;
and Profile
of Law and Human Rights
2. Have an understanding of In 2023, there was a change of the Republic of Indonesia
the laws and regulations to the number of members No. AHU-AH.01.09-0123964 dated
concerning finance and composition of the BOD 6 June 2023.
companies as well as other of BFI Finance, namely the
The BOD composition is
laws and regulations relating resignation of Sigit Hendra
presented in Table 94.
to the finance companies; Gunawan from his position
as Director.
Table 94 • BOD Composition
Name Position Country of Date of Appointment End of Term Number and Date of the Decree of
Residence the Fit and Proper Test
Francis Lay President Indonesia Deed of the EGMS 2026 GMS Decree of the Board of
Sioe Ho Director Minutes No. 3 dated Commissioners of OJK
25 May 2021 No. KEP-2021/NB.1/2014 dated
4 August 2014
Sudjono Finance Indonesia Deed of the EGMS 2024 GMS Decree of the Board of
Director Minutes No. 59 dated Commissioners of OJK
28 May 2019 No. KEP-1294/NB.1/2014 dated
3 June 2014
Sutadi Business Indonesia Deed of the EGMS 2024 GMS Decree of the Board of
Director Minutes No. 18 dated Commissioners of OJK
28 May 2019 No. KEP-1292/NB.1/2014 dated
3 June 2014
Andrew Operations, Indonesia Deed of the EGMS 2027 GMS Decree of the Board of
Adiwijanto Human Minutes No. 17 dated Commissioners of OJK
Capital 29 June 2022 No. KEP-465/NB.11/2017 dated
& Asset 14 August 2017
Management
Director
Profile of each BOD member is presented in the BOD Profile section in the Company Profile chapter
(pages 73–76).
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 191
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
BOD Guidelines The Board Manual stipulates: Information on the Positional
Ethics, Duties and Authorities,
and Work Rules 1. Function of the BOD;
and other matters related to the
2. Membership of the BOD;
In carrying out its duties and BOD are available at https://www.
responsibilities, the BOD refers 3. Term of the BOD;
bfi.co.id/en/corporate/Corporate-
to its guidelines and work rules 4. Positional Ethics of the BOD; Good-Governance/board-manual.
prescribed in the BOC and the 5. Duties and Authority of the
BOD Manual of PT BFI Finance BOD; Division of BOD Duties
Indonesia Tbk as discussed in the
6. Authority of the BOD; and Responsibilities
Board of Commissioners section
7. Rights of the BOD; The details of duties and
in this chapter (page 183).
8. Meetings of the BOD; responsibilities for each BOD
9. Performance Evaluation of the member is presented in Table 95.
BOD; and
10. Supporting Bodies of the BOD.
Table 95 • BOD Duties and Responsibilities
Name and Position Duties and Responsibilities
Francis Lay As a Chief Executive Officer (CEO), he holds the highest decision-making authority in the Company
Sioe Ho and is responsible for the overarching achievement of the Company’s business objectives and
President targets. Along with other BOD members, he leads the formulation and implementation of the
Director Company’s strategic objectives and business plan. He receives direct reports from all Directors
and leaders of work units, consisting of the Head of Digital & Business Incubation (including
Information Technology or IT management functions) and the Head of Project Management Office
(PMO). In relation to the resignation of Sigit Hendra Gunawan as Chief Risk Officer (CRO), which
had been approved by the shareholders at the 16 May 2023 EGMS, there was a temporary transfer
of duties and responsibilities from several departments and work units under the Directorate of
Corporate Risk to him, comprising Risk Management, Credit Operations, Operational Risk & KYC,
Data Management, Anti-Fraud and Collection Analytic functions. These temporary duties and
responsibilities will be transferred back to the new/replacement CRO following his/her official
appointment. He also supervises the Corporate Compliance, Internal Audit and Corporate Secretary
functions. In the BOD Committees, he acts as Chairman of the Risk Management Committee
and Chairman of the Information Technology Steering Committee. In relation to the Company’s
subsidiary (PT FIT), he serves as the President Commissioner.
Sudjono As a Chief Financial Officer (CFO), he is responsible for directing and monitoring all the financial
Finance activities, including funding sources and adequacy of funding (including liquidity position)
Director to support business growth, financial control, oversight of strategic projects, and also the
presentation of financial statements in accordance with the applicable accounting standards
and regulations. He also serves as the Corporate Secretary and the partner for business
units and regional business operations in regards to reporting and analysis of financial and
operational performance of the Company’s business lines. The units under his supervision are
Financial Control, Finance & Treasury, Corporate Secretariat (including Corporate Regulatory
& Compliance), Investor Relations, and Corporate Communication, CSR & Corporate Program
Development & Management (CPDM). In the BOD Committees, he acts as Member of the Risk
Management Committee and Member of the Information Technology Steering Committee. In
relation to the Company’s subsidiary (PT FIT), he serves as a Commissioner.
Sutadi As a Chief Marketing Officer (CMO), he is responsible for formulating strategy and marketing
Business work plan to ensure the achievement of annual business targets, developing an annual budget
Director plan for the financing business that includes product segments for retail customers (used and
new cars, used motorcycle, property, and non-collateral), commercial products for corporate
customers (heavy equipment and machinery), and sharia-based financing. He cooperates with
Enterprise Risk Directorate in managing the risk level of each segment of retail and commercial
products to support the profitability target achievement. The units under his supervision
include National Sales (including under it the work units related to the Product Development
& Management functions for Cars, Motorcycles, Property-Backed Financing/PBF, and Non-
Collateral), Corporate Business (Heavy Equipment and Machinery), Sharia Business Unit (SBU),
Digital Marketing, Direct & Telemarketing, Business Project & MIS, New Business Tribe, Core
Business Tribe, Channel Tribe, and Integrated Marketing Communication (IMC). In the BOD
Committees, he acts as Member of the Information Technology Steering Committee.
192 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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AND ANALYSIS GOVERNANCE STATEMENTS
Table 95 • BOD Duties and Responsibilities
Name and Position Duties and Responsibilities
Andrew As a Chief Operating Officer (COO), he is responsible for ensuring the alignment of functions
Adiwijanto within the organization run properly and complying with internal policies. He is also
Operations, responsible for monitoring the development and management of human capital as well as the
Human standardization of customer service in order to achieve sustainable consumer and customer
Capital & Asset satisfaction level. Concurrently as a Chief Human Capital Officer (CHCO), he is also responsible for
Management monitoring the development and management of human capital. In relation to the resignation of
Director Sigit Hendra Gunawan as CRO, which had been approved by the shareholders at the 16 May 2023
EGMS, there was a temporary transfer of duties and responsibilities from departments and work
units under the Directorate of Corporate Risk to him, namely Asset Management, Recovery &
Inventory. His responsibility in this regard is to maintain the Company’s portfolio quality, through
collection and recovery of outstanding receivables, as well as ensuring that the collection
and settlement of non-performing contracts are compliant with the prevailing regulations.
He receives direct reports from Head of Human Capital, Head of Operations & Service Excellence,
Head of Branch Business Partner (formerly Head of Network Development & Management),
Head of Insurance & Operational Services, Head of Operational Development, Head of Asset
Management, Recovery & Inventory, and Head of Collection Squad. In the BOD Committees,
he acts as Member of the Information Technology Steering Committee.
BOD Authority In carrying out the business 5. The BOD members are
and operational activities, BOD entitled to a salary and/or
and Rights reserves the following rights: benefits.
The BOD, in carrying out 1. Every BOD member is entitled
the Company’s activities to resign by submitting a Diversity of
and operations, reserves the written notification to the BOD Composition
authority to: Company of their intent at
The composition of the
1. Pursue business development; least 30 days before the date
Company’s BOD reflects the
2. Represent the Company in of their resignation;
diversity of its members, both
and out of court; 2. Every BOD member has the in terms of education, work
3. Develop provisions concerning right to defend themselves experience, age, and skills.
employment including at the GMS if the GMS at Each BOD member is highly
recruitment, transfer, any time dismiss said BOD competent with regards to
succession and termination, member; enhancing the Company’s
salary determination, post- 3. The BOD has the right to performance. The diversity of the
employment benefits appoint one or more as BOD members has been met
and retirement, as well as representatives or proxies to implicitly with the fulfillment
other income based on the perform certain legal actions of the requirements as BOD
prevailing regulations; by giving special powers set members, one of which is having
4. Appoint and dismiss the forth in the power of attorney; expertise in the areas that are
Corporate Secretary; and 4. The BOD is entitled to important for the Company.
5. Establish strategic and represent the Company in and
operational decisions that out of court on all matters and
involve risks and uncertainties. in any event as well as perform
all acts and deeds, both
regarding maintenance and
ownership, as well as binding
the Company with other
parties, within the restrictions
stipulated in the articles of
association of the Company;
and
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 193
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 96 • Diversity of BOD Composition
Name Position Competence
Francis Lay Sioe Ho President Director Education: Master of Business Management (M.B.M.), Bachelor of
Business Administration (B.B.A.)
Work Experience: President Commissioner of FIT, President Director,
Director and Company Founder, Credit Manager, Treasury Officer,
Executive Officer at Singapore Ministry of Finance
Age: 75
Sudjono Finance Director Education: Enterprise Risk Manager (ERM™), Master of Business
Administration (M.B.A.), Bachelor of Economics in Accounting
Work Experience: Commissioner of FIT, Director, Corporate
Secretary, Finance and Information Technology Division Head, Risk
Management Committee, Senior Auditor
Age: 53
Sutadi Business Director Education: Executive M.B.A., Bachelor of Industrial Engineering
Work Experience: Director, Division Head, Regional Manager, Branch
Manager, Sales Executive, Collection & Credit Analyst Officer
Age: 49
Andrew Adiwijanto Operations, Human Education: Master of Business Administration (M.B.A.), Bachelor of
Capital & Asset Electrical Engineering
Management
Director Work Experience: Director, Nomination and Remuneration
Committee, Division Head and Department Head in various sections
of the head office, Regional Manager and Branch Manager in various
regions in Indonesia, Marketing Officer
Age: 55
BOD Independence
Members of BFI Finance’s BOD have no financial and family relationships to the second degree with fellow
BOD members, members of the BOC, and/or Controlling Shareholders, or relationships with the Company.
Table 97 • BOD Independence
Financial Relationship with Family Relationship with
Controlling Controlling
Name Commissioners Directors Commissioners Directors
Shareholders Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No
Francis Lay Sioe Ho - √ - √ - √ - √ - √ - √
Sudjono - √ - √ - √ - √ - √ - √
Sutadi - √ - √ - √ - √ - √ - √
Andrew Adiwijanto - √ - √ - √ - √ - √ - √
Table 98 • BOD Share Ownership Amounting to 5% or More from the Paid-up Capital
Name Position BFI Finance Other Company
Francis Lay Sioe Ho President Director None None
Sudjono Finance Director None None
Sutadi Business Director None None
Andrew Adiwijanto Operations, Human Capital None None
& Asset Management Director
194 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Concurrent Positions of BOD Members
Based on Article 9 of POJK 30, the Company’s BOD members are prohibited from concurrent positions
as executive directors at other companies, except as a member of the BOC at a maximum of three other
companies, except for BOD members who are responsible for the supervision of investments in subsidiaries
that conduct business in the financing industry, carrying out functional tasks as members of the BOC in
subsidiaries controlled by the Company, as long as such concurrent positions do not result in neglect of their
duties and authorities as members of the Company’s BOD.
In accordance with Article 6 of POJK 33, BOD members may hold concurrent positions as BOD members in
not more than one other issuer or other public company, BOC members in not more than three other issuers
or public companies, and members of committees in not more than five committees in the issuers or public
companies where they serve as BOD or BOC members.
All BOD members of the Company presiding up to 31 December 2023 have complied with POJK 30 and
POJK 33 provisions.
Table 99 • Concurrent Positions of BOD Members
Name Position Position Outside the Company
and Its Subsidiary
Francis Lay Sioe Ho President Director None
Sudjono Finance Director None
Sutadi Business Director None
Andrew Adiwijanto Operations, Human Capital None
& Asset Management Director
Policy on Determining BOD Remuneration
In accordance with the Company’s articles of association, salaries and other benefits for the BOD members
are determined by the BOC, who is authorized by the AGMS. Remuneration of the BOD is determined
by the BOC Meeting annually.
The AGMS on 16 May 2023 approved to give power and authority to the BOC to determine the duties
and responsibilities of each BOD member and determine the BOD members’ remuneration.
Graph 15 • BOD Remuneration Mechanism
Recommendation of
BOC GMS
the Nomination and
Approval Meeting Approval
Remuneration Committee
The mechanism for determining the remuneration for BOD is as follows:
• The BOD, by taking into account the Company’s financial condition, develops a proposal of remuneration
amount for the BOD to the Nomination and Remuneration Committee;
• The Nomination and Remuneration Committee examines the proposed remuneration for the BOD based
on the duties and responsibilities of each Director, the Company’s financial condition, and comparisons
with relevant industries and businesses of a comparable size; and
• The Nomination and Remuneration Committee shall make recommendations to the BOC Meeting
for approval, and then be brought to the GMS.
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
BOD Remuneration Orientation Program BOD Competence
Structure for New BOD Members Enhancement and
The BOD’s remuneration To enable new BOC members Training Programs
structure consists of: to determine the general The Company allocates a
• Salaries, condition of the Company and budget for the BOD members
• Benefits, be more familiar with the other to attend training programs
members, and altogether devise through various seminars and
• Facilities, and
ways to collaborate as a solid, trainings. The list of training
• Performance bonus.
comprehensive and effective programs in 2023 attended
Total remuneration for the BOD team, BFI Finance organizes an by BOD members is presented in
in 2023 amounted to Rp35 billion. orientation program for these Graph 16.
new members. The orientation of
new BOD members is held in the
first BOD meeting attended by
the new members.
Graph 16 • BOD Competence Enhancement
JANUARY MARCH
31 APPI, Jakarta
3 APPI, Jakarta
National Seminar on Financing Challenges in National Seminar on Microfinance and HR in
the Midst of Political Year the Era of Society 5.0
FL SI AA
MAY JUNE
22 APPI, Daring dari Jakarta
6 APPI, Jakarta
Webinar "Strengthening National Resilience in National Seminar on A New Era for
the Financial Services Industry" Financing Industry
FL SO SI AA FL SI AA
AUGUST
Francis Lay Sioe Ho
FL
10 OJK, Daring dari Jakarta
Sudjono
SO
Webinar "Mengenal Lebih Jauh Pengaturan
UU P2SK Dalam Rangka Penguatan Industri
Keuangan Non-Bank (IKNB)" Sutadi
SI
Andrew Adiwijanto
SO AA
196 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Committees Under the Committee was chaired 3. Providing
by the Head of UUS, had three recommendations,
the BOD members, and in possession suggestions/input, and
The BOD has three committees of a charter. Committee evaluation of marketing
under the BOD to support the meetings are held at least aspects, fulfillment of
management’s performance, with once in six months. sharia principles, and risk
the details for each as follows: mitigation; and
Independence Statement
4. Formulating and
1. Sharia Product and All Committee members
proposing monthly and
Business Activity maintain their professionalism
annual performance
Development and accountability at work,
achievements for business
Committee and refrain from taking
activities based on sharia
personal advantage, either
This committee was formed principles.
directly or indirectly, from the
based on the BOD Decree
No. SK/SYARIAH/19-0176 dated
Company’s activities other Committee Composition
than their legitimate income. The Sharia Product
25 July 2019, in accordance
Committee members are and Business Activity
with POJK No. 10/POJK.05/2019
committed to implementing Development Committee as at
on Business Operations of
POJK 10/2019 provisions. 31 December 2023 comprised:
Sharia Finance Companies
and Sharia Business Units Duties and Functions • Chairman: Deni Nasri
of Finance Companies • Members:
1. Conducting studies
(POJK 10/2019). The structure
and analysis of product - August Rinaldi Sanoesi
and duties of the Committee
development or new - John Piter Sinaga
were re-established through
business activities to be
the BOD Decree - Emiliana Woro Saptiti
enacted or marketed;
No. SK/SYARIAH/23-0201 UPD 1 Hari Putri
2. Evaluating and improving
dated 7 November 2023.
each product or business
As at 31 December 2023,
activity;
Table 100 • Profiles and Term of Office of Members of Sharia Product and Business Activity Development Committee
Internal Position Term of
Name Position Age Nationality Educational Background
in the Company Office
Deni Chairman 45 Indonesian • Bachelor of Economics in Head of SBU 2021–2026
Nasri Accounting, Universitas Andalas,
Padang, West Sumatra (2001)
• Master of Economics, Sekolah Tinggi
Ekonomi Islam (STEI) Tazkia, Bogor,
West Java (2021)
August Member 41 Indonesian • Associate Diploma in Engineering, Head of Risk 2022–2026
Rinaldi Mechanical Engineering Major, Management
Sanoesi Politeknik Negeri Jakarta (2003)
• Credit Risk Program Academy Global,
Singapore (2015)
John Member 54 Indonesian Bachelor of Social and Political Science, Head of Asset 2022–2026
Piter Universitas Sumatera Utara (USU), Management,
Sinaga Medan, North Sumatra (1988) Recovery &
Inventory
Emiliana Member 41 Indonesian Bachelor of Architectural Engineering, Head of 2023–2026
Woro Universitas Atma Jaya Yogyakarta Consumer
Saptiti (UAJY), Yogyakarta Special Credit
Hari Putri Region (2000) Operations
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 197
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 101 • Schedule and Attendance of Sharia Product and Business Activity Development Committee Meetings
August Rinaldi Emiliana Woro
Date Deni Nasri John Piter Sinaga
Sanoesi Saptiti Hari Putri
17 January 2023 √ √ √ -
13 December 2023 √ √ √ √
Total Attendance of Each Member 2 2 2 1
Attendance Percentage of Each Member 100% 100% 100% 50%
2. Risk Management Duties and Functions kept by the Company
Committee 1. Identifying risks including against the pre-established
inherent risks in the Risk Management policies
This committee was formed
Company’s business and strategies;
based on the BOD Decree
No. SK/RPP/21-0116 dated activities; 5. Periodically reviewing the
14 July 2021 to carry out 2. Developing risk Risk Management process;
the duties and functions measurement methods 6. Reviewing proposals
according to POJK according to the size for the development
No. 44/POJK.05/2020 on Risk and complexity of the or expansion of the
Management Application Company’s business, Company’s business
for Non-Bank Financial including designing activities which are
Services Institutions and implementing the focused on aspects of
(POJK 44/2020). The structure tools needed in the the Company’s ability
and duties of the Committee implementation of Risk to develop or expand
were re-established Management; business activities and
through the BOD Decree 3. Monitoring the their impact on the
No. SK/OPRISK/23-0302 implementation of the Risk Company’s overall risk
dated 1 May 2023. As at Management strategy, exposure;
31 December 2023, the including monitoring the 7. Evaluating the accuracy
Committee was chaired Risk Management strategy of the model and the
by the President Director, in business and operational validity of the data used to
had three members, and functions; measure risk for companies
in possession of a charter. that use models for
4. Monitoring the overall
Committee meetings are held internal purposes (internal
(composite) risk position,
at least once in three months. model) in the context of
each type of risk, and
risk measurement;
Independence Statement each type of functional
activity against the 8. Providing
All Committee members
given risk tolerance recommendations to the
maintain their professionalism
and predetermined Company’s business and
and accountability at work,
limits, as well as carry operational functions
and refrain from taking
out stress testing to (risk-taking functions),
personal advantage, either
determine the impact among others, in
directly or indirectly, from
of the implementation determining the risk
the Company’s activities other
of Risk Management exposure limits acceptable
than their legitimate income.
policies/strategies on the to the Company, and/or
Committee members are
Company’s performance to the Risk Management
committed to implementing
as a whole and performing Committee, among others,
POJK 44/2020 provisions.
back testing to find out in formulating the policies,
the appropriateness of the strategies, and Risk
risk measurement method Management framework,
based on historical data in accordance with their
respective remit; and
198 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
9. Preparing and submitting the risk profile reports to the President Director or a Director who oversees
the Risk Management function and the Risk Management Committee on a regular basis, with the
frequency of reporting able to be increased in the event of rapidly changing market conditions.
Committee Composition
The Risk Management Committee as at 31 December 2023 comprised:
• Chairman: Francis Lay Sioe Ho
• Members:
- Sudjono
- August Rinaldi Sanoesi
- Amy Setyawati
Table 102 • Profiles and Term of Office of Members of Risk Management Committee
Internal Position
Name Position Age Nationality Educational Background Term of Office
in the Company
Francis Lay Sioe Chairman 75 Indonesia • Bachelor of Business President 2021–2026
Ho Administration, University of Director
Singapore (now the National
University of Singapore or
NUS), Singapore (1972)
• Master of Business
Management, Asian Institute
of Management (AIM), Manila,
Philippines (1975)
Sudjono Member 53 Indonesia • Bachelor of Economics in Finance 2021–2026
Accounting, Tarumanagara Director
University, Jakarta (1993)
• Master of Business
Administration (M.B.A.),
Institut Pengembangan
Manajemen Indonesia (IPMI),
Jakarta (2006)
• Enterprise Risk Manager
(ERM™), Asia Risk
Management Institute
(ARiMI) and National
University of Singapore (NUS),
Singapura (2009)
August Rinaldi Member 41 Indonesia See Table 100 Head of Risk 2022–2026
Sanoesi Management
Amy Setyawati Member 51 Indonesia Bachelor of Economics in Head of 2021–2026
Management, Satya Wacana Operational
Christian University (UKSW), Risk & KYC
Salatiga, Central Java (1996)
Table 103 • Schedule and Attendance of Risk Management Committee Meetings
Francis Lay August Rinaldi
Date Sudjono Amy Setyawati
Sioe Ho Sanoesi
14 February 2023 √ √ √ √
26 April 2023 √ √ √ √
26 July 2023 √ √ √ √
25 October 2023 √ √ √ √
Total Attendance of Each Member 4 4 4 4
Attendance Percentage of Each Member 100% 100% 100% 100%
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ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
3. Information Technology Duties and Functions 6. Monitoring IT performance
(IT) Steering Committee 1. In relation to the and efforts to improve IT
Department’s Business performance;
This committee was formed
based on the BOD Decree Strategic Plan, periodically 7. Working towards resolving
No. SK/IT/21-0113 dated reviewing the IT various IT-related issues
4 August 2021 to carry out Department’s strategy, that cannot be resolved by
the duties and functions in including the roadmap and work units of IT users and
accordance with POJK required resources; operators in an effective,
No. 4/POJK.05/2021 2. Providing efficient and timely
on Application of Risk recommendations for the manner; and
Management in the Use of formulation of IT policies 8. Ensuring sound and proper
Information Technology by and procedures, and allocation of IT resources. If
Non-Bank Financial Services ensuring that IT policies necessary, the Committee
Institutions (POJK 4/2021). and procedures are may procure the services
The structure and duties implemented effectively of a third party to assist in
of the Committees were in the work units of the IT project implementation.
re-established through the users and operators;
Committee Composition
BOD Decree No. SK/IT/22- 3. Monitoring the suitability
0066 dated 16 March 2022. The Information Technology
and implementation of
As at 31 December 2023, the Steering Committee as at
IT projects with the IT
Committee was chaired by the 31 December 2023 comprised:
Development Strategic
President Director, had five Plan and ensuring the • Chairman: Francis Lay Sioe Ho
members, and in possession priorities; • Members:
of a charter. Committee
4. Ensuring IT compatibility - Sudjono
meetings are held at least
with the needs of - Sutadi
once in six months.
management information
- Andrew Adiwijanto
Independence Statement systems and the needs
- Ari Binoto
All Committee members of BFI Finance’s business
Lumbantobing
maintain their professionalism activities;
- Goklas
and accountability at work, 5. Reviewing the
and refrain from taking effectiveness of risk
personal advantage, either mitigation plans for
directly or indirectly, from the the implementation
Company’s activities other of IT investments and
than their legitimate income. ensure the contribution
Committee members are of investments to the
committed to implementing business of a unit/division/
POJK 4/2021 provisions. department;
200 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 104 • Profiles and Term of Office of Members of IT Steering Committee
Internal Position Term
Name Position Age Nationality Educational Background
in the Company of Office
Francis Lay Chairman 75 Indonesian See Table 96 President 2021–2026
Sioe Ho Director
Sudjono Member 53 Indonesian See Table 96 Finance 2021–2026
Director
Sutadi Member 49 Indonesian • Bachelor of Industrial Business 2021–2026
Engineering, Trisakti University, Director
Jakarta (1998)
• Executive M.B.A., IPMI
International Business School,
Jakarta (2018)
Andrew Member 55 Indonesian • Bachelor of Electrical Operations, 2021–2026
Adiwijanto Engineering, Sekolah Tinggi Human
Teknik Surabaya (STTS), Surabaya, Capital
East Java (1992) & Asset
• Master of Business Administration Management
(M.B.A.), Universitas Gadjah Mada Director
(UGM), Jakarta (2013)
• Certificate of “Human Capital
Management: Making HR &
Business Partnership Work”,
Asian Institute of Management
(AIM), Manila, Philippines (2008)
Ari Binoto Member 44 Indonesian • Bachelor of Science in Mechanical Head of 2022–2026
Lumbantobing Engineering, University of Digital &
Washington, Seattle, USA (2001) Business
• Master of Science in Mechanical Incubation
Engineering, University of
California, Berkeley, USA (2003)
Goklas Member 45 Indonesian • Bachelor of Economics in Head of 2021–2026
Financial Management, Project
Universitas Indonesia (UI), Depok, Management
West Java (2000) Office
• Management Development
Program – Asian Institute of
Management (AIM), Manila,
Philippines (2007)
Table 105 • Schedule and Attendance of IT Steering Committee Meetings
Francis Lay Andrew Ari Binoto
Date Sudjono Sutadi Goklas
Sioe Ho Adiwijanto Lumbantobing
16 June 2023 √ √ √ √ √ √
19 October 2023 √ √ √ √ √ √
Total Attendance of Each 2 2 2 2 2 2
Member
Attendance Percentage 100% 100% 100% 100% 100% 100%
of Each Member
The BOD evaluates the performance of each of the committees based on a set of criteria, including the
Company’s performance and achievements in the aspects of concern for each respective committee against
the targets that have been set at the beginning of each year.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 201
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
PERFORMANCE ASSESSMENT OF THE BOARD OF
COMMISSIONERS AND BOARD OF DIRECTORS
BOC Performance BOD Performance BOD Performance
Assessment Assessment Assessment Criteria
The criteria for the BOD’s
General Policy General Policy
performance assessment are
Generally, the performance of Performance of the BOD and its found in the KPIs. The collective
the BOC is assessed against the individual members is evaluated and individual performance
duties stipulated in the prevailing by the BOC. Generally, the BOD’s criteria for Directors are based on
regulations and the articles of performance is determined the proposal of the Nomination
association of the Company based on the duties listed in and Remuneration Committee
as well as the mandate of the the prevailing regulations and or other committees that
shareholders. The results of the the articles of association of the carry out the nomination and
BOC’s performance assessment Company. remuneration function, then
will be an inseparable part of are proposed by the BOC to
The results of the overall
the compensation and incentive shareholders for approval. The
performance assessment of the
schemes for the BOC members. BOD’s KPIs include at least,
BOD and the performance of
among others:
BOC Performance its each individual member are
based on two scoring standards, 1. Contribution to the Company’s
Assessment Criteria
i.e., collective assessment based business activities;
The criteria for the BOC’s on of the achievement of budget 2. Involvement in specific
performance assessment at least enterprises, and individual assignments;
contains the following: assessments based on the KPIs 3. Commitment to advancing
1. Level of achievement of of each Director, and as part of an the interests of the Company;
quorum in any of the BOC integral part of the compensation
4. Compliance with the
meetings, coordination scheme and provision of
prevailing regulations, and
meetings, and committee incentives for the BOD members.
Company policies;
meetings;
Results of the performance 5. Achievement of targets set
2. The Company’s contribution in assessment of individual BOD out in the Company’s Annual
the regulatory process; members are among the basic Work Plan and Management
3. Involvement in specific considerations, especially for the Contract; and
assignments; shareholders, to discharge and/
6. Achievement of individual
4. Commitment in advancing or reappoint BOD members.
performance against the
the interests of the Company; These results serve as a means
determined targets.
and for assessing as well as improving
BOD effectiveness. Details of the BOD performance
5. Compliance with the
assessment are contained in the
applicable regulations, the
BOC Report in the Reports to
articles of association, the GMS
Stakeholders chapter
provisions, as well as Company
(pages 32–35).
policies.
202 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
MEETINGS OF THE BOARD OF COMMISSIONERS,
BOARD OF DIRECTORS, AND JOINT MEETINGS
OF THE BOARD OF COMMISSIONERS AND THE
BOARD OF DIRECTORS
BOC Meetings and present in the meeting. Each Implementation of BOC
member of the BOC who has a Meetings and BOC–BOD
BOC–BOD Joint conflict of interest in decisions
Joint Meetings
Meetings to be made shall not vote on any
decision related to it. In 2023, the BOC held
BOC Meeting Policy
22 meetings, consisting of:
The BOC also can make valid
The BOC shall meet at least once 1. 11 BOC Meetings; and
and binding decisions without
every two months if attended by a
convening an authorized BOC 2. 11 BOC–BOD Joint Meetings.
majority or two thirds of the BOC
Meeting, provided that all the In carrying out the functions of
members.
BOC members have approved the monitoring and providing advice
The BOC also holds joint proposal and signed the relevant to the BOD, the BOC hold joint
meetings regularly with the BOD. documents. Decisions made in meetings together with the BOD
A BOC Meeting may be held after this way have the same power as to discuss the implementation of
the joint meeting, if considered decisions made legitimately in decisions made in the previous
necessary by one member of the the official BOC Meetings. meeting, financial performance,
BOC by written request of one
Minutes of BOC Meeting risk management, and other
or more members of the BOD
matters that may affect the
or if requested by one or more In each BOC Meeting, minutes financial performance and
shareholders who together own of meeting shall contain of operations of the Company.
one tenth of the total shares matters discussed, including
issued by the Company with valid the dissenting opinion from The dates of the BOC Meetings
voting rights. BOC members (if any) and the and the attendance of BOC
decisions reached. members at the BOC Meetings
BOC Meeting decisions are made
in 2023 are presented in Table 108.
based on a joint decision, and if The minutes of meetings are The dates of the BOC–BOD Joint
the decision is not reached by signed by the Chairman of the Meetings and the attendance
consensus, then decisions will be Meeting and BOC members of BOC members at the Joint
made by way of voting by more present at the meeting. Meetings in 2023 are presented in
than half of the BOC members
Table 109.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 203
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 106 • Schedule and Attendance of BOC Meetings
Saurabh
Kusmayanto Johanes Alfonso Sunata
Date Narayan
Kadiman Sutrisno Napitupulu Tjiterosampurno
Agarwal*
17 January 2023 √ √ √ √ -
14 February 2023 √ √ √ √ -
15 March 2023 √ √ √ √ -
26 April 2023 √ √ √ √ -
16 May 2023 √ √ √ √ -
13 June 2023 √ √ √ √ √
26 July 2023 √ √ √ √ √
15 August 2023 √ √ √ √ √
13 September 2023 √ √ √ √ √
25 October 2023 √ √ √ √ √
16 November 2023 √ √ √ √ √
Total Attendance of Each Member 11 11 11 11 6
Attendance Percentage of Each Member 100% 100% 100% 100% 100%
* Appointed Commissioner based on the resolution of the EGMS 16 May 2023
Table 107 • Schedule and Attendance of the BOC in BOC-BOD Joint Meetings
Saurabh
Kusmayanto Johanes Alfonso Sunata
Date Narayan
Kadiman Sutrisno Napitupulu Tjiterosampurno
Agarwal*
17 January 2023 √ √ √ √ -
14 February 2023 √ √ √ √ -
15 March 2023 √ √ √ √ -
26 April 2023 √ √ √ √ -
16 May 2023 √ √ √ √ -
13 June 2023 √ √ √ √ √
26 July 2023 √ √ √ √ √
15 August 2023 √ √ √ √ √
13 September 2023 √ √ √ √ √
25 October 2023 √ √ √ √ √
16 November 2023 √ √ √ √ √
Total Attendance of Each Member 11 11 11 11 6
Attendance Percentage of Each Member 100% 100% 100% 100% 100%
* Appointed Commissioner based on the resolution of the EGMS 16 May 2023
204 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
BOD Meetings be proven to the other members, Minutes of BOD Meeting
the BOD Meeting will be chaired
BOD Meeting Policy Minutes of BOD Meeting shall be
by a BOD member selected by
recorded for each BOD Meeting
The BOD shall meet at least and among the BOD members
and on the minutes of meeting
one time every month. The in attendance.
shall be disclosed any dissenting
BOD is also required to conduct The BOD members may be opinions with the BOD Meeting
joint meetings with the BOC represented in the BOD Meeting decisions (if any). Minutes of BOD
periodically at least one time only by another BOD member Meeting shall be recorded and
every four months. based on a power of attorney. In documented by the Corporate
BOD Meeting is conducted at the the case that the party granting Secretary, including the filing
Company’s location or place of the authority does not give and distribution to the meeting
business of the Company. BOD special powers, then granted participants. Each BOD member
Meetings may also be carried out power is deemed absolute. BOD is entitled to receive a copy of
by way of teleconference, Zoom Meetings are valid and may adopt the minutes of BOD Meetings,
Video Communications, or other binding resolutions if more than regardless of whether they were
similar digital communication half of the total BOD members present or not at the meetings.
systems, whereby the BOD are present or represented
members participating in the at the meeting.
meeting can communicate BOD Meetings shall be attended Implementation of
and participate thereby by the BOD members, and BOD Meetings
being considered a present if required, officials from In 2023, the BOD conducted
in the meeting. one level below the BOD or 23 meetings, comprising:
BOD Meetings are chaired by other officials assigned by
1. 12 BOD Meetings; and
the President Director. In the the President Director.
2. 11 BOC–BOD Joint Meetings.
event that the President Director
is absent or unavailable for any Dates of the BOD meetings and
reason, which is not required to attendance of BOD members
in the 2023 BOD Meetings are
presented in Table 108.
Table 108 • Schedule and Attendance of BOD Meetings
Francis Lay Andrew
Date Sudjono Sutadi
Sioe Ho Adiwijanto
17 January 2023 √ √ √ √
14 February 2023 √ √ √ √
15 March 2023 √ √ √ √
26 April 2023 √ √ √ √
16 May 2023 √ √ √ √
13 June 2023 √ √ √ √
26 July 2023 √ √ √ √
15 August 2023 √ √ √ √
13 September 2023 √ √ √ √
25 October 2023 √ √ √ √
16 November 2023 √ √ √ √
1 December 2023 √ √ √ √
Total Attendance of Each Member 12 12 12 12
Attendance Percentage of Each Member 100% 100% 100% 100%
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 205
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
As presented in Table 109, the BOD has complied with POJK 30 Article 16 Paragraph (2), in which the BOD
shall attend the BOD Meetings at least 50% of the time within one-year period.
Attendance of BOD Members at the BOC–BOD Joint Meetings
The BOD on a regular basis conducts joint meetings with the BOC. In 2023, the BOC–BOD Joint Meetings
were held 11 times.
The dates of the BOC–BOD Joint Meetings and the attendance of BOD members at the Joint Meetings
in 2023 are presented in Table 109.
Table 109 • Schedule and Attendance of the BOD in BOC–BOD Joint Meetings
Dated Francis Lay Sioe Ho Sudjono Sutadi Andrew Adiwijanto
17 January 2023 √ √ √ √
14 February 2023 √ √ √ √
15 March 2023 √ √ √ √
26 April 2023 √ √ √ √
16 May 2023 √ √ √ √
13 June 2023 √ √ √ √
26 July 2023 √ √ √ √
15 August 2023 √ √ √ √
13 September 2023 √ √ √ √
25 October 2023 √ √ √ √
16 November 2023 √ √ √ √
Total Attendance of Each Member 11 11 11 11
Attendance Percentage of Each Member 100% 100% 100% 100%
206 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
SHARIA SUPERVISORY BOARD
BFI Finance conducts sharia The establishment of SSB in The profiles of both members of
financing business through BFI Finance was in accordance the SSB are presented in the SSB
its Sharia Business Unit (SBU), with the Resolution of the Profiles section in the Company
as stipulated in the Company’s EGMS on 25 October 2017. Profile chapter, on pages 77–78.
Articles of Association. In The SSB composition up to
Both members of the SSB of
compliance with regulations 31 December 2023 was as follows:
BFI Finance have passed OJK’s fit
related to the SBU’s business, 1. Asrori S. Karni (Chairman); and and proper test. The decree from
in 2017 the Company established
2. Helda Rahmi Sina (Member). the Members of the BOC of OJK on
the Sharia Supervisory Board
fulfillment of said test was conveyed
(SSB).
to the Company in January 2018.
Table 110 • SSB Composition
Country of End of Number and Date of the Decree
Name Position Date of Appointment
Residence Term of the Fit and Proper Test
Asrori S. Karni Chairman Indonesia Deed of the 2027 Decree of the Board of
EGMS Minutes GMS Commissioners of OJK No. KEP-104/
No. 17 dated NB.22/2017 dated 27 December 2017
29 June 2022
Helda Member Indonesia Deed of the 2027 Decree of the Board of
Rahmi Sina EGMS Minutes GMS Commissioners of OJK No. KEP-105/
No. 17 dated NB.22/2017 dated 27 December 2017
29 June 2022
Duties and 3. Advise and facilitate the BOD, services which require the
Head of SBU, and Heads study and fatwa of the
Responsibilities of Sharia Representative National Sharia Board.
The duties and main functions of Branches in matters related to
the SSB are as follows: Sharia Principles; and SSB Independence
1. Represent the National 4. Act as a mediator between Members of BFI Finance’s SSB
Sharia Board assigned to the the Company and the have no financial and family
Company; National Sharia Board in relationships to the second
2. Supervise business activities presenting proposals and degree with fellow BOD
of the Company’s Sharia recommendations for members, BOC members, and/
Representative Branches, the development of the or Controlling Shareholders, or
to ensure compliance with Company’s products and relationships with the Company.
Sharia Principles;
Table 111 • SSB Independence
Financial Relationship with Family Relationship with
Controlling Controlling
Name Commissioners Directors Commissioners Directors
Shareholders Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No
Asrori S. Karni - √ - √ - √ - √ - √ - √
Helda Rahmi Sina - √ - √ - √ - √ - √ - √
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 207
Page 210
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Concurrent Positions of SSB
Based on Article 35 of OJK Regulation No. 30/POJK.05/2014 on Good Corporate Governance for Finance
Companies (POJK 30), members of the SSB are prohibited from having concurrent positions as members of
the BOD or BOC of the same multifinance company, however they are allowed to have concurrent positions
as members of the BOD, BOC, or SSB of more than four other sharia financial institutions.
All SSB members of the Company presiding up to 31 December 2023 have complied with the above
POJK 30 provisions.
Table 112 • Concurrent Positions of SSB
Name Position Position Outside the Company
Asrori S. Karni Chairman • Chairman of the SSB of PT Sinar Mitra Sepadan (SMS) Finance
• Member of the SSB of PT Indomobil Finance Indonesia (IMFI)
• Deputy Secretary–General of Indonesian Ulema Council (MUI)
Headquarters
• Lecturer of Sharia Economic Law Study Program at Sharia and Law
Faculty of the State Islamic University (UIN) Syarif Hidayatullah Jakarta
Helda Rahmi Sina Member • Chief of Strategic Alliance at Hurriyah Global Consulting Firm (HGC Firm)
• General Secretary of Yayasan Pendidikan Fatahillah Jakarta (YPFJ)
• Postgraduate Program Lecturer at Sekolah Tinggi Ilmu Ekonomi
Indonesia (STEI) Rawamangun
• Faculty Member of Indonesian Banking Development Institute
(Lembaga Pengembangan Perbankan Indonesia/LPPI)
SSB Meetings
Pursuant to Article 40 of POJK 30, the SSB is required to conduct a meeting on a regular basis, at least
six times within one-year period.
In 2023, the SSB conducted six meetings. The dates of SSB meetings and the attendance of each member of
the SSB are presented in Table 113 .
Table 113 • Schedule and Attendance of SSB Meetings
Date Asrori S. Karni Helda Rahmi Sina
2 March 2023 √ √
31 March 2023 √ √
25 August 2023 √ √
13 September 2023 √ √
1 November 2023 √ √
20 December 2023 √ √
Total Attendance of Each Member 6 6
Attendance Percentage of Each Member 100% 100%
208 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
SSB Competence Enhancement
To enhance SSB members’ competence, the Company encourages their continuing participation in various
training programs and seminars.
The training programs and seminars attended by SSB members in 2023 are listed in Graph 17.
Graph 17 • SSB Competence Enhancement
MAY JULY
Indonesian Economic Scholars
16 Association (Ikatan Sarjana
Ekonomi Indonesia/ISEI), Jakarta
26-28 DSN-MUI, Jakarta
Seminar on "Strengthening the Supervisory 7th Annual Conferences on Fatwa MUI Studies
Role of the Capital Market Sector at OJK in themed "The Role of MUI Fatwas in Building
Accordance with the P2SK Law" National Civilization"
HR
AS
21-23 DSN-MUI, Jakarta
International Conference "Religion, SEPTEMBER
Peace and Civilization"
7 DSN-MUI, Jakarta
AS Workshop Pra-Ijtima' Sanawi (Annual Meeting)
Sharia Supervisory Boards VIII of 2023
Regarding Financing, Venture Capital,
Pawnshops and Technological Innovation in
AUGUST the Sharia Financial Sector
Potensia Academy,
10 Banda Aceh AS HR
Online Workshop "Financial Management
Framework of Private Colleges: Principles
of Effective and Accountable Financial
Governance"
HR Asrori S. Karni Helda Rahmi Sina
AS HR
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 209
Page 212
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
AUDIT COMMITTEE
Legal Basis and Main • SK/BOC/VII/2011-15 dated 2. Able to comprehend financial
15 September 2011; statements, the Company’s
Tasks businesses particularly those
• SK/BOC/II/2013-01 dated
The Audit Committee was 7 February 2013; related to the Company’s
established in the Company services or activities, audit
• SK/BOC/I/2016-01 dated
in 2000, and performs its duties process, risk management,
26 January 2016; and
independently and in accordance and laws and regulations in
with OJK Regulation No. 55/ • SK/BOC/I/21-0020A dated the capital market as well
POJK.04/2015 on the Guidance 26 January 2021. as other related laws and
on Establishment and Work The Audit Committee Charter regulations;
Implementation of Audit is available on the Company 3. Able to comply with the
Committee (POJK 55). website at https://www.bfi.co.id/ Audit Committee’s code of
The duties of the Audit en/corporate/Corporate-Good- conduct as determined by
Committee are to assist the BOC Governance/Committee-Manual. the Company;
in carrying out management This Charter regulates, among 4. Willing to continuously
oversight functions in accordance others, duties and responsibilities enhance their competence
with the articles of association as well as authority of the Audit through education and
and GCG principles, provide Committee. training;
advice and assistance to the BOC 5. Must have at least one
in identifying matters that require
Number of Members,
member with educational
the latter’s attention, and execute Composition, background and expertise in
other duties related to the duties and Membership accounting and/or finance;
of the BOC or as assigned by the
Requirements 6. Is not a person who is
BOC.
employed in a Public
The Audit Committee shall consist
Accounting Firm, Law
Audit Committee of at least three members from
Consultant, Public Appraiser,
Charter Independent Commissioners
or other parties providing
and external parties. The
The Audit Committee carries out assurance services, non-
Audit Committee consisted of
its duties and responsibilities assurance services, appraisal
3 members, i.e., 1 Independent
pursuant to the guidelines services, and/or other
Commissioner as Chairman
summarized in Audit Committee consultative services to the
and 2 members from external
Charter, allowing for a consistent, Company within the last
parties. The Audit Committee is
transparent, and independent six months;
responsible to the BOC.
performance of its duties and 7. Is not a person who has
responsibilities in accordance Pursuant to the Audit Committee worked or had the authority
with the prevailing laws and Charter, the membership and responsibilities to plan,
regulations. The Audit Committee requirements for the Company’s direct, control, or supervise
Charter was established pursuant Audit Committee are as follows: the Company’s activities
to the requirements of POJK 55 1. Possess a strong integrity within the last six months,
and as set out in the Company’s and excellent capability, except as the Independent
BOC Decree, with the update knowledge, and experience in Commissioner;
history as follows: their respective fields, as well 8. Does not own any shares in
as good communication skills; the Company, whether directly
or indirectly;
210 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
9. In the event that a member of 11. Does not have any business qualifications and competence
the Audit Committee receives relations associated with the of the candidates. After the
the Company shares due to a Company activities, whether evaluation is completed, the
legal event, whether directly directly or indirectly. Nomination and Remuneration
or indirectly, the shares shall Committee shall submit a
The BOD or the Chairman of the
be transferred to another recommendation to the BOC
Audit Committee may propose
party within six months after regarding the appointment of the
candidates who are not BOC
the acquisition of such shares; Audit Committee members. Once
members as Audit Committee
10. Does not have any affiliation the recommendation is approved,
members. The Nomination
with any member of the BOC, the BOC shall instruct the BOD to
and Remuneration Committee
the BOD, or the controlling issue the appointment letter for
shall subsequently conduct
shareholders of the Company; the approved candidates.
an interview and examine the
and
Graph 18 • Audit Committee Members’ Selection and Appointment
Recommendation of Nomination
BOC Approval Meeting
and Remuneration Committee
Audit Committee Audit Committee Audit Committee
Composition Members’ Profiles Members’ Term of
The composition of the Profiles of the Audit Committee Office
Audit Committee as at members are presented in Audit Committee members’ term
31 December 2023 was as follows: the Company Profile chapter of office shall not exceed the
• Chairman: Johanes Sutrisno (pages 79–80). BOC’s term of office, pursuant
• Members: The educational backgrounds to the articles of association,
and expertise of the Audit and a member may only be re-
- Friso Palilingan
Committee members are elected for one subsequent term.
- Edy Sugito
presented in Table 114. The term of office of the Audit
This Audit Committee Committee members presiding
composition was ratified by the up to 31 December 2023 is
BOC Decree No. BOC/SK/I/2021- presented in Table 114.
001 dated 26 January 2021,
effective from 26 January 2021.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 211
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 114 • Audit Committee Members’ Profiles and Term of Office
Term of
Name Position Educational Background and Expertise Date and Basis of Appointment
Office
Johanes Independent Bachelor's Degree in BOC Decree No. BOC/SK/I/2021- 2021–2026
Sutrisno Commissioner Economics - Management, 001 dated 26 January 2021
and Committee Master of Business
Chairman Administration (M.B.A.), audit,
finance, risk management
and monitoring, GCG
Friso Palilingan Member Bachelor's Degree in BOC Decree No. BOC/SK/ 2021–2026
Economics - Accounting, IV/2015-0081 dated 13 April
Master of Accounting, CPA, 2015, was reaffirmed by the
CA, audit, management BOC Decree No. BOC/SK/
VI/2016-05 dated 21 June 2016
(2016-2021) and BOC Decree
No. BOC/SK/I/2021-001 dated
26 January 2021
Edy Sugito Member Bachelor's Degree in BOC Decree No. BOC/SK/ 2021–2026
Economics - Accounting, VI/2016-05 dated 21 June
capital market, custodian, 2016 (2016-2021) and was
audit reaffirmed by the BOC Decree
No. BOC/SK/I/2021-001 dated
26 January 2021
Audit Committee Independence
Members of the Audit Committee are professional individuals with no business relations to the Company,
whether directly or indirectly, in order to maintain their independence in the execution of their duties and
responsibilities. Therefore, all members of the Audit Committee have met the required independence, skill,
experience, and integrity criteria, pursuant to the applicable laws and regulations. The independence of each
Audit Committee member is stated in Table 115.
Table 115 • Audit Committee Independence
Financial Relationship with Family Relationship with
Controlling Controlling
Name Commissioners Directors Commissioners Directors
Shareholders Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No
Johanes Sutrisno - √ - √ - √ - √ - √ - √
Friso Palilingan - √ - √ - √ - √ - √ - √
Edy Sugito - √ - √ - √ - √ - √ - √
Audit Committee’s Policies and Remuneration
The Nomination and Remuneration Committee provides recommendations to the BOC regarding the
remuneration of each member of the Audit Committee, based on the Company’s policies and market
review on the remuneration of Audit Committee. The remuneration of the Audit Committee only consists
of honorarium. Members of the Audit Committee who hold concurrent positions as members of the BOC or
senior management of the controlling shareholders are not entitled to additional remuneration as members
of the Audit Committee.
212 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Audit Committee’s discussions with the Risk Audit Committee
Oversight Committee on risk
Work Processes and management activities the
Meetings
Procedures Company has performed; The Audit Committee holds
The Audit Committee Charter 3. The Audit Committee submits regular meetings at least once
regulates the Audit Committee’s an annual accountability every three months. An Audit
work processes and procedures report on its performance Committee meeting may only
as follows: to the BOC prior to the be held if attended by more than
submission of the BOC half the number of members. The
1. In relation to the Company’s
Report on its duties and decisions of the Audit Committee
internal control system, the
responsibilities to be shall be reached by deliberation
Audit Committee conducts
published in the Company’s and consensus. Each meeting
regular meetings to discuss
Annual Report. The BOC shall shall be recorded in minutes of
the planning of activities and
accordingly evaluate the Audit meeting, including any dissenting
the scope of internal audits for
Committee annually; and opinions. The minutes of the
the subsequent period,
meeting shall be signed by all
as well as evaluates previous 4. The Audit Committee
members of the Audit Committee
audit results; collaborates with the
who are present in the meeting
2. In relation to the review of Corporate Secretary for the
and submitted to the BOC.
risks associated with the administration of Audit
Company’s business, the Committee’s documents In 2023, the Audit Committee
Audit Committee holds and the execution of Audit held four meetings. The
Committee’s meetings. meetings’ results were reported
to the BOC in the meetings with
the BOC. The meeting schedule
and members’ attendance are
presented in Table 116.
Table 116 • Schedule and Attendance of Audit Committee Meetings
Date Johanes Sutrisno Friso Palilingan Edy Sugito
13 February 2023 √ √ √
12 April 2023 √ √ √
20 July 2023 √ √ √
20 October 2023 √ √ √
Total Attendance of Each Member 4 4 4
Attendance Percentage of Each Member 100% 100% 100%
Audit Committee’s Competence Enhancement
In 2023, the Audit Committee members participated in the following competence enhancement programs:
• Johanes Sutrisno as Independent Commissioner and Chairman of the Audit Committee attended one
training/seminar, detailed in Graph 14.
• Friso Palilingan participated in seven trainings/seminars, as follows:
1. OJK Continuing Professional Education Seminar (PPL) in the Capital Markets Sector regarding
“Accounting and Audit Considerations and Capital Market Regulations in the Initial Public Offering
(IPO) Process”, 8 June 2023, held in Jakarta by the Indonesian Institute of Certified Public Accountants
(IAPI);
2. Webinar “Standards for Assurance Engagements (SPA) 3000 (Revised 2022) on Assurance
Engagements Other than Audits or Reviews of Historical Financial Information”, 20 June 2023, held
online from Jakarta by IAPI;
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
3. Webinar “Managing and 7. Mandatory PPL Webinar Complaint Handling or
Presenting Financial for 2023 PPPK Public
Reports of Holding Accountants Batch 4,
Reporting of Alleged
Companies”, 23 June 2023, 1 August 2023, held online Violations Related to
held online from Jakarta by from Jakarta by IAPI. Financial Reporting
IAPI; • Edy Sugito participated in Based on the BOC’s Letter
4. Webinar “Implementation three trainings/seminars, as of Assignment, the Audit
of the New and Revised follows: Committee may conduct
Audit Standards 2021 1. Webinar “Compliance review and investigation on any
(SA 700, SA 701, SA 720, and Refreshment for Issuers action that is detrimental to the
SA 260) in the Independent and Public Companies”, Company, including alleged
Auditor’s Report”, 22 August 2023, held online violations related to Financial
26 June 2023, held online from Jakarta by OJK and Reporting, as well as other tasks
from Jakarta by IAPI; IDX; as required by the BOC. For
5. OJK IKNB PPL Seminar 2. Webinar “Navigating AI the review and investigation,
“Accounting and Audit Governance and ESG the Audit Committee may
Aspects in Insurance Reporting for the Future”, appoint a third party to carry
Entities and the Impact of 17 October 2023, held out the fact-finding studies and
Implementing PSAK 74”, online by KPMG Asia examinations upon the approval
24 July 2023, held in Pacific Board Leadership of the BOC. All costs incurred
Jakarta by IAPI; Centre (BLC); and for the appointment of the
6. PPL Seminar third party shall be borne by the
3. Webinar “Economic
Accompaniment to Company.
Outlook 2024”,
PPL Compulsory Public 6 December 2023, held
Accountants Batch 5: online by the University
Audit Committee’s
“Sharing Findings of of Indonesia and Creco 2023 Work Programs
KAP Audit Results by Consulting & Research. Report
the Financial Profession
Development Center Activity Reporting The Audit Committee’s work
(PPPK) and Risk Mitigation programs in 2023 encompassed
System the following:
Thereof”, 26 July 2023, held
in Jakarta by IAPI; and The Audit Committee submits 1. Conducted the Audit
periodic reports and/or report Committee’s meetings every
for each assignment to the BOC, three months;
as well as an annual report of
2. Evaluated the performance of
the Audit Committee’s activities,
external auditors and provided
which shall be included in the
recommendations to the BOC
Company’s Annual Report.
on the appointment of the
external auditors;
3. Evaluated the compliance
with rules and regulations
applicable to multifinance
companies and public
companies; and
4. Evaluated the implementation
of internal control system
and report of Internal Audit
activities.
214 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
RISK OVERSIGHT COMMITTEE
Legal Basis Initially, the Risk Management The duties and responsibilities,
Committee was established procedure of supervision, and
and Main Tasks pursuant to the BOC Decree reporting of the Risk Oversight
The Risk Oversight Committee No. Com/JS/SK/III/2003 dated Committee are aligned
assists the BOC in fulfilling 18 March 2003. Then, pursuant with OJK Regulation No. 28/
the latter’s responsibilities to to OJK Regulation No. 29/ POJK.05/2020 on Assessment
shareholders. Moreover, the POJK.05/2020 on Amendment of the Health Level of Non-Bank
Committee is responsible for to OJK Regulation No. 30/ Financial Services Institutions
reviewing the Company’s principal POJK.05/2014 on Good Corporate (POJK 28), OJK Regulation
risks as stated in the Company’s Governance for Multifinance No. 44/POJK.05/2020 on Risk
risk register and for ensuring Companies, the Risk Management Management Application for
that all new or arising risks are Committee changed its Non-Bank Financial Services
appropriately evaluated and name to Risk Oversight Institutions (POJK 44), and OJK
further actions are identified. Committee, as ratified by BOC Circular No. 7/SEOJK.05/2021 on
Decree No. BOC/V/2020-001 Risk Management Application for
dated 13 May 2020. Finance Companies and Sharia
Finance Companies (SEOJK 7).
Risk Oversight Committee Manual
The Risk Oversight Committee Manual is published on the Company website on
https://www.bfi.co.id/en/corporate/Corporate-Good-Governance/Committee-Manual?t=2.
Graph 19 • Risk Oversight Committee Members’ Selection and Appointment
Recommendation of Nomination
BOC Approval Meeting
and Remuneration Committee
Risk Oversight Risk Oversight Risk Oversight
Committee Committee Members’ Committee Members’
Composition Profiles Term of Office
The composition of the Risk Profiles of all Risk Oversight The Risk Oversight Committee
Oversight Committee as at Committee members are members’ term of office shall not
31 December 2023 was as follows: presented in the Company Profile exceed the BOC’s term of office,
• Chairman: Johanes Sutrisno chapter (pages 80–81). and a member may only be re-
(Independent Commissioner) elected for one subsequent term.
The educational backgrounds
The term of office of the Risk
• Member: Jono Effendy and expertise of the Risk
Oversight Committee presiding
Oversight Committee members
This Risk Oversight Committee up to 31 December 2023 is
are presented in Table 117.
composition was ratified by presented in Table 117.
the BOC Decree No. BOC/SK/
VI/2021-0092 dated 15 June 2021,
effective from 15 June 2021.
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 117 • Risk Oversight Committee Members’ Profiles and Term of Office
Term of
Name Position Educational Background and Expertise Date and Basis of Appointment
Office
Johanes Independent Bachelor's Degree in BOC Decree No. BOC/SK/ 2021–2026
Sutrisno Commissioner Economics - Management, VI/2016-05 dated 21 June 2016
and Committee Master of Business (2016-2021) and was reaffirmed
Chairman Administration (M.B.A.), audit, by the BOC Decree No.
finance, risk management BOC/SK/VI/2021-0092 dated
and monitoring, GCG 15 June 2021
Jono Effendy Member Bachelor's Degree in BOC Decree No. BOC/SK/ 2021–2026
Economics - Accounting, IV/2015-0081 dated 13 April
Master of Finance, 2015, was reaffirmed by the
CERP, QRGP, audit, risk BOC Decree No. BOC/SK/
management and monitoring VI/2016-05 dated 21 June 2016
(2016-2021) and BOC Decree
No. BOC/SK/VI/2021-0092
dated 15 June 2021
Risk Oversight Committee Independence
Members of the Risk Oversight Committee are professional individuals with no business relations to the
Company, whether directly or indirectly, in order to maintain their independence in the execution of their
duties and responsibilities. Therefore, all members of the Committee have met the required independence,
skill, experience, and integrity criteria pursuant to the applicable laws and regulations. The independence of
each Risk Oversight Committee member is stated in Table 118.
Table 118 • Risk Oversight Committee Independence
Financial Relationship with Family Relationship with
Controlling Controlling
Name Commissioners Directors Commissioners Directors
Shareholders Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No
Johanes Sutrisno - √ - √ - √ - √ - √ - √
Jono Effendy - √ - √ - √ - √ - √ - √
Risk Oversight Committee’s Policies and Remuneration
The Nomination and Remuneration Committee provides recommendations to the BOC regarding
the remuneration of each member of the Risk Oversight Committee, based on the Company’s policies and
market review on the remuneration of Risk Oversight Committee. The remuneration of the Risk Oversight
Committee only consists of honorarium. Members of the Risk Oversight Committee who hold concurrent
positions as members of the BOC or senior management of the controlling shareholders are not entitled
to additional remuneration as members of the Risk Oversight Committee.
Risk Oversight Committee Meetings
The Risk Oversight Committee holds regular meetings at least four times every year and reports the results
to the BOC.
In 2023, the Risk Oversight Committee held four meetings. The meetings’ results were reported to the BOC in
the meetings with the BOC. The meeting schedule and members’ attendance are presented in Table 119.
216 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 119 • Schedule and Attendance of Risk Oversight Committee Meetings
Date Johanes Sutrisno Jono Effendy
7 February 2023 √ √
19 April 2023 √ √
17 July 2023 √ √
16 October 2023 √ √
Total Attendance of Each Member 4 4
Attendance Percentage of Each Member 100% 100%
Risk Oversight 2. Indonesia HR Summit of risks that may affect the
2023, 19–20 June 2023, running of the Company, thus
Committee’s hosted in Bali by preventing the possibility of
Competence SKK Migas; future surprises. The programs
Enhancement 3. Digital & Risk Management included:
In 2023, Risk Oversight Committee (DRiM) 2023, 1. Conducted quarterly meetings
members participated in 18–20 October 2023, held with the Company’s Risk
the following competence in Yogyakarta by the Management Division and
enhancement programs: Indonesian Life Insurance the BOD to discuss the risk
Association (AAJI in monitoring dashboard;
• Johanes Sutrisno as
Indonesian abbreviation); 2. Ensured that the measures
Independent Commissioner
and taken in the field of risk
and Chairman of the Risk
Oversight Committee 4. Risk Beyond 2023, management have been
attended one training/ 6–8 December 2023, held implemented properly; and
seminar, detailed in Graph 14. in Bali by the Enterprise 3. Reviewed the risk
Risk Management management report on the
• Jono Effendy participated in
Academy (ERMA). Company’s risk exposure
four trainings/seminars, as
follows: evaluation, especially in
Risk Oversight the risk-related activities of
1. Indonesia Leadership
Committee’s 2023 multifinance companies, i.e.,
Forum 2023,
9–10 March 2023, held Work Programs Report strategic risk, operational
risk, assets and liabilities risk,
in Bali by Daya Makara The Risk Oversight Committee’s managerial risk, governance
UI and the University of 2023 work programs were risk, funding risk, and financing
Indonesia (UI) Leadership aimed at ensuring that the risk, pursuant to POJK 28,
Development Center; management had an early POJK 44, and SEOJK 7.
warning system on the likelihood
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
NOMINATION AND REMUNERATION COMMITTEE
Legal Basis articles of association, to serve as Nomination and
a guideline for the Committee
and Main Tasks in carrying out its duties and
Remuneration
The Nomination and responsibilities. The Committee Committee Members’
Remuneration Committee was Guideline was published Profiles
established in the Company pursuant to the BOC Decree
Profiles of all Nomination and
pursuant to the BOC Decree No. BOC/I/2015-05, then renewed
Remuneration Committee
No. Com/JS/SK/XII/2005-007 and ratified by SK/BOC/IV/2021-
members are presented in the
dated 29 December 2005. The 0049A dated 1 April 2021.
Company Profile chapter (page 82).
currently presiding members
The Nomination and
of the Nomination and The educational backgrounds
Remuneration Committee
Remuneration Committee were and expertise of the Nomination
Guideline stipulates the duties
appointed pursuant to the BOC and Remuneration Committee
and responsibilities, authorities,
Decree No. BOC/IV/2021-0049 members are presented in Table 120.
composition, structure and
dated 1 April 2021.
membership requirements,
Nomination and
The Nomination and processes, and procedures for
Remuneration Committee is implementing tasks, meetings, Remuneration
responsible to the BOC to assist as well as term of office of the Committee Members’
the functions and duties of the members of the Nomination
Term of Office
BOC in relation to the nomination and Remuneration Committee.
and remuneration of the This manual is published on the The Nomination and
members of the BOD, BOC, and Company website on https://www. Remuneration Committee
other Committees under the BOC. bfi.co.id/en/corporate/Corporate- members’ term of office shall
Good-Governance/Committee- not exceed the BOC’s term of
Since 2015, the main tasks of the
Manual?t=1. office, pursuant to the articles
Nomination and Remuneration
of association, and a member
Committee have been performed
Nomination and may only be re-elected for one
in adherence to POJK No. 34/
subsequent term. The term of
POJK.04/2014 on the Nomination Remuneration
office of the Nomination and
and Remuneration Committee of Committee Remuneration Committee
Public Companies (POJK 34). Composition members presiding up to
31 December 2023 is presented in
Nomination and As at 31 December 2023,
Table 120.
the composition of the
Remuneration
Nomination and Remuneration
Committee Manual Committee was as follows:
On 1 December 2015, BFI Finance • Chairman: Alfonso Napitupulu
published the Nomination and (Independent Commissioner)
Remuneration Committee • Members:
Guideline, which is aligned with
- Sunata Tjiterosampurno
POJK 34 and the Company’s
(Commissioner)
- Elisabeth Vivi Jeki Aryani
(Head of Human Capital)
218 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 120 • Nomination and Remuneration Committee Members’ Profiles and Term of Office
Term of
Name Position Educational Background and Expertise Date and Basis of Appointment
Office
Alfonso Independent Bachelor's Degree in Civil BOC Decree No. BOC/ 2021–2026
Napitupulu Commissioner Law, legal consultancy, SK/IV/2015-0081 dated
and Committee management 13 April 2015, was reaffirmed by
Chairman the BOC Decree No. BOC/SK/
VI/2016-05 dated 21 June 2016
(2016-2021) and BOC Decree
No. BOC/IV/2021-0049 dated
1 April 2021
Sunata Commissioner Bachelor of Business BOC Decree No. BOC/VI/2017- 2021–2026
Tjiterosampurno and Member Administration, Master of 0103 dated 2 June 2017 as
Finance, equity research, reaffirmed by the BOC Decree
investment banking, audit, No. BOC/IV/2021-0049 dated
risk management and 1 April 2021
monitoring
Elisabeth Vivi Head of Human Bachelor's Degree in BOC Decree No. BOC/IV/2021- 2021–2026
Jeki Aryani Capital and Psychology, HC management 0049 dated 1 April 2021
Member
Nomination and Remuneration Committee Independence
The Nomination and Remuneration Committee shall be independent in performing its duties, and is
responsible to the BOC. The independence of each Nomination and Remuneration Committee member is
stated in Table 121.
Table 121 • Nomination and Remuneration Committee Independence
Financial Relationship with Family Relationship with
Controlling Controlling
Name Commissioners Directors Commissioners Directors
Shareholders Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No
Alfonso Napitupulu - √ - √ - √ - √ - √ - √
Sunata Tjiterosampurno - √ - √ √ - - √ - √ - √
Elisabeth Vivi Jeki Aryani - √ - √ - √ - √ - √ - √
Nomination and Remuneration Committee’s Policies and Remuneration
Each member of the Nomination and Remuneration Committee is prohibited from gaining personal
advantage, directly or indirectly, from BFI Finance’s business activities, other than their legitimate salary.
Members of the BOC that also serve as Chair or members of the Nomination and Remuneration Committee
are not given any additional salary on top of their salary as members of the BOC.
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Nomination and a. Establish remuneration Nomination and
structure for members of
Remuneration the BOD and/or the BOC;
Remuneration
Committee’s Work b. Develop remuneration
Committee Meetings
Processes and policy for members of the The meetings of the Nomination
Procedures BOD and/or the BOC; and Remuneration Committee
1. In performing the nomination c. Establish remuneration shall be held regularly, at least
function as referred to in point amount for members of once in every four months.
2(b) of the Nomination and the BOD and/or the BOC. Meetings can only be held if
Remuneration Committee attended by the majority of the
3. The Nomination and
Guideline, the Committee Nomination and Remuneration
Remuneration Committee
shall perform the following Committee members, and if one
in carrying out its duties
procedures: of the attended members is the
and responsibilities related
Committee Chair.
a. Compile the composition to remuneration policy shall
and nomination processes ensure that the remuneration The decisions of the Nomination
for members of the BOD policy is in accordance with: and Remuneration Committee
and/or the BOC; a. The applicable meetings shall be reached by
b. Develop the required remuneration in the deliberation and consensus.
policies and criteria in the industry; Should the deliberation fail to
nomination processes reach a consensus, decisions
b. Duties, responsibilities, and
of candidates for the shall be made based on majority
authority of members of
members of the BOD and/ vote. If there is no majority vote,
the BOD and/or the BOC in
or the BOC; decisions shall be made through
relation to the performance
a mechanism stipulated in the
c. Assist the performance and achievement of the
Nomination and Remuneration
evaluation of members of Company’s goals;
Committee Guideline. In the
the BOD and/or the BOC; c. Performance targets or
event of disagreement, the
d. Prepare capacity-building performance of each
difference of opinion and its
programs for the members member of the BOD and/or
reasons shall be recorded in the
of the BOD and/or the the BOC; and
minutes of meeting.
BOC; and d. Balance between the
Results of the Nomination and
e. Examine and propose fixed component and the
Remuneration Committee
qualified candidates as variable component of
meetings shall be recorded
members of the BOD and/ remuneration.
and documented in minutes of
or the BOC to the BOC to The structure, policies, and meetings, which subsequently
be submitted to the GMS. amount of remuneration shall be shall be submitted in writing to
2. In performing the evaluated by the Nomination and the BOC.
remuneration function Remuneration Committee at least
as referred to in point 2(a) In 2023, the Nomination and
once a year.
of the Nomination and Remuneration Committee held
Remuneration Committee three meetings. The meetings’
Guideline, the Committee results were reported to the
shall perform the following BOC in the meetings with the
procedures: BOC. The meeting schedule
and members’ attendance are
presented in Table 122.
220 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 122 • Schedule and Attendance of Nomination and Remuneration Committee Meetings
Alfonso Sunata Elisabeth Vivi
Agenda Date
Napitupulu Tjiterosampurno Jeki Aryani
Nomination 7 February 2023 √ √ √
17 July 2023 √ √ √
16 October 2023 √ √ √
Total Attendance of Each Member 3 3 3
Attendance Percentage of Each Member 100% 100% 100%
Remuneration 7 February 2023 √ √ √
17 July 2023 √ √ √
16 October 2023 √ √ √
Total Attendance of Each Member 3 3 3
Attendance Percentage of Each Member 100% 100% 100%
Nomination and 2. 11th Indonesian Reward remuneration procedures, to
Summit with the theme the BOC as part of the BOC
Remuneration “Strategies for Increasing performance report which shall
Committee’s Employee Productivity be submitted to the GMS. The
Competence through Innovative nomination and remuneration
Compensation & Benefits”, functions’ implementation shall
Enhancement
15–16 March 2023, held in be reported by the Company in its
The trainings/seminars participated Jakarta by Inti Pesantren; Annual Report and website.
by the Chairman and Member of
3. CIAS Masterclass with the
the Nomination and Remuneration
theme “Learn How The Ten Nomination and
Committee in 2023—Alfonso
Types of Innovation Inspire You Remuneration
Napitupulu and Sunata
Tjiterosampurno, respectively—are
to Find The Right Innovation Committee’s 2023
Tactics”, 28 March 2023, held
detailed in Graph 14.
online from Jakarta by CIAS;
Work Programs Report
One other member, Elisabeth and In 2023, the Nomination and
Vivi Jeki Aryani, attended four 4. People Matters TechHR Pulse Remuneration Committee
trainings/seminars, as follows: Indonesia Conference 2023 performed its duties and
1. Chief Innovators Roundtable with the theme “Reimagine responsibilities, which include
(CIRO) 2023 with the theme Work: Design For The Future”, evaluating the recommendations
“Accelerating Agile & Digital 22 November 2023, held in of the BOD regarding the
Transformation for the Jakarta by People Matters. remuneration of members of
Post-Pandemic World”, the BOD, the BOC, and other
8 March 2023, held in Jakarta Activity Reporting Committees, to be submitted to
the BOC.
by Corporate Innovation Asia System
(CIAS);
The Nomination and
Remuneration Committee
shall report the performance
of its duties, responsibilities,
as well as the nomination and
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
CORPORATE SECRETARY
Legal Basis 2. Corporate Communication, Duties and
CSR & Corporate Program
and Main Tasks Development and
Responsibilities
The Corporate Secretary facilitates Management (CPDM) The duties and responsibilities of
effective communication Department, led by a Head of the Corporate Secretary pursuant
between BFI Finance and the Corporate Communication, to POJK 35 are as follows:
shareholders, OJK, and other CSR & CPDM; and 1. Follow the development of
stakeholders, including investors. 3. Investor Relations, which the capital market, particularly
As part of its function, in maintains communications regarding applicable laws
accordance with POJK No. 35/ with the investors of and regulations in the capital
POJK.04/2014 on Corporate the Company. market and inform them to
Secretary of Issuers or Public the BOC, BOD, and other
Companies (POJK 35), the Corporate Secretary stakeholders of the Company;
Corporate Secretary is responsible Position 2. Provide input to the
for the implementation of Company’s BOD and BOC
The Corporate Secretary is
GCG, the preparation of to ensure their compliance
appointed and dismissed by
management reports as well with applicable laws and
the BOD decree. The position of
as other secretarial activities, regulations in the capital
Corporate Secretary may be held
legal handling, public relations, market;
concurrently by a BOD member.
quality management system, 3. Assist the BOD and the BOC
The Corporate Secretary shall
and information management in the implementation of GCG,
not hold any other concurrent
system. Any information disclosed which includes:
position in other issuers or public
by the Corporate Secretary to the
companies. a. Information disclosure
public is considered as official
to the public, including
information from BFI Finance.
Corporate Secretary ensuring the information
BFI Finance’s Corporate Secretary Requirements availability on the website;
was established pursuant to b. Timely report submission
the BOD Decree No. Corp/CH/L/ Requirements for the Corporate
to OJK, IDX, and other
VII/07-0115 dated 9 July 2007 Secretary position are as follows:
regulatory institutions;
with reference to POJK 35. The 1. Legally competent;
c. GMS and the
Corporate Secretary is appointed 2. Possess knowledge and documentation thereof,
and dismissed by the decision of understanding in the fields including preparation
the BOD. of law, finance, and corporate (reporting of GMS
Corporate Secretary is an governance; plan, announcement,
individual position that is also in 3. Understand the Company distribution of summons,
charge of other work units that business activities; and GMS resolutions
carry out Corporate Secretary’s 4. Able to communicate well; submission), GMS material
functions, such as: and preparation (including the
1. Corporate Secretariat Company Annual Report),
5. Domiciled in Indonesia.
Department, led by a Head of and GMS execution;
Corporate Secretariat; d. Arrangement and
documentation of the BOD
and the BOC Meetings;
and
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
e. Organization of the Competence sustainability report, public
Company’s induction expose, share registration
program for new members
Enhancement and statements, ad-hoc reports
of the BOD and the BOC as Training Programs related to new development
well as other Committees Throughout 2023, Sudjono, who plans, sustainable finance
under the BOC; concurrently holds the position of action plan (RAKB) for OJK,
4. Act as a liaison officer Corporate Secretary and Finance as well as provided necessary
between the Company and its Director, participated in various information to shareholders;
shareholders, OJK, and other seminars and training programs, 4. Sent notices and prepared all
stakeholders. as detailed in Graph 16. matters related to GMS and
published the results;
Details of the Corporate Secretary
are published on the Company
Corporate Secretary’s 5. Coordinated and administered
website on https://www.bfi.co.id/ 2023 Activity Report share ownership records and
en/corporate/Corporate-Good- corporate actions;
Throughout 2023, the Corporate
Governance/Corporate-Secretary. Secretary successfully executed 6. Prepared the Integrated
the following duties and Annual Report;
Corporate Secretary responsibilities: 7. Implemented various CSR
Profile 1. Provided input to the BOD programs, externally and
and the BOC regarding internally, through the CSR
The Corporate Secretary up to
capital market developments, Unit in coordination with the
31 December 2023 was held by
including new regulations in Corporate Communication &
Sudjono. He is an Indonesian
the capital market issued by CSR & CPDM Department;
citizen born in 1970, 52 years of
age, who was appointed pursuant OJK and IDX; 8. Maintained rapport with the
to the BOD Decree No. BOD-BOC/ 2. Maintained rapport with media and other information
VI/2014-0011 dated 24 June 2014. Capital Market Authority channels;
He is also a BOD member, serving and prepared reports on 9. Coordinated the Company
as the Finance Director. His the Company’s information meetings and public exposes,
profile is presented in the Board disclosure pursuant to and prepared their minutes;
of Directors’ Profiles section in the applicable laws and 10. Coordinated corporate actions;
the Company Profile chapter regulations;
11. Corresponded with OJK 80
(page 74). 3. Published the Company times and with IDX 44 times.
information transparently,
which included information
disclosure report on the
GMS, periodic financial
statements, annual report,
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
INTERNAL AUDIT
Legal Basis of and has direct access to the Audit There were 221 internal auditors
Committee, ensuring that the in the Company’s Internal
Establishment implementation of its duties is Audit Department as at
and Main Duties carried out independently. 31 December 2023, consisting of:
In accordance with OJK In the corporate governance 1. General Audit: 73 auditors;
Regulation No. 56/POJK.04/2015 structure of BFI Finance, the 2. Field Audit: 125 auditors; and
on the Establishment and Internal Audit Department 3• Head Office: 23 auditors.
Guidelines for the Preparation is responsible for improving
of the Internal Audit Unit the Company’s operational In 2023, a number of competence
Charter, the Internal Audit has a processes through coordination enhancement training sessions
function to provide confidence with the Audit Committee who were held, including advanced
and independent and objective reports to the BOC. The Internal training for internal auditors
consultation internally for Audit Department is led by a held both online and offline,
the Company. Department Head (Head of Great Leaders Program (GLP),
Internal Audit) and must have at Leadership Development
Internal Audit Charter least ten members from within Program (LDP), and assessments.
the Company. Thus, all staff of Up to the end of 2023, no internal
The Internal Audit Charter was
the Internal Audit Department auditors of the Company had
adopted on 1 March 2009 and
are subject to the Company professional certification or
re-evaluated on 26 January 2021
regulations, including in the qualification in the field of
provides the work guideline for
appointment and dismissal internal audit.
the Internal Audit Department
in carrying out the duties and procedures, as well as the
mandate from the BOD. The performance evaluation of the
Internal Audit Charter covers the Internal Audit staff.
technical, operational, and ethical The Head of Internal Audit is
aspects governing each member appointed and dismissed by
of the Internal Audit Department. the President Director with the
approval of the BOC. Should the
Structure and Position Head of Internal Audit fail to meet
The Internal Audit Department the requirements as an internal
was established on 31 March 2010 auditor and/or is not competent
based on the Letter of to carry out his/her duties, the
Appointment of the Company’s President Director can dismiss
Internal Audit Members. It reports him/her based on the approval of
directly to the President Director the BOC.
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AND ANALYSIS GOVERNANCE STATEMENTS
Graph 20 • Internal Audit Department Structure
Head of Internal Audit
Strategic &
Operational
Development
Audit Head
Audit Head
Assurance
Investigation Business Asset Prevention
Audit & General
& Tele Audit & Credit Management Data
Performance Audit Head
Head Audit Head Audit Head Audit Head
Head
Assurance
Investigation Regional Prevention System Audit Internal
Audit & IT Audit
Audit Audit Data Audit Analytic Control
Performance Supervisor
Specialist Head Supervisor Supervisor Supervisor
Supervisor
Operational & Audit Business & System Audit Internal
Tele Audit Audit & QA IT Audit
Finance Audit Non-Retail Credit Data Analytic Control
Specialist Specialist Specialist
Supervisor Supervisor Analytic Specialist Specialist
Operational & Audit Asset Audit
Finance Audit Non-Retail Management Performance
Specialist Specialist Data Analytic Specialist
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Duties and 10. Compile a ranking/scoring Committee. To ensure their
of audit results per branch independence and objectivity, all
Responsibilities office to assess the level of members of the Internal Audit
The duties and responsibilities compliance of each branch Department shall not accept
of the Internal Audit function office with the prevailing assignments and take operational
include: regulations, policies and other responsibilities in any work units
1. Prepare and execute the provisions. or business functions.
annual Internal Audit plan; The Internal Audit Department
Internal Audit
2. Examine and evaluate the has the authority to:
implementation of internal 1. Access all relevant Company
Qualifications
control and risk management information related to its In general, the qualifications for
systems in accordance with duties and functions; members of the Internal Audit
the Company policies; Department include:
2. Communicate directly with
3. Examine and assess the the BOD, the BOC, and/or 1. Have integrity and
efficiency and effectiveness the Audit Committee as well professional, independent,
of finance, accounting, as members of the BOD, honest, and objective behavior
operations, human capital, the BOC, and/or the Audit in carrying out their duties;
marketing, information Committee; 2. Have knowledge and
technology and other
3. Hold regular and incidental experience on technical
activities;
meetings with the BOD, auditing and other disciplines
4. Provide suggestions for the BOC, and/or the Audit relevant to their field of work;
improvements and objective Committee; and 3. Have knowledge of the laws
information about the
4. Coordinate its activities with and regulations in the capital
activities examined at all levels
external auditors’ activities. market sector and other
of management;
related laws and regulations;
5. Prepare audit reports and Standards for the 4. Have the skills to interact and
report them to the President
Implementation communicate both verbally
Director and the BOC;
of Internal Audit and in writing effectively;
6. Monitor, analyze, and report
Activities 5. Must comply with professional
on the implementation of the
standards issued by the
followed up improvements Internal Audit performs audit on Internal Audit association;
that have been suggested; the financial aspect and monitors
6. Must comply with the code of
7. Cooperate with the Audit compliance with the Company
ethics of Internal Audit;
Committee; policies and SOPs, as well as
evaluates the effectiveness of 7. Obliged to maintain the
8. Develop a program to evaluate
the Company’s internal control confidentiality of the
the quality of Internal Audit
system in accordance with Company’s information
activities it carries out;
the Risk-Based Audit concept and/or data related to the
9. Carry out special implementation of the duties
established by the Risk Oversight
examinations/audits if needed; and responsibilities of the
Committee and in line with
and Internal Audit, unless required
the Audit Committee’s input.
The Internal Audit Department by laws and regulations or
reports all potentially adverse court decisions;
findings to the Risk Oversight
Committee and the Audit
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
8. Understand the principles of Internal Audit
good corporate governance
and risk management; and
Code of Conduct
1. Integrity
9. Willing to continuously
improve their knowledge, The integrity of Internal
skills and professional abilities. Auditors create trust so as to
bestow confidence on the
Qualifications for the Head of
conclusions drawn.
Internal Audit are:
2. Objectivity
1. Provide an assessment of the
adequacy and effectiveness Internal Auditors demonstrate
of the processes carried out the highest level of objectivity
by the Company to control its and professionalism in
activities and manage risks retrieval, evaluation, and
from its coverage areas; dissemination of information
2. Periodically provide regarding the activities or
information on the status and processes being audited.
results of the annual audit Internal auditors carry out
planning and adequacy of a balanced assessment
resources; and of all relevant conditions
and are not influenced by
3. Obliged to take responsibility
personal interest or other
for the implementation of his/
parties’ interests in making a
her duties to the President
conclusion.
Director and the BOC through
the Audit Committee. 3. Confidentiality
An Internal Auditor is not allowed Internal Auditors respect
to carry out concurrent duties the value and ownership of
as an executor of operational information and data received
activities in the Company, except and do not disseminate such
with written approval from the information and data without
President Director and President the approval of the authorized
Commissioner without reducing parties.
the Company’s internal control 4. Competency
functions. In the event that
Internal Auditors have the
there are double duties, if the
necessary knowledge,
department/work unit where
expertise and experience to
the party concurrently holds the
carry out their functions.
position is being audited, then
the person concerned may not be
involved in the audit process.
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ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Profile of Head of Internal Audit
Fledy Rizmara
Nationality:
Age: 43 Jakarta, DKI Jakarta
Indonesian
He has served since 2014, based on the • Middle-Management Development
Company’s BOD Decree No. SK/BOD/VII/14-009 Program (MMDP) 1st Batch, by BFI Finance
dated 16 July 2014. He has worked at BFI Finance in collaboration with Prasetiya Mulya
since 2005 as Audit Staff, then appointed as Business School
Audit Team Leader in 2007, Audit Supervisor • Know Your Customer by BFI Finance
in 2010, General Audit Unit Head in March 2011, (internal)
and Field Audit Unit Head in August 2011.
• Problem Solving & Decision Making
He obtained his Bachelor of Economics in
by BFI Finance (internal)
Accounting degree from the Islamic University
of Indonesia (UII) in 2004. He has been active • Situational Leadership Training
as trainer in various training programs for the by BFI Finance (internal)
Company employees since 2009, and has also • Fraud Mitigation & Investigation Training
participated in the following competence by BFI Finance (internal)
development programs including: • Training of Basic Certification Program –
• Basic Principles of Internal Audit by BFI a training program by APPI for managerial
Finance (internal) certification in the form of ‘Basic Financing
• Fraud Detection by BFI Finance (internal) Certification’ from PT Sertifikasi Profesi
Pembiayaan Indonesia (SPPI).
Activities and Follow-up on Audit Findings
In general, the Internal Audit Department has independently and objectively carried out audit activities at
the head office and all branches, covering financial audits, audits of compliance with policies and SOPs, and
evaluation of the effectiveness of the internal control system.
Internal Audit activities in 2023 include:
1. Compilation of the 2023 annual audit work program and evaluation of 2022 implementation;
2. Audit of work units at head office and branches;
3. Monitoring the implementation of audit recommendations as agreed; and
4. Regular meetings with the Audit Committee to discuss the Internal Audit work program and other
matters related to findings in accordance with the Audit Committee’s supervisory function.
In 2023, Internal Audit conducted 774 audits and 126,750 field visits to branches, as well as 10 audit tasks at
the Head Office. The Management had properly responded to the internal audit findings, and for the cases
of fraud that were exposed, the Company had applied penalties in stages, starting from compensation for
the Company losses to termination of employment. The Company’s financial losses in 2023 amounted to less
than 0.5% of its total revenue.
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
INTERNAL CONTROL SYSTEM
The internal control system is part Internal Control 4. Information and
of an integrated business process Communication System
that ensures that all activities are
System Components
The Company prepares
carried out in accordance with The internal control system reports on its operational and
the prevailing rules and support consists of the following financial activities as well as
the achievement of the Company components: compliance and compliance
goals, which include effective 1. Control Environment with laws and regulations in
and efficient business activities, a timely, accurate, clear and
The BOD and all employees
accurate and reliable financial objective manner.
must create and maintain
reporting, and prudent asset
a work environment with a 5. Supervision
maintenance.
positive attitude, support the The Company assesses the
internal control, and carry out
Financial and quality of its internal control
sound management. system, including the Internal
Operational Control 2. Risk Assessment Audit function at each level
In controlling the financial aspect, Each work unit must identify, and unit.
the Company separates the analyze, and assess the Overall, the Company maintains
function of recording transactions relevant risks in relation to its a tiered control system covering
from the cash disbursement operational activities, both the Company governance bodies,
function. The Company also within and outside of the as follows:
runs a tiered budget approval Company.
mechanism that involves a check 1. BOC: supervises and directs
3. Control Activity the Company’s management
and re-check process.
This activity is applied to the process, financial report
In controlling the operational implementation of activities preparation, and risk oversight
aspect, the Company assesses at every level and unit in the by applying the precautionary
the level of compliance of each organizational structure of principle;
function with the relevant policies the Company, among others, 2. BOD: implements policies
and procedures implemented by regulating authority, and work procedures in
through the implementation authorization, verification, accordance with applicable
of Guidelines for Business reconciliation, appraisal of regulations, including risk
Principles, operational guidelines, work performance, division of management and mitigation,
procedures, implementation duties, and safeguarding of determination of the
manuals, work instructions, and assets. Company’s strategic plans,
other reference documents.
and the division of duties and
authorities of each member of
the BOD;
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
3. Internal Audit: conducts Evaluation of Internal audits as input for management
audits and improves the in taking corrective steps and
performance of internal
Control System’s improving policies and the
control in various operational Effectiveness internal control system, in order
and financial activities of the Using the Internal Audit to support the achievement of
Company; Department and according to the Company objectives.
4. BOD: follows up on all audit the Audit Committee evaluation The BOC and the BOD concluded
findings based on the Internal criteria, the Company has that up to 31 December 2023,
Audit report; and evaluated the efficacy of the the Company’s internal control
5. Audit Committee: assesses internal control system for the system over its financial reporting
the implementation of Company financial reporting as at had been effective, and that
activities and the results of 31 December 2023. this system is adequate for the
audits conducted by the The result of the evaluation of the scope of business the Company is
Internal Audit in order to internal control system’s efficacy currently engaged in.
provide recommendations contains recommendations on
for improvements to the the results of internal and external
Internal Control System. The
Audit Committee also ensures
that there is a procedure for
reviewing information issued
by the Company and for
identifying matters requiring
the attention of the BOC.
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
RISK MANAGEMENT
As the business landscape collaborating with third parties and structures for risk
continued to be shaped by and authorities to manage the management, from
wider trends in the economy Company’s risk profile. identifying risks all the way to
and shifts in customer mitigating them. The scope
In the context of AML–CFT–
preferences, BFI Finance seized of these mechanisms covers
CPF implementation, the risk
the opportunity to put in place customers’ profile setting
management framework
further improvements to make to customers’ obligation
is attuned to the OJK’s
its risk management more settlement.
five principles for financial
robust to support its business 4. Risk management
institutions, covering the
strategy. The Company pressed information system
following:
on with utilizing fully digitalized
1. Active supervision of the The Company’s risk
process empowered by machine
BOD and BOC management system draws
learning-built models within its
from its extensive database
risk management framework, The BOD and BOC perform
and is supported by internal
allowing better control of their respective duties in
procedures to improve the
approval process, partial relation to risk management.
quality of risk management
automation of some steps, and The BOC is assisted by the
and portfolio performance
better allocation of resources Risk Management Committee
reporting. The database
and quality of generated in approving the Company’s
also incorporates the wider
portfolio. Especially in light of risk management framework
industry’s List of Suspected
the cyberattack in May 2023, and policies. The BOC grants
Terrorists and Terrorist
BFI Finance revamped certain authority to the BOD to
Organizations and Politically
aspects of system and data perform business activities in
Exposed Persons.
security, backups policies and line with the Company’s risk
other measures to ensure more profile and risk appetite. 5. Comprehensive internal
stringent measures against such control system
2. Adequacy of policies,
risks, which are expected to procedures, and risk-limit The Company’s internal
intensify in the coming years. setting control system follows the
Three Lines of Defense
Throughout 2023, as in previous The Company’s risk
approach: supervisory, control,
years, the Company’s Risk management policies,
and management functions.
Management Department procedures, and limits are
enlarged its team, utilized more regularly assessed to ensure a. First Line of Defense
active applications, and screened their adequacy as well as Business and operational
the portfolio against potential alignment with business units are responsible
fraud attempts. It also progressed activities and strategies, for setting up its
in implementing the guidance segment of new products own internal control
and guardrails relating to Anti- and customers, and the mechanism, identifying,
Money Laundering, Combating regulations. These policies assessing, overseeing,
the Financing of Terrorism, and include authorization for credit and mitigating risks. Their
Counter Proliferation Financing transactions and accounts main responsibility is to
of Weapons of Mass Destruction receivable loss reserve. manage risk exposure
(AML–CFT–CPF) and Know Your 3. Adequacy of identification, daily in accordance with
Customer (KYC), as issued by the assessment, monitoring, and established market targets,
OJK. The department’s scope risk control processes policies, and procedures.
of duties includes conducting
The Company maintains
training for employees and
adequate mechanisms
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ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
b. Second Line of Defense
Enterprise Risk Directorate, Compliance team, Operational Risk team, Anti-Fraud team, Financial
Control Department, as well as Legal & Litigation Unit (as part of the Asset Management,
Recovery & Inventory Department) carry out their independent supervisory functions. Enterprise Risk
Directorate is responsible for carrying out studies and approving acceptable risk levels and strategies,
as well as cooperating with business and operational units in ensuring risk is managed according to
established limits. Financial Control Department manages and is responsible for setting up overall
budget and setting the acceptable risk levels in it, monitoring its fulfilment, and managing short term
and long term funding sources and liquidity positions based on portfolio quality development. Legal
& Litigation Unit manages compliance risks related to legal matters and is responsible in ensuring
the dissemination and adherence of applicable regulations by all related units.
c. Third Line of Defense
The Internal Audit Department periodically conducts independent audit and assessment on each
process undertaken by each unit on the first and second lines of defense.
BFI Finance applies a comprehensive risk management system to ensure its business continuity,
by managing each of the risk factors in its operations. This risk management system is evaluated periodically
to ensure effective implementation, and is enhanced with new features and the latest standards to improve
the risk management performance.
Graph 21 • Three Lines of Defense in Risk Management
General Meeting of Shareholders
Board of Commissioners
Audit Risk Oversight Nomination and
Committee Committee Remuneration Committee
President
Director
Internal Enterprise
Audit Risk Director
Risk Operational Credit Asset Management,
Management Risk & KYC Operations Recovery & Inventory
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Risk Management weaknesses, especially in the aspects of capacity management,
acquisition and underwriting digitalized process driven in
Strategy and newly deployed systems (such as
processes, could be addressed
Performance in 2023 and the loopholes removed. autodialer), and revamped end-
The Company’s risk management to-end strategy.
The risk management team
performance is supported by collaborated extensively with the By end of 2023, several pilot
the improvements made to IT team, mustering the digital projects in digitalization had
the underlying systems and capabilities to obtain a wide- been carried out to achieve this
mechanisms, which in 2023 ranging set of data, both those aim, with a view to deploy them
were primarily focused on available in the market and on more widely in 2024. However,
revamping risk policies, daily customers’ end. This measure the expected progress in this
control, enlarging data science resulted in better informed result was delayed owing to a
and other teams with data- decision-making related to risk cyberattack which the Company
driven professionals, and digital levels during the underwriting endured in May 2023.
capabilities. process. The datasets
A particular element of risk
Initiatives in these areas were include vehicle ownership
management was also brought
driven by the deteriorating documentation, customer IDs,
to focus by this incident. It
quality of financing portfolio, drivers’ licenses, market prices
highlighted the importance of
which was also seen across for various vehicles, personal
buttressing digital defense, given
Indonesia’s multifinance evaluation by credit bureaus, and
the increasing reliance of BFI
industry, as demonstrated by many others. A strengthened
Finance’s business systems on
a higher industry NPF at year- underwriting process allowed for
the digital infrastructure. The risk
end compared to one year prior, a greater number of applications
management team dealt with the
driven to a large extent by the to be processed in less time, with
issue by making sure that going
shift towards pre-pandemic levels the help of this Big Data-driven
forward, all new digital initiatives
of economic activity. machine learning models.
that were built came with the
Responding to the potential To bolster fraud detection and most stringent set of security
of NPF deterioration, which prevention, the massive datasets standards. These initiatives were
was particularly observed in that the Company has integrated also rolled out at pace, not only at
Motorcycles Financing segment, into its risk management the Head Office but also across
the Company tightened its framework helped strengthen the branches, where certain
requirements for new customers the acquisition performance. legacy systems and ad hoc work
and adjusted the relevant loan- With higher quality data, the procedures were still widely
to-value limits as well as the Company now has a more used instead of the newer, more
maximum historical delinquency effective capability to detect structured digital systems.
and some other minimum anomalous transactions and
criteria. Risk from this segment identify potential issues early on. 2023 Risk Matrix
was also managed by extending On the collection side, the Risk BFI Finance classifies various
the period before existing Management team coordinated risks in its business based on
customers could apply for the Company’s engagement of POJK 44/2020, and maintains risk
repeat financing. Furthermore, external consultants to perform matrix describing the potential
the Company applied an collection more effectively. As the impacts and mitigation of each
individualized approach in setting Company recruited additional risk factor
the risk acceptance criteria based personnel, especially field and
.
on each branch’s main customer Call Center staff, to aid this task,
characteristics. the collection team’s capabilities
In dealing with rising market were improved, mainly in the
competition, BFI Finance
sharpened its edge in risk
management by developing
more rigorous business policies.
This ensured that identified
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HIGHLIGHTS SUPPORTING UNITS
Table 123 • Risk Matrix 2023
Potential Risk
No. Risk Type Source Mitigation
Impact Rating
1. Strategic Failure to set All business 1. Active supervision of BOC and Middle–
Risk appropriate strategy and operational BOD Low
to achieve main aspects 2. Periodic evaluation and
objectives adjustment of strategic plans
2. Operational Failure of internal Products 1. SOP preparation and Middle–
Risk and external and services; implementation for each work Low
processes; disruption business process to prevent violation
to operational and processes; 2. Running of Operational Risk
financial processes; operational Management (ORM), Risk Quality
regulation issues; activities; Management, and Operational
internal or external systems and Risk Monitoring Units
frauds infrastructure; 3. Running of Disaster Recovery Plan
reputation and Disaster Recovery Center
4. Internal Audit monitoring
5. Comprehensive awareness and
fraud prevention programs
6. Early warning indicators
3. Financing Failure of debtors to Financial 1. Existence of policies and Middle–
Risk (Credit fulfill their obligations condition; procedures to determine target Low
Risk) to the Company; reputation markets, credit approvals, interest
changes in external rate, rate limits, and exposures
factors 2. Collection management
3. Implementation of MIS to measure
portfolio performance
4. Quick and accurate problem
detection and problem solving
5. Stress test and early detection
system
6. Portfolio diversification policies
and customer base
7. Loan loss provisions in accordance
with SFAS 71
4. Market Risk Changes in market None 1. Hedging for all debts taken in Middle–
prices of the foreign currencies Low
portfolio positions 2. Disbursement of financing in
and administrative rupiah
accounts including
derivative transactions
5. Liquidity Failure to service Financial 1. Effective management of cash Middle–
Risk obligations that have condition; flows Low
come due reputation 2. Gathering and analysis of data and
key indicators
3. Management of liquidity, gaps, and
pricing
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 123 • Risk Matrix 2023
Potential Risk
No. Risk Type Source Mitigation
Impact Rating
6. Legal Risk Failure that may result All business 1. Proper business conduct in Middle–
in legal weaknesses and operational financing in accordance with the Low
aspects prevailing regulations
2. Transparency in every financing
provided
3. Review of every clause in the
financing document by the legal
team
7. Compliance Non-compliance Financial 1. Proper business conduct in Middle–
Risk with the prevailing condition; financing in accordance with the Low
regulations business prevailing regulations
operations; 2. Timely fulfillment of obligations
reputation related to the authorities
8. Reputation Events that may Reputation 1. Collection and collateral execution Middle–
Risk create a negative activities ensured to be in line Low
perception on the with ethics and the prevailing
Company regulations
2. Civil and rapid handling of
complaints from debtors and the
public
3. Monitoring of negative reporting
from mass media and social
media, and providing explanation
as required
Graph 22 • Map of Diversification of Financing by Managed Receivables
Kalimantan
13.6% Eastern Indonesia
(Sulawesi, Maluku, Papua)
15.5%
Sumatra
19.5%
Greater Jakarta
24.5% Java, Bali & Nusa Tenggara
26.9%
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HIGHLIGHTS SUPPORTING UNITS
Evaluation on the while the Internal Audit function, more widely across its branches.
acting independently, oversaw A particular emphasis will
Effectiveness of Risk and evaluated operational be on several pilot projects,
Management System processes; and the Risk in acquisition as well as in
in 2023 Oversight Committee and the collection, that will be expedited
Audit Committee carried out to improve processes in branches,
BFI Finance’s risk management
independent oversight as needed. replacing legacy applications.
team reports its risk profile on
a quarterly basis to the Risk The Company’s effective risk BFI Finance is also strengthening
Oversight Committee. management, with proactive its analytics capability by banking
measures taken in first half of the on machine learning and
The Company’s risk profile
year—mainly on the deteriorating expansion of IT infrastructure.
for 2023 was maintained in
motorcycles financing portfolio— This will significantly enhance
the Middle-Low Risk category
helped BFI Finance to return to the analysis and evaluation of
overall. This was based on
expected performance financially customers’ applications, both
self-assessment conducted in
in 2023, in terms of asset size from existing and potential ones,
accordance with POJK 28/2020
and profitability. The BOC’s with respect to their behavior
and POJK 44/2020.
oversight and the BOD’s overall and repayment schedules.
In 2023, the Company continued direction continued to enhance As branches become more
improving its three lines of the Company’s risk management empowered with capable and
defense, namely internal control, performance, enabling it to keep updated systems, addressing
risk management, and internal up with the planned business personnel management,
audit. This was achieved by initiatives in the future. most notably in collection, will
developing a mitigation plan complete the cycle and create
and holding more frequent 2024 Risk a more robust business for
meetings and reporting on Management Focus BFI Finance.
several potential risks, as well as a
and Development Plan
follow-up process when potential
risks had been identified. The The Company’s risk management
Enterprise Risk Directorate focus in 2024 will be on
conducted risk portfolio analyses, developing and implementing
maintained credit quality and the digital initiatives related to
asset quality up to recovery; risk prevention and mitigation
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LEGAL CASES
There were 58 ongoing legal cases faced by the Company as of the end of 2023 and by the time this report
is printed. A total of 43 cases took place in court, and the rest were handled by the Consumer Dispute
Settlement Agency (BPSK in Indonesian abbreviation).
Based on the assessment carried out by the Company, these cases and/or legal cases did not have
significant/material impacts on the Company’s business continuity, and were part of the Company’s routine
activities. The total outstanding principal from all these cases is Rp22.6 billion, or 0.1% of the Company’s Total
Managed Receivables.
Table 124 • 2023 Legal Cases
Case Type Handling Institution Number of Cases BFI Finance’s Status
As Plaintiff: 1
As Defendant: 42
Consumer Local District Courts 43
Others: None (bankruptcy litigation of
Dispute other companies
BPSK 15 As Complainee: 15
Total 58
The Company has ensured that all of the above cases will have no significant or material negative impact on
the Company’s business continuity and they are part of the Company’s normal course of doing business.
ADMINISTRATIVE SANCTIONS
In 2023, the Company received 3 administrative sanctions from the OJK, comprising 2 written warning and
2 fines. All three of them are described in Table 125.
Table 125 • Administrative Sanctions
Date Type of Sanction Description
17 January 2023 Written Warning Written warning from OJK
regarding delays in handling
customer complaints
6 May 2023 Fine Fines f rom OJK in connection with
the submission of Debtor Reports
and/or Correction of Debtor
Reports via SLIK for the period
December 2022
23 August 2023 Fine Fines f rom OJK in connection with
the submission of Debtor Reports
and/or Correction of Debtor
Reports via SLIK for the period
March to April 2023
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2023 PERFORMANCE BUSINESS
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HIGHLIGHTS SUPPORTING UNITS
ACCESS TO INFORMATION AND COMMUNICATION
Access to Company 4. Customer Care WhatsApp: internally and externally, to
08821 1500018 maintain Company reputation
Information and Data among stakeholders. Operating
5. Customer Care Live Chat:
It is in the interest of the bfi.co.id. under the Department of
Company to ensure the Corporate Communication, CSR
6. Company’s official social
presence of a clear and effective & CPDM, this function organizes
media accounts:
mechanism for the dissemination communication activities and
of information to all stakeholders, • Facebook: BFI Finance manages the Company’s internal
as part of the transparency or • X (formerly Twitter): and external communications. It
information disclosure principle’s @BFIFinance ensures stakeholder satisfaction,
implementation. • Instagram: @bfifinance including shareholders and
the Government, by providing
The mechanism of the Company’s • LinkedIn: PT BFI Finance
company information and data.
information dissemination Indonesia Tbk
This communication is conducted
covered internal and external • YouTube: BFI Finance
through various methods to reach
mechanisms, with the delivery Official
a diverse range of stakeholders,
depending on the stakeholders
• TikTok: @bfifinanceofficial namely:
and the type of information they
require. Stakeholders wishing to obtain 1. External Communication
other information not provided in (Public);
The Company disseminates
the aforementioned channels can 2. Internal Communication; and
information to various
address their inquiries directly to
stakeholders in order to spread 3. Corporate Branding.
BFI Finance’s Head Office, with
knowledge, understanding, External Communication
contact details as follows:
and to create and foster the
PT BFI Finance Indonesia Tbk
(Public)
stakeholders’ positive perception
of the Company’s policies and attn. Corporate Communication The Company communicates
activities. (CorComm) Unit with external shareholders by
BFI Tower disseminating Company-related
Access to Company’s information
Sunburst CBD Lot 1.2 information to various mass
and data is available to all
Jl. Kapt. Soebijanto media and other third parties.
stakeholders and investors
Djojohadikusumo Mandatory information, such as
through bfi.co.id website, which
BSD City, Tangerang Selatan 15322 the business condition of the
contains various information on
Indonesia Company, is conveyed in a timely
the Company’s profile, products
Phone: and accurate manner.
and services, performance
(62-21) 2965 0300, 2965 0500
reports, financial statements, and The following describes
Email:
others. the function of external
corporate.communication@bfi.co.id
communication of the Company:
Other channels for the Website: bfi.co.id.
dissemination of information 1. To develop and implement
include: Corporate communication strategies
in all of the Company’s
1. Customer Care Hotline: Communication
communication media;
1500018 (one-stop solution)
Corporate Communication is 2. To create publicity materials
2. Customer Care Email: responsible for disseminating to enhance the Company’s
customercare@bfi.co.id information, latest news, and profile and marketing
3. Customer Care messages on behalf of the activities;
SMS: 0815 8767 234 Company, as well as establishing
effective coordination both
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3. To ensure up-to-date and 1. Communication through • BFI Finance, as a business
appropriate contents, improve the Company Website engaged in the financial
functions, apply and expand The Company website, bfi.co.id, sector with the Indonesian
social media strategies contains the latest information Business Field Standard
in order to enhance the related to the Company’s Classification (KBLI)
Company profile; financial performance on a defining its field as
4. To ensure strong brand quarterly basis, disclosure Conventional Multifinance
communication and of information related to Company, has obtained
Corporate Brand Guidelines corporate actions, and other a Business Permit
implementations, and monitor current information regarding to Support Business
all matters related to the the Company, and the latest Activities (PB-UMKU)
Company brand; achievements. The Company No. 812021319184101510001
website is updated constantly, and Domestic Electronic
5. To ensure the
to inform the customers System Operator
countermeasures and
and general public of the Registration Certificate
handling of the Company’s
latest promotional programs, (TDPSE) No. 003857.01/
communication crisis in all
customer testimonials, and DJAI.PSE/07/2022 for
lines;
financial services offered by the Company’s website,
6. To be responsible for the
the Company. bfi.co.id. The PB-UMKU
contents and information in
and Domestic TDPSE
each communication channel • Since 2016, BFI Finance’s
were issued by the
and promotional material, be website has been equipped
Electronic Certification
it above-the-line, below-the- with communication
Center on 12 July 2022, on
line, internally, or externally; functions and data access
behalf of the RI Minister
to make it easier for the
7. To work closely with of Communication and
general public, customers
other related units to Information and Minister
and potential customers,
ensure an integrated of Investment/Head of the
investors and potential
and complementary Investment Coordinating
investors, as well as
communication function; Board (BKPM). This reflects
regulators, to know various
8. To support all activities or the Company’s compliance
news about the latest
events, both internally and with the regulations
performances, activities
externally; governing information and
and achievements of the
9. To cooperate with electronic transactions (ITE).
Company. The website
communities or community also provides access to 2. Company’s Social Network
development organizations to Customer Care staff, who BFI Finance maintains online
conduct economic activities are ready to respond communications with all
that are aligned with the to questions regarding stakeholders via Facebook,
Company’s vision and mission; financial products and Instagram, X, YouTube,
and services, file a complaint LinkedIn, and TikTok. They are
10. To cooperate comprehensively or suggestion, and inquire managed collaboratively by the
with the regulators, to foster about job vacancies and Corporate Communication and
a mutually-beneficial work scholarship opportunities. Digital Marketing Units.
relationship that serve the This website is managed
interests of both sides. in accordance with POJK
No. 8/POJK.04/2015 on
Daily, the Company utilizes
Website of Issuers or Public
the following external
Companies.
communication channels:
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HIGHLIGHTS SUPPORTING UNITS
3. Press Conference The Company employs a one- are held by the Human
BFI Finance issued 33 stop communication system Capital Department as part
press releases to disclose for its internal and external of employee engagement
information to the general communications alike. All general program.
public in 2023. These press information of the Company is
Corporate Branding
releases were published in managed by the CorComm Unit.
various print and online media Corporate branding is used to
The Company’s internal
across Indonesia. coordinate various Company
communication activities include:
activities to improve the
4. Other Communication 1. Digital Media image of the Company in the
Channels
The Company uses digital public, especially the external
The Company manages other media as a communication stakeholders. The duties of the
communication channels to channel to minimize paper Corporate Branding function is
facilitate interactions with use, increase operational to standardize and define the
its customers and potential efficiency, and conserve the standards for all matters related
customers (consumers in environment. The various to the Company’s corporate
general), such as SMS, email, digital media used for internal identity as well as to seek
WhatsApp, and Customer communication include email effective ways to communicate
Care Hotline, as explained in blasts, the Company website, these to the external and internal
the previous section. and the Service Insight stakeholders.
Internal Communication Community (SIC) internal
To establish the image and
portal, which is a specialized
The Company provides its representation of BFI Finance
electronic information center
employees with access to in public, and facilitate its
for employees. SIC contains
information related to various communications, marketing, and
the latest information
aspects of the Company’s promotional efforts, the Company
regarding business activities,
business activities. This internal relies on its Corporate Brand
fellow employees’ activities,
communication and access Guidelines.
and serves as a venue for
ensures that all employees sharing information among Corporate Branding activities
have the latest information employees, accessing general in 2023 include:
and accurate understanding information and healthy 1. Ensuring that all attributes
regarding the current condition lifestyle and environmental used and those carrying the
of the Company, as well as other campaigns. Company name in national
general information related
2. Meetings or local events at branch
to the Company’s business
The Company organizes offices were in line with the
activities. Similar to the external
various meetings to facilitate Company’s corporate identity
stakeholders, the Company
dialogue and sharing from standards;
implements the same principle
of information disclosure towards the senior management of 2. Continuing the campaign
its internal stakeholders in this the Company and external for the Company tagline
manner, to continuously increase speakers regarding the #SelaluAdaJalan (There is
the quality of interaction between latest topics: those related Always a Way) to promote
the management and other to the Company’s business the Company’s vision and
internal stakeholders, especially activities or personality mission as a multifinance
the employees. development. These meetings company that is prepared
to assist community’s needs
and support their self-reliance
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AND ANALYSIS GOVERNANCE STATEMENTS
programs through micro, The event was attended 10. Updating the Company’s
small, medium and even large by customers, business video profile with a fresher
scale enterprises; communities, and the concept and visual;
3. Providing consultation and general public. The events 11. Managing the Company’s
support to all work units of the consisted of activities such form of printed products such
Company in all activities and as training and business as calendars, greeting cards,
official events of the Company, mentoring, bazaar for and souvenirs as the means
or those which involved various products, and to raise awareness on the
sponsorships so that they entertainment; Company presence;
were in line with the corporate 7. Monitoring the promotional 12. Campaigning the ‘Teliti
identity standards; materials and campaigns Sekarang, Tenang Kemudian!’
4. Providing consultation for financing products from education event as part of
and assistance to support the Company as published the anti-fraud awareness
the campaign of financial in various media to ensure campaign aimed at informing
products of the Company; their compliance with the customers and the general
Guidelines for Financial public about the potential
5. Organizing a media
Services Advertisements (Third dangers of fraud, which is
gathering as one of the media
Amendment) of 2020; increasingly commonplace in
relations program to provide
opportunities to stakeholders, 8. Conducting training for online transactions;
i.e., members of the press, managing the Company 13. Conducting a talk show on
to communicate directly in product and services financial literacy, aimed at
person to representatives communications, especially for raising public awareness and
of the management of the employees that run the digital knowledge in making the
Company. At this informal communication channels right financial decisions for
event, the Company delivered via social media, so that the their financial sustainability;
the latest developments in its provisions and etiquette in
14. Participating in various
business; interacting in social media,
exhibitions during the
as stipulated in the Company
6. Organizing sustainable Financial Inclusion Month
Communications SOP and
finance programs to improve (Bulan Inklusi Keuangan/
the Guidelines for Financial
the quality of life and the BIK) in October 2023, among
Services Advertisements, are
environment in ways that others the Multifinance Day
adhered to;
are beneficial to the local APPI 2023 and FinExpo BIK
communities and the wider 9. Posting videos on YouTube 2023, aimed at widening
public, among others: featuring inspirational access to financing and
customers of the Company approaching the community
• Digital marketing training
who have become successful through the promotion of
for the Company’s partner
entrepreneurs thanks to the Company’s products and
agents so that they could
BFI Finance’s working capital services; and
maximize the digital
financing. These consumers
channels to boost their 15. Organizing BFI RUN 2023
also have excellent credit
business; and and BFI RIDE 2023 as healthy
track records so that they
• ‘#BFINgangkatUsahaLokal lifestyle campaigns for
become an example for
2023’ MSME Festival customers, business partners,
other consumers and
to raise the capacity communities, and the
the community;
of business owners. general public.
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HIGHLIGHTS SUPPORTING UNITS
Product Promotion 1. Promoted financing products 3. Launched promotional
and services by participating materials for the latest
The Company disseminates in various exhibitions for financing product, i.e.,
product information to cultivate machinery, heavy equipment, financing for the purchase of
customers’ interest in making and property-backed electric two wheelers.
use of the Company’s financial financing segment, i.e.,
services, attract new customers, The unit’s activities are also
Indonesia Apparel Production
maintain sales in a sluggish detailed in the Marketing section
Expo, Info Franchise &
market condition, differentiate its in the Management Discussion
Business Concept, Surabaya
financial products to gain edge and Analysis chapter (pages 128–
Printing Expo, Mining
vis-à-vis its peers, and build the 131).
Indonesia Expo, and ALLPRINT
image of the products in the Indonesia Expo;
customers’ view as to meet the Correspondence
2. Conducted meetings and
Company’s expectation. with OJK and IDX
appreciation events in a
This function is managed by number of cities for business Throughout 2023, the Company
the Integrated Marketing partners, such as sales agents corresponded 80 times with
Communication Unit or and dealers of used four OJK and 44 times with IDX.
IMC (including strategic wheelers; and This function is conducted by the
communication and event Corporate Regulatory Compliance
activation functions). Activities Unit under the Corporate
carried out to support the Secretariat Department.
marketing include:
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AND ANALYSIS GOVERNANCE STATEMENTS
INVESTOR RELATIONS
The Investor Relations function visits, and conference calls, as well 2. To act as a coordinator in
cultivates and maintains as information delivered via the preparing the Company’s
communication and relationships Company’s official website. Integrated Annual Report;
between BFI Finance and its 3. To manage the reports’
various stakeholders, specifically Duties and publication process online, on
shareholders, potential investors, Responsibilities the Company’s website, bfi.co.id;
and analysts. and
The Investor Relations Unit
Via this function, the Company has the following duties and 4. To act as the organizer, main
aims to update and engage the responsibilities: coordinator, and supervisor
public of all key developments of the Company’s various
1. To serve as a liaison between
and material information in activities, such as GMS and
the Company and external
a consistent and transparent Public Expose.
stakeholders, especially
manner. This is done through
the shareholders, potential
various channels, such as analyst
investors and government
meetings (including public
institutions related to capital
exposes), conferences, investor
market and investments;
Investor Relations Profile
Ng Koon Pek
Malaysian
Age: 46 Jakarta, DKI Jakarta
Citizen
She has been serving the function of Investor Relations since January 2011 and passed the fit and proper
test for foreign workers from OJK based on the Decree of the Board of Commissioners of OJK No. KEP-
860/NB.1/2014 dated 2 May 2014. Prior to joining BFI Finance, she was a Vice President of Equity Capital
Markets at CIMB Investment Bank in Malaysia and Indonesia until 2009. She started her career as an
Analyst for Nikkei Pacific Corporate Advisors, Kuala Lumpur, in 2001 before joining General Electric’s
Financial Management Program from 2002–2004. She obtained her Bachelor of Arts or B.A. (Hons)
degree in Industrial Economics from the University of Nottingham, UK, in 1999, and Master of Science
(M.Sc.) in International Securities, Investment and Banking from ISMA Centre of the University of Reading,
UK, in 2000
Activities Table 126 • Investor Relations Activities in 2023
The Investor Relations work Type of Activity Total Activities
programs in 2023 are as follows:
Analyst Meetings 4 times
Conferences 2 times
Investor One-on-One Meetings 70 times
Investor Group Virtual Meetings 2 times (total participants: 56)
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HIGHLIGHTS SUPPORTING UNITS
COMPLIANCE
The Compliance Unit at ensures its compliance with This unit’s supervisory function
BFI Finance is led by the BOD the government’s program in encompassed five programs in
under the direct supervision of support of the global initiative 2023, with detail of initiatives in
the President Director. The unit’s to eradicate the criminal act of each program as outlined below:
main tasks are to oversee policies, money laundering and combat 1. Active supervision by the
regulations, systems, procedures, the financing of terrorism. BOD and the BOC
and activities of the Company, as
a. Adjustment of the AML–
well as to ensure compliance with Anti–Money
CFT–CPF organizational
the applicable regulations. Apart Laundering, structure at the Head
from executing the function
Combating the Office and branches in
of monitoring compliance,
Financing of accordance with the
the Compliance Unit also has
regulations’ requirements
a strategic role in maintaining Terrorism, and Counter and the Company’s
the Company’s operational
Proliferation Financing strategy;
sustainability and reputation,
as well as participating in
of Weapons of Mass b. Discussion of the AML–
creating a transparent, ethical Destruction (AML– CFT–CPF framework for
follow-up actions that need
and trustworthy business CFT–CPF)
environment. to be done by considering
The AML–CFT–CPF (previously all aspects of the regulatory
In facing increasingly complex the AML–CFT & KYC) Unit is under requirements and the
business dynamics and the coordination and supervision Company’s strategy;
increasingly stringent regulations, of the Operational Risk & KYC c. Update to the AML–CFT–
the Compliance Unit plays an Department and the Enterprise CPF risk profile calculation
important role in maintaining Risk Directorate. The Head of reference to the Sectoral
the operational integrity and Operational Risk & KYC directly Risk Assessment (SRA)
reputation of the Company. reports to the Enterprise Risk published by OJK; and
The main responsibility of this Director. However, in relation
unit involves continuously d. Discussion of AML–CFT–
to the resignation of Sigit
monitoring changes in applicable CPF risk profile and its
Hendra Gunawan as Enterprise
regulations and policies, as well follow-up with the Risk
Risk Director, which had been
as evaluating their impact on the Oversight Committee.
approved by the shareholders
Company’s operational activities. at the 16 May 2023 EGMS, this 2. Policies and procedures
To achieve this, the Compliance unit and all departments under a. Adjustment to the
Unit works closely with various it were transferred to be directly policies and procedures
departments to develop policies responsible to Mr. Francis Lay Sioe for implementing the
and procedures that comply Ho as President Director (CEO). AML–CFT–CPF Program
with applicable regulations and This is an interim configuration in the Company’s
standards. Continuous updates until the official appointment of a operations according to
are needed so that policies new Enterprise Risk Director. the POJK No. 8/2023 on
remain consistent and relevant the Implementation of
in the face of changing business Anti–Money Laundering,
environments. Combating the Financing
Consistent with its nature of Terrorism, and Counter
of business in the financial Proliferation Financing
services sector, BFI Finance of Weapons of Mass
Destruction in the
Financial Services Sector
(POJK 8/2023);
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b. Dissemination of policies d. Monitoring of Cash and knowledge in line
and procedures related Transactions and with the latest regulatory
to the implementation of Suspicious Transactions on developments and
AML–CFT–CPF program a regular basis to ensure typologies of money
in each function in the that no cash transactions laundering, terrorism
Company; and whose value exceeded financing, and financing
c. Reporting of Cash Rp500 million were for the proliferation
Transactions and reported late; of weapons of mass
Suspicious Transactions to e. Creating a Watchlist destruction;
PPATK through the GoAML Database related to the c. Refreshment training
application. implementation of AML– for Senior Officers,
3. Internal control CFT–CPF Program from directly delivered by
various data sources that representatives from
a. Collaboration with Internal
are not only oriented PPATK, with the aim of
Audit in the audit of
towards domestic ensuring that high-risk
policies and procedures
regulatory compliance, credit decision makers
in accordance with POJK
but also the interests related to AML–CFT–
12/2017 and POJK 23/2019
of investors from the CPF receive updated
as well as auditing the
European Union and the knowledge about modes
implementation of the
United States to identify of money laundering and
Company’s AML–CFT–CPF
the level of risk of Debtors terrorism financing, as well
policies and procedures;
and Prospective Debtors; as getting policy updates
and
f. Enrichment of the directly from the most
b. Data Updating program,
Politically Exposed qualified experts;
for which the plans and
Persons (PEPs) Database d. Training for employees
accomplishments have
by drawing on various in the positions of Credit
been reported to OJK.
sources; Factory Head, Credit
4. Management information
g. Reporting of enrichment Commercial Analyst,
system
of information on parties Credit PBF, Sharia & Non-
a. Quarterly reporting of suspected of terrorism Collateral Credit as well
debtors’ data to PPATK financing through the as the Credit Operations
through the SIPESAT SIPENDAR application; and Team at the Head Office
application; as the parties responsible
h. Reporting of AML–CFT–CPF
b. Identification and for AML–CFT–CPF on
risk scoring level through
implementation of AML– the updates regarding
OJK’s Online Reporting
CFT–CPF “red flag tools” the implementation
Application (APOLO).
in accordance with the of POJK 8/2023 and
5. Human resources and AML–CFT–CPF cases in
Circular of the Head of
training multifinance companies;
PPATK No. SE-03/1.02/
PPATK/05/15 on the a. The Company’s human and
Indicators of Suspicious capital training and e. Updates to the employee
Financial Transactions monitoring on AAML–CFT– recruitment process
for Financial Services CPF in 2023, which was using the AML–CFT–CPF
Provider, for monitoring conducted by e-learning Watchlist as a preventive
of Cash Transactions and via M-BEAT application measure so that the
Suspicious Transactions; (digital learning media for Company avoids personnel
BFI Finance’s employees); who may be able to abuse
c. Testing of the strength of
indicators in AML–CFT–CPF b. Participation in AML– the Company as a means
“red flag tools” to ensure CFT–CPF seminars and of operating crimes.
that the Company is not trainings from OJK,
utilized as a means of PPATK, and other parties,
money laundering; to ensure understanding
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HIGHLIGHTS SUPPORTING UNITS
CODE OF CONDUCT AND CORPORATE CULTURE
Code of Conduct • Fairness, which is The essence of the Company’s
implemented by upholding Code of Conduct is further
BFI Finance has established a sense of justice and equality reflected in the Code of
and is implementing a Code in fulfilling the rights of Business Principles applicable in
of Conduct, i.e., a set of policies the stakeholders arising BFI Finance, as follows:
related to business ethics and under agreements as well
ethical conduct for its employees Corporate Responsibilities
as the applicable laws and
that govern all business activities, regulations. In the Code of Business Principles,
to ensure their alignment with BFI Finance acknowledges
the Company’s vision, mission, Code of Conduct Contents
five corporate responsibilities,
and culture. The Company’s Code of Conduct which reflect its commitment to
The Company’s Code of Conduct consists of business ethics and stakeholders, as follows:
is developed based on the ethical conduct, which form the 1. To the Shareholders
following GCG principles: foundation for the Company
• BFI Finance conducts its
principles.
• Transparency, which is business with an aim to
implemented by ensuring The business ethics part describes improve shareholders’
that the transparency and how the Company, as a business values based on GCG
measurability of every step entity, should behave, conduct, principles;
and process in the policy and act in an effort to balance the • BFI Finance intends to
formulation and decision- interests of the Company and the give optimum results and
making by the BOC, the BOD, interests of all stakeholders, in return on investment to
and all levels of the Company; accordance with GCG principles shareholders, while still
• Independence, which is and the Corporate Values while retaining adequate fund
implemented by carrying out still maintaining the Company’s to support the Company’s
its activities independently, profitability. growth;
professionally, in accordance Ethical Conduct is a set of value- • BFI Finance values good
with the code of conduct and based rules which reflects the relationships with its
standards of professionalism, attitude and commitment in shareholders by providing
and free from influence from complying with the rules of timely, regular, and
other parties; conduct in order to maintain reliable information on the
• Accountability, which is good name, confidentiality, and activities, financial status,
implemented by clearly other important matters that and business outcomes of
defining the responsibilities affect the Company’s reputation. the Company.
and authorities of the BOC, 2. To the Customers
The Company’s Code of Conduct
the BOD, and all levels of the
contains Corporate Values that BFI Finance is committed
Company in the organizational
are concretized in the following to attracting and retaining
structure and their respective
behaviors: customers by providing value-
job descriptions;
1. Grow and Improve added financial products
• Responsibility, which is and services which are cost-
Continuously
implemented by aligning the effective and beneficial for the
management of the Company 2. Respect and Care
customers.
with the applicable laws 3. Excellent Service
3. To the Employees
and regulations and sound 4. Absolute Integrity
business principles; and • BFI Finance values its
5. Trust and Team Spirit employees as an important
resource and is committed
to continuously developing
them;
246 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
• BFI Finance shall recruit, Business Integrity Information Disclosure
employ, train, and promote
BFI Finance and all of its branch BFI Finance considers information
employees based on
offices uphold honesty, integrity, on business strategies as its
their qualifications and
and fairness as the foundational crucial assets, which shall be
capabilities;
principles in all business aspects protected from theft, violation,
• BFI Finance is responsible
of the Company, and expect the abuse, and inappropriate
for creating a healthy
same from any parties dealing exposure. This emphasizes the
workplace and ensuring
business with BFI Finance. All importance of maintaining the
the safety of its employees.
business transactions on the secrecy of business information
4. To All Stakeholders Company’s behalf are recorded and prohibiting unauthorized
BFI Finance always fosters accurately in accordance with the disclosure, reflecting the
mutually beneficial standard operating procedures Company’s commitment to
relationships with its creditors, and are subject to audit process. information integrity and security.
business partners, and other All employees are expected to
Insider Trading
stakeholders, and encourage prioritize Company interest above
these principles in its daily their personal interests when BFI Finance enforces strict
activities. conducting business duties. regulations against insider-
5. To the Communities trading on all employees.
Company Asset Utilization
This means that non-public
As a member of the and Protection information that may affect
community, BFI Finance BFI Finance’s share price shall be
BFI Finance emphasizes that
always conducts its business considered as confidential until
each employee is responsible for
responsibly, by complying the announcement thereof by a
using the Company’s assets and
with the applicable laws competent party (management).
resources in a fair and responsible
and regulations, and by Employees with sensitive
manner, including for their
ensuring that the Company’s information that may affect the
protection and preservation.
activities do not violate any BFI Finance’s share price and
All assets and resources, as well
human rights. The Company’s related rights shall not engage
as any opportunities that arise on
community participation, in direct or indirect transactions
the basis of one’s position, shall be
in the form of donation, of those shares and other related
used solely for the achievement
training, and other social rights. The BOC, BOD, and all
of the Company’s objectives and
activities, is intended to employees are committed to
not for personal gain. BFI Finance
improve the quality of life of continuously implementing
employees are prohibited from
the surrounding communities the Company’s Integrity Pact
abusing their position for their own
and to yield direct benefits to to the best of their abilities
or other parties’ personal gain.
the people. along with the implementation
of strategic policies to achieve
sustainable growth.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 247
Page 250
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Implementation and the Company’s Integrity Pact the type and level of violation, in
Enforcement of the Code of to the best of their ability. The accordance with the applicable
Integrity Pact of BFI Finance provisions in the Company.
Conduct
regulates the Guidelines on This articulates BFI Finance’s
To support the implementation Business Principles. commitment to the enforcement
of the Code of Conduct, the of ethics and integrity across all
In implementing the Guidelines
Company requires the following: levels of the organization.
on Business Principles, the
1. The Company’s Code of
BOC, BOD, and all employees,
Conduct shall be applied Corporate Culture
regardless of their positions,
to all employees, including
shall comply with the ethics The Company has established
all members of the BOC,
embedded in the Company’s Core core values that should be
all Committees under the
Values to the highest degree. understood and adhered to as
BOC, the Sharia Supervisory
The management and employees corporate culture. The core values
Board, as well as the BOD, all
of the Company must understand of the Company, which can be
Committees under the BOD,
and abide by the core values, abbreviated as G.R.E.A.T., are:
and the management;
which are crucial in maintaining - Grow and Improve Continuously;
2. The Company’s Code of the Company’s sustainable
- Respect and Care;
Conduct shall be disseminated growth.
to and understood by all - Excellent Service;
employees; and Handling of the Violations - Absolute Integrity; and
3. The management shall set an
to the Code of Conduct
- Trust and Team Spirit.
example to their subordinates BFI Finance monitors the
To update and complement
on the implementation of the enforcement of the Company’s
G.R.E.A.T., BFI New Mindset
Code of Conduct. Code of Conduct and provides
was launched, adopting a new
facilities to submit grievances
Code of Conduct dissemination thinking framework and set of
related to related violations.
measures in 2023 were carried behaviors, to accelerate the digital
Employees who are found
out in conjunction with the transformation processes in
guilty of infringement shall be
dissemination of the Company’s BFI Finance as it becomes a tech-
investigated by the Employee
Core Values and ethical conduct based multifinance company.
Disciplinary Violations
for employees. The Human BFI New Mindset comprises:
Investigation Team, consisting
Capital Department disseminated 1. Dare to Try and Learn;
of representatives from the
the Code of Conduct through
Internal Audit and Human Capital 2. Empower and Collaborate
e-mail blast to all employees.
Department, and shall be subject with Other Parties; and
BFI Finance’s management to sanctions commensurate to 3. Listen, Speak Up, and Take
maintains an Integrity Pact Responsibility.
containing the Company’s
commitment to implementing Explanation on G.R.E.A.T. and BFI
GCG principles. The BOC, BOD, New Mindset is presented in the
and all employees are committed Corporate Values and Corporate
to continuously applying Culture section in the Company
Profile chapter (pages 56–57).
248 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
MANAGEMENT AND EMPLOYEE STOCK
OWNERSHIP PROGRAM (MESOP)
Pursuant to the EGMS Resolution Those among the Company’s 4. Purchase the number of
on 29 June 2022, the Company management and employees shares based on their personal
implemented the Management who are eligible to take part in grade (PG) as at 30 June 2022;
and Employee Stock Ownership the MESOP scheme must: 5. Have their MESOP
Program (MESOP) on 75 million 1. Be active as employee of eligibility revoked should
of its treasury shares, with an BFI Finance, and not part they no longer work with
execution price of Rp500 per of the members of the the Company for any reason,
share, or amounting to a total of BOD, BOC, and SSB of including resignation, before
Rp37.5 billion. the Company; 30 September 2022; and
The transfer took place on 2. Be registered as permanent 6. Be bound by other
11 October 2022. Such shares employees and/or have been stipulations made separate to
under this MESOP scheme are working for the Company this regulation for issues that
blocked from trading for three since 1 January 2019; are not covered herein.
years since the transfer date. 3. Have their average KPI for the The Company did not perform
last two years at 2.5 at least; any MESOP in 2023.
INFORMATION DISCLOSURE POLICY
BFI Finance maintains a policy Each change to the share In 2023, the Company made one
which ensures that the ownership ownership as described above is disclosure of such information to
of shares of public companies to be reported at the latest three the authorities.
by any member of the BOD business days since the change
and the BOC, both directly and takes place.
indirectly, be disclosed according
to the prevailing regulations to
the authorities.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 249
Page 252
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
WHISTLEBLOWING SYSTEM
The Company runs its violations of the Company’s code Protection for
Whistleblowing System of conduct or the principles of
established under Company good corporate governance, by
Reporters and
Regulation No. SOP/031 submitting their reports through: Handling of
dated 22 March 2013, as 1. E-mail at Complaints
an implementation of fraud_investigator@bfi.co.id; Any reporting party through
GCG principles, especially
2. Short message service (SMS/ BFI Finance Whistleblowing
responsibility and fairness. This
WhatsApp) at 0822 5888 8911; System has their rights
Whistleblowing System ensures
or protected in accordance with
optimal performance and legal
3. Mailing address: Law No. 31/2014 on Amendments
compliance of every BFI Finance
to Law No. 13/2006 on Protection
employee in carrying out their Head Office of
of Witnesses and Victims.
duties and responsibilities. PT BFI Finance Indonesia Tbk
BFI Tower In 2023, 170 complaints and
Whistleblowing Sunburst CBD Lot 1.2
reports of violations were
Mechanism Jl. Kapt. Soebijanto
received, of which 152 were
sent by e-mail and 18 by SMS/
Through BFI Finance Djojohadikusumo
WhatsApp message. The details
Whistleblowing System, every BSD City, Tangerang Selatan are presented in Table 127 and
individual within the Company 15322 128, while the follow-up process is
can submit their grievance and/ described in Graph 23.
Indonesia
or report regarding fraud and/or
attn. Internal Audit
Department
Table 127 • Number of Whistleblowing Reports in 2023 and the Handling Status
Type of Report/Complaint In Progress Solved Total
Alleged Irregularities 0 106 106
Others 0 64 64
Total 0 170 170
Table 128 • Whistleblowing Reporting Media in 2023
Type of Media In Progress Solved Total
Email of Fraud Investigator 0 152 152
SMS/WhatsApp of Fraud Investigator 0 18 18
Written Letter 0 0 0
Total 0 170 170
250 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Graph 23 • Whistleblowing Report Follow-up Flow Chart
Report Data Verification Finding Validation Report
Received Process Process Validation
by the Whistleblowing by the Internal Audit through valid investigation
System Department and the according to the procedure
Risk Management
Department
The Company shall impose the sanction on the perpetrator of the violation in accordance Allegation proven
with the applicable regulations in the Company
Whistleblowing Report Follow-up
In 2023, all reports of violations have been completely settled, and commensurate sanctions have been given
to the perpetrators.
ANTI-CORRUPTION POLICY
BFI Finance obliges all members A complete information on • Distribution of a series of
of the BOC, the BOD, and all the Anti-Corruption Policy is e-mail blasts and standing
employees to uphold fair business available at https://www.bfi.co.id/ banners containing messages
competition, sportsmanship and en/corporate/Corporate-Good- of anti-fraud action in all of
professionalism, as well as the Governance/Anti-Corruption- Company branches; and
principles of GCG. System. • Establishment of provisions
The Company is committed This Anti-Corruption Policy is related to anti-fraud strategy
to creating a healthy business disseminated throughout the year, which contain prevention and
climate, avoiding any actions, and in 2023 it took the forms of: handling of fraud, bribery,
behaviors, or activities that could gratuity, and other matters,
• Anti-fraud campaign involving
lead to conflicts of interest, including disciplinary issues
all employees of the Company,
corruption, collusion, and in the follow-up of sanctions
as a form of dissemination of
nepotism, and always putting the affirmed by the Internal
the anti-corruption policy and
interest of the Company above Discipline and Compliance
other provisions that form
personal interest, family interest, Committee
the basis of the Company’s
or group interest. integrity;
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 251
Page 254
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
PROCUREMENT POLICY
Principle and Policy Procurement System To strengthen business process
support, at the branches and
The Company has procedures The Company consistently runs its head office, in 2023 the Company
for the procurement of goods goods and services procurement rejuvenated the computers by
and services that are carried out process and system through the purchasing 3,000 new units.
quickly and transparently, by stages of planning, preparation,
applying the principles of GCG selection of vendors, goods and Fixed Assets Insurance
without conflict of interest. services procurement transaction,
utilization, and management of The Company mitigates risk to
The policy governing the protect and minimize the risk of
Company assets.
Company’s procurement of goods damage or loss of Company fixed
and services as well as supplier This goods and services assets. The Company insures its
relations encompasses: procurement system is run by fixed assets with the following
1. Implementation of Internal the Company transparently coverage:
Memos and Operational and competitively, by including
1. Property All Risk Policy
Procedures for the prospective vendors who
with a rider to cover risk
procurement of goods and satisfy the requirements in line
of earthquake to protect
services; with the Company’s criteria
immovable property;
and needs. In the goods and
2. Procurement of goods and 2. Moveable All Risk Policy on the
services procurement process,
services is based on the loss of movable property;
the Company also employs
procurement value and level
other methods, such as auction, 3. Insurance policy on motor
of authority, particularly at the
direct appointment, and direct vehicles; and
branch offices, to accelerate
purchase, performed both 4. Insurance policy on public
the procurement process.
conventionally and online, in liability.
Procurement of goods and
order to ensure that the quantity
services above a certain
amount shall be conducted
and quality of goods and services 2023 Budget Spending
procured by the Company are as
centrally at the head office; Policy
required, obtained at the most
3. Major suppliers of goods and competitive prices, and of the Since the Covid-19 pandemic,
services are required to submit best possible quality. the Company has enhanced
complete legal documents its technological capacity to
to ensure that the rights The control and monitoring of
adapt to new ways and patterns
and obligations of both the goods and services procurement
of working. In early 2023, the
Company’s and suppliers’ to fulfil needs at the head office
Company replaced 3,000
comply with the existing and the branches, starting
technology devices used by
documents; from the purchasing to asset
its employees to support their
maintenance, are conducted
4. The Company’s Code of performance and operations
through an integrated system.
Conduct and Regulations in the era of hybrid work,
This allows users (parties who
prohibit employees to while continuing to make
require the goods or services),
accept gifts of any kind from improvements in the Company’s
namely branches and the head
suppliers; and technology and digital areas.
office, to monitor the process.
5. The Company conducts However, when the cyberattack
The Company continuously
periodic evaluations on all incident occurred, the Company
develops the system to support
suppliers to ensure that had to prioritize the agenda of
the ongoing improvement of its
they are able to support the enhancing and strengthening its
business processes.
Company’s activities. digital security by updating its
252 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
whole range of operational and security systems with the best quality and tested, to protect all assets owned
and managed by the Company. This agenda then influenced the value of asset purchases that increased
significantly from the previous year’s.
Table 129 • Purchases of Assets in 2023 by Type
Procurement Value Number of Instances
Assets
Rp million Percentage Units Percentage
Vehicles 119,118 32.9% 597 5.4%
Software 169,526 46.8% 111 1.0%
Hardware 54,454 15.0% 8,716 78.5%
Machinery 3,857 1.1% 791 7.1%
Rental 13,639 3.7% 430 3.9%
Furniture 1,875 0.5% 459 4.1%
Total 362,469 100.0% 11,104 100.0%
Graph 24 • Purchases of Assets in 2023 by Type
1.1 0.5
3.7
15.0
Vehicles
32.9
Software
Hardware
Machinery
Rental
Furniture
46.8
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 253
Page 256
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Giving and The Company has a regulation • The giving is not intended for
that governs the giving of gifts, personal benefits/interests
Accepting Gifts bribes and similar rewards, gifts and is not material in nature;
Giving of gifts is defined to cover to other parties as a token of • The giving does not affect any
all forms of rewards given by gratitude, gifts in celebration of decision for procurement or
the Company or other parties religious holidays, souvenirs, and goods or services; and
representing the Company to mementos in the form of goods
• Gifts are not given
certain parties, with the intention or services.
continuously by the same
of influencing those parties to
Taking into account the prevailing giver to the Company or any of
benefit the Company beyond
business ethics, any employee its representatives
reasonable limits.
receiving a gift of any price and
Meanwhile, accepting of gifts is any form shall submit a report to
defined to cover as all forms of their direct supervisor. Accepting
rewards received by the Company gifts from other parties for the
or other parties representing the purpose of promoting their
Company from relevant parties, Company, a token of gratitude,
with the intention of influencing religious celebrations, souvenirs,
the decisions of the Company’s or mementos, is allowed and
management to act favorably to considered appropriate in daily
the giver of the gift. social relations, provided that:
254 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
TRANSPARENCY OF FINANCIAL AND
NON-FINANCIAL CONDITIONS NOT DISCLOSED
IN OTHER REPORTS
BFI Finance compiles various b. Annual Financial 4. Sustainability Report
reports that present financial Statements audited published by BFI as an
and non-financial information by Public Accountant inseparable part of its
transparently for the stakeholders, and Public Accounting Integrated Annual Report; and
and other related institutions, Firm registered on OJK. 5. Transparency of Non-Financial
in a timely, complete, accurate, The Annual Financial Condition
updated, and complete manner. Statements is prepared
BFI Finance has provided
for one financial year and
Information on the Company’s information regarding the
presented in comparison
financial and non-financial Company’s products in a
with the previous financial
condition have been presented clear, accurate, and updated
year; and
clearly and transparently in manner. Such information
several reports, including: c. Statement of Responsibility has been made available
Integrated Annual Report, which by BOC and BOD for to customers, in the form
among others includes accuracy of the Integrated of, among others, leaflets,
Annual Report contents; brochures or other written
1. Overview of Key Financial Data
including: 2. Financial Statements forms at the BFI Finance
published every six months outlets, in locations that
a. Share Highlights, BOC
in the mass media, on are easily accessible by
and BOD Reports,
BFI Finance website under the customers; and/or through
Company Profile,
Press Releases and Info menu, electronic forms, such
Business Supporting
and IDX website; as through BFI Finance
Units, Management
3. Quarterly Financial website, an online portal
Discussion and Analysis
Statements, published in the that provides information
on financial and business
websites of BFI Finance and on the characteristics of
performance, Good
IDX; financial and insurance
Corporate Governance, and
products in Indonesia as well
Sustainability that covers
as the comparison between
the discussions on Human
the products.
Capital and CSR;
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 255
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
STATEMENT OF IMPLEMENTATION OF
THE CORPORATE GOVERNANCE GUIDELINES
FOR PUBLIC COMPANIES
Implementation of Guidelines Recommendations from OJK
BFI Finance’s GCG implementation performance adheres to OJK Regulation No. 21/POJK.04/2015 on
Implementation of Corporate Governance Guidelines in Public Companies as amended by OJK Regulation
No. 29/POJK.05/2020 and OJK Circular No. 32/POJK.04/2015 on Corporate Governance Guidelines for Public
Companies, which encompass 5 aspects, 8 principles, and 25 implementation recommendations, summed
up in Table 130.
Table 130 • Implementation of Corporate Governance Guidelines Recommendations for Public Companies
Statement of
Explanation (for non-
Recommendation Compliance/
compliance)
Explanation
Aspect I: Relationship of Public Company with Shareholders in Ensuring Shareholders’ Rights
Principle 1: Improving the Value of Implementation of GMS
1. The Public Company has a means or technical procedure for Compliant -
voting both open and closed voting mechanisms that uphold the
independence and interest of shareholders.
2. All Members of the BOD and the BOC of the Public Company attend Explanation One member of the
the AGMS and EGMS. given BOC did not attend
the AGMS and the EGMS
on 16 May 2023 due to
a reason stated to and
accepted by the GMS.
3. Summary of GMS minutes of meeting is provided in the Public Compliant -
Company Website for at least one year.
Principle 2: Increasing the Quality of Communications between Public Company and Shareholders/Investors
4. The Public Company has communications policy with the Compliant -
shareholders or investors.
5. The Public Company discloses its communications policy to the Compliant -
shareholders or investors on the Website.
Aspect II: Functions and Roles of the BOC
Principle 3: Strengthening the Membership and Composition of the BOC
6. Determination of the number of Members of the BOC takes into Compliant -
consideration the conditions of the Public Company.
7. Determination of BOC composition takes into consideration its Compliant -
diversity in terms of skills, knowledge, and experience required.
Prinsip 4: Meningkatkan Kualitas Pelaksanaan Tugas dan Tanggung Jawab Dewan Komisaris
8. The BOC has its self-assessment policy to evaluate its performance. Compliant -
9. Self-assessment policy to evaluate the BOC performance is disclosed Compliant -
in the Integrated Annual Report of the Public Company.
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Table 130 • Implementation of Corporate Governance Guidelines Recommendations for Public Companies
Statement of
Explanation (for non-
Recommendation Compliance/
compliance)
Explanation
10. BOC has a policy regarding the resignation of BOC members should Compliant -
they be involved in a financial crime.
11. BOC or the Committee carrying out the Nomination and Compliant -
Remuneration function prepares the succession policy in the BOD
Nomination process.
Aspect III: Functions and Roles of the BOD
Principle 5: Strengthening the Membership and Composition of the BOD
12. Determination of BOD composition takes into consideration the Compliant -
Public Company’s conditions and efficacy in decision making.
13. Determination of BOD composition takes into consideration its Compliant -
diversity in terms of skills, knowledge and experience required.
14. Member of the BOD in charge of accounting or finance has an Compliant -
expertise and/or knowledge in accounting.
Principle 6: Improving the Quality of Implementation of BOD Duties and Responsibilities
15. BOD has a self-assessment policy to evaluate its performance. Compliant -
16. Self-assessment policy to evaluate the BOD performance is Compliant -
disclosed in the annual report of the Public Company.
17. BOD has a policy regarding the resignation of BOD members Compliant -
should they be involved in a financial crime.
Aspect IV: Stakeholders’ Participation
Principle 7: Improving Corporate Governance Aspect via Stakeholders’ Participation
18. The Public Company has a policy to prevent insider trading. Compliant -
19. The Public Company has a policy on anticorruption and antifraud. Compliant -
20. The Public Company has a policy on vendor/supplier selection and Compliant -
enhancement of skills.
21. The Public Company has a policy on fulfilling creditors’ rights. Compliant -
22. The Public Company has a whistleblowing system policy. Compliant -
23. The Public Company has a policy on long-term incentive provision Compliant -
to the BOD and employees.
Aspect V: Information Disclosure
Principle 8: Enhancing Information Disclosure Implementation
24. The Public Company utilizes information technology more broadly Compliant -
than the website as a means to disclose information.
25. The Public Company’s Integrated Annual Report discloses the Compliant -
ultimate beneficiary of the ownership of its shares for at least 5%
ownership as well as the disclosure on the ultimate beneficiary of
the ownership of shares of the public company via the major and
controlling shareholders.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 257
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07 SUSTAINABILITY 258 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 261
Irma Suryani Customers, Lampung “I started applying for financing from BFI Finance for additional business capital. Alhamdulillah, it has been continuously growing. Ups and downs are normal, but I keep remind myself that with sincere dedication, there is always a way to fulfill the happiness of my family.” 2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 259
Page 262
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
SUSTAINABILITY STRATEGY
BFI Finance maintains a Sustainability Vision and Mission that guides the formulation and implementation
of its sustainability strategy, with due consideration of the relevant conditions and needs of its
every stakeholder.
Sustainability Vision
To become a partner that contributes positively
to supporting the improvement of social welfare
by maintaining the 3P (Profit, People, Planet) balance
Sustainability Mission
To support the Sustainable Development Goals
through the Company’s social programs in
education, health, and social welfare, along the
Company’s internal and external aspects
Sustainability Strategy Direction 2020–2023
The Company’s sustainability strategy for 2020–2023 places emphasis on improvement of public health,
education, and recovery of public activities from the impact of the pandemic alongside efforts to adapt
to the digital lifestyle, while empowering internal parties (employees) and external ones (customers,
communities and the surrounding environment) in various aspects of life.
The Company’s sustainability strategy and programs have been aligned with the Company’s support for
the achievement of the United Nations Sustainable Development Goals (SDGs), in particular:
SDG 3 SDG 4 SDG 6 SDG 17
Good Health and Quality Clean Water Partnerships
Well-Being Education and Sanitation for the Goals
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Implementation of 2023 Sustainability Programs
PILAR
BFI Finance for BFI Finance BFI Finance
Indonesian Health for Indonesian for Indonesian
Education Community
Welfare
SDG Target: SDG Target: SDG Target:
Programs Implemented: Programs Implemented: Programs Implemented:
• BFI 4U (revitalization of • BFI 4U (revitalization of • BFI 4U (provision of
health infrastructure) educational infrastructure) public facilities, business
• Sehat untuk Merdeka • The 1000 Movement mentoring, waste sorting)
(Healthy for Freedom) • Creative Schools • Financial literacy
• Complimentary • Creative Teachers • Disaster relief
health services Go Digital • Donations
• Blood donations • Scholarships for teachers on religious holidays
• Support for mothers • School renovation • Environmental
and babies infrastructure
• Stunting awareness • Environmentally-friendly
raising (green) lifestyle
In their implementation,
THINK
BFI Finance’s sustainability
programs are guided by the CSR Every layer, both inside and outside of the Company,
perceives and reflects on social issues happening outside
Program Policy, which is enacted
and inside the Company. This reflection is an awareness
through three actions, namely:
of what is happening in the surroundings and started to
think of ways to be actively involved in it.
ACT
Every layer inside the Company takes action to provide
solutions to such issues and implements them in
real actions as a result of self-reflection and active
participation in the surrounding community.
PRESERVE
The results of implementation and concrete actions are
continuously maintained and carried out by all layers of
the Company, thus producing positive outcomes.
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
To finance its sustainability CSR Program Budget, 2021–2023 (Rp million)
programs, the Company allocates
a budget whose amount
is adjusted to its financial
performance, taking into account
2023
the evaluation of the previous
year's programs.
The programs that have been
planned are coordinated by the
CSR Unit under the supervision
149,420
of the Finance Directorate,
in particular the Corporate 2022 103,000
Communication, CSR & CPDM
2021
Department 145,445
CSR Program Budget Utilization 2023
Environment Community Employment Responsibility to
and Infrastructure Empowerment and Social Practices Customers
Rp
638 Rp
855 Rp
122 Rp
436
million million million million
Building the Culture of Sustainability
BFI Finance fosters a culture of sustainability in every employee in accordance with the sustainability
principles summarized in its Sustainability Policy and CSR Policy. These sustainability policies and practices
are also disseminated by the Company to external stakeholders on a regular basis.
The Company motivates every employee to participate in realizing the Sustainable Development Goals
through their activities within the Company and also in Indonesia. Therefore, the Company encourages
direct employee involvement in the Company's sustainability programs. Active employee involvement in
these programs helps create a positive image of BFI Finance in the eyes of direct beneficiaries and the wider
community.
Details of sustainability and performance programs in the areas of employment, environment, social, as well
as product and customer service responsibility are presented in subsequent sections in this chapter.
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AND ANALYSIS GOVERNANCE STATEMENTS
HUMAN CAPITAL
Highlights of HC The main initiative of the HC creative programs in the form of
Department in 2023 was to BFI 4U, BFI Valentine’s Day, Kelas
Management In 2023 emphasize and expand the Sehat (Healthy Class) BFI Finance,
The Company’s Human Capital rollout of BFI New Mindset as Batik Day X Youth Pledge, BFI
(HC) management strategy the Company’s formulation of Finance Synchronize Festival, BFI
strives to make employees work culture launched in 2022. Green Lifestyle, and various other
progress collectively, by BFI New Mindset emphasizes programs aimed at promoting
harnessing digitalization which three characteristics that must creative ideas among employees.
has been transforming its be cultivated by every BFI
To empower the Company’s
business. The management of Finance employee, namely: Dare
employees in their work activities,
employment-related aspects to Try and Learn, Empower and
the HC Department has begun
at BFI Finance is carried out by Collaborate with Other Parties, as
developing a digitalization
the Human Capital Department, well as Listen, Speak Up, and Take
strategy for managing its HC
which always monitors various Responsibility.
aspects. This effort is realized
developments in the financing
Various large-scale activities through digital systems that
industry in Indonesia as well as
in 2023 to integrate BFI New are integrated into a single
the availability of related talent,
Mindset in employee behavior platform, which will continue
to ensure that the Company’s
and actions include activities to be enriched in the future
implemented policies remain
such as Morning Sessions which so that it covers the entire
relevant and boost BFI Finance’s
are held weekly and monthly HC management chain, from
competitive edge in the market.
to discuss and evaluate work recruitment strategy to post-
programs, employee social employment welfare.
Relin Damanik
Asset Management People Head
BFI Finance
I have been in this journey with the Company for nine years now.
Initially, I was drawn to BFI Finance because it was well aligned
with my experience in banking. In addition, the recruitment
program was attractive, and its industry reputation was sterling.
BFI Finance has consistently supported my career growth, offering
new challenges and promotions. My most memorable experience
was during my assignment in Sampit branch, Central Kalimantan,
which expanded my personal and professional horizons. I truly
appreciate BFI Finance’s culture of inclusivity and values, especially
the emphasis on integrity and continuous improvement. Looking
forward, I hope the skill development opportunities and benefits
for employees will be augmented even further.
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HIGHLIGHTS SUPPORTING UNITS
The digital transformation of all in line with the pace of business A total of 5,110 new employees
BFI Finance business processes development. The number of were recruited in 2023, higher
requires the support from new employees recruited was than the 4,470 employees
qualified digital talent. For this calculated through an analysis of recruited in 2022. The employee
reason, the HC Department existing and future needs, and in recruitment rate in 2023 thus
ensures the implementation of consideration of the Company’s reached 14.3%. As many as 2.6%
the proper strategies and policies capacity. of these new recruits now work
to attract, retain and continue in the digital team, to support
BFI Finance’s recruitment
to hone the quality and skilled the transformation of business
program takes place along
professional talent in the digital processes in the Company.
various channels. The Company
arena. This is key to further
maintains long-standing
accelerating the Company’s Talent Development
collaborations with various
digitalization. In 2023, the
educational and training and Management
Company recruited 132 personnel
institutions, allowing it to BFI Finance provides extensive
to become part of its digital team,
tap into the pool of excellent opportunities for employees
while continuing to develop
freshgraduates. To obtain talent to participate in training and
related capabilities through
who are experienced and possess competence development
value-rich training programs.
specific skills, the Company programs. These programs
makes use of social media
Recruitment are continuously enriched
channels (LinkedIn, Facebook, and updated with the latest
Management X (formerly Twitter), Instagram), developments in the market and
and Policy job portals (JobStreet, Kalibrr, the needs within the Company.
Tech in Asia), the BFI Jobs digital Some of these programs are
BFI Finance maintains an
platform, as well as headhunting mandatory, and as for others, the
inclusive recruitment policy to
companies. The Company also employees can individually opt to
provide equal opportunity to all
leverages the professional enrol.
job seekers with the required
network of its internal employees,
qualifications and competences Training and competence
whose recommendations often
to work at the Company. The development classes took
result in high-value hires.
Company does not make any place both online and offline.
recruitment decisions based Since 2023, every new employee In 2023, no longer hampered
on, nor discriminate against, at BFI Finance has been given by the pandemic, BFI Finance
the candidate’s gender, belief, adequate training. Instead of reversed its priority to face-to-
political affiliation, or other working immediately upon face training, given the higher
backgrounds that are unrelated completing orientation, most level of employee engagement
to work performance. There is new employees now are given and satisfaction on average,
zero tolerance to the practice the opportunity to learn from compared to online training.
of forced labor or underage their seniors for six months. This
helps to ensure that the new In line with this strategy, in 2023
employment in the Company.
recruits have sufficient time to the Company built Regional
The recruitment strategy in 2023 Training Centers (RTC) in two
adapt to the work environment
was directed at enriching the regions, Banjarmasin and
and culture at BFI Finance, as
digital team’s skillset. Various Makassar (South Kalimantan and
well as understand the scope of
innovative recruitment programs South Sulawesi Provinces). At the
their duties and responsibilities,
that had been running in RTC, training could be carried out
prior to receiving assignments
previous years were maintained offline with more efficient costs,
along with the associated
and augmented to make them as training participants no longer
individual targets. This initiative
more attractive to quality talent. needed to travel to the Head
is expected to increase employee
Recruitment for other key Office, as was done prior to the
job satisfaction, resulting in better
positions, such as marketing and pandemic. Training participants
retention rates.
collection, had been ongoing can now take part in training at
since the beginning of the year, the RTC closest to their work area.
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
In 2023, the two RTCs facilitated one training program involving 32 employees, with the training duration of
up to 9 months. The RTC received positive reviews from the training participants. Accordingly, in the coming
years the Company plans to build an RTC in every region.
Employee competence development expenditures in 2023 reached Rp3.0 billion. This figure included fees
for the training programs, participant accommodation costs, and other components. The figure was down
21% from 2022, in keeping with the slightly lower number of participants during the year. Training costs per
employee in 2023 amounted to Rp127,732, incrementally higher than Rp126,904 in 2022.
The number of training participants in 2023 was 23,831, with a total training duration of 328,061 hours,
equivalent to 14 hours of training per employee participant within the year.
Training Number of Training Number of Training
Expenditure Participants Programs
Rp
3.0 23,831 people
7
programs
billion
Table 131 • HC Development Metrics
Description 2021 2022 2023
Training Expenditures Rp3.1 billion Rp3.8 billion Rp3.0 billion
Number of Training Participants 72,425 29,944 23,831
Number of Training Programs 4 6 7
Table 132 • Education and Training Programs
Training Classification Total Programs in 2023 Total Participants in 2023
Internal Training 4 21,179
External Training 4 2,652
Total 8 23,831
Table 133 • Types of Training and Number of Participants
Type of Training Total Training Sessions in 2023 Total Participants in 2023
Qualification 3 4,145
Mandatory 3 559
Functional 1 19,127
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Table 134 • Training Participants by Position
Position External Training Internal Training Total Participants
BOC & BOD 13 - 13
Senior Manager 111 16 127
Junior Manager 734 1,112 1,846
Officer 1,464 8,495 9,959
Staff 330 11,556 11,886
Total 2,652 21,179 23,831
Table 135 • Average Training Hours per Employee Participation per Year
Male Female
Average
Number of Average Number of Average Training
Position Number Number
Participation Training Participation Training Hours per
of Training of Training
as at Hours per as at Hours per Participant
Hours Hours
31 Dec 2023 Participant 31 Dec 2023 Participant
BOC & BOD 94 13 7 - - - -
Senior Manager 710 99 7 211 28 8 7
Junior Manager 43,686 1,435 30 7,519 411 18 28
Officer 125,553 8,085 16 39,343 1,874 21 17
Staff 78,026 9,205 8 32,920 2,681 12 9
Total 248,068 18,837 13 79,993 4,994 16 14
Performance Management
BFI Finance employees have Key Performance Indicators (KPIs) that guide them as they strive to
achieve individual targets. The HC Department involves every employee’s direct superior in formulating
and evaluating their KPIs. All components of the KPIs are reviewed regularly and adjusted to market
developments and the Company’s business.
Employee performance management takes place along the following stages:
1. Employee Goals Setting:
• Employees develop KPIs that are cascaded from their supervisor’s KPIs; and
• Superiors provide input and approval of their subordinates’ KPIs.
2. Performance Appraisal:
Superiors assess the annual achievement of their subordinates’ KPIs at the end of the year to determine a
profit sharing scheme for employees displaying superior performance.
Table 136 • Employee Productivity
Description 2021 2022 2023
Number of Employees 9,450 10,111 11,207
Number of Outlets 319 282 271
Employees per Outlet 29.6 35.9 41.0
New Contracts per Employee 40.2 51.1 34.9
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Number Number Employees New Contracts
of Employees of Outlets per Outlet per Employee
11,207 271 41.0 34.9
Even as digitalization and questionnaire. This frequent assessment had been carried out
process automation initiatives evaluation method corresponds in each directorate, a number
continued to take place, by well with the agile and adaptive of employees with high
2023 the majority of employees characteristics of digital performance and appropriate
had returned to working from teamwork. qualifications were identified
office. This policy indeed helped as future leaders. They would
the Company mitigate the Career Path then take part in a succession
impact of the cyberattack in and Succession management program, to be
May 2023. Employees’ presence primed for positions of leadership
Management
in the offices accelerated the or other strategic positions.
coordination of recovery efforts The HC Department ensures
In 2023 the Company
amidst the limited utilization that all employees receive
formulated a more formal and
of the Company’s digital regular performance reviews.
comprehensive list of technical
systems. Nevertheless, as the The results are taken into account
competencies, to be applied
disbursement of new financing in nurturing them along their
throughout the employees’ career
was intentionally limited for some career path in the Company.
paths. This array of technical
period following the incident, BFI Finance employs the Human
competencies is now part of the
employee productivity level based Asset Value (HAV) method along
requirements for rew recruits,
on the number of new contracts with the individual competence
and is also used to direct specific
declined, from 51.1 in 2022 to 34.9 profile projections, which consist
career advancement in each
in 2023. of core, functional, and technical
division and directorate.
competencies.
To assess the performance of
A total of 952 personnel were
the growing digital team, the To sharpen the focus of career
selected in 2023 to be part of the
Company implemented a “pulse development, in 2023 the
Company’s talent and succession
check” evaluation once every HC Department strengthened
management program. This was
two months in the form of a its talent mapping. After
fewer than 981 personnel selected
in 2022.
Table 137 • Participants of Talent Management and Succession Programs
2021 2022 2023
Position
Male Female Total Male Female Total Male Female Total
Managerial
11 - 11 179 57 236 156 45 201
and Above
Supervisor 107 59 166 575 170 745 574 177 751
Total 118 59 177 754 227 981 730 222 952
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HIGHLIGHTS SUPPORTING UNITS
Employee Welfare 3. Motorcycle Ownership Industrial Relations
Program (MOP) and Car
The remuneration packages Ownership Program (COP); BFI Finance enforces Company
and structures applicable to Regulations which stipulate
4. Work support facility
the Company are prepared by matters such as working
ownership program;
considering a number of factors: conditions, dialogue between
regulations on wage, minimum 5. Maternity leave; management and employees,
wage standards, talent needs, the 6. Membership in the competence development, equal
Company’s financial capacity, as Employment BPJS protection rights and justice, legal protection,
well as market trends. program (Work Accident and protection of employee rights.
Benefit, Old Age Benefit,
The amount of remuneration in The Company Regulations
Death Benefit);
each region is adjusted to take into applicable to the Company in 2023
account the multifinance business 7. Personal accident insurance had been ratified by the Ministry
conditions and the competition and life insurance; and of Law and Human Rights of the
faced by the Company. 8. Performance bonuses Republic of Indonesia for a period
(optional). of two years, from 1 August 2022 to
Apart from salary, the Company
31 July 2024.
provides performance bonuses, As in previous years, the lowest
whose amount is determined by remuneration given to employees BFI Finance complies with all
basic factors (rank level) and other at the lowest level in the Company applicable labor regulations,
factors (employee contribution was guaranteed to be higher or as reflected in the Company
to their individual progress, their equal to the provincial minimum Regulations. This helps create
team’s, and the Company’s). wage in each region where the productive industrial relations that
Company operates. are mutually beneficial for both
Any change to the remuneration
management and employees.
structure that applies in Employees not only receive
So far, the presence of Company
the Company will be amply financial remuneration, but also
Regulations has been deemed
disseminated prior to its mental support. BFI Finance
sufficient by the employees
implementation. This is to ensure regularly organizes various
to channel their aspirations.
that all employees, especially events to strengthen the sense
Accordingly, no labor unions
those that would be affected, have of togetherness and encourage
operate within the Company.
a thorough understanding of all informal interactions among
the implications of the change. employees, without regard Apart from conveying their
to rank. Employees are free aspirations, employees can
The remuneration package for
to participate in volunteering also submit their grievances
permanent employees of the
activities collectively, to help bring regarding violations of their rights
Company includes:
meaning into their personal and or violations of the Company
1. Basic salary; professional lives. Regulations. Grievances can be
2. Employee benefits, including: submitted orally or in writing
An Employee Engagement Survey
a. Housing allowance; to the management, and will
involving 8,465 employees or 76%
be handled in stages within
b. Travel allowance of total employees in 2023, held
the Company’s organizational
(transportation); both at the Head Office and all
structure.
c. Hardship allowance; branches, showed that 80% of the
respondents felt a good level of In 2023, there were no significant
d. Holiday allowance (THR)
togetherness and engagement in grievances from employees
once a year;
the Company. Several employee regarding the implementation of
e. Medical benefits
inputs from this survey were taken industrial relations at BFI Finance.
(reimbursement for
into consideration in developing
hospital treatment costs);
HC-related strategies for the
f. Position allowance for following year.
structural positions;
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Occupational Health the Company. Employees are Many BFI Finance employees
also required to seek to resolve drive to carry out their duties,
and Safety potential incidents they encounter for example those who work
The HC Department collaborates at work. in marketing, collection, and
with the Infrastructure operations. These personnel
The integrity of the systems
Development Unit under the are obliged to obey all traffic
and infrastructure supporting
Operations Division to implement regulations and wear adequate
building operations is checked
the Occupational Health and protective equipment when
regularly and permits are updated.
Safety Management System traveling, in order to minimize
Important assets including
(OHSMS). The existence of the work accidents.
customer documents are stored
OHSMS is formally governed
in the Custodian Center which is BFI Finance urges employees to
along with clauses related to
earthquake and fire resistant, at adopt a healthy and balanced
occupational health and safety
the Head Office. lifestyle. The Company enrols
(OHS) in the Company Regulations,
employees to a health insurance
specifically on Prevention and To anticipate the danger of fire,
program, and also takes a
Control. The OHSMS is applicable employees take part in evacuation
preventive approach to work-
to all employees. drills and test fire fighting
related diseases. The Company
equipment. On each floor, there
To ensure comprehensive OHS disseminates information-rich
are fire rescue kits and a First Aid
implementation, all employees content about healthy lifestyles,
box. BFI Finance also ensures the
are obliged to prevent and and encourages employees to
readiness of the emergency team
avoid any potential for rioting, increase their level of physical
to respond to any incidents that
work accidents, or other events activity and fitness.
may endanger the Company’s
that could potentially harm
assets and human resources.
Table 138 • Occupational Accidents
Type of Occupational Accident Field Staff Non-Field Staff Total
Serious Accidents 1 0 1
Minor Accidents 10 2 12
Total Cases 11 2 13
Hermanto Hilarius Siadari
Branch PBF Manager
Meruya, Jakarta Barat
I have been working at BFI Finance for almost 10 years. Joining BFI
Finance right after graduating was a pivotal moment for me. The rapid
recruitment process and its reputation as a premier multifinance
company in Indonesia caught my attention. My career has flourished
here, moving from Credit Analyst position to Branch Manager, thanks
to the Company’s support for growth and development, through
various training programs. My most memorable experience was my
initial assignment in Sanggau branch, West Kalimantan. That was
both challenging and enriching at the same time. BFI Finance’s highly
dynamic culture, based on core values like integrity and excellence,
have been instrumental to my personal and professional growth. I hope
in the future employees will receive better benefits and enjoy greater
opportunities for career mobility.
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
ENVIRONMENTAL PERFORMANCE
Sustainable consumed through employee documents. The Company
transportation activities. Data on discourages using single-use
Operations energy consumption and carbon items and prohibits Styrofoam
BFI Finance is engaged in emissions from these activities is materials in its work environment.
the multifinancing business. therefore not yet available. The Company also contributes
The Company’s operations in to carbon emissions along its
Despite this, the Company
the financial services sector thus value chain, particularly through
remains committed to
take place in urban or residential financing motor vehicles (cars
contributing to energy savings.
areas, and therefore do not and motorbikes), machinery and
At the Head Office and all
directly come into contact with heavy equipment, which helps
its outlets, employees are
the natural environment, or any empower its customers and
encouraged to implement
protected ecosystems. provide uplift to their economic
environmentally-friendly ways
capabilities.
The most material impact of of working, which include
BFI Finance’s operations on saving electricity and water. The electricity and water
the environment is carbon The Company advocates for usage data for all BFI Finance
emissions. Employee activities employees to turn off lights and operational offices, both at the
that rely on various means of air conditioning in rooms that head office and its outlets in 2023,
transportation for work are a are not in use, reduce and sort are included in this report.
major contributor to emissions. domestic waste, and reduce
Until 2023, the Company had not new paper use by opting for
yet measured the amount of fuel used paper for printing certain
Table 139 • Electricity and Water Usage
Electricity Consumption Electricity Cost for the Water Consumption Water Cost for the Year
Operational Region
(kWh) Year (Rp) (m3) (Rp)
Head Office 3,188,760 3,554,638,446 33,530 420,805,503
Sumatra 1,132,225 1,924,250,116 49,558 84,225,723
Greater Jakarta 1,044,586 1,775,304,911 62,848 106,811,600
Java, Bali & Nusa Tenggara 2,137,151 3,632,151,493 87,197 148,194,328
Kalimantan 835,895 1,420,628,148 59,401 100,954,038
Eastern Indonesia
1,311,567 2,229,047,919 73,192 124,391,281
(Sulawesi, Maluku & Papua)
Grand Total 9,650,184 14,536,021,033 365,726 985,382,473
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Electricity Electricity Cost Water Water Cost
Consumption for the Year Consumption for the Year
9.65 Rp
14.5 365,726 Rp
985.4
million kWh billion m3 million
Environmental Preservation Program
As a measure to mitigate the environmental impact of its operations, since 2021 BFI Finance has been
planting mangrove trees. Restoring mangrove ecosystems has been the strategy chosen by the Company
because mangrove ecosystems are capable of naturally absorbing up to ten times as much carbon as tropical
forests and storing up to five times as much carbon as tropical forests given the same area.
In 2023, Company employees planted 10 thousand mangrove trees in a number of villages spread across
Denpasar (Bali), Indramayu (West Java), Makassar (South Sulawesi), Semarang (Central Java), and Tegal
(Central Java). With the addition of these 10 thousand new mangrove trees, a total of 25 thousand mangrove
trees had been planted with the Company's support by the end of 2023, spread across nine regencies/cities.
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HIGHLIGHTS SUPPORTING UNITS
New Planting Total Number of Trees
2023 2022-2023
+10,000 25,000
Table 140 • Spread of Company-Planted Mangrove Trees
Existing Trees New Planting Total Number of Trees
Location
2022 2023 2022-2023
Caplok Barong Mangrove Forest, Cirebon, West Java 1,500 - 1,500
Pabean Ilir Coastline, Indramayu, West Java 1,500 2,000 3,500
Pulau Cemara Sawojajar, Brebes, Central Java 1,500 - 1,500
Mangunharjo Beach, Semarang, Central Java 2,500 - 2,500
Tapak Village, Semarang, Central Java - 2,000 2,000
Mitaragen Village, Tegal, Central Java - 2,000 2,000
Armapala Mangrove Ecotourism, Gresik, East Java 1,500 - 1,500
Wonorejo Mangrove Ecotourism, Surabaya, East Java 2,500 - 2,500
Serangan Village, Benoa Bay, Bali 2,500 2,000 4,500
Untia Beach, Makassar, South Sulawesi 1,500 - 1,500
Bira Village, Makassar, South Sulawesi - 2,000 2,000
Total 15,000 10,000 25,000
Apart from planting mangroves, the Company is also actively promoting an environmentally friendly
lifestyle (“BFI Green Lifestyle”) among employees and communities around its operational areas. In 2023,
this program included plastic bottle waste management alongside the “Start from Your Plastic Bottles”
educational program, and a campaign to increase awareness of plastic waste sorting. All of these activities
took place around the Head Office. At the BFI RUN event, the Company also managed plastic bottle waste.
A total of 366 kg of plastic bottle waste was collected in 2023. All plastic waste was redirected to a waste bank
located closest to the Company’s office.
Waste sorting also became a program of one group of BFI Finance employees who carried out volunteer
activities through the BFI 4U program in collaboration with Magotsuka Edufarm in Cimahi, West Java. They
sorted and processed non-organic waste, and cultivated Black Soldier Fly larvae (maggots) to process organic
waste economically.
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SOCIAL PERFORMANCE
BFI Finance is committed to bringing a positive impact to the communities around its operational locations
throughout Indonesia. This commitment was made manifest in various programs held in 2023.
HEALTH
Awareness Raising on Stunting BFI 4U Program
Surabaya, 27 February 2023 September–December 2023
To enhance public understanding about the Through the BFI 4U volunteering program,
risks and measures to eradicate stunting among employees from the Head Office helped revitalize
children, BFI Finance conducted an awareness a posyandu (integrated health post) in Parung
raising event in Surabaya, East Java. This effort Panjang, Bogor, West Java. The assistance
was in support of the Indonesian Government’s provided includes new equipment, education
target to reduce the national stunting prevalence and counseling, as well as creating social media
from 21.6% in 2023 to 14% in 2024. accounts for the posyandu. Another group of
volunteers helped renovate four units of public
sanitation facilities in Pangalengan, Bandung,
West Java.
Healthy for Freedom
August 2023
A series of Healthy for Freedom programs were held to celebrate
Indonesian Independence Day in 12 regions, namely in Tangerang
Healthy for Freedom Selatan (Banten), Cirebon (West Java), Majalengka (West Java),
Beneficiaries Magelang (Central Java), Semarang (Central Java), Yogyakarta,
Klaten (Central Java), Pontianak (West Kalimantan), Tanjung (South
1,144 people Kalimantan), Tahuna (North Sulawesi), Balikpapan (East Kalimantan),
and Makassar (South Sulawesi). The number of beneficiaries of this
program reached 1,144 people.
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HIGHLIGHTS SUPPORTING UNITS
Mobile Health
Services Beneficiaries
1,295 people Distribution of Masks
Ketapang, 6 October 2023
Mobile Health Services BFI Finance distributed free masks to residents of
for Disaster Survivors Ketapang, West Kalimantan, to help overcome the
16 March dan 21 December 2023 negative health impacts of smoke from forest fires
that hit the area in mid-2023.
Since 2022, BFI Finance have continued to
contribute to the provision of mobile health
services/mobile ambulances, in collaboration with
Sekolah Relawan. On 16 March 2023, BFI Finance
helped provide health services to survivors of the
earthquake disasters, i.e., 500 beneficiaries in
Gasol Village, Cianjur, West Java. BFI Finance also
provided health service assistance to 150 survivors
Program Beneficiaries
125 people
of the fire disaster in Kampung Pemulung,
Bintara, Bekasi, West Java, on 21 December 2023.
The Company also conducted mobile health
programs in the following regions:
125 beneficiaries Jatibarang Regional Market, Bakti Ibu
Indramayu, West Java
Medan, December 2023
210 beneficiaries Sidoarjo Square, In celebration of Mother’s Day, BFI Finance
East Java
branch in Medan, North Sumatra, held
310 beneficiaries Other Regions a special health program for mothers, attended
by 125 beneficiaries.
Blood Donations
326 blood bag
Based on the number of
individual health beneficiaries,
Donor Darah
BFI Finance’s health programs
The blood donation program was held four times in 2023 benefited more than
in 2023, namely in Makassar (South Sulawesi),
2,500 individuals
Banjarmasin (South Kalimantan), Pontianak (West
Kalimantan), and Tangerang Selatan (Banten).
A total of 326 blood bags were collected.
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AND ANALYSIS GOVERNANCE STATEMENTS
EDUCATION
Teacher Training
Participant
63 teachers
Creative Teachers BFI 4U Program
January–December 2023 October–December 2023
The Creative Teachers Program in 2023 was implemented through Voluntary activities through
two major activities. In the first activity, 29 teachers in 8 regions, the BFI 4U program in the
namely in Bandar Lampung (Lampung), Bogor (West Java), education sector in 2023 are carried
Cirebon (West Java), Rembang (Central Java), Blitar (East Java), out by two groups of BFI Finance
Banjarmasin (South Kalimantan), Kendari (Southeast Sulawesi), employees. The first group carried
and Maluku Tengah (Maluku), received professional training out infrastructure improvements
in the digital field. The second activity, “Go Digital”, involved and training in processing waste
34 teachers in 7 regions, namely in Palembang (South Sumatra), into educational games and
Lamongan (East Java), Surabaya (East Java), Kupang (East Nusa economically valuable handicrafts,
Tenggara/NTT), Balikpapan (East Kalimantan), Palu (Central taking place at PAUD Saluyu,
Sulawesi), and Gorontalo. They participated in a Microsoft Certified Cibogo Village, Tangerang Regency,
Educator training (in collaboration with Orbit Future Academy), Banten. The second group carried
after completing the previous period of the Creative Teachers out building renovations and
program (Batch 1 and 2), which trained them in operating Microsoft improvements to learning facilities
Teams to manage class activities. at the PGRI Menara Rumpin
Kindergarten in Bogor, West Java.
The 1000 Movement
August 2023
The 1000 Movement Program is an annual BFI Finance program
that aims to improve the quality of education in Indonesia. A total of
School Uniform 1,038 students spread across Ambon, Maluku Tengah (both in Maluku),
and Ternate (North Maluku) became the program’s beneficiaries
Donation
in 2023. These students received a new pair of shoes and socks to
1,038 students ensure they can go to school in proper clothing.
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HIGHLIGHTS SUPPORTING UNITS
Number of School
Beneficiaries of the Program
14 schools
Creative Schools School Renovation
October–December 2023 December 2023
Through the Creative Schools, BFI Finance supports digital BFI Finance helped renovate
education in Indonesia. In 2023, this program involved the school yard at SDN 02
1,621 students and 203 teachers in 14 schools, spread across Tambun in Bekasi, West Java.
the islands of Batam, Java, Kalimantan, Sulawesi, and Papua. Now, the 110 elementary school
They received assistance of 66 laptops and computers from students can use their school field
BFI Finance. Company employees also helped renovate for various activities, from sports
computer laboratories and equip learning facilities at to arts performances.
a number of schools.
Teachers’ Scholarships
Starting December 2023
Teachers involvement in BFI Finance education programs in 2023 was boosted
with the provision of scholarships for 10 teachers from 8 schools in Palembang
Teachers’ Scholarships (South Sumatra), Lamongan (East Java), Surabaya (East Java), Balikpapan (East
Beneficiaries Kalimantan), Palu (Central Sulawesi), and Kupang (NTT). They had previously
passed the Microsoft Certified Educator program. The Company gave them the
10 teachers opportunity to take a course on harnessing digital systems in online education.
The course will take one year.
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
COMMUNITY
WELFARE
My Shaf Training Clean Water
Camp Participants Assistance Beneficiaries
20 participants 7,482 residents
My Shaf Training Camp Clean Water Assistance
July–August 2023 Lamongan, September 2023
A digital marketing training was given to agents of Responding to the urgent need for clean
the Sharia Business Unit (SBU) to maximize digital water in two villages affected by the long dry
canals to boost sales. The event was held online season, namely Sekarbagus and Bedingin
in 6 intensive sessions, involving 20 participants Villages, in Lamongan, East Java, the Company
from Jakarta, Jambi, Palembang (South Sumatra), collaborated with the Regional Disaster
Malang (East Java), Makassar (South Sulawesi), Management Agency (BPBD) to send clean
Balikpapan (East Kalimantan), and Gorontalo. water supplies that benefited 7,482 residents
in both villages.
Financial Literacy
Participants
270 participants
Financial Literacy BFI 4U Program
Belitung, Pontianak, and Ambon, September–December 2023
16 February, 20 May, and 9 August 2023
The BFI 4U program to support community
welfare in 2023 was carried out by several groups
The Company held a financial literacy event of BFI Finance employees. The first group provided
in three cities, namely Belitung (Riau Islands), assistance in digital business and marketing
Pontianak (West Kalimantan), and Ambon for Islamic boarding school students who ran
(Maluku), to boost the knowledge and ability a martabak business in Bojongkoneng area,
of customers and the public in managing their Bandung, West Java. The second group assisted
finances and to introduce its financing products. Al-Abqo Amanah Setu Foundation Orphanage in
The financial literacy events in Belitung and Tangerang Selatan (Banten) with computer and
Pontianak were attended by a total of 195 business internet facilities, accompanied by training for the
owners, while the one in Ambon was attended management to use the internet positively.
by 75 elementary school students.
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HIGHLIGHTS SUPPORTING UNITS
Monitoring of Financial Participants
Literacy Participants #BFINgangkatUsahaLokal 2023
35 participants 278 Participants
Monitoring of Financial Literacy #BFINgangkatUsahaLokal 2023
Belitung, 17 October 2023
October–December 2023
BFI Finance held a workshop on the topic of
#BFINgangkatUsahaLokal is a program consistently
financial management for MSMEs in Belitung,
aligned with BFI Finance’s vision. The program was
Riau Islands. This event was held offline for
participated by 278 individuals, involving customers,
one day, involving 35 MSME owners, who after
MSME community members, and the general public in
participating were expected to have a deeper
Semarang (Central Java) and Medan (North Sumatra).
understanding of financial management
The series of events consisted of training and business
techniques in running a business.
mentoring, with materials ranging from: training on
digital marketing, basic photography skills, public
speaking, and creative business ideas. In addition to
training and mentoring, the event also featured a
bazaar for local products, Pound Fit sports event, free
health check-up, and coloring contest for kids.
SHARING IN
RELIGIOUS
FESTIVITIES
Takjil Sharing
23 March–14 April 2023
In the holy month of Ramadhan, the Company distributed 1,500 takjil packets
in 13 branches, namely Tulungagung (East Java), Bojonegoro (East Java),
Number of Takjil Kotamobagu (North Sulawesi), Marisa (Gorontalo), Bandung (West Java),
Semarang (Central Java), Berau (East Kalimantan), Nabire (Central Papua),
1,500 takjil
Jember (East Java), Sumbawa (West Nusa Tenggara/NTB), Bandung (West
Java), Palembang (South Sumatra), and Tanjung (South Kalimantan).
packets
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
BFI Berqurban
June 2023
Commemorating Eid al-Adha 1444 H, Company employees distributed
1,121 bags of sacrificial meat to the community around the Head Office and
Bags of Sacrificial Company branches in Tangerang, Tangerang Selatan (both in Banten),
Meat Distributed Pekalongan (Central Java), Jombang (East Java), Pekanbaru (Riau),
Banjarbaru (South Kalimantan), and Makassar (South Sulawesi)
1,121 bags
DISASTER
RELIEF
Earthquake Recovery Quick Response and
Assistance Beneficiaries Social Service
1,262 residents
April dan August 2023
BFI Finance is quick to respond in
helping the community through
Earthquake Recovery Assistance post-disaster management
Cianjur, Maret, dan April 2023 coordinated by employees. In 2023,
the Company distributed basic
Continuing the assistance that the Company had previously food assistance and other goods to
provided to communities affected by the Cianjur (West Java) 22 affected parties in three regions,
earthquake in November 2022, in 2023 Company employees took namely Padang (West Sumatra),
part in building sanitation and clean water facilities in four affected Makassar (South Sulawesi), and
locations. The beneficiaries encompassed 381 heads of households Manado (North Sulawesi).
representing 1,262 residents. In addition, the Company provided
vegetable seeds and agricultural tools to nine farmers to aid
their livelihoods.
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HIGHLIGHTS SUPPORTING UNITS
Graph 25 • Distribution of CSR Programs by Region Graph 26 • Distribution of CSR Programs by Island
10 10
10
32
54
36 16
18
14
Western Indonesia Java
Central Indonesia Sumatra
Eastern Indonesia Kalimantan
Sulawesi
Bali and Nusa Tenggara
Maluku and Papua
Graph 27 • The Distribution Map of BFI Finance's CSR Programs in 2023
The regions benefiting from BFI Finance's CSR initiatives in 2023
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
RESPONSIBILITY FOR SUSTAINABLE PRODUCT/
SERVICE DEVELOPMENT
Supporting Financial Inclusion and Ethical and Responsible
Sustainable Finance Programs Business Practices
BFI Finance’s financing products are offered to The Company collects loan repayments from its
various levels of society to meet their needs, both customers in an ethical manner and in compliance
productive and consumptive. Most consumers of with applicable regulations, in accordance with
these products come from the lower middle class, POJK No. 35/POJK.05/2018 on Business Operations of
who often find it difficult to access financial services Finance Companies.
from banking institutions. Others live in remote
Should a customer experience difficulties in
areas, where mainstream financial services are
repaying their loans, the Company will try to use
inadequate, or even non-existent.
a method that is firm, respectful, and sensitive to
Through its outlets throughout Indonesia, the customer’s condition, thereby minimizing the
BFI Finance provides fair and equitable financial potential for disputes in the process. The Company
services for all levels of society. This is a form of ensures that all its customers are treated ethically
Company support for the financial inclusion and responsibly by Company employees.
program initiated by the Indonesian Government.
Every year, the Company conducts a survey to
With more and more parties joining its financial measure customer satisfaction in using its products
services ecosystem, BFI Finance has the ability and services. The survey results in 2023 along with
to increase their economic capacity through the customer service programs at BFI Finance are
targeted financing products. These products presented in the Business Supporting Units chapter,
empower people to be more involved in various Customer Service section, pages 110–113.
economic activities whose results will elevate their
standard of living.
Both the Company’s own products and financial
services from its subsidiaries support the
implementation of the Sustainable Finance vision
for Indonesia. The working capital financing
products offered by BFI Finance specifically
help realize the economic independence of the
Indonesian people, with Rp12 trillion having been
distributed to MSMEs throughout the country by
the end of 2023. This value represented 50.7% of the
Company's total financing portfolio.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 281
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Focus on Implementing Various Improvement Measures Accurate and up-to-date information serves as a compass for updating Company policies and strategies, ensuring that each of our business steps is purposeful and effective. 282 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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08 SUPPORTING DATA 2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 283
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2023 PERFORMANCE BUSINESS
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HIGHLIGHTS SUPPORTING UNITS
ADDRESSES OF OUTLETS
Head Office
BFI Tower
Sunburst CBD Lot 1.2
Jl. Kapt. Soebijanto Djojohadikusumo
BSD City
Tangerang Selatan 15322
Tel/Phone: (62-21) 2965 0300, 2965 0500
Fax: (62-21) 2966 0757, 2966 0758
Situs web/Website: www.bfi.co.id
Branches
Jawa, Bali & Nusa Tenggara
BRANCH ADDRESS CITY / REGENCY
Jakarta Capital Region
Jakarta – Sunter Rukan Puri Mutiara Blok A No. 80 Jakarta Utara
Jl. Utama Griya, Sunter
Jakarta Utara Rukan Grand Orchard Square Jakarta Utara
Blok C/20
Jl. Terusan Kelapa Hybrida Sukapura
Jakarta Utara 2 Rukan Bandengan Indah Blok B-3 Jakarta Utara
Jl. Bandengan Utara No. 80
Kel. Penjaringan, Kec. Penjaringan
Jakarta – Meruya Jl. Lapangan Bola No. 1-1A Jakarta Barat
Meruya, Kebon Jeruk
Jakarta – Cengkareng Sedayu Square Blok C-02 Jakarta Barat
Jl. Outer Ring Road
Cengkareng Timur
Jakarta Timur Ruko Radin Inten Center No. 8D Jakarta Timur
Jl. Radin Inten, Duren Sawit
Jakarta Selatan Komplek Pertokoan Duta Mas Jakarta Selatan
Blok B2 No. 7
Jl. R.S. Fatmawati
Kel. Cipete, Kec. Kebayoran Baru
Jakarta Selatan 2 Jl. Raya Pasar Minggu KM 18.2 Jakarta Selatan
RT 12 / RW 01
Kel. Pejaten Timur, Kec. Pasar Minggu
Jakarta Selatan 3 Jl. Raya Pasar Minggu 12B Jakarta Selatan
RT 1 / RW 7
Kel. Kalibata, Kec. Pancoran
Jakarta – Corporate Leasing Rukan Graha Cempaka Mas Blok A Jakarta Pusat
No. 31
Jl. Let. Jend. Suprapto
Kel. Sumur Batu, Kec. Kemayoran
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AND ANALYSIS GOVERNANCE STATEMENTS
BRANCH ADDRESS CITY / REGENCY
Banten
Tangerang Jl. Imam Bonjol No. 279–281 Tangerang
RT 01 / RW 04
Kel. Bojong Jaya, Kel. Karawaci
Tangerang 2 Kompleks Balaraja Ultimate For Business Retail Ruko Tangerang
C No. 3A
Jl. Raya Serang KM. 24
RT 001 / RW 001
Desa Telagasari, Kec. Balaraja
Tangerang 3 Ruko Prabu Kian Santang No. 2 Tangerang
Jl. Prabu Kian Santang
RT 01 / RW 04
Kel. Sangiang Jaya, Kec. Periuk
Bintaro Ruko Emerald Avenue I Blok EA – A36 CBD Emerald Tangerang
Jl. Boulevard Bintaro Jaya Sektor 9 Kel. Parigi Lama,
Kec. Pondok Aren
Pamulang South City Square Tangerang
Jl. Raya South City Barat No. B1-03 Kel. Pondok Cabe
Udik, Kec. Pamulang
Cikupa Citra Raya Grand Boulevard Tangerang
Blok E1 No. 286–288
RT 03 / RW 03
Desa Ciakar, Kec. Panongan
Tangerang Selatan Ruko Bidex Blok F No. 18 Tangerang Selatan
Jl. Pahlawan Seribu
RT 001 / RW 004
Kel. Lengkong Gudang, Kec. Serpong
West Java
Bandung Jl. Soekarno Hatta No. 472 Bandung
Kel. Batu Nunggal, Kec. Bandung Kidul
Bandung – Lengkong Jl. Lengkong Kecil No. 12B Bandung
Bandung 3 Komplek Pergudangan Katapang Indah Lestari Ruko Bandung
No. 3
Jl. Terusan Kopo Katapang No. 611
RT03 / RW 09 KM.13,2
Kec. Katapang
Bekasi Kompleks Ruko Suncity Square Bekasi
Blok A No. 46–47
Jl. Mayor Hasibuan, Margajaya
Bekasi 2 Ruko Mega Boulevard Blok RV 2 No. 3A Bekasi
Jl. Harapan Indah Boulevard
RT 10 / RW 08 Kel. Medan Satria, Kec. Medan Satria
Bekasi 3 Ruko Grand Galaxy City Blok RGK Boulevard Raya Bekasi
Jl. Pulo Sirih Utama No. 628 RT 02 / RW 19
Kel. Jaka Setia, Kec. Bekasi Selatan
Bekasi 4 Jl. Sultan Hasanudin No. 233 Bekasi
Desa Tambun, Kec. Tambun Selatan
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HIGHLIGHTS SUPPORTING UNITS
BRANCH ADDRESS CITY / REGENCY
Bekasi 5 Ruko Mall Ciputra Blok R.2 No. 18 Bekasi
Jl. Alternative Kel. Jati Karya, Kec. Jati Sempurna
Bogor Jl. Raya Tajur No. 118E–F Bogor
RT 001 / RW 006 Kel. Pakuan, Kec. Bogor Selatan
Cibinong Cibinong City Centre A-30 Bogor
Jl. Tegar Beriman I RT 05 / RW 12
Kel. Pakansari, Kec. Cibinong
Cikampek Ruko Sudirman Center Blok A No. 6 Karawang
Jl. Jenderal Sudirman No. 100
Desa Pucung, Kec. Kotabaru
Cikarang Ruko Golden Boulevard Cikarang
Blok CC.5 No. 3A
Jl. Niaga Raya, Jababeka 2
Kel. Pasir Sari, Kec. Cikarang Selatan
Cimahi Jl. Jend. Amirmachmud No. 572 Cimahi
RT 002 / RW 001
Kel. Padasuka, Kec. Cimahi Tengah
Cirebon Jl. Tuparev No. 115A Cirebon
Desa Kertawinangun, Kec. Kedawung
Depok Ruko Margonda Residen No. 12A–14 Depok
Jl. Margonda Raya Kav. 461
Indramayu Jl. Raya Sleman No. 3B Indramayu
RT 01 / RW 03
Desa Sleman Lor, Kec. Sliyeg
Karawang Jl. Jend. Ahmad Yani No. 73 Bypass Karawang
RT 04 / RW 12
Karangpawitan Karawang Barat
Kuningan Jl. RE Martadinata 53A Cijoho Kuningan
Majalengka Jl. K.H. Abdul Halim No. 104 Majalengka
Kel. Majalengka Kulon, Kec. Majalengka
Purwakarta Jl. Veteran / Terusan Ibrahim Singadilaga Ruko No. Purwakarta
5–6
Kel. Nagrikaler
Subang Jl. Kapten Hanafiah Blok B No. 4 Subang
RT 98 / RW 97
Kel. Karanganyar, Kec. Subang
Sukabumi Jl. Brawijaya No. 4 RT 02 / RW 12 Sukabumi
Kel. Sriwidari, Kec. Gunung Puyuh
Tasikmalaya Kompleks Pertokoan Plaza Asia Tasikmalaya
Blok A No. 12A Jl. H.Z. Mustofa
Central Java
Semarang Ruko Mataram Plaza Blok D No. 03 Semarang
Jl. M.T Haryono
Semarang 3 Jl. Raya Kudungmundu RT 01 / RW 25 Semarang
Kel. Sendangmulyo, Kec.Tembalang
Banjarnegara Jl. S. Parman No. 28 RT 01 / RW 04 Banjarnegara
Kel. Parakancanggah, Kec. Banjarnegara
Grobogan Ruko The Grand City Blok E Grobogan
Jl. Letjen R. Suprapto No. 61–63
Purwodadi
Jepara Jl. Pemuda No. 1A RT 03 / RW 04 Kel. Potroyudan, Jepara
Kec. Jepara
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BRANCH ADDRESS CITY / REGENCY
Kebumen Perum Graha Mahardika 2 Kebumen
Jl. Kutoarjo D3
Kel. Selang, Kec. Kebumen
Klaten Jl. Veteran No. 256A Klaten
Kel. Bareng Lor, Kec. Klaten Utara
Kudus Ruko Bitingan Indah (Panjunan) Kudus
Jl. Ahmad Yani, B07–B08
Kel. Panjunan, Kec. Kota Kudus
Magelang Ruko Metro Square F6 Magelang
Jl. Mayjen Bambang Soegeng
Mertoyudan
Pekalongan Komplek Ruko Dupan B2 No. 19 dan B2 No. 20 Pekalongan
Jl. Dr. Sutomo
Kel. Kalibaros, Kec. Pekalongan Timur
Purwokerto – Banyumas Jl. Gerliya Timur No. 35 Banyumas
Ruko No. 3 Kel. Teluk,
Kec. Purwokerto Selatan
Rembang Jl. Pemuda No. 3B Rembang
Salatiga Ruko Wijaya Square Blok A3 Salatiga
Jl. Diponegoro RT 02 / RW 05, Sidorejo Lor
Solo Jl. R.M. Said No. 160C RT 2 / RW 3 Kel. Punggawan, Surakarta
Kec. Banjarsari
Solo 2 Jl. Raya Solo Permai HD 03 Sukoharjo
Solo Baru
Sragen Ruko Harlin Sragen Blok B-1 Sragen
Jl. Raya Sukowati
Kel. Sine, Kec. Sragen
Tegal Ruko Nirmala Estate No. 3–4 Tegal
Jl. Yos Sudarso No. 20
Kel. Mintaragen, Kec. Tegal Timur
Yogyakarta Special Region
Yogyakarta Ruko Monjali Permai Kav. 2 Sleman
Jl. Monjali Sinduadi Mlati Sleman
East Java
Surabaya Jl. Ngagel Jaya 39 Surabaya
Surabaya 2 Jl. Patimura No. 14 Surabaya
RT 06 / RW 06, Kel. Sonokwijenan,
Kec. Sukomanunggal
Surabaya 3 Jl. Raya Kapas Krampung No. 139 Surabaya
RT 001, RW 003
Kel. Rangkah, Kec. Tambaksari
Banyuwangi Jl. S. Parman No. 98 Banyuwangi
Kel. Sumberrejo, Kec. Banyuwangi
Blitar Jl. Lawu RT 02 / RW 02 Blitar
Kel. Kauman, Kec. Kepanjen Kidul
Bojonegoro Jl. M.H. Thamrin 103 Bojonegoro
Gresik Ruko Green Garden Blok A-2 Gresik
Jl. Dr. Wahidin No. 3–4
Desa Dahanrejo, Kec. Kebomas
Jember Jl. Diponegoro No. 32 Ruko 32B Jember
Kel. Kepatihan, Kec. Kaliwates
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BRANCH ADDRESS CITY / REGENCY
Jombang Jl. K.H. Wahid Hasyim No. 19 Jombang
RT 001 / RW 001
Kel. Jombang, Kec. Jombang
Kediri Kompleks Pertokoan Hayam Wuruk Trade Center Kediri
Blok C No. 7–8
Jl. Hayam Wuruk
Lamongan Jl. Basuki Rahmat No. 203 Lamongan
Kel. Sukomulyo, Kec. Lamongan
Madiun Jl. Serayu Timur No. 144 Madiun
RT 043 / RW 015
Kel. Pandean, Kec. Taman
Malang Jl. R. Tumenggung Suryo No. 42, Kavling B, C, D Malang
Kel. Bunulrejo, Kec. Blimbing
Malang 3 Jl. Panglima Sudirman No. 148 Malang
Kav. E–E1 RT 003 / RW 007
Kel. Pagentan, Kec. Singosari
Mojokerto Ruko Kranggan Permai Blok A05–06 Mojokerto
Jl. Pahlawan
Nganjuk Jl. Gatot Subroto No. 29 RT 03 / RW 04 Kel. Kauman, Nganjuk
Kec. Nganjuk
Pandaan Ruko Pandaan Central Business Kav. A3–A5 Jl. Raya Pasuruan
Bypass Pandaan RT 01 / RW 014
Desa Karangjati, Kec. Pandaan
Pasuruan Jl. Panglima Sudirman No. 40A Pasuruan
Kel. Purworejo, Kec. Purworejo
Ponorogo Jl. Jendral Sudirman No. 1 Ponorogo
Kel. Mangkujayan, Kec. Ponorogo
Sidoarjo Kompleks Ruko Gateway No. C1–C2 Sidoarjo
Jl. Raya Waru (Aloha)
Desa Sawotratap, Kec. Gedangan
Sidoarjo 2 Jl. Mojopahit No. 32B–32C Sidoarjo
Kel. Sidorake, Kec. Sidoarjo
Tuban Jl. Letda Sucipto No. 5A, Perbon Tuban
Tulungagung Jl. W.R. Supratman No. 103 Tulungagung
Kel. Kenayan, Kec. Tulungagung
Bali
Denpasar Jl. Gatot Subroto Barat 170X Denpasar
Kec. Denpasar Barat
Denpasar 3 Pertokoan Sudirman Agung Blok C7–8 Denpasar
Jl. Jendral Sudirman
Kel. Panjer, Kec. Denpasar Selatan
Buleleng Jl. A. Yani No. 85C Buleleng
Kel. Kaliuntu, Kec. Buleleng
Gianyar Jl. Ciung Wanara No. 17 Gianyar
Lingkungan Candi Baru
Kel. Gianyar, Kec. Gianyar
Tabanan Jl. Ir. Soekarno Tabanan
Kel. Banjar Anyar, Kec. Kediri
West Nusa Tenggara
Mataram Jl. Brawijaya No. 22–24 Mataram
RT. 02, Lingk. Karang Kelebut
Kel. Cakranegara Selatan
Kec. Cakranegara
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AND ANALYSIS GOVERNANCE STATEMENTS
BRANCH ADDRESS CITY / REGENCY
Lombok Barat Jl. Raya Dr. Sutomo No. 1A Lombok Barat
Desa Bekele, Kec. Gerung
Manggarai Jl. Wae Ces Manggarai
RT 004 / RW 02
Kel. Mbaumuku, Kec. Langke Rembong
Sumbawa Jl. Diponegoro No. 63 Sumbawa
RT 002 / RW 010
Kel. Bugis, Kec. Sumbawa
East Nusa Tenggara
Kupang Jl. Frans Seda Blok G Kupang
RT 042 / RW 013
Kel. Fatululi, Kec. Oebobo
Sumatra
BRANCH ADDRESS CITY / REGENCY
North Sumatra
Medan Jl. Ir. H. Juanda No. 26 Medan
Lingkungan IV
Kel. Sukadamai, Kec. Medan Polonia
Medan 2 Jl. Bambu II No. 67 B–C Medan
Kel. Durian, Kec. Medan Timur
Asahan Jl. Sisingamangaraja No. 73 Asahan
Kel. /Desa Kisaran Timur, Kec. Kota Kisaran Timur
Binjai Kompleks Ruko Surya Permai Binjai
Jl. T. Amir Hamzah No. 1L
Karo Jl. Veteran No. 57A Karo
Kel. Kampung Dalam, Kec. Kabanjahe
Rantauprapat Kompleks M 88 Labuhanbatu
Jl. Sisingamangaraja No. 10A–B
Kel. Bakaran Batu, Kec. Rantau Selatan
Padangsidimpuan Jl. Sudirman No. 8F Padangsidimpuan
Kel. Losung Batu Kec. Padangsidimpuan Utara
Pematangsiantar Kompleks Megaland Blok N No. 10 Pematangsiantar
Jl. Sangnawaluh Kel. Siopat Hulu, Kec. Siantar Timur
Riau
Pekanbaru Jl. Soekarno Hatta No. 88 Pekanbaru
Kel. Delima, Kec. Tampan
Pekanbaru 3 Jl. Setiabudi No. 89–89A Pekanbaru
Air Molek – Indragiri Hulu Jl. Jend. Sudirman RT 02 / RW 01 Indragiri Hulu
Kel. Kembang Harum, Kec. Pasir Penyu
Bagan Batu Jl. Jendral Sudirman Rokan Hilir
Kel. Bagan Batu, Kec. Bagan Sinembah
Dumai Jl. Sultan Hasanuddin Dumai
RT 14 / RW 00
Kel. Rimba Sekampung, Kec. Dumai Kota
Pelalawan Jl. Maharaja Indah RT 001 / RW 009 Pelalawan
Pangkalan Kerinci Kota
Pangkalan Kerinci
Ujung Batu Jl. Sudirman Desa Ujung Batu Timur, Kec. Ujung Rokan Hulu
Batu
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BRANCH ADDRESS CITY / REGENCY
Kepulauan Riau
Tanjung Pinang Jl. D.I. Panjaitan KM. 08 Tanjung Pinang
Kel. Air Raja, Kec. Tanjung Pinang Timur
Batam Komplek King Business Center Batam
Blok B2 No. 9–10
Jl. Raja Isa Batam Center
Kel. Belian, Kec. Batam Kota
Batam 2 Komp. Bumi Riau Makmur Blok A No. 9 Batam
Jl. Laksamana Bintan
Kel. Sei Panas, Kec. Batam Kota
West Sumatra
Padang Jl. Khatib Sulaiman No. 63D–E Padang
Kel. Lolong Belanti, Kec. Padang Utara
Bukittinggi Jl. Raya Kapas Panji No. 49B Bukittinggi
Jambu Air, Nagari Taluak IV Suku
Kec. Banuhampu, Agam
Dharmasraya Jl. Lintas Sumatera Jorong Dharmasraya
Pasar Koto Baru
Pasaman Barat Jl. Lintas Simpang Empat Manggopo 2 KM, Kompleks Pasaman Barat
Gunung Tulas,
Lintang Selatan, Jorong Simpang Empat Kenagarian
Lingkuang Aua
Kec. Pasaman
Jambi
Jambi Jl. Prof. M. Yamin S.H. No. 65–66 Jambi
RT 29, Kel. Lebak Bandung, Kec. Jelutung
Muara Bungo Jl. Sudirman No. 45–46 Muara Bungo
RT 003 / RW 001
Kel. Pasir Putih, Kec. Rimbo Tengah
Muaro Jambi Jl. Lintas Timur, RT 16 / RW 02 Muaro Jambi
Kel. Sengeti, Kec. Sekernan
Rimbo Bujang Jl. Pahlawan No. 91 Tebo
RT 02 / RW 03
Kel. Mandiri Agung, Kec. Rimbo Bujang
Sarolangun Jl. Lintas Sumatera Pasar Sarolangun No. 17 RT 06 Sarolangun
Kel. Sukasari, Kec. Sarolangun
South Sumatra
Palembang Kompleks Ruko Rajawali No. B3–B4 Palembang
RT 016 / RW 012
Kel. 9 Ilir, Kec. Ilir Timur II
Palembang 2 Jl. Sultan Mahmud Badaruddin II No. 5 RT 20 / RW 04 Palembang
Kel. Alang-Alang Lebar, Kec. Alang-Alang Lebar
Baturaja Jl. Dr. Moh. Hatta, RT 04 / RW 04 Baturaja
Kel. Sukaraya, Kec. Baturaja Timur
Ogan Komering Ulu (OKU)
Lahat Jl. Kolonel Burlian No. 95 Lahat
RT 09 / RW 03
Kel. Bandar Agung, Kec. Lahat
Pangkalan Balai Jl. Merdeka No. 2E RT 11 / RW 04 Kel. Pangkalan Balai, Banyuasin
Kec. Banyuasin III
Prabumulih Jl. Jend. Sudirman No. 10 Prabumulih
Kel. Muara Dua, Kec. Prabumulih Timur
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
BRANCH ADDRESS CITY / REGENCY
Bangka Belitung Islands
Pangkal Pinang Kompleks Bangka Square (Ruko No. 2) Bangka Tengah
Jl. Raya Koba KM. 5 No. 17
Kec. Pangkalan Baru
Belitung Jl. Jend. Sudirman No. 32B Belitung
RT 09 / RW 04
Kel. Pangkal Lalang, Kec. Tanjung Pandan
Lampung
Bandar Lampung Jl. Gajah Mada No. 55 Bandar Lampung
Kota Baru, Tanjung Karang Timur
Bandar Jaya Jl. Proklamator Raya No. 28–29 Lampung Tengah
Kec. Terbanggi Besar, Bandar Jaya
Metro Jl. Jend. Sudirman No. 282 Metro
Kel. Imopuro, Kec. Metro Pusat
Pringsewu Jl. A. Yani, RT 012 / RW 01 Pringsewu
Kel. Pringsewu Utara, Kec. Pringsewu
Tulang Bawang Jl. Lintas Timur Sumatera Tulang Bawang
Kel. Dwi Warga Tunggal Jaya, Kec. Banjar Agung
Kalimantan
BRANCH ADDRESS CITY / REGENCY
West Kalimantan
Pontianak Jl. M. Sohor No. 45 Blok E–F Pontianak
RT 05 / RW 02
Kel. Akcaya, Kec. Pontianak Selatan
Ketapang Jl. DI Panjaitan Nomor 37 Ketapang
RT 002, RW 007
Kel. Sampit, Kec. Delta Pawan
Sanggau Jl. Jenderal Sudirman No. 23 Sanggau
RT 22 / RW 08
Kel. Beringin, Kec. Kapuas
Sintang Komplek Pertokoan Golden Square Sintang
Jl. Lintas Melawi No. E6
RT 003 / RW 001
Kel. Ladang, Kec. Sintang
Central Kalimantan
Palangkaraya Jl. RTA Milono KM. 3,5 No. 6–7 Palangkaraya
Kel. Menteng, Kec. Pahandut
Pangkalan Bun Jl. Pasanah (Kawitan 1), RT 23 Pangkalan Bun
Sidorejo
Sampit Jl. Jendral Sudirman KM. 1,5 No. 19 Sampit
RT 43 / RW 08
Kel. Mentawa Baru Hulu, Kec. Mentawa Baru
Ketapang
Kotawaringin Timur
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BRANCH ADDRESS CITY / REGENCY
South Kalimantan
Banjarmasin Jl. A. Yani KM. 7,8 No. 30 Banjarmasin
Kertak Hanyar, Kab. Banjar
Banjarbaru Jl. Ahmad Yani KM. 34,500 Banjarbaru
RT 003 / RW 002
Kel. Komet, Kec. Banjarbaru Utara
Tanah Bumbu Jl. Raya Batulicin, RT 3 / RW 1 Tanah Bumbu
Desa Sejahtera
Kampung Baru – Simpang Empat
Tanjung Jl. Ahmad Yani RT II Tanjung
Mabu’un Murung Pudak, Tabalong
East Kalimantan
Samarinda Jl. D.I. Panjaitan, Ruko No. 5–6 Samarinda
Samarinda 2 Seberang Jl. Bung Tomo, RT 09 Samarinda
Kel. Sungai Keledang, Kec. Samarinda Seberang
Balikpapan Jl. Jend. Sudirman No. 14/295, Balikpapan
RT 06 Kel. Damai,
Kec. Balikpapan Selatan
Berau Jl. Pemuda, RT 09 Kel. Tanjung Redep, Kec. Tanjung Berau
Redep
Bontang Ruko Primagama Bontang
Jl. Bhayangkara KM. 6 No. 16F
Paser Jl. Modang Rt 007 RW 02 Paser
Kel. Tanah Grogot, Kec. Tanah Grogot
Penajam Paser Utara Jl. Propinsi, RT 007, KM.18 Penajam Paser Utara
Kel. Petung, Kec. Penajam
Sengata Jl. A.W. Syahrani, RT 04 / RW 01 Kutai Timur
Kel. Teluk Lingga, Kec. Sengata Utara
Tenggarong Jl. Patin No. 99B Tenggarong Kutai Kartanegara
North Kalimantan
Bulungan JL. Sengkawit No. 2 Bulungan
RT 53 / RW 20
Kel. Tanjung Selor, Kec. Tanjung Selor
Tarakan Jl. Gajah Mada No. 75 Tarakan
Kel. Karang Anyar Pantai
Sulawesi
BRANCH ADDRESS CITY / REGENCY
North Sulawesi
Manado Jl. Bethesda No. 18 Manado
Kel. Ranotana, Kec. Sario
Bitung Jl. Wolter Monginsidi No. 45 Bitung
Kel. Girian Bawah, Kec. Girian
Bolaang Mongondow Utara Jl. Trans Sulawesi Desa Bolang Itang Induk No. 26 Bolaang Mongondow
Kec. Bolang Itang Barat Utara
Kotamobagu Jl. Brigjen Katamso, Kotamobagu
Kel. Kotobangun
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
BRANCH ADDRESS CITY / REGENCY
Minahasa Selatan Lingkungan IV Kel. Uwuran I Minahasa Selatan
Kec. Amurang
Tahuna – Kepulauan Sangihe Jl. Raramenusa Tahuna
Kel. Sawang Bendar, Lingkungan III
Tomohon Jl. Samratulangi Lingkungan VI Tomohon
Kel. Matani 3, Kec. Tomohon Tengah
Gorontalo
Gorontalo Jl. Agus Salim No. 290 Gorontalo
Kel. Wumialo, Kec. Kota Tengah
Marisa Graha Arwana, Jl. Trans Sulawesi Pohuwato
Kel. Buntulia Selatan, Kec. Duhiada
West Sulawesi
Mamuju Jl. Jenderal Sudirman No. 15 Mamuju
Kel. Simboro, Kec. Simboro
Mamuju Utara Jl. Ir. Soekarno Kel. Pasangkayu, Mamuju Utara
Kec. Pasangkayu
Polewali Mandar Ruko Andi Depu No 151 Polewali Mandar
Jl. H. Andi Depu
Kel. Takkatidung, Kec. Polewali
Central Sulawesi
Tolitoli Jl. Abdul Muis No. 16 Malosong Tolitoli
Kel. Baru, Kec. Baolan
Palu Ruko Moh. Hatta Center Palu
Jl. Dr. Moh. Hatta No. 21D–E
RT 11 / RW 03
Kel. Besusu Tengah, Kec. Palu Timur
Kotaraya Jl. I Gusti Ngurah Rai Parigi Moutong
Desa Kotaraya, Kec. Mepanga
Luwuk Jl. Yos Sudarso No. 15 Banggai
Kel. Karaton, Kec. Luwuk
Parigi Moutong Jl. Trans Sulawesi Parigi Moutong
Kel. Bantaya, Kec. Parigi
Poso Jl. Pulau Sumba No. 7 Poso
Kel. Gebangrejo, Kec. Poso Kota
South Sulawesi
Makassar Jl. Hertasning Baru (Aeropala) No. 98 Makassar
Kel. Karunrung, Kec. Rappocini
Makassar 2 Jl. Kima Raya 2 No. A20 Makassar
Kel. Daya, Kec. Biringkanaya
Bone Jl. Ahmad Yani Bone
Kel. Jeppee, Kec. Tanete Riattang Barat
Bulukumba Jl. Samratulangi, Dusun Lajae Bulukumba
Desa Polewali, Kec. Gantarang
Gowa Kompleks Yasmin Square No. YS8 Gowa
Jl. Tumanurung Raya
Kel. Pandang-Pandang, Kec. Somba Opu
Luwu Timur Jl. Trans Sulawesi Luwu Timur
Desa Beringin Jaya, Kec. Tomoni
Luwu Utara Jl. Ahmad Yani No. 76, RT 1 / RW 1 Luwu Utara
Kel. Kappuna, Kec. Masamba
Palopo Jl. Kelapa Kel. Dangerakko, Palopo
Kec. Wara
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BRANCH ADDRESS CITY / REGENCY
Parepare Jl. Bau Massepe No. 74 Parepare
Kel. Ujung Sabbang, Kec. Ujung
Toraja Jl. Poros Makale – Rantepao No. 474A Tana Toraja
Kel. Tambunan, Kec. Makale Utara
Southeast Sulawesi
Kendari Jl. Brigjend. Moh. Yunus Bypass Kendari
Bau-Bau Jl. Bataraguru No. 39 Bau-Bau
Kel. Wajo, Kec. Murhum
Kolaka Jl. Dr. Sutomo No. 51 Kolaka
Kel. Lamokato, Kec. Kolaka
Konawe Jl. Sapati No. 15D Konawe
Kel. Tumpas, Kec. Unaha
Maluku & Papua
BRANCH ADDRESS CITY / REGENCY
Maluku
Ambon Perumahan Citraland The Arkade Ambon
Blok 06–07
Jl. Wolter Monginsidi
Kel. Lateri, Kec. Baguala
Maluku Tengah Jl. Abdullah Soulissa No. 20 Masohi
RT 02 / RW 03
Kel. Namaelo, Kec. Amahai
North Maluku
Ternate Jl. Cempaka I No. 342 Ternate
RT 013, RW 03
Kel. Tanah Tinggi, Kec. Ternate Selatan
Tobelo Jl. Kemakmuran Desa Rawajaya, Kec. Tobelo Halmahera Utara
West Papua
Manokwari Jl. Trikora Wosi, Ruko No. 3 Manokwari
RT 01 / RW 12
Kel. Wosi, Kec. Manokwari Barat
Southwest Papua
Sorong Jl. Basuki Rahmat KM. 8 Sorong
RT 01 / RW 08
Kel. Klabulu, Kec. Malaimsimsa
Papua
Jayapura Komplek Ruko No. 11–12 Jayapura
Jl. Amphibi Hamadi Kel. Argapura, Kec. Jayapura
Selatan
Biak Numfor Jl. Selat Sunda No. 07, Fandoi, Biak Biak Numfor
Central Papua
Nabire Jl. Merdeka No. 69 Nabire
Kel. Karang Mulia, Kec. Nabire
South Papua
Merauke Ruko Parako No. 03 Merauke
Jl. Parakomando, RT 001 / RW 001
Kel. Mandala, Kec. Merauke
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Kiosk
Java, Bali & Nusa Tenggara
KIOSK ADDRESS CITY / REGENCY
Jakarta Special Region
Matraman Galur Sari Raya No. 26A Blok R Jakarta Timur
RT 02 / RW 01
Kel. Utan Kayu Selatan, Kec. Matraman
Pasar Rebo Jl. Raya PKP No. 69 Jakarta Timur
RT 10 / RW 08
Kel. Kelapa Dua Wetan, Kec. Ciracas
Tebet Gedung Regatama Blok A No. 106 Jakarta Selatan
Jl. Pariaman Kel. Manggarai,
Kec. Setiabudi
Kembangan Jl. Kembangan Utara Nomor 10 Jakarta Barat
RT 002, RW 002
Kel. Kembangan Utara, Kec. Kembangan
Banten
Batuceper Jl. Raya Poris Indah RT 02 / RW 03 Tangerang
Kel. Poris Indah, Kec. Batuceper
Jatiuwung Jl. Raya Gatot Subroto Tangerang
Kp. Jatake, RT 006 / RW 002
Kel. Jatake, Kec. Jatiuwung
Larangan Jl. Inpres 14 No. 1 RT 03 / RW 04 Tangerang
Kel. Gaga, Kec. Larangan
Ciputat Timur Jl. W.R. Supratman No. 3 Tangerang Selatan
RT 01 / RW 08
Kel. Cempaka Putih, Kec. Ciputat Timur
Serpong Utara Jl. Jelupang Raya No. 14 RT 003, RW 002 Tangerang Selatan
Kel. Lengkong Karya, Kec. Serpong Utara
West Java
Bekasi Timur Jl. Pengasinan, RT 002 / RW 001 Bekasi
Kel. Pengasinan Jaya,
Kec. Rawalumbu
Karang Bahagia Kp. Sukamantri RT 06 / RW 01 Bekasi
Desa Sukaraya, Kec. Karang Bahagia
Bogor Utara Jl. KS. Tubun RT 1 / RW 3, No. 141 Bogor
Kel. Cibuluh, Kec. Bogor Utara
Bojong Gede Gelonggong Tengah RT 04 / RW 07 Bogor
Kel. Kedungwaringin, Kec. Bojonggede
Parung Jl. Raya Parung RT 001 / RW 006 Bogor
Kel. Parung, Kec. Parung
Klari Perumahan Puri Kosambi Blok B No. 4 Karawang
Desa Duren, Kec. Klari
East Java
Tenggilis Mejoyo Jl. Raya Rungkut Kidul No. 54 Surabaya
RT 001 / RW 005
Kel. Rungkut Kidul, Kec. Rungkut
Kepanjen Ruko C Dusun Malang
Jl. Raya Dawuhan, Ds Dawuhan
Kel. Jatirejoyoso, Kec. Kepanjen
Driyorejo Jl. Raya Driyorejo No. 127 Gresik
Kel. Driyorejo
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KIOSK ADDRESS CITY / REGENCY
Menganti Jl. Raya Bringkang, RT 003 / RW 002 Gresik
Kec. Menganti
Mojosari Jl. Airlangga Nomor 91B Mojokerto
RT 004 / RW 001
Desa Kauman, Kec. Mojosari
Porong Jl. Joyo Leksono Sidoarjo
RT 2 / RW 2
Ds. Lajuk Porong, Kec. Porong
Taman Ruko Graha Matahari Blok C1–3 Sidoarjo
Kel. Bebekan Timur, Kec. Taman
Kalimantan
KIOSK ADDRESS CITY / REGENCY
West Kalimantan
Pontianak Timur Jl. Tanjung Raya 2 No. 99 Pontianak
RT 004 / RW 002
Kel. Saigon, Kec. Pontianak Timur
South Kalimantan
Alalak Jl. Handil Bakti RT 9 Barito Kuala
Kel. Handil Bakti, Kec. Alalak
Barabai Jl. H Abdul Muis Ridhani No. 42 Hulu Sungai Tengah
RT XI / RW 004
Kel. Barabai Timur, Kec. Barabai
Sulawesi
North Sulawesi
Tuminting Jl. Pogidon Raya No. 103 Manado
Kel. Tumumpa Satu Lingk I
Kec. Tuminting
Mapanget Jl. A. A. Maramis Manado
Kel. Paniki Bawah Ling. III Kec. Mapanget
Bolaang / Inobonto Jl. AKD Trans Sulawesi Lingkungan VII Bolaang Mongondow
Kel. Inobonto I, Kec. Bolaang
Gorontalo
Limboto Jl. K. H. Wahid Hasyim, RT 008 / RW 03 Desa Gorontalo
Kayubulan, Kec. Limboto
Maluku & Papua
Maluku
Teluk Ambon Jl. Ir. Putuhena No. 3 Ambon
RT 007 / RW 004
Kel. Wayame, Kec. Teluk Ambon
Southwest Papua
KIOSK ADDRESS CITY / REGENCY
Sorong Barat Jl. Buncis RT 09 / RW 11 Sorong
Kel. Walawele, Kec. Aimas
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SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Sharia Representative Branches
BRANCH ADDRESS CITY / REGENCY
Java, Bali & Nusa Tenggara
Jl. Lapangan Bola No. 1–1A
Jakarta Meruya Syariah Jakarta Barat
Kel. Kebon Jeruk, Kec. Kebon Jeruk
Rukan Puri Mutiara Blok A No. 80
Jakarta Sunter Syariah Jakarta Utara
Jl. Utama Griya, Sunter
Rukan Grand Orchard Square Blok C/20
Jakarta Utara Syariah Jl. Terusan Kelapa Hybrida Jakarta Utara
Kel. Sukapura, Kec. Cilincing
Jl. Dewi Sartika No. 292F
Jakarta Timur Syariah RT 004 / RW 005 Jakarta Timur
Kel. Cawang, Kec. Kramat Jati
Komplek Pertokoan Duta Mas
Blok B2 No. 7
Jakarta Selatan Syariah Jakarta Selatan
Jl. R.S. Fatmawati
Kel. Cipete, Kec. Kebayoran Baru
Jl. Imam Bonjol No. 279–281
Tangerang Syariah RT 01 / RW 04 Tangerang
Kel. Bojong Jaya, Kec. Karawaci
Ruko Bidex Blok F No. 18
Jl. Pahlawan Seribu
Tangerang Selatan Syariah Tangerang Selatan
RT 001 / RW 004
Kel. Lengkong Gudang, Kec. Serpong
Kompleks Ruko Suncity Square
Bekasi Syariah Blok A No. 46–47 Bekasi
Jl. Mayor Hasibuan, Margajaya
Jl. Raya Tajur No. 118E–F
Bogor Syariah RT 001 / RW 006 Bogor
Kel. Pakuan, Kec. Bogor Selatan
Jl. Tuparev No. 115A
Cirebon Syariah Cirebon
Desa Kertawinangun Kec. Kedawung
Ruko Margonda Residen No. 12A–14
Depok Syariah Depok
Jl. Margonda Raya Kav. 461
Jl. SoekarNo. Hatta No. 472
Bandung Syariah Bandung
Kel. Batu Nunggal, Kec. Bandung Kidul
Jl. Brawijaya No. 4 RT 02 / RW 12
Sukabumi Syariah Sukabumi
Kel. Sriwidari, Kec. Gunung Puyuh
Kompleks Pertokoan Plaza Asia
Blok B No. 12A
Tasikmalaya Syariah Tasikmalaya
Jl. H.Z. Mustofa
Kel. Tugujaya, Kec. Cihideung
Jl. Jendral Ahmad Yani No. 73 Bypass
Karawang Syariah RT 04 / RW 12 Karawang
Kel. Karangpawitan, Kec. Karawang Barat
Jl. Gerilya Timur No. 35
Purwokerto Syariah Ruko No. 3 Banyumas
Kel. Teluk, Kec. Purwokerto Selatan
Jl. Raya Kedungmundu
Semarang Syariah RT 01 / RW 25 Semarang
Kel. Sendangmulyo, Kec. Tembalang
Jl. Ahmad Yani
Kudus Syariah Ruko Bitingan Indah B-07 & B-08 Kudus
Kel. Panjunan, Kec. Kota Kudus
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BRANCH ADDRESS CITY / REGENCY
Jl. R.M. Said No. 160C
Solo Syariah RT 002 / RW 003 Surakarta
Kel. Punggawan, Kec. Banjarsari
Ruko Monjali Permai Kav. 2
Yogyakarta Syariah Jl. Monjali RT 011 / RW 034 Yogyakarta
Desa Sinduadi, Kec. Mlati
Jl. Ngagel Jaya No. 39
Surabaya Syariah Surabaya
Kel. Pucung Sewu, Kec. Gubeng
Ruko Green Garden Regency A2-03 & A2-04
Gresik Syariah Gresik
Desa Dahanrejo, Kec. Kebomas
Kompleks Pertokoan Hayam Wuruk Trade Center
Kediri Syariah Blok C No. 8 Kediri
Jl. Hayam Wuruk
Jl. R. Tumenggung Suryo No. 42, Kavling B, C, D
Malang Syariah Malang
Kel. Bunulrejo, Kec. Blimbing
Ruko Kranggan Permai Blok A 05–06
Mojokerto Syariah Jl. Pahlawan Kel. Kranggan, Mojokerto
Kec. Prajurit Kulon
Ruko Gateway Blok C-1 & C-2
Sidoarjo Syariah Jl. Raya Waru (Aloha) Sidoarjo
Desa Sawotratap, Kec. Gedangan
Jl. Brawijaya No. 22–24
Mataram Syariah RT 02, Lingk. Karang Kelebut Mataram
Kel. Cakranegara Selatan, Kec. Cakranegara
Sumatra
Jl. Ir. H. Djuanda No. 26
Medan Syariah Lingkungan IV Medan
Kel. Sukadamai, Kec. Medan Polonia
Jl. Khatib Sulaiman No. 63D–E
Padang Syariah Padang
Kel. Belanti Timur, Kec. Padang Utara
Ruko King Business Center
Batam Syariah Blok B2 No. 9–10 Jl. Raja Isa Batam
Kel. Belian, Kec. Batam Kota
Jl. Raya Kapas Panji No. 49B
Bukittinggi Syariah Agam
Kel. Jambu Air, Kec. Banuhampu
Jl. Setiabudi No. 88–89A
Pekanbaru Syariah Pekanbaru
Kel. Rintis, Kec. Lima Puluh
Jl. Prof. M. Yamin S.H. No. 65–66
Jambi Syariah RT 29 Kel. Lebak Bandung, Jambi
Kec. Jelutung
Kompleks Ruko Rajawali No. B3–B4
Palembang Syariah RT 016, RW 012 Kel. 9 Ilir, Palembang
Kec. Ilir Timur II
Jl. Gajah Mada No. 55 Kel. Kota Baru, Kec.Tanjung
Lampung Syariah Bandar Lampung
Karang Timur
298 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
BRANCH ADDRESS CITY / REGENCY
Kalimantan
Jl. M. Sohor No. 45 RT 05 / RW 02
Pontianak Syariah Pontianak
Kel. Akcaya, Kec. Pontianak Selatan
Jl. RTA Milono KM. 3,5 No. 6–7
Palangkaraya Syariah Palangkaraya
Kel. Menteng, Kec. Jekan Raya
Jl. A. Yani KM. 7,8 No. 30
Banjarmasin Syariah Kel. Manarap Lama, Banjarmasin
Kec. Kertak Hanyar
Jl. D.I. Panjaitan, Ruko No. 5–6
Samarinda Syariah Kel. Sungai Pinang Dalam Samarinda
Kec. Samarinda Utara
Jl. Jenderal Sudirman No. 14/295
Balikpapan Syariah RT 06 Kel. Damai, Balikpapan
Kec. Balikpapan Selatan
Sulawesi
Jl. Agus Salim No. 290
Gorontalo Syariah Gorontalo
Kel. Wumialo, Kec. Kota Tengah
Jl. Hertasning Baru (Aeropala)
Makassar Syariah Makassar
Kel. Karunrung, Kec. Rappocini
Jl. Brigjend. Moh. Yunus
Kendari Syariah Kendari
Kel. Bende, Kec. Baruga
Maluku & Papua
Jl. Cempaka I Nomor 342
Ternate Syariah Ternate
RT 013 / RW 03 Kel. Tanah Tinggi, Kec. Ternate Selatan
Jl. Basuki Rahmat KM. 8
Sorong Syariah RT 01 / RW 08 Sorong
Kel. Klabulu, Kec. Malaimsimsa
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 299
Page 302
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
GLOSSARY
3P Profit, People, Planet
AEI Asosiasi Emiten Indonesia (Indonesian Public-Listed Companies Association)
AFTECH Indonesia Fintech Association
AGMS Annual General Meeting of Shareholders
AISI Asosiasi Industri Sepeda Motor Indonesia (Association of Indonesia Motorcycle Industry)
AML-CFT- Anti-Money Laundering, Combating the Financing of Terrorism, and Countering Proliferation
CPF Financing of Weapons of Mass Destruction
APINDO Asosiasi Pengusaha Indonesia (Indonesian Employers’ Association)
APOLO Aplikasi Pelaporan Online OJK (OJK’s Online Reporting Application)
APPI Asosiasi Perusahaan Pembiayaan Indonesia (Indonesian Financial Services Association or IFSA)
B2B Business-to-Business
B2B2C Business-to-Business-to-Consumer
B2C Business-to-Consumer
BATC BFI Agile Thought Community
BFIN BFI Finance ticker symbol
BI Bank Indonesia, Business Intelligence (Power BI)
BI7DRR Bank Indonesia 7-day (Reverse) Repo Rate
BIK Bulan Inklusi Keuangan (Financial Inclusion Month)
BOC Board of Commissioners
BOD Board of Directors
BPD Bank Pembangunan Daerah (Regional Development Bank)
BPJS Badan Penyelenggara Jaminan Sosial (Social Security Administration Agency)
BPSK Badan Penyelesaian Sengketa Konsumen (Consumer Dispute Settlement Agency)
BSD Bumi Serpong Damai (a city area in Tangerang Selatan, Banten Province)
CA Credit Analyst, Chartered Accountant
CBD Central Business District
CEO Chief Executive Officer
CFO Chief Financial Officer
CHCO Chief Human Capital Officer
CMO Chief Marketing Officer
COO Chief Operating Officer
COP Car Ownership Program
Covid-19 Coronavirus Disease 2019
CPA Certified Public Accountant
CPO crude palm oil
CRO Chief Risk Officer
CS Customer Service
CSI Customer Satisfaction Index
CSR Corporate Social Responsibility
DKI Daerah Khusus Ibukota (Special Capital Region of Jakarta)
DSAK IAI Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia (Financial Accounting Standards
Board (FASB) of the Institute of Indonesia Chartered Accountants)
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
DSN-MUI Dewan Syariah Nasional-Majelis Ulama Indonesia (National Sharia Board-Indonesian Ulema
Council)
e-GMS Electronic-General Meeting of Shareholders
e-KYC Electronic-Know Your Customer
EGMS Extraordinary General Meeting of Shareholders
ERM Enterprise Risk Management
ESG Environmental, Social, and Governance
EV electric vehicle
FAR Financing-to-Asset Ratio
FGD Focus Group Discussion
FIT PT Finansial Integrasi Teknologi (subsidiary)
G20 Group of Twenty
GAIKINDO Gabungan Industri Kendaraan Bermotor Indonesia (The Association of Indonesia Automotive
Industries)
GCG Good Corporate Governance
GDP Gross Domestic Product
GMS General Meeting of Shareholders
G.R.E.A.T. Company Core Values
HAV Human Asset Value
HC Human Capital
HR Human Resources
IAI Ikatan Akuntan Indonesia (Institute of Indonesia Chartered Accountants)
IAPI Ikatan Akuntan Publik Indonesia (Indonesian Institute of Certified Public Accountants)
IDX Indonesia Stock Exchange (Bursa Efek Indonesia or BEI)
IHSG Indeks Harga Saham Gabungan (Composite Share Price Index)
IFAS Interpretation of Financial Accounting Standards
IFRS International Financial Reporting Standards
IICD Indonesian Institute for Corporate Directorship
IIRC International Integrated Reporting Council
IKNB Industri Keuangan Non-Bank (Non-Bank Financial Institutions)
IMBT Ijarah Muntahiyah Bittamlik (Islamic Lease Agreement)
IMC Integrated Marketing Communication
IMF International Monetary Fund
IPO Initial Public Offering
IR Integrated Reporting
ISO International Organization for Standardization
IT Information Technology
ITE Informasi dan Transaksi Elektronik (Information and Electronic Transactions)
KBLI Klasifikasi Baku Lapangan Usaha Indonesia (Indonesian Business Field Standard Classification)
KNKG Komite Nasional Kebijakan Governance (National Committee on Governance Policy)
KPI Key Performance Indicator
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 301
Page 304
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
KSEI Kustodian Sentral Efek Indonesia (Indonesian Central Securities Depository)
KYC Know Your Customer
LAPS SJK Lembaga Alternatif Penyelesaian Sengketa Sektor Jasa Keuangan (Alternative Institution for
Settlement of Financial Services Sector Disputes)
LDP Leadership Development Program
LSP Lembaga Sertikasi Profesi (Professional Certification Body)
MCB Mandatory Convertible Bond
M.Kn. Magister Kenotariatan (Master of Notary Affairs)
M.H. Magister Hukum (Master of Law)
M-BEAT Mobile BFI Edustream and Training
MESOP Management and Employee Stock Ownership Program
MIS Management Information System
MOP Motorcycle Ownership Program
MPV Multipurpose Vehicle
MSMEs Micro, Small, and Medium Enterprises
MTN Medium Term Notes
NDF Non-Dealer Financing
NPF Non-Performing Financing
NPS Net Promoter Score
OHS Occupational Health and Safety
OHSMS Occupational Health and Safety Management System
OJK Otoritas Jasa Keuangan (Financial Services Authority)
P2P peer-to-peer
PB-UMKU Perizinan Berusaha untuk Menunjang Kegiatan Usaha (Business Permit to Support Business
Activities)
PBF Property-Backed Financing
PEPs Politically Exposed Persons
PG Personal Grade
PMO Project Management Office
POJK Peraturan Otoritas Jasa Keuangan (Financial Services Authority Regulation or OJK Regulation)
PPATK Pusat Pelaporan dan Analisis Transaksi Keuangan (Financial Transaction Reporting and Analysis
Center)
PPL Pendidikan Profesional Berkelanjutan (Continuing Professional Education)
PPPK Pusat Pembinaan Profesi Keuangan (Financial Profession Development Center)
PT Perseroan Terbatas (Limited Liability Company)
QR Quick Response (QR code)
RAKB Rencana Aksi Keuangan Berkelanjutan (Sustainable Finance Action Plan)
RAPINDO PT Rapi Utama Indonesia
RI Republic of Indonesia
ROAA Return on Average Assets
ROAE Return on Average Equity
Rp rupiah
S.E. Sarjana Ekonomi (Bachelor of Economics)
S.H. Sarjana Hukum (Bachelor of Law)
302 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
SBU Sharia Business Unit
SDGs Sustainable Development Goals
SEOJK Surat Edaran Otoritas Jasa Keuangan (Financial Services Authority Circular or OJK Circular)
SFAS Statement of Financial Accounting Standards
SIC Service Insight Community
SIPENDAR Sistem Informasi Terduga Pendanaan Terorisme (Information System for Suspected Terrorism
Financing)
SIPESAT Sistem Informasi Penggunaan Jasa Terpadu (Integrated Service Usage Information System)
SK Surat Keputusan (Decree)
SLA Service Level Agreement
SMEs Small and Medium-sized Enterprises
SMS Short Message Service
SOP Standard Operating Procedure
SPPI PT Sertifikasi Profesi Pembiayaan Indonesia
SR Sustainability Report
SRA Sectoral Risk Assessment
SSB Sharia Supervisory Board
TC SARL Trinugraha Capital
TCC Trinugraha Capital & Co SCA
TDPSE Tanda Daftar Penyelenggara Sistem Elektronik (Electronic System Operator Registration
Certificate)
THR Tunjangan Hari Raya (Holiday Allowance)
TICMI The Indonesia Capital Market Institute
TOR Terms of Reference
UBO Ultimate Beneficial Owner
USD United States dollar
UU PT Undang-Undang Perseroan Terbatas (Law on Limited Liability Companies)
VTO Voluntary Tender Offer
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 303
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09 ANNUAL FINANCIAL STATEMENTS 304 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 307
Leading the Industry We firmly believe that robust growth and consistent performance provides added value for stakeholders and pave the way for success in every transformative step we take. 2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 305
Page 308
PT BFI FINANCE INDONESIA Tbk
DAN ENTITAS ANAKNYA/AND ITS SUBSIDIARY
LAPORAN KEUANGAN KONSOLIDASIAN/
CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023/
FOR THE YEAR ENDED 31 DECEMBER 2023
DAN/AND
LAPORAN AUDITOR INDEPENDEN/
INDEPENDENT AUDITORS’ REPORT
306 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 309
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
LAPORAN KEUANGAN KONSOLIDASIAN CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
DAFTAR ISI CONTENTS
Pernyataan Direksi Directors’ Statement
Ekshibit/
Exhibit
Laporan Posisi Keuangan Konsolidasian A Consolidated Statement of Financial Position
Laporan Laba Rugi dan Penghasilan Komprehensif Consolidated Statement of Profit or Loss and
Lain Konsolidasian B Other Comprehensive Income
Laporan Perubahan Ekuitas Konsolidasian C Consolidated Statement of Changes in Equity
Laporan Arus Kas Konsolidasian D Consolidated Statement of Cash Flows
Catatan atas Laporan Keuangan Konsolidasian E Notes to the Consolidated Financial Statement
Laporan Auditor Independen Independent Auditors’ Report
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 307
Page 310
SURAT PERNYATAAN DIREKSI DIRECTORS’ STATEMENT
TENTANG TANGGUNG JAWAB ATAS REGARDING THE RESPONSIBILITY OF
LAPORAN KEUANGAN KONSOLIDASIAN THE CONSOLIDATED FINANCIAL STATEMENTS
PADA TANGGAL DAN UNTUK TAHUN YANG BERAKHIR AS OF AND FOR THE YEAR ENDED
31 DESEMBER 2023 31 DECEMBER 2023
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
Kami yang bertanda tangan di bawah ini: We, the undersigned:
1. Nama : Francis Lay Sioe Ho 1. Name : Francis Lay Sioe Ho
Alamat Kantor : BFI Tower - Sunburst CBD Lot 1.2 Office Address : BFI Tower - Sunburst CBD Lot 1.2
Jl. Kapt. Soebijanto Djojohadikusumo Jl. Kapt. Soebijanto Djojohadikusumo,
BSD City, Tangerang Selatan, 15322 BSD City, Tangerang Selatan, 15322
Alamat Rumah : Jl. Duta Indah II No 6, RT 001 Residential : Jl. Duta Indah II No 6, RT 001
RW 014 Pondok Pinang Kebayoran Address RW 014, Pondok Pinang Kebayoran
Lama, Jakarta Selatan Lama, Jakarta Selatan
Nomor Telepon : 021 - 2965 0300, 2965 0500 Telephone : 021 - 2965 0300, 2965 0500
Jabatan : Presiden Direktur Title : President Director
2. Nama : Sudjono 2. Name : Sudjono
Alamat Kantor : BFI Tower - Sunburst CBD Lot 1.2 Office Address : BFI Tower - Sunburst CBD Lot 1.2
Jl. Kapt. Soebijanto Djojohadikusumo Jl. Kapt. Soebijanto Djojohadikusumo,
BSD City, Tangerang Selatan, 15322 BSD City, Tangerang Selatan, 15322
Alamat Rumah : Taman Provence, Blok 3 A9 No. 36 Residential : Taman Provence, Blok 3 A9 No. 36
RT 002 RW 025, Kelurahan Lengkong Address RT 002 RW 025, Kelurahan Lengkong
Wetan, Kecamatan Serpong, Wetan, Kecamatan Serpong,
Tangerang Selatan Tangerang Selatan
Nomor Telepon : 021 - 2965 0300, 2965 0500 Telephone : 021 - 2965 0300, 2965 0500
Jabatan : Direktur Title : Director
menyatakan bahwa: declare that:
1. Kami bertanggung jawab atas penyusunan dan penyajian laporan 1. We are responsible for the preparation and presentation of
keuangan konsolidasian PT BFI Finance Indonesia Tbk dan Entitas PT BFI Finance Indonesia Tbk and its Subsidiary’s consolidated
Anaknya; financial statements;
2. Laporan keuangan konsolidasian PT BFI Finance Indonesia Tbk 2. PT BFI Finance Indonesia Tbk and its Subsidiary’s consolidated
dan Entitas Anaknya telah disusun dan disajikan sesuai dengan financial statements have been prepared and presented in
Standar Akuntansi Keuangan di Indonesia; accordance with the Indonesian Financial Accounting Standards;
3.a. Semua informasi dalam laporan keuangan konsolidasian 3.a. All information contained in PT BFI Finance Indonesia Tbk and
PT BFI Finance Indonesia Tbk dan Entitas Anaknya telah dimuat its Subsidiary’s consolidated financial statements have been
secara lengkap dan benar; disclosed in a complete and truthful manner;
b. Laporan keuangan konsolidasian PT BFI Finance Indonesia Tbk b. PT BFI Finance Indonesia Tbk and its Subsidiary’s consolidated
dan Entitas Anaknya tidak mengandung informasi atau fakta financial statements do not contain misleading material
material yang tidak benar, dan tidak menghilangkan informasi information or facts, and do not omit material information and
atau fakta material; facts;
4. Kami bertanggung jawab atas sistem pengendalian internal 4. We are responsible for PT BFI Finance Indonesia Tbk and its
dalam PT BFI Finance Indonesia Tbk dan Entitas Anaknya. Subsidiary’s internal control system.
Demikian pernyataan ini dibuat dengan sebenarnya. We certify the accuracy of this statement.
Atas nama dan mewakili Direksi / For and on behalf of the Board of Directors
Tangerang Selatan, 23 Februari 2024 / South Tangerang, 23 February 2024
Francis Lay Sioe Ho Sudjono
Presiden Direktur / President Director Direktur / Director
Page 311
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit A Exhibit A
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENT OF FINANCIAL POSITION
PER 31 DESEMBER 2023 AS OF 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Catatan/ 31 Desember/December
Notes 2023 2022
ASET ASSETS
KAS DAN SETARA KAS 2e,f,4 1.739.659 1.073.255 CASH AND CASH EQUIVALENTS
PIUTANG PEMBIAYAAN FINANCING RECEIVABLES
– setelah dikurangi cadangan kerugian – net of allowance for impairment
penurunan nilai sebesar Rp 764.120 losses of Rp 764,120 and
dan Rp 833.435 pada tanggal 2e,g,h,i, Rp 833,435 as of 31 December
31 Desember 2023 dan 2022 5 20.706.393 19.554.254 2023 and 2022
PIUTANG IJARAH DAN IMBT IJARAH AND IMBT RECEIVABLES
– setelah dikurangi cadangan kerugian – net of allowance for impairment
penurunan nilai sebesar Rp 1.047 losses of Rp 1,047 and Rp 329
dan Rp 329 pada tanggal as of 31 December
31 Desember 2023 dan 2022 2e,j,n,6 52.769 7.767 2023 and 2022
PIUTANG LAIN-LAIN – PIHAK KETIGA 2e,k,7 250.715 162.635 OTHER RECEIVABLES – THIRD PARTIES
ASET DERIVATIF 2e,l,w,8 56.657 103.056 DERIVATIVE ASSETS
BEBAN DIBAYAR DI MUKA DAN PREPAID EXPENSES AND
UANG MUKA 2m,9 34.437 24.767 ADVANCES
ASET TETAP FIXED ASSETS
– setelah dikurangi akumulasi penyusutan - net of accumulated depreciation of
sebesar Rp 624.202 dan Rp 556.597 pada Rp 624,202 and Rp 556,597 as of
tanggal 31 Desember 2023 dan 2022 2o,10 720.827 659.145 31 December 2023 and 2022
ASET HAK-GUNA RIGHT-OF-USE ASSETS
- setelah dikurangi akumulasi penyusutan - net of accumulated depreciation of
sebesar Rp 76.631 dan Rp 66.900 pada Rp 76,631 and Rp 66,900 as of
tanggal 31 Desember 2023 dan 2022 2p,11 41.025 38.419 31 December 2023 and 2022
ASET TAKBERWUJUD INTANGIBLE ASSETS
– setelah dikurangi akumulasi amortisasi - net of accumulated amortization of
sebesar Rp 174.496 dan Rp 120.637 pada Rp 174,496 and Rp 120,637 as of
tanggal 31 Desember 2023 dan 2022 2q,12 255.166 139.499 31 December 2023 and 2022
ASET PAJAK TANGGUHAN 2r,14c 131.963 164.029 DEFERRED TAX ASSETS
ASET LAIN-LAIN 2e 1.824 2.808 OTHER ASSETS
JUMLAH ASET 23.991.435 21.929.634 TOTAL ASSETS
Lihat Catatan atas Laporan Keuangan Konsolidasian pada See accompanying Notes to Consolidated Financial Statements on
Ekshibit E terlampir yang merupakan bagian yang tidak terpisahkan Exhibit E which are an integral part of
dari Laporan Keuangan Konsolidasian secara keseluruhan the Consolidated Financial Statements taken as a whole
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 309
Page 312
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit A/2 Exhibit A/2
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENT OF FINANCIAL POSITION
PER 31 DESEMBER 2023 AS OF 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Catatan/ 31 Desember/December
Notes 2023 2022
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
LIABILITAS LIABILITIES
Pinjaman yang diterima – Pihak ketiga 2e,s,x,13 8.665.860 10.246.908 Fund borrowings – Third parties
Surat berharga yang diterbitkan Securities issued
- setelah dikurangi biaya emisi surat - net of unamortized securities
berharga yang belum diamortisasi issuance cost of Rp 9,225
sebesar Rp 9.225 dan Rp 3.510 pada and Rp 3,510 as of
tanggal 31 Desember 2023 dan 2022 2e,t,15 4.720.775 1.581.490 31 December 2023 and 2022
Beban akrual 2e,x,16 324.121 479.299 Accrued expenses
Utang dividen 2ac,18 788 1.522 Dividend payables
Utang pajak 2r,14a 199.717 263.269 Taxes payable
Utang lain-lain – Pihak ketiga 2e,19 437.423 489.352 Other payables – Third parties
Liabilitas imbalan pasca-kerja 2u,17 142.955 111.885 Post-employment benefit liabilities
JUMLAH LIABILITAS 14.491.639 13.173.725 TOTAL LIABILITIES
EKUITAS EQUITY
Ekuitas yang dapat diatribusikan Equity attributable to owners
kepada pemilik entitas induk of the parent
Modal saham - nilai nominal Share capital – par value of
Rp 25 (nilai penuh) per saham Rp 25 (full amount) per share
Modal dasar - Authorized capital –
20.000.000.000 saham 20,000,000,000 shares
Modal ditempatkan dan disetor Issued and fully paid capital -
penuh – 15.967.115.620 saham 20 399.178 399.178 15,967,115,620 shares
Tambahan modal disetor - neto 21 609.459 609.459 Additional paid-in capital – net
Saham treasuri 2z,20 (232.957) (232.957) Treasury stock
Penghasilan komprehensif lain Other comprehensive income
Keuntungan (kerugian) kumulatif atas Cummulative gain (losses) on derivative
instrumen derivatif untuk lindung nilai instrument for cash flows
arus kas – neto 2l,8,33 666 (10.267) hedges – net
Keuntungan pengukuran kembali Gain on remeasurement of
program aktuarial manfaat pasti 2u,17,33 64.537 73.020 defined benefit actuarial program
Saldo laba Retained earnings
Telah ditentukan penggunaannya 120.000 115.000 Appropriated
Belum ditentukan penggunaannya 8.538.215 7.801.690 Unappropriated
9.499.098 8.755.123
Kepentingan nonpengendali 698 786 Non-controlling interests
JUMLAH EKUITAS 9.499.796 8.755.909 TOTAL EQUITY
JUMLAH LIABILITAS DAN EKUITAS 23.991.435 21.929.634 TOTAL LIABILITIES AND EQUITY
Tangerang Selatan, 23 Februari 2024 / South Tangerang, 23 February 2024
Sudjono
Direktur/ Director
Lihat Catatan atas Laporan Keuangan Konsolidasian pada See accompanying Notes to Consolidated Financial Statements on
Ekshibit E terlampir yang merupakan bagian yang tidak terpisahkan Exhibit E which are an integral part of
dari Laporan Keuangan Konsolidasian secara keseluruhan the Consolidated Financial Statements taken as a whole
310 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 313
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit B Exhibit B
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENT OF PROFIT OR LOSS
KOMPREHENSIF LAIN KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
UNTUK TAHUN YANG BERAKHIR FOR THE YEAR ENDED
31 DESEMBER 2023 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Catatan/ 31 Desember/December
Notes 2023 2022
PENDAPATAN INCOME
Piutang pembiayaan 2e,g,h,v,22 5.933.842 5.052.248 Financing receivables
Keuangan 2e,v 82.564 22.870 Finance
Syariah 2e,i,j,v,23 108.662 65.157 Sharia
Lain-lain 2e,o,v,24 228.045 242.735 Others
Jumlah Pendapatan 6.353.113 5.383.010 Total Income
BEBAN EXPENSES
Gaji dan tunjangan 2u,v,25,29 (1.457.103 ) (1.324.648 ) Salaries and benefits
Beban bunga dan keuangan 2e,s,t,v,26 (951.310 ) (624.099 ) Interest and financing charges
Umum dan administrasi 2m,o,p,q,r,27 (870.505 ) (771.052 ) General and administrative
Cadangan kerugian penurunan nilai Provision for impairment losses
Piutang pembiayaan 2e,v,5 (785.034 ) (367.235 ) Financing receivables
Piutang ijarah dan IMBT 2e,v,6 (1.015 ) (223 ) Ijarah and IMBT receivables
Lain-lain 2e,v,28,37 (262.894) (57.072) Others
Jumlah Beban (4.327.861) (3.144.329) Total Expenses
LABA SEBELUM PAJAK 2.025.252 2.238.681 PROFIT BEFORE TAX
Beban Pajak Penghasilan 2r,14b (381.453) (432.002) Income Tax Expenses
LABA TAHUN BERJALAN 1.643.799 1.806.679 PROFIT FOR THE YEAR
PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME
Pos-pos yang akan Items that will be
direklasifikasi ke laba rugi reclassified to profit or loss
Bagian efektif atas perubahan Effective portion of the fair value
nilai wajar instrumen derivatif - lindung change of the derivative
nilai arus kas 2l,8,33 13.498 26.409 instrument - cash flow hedge
Pajak penghasilan terkait 14c,33 (2.565) (5.018) Related income tax
10.933 21.391
Pos-pos yang tidak akan Items that will not be
direklasifikasi ke laba rugi reclassified to profit or loss
Kerugian pengukuran kembali Loss on remeasurement of
program aktuarial manfaat pasti 2u,17,33 (10.468) (8.979) defined benefit actuarial program
Pajak penghasilan terkait 14c,33 1.986 1.713 Related income tax
(8.482) (7.266)
PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME
TAHUN BERJALAN – Setelah Pajak 2.451 14.125 FOR THE YEAR – Net of Tax
JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOME
TAHUN BERJALAN 1.646.250 1.820.804 FOR THE YEAR
Lihat Catatan atas Laporan Keuangan Konsolidasian pada See accompanying Notes to Consolidated Financial Statements on
Ekshibit E terlampir yang merupakan bagian yang tidak terpisahkan Exhibit E which are an integral part of
dari Laporan Keuangan Konsolidasian secara keseluruhan the Consolidated Financial Statements taken as a whole
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 311
Page 314
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit B/2 Exhibit B/2
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENT OF PROFIT OR LOSS
KOMPREHENSIF LAIN KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
UNTUK TAHUN YANG BERAKHIR FOR THE YEAR ENDED
31 DESEMBER 2023 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Catatan/ 31 Desember/December
Notes 2023 2022
LABA TAHUN BERJALAN YANG DAPAT PROFIT FOR THE YEAR
DIATRIBUSIKAN KEPADA: ATTRIBUTTABLE TO:
Pemilik entitas induk 1.643.888 1.806.680 Owners of the parent
Kepentingan nonpengendali (89) (1) Non-controlling interests
1.643.799 1.806.679
JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE
TAHUN BERJALAN YANG DAPAT INCOME FOR THE YEAR
DIATRIBUSIKAN KEPADA: ATTRIBUTTABLE TO:
Pemilik entitas induk 1.646.338 1.820.807 Owners of the parent
Kepentingan nonpengendali (88) (3) Non-controlling interests
1.646.250 1.820.804
LABA PER SAHAM DASAR BASIC EARNINGS PER SHARE
(nilai penuh) 2ab,32 109 121 (full amount)
Tangerang Selatan, 23 Februari 2024 / South Tangerang, 23 February 2024
Sudjono
Direktur/ Director
Lihat Catatan atas Laporan Keuangan Konsolidasian pada See accompanying Notes to Consolidated Financial Statements on
Ekshibit E terlampir yang merupakan bagian yang tidak terpisahkan Exhibit E which are an integral part of
dari Laporan Keuangan Konsolidasian secara keseluruhan the Consolidated Financial Statements taken as a whole
312 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 315
These Consolidated Financial Statements are Originally Issued in Indonesian Language
AND ANALYSIS
Ekshibit C Exhibit C
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN NOTES TO THE CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
MANAGEMENT DISCUSSION
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan 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
Keuntungan Keuntungan
(kerugian) (kerugian)
kumulatif atas pengukuran
instrumen kembali
GOVERNANCE
derivatif untuk program
lindung nilai aktuarial
GOOD CORPORATE
Tambahan arus kas - neto/ manfaat pasti/
modal Cumulative Gain (loss) on Jumlah sebelum
disetor loss on remeasurement Saldo laba/Retained earnings kepentingan
Modal - neto/ Saham derivative of defined Telah Belum nonpengendali/ Kepentingan Jumlah
saham/ Additional treasuri/ instrument benefit ditentukan ditentukan Total before nonpengendali/ ekuitas/
Catatan/ Share paid-in Treasury for cash flows actuarial penggunaannya/ penggunaannya/ non-controlling Non-controlling Total
Notes capital capital - net stock hedges - net program Appropriated Unappropriated interests interests equity
Saldo per 31 Desember 2022 399.178 609.459 (232.957) (10.267) 73.020 115.000 7.801.690 8.755.123 786 8.755.909 Balance as of 31 December 2022
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk
Jumlah penghasilan
SUSTAINABILITY
komprehensif Total comprehensive
tahun berjalan income for the year
Laba tahun berjalan - - - - - - 1.643.888 1.643.888 (89) 1.643.799 Profit for the year
Penghasilan
komprehensif lain, Other comprehensive
setelah pajak: income, net of tax:
Bagian yang
efektif dari Effective portion
lindung nilai of cash flows
arus kas 2l,8 - - - 10.933 - - - 10.933 - 10.933 hedges
Kerugian
SUPPORTING DATA
pengukuran kembali Loss on remeasurement
program aktuarial of defined benefit
manfaat pasti 2u,17 - - - - (8.483) - - (8.483) 1 (8.482) actuarial program
- - - 10.933 (8.483) - 1.643.888 1.646.338 (88) 1.646.250
Penyisihan saldo laba Appropriation for
untuk cadangan umum 18 - - - - - 5.000 (5.000) - - - general reserve
Dividen tunai tahun 2022 2ac,18 - - - --- - - (481.260) (481.260) - (481.260) Cash dividend of 2022
Dividen tunai interim Interim cash dividend
STATEMENTS
tahun berjalan - - - - - - (421.103) (421.103) - (421.103) for the year
ANNUAL FINANCIAL
Saldo per 31 Desember 2023 399.178 609.459 (232.957) 666 64.537 120.000 8.538.215 9.499.098 698 9.499.796 Balance as of 31 December 2023
Lihat Catatan atas Laporan Keuangan Konsolidasian pada Ekshibit E terlampir See accompanying Notes to Consolidated Financial Statements
yang merupakan bagian yang tidak terpisahkan dari on Exhibit E which are an integral part of
APPENDICES
dari Laporan Keuangan Konsolidasian secara keseluruhan the Consolidated Financial Statements taken as a whole
313
Page 316
These Consolidated Financial Statements are Originally Issued in Indonesian Language
314
Ekshibit C/2 Exhibit C/2
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
ABOUT THIS REPORT
CATATAN ATAS LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN NOTES TO THE CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan 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
Keuntungan Keuntungan
(kerugian) (kerugian)
kumulatif atas pengukuran
instrumen kembali
HIGHLIGHTS
derivatif untuk program
lindung nilai aktuarial
Tambahan arus kas - neto/ manfaat pasti/
2023 PERFORMANCE
modal Cumulative Gain (loss) on Jumlah sebelum
disetor gain (loss) on remeasurement Saldo laba/Retained earnings kepentingan
Modal - neto/ Saham derivative of defined Telah Belum nonpengendali/ Kepentingan Jumlah
saham/ Additional treasuri/ instrument benefit ditentukan ditentukan Total before nonpengendali/ ekuitas/
Catatan/ Share paid-in Treasury for cash flows actuarial penggunaannya/ penggunaannya/ noncontrolling Noncontrolling Total
Notes capital capital - net Stock hedges - net program Appropriated Unappropriated interests interests equity
Saldo per 31 Desember 2021 399.178 553.286 (252.160 ) (31.658) 80.284 110.000 6.570.757 7.429.687 539 7.430.226 Balance as of 31 December 2021
Jumlah penghasilan
komprehensif Total comprehensive
tahun berjalan income for the year
Laba tahun berjalan - - - - - - 1.806.680 1.806.680 (1) 1.806.679 Profit for the year
Penghasilan
REPORTS TO STAKEHOLDERS
komprehensif lain, Other comprehensive
setelah pajak: income, net of tax:
Bagian yang efektif
dari lindung nilai Effective portion of cash
arus kas 2l,8 - - - 21.391 )) - - - 21.391 - 21.391 flows hedges
Kerugian
pengukuran kembali Loss on remeasurement
program aktuarial of defined benefit
manfaat pasti 2u,17 - - - - (7.264) - - (7.264) (2) (7.266) actuarial program
- - - 21.391 (7.264) - 1.806.680 1.820.807 (3) 1.820.804
COMPANY PROFILE
Penerbitan saham entitas Issuance of subsidiary’s
anak kepada kepentingan share to non-
nonpengendali 250 250 controlling interests
Penyisihan saldo laba 18 Appropriation for
untuk cadangan umum - - - --- - 5.000 (5.000) - - - general reserve
Dividen tunai tahun 2021 2ac,18 - - - --- - - (570.747) (570.747) - (570.747) Cash dividend of 2021
BUSINESS
Program kepemilikan saham Management and employee
oleh manajemen dan stock ownership program
karyawan - 56.173 19.203 --- - - - 75.376 - 75.376
SUPPORTING UNITS
Saldo per 31 Desember 2022 399.178 609.459 (232.957 ) (10.267) 73.020 115.000 7.801.690 8.755.123 786 8.755.909 Balance as of 31 December 2022
Lihat Catatan atas Laporan Keuangan Konsolidasian pada Ekshibit E terlampir See accompanying Notes to Consolidated Financial Statements
yang merupakan bagian yang tidak terpisahkan dari on Exhibit E which are an integral part of
dari Laporan Keuangan Konsolidasian secara keseluruhan the Consolidated Financial Statements taken as a whole
PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 317
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit D Exhibit D
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENT OF CASH FLOWS
UNTUK TAHUN YANG BERAKHIR FOR THE YEAR ENDED
31 DESEMBER 2023 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Catatan/ 31 Desember/December
Notes 2023 2022
ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIES
Penerimaan kas dari: Cash received from:
Transaksi pembiayaan 24.472.851 22.232.359 Financing transactions
Pembiayaan bersama 646.855 105.581 Joint financing
Penghasilan bunga bank dan deposito Interest income from banks
berjangka 80.744 24.211 and time deposits
Lain-lain 212.989 243.739 Others
Pengeluaran kas untuk: Cash disbursement for:
Transaksi pembiayaan baru (21.292.704) (23.346.729) New financing transactions
Beban umum dan administrasi (2.223.972) (1.757.063) General and administrative
Pembiayaan bersama 31a (255.576) (47.050) Joint financing
Beban bunga dan keuangan (964.384) (629.813) Interest and financing charges
Pajak penghasilan (400.126) (346.829) Income taxes
Arus kas bersih dari (untuk) aktivitas operasi 276.677 (3.521.594) Net cash flows from (for) operating activities
ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES
Hasil penjualan aset tetap 10 27.380 31.632 Proceeds from sale of fixed assets
Perolehan aset tetap 10 (192.943) (164.033) Acquisition of fixed assets
Perolehan aset takberwujud 12 (169.526) (105.798) Acquisition of intangible assets
Arus kas bersih untuk aktivitas investasi (335.089) (238.199) Net cash flows for investing activities
ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES
Penerimaan kas dari: Cash received from:
Pinjaman yang diterima 13,34 4.988.647 10.327.231 Fund borrowings
Surat berharga yang diterbitkan 3.800.000 - Securities issued
Penerimaan setoran modal dari kepentingan Receipts of paid-in capital from
nonpengendali - 250 noncontrolling interests
Pengeluaran kas untuk: Cash disbursement for:
Pinjaman yang diterima 13,34 (6.506.468) (4.982.868) Fund borrowings
Pelunasan pokok surat berharga Repayment of securities
yang diterbitkan 15,34 (655.000) (910.000) issued principal
Dividen tunai (902.363) (570.747) Cash dividend
Arus kas bersih dari aktivitas pendanaan 724.816 3.863.866 Net cash flows from financing activities
KENAIKAN NETO NET INCREASE IN
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS
(Saldo dipindahkan) 666.404 104.073 (Balance brought-forward)
Lihat Catatan atas Laporan Keuangan Konsolidasian See accompanying Notes to Consolidated Financial Statements
pada Ekshibit E terlampir yang merupakan bagian yang tidak terpisahkan on Exhibit E which are an integral part of
dari Laporan Keuangan Konsolidasian secara keseluruhan the Consolidated Financial Statements taken as a whole
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 315
Page 318
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit D/2 Exhibit D/2
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENT OF CASH FLOWS
UNTUK TAHUN YANG BERAKHIR FOR THE YEAR ENDED
31 DESEMBER 2023 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Catatan/ 31 Desember/December
Notes 2023 2022
KENAIKAN NETO NET INCREASE IN
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS
(Saldo pindahan) 666.404 104.073 (Balance carry-forward)
CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS PADA AWAL TAHUN 1.073.255 969.182 AT BEGINNING OF YEAR
KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTS
AKHIR TAHUN 1.739.659 1.073.255 AT END OF YEAR
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS
TERDIRI DARI: CONSIST OF:
Kas dan bank 4 897.633 803.732 Cash on hand and in banks
Deposito berjangka 4 842.026 269.523 Time deposits
1.739.659 1.073.255
Lihat Catatan atas Laporan Keuangan Konsolidasian See accompanying Notes to Consolidated Financial Statements
pada Ekshibit E terlampir yang merupakan bagian yang tidak terpisahkan on Exhibit E which are an integral part of
dari Laporan Keuangan Konsolidasian secara keseluruhan the Consolidated Financial Statements taken as a whole
316 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 319
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E Exhibit E
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian dan Informasi Umum Perusahaan a. Establishment and General Information of the Company
PT BFI Finance Indonesia Tbk (“Perusahaan”) didirikan PT BFI Finance Indonesia Tbk (the “Company”) was
dengan nama PT Manufacturers Hanover Leasing established as PT Manufacturers Hanover Leasing
Indonesia pada tanggal 7 April 1982 berdasarkan Akta Indonesia on 7 April 1982 based on Notarial Deed No. 57 of
No. 57 yang dibuat di hadapan Kartini Muljadi, S.H., Kartini Muljadi, S.H., Notary in Jakarta. The deed of
Notaris di Jakarta. Akta pendirian tersebut telah establishment was approved by the Minister of Justice of
memperoleh persetujuan dari Menteri Kehakiman the Republic of Indonesia in its decision letter
Republik Indonesia melalui Surat Keputusan No. C2-2091-HT01.01.TH82 dated 28 October 1982 and was
No. C2-2091-HT01.01.TH82 tanggal 28 Oktober 1982 dan published in the State Gazette No. 102, dated
telah diumumkan dalam Lembaran Berita Negara 21 December 1982, Supplement No. 1390. Based on
No. 102 tanggal 21 Desember 1982, Tambahan No. 1390. Notarial Deed No. 54 of Inge Hendarmin, S.H., a substitute
Berdasarkan Akta No. 54 yang dibuat di hadapan Inge of Kartini Muljadi, S.H., Notary in Jakarta dated
Hendarmin, S.H., pengganti dari Kartini Muljadi, S.H., 17 September 1986, the Company’s name changed from
Notaris di Jakarta tanggal 17 September 1986, nama PT Manufacturers Hanover Leasing Indonesia to PT Bunas
Perusahaan diubah dari PT Manufacturers Hanover Intitama Leasing Indonesia, this amendment was approved
Leasing Indonesia menjadi PT Bunas Intitama Leasing by the Minister of Justice of the Republic of Indonesia in
Indonesia, perubahan tersebut telah memperoleh its decision letter No.C2-6977.HT.01.04.TH.86 dated
persetujuan dari Menteri Kehakiman Republik Indonesia 7 October 1986 and was published in the State Gazette No.
melalui Surat Keputusan No. C2-6977.HT.01.04.TH.86 94 dated 25 November 1986, Supplement No. 1451. Based
tanggal 7 Oktober 1986 dan telah diumumkan dalam on Notarial Deed No. 80 dated 22 November 1989, Deed
Lembaran Berita Negara No. 94 tanggal 25 November No. 27 dated 1990, both of which were made before
1986, Tambahan No. 1451. Berdasarkan Akta No. 80 Kartini Muljadi, S.H. the Company’s name changed from
tanggal 22 November 1989 Akta No. 27 tanggal 8 Maret PT Bunas Intitama Leasing Indonesia to PT Bunas Finance
1990 keduanya dibuat di hadapan Kartini Muljadi, S.H., Indonesia, this amendment was approved by the Minister
nama Perusahaan diubah dari PT Bunas Intitama Leasing of Justice of the Republic of Indonesia in its decision letter
Indonesia menjadi PT Bunas Finance Indonesia, No. C2-1441-HT.01.04.TH.90 dated 13 March 1990 and was
perubahan tersebut telah memperoleh persetujuan dari published in the State Gazette No. 34 dated 28 April 1990,
Menteri Kehakiman Republik Indonesia melalui Surat Supplement No. 1537. Based on Deed No. 37 which were
Keputusan No. C2-1441-HT.01.04.TH.90 tanggal 13 Maret made before Achmad Abid, S.H, a substitute of Sutjipto,
1990 dan telah diumumkan dalam Lembaran Berita S.H., Notary in Jakarta dated 8 August 1996, the name of
Negara No. 34 tanggal 28 April 1990, Tambahan No. 1537. the Company was changed from PT Bunas Finance
Berdasarkan Akta No. 37 yang dibuat di hadapan Achmad Indonesia to PT Bunas Finance Indonesia Tbk, a change
Abid, S.H., pengganti dari Sutjipto, S.H., Notaris di which has been approved by the Minister of Justice of the
Jakarta tanggal 8 Agustus 1996, nama Perusahaan diubah Republic of Indonesia through Decision Letter No. C2-9625-
dari PT Bunas Finance Indonesia menjadi PT Bunas HT.01.04.TH.96 dated 21 October 1996 and was published
Finance Indonesia Tbk, perubahan tersebut telah in the State Gazette No. 11 dated 7 February 1997,
memperoleh persetujuan dari Menteri Kehakiman Supplement No. 552. The Company’s Articles of
Republik Indonesia melalui Surat Keputusan No.C2-9625- Association has been amended several times, which one of
HT.01.04.TH.96 tanggal 21 Oktober 1996 dan telah the amendments was based on Notarial Deed No. 116
diumumkan dalam Lembaran Berita Negara No. 11 tanggal dated 27 June 2001 of Aulia Taufani, S.H., a substitute of
7 Februari 1997, Tambahan No. 552. Anggaran Dasar Sutjipto, S.H., Notary in Jakarta, in connection with the
Perusahaan telah mengalami beberapa kali perubahan, change of name of the Company from PT Bunas Finance
salah satunya berdasarkan Akta No. 116 tanggal 27 Juni Indonesia Tbk to PT BFI Finance Indonesia Tbk. This
2001 yang dibuat di hadapan Aulia Taufani, S.H., amendment was approved by the Minister of Law and
pengganti dari Sutjipto, S.H., Notaris di Jakarta, Human Rights of the Republic of Indonesia in its decision
sehubungan dengan perubahan nama Perusahaan dari letter No. C-03668.HT.01.04.TH.2001 dated 24 July 2001
PT Bunas Finance Indonesia Tbk menjadi PT BFI Finance and was published in the State Gazette No. 35 dated
Indonesia Tbk. Perubahan tersebut telah memperoleh 30 April 2002, Supplement No. 4195.
persetujuan dari Menteri Hukum dan Hak Asasi Manusia
Republik Indonesia melalui Surat Keputusan
No. C-03668.HT.01. 04.TH.2001 tanggal 24 Juli 2001 dan
telah diumumkan dalam Lembaran Berita Negara No. 35
tanggal 30 April 2002, Tambahan No. 4195.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 317
Page 320
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/2 Exhibit E/2
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (Lanjutan) 1. GENERAL (Continued)
a. Pendirian dan Informasi Umum Perusahaan (Lanjutan) a. Establishment and General Information of the
Company (Continued)
Perubahan terakhir berdasarkan Akta No. 19 tanggal The latest amendment based on Deed No. 19 dated
29 Juni 2022 yang dibuat di hadapan Shanti Indah Lestari, 29 June 2022 made before Shanti Indah Lestari, S.H.,
S.H., M.Kn., Notaris di Kabupaten Tangerang, mengenai M.Kn., Notary in Tangerang District, regarding approval
persetujuan perubahan Pasal 3 dan Pasal 15 Anggaran for amendment to Article 3 and Article 15 of the
Dasar Perusahaan, yang telah diterima dan dicatat dalam Company’s articles of association, which has been
database Sistem Administrasi Badan Hukum Kementerian accepted and recorded in Legal Entity Administration
Hukum dan Hak Asasi Manusia Republik Indonesia melalui System Minister of Law and Human Rights of the
Surat Penerimaan Pemberitahuan Perubahan Anggaran Republic of Indonesia through Receipt of Notification of
Dasar nomor AHU-AH.01.03-0271122 tanggal 27 Juli 2022 Amendments to Articles of Association Number AHU-
serta telah mendapat persetujuan dari Menteri Hukum AH.01.03-0271122 dated 27 July 2022 and has been
dan Hak Asasi Manusia Republik Indonesia dengan approved by the Ministry of Law and Human Rights of
keputusan nomor AHU-0052483.AH.01.02.Tahun 2022 the Republic of Indonesia with Decree Number AHU-
tanggal 27 Juli 2022 dan telah diumumkan dalam 0052483.AH.01.02.Tahun 2022 dated 27 July 2022 and
Lembaran Berita Negara Republik Indonesia No. 74 tanggal published in the State Gazette of the Republic of
16 September 2022, Tambahan No. 31534. Indonesia of Republic No. 74 dated 16 September 2022,
Supplement No. 31534.
Perusahaan memperoleh izin usaha dalam The Company obtained its license to operate
bidang usaha lembaga Pembiayaan dari Menteri Keuangan as a financing company from the Minister of Finance
Republik Indonesia berdasarkan Surat Keputusan No. KEP- by virtue of his decree No. KEP-038/KM.11/1982
038/KM.11/1982 tanggal 12 Agustus 1982, yang telah dated 12 August 1982 as amended by Decree
diperbaharui berdasarkan Surat Keputusan No. 493/KMK.013/1990 dated 23 April 1990.
No. 493/KMK.013/1990 tanggal 23 April 1990.
Pada tanggal 20 Februari 2006, Menteri Keuangan On 20 February 2006, the Minister of Finance of the
Republik Indonesia telah mengamandemen izin usaha Republic of Indonesia amended the Company’s license in
Perusahaan melalui Keputusan Menteri Keuangan Republik its decision letter No. KEP-038/KM.5/2006.
Indonesia No. KEP-038/KM.5/2006.
Melalui amandemen ini, izin usaha yang sebelumnya Through this amendment, the previous license granted
diberikan kepada PT Bunas Finance Indonesia Tbk to PT Bunas Finance Indonesia Tbk was applied for
berlaku surut sejak adanya persetujuan perubahan nama retroactively since the approval of the change in
Perusahaan dari PT Bunas Finance Indonesia Tbk the name of the Company from PT Bunas Finance
menjadi PT BFI Finance Indonesia Tbk dari instansi Indonesia Tbk to PT BFI Finance Indonesia Tbk from the
yang berwenang melalui Surat Keputusan Menteri regulatory authority in its decision letter of Minister
Hukum dan Hak Asasi Manusia Republik Indonesia of Law and Human Rights of the Republic of Indonesia
No. C-03668. HT.01.04.TH.2001 tanggal 24 Juli 2001. No. C-03668.HT.01.04.TH.2001 dated 24 July 2001.
Berdasarkan Pasal 3 Anggaran Dasar, Perusahaan Based on Article 3 of the Company's Articles of
dapat melaksanakan kegiatan usaha utama sebagai Association, the Company may carry out the following
berikut: main business activities:
I. Usaha Pembiayaan: I. Financing:
a. Pembiayaan investasi a. Investment financing
b. Pembiayaan modal kerja b. Working capital financing
c. Pembiayaan multiguna c. Multipurpose financing
d. Kegiatan usaha pembiayaan lain berdasarkan d. Other financing activities under the approval of
persetujuan Otoritas Jasa Keuangan the Financial Service Authority
II. Usaha Pembiayaan Syariah: II. Sharia Financing:
a. Pembiayaan jual beli a. Financing sale and purchase
b. Pembiayaan investasi b. Investment financing
c. Pembiayaan jasa c. Financing services
318 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 321
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/3 Exhibit E/3
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (Lanjutan) 1. GENERAL (Continued)
a. Pendirian dan Informasi Umum Perusahaan (Lanjutan) a. Establishment and General Information of the
Company (Continued)
Untuk mencapai maksud dan tujuan tersebut di atas serta To achieve the above-mentioned purpose and objective,
untuk menunjang kegiatan usaha utama Perusahaan and to support its main business activities, the Company
tersebut di atas, Perusahaan dapat melaksanakan may conduct supporting business activities as follows:
kegiatan usaha penunjang sebagai berikut:
a. Melakukan perencanaan dan pengembangan, antara a. To undertake planning and development, among
lain menambah jaringan usaha, membangun others, to increase business network, build
infrastruktur dan kegiatan lain yang mendukung infrastructure, and other activities that support
usaha dan kinerja Perusahaan. the business and performance of the Company.
b. Melakukan kegiatan mencari dan/atau memperoleh b. To conduct activities to seek and/or obtain
sumber pendanaan. funding sources
c. Melakukan segala perbuatan pemilikan dan sewa c. To carry out all ownership and lease activities with
menyewa dengan pihak lain. other parties.
d. Menyelenggarakan kegiatan-kegiatan lain yang d. To carry out other activities needed to support
diperlukan dalam mendukung dan/atau terkait and/or related to the main business activities.
dengan kegiatan usaha utama.
e. Sewa operasi (operating lease) dan/atau kegiatan e. To provide operating lease and/or fee-based
berbasis imbal jasa sepanjang tidak bertentangan service as long as it is not against the stipulations
dengan ketentuan peraturan perundangan-undangan and laws in financial services sector.
di sektor jasa keuangan.
Perusahaan memulai kegiatan komersialnya pada tahun The Company started its commercial operations in 1982.
1982. Kantor pusat Perusahaan terletak di BFI Tower, The Company’s registered office is located at BFI Tower,
Sunburst CBD Lot 1.2, Jalan Kapten Soebijanto Sunburst CBD Lot 1.2, Jalan Kapten Soebijanto
Djojohadikusumo, BSD City, Tangerang Selatan. Djojohadikusumo, BSD City, South Tangerang.
Untuk menjalankan usaha pembiayaan syariah, To undertake a sharia financing business, the Company
Perusahaan telah menerima Salinan Keputusan Dewan has received a copy of the Decree of the Board of
Komisioner Otoritas Jasa Keuangan Nomor Kep-27/ Commissioners of the Financial Service Authority
NB.223/2018 tentang Pemberian Izin Pembukaan Unit Number Kep-27/NB.223/2018 concerning the License to
Usaha Syariah Perusahaan Pembiayaan kepada Open Sharia Business Unit to the Company and the
Perusahaan dan keputusan tersebut mulai berlaku sejak Decree effective on 8 February 2018.
tanggal ditetapkan, yaitu 8 Februari 2018.
Perusahaan dan entitas anaknya mempunyai kantor The Company and its subsidiary have branches, kiosk and
cabang, gerai dan kantor cabang syariah yang tersebar di sharia branch throughout Indonesia as of 31 December
seluruh wilayah Indonesia pada tanggal 31 Desember 2023 2023 and 2022 as follow:
dan 2022 sebagai berikut:
31 Desember/December
2023 2022
Kantor cabang 195 203 Branches
Gerai 31 34 Kiosk
Cabang Syariah 45 45 Sharia Branches
Jumlah 271 282 Total
b. Penawaran Umum Saham Perusahaan b. Public Offering of the Company’s Shares
Pada tahun 1990, Perusahaan melakukan penawaran In 1990, the Company conducted an initial public
umum perdana atas 2.125.000 sahamnya dengan nilai offering of its 2,125,000 shares with a par value of
nominal Rp 1.000 (nilai penuh) per saham melalui bursa Rp 1,000 (full amount) per share through the stock
efek di Indonesia dengan harga penawaran sejumlah exchanges in Indonesia at an offering price of Rp 5,750
Rp 5.750 (nilai penuh) per saham. Pada tahun 1993, (full amount) per share. In 1993, the Company offered
Perusahaan melakukan penawaran tambahan sebanyak an additional of 8,500,000 shares at the same par value
8.500.000 saham dengan nilai nominal per saham yang per share through a stock exchange in Indonesia.
sama melalui bursa efek di Indonesia.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 319
Page 322
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/4 Exhibit E/4
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (Lanjutan) 1. GENERAL (Continued)
b. Penawaran Umum Saham Perusahaan (Lanjutan) b. Public Offering of the Company’s Shares (Continued)
Pada tanggal 8 April 1993, para pemegang On 8 April 1993, the shareholders of the Company
saham Perusahaan menyetujui untuk membagikan approved to distribute share dividends on the basis of
dividen saham dengan dasar 1 (satu) saham baru untuk 1 (one) new share for every 10 (ten) shares held totaling
10 (sepuluh) saham yang dimiliki, sebanyak 1.062.500 1,062,500 shares with a par value of Rp 1,000 (full
saham dengan nilai nominal Rp 1.000 (nilai penuh) per amount) per share. On the same date, the shareholders
saham. Pada tanggal yang sama, para pemegang saham of the Company also approved to issue bonus shares on
Perusahaan juga menyetujui untuk menerbitkan saham the basis of 17 (seventeen) new shares for every 20
bonus dengan dasar 17 (tujuh belas) saham baru untuk (twenty) shares held totaling 9,934,668 shares at the
setiap 20 (dua puluh) saham yang dimiliki, sebanyak same par value. On 22 January 1994, the shareholders
9.934.668 saham dengan nilai nominal yang sama. of the Company approved to distribute share dividends
Pada tanggal 22 Januari 1994, para pemegang saham on the basis of 1 (one) new share for every 3 (three)
Perusahaan menyetujui untuk membagikan dividen saham shares held totaling 7,207,390 shares at a par value of
dengan dasar 1 (satu) saham baru untuk 3 (tiga) saham Rp 1,000 (full amount) per share.
yang dimiliki, sebanyak 7.207.390 saham dengan nilai
nominal Rp 1.000 (nilai penuh) per saham.
Pada tanggal 18 April 1994, Perusahaan memperoleh On 18 April 1994, the Company received effective
surat pernyataan efektif dari Badan Pengawas Pasar statement from the Capital Market Supervisory
Modal (kemudian berubah menjadi Badan Pengawas Pasar Board (was then changed to Capital Market and
Modal dan Lembaga Keuangan/BAPEPAM-LK dan terakhir Financial Institutions Supervisory Agency/BAPEPAM-LK
dikenal sebagai Otoritas Jasa Keuangan/OJK) (BAPEPAM) and recently known as the Financial Services
melalui surat No. S-639/PM/1994 dalam rangka Authority/OJK) (BAPEPAM) through letter No. S-639/
penawaran umum terbatas pertama (I) Perusahaan PM/1994 to conduct the first rights issue of the
sebanyak 28.829.558 saham dengan harga penawaran Company’s shares on a 1 (one) for 1 (one) basis totaling
sejumlah Rp 1.500 (nilai penuh) per saham dimana setiap 28,829,558 shares at an offering price of Rp 1,500 (full
1 (satu) saham yang dimiliki berhak atas 1 (satu) saham amount) per share. Moreover, on 17 January 1997, the
baru. Selanjutnya, pada tanggal 17 Januari 1997, Company received effective statement from
Perusahaan memperoleh surat pernyataan efektif dari the BAPEPAM-LK through letter No. S-71/PM/1997
BAPEPAM-LK melalui surat No. S-71/PM/1997 dalam to conduct the second rights issue of the Company’s
rangka penawaran umum terbatas kedua Perusahaan shares on the basis of 2 (two) new shares for every
sebanyak 115.318.232 saham dengan harga penawaran 1 (one) shares held totaling 115,318,232 shares at an
Rp 1.000 (nilai penuh) per saham dimana setiap 1 (satu) offering price of Rp 1,000 (full amount) per share.
saham yang dimiliki berhak atas 2 (dua) saham baru.
Pada tanggal 17 Juni 1997, para pemegang saham On 17 June 1997, the shareholders of the Company
Perusahaan menyetujui pemecahan nilai nominal saham approved a stock split, resulting in a change in par value
dari Rp 1.000 (nilai penuh) per saham menjadi Rp 500 per share from Rp 1,000 (full amount) to Rp 500 (full
(nilai penuh) per saham, sehingga mengakibatkan amount), thus resulting in the increase in number of the
peningkatan jumlah saham beredar Perusahaan dari Company’s subscribed shares from 172,977,348 shares to
sebanyak 172.977.348 saham menjadi sebanyak 345,954,696 shares.
345.954.696 saham.
Dalam rangka restrukturisasi utang, para pemegang In respect with the debt restructuring, the Company’s
saham Perusahaan dalam Rapat Umum Pemegang Saham shareholders through Extraordinary General Meeting
Luar Biasa Para Pemegang Saham tanggal 27 Januari 2000 of Shareholders convened on 27 January 2000 approved
menyetujui penerbitan Mandatory Convertible Bonds to issue the Mandatory Convertible Bonds (MCB)
atau Obligasi Wajib Konversi (MCB) yang wajib which should be converted into 414,384,585 shares of
dikonversikan menjadi sebanyak 414.384.585 saham the Company.
Perusahaan.
Pada bulan Mei 2006, seluruh MCB telah dikonversi In May 2006, all of the MCB was converted into common
menjadi sebanyak 414.384.585 saham biasa sehingga shares totaling 414,384,585 shares, thus resulting in a
jumlah saham beredar Perusahaan menjadi sebanyak total outstanding number of the Company’s shares of
760.339.281 saham pada tanggal 31 Desember 2006. 760,339,281 shares as of 31 December 2006.
320 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 323
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/5 Exhibit E/5
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (Lanjutan) 1. GENERAL (Continued)
b. Penawaran Umum Saham Perusahaan (Lanjutan) b. Public Offering of the Company’s Shares (Continued)
Berdasarkan keputusan Rapat Umum Pemegang Saham Based on the resolution of the Extraordinary General
Luar Biasa (RUPSLB) Perusahaan yang diaktakan dengan Meeting of Shareholders (EGM) of the Company
Akta notaris No. 65 tanggal 21 Juni 2012 yang dibuat di as covered by Notarial Deed No. 65 dated 21 June 2012
hadapan Fathiah Helmi, S.H., Notaris di Jakarta, para of Fathiah Helmi, S.H., Notary in Jakarta,
pemegang saham menyetujui perubahan Pasal 4 ayat the shareholders approved the amendment to Paragraphs
1 dan 2 Anggaran Dasar Perusahaan mengenai perubahan 1 and 2 of Article 4 of the Articles of Association
nilai nominal saham Perusahaan (pemecahan saham) dari concerning the changes in par value of the Company’s
sebesar Rp 500 (nilai penuh) per saham menjadi sebesar share (stock split) from Rp 500 (full amount) to Rp 250
Rp 250 (nilai penuh) per saham, sehingga mengakibatkan (full amount) per share, thus, resulting in the increase in
peningkatan jumlah saham beredar Perusahaan dari number of the Company’s shares outstanding from
semula sebanyak 760.339.281 saham menjadi sebanyak 760,339,281 shares to 1,520,678,562 shares, and
1.520.678.562 saham, dan menyetujui untuk mengubah Paragraph 3b of Article 15, concerning the Duties and
Pasal 15 ayat 3b mengenai Tugas dan Wewenang Direksi. Authorities of the Directors.
Pemecahan saham tersebut telah memperoleh The stock split was approved by the BEI through letter
persetujuan dari BEI melalui surat No. S-05439/BEI.PPJ/ No. S-05439/BEI.PPJ/07-2012 dated 31 July 2012.
07-2012 tertanggal 31 Juli 2012.
RUPSLB tersebut juga telah menyetujui penerbitan The EGM had also approved the issuance of shares for the
saham untuk pelaksanaan program Management & implementation of the Phase 1 of the Management &
Employee Stock Option Program (MESOP) untuk Tahap I Employee Stock Option Program (MESOP) on the Indonesia
di BEI sebanyak 60.826.400 saham dengan nilai nominal Stock Exchange, totaling 60,826,400 shares with par
sebesar Rp 250 (nilai penuh) per saham untuk periode value of Rp 250 (full amount) per shares, up 20 June
sampai dengan tanggal 20 Juni 2014. BEI melalui suratnya 2014. BEI through its letter No. S-04847/ BEI.PPJ/07-2012
No. S-04847/BEI.PPJ/07-2012 tertanggal 6 Juli 2012 telah dated 6 July 2012 had approved the Company’s pre-listing
menyetujui pencatatan saham Perusahaan hasil of its MESOP on the Indonesia Stock Exchange for the
pelaksanaan Program MESOP untuk tahap I tersebut implementation of phase I.
secara pra-pencatatan di BEI.
Pada tanggal 31 Mei 2013, 30 Mei 2014, 29 Mei 2015, dan On 31 May 2013, 30 May 2014, 29 May 2015, and 31 May
31 Mei 2016, Perusahaan telah menerbitkan saham baru 2016, the Company has issued the additional 5,936,000,
masing-masing sebanyak 5.936.000, 23.320.000, 23,320,000, 16,025,000 and 30,752,000 shares,
16.025.000 dan 30.752.000 saham sebagai pelaksanaan respectively, for the implementation of the MESOP for
Management & Employee Stock Option Program (MESOP) Phase I – Grant Date 1 and 2, and Phase II – Grant Date
untuk Tahap I – Grant Date 1 dan 2, dan Tahap II – Grant 1 and 2, for options that has been exercised, thus
Date 1 dan 2, yang telah dieksekusi sehingga jumlah resulting in a total outstanding number of
saham beredar Perusahaan menjadi 1.596.711.562 the Company’s shares of 1,596,711,562 shares as of
saham pada tanggal 31 Desember 2016. 31 December 2016.
Berdasarkan keputusan Rapat Umum Pemegang Saham Based on the resolution of the Extraordinary General
Luar Biasa (RUPSLB) Perusahaan, yang telah diaktakan Meeting of Shareholders (EGM) of the Company as
dengan Akta Notaris No. 18 pada tanggal 6 Mei 2014 yang covered by Notarial Deed No. 18 dated 6 May 2014 of
dibuat di hadapan Aryanti Artisari, S.H., Notaris di Aryanti Artisari, S.H., Notary in Jakarta, had approved
Jakarta, telah disetujui penerbitan saham hasil the issuance of new shares the results of the
pelaksanaan MESOP untuk tahap II untuk periode sampai implementations of the MESOP program phase II up to
dengan tanggal 30 Juni 2016 dengan harga pelaksanaan 30 June 2016 with exercised price which referred
yang mengacu kepada sebagaimana diatur dalam butir to point V.I Listing Regulation No. I-A as included in the
V.1 Peraturan Pencatatan No. I-A Lampiran II Appendix of the Decision Decree of virtue
Keputusan Direksi PT Bursa Efek Indonesia of the Directors of PT Bursa Efek Indonesia
No. Kep-00001/BEI/01-2014 tanggal 20 Januari 2014. No. Kep-00001/BEI/01-2014 dated on 20 January 2014.
BEI melalui suratnya No. S-02280/BEI.PGI/06-2014 BEI through its letter No. S-02280/BEI.PGI/06-2014
tertanggal 6 Juni 2014 telah menyetujui pencatatan dated 6 June 2014 approved the registration of the
saham Perusahaan hasil pelaksanaan Program MESOP Company’s pre-listing of its MESOP on the Stock
untuk tahap II secara pra-pencatatan di BEI sebanyak- Exchange for the implementation of phase II maximum
banyaknya 46.777.000 saham dengan harga pelaksanaan 46,777,000 shares with exercised price Rp 2,205 (full
sebesar Rp 2.205 (nilai penuh) per saham. amount) per share.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 321
Page 324
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/6 Exhibit E/6
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (Lanjutan) 1. GENERAL (Continued)
b. Penawaran Umum Saham Perusahaan (Lanjutan) b. Public Offering of the Company’s Shares (Continued)
Berdasarkan keputusan Rapat Umum Pemegang Saham Based on the resolution of the Extraordinary General
Luar Biasa (RUPSLB) Perusahaan yang diaktakan dengan Meeting of Shareholders (EGM) of the Company as
Akta No. 25 tanggal 18 April 2017 yang dibuat di hadapan covered by Notarial Deed No. 25 dated 18 April 2017
Aryanti Artisari, S.H., M.Kn., Notaris di Jakarta, para of Aryanti Artisari, S.H., M.Kn., Notary in Jakarta,
pemegang saham menyetujui pemecahan nilai nominal the Company’s shareholders approved the par value split
saham Perusahaan (stock split) dari sebesar Rp 250 (nilai of the Company’s share from Rp 250 (full amount)
penuh) per saham menjadi Rp 25 (nilai penuh) per saham. per share to Rp 25 (full amount) per share (stock split).
Pemecahan nilai saham ini telah mendapat persetujuan The stock split was approved by the BEI through
dari BEI melalui surat No.S-02820/BEI.PP1/05-2017 its letter No.S-02820/BEI.PP1/05-2017 dated 23 May
tertanggal 23 Mei 2017. Dengan demikian, sejak 2017. Therefore, since 31 December 2017 total issued
31 Desember 2017 jumlah saham ditempatkan dan disetor and fully paid capital was 15,967,115,620 shares.
penuh menjadi 15.967.115.620 saham.
c. Entitas Anak Yang Dikonsolidasikan c. Consolidated Subsidiary
Tahun Jumlah aset sebelum
beroperasi eliminasi/
komersial/ Persentase kepemilikan/ Total assets before
Year of Percentage of ownership elimination
Entitas anak/ Domisili/ commercial 31 Desember/December 31 Desember/December
Subsidiary Domicile operations 2023 2022 2023 2022
Kepemilikan langsung/ Direct ownership Kabupaten
PT Finansial Integrasi Teknologi Tangerang 2018 99,00% 54.015 63.574
Perusahaan mendirikan entitas anak dengan nama The Company established a subsidiary under the name
PT Finansial Integrasi Teknologi (FIT), berdasarkan of PT Finansial Integrasi Teknologi (FIT), based on
akta notaris Herna Gunawan, S.H., M.Kn. No. 4 tanggal Notarial Deed No. 4 of Herna Gunawan, S.H., M.Kn on
15 September 2017, yang telah disetujui oleh Menteri 15 September 2017. The deed of establishment
Hukum dan Hak Asasi Manusia Republik Indonesia was approved the Ministry of Law and Human Rights
berdasarkan surat No. AHU-0043022.AH.01.01.Tahun of the Republic of Indonesia in its decision letter
2017 tanggal 29 September 2017. FIT bergerak dalam No. AHU-0043022.AH.01.01 Tahun 2017 dated
bidang layanan pinjam meminjam uang berbasis 29 September 2017. FIT is engaged in lending and
teknologi informasi (P2P). borrowing services based on information technology
(P2P).
OJK telah menyetujui permohonan FIT atas platform OJK has granted approval for FIT on the platform
http://www.pinjammodal.id sebagai penyelenggara http://www.pinjammodal.id as the operator of
Layanan Pinjam Meminjam Uang Berbasis Teknologi Information Technology-Based Lending and Borrowing
Informasi untuk terdaftar dan diawasi oleh OJK, melalui Services to be registered and supervised by the
surat No.S-588/NB.213/2018 tertanggal 31 Juli 2018. authority based on Decision Letter No.S-588/NB.213/
Selanjutnya, sesuai dengan ketentuan yang berlaku, FIT 2018 dated 31 July 2018. Furthermore, in accordance
telah mengajukan permohonan izin usaha sebagai with applicable regulations, FIT has applied for
penyelenggara Layanan Pinjam Meminjam Uang Berbasis a business license as an Information Technology-Based
Teknologi Informasi, dan melalui surat No. Kep- Money-Borrowing Service provider, and through letter
20/D.05/2020 tanggal 19 Mei 2020, OJK telah No. Kep-20/D.05/2020 dated 19 May 2020, OJK has
memberikan izin usaha Perusahaan Penyelenggara granted a business license for Information Technology-
Layanan Pinjam Meminjam Uang Berbasis Teknologi Based Money-Borrowing Service Provider to FIT
Informasi kepada FIT dengan Sistem Elektronik Pinjam with the Capital Loan Electronic System, the
Modal, laman situs pinjammodal.id, nama dan merek pinjammodal.id webpage, the name and brand of the
Aplikasi Pinjam Modal pada sistem operasi Android, Capital Loan Application on the Android, iOS and
iOS dan Website, dan model bisnis konvensional. Website operating systems, and conventional business
models.
322 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 325
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/7 Exhibit E/7
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (Lanjutan) 1. GENERAL (Continued)
c. Entitas Anak (Lanjutan) c. Subsidiary (Continued)
Berdasarkan Akta Pernyataan Keputusan Rapat No. 6 Based on Deed of Meeting Decision Letter No. 6 dated
tanggal 5 Agustus 2021 yang dibuat di hadapan Veronika 5 August 2021 made before Veronika Farida Riswanti,
Farida Riswanti, S.H., M.Kn, Notaris di Kabupaten S.H., M.Kn, Notary in Tangerang District, which has been
Tangerang, yang telah diterima dan dicatat pada accepted and recorded by the Ministry of Law and
Kementerian Hukum dan Hak Asasi Manusia Republik Human Rights of the Republic of Indonesia in its Decision
Indonesia dalam Surat No. AHU-AH.01.03-0439070 Letter No. AHU-AH.01.03-0439070 dated 20 August
tanggal 20 Agustus 2021, mengenai Perubahan 2021, regarding Changes in the Increase in Issued and
Peningkatan Modal Ditempatkan dan Disetor sebesar Paid-Up Capital of 25,000 shares or with a total nominal
25.000 lembar saham atau dengan nilai nominal value of Rp 25,000,000,000 (full amount). Thus, after
seluruhnya Rp 25.000.000.000 (nilai penuh). Dengan the increase in the issued and paid-up capital of the FIT
demikian setelah peningkatan modal ditempatkan dan to 50,000 shares with a total nominal value of
disetor FIT menjadi 50.000 lembar saham dengan nilai Rp 50,000,000,000 (full amount).
nominal seluruhnya sebesar Rp 50.000.000.000 (nilai
penuh).
Peningkatan modal disetor FIT berdasarkan Akta Notaris The increase in the paid-us capital of FIT based on
No. 6 tanggal 5 Agustus 2021 tersebut, telah dilaporkan Notarial Deed No. 6 dated 5 August 2021, has been
kepada OJK dan telah dicatat dalam administrasi reported to the OJK and has been recorded in the
Direktorat Perizinan Industri Keuangan Non Bank administration of the Directorate of Licensing for the
dan Inovasi Keuangan Digital dalam surat Non-Bank Financial Industry and Digital Financial
No. S-1141/NB.223/2021 tanggal 29 Desember 2021. Innovation in letter No. S-1141/NB.223/2021 dated
29 December 2021.
Berdasarkan Akta Pernyataan Keputusan Rapat No. 1 Based on Deed of Meeting Decision Letter No. 1 dated
tanggal 5 Agustus 2022 yang dibuat di hadapan Geraldine 5 August 2022 made before Geraldine H.S.S.U. Sianturi
H.S.S.U. Sianturi, S.H., M.Kn, Notaris di Kota Tangerang S.H., M.Kn, Notary in South Tangerang District, which
Selatan, yang telah disetujui oleh Kementerian Hukum has been approved by the Ministry of Law and Human
dan Hak Asasi Manusia Republik Indonesia dalam Rights of the Republic of Indonesia in its Decision Letter
Surat No. AHU-0055755.AH.01.02.TAHUN 2022 tanggal No. AHU-0055755.AH.01.02.TAHUN 2022 dated 8 August
8 Agustus 2022 dan telah diterima dan dicatat dalam 2022 and has been received and recorded by the Ministry
database Sistem Administrasi Badan Hukum Kementerian of Law and Human Rights of the Republic of Indonesia in
Hukum dan Hak Asasi Manusia Republik Indonesia melalui Letter No. AHU.AH.01.09-0041558 dated 8 August 2022,
Surat Penerimaan Pemberitahuan Perubahan Data regarding changes to purpose, objectives and business
Perseroan No. AHU.AH.01.09-0041558 tanggal 8 Agustus activites and business activities adjusted to the 2020
2022, mengenai perubahan maksud dan tujuan serta KBLI, the composition of the Board of Directors and
kegiatan usaha disesuaikan dengan KBLI 2020, susunan Board of Commissioners and the address of the
Direksi dan Dewan Komisaris dan alamat lengkap Company.
Perseroan.
Berdasarkan Akta Pernyataan Keputusan Para Pemegang Based on the Deed of Statement of Resolutions of
Saham di Luar Rapat No. 10 tanggal 28 Desember 2022 Shareholders Outside the Meeting No. 10 dated
yang dibuat di hadapan Geraldine H.S.S.U. Sianturi, S.H., 28 December 2022 made before Geraldine H.S.S.U.
M.Kn, Notaris di Kota Tangerang Selatan, yang telah Sianturi, S.H., M.Kn, Notary in South Tangerang City,
diterima dan dicatat pada Kementerian Hukum dan Hak which has been received and recorded at the Ministry of
Asasi Manusia Republik Indonesia dalam Surat No. AHU- Law and Human Rights of the Republic of Indonesia in
AH.01.03-0497389 tanggal 29 Desember 2022 mengenai Letter No. AHU-AH.01.03-0497389 dated 29 December
Perubahan Peningkatan Modal Ditempatkan dan Disetor 2022 regarding Changes in the Increase in Issued and
penuh sebesar 25.000 saham atau dengan nilai nominal Fully Paid-Up Capital of 25,000 shares or with a total
seluruh Rp 25.000.000.000 (nilai penuh). Dengan nominal value of Rp 25,000,000,000 (full amount). Thus,
demikian setelah peningkatan modal ditempatkan dan after the increase in the issued and paid-up capital of
disetor FIT menjadi 75.000 lembar saham dengan nilai the FIT to 75,000 shares with a total nominal value of
nominal seluruhnya sebesar Rp 75.000.000.000 (nilai Rp 75,000,000,000 (full amount).
penuh).
Peningkatan modal disetor FIT berdasarkan Akta The increase in the paid-us capital of FIT based on the
Pernyataan Keputusan Para Pemegang Saham Di Luar Deed of Statement of Resolutions of the Shareholders
Rapat (Sirkuler) No. 10 tanggal 28 Desember 2022 Outside the Meeting (Circular) No. 10 dated
tersebut, telah dilaporkan kepada OJK dan telah dicatat 28 December 2022, has been reported to the OJK and has
dalam administrasi Direktorat Perizinan Industri been recorded in the administration of the Directorate
Keuangan Non Bank dan Inovasi Keuangan Digital dalam of Licensing for the Non-Bank Financial Industry
surat No. S-2193/NB.021/2023 tanggal 14 Juni 2023. and Financial Innovation Digital in letter
No. S-2193/NB.021/2023 dated 14 June 2023.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 323
Page 326
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/8 Exhibit E/8
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (Lanjutan) 1. GENERAL (Continued)
c. Entitas Anak (Lanjutan) c. Subsidiary (Continued)
Berdasarkan Akta Pernyataan Keputusan Para Pemegang Based on the Deed of Statement of Meeting Resolutions
Saham di Luar Rapat No.6 tanggal 8 Mei 2023 yang dibuat Shareholders Outside the Meeting No. 6 dated 8 May
di hadapan Geraldine H.S.S.U. Sianturi, S.H., M.Kn, 2023 made before Geraldine H.S.S.U. Sianturi, S.H.,
Notaris di Kota Tangerang Selatan, yang telah diterima M.Kn, Notary in South Tangerang City, which has been
dan dicatat pada Kementerian Hukum dan Hak Asasi received and recorded at the Ministry of Law and Human
Manusia Republik Indonesia dalam Surat No. AHU- Rights of the Republic of Indonesia in Letter No. AHU-
AH.01.09-0115544 tanggal 10 Mei 2023 mengenai AH.01.09-0115544 dated 10 May 2023 regarding changes
perubahan susunan Dewan Komisaris dan Direksi in the composition of the Company's Board of
Perusahaan. Sehingga pada tanggal 31 Desember 2023 Commissioners and Board of Directors. Therefore, as of
dan 2022, susunan Dewan Komisaris dan Direksi 31 December 2023 and 2022, the composition of the
Perusahaan adalah sebagai berikut: Company's Board of Commissioners and Board of
Directors are as follows:
31 Desember/December
2023 2022
Dewan Komisaris Board of Commissioners
Presiden Komisaris Francis Lay Sioe Ho Francis Lay Sioe Ho President Commissioner
Komisaris Sudjono Sudjono Commissioner
Direksi Board of Directors
Presiden Direktur Tjiu Herman Handoko Tjiu Herman Handoko President Director
Direktur Ichwan Peryana Ichwan Peryana Director
Direktur - Agus Ghozali Director
d. Entitas Induk d. Parent Entity
Perusahaan tidak memiliki entitas induk dan tidak The Company does not have a parent entity and it is not
tergabung dalam kelompok usaha tertentu (ultimate affiliated with a particular business group (ultimate
parent of the group). parent of the group).
e. Pembelian Kembali (BuyBack) Saham Perusahaan e. Treasury Shares
Pada tanggal 15 April 2015, Rapat Umum Pemegang On 15 April 2015, the Extraordinary General Meeting of
Saham Luar Biasa (RUPSLB) menyetujui pembelian Shareholders (EGM) approved the buyback of
kembali saham yang beredar Perusahaan sampai jumlah outstanding shares of the Company up to a maximum of
maksimum sebanyak 10% dari seluruh jumlah saham yang 10% of the total shares issued and fully paid-up capital
ditempatkan dan disetor penuh Perusahaan atau of the Company or amounted of 154,993,456 shares
sebanyak-banyaknya sebesar 154.993.456 saham (before stock split). The funds reserved to repurchase
(sebelum pemecahan saham). Dana yang dicadangkan shares for a maximum period of 18 (eighteen) months
untuk pembelian kembali saham untuk periode paling from the EGMS should not more than Rp 341,000.
lama 18 (delapan belas) bulan sejak RUPSLB adalah tidak
lebih dari Rp 341.000.
Perusahaan telah melakukan pembelian kembali saham The Company has bought back its shares publicly traded
yang diperdagangkan di Bursa Efek Indonesia, on the Indonesia Stock Exchange, as allowed by OJK
yang diperkenankan sesuai Peraturan OJK Regulation No.2/POJK.04/2013 dated 23 August 2013.
No.2/POJK.04/2013 tanggal 23 Agustus 2013.
Per tanggal 15 Oktober 2016, program pembelian kembali As of 15 October 2016, the shares buy back program was
saham ini dinyatakan berakhir dan jumlah saham yang officially ended and total shares bought back by the
telah dibeli kembali oleh Perusahaan adalah sebanyak Company was totaling 1,002,732,000 shares (after stock
1.002.732.000 saham (setelah pemecahan saham) dengan split) for a total purchase price of Rp 252,160.
nilai pembelian sebesar Rp 252.160.
Pelaksanaan pembelian kembali saham merupakan This repurchase transaction was intended to increase
salah satu bentuk usaha Perusahaan untuk the Company's capital management where the
meningkatkan manajemen permodalan Perusahaan implementation expected to increase the value of
dimana pelaksanaannya diharapkan akan meningkatkan Earnings per Share (EPS).
nilai laba bersih per saham Earnings per Share (EPS).
324 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 327
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/9 Exhibit E/9
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (Lanjutan) 1. GENERAL (Continued)
f. Surat Berharga yang Diterbitkan f. Securities Issued
Surat berharga yang diterbitkan selama 5 (lima) tahun Securities issued for the last 5 (five) years are as
terakhir adalah sebagai berikut: follows:
Tanggal Jumlah
pencatatan di Tanggal Total per seri Status
Bursa Efek efektif/ emisi/ obligasi/ Tanggal pembayaran/
Surat berharga/ Indonesia/ Effective Amount Amount per jatuh tempo/ Payment
Securities Listing date date issued serial Due date status
Obligasi Berkelanjutan IV 7 Juni/
BFI Finance Indonesia June 2018
(No.S-67/D.04/2018)
Total limit :
(Rp 8.000.000)
Tahap I Tahun 2018 27 Juni/ 740.000
Seri/Serial A: June 2018 188.000 6 Juli/
July 2019 Lunas/Paid
Seri/Serial B: 552.000 26 Juni/
June 2021 Lunas/Paid
Tahap II Tahun 2019 25 Februari/ 1.000.000
Seri/Serial A: February 2019 500.000 2 Maret/
March 2020 Lunas/Paid
Seri/Serial B: 500.000 22 Februari/
February 2022 Lunas/Paid
Tahap III Tahun 2020 8 September 832.000
Seri/Serial A: 2020 437.000 18 September
2021 Lunas/Paid
Seri/Serial B: 395.000 8 September
2023 Lunas/Paid
Obligasi Berkelanjutan V 21 Mei/
BFI Finance Indonesia May 2021
(No.S-66/D.04/2021)
Total limit :
(Rp 6.000.000)
Tahap I Tahun 2021 31 Mei/ 600.000
Seri/Serial A: May 2021 200.000 8 Juni/
June 2022 Lunas/Paid
Seri/Serial B: 400.000 28 Mei/ Belum jatuh tempo/
May 2024 Not yet due
Tahap II Tahun 2021 9 Agustus/ 1.000.000
Seri/Serial A: August 2021 210.000 16 Agustus/
August 2022 Lunas/Paid
Seri/Serial B: 260.000 6 Agustus/
August 2023 Lunas/Paid
Seri/Serial C: 530.000 6 Agustus/ Belum jatuh tempo/
August 2024 Not yet due
Tahap III Tahun 2023 30 Januari/ 1.100.000
Seri/Serial A: January 2023 617.000 7 Februari/ Belum jatuh tempo/
February 2024 Not yet due
Seri/Serial B: 227.000 27 Januari/ Belum jatuh tempo/
January 2025 Not yet due
Seri/Serial C: 256.000 27 Januari/ Belum jatuh tempo/
January 2026 Not yet due
Tahap IV Tahun 2023 17 April 1.600.000
Seri/Serial A: 2023 590.000 24 April Belum jatuh tempo/
2024 Not yet due
Seri/Serial B: 385.000 14 April Belum jatuh tempo/
2025 Not yet due
Seri/Serial C: 625.000 14 April Belum jatuh tempo/
2026 Not yet due
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 325
Page 328
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/10 Exhibit E/10
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (Lanjutan) 1. GENERAL (Continued)
f. Surat Berharga yang Diterbitkan (Lanjutan) f. Securities Issued (Continued)
Surat berharga yang diterbitkan selama 5 (lima) tahun Securities issued for the last 5 (five) years are as follows:
terakhir adalah sebagai berikut: (Lanjutan) (Continued)
Tanggal Jumlah
pencatatan di Tanggal Total per seri Status
Bursa Efek efektif/ emisi/ obligasi/ Tanggal pembayaran/
Surat berharga/ Indonesia/ Effective Amount Amount per jatuh tempo/ Payment
Securities Listing date date issued serial Due date status
Tahap V Tahun 2023 16 Juni/ 1.100.000
Seri/Serial A: June 2023 250.000 25 Juni/ Belum jatuh tempo/
June 2024 Not yet due
Seri/Serial B: 850.000 15 Juni/ Belum jatuh tempo/
June 2026 Not yet due
g. Dewan Komisaris, Direksi, Dewan Pengawas Syariah, g. Board of Commissioners, Board of Directors, Sharia
Komite Audit, Internal Audit, Sekretaris Perusahaan Supervisory Board, Audit Committee, Internal Audit,
dan Karyawan Corporate Secretary and Employees
Berdasarkan Akta Pernyataan Keputusan Rapat No. 8 Based on Deed of Meeting Decision Letter No. 8 dated
tanggal 16 Mei 2023 yang dibuat di hadapan Shanti Indah 16 May 2023 made before Shanti Indah Lestari, S.H.,
Lestari, S.H., M.Kn, Notaris di Kabupaten Tangerang, M.Kn, Notary in Tangerang District, which has been
yang telah diterima dan dicatat pada Kementerian Hukum accepted and recorded by the Ministry of Law and Human
dan Hak Asasi Manusia Republik Indonesia dalam Surat No. Rights of the Republic of Indonesia in its Decision Letter
AHU-AH.01.09-0123964 tanggal 6 Juni 2023, sebagaimana No. AHU-AH.01.09-0123964 dated 6 June 2023, as stated
ditegaskan kembali dalam Akta Pernyataan Keputusan in the Deed of Meeting Decision Letter No. 6 dated
Rapat No. 6 tanggal 18 Januari 2024 yang dibuat di 18 January 2024 made before Shanti Indah Lestari, S.H.,
hadapan Shanti Indah Lestari, S.H., M.Kn, Notaris di M.Kn, Notary in Tangerang District, which has been
Kabupaten Tangerang, yang telah diterima dan dicatat accepted and recorded by the Ministry of Law and Human
pada Kementerian Hukum dan Hak Asasi Manusia Republik Rights of the Republic of Indonesia in its Decision Letter
Indonesia dalam Surat No. AHU-AH.01.09-0032388 tanggal No. AHU-AH.01.09-0032388 dated 24 January 2024, the
24 Januari 2024, susunan Dewan Komisaris, Direksi dan composition of the Company’s Board of Commisioners,
Dewan Pengawas Syariah Perusahaan pada tanggal Board of Directors and Sharia Supervisory Board of as of
31 Desember 2023 adalah sebagai berikut: 31 December 2023 are as follows:
Dewan Komisaris Board of Commissioners
Presiden Komisaris : Kusmayanto Kadiman : President Commissioner
Komisaris (Independen) : Johanes Sutrisno : Commissioner (Independent)
Komisaris (Independen) : Alfonso Napitupulu : Commissioner (Independent)
Komisaris : Sunata Tjiterosampurno : Commissioner
Komisaris : Saurabh Narayan Agarwal* : Commissioner
*) Mendapatkan Surat Persetujuan Hasil *) Receive a Letter of Approval of Fit and
Penilaian Kemampuan dan Kepatutan dari OJK Proper Test from OJK on 8 December 2023
pada tanggal 8 Desember 2023
Direksi Board of Directors
Presiden Direktur : Francis Lay Sioe Ho : President Director
Direktur Keuangan : Sudjono : Finance Director
Direktur Bisnis : Sutadi : Business Director
Direktur Operasional dan Sumber Operations and Human Capital
Daya Manusia : Andrew Adiwijanto : Director
Dewan Pengawas Syariah Sharia Supervisory Board
Ketua : Asrori S. Karni : Chairman
Anggota : Helda Rahmi Sina : Member
326 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 329
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/11 Exhibit E/11
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (Lanjutan) 1. GENERAL (Continued)
g. Dewan Komisaris, Direksi, Dewan Pengawas Syariah, g. Board of Commissioners, Board of Directors, Sharia
Komite Audit, Internal Audit, Sekretaris Perusahaan Supervisory Board, Audit Committee, Internal Audit,
dan Karyawan (Lanjutan) Corporate Secretary and Employees (Continued)
Berdasarkan Akta Pernyataan Keputusan Rapat No. 18 Based on Deed of Meeting Decision Letter No. 18 dated
tanggal 29 Juni 2022 yang dibuat di hadapan Shanti Indah 29 June 2022 made before Shanti Indah Lestari, S.H.,
Lestari, S.H., M.Kn, Notaris di Kabupaten Tangerang, M.Kn, Notary in Tangerang District, which has been
yang telah diterima dan dicatat pada Kementerian Hukum accepted and recorded by the Ministry of Law and Human
dan Hak Asasi Manusia Republik Indonesia dalam Surat Rights of the Republic of Indonesia in its Decision Letter
No. AHU-AH.01.09-0036397 tanggal 25 Juli 2022 dan surat No. AHU-AH.01.09-0036397 dated 25 July 2022 and
nomor AHU-AH.01.09.0037327 tanggal 27 Juli 2022, Decision Letter No. AHU-AH.01.09.0037327 dated 27 July
susunan Dewan Komisaris, Direksi dan Dewan Pengawas 2022, the composition of the Company’s Board of
Syariah Perusahaan pada tanggal 31 Desember 2022 Commisioners, Directors and Sharia Supervisory Board of
adalah sebagai berikut: as of 31 December 2022 are as follows:
Dewan Komisaris Board of Commissioners
Presiden Komisaris : Kusmayanto Kadiman : President Commissioner
Komisaris (Independen) : Johanes Sutrisno : Commissioner (Independent)
Komisaris (Independen) : Alfonso Napitupulu : Commissioner (Independent)
Komisaris : Dominic John Picone : Commissioner
Komisaris : Sunata Tjiterosampurno : Commissioner
Direksi Board of Directors
Presiden Direktur : Francis Lay Sioe Ho : President Director
Direktur Keuangan : Sudjono : Finance Director
Direktur Bisnis : Sutadi : Business Director
Direktur Operasional dan Sumber Operations and Human Capital
Daya Manusia : Andrew Adiwijanto : Director
Direktur Risiko Perusahaan : Sigit Hendra Gunawan : Enterprise Risk Director
Dewan Pengawas Syariah Sharia Supervisory Board
Ketua : Asrori S. Karni : Chairman
Anggota : Helda Rahmi Sina : Member
Susunan Komite Audit Perusahaan dan entitas anaknya The composition of the Audit Committee of the Company
pada tanggal 31 Desember 2023 dan 2022 adalah sebagai and its subsidiary as of 31 December 2023 and
berikut: 2022, are as follows:
Komite Audit Audit Committee
Ketua : Johanes Sutrisno : Chairman
Anggota : Edy Sugito : Member
Anggota : Friso Palilingan : Member
Internal Audit Internal Audit
Berdasarkan Surat Keputusan Direksi Perusahaan Based on the Virtue of the Board of Directors of
No. SK/BOD/VII/14-009 tanggal 16 Juli 2014, Kepala the Company No. SK/BOD/VII/14-009 dated 16 July 2014,
Unit Internal Audit Perusahaan pada tanggal Head of Internal Audit Unit of the Company as of
31 Desember 2023 dan 2022 adalah Fledy Rizmara. 31 December 2023 and 2022 is Fledy Rizmara.
Sekretaris Perusahaan Corporate Secretary
Berdasarkan Surat Keputusan Direksi Perusahaan Based on the Virtue of the Board of Directors of the
No. BOD-BOC/VI/2014-0011 tanggal 24 Juni 2014, Company No. BOD-BOC/VI/2014-0011 dated 24 June
Sekretaris Perusahaan pada tanggal 31 Desember 2023 2014, Corporate Secretary as of 31 December 2023 and
dan 2022 adalah Sudjono. 2022 is Sudjono.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 327
Page 330
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/12 Exhibit E/12
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (Lanjutan) 1. GENERAL (Continued)
g. Dewan Komisaris, Direksi, Dewan Pengawas Syariah, g. Board of Commissioners, Board of Directors, Sharia
Komite Audit, Internal Audit, Sekretaris Perusahaan Supervisory Board, Audit Committee, Internal Audit,
dan Karyawan (Lanjutan) Corporate Secretary and Employees (Continued)
Karyawan Employees
Jumlah karyawan Perusahaan dan entitas anaknya pada The total number of the Company and its subsidiary’s
tanggal 31 Desember 2023 dan 2022 adalah sebagai employees as of 31 December 2023 and 2022 are as
berikut: follows:
31 Desember/December
2023 2022
Karyawan tetap 6.326 6.100 Permanent employees
Karyawan tidak tetap 4.881 4.011 Non-permanent employees
Jumlah 11.207 10.111 Total
Personil manajemen kunci Perusahaan mencakup anggota Key management personnel of the Company consist of
Dewan Komisaris dan Direksi. members of Board of Commissioners and Board of
Directors.
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
Kebijakan-kebijakan akuntansi di bawah ini telah diterapkan The significant accounting policies set out below have been
secara konsisten pada seluruh periode yang disajikan dalam applied consistently to all periods presented in these
laporan keuangan konsolidasian ini. consolidated financial statements.
Laporan keuangan konsolidasian Perusahaan dan entitas The consolidated financial statements of the Company and
anaknya disetujui untuk diterbitkan oleh Direksi pada tanggal its subsidiary were authorized for issuance by Board of
23 Februari 2024. Directors on 23 February 2024.
a. Pernyataan Kepatuhan a. Statement of Compliance
Laporan keuangan konsolidasian telah disusun dan The consolidated financial statements have been
disajikan sesuai dengan Standar Akuntansi Keuangan di prepared and presented in accordance with Indonesian
Indonesia (“PSAK”), termasuk Interpretasi Standar Financial Accounting Standards (“IFAS”), which includes
Akuntansi Keuangan, yang diterbitkan oleh Ikatan the Interpretations of Financial Accounting Standards,
Akuntan Indonesia (IAI) dan Peraturan Badan Pengawas issued by the Indonesian Institute of Accountants
Pasar Modal dan Lembaga Keuangan (“Bapepam-LK”, yang and the Capital Market and Financial Institution
fungsinya dialihkan kepada Otoritas Jasa Keuangan Supervisory Agency (“Bapepam-LK”, which the function
(“OJK”) sejak tanggal 1 Januari 2013) No. VIII.G.7 tentang has been transferred to Financial Service Authority
“Penyajian dan Pengungkapan Laporan Keuangan Emiten (“OJK”) since 1 January 2013) Regulation No. VIII.G.7
atau Perusahaan Publik” yang terdapat dalam Lampiran regarding “Emiten or Public Compony’s Financial
Keputusan Ketua Bapepam-LK No. KEP-347/BL/2012 Statements Presentation and Disclosure Guidelines” as
tanggal 25 Juni 2012. included in the Appendix of the Decision Decree of the
Chairman of Bapepam-LK No. KEP-347/BL/2012 dated
25 June 2012.
b. Dasar Penyusunan Laporan Keuangan Konsolidasian b. Basis of Preparation of the Consolidated Financial
Statements
Laporan keuangan konsolidasian, kecuali laporan arus kas The consolidated financial statements, except the
konsolidasian, disusun atas dasar akrual dan berdasarkan consolidated statement of cash flows, were prepared on
konsep nilai historis, kecuali untuk instrumen keuangan the accrual basis and under the historical cost concepts,
derivatif yang diukur pada nilai wajar dan utang atas excepts for derivative financial instruments which are
kewajiban imbalan pasca-kerja yang diakui sebesar nilai measured at fair value and the liability for post-
kini kewajiban imbalan pasti dikurangi dengan nilai wajar employment benefit obligations which is recognized at
aset program. the present value of defined benefit obligations less the
fair value of plan asset.
Laporan arus kas konsolidasian disusun dengan The consolidated statement of cash flows are prepared
menggunakan metode langsung dengan mengelompokkan based on the direct method by classifying cash flows on
arus kas ke dalam aktivitas operasi, investasi dan the basis of operating, investing and financing activities.
pendanaan.
328 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 331
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/13 Exhibit E/13
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
b. Dasar Penyusunan Laporan Keuangan Konsolidasian b. Basis of Preparation of the Consolidated Financial
(Lanjutan) Statements (Continued)
Seluruh angka dalam laporan keuangan konsolidasian ini Figures in the consolidated financial statements are
dibulatkan menjadi dan disajikan dalam jutaan Rupiah rounded to and expressed in millions of Rupiah, unless
yang terdekat, kecuali dinyatakan lain. otherwise stated.
Transaksi-transaksi yang termasuk dalam laporan Items included in the consolidated financial statements
keuangan konsolidasian pada tiap entitas diukur dengan of each entities are measured using the currency of
mata uang lingkungan ekonomi utama di mana entitas primary economic environment in which the entity
beroperasi (mata uang fungsional). Laporan keuangan operates (the functional currency). The consolidated
konsolidasian disajikan dalam Rupiah, yang merupakan financial statements are presented in Rupiah, which is
mata uang fungsional dan penyajian Perusahaan dan the Company and its subsidiary’ functional and
entitas anaknya. presentation currency.
Kebijakan-kebijakan akuntansi di bawah ini telah The significant accounting policies set out below have
ditetapkan secara konsisten pada seluruh periode yang been applied consistenly to all periods presented in these
disajikan dalam laporan keuangan ini. financial statements.
c. Perubahan Kebijakan Akuntansi c. Change in Accounting Policies
Perubahan atas Pernyataan Standar Akuntansi Changes to Statement of Financial Accounting
Keuangan (“PSAK”) dan Interpretasi Standar Akuntansi Standards (" SFAS ") and Interpretations of Financial
Keuangan (“ISAK”) yang berlaku efektif pada periode Accounting Standards (" IFAS ") effective in the current
berjalan period
Perusahaan dan entitas anaknya menerapkan pertama The Company and its subsidiary made first time adoption
kali seluruh standar baru dan/atau yang direvisi yang of all the new and/or revised standards effective for the
berlaku efektif untuk periode yang dimulai pada atau periods beginning on or after 1 January 2023, including
setelah 1 Januari 2023, termasuk standar yang direvisi the following revised standards that have affected the
berikut ini yang mempengaruhi laporan keuangan consolidated financial statements of the Company and its
konsolidasian Perusahaan dan entitas anaknya. subsidiary.
Penerapan standar dan interpretasi yang baru dan The adoption of the following new and revised standard
direvisi berikut ini tidak menghasilkan perubahan besar and interpretation did not result in substantial changes
terhadap kebijakan akuntansi Perusahaan dan entitas to the Company and its subsidiary’s accounting policies
anaknya dan tidak memiliki dampak material pada and had no material effect on the amounts reported for
jumlah yang dilaporkan untuk tahun keuangan saat ini the current or prior financial years:
atau sebelumnya:
- Amandemen PSAK 1: “Penyajian Laporan Keuangan: - Amendment to SFAS 1: "Presentation
Pengungkapan Kebijakan Akuntansi”; of Financial Statements: Disclosure of Accounting
Policies”;
- Amandemen PSAK 16: “Aset Tetap”; - Amendment to SFAS 16: "Fixed Assets”;
- Amandemen PSAK 25: “Kebijakan Akuntansi, - Amendment to SFAS 25: "Accounting Policies,
Perubahan Estimasi Akuntansi, dan Kesalahan: Changes in Accounting Estimates, and Errors:
Definisi Estimasi Akuntansi”; Definition of Accounting Estimates";
- Amandemen PSAK 46: “Pajak Penghasilan”; - Amendment to SFAS 46: "Income Tax ";
- Revisi PSAK 107: “Akuntansi Ijarah”. - Revision of SFAS 107: “Ijarah Accounting”
Amandemen standar berikut berlaku efektif untuk Amendments of the following standards effective for
periode yang dimulai pada atau setelah 1 Januari 2024 the year beginning on or after 1 January 2024 are as
yaitu: follows:
- Amandemen PSAK 1 “Penyajian Laporan Keuangan” - Amendment to SFAS 1 “Presentation of Financial
Statements”
- Amandemen PSAK 73 “Sewa” - Amendment to SFAS 73 “Leases”
Manajemen berpendapat penerapan dari amandemen Management believes the adoption of amendment and
dan revisi diatas tidak menimbulkan perubahan material revision has no impact on the material accounting
atas kebijakan akuntansi Perusahaan dan entitas anaknya policies of the Company and Its subsidiary and has
dan tidak berdampak signifikan pada Laporan Keuangan significant on the Consolidated Financial Statements.
Konsolidasian.
Mulai tanggal 1 Januari 2024, DSAK IAI mengumumkan From 1 January 2024, DSAK IAI has announced the
perubahan penomoran referensi PSAK dan ISAK. changes of reference numbering of PSAK and ISAK.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 329
Page 332
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/14 Exhibit E/14
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
d. Prinsip Konsolidasian d. Principles of Consolidation
Laporan keuangan konsolidasian meliputi laporan The consolidated financial statement consists of the
keuangan Perusahaan dan Entitas Anak. Transaksi antar Company and its Subsidiary financial statements.
entitas dan saldo antara Perusahaan dan Entitas anak Intercompany transactions and balance between Group
dieliminasi secara penuh. Companies are therefore eliminated in full.
Entitas Anak merupakan investee yang dikendalikan oleh A subsidiary is when an entity has control over an
Perusahaan. Perusahaan mengendalikan investee jika tiga investee. The entity controls an investee if all three of
elemen berikut terpenuhi: pengendalian atas investee, the following elements are present: power over the
eksposur atas hak imbal hasil variable dari keterlibatannya investee, exposure to variable returns from the
dengan investee, dan kemampuan untuk menggunakan investee, and the ability of the investor to use its power
pengendaliannya atas investee untuk mempengaruhi to affect those variable returns. Control is reassessed
jumlah imbal hasil variabel dari investor. Pengendalian whenever facts and circumstances indicate that there
dapat dikaji kembali ketika fakta dan kondisi may be a change in any of these elements of control.
mengindikasikan terdapat kemungkinan perubahan pada
elemen pengendalian tersebut.
Kepentingan nonpengendali merupakan proporsi atas hasil Non-controlling interests represent the proportion of
usaha dan aset neto Entitas Anak yang tidak diatribusikan the results and net assets of Subsidiary not attributable
pada Perusahaan. to the Company.
Perusahaan mengakui kepentingan nonpengendali The Company recognizes any non-controlling interest in
pada pihak yang diakuisisi baik sebesar nilai wajar atau the acquiree on an acquisitions-by-acquisition basis,
sebesar bagian proporsional kepentingan nonpengendali either at fair value or at the non-controlling interest
atas aset neto pihak yang diakuisisi. Kepentingan proportionate share of the acquiree’s net assets. Non-
nonpengendali disajikan di ekuitas dalam laporan posisi controlling interests is reported as equity in the
keuangan konsolidasian, terpisah dari ekuitas pemilik consolidated statement of financial position, separate
Entitas Induk. from the owner of the Parent’s equity.
e. Aset dan Liabilitas Keuangan e. Financial Assets and Liabilities
Aset keuangan diklasifikasikan ke dalam kategori Financial assets are classified in categories of
(i) diukur pada nilai wajar melalui laporan laba rugi, (i) fair value through profit or loss, (ii) amortised cost,
(ii) biaya perolehan diamortisasi, dan (iii) aset keuangan and (iii) fair value through other comprehensive
yang diukur pada nilai wajar pendapatan komprehensif income. At initial measurement, financial assets
lain. Pada pengakuan awal, aset keuangan diukur pada determined based on fair value, added with transactions
nilai wajar, ditambah biaya transaksi yang dapat cost attributable direct to financial assets. Management
diatribusikan langsung untuk aset keuangan yang yang determines the classification of its financial assets prior
diukur pada biaya perolehan diamortisasi dan pendapatan initial recognition based on assessment of businesss
komprehensif lain. Manajemen menentukan klasifikasi aset model for managing the financial assets or contractual
keuangan tersebut setelah pengakuan awal aset keuangan cashflows give rise to solely payments of principal and
berdasarkan model bisnis entitas dalam mengelola aset interest.
keuangan atau karakteristik arus kas kontraktual hanya
dari pembayaran pokok dan bunga saja.
e.1. Klasifikasi e.1. Classification
Perusahaan dan entitas anaknya mengklasifikasi aset The Company and its subsidiary classify its financial
keuangannya dalam kategori: assets into the following category:
(i) Aset keuangan yang diukur pada nilai wajar (i) Financial assets at fair value through profit or
melalui laporan laba rugi loss
Aset keuangan yang diukur pada nilai wajar Financial assets at fair value through profit
melalui laporan laba rugi adalah aset keuangan or loss are financial assets classified as held for
yang diperdagangkan. Entitas dapat menetapkan trading. Entity may determine at initial
pilihan yang tidak dapat dibatalkan pada saat classification of an uncancellable chosen category
pengakuan awal atas investasi pada intrumen of an financial asset on a certain equity
ekuitas tertentu yang pada umumnya diukur pada instrument which commonly measured the fair
nilai wajar melalui laba rugi sehingga perubahan value through profit and loss rise change in the
nilai wajarnya disajikan dalam penghasilan fair value presented under fair value through
komprehensif lain. other comprehensive income.
330 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 333
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/15 Exhibit E/15
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)
e.1. Klasifikasi (Lanjutan) e.1. Classification (Continued)
Perusahaan dan entitas anaknya mengklasifikasi aset The Company and its subsidiary classify its financial
keuangannya dalam kategori: (Lanjutan) assets into the following category: (Continued)
(ii) Biaya perolehan diamortisasi (ii) Amortised cost
Aset keuangan diukur pada biaya perolehan Financial assets determined under amortised
diamortisasi jika memenuhi kriteria sebagai cost if met criteria as autlined below:
berikut:
a. aset keuangan dikelola dalam bisnis yang a. financial assets held within a business
bertujuan untuk memiliki arus kas keuangan whose objective is to hold financial assets
dalam rangka mendapatkan arus kas in order to collect contractual cashflows;
kontraktual; dan and
b. persyaratan kontraktual aset keuangan yang b. determining contractual financial assets
menimbulkan arus kas yang hanya dari give rise to solely payments of principal and
pembayaran pokok dan bunga. interest.
Pada saat pengakuan awal, aset keuangan diakui Financial assets are initially recognised at fair
pada nilai wajarnya ditambah nilai transaksi dan value plus transaction costs and subsequently
selanjutnya diukur pada biaya perolehan measured at amortised cost using the
diamortisasi dengan menggunakan metode suku effective interest rate method, less provision
bunga efektif, dikurangi cadangan penurunan for impairment.
nilai.
(iii) Aset keuangan yang diukur pada nilai wajar (iii) A Fair value through other comprehensive
penghasilan komprehensif lain income
Aset keuangan yang diukur pada nilai wajar Fair value through other comprehensive
pendapatan komprehensif lain adalah aset income are non-derivative financial assets
keuangan non-derivatif dengan pembayaran tetap with fixed or determined payments and fixed
atau telah ditentukan dan jatuh temponya telah maturities that the management has positive
ditetapkan, serta manajemen mempunyai intensi intention and ability to hold to maturity,
positif dan kemampuan untuk memiliki aset other than:
keuangan tersebut hingga jatuh tempo, kecuali:
a. Aset keuangan dikelola dalam model bisnis a. Financial assets managed under business
yang tujuannya akan terpenuhi dengan model which its objective is to both
mendapatkan arus kas kontraktual dan collect the contractual cash flows and
menjual aset keuangan; dan sell the financial assets; and
b. Persyaratan kontraktual dari aset keuangan b. Contractual cash flows characteristics
tersebut memberikan hak pada tanggal test resulting rights on certain basic term
tertentu atas arus kas yang hanya dari of cashflows meets the solely payments
pembayaran pokok dan bunga dari jumlah of principal and interest.
pokok terutang.
Perusahaan dan entitas anaknya mengklasifikasi The Company and its subsidiary classify its financial
liabilitas keuangannya dalam kategori: liabilities into the following category:
(i) Liabilitas keuangan yang diukur pada nilai wajar (i) Financial liabilities at fair value through
melalui laporan laba rugi profit or loss
Liabilitas keuangan yang diukur pada nilai wajar Financial liabilities at fair value through profit
melalui laporan laba rugi adalah liabilitas or loss are financial liabilities classified as held
keuangan yang diperdagangkan. for trading.
Liabilitas keuangan diklasifikasikan sebagai A financial liability is classified as held for
liabilitas keuangan yang diperdagangkan jika trading if it is acquired principally for the
perolehannya ditujukan untuk dijual atau dibeli purpose of selling or repurchasing it in the
kembali dalam waktu dekat dan terdapat adanya short-term and there is evidence of a recent
kecenderungan ambil untung. actual pattern of profit taking.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 331
Page 334
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/16 Exhibit E/16
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)
e.1. Klasifikasi (Lanjutan) e.1. Classification (Continued)
Perusahaan dan entitas anaknya mengklasifikasi The Company and its subsidiary classifies its
liabilitas keuangannya dalam kategori: (Lanjutan) financial liabilities into the following category:
(Continued)
(ii) Liabilitas keuangan yang diukur dengan biaya (ii) Financial liabilities measured at amortized
perolehan diamortisasi cost
Liabilitas keuangan yang tidak diklasifikasikan Financial liabilities that are not classified as at
sebagai liabilitas keuangan yang diukur pada nilai fair value through profit and loss fall into this
wajar melalui laporan laba rugi diklasifikasikan category and are measured at amortized cost.
dalam kategori ini dan diukur pada biaya
perolehan diamortisasi.
Perusahaan dan entitas anaknya mengelompokkan The Company and its subsidiary classify all of its
seluruh liabilitas keuangannya sebagai liabilitas financial liabilities as other financial liabilities
keuangan lainnya yang diukur pada biaya perolehan measured at amortized cost, except for derivative
diamortisasi, kecuali untuk liabilitas derivatif yang liabilities which are classified as financial
diklasifikasikan sebagai instrumen keuangan yang instruments measured at fair value through profit
diukur pada nilai wajar melalui laba rugi. or loss (“FVTPL”).
e.2. Pengakuan e.2. Recognition
Perusahaan dan entitas anaknya pada awalnya The Company and its subsidiary initially recognize
mengakui aset dan liabilitas keuangan pada tanggal financial assets and liabilities on the date of their
perolehan aset dan liabilitas keuangan tersebut. origination.
Pada saat pengakuan awal, aset atau liabilitas At intial recognition, the Company and its
keuangan Perusahaan dan entitas anaknya diukur subsidiary’s financial assets or liabilities are
pada nilai wajar ditambah/dikurangi (untuk instrumen measured at fair value plus/minus (for financial
keuangan yang tidak diukur pada nilai wajar melalui instruments not subsequently measured at fair
laba rugi setelah pengakuan awal) biaya transaksi value through profit or loss) transaction costs that
yang dapat diatribusikan secara langsung atas are directly attributable to the acquisition of
perolehan aset keuangan atau penerbitan liabilitas financial assets or issue of financial liabilities.
keuangan. Pengukuran aset dan liabilitas keuangan The subsequent measurement of financial assets
setelah pengakuan awal tergantung pada klarifikasi and liabilities depends on their classifications.
aset dan liabilitas keuangan tersebut.
Biaya transaksi hanya meliputi biaya-biaya yang dapat Transaction costs include only those costs that are
diatribusikan secara langsung untuk perolehan suatu directly attributable to the acquisition of a
aset keuangan atau penerbitan suatu liabilitas financial asset or issuance of a financial liability and
keuangan dan merupakan biaya tambahan yang tidak they are incremental costs that would not have been
akan terjadi apabila instrumen keuangan tersebut incurred if the instrument had not been acquired or
tidak diperoleh atau diterbitkan. Untuk aset issued. In the case of financial assets, transaction
keuangan, biaya transaksi ditambahkan pada jumlah costs are added to the amount recognized initially,
yang diakui pada awal pengakuan aset, sedangkan while for financial liabilities, transaction costs are
untuk liabilitas keuangan, biaya transaksi dikurangkan deducted from the amount of debt recognized
dari jumlah utang yang diakui pada awal pengakuan initially. Such transaction costs are amortized over
liabilitas. Biaya transaksi tersebut diamortisasikan the terms of the instruments based on the effective
selama umur instrumen berdasarkan metode suku interest method and are recorded as part of
bunga efektif dan dicatat sebagai bagian dari financing income for transaction costs related to
pendapatan pembiayaan untuk biaya transaksi financial assets and as part of interest and financing
sehubungan dengan aset keuangan dan sebagai bagian charges for transaction costs related to financial
dari beban bunga dan keuangan untuk biaya transaksi liabilities.
sehubungan dengan liabilitas keuangan.
Setelah pengakuan awal, pinjaman yang diberikan dan Subsequent to initial recognition, loans and
piutang dicatat pada biaya perolehan diamortisasi receivables are measured at amortized cost using
dengan menggunakan metode suku bunga efektif. the effective interest method.
332 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 335
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/17 Exhibit E/17
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)
e.2. Pengakuan (Lanjutan) e.2. Recognition (Continued)
Setelah pengakuan awal, Perusahaan mengukur Subsequent to initial recognition, the Company
seluruh liabilitas keuangan dicatat pada biaya measures all financial liabilities at amortized cost
perolehan diamortisasi dengan menggunakan metode using the effective interest method.
suku bunga efektif.
e.3. Penghentian pengakuan e.3. Derecognition
Perusahaan dan entitas anaknya menghentikan The Company and its subsidiary derecognize a
pengakuan aset keuangan pada saat hak kontraktual financial asset when the contractual rights to the
atas arus kas yang berasal dari aset keuangan cash flows from the asset expire, or when the
tersebut kadaluarsa, atau pada saat Perusahaan dan Company and its subsidiary transfer the rights to
entitas anaknya mentransfer seluruh hak untuk receive the contractual cash flows on the financial
menerima arus kas kontraktual dari aset keuangan asset in a transaction in which substantially all the
dalam transaksi di mana Perusahaan secara risks and rewards of ownership of the financial asset
substansial telah mentransfer seluruh risiko dan are transferred. Any interest in transferred financial
manfaat atas kepemilikan aset keuangan yang assets that is created or retained by the Company is
ditransfer. Setiap hak atau kewajiban atas aset recognized as a separate asset or liability.
keuangan yang ditransfer yang timbul atau yang
masih dimiliki oleh Perusahaan diakui sebagai aset
atau liabilitas secara terpisah.
Perusahaan dan entitas anaknya menghentikan The Company and its subsidiary derecognize
pengakuan piutang pembiayaan pada saat financing receivables at the time when the vehicle
dilakukannya penarikan jaminan kendaraan. Selain collateral has been taken out. In addition, the
itu, Perusahaan menghentikan pengakuan liabilitas Company derecognizes a financial liability when its
keuangan pada saat liabilitas yang ditetapkan dalam contractual obligations are discharged or cancelled
kontrak dilepaskan atau dibatalkan atau kadaluarsa. or expired.
Dalam transaksi di mana Perusahaan dan entitas In transaction where the Company and its subsidiary
anaknya secara subtansial tidak memiliki atau tidak neither retain nor transfer substantially all the risks
mentransfer seluruh risiko dan manfaat atas and rewards of a financial asset, the Company and its
kepemilikan aset keuangan, Perusahaan dan entitas subsidiary derecognize the asset if it does not retain
anaknya menghentikan pengakuan aset tersebut jika control over the asset. The right and obligation
Perusahaan tidak lagi memiliki pengendalian atas retained in the transfer are recognized separately as
aset tersebut. Hak dan kewajiban yang timbul atau assets and liabilities as appropriate. In transfers
yang masih dimiliki dalam transfer tersebut diakui where control over the asset is retained, the
secara terpisah sebagai aset atau liabilitas. Dalam Company and its subsidiary continue to recognize the
transfer di mana pengendalian atas aset masih asset to the extent of its continuing involvement
dimiliki, Perusahaan dan entitas anaknya tetap determined by the extent to which it is exposed to
mengakui aset yang ditransfer tersebut sebesar changes in the value of the transferred asset.
keterlibatan berkelanjutan yang ditentukan oleh
besarnya perubahan nilai aset yang ditransfer.
Perusahaan dan entitas anaknya menghapus bukukan The Company and its subsidiary write off a financing
saldo piutang pembiayaan, pada saat Perusahaan dan receivables, when the Company and its subsidiary
entitas anaknya menentukan bahwa aset tersebut determine that the asset is uncollectible. This
tidak dapat ditagih lagi. Keputusan ini diambil decision was taken after consideration of
setelah mempertimbangkan informasi seperti telah information such as the occurrence of significant
terjadinya perubahan signifikan pada kemampuan changes to the financial ability of consumers so that
keuangan konsumen sehingga konsumen tidak lagi consumers can no longer pay the loan, or consumer
dapat melunasi liabilitasnya, atau konsumen atau or units being financed cannot be found or is
unit yang dibiayai tidak dapat ditemukan atau controlled by third party or the net realizable value
dikuasai oleh pihak ketiga atau nilai realisasi neto of collateral is not expected to be sufficient to pay
atas jaminan yang dikuasai kembali diperkirakan the entire exposure for the financing receivables.
tidak akan cukup untuk melunasi seluruh ekposur
piutang pembiayaan.
Penerimaan atau pemulihan kembali aset keuangan Collection or recovery of financial assets which had
yang telah dihapusbukukan dicatat sebagai been written-off is recorded as other income.
pendapatan lain-lain.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 333
Page 336
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/18 Exhibit E/18
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)
e.4. Saling hapus e.4. Offsetting
Aset dan liabilitas keuangan dapat saling hapus dan Financial assets and liabilities are offset and the net
nilai netonya disajikan dalam laporan posisi amount is presented in the statement of financial
keuangan jika, dan hanya jika, Perusahaan dan position when and only when, the Company and its
entitas anaknya memiliki hak yang berkekuatan subsidiary have legally enforceable rights to offset
hukum untuk melakukan saling hapus atas the recognized amounts and intends either to settle
jumlah yang telah diakui tersebut dan berniat untuk on a net basis or to realize the asset and settle the
menyelesaikan secara neto atau untuk liability simultaneously.
merealisasikan aset dan menyelesaikan liabilitasnya
secara bersamaan.
Pendapatan dan beban disajikan dalam jumlah neto Income and expenses are presented on a net basis
hanya jika diperkenankan oleh standar akuntansi. only when permitted by accounting standards.
e.5. Pengukuran biaya perolehan diamortisasi e.5. Amortized cost measurement
Biaya perolehan diamortisasi dari aset atau liabilitas The amortized cost of a financial asset or liability is
keuangan adalah jumlah aset atau liabilitas the amount at which the financial asset or liability
keuangan yang diukur pada saat pengakuan awal, is measured at initial recognition, minus principal
dikurangi pembayaran pokok, ditambah atau repayments, plus or minus the cumulative
dikurangi dengan amortisasi kumulatif dengan amortization using the effective interest method of
menggunakan metode suku bunga efektif yang any difference between the initial amount
dihitung dari selisih antara nilai awal dan nilai jatuh recognized and the maturity amount, minus any
temponya, dikurangi penyisihan kerugian penurunan reduction for impairment.
nilai.
e.6. Identifikasi dan pengukuran penurunan nilai aset e.6. Identification and measurement of impairment
keuangan for financial assets
Penurunan nilai diukur berdasarkan PSAK 71 Impairment of financial assets measured by SFAS 71
mensyaratkan pengakuan segera atas dampak required immediate recognition of expected credit
perubahan kerugian kredit ekspektasian setelah losses at the initial recognition of financial assets
pengakuan awal aset keuangan yang tidak diukur that are not carried at fair value measured by
pada nilai wajar berdasarkan kerugian kredit expected credit loss. At the initial recognition, the
ekspektasian. Pada saat pengakuan awal, Company and its subsidiary measured allowance of
Perusahaan dan entitas anaknya mengukur impairment of financial assets using 12-months
penyisihan kerugian untuk aset keuangan tersebut expected credit losses (Stage 1).
sejumlah kerugian kredit ekspektasian 12 bulan
(Tahap 1).
Pada setiap tanggal pelaporan, Perusahaan dan The Company and its subsidiary at each reporting
entitas anaknya mengukur penyisihan kerugian aset date, measured allowance of impairment losses of
keuangan sejumlah kerugian kredit ekspektasian financial assets using lifetime expected credit
sepanjang umurnya, jika risiko kredit atas aset losses if there’s significant increase in credit risk
keuangan tersebut telah meningkat secara signifikan (Stage 2) or become credit impaired (Stage 3).
sejak pengakuan awal (Tahap 2) atau menjadi Otherwise, the Company and its subsidiary continue
memburuk (Tahap 3). Jika tidak, Perusahaan dan to measure allowance of impairment losses of
entitas anaknya tetap mengukur penyisihan kerugian financial assets using 12-months expected credit
untuk aset keuangan tersebut sejumlah kerugian losses (Stage 1).
kredit ekspektasian 12 bulan (Tahap 1).
334 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 337
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/19 Exhibit E/19
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)
e.6. Identifikasi dan pengukuran penurunan nilai aset e.6. Identification and measurement of impairment
keuangan (Lanjutan) for financial assets (Continued)
Peningkatan risiko kredit yang signifikan dievaluasi Significant increase in credit risk is assessed by
dengan membandingkan risiko wanprestasi suatu comparing the risk of default of financial assets at
aset keuangan pada saat tanggal pelaporan terhadap the reporting date to the origination date. Whether
tanggal pengakuan awal. Penentuan adanya a change in the risk of default is significant or not
peningkatan risiko kredit yang signifikan atau tidak is assessed using several criteria, primarily based on
dievaluasi menggunakan beberapa kriteria, 30 days past due. Financial assets determined as
utamanya jika telah mengalami keterlambatan credit impaired primarily after 90 days past due
pembayaran 30 hari. Aset keuangan dianggap criteria.
menjadi memburuk, utamanya jika telah mengalami
keterlambatan pembayaran 90 hari.
Kerugian kredit ekspektasian diukur dalam suatu Expected credit losses measured in a way that
cara yang mencerminkan: reflects:
Jumlah yang tidak biasa dan rata-rata An unbiased and probability-weighted amount
probabilitas tertimbang yang ditentukan that is determined by evaluating a range of
dengan mengevaluasi serangkaian possible outcomes;
kemungkinan yang dapat terjadi;
Nilai waktu uang; dan The time value of money; and
Informasi yang wajar dan terdukung yang Reasonable and supportable information that
tersedia tanpa biaya atau upaya berlebihan is available without undue cost or effort at the
pada tanggal pelaporan mengenai peristiwa reporting date about past events, current
masa lalu, kondisi kini dan perkiraan kondisi conditions and forecasts of future economic
ekonomi masa depan. conditions.
Penilaian secara individual dilakukan atas aset Individual assessment is performed on the significant
keuangan yang nilainya signifikan. Aset keuangan financial assets. The financial assets that are not
yang tidak signifikan dan memiliki karakteristik individually significant and have similar credit
risiko kredit yang sejenis dinilai secara kolektif. characteristic are assessed collectively.
Dalam mengevaluasi penurunan nilai secara In assessing collective impairment, the Company
kolektif, Perusahaan dan entitas anaknya and its subsidiary use statistical modeling of
menggunakan model statistik dari tren historis atas historical trends of the probability of default,
probabilitas wanprestasi, waktu pemulihan kembali timing of recoveries and the amount of loss incurred
dan jumlah kerugian yang terjadi serta perkiraan as well as forecasts of future economic conditions
kondisi ekonomi masa depan yang disesuaikan adjusted for management’s judgement as to
dengan pertimbangan manajemen mengenai apakah whether current economic and credit conditions are
kondisi ekonomi dan kredit terkini sedemikian rupa such that the actual losses are likely to be greater
sehingga dapat mengakibatkan kerugian aktual yang or less than suggested by historical modeling.
jumlahnya akan lebih besar atau lebih kecil Default rates, loss rates and the expected timing of
daripada jumlah yang ditentukan oleh model future recoveries are reqularly benchmarked
historis. Tingkat wanprestasi, tingkat kerugian dan against actual outcomes to ensure that they remain
waktu yang diharapkan untuk pemulihan di masa appropriate.
datang akan diperbandingkan secara berkala
terhadap hasil aktual untuk memastikan estimasi
tersebut masih tepat.
Ketika peristiwa yang terjadi setelah penurunan When a subsequent event causes the amount of
nilai menyebabkan jumlah kerugian penurunan nilai impairment loss to decrease, the previously
berkurang, kerugian penurunan nilai yang recognized impairment loss is reversed by adjusting
sebelumnya diakui harus dipulihkan, dengan the allowance for impairment losses. The amount
menyesuaikan akun cadangan. Jumlah pemulihan of the reversal is recognized in the current year
aset keuangan diakui pada laba rugi tahun berjalan. profit or loss.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 335
Page 338
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/20 Exhibit E/20
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)
e.7. Pengukuran nilai wajar e.7. Fair value measurement
Nilai wajar adalah harga yang akan diterima untuk Fair value is the price that would be received to sell
menjual suatu aset atau harga yang akan dibayar an asset or paid to transfer a liability in an orderly
untuk mengalihkan suatu liabilitas dalam transaksi transaction between market participants at the
teratur (orderly transaction) antara pelaku pasar measurement date in the principal market or, in its
(market participants) pada tanggal pengukuran di absence, the most advantageous market to which
pasar utama atau, jika tidak terdapat pasar utama, the Company and its subsidiary have access at that
di pasar yang paling menguntungkan dimana date. The fair value of a liability reflects its non-
Perusahaan dan entitas anaknya memiliki akses performance risk.
pada tanggal tersebut. Nilai wajar liabilitas
mencerminkan risiko wanprestasinya.
Jika tersedia, Perusahaan dan entitas anaknya When available, the Company and its subsidiary
mengukur nilai wajar instrumen keuangan dengan measure the fair value of an instrument using
menggunakan harga kuotasi di pasar aktif untuk quoted prices in an active market for that
instrumen tersebut. Suatu pasar dianggap aktif jika instrument. A market is regarded as active if quoted
harga kuotasi sewaktu-waktu dan secara berkala prices are readily and regularly occurring market
tersedia dan mencerminkan transaksi pasar yang transactions on an arm’s length basis.
aktual dan rutin dalam suatu transaksi yang wajar.
Jika pasar untuk suatu instrumen keuangan tidak If a market for a financial instrument is not active,
aktif, Perusahaan dan entitas anaknya menentukan the Company and its subsidiary establish fair value
nilai wajar dengan menggunakan teknik penilaian. using a valuation technique. Valuation techniques
Teknik penilaian mencakup penggunaan transaksi include using recent arm’s length transactions
pasar terkini yang dilakukan secara wajar oleh between knowledgeable and willing parties, and if
pihak-pihak yang memahami, berkeinginan, dan jika available, reference to the current fair value of
tersedia, referensi atas nilai wajar terkini dari other instruments that are substantially the same,
instrumen lain yang secara substansial sama, discounted cash flows analysis and option pricing
penggunaan analisa arus kas yang didiskonto dan models.
penggunaan model penetapan harga opsi (option
pricing model).
Teknik penilaian yang dipilih memaksimalkan The chosen valuation technique makes maximum
penggunaan input pasar, dan meminimalkan use of market inputs, relies as little as possible on
penggunaan taksiran yang bersifat spesifik dari estimates specific to the Company and its
Perusahaan dan entitas anaknya, memasukkan subsidiary, incorporate all factors that market
semua faktor yang akan dipertimbangkan oleh para participants would consider in setting a price,
pelaku pasar dalam menetapkan suatu harga dan and is consistent with accepted economic
konsisten dengan metodologi ekonomi yang diterima methodologies for pricing financial instruments.
dalam penetapan harga instrumen keuangan. Input Inputs to valuation techniques reasonably represent
yang digunakan dalam teknik penilaian secara market expectations and measures of the risk-
memadai mencerminkan ekspektasi pasar dan return factors inherent in the financial instrument.
ukuran atas faktor risiko dan pengembalian (risk- The Company and its subsidiary calibrate valuation
return) yang melekat pada instrumen keuangan. techniques and tests them for validity using prices
Perusahaan dan entitas anaknya mengkalibrasi from observable current market transactions in the
teknik penilaian dan menguji validitasnya dengan same instrument or based on other available
menggunakan harga-harga dari transaksi pasar observable market data.
terkini yang dapat diobservasi untuk instrumen yang
sama atau atas dasar data pasar lainnya yang
tersedia yang dapat diobservasi.
336 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 339
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/21 Exhibit E/21
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)
e.7. Pengukuran nilai wajar (Lanjutan) e.7. Fair value measurement (Continued)
Bukti terbaik atas nilai wajar instrumen keuangan The best evidence of the fair value of a financial
pada saat pengakuan awal adalah harga transaksi, instrument at initial recognition is the transaction
yaitu nilai wajar dari pembayaran yang diberikan price, i.e., the fair value of the consideration
atau diterima, kecuali jika nilai wajar dari given or received, unless the fair value of that
instrumen keuangan tersebut ditentukan dengan instrument is evidenced by comparison with the
perbandingan dengan transaksi pasar terkini yang other observable current market transactions in
dapat diobservasi dari suatu instrumen yang sama the same instrument (i.e., without modification
(yaitu tanpa modifikasi atau pengemasan ulang), or repackaging), or based on a valuation technique
atau berdasarkan suatu teknik penilaian yang whose variables include only data from observable
variabelnya hanya menggunakan data dari pasar markets. When transaction price provides the best
yang dapat diobservasi. Jika harga transaksi evidence of fair value at initial recognition, the
memberikan bukti terbaik atas nilai wajar pada saat financial instrument is initially measured at the
pengakuan awal, maka instrumen keuangan pada transaction price and any difference between this
awalnya diukur pada harga transaksi dan selisih price and the value initially obtained from a
antara harga transaksi dan nilai yang sebelumnya valuation model is subsequently recognized in
diperoleh dari model penilaian diakui dalam laporan the statement of profit or loss depending on the
laba rugi setelah pengakuan awal tergantung pada individual facts and circumstances of the
masing-masing fakta dan keadaan dari transaksi transaction but not later than when the valuation is
tersebut namun tidak lebih lambat dari saat supported wholly by observable market data or the
penilaian tersebut didukung sepenuhnya oleh data transaction is closed out.
pasar yang dapat diobservasi atau saat transaksi
ditutup.
Nilai wajar mencerminkan risiko kredit atas Fair values reflect the credit risk of the financial
instrumen keuangan dan termasuk penyesuaian yang instruments and include adjustments to take into
dilakukan untuk memasukkan risiko kredit account the credit risk of the Company and
Perusahaan dan pihak lawan, mana yang lebih counterparty where appropriate. Fair value
sesuai. Taksiran nilai wajar yang diperoleh dari estimates obtained from models are adjusted for
model penilaian akan disesuaikan untuk any other factors, such as liquidity risk or valuation
mempertimbangkan faktor-faktor lainnya, seperti model uncertainties, to the extent that the
risiko likuiditas atau ketidakpastian model Company believes a third-party market
penilaian, sepanjang Perusahaan yakin bahwa participation would take them into account in
keterlibatan suatu pasar pihak ketiga akan pricing a transaction.
mempertimbangkan faktor-faktor tersebut dalam
penetapan harga suatu transaksi.
f. Kas dan Setara Kas f. Cash and Cash Equivalents
Kas dan setara kas terdiri dari kas, kas di bank dan Cash and cash equivalents consist of cash on hand, cash
deposito berjangka yang akan jatuh tempo dalam waktu in banks and time deposits with a maturity period of
tiga bulan atau kurang sejak tanggal penempatan, three months or less since the date of placement, as long
sepanjang deposito berjangka tersebut tidak digunakan as these time deposits are not pledged as collaterals for
sebagai jaminan atas pinjaman yang diterima, serta tidak borrowings nor restricted. Cash and cash equivalents are
dibatasi penggunaannya. Kas dan setara kas classified as amortized costs (Note 2e).
diklasifikasikan sebagai biaya perolehan diamortisasi
(Catatan 2e).
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 337
Page 340
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/22 Exhibit E/22
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
g. Piutang Pembiayaan g. Financing Receivables
Perusahaan dan entitas anaknya mengakui aset berupa The Company and its subsidiary recognizes assets as
piutang pembiayaan sebesar jumlah yang sama dengan financing receivables and present them at an amount
piutang neto. Penerimaan piutang diperlakukan sebagai equal to the net financing receivables. Receivables
pembayaran pokok dan pendapatan pembiayaan. payment is treated as repayment of principal and
Pengakuan pendapatan pembiayaan didasarkan pada financing income. The recognition of financing income is
suatu pola yang mencerminkan suatu tingkat based on a pattern reflecting a constant periodic rate of
pengembalian periodik yang konstan atas investasi return on the Company’s financing receivables.
Perusahaan.
Penyelesaian kontrak sebelum masa pembiayaan berakhir Early termination of a contract is treated as a
diperlakukan sebagai pembatalan kontrak pembiayaan dan cancellation of an existing contract and the resulting
pendapatan yang timbul terkait penyelesaian kontrak ini income related to this early termination of a contract is
diakui dalam laba rugi tahun berjalan. recognized in the current year profit or loss.
Restrukturisasi pembiayaan konsumen berupa modifikasi Restructuring of customer financing is a modification of
persyaratan kredit. Pembiayaan yang direstrukturiasi the terms of the loans. Restructured financing are stated
disajikan sebesar nilai kini atas arus kas kontraktual at present value of discounted contractual cash flows
setelah restrukturisasi yang didiskontokan menggunakan after restructuring using initial effective interest rate.
suku bunga efektif awal. Selisih antara jumlah tercatat Differences arising from the gross carrying value of the
bruto piutang pembiayaan konsumen pada tanggal consumer financing receivables at the time of
restrukturisasi dengan nilai kini arus kas kontraktual restructuring with present value of contractual cash
setelah restrukturisasi diakui dalam laba rugi. flows after restructuring are recognized to profit or loss.
Setelah restrukturisasi, seluruh arus kas kontraktual dalam Thereafter, all the contractual cash flows under the new
persyaratan baru dicatat sebagai pengembalian pokok terms shall be accounted for as the repayment of
pembiayaan yang diberikan dan pendapatan bunga sesuai principal and interest income, in accordance with the
dengan syarat-syarat restrukturisasi. restructuring scheme.
Piutang pembiayaan akan dihapusbukukan setelah Financing receivables will be written-off when they are
menunggak lebih dari 180 hari (untuk piutang pembiayaan overdue for more than 180 days (for motorcycles
sepeda motor), lebih dari 210 hari (untuk piutang financing), more than 210 days (for cars financing) and
pembiayaan mobil) dan lebih dari 270 hari (untuk more than 270 days (for heavy equipment and property
pembiayaan alat berat dan properti). Penerimaan dari financing). Recoveries from written-off receivables are
piutang yang telah dihapusbukukan diakui sebagai recognized as other income upon receipt.
pendapatan lain-lain pada saat diterima.
g.1. Sewa Pembiayaan g.1. Finance Lease
Pada tanggal permulaan kontrak, Perusahaan menilai At the inception of a contract, the Company assesses
apakah kontrak merupakan, atau mengandung, sewa. whether the contract is, or contains, a lease. A
Suatu kontrak merupakan atau mengandung sewa contract is or contains a lease if the contract
jika kontrak tersebut memberikan hak untuk conveys the right to control the use of an identified
mengendalikan penggunaan aset identifikasian asset for a period of time in exchange for
selama suatu jangka waktu untuk dipertukarkan consideration.
dengan imbalan.
g.2. Pembiayaan Konsumen g.2. Consumer Financing
Piutang pembiayaan konsumen merupakan jumlah Consumer financing receivables are receivables plus
piutang setelah ditambah (dikurangi) biaya (minus) unamortized transaction cost (fee) and
(pendapatan) transaksi yang belum di amortisasi dan minus unearned consumer financing income and
dikurangi dengan pendapatan pembiayaan konsumen allowance for impairment losses of consumer
yang belum diakui dan cadangan kerugian penurunan financing receivables.
nilai piutang pembiayaan konsumen.
338 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 341
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/23 Exhibit E/23
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
g. Piutang Pembiayaan (Lanjutan) g. Financing Receivables (Continued)
g.2. Pembiayaan Konsumen (Lanjutan) g.2. Consumer Financing (Continued)
Pendapatan pembiayaan konsumen yang belum Unearned consumer financing income, which
diakui, yang merupakan selisih antara jumlah represents the difference between total
keseluruhan pembayaran angsuran yang akan installments to be received from the consumer and
diterima dari konsumen dan jumlah pokok the principal amount financed, plus or deducted
pembiayaan, ditambah (dikurangi) biaya with the unamortized transaction cost (income),
(pendapatan) transaksi yang belum diamortisasi, akan will be recognized as income over the term of the
diakui sebagai pendapatan selama jangka waktu contract using effective interest method of the
kontrak dengan menggunakan metode suku bunga related consumer financing receivable. Consumer
efektif dari piutang pembiayaan konsumen. Piutang financing receivables are classified as amortized
pembiayaan konsumen diklasifikasikan sebagai biaya costs (Note 2e).
perolehan diamortisasi (Catatan 2e).
Biaya (pendapatan) transaksi yang belum Unamortized transaction cost (income) are
diamortisasi adalah pendapatan administrasi proses financing administration income and transaction
pembiayaan dan biaya transaksi yang timbul pertama costs which are incurred at the first time the
kali yang terkait langsung dengan pembiayaan financing agreement is signed and directly
konsumen tersebut. attributable to consumer financing.
h. Pembiayaan Bersama h. Joint Financing
Seluruh kontrak pembiayaan bersama yang dilakukan oleh All joint financing agreements entered by the Company
Perusahaan merupakan pembiayaan bersama konsumen are joint financing without recourse in which only the
tanpa tanggung renteng (without recourse) dimana hanya Company’s financing portion of the total installments
porsi jumlah angsuran piutang yang dibiayai Perusahaan are recorded as financing receivables in the statement
yang dicatat sebagai piutang pembiayaan di laporan posisi of financial position (net approach). Financing income is
keuangan (pendekatan neto). Pendapatan pembiayaan presented in the statement of profit or loss and other
disajikan pada laporan laba rugi dan penghasilan comprehensive income after deducting the portions
komprehensif lain setelah dikurangi dengan bagian yang belong to other parties participated to these joint
merupakan hak pihak-pihak lain yang berpartisipasi pada financing transactions.
transaksi pembiayaan bersama tersebut.
Dalam pembiayaan bersama without recourse, antara In joint financing without recourse, arrangements
Perusahaan dan penyedia fasilitas pembiayaan bersama, between the Company and the joint financing facility
Perusahaan berhak menentukan tingkat bunga yang lebih provider, the Company has the right to set higher
tinggi kepada konsumen dibandingkan tingkat bunga yang interest rates to consumer than the interest rates stated
ditetapkan dalam perjanjian pembiayaan bersama dengan in the joint financing agreement with the joint financing
penyedia fasilitas pembiayaan bersama. Selisihnya facility provider. The difference is recognized as
merupakan pendapatan dan disajikan sebagai bagian dari revenue and disclosed as “Financing Income”.
“Pendapatan Pembiayaan”.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 339
Page 342
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/24 Exhibit E/24
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
i. Piutang Pembiayaan Murabahah i. Murabahah Financing Receivables
Murabahah merupakan akad jual-beli barang dengan harga Murabahah is goods sell-buy contract with a sold price
jual sebesar biaya perolehan ditambah keuntungan yang amounting to acquisition cost plus agreed margin and
disepakati dan Perusahaan harus mengungkapkan biaya the Company must to disclose the acquisition cost to
perolehan barang tersebut kepada konsumen. Pada saat customer. When murabahah contract is signed,
akad murabahah, piutang pembiayaan murabahah diakui murabahah financing receivables are recognized at
dengan metode pendapatan efektif. Keuntungan effective income method. Murabahah margin are
murabahah diakui selama periode akad berdasarkan recognized over the period of the contract based on
pengakuan marjin dari piutang pembiayaan murabahah. margin of the murabahah financing receivables.
Akad murabahah secara substansi merupakan suatu Substantially, murabahah contract is a financing, so that
pembiayaan, sehingga pengakuan marjin dilakukan margin recognition is based on standards which regulate
berdasarkan standar yang mengatur pembiayaan, seperti financing, as mentioned in consumer financing policy.
yang disebutkan di kebijakan pembiayaan konsumen.
Pada setiap akhir periode laporan keuangan, piutang At the end of each period of financial statement,
pembiayaan murabahah disajikan sebesar nilai neto yang murabahah financing receivables are state at net
dapat direalisasi, yaitu saldo piutang murabahah dikurangi realizable value, consist of outstanding murabahah
marjin yang ditangguhkan dan cadangan kerugian receivables less unearned margin and allowance for
penurunan nilai. impairment loss.
j. Piutang Ijarah dan IMBT j. Ijarah and IMBT Receivables
Piutang ijarah (porsi pokok sewa) merupakan akrual Ijarah receivables (principal portion) are based on
piutang sewa atas porsi pokok yang belum direalisasikan unrealized accrual rent income from principal portion
oleh nasabah dan piutang pendapatan ijarah merupakan and ijarah receivable represents portion of accrual rent
akrual piutang sewa atas bagian keuntungan (ujroh) income from the following month’s installment of ijarah
transaksi ijarah muntahiyah bittamlik (IMBT) dari angsuran muntahiyah bittamlik (IMBT) which is recognized
nasabah pada bulan berikutnya yang diakui secara proportionally.
proporsional.
Akad ijarah adalah akad penyediaan dana dalam rangka Akad ijarah is a contract for the provision of funds in
memindahkan hak guna atau manfaat dari suatu barang the context of transferring the use rights or benefits of
atau jasa berdasarkan transaksi sewa, tanpa diikuti a good or service based on a lease transaction, without
dengan pemindahan kepemilikan barang tersebut kepada being followed by the transfer of ownership of such
penyewa. Aset ijarah muntahiyah bittamik merupakan goods to the lessee. Asset ijarah muntahiyah bittamlik
akad transaksi sewa dengan opsi perpindahan hak milik (IMBT) is a contract based on a lease transaction with
objek sewa melalui jual beli atau pemberian (hibah) pada option of transfer of ownership of lease object through
saat tertentu sesuai akad sewa. sale purchase or granted at specific time based on
contract.
Piutang pendapatan ijarah diakui pada saat jatuh tempo Ijarah revenue receivables are recognized at maturity
sebesar sewa porsi ujroh dan piutang ijarah sebesar sewa amounting to the rent of ujroh and ijarah receivables
porsi pokok yang belum diterima dan disajikan sebesar amounting to the portion of the principal outstanding
nilai neto yang dapat direalisasikan, yaitu sebesar saldo which has not been received and presented at net
piutang dikurangi penurunan nilai, jika ada pada akhir realizable value, which is the outstanding amount of the
periode pelaporan. receivables less impairment loss, if any, at the end of
reporting period.
k. Piutang dalam Proses Penyelesaian k. Receivables in the Settlement Process
Piutang dalam proses penyelesaian merupakan piutang Receivables in the settlement process represent
atas jaminan yang dikuasai kembali dan dinyatakan receivables from collateral recovered and stated at net
berdasarkan nilai realisasi neto yaitu nilai tercatat atau realizable value which is carrying amount or principal
pokok piutang pembiayaan terkait dikurangi penyisihan amount of related financing receivables, less allowance
penurunan nilai pasar atas jaminan yang dikuasai kembali. for decline in market value of the collateral retained.
Piutang pembiayaan direklasifikasikan menjadi piutang Financing receivables are reclassified to receivables in
dalam proses penyelesaian ketika jaminan ditarik karena the settlement process when the collateral is withdrawn
konsumen tidak dapat memenuhi kewajibannya setelah because the consumer is not able to meet its obligations
melalui proses tahapan yang ditetapkan dalam perjanjian after going through the stages stipulated in the
pembiayaan dengan konsumen. financing agreement with the consumer.
340 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 343
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/25 Exhibit E/25
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
k. Piutang dalam Proses Penyelesaian (Lanjutan) k. Receivables in the Settlement Process (Continued)
Pelanggan memberi kuasa kepada Perusahaan untuk Customer authorizes the Company to sell the pledged
menjual objek yang dijaminkan atau melakukan tindakan object or performing other actions in solving the debts
lainnya dalam upaya penyelesaian piutang bila terjadi in the event of default of the financing agreement.
wanprestasi terhadap perjanjian pembiayaan. Kelebihan Excess result of a settlement with the total obligations
hasil penyelesaian dengan jumlah seluruh kewajiban of the consumer is the right of the customer, while the
konsumen merupakan hak dari konsumen, sedangkan shortage of the settlement proceeds will be charged to
kekurangan hasil penyelesaian akan dibebankan sebagai written-off other receivables in the statement of profit
penghapusan piutang lain-lain pada laporan laba rugi dan or loss and other comprehensive income.
penghasilan komprehensif lain.
Piutang dalam proses penyelesaian diklasifikasikan Receivables in the settlement process are classified as
sebagai aset keuangan dalam kelompok biaya perolehan financial assets classified as amortized costs.
diamortisasi.
l. Instrumen Derivatif untuk Tujuan Manajemen Risiko l. Derivative Instrument for Risk Management Purposes
Seluruh instrumen derivatif yang dimiliki Perusahaan All derivative instruments held by the Company are for
digunakan untuk tujuan manajemen risiko. Instrumen risk management purposes. These derivative
derivatif ini digunakan untuk lindung nilai eksposur risiko instruments are used to hedge the Company’s exposures
suku bunga dan risiko mata uang Perusahaan. Instrumen to interest rate risk and currency risk. Derivative
derivatif untuk tujuan manajemen risiko diukur pada instruments held for risk management are measured at
nilai wajar dalam laporan posisi keuangan. Untuk fair value in the statement of financial position. To
memenuhi persyaratan akuntansi lindung nilai, beberapa qualify for hedge accounting, certain criteria are to be
kriteria tertentu harus dipenuhi, termasuk adanya met, including formal documentation to be in place at
dokumentasi formal pada awal lindung nilai. the inception of the hedge.
Pada penetapan awal lindung nilai, Perusahaan On initial designation of the hedge, the Company
mendokumentasikan secara formal hubungan antara formally documents the relationship between the
instrumen lindung nilai dan unsur yang dilindung nilai, hedging instruments and hedge items, including the risk
termasuk tujuan manajemen risiko dan strategi management objective and strategy in undertaking the
dalam melaksanakan transaksi lindung nilai, bersamaan hedge transaction, together with the method that will
dengan metode yang akan digunakan untuk menilai be used to assess the effectiveness of the hedging
efektivitas hubungan lindung nilai. Perusahaan menilai, relationship. The Company makes an assessment, both
pada awal hubungan lindung nilai dan juga secara at the inception of the hedge relationship as well as on
berkesinambungan, apakah instrumen lindung nilai an ongoing basis, whether the hedging instruments are
diharapkan akan “sangat efektif” dalam rangka saling expected to be “highly effective” in offsetting the
hapus atas perubahan nilai wajar atau perubahan arus kas changes in the fair value or cash flows of the respective
dari unsur yang dilindung nilai sepanjang periode dimana hedged item during the period for which the hedge is
lindung nilai tersebut ditetapkan. designated.
Perubahan nilai wajar instrumen derivatif yang tidak Changes in fair value of derivative instruments that do
memenuhi kriteria lindung nilai dicatat dalam laporan not qualify for hedge accounting are recognized in the
laba rugi tahun yang bersangkutan. Jika instrumen current year statement of profit or loss. If derivative
derivatif dirancang dan memenuhi syarat akuntansi instruments are designated and qualify for hedge
lindung nilai, perubahan nilai wajar yang berkaitan accounting, changes in fair value of derivative
dengan lindung nilai diakui sebagai penyesuaian terhadap instruments are recorded as adjustments to the items
unsur yang dilindungi nilainya dalam penghasilan being hedged in the current year other comprehensive
komprehensif lainnya tahun berjalan atau disajikan income or in the equity, depending on the type of hedge
dalam ekuitas, tergantung pada jenis transaksi dan transaction represented and the effectiveness of the
efektivitas dari lindung nilai tersebut. hedge.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 341
Page 344
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/26 Exhibit E/26
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
l. Instrumen Derivatif untuk Tujuan Manajemen Risiko l. Derivative Instrument for Risk Management Purposes
(Lanjutan) (Continued)
Perusahaan dan entitas anaknya menetapkan derivatif The Company and its subsidiary designate derivatives as
sebagai instrumen lindung nilai atas arus kas apabila the hedging instruments of cash flows hedges where the
instrumen tersebut melindungi nilai variabilitas arus kas instrument hedges the variability in cash flows
yang dapat diatribusikan pada risiko tertentu yang terkait attributable to a particular risk associated with a
dengan aset atau liabilitas yang telah diakui atau recognized asset or liability, or a highly probable
prakiraan transaksi yang kemungkinan besar terjadi. forecast transaction that could affect profit or loss. The
Bagian efektif dari perubahan nilai wajar derivatif yang effective portion of changes in the fair value of
ditetapkan sebagai instrumen lindung nilai atas arus kas derivatives designated as hedging instruments of cash
dalam hubungan lindung nilai yang memenuhi kualifikasi flows hedges in qualifying hedging relationships is
ditangguhkan pada keuntungan/(kerugian) kumulatif atas deferred to the cumulative gains/(losses) on derivative
instrumen derivatif untuk lindung nilai arus kas, yang instruments for cash flows hedges, which forms part
merupakan bagian dari ekuitas. Bagian yang tidak efektif of equity. Any ineffective portion is recognized
diakui secara langsung pada laporan laba rugi. Jumlah immediately in the statement of profit or loss. Amounts
yang ditangguhkan dalam ekuitas direklasifikasi ke dalam deferred in equity are reclassified to the statement of
laporan laba rugi dalam tahun yang sama dimana arus kas income as a reclassification adjustment in the same
yang dilindung nilai mempengaruhi laba atau rugi, dan year as the hedged cash flows affect profit or loss, and
pada unsur yang sama dalam laporan laba rugi. in the same line item in the statement of profit or loss.
Ketika instrumen lindung nilai kadaluarsa atau dijual, When the hedging instrument expires or sold,
dihentikan, dilaksanakan, atau tidak lagi memenuhi terminated, exercised, or no longer qualifies for hedge
kriteria akuntansi lindung nilai, keuntungan atau accounting, the cumulative amount deferred in equity
kerugian kumulatif yang ditangguhkan di ekuitas tetap remains in the cumulative gains/(losses) on derivative
diakui pada keuntungan/(kerugian) kumulatif atas instruments for cash flows hedges, and is subsequently
instrumen derivatif untuk lindung nilai arus kas dan transferred to the statement of profit or loss when the
direklasifikasi ke laporan laba rugi ketika unsur yang hedged item is recognized in the statement of profit or
dilindung nilai diakui dalam laporan laba rugi. loss.
Ketika suatu prakiraan transaksi akan dilindung nilai tidak When a forecast hedged transaction is no longer
lagi diharapkan akan terjadi, jumlah yang ditangguhkan expected to occur, the amount deferred in equity is
dalam ekuitas diakui segera dalam laporan laba rugi. recognized immediately in the statement of profit or
loss.
m. Beban Dibayar di Muka m. Prepaid Expenses
Beban dibayar di muka diamortisasi dan dibebankan Prepaid expenses are amortized and charged as an
selama masa manfaat masing-masing beban dengan expense over the periods of benefit using the straight-
menggunakan metode garis lurus. line method.
n. Aset Ijarah dan IMBT n. Ijarah and IMBT Asset
Aset yang diperoleh untuk ijarah merupakan aset yang Assets acquired for ijarah represent object of leased
menjadi objek transaksi sewa (ijarah) dan dicatat di assets (ijarah) and are recorded in the statements of
laporan posisi keuangan sebesar harga perolehan financial positions at the acquisition cost, net of
dikurangi akumulasi penyusutan. Aset dalam transaksi accumulated depreciation. Assets in ijarah transaction
ijarah disusutkan sesuai dengan jangka waktu sewa. are depreciated over the lease period.
Perpindahan kepemilikan suatu aset dalam akad IMBT, The transfer of ownership of an asset in an IMBT
dilakukan jika akad ijarah telah berakhir atau diakhiri contract is carried out if the ijarah contract has expired
dan aset ijarah telah diserahkan kepada penyewa dengan or has been terminated and the ijarah assets have been
membuat akad terpisah. transfer to the lessee by separate contract.
Pendapatan ijarah diakui selama masa akad Income from ijarah is recognised over the period of the
menggunakan metode flat (proporsional). contract with flat (proportional) method.
o. Aset Tetap o. Fixed Assets
Aset tetap pada awalnya dinyatakan sebesar harga Fixed assets are initially recognized at acquisition cost.
perolehan. Setelah pengukuran awal, aset tetap diukur After initial measurement, fixed assets are measured
dengan model biaya, dicatat pada harga perolehan using the cost model, carried at cost less
dikurangi akumulasi penyusutan dan akumulasi any accumulated depreciation and accumulated
penurunan nilai, jika ada. impairment losses, if any.
342 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 345
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/27 Exhibit E/27
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
o. Aset Tetap (Lanjutan) o. Fixed Assets (Continued)
Harga perolehan mencakup harga pembelian dan semua Acquisition cost includes purchase price and any costs
beban yang terkait secara langsung untuk membawa aset directly attributable to bring the assets to the location
tersebut ke lokasi dan kondisi yang diperlukan untuk and condition necessary for it to be capable of operating
memungkinkan aset tersebut beroperasi sebagaimana in the manner intended by management.
ditentukan oleh manajemen.
Tanah dinyatakan sebesar harga perolehan dan tidak Land is stated at cost and not depreciated.
disusutkan.
Penyusutan aset tetap selain tanah dihitung dengan Depreciation of fixed assets other than land are
menggunakan metode garis lurus untuk mengalokasikan calculated on the straight-line method to allocate their
harga perolehan hingga mencapai nilai sisa sepanjang cost to their residual values over their estimated useful
estimasi masa manfaatnya sebagai berikut: life as follows:
Masa manfaat/
Useful life Tarif/
(Tahun/ Year) Rates
Bangunan dan prasarana 20 5% Building and improvements
Peralatan kantor 5 20 % Office equipment
Kendaraan 5 20 % Vehicles
Perabot dan perlengkapan kantor 5 20 % Furniture and fixtures
Beban perbaikan dan pemeliharaan dibebankan ke dalam Repairs and maintenance costs, are charged to the the
laporan laba rugi periode dimana beban-beban tersebut statement of profit or loss during the period in which
terjadi. Pengeluaran yang memperpanjang masa manfaat they are incurred. Expenditures that extend the future
aset atau yang memberikan tambahan manfaat ekonomis life of assets or provide further economic benefits are
dikapitalisasi dan disusutkan. capitalized and depreciated.
Jumlah tercatat aset tetap dihentikan pengakuannya The carrying amount of fixed assets are derecognized
pada saat pelepasan atau ketika tidak terdapat lagi upon disposal or when there is no longer a future
manfaat ekonomi masa depan yang diekspektasikan dari economic benefit expected from its use or disposal.
penggunaan atau pelepasannya.
Apabila aset tetap dihentikan pengakuannya (tidak When fixed assets are derecognized (retired or disposed
digunakan lagi atau dijual), maka nilai tercatat dan of), their carrying values and the related accumulated
akumulasi penyusutannya dikeluarkan dari laporan posisi depreciation are removed from the statement of
keuangan, dan keuntungan atau kerugian yang terjadi financial position, and the resulting gains or losses are
diakui dalam laporan laba rugi. recognized in the statement of profit or loss.
Aset dalam penyelesaian untuk pengembangan Asset in progress under development are stated
dinyatakan sebesar biaya perolehan dan disajikan sebagai at cost and presented as part of the fixed assets.
bagian dari aset tetap. Akumulasi biaya perolehan akan The accumulated cost will be reclassified to the
dipindahkan ke masing-masing akun aset tetap yang appropriate fixed assets account when the installation
bersangkutan pada saat aset tersebut selesai dikerjakan is substantially completed and the asset is ready for its
dan siap digunakan. intended use.
Apabila nilai tercatat aset tetap lebih besar dari nilai When the carrying amount of fixed assets is greater than
yang dapat dipulihkan, nilai tercatat aset tersebut its estimated recoverable amount, it is written down to
diturunkan menjadi sebesar nilai yang dapat dipulihkan its recoverable amount which is determined at the
kembali, yang ditentukan sebagai nilai tertinggi antara higher of net selling price or value in use.
harga jual neto dan nilai pakai.
Pada setiap akhir tahun, nilai residu, umur dan metode At the end of each year, residual values, useful life and
penyusutan dikaji ulang dan disesuaikan secara method of depreciation are reviewed and adjusted
prospektif jika diperlukan. prospectively, if necessary.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 343
Page 346
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/28 Exhibit E/28
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
p. Sewa p. Leases
Pada tanggal permulaan suatu kontrak, Perusahaan dan At inception of a contract, the Company and its
entitas anaknya menilai apakah suatu kontrak merupakan, subsidiary asseses whether a contract is, or contains,
atau mengandung, sewa. Suatu kontrak merupakan, atau a lease. A contract is, or contains, a lease if the
mengandung, sewa jika kontrak tersebut memberikan hak contract conveys the right to control the use of an
untuk mengendalikan penggunaan suatu asset identified asset for a period of time in exchange for
identifikasian selama suatu jangka waktu untuk consideration.
dipertukarkan dengan imbalan.
Untuk menilai apakah suatu kontrak memberikan hak To assess whether a contract conveys the right to control
untuk mengendalikan suatu aset identifikasian, the use of an identified asset, the Company asseses
Perusahaan menilai apakah: whether:
- Perusahaan memiliki hak untuk memperoleh secara - The Company has the right to obtain substantially all
substansial seluruh manfaat ekonomik dari penggunaan of the economic benefits from use of the asset
aset selama periode penggunaan; dan throughout the period of use;and
- Perusahaan memiliki hak untuk mengarahkan - The Company has the right to direct the use of the
penggunaan aset identifikasian. Perusahaan memiliki identified assets. The Company has this right when it
hak ini ketika hak pengambilan keputusan yang paling has the decision-making rights that are most relevant
relevan untuk mengubah bagaimana dan untuk tujuan to changing how and for what purpose the asset is
apa aset tersebut digunakan. Dalam kondisi tertentu used. In certain circumstances where all the decisions
dimana semua keputusan tentang bagaimana dan untuk about how and for what purpose the asset is used are
tujuan apa aset digunakan telah ditentukan predetermined, the Company has the right to direct
sebelumnya, Perusahaan memiliki hak untuk the use of the asset if either:
mengarahkan penggunaan aset tersebut jika:
- Perusahaan memiliki hak untuk mengoperasikan - The Company has the right to operate the asset;or
aset;atau
- Perusahaan mendesain aset dengan cara - The Company designed the asset in a way that
menetapkan sebelumnya bagaimana dan untuk predetermines how and for what purpose the asset
tujuan apa aset akan digunakan selama periode will be used.
penggunaan.
Pada tanggal insepsi atau pada saat penilaian kembali At inception date or on reassessment of a contract that
suatu kontrak yang mengandung suatu komponen sewa, contains a lease component, the Company allocates
Perusahaan mengalokasikan imbalan dalam kontrak ke consideration in the contract to each lease component
masing-masing komponen sewa berdasarkan harga on the basis of their relative stand-alone prices and the
tersendiri relatif dari komponen sewa dan harga tersendiri aggregate stand-alone price of the nonlease
agregat dari komponen nonsewa. Namun, untuk sewa components. However, for the leases of improvements
penunjang dimana Perusahaan bertindak sebagai in which the Company is a lessee, the Company has
penyewa, Perusahaan memutuskan untuk tidak elected not to separate nonlease components and
memisahkan komponen nonsewa dan mencatat komponen account for the lease and non-lease components as
sewa dan nonsewa tersebut sebagai satu komponen sewa. a single lease component.
Perusahaan dan entitas anaknya mengakui aset hak-guna The Company and its subsidiary recognize a right-of-use
dan liabilitas sewa pada tanggal dimulainya sewa. Aset asset and a lease liability at the lease commencement
hak-guna awalnya diukur pada biaya perolehan, yang date. The right-of-use asset is initially measured at
terdiri dari jumlah pengukuran awal dari liabilitas sewa cost, which comprises the initial amount of the lease
disesuaikan dengan pembayaran sewa yang dilakukan liability adjusted for any lease payments made at or
pada atau sebelum tanggal permulaan, ditambah dengan before the commencement date, plus any initial direct
biaya langsung awal yang dikeluarkan, dan estimasi biaya costs incurred and an estimate of costs to dismantle and
untuk membongkar dan memindahkan aset pendasar atau remove the underlying asset or to restore the
untuk merestorasi aset pendasar atau tempat dimana aset underlying asset or the site on which it is located, less
berada, dikurangi insentif sewa yang diterima. any lease incentives received.
344 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 347
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/29 Exhibit E/29
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
p. Sewa (Lanjutan) p. Leases (Continued)
Perusahaan dan entitas anaknya menyajikan aset hak- The Company and its subsidiary present right-of-use
guna sebagai bagian dari “Aset hak-guna” di dalam assets as part of “Right-of-use assets” in the
laporan posisi keuangan konsolidasian. consolidated statement of financial position.
Perusahaan dan entias anaknya tidak mengakui aset hak- The Company and its subsidiary not recognize right-of-
guna dan liabilitas sewa untuk sewa jangka pendek yang use assets and lease liabilities for short-term leases that
memiliki masa sewa 12 bulan atau kurang, pembayaran have a lease term of 12 months or less, the lease
atas sewa tersebut diakui sebagai beban dengan dasar payment recognize as expenses on a straight-line basis
garis lurus selama masa sewa. over the lease term.
Jika sewa mengalihkan kepemilikan aset pendasar kepada If the lease transfers the ownership of the underlying
Perusahaan pada akhir masa sewa atau jika biaya asset to the Company by the end of the lease term or if
perolehan aset hak-guna merefleksikan Perusahaan akan the cost of the right-of-use asset reflects that the
mengeksekusi opsi beli, maka Perusahaan menyusutkan Company will exercise a purchase option, the Company
aset hak-guna dari tanggal permulaan hingga akhir umur depreciates the right-of-use asset from the
manfaat aset pendasar. Jika tidak, maka Perusahaan commencement date to the end of the useful life of the
menyusutkan aset hak-guna dari tanggal permulaan hingga underlying asset. Otherwise, the Company depreciates
tanggal yang lebih awal antara akhir umur manfaat aset the right-of-use asset from the commencement date to
hak-guna atau akhir masa sewa. the earlier of the end of the useful life of the right-of-
use asset or the end of the lease term.
Sewa Tanah dan Bangunan Land and Building Leases
Opsi Perpanjangan Extention Options
Beberapa sewa gedung kantor mengandung opsi Some leases of office buildings contain extension
perpanjangan yang dapat dieksekusi Perusahaan sebelum options exercisable by the Company before the end of
periode kontrak yang tidak dapat dibatalkan tersebut the non-cancellable contract period. Where practicable,
berakhir. Jika memungkinkan, Perusahaan berupaya the Company seeks to include extension options in new
untuk memasukkan opsi perpanjangan dalam sewa baru leases to provide operational flexibility. The Company
untuk memberikan fleksibilitas operasional. Perusahaan assesses at lease commencement whether it is
menilai pada saat permulaan sewa apakah Perusahaan reasonably certain to exercise the extension options.
cukup pasti untuk mengeksekusi opsi perpanjangan. The Company reassesses whether it is reasonably
Perusahaan menilai kembali apakah cukup pasti untuk certain to exercise the options if there is a significant
mengeksekusi opsi tersebut jika ada peristiwa signifikan event or significant change in circumstances within its
atau perubahan signifikan dalam kondisi yang berada control.
dalam pengendalian Perusahaan.
Sewa Jangka-Pendek dan Sewa Aset Bernilai-Rendah Short-Term Leases and Leases of Low-Value Assets
Perusahaan memilih untuk tidak mengakui aset hak-guna The Company has elected not to recognize right-of-use
dan liabilitas sewa untuk sewa jangka-pendek yang assets and lease liabilities for short-term leases that
memiliki masa sewa 12 bulan atau kurang dan sewa atas have a lease term of 12 months or less and leases of low-
aset bernilai rendah. Perusahaan mengakui pembayaran value assets. The Company recognizes the lease
sewa terkait dengan sewa ini sebagai beban dengan dasar payments associated with these leases as an expense on
garis-lurus selama masa sewa. a straight-line basis over the lease term.
q. Aset Takberwujud q. Intangible Assets
Perangkat lunak Software
Perangkat lunak pada awalnya dinyatakan sebesar biaya Software is initially recognized at acquisition cost.
perolehan. Biaya perolehan awal perangkat lunak meliputi The acquisition cost of software consists of its purchase
harga pembelian, termasuk biaya-biaya yang dapat price, including any directly attributable costs in
diatribusikan secara langsung untuk membawa perangkat bringing the software to its intended use. After initial
lunak siap dipakai. Setelah pengakuan awal, perangkat recognition, software is measured using cost model,
lunak diukur menggunakan model biaya, dicatat sebesar stated at cost less accumulated amortization and
biaya perolehannya dikurangi akumulasi amortisasi dan accumulated impairment losses.
akumulasi kerugian penurunan nilai.
Pengeluaran selanjutnya untuk perangkat lunak akan Subsequent expenditure on software assets is
dikapitalisasi hanya jika pengeluaran tersebut menambah capitalized only when it increases the future economic
manfaat ekonomi di masa mendatang untuk asset yang benefits embodied in the specific asset to which it
bersangkutan. Semua pengeluaran lainnya dibebankan relates. All other expenditures are expensed as
pada saat terjadinya. incurred.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 345
Page 348
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/30 Exhibit E/30
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
q. Aset Takberwujud (Lanjutan) q. Intangible Assets (Continued)
Amortisasi diakui dalam laporan laba rugi dan penghasilan Amortization is recognized in the statement of profit or
komprehensif lain dengan menggunakan metode garis loss and other comprehensive income on a straight-line
lurus sepanjang estimasi masa manfaatnya, dimulai dari method over the estimated useful life of software, from
tanggal perangkat lunak tersebut tersedia untuk dipakai. the date that it is available for use.
Estimasi masa manfaat perangkat lunak adalah lima tahun. The estimated useful life of software is five years.
Metode amortisasi, estimasi masa manfaat dan nilai Amortization methods, useful life and residual values
residual ditelaah pada setiap akhir tahun pelaporan dan are reviewed at each financial year-end and adjusted if
disesuaikan jika dianggap tepat. appropriate.
Keuntungan atau kerugian pelepasan aset takberwujud Gains or losses on disposal of intangible assets are
ditentukan dengan membandingkan penerimaan dengan determined by comparing proceeds with the carrying
nilai tercatat dan diakui di dalam laporan laba rugi. amount and are recognized in profit or loss.
r. Pajak Penghasilan r. Income Tax
Beban pajak terdiri dari beban pajak kini dan beban pajak Income tax expense comprises current and deferred tax.
tangguhan. Beban pajak diakui pada laporan laba rugi Income tax expense is recognized in the statement of
kecuali untuk bagian yang langsung diakui di komponen profit or loss except to the extent it relates to items
ekuitas lainnya, dimana beban pajak yang terkait dengan recognized directly in other equity components, in which
bagian tersebut diakui di penghasilan komprehensif lain. case it is recognized in other comprehensive income.
Beban pajak kini adalah utang pajak yang ditentukan Current tax is the expected tax payable on the taxable
berdasarkan laba kena pajak untuk tahun yang income for the current year, using tax rates enacted or
bersangkutan yang dihitung berdasarkan tarif pajak yang substantively enacted at reporting date.
berlaku atau yang secara substansial telah berlaku pada
tanggal pelaporan.
Beban pajak tangguhan diakui sehubungan dengan adanya Deferred tax is recognized in respect of temporary
perbedaan temporer antara nilai tercatat aset dan differences between the carrying amounts of assets and
liabilitas untuk tujuan pelaporan keuangan, dan nilai aset liabilities for financial reporting purposes and the
dan liabilitas yang digunakan untuk tujuan perpajakan. amounts used for taxation purposes. Deferred tax is
Pajak tangguhan diukur dengan menggunakan tarif pajak measured at the tax rates that are expected to be
yang diharapkan untuk diterapkan atas perbedaan applied to temporary differences when they reverse,
temporer pada saat pembalikan, berdasarkan peraturan based on the laws that have been enacted or
yang telah berlaku atau secara substantif berlaku pada substantively enacted at the reporting date.
tanggal pelaporan.
Metode ini juga mengharuskan pengakuan manfaat pajak This method also requires the recognition of future tax
di masa depan, seperti kompensasi rugi fiskal, apabila benefits, such as tax loss carryforwards, to the extent
besar kemungkinan manfaat pajak tersebut dapat that realization of such benefits is probable.
direalisasi.
Aset dan liabilitas pajak tangguhan diakui untuk perbedaan Deferred tax assets and liabilities are recognized for
temporer antara basis komersial dan basis fiskal atas aset temporary differences between the financial and the
dan liabilitas pada setiap tanggal pelaporan. tax bases of assets and liabilities at each reporting date.
Aset pajak tangguhan dikaji ulang setiap tanggal pelaporan Deferred tax assets are reviewed at each reporting date
dan dikurangi apabila besar kemungkinan manfaat pajak and are reduced to the extent that it is no longer
terkait tidak lagi mungkin direalisasi. Pengurangan probable that the related tax benefit will be realized;
tersebut akan berlaku terbalik saat kemungkinan laba such reductions are reversed when the probability of
fiskal di masa depan membaik. Aset pajak tangguhan yang future taxable profits improves. Unrecognized deferred
belum diakui dikaji ulang pada setiap tanggal pelaporan tax assets are reassessed at each reporting date and
dan diakui apabila besar kemungkinan bahwa jumlah laba recognized to the extent that it has become probable
fiskal pada masa mendatang akan tersedia untuk that future taxable profits will be available against
merealisasikan manfaat pajak tersebut. which they can be used.
346 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 349
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/31 Exhibit E/31
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
r. Pajak Penghasilan (Lanjutan) r. Income Tax (Continued)
Aset pajak kini dan liabilitas pajak kini saling hapus dan Current tax assets and current tax liabilities shall be
nilai netonya disajikan dalam laporan posisi keuangan offset and the net amount is presented in the statement
jika, dan hanya jika, Perusahaan memiliki hak yang of financial position when and only when, the Company
berkekuatan hukum untuk melakukan saling hapus atas has a legal enforceable right to set off the amounts and
jumlah yang telah diakui tersebut dan berniat untuk intends either to settle on a net basis or to realise the
menyelesaikan secara neto atau untuk merealisasikan asset and settle the liability simultaneously.
aset dan menyelesaikan liabilitasnya secara simultan.
Perpajakan lainnya Other taxation matters
Penyesuaian atas liabilitas pajak dicatat pada saat Surat Amendments to tax obligations are recorded when an
Ketetapan Pajak diterima atau jika mengajukan tax assessment letter is received and/or, if objected to
keberatan dan banding, pada saat keputusan atas and/or appealed against by Company, when the result
keberatan dan banding tersebut diterima. of the objection and/or appeal is determined.
Jumlah tambahan pokok dan denda pajak yang The extra amount of tax principal and penalties
ditetapkan dengan Surat Ketetapan Pajak (SKP) stipulated by the Tax Assessment Letter (SKP) is
diakui sebagai pendapatan atau beban dalam operasi recognized as income or expense in the current
periode berjalan, kecuali jika diajukan upaya operations, unless further proposed settlement efforts.
penyelesaian selanjutnya. Jumlah tambahan pokok The extra amount of tax principal and penalties
dan denda pajak yang ditetapkan dengan SKP stipulated by SKP are deferred as long as it meets the
ditangguhkan pembebanannya sepanjang memenuhi criteria for asset recognition.
kriteria pengakuan aset.
s. Pinjaman yang Diterima s. Fund Borrowings
Pinjaman yang diterima merupakan dana yang diterima Borrowings represent funds received from various banks
dari berbagai bank dan institusi keuangan, termasuk and financial institutions, including with recourse joint
fasilitas pembiayaan bersama (joint financing) with financing facilities. With recourse joint financing
recourse. Fasilitas pembiayaan bersama (joint financing) facilities are presented gross, i.e loans granted to
with recourse disajikan secara gross, yaitu sebanyak customers and borrowings received from banks are
pinjaman yang diberikan kepada konsumen dan pinjaman recorded at their full amount with repayment
yang diterima dari bank dicatat dalam nilai penuh dengan obligations in accordance with the terms of the
kewajiban pembayaran kembali sesuai dengan agreement.
persyaratan perjanjian pinjaman.
Pinjaman yang diterima diklasifikasikan sebagai liabilitas Borrowings are classified as financial liabilities
keuangan yang diukur dengan biaya perolehan measured at amortized cost. Additional costs that are
diamortisasi. Biaya tambahan yang dapat diatribusikan directly attributable to the acquisition of loans are
secara langsung dengan perolehan pinjaman dikurangkan deducted from total borrowings. See Note 2e for the
dari jumlah pinjaman yang diterima. Lihat Catatan 2e accounting policy on financial liabilities measured at
untuk kebijakan akuntansi atas liabilitas keuangan yang amortized cost.
diukur pada biaya perolehan diamortisasi.
t. Surat Berharga yang Diterbitkan t. Securities Issued
Surat berharga yang diterbitkan meliputi utang Obligasi. Securities issued consist of Bonds payable.
Surat berharga yang diterbitkan diklasifikasikan sebagai Securities issued are classified as financial liabilities at
liabilitas keuangan yang diukur dengan biaya perolehan amortized cost.
diamortisasi.
Biaya tambahan yang dapat diatribusikan secara langsung Additional cost directly attributable to the issuance of
dengan penerbitan surat berharga diakui sebagai diskonto securities are recognized as a discount and offset
dan dikurangkan langsung dari hasil emisi dan directly from the proceeds derived from such offerings
diamortisasi selama jangka waktu surat berharga yang and amortized over the period of the securities issued
diterbitkan tersebut dengan menggunakan metode suku using effective interest rate method.
bunga efektif.
Lihat Catatan 2e untuk kebijakan akuntansi atas liabilitas Refer to Note 2e for accounting policy of financial
keuangan yang diukur dengan biaya perolehan liabilities at amortized cost.
diamortisasi.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 347
Page 350
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/32 Exhibit E/32
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
u. Imbalan Kerja u. Employees’ Benefits
Imbalan kerja jangka pendek Short-term employees’ benefits
Imbalan kerja jangka pendek diakui pada saat terutang Short-term employees’ benefits are recognized when
kepada karyawan berdasarkan metode akrual. they are owed to the employees based on an accrual
method.
Imbalan kerja jangka panjang dan imbalan pasca-kerja Long-term and post-employment benefits
Perusahaan dan entitas anaknya mencadangkan jumlah The Company and its subsidiary are provide a minimum
minimum imbalan panjang sesuai dengan Undang-Undang amount of pension benefit in accordance with Labor Law
Ketenagakerjaan (UUCK) atau Kontrak Kerja Bersama or collective Labour Agreement (CLA), whichever is
(KKB), mana yang lebih tinggi, karena UUCK atau KKB higher, since the labour law or the CLA represent
adalah program imbalan pasti yang menentukan rumus defined benefit plans which sets the formula for
tertentu untuk menghitung jumlah minimal imbalan determining the minimum amount of benefit.
pensiun.
Kewajiban imbalan pasca-kerja yang diakui di laporan The obligation for post-employment benefits recognized
posisi keuangan dihitung berdasarkan nilai kini dari in the statement of financial position is calculated at
estimasi kewajiban imbalan pasca-kerja dimasa depan present value of estimated future benefits that the
yang timbul dari jasa yang telah diberikan oleh karyawan employees have earned in return for their services in
pada masa kini dan masa lalu, dikurangi dengan nilai the current and prior years, deducted by any plan
wajar aset neto dana pensiun. Perhitungan dilakukan assets. The calculation is performed by an independent
oleh aktuaria independen dengan metode projected- actuary using the projected-unit-credit method.
unit-credit.
Beban jasa kini, beban bunga, beban jasa lalu yang telah Current service costs, interest costs, vested past service
menjadi hak karyawan, dan dampak kurtailmen atau costs, and effect of curtailment or settlement (if any)
penyelesaian (jika ada) diakui segera sebagai beban are recognized immediately in the statement of profit
dalam laporan laba rugi dan penghasilan komprehensif or loss and other comprehensive income.
lain.
Keuntungan atau kerugian aktuarial yang timbul dari Actuarial gains or losses arising from experience
penyesuaian dan perubahan dalam asumsi-asumsi adjustments and changes in actuarial assumptions are
aktuarial langsung diakui seluruhnya melalui penghasilan directly fully recognized to other comprehensive income
atau beban komprehensif lainnya pada tahun dimana or expense in the year when such actuarial gain/(losses)
keuntungan/(kerugian) aktuarial terjadi. Akumulasi occur. Accumulated actuarial gains and losses are
keuntungan dan kerugian aktuarial dicatat di saldo laba. recorded in retained earnings.
Perusahaan dan entitas anaknya telah memiliki program The Company and its subsidiary have a defined
pensiun iuran pasti yang mana Perusahaan membayar contribution pension program where the Company pays
iuran ke dana pensiun lembaga keuangan yang dihitung contributions to a financial institution pension plan
berdasarkan persentase tertentu dari penghasilan tetap which is calculated at a certain percentage of fixed
yang diterima karyawan yang sudah memenuhi kriteria income of the employees who meet the Company’s
yang ditetapkan Perusahaan. Iuran dibebankan ke dalam criteria. The contributions are charged to the statement
laporan laba rugi dan penghasilan komprehensif lain pada of profit or loss and other comprehensive income as they
saat terutang. become payable.
v. Pengakuan Pendapatan dan Beban v. Revenue and Expenses Recognition
Pendapatan dari piutang pembiayaan (Catatan 2g Income from financing receivables (Notes 2g and 2h),
dan 2h), pendapatan bunga dan beban bunga diakui interest income and interest expense are recognized
sesuai dengan jangka waktu kontrak berdasarkan metode over the term of the contract based on the effective
suku bunga efektif. interest method.
348 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 351
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/33 Exhibit E/33
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
v. Pengakuan Pendapatan dan Beban (Lanjutan) v. Revenue and Expenses Recognition (Continued)
Pada saat menghitung suku bunga efektif, Perusahaan When calculating the effective interest rate, the
dan entitas anaknya mengestimasi arus kas di masa Company and its subsidiary estimate future cash flow
datang dengan mempertimbangkan seluruh persyaratan considering all contractual term of the financial
kontraktual dalam instrumen keuangan tersebut (seperti instrument (for example, prepayment options, call
pelunasan dipercepat, opsi beli (call option) dan opsi option and other similar options) but does not consider
serupa lainnya), tetapi tidak mempertimbangkan future credit losses.
kerugian kredit di masa datang.
Perhitungan suku bunga efektif mencakup seluruh biaya The calculation includes all fees, commissions and
yang dibayarkan atau diterima oleh para pihak dalam other fees paid or received between parties to the
kontrak yang merupakan bagian tak terpisahkan dari suku contract that are an integral part of the effective
bunga efektif, biaya transaksi dan seluruh premi atau interest rate, transaction costs and all other premiums
diskon lainnya. discounts.
Biaya transaksi merupakan biaya tambahan yang Transaction costs are additional charges that are
dapat diatribusikan secara langsung untuk perolehan, directly attributable to the acquisition, issuance or
penerbitan atau pelepasan aset keuangan atau liabilitas disposal of financial assets or financial liabilities.
keuangan.
Biaya tambahan merupakan biaya yang tidak akan terjadi Additional costs are costs that would not occur if the
apabila Perusahaan dan entitas anaknya tidak Company and its subsidiary do not obtain, publish or
memperoleh, menerbitkan atau melepaskan instrumen otherwise dispose of financial instruments.
keuangan.
Jika aset keuangan atau kelompok aset keuangan serupa Once a financial asset or a group of similar financial
telah diturunkan nilainya sebagai akibat kerugian assets has been written down as a result of an
penurunan nilai, maka pendapatan bunga yang diperoleh impairment loss, interest income is recognised using
setelahnya diakui berdasarkan suku bunga yang the rate of interest used to discount the future cash
digunakan untuk mendiskonto arus kas masa datang flows for the purpose of measuring the impairment
dalam menghitung kerugian penurunan nilai. loss.
Pendapatan pembiayaan Perusahaan disajikan neto The Company’s financing income is presented net
setelah dikurangi dengan bagian pendapatan milik bank of with financing income belongs to the bank in
atau pihak lain sehubungan dengan transaksi-transaksi relation with channeling transactions, joint financing
penerusan pinjaman, pembiayaan bersama, anjak cooperations, factoring, and the appointment as
piutang dan penunjukan selaku pengelola piutang. manager of accounts receivable.
Pendapatan selisih premi asuransi dan selisih atas beban Income from excess of insurance premiums and excess
komisi dan subsidi dealer, pendapatan administrasi, of commission expenses and subsidy to dealer,
denda keterlambatan dan pendapatan terminasi diakui administration income, late charges and termination
sebagai penyesuaian atas suku bunga efektif atas income are recognised as an adjustment to the
pinjaman yang diberikan dan piutang (Catatan 2e). effective interest rate of the loan and receivables
(Note 2e).
Pendapatan syariah terdiri dari pendapatan dan transaksi Sharia income consist of ijarah income and ijarah
piutang ijarah yang diakui dengan metode akrual selama receivables on accrual basis over the period of ijarah
masa akad ijarah dan IMBT. and IMBT contract.
Beban diakui pada saat terjadinya dengan menggunakan Expenses are recognized as incurred on an accrual
dasar akrual. basis.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 349
Page 352
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/34 Exhibit E/34
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
w. Penurunan Nilai Aset Non-Keuangan w. Impairment of non-financial assets
Pengujian penurunan nilai suatu aset non-keuangan Impairment test on non-financial assets with indefinite
menggunakan masa manfaat ekonomi tidak terbatas useful economic life are undertaken annually at the
dilakukan setiap tahun pada akhir periode pelaporan financial year end. Other non-financial assets are
keuangan. Aset non-keuangan lain duji penurunan nilai subject to impairment test whenever events or changes
ketika telah terjadi atau ada perubahan dalam keadaan in circumstances indicate that their carrying amount
yang mengindikasikan bahwa nilai tercatat tidak may not be recoverable. Where the carrying value of
terpulihkan. Apabila nilai tercatat aset melebihi jumlah an asset exceedsits recoverable amount (i.e. the higher
terpulihkan (yaitu mana yang lebih tinggi antara nilai of value in use and fair value less costs to sell), the
pakai dan nilai wajar dikurangi untuk menjual), maka asset is written down accordingly.
aset tersebut diturunkan nilainya.
x. Transaksi dan Saldo dalam Mata Uang Asing x. Balances in Foreign Currency Transactions
Transaksi-transaksi dalam mata uang asing dijabarkan ke Transactions denominated in foreign currencies are
dalam Rupiah dengan menggunakan kurs yang berlaku translated into Rupiah at the exchange rates prevailing
pada tanggal transaksi. Pada tanggal pelaporan, aset dan at the date of the transaction. At the reporting date,
liabilitas moneter dalam mata uang asing dijabarkan ke monetary assets and liabilities denominated in foreign
dalam Rupiah dengan menggunakan kurs yang berlaku currencies are translated into Rupiah using the
pada tanggal laporan posisi keuangan. exchange rates prevailing at the statement of financial
position date.
Keuntungan dan kerugian selisih kurs yang timbul dari Exchange gains and losses arising from transactions in
transaksi dalam mata uang asing dan dari penjabaran aset foreign currencies and from the translation of foreign
dan liabilitas moneter dalam mata uang asing, diakui currency monetary assets and liabilities are recognized
pada laporan laba rugi dan penghasilan komprehensif lain in the current year statement of profit or loss and
tahun berjalan. other comprehensive income.
Kurs yang digunakan untuk penjabaran mata uang asing The exchange rates applied for translating the foreign
pada tanggal 31 Desember 2023 dan 2022, berdasarkan kurs currency as of 31 December 2023 and 2022 are based
tengah yang diterbitkan Bank Indonesia, yaitu sebagai of the mid exchange rate published by Bank Indonesia,
berikut: are as follows:
31 Desember/ 31 Desember/
December 2023 December 2022
(nilai penuh)/ (nilai penuh)/
(full amount) (full amount)
1 Dollar Amerika Serikat (USD) 15.416 15.731 1 United States Dollars (USD)
Penjabaran mata uang asing dicatat sesuai dengan PSAK 10 Foreign currency translation is recorded in accordance
(revisi 2010) – Pengaruh Perubahan Nilai Tukar Valuta Asing. with SFAS 10 (revised 2010) – The Effects of Changes in
Foreign Exchange Rates.
y. Segmen Operasi y. Operating Segment
Segmen operasi adalah suatu komponen dari entitas: An operating segment is a component of entity which:
(1) yang terlibat dalam aktivitas bisnis yang mana (1) involves with business activities to generate
memperoleh pendapatan dan menimbulkan beban income and expenses (include income and
(termasuk pendapatan dan beban terkait dengan expenses relating to the transactions with other
transaksi dengan komponen lain dari entitas yang components with the same entity);
sama);
(2) hasil operasinya dikaji ulang secara regular oleh (2) operations result is observed regularly by chief
pengambil keputusan operasional untuk membuat decision maker to make decisions regarding the
keputusan tentang sumber daya yang dialokasikan allocation of resources and to evaluate the works;
pada segmen tersebut dan menilai kinerjanya; dan and
(3) tersedia informasi keuangan yang dapat dipisahkan. (3) separate financial information is available.
Hasil segmen yang dilaporkan kepada pengambil Segment results that are reported to the chief
keputusan operasional termasuk bagian yang dapat operating decision maker include items directly
diatribusikan secara langsung kepada segmen dan juga attributable to a segment as well as those that can be
yang dapat dialokasikan dengan basis yang wajar. allocated on a reasonable basis.
350 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 353
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/35 Exhibit E/35
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
y. Segmen Operasi (Lanjutan) y. Operating Segment (Continued)
Perusahaan dan entitas anaknya mengelola kegiatan The Company and its subsidiary manage its business
usahanya dan mengidentifikasi segmen yang dilaporkan activities and identifies its segments reported based on
berdasarkan jenis produk dan wilayah geografis. product categories and geographic area.
Perusahaan dan entitas anaknya menentukan dan The Company and its subsidiary determine and present
menyajikan segmen operasi berdasarkan informasi yang operating segments based on the information that is
secara internal diberikan kepada pengambil keputusan internally provided to the chief operating decision
operasional. maker.
z. Saham Treasuri z. Treasury Stock
Jika entitas memperoleh kembali instrumen ekuitasnya, If the entity regain its equity instruments, then those
maka instrumen tersebut (saham treasuri) dikurangkan instruments (treasury shares) are deducted from equity.
dari ekuitas. Keuntungan atau kerugian yang timbul dari Gains or losses arising from the purchase, sale, issuance,
pembelian, penjualan, penerbitan, atau pembatalan or cancellation of the entity's equity instruments are not
instrumen ekuitas entitas tersebut tidak diakui dalam laba recognized in profit or loss. Compensation paid or
rugi. Imbalan yang dibayarkan atau diterima diakui secara received is recognized directly in equity.
langsung di ekuitas.
aa. Program Kompensasi Manajemen dan Karyawan aa. Management and Employees Stock Option Program
Berbasis Saham
Karyawan (termasuk eksekutif senior) Perusahaan Employees (including senior executives) of the Company
menerima remunerasi dalam bentuk pembayaran receive remuneration in the form of share-based
berbasis saham, dimana karyawan memberikan jasa payment transactions, whereby employees render
sebagai pertimbangan untuk instrumen ekuitas (‘equity- services as consideration for equity instruments
settled transactions’). Saat opsi di eksekusi, Perusahaan (‘equity-settled transactions’). When the options are
menerbitkan saham baru. Hasil neto dari eksekusi berupa exercised, the Company issues new shares.
biaya yang dapat diatribusikan secara langsung The proceeds received net of any directly attributable
dikreditkan ke modal saham (nilai nominal) dan premi transaction costs are credited to share capital (nominal
saham. value) and share premium.
Dalam situasi di mana instrumen ekuitas yang diterbitkan In situations where equity instruments are issued and
dan beberapa atau seluruh barang atau jasa yang some or all of the goods or services received by the
diterima oleh entitas sebagai pertimbangan tidak dapat entity as consideration cannot be specifically
diidentifikasi secara khusus, barang atau jasa yang identified, the unidentified goods or services received
diterima (atau yang akan diterima) yang tidak dapat (or to be received) are measured as the difference
diidentifikasi diukur sebagai selisih antara nilai wajar between the fair value of the share-based payment
pembayaran berbasis saham dan nilai wajar dari barang transaction and the fair value of any identifiable goods
atau jasa yang diterima yang teridentifikasi pada tanggal or services received at the grant date. This is then
pemberian hak. Hal ini kemudian dikapitalisasi atau capitalised or expensed as appropriate.
dibebankan secara tepat.
Beban program opsi karyawan berbasis saham dan beban Employee stock option program and management option
program opsi manajemen diukur pada tanggal pemberian program costs are measured at grant date based on the
kompensasi (grant date) berdasarkan nilai wajar dari fair value of the stock option using a black-scholes
seluruh opsi yang diberikan yang dihitung dengan model.
menggunakan metode black-scholes.
ab. Laba per Saham ab. Earnings per Share
Sesuai dengan PSAK 56 “Laba per saham”, laba per saham In accordance with SFAS 56 “Earning per share”,
dasar dihitung dengan cara membagi laba bersih yang earnings per share is calculated by dividing net profit
tersedia bagi pemegang saham dengan jumlah rata-rata available to shareholders by the weighted average
tertimbang saham biasa yang beredar pada tahun yang number of common shares outstanding during current
berjalan. year.
Laba per saham dilusian dihitung dengan cara membagi Dilluted earning per share is calculated by dividing net
laba bersih yang tersedia bagi pemegang saham dengan profit available to shareholders by the weighted
jumlah rata-rata tertimbang saham biasa yang telah average number of shares outstanding as adjusted for
disesuaikan dengan dampak dari semua efek berpotensi the effect of all dilutive potential ordinary shares.
saham biasa yang dilutif.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 351
Page 354
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/36 Exhibit E/36
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
ab. Laba per Saham (Lanjutan) ab. Earnings per Share (Continued)
Jika jumlah saham yang beredar meningkat akibat dari If the outstanding number of shares increase as result of
pemisahan saham (stock split), maka perhitungan laba stock split, the computation of basic earnings per share
per saham dasar untuk seluruh periode penyajian harus for all presentation periods is adjusted retrospectively.
disesuaikan secara retrospektif.
Perusahaan dan entitas anaknya tidak mempunyai efek The Company and its subsidiary have no outstanding
berpotensi saham biasa yang bersifat dilutif pada tanggal dilutive potential dilutive ordinary shares as of
31 Desember 2023 dan 2022, oleh karena itu laba per 31 December 2023 and 2022, accordingly no diluted
saham dilusian tidak dihitung dan disajikan pada laporan earnings per share is calculated and presented in the
laba rugi dan penghasilan komprehensif lain consolidated statements of profit or loss other
konsolidasian. comprehensive income.
ac. Dividen ac. Dividends
Pembagian dividen kepada para pemegang saham Dividend distributions to the Company’s shareholders is
Perusahaan diakui sebagai sebuah liabilitas dalam laporan recognised as a liability in the financial statement in the
keuangan pada periode ketika dividen tersebut disetujui period which the dividends are approved by the
oleh para pemegang saham Perusahaan. Pembagian Company’s shareholders. Interim dividend distributions
dividen interim diakui sebagai liabilitas ketika dividen are recognised as a liability when the dividends are
disetujui berdasarkan keputusan rapat Direksi sesuai approved based on a Board of Directors resolution in
dengan Anggaran Dasar Perusahaan. accordance with the Company’s Articles of Association.
ad. Provisi ad. Provisions
Provisi diakui ketika Perusahaan dan entitas anaknya Provisions are recognized when the Company and its
memiliki kewajiban legal maupun konstruktif sebagai subsidiary have a legal or constructive obligation as a
hasil peristiwa lalu, yaitu kemungkinan besar arus keluar result of past events, it is more likely than not that an
sumber daya ekonomi diperlukan untuk menyelesaikan outflow of resources will be required to settle the
kewajiban dan suatu estimasi terhadap jumlah dapat obligation and a reliable estimate of the amount can be
dilakukan. made.
Provisi ditelaah pada akhir tiap periode pelaporan dan Provisions are reviewed at the end of each reporting
disesuaikan untuk mencerminkan estimasi terbaik. period and adjusted to reflect the current best
Apabila tidak ada lagi kemungkinan arus keluar sumber estimate. If it is no longer probable that an outflow of
daya ekonomi diperlukan untuk menyelesaikan economic resources will be required to settle the
kewajiban, maka provisi tersebut dipulihkan. obligation, the provision is reversed.
Apabila dampak nilai waktu uang adalah material, maka If the effect of the time value of money is material,
provisi didiskontokan dengan menggunakan tarif sebelum provisions are discounted using a current pre - tax rate
pajak, jika lebih tepat, untuk mencerminkan risiko that reflects, where appropriate, the risk specific to the
spesifik liabilitas. Ketika pendiskontoan digunakan, liability. When discounting is used, the increase in the
kenaikan provisi terkait dengan berlalunya waktu diakui provision due to the passage of time is recognized as a
sebagai beban keuangan. finance cost.
ae. Kontinjensi ae. Contingencies
Liabilitas kontinjen tidak diakui di dalam laporan Contingent liabilities are not recognized in the financial
keuangan. Liabilitas kontinjensi diungkapkan di dalam statements. They are disclosed in the notes to the
catatan atas laporan keuangan kecuali kemungkinan arus financial statements unless the possibility of an outflow
keluar sumber daya ekonomi adalah kecil. of resources embodying economic benefits is remote.
Aset kontinjen tidak diakui di dalam laporan keuangan, Contingent assets are not recognized in the financial
namun diungkapkan di dalam catatan atas laporan statements but are disclosed in the notes to the
keuangan jika terdapat kemungkinan suatu arus masuk financial statements when an inflow of economic
manfaat ekonomis. benefits is probable.
352 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 355
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/37 Exhibit E/37
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL (Lanjutan) 2. MATERIAL ACCOUNTING POLICY INFORMATION (Continued)
af. Peristiwa Setelah Periode Pelaporan af. Events After the Reporting Period
Peristiwa setelah periode pelaporan yang menyajikan Events after the reporting period that provide evidence
bukti dari kondisi yang terjadi pada akhir periode of conditions that existed at the end of the reporting
pelaporan (peristiwa penyesuaian) yang dicerminkan di period (adjusting events) are reflected in the financial
dalam laporan keuangan. Peristiwa setelah periode statements. Events after the reporting period that are
pelaporan yang bukan merupakan peristiwa penyesuaian, not adjusting events are disclosed in the notes to the
diungkapkan di dalam catatan laporan keuangan bila financial statements when material.
material.
3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN 3. USE OF ESTIMATES AND JUDGEMENTS
Pertimbangan Akuntansi yang Penting, Estimasi dan Asumsi Significant Accounting Judgements, Estimates and
Assumptions
Penyusunan laporan keuangan sesuai dengan Standar The preparation of the Company’s financial statements, in
Akuntansi Keuangan di Indonesia, mengharuskan manajemen conformity with Indonesian Financial Accounting Standards
membuat pertimbangan, estimasi dan asumsi yang requires management to make judgements, estimates and
mempengaruhi aset, liabilitas, komitmen dan kontinjensi assumptions that affect the reported amounts of assets,
yang dilaporkan. Karena adanya unsur ketidakpastian liabilities, commitments and contingent liabilities which
melekat dalam melakukan estimasi sehingga dapat are reported. Due to inherent uncertainty in the estimates
menyebabkan jumlah sesungguhnya yang dilaporkan pada thus can lead to actual results reported in future periods
periode yang akan datang berbeda dengan jumlah yang differ from those estimates.
diestimasikan.
I. Penggunaan Pertimbangan I. Use of Judgements
Pertimbangan berikut ini dibuat oleh manajemen dalam The following judgements are made by management in
rangka penerapan kebijakan akuntansi Perusahaan yang the process of applying the Company’s accounting
memiliki pengaruh paling signifikan atas jumlah yang policies that have the most significant effects on the
diakui dalam laporan keuangan: amounts recognized in the financial statements:
(i) Klasifikasi aset dan liabilitas keuangan (i) Classification of financial assets and financial
liabilities
Perusahaan dan entitas anaknya menetapkan The Company and its subsidiary determine the
kategori atas aset dan liabilitas tertentu sebagai category of certain assets and liabilities as
aset keuangan dan liabilitas keuangan dengan financial assets and financial liabilities by judging
mempertimbangkan definisi yang ditetapkan if they meet the definition set forth in SFAS 71.
PSAK 71 dipenuhi. Dengan demikian, aset keuangan Accordingly, the financial assets and financial
dan liabilitas keuangan diakui sesuai dengan liabilities are accounted for in accordance with
kebijakan akuntansi Perusahaan seperti the Company’s accounting policies as disclosed in
diungkapkan pada Catatan 2e. Note 2e.
(ii) Cadangan atas kerugian penurunan nilai aset (ii) Allowance for impairment of financial assets
keuangan
Perusahaan dan entitas anaknya mengevaluasi The Company and its subsidiary evaluate specific
akun tertentu yang diketahui bahwa para accounts where it has information that certain
pelanggannya tidak dapat memenuhi liabilitas customers are unable to meet their financial
keuangannya. Dalam hal tersebut, Perusahaan obligations. In these cases, the Company uses
mempertimbangkan, berdasarkan fakta dan situasi judgement, based on available facts and
yang tersedia, termasuk namun tidak terbatas pada circumstances, including but not limited to, the
jangka waktu, hubungan dengan pelanggan dan length of its relationship with the customer and the
status piutang dari pelanggan berdasarkan catatan customer’s current receivables status based on any
piutang pihak ketiga yang tersedia dan faktor pasar available third party receivables reports and known
yang telah diketahui, untuk mencatat cadangan market factors, to record specific allowance for
spesifik atas pelanggan terhadap jumlah terutang customers against amounts due to reduce its
guna mengurangi jumlah piutang yang diharapkan receivable amounts that the Company and its
dapat diterima oleh Perusahaan dan entitas subsidiary expected to collect.
anaknya.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 353
Page 356
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/38 Exhibit E/38
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN (Lanjutan) 3. USE OF ESTIMATES AND JUDGEMENTS (Continued)
Pertimbangan Akuntansi yang Penting, Estimasi dan Significant Accounting Judgements, Estimates and
Asumsi (Lanjutan) Assumptions (Continued)
I. Penggunaan Pertimbangan (Lanjutan) I. Use of Judgements (Continued)
Pertimbangan berikut ini dibuat oleh manajemen dalam The following judgements are made by management in
rangka penerapan kebijakan akuntansi Perusahaan yang the process of applying the Company’s accounting
memiliki pengaruh paling signifikan atas jumlah yang policies that have the most significant effects on the
diakui dalam laporan keuangan: (Lanjutan) amounts recognized in the financial statements:
(Continued)
(ii) Cadangan atas kerugian penurunan nilai aset (ii) Allowance for impairment of financial assets
keuangan (Lanjutan) (Continued)
Cadangan spesifik ini dievaluasi kembali dan These specific allowances are re-evaluated and
disesuaikan jika tambahan informasi yang diterima adjusted as additional information received
mempengaruhi jumlah cadangan kerugian affects the amounts of allowance for impairment
penurunan nilai piutang pembiayaan. Nilai tercatat of financing receivables. The carrying amount
dari piutang pembiayaan sebelum cadangan of the Company’s financing receivables
kerugian penurunan nilai pada tanggal before allowance for impairment losses as of
31 Desember 2023 dan 2022 masing-masing sebesar 31 December 2023 and 2022 were amounted to
Rp 21.470.513 dan Rp 20.387.689. Penjelasan lebih Rp 21,470,513 and Rp 20,387,689, respectively.
rinci diungkapkan dalam Catatan 5. Further details are shown in Note 5.
II. Estimasi dan Asumsi II. Estimates and Assumptions
Asumsi utama masa depan dan sumber utama estimasi The key assumptions concerning the future and
ketidakpastian lain pada akhir periode pelaporan yang other key sources of estimation uncertainty at
memiliki risiko signifikan bagi penyesuaian yang material the reporting date that have a significant risk of
terhadap nilai tercatat aset dan liabilitas untuk causing a material adjustment to the carrying amounts
tahun/periode berikutnya, diungkapkan dibawah ini. of assets and liabilities within the next financial
Perusahaan mendasarkan asumsi dan estimasi pada year/period are disclosed below. The Company based
parameter yang tersedia pada saat laporan keuangan its assumptions and estimates on parameters
disusun. Asumsi dan situasi mengenai perkembangan available when the financial statements were prepared.
masa depan, mungkin berubah akibat perubahan pasar Existing assumptions and circumstances about future
atau situasi diluar kendali Perusahaan dan entitas developments may change due to market changes or
anaknya. Perubahan tersebut dicerminkan dalam asumsi circumstances arising beyond the control of the
terkait pada saat terjadinya. Company and its subsidiary. Such changes reflected in
the assumptions as they occur.
(i) Nilai wajar atas instrumen keuangan (i) Fair value of financial instruments
Nilai wajar instrumen keuangan yang secara aktif The fair value of financial instruments that
diperdagangkan di pasar keuangan ditentukan are actively traded in organized financial
dengan mengacu pada kuotasi harga pasar yang markets is determined by reference to quoted
berlaku pada penutupan pasar pada akhir tahun market bid prices at the close of business at the
pelaporan. Untuk instrumen keuangan yang tidak end of the reporting year. For financial
diperdagangkan di pasar aktif, nilai wajar instruments where there is no active market, fair
ditentukan dengan menggunakan teknik penilaian. value is determined using valuation techniques.
Teknik penilaian tersebut meliputi penggunaan Such techniques may include using recent arm’s
transaksi pasar terkini yang dilakukan secara wajar length market transaction, reference to the
(arm’s length market transactions), referensi atas current fair value of another instrument that is
nilai wajar terkini dari instrumen lain yang secara substantially the same, discounted cash flow
substantial sama, analisis arus kas yang didiskonto, analysis, or other valuation models. Further
atau model penilaian lainnya. Penjelasan lebih rinci details are shown in Note 36.
diungkapkan dalam Catatan 36.
354 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 357
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/39 Exhibit E/39
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN (Lanjutan) 3. USE OF ESTIMATES AND JUDGEMENTS (Continued)
Pertimbangan Akuntansi yang Penting, Estimasi dan Asumsi Significant Accounting Judgements, Estimates and
(Lanjutan) Assumptions (Continued)
II. Estimasi dan Asumsi (Lanjutan) II. Estimates and Assumptions (Continued)
(ii) Cadangan kerugian penurunan nilai aset keuangan (ii) Allowance for impairment losses of financial
assets
Perusahaan dan entitas anaknya telah menelaah The Company and its subsidiary have reviewed
pinjaman yang diberikan dan piutang pada setiap loans and receivables at each statements of
tanggal laporan posisi keuangan untuk menilai financial positions date to assess whether
apakah penurunan nilai harus diakui dalam laporan impairment should be recognized in the profit or
laba rugi. Secara khusus, justifikasi oleh manajemen loss or not. In particular, justification by
diperlukan dalam estimasi jumlah dan waktu arus management is required to estimate the amount
kas di masa mendatang ketika menentukan and timing of future cash flows when determining
penurunan nilai. Dalam estimasi arus kas ini, impairment. In the estimation of cash flows, the
Perusahaan membuat justifikasi tentang situasi Company makes the justification of the financial
keuangan debitur dan nilai realisasi neto agunan. condition of debtors and net realizable value of
Estimasi-estimasi ini didasarkan pada asumsi-asumsi collateral. These estimates are based on
tentang sejumlah faktor dan hasil aktual mungkin assumptions about a number of factors and actual
berbeda, yang tercermin dalam perubahan cadangan results may differ, as reflected in changes in
perubahan kerugian penurunan nilai tersebut di reserves of changes in these impairment losses in
masa mendatang. the future.
Evaluasi cadangan kerugian penurunan nilai secara Allowance for impairment losses that collectively
kolektif mencakup kerugian kredit yang melekat assessed includes inherent credit losses in financing
pada portofolio piutang pembiayaan dengan receivables portfolios with similar credit risk
karakteristik risiko kredit yang sejenis ketika characteristics when objective evidence
terdapat bukti objektif bahwa telah terjadi of impairment exist for those portfolios. In
penurunan nilai piutang dalam portofolio tersebut. assessing the need for collective allowances for
Dalam menentukan perlunya untuk membentuk impairment losses, management considers factors
cadangan kerugian penurunan nilai secara kolektif, such as credit quality, portfolio size, credit
manajemen mempertimbangkan faktor-faktor concentrations and economic factors. In order to
seperti kualitas kredit, besarnya portofolio, estimate the required allowance, assumptions are
konsentrasi kredit dan faktor-faktor ekonomi. Dalam made to define the way inherent losses are
mengestimasi cadangan yang dibutuhkan, asumsi- modeled and to determine the required input
asumsi dibuat untuk menentukan model kerugian parameters, based on historical experience and
bawaan dan untuk menentukan parameter input current economic conditions. The accuracy of the
yang diperlukan, berdasarkan pengalaman historis allowances depends on the model assumptions and
dan keadaan ekonomi saat ini. Ketepatan dari parameters used in determining collective
cadangan ini bergantung pada asumsi model dan allowances. Further details are shown in Note 5.
parameter yang digunakan dalam penentuan
cadangan kolektif. Penjelasan lebih rinci
diungkapkan dalam Catatan 5.
(iii) Estimasi umur manfaat aset tetap dan aset (iii) Useful life estimate for fixed assets and
takberwujud intangible assets
Perusahaan dan entitas anaknya melakukan The Company and its subsidiary review periodically
penelahaan berkala atas masa manfaat ekonomis the estimated useful life of fixed assets based on
aset tetap berdasarkan faktor-faktor seperti kondisi factors such as technical specification and future
teknis dan perkembangan teknologi di masa depan. technological developments. Future results of
Hasil operasi di masa depan akan dipengaruhi secara operations could be materially affected by changes
material atas perubahan estimasi ini yang in these estimates brought about by changes in the
diakibatkan oleh perubahan faktor yang telah factors mentioned. See Note 10 for the carrying
disebutkan di atas. Lihat Catatan 10 untuk jumlah amount of fixed assets.
tercatat aset tetap.
(iv) Imbalan pasca-kerja (iv) Post-employment benefits
Nilai kini liabilitas imbalan pasca-kerja tergantung The present value of the post-employment benefits
pada beberapa faktor yang ditentukan dengan dasar obligations depends on a number of factors that are
aktuarial berdasarkan beberapa asumsi. Asumsi yang determined on an actuarial basis using a number of
digunakan untuk menentukan biaya (penghasilan) assumptions. The assumptions used in determining
pensiun neto mencakup tingkat diskonto. Perubahan the net cost (income) for pensions include the
asumsi ini akan mempengaruhi jumlah tercatat discount rate. Any changes in these assumptions
liabilitas imbalan pasca-kerja. will impact the carrying amount of post-
employment benefits obligations.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 355
Page 358
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/40 Exhibit E/40
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN (Lanjutan) 3. USE OF ESTIMATES AND JUDGEMENTS (Continued)
Pertimbangan Akuntansi yang Penting, Estimasi dan Asumsi Significant Accounting Judgements, Estimates and
(Lanjutan) Assumptions (Continued)
II. Estimasi dan Asumsi (Lanjutan) II. Estimates and Assumptions (Continued)
(iv) Imbalan pasca-kerja (Lanjutan) (iv) Post-employment benefits (Continued)
Perusahaan dan entitas anaknya menentukan tingkat The Company and its subsidiary determine the
diskonto yang sesuai pada akhir periode pelaporan, appropriate discount rate at the end of each
yakni tingkat suku bunga yang harus digunakan untuk reporting period. This is the interest rate that
menentukan nilai kini arus kas keluar masa depan should be used to determine the present value of
estimasian yang diharapkan untuk menyelesaikan estimated future cash outflows expected to be
kewajiban. required to settle the obligations.
Dalam menentukan tingkat suku bunga yang sesuai, In determining the appropriate discount rate, the
Perusahaan mempertimbangkan tingkat suku bunga Company considers the interest rates of
obligasi pemerintah yang didenominasikan dalam government bonds that are denominated in the
mata uang imbalan akan dibayar dan memiliki currency in which the benefits will be paid and that
jangka waktu yang serupa dengan jangka waktu have terms to maturity approximating the terms of
liabilitas yang terkait. the related post-employment benefit obligation.
Asumsi kunci liabilitas imbalan pasca-kerja lainnya Other key assumptions for post-employment
sebagian ditentukan berdasarkan kondisi pasar saat benefit obligations are based in part on current
ini. Penjelasan lebih rinci diungkapkan dalam market conditions. Further details are shown in
Catatan 17. Note 17.
(v) Program kompensasi manajemen dan karyawan (v) Management and employees stock option
berbasis saham program
Perusahaan dan entitas anaknya mengukur biaya The Company and its subsidiary measure the cost
equity-settled transactions karyawan dengan of equity-settled transactions with employees by
mengacu pada nilai wajar instrumen ekuitas pada reference to the fair value of the equity
tanggal diberikan. Estimasi nilai wajar untuk instruments at the date at which they are granted.
pembayaran berbasis saham untuk menentukan Estimating fair value for share-based payment
model penilaian yang paling sesuai, tergantung pada transactions requires determining the most
persyaratan dan kondisi pemberian. Estimasi ini juga appropriate valuation model, which is dependent
mengharuskan menentukan input yang paling tepat on the terms and conditions of the grant. This
untuk valuasi model termasuk masa manfaat yang estimate also requires determining the most
diharapkan dari opsi saham, volatilitas dan dividend appropriate inputs to the valuation model
yield dan membuat asumsi yang digunakan. including the expected life of the share option,
volatility and dividend yield and making
assumptions about them.
(vi) Pajak penghasilan (vi) Income tax
Pertimbangan signifikan dilakukan dalam Significant judgement is involved in determining
menentukan provisi atas pajak penghasilan provision for corporate income tax. There are
badan. Terdapat transaksi dan perhitungan tertentu certain transaction and computation for which the
yang penentuan pajak akhirnya adalah tidak pasti ultimate tax determination is uncertain during the
sepanjang kegiatan usaha normal. Perusahaan dan ordinary course of business. The Company and its
entitas anaknya mengakui liabilitas atas pajak subsidiary recognize liabilities for expected
penghasilan badan berdasarkan estimasi apakah corporate income tax issues based on estimates of
terdapat tambahan pajak penghasilan badan. whether additional corporate income tax will be
Penjelasan lebih rinci diungkapkan dalam Catatan due. Further details are shown in Note 14b.
14b.
(vii) Aset pajak tangguhan (vii) Deferred tax assets
Aset pajak tangguhan diakui atas seluruh perbedaan Deferred tax assets are recognized for all
temporer yang dapat dikurangkan, sepanjang besar deductible temporary differences, to the extent
kemungkinannya bahwa penghasilan kena pajak that it is probable that taxable profit will be
akan tersedia sehingga perbedaan temporer available against which the deductible temporary
tersebut dapat digunakan. Estimasi signifikan oleh differences. Significant management estimates
manajemen disyaratkan dalam menentukan jumlah are required to determine the amount of deferred
aset pajak tangguhan yang dapat diakui, tax assets that can be recognized, based upon the
berdasarkan saat penggunaan dan tingkat likely timing and the level of the future taxable
penghasilan kena pajak serta strategi perencanaan profits together with future tax planning
pajak masa depan. Penjelasan lebih rinci strategies. Further details are shown in Note 14c.
diungkapkan dalam Catatan 14c.
356 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 359
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/41 Exhibit E/41
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS
Kas dan setara kas terdiri dari: Cash and cash equivalents consist of the followings:
31 Desember/December
2023 2022
Kas – Rupiah 11.889 11.495 Cash on hand - Rupiah
Bank – Rupiah Cash in banks - Rupiah
PT Bank Victoria International Tbk 264.593 149.565 PT Bank Victoria International Tbk
PT Bank Tabungan Negara (UU Syariah) 150.000 60.115 PT Bank Tabungan Negara (UU Syariah)
PT Bank Mandiri (Persero) Tbk 131.780 259.182 PT Bank Mandiri (Persero) Tbk
PT Bank Pembangunan Daerah Jawa Barat PT Bank Pembangunan Daerah Jawa Barat
dan Banten Tbk 100.576 51 dan Banten Tbk
PT Bank Rakyat Indonesia (Persero) Tbk 72.663 128.083 PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank Central Asia Tbk 56.870 37.836 PT Bank Central Asia Tbk
PT Bank CIMB Niaga Tbk 36.801 4.928 PT Bank CIMB Niaga Tbk
PT Bank Tabungan Negara (Persero) Tbk 30.452 31.248 PT Bank Tabungan Negara (Persero) Tbk
PT Bank Negara Indonesia (Persero) Tbk 15.752 4.658 PT Bank Negara Indonesia (Persero) Tbk
PT Bank Syariah Indonesia Tbk 10.692 4.437 PT Bank Syariah Indonesia Tbk
Standard Chartered Bank, Cabang Jakarta 10.256 7.280 Standard Chartered Bank, Jakarta Branch
PT Bank Jabar Banten Syariah 3.050 102.930 PT Bank Jabar Banten Syariah
PT Bank Permata Tbk 1.810 1.687 PT Bank Permata Tbk
Lain-lain (saldo di bawah Rp 1.000) 449 237 Others (balance below Rp 1,000)
Jumlah bank 885.744 792.237 Total cash in banks
Jumlah kas dan bank 897.633 803.732 Total cash on hand and in banks
Deposito berjangka - Rupiah Time deposits - Rupiah
PT Bank KB Bukopin Syariah 302.624 150.000 PT Bank KB Bukopin Syariah
PT Bank Mega Tbk 170.000 - PT Bank Mega Tbk
PT Bank Mandiri Taspen 102.078 4.182 PT Bank Mandiri Taspen
PT Bank Sahabat Sampoerna 100.000 50.000 PT Bank Sahabat Sampoerna
PT Allo Bank Indonesia Tbk 100.000 - PT Allo Bank Indonesia Tbk
PT Bank Panin Syariah Tbk 50.000 - PT Bank Panin Syariah Tbk
PT Bank BTPN Syariah Tbk 5.658 7.500 PT Bank BTPN Syariah Tbk
PT Bank Mandiri (Persero) Tbk 5.132 - PT Bank Mandiri (Persero) Tbk
PT Bank Jago Tbk 4.171 7.500 PT Bank Jago Tbk
PT Bank Ina Perdana Tbk 2.015 - PT Bank Ina Perdana Tbk
PT Bank Rakyat Indonesia (Persero) Tbk 348 341 PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank Jabar Banten Syariah - 50.000 PT Bank Jabar Banten Syariah
Jumlah deposito berjangka 842.026 269.523 Total time deposits
Jumlah kas dan setara kas 1.739.659 1.073.255 Total cash and cash equivalents
Kisaran tingkat suku bunga deposito berjangka diatas adalah The range of the interest rates from the above time deposits
sebagai berikut: are as follows:
31 Desember/December
2023 2022
Tingkat bunga deposito Time deposit interest rate
berjangka per tahun per annum
Rupiah 5,00% - 7,00% 5,00% - 7,00% Rupiah
Tidak terdapat saldo kas dan setara kas yang dibatasi There is no restricted cash and cash equivalents as of
penggunaannya pada tanggal 31 Desember 2023 dan 2022. 31 December 2023 and 2022.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 357
Page 360
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/42 Exhibit E/42
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. PIUTANG PEMBIAYAAN 5. FINANCING RECEIVABLES
31 Desember/December
2023 2022
Piutang pembiayaan konvensional 26.934.603 25.432.460 Conventional financing receivables
Piutang pembiayaan murabahah 728.736 510.314 Murabahah financing receivables
Jumlah piutang pembiayaan - bruto 27.663.339 25.942.774 Total financing receivables - gross
Rincian piutang pembiayaan adalah sebagai berikut: The details of financing receivables are as follows:
31 Desember/December
2023 2022
Piutang pembiayaan – bruto 27.663.339 25.942.774 Financing receivables – gross
Pendapatan pembiayaan yang
belum diakui (5.684.065) (5.389.631) Unearned financing income
Biaya transaksi yang belum diamortisasi (20.933) (63.335) Unamortized transaction costs
21.958.341 20.489.808
Pembiayaan bersama dan penerusan Joint financing and
pinjaman – neto (487.828) (102.119) channeling – net
21.470.513 20.387.689
Dikurangi : cadangan kerugian Less : allowance for
penurunan nilai (764.120) (833.435) impairment losses
Jumlah piutang pembiayaan - neto 20.706.393 19.554.254 Total financing receivables - net
Angsuran piutang pembiayaan – bruto, yang akan diterima The installments of financing receivables - gross, which will
dari konsumen sesuai dengan tanggal jatuh temponya adalah be collected from consumers in accordance with the due
sebagai berikut: dates are as follows:
31 Desember/December
2023 2022
<= 1 tahun 14.319.041 13.616.597 <= 1 year
1 – 2 tahun 8.155.369 7.594.289 1 – 2 years
> 2 tahun 5.188.929 4.731.888 > 2 years
Jumlah 27.663.339 25.942.774 Total
Pengelompokan piutang pembiayaan - bruto menurut jumlah The classification of financing receivables - gross based on
hari tunggakan adalah sebagai berikut: days overdue are as follows:
31 Desember/December
31 Desember/December 2023 2022
2023 2022 % %
Belum jatuh tempo 22.467.058 22.083.727 81,22 85,13 Current
Lewat jatuh tempo: Past due:
1-30 hari 4.294.764 3.240.739 15,52 12,49 1-30 days
31-90 hari 601.608 413.108 2,17 1,59 31-90 days
91-120 hari 88.177 67.146 0,32 0,26 91-120 days
121-180 hari 151.538 86.287 0,55 0,33 121-180 days
> 180 hari 60.194 51.767 0,22 0,20 > 180 days
Jumlah 27.663.339 25.942.774 100,00 100,00 Total
358 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 361
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/43 Exhibit E/43
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. PIUTANG PEMBIAYAAN (Lanjutan) 5. FINANCING RECEIVABLES (Continued)
Tabel berikut menunjukkan perubahan nilai tercatat piutang The following tables show movement of carrying amount of
pembiayaan selama periode berjalan: receivables during the period:
31 Desember/December 2023
Tahap 1/ Tahap 2/ Tahap 3/ Jumlah/
Stage 1 Stage 2 Stage 3 Total
Saldo awal 19.937.885 346.723 205.200 20.489.808 Beginning balance
Pergerakan antar tahap : Interstage movement:
- Pindah ke tahap 1 33.847 (32.477) (1.370) - Transfer to stage 1 -
- Pindah ke tahap 2 (377.326) 378.062 (736) - Transfer to stage 2 -
- Pindah ke tahap 3 (213.565) (10.421) 223.986 - Transfer to stage 3 -
Aset keuangan yang telah Financial assets that have
dilunasi, perubahan pada been repaid, changes in
biaya transaksi dan piutang transaction cost and
bunga pembiayaan (12.494.602) (429.584) 583.404 (12.340.782) financing interest receivable
Aset keuangan yang baru New financial assets
diperoleh 14.270.070 249.819 143.775 14.663.664 originated
Penghapusan - - (854.349) (854.349) Written-off
Saldo akhir 21.156.309 502.122 299.910 21.958.341 Ending balance
31 Desember/December 2022
Tahap 1/ Tahap 2/ Tahap 3/ Jumlah/
Stage 1 Stage 2 Stage 3 Total
Saldo awal 14.034.387 346.818 181.806 14.563.011 Beginning balance
Pergerakan antar tahap : Interstage movement:
- Pindah ke tahap 1 38.616 (35.899) (2.717) - Transfer to stage 1 -
- Pindah ke tahap 2 (241.647) 244.462 (2.815) - Transfer to stage 2 -
- Pindah ke tahap 3 (139.920) (27.280) 167.200 - Transfer to stage 3 -
Aset keuangan yang telah Financial assets that have
dilunasi, perubahan pada been repaid, changes in
biaya transaksi dan piutang transaction cost and
bunga pembiayaan (9.548.799) (370.517) 137.209 (9.782.107) financing interest receivable
Aset keuangan yang baru New financial assets
diperoleh 15.795.248 189.139 100.348 16.084.735 originated
Penghapusan - - (375.831) (375.831) Written-off
Saldo akhir 19.937.885 346.723 205.200 20.489.808 Ending balance
Tabel berikut menunjukkan perubahan cadangan kerugian The following tables show movement of the allowance for
penurunan nilai piutang pembiayaan selama periode berjalan: impairment losses of financing receivables during the
period:
31 Desember/December 2023
Tahap 1/ Tahap 2/ Tahap 3/ Jumlah/
Stage 1 Stage 2 Stage 3 Total
Saldo awal 623.311 82.102 128.022 833.435 Beginning balance
Pergerakan antar tahap : Interstage movement:
- Pindah ke tahap 1 7.485 (6.625) (860) - Transfer to stage 1 -
- Pindah ke tahap 2 (15.250) 15.680 (430) - Transfer to stage 2 -
- Pindah ke tahap 3 (8.872) (3.798) 12.670 - Transfer to stage 3 -
Aset keuangan yang telah dilunasi Financial assets that have been
dan pengukuran kembali repaid and remeasurement
penurunan nilai – neto (468.794) (36.165) 853.722 348.763 of loss impairment - net
Aset keuangan yang baru New financial assets
diperoleh 254.390 53.604 128.277 436.271 originated
Penghapusan - - (854.349) (854.349) Written-off
Saldo akhir 392.270 104.798 267.052 764.120 Ending balance
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 359
Page 362
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/44 Exhibit E/44
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. PIUTANG PEMBIAYAAN (Lanjutan) 5. FINANCING RECEIVABLES (Continued)
Tabel berikut menunjukkan perubahan cadangan kerugian The following tables show movement of the allowance for
penurunan nilai piutang pembiayaan selama periode berjalan: impairment losses of financing receivables during the
(Lanjutan) period: (Continued)
31 Desember/December 2022
Tahap 1/ Tahap 2/ Tahap 3/ Jumlah/
Stage 1 Stage 2 Stage 3 Total
Saldo awal 569.178 124.934 147.919 842.031 Beginning balance
Pergerakan antar tahap : Interstage movement:
- Pindah ke tahap 1 15.848 (13.619) (2.229) - Transfer to stage 1 -
- Pindah ke tahap 2 (24.611) 26.780 (2.169) - Transfer to stage 2 -
- Pindah ke tahap 3 (12.456) (11.445) 23.901 - Transfer to stage 3 -
Aset keuangan yang telah dilunasi Financial assets that have been
dan pengukuran kembali repaid and remeasurement
penurunan nilai – neto (341.147) (73.716) 279.520 (135.343) of loss impairment - net
Aset keuangan yang baru New financial assets
diperoleh 416.499 29.168 56.911 502.578 originated
Penghapusan - - (375.831) (375.831) Written-off
Saldo akhir 623.311 82.102 128.022 833.435 Ending balance
Mutasi cadangan kerugian penurunan nilai piutang The movements in the allowance for impairment losses of
pembiayaan berdasarkan penilaian secara individual dan financing receivables based on individual and collective
kolektif adalah sebagai berikut: assessments are as follows:
31 Desember/December 2023
Individual/ Kolektif/ Jumlah/
Individual Collective Total
Saldo awal 159.028 674.407 833.435 Beginning balance
Penambahan (pemulihan) cadangan Additions (recovery) to allowance
selama tahun berjalan – neto (159.028) 944.062 785.034 during the year – net
Penghapusan - (854.349) (854.349) Written-off
Saldo akhir - 764.120 764.120 Ending balance
31 Desember/December 2022
Individual/ Kolektif/ Jumlah/
Individual Collective Total
Saldo awal 423.649 418.382 842.031 Beginning balance
Penambahan (pemulihan) cadangan Additions (recovery) to allowance
selama tahun berjalan – neto (162.401) 529.636 367.235 during the year – net
Penghapusan (102.220) (273.611) (375.831) Written-off
Saldo akhir 159.028 674.407 833.435 Ending balance
360 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 363
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/45 Exhibit E/45
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. PIUTANG PEMBIAYAAN (Lanjutan) 5. FINANCING RECEIVABLES (Continued)
a. Piutang pembiayaan berdasarkan tujuan pembiayaan a. Financing receivables based on purpose of financing
31 Desember/December 2023
Syariah/
Konvensional/Conventional Sharia
Modal
Kerja/ Multiguna/ Sub-
Investasi/ Working Multi- jumlah/ Jumlah/
Investment Capital purpose Sub-total Murabahah Total
Piutang pembiayaan Financing receivables
- bruto 5.371.843 16.380.716 5.182.044 26.934.603 728.736 27.663.339 - gross
Pendapatan
pembiayaan Unearned financing
yang belum diakui (919.333) (3.411.412) (1.157.816) (5.488.561) (195.504) (5.684.065) income
Biaya transaksi yang Unamortized
belum diamortisasi (21.179) (39.947) 21.615 (39.511) 18.578 (20.933) transaction cost
4.431.331 12.929.357 4.045.843 21.406.531 551.810 21.958.341
Pembiayaan bersama Joint financing
dan penerusan and channeling -
pinjaman - neto (4.095) (445.933) (37.800) (487.828) - (487.828) net
4.427.236 12.483.424 4.008.043 20.918.703 551.810 21.470.513
Cadangan kerugian Allowance for
penurunan nilai (115.243) (429.080) (203.028) (747.351) (16.769) (764.120) impairment losses
Jumlah piutang
pembiayaan - Total financing
neto 4.311.993 12.054.344 3.805.015 20.171.352 535.041 20.706.393 receivables - net
31 Desember/December 2022
Syariah/
Konvensional/Conventional Sharia
Modal
Kerja/ Multiguna/ Sub-
Investasi/ Working Multi- jumlah/ Jumlah/
Investment Capital purpose Sub-total Murabahah Total
Piutang pembiayaan Financing receivables
- bruto 4.140.081 15.729.183 5.563.196 25.432.460 510.314 25.942.774 - gross
Pendapatan
pembiayaan Unearned financing
yang belum diakui (672.153) (3.360.801) (1.219.275) (5.252.229) (137.402) (5.389.631) income
Biaya transaksi yang Unamortized
belum diamortisasi (22.876) (57.579) 7.006 (73.449) 10.114 (63.335) transaction cost
3.445.052 12.310.803 4.350.927 20.106.782 383.026 20.489.808
Pembiayaan bersama Joint financing
dan penerusan and channeling -
pinjaman - neto (109) (79.711 ) (22.299) (102.119) - (102.119) net
3.444.943 12.231.092 4.328.628 20.004.663 383.026 20.387.689
Cadangan kerugian Allowance for
penurunan nilai (147.441) (472.990) (204.505) (824.936) (8.499) (833.435) impairment losses
Jumlah piutang
pembiayaan - Total financing
neto 3.297.502 11.758.102 4.124.123 19.179.727 374.527 19.554.254 receivables - net
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 361
Page 364
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/46 Exhibit E/46
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. PIUTANG PEMBIAYAAN (Lanjutan) 5. FINANCING RECEIVABLES (Continued)
a. Piutang pembiayaan berdasarkan tujuan pembiayaan a. Financing receivables based on purpose of financing
(Lanjutan) (Continued)
Pembiayaan investasi diberikan untuk pembiayaan barang Investment financing were extended to finance capital
modal beserta jasa yang diperlukan untuk aktivitas goods and services needed for business/investment
usaha/investasi. activities.
Pembiayaan modal kerja diberikan untuk memenuhi Working capital financing were extended for working
kebutuhan pengeluaran yang habis dalam satu siklus capital needs which fully utilized within one cycle of
aktivitas usaha. business activities.
Kegiatan pembiayaan investasi dan modal kerja ditujukan Investment and working capital financing activities
untuk debitur yang : were intended to borrowers which :
a. memiliki usaha produktif; dan/atau a. have productive businesses; and/or
b. memiliki ide untuk pengembangan usaha produktif. b. have ideas to develop the productive businesses.
Pembiayaan multiguna diberikan untuk pembiayaan Multipurpose financing were extended for financing of
barang dan/atau jasa untuk pemakaian/konsumsi dan goods/services for consumption and non-business
bukan untuk keperluan usaha atau aktivitas produktif. related or productive activities.
b. Piutang pembiayaan berdasarkan jenis pengikatan b. Financing receivables based on type of contract
31 Desember/December 2023
Pembiayaan Pembiayaan
Sewa konsumen/ Murabahah/
pembiayaan/ Consumer Murabahah Jumlah/
Finance lease financing financing Total
Piutang pembiayaan - Financing receivables -
bruto 18.730.616 8.203.987 728.736 27.663.339 gross
Pendapatan pembiayaan Unearned financing
yang belum diakui (3.661.404) (1.827.157) (195.504) (5.684.065) income
Biaya transaksi yang Unamortized
belum diamortisasi (63.342) 23.831 18.578 (20.933) transaction cost
/
15.005.870 6.400.661 551.810 21.958.341
Pembiayaan bersama
dan penerusan Joint financing
pinjaman – neto (442.680) (45.148) - (487.828) and channeling - net
14.563.190 6.355.513 551.810 21.470.513
Cadangan kerugian Allowance for
penurunan nilai (467.932) (279.419) (16.769) (764.120) impairment losses
Jumlah piutang Total financing
pembiayaan – neto 14.095.258 6.076.094 535.041 20.706.393 receivables – net
362 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 365
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/47 Exhibit E/47
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. PIUTANG PEMBIAYAAN (Lanjutan) 5. FINANCING RECEIVABLES (Continued)
b. Piutang pembiayaan berdasarkan jenis pengikatan b. Financing receivables based on type of contract
(Lanjutan) (Continued)
31 Desember/December 2022
Pembiayaan Pembiayaan
Sewa konsumen/ Murabahah/
pembiayaan/ Consumer Murabahah Jumlah/
Finance lease financing financing Total
Piutang pembiayaan - Financing receivables -
bruto 17.445.172 7.987.288 510.314 25.942.774 gross
Pendapatan pembiayaan Unearned financing
yang belum diakui (3.540.554) (1.711.675) (137.402) (5.389.631) income
Biaya transaksi yang Unamortized
belum diamortisasi (80.460) 7.011 10.114 (63.335) transaction cost
13.824.158 6.282.624 383.026 20.489.808
Pembiayaan bersama
dan penerusan Joint financing
pinjaman – neto (77.612) (24.507) - (102.119) and channeling - net
13.746.546 6.258.117 383.026 20.387.689
Cadangan kerugian Allowance for
penurunan nilai (548.780) (276.156) (8.499) (833.435) impairment losses
Jumlah piutang Total financing
pembiayaan – neto 13.197.766 5.981.961 374.527 19.554.254 receivables – net
Informasi pokok lainnya sehubungan dengan piutang Other significant information relating to financing
pembiayaan adalah sebagai berikut: receivables is as follows:
Persentase cadangan kerugian penurunan nilai terhadap Percentage of the allowance for impairment losses
jumlah piutang pembiayaan sebesar 3,56% dan 4,09% masing- to financing receivables was 3.56% and 4.09% as of
masing pada tanggal 31 Desember 2023 dan 2022. 31 December 2023 and 2022, respectively.
Manajemen berkeyakinan bahwa cadangan kerugian The management believes that the allowance for
penurunan nilai yang dibentuk memadai untuk menutup impairment losses was sufficient to cover possible losses
kerugian yang mungkin timbul akibat tidak tertagihnya piutang arising from uncollectible financing receivables.
pembiayaan tersebut.
Seluruh transaksi pembiayaan dilakukan dengan pihak ketiga. All of the Company’s financing transactions are entered
with third parties.
Jangka waktu kontrak pembiayaan yang disalurkan oleh The period of financing installment contract for vehicle and
Perusahaan atas kendaraan bermotor dan alat-alat berat heavy equipment cranged from 6–60 months, and for
berkisar antara 6–60 bulan, serta perumahan (KPR) berkisar housing ranges between 12-84 months.
12-84 bulan.
Rincian bunga kontraktual per tahun untuk piutang The detail of contractual interest rates per annum on
pembiayaan adalah sebagai berikut: financing receivables are as follows:
31 Desember/December
2023 2022
% %
Mobil 15 - 20 16 - 21 Cars
Sepeda motor 35 - 40 36 - 40 Motorcycles
Properti 17 - 20 18 - 20 Property
Alat berat dan mesin 9 - 16 14 - 16 Heavy equipment and machinery
Channeling 16 - 28 18 - 30 Channeling
Syariah 17 - 25 19 - 26 Sharia
Sebagai jaminan atas piutang pembiayaan yang diberikan, As the collateral to the financing receivables, the Company
Perusahaan menerima jaminan dari konsumen berupa Buku receives the Book of Vehicle Ownership (BPKB), Proprietary
Pemilik Kendaraan Bermotor (BPKB), Sertifikat Hak Milik Certificate (SHM) and Property Use Right Certificate (SHGB)
(SHM) dan Sertifikat Hak Guna Bangunan (SHGB) atas of the vehicles and property (building) financed by the
kendaraan bermotor dan properti (bangunan) yang dibiayai Company and purchase invoices of the motor vehicles/heavy
Perusahaan dan faktur atas kendaraan bermotor/alat equipment/collateral asset financed by the Company.
berat/obyek jaminan yang dibiayai oleh Perusahaan.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 363
Page 366
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/48 Exhibit E/48
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. PIUTANG PEMBIAYAAN (Lanjutan) 5. FINANCING RECEIVABLES (Continued)
Piutang pembiayaan pada tanggal 31 Desember 2023 dan Financing receivable as of 31 December 2023 and 2022
2022 masing-masing sebesar Rp 6.932.406 dan Rp 8.902.225 amounting to Rp 6,932,406 and Rp 8,902,225 were used as
digunakan sebagai jaminan atas pinjaman yang diterima collateral to borrowings (Note 13) and amounting to
(Catatan 13) dan sebesar Rp 2.365.225 dan Rp 832.102 Rp 2,365,225 and Rp 832,102 were used as collateral to
digunakan sebagai jaminan surat berharga yang diterbitkan securities issued, respectively (Note 15).
(Catatan 15).
Channeling adalah platform layanan teknologi peer-to-peer Channeling is a peer-to-peer lending platform with
milik FIT, entitas anak. technology services owns by FIT, a subsidiary.
Pada tanggal 31 Desember 2023 dan 2022, piutang As of 31 December 2023 and 2022, financing receivable has
pembiayaan yang telah direstrukturisasi terkait dengan been restructured as impact of the Covid-19 pandemic
pandemi Covid-19 adalah masing-masing sebesar Rp 47.805 amounted to Rp 47,805 and Rp 336,971, respectively.
dan Rp 336.971.
Perusahaan bekerjasama dengan beberapa perusahaan The Company engages several insurance companies to provide
asuransi untuk memberikan perlindungan risiko terhadap aset risk protection for assets and financing provided by the
dan pembiayaan yang diberikan Perusahaan, terutama Company, mainly PT Asuransi Bina Dana Arta Tbk, PT Asuransi
PT Asuransi Bina Dana Arta Tbk, PT Asuransi Sinar Mas, Sinar Mas, PT Asuransi Wahana Tata, PT Asuransi Astra Buana,
PT Asuransi Wahana Tata, PT Asuransi Astra Buana, PT Asuransi Raksa Pratikara, PT Asuransi FPG Indonesia,
PT Asuransi Raksa Pratikara, PT Asuransi FPG Indonesia, PT Asuransi Etiqa Internasional Indonesia, PT Pan Pasific
PT Asuransi Etiqa Internasional Indonesia, PT Pan Pasific Insurance, PT AIA Financial, PT FWD Insurance Indonesia
Insurance, PT AIA Financial, PT FWD Insurance Indonesia and PT Chubb Life Insurance Indonesia. All insurance
dan PT Chubb Life Insurance Indonesia. Seluruh perusahaan companies that the engaged by the Company are third
asuransi yang bekerjasama dengan Perusahaan adalah pihak parties.
ketiga.
6. PIUTANG IJARAH DAN IMBT 6. IJARAH AND IMBT RECEIVABLES
31 Desember/December
2023 2022
Piutang ijarah 68 307 Ijarah receivables
Piutang Ijarah Muntahiyah Bittamlik (IMBT) 3.592 216 Ijarah Muntahiyah Bittamlik (IMBT) receivables
Jumlah 3.660 523 Total
Cadangan kerugian penurunan nilai (92) (114) Allowance for impairment losses
Neto 3.568 409 Net
Aset ijarah 2.273 8.436 Ijarah assets
Akumulasi penyusutan (1.456) (6.007) Accumulated depreciation
Cadangan kerugian penurunan nilai (13) (170) Allowance for impairment losses
Sub – Jumlah 804 2.259 Sub - Total
Aset IMBT 59.606 5.313 IMBT assets
Akumulasi penyusutan (10.267) (169) Accumulated depreciation
Cadangan kerugian penurunan nilai (942) (45) Allowance for impairment losses
Sub – Jumlah 48.397 5.099 Sub - Total
Jumlah piutang ijarah dan IMBT - neto 52.769 7.767 Total ijarah and IMBT receivables - net
Mutasi cadangan kerugian penurunan nilai sebagai berikut: Mutation of allowance for impairment losses are as follows:
31 Desember/December
2023 2022
Saldo awal tahun (329) (1.128) Beginning balance
Mutasi tahun berjalan: Mutation during the year:
- Piutang ijarah dan IMBT 22 99 Ijarah and IMBT receivables -
- Aset ijarah 157 745 Ijarah assets -
- Aset IMBT (897) (45) IMBT assets -
Saldo akhir tahun (1.047) (329) Ending balance
Aset ijarah terdiri dari pembiayaan umroh, pendidikan, Ijarah assets consist of financing for umrah, education,
kebutuhan multijasa dan wisata halal. multiservices needs and halal tourism.
Penyusutan dan kerugian penurunan nilai dibebankan pada Depreciation and impairment losses was charged to the
laporan laba rugi dan penghasilan komprehensif lain consolidated statements of profit or loss and other
konsolidasian. comprehensive income.
364 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 367
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/49 Exhibit E/49
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
7. PIUTANG LAIN-LAIN – PIHAK KETIGA 7. OTHER RECEIVABLES – THIRD PARTIES
31 Desember/December
2023 2022
Piutang dalam proses penyelesaian – neto 147.294 72.045 Receivables in the settlement process - net
Piutang penerimaan angsuran konsumen 50.312 33.086 Customer installment receipt receivables
Piutang karyawan 48.463 52.921 Employee receivables
Premi asuransi 995 2.240 Insurance premium
Lain-lain 3.651 2.343 Others
Jumlah 250.715 162.635 Total
Piutang dalam proses penyelesaian – pihak ketiga dinyatakan Receivables in the settlement process – third parties are
dalam nilai neto setelah dikurangi dengan cadangan kerugian recorded at net amount, after deducting the allowance for
penurunan nilai pada tanggal 31 Desember 2023 dan 2022 impairment losses as of 31 December 2023 and 2022
masing-masing sebesar Rp 44.230 dan Rp 10.205. Manajemen amounting to Rp 44,230 and Rp 10,205, respectively.
berpendapat bahwa jumlah cadangan kerugian penurunan nilai Management believes that the allowance for impairment
tersebut, cukup untuk menutupi kerugian yang mungkin timbul losses are adequate to cover possible losses from
akibat tidak tertagihnya piutang dalam proses penyelesaian - uncollectible receivables from receivables in the
pihak ketiga. settlement process – third parties.
Piutang penerimaan angsuran konsumen merupakan Customer installment receipt receivables are customer
pembayaran angsuran konsumen yang diantaranya dilakukan installment such paid through online customer’s payment
secara online melalui fasilitas layanan pembayaran pelanggan channel (payment point) such as ATM networks of Prima,
(payment point) seperti jaringan ATM Prima, ATM Bersama, ATM Bersama and outlets of Indomaret and Alfamart retail
jaringan toko ritel Indomaret dan Alfamart (termasuk di stores (including the store chains of Alfa Midi, Dandan, and
dalamnya jaringan Alfa Midi, Dandan, dan Lawson) serta Lawson) and marketplace such as Tokopedia, Shopee, Blibli
marketplace seperti Tokopedia, Shopee, Blibli dan Gojek. and Gojek. These channels will transfer the installment
Fasilitas payment point ini akan meneruskan angsuran yang paid to the Company’s bank account in several bank within
dibayarkan konsumen tersebut ke rekening Perusahaan di 1 (one) day up to 2 (two) days from the date that the
beberapa bank dalam jangka waktu 1 (satu) hari sampai dengan customer installment is received.
2 (dua) hari dari tanggal angsuran konsumen diterima.
8. ASET (LIABILITAS) DERIVATIF 8. DERIVATIVE ASSETS (LIABILITIES)
Perusahaan memiliki beberapa kontrak cross currency dan The Company has several cross currency and interest rate
interest rate swap dengan beberapa bank. Perincian dari swap contracts with several banks. The details of these
kontrak-kontrak tersebut adalah sebagai berikut: contracts are as follows:
31 Desember/December 2023
Jumlah nosional Tanggal Nilai wajar/Fair value
(nilai penuh)/ perjanjian/ Tanggal Aset (liabilitas) derivatif/
Pihak lawan/ Notional amount Agreement jatuh tempo/ Derivative assets
Counterparty (full amount) date Due date (liabilities)
Cross Currency and Interest
Rate Swap
PT Bank Permata Tbk USD 1.666.667 13-Apr-2021 15-Apr-2024 927
PT Bank Permata Tbk USD 2.216.667 20-Apr-2021 22-Apr-2024 906
PT Bank Permata Tbk USD 1.950.000 20-Apr-2021 22-Apr-2024 797
Standard Chartered Bank, Jakarta Branch USD 4.500.000 16-Sep-2021 17-Sep-2024 5.658
Standard Chartered Bank, Jakarta Branch USD 6.000.000 13-Oct-2021 15-Oct-2024 7.655
PT Bank CIMB Niaga Tbk USD 4.000.000 23-Nov-2021 23-Nov-2024 4.846
PT Bank Permata Tbk USD 5.000.000 18-Jan-2022 20-Jan-2025 6.262
PT Bank Permata Tbk USD 7.500.000 14-Feb-2022 14-Feb-2025 8.462
PT Bank Permata Tbk USD 7.500.000 14-Mar-2022 14-Mar-2025 8.563
PT Bank CTBC Indonesia USD 13.000.000 22-Feb-2023 20-Feb-2026 1.865
PT Bank CIMB Niaga Tbk USD 10.000.000 22-May-2023 22-May-2026 6.038
PT Bank Rakyat Indonesia (Persero) Tbk USD 10.000.000 26-Jun-2023 26-Jun-2026 (1.211)
PT Bank CIMB Niaga Tbk USD 10.000.000 27-Jul-2023 27-Jul-2026 3.445
PT Bank Rakyat Indonesia (Persero) Tbk USD 20.000.000 28-Aug-2023 28-Aug-2026 (1.934)
PT Bank Permata Tbk USD 15.000.000 27-Nov-2023 27-Nov-2026 (957)
PT Bank Rakyat Indonesia (Persero) Tbk USD 25.000.000 18-Dec-2023 18-Dec-2026 5.335
56.657
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 365
Page 368
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/50 Exhibit E/50
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. ASET (LIABILITAS) DERIVATIF (Lanjutan) 8. DERIVATIVE ASSETS (LIABILITIES) (Continued)
Perusahaan memiliki beberapa kontrak cross currency dan The Company has several cross currency and interest rate
interest rate swap dengan beberapa bank. Perincian dari swap contracts with several banks. The details of these
kontrak-kontrak tersebut adalah sebagai berikut: (Lanjutan) contracts are as follows: (Continued)
31 Desember/December 2022
Tanggal
Jumlah nosional perjanjian/ Tanggal Nilai wajar/Fair value
Pihak lawan/ (nilai penuh)/ Agreement jatuh tempo/ Aset derivatif/
Counterparty Notional amount date Due date Derivative assets
(full amount)
Cross Currency and Interest
Rate Swap
Standard Chartered Bank, Jakarta Branch USD 2.500.000 19-Mar-2020 23-Mar-2023 515
PT Bank Permata Tbk USD 5.000.000 7-Apr-2021 15-Apr-2024 2.368
PT Bank Permata Tbk USD 6.650.000 13-Apr-2021 22-Apr-2024 2.158
PT Bank Permata Tbk USD 5.850.000 13-Apr-2021 22-Apr-2024 1.898
Standard Chartered Bank, Jakarta Branch USD 10.500.000 16-Sep-2021 17-Sep-2024 15.785
Standard Chartered Bank, Jakarta Branch USD 12.000.000 13-Oct-2021 15-Oct-2024 17.430
PT Bank CIMB Niaga Tbk USD 8.000.000 23-Nov-2021 25-Nov-2024 11.438
PT Bank Permata Tbk USD 9.000.000 18-Jan-2022 20-Jan-2025 13.478
PT Bank Permata Tbk USD 13.500.000 14-Feb-2022 14-Feb-2025 18.744
PT Bank Permata Tbk USD 13.500.000 14-Mar-2022 14-Mar-2025 19.242
103.056
Perusahaan melakukan kontrak cross currency swap dan The Company entered into cross currency swap and interest
interest rate swap dengan tujuan lindung nilai atas risiko rate swap contracts to hedge the risk of fluctuations in cash
fluktuasi arus kas yang ditimbulkan oleh kurs mata uang dan flows arising from exchange rates and interest rates on
tingkat suku bunga atas pinjaman yang diterima. borrowing.
Perubahan atas nilai wajar dari kontrak cross currency swap Changes in the fair value of cross currency swap and interest
dan interest rate swap yang ditetapkan sebagai instrumen rate swap contract designated hedging instruments that
lindung nilai, yang secara efektif menghapus variabilitas arus effectively offset the variability of cash flows associated
kas dari pinjaman terkait, dicatat di ekuitas. Nilai ini with the borrowings are recorded in equity. The amounts
kemudian diakui dalam laporan laba rugi sebagai penyesuaian subsequently are recognized to the profit or loss as
atas laba atau rugi selisih kurs dan beban bunga pinjaman adjustments of the exchange rate differences and interest
terkait yang dilindungi nilai pada periode yang sama dimana payments related to the hedged borrowings in the same
selisih kurs dan beban bunga tersebut diakui pada perkiraan period in which the related exchange rate differences and
laba rugi. interest affects profit or loss.
Keuntungan dan kerugian kumulatif yang timbul dari The cumulative gain and loss arising from the changes in fair
perubahan nilai wajar instrumen derivatif pada tanggal values of the derivative instruments as of 31 December 2023
31 Desember 2023 dan 2022 masing-masing sebesar Rp 666 dan and 2022 amounting to Rp 666 and Rp 10,267, respectively,
Rp 10.267 disajikan sebagai “Keuntungan (kerugian) kumulatif were presented as “Cumulative gain (losses) on derivative
atas instrumen derivatif untuk lindung nilai arus kas–neto” instrument for cash flow hedges – net” under the “Equity”
sebagai bagian “Ekuitas” pada laporan posisi keuangan section in the consolidated statement of financial position
konsolidasian dan akan diakui dalam laporan laba rugi pada and will be recognized in the statement of profit or loss
saat realisasinya. upon its realization.
9. BEBAN DIBAYAR DI MUKA DAN UANG MUKA 9. PREPAID EXPENSES AND ADVANCES
31 Desember/December
2023 2022
Akses biro kredit 12.872 13.147 Loan access bureou
Bunga 11.493 2.485 Interest
Implementasi proyek IT 8.131 6.671 IT implementation project
Uang muka 836 1.181 Advance payment
Sewa 458 496 Rent
Asuransi 300 333 Insurance
Lain-lain 347 454 Others
Jumlah 34.437 24.767 Total
366 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 369
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/51 Exhibit E/51
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
10. ASET TETAP 10. FIXED ASSETS
31 Desember/December 2023
Saldo awal/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Ending
balance Additions Deductions Reclassifications balance
Harga perolehan Acquisition cost
Pemilikan langsung Direct ownership
Tanah 207.193 - - - 207.193 Land
Bangunan dan prasarana 432.605 3.741 - 10.451 446.797 Building and improvements
Peralatan kantor 273.812 57.523 (5.571) 760 326.524 Office equipment
Kendaraan 277.440 119.118 (57.848 ) - 338.710 Vehicles
Perabot dan
perlengkapan kantor 22.790 646 (237 ) 1.504 24.703 Furniture and fixtures
1.213.840 181.028 (63.656 ) 12.715 1.343.927
Aset dalam penyelesaian 1.902 11.915 - (12.715) 1.102 Asset in progress
Jumlah Harga Perolehan 1.215.742 192.943 (63.656) - 1.345.029 Total Acquisition Cost
Akumulasi penyusutan Accumulated depreciation
Bangunan dan prasarana 221.982 23.605 - - 245.587 Building and improvements
Peralatan kantor 199.482 36.479 (5.445) - 230.516 Office equipment
Kendaraan 114.147 56.392 (44.108) - 126.431 Vehicles
Perabot dan
perlengkapan kantor 20.986 908 (226 ) - 21.668 Furniture and fixtures
Jumlah Akumulasi Total Accumulated
Penyusutan 556.597 117.384 (49.779) - 624.202 Depreciation
Nilai Tercatat 659.145 720.827 Carrying Amount
31 Desember/December 2022
Saldo awal/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Ending
balance Additions Deductions Reclassifications balance
Harga perolehan Acquisition cost
Pemilikan langsung Direct ownership
Tanah 207.193 - - - 207.193 Land
Bangunan dan prasarana 425.524 1.900 (123) 5.304 432.605 Building and improvements
Peralatan kantor 253.157 19.820 (4.968) 5.803 273.812 Office equipment
Kendaraan 216.083 132.555 (71.198) - 277.440 Vehicles
Perabot dan
perlengkapan kantor 22.149 832 (538) 347 22.790 Furniture and fixtures
1.124.106 155.107 (76.827) 11.454 1.213.840
Aset dalam penyelesaian 4.430 8.926 - (11.454) 1.902 Asset in progress
Jumlah Harga Perolehan 1.128.536 164.033 (76.827 ) - 1.215.742 Total Acquisition Cost
Akumulasi penyusutan Accumulated depreciation
Bangunan dan prasarana 197.626 24.461 (105) - 221.982 Building and improvements
Peralatan kantor 172.566 31.789 (4.873) - 199.482 Office equipment
Kendaraan 131.010 43.048 (59.911) - 114.147 Vehicles
Perabot dan
perlengkapan kantor 20.693 808 (515 ) - 20.986 Furniture and fixtures
Jumlah Akumulasi Total Accumulated
Penyusutan 521.895 100.106 (65.404) - 556.597 Depreciation
Nilai Tercatat 606.641 659.145 Carrying Amount
3
Pada tanggal 31 Desember 2023 dan 2022, rincian aset dalam As of 31 December 2023 and 2022, the details of asset in
penyelesaian dengan persentase penyelesaian masing-masing progress with percentage of completion of are 66% and 43%,
sebesar 66% dan 43% sebagai berikut: respectively, are as follows:
Perkiraan tahun penyelesaian/ 31 Desember/December
Proyek Estimation of completion 2023 2022 Project
Bangunan dan prasarana 2024 1.056 1.610 Building and improvement
Peralatan kantor 2024 28 - Office equipment
Perabot dan
perlengkapan kantor 2024 18 292 Furniture and fixtures
1.102 1.902
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 367
Page 370
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/52 Exhibit E/52
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
10. ASET TETAP (Lanjutan) 10. FIXED ASSETS (Continued)
Jumlah penyusutan yang dibebankan pada operasi adalah Depreciation charged to operations was amounted to
sejumlah Rp 117.384 dan Rp 100.106 masing-masing untuk Rp 117,384 and Rp 100,106 for the year ended
tahun yang berakhir pada tanggal 31 Desember 2023 dan 2022 31 December 2023 and 2022, respectively (Note 27).
(Catatan 27).
Perusahaan memiliki beberapa bidang tanah dengan status The Company owns several plots of land with “Property Use
Hak Guna Bangunan (“HGB”) yang memiliki masa manfaat Rights” titles (“HGB”) with remaining useful lifes that will
yang akan berakhir antara tahun 2025 sampai tahun 2051. expire in the various years between 2025 to 2051. The
Manajemen Perusahaan berkeyakinan bahwa tidak akan management of the Company believes that there will be no
terdapat kesulitan dalam memperpanjang hak atas tanah difficulty in extending the land rights as the land were
karena tanah tersebut diperoleh secara sah dan dilengkapi acquired legally and supported by sufficient evidences of
dengan bukti kepemilikan yang sah. ownership.
Pengurangan aset tetap untuk tahun yang berakhir pada Deductions of fixed assets for the year ended 31 December
tanggal 31 Desember 2023 dan 2022 terdiri dari 2023 and 2022 consisted of writen off office equipment and
penghapusbukuan peralatan kantor dan rehabilitasi gedung leasehold improvement, and sales of fixed assets - vehicles
kantor, serta penjualan aset tetap kendaraan dan peralatan and office equipment with details of gain on sale are as
kantor dengan rincian keuntungan yang diperoleh adalah follows:
sebagai berikut:
31 Desember/December
2023 2022
Hasil penjualan 27.380 31.632 Proceeds
Nilai tercatat (13.878) (11.423) Carrying amount
Keuntungan penjualan aset tetap 13.502 20.209 Gain on sale of fixed assets
Keuntungan atas penjualan aset tetap diakui sebagai bagian Gain on sale of fixed assets is recognized as part of “Other
dari “Pendapatan Lain-lain” pada laporan laba rugi dan Income” in the consolidated statement of profit or loss and
penghasilan komprehensif lain konsolidasian (Catatan 24). other comprehensive income (Note 24).
Pada tanggal 31 Desember 2023 dan 2022, jumlah harga As of 31 December 2023 and 2022, the cost of fixed asset
perolehan aset tetap yang telah disusutkan penuh tetapi which have been fully depreciated but still in use in the
masih digunakan dalam kegiatan operasional adalah masing- operational activities amounted to Rp 294,166 and
masing sebesar Rp 294.166 dan Rp 251.363. Rp 251,363, respectively.
Seluruh aset tetap, kecuali tanah, telah diasuransikan All fixed assets, except for land, are covered against losses
terhadap risiko kerugian kebakaran, banjir dan risiko kerugian from fire, flood and other risks (all risks) with a total
lainnya (all risks) dengan jumlah nilai pertanggungan masing- sum insured amounting to Rp 453,806 and 448,977 as of
masing sebesar Rp 453.806 dan 448.977 pada tanggal 31 December 2023 and 2022, respectively. The management
31 Desember 2023 dan 2022. Manajemen berkeyakinan bahwa believes that the sum insured is sufficient to cover the
nilai pertanggungan tersebut telah memadai untuk menutup possible losses that may arise fro the said insured risks.
kemungkinan kerugian atas aset tetap terhadap risiko-risiko
yang dipertanggungkan.
Tidak ada aset tetap yang dijadikan jaminan pada tanggal There were no fixed assets pledged as collateral as of
31 Desember 2023 dan 2022. 31 December 2023 and 2022.
Manajemen Perusahaan dan entitas anaknya berkeyakinan The management of the Company and its subsidiary believes
bahwa tidak terdapat kondisi atau peristiwa yang that there were no conditions or event that indicate
menimbulkan indikasi penurunan nilai atas jumlah tercatat impairment in the carrying amount of its fixed assets, and
aset tetap, sehingga tidak diperlukan cadangan kerugian therefore an allowance for impairment losses of fixed assets
penurunan nilai untuk aset tetap. was not considered necessary.
Manajemen Perusahaan dan entitas anaknya berkeyakinan The management of the Company and its subsidiary
bahwa tidak ada perbedaan secara signifikan antara nilai believes that there is no significant difference between the
wajar aset tetap dengan jumlah tercatat. fair value and the carrying amount of fixed assets.
Seluruh aset tetap yang ada pada tanggal pelaporan All of fixed assets as at the reporting date are fully used to
digunakan untuk menunjang aktivitas operasi Perusahaan. support the Company’s operation activities.
368 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 371
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/53 Exhibit E/53
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
11. ASET HAK-GUNA 11. RIGHT-OF-USE ASSETS
Klasifikasi kelompok utama aset hak-guna adalah sebagai The major classification of right-of-use assets are as
berikut: follows:
31 Desember/December 2023
Saldo awal/ Penambahan/ Pengurangan/ Saldo akhir/
Beginning balance Additions Deductions Ending balance
Harga perolehan Acquisition cost
Sewa bangunan 105.319 25.218 (12.881) 117.656 Buildings leases
Akumulasi Accumulated
penyusutan depreciation
Sewa bangunan 66.900 22.612 (12.881) 76.631 Buildings leases
Nilai Tercatat 38.419 41.025 Carrying Amount
31 Desember/December 2022
Saldo awal/ Penambahan/ Pengurangan/ Saldo akhir/
Beginning balance Additions Deductions Ending balance
Harga perolehan Acquisition cost
Sewa bangunan 81.391 23.928 - 105.319 Buildings leases
Akumulasi Accumulated
penyusutan depreciation
Sewa bangunan 45.356 21.544 - 66.900 Buildings leases
Nilai Tercatat 36.035 38.419 Carrying Amount
Jumlah penyusutan yang dibebankan pada operasi adalah Depreciation charged to operations was amounted to
sejumlah Rp 22.612 dan Rp 21.544 untuk tahun yang berakhir Rp 22,612 and Rp 21,544 for the year ended 31 December
pada tanggal 31 Desember 2023 dan 2022 (Catatan 27). 2023 and 2022, respectively (Note 27).
Beberapa transaksi sewa gudang dan kantor mengandung opsi Some leases of warehouses and offices contain extension
perpanjangan yang dapat diambil oleh Perusahaan sebelum options exercisable by the Company before the end of the
masa berakhirnya kontrak yang tidak dapat dibatalkan. Opsi non-cancellable contract period. The extension options held
perpanjangan yang dimiliki hanya dapat diambil oleh are exercisable only by the Company. The Company assesses
Perusahaan. Perusahaan mengevaluasi pada awal dimulainya at lease commencement whether it is reasonably certain to
masa sewa apakah besar kemungkinan akan diambilnya opsi exercise the extension options. The Company reassesses this
perpanjangan. Perusahaan mengevaluasi kembali penentuan assessment if there is a significant event or significant
ini apabila ada peristiwa signifikan atau ada perubahan change in circumstances within its control.
keadaan signifikan di dalam kendali Perusahaan.
12. ASET TAKBERWUJUD 12. INTANGIBLE ASSETS
31 Desember/December 2023
Saldo awal/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Ending
balance Additions Deductions Reclassifications balance
Harga perolehan Acquisition cost
Piranti lunak 191.059 144.413 - 91.826 427.298 Software
Piranti lunak dalam
penyelesaian 69.077 25.113 - (91.826) 2.364 Software in progress
Jumlah Harga Perolehan 260.136 169.526 - - 429.662 Total Acquisition Cost
Akumulasi amortisasi Accumulated amortization
Piranti lunak 120.637 53.859 - - 174.496 Software
Nilai Tercatat 139.499 255.166 Carrying Amount
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 369
Page 372
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/54 Exhibit E/54
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
12. ASET TAKBERWUJUD (Lanjutan) 12. INTANGIBLE ASSETS (Continued)
31 Desember/December 2022
Saldo awal/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Ending
balance Additions Deductions Reclassifications balance
Harga perolehan Acquisition cost
Piranti lunak 146.720 32.228 - 12.111 191.059 Software
Piranti lunak dalam
penyelesaian 7.618 73.570 - (12.111) 69.077 Software in progress
Jumlah Harga Perolehan 154.338 105.798 - - 260.136 Total Acquisition Cost
Akumulasi amortisasi Accumulated amortization
Piranti lunak 98.145 22.492 - - 120.637 Software
Nilai Tercatat 56.193 139.499 Carrying Amount
Jumlah amortisasi yang dibebankan pada operasi adalah Amortization charged to operations was amounted
sejumlah Rp 53.859 dan Rp 22.492 masing-masing untuk tahun to Rp 53,859 and Rp 22,492 for the year ended
yang berakhir pada tanggal 31 Desember 2023 dan 2022 31 December 2023 and 2022, respectively (Note 27).
(Catatan 27).
13. PINJAMAN YANG DITERIMA - PIHAK KETIGA 13. FUND BORROWINGS – THIRD PARTIES
Pinjaman yang diterima terdiri dari: Borrowings consist of the followings:
31 Desember/December
2023 2022
Pinjaman (Dolar AS) Borrowings (US Dollar)
Pinjaman Sindikasi 1.919.292 1.085.439 Syndicated Loan
PT Bank CTBC Indonesia 200.408 - PT Bank CTBC Indonesia
responsAbility SICAV (Lux) - konsolidasian 89.927 275.292 responsAbility SICAV (Lux) - consolidated
Sub-jumlah pinjaman (Dolar AS) 2.209.627 1.360.731 Sub-total borrowings (US Dollar)
Pinjaman (Rupiah) Borrowings (Rupiah)
PT Bank Mandiri (Persero) Tbk 1.221.847 1.963.402 PT Bank Mandiri (Persero) Tbk
Pinjaman Sindikasi Syndicated Loan
(Agen : PT Bank DKI) 1.076.474 931.386 (Agent : PT Bank DKI)
PT Bank Pan Indonesia Tbk 1.052.320 1.667.859 PT Bank Pan Indonesia Tbk
PT Bank Central Asia Tbk 980.555 1.654.167 PT Bank Central Asia Tbk
PT United Tractors Tbk 432.257 407.100 PT United Tractors Tbk
PT Bank KEB Hana Indonesia 330.278 237.778 PT Bank KEB Hana Indonesia
PT Bank Jago Tbk 296.893 300.000 PT Bank Jago Tbk
PT Bank CIMB Niaga Tbk 276.891 230.756 PT Bank CIMB Niaga Tbk
PT Bank DKI 261.214 422.774 PT Bank DKI
PT Bank Pembangunan Daerah Jawa Barat PT Bank Pembangunan Daerah Jawa Barat
dan Banten Tbk 150.000 - dan Banten Tbk
PT Bank China Construction PT Bank China Construction
Bank Indonesia Tbk 132.177 212.787 Bank Indonesia Tbk
PT Bank UOB Indonesia 100.000 400.000 PT Bank UOB Indonesia
PT Bank Shinhan Indonesia 100.000 166.667 PT Bank Shinhan Indonesia
PT Bank Permata Tbk 35.417 135.417 PT Bank Permata Tbk
PT Gaya Makmur Tractors 35.141 52.618 PT Gaya Makmur Tractors
PT Bank Permata Syariah Tbk 10.417 35.417 PT Bank Permata Syariah Tbk
PT Bank Victoria International Tbk - 100.000 PT Bank Victoria International Tbk
Sub-jumlah pinjaman (Rupiah) 6.491.881 8.918.128 Sub-total borrowings (Rupiah)
Jumlah pinjaman 8.701.508 10.278.859 Total borrowings
Dikurangi: Less:
Biaya transaksi yang belum diamortisasi (35.648) (31.951) Unamortized transaction costs
Pinjaman – neto 8.665.860 10.246.908 Borrowings – net
370 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 373
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/55 Exhibit E/55
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
13. PINJAMAN YANG DITERIMA - PIHAK KETIGA (Lanjutan) 13. FUND BORROWINGS – THIRD PARTIES (Continued)
Kisaran suku bunga kontraktual setahun untuk pinjaman dari The range of contractual interest rates per annum on the
bank di atas adalah sebagai berikut: above bank loans are as follows:
31 Desember/December
2023 2022
Rupiah 5,00 – 7,50 5,00 – 8,50 Rupiah
Dolar AS 2,25 - 7,36 2,25 - 6,45 US Dollar
Rincian dari fasilitas pinjaman yang diterima adalah sebagai The detail of loan facilities are as follows:
berikut:
Perjanjian Jatuh tempo Saldo pinjaman/
terakhir/ fasilitas/ Outstanding loan
Nama Bank/ Latest Facility Batas fasilitas/ 31 Desember/December
`
Bank's Name agreement due date** Facility limit 2023 2022
Dolar AS/US Dollar
Pinjaman Sindikasi
(Agen : Standard Chartered Bank
(Hong Kong) Ltd.) 17-Mar-2020 23-Mar-2023 USD 100.000.000* - 39.327
(Agen : Standard Chartered Bank
(Hong Kong) Ltd.) 30-Aug-2021 14-Mar-2025 USD 80.000.000* 531.852 1.046.112
(Agen : Standard Chartered Bank
(Hong Kong) Ltd.) 2-May-2023 18-Dec-2026 USD 150.000.000* 1.387.440 -
USD 330.000.000* 1.919.292 1.085.439
PT Bank CTBC Indonesia 20-Feb-2023 20-Feb-2026 USD 18.000.000* 200.408 -
responsAbility SICAV (Lux) - konsolidasian 5-Apr-2021 22-Apr-2024 USD 35.000.000* 89.927 275.292
Jumlah Dolar AS/Total US Dollar USD 383.000.000* 2.209.627 1.360.731
Rupiah
PT Bank Mandiri (Persero) Tbk 29-Dec-2020 23-Feb-2024 250.000 20.833 104.167
31-Mar-2021 14-Jul-2025 200.000 82.443 132.232
8-Dec-2021 8-Mar-2026 250.000 147.631 207.169
29-Mar-2022 26-Apr-2026 750.000 362.792 614.697
26-Jul-2022 22-Aug-2024 500.000 165.114 412.925
20-Sep-2022 9-Dec-2024 500.000 250.519 492.212
28-Feb-2023 27-Mar-2025 750.000 192.515 -
3.200.000 1.221.847 1.963.402
Pinjaman Sindikasi
(Agen : PT Bank DKI) 23-Sep-2022 29-Mar-2026 1.600.000 1.076.474 931.386
PT Bank Pan Indonesia Tbk 6-Dec-2019 27-Feb-2023 500.000 - 16.667
29-Aug-2023 31-Aug-2024 100.000 - 100.000
30-Apr-2021 24-Jan-2025 1.000.000 210.653 609.526
24-Aug-2022 12-Dec-2025 1.000.000 541.667 941.666
13-Mar-2023 18-Dec-2026 1.000.000 300.000 -
3.600.000 1.052.320 1.667.859
PT Bank Central Asia Tbk 24-Oct-2019 19-Feb-2023 500.000 - 11.111
24-Oct-2022 24-Jan-2024 800.000 - -
14-Dec-2020 18-Feb-2025 1.000.000 283.333 595.834
26-Jan-2022 22-Dec-2025 1.200.000 530.555 1.047.222
29-Dec-2022 24-Jan-2026 2.000.000 166.667 -
5.500.000 980.555 1.654.167
Saldo dipindahkan/ Balance brought foward 13.900.000 4.331.196 6.216.814
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 371
Page 374
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/56 Exhibit E/56
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
13. PINJAMAN YANG DITERIMA - PIHAK KETIGA (Lanjutan) 13. FUND BORROWINGS – THIRD PARTIES (Continued)
Rincian dari fasilitas pinjaman yang diterima adalah sebagai The detail of loan facilities are as follows: (Continued)
berikut: (Lanjutan)
Perjanjian Jatuh tempo Saldo pinjaman/
terakhir/ fasilitas/ Outstanding loan
Nama Bank/ Latest Facility Batas fasilitas/ 31 Desember/December
Bank's Name agreement due date** Facility limit 2023 2022
Rupiah
`
Saldo pindahan/Balance carry foward 13.900.000 4.331.196 6.216.814
PT United Tractors Tbk 26-Jun-2023 19-Dec-2026 1.250.000 432.257 407.100
PT Bank KEB Hana Indonesia 11-Feb-2020 3-Mar-2023 400.000 - 23.611
11-Feb-2023 3-Jan-2024 100.000 100.000 100.000
23-Sep-2021 21-Oct-2024 200.000 19.167 114.167
13-Dec-2022 3-Feb-2026 300.000 211.111 -
1.000.000 330.278 237.778
PT Bank Jago Tbk 22-Sep-2022 27-Dec-2026 300.000 296.893 300.000
PT Bank CIMB Niaga Tbk 17-Mar-2022 14-Mar-2025 300.000 126.891 230.756
25-May-2023 28-Dec-2025 500.000 150.000 -
800.000 276.891 230.756
PT Bank DKI 16-Jun-2022 29-Jun-2025 500.000 261.214 422.774
PT Bank Pembangunan Daerah Jawa Barat
dan Banten Tbk 20-Dec-2023 22-Dec-2026 390.000 150.000 -
PT Bank China Construction Bank
Indonesia Tbk 9-Jun-2022 7-Jul-2025 250.000 132.177 212.787
PT Bank UOB Indonesia 28-Sep-2023 3-Jan-2024 400.000 100.000 400.000
PT Bank Shinhan Indonesia 28-Apr-2022 19-May-2025 200.000 100.000 166.667
PT Bank Permata Tbk 28-May-2021 24-May-2024 200.000 35.417 135.417
18-Apr-2023 18-Apr-2024 400.000 - -
600.000 35.417 135.417
PT Gaya Makmur Tractors 6-Jan-2022 25-Jan-2026 67.106 35.141 52.618
PT Bank Permata Syariah Tbk 28-May-2021 24-May-2024 50.000 10.417 35.417
18-Apr-2023 18-Apr-2024 100.000 - -
150.000 10.417 35.417
PT Bank Victoria International Tbk 1-Sep-2023 9-Jun-2024 250.000 - 100.000
PT Bank Mizuho Indonesia 25-Nov-2023 25-Nov-2024 150.000 - -
PT Bank Maspion Indonesia Tbk 7-Jun-2023 7-Jun-2024 300.000 - -
Jumlah Rupiah/Total Rupiah 20.507.106 6.491.881 8.918.128
Jumlah pinjaman/Total borrowings 8.701.508 10.278.859
*) Nilai penuh *) Full amount
**) Tanggal angsuran terakhir dari pinjaman yang diterima **) The date of the last installment of the loan received
Pada tanggal 31 Maret 2021, Perusahaan menandatangani On 31 March 2021, the Company entered into a Working
Perjanjian Kredit Modal Kerja dengan PT Bank Mandiri Capital Credit Agreement with PT Bank Mandiri (Persero)
(Persero) Tbk sebesar Rp 200.000. Tbk amounting to Rp 200,000.
372 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 375
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/57 Exhibit E/57
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
13. PINJAMAN YANG DITERIMA - PIHAK KETIGA (Lanjutan) 13. FUND BORROWINGS – THIRD PARTIES (Continued)
Pada tanggal 5 April 2021, Perusahaan menandatangani On 5 April 2021, the Company entered into Loan Agreements
Perjanjian Pinjaman dengan 2 sub fund dari responsAbility with 2 sub funds of responsAbility SICAV (LUX), i.e.:
SICAV (Lux) yaitu: responsAbility SICAV (Lux) Micro and SME responsAbility SICAV (Lux) Micro and SME Finance Debt
Finance Debt Fund; dan responsAbility SICAV (Lux) Financial Fund; and responsAbility SICAV (Lux) Financial Inclusion
Inclusion Fund serta MultiConcept Fund Management S.A. Fund, concurrently with a Loan Agreement with
dengan total keseluruhan fasilitas sebesar USD 35.000.000 MultiConcept Fund Management S.A. with overall facilities
(nilai penuh). amounting to USD 35,000,000 (full amount).
Pada tanggal 30 April 2021, Perusahaan menandatangani On 30 April 2021, the Company entered into a Credit
Perjanjian Kredit Pinjaman Tetap V dengan PT Bank Pan Agreement Fixed Loan V with PT Bank Pan Indonesia
Indonesia Tbk sebesar Rp 1.000.000. amounting to Rp 1,000,000.
Pada tanggal 28 Mei 2021, Perusahaan menandatangani On 28 May 2021, the Company entered into a Credit
Perjanjian Kredit Fasilitas Term Loan 2 sebesar Rp 200.000 Agreement Term Loan 2 facility amounting to Rp 200,000
dan Fasilitas Term Loan 3 Musyarakah Mutanaqisoh sebesar and Term Loan 3 Facility Musyarakah Mutanaqisoh
Rp 50.000 dengan PT Bank Permata Tbk. amounting to Rp 50,000 with PT Bank Permata Tbk.
Pada tanggal 24 Juni 2021, Perusahaan menandatangani On 24 June 2021, the Company entered into a Term Loan
Perjanjian Kredit Angsuran Berjangka sebesar Rp 600.000 Credit Agreement amounting to Rp 600,000 with PT Bank
dengan PT Bank Jago Tbk. Jago Tbk.
Pada tanggal 30 Agustus 2021, Perusahaan menandatangani On 30 August 2021, the Company entered into a Secured
perjanjian Fasilitas Sindikasi Pinjaman Berjangka dengan Syndicated Term Loan Facility Agreement amounting to
Jaminan (Term Loan) sebesar USD 80.000.000 (nilai penuh), USD 80,000,000 (full amount), whereas Standard Chartered
dimana Standard Chartered Bank (Hong Kong) Limited Bank (Hong Kong) Limited acting as the Facility Agent, and
bertindak sebagai Agen Fasilitas (the “Facility Agent”), dan PT Bank Central Asia Tbk. acting as the Security Agent.
PT Bank Central Asia Tbk sebagai Agen Jaminan (the
“Security Agent”).
Pada tanggal 23 September 2021, Perusahaan On 23 September 2021, the Company entered into Working
menandatangani Perjanjian Working Capital Installment Capital Installment Agreement amounting to Rp 200,000
sebesar Rp 200.000 dengan PT Bank KEB Hana Indonesia. with PT Bank KEB Hana Indonesia.
Pada tanggal 8 Desember 2021, Perusahaan menandatangani On 8 December 2021, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar Rp 250.000 dengan Capital Credit Agreement amounting to Rp 250,000 with
PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk.
Pada tanggal 6 Januari 2022, Perusahaan menandatangani On 6 January 2022, the Company entered into a Credit
Perjanjian Kredit sebesar Rp 50.000 dengan PT Gaya Makmur Agreement amounting to Rp 50,000 with PT Gaya Makmur
Tractors. Tractors.
Pada tanggal 26 Januari 2022, Perusahaan menandatangani On 26 January 2022, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar Rp 1.000.000 dengan Capital Credit Agreement amounting to Rp 1,000,000 with
PT Bank Central Asia Tbk. PT Bank Central Asia Tbk.
Pada tanggal 17 Maret 2022, Perusahaan menandatangani On 17 March 2022, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar Rp 300.000 dengan Capital Credit Agreement amounting to Rp 300,000 with
PT Bank CIMB Niaga Tbk. PT Bank CIMB Niaga Tbk.
Pada tanggal 25 Maret 2022, Perusahaan menandatangani On 25 March 2022, the Company entered into a second
Perubahan Kedua Perjanjian Kredit Angsuran Berjangka addendum Term Loan Credit Agreement amounting to
sebesar Rp 300.000 dengan PT Bank Jago Tbk. Rp 300,000 with PT Bank Bank Jago Tbk.
Pada tanggal 29 Maret 2022, Perusahaan menandatangani On 29 March 2022, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar Rp 750.000 dengan Capital Credit Agreement amounting to Rp 750,000 with
PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk.
Pada tanggal 28 April 2022, Perusahaan menandatangani On 28 April 2022, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar Rp 200.000 dengan Capital Credit Agreement amounting to Rp 200,000 with
PT Bank Shinhan Indonesia. PT Bank Shinhan Indonesia.
Pada tanggal 9 Juni 2022, Perusahaan menandatangani On 9 June 2022, the Company entered into a Working Capital
Perjanjian Kredit Modal Kerja sebesar Rp 250.000 dengan Credit Agreement amounting to Rp 250,000 with PT Bank
PT Bank China Construction Bank Indonesia Tbk dan China Construction Bank Indonesia Tbk and Rp 250,000 with
Rp 250.000 dengan PT Bank Victoria International Tbk. PT Bank Victoria International Tbk.
Pada tanggal 16 Juni 2022, Perusahaan menandatangani On 16 June 2022, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar Rp 500.000 dengan Capital Credit Agreement amounting to Rp 500,000 with
PT Bank DKI. PT Bank DKI.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 373
Page 376
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/58 Exhibit E/58
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
13. PINJAMAN YANG DITERIMA - PIHAK KETIGA (Lanjutan) 13. FUND BORROWINGS – THIRD PARTIES (Continued)
Pada tanggal 26 Juli 2022, Perusahaan menandatangani On 26 July 2022, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar Rp 500.000 dengan Capital Credit Agreement amounting to Rp 500,000 with
PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk.
Pada tanggal 24 Agustus 2022, Perusahaan menandatangani On 24 August 2022, the Company entered into a Credit
Perjanjian Kredit Pinjaman Tetap VI dengan PT Bank Pan Agreement Fixed Loan VI with PT Bank Pan Indonesia
Indonesia Tbk sebesar Rp 1.000.000. amounting to Rp 1,000,000.
Pada tanggal 20 September 2022, Perusahaan On 20 September 2022, the Company entered into a Working
menandatangani Perjanjian Kredit Modal Kerja sebesar Capital Credit Agreement amounting to Rp 500,000 with
Rp 500.000 dengan PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk.
Pada tanggal 23 September 2022, Perusahaan On 23 September 2022, the Company entered into a
menandatangani Perjanjian Kredit Sindikasi dengan 4 BPD Syndication Credit Agreement with 4 BPD amounting to
sebesar Rp 1.600.000 dimana PT Bank DKI bertindak sebagai Rp 1,600,000 whereas PT Bank DKI acting as the Agent.
Agen.
Pada tanggal 28 September 2022, Perusahaan On 28 September 2022, the Company entered into a Working
menandatangani Perjanjian Kredit Modal Kerja sebesar Capital Credit Agreement amounting to Rp 400,000 with
Rp 400.000 dengan PT Bank UOB Indonesia. PT Bank UOB Indonesia.
Pada tanggal 14 Oktober 2022, plafon fasilitas kredit dari On 14 October 2022, the credit facility limit from PT Gaya
PT Gaya Makmur Tractors dinaikkan menjadi Rp 67.106. Makmur Tractors increased to Rp 67,106.
Pada tanggal 25 November 2022, Perusahaan menandatangani On 25 November 2022, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar Rp 150.000 dengan Capital Credit Agreement amounting to Rp 150,000 with
PT Bank Mizuho Indonesia. PT Bank Mizuho Indonesia.
Pada tanggal 13 Desember 2022, Perusahaan menandatangani On 13 December 2022, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar Rp 300.000 dengan Capital Credit Agreement amounting to Rp 300,000 with
PT Bank KEB Hana Indonesia. PT Bank KEB Hana Indonesia.
Pada tanggal 29 Desember 2022, Perusahaan menandatangani On 29 December 2022, the Company entered into a Credit
Perjanjian Kredit (Installment Loan-6) sebesar Rp 2.000.000, Facility (Installment Loan-6) Agreement amounting to
penambahan limit fasilitas Kredit Multi Fasilitas sebesar Rp 2,000,000, additional Multi Credit Facility limits
Rp 300.000, dan mengalihkan jumlah fasilitas Kredit Multi amounting Rp 300,000, and transferred the amount of Multi
sebesar Rp 200.000 menjadi fasilitas Installment Loan 5 Credit Facility limits amounting Rp 200,000 to Credit
dengan PT Bank Central Asia Tbk Facility (Installment Loan 5) with PT Bank Central Asia Tbk.
Pada tanggal 20 Februari 2023 Perusahaan menandatangani On 20 February 2023, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar USD 18.000.000 (nilai Capital Credit Agreement amounting to USD 18,000,000 (full
penuh) dengan PT Bank CTBC Indonesia. amount) with PT Bank CTBC Indonesia.
Pada tanggal 28 Februari 2023, Perusahaan menandatangani On 28 February 2023, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar Rp 750.000 dengan Capital Credit Agreement amounting to Rp 750,000 with
PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk.
Pada tanggal 13 Maret 2023, Perusahaan menandatangani On 13 March 2023, the Company entered into a Credit
Perjanjian Kredit Pinjaman Tetap VII dengan PT Bank Pan Agreement Fixed Loan VII with PT Bank Pan Indonesia
Indonesia Tbk sebesar Rp 1.000.000. amounting to Rp 1,000,000.
Pada tanggal 18 April 2023, Perusahaan menandatangani On 18 April 2023, the Company entered into a Credit
Perjanjian Fasilitas Kredit Term Loan 4 sebesar Rp 400.000 Facility Agreement relating to Term Loan 4 with amount up
dan Fasilitas Term Financing Musyarakah Mutanaqisoh 2 to Rp 400,000 and Term Financing Musyarakah Mutanaqisoh
sebesar Rp 100.000 dengan PT Bank Permata Tbk. 2 Agreement amounting to Rp 100,000 with PT Bank Permata
Tbk.
Pada tanggal 2 Mei 2023, Perusahaan menandatangani On 2 May 2023, the Company entered into a Secured
perjanjian Fasilitas Sindikasi Pinjaman Berjangka dengan Syndicated Term Loan Facility Agreement amounting to
Jaminan (Term Loan) sebesar USD 150.000.000 (nilai penuh), USD 150,000,000 (full amount), whereas Standard Chartered
dimana Standard Chartered Bank (Hong Kong) Limited Bank (Hong Kong) Limited acting as the Facility Agent, and
bertindak sebagai Agen Fasilitas (the “Facility Agent”), dan PT Bank Central Asia Tbk. acting as the Security Agent.
PT Bank Central Asia Tbk sebagai Agen Jaminan (the “Security
Agent”).
Pada tanggal 25 Mei 2023, Perusahaan menandatangani On 25 May 2023, the Company entered into a Facility
Perjanjian Fasilitas Pinjaman Transaksi Khusus 2 sebesar Agreement relating to Pinjaman Transaksi Khusus 2
Rp 500.000 dengan PT Bank CIMB Niaga Tbk. amounting to Rp 500,000 with PT Bank CIMB Niaga Tbk.
374 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 377
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/59 Exhibit E/59
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
13. PINJAMAN YANG DITERIMA - PIHAK KETIGA (Lanjutan) 13. FUND BORROWINGS – THIRD PARTIES (Continued)
Pada tanggal 7 Juni 2023, Perusahaan menandatangani On 7 June 2023, the Company entered into a Working Capital
Perjanjian Kredit Modal Kerja sebesar Rp 300.000 dengan Credit Agreement amounting to Rp 300,000 with PT Bank
PT Bank Maspion IndonesiaTbk. Maspion Indonesia Tbk.
Pada tanggal 20 Desember 2023, Perusahaan menandatangani On 20 December 2023, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar Rp 390.000 dengan Capital Credit Agreement amounting to Rp 390,000 with
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk. PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk.
Seluruh perjanjian di atas mencakup adanya pembatasan- All loan agreements include certain covenants which are
pembatasan tertentu yang umumnya diharuskan untuk normally required for such credit facilities, such as
fasilitas-fasilitas kredit tersebut, antara lain, pembatasan limitations to initiate merger or consolidation with other
untuk melakukan penggabungan usaha atau konsolidasi parties, obtain loans from other parties except loans
dengan pihak lain, mengadakan perjanjian pinjaman obtained in the normal course of business, or changes in its
dengan pihak lain selain yang timbul dalam kegiatan capital structure and/or articles of association without
usaha yang normal atau melakukan perubahan atas struktur notification to/prior written approval from creditors and
modal dan/atau anggaran dasar tanpa adanya maintenance of certain agreed financial ratios.
pemberitahuan/persetujuan tertulis dari kreditur dan
mempertahankan rasio-rasio keuangan tertentu.
Pembayaran bunga dan pokok pinjaman telah dibayarkan Interest and principal loan payments have been paid by
oleh Perusahaan sesuai dengan jadwal. Pembayaran pokok the Company on schedule. Payment of principal borrowings
pinjaman untuk tahun yang berakhir 31 Desember 2023 dan for the year ended 31 December 2023 and 2022 amounting
2022 adalah masing-masing sebesar Rp 6.506.468 dan to Rp 6,506,468 and Rp 4,982,868, respectively.
Rp 4.982.868.
Pada tanggal 31 Desember 2023 dan 2022, Perusahaan dan As of 31 December 2023 and 2022, the Company and its
entitas anaknya telah memenuhi seluruh persyaratan yang subsidiary have complied with all the requirements
disebutkan dalam perjanjian fasilitas-fasilitas pinjaman ini. mentioned in the loan facility agreements.
14. PERPAJAKAN 14. TAXATION
a. Utang pajak a. Taxes payable
31 Desember/December
2023 2022
Pajak Penghasilan: Income Taxes:
Pasal 21 33.430 38.902 Article 21
Pasal 23 950 1.391 Article 23
Pasal 25 23.542 37.161 Article 25
Pasal 26 61.258 60.125 Article 26
Pasal 4(2) – Final 42 341 Article 4(2) – Final
Pajak Pertambahan Nilai (PPN) 3.815 2.426 Value Added Tax (VAT)
Taksiran utang pajak kini Estimated Current Income Tax
(Pasal 29) (Catatan 14b) 76.680 122.923 (Article 29) (Note 14b)
Jumlah 199.717 263.269 Total
b. Beban pajak penghasilan b. Income tax expenses
31 Desember/December
2023 2022
Pajak kini Current
Perusahaan 342.193 429.256 The Company
Entitas anak - - Subsidiary
Tangguhan Deferred
Perusahaan 34.025 (1.400) The Company
Entitas anak (2.538) 147 Subsidiary
Penyesuaian tahun lalu - Perusahaan 7.773 3.999 Prior years adjustment – The Company
Jumlah 381.453 432.002 Total
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 375
Page 378
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/60 Exhibit E/60
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
14. PERPAJAKAN (Lanjutan) 14. TAXATION (Continued)
b. Beban pajak penghasilan (Lanjutan) b. Income tax expenses (Continued)
Rekonsiliasi antara laba sebelum pajak, sebagaimana yang A reconciliation between profit before tax, as
disajikan dalam laporan laba rugi dan penghasilan presented in the consolidated statement of profit or
komprehensif lain konsolidasian, dengan taksiran laba kena loss and other comprehensive income, and estimated
pajak untuk tahun yang berakhir pada tanggal 31 Desember taxable profit for the year ended 31 December 2023 and
2023 dan 2022 adalah sebagai berikut: 2022 are as follows:
31 Desember/December
2023 2022
Laba sebelum pajak menurut Profit before tax per
laporan laba rugi dan consolidated statements of
penghasilan komprehensif profit or loss and other
lain konsolidasian 2.025.252 2.238.681 comprehensive income
Rugi (laba) entitas anak sebelum
pajak penghasilan 11.409 (26) Loss (profit) before tax of subsidiary
Laba sebelum pajak Perusahaan 2.036.661 2.238.655 Profit before tax of the Company
Beda tetap: Permanent differences:
Beban sewa - 952 Rent expenses
Pendapatan keuangan yang Finance income subjected
pajaknya bersifat final (83.120) (22.870) to final tax
Beban asuransi - 13.869 Insurance expenses
Beban depresiasi - 2.289 Depreciation expenses
Beban lain-lain 26.554 18.982 Other expenses
Jumlah beda tetap (56.566) 13.222 Total permanent differences
Beda temporer: Temporary differences:
Gaji dan imbalan pasca-kerja (39.698) 60.940 Salaries and post-employment benefits
Cadangan kerugian penurunan Allowance for impairment losses
nilai piutang pembiayaan of financing receivables and
dan piutang lain-lain 1.048.943 424.530 other receivables
Penghapusan piutang (1.083.515) (431.456) Receivables written-off
Penyusutan aset tetap (44.133) 12.112 Depreciation of fixed assets
Keuntungan neto atas
penjualan aset tetap (7.208) (10.202) Net gain on sale of fixed assets
Amortisasi biaya emisi surat Amortization of securities
berharga yang diterbitkan (5.715) 4.007 issuance cost
Biaya transaksi yang belum diamortisasi Unamortized transaction cost
atas pinjaman yang diterima (3.697) (10.732) on fund borrowings
Biaya transaksi yang belum diamortisasi Unamortized transaction cost
atas piutang pembiayaan (44.053) (41.835) on financing receivables
Jumlah beda temporer (179.076) 7.364 Total temporary differences
Taksiran laba kena pajak 1.801.019 2.259.241 Estimated taxable profit
Tarif pajak 19% 19% Tax rate
Taksiran beban pajak kini 342.193 429.256 Estimated current tax expense
Dikurang: pajak dibayar di muka (265.513) (306.333) Less : prepaid taxes
Estimated current tax payable –
Taksiran utang pajak kini - Perusahaan 76.680 122.923 The Company
Perhitungan pajak penghasilan badan untuk tahun yang The corporate income tax calculation for the year
berakhir pada tanggal 31 Desember 2023 dan 2022 adalah ended 31 December 2023 and 2022 was a preliminary
suatu perhitungan sementara yang dibuat untuk tujuan estimate made for accounting purposes and is subject
akuntansi dan dapat berubah pada saat Perusahaan to revision when the Company filed its Annual
menyampaikan Surat Pemberitahuan (SPT) Tahunan PPh Corporate Income Tax Return (“CIT”).
Badan.
Perhitungan pajak penghasilan badan untuk tahun yang The corporate income tax calculation for the year
berakhir pada tanggal 31 Desember 2022 telah sesuai ended 31 December 2022 has comform with its Annual
dengan Surat Pemberitahuan (SPT) Tahunan PPh Badan Corporate Income Tax Return (“CIT”) filed by the
Perusahaan. Company.
376 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 379
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/61 Exhibit E/61
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
14. PERPAJAKAN (Lanjutan) 14. TAXATION (Continued)
c. Pajak tangguhan c. Deferred tax
Rekonsiliasi antara beban pajak penghasilan dihitung A reconciliation between the income tax expense
dengan menggunakan tarif pajak yang berlaku atas laba calculated by applying the applicable tax rates to profit
sebelum pajak penghasilan, dengan beban pajak before income tax, and the income tax expenses
penghasilan sebagaimana disajikan dalam laporan laba as presented in the statement of profit or loss and other
rugi dan penghasilan komprehensif lain untuk tahun yang comprehensive income for the year ended 31 December
berakhir pada tanggal 31 Desember 2023 dan 2022 adalah 2023 and 2022 are as follows:
sebagai berikut:
31 Desember/December
2023 2022
Laba sebelum pajak menurut Profit before tax per
laporan laba rugi dan consolidated statements
penghasilan komprehensif of profit or loss and other
lain konsolidasian 2.025.252 2.238.681 comprehensive income
Rugi (laba) entitas anak sebelum pajak 11.409 (26) Loss (profit) before tax of subsidiary
Laba sebelum pajak Perusahaan 2.036.661 2.238.655 Profit before tax of the Company
Beban pajak dengan tarif pajak Tax expense at the applicable
tunggal yang berlaku 386.966 425.344 single tax rate
Pengaruh pajak penghasilan atas: Tax effects on:
Beda tetap pada tarif pajak Permanent differences at the
tunggal yang berlaku (10.748) 2.512 applicable single tax rate
Penyesuaian tahun lalu 7.773 3.999 Prior years adjustment
Jumlah 383.991 431.855 Total
Pengaruh pajak tangguhan atas beda temporer yang The deferred tax effects of the significant temporary
signifikan antara laporan komersial dan fiskal terdiri dari: differences between commercial and fiscal reporting are
as follows:
Dikreditkan
(dibebankan)
ke ekuitas dari
penghasilan
Dikreditkan komprehensif
(dibebankan) lain/
ke laporan Credited
laba rugi / (charged) to
Credited equity from
31 Desember/ (charged) to other 31 Desember/
December statement of comprehensive December
2022 profit or loss income 2023
Aset pajak tangguhan Deferred tax assets
Cadangan kerugian Allowance for
penurunan nilai piutang 94.742 (6.569) - 88.173 impairment losses on receivables
Imbalan pasca-kerja 21.206 3.916 1.986 27.108 Post-employment benefits
Beban akrual 48.845 (11.445) - 37.400 Accrued expenses
Penyusutan aset tetap Depreciation of fixed assets and
dan amortisasi aset takberwujud (9.446) (9.755) - (19.201) amortization of intangible assets
Biaya transaksi yang belum
diamortisasi atas Unamortized transaction cost
piutang pembiayaan 12.034 (8.370) - 3.664 on financing receivables
Biaya emisi surat berharga
yang diterbitkan yang Unamortized securities
belum diamortisasi (667) (1.086) - (1.753) issued cost
Biaya transaksi yang belum
diamortisasi atas Unamortized transaction cost
pinjaman yang diterima (6.070) (702) - (6.772) on fund borrowings
Penghasilan komprehensif lain 2.407 - (2.565) (158) Other comprehensive income
Rugi fiskal 978 2.524 - 3.502 Fiscal loss
Aset pajak tangguhan – neto 164.029 (31.487) (579) 131.963 Deferred tax assets – net
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 377
Page 380
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/62 Exhibit E/62
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
14. PERPAJAKAN (Lanjutan) 14. TAXATION (Continued)
c. Pajak tangguhan (Lanjutan) c. Deferred tax (Continued)
Pengaruh pajak tangguhan atas beda temporer yang The deferred tax effects of the significant temporary
signifikan antara laporan komersial dan laporan fiskal differences between commercial and fiscal reporting
terdiri dari: (Lanjutan) are as follows: (Continued)
Dikreditkan
(dibebankan)
ke ekuitas dari
penghasilan
Dikreditkan komprehensif
(dibebankan) lain/
ke laporan Credited
laba rugi / (charged) to
Credited equity from
31 Desember/ (charged) to other 31 Desember/
December statement of comprehensive December
2021 profit or loss income 2022
Aset (liabilitas) pajak tangguhan Deferred tax assets (liabilities)
Cadangan kerugian Allowance for
penurunan nilai piutang 96.058 (1.316) - 94.742 impairment losses on receivables
Imbalan pasca-kerja 21.858 (2.365) 1.713 21.206 Post-employment benefits
Beban akrual 34.758 14.087 - 48.845 Accrued expenses
Penyusutan aset tetap Depreciation of fixed assets and
dan amortisasi aset takberwujud (9.816) 370 - (9.446) amortization of intangible assets
Biaya transaksi yang belum
diamortisasi atas Unamortized transaction cost
piutang pembiayaan 19.982 (7.948) - 12.034 on financing receivables
Biaya emisi surat berharga
yang diterbitkan yang Unamortized securities
belum diamortisasi (1.428) 761 - (667) issued cost
Biaya transaksi yang belum
diamortisasi atas Unamortized transaction cost
pinjaman yang diterima (4.031) (2.039) - (6.070) on fund borrowings
Penghasilan komprehensif lain 7.425 - (5.018) 2.407 Other comprehensive income
Rugi fiskal 1.275 (297) - 978 Fiscal loss
Aset pajak tangguhan – neto 166.081 1.253 (3.305) 164.029 Deferred tax assets – net
Manajemen berkeyakinan bahwa laba fiskal pada masa The management believes that future taxable profit
datang akan memadai untuk mengkompensasikan will be sufficient to be compensated against the
perbedaan temporer yang dapat dikurangkan. deductible of temporary differences.
d. Administrasi d. Administration
Berdasarkan Undang-Undang Perpajakan yang berlaku di Based on the Taxation Laws in Indonesia, the Company
Indonesia, Perusahaan menghitung, menetapkan dan submits tax returns on the basis of self assessment.
membayar sendiri besarnya jumlah pajak yang terutang. The Director General of Tax (DGT) may assess or
Direktur Jenderal Pajak ("DJP") dapat menetapkan atau amend taxes within 5 (five) years of the time the tax
mengubah kewajiban pajak dalam batas waktu 5 (lima) becomes due. Amendments to tax obligations of the
tahun sejak saat terutangnya pajak. Koreksi terhadap Company are recorded when an assessment is received
kewajiban pajak Perusahaan diakui pada saat Surat or, if appealed against, when the result of the appeal
Ketetapan Pajak diterima atau jika Perusahaan is determined.
mengajukan keberatan, pada saat keputusan atas
keberatan Perusahaan tersebut telah ditetapkan.
378 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 381
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/63 Exhibit E/63
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
14. PERPAJAKAN (Lanjutan) 14. TAXATION (Continued)
d. Administrasi (lanjutan) d. Administration (Continued)
Pada tanggal 31 Maret 2020, Presiden Republik Indonesia On 31 March 2020, the President of the Republic
menetapkan Peraturan Pemerintah Pengganti Undang- Indonesia established Government Regulation in Lieu of
Undang (Perpu) Republik Indonesia No. 1 Tahun 2020 Law (Perpu) of the Republic of Indonesia No. 1 of Year
(“PP No. 1/2020”) tentang “Kebijakan Keuangan Negara 2020 (“PP No. 1/2020”) concerning “State Financial
Dan Stabilitas Sistem Keuangan Untuk Penanganan Policy and Financial System Stability for Handling the
Pandemi Corona Virus Disease 2019 (“Covid-19”) 2019 Corona Virus Disease (“Covid-19”) Pandemic
dan/atau Dalam Rangka Menghadapi Ancaman Yang and/or In Order to Face Threats that Harm National
Membahayakan Perekonomian Nasional dan/atau Economy and/or Financial System Stability” which has
Stabilitas Sistem Keuangan” yang telah menjadi Undang- become Law (UU) No.2 Year 2020, as well as stipulated
Undang (UU) No.2 Tahun 2020, serta menetapkan Government Regulation (PP) No. 30 Year 2020
Peraturan Pemerintah (PP) No. 30 Tahun 2020 tentang concerning Tariff Reduction for Domestic Public
Penurunan Tarif Pajak Penghasilan Bagi Wajib Pajak Companies Taxpayers and effective since 19 June 2020.
Badan Dalam Negeri yang Berbentuk Perseroan Terbuka The regulation has stipulated the reduction in the
dan berlaku sejak tanggal 19 Juni 2020. Aturan tersebut income tax rates for domestic corporate taxpayers and
menetapkan penurunan tarif pajak penghasilan Wajib business establishment from 25% to 22% for fiscal year
Pajak Badan Dalam Negeri dan bentuk usaha tetap dari 2020 and 2021 and 20% for the Fiscal Year 2022
semula 25% menjadi 22% untuk tahun pajak 2020 dan onwards.
2021 dan 20% mulai Tahun Pajak 2022 dan seterusnya.
Pada tanggal 18 Juni 2020, PP No. 56/2015 tentang On 18 June 2020, PP No. 56/2015 concerning the
Perubahan atas Peraturan Pemerintah No. 77 Tahun 2013, Amendment of Government Regulation No. 77 Year
dicabut dan dinyatakan tidak berlaku, digantikan dengan 2013, revoked and declared invalid, replaced by
Peraturan Pemerintah No. 30 Tahun 2020 (“PP No. Government Regulation No. 30 Year 2020 ("PP No.
30/2020”) tentang “Penurunan Tarif Pajak Penghasilan 30/2020") on “Income Tax Rate Reduction Corporate
Bagi Wajib Pajak Badan Dalam Negeri yang Berbentuk Taxpayers in the Form of Publicly-listed Companies".
Perseroan Terbuka”.
PP No. 30/2020 ini mengatur perseroan terbuka dalam PP No. 30/2020 regulates publicly-listed companies in
negeri di Indonesia dapat memperoleh penurunan tarif Indonesia can obtain the reduced income tax rate of
pajak penghasilan sebesar 3% lebih rendah dari tarif pajak 3% lower than the income tax rate corporate taxpayer
penghasilan Wajib Pajak badan dalam negeri, dengan in the country, provided they meet the prescribed
memenuhi kriteria yang ditentukan, yaitu paling sedikit criteria, ie at least 40% of the total paid-up shares
40% dari jumlah keseluruhan saham yang disetor dicatat recorded to be traded on the stock exchanges in
untuk diperdagangkan di bursa efek di Indonesia; saham Indonesia; the shares must be held by at least 300
tersebut harus dimiliki oleh paling sedikit Parties; each Party may only have a share of less than
300 Pihak; masing-masing Pihak hanya boleh memiliki 5% of the total shares issued and fully paid; and must
saham kurang dari 5% dari keseluruhan saham yang be met in a short time at least 183 calendar days
ditempatkan dan disetor penuh; dan harus dipenuhi within a fiscal year.
dalam waktu paling singkat 183 hari kalender dalam
jangka waktu satu tahun pajak.
Pada tanggal 29 Oktober 2021, Pemerintah menerbitkan On 29 October 2021, the Government issue Law of the
Undang-Undang Republik Indonesia No. 7 Tahun 2021 Republic of Indonesia No. 7 Year 2021 concerning
tentang Harmonisasi Peraturan Perpajakan (“UU HPP”). Harmonisation of Taz Regulations (“UU HPP”). The
Aturan tersebut menetapkan tarif pajak penghasilan regulation has stipulated the income tax rate for
wajib pajak dalam negeri dan bentuk usaha tetap sebesar domestic taxpayer and business establishment of 22%
22% yang mulai berlaku pada Tahun Pajak 2022 dan which will be effective from the Fiscal Year 2022
seterusnya. Dengan demikian, penetapan tarif pajak onwards. Hence, the previously tax rate determination
sebelumnya sebesar 20% menjadi tidak berlaku setelah of 20% will be invalid after the ratification of this Law.
Undang-Undang ini disahkan.
Pada tanggal 31 Desember 2023 dan 2022, Perusahaan As of 31 December 2023 and 2022, the Company has
telah memenuhi persyaratan di atas (sesuai “UU HPP” dan met requirements (“UU HPP” and “PP No. 30/2020”) to
“PP No.30/2020”) untuk mendapatkan penurunan tarif obtain the reduced income tax rate of 3%, so that the
sebesar 3%, sehingga menggunakan tarif 19% untuk rate using of 19% for corporate income tax calculation.
perhitungan PPh Badan.
Sesuai dengan peraturan perpajakan di Indonesia, Under the taxation laws of Indonesia, the Company
Perusahaan melaporkan/menyetorkan pajak berdasarkan submits tax returns on the basis of self-assesment.
sistem self-assesment. Fiskus dapat menetapkan atau The tax authorities may assess or amend taxes within
mengubah pajak-pajak tersebut dalam jangka waktu the statute of limitations, under prevailing
tertentu sesuai dengan peraturan yang berlaku. regulations.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 379
Page 382
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/64 Exhibit E/64
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
15. SURAT BERHARGA YANG DITERBITKAN 15. SECURITIES ISSUED
31 Desember/December
2023 2022
Nilai nominal: Nominal value:
Obligasi Berkelanjutan IV BFI Finance Obligasi Berkelanjutan IV BFI Finance
Indonesia Tahap III Tahun 2020 - 395.000 Indonesia Tahap III Tahun 2020
Obligasi Berkelanjutan V BFI Finance Obligasi Berkelanjutan V BFI Finance
Indonesia Tahap I Tahun 2021 400.000 400.000 Indonesia Tahap I Tahun 2021
Obligasi Berkelanjutan V BFI Finance Obligasi Berkelanjutan V BFI Finance
Indonesia Tahap II Tahun 2021 530.000 790.000 Indonesia Tahap II Tahun 2021
Obligasi Berkelanjutan V BFI Finance Obligasi Berkelanjutan V BFI Finance
Indonesia Tahap III Tahun 2023 1.100.000 - Indonesia Tahap III Tahun 2023
Obligasi Berkelanjutan V BFI Finance Obligasi Berkelanjutan V BFI Finance
Indonesia Tahap IV Tahun 2023 1.600.000 - Indonesia Tahap IV Tahun 2023
Obligasi Berkelanjutan V BFI Finance Obligasi Berkelanjutan V BFI Finance
Indonesia Tahap V Tahun 2023 1.100.000 - Indonesia Tahap V Tahun 2023
Jumlah nilai nominal 4.730.000 1.585.000 Total nominal value
Dikurangi: Less:
Biaya emisi Obligasi yang
belum diamortisasi (9.225) (3.510) Unamortized Bonds issuance cost
Jumlah – neto 4.720.775 1.581.490 Total - net
31 Desember/December
2023 2022
Utang Obligasi sesuai jatuh temponya: Bonds payable by maturity profile:
< 1 tahun 2.387.000 655.000 < 1 year
1-2 tahun 612.000 930.000 1-2 years
2-3 tahun 1.731.000 - 2-3 years
4.730.000 1.585.000
Amortisasi biaya emisi Obligasi yang Amortization of Bonds issuance costs
dibebankan ke laporan charged to the consolidated
laba rugi dan penghasilan statement of profit or loss
komprehensif lain and other comprehensive
konsolidasian (Catatan 26) 7.924 4.026 income (Note 26)
Obligasi Berkelanjutan IV BFI Finance Indonesia Tahap III Obligasi Berkelanjutan IV BFI Finance Indonesia Tahap III
Tahun 2020 Tahun 2020
Obligasi/ Nilai nominal/ Tingkat bunga tetap/ Jatuh tempo/ Status pembayaran/ Peringkat/
Bonds Nominal value Fixed interest rate Due date Payment status Rating
Seri/Serial A Rp 437.000 8,00% 18 September 2021 Lunas/Paid A+(idn)
Seri/Serial B Rp 395.000 9,50% 8 September 2023 Lunas/Paid AA-(idn)
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap I Obligasi Berkelanjutan V BFI Finance Indonesia Tahap I
Tahun 2021 Tahun 2021
Obligasi/ Nilai nominal/ Tingkat bunga tetap/ Jatuh tempo/ Status pembayaran/ Peringkat/
Bonds Nominal value Fixed interest rate Due date Payment status Rating
Seri/Serial A Rp 200.000 6,00% 8 Juni/June 2022 Lunas/Paid A+(idn)
Seri/Serial B Rp 400.000 7,75% 28 Mei/May 2024 Belum jatuh tempo/Not yet due AA-(idn)
380 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 383
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/65 Exhibit E/65
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
15. SURAT BERHARGA YANG DITERBITKAN (Lanjutan) 15. SECURITIES ISSUED (Continued)
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap II Obligasi Berkelanjutan V BFI Finance Indonesia Tahap II
Tahun 2021 Tahun 2021
Obligasi/ Nilai nominal/ Tingkat bunga tetap/ Jatuh tempo/ Status pembayaran/ Peringkat/
Bonds Nominal value Fixed interest rate Due date Payment status Rating
Seri/Serial A 210.000 5,25% 16 Agustus/August 2022 Lunas/Paid A+(idn)
Seri/Serial B 260.000 6,25% 6 Agustus/August 2023 Lunas/Paid AA-(idn)
Seri/Serial C 530.000 7,25% 6 Agustus/August 2024 Belum jatuh tempo/Not yet due AA-(idn)
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap III Obligasi Berkelanjutan V BFI Finance Indonesia Tahap III
Tahun 2023 Tahun 2023
Obligasi/ Nilai nominal/ Tingkat bunga tetap/ Jatuh tempo/ Status pembayaran/ Peringkat/
Bonds Nominal value Fixed interest rate Due date Payment status Rating
Seri/Serial A 617.000 6,25% 7 Februari/ Belum jatuh tempo/Not yet due AA-(idn)
February 2024
Seri/Serial B 227.000 7,00% 27 Januari/January 2025 Belum jatuh tempo/Not yet due AA-(idn)
Seri/Serial C 256.000 7,375% 27 Januari/January 2026 Belum jatuh tempo/Not yet due AA-(idn)
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap IV Obligasi Berkelanjutan V BFI Finance Indonesia Tahap IV
Tahun 2023 Tahun 2023
Obligasi/ Nilai nominal/ Tingkat bunga tetap/ Jatuh tempo/ Status pembayaran/ Peringkat/
Bonds Nominal value Fixed interest rate Due date Payment status Rating
Seri/Serial A 590.000 6,10% 24 April 2024 Belum jatuh tempo/Not yet due AA-(idn)
Seri/Serial B 385.000 7,00% 14 April 2025 Belum jatuh tempo/Not yet due AA-(idn)
Seri/Serial C 625.000 7,15% 14 April 2026 Belum jatuh tempo/Not yet due AA-(idn)
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap V Obligasi Berkelanjutan V BFI Finance Indonesia Tahap V
Tahun 2023 Tahun 2023
Obligasi/ Nilai nominal/ Tingkat bunga tetap/ Jatuh tempo/ Status pembayaran/ Peringkat/
Bonds Nominal value Fixed interest rate Due date Payment status Rating
Seri/Serial A 250.000 6,00% 25 Juni/June 2024 Belum jatuh tempo/Not yet due AA-(idn)
Seri/Serial B 850.000 7,00% 15 Juni/June 2026 Belum jatuh tempo/Not yet due AA-(idn)
Sesuai dengan Perjanjian Perwaliamanatan Obligasi, According to the Bonds Trustee agreement, the Company
Perusahaan memberikan jaminan fidusia berupa piutang provides collateral with fiduciary transfer of financing
pembiayaan dengan kategori lancar sebesar 60% untuk receivables amounting to 60% for Obligasi Berkelanjutan IV
Obligasi Berkelanjutan IV BFI Finance Indonesia dan 50% untuk BFI Finance Indonesia and 50% for Obligasi Berkelanjutan V
Obligasi Berkelanjutan V BFI Finance Indonesia, dari nilai BFI Finance Indonesia, of the outstanding principal amount
pokok Obligasi yang terutang (Catatan 5). of the Bonds (Note 5).
Selain itu, selama pokok Obligasi belum dilunasi, Perusahaan Moreover, during the time that the Bonds principals are still
tidak diperkenankan antara lain, membagi dividen dalam hal outstanding, the Company is not allowed to, among others,
Perusahaan lalai dalam membayar jumlah terutang obligasi, declare dividends in the event that the Company defaults in
melakukan penggabungan usaha kecuali dilakukan pada bond obligations, merge unless performed on the same
bidang usaha yang sama, dan menjual atau mengalihkan lebih business, and sells or hand over more than 50% of the
dari 50% aset Perusahaan, kecuali dalam rangka kegiatan Company’s assets, except for daily operation activity. The
usaha sehari-hari. Perusahaan telah memenuhi batasan- Company has complied with the covenants on the trustee
batasan yang diwajibkan dalam perjanjian tersebut. agreements.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 381
Page 384
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/66 Exhibit E/66
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
15. SURAT BERHARGA YANG DITERBITKAN (Lanjutan) 15. SECURITIES ISSUED (Continued)
Semua pembayaran pokok Obligasi dilakukan secara penuh All Bonds principal is paid in full as they fall due. All Bonds
pada saat jatuh tempo. Pembayaran bunga Obligasi dilakukan interest is paid on quarterly basis.
secara triwulan.
Pada tanggal 2 Maret 2023, Perusahaan telah menerima surat On 2 March 2023, the Company has received a letter
dari PT Fitch Ratings Indonesia (“Fitch”) from PT Fitch Ratings Indonesia (“Fitch”)
No. 039/DIR/RATLTR/III/2023 yang menerangkan bahwa Fitch No. 039/DIR/RATLTR/III/2023 confirming the upgrade
telah menaikkan peringkat kredit Perusahaan menjadi of the credit rating of the Company to “AA-(idn)” with
“AA-(idn)” dengan outlook stabil. Peringkat Nasional 'AA' stable outlook. ‘AA’ National Ratings denote expectations
menunjukkan ekspektasi tingkat risiko gagal bayar yang of a very low level of default risk relative to other issuers
sangat rendah dibandingkan dengan emiten atau obligasi lain or obligations in the same country or monetary union.
di negara atau serikat moneter yang sama.
16. BEBAN AKRUAL 16. ACCRUED EXPENSES
31 Desember/December
2023 2022
Bonus dan tunjangan lainnya 198.843 259.129 Bonus and other allowances
Bunga 75.090 48.133 Interest
Jasa tenaga ahli 8.449 129.387 Professional fees
Lain-lain 41.739 42.650 Others
Jumlah 324.121 479.299 Total
17. LIABILITAS IMBALAN PASCA-KERJA 17. POST-EMPLOYMENT BENEFIT LIABILITIES
Perusahaan memberikan imbalan pasca-kerja kepada The Company is required to provide post-employment
karyawannya pada saat pemutusan hubungan kerja atau benefits to its employees when their employment is
pada saat karyawan menyelesaikan masa kerjanya. Imbalan terminated or when they retire. These benefits are
pasca-kerja ini diberikan terutama berdasarkan masa kerja primarily based on years of service and the employees’
dan kompensasi karyawan pada saat pemutusan hubungan compensation at termination or retirement.
kerja atau selesainya masa kerja.
Perusahaan dan entitas anaknya menyelenggarakan The Company and its subsidiary have defined contribution
program pensiun untuk karyawan tetap yang sudah pension program covering its qualified permanent
memenuhi kriteria yang ditetapkan Perusahaan, dimana employees who meets the Company’s criteria, where the
program pensiun ini dikelola dan diadministrasikan oleh contribution pension program is defined and administered
PT Asuransi Jiwa Manulife Indonesia. by PT Asuransi Jiwa Manulife Indonesia.
Imbalan pasca-kerja meliputi pensiun, uang pisah, uang Post-employment benefits include pensions, severance
penghargaan dan imbalan lainnya (Imbalan pasca-kerja pay, service pay and other benefits (Post-employment
(“IPK”) sesuai dengan Undang-Undang Cipta Kerja benefits (“PEB”) as stipulated under the Job Creation
No.11/2020, Peraturan Pemerintah No.35/202 (“PP Law No.11/2020, Government Regulation No.35/2021
35/2021”) dan Program Pensiun Iuran Pasti (PPIP)) dihitung (“GR 35/2021”) and Defined Contribution (DC) Plan)
oleh Steven & Mourits, aktuaris independen, dalam is calculated by Steven & Mourits, an independent actuary,
laporannya bertanggal 17 Januari 2024 dan 25 Januari 2023 in its report dated 17 January 2024 and 25 January 2023 for
masing-masing untuk tahun yang berakhir pada tanggal the year ended 31 December 2023 and 2022, respectively, by
31 Desember 2023 dan 2022, dengan menggunakan metode using the Projected Unit Credit method. Number of
Projected Unit Credit. Jumlah karyawan yang berhak employees entitled for the employee benefits for the year
memperoleh imbalan kerja tersebut untuk tahun yang ended 31 December 2023 and 2022 was 6,293 and 6,040
berakhir pada tanggal 31 Desember 2023 dan 2022 masing- employees, respectively.
masing adalah 6.293 dan 6.040 karyawan.
382 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 385
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/67 Exhibit E/67
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
17. LIABILITAS IMBALAN PASCA-KERJA (Lanjutan) 17. POST-EMPLOYMENT BENEFITS LIABILITIES (Continued)
Rincian liabilitas atas imbalan pasca-kerja yang diakui di The details of the liabilities for post-employment benefits
laporan posisi keuangan konsolidasian adalah sebagai recognized in the consolidated statements of financial
berikut: position are as follows:
31 Desember/December
2023 2022
Nilai kini liabilitas imbalan pasti 217.639 180.474 Present value of defined benefit obligation
Nilai wajar aset program (74.684) (68.589) Fair value of plan asset
Imbalan pasca-kerja 142.955 111.885 Post-employment benefits
Mutasi nilai kini liabilitas imbalan pasti yang diakui pada Movements in the present value of defined benefit obligation
laporan posisi keuangan konsolidasian sebagai berikut: recognised in the consolidated statement of financial position
are as follows:
31 Desember/December
2023 2022
Nilai kini kewajiban imbalan pasti Present value of defined benefit obligation
pada awal tahun 180.474 181.820 at beginning of year
Biaya jasa kini 23.451 20.368 Current service cost
Biaya jasa lalu atas kurtailmen (473 ) - Past service cost due to curtailment
Biaya bunga 12.470 10.768 Interest cost
Pembayaran imbalan kerja Benefit payment from Company
(sesuai provisi yang dihitung) (4.451 ) (4.821 ) (based on computed provision)
Pembayaran imbalan aset program (2.685 ) (2.770 ) Benefit payment from plan assets
Penyesuaian liabilitas akibat Liability assumed due to recognition of
pengakuan masa kerja lalu 733 768 past services
Pengukuran kembali atas nilai kini Remeasurement of present value of
liabilitas imbalan pasti: defined benefit obligation:
Kerugian (keuntungan) atas perubahan Loss (gain) from changes in financial
asumsi ekonomis 6.021 (5.406 ) assumption
Kerugian atas penyesuaian Loss from experience
pengalaman 2.099 6.588 adjustments
Dampak penyesuaian atas siaran pers Impact of DSAK IAI press release's
DSAK IAI (Catatan 2c) - (26.841) adjustments (Note 2c)
Nilai kini kewajiban imbalan pasti Present value of defined benefit
pada akhir tahun 217.639 180.474 obligation at end of year
31 Desember/December
2023 2022
Nilai wajar aset program pada Fair value of plan assets at
awal tahun 68.589 66.363 beginning of year
Pendapatan bunga atas aset program 5.128 4.962 Interest income on plan assets
Iuran Perusahaan 6.000 6.000 Company contribution
Pembayaran imbalan dari aset program (2.685 ) (2.770 ) Benefit payment from plan assets
Imbal hasil aset program (tidak termasuk Return on plan assets (excluding
pendapatan bunga) (2.348) (5.966 ) interest income)
Nilai wajar aset program pada akhir tahun 74.684 68.589 Fair value of plan assets at end of year
31 Desember/December
2023 2022
Saldo awal 111.885 115.457 Beginning balance
Iuran Perusahaan yang dibayarkan (6.000 ) (6.000 ) Contribution plan of the Company
Pembayaran imbalan kerja (14.320 ) (14.663) Benefits paid by the Company
Beban yang diakui pada laba rugi 40.922 36.784 Expense recognized in profit loss
Beban yang diakui pada Expense recognized in other
penghasilan komprehensif lain 10.468 7.148 comprehensive income
Dampak penyesuaian atas siaran pers Impact of DSAK IAI press release's
DSAK IAI (Catatan 2c) - (26.841 ) adjustments (Note 2c)
Liabilitas yang diakui di laporan Liability recognized in statement of
posisi keuangan 142.955 111.885 financial position
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 383
Page 386
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/68 Exhibit E/68
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
17. LIABILITAS IMBALAN PASCA-KERJA (Lanjutan) 17. POST-EMPLOYMENT BENEFITS LIABILITIES (Continued)
Jumlah yang diakui pada laporan laba rugi dan penghasilan The amounts recognised in the consolidated statement of
komprehensif lain konsolidasian adalah sebagai berikut: profit or loss and other comprehensive income are as
follows:
31 Desember/December
2023 2022
Biaya jasa kini 23.451 20.368 Current service cost
Biaya jasa lalu atas kurtailmen (473) - Past service cost due to curtailment
Biaya bunga 12.470 10.768 Interest cost
Pendapatan bunga atas aset program (5.128) (4.962 ) Interest income on plan assets
Pengakuan liabilitas atas pengakuan Liabilities assumed due to recognition of
masa kerja lalu 733 768 past services
Biaya terminasi oleh Perusahaan 9.869 9.842 Termination benefit by Company
Dampak penyesuaian atas siaran pers Impact of DSAK IAI press release's
DSAK IAI - (26.841 ) adjustments
Jumlah beban (Catatan 25) 40.922 9.943 Total expenses (Note 25)
Riwayat penyesuaian pengalaman adalah sebagai berikut: The history of experience adjustment are as follows:
31 Desember/December
2023 2022 2021 2020 2019
Nilai kini kewajiban Present value of defined
imbalan pasti (217.639) (180.474) (181.820) (215.418) (313.810) benefit obligation
Nilai wajar aset program 74.684 68.589 66.363 61.207 55.473 Fair value of plan assets
Defisit (142.955) (111.885) (115.457) (154.211) (258.337) Deficit
Penyesuaian pengalaman Experience adjustment on
liabilitas program (2.099) (6.588) 13.185 20.906 20.180 plan liabilities
Penyesuaian pengalaman Experience adjustment on
aset program (2.348) (5.966) (2.842) (525) 1.490 plan assets
Kategori utama aset program per 31 Desember 2023 dan 2022 The main categories of plan assets as of 31 December 2023
sebagai persentase dari total aset program adalah pasar uang and 2022 as percentage of total plan assets was money
50%, pendapatan tetap 30% dan saham 20%. market 50%, fixed income 30% and shares 20%.
Tabel berikut menunjukkan sensitivitas atas kemungkinan The following table demonstrates the sensitivity to a
perubahan tingkat diskonto dan tingkat kenaikan gaji sebesar reasonably possible change in discount rates and salary
1% dengan variabel lain dianggap tetap, terhadap nilai kini increment rate of 1%, with all other variables held constant,
liabilitas imbalan pasca-kerja: of the present value of post-employment benefits
liabilities:
31 Desember/December 2023
Tingkat diskonto/ Tingkat kenaikan gaji/
Discount rate Salary increment rate
Kenaikan/ Penurunan/ Kenaikan/ Penurunan/
Increase Decrease Increase Decrease
Dampak pada nilai kini Impact on present value of post-
liabilitas imbalan pasca-kerja 202.196 235.157 235.180 201.827 employment benefits liabilities
31 Desember/December 2022
Tingkat diskonto/ Tingkat kenaikan gaji/
Discount rate Salary increment rate
Kenaikan/ Penurunan/ Kenaikan/ Penurunan/
Increase Decrease Increase Decrease
Dampak pada nilai kini Impact on present value of post-
liabilitas imbalan pasca-kerja 168.164 194.385 194.554 167.748 employment benefits liabilities
384 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 387
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/69 Exhibit E/69
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
17. LIABILITAS IMBALAN PASCA-KERJA (Lanjutan) 17. POST-EMPLOYMENT BENEFITS LIABILITIES (Continued)
Analisa sensitivitas didasarkan pada perubahan atas satu The sensitivity analysis are based on a change in an
asumsi aktuarial dimana asumsi lainnya dianggap konstan. assumption while holding all other assumptions constant. In
Dalam prakteknya, hal ini jarang terjadi dan perubahan practice, this is unlikely to accur an changes in some of the
beberapa asumsi mungkin saling berkorelasi. Dalam assumptions may be correlated. When calculating the
perhitungan sensitivitas kewajiban imbalan pasti atas asumsi sensitivity of the defined benefit obligation to significant
aktuarial utama, metode yang sama (perhitungan nilai kini actuarial assumptions, the same method (present value of
kewajiban imbalan pasti dengan menggunakan metode the defined benefit obligation calculated with the
Projected Unit Credit di akhir periode) telah diterapkan Projected Unit Credit method at the end of the reporting
seperti dalam perhitungan kewajiban pensiun yang diakui period) has been applied as when calculating the pension
dalam laporan posisi keuangan. liability recognized within the statements of financial
position.
Asumsi-asumsi utama yang digunakan dalam perhitungan di Key assumptions used in the above calculation:
atas:
31 Desember/December
2023 2022
Asumsi ekonomi: Economic assumptions:
- Tingkat diskonto per tahun 6,75% 7,30% - 7,40% Annual discount rate -
- Kenaikan gaji per tahun 10% 10% Annual salary increase -
Asumsi demografi: Demographic assumptions:
- Tingkat kematian Tabel Mortalisasi Indonesia – 2019/ Mortality table of Mortality rate -
Indonesia – 2019
- Tingkat pengunduran diri 20% per tahun sebelum usia 25 dan terus menurun menjadi 0% Turnover rate -
pada usia 55 /
20% per annum before the age of 25 and linearly decreasing
to 0% per annum at age of 55
- Tingkat kecacatan per tahun 5% dari Tingkat Kematian/5% of Mortality Rates Disability rate per annum -
- Tingkat pension 100% di usia 56/100% at age 56 Retirement rate -
18. DIVIDEN KAS DAN SALDO LABA YANG TELAH DITENTUKAN 18. CASH DIVIDENDS AND APPROPRIATION OF RETAINED
PENGGUNAANNYA EARNINGS
Berdasarkan Berita Acara Rapat Direksi Perusahaan pada Based on the Minutes of Meeting of the Board of Directors
tanggal 1 Desember 2023, Perusahaan menyetujui pembagian on 1 December 2023, the Company approved interim cash
dividen tunai interim untuk tahun 2023 sebesar Rp 28 (nilai dividend for the financial year 2023 amounted to Rp 28 (full
penuh) per lembar saham atau setara dengan Rp 421.103 yang amount) per share amounting to Rp 421,103 to the
telah dibayarkan pada pemegang saham pada tanggal shareholders of the Company which has been distributed on
21 Desember 2023. 21 December 2023.
Berdasarkan Berita Acara Rapat Umum Pemegang Saham Based on the decision of Shareholders’ Annual General
Tahunan PT BFI Finance Indonesia Tbk pada tanggal 16 Mei Meeting on 16 May 2023, the Company announced a cash
2023, Perusahaan menetapkan pembagian dividen tunai dari dividend from net profit in 2022 amounting to Rp 60 (full
laba bersih tahun 2022 sebesar Rp 60 (nilai penuh) per lembar amount) per share. After taking into account the interim
saham. Setelah memperhitungkan dividen tunai interim cash dividend amounting to Rp 28 (full amount) per share
sebesar Rp 28 (nilai penuh) per lembar saham atau setara or equivalent to Rp 421,103 to the shareholders of the
dengan Rp 421.103 yang telah dibayarkan kepada pemegang Company, which has been distributed on 22 December 2022
saham pada tanggal 22 Desember 2022 berdasarkan Berita based on the Minutes of Meeting of the Board of
Acara Rapat Direksi Perusahaan pada tanggal 2 Desember Directors on 2 December 2022, the remaining balance
2022, sisanya sebesar Rp 32 (nilai penuh) per lembar saham amounting to Rp 32 (full amount) per share or equivalent
atau setara dengan Rp 481.260 telah dibayarkan pada tanggal to Rp 481,260 has been distributed on 15 June 2023. The
15 Juni 2023. Perusahaan juga menyetujui untuk menyisihkan Company agreed to set aside Rp 5,000 for the reserve.
sebesar Rp 5.000 sebagai cadangan.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 385
Page 388
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/70 Exhibit E/70
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
18. DIVIDEN KAS DAN SALDO LABA YANG TELAH DITENTUKAN 18. CASH DIVIDENDS AND APPROPRIATION OF RETAINED
PENGGUNAANNYA (Lanjutan) EARNINGS (Continued)
Berdasarkan Berita Acara Rapat Umum Pemegang Saham Based on the decision of Shareholders’ Annual General
Tahunan PT BFI Finance Indonesia Tbk pada tanggal 29 Juni Meeting on 29 June 2022, the Company announced a cash
2022, Perusahaan menetapkan pembagian dividen tunai dari dividend from net profit in 2021 amounting to Rp 17 (full
laba bersih tahun 2021 sebesar Rp 17 (nilai penuh) per lembar amount) per share. After taking into account the interim
saham. Setelah memperhitungkan dividen tunai interim cash dividend amounting to Rp 7 (full amount) per share or
sebesar Rp 7 (nilai penuh) per lembar saham atau setara equivalent to Rp 104,751 to the shareholders of the
dengan Rp 104.751 yang telah dibayarkan kepada pemegang Company, which has been distributed on 23 December 2021
saham pada tanggal 23 Desember 2021 berdasarkan Berita based on the Minutes of Meeting of the Board of
Acara Rapat Direksi Perusahaan pada tanggal 6 Desember Directors on 6 December 2021, the remaining balance
2021, sisanya sebesar Rp 10 (nilai penuh) per lembar saham amounting to Rp 10 (full amount) per share or equivalent to
atau setara dengan Rp 149.644 telah dibayarkan pada tanggal Rp 149,644 has been distributed on 28 July 2022. The
28 Juli 2022. Perusahaan juga menyetujui untuk menyisihkan Company agreed to set aside Rp 5,000 for the reserve.
sebesar Rp 5.000 sebagai cadangan.
Hal ini telah sesuai dengan Undang-Undang No. 40/2007 This is in accordance with the Indonesian Limited Company
mengenai Perseroan Terbatas, yang mengharuskan Law No. 40/2007, which requires companies to set up a
perusahaan-perusahaan untuk membuat penyisihan cadangan statutory reserve until the reserve reach at least 20% of the
wajib sampai cadangan mencapai sekurang-kurangnya 20% issued and paid up share capital. There is no set period of
dari jumlah modal yang ditempatkan dan disetor penuh. time over which this amount should be provided.
Undang-Undang tersebut tidak mengatur jangka waktu untuk
penyisihan tersebut.
19. UTANG LAIN-LAIN – PIHAK KETIGA 19. OTHER PAYABLES – THIRD PARTIES
31 Desember/December
2023 2022
Titipan konsumen 258.891 278.938 Customer deposits
Utang kepada supplier 81.109 84.116 Payable to suppliers
Premi asuransi 45.288 58.736 Insurance premium
Utang pengurusan fidusia 1.268 1.230 Fiducia processing payables
Lain-lain 50.867 66.332 Others
Jumlah 437.423 489.352 Total
20. MODAL SAHAM 20. SHARE CAPITAL
Susunan pemegang saham Perusahaan pada tanggal The composition of the shareholder of the Company based
31 Desember 2023 dan 2022 berdasarkan laporan daftar on the share register of PT Raya Saham Registra (RSR), the
pemegang saham dari PT Raya Saham Registra (RSR), Biro share registrar, as of 31 December 2023 and 2022, are as
Administrasi Efek, adalah sebagai berikut: follows:
31 Desember/ December 2023
Jumlah
saham/ Nilai
Number of nominal/
Pemegang saham Shares Amount %* Shareholders
Trinugraha Capital & Co SCA 7.688.125.938 192.203 51,12 Trinugraha Capital & Co SCA
DB SPORE SES CLT A/C FOR DB SPORE SES CLT A/C FOR
NTAsian Discovery MSTR NTAsian Discovery MSTR
FD-864134218 832.804.900 20.820 5,54 FD-864134218
Lainnya (masing-masing di bawah 5%) 6.518.452.782 162.962 43,34 Others (each below 5%)
15.039.383.620 375.985 100,00
Saham treasuri 927.732.000 23.193 - Treasury stock
Jumlah 15.967.115.620 399.178 100,00 Total
386 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 389
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/71 Exhibit E/71
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
20. MODAL SAHAM (Lanjutan) 20. SHARE CAPITAL (Continued)
Susunan pemegang saham Perusahaan pada tanggal The composition of the shareholder of the Company based
31 Desember 2023 dan 2022 berdasarkan laporan daftar on the share register of PT Raya Saham Registra (RSR), the
pemegang saham dari PT Raya Saham Registra (RSR), Biro share registrar, as of 31 December 2023 and 2022, are as
Administrasi Efek, adalah sebagai berikut: (Lanjutan) follows: (Continued)
31 Desember/ December 2022
Jumlah
saham/ Nilai
Number of nominal/
Pemegang saham Shares Amount %* Shareholders
Trinugraha Capital & Co SCA 7.688.125.938 192.203 51,12 Trinugraha Capital & Co SCA
Lainnya (masing-masing di bawah 5%) 7.351.257.682 183.782 48,88 Others (each below 5%)
15.039.383.620 375.985 100,00
Saham treasuri 927.732.000 23.193 - Treasury stock
Jumlah 15.967.115.620 399.178 100,00 Total
*) % kepemilikan saham disajikan secara neto, diluar saham *) % share ownership is presented on a net basis, excluded
treasuri. treasury stock.
Jumlah saham yang dimiliki anggota Dewan komisaris dan The number of shares held by the member of the board
Direksi Perusahaan berdasarkan laporan daftar pemegang of commissioners and board of directors of the Company
saham dari PT Raya Saham Registra (RSR), biro administrasi based on the share register of PT Raya Saham Registra
efek, adalah sebanyak 398.175.980 saham dan 450.839.280 (RSR), the share registrar, was 398,175,980 shares and
saham, yang merupakan kepemilikan sebesar 2,49% dan 2,81% 450,839,280 shares representing 2.49% and 2.81%, of the
dari jumlah saham Perusahaan yang beredar masing-masing total outstanding shares of the Company as of 31
pada tanggal 31 Desember 2023 dan 2022 dengan rincian December 2023 and 2022, respectively with detail as
sebagai berikut: follows:
Jumlah Saham / Total Shares %
Nama Anggota/ 31 Desember/December 31 Desember/December
Name of Members Jabatan/Positions 2023 2022 2023 2022
Francis Lay Sioe Ho Presiden Direktur/ 344.108.180 386.771.480 2,16 2,42
President Director
Sudjono Direktur/Director 26.310.800 26.310.800 0,16 0,16
Sutadi Direktur/Director 17.517.000 17.517.000 0,11 0,11
Andrew Adiwijanto Direktur/Director 10.240.000 10.240.000 0,06 0,06
Sigit Hendra Gunawan Direktur/Director - 10.000.000 - 0,06
Jumlah/ Total 398.175.980 450.839.280 2,49 2,81
Saham Treasuri Treasury stock
Pada tanggal 29 Juni 2022, RUPSLB menyetujui pengalihan On 29 June 2022, the Extraordinary General Meetings of
sebagian saham melalui Program Kepemilikan Saham oleh Shareholders (EGMS) has approved to form and implement
Manajemen dan Karyawan Management and Employee Stock Management and Employee Stock Ownership Program
Ownership Program atau disebut juga sebagai (program (MESOP Program) by transferring a maximum of 75,000,000
MESOP), yang berasal dari saham treasuri milik Perusahaan of the Company’s treasury shares.
sebanyak-banyaknya 75.000.000 lembar saham.
RUPSLB juga telah menyetujui pengalihan sisa saham treasuri The EGMS has also approved the transfer of the remaining
sebanyak-banyaknya 927.732.000 lembar saham dengan cara 927,732,000 treasury shares by selling either on or outside
dijual baik di Bursa Efek maupun di luar Bursa Efek kepada the Stock Exchange to other parties, including to the main
pihak lain, baik kepada pemegang saham utama Perusahaan shareholders of the Company (Trinugraha Capital & Co.
(Trinugraha Capital & Co. SCA) maupun kepada pihak ketiga SCA) or other third parties.
lainnya.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 387
Page 390
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/72 Exhibit E/72
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
20. MODAL SAHAM (Lanjutan) 20. SHARE CAPITAL (Continued)
Saham Treasuri (Lanjutan) Treasury stock (Continued)
Pada tanggal 11 Oktober 2022, Perusahaan melakukan On 11 October 2022, the Company entered into a
transaksi pengalihan sebagian saham treasuri melalui transaction to transfer part of its treasury shares through
program MESOP sejumlah 75.000.000 lembar saham pada the MESOP program in the amount of 75,000,000 shares at
harga Rp 500 (nilai penuh) per lembar saham. Pengalihan a price of Rp 500 (full amount) per share. The transfer is
tersebut berlaku efektif pada tanggal 13 Oktober 2022 di effective on 13 October 2022 where the shares have
mana saham-saham telah berpindah tangan dan diblock changed hands and are blocked (non-tradeable) with
(tidak dapat diperdagangkan) dengan periode vesting vesting period for the MESOP program for 3 years from the
program MESOP selama 3 tahun sejak tanggal dialihkan, date of transfer, with market price of Rp 1,005 (full
dengan harga pasar Rp 1.005 (nilai penuh) per lembar saham. amount) per share.
Pelaksanaan program MESOP ini tidak menimbulkan dampak The implementation of the MESOP program does not have
dilusi kepada pemegang saham atas kepemilikan saham a dilutive impact on shareholders on share ownership in
dalam Perusahaan, dikarenakan saham-saham yang the Company, causes the shares included in the MESOP
dimasukkan ke dalam program MESOP merupakan saham program are treasury shares and are not new shares issued
treasuri dan bukan merupakan saham baru yang dikeluarkan from the Company's portfolio. The proceeds from the
dari portepel Perusahaan. Hasil pengalihan saham MESOP transfer of MESOP shares will be additional working capital
akan menjadi tambahan modal kerja bagi Perusahaan. for the Company.
Pada tanggal 31 Desember 2023 dan 2022, jumlah saham As of 31 December 2023 and 2022, total treasury stock
treasuri masing-masing adalah sebanyak 927.732.000 saham. were 927,732,000 shares, respectively.
Sesuai peraturan yang berlaku, sisa saham treasuri sebanyak In accordance with applicable regulations, the remaining
927.732.000 saham wajib dialihkan dan batas waktu treasury shares of 927,732,000 must be transferred and
pemenuhan kewajiban pengalihan sisa saham treasuri with deadline for fulfilling the obligation to transfer the
tersebut adalah 5 November 2025. remaining treasury shares is 5 November 2025.
21. TAMBAHAN MODAL DISETOR - NETO 21. ADDITIONAL PAID-IN CAPITAL - NET
Pada tanggal 31 Desember 2023 dan 2022, akun ini On 31 December 2023 and 2022, this account represents
merupakan selisih lebih antara hasil yang diterima dengan the difference between amount received and par value
nilai nominal dari setoran modal, penawaran umum perdana from paid-in capital, initial public offering and conversion
dan konversi dari obligasi konversi termasuk penyesuaian of convertible bonds including adjustments balance of
saldo karena kuasi reorganisasi. quasi reorganization.
22. PENDAPATAN PIUTANG PEMBIAYAAN 22. FINANCING RECEIVABLES INCOME
31 Desember/December
2023 2022
Pendapatan piutang pembiayaan Financing receivables income
Pihak ketiga 4.465.384 3.672.506 Third parties
Pendapatan administrasi 839.352 763.781 Administration income
Denda keterlambatan 352.929 328.755 Late charges
Pendapatan terminasi 299.461 289.397 Termination income
5.957.126 5.054.439
Jumlah Total
Dikurangi: Less:
Bagian pendapatan yang dibiayai Portion of funds financed by
bank sehubungan dengan kerjasama banks in relation to channeling
penerusan pinjaman dan pembiayaan and joint financing
bersama (Catatan 31) (23.284) (2.191) cooperation (Note 31)
Pendapatan piutang pembiayaan - neto 5.933.842 5.052.248 Financing receivables income - net
Pada tahun yang berakhir pada tanggal 31 Desember 2023 dan For the year ended 31 December 2023 and 2022, the
2022, amortisasi biaya transaksi yang diakui sebagai amortization of transaction costs recognized as a reduction
pengurang dari pendapatan piutang pembiayaan masing- to financing receivables income was amounted to Rp 190,645
masing sebesar Rp 190.645 dan Rp 100.222. and Rp 100,222, respectively.
388 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 391
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/73 Exhibit E/73
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
23. PENDAPATAN SYARIAH 23. SHARIA INCOME
31 Desember/December
2023 2022
Marjin murabahah 101.068 63.679 Murabahah margin
Pendapatan ijarah 703 1.267 Ijarah income
Pendapatan IMBT 6.891 211 IMBT income
Jumlah 108.662 65.157 Total
24. PENDAPATAN LAIN-LAIN 24. OTHER INCOME
31 Desember/December
2023 2022
Pemulihan dari piutang Recovery on written-off
yang dihapusbukukan 196.243 208.407 receivables
Keuntungan neto penjualan Gain on sale of fixed
aset tetap (Catatan 10) 13.502 20.209 assets - net (Note 10)
Lain-lain 18.300 14.119 Others
Jumlah 228.045 242.735 Total
25. BEBAN GAJI DAN TUNJANGAN 25. SALARIES AND BENEFITS EXPENSES
31 Desember/December
2023 2022
Pihak ketiga Third parties
Gaji dan imbalan kerja 1.353.921 1.220.271 Salaries and allowances
Imbalan pasca-kerja (Catatan 17)* 37.555 8.527 Post-employment benefits (Note 17)*
Lain-lain (Catatan 20) - 37.875 Others (Note 20)
1.391.476 1.266.673
Pihak berelasi (Catatan 29) Related parties (Note 29)
Gaji dan imbalan kerja 62.260 56.559 Salaries and allowances
Imbalan pasca-kerja (Catatan 17, 29)* 3.367 1.416 Post-employment benefits (Note 17, 29)*
65.627 57.975
Jumlah 1.457.103 1.324.648 Total
*)Terdapat penyesuaian biaya imbalan pasca-kerja atas penerapan *)There is an adjustment to post-employment benefits due to the
Undang-undang Cipta Kerja No.11/2020 dan peraturan turunannya implementation of the Job Creation Law No.11/2020 and its
yaitu Peraturan Pemerintah No.35/2021. derivative regulation, that is Government Regulation No.35/2021.
26. BEBAN BUNGA DAN KEUANGAN 26. INTEREST AND FINANCING CHARGES
31 Desember/December
2023 2022
Bunga atas pinjaman yang diterima 653.103 476.916 Interest on borrowings
Bunga atas surat berharga yang Interest on securities
diterbitkan (Catatan 15) 290.283 143.157 issued (Note 15)
Amortisasi biaya emisi atas surat berharga Amortization of securities
yang diterbitkan (Catatan 15) 7.924 4.026 issuance cost (Note 15)
Jumlah 951.310 624.099 Total
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 389
Page 392
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/74 Exhibit E/74
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
27. BEBAN UMUM DAN ADMINISTRASI 27. GENERAL AND ADMINISTRATIVE EXPENSES
31 Desember/December
2023 2022
Beban penerimaan angsuran 150.272 80.592 Installment collection expense
Perbaikan dan pemeliharaan 124.206 89.072 Repairs and maintenance
Penyusutan aset tetap (Catatan 10) 117.384 100.106 Depreciation of fixed assets (Note 10)
Pemasaran 99.358 79.073 Marketing
Amortisasi aset takberwujud (Catatan 12) 53.859 22.492 Amortization of intangible assets (Note 12)
Perjalanan dinas dan transportasi 51.038 33.772 Travel and transportation
Honorarium tenaga ahli 42.868 148.269 Professional fees
Pendidikan dan pelatihan 26.866 23.170 Training and education
Komunikasi 26.191 25.328 Communications
Penyusutan aset hak-guna (Catatan 11) 22.612 21.544 Depreciation of right-of-use assets (Note 11)
Asuransi 21.856 16.560 Insurance
Pengiriman, perangko dan materai 21.533 18.043 Courier, postage and stamp duty
Beban alih daya 17.092 16.034 Outsourced service expenses
Listrik dan air 16.579 15.702 Electricity and water
Beban kantor 16.348 17.303 Office expense
Keanggotaan dan langganan 13.885 8.388 Membership and subscription
Beban administrasi bank 2.483 2.667 Bank administration charges
Sewa 1.883 2.480 Rental
Program CSR 1.494 3.423 CSR program
Legalisir dokumen dan fotokopi 1.316 1.933 Legalized document and photocopy
Lain-lain 41.382 45.101 Others
Jumlah 870.505 771.052 Total
28. BEBAN LAIN-LAIN 28. OTHER EXPENSES
Rincian beban lain-lain adalah sebagai berikut: The details of other expenses are as follows:
31 Desember/December
2023 2022
Penghapusan piutang dalam Written-off receivables in the
proses penyelesaian 228.870 64.505 settlement process
Penyisihan (pemulihan) kerugian penurunan nilai Provision (recovery) for impairment losses of
atas piutang dalam proses penyelesaian 34.024 (7.433) receivables in the settlement process
Jumlah 262.894 57.072 Total
29. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 29. RELATED PARTY TRANSACTIONS
Dalam menjalankan kegiatan usahanya, Perusahaan dan In carrying out its business activities, the Company and its
entitas anaknya melakukan transaksi-transaksi dengan pihak- subsidiary enter into transactions with certain related
pihak berelasi tertentu sebagai berikut: parties as the followings:
Sifat hubungan/
Pihak berelasi/Related party Nature of relationship Transaksi/Transactions
Karyawan/Employee Personil manajemen kunci/ Imbalan kerja jangka-pendek/
Key management personnel Short-term employees’ benefits
Imbalan pasca-kerja/ Post-employment benefits
Program kompensasi manajemen dan karyawan
berbasis saham/Management and employee
stock options program
390 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 393
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/75 Exhibit E/75
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
29. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI (Lanjutan) 29. RELATED PARTY TRANSACTIONS (Continued)
Saldo dan transaksi–transaksi kepada/dari pihak yang Balances and transactions to or from a related party are as
berelasi adalah sebagai berikut: follows:
Beban gaji dan tunjangan karyawan Salaries and employee benefits
31 Desember/December
2023 2022
Personil manajemen kunci: Key management personnel:
Imbalan kerja jangka-pendek 62.260 56.559 Short-term employees’ benefits
Imbalan pasca-kerja* 3.367 1.416 Post-employment benefits*
65.627 57.975
Persentase terhadap jumlah beban 1,52% 1,84% Percentage of total expenses
*)Terdapat penyesuaian biaya imbalan pasca-kerja atas penerapan *)There is an adjustment to post-employment benefits due to the
Undang-undang Cipta Kerja No.11/2020 dan peraturan turunannya implementation of the Job Creation Law No.11/2020 and its
yaitu Peraturan Pemerintah No.35/2021. derivative regulation, that is Government Regulation No.35/2021.
Transaksi dengan pihak berelasi, kecuali beban gaji dan Transaction with related parties, except salary expense and
imbalan kerja kepada personil manajemen kunci, dilakukan employee benefits to key management personnel, conducted
dengan menggunakan persyaratan usaha normal. by normal operations requirements.
30. SEGMEN OPERASI 30. OPERATING SEGMENT
Perusahaan dan entitas anaknya mengelola kegiatan The Company and its subsidiary manage its business activities
usahanya dan mengidentifikasi segmen yang dilaporkan and identifies its reported segments based on product
berdasarkan jenis produk dan wilayah geografis. Laba atau categories and geographic area. Profit or loss from each
rugi dari masing-masing segmen digunakan untuk menilai segment is used to measure performance of each segment’s
kinerja masing-masing segmen. Informasi yang berkaitan information concerning the main segments are set out as
dengan segmen usaha utama disajikan sebagai berikut: follows:
2023
Sepeda
Mobil/ motor/ Lain-lain/ Jumlah/
Cars Motorcycles Others Total
Laporan laba rugi Statement of profit or loss
Pendapatan Income
Pendapatan pembiayaan 4.068.950 1.186.692 786.862 6.042.504 Financing income
Lain-lain 138.229 32.856 139.524 310.609 Others
Jumlah pendapatan 4.207.179 1.219.548 926.386 6.353.113 Total income
Beban Expenses
Beban operasional 2.337.207 633.858 570.747 3.541.812 Operating expenses
Cadangan kerugian penurunan nilai 442.351 318.281 25.417 786.049 Provision for impairment losses
Jumlah beban 2.779.558 952.139 596.164 4.327.861 Total expenses
Laba sebelum pajak 1.427.621 267.409 330.222 2.025.252 Profit before tax
Beban pajak penghasilan (268.890) (50.366 ) (62.197 ) (381.453) Income tax expense
Laba tahun berjalan 1.158.731 217.043 268.025 1.643.799 Profit for the year
Laporan posisi keuangan Statement of financial position
Aset Assets
Piutang pembiayaan - neto 14.478.748 1.559.625 4.668.020 20.706.393 Financing receivables - net
Piutang ijarah dan IMBT - neto - - 52.769 52.769 Ijarah and IMBT receivables - net
Lain-lain 129.938 10.847 3.091.488 3.232.273 Others
Jumlah aset 14.608.686 1.570.472 7.812.277 23.991.435 Total assets
Liabilitas Liabilities
Pinjaman yang diterima - - 8.665.860 8.665.860 Fund borrowings
Surat berharga yang diterbitkan -
neto - - 4.720.775 4.720.775 Securities issued - net
Lain-lain 82.918 16.469 1.005.617 1.105.004 Others
Jumlah liabilitas 82.918 16.469 14.392.252 14.491.639 Total liabilities
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 391
Page 394
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/76 Exhibit E/76
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
30. SEGMEN OPERASI (Lanjutan) 30. OPERATING SEGMENT (Continued)
Perusahaan dan entitas anaknya mengelola kegiatan The Company and its subsidiary manage its business activities
usahanya dan mengidentifikasi segmen yang dilaporkan and identifies its reported segments based on product
berdasarkan jenis produk dan wilayah geografis. Laba atau categories and geographic area. Profit or loss from each
rugi dari masing-masing segmen digunakan untuk menilai segment is used to measure performance of each segment’s
kinerja masing-masing segmen. Informasi yang berkaitan information concerning the main segments are set out as
dengan segmen usaha utama disajikan sebagai berikut: follows: (Continued)
(Lanjutan)
2022
Sepeda
Mobil/ motor/ Lain-lain/ Jumlah/
Cars Motorcycles Others Total
Laporan laba rugi Statement of profit or loss
Pendapatan Income
Pendapatan pembiayaan 3.462.187 1.104.184 551.034 5.117.405 Financing income
Lain-lain 143.905 28.568 93.132 265.605 Others
Jumlah pendapatan 3.606.092 1.132.752 644.166 5.383.010 Total income
Beban Expenses
Beban operasional 1.843.495 542.003 391.373 2.776.871 Operating expenses
Cadangan kerugian penurunan nilai 192.226 118.326 56.906 367.458 Provision for impairment losses
Jumlah beban 2.035.721 660.329 448.279 3.144.329 Total expenses
Laba sebelum pajak 1.570.371 472.423 195.887 2.238.681 Profit before tax
Beban pajak penghasilan (303.037) (91.164) (37.801 ) (432.002 ) Income tax expense
Laba tahun berjalan 1.267.334 381.259 158.086 1.806.679 Profit for the year
Laporan posisi keuangan Statement of financial position
Aset Assets
Piutang pembiayaan - neto 13.494.914 2.319.601 3.739.739 19.554.254 Financing receivables - net
Piutang ijarah dan IMBT - neto - - 7.767 7.767 Ijarah and IMBT receivables - net
Lain-lain 53.736 16.023 2.297.854 2.367.613 Others
Jumlah aset 13.548.650 2.335.624 6.045.360 21.929.634 Total assets
Liabilitas Liabilities
Pinjaman yang diterima - - 10.246.908 10.246.908 Fund borrowings
Surat berharga yang diterbitkan -
neto - - 1.581.490 1.581.490 Securities issued - net
Lain-lain 112.715 19.574 1.213.038 1.345.327 Others
Jumlah liabilitas 112.715 19.574 13.041.436 13.173.725 Total liabilities
Berikut ini adalah informasi yang berkaitan dengan segmen The following tables present information concerning the
usaha utama berdasarkan wilayah geografis: main segments based on geographic area:
Segmen Geografis Geographical Segments
2023
Sulawesi dan
Indonesia Timur/
Jawa dan Bali/ Kalimantan/ Sumatera/ Sulawesi and Jumlah/
Java and Bali Kalimantan Sumatera East Indonesia Total
Jumlah Pendapatan 3.439.479 792.550 1.127.038 994.046 6.353.113 Total Income
Jumlah Aset 14.363.474 3.642.205 4.003.551 1.982.205 23.991.435 Total Assets
392 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 395
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/77 Exhibit E/77
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
30. SEGMEN OPERASI (Lanjutan) 30. OPERATING SEGMENT (Continued)
Berikut ini adalah informasi yang berkaitan dengan segmen The following tables present information concerning the
usaha utama berdasarkan wilayah geografis: (Lanjutan) main segments based on geographic area: (Continued)
2022
Sulawesi dan
Indonesia Timur/
Jawa dan Bali/ Kalimantan/ Sumatera/ Sulawesi and Jumlah/
Java and Bali Kalimantan Sumatera East Indonesia Total
Jumlah Pendapatan 2.960.283 650.417 947.292 825.018 5.383.010 Total Income
Jumlah Aset 13.347.967 3.313.769 3.701.852 1.566.046 21.929.634 Total Assets
31. PERJANJIAN KERJASAMA YANG PENTING 31. SIGNIFICANT COOPERATION AGREEMENTS
a. Pembiayaan Bersama a. Joint Financing
Dalam kaitan untuk mendukung kebutuhan pendanaan For the purpose to support funding requirement on
untuk pengembangan usaha, Perusahaan juga melakukan business expansion, the Company has also engaged a
berbagai kerjasama dengan perbankan, antara lain partnership with banking institutions in the form of
dalam bentuk perjanjian pembiayaan bersama (joint joint financing which are classified as “off balance
financing) yang dibukukan secara off balance sheet. sheet” transactions.
31 Desember/December
2023 2022
PT Bank Jago Tbk 494.892 102.899 PT Bank Jago Tbk
PT Bank Rakyat Indonesia (Persero) Tbk - 714 PT Bank Rakyat Indonesia (Persero) Tbk
Dikurangi: Less:
Biaya transaksi belum diamortisasi (1.068) (282) Unamortized transaction costs
Jumlah - neto 493.824 103.331 Total – net
Dalam perjanjian kerjasama dengan skema pembiayaan Pursuant to the agreement with joint financing scheme
bersama (joint financing) antara Perusahaan dan PT Bank between the Company and PT Bank Rakyat Indonesia Tbk
Rakyat Indonesia (Persero) Tbk porsi fasilitas pembiayaan (Persero), the amount of funds to be financed by each
yang akan diberikan untuk konsumen dari masing-masing party range from 5% from the Company, and 95% from
pihak adalah berkisar 5% dari Perusahaan, dan 95% dari joint financing providers (banks). As for The tenor of
pemberi pembiayaan bersama (bank). Sedangkan untuk joint financing scheme is available up to 48 (forty eight)
jangka waktu pembiayaan bersama sampai dengan 48 months.
(empat puluh delapan) bulan kepada konsumen.
Pada tanggal 5 Agustus 2021, Perusahaan On 5 August 2021, the Company entered into joint
menandatangani perjanjian kerjasama dengan skema financing agreement amounting to Rp 150,000 with
pembiayaan bersama (joint financing) sebesar PT Bank Jago Tbk. On 25 March 2022, the amount of this
Rp 150.000 dengan PT Bank Jago Tbk. Pada tanggal facility has been increased to Rp 300,000. The amount
25 Maret 2022, jumlah fasilitas ini meningkat menjadi of funds to be financed by each party range from 10%
Rp 300.000. Porsi fasilitas pembiayaan yang akan from the Company, and 90% from joint financing
diberikan untuk konsumen dari masing-masing pihak providers (banks).
adalah berkisar 10% dari Perusahaan, dan 90% dari
pemberi pembiayaan bersama (bank).
Pada tanggal 24 Mei 2023, Perusahaan menandatangani On 24 May 2023, the Company entered into an
Perubahan dan Pernyataan Kembali Perjanjian Amendment and Restatement of Joint Financing Facility
Kerjasama Fasilitas Pembiayaan Bersama dengan PT Bank Agreement with PT Bank Jago Tbk. whereas the facility
Jago Tbk. dimana jumlah fasilitas ini berubah menjadi amount increase to Rp 2,000,000 and shall be effective
sebesar Rp 2.000.000 dan berlaku efektif sampai dengan until 5 August 2024.
tanggal 5 Agustus 2024.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 393
Page 396
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/78 Exhibit E/78
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
31. PERJANJIAN KERJASAMA YANG PENTING (Lanjutan) 31. SIGNIFICANT COOPERATION AGREEMENTS (Continued)
a. Pembiayaan Bersama (Lanjutan) a. Joint Financing (Continued)
Rincian dari pembiayaan bersama adalah sebagai The detail of joint financing are as follows:
berikut:
Fasilitas maksimum Jangka waktu/
pembiayaan/ Period
Pemberi pembiayan bersama/ Maximum financing Perjanjian terakhir/ (bulan/
Joint financing provider facility Latest agreement months)
PT Bank Rakyat Indonesia (Persero) Tbk 1.000.000 26 Agustus/August 2020 24
PT Bank Jago Tbk 2.000.000 24 Mei/May 2023 36
Fasilitas tersebut di atas berlaku sampai dengan The above facility will be expired at the time customers
dibayarkannya angsuran terakhir piutang pembiayaan pay the latest installment of joint financing receivables.
bersama oleh konsumen.
Perusahaan bersama dengan pemberi pembiayaan The Company, together with the joint financing
bersama di atas bertindak sebagai penyedia dana dalam providers mentioned above, extend credit to consumers
pemberian pembiayaan kepada konsumen yang in accordance with certain criteria laid down in
memenuhi kriteria tertentu. Perusahaan bertanggung agreements. The Company is responsible to maintain the
jawab untuk mengelola dokumentasi dan administrasi customer’s documentation and administration.
setiap konsumen.
Kerjasama pembiayaan bersama yang dilakukan ini The joint financing facilities were arranged without
bersifat without recourse, dimana Perusahaan tidak recourse, whereby the Company is not obliged to pay
memiliki kewajiban untuk membayar atau menyetor installments including interest to joint financing
angsuran pokok termasuk bunganya kepada pemberi providers in the event that the customers fail to meet
pembiayaan bersama jika konsumen gagal melakukan their installment obligation to the Company.
pembayaran angsurannya kepada Perusahaan.
b. Penyalur kendaraan b. Dealers of Motor Vechicles
Perusahaan mengadakan perjanjian kerjasama dengan The Company has entered into cooperation agreements
beberapa penyalur kendaraan. Pembiayaan yang telah with dealers of motor vehicles. Approved financing that
disetujui namun belum dibayarkan kepada penyalur has not yet been paid to dealers are recorded as payable
kendaraan dicatat sebagai utang kepada penyalur to dealers.
kendaraan.
c. Asuransi c. Insurance
Perusahaan mengadakan kerjasama dengan beberapa The Company has entered into cooperation agreements
perusahaan asuransi seperti PT Asuransi Bina Dana Arta with insurance companies which are PT Asuransi Bina
Tbk, PT Asuransi Sinar Mas, PT Asuransi Wahana Tata, Dana Arta Tbk, PT Asuransi Sinar Mas, PT Asuransi
PT Asuransi Astra Buana, PT Asuransi Raksa Pratikara, Wahana Tata, PT Asuransi Astra Buana, PT Asuransi
PT Asuransi FPG Indonesia, PT Asuransi Etiqa Raksa Pratikara, PT Asuransi FPG Indonesia, PT Asuransi
Internasional Indonesia, PT Pan Pasific Insurance, PT AIA Etiqa Internasional Indonesia, PT Pan Pasific Insurance,
Financial, PT FWD Insurance Indonesia dan PT Chubb Life PT AIA Financial, PT FWD Insurance Indonesia
Insurance Indonesia dalam rangka penyediaan asuransi and PT Chubb Life Insurance Indonesia to provide credit
perlindungan kredit dan penutupan asuransi kendaraan shield and insurance coverage of financed vehicles.
bermotor yang dibiayai.
Perusahaan melakukan penutupan asuransi atas The Company insures vehicles for the interest of the
kendaraan bermotor demi kepentingan Perusahaan Company in its capacity as financing provider. Insurance
dalam kapasitasnya sebagai penyedia pembiayaan. premium payments received from customers that have
Pembayaran premi asuransi yang telah diterima dari not yet been paid to insurance companies are recorded
konsumen namun belum dibayarkan kepada perusahaan as insurance premium payable.
asuransi dicatat sebagai utang premi asuransi.
394 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 397
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/79 Exhibit E/79
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
32. LABA PER SAHAM 32. EARNINGS PER SHARE
Laba per saham dasar dihitung dengan cara membagi laba Earnings per share is calculated by dividing profit for the
tahun berjalan yang tersedia bagi pemegang saham dengan year available to shareholders by the weighted average
rata-rata tertimbang saham biasa yang beredar pada tahun common shares outstanding during the year.
berjalan.
31 Desember/December
2023 2022
Laba tahun berjalan untuk perhitungan Profit for the year for the computation of basic
laba per saham dasar 1.643.888 1.806.679 earning per shares
Jumlah rata-rata tertimbang The weighted average of
saham yang beredar 15.039.383.620 14.975.068.552 shares outstanding
Laba per saham Basic earnings per
dasar (nilai penuh) 109 121 share (full amount)
Perusahaan tidak memiliki instrumen yang memberikan efek The Company does not have instrument that give impact of
dilusi pada laba per saham dasar. dilution effect on basic earning per share.
33. PENGHASILAN KOMPREHENSIF LAIN 33. OTHER COMPREHENSIVE INCOME
Perubahan komponen penghasilan komprehensif lain yang The movement of other comprehensive income component
tidak mempengaruhi laba rugi adalah sebagai berikut: that have not yet affected the profit and loss were as
follows:
31 Desember/December
2023 2022
Saldo awal tahun – setelah Beginning balance of the
pajak tangguhan 62.751 48.626 year - after deferred tax
Kerugian pengukuran kembali Loss on remeasurement of
program aktuarial manfaat pasti (10.468) (8.979) defined benefit actuarial program
Effective portion of the fair value change
Bagian efektif atas perubahan nilai wajar of the derivative instrument -
instrumen derivatif - lindung nilai arus kas 13.498 26.409 cash flow hedge
65.781 66.056
Aset pajak tangguhan (Catatan 14c) (579) (3.305) Deferred tax assets (Note 14c)
Saldo akhir tahun – setelah Balance at the end of year -
pajak tangguhan 65.202 62.751 after deferred tax
34. PERUBAHAN PADA LIABILITAS DARI AKTIVITAS PENDANAAN 34. CHANGES IN LIABILITIES ARISED FROM FINANCING
ACTIVITIES
Perubahan pada liabilitas yang timbul dari aktivitas Changes in liabilities arised from financing activities are as
pendanaan adalah sebagai berikut: follows:
31 Desember/December 2023
Pergerakan non-kas/
Non-cash changes
Pergerakan
Pergerakan beban
valuta asing/ transaksi/
Saldo awal/ Movement in Changes in Saldo akhir/
Beginning Arus kas/ foreign transaction Ending
balance Cashflows exchange cost balance
Pinjaman yang diterima 10.246.908 (1.517.821) (59.530) (3.697) 8.665.860 Funds borrowings
Surat berharga yang
diterbitkan - neto 1.581.490 3.145.000 - (5.715) 4.720.775 Securities issued - net
Jumlah liabilitas dari Total liabilities from
aktivitas pendanaan 11.828.398 1.627.179 (59.530) (9.412) 13.386.635 financing activities
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 395
Page 398
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/80 Exhibit E/80
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
34. PERUBAHAN PADA LIABILITAS DARI AKTIVITAS PENDANAAN 34. CHANGES IN LIABILITIES ARISED FROM FINANCING
(Lanjutan) ACTIVITIES (Continued)
Perubahan pada liabilitas yang timbul dari aktivitas Changes in liabilities arised from financing activities are as
pendanaan adalah sebagai berikut: (Lanjutan) follows: (Continued)
31 Desember/December 2022
Pergerakan non-kas/
Non-cash changes
Pergerakan
Pergerakan beban
valuta asing/ transaksi/
Saldo awal/ Movement in Changes in Saldo akhir/
Beginning Arus kas/ foreign transaction Ending
balance Cashflows exchange cost balance
Pinjaman yang diterima 4.789.422 5.344.363 123.855 (10.732) 10.246.908 Funds borrowings
Surat berharga yang
diterbitkan - neto 2.487.483 (910.000) - 4.007 1.581.490 Securities issued - net
Jumlah liabilitas dari Total liabilities from
aktivitas pendanaan 7.276.905 4.434.363 123.855 (6.725) 11.828.398 financing activities
Perusahaan dan entitas anaknya telah melakukan kebijakan The Company and its subsidiary have conducted hedge policy
lindung nilai untuk pinjaman yang diterima dalam mata uang to borrowings denominated in foreign currencies.
asing.
35. MANAJEMEN RISIKO 35. RISK MANAGEMENT
Pendahuluan dan gambaran umum Introduction and general description
Perkembangan dunia multifinance yang disertai dengan The development in multifinance industry followed with the
meningkatnya kompleksitas aktivitas pembiayaan semakin improvement in complexity of financing activity has
mempertegas pentingnya tata kelola perusahaan yang sehat emphasized more on the importance of good corporate
(good corporate governance) dan manajemen risiko yang governance and a reliable risk management. Such both
dapat diandalkan. Kedua hal tersebut merupakan faktor matters are important factors, which bring the investors’
penting yang menjadi perhatian para investor dalam attention in assessing their investment targeting. Basically,
penilaian pilihan target investasinya. Penerapan the implementation of risk management within the Company
manajemen risiko di Perusahaan dan entitas anaknya pada and its subsidiary had been carried out since the
dasarnya sudah dilakukan sejak perusahaan berdiri, establishment of the Company, eventhough the Company
meskipun dengan cara yang masih konvensional dan was still using a conventional manner and keep improving in
berkembang sesuai dengan perkembangan kondisi internal accordance with the recent development of internal and
dan eksternal. external circumstances.
Perusahaan dan entitas anaknya menyadari bahwa risiko The Company and its subsidiary realize that risk is an
merupakan bagian yang tidak terpisahkan dari operasional integral part of its operational activity and can be managed
dan dapat dikelola secara praktis dan efektif setiap hari, practically and effectively day by day, with the following
dengan empat tipe risiko utama: four particular risks:
1. Risiko kredit 1. Credit risk
2. Risiko pasar 2. Market risk
3. Risiko pendanaan dan likuiditas 3. Funding and liquidity risk
4. Risiko operasional 4. Operational risk
5. Risiko permodalan 5. Capital risk
Pengelolaan risiko di Perusahaan mencakup keseluruhan Risk management within the Company includes overall scope
lingkup aktivitas usaha di Perusahaan, yang didasarkan pada of business activity within the Company, which based on the
kebutuhan akan keseimbangan antara fungsi operasional necessity of balance between business operational function
bisnis dengan pengelolaan risikonya. Dengan kebijakan dan and its risk management thereof. By means of proper risk
manajemen risiko yang berfungsi baik, maka manajemen management and policy, thus the risk management will
risiko akan menjadi strategic partner bagi bisnis dalam become a strategic partner to the business in obtaining
mendapatkan hasil optimal dari operasi Perusahaan. optimal outcome from the Company’s course of operation.
396 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 399
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/81 Exhibit E/81
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
35. MANAJEMEN RISIKO (Lanjutan) 35. RISK MANAGEMENT (Continued)
Pendahuluan dan gambaran umum (Lanjutan) Introduction and general description (Continued)
Dalam rangka pengembangan manajemen risiko yang sesuai, In the event of development of proper risk management, the
Perusahaan dan entitas anaknya terus mengembangkan dan Company and its subsidiary keep developing and improving
meningkatkan kerangka sistem pengelolaan risiko dan the integrated and comprehensive framework of risk
struktur pengendalian internal yang terpadu dan management system and internal control structure, in order
komprehensif, sehingga dapat memberikan informasi that they are able to provide information as an early
adanya potensi risiko secara lebih dini dan selanjutnya warning of any potential risk and accordingly, take
mengambil langkah-langkah yang memadai untuk appropriate actions to mitigate the risk.
meminimalkan dampak risiko.
Kerangka manajemen risiko dituangkan dalam kebijakan, The framework of risk management is implemented under
prosedur, batasan transaksi, kewenangan dan ketentuan the form of policy, procedures, transactional limits,
lain serta berbagai perangkat manajemen risiko, yang authorizations, and other rules as well as various risk
berlaku di seluruh aktivitas lingkup usaha. Untuk management instruments applicable to entire business
memastikan bahwa kebijakan dan prosedur tersebut sesuai activity. In order to ensure that the policy and procedures
dengan perkembangan bisnis yang ada, maka evaluasi selalu is in line with the current business development, evaluation
dilakukan berkala sesuai dengan perubahan parameter is frequently carried out in accordance with the change in
risikonya. its risk parameter.
Kerangka manajemen risiko Framework of risk management
Dalam penerapan manajemen risiko, Perusahaan menyadari In the implementation of risk management, the Company
pentingnya memiliki sebuah mekanisme yang memadai realizes the importance of having an adequate mechanism
dalam mengakomodasi risiko-risiko yang dihadapi to accommodate the risks faced by the Company. The
Perusahaan. Perusahaan bertumpu pada 4 (empat) pilar Company has a mechanism that is based upon 4 (four) risk
manajemen risiko sebagai berikut: management pillars, in which could be described as follows:
1. Pengawasan aktif Dewan Komisaris dan Direksi, yang 1. Active supervision by the Board of Commissioners and
mencakup: Board of Directors, which includes:
- Menyetujui dan melakukan evaluasi kebijakan - Approving and evaluating risk management policies
manajemen risiko secara berkala; on a regular basis;
- Menetapkan kebijakan dan strategi Manajemen Risiko - Establishing risk management policies and strategies,
termasuk penetapan otoritas dalam pemberian which include determining the authorization in limits
batasan serta tinjauan atas kualitas portfolio secara and reviewing the quality of portfolio on a regular
berkala; basis;
- Terdapatnya Komite Audit dan Manajemen Risiko - Presence of Audit Committee and Risk Management
dalam melakukan fungsi pengawasan. Committee in carrying out their supervisory
functions.
2. Kebijakan dan penerapan batasan 2. Policy and implementation limits
Perusahaan menyusun kebijakan-kebijakan manajemen The Company develops policies related to risk
risiko yang diperiksa secara berkala dan selalu management, which are assessed periodically and
disesuaikan dengan kondisi usaha terkini. Kebijakan aligned constantly to fit the most recent business
tersebut diterjemahkan ke dalam Prosedur Operasi situation. The policy is translated into Standard
Standar, Ketentuan Umum dan Surat Keputusan Direksi, Operating Procedures and Internal Memo, which are
dan disosialisasikan kepada seluruh karyawan terkait. being socialized to all employees. The Company also has
Perusahaan juga menerapkan batasan persetujuan atau policies concerning the level of authority on approval or
otorisasi untuk transaksi kredit maupun yang bukan authorization for both credit and non-credit
transaksi kredit. transactions.
3. Identifikasi, pengukuran, pengawasan dan sistem 3. Identification, measurement, monitoring, and
informasi manajemen management information system
Perusahaan memiliki perangkat untuk mengidentifikasi, The Company has a set of tools to identify, measure, and
mengukur dan mengawasi risiko, terutama risiko kredit monitor risks, particularly the credit risk and
dan operasional melalui mekanisme pelaporan dan operational risk through the existing reporting and
sistem informasi manajemen. Untuk menjamin management information system mechanism. In order to
ketersediaan data risiko yang terkini dan komprehensif, ensure the availability of updated and comprehensive
Perusahaan telah melakukan mengkonversi sistem risk data, the Company had converted the existing
operasi Perusahaan yang ada menjadi centralized operating system into a centralized system, which known
system yang dikenal dengan CONFINS. Selain itu, as CONFINS. Moreover, the Company has also
Perusahaan juga melakukan implementasi sistem implemented business intelligence information system
informasi business intelligence agar data atau informasi in order that data or risk information could be provided
risiko dapat disediakan secara cepat dan akurat kepada to the management or other third parties on a prompt
pihak manajemen atau pihak ketiga lainnya. and accurate manner.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 397
Page 400
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/82 Exhibit E/82
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
35. MANAJEMEN RISIKO (Lanjutan) 35. RISK MANAGEMENT(Continued)
Kerangka manajemen risiko (Lanjutan) Framework of risk management (Continued)
Dalam penerapan manajemen risiko, Perusahaan menyadari In the implementation of risk management, the Company
pentingnya memiliki sebuah mekanisme yang memadai realizes the importance of having an adequate mechanism
dalam mengakomodasi risiko-risiko yang dihadapi to accommodate the risks faced by the Company. The
Perusahaan. Perusahaan bertumpu pada 4 (empat) pilar Company has a mechanism that is based upon 4 (four) risk
manajemen risiko sebagai berikut: (Lanjutan) management pillars, in which could be described as
follows: (Continued)
4. Pengendalian internal 4. Internal control
Perusahaan memiliki Departemen Audit Internal yang The Company has the Internal Audit Division in place,
secara independen melaporkan hasil pemeriksaannya which independently reports on process and results of
kepada Dewan Komisaris dan Direksi. Tanggung jawab assessment to the Board of Commissioners and Board of
Directors. The responsibility of the Internal Audit
dari Departemen Audit Internal mencakup:
Division includes:
- Menyediakan penilaian atas kecukupan dan - Providing assessment on the adequacy and
efektifitas dari proses bisnis yang ada di dalam effectiveness of the entire existing business process
Perusahaan; within the Company;
- Melakukan pemeriksaan atas kepatuhan terhadap - Conducting examination on compliance to the
kebijakan-kebijakan risiko Perusahaan; Company’s risk policies;
- Melaporkan masalah-masalah penting yang terkait - Reporting on significant issues related to the control
dengan proses pengendalian di dalam Perusahaan activities within the Company, including potential
termasuk rekomendasi perbaikan yang potensial improvements to these processes; and
terhadap proses tersebut; dan
- Melakukan koordinasi strategis dengan fungsi - Coordinating with other controlling and supervisory
pengendali dan pengawasan lainnya (manajemen functions (risk management, compliance, legal,
risiko, hukum, sistem dan prosedur, dan audit system and procedures, and external auditor).
eksternal).
Proses dan penilaian risiko Process and risk assessments
Pada dasarnya proses manajemen risiko dilakukan oleh Basically, risk management processes are carried out by
masing-masing unit mengingat risiko yang dihadapi each unit considering that the risk faced represents
merupakan risiko individual yang melekat pada produk, individual risks which are embedded into the products,
transaksi maupun proses pada unit yang bersangkutan. transactions, as well as process in the related unit. The
Tugas utama dari Departemen Manajemen Risiko adalah primary task of Risk Management Division is to determine
menetapkan kebijakan dan prosedur manajemen risiko serta policies and procedures as well as doing a series of
melakukan serangkaian proses untuk mengumpulkan, processes of collecting, measuring, and reporting to the
melakukan pengukuran dan pelaporan kepada Dewan Board of Commissioners and Board of Directors. The
Komisaris dan Direksi. Penetapan kebijakan manajemen determination of risk management policies is carried out
risiko dilakukan melalui proses persetujuan Direksi. through approval process by the Board of Directors.
1. Risiko Kredit 1. Credit Risk
Risiko kredit adalah risiko utama Perusahaan, yaitu risiko Credit risk is the main risk of the Company, that is the
yang timbul apabila konsumen tidak dapat memenuhi risk arising when the customer are unable to meet its
kewajibannya sesuai dengan perjanjian yang telah obligation in accordance with the agreement as agreed
disepakati antara konsumen dengan Perusahaan. upon between the customer and the Company.
Manajemen risiko yang telah diterapkan Perusahaan Risk management that has been applied by the
adalah sebagai berikut: Company are as follows:
Diversifikasi portofolio menurut wilayah, sektor Diversify the portfolio by region, economic sector
ekonomi dan industri, merk dan tipe barang. and industry, brand and type of goods.
Risk Adjusted Pricing Method, yaitu penetapan Risk Adjusted Pricing Method, namely setting the
tingkat bunga pembiayaan berdasarkan risiko yang interest rate of financing based on the risks faced
dihadapi, antara lain dinilai dari tingkat uang muka by, among others, assessed based on the level of
yang dibayar konsumen, usia kendaraan yang advances paid by consumers, age of vehicles
dibiayai, jenis penutupan asuransi yang dipilih dan financed, type of insurance coverage selected and so
lain sebagainya. forth.
Adanya Key Performance Indicators (KPI) sebagai
“early warning system” atas suatu masing-masing The Key Performance Indicators (KPI) as an “early
produk pembiayaan maupun kantor cabang. warning system” of an individual loan products as
Penanganan kontrak bermasalah yang dilakukan well as branch offices.
secara disiplin dan proaktif. Handling of problematic contracts in a discipline and
proactive manner.
Analisa atas kualitas portofolio secara periodik dan Analysis of portfolio quality through periodic and
tindakan preventif dan sanksi bagi cabang-cabang preventive actions and sanctions for branches whose
yang kualitas portofolionya tidak sesuai target. quality of its portfolio is not on target.
398 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 401
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/83 Exhibit E/83
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
35. MANAJEMEN RISIKO (Lanjutan) 35. RISK MANAGEMENT(Continued)
Proses dan penilaian risiko (Lanjutan) Process and risk assessments (Continued)
1. Risiko Kredit (Lanjutan) 1. Credit Risk (Continued)
Tabel berikut menjelaskan eksposur maksimum sesuai The following table illustrates the Company’s maximum
dengan konsentrasi risiko kredit: exposure based on credit risk concentration:
31 Desember/December 2023
Eksposur
maksimum/
Korporasi/ Ritel/ Maximum
Corporate Retail exposure
Kas dan setara kas 1.739.659 - 1.739.659 Cash and cash equivalents
Piutang pembiayaan 3.332.910 18.137.603 21.470.513 Financing receivables
Piutang ijarah dan IMBT - 53.816 53.816 Ijarah and IMBT receivables
Aset derivatif 56.657 - 56.657 Derivative assets
Piutang karyawan - 48.463 48.463 Employee receivables
5.129.226 18.239.882 23.369.108
31 Desember/December 2022
Eksposur
maksimum/
Korporasi/ Ritel/ Maximum
Corporate Retail exposure
Kas dan setara kas 1.073.255 - 1.073.255 Cash and cash equivalents
Piutang pembiayaan 2.774.668 17.613.021 20.387.689 Financing receivables
Piutang ijarah dan IMBT - 8.096 8.096 Ijarah and IMBT receivables
Aset derivatif 103.056 - 103.056 Derivative assets
Piutang karyawan - 52.921 52.921 Employee receivables
3.950.979 17.674.038 21.625.017
Tabel berikut menjelaskan rincian aset keuangan The following table illustrates the detail of financial
Perusahaan yang dibedakan antara yang mengalami assets distinguished between those which impaired and
penurunan nilai dan yang tidak: not impaired:
31 Desember/December 2023
Tidak
mengalami Mengalami
penurunan penurunan
nilai/ nilai/ Jumlah/
Not impaired Impaired Total
Kas dan setara kas 1.739.659 - 1.739.659 Cash and cash equivalents
Piutang pembiayaan 21.170.839 299.674 21.470.513 Financing receivables
Piutang ijarah dan IMBT 53.679 137 53.816 Ijarah and IMBT receivables
Aset derivatif 56.657 - 56.657 Derivative assets
Piutang karyawan 48.463 - 48.463 Employee receivables
23.069.297 299.811 23.369.108
Dikurangi: Less:
Cadangan kerugian
penurunan nilai (765.167 ) Allowance for impairment losses
22.603.941
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 399
Page 402
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/84 Exhibit E/84
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
35. MANAJEMEN RISIKO (Lanjutan) 35. RISK MANAGEMENT(Continued)
Proses dan penilaian risiko (Lanjutan) Process and risk assessments (Continued)
1. Risiko Kredit (Lanjutan) 1. Credit Risk (Continued)
Tabel berikut menjelaskan rincian aset keuangan The following table illustrates the detail of financial
Perusahaan yang dibedakan antara yang mengalami assets distinguished between those which impaired and
penurunan nilai dan yang tidak: (Lanjutan) not impaired: (Continued)
31 Desember/December 2022
Tidak
mengalami Mengalami
penurunan penurunan
nilai/ nilai/ Jumlah/
Not impaired Impaired Total
Kas dan setara kas 1.073.255 - 1.073.255 Cash and cash equivalents
Piutang pembiayaan 20.182.489 205.200 20.387.689 Financing receivables
Piutang ijarah dan IMBT 7.948 148 8.096 Ijarah and IMBT receivables
Aset derivatif 103.056 - 103.056 Derivative assets
Piutang karyawan 52.921 - 52.921 Employee receivables
21.419.669 205.348 21.625.017
Dikurangi: Less:
Cadangan kerugian
penurunan nilai (833.764 ) Allowance for impairment losses
20.791.253
Tabel berikut menjelaskan rincian aset keuangan The following table illustrates the detail of financial
Perusahaan yang dibedakan antara individual dan assets distinguished between individual and collective.
kolektif.
31 Desember/December 2023
Individual/ Kolektif/ Jumlah/
Individual Collective Total
Kas dan setara kas 1.739.659 - 1.739.659 Cash and cash equivalents
Piutang pembiayaan 48.428 21.422.085 21.470.513 Financing receivables
Piutang ijarah dan IMBT 3 53.813 53.816 Ijarah and IMBT receivables
Aset derivatif 56.657 - 56.657 Derivative assets
Piutang karyawan 48.463 - 48.463 Employee receivables
1.893.210 21.475.898 23.369.108
Dikurangi: Less:
Cadangan kerugian
penurunan nilai (765.167 ) Allowance for impairment losses
22.603.941
31 Desember/December 2022
Individual/ Kolektif/ Jumlah/
Individual Collective Total
Kas dan setara kas 1.073.255 - 1.073.255 Cash and cash equivalents
Piutang pembiayaan 341.111 20.046.578 20.387.689 Financing receivables
Piutang ijarah dan IMBT 819 7.277 8.096 Ijarah and IMBT receivables
Aset derivatif 103.056 - 103.056 Derivative assets
Piutang karyawan 52.921 - 52.921 Employee receivables
1.571.162 20.053.855 21.625.017
Dikurangi: Less:
Cadangan kerugian
penurunan nilai (833.764 ) Allowance for impairment losses
20.791.253
400 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 403
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/85 Exhibit E/85
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
35. MANAJEMEN RISIKO (Lanjutan) 35. RISK MANAGEMENT(Continued)
Proses dan penilaian risiko (Lanjutan) Process and risk assessments (Continued)
2. Risiko Pasar 2. Market Risk
Risiko pasar merupakan risiko yang terutama berkaitan Market risk is the risk which is primarily caused by the
dengan perubahan tingkat suku bunga dan nilai tukar changes in interest rates and exchange rate of Rupiah
mata uang Rupiah yang akan menyebabkan currency which could resulting in decrease in revenue,
berkurangnya pendapatan, atau bertambahnya biaya or increase in cost of capital of the Company. With the
modal Perusahaan. Dengan pola aktivitas usaha yang pattern of business activity currently operated by the
dijalankan Perusahaan saat ini, risiko pasar Perusahaan Company, the market risk of the Company is mitigated
adalah minimal. Perusahaan tidak mempunyai kegiatan to the minimum level. The Company does not have
usaha pembiayaan dalam mata uang asing, sementara financing transaction in foreign currency, while all off-
seluruh pinjaman luar negeri Perusahaan dalam mata shore loans of the Company in foreign currency have
uang asing telah diproteksi dengan swap dalam jumlah been protected by entering into swap transactions at
dan tanggal jatuh tempo yang sama dengan utangnya. amount and settlement date that similar to the
Dalam hal suku bunga, seluruh bunga yang dibebankan borrowings thereof. In terms of interest rate, all
ke konsumen adalah suku bunga tetap (fixed interest interest rate charged to the customer is fixed interest
rate), sementara utang yang diperoleh sebagian besar rate, while most of the borrowings received bear fixed
juga dalam suku bunga tetap dan hanya sebagian kecil interest rate, and only a small portion the borrowings
utang dalam bentuk bunga mengambang (floating bear floating interest rate.
interest rate).
Manajemen risiko yang telah diterapkan oleh Perusahaan Risk management that has been applied by the
adalah sebagai berikut: Company are as follows:
Mengelola risiko perubahan nilai tukar mata uang Managing risks of foreign exchange rates.
asing.
Melakukan penelaahan atas tingkat bunga Performing review over the interest rate on
pembiayaan yang dikaitkan dengan tingkat suku financing associated with interest rate on
bunga pinjaman. borrowings.
Membatasi eksposur dalam investasi yang memiliki Limiting exposure in the investment that has
harga pasar yang fluktuatif. fluctuating market prices.
Tabel berikut menjelaskan eksposur Perusahaan atas The following table illustrates the Company’s exposure
risiko nilai tukar mata uang asing pada tanggal to foreign currency exchange rate risk as of
31 Desember 2023. Termasuk didalamnya adalah 31 December 2023. Included in the table are financial
instrumen keuangan Perusahaan pada nilai tercatat, instruments of the Company at carrying amounts,
dikategorikan berdasarkan jenis mata uang. categorised by currency.
31 Desember/December 2023
USD
(Nilai penuh)/ Nilai (Rp)/
(Full amount) Equivalent (Rp)
Liabilitas Liabilities
Pinjaman yang diterima 143.333.334 2.209.627 Fund borrowings
Beban akrual 939.970 14.491 Accrued expenses
Jumlah liabilitas 144.273.304 2.224.118 Total liabilities
Liabilitas neto Net liabilities
Kontrak valuta berjangka Foreign currency swap transactions
pertukaran mata uang asing (144.273.304) (2.224.118) contract
Eksposur neto dalam mata uang
asing - - Net exposure in foreign currency
Manajemen risiko tingkat suku bunga terhadap limit The management of interest rate risk against interest
perubahan tingkat suku bunga dilengkapi dengan rate gap limits is supplemented by monitoring the
pemantauan atas sensitivitas aset dan liabilitas sensitivity of the Company’s financial assets and
keuangan Perusahaan terhadap beberapa skenario suku liabilities to various standard and non-standard
bunga baku maupun non-baku. interest rate scenarios.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 401
Page 404
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/86 Exhibit E/86
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
35. MANAJEMEN RISIKO (Lanjutan) 35. RISK MANAGEMENT(Continued)
Proses dan penilaian risiko (Lanjutan) Process and risk assessments (Continued)
2. Risiko Pasar (Lanjutan) 2. Market Risk (Continued)
Tabel berikut menjelaskan sensitivitas atas kemungkinan The following table illustrates the sensitivity to a
perubahan tingkat suku bunga pasar, dengan variabel reasonably possible change in market interest rates,
lain dianggap tetap, terhadap pendapatan pembiayaan: with all other variables held constant, of the financing
income:
31 Desember/December
2023 2022
Pendapatan pembiayaan: Financing income:
Kenaikan suku bunga 1% Increase in interest rate by 1%
(100 basis poin) 190.599 149.972 (100 basis point)
Penurunan suku bunga 1% Decrease in interest rate by 1%
(100 basis poin) (190.599) (149.972) (100 basis point)
Tabel berikut menjelaskan rincian aset dan liabilitas The following table illustrates the Company’s
keuangan Perusahaan yang dikelompokkan menurut mana financial assets and liabilities at carrying amounts,
yang lebih awal antara tanggal repricing atau tanggal jatuh categorized by the earlier of contractual repricing of
tempo kontraktual untuk melihat dampak perubahan maturity dates to analyze the impact of changes in
tingkat suku bunga: interest rate:
31 Desember/December 2023
Tingkat bunga
mengambang/ Tingkat bunga tetap/ Fixed rate
Floating rate
< 3 bulan/ 3-36 bulan/ < 3 bulan/ 3-12 bulan/ 1-2 tahun/ > 2 tahun/ Jumlah/
months months months months years years Total
Aset keuangan Financial assets
Cash and cash
Kas dan setara kas 1.739.659 - - - - - 1.739.659 equivalents
Piutang pembiayaan - - 3.781.082 6.929.697 6.349.324 4.410.410 21.470.513 Financing receivables
Piutang ijarah Ijarah and IMBT
dan IMBT - - 13.702 14.536 14.365 11.213 53.816 receivables
Jumlah aset keuangan 1.739.659 - 3.794.784 6.944.233 6.363.689 4.421.623 23.263.988 Total financial assets
Liabilitas keuangan Financial liabilities
Pinjaman yang diterima 20.787 - 1.484.229 3.724.801 2.669.140 766.903 8.665.860 Fund borrowings
Surat berharga yang
diterbitkan - - 614.669 1.766.466 609.510 1.730.130 4.720.775 Securities issued
Jumlah liabilitas Total financial
keuangan 20.787 - 2.098.898 5.491.267 3.278.650 2.497.033 13.386.635 liabilities
Neto 1.718.872 - 1.695.886 1.452.966 3.085.039 1.924.590 9.877.353 Net
31 Desember/December 2022
Tingkat bunga
mengambang/ Tingkat bunga tetap/ Fixed rate
Floating rate
< 3 bulan/ 3-36 bulan/ < 3 bulan/ 3-12 bulan/ 1-2 tahun/ > 2 tahun/ Jumlah/
months months months months years years Total
Aset keuangan Financial assets
Cash and cash
Kas dan setara kas 1.073.255 - - - - - 1.073.255 equivalents
Piutang pembiayaan - - 3.481.977 6.795.767 6.035.931 4.074.014 20.387.689 Financing receivables
Piutang ijarah Ijarah and IMBT
dan IMBT - - 1.631 2.934 2.083 1.448 8.096 receivables
Jumlah aset keuangan 1.073.255 - 3.483.608 6.798.701 6.038.014 4.075.462 21.469.040 Total financial assets
Liabilitas keuangan Financial liabilities
Pinjaman yang diterima 20.763 83.077 1.453.896 3.744.385 3.653.518 1.291.269 10.246.908 Fund borrowings
Surat berharga yang
diterbitkan - - - 652.504 928.986 - 1.581.490 Securities issued
Jumlah liabilitas Total financial
keuangan 20.763 83.077 1.453.896 4.396.889 4.582.504 1.291.269 11.828.398 liabilities
Neto 1.052.492 (83.077) 2.029.712 2.401.812 1.455.510 2.784.193 9.640.642 Net
402 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 405
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/87 Exhibit E/87
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
35. MANAJEMEN RISIKO (Lanjutan) 35. RISK MANAGEMENT(Continued)
Proses dan penilaian risiko (Lanjutan) Process and risk assessments (Continued)
3. Risiko Likuiditas 3. Liquidity Risk
Risiko likuiditas merupakan risiko terkait dengan Liquidity risk is the risk associated with the ability of
kemampuan sumber dana Perusahaan untuk memenuhi the Company to meet its obligations when they fall
liabilitasnya pada jatuh tempo. due.
Manajemen risiko yang diterapkan oleh Perusahaan Risk management that has been applied by the
adalah sebagai berikut: Company are as follows:
Mendapatkan pinjaman dengan skedul pembayaran Obtaining borrowings with principal and interest
kembali pokok dan bunga yang sesuai dengan repayment schedule that aligns with the original
periode jatuh tempo piutang, sehingga tidak terjadi maturities of receivables, in order to prevent mis-
mis-match. match.
Menjaga agar posisi kas dan Perusahaan selalu dalam Maintaining the cash and bank position of the
posisi likuid untuk mendukung aktivitas pembiayaan Company to remain in a liquid position in
selama minimal 7 hari. supporting the financing activities for at least
7 days.
Memonitor posisi kas dan bank Perusahaan secara Monitoring the cash and bank position of the
periodik, baik tahunan, bulanan, mingguan maupun Company in a regular basis, whether annualy,
harian, guna memastikan agar selalu terdapat monthly, weekly or daily, to ensure that there is
surplus kas yang memadai. always sufficient cash surplus.
Menjaga agar jumlah piutang yang jatuh tempo pada Maintaining the number of receivables due in a
periode tertentu lebih besar dibanding dengan utang certain period higher than the debts maturing in
yang jatuh tempo pada periode yang sama. the same period.
Tabel berikut ini menyajikan profil perbedaan jatuh The following table presents the maturity gap profile
tempo atas aset dan liabilitas keuangan Perusahaan pada of the Company’s financial assets and liabilities as of
tanggal 31 Desember 2023 dan 2022: 31 December 2023 and 2022:
31 Desember/December 2023
Tidak
memiliki
jatuh
tempo/
Don’t
have < 1 bulan/ 1-3 bulan/ >3-12 bulan/ 1-3 tahun/ >3 tahun/ Jumlah/
maturity month months months years years Total
Aset keuangan Financial assets
Cash and cash
Kas dan setara kas 1.739.659 - - - - - 1.739.659 equivalents
Piutang pembiayaan - 1.880.960 1.900.122 6.929.697 9.502.491 1.257.243 21.470.513 Financing receivables
Ijarah and IMBT
Piutang ijarah dan IMBT - 9.924 3.778 14.536 22.826 2.752 53.816 receivables
Aset derivatif - 3.512 7.726 39.800 5.619 - 56.657 Derivative assets
Piutang karyawan - 2.961 2.182 6.635 36.068 617 48.463 Employees receivables
Jumlah aset keuangan 1.739.659 1.897.357 1.913.808 6.990.668 9.567.004 1.260.612 23.369.108 Total financial assets
Liabilitas keuangan Financial liabilities
Pinjaman yang diterima - 623.370 887.286 3.739.225 3.451.627 - 8.701.508 Fund borrowings
Surat berharga
yang diterbitkan - - 617.000 1.770.000 2.343.000 - 4.730.000 Securities issued
Beban bunga yang masih Accrued interest
harus dibayar - 75.090 - - - - 75.090 expenses
Utang kepada supplier - 81.109 - - - - 81.109 Payable to suppliers
Insurance premium
Utang premi asuransi - - 45.288 - - - 45.288 payables
Jumlah liabilitas keuangan - 779.569 1.549.574 5.509.225 5.794.627 - 13.632.995 Total financial liabilities
Perbedaan jatuh tempo 1.739.659 1.117.788 364.234 1.481.443 3.772.377 1.260.612 9.736.113 Difference in maturity
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 403
Page 406
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/88 Exhibit E/88
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
35. MANAJEMEN RISIKO (Lanjutan) 35. RISK MANAGEMENT(Continued)
Proses dan penilaian risiko (Lanjutan) Process and risk assessments (Continued)
3. Risiko Likuiditas (Lanjutan) 3. Liquidity Risk (Continued)
Tabel berikut ini menyajikan profil perbedaan jatuh The following table presents the maturity gap profile
tempo atas aset dan liabilitas keuangan Perusahaan pada of the Company’s financial assets and liabilities as of
tanggal 31 Desember 2023 dan 2022: (Lanjutan) 31 December 2023 and 2022: (Continued)
31 Desember/December 2022
Tidak
memiliki
jatuh
tempo/
Don’t
have < 1 bulan/ 1-3 bulan/ >3-12 bulan/ 1-3 tahun/ >3 tahun/ Jumlah/
maturity month months months years years Total
Aset keuangan Financial assets
Cash and cash
Kas dan setara kas 1.073.255 - - - - - 1.073.255 equivalents
Piutang pembiayaan - 1.682.792 1.799.185 6.795.766 9.076.297 1.033.649 20.387.689 Financing receivables
Ijarah and IMBT
Piutang ijarah dan IMBT - 830 801 2.934 3.019 512 8.096 receivables
Aset derivatif 2.979 9.531 42.493 48.053 - 103.056 Derivative assets
Piutang karyawan - 4.079 3.235 6.963 37.139 1.505 52.921 Employees receivables
Jumlah aset keuangan 1.073.255 1.690.680 1.812.752 6.848.156 9.164.508 1.035.666 21.625.017 Total financial assets
Liabilitas keuangan Financial liabilities
Pinjaman yang diterima - 678.804 800.173 3.818.252 4.948.485 33.145 10.278.859 Fund borrowings
Surat berharga
yang diterbitkan - - - 655.000 930.000 - 1.585.000 Securities issued
Beban bunga yang masih Accrued interest
harus dibayar - 48.133 - - - - 48.133 expenses
Utang kepada supplier - 84.116 - - - - 84.116 Payable to suppliers
Insurance premium
Utang premi asuransi - - 58.736 - - - 58.736 payables
Jumlah liabilitas keuangan - 811.053 858.909 4.473.252 5.878.485 33.145 12.054.844 Total financial liabilities
Perbedaan jatuh tempo 1.073.255 879.627 953.843 2.374.904 3.286.023 1.002.521 9.570.173 Difference in maturity
4. Risiko Operasional 4. Operational Risk
Risiko operasional adalah risiko yang berpotensi Operational risk is the risk that could potentially cause
menyebabkan kerugian operasional karena kesalahan an operating loss due to employee error whether
karyawan baik yang disengaja maupun tidak; kegagalan intentional or not; system failures and operational
sistem dan proses operasional serta tidak berfungsinya processes as well as the malfunction of the internal
sistem pengendalian internal dalam operasional control system in the day-to-day operations.
Perusahaan sehari-hari.
Manajemen risiko yang diterapkan oleh Perusahaan Risk management that has been applied by the
adalah sebagai berikut: Company are as follows:
Menerapkan sistem yang tersentralisasi sehingga Implementing a centralized system in order that
proses bisnis dapat terkontrol secara sistem dan business processes can be controlled by the system
dimonitor dari waktu ke waktu. and monitored from time to time.
Menyiapkan backup dan Disaster Recovery Plan yang Preparing backup and Disaster Recovery Plan that
memadai bila terjadi hal-hal yang tidak diinginkan is sufficient whenever unexpected event or
atas sistem aplikasi utama Perusahaan, baik dari sisi condition occur towards the Company’s major
hardware dan software. application systems, both in terms of hardware and
software.
Menerapkan sistem audit kepatuhan yang Implementing a sustainable compliance audit
berkelanjutan, baik di kantor cabang maupun kantor system, both in branch offices or headquarters.
pusat.
Menerapkan aturan kerja yang jelas (SOP) dan sanksi Implementing a clear code of conduct (SOP) and
yang tegas atas penyimpangan yang terjadi, sesuai strict sanctions for irregularities that occurred,
dengan tingkat kesalahan yang ditemukan. according to level of error identified.
Adanya penanaman nilai-nilai dasar Perusahaan Promoting the Company's core values to employees
sejak dini kepada karyawan, sehingga dapat since the early stage, in order to avoid/reduce the
menghindarkan/mengurangi potensi penyimpangan. potential for irregularities.
Adanya penilaian kinerja yang fair dan transparan Fair and transparent performance appraisal and
serta adanya kesempatan untuk pengembangan opportunities for career development.
karir.
404 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 407
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/89 Exhibit E/89
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
35. MANAJEMEN RISIKO (Lanjutan) 35. RISK MANAGEMENT(Continued)
Proses dan penilaian risiko (Lanjutan) Process and risk assessments (Continued)
4. Risiko Operasional (Lanjutan) 4. Operational Risk (Continued)
Dalam rangka meningkatkan keamanan pusat data dan In order to improve data center and network security
jaringan serta dengan semakin kompleksnya sistem as well as the increasingly complex information and
informasi dan digitalisasi yang digunakan, Perusahaan digitalization systems used, the Company has carried
telah melakukan berbagai identifikasi dan mitigasi risiko out various identification and risk mitigation related
terkait dengan Teknologi Informasi dan Digitalisasi, to Information Technology and Digitalization,
antara lain sebagai berikut: including the following:
Dibentuknya komite pengarah Teknologi Informasi Establishment of an Information Technology
(IT Steering Committee). steering committee (IT Steering Committee).
Penetapan rencana strategis TI yang termasuk Determination of an IT strategic plan that includes
peningkatan keamanan cyber yang searah dengan cyber security improvement in line with the
rencana strategis kegiatan usaha Perusahaan. strategic plan of the Company's business
activities.
Standardisasi penerapan dan pengelolaan Standardization of implementation and
perangkat jaringan komunikasi dan sistem data management of communication network devices
dan aplikasi; termasuk pengelolaan kewenangan and data systems and applications; including
akses sistem, dan peremajaan secara berkala. management of system access authority, and
regular renewal.
Penerapan pengembangan sistem aplikasi dengan Implementation of application system
model Secured Software Development Life Cycle development using the Secured Software
(S-SDLC). Development Life Cycle (S-SDLC) model.
Pelaksanaan Penetration Test dan Vulnerability Implementation of Penetration Tests and
Assessment (VA) untuk menguji keamanan dan Vulnerability Assessments (VA) to test the security
kehandalan sistem aplikasi dan jaringan informasi and reliability of application systems and
dari potensi serangan cyber. information networks from potential cyber
attacks.
5. Risiko Permodalan 5. Capital Risk
Tujuan Perusahaan dan entitas anaknya dalam The Company and its subsidiary’s objective in managing
mengelola permodalannya adalah menjaga its capital is to keep the Company’s capability in
kelangsungan usaha Perusahaan untuk dapat maintaining its going concern, so the Company could
memberikan hasil kepada pemegang saham dan manfaat distribute the return to shareholders, and maintain the
kepada pemangku kepentingan lainnya, dan memelihara optimization of capital structure to reduce the cost of
optimalisasi struktur permodalan untuk mengurangi capital.
biaya modal (cost of capital).
Dalam rangka memelihara atau menyesuaikan struktur In order to maintain or adjust the capital structure, the
permodalan, Perusahaan dapat menyesuaikan jumlah Company may adjust the amount of dividends paid to
dividen yang dibayarkan kepada pemegang saham, shareholders, return for the results of capital to
imbalan hasil modal kepada pemegang saham atau shareholders or issue new shares to reduce lending.
menerbitkan saham baru untuk mengurangi pinjaman.
Konsisten dengan pelaku industri lainnya, Perusahaan Consistent with other players in the industry, the
dan entitas anaknya memonitor permodalan Company and its subsidiary monitor capital on the basis
berdasarkan gearing ratio. Rasio ini dihitung dari nilai of the gearing ratio. This ratio is calculated as net debt
neto pinjaman (termasuk obligasi dan medium-term (including bonds payable and medium-terms notes)
notes) dibagi dengan jumlah modal. Jumlah modal divided by total capital. Total capital is calculated as
diambil dari ekuitas yang tercantum dalam laporan equity as shown in the statements of financial position.
posisi keuangan.
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 405
Page 408
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/90 Exhibit E/90
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
35. MANAJEMEN RISIKO (Lanjutan) 35. RISK MANAGEMENT(Continued)
Proses dan penilaian risiko (Lanjutan) Process and risk assessments (Continued)
5. Risiko Permodalan (Lanjutan) 5. Capital Risk (Continued)
Berdasarkan Peraturan Menteri Keuangan Republik Based on Minister of Finance of the Republic of
Indonesia No. 84/PMK.012/2006 tanggal 26 September Indonesia Regulation No. 84/PMK.012/2006 dated
2006 tentang Perusahaan Pembiayaan, juncto POJK 26 September 2006 regarding Multifinance Company,
35/POJK.5/2018, jumlah maksimum gearing ratio in conjunction with OJK Regulation
adalah sebesar 10 kali dari total modal. No.35/POJK.5/2018, the maximum gearing ratio is
10 times from total capital.
Struktur Modal Perusahaan/
Company’s Capital Structure
31 Desember/December
Keterangan PMK84/PMK.012/2006 2023 2022 Description
Modal Disetor Minimal Rp 100 miliar/ Paid- up Capital
(dalam miliar Rupiah) Minimum Rp 100 billion 399 399 (in billion Rupiah)
Rasio Utang Terhadap Maksimum 10x/
Ekuitas Maximum 10x 1,4 1,4 Debt to Equity Ratio
Pada tanggal 31 Desember 2023 dan 2022, tingkat rasio As of 31 December 2023 and 2022, debt-to-equity ratio
utang terhadap ekuitas Perusahaan masing- masing level of the Company was healthy at 1,4 times,
berada pada kondisi sehat, yaitu 1.4 kali. respectively.
36. ASET DAN LIABILITAS KEUANGAN 36. FINANCIAL ASSETS AND LIABILITIES
Nilai wajar aset keuangan dan liabilitas keuangan Fair value of financial assets and financial liabilities
Pada tabel berikut ini, instrumen keuangan telah In the following table, financial instrument have been
dialokasikan berdasarkan klasifikasinya. Kebijakan akuntansi allocated based on their respective. Significant accounting
penting pada Catatan 2d menjelaskan bagaimana setiap policies in Note 2d describes how each category of financial
kategori aset keuangan dan liabilitas keuangan diukur dan assets and financial liabilities are measured and how
bagaimana pendapatan dan beban, termasuk keuntungan revenue and expenses, including gains and losses (changes
dan kerugian (perubahan nilai wajar instrumen keuangan) in fair value of financial instruments) in the fair value is
atas nilai wajar diakui. recognized.
Pengelompokan aset keuangan telah diklasifikasikan menjadi The classification of financial assets has been classified as
aset keuangan yang diukur pada nilai wajar melalui laporan financial assets measured at fair value through profit and
laba rugi, dan pinjaman yang diberikan dan piutang. loss, and loans and receivables. So with the financial
Demikian halnya dengan liabilitas keuangan telah liabilities has been classified as financial liabilities
diklasifikasikan sebagai liabilitas keuangan yang diukur pada measured at amortized cost.
biaya perolehan diamortisasi.
406 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 409
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/91 Exhibit E/91
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
36. ASET DAN LIABILITAS KEUANGAN (Lanjutan) 36. FINANCIAL ASSETS AND LIABILITIES (Continued)
Nilai wajar aset keuangan dan liabilitas keuangan Fair value of financial assets and financial liabilities
(Lanjutan) (Continued)
Tabel berikut menyajikan nilai tercatat dan nilai wajar dari The following table sets out the carrying value and fair
aset keuangan dan liabilitas keuangan Perusahaan pada value of financial assets and financial liabilities as of
tanggal 31 Desember 2023 dan 2022: 31 December 2023 and 2022:
Aset/ Assets Liabilitas/ Liabilities
Diukur pada
nilai wajar
Diukur pada melalui Diukur pada
nilai wajar penghasilan nilai wajar
melalui komprehensif melalui
laporan laba lain/ Fair laporan laba
rugi/ Fair value through rugi/ Fair
value through other Biaya perolehan value through Biaya perolehan
profit and comprehensive diamortisasi/ profit and diamortisasi/
31 Desember 2023 loss income Amortized cost loss Amortized cost 31 December 2023
Aset keuangan Financial assets
Kas dan setara kas - - 1.739.659 - - Cash and cash equivalents
Piutang pembiayaan - neto - - 20.706.393 - - Financing receivables - net
Piutang ijarah dan IMBT– neto - - 52.769 - - Ijarah and IMBT receivables - net
Aset derivatif 56.657 - - - - Derivative assets
Piutang lain - lain - - 48.463 - - Other receivables
Jumlah 56.657 - 22.547.284 - - Total
Liabilitas keuangan Financial liabilities
Pinjaman yang diterima - - - - 8.665.860 Fund borrowings
Surat berharga
yang diterbitkan - - - - 4.720.775 Securities issued
Beban akrual - - - - 324.121 Accrued expenses
Utang lain-lain - - - - 437.423 Other payables
Jumlah - - - - 14.148.179 Total
Aset/ Assets Liabilitas/ Liabilities
Diukur pada
nilai wajar
Diukur pada melalui Diukur pada
nilai wajar penghasilan nilai wajar
melalui komprehensif melalui
laporan laba lain/ Fair laporan laba
rugi/ Fair value through rugi/ Fair
value through other Biaya perolehan value through Biaya perolehan
profit and comprehensive diamortisasi/ profit and diamortisasi/
31 Desember 2022 loss income Amortized cost loss Amortized cost 31 December 2022
Aset keuangan Financial assets
Kas dan setara kas - - 1.073.255 - - Cash and cash equivalents
Piutang pembiayaan - neto - - 19.554.254 - - Financing receivables - net
Piutang ijarah dan IMBT– neto - - 7.767 - - Ijarah and IMBT receivables - net
Aset derivatif 103.056 - - - - Derivative assets
Piutang lain - lain - - 52.921 - - Other receivables
Jumlah 103.056 - 20.688.197 - - Total
Liabilitas keuangan Financial liabilities
Pinjaman yang diterima - - - - 10.246.908 Fund borrowings
Surat berharga
yang diterbitkan - - - - 1.581.490 Securities issued
Beban Akrual - - - - 479.299 Accrued expenses
Utang lain-lain - - - - 489.352 Other payables
Jumlah - - - - 12.797.049 Total
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 407
Page 410
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/92 Exhibit E/92
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
36. ASET DAN LIABILITAS KEUANGAN (Lanjutan) 36. FINANCIAL ASSETS AND LIABILITIES (Continued)
Nilai wajar aset keuangan dan liabilitas keuangan Fair value of financial assets and financial liabilities
(Lanjutan) (Continued)
Metode dan asumsi yang digunakan untuk estimasi nilai The following methods and assumptions are used to
wajar adalah sebagai berikut: estimate the fair value:
Nilai wajar kas dan setara kas, deposito berjangka, The fair values of cash and cash equivalents, time
beban akrual dan utang lain-lain mendekati nilai deposit, accrued expenses and other payables
tercatat karena jangka waktu jatuh tempo yang singkat approximate their carrying amounts largerly due to
atas instrumen keuangan tersebut. short-term maturities of these instruments.
Estimasi nilai wajar terhadap pinjaman yang diterima The estimated fair value of fund borrowings not
yang tidak memiliki kuotasi di pasar aktif ditetapkan quoted in an active market is based on discounted cash
berdasarkan diskonto arus kas dengan menggunakan suku flows using interest rates for new debts with similar
bunga utang baru dengan sisa jatuh tempo yang serupa. remaining maturity. The fair value of floating rate
Nilai wajar pinjaman yang diterima dengan tingkat suku fund borrowings approximate their carrying amounts
bunga mengambang mendekati nilai tercatatnya karena because the interest rate is repriced frequently.
tingkat suku bunganya sering ditinjau ulang.
Piutang pembiayaan dan aset lain-lain dinyatakan Financing receivables and other assets are recorded at
berdasarkan jumlah nilai tercatat setelah dikurangi oleh carrying amount net of charges for impairment. The
beban penurunan nilai. Estimasi nilai wajar estimated fair value represents the discounted amount
mencerminkan jumlah diskonto dari estimasi kini dari of estimated future cash flows expected to be
arus kas masa depan yang diharapkan akan diterima. received. Expected cash flows are discounted at
Arus kas yang diharapkan didiskontokan pada tingkat current market rates to determine fair value.
suku bunga pasar terkini untuk menentukan nilai wajar.
Nilai wajar untuk aset keuangan derivatif ditetapkan The fair value for derivative financial assets is based
menggunakan harga pasar. on market rates.
Nilai wajar agregat untuk surat berharga yang The aggregate fair values securities issued is
diterbitkan dihitung berdasarkan harga pasar kuotasi. calculated based on quoted market prices. For those
Jika informasi ini tidak tersedia, model diskonto arus kas notes where quoted market prices are not available, a
digunakan berdasarkan kurva yield terkini yang sesuai discounted cash flow model is used based on a current
dengan sisa periode jatuh temponya. yield curve appropriate for the remaining term of
maturity.
PSAK 68, “Pengukuran Nilai Wajar” mensyaratkan SFAS No. 68, “Fair Value Measurement” requires disclosure
pengungkapan atas pengukuran nilai wajar dengan tingkat of fair value measurements by level of the following fair
hirarki nilai wajar sebagai berikut: value measurement hierarchy:
(a) harga kuotasian (tidak disesuaikan) dalam pasar aktif (a) quoted prices (unadjusted) in active markets for
untuk aset atau liabilitas yang identik (tingkat 1); identical assets or liabilities (level 1);
(b) input selain harga kuotasian yang termasuk dalam (b) inputs other than quoted prices included within level 1
tingkat 1 yang dapat diobservasi untuk aset atau that are observable for the asset or liability, either
liabilitas, baik secara langsung (misalnya harga) atau directly (as prices) or indirectly (derived from prices)
secara tidak langsung (misalnya derivasi dari harga) (level 2); and
(tingkat 2); dan
(c) input untuk aset atau liabilitas yang bukan berdasarkan (c) inputs for the asset or liability that are not based on
data pasar yang dapat diobservasi (input yang tidak observable market data (unobservable inputs)
dapat diobservasi) (tingkat 3). (level 3).
Aset keuangan Perusahaan yang diukur dan diakui pada nilai The Company’s financial assets that are measured and
wajar (tingkat 2) adalah aset keuangan derivatif. recognised at fair value (level 2) are derivative financial
assets.
408 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 411
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
These Consolidated Financial Statements are Originally Issued
in Indonesian Language
Ekshibit E/93 Exhibit E/93
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 FOR THE YEAR ENDED 31 DECEMBER 2023
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
37. RASIO KEUANGAN YANG RELEVAN 37. RELEVANT FINANCIAL RATIOS
Berdasarkan POJK No. 35/POJK.05/2018 tanggal Based on POJK No.35/POJK.05/2018 dated 31 December
31 Desember 2018 tentang Penyelenggaraan Usaha 2018 regarding the Organisation of Financing Company
Perusahaan Pembiayaan, Perusahaan diharuskan untuk Business, the Company is required to comply with several
mematuhi sejumlah rasio keuangan tertentu. Rasio-rasio ini financial ratios. These ratios have been prepared by the
dibuat oleh Perusahaan berdasarkan formula sebagaimana Company based on the formula as prescribed in the said
ditentukan dalam peraturan OJK untuk tujuan kepatuhan OJK regulation for regulatory compliance purposes, where
terhadap peraturan, dimana rasio tersebut dapat berbeda such ratios may differ had the ratios been computed based
jika rasio tersebut dihitung berdasarkan Standar Akuntansi on Indonesian Financial Accounting Standards.
Keuangan Indonesia
Tabel berikut menyajikan rasio–rasio keuangan Perusahaan The following table sets out the Company financial ratios
berdasarkan peraturan OJK pada tanggal 31 Desember 2023 based on OJK Regulation as of 31 December 2023 and 2022:
dan 2022:
Ketentuan
OJK/POJK 31 Desember /December
No. Rasio Requirement 2023 2022 Ratio
1 Rasio Saldo Piutang Pembiayaan Financing-to-Assets Ratio
Neto terhadap Total Aset >= 40% 86,53% 89,20% (FAR)
2 Rasio Saldo Piutang Pembiayaan
Neto terhadap Total Pinjaman >= 50%* 155,07% 165,38% Financing to Debt Ratio
3 Rasio Saldo Piutang Pembiayaan
Investasi dan Pembiayaan Modal Investment and Working
Kerja terhadap Total Saldo Piutang Capital Financing to Total
Pembiayaan >= 10% 78,57% 76,86% Financing Ratio
4 Rasio Piutang Pembiayaan
Bermasalah (Non-Performing Non-Performing Financing
Financing)- bruto <= 5% 1,36% 1,00% Ratio - gross
5 Rasio Piutang Pembiayaan
Bermasalah (Non-Performing Non-Performing Financing
Financing) - neto <= 5% 0,15% 0,38% Ratio - net
6 Rasio Permodalan >= 10% 65,03% 62,63% Capital Ratio
7 Gearing Ratio <= 10 x 1,41 x 1,35 x Gearing Ratio
8 Rasio Modal Sendiri terhadap Equity-to-Paid-up-Capital
Modal Disetor (MSMD) >= 50% 2379,84% 2193,49% Ratio
* Target yang ditetapkan manajemen sesuai ketentuan The target set by management is in accordance with *
POJK No.35/POJK.05/2018 POJK No.35/POJK.05/2018
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 409
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
SUMMARY REPORT OF THE SUSTAINABLE
FINANCIAL ACTION PLAN (RAKB)
PT BFI FINANCE INDONESIA Tbk
Background Sustainable Finance • Finance Director concurrently
serving as Corporate
• Presidential Regulation Mission Secretary as the person in
No. 59/2017 on
Capable of carrying out business charge and daily supervisor
Implementation of the
activities in a sustainable manner, in the implementation
Achievement of Sustainable
supporting the development of Sustainable Finance in
Development Goals;
of entrepreneurs in the low- to the Company;
• POJK No. 51/POJK.03/2017 middle-income groups to boost • Corporate Compliance
on Implementation of the local economy and social Unit tasked with providing
Sustainable Finance for welfare by being always mindful assistance and direction to
Financial Services Institutions, of environmental impacts the President Director and
Issuers, and Public Companies;
Finance Director concurrently
and Sustainable Finance serving as the Corporate
• Company strategy and policies Goals Secretary in their duties and
regarding Sustainability. responsibilities to carry out the
The Company strives to provide
primary and daily supervision
Sustainable Finance various financing products
of the implementation of
that are able to support the
Vision Sustainable Finance in the
enhancement of community
Company, based on GCG
To become a multifinance business activities and carry out
principles; and
company that is always at business processes that always
the forefront of the non-bank take sustainable development • Three work units under the
financial industry by upholding into account and support supervision of the Finance
its commitment to becoming a environmental sustainability for Director concurrently
trusted partner in the public’s the period 2021–2025. serving as Corporate
financial solutions, paying Secretary who assists the
attention to the balance of Governance Structure duties and responsibilities
achieving economic, social, and of the Director(s) concerned
• President Director as
environmental sustainability, in implementing the
the main person in
to support sustainable work programs related to
charge and supervisor in
development of the nation and Sustainable Finance in the
the implementation of
improve the living standards of Company, namely:
Sustainable Finance in
the community wherever the the Company; o Corporate Regulatory
Company operates Compliance;
o CSR; and
o Corporate Communication.
416 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Programs and Goals
BFI Sustainable Development (BUILD)
2021 2022 2023 2024 2025
Eco-friendly Office Growth and Development Entepreneurial
and Culture of SMEs Quality Financing
Financing Digitalization
2024 Activity Targets • Continuous development • Development of employee
of business activation and capability and competence
The Rencana Aksi Keuangan marketing activities for to be accustomed to the new
Berkelanjutan (RAKB), or the various financing products ways of working based on
Sustainable Finance Action and services geared for the BFI New Mindset and agile
Plan, was submitted to OJK in public, to deliver customer approach;
December 2023. It consisted of satisfaction; • Judicious and efficient use
short-term (1-year) and long-
• Development of digitally- of natural resources, and
term (5-year) action plans for
empowered operational and nurturing of a clean and
implementing Sustainable
risk management systems; healthy working environment;
Finance within the period
2021–2025. • Corporate communications • Community engagement
related to sustainable finance, focused on supporting the
Broadly, the activity targets including the publication of capacity development of
included in the short-term action 2023 Sustainable Finance MSMEs while highlighting
plan in 2024 include: evaluation and performance their business characteristics;
• Continuation of the digital report; • CSR programs focusing on
transformation process to
augment the business scale;
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 417
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
environmental sustainability • Enhancement of Telesales • Comprehensive digitalization
and guided by the 2030 SDGs performance to reduce cost of HC management processes;
commitment as agreed upon and improve productivity; • Automation of processes to
by the management and the • Balancing of growth between optimize SLA and productivity
BOD, namely, development NDF and non-NDF products; using new systems;
of the education sector
• Attainment of all financial • Streamlining of front office
(scholarships and financial
targets for 2024, especially through digitalization to boost
literacy programs for MSMEs),
cost-to-income ratio below customer experience;
health sector, access to clean
50%; • Availability of policies
water and sanitation, and
partnership with various • Establishment of a robust and standard operating
parties outside of the funding capabilities at procedures relevant to
Company to achieve the goals; competitive cost; the Company’s latest
and • Enhancement of financing developments and in keeping
application approval process with the regulatory updates
• Accountable and timely
and quality of financing from authorities in the
evaluation of the Company’s
customers; multifinance industry; and
Sustainable Finance
implementation performance • Strengthening of internal • Enhancement of GCG best
and its reporting to the control process and practices (including ESG)
stakeholders. accountability; and to maintain BFI Finance’s
positive image and reputation
With respect to the business, the • Comprehensive improvement
in the eyes of stakeholders.
targets to be achieved in 2024 of the collection system.
include: On the business supporting side,
• Enhancement of partnerships the targets for 2024 cover:
as a new business acquisition
channel;
• Optimization of the agency
platform to boost agents’
selling capacity and
productivity;
418 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
FEEDBACK FORM
We thank you for your time reading this 2023 Integrated Annual Report of PT BFI Finance Indonesia Tbk.
To improve our services as well as enhance the contents of this report in the future, we kindly ask you to fill in
this Feedback Form and provide us with your valuable suggestion, critique, and further input.
Respondent Profile
Name and Organization (this field may be left blank if so preferred): _________________________________________
Point of Contact (phone/email): _____________________________________________________________________________
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Employee Public
Business Partner Others (please specify): _____________________
Questionnaire
No. Statement Yes No
1 The contents of this report are easy to comprehend.
2 The contents of this report are useful to you in obtaining information and
making decisions.
3 The contents of this report have described the Company’s sustainable
performance in a good, accurate, and balanced fashion.
4 This report contains information related to various aspects of
sustainability that you deem important to obtain.
5 This report has been presented in a well-designed, highly legible, and
carefully organized layout.
6 Were there any sustainability aspects that you wish to know more from the Company that were not
covered in this report? If yes, please specify these aspects.
7 Aspects that you wish to be discussed in greater depth in the subsequent reports are:
Thank you for your time in filling out this PT BFI Finance Indonesia Tbk
Feedback Form. BFI Tower, Sunburst CBD Lot 1.2
Jl. Kapt. Soebijanto Djojohadikusumo
Please send this Feedback Form either physically
BSD City – Tangerang Selatan 15322
or electronically to::
Indonesia
Email: corporate.communication@bfi.co.id
This form is also accessible at: https://forms.gle/CKcLRWobHX7TiX5M6
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 419
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
CROSS REFERENCE
SEOJK NO. 16/SEOJK.04/2021
Form and Content of Annual Reports of Issuers or Public Companies
Description Page
1 The Annual Report shall at least contain:
a key financial highlights
b stock information (if any)
c report of the Board of Directors
d report of the Board of Commissioners
e profile of the Issuer or Public Company
f management discussion and analysis √
g corporate governance of the Issuer or Public Company
h social and environmental responsibility of the Issuer or Public Company
i audited financial statements for the year
j statement of members of the Board of Directors and members of the Board of Commissioners
regarding their responsibility for the Annual Report
2 Details of the Annual Report Content
a Key Financial Highlights
Summary of important financial data including financial information presented in the form of
a comparison for 3 (three) financial years or since starting the business if the Issuer or Public
Company has carried out its business activities for less than 3 (three) years, at least containing:"
1 revenue/sales
2 gross profit
3 profit (loss)
4 profit (loss) attributable to owners of the parent and non-controlling interests
5 total comprehensive profit (loss)
6 total comprehensive profit (loss) attributable to owners of the parent and non-controlling
interests
7 profit (loss) per share
16-17
8 total assets
9 total liabilities
10 total equity
11 return on assets
12 return on equity
13 net profit margin
14 current ratio
15 liabilities to equity ratio
16 liabilities to assets ratio
17 other information and financial ratios relevant to the Issuer or Public Company and the type of
industry
420 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Description Page
b Stock Information 18-19
Information on the stock of the Public Company shall at least contain:
1 shares that have been issued for each quarterly period presented in the form of a comparison for
the last 2 (two) financial years, containing at least:
a number of shares outstanding
18-19
b market capitalization based on the price on the stock exchange where the shares are listed
c highest, lowest, and closing prices based on the stock exchange where the shares are listed
d volume of trading on the stock exchange where the shares are listed
Information in points b), c), and d) is only disclosed if the shares are listed on the stock exchange
2 in the event of a corporate action that causes changes in shares, such as stock splits, reverse
stock, stock dividends, bonus shares, changes in the par value of shares, issuance of convertible
securities, as well as capital additions and deductions, the share information as referred to in
number 1) shall at least include an explanation regarding:
a date of implementation of corporate action
b stock split ratio, reverse stock, stock dividends, bonus shares, number of convertible securities 19
issued, and changes in the par value of the shares
c number of shares outstanding prior to and after the corporate action
d number of convertible securities executed (if any)
e share price before and after corporate action
3 in the event of a temporary suspension of trading and/or delisting of shares in the financial year,
NA (19)
the reasons for such suspension and/or delisting shall be provided
4 in the event that the temporary suspension of trading as referred to in number 3) and/or the
process of delisting of the shares is ongoing until the end of the Annual Report period, the
NA (19)
actions taken to resolve the temporary suspension of trading and/or delisting of the shares must
be detailed
c Report of the Board of Directors 38-41
1 The Board of Directors' report shall at least contain a brief description of:
a the Issuer or Public Company's strategic strategies and policies 39
b roles of the Board of Directors in formulating strategies and strategic policies of the Issuer or
39
Public Company
c processes carried out by the Board of Directors to ensure the implementation of the Issuer or
39-40
Public Company's strategy
d comparison between the results achieved with those targeted by the Issuer or Public Company 40-41
e constraints faced by the Issuer or Public Company 39
2 overview of the business prospects of the Issuer or Public Company 41
3 implementation of governance in the Issuer or Public Company 40-41
d Report of the Board of Commissioners 32-35
The Board of Commissioners' report shall at least contain a brief description of:
1 assessment of the performance of the Board of Directors regarding the management of the
Issuer or Public Company, including the supervision of the Board of Commissioners in the
33-34
formulation and implementation of the strategy of the Issuer or Public Company carried out by
the Board of Directors
2 views on the business prospects of the Issuer or Public Company prepared by the Board of
35
Directors
3 views on the implementation of governance in the Issuer or Public Company 34-35
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 421
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Description Page
e Issuer or Public Company's Profile 46-101
The profile of the Issuer or Public Company shall contain at least the following information:
1 name of the Issuer or Public Company, including whether there has been a change of name, the
48
reason for the change, and the effective date of the name change in the financial year
2 access to the Issuer or Public Company including branch offices or representative offices that
allow the public to obtain information about the Issuer or Public Company, including:
a address
49
b phone number
c e-mail address
d website
3 brief history of the Issuer or Public Company 52–55
4 vision and mission of the Issuer or Public Company as well as the corporate culture or values 50–51
5 business activities according to the latest articles of association, business activities carried out in
59–61
the financial year, and types of goods and/or services produced
6 the operational area of the Issuer or Public Company 62–63
7 the organizational structure of the Issuer or Public Company in the form of a chart, at least up to
a structure of 1 (one) level below the Board of Directors including committees under the Board
64–65
of Directors (if any) and committees under the Board of Commissioners, alongside the names
and positions
8 list of memberships in industry associations both on a national and international scale related to
48
the implementation of sustainable finance
9 profile of the Board of Directors, at least containing:
a name and position in accordance with the duties and responsibilities
b latest photo
c age
d citizenship
e education history and/or certification
f work experience, including information on:
(1) the legal basis for appointment as a member of the Board of Directors of the Issuer or Public 73–76, 194
Company
(2) concurrent positions, either as a member of the Board of Directors, a member of the Board
of Commissioners, and/or a member of committees and other positions both inside and outside
the Issuer or Public Company
In the event that a member of the Board of Directors does not have concurrent positions, then
this shall be disclosed
(3) work experience and period of time both inside and outside the Issuer or Public Company"
g affiliation with other members of the Board of Directors, members of the Board of
Commissioners, majority shareholders, and controlling shareholders, either directly or indirectly,
to individual owners, including names of the affiliated parties
In the event that a member of the Board of Directors does not have an affiliated relationship, the
Issuer or Public Company shall disclose this matter
h changes in the composition of the members of the Board of Directors and reasons for such
changes
73
In the event of no change in the composition of the members of the Board of Directors, this
shall be disclosed"
10 profile of the Board of Commissioners, at least containing:
a name and position
b latest photo
68–72, 184
c age
d citizenship
e education history and/or certification
422 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Description Page
f work experience, including information on:
(1) the legal basis for appointment as a member of the Board of Commissioners of the Issuer or
Public Company
(2) the legal basis for initial appointment as an independent member of the Board of
Commissioners of the Issuer or Public Company
(3) concurrent positions, either as a member of the Board of Commissioners, a member of the
Board of Directors, and/or a member of committees and other positions both inside and outside
the Issuer or Public Company
In the event that a member of the Board of Commissioners does not have concurrent positions, 68–72, 184
then this shall be disclosed
(4) work experience and period of time both inside and outside the Issuer or Public Company
g "affiliation with other members of the Board of Commissioners, members of the Board of
Directors, majority shareholders, and controlling shareholders, either directly or indirectly, to
individual owners, including names of the affiliated parties
In the event that a member of the Board of Commissioners does not have an affiliated
relationship, the Issuer or Public Company shall disclose this matter
"
h statement of independence of the independent commissioner(s) should the independent
185–186
commissioner(s) have served more than 2 (two) terms
i "changes in the composition of the members of the Board of Commissioners and reasons for
such changes
68
In the event of no change in the composition of the members of the Board of Commissioners,
this shall be disclosed"
11 in the event that there is a change in the composition of the members of the Board of Directors
and/or members of the Board of Commissioners that occurs after the financial year ends, up
to the deadline for submitting the Annual Report, the compositions presented in the Annual NA
Report are the current and previous compositions of the members of the Board of Directors
and/or members of the Board of Commissioners
12 "number of employees by gender, position, age, education level, and employment status
(permanent/contract) in the financial year 66–67
This information can be presented in tabulated format"
13 names of shareholders and percentages of ownership at the beginning and end of the financial
92–93
year, consisting of the following information regarding:
a shareholders who own 5% (five percent) or more shares of the Issuer or Public Company 92–93
b "members of the Board of Directors and members of the Board of Commissioners who own
shares in the Issuer or Public Company
92
In the event that all members of the Board of Directors and/or all members of the Board of
Commissioners do not own shares, this shall be disclosed"
c "public shareholders, namely shareholders who each own less than 5% (five percent) of the
shares of the Issuer or Public Company 93
This information can be presented in tabulated format"
14 "percentage of indirect ownership of the shares of the Issuer or Public Company by members
of the Board of Directors and members of the Board of Commissioners at the beginning and
end of the financial year, including the shareholders registered in the shareholder register for
indirect ownership of interests by members of the Board of Directors and members of the Board
NA (92)
of Commissioners
In the event that all members of the Board of Directors and/or all members of the Board of
Commissioners do not have indirect ownership of the shares of the Issuer or Public Company,
this shall be disclosed"
15 number of shareholders and the percentage of ownership at the end of the financial year,
classified by:
a local institutional ownership
93
b foreign institutional ownership
c local individual ownership
d foreign individual ownership
16 information regarding the majority and controlling shareholders of the Issuer or Public
Company, either directly or indirectly, down to the individual owners, presented in the form of a 94
scheme or chart
17 "names of subsidiaries, associated entities, joint ventures in which the Issuer or Public Company
has joint control of the entities (if any), along with the percentages of share ownership, lines
of business, total assets, and operating status of the subsidiaries, associated entities, and joint 87–91
ventures
For subsidiaries, their addresses must be provided"
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 423
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Description Page
18 chronology of share listing, number of shares, par value, and offering price from the beginning
of listing to the end of the financial year as well as the name of the stock exchange where the
shares of the Issuer or Public Company are listed, including events of stock splits, reverse stock, 95–96
stock dividends , bonus shares, and changes in the par value of shares, issuance of convertible
securities, capital additions and subtractions (if any)
19 information on the listing of securities other than those referred to in number 18), which have
not matured in the financial year, at least containing the names of the securities, issuance year, 98–99
interest rate/yield, maturity date, offering value, and ratings (if any)
20 information on the procurement of services from public accountants and public accounting
firms along with their networks/associations/alliances, including:
a names and addresses
b assignment periods
c information on audit and/or non-audit services rendered
100
d audit and/or non-audit fee for each assignment performed during the financial year
e "In the event that the appointed public accountants and public accounting firms and their
networks/associations/alliances did not provide non-audit services, this shall be disclosed
Disclosure of information on the procurement of services from public accountants and public
accounting firms along with their networks/associations/alliances can be presented in tabulated
format"
21 names and addresses of capital market supporting institutions and/or professions other than
101
the public accountants and public accounting firms
f Management Analysis and Discussion 114–165
Management's analysis and discussion contains analysis and discussion of financial statements
and other important information with an emphasis on material changes that occurred in the
financial year, which at least contains:
1 review of operations for each business segment, according to the type of industry of the Issuer
or Public Company, at least regarding:
a production, which includes the process, capacity, and developments thereof 120–127,
135–155
b revenue/sales
c profitability
2 comprehensive financial performance, which includes a comparison of financial performance
in the last 2 (two) financial years, an explanation of the causes of the changes and the impact of 135–155
these changes, at least regarding:
a current assets, non-current assets, and total assets 132–142
b current liabilities, non-current liabilities, and total liabilities 142–145
c equity 145–146
d revenue/sales, expenses, profit (loss), other comprehensive income, and total comprehensive
148–154
profit (loss)
e cash flows 154
3 ability to pay debts or obligations, by presenting the calculations for the relevant ratios 155–156
4 collectibility of the Issuer or Public Company's receivables, by presenting the calculations for the
156
relevant ratios
5 capital structure and management policy on the capital structure along with the basis for
159
determining such policy
6 discussion of material commitments for capital goods investments, with the explanation
containing at least:
a purposes of commitments
b expected sources of funding to fulfill such commitments 159–160
c currencies in which such commitments are denominated
d measures planned by the Issuer or Public Company to take to protect against the risk arising
from the related foreign currency positions
424 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Description Page
7 discussion of capital goods investments realized in the last financial year, containing at least:
a types of capital goods investments
159–160
b purposes of capital goods investments
c amounts disbursed in capital goods investments
8 material information and facts occurring after the date of the accountant's report (if any) NA (160)
9 business prospects of the Issuer or Public Company related to the conditions in the relevant
industry, the general economy, and the international market, accompanied by supporting 165
quantitative data from reliable sources
10 comparison between the target/projection at the beginning of the financial year with the results
achieved, regarding:
a revenue/sales
158
b profit (loss)
c capital structure or
d other matters deemed important to the Issuer or Public Company
11 targets/projections to be achieved by the Issuer or Public Company for the next 1 (one) year,
regarding:
a revenue/sales
b profit (loss) 165
c capital structure
d dividend policy or
e other matters deemed important to the Issuer or Public Company
12 marketing aspects of the goods and/or services of the Issuer or Public Company, at least 110–113,
regarding marketing strategy and market share 128–131
13 description of dividends for the last 2 (two) financial years, at least containing:
a dividend policy, which includes information on the ratio of dividends to net income
b cash dividend payment date and/or non-cash dividend distribution date
c amount of dividend per share (cash and/or non-cash) 160
d amount of dividends disbursed per year
"This information can be presented in tabulated format
In the event that the Issuer or Public Company did not distribute dividends in the last 2 (two)
years, this shall be disclosed"
14 realization of the use of public offering proceeds, by taking into consideration the following:
a in the event that during the financial year the Issuer has an obligation to submit a report on
the realization of the use of proceeds, then the realization of the cumulative use of the public
offering proceeds shall be disclosed up to the end of the financial year 161
b in the event of a change in the use of proceeds, as stipulated in the Regulation of the Financial
Services Authority regarding the report on the realization of the use of public offering proceeds,
the Issuer shall explain such change
15 material information (if any), among others regarding investments, expansions, divestments,
business mergers/consolidations, acquisitions, debt/capital restructurings, material transactions,
affiliated transactions, and transactions with conflict of interest which occurred during the
financial year, containing at least:
a dates, values, and objects of the transactions
161
b names of parties conducting the transactions
c nature of the affiliations (if any)
d explanation of the fairness of the transactions
e compliance with related provisions
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 425
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Description Page
f in the event that there is an affiliation relationship, in addition to disclosing the information as
referred to in letters a) to e) above, the Issuer or Public Company also shall disclose the following:
(1) a statement from the Board of Directors that the affiliated transactions have undergone
adequate procedures to ensure that affiliated transactions have been carried out in accordance
with generally accepted business practices, among others, by complying with the arms-length
principle
(2) the roles of the Board of Commissioners and the audit committee in undertaking the
adequate procedures to ensure that the affiliated transactions have been carried out in
accordance with generally accepted business practices, among others, by complying with the
arms-length principle
g for affiliated transactions or material transactions that are business activities carried out in order
to generate business revenue and are carried out regularly, repeatedly, and/or continuously, an
explanation shall be added that the affiliated transactions or material transactions are related 161
to business activities carried out in order to generate business revenue and are carried out
regularly, repeatedly, and/or continuously
In the event that the affiliated transactions or material transactions have been disclosed in the
annual financial statements, an information regarding the reference to such disclosure in the
annual financial statements shall be provided
h for disclosure of affiliated transactions and/or conflict of interest transactions resulting from the
implementation of affiliated transactions and/or conflict of interest transactions that have been
approved by independent shareholders, additional information regarding the date of the GMS
which approved the affiliated transactions and/or transactions with conflict of interest shall be
provided
i in the event of no affiliated transaction and/or transaction with conflict of interest, this shall be
disclosed
16 changes in the laws and regulations that bear a significant effect on the Issuer or Public
162
Company and their impact on the financial statements (if any)
17 changes in accounting policies, the reasons for such changes, and their impact on the financial
163
statements (if any)
g Governance of the Issuer or Public Company 166–257
Details on the governance of the Issuer or Public Company must contain at least a brief
explanation on:
1 GMS, at least regarding: 176–180
a Resolutions of the GMS in the financial year and 1 (one) year prior to the financial year, including:
(1) resolutions of the GMS in the financial year and 1 (one) year before the financial year that were
implemented in the financial year
(2) resolutions of the GMS in the financial year and 1 (one) year before the financial year that 178–180
were not implemented along with the reasons for not implementing them
b in the event that the Issuer or Public Company uses an independent party at the GMS to
calculate the votes, then this matter shall be disclosed
2 Board of Directors, at least regarding: 190–206
a "Duties and responsibilities of each member of the Board of Directors
192–193
This information shall be described and may be presented in tabulated format"
b statement that the Board of Directors has guidelines or charter of the Board of Directors 192
c "policy and implementation of the frequency of meetings of the Board of Directors, meetings
of the Board of Directors with the Board of Commissioners, and the level of attendance of
members of the Board of Directors in these meetings including attendance at the GMS
203–206
Level of attendance of members of the Board of Directors in meetings of the Board of Directors,
meetings of the Board of Directors with the Board of Commissioners, or the GMS, can be
presented in tabulated format"
d training and/or competence development for members of the Board of Directors:
(1) policy on training and/or competence development for members of the Board of Directors,
including an orientation program for newly appointed members of the Board of Directors (if
196
any) and
(2) training and/or competence development programs attended by members of the Board of
Directors in the financial year (if any)
426 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
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MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Description Page
e The Board of Directors' assessment of the performance of the committees that support the
implementation of the duties of the Board of Directors in the financial year shall at least contain:
1) performance appraisal procedure
2) criteria used, such as performance achievements during the financial year, competence and 197–201
attendance at meetings
f in the event that the Issuer or Public Company does not have a committee that supports the
implementation of the duties of the Board of Directors, then this shall be disclosed
3 The Board of Commissioners, at least regarding: 181–189
a duties and responsibilities of the Board of Commissioners 181
b statement that the Board of Commissioners has guidelines or charter of the Board of
183
Commissioners
c "policy and implementation of the frequency of meetings of the Board of Commissioners,
meetings of the Board of Commissioners with the Board of Directors, and the level of
attendance of members of the Board of Commissioners in these meetings, including
attendance at the GMS 203–204
Level of attendance of members of the Board of Commissioners at the meeting of the Board of
Commissioners, the meeting of the Board of Commissioners with the Board of Directors, or the
GMS can be presented in tabulated format"
d training and/or competence development for members of the Board of Commissioners:
(1) policy on training and/or competence development for members of the Board of
Commissioners, including an orientation program for newly appointed members of the Board of
188
Commissioners (if any)
(2) training and/or competence development programs attended by members of the Board of
Commissioners in the financial year (if any)
e performance appraisal of the Board of Directors and the Board of Commissioners as well as each
member of the Board of Directors and the Board of Commissioners, at least containing:
(1) performance appraisal procedures
202
(2) criteria used, such as performance achievements during the financial year, competence, and
attendance at meetings
(3) the party conducting the assessment
f The Board of Commissioners’ assessment of the performance of the Committees that support
the implementation of the duties of the Board of Commissioners in the financial year, including:
(1) performance appraisal procedures 189
(2) criteria used, such as performance achievements during the financial year, competence, and
attendance at meetings
4 The nomination and remuneration of the Board of Directors and the Board of Commissioners
shall at least contain:
a nomination procedure, including a brief description of the policy and process of nomination of
members of the Board of Directors and/or members of the Board of Commissioners
b procedures and implementation of remuneration for the Board of Directors and the Board of
Commissioners, among others:
181–182, 187,
(1) procedures for determining remuneration for the Board of Directors and the Board of 190–191,
Commissioners 195–196
(2) the remuneration structure of the Board of Directors and the Board of Commissioners, such
as salary, allowances, tantiem/bonus and others
(3) the amount of remuneration for each member of the Board of Directors and member of the
Board of Commissioners
Disclosure of information can be presented in tabulated format
5 The sharia supervisory board, should the Issuer or Public Company carry out business activities
207–209
based on sharia principles as stated in the articles of association, at least regarding:
a names
77–78, 207
b legal basis for appointment
c term of office 207
d duties and responsibilities 207
e frequency and method of providing advice and suggestions as well as supervision of
208
compliance with sharia principles in the capital market for the Issuer or Public Company
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 427
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Description Page
6 The audit committee, at least contains: 210–214
a name and position in the committee membership
b age
c citizenship
d educational background
e work experience, including information on: 79–80
(1) legal basis for appointment as committee member
(2) concurrent positions, either as a member of the Board of Commissioners, a member of the
Board of Directors, and/or a member of a committee as well as other positions (if any)
(3) work experience and time period both inside and outside the Issuer or Public Company
f period and term of office of audit committee members 212
g audit committee independence statement 212
h training and/or competence development programs attended in the financial year (if any) 223-224
i policies and implementation of the frequency of audit committee meetings and level of
213
attendance of audit committee members in these meetings
j implementation of audit committee activities in the financial year in accordance with those
214
stated in the audit committee guidelines or charter
7 Committee or function of nomination and remuneration of the Issuer or Public Company, at
218–221
least regarding:
a name and position in the committee membership
b age
c citizenship
d educational background
e work experience, including information on: 82
(1) legal basis for appointment as committee member
(2) concurrent positions, either as a member of the Board of Commissioners, a member of the
Board of Directors, and/or a member of a committee as well as other positions (if any)
(3) work experience and time period both inside and outside the Issuer or Public Company
f term and term of office of committee members 219
g committee independence statement 219
h training and/or competence development attended in the financial year (if any) 221
i description of duties and responsibilities 218
j a statement that the committee has a guideline or charter 218
k policy and implementation of the frequency of meetings and the level of attendance of
220
members in the meetings
l brief description of the activities carried out in the financial year 221
m in the event that no nomination and remuneration committee is formed, the Issuer or Public
Company shall disclose the information as referred to in letter i) to letter l) and disclose:
NA
(1) reasons for not forming the committee
(2) the party carrying out the nomination and remuneration function
8 other committees in the Issuer or Public Company that support the functions and duties of the
Board of Directors (if any) and/or committees that support the functions and duties of the Board 215–217
of Commissioners, at least regarding:
a name and position in the committee membership
b age
80–81
c citizenship
d educational background
428 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 431
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Description Page
e work experience, including information on:
(1) legal basis for appointment as committee member
(2) concurrent positions, either as a member of the Board of Commissioners, a member of the 80–81
Board of Directors, and/or a member of a committee as well as other positions (if any)
(3) work experience and time period both inside and outside the Issuer or Public Company
f term and term of office of committee members 216
g committee independence statement 216
h training and/or competence development attended in the financial year (if any) 217
i description of duties and responsibilities 215
j statement that the committee has a committee guideline or charter 215
k policy and implementation of the frequency of committee meetings and the level of attendance
216–217
of committee members in the meetings
l brief description of the activities carried out in the financial year 217
9 Corporate Secretary, at least regarding:
a name
b domicile
c work experience, including:
74, 222–223
(1) legal basis for appointment as company secretary
(2) work experience and time period both inside and outside the Issuer or Public Company
d educational background
e training and/or competence development attended in the financial year
f brief description of the implementation of the duties of the company secretary in the financial
222-223
year
10 Internal audit unit, at least regarding: 224-228
a name of head of internal audit unit
b work experience, including:
(1) legal basis for appointment as head of internal audit unit 228
(2) work experience and time period both inside and outside the Issuer or Public Company
c qualification or certification in the internal audit profession (if any)
d training and/or competence development attended in the financial year 228
e structure and position of the internal audit unit 224–225
f description of duties and responsibilities 226
g statement that there is a guideline or charter of the internal audit unit 224
h brief description of the implementation of the duties of the internal audit unit in the financial
year including the policy and implementation of the frequency of meetings with the Board of 228
Directors, Board of Commissioners, and/or audit committee
11 description of the internal control system implemented by the Issuer or Public Company, at least
229–230
regarding:
a financial and operational control, as well as compliance with other laws and regulations 229
b review of the effectiveness of the internal control system 230
c statement of the Board of Directors and/or Board of Commissioners on the adequacy of the
230
internal control system
12 risk management system implemented by the Issuer or Public Company, at least regarding: 231–236
a overview of the risk management system in the Issuer or Public Company 231–233
b types of risks and ways to manage them 234–235
c review of the effectiveness of the risk management system 236
d statement from the Board of Directors and/or the Board of Commissioners or the audit
236
committee on the adequacy of the risk management system
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 429
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2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Description Page
13 legal cases with a material impact involving the Issuer or Public Company, its subsidiaries, the
members of the Board of Directors and members of the Board of Commissioners (if any), at least
regarding:
a legal case/lawsuit matter 237
b status of settlement
c effect on the condition of the Issuer or Public Company
14 information on administrative sanctions imposed on the Issuer or Public Company, members of
the Board of Commissioners and members of the Board of Directors, by the Financial Services 237
Authority and other authorities in the financial year (if any)
15 information on the code of ethics prevailing in the Issuer or Public Company, including: 246–248
a code of ethics 246–248
b dissemination of the code of ethics and enforcement mechanisms 248
c statement that the code of ethics applies to members of the Board of Directors, members of the
248
Board of Commissioners, and employees of the Issuer or Public Company
16 brief description of the policy of providing long-term performance-based compensation
to management and/or employees of the Issuer or Public Company (if any), including the
management stock ownership program (MSOP) and/or employee stock ownership program
(ESOP)
In the event that the compensation is provided in the form of MSOP and/or ESOP, the
information disclosed must at least contain:
249
a number of shares and/or options
b implementation period
c requirements for the eligibility of employees and/or management
d exercise price or determination thereof
17 brief description of the information disclosure policy, regarding:
a share ownership of members of the Board of Directors and members of the Board of
Commissioners no later than 3 (three) working days after the occurrence of ownership or any 249
change in ownership of shares of a Public Company
b implementation of said policy
18 description of the whistleblowing system prevailing in the Issuer or Public Company, at least
regarding:
a mechanism for reporting submission
b protection for whistleblowers
c handling of complaints/reports
d party managing the reports 250–251
e results of the handling of complaints/reports, at least:
(1) the number of reports received and processed in the financial year
(2) follow-up to the reports.
In the event that the Issuer or Public Company does not have a whistleblowing system, then this
shall be disclosed
19 description of the anti-corruption policy of the Issuer or Public Company, at least regarding:
a programs and procedures carried out to address practices of corruption, kickbacks, fraud,
bribery and/or gratuities in the Issuer or Public Company
251
b anti-corruption training/dissemination thereof to employees of the Issuer or Public Company
In the event that the Issuer or Public Company does not have an anti-corruption policy, the
reasons for not having said policy shall be provided
20 implementation of the guidelines for the governance of issuers and public companies,
including:
a a statement regarding the recommendations that have been implemented and/or
256–257
b b) an explanation of the recommendations that have not been implemented, along with
reasons and alternative implementations (if any)
This information can be presented in tabulated format
430 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 433
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Description Page
h Issuer or Public Company's Corporate Social and Environmental Responsibility 6–11,
258–281
1 Information disclosed in the corporate social and environmental responsibility chapter shall be
the Sustainability Report as referred to in the Financial Services Authority Regulation
258–281
No. 51/POJK.03/2017 on the Implementation of Sustainable Finance for Financial Services
Institutions, Issuers, and Public Companies, and the report shall contain at least:
a explanation of sustainability strategy 260–262
b overview of sustainability aspects (economic, social, and environmental) 10-11
c brief profile of the Issuer or Public Company 49–65
d explanation by the Board of Directors 39–41
e sustainability governance 174–175,
416–418
f sustainability performance 262–281
g written verification from an independent party, if any NA
h feedback sheet for readers, if any 419
i Issuer or Public Company's response to the previous year's report feedback NA
2 Sustainability Report as referred to in number 1) shall be prepared in accordance with the
Technical Guidelines for the Preparation of Sustainability Reports for Issuers and Public √
Companies, as contained in Appendix II of this Circular of the Financial Services Authority
3 information on the Sustainability Report in number 1) may: √
a disclosed in other relevant sections outside of the social and environmental responsibility
section, such as the Directors' explanation regarding the Sustainability Report disclosed in the √
section related to the Directors' Report and/or
b refer to other sections outside the social and environmental responsibility section while still
referring to the Technical Guidelines for the Preparation of Sustainability Reports for Issuers
√
and Public Companies as listed in Appendix II which is an integral part of this Financial Services
Authority Circular Letter, such as profiles Issuer or Public Company
4 The Sustainability Report as referred to in number 1) is an inseparable part of the Annual Report,
√
however it may be presented separately from the Annual Report
5 In the event that the Sustainability Report is presented separately from the Annual Report, the
information disclosed in the Sustainability Report shall:
a contain all the information as referred to in number 1)
NA
b be prepared in accordance with the Technical Guidelines for the Preparation of Sustainability
Reports for Issuers and Public Companies as listed in Appendix II of this Circular of the Financial
Services Authority
6 In the event that the Sustainability Report is presented separately from the Annual Report, then
the social and environmental responsibility section shall state that the information regarding
NA
social and environmental responsibility is disclosed in the Sustainability Report presented
separately from the Annual Report
7 Submission of the Sustainability Report which is presented separately from the Annual Report
NA
must be done together with the submission of the Annual Report
i Audited Financial Statements for the Year
The financial statements contained in the Annual Report shall be prepared in accordance with
the financial accounting standards prevailing in Indonesia and have been audited by a public
accountant registered with the Financial Services Authority. Said annual financial statements
304–415
shall contain a statement regarding the accountability for the financial statements as regulated
in the Financial Services Authority Regulation on the responsibility of the Board of Directors for
financial reporting, or the laws and regulations in the capital market which regulate the periodic
reporting of securities companies, in the event that the Issuer is a securities company
j Statement Letter of Members of the Board of Directors and Members of the Board of
Commissioners regarding Responsibility for the Annual Report
The statement letter from members of the Board of Directors and members of the Board
44–45
of Commissioners regarding the responsibility for the Annual Report shall be prepared in
accordance with the prescribed format provided in Appendix I of this Circular of the Financial
Services Authority
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 431
Page 434
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
CROSS REFERENCE
POJK NO. 51/POJK.03/2017
Implementation of Sustainable Finance for Financial Services Institutions,
Issuers, and Public Companies
Description Page
1 Explanation on sustainability strategy 260-262
2 Summary of sustainability aspects 10-11
a Economic aspect, including:
1 Quantity of products/services sold
2 Income/sales
10-11
3 Net profit/loss
4 Environmentally friendly products
5 Local parties involvement related to the Sustainable Finance business process 11
b Environmental aspect, including: 270-272
1 Energy usage (among others, water and electricity) 270-271
2 Emission reduction (for companies whose business processes are directly related to the environment) 271-272
3 Reduction of waste and effluents into the surrounding environment (for companies whose business
270
processes are directly related to the environment)
4 Conservation of biodiversity (for companies whose business processes are directly related
NA (271-272)
to the environment)
c Social aspect 273-280
3 Brief profile of the company
a Vision, mission, sustainability value 50-51
b Name, address, telephone number, facsimile number, e-mail address, and website, and also branch offices
48-49
and/or representative offices
c Business scale, covering:
1 Total assets/asset capitalization and total liabilities
2 Total employees based on gender, position, age, education, and status of employment 49
3 Percentage of share ownership
4 Operational areas
d Brief explanation of products, services, and business activities 59-61
e Membership in associations 48
f Significant changes, among others those related to the closure or opening of branches and ownership
NA (49)
structure
432 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 435
MANAGEMENT DISCUSSION GOOD CORPORATE ANNUAL FINANCIAL
SUSTAINABILITY SUPPORTING DATA APPENDICES
AND ANALYSIS GOVERNANCE STATEMENTS
Description Page
4 Directors' exposition 39-41, 262
a Policy to respond to challenges in the fulfillment of sustainability strategy
1 Implementation of Sustainable Finance
2 Explanation of the Company's response to issue related to the implementation
of Sustainable Finance
3 Explanation of the Company's leadership's commitment towards the implementation
of Sustainable Finance
4 Performance achievement regarding the implementation of Sustainable Finance
5 Challenges related to the implementation and performance of Sustainable Finance
39-41, 262
b Implementation of Sustainable Finance, including:
1 Target vs. achievements
2 Achievements and challenges during the reporting period
c Strategy to achieve the targets, including:
1 Risk management related to the implementation of Sustainable Finance
2 Utilization of business opportunities and prospects
3 Explanation of the external economic, social and environmental milieu that may affect
the Company's sustainability
5 Sustainability governance 174-175
a Roles and responsibilities of the Board of Directors and the Board of Commissioners, employees, officers
181-182, 192
and/or work units responsible for implementing Sustainable Finance
b Competence development for members of the Board of Directors, members of
the Board of Commissioners, employees, officers and/or work units responsible for implementing 196
Sustainable Finance
c Identification, measurement, monitoring and control of risks related to the implementation of Sustainable
192, 231–236
Finance
d Description of the stakeholders, including:
1 Stakeholder involvement based on management's assessment, AGMS, decree, or others
6–11
2 Approach employed by the Company in involving stakeholders in the implementation
of Sustainable Finance
e Problems, developments, and effects on the implementation of Sustainable Finance 11
6 Sustainability performance
a Internal activities to foster the sustainability culture in the Company 262
b Description of economic performance in the last 3 years, including:
1 Comparison of production targets vs. achievements, portfolio, financing/investment targets,
12, 16–17
income and profit and loss
2 Comparison of portfolio targets and performance, financing/investment targets in financial
12, 16–17
instruments or projects in line with the implementation of Sustainable Finance
c Social performance in the last 3 years, including:
1 The Company's commitment to providing equitable products/services to customers 281
2 Employment, including:
a. Statement of equality of employment opportunities and the presence/absence
264
of forced labor and child labor
b. Percentage of permanent employee remuneration at the lowest level compared
268
to the regional minimum wage
c. A decent and safe work environment 269
d. Employee training and competence development 264–267
2023 Integrated Annual Report • PT BFI Finance Indonesia Tbk 433
Page 436
2023 PERFORMANCE BUSINESS
ABOUT THIS REPORT REPORTS TO STAKEHOLDERS COMPANY PROFILE
HIGHLIGHTS SUPPORTING UNITS
Description Page
3 Society, including:
a. Operational activities or areas that have positive and negative impacts on
273–280
the surrounding community, including financial inclusion and literacy initiatives
b. Mechanisms for the public to air grievances and 112–113, 248,
the number of grievances received and followed up 250–251
c. CSR related to the fulfillment of sustainable development goals, including the types
270–280
and achievements of community empowerment programs
d Environmental performance, including:
1 Environmental costs incurred 271
2 Use of environmentally friendly materials (for example, recyclable or recycled products) 270
3 Energy usage, including:
a. Amount and intensity of energy used 270
b. Energy efficiency initiatives and achievements, including utilization of renewable energy 270–271
e Environmental performance for companies whose business processes are directly related
NA
to the environment
f Responsibility for developing Sustainable Finance products and/or services, including:
1 Innovation and development of Sustainable Finance products and/or services 281
2 The number and percentage of products/services that have been evaluated for its safety NA
3 Positive and negative impacts caused by products and/or services, distribution processes,
110–113
and the mitigation thereof
4 Number of products withdrawn and their reasons NA
5 Customer satisfaction surveys for Sustainable Finance products and/or services 112–113
7 Written verification from an independent party, if present NA
434 PT BFI Finance Indonesia Tbk • 2023 Integrated Annual Report
Page 437
Page 438
PT BFI Finance Indonesia Tbk BFI Tower Sunburst CBD Lot 1.2 Jl. Kapt. Soebijanto Djojohadikusumo BSD City, Tangerang Selatan 15322 Indonesia 1500018 corsec@bfi.co.id www.bfi.co.id
Names mentioned 211 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT BFI Finance
p.4 ×6
unresolved
org
Indonesia Tbk
p.4 ×10
unresolved
—
History
p.4
unresolved
org
PT Finansial Integrasi
p.9 ×2
unresolved
—
NTAsian
p.15
unresolved
org
Above Indonesia Tbk
p.15
unresolved
org
PT Tren Media Berjejaring
p.31
unresolved
person
Dominic John Picone
p.36
unresolved
person
Johanes Sutrisno
p.36
unresolved
org
Bank Indonesia
p.41
unresolved
org
Bank Indonesia’s
p.41
unresolved
org
Domicile
· Company Name
p.50 ×4
unresolved
org
Minister of Justice
p.50 ×3
unresolved
org
Ministry of Justice
p.50
unresolved
org
PT Rapi Utama Financial Services
p.50
unresolved
person
Inge Hendarmin
p.54
unresolved
org
PT Manufacturers Hanover
p.54 ×2
unresolved
org
Hanover Leasing Corporation
p.54
unresolved
org
Minister of Finance
p.54 ×3
unresolved
person
Development Kartini Muljadi
· Notaris
p.54 ×2
unresolved
org
Essompark Ltd.
p.54
unresolved
org
Leasing Corporation
p.54
unresolved
org
PT Bunas Intitama Leasing
p.54
unresolved
org
PT Bunas Finance
p.55
unresolved
org
Ministry of Law
p.55 ×2
unresolved
person
Aulia Taufani
p.55
unresolved
person
Sutjipto
p.55
unresolved
org
Minister of Law and Human
p.55 ×2
unresolved
org
PT Bunas Finance Indonesia
p.55 ×2
unresolved
person
Infobank Research Shanti Indah Lestari
· Notaris
p.55 ×5
unresolved
org
PT Bunas
p.56
unresolved
org
Finance Indonesia Tbk
p.56 ×2
unresolved
org
PT Finansial Integrasi Teknologi
p.56 ×2
unresolved
org
Moody’s Indonesia Tbk
p.57
unresolved
org
PT Sertifikasi Profesi Pembiayaan Indonesia
p.70 ×2
unresolved
org
PT Adaro Power
p.70 ×2
unresolved
org
PT Setiabudi Investment Management
p.70
unresolved
org
Komatsu Ltd
p.70
unresolved
org
Minister of Research and Technology
p.70
unresolved
org
PT Gaudi Dwi Laras
p.71
unresolved
org
Mutual International Finance Corporation
p.71
unresolved
org
Alfonso Napitupulu & Partners
p.72
unresolved
org
PT BRI Asuransi Indonesia
p.72
unresolved
org
PT Kredit Biro Indonesia Jaya
p.72
unresolved
org
PT Nana Mandiri Dwikarya
p.72
unresolved
org
Gani Djemat & Partners
p.72
unresolved
org
Northstar Advisors Pte. Ltd.
p.73 ×3
unresolved
org
Bundamedik Healthcare System Tbk
p.73 ×2
unresolved
org
Bank Tabungan Pensiunan Nasional Tbk
p.73 ×2
unresolved
org
PT Danareksa Sekuritas
p.73 ×2
unresolved
org
PT Lippo Securities
p.73
unresolved
org
Warburg Pincus LLC
p.74
unresolved
org
Oona Holding Pte. Ltd.
p.74
unresolved
org
AAG Energy Holdings Ltd.
p.74
unresolved
org
CleanMax Enviro Energy Solutions Pvt. Ltd.
p.74
unresolved
org
Solar Mosaic LLC
p.74
unresolved
org
Mosaic Inc.
p.74
unresolved
org
Canbriam Energy Inc.
p.74
unresolved
org
Delonex Energy Ltd.
p.74
unresolved
org
Velvet Energy Ltd.
p.74
unresolved
org
Venari Resources LLC
p.74
unresolved
org
Liberty Wireless Pte. Ltd.
p.74
unresolved
org
M-Service GmbH
p.74
unresolved
—
DKI Jakarta Appointed
· Director
p.75
unresolved
org
PT FIT
p.75 ×14
unresolved
org
PT FIT. Prior
p.75
unresolved
org
Ministry of Finance
p.75
unresolved
org
PT Indovest
p.75
unresolved
org
PT FIT. Previously
p.76
unresolved
org
PT Tjiwi Kimia Pulp
p.77
unresolved
org
PT Sinar Mitra Sepadan
p.79
unresolved
org
Yayasan Pendidikan Fatahillah
p.80
unresolved
org
PT Gayatri Kapital Indonesia
p.81
unresolved
org
PT Kliring Penjaminan Efek Indonesia
p.81
unresolved
org
PT Kustodian Sentral Efek Indonesia
p.81 ×3
unresolved
org
Palilingan & Rekan
p.82
unresolved
org
PT Kiat Ananda Cold Storage
p.82
unresolved
org
PT Ananda Solusindo
p.82
unresolved
org
PT Manggala Kiat Ananda
p.82
unresolved
org
PT Mitra Ananda Megadistrindo
p.82
unresolved
org
PT BNI Sekuritas. Previously
p.82
unresolved
org
PT Bank Commonwealth
p.83
unresolved
org
PT FWD Insurance Indonesia
p.83
unresolved
org
PT Nusantara Finance Cakrawala
p.83
unresolved
org
PT Commonwealth Life
p.83
unresolved
org
PT Mudita Finansial Teknologi
p.83
unresolved
org
PT Kiran Resources Indonesia
p.83
unresolved
org
PT Bank BNP Paribas Indonesia
p.83
unresolved
org
PT Bank Barclays Indonesia
p.83
unresolved
org
PT BII Finance Centre
p.83
unresolved
org
Bank Restructuring Agency
p.83
unresolved
org
PT Tanjung Johor Wood Industry
p.83
unresolved
org
Sertifikasi Manajemen Risiko
p.83
unresolved
—
Citizenship
p.86 ×4
unresolved
—
Age
p.86 ×4
unresolved
org
Joined BFI Finance in
p.86 ×4
unresolved
org
PT BFI Finance Indonesia Office
p.91
unresolved
—
Letter No. S-588/NB.213/2018
p.91
unresolved
person
Association Gunawan
p.91
unresolved
—
Fintech Association
p.91
unresolved
—
DKI Jakarta Citizen Appointed
· President Director
p.92
unresolved
person
Veronika Farida Riswanti
p.92 ×3
unresolved
org
Minister of Law and Human Rights
p.92 ×2
unresolved
person
Herna Gunawan
p.92
unresolved
org
Ministry of Law and Human Rights
p.93
unresolved
org
PT Raya Saham Registra
p.94 ×7
unresolved
org
PT BFI Finance Indonesia Tbk’s
p.94
unresolved
org
Holdings Ltd.
p.95
unresolved
org
Bravo Investments Ltd.
p.95
unresolved
org
PT Finansial Integrasi Teknologi Ultimate Beneficial Owners
p.95
unresolved
org
Minister of Law
p.96
unresolved
org
PT BFI
p.96
unresolved
person
Muljadi
p.97
unresolved
org
PT BNI Sekuritas Tanubrata
p.101
unresolved
person
Ir. Nanette Sutanto
p.101 ×2
unresolved
org
PT Fitch Tabungan
p.101 ×6
unresolved
org
PT DBS Vickers Sekuritas Indonesia
p.101 ×3
unresolved
person
Warsito
p.101 ×6
unresolved
org
S.H. & Rekan
p.101 ×2
unresolved
org
PT BNI Sekuritas Paid
p.101
unresolved
org
PT BRI Danareksa Sekuritas
p.101 ×5
unresolved
org
PT BCA Sekuritas Paid
p.101
unresolved
org
Ir. Nanette PT DBS Vickers Sekuritas
p.101
unresolved
person
Ir. Nanette Not
p.101 ×3
unresolved
org
VAT. Bambang & Rekan
p.102
unresolved
person
Bong
p.102
unresolved
person
Susanto Bong
p.102 ×3
unresolved
org
Unmodified Opinion Bambang & Rekan
p.102 ×5
unresolved
person
Dr. Herry Sunarto
p.102
unresolved
person
M.B.A.
p.102
unresolved
org
PT Fitch Ratings Indonesia
p.103
unresolved
org
PT Raya Saham Registra DBS Bank Tower
p.103
unresolved
org
Indonesia Stock Exchange
p.103 ×3
unresolved
org
Settlement Institution Jusuf Indradewa & Partners
p.103
unresolved
person
H. Thamrin
p.103
unresolved
person
Title
· Presiden Direktur
p.310 ×3
unresolved
person
Fathiah Helmi
· Notaris
p.323 ×2
unresolved
person
Aryanti Artisari
· Notaris
p.323 ×2
unresolved
org
Kementerian Hukum dan Hak Asasi Manusia Republik
p.325 ×2
unresolved
person
Geraldine H.S.S.U. Sianturi H.S.S.U. Sianturi
· Notaris
p.325 ×10
unresolved
org
Kementerian
p.325 ×4
unresolved
org
Ministry of Law and Human dan Hak Asasi Manusia Republik Indonesia
p.325 ×3
unresolved
person
H.S.S.U. M.
p.325
unresolved
person
Sianturi
p.325
unresolved
org
Kementerian Hukum dan Hak
p.325
unresolved
org
Ministry of Asasi Manusia Republik Indonesia
p.325
unresolved
org
Kementerian Hukum dan Hak Asasi
p.326
unresolved
org
Ministry of Law and Human Manusia Republik Indonesia
p.326
unresolved
person
Tjiu Herman Handoko
· Presiden Direktur
p.326 ×2
unresolved
person
Ichwan Peryana
· Direktur
p.326
unresolved
person
Lestari
p.328 ×2
unresolved
org
Ministry of Law and Human
p.328
unresolved
org
Pengawas
p.330
unresolved
org
Bapepam-LK
p.330 ×8
unresolved
org
Trinugraha Capital & Co SCA
p.388 ×2
unresolved
—
(masing-masing di bawah 5%)
p.388 ×2
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