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Annual Report &
Sustainability Report
PT BUSSAN AUTO FINANCE
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2
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
DISCLAIMER
PROFILE
CORPORATE
The 2023 Annual Report and Sustainability Report is a combined Annual Report and Sustainability Report that is
prepared in compliance with prevailing law and regulations. This report contains operational, financial, projection
statements and plans as well as policies and strategy implementations along with the Company’s objectives – all
categorized as forward-looking statements in adhering to the prevailing laws and regulations; save for all historical
matters. These statements carry prospects of risk and uncertainty, which could account for actual developments may
DISCUSSION & ANALYSIS
MANAGEMENT
materially differ from what is stated.
These prospective statements are designed based on assumptions on the current business situations and conditions
where the Company runs its business operations. The Company does not guarantee that these vetted documents will
provide certain outcomes as expected.
This report contains the terms “BAF” or the “Company,” which refers to PT Bussan Auto Finance. In addition, the term
“We” is also used on several occasions with the same function, due to the ease of mentioning PT Bussan Auto Finance.
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 3
Page 4
SCOPE OF 2023 ANNUAL REPORT
& SUSTAINABILITY REPORT
Preparation of the 2023 Annual Report and Sustainability Report refers to the prevailing regulations on the
mandatory information disclosure in the Annual Report and Sustainability Reports, which are presented in several
chapters, as follows:
Performance Highlights Corporate Governance
Presenting comparative financial information for 5 (five) Presenting information about the implementation of
fiscal years. corporate governance implemented by the Company in
accordance with prevailing provisions and criteria.
Management Report
Sustainability Report
Presenting information about the supervisory report
and implementation of strategic policies, achievement Presenting data and information concerning
of the fiscal year and performance assessment as well the fulfillment of Sustainability Report including
as corporate governance implementation from the environmental; employment, occupational, health and
management perspective. safety; social and community development aspects;
and responsibility to customers, and other information
according to the prevailing regulation.
Corporate Profile
Presenting general information about the Company, Audited Financial Statements
milestone, vision and mission, as well as other information
related to the Company at corporate level. Presenting a comprehensive audited financial statements
including the independent auditor’s opinion.
Management Discussion & Analysis
Presenting analysis on the Company’s performance
throughout the fiscal year including macroeconomics
and industry overview, achievements by business line and
business support, analysis on financial performance, and
other information.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
ELEVATE & OPTIMIZE,
LET’S SPEED UP!
REPORT
MANAGEMENT
IN 2023, WE The crafting process requires perseverance and precision, starting from
materials selection, soaking, and tuning process.
ASSEMBLED OUR
ENERGY IN A PROCESS Angklung does not create beautiful melodies without being played as one. It
takes collaboration and concentration to create harmonious rhythms.
TO CRAFT ANGKLUNG,
PROFILE
CORPORATE
ONE OF THE BAMBOO This represents our spirit, which is inspired by our corporate values as a essential
values, to build resilience in supporting sustainable growth achievement.
ART WORKS.
Aside the challenges faced by the Company in 2023, we keep elevating
ourselves with tactical and strategic steps to pursue and have better
preparation in the upcoming years. We continue to emphasize the optimizing
of processes, resources and opportunities to sustain growth towards the
leading and trusted company.
DISCUSSION & ANALYSIS
MANAGEMENT
2021 2022 2023
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 5
Page 6
TABLE OF
CONTENTS
TABLE OF
CONTENTS
3 Disclaimer 86 CORPORATE PROFILE 176 Solvency and
Collectability Ratio
4 Scope of 2023 Annual 88 BAF at a Glance
Report & Sustainability 179 Capital Structure
Report 91 Mission, Vision &
Corporate Values 182 Capital Goods
5 Theme Explanation Investment and Material
94 Business Line Commitment Related
6 Table of Contents
95 Product & Services 183 Comparison Between
Performance Target and
96 Organization Structure Realization in 2023, and
8 PERFORMANCE Projection in 2024
HIGHLIGHTS 98 Board of Commissioners
Profile 186 Changes in Accounting
10 2023 Performance Policy, Reasons, and
Highlights 104 Board of Directors Profile Impacts to Financial
Statements
14 Sustainability Highlights 111 Associate Directors Profile
2023 187 Changes in Rules and
114 Shareholders Composition Regulations in 2023
18 Financial Highlights
118 Shares Listing Chronology 192 Dividend Payment Policy
24 Bonds Highlights
119 Other Securities Listing 194 Material Information on
28 Shares Listing Chronology Chronology Investmen, Expansion,
Divestmen, Merger,
29 Significant Events 124 Capital Market Supporting Acquisiton or Debt/
Professions and Capital Restructuring
47 Award 2023 Institutions
194 Material Information
with Conflict of Interest
and/or Affiliated Party
54 MANAGEMENT REPORT 128 MANAGEMENT Transacion
DISCUSSION &
57 Report from the Board of ANALYSIS 195 Management and
Commissioners Employees Shares
130 Macroeconomic Overview Ownership Program
69 Report from the Board of
Directors 133 Financing Industry 196 Subsequent Material
Overview Information and Facts
84 Statement of the Board of After the Accountant
Commissioners Regarding 137 Everview of Line Business Reporting Period
Responsibility for PT
Bussan Auto Finance 154 Marketing & Operasional 196 Realization of Public
Annual Report 2023 Offering Proceeds
162 Human Resources
75 Statement of the Board 198 Business Prospects
of Directors Regarding 167 Information Technology
Responsibility for PT
Bussan Auto Finance 170 Financial Review
Annual Report 2023
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
200 CORPORATE 287 Corporate Secretary 412 Social Responsibility
GOVERNANCE
295 Internal Audit Unit 428 Optimizing Service to
202 Implementation of Consumers
Corporate Governance 300 Eksternal Auditor (Public
Accountant) 449 Improving Environmental
205 General Meeting of Performance Through
PROFILE
CORPORATE
Shareholders 304 Risk Management Green Operations
213 Board of Commissioners 323 Internal Control System 467 Feedback Form
226 Board of Directors 327 Whistleblowing System, 469 Response on Feedback
Anti-Corruption, to Previous Year’s
238 Committees Under the Anti-Fraud and Anti- Sustainability
Board of Commissioners Money Laundering
and Combating the 469 Written Verification from
238 Audit Committee Financing of Terrorism Independent Party
and Financing of the
244 Nomination and Proliferation of Weapons 470 Cross Reference
DISCUSSION & ANALYSIS
MANAGEMENT
Remuneration of Mass Destruction According to SEOJK
Committee Financing (AML CFT & No.16/SEOJK.04/2021
PPMWDF) Policy Concerning the Form and
248 Risk Monitoring Content of the Annual
Committee 336 Code of Conduct Report of Issuers or Public
Companies
252 Committee Under the 341 Administrative Sanction
Board Of Directors 473 Cross Reference According
341 Important Cases to OJK Regulation No.51/
252 Corporate Social POJK.03/2017 Concerning
Responsibility the Implementing of
Committee Sustainable Finance
342 SUSTAINABILITY for Financial Service
256 Business Continuity REPORT Institutions, Issuers, and
Management Public Companies
Committee 344 About the Sustainability
Report 477 List of Disclosure
GOVERNANCE
CORPORATE
261 Occupational Health According to Global
and Safety Committee 345 Sustainability Strategy Reporting Initiative (GRI)
267 IT Steering Committee 353 Impact Limitations and 481 Network Address
Management Approach
273 Digitalization
Committee 361 Sustainability Governance
498 AUDITED FINANCIAL
277 Risk Management 378 Sustainability Economic STATEMENTS
Committee Performance
282 Sharia Business Unit and 388 Employment,
Sharia Supervisory Board Occupational Health and
Safety Practices
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 7
Page 8
PERFORMANCE
HIGHLIGHTS
PERFORMANCE
HIGHLIGHTS
ANGKLUNG IS A TRADITIONAL MUSICAL INSTRUMENT THAT IS ENTIRELY MADE OF BAMBOO.
IT HAS THE NATURE TO BE STRONGER AS AGES, BOTH THE STEM AND ROOTS, REPRESENTING
OUR SPIRIT TO REMAIN STRONG IN DEALING WITH VARIOUS CHALLENGES.
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PERFORMANCE MANAGEMENT CORPORATE MANAGEMENT CORPORATE SUSTAINABILITY
HIGHLIGHTS REPORT PROFILE DISCUSSION & ANALYSIS GOVERNANCE REPORT
9
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
PT BUSSAN AUTO FINANCE
Page 10
PERFORMANCE
HIGHLIGHTS
2023 PERFORMANCE
HIGHLIGHTS
Total Total Assets
14.1
New Financing
11.0
Rp Trillion
Rp Trillion
Total Account Total Liabilities
11.4
Receivable - Net
12.8
Rp Trillion
Rp Trillion
Total Equities
2.7
Rp Trillion
Non-Performing
Financing (NPF)
1,02 %
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
Total Revenues
4.6
PROFILE
CORPORATE
Rp Trillion
Profit for the Year Total Active Customers
370.6 > 860,000
DISCUSSION & ANALYSIS
MANAGEMENT
Rp Billion
Total Employee
3,774 GOVERNANCE
CORPORATE
Total Networks
245
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 11
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PERFORMANCE
HIGHLIGHTS
2023 PERFORMANCE
HIGHLIGHTS
5.9
Rp trillion 3.1
Rp trillion
New Yamaha
Motorcycle Financing BAF
Dana Syariah
39.0%
1.3
Rp trillion
5.4%
The Company’s new
411.5
Rp billion
Car
Financing
financing for new Yamaha
20.0%
As the Company’s sharia
motorcycle decreased Used Motorcycle financing product, BAF
3.0%
5.4% (YoY) to Rp5.9 Financing Dana Syariah booked a
trillion by the end of 39.0% (YoY) increase
2023. in new financing The Company’s car
disbursement from Rp2.2 financing new decreased
trillion to Rp3.1 trillion by 20.0% (YoY) to Rp1.3
the end of 2023. trillion by the end of
The disbursement of used 2023.
motorcycle financing
successfully boosted
this year’s growth with
the financing amount
reached Rp411.5 billion
or grew 3.0% (YoY) at the
end of 2023.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
PROFILE
CORPORATE
14.7
25.3
Rp billion
BAF
Rp billion
37.5%
AdiDana
Agriculture
13.1
DISCUSSION & ANALYSIS
MANAGEMENT
Machineries
267.8
Financing Rp billion
7.4%
Rp billion BAF This product, which was
PraDana launched in 2022 and
Multiproducts The Company’s
is intended for working
67.3%
Financing agricultural machinery
capital and other needs
(ELECTRONIC, GADGET AND using residential buildings
FURNITURE FINANCING) financing decreased 7.4% & shophouses, has also
(YoY) by Rp25.3 billion at disbursed a total of
the end of 2023. This unsecured micro
Rp14.7 billion or grew
41.0%
financing product for
37.5% by the end of
productive purposes,
2023.
which was launched
The Company’s multi- in 2022, recorded new
GOVERNANCE
CORPORATE
product financing financing of Rp13.1
decreased 41.0% (YoY) to billion.
Rp267.8 billion at the end
of 2023.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 13
Page 14
PERFORMANCE
HIGHLIGHTS
SUSTAINABILITY
HIGHLIGHTS 2023
Economic Aspects
Total Xtra
BAF Agent
53,189 Freelancer Housewife Students
2023 53,189
2022 44,004 21.0% 45.3% 25.1%
2021 32,660
A total of Rp76.6 billion
incentives have been
given to Xtra BAF agents
Employee Public Figure Others
in 2023.
5.9% 1.3% 1.4%
Total Environmentally Total Micro Small
Friendly Transportation Medium Enterprises
Financing Financing
975.9 5.1
Rp trillion
Rp billion
2023 975.9 2023 5.1
2022 353.0 2022 5.0
2021 0.4 2021 3.7
Total Portfolio Criteria for
Sustainable Business Activities
2023 2022 2021
7.1% 36.9% 4.6% 35.1% 0.003% 31.5%
44.1% 39.7% 31.5%
Environmentally Friendly MSMEs Contribution to
Total Portfolio
Transportation Contribution to Total Portfolio
Total Portfolio
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Social Aspects
Female Employees Female Employees
to Number of Occupying Senior
Employees Management Level
22.5
REPORT
MANAGEMENT
in % 22.4
in %
2023 22.5
2022 22.0 2023 22.4
2021 20.6 2022 21.1
2021 22.0
PROFILE
CORPORATE
Engagement Average Training Total
Index (BAF Hours for Each Training Cost
Employee Survey) Employee
84 19.4 19.6
DISCUSSION & ANALYSIS
MANAGEMENT
index/score hour/employee Rp billion
2023 84 2023 19.4 2023 19.6
2022 83 2022 18.6 2022 7.5
2021 81 2021 11.0 2021 3.1
GOVERNANCE
CORPORATE
Total Participants in Customer Customer Complaint
Financial Literacy Satisfaction Level Completion Rate
461 91 99
participants in % in %
2023 461 2023 91 2023 99
REPORT
SUSTAINABILITY
2022 451 2022 88 2022 88
2021 471 2021 88 2021 88
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 15
Page 16
PERFORMANCE
HIGHLIGHTS
BAF Caring
for Children
>20K beneficiaries
(period 2019-2023) >80 cities in Indonesia
(period 2019-2023)
Through BAF Caring for Children, the Company continues to improve the quality of life and
education of children throughout Indonesia, also as the manifestation of our support towards
Sustainable Development Goals (SDGs).
BAF BAF Charity in BAF Year End Foster
Anniversary Ramadhan Charity Parents
Assistance in The Company’s The Company’s Program to assist the
education, apparel/ concern for the concern for the society educational needs of
food, health and surrounding society around the Company’s elementary school (SD)
other donations for during Ramadhan. head office at the end children in rural areas.
Indonesian children of 2023.
on the occasion beneficiaries in 2023 beneficiaries in 2023
±420 ±680
of the Company’s beneficiaries in 2023
±300
anniversary.
beneficiaries in 2023 2019-2023: ±4,600 2020-2023: ±2,300
±650
2019-2023: ±3,650
2019-2023: ±7,200
BAF Safety Riding BAF
United for Care Science for Kids Lions Run
The program, In collaboration with
Charity run in
established in Yamaha, the Company
order to share and
2023, aims to share provides education
collect donations for
happiness with to children about the
Indonesian children.
the children at the importance of driving
Foundation. safety from an early
age.
beneficiaries in 2023
beneficiaries in 2023
±1,177
beneficiaries in 2023
±320*
±365 2019-2023: ±76,000
2020-2023: ±1,000 *) Distribution to beneficiaries will continue
until the allocated funds have been collected
Total CSR Cost
2.1 2023
2022
2021
2.1
2.1
1.8
Rp billion
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Environmental Aspects
REPORT
MANAGEMENT
Paper Usage* Electricity Usage** Water Usage***
465 27,619 266
3.4%
6.1%
rim kWh m3
38.0%
2023 465 2023 27,619 2023 266
PROFILE
CORPORATE
2022 750 2022 26,593 2022 249
2021 815 2021 24,909 2021 240
Remarks: The increase in electricity and water usage is in line with the increase in WFO capacity since the lifting of the
Covid-19 pandemic status.
*) Head Office
**) Per networks (including head office)
***) Per networks (including head office) comprise ground water and Water Supplied by PDAM
DISCUSSION & ANALYSIS
MANAGEMENT
BAF ECO Move
The Company’s greening movement is the Company’s initiation in taking part in reducing carbon emissions.
Trees Donated Consumers Participated Employees & Partners Big Cities
Involved in 2023 in 2023
GOVERNANCE
CORPORATE
in 2023 in 2023
20K >89K 647 6
2019-2023: ±135K 2019-2023: ±324K 2019-2023: ±1,300 2019-2023: 18
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 17
Page 18
PERFORMANCE
HIGHLIGHTS
FINANCIAL
HIGHLIGHTS
I N B I L L I O N R U PIAH
DESCRIPTION 2023 2022 2021 2020 2019
Revenue
Financing income 4,477.0 4,248.8 3,833.9 3,332.7 3,478.6
Interest income 2.8 2.3 7.7 18.2 11.3
Other income 89.1 85.8 58.3 57.2 54.4
Total revenue 4,568.9 4,336.9 3,899.9 3,408.0 3,544.2
Expenses
Salaries and allowances 559.2 560.8 541.4 600.7 665.6
Provision for credit losses 1,936.9 1,352.1 1,368.9 1,686.0 1,105.4
Interes and financing charges 687.9 589.6 583.5 775.2 725.1
General and administrative 869.6 790.1 728.8 632.5 574.2
expenses
Loan arrangement 8.1 17.8 29.8 38.2 46.2
Marketing expense 28.6 49.2 33.0 16.7 28.2
Total expense 4,090.3 3,359.6 3,285.4 3,749.4 3,144.7
Profit Before Tax 478,6 977.3 614.5 (341.4) 399.5
Income Tax Expense (108.1) (294.2) (140.8) 58.8 (105.2)
Profit for The Year 370.6 683.1 473.7 (282.6) 294,275
Other Comprehensive Income
Items that will not be
reclassified subsequently to
profit or loss
Remeasurement of the (7.4) 8.1 12.7 (4.1) (11.1)
post employment benefits
obligation, net of tax
Items that may be reclassified
subsequently to profit or loss
Unrealized (loss) gain on fair 30.4 (51.0) 50.7 1.2 (57.5)
value of derivative financial
instruments hedging reserve,
net of tax
Total other comprehensive 23.0 (42.9) 63.4 (2.9) (68.6)
income (expense) for the year
net of tax
Total Comprehensive Income 393.6 640.1 537.1 (285.5) 225.67
(Loss) for The Period
Earning Per Share 1,048,027 1,931,976 1,339,837 (799,194) 832,293
(in fully Rupiah amount)
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
I N BI L L I O N RUPIAH
DESCRIPTION 2023 2022 2021 2020 2019
Assets
Cash on hand and in banks 334.0 273.3 173.1 687.4 302.8
REPORT
MANAGEMENT
Financing receivables - net 12,839.8 12,712.9 11,003.5 10,082.0 11,620.8
Derivative receivables 63.3 128.5 23.3 2.1 11.3
Other accounts receivable - net 121.3 67.1 70.0 80.4 73.7
Advances 31.6 30.5 32.9 27.8 10.0
Investment in convertible bonds - - - - 5.0
Prepaid expenses 36.2 31.0 33.2 29.3 63.3
Claim on Tax Refund - - - - -
Prepaid taxes - - - - 0.1
PROFILE
CORPORATE
Property and equipment - net of 337.5 336.9 327.2 340.6 356.6
accumulated depreciation
Computer software - net of 77.2 81.8 77.8 43.1 61.0
accumulative amortization
Deferred tax assets - net 230.6 227.0 207.7 215.8 129.1
Right-of-use asset - net 28.1 27.9 33.1 43.6 -
Others assets 2.5 2.6 2.8 8.1 8.5
DISCUSSION & ANALYSIS
MANAGEMENT
Total Assets 14,102.0 13,919.5 11,984.6 11,560.2 12,642.2
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 19
Page 20
PERFORMANCE
HIGHLIGHTS
I N B I L L I O N R U PIAH
DESCRIPTION 2023 2022 2021 2020 2019
Liabilities
Bank loans 5,687.2 6,381.5 5,227.1 6,915.5 7,393.5
Derivative payables 14.9 6.9 13.8 86.4 185.2
Taxes payable 54.5 87.7 50.7 5.7 24.8
Other accounts payable 270.7 235.5 189.8 184.1 234.8
Accrued expenses 314.4 360.2 355.9 348.0 413.9
Bonds payable 4,873.7 4,141.3 3,918.2 2,293.5 2,342.6
Lease Liabilities 3.5 6.1 10.2 14.1 -
Post-employmeny benefit 165.7 137.5 154.0 185.3 160.8
obligation
Total Liabilities 11,384.6 11,356,7 9,919,7 10,032,5 10,755,4
Equity
Capital stock
- Rp1,000,000 par value authorized, 353.6 353.6 353.6 353.6 353.6
subscribed and paid-up 353,571 shares
Additional paid-in capital 235.9 235.9 235.9 235.9 235.9
Other comprehensive income (35.0) (58.0) (15.1) (78.5) (75.6)
Retained earnings
Approriated 71.4 71.4 71.4 71.4 71.4
Unapproriated 2,091.5 1,960.0 1,419.1 945.3 1,301.5
Total Equity 2,717.4 2,562.8 2,064.9 1,527.7 1.886.7
Total Liabilities and Equity 14,102.0 13,919.5 11,984.6 11,560.2 12.642.2
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
I N BI L L I O N RUPIAH
DESCRIPTION 2023 2022 2021 2020 2019
Key Financial Ratios
Profitabiliy
REPORT
MANAGEMENT
Gross Profit Margin (%) 10.5% 22.5% 15.8% -10.0% 11.3%
Asset Turnover (%) 32.4% 31.2% 32.5% 29.5% 28.0%
Net Profit Margin (%) 8.1% 15.8% 12.1% -8.3% 8.3%
Return on Equity (%) 13.6% 26.7% 22.9% -18.5% 15.6%
Return on Asset (%) 2.6% 4.9% 4.0% -2.4% 2.3%
Current Ratio (%) 126.8% 187.3% 116.4% 94.2% 125.6%
Solvency
Debt to Equity Ratio (x) 4.2 4.4 4.8 6.6 5.7
PROFILE
CORPORATE
Debt to Assets Ratio (x) 0.8 0.8 0.8 0.9 0.9
Revenues / Total Equity (x) 1.7 1.7 1.9 2.2 1.9
Gearing Ratio (x) 3.9 4.1 4.4 6.0 5.2
Financing Receivables Quality
Non Performing Financing 1.02 0.91 0.58 0.40 0.84
- NPF (%)*
*) The figures are calculated referring to the Financial Service Authority (OJK) Circular Letter No. 1/SEOJK.05/2016 concerning Financial Soundness Rating for Financing Company.
DISCUSSION & ANALYSIS
MANAGEMENT
TOTAL TOTAL FINANCING
NEW FINANCING RECEIVABLES - NET
Rp billion Rp billion
12,713 12,840
11,621
10,898 10,944 11,003
9,990 10,082
9,567
7,128
GOVERNANCE
CORPORATE
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 21
Page 22
PERFORMANCE
HIGHLIGHTS
TOTAL TOTAL
ASSETS EQUITY
Rp billion Rp billion
13,920 14,102
12,642
11,560 11,985
2,563 2,717
1,887 2,064
1,523
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
TOTAL PROFIT (LOSS)
REVENUE BEFORE TAX
Rp billion Rp billion
4,569 977
4,337
3,899
3,544 3,408
614
479
399
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
-341
NET PROFIT (LOSS) TOTAL ACTIVE
FOR THE YEAR FINANCING CONTRACT
Rp billion
929,560
878,204 860,153
820,623 822,605
683
474
371
294
2019 2020 2021 2022 2023 2019 2020 2021 2022 2023
-283
22
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PERFORMANCE MANAGEMENT CORPORATE MANAGEMENT CORPORATE SUSTAINABILITY
HIGHLIGHTS REPORT PROFILE DISCUSSION & ANALYSIS GOVERNANCE REPORT
23
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
PT BUSSAN AUTO FINANCE
Page 24
PERFORMANCE
HIGHLIGHTS
BONDS
HIGHLIGHTS
Sukuk Mudharabah I
Phase II 2020
Amount: Rp485 Bn
Rating: AAA(idn)
Sukuk Mudharabah I
Phase I 2020
Amount: Rp15 Bn
Rating: AAA(idn)
Bond I 2017 Bond II 2018 Bond III 2019 PUB I Phase I 2020
Amount: Rp500 Bn Amount: Rp1.0 Tn Amount: Rp1.5 Tn Amount: Rp100 Bn
Rating: idAA Rating: idAA Rating: idAAA Rating: AAA(idn)
2017 2018 2019 2020
In 2023, the Company continued the issuance of Shelf- nine eight percent) per annum and term of 370
Registration Bonds (PUB) of Shelf-Registration Bonds II (three hundred and seventy) calendar days since the
Bussan Auto Finance. Issuance Date.
2. Series B
Total Bonds Series B Principal amounted
Shelf-Registration Bonds II Bussan Rp841,000,000,000 (eight hundred and forty-one
Auto Finance Phase III Year 2023 billion Rupiah) with fixed interest rate of 7.10%
(seven-point one zero percent) per annum and term
In April 2023, the Company issued and offered Shelf- of 3 (three) years since the Issuance Date.
Registration Bonds II Bussan Auto Finance Phase III
Year 2023 with bonds principal of Rp1,242,000,000,000 The Bonds Interest is paid quarterly, where the first
(one trillion two hundred and forty two million Rupiah). Bonds Interest had been paid on July 18, 2023,
The Bonds were issued in 2 (two) series, as follows: however, the last Bonds Interest, which is also the Bonds
1. Series A repayment will be paid on April 28, 2024 for Bonds
Total Bonds Series A Principal amounted Series A and April 18, 2026 for Bonds Series B.
Rp401,000,000,000 (four hundred and one billion
Rupiah) with fixed interest rate of 5.98% (five-point
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
PUB I Phase IV 2021 PUB II Phase II 2022
Amount: Rp500 Bn Amount: Rp1.2 Tn
Rating: AAA(idn) Rating: AAA(idn) / idAAA
PROFILE
CORPORATE
PUB I Phase III 2021 PUB II Phase I 2022 PUB II Phase IV 2023
Amount: Rp775 Bn Amount: Rp100 Bn Amount: Rp458 Bn
Rating: AAA(idn) Rating: AAA(idn) / idAAA Rating: AAA(idn) / idAAA
PUB I Phase II 2021 PUB I Phase V 2022 PUB II Phase III 2023
Amount: Rp1.2 Tn Amount: Rp500 Bn Amount: Rp1.24 Tn
Rating: AAA(idn) Rating: AAA(idn) / idAAA Rating: AAA(idn) / idAAA
DISCUSSION & ANALYSIS
MANAGEMENT
2021 2022 2023
1. Shelf-Registration Bonds II Phase I Series A Year
Shelf-Registration Bonds II Bussan 2022 with the bonds principal of Rp88,500,000,000
Auto Finance Phase IV Year 2023 (eighty-eight billion five hundred million Rupiah)
and the interest of Rp1,007,916,765 (one billion
In September 2023, the Company issued and offered seven million nine hundred and sixteen thousand
GOVERNANCE
CORPORATE
Shelf-Registration Bonds II Bussan Auto Finance seven hundred and sixty five Rupiah). Regarding
Phase IV 2023 with bonds principal amounted the principal repayment and interest payments, the
Rp458,000,000,000 (four hundred and fifty-eight billion Company has disclosed the information which was
Rupiah) with fixed interest rate of 6.50% (six-point five also submitted to OJK and IDX through Company
zero percent) per annum and term of 3 (three) years letter No. BAF/184/CP/VII/2023 dated July 18,
since the Issuance Date. 2023 concerning Disclosure of Information on
Principal Repayment and Final Interest Payment of
Shelf-Registration Bonds II Phase I Year 2022 Series
Repayment and Last Interest A PT Bussan Auto Finance. Therefore, effective as
per July 17, 2023 PT Bussan Auto Finance’s Shelf-
In 2023, the Company has also fully paid the Registration Bonds II Phase I Year 2022 Series A is
bonds principal and final interest payments for the no longer listed and traded at IDX.
following bonds:
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 25
Page 26
PERFORMANCE
HIGHLIGHTS
2. Shelf-Registration Bonds I Phase I Year 2020 and and Final Interest Payment of Shelf-Registration
Sustainable Sukuk Mudharabah I Phase I of 2020 Bonds I Phase I 2020 and Shelf-Registration Sukuk
with the Bonds and Sukuk principal, respectively, Mudharabah I Phase I 2020 PT Bussan Auto
amounted Rp100,000,000,000 (one hundred Finance. Therefore, effective as per Agustus 4, 2023
billion Rupiah) and Rp15,000,000,000 (fifteen PT Bussan Auto Finance’s Shelf-Registration Bonds
billion Rupiah) and the amount of interest/yield, I Phase I of 2020 and the Shelf-Registration Sukuk
respectively, amounted Rp2,062,500,000 (two Mudharabah I Phase I of 2020 is no longer listed
billion sixty-two million five hundred thousand and traded at IDX.
Rupiah) and Rp309,375,000 (three hundred and
nine million three hundred and seventy five thousand 3. Shelf-Registration Mudharabah Sukuk I Phase
Rupiah). Regarding the principal repayment and II Series B Year 2020 with the Sukuk principal
interest payments, the Company has disclosed of Rp112,000,000,000 (one hundred and twelve
information, which was also submitted to the OJK billion Rupiah) and the yield of Rp2,030,000. 000
and IDX through the Company letter No. BAF/197/ (two billion thirty million Rupiah). Regarding the
CP/VIII/2023 dated August 8, 2023 regarding principal repayment and interest payments, the
Information Disclosure of Principal Repayment Company has disclosed information, which was also
BONDS NAME RATING
Shelf-Registration I
Shelf-Registration I Bussan Auto Finance Phase I Year 2020 AAA(idn) (Triple A)
Shelf-Registration Sukuk Mudharabah I Bussan Auto Finance Phase I Year 2020 AAA(idn) (Triple A)
Shelf-Registration Sukuk Mudharabah I Bussan Auto Finance Phase II Year 2020 Series A AAA(idn) (Triple A)
Shelf-Registration Sukuk Mudharabah I Bussan Auto Finance Phase II Year 2020 Series B AAA(idn) (Triple A)
Shelf-Registration I Bussan Auto Finance Phase II Year 2021 Series A AAA(idn) (Triple A)
Shelf-Registration I Bussan Auto Finance Phase II Year 2021 Series B AAA(idn) (Triple A)
Shelf-Registration I Bussan Auto Finance Phase III Year 2021 Series A AAA(idn) (Triple A)
Shelf-Registration I Bussan Auto Finance Phase III Year 2021 Series B AAA(idn) (Triple A)
Shelf-Registration I Bussan Auto Finance Phase IV Year 2021 AAA(idn) (Triple A)
Shelf-Registration I Bussan Auto Finance Phase V Year 2022 AAA(idn) (Triple A)
Shelf-Registration II
Shelf-Registration II Bussan Auto Finance Phase I Year 2022 Series A AAA(idn) (Triple A)
Shelf-Registration II Bussan Auto Finance Phase I Year 2022 Series B AAA(idn) (Triple A)
Shelf-Registration II Bussan Auto Finance Phase II Year 2022 Series A AAA(idn) & idAAA (Triple A)
Shelf-Registration II Bussan Auto Finance Phase II Year 2022 Series B AAA(idn) & idAAA (Triple A)
Shelf-Registration II Bussan Auto Finance Phase III Year 2023 Series A AAA(idn) & idAAA (Triple A)
Shelf-Registration II Bussan Auto Finance Phase III Year 2023 Series B AAA(idn) & idAAA (Triple A)
Shelf-Registration II Bussan Auto Finance Phase IV Year 2023 AAA(idn) & idAAA (Triple A)
26
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
submitted to the OJK and IDX through the Company thousand fifty Rupiah). Regarding the principal
letter No. BAF/288/CP/VIII/2023 dated October 23, repayment and interest payments, the Company
2023 regarding Information Disclosure of Principal has disclosed information, which was also submitted
Repayment and Final Interest Payment of Shelf- to the OJK and IDX through the Company letter
Registration Sukuk Mudharabah I Phase II Year No. BAF/368/CP/XII/2023 dated December 12,
2020 Series B PT Bussan Auto Finance. Therefore, 2023 regarding Information Disclosure of Principal
effective as per October 23, 2023, the Shelf- Repayment and Final Interest Payment of Shelf-
REPORT
MANAGEMENT
Registration Mudharabah Sukuk I Phase II Series Registration Bonds II Phase II Year 2022 Series A
B Year 2020 PT Bussan Auto Finance is no longer PT Bussan Auto Finance. Therefore, effective as per
listed and traded at IDX. December 12, 2023, Shelf-Registration Bonds II
Phase II Year 2022 Series A PT Bussan Auto Finance
4. Shelf-Registration Bonds II Phase II Series A Year is no longer listed and traded at IDX.
2022 with the Bonds principal of Rp655,000,000,000
(six hundred and fifty five billion Rupiah) and the Summary of the Company’s bonds and sukuk is
interest of Rp10,880,277,050 (ten billion eight presented in the following table.
hundred eighty million two hundred seventy seven
PRINCIPAL INTEREST INTEREST PAYMENT ISSUANCE MATURITY
PROFILE
CORPORATE
REMARKS
(Rp billion) RATE FREQUENCY DATE DATE
100 8.25% Quarterly Aug 4, 2020 Aug 4, 2023 Fully Paid
15 8.25% Quarterly Aug 4, 2020 Aug 4, 2023 Fully Paid
373 5.75% Quarterly Oct 22, 2020 Oct 29, 2021 Fully Paid
112 7.25% Quarterly Oct 22, 2020 Oct 22, 2023 Fully Paid
500 4.90% Quarterly Apr 27, 2021 May 7, 2022 Fully Paid
DISCUSSION & ANALYSIS
MANAGEMENT
725 6.90% Quarterly Apr 27, 2021 Apr 27, 2024 -
150 3.75% Quarterly Sep 28, 2021 Oct 5, 2022 Fully Paid
625 5.75% Quarterly Sep 28, 2021 Sep 28, 2024 -
500 5.75% Quarterly Dec 15, 2023 Dec 15, 2024 -
775 5.90% Quarterly Mar 17, 2022 Mar 17, 2025 -
88.5 4.10% Quarterly Jul 5, 2022 Jul 15, 2023 Fully Paid
11.5 7.00% Quarterly Jul 5,2022 Jul 5, 2025 -
655 5.98% Quarterly Dec 2, 2022 Dec 12, 2023 Fully Paid
545 7.75% Quarterly Dec 2, 2022 Dec 2, 2025 -
GOVERNANCE
CORPORATE
401 5.98% Quarterly Apr 18, 2023 Apr 28, 2024 -
841 7.10% Quarterly Apr 18, 2023 Apr 18, 2026 -
458 6.50% Quarterly Sep 8, 2023 Sep 8, 2026 -
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 27
Page 28
PERFORMANCE
HIGHLIGHTS
SHARES LISTING
CHRONOLOGY
As of December 31, 2023, the Company has not executed listed, including corporate action that caused changes
initial public offering at Indonesia Stock Exchange in the stocks, such as stock split, reverse stock, shares
(IDX) or other stock exchanges, therefore, the Company dividend, bonus shares, changes in shares par value,
does not disclose the information, such as: total shares converted securities issuance, as well as additional or
outstanding, market capitalization based on price at deduction of capital, or other information as disclosed
the stock exchange where the stocks are listed, the in Financial Service Authority Circular Letter Number 16/
highest, lowest, and closing stock prices based on price SEOJK.04/2021 concerning Annual Report Format and
at the stock exchange where the stocks are listed, and Contents for Issuers or Public Companies.
trading volume at stock exchange where the stocks are
28
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
SIGNIFICANT
EVENTS
REPORT
MANAGEMENT
National Business Leader
– Kick-Off Meeting 2023
09 JANUARY 2023
The Company held a National Business Leader – Kick-
Off Meeting 2023 which was attended by among
others leaders at network offices, Managers at head
PROFILE
CORPORATE
office, Division Head, and Directors in order to evaluate
previous year’s performance achievements, coordinate
and strategic discussions on the Company’s plans and
strategies for the year 2023. This activity is also an
appreciation event for network offices that provide the
best performance for the Company.
DISCUSSION & ANALYSIS
MANAGEMENT
Regional Meeting
10 JAN – 03 FEB 2023
The Company held a 2023 Regional Meeting which was
attended by leaders in network offices, Division Head,
and Directors in order to coordinate and have strategic
discussions on the Company’s plans and strategies in
each region for 2023.
GOVERNANCE
CORPORATE
Indonesia Brand Champion 2023
18 JANUARY 2023
The Company won another Indonesia Brand
Champions 2023 award from Infobrand. BAF is
awarded for 3 award achievements throughout 2022
organized by INFOBRAND.ID collaborated with TRAS N
CO Indonesia, an independent survey agency, related
to brand awareness (“Indonesia Digital Popular Brand
Award 2022 for Car Financing”, “Indonesia Digital
Popular Brand Award for Electronic Devices”), and “Top
Executive Award 2022”, which was awarded for Ms.
Lynn Ramli, President Director of BAF.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 29
Page 30
PERFORMANCE
HIGHLIGHTS
Indonesia Excellence GCG Awards 2023
31 JANUARY 2023
The Company won Indonesia Excellence GCG Awards
2023 organized by Warta Ekonomi based on desk
research analysis, expert panels and media monitoring
on BAF’s financial performance and strategic policy
analysis throughout 2021 – 2022.
Warta Ekonomi awarded “Excellence Good Corporate
Governance Ethics in Diversification of Financing
Products and Services” predicate for Multifnance
category to BAF after assessed being consistent in
implementing Good Corporate Governance (GCG) in
managing the Company’s activities.
Amendment to Articles of Association
21 FEBRUARY 2023
The Company amended the Articles of Association
according to Circular Shareholders Resolutions as
substitute of Extraordinary General Meetings of
Shareholders dated February 21, 2023 following the
adjustment with Indonesia Business Field Official
Classification (KBLI).
Top Brand Award 2023
23 FEBRUARY 2023
Marketing Magazine and Frontier Group again
awarded the Company in Top Brand Award 2023 for
“2 Wheels Automotive Leasing Company Category”.
The Company was assessed capable to maintain brand
equity, corporate image and create long-term loyalty.
This year became the third year for the Company
received TOP BRAND Award for the same category.
TOP BRAND is a prestigious award for a brand given
by Marketing Magazine based on result of national
research conducted by Frontier Group in 15 major cities
across Indonesia.
30
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Indonesia Public Relation Awards 2023
24 FEBRUARY 2023
REPORT
MANAGEMENT
The Company received award from Warta Ekonomi with
“Best Public Relations in Company Management on
Strengthening Business Segmentation by Expanding
Financing Ecosystem” predicate.
PROFILE
CORPORATE
Indonesia Best CEO 2022
28 FEBRUARY 2023
SWA Magazine awarded Ms. Lynn Ramli as Best CEO
based on the assessment done in December 2022.
DISCUSSION & ANALYSIS
MANAGEMENT
Resignation of President Commissioner
14 MARCH 2023
The Company received resignation letter from
Mr. Tetsuya Daikoku as President Commissioner.
The resignation is effectively applied according to
GOVERNANCE
CORPORATE
Annual General Meetings of Shareholders dated
May 8, 2023.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 31
Page 32
PERFORMANCE
HIGHLIGHTS
Indonesia Human Resources Awards 2023
30 MARCH 2023
The Company received the Best HR Management for
the “Outstanding Integration of HR Development
Plan and Strategies with Business Needs predicate in
Multifinance Category” at Indonesia Human Resources
Awards 2023 organized by WartaEkonomi.co.id
Research and Consulting. The award was given based on
result of media monitoring and content analysis done
by WartaEkonomi.co.id Research and Consulting on the
Company’s annual report and performance publication
in social media, printed media and electronic media.
The Company was assessed successful in implementing
employee recruitment strategy, program and system as
well as digital HR transformation, which contributed to
build the Company’s reputation.
CSR Ramadhan Shopping with Orphans,
Dhuafa and People with Disability
14 APRIL 2023
BAF Ramadhan CSR Program Caring for Children
2023 was carried out as manifestation of BAF’s social
awareness. This program was expected to support the
children in needs, especially approaching Idul Fitri.
The event was held simultaneously at 12 locations
across several cities in Indonesia, such as Aceh,
Medan, Jakarta, Bogor, Bandung, Cianjur, Semarang,
Purwokerto, Surabaya, Malang, Makassar and Ambon.
Shelf-Registration Bonds II
Phase III Year 2023 Issuance
26 APRIL 2023
The Company issued Shelf-Registration Bonds II Phase
III Year 2023 with par values Rp1,242,000,000,000 at
Indonesia Stock Exchange.
32
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Annual GMS Fiscal Year 2022
8 MAY 2023
REPORT
MANAGEMENT
The Company’s Annual General Meetings of
Shareholders (GMS) was held with all the resolutions
and annual agenda, such as change in the Board
of Directors and Board of Commissioners and
amendment on the Company’s Articles of Association.
Indonesia Sharia Finance Awards 2023
PROFILE
CORPORATE
10 MAY 2023
Warta Ekonomi designated the Company’s Sharia
Business Unit as the winner of the Indonesia Sharia
Finance Awards 2023 with “Outstanding Utilization
of Multi-Channel Distribution to Expand Financing
Service” predicate in the Sharia Business Unit of Multi-
finance category. The Company’s Sharia Business
Unit was considered to play a role in development
programs, services, innovation and improving the
DISCUSSION & ANALYSIS
MANAGEMENT
Indonesian Sharia ecosystem. The award considered
a combination of media monitoring results on the
Company’s publications in the media, expert panels,
and quantitative research by analysing financial ratios
based on the Annual Report or Financial Statements for
2020-2021 period by considering capital, profitability,
liquidity, sensitivity to market risk, asset growth,
revenue and profits indicators.
Indonesia WOW Brand 2023
11 MAY 2023
GOVERNANCE
CORPORATE
In annual awarding event, Indonesia WOW Brand
2023, MarkPlus Inc. awarded BAF as the winner for
“Motorcycle Leasing” category. Through an online
survey held during January – February 2023 period
distributed to more than 30,000 respondents in 13
area across Indonesia, BAF was assessed successful
in transforming brand awareness and achieved
the highest Brand Advocacy in two wheels vehicle
financing category.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 33
Page 34
PERFORMANCE
HIGHLIGHTS
Indonesia Best CSR Awards 2023
25 MAY 2023
The Iconomics awarded Best CSR in Finance
Sector Industry 2023 predicate to the Company
at “Indonesia Best CSR Awards 2023”, its annual
awarding event. The award was given based on
Sustainability Report 2021 – 2022 and media
monitoring done by The Iconomics on the Company’s
Corporate Social Responsibility (CSR) activity in
media. The social responsibility programs done by
the Company were assessed fulfilling appropriateness
in environmental, social, economic, health, climate
change and educational aspects.
Indonesia Financial Top Leader
Awards 2023
31 MAY 2023
WartaEkonomi.co.id awarded Best Leader for
Sustainability Acceleration through Diversification
of Financing Products and Services predicate to Ms.
Lynn Ramli, the Company’s President Director at
Indonesia Financial Top Leader Awards 2023 for “the
Multifinance Category with Assets of Rp10-30 trillion”.
The award was based on research results combining
the Company’s financial statements 2022 and media
monitoring of publications of the Company in the
media during January 2022 to May 2023 period.
The award was given as an appreciation to leaders of
financial institutions who are considered successful in
carrying out their role in supporting the Company’s
sustainability through the implementation of flexible,
innovative financial strategies, digital acceleration,
as well as empowering micro, small and medium
communities.
Indonesia Most Powerful Women
Business Leader 2023
27 JUNE 2023
Ms. Lynn Ramli, the Company’s President Director,
was appointed as Indonesia Most Powerful Women
Business Leader from SWA.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
CSR Safety Riding Science for Kids
03 - 04 JULY 2023
The Company held another CSR activity “BAF Caring
for Children” with the theme “Safety Riding for Kids.”
REPORT
MANAGEMENT
Through this CSR activity, the Company invited 40
orphans from SOS Children’s Villages Indonesia
Foundation and Alpha Indonesia Foundation. In
this event, the Company received education about
the importance of safety riding at highway, such as
during riding a bicycle, walking at sidewalk and how to
cross the road. In this event, the Company also gave
donation to support education in form of stationary.
Indonesia CSR Award 2023
PROFILE
CORPORATE
6 JULY 2023
The Company received “Outstanding Program in
Accelerating Education and Welfare for Children
predicate in Multifinance Category” in Indonesia CSR
Awards 2023 held by WartaEkonomi.co.id. The award
was given based on results of research combining the
Company’s Annual Report and Sustainability Report
2022 as well as media monitoring of the Company’s
publications in the media during January 2022 to June
DISCUSSION & ANALYSIS
MANAGEMENT
2023 period.
This award is given as a form of appreciation to
the Company which was considered successful in
implementing sustainable CSR programs in building
a sustainable business for post-pandemic economic
growth.
National Business Leader
– Mid Year Meeting 2023
7-26 JULY 2023
GOVERNANCE
CORPORATE
The Company organized National Business Leader
in mid-2023, which was attended by, among others,
leaders in network offices, Division Heads, and Board of
Directors a coordination and strategic discussion on the
Company’s plan and strategy for 2023. The meeting
also became an appreciation event for the network
office with excellent performance to the Company.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 35
Page 36
PERFORMANCE
HIGHLIGHTS
BAF ECO Move 2023
22 JULY 2023
The Company held a greening movement in 2023 by
planting 20,000 mangrove seedlings on 6 coasts in
Indonesia. The tree seedlings donated were donated
from employees (BAFers), BAF Consumers (BAF
Friends) who proposed financing with BAF during
the 12 April – 31 May 2023, as well as contributions
from BAF work or business partners, including New
Yamaha Motorcycle partner dealers, as well as other
BAF partners.
Infobank Multifinance Award 2023
27 JULY 2023
The Company successfully named 19th Infobank
Multifinace Awards 2023 for “financing companies
with assets above Rp10 trillion” category, organized
by Infobank. The Company received “very good”
predicate from Infobank for Financing Companies
based on the Financial Statements 2021 - 2022 using
financial ratio approaches.
This award became an appreciation for the Company
which as considered successful achieving best
performance throughout 2022 by recording positive
growth along with the national economic recovery.
BAF Lions Run 2023, Run Against Hunger!
6 AUGUST 2023
2023 became the finish line for BAF Lions Run series.
This 5th year adapted the theme Run Against Hunger.
This theme aimed to help alleviate hunger by raising
Food Bank donations.
BAF Lions Run 2023 was a hybrid type running event
with a total of 4 offline running distance categories,
which were 3K Fun Run, 5K, 10K and Half Marathon, as
well as 3 virtual running distance categories options for
the participants, such as 21K, 42K and 100K. BAF Lions
Run 2023 was also closing of the Charity Run event, as
well as a complementary medal for participants who
participated every year.
36
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Resignation of a Commissioner
18 AUGUST 2023
REPORT
MANAGEMENT
The Company received resignation letter from Mr.
Jun Ikeda as the Company’s Commissioner. The
resignation has been effectively applied based on
Circular Shareholders Resolutions as Substitute of
Extraordinary General Meetings of Shareholders on
August 18, 2023.
PROFILE
CORPORATE
BOD Camp
22-23 AUGUST 2023
An annual meeting activity, which was organized by
the Company involving all of the Board of Directors
members and related Division Heads as participants
in conducting discussions and coordination related
to the Company’s current position, opportunities and
challenges as well as the Company’s strategic steps in
DISCUSSION & ANALYSIS
MANAGEMENT
the coming years.
Indonesia Best Multifinance Awards 2023
31 AUGUST 2023
Warta Ekonomi awarded Outstanding Financial
Performance and Providing Easily Accessed of
Financing Submission Services to the Company for
Multifinance Category with “Total Assets of Rp10 – 30
trillion” in Indonesia Best Multifinance Award 2023.
GOVERNANCE
CORPORATE
The survey was done by Warta Ekonomi on the
Company’s financial statements for 2022 – 2023
period by referring to some health indicators related
to finance company businesses operations, such as
asset growth, business income growth, profit growth,
Non-Performing Financing (NPF) value, capital ratio,
profitability, and liquidity.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 37
Page 38
PERFORMANCE
HIGHLIGHTS
BAF United for Care
5 SEPTEMBER 2023
In 2023, the Company held BAF United for Care
for the first time, during August-September period.
The event was held in 10 (ten) cities simultaneously
across Indonesia with approximately 1,100 orphans
attending the event.
Shelf-Registration Bonds II
Phase IV Year 2023 Issuance
11 SEPTEMBER 2023
The Company issued Shelf-Registration II Phase IV
Year 2023 Bonds with par value of Rp458,000,000,000.
Through this issuance, the entire plafond of PUB II
bonds have been fully issued.
Indonesia Most Reputable Companies 2023
15 SEPTEMBER 2023
SWA Business Digest Magazine awarded the Company
as Indonesia Most Reputable Companies 2023 with
Good predicate.
38
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
BAF 26th Anniversary 2023
24 SEPTEMBER 2023
The Company celebrated 26th birthday directly with
orphans/less fortunate children simultaneously in
6 (six) regions across Indonesia. The main event of
REPORT
MANAGEMENT
Company’s 26th Anniversary Celebration was located
at Pondok Indah Golf Ballroom, South Jakarta,
attended in person by the Board of Directors and
Senior Management. With the theme “Funtastic Land”,
BAF shared happiness and donated with 100 children
from Vincentius Putri Orphanage, Alpha Indonesia
Foundation, Kasih Mandiri Bersinar Foundation, Mizan
Amanah Foundation, and SOS Children Village.
Similar events were also held in 10 (ten) other
orphanages around the Jabodetabek area and in 5
(five) orphanages in BAF operational area, such as
PROFILE
CORPORATE
Medan, Bandung, Semarang, Surabaya and Makassar,
which were attended by Company executives and
employees. Altogether with the orphans, the employees
share birthday happiness such as blowing out candles/
cutting tumpeng, playing together, and sharing gifts.
Transfer of the Company’s Shares
by the Shareholders
DISCUSSION & ANALYSIS
MANAGEMENT
26 SEPTEMBER 2023
On September 26, 2023, the Company conducted
shares trading and transfer of the Company’s shares
owned by Mitsui Co. was carried out. Ltd., (“Mitsui”)
of 70,714 (seventy thousand seven hundred and
fourteen) shares to JA Mitsui Leasing Ltd., according to
the shares trading provisions as agreed between Mitsui
to JA Mitsui Leasing Ltd., by complying with prevailing
legal provisions and statutory regulations. This change
affected to a change in share ownership by Mitsui Co.
Ltd., and JA Mitsui Leasing Ltd. GOVERNANCE
CORPORATE
Articles of Association Amendment
26 SEPTEMBER 2023
The Company amended the Articles of Association
according to Circular Shareholders Resolutions as
substitute of Extraordinary General Meetings of
Shareholders on September 26, 2023 in relation with
Shareholders’ Approval on Changes in Shareholders
Composition, Changes in Board of Commissioners and
REPORT
SUSTAINABILITY
Amendment to Articles of Association in PT Bussan
Auto Finance.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 39
Page 40
PERFORMANCE
HIGHLIGHTS
Manager Forum
5-6 OCTOBER 2023
The Company held a meeting in Yogyakarta to provide
directions to all Head Office’s Manager Level.
CSR BAF Caring for Children
6 OCTOBER 2023
The Company performed CSR activities at Cebongan
State Elementary School in Yogyakarta. This activity
was presented in form of activities such as coloring
and other art activities in elementary schools
participated by hundreds of students.
Multifinance Day
13-15 OCTOBER 2023
The Company participated in Multifinance Day as
series of event held by Indonesia Financing Company
Assocation (APPI) in Palembang.
40
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
UTAMA
IKHTISAR
PERFORMANCE
Result of The Company’s
Annual Rating by Fitch
20 OCTOBER 2023
MANAJEMEN
REPORT
LAPORAN
MANAGEMENT
PT Fitch Ratings Indonesia “Fitch,” a rating agency,
affirmed the Company’s annual rating with ‘AAA(idn)’
with stable outlook.
PERUSAHAAN
PROFILE
PROFIL
CORPORATE
Marketing Excellence Awards 2023
26 OCTOBER 2023
The Company received award from Marketing
Interactive with “Excellence predicate in Media
Strategy: #CicilAjadiBAF”.
MANAJEMEN & ANALYSIS
DISCUSSION
ANALISA & PEMBAHASAN
MANAGEMENT
FinExpo
26-29 OCTOBER 2023
The Company participated in FinExpo as series
of activities event organized by Financial Service
Authority in Yogyakarta.
PERUSAHAAN
GOVERNANCE
CORPORATE
TATA KELOLA
KEBERLANJUTAN
REPORT
LAPORAN
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 41
Page 42
PERFORMANCE
HIGHLIGHTS
Foster Parent National Movement
(GNOTA)
1 NOVEMBER 2023
The company engaged in another collaboration with
a non-profit organization, Foster Parents National
Movement (GNOTA), which supports the government
to achieve 12 Year Compulsory Education Program
for Indonesian children. This year, the donations
were distributed to 680 foster children at elementary
school level in Maluku during the 2023/2024 school
year. The movement became one of the Company’s
supports for the government’s initiative to realize the
2030 Sustainable Development Goals (SDGs) from a
social aspect, especially SDG No. 4: Quality Education.
The donations for the BAF Caring for Children 2023
Foster Parent Program come from Company employees
(BAFers) throughout Indonesia.
Indonesian Public Relation Top Leader
Awards 2023
8 NOVEMBER 2023
Warta Ekonomi Magazine awarded the Company
as Top Public Relation Leader 2023 for Corporate
Adaptability Through Acceleration of Business
Digitization in “Financing Company” category.
BAF Fair
8-12 NOVEMBER 2023
The Company held offline BAF Fair event in Balikpapan.
From the Company’s internal side, New Yamaha
Motorcycle (NMC), Car, Electronic, Gadget, Furniture
and BAF Dana Syariah were participating in the event.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Result of the Company’s
Rating by Pefindo
14 NOVEMBER 2023
REPORT
MANAGEMENT
PT Pemeringkat Efek Indonesia “Pefindo,” a rating
agency affirmed the Company’s annual rating with
‘idAAA’ stable outlook rating.
PROFILE
CORPORATE
JakJapan Matsuri
18-19 NOVEMBER 2023
JakJapan Matsuri was a collaboration event that
introduced Jakarta and Japan cultures. The Company
also participated in the event held at JiExpo Area
Gambir.
DISCUSSION & ANALYSIS
MANAGEMENT
Top 5 Best Financing Companies 2022
28 NOVEMBER 2023
Indonesia Financing Company Association (APPI)
awarded the Company as Top Five Best Financing
Companies 2022 for “Assets More Than Rp5 trillion”
GOVERNANCE
CORPORATE
category.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 43
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PERFORMANCE
HIGHLIGHTS
Top 100 CEO 2023 &
The Next Top 200 Leaders 2023
5 DECEMBER 2023
Infobank Magazine awarded Ms. Lynn Ramli, the
Company’s President Director, as Top 100 CEO 2023.
Ms. Lynn was shortlisted among other CEOs for her
success in leading the Company which excellent
performance during the pandemic. The assessment
criteria considered achievement, transformation,
contribution and application of the Company’s values
to successfully establish the Company as a leader
in solving the challenges faced by financial industry
players.
At the same time, Infobank Magazine also named Mr.
Charles Gultom and Mr. Yudono as The Next Top 200
Leaders 2023 in Financial Sectors & SOEs. The title was
awarded by Infobank for assessing young leader figures
from each industry based on experience, achievements
and contributions to the Company.
Indonesia Digital Marketing
Champion 2023
7 DECEMBER 2023
SWA Magazine awarded Indonesia Digital Marketing
Champion 2023 to the Company with “Very Good”
predicate.
Senior Management Camp 2023
6-8 DECEMBER 2023
Located in Vietnam, an annual meeting held by the
Company aimed to evaluate performance in 2023
and provided direction to Senior Management level
upon the strategy in 2024.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
IDX Channel CSR Award 2023
11 DECEMBER 2023
REPORT
MANAGEMENT
IDX Channel, one of Indonesia Stock Exchange TV
Media, awarded the Company with “Environmental
Initiative” category in BAF ECO Move CSR Program.
IDX Channel adapted the theme “Enhancing CSR
Strategy to Drive Impactful Transformation” for the
theme adapted by IDX Channel CSR Award 2023.
Indonesia Best Brand Award 2023
PROFILE
CORPORATE
13 DECEMBER 2023
SWA awarded Indonesia Best Brand Award 2023 to the
Company with Platinum predicate for “new Yamaha
Motorcycle Financing Category”. This considered result
of brand performance survey done by MARS Digital
Indonesia in 7 major cities across Indonesia.
The award became an appreciation to the Company
DISCUSSION & ANALYSIS
MANAGEMENT
who was assessed successful in fulfilling expectation of
the society to obtain excellent quality and services in
new Yamaha motorcycle financing.
Indonesia CEO Excellence Awards 2023
14 DECEMBER 2023
Warta Ekonomi Magazine awarded Ms. Lynn Ramli
as Indonesia CEO Excellence 2023 with popularity in
Digital Transformation and Organization to Increase
GOVERNANCE
CORPORATE
Business Expansion in “Financing Company” category.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 45
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PERFORMANCE
HIGHLIGHTS
CSR BAF Caring for Children – Semarang
Kasih with BAF
15 DECEMBER 2023
As the closing of CSR activities in 2023, the Company
held BAF CSR Caring for Children – Semarak Kasih with
BAF simultaneously in 9 (nine) cities, such as Medan,
Palembang, Jakarta, Bandung, Semarang, Surabaya,
Samarinda, Makassar and Manado. In this activity,
the Company invited more than 300 orphans to
supermarkets/minimarkets to purchase various items
they needed (beverages, healthy food, stationary, etc.).
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
AWARD 2023
REPORT
MANAGEMENT
Business Perfomance
Infobank 19th Indonesia Best
Multifinance Multifinance
Awards 2023 Awards 2023
27 JUL 2023 31 AUG 2023
PROFILE
CORPORATE
Category: Category:
The Best Performance Outstanding Financial
Multifinance Company Performance and
(Asset > Rp 10 Trillion). Providing Easily
Predicate : Very Good Accessed of Financing
Submission Services,
Organiser: (Category: Total Assets
Infobank 10 - 30 T).
Organiser:
Warta Ekonomi
DISCUSSION & ANALYSIS
MANAGEMENT
Indonesia APPI
Most Reputable 28 NOV 2023
Companies 2023
Category:
15 SEP 2023
Five Best Financing
Category: Company in 2022 for
Predicate: Good Assets More Than Rp5
Trillion Category
Organiser:
Business Digest (SWA) Organiser:
APPI
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 47
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PERFORMANCE
HIGHLIGHTS
Business Perfomance
Indonesia Most TrenOto Awards 4th Top Corporate Best 50 Financial
Acclaimed 2023 Finance Award Institution
Companies 11 OCT 2023
2023 Awards 2023
Awards 2023 NOV 2023 27 NOV 2023
26 JUN 2023 Category:
- Category: Category:
Category: Special Achievement Best Customer
Indonesia Most Organizer: for Financing Category Service Reputation
Prestigious Company TrenOto in Multifinance with
2023 with Outstanding Organizer: Assets >10T
Motorcycle Financing InfoEkonomi.id & TRAS
Solutions, (Category: N CO Indonesia Organizer:
Multifinance) The Iconomics
Organizer:
Warta Ekonomi
Digital
Top Digital PR Indonesia Digital Indonesia Digital Top Digital
Award 2023 Popular Brand Innovation Corporate Brand
28 FEB 2023
Award 2023 Awards 2023 2023
30 MAR 2023 30 MAR 2023 12 APR 2023
Category:
Leasing Category: Category: Category:
Electronic Appliances The Most Innovative Financial Industry
Organizer: Financing Multifinance Company
Infobrand for The Expanding Organizer:
Organizer: Digital Ecosystem Info Ekonomi
Infobrand through Integrated
and Sophisticated
Product & Services in
Multifinance Category
Organizer:
Warta Ekonomi
Indonesia Grand TOP DIGITAL Digital Financial
Digital Marketing Awards 2023 Excellence Awards
Awards 2023 30 NOV 2023
2023
10 MAY 2023 19 DEC 2023
Category:
Category: - Category:
The Insightful 1. 1st Rank
Financing Content Organizer: Multifinance with
ItWorks Assets More Than
Organizer: Rp5 trillion
Warta Ekonomi 2. Best Multifinance
Digital Finance
Award 2023
Organizer:
Media Asuransi
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Leadership
Indonesia Indonesia
Best CEO 2022 Financial Top
28 FEB 2023
Leader 2023
REPORT
MANAGEMENT
31 MAY 2023
Category:
Ms. Lynn Ramli - Best Category:
CEO with Distinction Ms. Lynn Ramli:
Best Leader for
Organiser: Sustainabilty
SWA Acceleration through
Diversification of
Financing Products and
Services (Category:
Multifinance Total
Assets Rp10-30T)
PROFILE
CORPORATE
Organiser:
Warta Ekonomi
Top 100 CEO Indonesia
2023 & The Next CEO Excellence
Leaders 2023 Awards 2023
DISCUSSION & ANALYSIS
MANAGEMENT
5 DEC 2023 14 DEC 2023
Category: Category:
Ms. Lynn Ramli as Top Ms. Lynn Ramli
Indonesia 100 CEO 2023 and Mr. as Indonesia CEO
Most Powerful Yudono & Mr. Charles Excellence 2023 with
Women Business Gultom as The Next Popularity in Digital
Leader 2023 Leaders 2023 and Organization
27 JUN 2023 Transformation to
Organiser: Strengthen Business
Category: Infobank Expansion, (Category:
Ms. Lynn Ramli Multifinance)”
Organiser: Organiser:
SWA Warta Ekonomi
GOVERNANCE
CORPORATE
Indonesia Best
Workplace for
Women Awards
2023
26 MAY 2023
Category:
Financial Services
Industry
Organizer:
HerStory
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 49
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PERFORMANCE
HIGHLIGHTS
Marketing & Brand
Indonesia Brand Top Brand
Champion 2023 Award 2023
18 JAN 2023 23 FEB 2023
Organiser: Category:
Infobrand 2-Wheels Automotive
Leasing Company
Organiser:
Marketing Magazine
Indonesia
WOW Brand 2023
11 MAY 2023
Category:
Motor Leasing
Organiser:
Marketeers
Indonesia
Public Relation
Awards 2023
Marketing
24 FEB 2023 Excellence
Category:
Awards 2023
Best Public Relations 26 OCT 2023
in Company
Category:
Management on
Excellence in
Strengthening Business
Media Strategy:
Segmentations by
#CicilAjadiBAF
Expanding Financing
(Silver Trophy)
Ecosystem in
Multifinance Category
Organiser:
Marketing-Interactive
Organiser:
Warta Ekonomi
Indonesia Indonesia Digital
Millenials Brand Popular Brand
Choice Awards Award 2023
2023 26 JUN 2023
31 MAY 2023
Category:
Category: Furniture Financing
Leasing Company
Organizer:
Organizer: Infobrand
Warta Ekonomi
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
Indonesian Indonesia Indonesia
Public Relation Digital Marketing Best Brand
Top Leader Champion 2023 Award 2023
Awards 2023 7 DEC 2023 13 DEC 2023
8 NOV 2023
Category: Category:
Category: Very Good Predicate New Yamaha
Top Public Relation Motorcycle Financing
PROFILE
CORPORATE
Leader 2023 for Organiser: - Platinum. BAF is
Corporate Adaptability SWA awarded as No. 1
Through Acceleration financing company
of Business specifically for
Digitization, (Category: Yamaha brand in
Multifinance) Indonesia, based on
Brand Performance
Organiser: Research from MARS
Warta Ekonomi Indonesia Digital &
SWA for August until
September 2023
DISCUSSION & ANALYSIS
MANAGEMENT
period.”
Organiser:
Mars Indonesia Digital
& SWA
Sustainability
Indonesia Indonesia
Excellence GCG Human Resources
Awards 2023 Awards 2023
31 JAN 2023 30 MAR 2023
GOVERNANCE
CORPORATE
Category: Category:
Indonesia Excellence The Best HR
Good Corporate Management for
Governance Ethics The Outstanding
in Diversification of Integration of HR
Financing Products Development Plan
and Services in and Strategies with
Multifinance Category Business Needs in
Multifinance Category
Organiser:
Warta Ekonomi Organiser:
Warta Ekonomi
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 51
Page 52
PERFORMANCE
HIGHLIGHTS
Anugerah
CSR IDX
Channel 2023
Indonesia Indonesia CSR 11 DEC 2023
Best CSR Awards 2023 Category:
Awards 2023 6 JUL 2023 Program CSR BAF ECO
25 MAY 2023 Move
Category:
Category: Outstanding Program Organiser:
Best CSR in Finance in Accelerating IDX Channel
Sector Industry Education and Welfare
for Children
Organiser:
The Iconomics Organiser:
Warta Ekonomi
Contact Center Sharia
Service Excellence
2023
23 FEB 2023 Indonesia
Category: Sharia Finance
Email Center Awards 2023
10 MEI 2023
Organizer:
Marketing Magazine Category:
Outstanding
Utilization of Multi
Channel Distribution
to Expand Financing
Services, (Category:
Women-Oriented Sharia Business Unit of
Corporate Social Multifinance)
Responsibility
Awards 2023 Organiser:
Warta Ekonomi
24 AUG 2023
Category:
Best Women-Oriented
Corporate Social
Responsibilty 2023
with Outstanding
Program in
Accelerating Education
and Welfare for Society
Organizer:
HerStory
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PERFORMANCE MANAGEMENT CORPORATE MANAGEMENT CORPORATE SUSTAINABILITY
HIGHLIGHTS REPORT PROFILE DISCUSSION & ANALYSIS GOVERNANCE REPORT
53
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
PT BUSSAN AUTO FINANCE
Page 54
MANAGEMENT
REPORT
MANAGEMENT
REPORT
THE MAKING OF ANGKLUNG IS A LONG PROCESS AND REQUIRES A HIGH LEVEL OF
ACCURACY. WE ALSOCONTINUE TO DELIVER OUR BEST PERFORMANCE IN PROVIDING OUR
PRODUCTS AND SERVICES TO THE CUSTOMERS AND SOCIETY.
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PERFORMANCE MANAGEMENT CORPORATE MANAGEMENT CORPORATE SUSTAINABILITY
HIGHLIGHTS REPORT PROFILE DISCUSSION & ANALYSIS GOVERNANCE REPORT
55
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
PT BUSSAN AUTO FINANCE
Page 56
MANAGEMENT
REPORT
PRESIDENT COMMISSIONER
5656
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT FROM THE BOARD
OF COMMISSIONERS
REPORT
MANAGEMENT
Economy and Industry Overview
AMIDST THE CHALLENGES Increasing geopolitical tensions, the unfinished
OCCURRED THROUGHOUT 2023, Russian-Ukrainian war, the pace of the Palestinian-
Israeli conflict, the impact of tightening monetary
THE COMPANY ALWAYS ADAPTS BY policy, and extreme weather become some of the
PROFILE
CORPORATE
global economic challenges in 2023. Amidst the slowing
TAKING TACTICAL MEASURES AND
down global economic recovery, by the fourth quarter
STRATEGIC POLICY TO ADDRESS of 2023, Indonesian economy still grew positively. The
national economy demonstrated a steady resilience and
OPPORTUNITIES WITH POSSIBILITY was recovering faster. In the fourth quarter of 2023,
TO SUPPORT THE COMPANY’S Indonesia’s economic growth was remained high at
5.0% (YoY) amidst global economic growth which tended
FUTURE GROWTH. to decelerate. In the course of progressive circumstances,
overall, Indonesia recorded economic growth of 5.1%
(YoY) in 2023.
DISCUSSION & ANALYSIS
MANAGEMENT
In the automotive sector, after overcoming
COVID-19 pandemic crisis and the scarcity of
chip supply in 2022, car sales (wholesale) in
Indonesia reached 1.0 million units in 2023.
Car sales decreased by 4.0% (YoY) in 2023, compared
to 1.05 million units in 2022. This result was below
the target previously set by Association of Indonesian
Automotive Industries (Gaikindo) of 1.1 million units.
Motorcycle sales (wholesale) in Indonesia reached 6.2
million units in 2023, or increased by 19.4% (YoY), from
5.2 million units booked in the same period in 2022.
As end of December 2023, financing receivables from
Indonesian financing industry increased by 13.2%
(YoY) to Rp470.9 trillion. The growth was supported by
a positive increase in investment financing and working
GOVERNANCE
CORPORATE
capital financing, which respectively grew by 9.0%
(YoY) and 15.1% (YoY). This was in line with fulfilment
of finance companies’ obligations in increasing their
contribution to investment financing and working
capital. The increase in financing receivables contributed
to increasing assets of the financing industry by 13.3%
(YoY) to Rp552.9 trillion as end of December 2023. As
demonstrated by net profit after tax, profitability grew
13.0% (YoY) from Rp 20.4 trillion in December 2022 to
Rp23.0 trillion as end of December 2023.
As industry’s financial performance improved, financial
ratio performance of the financing industry also
indicated a satisfying recovery. Profitability ratio of
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 57
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MANAGEMENT
REPORT
the financing industry has increased along with the
increasing profits of the industry. The industry’s Return Board of Commissioners Supervision
on Assets (ROA) slightly decreased to 5.6% in December on Strategy Formulation and
2023 from 5.7% in December 2022. The industry’s Implementation
Return on Equity (ROE) also increased to 15.0% in
December 2023 from 14.4% in December 2022 The In 2023, the Board of Commissioners has carried out
financing industry’s ability to reduce operational costs the duties and responsibilities in supervisory function
as shown by the Operating Ratio (BOPO) ratio was over the Board of Directors’ duties implementation
stable at 76.9% in December 2023. The industry’s according to prevailing regulations. The Board of
non-performing financing (NPF) ratio experienced an Commissioners has ensured that the good corporate
increase in December 2023, achieving 2.4% from 2.3% governance has been implemented in every Company’s
by end of 2022. business activity through reports submitted to the Board
of Commissioners, such as regular reports at every
meeting and outside of meetings as well as periodic
Assessment on Performance of reports submitted by the Board of Directors and
Board of Directors on the Company’s related work units submitted through the committees
Management under the Board of Commissioners supervision.
As end of 2023, the Company’s new financing The Board of Commissioners has supervised
disbursement percentage only achieved 88.5% formulation and implementation of the Company’s
realization from the projection as end of 2023 with the strategy and performance which is discussed in
Company’s total new financing disbursement achieved regular meetings between the Board of Directors and
Rp11.0 trillion as end of 2023, or slightly increased by the Board of Commissioners quarterly. The Board of
0.1% (YoY) compared to end of 2022. This was due Commissioners always provides sufficient time to
to new Yamaha motorcycle financing, as one of the perform the duties and responsibilities as reflected in
Company’s core business supports, decreased by 5.4% joint meetings implementation. The meeting is a forum
(YoY) from Rp6.2 trillion as end of 2022 to Rp5.9 trillion for the Board of Commissioners to convey directions
as end of 2023. Car financing also decreased by 20.0% and recommendations directly to the Board of Directors
(YoY) to Rp1.3 trillion at the end of December 2023. regarding management of the Company. The Board of
However, the Company’s sharia products such as Dana Commissioners’ suggestions have been well received by
Syariah grew 39.0% (YoY) to Rp3.1 trillion at the end the Board of Directors.
of 2023. This decrease in new financing disbursement
affected to stable financing receivables realization in In 2023, the Board of Directors and Board of
2023. The Company’s financing receivables recorded Commissioners held 4 (four) joint meetings. The
a slight increase of 1.0% (YoY) to Rp12.8 trillion. Board of Directors and the Board of Commissioners
Consequently, the Company booked net profit balance joint meetings discussed and considered, including
of Rp370.6 billion as end of December 2023, or a evaluation of the Company’s performance in the
decrease compared to 2022. first quarter, second quarter and third quarter of
2023 regarding the achievement of agreed targets,
Throughout 2023, the Board of Directors has done both business targets and financial targets, various
best efforts in implementing strategies to optimize discussions both regarding financial and non-financial
financing credit disbursement to the customers amidst conditions including updates on the implementation of
the external and internal challenges. The Board of risk management, Anti Money Laundering and Counter
Commissioners would express our appreciation for Terrorism Financing (AML-CFT) and anti-fraud, bond
the initiatives carried out by the Board of Directors issuance, thematic surveillance, discussing important
to continuously develop and evaluate the financing issues with potential to affect the Company’s
product portfolio, including improving effectiveness and performance including new regulations that affect the
productivity of the Company’s operations by accelerating Company, business opportunities and potential risks,
digitalization and strengthening cyber security, as well industry developments, as well as other discussions that
as continuous improvements in acquisition process to require attention from the Board of Directors and Board
obtain quality new financing. of Commissioners, including approval for the business
plan for fiscal year 2024.
The Board of Commissioners would also appreciate
initiatives of the Board of Directors in developing In 2023, the Board of Commissioners intensified
productive financing as an effort to increase the supervision through additional intensive discussions
Company’s portfolio in investment financing and with the Board of Directors. The Board of Commissioners
working capital financing as determined by OJK provides direction, suggestions, and feedback to
regulations. As end of December 2023, the Company’s the Board of Directors regarding management of
productive financing ratio reached 24.2% or exceeding the Company, especially improving performance of
the OJK requirement of 10.0% at the end of 2023. the Company’s business lines, maintaining quality
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HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
of financing, and implementing adequate risk In realizing funding diversification strategy and
management and continuously increasing compliance supporting the Company’s working capital financing, in
with applicable regulations. The Board of Commissioners 2023, the Board of Directors has continued the Shelf-
views that the Board of Directors has complied to Registered Public Offering (PUB) II in form of bond
the provisions, policies and regulations issued by the securities (conventional). Therefore, the Board of
government and regulators, especially OJK regarding Commissioners claimed that with currently available
various provisions in 2023. financial resources, the Company has sufficient liquidity
to fulfill working capital needs, payment of debts
Based on POJK No. 24/POJK.05/2019 concerning Business obligation and other cash needs.
Plans for Non-bank Financial Services Institutions, the
Board of Commissioners has supervised implementation In carrying out business activities, the Company relies
or realization of annual business plan targets 2023, on funding from banks, both in Rupiah and United
which include the Company’s financial performance States Dollars. However, the Board of Directors has
and strategy. Results of the Board of Commissioners’ hedged using cross currency swaps to manage the risk
supervision have been outlined in the Business Plan of fluctuations in exchange rates and interest rates. The
GOVERNANCE
CORPORATE
Supervision Report submitted to OJK, which is in July bonds issuance also increases the Company’s liquidity
2023 for positions in the first half of 2023 and January sources for financing activities.
2024 for positions in the second half or full year 2023.
Funding from the capital market was also maintained
in 2023 through the issuance of PUB II in form of
Capital and Risk Profile bonds. Overall, the targeted emission value has
been published and well absorbed by investors. The
From capital aspect, in 2023, the Board of Directors Company’s success in maintaining its AAA(idn) rating
has managed capital aspect properly to support the with stable outlook by two rating agencies, which are
Company’s long-term business growth. The Board of PT Fitch Ratings Indonesia (Fitch) and PT Pemeringkat
Commissioners views that the Company has adequate Efek Indonesia (Pefindo) proves the Company’s ability
capital levels to support the Company’s business to maintain credibility among the investors.
activities.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 59
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REPORT
Through the Risk Monitoring Committee, the Board of
Commissioners has obtained information regarding
implementation of risk management and compliance
STRUCTURE AND MECHANISM with prevailing laws and regulations, including on time
OF THE GCG ORGAN HAVE BEEN submission of the company’s soundness assessment,
including assessments of good corporate governance
CARRIED OUT APPROPRIATELY BY (GCG) implementation, Risk Profile, Profitability
EMPHASIZING GOOD CORPORATE and Capital, for each type of risk, monitoring the
implementation of compliance (compliance monitoring)
GOVERNANCE PRINCIPLES. and implementation of risk management, which had
been discussed at the Risk Monitoring Committee
meeting in 2023. The Company’s soundness level for
the fourth quarter of 2023 was at a composite rating
of 1 (one), which reflected the Company’s condition
that is generally very healthy, thereby considered very
capable in dealing with significant negative influences
from changes in business conditions and other external
factors as reflected in the ranking of assessment
From risk management side, in 2023, overall risk
factors, including implementation of good corporate
management implementation in 2023 has been
governance, risk profile, profitability and adequate
adequate. The Company’s risk exposures have also
capital that are generally very good.
been managed appropriately and monitored by the
Risk Monitoring Committee regularly. Through Risk
Throughout 2023, the Company has implemented
Management and Compliance Division, the Company
risk management based on the Risk Management
has carried out risk formulation, identification, and
Implementation Guidelines as stipulated in POJK
mitigation in the Company appropriately. However,
regulation no. 44/POJK.05/2020 concerning
evaluation over improvements and developments in
Implementation of Risk Management for Non-Bank
the Company’s risk management implementation is
Financial Services Institutions. The Company has
continuously carried out, to ensure continuity of the
implemented 4 (four) pillars of risk management
Company’s long-term risk management.
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HIGHLIGHTS
PERFORMANCE
implementation which include, active monitoring Compliance with provisions of prevailing laws and
from Board of Directors, Board of Commissioners and regulations can be seen from the implementation of
Sharia Supervisory Board (DPS), policy adequacy, risk General Meeting of Shareholders (GMS) that is carried
management information system and a comprehensive out according to prevailing regulations. The Company
internal control system. Implementation of these pillars has held an Annual General Meeting of Shareholders
is always reported by the Board of Directors in Board (GMS) for fiscal year 2022 within a time limit as
of Directors and Board of Commissioners Joint Meeting determined under the law, which is on May 8, 2023. The
REPORT
MANAGEMENT
quarterly along the year. Shareholders also implemented a Circular Shareholders
Resolution in lieu Extraordinary General Meeting of
Shareholders in 2023 with 5 (five) decisions, including
Sustainable Finance Implementation to approve the appointment of the Company’s Public
Accounting Firm and Public Accountant to audit the
The Board of Commissioners assessed that sustainable financial statements for fiscal year 2023.
finance implementation in the Company reflects
a comprehensive aspiration of shareholders and In 2023, the meetings started to be initiated physically,
stakeholders, as well as a manifestation of the however still also done online via video conference as
Company’s support for regulators and the government regulated in the Articles of Association. The Board
and supporting the Company’s long-term sustainable of Commissioners held 6 (six) meetings regularly,
growth to maintain balance between profit, people, such as in February, March, May, August, October,
PROFILE
CORPORATE
and planet (triple bottom line). Therefore, the Board of and November 2023. These meetings discussed,
Directors always strives to improve the management among others, activities of the committees under the
not only in economic but also social and environmental Board of Commissioners including Audit Committee,
aspects. One of the balance among economic, social Nomination Committee and Remuneration, and Risk
and environmental performance was carried out Monitoring Committee, as well as other discussions
through the Company’s Social and Environmental to support supervisory role by the Board of
Responsibility (CSR) activities. The Company carried Commissioners. Supervision of the Company’s strategy
out various CSR activities throughout 2023. implementation is also carried out intensively through
Board of Commissioners and Board of Directors
The Company also always innovates and improves meetings which were held 4 (four) times in 2023, in
services to all customers, completing a variety of March, May, August and November 2023.
DISCUSSION & ANALYSIS
MANAGEMENT
products and portfolios to reach the broader society,
especially Micro, Small and Medium Enterprises (MSMEs) From the sharia aspect, implementation of governance
segment. The Company supports the Board of Directors principles is carried out according to the regulations
to keep increasing the ongoing financing portfolio for concerning good corporate governance for finance
MSMEs and environmentally friendly vehicles, especially companies or other related regulations, as well as
financing for hybrid and electric cars. POJK No. 10/POJK.05/2019 concerning Business
Implementation of Sharia Financing Companies and
In 2023, in line with POJK No. 51/POJK.03/2017 Sharia Financing Company Business Units. In providing
concerning Implementation of Sustainable Finance advice and suggestions to the Board of Directors and
for Financial Services Institutions, Issuers and Public supervising the sharia aspects of the Company’s
Companies, the Company has prepared a Sustainable operational activities, in 2023, the Sharia Supervisory
Finance Action Plan (RAKB) for 2024 as part of annual Board has periodically held 6 (six) meetings with
business plan. the Sharia Business Units. In addition, the Sharia
Supervisory Board has also held 4 (four) joint meetings
with the Risk Monitoring Committee to discuss specific
Governance Implementation sharia risk profiles. Throughout 2023, the Sharia
Supervisory Board has carried out its duties in ensuring
GOVERNANCE
CORPORATE
Implementation of Good Corporate Governance and supervising the suitability of financing businesses
(GCG) principles becomes one of the main focuses in based on sharia principles, including through evaluation
supervision carried out by the Board of Commissioners. and discussion. DPS, assisted by UUS and the Sharia
The Board of Commissioners assessed, in general, GCG Product Committee, continues to coordinate, and
implementation in the Company has been appropriate. collaborate to provide full support to all sharia business
The Board of Directors has attempted to comply with units in 2023.
the provisions of prevailing laws and regulations, both in
non-bank financial industry and capital markets sector. The Board of Commissioners has requested the Board
Structure and mechanisms of GCG organs so far have of Directors to always concern various provisions,
been also running well by prioritizing good corporate policies, and regulations applied by the government
governance principles. and regulators, particularly the regulations issued by
the OJK thereby the Company’s business continuity
can always comply with prevailing regulations. Several
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regulations discussed in the Board of Directors and the implementation of supervision over management
Board of Commissioners joint meetings included of the Company.
compliance with POJK No. 3 of 2023 concerning
Increasing Financial Literacy and Inclusion in the In 2023, the Audit Committee held 7 (seven) meetings
Financial Services Sector for Consumers and the with member attendance achieving 100%. The Audit
Society, POJK No. 9 of 2023 concerning the Use of Committee has discussed and reviewed the financial
Public Accounting Services and Public Accounting statements published by the Company, especially
Firms in Financial Services Activities. Based on the financial statements for December 2022 perod which
Board of Directors’ report at the Board of Directors were published in March 2023 and the June 2023
and the Board of Commissioners joint meetings in period, which were published in July 2023, discussing
August 2023, the Board of Directors have fulfilled the findings regarding the audit implementation by
the POJK. The Board of Directors has also conducted internal auditors in the Company’s operational activities
socialization concerning the regulations that have with significant and potential risks for the Company,
been issued and affected the Company through the providing evaluation over performance of external
Risk Management and Compliance Division. auditors related to provision of audit services for annual
historical financial information by Public Accountant Erni
Sandjaja and Public Accountant Firm Imelda & Partners,
View on Whistleblowing System providing recommendations for appointment of a Public
Implementation Accountant and Public Accounting Firm in 2023 based
on independency, scope of assignment, and services
Whistleblowing System (WBS) is part of the control fee. Based on evaluations carried out in 2023, the Audit
system in the Company which aims to early detect and Committee generally concluded that the Company has
prevent fraud or violations in every aspect of business implemented good governance practices. All notes and
activities that may cause financial losses, including any recommendations from the results of the implementation
matters that may threat the Company’s reputation. of activities, review, and analysis of the Audit Committee
in 2023 have also been communicated and discussed
Through the Anti-Fraud unit, the Board of periodically at Board of Commissioners Meetings.
Commissioners assessed that the Board of Directors
has a WBS policy to encourage and enable the Nomination and Remuneration Committee also held
Company’s Directors and employees to raise awareness 3 (three) meetings in 2023, including in February,
on the appropriate handling of suspected fraud or July and November 2023, with member attendance
violations case, whether by individuals or groups in achieving 100%. The meeting discussed, among
the Company’s internal and external environment. other things, evaluation and review of the activities
In 2023, we would appreciate the Board of Directors’ of the Board of Commissioners and Directors in 2022,
initiatives in providing a reporting channel on the discussions and evaluations related to the composition
Company’s website as well as existence of a dedicated of the Board of Commissioners and Directors in 2023,
hotline for female investigators for reporting purpose discussions and evaluations related to the composition
that requires handling by female investigators. of committees under the Board of Commissioners in
2023, remuneration for the Board of Commissioners
Periodic reports related to Anti-Fraud have been and Directors for the 2023 financial year, Board of
submitted to the Board of Commissioners through Directors development program (capacity building)
regular Audit Committee meetings and Board of which is in line with the latest developments,
Directors and Board of Commissioners Joint Meetings. succession of each Director, as well as reviewing the
The Board of Commissioners assessed that in 2023, the work guidelines of the Nomination and Remuneration
WBS implementation is running well and ensures that Committee for 2023.
every report has been processed according to prevailing
regulations. Risk Monitoring Committee also held 4 (four) meetings
in 2023, such as in February, May, August and November
2023, with member attendance achieving 100%. The
Assessment on Performance committee discussed, including the Company’s health
of Committees Under Board of level and risk profile for the fourth quarter of 2022
Commissioners and full year 2022, the first, second and third quarters
of 2023, both conventional and sharia, Compliance
In carrying out its supervisory function throughout Monitoring Dashboard, Risk Control Self-Assessment,
2023, the Board of Commissioners is assisted by Risk Management Implementation Program, and The
3 (three) committees, such as, Audit Committee, Implementation of IT Risk. The company’s financial
Nomination and Remuneration Committee, and Risk soundness level for the third quarter of 2023 was at
Monitoring Committee. Overall, the committees under composite rank 1.
the supervision of the Board of Commissioners have
carried out their duties and responsibilities in assisting Role of the committees mentioned above is to always
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DISCUSSION & ANALYSIS
MANAGEMENT
provide regular updates to the Board of Commissioners number of Independent Commissioners has complied
at Board of Commissioners meetings in supporting the with the prevailing rules and regulations, which is a
Board of Commissioners’ function in supervising the minimum of 30% of the total Board of Commissioners
Board of Directors and operations of the Company. members. We believe that this composition will further
strengthen the supervisory function of the Board of
Commissioners.
Change in Board of Commissioners and
Board of Directors Members As end of 2023, the Board of Directors composition
has not changed from the position in December 2022.
In 2023, there were changes in Board of Commissioners Therefore, number of Board of Directors members,
members. The Company received resignation letters as of preparation of this report is 7 (seven) people
from Mr. Tetsuya Daikoku and Mr. Jun Ikeda in March led by a President Director, 2 (two) Vice President
and July 2023, respectively, related to their new Directors and 4 (four) Directors. The number of
assignments. The resignation has been effective. Board of Commissioners and Board of Directors
We would like to extend our gratitude to Mr. Tetsuya members has complied with the provisions in POJK
GOVERNANCE
CORPORATE
Daikoku and Mr. Jun Ikeda for their suggestion and No. 29/POJK.05/2020 concerning Amendments to
advice to the Company during their tenure. Financial Services Authority Regulation Number 30/
POJK.05/2014 concerning Good Corporate Governance
At the same time, the shareholders have approved my for Finance Companies, as well as provisions in the
designation as President Commissioner after passing capital market.
the Fit and Proper Test from OJK, thereby I have
effectively served as the President Commissioner. In On the Sharia side, as end of December 2023,
addition, Mr. Masami Shiobara has also been approved composition of the Company’s Sharia Supervisory
by the shareholders to be appointed as a member of Board (DPS) was changed since Annual General
the Board of Commissioners and has passed Fit and Meeting of Shareholders (AGMS) on May 8 2023,
Proper Test from OJK on January 19, 2024. Therefore, Mr. Azharuddin Lathif is no longer serving as the
as of preparation of this annual report, the Board of Company’s DPS. Therefore, on behalf of the Board of
Commissioners composition comprises of 6 (six) people, Commissioners, we would like to express our gratitude
including 3 (three) Independent Commissioners. The for his contribution of supervision, suggestion, advice
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and assistance while serving as the Sharia Supervisory In the automotive sector, in 2024, AISI projected
Board at the Company. The Company’s Sharia business motorcycle sales to grow to 6.2 million units to 6.5
line is further capable to respond to the needs of the million units, or approximately 1.6%-4.8% (YoY).
broader society and has grown on a strong basis to Association of Indonesian Automotive Industries
become what it is today. (Gaikindo) has formulated new car sales projection
in 2024, which is 1.1 million units or higher from 1.05
Furthermore, following the join of Mr. Ahmad Ifham, the million units projected in 2023.
Board of Commissioners believes will be able to improve
supervision over compliance with sharia aspects in In the financing industry, Association of Indonesian
the Company’s operational activities to boost sharia Financing Companies (APPI) also forecasted growth
business growth in the Company. As of this report in multifinance receivables with a moderate target
publication date, the Company has 1 (one) DPS serving around 12%-13% in 2024 in line with the target for the
as Chairperson and a DPS Member who will continue Indonesian economy to grow by 5.0% as the customer
to provide supervision and suggestion to the Company purchasing power is stronger.
regarding the Company’s business processes and sharia
operational processes. With various prospects and challenges ahead, the
Company has prepared strategies and plans as disclosed
To always develop competency of the Board of in Business Plan 2024, which has been prepared
Commissioners and Board of Directors members a by Board of Directors and discussed with Board of
manifestation of the Company’s compliance with Commissioners in November 2023. These business
prevailing regulations, as of December 31, 2023, all of prospects are disclosed in 2024 Annual Business Plan
the Board of Directors, Board of Commissioners and that also includes information about business targets
Sharia Supervisory Board members have participated in and strategic plans that will be implemented and have
good sustainability requirements program organized by been submitted to OJK.
Association of Financing Companies Indonesia (APPI),
as well as by OJK or other training institutions that The Board of Commissioners assumed that, in
obtain permits from authorized agencies. Fulfillment of general, the business prospects have been prepared
sustainability requirements for Mr. Toshiyuki Kojima as appropriately, in line with the Company’s direction
President Commissioner and Mr. Masami Shiobara as and objectives, including concerning the Company’s
Commissioner will respectively begin to be calculated medium and/or long-term plans. The business prospects
in the next calendar year, such as in 2024 and 2025 also consider the Company’s current strengths and
following the publication of fit and proper test decision future potential or opportunities, considering external
letter as President Commissioner and Commissioner, and internal conditions that may affect the Company’s
respective had just been received in 2023 and 2024. business continuity, prudent principle, and risk
management implementation. Stress test or sensitivity
On behalf of the Board of Commissioners, we express analysis on the Company’s financial condition has also
our thanks and appreciation for the best contribution been carried out by the Board of Directors to measure
that has been given to the Company. extent of the impact from changes in external conditions
to the Company’s financial performance.
Business Prospect Going forward, the Board of Commissioners will always
support Board of Directors’ initiative in accelerating
Approaching 2024, global economic slowdown shall be sales in the new Yamaha motorcycle financing business
anticipated considering its impact to slowing economic line, as well as optimizing contribution of other financing
growth in developed and developing countries, including business lines. Such conditions shall be accompanied
Indonesia, which will embrace the year of Presidential by improving quality of financing assets as reflected
election. Although Indonesia’s economic performance in the NPF ratio. The Board of Directors’ initiatives in
is seen to remain strong amidst the weakening global maintaining the financial ratios as the indicators of
economic outlook, we still need to stay vigilant. the Company’s condition and performance shall be
continued and improved.
Economic growth performance in 2024 is projected to
grow at 5.2%. The economic growth is estimated to The Board of Commissioners also continuously supports
remain strong, supported by robust macroeconomic the Company’s various plans, including product
fundamentals and economic transformation. Inflation optimization and development (product & portfolio
rate is estimated at 2.8% in 2024, or the outlook of strategy). The Board of Commissioners maintain full
3.1% released in 2023. Rupiah exchange rate is also support for the digital transformation that is carried out
expected to be maintained at around Rp15,000/US$ in by the Board of Directors in supporting the Company’s
2024. The government optimistically views Indonesian business operations.
economy will have a positive growth based on stable
domestic indicators.
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Implementation of the strategies mentioned above Board of Commissioners hopes that the joining of
shall be balanced with internal control as part of new shareholders JA Mitsui Leasing, Ltd. will further
strengthening governance and risk management which strengthen the Company’s position to maintain its
is expected to support the Company to achieve business growth.
and non-business targets in the upcoming years.
We would also express our gratitude to our stakeholders
The Board of Commissioners proposed the Board of for the support and suggestions, especially to regulators,
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MANAGEMENT
Directors to be careful in dealing with situations with such as Financial Services Authority (OJK) and
potential impact to the Company’s performance. Indonesian Stock Exchange (BEI), as well as to business
The Board of Directors shall remain adaptive and partners for their supports to the Company.
apply appropriate measures, especially in facing
the general election year in 2024, including to be Therefore, we would also express our utmost
observant in observing existing opportunities as well appreciation to the Board of Directors and all employees
as consider and monitor current conditions. The Board for their best endeavors for the Company’s business
of Commissioners will also attempt to optimize its going concern in 2023. The Board of Commissioners
supervisory duties in 2024. truly expects that all part of the Company will be able
to implement effective strategy in the future to bring
the Company towards a higher growth.
Appreciation
PROFILE
CORPORATE
The Board of Commissioners would extend our
appreciation to our Shareholders for their trusts. The
Jakarta, March 26th, 2024
DISCUSSION & ANALYSIS
MANAGEMENT
On Behalf of Board of Commisioners,
TOSHIYUKI KOJIMA
PRESIDENT COMMISIONER
GOVERNANCE
CORPORATE
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01. TOSHIYUKI KOJIMA 04. DANI FIRMANSJAH
PRESIDENT COMMISSIONER INDEPENDENT COMMISSIONER
02. MASAMI SHIOBARA 05. PRABOWO
COMMISSIONER INDEPENDENT COMMISSIONER
03. NAOTAKA TAKESHITA 06. NURDAYADI
COMMISSIONER INDEPENDENT COMMISSIONER
04
05
06
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Economic Review
THE 2023 WAS A CHALLENGING 2023 brought a new beginning for the world since the
YEAR, BUT WE SAILED THROUGH. COVID-19 emergency status was lifted by the World
Health Organization (WHO). However, the situation
THERE WERE A LOT OF LESSONS and conditions in 2023 were still dealing with global
PROFILE
CORPORATE
uncertainty, such as the sequence of geopolitical war
LEARNT AND IMPROVEMENTS THAT
between Russia and Ukraine that had major world
WE DID AND ARE IN PROGRESS. WE commodities price to soar. Consequently, global
inflation remained still high, triggering several countries
BELIEVE THAT WE ARE MORE READY to raise their benchmark interest rates to reduce
TO EMBRACE THE CHALLENGES AND inflation and maintain the prices stable. Amidst the
global uncertainty, the International Monetary Fund
GAIN MOMENTUM IN 2024. (IMF) raised its global economic growth projection for
2023, from 2.8% (YoY) to 3.0% (YoY) in line with easing
global inflation, however, the growth was still below the
growth achieved in 2022.
DISCUSSION & ANALYSIS
MANAGEMENT
On the domestic side, Central Statistics Agency (BPS)
announced that Indonesian economy in the fourth
quarter of 2023 reached 5.0%. Meanwhile, cumulative
economic growth in 2023 grew by 5.1%, lower than
5.3% growth in 2022, and below the target set in the
State Revenue and Expenditure Budget (APBN) of 5.3%.
One of the causes of the economic growth slowdown
compared to 2022 was household consumption growth,
which contributed more than half of Indonesia’s gross
domestic product, only increased by 4.8%, lower than
4.9% in 2022. This was mainly due to a slowdown in
spending by upper-middle class society, as indicated
by higher household consumption, lower luxury tax
collections, lower air travel and lower car sales last year.
GOVERNANCE
CORPORATE
Based on data released by the Association of Indonesian
Automotive Industries (GAIKINDO), realization of
wholesale car sales achieved 1.0 million units in 2023.
The figure was still below the target previously set by
Gaikindo of 1.1 million units. The 4.0% (YoY) decrease
compared to 2022 which reached 1.0 million units was
caused by a slowdown in the automotive market due to
an increase in Bank Indonesia interest rates, as well as
slowing economic growth.
Different trends in motorcycle sales. Based on data
released by the Indonesian Motorcycle Industry
Association (AISI), overall motorcycle sales recorded
positive growth of 19.4% (YoY), from 5.2 million units
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in 2022 to 6.2 million units in 2023. Motorcycle sales in implemented well, the Board of Directors provides the
2023 exceeded AISI’s target of 5.8 million units. This necessary explanations as stated in Annual Business
situation is in line with the semiconductor chips supply Plan, thereby these strategies and policies are easier
which has improved. to apply. The Board of Directors always pays attention
to any changes in business environmental conditions
In terms of financing industry, the growth of financing that occur, both external and internal, to achieve the
industry recorded a positive results throughout 2023. Company’s business targets and objectives.
This can be seen from growing realization of financing
receivables. Financing receivables from the financing a. Strengthening the financing portfolio
industry in Indonesia in December 2023 increased In the new Yamaha motorcycle financing line,
13.2% (YoY) to Rp470.9 trillion. This growth was as an effort to maintain BAF share, the Company
supported by a good increase in investment financing was implementing strategies, including focusing
and working capital financing, which respectively on areas that with high contribution to BAF Share
grew by 9.0% (YoY) and 15.1% (YoY). This is in line and focusing on dealers that provide the best
with fulfilling the obligations of finance companies in contribution by considering the volume and quality
increasing their contribution to investment financing of financing. Apart from optimizing the use of the
and working capital. The increase in financing Customer Relations Management (CRM) system,
receivables caused the total assets of the financing efforts to increase the contribution of repeat
industry to also increase 13.3% (YoY) to Rp552.9 trillion orders are also being made by launching various
as end of December 2023. marketing programs such as Spontan (Instant
Motorcycle) program, which is a benefit provided
As end of December 2023, total industry revenue grew to the Company’s loyal customers with a good
16.7% (YoY) to Rp123.2 trillion from Rp105.6 trillion by payment history. Continuous strengthening of
the end of December 2022. Total operating expenses cooperation between Yamaha Indonesia Motor
also increased by 17.8% (YoY) to Rp94.0 trillion. Manufacturing, dealers and the Company continues
However, the net profit of the financing industry was to be improved.
still able to record a significant increase of 13.0% (YoY)
from Rp20.4 trillion at the end of December 2022 to The strategy in the used motorcycle financing
Rp23.0 trillion at the end of 2023. line is carried out through expanding cooperation
with used motorcycle dealers which focuses on
Due to this positive financial performance, the areas that have great potential in 2023. The
performance of the industry’s financial ratios also Company enhanced cooperation with dealers and
improved. The profitability ratio of the financing focuses on the areas of Sumatra, Java, Kalimantan
industry has increased along with the increase in and Sulawesi. In February 2023, the Company
industrial business profits. The industry’s Return on inaugurated the first Lapak Mokas Berkualitas (LMB)
Assets (ROA) increased slightly to 5.6% as end of 2023 in Indonesia located in Makassar – Maros. LMB is
from 5.7% in 2022. The industry’s Return on Equity a business place in the form of a used motorcycle
(ROE) also increased to 15.0% in December 2023 from showroom provided by the Company in collaboration
14.4% in 2022. The financing industry’s ability to with used motorcycle dealers as motorcycle stock
reduce operational costs was demonstrated by BOPO providers. The existence of LMB provides access for
ratio of 76.9% in 2023. The non-performing financing people who want to own a quality used motorcycle
(NPF) ratio for the financing industry reached the level through financing.
of 2.4% in 2023 or an increase compared to the end of
2022 at the level of 2.3%. Expansion of car financing service network also
sustained to increase the volume of financing
distribution to the broader society while expanding
2023 Performance the coverage area. In developing new markets in
several regions as part of business development,
Strategy and Strategic Policy, Role of Board of the Company continued to expand sales network
Directors in Formulation, and Process to Ensure through point of sales by utilizing the presence
Strategy Implementation of branch offices throughout 2023, especially in
Pematang Siantar and Lahat. The cooperation
In 2023, the Board of Directors has attempted network between the Company and dealers was
to implement strategic policies based on the increasingly expanding. The Company is adding new
Company’s business plan as approved by the Board car dealers that have never previously collaborated
of Commissioners. In its preparation, the Board of with the Company, including reaching out to
Directors contributed in expressing the ideas and collaborate with new car dealers, especially Toyota
formulations that the company needs as the main key brand dealer groups in Sumatra area, Honda in
in achieving business growth. This formulation is in line the Jabodetabek area in line with the many new
with the Company’s vision, mission, and objectives. To models of Toyota & Honda which released in 2023.
ensure that the Company’s strategies and policies are
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MANAGEMENT
BAF Dana Syariah shared an excellent contribution. agricultural and plantation sectors with individual
The achievement was related to various initiatives and corporate retail businesses for the Kalimantan,
and strategies carried out throughout 2023. The Sulawesi, West Nusa Tenggara (NTB) and East Nusa
strategy implemented in 2023 for the Company’s Tenggara (NTT), Palembang and Lampung regions.
customers is to focus on making offers with an The Company has added collaborations with several
integrated customer journey through collaboration new brands such as XCMG and ZOOMLION. With the
with the CRM team, Digital and Telesales teams. addition of this collaboration, variety of customer
With this customer journey, the Company’s choices will be met, regarding needs agricultural and
customers will receive different program offers and plantation machinery, apart from the 4 (four) brands
offering methods at each phase. DASYAT (Dana that have collaborated earlier, namely YANMAR,
Syariah Tercepat) program is still the Company’s KUBOTA, NEW HOLLAND, and JOHN DEERE.
flagship program as provides very fast Dana Syariah
processing services, within 1 (one) hour from In 2023, BAF PraDana has succeeded in providing
application entry to disbursement. As end of 2023, financing for more than 7 thousand customers, both
contribution of DASYAT program to the distribution new applications and repeat orders, by disbursing
GOVERNANCE
CORPORATE
of new financing in 2023 was 21.0%. financing to more than Rp12 billion. Since first
launched, BAF Pradana has succesfully provided
In the electronics, gadgets & furniture financing financing to more than 25 thousand consumers.
business line, the Company has made a change in This is considered as a good achievement in
strategy focusing on increasing the comfort and the first 2 years after the launching and is
quality of the Company’s loyal customers in 2023. continuously developed to be carried out for various
As a result, value of the loyal customer financing improvements. To expand market reach, digital
portfolio increased to 81% at the end of 2023 from media and social media are utilized to communicate
the previous 63% in 2022. The Company has also related to products and brands. Implementation
added financing acquisition channels by making of the referral program also collaborates with BAF
acquisitions with digital application channels. Mobile to maximize the use of BAF Points by the
customers.
To support financing for agricultural machinery, the
Company has expanded operational area in the
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BAF AdiDana products sales is still located in application as a service for customers by utilizing
Jabodetabek area. Several efforts have been made a credit limit to purchase goods/products in one
to have better understanding in the character transaction via digital platform and connected with
of the new product as well as to further improve digital partners. Development of this application
product performance for debtor service purpose. is still ongoing and is expected to be introduced in
This includes the utilization of agent program by 2024.
implementing an agent gathering program by
recruiting loyal debtors of the Company as BAF BAF Mobile, which is intended to provide easy
AdiDana agents with attractive incentive scheme. and comfortable services for BAF Friends (BAF
In addition, the Company also started to expand customers), also continuously developed by adding
orders via employee referrals. BAF AdiDana several features such as Live Chat, Help Center
products will be developed and focused more on menu, Dana Syariah Digitalization (DASYAT), and
providing financing service facilities to the debtors, the development of other features. It is intended
especially micro and small business segments. for customers’ convenience in using BAF Mobile
to be optimized in reaching the Company’s
b. Asset quality improvement services digitally. The Company also periodically
In 2023, the Company established Continuous rejuvenates the user interface, including refreshing
Improvement or “Kaizen” Task Force focusing the appearance of the BAF Mobile application.
on evaluating 3 (three) critical aspects, such as
acquisition, credit, and collections. The Company Comparison Between Target and Achievement
made several adjustments to its business strategy
on the acquisition side. On the credit side, the Based on financing performance, as end of 2023,
Company conducted a review in managing credit the Company has disbursed new financing of Rp11.0
quality, including strengthening monitoring of trillion or a slight growth of 0.1% (YoY) compared to
financing quality. In term of billing or collections, the same period last year. This financing distribution
the Company strives to ensure its portfolio is was realized at 88.5% of the Company’s target. This is
well maintained by improving collection strategy inseparable from the decline in financing distribution
which includes tele-collection & field-collection. for new Yamaha motorcycle financing and car financing
In supporting the billing operational process, the products. In 2023, new Yamaha motorcycle financing
Company has intensified the use of the Collection distribution decreased to Rp5.9 trillion as end of
Management System (CMS) to help more effective December 2023 from Rp6.2 trillion by end of 2022. Car
collection handling process and optimize monitoring financing also fell almost 20% (YoY) to Rp1.3 trillion
of billing activities using Mobile Collection System from Rp1.6 trillion. There was disruption in supply of
(MCS). vehicle unit stock due to the scarcity of semi-conductor
chips, especially for Yamaha motorcycles (premium
c. Acceleration of information technology and models), which became notable challenge, especially in
digitalization the first half of 2023. However, sharia financing, which
The Company continuously improves existing was dominated by BAF Dana Syariah products, was
business processes by maximizing the use of supporting the growth of financing distribution in 2023.
information technology and developing digital BAF Dana Syariah grew by 39.0% (YoY).
services, in line with the customers’ needs, as well as
financial industry development in Indonesia. Focus The slowdown in amount of financing disbursement
of in the Company’s information technology in 2023 in 2023 became a cause of stable growth in financing
was to keep developing current business support receivables, which ultimately affected to the Company’s
systems/applications to support digitalization in total assets. By end of 2023, the Company’s total
increasing effectiveness and productivity of the assets achieved Rp14.1 trillion or 91.3% realized as
Company’s operations. end of December 2023 compared to the Company’s
projections. This is contributed from the realization of
To improve the human resources system to further the Company’s net financing receivables which only
reduce administrative/manual work, the Company reached 90.5% of the Company’s projections. However,
has launched a system to support Human Resource if compared to the same period in 2022, the Company’s
Management needs called HARPA in January total financing receivables grew 1.0% (YoY).
2024. The employee system combines separated
systems into one integrated and up-to-date system. As end of 2023, the Company posted a net profit of
This system can accommodate all manpower Rp370.6 billion or below the Company’s target. This
aspect needs starting from attendance, benefits, achievement decreased by 45.8% (YoY) when compared
performance appraisals and various other employee to the same period in 2022. This decrease was caused
activities and administration. by an increase in impairment losses on receivables by
43.3% (YoY) to Rp1.9 trillion in 2023.
In supporting efforts to expand financing services,
the Company is also developing a basket financing
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The bottom line achievement affected the Company’s The initiatives carried out by the Company to keep
financial ratios performance. As of December 2023, generating new financing, including by accelerating
ROA stood at 3.5%, while ROE stood at 14.2% or below digitalization in all process lines in the Company.
the Company’s projection. The Company’s BOPO was The Company strives to maintain asset quality,
achieved exceeding the projections at 91.1% in line cost management, and a good control and risk
with the realization of operating expenses which had management system.
increased. The Company’s capital ratio calculated
REPORT
MANAGEMENT
from adjusted capital to adjusted assets is still within The Board of Directors realizes that the pandemic
the safe limit determined by the OJK, where the has been a catalyst for major changes in customer
capital ratio is at least 10%. The Company’s net non- behavior (customer mega shift). The customers
performing financing (NPF) ratio was 1.02% in line were namely more accustomed to the use of digital
with the increase in expenses for providing for doubtful technology. Therefore, the Company continues
receivables. its digital transformation to maintain quality and
sustainable growth. This also becomes manifestation
Realization of total proceeds, both domestic and of the Company’s strategy to answer today’s digital
overseas, is always adjusted to the Company’s challenges, as well as to remain competitive in the
financing needs. The plan to issue securities has been digital financial innovation.
carried out through the issuance of Shelf-Registration
Bonds II Bussan Auto Finance Phase III and IV with Following the lifting of Covid-19 pandemic status in
PROFILE
CORPORATE
an issuance value of Rp1.7 trillion. This publication Indonesia in 2023, some marketing activities have been
received quite positive response from investors. The carried out offline, but the Company continues to use
Company also consistently pays quarterly interest a mix of online/digital and offline means. In addition
payments on bonds to investors, including repaying the to improving the customer acquisition process, the
principal and interest on bonds and sukuk. Thus, the Company is also implementing its sales strategy by
total outstanding securities issuance amounted Rp4.9 expanding its distribution network and market share by
trillion by December 2023. utilizing various marketing channels, including digital
platforms such as BAF Mobile, social media, company
Challenges and Anticipatory Plans websites or a combination of the two. The Company
has also utilized Customer Relationship Management
The Company encountered various challenges in 2023, (CRM), which becomes one of the strategies to improve
DISCUSSION & ANALYSIS
MANAGEMENT
specifically customer purchasing power which was engagement with consumers and expected to boost
influenced by various factors. High inflation has affected sales in the future, especially for repeat orders.
to customers’ quality/behavior. High interest rates also
affected to adjustments to financing interest rates.
However, the Company strives to implement policies Sustainable Finance
and strategic steps thereby the Company’s financing
interest rates stay competitive. The Company strives to always run business activities
by always prioritizing harmony between economic,
The challenges occured in 2023 fairly affected to an social, and environmental aspects. This manifests the
increase in the Company’s net performing financing Company’s support in achieving various sustainable
(NPF), which was in line with the increase in allowance for development targets as outlined in the National Action
doubtful receivables expenses. The limited availability Plan (RAN) for Sustainable Development Goals (SDGs).
of Yamaha motorcycle models (AT Prem) due to the
shortage of microchips was also still occuring in the first Policies to respond to challenges in fulfilling
half of 2023. This also caused notable impact on new sustainability strategies
Yamaha motorcycle financing business line as the core
business that was declerating and finally influenced the The Company’s mission includes and is relevant to the
GOVERNANCE
CORPORATE
Company’s financing distribution business lines such implementation of sustainable finance. In the context
as BAF Dana Syariah were strengthened to support the of its mission, the Company also strives to products
growth in 2023. and/or services innovation to provide the best financial
solutions to the society. The Company’s products and/
Another challenge in 2023 was less-optimum collection or services are always be reviewed in line with the
system and affected to collection activities as well as growing demand and/or needs of society. With the
selective financing disbursement to improve financing various products currently owned and offered by the
quality. However, in 2023, the Company responded to Company, a variety of choices was expected to be
this situation by establishing a Kaizen Task Force whom provided based on their needs that in the end might be
main focus is to evaluate and take action on aspects of used to support improving people’s welfare and quality
acquisition, collection and credit. of life. In the context of the Company’s vision, the
Company emphasizes four main elements in its vision,
such as customers, business partners, employees and
the society which is realized by continuing to provide
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the best service.
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Company’s business developments. The Company
also provides opportunities for every employee to
develop their abilities through training and creating or
WE ALWAYS ASSURE SAFE, innovating.
COMFORTABLE AND INCLUSIVE
The Company is committed to support sustainable
WORK ENVIRONMENT TO CREATE development goals and achieving sustainable financial
EXCELLENT, PROFESSIONAL, performance through preparation of a Sustainable
Financial Action Plan (RAKB) which is always adjusted
AND WITH HIGH INTEGRITY to consider, both external and internal factors such
as financial conditions, technical capacity and
HUMAN RESOURCES, AND
organizational capacity. The RAKB report for fiscal
ENCOURAGE ALL EMPLOYEES TO year 2024 has received approval from the Board of
Commissioners and has been prepared according to
CONTINUOUSLY EVOLVE. and has been submitted to OJK simultaneously with
submission of the annual business plan report for
the fiscal year 2024. This is a concrete manifestation
of management’s commitment to contribute to
sustainable financial development.
In line with the transformation, the Company has
continued previous action plan as disclosed in 5 (five)
Corporate values are summarized in visionary, year roadmap for sustainable finance implementation.
reliable and accessible that also reflect the spirit of The 2023 will become advanced implementation stage
sustainability. These values strive to be implemented after the initial implementation stage in 2020-2021.
in every employee’s actions. The Company’s mission, In 2023, as planned by the Company, the Company
vision and values have been reviewed periodically performed monitoring according to sustainability
by the Board of Directors every year to adapt to the framework that has been established since 2022.
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Through implementation of sustainable finance always develop. In 2023, the Company renovated
principles, the Company participates and is committed the workplaces on every floor at head office to
to providing support, one of which is realized in the form create more comfortable work circumstances. The
of the Social and Environmental Responsibility Program Company has also organized various education and
(CSR), financing for MSMEs and environmentally training programs for all employees with average
friendly transportation financing, as well as digital training hour achieving 19.4 hours per employee in
transformation as one of the responses in dealing 2023 or increased from 18.6 hours per employee in
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MANAGEMENT
with current challenges in financing sector nowadays. 2022. The Company also focuses on developing the
We realize that digitalization has become part of the Company’s internal capacity, specifically sustainable
sustainability aspect, especially to improve efficiency of finance for employees, Board of Directors, and
operational processes and quality of services with digital representatives of the Board of Commissioners. In
support which has become an absolute necessity today. 2023, 100% of employees in Department Head and
Senior Management Level positions have participated
Sustainable finance initiative in a specific learning program related to sustainable
finance through Learning Management System (LMS).
The Company attempted to deliver best performance
to serve the customers and society throughout 2023, The Company continuously provides added-value to
especially in fulfilling customers’ needs and sustainable society through social and environmental responsibility
financial principles implementation. (CSR) activities including financial literacy and inclusion
PROFILE
CORPORATE
activities. The Company’s CSR activities focused
As of 2023, contributions to Sustainable Business on BAF Caring for Children, as a full commitment
Activities Category (KKUB) were dominated by to support Sustainable Development Goals (SDGs),
financing distribution to Micro, Small and Medium especially SDG 4. TJSL activities held throughout 2023
Enterprises (MSMEs) and environmentally friendly were including BAF Anniversary activities, BAF Sharing
transportation. Total new financing disbursement to in the Month of Ramadhan and Year-End, BAF Lions
MSMEs in 2023 achieved Rp4.0 trillion. Therefore, Run, BAF United for Care, Safety Riding Science for
as end of 2023, total MSMEs portfolio reached Rp5.1 Kids, and Foster Parents. These activities have positive
trillion or 36.9% of the Company’s total portfolio. The impact on the beneficiaries. Through the programs
Company has also disbursed KKUB financing for eco- mentioned above, more than 12,000 children received
friendly transportation including electric and hybrid benefits with a value of Rp2.05 billion in 2023.
DISCUSSION & ANALYSIS
MANAGEMENT
cars, as well as Yamaha (hybrid) motorcycles with total
new financing reached Rp970.2 billion in 2023. Total To support OJK’s initiatives to increase financial literacy
environmentally friendly transportation portfolio until and inclusion index target, in 2023, the Company
by end of 2023 reached Rp975.9 billion or 7.1% of the has provided literacy to 461 participants comprising
Company’s total portfolio. Therefore, as end of 2023, of public, students, women’s communities, teachers,
total KKUB in the Company’s portfolio reached Rp6.0 MSMEs, people with disabilities, farmers, as well as the
trillion or 44.1% of the Company’s total portfolio. Company’s customers spread across in Jakarta, Bogor,
Makassar and Pare-pare. As an initiative to increase the
Information technology development and digitalization inclusion of financial service products to the society,
have become the keys to support sustainable finance financial inclusion activities were also actively carried out.
implementation. This effort also supports more The Company believes that with a good understanding
effective and efficient business operational processes, of financial products, people will finally capable to utilize
thereby improving services to the customers. Several these financial products to improve their welfare.
technological system development and digitalization
initiatives have been carried out in 2023. In environmental aspect, the Company supports
the Government to reduce greenhouse gas (GHG)
Digitalization initiatives were also expected to have emissions to 31.9% in 2030 through various initiatives.
GOVERNANCE
CORPORATE
positive impact to the environment, such as reducing We strive to implement green operations in the work
paper use, reducing transportation mobility, and environment. We keep improving efficiency of paper,
optimizing digital platforms which have the potential electricity and water usage. In 2023, one of the
to reduce carbon emissions. Throughout 2023, 2,600 efficiencies included the use of paper, where the use
digital bookings were submitted via BAF Mobile. BAF of paper has decreased significantly by 38.0% (YoY)
Mobile users also increased along with the increase in compared to 2023.
total downloaders achieving 3.7 million. Installment
payments via online payment also reached 87%. We realize that the Company is a company operating in
financing services, especially new Yamaha motorcycle
From social aspect, we continuously ensure a safe, financing, which indirectly contributes to motor vehicle
comfortable and inclusive work environment to create exhaust gas emissions. Therefore, BAF ECO Move was
superior, professional and high integrity human regularly carried out as one of the Company’s initiative in
resources, including supporting all employees to supporting carbon emission reduction, nature restoration
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and climate arrangement. In 2023, the Company has data confidentiality and security.
donated more than 20,000 tree seedlings at various
points spread across 6 (six) coasts in Indonesia. Thus, Sustainability is a journey requiring cooperation
in the 3 years since the BAF ECO Move was carried out, between stakeholders. Support and collaboration from
more than 135,000 trees have been planted in various everyone, including the government, regulators and
regions. The principle of collaboration is implemented in industry to create environmentally friendly business
this movement by involving cooperation from the local climate has a significant role in sustainable finance
agencies, LindungiHutan, customers, employees, as well implementation. Implementation of environmentally
as dealers and other business partners. friendly industry requires development of adequate
infrastructure thereof necessary to ensure readiness
of green products and infrastructure from upstream
Challenges in Sustainable Finance to downstream. Therefore, cooperation among all
Implementation Performance parties becomes the key in sustainable finance
Achievement implementation. With solid collaboration regarding
implementation of sustainable business, we expect to
We realize that sustainable finance implementation encourage creation of various sustainable financial
requires process and commitment in dealing with initiatives and products, in order to contribute to SDGs
current, both internal and external, challenges. achievement.
From internal perspective, the Company is aware
the importance to accelerate improvement of Target Achievement Strategy
comprehensive understanding by employees at all
job levels. Therefore, the Company strives to increase In 2023, target achievement strategy for sustainable
capacity, including delegating the person-in-charge financial plan is carried out based on indicators in
to training and certification programs. Therefore, the RAKB prepared by the Company. In achieving
the Company always attempts to organize capacity the performance targets for sustainable finance
building from staff to the Board of Directors and implementation, the Company seeks to increase
Board of Commissioners levels. The Company also contribution to achievement of economic, social, and
expects that regulators will organize continuous environmental performance, followed by strengthening
training/workshops for the industry related to future governance performance.
development and direction of sustainable finance.
Enhancing the database to quantify ESG aspects of The Company has developed human resource
every component assessed by the Company also to competency, especially related to sustainable finance as
always be improved. well as comprehensive support from all the Company’s
organizational aspect. Various digitalization initiatives
In addition to employees, external parties have a are also maintained. The digitalization effort is in
significant role in business activities transition towards line with sustainable finance principles with shifting
an eco-friendly economy. Therefore, it is necessary to consumption patterns in the society prioritizing the use
continuously provide education to public and specifically of technology with concern in efficiency aspects.
the customers related to understanding awareness to
their role and contribution in sustainable finance. In risk management, the Company periodically
performs identification, analysis, mitigation, evaluation,
Another challenge is the increasing environmental and and monitoring of 8 (eight) types of risks that may
social risks, such as global warming, extreme climate, potentially threat Company’s targets achievement. In
and environmental damage resulting to natural terms of strategic risk, the Company will assure that the
disasters. Therefore, risk mapping and mitigation are sustainable financial action plan has been implemented
continuously strengthened to ensure continuity of the appropriately while always concerning the Company’s
Company’s services to the customers. internal and external conditions and carrying out
additional activities in form of Risk Assessment and/
Broader and massive use of technology as well as or Compliance Analysis for each sustainable finance
digitalization affected to more vulnerable data program proposed by Business & Marketing/Operational
security. Such situation may also increase cybercrime Team/Supporting Team. In credit risk, an in-depth
risk. Therefore, in 2023, data security has become assessment, especially of financial products/innovations,
one of the material issues as the Company’s concern. including to potential debtors, is certainly required before
The Company has obtained ISO 27001 certification disbursing financing related to sustainable finance.
that is an international standard as a guideline Periodic review on internal policies to support Sustainable
for the Information Security Management System Finance implementation and align with the Company’s
(ISMS). Furthermore, the Company strives to organize risk management strategy.
understanding and awareness sessions for employees,
customers and public to raise awareness while The Board of Directors believes that the Company has
encouraging them to cooperate in maintaining their promising opportunities to continuously develop and
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deliver sustainable performance. Existence of a balance Meeting of Shareholders in 5 (five) times throughout
and developing business line supported by the strength 2023 with various agendas such as changes in Board
of branding as an experienced financing company have of Commissioners members, appointment of a Public
become the Company’s strength. Accounting Firm and Public Accountant to audit the
Company’s financial statements for the fiscal year 2023,
Opportunities or chance to further develop sustainable and approval to changes in the Company’s shareholders.
finance are available following the growing productive
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financing sector, especially MSMEs, development of Board of Directors has attempted to implement all
technology adoption by society, higher level of public GCG principles as disclosed in the organization scheme
financial literacy, and the increasing need for hybrid or and policy framework, as well as various programs and
electric vehicle financing. activities. Board of Directors meetings were regularly
held at least twice a month. In 2023, the Board of
To keep supporting implementation of sustainable Directors organized 31 (thirty one) meetings with the
finance in the future, the Company will optimize Board of Directors members to discuss performance,
economic performance by achieving the Company’s strategy and initiatives as well as various other issues/
business and financial targets, including optimizing discussions in carrying out the Company’s managerial
the Company’s financing products targeting MSMEs functions. The meetings frequency has even exceeded
to contribute to financing disbursement to MSMEs. the frequency stipulated by OJK.
The increasing number of MSMEs also provides
PROFILE
CORPORATE
opportunities to take advantage from opportunities Joint meetings of the Board of Directors and the Board
to support MSMEs to ‘scale up’ through various of Commissioners have also been held periodically 4
financing available for MSMEs to increase their (four) times in 2023, especially to evaluate Company’s
business scale. performance quarterly, and in work plan as well as
business plan preparation process to acquire feedback
The Company will also maintain financing for eco- from the Board of Commissioners who perform
friendly transportation, especially car financing. supervision to the Company’s Directors.
Financing for electric motorcycles will rely on the
products released by Yamaha as the Company’s captive In addition, to ensure compliance aspect with
market, while still considering eco-friendly vehicle existing regulations, as well as to adapt to the latest
ecosystem in the future. developments in the industry, the Company seeks to
DISCUSSION & ANALYSIS
MANAGEMENT
regulatory monitor every provision issued throughout
In 2024, other external factors still have major 2023, including adjustments to various internal
impact to the Company’s sustainability. These policies.
factors may originate from external conditions such
as macroeconomic, which may affect to domestic To assess good governance implementation in the
conditions that might affect the Company’s industry. Company’s internal circumstances, the Board of
In The Global Risks Report 2023 18th Edition issued by Directors has reported GCG implementation every year
the Word Economic Forum (WEF) on January 20, 2024, according to Financial Services Authority Regulation
extreme weather events becomes a risk that will be (POJK) No. 30/POJK.05/2014 concerning Good
faced in the next 2 to 10 years. Therefore, the Company Corporate Governance for Finance Companies, as
will strive to make swift and adaptive adjustments. revised under POJK No. 29/POJK.05/2020 concerning
The Company has prepared a business continuity plan Amendments to Financial Services Authority Regulation
designed to support the Company’s operations in any Number 30/POJK.05/2014 concerning Good Corporate
situation. Governance for Finance Companies, and SEOJK No. 15/
SEOJK.05/2016 concerning Good Corporate Governance
Implementation Report for Financing Companies. This
Corporate Governance Implementation reflects high commitment to implementation of GCG
GOVERNANCE
CORPORATE
principles in the Company’s internal circumstances. In
Board of Directors strives to implement Good Corporate 2023, the Company has also submitted business plan
Governance (GCG) principles to maintain harmony report for 2024 and semester business plan realization
and balance between interests of the Company and report on time as per POJK No. 24/POJK.05/2019
all stakeholders. GCG implementation in the Company concerning Business Plans for Non-Bank Financial
refers to 5 GCG principles, which are sought to be Services Institutions, which were prepared according to
reflected in all of the Company’s business aspects. provisions of SEOJK No. 23/SEOJK.05/2019 concerning
Business Plans for Finance Companies and Sharia
The Company has organized Annual General Meeting Financing Companies.
of Shareholders (GMS) for fiscal year 2022 within a
time limit as stipulated under the law, which is on May
8, 2023. The shareholders also conducted Circular As an essential part of operational activities and decision-
Shareholders Resolution in lieu Extraordinary General making processes in order to achieve business goals, the
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Company strives to ensure that all occurring risks can be Commissioner and have passed Fit and Proper Test from
identified, monitored and controlled earliest as possible OJK thereby effectively serving as Commissioners at the
properly based on the 4 (four) risk management Company.
implementation that have been implemented for each
of the Company’s risk type. Overall, implementation of Board of Directors would like to extend our gratitude
risk management in the Company has been adequate. to Mr. Tetsuya Daikoku and Mr. Jun Ikeda who for their
The Company’s risks exposure has also been managed best endeavors, efforts and dedication while serving
appropriately. The Company has taken the required at the Company. Therefore, until this resolution was
mitigation plans to achieve every stipulated business made, composition of the Board of Commissioners
and operational strategy determined by considering the still comprised of 6 (six) people, including 3 (three)
risk exposure. as Independent Commissioners. Composition of
Independent Commissioners on the Company reached
Establishment of various supporting organs such as 60% of total Board of Commissioners members thereof
Corporate Secretary, Internal Audit Unit, Anti-Fraud has complied with prevailing rules and regulations,
including AML CFT & PFWMD, Risk Management and which is minimum 30% of total Board of Commissioners
Compliance, has been supported by policy framework members. This composition has been solid and is
as GCG processes and mechanisms applied within the expected to optimize implementation of supervision
Company. The Board of Directors has also reviewed and over the Company’s management.
updated the current policy tools regularly to stay relevant
both to development of the Company and prevailing Composition of Board of Directors and Board of
regulations. In internal control aspect, the Company has Commissioners has complied to prevailing regulations,
implemented appropriate internal control system. and all of the Board of Directors and Board of
Commissioners members have passed the Fit & Proper
In code of conducts enforcement aspect, Whistleblowing test from OJK. All of the Board of Commissioners
System policy aims to encourage and enable the and Board of Directors members have also fulfilled
Company’s Board of Directors and employees to raise sustainability requirements as disclosed in POJK No. 35/
their awareness to the effective handling of violation or POJK.05/2018 concerning Financing Company Business
fraud indication, either committed by individual or group Implementation, through a sustainability requirements
in the Company’s internal and external circumstances. program in form of seminars organized by Indonesian
Whistleblowing system has been implemented properly Financing Company Association.
by Anti-Fraud Unit. In 2023, the Company has been
supported by Female Investigator hotline intended for
reporting that requires handling by a Female Investigator. Changes in Shareholders
The Company has involved other stakeholders by
mentioning the hotline on the Company’s website. On September 25, 2023, according to circular
shareholders resolutions in lieu the Company’s
Extraordinary General Meeting of Shareholders decided
Changes in Board of Directors and to approve changes to the shareholders composition.
Board of Commissioners Members The change in shareholders has been followed up by
signing a shares transfer deed as stated in Shares
In Annual GMS fiscal year 2022 held on May 8, 2023, Transfer Deed Number 29 dated September 26, 2023,
the Shareholders has approved re-appointment of Mr. between Mitsui & Co. Ltd. As seller and JA Mitsui Leasing,
Charles Gultom as Director, with a term of office of 3 Ltd. As a buyer, drafted before Marina Soewarna, S.H.,
(three) years and effectively applied as per closing of Notary in Central Jakarta. Therefore, as of December
this Meeting until closing of the Company’s Annual 31, 2023, the Company’s share ownership comprises
General Meeting of Shareholders for fiscal year 2025. of Mitsui Co., Ltd. with 45.0% and JA Mitsui Leasing,
Therefore, as of 2023, Board of Directors members Ltd. with 20.0% shares ownership. The others has not
consists of 7 (seven) members with a composition changes. Supported by the new shareholders, the Board
of 1 (one) President Director, 2 (two) Vice President of Directors believes the Company’s position will be
Directors, and 4 (four) Directors. further strengthened in Indonesia’s financing business.
On the Board of Commissioners side, there were
changes in the Board of Commissioners members. The Assessment to Committee
2023 AGMS has approved resignation of Mr. Tetsuya Under Board of Directors
Daikoku as President Commissioner of the Company.
Next, in Circular Shareholder Decree dated August According to prevailing laws and regulations, the Board
18, 2023, the Shareholders approved resignation of of Directors is eligible to establish supporting organs in
Mr. Jun Ikeda as Commissioner. As the successor, the charge to assist smooth implementation of the Board
shareholders have appointed Mr. Toshiyuki Kojima as of Directors’ duties and responsibilities. As of 2023,
President Commissioner and Mr. Masami Shiobara as the Company has 6 (six) committees under the Board
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PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
of Directors, such as Social Responsibility Committee, information risks within the Company. In 2023,
Business Continuity Management (BCM) Committee, Information Technology Steering Committee organized
Occupational Health and Safety Advisory Committee 5 (five) meetings to discuss the latest issue related to
(P2K3), and Information Technology (IT) Steering governance, systems, IT infrastructure, risk management
Committee. Steering Committee), Digitalization and IT compliance.
Committee, and Risk Management Committee. The
Committees have an important role in supporting Business Continuity Management Committee has
the Board of Directors in running the management also attempted to ensure appropriate and sufficient
functions within the Company based on their respective level of the Company’s readiness thereof capable to
responsibilities. The Board of Directors assessed that all mitigate any risk against business activities, also to
Committees have carried out their duties with good and protect key business processes from the impact of
responsible performance throughout 2023. major information system failures or disasters. In 2023,
the Business Continuity Management Committee
Corporate Social Responsibility Committee has carried organized 7 (seven) meetings to discuss, including,
out its duties in assisting the Board of Directors in anticipation of natural disasters such as generator
GOVERNANCE
CORPORATE
fulfilling economic, social, and environmental aspects rejuvenation in network offices, Call Tree Drill, early
as manifested in corporate social responsibility technical DR Drill, socialization, and evaluation of Call
activities. In 2023, Corporate Social Responsibility Tree Drill.
Committee organized 5 (five) meetings to discuss
CSR work programs or activities. Detail information Occupational Health and Safety Committee has actively
of CSR implementation activities are presented in participated in implementing occupational health
Sustainability Report Chapter, which is Social and and safety in the Company’s work circumstances. In
Community Activities Development of section in this 2023, the Occupational Health and Safety Committee
annual report. organized 5 (five) meetings discussing, among others,
submission of proposals and discussion of work
Information Technology Steering Committee has also programs throughout 2023 including safety programs,
carried out its responsibility to oversee technology health programs and safety riding.
and information risks, as well as every regulatory Digitalization Committee has also contributed in
and compliance risks related to technology and accelerating digitalization transformation process
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to support business activities or processes. Various The Company will optimize sales of new Yamaha
digitalization projects have been completed and motorcycle financing business line as core business by
continuously developed based on business needs. In strengthening and aligning portfolio strategic plans
2023, Digitalization Committee organized 9 (nine) among the Company, Yamaha and the dealers. In
meetings to discuss roadmap/strategic plan acceleration addition, strengthening the portfolio strategy will be
for digital projects such as BAF mobile and BAF Verse. done focusing on 4 (four) business pillars, including
two-wheeled and four-wheeled vehicles, digital
Risk Management Committee has actively reviewed business and MSMEs financing. Consequently, the
Risk Management policies, strategies and guideline. In Company will also accelerate contribution from non-
2023, Risk Management Committee organized 4 (four) Yamaha financing business lines, particularly BAF Dana
meetings to discuss risk management implementation Syariah financing line and car financing, by always
in the Company, including the Company’s soundness concerning financing quality aspect. Strengthening
level, risk profile, compliance monitoring, and others. the Company’s portfolio strategy as one stop financial
services will always be carried out by providing range
of financing products for various needs, including
Business Challenges and Outlook developing innovative financing product services
integrated with e-commerce (basket financing) as a
The prolong projection of global economic slowdown strategy to expand digital financing lines.
still becomes a concern in 2024. However, the Board of
Directors considers that, in 2024, overall Indonesia’s The Company will strive to maintain credit expenses
economic growth will be stable and survive amidst and implement AR management strategy that will
the uncertain global economy. The Board of Directors drive change and sustainable innovation through
expects that, with strong fundamentals, Indonesia will digital transformation (DX) and Kaizen (continuous
maintain economic growth in 2024. The economic improvement). The Company will sharpen acquisition &
growth performance in 2024 is projected to grow collection process by optimizing Tele Collection and Field
by 5.2%. The economic growth is estimated to Collection functions, improving quality and capability as
relatively strong, supported by robust macroeconomic well as monitoring the function of marketing personnel.
fundamentals and economic transformation. Inflation
rate is estimated at 2.8% in 2024, or decreasing from On HR aspect, the Company will develop and improve
3.1% outlook in 2023. Rupiah exchange rate is also human resources (HR) capacity to be more productive
expected to be stable around Rp15,000/US$ in 2024. and adaptive (agile) by developing Talent Matrix in line
The Government is optimistic that Indonesian economy with development and training plans to support the
will have a positive growth based on satisfactory Company’s HR needs.
domestic indicators.
The Company will optimize development of Customer
Optimism for Indonesia’s economic growth in 2024 Experience (CX) as a crucial part of the Company’s
encourages optimism for the automotive industry to marketing strategy in digital era to increase repeat
boost performance in 2024. AISI targets motorcycle orders (RO) contribution by utilizing Customer
sales to increase, similarly with Gaikindo. AISI is Relationship Management (CRM) system and
targeting motorcycle sales to grow by 5% (YoY) in 2024 personalizing data-based services. The Company will
achieving 6.5 million units. Gaikindo has prepared new also improve cyber security, data protection and data
car sales projection for 2024 to reach 1.1 million units governance to support development of current systems
or increasing from projection of 1.05 million units in and digitalization processes in the Company.
2023. APPI optimistically views the growth of multi-
finance financing receivables with a moderate target As service improvement initiative, the Company will
of around 12-13% (YoY) in 2024. OJK estimates total optimize network strategy by expanding Regional
assets of multi-finance companies’ projection to grow Center and opening network office points, including
around 13-16% (YoY) in 2024. enhancing control and audit functions.
Considering various prospects and challenges ahead, Governance will surely become the foundation to
the Company has prepared strategies and plans as implement the strategies mentioned above. The Company
disclosed in 2024 Business Plan that was prepared by will continuously maintain and oversee the company’s
the Board of Directors and discussed with the Board soundness level based on risk acceptance for the Company’s
of Commissioners. The Company will ensure that long-term sustainability. The Company strengthens
implementation of these various strategies to always implementation and supervision of comprehensive risk
concern prudent principle and risk management management as well as internal control in network offices
aspects, as well as the Company’s internal audit. Along through Risk and Compliance Assurance Program (RCAP),
with the challenges in 2024, the Company shall remain system utilization in monitoring the Company’s health
vigilant and continuously evaluate projections as well level, as well as increasing risk awareness programs and
as the targets to align with current conditions. compliance culture.
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their perseverance and maximum efforts thereof,
Closing Remarks the Company successfully passed the 2023. I would
also thank all of the Company’s loyal customers for
On behalf of the Board of Directors, I would like to supporting the Company to always deliver excellent
extend the sincerest gratitude and appreciation to service. May the customers’ loyalty last, while we strives
our shareholders and stakeholders for full support and to present range of products based on the customers’
trust in managing the Company. We would also thank needs and our service excellence.
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MANAGEMENT
the Board of Commissioners for every supervision and
direction throughout 2023. I would also appreciate the Our appreciation is also addressed to the Company’s
Board of Directors for solid cooperation in decision- business partners, including the dealers, banks and
making process as well as implementation of initiatives other business partners for their full support and trust
and strategies throughout 2023. to the Company. We would also thank the regulators,
such as OJK and IDX, for their endless guidance and
The Board of Directors also addressed our greatest feedback. We wish the supports will remain in the future,
gratitude and appreciation to all employees for and encourage growth for all.
PROFILE
CORPORATE
Jakarta, March 26th, 2024
On Behalf of the Board of Directors
LYNN RAMLI
PRESIDENT DIRECTOR
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 81
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MANAGEMENT
REPORT
01. LYNN RAMLI 05. A LUNG NG
PRESIDENT DIRECTOR DIRECTOR
02. AKIRA SUGAI 06. CHARLES GULTOM
VICE PRESIDENT DIRECTOR DIRECTOR
03. KOJI KATO 07. YUDONO
VICE PRESIDENT DIRECTOR DIRECTOR
04. SIGIT SEMBODO
DIRECTOR
07
05 06
04
8282
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HIGHLIGHTS REPORT PROFILE DISCUSSION & ANALYSIS GOVERNANCE REPORT
83
03
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02
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MANAGEMENT
REPORT
STATEMENT OF THE BOARD OF COMMISSIONERS
REGARDING RESPONSIBILITY FOR PT BUSSAN AUTO
FINANCE ANNUAL REPORT 2023
We, the undersigned, hereby declare that all information contained in PT Bussan Auto Finance Annual Report 2023
have been fully disclosed and being solely responsible upon validity of contents of the Company’s Annual Report.
This statement is made truthfully.
Jakarta, March 26th, 2024
TOSHIYUKI KOJIMA
PRESIDENT COMMISSIONER
NAOTAKA TAKESHITA MASAMI SHIOBARA
COMMISSIONER COMMISSIONER
DANI FIRMANSJAH PRABOWO NURDAYADI
INDEPENDENT COMMISSIONER INDEPENDENT COMMISSIONER INDEPENDENT COMMISSIONER
84
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HIGHLIGHTS
PERFORMANCE
STATEMENT OF THE BOARD OF DIRECTORS
REGARDING RESPONSIBILITY FOR PT BUSSAN AUTO
FINANCE ANNUAL REPORT 2023
REPORT
MANAGEMENT
We, the undersigned, hereby declare that all information contained in PT Bussan Auto Finance Annual Report 2023
have been fully disclosed and being solely responsible upon validity of contents of the Company’s Annual Report.
This statement is made truthfully.
Jakarta, March 26th, 2024
PROFILE
CORPORATE
LYNN RAMLI
PRESIDENT DIRECTOR
DISCUSSION & ANALYSIS
MANAGEMENT
AKIRA SUGAI KOJI KATO
VICE PRESIDENT DIRECTOR VICE PRESIDENT DIRECTOR
GOVERNANCE
CORPORATE
SIGIT SEMBODO A LUNG NG CHARLES GULTOM YUDONO
DIRECTOR DIRECTOR DIRECTOR DIRECTOR
REPORT
SUSTAINABILITY
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CORPORATE
PROFILE
SELECTION OF BAMBOO IS ESSENTIAL TO MAKE A GOOD ANGKLUNG. THE TEXTURE OF
BAMBOO MUST BE FIRM AND ROBUST THEREOF WILL NOT EASILY BRITTLE DURING THE
ANGKLUNG MAKING PROCESS. IN THE COMPANY, WE ALSO ALWAYS OPTIMIZE OUR VARIOUS
BEST RESOURCES.
8686
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BAF AT
A GLANCE
[GRI 2-1]
Name of Company Line of Business Date of Establishment
PT Bussan Auto Finance Financing for goods August 18, 1995
and/or services
Ownership
Mitsui & Co., Ltd 45.0%
JA Mitsui Leasing, Ltd 20.0%
Yamaha Motor Co., Ltd 17.7%
PT Sinergi Autoindo Abadi 15.0%
PT Yamaha Indonesia Motor Manufacturing 2.3%
Authorized Capital Issued and Paid-up Capital
Rp353,571,000,000 Rp353,571,000,000
Total Assets Total Liabilities Total Employees
Rp14.1 Rp11.4 3,774
in Trillion Rupia in Trillion Rupiah
Office Address & Operational Area Website & Email Membership in associations [GRI 2-28]
BAF Plaza www.baf.id 1. Indonesian Finance Services
Jl. Raya Tanjung Barat No. 121, baf.sekretariat@baf.id Association (APPI)
Jagakarsa, Jakarta Selatan 12530, 2. Indonesian Corporate Secretary
Indonesia Association (ICSA)
+62 21 2936 6000 3. Indonesian Pawnshop and
Venture Capital Mediation
Agency (BMPPVI)
88
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Legal Basis of Establishment Significant Changes
Limited Company Deeds Number 55 dated July 18, There was no significant change in the Company
1995, drafted before Sugiri Kadarisman, SH., Notary throughout 2023, which affect the Company’s
in Jakarta and: (i) has obtained legalization from operational activity. However, the Company
REPORT
MANAGEMENT
Minister of Justice of the Republic of Indonesia experienced a change in 2023 following the change
under Decree Number C2-10.337.HT.01.01. TH’95 in the Company’s shareholders composition where
dated August 18, 1955; (ii) has been registered on Mitsui & Co., Ltd. disposed 20% (twenty percent) or
September 25, 1995 in registry book and therefore 70,714 shares to JA Mitsui Leasing, Ltd.
is archived at Registrar Office of Central Jakarta
State Court Number 1475/1995; and announced in The closure and opening of office network is presented
Republic of Indonesia State Gazette (“BNRI”) Number in the operational area section.
138 dated January 2, 1996, Appendix Number 1.
PROFILE
CORPORATE
(7%) and PT Yamaha Motor Kencana Indonesia (3%).
Following the acquisition, the Company had its name
changed into PT Bussan Auto Finance and sustained its
THE COMPANY’S BUSINESS business focus in financing new Yamahabrand motorcycle.
ACTIVITIES ARE GROWIN AS OF In 2004, the entire shares owned by PT Lenggara
Gunasejahtera were sold to PT Mitsui Indonesia.
DECEMBER 31, 2023, THE COMPANY
HAS BEEN OPERATING IN 245 In 2013, the Company increased its capital by issuing
DISCUSSION & ANALYSIS
MANAGEMENT
new shares which entirely purchased by PT Ciptadana
LOCATIONS ACROSS INDONESIA, Capital, an affiliated Company of Lippo Group and
Yamaha. In 2018, Mitsui & Co., Ltd. increased its shares
COMPRISING OF 163 BRANCH
ownership by acquiring the entire shares ownership
OFFICES AND 82 OFFICES OTHER of PT Ciptadana Capital, therefore, Mitsui & Co. Ltd.
shareholders composition increased to 68.3%.
THAN BRANCH OFFICES SUPPORTED
BY 3,774 EMPLOYEES. In 2019, the entire Company’s shares owned by PT
Mitsui Indonesia of 41,250 shares and part of the
Company’s shares owned by Mitsui & Co. Ltd of 11,786
were acquired by PT Sinergi Autoindo Abadi. The shares
trading & transfer transactions changed the Company’s
shareholders composition into as follows: Mitsui & Co.
Ltd. owned 65.0%, Yamaha Motor Co. Ltd. owned 17.7%,
PT Yamaha Indonesia Motor Manufacturing owned
2.3%, and PT Sinergi Autoindo Abadi owned 15.0%. The
GOVERNANCE
CORPORATE
PT Bussan Auto Finance (“the Company”) was initiated Company has fulfilled the provisions of foreign ownership
in 1995 named as PT Pembiayaan Getraco Indonesia, in the financing company, either directly or non-directly,
a Company operated in financing business and a Joint not exceeding 85% of the paid-up capital.
Venture among PT Danamon Sanggrahan, Mitsui & Co.
Ltd., Yamaha Motor Co., Ltd., and PT Yamaha Motor In 2023, Mitsui & Co. Ltd sold most of BAF shares to JA
Kencana Indonesia in 1997 focusing on financing for new Mitsui Leasing, Ltd, which is 20% of the shares owned.
Yamaha-brand motorcycle. The Company had its name This share sale transaction resulted in a change in the
changed into PT Danamon Mits Otomotif Finance and Company’s share ownership to Mitsui & Co. Ltd. owned
September 24, 1997 is commemorated as anniversary of 45.0%, JA Mitsui Leasing, Ltd owned 20.0%, Yamaha
the Company nowadays. Motor Co. Ltd. owned 17.7%, PT Yamaha Indonesia
Motor Manufacturing b owned y 2.3%, and PT Sinergi
In 1998, Mitsui & Co., Ltd. acquired the entire shares Autoindo Abadi owned 15.0%.
of PT Danamon Sanggrahan where Mitsui & Co., Ltd.
becomes majority shareholders with 75% ownership, As the public needs grow and develop, the Company strives
REPORT
SUSTAINABILITY
while remaining shares are owned by PT Lenggara to innovate to become a financing solution for the public
Gunasejahtera (15%), Yamaha Motor Co., Ltd., Japan needs. The Company currently provides a broad range
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 89
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selection of financing products such as New Yamaha payment points through collaboration with third parties
motorcycle financing, BAF Dana Syariah, a sharia-based which include banking service networks, retail outlets and
financing product, car financing, electronics, gadget and electronic payment platforms.
furniture financing, used motorcycle financing for multi-
brands, and agricultural machinery financing. In 2022, In running its business, the Company is registered at and
the Company launched two new products for MSMEs supervised by Financial Service Authority (OJK).
players, which are BAF PraDana and BAF AdiDana.
BAF PraDana provides productive loans using Sharia
principles (Akad Mudharabah) for business capital with Operational Area
affordable financing values, while BAF AdiDana is offered
as a productive financing product with a business capital As of December 31, 2023, the Company has 245 networks
facility scheme. across Indonesia. Detail information about address of
the office network and Griya are presented in appendix
The Company’s business activities are growin as of of this report. In 2023, there were changes in number
December 31, 2023, the Company has been operating of office network as the initiative to improve service
in 245 locations across Indonesia, comprising of 163 effectiveness and efficiency to the Company’s customers.
branch offices and 82 offices other than branch offices However, the changes does not cause significant impact
supported by 3,774 employees. The Company has also on the Company’s operational activity.
expanded its service network by adding installment
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
MISSION, VISION &
CORPORATE VALUES
REPORT
MANAGEMENT
Mission Vision
To provide the best financial To be a leading and trusted
solution to enrich people’s life. finance company for the
customers, business partners,
employees, and society.
PROFILE
CORPORATE
Corporate Values
DISCUSSION & ANALYSIS
MANAGEMENT
VISIONARY RELIABLE ACCESSIBLE
Innovate and Embrace Challenges Trusted and Agile Friendly and Accessible
The Company’s Vision and Mission have been reviewed (three) key elements in the Company’s vision, including
periodically to be adjusted with the Company’s business the customers, business partners, and society. The
growth, and approved by the Board of Directors. customers, business partners and society have become
the reasons to always deliver excellent services.
In the sustainable finance implementation, the Company
views that the Company’s vision and mission have been In the context of the Company’s mission to “To provide
relevant with the implementation of sustainable finance best financial solution to enrich people’s life,” the
referring to fulfillment of the the triple bottom lines such Company always attempts to drive innovation on
GOVERNANCE
CORPORATE
as people, profit and/or planet. our products and/ or services to deliver best financial
solutions services to the society. The Company’s products
In the context of the Company’s vision to “To be a leading and/or services are consistently reviewed as the growing
and trusted finance company for the customers, business demand and/or necessity of the society. The various
partners, employees, and society,” with over 26 years products that are owned and offered by the Company to
of experience in serving the customers, the Company the society today are expected to offer range of choices
continuously maintains consistency, reputation, and trust based on the requirements that will ultimately optimized
of the society as well as the customers for supporting and to contribute in improving living standard of the society.
bringing the Company as one of prominent financing The improved welfare is one of the 17 Sustainable
companies. The Company also further emphasizes 3 Development Goals (SDGs).
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SUSTAINABILITY
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28
3
3 27
10
11 5
2
30
25 35 27
9
3
3
NO. OPERATIONAL AREA BRANCH OFFICE KSKC* TOTAL
1 Bali 2 1 3
2 Bangka 4 1 5
3 Jabodetabekser 11 15 26
4 Jambi 3 - 3
5 West Java 15 8 23
6 Central Java 21 9 30
7 East Java 17 10 27
8 Kalimantan 17 6 23
9 Lampung 1 - 1
10 Madiun Kediri 4 1 5
11 Makassar 10 7 17
12 Manado 9 4 13
92 LAPORAN TAHUNAN DAN LAPORAN KEBERLANJUTAN 2021 / PT BUSSAN AUTO FINANCE
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PT BUSSAN AUTO FINANCE
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REPORT
MANAGEMENT
13
8
5
6
PROFILE
CORPORATE
17
5
DISCUSSION & ANALYSIS
MANAGEMENT
NO. OPERATIONAL AREA BRANCH OFFICE KSKC* TOTAL
13 NTB 3 - 3
14 NTT 4 1 5
15 Padang 6 2 8
16 Palembang 7 3 10
GOVERNANCE
CORPORATE
17 Palu 6 2 8
18 Papua 6 - 6
19 Pontianak 2 1 3
20 North Sumatera & Riau 15 11 26
Total 163 82 245
*) Kantor Selain Kantor Cabang (Non-Branch Office)
REPORT
SUSTAINABILITY
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LINE OF
BUSINESS
IN 2023, THE COMPANY CONDUCTED AMENDMENTS TO ITS ARTICLES OF ASSOCIATION
IN CONNECTION WITH ADJUSTING THE STANDARD CLASSIFICATION OF BUSINESS FIELDS
(KBLI) WHICH HAD BEEN APPROVED BY SHAREHOLDERS
In 2023, the Company amended the Articles of and/or services, as follows:
Association with regards to the adjustment of I. Investment Financing;
Indonesian Standard of Industrial Classification (KBLI) II. Working Capital Financing;
as approved by the Company’s Shareholders according III. Multipurpose Financing;
to Circular Shareholders Resolutions as Substitute of PT IV. Other financing business activities based on the
Bussan Auto Fiannce Extraordinary General Meetings approval of the Financial Services Authority.
of Shareholders No. 11 dated March 7, 2023, and has
obtained approval from Ministry of Law and Human In additional to the business activity above,
Rights according to Decree No. AHU-0016024.AH.01.02. Conventional Finance Company in this group is
YEAR 2023 dated March 14, 2023 concerning Approval eligible to carry out Operating Lease and/or Fee-
to PT Bussan Auto Finance Limited Liability Company based services to the extent that is not contrary
Articles of Association Amendment. to the provisions of laws and regulations in the
Financing Services Sector.
According to the Article 3 in the Company’s Articles of
Association, purpose and objectives of the Company is b. Sharia Business Unit of the Finance Company
to do business in the Field of Other Fianncial Services This group including work units from Finance
Activities, Non-Insurance and Pension Funds, namely as Company head office that carries out Sharia
Finance Company, as follows: Financing activities and/or function as the Main
a. Conventional Finance Company Office of the office that carries out Sharia Financing.
b. Sharia Business Unit of the Finance Company
The business activities of the Sharia Business
In order to achieve the purpose and objectives Unit are in accordance with the Financial Services
mentioned above, the Company may conduct business Authority covering the Sale and Purchase Fianncing,
activities, as follows: Services Financing, and Investment Financing.
a. Conventional Financing
This group includes conventionally held financing
company businesses covering the financing goods
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
PRODUCT
& SERVICES
REPORT
MANAGEMENT
PROFILE
CORPORATE
Multi-products
New Yamaha Motorcycle Used Motorcycle Financing
Financing Financing (ELECTRONIC, GADGET
& FURNITURE)
DISCUSSION & ANALYSIS
MANAGEMENT
Agricultural Machinery BAF Car Financing
Financing Dana Syariah
GOVERNANCE
CORPORATE
BAF BAF
PraDana AdiDana
REPORT
SUSTAINABILITY
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ORGANIZATION
STRUCTURE
Shareholders
BOC
Nomination &
Audit Risk Monitoring
Remuneration
Commitee Commitee
Committee
BOD
Fraud Control
President Director
APU-PPT
Vice President Vice President
Director Director
Director
Associate Associate
Director Director
Executive Executive
(Vacant) Vice President
Vice President Vice President
Car Business Human Corporate Operation Credit Policy Regional
Resources Accounting Strategic & Centers
Management Development
Dana Syariah Business Credit
Operational Dana Syariah
Car Fleet & Accounting
Learning & Project & UMC
Insurance
Development Management Business
Business
Office
Procurement
General & Account Dana Syariah
Internal Payable
Audit Affairs Acquisition
Corporate
Planning &
Secretary
Corporate
Finance
Business
Intelligence
Analytics &
CRM
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
Sharia
Supervisory
Board
PROFILE
CORPORATE
Corporate Social
Responsibility
Business
Continuity
Management
Trustees Work
Safety & Health
Director Director Director
IT Steering
DISCUSSION & ANALYSIS
MANAGEMENT
Digitalization
Associate Associate
Director Director
Risk Management
Senior
(Vacant)
Vice President
NMC Business IT Operation Tele Collection Operation Sharia Unit
Support
Field Legal &
Corporate IT Strategic Operation Litigation
Communication Planning & Collection 1 & Asset
& Branding INnovation Management
Field Risk
Collection 3 Management
Business & IT Business & Compliance
Operation Technology
Support Solution
Field
GOVERNANCE
CORPORATE
Collection 3
Digital
Business
Recovery
MSMEs
Business
REPORT
SUSTAINABILITY
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BOARD OF COMMISSIONERS PROFILE
TOSHIYUKI KOJIMA
PRESIDENT COMMISSIONER
Japanese Citizen, 49 years. He earned Bachelor’s degree Mitsui & Co., Ltd. (2015-2018), General Manager
from Keio University, Japan at School of Education in Automotive Solution Business Div., Mitsui & Co., Ltd.
1997. (2022-current). He was also serving as Vice President
Director in the Company (2018-2022).
He is working at Mitsui & Co. Ltd., Tokyo, Japan since
1997 and has been appointed to serve in some positions He was first appointed as President Commissioner in
in Mitsui Group, such as Executive Director & Chief of 2023 according to the Company’s Annual GMS on May
Operating Officer, India Pvt. Ltd. (2007-2009), Strategy 8, 2023 as reconfirmed in the Circular Shareholders
Planning Yamaha Motor India Pvt. Ltd. (2009-2010), Statements Deed in lieu the Extraordinary General
Automotive Strategy Department Mitsui & Co., Ltd. Meetings of Shareholders No. 28 dated September 26,
(2010-2013), Toyota Motor Corporation, Japan (2013- 2023.
2015), and General Manager Divisi Third Motor Vehicles
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
MASAMI SHIOBARA
REPORT
MANAGEMENT
COMMISSIONER
Japanese Citizen, 55 years. He earned Bachelor’s degree Operating Officer Ship & Transportation Division at JA
from Meiji University, Japan majoring Commerce in Mitsui Leasing, Ltd. (2020-2023) and Deputy General
1992. Manager, Overseas Management Division, General
Planning & Strategy Unit (2023 - current).
He is working at JA Mitsui Leasing, LTd. (including Mitsui
Leasing & Development, Ltd., a former company prior to He was first appointed as President Commissioner in
merger), Tokyo, Japan since 1992 and was appointed 2023 according to the Company’s Annual GMS on May
in several positions with the latest position as Deputy 8, 2023 as reconfirmed in the Circular Shareholders
General Manager. He was assigned in some posts under Statements Deed in lieu the Extraordinary General
PROFILE
CORPORATE
JA Mitsui Leasing group, such as General Manager Meetings of Shareholders No. 28 dated September 26,
at Taipei branch (2012-2015), Executive Director at 2023.
Mitsui Rail Capital, LLC (2015-2020), Deputy Divisional
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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PREOFILE
NAOTAKA TAKESHITA
COMMISSIONER
Japanese citizen, 56 years old. He earned a Bachelor’s His first appointment as the Company’s Commissioner
degree from Nagoya University, Majoring Education was in 2022 according to Circular Shareholders
in 1990. He has career experience at Yamaha Motor Resolutions in lieu Extraordinary General Meeting of
Co., Ltd., Shizuoka, Japan since 1990 and appointed in Shareholders No. 09 dated August 18, 2022 as reaffirmed
several positions with his latest position as Vice President in the Circular Shareholders Resolutions Statement Deed
Director of PT Yamaha Indonesia Motor Manufacturing in lieu Extraordinary General Meeting of Shareholders
until present. He also served as General Manager Yamaha No. 28 dated September 26, 2023.
Motor Co., Ltd. (2012 - 2022) and Director PT Yamaha
Indonesia Motor Manufacturing (2007 - 2012).
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
DANI FIRMANSJAH
INDEPENDENT COMMISSIONER
Indonesian Citizen, 69 years old. He earned Master’s Baruprana Finance Tbk (2016-2017). He currently also
Degree from Asian Institute of Management Philippines, serves as President Commissioner at PT Aditama Finance,
REPORT
MANAGEMENT
Philippines Majoring Management in 1994. Independent Commissioner at PT Smart Multifinance
and Independent Commissioner at PT Buana Finance
He was appointed as Director at PT BFI Finance Tbk.
Indonesia Tbk (1985-1997), CEO at PT Saseka Gelora
Finance (1997-2006), CEO at PT IFS Capital Indonesia His first appointment as the Company’s Independent
(2006-2010), Commissioner at PT Indosurya Inti Commissioner was in 2016, with the latest appointment
Finance (2012), Independent Commissioner at PT in Annual GMS on April 13, 2022 as reconfirmed under the
Maybank Finance Indonesia (2012-2014), Independent Circular Shareholders Deed in lieu Extraordinary Geenral
Commissioner at PT Intan Baruprana Finance Tbk Meetings of Shareholders No. 28 dated September 26,
(2013-2017), and President Commissioner at PT Intan 2023.
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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PRABOWO
INDEPENDENT COMMISSIONER
Indonesian Citizen, 62 years old. He earned Doctorate His first appointment as the Company’s Independent
Degree from Institut Pertanian Bogor in 2012. Commissioner was in 2017 with the latest appointment
in the Company’s Annual GMS on April 13, 2022 as
He was appointed as Vice President at PT Bank reconfirmed in the Circular Shareholders Statements
Internasional Indonesia Tbk (recently known as PT Deed in lieu the Extraordinary General Meetings of
Bank Maybank Indonesia Tbk) (2002-2004), Director Shareholders No. 28 dated September 26, 2023.
and President Director at PT BNI Multifinance (2004-
2013), and he is currently also serving as Independent
Commissioner and Chairperson of Audit Committee at
PT AEON Credit Service Indonesia.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
NURDAYADI
INDEPENDENT COMMISSIONER
Indonesian citizen, 62 years old. He earned Master’s Waters Indonesia Tbk (recently known as PT Akasha
degree from University of Birmingham, UK majoring in Wira International Tbk) (2007-2008), Independent
REPORT
MANAGEMENT
Finance in 1989, and graduate of Doctoral in Economics Commissioner, Chairperson of the Audit Committee
with major in Management Accounting from Pancasila and Director at PT Aeon Credit Service Indonesia (2016-
University, Jakarta, in 2022. 2018).
Prior to joining the Company, he was appointed in several His first appointment as the Company’s Independent
positions including Manager & Senior Manager at PT Commissioner was in 2020 with the latest appointment
Bank Merincorp Jakarta (1994-1997), Manager, General in the Company’s GMS on April 8, 2023 as reconfirmed
Manager and Director at PT Bussan Auto Finance in the Circular Shareholders Statements Deed in lieu the
(1997-2005), Independent Commissioner at PT Bussan Extraordinary General Meetings of Shareholders No. 28
Auto Finance (2008-2012), Independent Commissioner dated September 26, 2023.
and Chairperson of the Audit Committee at PT Ades
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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BOARD OF DIRECTORS PROFILE
LYNN RAMLI
PRESIDENT DIRECTOR
Indonesian citizen 49 years old. She holds a Bachelor of Fransisco, United States; Strategic Alliance and Platinum
Administration from the University of Washington, USA Product Head, Citibank NA (2002 - 2003), Vice President
in 1993 and a Master of Business Administration from Product Management at PT Standard Chartered Bank
the University of San Fransisco, USA in 1994. (2003 - 2005), Senior Vice President Analytics Portofolio
Management & Personal Loan at PT Bank Danamon
She has almost 30 years of experience in the financial Indonesia Tbk (2006 - 2008) President Director at PT
industry including banking and financing companies. Adira Quantum Multifinance and Executive Director at
She joined PT Busaan Auto Finance (BAF) in 2017 as PT UOB Indonesia (2014 - 2017).
Vice President Director, and was appointed as President
Director from 2018 until now. Prior to joining BAF, she She was reappointed as President Director at the GMS
held various strategic positions including Consumer for the Fiscal Year 2021 based on the Deed of Statement
Banking Product Manager at Citibank NA, Indonesia, of Company Meeting Resolutions No. 27 dated April 26,
Program Manager - Credit Card at Providian Financial, San 2022.
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HIGHLIGHTS
PERFORMANCE
AKIRA SUGAI
REPORT
MANAGEMENT
VICE PRESIDENT DIRECTOR
Japan Citizen, 52 years. Earned Bachelor’s degree Centre., Ltd. (2009-2014), Senior Auditing Manager
majoring Economics from Kyoto University, Japan in Internal Audit Division at Mitsui Co., Ltd. (2014-2016)
1993. and General Manager IT & Communication Business
FM Dept., Financial Management & Advisory Div. IV at
He has worked at Mitsui & Co. Ltd., Tokyo, Japan since Mitsui & Co., Ltd. (2016-2019).
1993 and was appointed in several positions in Mitsui
Group, such as General Manager (GM) for 4 departments His first appointment as Vice President Director referred
or divisions also in concurrent position as Director London to EGMS 2019. He is reappointed as Vice President
Process Centre Ltd. Di Mitsui & Co Europe Plc. Business Director in GMS 2019, with the latest affirmation as
PROFILE
CORPORATE
Process Control Dept., Johannesburg Branch Accounting disclosed in Circular GMS Resolutions Statement Decree
Div., Paris Branch Finance & Accounting Dept, and Mitsui No. 03 dated August 9, 2021.
& Co. Norway A.S – Accounting Dept. at London Process
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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PREOFILE
KOJI KATO
VICE PRESIDENT DIRECTOR
Japan Citizen, 47 years old. He earned Bachelor’s degree Ltd. (2010-2013), Toyota Motor Corporation, Japan
majoring political science from Keio University in 1997. (2013-2015), and General Manager Divisi Third Motor
Vehicles Mitsui & Co., Ltd. (2015- 2018).
He has worked at Mitsui & Co. Ltd., Tokyo, Japan since
1997 and served in several positions under Mitsui Group, His first appointment as Vice President Director referred
among others Executive Director & Chief Operating to Annual GMS 2018. He is reappointed as Vice President
Officer Bussan Auto Finance India Pvt. Ltd. (2007-2009), Director in GMS 2019, with the latest affirmation as
Strategy Planning Yamaha Motor India Pvt. Ltd. (2009- disclosed in the Company’s Circular GMS Resolutions
2010), Automotive Strategy Department Mitsui & Co., Statement Decree No. 03 dated August 9, 2021.
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HIGHLIGHTS
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SIGIT SEMBODO
DIRECTOR
Indonesian Citizen, 58 years old. He holds a Bachelor’s Director in 2004 until now. In addition, he also serves as
Degree from the University of Indonesia Majoring Secretary to the Commissioner of Indonesian Financing
REPORT
MANAGEMENT
Accounting in 1990 and Masters Degree from University Professional Certification Institution.
of Indonesia in Management in 1992.
He was appointed as Director for the first term since 2004
Prior to joining the Company in 1998, he held the position with the latest appointment in the Company’s Annual
of Operational GM of PT Primus Financial Services GMS on April 13, 2022 as reconfirmed in the Meeting
(1995 - 1997). He held several positions at the Company Resolutions Statement Deeds No. 01 dated August 1,
including Marketing Senior Manager (1998 - 2000) and 2023.
Marketing GM (2000 - 2003) before being appointed as
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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PREOFILE
A LUNG NG
DIRECTOR
Indonesian Citizen, 50 years. He earned Bachelor’s & Operations (1997 - 2008) before being appointed as
degree from Tarumanagara University in Management Director of the Company in 2008.
in 1995. He has more than 20 years of experience in the
financing industry in Indonesia. He was appointed as Director for the first time in 2007
and was reappointed in the Company’s Annual GMS on
Prior to joining the Company in 1997, He worked as April 13, 2022 as reconfirmed in the Meeting Resolutions
Branch Manager of PT Subentra Finance (1994 - 1997). Deed No. 01 dated August 1, 2023.
He was also assigned as General Manager of Marketing
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HIGHLIGHTS
PERFORMANCE
CHARLES GULTOM
DIRECTOR
Indonesian citizen, 46 years old. He earned Bachelor’s various Life Insurance companies (2015-2017). He joined
degree majoring Economics from Universitas Trisakti in the Company as Credit Policy Division Head (September
REPORT
MANAGEMENT
1997. 2017 – May 2018), and as Deputy Director (June
2018-Desember 2019), and Associate Director (January
Prior to joining the Company, he was assigned in various – March 2020).
positions among others, Bankcard Risk Analytics & Credit
Policy Manager at Citibank NA (2003- 2006), AVP Credit His first appointment as Director referred to GMS 2020
Initiation & Maintenance at PT ANZ Panin Bank (2006- with the latest affirmation as disclosed in the Company’s
2007), Risk MIS Analytics & Scoring Senior Division Head Circular GMS Resolutions Statement Decree No. 03 dated
at PT Adira Finance (2007-2012), Collection Strategic August 9, 2021.
Senior Vice President at PT Bank Danamon (2012-2015),
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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PREOFILE
YUDONO
DIRECTOR
Indonesian citizen, 42 years. He earned his Bachelor’s Digital Bank Country Head at UOB (2017-2018), EVP
degree majoring Computer Science from Bina Nusantara Digital Banking Group Head at PT Bank Sinarmas Tbk
University in 1999. (2018-2019). He joined with the Company as Associate
Director (2019-2021).
Prior to joining the Company, he served in several
positions such as AVP Head of IT Planning, Architecture His first appointment as Vice President Director referred
& Quality Management at BTPN (2009-2012), VP Head to Annual GMS 2021, with the latest affirmation as
of Technology Architecture & Solution Design (2012), disclosed in the Company’s Circular GMS Resolutions
Senior Business Development at Microsoft (2012-2017), Statement Decree No. 03 dated August 9, 2021.
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PERFORMANCE
ASSOCIATE DIRECTORS PROFILE
IVAN SEBASTIAN JIMMY ISKANDAR
REPORT
MANAGEMENT
ASSOCIATE DIRECTOR ASSOCIATE DIRECTOR
Indonesian citizen, 43 years. He earned Bachelor’s Indonesian citizen, 50 years. He earned Bachelor’s
degree majoring Computerized Accounting from degree majoring Accounting from Trisakti University,
Bina Nusantara University (Faculty of Computer in 1997.
Engineering) in 2003.
Prior to joining the Company, he worked at PT Bank
Prior to joining the Company, he was appointed in Danamon Indonesia Tbk as Human Resources
various positions at Nusantara Sakti Group with the Strategy, Planning and Analytics Head (2008-2015),
latest position as Credit Marketing Manager Head Performance and Reward Management Department
Office (June 2009 - July 2010). He also served as Credit Head at PT Bank Mandiri Persero Tbk (2015-2016),
PROFILE
CORPORATE
and Portfolio Analyst Division Head, and Marketing Human Capital Operations & Services Division Head
Affiliate Division Head at PT Central Sentosa Finance at Sinar Mas Land (2016-2018), and most recently as
(July 2010 - November 2014), General Manager at HR Chief Operating Officer at PT Bank DBS Indonesia.
PT Commerce Finance (November 2014 - September Since March 2020 until now, he is appointed as
2015), Director at PT Commerce Finance, President Associate Director supervising Human Resources
Director at PT Commerce Finance (February 2017 Management, Learning & Development, and General
- 2019). He joined the Company in July 2019 and Affairs.
recently serves as Associate Director supervising NMC
Business, Corporate Communication & Branding, and
Business & Operation Support.
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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PREOFILE
HENDRI HERMANSYAH ELLIA BACHTIAR
ASSOCIATE DIRECTOR ASSOCIATE DIRECTOR
Indonesian Citizen, 44 years. She earned Master’s
Indonesia Citizen, 43 years. Earned Bachelor’s degree degree of Business Marketing from Monash University
from Trisakti University majoring Civil Engineering in in 2003.
2003.
Prior to joining with the Company, she was appointed
He holds experience in financing sector, among others, in some strategic positions in banking and financial
worked as Fleet Account Executive at PT Toyota Astra services industry, among others as Risk Management
Financial Services (2008 - 2010), Dealer Relationship Head Gojek Financial Services at PT GOTO Indonesia
Management Department Head at PT Mandiri Tunas Tbk. (2019-2022), Cards and Loans Risk Head Citibank
Finance (2010 - 2014) and National Sales Strategic Indonesia (2017 – 2019), Cards and Payment Product
Deputy Division Head at PT Nissan Financial Services and Portfolio Head PT Bank UOB (2015 – 2017),
Indonesia (2015 - 2017). He joined the Company in Credit Cards Product and Portfolio Head PT Bank OCBC
July Juli 2019 and recently serving as Associate Director NISP Tbk. (2011 – 2014), Portfolio Management
supervising Tele Collection, Field Collection 1,2, and 3 HSBC Indonesia (2007 – 2011), Consumer Lending
Division. Portfolio Analytics HSBC Singapore (2005 – 2007),
Retail Banking Portfolio Analyst ANZ Australia (2003
– 2005). She joined with the Company since February
2023 and currently serves as Associate Director
supervising Credit.
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HIGHLIGHTS
PERFORMANCE
01. IVAN SEBASTIAN
ASSOCIATE DIRECTOR
02. JIMMY ISKANDAR
ASSOCIATE DIRECTOR
03. HENDRI HERMANSYAH
REPORT
MANAGEMENT
ASSOCIATE DIRECTOR
04. ELLIA BACHTIAR
ASSOCIATE DIRECTOR
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
04
02 03
01
REPORT
SUSTAINABILITY
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PREOFILE
SHAREHOLDERS
COMPOSITION
On December 31, 2023, composition of the Company’s as amended into Article 9 of POJK No. 47/POJK.05/2020
shareholders comprises of Mitsui & Co., Ltd. of 45.0%, JA concerning Business and Institutional Permit of
Mitsui Leasing, Ltd. of 20.0%, Yamaha Motor Co., Ltd. of Financing Company and Sharia Financing Company,
17.7%, PT Yamaha Indonesia Motor Manufacturing of where foreign ownership in the Company, either directly
2.3% and PT Sinergi Autoindo Abadi of 15.0%. or indirectly, shall not exceed 85% (eighty five percent)
of the Company’s paid-up capital.
The Company has complied to provisions in Article 10
of OJK Regulation No. 28/POJK.05/2014 concerning The Company’s shareholders composition table is
Business and Institutional Permit of Financing Company presented below:
PAR VALUE OF RP1,000,000 PER SHARE
DESCRIPTION
TOTAL SHARES TOTAL (RP) %
Authorized Capital 353,571 353,571,000,000 -
Issued and Fully-Paid Up Capital
Mitsui & Co., Ltd. 159,107 159,107,000,000 45.0
JA Mitsui Leasing, Ltd. 70,714 70,714,000,000 20.0
Yamaha Motor Co., Ltd. 62,464 62,464,000,000 17.7
PT Sinergi Autoindo Abadi 53,036 53,036,000,000 15.0
PT Yamaha Indonesia Motor 8,250 8,250,000,000
Manufacturing 2.3
Total Issued and Fully-Paid Up 353,571 353,571,000,000 100.0
Capital
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
As of December 31, 2023, the shareholders composition chart is illustrated below:
45.0% 20.0% 17.7% 15.0% 2.3%
PT Yamaha
Mitsui JA Mitsui Yamaha Motor PT Sinergi
REPORT
MANAGEMENT
Indonesia Motor
& Co., Ltd. Leasing, Ltd. Co., Ltd. Autoindo Abadi
Manufacturing
THE COMPANY
*) The Company has complied with the provisions in Article 10 of OJK Regulation No. 28/POJK.05/2014 concerning Business Permit and
Institutions of Financial Company, as amended into Article 9 POJK No. 47/POJK.05/2020 concerning Business Permit and Institutionalism of
Sharia Financing and Financing Companies, where foreign ownership of the company is either direct or indirect
shall not exceeding 85% (eighty five percent) of the company’s paid-up capital.
PROFILE
CORPORATE
located at Chiyoda-ku, Tokyo at 2-1, Otemachi
Shares Ownership by Board of 1-chome, Chiyoda-ku, Japan, as explained in Articles
Directors and Board of Commissioners of Incorporation of Mitsui & Co., Ltd dated October
2, 2023.
As end of 2023, the Company does not have any share
ownership program either by the Board of Commissioners, b. Line of Business
the Board of Directors, or share ownership by Line of business of Mitsui & Co., Ltd. are as follows:
employees. Therefore, there are no members of the 1. Foreign trading, purchases and sales, wholesales,
DISCUSSION & ANALYSIS
MANAGEMENT
Board of Directors or Board of Commissioners owns the agency and brokerage business relating to the
Company’s shares, thereby information regarding share following commodities:
ownership, including information on the percentage a. Ferrous and non-ferrous metals and their raw
of indirect ownership of shares by members of the materials, manufactured goods, and minerals;
Board of Directors and Board of Commissioners at the b. Coal, petroleum, natural gas and other fuels
beginning and end of the fiscal year, and information and their by-products;
regarding Shareholders registered in the shareholder c. All kinds of machines, appliances (including
list for the benefit of indirect ownership of members of measuring instruments and medical
the Board of Directors and Board of Commissioners are apparatus) and equipment including
unavailable to be disclosed in this annual report. manufacturing equipment, communications
equipment and antipollution equipment,
The Company also does not have any public shares rolling stock and vehicles, ships and boats,
ownership program regarding the Public Offering aerospace equipment and aircraft, and parts
mechanism in connection with the Company’s status for the foregoing;
as not listed company for the shares/equity at the d. Any kinds of chemical products, salt,
Indonesia Stock Exchange. Therefore, information fertilizers, high-pressure gas, explosives,
GOVERNANCE
CORPORATE
about the group of public shareholders, such as the pharmaceuticals (including medicines, non-
group of shareholders with less than 5% (five percent) medicinal drugs, medicine for veterinary use,
ownership of the Company’s shares are unavailable to narcotics, poisons and stimulants), radio
be disclosed in this annual report. The share ownership isotopes, cosmetics, and raw materials for
percentage by the shareholders has been disclosed in the foregoing;
the shareholder information. e. Cereals, sugar, oils and fats, feeds and their
raw materials; livestock, agricultural, dairy
and marine products, processed foods,
Majority and Controlling Shareholders alcoholic beverages and other foodstuffs
and beverages;
a. Establishment f. All kinds of textile products and their raw
As of December 31, 2023, the Company’s controlling materials;
shareholders is Mitsui & Co., Ltd., Mitsui & Co., Ltd., a g. All kinds of fur products and raw fur;
legal entity established on July 25, 1947 (registered h. Lumber, cement, other building materials
REPORT
SUSTAINABILITY
in Japan with the name of Mitsui Bussan Kabushiki and housing-related equipment;
Kaisha) according to prevailing Law in Japan and i. Rubber, pulp, paper and their manufactured
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PREOFILE
goods; tobacco, cigars, cigarettes and sundry of various events.
goods; 18. Temporary personnel placement, employment
j. Industrial water and drinking water. agency, and personnel education, guidance, and
2. Exploration, development, manufacturing, training to develop appropriate job skills and
processing, scrapping, and recycling business qualifications.
relating to the above-mentioned items. 19. Maintenance and management of real estate.
3. Acquisition, planning, preservation, utilization 20. Investment, commodities investments sales and
and disposition of copyright, patents and other advisory services, securities investment advisory
intellectual property rights, know-how, systems services, trustee services, sale of beneficial
technology, and other software, including acting interests in trusts, investment trust management
as an intermediary in such transactions. services and asset management services for
4. Information processing and supply, investment corporations.
telecommunications, broadcasting, advertising, 21. Generation, supply, and sale and purchase of
publishing, printing and translation businesses, electricity.
and the production and sale of audio and visual 22. Administrative agency services for management,
copyright products. labor, and accounting work.
5. Forestry, sawmilling and lumber processing 23. Buying, selling, and derivative transactions for
businesses. greenhouse gas emission rights and related
6. Chattel leasing business. intermediary services.
7. Secondhand goods business. 24. Agency and intermediary services for credit card
8. Transportation and transportation agency, land applications.
transportation, marine transportation business, 25. Consultancy business relating to the foregoing
port transportation, freight forwarding, customs items.
brokerage, shipping agency and warehousing 26. Other lines of business relating to any of the
businesses. foregoing items.
9. Business related to non-life insurance, insurance
under the Automobile Liability Law, life insurance c. Capital Structure and shareholders composition
and overseas non-life reinsurance business. The capital structure and shareholders composition
10. Construction sub-contracting, building design of Mitsui & Co., Ltd. as of September 30, 2023 is as
and supervision and management of various follows:
construction works. - Authorized Capital: 2,500,000,000 (two billion
11. Acquisition, disposition, leasing, other utilization, five hundred million) shares.
and development of real estate and acting as an - Subscribed Capital: 1,522,687,968 (one billion
intermediary in such transactions. five hundred twenty two million six hundred
12. Supply and development of hot springs. eight seven thousand nine hundred sixty eight)
13. Surveying and research relating to land, sea, and shares.
sky. - Paid-up Capital: 1,522,687,968 (one billion five
14. Investing in, purchasing, selling, and brokering hundred twenty two million six hundred eight
negotiable instruments, etc. seven thousand nine hundred sixty eight) shares
15. Lending money, guaranteeing and assuming or valued ¥343,062,380,506 (three hundred
debts, sale and purchase of various receivables, forty-three billion sixty-two million three
foreign exchange transactions and conducting hundred eighty thousand five hundred and six
any other financing business. Yen).
16. Operation and management of medical facilities,
day-care facilities, sports facilities, restaurants,
and hotel and travel businesses.
17. Planning, administration, and implementation
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HIGHLIGHTS
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The composition of Mitsui & Co., Ltd. shareholders as of September 30, 2023 is as follows:
TO TA L S H A RE S (‘0 0 0 SHAR E S)
NO. SHAREHOLDERS NAME TOTAL SHARES %
REPORT
MANAGEMENT
1 The Master Trust Bank of Japan, Ltd (Trust account) 239,701 15.83%
2 Euroclear Bank S.A./N.V. 131,356 8.67%
3 Custody Bank of Japan, Ltd. (Trust account) 87,805 5.80%
4 Nippon Life Insurance Company 35,070 2.31%
5 JP Morgan Chase Bank 385632 27,243 1.79%
6 States Street Bank West Client – Treaty 505234 24,026 1.58%
PROFILE
CORPORATE
7 Barclays Securities Japan Limited 20,000 1.32%
d. Management and supervisory board composition
Based on website of Mitsui & Co., Ltd. The members of the Board of Directors and Supervisory Board of Mitsui &
Co., Ltd, as of June 21, 2023, are as follows:
NAME POSITION
DISCUSSION & ANALYSIS
MANAGEMENT
DIRECTORS
Tatsuo Yasunaga Representative Director, Chair of the Board of Directors
Kenichi Hori Representative Director, President and Chief Executive Officer
Motoaki Uno Representative Director, Executive Vice President
Yoshiaki Takemasu Representative Director, Executive Vice President
Kazumasa Nakai Representative Director, Senior Executive Managing Officer
Tetsuya Shigeta Representative Director, Senior Executive Managing Officer
Makoto Sato Representative Director, Senior Executive Managing Officer
GOVERNANCE
CORPORATE
Toru Matsui Representative Director, Senior Executive Managing Officer
Tetsuya Daikoku Representative Director, Senior Executive Managing Officer
Samuel Walsh Director
Takeshi Uchiyamada Director
Masako Egawa Director
Fujiyo Ishiguro Director
Sarah L. Casanova Director
REPORT
SUSTAINABILITY
Jessica Tan Soon Neo Director
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NAME POSITION
AUDIT & SUPERVISORY BOARD MEMBERS
Kimiro Shiotani Commissioner
Hirotatsu Fujiwara Commissioner
Kimitaka Mori Commissioner
Yuko Tamai Commissioner
Makato Hayashi Commissioner
The Company is under Mitsui & Co., Ltd. business group. of the main business units. Service area coverage Mitsui
which has 513 subsidiaries and associated entities divided & Co., Ltd. covering 62 countries with 126 branch offices,
into 16 main business units, as of March 31, 2023. The as of October 1, 2023 (Source: Mitsui & Co.,Ltd. Company
Company is included in MOBILITY Business Unit I, one Brochure 2023).
SHARES LISTING
CHRONOLOGY
As of December 31, 2023, the Company has not executed listed, including corporate action that caused changes
initial public offering at Indonesia Stock Exchange in the stocks, such as stock split, reverse stock, shares
(IDX) or other stock exchanges, therefore, the Company dividend, bonus shares, changes in shares par value,
does not disclose the information, such as: total shares converted securities issuance, as well as additional or
outstanding, market capitalization based on price at deduction of capital, or other information as disclosed
the stock exchange where the stocks are listed, the in Financial Service Authority Circular Letter Number 16/
highest, lowest, and closing stock prices based on price SEOJK.04/2021 concerning Annual Report Format and
at the stock exchange where the stocks are listed, and Contents for Issuers or Public Companies.
trading volume at stock exchange where the stocks are
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HIGHLIGHTS
PERFORMANCE
OTHER SECURITIES
LISTING CHRONOLOGY
REPORT
MANAGEMENT
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
To continuously support financing along with the
business growth, the Company has issued debt
securities in form of bonds and sukuk. The issuance of
ISSUING DEBT SECURITIES ON THE debt securities at capital market becomes one of the
CAPITAL MARKET IS ONE OF THE Company’s funding strategies to support the Company’s
GOVERNANCE
CORPORATE
business growth and development. Since 2017, the
COMPANY’S FUNDING STRATEGIES Company has consistently issued debt securities in
TO SUPPORT THE GROWTH AND form of bonds and sukuk and has always fulfilled the
obligations to repay the principal and interest on time.
DEVELOPMENT OF THE COMPANY’S
Some of the debt securities have been past-due and
BUSINESS.
repaid thereby no no longer listed at Indonesia Stock
Exchange (BEI), among others:
1. Bonds I of 2017
2. Bonds II of 2018
3. Bonds III of 2019
4. Shelf-Registered Bonds I Phase I 2020
5. Shelf-Registered Sukuk Mudharabah I Phase I 2020
6. Shelf-Registered Sukuk Mudharabah I Phase II Year
REPORT
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2020
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7. Shelf-Registered Bonds I Phase II Series A Year 2021 Phase I Year 2020 is no longer listed and traded
8. Shelf-Registered Bonds I Phase III Series A Year 2021 at Indonesian Stock Exchange as disclosed in IDX
9. Shelf-Registered Bonds II Phase I Series A Year 2022 announcement No. Peng-JTO-00043/BEI.PP1/08-
10. Shelf-Registered Bonds II Phase II Series A Year 2022 2023.
In 2023, the Company issued Shelf-Registered Offering, The Bonds interest and yield from Sukuk
which are Shelf-Registered Bonds II Bussan Auto Finance Mudharabah were paid every quarterly, where
Phase III Year 2023 and Shelf-Registered Bonds II the bond interest and first yield of Sukuk
Bussan Auto Finance Phase IV Year 2023. Mudharabah were paid on November 4, 2020,
while the bond interest and the last yield of the
The chronology of the Company’s bond securities listing Sukuk Mudharabah together with the repayment
that have not yet matured and/or past-due in 2023 is as of the bonds and Sukuk Mudharabah proceeds
follows: were paid on August 4, 2023.
1. Shelf-Registered Bonds I and Shelf-Registered The Public Offering of Shelf-Registered Bonds I
Sukuk Mudharabah I Issuance Phase I Year 2020 and Shelf-Registered Sukuk
a. Shelf-Registered I Phase I Year 2020 and Mudharabah I Phase I Year 2020 above was
Shelf-Registered Sukuk Mudharabah I Phase I assisted by capital market supporting institutions
Year 2020 and professions, as follows:
On August 5 2020, the Company issued Shelf- • Trustee: PT Bank Mandiri (Persero) Tbk.
Registered I Bussan Auto Finance Phase I Year • Legal Consultant: Thamrin & Rachman
2020 valued Rp100,000,000,000 (One Hundred • Public Accountant: Imelda & Partners (a
Billion Rupiah) at Indonesia Stock Exchange. member of Deloitte Touche Tohmatsu Ltd.)
The bonds obtained AAA(idn) rating from PT • Notary: Fathiah Helmi, S.H.
Fitch Ratings Indonesia. These bonds were issued • Securities Rating: PT Fitch Ratings Indonesia
scripless and were offered at 100% (one hundred
percent) with a fixed interest rate of 8.25% b. Shelf-Registered Sukuk Mudharabah I Phase
(eight-point two five percent) per annum, and 3 II Year 2020 Series B
(three) years term from the Issuance date. On October 23, 2020, The Company issued Shelf-
Registered Sukuk Mudharabah I Bussan Auto
In 2023, the Company had paid the bonds Finance Phase II Year 2020 Series B amounted
principal and the final interest payment on the Rp112,000,000,000 (one hundred and twelve
Shelf-Registered Bonds I Phase I Year 2020 with billion Rupiah). The bond obtained AAA(idn)
the amount of the Bonds principal of Rp100 billion rating from PT Fitch Ratings Indonesia with the
and the interest of Rp2.06 billion for the principal yield from the Sukuk Mudharabah which was
repayment and interest payments. Therefore, calculated based on the multiplication of the
since August 4, 2023, Bussan Auto Finance Shelf- Sukuk Mudharabah holders of 14.80% (fourteen
Registered Bonds I Phase I Year 2020 is no longer point eight zero percent) of the Income Shared
listed and traded at Indonesian Stock Exchange with an indication of an equivalent profit sharing
as disclosed in IDX announcement No. Peng- 7.25% (seven point two five percent) per annum,
JTO-00043/BEI.PP1/08-2023. and 3 (three) years term from the issuance date.
The Sukuk Mudharabah yield is paid quarterly,
The Company also issued Shelf-Registered Sukuk where the first Sukuk Mudharabah profit sharing
Mudharabah I Bussan Auto Finance Phase I Year income was paid on January 20, 2021, while the
2020 of Rp15,000,000,000 (fifteen billion rupiah). last Sukuk Mudharabah yield as well as the Sukuk
This Mudharabah Sukuk was issued scripless and Mudharabah proceeds was paid on October 20,
were offered at a value of 100% (one hundred 2023.
percent) with yield from the Mudharabah Sukuk
which was calculated based on the multiplication In 2023, the Company had repaid the principal
of the Mudharabah Sukuk Holder Nisbah of of the sukuk and the final interest payment on
16.84% (sixteen-point eight four percent) of the the Shelf-Registered Mudharabah I Phase II
yield with an indication of the yield equivalent to Year 2020 series B with the principal amount of
8.25% (eight-point two five percent) per annum the Sukuk amounted Rp112 billion and the total
with 3 (three) years term from the issuance date. yield of Rp2.03 billion for the principal repayment
and yield payment. Thus, as of October 23,
In 2023, the Company has fully paid the sukuk 2023, Bussan Auto Finance’s Shelf-Registered
principal and the final interest payment on the Mudharabah Sukuk I Phase II Year 2020 Series
Shelf-Registered Mudharabah Sukuk I Phase I B is longer listed and traded at Indonesian Stock
Year 2020 with the principal amount of the Sukuk Exchange as stated in BEI announcement No.
of Rp15 billion and total yield of Rp309 million Peng-JTO-00067/BEI.PP1/10-2023.
for the principal repayment and yield payment.
Threfore, as of August 4, 2023, Bussan Auto Public Offering of Shelf-Registered Sukuk
Finance Shelf-Registered Sukuk Mudharabah I Mudharabah I Phase II Year 2020 Series B
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HIGHLIGHTS
PERFORMANCE
explained above is assisted by capital market • Legal Consultant: Thamrin & Partners Law Firm
supporting institutions and professions, as • Notary: Fathiah Helmi, S.H.
follows: • Securities Rating: PT Fitch Ratings Indonesia
• Trustee: PT Bank Mandiri (Persero) Tbk.
• Legal Consultant: Thamrin & Rachman e. Shelf-Registered Bonds I Phase IV Year 2021
• Notary: Fathiah Helmi, S.H. In December 2021, the Company issued and
• Securities Rating: PT Fitch Ratings Indonesia offered Shelf-Registered Bonds I Bussan Auto
REPORT
MANAGEMENT
Finance Phase IV Year 2021 with a principal
c. Shelf-Registered Bonds I Phase II Year 2021 amounted Rp500,000,000,000 (five hundred
Series B billion Rupiah). The bonds received an AAA(idn)
On April 28, 2021, the Company issued Shelf- rating from PT Fitch Ratings Indonesia.
Registered I I Bussan Auto Finance Phase II Year
2021 Series B with bonds principal amounted These bonds were issued scripless with a value
Rp725,000,000,000 (seven hundred and twenty- of 100% (one hundred percent) of the Bond
five billion Rupiah). This bond obtained an Principal amounted Rp500,000,000,000 (five
AAA(idn) rating from PT Fitch Ratings Indonesia. hundred billion Rupiah) with a fixed interest
These bonds were issued without scripless and rate of 5.75% (five point seven five percent) per
were offered at 100% (one hundred percent) annum 3 (three) years terms from the issuance
with a fixed interest rate of 6.90% (six point nine date. The Bonds interest is paid quarterly, where
PROFILE
CORPORATE
zero percent) per annum with 3 (three) years term the first bonds interest will be paid on March 15,
from the Issuance Date. 2022, while the last bond interest together with
the bond repayment will be paid on December
The bonds interest was paid quarterly, where the 15, 2024.
first bond interest was paid on July 27, 2021,
while the last bond interest altogether with the The Public Offering of Shelf-Registereds Bonds I
bond repayment will be paid on April 27, 2024. Phase II Year 2021 above is assisted by capital
market supporting institutions and professions,
The Public Offering of Shelf-Registered Bonds I as follows:
Phase II Year 2021 Series B above was assisted • Trustee: PT Bank Mandiri (Persero) Tbk.
by capital market supporting institutions and • Legal Consultant: Thamrin & Partners Law Firm
DISCUSSION & ANALYSIS
MANAGEMENT
professions, as follows: • Notary: Fathiah Helmi, S.H.
• Trustee: PT Bank Mandiri (Persero) Tbk. • Securities Rating: PT Fitch Ratings Indonesia
• Legal Consultant: Thamrin & Rachman
• Notary: Fathiah Helmi, S.H. f. Shelf-Registered Bonds I Phase V Year 2022
• Securities Rating: PT Fitch Ratings Indonesia In March 2022, the Company issued and offered
Shelf-Registered Bonds I Bussan Auto Finance
d. Shelf-Registered Bonds I Phase III Year 2021 Phase V Year 2022 with the principal amounted
Series B Rp775,000,000,000 (seven hundred and
In September 2021, the Company issued and seventy-five billion Rupiah). This bond obtained
offered Shelf-Registered Bonds I Bussan Auto an AAA(idn) rating from PT Fitch Ratings
Finance Phase III 2021 Series B with a principal Indonesia.
amount of Rp625,000,000,000 (six hundred
twenty-five billion Rupiah). This bond obtained These bonds were issued scripless with a value
AAA(idn) rating from PT Fitch Ratings Indonesia. of 100% (one hundred percent) of the Bonds
These bonds were issued scripless except for Principal amounted Rp775,000,000,000 (seven
Jumbo Certificates issued in the name of PT hundred and seventy-five billion Rupiah) with a
Kustodian Sentral Efek Indonesia (“KSEI”). These fixed interest rate of 5.90% (five point nine zero
GOVERNANCE
CORPORATE
bonds are guaranteed in full commitment with a percent) per annum with 3 (three) years terms
fixed interest rate of 5.75% (five point seventy from the issuance date. The bonds interest is paid
five percent) per annum with 3 (three) years term quarterly, where the first bonds interest will be
from the issuance date. paid on June 17, 2022, and the last bond interest
altogether with the bond repayment will be paid
The bonds interest is paid quarterly, where the on March 17, 2025.
first bond interest was paid on December 28,
2021, while the last bond interest altogether with The Public Offering of Shelf-Registered Bonds I
the bond repayment will be paid on September Phase V Year 2022 above was assisted by capital
28, 2024. market supporting institutions and professions,
as follows:
The Public Offering of Shelf-Registered Bonds I • Trustee: PT Bank Mandiri (Persero) Tbk.
Phase II Year 2021 Series B above was assisted • Legal Consultant: Thamrin & Partners Law Firm
by capital market supporting institutions and • Notary: Fathiah Helmi, S.H.
REPORT
SUSTAINABILITY
professions, as follows: • Securities Rating: PT Fitch Ratings Indonesia
• Trustee: PT Bank Mandiri (Persero) Tbk.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 121
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CORPORATE
PREOFILE
In March 2022, following the Public Offering of and traded at Indonesian Stock Exchange
Shelf-Registered Bonds I of Bussan Auto Finance as stated in BEI announcement No. Peng-
which was effective on July 24, 2020 with a target JTO-00037/BEI.PP1/07-2023.
of proceeds during the PUB I period amounted
Rp3,500,000,000,000 (three trillion five hundred 2. Series B with total bonds offered amounting
billion Rupiah), the Company has announced that Rp11,500,000,000 (eleven billion five
during the PUB I period, the Company has issued hundred million Rupiah) with a fixed interest
Shelf-Registered Bonds Phase I to Phase V with rate of 7.00% (seven point zero zero percent)
total proceeds amounted Rp3,375,000,000,000 per annum with 3 (three) years terms from
(three trillion three hundred and seventy-five the issuance date.
billion Rupiah). The target amount of proceeds
that have not been collected amounted The bonds interest is paid quarterly, where
Rp125,000,000,000 (one hundred twenty-five the first bond interest was paid on October 5,
billion Rupiah). Achievement of the proceed below 2022, while the last bond interest altogether
the target was to conditions in the Indonesian with bond repayment was paid on July 15,
capital market which were less conducive for the 2023 for series A bonds and July 5 2025 for
Company due to the COVID-19 pandemic. This series B bonds.
information is in compliance with OJK Regulation
no. 36/POJK.04/2014 concerning Sustainable The Public Offering of Shelf-Registered Bonds
Public Offerings of Debt Securities and/or Sukuk. II Phase I Year 2022 disclosed above is assisted
by capital market supporting institutions and
2. Public Offering of Shelf-Registered Bonds II professions, as follows:
In 2022, as an initiative to continue the funding • Trustee: PT Bank Mandiri (Persero) Tbk.
diversification strategy through the capital market • Legal Consultant: Thamrin & Partners Law Firm
to support working capital of the Financing, the • Notary: Fathiah Helmi, S.H.
Company issued Shelf-Registered PUB II targeting • Securities Rating: PT Fitch Ratings Indonesia
to acquire proceeds of Rp3 trillion. The Company
has reported the issuance plan in 2022 the latest 3 b. Shelf-Registered Bonds II Phase II Year 2022
(three) months before approval of the GMS which Next in December 2022, the Company issued
approved the Shelf-Registered Public Offering plan and offered Shelf-Registered Bonds II Bussan
by attaching the required documents according to Auto Finance Phase II Year 2022 with a principal
provisions in POJK No. 35/POJK.05/2018 concerning amount of Rp1,200,000,000,000 (one trillion
the Financing Company Business Implementation. two hundred billion Rupiah). The bonds obtained
AAA(idn) rating from PT Fitch Ratings Indonesia.
a. Shelf-Registered Bonds II Phase I Year 2022 These bonds are issued scripless with a value of
In July 2022, the Company issued and offered 100% (one hundred percent), in 2 (two) series,
Shelf-Registered Bonds II Bussan Auto such as:
Finance Phase I Year 2022 with a principal of 1. Series A with the number of bonds offered of
Rp100,000,000,000 (one hundred billion Rupiah). Rp665,000,000,000 (six hundred and fifty-
The bonds obtained AAA(idn) rating from PT five billion Rupiah) with a fixed interest rate
Fitch Ratings Indonesia. These bonds are issued of 5.98% (five-point nine eight percent) per
scripless except for Jumbo Certificates issued on annum with 370 (three hundred seventy)
behalf of of PT Kustodian Sentral Efek Indonesia calendar days terms from the issuance date.
(“KSEI”). These bonds are guaranteed with full
commitment, which gives the public the option to In 2023, the Company has fully paid the
choose the desired Bond Series as follows: sukuk principal and the final interest payment
1. Series A with total bonds offered amounted on the Shelf-Registered Bonds II Phase II
Rp 88,500,000,000 (eighty eight billion Year 2022 series A with the bonds principal
five hundred million Rupiah) with a fixed of Rp655 billion and the interest of Rp10.9
interest rate of 4.10% (four point one zero billion for the principal repayment and
percent) per annum with 370 (three hundred interest payments. Therefore, as of December
and seventy) calendar days terms from the 12, 2023, Bussan Auto Finance Continuous
issuance date. Bonds II Phase II Year 2022 Series A is no
longer listed and traded at Indonesian Stock
In 2023, the Company has fully paid sukuk Exchange as stated in BEI announcement No.
principal and the final interest payment on Peng-JTO-00078/BEI.PP1/12-2023.
the Shelf-Registered Bonds II Phase I Year
2022 series A with the bonds principal of Rp 2. Series B with total bonds offered amounting
88.5 billion and the interest of Rp1.0 billion Rp545,000,000,000 (five hundred and forty
for the principal repayment and interest five billion Rupiah) with a fixed interest rate
payments. Therefore, as of July 17 2023, of 7.75% (seven point seven five percent) per
Bussan Auto Finance Continuous Bonds II annum with 3 (three) years terms from the
Phase I Year 2022 Series A is no longer listed issuance date.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
The bonds interest is paid quarterly, where the 28, 2024 for series A bonds and April 18, 2026
first bond interest was be paid on March 2, for series B bonds.
2023, while the last bonds interest along with
the bond repayment will due on December The Public Offering of Shelf-Registered Bonds II
12, 2023 for series A bonds and December 2, Phase III Year 2023 above is assisted by capital
2025 for series B bonds. market supporting institutions and professions,
as follows:
REPORT
MANAGEMENT
The Public Offering of Shelf-Registered Bonds II • Trustee: PT Bank Mandiri (Persero) Tbk.
Phase II Year 2022 above is assisted by capital • Legal Consultant: Thamrin & Partners Law Firm
market supporting institutions and professions, • Notary: Fathiah Helmi, S.H.
as follows: • Securities Ratings: PT Fitch Ratings Indonesia
• Trustee: PT Bank Mandiri (Persero) Tbk. and PT Pemeringkat Efek Indonesia (Pefindo)
• Legal Consultant: Thamrin & Partners Law Firm
• Notary: Fathiah Helmi, S.H. d. Shelf-Registered Bonds II Phase IV Year 2023
• Securities Ratings: PT Fitch Ratings Indonesia Next in September 2023, the Company issued
and PT Pemeringkat Efek Indonesia (Pefindo) and offered Shelf-Registered Bonds II Bussan
Auto Finance Phase IV 2023 with a principal of
c. Shelf-Registered Bonds II Phase III Year 2023 Rp458,000,000,000 (four hundred and fifty-eight
Next in April 2023, the Company issued and billion Rupiah). The bond ontained an AAA(idn)
PROFILE
CORPORATE
offered Shelf-Registered Bonds II Bussan Auto rating from PT Fitch Ratings Indonesia. The
Finance Phase III Year 2023 with a principal of bonds are issued scripless with a value of 100%
Rp1,242,000,000,000 (one trillion two hundred (one hundred percent) with a fixed interest rate
and forty-two billion Rupiah). The bond obtained of 6.50% (six-point five zero percent) per annum
AAA(idn) rating from PT Fitch Ratings Indonesia. with 3 (three) years terms from the issuance date.
The bonds were issued scripless with a value of
100% (one hundred percent), in 2 (two) series, The bonds interest is paid quarterly, where the
such as: first bond interest will be paid on December 8,
1. Series A with total bonds offered amounted 2023, while the last bond interest altogether with
Rp401,000,000,000 (four hundred and one the bond repayment will be paid on September 8,
billion Rupiah) with a fixed interest rate of 2026.
DISCUSSION & ANALYSIS
MANAGEMENT
5.98% (five point nine eight percent) per
annum with 370 (three hundred and seventy) The Public Offering of Shelf-Registered Bonds II
calendar days terms from the issuance date. Phase IV Year 2023 above is assisted by capital
2. Series B with total bonds offered amounted market supporting institutions and professions,
Rp841,000,000,000 (eight hundred and forty as follows:
one billion Rupiah) with a fixed interest rate • Trustee: PT Bank Mandiri (Persero) Tbk.
of 7.10% (seven point one zero percent) per • Legal Consultant: Thamrin & Partners Law Firm
annum with 3 (three) years terms from the • Notary: Fathiah Helmi, S.H.
issuance date. • Securities Ratings: PT Fitch Ratings Indonesia
and PT Pemeringkat Efek Indonesia (Pefindo)
The bonds interest is paid quarterly, where
the first bond interest was paid on July 18, A complete table explaining the Company’s bond
2023, while the last bond interest altogether listing is presented on the bonds highlight page.
with the bond repayment will be paid on April GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 123
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CORPORATE
PREOFILE
CAPITAL MARKET
SUPPORTING PROFESSIONS
AND INSTITUTIONS
Capital market supporting institutions hired by the Company in 2023, specifically related to the shelf-registration
offering are as follows:
Trustee
PT Bank Mandiri (Persero) Tbk.
Plaza Mandiri, 22nd Floor, Jl. Jend. Gatot Subroto Kav. 36-38, Jakarta 12910
STTD Number Association Membership
No. 17/STTD-WA/PM/1999 dated October 27, 1999. Indonesia Trustee Association Number
AWAI/05/12/2008 dated December 17, 2008
Scope of Work
Scope of Work of the Trustees for Bonds and Sukuk Mudharabah is to represent interests of the Bonds and Sukuk
Mudharabah holders both on and off the court concerning implementation of the Bonds and Sukuk Mudharabah
holders’ rights according to the Bonds and Sukuk Mudharabah requirements by concerning provisions as disclosed
in the Bonds Trustee Agreement and Sukuk Mudharabah Trustee Agreement as well as other prevailing Law and
Regulations.
Legal Consultant
Thamrin & Rekan Law Firm
Menara Kuningan Lantai 9, Jl. HR. Rasuna Said Blok X-7, Kav-5, Jakarta Selatan 12940
STTD Number Association Membership
STTD. KH-107 / PM.2 / 2018 on Iswira Laksana, S.H., Stock Market Legal Consultant Association Number
M.Si. 99012 on behalf of Iswira Laksana, SH., M.Si.
Scope of Work:
Scope of work of the Legal Consultant includes investigation and observation with best skill on existing facts in legal
aspect about the Company and other information related with the case as reported by the Company. Investigation
and observation reports are treated as basis of Legal Opinion which is administered objectively and independently
as well as to review information published in Additional Information in Legal aspect. Duty and function of the Legal
Consultant as mentioned shall fulfil Professional Standard and prevailing Capital Market Regulation to implement
transparency principle.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Public Accountant
KAP Imelda & Rekan (a member of Deloitte Touche Tohmatsu Ltd.)
The Plaza Office Tower 32nd Floor Jl. M.H. Thamrin Kav 28-30, Jakarta 10350
STTD Number Association Membership
REPORT
MANAGEMENT
- STTD.AP-165/PM.22/2018 dated February 5th, IAPI No. 0631 on behalf of Erny Sandjaja
2018 on behalf of Erny Sandjaja (Capital Market)
- STTD.AP-57/NB.122/2018 dated February 9tj,
2018 on behalf of Erny Sandjaja (Non-Bank
Financial Sector)
Scope of Work:
Scope of the duties of the Public Accountant is to audit the Company’s financial statements, based on auditing
standards set by IAPI. These standards require Public Accountants to plan and carry out an audit to obtain reasonable
assurance confirming the financial statements are free from material miss-presentation. The Public Accountants are
PROFILE
CORPORATE
responsible upon the opinions declared to the audited financial statements. The duties of the Public Accountant
are including to examine, on a test basis, the supporting evidence to the amounts and disclosures in the financial
statements.
Notary
Fathiah Helmi S.H.
Graha Irama, 6th Floor, suite C, Jl. H.R. Rasuna Said Blok X-1 Kav. 1&2, Jakarta 12950
DISCUSSION & ANALYSIS
MANAGEMENT
STTD Number Association Membership
STTD.N-93/PM.22/2018 dated April 9, 2018 on Indonesia Notary Association Number
behalf of Fathiah Helmi S.H. 011.003.027.260958 on behalf of Fathiah Helmi SH.
Scope of Work:
Scope of work for the Notary is to prepare agreement drafts related to the Share Transfer of the company, Shelf-
Registration Bonds and Shelf-Registration Sukuk Mudharabah Public Offering, according to the notary professional
requirements and ethical code.
GOVERNANCE
CORPORATE
Rating Agency
PT Fitch Ratings Indonesia
DBS Bank Tower Lantai 24, suite 2403, Jl. Jl. Prof. Dr. Satrio Kav. 3-5, Kuningan, Jakarta Selatan 12940
Scope of Work
Scope of work for the Rating Agency is to conduct rating on Bonds and Sukuk Mudharabah after thoroughly reviewing
all data and information that are considered relevant, accurate and trusted as well as reviewing result of the rating
periodically as required under the prevailing Laws and Regulations. The Rating Agency is also required to finish the
review on rating result publication with regards to any material facts or extraordinary events that may influence the
published rating result, the latest within 7 (seven) Working Days after the acknowledgement of the material facts or
extraordinary events and to issue new rating following any change in the current rating due to the review process.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 125
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CORPORATE
PREOFILE
Rating Agency
PT Pemeringkat Efek Indonesia (PEFINDO)
Panin Tower Senayan City 17th Floor, Jl. Asia Afrika Lot. 19, Jakarta 10270
Scope of Work
Scope of work for the Rating Agency is to conduct annual rating on Shelf-Registration Bonds II Year 2022 and 2023
issued by the Company after thoroughly reviewing all data and information that are considered relevant, accurate
and trusted as well as reviewing the rating result regularly as required under the prevailing Laws and Regulations.
Payment Agent
PT Kustodian Sentral Efek Indonesia
Gedung Bursa Efek Jakarta Tower I, 5th Floor, Jl. Jend. Sudirman Kav. 52-53, Jakarta 12190
Scope of Work
Scope of work for KSEI as Payment Agent is to make repayment of Principal Bonds and Bonds Interest on behalf
of the Company based on the terms and conditions as regulated in the Payment Agent Agreement to the
Bondholders through the Account Holder in accordance with the respective payment schedules agreed according
to the Trustee Agreement. If the Payment Date dues on Exchange Day Off, the payment will be processed on the
next Exchange Day.
Securities Registrar
As of December 31, 2023, the Company did not execute any shares listing at Indonesia Stock Exchange, therefore,
the Company has not yet hired Securities Registrar service and information on the name and address of the
Securities Registrar are unavailable to be disclosed in this Report.
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PERFORMANCE MANAGEMENT CORPORATE MANAGEMENT CORPORATE SUSTAINABILITY
HIGHLIGHTS REPORT PROFILE DISCUSSION & ANALYSIS GOVERNANCE REPORT
127
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
PT BUSSAN AUTO FINANCE
Page 128
MANAGEMENT
DISCUSSION & ANALYSIS
MANAGEMENT
DISCUSSION &
ANALYSIS
ANGKLUNG IS ASSEMBLED BY COLLECTING TWO TO FOUR DIFFERENT SIZES OF BAMBOO
TUBES, STRINGING AND BINDING THEM WITH RATTAN. WE STRIVE TO ALIGN SEVERAL
STRATEGIES IN THE COMPANY TO ACHIEVE THE EXPECTED TARGETS.
128
128
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IKHTISAR
PERFORMANCE LAPORAN
MANAGEMENT CORPORATE
PROFIL MANAGEMENT
ANALISA & PEMBAHASAN TATA KELOLA
CORPORATE SUSTAINABILITY
LAPORAN
HIGHLIGHTS
UTAMA REPORT
MANAJEMEN PERUSAHAAN
PROFILE DISCUSSION
MANAJEMEN & ANALYSIS PERUSAHAAN
GOVERNANCE KEBERLANJUTAN
REPORT
129 REPORT2023
KEBERLANJUTAN
& SUSTAINABILITY
& LAPORAN
PT BUSSAN AUTO FINANCE
2023 ANNUAL
LAPORAN REPORT
TAHUNAN
Page 130
MANAGEMENT
DISCUSSION & ANALYSIS
MACROECONOMIC
OVERVIEW
Global Macroeconomics
DESPITE THE REVOCATION OF The world sees a new beginning in 2023 as the COVID-19
COVID-19 EMERGENCY STATUS, emergency status was lifted by the World Health
Organization (WHO) on May 5, 2023. The revocation of
THE GLOBAL SOCIETY WAS STILL the COVID-19 emergency status considered significant
decrease in positive cases and fatality due to COVID-19,
OVERSHADOWED BY GLOBAL
recording the lowest figures in the last 3 years.
UNCERTAINTIES.
Despite the revocation of COVID-19 emergency status,
the global society was still overshadowed by global
uncertainties. The global uncertainty in 2023 was
initiated from the prolong geopolitical war between
Russia and Ukraine which affected to soaring prices of
major world commodities, such as crude oil, coal and
gas. The increasing price affected to overall higher global
commodities price. As a result, high inflation became
inevitable for various countries. The domino effect had
several countries to raise their benchmark interest rates
to reduce high inflation, rate such as the United States.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
As of December 2023, the United States Central Bank Decree of the Republic of Indonesia (Keppres) Number
(Federal Reserve or The Fed) raised its benchmark interest 17 of 2023 which effectively applied since June 21, 2023
rate 4x (February, March, May, and July 2023), from 4.25- concerning Stipulation of the End of the Corona Virus
4.5% in December 2022 to 5.25- 5.5% in July 2023. The Disease 2019 (COVID-19) Pandemic Status in Indonesia.
adjustment prompted several countries to also increase Therefore, the status of COVID-19 in Indonesia has
their benchmark interest rates to curb inflation and changed from pandemic to endemic. Following this
maintain prices stability. Presidential Decree, the Decree also revokes the
REPORT
MANAGEMENT
designation of the COVID-19 public health emergency
Despite the high global uncertainty, several global and revokes the designation of the non-natural disaster
institutions remained optimistic that the global economy of the spread of COVID-19 as a national disaster.
would grow in 2023. IMF had the global economic growth
projection in 2023 revised from 2.8% (YoY) to 3.0% (YoY) As the COVID-19 pandemic was lifted, economic activity
along with the easing global inflation. Not only the IMF, was recover throughout 2023. Statistics Indonesia (BPS)
Fitch Ratings also revised the global economic growth reported that despite recording negative growth when
projection from 2.4% (YoY) to 2.5% (YoY) in 2023 which COVID-19 pandemic outbreak in 2020, the national
is supported by relatively good economic resilience in economy indicated resilience and showed facter recovery
the United States, Japan and the emerging markets. The pace. By the fourth quarter of 2023, Indonesia’s
recovering global economy is also expected to continue economic growth was remain high, achieving 5.0%
until 2024, starting with the gradual easing of world (YoY), amidst global economic conditions which were
PROFILE
CORPORATE
inflationary pressures. full of uncertainty. If compared with the third quarter of
2023, Indonesia’s economic growth in the fourth quarter
of 2023 managed to grow 0.5% (QoQ).
Domestic Economy
Presentation of quarterly domestic economic growth
Based on WHO’s resolutions regarding the revocation trends from 2021 to the fourth quarter of 2023 is as
of the COVID-19 emergency status, the President of follows:
Indonesia, Joko Widodo (Jokowi) issued Presidential
DISCUSSION & ANALYSIS
MANAGEMENT
Indonesia’s Economic Growth in 2021 to 2023 (%)
Source: Statistics Indonesia
8.00%
7.08
6.00% 5.46 5.73
5.03 5.02 5.01 5.04 5.17 4.94 5.04
4.00% 3.53
2.00%
0.00%
-0.69
-2.00%
2021 2022 2023
GOVERNANCE
CORPORATE
Strong economic growth is supported by almost all Indonesia’s trade balance in December 2023 again
GDP components from the expenditure side. Household recorded a surplus of 3.3 billion US dollars. This positive
consumption grew by 2.6% (YoY) in line with increasing performance continues Indonesia’s trade balance
community mobility because the COVID-19 pandemic surplus since May 2020. With this development,
status had been lifted. Investment growth also remains Indonesia’s trade balance in January-December 2023
high in line with the improving national economy, as a whole recorded a surplus of 36.9 billion US dollars
namely 4.8% (YoY) throughout 2023. Then, government or a decrease of 32.2% (YoY).
consumption rose 3.0% (YoY) driven by a decrease in
personnel spending, goods spending, and government In terms of exchange rates, the stability of the Rupiah
spending. social assistance (bansos). Apart from exchange rate was maintained amidst the very strong
government consumption, overall exports also rose US dollar and increasing global financial market
by 8.6% (YoY) driven by a decline in exports of non- uncertainty. On December 29 2023, the Rupiah
REPORT
SUSTAINABILITY
petroleum and gas (oil and gas) goods. exchange rate was maintained at Rp15,439 per US
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 131
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MANAGEMENT
DISCUSSION & ANALYSIS
dollar, strengthening compared to the previous year, responsively to the surge in inflation at the beginning of
namely Rp15,592 per US dollar. 2023. The fairly aggressive increase in BI’s benchmark
interest rate since the end of 2022 was aimed at reducing
In terms of inflation, Indonesia’s inflation remains under the national inflation rate. In October 2023, BI raised
control at the level of 2.6% (YoY) throughout 2023, its benchmark interest rate by 25 basis points (bps) to
still moderate when compared to various countries, 6.0% to strengthen the stability of the Rupiah exchange
such as the United States with inflation of 3.4% (YoY). rate and inflation from the impact of increasing global
Indonesia’s controlled inflation rate was driven by the uncertainty at the end of 2023.
steps taken by Bank Indonesia (BI), which responded
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
FINANCING INDUSTRY
OVERVIEW
REPORT
MANAGEMENT
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
Automotive Sector
IN AUTOMOTIVE SECTOR, Domestic economic conditions that were slowly
MOTORCYCLE SALES IN INDONESIA recovering from the COVID-19 pandemic also affected
GOVERNANCE
CORPORATE
the sales in automotive sector. Such condition was
EXPERIENCED POSITIVE GROWTH. seen from the increase in motorcycle and cars sales
throughout 2023.
In automotive sector, motorcycle sales in Indonesia
experienced positive growth, after overcoming
COVID-19 pandemic and scarcity of semiconductor chip
supplies in 2022. Based on data released by Indonesian
Motorcycle Industry Association (AISI), two-wheeled
sales (wholesale) throughout 2023 booked 6.2 million
units or increased by 19.4% (YoY), compared to 5.2
million units in the same period of 2022. The motorcycle
sales record in 2023 has surely achieved AISI’s target,
where previously AISI set a minimum sales target of 5.8
REPORT
SUSTAINABILITY
million units.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 133
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MANAGEMENT
DISCUSSION & ANALYSIS
In addition, car sales (wholesale) in Indonesia achieved by the second half of 2023. The slowdown was also
1.0 million units in 2023 or decreased by 4.0% (YoY) caused by several factors such as an increase in Bank
compared to 1.05 million units in the same period of Indonesia interest rates and also slowing economic
2022. This was due to a slowdown in automotive market growth.
Motorcycle and Car Sales Growth (Wholesale) 2023 and 2022
Source: AISI & GAIKINDO
Car Sales (Wholesale)
Thousand Unit
120.0
101.3 97.0 100.0 105.4
94.3 93.2 91.3
100.0 87.1 86.2
82.7 82.2 82.7
98.5
80.0
84.1 88.9 84.4 85.3
81.0 80.5 79.9 80.4
78.9
60.0
59.0
40.0 49.7
20.0
0.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2023 2022
Motorcycle Sales (Wholesale)
Thousand Unit
700.0 633.2
615.4 575.5
537.6 588.3
600.0 534.4
529.8 514.5
493.8 475.4 572.0 483.3
500.0 439.5 524.8
509.9 516.3
400.0 443.9 450.6
427.0
300.0 368.1 354.3
326.5
296.5
200.0 248.2
100.0
0.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2023 2022
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
working capital financing. The proportion was in line
Financing Industry with the Company’s compliance to the obligations of
finance companies in increasing their contribution to
Multifinance industry financing receivables grew investment financing and working capital. Investment
13.2% year on year (YoY) in December 2023. The financing grew 9.0% (YoY) to Rp154.4 trillion in
growth in multifinance industry business was followed December 2023. Working capital financing grew
by relatively good financing quality and plenty room 15.1% (YoY) to Rp45.6 trillion.
REPORT
MANAGEMENT
for growth. This was supported by working capital and
investment financing which increased by 15.1% (YoY) Multipurpose financing grew 13.8% (YoY) to Rp245.2
and 9.0% (YoY), respectively. triliun in December 2023. In financing based on sharia
principles which consists of buying and selling financing
Multipurpose financing still becomes the largest based on sharia principles, investment financing based
segment of total financing receivables, contributing on sharia principles, as well as financing services based
52.1% to total financing receivables, investment on sharia principles on an accumulative basis increased
financing shared 32.8%, and working capital financing 32.9% (YoY) from Rp18.7 trillion in December 2022 to
contributed 9.7%. The remaining was contributed Rp24.9 trillion in December 2023. Financing Based on
from financing based on sharia principles and other OJK Approval increased by 60.9% (YoY) from Rp511
financing based on OJK approval. billion in December 2022 to Rp823 billion in December
2023.
PROFILE
CORPORATE
The growth in financing industry receivables in 2023
was contributed from investment financing and
Composition of Financing Receivables as of December 2023
Source: OJK Statistic Finance Institutions
5.0%
Investment Financing
DISCUSSION & ANALYSIS
MANAGEMENT
33.9%
Working Capital Financing
Multipurposes Financing
51.6%
Financing based on Sharia Principle
51.6%
The increase in financing receivables encouraged the financing industry increased as the industry’s net profit
increase of 13.3% (YoY) in total assets of the financing grew. The industry booked Return on Assets (ROA) of
industry to Rp552.9 trillion in December 2023. On top 5.6% in 2023. The industry’s booked an increase in
line, total industry income has increased 16.7% (YoY) to Return on Equity (ROE) of 15.0% in 2023 from 14.4%
GOVERNANCE
CORPORATE
Rp123.2 trillion throughout 2023. As top line improved, in 2022.
industry’s bottom line was also improving. Financing
industry booked a significant increase of net profit by Ability of the financing industry’s to reduce operational
13.0% (YoY) from Rp20.4 trillion in 2022 to Rp23.0 costs as represented by BOPO ratio has increased slightly
trillion in 2023. to 76.9% in 2023, which previously reached 75.6% in
2022. Gearing ratio stood at 2.26 in 2023. The financing
Financial performance condition of the financing industry industry booked Non-performing financing (NPF) of
affected several financial ratios. Profitability ratio of the 2.44% in December 2023.
REPORT
SUSTAINABILITY
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MANAGEMENT
DISCUSSION & ANALYSIS
Multifinance Industry’s NPF, ROA, ROE and BOPO Trend in 2023 (%)
Source: OJK Statistic Finance Institutions
80.0%
79.5 78.1 78.8 78.4
76.6 77.9 77.5 77.3 77.0 76.4 76.9
70.0% 76.7
60.0% 6.0%
5.8 5.8 5.8 5.8 5.7 5.8 5.8 5.7 5.8
5.7 5.7 5.6
50.0% 5.0%
40.0% 4.0%
2.6 2.7 2.7 2.7 2.6 2.6
30.0% 2.4 2.4 2.4 2.5 2.5 2.4 3.0%
20.0% 2.0%
10.0% 14.7 14.9 14.9 15.0 14.9 15.4 15.4 15.0 15.2 15.5 15.0 1.0%
15.3
0.0%
Jan Feb Mar Apr Mei Jun Jul Agu Sep Okt Nov Des
ROA BOPO NPF ROE
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
LINE OF BUSINESS
OVERVIEW
REPORT
MANAGEMENT
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
NEW YAMAHA As end of 2023, the Company booked value of new
Yamaha motorcycle financing disbursement decreased
MOTORCYCLE FINANCING by 5.4% (YoY) to Rp5.9 trillion with 240,478 units.
The decline was namely due to prolong disruption
in the supply of vehicle stock due to the scarcity of
semiconductor chips, especially for Yamaha motorcycle
(premium models).
In 2023, as an effort to maintain BAF share, the
Company implemented strategies, including focusing
on areas that contribute to BAF Share and focusing
FOLLOWING REVOCATION OF on dealers by considering the volume and quality of
GOVERNANCE
CORPORATE
financing.
COVID-19 PANDEMIC STATUS IN
INDONESIA, DIRECT SELLING In addition to optimize the use of the Customer
Relations Management (CRM) system, an initiative to
ACTIVITIES WERE CONTINUOUSLY increase repeat orders was also carried out by launching
various marketing programs such as Spontan (Instant
OPTIMIZED THROUGH SEVERAL
Motorcycle) program, which is a benefit provided to the
PROGRAMS. Company’s loyal consumers with good payment history.
The Company organized Spontan program via online
media such as e-mail & Telesales, as well as offline by
providing direct offers to consumers in collaboration with
backbone dealers. The contribution of Spontan program
has been adequate to contribute increasing repeat orders
in 2023 with an accumulative increase reaching 13.2%
REPORT
SUSTAINABILITY
from 11.6% in 2022.
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DISCUSSION & ANALYSIS
Several direct selling programs were also carried out to provide special benefits to loyal and have good sales
increase repeat order sales, such as BAF Tomo program, value dealers.
Employee Get Customer, Customer Get Customer
program, and the Company’s collaborative efforts with Recently, main focus of the Company’s financing is
Yamaha Indonesia Motor Manufacturing (YIMM) to re- customer financing for the purchase of new Yamaha
offer repeat order applications, particularly for YIMM motorcycles. The two-wheeled financing value provided
partner companies. Therefore, cooperation continues starts from a DP of 10% of the motorcycle price.
to be strengthened between the Company YIMM Financing is provided with fixed loan interest rate for a
and various dealers by utilizing integrated systems 9 (nine) to 48 (forty eight) months terms with monthly
and increasing acquisitions through alternative sales installment payments. During the financing period,
channels. As of December 31, 2023, the Company has the Company holds collateral in form of BPKB from the
established cooperation and synergy with 1,122 dealer financed motorcycle until repayment under fiduciary
partners. agreement. The consumers are required to have Total
Loss Only insurance as long as still having loan balance.
In 2023, following revocation of COVID-19 pandemic Furthermore, consumers are also offered the option to
status in Indonesia, direct selling activities were get protection through Personal Accident Insurance &
continuously optimized through several programs related Personal Accident Plus. The Company obtains consumers
to marketing in several areas to reach potential customers, from referrals and recommendations provided by
such as fleet sales, which were carried out in collaboration motorcycle dealer partners.
with dealers. Various online marketing activities were still
organized to expand the reach of potential consumers The Company is the only new Yamaha motorcycle
using the Company’s official social media accounts. BAF financing company with leading market share position
Festival became one of the activities offering attractive (BAF Share) reaching 19.9% (YoY) as end of 2023. The
promotions every month. Various promotional activities Company’s financing of new Yamaha motorcycle still
were carried out such as Yamaha Day in July, to celebrate becomes the largest contributor, reaching 53.6% of
the Company’s BAF Anniversary in September, as well as total new financing disbursement in 2023. Therefore,
various promotional activities on the Company’s social the Company is in an advantageous position to compete
media and digital platforms. with other motorcycle financing companies. Therefore,
considering unit availability which has started to improve
The Company continuously develops systems to support since the second quarter of 2023 and motorcycle sales
sustainable marketing activities to improve services which were projected to grow further in 2023, the
to consumers and dealers. In 2023, the Company has Company also expected to achieve better sales growth.
implemented one of the system developments as an effort The Company will further strengthen cooperation with
to reduce manual processes which affecting financing Yamaha dealers, strengthening dealer classification
acquisition process, such as auto-assign automation by providing more benefits for loyal dealers, and
process in the order distribution process given by dealers development of other benefits that may create a positive
to the Company. In addition, the Company is consistent impact on collaboration process between the Company
in developing the dealer classification program to and dealers.
DESCRIPTION 2023 2022
Average Financing Value (Rp million) 24.5 23.3
Average effective interest rate (% per annum) 38.0 38.6
Average financing terms (months) 27.7 28.0
Total booking (units) 240,478 267,373
Total booking (Rp million) 5,889,709 6,225,146
NPF Ratio (%) 1.13 1.09
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HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
PROFILE
CORPORATE
USED MOTORCYCLE Used motorcycle financing business line maintained its
growth in 2023. As end of 2023, value of the Company’s
FINANCING new financing for used motorcycle grew 3.0% (YoY)
from Rp399.7 billion in 2022 to Rp411.5 billion by the
end of 2023.
DISCUSSION & ANALYSIS
MANAGEMENT
In 2023, the Company continued to expand
partnership with used motorcycle dealers, focusing on
potential areas. The Company consistently intensified
cooperation with the dealers and focusing on Sumatra,
Java, Kalimantan and Sulawesi area. In 2023, additional
THE COMPANY CONTINUED TO of 83 used motorcycle dealers collaborating with the
Company. Therefore, total used motorclcye dealers
EXPAND PARTNERSHIP WITH USED reached 392 by the end of 2023.
MOTORCYCLE DEALERS, FOCUSING
Initiatives to increase sales contribution from
ON POTENTIAL AREAS. used motorcycle dealers were also being actively
implemented. In February 2023, the Company
inaugurated the first Lapak Mokas Berkualitas (LMB)
in Indonesia located in Makassar – Maros. LMB is a
business place in form of used motorcycle showroom
provided by the Company in collaboration with used
GOVERNANCE
CORPORATE
motorcycle dealers as motorcycle stock providers. The
existence of LMB will provide access for people who wish
to own a quality used motorcycle through financing.
System development in 2023 was also carried out
to improve credit application process which would
later be used by used motorcycle dealers to forward
customer credit applications to the Company thereby
the application process is faster and closely monitored.
The developments that were carried out included Digital
Calculator which helps the Credit Marketing Officer
(CMO) to simulate the credit structure calculations
required by potential consumers, so that potential
consumers will get information faster. A Market Price
REPORT
SUSTAINABILITY
Calculation system has also been implemented tha will
help to update the used motorcycle price list faster (real
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DISCUSSION & ANALYSIS
time) and provide better services to the Company’s improve their skills in handling and processing credit
partner dealers. financing, especially in used motorcycle financing line.
This also becomes a continuous learning carried out by
Despite COVID-19 pandemic has been lifted in 2023, the the Company in developing employee competence and
Company maintained the use of online media to support expertise to support business and operational processes.
marketing activities and broaden consumers coverage. The Company provides financing to purchase used
The Company engages in various online platforms such motorcycles from all Japanese brands. The financing
as Live IG by conducting talk shows introducing superior value of used motorcycle generally does not exceed
products and current promotions on the Company’s 75% of the estimated market value of the motorcycle
social media. The Company maintains full support to be purchased, paid in installments at fixed interest
the activities carried out by dealers through Tiktok, rate for a period of 12 (twelve) to 36 (thirty six) months.
Facebook, Instagram and other online social media The Company holds BPKB from the motorcycle financed
platforms by offering attractive marketing programs as collateral until repayment which is bound under
every month. This inclusive activity is expected to fiduciary agreement, during the financing period.
provide information about the Company’s quality used
motorcycle financing products to public. In the future, the used motorcycle financing business
line will be optimized, including: opening independent
As an effort to improve quality of marketing personnel used motorcycle dealers in highly potential areas such as
followed by increasing their capacity, specifically in Kalimantan and Sulawesi; intensifying online marketing
used motorcycle financing business line, the Company activities and expanding potential customers reach, and
maintains the implementation of training (refreshment continuously improving quality of marketing personnel
training), socialization and competency exams given followed by increasing capacity of the marketing
to Marketing Head and CMO levels to evaluate and personnel through continuous training.
DESCRIPTION 2023 2022
Average Financing Value (Rp million) 17.8 16.7
Average effective interest rate (% per annum) 38.6 37.9
Average financing terms (months) 29.7 28.0
Total booking (units) 23,145 23,911
Total booking (Rp million) 411.5 399.5
NPF Ratio (%) 1.19 0.80
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HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
PROFILE
CORPORATE
BAF DANA New financing distribution rose 39.0% (YoY) from Rp2.2
trillion as end of 2022 to Rp3.1 trillion at the end of
SYARIAH 2023. In terms of units, the product grew 26.8% from
188 thousand units in 2022 to 238 thousand units at
the end of 2023.
DISCUSSION & ANALYSIS
MANAGEMENT
Such condition was related to various initiatives and
strategies carried out throughout 2023. The strategy
implemented in 2023 for the Company’s consumers was
focusing to make offers with an integrated customer
journey through collaboration with CRM team, Digital
THE COMPANY’S BAF DANA SYARIAH and Telesales teams. With this customer journey, the
Company’s consumers receive different program offers
FINANCING RECORDED GOOD and offering methods at each phase. Of course, the
GROWTH IN 2023. DASYAT (Dana Syariah Tercepat) program is still the
Company’s flagship program because this program
provides very fast Dana Syariah processing services,
which. is 1 (one) hour from application entry until the
disbursement.
In 2023, the Company expanded criteria for the
consumers who are considered eligible to obtain the
GOVERNANCE
CORPORATE
Fastest BAF Dana Syariah program facility. If previously
this facility was only offered to consumers who had
completed their financing tenor, then in 2023, this
program offer covers up to consumers who still have a
maximum of 6 (six) remaining installments with good
payment criteria. By end of 2023, contribution of the
DASYAT program to the distribution of new financing in
2023 is 21.0%.
REPORT
SUSTAINABILITY
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DISCUSSION & ANALYSIS
BAF Xtra Agent also becomes still the largest application The Company maintains the improvement and system
source for acquiring new consumers. Therefore, various development process. Several system developments
activities for handling BAF Xtra Agents which include carried out in 2023 include enhancing the digital
regular visits and holding regular BAF Xtra Agent calculator, where existing customer data can be filled in
meetings are things that must be carried out by the automatically in the calculator menu, thereby minimizing
team in the BAF Dana Syariah business line at the the occurrence of data input errors. The Company
network office. Various interesting stimulating programs has also enhanced the power of attorney document
are provided to Xtra BAF. These programs include Point which has been adapted to OJK regulations as a sign
Rewards which are given every six months, trip rewards of the Company’s compliance with current regulations.
to destination both domestic and overseas up to three Enhancements were also carried out regarding the BAF
times year and other interesting campaign programs Dana Syariah disbursement service through very fast
that are tailored to the moments at a certain time. transfers (real time) because the Company utilized the
Application Programming Interface (API) with several
As of 31 December 2023, total Xtra BAF Agents has well-known banks in Indonesia.
reached approximately 53,189 people spread across
various locations in Indonesia. This number has In the future, to increase contribution of the Dana
significantly increased by 20.9% (YoY) compared to Syariah business line, the Company will continue
2022. However, the Company continues to strive to to improve the performance and productivity of
increase the productivity of Xtra BAF Agents. To increase BAF Dana Syariah agents by focusing more on
the productivity of Xtra BAF Agents, the Company implementing standardized and measurable Xtra BAF
has implemented standardized and measurable Agent management. The Company will also maintain
management of Xtra BAF Agents. To provide better sales activities by utilizing the Company’s customer
service in submitting applications from Xtra BAF Agents, database. The Company will increase sales productivity
the Company will launch a data warehouse on the in all of the Company’s network offices by standardizing
Agency Management System which will make it easier performance and structured monitoring, as well as
to manage Xtra BAF Agents and speed up the service developing ongoing training programs to prepare
process to them. In 2023, the Agency Management competent human resources.
System, which makes agency activities easier for Xtra
BAF agents, made several updates, so that each Xtra BAF Dana Syariah is one of the sharia-based service
BAF agent can monitor its performance independently. financing products for two-wheeled vehicles of various
brands which was introduced in 2016 and is available
Griya BAF Dana Syariah as a network office that in all of the Company’s branch offices. The Company
provides Dana Syariah product services to the public has obtained permission from the OJK and the National
also plays an important role in achieving 2023. In Sharia Council – Indonesian Ulema Council (DSN-
ensuring that sales targets in each network office can MUI) for a financing scheme using the Bai’wal Ijarah
be achieved, sales and sales targets are always set Muntahiyah Bit Tamlik (IMBT) Agreement at the
daily down to the Griya level. Special parameters are beginning of 2016.
applied to Griya whose sales performance was low,
and the Griya Head will be given special assistance and The financing value of the services provided can reach
coaching until it is able to catch up. This effort can be 100% based on the market value of the motorcycle
sufficient to provide an increase in sales performance seen from the condition of the customer’s motorcycle
in 2023. at the time of application, the customer’s profile, and
the customer’s track record in making payments with a
Offering and direct sales activities carried out centrally maximum motorcycle age of 10 years from the year of
through the telesales center also continued in 2023. production. Service financing is provided for a maximum
The Company maximizes sales activities and increases period of 36 months and service fees are paid every
productivity in existing network offices. By seeing the month with a fixed nominal value. During the service
huge market potential in the JABODETABEK area, the financing period, the Company holds the BPKB until the
Company has expanded its service area by placing service financing period ends. Consumers are required
several BAF Dana Syariah sales teams in areas that to have Total Loss Only insurance as long as they still
are considered to have high potential. In this way, the have a loan balance. Consumers who can obtain Dana
Company can always provide solutions and convenience Syariah facilities are individuals who have income. The
for people who want to finance BAF Dana Syariah. current method for disbursing funds can be done in cash
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HIGHLIGHTS
PERFORMANCE
at the BAF office, via post office or direct transfer to the Development of Dana Syariah for each period is
customer’s or partner’s bank account. The Company presented in table below:
obtains consumers from referrals and recommendations
provided by individual agents, corporate agents and
the Company’s business partners. The external agent is
known as Xtra BAF.
REPORT
MANAGEMENT
DESCRIPTION 2023 2022
Average Financing service Value (Rp million) 12.8 11.7
Average service financing terms (months) 17.6 17.0
Total booking (units) 238.,95 187,921
Total booking (Rp million) 3,078,273 2,215,187
PROFILE
CORPORATE
NPF Ratio (%) 0.96 0.67
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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MANAGEMENT
DISCUSSION & ANALYSIS
ELECTRONIC, GADGET, & In 2023, the Company’s electronics, gadgets & furniture
financing business line changed its strategy to focus on
FURNITURE FINANCING comfort and quality of the Company’s loyal consumers.
Despite value of new financing was decreasing compared
(MULTIPRODUCT) to 2022, the change in strategy encouraged positive
impact on improving quality and trust of loyal consumers,
thereby value of the loyal customer financing portfolio
increased to 81% as end of the year from previously
was 63%. Until end of 2023, the Company’s electronics,
gadgets & furniture financing product line recorded new
financing of Rp267.8 billion to more than 55 thousand
consumers.
The Company has carried out additional financing
acquisition channels using digital application channels.
ONE OF THE FOCUSES IN 2023 IS Not only has the use of the BAF Mobile digital application
eliminated the use of paper in the financing process,
TO INCREASE THE REPEAT ORDER but the use of social media supported by collaboration
(RO) CUSTOMER DATABASE, AND with digital partners has also been carried out by the
Company to further ease transactions for the Company’s
INCREASE COMPANY CONSUMERS loyal consumers.
(FLEET) USING THE “CUSTOMER
One of the initiatives being developed in 2023 is the
FOCUS” CONCEPT. addition of the Concent Letter feature, which is a form of
the Company’s openness to consumers, where all forms
of agreements and agreements between the Company
and consumers are contained in this additional feature.
In addition, additional notification feature for consumers
regarding the status of customer applications on the
BAF Mobile application so that consumers can see the
progress of their application status on BAF Mobile
application.
One of the focuses in 2023 is to increase the repeat
order (RO) customer database, and increase company
consumers (Fleet) using the “Customer Focus” concept.
To increase RO consumers so that they remain loyal
ROs to the Company, an approach is taken by providing
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HIGHLIGHTS
PERFORMANCE
benefit information or special programs/promos to the gadget and furniture (multiproduct) financing facilities
Company’s RO consumers. One strategy to increase can be reached at national modern outlets such as
company consumers is to continue communicating with Hypermart, Erafone, Electronic City, Hartono Elektronik,
vendors or principals regarding special programs that are and local modern outlets as well as traditional outlets.
expected to attract the interest of potential consumers As of December 31, 2023, multi-product financing were
from this segment. One of the programs is BAF Kilat, a available at 109 (one hundred and two) networks, 5
new feature that can be used to apply for financing (five) e-commerce partners, 613 (eight hundred and sixty
REPORT
MANAGEMENT
across all of the Company’s financing channels using three) national modern outlets, and 2,165 (two thousand
credit limits. Various promos such as Valentine’s promos, eight hundred and fifty four) traditional outlets. Some
Independence promos have also been carried out as a of the products financed include electronic equipment,
form of offering attractive promos in the form of low household items and furniture, gadgets, cellphones
interest, and down payments starting from zero rupiah. and laptops, bicycles, sports equipment and musical
instruments. Electronic equipment and mobile phones
The Company has collaborated with almost all modern are still the financing products most frequently financed
partners in Indonesia where Company’s electronic, by the Company as depicted in the pie chart as follows:
Multiproduct Financing Composition in 2023
PROFILE
CORPORATE
4.7%
Handphone
28.4%
18.1%
Electronic
3.5% Furniture
Others
45.3%
Computer
DISCUSSION & ANALYSIS
MANAGEMENT
Features of the electronics, gadgets and furniture can further doing transactions up to the approved credit
financing include document requirements for applying limit at the Company’s business partners using BAF
the financing only using an Identity Card (KTP) and Mobile.
relatively more affordable installments. The financing
value can be provided with or without down payment In the future, the Company will strive to develop a digital-
with a minimum value of Rp1 million and a maximum based and independent acquisition process that does
financing value of Rp15 million. The financing term is not have dependence on Sales Agents and open digital-
commonly 6 -18 months. Financing credit approval is based acquisition channels to be able to collaborate with
processed a maximum of 1 (one) day from the time the digital partners.
customer submits the application. Company consumers
with a good track record can apply for a financing limit via The following table presents the development of the
the BAF Mobile application before making a transaction Company’s financing for electronics, gadgets & furniture:
to accelerate the financing approval process. Consumers
GOVERNANCE
CORPORATE
DESCRIPTION 2023 2022
Average financing value (Rp million) 4.8 4.6
Average effective interest rate (% per annum) 60.9 57.4
Average financing terms (months) 10.7 10.0
Total booking (units) 55,748 98,819
Total booking (Rp million) 267,769 453,566
NPF Ratio (%) 3.04 2.27
REPORT
SUSTAINABILITY
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MANAGEMENT
DISCUSSION & ANALYSIS
AGRICULTURAL As end of 2023, the Company’s agricultural machinery
financing business line succesfully disbursed new
MACHINERY FINANCING financing of Rp25.3 billion or decreased 7.4% (YoY)
compared to Rp27.3 billion booked in the same period
in 2022. In terms of units, there was also a 15%
decrease, from 86 units in 2022 to 75 units at the end
of 2023. This decrease was mainly due to the impact
of El Nino which resulted in failure and late harvest
in the agricultural sector and directly proportional to
sales of agricultural machinery (machines).
IN 2023, THE COMPANY STRIVES TO Despite a decline in 2023, business development in
the plantation sector remains. This is in line with the
ACCELERATE THE TECHNOLOGY- Company’s strategy to expand its business scope not only
BASED ACQUISITION PROCESS WITH in agricultural, but also plantation sector. In 2023, the
Company expanded operational area to Palembang and
A LEVEL OF DATA VALIDITY THAT Lampung area, especially in agricultural and plantation
sectors. Therefore, as of December 31, 2023, scope of
IS IN LINE WITH CREDIT ANALYSIS
operational area for agricultural machinery financing
NEEDS. has covered 15 provinces, such as South Sumatera,
Lampung, DKI Jakarta, West Java, Central Java, East
Java, West Kalimantan, Central Kalimantan, East
Kalimantan, South Kalimantan, West Nusa Tenggara,
East Nusa Tenggara, Central Sulawesi, Gorontalo and
South Sulawesi. Various marketing programs were also
provided to consumers, such as payment schemes based
on agricultural and plantation harvest time schemes, as
well as more competitive installments.
In 2023, the Company added collaboration with new
brands such as XCMG, which is a brand that produces
heavy equipment such as excavator, mining truck, motor
grader, compactor, and wheel loader. Following the
collaboration, range of customer choices for agricultural
and plantation machinery needs were added, in addition
to the brands that have collaborated previously, such as
YANMAR, KUBOTA, NEW HOLLAND, and JOHN DEERE,
LOVOL KOTRAK and ZOOMLION.
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Since 2022, the Company has opened financing for mini As the first company in Indonesia to offer retail
excavator products as the market share for this product in agricultural machinery financing to farmers since 2013,
the plantation sector is fairly significant and resale value going forward, the Company will continue to expand
of the unit is considered good, while, the financing value scope of business in agricultural and plantation sectors
is similar to harvesting machines and tractors. Financing and accelerate processing by improving technology-
for this product has been carried out in the Palembang, based acquisition systems with a level of data validity
Lampung, East Java and South Kalimantan area. The that is in line with the credit analysis needs, as well as
REPORT
MANAGEMENT
mini excavator products offered comprising of brands, advancing acquisitions in plantation sector on Business
such as XCMG, Zoomlion, and Yanmar. to Business (B2B) basis by expanding operational area to
area with high potential in the plantation sector.
In the acquisition process, throughout 2023, the
Company seeks to increase acquisition process by The Company’s agricultural machinery financing today
improving technology-based acquisition system with a uses a finance lease scheme for a financing period of
level of data validity that is in line with credit analysis generally 25 months, 30 months or 36 months with
needs. The acquisition process has been implemented for ownership option rights at end of the lease period. The
fleet consumers. Several improvements have been made financing value generally does not exceed 75% of the
to increase the use of digital applications exceeding machine’s market value. During the financing period,
50% and had a significant impact on the speed of asset ownership was belong to the Company and will
the acquisition process. The acquisition process, which be transferred to the customer at end of the financing
PROFILE
CORPORATE
previously processed within 2 days, is now simplified to period using ownership option rights. The Consumers
5 days. HR aspects have also been improved, especially are required to have all-risk insurance as long still having
understanding the team at the field to create harmony loan balance. Damage that occurs during the financing
and insight into customer analysis from both business period becomes responsibility of the customer. To reduce
and credit sides. financing risk, since 2017, the Company has a very
selective customer selection strategy to manage credit
In addition, to maintain quality of financing, the managed.
Company maintains regular selection of financing areas
and dealers based on quality of receivables and various The following table presents the development of the
other parameters. The Company also implements an Company’s agricultural machinery financing:
installment payment pattern based on farmers’ cash flow
DISCUSSION & ANALYSIS
MANAGEMENT
predictions during the financing period they agreed, as
well as adjusted to the acquisition process and customer
requirements.
DESCRIPTION 2023 2022
Average financing value (Rp million) 337.5 317.9
Average effective interest rate (% per annum) 18.5 20.0
Average financing terms (months) 34.9 35.0
Total booking (units) 75 86
Total booking (Rp million) 25,310 27,341
GOVERNANCE
CORPORATE
NPF Ratio (%) 3.28 0.57
REPORT
SUSTAINABILITY
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MANAGEMENT
DISCUSSION & ANALYSIS
CAR As end of 2023, the Company booked total new car
financing of Rp1.3 trillion, decreased by 20.0% (YoY)
FINANCING compared to Rp1.6 trillion booked in 2022. Total unit
distribution also decreased from 8,072 units as of
December 31, 2022 to 6,772 units at the end of 2023.
The decrease was in line with the Company’s attempts
to enhance more selective acquisition process in 2023.
In addition, the challenge faced in 2023 was the
relatively stagnant car sales in Indonesia compared to
the sales in 2022.
VARIOUS INITIATIVE STRATEGIES However, various initiative strategies have been
implemented to support the Company’s car financing
HAVE BEEN IMPLEMENTED TO business line in 2023. The car financing service
SUPPORT THE COMPANY’S CAR network expansion continues to be carried out to
boost the volume of financing disbursement to broader
FINANCING BUSINESS LINE IN 2023. community while expanding the coverage area. As part
of business development, in developing new markets
in several regions, the Company also expands sales
network through point of sales by utilizing the branch
offices throughout 2023, especially in Pematang Siantar
and Lahat. By utilizing Sales Hub as the point of sales,
the Company successfully expanded sales coverage
area at such location. Therefore, as of December 31,
2023, the Company’s car financing service network has
reached 19 branches in major cities including Jakarta,
Tangerang, Surabaya, Bandung, Semarang, Yogyakarta,
Medan, Palu, Pekanbaru, Batam, Denpasar, Palembang,
Makassar, Bogor, Padang, Jambi and Samarinda.
In the marketing aspect, the Company also performs
active promotional and sales activities via partner
dealers’ social media channels, including joint
promotional activities through attractive and exclusive
special programs, thereby enabling the Company to
increase and continue to expand all segments of the
new car customer. In 2023, the Company launched
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HIGHLIGHTS
PERFORMANCE
attractive promotions such as special flower promotions Process wise, in responding to digitalization, the
at BAF, GIIAS and IIMS anniversary events, as well as Company has also carried out digital automation in
interest and affordable down payments promotions. the use of Customer Consent Letters. The Customer
Joint exhibition activities were also carried out with Consent Letter refers to an agreement to use personal
dealers, such as at the Jakarta Fair which was held from data which was previously only done manually to digital
June to July 2023 as well as exhibitions and promotions process via SMS messages to the customers.
with other dealers held in collaboration with BAF Expo
REPORT
MANAGEMENT
or BAF Fair Event. Car financing is currently focused on purchasing new
passenger cars of all brands and models, especially
Cross-selling offers to repeat order consumers were also Japanese brand. The financing value provided generally
consistently done. The contribution of repeat orders not exceeding 80% of the car’s market value. The
in 2023 compared to 2022 improved from 12.26% to Company focusing on Japanese car brands through
13.01%. dealer and e-Commerce partners. The Company’s car
financing is disbursed with a minimum down payment
In 2023, the Company also maintained the financing of (DP) of 20% with a maximum term of 5 (five) years.
electric and hybrid cars as a means of the Company’s The financing is disbursed with fixed loan interest rate
support for sustainable finance. This initiative has been for a maximum term of up to 60 months with monthly
disclosed in the Sustainability Report segment. installment payments. During the financing period, the
Company keeps the collateral in form of BPKB from the
PROFILE
CORPORATE
The Company and dealers partnership network is also car financed until the repayment is done under fiduciary
furtner expanded. The Company has added new car agreement. The customers are required to have total
dealers that have never collaborated with the Company loss only and/or all risks insurance during the financing
before, including reaching out to collaborate with new period.
car dealers, especially Toyota brand dealer groups in
Sumatra area, Honda in Jabodetabek area in line with In the future, the Company will enhance our focus on
many new models of Toyota & Honda which were electric vehicle segment to support the government
released in 2023. As of December 31, 2023, the total programs, including to focus on LCGC and LMPV
dealer partnership achieved 831 or increased by 35% passenger vehicle segments. The Company will also
from 617 dealers at the end of 2022, while collaboration continue market expansion and coverage area, including
with Brand Holder Sole Agents (ATPM) also increased various regions as part of business development for
DISCUSSION & ANALYSIS
MANAGEMENT
from previously only DFSK and Wuling to DFSK , Wuling, the Company’s car financing business lines, such
and Chery. as Kalimantan and Sulawesi areas. Repeat order
contributions will be optimized from the Company’s
As an effort to improve financing services to the existing customers, through cross-sell, as well as
productive sector through the disbursement of strengthening partnerships further with official dealers
commercial vehicle financing, the Company consistently and digital partners.
continues to provide productive financing services,
especially for passenger vehicles. The Company’s car financing growth as of December
31, 2023 is presented in table below:
DESCRIPTION 2023 2022
Average financing value (Rp million) 192.8 200.8
Average effective interest rate (% per annum) 13.0 12.9
GOVERNANCE
CORPORATE
Average financing terms (months) 57.9 56.0
Total booking (units) 6,772 8,072
Total booking (Rp million) 1,293,995 1,617,411
NPF Ratio (%) 0.60 0.31
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SUSTAINABILITY
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DISCUSSION & ANALYSIS
BAF Since launched in 2022, BAF PraDana business line has
successfully disbursed accumulative financing of more
PRADANA than Rp53 billion to more than 25,000 consumers. The
figure is considered a good achievement in the first
two years after the launching and will be consistently
developed for various improvements.
In 2023, the Company maintained Special Product
Offering (sharia-based productive financing) to Repeat
Order (RO) consumers with good payment history.
Various promotions were also carried out through the
SINCE LAUNCHED IN 2022, BAF Company’s social media and partner social media with
the same target market. To expand market coverage,
PRADANA BUSINESS LINE HAS the use of digital media and social media aims to build
SUCCESSFULLY DISBURSED communication related to products and brands.
ACCUMULATIVE FINANCING OF Implementation of the Referral program in
collaboration with BAF Mobile to maximize the use of
MORE THAN RP53 BILLION TO 25,000
BAF Points by consumers. Currently, the Company is
CONSUMERS. preparing for a more massive expansion of cooperation
with partners in the digital ecosystem. In the future,
BAF PraDana marketing will continue to be active in
acquiring the Company’s existing customers. Activity
Marketing will also focus on engaging consumers
activation aimed at new consumers
through the digital ecosystem and various social media
channels. In addition, the Company also provides
education in form of assistance for articles submitted
to BAF PraDana consumers and the society as a form
support for the financial literacy program by the Financial
Services Authority (OJK). Through this education, the
consumers are expected to receive additional related
inspiration business development through productive
financing.
The Company is currently preparing a further massive
expansion of cooperation with partners via digital
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PERFORMANCE
ecosystem. Going forward, marketing activity for BAF Development of this new financing product becomes
PraDana will stay active in acquiring the Company’s a manifestation of diversification strategy that the
existing customers. The marketing activities will also Company consistently carry out, as well as the Company’s
focus on organizing customer activation targeting contribution to the development of micro businesses in
new consumers via digital ecosystem and social media Indonesia in supporting the creation of broader financial
channels. inclusion for society, especially for micro business actors.
BAF PraDana is a solution provided by the Company
REPORT
MANAGEMENT
BAF PraDana is a financing product that is dedicated for to answer consumers’ needs for additional productive
micro business players to provide productive loans with funding for business development with financing values
Sharia principles (Mudharabah Agreement) for business from 1 million to 5 million Rupiah and maximum term
capital with affordable financing yield. Since 2022, BAF of 6 months. The consumers are allowed to submit
PraDana products has been broadly implemented and their productive funding application via BAF Mobile
fully digital via BAF Mobile with the main target market application. The proceeds can be disbursed immediately
including the Company’s existing or Repeat Order (RO) to the customer’s account after the application is
and potential new consumers with good credit track approved.
record. The product is designed as a product using digital
channel to be accessed broadly by potential consumers as The following table presents progress of BAF PraDana’s
well as provides convenience, speed, security and comfort achievements in 2023:
starting from the application process, disbursement to
PROFILE
CORPORATE
payment/settlement.
DESCRIPTION 2023 2022
Average financing value (Rp million) 1.7 2.0
Average effective interest rate (% per annum) 124.1 127.6
Average financing terms (months) 5.1 5.0
DISCUSSION & ANALYSIS
MANAGEMENT
Total booking (units) 7,745 19,844
Total booking (Rp million) 13,081 40,064
GOVERNANCE
CORPORATE
REPORT
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DISCUSSION & ANALYSIS
BAF In 2023, BAF AdiDana’s financing distribution reached
Rp14.7 billion or an increased by 37.5% (YoY) compared
ADIDANA to Rp10.7 billion in 2022. This achievement was
contributed from various initiatives and strategies carried
out throughout 2023. Although BAF AdiDana product
sales still cover Jabodetabek area, the Company’s efforts
to perform products inclusion in Jabodetabek area were
implemented appropriately.
One of the initiatives made in 2023 was
by utilizing agent contributions. Strategy
ONE OF THE INITIATIVES MADE in improving agent performance in addition to
maintain good relations with existing well-experienced
IN 2023 WAS BY UTILIZING AGENT agents, also with the implementation of Fresh Agent
CONTRIBUTIONS. Recruitment program, through this program, via BAF
AdiDana team, the Company provides education to
the public, especially the MSMEs who are not yet
familiar with business opportunities as an agent
by acquiring attractive commissions. Implementation of
Fresh Agent Recruitment program is a long-term program,
within the same year, contribution from the new Fresh
Agent Recruitment approximately 8% of the total agent
contribution. Overall, in 2023 the agent’s contribution
reached 86.57% new financing disbursement.
In addition, the Company is also starting to expand orders
through employee referrals. Efforts to improve employee
referral performance include providing intensive outreach
to all Company employees in the Jabodetabek area by
offering attractive incentive programs.
Marketing wise, the Company continues to actively
promote through communication media owned by the
Company such as social media (WhatsApp, Facebook,
Instagram, TikTok) and other social media to public, as
well as the Company’s network offices/service offices.
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Internally, the Company continuously builds systems million per debtor with a financing period of one year to
to accelerate acquisition process as well as to support five years.
performance and productivity of manpower in BAF
AdiDana business line. Going forward, the Company will selectively develop
new areas. The company will also implement supporting
BAF AdiDana is a business capital facility financing systems to accelerate processes and services to
product targeting business or productive purposes, prospective debtors and work partners. Increasing
REPORT
MANAGEMENT
and may also be disbursed in form of fund facilities for promotions via digital accompanied by programs for
consumptive use with the guarantee of Certificate of consumers and work partners will continue to be carried
Ownership or Title Certificate document Building Use. out to optimize distribution of new financing to people
Referring to Financial Services Authority Regulation in need.
Number 35/POJK.05/2018 concerning Implementation
of Financing Company Business, BAF AdiDana offers The following table presents development of AdiDana’s
financing value of Rp50 million to a maximum of Rp500 BAF for each period:
DESCRIPTION 2023 2022
Average financing value (Rp million) 143.8 161.7
PROFILE
CORPORATE
Average effective interest rate (% per annum) 20.7 20.9
Average financing terms (months) 44.9 48.0
Total booking (units) 102 66
Total booking (Rp million) 14,672 10,672
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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DISCUSSION & ANALYSIS
MARKETING &
OPERATIONAL
Marketing activities has an important role in maintaining
the Company’s position amidst competition in the digital
era. To support product sales activities, the Company
MARKETING ACTIVITIES HAS AN strives to carry out various marketing strategies and
IMPORTANT ROLE IN MAINTAINING activities consistently to continuously optimize customer
experience (CX) development as an important part of
THE COMPANY’S POSITION AMIDST the Company’s marketing strategy in the digital era to
COMPETITION IN THE DIGITAL ERA. strengthen brand equity and increase the contribution
of repeat orders (RO) by utilizing Customer Relationship
Management (CRM) system and data-based personalized
service to strengthen the brand image of the Company’s
financing products, while maintaining and increasing
customer trust.
Marketing Strategy in 2023
In 2023, in addition to offline activities, the Company
was also increasing online marketing activities to follow
the trends in marketing sector and expand the reach of
potential customers. Online sales marketing activities are
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carried out in collaboration with the business digital team organized by OJK and Multifinance Day 2023 held by the
through the Company’s various official digital platforms. Association of Indonesian Financing Companies (APPI)
The specific marketing strategy for new Yamaha to increase public financial inclusion. Inclusion activities
motorcycle financing is always adapted to PT Yamaha are also supported by various marketing publications
Motor Indonesia Manufacturing’s strategy, including carried out using the Company’s social media, through
collaborating with official dealers. the Company’s website, as well as through partners
or digital partners. Apart from that, the Company
REPORT
MANAGEMENT
In 2023, the Company organized 33 BAF Expo in also actively participates in the Gaikindo Indonesia
5 (five) different locations, such as in Pontianak, International Auto Show as well as various exhibitions
Surabaya, Pekanbaru, Makassar, Bekasi, Jakarta, Tegal, and promotions with other dealers. The promotions
Palembang, Palu, Samarinda, Padang, Luwuk, Cianjur, provided include down payment discounts, installment
Jambi, Tangerang , Garut and Bandung. This activity is discounts, low down payments, economical installments,
one of the offline marketing activities carried out by the and low interest. Innovation continues to be carried out
company to reach people who need services. so that the promotions or sales activities carried out can
be of interest to the wider community and ultimately
The Company also participated in 2023 Financial meet the targets that have been set.
Inclusion Month activities and Financial Expo (FinExpo)
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
In 2023, BAF Festival was held in periods of a certain There are 3 (three) new Yamaha Fazzio Neo motorcycle
duration, including during the Eid celebrations, BAF and 3 (three) Yamaha Grand Filano Neo motorcycle,
GOVERNANCE
CORPORATE
Anniversary in September in BAF 26th Anniversary, and as well as 20 precious metals worth 5 grams each for
various promotions at the end of the year. Apart from consumers who apply for new financing approved by
that, the Company also has the BAF Festival which the Company. This promo also applies to applications
offers various attractive promotions on the Company’s for financing for New Yamaha Motorcycle, Quality Used
financing products. Information on these promotions Motorcycle, New Cars, Electronics, Gadgets & Furniture,
can be accessed via the website, social media, or via the as well as BAF Dana Syariah. The company also presents
BAF Mobile. the #SemarakBAF26Tahun Promo with various other
attractive offers. The #SemarakBAF26Tahun promo is
As an expression of gratitude for the support of loyal valid for financing applications via the Company’s digital
consumers who have with the Company’s journey for 26 platform, the Company’s dealers/partners, as well as the
years, the Company is offering various attractive prizes Company’s network offices.
and promotions. Consumers in #CicilAjadiBAF program
during the period 1 – 30 September 2023 received the The company continues to actively offer special programs
opportunity to win attractive prizes with a total prize for repeat order consumers. One of the programs is
REPORT
SUSTAINABILITY
of 6 (six) new Yamaha motorcycle and a total prize of carried out in the new Yamaha motorcycle financing
20 (twenty) precious metals (worth 5 grams each). business line through the Spontan (Instant Motorcycle)
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DISCUSSION & ANALYSIS
program by offering it directly to loyal consumers with this tagline is one way to make it easier for the public and
good payment history conditions through collaboration consumers to recognize and emphasize the quality of the
with the dealer backbone. Various repeat order programs Company’s brand. For the Company, this tagline helps
are also carried out in other financing product lines. Until increase awareness while strengthening the Company’s
the end of 2023, the contribution of consumers from positioning strategy with other competitors. The use of
repeat orders for all financing products to the Company’s a tagline other than “Quick Process of Fast Installments”
total new financing is 41.1%. also addresses “Whatever Your Needs #CicilAjadiBAF”
as well as optimizing BAF Mobile with the campaign
Specifically for Dana Syariah products, to assist in #PakaiBAFMobileAja
introducing and marketing its products, the Company
involves individual agents, corporate agents and the In 2023, brand awareness activities continued through
Company’s business partners as intermediaries known as the Company’s website and various Company social
Xtra BAF agents. As of 31 December 2023, the number media. The Company realizes that social media is
of Xtra BAF Agents has reached around 53,189 people developing rapidly in the digital era, therefore the
spread across various locations in Indonesia. This number Company is here to be closer to consumers and
has significantly increased by 20.9% (YoY) compared society. The Company has two active Facebook Fan
to 2022. However, the Company continues to strive to Page accounts, namely the Fan Page account (@
increase the productivity of Xtra BAF Agents, namely by BussanAutoFinanceIndonesia) which is used to provide
carrying out several activities to increase the contribution all the latest information about the Company such as
of Xtra BAF, including: giving rewards to Xtra BAF agents, products, promos and events and the Fan Page account
organizing webinars for Xtra BAF which are held once a (@BAF.Indonesia) which is used to provide information
month, National in the Company’s network offices and about the Company, CSR, and Company events. In 2023
the creation of collaboration on several new partnerships. the BAF Facebook Fan Page account has been merged
into @BAF.Indonesia. The TikTok account @bafindonesia
has also become a communication channel and in 2023
Marketing Communication we initiated TikTok Live with named Ngabuburit Bareng
BAF and BAF Fun Chatting program to increase brand
The entire Company’s marketing communications awareness and brand recognition, especially targeting
activities are supported by the Communication & Gen Z and Millennials. The company also has a YouTube
Branding Division to maintain and ensure that the account BAF @bafindonesia which provides all the latest
messages conveyed by various marketing channels are information to consumers.
consistent, targeted and emphasize the Company’s
brand. In 2023 there was a change in the name of the
division from the previous Marketing Communication & Focus on Future Marketing
Branding Division to Communication & Branding. Communications
Several other initiatives in implementing sustainable The Company’s long-term marketing strategy will
marketing communications strategy in 2023 included continue to be improved to produce uniqueness so that
solid collaboration and integration with all business it becomes a differentiator compared to competitors.
and support units to support business improvement, as Various strategies will continue to be optimized, including:
well as maximizing websites and social media functions increasing in-depth understanding of customer needs;
as main information channels. Integrated marketing customer experience transformation; and strengthening
and communication strategies, as well as promotional the reliability of the Company’s customer service. With
activities, are continuously carried out so that consumers this long-term strategy, the Company can consistently
and the public can get the latest and relevant information provide products and services that increasingly have
regarding the Company’s products and services. added value and are competitive to new consumers,
including loyal consumers, thereby increasing the
Optimizing online communications is carried out by contribution of repeat orders.
optimizing the Company’s media channels such as the
Company’s website and social media accounts. From The Company always innovates to present marketing
the external side, the Company delivers products via strategies that allow achieve the Company’s sales
above the line (ATL), namely through conventional and inclusion targets. The Company continues various
media such as magazines, outdoor media or out-of- promotional programs, events and other marketing
home (OOH) advertising, and digital media. Apart from programs by utilizing various online/digital platforms,
ATL, communication strategies are also delivered below including printed and out of home media which will
the line (BTL) in the form of corporate events & sales be reviewed according to marketing potential and
marketing events. objectives. In addition, the Company strives to improve
omni-channel customer service through the BAF Mobile
All of the Company’s communication materials application, Live Chat via Line, WhatsApp Business, BAF
consistently use the tagline “Fast Process, Accurate Care, e-mail and other official Company social media.
Installments” with the hashtag #CicilAjadiBAF. The use of
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HIGHLIGHTS
PERFORMANCE
Optimization of BAF Mobile
One of the supporting applications in the marketing In 2023, the Company continued to develop BAF Mobile,
process is BAF Mobile which is available on the App where consumers can exchange vouchers on BAF mobile
Store and Google Play Store. BAF Mobile makes it easy using BAF points. BAF Points are reward points that can
for users to access various Company services, starting be used to cut installments in the BAF Mobile application.
REPORT
MANAGEMENT
from financing applications & simulations, as well as The company also periodically rejuvenates the user
information on financing tenors, contract numbers, due interface, including refreshing the appearance of the BAF
dates, online BPKB reservations and collections, to how Mobile application and re-grouping menus and features
to pay the Company’s installments through various in BAF Mobile. Apart from that, several additional
payment channels. Not only that, BAF Mobile users features have been implemented, such as Live Chat, Help
can also get information and interesting promotions Center menu, Dana Syariah Digitalization (DASYAT), and
that are currently taking place at the Company. In one other feature developments aimed at making consumers
application, users can experience the convenience of the comfortable in using BAF Mobile so that they can
Company’s services anywhere and anytime. optimize their access to the Company’s services digitally.
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
company is considered capable of maintaining brand
Marketing Awards in 2023 equity, maintaining the company’s image, and able
to create long-term loyalty. This is the third year the
In 2023, the Company received 10 awards for the success Company has received the TOP BRAND Award for the
of its marketing communications strategy. In February same category. TOP BRAND is a prestigious award for a
2023, Marketing Magazine and Frontier Group awarded brand awarded by MARKETING Magazine based on the
the Company in the 2023 Top Brand Award for “the 2 results of national research by Frontier Group in 15 big
Wheels Automotive Leasing Company Category”. The cities in Indonesia.
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DISCUSSION & ANALYSIS
In addition, the Company received the 2023 marketing was received by BAF for winning 3 awards during 2022
Excellence Awards from Marketing-Interactive with the which were organized by INFOBRAND.ID together with
title “Excellence in Media Strategy: #CicilAjadiBAF”. SWA the independent survey institute TRAS N CO Indonesia
Magazine also awarded “the Indonesia Digital Marketing related to brand awareness (“Indonesia Digital Popular
Champion 2023” to the Company with the title “Very Brand Award 2022” for the Car Financing Category,
Good” and “the Indonesia Best Brand Award 2023” to “Indonesia Digital Popular Brand Award 2022” for the
the Company with the title “Platinum” for “the Yamaha Credit Category Electronic Goods), and “the 2022 Top
Motorcycle Ownership Credit Category”. This is based on Executive Award” won by the President Director of BAF,
the results of a brand performance survey conducted by Ms. Lynn Ramli.
MARS Digital Indonesia in 7 major cities in Indonesia.
This award is a form of appreciation for the Company The awards are given as a form of appreciation to the
which is considered capable of meeting community Company which is considered successful in implementing
expectations in getting the best quality and service for a complete, interactive, and targeted digital marketing
Yamaha motorcycle ownership credit. strategy to have a sustainable existence in the world
of digital marketing. The awards mentioned above
The Indonesia Brand Champions 2023 award from encourage the Company to continue providing services
Infobrand was also given to the Company. This award and improve the Company’s brand positioning.
of new financing. Therefore, in 2023, as an effort to
Market Share (BAF Share) maintain BAF share, the Company is implementing
strategies, including focusing on areas that contribute to
The Company is the only company that focuses on BAF Share as well as focusing on dealers by considering
financing new Yamaha brand motorcycle in Indonesia. In the volume and quality of financing.
2023, new Yamaha motorcycle financing is still the largest
contributor to the Company’s financing portfolio with Financial wise, the Company’s total assets in 2023 were
market share (BAF Share) of overall Yamaha motorcycle recorded at 2.6% of financing industry assets, while the
sales as of 31 December 2023 reaching 19.9%. BAF Company’s financing receivables recorded financing
Share is calculated from the total sales of new Yamaha receivables of 2.7% of industrial financing receivables.
motorcycle by the Company towards the total sales This market share is considered significant considering
of new Yamaha motorcycle. BAF Share experienced a more than 200 financing companies active in Indonesia
decline due to continued disruption in the supply of until December 2023.
vehicle unit stock due to the scarcity of semiconductor
chips, especially for Yamaha motorcycle (premium Information regarding the Company’s market share in
models), especially in the first semester of 2023. This the last 2 years is as follows:
has had quite an impact on the Company’s distribution
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PERFORMANCE
DESCRIPTION 2023 2022
Total Assets Industry (Rp billion) 552,880 487,919
The Company (Rp billion) 14,102 13,920
Market Share to Industry (%) 2.6 2.9
REPORT
MANAGEMENT
Financing Receivables – Net Industry (Rp billion) 470,860 415,864
The Company (Rp billion) 12,840 12,713
Market Share to Industry (%) 2.7 3.1
BAF Share The Company (%) 19.9 22.1
PROFILE
CORPORATE
Surabaya, Semarang, Makassar and Medan. Until this
Marketing and Service Networks report was written, the Company also added regional
offices in Palembang, Samarinda and Manado. Regional
In 2023, the Company aligned its service/marketing offices have better service standards where consumers
network strategy and decisions to register, close and can make installment payments & settlements, collect
change addresses which are still influenced by various BPKB, as well as access to get new financing for the
conditions. There are establishments that are adjusted products currently owned by the Company. Consumers
to the Company’s internal considerations including also get facilities with a better level of comfort considering
Management considerations as well as external that regional offices are located in big cities in Indonesia.
considerations including economic conditions including With this regional office, the Company hopes to be able
existing market opportunities. Address changes have to serve consumers more quickly and easily in obtaining
been carried out both conventionally and sharia in
DISCUSSION & ANALYSIS
MANAGEMENT
financing services, where employees on duty, especially
connection with cost efficiency considerations, so the in regional offices, have been equipped with mobile-
Company decided to extend the lease for some branch based applications to facilitate service to consumers.
offices. The Company has also closed several conventional
and Sharia branch offices, including closing KSKC in line In reaching certain areas, the Company provides
with the network strategy implemented by the Company. scattered service units to facilitate access for consumers
to obtain the Company’s financing services more easily
In developing new markets in several regions as part of and quickly, known as KSKC. Therefore, until the end
business development, the car financing service continues of December 2023 the Company operates to serve
to expand its sales network through point of sales by consumers through a network of branch offices (KC) and
utilizing the presence of branch offices throughout 2023, offices other than branch offices (KSKC) spread across
especially in Pematang Siantar and Lahat. By utilizing various locations in Indonesia, consisting of 161 (one
the Sales Hub as a point of sales, the Company can hundred and sixty one) branch offices and 84 (eight
expand its sales coverage area at that location. Thus, twenty-four) offices other than branch offices.
as of December 31, 2023, the Company’s car financing
service network has reached 19 branches in major cities The Company’s marketing and service network is
including Jakarta, Tangerang, Surabaya, Bandung, categorized into 20 marketing areas, namely Bali, Bangka,
GOVERNANCE
CORPORATE
Semarang, Yogyakarta, Medan, Palu, Pekanbaru, Batam, Jabodetabekser, Jambi, West Java, Central Java, East
Denpasar, Palembang, Makassar, Bogor, Padang, Jambi Java, Kalimantan, Lampung, Madiun Kediri, Makassar,
and Samarinda. Manado, NTB, NTT, Padang, Palembang, Palu, Papua,
Pontianak, and North Sumatra & Riau. The following
As part of and to improve excellent service, the Company graph presents details of the Company’s branch offices
has regional offices spread across several large cities and houses based on marketing areas as of December
which are provincial capitals, namely Jakarta, Bandung, 31, 2023 are as follows:
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DISCUSSION & ANALYSIS
In deciding the opening of a network office, the Company
always considers market potential, supervision needs Operational
and dealer demand. In general, the Company will open
small network offices in the initial stages because the In maintaining the Company’s business performance,
investment costs are relatively lower, and the capacity including ensuring that the Company’s operations
will gradually increase along with the growth in the continue well at the head office and in network offices,
number of consumers and sales volume. The company the Company has carried out various strategic initiatives
can also immediately open a full-scale network office if in the operational sector in order to support the
it is assessed that there is significant potential demand. Company’s strategic policies comprehensively starting
The opening of a large-scale network office will be from systems, human resources and organization.
equipped with a complete organizational structure to Supported by Operation Strategic & Development and
facilitate supervision over an area and provide better Operation Support Divisions as well as the collaboration
services for consumers. Dealer partners are also eligible of various divisions, various strategic initiatives in the
to submit requests to open network offices which will be operational sector have been carried out to maintain the
reviewed by the marketing team both in terms of market Company’s business performance and competitiveness
potential and dealer commitment. in the financing industry.
In the future, the Company plans to open KSKCs In order to streamline business processes, the Company
spread across Kalimantan, Sulawesi and East Java. has centralized operations both through back office
This is expected to be able to contribute more to the centralization for operational activities and credit
achievement of new financing distribution. The Company administration as well as transactions through branch
also plans to change addresses in line with the end of offices, such as centralizing document delivery to
the lease period for several network offices in the form consumers, centralizing the credit analysis process (credit
of the Company’s branch offices and offices other than center), and others. The entire application approval
branch offices. For closure, the Company plans to close process is centralized at the Company’s credit center
the Pamekasan branch office. Plans for developing and/ which is currently located in 2 (two) locations, namely
or changing the Company’s office network will always be Jakarta and Surabaya. The operation of this Credit Center
adjusted to developments in the company’s conditions is aimed at speeding up the credit approval process while
in 2024 by prioritizing digitalization and centralization in improving credit quality.
providing the best service to consumers.
In order to speed up the process and facilitate control
The focus of the network strategy in 2024 is to maximize regarding the booking process, the Company has also
the potential of existing network offices in providing implemented national centralization of the booking
the best service to consumers according to the needs process which is carried out at the Company’s head
of existing products and providing the best service to office for financing products such as New Yamaha
consumers. The company will also optimize digitalization Motorcycle Financing, Used Motorcycle Financing and
in providing the best service to consumers. BAF Verse, Car Financing. Centralization of document delivery in the
which was developed in 2023, will also continue in 2024 form of welcome letters to new consumers, operational
to provide various conveniences that can be accessed warning letters and obligation settlement notification
by consumers, such as products and services, financing letters (SPPK) has also been centralized at the head
information and other features. office, where the process of sending these documents is
carried out using digital media (WhatsApp Business and
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email). Apart from that, monitoring of billing activities • e-wallet payments can be made to Ovo, Dana, LinkAja
has also been carried out using the Mobile Collection • Cash through the Company’s collection officer
System (MCS) which is also used for receiving installment
payments which has been integrated with the core In 2023, payment receipts via online payments reached
system. 84.7% or have increased compared to year 2022 which
only reached 82.8%.
The company is also responding to digitalization by
REPORT
MANAGEMENT
optimizing the receipt of installment payments from The process of retrieving BPKB is now also easier with
consumers via online such as virtual bank accounts, the availability of 2 features that can be done via the
payments via mobile and internet banking, as well BAF Mobile application. First, queuing to collect BPKB at
as payments via e-commerce. To date, the activity network offices can be done via the online reservation
of receiving installment payments from consumers is feature via the BAF Mobile application. So that consumers
through several methods through: can know the probability of collecting BPKB on the day
• branch offices and PT Pos Indonesia; and time that has been recorded so that they don’t have
• payment agents who have collaborations with to queue for long. Second, sending/delivery of BPKB can
companies such as BCA, BNI, BRI, Mandiri, Bank be done via the BPKB Via Courier feature where BPKB will
Papua, Tektaya, Fastpay, Arindo, Uang Kita, be sent to the customer’s home address and the delivery
• retail trade outlets such as Alfamart, Alfamidi, Alfa process can be monitored by the customer.
Express, Indomaret, Dan+Dan, Ceriamart
PROFILE
CORPORATE
• e-Commerce such as Tokopedia and Bukalapak and
Shopee
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
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DISCUSSION & ANALYSIS
HUMAN
RESOURCES
Solid cooperation and employee involvement become
essential aspects in achieving the Company’s
performance. In 2023, various initiatives have been
SOLID COOPERATION AND carried out to encourage employee involvement through
EMPLOYEE INVOLVEMENT BECOME various employee activities. One of the initiatives to build
more harmonious relationship between the Company
ESSENTIAL ASPECTS IN ACHIEVING and employees is to maintain Fit for Growth program
THE COMPANY’S PERFORMANCE. that was initiated in 2022. In 2023, Fit for Growth
focuses on the Physical & Emotional Health program
aiming to ensure that all employees, consumers, and
partners businesses can grow and be healthy together
for a better life.
The Physical & Emotional Health Program is centered to
improve physical and emotional health of employees as
presented in initiatives, as follows:
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Pojok Kayuh Pojok Sehat Pojok Curhat
Inviting head office and branch Inviting all employees to Inviting employees to concern
office employees to actively concern physical health mental health of employees,
move by walking/running/ through education and the use co-workers and families through
cycling. of health testing equipment various educational webinar
(glucometers and tensimeters) programs and psychological
available in every Company assistance by professional
office. psychologists for employees in
need.
PROFILE
CORPORATE
In addition, following the lifting of COVID-19 as strategic initiatives in managing succession of
pandemic status, the Company has reactivated BAF key positions and ensuring availability of talented
Club comprising of various sports activities such as employees based on the Company’s needs. Therefore,
Badminton Club, Futsal Club, Exercises Club (Yoga, the Company carries out a selective recruitment process,
Zumba, Poundfit), E-Sport Club and Music Club. Details a comprehensive selection system, and adequate
of employee activities can be seen in the Company’s infrastructure to attract the best talent. The recruitment
sustainability report. process carried out by the Company in HR fulfillment
process is carried out both from internal (high achieving
DISCUSSION & ANALYSIS
MANAGEMENT
In 2023, COVID-19 pandemic status has been officially employees) and external sources. One of the external
revoked by the Government. However, implementation recruitments in 2023 is to keep developing young
of the Work From Home (WFH) and Work From Office talents through management trainee programs in
(WFO) work systems were continued, especially at several aspects, such as:
Head Office by ensuring that operational activities was • Technology Associate Program with technology
running properly according to applicable regulations. specialization for 1 person
Implementation of this work system is always be • Management Development Program with 2 people
evaluated and adjusted to current developments. specializing in data analytics
• Management Development Program with 2 people
In line with the commitment to create a productive specializing in Collection
work environment and better employee engagement,
as end of 2023, the Company organized another In building strategic collaboration with higher education
Employee Engagement Survey on 1 November 2023 institutions to have easier access the best talents from
– 3 November 2023 involving all of the Company’s universities in Indonesia, especially to fulfil manpower
permanent employees. The survey aimed to examine needs in business and business support areas, the
level of cooperation between units within the Company, Company has collaborated with leading educational
GOVERNANCE
CORPORATE
satisfaction, and other things, as a continuous institutions. Such collaboration includes job fair and
improvement effort to increase employee engagement webinars. In 2023, through the Human Resources
and satisfaction in working at the Company. Overall, Management Division, the Company organized 5 job
results of the Employee Engagement Survey in 2023 fairs and 8 career-related webinars, in collaboration with
have improved compared to the previous year, from 83 institutions/universities such as Sampoerna University,
in 2022 to 84 in 2023. University of Indonesia, Gadjah Mada University,
Multimedia Nusantara University, as well as several
other universities and educational institutions.
Recruitment and Talent
The Company continuously expands cooperation with
Along with the Company’s growth, fulflment of various educational institutions including various
quality human resources is consistently carried out kind of activities such as internship programs, career
by emphasizing transparency, fairness and equality consultations and achievement pathways. The Company
principles. HR fulfillment is done through internal has also collaborated with third parties in providing
REPORT
SUSTAINABILITY
rotation, external recruitment, as well as implementing labor and outsourcing companies are still being carried
talent and young talent development programs out to obtain talent according to the specified criteria
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DISCUSSION & ANALYSIS
and time. This collaboration includes providing labor for
billing, marketing, administration and general services Technology Support
to support the realization of effective and efficient
business processes. In strengthening human resources information system,
the Company continues to enhance Digital Employee
In 2023, the Company has also started a talent Assistant (DEA) to increase employee accessibility.
development program to meet succession needs at DEA can be used by employees to obtain information
the division head and department head levels based about employment. The enhancements carried out in
on competency. The talent development program 2023 include renewal of information about benefit
was initiated with an identification, moderation and and SOP for employees.
assessment process to determine development needs. A
talent development framework that has been adapted In 2023, the Company will continue to develop
to the organization needs has also been established and employee system to further reduce administrative/
started to be implemented this year. manual work and integrated. This employee system
combines several systems that are still separate into
Manpower performance management was carried out one integrated and up-to-date system. This system
at early 2023 in form of preparing annual work targets was launched on January 15, 2024 called HARPA. This
and continued with target monitoring carried out by system can accommodate all employee needs, starting
each relevant division. The preparation of monitoring from attendance, benefits, performance appraisals and
work targets continues to be carried out on an ongoing various other employee activities and administration.
basis and is expected to direct and motivate employees This system can be accessed by employees both from
to achieve the best performance. desktop or mobile phones.
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2023 has covered more than 400 topics and 56
Training and Development e-Learning topics. The Company has provided various
training based on training needs analysis or training
Education and training programs provided in 2023 refer needs assessment (TNA), which consists of hard skills,
to integrated programs designed to develop individual, soft skills and regulatory training. Overall, total of
managerial and leadership competencies as well as 100% of employees have participated in training with
specific functional and technical competencies needed the average number of training hours is 19.37 hours
REPORT
MANAGEMENT
to support the main business goals. It is hoped that per employee. Detail information regarding training
employees can provide good quality work with high and development can be seen in the sustainability
alignment in compliance and risk management. report.
In order to enhance leadership abilities employees, In 2023, learning/training methods will still be carried
Leadership Curriculum which has been launched in out using in-class/offline and virtual/online methods.
2022 followed by 2023 with broader participants, The Company also uses a Learning Management System
starting from Division Head to Head Level. Around 1,896 (LMS) to ease employees accessing the materials and
participants has attended various trainings in Leadership carry out self-learning. Continued use of LMS improved
Curriculum in 2023 or around 17 times compared to through the launching 21 topics mandatory and 35
2022. non-mandatory topics that can be done accessed at
any time and anywhere by employees. In addition,
PROFILE
CORPORATE
Manifestation of trainings that have been carried out the Company has also provided access to world-class
in 2023 includes improving technical and non-technical learning through the UDEMY Business platform to
capabilities of employees through various intensive provide 24 thousand learning topics to 100 people at
external and internal training using external and division head level and selected department heads.
internal sources. Employee development program in
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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Future employee development strategy will continue Company, so that the Company can have superior
previous years strategy by integrating development performance and maintain business continuity
needs with the Company’s business continuity strategy. and hae a more dynamic development. Employee
The employee development program is carried out from development program plan will always be designed
the moment the employee joins, during the period of based on competency to help employees optimizing
service until before the employee’s retirement period their potential as well as able and competent to work
at the Company. The employee development program appropirately and increase loyalty to the Company.
will focus in creating sustainable human resources Employee development program plan will also always
with high competence and ready to deal with future be integrated with talent management thereby each
business challenges by encouraging the acceleration of development program provided can provide targeted
digital capabilities and sharpening employee business benefits and be able to encourage acceleration of
abilities through training programs, exposure and direct employee potential.
experience in the workplace.
As the initiative to build the capacity to provide labor
The employee development programs implementation in achieving the Company’s long-term strategy, the
strategy still adapts hybrid method of face-to-face and Company will continue various initiatives, including:
online methods with the support of the BAF Learning (a) Management Trainee program, which is focused
(Learning Management System) learning platform. This on manpower needs fulfilment at the head office
combination is believed to be the best implementation and the network which focuses on providing talent
method by considering the situation and location of in information technology (IT), digital, operational
employees spread across the network offices. Through and other fields according to the Company’s needs;
the Learning & Development Division, the Company will (b) strategic collaboration with higher education
continue to improve the quality and methods of training institutions to easier access the best talents from
so that it can provide ease of learning and can produce a universities in Indonesia, especially to meet workforce
significant learning impact on the Company’s business. needs in the Company’s business and business support
areas, including collaboration with third parties in
providing staff work and also outsourcing companies
Future Plan in improving business processes to be more effective
and efficient; and (c) use of various recruitment tools,
Digital transformation has become focus of business such as recruitment on campus, at course institutions
players thereby through a planned employee or training service providers and the use of digital
development program is expected to achieve the goal platforms.
to create human resources with added value for the
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INFORMATION
TECHNOLOGY
REPORT
MANAGEMENT
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
Information technology development in the Company
is continuously carried out to ensure provision of quality
services based on reliable and innovative information
THE COMPANY STRIVES TO technology, as a driving factor for the development of
ENHANCE CURRENT BUSINESS efficient and effective business processes, and in line
GOVERNANCE
CORPORATE
with the Company’s long-term goals. Therefore, the
PROCESSES BY OPTIMIZING THE USE Company strives to enhance current business processes
OF INFORMATION TECHNOLOGY by optimizing the use of information technology and
developing digital services, in line with customers’
AND DEVELOPING DIGITAL needs, as well as developments of Indonesian financial
industry.
SERVICES.
Focus and Strategic Policy for
Information Technology Development
in 2023
Focus of the Company’s information technology in
2023 was to continue development of existing business
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SUSTAINABILITY
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DISCUSSION & ANALYSIS
support systems/applications to support digitalization In addition, to improve data security, the Company
in improving the Company’s operational effectiveness has applied Cyber Threat Intelligence which aims
and productivity. to mitigate/respond promptly in the event of data/
information leaks. The system is highly useful in
BAF Mobile is one of application development to supporting data/information security operations for
support digitalization and business. BAF Mobile faster response and is currently caried out regularly.
provides service accessibility and convenience for BAF
Friends (BAF customers) in submitting financing and Infrastructure wise, especially in information technology
other financing services applications. In 2023, the services improvement area, the Company strives to
Company continuously developed BAF Mobile, where increase network capacity and quality including server
the customers are able to redeem vouchers on BAF capacity, as well as improving performance of storage
mobile using BAF points. The Company also revamps system and data processing to support business and
user interface periodically, including refreshment on BAF data digitalization needs. This was done, namely by
Mobile application layout and re-grouping menu and rejuvenating servers and network devices in the Data
features in BAF Mobile. In addition, additional features Center. The Company has also increased network
have also been added, such as Live Chat, Help Center capacity and quality, especially at network offices in
menu, Dana Syariah Digitalization (DASYAT), and other Eastern Indonesia Region throughout 2023.
feature developments dedicated for the customers’
convenience in using BAF Mobile thereof will optimize The Company has implemented Multi Factor
their access to BAF Services using digital platform. Authentication for VPN use for mobile device users who
use external networks considering data security as a vital
In supporting financing services expansion initiative, aspect. This becomes a system mechanism to protect
in 2023, the Company developed basket financing or safeguard the Company’s security system. Security
application ass a service for customers by utilizing credit standards improvement is also carried out through
limits to purchase goods/products in one transaction via Security Firewall Policy Management to ensure the
a digital platform and connecting with digital partners. management and regulation of firewall policies related
Development of this application is still ongoing and is to the Company’s firewall infrastructure security.
expected to be introduced in 2024.
In 2023, the Company also developed systems to Information Technology Human
support Human Resource Management needs. The Resource Management and
Company is developing employee system to further Development
reduce and integrate administrative/manual works. This
employee system combines several separated systems Implementation of information technology governance
into one integrated and up-to-date system. This system in the Company is continuously improved and evaluated
can accommodate all employee aspect needs starting periodically both in terms of policy and procedure by
from attendance, benefits, performance appraisals considering mitigation of new risks and challenges
and other employee activities and administration. based on the information technology developments.
This system can be accessed by employees both from Implementation of information technology governance
desktop and mobile phone. in the Company is managed through the role of IT
Operation, IT Strategic Planning & Innovation and IT
In addition, development of other business support Business Technology Solution departments in providing
systems was also carried out, including simplification security guidance, managing information technology
of processes in the existing system. The Company is risks and information technology governance while still
currently developing new systems on the business considering the requirement to achieve the Company’s
support unit, such as Whistleblowing System business plan.
development, replacement of taxation system to
support functions in Accounting & Tax. Sustainable IT development is always be carried out
by implementing good IT governance and ensuring
its implementation has complied with POJK No. 4/
Information Technology Systems and POJK.05/2021 concerning Implementation of Risk
Infrastructure in the Company Management in the Use of Information Technology by
Non-Bank Financial Services Institutions and SEOJK No.
In 2023, the Company strengthened cyber security as 22/POJK.05/2021 concerning Implementation of Risk
well as improve governance and information technology Management in the Use of Information Technology by
security standards. The Company has obtained ISO Non-Bank Financial Services Institutions and supported
27001 certificate regarding Information Security by a competent IT organization. In 2023, the Company
Management System in June 2023, which becomes a has also appointed Data Protection Officer (DPO)
set of standards and procedures related to information according to Law on Personal Data Protection. The DPO
security and control that enable the businesses to will perform personal data protection function. In 2023,
implement appropriate security. the Company also attempted to ensure compliance
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PERFORMANCE
with Financial Services Authority Regulation (POJK)
Number 6/POJK.07/2022 concerning Customer and Future Information Technology
Public Protection in Financial Services Sector. Development Plans
To ensure a more focused information technology In 2024, the Company will focus on cyber security
management, the Company has appointed a Director and data governance acceleration. The Company
in charge to manage information technology in realizes the importance of further strengthening the
REPORT
MANAGEMENT
the Company. The Company also has established security and protection of customers data in line with
an Information Technology Steering Committee. implementation of the Law on Personal Data Protection.
The Information Technology Steering Committee is Data security will also continue to be optimized by
responsible for overseeing technology and information strengthening database management.
risks, as well as any regulatory and compliance risks
related to technology and information risks within the
Company. This committee is also responsible to support Implementation of good and effective IT governance is
and oversee IT investment, ensure that IT has been surely important to ensure that all IT activities can play
aligned with overall IT direction, IT plans and long-term optimum role in supporting the Company’s business
capital investment decisions, ensuring compliance with goals achievement. Therefore, IT Security Risk and
IT strategy and roadmap, as well as review, set priority Governance Department is expected to faster accelerate
and support IT projects in the Company. Detailed and monitor data governance in the Company.
PROFILE
CORPORATE
information regarding implementation of Information
Technology Steering Committee’s duties is disclosed in Absolute infrastructure strengthening is carried out,
Committee under the Board of Directors section. especially in improving information technology services
by increasing network capacity and quality including
To support acceleration of the digitalization process, server capacity, as well as strengthening data storage
the Company also has established a Digitalization and processing to support business needs and data
Committee. This committee has a role to accelerate digitalization.
digitalization process and implementation to
support business activities or processes to increase BAF Mobile will strive to be optimized as a platform
the Company’s competitiveness and optimizing to ease the customers in accessing the Company’s
the Company’s services to the society and business financing services in the digital era. Development of
other systems through enhancement will always support
DISCUSSION & ANALYSIS
MANAGEMENT
partners. Detailed information about implementation of
Information Technology Committee and Digitalization business operations and to be more efficient.
Committee duties is disclosed in Committee under the
Board of Directors section.
Future challenges will be greater along with the rapid
The Company always considers information technology changes in the digitalization. Therefore, the Company
as a strategic competency in business. Therefore, human continuously information technology systems to
resource development in information technology support business activities with various strategic steps
becomes an important factor in the success of IT planning as planned in the IT roadmap for the next 5 (five)
and management in the Company. The Company strives years that becomes direction of IT development in
to improve HR competency in information technology the Company. Through IT Operations Division, IT
thereof capable to act as a success factor in planning Strategic Planning & Innovation and IT Business
and managing the Company’s information technology, Technology Solution, as well as collaboration with the
including providing innovative ideas that are in line Digital Business Division, development of information
with digital development in the financing industry. This technology systems will surely continue to be in line
considers current business growth through digitalization with the Company’s business and operational direction.
that requires innovation and creativity in redefining the
GOVERNANCE
CORPORATE
Company’s business strategy and culture.
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SUSTAINABILITY
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DISCUSSION & ANALYSIS
FINANCIAL
REVIEW
Total Assets
SOLID COOPERATION AND The Company’s total assets increased by 1.3% (YoY)
EMPLOYEE INVOLVEMENT ARE from Rp13.9 trillion as of 31 December 2022 to Rp14.1
trillion as of 31 December 2023. This increase was mainly
IMPORTANT ASPECTS IN ACHIEVING driven by an increase in the Company’s total financing
receivables - net which also increased by 1.0 % (YoY)
COMPANY PERFORMANCE
from Rp12.7 trillion as of 31 December 2022 to Rp12.8
trillion as of 31 December 2023.
Cash and banks experienced an increase of 22.2% (YoY)
from Rp273.3 billion as of 31 December 2022 to Rp334.0
billion as of 31 December 2023.
Net other receivables also increased by 80.8% (YoY) or
Rp54.2 billion from Rp67.1 billion in 2022 to Rp121.3
billion in 2023, due to increase in financing receivables
from collateral.
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On the other hand, the Company’s derivative receivables in December 2023 recorded at Rp63.3 billion or down 50.7%
(YoY) from Rp128.5 billion in 2022. This was due to currency fluctuations in USD during 2023, but at the end of the
year there was a decrease in the Central Bank of Indonesia middle rate from Rp15,731/USD to Rp15,416/USD.
I N M I L L I O N RUPIAH
REPORT
MANAGEMENT
DESCRIPTION 2023 2022
Cash on hand in banks 334,038 273,255
Financing receivables – net 12,839,773 12,712,918
Derivative receivables 63,341 128,527
Other accounts receivable – net 121,309 67,101
Advances 31,562 30,506
Prepaid expenses 36,155 31,042
PROFILE
CORPORATE
Property and equipment – net of accumulated 337,533 336,868
depreciation
Computer software – net of accumulated amortization 77,181 81,778
Deferred tax assets 230,556 227,003
Right-of-use asset - net 28,053 27,906
Other assets 2,494 2,605
DISCUSSION & ANALYSIS
MANAGEMENT
Total Assets 14,101,996 11,984,536
Accrued expenses decreased 12.7% (YoY) from Rp360.2
Total Liabilities billion as of 31 December 2022 to Rp314.4 billion as of
31 December 2023. The Company’s tax debt also fell
The Company’s total liabilities increased slightly by 0.2% 37.8% (YoY) from Rp87.7 billion as of 31 December 2022
(YoY) from Rp11.36 trillion as of 31 December 2022 to to Rp54.5 billion as of 31 December 2023.
Rp11.38 trillion as of 31 December 2023. This is due to
an increase in bond debt that issued in 2023. On the other hand, the Company’s other debts recorded
to have increased by 15.0% (YoY) from Rp235.5 billion
The Company’s bank debt as of 31 December 2023 as of 31 December 2022 to Rp270.7 billion as of 31
GOVERNANCE
CORPORATE
was Rp5.7 trillion or down 10.9% (YoY) from Rp6.4 December 2023 in connection with increase in new
trillion as of 31 December 2022. The Company issued financing at the end of 2023.
Shelf Registration Bond II Bussan Auto Finance Phase
III series A and series B in 2023 amounting to Rp401 Post-employment benefits liabilities recorded at Rp165.7
billion and Rp841 billion respectively, as well as an Shelf billion as of 31 December 2023, an increase of 20.5%
Registration Bond II Bussan Auto Finance Phase IV in (YoY) from Rp137.5 billion as of 31 December 2022, due
2023 amounting to Rp458 billion. Thus, the Company’s to a decrease in benefit payments during 2023 compared
bond debt as of December 31 2023 will be Rp4.9 trillion to 2022.
or an increase of 17.7% (YoY).
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DISCUSSION & ANALYSIS
I N M I L L I O N R U PIAH
DESCRIPTION 2023 2022
Bank loans 5,687,175 6,381,483
Derivative payables 14,910 6,890
Taxes payable 54,524 87,678
Other account payable 270,699 235,456
Accrued expenses 314,410 360,242
Bonds payable 4,873,687 4,141,274
Lease Liabilities 3,509 6,102
Post-employment benefits obligation 165,704 137,544
Total Liabilities 11,384,618 11,356,669
by the Company. The Company’s retained earnings
Total Equity balance increased 6.5% (YoY) from Rp2.0 trillion as of
31 December 2022 to Rp2.2 trillion as of 31 December
The Company’s total equity increased by 6.0% (YoY) 2023.
to Rp2.7 trillion as of 31 December 2023 from the
previous Rp2.6 trillion as of 31 December 2022. This The Company’s other comprehensive income improved
increase was mainly due to adjustments to the retained 39.7% (YoY) from negative Rp58.0 billion on 31 December
earnings balance in connection with the profit recorded 2022 to negative Rp35.0 billion on 31 December 2023.
I N M I L L I O N R U PIAH
DESCRIPTION 2023 2022
Capital stock 353,571 353,571
Additional paid-in capital 235,858 235,858
Other comprehensive income (34,964) (58,031)
Retained earnings 2,162,913 2,031,442
Total Equity 2,717,378 2,562,840
written off, fines for accelerated contract termination,
Revenue etc. increased 5.4% (YoY) from Rp4.2 trillion as of 31
December 2022 to Rp4.5 trillion as of 31 December
The Company’s revenue increased by 5.3% (YoY) to Rp4.6 2023. The contribution of customer financing revenue
trillion as of 31 December 2023 from Rp4.3 trillion as of reached 98.0% of the Company’s total revenue.
31 December 2022. This revenue growth was mainly due
to an increase in financing income in the form of interest The Company’s other income, which the majority comes
income from financing activities. from financial inclusion activities, rose 3.9% (YoY) to
Rp89.1 billion from Rp85.8 billion as of 31 December
Customer financing income consisting of interest 2022. The contribution of other income reached 1.9% of
income from financing activities, interest income from the Company’s total income.
late payments, recovery of receivables that have been
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I N M I L L I O N RUPIAH
DESCRIPTION 2023 2022
Financing income 4,476,998 4,248,826
Interest income 2,804 2,279
REPORT
MANAGEMENT
Other income 89,060 85,752
Total revenues 4,568,862 4,336,857
Expense General and administrative expenses increased by 10.1%
(YoY) to Rp869.6 billion in December 2023 from Rp790.1
The Company’s total expenses in December 2023 billion in December 2022. This increase was mainly due to
PROFILE
CORPORATE
recorded at Rp4.1 trillion, an increase of 21.7% (YoY) an increase in professional services fees, depreciation and
from Rp3.4 trillion in December 2022. This increase was amortization costs, and commission costs. and billing.
mainly due to provision for credit losses, interest and
financing expenses, as well as general and administrative Salary and allowance expenses experienced a slight
expenses. decrease of 0.3% (YoY) to Rp559.2 billion as of 31
December 2023 from Rp560.8 billion as of 31 December
The Company’s provision for credit losses increased by 2022. The Company’s marketing expenses also
43.2% (YoY) to Rp1.9 trillion as of 31 December 2023 decreased by 41.9% (YoY) from the previous Rp49.2
from Rp1.4 trillion as of 31 December 2022. This increase billion as of 31 December 2022 to Rp28.6 billion as of
was mainly due to uncertain macroeconomic conditions. 31 December 2023 due to an optimization of digital and
online marketing.
DISCUSSION & ANALYSIS
MANAGEMENT
Interest and financing expenses increased by 16.7%
(YoY) from Rp589.6 billion as of 31 December 2022 to
Rp687.9 billion as of 31 December 2023. This increase
was mainly due to an increase in bank loan interest
during 2023.
I N M I L L I O N RUPIAH
DESCRIPTION 2023 2022
Salaries and allowances 559,173 560,813
Provision for credit losses 1,936,909 1,352,121
Interest and financing charges 687,872 589,595
General and administrative 869,620 790,083
GOVERNANCE
CORPORATE
Loan arrangement and guarantee fees to related parties 8,114 17,836
Marketing 28,568 49,157
Total expenses 4,090,256 3,359,605
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 173
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MANAGEMENT
DISCUSSION & ANALYSIS
Profit/loss before Tax and Income Tax Net Profit/loss for the Current Year
Expense and Total Comprehensive Profit for the
Current Yea
As a result of the matters explained above, in December
2023 the Company recorded a Company profit before The Company recorded a profit for the year of Rp370.6
tax of Rp478.6 billion from previously recording a billion in December 2023, down 45.8% from December
profit before tax of Rp977.3 billion in December 2022. 2022 which recorded a profit of Rp683.1 billion. In
In line with recording profit before tax, the Company December 2023, the Company also recorded total
also recorded income tax expense of Rp108.1 billion in comprehensive profit for the year of Rp393.6 billion,
December 2023 from previously recorded income tax decreased 38.5% (YoY) from Rp640.1 billion in December
expense of Rp294.2 billion in December 2022. 2022.
I N M I L L I O N R U PIAH
DESCRIPTION 2023 2022
Profit before tax 478,606 977,253
Income tax expense (108,054) (294,162)
Profit for the year 370,552 683,091
Other comprehensive income
Items that may be reclassified subsequently to profit
or loss:
Remeasurement of the post-employment benefit (7,369) 8,072
obligation, net of tax
Items that may be reclassified subsequently to profit
or loss:
Unrealized (loss) gain on fair value or derivative 30,436 (51,013)
financial instruments hedging reserve, rent of tax
Total other comprehensive income for the year – net
of tax 23,067 (42,941)
Total comprehensive income for the year 393,619 640,150
and other operating activities amounting to Rp823.7
Cash flow billion. Cash expenditures for this period were mainly
used for payment of financing transactions amounting
Cash Flow from Operating Activities to Rp11.4 trillion, payment of salaries and allowances
Net cash flows obtained from operating activities consist amounting to Rp579.9 billion, general, administrative
of cash received from financing transactions, and interest and marketing expenses amounting to Rp828.3 billion.
on late payments, accelerated settlements and other
operating activities, while cash outflows are mainly Cash Flows from Investing Activities
used for financing transactions, payment of salaries and Net cash flow used for the Company’s investment
allowances, and payment of general, administrative and activities amounted to Rp104.5 billion as of December
marketing. 31, 2023, consisting of additional fixed assets and
computer software amounting to Rp58.2 billion, advance
Net cash flow used for operating activities amounted to payment for the purchase of fixed assets and computer
Rp944.9 billion as of 31 December 2023, consisting of software amounting to Rp27.3 billion, and debt payments
cash receipts from financing transactions amounting to arising from intangible assets amounting to Rp5.7
Rp13.1 trillion, interest for delays, accelerated repayment billion. Meanwhile, cash flow obtained from investment
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
activities consisted of interest receipts of Rp2.8 billion, as amounting to Rp675.6 billion, payment of dividends
well as proceeds from the sale of fixed assets of Rp317.4 amounting to Rp239.1, and payment of bond issuance
million, where the sale of fixed assets was in the form of costs amounting to Rp6.2 billion.
motorcycle, genset, laptop, AC, and others to support the
Company’s operating activities. In 2023, the Company will also pay off several maturing
bonds and sukuk, namely Shelf Registration Bond I Phase
Cash Flow from Financing Activities I of 2020 amounting to Rp100 billion, Mudharabah
REPORT
MANAGEMENT
Net cash flow obtained from financing activities Bonds I Phase I of 2020 amounting to Rp15 billion, Shelf
amounted to Rp779.6 billion as of 31 December 2023, Registration Bond II Phase II Series A of 2022 amounting
consisting of receipts from bank loans amounting to Rp6.6 to Rp88.5 billion, Sukuk Mudharabah I Phase II Series B
trillion, and receipts from bond issuance amounting to 2020 amounting to Rp112 billion, and Shelf Registration
Rp1.7 trillion, while cash flow used for financing activities Bond II Phase II Series A 2022 amounting to Rp655
consisted of for payment of bank loans amounting to billion.
Rp7.2 trillion, payment of interest and finance charges
I N M I L L I O N RUPIAH
DESCRIPTION 2023 2022
PROFILE
CORPORATE
Cash Flows from Operating Activities 944,878 (238,941)
Cash Flows from Investing Activities (104,513) (94,631)
Cash Flows from Financing Activities (779,581) 433,735
Net Increase in Cash on Hand and in Banks 60,783 100,164
Cash on Hand and in Banks at Beginning of Year 273,255 173,091
Cash on Hand and in Banks at End of Year 334,038 273,255
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 175
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MANAGEMENT
DISCUSSION & ANALYSIS
SOLVENCY AND
COLLECTABILITY RATIO
The Company continuously maintains sources of funds (Fitch) again assigned the Company a National Long-
to fulfill its liabilities and ensure optimum business Term Rating of ‘AAA (idn)’ with a Stable Outlook. The
sustainability. The Company strives to ensure sufficient ‘AAA’ national rating indicates the highest rating
liquidity to fulfill both short-term and long-term awarded by Fitch on the national rating scale for
liabilities. The Company’s ability to pay debts can be Indonesia. The Stable Outlook reflects Fitch’s opinion
measured from solvency and collectability ratios. that Mitsui’s supportive strength will remain intact in
short-term to medium-term. In addition, in 2023, PT
The Company’s ability to pay debt, both in short-term Pemeringkat Efek Indonesia (Pefindo) also confirmed
and long-terms, is assessed good by 2 (two) external the “idAAA” rating with a stable outlook for the
rating agencies. In 2023, PT Fitch Ratings Indonesia Company.
AAA (idn) idAAA
Stable Stable
The Company also has good liquidity and solvency with related parties. The Company also ensures that
levels as demonstrated by the Company’s ability to the long-term funding sources are used to finance long-
fulfill all due obligations on time, both in terms of debt term receivables.
principal and interest expenses payments. The liquidity
and solvency ratios become the parameters of the The Company has calculated the liquidity ratio based
Company’s ability to pay its debt. on Financial Services Authority Regulation no. 35/
POJK.05/2018 concerning Financing Company Business
Implementation. As of December 31, 2023, the
Liquidity Ratio Company’s current ratio stood at 126.8% compared
to 187.3% as of December 31, 2022. As of December
The Company has several sources of funding. In addition 31, 2023, the Company’s cash ratio stood at 5.9% from
to payments from customer installments, the Company 3.9% recorded as of December 31, 2022 due to an
acquires sources of funding from bank loans and loans increase in cash and bank.
DESCRIPTION 2023 2022
Current ratio 126.8% 187.3%
Cash Ratio 5.9% 3.9%
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HIGHLIGHTS
PERFORMANCE
To mitigate liquidity risk, the Company uses several
sources of funding. In addition to payments from Solvency Ratio
customer installments, the Company acquires sources of
funding from bank loans and the issuance of securities, Solvency Ratios are used to measure the Company’s
namely bonds and sukuk. The Company also ensures ability to pay short-term and long-term liabilities. The
that long-term funding sources are used to finance Company’s Solvency Ratio can be seen from debt to
long-term receivables. Furthermore, the Company assets and debt to equity ratios. As of December 31,
REPORT
MANAGEMENT
received prominent support from the parent company 2023, the Company booked debt to assets ratio of 0.8x
through letters of guarantee to secure almost all of the stable from 0.8x as of December 31, 2022. The ratio
Company’s financing. indicated that the Company is able to cover all liabilities
using its assets. The debt to equity ratio indicates the
Company’s capital ability to pay all of its debt. As of
December 2023, the debt to equity ratio stood at 4.2x
from 4.4x in 2022.
DESCRIPTION 2023 2022
Debt to Asset 0.8x 0.8x
PROFILE
CORPORATE
Debt to Equity 4.2x 4.4x
Gearing Ratio (x) 3.9x 4.1x
The gearing ratio divides total loans from banks, bonds The Company’s financing receivables - net was slightly
payable and mudharabah sukuk to equity. The Company increased by 1.0% billion from Rp12.7 trillion as of
DISCUSSION & ANALYSIS
MANAGEMENT
has a gearing ratio below the maximum limit permitted December 31, 2022 to Rp12.8 trillion as of December
according to POJK No.35/POJK.05/2018 concerning the 31, 2023.
Financing Company Business Implementation of 10x.
In December 2023, the Company posted a gearing The Company evaluates the receivables collectively
ratio of 3.9x, lower than the position in 2022 of 4.1x, condition every month using Probability of Default (PD),
thus, the Company has a considerable space for future Loss Given Default (LGD), Loss Identification Period
business expansion. (LIP) variables to calculate monthly Exposure at Default
(EAD). The PD, LGD and LIP are calculated based on
results of loans and receivables data analysis which can
Receivables Collectability be observed for at least within 5 (five) years.
Based on the collectability ratio of the financing Written-off of the non-performing receivables will be
facilities, the Company classifies past due payments done if the non-performing receivables are more than
into 3 (three) groups, such as (i) past due less than 30 6 months or when the Company determines that the
days; (ii) past due within 31 to 60 days, (iii) past due receivables can no longer be collected. As of December
more than 60 days. The following table presents the 31, 2023 and December 31, 2022, the Company
growth of the Company’s financing receivables based has provided provisions for impairment losses on
GOVERNANCE
CORPORATE
on the receivables maturity as of 30, November 2023 financing receivables of Rp1.2 trillion and Rp1.1 trillion,
and December 31, 2022. respectively, which each represent approximately 8.9%
and 8.8% of all financing receivables.
REPORT
SUSTAINABILITY
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MANAGEMENT
DISCUSSION & ANALYSIS
I N M I L L I O N R U PIAH
2023 2022
DESCRIPTION
Rp % Rp %
Pass 11,390,724 80.82% 11,320,732 82.37%
Past-due and Impaired
Less than 30 days 622,636 4.42% 606,763 3.91%
31 until 90 days 683,224 4.84% 659,719 3.15%
More than 90 days 143,189 1.02% 125,705 1.74%
Impaired 1,254,268 8.90% 1,138,149 8.84%
Total 14,094,041 100.00% 13,851,067 100.00%
Allowance for Impairment Losses (1,254,268) (8.90%) (1,138,149) (8.84%)
Total – Net 12,839,773 91.10% 12,712,918 91.16%
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HIGHLIGHTS
PERFORMANCE
CAPITAL
STRUCTURE
REPORT
MANAGEMENT
As of December 31, 2021, composition of the Company’s 47/POJK.05/2020 concerning Business and Institutional
shareholders consisted of Mitsui & Co., Ltd. with 45.0%, JA Permit for Financing Companies and Sharia Financing
Mitsui Leasing, Ltd. with 20.0%, Yamaha Motor Co., Ltd. Companies, where, either direct or non-direct, foreign
with 17.7%, PT Yamaha Indonesia Motor Manufacturing ownership in a company is not allowed to exceed 85%
with 2.3%, and PT Sinergi Autoindo Abadi with 15.0% (eighty-five percent) of the Company’s paid-up capital.
ownership. The Company has complied the provisions
in Article 10 of OJK Regulation No. 28/POJK.05/2014 The composition of the Company’s shareholders is
concerning Business and Institutional Permit for presented in the table below.
Financing Companies, as amended to Article 9 POJK No.
PROFILE
CORPORATE
SHAREHOLDERS TOTAL SHARES %
Mitsui & Co., Ltd. 159,107 45.0
JA Mitsui Leasing, Ltd. 70,714 20.0
Yamaha Motor Co., Ltd. 62,464 17.7
PT Sinergi Auttoindo Abadi 53,036 15.0
DISCUSSION & ANALYSIS
MANAGEMENT
PT Yamaha Indonesia Motor Manufacturing 8,250 2.3
The Company’s capital structure by composition with assets is as follows:
2023 2022
DESCRIPTION
Rp % Rp %
Bank Loans 5,687 40.3% 6,381 45.8%
Marketable Securities 4,874 34.6% 4,141 29.7%
GOVERNANCE
CORPORATE
Other Liabilities 824 5.8% 834 6.0%
Equity 2,717 19.3% 2,563 18.4%
Total 14,102 100.0% 13,920 100.0%
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 179
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MANAGEMENT
DISCUSSION & ANALYSIS
• Capital Adequacy and Capital Management
Capital Structure Policy The Company is required to ensure adequacy of
amount of capital through periodic evaluations on
Purpose of capital management is to preserve the compliance with capital requirements according to
Company’s ability to maintain its business continuity, the prevailing regulations. Therefore, in the capital
thereby still generate returns for shareholders. In management, the Company considers several
maintaining a strong capital position while optimally factors including maintaining a balance between
using capital to support business growth, the Company profit and risk taken by concerning a healthy capital
shall carry out a capital planning, as well as conduct position. Capital adequacy and management of
a capital assessment, which includes at least the level capital in the Company are carried out as follows:
of capital adequacy and capital management, by a. The Company is required to carry out monthly
referring to prevailing regulations, including POJK No. monitoring and analysis to ensure that the
35/POJK.05/2018 concerning the Implementation Company always complies with the prevailing
of Business Financing Companies, and other related regulations, as follows:
regulations. 1) Minimum equity of Rp100 billion;
2) Equity to paid up capital ratio of minimum
The Company’s Capital Policy is namely regulated 50%;
in Code of Corporate Governance as approved by the 3) Gearing ratio refers to the prevailing
Board of Commissioners. Several matters related to the regulations, which is a maximum of 10x;
Company’s capital are as follows: 4) Capital ratio according to the prevailing
regulations, which is minimum 10%.
• Capital Planning b. The Company does not carry out business
Capital planning is carried out, among others, to activities that can exceed its capital capacity to
ensure that the Company has a healthy capital absorb risk of loss.
structure that is in line with the risk profile, business c. The Company periodically conducts stress
targets and capital requirements of regulators. In tests to measure the impact of changes in
carrying out the capital planning, either in short, macroeconomic factors and/or other external
medium and long terms, the Company shall consider factors on the condition of capital, liquidity,
business strategy, business potential and maintain asset quality and company profits based on
the implementation of prudent principle. As part established scenarios.
of the Company’s Business Plan, in preparing the
capital planning, the Board of Directors shall obtain As of 31 December 2023, the Company’s fulfilment on
approval from the Board of Commissioners. capital parameters is as follows:
PROJECTION REALIZATION
DESCRIPTION POJK REGULATION
2023 2023 2022
Equity Minimum Rp100 billion 3,195,990 2,717,378 2,562,840
Portion of Total Equity to Minimum 50% 542.2% 461.0% 434.8%
Paid-in Capital
Gearing Ratio Maximum 10x 3.6x 3.9x 4.1x
Capital ratio Minimum 10% 27.9% 27.0% 25.8%
In carrying out supervision of in capital aspect, the gearing ratio stood at 3.9x and 4.1x, respectively.
Company applies gearing ratio as one of the instrument. Therefore, the gearing ratio position is still below the
prevailing regulation, where the gearing ratio is set
In supervising capital aspect, the Company applies maximum at 10 times.
gearing ratio instrument. The gearing ratio is calculated
based on Financial Service Authority Circular Letter • Risk Management in Capital Management
Number 11/SEOJK.05/2020 concerning Soundness Level The Company is required to implement risk
Assessment on Financing Company and Sharia Financing management prudently and effectively to maintain a
Company. strong capital position, good asset quality, adequate
As of December 31, 2023 and December 31, 2022, profits and a healthy balance sheet. The Company is
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
also required to carry out efforts to create an efficient appetite, stress testing result and capital ratio target, as
and effective internal operation by implementing a well as referring to Financial Service Authority Regulation
policy evaluation of the process and approval of No. 35/POJK.05/2018 concerning Financing Company
lending in stages, assessment and monitoring of risk Business Operations that regulates capital ratio. By
exposures originating from the business sector and implementing the capital planning, the Company will be
company, as well as the risk assessment faced by able to survive the economic cycle, addressing growth and
the company carried out by the Risk Management strategic opportunity, optimizing shareholders’ return
REPORT
MANAGEMENT
Committee. and operate business based on risk appetite and comply
with prevailing regulations. The Board of Directors has
regularly reviewed the Company’s capital structure. As
Basis of Management’s Policy Set-Up part of the review, the Board of Directors considers the
on Capital Structure cost of capital and related risks.
The Board of Directors has prepared basis for policy set-
up on capital structure with several considerations, such
as economic projections, business growth potential, risk
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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MANAGEMENT
DISCUSSION & ANALYSIS
CAPITAL GOODS
INVESTMENT AND
MATERIAL COMMITMENT
RELATED
supplies and computer software, as well as non-fixed
Type and Value of the Capital Goods assets in form of system and infrastructure development.
Investment
Detail information of capital expenditure investment in
The Company placed capital goods investment in form 2023 and 2022 based on cash flows is as follows:
of fixed assets such as lands, buildings, equipment, office
I N M I L L I O N R U PIAH
DESCRIPTION 2023 2022
Advance payment for acquisition of property and equipment and 27,280 28,201
computer software
Additions of property and equipment and computer software 58,207 64,057
Total 85,487 92,258
In 2023, advances for purchases of fixed assets and In financing the capital goods investment, the Company
computer software decreased by 3.3% (YoY), while utilizes proceeds from operating results and prioritizes
additions to fixed assets and computer software the purchase capital goods in Rupiah currency. The
decreased by 9.1% (YoY). Board of Directors assumes that impact of foreign
currency fluctuations has less significant impact on the
commitment on capital goods investment.
Purpose of Capital Goods Investment
Capital goods investment is aimed to support smooth Material Commitment on Capital
operation of the Company’s operational activities, Expenditure Investment
such as the development of services and information
technology infrastructure to support business growth In 2023, the Company did not recognize information
in line with the Company’s digitalization strategy. The about material commitment on capital expenditure.
Company maintains the operational transformation and Therefore, the information regarding the purpose; source
strives to innovate related to services to the customers of funds expected to fulfill the commitment; currency
comprehensively based on the latest market demands in denomination; and planned measures to protect the
and developments. risks from foreign currency positions (hedging) are not
available to be disclosed in this report.
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HIGHLIGHTS
PERFORMANCE
COMPARISON BETWEEN
PERFORMANCE TARGET
AND REALIZATION IN 2023,
REPORT
MANAGEMENT
AND PROJECTION IN 2024
Comparison Between Performance Target and Realization in 2023
Comparison between performance target and realization in 2023 is deducted as follows:
PROFILE
CORPORATE
DESCRIPTION UNIT TARGET REALIZATION ACHIEVEMENT
Sales and Financial Performance
Total New Financing Disbursement Rp Million 12,429 10,994 88.5%
Total Assets Rp Million 15,440 14,102 91.3%
Total Financing Receivables (net) Rp Million 14,192 12,840 90.5%
DISCUSSION & ANALYSIS
MANAGEMENT
Total Liabilities Rp Million 12,244 11,385 93.0%
Total Equity Rp Million 3,196 2,717 85.0%
Total Revenues Rp Million 4,891 4,569 93.4%
Total Expenses Rp Million 3,783 4,090 108.1%
Total Net Income Rp Million 857 371 43.3%
Financial Ratio
BOPO % 78.9% 91.1%
FAR % 91.9% 91.1%
GOVERNANCE
CORPORATE
NPF (net) % 0.45% 1.02%
Gearing x 3.6x 3.9x
Capital Ratio % 27.9X 27.0%
As end of December 2023, the Company booked 2022, the Company booked total financing receivables
total assets of Rp14.1 trillion or realization of 91.3% growth of 1.0% (YoY).
compared to the Company’s projection in Business Plan
Report 2023 submitted to OJK. This was contributed The decelerating financing disbursement value in 2023
from realization of the Company’s net financing caused a moderate growth in financing receivables. By
REPORT
SUSTAINABILITY
receivables that only reached 90.5% to the Company’s end of 2023, total financing disbursement realization
projection. However, if compared the same period in was only 88.5% compared to the Company’s projection
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 183
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MANAGEMENT
DISCUSSION & ANALYSIS
of Rp11.0 trillion. This was related to a decrease in
financing receivables in Yamaha motorcycle and car 2024 Projection
financing products. In 2023, new Yamaha motorcycle
financing disbursement decreased to Rp5.9 trillion as Indonesia’s economic performance is projected to
end of December 2023 from Rp6.2 trillion by end of remain strong amidst weakening global economic
2022. Car financing also decreased almost 20% to prospects. In 2024, Indonesia’s economic growth is
Rp1.3 trillion from Rp1.6 trillion. Disruption in vehicles 5.2% (YoY) that is surely expected to be achieved
unit supply due to scarcity of semi-conductor chip, supported by robust domestic economic fundamentals
particularly for Yamaha motorcycle (premium model) as the national economic growth managed to record
became a notable challenge, especially in 1st half of more than 5% achievement for seven consecutive
2023. However, sharia financing that was dominated quarters (Q4-2021 to Q2- 2023). Nevertheless, we shall
by BAF Dana Syariah product managed to become always be cautious observing the situations at domestic
a growth contributor for financing disbursement level such as the slowing exports, increasing domestic
throughout 2023. BAF Dana Syariah grew by 39.0% interest rates and depreciation of Rupiah exchange
(YoY). rate. However, election events were seen to increase
government consumption (direct impact) and public
Funding wise, realization of both total domestic and consumption (indirect impact). Many business actors
foreign funding booked by the Company are always be tended to wait and see the future policy directions.
aligned with the Company’s financing needs. In 2023, On the other hand, in 2024, economic recovery shall
the Company still optimized loans from clean facility also be concerned following several global situations,
through onshore and bonds issuance. which may affect the domestic economy, including the
actual case, such as warfare including Israeli-Palestinian
Securities issuance plans have been done through the and Russian-Ukrainian wars as well as the threat of
issuance of Bussan Auto Finance Shelf-Registered Bonds climate change that may disrupt food supply chain
II Phase III and Shelf-Registered Bonds II Phase IV and affect national economic stability. However, with
Bussan Auto Finance with a total issuance value of Rp1.7 strong fundamentals, Indonesia managed to maintain
trillion in 2023. Therefore, the entire PUB II plafonds economic growth in the next year.
have been issued based on initial target. The issuance
received positive response from the investors. The AISI targeted motorcycle sales growth, similarly with
Company also consistently paid the interest quarterly Gaikindo. AISI has set the motorcycle sales target
to the investors, including repayment of principal for growth approximately 7%-12% to reach 6.5 million
Bonds II Phase I Series A 2022 with a principal amount units. GAIKINDO set the car sales target to reach around
of Rp88.5 billion, Shelf-Registered Bonds I Phase I 1.1 million units in 2024. In financing industry, APPI is
2020 of Rp100.0 billion, Sukuk Mudharabah Shelf- optimistic that the financing industry business recovery
Registered Bonds I Phase I 2020 of Rp15.0 billion, Shelf- will have a conservative growth. OJK projected that
Registered Sukuk Mudharabah I Phase II Series A 2020 multi-finance financing receivables will grow double
of Rp112.00billion, and Shelf-Registered Bonds II Phase digits in 2024.
II Series A 2022 of Rp655.0 billion.
The Company plans to optimize sales in new Yamaha
As end of 2023, the Company booked net profit of motorcycle financing business line as the Company’s
Rp370.6 billion or below the Company’s target. The core business by strengthening and adjusting portfolio
achievement decreased by 45.8% (YoY) if the allowance strategic plans among the Company, Yamaha and
for doubtful receivables was calculated. Anticipatory the dealers. In addition, strengthening the portfolio
and measurable plans have been disclosed in Business strategy will be carried out focusing on 4 (four) business
Plan Report 2024 and have been submitted to OJK. pillars, such as two-wheeled and four-wheeled vehicles,
digital business and MSMEs financing. Consequently,
In terms of financial ratio, as end of December 2023, the Company will also accelerate contribution of non-
the Company’s capital ratio stood at 27.0%. The Yamaha financing business lines, especially BAF Dana
Company’s capital ratio was calculated from adjusted Syariah financing line and car financing, while always
equity to adjusted assets that was below the acceptable concerning financing quality aspect. Strengthening
limit determined by OJK, where the capital ratio is the Company’s portfolio strategy as one stop financial
minimum 10%. The Company’s net non-performing services will be continuously carried out by presenting
financing (NPF) ratio stood at 1.02% in line with range of financing products for various needs, including
the increasing expenses in allowance for doubtful development of innovative financing product services
receivables. Realization of the Company’s profitability that are integrated with e-commerce (basket financing)
ratio was below projections in line with bottom line as a strategy to expand digital financing lines.
performance. As of the end of December 2023, ROA is at
the level of 3.5%, while ROE is 14.2%. The Company’s In 2024, the Company’s total assets are targeted to
BOPO was realized higher than projections at 91.1% in increase double digit compared to the achievement
line with the increase in operating expenses. as end of December 2023. The total assets growth
projection is in line with the growth projection in
the Company’s total receivables by end of 2024.
Multipurpose financing still becomes the largest
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HIGHLIGHTS
PERFORMANCE
composition in the Company’s financing receivables have a sustainable growth, while optimizing benefit
projection structure as of December 2024 achieving of the shareholders by optimizing debt and equity
more than 60% of the Company’s total financing balances. The Company’s capital structure consists
receivables. of bank loans, bonds payable and shareholder equity
comprising of issued capital, additional paid-in capital,
Considering various initiatives that will be done by other comprehensive income and retained earnings.
the Company, supported by good projections, the The Company’s Board of Directors will review the
REPORT
MANAGEMENT
Company’s sales and revenues are targeted to grow capital structure periodically, including considering the
higher in 2024. The Company also strives to maintain cost of capital and related risks.
cost efficiency initiative, thereby the Company
targeted operating income to grow higher compared to From dividends policy perspective, the dividends
achievements in 2023. payment will be decided through the General Meeting
of Shareholders. Therefore, changes in the policy
Consistently with the Company’s net profit projection, regarding dividend payments will always be adjusted to
profitability ratios such as Return on Assets (ROA) and the Company’s shareholders resolutions.
Return on Equity (ROE) are also expected to increase.
Other financial ratios are projected to be stable in 2024. Conditions in 2024 will always be concerned while
Non-Performing Financing (NPF) – net ratio is also performing evaluation and monitoring, including
projected to be stable below 1% level by end of 2024. adjustment of the Company’s strategy and projections
PROFILE
CORPORATE
according to conditions in the market, automotive
Funding aspect becomes an important matter for the industry, as well as other internal and external factors
Company to support the Company’s growth. Strong including other policies from regulators that may
funding support in the Company provides the Company affect the Company’s business environment and the
with advantages in supporting business continuity, achievements in in 2024.
including to fulfil the Company’s matured obligations.
In addition to bank loans, the Company is also still Considering the prospects and challenges ahead,
targeting to acquire source of funding in the capital the Company has prepared strategies and plans
market through bonds shelf-registration (PUB). In 2024, as disclosed in Business Plan 2024, which has been
the Company will also repay the principal of matured prepared by the Board of Directors and discussed with
securities. the Board of Commissioners. The Company will ensure
DISCUSSION & ANALYSIS
MANAGEMENT
that implementation of these various strategies will
In terms of capital structure, the Company always always consider prudent principle and risk management
manages capital risks to assure that the Company will aspects, as well as the Company’s internal audit.
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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MANAGEMENT
DISCUSSION & ANALYSIS
CHANGES IN ACCOUNTING POLICY,
REASONS, AND IMPACTS TO
FINANCIAL STATEMENTS
In the current year, the Company has applied adoption of these new/revised PSAKs does not result
amendments/revisions/improvements to PSAK that are in changes to the Company’s accounting policies and
relevant to its operations and effective for accounting has no material effect on the amounts reported in these
period beginning on or after January 1, 2023. The financial statements.
ACCOUNTING ADOPTION IMPACT ON THE COMPANY’S
SUMMARY OF CHANGES
STANDARD OF IAS FINANCIAL STATEMENTS
Amandemen PSAK 1 International Amendment to PSAK 1 require The Company has
“Penyajian Laporan Accounting entities to disclose “material implemented the
Keuangan” tentang Standards accounting policy information” necessary changes to its
Klasifikasi Liabilitas (IAS) 1 previously “significant accounting accounting policies. The
sebagai Jangka Pendek Presentation policy information” and clarify that Company has determined
atau Jangka Panjang dan of Financial not all accounting policies related that the impact is not
Pengungkapan Kebijakan Statements to transactions, events or other material to its financial
Akuntansi material conditions are material to statements.
the financial statements.
Amandemen PSAK 25 IAS 8 This amendment to PSAK 25
“Kebijakan Akuntansi, Accounting introduces the definition of
Perubahan Estimasi Policies, accounting estimate and clarifies:
Akuntansi, dan Kesalahan” Changes • estimation techniques and
tentang Definisi Estimasi in valuation techniques are
Akuntansi Accounting examples of measurement
Estimates techniques used in developing
and accounting estimates.
Errors • changes in accounting estimates
as a result of new information or
new developments that are not
corrections of errors.
Amendemen PSAK 46 IAS 12 This amendment to PSAK 46
“Pajak Penghasilan” Income proposes that entities recognize
tentang Pajak Tangguhan Taxes on deferred tax assets and liabilities at
terkait Aset dan Liabilitas Deferred Tax the time of initial recognition, for
yang timbul dari Transaksi related to example from lease transactions, to
Tunggal Assets and eliminate differences in practice in
Liabilities the field for these transactions and
arising from similar transactions.
a Single
Transaction
Amendemen PSAK 107 - PSAK 107 covers ijarah contracts The Company has
“Akuntansi Ijarah” used in the financial sector. implemented the
necessary changes to its
accounting policies. The
Company has determined
that the impact is not
material to its financial
statements.
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HIGHLIGHTS
PERFORMANCE
CHANGES IN RULES AND
REGULATIONS IN 2023
REPORT
MANAGEMENT
OJK and IDX issued several regulations in 2023. The later disseminated to relevant divisions/departments
regulations issued by the OJK are constantly reviewed to ensure that the compliance has been carried out
by the Company to ensure the Company’s compliance according to the regulatory due date.
with OJK and IDX regulations, as well as other
regulations that may affect the Company’s activities. Some of the laws and regulations issued by OJK and IDX
Issuance of the regulations in 2023 was continuously in 2023 and accepted by the Company altogether with
followed by the Company’s compliance plan, which is impact to the Company are as follows:
PROFILE
CORPORATE
EFFECTIVE
REGULATION SUBJECT IMPACT ON THE COMPANY
DATE
Financial Amendment to December With this SEOJK, the Company acknowledges
Service Financial Service 27, 2022 and understands:
Authority of Authority of The 1. Marketing of Insurance Products through
The Republic Republic of Indonesia Non-Bank Business Entities (BUSB) only
of Indonesia Circular Letter Number eligible to be done in form of references. In
Circular Letter 19/SEOJK.05/2020 the event where insurance products marketed
Number 30/ on Insurance Product in collaboration with BUSB:
SEOJK.05/ Marketing Channel a. Aims to mitigate the risks of BUSB’s
DISCUSSION & ANALYSIS
MANAGEMENT
2022 business activities;
b. Is a component of BUSB products or
services; and/or
c. Related to BUSB products sales.
The BUSB is allowed to assist administration
ofinsurance termination application,
underwriting and claims, and/or receiving
premiums or contributions.
2. The link connecting BUSB electronic system
and the Company’s electronic system as
referred to in number 6 includes the use of
Application Programming Interface (API).
In case the link usage, API shall meet the
requirements, as follows:
a. The API is company property;
b. The Company has implemented effective
GOVERNANCE
CORPORATE
information technology risk management
in the use of APIs;
c. The BUSB electronic system does not
store customer data related to insurance
applications after the policy is issued;
And
d. Before the transfer from the BUSB
electronic system to the company’s
electronic system, there is agreement
from the customer regarding the transfer
of the electronic system.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 187
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MANAGEMENT
DISCUSSION & ANALYSIS
EFFECTIVE
REGULATION SUBJECT IMPACT ON THE COMPANY
DATE
Financial Amendment to December Following the implementation of SEOJK, the
Service Financial Service 27, 2022 Company acknowledges and understands:
Authority of Authority of The Implementation of Reassessment of the Main
The Republic Republic of Indonesia Party is done any time if based on evidence, data
of Indonesia Circular Letter Number and/or information obtained based on the results
Circular Letter 15/SEOJK.05/209 of indirect supervision (off-site supervision),
Number 32/ Concerning Re- direct supervision (on-site supervision), and/or
SEOJK.05/ Assessment for Main other information, if there is any indication of
2022 Party of Non-Bank involvement and /or responsible.
Financial Service
Institution
Financial Improvement of February 24, With this POJK, the Company knows and
Service Financial Literacy and 2023 understands that the implementation of
Authority Inclusion in Financial financial literacy and inclusion activities must
of The Service Sector fo be carried out at least 1 (one) time in 1 (one)
Regulation Consumer and Society semester for each activity and must be reported
Number 3 as part of the business plan and business plan
of 2023 realization report and must be documented and
the Company shall establish a Financial Literacy
and Inclusion Function or Unit.
Financial On Implementation June 14, With this POJK, the Company acknolwedges and
Service of Anti-Money 2023 understands:
Authority of Laundering, 1. Shall identify, assess and understand the
The Republic Combating Financing risks of Money Laundering Crimes (TPPU),
of Indonesia of Terrorism and Terrorism Financing Crimes (TPPT), and/
Regulation Proliferation of or Funding for the Proliferation of Weapons
Number 8 Weapons of Mass of Mass Destruction (PPSPM) to Customers,
of 2023 Destruction (PWMD) countries or geographic areas, products,
in Financial Service services, transactions or distribution network;
Sector and documenting risk assessments, in form of
risk assessment documents that have been
prepared individually;
2. Update the risk assessment 1 (one) time in 1
(one) year and submit the TPPU, TPPT and/or
PPSPM risk assessment documents to OJK
3. Shall have policies, supervision and
procedures for managing and mitigating
TPPU, TPPT and/or PPSPM risks which are
reviewed once a year and form a special work
unit and/or appoint an official as the person
responsible for implementing the APU, PPT
and PPPSPM programs , at head office and
branch offices;
4. Shall report data updating plans submitted
every year no later than the end of December
before the data updating period and the
realization of data updating submitted
annually no later than the end of January
after the data updating period ends.
immediately, submitted no later than 3
(three) working days after the Company
receives the DTTOT and DPPSPM and a copy
of the nil report is submitted no later than
3 (three) working days after the Company
receives the DTTOT and DPPSPM to the OJK
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HIGHLIGHTS
PERFORMANCE
EFFECTIVE
REGULATION SUBJECT IMPACT ON THE COMPANY
DATE
5. Shall identify and carry out a risk assessment
for TPPU, TPPT, and/or PPSPM related to
the development of new products and
business practices, including new distribution
REPORT
MANAGEMENT
mechanisms, and the use of new technology
or technological development for new or
existing products;
6. Shall carry out verification as intended in
paragraph (1) letter b through mechanisms:
face to face and non-face to face via electronic
means and must carry out assessments to
determine prospective customers, customers,
WIC, or Beneficial Owner as PEP;
7. Eligible to apply results of identification and
verification carried out by third parties on
prospective customers who have become
PROFILE
CORPORATE
customers of third parties and can postpone
transactions as intended in the laws and
regulations regarding the prevention and
eradication of TPPU;
8. If there is any request from Financial
Transaction Reports and Analysis Center, the
PJK is obliged to temporarily suspend all or
part of the transaction;
9. In the event that a business relationship
is closed, the PJK is obliged to notify the
Customer in writing regarding the closure of
DISCUSSION & ANALYSIS
MANAGEMENT
the business relationship.
Financial Implementation July 11, 2023 With this POJK, the Company acknolwedges
Service of Anti-Money and understands that the General Meeting of
Authority Laundering, Shareholders is required to decide appointment
of The Combating Financing of a Public Accountant and/or Public Accounting
Regulation of Terrorism and Firm (AP/KAP) which will provide audit services
Number 3 Proliferation of for annual historical financial information
of 2023 Weapons of Mass by considering the proposals of the Board of
Destruction (PWMD) Commissioners, Supervisory Board, or parties
in Financial Service carrying out the function. supervision as carried
out by the board of commissioners and there are
adjustments to the cooling off period in using
audit services for annual historical financial
results from AP which are the same as cumulative
calculations, accumulated since fiscal year 2017.
GOVERNANCE
CORPORATE
Financial Procedure to Use November 6, With this POJK, the Company acknolwedges
Service Public Accountant and 2023 and understands that the General Meeting of
Authority Public Accountant Shareholders is required to decide appointment
of The Firm Services in of a Public Accountant and/or Public Accounting
Regulation Financial Service Firm (AP/KAP) which will provide audit services
Number 3 Activity for annual historical financial information
of 2023 by considering the proposals of the Board of
Commissioners, Supervisory Board, or parties
carrying out the function. supervision as carried
out by the board of commissioners and there are
adjustments to the cooling off period in using
audit services for annual historical financial
results from AP which are the same as cumulative
calculations, accumulated since fiscal year 2017.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 189
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MANAGEMENT
DISCUSSION & ANALYSIS
EFFECTIVE
REGULATION SUBJECT IMPACT ON THE COMPANY
DATE
Financial Electronic Permit, November 9, With this SEOJK, the Company acknolwedges
Service Approval and 2023 and understands that applications for licensing,
Authority Reporting Application approval and reporting as required in the
of The for Financing Financial Services Authority Regulation Number
Regulation Company and Sharia 47/POJK.05/2020 concerning Business and
Number 3 Financing Company Institutional Permit for Financing Companies
of 2023 and Sharia Financing Companies, are submitted
to the Financial Services Authority grouped as
follows:
a. Permit application;
b. Application for approval; And
c. Reporting.
In addition to regulations issued by OJK and IDX, 4. Regulation of the Government Number 5 of 2023 on
throughout 2023, the Company has also anlysed other Investigation of Criminal Acts Within the Financial
regulations through Compliance Department, as follows: Services Sector;
1. Law Number 1 of 2023 on Criminal Code; The Company acknolwedges and understands:
This provision affected to understanding on every a. Criminal Investigators in the Financial Services
action related to withdrawing collateral/credit Sector consist of:
objects, including embezzlement and other criminal • Investigating officer at the National Police
acts that may be related to the Company’s activities. of the Republic of Indonesia; And
2. Law Number 4 of 2023 on the Development and • Financial Services Authority Investigators:
Strengthening in FinancialService Sector; a) Investigating officer for the Republic of
The Company acknolwedges and understands: Indonesia National Police;
a. Financial Literacy and Financial Inclusion b) Certain civil servant officials; And
• Financial Sector Business Actors (PUSK) are c) Certain Employees.
required to perform activities to improve who is given special authority as
Financial Literacy and Financial Inclusion for an investigator as intended in the
Consumers and the Society; Criminal Procedure Code, to carry out
b. Principles and Objectives of Customer Protection investigations into criminal acts in the
• PUSK in carrying out its business activities is financial services sector.
obliged to apply the principles of Customer b. Financial Services Authority investigators have
Protection; the authority and responsibility:
• Customer Protection in the financial sector a) Receive reports, notifications or complaints
applies the principles: from someone regarding criminal acts in the
1) Adequate education; Financial Services Sector;
2) Openness and transparency of product b) Conduct research on the veracity of reports
and/or service information; or information relating to criminal acts in the
3) Fair treatment and responsible business financial services sector;
conduct; c) Conduct research on any person suspected
4) Protection of Customer assets, privacy of committing or being involved in a criminal
and data; act in the financial services sector;
5) Effective and efficient handling of d) Summon, examine and request information
complaints and dispute resolution; and evidence from every person suspected of
6) Compliance enforcement; And committing or being a witness in a criminal
7) Fair competition. act in the financial services sector;
This provision results in readjustments of e) Requesting the competent authorities to
policies, procedures and implementation take precautions against Indonesian citizens
of customer and community protection and/or foreigners as well as deterring
for potential consumers, existing foreigners who are suspected of committing
consumers and the society criminal acts in the Financial Services Sector;
3. Law Number 6 of 2023 on the Enactment of f) Carrying out examinations of books, records
Regulation on Government in Lieu of Law Number 2 and other documents relating to criminal
of 2022 on Job Creation into Law; acts in the financial services sector;
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HIGHLIGHTS
PERFORMANCE
g) Request assistance from the National Police o) Submit the results of the investigation to
of the Republic of Indonesia or other relevant the Prosecutor for prosecution in accordance
agencies to carry out arrests, detention, with statutory provisions.
searches and confiscations in criminal cases p) This provision has an impact on
in the Financial Services Sector that are understanding each of the Company’s
being handled; activities to improve implementation of
h) Carrying out searches in any particular Good Governance for Financing Companies
REPORT
MANAGEMENT
place where it is suspected that there is any provisions.
evidence of bookkeeping, recording and
other documents and confiscating items 5. Regulation of the Government Number 35 of
that can be used as evidence in criminal 2023 on General Provisions for Regional Taxes and
cases in the Financial Services Sector; Regional Levies;
i) Block accounts at banks or other financial 6. Regulation of the Government Number 35 of
institutions of any person suspected of 2023 on the Second Amendment to Regulation
committing or being involved in criminal acts of the Government Number 44 of 2015 on the
in the financial services sector; Organization of Work Accident and Life Insurance
j) Request data, documents or other Programs;
evidence, whether printed or electronic, 7. Regulation of the Government Number 51 of 2023
from telecommunications service providers on the Amendment to Regulation of the Government
PROFILE
CORPORATE
or data and/or document storage service Number 36 of 2021 on Wages;
providers; 8. Regulation of the President Number 47 of 2023 on
k) Request information from financial services National Cyber Security Strategy and Cyber Crisis
institutions regarding the financial condition Management;
of parties suspected of committing or being 9. Regulation of the President Number 57 of 2023 on
involved in violations of laws and regulations Mandatory Reporting of Job Vacancies;
in the financial services sector; 10. Regulation of the Minister of Finance Number 136
l) Request expert assistance in carrying out the of 2023 on the Amendment to Regulation of the
task of investigating criminal offenses in the Minister of Finance Number 112/PMK.03/2022
financial services sector; on Taxpayer Identification Number for Individual
m) Carrying out investigations into criminal Taxpayers, Corporate Taxpayers and Government
DISCUSSION & ANALYSIS
MANAGEMENT
acts of money laundering with predicate Agency Taxpayers; and
crimes in the form of Crimes in the Financial 11. Governor’s Decree Number 818 of 2023 on the
Services Sector; Provincial Minimum Wage in the Year 2024, which
n) Request assistance from other law will come into force since January 1, 2024.
enforcement officers; And
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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MANAGEMENT
DISCUSSION & ANALYSIS
DIVIDEND
PAYMENT POLICY
4. The profit, which is distributed as dividends that are
Dividend Policy not claimed within 5 (five) years after being made
available for payment, are included in a reserve fund
The Company implements a dividend payment policy that is specifically designated for such purpose.
based on Law No. 40 of 2007 concerning Limited
Liability Companies, the dividend refers to the General Dividends in the special reserve fund can be claimed
Meeting of Shareholders resolutions by the eligible shareholders before expired within the 5
(five) years period, by submitting proof of their rights
In order to ensure implementation of Good Corporate upon the dividends that can be received by the Board
Governance principles in terms of dividend payment, of Directors.
the Company has a dividend policy as stipulated in
the Articles of Association, particularly in Article 22 By considering provisions of the laws and regulations,
concerning Profits Distribution and Dividends Payment. the Company is also eligible to pay interim dividends
before end of the Company’s fiscal year, if: (i) the total
1. The Company’s Net Profit in each fiscal year as net assets of the Company shall not less than the total
presented in the balance sheet as well as profit and issued and paid-up capital added with mandatory
loss statements as ratified by the Annual General reserves; (ii) The distribution of the interim dividend
Meeting of Shareholders with a positive profit shall not interfere with or cause the Company failed
balance will be distributed based on the method to fulfil its obligations to creditors or interfere with
of distribution as stipulated by the Annual General the Company’s activities. The distribution of interim
Meeting of Shareholders. dividends is determined based on the decision of the
2. In the case that Annual General Meeting of Board of Directors after obtaining the approval of
Shareholders does not determine the distribution, the Board of Commissioners, considering the above
the net profit net of mandatory under the law and provisions. In the case where after end of the financial
the articles of association will be distributed as year the Company suffers a loss, the interim dividend
dividends. that has been distributed must be returned by the
3. In the event where profit and loss calculation in a Company’s shareholders.
fiscal year indicates a loss that cannot be covered
by the reserve fund, the loss will still be recorded and
calculated in the next fiscal year’s profit and loss Chronology of Dividend Payment
calculation where the Company is considered not
earning profit as long as the loss calculated in the Detail information of the dividend payment in the last
profit and loss has not been completely covered. 3 years is as follows:
DIVIDEND PAYOUT ANNOUNCEMENT
FISCAL TYPE OF NET INCOME TOTAL DIVIDEND PAYMENT
PER SHARE RATIO /INFORMATION
YEAR DIVIDENDS (RP) (RP) DATE
(RP) (%) DATE
2022 Final 683,090,705,000 676,191 239,081,528,061 35% May 8th, May 11th,
Dividend 2023 2023
2021 Final 473,727,440,000 409,951 142,118,232,000 30% April 14th, April 14th,
Dividend 2022 2022
2020 The Company did not pay dividend as recording net loss in 2020.
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HIGHLIGHTS
PERFORMANCE
For fiscal year 2023, the dividend payment decision will Fiscal Year 2021, the Annual General Meetings of
be decided through General Meeting of Shareholders Shareholders decided to approve the distribution of
that will be held in 2024. Therefore, change in policy profit booked in Fiscal Year 2021 as cash dividend to
related to dividend payment will always be adjusted the Shareholders of the Company, i.e. in the amount of
based on the Company’s shareholders resolutions. 30% (thirty percent) of the Company’s profit in Fiscal
Year 2021 with a total amount of Rp142,118,232,000
(one hundred forty two billion one hundred eighteen
REPORT
MANAGEMENT
Dividend Payment for Fiscal Year 2022 million two hundred and thirty two thousand Rupiah)
where the dividend payment to the Shareholders is
According to Annual General Meetings of Shareholders based on the percentage of share ownership. The
Minutes of Meeting with regards to Fiscal Year 2022, dividend payment for each Shareholder is scheduled
Annual General Meetings of Shareholders decided to to be conducted within April 2022 net of income tax
approve the profit utilization obtained in FY2022 to according to the prevailing provisions.
be distributed as cash dividend to the Shareholders
of the Company, i.e. in the amount of 35% (thirty- Next, the Shareholders will instruct the Company to
five percent) of the Company’s profit booked in Fiscal send detail notification regarding amount of dividends
Year 2022 with a total amount of Rp239,081,528,061 received by each Shareholder of the Company according
(two hundred thirty-nine billion eighty-one million to the number of shares ownership.
five hundred twenty-eight thousand and sixty-one
PROFILE
CORPORATE
Rupiah) where the distribution of the dividend to In 2022, dividend payments for Fiscal Year 2021 were
the Shareholders refers to the percentage of share executed on April 14th, 2022, with a total dividend per
ownership. The dividend payment for each Shareholder share of Rp409,951.
is scheduled to be conducted within May 2023, net of
income tax according to prevailing provisions. Next, the
Shareholders will instruct the Company to send detail Dividend Payment Fiscal Year 2020
notification regarding amount of the dividends received
by each Shareholder of the Company according to the According to the Minutes of Meetings of the Annual
number of shares ownership. General Meetings of Shareholders regarding the Fiscal
Year 2020, Annual General Meetings of Shareholders
In 2023, dividend payments for Fiscal Year 2022 were decided that by considering the Company’s financial
DISCUSSION & ANALYSIS
MANAGEMENT
executed on May 11th, 2023, with a total dividend per performance Fiscal Year 2020 with net loss of
share of Rp676,191. Rp282,571,651,299 (two hundred eighty-two billion
five hundred seventy-one million six hundred fifty-one
thousand two hundred ninety-nine Rupiah). Therefore,
Dividend Payment Fiscal Year 2021 the Company did not pay dividends to Shareholders
concerning the Fiscal Year 2020.
According to the Annual General Meetings of
Shareholders Minutes of Meeting with regards to
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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MANAGEMENT
DISCUSSION & ANALYSIS
MATERIAL INFORMATION ON INVESTMENT,
EXPANSION, DIVESTMENT, MERGER, ACQUISITION
OR DEBT/CAPITAL RESTRUCTURING
In 2023, there were no material information related to will become effective after completion of approval
investment, expansion, divestment, merger, business procedures by the authorities in Indonesia.
consolidation, acquisition or restructuring of the
Company’s debt/capital. Later on September 25, 2023, a circular decision of
shareholders in lieu of the Company’s EGMS decided
Therefore, information regarding: a) transaction date, to approve changes to the composition of shareholders
value and object; b) name of the party who conducted and the Board of Commissioners, as well as the changes
ut the transaction; c) nature of the affiliate relationship in the Company’s Articles of Association.
(if any); d) explanation regarding the fairness of the
transaction; e) fulfillment of related provisions; and f) The change in shareholders has been followed up by
in the event that there is an affiliate relationship as signing a share transfer deed as stated in Share Transfer
stipulated in SEOJK No. 16/SEOJK.04/2021 concerning Deed Number 29 dated September 26, 2023, between
the Form and Content of Issuer or Public Company Mitsui & Co. Ltd. as seller and JA Mitsui Leasing, Ltd. as
Annual Reports cannot be disclosed. buyer, drafted before Marina Soewarna, S.H., Notary in
Central Jakarta.
However, on June 29 2023, one of the Company’s
shareholders, who is Mitsui & Co., Ltd. has signed a Thus, the Company’s shares ownership are Mitsui Co.,
Conditional Sale and Purchase Agreement with JA Ltd. with 45.0% and JA Mitsui Leasing, Ltd. with 20.0%
Mitsui Leasing Ltd. related to the plan to dispose 20.0% ownership. The detail shareholders composition as of
(twenty percent) of the Company’s shares owned by December 31, 2023 is presented in the shareholders
Mitsui & Co., Ltd to JA Mitsui Leasing Ltd. This transaction composition section.
has no impact on the Company’s operational activities,
law, financial condition or business continuity and
MATERIAL INFORMATION WITH
CONFLICT OF INTEREST AND/OR
AFFILIATED PARTY TRANSACTION
In accordance with PSAK No. 7 regarding “Related Party b. An entity is related to the reporting entity if any of
Disclosure”, a related party is a person or entity that is the following conditions applies:
related to the reporting entity (the Company) as follows: i. The entity and the reporting entity are members
of the same group (which means that each
a. A person or a close member of that person’s family is parent, subsidiary and fellow subsidiary is related
related to the reporting entity if that person: to the others).
i. has control or joint control over the reporting ii. One entity is an associate or joint venture of the
entity; other entity (or an associate or joint venture of a
ii. has control or joint control over the reporting member of a group, of which the other entity is a
entity; member).
iii. is a member of the key management personnel iii. Both entities are joint ventures of the same third
of the reporting entity or of a parent of the party.
reporting entity. iv. One entity is a joint venture of a third entity and
the other entity is an associate of the third entity.
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HIGHLIGHTS
PERFORMANCE
v. The entity is a post-employment benefit plan for In the business activities, the Company engages in
the benefit of employees of either the reporting transactions with related parties, such as Mitsui & Co.,
entity or an entity related to the reporting Ltd., as the Company’s majority shareholder and main
entity. If the reporting entity is itself such a plan, parent entity. The Company received support and
the sponsoring entities are also related to the assistance from Mitsui & Co. Ltd. which includes support
reporting entity. and assistance to develop customers and promote new
vi. The entity is controlled or jointly controlled by a business and to strengthen customer relationships,
REPORT
MANAGEMENT
person identified in (a). including banks. As compensation, in 2023, the Company
vii. A person identified in (a) (i) has significant was billed for loan and guarantee arrangements of Rp8.1
influence over the entity or is a member of the billion (2022: Rp17.8 billion). At the reporting date, the
key management personnel of the entity (or of a liability for the transaction is recorded as part of accrued
parent of the entity). expenses.
viii. The entity, or any member of a group of which
it is a part, provides key management personnel The transaction is a business activity carried out to earn
services to the reporting entity or to the parent of operating income and is carried out regularly, repeatedly,
the reporting entity. and continuously, and has been disclosed in the notes to
the Company’s annual financial statements, as part of
this annual report.
PROFILE
CORPORATE
MANAGEMENT AND
EMPLOYEES SHARES
DISCUSSION & ANALYSIS
MANAGEMENT
OWNERSHIP PROGRAM
In 2023, the Company did not conduct any Management share ownership program by employees employee stock
and Employee Stock Option Plan. Therefore, a brief option plan/ESOP), which includes the number of shares
description of the policy of providing long-term and/or options; implementation period; requirements
performance-based compensation to management for eligible employees and/or management; and
and/or employees owned by the Company, such as in exercise price or determination of exercise price; cannot
form of management stock option plan (MSOP) and/or a be disclosed in this report.
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 195
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MANAGEMENT
DISCUSSION & ANALYSIS
SUBSEQUENT MATERIAL INFORMATION
AND FACTS AFTER THE ACCOUNTANT
REPORTING PERIOD
There is no subsequent material information and facts after the accountant reporting period.
REALIZATION OF PUBLIC
OFFERING PROCEEDS
As a compliance to OJK Regulation no. 30/POJK.04/2015 2023 for June 2023 Period through Company letter
concerning Reports on the Realization of Public No. BAF/183/CP/VII/2023 dated July 17, 2023, the
Offerings Proceeds, the Company always reports the Public Offering Proceeds realization report from PUB II
realization of the public offerings proceeds to OJK, Phase IV 2023 for the December 2023 period through
starting from Bonds I, Bonds II, Bonds III and Shelf- Company letter No. BAF/014/CP/I/2023 dated 13
Registration (PUB) of Bonds and/or Sukuk Mudharabah January 2023 to OJK, IDX, trustee, and published on the
Phase I – V and PUB II Phase I - IV. The reports have stock exchange website.
been submitted to OJK, IDX, trustee, and published on
the stock exchange website. The total proceeds from the public offering amounted
Rp1.20 trillion for PUB II Phase II, Rp1.24 trillion for
In 2023, with regards to a fallacy on the presentation PUB II Phase III, and Rp458.0 billion for PUB II Phase
of public offering proceeds realization report, the IV. The public offering expenses for PUB II Phase II
Company has re-submitted the Public Offering Proceeds amounted Rp4.13 billion, PUB II Phase III are Rp4.39
Realization Report for the Shelf-Registration II Phase II, billion, and PUB II Phase IV are Rp1.88 billion. Thus, the
which has been submitted on December 2022 reporting net proceeds for PUB II Phase II, PUB II Phase III, and
period through Company letter No. BAF/183/CP/ PUB II Phase IV are Rp1.95 trillion, Rp1.23 trillion and
VII/2023 dated July 17, 2023, where the outstanding Rp456.12 billion, respectively.
of the proceeds from shelf-registration II phase II has
been fully used. The resubmission has been reported to The proceeds outstanding from the PUB II Phase II 2022
OJK, IDX and trustee. is zero, PUB II Phase III 2023 is zero, and PUB II Phase
IV 2023 is zero. Thus, the ceiling for the Company’s PUB
In 2023, the Company will conduct another Bonds II has been completely issued.
Shelf-Registration (PUB) II Phase III in 2023 and PUB
II Phase IV in 2023. With regards to this issuance, the The detail information of the realization of the
Company has submitted the public offering proceeds Company’s public offering proceeds is presented as
realization reports for from the PUB II Phase III in follows:
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HIGHLIGHTS
PERFORMANCE
TOTAL PUBLIC OFFERING PROCEEDS REALIZATION PROCEEDS PROCEEDS
PUBLIC PLAN REALIZATION OUT
EFFECTIVE
OFFERING STAN
DATE TOTAL PUBLIC PUBLIC
TYPE NET DING
OFFERING OFFERING DISBURSED AS FINANCING
PROCEEDS
PROCEEDS EXPENSES WORKING CAPITAL
Shelf-Registration June 24, 1,200,000,000,000 4,132,005,000 1,195,867,995,000 1,195,867,995,000 1,195,867,995,000 0
REPORT
MANAGEMENT
Bonds II Phase 2022
II Bussan Auto
Finance Year 2022
Shelf-Registration June 24, 1,242,000,000,000 4,386,875,000 1,237,613,125,000 1,237,613,125,000 1,237,613,125,000
Bonds II Phase 2022 0
III Bussan Auto
Finance Year 2023
Shelf-Registration June 24, 458,000,000,000 1,880,425,850 456,119,574,150 456,119,574,150 456,119,574,150
Bonds II Phase 2022
IV Bussan Auto 0
Finance Year 2023
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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MANAGEMENT
DISCUSSION & ANALYSIS
BUSINESS
PROSPECTS
World agencies, such as the World Bank, International around 12% - 13% in 2024 as the Indonesian economy
Monetary Fund (IMF) and Organization for Economic is targeted to grow by 5% and stronger customer
Co-operation and Development (OECD) released the purchasing power.
projections that global economic conditions in 2024
will slow down around 2.4% - 2.9% compared to global Towards the various prospects and challenges ahead,
economic growth projection in 2023, which was around the Company has prepared various strategies and plans
2.9% - 3.0%. The projection considered geopolitical as disclosed in the 2024 Business Plan which has been
tensions, real estate crisis in China which will cause formulated by the Board of Directors and discussed with
banking balance sheets to decline, the increasing risk the Board of Commissioners. However, the Company
of climate change, the prolong war between Russia realizes that the Company prepared the projections for
and Ukraine which triggered global commodity 2024 based on parameters and assumptions that are
prices volatility resulted to increasing global inflation, obtained and reviewed concerning the current year’s
geopolitical tensions between Israel and Palestine, as conditions as well as the Company’s future conditions,
well as the presidential election in the United States in as well as the business environment. Therefore, in line
2024. Furthermore, the United States Central Bank (The with the current global challenges and the general
Fed) is also predicted to raise interest rates to reduce election year, the Company will remain prudent in
high inflation. approaching 2024.
From the domestic side, the government strives the Going forward, the Company will ensure that the
economic recovery initiatives, however, 2024 will be implementation of these various strategies always
a political year seeing the Indonesia’s presidential concerns the prudent principle and risk management
election. IMF estimates that Indonesia’s economic aspects, as well as the Company’s internal supervision.
growth in 2024 will grow around 5% or the same level The Company will also continue to evaluate projections
as 2023 in line with the stable national household and targets and adjust them to actual conditions.
consumption amidst global economic uncertainty in The Company aims to achieve better performance
2024. improvements in 2024 compared to the previous
year. With the existing challenges, the Company will
Based on State Revenue and Expenditure Budget strive to optimally implement strategies to maintain
Plan (RAPBN) 2024 published by Ministry of Finance, the Company’s business performance next year while
economic growth performance in 2024 is expected to remain cautious against various external conditions.
relatively strong, supported by robust macroeconomic
fundamentals and improving economic transformation, Business wise, the Company attempts to expand
thereby the economic growth target will achieve 5.2%. financing distribution, especially in Yamaha motorcycle
The 2024 inflation rate is estimated at 2.8% or lower business line, which was slowing down in 2023. The
3.1% outlook in 2023. Rupiah exchange rate in 2024 is Company also attempts to optimize contribution
also expected to be maintained around Rp15,000/US$. of other business lines to contribute in increasing
The Government remains optimistic that the Indonesian the Company’s financing distribution. Strategic
economy can recorded positive growth based on various partnerships with both Yamaha and dealers as well as
stable domestic indicators. digital partners will continue to be strengthened and
developed by optimizing marketing activities.
In the automotive sector, AISI projected motorcycle
sales in 2024 to grow 6.2 million units to 6.5 million The Company will always review every situation in 2024
units, or 1.6% - 4.8% (YoY). Association of Indonesian as well as perform evaluation and monitoring, including
Automotive Industries (Gaikindo) has formulated new adjustments to the Company’s strategy and projections
car sales projection in 2024, which is 1.1 million units or according to the market conditions, developments in the
an increase from 1.05 million units projection in 2023. automotive industry, as well as various other internal
The projection is in line with the entrance of electric and external factors, including other policies from
cars from China, which started to sell their products in regulators that may affect the Company’s business
Indonesia. environment and the achievements in in 2024.
In the financing industry, the Association of Indonesian Portfolio strategy enhancement will continue to be
Financing Companies (APPI) also forecasts the growth carried out by developing innovative financing services,
in multifinance receivables with a moderate target including basket financing as a service for consumers by
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HIGHLIGHTS
PERFORMANCE
utilizing a credit limit to purchase goods/products in one To support growth, the Company will maintain
transaction via a digital platform and connecting with the Company’s liquidity by utilizing diversed and
the Company’s digital partners (e-commerce connect). competitive sources of funding in adequate amounts.
The basket financing development has started to Therefore, the Company will open a new ceiling for the
be developed in 2023 and expected to be launched issuance of Shelf-Registered Public Offering (PUB) III
in 2024. Therefore, the Company’s portfolio serves and assessed other funding alternatives.
various segments starting from two-wheeled vehicles,
REPORT
MANAGEMENT
four-wheeled vehicles, digital financing and MSMEs In governance aspect, the Company is committed
financing. In the future, the Company strives to always to always drive long-term corporate governance
increase contribution to productive financing and transformation which is expected to produce
MSMEs in line with the Financing Company Roadmap sustainable value for shareholders and all stakeholders.
2023 - 2027 draft released by OJK, where OJK plans to The Company will maintain the implementation of
intensify role of the financing companies in developing corporate governance according to good governance
business players in priority economic sectors as practices as an effort to support the Company’s growth,
determined by the Government and the MSMEs sector. including strengthening functions of the committees,
both Committees under the Board of Commissioners
The increasing financing distribution shall be and Committees under the Board of Directors.
accompanied by asset quality. Therefore, the Company
will keep sharpening acquisition & collection process by Amidst the ongoing business acceleration and the
PROFILE
CORPORATE
optimizing Tele Collection and Field Collection functions, recovery conditions, the Company sees the importance
improving quality and capabilities as well as overseeing of adequate internal control and fraud control. The
the functions of marketing personnel. Company will also maintain and monitor health level
based on risk acceptance for the Company’s long-
In Human Resources (HR), the Company will maintain term sustainability. The company will strengthen the
the efforts to develop and increase HR capacity to be implementation and supervision of comprehensive risk
more productive and adaptive (agile) through employee management and internal control in network offices
training and development. The objectives are carried through Risk and Compliance Assurance Program
out by developing a Talent Matrix that in line with (RCAP), system utilization in monitoring the company’s
development and training plans to support HR needs in health level, and increasing risk awareness programs
the Company. and compliance culture.
DISCUSSION & ANALYSIS
MANAGEMENT
If in 2022 and 2023 the Company focused on As a finance company operating in the financial sector,
digitalization acceleration, thus, the Company’s focus the Company is committed to maintain our roles in
in 2024 is to maintain and continue enhancing current improving financial literacy and inclusion, including
business support systems/applications to support expanding the Company’s educational goals or
digitalization and digital business. The Company will targets which can ultimately contribute to increasing
encourage sustainable transformation and innovation financial literacy index in Indonesia. In 2024, the
through digital transformation (DX) and Kaizen Company will focus on community, especially teacher
(continuous improvement). The Company will also community, Micro, Small and Medium Enterprises
optimize the development of customer experience (CX) (MSMEs), farmers/fishermen, and people with disability,
as key to the Company’s marketing strategy in the digital including utilization of online media such as websites.
era to increase the contribution of repeat orders (RO) The Company will also continue sustainable financial
by utilizing the Customer Relationship Management actions, including by continuing sustainable financial
(CRM) system and personalizing data-based services. To actions as disclosed in the Company’s sustainability
balance the digital acceleration initiative, the Company report.
will also strive to improve cyber security, data protection
and data governance to support current systems
GOVERNANCE
CORPORATE
development.
REPORT
SUSTAINABILITY
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CORPORATE
GOVERNANCE
CORPORATE
GOVERNANCE
IT IS NECESSARY TO ENSURE THAT THE FRAME AND SOUND TUBE ARE INSTALLED NEATLY
IN THE ANGKLUNG MAKING PROCESS TO PRODUCE THE EXPECTED TONES. THE COMPANY
ALSO CONTINUOUSLY DEVELOPS OURSELVES TO DELIVER EVEN BETTER PERFORMANCE.
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PERFORMANCE MANAGEMENT CORPORATE MANAGEMENT CORPORATE SUSTAINABILITY
HIGHLIGHTS REPORT PROFILE DISCUSSION & ANALYSIS GOVERNANCE REPORT
201
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
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CORPORATE
GOVERNANCE
IMPLEMENTATION
OF CORPORATE
GOVERNANCE
The Company views (good corporate governance – GCG)
implementation is not merely fulfilling obligations, but
shall also maintain transparency and accountability
THE COMPANY BELIEVES THE in the Company’s management to shareholders and
IMPLEMENTATION OF GCG stakeholders. The GCG development is attempted
to be in line with best practices and the consistent
PRINCIPLES IS NOT MERELY implementation encourages the Company to create
COMPLIANCE TO THE REGULATION, value through business conducts and behavior, delivering
valuable, innovative, friendly, efficient and effective
BUT ALSO DETERMINES THE services.
COMPANY’S LONG-TERM
Therefore, to increase the Company’s competitiveness in
SUSTAINABILITY. responding to more dynamic and competitive business
demands, the Company always strives to apply the
good corporate governance principles. The Company
believes that the implementation of GCG principles
is beyond compliance with the regulations, but also
determines the Company’s long-term sustainability.
Therefore, the Company is committed to maintain the
GCG implementation as a standard that aims to improve
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HIGHLIGHTS
PERFORMANCE
the reputation, efficiency, and effectiveness of the The guidelines becomes one of the framework of good
Company’s management on an ongoing basis. corporate governance principles implementation in the
Company, which include, among others:
a. Introduction
Governance Implementation b. Mission, Vision, Company Values and Code of Ethics
Framework c. General Meeting of Shareholders
d. Implementation of Duties and Responsibilities of
REPORT
MANAGEMENT
In the governance practice, the Company refers to several the Board of Commissioners, Board of Directors, and
laws and regulations as the good governance framework Sharia Supervisory Board
in the Company, such as: e. Implementation of Committee’s Duties
1. Republic of Indonesia Law on Limited Liability f. Implementation of Compliance, Internal Audit,
Companies, which is Law no. 40 of 2007 concerning External Audit Functions
Limited Liability Companies; g. Implementation of Risk Management and Internal
2. POJK Regulations and OJK Circular Letters (SEOJK) Control System
specifically regarding Governance, Annual Report, h. Remuneration Policy
Risk Management and other POJK and SEOJK related i. Transparency Policy on Financial and Non-Financial
to the corporate governance implementation, among Conditions
others: j. Capital Policy
a. Financial Services Authority Regulation (POJK) k. Conflict of Interest
PROFILE
CORPORATE
No. 30/POJK.05/2014 concerning Good Corporate l. Annual Business Plan & Budget
Governance for Financing Company with the
latest amendment under Financial Services In addition, the Company is also supported by other
Authority Regulation No. 29/POJK.05/2020 on governance-related policies, such as Corporate
Amendments to Financial Services Authority Regulations/Code of Ethics, Work Guidelines and
Regulation Number 30/POJK.05/2014 concerning Procedures, Whistleblowing Policy, and other internal
Good Corporate Governance for Financing policies.
Company;
b. POJK No 47/POJK.05/2020 concerning Business
and Institutional Permit for Financing Company Corporate Governance Principles and
and Sharia Financing Company Implementation
DISCUSSION & ANALYSIS
MANAGEMENT
c. POJK No. 33/POJK.04/2014 concerning Board of
Directors and Board of Commissioners of Issuer The good corporate governance implementation in the
or Public Company; Company has been manifested, among others, in the
d. POJK No. 34/POJK.04/2014 concerning implementation of the duties and responsibilities of the
Nomination and Remuneration Committee of Board of Directors; Board of Commissioners, and DPS;
Issuer or Public Company; completeness and implementation of committees and
e. POJK No. 55/POJK.04/2015 concerning Audit work units’ duties who perform internal control functions;
Committee Establishment and Preparation of conflicts of interest handling; implementation of
Work Guideline (Charter); compliance, internal audit, and external audit functions;
f. POJK No. 56/POJK.04/2015 concerning Internal implementation of risk management and internal
Audit Establishment and Preparation of Work control systems; implementation of remuneration policy;
Guideline (Charter); transparency of financial and non-financial conditions;
g. POJK No. 35/POJK.04/2014 concerning Corporate and business plan.
Secretary;
h. POJK No. 9 of 2023 concerning the use of Public In general, the GCG principles applied by the Company
Accountant and Public Accountant Firm Services are reflected in 5 (five) main aspects as follows:
in Financial Service Activity.
GOVERNANCE
CORPORATE
3. The Company’s Articles of Association, Governance Transparency
Code and other related internal policies. The Company is committed to provide and maintain
clean, transparent, and accurate information for the
shareholders and other stakeholders interests. However,
Code of implementation of the transparency aspect always
Governance concerns protection of customer’s confidentiality and
rights according to prevailing regulations.
The Company has a Governance Code. The Corporate
Governance Code has been adjusted following the revision The Company exercises correct, adequate and on time
of the Company’s Articles of Association concerning information disclosure. The information disclosure
provisions of the Board of Commissioners meeting, as carried out by the Company are published both at the
well as adjustment to SEOJK No. 16/SEOJK.04/2021 Company’s official or Indonesia Stock Exchange websites,
concerning Form and Content of Annual Report of the as stipulated under relevant regulations. The Company
Issuer or Public Company, namely by adding information publishes information disclosure by always concerning
REPORT
SUSTAINABILITY
related to training and capacity development for the provisions of the law and regulations. Throughout 2023,
Board of Commissioners members. the Company provided 32 Disclosures via IDXnet.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 203
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CORPORATE
GOVERNANCE
Accountability
The functions, duties, and authorities of each organ in Independency
the Company are carried out based on the accountability The Company is managed objectively without conflict
principle, thereby, the Company’s performance can run and influence/pressure from anyone regarding the
transparently, effectively, and efficiently. decision making as well as promotes professionalism,
independency, objectivity, thereby not dominating each
The Board of Commissioners and Board of Directors have other or easily intervened by everyone that may violate
clear duties and authorities as well as responsibilities, as the laws and regulations in financing and ethical values
stated in the Board Manual of the Board of Directors and as well as standards, principles, and practices for the
Board of Commissioners. The Board of Commissioners implementation of a sound financing business.
and Board of Directors members also have adequate
competency, according to their duties and responsibilities Fairness and Equity
as well as understand their role in the good corporate The Company always concerns interests of the
governance practice. Each of the Board of Directors shareholders and other stakeholders based on the justice,
member and the Executives below has clear duties and fair and equality principles. Consistent implementation
responsibilities that are in line with the mission, vision, of the GCG principles will improve quality of the GCG
and corporate values. implementation aiming to achieve objectives of GCG
implementation in the Company, as follows:
The Board of Commissioners and the Board of Directors
are always being accountable upon their performance to 1. To optimize value of the Company for the
the Shareholders through the Annual General Meeting of stakeholders, especially debtors, creditors and/or
Shareholders (AGMS). In 2023, the AGMS held on May other stakeholders;
8 2023. 2. To improve management of the Company
professionally, effectively, and efficiently;
Responsibility 3. To improve compliance of the Company’s organs
The Company performs the management according and the Sharia Supervisory Board as well as their
to prevailing law and regulations as well as combines Executives below thereby in making decisions and
the responsibility principle with the prevailing law and carrying out actions will always refer to high ethics,
regulation, as well as carrying out responsibilities to compliance with laws and regulations, and awareness
the society and the environment to maintain long-term of the Company’s social responsibility towards
business continuity. stakeholders and environmental sustainability;
4. To create a healthier, more reliable, trustworthy and
In 2023, the Company showed awareness to the competitive corporate culture;
environment and society as well as performs the social 5. To increase the Company’s contribution to the
responsibility fairly, as carried out in various social and national economy.
environmental activities. The social and environmental
responsibility activities are reported in the Company’s
Sustainability Report as an integrated part of Annual
Report 2023.
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HIGHLIGHTS
PERFORMANCE
GENERAL MEETING OF
SHAREHOLDERS
REPORT
MANAGEMENT
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
General Meetings of Shareholders (GMS) is a Company
Structure with the highest authority which is neither
delegated to the Board of Commissioners or Board
IN 2023, THE COMPANY HELD of Directors according to limit as stipulated in the
ANNUAL GMS FOR FISCAL YEAR 2022 Limited Company Law and/or Articles of Association.
GOVERNANCE
CORPORATE
The GMS holds the authority to appoint Board of
ON MAY 8, 2023. Commissioners and Sharia Supervisory Board who will
oversee implementation of the Board of Directors’ duty
in managing the Company.
GMS Procedure and Mechanism
GMS consists of annual GMS (AGMS) and other GMS.
Annual GMS is organized every year the latest 6 (six)
months after end of fiscal year. Other GMS can be
arranged anytime for the Company’s interests, if
considered necessary. Both in AGMS or other GMS,
mechanisme of the shareholders’ voting rights has been
REPORT
SUSTAINABILITY
regulated to enable the shareholders executing their
voting rights directly or via their attorneys.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 205
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CORPORATE
GOVERNANCE
of Commissioners also Sharia Supervisory Board of
GMS in 2023 the Company from their duties and responsibilities
in conducting their supervisory duties to the
In 2023, the Company organized annual GMS for fiscal conduct of management by the Board of Directors
year 2022 on May 8, 2023. of the Company during FY2022 and in respect
of the end of FY2022 after the Meeting is closed:
Annual GMS Resolutions 2023 Board of Directors
President Director : Ms. Lynn Ramli
Resolutions of Annual GMS 2023 are as follows: Vice President Director : Mr. Akira Sugai
Vice President Director : Mr. Koji Kato
1. Financial Statements and Independent Auditor Director : Mr. Sigit Sembodo
Report Director : Mr. A Lung Ng
Approved and ratified the Financial Statements Director : Mr. Charles MP Gultom
of the Company (“Financial Statement”) and Director : Mr. Yudono
the related Independent Auditor Report which
are, prepared by the Company’s Auditor, Imelda Board of Commissioners
& Rekan, a Registered Public Accountant Firm President Commissioner : Mr. Tetsuya Daikuko
in association with Deloitte Touche Tohmatsu, Commissioner : Mr. Naotaka Takeshita
(“Independent Auditor Report”) for the financial Commissioner : Mr. Jun Ikeda
year commencing from 1st January 2022 and ended Independent Commissioner : Mr. Dani Firmansjah
on 31st December 2022 (“FY2022”). Independent Commissioner : Mr. Prabowo
Independent Commissioner : Mr. Nurdayadi
2. Utilization of Profit in Fiscal Year 2022
Approved the profit utilization obtained in FY2022 to Sharia Supervisory Board
be distributed as cash dividend to the Shareholders Chairperson : Mr. Ah. Azharuddin Lathif
of the Company, that is, in the sum of 35% (thirty Member : Mr. Ahmad Ifham
five percent) of the Company’s profit in FY2022
with a total amount of IDR239,081,528,061.00 4. Company’s Committee Report for Fiscal Year
(two hundred thirty nine billion eighty one million 2022
five hundred and twenty eight thousand and sixty Approved Audit Committee, Nomination and
one Rupiah) where the distribution of the dividend Remuneration Committee, and Risk Monitoring
to the Shareholders is based on the percentage of Committee Report during FY2022
share ownership. The dividend payment for each
Shareholder is scheduled to be conducted within the 5. Business Plan for FY2023
month of May 2023, after income tax is withheld in Approved and ratified Business Plan of the Company
accordance with the prevailing condition. for FY2023 (“FY2023 Business Plan”) which is prepared
in respect of the result of Company’s business
3. Action of Board of Directors, Board of activities during FY2022 (“FY 2022 Business Result”).
Commissioners and Sharia Supervisory Board of
the Company during FY 2022, which are included In the event there is a change and/or adjustment
in the Annual Report 2022. to the FY2023 Business Plan for any reason,
Accepted and approved all actions, performance, furthermore, the Shareholders granted authority
contracts, reports in any form (the “Actions”) which to the Board of Commissioners to approve in
having been, jointly or severally conducted and/ relation the changes and/or adjustment of the
or implemented by the Board of Directors, the FY2023 Business Plan by considering the conditions
Board of Commissioners or the Sharia Supervisory of the Company. In particular for the changes/
Board of the Company during the holding of their adjustment of branch office (both opening and
respective position in FY 2022 as reflected in the closing of the branch office), the Shareholders
Audited Financial Statements, Board of Directors’ hereby authorize the Board of Directors to
Report, Board of Commissioners’ Report and Sharia approve such branch office changes/adjustment.
Supervisory Board’s Report for FY 2022. The Actions
thereof are acknowledged and accepted as the FY2023 Business Plan which includes
actions of the Company FY2022 Result and FY2023 Plan is attached
as Exhibit F of this Minutes of Meeting.
The Shareholders further approved to confer the full
release and discharge (acquit et de charge) to: (i) the 6. Changes of the Board of Commissioners of the
members of the Board of Directors of the Company Company
from their duties and responsibilities in conducting I. Approved the resignation of Mr. Tetsuya Daikoku
the management of the Company, and (ii) the Board as President Commissioner and will be effective
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HIGHLIGHTS
PERFORMANCE
after the Meeting is closed. Commissioner : Mr. Naotaka Takeshita
Commissioner : Mr. Jun Ikeda
With respect to the resignation letter of Independent Commissioner : Mr. Dani Firmansjah
Mr.Tetsuya Daikoku dated 7th March 2023, Independent Commissioner : Mr. Prabowo
the Shareholders approved and hereby give a Independent Commissioner : Mr. Nurdayadi
release and discharge (acquit et de charge) to
Mr. Tetsuya Daikoku for any corporate actions he 8. Changes of the Sharia Supervisory Board of the
REPORT
MANAGEMENT
had executed during his terms of office, provided Company
that such actions were acknowledged and Approved the re-appointment of Mr. Ahmad Ifham
approved by the Shareholders of the Company. as Chairperson and also as Member of the Sharia
With respect to the resignation letter of Supervisory Board with the term of office for 2 (two)
Mr.Tetsuya Daikoku dated 7th March 2023, years and will be effective after the Meeting is closed
the Shareholders approved and hereby give a until the closing of next Annual General Meeting of
release and discharge (acquit et de charge) to Shareholders of Company for Fiscal Year 2024.
Mr. Tetsuya Daikoku for any corporate actions he
had executed during his terms of office, provided Therefore, effective as of the closing of this
that such actions were acknowledged and Meeting to the closing of the second AGMS from
approved by the Shareholders of the Company. the appointment, the composition of the Sharia
Supervisory Board are as follows:
PROFILE
CORPORATE
II. Approved the appointment of Mr. Toshiyuki
Kojima as President Commissioner, with the Chairperson : Mr. Ahmad Ifham
term of office for 3 (three) years, which shall Member : Mr. Ahmad Ifham
take effect from the passing date of the Fit
and Proper Test conducted by the Indonesian In respect of the Independent Commissioner of
Financial Services Authority (OJK) until the the Company, the Shareholders hereby declare
closing of next Annual General Meeting of that the Independent Commissioner has signed
Shareholders of Company for Fiscal Year 2025. an declaration of independency as required by
regulations to ensure that the independency
III. Approved the re-appointment of Mr. Jun requirements of each Independent Commissioner
Ikeda as Commissioner and Mr. Nurdayadi as are still fulfilled.
DISCUSSION & ANALYSIS
MANAGEMENT
Independent Commissioner, with the term of
office for 3 (three) years and will be effective Furthermore, the Shareholders also approved
after the Meeting is closed until the closing of to authorize the Board of Commissioners of the
next Annual General Meeting of Shareholders of Company regarding the determination of the duties
Company for Fiscal Year 2025. and authorities of each Board of Directors member.
7. Changes of the Board of Directors of the Company Further in respect of the signing of the agreement
Approved the re-appointment of Mr. Charles Gultom related to the appointment of the member of the
as Director, with the term of office for 3 (three) years Board of Directors and member of the Board of
and will be effective after the Meeting is closed Commissioners, the Shareholders hereby delegate
until the closing of next Annual General Meeting of and authorize:
Shareholders of Company for Fiscal Year 2025. 1. President Director of the Company to represent
the Shareholders of the Company to sign
Therefore, effective as of closing of this Meeting to necessary agreements with the respective
the closing of the third AGMS from the appointment individuals of the member of the Board of
and re-appointment of each member, the Directors, and each individuals of the member
composition of the Board of Directors and the Board of the Board of Commissioners.
GOVERNANCE
CORPORATE
of Commissioners are as follows: 2. President Director of the Company to
represent the Shareholders of the Company
Board of Directors to sign necessary agreements with the
President Directors : Ms. Lynn Ramli respective individuals of the member of the
Vice President Directors : Mr. Akira Sugai Board of Directors, and each individuals of
Vice President Directors : Mr. Koji Kato the member of the Board of Commissioners.
Director : Mr. Sigit Sembodo
Director : Mr. A Lung Ng Each agreement shall stipulate the detail of rights
Director : Mr. Charles MP Gultom and obligations of the respective member of the
Director : Mr. Yudono Board of Directors and member of the Board of
Commissioners of the Company during his or her
Board of Commissioners term of office.
President Commissioner : Mr. Toshiyuki Kojima
REPORT
SUSTAINABILITY
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GOVERNANCE
Furthermore, if required by prevailing Indonesian Therefore, to waive the requirement for the Board
laws and regulations, the Shareholders hereby of Commissioners member who resigned from his
authorize with the right of substitution to, the position shall be entitled by giving notice in writing
President Director or one of the Vice President of his/her intention to the Company at least 30
Director of the Company or their proxy to state (thirty) days prior to the date of his resignation
and declare the resolution number 6 (six) regarding as provided under Article 14 paragraph 6 of the
Changes of the Board of Commissioners of the Company’s Articles of Association.
Company, 7 (seven) regarding the Change of the
Board of Directors of the Company, and 8 (eight) With respect to the above resignation, the
regarding the Changes of the Sharia Supervisory Shareholders hereby granted a release and
Board of the Company, and this Minutes of Meeting discharge (acquit et de charge) to Mr. Jun Ikeda
into a notarial deed in Indonesian language and for any corporate actions he had executed during
therefore, to appear and sign the above-mentioned his terms of office, provided that such actions were
deed before a Public Notary, any government acknowledged and approved by the Shareholders.
official, competent authorities, to make or to Therefore, the Shareholders hereby confirm that
cause the execution of any documents, papers and composition of the members of the Board of
relevant documents, as well as to report and to Commissioners of the Company becomes as follows:
register to the relevant authorities as required by
the prevailing laws and regulations in Indonesia and Board of Commissioners
for that purpose to do and to perform all other acts President Commissioner : Mr. Toshiyuki Kojima
and matters as may be necessary or appropriate in Commissioner : Mr. Naotaka Takeshita
order to give effect to those resolutions. Independent Commissioner : Mr. Dani Firmansjah
Independent Commissioner : Mr. Prabowo
Independent Commissioner : Mr. Nurdayadi
Realization of AGMS 2023 Resolutions
4. Circular Shareholders Resolution dated September
All the AGMS Resolutions 2023 have been implemented 22, 2023
in 2023. The shareholders approved the appointment of AP
Erny Sandjaja and KAP Imelda & Rekan (member of
Deloitte Touche Tohmatsu Limited) that registered
Other GMS in The Financial Services Authority (OJK) as AP and
KAP of the Company to audit the annual historical
In 2023, in addition to the Annual GMS, the Shareholders financial statements of Fiscal Year 2023 (“FY2023”)
also made Circular Shareholders Resolution as Substitute altogether with amount of the honorarium. The
of Extraordinary General Meetings of Shareholders. appointment is administered by considering the
proposal submitted by the Board of Commissioners
1. Circular Shareholders Resolution dated February and recommendation from Audit Committee.
21, 2023
The shareholder resolution approved the amendment Furthermore, the Shareholders agreed and declared
to Article 13 Paragraph 12, and Article 16 Paragraph to grant authority to the Board of Directors to sign
16 of the Company Article of Association. cooperation agreement between the Company with
AP and/or KAP including but not limited to submit
2. Circular Shareholders Resolution dated March 24, report to OJK and Indonesia Stock Exchange (IDX)
2023 regarding the AP and KAP appointment.
The shareholder resolution approved and
acknowledged the authorization to the President In the event that the appointed AP and KAP are
Commissioner to represent the Shareholders of not able to complete the audit of the Company’s
the Company to consider and determine the financial statements Fiscal Year 2023 due to any
remuneration and other terms and conditions for reason, the Shareholders hereby authorize the
the members of the Board of Directors, Board of Board of Commissioners to appoint the replacement
Commissioners, and Sharia Supervisory Board of the of AP and KAP and determine conditions and
Company for conducting the management of the requirements for the appointment, among others
Company during FY2023 based on recommendation registered in OJK, independent and has no conflict
from Nomination and Remuneration Committee. of interest with the Company, has audit experience
in accordance with the Company’s business line and
3. Circular Shareholders Resolution dated August affiliated with an Internationally recognized public
18, 2023 accountant.
The shareholder resolution approved the resignation
of Mr. Jun Ikeda as Commissioner of the Company 5. Circular Shareholders Resolution dated September
and will be effective from the date of this Circular 25, 2023
Resolution is signed. 1) The shareholders approve the Share Transfer
from Mitsui & Co., Ltd. to JA Mitsui Leasing
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HIGHLIGHTS
PERFORMANCE
SHAREHOLDERS TOTAL SHARES PAR VALUE %
Mitsui & Co., Ltd. 159,107 159,107,000,000 45.0
JA Mitsui Leasing, Ltd. 70,714 70,714,000,000 20.0
Yamaha Motor Co., Ltd. 62,464 62,464,000,000 17.7
REPORT
MANAGEMENT
PT Sinergi Autoindo Abadi 53,036 53,036,000,000 15.0
PT Yamaha Indonesia Motor 8,250 8,250,000,000 2.3
Manufacturing
TOTAL 353,571 353,571,000,000 100.0
Ltd., provided that all the requirements under
PROFILE
CORPORATE
the articles of association of the Company and GMS in 2022
applicable regulations have been fulfilled.
2) Approve the change of the composition of the In 2022, the Company held Annual GMS for fiscal year
Company’s shareholders, provided that all the 2022.
requirements under the articles of association
of the Company and applicable regulations
are fulfilled, so that the composition of the Annual GMS Resolutions 2022
shareholders of the Company as a result of the
Share Transfer becomes as follows: Annual GMS Resolutions 2022 Resolutions of Annual
3) Approve the appointment of Masami Shiobara GMS 2022 are as follows:
as Commissioner of the Company for the term
DISCUSSION & ANALYSIS
MANAGEMENT
of office of 3 (three) years, and considering the
provisions of the applicable OJK regulations that 1. Financial Statement and Independent Auditor
the Commissioners will only be able to exercise Report.
their rights, authorities, powers and obligations Approved and ratified the Financial Statements of
after receiving the result of fit-and-proper test the Company (Financial Statement) and the related
from OJK. Accordingly, the composition of the Independent Auditor Report which are, prepared by
Company’s Board of Commissioners since the Company’s Auditor, Imelda & Partners, a Registered
date of approval of the fit and proper test from Public Accountant Firm in association with Deloitte
OJK for Masami Shiobara is as follows : Touche Tohmatsu, (Independent Auditor Report) for
a financial year commencing from January 1, 2021
Board of Commissioners and ended on December 31, 2021 (FY2021).
President Commissioner : Mr. Tetsuya Daikoku
Commissioners : Mr. Naotaka Takeshita 2. Utilization of Profit in Fiscal Year 2021
Commissioners : Mr. Masami Shiobara Approved the profit utilization obtained in
Independent Commissioner : Mr. Dani Firmansjah FY2021 to be distributed as cash dividend to
Independent Commissioner : Mr. Prabowo the Shareholders of the Company, that is, in the
GOVERNANCE
CORPORATE
Independent Commissioner : Mr. Nurdayadi amount of 30% (thirty percent) of the Company’s
profit in Fiscal Year 2021 with a total amount of
Rp142,118,232,000 (one hundred forty-two billion
one hundred eighteen million two hundred and
thirty-two thousand Rupiah) where the distribution
Realization of Circular Shareholders of the dividend to the Shareholders is based on
Resolution 2023 the percentage of share ownership the dividend
payment for each Shareholder is scheduled to
All the Circular Shareholders Resolution 2023 have been be conducted within April 2022 net of income
implemented in 2023. tax is withheld in accordance with the prevailing
provisions.
REPORT
SUSTAINABILITY
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3. Action of the Board of Directors, the Board of the changes/ adjustment of the branch office
Commissioners and DPS of the Company during (both opening and closing of the branch office),
FY2021 which are included in the Annual Report the Shareholders hereby authorize the Board of
2021 Directors to approve such branch office changes/
Accepted and approved all actions, performance, adjustment.
contracts, reports in any form (the “Actions”) which
having been, jointly or severally conducted and/or 6. Changes of the Board of Commissioners of the
implemented by the Board of Directors, the Board Company
of Commissioners, or the DPS of the Company I. Approved the resignation of Mr. Jiro Yamada
during the terms of their respective position in Fiscal as President Commissioner and will be effective
Year 2021 as reflected in the Audited Financial after the Meeting is closed. With respect to the
Statements, the Board of Directors’ Report, the above resignation, the Shareholders hereby give
Board of Commissioners’ Report and DPS’s Report a release and discharge (acquit et de charge) to
for FY2021. The Actions thereof are acknowledged Mr. Jiro Yamada for any corporate actions he
and accepted as the actions of the Company. The has executed during his terms of office, provided
Shareholders further approved to grant full release that such actions were acknowledged and
and discharge (acquit et de charge) to: (i) the approved by the Shareholders of the Company.
members of the Board of Directors of the Company II. Approved the reappointment of Mr. Dani
from their duties and responsibilities in conducting Firmansjah as Independent Commissioner and
the management of the Company, and (ii) the Board Mr. Prabowo as Independent Commissioner,
of Commissioners also DPS of the Company from with the term of office for 3 (three) years and
their duties and responsibilities in conducting their will be effective after the Meeting is closed until
supervisory duties to the conduct of management the closing of next Annual General Meeting of
by the Board of Directors of the Company during Shareholders of Company for Fiscal Year 2024.
Fiscal Year 2021 and regarding the closing of Fiscal III. Approved the appointment of Mr. Tetsuya
Year 2021 after closing of the Meeting: Daikoku as President Commissioner, and Mr.
Mikio Muramatsu as Commissioner, with the
Direksi term of office for 3 (three) years, which shall be
President Directors : Ms. Lynn Ramli effectively applied since the date of passing the
Vice President Directors : Mr. Akira Sugai Fit and Proper Test conducted by the Indonesian
Vice President Directors : Mr. Toshiyuki Kojima Financial Services Authority (OJK) until the
Director : Mr. Sigit Sembodo closing of next Annual General Meeting of
Director : Mr. A Lung Ng Shareholders of Company for Fiscal Year 2024.
Director : Mr. Charles MP Gultom
Director : Mr. Yudono 7. Changes of the Board of Directors of the Company
I. Approved the reappointment of Ms. Lynn
Board of Commissioners Ramli as President Director, Mr. Akira Sugai as
President Commissioner : Mr. Jiro Yamada Vice president Director, Mr. Sigit Sembodo as
Commissioner : Mr. Minoru Morimoto Director, and Mr. A Lung Ng as Director, with
Commissioner : Mr. Jun Ikeda the term of office for 3 (three) years and will
Independent Commissioner : Mr. Dani Firmansjah be effective after the Meeting is closed until
Independent Commissioner : Mr. Prabowo the closing of next Annual General Meeting of
Independent Commissioner : Mr. Nurdayadi Shareholders of Company for Fiscal Year 2024.
II. Approved the appointment of Mr. Koji Kato as
4. Company’s Committee Report for FY2021 Vice President Director of the Company, with
Approved Audit Committee, Nomination and the term of office for 3 (three) years and will
Remuneration Committee, and Risk Monitoring be effective after the Meeting is closed until
Committee Report during Fiscal Year 2021. the closing of next Annual General Meeting of
Shareholders of Company for Fiscal Year 2024.
5. Business Plan for FY2022
Approved and ratified Business Plan of the Company Therefore, effective as of the closing of this
for Fiscal Year 2022 (FY2022 Business Plan) which Meeting to the closing of the third AGMS from
is prepared in respect of the result of Company’s the appointment and reappointment of each
business activities during Fiscal Year 2021 (FY2021 member, the composition of the Board of
Business Result). In the event there is a change Directors and the Board of Commissioners are
and/or adjustment to the 2022 Business Plan for as follows:
any reason, furthermore, the Shareholders granted
authority to the Board of Commissioners to approve Board of Directors
in relation the changes and/or adjustment of the President Director : Ms. Lynn Ramli
Business Plan Fiscal Year 2022 by considering the Vice President Director : Mr. Akira Sugai
conditions of the Company. Particularly regarding Vice President Director : Mr. Koji Kato
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Director : Mr. Sigit Sembodo 8. The Amendment to the Articles of Association of
Director : Mr. A Lung Ng the Company
Director : Mr. Charles MP Gultom Approved the Amendment of Article 1 paragraph 2,
Director : Mr. Yudono Article 9 paragraph 2 until 6, Article 10 paragraph 1,
Article 13 paragraph 2 and 8, Article 16 paragraph
Dewan Boiard of Commissioners 5, and Article 21 paragraph 2 of the Articles of
Presiden Commissioners : Mr. Tetsuya Daikuko Association.
REPORT
MANAGEMENT
Commissioners : Mr. Mikio Muramatsu
Commissioners : Mr. Jun Ikeda Furthermore, if required under the prevailing
Independent Commissioner : Mr. Dani Firmansjah Indonesian laws and regulations, the Shareholders
Independent Commissioner : Mr. Prabowo hereby authorize with the right of substitution
Independent Commissioner : Mr. Nurdayadi to, the President Director or one of the Vice
President Director of the Company or their proxy
The Shareholders approved and acknowledged to state and declare the resolution number 6 (six)
the authorization to the President Commissioner regarding Changes of the Board of Commissioners
to represent the Shareholders of the Company to of the Company, 7 (seven) regarding the Change
consider and determine the remuneration and other of the Board of Directors of the Company, and 8
terms and conditions for the Board of Directors, the (eight) regarding the Amendment to the Articles
Board of Commissioners, and Sharia Supervisory of Association, and this Minutes of Meeting into a
PROFILE
CORPORATE
Board members for conducting the management notarial deed in Indonesian language and therefore,
of the Company during the Fiscal Year 2022 to appear and sign the above-mentioned deed
based on recommendation from Nomination and before a Public Notary, any government official,
Remuneration Committee competent authorities, to make or to cause the
execution of any documents, papers and relevant
In respect of the Independent Commissioner of the documents, as well as to report and to register to
Company, the Shareholders hereby declare that the relevant authorities as required by the prevailing
the Independent Commissioner has signed an laws and regulations in Indonesia and for that
independence statement as required by regulations purpose to do and to perform all other acts and
to ensure that the independence requirements of matters as may be necessary or appropriate in order
each Independent Commissioner are still fulfilled. to give effect to those resolutions.
DISCUSSION & ANALYSIS
MANAGEMENT
Moreover, the Shareholders also approved to
authorize the Board of Commissioners of the Realization of AGMS 2022 Resolutions
Company in connection with the determination of
the duties and authorities of each member of the All the AGMS Resolutions 2022 have been implemented
Board of Directors. in 2022.
Further in respect of the signing of the agreement
related to the appointment of the member of the Other GMS in 2022
Board of Directors and member of the Board of
Commissioners, the Shareholders hereby delegate In 2022, in addition to the Annual GMS, the Shareholders
and authorize to: also made Circular Shareholders Resolution as Substitute
of Extraordinary General Meetings of Shareholders
1. President Commissioners of the Company to
represent the Shareholders of the Company to 1. Circular Shareholders Resolution dated February
sign necessary agreements with the President 18, 2022
Director. The shareholder resolution approved the resignation
GOVERNANCE
CORPORATE
2. President Director of the Company to represent of Mr. Ryohei Nakata as Director of the Company
the Shareholders of the Company to sign and effectively serving as of February 18, 2022.
necessary agreements with the respective
individuals of the members of the Board of 2. Circular Shareholders Resolution dated August 5,
Directors, and each individual of the members 2022
of the Board of Commissioners. Approved the resignation of Mr. Mikio Muramatsu
as Commissioner of the Company and will be
Each agreement shall stipulate the details of rights effective from the date of this Circular Resolution is
and obligations of the respective member of the signed. Besides that, the shareholder also approved
Board of Directors and member of the Board of the appointment of Mr. Naotaka Takeshita as
Commissioners of the Company during his or her Commissioner of the Company with the term of
term of office office for 3 (three) years, which shall take effect
from the passing date of Fit and Proper Test
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 211
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GOVERNANCE
conducted by the Financial Services Authority (OJK) Furthermore, the Shareholders agreed and declared
until the closing of next Annual General Meeting of to grant authority to the Board of Directors of the
Shareholders of the Company for Fiscal Year 2024. Company to sign cooperation agreements between
the Company with AP and/ or KAP including but not
Therefore, the Shareholders hereby confirm that limited to reporting to OJK for the appointment of
composition of the members of the Board of AP and KAP.
Commissioners of the Company will become as
follows: In the event that the appointed AP and KAP are
not able to complete the audit of the Company’s
Dewan Boiard of Commissioners financial statements FY2022 for any reason,
Presiden Commissioners : Mr. Tetsuya Daikuko the Shareholders hereby authorize the Board of
Commissioners : Mr. Naotaka Takeshita Commissioners to appoint the replacement of AP and
Commissioners : Mr. Jun Ikeda KAP and determine conditions and requirements for
Independent Commissioner : Mr. Dani Firmansjah the appointment, among others registered in OJK,
Independent Commissioner : Mr. Prabowo independent and has no conflict of interest with the
Independent Commissioner : Mr. Nurdayadi Company, has audit experience in accordance with
the business line of the Company and affiliated with
3. Circular Shareholders Resolution dated November an Internationally recognized public accountant.
28, 2022
The shareholders approved the appointment of AP
Erny Sandjaja and KAP Imelda & Partners (member Realization of Circular Shareholders
of Deloitte Touche Tohmatsu Limited) that registered Resolution 2022
in The Financial Services Authority (OJK) as AP and
KAP of the Company to audit the annual historical All the Circular Shareholders Resolution 2022 have been
financial statement of FY2022 (FY2022) along with implemented in 2022.
honorarium attached as Exhibit B. The appointment
is made by considering the proposal submitted by
the Board of Commissioners and recommendation
from the Audit Committee.
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BOARD OF
COMMISSIONERS
REPORT
MANAGEMENT
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
Board of Commissioners is a corporate structure who is
responsible to oversee managerial policy and activity in
general, either related to the Company or its business as
BOARD OF COMMISSIONERS well as provide advice to the Board of Directors.
COMPOSITION IN THE COMPANY
GOVERNANCE
CORPORATE
HAS REFLECTED THE MEMBER Legal Framework
DIVERSITY, EITHER IN EDUCATION
Legal framework of Board of Commissioners
(SUBJECT), EXPERIENCE AND establishment and appointment in the Company refers
to regulations, as follows:
EXPERTISE.
1. Republic of Indonesia Law on Limited Liability
Companies and Financing;
2. Financial Services Authority (OJK) regulations, OJK
Circular Letters,
3. Company’s Articles of Association; and
4. Circular Shareholders Resolutions Statement in lieu
Extraordinary General Meeting of Shareholders No.
28 Dated September 26, 2023, which has obtained
REPORT
SUSTAINABILITY
Announcement Acceptance Letter from Minister of
Law and Human Rights of the Republic of Indonesia
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 213
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CORPORATE
GOVERNANCE
(Menkumham RI) No. AHU-AH.01.09-0167473 policies. Specific duties of the Board of Commissioners
dated September 26, 2023. are as follows:
a) Implementing supervisory and advisory duty to the
Board of Directors;
Board of Commissioners Work b) Supervising the Board of Directors in maintaining
Manual balance of all parties’ interests;
c) Preparing Board of Commissioners activity report as
In carrying out supervisory role and function in the part of Good Corporate Governance Report;
Company, the Board of Commissioners refers to the d) Monitoring effectiveness of Good Corporate
Articles of Association, Code of Corporate Governance Governance implementation;
and Board of Commissioners Work Manual. Therefore, e) To grant approval if DPS requires assistance of the
overall, the Board of Commissioners Work Guidelines Committee’s members which organization structure
are prepared with reference to: is under the Board of Commissioners; and
1. Law No. 40 of 2007 concerning Limited Liability f) Ensuring the Board of Directors has followed-up
Companies; audit finding and recommendation from internal
2. Financial Services Authority Regulation (“POJK”) audit unit, external auditor, OJK audit report and/or
No. 30/POJK.05/2014 concerning Good Corporate audit report from other authorities.
Governance for Financing Companies;
3. POJK No. 29/POJK.05/2020 as Amendments to POJK In implementing the duties, the Board of Commissioners
No. 30/POJK.05/2014 concerning Good Corporate is assisted by the Committees under the Board of
Governance for Financing Companies; Commissioners.
4. POJK No. 33 /POJK.04/2014 concerning Board of
Directors and Board of Commissioners of Issuers or
Public Companies; Composition, Membership
5. POJK No. 34/POJK.04/2014 concerning Nomination and Term of Office
and Remuneration Committee of Issuers or Public
Companies; 1. The Board of Commissioners consists of 4 (four)
6. Articles of Association; members or more. One of the Commissioner will
7. Code of Corporate Governance; be appointed as President Commissioner, and one
8. Other related regulations. or more members are eligible to be appointed as
Independent Commissioner, by complying with the
In 2023, the Board of Commissioners Work Manual prevailing regulations.
has been adjusted as approved by the Board of 2. Independent commissioners as referred to in point
Commissioners on October 26, 2023 following the 1 shall fulfil the independence requirements as
amendment on the Company’s Articles of Association stipulated in the prevailing relevant regulations and
related to Board of Commissioners membership provisions.
composition. 3. The Board of Commissioners members are
appointed by the General Meeting of Shareholders
These guidelines are used as the references on for a period of 3 (three) years, without prejudice to
implementation of duties and responsibilities as well as the rights of the General Meeting of Shareholders to
the authority of the Board of Commissioners members dismiss them any time.
in carrying out their duties according to their roles and 4. All of the Board of Commissioners members are
functions, protecting the interests of stakeholders, and appointed by the shareholders at the General
increasing compliance with laws and regulations as Meeting of Shareholders.
well as the applicable ethical values. The guidelines 5. If for any reason, position of a Board of Commissioner
contain the composition, membership and term of members is vacant, within a period of 30 (thirty)
office, duties, responsibilities, and authorities, working days after the vacant position, the General Meeting
hours, meetings, reporting and accountability, as well as of Shareholders shall be implemented, to assign the
ethical values. vacant position by concerning provisions of points 3
and 4.
6. If for any reason, there are fewer than 3 (three)
Board of Commissioners’ Duty, members of the Board of Commissioners serving
Responsibility and Authority as Commissioners, within 30 (thirty) days after the
vacant position, a General Meeting of Shareholders
Duty, responsibility and authority of the Board of shall be implemented to assign the vacant position.
Commissioners are principally stipulated in POJK No. 33/ 7. A Board of Commissioners member is entitled the
POJK.04/2014 concerning Board of Directors and Board right to resign from his position by notifying the
of Commissioners in Issuers. Duty and responsibility of Company through written letter concerning the d
the Board of Commissioners are generally to perform intention maximum within 30 (thirty) days prior to
supervision over the Board of Directors policy in running the resignation date.
the Company’s management as well as providing 8. The Board of Commissioners members terms of
recommendation to the Board of Directors by complying office will be ended under following conditions:
with prevailing Law, internal regulations, and corporate
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PERFORMANCE
a. resign in accordance with the provisions of request of a member of the Board of Commissioners,
point 7; the Company is required to disclose information to the
b. no longer fulfill provisions of the prevailing laws; public and submit it to the OJK no later than 2 (two)
c. passed-away; or working days after receipt of the resignation request
d. Dismissed based on the resolution of the General by the Company. Subsequently, the Company has an
Meeting of Shareholders. obligation to hold a GMS to decide on the resignation
9. The Board of Commissioners members shall meet application, no later than 90 days after the receipt of
REPORT
MANAGEMENT
the requirements of never being a member of the the request for resignation.
Board of Directors in the same company within the
last 6 (six) months. In 2023, there are appointment of new Board of
10. For Board of Commissioners members who are Commissioners and Board of Commissioners members
foreign citizen who live in the Republic of Indonesia resignation, with detail information, as follows:
territory, they shall have:
a. residence permit; and Changes to the Board of Commissioners:
b. work permit from the legal authority. 1. Resignation of Mr. Tetsuya Daikoku as President
11. Members of the Board of Commissioners may serve Commissioner and effectively applied as per the
in concurrent positions as members of the Board closing of Annual General Meeting of Shareholders
of Commissioners in a maximum of 3 (three) other 2023. As a replacement, the shareholders appointed
financing companies (excluding the Company). Mr. Toshiyuki Kojima as President Commissioner,
PROFILE
CORPORATE
Other concurrent positions can only be performed with a term of office for 3 (three) years period,
as long as they do not conflict with the prevailing which is effectively applied as per the date when
laws and regulations. the person concerned passed Fit and Proper Test
12. Does not include concurrent positions as referred to from the Financial Services Authority (OJK) until
in point 11 if: closing of the Company’s Annual General Meeting
a. non-independent members of the Board of of Shareholders for Fiscal Year 2025.
Commissioners perform functional duties of the 2. Re-appointment of Mr. Jun Ikeda as Commissioner
company’s shareholders in form of a legal entity and Mr. Nurdayadi as Independent Commissioner,
in their business group; and/or with a term of office of 3 (three) years and starting
b. members of the Board of Commissioners from the closing of this Meeting until the closing
hold positions in non-profit organizations or of the Company’s Annual General Meeting of
DISCUSSION & ANALYSIS
MANAGEMENT
institutions, as long as the person concerned Shareholders for Fiscal Year 2025.
does not neglect implementation of his duties 3. Resignation of Mr. Jun Ikeda as Commissioner of
and responsibilities as a Board of Commissioners the Company and effectively applied as per the date
member. the circular decision was signed, which is August 18,
13. Other provisions regarding the requirements to 2023. As a replacement, the shareholders appointed
become a member of the Board of Commissioners Mr. Masami Shiobara as Member of the Company’s
always refer to the applicable relevant regulations. Board of Commissioners based on the Deed of
Statement of Circular Decisions of Shareholders in
Lieu Extraordinary General Meeting of Shareholders
Appointment, Dismissal and No. 28 dated September 26, 2023 for a term of
Resignation of Members of the Board office of 3 (three) years, which is effectively applied
of Commissioners from the date when person concerned passed Fit
and Proper Test from the Financial Services Authority
According to provisions of Law Number 40 of 2007 (OJK).
concerning Limited Liability Companies (Limited Liability
Company Law), particularly Article 111, OJK Regulation Change of Board of Directors
No. 33/POJK.04/2014 concerning the Board of Directors 1. Re-appointment of Mr. Charles Gultom as Director,
GOVERNANCE
CORPORATE
and Board of Commissioners of Issuers or Public with a term of office of 3 (three) years and starting
Companies and the Articles of Association stipulate from the closing of Annual General Shareholders
that the appointment and dismissal of members of the Meeting 2023 until the closing of the Company’s
Board of Commissioners is carried out through the GMS. Annual General Shareholders Meeting for the Fiscal
In addition, the Articles of Association of the Company Year 2025.
govern the term of office of each member of the Board
of Commissioners for 3 years from their appointment,
without prejudice to the right of the GMS to dismiss Board of Commissioners Composition
members of the Board of Commissioners at any time
before the end of their term of office. At the time this report is written, there are 6 (six) Board
of Commissioners members, comprising of 1 (one)
In POJK No. 33/POJK.04/2014 concerning the Board President Commissioner, 2 (two) Commissioners, and 3
of Directors and Board of Commissioners of Issuers (three) Independent Commissioners.
or Public Companies, members of the Board of
REPORT
SUSTAINABILITY
Commissioners may also resign from their positions According to OJK Regulation No. 27/POJK.03/2016
before their term of office ends. Upon the resignation concerning Fit and Proper Test for Key Parties to
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 215
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GOVERNANCE
Financial Services Institutions, states that candidates received approval from the OJK, indicate that each
for members of the Board of Commissioners must obtain member of the Board of Commissioners has integrity,
approval from the OJK before carrying out their actions, competence, and adequate financial reputation.
duties, and functions as the Board of Commissioners.
Members of the Board of Commissioners who have The composition of the Company’s Board of
passed the fit and proper test without records and have Commissioners as of December 31, 2023 is as follows:
NAME POSITION APPOINTMENT DECREE
Toshiyuki President First appointment as President Commissioner in 2023 according to the
Kojima Commissioner Company’s Annual GMS dated May 8, 2023 as reaffirmed in Circular
Shareholders Resolutions in lieu Extraordinary General Meetings of
Shareholders No. 28 dated September 26, 2023.
Naotaka Commissioner First appointment as Commissioner in 2022 according to Circular Shareholders
Takeshita Resolutions Statement Deed in lieu Extraordinary General Meetings of
Shareholders No. 09 dated August 18, 2022 as reaffirmed in Circular
Shareholders Resolutions Statement Deed in lieu Extraordinary General
Meeting of Shareholders No. 28 dated September 26, 2023.
Masami Commissioner First appointment as Commissioner in 2023 according to Circular Shareholders
Shiobara Resolutions Statement Deed in lieu Extraordinary General Meetings of
Shareholders No. 28 dated September 26, 2023.*
Dani Independent First appointment as Independent Commissioner in 2016 with the latest
Firmansjah Commissioner reappointment in the Company’s Annual GMS on April 13, 2022 as reaffirmed
in Circular Shareholders Resolutions Statement Deed in lieu Extraordinary
General Meetings of Shareholders No. 28 dated September 26, 2023.
Prabowo Independent First appointment as Independent Commissioner in 2017 with the latest
Commissioner reappointment in the Company’s Annual GMS on April 13, 2022 as reaffirmed
in Circular Shareholders Resolutions Statement Deed in lieu Extraordinary
General Meetings of Shareholders No. 28 dated September 26, 2023.
Nurdayadi Independent Reappointment as the Company’s Independent Commissioner in 2020 with
Commissioner the latest reappointment in the Company’s Annual GMS on April 13, 2023
as reaffirmed in Circular Shareholders Resolutions Statement Deed in lieu
Extraordinary General Meetings of Shareholders No. 28 dated September 26,
2023.
*) Effective after receiving the results of the fit and proper test from the OJK on January 19, 2024.
a. Not working or having authority and responsibility
Independent Commissioners to plan, lead, control or supervise the Company’s
activities within the last six (6) months;
Independent Commissioner refers to Board of b. Not having any shares ownership, directly or
Commissioners member as external party of the indirectly;
Issuer or Public Company who fulfills requirement c. Not having any affiliation with the Company, or
as Independent Commissioner as regulated in POJK of the Board of Commissioners and the Board of
Number 33/POJK.04/2014 concerning Board of Directors members as well as Majority Shareholder
Directors and the Board of Commissioners in the Issuer of the Company;
or public Company. d. Not having any direct or indirect business affiliation
which is related with the Company’s business
Requirements for an Independent Commissioner refer activities.
to Financial Services Authority Regulation No. 33/ e. understand the laws and regulations in financing
POJK.04/2014 concerning the Board of Directors and and other relevant laws and regulations;
Board of Commissioners of Issuers or Public Companies, f. have good knowledge of the financial condition of
and POJK No. 29/POJK.05/2020 as Amendments to the the Company where the concerned Independent
Financial Services Authority Regulation Number 30/ Commissioner is serving;
Pojk.05/2014 concerning Good Corporate Governance g. Indonesian nationality;
for Financing Companies are as follows: h. domiciled in Indonesia
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As of December 31, 2023, the Company has 3 (three) provisions of Article 25 paragraph (1) of the Financial
Independent Commissioners out of the total 6 (six) Services Authority Regulation Number 33/POJK.04/2014
Commissioners of the Company or 50% of the total concerning the Board of Directors and Board of
members of the Company’s Board of Commissioners. Commissioners of Issuers or Public Companies.
Thus, the number of Independent Commissioners
of the Company is in accordance with POJK No. 33/ Some of the Board of Commissioners members are
POJK.04/2014 regarding Directors and Board of also serving in concurrent positions based on their
REPORT
MANAGEMENT
Commissioners of Issuers or Public Companies, where respective competencies and fields, as Chairperson and/
a minimum of 30% of the Board of Commissioners or members of the Committees that are established to
of every public company shall consist of Independent assist implementation of the Board of Commissioners
Commissioners. duties and responsibilities.
All of the Independent Commissioner members have
fulfilled the independence aspect as declared in the
COMMITTEES COMMITTEE MEMBERSHIP BY BOARD OF COMMISSIONERS MEMBERS
Audit Committee 1. Nurdayadi (Chairperson)
PROFILE
CORPORATE
2. Prabowo (member)
Nomination and Remuneration 1. Dani Firmansjah (Chairperson)
Committee 2. Toshiyuki Kojima (member)
Risk Monitoring Committee 1. Prabowo (Chairperson)
2. Dani Firmansjah (member)
DISCUSSION & ANALYSIS
MANAGEMENT
organize joint meetings with the Board of Directors
Board of Commissioners Members regularly minimum 1 (once) in 4 (four) months. This
Diversity meeting can be attended directly or via video conference
or through other electronic media that enables all
Board of Commissioners composition has reflected meeting participants to see and hear each other directly
membership diversity, in terms of education (studies), as well as participate, according to agreement among
experience and expertise, age as seen in profile of the meeting participants. In 2022, the meetings were
each Board of Commissioners members. Every Board held hybrid.
of Commissioners member has high competency to
support improvement of supervisory function in the
Company. Board of Commissioners Meeting
In 2023, the Company organized 6 (six) Board of
Meeting Policy and Implementation Commissioners meeting with attendance level 100%.
The meeting recapitulation is as follows:
Board of Commissioners shall organize meeting
GOVERNANCE
CORPORATE
minimum 1 (one) meeting in 2 (two) months, and also
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TOTAL ATTENDANCE
NAME POSITION ATTENDANCE
MEETINGS PERCENTAGE
Tetsuya Daikoku *) President Commissioner 2 2 100%
Toshiyuki Kojima**) President Commissioner 4 4 100%
Naotaka Takeshita Commissioner 6 6 100%
Jun Ikeda***) Commissioner 3 2 83%
Masami Shiobara****) Commissioner 2 2 100%
Dani Firmansjah Independent Commissioner 6 6 100%
Prabowo Independent Commissioner 6 6 100%
Nurdayadi Independent Commissioner 6 6 100%
*) Effectively resigned as per May 8. 2023.
**) First appointment as President Commissioner according to Company Meeting Resolutions Deed No. 20 dated May 26, 2023 which was reaffirmed
in Circular Shareholders Resolutions Statement Deed in lieu Extraordinary General Meeting of Shareholders No. 28 dated September 26, 2023.
***) Effectively no longer serving as per August 18, 2023. He was absence in 1 (one) Board of Commissioners Meeting. This information has been
conveyed to Board of Commissioners and Corporate Secretary.
****) First appointment as the Company’s Commissioner according to Circular Shareholders Resolutions Statement Deed in lieu Extraordinary General
Meeting of Shareholders No. 28 dated September 26, 2023. During the Meeting, he had not yet obtained the results of the fit and proper test
from Financial Services Authority, thereby his attendance was as an observer.
Issuers or Public Company, the Board of Commissioners
Board of Commissioners and Board of is also required to organize joint meetings with Board of
Directors Joint Meeting Directors regularly minimum 1 (once) in 4 (four) months.
In 2022, the Board of Commissioners and Board of
According to POJK No. 33/POJK.042014 regarding Directors has convened in 4 (four) joint meetings with
Board of Directors and Board of Commissioners in the Board of Directors. The attendance list is as follows:
TOTAL ATTENDANCE
NAME POSITION ATTENDANCE
MEETINGS LEVEL
Tetsuya Daikoku *) President Commissioner 1 1 100%
Toshiyuki Kojima**) President Commissioner 3 3 100%
Naotaka Takeshita Commissioner 4 4 100%
Jun Ikeda***) Commissioner 2 1 50%
Masami Shiobara****) Commissioner 1 1 100%
Dani Firmansjah Independent Commissioner 4 4 100%
Prabowo Independent Commissioner 4 4 100%
Nurdayadi Independent Commissioner 4 4 100%
*) Effectively resigned as per May 8. 2023.
**) First appointment as President Commissioner according to Company Meeting Resolutions Deed No. 20 dated May 26, 2023 which was reaffirmed
in Circular Shareholders Resolutions Statement Deed in lieu Extraordinary General Meeting of Shareholders No. 28 dated September 26, 2023.
***) Effectively no longer serving as per August 18, 2023. He was absence in 1 (one) Board of Commissioners Meeting. This information has been
conveyed to Board of Commissioners and Corporate Secretary.
****) First appointment as the Company’s Commissioner according to Circular Shareholders Resolutions Statement Deed in lieu Extraordinary General
Meeting of Shareholders No. 28 dated September 26, 2023. During the Meeting, he had not yet obtained the results of the fit and proper test
from Financial Services Authority, thereby his attendance was as an observer.
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HIGHLIGHTS
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TOTAL ATTENDANCE
NAME POSITION ATTENDANCE
MEETINGS LEVEL
Lynn Ramli President Director 4 4 100%
Akira Sugai Vice President Director 4 4 100%
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MANAGEMENT
Koji Kato Vice President Director 4 4 100%
Sigit Sembodo Director 4 4 100%
A Lung Ng Director 4 4 100%
Charles Gultom Director 4 4 100%
Yudono Director 4 4 100%
PROFILE
CORPORATE
Board of Commissioners and Board of Directors Joint Meeting Agenda
Board of Commissioners and Board of Directors joint meeting agenda in 2023 are as follows:
MEETING DATE PERIODIC MEETING AGENDA
March 15, 2023 1. Evaluation on the Company’s Performance as per 4th Quarter of 2022
2. Annual General Meetings of Shareholders Fiscal Year 2021 Agenda
DISCUSSION & ANALYSIS
MANAGEMENT
3. Other discussion and approval agenda, among others: Shelf-Registration Public
Offering II Phase II, Anti-Money Laundering, Counter-Terrorism Financing and
Prevention of Funding for the Proliferation of Weapons of Mass Destruction (AML,
CTF & PPPSPM), Impact from Earthquake in Cianjur and Portfolio Management.
May 25, 2023 1. Evaluation on the Company’s Performance as of 1st Quarter of 2023
2. Other discussion and approval agenda, among others: Shelf-Registration Public
Offering II Phase III, Anti-Money Laundering, Counter-Terrorism Financing and
Prevention of Funding for the Proliferation of Weapons of Mass Destruction (AML,
CTF & PPPSPM), Implementation of Law Number 27 of 2022 regarding Personal
Data Protection and Thematic Monitoring by Financial Service Authority.
August 24, 2023 1. Evaluation on the Company’s Performance as of 2nd Quarter of 2023
2. Other discussion and approval agenda, among others: Shelf-Registration Public
Offering II Phase IV, Anti-Money Laundering, Counter-Terrorism Financing and
Prevention of Funding for the Proliferation of Weapons of Mass Destruction (AML,
CTF & PPPSPM), Risk Management, Thematic Monitoring by Financial Service
GOVERNANCE
CORPORATE
Authority, Fulfillment of POJK No. 3/2023 concerning Improvement of Financial
Literacy and Inclusion in financial service sector, POJK 9/2023 concerning the Use
of Public Accountant Service in financial service activity.
November 27, 2023 1. Evaluation on the Company’s Performance as of 3rd Quarter of 2023
2. Apprival and Business Plan Report Fiscal Year 2024
3. Other discussion and approval agenda, among others: Shelf-Registration Public
Offering II Phase IV, Anti-Money Laundering, Counter-Terrorism Financing and
Prevention of Funding for the Proliferation of Weapons of Mass Destruction (AML,
CTF & PPPSPM), Risk management and Thematic Monitoring by Financial Service
Authority.
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Board of Commissioners Attendance at Meeting Plan in 2024
Annual GMS
In 2024, the Company has meeting plan that is arranged
Annual GMS 2023 was held on May 8, 2023. The meeting to be organized minimum 1 (one) meeting in two months,
was attended by the all Board of Commissioners who and joint meetings with the Board of Directors regularly
served at the Company’s Head Office in Jakarta, as minimum 1 (once) in 4 (four) months as stipulated in POJK
follows: No. 33/POJK.04/2014 regarding Board of Directors and
1. Tetsuya Daikoku (President Commissioner) who Board of Commissioners in Issuers or Public Company.
attended the Meeting via video conference. The meeting plan can be revised upon request from one
2. Naotaka Takeshita (Commissioner) or more Board of Commissioners members or request
3. Jun Ikeda (Commissioner) from one or more Board of Directors as requested by 1
4. Dani Firmansjah (Independent Commissioner) (one) or more shareholders who altogether represents at
5. Prabowo (Independent Commissioner) least 1/10 (one per tenth) parts of total shares with legal
6. Nurdayadi (Independent Commissioner) voting rights.
Affiliation with the Board of Directors, Other Board of Commissioners, and Members
and Majority Shareholders
NAME AFFILIATIONS
Toshiyuki Kojima No affiliation with other members of the Board of Commissioners, members of the
Board of Directors, and the Company’s Major and/or Controlling Shareholders other
than Mitsui & Co., Ltd.
Naotaka Takeshita No affiliation with other member of the Board of Commissioners, members of the
Board of Directors, and Major Shareholders other than PT Yamaha Indonesia Motor
Manufacturing and/or controlling shareholders.
Masami Shiobara No affiliation with other members of the Board of Commissioners, members of the
Board of Directors, and the Company’s Major and/or Controlling Shareholders other
than JA Mitsui Leasing, Ltd.
Dani Firmansjah No affiliation with either Board of Commissioners or Board of Directors Members and
Majority and/or Controlling Shareholders.
Prabowo No affiliation with either Board of Commissioners or Board of Directors Members and
Majority and/or Controlling Shareholders.
Nurdayadi No affiliation with either Board of Commissioners or Board of Directors Members and
Majority and/or Controlling Shareholders.
Affiliated relationship (financial and family affiliations) table is presented in the table below:
AFFILIATION TYPE
NAME AFFILIATION WITH
FINANCIAL FAMILY
Toshiyuki Kojima Directors X X
Other Board of Commissioners X X
DPS X X
Shareholders √ X
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HIGHLIGHTS
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AFFILIATION TYPE
NAME AFFILIATION WITH
FINANCIAL FAMILY
Naotaka Takeshita Directors X X
Other Board of Commissioners X X
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DPS X X
Shareholders √ X
Masami Shiobara Directors X X
Other Board of Commissioners X X
DPS X X
Shareholders √ X
Dani Firmansjah Directors X X
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CORPORATE
Other Board of Commissioners X X
DPS X X
Shareholders X X
Prabowo Directors X X
Other Board of Commissioners X X
DPS X X
DISCUSSION & ANALYSIS
MANAGEMENT
Shareholders X X
Nurdayadi Directors X X
Other Board of Commissioners X X
DPS X X
Shareholders X X
Board of Commissioners Shares Concurrent Position
Ownership
GOVERNANCE
CORPORATE
As of December 31, 2023, there were no
As of December 31, 2023, the Board of Commissioners members of the Board of Commissioners who
members had no shares ownership in the Company. held positions that were against the applicable
regulations. The list of concurrent positions for the
members of the Board of Commissioners is as follows:
POSITION IN POSITION IN OTHER
NAME COMPANY NAME LINE OF BUSINESS
COMPANY COMPANIES
Toshiyuki President General Manager Mitsui & Co., Ltd General Trading
Kojima Commissioner Automotive Solution Company
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SUSTAINABILITY
Business Div.,Mitsui &
Co.,Ltd.
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POSITION IN POSITION IN OTHER
NAME COMPANY NAME LINE OF BUSINESS
COMPANY COMPANIES
Naotaka Commissioner Vice President Director PT Yamaha Manufacturing
Takeshita Motor Indonesia
Manufacturing
(YIMM)
Masami Commissioner Deputy General JA Mitsui Leasing, Ltd. Leasing, installment
Shiobara Manager, Overseas sales, financing, other
Management Division, associated business
General Planning &
Strategy Unit
Dani Independent 1. Independent 1. PT. Smart 1. Financing
Firmansjah Commissioner Commissioner Multi Finance Company
2. President 2. PT. Aditama 2. Financing
Commissioner Finance Company
3. Independent 3. PT Buana 3. Financing
Commissioner Finance Tbk Company
Prabowo Independent Independent PT AEON Credit Financing Company
Commissioner Commissioner Service Indonesia
and Chairman of
Audit Committee,
Risk Monitoring
Committee as well
as Nomination
and Remuneration
Commiittee
Nurdayadi Independent - - -
Commissioner
All Board of Commissioners are required to have a
Training and Competency Development basic level certificate in the field of financing from a
for the Board of Commissioners Members Professional Certification Agency in the field of financing
registered with the Financial Services Authority.
Board of Commissioners members who are newly
appointed shall fulfill an orientation program (Induction All members of the Board of Commissioners are
Program) which aims to provide input to gain an also committed to improving their competence in
understanding of the Company so that they can carry out supporting their duties and responsibilities. Members
their duties effectively and efficiently. The orientation of the Company’s Board of Commissioners are required
program for the New Board of Commissioners can be to comply with the requirements for sustainability
provided in form of documents, as follows: (refreshment) in accordance with applicable regulations.
a) Vision and Mission This is also a fulfillment of sustainability requirements
b) Organization Structure as stipulated in POJK NO. 35/POJK.05/2018 concerning
c) Articles of Association the Implementation of Financing Company Business,
d) Code of Governance where members of the Board of Commissioners who
e) Charters for the Board of Commissioners, as well as have passed the fit and proper test must meet the
the Committees under the Board of Commissioners sustainability requirements at least 1 (one) time within a
f) Prevailing regulations related to the financing period of 1 (one) year.
industry and capital market
g) Annual Report The table presenting training for the Board of
h) Business Plan Commissioners members in 2023 is as follows:
i) As well as other information deemed relevant in
supporting their duties and responsibilities.
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HIGHLIGHTS
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TRAINING/ PROVIDER/
NAME DATE & PLACE
PUBLICATION MEDIA
Naotaka Seminar Internasional “the Future of Jakarta Indonesia Financing
Takeshita Digitalization in Multifinance Industry” August 1, 2023 Company Association
Dani Seminar Nasional “Pembiayaan Mikro dan Jakarta Indonesia Financing
REPORT
MANAGEMENT
Firmansjah SDM di Era Society 5.0“ March 3, 2023 Company Association
Seminar Nasional “Era Baru Industri Jakarta Indonesia Financing
Pembiayaan” June 6, 2023 Company Association
Seminar Internasional “the Future of Jakarta Indonesia Financing
Digitalization in Multifinance Industry” August 1, 2023 Company Association
Seminar Online Jakarta, Indonesia Financing
“Economic Outlook 2024” October 3, 2023 Company Association
Prabowo Seminar Internasional “the Future of Jakarta Indonesia Financing
Digitalization in Multifinance Industry” August 1, 2023 Company Association
PROFILE
CORPORATE
Nurdayadi Seminar Nasional “Pembiayaan Mikro dan Jakarta Indonesia Financing
SDM di Era Society 5.0“ March 3, 2023 Company Association
Fulfillment of sustainability requirements for Toshiyuki Accountability for the implementation of the duties and
Kojima as President Commissioner and Masami Shiobara responsibilities of the Board of Commissioners is carried
as Commissioner of the Company will out at the Annual General Meeting of Shareholders
effectively apply as per 2024 and 2025 (“Annual GMS”). The GMS assessed performance of
in connection with the passing decision letter in the Board of Commissioners as reflected in the annual
DISCUSSION & ANALYSIS
MANAGEMENT
assessment of their respective abilities and suitability as report. The Shareholders always considers results
the new President Commissioner and Commissioner of of the evaluation of the performance of the Board
the Company accepted in 2023 and 2024. of Commissioners comprehensively as a basis for
consideration for the Shareholders to dismiss or reappoint
the concerned Commissioner.
Board of Commissioners Performance
Assessment
Nomination Procedure and Policy
Assessment Procedure
Assessment on the Board of Commissioners performance The Company has a nomination policy. The nomination
is carried out regularly every year based on achievement policy for the Board of Commissioners members is
of designated criteria or parameters. The performance prepared as a guideline in identifying candidates with
assessment is carried out by considering the duties and the best qualifications who meet the requirements for
responsibilities according to the laws and regulations members of the Board of Commissioners of the Company
and/or the Company’s Articles of Association. including the nomination criteria and process.
GOVERNANCE
CORPORATE
Assessment Criteria 1. Board of Commissioners members candidate shall
Assessment on the Board of Commissioners performance fulfil the minimum requirements as required by the
includes the implementation of the duties and functions regulator.
of the Board of Commissioners including supervising 2. The Nomination and Remuneration Committee plays
the implementation of strategy and management of a role in providing recommendations to the Board of
the Company carried out by the Board of Directors, Commissioners regarding:
monitoring good corporate governance implementation a. Position composition, such as structure and
in the Company, supervising the implementation of risk composition of members (including expertise,
management and internal control in dealing with risks knowledge, experience and diversity) of the
potential, and supervision of the Company’s compliance Board of Commissioners members;
with the laws and regulations. b. Candidates who qualify as the Board of
Commissioners, members if the Board of
Assessors Commissioners needed;
Nomination and Remuneration Committee can assist 3. The Nomination and Remuneration Committee is
REPORT
SUSTAINABILITY
the Board of Commissioners in assessing the Board of eligible to conduct interviews with candidates if
Commissioners performance. the committee considers it necessary. Furthermore,
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the Nomination and Remuneration Committee 3. The President Commissioner reviews, among other
proposes the selected candidate to the Board of including, the recommendations stipulated by the
Commissioners for approval and endorsement at Nomination and Remuneration Committee, which
the General Meeting of Shareholders which will will be further decided.
become effective after passing the fit and proper
test conducted by OJK. In the remuneration policy, the Company shall concern
4. Nomination and Remuneration Committee will several matters such as fairness with the company and/or
assist in evaluating the performance of the Board of an equivalent level of position (market), consideration of
Commissioners members who will be reappointed at the Company’s long-term goals and strategies.
the General Meeting of Shareholders.
Remuneration Structure and Amount
Nomination Procedure and Policy
Remuneration structure can be paid in form of honorarium,
Stipulation of amount of remuneration for the Board incentives, allowances, and other remuneration. Amount
of Commissioners members is based on individual of remuneration paid to the Company’s Board of
performance by considering the duties and responsibilities Commissioners in 2023 is Rp1.8 billion (exclude tax).
of the Board of Commissioners members. The procedures This remuneration includes salaries and other fixed
for implementing the remuneration for the Board of allowances, including benefits and bonuses.
Commissioners are as follows:
1. GMS approved and declared to grant power of The Nomination and Remuneration Committee
attorney to the President Commissioner to consider contributes in providing recommendations regarding the
and decide the remuneration including other related remuneration structure and policies on remuneration for
provisions for the Board of Commissioners members. the Board of Commissioners. The committee will also
2. Nomination and Remuneration Committee provides evaluate the remuneration policy and structure in actual
recommendations to the President Commissioner. condition.
REMUNERATION AMOUNT PER PERSON IN 1 (ONE) YEAR IN CASH NUMBER OF COMMISSIONERS
>Rp1,5 billion -
Rp1 billion - Rp1,5 billion -
<Rp1,0 billion 3
Assessment Criteria
Assessment on Performance of The Board of Commissioners evaluates each committee
Committees Under the Board of that supports implementation of their duties, collegially
Commissioners and individually. The Committee’s performance
evaluation is collegiately carried out based on the
In carrying out the supervisory function, the Board of assessment criteria, including the implementation of
Commissioners is assisted by several committees, such its duties and responsibilities as stipulated in its work
as Audit Committee, Nomination and Remuneration guidelines.
Committee and Risk Monitoring Committee.
The individual evaluation is carried out by considering
Performance Assessment Procedure the criteria including the level of attendance and
The Board of Commissioners evaluates performance active participation in periodic and incidental meetings
of the committees that support the implementation held by the committee or requested by the Board of
of their duties based on the duties and responsibilities Commissioners or Board of Directors.
implementation report submitted by each committee
regularly, including in the meetings. Assessment on Committees Under the Board of
Commissioners
Board of Commissioners and Board of Directors Overall, committees under the Board of Commissioners
evaluate both collegial and individual performance supervision have carried out their duties and
of the committee’s members every year based on the responsibilities in assisting the implementation of
predetermined parameters. The Board of Commissioners supervision by the Board of Commissioners. Committees
and the Board of Directors is also eligible to request under the Board of Commissioners report implementation
feedback from each committee’s Chairperson. of their duties and responsibilities in meetings with the
Board of Commissioners periodically.
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HIGHLIGHTS
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In 2023, Audit Committee held 7 (seven) tim meetings, remuneration for the Board of Commissioners and
such as in January, February, March, May, July, November Directors for fiscal year 2023, discussions regarding the
and December 2023 with the attendance rate of members Board of Directors’ development (capacity building)
reaching 100%. The meeting was attended by Director program, which is in line with the latest developments,
of the Company, Internal Audit Work Unit, Corporate discussions regarding the succession plans for each
Planning & Secretary Division, Corporate Accounting Director, distribution of roles and responsibilities between
Division and/or other related divisions, including the Directors and future plans and conducting a review of the
REPORT
MANAGEMENT
Public Accountant and the Company’s Public Accounting management work of the Nomination and Remuneration
Firm. Committee in 2023.
Audit Committee has discussed and reviewed the Risk Monitoring Committee has also held 4 (four)
financial statements released by the Company, especially meetings in 2023, including in February, May, August and
the financial statements for December 2022 period, November 2023, with the attendance rate of members
which were published in March 2023 and June 2023 reaching 100%. This committee discussed, among other,
period, which were published in July 2023, discussing the Company Soundness rating or the Company’s health
the findings regarding the implementation of audits by level for 4th quarter of 2022 and Full Year 2022, 1st quarter
internal auditors in the Company’s operational activities. of 2023, 2nd quarter of 2023, and 3rd quarter of 2023. The
significant and potentially risky for the Company, Company’s health level for the third quarter of 2023
providing an evaluation of the performance of external was at composite rank 1, which reflected the company’s
PROFILE
CORPORATE
auditors in connection with the provision of audit generally very healthy condition, so it is considered very
services for annual historical financial information by capable of facing significant negative influences from
Public Accountant Erni Sandjaja and Public Accountant changes in business conditions and external factors.
Firm Imelda & Partners, providing recommendations The meeting also discussed the Company’s risk profile
for the appointment of a Public Accountant and per type of risk for the 4th quarter of 2022, 1st quarter
Public Accounting Firm in 2023 based on: others on of 2023, 2nd quarter of 2023, and 3rd quarter of 2023
independence, scope of assignment, and compensation for both conventional and sharia financing, including
for services. Based on evaluations carried out during the results of the Company’s compliance monitoring or
2022, in general the Audit Committee is of the opinion Compliance Dashboard. to the applicable provisions. The
that the Company has implemented good governance Committee has also discussed the implementation of
practices. All notes and recommendations from the risk management including the implementation of Risk
DISCUSSION & ANALYSIS
MANAGEMENT
results of the implementation of activities, reviews and Control Self-Assessment for the period December 2022,
analyzes of the Audit Committee during 2023 have also June 2023 and September 2023, External Event Reports,
been communicated and discussed periodically at Board Risk Awareness Culture Program, Review of Business
of Commissioners Meetings. and Operational processes and Risk and Compliance
Assurance Program (RCAP), including the implementation
Nomination and Remuneration Committee also held of Information Technology Risk Management.
3 (three) meetings in 2023, which were in February,
July and November 2023, with the attendance rate of The role of the committees mentioned above is to always
members reaching 100%. The meeting discussed, among provide regular updates to the Board of Commissioners
other, evaluation and review of the activities of the at Board of Commissioners meetings in supporting the
Board of Commissioners and Board of Directors in 2022, function of the Board of Commissioners, in supervising
discussions and evaluations related to the composition the Board of Directors and company operations.
of the Board of Commissioners and Board of Directors in
2023, discussions and evaluations related to composition
of committees under the Board of Commissioners in
2023, discussions related to remuneration and policies
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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BOARD OF DIRECTORS
Legal Framework
Legal framework for the Board of Directors establishment
THE BOARD OF DIRECTORS IS and appointment refers to several provisions, among
AN IMPORTANT ORGAN FOR others:
1. Law of the Republic of Indonesia concerning Limited
THE COMPANY, WHO IS FULLY Liability Companies and Financing;
RESPONSIBLE UPON THE 2. Financial Services Authority (OJK) regulations, OJK
Circular Letters,
COMPANY’S MANAGEMENT 3. Company’s Articles of Association; and
4. Company Meeting Resolution Statement Deed No.
TO ACHIEVE THE COMPANY’S
01 dated August 1, 2023 as announced to Ministry
INTERESTS AND GOALS. of Law and Human Rights of Republic of Indonesia
(Menkumham RI) through Notification Acceptance
Letter No. AHU-AH.01.09-0152748 dated August
18, 2023.
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d) Board of Directors shall comply with the Articles
Board of Directors Work Manual and of Association, internal company regulations, all
Procedures prevailing laws and regulations, and other laws
related to the Company’s operations.
In carrying out managerial role and function in the e) Board of Directors is responsible to implement Good
Company, the Board of Directors refers to the Articles of Corporate Governance and Know Your Customers
Association, Code of Corporate Governance and Board Principles, avoiding use of the Company’s services
REPORT
MANAGEMENT
of Directors Work Manual. Therefore, overall, the Board and facilities for money laundering activities.
of Directors Work Manual is prepared with reference to: f) Board of Directors is entitled the right to represent
1. Law No. 40 of 2007 concerning Limited Liability the Company on and off the court regarding
Companies; all matters and in all cases, bind the Company
2. Financial Services Authority Regulation (“POJK”) with other parties and take any action related to
No. 30/POJK.05/2014 concerning Good Corporate management or ownership as stipulated in the
Governance for Financing Companies; Articles of Association.
3. POJK No. 29/POJK.05/2020 concerning Amendments g) Board of Directors is entitled the right to acquire,
to POJK No. 30/POJK.05/2014 concerning Good develop and manage human resources, including
Corporate Governance for Financing Companies; but not limited to selecting and appointing
4. POJK No. 33 /POJK.04/2014 concerning the Board business leaders in the Company by implementing a
of Directors and Board of Commissioners of Issuers sustainable performance management system and
PROFILE
CORPORATE
or Public Companies; good career development.
5. POJK No. 34/POJK.04/2014 concerning Nomination h) Board of Directors is prohibited to disclose and/
and Remuneration Committee of Issuers or Public or leak the Company’s confidential business
Companies; information including but not limited to all data,
6. Articles of Association; materials, products, technology, computer programs,
7. Code of Corporate Governance; instructions, business plans, software, marketing
8. Other related regulations. plans, expertise, financial information, and other
information expressed or conveyed, verbal, written,
The Company regularly adjusted the Board of Directors or by other media provided by the Company.
Work Manual as approved by Board of Directors. i) Board of Directors is prohibited from being involved
in any other work or assignment other than work or
DISCUSSION & ANALYSIS
MANAGEMENT
assignments as Director of the Company, because
Duties, Responsibilities and Authorities the job or assignment is a full-time job.
of the Board of Directors j) Board of Directors shall decide on matters stipulated
in laws and regulations along with the Company’s
In general, duties and responsibilities of the Board Articles of Association and receive reports on
of Directors are to formulate the Company’s vision, matters regulated in laws and regulations and the
mission and values, short-term, medium-term and implementation of important operations will be
long-term business plans, as well as daily management supervised by management.
of the Company for the interest and to achieve the k) To perform their duties efficiently, the Board
Company’s goals by considering provisions in the of Directors is allowed to establish supporting
articles of association, internal regulations, as well committee under the Board of Directors.
as all prevailing laws and regulations related to the
Company’s operations. The Board of Directors shall Scope of individual duties and responsibilities of the
implement prudent principle in carrying out the duties Board of Directors member is as follows:
and responsibilities. The Board of Directors is entitled
the right to represent the Company on and off the President Director
court according to provisions of the Company articles of 1) chairing a general meeting to ensure
GOVERNANCE
CORPORATE
association. Scope of duties and responsibilities of the implementation of rules and regulations; fairness
Board of Directors are as follows: and opportunity for all of the Board of Directors
a) The Board of Directors will formulate the Company’s to contribute appropriately; adjust allocation of
mission, vision, value (MVV) and prepare short-term, discussion time, determine the order of the agenda,
medium-term and long-term business plan to be direct the discussion towards joint decisions, explain
approved by the Board of Commissioners or the and conclude actions and policies;
General Meeting of Shareholders as stipulated in 2) coordinate the implementation of duties among
the Company Articles of Association. members of the Board of Directors, carry out
b) Board of Directors is responsible for the Company’s guidance and control of all operational activities
operations according to the Articles of Association and management of the Company in an effective
and MVV. and efficient manner, by considering compliance
c) Board of Directors exercise corporate financial with prevailing regulations;
prudent principle, including but not limited to risk 3) coordinating, controlling and evaluating
management and internal control systems, to implementation of GCG principles and corporate
REPORT
SUSTAINABILITY
maintain the Company’s good performance. cultural values; and
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GOVERNANCE
4) act as a partner for all of the Company’s organs of 2) Ensuring the functions mentioned in point 1 are
in providing, evaluating, maintaining employees as well-implemented to achieve the stipulated goals;
an effort to achieve the Company’s goals; and
5) ensure that all regulations related to human 3) Control and monitor branch operations, according
resource management are in accordance with the to established procedures and targets, especially in
prevailing laws and regulations; collection area.
6) establish the necessary steps to ensure that
the Company has complied with the applicable Legal, Litigation, Risk Management and Compliance
regulations relating to Anti Money Laundering Director
(AML) and the Counter Terrorism Financing (CTF) 1) Formulate strategy to encourage the compliance
and other related regulations; culture creation;
7) Controlling and monitoring of marketing 2) Ensure all policies, regulations, systems, and
communication and branding development procedure as well as business activity run by the
activities. Company have complied to the prevailing Law and
Regulation;
Vice President Director I 3) Ensure that the scope of active supervision from the
1) Direct and supervise all of the Company’s financial Board of Directors has been fulfilled adequately.
activities, including presentation of financial
statements in accordance with financial accounting Information Technology & Digital Director
standards and established regulations; 1) Plan, implement and oversee entire implementation
2) Acting as a partner for all Company’s Organs in of operations at Directorate of Information
reporting and analysis of the Company’s financial Technology and Digital Business;
and operational performance; and 2) Prepare and manage information technology
3) Act to arrange mechanisms for how to manage and development budget plan.
ensure the availability of funds to manage accounts 3) Manage and ensure role of Information technology
receivable or fund procurement using conventional and digitalization in supporting the Company’s
financial instruments or using structured operations and business acceleration.
instruments. 4) Manage and ensure development of Micro, Small
4) Act in ensuring the company’s strategy in and Medium (MSMEs) Business lines.
procurement & account payable.
Vice President Director II Composition, Membership and
1) Direct and supervise all Corporate Planning & Term of Office
Secretary, Business Intelligence Analytics and
CRM, Operation Strategic & Development, Project A. Board of Directors members are appointed by
Management Office, Credit Policy dan Credit the shareholders through General Meeting of
Operational. Shareholders.
2) Establish a more comprehensive strategy based B. As stipulated in the Company Articles of Association,
on scope of the division they lead with the aim of Board of Directors members at least consist of one
improving performance and efficiency; person who will be appointed as President Director
3) Review the Company’s policies or business plans; and if deemed necessary one or more will be
4) Analyzing business needs in all divisions to determine appointed as Vice President Director or Managing
the needs and development of information Director.
technology; C. Requirements for the Board of Directors members
5) Planning and establishing information technology are:
governance policies to support implementation of 1. Have good character, morals and integrity
the Company’s strategy; 2. Competent in performing legal actions
3. Within 5 years prior to the appointment and
Sales and Regional Center Director during the term of office:
1) Formulate sales work strategy and business plan 1) Never been declared bankrupt;
to ensure the achievement of designated business 2) Never been appointed as a Board of Directors
targets; and/or Board of Commissioners member
2) Prepare an annual budget plan for financing who was proven guilty of causing a company
Yamaha motorcycles (NMC), Dana Syariah and to go bankrupt;
UMC Business. 3) Never been charged of a criminal act that
3) Control, manage and supervise all sales programs resulted in state financial losses and/or
4) Supervising the Regional Center. related to the financial sector; and
5) Perform controlling and monitoring on development 4) Never been a member of the Board of
of marketing communication and branding. Directors and/or a member of the Board of
Commissioners who during his tenure:
Operations & Collection Director: a. Failure to hold the Annual GMS;
1) Plan, implement and oversee all of the Company’s b. Accountability as Board of Directors
operations, collection and recovery strategies; and/or Board of Commissioners
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HIGHLIGHTS
PERFORMANCE
members whose accountability report is Companies Law), particularly in Article 111, OJK
rejected by the GMS or failed to provide Regulation No. 33/POJK.04/2014 concerning the Board
accountability as the Board of Directors of Directors and Board of Commissioners of Issuers
and/or Board of Commissioners members or Public Companies and the Company’s Articles of
to the GMS; and Association stipulates that the appointment and
c. Cause companies that have licenses dismissal of the Board of Directors members is carried
and approvals or are registered with out through the GMS. In addition, the Company’s
REPORT
MANAGEMENT
the Financial Services Authority fail to Articles of Association regulates the term of office of
fulfill their obligations to submit annual each Board of Directors members for 3 (three) years
reports and/or financial reports to the from his appointment, without prejudice to the right of
Financial Services Authority. the GMS to dismiss members of the Board of Directors
4. Have a commitment to comply the laws and at any time before their term of office ended.
regulations; and
5. Have knowledge and/or expertise in the required Board of Directors member has the right to resign from
field. his position by submitting written statement to the
6. Have a certificate of expertise and has passed Company at least 90 (ninety) days before the date of
the fit and proper test required by the prevailing his resignation. Upon request for resignation of the
laws and regulations. Board of Directors member, the Company is required
D. Any proposal to replace and/or appoint a member of to disclose information to public and submit to the OJK
PROFILE
CORPORATE
the Board of Directors by the Board of Commissioners the latest within 2 (two) working days after receiving
to the General Meeting of Shareholders must the resignation letter by the Company. Furthermore,
consider the recommendation from the Nomination the Company has an obligation to hold a GMS to
and Remuneration Committee. decide on the resignation the latest 90 days after the
E. All Directors shall submit a Good Corporate resignation letter is received as regulated in POJK No.
Governance Agreement during the appointment. 33/POJK.04/2014 concerning Board of Directors and
F. Each of the Board of Directors member shall attend Board of Commissioners of Issuers or Public Companies.
an orientation program to get better understanding
on the Company. In 2023, there was no new appointment, dismissal and
G. Term of office of the Board of Directors members resignation of Board of Directors member.
shall follow as stipulated in the Company Articles of
DISCUSSION & ANALYSIS
MANAGEMENT
Association.
H. After the term of office ended, the Board of Directors Composition of the Board of Directors
members are eligible to be reappointed as Board of
Directors members by the GMS. On May 8, 2023, Annual General Meeting of
I. A Board of Directors member has the right to resign Shareholders approved re-appointment of Mr. Charles
from his position by informing the Company in Gultom as Director. The appointment is declared in
writing of his intentions at least 90 (ninety) days Company Meeting Resolutions Statement Deed No.
prior to the date of his resignation. 20 dated May 26, 2023. Therefore, as of December 31,
J. Term of office of a member of the Board of Directors 2023, the Company Board of Directors comprised of 7
ends if: (seven) people including of 1 (one) President Director,
1. resign in accordance with the provisions above; 2 (two) Vice President Directors, and 4 (four) Directors.
2. no longer meets the requirements of the The Company’s Board of Directors composition as of
applicable laws; December 31, 2023 is as explained in the table below.
3. passed-away; or
4. dismissed based on the General Meeting of Effective as per January 2, 2024 or when this report was
Shareholders resolutions. prepared, the Board of Commissioners has approved
changes in scope and responsibility, where the Anti-
GOVERNANCE
CORPORATE
Fraud unit previously supervised under Ms. Lynn
Appointment, Dismissal and Ramli (President Director) was transferred to Mr. Sigit
Resignation of the Board of Directors Sembodo (Director) and Corporate Communication
Members & Branding, Dana Syariah & UMC Business, Dana
Syariah Acquisition, Business & Operation Support will
According to provisions of Law Number 40 of 2007 be supervised by A Lung Ng (Director). Therefore, scope
concerning Limited Liability Companies (Limited and responsibilities are presented as follows:
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 229
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CORPORATE
GOVERNANCE
SCOPE OF WORK AND
NAME POSITION APPOINTMENT DECREE
RESPONSIBILITY
Lynn Ramli President First appointment as Vice President Director Internal Audit, Car
Director of the Company is according to Circular Business, Dana Syariah,
Shareholders Resolutions Statement Deed Fleet & Insurance
in Lieu the Company Extraordinary General Business, Human
Meeting of Shareholders No. 33 Dated July Resources Management,
25, 2017. She is later appointed as President Learning and
Director at the Company Annual General Development, General
Meeting of Shareholders in 2018 according to Affairs
the Company Meeting Resolutions Statement
Deed No. 42 dated April 18, 2018.
Her latest appointment as President Director
refers to Company Meeting Resolutions
Statement Deed No. 27 dated April 26, 2022.
Affirmation as President Director is disclosed
in Company Meeting Resolutions Statement
Deed No. 01 dated August 1, 2023.
Akira Sugai Vice President First appointment as Vice President Director Corporate Finance,
Director of the Company according to Circular Corporate Accounting,
Shareholders Resolutions Statement Deed Business Accounting dan
in lieu of Extraordinary General Meeting of Procurement & Account
Shareholders of PT Bussan Auto Finance No. Payables Divisions
15 dated November 15, 2019.
His latest appointment as Vice President
Director according to Company Meeting
Resolutions Statement Deed No. 27 dated
April 26, 2022.
Affirmation as Vice President Director is
disclosed in Company Meeting Resolutions
Statement Deed No. 01 dated August 1, 2023.
Koji Kato Vice President First appointment as Vice President Director Corporate Planning
Director of the Company at the Company Annual and Secretary, Business
General Meeting of 2022 according to Intelligence Analytics
Company Meeting Resolutions Statement and CRM, Operation
Deed No. 27 dated April 26, 2022. Strategic& Development,
Project Manager Office,
Affirmation as Vice President Director is Credit Policy and Credit
disclosed in Company Meeting Resolutions Operational.
Statement Deed No. 01 dated August 1, 2023.
Sigit Sembodo Director First appointment as Director of the Company Risk Management &
according to Shareholders Resolutions Compliance, Legal
Statement Deed in lieu of the Company & Litigation, Sharia
Annual General Meeting of Shareholders No. Unit, Anti-Fraud Unit
131 dated June 30, 2004. (department)
His latest appointment as Director according
to the Company Shareholders Resolutions
Statement Deed No. 27 dated April 26, 2022.
Affirmation as Director is disclosed in
Company Meeting Resolutions Statement
Deed No. 01 dated August 1, 2023.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
SCOPE OF WORK AND
NAME POSITION APPOINTMENT DECREE
RESPONSIBILITY
A Lung Ng Director First appointment as Director of the Company NMC Business, Corporate
according to Company Meeting Resolutions Communication &
Statement Deed No. 5 dated April 4, 2007. Branding, Dana Syariah
& UMC Business, Dana
REPORT
MANAGEMENT
His last appointment as Director based on the Syariah Acquisition,
Deed of Statement of the Company’s Meeting Business & Operation
Resolutions No. 27 dated April 26, 2022. Support, Regional Centers
Affirmation as Director is disclosed in
Company Meeting Resolutions Statement
Deed No. 01 dated August 1, 2023.
Charles Director First appointment as Director of the Company Tele Collection, Field
Gultom according to Company Meeting Resolutions Collection (1-3), Recovery,
Statement Deed No. 04 on 15 May 2020. Operation Support,
Operation & Asset
Affirmation as Director is disclosed in Management
PROFILE
CORPORATE
Company Meeting Resolutions Statement
Deed No. 01 dated August 1, 2023.
Yudono Director First appointment as Director according Digital Business, MSMEs
to Circular Annual General Meeting of Business, IT Operation,
Shareholders Resolution Statement Deed No. IT Strategic Planning &
41 Dated April 26, 2021. Innovation, IT Business
Technology Solution.
Affirmation as Director is disclosed in
Company Meeting Resolutions Statement
Deed No. 01 dated August 1, 2023.
DISCUSSION & ANALYSIS
MANAGEMENT
4. Education level
Board of Directors Membership Diversity Educational levels include undergraduate and
postgraduate levels with various fields of education
The diversity of the Company’s members of the Board such as economics, management, finance/
of Directors composition that is appropriate and in accounting, information and communication
accordance with the needs of the Company will support engineering, computer science and others.
the effectiveness of the implementation of the duties 5. Work experience
and responsibilities of the Board of Directors and support Members of the Company’s Board of Directors have
the achievement of the Company’s vision and mission to expertise/work experience in the finance industry,
continue to grow and develop. including banking and trading companies. Members
of the Board of Directors have also held various
The Board of Directors composition has reflected its important positions in the Non-Bank Financial
members diversity, both in terms of education (studies), Industry, banking and associations.
GOVERNANCE
CORPORATE
experience and skill, age as presented in the profile
section for each Board of Directors member. Every Board
of Directors member has high competency to support Board of Directors Meeting Policy and
managerial function improvement in the Company. Implementation
1. Citizenship According to POJK No. 33/POJK.04/2014 concerning
The majority or more than 70% (seventy percent) of Board of Directors and Board of Commissioners of Issuers
the members of the Board of Directors are Indonesian or Public Companies, the Board of Directors is required to
citizens. organize Board of Directors meeting periodically at least
2. Gender 1 (once) every month. In accordance with the Company
gender diversity of members of the Board of Directors, articles of association, the Board of Directors is required
where there is 1 (one) female member, namely the to organize meeting 1 (once) in a month, however, the
President Director. Board of Directors of the Company organized 2 (two) or
3. Age more meetings in a month at second and fourth weeks at
REPORT
SUSTAINABILITY
The diversity of ages of members of the Board the Company’s head office.
of Directors in a fairly productive age range and
maturity level, namely 40-59 years.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 231
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CORPORATE
GOVERNANCE
Board of Directors members shall attend the Board of Directors members is 99.6%. Therefore, the attendance
Directors meeting at least 50% (fifty percent) of the total level is as required in POJK No. 30/POJK.05/2014
Board of Directors meetings within 1 (one) year period as concerning Good Corporate Governance for Financing
stated in POJK No. 30/POJK.05/2014 concerning Good Companies in 2023 has been fulfilled. The number of
Corporate Governance for Financing Companies, In 2023, meetings and attendance levels of members of the Board
the Company has held 31 (thirty-one) Board of Directors of Directors can be seen in the following table:
Meetings with average attendance rate of the Board of
TOTAL ATTENDANCE
NAME POSITION ATTENDANCE
MEETINGS PERCENTAGE
Lynn Ramli President Director 31 31 100%
Akira Sugai Vice President Director 31 31 100%
Koji Kato Vice President Director 31 31 100%
Sigit Sembodo* Director 31 30 97%
A Lung Ng Director 31 31 100%
Charles Gultom Director 31 31 100%
Yudono Director 31 31 100%
*) There was 1 (one) absence in the meeting that has been reported to the Board of Directors members and Corporate Secretary.
(one) or more shareholders who represent at least 1/10
Meeting Plan in 2024 (one tenth) of the total shares with valid voting rights.
The Board of Directors will also hold joint meetings with
In 2024, the Company has scheduled meetings, which members of the Board of Commissioners as specified
are planned to be held at least 2 (two) times a month in POJK No. 33/POJK.04/2014 concerning the Board of
or if deemed necessary by one or more members of Directors and Board of Commissioners of Issuers or Public
the Board of Directors or upon a written request from 1 Companies.
Affiliation with the Board of Commissioners, Other Members of Board of Directors, and
Majority Shareholder
NAME AFFILIATIONS
Lynn Ramli No affiliation with other Board of Directors or Board of Commissioner Members and
Majority and/or Controlling Shareholders.
Akira Sugai No affiliation with other Board of Commissioners or Board of Directors Members and
Majority and/or Controlling Shareholders.
Koji Kato No affiliation with either Board of Commissioners or Board of Directors Members and
Majority and/or Controlling Shareholders.
Sigit Sembodo No affiliation with either Board of Commissioners or Board of Directors Members and
Majority and/or Controlling Shareholders.
A Lung Ng No affiliation with either Board of Commissioners or Board of Directors Members and
Majority and/or Controlling Shareholders.
Charles Gultom No affiliation with either Board of Commissioners or Board of Directors Members and
Majority and/or Controlling Shareholders.
Yudono No affiliation with either Board of Commissioners or Board of Directors Members and
Majority and/or Controlling Shareholders.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Board of Directors Affiliation (financial affiliation and familial affiliation) is presented in the following table:
TYPE OF AFFILIATION
NAME AFFILIATION WITH
FINANCIAL FAMILIAL
REPORT
MANAGEMENT
Lynn Ramli Other Board of Directors X X
Board of Commissioner X X
Sharia Supervisory Board X X
Shareholders X X
Akira Sugai Other Board of Directors X X
Board of Commissioner X X
Sharia Supervisory Board X X
PROFILE
CORPORATE
Shareholders √ X
Koji Kato Other Board of Directors X X
Board of Commissioner X X
Sharia Supervisory Board X X
Shareholders √ X
Sigit Sembodo Other Board of Directors X X
DISCUSSION & ANALYSIS
MANAGEMENT
Board of Commissioner X X
Sharia Supervisory Board X X
Shareholders X X
A Lung Ng Other Board of Directors X X
Board of Commissioner X X
Sharia Supervisory Board X X
Shareholders X X
Charles Gultom Other Board of Directors X X
Board of Commissioner X X
GOVERNANCE
CORPORATE
Sharia Supervisory Board X X
Shareholders X X
Yudono Other Board of Directors X X
Board of Commissioner X X
Sharia Supervisory Board X X
Shareholders X X
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 233
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CORPORATE
GOVERNANCE
Board of Directors Members Shares Concurrent Position
Ownership
Concurrent position of the Board of Directors of the
As of December 31, 2023, the Board of Directors members Company as of December 31, 2023 is as follows:
do not have any shares ownership in the Company.
POSITION IN POSITION IN OTHER
NAME COMPANY NAME LINE OF BUSINESS
THE COMPANY COMPANIES
Lynn Ramli President - - -
Director
Akira Sugai Vice President - - -
Director
Koji Kato Vice President - - -
Director
Sigit Director Commissioner PT LSPPI (Lembaga Professional
Sembodo Sertifikasi Profesi Certification
Pembiayaan
Indonesia)
General Secretary APPI (Asosiasi Financing Company
Perusahaan Association
Pembiayaan
Indonesia)
A Lung Ng Director - - -
Charles Gultom Director - - -
Yudono Director - - -
Certification Agency in financing registered with
Training and Competency Development the Financial Services Authority. As end of 2023, all
for Board of Directors Members Directors have certificate of expertise in Financing.
Newly appointed Board of Directors members shall fulfill Specifically, the Board of Directors in charge of the risk
an orientation program (Induction Program) which management function is required to have a certificate
aims to provide feedback to gain an understanding of expertise in risk management from a Professional
of the Company to carry out their duties effectively Certification Institute in risk management registered
and efficiently. Orientation program for new Board of with the Financial Services Authority. As end of 2023,
Directors members include the documents, as follows: the Director in charge in risk management function has
a) Company Vision and Mission certificate of expertise in risk management.
b) Company Organization Structure
c) Company’s Articles of Association All of the Board of Directors members are committed
d) Governance Guidelines to improve their competence in supporting their
e) Work Guidelines for the Board of Directors, as well as duties and responsibilities. The Company Board of
the Committees under the Board of Directors Directors members are required to comply with the
f) Regulations related to the financing industry and sustainability (refreshment) requirements according
the applicable capital market to applicable regulations. Therefore, all of the Board
g) Company Annual Report of Directors members are also committed to develop
h) Company’s Business Plan their competencies to support their duties and
i) and other information deemed relevant in responsibilities. The Company’s Board of Directors
supporting their duties and responsibilities. members are required to comply with the requirements
for sustainability (refreshment) according to
In addition, the Board of Directors is required to have a applicable regulations. This also becomes fulfillment
certificate of expertise in financing from a Professional of sustainability requirements as stipulated in POJK
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
NO. 35/POJK.05/2018 concerning Implementation of Financing Company Businesses, where the Board of
Financing Company Business. Directors members who have passed the fit and proper
test shall fulfil the sustainability requirements at least 1
To develop competency in supporting the implementation (once) within a period of 1 (one) year.
of duties and responsibilities, as well as to meet the
sustainability requirements as stipulated in POJK NO. The training table for members of the Board of Directors
35/POJK.05/2018 concerning the Implementation of in 2023 is as follows:
REPORT
MANAGEMENT
NAME TRAINING DATE & PLACE PROVIDER
Lynn Ramli National Seminar “New Era of Financing Jakarta, APPI
Industry” June 6, 2023
International Seminar “The Future of Jakarta, APPI
Digitalization in Multifinance Industry” August 1, 2023
Akira Sugai Utilization of Big Data Analysis in Improving Zoom Meeting, OJK Institute
Performance in Financial Service Industry March 30, 2023
PROFILE
CORPORATE
National Semianr “New era of Financing Jakarta, APPI
Industry” June 6, 2023
Koji Kato National Seminar “Micro Financing and HR in Jakarta, APPI
Society 5.0 Era” March 3, 2023
International Seminar “The Future of Jakarta, APPI
Digitalization in Multifinance Industry” August 1, 2023
Sigit National Seminar “Micro Financing and HR in Jakarta, APPI
Sembodo Society 5.0 Era” March 3, 2023
DISCUSSION & ANALYSIS
MANAGEMENT
Utilization of Big Data Analysis in Improving Zoom Meeting, OJK Institute
Performance in Financial Service Industry April 6, 2023
Building Customer’s Trust in Digital Assets Zoom Meeting, OJK Institute
from Cyber Risk May 30, 2023
National Seminar “New Era of Financing Jakarta, APPI
Industry” June 6, 2023
National Economic Outlook 2024 Jakarta, APPI
October 3, 2023
A Lung Ng National Seminar “New Era of Financing Jakarta, APPI
Industry” June 6, 2023
National Economic Outlook 2024 Jakarta, APPI
October 3, 2023
GOVERNANCE
CORPORATE
Charles Gultom Indonesia Economic Outlook 2023: Zoom Meeting, Bank Central Asia
Navigating Through Uncertainties January 25,
2023
National Seminar “Micro Financing and HR in Jakarta, APPI
Society 5.0 Era” March 3, 2023
Anti-Money Laundering in Digital Era Zoom Meeting, OJK Institute
April 6, 2023
Yudono National Seminar “Financing Challenge Amid Jakarta, APPI
Political Year” January 31,
2023
REPORT
SUSTAINABILITY
National Seminar “Micro Financing and HR in Jakarta, APPI
Society 5.0 Era” March 3, 2023
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 235
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CORPORATE
GOVERNANCE
b) Candidates who meet the requirements as
Board of Directors Performance members of the Board of Directors, if the Board
Assessment of Commissioners requires.
3. The Nomination and Remuneration Committee may
Procedure of performance appraisal implementation conduct interviews with candidates if the committee
Assessment of the performance of the Board of considers it necessary. Furthermore, the Nomination
Directors is carried out regularly every year based on the and Remuneration Committee proposes the selected
achievement of predetermined criteria or parameters. candidate to the Board of Commissioners for
The performance evaluation is carried out by considering approval and endorsement at the General Meeting
the duties and responsibilities in accordance with the of Shareholders which will become effective after
laws and regulations and/or the Company Articles of passing the fit and proper test conducted by OJK.
Association. 4. The Nomination and Remuneration Committee will
assist in evaluating the performance of members of
Criteria the Board of Directors who will be reappointed at the
The performance assessment of the Board of Directors General Meeting of Shareholders.
refers to the indicators of the Board of Directors’
achievement, including its contribution to the
implementation of the strategy and management of Remuneration Policy and Procedure
the Company, including the achievement of targets and
commitments in advancing the interests of the Company, The determination of the amount of remuneration
the implementation of good corporate governance, the for members of the Board of Directors is based on the
implementation of risk management and internal control performance of each member by considering duties and
in dealing with potential risks, as well as compliance with responsibilities of members of the Board of Directors. The
regulations. current regulation. procedures for implementing the remuneration of the
Board of Directors are as follows:
Assessor 1. The GMS approved and stated that it gave power of
The Nomination and Remuneration Committee can attorney to the President Commissioner to consider
assist the Board of Commissioners in assessing the and decide on remuneration including other related
performance of the Board of Directors. provisions for members of the Board of Directors.
2. The Nomination and Remuneration Committee
Accountability for the implementation of the duties provides recommendations to the President
and responsibilities of the Board of Directors is carried Commissioner.
out at the Annual General Meeting of Shareholders 3. The President Commissioner studies, among
(“Annual GMS”). The GMS assesses the performance other things, the recommendations given by the
of the Board of Directors as reflected in the annual Nomination and Remuneration Committee, which
report. Shareholders always use the results of the overall will then be decided.
performance evaluation of the Board of Directors as one
of the basic considerations for Shareholders to dismiss or In determining remuneration, the Company must pay
reappoint the concerned person. attention to matters such as individual work performance,
fairness with the company and/or an equivalent position
level (market), consideration of the Company’s long-term
Nomination Procedures and Policies goals and strategies.
The Company has a nomination policy. The nomination At the 2022 Annual General Meeting of Shareholders held
policy for members of the Board of Directors is prepared on May 8, 2023, the shareholders agreed and stated that
as a guideline in identifying candidates with the best they authorized the President Commissioner to represent
qualifications who meet the requirements for members the Shareholders to consider and decide on remuneration
of the Board of Directors of the Company including the including other provisions related to members of the
criteria and nomination process. Board of Directors, Board of Commissioners and Sharia
Supervisory Board to carry out the management of the
1. Candidates for members of the Board of Directors Company. during the Fiscal Year 2023 considering the
must meet the minimum requirements as required recommendations of the Nomination and Remuneration
by the regulator, one of which is passing the Fit and Committee.
Proper test from the Financial Services Authority
(“OJK”).
2. The Nomination and Remuneration Committee plays Remuneration Structure and Amount
a role in providing recommendations to the Board of
Commissioners regarding: The remuneration structure can be in the form of
a) Position composition, such as structure and honorarium, tantiem, allowances and other remuneration.
composition of members (including expertise, The amount of remuneration paid to the Company’s
knowledge, experience and diversity) of members Board of Directors in 2023 is Rp23.4 billion (exclude
of the Board of Directors; tax). This remuneration includes salary and other fixed
allowances, including benefits and bonuses.
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HIGHLIGHTS
PERFORMANCE
Nomination and Remuneration Committee plays a role in of Directors. The committee will also evaluate the
providing recommendations regarding the remuneration remuneration policy and structure from time to time.
structure and policies on remuneration for the Board
REMUNERATION AMOUNT PER PERSON IN 1 (ONE) YEAR IN CASH NUMBER OF DIRECTORS
REPORT
MANAGEMENT
>Rp1,5 billion 7
Rp1 billion - Rp1,5 billion -
<Rp1,0 billion -
In 2023, Safety Committee will discuss the evaluation
Assessment on Performance of of activities for the 4th quarter of 2022 and planning
Committees under the Board of Directors for 2023 as well as various work safety activities, health
PROFILE
CORPORATE
and driving safety programs. Some activities that have
As end of 2023, the Company has 6 (six) committees been carried out in 2023 were including training on the
under the Board of Directors, such as Social Responsibility use of BAF Plaza Light Fire Extinguishers (APAR) and
Committee, Business Continuity Management (BCM) network offices, health webinars and the selection of
Committee, Occupational Health and Safety Supervisory Floor Warden & First Aider ambassadors on each floor
(HSE) Committee, and Information Technology Steering at the the head office. The committee also checked
Committee (IT Steering Committee), Digitization evacuation equipment at BAF Plaza & network offices
Committee, and Risk Management Committee. These
committees have important role in assisting the Board Information Technology Steering Committee has also
of Directors in carrying out managerial functions in carried out its responsibility for monitoring technology
the Company in accordance with their respective and information risks, and any regulatory and
DISCUSSION & ANALYSIS
MANAGEMENT
responsibilities. compliance risks related to technology and information
risks within the Company. In 2023, Information
In 2023, the Board of Directors considers that these Technology Steering Committee held 5 (five) meetings
committees have carried out their roles properly in which discussed, among other things, the availability
carrying out their duties and responsibilities according of IT services, the results of IT security operational
to charter of each committee. monitoring, plans and realization of IT operational
projects, implementation of IT audits in 2023 and, as
Corporate Social Responsibility Committee has carried well as matters-the latest matters related to governance,
out its duties in assisting the Board of Directors in fulfilling risk management and IT compliance and data privacy.
economic, social and environmental aspects which are
manifested in corporate social responsibility activities. Digitalization Committee has also played a role
In 2023, the Corporate Social Responsibility Committee in accelerating the process of implementing and
held 5 (five) meetings to discuss CSR work programs or implementing digitalization in order to support business
activities carried out throughout the year. Some of the activities or processes. Various digitalization projects
topics discussed include CSR budget allocation for 2023, have been completed and continue to be developed
CSR activities plan for 2023 altogether with a timeline of according to business needs. In 2023, the Digitalization
GOVERNANCE
CORPORATE
activities the CSR programs. Committee held 9 (nine) meetings to discuss accelerating
roadmap/strategic plan for Sandia, BAF Mobile for all
Business Continuity Management Committee has also of the Company’s business lines, and BAF Verse. Apart
ensured that the company’s level of readiness has been from that, the committee also continued discussions
appropriate and adequate thereby capable to prevent regarding project design solutions for e-stamp users in
disruption to business activities, and also to protect critical non-digitalization businesses.
business processes from the impact of major information
system failures or disasters. In 2023, the Business Risk Management Committee has actively reviewed
Continuity Management Committee held 7 (seven) policies, strategies and guidelines for implementing
meetings to discuss, among other, generator rejuvenation Risk Management. During 2023, the Risk Management
in network offices, coordination for security at each Committee held 4 (four) meetings to discuss the
network office if there is an emergency at any time, as well implementation of risk management in the Company,
as Call Tree Drill and Disaster Recovery (DR Drill). such as the Company’s health level, risk profile,
compliance monitoring and other aspects.
REPORT
SUSTAINABILITY
Occupational Health and Safety Committee has
actively participated in implementing occupational Going forward, the Company will further optimize role of
health and safety in the Company’s work environment. the committees under the Board of Directors members.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 237
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GOVERNANCE
COMMITTEE UNDER
THE BOARD OF
COMMISSIONERS
AUDIT COMMITTEE
information requested by the Audit Committee.
Legal Basis Establishment 3. Prepare annual report on the Audit Committee’s
activity, which shall be attached in the management
To comply with Financial Service Authority Regulation report.
(POJK) No. 55/POJK.04/2015 concerning Audit Committee 4. Members of the Audit Committee do not serve
Establishment and Audit Committee Charter, the Company as professional accountants or auditors, and their
has established an Audit Committee. Establishment of the functions are not intended to duplicate the roles and
Audit Committee also refers to POJK No. 30/POJK.05/2014 responsibilities of the Board of Directors, Internal
concerning Good Corporate Governance for Financing Audit, and External Audit. The Audit Committee
Company with the latest amendment in POJK No. 29/ provides independent advice to the Board of
POJK.05/2020 concerning Amendments to the Financial Commissioners and guidance to the Internal Audit
Services Authority Regulation Number 30/POJK.05/2014 and External Audit based on the information received.
concerning Good Corporate Governance for Financing 5. Related to reporting system and internal control:
Company. Purpose of the Audit Committee establishment a. Oversee preparation process and integrity of
is to assist the Board of Commissioners in carrying out the financial information related to the Company and
supervisory function as one of the main pillars in the good ensure compliance with regulatory requirements,
corporate governance principles implementation within correct definition of consolidated scope and
the Company. correct implementation of the accounting criteria.
b. Review financial information that will be issued
by the Company to public and/or authorities,
Audit Committee Charter including financial statements, projections, and
other reports related to the Company’s financial
In implementing the duties, Audit Committee has been information.
equipped with working manual as disclosed in Audit c. Review complaints related to the Company’s
Committee Charter, which is drafted by referring to accounting process and financial reporting.
prevailing Law and regulation. The Audit Committee d. Reviewing the risk management implementation
Charter disclosed provisions on Audit Committee activities and risk management system carried
structure, authority and responsibility, membership out by the Board of Directors (when the Company
requirement, terms of office, meeting implementation has not yet established a Risk Monitoring function
as well as reporting and accountability. In 2023, the under the Board of Commissioners), therefore the
Company has conducted annual review on the Charter. key risks, including fiscal risks, shall be identified,
The Charter has been approved by the Board of managed as well as reported and discussed
Commissioners in the Board of Commissioners Meeting concerning any significant weaknesses detected
on October 26, 2023. during the audit.
e. Supervise and ensure independency and
effectiveness of the internal audit, with access to
Duties, Responsibilities and Authorities the audit.
of the Audit Committee f. Establish and supervise a mechanism that allows
employees to report confidentially and, where
The duties, responsibilities and obligations of the Audit appropriate, anonymously, any significant
Committee are outlined in the Audit Committee Charter potential irregularities, particularly those related
as the working guideline for the Audit Committee. Based to finance and accounting, that they detect
on the Audit Committee Charter, the Audit Committee within the Company.
has duties and responsibilities, including: g. Reviewing the internal control system and the
1. Understand the Company’s financial reporting effectiveness of the Company’s internal control
process and the internal control system. system, including the security and control over
2. Inviting the Board of Directors who are deemed the information technology.
relevant with the Committee’s meeting to provide h. Understand scope of internal and external
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HIGHLIGHTS
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auditors’ review of internal control over financial f. Perform other activities related to this charter as
reporting, and obtain significant reports of requested by the Board of Commissioners.
findings and recommendations, along with g. Review and assess adequacy of the Audit
management responses. Committee Charter regularly, propose Approval
6. Related to internal audit: from the Board of Commissioners for any
a. Monitor and evaluate audit plan including suggested amendment, and ensure relevant
changes to the audit plan, as well as the audit disclosure as required under the Law or regulation.
REPORT
MANAGEMENT
implementation. h. Annually confirm that all responsibilities stated in
b. Review the internal audit budget, resource plans, this charter has been carried out.
activities and organization structure.
c. Review the audit implementation conducted In implementing the duties, Audit Committee holds
by internal auditors and supervising the the authority as as declared in OJK Regulation No. 55/
implementation of follow-ups by the Board of POJK.04/2015 regarding Audit Committee Establishment
Directors on the findings of the internal auditors and Audit Committee Charter, as follows:
7. Related to external audits: a. To access the Company’s document, data and
a. Review the scope and approach of the external information related to employees, proceeds, assets
audit, including coordination with internal audit. and required corporate resources;
b. Examine conformity of financial statements with b. To have direct communication with the employees,
financial accounting standards including Board of Directors and other parties who
PROFILE
CORPORATE
c. Examine and evaluate conformity of audit perform internal audit function, risk management
implementation by the public accounting firm and Accountant related to Audit Committee’s duty
with the audit standards. and responsibility;
d. Review, provide and report results of the c. Involve independent party outside the Audit
evaluation over implementation of the external Committee member who are required to assist the
audit services to the Company to be reported duty implementation (if necessary); and
regularly to the OJK. d. Exercise other authorities as assigned by the Board of
e. Provide recommendations to the Board of Commissioners.
Commissioners regarding appointment of the
public accountant and/or public accountant firm
based on independency, scope of assignment Audit Committee Membership
DISCUSSION & ANALYSIS
MANAGEMENT
and service fees.
f. Review and confirm independency of the external According to the Audit Committee Charter, composition
auditor by obtaining a statement from the and membership structure of the committee are as
auditor regarding affiliation between the auditor follows
and the Company, including nona-udit services, 1. Audit Committee consists of at least (3) three
and discussing the affiliation with the auditor. members including 1 (one) Independent
g. Provide independent opinion in the event of Commissioner who serves as Chairperson, and 2 (two)
dissent opinion between the management of the Independent Parties from outside the Company, one
accountant for the services provided of whom has expertise in:
8. Related to reporting responsibilities: a. Audit
a. Report regularly to the Board of Commissioners b. Finance or Accounting
regarding activities, issues and other 2. Members of the Audit Committee are proposed by
recommendations. the Board of Directors to the Board of Commissioners
b. Provides open communication between internal for approval, either for appointment and/or dismissal.
audit, external auditors, and the Board of 3. Resignation of the Audit Committee shall be submitted
Directors. in written letter to the Board of Commissioners the
c. Review other reports related to the Company latest two (2) months prior the effective date, or with
GOVERNANCE
CORPORATE
concerning the responsibilities of the committee. approval from the Board of Commissioners.
9. Related to other responsibilities, among others: 4. Members of the Audit Committee:
a. Review compliance with laws and regulations a. Shall have high integrity, ability, knowledge,
related to the Company’s activities. experience according to field of work and good
b. Evaluate performance of the Committee and the communication skill;
members individual regularly. b. Understand the company’s financial statements,
c. Oversee implementation of follow-ups by the business, especially related to the services or
Board of Directors on the findings of the internal business activities of the Company, the audit
audit work unit, public accountants, and OJK process, risk management, as well as Law and
audit results, to provide recommendations to the regulations in capital market sector as well as
Board of Commissioners. other related laws and regulations.
d. Review and provide advice to the Board of c. Shall comply with the audit committee code of
Commissioners regarding potential conflicts of ethics stipulated by the Company:
interest in the Company. d. Willing to consistently develop competency
REPORT
SUSTAINABILITY
e. Secure confidentiality of the Company’s through education and training:
documents, data and information. e. Shall have at least 1 (one) member with
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 239
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GOVERNANCE
educational background and expertise in Prabowo as a member of the Audit Committee as follows
accounting and finance stipulated in the Decree of the Board of Commissioners
f. Not working in a Public Accounting Firm, Legal Company No. SK-001/BOC/BAF.III/2023 dated March
Consulting Firm, Public Appraisal Service Office 31, 2023 concerning Changes in Committee members
or other agencies providing insurance, non- Company Audit. Changes in members of
insurance services, appraisal services and/or other the Audit Committee has been reported
advisory services to the concerned Company to the OJK and has been submitted
within the last 6 (six) months via IDXnet and SPE OJK via Company letter No.
g. Not working or has the authority and responsibility BAF/087/CP/III/2023 dated April 3, 2023 concerning
to plan, lead, control or oversee the Company’s Changes in PT Bussan Auto Audit Committee
activities within the last 6 (six) months except the Members in the Financin Company (“Company”)
Independent Commissioner; and the second amendment is Re-appointment of
h. Not having direct or indirect shares ownership Mr Nurdayadi as Chairperson Audit Committee as
in the Company. In the course where a member stipulated in the Company’s Board of Commissioners
of the Audit Committee acquires the Company’s Decree No. SK-002/BOC/BAF.V/2023 dated May 8,
shares, either directly or indirectly as a result of 2023 concerning Appointments of the Company’s
a legal event, the shares must be transferred to Audit Committee Member. The changes in Audit
another party the latest 6 (six) months after the Committee member has been reported to OJK and
shares were acquired. has been submitted via IDXnet and SPE OJK via
i. Not having any affiliation with members of the Company letter no. BAF/135/CP/V/2023 dated May 9,
Board of Commissioners, members of the Board 2023 concerning Changes in PT Bussan Auto Finance
of Directors, or Controlling Shareholders; and not (“Company”) Audit Committee Members. These changes
having any direct or indirect business relationship has also been published on the Company’s website.
related to the Company’s business activities. Therefore, the composition of the Company’s Audit
Committee as of December 31, 2023 composition is as
was the resignation of Mr. Stepanus Ardhanova as follows:
Chairperson of the Audit Committee and appointment of Mr
POSITION IN POSITION IN
NAME APPOINTMENT
THE COMMITTEE THE COMPANY
Nurdayadi Chairperson No. SK-002/BOC/BAF.V/2023 dated May 8, 2023 Independent
concerning Appointment of Audit Committee Commissioner
Prabowo Member No. SK-002/BOC/BAF.V/2023 dated May 8, 2023 Independent
concerning Appointment of Audit Committee Commissioner
Heru Absoro Member No. SK-002/BOC/BAF.V/2023 dated May 8, 2023 Independent
concerning Appointment of Audit Committee Party
Terms of office of Audit Committee Audit Committee Profile
The term of office of Audit Committee members
Nurdayadi
is no longer from the term of office of the Board of
Chairperson
Commissioners as regulated in the Company’s articles
of association, which is 3 (three) years starting from His complete profile is presented in Board of
the appointment of each member, without eliminating Commissioners Profile in this Annual Report.
the rights of the Board of Commissioners to dismiss at
any time, except for members committees as the Board
Prabowo
of Commissioners members will ends automatically
Member
during his term of office as a member of the Board of
Commissioners ends. Mr. Nurdayadi’s terms will be ended His complete profile is presented in Board of
at the AGMS Fiscal year 2025, while the terms of Mr. Commissioners Profile in this Annual Report.
Prabowo and Mr Heru Absoro will end in AGMS for Fiscal
Year 2024.
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HIGHLIGHTS
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c. Invitations to attend meetings can be submitted
Heru Absoro to the Board of Directors, Head of Internal Audit
Member and other parties deemed necessary by the Audit
Indonesian Citizen, 69 years. Earned Bachelor Degree Committee.
of Architecture from Institut Teknologi Bandung (1983), d. Audit Committee meetings can only be held if
and Master Degree of Finance from Carnegie Mellon attended by more than 50% (fifty percent) of the
University, Pittsburgh, USA (1988). Previously, He served total number of members including one independent
REPORT
MANAGEMENT
in various positions as Head of Risk Management Adira person and an independent party. If the quorum for
Group (BDI Subsidiaries) Adira Finance, Adira Insurance, the Audit Committee is not fulfilled, consequently,
and Adira Quantum (2007- 2010), National Quality the meeting must be rescheduled.
Assurance – Integrated Risk Bank Danamon (Jan e. The Internal Audit Unit will prepare a note taker
2011- Sep 2012), Risk Advisor Adira Finance IT QA and to record every result of formal Audit Committee
Compliance Head, and Commissioner BPR Danamasa meetings.
Cimahi (1995- now). f. Decisions of the Audit Committee meetings are
taken based on collective consensus. If a consensus
is failed to be achieved, the decision making will be
Independency of Audit Committee taken by majority of votes (voting).
g. Committee meetings are chaired by the Chairperson
According to provisions in Audit Committee Charter, the of the Committee. If the Chairperson the Committee
PROFILE
CORPORATE
Audit Committee members comprise of Independent is not present, then one of the Committee members
Commissioner (chaired by Independent Commissioner) who is present at the Committee Meeting is
and External Party as independent party who is appointed to chair the Committee meeting.
appointed based on his knowledge and expertise in h. Each Audit Committee meeting is outlined
Accounting, audit and/or both. Therefore, in carrying in the minutes of the meeting, including any
out its duties and responsibilities, the Audit Committee disagreements, which are signed by all members of
works independently including in providing independent the Audit Committee who are present and submitted
advice to the Board of Commissioners about the report to the Board of Commissioners.
(as defined in Audit Committee Charter). i. A meeting can be held using teleconference media,
video conferences, or other electronic media facilities
that allow all participants to see and hear each
DISCUSSION & ANALYSIS
MANAGEMENT
Audit Committee Meeting Policy and other directly and participate as present in place
Implementation of the meeting. Place of meeting at the domicile of
the Company or place of business activities of the
In accordance with the Audit Committee Charter, the Company shall be considered as meeting place by
policies and implementation of the Audit Committee using electronic media, under condition that the
meetings are as follows: minutes of the meeting using teleconference media,
a. The Audit Committee must hold regular meetings at video conferences, or other electronic media facilities
least 1 (one) time in 3 (three) months. The Board will be made in writing and circulated among all
of Commissioners, the Board of Directors and the members of the Committee who participate in the
Internal Audit may request to hold extraordinary meeting to be signed.
meetings if deemed to discuss urgent matters of
interest.
b. Notification of Audit Committee meetings is made Audit Committee Meeting Frequency
by the Chairperson of the Audit Committee (or his and Attendance
nominated representative) no later than seven (7)
working days prior to the meeting, except for the In 2023, the Audit Committee organized 7 (seven)
extraordinary meeting as referred to in point (a) meetings with attendance as follows:
GOVERNANCE
CORPORATE
provided that all members of the Audit Committee
have been notified.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 241
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GOVERNANCE
NAME POSITION MEETINGS ATTENDING ATTENDANCE
Nurdayadi Chairperson 7 7 100%
Heru Absoro Member 7 7 100%
Prabowo* Member 4 4 100%
Stepanus Ardhanova** Member 3 3 100%
*) effective as of March 31, 2023
**) effectively out of office starting March 31, 2023
Training of the Audit Committee Members
To develop competency and understanding in supporting their duty and responsibility, in 2023, Audit Committee
members had participated in trainings, seminar or workshop, as follows:
NAME TRAINING DATE & PLACE ORGANIZER
Nurdayadi Information is presented in Board of Commissioners training table in this Annual Report
Prabowo Information is presented in Board of Commissioners training table in this Annual Report.
Heru Absoro Seminar Indonesia Risk Management Jakarta, Indonesia
Outlook 2024 “Beyond Uncertainty and 27 October Financing Company
Opportunity: Technology and Leadership as 2023 Association
Key Elements
Risk and Governance Summit (RGS) 2023 Jakarta, Financial Service
30 November Authority
2023
In 2023, the Audit Committee held 7 (seven)
Audit Committee Activity meetings consisting of regular meetings attended
Implementation Report 2023 by representatives of the Board of Directors, Internal
Audit, Corporate Accounting Division, Legal & Litigation
Audit Committee is an organ under the Board of Division, Corporate Planning & Secretary Division and
Commissioners and being responsible to the Board of the Risk Management and Compliance Division of the
Commissioners to support in carrying out supervisory Company, including meeting with the External Auditor
function for interest of the shareholders and broader (Public Accounting Firm) regarding the draft results of the
stakeholders. At the Annual GMS held in 2023, the audited Financial Statements for fiscal year 2022. Other
Shareholders have approved Audit Committee Report activities of the Audit Committee in 2023 are including:
for the fiscal year 2022. The structure and composition
of the Company’s Audit Committee membership has 1. Reviewed performance of internal audit and submit
met the prevailing regulations and requirements. Audit a report on findings from the Internal Audit Unit,
Committee members have sufficient competency including audit scope and plan for the next period.
and experience to support effectiveness of the Audit 2. Discussed significant findings or cases with risk
Committee in carrying out its duties and responsibilities. potential against the Company, as well as mitigation
All members of the Audit Committee are independent plans that have been implemented.
parties without any affiliated relationship with the 3. Reviewed and supervised financial reporting,
Company. particularly annual and semi-annual financial
statements published by the Company. The Financial
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HIGHLIGHTS
PERFORMANCE
Report for the 2022 Fiscal Year and the Mid-Year • October 3 – 21 is for planning activities;
Financial Report for the June 2023 period were • December 5 – 23 2022 in the form of an
published respectively on 20 March 2023 and 28 interim audit;
July 2023 in accordance with the provisions and not • January 9 - February 28 2023 in the form of
exceeding the time limit determined by the OJK. the final audit then KAP has sufficient time
4. Financial Services Activities. The submitted for field work to be carried out.
recommendations are included, among c. The services provided include declaration of an
REPORT
MANAGEMENT
others, independency of AP and KAP, scope opinion on the financial statements for the year
of audit, fees for audit services, expertise and ended December 31, 2022. The services provided
audit team experience from KAP, audit methodology include declaration of financial statements
and the facilities used by KAP. As for AP and opinion for fiscal year ended on December
KAP that have been reported by the Company is 31, 2022. The sampling test involved the
AP Erny Sandjaja from KAP Imelda & Partners. implementation of procedures to obtain audit
These recommendations have been submitted to the evidence about figures and disclosures in the
Board of Commissioners via letter dated August 29, financial statements. The auditors have assessed
2023 and has been reported by the Company to OJK significant audit risks, either caused by errors
through Company letter No. BAF/262/CP/X/2023 or fraud, considering the Company’s internal
October 6, 2023 regarding Appointment Report controls. For some material risks, the auditor
Public Accountant (AP) and Public Accounting Firm has conducted Test of Control (TOC) and Test of
PROFILE
CORPORATE
(KAP) for PT Bussan Auto Finance (“Company”). Design (TOD).
5. Provide an evaluation of the external d. There is no material finding in the audit
auditor’s performance related to the conducted in fiscal year 2022.
implementation of audit services
audit on annual historical financial information by AP 6. Discussing scope and audit plan for the Company’s
Erny Sandjaja and KAP Imelda & Partners. The report fiscal year 2023 by the AP and KAP.
This has been reported by the Company to OJK 7. Discussing new OJK regulations and other related
via Company letter No. BAF/154/CP/VI/2023 regulations with impact on the Company’s
dated June 12, 2023 regarding Audit Committee operations.
Evaluation Results Report on the Implementation
of Audit Service on PT Bussan Auto Finance Based on the evaluation conducted in 2023, the Audit
DISCUSSION & ANALYSIS
MANAGEMENT
(“Company”)Annual Historical Financial Information Committee generally suggested that the Company
Fiscal Year 2022 by Public Accountants (AP) and has implemented good governance practices in various
Public Accounting Firm (KAP). important aspects. All notes and recommendations from
Based on the evaluation results, some discussions are the results of the implementation of activities, review and
as follows: analysis of the Audit Committee during 2023 have also
a. KAP Imelda & Partners has carried out audits been communicated and discussed with the Company’s
according to applicable audit standards set by Management. The Audit Committee also has regularly
the Indonesian Institute of Public Accountants submitted committee’s duty implementation report in
(IAPI). the Board of Commissioners Meeting.
b. KAP Imelda & Partners has started the audit for
the 2022 financial year, with the following details:
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 243
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CORPORATE
GOVERNANCE
NOMINATION AND REMUNERATION
COMMITTEE
Commissioners, DPS, and Committees under
Legal Basis Establishment the Board of Commissioners members if
required by the Board of Commissioners.
To comply with Financial Service Authority Regulation b. Provide recommendations to the Board of
Number 34/POJK.04/2014 concerning Nomination Commissioners regarding the capacity-building
and Remuneration Committee in Issuer or Listed program for the Board of Directors, Board of
Company, the Company has established Nomination Commissioners, and DPS members.
& Remuneration Committee on August 16, 2017. This c. Provide considerations and recommendations
Committee is established and being responsible to the related to succession planning for the Board
Board of Commissioners in supporting implementation Directors members, by considering the challenges
of the Board of Commissioners’ function and duty and opportunities faced by the Company, as
related to nomination and remuneration for the Board well as skills and expertise needed by the Board
of Directors and Board of Commissioners members. of Directors in the future. The Committee will
consider other matters deemed necessary by the
Board of Commissioners.
Nomination & Remuneration
Committee Charter 2. Duties and responsibilities related with the
remuneration are as follows:
In carrying out the duties, the Nomination and a. Provide recommendation regarding the
Remuneration Committee has been equipped with remuneration structure and remuneration
work guidelines as stated in the Nomination and policy for the Board of Directors, Board of
Remuneration Committee Work Guidelines or Charter, Commissioners, and/or DPS members. The
which is prepared by referring to the prevailing laws and Committee will also conduct evaluation related
regulations. The Charter contains provisions regarding to the remuneration policy from time to time.
the structure of the Nomination and Remuneration b. Assist the Board of Commissioners in evaluating
Committee, authority and responsibilities, membership performance of the Board of Directors, Board of
requirements, terms, meeting implementation, as well Commissioners, and/or DPS members.
as reporting and accountability. In 2023, the Company c. Determine the scope of pension arrangements
has conducted annual review on the Charter regarding for each Director.
the meeting implementation. The Charter has been d. The Committee will consider other matters
approved by the Board of Commissioners in the Board deemed necessary by the Board of Commissioners.
of Commissioners in the Board of Commissioners
Meeting on November 27, 2023. Furthermore, the Committee also periodically
reviews the performance and working guideline
to ensure effectiveness of its functions according
Nomination and Remuneration to the regulations and provide recommendation
Committee Duties, Responsibilities and on any changes deemed necessary to the Board
Authorities of Commissioners for approval.
Duties, responsibilities and authorities of the
Nomination and Remuneration Committee are disclosed Work Procedure
in the Nomination and Remuneration Committee
Charter as the working guideline for the Nomination 1. The Committee’s work procedures related to
and Remuneration Committee. nominations are as follows:
a. Prepare composition and nomination process,
1. Duties and responsibilities of the Committee related policies and criteria required in the nomination
with the nomination are as follows: process, capacity-building program for the Board
a. Provide recommendations to the Board of of Directors, Board of Commissioners and/or DPS
Commissioners regarding: members;
1. Position composition, such as structure, size b. Support implementation of evaluation on
and composition of the members (including performance of the Board of Directors, Board of
expertise, knowledge, experience and Commissioners and/or DPS members.
diversity) of the Board of Directors, Board c. Review and propose candidates who fulfil the
of Commissioners, and Sharia Supervisory requirements as Board of Directors, Board of
Board (“DPS”) members. Commissioners and/or DPS members to the
2. Candidates who fulfil the requirements as Board of Commissioners to be submitted to the
members of the Board of Directors, Board of General Meeting of Shareholders.
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HIGHLIGHTS
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2. The Committee’s work procedure related to c. 1 (one) executive officer with a position 1 (one)
remuneration is to draft a policy regarding level below the Board of Directors who is in
remuneration and remuneration structure for the charge of human resources.
Board of Directors, Board of Commissioners and/or 3. Other Committee members are mostly appointed
DPS members; from the officer in charge in managerial positions of
Human Resources under the Board of Directors.
4. Director of Corporate Planning & Secretary as the
REPORT
MANAGEMENT
Authorities Committee Secretary will ensure that the Committee
has received information and materials on time,
1. In relation to its duties, the Committee the Board and can provide input or appropriate consideration
of Commissioners delegates authority to the of these materials.
Committee to obtain external legal advice or other
professional advice regarding matters of reference, In 2023, there was a change in Nomination and
at the company’s expense. Remuneration Committee member following the
2. Eligible to access adequate resources to implement reappointment of Mr. Jimmy Iskandar as the
the duties, including access to the company’s Chairperson of Nomination & Remuneration Committee
secretariat to acquire assistance as needed and in the Company. In addition, following the appointment
required. of Mr. Toshiyuki Kojima as President Commissioner, he
is also appointed as Nomination and Remuneration
PROFILE
CORPORATE
Committee member.
Nomination and Remuneration
Committee Membership The change in Nomination & Remuneration Committee
member is disclosed in the Board of Commissioners’
In accordance with the Nomination and Remuneration Decree No. SK-003/BOC/BAF.V/2023 dated May 8,
Committee Charter. The composition and membership 2023 concerning the Change in Company’s Nomination
structure of the Committee are as follows: and Remuneration Committee Members and has been
1. Members of the committee are appointed and reported to OJK and submitted through IDXnet and
dismissed by the Board of Commissioners. SPE OJK regarding the Change in Company’s Audit
2. Members of the committee shall consist of at least 3 Committee Member through the Company letter No.
(three) members, provided that: BAF/136/CP/V/2023 dated May 9, 2023, and published
DISCUSSION & ANALYSIS
MANAGEMENT
a. 1 (one) Chairperson, also serving as member, who in the Company’s website. Therefore, as of December
is an Independent Commissioner; 31, 2023, composition of the Nomination and
b. 1 (one) Commissioner; Remuneration Committee is as follows:
POSITION IN POSITION IN
NAME APPOINTMENT
THE COMMITTEE THE COMPANY
Dani Chairperson Board of Commissioners Decree No. SK-003/BOC/ Independent
Firmansjah BAF.V/2023 dated May 8, 2023 Commissioner
Toshiyuki Member Board of Commissioners Decree No. SK-003/BOC/ President
Kojima BAF.V/2023 dated May 8, 2023 Commissioner
Samuel Member Board of Commissioners Decree No. SK-003/BOC/ Independent
Manasseh BAF.V/2023dated 8 May, 2023 Party
GOVERNANCE
CORPORATE
Jimmy Member Board of Commissioners Decree No. SK-003/BOC/ Associate
Iskandar BAF.V/2023 dated May 8, 2023 Director HRGA
administer incidental dismissal, except for the Committee
Terms of office of the Nomination and members who are appointed as members of the Board
Remuneration Committee of Commissioners, the term will be automatically expired
when the term as a Board of Commissioners member is
Terms of the Nomination and Remuneration Committee ended. The term of office of Mr. Dani Firmansjah and
shall not exceed the term of the Board of Commissioners Mr. Samuel Manasseh will be ended at the AGMS for the
as stipulated in the Articles of Association, which is Fiscal Year 2024, meanwhile, the terms of office of Mr.
REPORT
SUSTAINABILITY
3 years since appointment of each member, by not Jiro Yamada and Mr. Jimmy Iskandar will be ended at the
reducing the right of the Board of Commissioners to AGMS for the Fiscal Year 2025.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 245
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GOVERNANCE
Profile of the Nomination and Policy and Implementation of the
Remuneration Committee Nomination and Remuneration
Committee Meeting
Dani Firmasjah
Chairperson According to the Nomination and Nomination and
Remuneration Committee Charter, provisions related to
His complete profile is presented in Board of the committee meeting implementation are as follows:
Commissioners Profile in this Annual Report. 1. Meeting Frequency
The Committee meeting was held periodically at
Toshiyuki Kojima least 1 (once) in 4 (four) month.
Member 2. Meeting Implementation
A meeting can be held using teleconference media,
His complete profile is presented in Board of video conferences, or other electronic media facilities
Commissioners Profile in this Annual Report. that allow all participants to see and hear each other
directly and participate as physical attendance of
Samuel Manasseh the meeting. Location of meeting is at Company’s
Member address or business activities site shall be considered
as meeting place by using electronic media, under
Indonesian citizen, 61 years old. He earned a Bachelor’s condition that the minutes of the meeting using
degree from the University of Kansas, United States, in teleconference media, video conferences, or other
civil engineering, in 1986 and a Master of Business electronic media facilities will be prepared as written
Administration from Drury University, Missouri, United document and circulated and signed by all of the
States, in 1988. He has more than 25 years of experience Board of Commissioners members who attending the
in human resource management, development programs. meeting.
, strategic leadership, problem solving & decision making, 3. Quorum
risk management, finance, and others. He was appointed a. The Committee Meeting is only eligible to be
as General Manager, Head of Finance Division and Head conducted if attended by at least more than
of Corporate Risk Management (concurrent) of PT Astra half of the members. One of the majority total
Honda Motor (1995-2007), Senior General Manager, Chief Committee’s members will be appointed as
of Group Risk Management of PT Astra International Tbk. Chairperson of the Committee.
(2007- 2011), Finance and Human Resources Director of b. The Committee members meeting is only eligible
PT Toyota Astra Motor (2011-2015), Finance Director of to be attended by the Committee members.
PT Astra Sedaya Finance (2015-2018), and he is currently However, other participants such as President
serving as Member of Audit Committee at PT Hasjrat Commissioner, President Director, Director of
Multifinance. Human Resources, external advisor or other
parties with approval from the Committee are
Jimmy Iskandar eligible to attend in all or part of the Committee
Member meetings, if deemed necessary.
4. The Meeting is chaired by Chairperson of the
His complete profile is presented in Executive Officers’ Committee.
profile in this Annual Report. 5. Meeting resolution is done based on collective
consensus. In the case where the collective consensus
is failed to be achieved, the decision will be taken by
Independency of the Committee voting.
6. If the decision-making process include any dissenting
As regulated in the Nomination and Remuneration opinion, the dissenting opinion will be disclosed in the
Committee Charter, the Nomination and Remuneration minutes of meeting altogether with the reason.
Committee shall be independent in carrying out duty
and responsibility. Chairperson of the the Nomination
and Remuneration Committee is appointed from Nomination and Remuneration
Independent Commissioner. Committee Meeting Frequency and
Attendance
Throughout 2023, the Nomination and Remuneration
Committee held 3 (three) meetings with attendance
level, as follows:
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
NAME POSITION MEETINGS ATTENDING ATTENDANCE
Dani Firmansjah Chairperson 3 3 100%
Tetsuya Daikoku* Member 1 1 100%
Toshiyuki Kojima** Member 2 2 100%
REPORT
MANAGEMENT
Samuel Manasseh Member 3 3 100%
Jimmy Iskandar Member 3 3 100%
*) Has submitted his resignation as President Commissioner and will be effective at the closing of the Annual GMS on May 8, 2023
**) Has been appointed as President Commissioner of the Company at the Annual GMS on May 8, 2023 and is effective after passing the fit and
proper test from the OJK on June 21, 2023.
Training of the Nomination and Remuneration Committee Members
PROFILE
CORPORATE
To develop the competence and understanding in supporting the implementation of the duties and responsibilities, the
Nomination and Remuneration Committee members have participated in seminars, training or workshop throughout
2023, as follows:
NAME TRAINING DATE & PLACE ORGANIZER
Dani Disclosed in Board of Commissioners training table section in this Annual Report.
Firmansjah
DISCUSSION & ANALYSIS
MANAGEMENT
Toshiyuki Disclosed in Board of Commissioners training table section in this Annual Report.
Kojima
Samuel -
Manasseh
Jimmy Seminar “Implementation of Artificial Virtual Meeting, OJK Institute
Iskandar Intelligence in Financial Service Industry.” February 2,
2023
National Seminar “Micro Financing and HR in Jakarta, Indonesia Financing
Society 5.0 Era.” March 3, 2023 Company Association
1. Evaluated and review the composition of the Board
Nomination and Remuneration of Commissioners, the remuneration structure of
Committee Activity Implementation
GOVERNANCE
CORPORATE
the Board of Directors, remuneration policies and
Report 2022 meeting schedules for the 2021 financial year.
2. Conducted discussions regarding the composition of
In 2021, the Nomination and Remuneration Committee the Board of Commissioners, Board of Directors and
has carried out its duties according to the Nomination Sharia Supervisory Board.
and Remuneration Committee Work Guidelines and 3. Conducted discussions regarding the remuneration
Rules (Charter). The Risk Monitoring Committee has for the Board of Commissioners and the Board of
held 5 (five) meetings, such as on February 19, 2021, Directors for the 2021 financial year.
March 9, 2021, July 21, 2021, September 22, 2021 and 4. Conducting discussions related to the development
November 16, 2021, with an attendance rate of 100%. program of the Board of Directors in line with the
This maximum level of attendance shows the high latest developments.
commitment of all members of the Nomination and 5. Conducting discussions regarding car ownership
Remuneration Committee. program for Board of Directors.
6. Conduct discussions regarding succession plan of
REPORT
SUSTAINABILITY
Through the meetings that have been held, the each Board of Directors, the division of roles and
Nomination and Remuneration Committee has: responsibilities between the Board of Directors and
future plans.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 247
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CORPORATE
GOVERNANCE
RISK MONITORING COMMITTEE
3. Perform other duties and responsibilities assigned
Legal Basis Establishment by the Board of Commissioners from time to time,
particularly related to risk monitoring.
In order to further improve supervision over risk
management implementation in the Company following Within scope of its responsibilities , the committee holds
the business complexity as well as to comply with authorities as follows:
provisions of the Financial Services Authority Regulation 1. Obtain access to the Company documents, data and
No. 29 /POJK.05/2020 as Amendments to Financial information of that are required according to their
Services Authority Regulation No. 30/POJK.05/2014 respective areas of duty with the approval of the
concerning Good Corporate Governance for Financing Board of Commissioners;
Companies (“POJK 29”), the Company has established 2. Provide opinions and recommendations to Board
Risk Monitoring Committee on November 1, 2020. This of Commissioners in overall application of risk
committee was established by and is responsible to the management.
Board of Commissioners related to implementation
of Board of Commissioners duty concerning the risk
monitoring carried out by the Board of Directors. Risk Monitoring Committee Membership
In accordance with POJK No. 29/POJK.05/2020
Risk Monitoring Committee Charter concerning Amendments to the Financial Services
Authority Regulation No. 30/POJK.05/2014 concerning
In carrying out its duties, Risk Monitoring Committee Good Corporate Governance for Financing Companies
has been equipped with work guidelines as stated in the (“POJK 29”), the Risk Monitoring Committee at least
Charter that was prepared with reference to prevailing consists of:
laws and regulations. The Charter contains provisions 1. Committee members shall consist of at least:
regarding structure of Risk Monitoring Committee, a. An Independent Commissioner as Chairperson;
powers and responsibilities, membership requirements, and
terms of office, and meetings. In 2023, the Company b. Independent parties with expertise in Finance
has conducted annual review on the charter including and/or Risk Management as members, with
review on meeting provisions and simulation of quorum number is adjusted to the Company’s needs.
calculation in the committee’s meeting. The charter has 2. Board of Directors members are prohibited to be
been approved by Board of Commissioners in Board of appointed as members of the Risk Monitoring
Commissioners Meeting on November 27, 2023. Committee;
3. Members of the Risk Monitoring Committee shall
have good integrity, morals, and track record.
Risk Monitoring Committee Duties,
Responsibilities and Authorities In 2023, there was changes to the Company’s Risk
Monitoring Committee members following the re-
Duties, responsibilities and authorities of the Risk appointment of Mr. Heru Absoro as a member in line
Monitoring Committee are disclosed in Risk Monitoring with the end of his term of office as a member of the
Committee Charter as working guideline for the Risk Committee.
Monitoring Committee, as follows:
1. Evaluate conformity between risk management The changes in Risk Monitoring Committee members
policies and implementation of company policies; was disclosed in the Company’s Board of Commissioners
2. Oversee and evaluate implementation of duties of the Decree No. SK-004/BOC/BAF.V/2023 dated May 8, 2023
Risk Management Committee and Risk Management concerning Changes in Members of the Company’s Risk
Work Unit; Monitoring Committee. Therefore, as of December 31,
2023, composition of the Risk Monitoring Committee is
as follows:
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
POSITION IN POSITION IN
NAME APPOINTMENT
THE COMMITTEE THE COMPANY
Prabowo Chairperson Board of Commissioners Decree No. SK-004/BOC/ Independent
BAF.V/2023 dated May 8 2023 concerning Changes in Commissioner
the Company Risk Monitoring Committee Members.
REPORT
MANAGEMENT
Dani Member Board of Commissioners Decree No. SK-004/BOC/ Independent
Firmasjah BAF.V/2023 dated May 8 2023 concerning Changes in Commissioner
the Company Risk Monitoring Committee Members.
Heru Absoro Member Board of Commissioners Decree No. SK-004/BOC/ Independent
BAF.V/2023 dated May 8 2023 concerning Changes in Party
the Company Risk Monitoring Committee Members.
responsibilities. Chairperson of the Company’s Risk
PROFILE
CORPORATE
Terms of Office of Risk Monitoring Monitoring Committee is appointed from Independent
Committee Commissioner.
The term of office of the Risk Monitoring Committee
shall not exceed the term of office of the Board of Policy and Implementation of the Risk
Commissioners as regulated in the Company’s articles of Monitoring Committee Meeting
association, which is 3 (three) years from the appointment
of each member, without prejudice to the right of the According to the Risk Monitoring Committee Charter,
Board of Commissioners to dismiss at any time, except the Risk Monitoring Committee meeting implementation
for members of the Committee. members of the Board of policy is as follows:
Commissioners will automatically end when their term of 1. The Committee meeting should be conducted every
DISCUSSION & ANALYSIS
MANAGEMENT
office as a member of the Board of Commissioners ends. Quarter or when needed according to the Committees
The term of office of Mr Prabowo and Mr Dani Firmansjah chaiperson’s consideration or at the request of the
will be ended at the AGMS for Fiscal Year 2024, while Mr. Board of Commissioners.
Heru Absoro’s term of office will be ended at the 2025 2. The meeting can only be conducted if attended
Fiscal Year AGMS. by mandatory members and at least 51% (fifty
one percent) of the total members including an
Independent Commissioner and Independent
Profile of the Risk Monitoring Committee Party(ies). How to calculate the quorum can be seen
in the appendix of charter.
Prabowo 3. Meeting Announcement /invitations will be sent by
Chairperson Chairperson of the Committee or representative, and
it should be sent no later than 7 (seven) day before
His complete profile is presented in Board of the Meeting, except for extraordinary meetings or
Commissioners Profile in this Annual Report. meetings that will be held outside the predetermined
schedule as referred to in point 1 under condition
Dani Firmasjah that all the Committee members have been notified.
GOVERNANCE
CORPORATE
Member 4. Meeting decisions are made based on deliberation
to reach consensus. If consensus is not reached,
His complete profile is presented in Board of the decision is made based on the majority of votes
Commissioners Profile in this Annual Report. (voting).
5. Every member of the Committee shall have one
Heru Absoro vote. If there is a conflict of interest, the member of
Member the Committee shall refrain from the vote to avoid
conflict of interest. In the case of a tie in votes, the
His complete profile is presented in Audit Committee Chairperson of the meeting shall be entitled to a
Profile in this Annual Report. second casting vote.
6. The meeting resolutions is required to be summarized
and written into a minute of meeting and signed by
Independency of the Committee all members presence at the meeting and should be
well documented.
REPORT
SUSTAINABILITY
As stipulated in the Company’s Risk Monitoring 7. Any dissenting opinions in the Meeting are required
Committee Charter, the Risk Monitoring Committee to be stated clearly into minutes of meeting including
must act independently in carrying out its duties and the reasons for dissenting opinions.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 249
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CORPORATE
GOVERNANCE
Risk Monitoring Committee Meeting Frequency and Attendance
Risk Monitoring Committee held 4 (four) meeting with attendance levels as follows:
NAME POSITION MEETINGS ATTENDING ATTENDANCE
Prabowo Chairperson 4 4 100%
Dani Firmasjah Member 4 4 100%
Heru Absoro Member 4 4 100%
Training of the Risk Monitoring Committee Members
To improve competence and understanding in supporting the implementation of their duties and responsibilities, in
2023 members of the Risk Monitoring Committee have attended training, seminars or workshops as follows:
NAME TRAINING DATE & PLACE ORGANIZER
Prabowo Disclosed in Board of Commissioners training table section in this Annual Report.
Dani Disclosed in Board of Commissioners training table section in this Annual Report.
Firmansjah
Heru Absoro Disclosed in Audit Committee training table in this Annual Report.
implementation of these pillars is always reported by
Risk Monitoring Committee Activity the Board of Directors at the Joint Meeting of Board of
Implementation Report 2021 Directors and Board of Commissioners quarterly.
In 2023, the Risk Monitoring Committee has carried out Therefore, implementation of risk management in
its duties according to the Risk Monitoring Committee 2023 will be adequate. The risks faced by the Company
Work Guidelines and Procedure. The Risk Monitoring have also been managed well. The Risk Monitoring
Committee has attempted to monitor and evaluate the Committee under the Board of Commissioners has held
implementation of the duties of the Risk Management 4 (four) meetings, namely on February 13, 2023, May
Committee and the Risk Management Work Unit, as 12, 2023, August 16 2023 and November 14 2023.
well as carry out evaluations on the conformity between This shows the Company’s commitment to continuing
Risk Management policies and the implementation of to improve risk management and mitigation. risk.
company policies. The Board of Directors, through the Company’s Risk
Management and Compliance Division, has carried out
Risk Monitoring Committee assessed the Company the formulation, identification and mitigation of risks in
has implemented risk management based on the Risk the company well. However, evaluation of improvements
Management Implementation Guidelines as stipulated and developments in the implementation of the
in POJK Regulation No. 44/POJK.05/2020 concerning Company’s risk management continues to be carried
Implementation of Risk Management for Non-Bank out, to ensure the continuity the Company’s long-tem
Financial Services Institutions. The Company has risk management.
implemented 4 (four) pillars of risk management
implementation including active monitoring by the Through regular meetings, the Risk Monitoring
Board of Directors, Board of Commissioners and DPS, Committee has carried out discussions and evaluations,
policy adequacy, risk management information system including:
and a comprehensive internal control system. The 1. The Company’s health level for quarter 4 2022 and
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Full Year 2022, quarter I 2023, quarter II 2023, and September 2023 (Head Office Pilot Project)
quarter IV 2023. The company’s health level for the • External Event Report (Operational Risk Event
third quarter of 2023 is at a composite rating of 1, Report)
which reflects the condition of the Company which • Risk Awareness Culture Program
is generally very healthy, so it is considered very • Review of Business and Operational processes
capable of facing significant negative influences • Risk and Compliance Assurance Program (RCAP)
from changes in business conditions and other 5. Implementation of Information Technology Risk
REPORT
MANAGEMENT
external factors as reflected in the assessment Management in the 4th quarter of 2022, the 1st
factor ranking. including the implementation of quarter of 2023, the 2nd quarter of 2023, and the
good corporate governance, risk profile, profitability 3rd quarter of 2023, including:
and capital which are generally very good. If there • IT Steering Committee
is a weakness, in general the weakness is considered • IT Security Monitoring
not significant. • Disaster Recovery Plan
2. The Company’s risk profile per type of risk for • IT Risk Management Implementation
quarter IV 2022, quarter I 2023, quarter II 2023,
and quarter IV 2023 for both conventional and Results of the Risk Monitoring Committee Meeting
sharia financing. have been stated in the minutes of the meeting and
3. Results of monitoring the Company’s compliance are well documented. All notes and recommendations
or Compliance Dashboard with the applicable of the Risk Monitoring Committee in 2023 have been
PROFILE
CORPORATE
provisions for the positions of quarter IV 2022, communicated and discussed with the Company’s
quarter I 2023, quarter II 2023, and quarter IV Board of Directors for improvement and follow-up and
2023. have been submitted to the Board of Commissioners
4. Implementation of Risk Management for 4th periodically at Board of Commissioners meetings which
quarter of 2022, 1st quarter of 2023, 2nd quarer of discuss the Risk Monitoring Committee report.
2023, and 3rd quarter of 2023 including:
• Implementation of Risk Control Self-Assessment
for the Period December 2022, June 2023 and
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 251
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CORPORATE
GOVERNANCE
COMMITTEE UNDER THE
BOARD OF DIRECTORS
CORPORATE SOCIAL
RESPONSIBILITY COMMITTEE
5. Oversee the Company’s programs related to
Legal Basis Establishment corporate Social Responsibility and ensure that
these programs are integrated and consistently
Corporate Social Responsibility Committee is implemented throughout the organization.
established to support the Company in fulfilling 6. Conduct an annual review of the integrated
responsibility to stakeholders, including customers, corporate Social Responsibility program to ensure
employees, shareholders, community and environment that:
in all operational aspects such as economic, social and a. In compliance with prevailing law.
environment aspects. b. In accordance with national standards and
global trends, as well
c. Be consistent with Company policies, guidelines
Work Guidelines and corporate Social Responsibility objectives.
In carrying out the duties, Social Responsibility Corproate Social Responsibility Committee has the
Committee has been equipped with work guideline as authority to approve and determine policies/ operational
disclosed in Social Responsibility Committee Charter, activities related to corporate Social Responsibility, as
which is drafted referring to prevailing law. The charter follows:
includes provisions on committee’s structure, duty, 1. Preparing activity plan and budget;
responsibility and authority, meeting implementation, 2. Oversee and being responsible upom implementation
reporting and responsibility as well as values and ethics of corporate Social Responsibility activities;
of the committee. 3. Provide reports related to implementation of
corporate social responsibility activities to the Board
of Directors
Corporate Social Responsibility
Committee Duty, Responsibility and
Authority Corporate Social Responsibility
Committee Membership
Duty and responsibility of Corporate Social Responsibility
Committee are including: As stated in the Charter, composition and membership
1. Formulate and update the vision, strategy and of the Social Responsibility Committee is as follows:
implementation of corporate social responsibility 1. The Company’s CSR Committee consists of at
programs for the Company. least 4 (four) members, appointed by the Board of
2. Establish the principles governing the Company’s Directors.
policies on social and environmental responsibility 2. The committee is led by a Chairperson who is a
which will guide management in making decisions Director or Associate Director.
and actions. 3. Other members are employees who are appointed
3. Oversee the development and implementation of based on their knowledge and experience in the
systems and procedures to ensure the achievement field of social activities.
of the Company’s social and environmental
responsibility goals. The composition of the Corporate Social Responsibility
4. Ensure the necessary transparency and proper Committee as of December 31, 2023 is as follows:
openness in the Company’s business conduct in
achieving the objectives of corporate social and
environmental responsibility.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
POSITION IN APPOINTMENT/ POSITION IN
NAME
THE COMMITTEE RESTATEMENT LETTER THE COMPANY
Ivan Chairperson Board of Directors Approval Memo No. 005/AM- Associate
Sebastian CP/11/2022 concerning Approval for New Organization Director
Structure Effective as per Jan 2, 2023 dated November
3, 2022.
REPORT
MANAGEMENT
Pangestu Member Board of Directors Approval Memo No. 005/AM- Head of
Wibowo CP/11/2022 concerning Approval for New Organization Communication
Structure Effective as per Jan 2, 2023 dated November & Branding
3, 2022.
Rachmat Member Board of Directors Approval Memo No. 005/AM- Head of
Basuki CP/11/2022 concerning Approval for New Organization Learning &
Structure Effective as per Jan 2, 2023 dated November Development
3, 2022.
Josephine Member Board of Directors Approval Memo No. 005/AM- Head of Dana
Novita CP/11/2022 concerning Approval for New Organization Syariah and
PROFILE
CORPORATE
Structure Effective as per Jan 2, 2023 dated November UMC Business
3, 2022.
Irna Vitasari Member Board of Directors Approval Memo No. 005/AM- Head of
CP/11/2022 concerning Approval for New Organization Procurement
Structure Effective as per Jan 2, 2023 dated November and Account
3, 2022. Payables
DISCUSSION & ANALYSIS
MANAGEMENT
with the latest position as Division Head for Financial
Profile of Social Responsibility Service Industry.
Committee
He joined with the Company since December 2021 and
Ivan Sebastian appointed as Learning & Development Division Head
Chairperson until now.
His complete profile is presented on Executive Officer
Rachmat Basuki
profile in this Annual Report.
Member
Pangestu Wibowo Indonesian Citizen, 46 years. Earned Bachelor’s degree
Member from Sanata Dharma University Yogyakarta in 2001
majoring Accounting.
Indonesian citizen, 53 years. Earned Bachelor’s degree
from Parahyangan Catholic University Bandung in 1994. He holds experience and was working as Management
Trainee with assignment as Training Analyst at Astra
GOVERNANCE
CORPORATE
He holds over 23 years of experience in Finance/ Credit Companies – PT Astra Sedaya Finance (2002
Banking. He joined the Company since December 2017 – 2004), Fleet Sales Head DKI & Jabar at Astra Credit
as Marketing Communication & Branding Division Head Companies – PT Astra Sedaya Finance (2004 – 2008),
until now. Marketing Manager Non-Dealer Sales at Sumatera area
and further Jabodetabek area at PT Adira Dinamika
Indonesian Citizen, 48 years. Earned Master’s degree Multifinance Tbk (2008 – 2012), Head of Car &
of Management from Universitas Indonesia in 2008 Motorcycle Product at PT Adira Dinamika Multifinance
and Bachelor’s degree of Architecture Engineering from Tbk (2012 – 2015), and as Mega Solusi Product
Universitas Indonesia in 2001. Development Division Head at PT Mega Central Finance
(2015 – 2017).
He holds over 15 years of experience in HR, including
10 years in Banking industry. His experience in HR He joined with the Company since April 2021 and
includes Senior HR Relationship Manager, Learning appointed as Sales and Marketing Dana Syariah Division
Partner and Junior HR Relationship Manager at PT Bank Head, Dana Syariah Division Head and currently serving
REPORT
SUSTAINABILITY
DBS Indonesia. He was previously appointed as Senior as Head of Dana Syariah and UMC Business.
Manager Recruitment at Permata Bank. He was also
working at Consult Group Executive Search (headhunter)
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 253
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CORPORATE
GOVERNANCE
Josephine Novita Terms of Social Responsibility
Member Committee
Indonesian Citizen, 47 years. Earned Bachelor’s
degree from Sanata Dharma University The term of Corporate Social Responsibility Committee
Yogyakarta in 2001 majoring Accounting. members is 1 (one) year from the date the committee is
appointed by the Board of Directors, without prejudice
She holds experience and was working as Management to the Board of Directors’ right to dismiss them at any
Trainee with assignment as Training Analyst at Astra time.
Credit Companies – PT Astra Sedaya Finance (2002
– 2004), Fleet Sales Head DKI & Jabar at Astra Credit
Companies – PT Astra Sedaya Finance (2004 – 2008), Policy and Implementation of Social
Marketing Manager Non-Dealer Sales at Sumatera area Responsibility Committee Meetings
and further Jabodetabek area at PT Adira Dinamika
Multifinance Tbk (2008 – 2012), Head of Car & Motorcycle According to Social Responsibility Committee Charter,
Product at PT Adira Dinamika Multifinance Tbk (2012 the meeting implementation policy is as follows:
– 2015), and as Mega Solusi Product Development 1. Company committee meetings are held at least
Division Head at PT Mega Central Finance (2015 – 2017). 1 (one) time in 3 (three) months. Directors and
committees may propose to hold additional
She joined with the Company since April 201 and meetings if deemed necessary.
appointed as Sales and Marketing Dana Syariah Division 2. Meetings can be held in person or using
Head, Dana Syariah Division Head and currently serving teleconference, video conference, or other electronic
as Head of Dana Syariah and UMC Business. media that allows all Committee members to see
and hear each other directly.
3. The Company Committee shall appoint a committee
Irna Vitasari secretary to record and document the results of the
Member meeting.
Indonesian Citizen, 41 years. Earned Master’s degree 4. Meetings can only be held if attended by at least
from Tarumanegara University Jakarta in 2009 51% (fifty one percent) of the total members.
majoring Education, Master’s degree of Management 5. Meeting decisions are made based on deliberation
and Bachelor’s degree of Accounting from Atma Jaya and consensus. In the event that consensus
University Yogyakarta in 2005. deliberation does not occur, then decisions are
made based on the majority vote (voting).
She holds experience and was working as Auditor - 6. Each committee member has one vote. If a conflict
KAP Mulyamin Sensi Suryanto (a member of Moore of interest occurs, Committee members must refrain
Stephens) in 2006 – 2008, PT Mitra Pinasthika Mustika from voting to avoid a conflict of interest. In the case
Finance (2008 – 2012), Treasury Assistant Manager – of equal voting, the Chairperson of the meeting has
PT Adira Quantum Multifinance (2012 – 2015), Finance the right to hold a second voting right.
Manager – PT Fortice Service Office (2015-2016), 7. The results of the meeting must be stated in the
Finance & Treasury Manager – PT Bank Danamon minutes of the meeting and signed by all members
Indonesia, Tbk (2016- 2020), Procurement Lead. present at the meeting and properly documented.
8. Dissenting opinions that occur at the meeting must
She joined the Company since June 2020 as Procurement be declared clearly in the minutes of the meeting
Departement Head and is currently serving as Head of altogether with reasons for the dissenting opinion.
Procurement and Account Payable.
Social Responsibility Committee
frequency and attendance
In 2023, Corporate Social Responsibility committee held
5 (five) meeting with attendance level, as follow:
NAME POSITION MEETING ATTENDING ATTENDANCE
Ivan Sebastian Chairperson 5 5 100%
Pangestu Wibowo Member 5 5 100%
Rachmat Basuki Member 5 5 100%
Josephine Novita Member 5 5 100%
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
NAME POSITION MEETING ATTENDING ATTENDANCE
Irna Vitasari Member 5 5 100%
Putri Ayuningtyas* Member 2 1 50%
*) Have submitted their resignations as of June 1, 2023 and are effectively out of office.
REPORT
MANAGEMENT
Training for Social Responsibility Committee Work
Committee Members Implementation
As end of 2023, the committee members have attended In 2023, the Corporate Social Responsibility Committee
training or seminars related to support for sustainable held 5 (five) meetings to discuss work programs or CSR
finance which is part of social responsibility (corporate activities carried in one year. The meeting for 2023 was
social aspects), including: held on February 6, 2023, April 17, 2023, June 14, 2023,
PROFILE
CORPORATE
1. Lunch & Learn: Social Education Integration June 27, 2023 and September 14, 2023.
into Business on August 21, 2023 as a series
of Sustainability Month 2023 organized by the Some of the topics discussed were including CSR
Company. budget allocation for 2023, planned CSR activities for
2. Stepping-up on Sustainability: Creating Long-Term 2023 along with a timeline of activities such as CSR
Values in Business Strategy. This seminar was held programs. Details of CSR implementation activities are
together with the Board of Directors and Board presented in the Sustainability Report Chapter, namely
of Commissioners as well as Senior Management in the Development of Social and Community Activities
presented by Juniati Gunawan from the Trisakti section in this annual report.
Sustainable Center on October 23 2023.
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 255
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CORPORATE
GOVERNANCE
BUSINESS CONTINUITY
MANAGEMENT COMMITTEE
done correctly, and include business interruption
Legal Basis Establishment management/disaster recovery.
4. Ensure appropriate responses are taken for any
Business Continuity Management Committee is disruption in business processes.
established pursuant to Approval Memo No. 001/AM- 5. Determine the recovery of critical business processes,
BCM/IV/2011 dated April 5, 2011. The Committee is if possible, within a tolerable recovery period, which
established to ensure correct and sufficient readiness has been determined by the company.
level of the Company to overcome disruption against 6. In an emergency situation, the Chairperson of the
business activity and to protect important business Committee has the authority to decide what action
activity from impact of information system major will be taken, including if necessary, costs for the
failure or disaster. case settlement.
Work Guidelines Business Continuity Management
Committee Membership
In carrying out the duties, Business Continuity
Management Committee has been equipped with As declared in the Charter, composition and membership
work guidelines as stated in the Business Continuity of the Business Continuity Management Committee are
Management Charter, which has been prepared as follows:
referring to prevailing laws and regulations. These 1. Business Continuity Committee is assigned/
guidelines contain, among other things, provisions positioned under and reports to the Board of
regarding committee structure, duties, responsibilities Directors, and is free from intervention from other
and authority, meeting implementation, reporting and Directorates.
responsibilities and committee values and ethics. 2. The committee organization consists of:
a. Steering Committee of the Business Continuity
Committee is the Board of Directors.
Business Continuity Management b. Chairperson is appointed from the Director or
Committee Duty, Responsibility and Associate Director.
Authority c. Other members consist of at least employees
from work units in charge of Operation Support,
Duty and responsibility of the Business Continuity IT Operation, Human Resources Management,
Management Committee are including: General Service, Collection and Marketing/Sales
1. Prepare, maintain and update management functions.
policy on business continuity plans (Business 3. Details of the committee organization will be
Continuity Plan, Recovery Management Plan, Crisis regulated in Business Continuity Management.
Management Plan) and other important documents
to suit with actual condition/ situations. In 2023, there was no changes in the Business Continuity
2. Ensure socialization, training and actions related to Management Committee membership as of December
the policy 31, 2023. Therefore, composition of the Company’s
3. Ensure Business Continuity Plan, Business Recovery Business Continuity Management Committee as of
Management Plan, Crisis Management Plan are December 31, 2023 is as follows:
NAME POSITION IN APPOINTMENT/ POSITION IN
THE COMMITTEE RESTATEMENT LETTER THE COMPANY
Charles Chairperson Board of Directors Approval Memo No. 005/AM- Director
Gultom CP/11/2022 concerning Approval for New Organization
Structure Effective in Jan 2, 2023 dated November 3,
2022
A Lung Ng Member Board of Directors Approval Memo No. 005/AM- Director
CP/11/2022 concerning Approval for New Organization
Structure Effective in Jan 2, 2023 dated November 3,
2022
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HIGHLIGHTS
PERFORMANCE
POSITION IN APPOINTMENT/ POSITION IN
NAME
THE COMMITTEE RESTATEMENT LETTER THE COMPANY
Denny Member Board of Directors Approval Memo No. 005/AM- IT Operation
Kurniawan CP/11/2022 concerning Approval for New Organization Division Head
Structure Effective in Jan 2, 2023 dated November 3,
2022
REPORT
MANAGEMENT
Dwi Adi Member Board of Directors Approval Memo No. 005/AM- Field Collection
Riyanto CP/11/2022 concerning Approval for New Organization 1 Head area
Structure Effective in Jan 2, 2023 dated November 3, Medan,
2022 Palembang,
Jakarta Division
Head
Ollyvia Yanuar Member Board of Directors Approval Memo No. 005/AM- Human
CP/11/2022 concerning Approval for New Organization Resource
Structure Effective in Jan 2, 2023 dated November 3, Management
2022 Division Head
PROFILE
CORPORATE
Lora Oktaviani Member Board of Directors Approval Memo No. 005/AM- Legal and
CP/11/2022 concerning Approval for New Organization Litigation
Structure Effective in Jan 2, 2023 dated November 3, Division Head
2022
Hudi Purnomo Member Board of Directors Approval Memo No. 005/AM- Regional Center
CP/11/2022 concerning Approval for New Organization Makassar
Structure Effective in Jan 2, 2023 dated November 3, Division Head
2022
Ardi Priatna Member Board of Directors Approval Memo No. 005/AM- Regional Center
CP/11/2022 concerning Approval for New Organization Surabaya
DISCUSSION & ANALYSIS
MANAGEMENT
Structure Effective in Jan 2, 2023 dated November 3, Division Head
2022
Johannes Member Board of Directors Approval Memo No. 005/AM- Regional Center
Ricky CP/11/2022 concerning Approval for New Organization Medan Division
Structure Effective in Jan 2, 2023 dated November 3, Head
2022
Tri Nardiyati Member Board of Directors Approval Memo No. 005/AM- Operation
CP/11/2022 concerning Approval for New Organization Support Division
Structure Effective in Jan 2, 2023 dated November 3, Head
2022
Arie Yulius Member Board of Directors Approval Memo No. 005/AM- Operation
CP/11/2022 concerning Approval for New Organization Support dan
Structure Effective in Jan 2, 2023 dated November 3, Operation Asset
2022 Management
Group Head
GOVERNANCE
CORPORATE
Silvi Member Board of Directors Approval Memo No. 005/AM- General Affairs
Mahdalena CP/11/2022 concerning Approval for New Organization Division Head
Structure Effective in Jan 2, 2023 dated November 3,
2022
Puji Arianti Member Board of Directors Approval Memo No. 005/AM- Corporate
CP/11/2022 concerning Approval for New Organization Planning and
Structure Effective in Jan 2, 2023 dated November 3, Secretary
2022 Division Head
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 257
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CORPORATE
GOVERNANCE
Started his career as a Surveyor at the Company in
Profile of the Business Continuity 2003, and currently serving as Regional Center Makassar
Management Committee Division Head.
Charles Gultom Ardi Priatna
Chairperson Member
His complete profile is presented in Board of Directors Indonesian citizen, 38 years old. Obtained a bachelor’s
profile in this Annual Report. degree from Gunadarma University in Computer Science
in 2007.
A Lung Ng
Member Started his career as Area Marketing Controller at the
Company in 2007, and currently serving as Regional
His complete profile is presented in Board of Directors Center Surabaya Division Head.
profile in this Annual Report.
Johannes Ricky
Denny Kurniawan Member
Member
Indonesian citizen, 40 years old. Earned Bachelor’s
Indonesian Citizen, 40 years. Earned Bachelor’s degree degree from Tarumanegara University in Management
from Universitas Bina Nusantara majoring Computer in 2005. He previously worked as Area Marketing
Science in 2005. Development supervisor for PT Yamaha Indonesia Motor
Mfg, Marketing Manager for PT Sinar Roda Kencana Mas.
Previously, he worked as IT Senior Manager at PT Mitra He joined the company in 2019 and currently serving as
Adipekarsa Tbk and currently serving as IT Operation Regional Center Medan Division Head.
Division Head.
Tri Nardiyati
Dwi Adi Riyanto Member
Member
Indonesian Citizen, 49 years. Earned Bachelor’s degree
Indonesian Citizen, 45 years. Earned Bachelor’s degree from Tribuana University, majoring
from Universitas Trisakti majoring Management
Economy in 2001. Her career was started as Customer Service at Bank Duta
Kediri (1996 – 1999) prior joining with the Company
He started his career as collector and currently serving as in 1999. He is currently serving as Division Head at
Deputy Division Head Collection. Customer Service Division.
Ollyvia Yanuar Arie Yulius
Member Member
Indonesian citizen, 39 years. Earned Master’s degree in Indonesian Citizen, 46 years, lives in Jakarta. Earned
Psychology from Tarumanegara University in 2010. Bachelor’s degree majoring Accounting from Universitas
Trisakti in 1999.
She previously worked as People and Culture Manager
at PT Parolamas Insurance (Insurance Australia Group), He has joined with the Company for over 10 years
and currently serves as the Company’s Human Resources and appointed in several positions, among others
Management Division Head. National Branch Control Finance Department Head,
Risk Management Policy & Corporate Governance Risk
Lora Oktaviani Department Head, Area Credit Department Head,
Member Corporate Planning Department Head, Corporate Planning
Deputy Division Head, Corporate Planning Division Head
Indonesian citizen, 37 years. Earned Master’s degree in and also as Corporate Secretary. Then, He served as Group
Law from University of Indonesia in 2008 and Bachelor’s Head of Credit and Project Management. He currently
degree in Law from Tarumanagara University in 2006. serving as Operation Support dan Operation Asset
Management Group Head.
She previously worked as Head of Legal & Corporate
Secretary at PT Lippo Cikarang Tbk, and currently serving
Silvi Mahdalena
as Legal & Litigation Head in the Company.
Member
Hudi Purnomo Indonesian Citizen, 41 years, Earned Diploma degree
Member majoring Informatics Management from Universitas
Widya Dharma, Pontianak in 2003.
Indonesian citizen, 44 years old. Earned Bachelor’s degree
from Jambi University in Management Economics in 2001. She joined with the Company since 2003 as
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HIGHLIGHTS
PERFORMANCE
Administrative Staff and was appointed as Department 3. Meetings can be held in person or using
Head at Information Technology Division and currently teleconference, video conference, or other electronic
was assigned as General Service Division Head. media that allows all Committee members to see and
hear each other directly.
4. Committee meetings are attended by at least 51%
Puji Arianti
(fifty one percent) of the total members, one of
Member
whom is the Chair of the committee. If such quorum
REPORT
MANAGEMENT
Her complete profile is presented in Corporate Secretary fails to achieve, the meeting must be rescheduled at
Profile in this Annual Report. the nearest time.
5. Meeting decisions are made based on deliberation
and consensus. In the event that consensus fails to
Term of Office of the Business achieve, the decisions will be taken by voting.
Continuity Management Committee 6. Each committee member has one vote. If a conflict
of interest occurs, committee members must refrain
The term of office of Business Continuity Management from voting to avoid a conflict of interest. In the case
committee members is 1 (one) year from the date the of equal voting, the Chairperson of the Meeting has
committee is appointed by the Board of Directors, the right to hold a second voting right.
without prejudice to the Board of Directors’ right to 7. Dissenting opinions that occur at the meeting must
perform incidental dismissal. be stated clearly in the minutes of the meeting along
PROFILE
CORPORATE
with the reasons for the difference of opinion.
8. The results of each meeting are documented in
Training of the Business Continuity the form of meeting minutes and distributed to all
Management Committee members at least via email.
According to Business Continuity Management
Committee Charter, the meeting implementation policy Business Continuity Management
is as follows: Committee Meeting frequency and
1. Committee meetings are held at least 1 (once) in 3 attendance
(three) months.
2. Meetings can be held based on needs if deemed In 2023, business continuity management committee
DISCUSSION & ANALYSIS
MANAGEMENT
necessary to deal with the situation. held 7 (seven) meetings. Attendance level of the members
serving in 2023 is as follows:
NAME POSITION MEETING ATTENDING ATTENDANCE*
Charles Gultom Chairperson 7 7 100%
A Lung Ng* Member 7 5 71%
Denny Kurniawan Member 7 7 100%
Dwi Adi Riyanto* Member 7 5 71%
Ollyvia Yanuar* Member 7 5 71%
Lora Oktaviani* Member 7 6 86%
GOVERNANCE
CORPORATE
Hudi Purnomo Member 7 7 100%
Ardi Priatna* Member 7 6 86%
Johannes Ricky* Member 7 4 57%
Tri Nardiyati* Member 7 6 86%
Arie Yulius* Member 7 6 86%
Silvi Mahdalena Member 7 7 100%
Puji Arianti Member 7 7 100%
REPORT
SUSTAINABILITY
*) There is a permit for absence from the meeting. This has been conveyed to the committee members.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 259
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CORPORATE
GOVERNANCE
2023, 17 May 2023, 14 June 2023, 24 July 2023, 26
Business Continuity Management September 2023 and 30 October 2023.
Committee Members Training
Some of the agendas discussed by the committee
In 2023, Business Continuity Management Committee including rejuvenation of generators in network offices,
conducted Strategizing Digital Transformation training coordinating security at each network office if there is
“Buiding Tomorrow’s Success” on August 18, 2023. The an emergency at any time.
training aimed at setting digital transformation theme
for 5 years. The committee has also discussed plans and strategies
as well as evaluation of Call Tree Drill which has been
In addition, in 2023, the Business Continuity implemented at the head office and Disaster Recovery
Management Committee will organize call tree training (DR Drill) which has been implemented in 11 network
for all employees at the head office. This training offices. Call Tree Drill is a series of processes in times
was carried out in 2 stages, including socialization of emergency that connect people or units with one
and training which was divided into 4 (four batches) level below and more. This series becomes very useful
thereby can be carried out smoothly. The 4 batches for transmitting chain messages, especially during
were carried out on 5 August 2023, 12 August 2023, 4 emergencies, while DR Drill is a system simulation that
November 2023 and 11 November 2023. This activity is carried out during the event of disaster, as well as
was attended by 936 employees at the head office. ensuring that the scenarios that have been created run
effectively and efficiently when a real disaster occurs.
DR Drill aims to ensure that information technology
Committee Work Implementation systems related to operational processes can continue to
Report in 2023 run well in disaster situations. In 2023, the socialization
was carried out on November 3, 2023 and November
In 2023, Business Continuity Management Committee 10, 2023.
held 7 (seven) meetings on 23 January 2023, 16 March
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
OCCUPATIONAL HEALTH AND
SAFETY COMMITTEE
REPORT
MANAGEMENT
3. Support the Management to evaluate, develop and
Legal Basis Establishment implement, monitor, and recommend improvement/
corrective action and administrative action related
The Company has an Occupational Health and Safety to occupational health and safety; and
Committee. This committee was established based on 4. Supporting the Management to formulate
Approval Memo No. 013/AM-CP/IV/2016 on April 26, management policy and guideline to improve
2016. The committee was created to fulfill provisions of occupational safety, working place hygiene,
Law Number 1 of 1970 concerning Occupational Safety occupational health, ergonomics, and employee
and Regulation of the Minister of Manpower Republic nutrients.
of Indonesia Number PER.04/MEN/1987 concerning
Occupational Health and Safety Development
Committee as well as appointment procedure for Occupational Health and Safety
PROFILE
CORPORATE
Occupational Safety Expert Workers. Establishment Committee Membership
of this Committee is expected to build mutual
understanding, cooperation and effective participation As disclosed in the Charter, composition and membership
in implementing occupational health and safety in the of the Occupational Health and Safety Responsibility
Company’s work environment. Committee is as follows:
The committee organization consists of:
1. Chairperson of Occupational, Health and Safety
Work Guidelines Committee is appointed from the Director and/or
Associate Directors in charge of human resources.
In carrying out the duties, Occupational Health and 2. Secretary to Occupational, Health and Safety
Safety Committee has been equipped with work Committee is appointed by the Company to be
DISCUSSION & ANALYSIS
MANAGEMENT
guidelines as stated in the Occupational Health and trained and certified as an Occupational, Health
Safety Committee Charter, which has been prepared and Safety Committee Expert in accordance with
referring to prevailing laws and regulations. These prevailing laws and regulations.
guidelines contain, among other, provisions regarding 3. Other members are appointed from Company
committee structure, duties, responsibilities and employees who carry out human resources functions
authority, meeting implementation, reporting and and other functions related to Occupational Health
responsibilities and committee values and ethics. and Safety that are deemed necessary by the
committee and the Board of Directors.
Duty, Responsibility and Authority In 2023, there was no changes in the Occupational
of Occupational Health and Safety Health and Safety Committee members as of December
Committee 31, 2023, composition of the committee members is
disclosed in the Board of Directors’ Approval Memo
Duty and responsibility of Occupational Health and No. 005/AM-CP/11/2022 concerning Approval for New
Safety Committee are including: Organization Structure Effective in Jan 2 2023 dated
1. Occupational health and safety data collection and November 30, 2022. Therefore, composition of the
process; Corporate Social Responsibility Committee effective as
GOVERNANCE
CORPORATE
2. Support to demonstrate and explain to employees of January 2, 2023 is as follows:
regarding risk and/or dangerous factors which may
affect working efficiency and productivity, use of
occupational safety equipment/device, correct and
safety working method in terms of occupational
health and safety;
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 261
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CORPORATE
GOVERNANCE
POSITION APPOINTMENT/ POSITION IN
NAME IN THE RESTATEMENT LETTER THE COMPANY
COMMITTEE
Jimmy Chairperson Board of Directors Approval Memo No. 005/AM- Associate
Iskandar CP/11/2022 concerning Approval for New Organization Director
Structure Effective in Jan 2, 2023, dated November 3, 2022
Irvan Praka Member Board of Directors Approval Memo No. 005/AM- Learning BP
CP/11/2022 concerning Approval for New Organization Leadership
Structure Effective in Jan 2, 2023, dated November 3, 2022 Special Project
Head
Yudi Maulana Member Board of Directors Approval Memo No. 005/AM- Business &
CP/11/2022 concerning Approval for New Organization Operation
Structure Effective in Jan 2, 2023, dated November 3, 2022 Support
Motorcycle
Head
I Made Rajiv Member Board of Directors Approval Memo No. 005/AM- Head of
Permadi CP/11/2022 concerning Approval for New Organization Regional Center
Structure Effective in Jan 2, 2023, dated November 3, 2022 Bandung
Giovani Member Board of Directors Approval Memo No. 005/AM- Compliance
Wihelmina CP/11/2022 concerning Approval for New Organization Head
Structure Effective in Jan 2, 2023, dated November 3, 2022
Th. Indah Member Board of Directors Approval Memo No. 005/AM- National
Prasetyaningsih CP/11/2022 concerning Approval for New Organization Marketing
Structure Effective in Jan 2, 2023, dated November 3, 2022 Agency
Partnership
Head
Sandi Jua Member Board of Directors Approval Memo No. 005/AM- Facilities Head
Santika CP/11/2022 concerning Approval for New Organization
Structure Effective in Jan 2, 2023, dated November 3, 2022
Stefany Member Board of Directors Approval Memo No. 005/AM- Pradana
Lowendo CP/11/2022 concerning Approval for New Organization Multiproduct
Structure Effective in Jan 2, 2023, dated November 3, 2022 Program &
Merchant Head.
Andhika Member Board of Directors Approval Memo No. 005/AM- Project &
Adikusuma CP/11/2022 concerning Approval for New Organization Building
Structure Effective in Jan 2, 2023, dated November 3, 2022 Management
Manager 2
Donna Member Board of Directors Approval Memo No. 005/AM- HR Services
Panggabean CP/11/2022 concerning Approval for New Organization Manager
Structure Effective in Jan 2, 2023, dated November 3, 2022
Minetta Member Board of Directors Approval Memo No. 005/AM- HR Business
Roselani CP/11/2022 concerning Approval for New Organization Partner
Structure Effective in Jan 2, 2023, dated November 3, 2022 Manager
Lidya Christie Member Board of Directors Approval Memo No. 005/AM- Staructured
CP/11/2022 concerning Approval for New Organization Finance Head
Structure Effective in Jan 2, 2023, dated November 3, 2022
Dwi Adi Member Board of Directors Approval Memo No. 005/AM- Head of Field
CP/11/2022 concerning Approval for New Organization Collection 1
Structure Effective in Jan 2, 2023, dated November 3, 2022 Area 5
Rachmat Member Board of Directors Approval Memo No. 005/AM- Head of
Basuki CP/11/2022 concerning Approval for New Organization Learning &
Structure Effective in Jan 2, 2023, dated November 3, 2022 Development
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HIGHLIGHTS
PERFORMANCE
POSITION APPOINTMENT/ POSITION IN
NAME IN THE RESTATEMENT LETTER THE COMPANY
COMMITTEE
Yudhi Member Board of Directors Approval Memo No. 005/AM- Asset & Budget
Gunawan CP/11/2022 concerning Approval for New Organization Management
Structure Effective in Jan 2, 2023, dated November 3, 2022 Head
REPORT
MANAGEMENT
Muh. Member Board of Directors Approval Memo No. 005/AM- HR Industrial
Hasiruddin CP/11/2022 concerning Approval for New Organization Relations Head
Abd Wahid Structure Effective in Jan 2, 2023, dated November 3, 2022
Silvi Member Board of Directors Approval Memo No. 005/AM- Head of
Mahdalena CP/11/2022 concerning Approval for New Organization General Affairs
Structure Effective in Jan 2, 2023, dated November 3, 2022
I Made Rajiv Permadi
PROFILE
CORPORATE
Profile of the Health and Safety
Committee Member
Indonesian citizen, 37 years old. Earned Bachelor’s
Jimmy Iskandar degree at Bogor Agricultural Institute majoring in
Chairperson Economics, Development Studies from 2005 to 2009.
His complete profile is presented in Executive officers Started his career in Financing industry since 2010 as
profile this Annual Report. a Management Trainee (MT) at FIFGROUP (Member
of ASTRA) as one of the best graduates in the 2010
Irvan Praka MT class. He worked at FIFGROUP until July 2019 as a
Member Branch Manager (Management Level)
DISCUSSION & ANALYSIS
MANAGEMENT
Indonesian citizen, 39 years old. Earned Bachelor’s In August 2019, he was given the opportunity to join
degree (S1) from STAI Al-Azhary in 2006. PT Bussan Auto Finance as Area Marketing Manager of
Dana Syariah Business in the Solo-Mandiri Area. As end
He has worked at the Company for 14 years and of 2021, he was given the trust to manage Dana Syariah
appointed in several positions starting from CMO, Chief Business in the Jakarta Area and currently he is serving as
CMO, Operation Branch Support, National Trainer, Head of Regional Center Bandung in the Company.
Deputy Department Head L&D, Department Head L&D
Services and currently serving as Learning BP Leadership
& Special Projects Head. Giovani Wihelmina
Member
Yudi Gunawan Indonesian citizen, 35 years old. Earned Bachelor’s
Member degree of Laws from Universitas Kristen Indonesia,
Jakarta in 2010.
Indonesian citizen, 44 years old. Earned D3 degree
in Electrical Engineering from the Bandung Institute She started his career at the Company in 2019 as
of Technology Polytechnic in 2001, and a Bachelor’s
GOVERNANCE
CORPORATE
Compliance Head/Head of the Compliance Work Unit
degree from the Yasmi Cirebon College of Economics in until now with duty to implement compliance culture
Management Economics in 2012. and ensure implementation of laws and regulations in
the Company.
He joined the Company on May 20, 2002 and
has worked for 21 years and appointed in several
positions, such as as Finance Head Cirebon Branch, Th. Indah Prasetyaningsih
Branch Controller Bogor Branch, Assistant Manager Member
Branch Control Finance, Assistant Manager Operation Indonesian citizen, 38 years old. He graduated from
Development, Assistant Manager Operation & Collection Master’s degree of Notary from Jayabaya University.
Area, Assistant Manager General Affairs, National
Manager General Affairs, Office Building and Facility She holds career experience and has worked as Head
Management Department Head, Marketing Operation of Sales at BFI Finance Kudus Branch (2008 – 2012),
Motorcycle Department Head and currently he is Strategic Planning & Business Development Motorcycle
serving as Business & Operation Support Motorcycle
REPORT
SUSTAINABILITY
– Head at PT BFI Finance Tbk (2012 – 2016), Business
Head in the Company. Network & Initiative Development Department Head at
WOM Finance (2016 – 2022).
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 263
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CORPORATE
GOVERNANCE
She joined BAF in July 2022 as National Marketing
Agency & Partnership Head. Minetta Roselina
Member
Sandi Jua Santika Indonesian citizen, 37 years old. She graduated from
Member Unika Atmajaya at Faculty of Psychology from 2004-
2010.
Indonesian citizen, 44 years old. Earned a Bachelor’s
degree of Architecture at University of Jakarta in 2006. She holds the experience and has worked as Recruitment,
Training, and Career Development at PT Dipa Pharmalab
Starting his career in the financial industry as General Intersains (2010-2013), Recruitment and People
Affairs at PT Adira Quantum Multifinance in 2008 - 2010, Development Specialist at PT Asuransi Jiwa Sequis
Financial (2013-2014), Human Resource Project at PT
She was later worked as Plan Project & Security Dept Kompas Cyber Media ( 2014), Human Resource Business
Head at PT Cimb Niaga Auto Finance in 2010 – 2012, Partner at PT Equity Life Indonesia (2015-2018). She
land & Building PT Adi Sarana Armada (Adira Rent, joined the Company in December 2018 as Human
ASSA) 2013-2015, General Affairs Deputy Dept head at Resources Business Partner Manager.
PT Panin Daiichi Life 2015 – 2018, Manager corporate
Real Estate & Workplace Service at PT ZURICH Insurance
Indonesia 2018 – 2021, and currently serving as Facilities Lidya Christie
Head, Company. Member
Indonesian citizen, 35 years old. Earned a Bachelor of
Stefanny Lowendo Science degree from the University of Indonesia Jakarta
Member in 2010.
Indonesian citizen, 32 years old. Earned a Bachelor’s She holds the experience and has worked as Treasury
degree in Economics from Petra Christian University at PT Surya Artha Nusantara Finance, Tbk (2011 -
Surabaya in 2013. 2019), Alumni Relations “Koperasi Siswa Bangsa” at
Putera Sampoerna Foundation (2010-2011). She joined
She started his career through Management Trainee the Company in June 2019 as Structured Finance
program at PT Toyota Astra Financial Services in 2013 Department Head.
- 2014 and was appointed as Area Credit Head at PT
Toyota Astra Financial Services until 2019. She was Head
of Digital Operations at PT Adira Dinamika Multi Finance, Dwi Adi
Tbk from 2019 until 2022 before finally joining the Member
Company in September 2022 as Multiproduct Program His complete profile is presented in Business Continuity
& Merchant Head. Management Committee.
Andhika Adikusuma Rachmat Basuki
Member Member
Indonesian citizen, 40 years old. Earned a Bachelor’s His complete profile is presented in Corporate social
degree in Architectural Engineering from National responsibility committee.
Institute of Technology (ITENAS) – Bandung in 2007.
She worked as a Junior Architect at PT Citra Esa Buana Yudhi Maulana
(2007-2009), Senior Architect & Engineering at PT Member
Handal Selaras Creations – Handal Selaras Group Indonesian citizen, 48 years old. Earned a Bachelor’s
(2009-2016). She has also worked at the Company for degree in Accounting from Pancasila University, Jakarta
approximately 7 years and currently serving as Project & in 1999.
Building Management Manager 2 in the Company.
He started his career at the Company in 2000 as
Donna Panggabean Accounting Staff, Marketing & Admin Supervisor and
Member served as Accounting Manager from 2009 to 2013,
served as Corporate Planning Manager from 2013 to
Indonesian citizen, 47 years old. Earned Bachelor’s 2015, served as GA Manager from 2015 to 2020 and
degree in Management Economics from the Indonesian currently he is appointed as Business & Operation
Methodist University in Medan in 2000. Support Motorcycle Head.
She previously worked as Finance Advisor at PT. Sentra
Arta Mas. Financial Consultant PT. AXA Mandiri Life. She Muh. Hasiruddin Abd Wahid
has served the Company for 23 years and has held several Member
positions with his last position as HRM Services Manager. Indonesian citizen, 40 years old. Earned a Bachelor of
Laws degree at Hasanuddin University Makassar in 2009.
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HIGHLIGHTS
PERFORMANCE
Starting his career as a legal officer at PT Nusantara Committees may propose to hold additional meetings
Surya Sakti (Nusantara Sakti Group) in 2010-2013, if deemed necessary.
and continued his career as HR Industrial Relations at 2. Meetings can be held in person or using
PT Radana Bhaskara Finance, Tbk in 2013-2014, HR teleconference, video conference, or other electronic
Industrial & Employee Relations at PT Pertamina Retail media that allows all Committee members to see and
in 2014- 2016, HR Industrial Relations PT Bumi Serpong hear each other directly.
Damai, Tbk (Sinarmas Land) 2016-2021 and currently 3. Meetings can only be held if attended by at least 51%
REPORT
MANAGEMENT
serving as HR Industrial Relations Head in the Company (fifty one percent) of the total members, including the
from July 2021 until now. Chairperson and representatives from each function.
If such condition fails to be established, the meeting
shall be rescheduled in the near schedule.
Silvi Mahdalena
4. Meeting decisions are made based on deliberation
Member
and consensus. In the event that consensus fails to
Her complete profile is presented in Business Continuity be achieved, the decisions will be taken by voting.
Management Committee 5. Each Committee’s member is entitled to one voting
right. If a conflict of interest occurs, Committee
members must refrain from voting to avoid a
Term of Office of the Occupational conflict of interest. In the case of equal voting, the
Health and Safety Committee Chairperson of the Meeting has the right to hold a
PROFILE
CORPORATE
second voting right.
Member of the occupational health and safety 6. Results of the meeting shall be stated in the minutes
committee are appointed by the Board of Director for a of the meeting and signed by all members present at
term of 1 (one) year from the date of appointment and the meeting and properly documented.
not reducing the Board of Directors’ rights to perform 7. Dissenting opinions that occur at the meeting shall
incidental dismissal. be stated clearly in the minutes of the meeting
altogether with the reasons.
Occupational Health and Safety
Committee Meeting Policy and The Occupational Health and Safety
Implementation Committee
DISCUSSION & ANALYSIS
MANAGEMENT
According to Occupational Health and Safety Committee In 2023, Occupational Health and Safety committee held
Charter, the meeting implementation policy is as follows: 5 (five) meetings. Level of attendance of the members
serving in 2023 is as follows:
1. Committee meetings are held at least 3 (three)
times in 1 (one) year. The Board of Directors and
NAME POSITION MEETING ATTENDING ATTENDANCE
Jimmy Iskandar Chairperson 5 5 100%
Irvan Praka Member 5 4 80%
Yudi Maulana* Member 5 1 20%
GOVERNANCE
CORPORATE
I Made Rajiv Permadi* Member 5 1 20%
Giovani Wihelmina** Member 5 2 40%
Th. Indah Prasetyaningsih Member 5 3 60%
Sandi Jua Santika Member 5 5 100%
Stefany Lowendo Member 5 4 80%
Andhika Adikusuma Member 5 4 80%
Donna Panggabean Member 5 3 60%
Minetta Roselani Member 5 4 80%
REPORT
SUSTAINABILITY
Lidya Christie Member 5 5 100%
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 265
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CORPORATE
GOVERNANCE
NAME POSITION MEETING ATTENDING ATTENDANCE
Dwi Adi* Member 5 1 20%
Rachmat Basuki Member 5 4 80%
Yudhi Gunawan Member 5 4 80%
Muh. Hasiruddin Member 5 5 100%
Abd Wahid
Silvi Mahdalena Member 5 5 100%
*) The absence was due to another assignment. However, implementation of the committee meetings still fulfils the quorum as regulated in
provisions of the Committee’s Charter.
**) The absence was due to maternity leave.
Occupational Health and Safety Committee Work Implementation
Committee Training Report in 2023
To develop competency and understanding in In 2023, Occupational Health and Safety Committee
supporting the implementation of their duties and held 5 (five) meetings, the first meeting was held on
responsibilities, in 2023, the Occupational Health and January 6, 2023 which discussed the evaluation of
Safety Committee, especially Health Team, represented activities for the 4th quarter of 2022 and planning for
by the First Aider (FA) and Head Office Ambassador, 2023. The next meeting focused on 3 main agendas,
totaling 32 people participated in offline First Aider namely occupational safety, safety and healthy driving
P2K3 training. in the Pakangkung meeting room of program. These three agendas are the agenda that
the BAF Plaza office conducted by vendor on Friday, were always be discussed at meetings throughout 2023.
September 1, 2023. With purpose to provide skills,
knowledge and being capable to provide first aid in any Several activities have been carried out during 2023,
case of accident at workplace promptly and effectively, such as training on the use of BAF Plaza Light Fire
such as Cardiopulmonary Resuscitation (CPR). Extinguishers (APAR) and network offices, health
webinars which have been held 2 times in 2023, as well as
the selection of Floor Warden & First Aider ambassadors
on each floor in the office center. The committee also
checked evacuation equipment at BAF Plaza & network
offices. This is done to assist the Occupational Health
and Safety Committee during evacuation in the event
of a disaster such as an earthquake or fire.
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INFORMATION TECHNOLOGY (IT)
STEERING COMMITTEE
REPORT
MANAGEMENT
3. Determining the priority status of critical IT projects
Legal Basis Establishment (has/have significant impact on the Company’s
operational activities).
Information Technology Steering Committee is 4. Conformity of the approved Information
established according to Board of Directors and Board of Technology Project with the Information Technology
Commissioners Approval dated November 22, 2019 and Development Plan.
the charter has been updated on March 8, 2022. The 5. Conformity of Information Technology project
Committee is in charge to assist the Board of Directors implementation with the approved Information
in supervising technology and information risk. Technology project plan by monitoring and ensuring
IT projects are completed in accordance with the
approved scope, budget, and schedule.
Work Guidelines 6. Formulation of IT policies (IT Standard Policy).
PROFILE
CORPORATE
7. Conformity of Information Technology with the
In carrying out the duties, Risk Management Committee needs of management information systems and the
has been equipped with work guidelines as stated in needs of Company’s business activities.
IT Steering Committee Charter which is prepared with 8. Review and monitor Information Technology-related
reference to prevailing laws and regulations. The Charter risks and issues and provide regular updates on key
includes, among other things, provisions regarding events and Information Technology risk acceptance.
committee structure, authority and responsibility, 9. The effectiveness of reviewing and monitoring
membership requirements, meeting implementation, Information Technology-related risk mitigation on
as well as reporting and accountability. The Charter is Company’s investment in Information Technology
prepared by referring to Financial Services Authority so that Company’s investment in Information
Regulation (“POJK”) No. 4/POJK.05/2021 of 2021 Technology can contribute to the achievement of
DISCUSSION & ANALYSIS
MANAGEMENT
concerning the implementation of Risk Management in Company’s business objectives.
the Use of Information Technology by Nonbank Financial 10. Monitoring the performance of Information
Services Institutions, Financial Services Authority Technology and improving the performance of
Circular Letter (“SEOJK”) No. 22/SEOJK.05/2021 Information Technology.
concerning the Implementation of Risk Management 11. Resolution of various problems related to
in the Use of Information Technology by Nonbank Information Technology that cannot be resolved by
Financial Services Institutions, and the Company’s user and IT Divisions in an effective, efficient, and
internal policies. The latest work guideline adjustments timely manner.
are disclosed in Board of Directors’ Approval Memo 12. Adequate allocation of Information Technology
No. 0009/AM-ITSG/03/2023 concerning Approval for resources.
Revision of IT Steering Committee Charter Version 3.0,
dated March 28, 2023.
Information Technology Steering
Committee Membership
Information Technology Steering
Committee Duty, Responsibility and As disclosed in the charter, composition and membership
Authority of Information Technology Steering Committee are as
GOVERNANCE
CORPORATE
follows:
As disclosed in the charter, Information Technology 1. President Director as Chairperson.
Steering Committee is responsible to review and provide 2. A Director supervising Information Technology Unit
recommendations to the Board of Directors regarding: as Vice Chairperson.
1. Information Technology alignment with overall 3. Executive Officers as members, such as:
direction, planning and long term capital investment a. Director supervising Corporate Planning &
decisions. Secretary Unit.
2. Appropriate Information Technology b. Director supervising Finance & Accounting Unit.
Strategic Plan with the strategic plan c. Director supervising Risk Management &
of the Company’s business activities. Compliance Unit.
The Information Technology Strategic Plan refers to d. Director supervising Business units.
implementation plan comprising of current conditions, e. Division Head supervising IT Operations.
the conditions to be achieved, the road map f. Division Head supervising IT planning and
REPORT
SUSTAINABILITY
will be carried out to achieve the expected conditions development.
to achieve, as well as the profits or benefits that will g. Division Head supervising business development
be achieved when the roadmap is implemented. and technology solution.
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4. A Department Head supervising IT Security, Risk ITSG/03/2023 concerning Approval for Revision of IT
and Governance as Secretary to Committee. Steering Committee Charter Version 3.0, dated March
28, 2023 and effectively applied as per April 4, 2023.
The latest composition and membership of Information Therefore, as of December 31, 2023, composition of
Technology Steering Committee is disclosed in the the Information Technology Steering Committee is as
Board of Directors’ Approval Memo No. 0009/AM- follows:
POSITION IN APPOINTMENT/ POSITION IN
NAME
THE COMMITTEE RESTATEMENT LETTER THE COMPANY
Lynn Ramli Chairperson Board of Directors Approval Memo No 0009/AM- President
ITSG/03/2023 concerning Approval for Revision of IT Director
Steering Committee Charter Version 3.0 Effectively
Applied as per April 4, 2023 dated March 28, 2023.
Koji Kato Member Board of Directors Approval Memo No 0009/AM- Vice President
ITSG/03/2023 concerning Approval for Revision of IT Director
Steering Committee Charter Version 3.0 Effectively
Applied as per April 4, 2023 dated March 28, 2023.
Akira Sugai Member Board of Directors Approval Memo No 0009/AM- Vice President
ITSG/03/2023 concerning Approval for Revision of IT Director
Steering Committee Charter Version 3.0 Effectively
Applied as per April 4, 2023 dated March 28, 2023.
Sigit Sembodo Member Board of Directors Approval Memo No 0009/AM- Director
ITSG/03/2023 concerning Approval for Revision of IT
Steering Committee Charter Version 3.0 Effectively
Applied as per April 4, 2023 dated March 28, 2023.
A Lung Ng Member Board of Directors Approval Memo No 0009/AM- Director
ITSG/03/2023 concerning Approval for Revision of IT
Steering Committee Charter Version 3.0 Effectively
Applied as per April 4, 2023 dated March 28, 2023.
Yudono Member Board of Directors Approval Memo No 0009/AM- Director
ITSG/03/2023 concerning Approval for Revision of IT
Steering Committee Charter Version 3.0 Effectively
Applied as per April 4, 2023 dated March 28, 2023.
Denny Member Board of Directors Approval Memo No 0009/AM- Head of
Kurniawan ITSG/03/2023 concerning Approval for Revision of IT Information
Steering Committee Charter Version 3.0 Effectively Technology
Applied as per April 4, 2023 dated March 28, 2023. Operation
Division
Shirly Anjar Member Board of Directors Approval Memo No 0009/AM- Head of
Artha ITSG/03/2023 concerning Approval for Revision of IT Information
Steering Committee Charter Version 3.0 Effectively Technology
Applied as per April 4, 2023 dated March 28, 2023. Strategic
Planning and
Innovation
Enrico Member Board of Directors Approval Memo No 0009/AM- Head of
ITSG/03/2023 concerning Approval for Revision of IT Information
Steering Committee Charter Version 3.0 Effectively Technology
Applied as per April 4, 2023 dated March 28, 2023. Business
Technology
Solution
Asrul Fadillah Member Board of Directors Approval Memo No 0009/AM- IT Security Risk
ITSG/03/2023 concerning Approval for Revision of IT Governance
Steering Committee Charter Version 3.0 Effectively Head
Applied as per April 4, 2023 dated March 28, 2023.
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Profile of the Information Technology Enrico
Steering Committee Member
Indonesian citizen, 40 years old. Earned Bachelor’s
Lynn Ramli degree from Universitas Indonesia majoring Computer
Chairperson Science in 2006.
REPORT
MANAGEMENT
Her complete profile is presented in Board of Directors He has experience and worked as a Developer at PT
profile in this Annual Report. Asuransi Astra (2006 – 2008), IT Business Analyst at
PT Bank Tabungan Pensiunan Nasional (2008 – 2016),
Koji Kato IT Production Support Head at PT Bank Tabungan
Member Pensiunan Nasional Syariah (2016 – 2018), and as
Product Owner & Scrum Master at PT Bank Tabungan
His complete profile is presented in Board of Directors Pensiunan Nasional Syariah (2018 – 2020).
profile in this Annual Report.
He joined the Company in May 2020 as IT Digital
Sigit Sembodo Product Owner Department Head in the IT Planning &
Member Development division and currently serving as Head of
IT Business Technology Solution.
PROFILE
CORPORATE
His complete profile is presented in Board of Directors
profile in this Annual Report.
Asrul Fadillah
Secretary Committee
A Lung Ng
Member Indonesian Citizen, 33 years. Earned Bachelor of
Computer Science from Universitas Hasanuddin in
His complete profile is presented in Board of Directors 2014.
profile in this Annual Report.
Previously, he worked as programmer (2014-2015),
Yudono worked at PT Veda Praxis as a Consultant (2015-2019),
Member Consultant Manager (2019 – 2021) and he passed
DISCUSSION & ANALYSIS
MANAGEMENT
the CISM (Certified Information Security Manager)
His complete profile is presented in Board of Directors certification exam in 2022. He is currently serving as IT
profile in this Annual Report. Security Risk Governance Department Head.
Denny Kurniawan
Member Term of Office of Information
Technology Steering Committee
Indonesian Citizen, 40 years. Earned Bachelor of
Computer Science Degree from Universitas Bina Term of office of the Company’s Information Technology
Nusantara in 2005. Steering Committee members is 1 (one) year from the
date the committee members are appointed by the
Previously, he worked as IT Senior Manager at PT Mitra Board of Directors, without prejudice to the Board of
Adiperkasa Tbk. He also has worked in the Company for Directors’ right to perform incidental dismissal.
1 year and currently working as Head of IT Operation
Division.
Information Technology Steering
Committee Policy and Implementation
GOVERNANCE
CORPORATE
Shirly Anjar Artha
Member
According to Information Technology Steering
Indonesian Citizen, 44 years. Earned Master Degree of Committee Charter, the meeting implementation policy
Computer Science from Universitas Budi Luhur in 2010. is as follows:
1. Committee meetings are formally organized at least
Previously, she worked at PT Great Eastern Life Indonesia 4 (four) times a year. Meetings can be held in more
as IT Business Analyst Manager (2004 -2011), Head of than stipulated terms, based on urgent interests or
IT Project Management (2011-May 2016), Head of IT needs (urgency) to discuss certain problems.
Project Management and IT Management Office (May 2. Committee meetings can be held either physically
2016 – March 2018). She is currently serving as Head of (physical meeting) or virtually.
IT Planning and Development Division. 3. Committee meetings are chaired by the Committee
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Chairperson. In the event that the Committee 7. Meeting decisions shall be stated in the form of
Chairperson is unable to attend, the meeting will be meeting minutes and signed by all Committee
chaired by the Committee Vice Chairperson. members and properly documented.
4. Committee meetings are valid and have the right to 8. Any dissenting opinion arising in the meeting must
make binding decisions if they are attended by at be stated clearly in the minutes of the meeting
least 51% (fifty one percent) of the total members altogether with the reasons.
who have voting rights, one of whom is the
Chairperson of the Committee or Vice Chairperson
or the Director supervising Corporate Planning Information Technology Steering
& Secretary work unit or Director in charge of the Committe meeting frequency and
Finance & Accounting work unit. attendance
5. If necessary, members of Information Technology
Steering Committee may invite other than members In 2023, IT Steering Committee held 5 (five) meeting
to attend the meeting. with attendance level, as follows:
6. Meeting decisions are made based on consensus.
In the event that consensus deliberation does not
occur, the decisions will be taken by voting.
NAME POSITION MEETING ATTENDING ATTENDANCE
Lynn Ramli Chairperson 5 5 100%
Koji Kato Member 5 5 100%
Akira Sugai Member 5 5 100%
Sigit Sembodo Member 5 5 100%
A Lung Ng* Member 5 3 60%
Yudono Member 5 5 100%
Denny Kurniawan Member 5 5 100%
Shirly Anjar Artha Member 5 5 100%
Enrico Member 5 5 100%
Asrul Fadillah Member 5 5 100%
*) There is a permit for absence from the meeting. This has been conveyed to the committee members.
Information Technology Steering Committee Member Training
To improve competence and understanding in supporting the implementation of their duties and responsibilities,
in 2023 member of IT Steering Committee have attended training, seminars or workshop as follows:
NAME TRAINING ORGANIZER DATE & PLACE
All Committee ISO 27001 – Information Security Veda Praxis March 9, 2023
Members Management System (ISMS) for Senior
Management
Committee Certified Information Security Manager® Information System Audit April 20, 2023
Representatives (CISM®) Certification and Control Association
(ISACA)
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NAME TRAINING ORGANIZER DATE & PLACE
Committee Certified Information Systems Auditor® Information System Audit April 20, 2023
Representatives (CISA®) Certification and Control Association
(ISACA)
Committee ISO/IEC 27001 Information Security SGS Indonesia 11 – 15
REPORT
MANAGEMENT
Representatives Management Systems (ISMS) Lead Auditor September 2023
Committee TOGAF 9.2 Multimatics 21 – 25 August,
Representatives 2023
Committee Professional Scrum Product Owner Scrum.org 25 – 26 October
Representatives 2023
Committee Lean Six Sigma Yellow Belt SSCX 23 & 25 August
Representatives 2023
Committee Digital Transformation Workshop CIAS. Design Thinker. August 18,
Representatives 2023
PROFILE
CORPORATE
Availability, IT Security Monitoring, IT Projects, Business
Committee Work Implementation Projects, IT Budget Utilization, IT Audit, IT Security,
Report in 2023 Governance, Risk and Compliance Updates, Data Privacy
Updates and other matters that need to be discussed
In 2023, Information Technology Steering Committee and examined by Information Technology Steering
held meetings to discuss, among other, IT System Committee to improve IT services quality.
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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DIGITALIZATION
COMMITTEE
4. Identify success factors for digitalization projects
Legal Basis Establishment and agree on the expected project results.
5. Negotiate with stakeholders to gain consensus when
The Company established Digitalization Committee differences of opinion occur, and evaluate success
on June 19, 2020 with Approval from Board of of the project after completion.
Commissioners. This Committee has important role to 6. Evaluate performance and status of the digitalization
accelerate digitalization implementation and adoption project, including providing direction on the goals of
to support activity and business process that can be run the digitalization project
automatically using system to achieve effective and 7. Act as an escalation point for issues beyond the
efficient work process in order to increase the Company’s project owner’s control, maintain digitalization
competitiveness and optimize the Company’s services project priorities, and act as an escalation point for
to the society and business partners. any issue occurred in any case beyond the project
manager’s control.
Work Guidelines
Digitalization Committee Membership
In carrying out its duties, the Digitalization Committee
has been equipped with work guidelines as stated in As stated in the charter, composition and membership
the Digitalization Committee Charter, which has been of the Digitalization committee are as follows:
prepared referring to applicable laws and regulations.
These guidelines contain provisions regarding The committee organization consists of:
committee structure, duties, responsibilities and 1. Sponsors/Steering Committee comprising of Board
authority, meetings, reportings and responsibilities and of Directors
committee values and ethics. 2. The committee is led by a Chairperson who is a
Director or Associate Director.
3. Secretariat consisting of divisions related to
Duty, Responsibility and Authority of information technology.
Digitalization Committee 4. Other committee members consist of representatives
of the information technology function and other
As stated in the Charter, duties and responsibilities of functions related to the Company’s operations.
the Digitalization Committee are as follows:
1. Provide direction and guidance for project In 2023, there was no changes to members of the
implementation, especially related to digitalization Digitalization Committee as of December 31, 2023,
efforts in the Company including: business strategy the composition of the committee members is declared
and digitalization project initiatives. in Board of Directors Approval Memo No. 005/AM-
2. Identify and fulfill project benefit requirements CP/11/2022 concerning Approval for New Organization
and manage realization of digitalization project Structure effectively applied as per Jan 2, 2023, dated
benefits. November 3, 2022. Therefore, composition of the
3. Monitor changes that occur in the digitalization Digitalization Committee is as follows:
project environment, including schedules, priorities,
tasks, etc.
POSITION IN APPOINTMENT/ POSITION IN
NAME
THE COMMITTEE RESTATEMENT LETTER THE COMPANY
Yudono Chairperson Approval Memo Direksi No. 005/AM-CP/11/2022 Director
tentang Approval for New Organization Structure
Effective in Jan 2, 2023, tertanggal 3 November 2022
Koji Kato Member Approval Memo Direksi No. 005/AM-CP/11/2022 Vice President
tentang Approval for New Organization Structure Director
Effective in Jan 2, 2023, tertanggal 3 November 2022
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POSITION IN APPOINTMENT/ POSITION IN
NAME
THE COMMITTEE RESTATEMENT LETTER THE COMPANY
Hendri Member Approval Memo Direksi No. 005/AM-CP/11/2022 Associate
Hermansyah tentang Approval for New Organization Structure Director
Effective in Jan 2, 2023, tertanggal 3 November 2022
REPORT
MANAGEMENT
Jan Prana Member Approval Memo Direksi No. 005/AM-CP/11/2022 Marketing
tentang Approval for New Organization Structure Development
Effective in Jan 2, 2023, tertanggal 3 November 2022 Division Head
Novy Member Approval Memo Direksi No. 005/AM-CP/11/2022 Head of Credit
Indrawan tentang Approval for New Organization Structure Policy
Effective in Jan 2, 2023, tertanggal 3 November 2022
Rizma Rosellini Member Approval Memo Direksi No. 005/AM-CP/11/2022 Digital Business
tentang Approval for New Organization Structure Development
Effective in Jan 2, 2023, tertanggal 3 November 2022 Head
Andi Tirta Member Approval Memo Direksi No. 005/AM-CP/11/2022 Collection &
PROFILE
CORPORATE
tentang Approval for New Organization Structure Operation
Effective in Jan 2, 2023, tertanggal 3 November 2022 Group Head
Arie Yulius Member Approval Memo Direksi No. 005/AM-CP/11/2022 Credit
tentang Approval for New Organization Structure Operational &
Effective in Jan 2, 2023, tertanggal 3 November 2022 Policy Group
Head
Fransiska Member Approval Memo Direksi No. 005/AM-CP/11/2022 IT Project
Amalia tentang Approval for New Organization Structure Portfolio
Effective in Jan 2, 2023, tertanggal 3 November 2022 Management
Head
DISCUSSION & ANALYSIS
MANAGEMENT
Olyvia Member Approval Memo Direksi No. 005/AM-CP/11/2022 Business &
Permata tentang Approval for New Organization Structure Operation
Effective in Jan 2, 2023, tertanggal 3 November 2022 Support Dana
Syariah Head
Stefany Member Approval Memo Direksi No. 005/AM-CP/11/2022 Pradana
Lowendo tentang Approval for New Organization Structure Business Head
Effective in Jan 2, 2023, tertanggal 3 November 2022
Enrico Member Approval Memo Direksi No. 005/AM-CP/11/2022 IT Business
tentang Approval for New Organization Structure Technology
Effective in Jan 2, 2023, tertanggal 3 November 2022 Solution Head
GOVERNANCE
CORPORATE
Profile of Digitalization Committee Hendri Hermansyah
Member
Yudono
Chairperson His complete profile is presented in Executive officers
profile this Annual Report.
His complete profile is presented in Board of Directors
profile in this Annual Report.
Jan Prana
Member
Koji Kato
Member Indonesian Citizen, 43 years. Earned Bachelor’s degree
majoring Economics and Development Studies from
His complete profile is presented in Board of Directors Universitas Indonesia in 2002.
profile in this Annual Report.
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He has extensive experience and previously worked as
Marketing Manager at PT Federal International Finance Arie Yulius
(2009 – 2011), and as Marketing New Motorcycle Member
Deputy Division Head at PT BCA Multifinance (2017 – His complete profile is presented at Business Continuity
2019). Management Committee profile in this Annual Report.
He joined with the Company since October 2019 and Fransiska Amalia
currently serving as Marketing Development Division Member
Head. Indonesian citizen, 33 years old. Earned Bachelor of
Engineering degree from Telkom University Bandung in
Novy Indrawan 2011.
Member
Started her career as an IT Analyst at PT Toyota Astra
Indonesian citizen, 43 years old. He graduated from Finance in 2011, then continued her career as an IT
Bina Nusantara University in 1999-2003. Business Analyst and Project Management Analyst at
PT Tower Bersama Group from 2014 to 2019. In 2019
He holds extensive experience and worked as Customer she also had the opportunity to start a management
Relations at Bank Niaga (2004-2005), Account Manager career as a Technical Project Manager Lead at MNC
Commercial banking at Bank Panin (2005-2007), Credit Group. She started joining the company in 2021 and
Officer at HSBC (2007-2011), Area Credit Risk Manager was appointed as IT Project & Portfolio Management
at Finansia Multi Finance (2011 -2016). He joined Head at PT Bussan Auto Finance.
the Company in May 2016 as Credit New Business
Department Head
Olyvia Permata
Member
Rizma Rosellini
Member Indonesian citizen, 33 years old. She is a postgraduate
graduate of the ASMI Business and Multimedia Institute
Indonesian citizen, 32 years old. Earned Bachelor’s from 2021-2022.
degree in International Relations from Padjadjaran
University Surabaya in 2013. She holds extensive experience and worked in the
Business Process section at PT Modena Indonesia (2020-
Started her career through Management Trainee 2021), Business Process at PT BCA Multi Finance (2017-
program at PT Bussan Auto Finance in 2014 and 2020), Responsible for Production at PT Inti Kiat Alam
appointed as Corporate Planning Head from 2020 (2017), Systems and Procedures at PT UFO BKB Syariah
to 2021 and currently serving as Digital Business (2015-2017), Primary Packaging at PT Pharos Indonesia
Development Head. (2015-2012), Production at PT Pharos Indonesia (2011-
2012), Quality Control at PT Medifarma Laboratories
Andi Tirta (2011).
Member
She joined the Company in December 2021 as Marketing
Indonesian Citizen, 46 years. Earned Bachelor’s degree Operation & Support Dana Syariah Department Head.
majoring Industrial Engineering from Institut Teknologi
Nasional (ITN), Malang in 1999 and Master’s degree in
Management from Universitas Tarumanegara (UNTAR), Stefany Lowendo
Jakarta in 2003 majoring Marketing Management. Member
Her complete profile is presented in Occupational
He has extensive experience and was appointed in Health and Safety Committee.
several positions, among others at PT. Adira Dinamika
Multi Finance, Tbk (2003-2012), as Deputy GM, GM
Risk Management, Credit Division Head at PT. Bussan Enrico
Auto Finance (2012-2017) and was assigned Senior Member
Management (Credit, Operation dan Collection) at PT. Her complete profile is presented in IT Steering
Mandala Multifinance, Tbk and PT. BFI Finance, Tbk Committee.
(2017-2020) He rejoined with the Company since March
2020 and was appointed as Credit Group Head (March
– Deecember 2020) and currently serving as Collection
& Operation Group Head (January 2021 - now).
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secretary and distributed to all members.
Term of Office of Digitalization 6. Meetings can only be held if attended by at least
Committee 51% (fifty one percent) of the total members.
7. Meeting decisions are made based on deliberation
Term of office of mem the company’s Digitalization and consensus. In the event that consensus
committee is 1 (one) year from the date the committee deliberation does not occur, then decisions are
is appointed by the Board of Directors, without prejudice made based on the majority vote (voting).
REPORT
MANAGEMENT
to the Board of Directors’ right to dismiss them at any 8. Each member of the Committee has one voting
time. right. If a conflict of interest occurs, Committee
members must refrain from voting to avoid a
conflict of interest. In the case of equal voting, the
Digitalization Committee meeting Chairperson of the Meeting has the right to hold a
frequency and attendance second voting right.
9. The results of the meeting must be stated in the
According to the Digitalization Charter, the meeting minutes of the meeting and signed by all members
implementation policy is as follows: present at the meeting and properly documented.
1. Formal committee meetings are held at least once 10. Dissenting opinions that occur at the meeting must
every 3 (three) months. be stated clearly in the minutes of the meeting
2. Meetings can be held based on needs if deemed altogether with the reasons.
PROFILE
CORPORATE
necessary to deal with the situation that occurs.
3. Committee meetings are attended by at least
the Chair. If this is not met, the meeting must be Digitalization Committee Meeting
rescheduled at the nearest time. Frequency and Attendance Level
4. Meetings is eligible to be held in person or using
teleconference, video conference, or other electronic During 2023, Digitalization Committee held 5 (five)
media that allows all Committee members to see meetings. Attendance level of committee members
and hear each other directly. serving in 2023 are as follows:
5. Results of each meeting are documented in the form
of a meeting memorandum, including a committee
meeting attendance list prepared by the committee
DISCUSSION & ANALYSIS
MANAGEMENT
NAME POSITION MEETING ATTENDING ATTENDANCE
Yudono Chairperson 5 5 100%
Koji Kato* Member 5 3 60%
Hendri Hermansyah* Member 5 4 80%
Jan Prana Member 5 5 100%
Novy Indrawan Member 5 5 100%
Rizma Rosellini Member 5 5 100%
Andi Tirta* Member 5 4 80%
GOVERNANCE
CORPORATE
Arie Yulius* Member 5 4 80%
Fransiska Amalia* Member 5 2 40%
Olyvia Permata Member 5 5 100%
Stefany Lowendo Member 5 5 100%
Enrico Member 5 5 100%
*) There is a permit for absence from the meeting that has been submitted to the committee members.
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Digitalization Committee Training
To develop competency and understanding in supporting the implementation of their duties and responsibilities, in
2023 the Digitalization Committee members have attended training, seminars or workshop as follows:
PARTICIPANT TRAINING NAME PROVIDER DATE & PLACE
Committee’s Jakarta Mobile Leaders Night Clevertap June 21, 2023
Representative
Committee’s Learning Basic Confluent Feature Confluent August 11,
Representative 2023
Committee’s Envision & Strategizing Digital Transformation CIAS August 18,
Representative 2023
Committee’s Lean Six Sigma Yellow Belt SSCX 23 & 25 August
Representative 2023
Committee’s Digital Transformation Forum Adins September 15,
Representative 2023
Committee’s Professional Scrum Product Owner Scrum.org 25 – 26 October
Representative 2023
Committee’s CX Digital Transformation PEX Consulting December 8,
Representative 2023
committee also continued discussions regarding project
Committee Work Implementation design solutions for e-stamp users in non-digitalization
Report businesses.
In 2023, Digitalization Committee held 5 (five) In 2023, the Company has also developed other
meetings to discuss accelerating the roadmap/strategic digitalization, such as collection development and
plan for Sandia, BAF Mobile for all of the Company’s plans to implement digitalization of the Dana Syariah
business lines, and BAF Verse. Apart from that, the financing product line, and project preparation in 2024.
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RISK MANAGEMENT
COMMITTEE
REPORT
MANAGEMENT
Legal Basis Establishment Information Technology Steering
Committee Duty, Responsibility and
Risk Management Committee is established according to Authority
Board of Directors and Board of Commissioners Approval
dated November 12, 2020. The Committee is in charge Risk Management Committee holds authority and
to assist the Board of Directors in Risk Management responsibility to provide recommendation to President
implementation within the Company. The Company is Director, among others:
established according to POJK No. 44/POJK.05/2020 1. Formulation of Risk Management policy, strategy
concerning Risk Management Implementation for Non- and implementation guideline;
Bank Financial Institutions. 2. Improvement and adjustment of Risk Management
implementation based on result of Risk Management
PROFILE
CORPORATE
implementation evaluation; and
Work Guidelines 3. Stipulation of matters related to any business
decision that may deviate from normal procedure.
In carrying out its duties, Risk Management Committee
has been equipped with work guidelines as disclosed
in Risk Management Committee Work Guidelines or Information Technology Steering
Charter, which are prepared with reference to applicable Committee Membership
laws and regulations. The guidelines includes, among
other, provisions regarding structure of the Risk According to POJK No. 44 /POJK.05/2020 concerning
Management Committee, authority and responsibility, Implementation of Risk Management for Non-Bank
membership requirements, meeting implementation, as Financial Services Institutions, the Risk Management
DISCUSSION & ANALYSIS
MANAGEMENT
well as reporting and accountability. The work guidelines Committee consists of at least half of the Board of
are prepared by referring to POJK No. 29/POJK.05/2020 Directors members and related executive officers. One of
as Amendments to Financial Services Authority the Board of Directors members is a member who is in
Regulation Number 30/POJK.05/2014 concerning Good charge in risk management function. There was no change
Corporate Governance for Finance Companies, and in composition and membership of Risk Management
POJK No. 44/POJK.05/2020 concerning Implementation Committee as disclosed in Board of Directors’ Approval
of Risk Management for Non-Bank Financial Services Memo No. 005/AM-CP/11/2022 concerning Approval
Institutions, and other related regulations. In 2022, for new organization structure effectively applied as per
following publication of OJK Circular Letter No. 7 of 2021 January 2, 2023 dated November 30, 2022. Therefore,
concerning Implementation of Risk Management for composition of Risk Management Committee as of
Finance Companies and Sharia Financing Companies, December 31, 2023 is as follows:
the Committee has updated the Risk Management
Committee policy.
POSITION IN APPOINTMENT/ POSITION IN
GOVERNANCE
CORPORATE
NAME
THE COMMITTEE RESTATEMENT LETTER THE COMPANY
Lynn Ramli Chairperson Board of Directors Approval Memo No. 055/AM- President
CP/11/2022 concerning Approval for New Organization Director
Structure Effective in Jan 2, 2023 dated November 3,
2022
Koji Kato Member Board of Directors Approval Memo No. 055/AM- Vice President
CP/11/2022 concerning Approval for New Organization Director
Structure Effective in Jan 2, 2023 dated November 3,
2022
Akira Sugai Member Board of Directors Approval Memo No. 055/AM- Vice President
CP/11/2022 concerning Approval for New Organization Director
Structure Effective in Jan 2, 2023 dated November 3,
REPORT
SUSTAINABILITY
2022
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 277
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CORPORATE
GOVERNANCE
POSITION IN APPOINTMENT/ POSITION IN
NAME
THE COMMITTEE RESTATEMENT LETTER THE COMPANY
Sigit Sembodo Member Board of Directors Approval Memo No. 055/AM- Director
CP/11/2022 concerning Approval for New Organization
Structure Effective in Jan 2, 2023 dated November 3,
2022
A Lung Ng Member Board of Directors Approval Memo No. 055/AM- Director
CP/11/2022 concerning Approval for New Organization
Structure Effective in Jan 2, 2023 dated November 3,
2022
Charles M.P Member Board of Directors Approval Memo No. 055/AM- Director
Gultom CP/11/2022 concerning Approval for New Organization
Structure Effective in Jan 2, 2023 dated November 3,
2022
Yudono Member Board of Directors Approval Memo No. 055/AM- Director
CP/11/2022 concerning Approval for New Organization
Structure Effective in Jan 2, 2023 dated November 3,
2022
Jimmy Member Board of Directors Approval Memo No. 055/AM- Associate
Iskandar CP/11/2022 concerning Approval for New Organization Director
Structure Effective in Jan 2, 2023 dated November 3,
2022
Hendri Member Board of Directors Approval Memo No. 055/AM- Associate
Hermansyah CP/11/2022 concerning Approval for New Organization Director
Structure Effective in Jan 2, 2023 dated November 3,
2022
Yulius Member Board of Directors Approval Memo No. 055/AM- Head of Risk
Ariyasatya CP/11/2022 concerning Approval for New Organization Management
Structure Effective in Jan 2, 2023 dated November 3, and Compliance
2022
Arie Yulius Member Board of Directors Approval Memo No. 055/AM- Group Head
CP/11/2022 concerning Approval for New Organization of Credit
Structure Effective in Jan 2, 2023 dated November 3, and Project
2022 Management
Puji Arianti Member Board of Directors Approval Memo No. 055/AM- Corporate
CP/11/2022 concerning Approval for New Organization Planning and
Structure Effective in Jan 2, 2023 dated November 3, Secretary
2022 Division Head
Erdyan Member Board of Directors Approval Memo No. 055/AM- Internal Audit
Lazuardy CP/11/2022 concerning Approval for New Organization Division Head
Structure Effective in Jan 2, 2023 dated November 3,
2022
Profil Komite Manajemen Risiko
Lynn Ramli Koji Kato
Chairperson Member
Her complete profile is presented in Board of Directors His complete profile is presented in Board of Directors
profile in this Annual Report. profile in this Annual Report.
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HIGHLIGHTS
PERFORMANCE
Akira Sugai Puji Arianti
Member Member
His complete profile is presented in Board of Directors Her complete profile is presented in Corporate Secretary
profile in this Annual Report. profile in this Annual Report.
Sigit Sembodo Erdyan Lazuardy
REPORT
MANAGEMENT
Member Member
His complete profile is presented in Board of Directors His complete profile is presented in Internal Audit Unit
profile in this Annual Report. profile in this Annual Report.
A Lung Ng
Member Term of Office of Risk Management
Committee
His complete profile is presented in Board of Directors
profile in this Annual Report. Term of Office of Risk Management Committee member
is 1 (one) year since the date of committee stipulation by
Charles M.P Gultom Board of Directors, by not reducing rights of the Board of
PROFILE
CORPORATE
Member Directors to grant incidental dismissal.
His complete profile is presented in Board of Directors
profile in this Annual Report. Risk Management Committee Meeting
Policy and Implementation
Yudono
Member According to Risk Management Committee Charter, the
Risk Management Committee meeting implementation
His complete profile is presented in Board of Directors policy is as follows:
profile in this Annual Report. 1. Committee meeting should be conducted minimum
4 meetings in a year or before the implementation of
DISCUSSION & ANALYSIS
MANAGEMENT
Jimmy Iskandar Risk Monitoring Committee meeting
Member 2. The meeting can only be conducted if attended at
least 51% (fifty one percent) of the total members.
His complete profile is presented in Board of Directors 3. Meeting resolutions are taken based on consensus. If
profile in this Annual Report. consensus is not reached, the decision will be taken
by voting.
Hendri Hermansyah 4. Every member of the Committee shall have one
Member vote. If there is a conflict of interest, the member of
the Committee shall refrain from the vote to avoid
His complete profile is presented in Executive profile in conflict of interest. In the case of a tie in votes, the
this Annual Report. Chairperson of the meeting shall be entitled to a
second casting vote.
Yulius Ariyasatya 5. The meeting resolutions is required to be summarized
Member and written into a minute of meeting and signed by
all members presence at the meeting and should be
His complete profile is presented in Risk Management well documented.
and Compliance Division profile in this Annual Report.
GOVERNANCE
CORPORATE
6. Any dissenting opinions in the Meeting are required
to be stated clearly in the minutes of meeting
Arie Yulius including the reasons for dissenting opinions.
Member
His complete profile is presented in Business Continuity Risk Management Committee Meeting
Management Committee profile in this Annual Report. Frequency and Attendance Level
In 2023, Risk Management Committee held four
meetings with attendance level, as follows :
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 279
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CORPORATE
GOVERNANCE
NAME POSITION MEETING ATTENDING ATTENDANCE
Lynn Ramli Chairperson 4 4 100%
Koji Kato Member 4 4 100%
Akira Sugai Member 4 4 100%
Sigit Sembodo Member 4 4 100%
A Lung Ng* Member 4 3 75%
Charles M.P Gultom Member 4 4 100%
Jimmy Iskandar Member 4 4 100%
Yudono Member 4 4 100%
Hendri Hermansyah* Member 4 3 75%
Yulius Ariyasatya Member 4 4 100%
Arie Yulius* Member 4 3 75%
Puji Arianti Member 4 4 100%
Erdyan Lazuardy Member 4 4 100%
*) There is a permit for absence from the meeting that has been submitted to the committee members.
Risk Management Committee Member Training and Development
Training and development for committee members or representatives in 2023 are as follows:
PARTICIPANT TRAINING NAME PROVIDER DATE & PLACE
Committee Sustainability month 2023, Education Perseroan August 21,
Representative Integration into Business 2023
Committee Sustainability month 2023, Green Values for Perseroan September 4,
Representative Better Environment 2023
Committee Sustainability month 2023, Stepping-up on Perseroan October 23,
Representative sustainability: Creating long-term value in 2023
Business strategy
quarter-2023, 2nd quarter-2023, and 3rd quarter-2023.
Committee Work Implementation The Company’s soundness level for the third quarter
Report of 2023 is at a composite rating 1, which reflects the
Company’s condition is generally very healthy thereby
In 2023, Risk Management Committee held 4 (four) considered very capable to deal with significant negative
meetings to discuss risk management implementation influences from changes in business conditions and
in the Company, such as the Company’s soundness level, other external factors as reflected in the factor ranking
risk profile, compliance monitoring and others. assessment, including implementation of good corporate
governance, risk profile, profitability and capital which
In 2023, Risk Management Committee discussed are generally very good. If there is any weakness, the
the Company’s health level for 4th quarter-2022, 1st weakness is in general considered less significant.
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HIGHLIGHTS
PERFORMANCE
In addition, the Risk Management Committee also This Compliance Dashboard is a tool for monitoring the
discussed the Company’s risk profile per type of risk, both Company’s compliance implementation every quarter.
for conventional and sharia financing, including reporting
on external events (operational risk events), discussing Implementation of information technology risk
implementation of the Risk Control Self-Assessment management was also discussed at the meeting
(RCSA) nationally in June 2023, implementation of throughout 2023. The Risk Management Committee also
the Risk and Compliance Assurance Program (RCAP) in evaluated the implementation of the risk management
REPORT
MANAGEMENT
September and October 2023. program for 4th quarter 4-2022, 1st quarter-2023, 2nd
quarter-2023, and 3rd quarter-2023. The meeting also
Results of monitoring on the Company’s compliance or discussed activities to build risk awareness culture and
Compliance Dashboard with the applicable provisions compliance through webinars, Mari Patuh Bulletin, and
y to the positions of 1st quarter-2022, 2nd quarter-2022, other media.
and 3rd quarter-2022 are also discussed periodically.
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 281
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CORPORATE
GOVERNANCE
SHARIA BUSINESS
UNIT AND SHARIA
SUPERVISORY BOARD
Sharia Business Unit (UUS)
THROUGHOUT 2023, THE SHARIA According to POJK No. 30/POJK.05/2014 concerning
SUPERVISORY BOARD HAS CARRIED Good Corporate Governance for Financing Companies, as
amended and refined through POJK No. 29/POJK.05/2020
OUT THE DUTIES TO ENSURE AND concerning Amendments to Financial Services Authority
Regulation No. 30/POJK.05/2014 concerning Good
OVERSEE CONFIRMITY OF THE
Corporate Governance for Financing Companies, Sharia
FINANCING BUSINESS BASED ON Business Unit is a work unit from head office of a finance
company which is functioned as the parent office of the
SHARIA PRINCIPLE. office implementing sharia financing.
The Company has a Sharia Business Unit which was
established according to Board of Directors Decree No.
BAF/SK-BOD/006/IV/2013 concerning Establishment
of the Sharia Business Unit of PT Bussan Auto Finance
and has obtained a permit to operate a Sharia Business
Unit via a copy of OJK Board of Commissioners Decree
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
No. KEP-129/ NB.223/2015 concerning the Granting of membership, duties, and authorities as well as policies
Permit to Open a Sharia Business Unit for a Financing for the implementation of Sharia Supervisory Board
Company to PT Bussan Auto Finance. meetings.
The Company has a Director who is in charge for
management of UUS and has knowledge in the Islamic Duties and Responsibilities of the Sharia
finance or Sharia Financing Company and is committed Supervisory Board
REPORT
MANAGEMENT
to UUS development. The Director is served by Sigit
Sembodo. His profile can be seen in the profile of the According to Deed of the Shareholders Resolutions as a
Company’s Board of Directors. Substitute in lieu of the Extraordinary General Meeting
of Shareholders No. 121 dated December 16, 2013, the
In 2023, of the Company’s Sharia Business Unit is served duties and authorities of the Sharia Supervisory Board
by Arry Cahyono to Ardinan Syahrani Santoso effective are as follows:
as of August 1, 2021 according to Board of Director’s 1. Ensuring and supervising the conformity of financing
Decree No. 7040/BAF/HR-ADM/PG/VII/21 as Head of business based on sharia principles to the Fatwa
the Sharia Business Unit. The report on the change has issued by the National Sharia Council, Indonesian
been submitted to OJK through the Company’s letter Ulema Council;
No. BAF/143/CP/VII/2021. In carrying out its functions, 2. Assessing sharia aspects of operational guidelines
the Sharia Business Unit is supervised by the Sharia and sharia financing products issued by the Company;
PROFILE
CORPORATE
Supervisory Board who is appointed by the General 3. Provide advice and advice to the Board of Directors,
Meeting of Shareholders based on the recommendation from the sharia aspect to the implementation
of the National Sharia Council of the Indonesian Ulema of financing business activities based on sharia
Council. principles;
4. Reviewing new sharia products for which there is
Chairperson of the Company’s UUS has complied with no fatwa to request a fatwa to the National Sharia
the provisions as required in POJK No. 47/POJK.05/2020 Council of the Indonesian Ulema Council.
concerning Business and Institutional Permit for
Financing Companies and Sharia Financing Companies,
as follows: Sharia Supervisory Board Membership
a. Do not have bad credit and/or financing;
DISCUSSION & ANALYSIS
MANAGEMENT
b. Not included in the list of parties prohibited from Sharia Supervisory Board consists of at least 1 (one)
being the main party; and person and 1 (one) person is appointed as Chairperson
c. Have expertise, training, and/or experience in Islamic and concurrently member with competency in sharia
finance; muamalah. Chairperson and members of the Sharia
Supervisory Board are appointed by the General Meeting
of Shareholders starting from the date determined in
Sharia Supervisory Board (DPS) the General Meeting of Shareholders which appointed
them for a period of 2 (two) years after the date of
According to POJK No. 30/POJK.05/2014 concerning their appointment, without prejudice to the right of the
Good Corporate Governance for Financing Companies as General Meeting of Shareholders to dismiss at anytime.
amended and refined under POJK No. 29/POJK.05/2020
concerning Amendments to Financial Services Authority The Sharia Supervisory Board members mentioned
Regulation No. 30/POJK.05/2014 concerning Good above are appointed on the recommendation of the
Corporate Governance for Financing Companies, National Sharia Council of the Indonesian Ulema Council
the Sharia Supervisory Board (DPS) is part of the (“DSN-MUI”). In accordance with POJK 30, members of
company’s organ with duty and function of supervising the Company’s Sharia Supervisory Board do not serve
implementation of company activities based on sharia as members of the Company’s Board of Directors or
GOVERNANCE
CORPORATE
principles. Board of Commissioners, and do not hold concurrent
positions as members of the Board of Directors, Board
of Commissioners, or members of the Sharia Supervisory
Sharia Supervisory Board Work Board in more than 4 (four) other Islamic financial
Guidelines institutions.
In carrying out its duties, the Sharia Supervisory Board In 2023, shareholders approved DPS composition
refers to the Company’s Articles of Association and the referring to General Meetings of Shareholders
Company’s Corporate Governance Guidelines (GCG resolutions dated dated May 26, 2023 as stated
Guidelines) which are prepared by referring to the in Deed 20, dated May 26, 2023. Therefore, as of
prevailing laws and regulations. The guidelines contain, December 31, 2023, DPS membership composition is as
among others, provisions regarding the structure and follows:
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 283
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CORPORATE
GOVERNANCE
NAMA POSITION IN APPOINTMENT LETTER
THE COMMITTEE
Ahmad Ifham Chairperson Circular Annual General Meetings of Shareholders Decree Statement Deed
No. 41 dated April 22, 2021, which is affirmed under date No. 20 dated 26
Mey 2023.
Terms of Office of Sharia Supervisory Implementation
Board
Provisions of the Sharia Supervisory Board Meeting
According to the Company’s Articles of Association, are stated in the Company’s Articles of Association, as
Chairperson and members of the Sharia Supervisory Board follows:
are appointed by the General Meeting of Shareholders 1. The Sharia Supervisory Board has a Chairperson who
starting from the date determined in the General Meeting is entitled to invite members and attend the Sharia
of Shareholders which appointed them for a period Supervisory Board meetings. The Sharia Supervisory
of 2 (two) years from the date of their appointment, Board is required to hold regular meetings at least 6
without prejudice to the rights of the Meeting. General (six) times in 1 (one) year.
Shareholders to dismiss them at any time. Based on the 2. The decision of the Sharia Supervisory Board shall
Deed of Circular Resolution of the Annual General Meeting be taken in a meeting attended by the Chairperson
of Shareholders No. 41 dated April 22, 2021, which is and members of the Sharia Supervisory Board and
affirmed under Deed No. 20 dated May 26, 2023, term decided by deliberation and consensus.
of office of the Sharia Supervisory Board, with 2 (two) 3. In the case when the Chairperson of the Sharia
years terms and starting from closing of this meeting Supervisory Board is unable to attend the meeting of
continues until the closing of the General Meeting Annual the Sharia Supervisory Board, the Chairperson of the
Shareholders of the Company for Fiscal Year 2024, Sharia Supervisory Board may authorize one of the
without reducing the rights of shareholders to dismiss at members of the Sharia Supervisory Board to make
any time. decisions at the meeting of the Sharia Supervisory
Board.
4. All procedures and decisions taken at the meeting will
Profile of Sharia Supervisory Board be recorded in the Minutes of the Meeting, signed by
the Chairperson of the meeting and members of the
Sharia Supervisory Board attending the meeting.
Ahmad Ifham
5. The Sharia Supervisory Board may take valid decisions
Chairperson
without holding a Sharia Supervisory Board Meeting,
Ahmad Ifham, Indonesian citizen, 43 years old. Earned provided that all members of the Sharia Supervisory
Bachelor’s degree majoring Psychology from Gadjah Board have been notified in writing and all members
Mada University (“UGM”) Yogyakarta in 2002 and of the Sharia Supervisory Board have approved the
obtained a Master’s degree in Law from the Institute of proposal submitted in writing as proven by their
Al-Quran Sciences (“IIQ”) Jakarta in 2020. He started his signatures.
career at Karim Business Consulting (2003 - 2007), Batasa
Tazkia Consulting (2007 - 2008), Sharia Banking Business
Analyst at various IT Companies (2008 - 2011), HRD Sharia Supervisory Board Meeting
Manager and Operations Manager at BNI Syariah (2011 Frequency and Attendance Level
- 2014), CEO of Amana Sharia Consulting (2014 - 2020).
Currently he serves as Member of the Sharia Supervisory In 2023, Sharia Supervisory Board held meetings
Board (DPS) PT Bussan Auto Finance, Chairperson of the according to provisions of POJK 30. The Sharia Supervisory
DPS BPRS Harta Insan Karimah (HIK) Cibitung, Member Board has regularly held meetings with the Company’s
of the DPS BPPS HIK Bekasi, Chairperson of DPS at Sharia Business Units, Board of Directors and related
BPRS Al Barokah and Member of DPS at Dana Syariah divisions in 6 (six) meetings. In the meeting, the Sharia
Indonesia. Supervisory Board provided advice and recommendation
namely related to development of the Company’s sharia
financing business and provided evaluations regarding
the suitability of business development carried out with
sharia business principles.
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HIGHLIGHTS
PERFORMANCE
NAME POSITION MEETING ATTENDING ATTENDANCE
Azharuddin Lathief Chairperson 3 3 100%
Ahmad Ifham Member 6 6 100%
REPORT
MANAGEMENT
*) Effectively has not served as Chairperson of the Sharia Supervisory Board since the Decision of the General Meeting of Holders based on deed no.
20 May 26, 2023.
requirements in accordance with POJK No. 4/
Sharia Supervisory Board Training POJK.05/2013 concerning Fit and Proper Test for
Main Parties in Insurance Companies, Pension Funds,
To develop competency and understanding in Financing Companies, and Guarantee Companies, in
supporting implementation according to their duties 2023, members of the Sharia Supervisory Board have
and responsibilities, as well as to fulfill sustainability attended training, seminars or workshops, as follows:
PROFILE
CORPORATE
PARTICIPANT TRAINING NAME DATE & PLACE PROVIDER
Ahmad Ifham 19th Istima’ Samawi (Annual Meeting) in Jakarta, Committee of National
2023 October 13-14, Sharia Board, Indonesia
”Improve Collaboration of Sharia Financial 2023 Ulemma Council
Economy Development In Economy
Disruption era”
As Participants
DISCUSSION & ANALYSIS
MANAGEMENT
”Implementation of Murabahah Agreement in Bandung Harta Insam Karimah
Sharia Banking Industry Post-Implementation November 17- Group
of DSN-MUI Fatwa No. 153/DSN-MUI/ 18, 2023
VI/2022 concerning Repayment of
Murabahah Financing Debt Before Due Date”
As Speaker
Answering Oblique Accusations at Sharia Yogyakarta Edukasi Wakaf Indonesia
Banks November 25, Foundation
2023
As Speaker
GOVERNANCE
CORPORATE
other regulations. Type of supervision includes regular
Sharia Supervisory Board and Sharia DPS meetings which have been held 6 times in 2023.
Business Unit Activity Report 2023 DPS always provides suggestions and advice through
these meetings from the sharia aspect regarding the
In 2023, Sharia Supervisory Board has carried out duties implementation of financing business activities based on
in ensuring and supervising suitability of financing sharia principles and monitoring performance of each of
businesses based on sharia principles, including through the Company’s sharia business lines.
evaluation and discussion. Assisted by UUS and the
Sharia Product Committee, DPS always coordinates and The discussions were also carried out, among others,
collaborates to provide full support to all sharia business through a review of the BAF Dana Syariah product (Al
units in 2023. Bai Wa Al Istijar contract), DPS also collaborated with
UUS to review several discussion focus areas such as the
Based on its duties, authority and responsibilities, DPS BAF Dana Syariah Take Over process, suspend payments,
has collaborated with UUS to carry out supervision and accelerated repayment of Murabahah financing and
REPORT
SUSTAINABILITY
evaluation of the Company’s business to comply with also Sharia gearing ratio. Furthermore, DPS attended
and comply with sharia principles in addition to various meetings with the Company’s Risk Monitoring Committee
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 285
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CORPORATE
GOVERNANCE
which discuss the Company’s risk profile and soundness product contract process carried out by colleagues
level from a sharia perspective quarterly. In 2023, DPS at network offices. visited and to improve the
attended 4 meetings with Risk Monitoring Committee. quality of the visit, all visits in 2024 will be based
predetermined parameters such as
In 2023, Performance of Sharia Product and Business business performance, quality of financing, productivity
Activity Development Committee (KPPKUS) will also marketing, application sources and fraud cases.
become an important part of form of supervision and
monitoring in the implementation of fulfilling sharia
principles and mitigating risks in Sharia products. In 2023, Sharia literacy and inclusion
KPPKUS held 4 meetings to discuss agenda, such as:
Sharia Business Unit Achievement and Planning, Sharia In 2023, the Company fulfilled an inclusion invitation
Product Development as well as Sharia Line of Business held by North Sumatra Provincial Government, where
business plans and targets, Business Plan and Results all the Company used this opportunity to explain the
2023 Sharia LOB and 2023 Pre-Fund Achievement. types of sharia products to the people in Medan and
also had the opportunity to discuss and find out what
financial solutions could be provided and what types of
Supervision and monitoring of sharia products would be suitable for the society. The inclusion
network offices activities was held as part of an annual celebration
presenting the cultural wonders and beauty of the
Regarding the recovery post Covid-19 pandemic, DPS North Sumatra Province.
and UUS are collaborating to always build synergy in
monitoring and overseeing implementation of Sharia As an effort to improve sharia literacy through basic
principles in operations at sharia network offices. UUS introduction to BAF Dana Syariah and basic sharia
advances the initiative to perform Virtual Network Visits management, the Company has and will continuously
(VNV) and Onsite Network Visits (ONV) in 2023. UUS implement internal sharia certification program for
carries out sampling or pick tests from several network marketing and operational staffs for those who have
offices across Java and Sumatra, 7 VNVs and 9 ONVs. not participated and also for those who have just
The purpose of virtual and onsite visits is to supervise and joined. Sharia internal training program for 2023
monitor Sharia principles carried out by network offices has held 25 activities attended by 340 employees both
in collecting customer data (KYC process) and BAF Dana located in HQ/head office and network offices.
Syariah contract transactions.
Socialization in form of financial education literacy to
Series of Virtual Network Visit (VNV) programs also external parties was carried out in 2023. The Company
became a platform to disseminate UUS functions, has implemented a Sharia introduction program to sales
establish fellowship from head office to network partners, Yamaha Indonesia Motor Manufacturing and
offices, and also evaluate the BAF Dana Syariah other communities. PGRI teacher community in Bogor.
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HIGHLIGHTS
PERFORMANCE
CORPORATE
SECRETARY
REPORT
MANAGEMENT
As an issuer, the Company is required to appoint a Regulation No. 35/POJK.04/2015 regarding Corporate
Corporate Secretary as a liaison between the Company Secretary in Issuer or Public Company. The Corporate
and the Shareholders as well as other Stakeholders. Secretary shall comply requirements at least being
Corporate Secretary is an in charge individual or person capable in commencing legal action, having knowledge,
from working unit that performs corporate secretary and understanding in legal, finance and corporate
function, as stipulated in Financial Service Regulation governance, understanding the Company’s business
(OJK) No. 35/POJK.04/2014 regarding Corporate activity and having good communication skill and lives
PROFILE
CORPORATE
Secretary in Issuers or Public Company. in Indonesia. Puji Arianti is the Corporate Planning &
Secretary Division Head who also concurrently serves as
Corporate Secretary holds responsibility to provide the Corporate Secretary.
information about the Company to regulator,
authorities, investors/ shareholders, as well as explain
related regulations to the Board of Directors/Board Organization Structure of Corporate
of Commissioners. Corporate Secretary also provides Secretary
regulations and recommendations to the Board of
Directors to comply with the capital market regulations. In the Company’s organization structure, Corporate
Secretary is directly responsible to the Vice President
Director, as illustrated in the structure below:
DISCUSSION & ANALYSIS
MANAGEMENT
Legal Framework of Corporate Secretary
Establishment
In the Company, Corporate Secretary Function is
established to comply with Financial Services Authority
PRESIDENT DIRECTOR
VICE PRESIDENT DIRECTOR
CORPORATE PLANNING & SECRETARY
GOVERNANCE
CORPORATE
DIVISION HEAD/CORPORATE SECRETARY
CORPORATE PLANNING CORPORATE SECRETARY NETWORK STRATEGIC &
DEPARTMENT HEAD DEPARTMENT HEAD DEVELOPMENT DEPARTMENT HEAD
REPORT
SUSTAINABILITY
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CORPORATE
GOVERNANCE
PUJI ARIANTI
CORPORATE SECRETARY
Indonesian citizen, 37 years. Lives in Jakarta. Earned as Division Head of Corporate Planning & Secretary in the
Bachelor’s degree from Institut Teknologi Sepuluh Company as well as concurrently as Corporate Secretary.
Nopember (ITS) majoring Chemical Engineering, in 2010. Prior to joining the Company, she worked as Credit Risk
She joined the Company in 2015 as Department Head Support Department Head of PT Adira Quantum Multi
in the Operation Planning & Development Division. Next, Finance (2014-2015) and Operation Excellence Deputy
she was appointed as Operation Strategic & Development Department Head of PT Adira Quantum Multi Finance
Deputy Division Head (3 July 2017 - 31 December 2020). (2010-2013).
Effective as per January 1, 2021, she was later appointed
Address : Phone :
BAF Plaza +62-21 2939 6000
Jalan Raya Tanjung Barat No. 121
Tanjung Barat – Jagakarsa, E-mail :
Jakarta Selatan 12530 baf.sekretariat@baf.id
In terms of GMS and Board of Commissioners relation,
Duty and Responsibility of Corporate the Corporate Secretary acts as liaison officer between
Secretary the Board of Directors with the structure.
Corporate Secretary has duty and responsibility, among
others: Corporate Secretary Training
• To perform activities related with corporate document
administration and archiving, including but not To develop competencies, the Corporate Secretary
limited to Special List, Shareholders List as well as function has attended various seminars, socialization
Minutes of BOD Meeting and GMS; and workshops held by OJK, Self-Regulatory Organization
• To perform activities related to public relation and (SRO) and by associations. The seminars, workshops and
investor relation functions; socialization programs that have been attended by the
• To cooperate with function which handles corporate Corporate Secretary function in 2023, are including:
legal service;
• To develop and control corporate governance;
• To prepare annual report and management report;
and
TRAINING NAME PROVIDER DATE & PLACE
Understanding POJK Number 14/POJK.04/2022 concerning Financial Service January 12,
Submission of Periodic Financial Report of Issuer or Public Authority 2023
Company
Socialization of OJK Online Reporting Application Financial Service February 14,
Implementation Authority dan PT Bursa 2023
Efek Indonesia
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HIGHLIGHTS
PERFORMANCE
TRAINING NAME PROVIDER DATE & PLACE
Socialization of PMK Number 31 of 2023 concerning VAT Financial Service May 11, 2023
Authority and PT Bursa
Efek Indonesia
Seminar Understanding the Landscape and Significance of GSS PT Bursa Efek Indonesia May 24, 2023
REPORT
MANAGEMENT
Bonds
Seminar International Accounting Standard Board (IASB) Indonesia Accounting May 29, 2023
Update: The latest Development in IFSR Association and PT Bursa
Efek Indonesia
Socialization of POJK Number 3 of 2023 concerning Financial Service May 31, 2023
Improvement of Financial Literacy and Inclusion in Financial Authority
Service Sector for Customers and Society
Capacity Building Workshop: Addressing Gender-Based Violence PT Bursa Efek Indonesia June 8, 2023
and Harassment: The Role of Corporate Boards
PROFILE
CORPORATE
Seminar Cybersecurity Baseline Mitsui & Co., Ltd. July 18, 2023
Seminar Digital Transformation Corporate Innovation Asia July 28, 2023
(CIAS)
Seminar Data Protection Resilience Strategy in Company Indonesia Corporate 2 – 3 August
Secretary Association 2023
Seminar Attention to Emerging Bribery Mode Financial Service August 3, 2023
Authority
Socialization of IAI-PPPK IFSR Sustainability Disclosure Indonesia Accounting August 30,
DISCUSSION & ANALYSIS
MANAGEMENT
Standards Association 2023
Lean Six Sigma SSCX International 13 and 15
September
2023
Seminar The Corporate Governance Officer’s Role in Driving Indonesia Corporate October 12,
Digital Resilience Secretary Association 2023
Socialization of Carbon Trading via Indonesia Carbon Exchange Indonesia Carbon October 13,
Exchange 2023
Leadership Bootcamp Eltov 17 – 18
November 2023
Seminar Indonesia Sector Briefing 2023 – 2024 Oulook on Banks Fitch Ratings November 21,
and Consumer-Related Sectors 2023
GOVERNANCE
CORPORATE
Seminar Enhancing ESG Through Best Practices in Accouting Financial Service December 7,
Authority 2023
Seminar The Management Role in ERP Implementation Mitsui & Co., Ltd. December 13,
2023
Seminar Economic Outlook 2024: Strengthening Indonesia’s Indonesia Corporate December 14,
Economy Secretary Association 2023
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 289
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CORPORATE
GOVERNANCE
concerning Applications for Licensing, Approval
Corporate Secretary Work and Electronic Reporting for Finance Companies
Implementation Report in 2023 and Sharia Financing Companies which
effectively applied as per November 9, 2023;
In 2023, in addition to role as a liaison between the 2. Organize and document GMS, both Annual and
Company and shareholders, regulators and other Extraordinary GMS in form of a Circular Resolution of
stakeholders, Corporate Secretary has also carried out Shareholders in lieu of Extraordinary GMS (“Circular
duties and responsibilities according to its function, Resolution”). In 2023, the Company held Annual
among others: GMS on May 8, 2023 for fiscal year 2022apl, and
1. Following capital market developments, especially there were 5 (five) Circular Resolutions, such as
prevailing laws and regulations in capital market regarding amendment to the Articles of Association,
regarding the Company’s position as a bond issuer, Remuneration for the Board of Directors, Board
including ensuring compliance with new regulations of Commissioners and Sharia Supervisory Board
issued by OJK, IDX and other regulators related to the members, resignation of one of the Board members
capital market and conveying this information and Commissioner, appointment of Public Accounting
providing feedback to the Board of Directors and/or Firm and Public Accountant to audit the Company’s
Board of Commissioners. financial statements for 2023 and the Transfer of
Company Shares as well as appointment of a Board
Some regulations issued by OJK and IDX in 2023 are of Commissioners member.
including: 3. Organized 6 (six) Board of Commissioners meetings,
a. Financial Services Authority of Republic 38 (thirty eight) Board of Directors meetings, and
of Indonesia Circular Letter Number 30 / 4 (four) Board of Commissioners and Board of
SEOJK.05/2022 concerning Amendments Directors joint meetings, as well as administered the
to the Financial Services Authority of minutes of the meetings. The Corporate Secretary
Republic of Indonesia Circular Letter Number has also ensured that the meeting fulfils provisions
19/SEOJK.05/2020 About Insurance of the prevailing regulations. Corporate Secretary
Products Marketing Channels applied on also ensures that the Implementation of Meeting
December 27, 2022 of Committee under the Board of Commissioners
b. Republic of Indonesia Financial Services Authority complies with provisions of each committee, such
Circular Letter Number 32 /SEOJK.05/2022 as Audit Committee, Nomination and Remuneration
concerning Amendments to Financial Committee, and Risk Monitoring Committee. Audit
Services Authority Circular Letter Number 15/ Committee held 6 (six) meetings, Nomination and
Seojk.05/2019 concerning Reassessment for Remuneration Committee held 3 (three) meetings,
Main Parties of Non-Bank Financial Services and Risk Monitoring Committee held 4 (four) times.
Institutions which effectively applied as per 4. Submit periodic and incidental reports to the
December 27, 2023; regulator according to prevailing provisions related
c. Republic of Indonesia Financial Services to the capital market. In 2023, periodic reports that
Authority Regulation No. 3 of 2023 concerning have been submitted are including:
Financial Literacy and Inclusion Improvement in a. Business Plan Report 2024 was submitted on
Financial Services Sector for Consumers and the November 30, 2023, including Semester Business
Society which effectively applied as per February Plan Realization Report for the second half of
24, 2023; 2022, which was submitted on February 3, 2023
d. Republic of Indonesia Financial Services Authority and the first half of 2023, which was submitted
Regulation Number 8 of 2023 concerning on June 30, 2023, according to provisions of POJK
Implementation of Anti-Money Laundering No. 23/SEOJK.05/2019 concerning Business Plans
Programs, Counter Terrorism Financing, and for Finance Companies and Sharia Financing
Prevention of Funding for the Proliferation of Companies;
Weapons of Mass Destruction in Financial b. Sustainable Financial Action Plan Report for 2024,
Services Sector which effectively applied as per in compliance with POJK No. 51/POJK.03/2017
June 14, 2023; concerning Implementation of Sustainable
e. Republic of Indonesia Financial Services Authority Finance for Financial Services Institutions, Issuers
Regulation Number 9 of 2023 concerning the and Public Companies which was submitted on
Use of Public Accounting Services and Public November 30, 2023;
Accounting Firms in Financial Services Activities c. Annual Report and Sustainability Report in
which effectively applied as per July 11, 2023; compliance with POJK No. 29 /POJK.04/2016
f. Republic of Indonesia Financial Services Authority concerning Annual Reports of Issuers or Public
Circular Letter Number 18/SEOJK.03/2023 Companies, and POJK No. 51/POJK. 03/2017 of
concerning Procedures for Using the Services of 2017 concerning Implementation of Sustainable
Public Accountants and Public Accounting Firms Finance for Financial Services Institutions, Issuers
in Financial Services Activities which effectively and Public Companies, which was submitted on
applied as per November 6, 2023; April 20, 2023.
g. Republic of Indonesia Financial Services d. Corporate Governance Report 2022, in
Authority Regulation Number 20/SEOJK.06/2023 compliance with POJK No. 29/POJK.05/2020
290
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
concerning Amendments to Financial Services awarded to issuers or debt securities with the lowest
Authority Regulation no. 30/POJK.05/2014 expected risk of default relative to other issuers or
concerning Good Corporate Governance for debt securities in Indonesia. In the fourth quarter
Financing Companies which was submitted on of 2023, Pefindo has also affirmed the Company’s
April 30, iy2023; And idAAA rating.
e. Public Offering Proceeds Realization Report for 11. Updating corporate information data on the
June 2023 period, which was submitted on July Company’s website and correspondence with the
REPORT
MANAGEMENT
17, 2023 and December 2023 which will be media.
submitted in January 13, 2024, in compliance
with POJK No. 30/POJK.04/2015 concerning Prepare documentation and assist in implementing Fit and
Public Offering Proceeds Realization Report. Proper Test process for 2 (two) Board of Commissioners
5. Disclose information according to prevailing member and 2 (two) foreign workers candidates. As end of
regulations, either through the Company’s website or 2023, one of the member candidates have been declared
IDX website. to have fulfilled the requirements as Board of Directors
6. Administer, distribute and follow up incoming letters and Board of Commissioners member, respectively.
from OJK Capital Markets, OJK Non-Bank Financial
Industries (IKNB), IDX, and other institutions
addressed to the Board of Directors and/or Board of Periodic Reports
Commissioners.
PROFILE
CORPORATE
7. Represent the Company in seminars and socialization Financial Statements
program held by OJK, IDX and other institutions. As The Company has published mid-year and end-of-
for seminars, the socialization that were attended year financial statements via the Company’s website.
during 2023 are listed in Corporate Secretary Function Audited Financial Statements as of December 31, 2022
competency development table. was published on March 20, 2023 and the Financial
8. Maintain and establish communication with media Statements as of June 30, 2023 was published on
and investors, both regarding requests for responses July 28, 2023. The Company has also published the
or providing updates on the Company’s performance. Company’s Financial Statements on Indonesia Stock
9. Cooperate with the Corporate Finance Division in Exchange website. The Company’s Financial Statements
continuing the Shelf-Registration Offering II, which is are prepared, among other, refers to Regulation VIII.G.7
Shelf-Registration Bonds II phase II and IV in 2023 by concerning Presentation and Disclosure of Financial
DISCUSSION & ANALYSIS
MANAGEMENT
ensuring that the provisions related to the issuance of Statements of Issuers or Public Companies, Regulation
these bonds are complied with prevailing regulations, Number X.K.2 concerning Submission of Periodic
and other activities related to the corporate secretary Financial Statements of Issuers or Public Companies, and
function. POJK No. 75/POJK.04/2017 concerning Responsibility of
10. Monitor the Company’s annual and quarterly ratings. Board of Directors for Financial Statements and other
In 2023, Fitch Ratings Indonesia has affirmed related regulations and/or provisions.
the Company’s National Long-Term Rating at
‘AAA(idn)’, with stable outlook. The ‘AAA’ national The publication of financial statements in 2023 is
rating indicates the highest rating given by Fitch on presented in the table below:
the national rating scale for Indonesia. This rating is
PUBLICATION DATE & PLACE MEDIA
Audited Financial Statements as of December 31, March 20, 2023 The Company’s Website
2022 Website PT Bursa Efek
GOVERNANCE
CORPORATE
Indonesia
Financial Statements os of June 30, 2023 July 28, 2023 The Company’s Website
Website PT Bursa Efek
Indonesia
To comply with Securities Listing Regulation No. I.A.3 reports to the Indonesia Stock Exchange (IDX) to comply
regarding the Reporting Obligations of the Company’s with POJK No. 35/POJK.05/2018 regarding the Business
Issuers as amended in the Decree of the Board of Implementation of Financing Companies, the Company
Directors of the Indonesia Stock Exchange No. Kep- has also submitted an audited annual financial report
00015/BEI/01-2021 concerning Amendment to earlier than the deadline for submitting financial
REPORT
SUSTAINABILITY
Regulation Number I-E Regarding Obligation to Submit statements, accompanied by evidence of advertisements
Information, the Company has also submitted financial or announcements of annual financial statements.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 291
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CORPORATE
GOVERNANCE
AUDITED FINANCIAL REPORT FINANCIAL REPORT
REGULATOR SUBMISSION DATE AS OF SUBMISSION DATE AS OF
PUBLICATION 31 DECEMBER 2023 JUNE 30, 2023
OJK Pasar Modal March 30, 2023 July 28, 2023
OJK IKNB March 30, 2023 July 28, 2023
Indonesia Stock Exchange (IDX) March 30, 2023 July 28, 2023
Annual Report Other Periodic Reports
Annual Report of the Company is prepared according Corporate Secretary also ensures that obligation to
to POJK No. 29/POJK.04/2016 concerning Annual submit other periodic reports such as foreign exchange
Report of Issuers or Public Companies and SEOJK No. data, is submitted on time. According to the Financial
30/SEOJK.06/2016 regarding Formats and Contents of Service Authority (OJK) Letter No. S-30/PM.2/2013 dated
Annual Report of Issuers and Public Companies. Annual February 7, 2013 regarding Request of Debt/Liabilities in
Report for fiscal year 2022 has been submitted to Foreign Exchange data, the reports have been submitted
OJK according to prevailing law on the date of annual to OJK the latest on 10 days every month. The following
GMS invitation, which is on April 20, 2023 through the table presents Report of Debt/Liability Data in Foreign
Company’s letter No. BAF/116/CP/IV/2023 concerning Currency which is submitted periodically throughout
Annual Report & Sustainability Report Submission. Year 2023:
2022 PT Bussan Auto FInance
REPORTING MONTH PERIOD PUBLICATION DATE REMARKS
January February 7, 2023 On Time
February March 2, 2023 On Time
March April 6, 2023 On Time
April May 4, 2023 On Time
May June 6, 2023 On Time
June July 4, 2023 On Time
July August 3, 2023 On Time
August September 7, 2023 On Time
September October 6, 2023 On Time
October November 9, 2023 On Time
November December 4, 2023 On Time
December January 4, 2024 On Time
In addition to periodic reports according to the stock
market regulation, as a financing company, the Company Information Disclosure Via IDXnet and/
also always submits mandatory reports such as financing or SPE OJK
company monthly report as required in POJK No. 29/
POJK.05/2014 regarding Financing Company Business In addition to the reports mentioned above, information
Implementation and other periodic reports. disclosure in 2023 that have been submitted via IDXnet
and/or SPE OJK are as follows:
292
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
PUBLICATION DATE LETTER REGISTRY REMARKS
January 12, 2023 BAF/006/CP/I/2023 PT Bussan Auto Finance Shelf-Registration Bonds II
Phase I & II Proceeds Realization Report as of December
2022 perod
February 23, 2023 BAF/035/CP/II/2023 Information Disclosure or Material Facts Report related to
REPORT
MANAGEMENT
Resignation of PT Bussan Auto Finance Audit Committee
Member
February 23, 2023 BAF/037/CP/II/2023 Information Disclosure or Material Facts Report related
to Shareholders Approval on PT Bussan Auto Finance
Articles of Association Amendment
March 15, 2023 BAF/065/CP/III/2023 Resignation of PT Bussan Auto Fiannce Board of
Commissioner Member
March 15, 2023 BAF/067/CP/III/2023 Submission of PT Bussan Auto Finance Articles of
Association Amendment Summary
March 20, 2023 BAF/007/ACC/III/2023 Submission of Announcement Proof for PT Bussan
PROFILE
CORPORATE
Auto Finance Financial Statements for year ended on
December 31, 2022 (audited)
March 20, 2023 BAF/004/ACC/III/2023 PT Bussan Auto Finance Financial Statements for year
ended on December 31, 2022 (audited)
March 20, 2023 BAF/006/ACC/III/2023 Submission of PT Bussan Auto Finance Financial
Statements ended on December 31, 2023 (audited)
April 03, 2023 BAF/089/CP/IV/2023 Material Information or Facts Report on PT Bussan Auto
Finance Shelf-Registraiton Bonds II Phase III Year 2023.
DISCUSSION & ANALYSIS
MANAGEMENT
April 03, 2023 BAF/087/CP/IV/2023 Changes in Audit Committee
April 20, 2023 BAF/115/CP/IV/2023 Annual and Sustainability Report Submission
May 05, 2023 BAF/129/CP/V/2023 Information Disclosure or Material Facts Report on PT
Bussan Auto Finance Shelf-Registration Bonds II Phase I
Year 2022 Series A Principal and Last Interest Repayment.
May 09, 2023 BAF/134/CP/V/2023 Information Disclosure or Material Facts Report related
to Shareholders Approval on Changes in PT Bussan Auto
Finance Board of Directors, Board of Commissioners and
Sharia Supervisory Board.
May 09, 2023 BAF/135/CP/V/2023 Change in PT Bussan Auto Finance Audit Committee
Members
May 09, 2023 BAF/136/CP/V/2023 Change in PT Bussan Auto Finance Nomination and
GOVERNANCE
CORPORATE
Remuneration Committee Members
July 03, 2023 BAF/164/CP/VII/2023 Information Disclosure on The Company’s Shares
Disposal Plan by Shareholders
July 11, 2023 BAF/179/CP/VII/2023 PT Bussan Auto Finance Shelf-Registration I Phase I
Year 2020 Bonds Principal and Last Interest Repayment,
Shelf-Registration II Phase II Year 2020 Series A Principal
Payment and Last Profit Sharing for Shelf-Registration
Mudharabah Sukuk I Phase I Year 2020, Shelf-Registraiton
Mudharabah Sukuk I Phase II Year 2020 Series B.
July 17, 2023 BAF/183/CP/VII/2023 PT Bussan Auto Finance Proceeds Realization Report
(LRPD) for Shelf-Registration Bonds II Phase III as of
June 2023 Period, and re-submission of the LRPD for
REPORT
SUSTAINABILITY
Shelf-Registration Bonds II Phase II as of December
2022 period.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 293
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CORPORATE
GOVERNANCE
PUBLICATION DATE LETTER REGISTRY REMARKS
July 17, 2023 BAF/184/CP/VII/2023 Information Disclosure on PT Bussan Auto Finance Shelf-
Registration II Phase I Year 2022 Series A Bonds Principal
Repayment and Last Interest Payment
July 21, 2023 BAF/188/CP/VII/2023 Resignation of PT Bussan Auto Finance Board of
Commissioner Member
August 01, 2023 BAF/194/CP/VII/2023 Rating Report on PT Bussan Auto Finance
August 04, 2023 BAF/197/CP/VIII/2023 Public Disclosure or Material Facts Report related to PT
Bussan Auto Finance Bonds Shelf-Registration I Phase I
Year 2020 and Shelf-Registration Sukuk Mudharabah I
Phase I Year 2022
August 21, 2023 BAF/206/CP/VIII/2023 Public Disclosure or Material Facts Report related to PT
Bussan Auto Finance Shareholders Approval on Change
in Board of Commissioners Members.
August 24, 2023 BAF/210/CP/VIII/2023 Public Disclosure or Material Facts Report related to PT
Bussan Auto Finance Shelf-registration Bonds II Phase IV
Year 2023
September 26, 2023 BAF/253/CP/IX/2023 Public Disclosure or Material Facts Report related
to Shareholders Approval on Changes in PT Bussan
Auto Finance Shareholders Composition, Board of
Commissioners Composition and Articles of Association
Amendment.
September 27, 2023 BAF/258/CP/IX/2023 Submission of PT Bussan Auto Finance Articles of
Association Amendment Summary
September 29, 2023 BAF/261/CP/IX/2023 Public Disclosure or Material Facts Report related to PT
Bussan Auto Finance Shares Transfer
October 06, 2023 BAF/262/CP/IX/2023 PT Bussan Auto Finance Public Accountant (AP) and
Public Accountant Firm (KAP) Appointment Report
October 20, 2023 BAF/273/CP/X/2023 Annual Rating Report on PT Bussan Auto Finance
October 23, 2023 BAF/288/CP/IX/2023 Information Disclosure on PT Bussan Auto Finance Shelf-
Registration I Phase II Year 2020 Series B Mudharabah
Sukuk Principal Repayment and Last Interest Payment
November 14, 2023 BAF/339/CP/XI/2023 Annual Rating Report on PT Bussan Auto Finance
December 12, 2023 BAF/368/CP/XII/2023 Information Disclosure on PT Bussan Auto Finance
Shelf-Registration II Phase II Year 2020 Series A Bonds
Principal Repayment and Last Interest Payment
interests of the investors, customers or public generally.
Official Website The Company attempts to ensure that the Company’s
website has complied with provisions as issuers as
The Company has a website that presents various disclosed in POJK No. 8/POJK.04/2015 regarding Website
information about the Company such as company profile, of Issuers or Public Companies.
products and services and other information related to
294
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
INTERNAL
AUDIT UNIT
REPORT
MANAGEMENT
Internal Audit Function in the Company is implemented 7. Internal Auditor Requirements
by Internal Audit Unit (SKAI) as third line of defense in 8. Accountability of Internal Audit Division
ensuring the Company’s management and operations 9. Prohibitions to Internal Auditor
have been carried out according to the provisions 10. Closing
and regulations as well as supporting the Company’s
interest and goals.
Internal Audit Structure and Position
PROFILE
CORPORATE
In the Company’s organization structure, Internal
Audit work unit is directly under the President Director. 1. Internal Audit Division is under President Director;
According to Internal Audit Charter, the Internal Audit 2. Internal Audit Division is led by Head of Internal
Unit has the authority and responsibility to supervise, Audit Division;
test and evaluate implementation of internal control 3. Head of Internal Audit Division is appointed and
and risk management systems in the Company. dismissed by President Director with approval from
Board of Commissioners;
4. Head of Internal Audit Division reports every
Legal Framework of Establishment activity and solely responsible upon the report to
the President Director;
In the Company. Internal Audit is established under OJK
DISCUSSION & ANALYSIS
MANAGEMENT
Regulation No. 56/POJK.04/2015 concerning Internal
Audit Unit Establishment and Charter Preparation. Duty and Responsibility and Authority
The Head of Internal Audit is currently served by
Erdyan Lazuardy as disclosed in SK-003/BOC-BOD/BAF. Duty and responsibility of Internal Audit are as follows:
VII/2019 dated July 15, 2019 concerning Succession 1. Prepare and implement annual internal audit plan;
of Head of Internal Audit appointing the new Head of 2. Examine and evaluate implementation of internal
Internal Audit effective as per August 1, 2019 and has control and risk management system according to
been reported to OJK and IDX. There was no change in corporate policy;
Head of Internal Audit in 2023. 3. Examine and audit efficiency and effectiveness in
Finance, Accounting, Operations, Human Resources,
Marketing, Information Technology and other
Internal Audit Charter activities;
4. Provide improvement suggestion and objective
In carrying out the duty, Internal Audit Unit has information about the audited activity at all
been equipped with Internal Audit Charter. The management level;
Charter manifests compliance to OJK Regulation No. 5. Prepare audit report and submit the report to the
GOVERNANCE
CORPORATE
56/POJK.04/2015 concerning Internal Audit Unit President Director and Board of Commissioners;
Establishment and Internal Audit Charter Revision the 6. Oversee, analyze and report implementation of
latest under Board of Directors Decree 0016/AM-AUD/ improvement follow-up as suggested;
XI/2022 dated November 18, 2022 with additional 7. Cooperate with Audit Committee;
provisions. There was no change in the Internal Audit 8. Prepare the program to evaluate quality of the
Charter in 2023. implemented internal audit activity;
9. Perform special assignment under the internal
Overall, principal contents of the Internal Audit Charter control scope assigned by the President Director.
are including: 10. Perform compliance audit activity as regulated in
1. Background the Financial Service Authority Regulation.
2. Vision and Mission
3. Organization Structure and Position of Internal Authority of the Internal Audit is as follows:
Audit Division 1. Access all documents, records and information upon
4. Duty and responsibility of Internal Audit Division the audit object to acquired data related to the
REPORT
SUSTAINABILITY
5. Authority of Internal Audit Division assignments;
6. Code of Ethics of Internal Auditor
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 295
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CORPORATE
GOVERNANCE
2. Provide recommendation to the President Director
to prepare, revise and implement the internal Professional Qualification or
monitoring policy namely stipulating the audit Certification
procedure and scope of work;
3. Perform verification and reliability test on the Head of the Internal Audit Unit holds several
acquired information related to the assessment on certifications, among others: Comprehensive Course
the audited system effectiveness; of Financial Company Business Certificate-APPI, Risk
4. Perform direct communication with the Board of Management Certification (Executive Level), Financing
Directors, Board of Commissioners, and/or Audit Expert Certification-APPI, Financing Managerial
Committee and members of Board of Directors, Certification-APPI, Training on Implementation of
Board of Commissioners and/or Audit Committee; Financing Company Risk Management-APPI, Anti-
5. Hold regular and incidental meetings with the Board Fraud Awareness-APPI, Investigative Interview & Lie
of Directors, Board of Commissioners and or Audit Detection Specialist, Personal Data Protection-LPPI,
Committee; Fraud Risk Management-ACFE, Introduction to Digital
6. Coordinate the activities with External Auditor’s Forensics-ACFE and Prevention of Fraud & Crime in the
activities; Financing Services Business Sector-OJK
7. Coordinate with other divisions in performing audit
activity in the Company. Internal Audit Unit has provided opportunities for all
selected Auditors to attend training is as follows:
CONFERENCE/TRAINING/
DATE & PLACE PROVIDER PARTICIPANTS
SOCIALIZATION
Enhance Auditor Career Jakarta, 02 June 2023 Smart Personality 27
Enterprise Resource Planning (ERP) Jakarta, 15 July 2023 ACFE 1
as Fraud Prevention System
Remote Audit Skills Jakarta, 31 August 2023 Indonesia Professional 27
Development Center
(IPDC) Training Institute
Teknik Audit MRTI Jakarta, 03 October 2023 Veda Praxis 10
Every personnel of the Internal Audit Unit or collectively
shall have capability and knowledge, including as Ethical Code of Internal Audit
follows:
1. Capability in implementing internal audit standards In carrying out its duties, the Company’s Internal
and ethics, procedure and technique that are Auditors have a binding code of conduct in the conduct
required in performing audit; of the Company, including:
2. Understanding on the management principles 1. Integrity
required to recognize and evaluate materiality of In carrying out the duties, internal auditors highly
business and work ethics violation; uphold honesty, diligence, and full responsibility.
3. Understanding on economics, finance and
information system; 2. Objectivity
4. Understanding on operational policy and business Internal auditors demonstrate the highest level of
process of the Company. professional objectivity in collecting, evaluating,
and communicating information about the activity
The internal auditor is required to obtain basic audit or process being examined. Internal auditors make a
certification to develop the competency in ongoing balanced assessment of all relevant aspects and are
basis as agreed with Learning & Development Division, not affected by personal interests or other parties in
altogether with additional certificates for participating giving their consideration.
in external trainings.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
3. Confidentiality
Internal auditors respect value and ownership of Internal Audit Structure, Position and
the information they receive and do not disclose Accountability
information without permission unless there are
mandatory under the provisions or professional Structurally, the Internal Audit Unit is directly responsible
obligations. to President Director. In its implementation, the Internal
Auditor is prohibited to serve in concurrent position
REPORT
MANAGEMENT
4. Competency and duties related to implementation of operational
Internal auditors have dedicated their required activity both in the Company and subsidiaries. As of
knowledge, skills and experience that are required in December 31, 2023, composition of Internal Audit Unit
carrying out the internal audit activity. membership in the Company consists of 1 (one) Division
Head, 3 (three) Department Heads and 21 (twenty-one)
staffs/supervisor/deputy department head internal
audit.
Internal Audit Unit organization structure in the
Company as of September 1, 2023 is as follows:
PROFILE
CORPORATE
PRESIDENT DIRECTOR
DIVISION HEAD INTERNAL AUDIT
DEPARTMENT HEAD
DEPARTMENT HEAD DEPARTMENT HEAD UNIT HEAD
STRATEGIC AND
OPERATIONAL AUDIT QUALITY ASSURANCE ANTI FRAUD
DEVELOPMENT AUDIT
DISCUSSION & ANALYSIS
MANAGEMENT
DEPUTY/SPV/STAFF DEPUTY/SPV/STAFF DEPUTY/SPV/STAFF DEPUTY/SPV/STAFF
GOVERNANCE
CORPORATE
ERDYAN LAZUARDY
HEAD OF INTERNAL AUDIT PROFILE
Erdyan Lazuardy, Indonesian Citizen, 49 years. Earned Columbindo Perdana (2000-2002), Operation Support
Bachelor’s Degree of Accounting from Universitas Mercu Head PT Adira Quantum Multifinance (2002-2012),
Buana in 1998 and Master’s Degree of Business Law from Head of Internal Audit PT Adira Quantum Multifinance
Universitas Pancasila Jakarta in 2011. (2012-2014), Head of Operation PT Adira Quantum
Multifinance (2014-2015), Director PT Adira Quantum
He joined with the Company in 2019 as Division Head of Multifinance (2016-2017), Head of New Business
Internal Audit Unit until now. He was previously worked Development PT Adira Dinamika Multi Finance Tbk
as Branch Administration Head PT Columbindo Perdana (2015-2016) with the latest position as Head of Credit
(1999), Deputy Branch Manager PT Columbindo Perdana Development PT Adira Dinamika Multi Finance Tbk
REPORT
SUSTAINABILITY
(1999-2000), Assistant Manager IT Department PT (2017-2019).
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 297
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CORPORATE
GOVERNANCE
Education and/or Training for Internal Audit Unit
To develop competency and understanding in supporting the duty and responsibility, the Internal Audit Unit has
participated in trainings. The trainings participated by Internal Audit Unit in the Company in 2023 is as follows:
CONFERENCE/TRAINING/SOCIALIZATION PROVIDER DATE & PLACE
Enhance Auditor Career Smart Personality Jakarta, 02 June 2023
ERP as Fraud Prevention System Association of Certified Fraud Jakarta, 15 July 2023
Examiners (ACFE)
Remote Audit Skills Indonesia Profesional Development Jakarta, 31 August 2023
Center (IPDC) Training Institute
Teknik Audit MRTI Veda Praxis Jakarta, 03 October 2023
activities according to annual work plan prepared
Internal Audit Unit Activity by carrying out a combination of onsite and offsite
Implementation audits. The internal audit process that took place
throughout the year has been running effectively.
Overall, implementation of Internal Audit Work Unit
activity in 2023, includes: In 2023, the Company’s Anti-Fraud Unit has added
a. Implementation of audits on network offices, 2 (two) reporting channels, including Whistleblowing
head office business units, compliance audits on System on the Company’s website and a special
the implementation of the Financial Information female investigator hotline which functions as added
Service System (SLIK), Anti-Money Laundering and value in implementing the Anti-Fraud detection
Prevention of Terrorism Financing and Prevention strategy.
of Funding for the Proliferation of Weapons of
Mass Destruction (APU PPT PPPSPM), and sharia, as Internal Audit Unit plays an active role in carrying
well as special audits on aspects of governance in out every routine meeting with the Audit Committee
Internal Audit in accordance with the annual audit to discuss the Internal Audit work program, and
plan; matters related to important findings that require
b. Carry out the supervisory function on the agreed management attention in accordance with the Audit
commitments on an ongoing basis; Committee’s supervisory function. There were 7 Audit
c. Organize Employee Compliance Awareness survey in Committee meetings held in 2023.
2023;
d. Strengthening the anti-fraud function with the Internal Audit Work Unit always shares information
aim of minimizing the occurrence of fraud and the regarding internal control in the Company. During
quality assurance function to ensure the quality of 2023, 13 sharing activities have been carried out and
network office operational processes is maintained. delivered directly by the Head of the Internal Audit
e. Implementation of the Audit Management System Work Unit to 51 head office employees, and sharing
(AMS) version 2023 application to support the on the topic of Internal Control has been delivered in
implementation of audits in network offices monthly audit meeting activities with network office
leaders which are held online 12 times.
In 2023, Internal Audit Unit also independently and
objectively performed audit activities at network Internal Audit Work Unit periodically carries out
offices and head office business entities, which internal and independent reviews of the quality
included operational audits of work processes at assurance of the internal audit unit to ensure that
network offices, special audits of important functions the audit process carried out by the Company is in
at head office, investigative audits, surveillance, accordance with applicable standards. To increase
ensuring Standard Operating Procedures (SOP) have work efficiency and effectiveness and optimize the use
been implemented as well as monitoring, testing of resources in the audit implementation process, the
and evaluating the effectiveness of the company’s Company implements an IT-based audit information
internal control system and risk management system. system, namely the Audit Command Language
In 2023, the Internal Audit Work Unit will carry out (ACL) system which is built based on standard audit
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HIGHLIGHTS
PERFORMANCE
methodology and is used to support the management internal control function in the Company’s network
of the audit work process. This system is used to assist offices starting from risk identification, measurement,
the Company in detecting potential fraud that occurs control and monitoring as the first line of defense; and
in network offices or at the Company’s head office. coordinate with the second line of defense and third
line of defense within the scope of internal control.
Internal Audit Work Unit also continues to sharpen ICA has carried out its responsibilities well, such as
plans for improving audit findings and strengthening disseminating monthly Anti-Fraud Bulletins and
REPORT
MANAGEMENT
the process of monitoring the implementation of periodic Anti-Fraud Awareness videos to all employees
these improvement plans, improving audit working under its responsibility, reporting indications of fraud
papers and carrying out independent internal control that arise through the PRFC to the Anti-Fraud unit at
assessments by network office leaders to increase the head office, as well as helping to build awareness
awareness of internal control in each network office. in network offices regarding prudent control, integrity
and anti-fraud.
Role of 464 Internal Control Ambassadors (ICAs) will
continue to be optimized in 2023 to strengthen the
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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CORPORATE
GOVERNANCE
EKSTERNAL AUDITOR
(PUBLIC ACCOUNTANT)
Address:
Appointment of Company Accountant The Plaza Office Tower, 32nd floor
Jl. M.H. Thamrin Kav 28-30
The Company has appointed Independent Public Jakarta 10350 Indonesia
Accountant according to provisions of OJK as stipulated
in OJK Regulation No. 36/SEOJK.03/2017 concerning Public Accounting Firm
procedures for hiring Public Accountant Services and Name:
Public Accountant Firm in Financial Services activity, and Imelda dan Rekan
SEOJK No. 36/SEOJK.03/2017 concerning Procedures
for Hiring of Public Accountant Services and Public Number Registered:
Accounting Firm in Financial Services Activity as revised STTD.KAP-022/PM.223/2019
in POJK Number 9 of 2023 cocnerning Procedures for
Public Accountant Services and Public Accountant Firm Address:
in Financial Service Activity and SEOJK Number 18/ The Plaza Office Tower, 32nd floor
SEOJK.03/2023 concerning Procedures for Hiring Public Jl. M.H. Thamrin Kav 28-30
Accountant Services and Public Accountant Firm in Jakarta 10350 Indonesia
Financial Service Activity.
According to Circular Shareholders Resolutions as Supervision on External Audit
Substitute of Extraordinary General Meetings of
Shareholders on September 22, 2023, Public Accountant Audit Committee supervises during the implementation
(AP) dan Public Accountant Firm (KAP) to audit annual of the external audit process through regular meetings
historical financial information for fiscal year ended on with the Public Accountant to discuss plans to inspect all
December 2023 has been appointed. The Appointment findings and developments during the audit conducted
was executed by considering suggestion from the by the Public Accountant, assist and ensure that there
Board of Commissioners as well as considering advise are no obstacles in conducting the audit and evaluate
from Audit Committee. The Public Accountant and the quality of the audit process, ensure that the audit is
Public Accountant Firm Appointment Report has been in accordance with applicable regulations and standards.
submitted to OJK.
According to POJK No. 9 of 2023 concerning Procedures
The Company’s Public Accountant and Public Accountant for Hiring Public Accountant Services, considerations
Firm for 2023 is as follows: in the recommendations for the Public Accountant
and Public Accountant Firm submitted by the Audit
Public Accountant Committee are as follows:
Name:
Erny Sandjaja Independency of AP, KAP and KAP Insiders Party
AP, KAP and KAP Audit Team are independent parties
Number Registered: according to provisions of the Public Accountant
AP registration number from the Minister of Finance: Professional Standards and the Public Accountant
AP.0631, according to Minister of Finance Decree Professional Code of Ethics, as well as POJK No. 9 of
Number 1246/KM.1/2021 dated October 8, 2021 2023 article 32 juncto SEOJK No. 36/SEOJK.03/2017
concerning Renewal for Public Accountant License for concerning the independence of AP and KAP towards
Erny Sandjaja, CPA the Company, as stated in AP Independent Statement
Letter No. 046/07/23/IR/ES dated July 6, 023. KAP has
No. Reg also submitted letter No. 144/08/23/IR/ES dated August
IAPI 1917 / CPA No. C- 000716 22, 2023 which states that the audit team from KAP is
assigned and involved in the assignment of the general
Number Registered: audit report The Company’s finances have complied with
STTD.AP-57/NB.122/2018 the rotation provisions in accordance with POJK No. 9 of
(IKNB) 2023 articles 7 and 8, the Public Accountant Professional
STTD-AP-165/PM.22/2018 Code of Ethics, and the provisions of Government
(Capital Market) Regulation (PP) No. 20 of 2015 article 11 concerning
Public Accounting Practices.
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PERFORMANCE
Scope of Audit statements are free from material misstatement. An
The scope of the Audit includes the Company’s audit includes performing procedures to obtain audit
Reports consisting of Statements of Financial Position, evidence on the amounts and disclosures in the financial
Statements of Profit and Loss and Other Comprehensive statements.
Income, Reports of changes in Equity, Cash Flow
Statements, and Notes to Financial Statements for the The selected procedure is subject to the auditor’s
year ended on December 31, 2023, to then provide an judgment, including an assessment of the risks of
REPORT
MANAGEMENT
opinion on the fairness of the presentation of Financial material misstatement, whether due to fraud or error. An
Statements. The Company complies with Indonesian audit also includes assessing the appropriateness of the
Financial Accounting Standards. accounting policies used and the appropriateness of the
accounting estimates made by management, as well as
Fees for Audit Services evaluating the overall financial statement presentation.
In the opinion of the Audit Committee, the audit fees In making a risk assessment, the auditor will consider
offered by KAP Imelda and Partners are included in the internal control relevant to the preparation of the entity’s
fairness value, in accordance with the scope of their work. financial statements.
Expertise and Experience of KAP and Audit Team of The methodology to be used is as follows:
KAP • Obtaining an adequate understanding of internal
AP, KAP and the Audit Team have the competence, control to plan the audit and determine the nature,
PROFILE
CORPORATE
expertise, and experience in accordance with the auditing timing and scope of audit procedures to be performed;
standards set by the Indonesian Institute of Certified • Examination, on a test basis, evidence supporting the
Public Accountants (IAPI). AP and KAP are also registered amounts and disclosures in the financial statements;
with OJK and affiliated with International KAP. • Inquiries with those charged with governance
regarding their views on the risk of fraud, as well as
• AP Erny Sandjaja whether those charged with governance are aware of
Public Accountant (AP) Erny Sandjaja is an Auditor fraud or suspected fraud affecting the company;
and Assurance Partner at KAP Imelda & Rekan which • Assessment of accounting policies used and
is registered with the Non-Bank Financial Industry significant estimated made by management:
OJK (IKNB) with Number STTD.AP-57/NB.122/2018 • Assessment on overall financial statements
dated February 9, 2018, and the Capital Market with presentation.
DISCUSSION & ANALYSIS
MANAGEMENT
Number STTD. AP-165/PM.22/2018 dated 5 February
2018. He has professional qualifications including Benefits of Fresh Eye Perspectives obtained through
Certified Public Accountant (CPA) Indonesia and Replacement of KAP and Audit Team from KAP
Chartered Accountant (CA) Indonesia with 27 The appointment of KAP Imelda & Partners in 2023
years of experience as an auditor, both in local and becomes the fifth assignment that still complies with
multinational companies, listed or non-listed. provisions of POJK No. 9 of 2023 concerning the Hiring
of Public Accounting Services and Public Accounting
• KAP Imelda & Rekan Firms in Financial Services Activities. The appointment
KAP Imelda & Rekan is one of the big four KAPs in of KAP Imelda & Partners will still provide the benefit of
Indonesia which is a member of Deloitte Touche a good fresh eye perspective for the Company, including
Tohmatsu Limited, which has been registered with the by replacing part of the audit team.
Financial Services Authority based on the OJK Public
Accounting Office Registration Certificate Number On the other hand, for AP Erny Sandjaja, the assignment
STTD.KAP-022/PM. 223/2019 dated June 28, 2019. in 2023 is the fourth year cumulatively after the cooling
off period in 2020 and 2021, so it is still hoped that
• Tim Audit he can provide a more objective view of the Company.
The assigned Audit Team consists of professionals Thus, the AP assignment in 2023 also meets the
GOVERNANCE
CORPORATE
with extensive experience in providing audit services, provisions of POJK No. 9 of 2023 article 7 paragraph 1
including in the financial services sector. In addition, concerning the Use of Public Accounting Services and
the audit team is also supported by professionals Public Accounting Firms in Financial Services Activities,
specializing in risk management, information systems which limits the use of audit services from the same AP
and taxation related to the financial industry. for 7 (seven) cumulative years.
Technique Methodology and Audit Facilities Used by Potential Risks of Consecutive Use of Audit Services by
KAP the Same KAP for a Fairly Long Period of Time
The Audit Committee considers that the audit KAP Imelda & Partners started audit assignments
methodology to be used by KAP Imelda & Partners is for the 2019 financial year, thereby in 2023 will be
in accordance with the applicable Audit Standards. The the fifth appointment, while for Public Accountants
audit will be carried out based on auditing standards 2023 will be the fourth year cumulatively auditing the
set by the Indonesian Institute of Certified Public Company. Recently, there has not been any potential
Accountants. These standards require auditors to comply risk that is identical to the risk of using audit services by
REPORT
SUSTAINABILITY
with ethical requirements and plan and perform audits in the same KAP in succession. This is based on previous
order to obtain reasonable assurance that the financial year’s experience, KAP Imelda & Partners can meet the
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 301
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CORPORATE
GOVERNANCE
expectations of Management and the Audit Committee,
especially regarding independence. Reporting
Results of the Evaluation of the Implementation of The report on the appointment of the Public Accountant
the Providing of Audit Services on Annual Historical and Public Accounting Firm has been reported through
Financial Information by AP and KAP in the Previous Company letter No. BAF/262/CP/X/2023 dated 6
Period October 2023 concerning Report on the Appointment of
Audit Committee has submitted results of its evaluation the Company’s Public Accountant and Public Accounting
of the implementation of audit services for annual Firm. This report has also been submitted to the public by
historical financial information by AP and KAP in IDXnet and SPE OJK on October 9, 2023.
the previous period through the Company’s Audit
Committee letter dated June 12, 2023. This report has The Company has also reported the evaluation of the
then been followed up by the Company and has been Company’s Public Accountant and Public Accounting
submitted to the OJK via letter No. BAF/154/CP/VI/2022 Firm for the previous period through Company letter
dated June 12, 2023 concerning the Audit Committee’s No. BAF/409/CP/XII/2022 dated December 2, 2023
Evaluation Results Report on Implementation of Audit concerning Audit Committee Evaluation Report to
Services for Annual Historical Financial Information for Implementation of Audit Service on Annual Historical
Fiscal Year 2022 by the Company’s AP and KAP. Financial Information Fiscal Year 2022 by Public
Accountant and Public Accountant Firm.
Effectiveness and Frequency of
Communications of Public Accountants Accountant and Audit Period
and Board of Directors
Public Accountant Firm who provides financial audit
The communication and cooperation between the service in recent 5 years is explained in table below:
Public Accountant and the Board of Directors are carried
out intensively and regularly during the audit conducted
by the Public Accountant.
YEAR PUBLIC ACCOUNTING FIRM PUBLIC ACCOUNTANT’S NAME
2023 Imelda dan Rekan Erny Sandjaja
2022 Imelda dan Rekan Erny Sandjaja
2021 Imelda dan Rekan Bayu M. Dayat
2020 Imelda dan Rekan Bayu M. Dayat
2019 Imelda dan Rekan Erny Sandjaja
Appointments are made by considering recommendations
Audit Fee of the Audit Committee. Shareholders also agree and
state that they have granted authority to the Board of
Based on the Circular Shareholders Resolutions in lieu Directors to sign a cooperation agreement between the
of the Extraordinary General Meeting of Shareholders Company and the AP and/or KAP, including but not limited
on September 22, 2023, the Shareholders approved the to reporting to the OJK regarding the appointment of the
appointment of AP Erny Sandjaja and KAP Imelda & AP and KAP.
Partners (member of Deloitte Touche Tohmatsu Limited)
who are registered with the Financial Services Authority In the case where the appointed AP and KAP, for any
(OJK) respectively as AP and KAP of the Company to audit reason, are unable to complete audit of the Company’s
the annual historical financial information for Fiscal Year financial statements for Fiscal Year 2023, the Shareholders
2023 altogether with amount of compensation paid. authorize the Board of Commissioners to appoint a
replacement AP and KAP and determine the conditions
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HIGHLIGHTS
PERFORMANCE
and requirements for their appointment, including on December 31, 2023. Total compensation paid to KAP
being registered with the OJK , has independence and Imelda and Rekan is related to the services for carrying
has no conflict of interest with the Company, has Audit out the audit procedures, respectively is Rp131,500,000
experience according to the Company’s business field (excluded Value Added Tax and out of pocket costs).
and is affiliated with a recognized international public
accountant. Furthermore, the Public Accounting Firm was also
requested to review of interim financial information to
REPORT
MANAGEMENT
Total compensation paid to KAP Imelda and Partners support the group auditor’s opinion on and for the three
related to audit services for the financial position report month period ending 31 March 2024, 30 June 2023
for December 31, 2023, as well as the profit and loss and 30 September 2022 (quarterly review). The total
report and other comprehensive income, change in compensation paid to KAP Imelda and Partners related
equity report and cash flow report ending on that date to services for reviewing interim financial information
was Rp987,075,000 (excluding Value Added Tax and out- was Rp559,125,000 (excluded Value Added Tax and out
of-pocket costs), while in 2023, the audit services fee for of pocket costs).
annual financial reports was Rp922,500,000 (excluding
Value Added Tax and out of pocket costs).
Public Accounting Firm is also asked to carry out agreed
procedures in relation to fulfilling PT Bussan Auto
Other Non-Financial Audit Services Finance’s obligation to submit an Activity Report on
PROFILE
CORPORATE
the Implementation of the Prudential Principle (“KPPK
In 2023, the appointed Public Accountant Firm was also Report”) in Corporate Foreign Debt Management
requested to provide audit services for the Company’s for the Fourth Quarter ending December 31, 2023 in
consolidation package audit on December 31, 2023 and accordance with with Bank Indonesia Circular Letter No.
for the year ended on that date. The total compensation 17/3/DSta dated 6 March 2015 and its amendments in
paid to KAP Imelda and Partners related to audit services Bank Indonesia Circular Letter No. 17/24/DSta dated
for the reporting package was Rp138,075,000 (excluded October 12, 2015 concerning Reporting on Activities
Value Added Tax and out of pocket costs). for Implementing the Prudential Principle in Managing
Foreign Debt of Nonbank Corporations, amounting to
In addition, the Public Accounting Firm was also requested Rp42,000,000 (excluded Value Added Tax and out-of-
to carry out limited audit procedures on internal control pocket costs).
DISCUSSION & ANALYSIS
MANAGEMENT
to support the group auditor’s opinion for the year ended
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 303
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CORPORATE
GOVERNANCE
RISK
MANAGEMENT
The Company realizes that appropriate and robust
risk management and internal control process become
essential parts of the Company’s operations and
THE COMPANY BELIEVES THAT activities. Therefore, to support better business processes
ROBUST RISK MANAGEMENT through an effective risk management approach,
in 2023, the Company continuously transforms by
BECOMES THE MAIN FOUNDATION focusing on development of various risk management
AND FUNDAMENTAL FOR THE infrastructures and strengthening the risk management
culture to manage the risk effectively as well as optimize
COMPANY’S SUCCESS. returns and sustainable business growth.
Overview of the Risk Management
System
Implementation of risk management is adjusted to
the objectives, business policies, size and complexity of
the Company’s business by considering the conditions
and potential risks expsoure. The risk management
implementation in the Company becomes a minimum
reference for the Company to ensure that all of the
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HIGHLIGHTS
PERFORMANCE
Company’s risks exposure can be identified, measured,
controlled and monitored appropriately. Risk Management Work Guidelines
Referring to Article 3 POJK No. 44 of 2020 concerning The Risk Management Work Guidelines are adjusted
the Implementation of Risk Management for Non- and aligned with the objectives, business policies, size
Bank Financial Services Institutions, the Company and complexity of the company. The Company’s Risk
implements risk management on 4 (four) interrelated Management Work Guidelines are regularly reviewed
REPORT
MANAGEMENT
pillars, as follows: with the latest update in 2023 related to Risk-Based
• Active monitoring by Board of Directors, Board of Approach AML CTF & PPPSPM, The Risk Management
Commissioners and Sharia Supervisory Board (DPS); Implementation Guideline including setting-up the
• Adequacy of risk management policies and Company’s risk appetite and risk tolerance for 2023,
procedures as well as risk limit set-up; SOP for Risk Management Implementation, Memo
• Adequacy of risk identification, measurement, for Approval of External Incident Reports, Memo for
control and monitoring processes as well as risk Approval of Critical Incident Criteria, Memo for Approval
management information systems; and of for Parameters of Suspicious Financial Transactions
• Comprehensive internal control system. and Cash Financial Transactions, Memo for Approval of
Significant Fraud.
Legal Framework of Establishment
Risk Management Unit
PROFILE
CORPORATE
Implementation of risk management in the Company
refers to POJK No. 44/POJK.05/2020 concerning Risk Structure and Position
Management Implementation for Non-Bank Financial The organization structure of the Company’s Risk
Services Institutions altogether with the implementing Management and Compliance Function is in the same
regulations. The Company also refers, among others, Division which was established in mid-2019 which is
to POJK No. 28/POJK.05/2020 concerning Assessment adjusted to the size and complexity of the business
of the Soundness of Non-Bank Financial Services and the inherent risks that exist in the Company.
Institutions including its implementing regulations, and The Risk Management & Compliance Division (Risk
POJK No. 29/POJK.05/2019 concerning Amendments Management & Compliance Division) or hereinafter
to POJK Number 30/POJK.05/2014 concerning Good referred to as (“RMC”) is assigned in the Second Line of
Defense within the company’s organizational structure,
DISCUSSION & ANALYSIS
MANAGEMENT
Corporate Governance for Financing Companies, POJK
No. 4 /POJK.05/2021 concerning the Risk Management which is independent against business and operational
Implementation in Information Technology Application functions as well as the Company’s internal control or
by Non-Bank Financial Services Institutions, altogether Internal Audit Unit (SKAI) functions.
with the implementing regulations.
The RMC Division Head is directly responsible to the
Board of Directors in charge of the Risk Management
and Compliance Function. Organization structure of
the Compliance and Risk Management Directorate is as
follows:
DIRECTOR
GOVERNANCE
CORPORATE
HEAD OF RISK MANAGEMENT
AND COMPLIANCE
RISK MANAGEMENT HEAD COMPLIANCE HEAD
RISK INTELLIGENCE & COMPLIANCE JR.
RISK MANAGEMENT JR. ANALYTICS MANAGER SPECIALIST
SPECIALIST (RISK MANAGEMENT
INFORMATION SYSTEM)
REPORT
SUSTAINABILITY
RISK MANAGEMENT STAFF COMPLIANCE STAFF COMPLIANCE STAFF
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 305
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Authorities and Responsibilities of the Risk Professional Qualification or Certification
Management Function The Company has established adequate qualifications
Authorities and responsibilities of the Risk Management for Division Heads and personnel assigned in the
Function are as follows: RMC work function in terms of education, track record
a. Identify risks including inherent risks in the of executive officers and related members, work
Company’s business activities; experience to ensure that all personnel in charge in
b. Develop risk measurement methods; the Risk Management Function have been certified
c. Oversee implementation of risk management according to prevailing provisions and regulations.
strategies that have been prepared by the Board of
Directors; RMC Division Head Profile
d. Oversee the company’s overall risk position, by risk As of December 31, 2023, RMC Division Head is served
type of risk and per type of functional activity and by Yulius Ariyasatya. He was appointed based on the
carry out assessment based on assumptions on a Approval Memo disclosed in the Approval of Organization
condition using available historical data; Structure and Job Function for Risk Management and
e. Review the risk management process periodically; Compliance Division dated May 15, 2019.
f. Review the proposed business activities development
or expansion; Indonesian citizen, 37 years old. He holds a Bachelor’s
g. Evaluate model and validity of the data used for the degree from Bina Nusantara University majoring
risk measurement; Computer in 2008 and Master of Management from
h. Provide recommendations to business and BiNus Business School in 2014. He has experience and
operational functions and/or to the Risk worked as a Management Trainee from the Graduate
Management Committee according to their Associate Management Program (GMAP) with his last
authorities; and assignment as Loan Work Out Assistant Manager at PT
i. Prepare and submit risk profile reports to the Bank Permata, Tbk. He has also worked as Corporate
President Director or equal level, or members of the and Commercial Banking Policy and Portfolio in the Risk
Board of Directors in charge in the Risk Management Management Division at PT Bank UOB Indonesia, and
Function and the Risk Management Committee as Retail Credit Risk Management Department Head at
regularly. PT Bank CTBC Indonesia. He joined the Company since
June 2019.
In 2023, RMC has further established a Risk Intelligence
and Analytics function. This becomes a systematic Competency Development and Certification Program
approach to identify, asses and manage the risks in The RMC Division Head has completed his formal
an organization by carrying out activities to oversee education up to the Master’s degree from Binus
the company’s risk position, carrying out stress tests, Business School majoring Applied Finance. The RMC
evaluate accuracy of the model and the validity of the Division Head has also obtained Risk Management
data used in the Risk Management Information System, Certification for Executive Officers organized by the
thereby the increasing risk exposure can be monitored Risk Management Certification Agency (BSMR). In
and reported for analysis to respond the exposure. 2023, the Division Heads and/or members in the Risk
Management Function have participated in various
trainings/seminars/workshops, as follows:
TRAINING/PUBLICATION/NATIONAL CONVENTION DATE & PLACE PROVIDEDR
ISO 27001: Information Security Management System February 27, 2023 Company
(ISMS)
ISO 27001: ISMS Socialization March 9, 2023 PT. VEDA PRAXIS
Indonesia Economic Outlook 2023 & 2024 “Parity and June 8, 2023 Indo Premier Securities
Stability”
Lean Six Sigma September 21, 2023 Lean Six Sigma
Consultant of SSCX
International
Professional Development October 19, 2023 Company
Leadership Bootcamp November 17, 2023 ELTOV Learning
Anti Fraud Awareness November 14, 2023 Company
Program Refreshment Sertifikasi Manajemen Risiko October 27, 2023 LPPI
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HIGHLIGHTS
PERFORMANCE
(thirty three) new policies and/or procedures
Risk Management Implementation related to the Company’s operations made by
various relevant divisions within the company.
According to OJK Regulation No. 44/POJK.05/2020
concerning Risk Management Implementation for Non- 3. Adequacy of the Risk Identification,
Bank Financial Services Institutions, the Company has Measurement, Monitoring, and Controlling
implemented Risk Management based on the Guidelines Process and Risk Management Information
REPORT
MANAGEMENT
for the Implementation of Risk Management, which System
includes: In assessing adequacy of prospective debtors, the
Company is supported by Credit Scoring by the
1. Active Monitoring from Board of Directors, Board Pefindo Credit Bureau and the Directorate General
of Commissioners and Sharia Supervisory Board of Population and Civil Registration (Dukcapil)
• Active monitoring of the Board of Directors and system related to the use of population data. In
Board of Commissioners is carried out, among the acquisition process, the Company has carried
other, by held 31 (thirty-one) Board of Directors out a survey process through Mobile Survey to
meetings, 6 (six) Board of Commissioners obtain accurate results using the latest technology.
meetings, and 4 (four) Board of Directors and The Company has also collaborated with service
Board of Commissioners joint meetings in 2023. providers for the Debtor Due Diligence (Customer
• In line with the supervisory function conducted Due Diligence) process that has been registered and
PROFILE
CORPORATE
by Sharia Supervisory Board, in 2023, the Sharia has obtained permission from the Financial Services
Supervisory Board held 12 (twelve) meetings Authority (OJK). This is done by the company to
and discussions. support the efficiency of the acquisition process in
• In 2023, the Company organized meetings the Company’s business processes.
and discussions related to risk management
within the Risk Management Committee and In terms of monitoring debtor payments, the
Risk Monitoring Committee which will be held Company has run Mobile Collection, the Company
every quarter, namely in February, May, August, continues to improve tele collection performance.
and November. The discussion agenda for this In addition, risk control is also carried out by SKAI
meeting includes updating Risk Management which periodically conducts inspections of network
Policy, Company Health Level, Compliance office operations and the Risk Management Work
Monitoring, implementation of Risk Control Self
DISCUSSION & ANALYSIS
MANAGEMENT
Unit (SKMR) which has used the Risk Assessment
Assessment (RCSA), implementation of External Analysis tool to align the Risk Management
Event Reporting (Operational Risk Event), process in accordance with POJK 44 issued in 2020
Implementation of a culture of risk awareness concerning Implementation of Risk Management
and compliance and Implementation of Risk for Non-Bank Financial Services Institutions.
Management in Use of Information Technology.
• As part of the active monitoring from the Board The Company has several initiatives for the
of Directors and Board of Commissioners, implementation of information technology systems
internal control and implementation of good which of course have been developed several years
governance, the Company also has other previously in the form of the fourth generation
committees under the Board of Commissioners Core system (ConFins – R2) which was developed
such as Audit Committee and the Nomination since the end of 2016 which has been implemented
and Remuneration Committee. The Company comprehensively in 2018 to support the
has 6 (six) committees under the Board of implementation of a more diverse company business
Directors, such as Social Responsibility (CSR) operations. The Company also developed several
Committee, Business Continuity Management systems such as the acquisition process (SANDIA)
Committee, Occupational Health and Safety and the Credit process (BAF Pro). The Company has
GOVERNANCE
CORPORATE
Committee, Information Technology Steering also conducted regular disaster recovery drills to
Committee, and Digitalization Committee. ensure the continuity of the company’s business in
the event of a disaster.
2. Adequacy of Policies, Procedures, and
Determination of Risk Limits 4. Comprehensive Internal Control System
In 2023, the Company has updated policies The internal control system implemented includes:
including the implementation of Risk Management • Implementation of the three lines of defense in
Guidelines, Compliance Standard Policies, Anti- the Company’s structure.
Money Laundering Guidelines, Prevention of • Provide continuous training for the development
Terrorism Financing and Prevention of Funding for of a risk-aware culture, compliance-awareness to
the Proliferation of Weapons of Mass Destruction the implementation of APU PPT PPPSPM.
(APU PPT PPPSPM) as well as several updated • Publish the MARi PATUH (Risk Management and
policies and/or procedures adapted to be in line Compliance) bulletin and regularly circulate the
with the Company’s strategies and business bulletin to the Executives at network office to be
REPORT
SUSTAINABILITY
activities and align with regulatory reforms disseminated to their teams.
issued in 2022. The Company has issued 33
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• Perform Whistleblowing System socialization to • Reputation risk is the result of a decrease in the
the employees. level of stakeholder trust stemming from negative
• Maintain fast-reporting line for violations perceptions of the Company.
committed by employees.
• Perform coordination among related divisions The implementation of Risk Management for each risk
to ensure compliance with the Company’s profile in the Company is as follows:
compliance with prevailing laws and regulations.
• Examine operations of network offices and head
offices by the Company’s SKAI and ensuring STRATEGY RISK
commitments for improvements are carried out
by network offices or related divisions. Active Monitoring from the Board of Directors, Board
• Report SKAI findings to the Audit Committee. of Commissioners and Sharia Supervisory Board
• Implementation of Measurable Improvement
Plans (audit results monitoring). • Board of Directors and the Board of Commissioners
• Implementation of Risk Control Self Assessment have ensured that the implementation of Risk
at National level. Management for Strategic Risk is carried out
• Internal Control Ambassador (ICA) as part of the effectively and integrated with the implementation
implementation of internal control in network of Risk Management for other Risks that may impact
offices on the Company’s overall Risk profile;
• Reporting external events that can affect • In 2023, the Company has held regular meetings
operational activities (Operational Risk Event) for the Risk Management Committee and the Risk
• CAMP TEST (Compliance AML CFT & PFPMDW Monitoring Committee as a form of implementation
Mandatory Program Test) of the Active Supervision of the Board of Directors,
• Has implemented the Customer Protection Board of Commissioners and Sharia Supervisory
Function Board;
• Risk and Compliance Assurance Program by • The Board of Directors and Board of Commissioners
visiting the network office. have prepared and approved the Company’s strategy
and business plan for 2023, then disseminated it
to related officials and/or employees through the
Risk Profile and Risk Mitigation Senior Management Camp and National Business
Leaders Meeting held in early 2023.
According to OJK Regulation No. 44/POJK.05/2020 • The Company reviews the plans and realization of the
concerning Implementation of Risk Management for work programs of each division through a meeting
Non-Bank Financial Services Institutions, and OJK with the President Director and the related Directors.
Circular Letter No.11/SEOJK.05/2020 concerning the • The Board of Commissioners evaluates 4 (four) times
Assessment of the Health Level of Financing Companies which will be held at the Joint Meeting of the Board
and Sharia Financing Companies, there are 8 (eight) of Directors and the Board of Commissioners in 2023.
types of risks as follows: In addition, in 2023, the Board of Commissioners
• Strategic risk is the risk due to inaccuracy in making regularly held discussions with the Board of Directors
and/or implementing a strategic decision and failure to strengthen the supervisory function. The Board of
to anticipate changes in the business environment Commissioners also performed evaluation through
• Operational risk is the risk that arises due to 6 (six) Board of Commissioners meetings in 2023.
inadequate and/or malfunctioning internal • The Board of Directors continuously monitors
processes, human error, system failure and/ internal conditions and the development of external
or external events that affect the company’s factors/conditions that directly or indirectly affect
operations. the Company’s strategy through weekly meetings
• Credit risk is the risk due to the failure of other with the Division Head.
parties to fulfill their obligations to the Company. • The Company has a meeting attended by the
• Market risk is the risk in the position of assets, Company’s Board of Directors or called the
liabilities, equity, and off balance sheet including BOD Camp which is held annually to discuss the
derivative transactions due to changes in overall evaluation of the Company’s current position in
market conditions. the industry and/or in the Company’s competitors
• Liquidity risk is the risk due to the Company’s (peers), which is reviewed both from various aspects
inability to meet its maturing liabilities from cash as well as financial and non-financial parameters.
flow funding sources and/or from liquid assets that • The Board of Directors also continuously monitors
can be easily converted into cash, without disrupting the Company’s position with industry/competitors
the Company’s activities and financial condition. in the Senior Management Meeting attended by the
• Legal risk is the risk due to lawsuits and/or Division Head.
weaknesses in legal aspects. • The Board of Commissioners also continuously
• Compliance risk is the risk due to the Company not supervises the Company’s position compared to
complying with and/or not implementing the laws competitors and/or industry in a joint meeting of the
and regulations. Board of Commissioners and the Board of Directors
which is held at least 1 (one) time in 4 months.
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HIGHLIGHTS
PERFORMANCE
• The Board of Directors is responsible for financing industry, financial performance,
implementing risk management for strategic risk organization structure and risk management,
which includes: infrastructure for current and future business
a. ensure that the strategic goals set are in line needs, managerial capabilities, as well as
with the mission and vision, culture, business the availability and limited resources of the
direction and risk tolerance of the Company, Company; and
b. provide clear direction regarding the level of Risk c. analyze all available alternative strategies in
REPORT
MANAGEMENT
to be taken (risk appetite) and risk tolerance that order to be in line with the scale of the Company
can be accepted by the Company; and the complexity of the Company’s business
c. ensure that the structure, culture, infrastructure, activities.
financial condition, personnel and managerial • The Company has established a written strategic
competencies including executive officers, as plan and business plan and implemented the policy.
well as the existing systems and controls in the • The Company has evaluated the strategic plan and
Company are appropriate and adequate to business plan and adjusted it if there are deviations
support the implementation of the established from the targets to be achieved due to significant
strategy; and external and internal changes.
d. ensure that any strategic problems that arise • The Company has sufficient managerial succession
can be resolved effectively by the related plans to support the effectiveness of sustainable
functions and monitoring of corrective actions strategy implementation, in the event that the
PROFILE
CORPORATE
by the strategic policy function is carried out. Company plans to implement long-term and
• The Board of Directors is responsible for ensuring sustainable strategies.
that risk management for strategic risk has been • The Company has sufficient funding sources to
implemented effectively and consistently at all support the implementation of the strategic plan.
related operational levels below. In the event • The Company has policies and procedures to
when the Board of Directors delegates part of prepare and approve strategic plans.
their responsibilities to executive officers and • The Company has adequate procedures to identify
management below, such delegation does not and respond to changes in the business environment.
eliminate the obligations of the Board of Directors • The Company must have a procedure to measure
as the main responsible party. the progress achieved from the realization of the
business plan and performance according to the
DISCUSSION & ANALYSIS
MANAGEMENT
Adequacy of Policies, Procedures, and Determination designated schedule.
of Risk Limits
Adequacy of Risk Identification, Measurement,
• The Company stipulated the Net Non-Performing Monitoring, and Controlling Processes and Risk
Financing (NPF) level in 2023 below 1% as stated in Management Information Systems
the Company’s business plan.
• The Company stipulated Key Performance Indicators • Identification, measurement, monitoring, and
(KPI) for the company, division and office network control of strategic risk is carried out by the Company
of the Company every year. through regular evaluations carried out by the Board
• The Company continuously updates the policies and of Directors and Division Heads by referring to KPIs
procedures of the Company’s strategy in accordance and established business plan.
with market conditions and the overall direction of • The Company has identified and administered
the company’s strategic policies. deviations or deviations as a result of the unrealized
• The Company conducts industry benchmarking or ineffective implementation of business strategies
which aims to evaluate the Company’s competitive and business plans that have been determined,
position in the industry, including measuring the especially those that have a significant impact on
Company’s strengths and weaknesses related to the Company’s capital.
GOVERNANCE
CORPORATE
its competitive position, business position, financial • The Company has conducted a risk analysis,
performance, and other related parameters. especially on strategies that require a lot of resources
• The Company has updated the Risk Management and/or are high risk, such as strategies to enter new
Guidelines and Compliance Standards Policy as part markets, acquisition strategies, or diversification
of the implementation of the Company’s strategy. strategies in the form of business activities and
• The Company evaluates the company’s competitive services.
position in the industry. In this case the Company • The Company has carried out stress testing on
needs to: strategy implementation to identify any events or
a. understand the conditions of the business changes in the business environment that could have
environment, economy, and finance industry a negative impact on the fulfillment of the initial
in which the Company operates, including how assumptions of the strategic plan and measure the
environmental changes impact on business, potential negative impact of such events on both
products, technology, and office networks; the Company’s financial and non-financial business
b. measuring the Company’s strengths and performance.
REPORT
SUSTAINABILITY
weaknesses related to its competitive position, • The Company has systems and controls in place to
the company’s business position in the monitor the implementation of business decision-
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GOVERNANCE
making strategies and the Company’s response to • Continuous training for the development of a
external changes, including financial performance risk-aware, compliance-aware culture to the
by comparing actual results with expected results, to implementation of AML CTF PPPSPM.
ensure that the risks taken are still within tolerance • Development of a Risk Assessment tool which
limits and report significant deviations to the includes an assessment of strategic risk and its
Directors. The risk control system shall be approved mitigation.
and reviewed periodically by the Board of Directors
to ensure its suitability on an ongoing basis.
• The Company has a good strategy formulation and OPERATIONAL RISK
determination process and has a monitoring section
on the implementation of the company’s strategic Active Monitoring from Board of Directors, Board of
plan to ensure conditions after the implementation Commissioners and Sharia Supervisory Board
of the strategy on the Company’s business activities.
• The Company already has a Risk Management • Board of Directors and the Board of Commissioners
information system that is used to assist in have ensured that the implementation of risk
monitoring the Company’s strategy, so that data management for operational risk is carried out
and information can be readily available and used effectively and is integrated with the implementation
to analyze risks that may arise. One of them is the of other risk management which may impact on the
Tableau system (Business Intelligence) which is Company’s overall risk profile.
used by the Company in assisting and supporting • The Board of Directors and the Board of
the strategic planning and decision-making process. Commissioners have been responsible for developing
The Tableau system is also used by network offices an organization Establishment culture that is aware
to monitor the achievement of predetermined KPIs. of operational risks and fosters a commitment
• The Company has implemented a Risk Profile Report to managing operational risks according to the
as a means to monitor 8 (eight) types of risks as Company’s business strategy.
stated in POJK No. 28/POJK.05/2020 concerning • The Company’s Board of Directors has created a
Health Level Assessment for Non-Bank Financial culture of objective disclosure of Operational Risk in
Services Institutions and POJK No. 44/POJK.05/2020 all elements of the organization so that Operational
concerning the Application of Risk Management Risk can be identified quickly and mitigated
for Non-Bank Financial Services Institutions, which appropriately.
will then be used to determine the Company’s Risk • The Board of Directors has ensured that it has
assessment. established a reward policy including effective
• The Company always conducts media monitoring of remuneration and punishment that is integrated
activities in the Company’s industry. into the performance appraisal system in order
• The Company also has a worksheet that regularly to support the implementation of optimal risk
monitors the Company’s position in the industry. management.
• The Company has ensured that its management • The Board of Directors has ensured that the
information system is adequate to support the implementation of the authority and responsibility
strategic planning and decision-making process and transferred to the service provider has been carried
is reviewed regularly. out properly and responsibly.
• The Board of Commissioners has ensured that the
Comprehensive Internal Control System company’s remuneration policy is in accordance
with the Company’s Risk Management strategy.
• Implementation of 3 levels of defense (Three lines • The Board of Directors strives to prioritize
of defense) in the Company’s structure which compliance to always be upheld by employees both
consists of the Business Function, Risk Management at the head office and in the company’s network
& Compliance Function and the Internal Audit offices. Since 2020, the compliance committee
Function; has held socialization related to implementation
• Establishment of a Risk Management Work Unit guidelines - anti-fraud as well as risk management,
(SKMR) and a Compliance Work Unit (SKK) which compliance and AML CTF PPPSPM materials to new
has been carried out by the Company since the employees, national meetings for Branch Heads,
third quarter of 2019 which is under a separate as well as on the occasion of visits by the Board of
Directorate from the Business and Operational Directors to the network office.
Functions. • The Board of Directors has implemented a
• President Director who directly supervises SKAI Whistleblowing System which aims to increase
establishes an annual audit plan and evaluates awareness and appropriate handling of alleged
audit results on a regular basis with an emphasis irregularities or violations that occur, either by
on compliance with company procedures and individuals or groups within the Company.
regulations as well as the level of efficiency and • The Board of Directors continues to improve and
effectiveness of network and head office operations. optimize risk mitigation related to the Anti-Money
• Online meeting for Integrated Internal Control (IIC) Laundering Function, Counter Terrorism Financing
meeting in 2023 involving Business, operational, and Prevention of Funding for the Proliferation of
RMC and SKAI functions. Weapons of Mass Destruction (AML CTF PPPSPM)
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HIGHLIGHTS
PERFORMANCE
including increasing continuous APU PPT PPPSPM • The Company has policies regarding recruitment and
training. placement in accordance with organizational needs,
• The Board of Directors supervises the use of third- competitive remuneration and incentive structure,
party services (outsourced personnel) according to training and development, periodic rotation, career
prevailing provisions and regulations. and succession planning policies, as well as handling
the issue of termination of employment to reduce
Adequacy of Policies, Procedures, and Determination the possibility of operational risks arising from HR,
REPORT
MANAGEMENT
of Risk Limits risk management policies
• The Company must at least be supported by access
• The Company has established a risk management procedures including, among others, management
policy for operational risk that must be internalized information systems, accounting information
into the business processes of all business activities systems, Risk management systems, security in
and supporting activities of the company, the document room, and data processing rooms,
including operational risk policies that are unique to reduce the possibility of operational risks arising
in accordance with the needs of business lines and from systems and infrastructure, risk management
supporting activities. policies
• The Company has procedures which are derived • The Company has insurance protection for the
from the Risk Management Policy for operational company’s physical assets, a back up system, and
risk. work safety guarantees for certain high-risk work
PROFILE
CORPORATE
• The Company already has Business Continuity fields. To reduce the possibility of operational risk
Management (BCM), which is an integrated and arising from external events, risk management
comprehensive management process to ensure the policies.
continuity of the Company’s operations. Some of • The Company has conducted Customer Due
the policies that can be implemented include: Diligence (CDD) or Enhanced Due Diligence (EDD)
a. assessment of operational risk that may regularly and consistently in accordance with
occur due to disturbances in the company’s Operational Risk exposure. The application of CDD
operations; or EDD refers to all requirements and guidelines as
b. recovery strategy implemented by the company regulated in the laws and regulations and provisions
for any kind of disruption; governing the implementation of the AML CTF
c. documentation, including disaster recovery PPPSPM program. CDD or EDD must be supported
DISCUSSION & ANALYSIS
MANAGEMENT
plans and contingency plans; and by an effective internal control system, in particular
d. testing regularly to ensure that the BCM the Company’s efforts to prevent internal crimes
approach used can be operated effectively in the (internal fraud).
event of a fault. • The Company also has an Occupational Health and
• The Company has an early warning procedure to Safety Guidelines Committee (P2K3) which routinely
handle unexpected changes in the information conducts socialization on work safety through the
technology system that have the impact of Company’s communication media. This committee
increasing the possibility of Operational Risk. is expected to be able to build mutual understanding,
• The Company has a policy to mitigate Operational cooperation and effective participation in the
Risk stemming from the complexity of internal implementation of occupational health and safety
processes, which at least includes: in the Company’s work environment. In 2020, the
a. control to prevent the occurrence of Operational Board of Directors has also formed a Task Force for
Risk for all internal processes as well as those Handling COVID-19 as a mitigation and monitoring
related to external parties; measure for all company activities to support and
b. transaction settlement procedures from be in line with government programs in preventing
internal processes, among others to ensure the and controlling the COVID-19 Pandemic.
effectiveness of the transaction settlement • The Company evaluates and updates processes for
GOVERNANCE
CORPORATE
process; every procedure and policy as well as instructions for
c. accounting implementation procedures to the implementation of the Company’s operations or
ensure accurate accounting records, among business activities.
others in the form of conformity with the
accounting methods used, accounting processes Adequacy of Risk Identification, Measurement,
implemented, and administration of supporting Monitoring and Control Process and Risk
documents; Management Information System
d. asset storage and custodial procedures, including
documentation of assets and custodians, controls • The Company has identified parameters that affect
needed for the physical security of assets, and operational risk exposure, including the frequency and
periodic checks on the condition of assets; impact of system failures and errors, administrative
e. procedures for carrying out business activities system weaknesses; failure of relationship with
and other company activities, such as operating debtors; accounting calculation errors; delays and
leases, fee-based activities, and outsourcing; and errors in payment settlements; fraud; accounting
REPORT
SUSTAINABILITY
f. fraud prevention and resolution procedures. engineering; weakness of information technology
system; and misclassification of records.
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• The Company has developed a database on the • In terms of operational risk control, the Company
types and impacts of losses, caused by operational also has information technology process security
risks based on the results of risk identification, in which includes audits of information system security
the form of data on losses that may occur, both and back-up procedures as well as Data Recovery
predictable and difficult to predict; violation of Center (DRC).
control system; and/or other operational issues that • The Company conducts regular meetings in terms
may cause losses in the future. of operational risk control through SKAI and is
• The Company has considered various internal reviewed by the Audit Committee.
and external factors in identifying and measuring • The Company has a management information
operational risk. system that can provide complete and accurate
• The Company has considered various internal and reports in order to detect and correct deviations that
external factors in measuring operational risk, occur, through the Preliminary Report of Fraud Case
the methods used by the company to measure (PRFC) with the function of Anti Fraud and SMS
operational risk, among others are scorecards, risk hotline.
mapping, and frequency matrix. • The Company has a reporting mechanism for
• The Company has developed programs to mitigate Operational Risk that must be able to provide
Operational Risk, including securing information information according to user needs, including the
technology processes and outsourcing of some of following:
the Company’s operational activities. a. operational risk profile and losses caused by
• The Company has developed the security of operational risk
information technology processes, the Company b. results of various Operational Risk measurement
must ensure the security level of electronic data methods and trends, and/or summary of internal
processing. audit findings;
• The Company has a support system, which at least c. report on the status and effectiveness of
includes: the implementation of the action plan from
a. early identification of faults operational risk issues;
b. processing and settlement of all transactions in d. procedural deviation reports;
an efficient, accurate and timely manner; and e. reports of fraud incidents, for example in the
c. confidentiality, correctness, and security of form of a whistleblowing system; and
transactions f. recommendation of the risk management
• The Company has conducted periodic reviews function for operational risk on the review
of procedures, documentation, data processing conducted on the Company’s operational risk
systems, contingency plans, and other operational assessment, external auditor guidance letter,
practices to reduce the possibility of human error. particularly operational control aspects, and
• The Company has adequate policies and procedures, Financial Services Authority guidance letter.
good corporate administration activities, good
information technology and system management, Comprehensive Internal Control System
good fraud prevention and legal issues, and good
management of the use of third -party services. • Implementation of 3 levels of defense (Three lines
• The Company has good HR management, including of defense) in the Company’s structure which
employee recruitment carried out by external consists of the Business Function, Risk Management
parties such as HR consultants and organizations & Compliance Function and the Internal Audit
that independently analyze employee needs and Function;
carry out the employee recruitment process. • Establishment of the Risk Management Work Unit
• The Company has conducted continuous operational (SKMR) and Compliance Work Unit (SKK) which the
risk monitoring of all operational risk exposures Company has carried out since the third quarter of
and losses that may be caused by the company’s 2019 which are under a separate Directorate from
main activities, among others by implementing the Business Function;
an internal control system and providing periodic • The Company continues to implement internal
reports on losses caused by Operational Risk. controls according to the Committee of Sponsoring
• The Company has conducted periodic reviews of the Organization of the Treadway Commission (COSO)
factors that cause operational risk and the impact of 5 (SOX4), namely control environment, risk
losses. assessment, control activities, information, and
• Conducting implementation of Risk Control Self communication, and monitoring.
Assessment (RCSA) for all network offices in 2023 • Development of a Risk Assessment tool which
and polot project for Head Office. includes an assessment of operational risks and
• The Company has stipulated reporting mechanism their mitigation;
for external event that mayaffect operational • The Company has a regular rotation system to avoid
activity (Operational Risk Event) potential self-dealing, collusion or concealment of
• Identification, measurement, monitoring and improper documentation or transactions.
control of operational risk is carried out by the • Online meeting for Integrated Internal Control (IIC)
Company through a review of existing rules, policies meeting in 2023 involving Business, operational,
and procedures, among others. RMC and SKAI functions.
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HIGHLIGHTS
PERFORMANCE
• Implementation of Risk and Compliance Assurance by implementation; SANDIA and BAF PRO, a
Program by SKMR and SKK by visiting network office. centralized Credit Analyst and standardization
of the acquisition process based on standardized
parameters that are quite objective in assessing the
CREDIT RISK adequacy of prospective customers.
• The Company has adequate strategies and policies
Active Monitoring from Board of Directors and Board for handling/collecting consumers, including policies
REPORT
MANAGEMENT
of Commissioners for network offices to perform monitoring and
reporting related the Company’s AR qulity. These
• The Board of Directors always performs active strategies and policies will continue to be evaluated
supervision in understanding and managing the and updated.
financing risks inherent in financing business • The Company has policies and procedures to
activities, by supervising each business activity ensure that all financing distributions are carried
through bi-weekly and monthly meetings with each out on an arm’s length basis. In the event that the
division. Company has a policy that allows under certain
• The Board of Directors and the Board of conditions to disburse financing outside the normal
Commissioners have participated in formulating/ policy, the policy must clearly contain the criteria,
determining and reviewing policies and guidelines requirements, and procedures including steps to
for financing distribution, including risk management control or mitigate the risk of the said financing
PROFILE
CORPORATE
which is internalized in every policy taken, by holding distribution.
meetings to discuss financing portfolios considering • The Company has policies and procedures to identify
demographic, geographic and other relevant aspects. credit concentration risk and as well as other risks
POJK. that can affect Credit Risk.
• The Board of Directors has ensured that the • The Company’s policy contains the information
implementation of risk management is carried needed in the provision of sound financing,
out effectively in the implementation of funding including:
activities, among others by monitoring developments - purpose and source of financing
and problems in the Company’s business activities - Risk profile of debtors and their mitigation as
related to financing risks, including the settlement of well as the level of sensitivity to developments in
non-performing financing. economic and market conditions
DISCUSSION & ANALYSIS
MANAGEMENT
• The Board of Commissioners has ensured that the - the debtor’s ability to repay
implementation of risk management for credit risk - business capabilities and conditions of the
is carried out effectively and integrated with the debtor’s business field as well as the position of
implementation of effective risk management in the the debtor in certain industries; and
implementation of financing distribution activities, - The proposed financing terms include
including monitoring developments and problems in agreements designed to anticipate changes in
the Company’s business activities related to credit the debtor’s risk exposure in the future
risk, including the settlement of non-performing • The Company’s policies contain factors that need
financing. to be considered in the financing approval process,
• The Board of Directors and the Board of including:
Commissioners are responsible for all financing - profitability level, among others by conducting
distribution activities carried out in accordance with a comprehensive analysis of cost and revenue
the credit risk strategies and policies approved by the estimates, including estimated costs in the
Board of Commissioners and in accordance with the event of default, as well as calculating capital
provisions of the applicable laws and regulations. requirements; and
• The Board of Directors and the Board of - consistency of pricing, which is carried out by
Commissioners have ensured that the implementation considering the level of risk, in particular the
GOVERNANCE
CORPORATE
of risk management is carried out effectively in overall condition of the debtor as well as quality
the implementation of financing or investment and level of ease of disbursement of the assets
distribution activities, including monitoring used as collateral
developments and problems in the Company’s • The Company has procedures for analyzing,
financing or investment distribution activities. approving, and administering financing, which
• The Board of Commissioners monitors the distribution include:
of financing including reviewing the distribution of - delegation of authority in the procedure for
financing in large amounts or those given to related making decisions on financing distribution
parties in accordance with the provisions of the which must be clearly formalized;
prevailing laws and regulations. - segregation of functions between those
conducting analysis, granting approval, and
Adequacy of Policies, Procedures, and Determination administering financing within the framework
of Risk Limits or mechanism for the delegation of decision-
making procedures for financing distribution;
REPORT
SUSTAINABILITY
• The strategy and policy for disbursement of - a function that conducts periodic reviews to
financing have been adequate and supported determine or update the quality of financing
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GOVERNANCE
distribution exposed to credit risk; handling problematic financing is administered and
- financing administration system development then used as input for the benefit of the function
• The Company has set a limit for overall financing which functions to channel or restructure financing.
distribution for all of the Company’s business • The Company has developed and implemented a
activities that contain Credit Risk, both for related comprehensive information system and procedures
and unrelated parties, as well as for individuals and to monitor the composition and condition of each
groups of debtors. debtor or counterparty to the Company’s entire
• The Company has implemented risk tolerance for financing portfolio. The system must be in line
Credit Risk. with the characteristics, size and complexity of the
• The determination of credit risk limits has been Company’s portfolio.
documented in writing which facilitates the • The Company has a Business Intelligence & Analytics
establishment of an audit trail for the benefit of Division which has the responsibility to carry out data
internal and external auditors. processing and analysis including for Credit Risk;
• The Company has an adequate and timely
Adequacy of Risk Identification, Measurement, management information system to identify Credit
Monitoring, and Controlling Processes and Risk Risk for all debtors, such as Tableau.
Management Information Systems • Analysis of debtors prepared by the Credit Division
includes debtor profiling, debtor segmentation,
• The credit risk management framework that is in demographic and geographic analysis.
place is adequate where there has been a separation • The Company in screening potential debtors is
between Marketing duties and Credit Analyst duties supported by Credit Scoring by the Pefindo Credit
and is supported by the implementation of Mobile Bureau, the Company has also collaborated with the
Survey, Welcoming Call (for new customers) and Dukcapil system.
Account Receivable Officer (ARO) monitoring to • The existing information system is able to
monitor and evaluate field officers regularly. The accommodate Credit Risk mitigation strategies
Company has implemented Collection Management through various methods or policies, for example
System (CMS) in all network offices to monitor setting limits, hedging and asset securitization.
collection activity and up-to-date data/information, • The risk management information system for credit
by integrating Call Collection & Field Collection. risk is capable of providing accurate, complete,
With this CMS, the entire process can be digitalized informative, timely and reliable data.
and can be done promptly.
• The Company has already had a pre-scoring which Comprehensive Internal Control System
provides recommendations for further analysis by
the Credit Analyst. • Implementation of 3 Lines of Defense in the
• The Customer Due Diligence process is carried out Company structure consisting of Business Function,
for each new customer (before approval) by visiting Risk Management & Compliance Function and
the customer’s home by the CMO and interviewing Internal Audit Function;
by telephone by the Credit Analyst. • The existence of a Risk Management Work Unit
• The Enhanced Due Diligence process is also carried (SKMR) and a Compliance Work Unit (SKK) which
out adequately for some new consumers by carrying are under a separate Directorate from the Business
out random visits by the Chief CMO to minimize Function;
financing risks. • Developing a Risk Assessment tool which includes
• Network offices also carry out a due diligence an assessment of credit risk and its mitigation;
process with consumers on a regular basis and • Credit Division which is separate from marketing
report the results to the APU, PPT & PPPSPM Support and collections, and carries out regular reviews
Team in the event that there are suspicious financial of financing risks arising from the portfolio and
transactions or cash financial transactions. exposure to financing receivables.
• The Company has fulfilled the adequacy of reserves • There are coordination meetings between divisions
by conducting historical data analysis and regular related to handling financing risks which are held
reviews and discussed at Board of Directors meetings. periodically.
• The Company has written systems and procedures • The Company has an independent and continuous
for measuring credit risk. review system for the effectiveness of the
• The Company has ensured that the credit function implementation of the risk management process for
and other functions that carry out transactions credit risk which includes at least an evaluation of
exposed to Credit Risk have functioned adequately the financing administration process, an assessment
and that Credit Risk exposure is maintained of the accuracy of the application of internal ratings
consistent with established limits and meets or the use of other monitoring tools, and the
prudential standards. effectiveness of the implementation of functions or
• The Company has an effective system for detecting officers who carry out quality monitoring accounts
problematic financing. In addition, the Company receivable financing;
must separate the function of resolving problematic • The Company has an internal review system by
financing from the function that decides the individuals independent of the business units to help
distribution of financing. Every strategy and result of evaluate the overall financing process, determine
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HIGHLIGHTS
PERFORMANCE
the accuracy of internal ratings, and to assess the categorize consumers.
accuracy of account officers in monitoring individual • The Company has set projections for assets and
financing; liabilities in the Company’s business plan report.
• The Company has an efficient and effective reporting • The Company has established indicators which are
system to provide adequate information including early warning indicators for liquidity risk as a means
information regarding country risk exposure to the of identifying problems and determining Liquidity
Board of Directors, Board of Commissioners and Risk mitigation
REPORT
MANAGEMENT
Audit Committee; And • The Company has carried out stress testing on
• Internal audit of the Credit Risk process is carried liquidity risk that is adjusted to the company’s
out periodically. fund management strategy so that it can properly
describe the company’s liquidity risk profile
• Liquidity risk limits are consistent and relevant
LIQUIDITY RISK to the Company’s business, the complexity of
the Company’s business activities, risk tolerance,
Active Supervision of the Board of Directors and characteristics of business activities, currency, the
Board of Commissioners market in which the Company is actively conducting
transactions, historical data, profitability level, and
• Total assets in 2023 to Rp14.1 trillion with good available capital.
funding sources, so the gearing ratio figure remains • The policy regarding limits has been consistently
PROFILE
CORPORATE
relatively low and is still within the scope required by applied to manage Liquidity Risk, among others,
regulations for finance companies. to limit the funding gap in various time periods
• The Company has a policy to protect all foreign and/or limit the concentration of funding sources,
currency loans through hedging/cross currency swap instruments or spesific market segments.
contracts to avoid any risk from foreign currency
fluctuations against the Indonesian Rupiah. Adequacy of Risk Identification, Measurement,
• The Board of Directors establishes policies and Monitoring, and Controlling Processes and Risk
procedures regarding asset and liability risk which Management Information Systems
includes disbursement of daily, medium-term and
long-term financing, as reflected in the funding plan • Identification, measurement, monitoring and
prepared by the Corporate Finance Division and control of asset and liability risk is carried out among
DISCUSSION & ANALYSIS
MANAGEMENT
approved by the relevant Director. others by developing a Liquidity Risk Profile that can
• The Board of Directors reports regularly on the be used to identify and monitor the Company’s
Company’s assets and liabilities to the Board of assets and liabilities.
Commissioners through joint meetings of the Board • The Board of Directors routinely conducts analysis
of Commissioners. to determine the number of assets owned and the
• The Board of Directors and the Board of number of liabilities that shall be fulfilled by the
Commissioners have ensured that risk management company to avoid mismatches between assets and
for liquidity risk is carried out effectively and liabilities.
integrated with other risk management which may • The Company also monitors related macroeconomic
impact on the overall risk profile of the Company. factors carried out by the Corporate Finance Division.
• The Board of Directors has ensured that every • The Company has sufficient adequacy of policies,
function responsible for managing liquidity risk has procedures, and clear determination of authority/
human resources with adequate competence. responsibility for each unit/work unit that carries
• The Board of Directors has ensured that the out the Risk Management Function for risk of fund
Company has sufficient funding capacity through a support (capital).
series of periodic evaluations. • The Board of Directors monitors the Company’s
• The Board of Directors has ensured that the capital including the level of financial soundness in
GOVERNANCE
CORPORATE
Company has sufficient funding capability in accordance with the policies and guidelines of the
accordance with the company’s risk level through Risk Management Strategy through monthly reports
evaluations and bi-weekly and monthly reports from submitted by the Corporate Finance Division.
the Corporate Finance Division. • The Company has identified and analyzed several
factors that can increase exposure.
Adequacy of Policies, Procedures, and Determination • The Company has analyzed other risk exposures
of Risk Limits that may increase liquidity risk, including interest
rate risk, credit risk, operational risk, and legal risk.
• The Company regularly records and evaluates its • The Company has a measurement tool that can
assets and liabilities. quantitatively measure liquidity risk in a timely and
• The Board of Directors monitors assets and liabilities comprehensive manner. the measurement tool must
owned, conducts periodic evaluations of assets and also be able to be used to measure the Liquidity Risk
liabilities, assesses asset and liability exposures that posed by assets, liabilities, and off-balance sheet.
have interest rate and exchange rate risks, conducts • The Company has a good management information
REPORT
SUSTAINABILITY
mapping of assets owned to determine which assets system that can support reporting on liquidity
are more liquid/ illiquid rather than liabilities, and management risk issues.
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• The development of a risk profile in 2020 also makes Adequacy of policies, procedures, and risk limit setting
it easier for the Company to monitor and evaluate
capital adequacy risks. This Liquidity Risk Profile is In line with the implementation of risk management
submitted to the Board of Directors and the Board related to OJK regulations, namely POJK 28/
of Commissioners. POJK.05/2020 relating to the Assessment of the
• The Company always ensures that the management Health Level of Non-Bank Financial Services Institution
information system owned by the Company is Companies and SEOJK 11/ SEOJK 05/2020 concerning
adequate in order to support the planning and the Assessment of the Health Level of Financing
decision-making processes related to capital as Companies and Sharia Financing Companies, the
reported by the Corporate Finance Division to the Company has adjusted the policy on this risk which is
Board of Directors and Board of Commissioners. included in the market risk factor.
• The Company has a policy in place to deal with
Comprehensive Internal Control System changes in market prices for assets owned by the
Company. This policy must consider the position
• Implementation of the 3 Levels of Defense (Three of the Company’s assets and liabilities both in the
Lines of Defense) in the Company’s structure which short term and long term
consists of the Business Function, Risk Management • The Company has adequate investment assessment
& Compliance Function and the Internal Audit procedures in place to deal with changing market
Function; conditions.
• Establishment of the Risk Management Work Unit • The Company has ensured consistency in setting
(SKMR) and Compliance Work Unit (SKK) which the limits for various types of instruments that have
Company has carried out since the third quarter of market risk exposure.
2019 which are under a separate Directorate from • The Company has set limits based on grouping types
the Business Function; of instruments that have the same characteristics.
• Development of a Risk Assessment tool which includes
an assessment of liquidity risk and its mitigation; Adequacy of risk identification, measurement,
• The Company continues to develop an internal monitoring and control processes as well as Risk
control system for asset and liability risks, through Management Information System
Asset Liabilities Management (ALM), which is a
computerized system to maintain and analyze daily • The risk management process in the interest rate
and weekly maturity gaps. risk level has been implemented by the Company in
collaboration between related divisions and is also
reported to the Board of Directors and the Board of
MARKET RISK Commissioners through available committees.
• The Company continues to carry out a benchmarking
Active supervision of the Board of Directors and the process, even to the indication of the daily rate
Board of Commissioners that will be applied to a competitive rate that
can be obtained by the company to ensure that
• Board of directors and board of commissioners the Company gets the best margin to support the
always monitor Market Risk through the Risk Company’s business strategy.
Dashboard reporting channel with parameters • One of the things used to control interest rate risk,
adjusted to the Company’s business model and the Company also performs hedging mitigation to
business complexity. deal with the risk of interest rate fluctuations which
• Corporate Finance Division also regularly reports can have a significant impact on the Company.
interest rate conditions/highlights to the Board of • The Company has reviewed the market risk
Directors. measurement model, including carrying out back
• Board of Directors and Board of Commissioners testing and improvements if necessary.
have ensured that risk management for market risk • Management has taken steps to control risk,
is carried out effectively and is integrated with other including prevention of larger market risk losses.
risk management that could have an impact on the
company’s overall risk profile. Comprehensive internal control system
• Board of Directors has ensured clarity of authority
and responsibility for market risk management, • Implementation of 3 levels of defense (Three lines of
adequacy of the system for measuring market risk, defense) in the Company’s structure which consists
adequate limit structure for risk taking, effective of the Business Function, Risk Management &
internal control, and a comprehensive, regular and Compliance Function and the Internal Audit Function;
timely reporting system • Establishment of the Risk Management Work Unit
(SKMR) and Compliance Work Unit (SKK) which the
Company has carried out since the third quarter of
2019 which are under a separate Directorate from
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the Business Function;
• Development of a risk assessment tool which • The Company has a function that acts as a legal
includes an assessment of liquidity risk and its advisor who provides analysis or legal advice to all
mitigation; employees at every level of the organization.
• This level of risk is monitored and reported to the • The Company has an independent function
Board of Directors and the Board of Commissioners that continuously assesses and monitors the
through the risk dashboard and follow-up actions implementation of risk management for legal risks.
REPORT
MANAGEMENT
are taken when receiving directions that must be
carried out related to the results of the report. Adequacy of Policies, Procedures, and Determination
• The Company has an adequate internal control of Risk Limits
system to ensure transactions and processes related
to market risk taking are carried out with reference • The Company is committed to providing information
to the stpulated policies, procedures, and limits. openly and accurately for the benefit of stakeholders
while still paying attention to company secrets,
position secrets and personal rights in accordance
LEGAL RISK with applicable regulations.
• The Company applies a clear principle of
Active Supervision of the Board of Directors, Board accountability in every function, task, authority and
of Commissioners and Sharia Supervisory Board responsibility of the company’s organs.
PROFILE
CORPORATE
• The Company has and has implemented procedures
• Throughout 2023, the Board of Directors discussed for analyzing legal aspects of new business activities.
every legal case faced by the Company which has • The Company has evaluated and updated its legal risk
a significant impact on the Company in meetings control policies and procedures on a regular basis in
and also convey it to the Board of Commissioners, accordance with the company’s external and internal
especially through the Committee under the Board developments, such as changes to regulations.
of Commissioners, in this case the Risk Monitoring
Committee. Adequacy of Risk Identification, Measurement,
• The Board of Directors and Board of Commissioners Monitoring, and Controlling Processes and Risk
have ensured that the risk management Management Information Systems
implementation for legal risks is carried out
DISCUSSION & ANALYSIS
MANAGEMENT
effectively and is integrated with the application of • The Company has a risk measurement method for
risk management for other matters which may have legal risk that is adequate and integrated with the
an impact on the company’s overall risk profile. company’s risk management framework, using both
• The Board of Directors has established an effective quantitative and qualitative approaches.
communication mechanism, including involving • The company has monitored legal risks through risk
company employees, regarding legal issues faced profiles and the quality of implementation of legal
by the legal department or related functions so risk management based on predetermined limits,
that legal risks can be immediately prevented and as well as carried out evaluations of the risk profile
controlled. assessments.
• The Board of Directors and Board of Commissioners • The Company has an early warning assessment
have implemented legal governance, namely mechanism through a committee formed to monitor
governance to form, execute and interpret the each violation so that it can respond and mitigate
provisions of laws and regulations and internal quickly.
provisions including the standard agreements used. • The Company has recorded and administered every
• The Board of Directors has ensured that there is incident, including litigation processes related to
legal consistency in every business activity, namely Legal Risk along with the amount of potential loss
that there is harmony between the activities or resulting from the incident in question in a data
GOVERNANCE
CORPORATE
business activities carried out with the provisions administration.
and does not create any ambiguity in an agreement
made by the Company. Comprehensive Internal Control System
• The Board of Directors has ensured that there is
legal completeness, so that all matters regulated • Implementation of 3 Lines of Defense in the
by national and international regulations can be Company structure consisting of Business Function,
implemented properly by the Company, including Risk Management & Compliance Function and
prohibitions in the provisions, which are clearly Internal Audit Function.
regulated in the Company’s internal regulations. • The existence of a Risk Management Work Unit
• The Company has implemented the necessary (SKMR) and a Compliance Work Unit (SKK) which
legal steps for significant violations committed by are under a separate Directorate from the Business
employees as part of recovery actions from losses Function. Implementation of a risk assessment tool
that may result from legal risks. (Risk Assessment) which includes an assessment of
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legal risks and their mitigation.
• Internal control is an important part for the Company • The Company has a Customer and Community
to ensure business processes run effectively in Protection Policy which has been adapted to POJK
achieving company goals and objectives. No. 6/POJK.07/2023 concerning Customer and
• The Company always carries out regular evaluations, Public Protection in the Financial Services Sector
in this case the Corporate Planning & Secretary since 2022;
Division, Risk Management & Compliance Division • The Company has had a Customer and Community
and Legal & Litigation Division, as well as other Protection Function which is concurrent with the
related Divisions to ensure the fulfillment and Compliance Function since 2022;
implementation of good governance principles, • The Company has an official who carries out
as well as provisions and/or applicable laws and the function of protecting personal data who is
regulations. supported by a Task Force to support this function
• The Company has an internal control system, in accordance with Law no. 27 of 2022 concerning
among other things, to ensure compliance with laws Personal Data Protection;
and regulations as well as the Company’s policies • All Directors of the Company have obtained
and regulations. financing expert certificates and all Board of
Commissioners have obtained basic Commissioner
certificates from designated certification bodies as
COMPLIANCE RISK well as Risk Management certification for Directors
who lead the Risk Management Division. In 2023, all
Active Supervision of the Board of Directors and Directors and Board of Commissioners have fulfilled
Board of Commissioners sustainability requirements;
• The Company’s Directors supervise their respective
• The Board of Commissioners actively carries out its Directorates according to their fields and expertise.
supervisory function over the Board of Directors and • The Nomination and Remuneration Committee has
the Company by holding 4 (four) joint meetings of held 3 (three) meetings throughout 2023. The Audit
the Board of Directors and Board of Commissioners Committee has held 6 (six) meetings throughout
in 2023. 2023; and the Risk Monitoring Committee has held
• Related to management functions, the Company’s 4 (four) meetings throughout 2023;
Board of Directors regularly held 31 (thirty one) • The Company has a Board of Commissioners Work
meetings in 2023. Guidelines (Charter), Directors’ Work Guidelines,
• In assisting the supervisory function, the Board Audit Committee Work Guidelines, Nomination
of Commissioners oversees 3 (three) Committees, and Remuneration Committee, and Risk Monitoring
namely the Audit Committee, the Nomination and Committee. These work guidelines are always
Remuneration Committee and the Risk Monitoring subject to periodic review.
Committee, which periodically hold meetings to • The Board of Directors and Board of Commissioners
discuss matters related to its function and authority have ensured that risk management for compliance
which are then submitted and/or proposed to the risk is carried out in an integrated manner with other
Board of Commissioners. risk management which can have an impact on the
• In 2023, the Board of Commissioners is assisted by company’s overall compliance risk profile.
the Audit Committee, Nomination and Remuneration • The Board of Directors and Board of Commissioners
Committee and Risk Monitoring Committee have ensured that any compliance problems that
chaired by the Independent Commissioner. The arise can be resolved effectively by the relevant
function of these committees is to ensure that the functions and monitoring of corrective actions by
inspection and monitoring system by the Board of the compliance function.
Commissioners runs optimally to realize the Good • The director in charge of the compliance function
Governance principles for Financing Companies. has carried out the responsibilities as regulated in
• The Board of Commissioners and Directors the provisions governing the implementation of the
have prepared reports on work implementation, Company’s compliance function.
achievements and implementation of good • The Company has an adequate risk management
governance which are disclosed in the Annual Report function for compliance risk with clear authority and
for the 2022 Financial Year, submitted at the Annual responsibility for each unit or work unit that carries
GMS held in 2023, and published on the Company’s out the risk management function for compliance
website. risk.
• The Company has an anti-corruption and bribery • The Company has a Compliance Work Unit which
policy that has adapted to the directions from has duties, authority and responsibility at least
the Financial Services Authority (OJK) and the as regulated in the provisions governing the
Corruption Eradication Commission (KPK) which implementation of the Company’s compliance
were submitted to the OJK in June 2023; function.
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compliance reports.
Adequacy of Policies, Procedures, and Determination • The Company has a mechanism for determining the
of Risk Limits minimum annual attendance limit for members of
the Board of Directors and Board of Commissioners.
• The Company has established policies, procedures • The Company monitors the legality of
and limits related to management risk, as stated in documentation for the appointment and dismissal
the Governance Agreement signed by each Director. of Directors and/or Commissioners, including
REPORT
MANAGEMENT
• The Company has determined the term of office concerning number and composition of the Directors
of the members of the Board of Directors and the and Board of Commissioners in accordance with
Board of Commissioners in the articles of association applicable regulations.
of the Company. • The Company has identified and analyzed several
• The Board of Directors with the approval of the Board factors that could increase Compliance Risk
of Commissioners evaluates the policies, procedures exposure.
and limit setting, on changes to laws and regulations.
• The Company always complies with the laws and • The Company has also built an integrated system
regulations. that can inform relevant divisions of reporting
• Every year, the Company has an adequate obligations that must be fulfilled to minimize
compliance work plan. compliance risks.
• The Company always ensures the effectiveness • The Compliance Work Unit has carried out
PROFILE
CORPORATE
of the implementation of risk management monitoring and reporting of compliance risks that
for compliance risk, especially in the context of occur to the Company’s Directors both at any time
formulating policies and procedures that are in when Compliance Risks occur and periodically.
accordance with generally accepted standards, • The Company has a database containing complete
provisions, and/or laws and regulations profiles, terms of office, continuity requirements and
other information related to the Board of Directors/
Adequacy of Risk Identification, Measurement, Board of Commissioners.
Monitoring, and Controlling Processes and Risk • The Company has developed a Risk Management
Management Information Systems and Compliance Dashboard which, among other
things, monitors the composition of members of the
• The Company strives to apply governance principles Board of Directors and Board of Commissioners so
DISCUSSION & ANALYSIS
MANAGEMENT
in every aspect of its business to create effective, that they comply with prevailing regulations.
efficient and sustainable governance.
• In controlling governance risks, the Company strives Comprehensive Internal Control System
to:
a. Transparent dissemination of the results of the • Implementation of 3 Lines of Defense in the
Directors’/Board of Commissioners’ decisions to Company structure consisting of Business Function,
Division heads. Risk Management & Compliance Function and
b. Implementation of an early detection system Internal Audit Function;
to prevent potential company losses, such as a • Establishment of a Risk Management Work Unit
committee formed to monitor any violations so (SKMR) and Compliance Work Unit (SKK) which
that they can respond and mitigate quickly, such has been carried out by the Company since the
as PRFC and Tableau; third quarter of 2019 which is under a separate
c. Determining the functions and duties of each Directorate from the Business Function;
work unit clearly so that each party can carry out • Developing a risk assessment tool which includes an
their functions and duties well; assessment of compliance risks and their mitigation;
d. Having guidelines and properly implementing • The Company has a compliance work unit that
performance measures and reward and can routinely or at any time submit reports and
GOVERNANCE
CORPORATE
punishment systems for all levels in the Company findings as well as actions taken to prevent and/or
as stated in the incentive/bonus schemes and overcome indications of non-compliance. The report
KPIs at both division and network office levels; is guaranteed to reach the Board of Directors and
e. Conduct regular evaluations of risk management Board of Commissioners.
implementation at least once a year • The Company, through the Compliance Work Unit
• The Company also has a Compliance Dashboard (SKK), ensures that the Company is always updated
which was developed in 2020 and is still used as a regarding Financial Services Authority regulations
tool in monitoring compliance with regulations to and other laws relating to the Company’s business
this day. sector;
• The Compliance Work Unit began to develop and • All activities of the Board of Directors and Board of
implement a monitoring mechanism for compliance Commissioners are reported periodically at Board of
with reporting to regulators called the Compliance Commissioners meetings and will be accounted for
Monthly Monitoring Report and semesterly at the General Meeting of Shareholders.
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REPUTATIONAL RISK Adequacy of policies, procedures, and risk limit
setting
Active Monitoring from Board of Directors and Board
of Commissioners • The Company has a policy procedure related to
handling customer complaints or complaints. The
• The Company’s Board of Directors has monitored handling of customer complaints is always guided
the position of reputational risk, such as the level and by OJK Regulation Number 01/POJK.07/2013
resolution of customer complaints to reporting in concerning Customer Protection in the Financial
the media in the risk dashboard report periodically. Services Sector, OJK Circular Letter Number 2/
The Board of Directors also provides direction and SEOJK.07/2014 concerning Services and Settlement
follow-up if there are matters that need special of Customer Complaints for Financial Services
attention related to monitoring and reporting on Business Actors as well as the provisions of laws and
these reputational risk factors. This report is also regulations. -other relevant legislation, including
reported to the Independent Commissioner through POJK No. 18/POJK.7/2018 concerning Customer
the Risk Dashboard reporting channel which is Complaint Services in the Financial Services Sector
presented to the Audit Committee and attended by and SEOJK No. 17/SEOJK.07/2018 concerning
the independent commissioner as Chairperson of Guidelines for the Implementation of Customer
the Audit Committee. Complaint Services in the Financial Services sector.
• The Board of Directors can also provide ad-hoc • In line with the implementation of Risk Management,
direction in the event of significant matters that namely POJK 28/POJK.05/2020 related to the
have a direct impact on the Company to mitigate Assessment of the Health Level of Non-Bank
this reputational risk. Financial Services Institutions, the Company has
adjusted the policy on this risk which is included in
• The Board of Directors and the Board of the reputation risk factor.
Commissioners have ensured that the • The Company has written policies and procedures
implementation of risk management for legal risk that comply with the principles of transparency in
is carried out effectively and integrated with the order to improve the quality of service to consumers
implementation of other risk management which and other stakeholders to control Reputational Risk.
may have an impact on the overall risk profile of the The policy must be in line with the provisions and/or
company. laws and regulations governing customer protection.
• The Board of Directors and the Board of • The Company has in place and implemented an
Commissioners have paid attention to the appropriate communication policy in order to
implementation of risk management for reputation deal with negative news or publications or prevent
risk by related functions in the Company, especially information that tends to be counterproductive,
functions related to interactions with external among others by implementing an effective media
parties. use strategy to deal with negative publications.
• The Board of Directors and the Board of • The Company has a special protocol for reputation
Commissioners have behaved professionally and management during a crisis so that it can quickly
maintained business ethics so that they can be anticipate an increase in Reputation Risk during
an example for all elements of the Company’s a crisis. Assessment of this factor includes crisis
organization in an effort to build and maintain management structure and crisis management
reputation. manual procedures
• The Board of Directors has determined the flow of
information delivery to debtors and other external Adequacy of risk identification, measurement,
parties related to the Company’s business activities monitoring, and control processes as well as Risk
to control reputation risk. Management Information System
• The Company needs to provide a centralized service
to handle questions, suggestions, or complaints • The reputation risk management process has been
from debtors, for example in the form of call center implemented by the Company in collaboration
services. between related divisions. The process of
• All employees including the management of the implementing reputation risk management is
business and operational functions and the support carried out in collaboration with related divisions
functions of the Company must be part of the such as Communication & Branding, BAF Care
risk management implementation structure for and other related divisions including operational
reputation risk, considering that reputation is the functions in network offices.
result of all the Company’s business activities. • Specifically for customer complaints in the Company,
they are handled by BAF Care which has various
complaint channels such as BAF Care hotline, BAF
Care e-mail, BAF Care SMS hotline. Apart from that,
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the Company also provides facilities via social media • The Company also regularly disseminates corporate
such as Facebook, Twitter, Instagram, BAF Mobile, values
to employees to build awareness of the
Live Chat via Line and the BAF Website or through importance of the Company’s reputation which
the Company’s network offices. is also reflected in the image of the Company’s
• The Company always monitors the publication employees.
and disclosure of other Company information in • The Company has also carried out service monitoring
the media or in the public which is carried out by and service coaching on a regular basis which is
REPORT
MANAGEMENT
Communication & Branding and Corporate Planning expected to continue to improve and maintain
& Secretary. the consistency of excellent service standards to
• The Company records and administers every consumers.
incident related to reputation risk, including the
amount of potential loss in data administration.
• The Company can use several sources of information Review on Effectiveness of the Risk
to identify the impact of reputation risk, including Management System
mass media reports, the Company’s website, and the
results of social media analysis, debtor complaints The Company has implemented a risk management
through call center services, or debtor satisfaction strategy based on 4 risk management pillars that has
questionnaires. been implemented for each type of risk faced by the
• The company must immediately follow up and Company. The Company has taken the mitigation steps
PROFILE
CORPORATE
resolve customer complaints and lawsuits that can required by the Company to achieve every business
increase exposure to reputation risk. and operational strategy that has been determined by
• The Company must develop a reliable mechanism considering the risks faced. This has made a positive
for carrying out effective reputation risk control contribution to the Company where the Company has
measures. succeeded in improving its business performance even
• The Company has a system for handling debtor though it is still in the COVID-19 pandemic situation.
complaints which is implemented at BAF Care The Company has achieved better business performance
and handling of these complaints will be reported than the previous year and achieved an inherently “low”
periodically to management. In 2023, the Company risk position with the implementation of an effective
received 1,737 complaints and 99.25% were Internal Control Function based on the results of the
resolved. financial soundness assessment conducted by the
DISCUSSION & ANALYSIS
MANAGEMENT
• With the cooperation of related divisions, the Company for the 2022 period.
Company always monitors negative news regarding
the Company for further action. In 2023, the active monitoring from the Board of
• The Company has regular procedures and Directors, Board of Commissioners and DPS has been
mechanisms for reporting reputation risks or events running well as described in each Company’s risk
that give rise to reputation risks, both in written form profile and Soundness Level. The Risk Management
and in the form of an electronic system, including implementation and supervisor function in the Company
discussions at board or management meetings. is regularly monitored through regular meetings. Risk
Management Committee held 4 (four) meetings in
Comprehensive Internal Control System 2023. The Risk Monitoring Committee meetings have
also held 4 (four) meetings in 2023.
• Implementation of the Three Lines of Defense in
the Company’s structure consisting of the Business The Company believes that strong risk management
Function, Risk Management & Compliance Function is the main and fundamental foundation for the
and the Internal Audit Function; Company’s success. Therefore, the Company makes
• The establishment of a Risk Management Work Unit risk management an integral part of the corporate
(SKMR) and a Compliance Work Unit (SKK) has been culture and decision-making process. The risk culture
GOVERNANCE
CORPORATE
carried out by the Company since the third quarter that continues to be fostered is awareness and
of 2019 which is under a separate Directorate from general understanding, attitudes and behavior of the
the Business Function; management and employees of the Company towards
• Develop a Risk Assessment tool which includes an risk. In 2023, the Company is campaigning for the theme
assessment of reputational risk and its mitigation; “Dare to Raise Facts” which is expected to be developed
• This reputation risk report is reported to the Board of at all levels of the organization. The implementation of
Directors and the Board of Commissioners through awareness is in the form of socialization and training,
the Risk Monitoring Committee reporting line, which including those embodied in the Mari Patuh Bulletin
is attended by the Independent Commissioner which is sent every month to all network offices with
in the Risk Dashboard reporting section, such as related socialization materials. Risk Management,
the number of incoming complaints, handling of Compliance and Application of AML CTF PPPSPM and
complaints to negative publicity, both from print Anti-Fraud.
and electronic media. and social media that may Adequacy of risk management policies and procedures
have an impact on the Company’s reputation.
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as well as the determination of risk limits is carried offices.
out, among others, by periodically reviewing policies
related to risk management during 2022. The adequacy
of the risk identification, measurement, control and Statement of the Board of Directors
monitoring process and risk management information and/or Board of Commissioners on the
system is also continuously realized by conducting a Adequacy of the Risk Management
Risk Assessment on the development business activities System
or changes in procedures. Throughout 2023, a total of
44 (forty four) Risk Assessments have been issued by Overall, the implementation of risk management in the
the Risk Management Work Unit. Management System company was sufficient. The risks faced by the Company
Management is carried out with appropriate systems have also been managed properly. The Company
and mechanisms to support reporting to the Board of recognized 8 (eight) types of risks faced during 2023.
Directors, Board of Commissioners and DPS. Submission
of the Company’s Health Level is always carried out The Company has assessed the level of these risks with
through each Risk Management Committee and Risk low results therenby not causing a significant impact on
Monitoring Committee. the Company’s operations. Going forward, the Company
will also continue to evaluate improvements and
The pillars of a comprehensive internal control system developments in the implementation of the Company’s
continue to be realized, among others, by solid Risk Management to ensure the sustainability of the
coordination with the first line and third line, which in Company’s long-term risk management.
2023 will be held through 23 (twent three) Integrated
Internal Control (IIC) meetings in 2023 for all network
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INTERNAL CONTROL
SYSTEM
REPORT
MANAGEMENT
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
The Company applies internal control system as a
continuous monitoring mechanism covering business
process, operational and financial for the company
THE COMPANY APPLIES THE comprehensively. The Company’s internal control
INTERNAL CONTROL SYSTEM AS system is an inseparable part of the implementation
GOVERNANCE
CORPORATE
of risk management strategies, especially in the pillars
AN IMPORTANT MONITORING of a comprehensive internal control system with the
COMPONENT IN THE COMPANY’S implementation of adequate internal control, namely
the implementation of 3 levels of defense within the
MANAGEMENT AND BECOMES Company which is expected to improve risk management
process and compliance with internal procedures
THE REFERENCE FOR SOUND
and regulatory provisions. as well as applicable laws,
AND CONTROLLED CORPORATE minimizing the impact of financial losses that may occur
by placing appropriate monitoring and control activities,
OPERATIONAL ACTIVITIES. deviations including fraud, mitigating risks that may
have a significant impact on the Company and violations
of prudential aspects, and increasing effectiveness
organization. Appropriate internal control is expected to
support overall targets and performance achievement as
REPORT
SUSTAINABILITY
stipulated by Management.
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6. Determine the reporting scheme from network offices
Business Processes, Operations and or related parties regarding the risk event;
Compliance Control with Other Law and 7. Ensure a clear division of duties (Segregation of
Regulation duties) that applies between divisions/departments
within the Company;
In 2023, the Company consistently implemented a 8. Have adequate policies and procedures to ensure
comprehensive internal control system as one of the the company’s compliance with prevailing laws and
pillars in implementing the Company’s risk management regulations and carry out regular reviews according
which includes several aspects, as follows: to the Company’s external and internal conditions;
1. Implement 3 levels of defense (3 lines of defense), such 9. Coordinate between related divisions to ensure the
as: First Line of Defense which consists of Business Company’s compliance with prevailing law and
Functions, Billing Credit and Operations; Second Line regulation;
of Defense consisting of the Risk Management Work 10. Review activities of the First Line of Defense and
Unit, Compliance Work Unit, Corporate Legal; and the Second Line of Defense by the Company’s Internal
Third Line of Defense which consists of the Internal Audit Work Unit.
Audit Work Unit or Independent Auditor. 11. Conduct inspections of network office and head
2. Carry out the Active Monitoring function of the Board office operations by the Company’s Internal Audit
of Directors, Board of Commissioners and Sharia Work Unit and ensure commitments/improvements
Supervisory Board (DPS) with a regular meeting are carried out by network offices or related divisions;
mechanism of the Risk Management Committee and 12. Report the findings of the Internal Audit Work Unit to
Risk Monitoring Committee as part of implementing the Audit Committee;
good corporate governance and risk management 13. Implementation of measurable improvement plans
strategies (including Information Technology Risk by monitoring audit results;
Management and Sharia Product and Business 14. Establish dedicated Anti-Fraud work unit under the
Activity Development Committee); Internal Audit Work Unit with related programs, as
3. Ensure regular reporting and meetings from Risk follows:
Management Committee and/or Risk Monitoring • Carrying out several initiatives to prevent fraud;
Committee to discuss the General Condition of • Socialize the Whistleblowing System as part of a
the Company through Financial Soundness Level violation detection strategy to employees;
reports, Implementation of Risk Management • Conduct investigations professionally and
Strategies (Including Information Technology Risk independently;
Management) or other matters to ensure adequate • Maintain a fast reporting line regarding violations
Risk Management process within the Company; committed by employees
4. Ensure implementation of programs related to Risk • Implementing Anti-Fraud strategies in the
& Compliance Awareness to ensure implementation Company
of Risk Awareness Culture in every related line
within the Company. For example, this program
includes Implementation of Risk Management and/ Review on Effectiveness of Internal
or Compliance Webinar, Socialization or refreshing Control
of applicable policies or regulations, Compliance
AML CTF PFPMDW National Test, Risk Control Self- Implementation of comprehensive internal control
Assessment (RCSA), Discussion of the function of the system for every business activity has been realized by
three levels of defense in Integrated Internal Control ensuring that the Company’s control system has been
(IIC) Virtual meetings to holding webinars related to implemented adequately. In 2023, the Company has
Anti-Money Laundering, Counter Terrorism Financing implemented an internal control system in accordance
and Prevention of Funding for the Proliferation of with the principles of control and implementation of
Weapons of Mass Destruction (AML-CTF PPPSPM). good Financing Corporate Governance. Overall, the
5. Establish AML-CTF PPPSPM Support Team which quality of the internal control system has been running
also coordinates with AM-CTF PPPSPM Officials well. Problems related to the adequacy of internal
to ensure that the AML-CTF PPPSPM program control have been reported to the Board of Directors
runs in accordance with the provisions of the laws and follow-up steps have been applied to minimize risks.
and regulations of the OJK and PPATK (Financial Reports are also always updated to the Audit Committee
Transaction Reporting and Analysis Center). The for further submission to the Board of Commissioners
Company has undergone an inspection by PPATK because basically the Board of Commissioners, assisted
within the framework of the period for filling out by the Audit Committee, is responsible for carrying out
the Financial Integrated Rating (FIR) Questionnaire supervision to ensure the implementation of internal
with Good and adequate results regarding the control in general.
implementation of the AML-CTF PPPSPM program
within the Company;
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PERFORMANCE
Risk Management Committee is chaired by the President the Company as a finance company. The CAMP Test
Director and consisting of Directors and Heads of has been carried out 1 (once) in September 2023;
related Divisions and the Risk Monitoring Committee e. Analyze and provide recommendations to the First
chaired by an Independent Commissioner and also Lines of Defense team for process changes or new
monitored by an Independent Party have played a role products or other things that increase risk through
in ensuring the implementation of all Risk Management the Risk Assessment Mechanism and/or Compliance
strategies and the implementation of the Risk culture Analysis mechanism;
REPORT
MANAGEMENT
that has been established by the Company in in 2023. f. Update related internal policies including Risk
The Risk Management Work Unit, in coordination Management Guidelines, Compliance Policy
with the Compliance Work Unit and other related Standards and AML CTF PPPSPM Implementation
departments, has also used regulatory tools stipulated Guidelines.
by the OJK including but not limited to provisions related g. As part of strengthening the internal control function
to Good Corporate Governance, Implementation of in network offices, the Internal Audit Work Unit
Risk Management for Non-Bank Financial Services together with the Risk Management Work Unit have
Institutions, Implementation of Information Technology appointed network office leaders to become Internal
Risk Management in Non-Bank Financial Services Control Ambassadors (ICA) with specific tasks that
Institutions, as well as Assessment of the Health Level of have been decided jointly between the Internal Audit
Financing Companies and Sharia Financing Companies Work Unit and Risk Management Work. In 2023, the
to assess the level of financial health using 4 (four) main best ICA has been selected which has implemented
PROFILE
CORPORATE
parameters, namely: internal control in network offices in accordance with
a. Implementation of Good Corporate Governance; the tasks set by SKMR and SKAI;
b. Risk Profile with an approach based on 8 Types of h. Quality Assurance function will help to strengthen
Risk; the internal control function in network offices by
c. Profitability; And jointly checking the quality of the control process
d. Capital. (Quality Process Control) for high-risk processes and
the quality of data (Quality Data Control);
In fulfilling the Internal Control Pillar, the Company also i. Establish a reporting mechanism for external events
involves the Sharia Supervisory Board (DPS) to discuss the that can impact the organization and originate from
implementation of the Company’s risk management for operational risks (external factors). This reporting is
the company’s businesses that use sharia principles. This called an Operational Risk Event;
DISCUSSION & ANALYSIS
MANAGEMENT
is in line with the implementation of the first pillar of the j. Carrying out socialization and monitoring the
Risk Management Strategy, namely Active Supervision implementation of applicable legal provisions related
of the Board of Directors, Board of Commissioners and to the Company, including:
Sharia Supervisory Board. 1) POJK 3 of 2023 concerning Financial Literacy
and Inclusion in the Financial Services Sector for
Initiatives that have been carried out in 2023 to support Consumers and the Community;
the implementation of internal control in the Company 2) POJK No. 6/POJK.07/2022 concerning Customer
are as follows: and Public Protection in the Financial Services
a. Implementation of Operational Risk management at Sector;
national level through Risk Control Self-Assessment 3) Law No. 27 of 2022 concerning Protection of
(RCSA) which will further create Risk Register. Personal Data;
The implementation of RCSA is carried out every 4) POJK Number 8 of 2023 concerning
semester and performed by the Risk Taking function Implementation of Anti-Money Laundering
with an independent assessment mechanism using Programs, Prevention of Terrorism Financing,
predetermined working papers. The results of RCSA and Prevention of Funding for the Proliferation
implementation are reported to the Risk Management of Weapons of Mass Destruction in the Financial
Committee and Risk Monitoring Committee; Services Sector
GOVERNANCE
CORPORATE
b. Implementation of Integrated Internal Control (IIC) 5) Law Number 11 of 1980 concerning the Crime of
throughout 2023 has been carried out in 20 (twenty) Bribery;
activities through virtual meetings attended by each 6) Law Number 20 of 2001 concerning Amendments
function in the first line, second line and Three Lines to Law Number 31 of 1999 concerning the
of Defense; Eradication of Corruption Crimes (Tipikor)
c. Implementation of a webinar related to Operational 7) POJK Number 4 /POJK.05/2021 concerning the
Risk Management which will be held on June 22, Implementation of Risk Management in the Use
2023 with an external speaker, John Barny Manik of Information Technology by Nonbank Financial
d. Implementation of Compliance AML CTF PFPMDW Services Institutions
National Test (CAMP Test) to ensure that the 8) POJK 44/POJK.05/2020 concerning
Company’s internal employees understand the Implementation of Risk Management for Non-
relevant regulations properly, and as part of a Bank Financial Services Institutions
refresher program for the regulations that apply to
REPORT
SUSTAINABILITY
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is responsible for implementing good internal control
Statements of Internal Control system to achieve the Company’s objectives. Assisted by
Adequacy a committee, the Board of Commissioners is responsible
for carrying out supervision in order to ensure the
The Company implements internal control system as implementation of general internal control. However, all
an important monitoring component in the Company’s lines of defense are required to act as those responsible
management and as a reference for healthy and for managing internal control in each work unit in the
controlled company operational activities. Overall, in Company. Inspections have been carried out periodically.
2023, adequacy of internal control has been adequate. Awareness programs regarding internal control are also
The Board of Directors and Board of Commissioners are routinely carried out. The Company believes that an
committed to always ensure that corporate governance adequate internal control system will not only support
is carried out properly as a basis for achieving goals the achievement of the Company’s vision and mission,
to maintain and increase company value. One of the but also to increase value for stakeholders, minimize the
mechanism to ensure that the internal control system has loss risk and maintain compliance with prevailing laws
been implemented adequately. The Board of Directors and regulations.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
WHISTLEBLOWING SYSTEM, ANTI-CORRUPTION,
ANTI-FRAUD AND ANTI-MONEY LAUNDERING AND
COMBATING THE FINANCING OF TERRORISM AND
FINANCING OF THE PROLIFERATION OF WEAPONS
OF MASS DESTRUCTION FINANCING (AML CFT &
PPMWDF) POLICY
REPORT
MANAGEMENT
Whistleblowing System Policy Report Managing Party
Fungsi yang mengelola pengaduan berada di bawah The
Whistleblowing System (WBS) policy aims to encourage function that manages further report is under Anti-Fraud
and enable all Stakeholders to raise their awareness Work Unit in the Internal Audit Unit. The Anti-Fraud
towards appropriate handling of suspected fraud or Unit is in charge to investigate and make reasonable
PROFILE
CORPORATE
violations that occur, whether by individuals or groups recommendations to the Board of Directors, as a
in the Company’s internal and external environment. In follow-up to any reports that have been received. The
2023, the Company has involved other stakeholders by report will then be followed up through an investigation
including by mentioning a hotline at website. process to ensure that the action is a deviant act and
then determine the handling and prevention actions in
the future. The results of the examination of the report
Whistleblowing Report Submission will also be submitted to the Board of Directors to earn
Mechanism appropriate, wise, professional and objective decisions on
the investigation result.
The employee may submit every report on violation
against the Company’s regulation to Anti Fraud Work The Company has established a punishment mechanism,
DISCUSSION & ANALYSIS
MANAGEMENT
Unit via the Whistleblowing System on the Company’s including through a verdict meeting led by Human
website www.baf.id, where the whistleblower will have the Resources Division, attended by Risk Management Work
convenience in filling a digital form (WBS form), via the Unit and Compliance Work Unit (Risk Management &
Anti-Fraud hotline telephone number. Fraud at number Compliance), Anti-Fraud unit and related Divisions. If
0815 1455 3969 and the Female Investigator hotline at based on the results of investigation proves that the
0811 8513 224 which is intended for reports that require reported person has committed fraud or a violation,
handling by Female Investigators and can also be done sanctions will be given as stated in the Company
via email to report@baf.id Regulations which must be obeyed by all employees of
the Company.
Protection to Whistleblower
Number of Reports Submitted and
Any report regarding violating action or behavior agains Processed in 2023 and the Report
the Company’s regulation is eligible to be submitted by Follow-Up
the offender or anyone knowing such action, as long
driven by good faith and integrity, and solely upon the Throughout 2023, there was zero fraud event with
GOVERNANCE
CORPORATE
Company’s favor, the Company guarantees will not cause significant negative impact to the Company reported to
any punishment (based on the Company’s Regulation) to Financial Service Authority (OJK) according to provisions
the Whistleblower. in Financial Service Authority Regulation (POJK) No.
35/POJK.05/2018 concerning Financing Business
The Company guarantees that there will be no action Implementation, article 46 point (1) letter b.
against male/female employees who submitted reports
based on good faith and/or integrity and/or to participate Board of Directors has determined that value of
in the review process of alleged violations. This protection significant fraud is 5.9 billion/incident as declared in
also applies to employees who submit violation reports in Board of Directors’ Approval Memo No. 0014/AM/
good faith but are proven wrong. However, the Company RMC/08/2022. Therefore, fraud incidents occured in
reserves the right to discipline employees who submitted 2023 with potential losses as determined as significant
reports with bad intentions or abuse the Whistleblowing fraud values are as follows:
policy.
REPORT
SUSTAINABILITY
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OFFENDER
STATUS COMMISSIONERS / INTERNAL OUTSOURCE
DIRECTORS EMPLOYEES EMPLOYEES
Investigation Has Been Closed - - -
Under Investigation Process - - -
Litigation Process - - -
Not Followed Up - - -
Total - - -
2. Commitment to Anti-Corruption and Bribery by
Anti Corruption Policy Employees:
a. Refuse any cash reward or gifts in any form from
The Company has PT Bussan Auto Finance Anti- third parties/other related parties.
Corruption and/or Bribery Behavior Policy as approved by Third parties/other related parties thereof
the Board of Directors in July 2023 which includes: prospective consumers, consumers, dealers,
sellers of goods/services who collaborate or
1. Top Management Anti-Corruption Commitment: will collaborate, insurance, company affiliates,
a. The Company is committed to run the business auction houses and any parties who will later be
based on vision, mission and values, including designated as third parties/related parties other.
integrity value and following the applicable code Forms of gifts/gratifications other than money
of ethics. This Company strives to improve and that are prohibited from being accepted include
enhance every business process to be in line with travel (tours), transportation tickets, tickets for
integrity principle. The Company implements visual and/or non-visual entertainment rides
zero tolerance principle towards actions related (including hotels, karaoke, others), movable and/
to corruption, bribery and violations of related or immovable goods that can be valued in cash.
laws and regulations, including acts against the Receiving money or goods can be categorized as
applicable laws in Indonesia; bribery, which is a serious violation.
b. The Company prohibits all levels of leadership, b. Do not commit criminal acts of corruption,
employees, and even third parties who work for gratification to civil servants, state officials or
and on behalf of this Company to lure, promise, anyone else
or give something to state officials or to anyone 1) Corruption in Law no. 31 of 1999 concerning
else in the event that the action includes an act the Eradication of Corruption Crimes (“Tipikor
that lacks integrity or is an act against law; Law”) means that every person who unlawfully
c. The Company prohibits all employees within the commits an act of enriching themselves
Company’s working scope to request gifts from or another person or a corporation which
individuals or organizations related to their duties can harm the state’s finances or the state’s
at the Company; economy. Employees are prohibited from
d. The Company regulates conflicts of interest for committing criminal acts of Corruption and if
each employee. Any conflict of interest that has employees are suspected and have sufficient
the potential to pose a risk shall be declared; evidence of having committed Corruption
e. The Company is committed to always providing then they will be prosecuted criminally with
socialization and training regarding corruption the threat of punishment as regulated in the
prevention or business/operational processes Corruption Law;
with integrity on a regular basis to all leaders and 2) Gratification in Law no. 20 of 2001 concerning
employees; Amendments to Law no. 31 of 1999
f. The Company will monitor implementation of concerning the Eradication of Corruption
this commitment and any violation against is a gift in a broad sense, which includes
code of ethics will be subject to the punishment giving money, goods, rebates (discounts),
mechanism. commissions, interest-free loans, travel
tickets, lodging facilities, tourist trips, free
medical treatment and other facilities. These
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
gratuities are either received domestically or request or accept any undue or other advantage
abroad and are carried out using electronic (or imply that they will or may do something in
means or without electronic means. the future) with anything related to the contract,
All employees are prohibited from committing and that sufficient measures have been taken
corruption and/or giving or giving gratuities to prevent the partner/vendor/supplier, agent
to Civil Servants or State Officials or other or third party another, who is the subject of his
parties which can be considered or equated control or influence to do such thing;
REPORT
MANAGEMENT
with giving bribes related to their position b) All parties agree that, throughout the time
and contrary to their obligations or duties. related to the contract and thereafter, they will
Furthermore, employees are also required comply with and will take sufficient action to
to comply with applicable Company ensure that subcontactors, agents or other third
Regulations and Anti-Bribery Commitments. parties who are the subject of their control or
If an employee is proven to have committed influence will also comply with Law Number 31
corruption and/or gratification, it will 1999 in conjunction with Law Number 20 of 2001
be processed legally with the threat of concerning Eradication of Corruption Crimes and
punishment as regulated in Law no. 20 of Law Number 8 of 2010 concerning Prevention
2001 concerning Amendments to Law no. and Eradication of Money Laundering Crimes;
31 of 1999 concerning the Eradication of c) If a party, as a result of exercising the right to be
Corruption Crimes and is subject to sanctions audited as stated in the Agreement, is found by
PROFILE
CORPORATE
in accordance with Company Regulations. another party with evidence of accounting books
and financial records showing that the party is
3. Anti-Corruption and Bribery Clause of the Company involved in indications of violations, notification
with Other Parties: will be given and the party will be asked to take
The Anti-Corruption and Bribery Clause must be corrective action in the shortest possible time and
agreed upon by the collaborating parties, namely inform about the action. If the party concerned
the Company and other parties/partners, both before fails to take corrective steps or it is not possible
and after the collaboration. The clause must be to implement corrective steps, and fails to explain
stated in the Cooperation agreement between the that an adequate prevention system has been
two parties, so that the obligation and responsibility implemented as part of the organizational
to implement the clause lies with the parties who culture, then the other party may suspend or
DISCUSSION & ANALYSIS
MANAGEMENT
voluntarily enter into the agreement. cancel the contract.
The following is an example of an Anti-Corruption The Anti-Corruption Policy is also contained in the
and Bribery clause as a reference in the Cooperation Compliance Standard Policy which was updated
Agreement: on April 28 2023. In the Compliance Standard
a) Each party agrees that, at the time of entering Policy. In the Compliance Policy Standards,
into this contract, all relevant levels of the parties there are, among other things, 12 (twelve)
including and not limited to the directors, board Commitments to Work in the Company and there
of commissioners, officers and employees have are 3 (three) work commitments related to anti-
never and will not offer, promise, give, authorize, corruption policies, including:
1st Commitment:
“Carry out my duties and authority with full integrity, honesty and responsibility”. Integrity
and honesty are the most important things that the Company demands of its employees.
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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7th Commitment:
“Refuse any giving of money or gifts in any form from third parties/other related parties”
Third parties/other related parties referred to here are consumers, dealers, sellers of goods/
services who collaborate or will collaborate, insurance, company affiliates, auction houses
and any parties who will later be designated as third parties/other related parties. Forms
of gifts/gratifications other than money that are prohibited from being accepted include
travel (tours), transportation tickets, tickets for visual and/or non-visual entertainment rides
(including hotels, karaoke, etc.), movable and/or immovable goods that can be valued with
money. Receiving money or goods can be categorized as bribery, which is a serious violation.
In the event that an employee receives a gift for any reason, the employee is obliged to
report it to the direct management and to the Compliance Department by filling in the
Statement of Disclosure Form for Receiving Gifts or Providing Gifts/Entertainment, so that
the employee is not categorized as a bribe recipient.
In the event that an employee/stakeholder has already received the gift above, they are
obliged to report the gift to the leadership (at least the Division Head) and the Compliance
Department no later than 2 All forms of gifts that fall into the categories mentioned above
will be documented and stored by the Compliance Department.
11th Commitment:
“Not committing criminal acts of corruption, gratification to civil servants, state officials or
anyone else”
All employees are prohibited from committing corruption and/or giving or giving gratuities
to civil servants or state administrators or other parties is considered giving bribes related
to their position and contrary to their obligations or duties. If employees are proven to have
committed corruption and/or gratification, they will be processed legally with the threat
of punishment as regulated in Law no. 20 of 2001 concerning Amendments to Law no.
31 of 1999 concerning the Eradication of Corruption Crimes and is subject to sanctions in
accordance with Company Regulations.
Apart from the 12 (twelve) Work Commitments as stated The programs and procedures carried out to overcome
in m Compliance Policy Standards, the Company also corruption practices, kickbacks, fraud, bribery and/
re-emphasizes the prohibition of all forms of bribery, or gratification in the Company in 2023, include the
gratification or the like, either directly or indirectly, in following:
any form, including but not limited to cash, valuables 1. Disseminate the 12 Basic Commitments to
or other forms, whether as the recipient or giver in all Compliance Standard Policy in Company Induction
transactions carried out by the Company with any Program (CIP) activities in 12 (twelve) activities and
party to obtain unfair business profits as formulated in 3 (three) times via webinar;
article 20 paragraph (15) of the Company Regulations, 2. Socialize PT Bussan Auto Finance’s Anti-Corruption
which read “Every employee is obliged to maintain and/or Bribery Policy to all Company employees in
the good name and image of the Company, and in July 2023;
connection with His duties and work at the Company are 3. Disseminate anti-corruption practices, kickbacks,
not permitted to accept gifts in any form from parties fraud, bribery and/or gratification through the
outside the Company, whether partners, suppliers or Compliance & APU PPT PPPSPM Test (CAMP Test)
customers of the Company. The provisions regarding this material which will be held from July to August 2023,
matter are regulated separately by the Employer.” Giving which will be attended by all employees;
gratuities and the like as already explained is an unlawful 4. Conduct outreach through the Let’s Obey bulletin
act because it is intended to influence the recipient’s every month. During 2023, 12 (twelve) Let’s Obedient
decision/behavior in accordance with what the giver bulletins have been published;
desires, both for the Company’s and personal interests. 5. Increase employee awareness by publishing an Anti-
Fraud Bulletin every 3 (three) months. This bulletin
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
contains information and understanding regarding
fraudulent acts/actions that can occur in the work Anti-Fraud Policy
environment, and information regarding the dangers
of fraud. During 2023, the Anti-Fraud Working Unit The Company realizes that one of the risks that the
has published 4 (four) Anti-Fraud Bulletins; And Company must be aware of is operational risk which
6. Conduct regular outreach to employees both at the includes the risk of fraud committed by employees and
head office and at network offices. During 2023, to external parties. Departing from this and realizing the
REPORT
MANAGEMENT
increase awareness of the Company’s employees level of complexity of the Company’s business, the
regarding the dangers of corruption/fraud, the Anti- Company already has a Fraud Control Guidelines and
Fraud Work Unit has held activities in the form of Anti-Fraud Strategy. The guidelines were prepared
training and outreach 24 (twenty four) times; based on the POJK No. 35/POJK.05/2018 concerning
7. The Company also periodically carries out awareness the Business Implementation of Financing Companies,
via e-mail, employee PC desktop wallpapers, TV and various other related regulations. In 2023, there
screens in the head office, including regarding the was no changes and/or adjustments to the Company’s
prohibition on accepting gifts, and other information Fraud Control Guidelines and Anti-Fraud Strategy.
to constantly remind employees
In complying with POJK No. 35/POJK.05/2018
concerning the Implementation of Financing Company
Fraud Controlling Business, the Company’s Fraud Control Guidelines and
PROFILE
CORPORATE
Anti-Fraud Strategy have regulated, among others,
Fraud is an act of deviation or omission that is related to:
intentionally carried out to deceive, cheat, or manipulate a. Fraud control
the company, debtor, or other party, which occurs within b. Implementation of anti-fraud strategy
the company and/or uses company facilities so as to c. Reporting
cause the company, debtor, or other party to suffer d. Whistleblowing/Complaint Handling
losses, and/or has the potential to harm the company
materially and morally and/or fraud perpetrators obtain Preparation of the Guidelines for Fraud Control and
financial benefits, either directly or indirectly. Anti-Fraud Strategy has considered at least internal and
external environmental conditions of the Company;
The objectives of implementing the Anti-Fraud Policy in complexity of business activities; potential, type, and
risk of fraud; and the adequacy of the required resources.
DISCUSSION & ANALYSIS
MANAGEMENT
the Company are as follows:
a. Fostering an Anti-Fraud culture at all levels of the The Company’s Board of Directors has appointed an
Company’s organization. official, such as the Fraud Control Officer, which is held
b. Raising awareness and concern for the risk of fraud by Erdyan Blueuardi. The Fraud Control Officer carries
in the Company’s operational activities, so that it is out the fraud control function who is directly responsible
always reliable in providing financial services to the to the President Director for handling the Company’s
public. fraud control. Fraud Control Officer has integrity,
c. As a reminder for the operational implementers of independence, and sectoral competency.
the Company to comply with prevailing procedures
and regulations. There are 4 (four) fraud controlling major pillars, as
Creating the Company’s human resources who are follows:
reliable and always ready to accept challenges.
FRAUD CONTROLLING
GOVERNANCE
CORPORATE
ACTIVE MONITORING ORGANIZATION STRUCTURE MITIGATION AND EDUCATION
BY THE MANAGEMENT AND RESPONSIBILITY MONITORING AND TRAINING
Commitment which contains 5 (five) commitments
Anti-Fraud Controlling and Strategy is always socialized to employees. The contents of
Implementation in 2022 the Anti-Fraud Commitment are disclosed in the
Code of Ethics section of this annual report. Every
Several initiatives that have been made in the Company, first Monday of every month, all employees declare
among others: together an “Anti-Fraud Commitment” after doing
REPORT
SUSTAINABILITY
a. The Company has established an Anti-Fraud the morning prayer.
Commitment that must be adhered to by all
employees. Throughout 2023, the Anti-Fraud
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GOVERNANCE
b. The Company has established a fraud awareness 1. Anti-fraud awareness to employees, especially
communication channel (hotline) which is managed to Account Receivable Head (ARH), Marketing
by the Anti-Fraud Unit and continues to monitor Head (MH). Chief Credit Marketing Officer
follow-up actions through periodic meetings. (CCMO), Credit Marketing Officer CAR, and
c. The Board of Directors has periodically reported the Sales Team Leader This training will be held in
Anti-Fraud Summary Report and SMS Hotline Report August and September 2023. Total participated
quarterly to the Board of Commissioners in the Joint participants were 1,192 participants;
Meetings of the Board of Directors and Board of 2. Internal Control Ambassador Socialization
Commissioners which have been held 4 (four) times & Discussion in February, May, August and
during 2022. November 2023;
d. The Company continues to update its information
technology system from time to time in line with the 3. Buletin Anti Fraud Socialization in February,
Company’s needs and provides maximum security May, August and October 2023;
against possible abuse by employees or external 4. Socialization of the Anti-Fraud Campaign by
threats. sending WhatsApp messages to all employees
e. Preparation of education plans and implementation every month starting from March to December
of anti-fraud training/socialization. The training/ 2023; and
socialization to increase awareness in 2023 is as 5. Socialization of the Anti-Fraud Campaign on
follows: Employee desktop wallpapers for 1 to 2 weeks in
March, May, September and November 2023.
through the implementation of an effective Anti-Money
Anti Money Laundering and Combating Laundering, Combating the Financing of Terrorism,
the Financing of Terrorism (AML CFT) and Prevention of Proliferation of Weapon of Mass
Destruction Financing (AML, CFT & PPWMDF).
The Company realizes, as a financial service provider,
the Company is very vulnerable to the risk of Money As implementation of above-mentioned program,
Laundering (AML), Terrorism Financing (CFT), and Mass the Company has appointed officers in charge in
Destruction Weapons (PPWMDF) Proliferation Funding. implementation of the AML, CFT & PPWMDF programs.
Therefore, the Company seeks to mitigate this risk by The officer is the person in charge of implementing the
carrying out various prevention and control efforts, AML, CFT & PPWMDF programs). The officers shall be
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HIGHLIGHTS
PERFORMANCE
appointed or assigned by the Board of Directors and b. Propose, compile and update AML, CFT & PPWMDF
can only concurrently carry out the risk management Guidelines that have been prepared to manage and
function and/or compliance function. mitigate risks based on a risk assessment of Money
Laundering and/or Terrorism Financing criminal
acts in accordance with POJK, laws or implementing
AML CFT & PPWMDF Policy regulations, to ask for consideration and approval
from the Board of Directors and the Board of
REPORT
MANAGEMENT
Implementation of AML, CFT & PPWMDF program Commissioners;
is commitment of the Board of Directors and Board c. Ensuring that there is a system that can identify,
of Commissioners. In implementing the AML, CFT & analyze, monitor and provide reports effectively
PPWMDF program, the Company refers to the provisions on the characteristics of transactions made by
under the Law and Regulations, as follows: consumers (AML, CFT & PPWMDF);
d. Ensuring AML, CFT & PPWMDF Policies and Procedures
1. Law Number 8 of 2010 (Law on Money Laundering) are in accordance with changes and developments
on Prevention and Eradication of Money Laundering which include, among others, products, services, and
Crime. technology in the financial services sector, business
2. Law Number 9 of 2013 concerning the Prevention activities & complexity, as well as the Company’s
and Eradication of Terrorism Financing Crimes. transaction volume;
3. POJK No. 8 of 2023 concerning Implementation of e. Ensuring that the request form for data/documents
PROFILE
CORPORATE
Anti-Money Laundering, Combating Financing of related to the Debtor (know your customer/ KYC)
Terrorism and Prevention of Proliferation of Weapon has accommodated the data required in the
of Mass Destruction Financing in Financial Service implementation of the AML, CFT & PPWMDF
Sector. Implementation Policies and Procedures;
4. Financial Services Authority Circular Letter (SEOJK) f. Monitor customer accounts and implementation of
No. 37/SE.OJK.05/2017 concerning Guidelines for customer transactions;
Implementation of Anti-Money Laundering and g. Evaluate the results of monitoring and analysis of
Combating Financing of Terrorism Programs in the Debtor transactions to ensure that there are or are
Non-Bank Financial Industry Sector. not Suspicious Financial Transactions, Cash Financial
5. Financial Services Authority Circular Letter Transactions and/or financial transactions of fund
(SEOJK) No. 29/SEOJK.01/2019 as Amendment to transfers to and from overseas;
DISCUSSION & ANALYSIS
MANAGEMENT
Financial Services Authority Circular Letter No. 38/ h. Administer the results of monitoring and evaluation;
SEOJK.01/2017 concerning Guideline of Immediate i. Ensuring the updating of customer data and profiles
Blocking on Customers’ Funds in Financial Service as well as customer transaction data and profiles as
Sector whose Identity is Included in Terrorism Suspect well as reporting to the relevant authorities;
and Terrorism Organization List. j. Ensuring that business activities that have a high
6. Financial Service Authority Circular Letter (SEOJK) risk of money laundering and/or terrorism financing
No. 31/SEOJK.01/2019 concerning Guideline crimes are identified effectively in accordance with
of Immediate Blocking on Customers’ Funds in the Company’s policies and procedures as well as the
Financial Service Sector whose Identity is Included regulations of the POJK and other prevailing laws;
in Proliferation of Weapon of Mass Destruction k. Ensuring a good communication mechanism from
Financing in Financial Service Sector and other each related work unit to the support team or
related regulations. officials responsible for the implementation of the
AML, CFT & PPWMDF programs by maintaining the
The Company also has AML, CFT & PPWMDF Guideline. confidentiality of information and paying attention
In 2023, there guideline has been updated as to anti-tipping-off provisions;
recommended by Board of Directors and approved by l. Supervise the implementation of AML, CFT &
Board of Commissioners on December 5, 2023. PPWMDF;
GOVERNANCE
CORPORATE
m. Ensuring the identification of high-risk areas related
The Company also has appointed an officer, Yulius to the implementation of the AML, CFT & PPWMDF
Ariyasatya as the official in charge on implementation programs by referring to the provisions of laws and
of the AML, CFT & PPWMDF programs. The official must regulations and adequate sources of information;
be appointed or appointed by the Board of Directors and n. Receive and analyze reports of suspicious financial
can only concurrently carry out the risk management transactions and/or cash financial transactions
function and/or compliance function. submitted by related functions;
o. Prepare reports on Suspicious Financial Transactions,
The main duties of the AML, CFT & PPWMDF Officers are Cash Financial Transactions, and/or financial
as follows: transactions of fund transfers to and from overseas
a. Analyze periodically the risk assessment of Money (if any);
Laundering and/or Terrorism Financing crimes related p. Periodically oversee and ensure follow-up on DTTOT
to the Debtor, country or geographic area, product, and DPPSPM has complied to law and regulation
service, transaction or distribution network (delivery concerning TPPT prevention and eradication
REPORT
SUSTAINABILITY
channels); and provisions regarding PPSPM prevention and
eradication;
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q. Oversee, analyze, and recommend training needs d. Initiative to report 6 (six) Suspicious Financial
regarding the implementation of the AML, CFT & Transactions (TKM) to PPATK (Center for Financial
PPWMDF program for all employees of the Company; Transaction Reports and Analysis).
r. Ensure all activities for AML, CFT and PPWMDF e. Development of an information system that can
programs implementation has been carried out monitor, identify, analyze and provide reports with
properly; and transaction characteristics based on the risks carried
s. Perform other assignments for AML, CFT and out;
PPWMDF programs implementation f. Maintain and update DTTOT & DPPSPM received by
the Company to enrich internal data in the customer
According to POJK No. 8 of 2023 concerning Anti-Money analysis process.
Laundering, Combating Financing of Terrorism and To support monitoring activities for customer profiles
Prevention of Proliferation of Weapon of Mass Destruction and transactions so that they can run effectively. The
Financing in Financial Service Sectoras legal basis for the Company carries out monitoring, identification and
Policies and Procedures for the Implementation of AML, analysis processes and reports to PPATK if suspicious
CFT & PPWMDF, There are 5 pillars of enforcement of financial transactions (TKM) are found. The Company has
the application of AML, CFT & PPWMDF, which have also an information system that supports the implementation
been adopted by the Company, as follows: of AML, CFT & PPWMDF. Throughout 2023, the Company
A. Active monitoring from Board of Directors and Board will continue to actively use systems and applications
of Commissioners; aimed at supporting APU, PPT & PPPSPM, including:
B. Policy and Procedure; a. SIPESAT (Integrated Service User Information
C. Internal Control; System) based on Circular Letter of the Head of
D. Management Information System; and PPATK No. 08 of 2016 concerning Procedures for
E. Human Resources and Training. Submitting Integrated Service User Information
Through the Integrated Service User Information
System Reporting Application;
Implementation of Anti-Money b. PEP (Politically Exposed Person) based on PPATK
Laundering, Combating Financing of Regulation Number 11 of 2020 concerning Procedures
Terrorism (AML & CFT) in 2023 for Using the Politically Exposed Person Application;
c. Go AML (Go Anti Money Laundering) based on PPATK
Several initiatives taken by the Company in implementing Regulation Number 6 of 2021 concerning Procedures
the AML, CFT & PPWMDF programs in 2023, are among for Using the Go AML Application by Supervisory and
others: Regulatory Institutions in the context of monitoring
a. Board of Directors and the Board of Commissioners compliance whose function is to report Suspicious
perform active monitoring based on periodic reports Financial Transactions;
related to the implementation of the AML, CFT & d. SIPENDAR (Information System for Suspected
PPWMDF Programs that are submitted, including Terrorism Financing) based on PPATK Regulation
giving approval regarding the Policies and Procedures no. 11 of 2021 concerning Information Systems for
for the AML, CFT & PPWMDF Programs. The AML Suspected Terrorism Funding;
support team, CFT, PPWMDF with the Director of e. SIGAP (Anti-Money Laundering and Terrorism
compliance held 12 (twelve) meetings in 2023. Financing Prevention Program Information System)
Total Board of Directors meetings has been held 11 based on SEOJK No. 31/SEOJK.01/2019 concerning
(eleven) times and number of Board of Directors Guidelines for Immediate Blocking of Customer Funds
and Board of Commissioners meetings has been in the Financial Services Sector whose identities are
held 4 (four) times during 2023. The Company has listed on the List of Funding for the Proliferation of
adjusted its Policies and Procedures in accordance Weapons of Mass Destruction)
with the latest regulations. Policy adjustments for
the AML CFT & PPWMDF Guidelines recommended Implementation of training programs for all employees
by the Board of Directors and approved by the Board in the APU, PPT & PPPSPM fields to produce human
of Commissioners on December 5, 023. Various other resources who have an adequate level of expertise and
policies have also been approved, including: Updates knowledge in carrying out their duties. In 2023, training
to the APU, PPT & PPPSPM Risk Based Approach (RBA) for all employees in the APU, PPT & PPPSPM fields will
policies, and Parameters for Suspicious Financial be actively carried out, including for employees at the
Transactions and Cash Financial Transactions. Company’s network offices, as follows:
b. The Company has also carried out AML, CFT & 1. Company Induction Program was held for more than
PPWMDF compliance audits by the Internal Audit 3,466 new employees at head office and network
Work Unit and in 2023, operational audits will run offices;
regularly for network offices and will also involve 2. Webinar related to POJK No. 8 of 2023 concerning
audits on the implementation of AML, CFT & the Implementation of Anti-Money Laundering
PPWMDF; Programs, Prevention of Terrorism Financing, and
c. Periodic socialization regarding the prohibition on Prevention of Funding for the Proliferation of Weapons
accepting cash for installment payments/payments of Mass Destruction in the Financial Services Sector
above > Rp50,000,000 (fifty million Rupiah) via email is held at the Management level. Webinar related to
to all network offices; POJK No. 8 of 2023 concerning the Implementation
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of Anti-Money Laundering Programs, Prevention of to acquisitions, including Credit Marketing Officer
Terrorism Financing, and Prevention of Funding for (CMO) and Sales Team Leader (STL); And
the Proliferation of Weapons of Mass Destruction 4. Compliance APUPPT & PPPSPM Mandatory Test
in the Financial Services Sector was also held for (CAMP Test) which is held from July to August for all
network office employees; employees.
3. Internal Basic Certification was held for more than
2,000 employees, especially for functions related
REPORT
MANAGEMENT
5 PILLARS OF ENFORCEMENT OF THE APPLICATION OF AML, CFT & PPWMDF
ACTIVE MONITORING FROM BOARD OF DIRECTORS
AND BOARD OF COMMISSIONERS
POLICY AND PROCEDURE
INTERNAL CONTROL
PROFILE
CORPORATE
MANAGEMENT INFORMATION SYSTEM
HUMAN RESOURCES AND TRAINING
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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CODE OF CONDUCT
Code of conducts refers to a conducts guideline for for external regulations. Therefore, the Company views
all of the Company’s personnel in carrying out daily duty the importance to maintain high ethical standard in
and activity as well as in engaging business relation with running the business activity. Therefore, the Company
all customers, business partners and work colleagues. has continuously built employee’s awareness to always
The Code of Conduct becomes the basis for employee’s uphold good integrity, ethics, moral, norms, manner
conducts and action to work professionally and ethically and work conducts in carrying out their duty and
using basic principles referring the Company’s vision, responsibilities.
mission and values as well as prevailing internal and
CO MP LI A NC E S TA NDA RD P OLI C Y
COMPANY COMMITMENT ANTI-FRAUD
REGULATIONS TO WORK COMMITMENT
The Company’s is highly determined by the awareness
Code of Conducts Contents of the employees to always develop positive work
conducts with high integrity, morals, and ethics.
The Company has a Corporate Regulation as a basic Therefore, the Company also has a Work Commitment
legal framework related to employment, including as disclosed in Compliance Standard Policy in the
implicit disclosure of the code of ethics and corporate Company aiming to build awareness of the employees
values for the employees including the work guideline. thereby always upholding integrity, ethics, moral,
The Corporate Regulation is updated regularly. The norms, values and work behaviors in carrying out their
Corporate Regulations, which is used as reference for duty and responsibility.
the Company, has been reviewed periodically according
to provisions and have been ratified by the Ministry of In 2023, the Company has updated Compliance Standard
Manpower of the Republic of Indonesia according to Policy as disclosed in Board of Directors Approval Memo
Decree of the General Director of Industrial Relations No. 004/AM-RMC/04/2023 dated April 28, 2023. The
Development and Social Security for Workers Number update is done namely concerning the addition of 11
Kep.4/HI.00.00/00.0000.221209001/B/XII/ 2022 (eleven) to 12 (twelve) Work Commitments by adding
concerning Ratification of Corporate Regulations dated data confidentiality aspect.
December 14, 2022. The Corporate Regulations is valid
until 2024. In the Compliance Standard Policy, the Company has
stipulated the 12 Working Commitment, as follows:
12 (TWELVE) WORKING COMMITMENT
1. Exercising duty and authority 2. Always improve understanding
with full of integrity, honesty, and abilities in such a way, so
and responsibility. that they can complete tasks
and responsibilities properly.
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3. Will not use my position/ 4. Promise to protect company
authority for the benefit of documents and secrets as well
myself, family, or relatives. as possible.
5. Maintain company assets 6. Report to the leadership of any
entrusted to employees as well violation of company laws/
REPORT
MANAGEMENT
as possible. regulations committed by other
employees (escalation).
7. Refuse any giving of money 8. Will not steal company money
or gifts in any form from third and property in any form or
parties/other related parties. way.
9. Will not engage in sexual 10. Maintain the good name of the
harassment, drunkenness, company in any situation and
violence and threats, gamble, condition.
PROFILE
CORPORATE
use drugs and illegal drugs.
11. Not committing criminal acts of 12. The employee always perform
corruption, gratification to civil Action with integrity on
servants, state officials or to the Company’s securities
anyone. and protect confidentiality
of internal data and/or
information not to disseminate
publicly regarding the
DISCUSSION & ANALYSIS
MANAGEMENT
Company’s position as Issuer at
the Stock Exchange.
In the Compliance Standard Policy, the Company well as other actions that may vilate the Company’s
maintains three sub-major in codes of ethics, not only laws and regulations.
limited to Commitment to Work, but also related to 6. All employees shall always comply with all
Code of Ethics in Serving the Consumers, and Code of regulations, corporate regulation and values related
Ethics on Corporate Data and Information, as follows: to the code of ethics in serving the consumers.
Code of Ethics in Serving the Consumers Code of Ethics regarding Company Data and
1. All employees, especially in charge in marketing and Information
directly engagement with the consumers, shall be 1. The Company’s documents and information are
polite and friendly and committed to understand important Company assets and mandatory to
GOVERNANCE
CORPORATE
the customer’s needs. protect the existence and confidentiality from any
2. All employees shall respond every complaint unauthorized party. Based on their job descriptions,
or feedback promptly and proactively, listen all employees are responsible to prepare, use, keep
empathetically and provide appropriate responses and maintain the Company’s documents/data/
while always concerning the Company’s interest. information in the correct manner according to
3. All employees shall prioritize service quality, the Company’s policies, regulations and standard
including tidiness and cleanliness of the place in operating procedures (SOP). Likewise, when
serving the consumers. destroying or disposing the unused documents, you
4. All employees shall provide correct and accurate shall refer to existing regulations.
information regarding benefits of the product and 2. Form of Documents/data and Company
service and not discredit the products of other Information, including all of the Company’s data
companies in offering products and services to the (based on copyright or non-copyright) related to
consumers. the Company’s business and operations, including
5. All employees shall try to observe consumers’ hardcopy or softcopy as well as qualitative and
REPORT
SUSTAINABILITY
profiles and oversee the transactions to avoid money quantitative data, in form of reports, letters/
laundering and suspicious customer transactions, as memorandums, manuals, policies, procedures and
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programs as well as plans, files, diskettes, microfilm, Anti-Fraud Commitment
photos, customer and project information, financial We are BAF Employees:
reports, including and not limited to employee 1. Realize that FRAUD actions violates the Company’s
personal data, for example salaries, loans, health regulations, laws and regulations as well as religious
and education records, or related to work or any norms.
data/information within the Company’s scope. 2. Realized that FRAUD actions abuses the Company’s
3. All employees shall record and report all information mandated trust.
and data correctly and accurately. 3. Recognizing that FRAUD actions may harm the
4. All employees are not permitted to keep archives and offender, his family, and the Company.
other financial data in locations where unauthorized/ 4. Commitment not to think, plan, perform and involve
interested people may see, acknowledge, record or in any means of FRAUD actions.
duplicate the data. 5. Committed to consistently support and implement
5. All employees shall report to the competent all Anti-Fraud Policies
leadership if they receive pressure from anyone to
perfo irregularitierm violation in administration or
other irregularities that are against the Company’s Scope of Implementation
internal policies and/or prevailing Regulations and
Legislation. The Corporate Regulation prevails for all employees
6. All employees shall protect confidentiality of at head office and network office as the guideline
potential customer, customer and corporate data. in determining, preparing, and regulating the work
7. All employees are not permitted to inform other requirements and mechanism, to be understood
employees of their salary/income. and exercised by all employees appropriately. In
8. Violation of this commitment is considered as very addition, the Compliance Guideline contains 12 Work
serious violation and the Company will ensure that Commitment, and Anti-Fraud Commitment, which also
strict sanctions are imposed against any violations applies for all employees and Management and will be
committed by the employees. improved consistently through a mature consideration
and in line with provisions of the prevailing Law.
The Company also has Anti-Fraud Commitment as
disclosed in Fraud Controlling and Anti-Fraud Strategy
Guideline as approved by the Board of Directors. The Socialization and Enforcement
Anti-Fraud Commitment is disclosed in Board of Directors Initiative
Memo Approval No. 0003/AM-AUD/02/2021 dated
February 4, 2021. The Anti-Fraud Commitment contains Corporate Regulations, the Company’s Compliance
3 (three) commitment of employee’s awareness to Standard Policy and the Company’s Anti-Fraud
risk and sanction due to fraud and 2 commitment to Commitment are always disseminated, including
prevent case of fraud. as basic training materials for new employees. The
Company has also distributed a book link/copy of the
Company Regulations to all employees, including every
new employee. To ensure that every employee has read,
understood and is ready to implement, each employee
is required to sign a statement declaring:
I, hereby declare, have accepted and read the Company Regulations and have understood the contents
of these Company Regulations. Furthermore, I promise to comply with all prevailing regulations as well
as possible and be ready to accept all the consequences.
In 2023, the Company also drafted PT Bussan Auto the prevailing code of conducts. The Company
Finance Anti-Corruption and/or Bribery Policy which always strives to improve and improve every
adapted the Guidelines from the Corruption Eradication business process so that it is in line with the
Commission (KPK). This policy is contained in AM No. principles of integrity. The Company implements
0012/RMC/VI/2023 - AM BAF Anti-Corruption and/ the principle of zero tolerance towards actions
or Bribery Policy, which has also been socialized to all related to corruption, bribery and violations of
Company employees, including: related laws and regulations, including acts
against the laws applicable in Indonesia;
1. Top Management Anti-Corruption Commitment: b. The Company does not allow all levels of
a. The company is committed to run the business leadership, employees, and even third parties
according to its vision, mission, and values, who work for and on behalf of this Company to
including the integrity value and complying to lure, promise, or give something to state officials
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or to anyone else in the event that the action trips, free medical treatment and other
includes an act that lacks integrity or is an act facilities. These gratuities are either received
against law; domestically or abroad and are carried out
c. The Company does not allow all employees using electronic means or without electronic
within the scope of the Company’s work to means.
request gifts from individuals or organizations
related to their duties at the Company; All employees are prohibited from
REPORT
MANAGEMENT
d. The Company regulates conflicts of interest for committing corruption and/or giving or
each employee. Any conflict of interest that has sending gratification to Civil Servants or
the potential to pose a risk must be declared; State Officials or other parties which can
e. The Company is committed to always providing be considered or equated with giving bribes
socialization and training regarding corruption related to their position and contrary to
prevention or business/operational processes their obligations or duties. Furthermore,
with integrity on a regular basis to all leaders the employees are also required to comply
and employees; with applicable Company Regulations and
f. The company will monitor the implementation Anti-Bribery Commitments. If an employee
of this commitment and any violation of the is proven to have committed corruption
code of ethics will be subject to sanctions and/or gratification, he will be processed
mechanism. legally with punishment as regulated in
PROFILE
CORPORATE
Law no. 20 of 2001 as Amendments to Law
2. Commitment to Anti-Corruption and Bribery by no. 31 of 1999 concerning the Eradication
Employees: of Corruption Crimes and is subject to
a. Refuse any gratification of money or any kind of sanctions in accordance with the Company
reward from third parties/other related parties. Regulations.
Third parties/other related parties referred to
here are prospective consumers, consumers, 3. Anti-Corruption and Bribery Clause of the
dealers, sellers of goods/services who collaborate Company with Other Parties:
or will collaborate, insurance, company affiliates, The Anti-Corruption and Bribery Clause shall be
auction houses and anyone who will later be agreed upon by the collaborating parties, namely
designated as third parties/related parties other. the Company and other parties/partners, both
DISCUSSION & ANALYSIS
MANAGEMENT
Forms of gifts/gratifications other than money before and after the collaboration. The clause
that are prohibited from being accepted include shall be stated in the Cooperation agreement
travel (tours), transportation tickets, tickets for between the two parties, so that the obligation and
visual and/or non-visual entertainment rides responsibility to implement the clause lies with the
(including hotels, karaoke, others), movable parties who voluntarily enter into the agreement.
and/or immovable goods that can be valued The following is an example of an Anti-Corruption
in money. Receiving money or reward that can and Bribery clause as a reference in the Cooperation
be categorized as bribery, which is considered a Agreement:
serious violation. a) Each party agrees that, at the time of entering
b. Not committing criminal acts of corruption, into this contract, all relevant levels of the parties
gratification to civil servants, state officials or including and not limited to the directors, board
anyone else. of commissioners, officers and employees have
1) Corruption against the Law no. 31 of 1999 never and will not offer, promise, give, authorize,
concerning the Eradication of Corruption request or accept any undue or other advantage
Crimes (“Tipikor Law”) means that every (or imply that they will or may do something in
person who unlawfully commits an act of the future) with anything related to the contract,
enriching themselves or another person or and that sufficient measures have been taken
GOVERNANCE
CORPORATE
a corporation which may threat the state’s to prevent the partner/vendor/supplier, agent
finances or the state’s economy. Employees or third party another, who is the subject of his
are prohibited from committing criminal control or influence to do such action;
acts of Corruption and if employees are b) All parties agree that, throughout the time
suspected and have sufficient evidence of related to the contract and thereafter, they
having committed Corruption then they will will comply with and will take sufficient action
be prosecuted criminally with the threat of to ensure that sub-contactors, agents or other
punishment as regulated in the Corruption third parties who are the subject of their control
Law; or influence will also comply with Law Number
2) Gratification against the Law no. 20 of 31 1999 in conjunction with Law Number 20
2001 concerning Amendments to Law no. of 2001 concerning Eradication of Corruption
31 of 1999 concerning the Eradication of Crimes and Law Number 8 of 2010 concerning
Corruption is a gift in a broad sense, which Prevention and Eradication of Money Laundering
includes giving money, goods, rebates Crimes;
REPORT
SUSTAINABILITY
(discounts), commissions, interest-free c) If a party, as a result of exercising the right to
loans, travel tickets, lodging facilities, tourist be audited as stated in the Agreement, is found
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by another party with evidence of accounting know, understand and implement the compliance
books and financial records showing that the standards that have been stipulated in the prevailing
party is involved in indications of violations, regulations and internal policies.
notification will be given, and the party will be
asked to take corrective action in the shortest Anti-Fraud Commitment is also declared by all employees
possible time and inform about the action. If the every month on the first Monday. To ensure employees
party concerned fails to take corrective steps or always memorize, the Company creates material in
it is not possible to implement corrective steps form of posters or digital material (e-flyers) which can
and fails to explain that an adequate prevention be presented via digital means (desktop wallpaper or
system has been implemented as part of the TV screen) thereby can be seen by all employees at
organizational culture, then the other party may branch offices and/or head office. Throughout 2023,
revoke or cancel the contract. Anti-Fraud Unit has published 9 (nine) materials in the
form of posters or digital materials (e-flyers) within the
Throughout 2023, the Company has carried out Company.
socialization on the Company Regulations via e-mail
sent to all Company employees both at the head office The Company also provides a communication channel
and at network offices. In addition, the Company for employees to report any occurring violations to
has also conducted socialization regarding Industrial the Company’s values and ethics which will be further
Relations for Non-Industrial Relations to all network processed by relevant department.
office leaders on December 24, 2023 which aimed to
provide information regarding prevention methods,
reporting methods and so on in the event that cases of Type of Code of Conducts Violation
violations are found in the Company’s network offices. Punishment
The Compliance Standard Policy has also been The Company will impose punishment for anyone
socialized to the Company’s employees, such as via violating the Code of Conducts according to the
email (electronic mail), Compliance Induction Program prevailing law.
and webinars. In addition, the Compliance Work Unit Type of sanctions are including:
(SKK) has held the Compliance & AML CTF PPPSPM 1. Reprimand Letter
Test (CAMP Test) which was attended by all Company 2. 1st Warning Letter
employees with an adequate passing percentage. This 3. 2nd Warning Letter
is a routine program carried out by the Company to 4. 3rd Warning Letter
ensure that employees who work within the Company 5. Lay-Off (PHK)
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HIGHLIGHTS
PERFORMANCE
ADMINISTRATIVE
SANCTION
REPORT
MANAGEMENT
In 2023, the Company neither received any material administrative sanction or the Financial Service Authorities (OJK)
and other related authorities that may affect the Company’s businesses going concern or charged to the Board of
Directors, Board of Commissioners and Sharia Supervisory Board members
IMPORTANT
PROFILE
CORPORATE
CASES
In 2023, the Company did not encounter/involve in The Company is also not involved in any legal dispute or
DISCUSSION & ANALYSIS
MANAGEMENT
(i) any criminal or civil case which is running at State case other than above – mentioned trial court, either in
Court, High Court and Supreme Court, (ii) dispute that civil, criminal, state administration, bankruptcy, arbitrary,
has been settled in Indonesia National Arbitrary Body; taxation or labor affairs, including legal notice submitted
(iii) submisison of bankruptcy or debt payment liability by any party which may cause negative impact against
postpone in Commercial Court; (iv) Industrial Dispute the Company’s business activity or financial condition.
case or Lay-Off (PHK) case in Industrial Relation Court;
(v) State Administration Dispute in State Administration Therefore, litigation with material impact that involves
Court; (vi) tax dispute or case in Tax Court; and (vii) the Company, Board of Directors and Board of
dispute in Customer Dispute Settlement Body, which Commissioners members including: subject of the case/
involves the Company or Board of Commissioners and lawsuit; status of case/lawsuit settlement; and impact to
Board of Directors members, and causes material impact condition of the Issuers or Public Company; are irrelevant
to the Company’s business going concern. to be disclosed in this report.
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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SUSTAINABILITY
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ONLY WITH CHOSEN BAMBOO, A TENACIOUS AND PRECISE PROCESS CAN PRODUCE A
MELODIOUS SOUND OF ANGKLUNG. WE BELIEVE, SERIES OF OUR CONSISTENT ATTEMPTS
AND STRATEGIES WILL BRING THE COMPANY TO CONTINUE TO GROW TOWARDS A LEADING
AND TRUSTED FINANCING COMPANY.
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PERFORMANCE MANAGEMENT CORPORATE MANAGEMENT CORPORATE SUSTAINABILITY
HIGHLIGHTS REPORT PROFILE DISCUSSION & ANALYSIS GOVERNANCE REPORT
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2023 ANNUAL REPORT & SUSTAINABILITY REPORT
PT BUSSAN AUTO FINANCE
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SUSTAINABILITY
REPORT
ABOUT THE
SUSTAINABILITY REPORT
GRI [2-2] [2-3] [2-4] [2-5] In preparing this report, the Company has not involved
The Company prepares Sustainability Report every year any independent party to provide assurance on the
for one fiscal year period, which is from 1 January to 31 report. The report is prepared by Corporate Planning &
December. This report is the fourth report for the Company Secretary, where all data and information reported have
regarding the sustainable finance implementation in been validated by the relevant work unit as the data
2023. contributor.
This 2023 Sustainability Report contains data and In this report, there is a restatement of information
information on the sustainability performance of the that was submitted in the previous year’s report, which
entity PT Bussan Auto Finance (“the Company”) for 1 is the Sustainability Business Activity Category Portfolio
January to 31 December 2023 period. This Sustainability (KKUB) as restated in this report due to changes in the
Report is published on the same day as the Annual Report calculation of data coverage. This restatement only has
is published or at the latest when the Annual GMS is an impact on the Company’s total KKUB portfolio.
called for the fiscal year 2023.
This sustainability report preparation process has
In preparing the Sustainability Report, there are several considered balance, comparability, accuracy, timeliness,
standards and regulations that are used as references clarity and reliability principles.
and/or benchmarks for the Company, such as:
1. Financial Services Authority (OJK) Regulation Number For further information, feedback and suggestions for
51/POJK.03/2017 concerning the Implementation improvement and progress of this report, please contact:
of Sustainable Finance for Financial Services
Institutions, Issuers and Public Companies. Corporate Secretary
2. OJK Circular Letter No. 16 /SEOJK.04/2021 concerning BAF Plaza
the Form and Content of Annual Reports of Issuers or Jl. Raya Tanjung Barat No. 121, Jagakarsa,
Public Companies. South Jakarta 12530, Indonesia
3. Global Reporting Initiative (GRI) Standards 2021, Telephone: +62 21 2939 6000
with reference to the GRI Standards; E-mail: baf.sekretariat@baf.id
4. GRI-G4 Financial Services Sector supplement
indicators;
5. Sustainability Accounting Standard Board (SASB) for
the Financial Services sector.
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HIGHLIGHTS
PERFORMANCE
IMPACT LIMITATIONS AND
MANAGEMENT APPROACH
REPORT
MANAGEMENT
Material Topics and Sustainability Issues Material Topic Determination Process
[GRI 3-1][3-2] [3-3]
Identifying and assessing business impacts through the
In 2022, in determining material topics and limits, the
review of sustainable financial principles.
Company involved the Sustainable Finance Task Force
and related divisions and was assisted by independent
1. Understanding the Company’s business activity
PROFILE
CORPORATE
consultants by adjusting issues and performance
processes.
that are relevant for the Company and the Board
2. Conducting internal discussions and distributing
of Directors. The review of material topics was
surveys to more than 70 (seventy) stakeholders,
carried out through internal discussions for internal
including shareholders, business partners, creditors,
stakeholders and subsequent distribution of survey to
investors, the public, consumers, regulators in 2022
internal stakeholders and external stakeholders, which
3. Identifying the positive and negative impacts,
included shareholders, business partners, creditors,
as well as actual and potential impacts of the
investors, communities, consumers, and regulators.
Company’s business activity processes by conducting
Furthermore, the Company reviewed the survey results
an assessment of the level of importance of each
to determinate the priority of material topics. The
impact of the Company’s activities.
priority of material topics also considered the impact
DISCUSSION & ANALYSIS
MANAGEMENT
on the Company and it’s stakeholders and concerned
to the context of the Company’s sustainability and
Determining Material Topics
stakeholders’ expectation.
Rank material topics that are considered material based
In 2023, the material topics are monitored and
on input from stakeholders through discussions with
synergized to support the Sustainable Development
the Company’s Directors and the consultants,, then
Goals (SDG) and in accordance with the Company’s
presented in the Sustainability Report.
business strategy. The results of determining material
topics are evaluated by the Sustainable Finance Task
Force and/or management by considering the impact
Carrying out Evaluations
limits on stakeholders. There are no significant changes
to material topics, impact limits, or reporting cycles for
Monitoring and evaluating material topics by Sustainable
the 2023 sustainability report as determined in the
Finance Taskforce.
Sustainable Finance Task Force meeting on December
14, 2023..
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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SUSTAINABILITY
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MATERIALITY TOPICS MATRIX
4
1
2
3
4 6
5
3
influence on stakholder assesment
2
1
1 2 3 4
Significance of economics, environmental, and social impacts in the Company
Materiality Topics
Customer Privacy & Data Occupational Health and Portfolio Products &
1 3 5
Security Safety Digitalization
Training & Education
2 Anti-Fraud 4 6 Financial Inclusion
Social Governance Economy
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HIGHLIGHTS
PERFORMANCE
Customer Privacy & Data Security
Impact to Stakeholders Managed Impact
REPORT
MANAGEMENT
1) Employee Trust is a fundamental principle that must be managed. Therefore, the
2) Shareholders Company is committed to manage the data security and privacy of every
3) Customer customer as well as its impact. The positive impact of managing this topic
4) Government/regulators is increasing customer confidence to use the Company’sproducts and/
or services, so that the Company needs to continuously to improve the
data security system. In line with the Company’s effortsto accelerate
digitalization, this topic must be mainly concerned, especially related
customer privacy and efforts to improve the data systems in the midst of
rampant cyber threats, data leakage, and theft.
PROFILE
CORPORATE
Policy Strategy and Evaluation Target and Achievements
• General Policy No. 0031/ • Improve the quality of • Adopting ISO 27001 data
AM-CP/08/2021 Chapter Information Security security standards and
III - Policy of Company Management System and guidelines on Information
Important Information its team, such as ISO or Security Management
• IT Standard Policy No. 0075/ certification (ISO, certification) Systems
AM-ITO/11/2021 Chapter • Conduct security testing In 2023, the Company has
III - IT Security Policy on all systems/applications obtained ISO 27001
• Compliance Standard Policy (source code security review, • Significant IT and/or data
No. 0016/AM-RMC/10/2021 vulnerability assessment, security incidents
DISCUSSION & ANALYSIS
MANAGEMENT
- J. Classification of penetration testing) In 2023, there is no
Personal Data/Information • Source code security review, significant IT incidents
Management vulnerability assessment, related to data security, and
• IT SOP No. 0004/AM- penetration testing there was no complaints
ITSG/02/2023 Chapter X IT • Update information security from consumers regarding
Security Management policies to further improve asset data privacy.
• Business Intelligence information security • Increasing awareness
& Analytics Division • Conduct sharing and awareness of data security for all
Standard Policy No. 0027/ sessions with employees, for employees through LMS.
SP-BIA/II/2021 Chapter II example through LMS, email Training related to data
Confidentiality and Security blast, desktop, TV screen, etc. security has been provided
of Debtor Data/Information) and induction programs for new to 100% employees. The
• POJK No. 4/2021 the employees company also routinely
Application of Risk carries out phishing testing
Management in the Use of to test employee awareness
Information Technology by levels.
Non-Bank Financial Services • Team capabilities
Institutions development
GOVERNANCE
CORPORATE
• PERMENKOMINFO No. 20 In 2023, the Company
Year 2016 on Protection of have employees who have
Personal Data in Electronic been certified Cerfitied
Systems Information Systems
Auditor (CISA) dan Certified
Information Security
Manager (CISM) regarding
data security.
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Anti-Fraud
Impact to Stakeholders Managed Impact
1) Employee The Company is committed to implement anti-fraud, including the
2) Shareholders implementation of socialization and training on anti-fraud policies and
3) Customer procedures, as well as it’s management within the Company. If this topic is
4) Local community not appropriately managed, it will impact the Company’s reputational risk.
5) Government/regulators The Company is committed to conducting the operations that uphold strong
6) Investors ethics and governance practices. The Company’s position in the financial
sector also the data this topic need to be appropriately managed.
Policy Strategy and Evaluation Target and Achievements
• GCG Guideline dated March • Foster an Anti-Fraud culture at • Establishment of Ladies
2022 all levels of the organization Investigators
• Guideline of Fraud Control, • Increas awareness and The Company has
Anti Fraud Strategy and & concern for the risk of fraud in established an Investigation
Anti Fraud Commitment operational activities, including Desk and Ladies Investigator
dated February 2021 conducting awareness sessions Unit which function as added
• Standard Policy of for employees, for example value to the investigation
Internal Audit No. 0009/ through LMS, email blasts, function in the Anti Fraud
AM-AUD/09/2023 dated desktops, TV screens, and Unit. The formation of the
September 2023 induction programs for new Ladies Investigator Unit is
• Compliance Policy Standard employees part of the implementation
No. SP-RMC-010-004 dated • Take precautions to reduce the of the concept of gender
28 April 2023 - 12 (Twelve) number of frauds, for example equality which aims to
Commitments SLIK Surveillance checks, anti- accommodate female
• APU PPT PPPSPM dated May drugs, etc. employees so they can be
2023 • Increase employee more open and comfortable
understanding and compliance in reporting incidents of
with applicable regulations by fraud and violations.
conducting regular outreach and • Conduct compliance and
awareness to all employees. anti-fraud training
In 2023, the Compliance
National Test (CNT) Test
and Anti-Fraud & AML CFT
training was implemented
with participation reaching
100% of all employees. The
average scores reached 82,
compared to 78.6 in 2022.
• Zero significant fraud
incidents
In 2023, no significant fraud
was occured.
• Decrease in the ratio of
total fraud losses compared
to financing receivables
In 2023, the ratio of total
fraud losses to financing
receivables was 0.15% or
stable compared to 2022.
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HIGHLIGHTS
PERFORMANCE
Occupational Health & Safety
Impact to Stakeholders Managed Impact
REPORT
MANAGEMENT
1) Employee The occupational health and safety is fundamental and vital in the
2) Shareholders Company. Awareness of occupational health and safety is very important
3) Customer to be managed and strived as it affects the smooth run of the Company’s
4) Business partner operations. The Company’s efforts and commitment in managing the aspects
of occupational health and safety aspects of the employees, including
improving the quality ofemployee health, initiatives, and various training
and awareness for employees regarding Occupational Health and Safety,
including safety riding. The outbreak of the COVID -19 pandemic also made
the Company need to be more careful. The Company implements strict
health protocols and ensures that employee health is met.
PROFILE
CORPORATE
Policy Strategy and Evaluation Target and Achievements
• Company Regulation No. • Continue Covid-19 prevention at • Road accident rate
16/PHIJSK-HKP/PP/IV/2021 BAF In 2023, the incidence rate
dated April 2021 • Organize corporate wellness of road accidents reached 76,
• P2K3 Committee Guideline program (BAF Club sharing, with a fatality rate of 0%.
• Covid-19 Taskforce No. sports & hobbies) including • Implementation of Safety
SK-003/2021 Changes organizing and promote Riding campaigns and
on Covid-19 Taskforce of Occupational Health and health awareness on a
Company Safety activities through regular basis
DISCUSSION & ANALYSIS
MANAGEMENT
various activities and seminars/ The Company has held
socialization, including Medical awareness and seminars
Check Ups for certain levels of related to Safety Riding
employees. with total participant
• Provide a decent and safe work participation reached
environment. 222. The Company also
• Increase employee awareness of has 3 employees on the
safety riding Occupational Health
• In 2023, continued to conduct and Safety Committee
corporate wellness to increase with General K3 Expert
employee engagement, one certification
of which is Fit for Growth for • Employee productivity
Employee program which reaches 3.5x
focuses on improvement, In 2023, productivity raached
especially in the emotional and 3.2x or was still below the
physical aspects. target due to the various
• Medical check up for certain challenges faced in 2023 and
positions (SM level) the impact on business and
GOVERNANCE
CORPORATE
financial achievements.
• Employee medical check up
program
In 2023, the Company
conducted employee medical
check up to 349 employees.
REPORT
SUSTAINABILITY
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Training & Education
Impact to Stakeholders Managed Impact
1) Employee Education and training are essential in the Company’s business growth and
2) Customer development. Therefore, the Company continuously provides training and
3) Business partner various career development programs as well as employee competencies
4) Government/regulators to improve their skills in contributing to the progress of the Company. The
5) Public company strives to ensure that employee competencies are constantly
updated in line with the developments in business needs and strategies. This
will have an impact on employee productivity which ultimately affects the
achievement and performance of the company.
Policy Strategy and Evaluation Target and Achievements
• SOP-LND-004 dated June • Implement and develop • Training hours min. 8 hours
2022 training programs for per employee per year
• Company Regulation No. employees (technical skills, soft In 2023, employee training
16/PHIJSK-HKP/PP/IV/2021 competencies) hours reached 19.4 per year,
dated April 2021 • Ensure compliance with an increase compared to
• POJK Regulation No. certification (Board of 2022.
47/2020 concerning Commissioners, Directors, and • Realization of training costs
business licensing and certain employee levels as In 2023, actual employee
institutional financing determined by regulations) training and development
companies and sharia • Utilize the use of e-learning to costs reached Rp19.6 billion.
financing companies make it easier for employees to • Fulfillment of managerial
access learning anywhere and certification, billing
anytime. certification, as well
• Implement and develop as certification and
sustainability culture, and refreshment points for the
increase employee capacity Board of Commissioners &
from Management level to staff Board of Directors.
regarding sustainability • Launch of BAF Learning
Center (mobile version)
The Company has launched
BAF Learning Center,
including the desktop version
and mobile version of the
Learning Management
Systems (LMS). A total
of 9,143 employees have
accessed the LMS in 2023.
• Implementation of special
capacity building for
sustainability
In 2023, Sustainability
Month held. A total of 120
employees starting from
Department Head up to
Board of Directors and Board
of Commissioners levels have
participated in this capacity
building.
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HIGHLIGHTS
PERFORMANCE
Product Portfolio & Digitalization
Impact to Stakeholders Managed Impact
REPORT
MANAGEMENT
1) Shareholders The impact of positive economic performance will provide value for all
2) Employee stakeholders. Therefore, the achievement of economic performance is crucial
3) Customer to manage as one of the determining factors for business sustainability.
4) Business partner A diverse product portfolio supported by accelerated digitization will
5) Investor & Creditor contribute the Company’s future achievements.
6) Regulators
Policy Strategy and Evaluation Target and Achievements
PROFILE
CORPORATE
• Annual Business Plan • Maintain sustainability • Productive financing >10%
and Mid Term Plan of the performance (order quality & In 2023, the total productive
Company good financial performance) financing ratio reached
• Approval Memo No. • Diversify products to cover 24.2%.
0003/2022 Productive more segments while maintain • Launching new products
Finance inc. MSMEs the product development to support sustainability
Classification innovation. financing
• Approval Memo No. • Carry out enhancements Since 2022, the two products
005/2022 Car Finance (EV) and developments that can that have been marketed
• Information Technology contribute to new digital leads are BAF PraDana & BAF
Roadmap Plan and financing. AdiDana.
• Information Technology SOP • Efficiently utilize technology • NMC: non-NMC product
DISCUSSION & ANALYSIS
MANAGEMENT
No. 0004/AM-ITSG/02/2023 and digitalization to support portfolio will be 60:40 in
Chapter II IT Strategy and business operations. 2023
Planning Management In 2023, the total portfolio
of new Yamaha motorcycle
financing products and other
financing was 55:45.
• Digital leads >3.5 million
In 2023, digital leads
reached 1,561,238
• Approval process in 30
minutes >75%
In 2023, the approval
process in 30 minutes has
reached 62%.
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
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Financial Inclusion
Impact to Stakeholders Managed Impact
1) Employee The Company’s efforts in providing and expanding as well as improving
2) Public services to the society, including financial literacy/education and financial
3) Customer inclusion are part of the Company’s commitment. The quality and services
4) Regulators of the Company significantly affect the performance, reputation, and trust of
5) Business partner consumers and other stakeholders. The ease and availability of the Company’s
services are essential to reach various segments of society. The Company will
continue to improve the best services while strengthening its role in improving
financial literacy and inclusion in Indonesia.
Policy Strategy and Evaluation Objectives and Achievements
• AM No. 0024/AM- • Increase the number of Xtra BAF • Increase in the number of
CP/06/2022 Chapter VI agents including increasing their BAF Xtra Agents
Network Strategy And productivity. Total Xtra BAF agents
Management • Expand and optimize network increased by 20.9% in 2023
• AM No. 0136/AM- offices. to 53,189
MKS/09/2023 – Xtra BAF • Carry out joint marketing • Customer contribution from
Agent activities with business partners repeat orders (RO)
• SOP financial literacy dated (dealers) and offering various RO contribution in 2023
March 2020 programs to loyal consumers reached 41.1%
• POJK No. 76/POJK.07/2016 with good financing history. • Customer touchpoints
concerning Improving • Improve the best and excellent As many as 3,671,307 million
Financial Literacy and service to consumers BAF Mobile downloaders
Inclusion in the Financial • Carry out financial literacy with payment agents
Services Sector for activities consisting of banks,
Consumers and/or the e-commerce, e-wallets and
Community retail outlets.
• Consumers Satisfaction
Level (CSL)
CSL’s score in 2023 was
90.8%, better than 2022.
• Implementation of various
financial literacy activities
There were 8 financial
literacy activities for the
women’s community
(housewives, MSMEs,
teachers, students and the
disabled community with
a total of 461 participants.
The accumulative level of
increase in knowledge was
37.0%.
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HIGHLIGHTS
PERFORMANCE
SUSTAINABILITY
STRATEGY
REPORT
MANAGEMENT
Sustainability Framework
[GRI 2-22, 2-23, 2-24]
In implementing sustainability strategy, the Company This Sustainability Framework consisting three
has Sustainability Framework based on materiality sustainability pillars asmanifestation of the company’s
assessments involving stakeholders. This Sustainability commitment to sustainability aspects. The sustainability
Framework has been approved by the Board of Directors pillars are prepared based on the Company’s mission by
and Board of Commissioners. aligning the Company’s future plans and targets.
PROFILE
CORPORATE
GOVERNANCE
DISCUSSION & ANALYSIS
MANAGEMENT
SOCIAL ECONOMY ENVIRONMENT
GOVERNANCE
CORPORATE
Customer Privacy & Occupational Health Portfolio Products &
Data Security and Safety Digitalization
REPORT
SUSTAINABILITY
Training & Education
Anti-Fraud Financial Inclusion
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Our Support for Sustainable
Development Goals
[GRI 2-22]
In 2023, the Company continue various
activities to run its business by prioritizing
sustainable principles and values. The
Company is committed to support
Sustainability Development Goals (SDGs)
achievement. Relevant Indicators:
• Indicator 3.8.1 - Unfulfilled Need Health Services.
Strategy:
• Create a healthy, safe and comfortable working
atmosphere.
• Provide health education through internal health
campaigns.
• Carry out Medical Check-Up (MCU) for certain
positions.
• Implement safety riding for all employees.
• Increase employee productivity.
• Carry out regular socialization and disaster response
simulations.
• Implement of flexi hours at head office.
2023 Achievements:
• Continuing Fit for Growth program which involves all
employees, consumers and partners of the Company
with a focus on physical and emotionally fit for 8
months. The achievements of this program can be
seen in Fit for Growth.
• Employee productivity at the end of the year reached
3.2x with BAF Employee Survey (BES) score of 84.
• Carrying out health webinars and campaigns
about attended by 710 employees and reactivated
corporate wellness programs such as BAF Club
(sports): yoga, badminton and other sports activities
• There are 349 employees who have carried out
Medical Check-Up (MCU).
• The work accident rate was 0.24% of total employees
• Gradually renovating the workplace at the head
office with an open workspace concept to create an
adaptive and comfortable working atmosphere.
• There is a training room, sports corner, canteen,
library, praying room, pantry at the head office
complete with equipment that employees can use
for their activities.
• Mandatory safety riding e-learning has been
participated by 8,280 employees or 100% of the
total employees who are required to do so in January
2023.
• Implementation of WFH and WFO work systems for
employees at head office and flexy time.
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HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
SDGs Relevant Indicators: Relevant SDG Indicators:
• Indicator 4.3.1 - Level of participation of teens • Indicator 5.5.2 - Proportion of women in managerial
and adults in formal and non-formal education and positions.
training in the last 12 months, by gender.
Strategy:
Strategies: • Provide work opportunities to all employees,
• Carry out training to increase employee capacity, regardless of ethnic background, religion, gender,
either offline, hybrid or online or through e-learning race and class, or other things that are discriminatory
applications (LMS). in nature and have the potential to violate Human
• Provide mandatory certification and training in Rights (HAM).
PROFILE
CORPORATE
accordance with regulatory requirements. • Implement equality for all employees regardless of
• Attend training related to sustainable finance. gender to improve careers.
• Organize financial literacy and inclusion activities for • Provide facilities and infrastructure to employees who
the general public, MSMEs, women’s communities, are pregnant/give birth.
teachers, students and people with disabilities.
2023 Achievements:
2023 Achievements: • There were 849 female employees or equivalent to
• 100% of employees have participated in training 22.5% of the total employees.
and competency development with total of 9,157 • There were 138 female employees or 70.8% of the
employees with average training hour of 19.4 hours total employees recruited by the Company.
per employee. • There were 22.4% who served Senior Management
DISCUSSION & ANALYSIS
MANAGEMENT
• 149 of employees at the managerial level are positions.
required to take part in sustainable finance training • There is 1 woman served as President Director
via e-learning applications (LMS) and there were 120 position on the Board of Directors.
employees or 80.5% of the total employees who are • A total of 44 employees took maternity leave,
required to take part in sustainable finance training 54 employees took paternity leave, and 85 took
during Sustainability Month. menstrual leave.
• Realization of HR development funds in the form of • There is a lactation room (nursery room) in the head
certification, seminars and training for employees office which is equipped with breast milk storage.
reached Rp19.6 billion. • Has a Lady’s Hotline to accommodate complaints
• There were 461 participants who took part in the from women regarding sexual harassment.
2023 financial literacy activities, the participants
consisted of the general public, farmers, teachers,
MSMEs, women’s communities, students and people
with disabilities.
• Assistance in the form of scholarships to employee
families, namely educational scholarships to 75
GOVERNANCE
CORPORATE
children of employees with good evaluations.
• There were more than 3,900 beneficiary children
from BAF Caring for Children activities throughout
2023.
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SUSTAINABILITY
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Relevant SDG Indicators: Relevant SDG Indicators:
• Indicator 8.1.1 - GDP per capita growth rate. • Indicator 9.3.2 - Proportion of small scale industries
• Indicator 8.3.1.(a) - Percentage of formal workforce. with loans or credit.
• Indicator 9.b.1 - Proportion of medium and high
Strategy: technology added-value to total added-value.
• Improve employee welfare.
• Support environmentally friendly transportation Strategy:
financing. • Develop digital innovation.
• Develop and optimize Xtra BAF agents for • Educate and conduct socialization regarding data
community economic empowerment. security to employees and consumers.
• Expand the Company’s financing product line as a • Conduct socialization and education on digital use in
one stop financial solution to improve community the financing process.
welfare through financing that suits their needs. • Expand and improve customer touchpoints such as
• Carry out community empowerment through Social online payment channels/payment points and digital
and Environmental Responsibility (TJSL) activities. partnerships.
• Develop the role and capabilities of frontliners to • Develop application and system innovations to
provide more comprehensive solutions to consumers. support the digitalization process in supporting
company operations.
2023 Achievements: • Support and assist in the financing disbursement to
• Total employees of the Company at the end of the Micro, Small and Medium Enterprises (MSMEs).
year reached 3,774 employees (permanent and
contract). 2023 Achievements:
• Total Xtra BAF agents has reached more than 53 • The number of BAF Mobile downloaders have
thousand agents spread throughout Indonesia reached 3.7 million.
with an incentive value distributed reached Rp76.6 • Digital leads at the end of 2023 have reached 1.6
billion. million.
• Total debtors/consumers at the end of 2023 reached • Approximately 87% of consumers have used online
860,153 with repeat order contribution of 41.1%. payment for instalment payments.
• Total financing disbursement for environmentally • Product and digital literacy has been carried out by
friendly vehicle products (hybrid and EV) reached publishing 99 (ninety nine) articles throughout 2023
Rp975.9 billion with total of 41,767 units. with total page view of 30,925 (thirty thousand nine
• Total Social and Environmental Responsibility (TJSL) hundred and twenty five).
costs incurred amounted to Rp2.1 billion. • Added BAF Mobile features such as BAF Points,
• Total completion customer complaints in 2023 partners location, and other features.
reached 99.3%. • A total of 37 e-mail blasts regarding data security
awareness were released.
• Obtained ISO 27001 certification regarding
Information Security Management Systems.
• Continue marketing of two financing products to
MSMEs, namely BAF PraDana and BAF AdiDana so
that the Company’s total financing products include
6 types of financing products that can be reached
by various segments and groups.
• Total financing disbursement to MSMEs amounted
to Rp5.1 trillion with total units reaching 212,542
units.
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HIGHLIGHTS
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REPORT
MANAGEMENT
Relevant SDG Indicators: Relevant Indicators:
• Indicator 12.2.1 - Material footprint • Indicator 16.5.1.(a) - Anti-Corruption Behavior Index
• Indicator 12.5.1.(a) - Amount of recycled waste (IPAK).
• Indicator 12.6.1 - Number of companies that
publish their sustainability reports Strategy:
• Implement Good Corporate Governance (GCG).
Strategy: • Have an Anti-Corruption Policy to reduce corruption
• Carry out green operations strategy by prioritizing and bribery in all its forms.
digitalization. • Evaluation of all business activities in accordance
• Initiate energy, water, and paper use efficiency. with regulations and thorough understanding by
PROFILE
CORPORATE
• Organize BAF ECO Move movement as a afforestation employees.
movement. • Implement anti-fraud and make the whistleblowing
system effective.
2023 Achievements: • Comply with provisions of the Law, both in IKNB and
• Paper savings of 38.0%. in the capital market, and other related regulations.
• Continuing digitalization efforts for process and • Human rights complaints handling.
paperless efficiency.
• The use of motion sensor lights and timers, and use 2023 Achievements:
of Light-Emitting Diode (LED) lamps which reach • No significant fraud occurred and reported by the
95% in the head office. Company.
• Use of rooftop Solar Power Generation (PLTS) system • The 2023 Compliance National Test was conducted
DISCUSSION & ANALYSIS
MANAGEMENT
with capacity of 31.86kWp at the Company’s head for all employees, including outsourced workers with a
office. passing rate reached 100% in 2023 with an average
• There is 1 (one) electric car for the Company’s score of 82, an increase from 80 in 2022.
operations and the provision of charging station at • 100% of employees have participated in anti-fraud
the head office which can be used to charge electric training via LMS.
batteries. • Declaration/signing of anti-fraud commitment by all
• Planting 20,000 mangrove tree seedlings in 6 major employees.
cities in Indonesia through BAF ECO Move involving • The Company’s soundness level gets a score of 1
89,758 consumers, as well as 647 employees and (one).
dealers. • Conducted stress tests on the Company’s financial
projections.
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Sustainable Finance Principles of the Company
The Company attempts to make investment approach or financing
Responsible investment distribution decisions that consider increasing economic profits,
environmental quality, management welfare and governance enforcement.
The Company strives to determine and implement sustainable business
Sustainable business strategy strategies and practices in every decision made. We continue to strive to
and practise minimize negative impacts and integrate economic, social, environmental
and governance aspects.
The Company always upholds the prudent principle in every aspect of its
Social and environmental risk business, including trying to minimize social and environmental risks from
management all internal activities or projects as well as activities or projects that receive
financing or investment.
The Company always implements management and business operations
Governance principles that are transparent, accountable, responsible, independent, equal and fair.
• The Company strives to provide informative reports covering strategy,
governance, performance and prospects
• The Company annually through Annual Reports and Sustainability
Informative communication
Reports, which are easy to understand and can be accounted for and are
delivered through effective communication media and can be reached
by all stakeholders.
The Company strives to provide equal access to the Company’s products,
Inclusiveness including in various regions and can cover various levels of society through
continuous innovation of the Company’s products and services.
The Company will continue to provide support to leading sectors which
Priority superior sector are priorities for achieving the Sustainable Development Goals, especially
development MSMEs.
The Company participates in various activities or invites cooperation with
Coordination and stakeholders on work programs related to the implementation of sustainable
collaboration development to accelerate improvements in economic, social welfare and
environmental quality.
The Company realizes that a corporation does not POJK.03/2017 concerning the Implementation of
only pursue profit, but also contributes to quality Sustainable Finance for Financial Services Institutions,
improvement of the human resources (people) and the Issuers and Public Companies. Implementation of the
preservation of nature (planet). On the other hand, the Sustainable Finance Action Plan in the Company is carried
Company is committed to implement sustainable finance out by considering several factors, both external and
principles. Therefore, all stakeholders are expected to be internal factors such as financial conditions, technical
committed to supporting the Company’s business to capacity and organizational capacity. Therefore, based
have sustainable grow. on the sustainability strategy roadmap for 5 (five)
years, namely 2020 to 2024 which was prepared in
2019, the Company divides the implementation of its
Sustainable Finance sustainable financial action plan into 3 stages, namely
Action Plan Roadmap the initial implementation stage in 2020 - 2021, the
implementation stage continuation in 2022 – 2023 and
2023 was the advanced stage of the fourth year the long-term stage, namely the full implementation
(continuation) of the implementation of sustainable stage, or where the Company is targeted to have
finance as stated in the provisions of POJK No. 51/ achieved its vision of sustainable finance in 2024, which
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is making contribution to sustainable finance.
INITIAL IMPLEMENTATION ADVANCE FULL IMPLEMENTATION
PHASE IMPLEMENTATION PHASE PHASE
2020 - 2021 2022 - 2023 2024
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In the advance implementation phase, the Company’s activity was held for employees, including Senior
sustainability strategy is formulated with a top priority in Management and Board of Directors, as well as the
the Company’s internal capacity development program. Board of Commissioners.
This program is implemented through sustainable
finance training. The objective of sustainable finance 2. BAF ECO Move
training is to prepare human resources, especially in Carbon footprints are carbon dioxide (CO2)
Company’s internally, in implementing sustainable emissions resulting from our various daily activities.
finance. This understanding is expected to raise For example, when driving, the plastic waste
awareness of the implementation of sustainable produced, the electrical energy used and the food
finance in the Company’s business environment which we consume every day. As a result, it can increase
will create initiatives and innovations for products and the concentration of greenhouse gases (GHG) which
PROFILE
CORPORATE
services developed in accordance with the principles of can then bind the sun’s heat. The impact is that the
sustainable finance. temperature on the earth’s surface is increasing or is
often known as global warming.
In 2023, implementation of the strategies that have
been carried out are as follows: Therefore, as a company that contributes in motor
vehicles financing, the Company is aware that motor
1. Human resource capacity Development vehicle exhaust emissions contribute to high levels
To realize sustainable growth, the Company of air pollution including carbon dioxide emissions,
continues to strive to build a strong foundation by especially in big cities. Therefore, the Company
improving the quality of human resources through organized another BAF ECO Move Greening
training activities which are expected to create Movement which has been carried out since 2021.
professional and have high integrity manpower, who BAF ECO Move is realized by donating tree seedlings
DISCUSSION & ANALYSIS
MANAGEMENT
also support implementation of sustainable finance in in big cities to reduce exhaust emissions from
the Company. This sustainable finance socialization motorized vehicles. In 2023, BAF ECO Move was held
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on April 12, 2023 to May 31, 2023 simultaneously students, farmers, teachers, housewives and people
in 6 (six) coastal areas/mangrove forest areas in with disabilities. The Company also always publishes
Indonesia. every BAF PEKA activity on the Company’s website.
3. Implementation of Social and Environmental 6. Portfolio and digitalization
Responsibility (CSR) activities Since 2021, the Company’s car financing business
As a manifestation of the Company’s contribution line has started offering Special Electric Vehicles
to social welfare, the Company carries out social (EV) and semi-EV/Hybrid to consumers. This offer
responsibility activities oriented towards the applies to all dealers and is valid nationwide. This
Sustainable Development Goals (SDGs). The Special Electric Vehicle (EV) and semi-EV/Hybrid
Company’s CSR activities focus on BAF Caring for financing is one of the Company’s first steps in
Children, as a full commitment to support the initiating sustainable products as well as a form of
Sustainable Development Goals (SDGs), especially support for government programs which continue
SDG 4. Various CSR activities held throughout 2023, to strive to accelerate the formation of the electric
including BAF Anniversary activities, BAF Sharing vehicle ecosystem in Indonesia.
in the Month of Ramadhan, BAF Year-End, BAF
Lions Run, BAF United for Care, and Foster Parents. In 2023, the Company strives to increase its MSMEs
This CSR activity has had a positive impact on the portfolio through its two products, namely BAF
beneficiaries. The implementation of these CSR PraDana and BAF AdiDana. The products is expected
activities is mostly carried out with the target/target to contribute to productive financing for MSMEs and
being children and is held in various cities across micro-productivity. This is in line with the Sustainable
Indonesia. Development Goals (SDGs) objectives, where MSMEs
have become the front guard in achieving the economic
4. Sustainable Awareness and Green Campaign pillars of the world development agenda by 2030.
The Company strives to instill sustainability
principles in all employees which can be applied The Company also continues to urge consumers to
in the Company’s operational activities. In 2023, address the use of digital services including BAF Mobile
efforts to build awareness carried out with various and online payments. This effort is expected to have a
green campaigns as well as building a culture of positive impact on the environment, such as reducing
sustainability which is realized through initiatives paper use and reducing transportation mobility
that support the implementation of green operations which has the potential to reduce carbon emissions
in the Company. as it helps to reduce fossil fuel consumption from
transportation previously carried out by consumers
5. Implementation of Financial Literacy when consumers visit network office locations. The
As a form of the Company’s contribution to society, acceleration of information technology as an effort to
the Company is committed to continue in carrying support sustainable finance through digitalization will
out educational literacy activities for the community. also continue to be carried out in 2023 by developing
In addition, the implementation of this educational applications and systems.
literacy activity is also to increase the financial literacy
and inclusion index in Indonesia. In 2023, there were Consistently with these initiatives, the Company also
8 educational literacy activities through the BAF continuously develops a sustainability dashboard to
PEKA program (Your Financial Education Program) improve data-based (quantitative) monitoring of the
with MSMEs participants, women’s communities, Company’s sustainability performance.
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DISCUSSION & ANALYSIS
MANAGEMENT
Governance Structure
[GRI 2-9] [2-11] [2-12] [2-13]
TO SUPPORT BUSINESS
SUSTAINABILITY, THE COMPANY To support business sustainability, the Company believes
GOVERNANCE
CORPORATE
in the importance of consistent corporate governance
BELIEVES IN THE IMPORTANCE implementation at every Company’s organization
level and activity. The Corporate Governance structure
OF CONSISTENT CORPORATE
complies to Limited Liability Company Law (UU) with the
GOVERNANCE IMPLEMENTATION AT highest organ being the General Meeting of Shareholders
(GMS). The Company has implemented good governance
EVERY COMPANY’S ORGANIZATION (GCG) as stated in the Company’s Articles of Association
LEVEL AND ACTIVITY. and Corporate Governance Guidelines. This application
refers to the governance principles that refer to practical
business. The report on the implementation of good
governance has also been submitted annually to OJK.
The Company’s governance structure includes:
a. Main Organs, consisting of General Meeting of
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Shareholders (GMS), Board of Commissioners, and
Board of Directors.
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b. Supporting Organs, consisting of Committees under In corporate governance implementation, the Company
the Board of Commissioners, Board of Directors has supporting organs in the form of committees under
Committees, and Work Units that support the the Board of Commissioners and committees under the
implementation of GCG. Board of Directors consisting of:
Main Organs
General Meeting of Shareholders
Board of Commissioner Board of Director
Supporting Organs
DPS & Committees under Commitees under the Board Work Units that support the
the Board of Commissioners of Directors: implementation of GCG:
Audit Committee Corporate Social Internal Audit Unit
Responsibility Committee
Nomination and Corporate Secretary
Remuneration Committee Business Continuity
Management Committee Risk Management and
Risk Monitoring Committee Compliance Unit
Occupational Health & Safety
Committee
Information Technology
Steering Committee
Digitalization Committee
Risk Management Committee
Governance Principles
Transparency Accountability Fairness Independency Responsibility
Openness in Clarity of function Justice and Professional Compliance
expressing and accountability equality in fulfilling management (Compliance) of
information and of the Company’s the rights of of the company the management
making decisions organs stakeholders without influence/ of the Company
pressure from any with the laws and
party regulations and the
principles of healthy
management of
the Company
Detail explanation of the governance structure has been disclosed in the discussion of the Governance Chapter in this
report.
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Assessment of Corporate Governance Responsible for Sustainable Finance
Implementation [GRI 2-18] [GRI 2-12] [2-13]
The Company implements corporate governance To support the implementation of Sustainable Finance
standards that refer to Financial Services Authority Action, the Company has task force or the Sustainable
Regulation (POJK) Number 30/POJK.05/2014 concerning Finance Task Force which is in charge to implementing
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Good Corporate Governance for Financing Companies, and implementing the Sustainable Finance Action Plan
and Financial Services Authority Regulation Number (RAKB) in the Company. The membership composition,
29/POJK.05/2020 concerning Amendments Regarding duties and responsibilities of the Sustainable Finance
Financial Services Authority Regulation Number 30/ Taskforce are as follows:
POJK.05/2014 concerning Good Corporate Governance
for Finance Companies. Apart from that, the Company Composition and Membership
also aligns various provisions for the implementation 1. The task force consists of several divisions and/or
of good governance with capital market regulations in work units related to the Company appointed by the
relation to the Company’s status as a bond issuer. Company’s Board of Directors.
2. The business division referred to in point 1 is the
From the side of the Company’s Sharia Business division/work unit that at least regulates corporate
Unit (UUS), the implementation of UUS governance planning, risk management and finance, accounting,
PROFILE
CORPORATE
principles is carried out based on regulations regarding units, human resources, training and development,
good corporate governance for finance companies law, marketing communications and operations.
or other related regulations, as well as POJK No. 10/ 3. The composition of the task force may include
POJK.05/2019 concerning Business Implementation a sponsor (advisor), Chairperson, secretary, and
of Sharia Financing Companies and Sharia Financing members.
Company Business Units. 4. The task force is chaired by a person appointed by
members of the task force with approval from the
To measure the implementation of good governance Board of Directors.
and as a form of implementation of good governance,
the Company has submitted a Good Governance Duties and Responsibilities
Implementation Report for the 2022 Fiscal Year on 28 1. Responsible for total management of sustainable
April 2023. This governance report consists of a GCG financial action program in the Company, including:
DISCUSSION & ANALYSIS
MANAGEMENT
Implementation Report for Financing Companies and a. Development of financial products and or services
Action Plan. To increase the company’s competitiveness to increase the portfolio of financing, investment
in responding to increasingly dynamic and competitive or placement in financial instruments or projects
business demands, the Company is committed that are in line with sustainable finance;
to continuing to improve the implementation of b. Development of the Company’s internal capacity;
governance and ensuring that the implementation of c. Adjustment of organization, risk management,
GCG is reflected in all aspects of the Company’s business. governance, and/or standard operating
The Company is also committed to continuing to realize procedures (standard operating procedures)
long-term corporate governance transformation which is according sustainable finance principles
expected to produce sustainable value for shareholders implementation.
and all stakeholders. 2. Manage and implement a sustainable financial
action plan in the Company to achieve sustainable
A complete description and disclosure of information finance goals.
regarding Corporate Governance, the authority of the 3. Develop new, sustainable finance action plans, as
General Meeting of Shareholders (GMS), the duties and well as the Company’s sustainability report.
responsibilities of the Board of Commissioners and Board 4. Project and adjust the budget for implementing
GOVERNANCE
CORPORATE
of Directors, the Audit Committee and the Nomination sustainable finance.
and Remuneration Committee, including regarding the 5. Coordination with the Corporate Social Responsibility
remuneration policy for the Board of Commissioners (CSR) Committee in the implementation of
and Directors, the process for determining remuneration Environmental & Social Responsibility.
has been submitted in the Annual Report Corporate
Governance chapter. The details of the duties and responsibilities of the
Sustainable Finance Taskforce based on their respective
work units are as follows:
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Board of Director
Duties & Authorities
Responsible for the implementation of the Sustainable Finance Action Program
in the Company as a whole
Work unit in charge of finance and
corporate accounting
Duties & Authorities
1) Reporting related to realization of financing for Sustainable Category Business
Activities
2) Assessing the potential use and/or utilization of funding sources related to
sustainable finance
Work unit in charge of corporate planning and
corporate secretary
Duties & Authorities
1) Responsible to the Board of Directors for the overall management of the
Sustainable Finance Action Program in the Company
2) Manage the Sustainable Finance Action Program in the Company
3) Establishing a Sustainable Finance Action Unit
4) Prepare Corporate Guidelines for Sustainable Finance Actions for the Company
5) Supervise the implementation of the Company’s Sustainable Finance Actions
6) Prepare the Company’s Sustainable Finance Action Plan Report
7) Prepare the Company’s Sustainability Report
8) Support the preparation of the Company’s Sustainable Finance Action Plan
9) Projecting and adjusting the budget for Sustainable Finance Action
10) Monitoring the implementation of sustainable finance
Working unit in charge of legal, risk management and
compliance
Duties & Authorities
1) Together with related divisions, prepare the Corporate Guidelines for Corporate
Sustainable Finance Action
2) Review and provide recommendations related to risk and compliance aspects as
well as legal aspects of the Sustainable Finance Action Program
3) Monitoring risks related to the implementation of Sustainable Finance Action
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Work unit in charge of human resources and
training and development
Duties & Authorities
1) Conduct employee recruitment/assessment to fill the special unit/taskforce for
sustainable finance managers,
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2) Conduct competency improvement training related to sustainable finance
programs
Work unit in charge of corporate and
brand communications
Duties & Authorities
1) Support the preparation of the Company’s Sustainable Finance Action Plan in
terms of communication & branding
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2) Implementing a Green Campaign
3) Implement social and environmental responsibility programs
Business unit
Duties & Authorities
1) Distributing financing to business activities in the sustainable category
2) Conducting assessments and issuance of sustainable financial products and or
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MANAGEMENT
services
Work unit in charge of operations
Duties & Authorities
By coordinating with the CSR Committee:
1) Prepare plans and realization of CSR and environmental social responsibility
programs for the next 1 (one) year in accordance with the Sustainable Finance
Action Plan
2) Implement social and environmental responsibility programs
3) Ensure that the implementation of social and environmental responsibilities is
oriented towards sustainable support
GOVERNANCE
CORPORATE
designated targets and timeline, with due observance
Preparation of the Sustainable Finance of the fulfillment of prudential regulations and
Action Plan (RAKB) implementation of risk management.
The Company is required to prepare a Sustainable The RAKB report is prepared according to prevailing
Financial Action Plan (RAKB) report. The RAKB is a regulations, especially POJK No. 51/POJK.03/2017
written document describing the business activity plan concerning Implementation of Sustainable Finance
and work program in the short term 1 (one) year and for Financial Service Institutions, Issuers and Public
long term 5 (five) years according to the Sustainable Companies, and its Attachments (“POJK 51/2017”). In
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Finance principles implementation, including strategies addition, the Company also refers to:
to realize these work plans and programs based on
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1. Technical Instructions for Nonbank Financial Services Divisions. The prepared plan is then submitted to the
Institutions Regarding the Implementation of Board of Commissioners together with the Business Plan
Financial Services Authority Regulation Number Report for approval at the Joint Meeting of the Board of
51/OJK.03/2017 concerning the Implementation Directors and the Board of Commissioners.
of Sustainable Finance for Financial Services
Institutions, Issuers and Public Companies The RAKB report for the 2023 period has been submitted
2. Sustainable Finance Roadmap in Indonesia 2015- to the OJK simultaneously with 2023 Annual Business
2019 published by OJK in 2014, and Sustainable Plan Report, which is on November 30, 2023.
Finance Roadmap Phase II (2021-2025);
3. Technical Guidelines for Preparing Action Plans for
Sustainable Development Goals (SDGs); Sustainable Finance Risk Management
4. Metadata for Sustainable Development Goals (SDGs) [GRI 2-26]
indicators which consist of 4 pillars, such as Social
Development Pillar, Economic Development Pillar, The Company strives to apply risk management in
Environmental Development Pillar and the Legal and every business activity, including operational and
Governance Development Pillar; nonoperational activities. The implementation of risk
5. Global Reporting Initiatives Standards (GRI management is also a concern of every level/level of
Standards) 2021 update; the organization in the Company. Therefore, since the
6. As well as various other relevant references. establishment of the risk management & Compliance
Division, the Company has continued to improve the
implementation of risk management, both from the
RAKB Preparation Process procedures or policies as well as from the raising awareness
aspect in the implementation of risk management at
As stated in POJK 51/2017, companies that are in the every activity. This is needed to always accommodate the
category of finance companies as well as bond issuers needs and expectations of stakeholders in line with the
have an obligation to implement sustainable financial strategy and business norms, the level of risk appetite and
actions starting January 1, 2020. In this regard, as risk tolerance that has been determined and compliance
a manifestation of the Company’s commitment to with the prevailing laws and regulations.
implementing prevailing regulations and supporting
financial implementation sustainable, the Company has In accordance with POJK No. 44/POJK.05/2020
done the RAKB preparation. concerning the Application of Risk Management for
Non-Bank Financial Services Institutions, the Company
In the pre-preparation stage of the Company’s RAKB has implemented risk management based on the Risk
2022, the Company does not use the services of third Management Implementation Guidelines which include
parties or consultants. The preparation of the Company’s 4 (four) pillars of Risk Management implementation
2022 Sustainable Finance Action Plan was prepared by which of course also become part of managing Risk on
the Corporate Secretary at the direction of the Board the implementation of Finance Sustainable.
of Directors as well as cooperation from various related
FOUR PILLARS OF RISK MANAGEMENT
Active supervision Adequacy of policies, Adequacy of Internal control
of the Board of procedures, and limit the process of system
Directors, Board of setting identification,
Commissioners and measurement,
Sharia Supervisory monitoring and risk
Board control, as well as
the risk management
information system
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Further explanation regarding the implementation of risk management in the Company can be seen in the discussion
of Risk Management in the Governance Chapter in this report.
Risk Mapping
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In the event that the sustainable finance action plan cannot be implemented properly or does not achieve the desired
objectives, the Company, the potential risks that may arise include:
TYPE OF RISK DEFINITION RISK POTENTIAL
Compliance The risk due to the Company not complying Administrative sanctions in form of a warning
Risk with and/or not implementing the laws and or written warning from the OJK if the
regulations that apply to the Company. Company does not implement the Sustainable
Finance Action.
Strategy Risk Risk due to inaccuracy in making and/or The performance of the Sustainable Finance
PROFILE
CORPORATE
implementing a strategic decision as well as Action Plan is not achieved.
failure to anticipate changes in the business
environment.
Credit Risk Risk due to failure of other parties to fulfill This risk will arise when the Company disburses
obligations to the Company. financing that is oriented to the sustainability
category, in the form of the debtor’s failure to
fulfill its obligations.
Reputational The risk due to the declining level of stakeholder This risk will arise related to the level of success
Risk trust stems from negative perceptions of the of the Company in implementing sustainable
Company. financial actions, both reputation in the eyes of
DISCUSSION & ANALYSIS
MANAGEMENT
regulators and in the public presented through
sustainability reports.
Operational The risk of inadequate and/or non-functioning This risk will arise when the implementation
Risk internal processes, human error, system of the sustainable financial strategy that
failure and/or external events that affect the the company wants to carry out is not yet
Company’s operations. supported by the readiness and capability of
human resources and adequate infrastructure
to achieve the implementation of an effective
sustainable finance strategy.
Based on compliance and reputation aspects, the including prospective borrowers, are of course required
GOVERNANCE
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Company strives to ensure that the Company always before disbursing financing in the sustainable finance
complies with the provisions related to sustainable category. The Company also strives to ensure reputation
finance stipulated in POJK 51/2017 and ensures that risk by presenting sustainability reports that are easily
reporting which includes the Sustainable Financial Action understood by the public.
Plan Report, and the Sustainability Report is prepared
in accordance with the provisions and submitted in a 1. Active Supervision of the Board of Directors & Board
timely manner. The Company also ensures that internal of Commissioners
policies are adjusted within the company as part of the - In implementing sustainable finance initiatives
management’s commitment to applying the principles in the Company, the Company has formed a
of Sustainable Finance. Sustainable Finance Taskforce in 2020 which is
directly responsible to the Board of Directors. The
For the strategic risk aspect, the Company ensures that Board of Directors places a Vice President Director
the implementation of the sustainable financial action and a Director as advisors in the Sustainable
plan is well implemented by considering and concerning Finance Taskforce. In 2023, Sustainable Finance
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organizational capacity, internal and external conditions Taskforce held 4 (four) meetings, namely on 31
of the Company. In terms of credit risk, in-depth March 2023, 08 June 2023, 01 November 2023,
studies, especially on financial products/innovations, dan 14 December 2023.
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- In a joint meeting the Board of Directors and processes. Apart from that, the Company is also
Board of Commissioners discussed various developing infrastructure, including by increasing
initiatives that support implementation of network capacity and quality, improving the
sustainable finance in the Company. performance of data storage and processing systems,
- In implementing social and environmental and increasing the capacity and coverage of the
responsibility activities, the Company has a disaster recovery system (DRC). In accordance with
CSR Committee under the Board of Directors. the Company’s needs and objectives, the Company is
This committee periodically provides updates committed to implementing an Information Security
to the Board of Directors regarding the plans, Management System (SMKI) that refers to the ISO
realization, and costs of the Company’s CSR 27001 standard. This form of commitment is realized
activities. Changes in members of the CSR by implementing a risk management process to
Committee are always communicated to the provide confidence to stakeholders that risks related
Board of Commissioners. In 2023, the CSR to information security are managed adequately and
Committee has organized various social activities is proven by the Company’s success in obtaining ISO
that support aspects of sustainable development 27001 certification in mid-2023.
goals.
- In implementing risk management, the Risk 4. Comprehensive Internal Control System
Management Committee and Risk Monitoring The internal control system implemented includes:
Committee have held 4 (four) meetings in 2023 - Implementation of the 3 (three) lines of defense
with the agenda of discussing the implementation in the Company’s structure;
of risk management in the Company, such as the - The existence of a Risk Management Work Unit
Company’s health level, risk profile, compliance (SKMR) and a Compliance Work Unit (SKK) which
monitoring, and others. the Company has established since the Third
Quarter of 2019;
2. Adequacy of Policies, Procedures, and Establishment - Provide training related to sustainable finance
of Risk Limits to improve understanding and capacity of
- In 2023, the Company conducted a policy sustainable finance to the Company’s employees
review, especially in the Risk Management Policy at all levels of the organization;
Guidelines with adjustments to the formulation - Sustainable Finance Taskorce has participated in
of a strategy for compliance risk referring to the capacity building through seminars which were
general scope of application including considering attended 3 (three) times in 2023;
and concerning the risks and possibilities of - Publishing internal news on a regular basis which
social, economic and environmental impacts is given to all employees regarding the social
in making decisions as part of the Companies’ responsibility activities carried out;
compliance to implement Sustainable Finance - Coordinating between related divisions to ensure
Actions effectively. compliance with the Company’s compliance
with applicable laws and regulations, particularly
3 Adequacy of the Identification, Measurement, related to sustainable finance.
Monitoring and Risk Control Processes as well as the
Risk Management Information System. Through active supervision by the Board of Directors
and Board of Commissioners, adequacy of policies,
The Company seeks to evaluate the implementation procedures and determination of risk limits, adequacy of
of sustainable finance by adjusting the RAKB targets risk identification, measurement, monitoring and control
with achievement indicators. processes, risk management information systems and a
comprehensive internal control system, the Company will
In general, the Company has several initiatives to strive to ensure that these risks are monitored properly
implement information technology systems in 2023 with good mitigation.
which are in line with the spirit towards sustainable
finance in the form of existing business support From the aspect of compliance and reputation, the
systems/applications to support digitalization and Company always ensures that the Company complies
digital business. The following are several information with the provisions related to sustainable finance as
technology platforms that are integrated with the regulated in POJK 51/2017 and ensures that reporting
Company’s core system, namely BAF Mobile, Credit includes the Sustainable Finance Action Plan Report, and
Center, E-Survey (Mobile Survey System), BAF Care, the Sustainability Report is prepared in accordance with
Robotic Process Automation (RPA), data analysis the provisions and submitted in a timely manner. For the
system and BAF Pro. On the cyber security and strategic risk aspect, the Company will ensure that the
information security side, the Company focuses sustainable financial action plan is well implemented
on securing employee laptops/PCs when the while taking into account the Company’s internal
employees use the browsers that potentially have and external conditions and carrying out additional
vulnerabilities. If there is any vulnerability, the page activities in the form of Risk Assessment & Analysis for
will automatically not be able to open. Apart from each sustainable finance initiative or program that
that, the Company also focuses on increasing storage will be carried out, especially those related to products
capacity, memory, and CPU to support business or services. . In terms of credit risk, an in-depth study,
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especially of financial products/innovations, including Finance for Financial Services Institutions, Issuers
prospective debtors, is certainly needed before disbursing and Public Companies at least 1 (one) time in 1 (one)
financing related to sustainable finance. year;
6. Monitoring the fulfillment of the Company’s
To mitigate compliance risks, the Company will continue commitment to the Sustainable Finance
various initiatives including: Implementation Program for any programs or
1. Regular review of internal policies, business processes instructions from the Financial Services Authority
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and operations to support the implementation of (OJK).
Sustainable Finance and align with the Company’s
Risk Management Strategy;
2. Organizing Compliance Awareness Program while Risks Related to Climate Change
still including material related to POJK No. 51/ [GRI 201-2]
POJK.03/2017 concerning the Implementation
of Sustainable Finance for Financial Services Climate change is a global challenge, including in
Institutions, Issuers and Public Companies for both Indonesia, which is a vast maritime country. Therefore, the
head offices and network offices and including this Government continues to increase the implementation of
material in the testing material in the Compliance sustainable finance in the financial services sector which
APU PPT & PPPSPM Mandatory Program (CAMP has an important role in supporting efforts to mitigate
Test); and adapt to climate change.
PROFILE
CORPORATE
3. Risk Management Webinar The webinar series and
Mari Obedient Bulletin will include material related The climate changes that occur can have an impact on
to Sustainable Finance which has been aligned all sectors, including the financing sector. One impact is
with the Sustainable Finance strategy that will the increased risk of debt repayment failure by debtors,
be implemented by the Company. Implement a especially for companies that depend on sectors directly
systematic assessment of the programs you wish to affected by climate change, such as agriculture, forestry,
carry out using the Risk Assessment mechanism and tourism and other sectors.
discussion in the 3 Lines of defense panel;
4. Continuously provide Compliance Analysis for In addition, physical risk is one of the risks related to
every new program or product aimed at supporting climate change faced by the Company. Physical risk
sustainable financial programs; is related to physical damage to assets due to natural
DISCUSSION & ANALYSIS
MANAGEMENT
5. Monitoring the level of compliance with the disasters. In 2023, there was 50 natural disasters recorded
implementation of POJK No. 51/POJK.03/2017 by the Company, consisting of earthquakes, floods and
concerning the Implementation of Sustainable the eruption of Mount Merapi.
32 17 1
Earthquake Flood Volcanic
eruption
GOVERNANCE
CORPORATE
From the events mentioned above, there was no
significant impact or the risks were relatively low, except Stakeholder Engagement
for the flooding which had an impact on two network [GRI 2-29]
offices in Semarang - Manado and resulted in operational
disruption for 2 days. Even though the Company did not Stakeholders are parties who are related to business
experience significant financial losses as a result of this, activities, either directly or indirectly, and have a
in the long term the influence of extreme climate could sustainable influence on the Company. The Company
cause more losses, if not handled optimally. Therefore, strives to maintain harmonious and professional
the Company continues to strive to improve mitigation relationships with all stakeholders to obtain input and
measures for the risk of natural disasters. meet their needs through improving the Company’s
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services. We engage stakeholders in improving out communication with stakeholders. In carrying out
environmental, economic, social and governance operational activities, for example, the Company involves
performance. Stakeholders are identified through a and pays attention to the interests of stakeholders
proximity approach and the size of their interests (power) who have different interests. In involving stakeholders,
which can mutually influence and be influenced by the the Company builds an approach using a number of
Company. communication methods and media. Stakeholder groups
are determined based on their proximity, influence and
Efforts to foster harmonious relationships with impact on the company. The interests of stakeholders
stakeholders are carried out through various strategies. towards the Company and the interests of the Company
One of them, the Company seeks to build cooperation towards stakeholders along with the communication
and synergy with stakeholders. The Company also carries methods or media used, are as follows:
Interest For the Communication Media
Stakeholders • Provide a channel to
• A conducive working accommodate employee
climate to support target feedback
achievement • Ensure adequate work
• Opportunities to actualize facilities
Employee skills, competencies, talents • Ensuring the safety and
and interests, including rights of employees in
training and competency accordance with Company
Interest For the Company development Regulations
Employment partnership • Clear explanation and • Conducting training &
relationship for business opportunity to inspire development, including
sustainability and increased the opinion corporate wellness programs
Company’s performance • A clear and planned career • Conduct job evaluations
direction and development and promotions as well as
• Equal employment promotions and transfers
opportunities
• Performance appraisal
and career path as well as
remuneration and benefits
Interest For the Communication Media
Stakeholders • Conduct AGMS and EGMS
• The Company’s business • Prepare Annual Report and
sustainability Sustainability Report
• Company performance
growth
• Implementation of corporate
Shareholders governance
• Actual Company’s
Interest For the Company information
• Support for the sustainability
of the Company’s business
• Feedback for performance
improvements
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Interest For the Communication Media
Stakeholders • Explore customer needs and
• Sustainability of products develop product and service
and services innovations. There was no
• Good customer protection product developments in
mechanisms, with a customer 2023.
REPORT
MANAGEMENT
complaint system that • Conduct customer
Customers accommodates customer satisfaction surveys
interests • Maintain the privacy and
Interest For the Company • Product procedures and security of customer data
• Support for the sustainability information • Implementation of meetings
of the Company’s business • Customer convenience and with customer (if necessary)
• Feedback for performance satisfaction • Implementation of financial
improvements • Security and privacy of literacy and inclusion
customer data activities every year
• Financial literacy and
inclusion
PROFILE
CORPORATE
Interest For the Communication Media
Stakeholders • Providing website, social
• Need for employment networking media and news
• Provide a positive impact on about the Company in mass
economic growth and society media, including information
at large on job vacancies.
• Provide society • Carrying out CSR activities
empowerment program • Implementation of financial
DISCUSSION & ANALYSIS
MANAGEMENT
• Understanding on financial education and literacy
Society literacy seminars/training
• Empowering the
Interest For the Company community’s economy
• Support for the sustainability through Xtra BAF agents
of the Company’s business
• Feedback for performance
improvements
Interest For the Communication Media
Stakeholders • Implementation of
GOVERNANCE
CORPORATE
• Compliance with legal and compliance with prevailing
regulatory aspects laws and regulations,
• Transparent and up-to-date financing, capital market
information in accordance issuers, and other relevant
Government/Regulator with regulations regulations.
• Good corporate governance • Submit reports according to
• Anti-Fraud and Anti- regulations both periodically
Interest For the Company Corruption, Anti-Money and incidentally, such
• Partnership relationship for Laundering and Counter as annual reports and
the implementation of good Financing of Terrorism sustainability reports
corporate governance in the Financing (AML-CFT) • Implementation of GCG
Company • Payment of taxes and other principles
• Feedback to improve the obligations • Payment of Tax Obligation
Company’s performance
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Interest For the Communication Media
Stakeholders • Provide information needed
• Mechanisms for procurement to streamline procurement
of goods and services and work processes
that apply good corporate • Build business
governance communication
Work Partners/Vendors • Transparency in the
completion of the
procurement of goods and/or
Interest For the Company services
• Excellent service quality from
third parties (suppliers)
• Partnership relationship for
implementation of anti-
gratification commitment
Interest For the Communication Media
Stakeholders • Organizing press releases,
• Corporate information and media publications and
data, including regarding company reports, interviews,
company performance, press conferences.
products and/ or services, as • Update information in the
well as corporate actions Company’s website
Mass Media
Interest For the Company
• Check and balance
partnership relationship
Interest For the Communication Media
Stakeholders • Provide annual reports
• Financial performance and/or financial reports
and achievement of the periodically
company’s business strategy • Deliver information
• Implementation of corporate disclosure in accordance with
actions and corporate the provisions
Investor/Creditor strategies • Conduct meetings or updates
• Good corporate governance on the Company’s condition
and compliance with related and performance (by
Interest For the Company regulations request)
• Support for the sustainability
of the Company’s business
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PERFORMANCE
accompanied by technological crimes, so strengthening
Challenges of Implementing data security systems needs to be a concern to avoid
Sustainable Governance cyber crime. Therefore, awareness of data security and
the use of technology is a challenge in itself. Therefore,
The Company closely follows the development and the Company continues to strengthen its data security
implementation of sustainable finance. The Company system, one of which in 2023 is that the Company has
continues to assess potential challenges, opportunities, obtained ISO 27001 concerning Information Security
REPORT
MANAGEMENT
and prospects for sustainable finance, as well as their Management Systems.
impact on stakeholders. Implementing sustainable
finance requires commitment to face challenges, both The various challenges and problems that exist do not
internal and external. dampen the Company’s commitment to implementing
sustainable finance considering that the potential for
From internal perspective, the Company realizes implementing sustainable finance is very positive to
the need to increase awareness of all employees in support the sustainability of the Company’s business
establishing a culture of sustainability. This culture is in the future. Therefore, the Company is gradually
very important as a basis for understanding the need to ensuring that it continues to implement and provide
implement sustainability in all business lines. Therefore, support for sustainable finance. The Company believes
the Company continues to accelerate comprehensive that with the increasing attention from the government,
understanding by employees at all levels of positions, investors and regulators regarding the implementation
PROFILE
CORPORATE
including those responsible for sustainable finance in of sustainable business, it is hoped that it will encourage
the Company through various certifications related to the creation of various sustainable financial initiatives
sustainable finance. and products, so that they can contribute to achieving
the SDGs.
In addition to the employees, implementing
sustainability requires joint efforts with consumers
and therefore, external parties have a significant Building Sustainability a Culture and
role in transitioning business activities towards an Capacity Building
environmentally friendly economy. Support and
collaboration from the government and regulators to To realize sustainable growth, the Company continues
create an environmentally friendly business climate to strive to build a strong foundation by improving the
also plays a significant role in the implementation of
DISCUSSION & ANALYSIS
MANAGEMENT
quality of human resources through training activities
sustainable finance. Implementation of environmentally which are expected to produce human resources who are
friendly industries requires adequate infrastructure professional and have high integrity and can support the
development. The government and regulators need implementation of sustainable finance in the Company.
to ensure the readiness of green products and
infrastructure from upstream to downstream. The 1. Sustainability Month
Company sees that business actors still do not have The Company strives to develop a culture
the same and adequate standards for implementing of sustainability which starts by introducing
sustainable finance, especially in the financing industry. sustainable finance to all employees. Sustainability
Therefore, cooperation between all parties is the main Month is an annual program as an effort to increase
key in implementing sustainable finance and the awareness and increase knowledge for employees.
ability to adapt to rapid changes and demands from Socialization is carried out to employees at the
stakeholders. head office and branch offices at every level/level
of the organization, so that employees have the
same understanding so that it becomes the initial
Another challenge is the massive digital transformation. foundation in building a culture of sustainability in
Increased digital use has also increased the number the Company in the coming future.
GOVERNANCE
CORPORATE
of cyber crimes. Basically, the development of
digitalization can impact all economic, social and In 2023, the Company has organized Sustainability
environmental performance which has the potential Month in August and September by presenting a
to affect sustainability. However, rapid changes are green seminar series.
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Social Education Green Values for
Integration into Better Environment
Business dan Green
Values for Better Topic
Environment Environment problem,
food waste, climate
Topic change, sustainabkle
Sustainability consmption, zero
framework, CSR, waste, dan lainnya.
sustainbale
development, SDGs 4, Participant
social education, dan
lainnya.
Participant
29
Employees,
34
Department Head
level at Head Office or
66% presence
Employees,
Department Head
level at Head Office or
77% presence
2. E-learning Sustainable Finance employees better understand the SDGs and the
In 2023, the Company requires leaders at the role of employees and companies in supporting the
Department Head and Division Head level of achievement of SDGs.
the Company to carry out e-learning regarding
Sustainable Finance so that they can share the As of the time this report was written, 188 employees
knowledge they have gained with their team. or 100% of the Company’s total employees were
required to have undertaken Sustainable Finance
E-learning in 2023 focuses on refreshment related e-learning and received an average score of 94. This
to Sustainable Development Goals (SDGs) so that score has increased from 85 in 2022.
Participant Average score
188 94
100% of the increase
Company’s total 10.7% (YoY)
employees are required
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HIGHLIGHTS
PERFORMANCE
3. Senior Management – ESG Seminar [GRI 2-17] was attended by 47 Senior Management, 7 Directors
In October 2023, the Company also held a seminar and 3 Independent Commissioners of the Company.
entitled Stepping-up on Sustainability: Creating Long- This workshop reviews the latest information
Term Values in Business Strategy which was attended regarding global sustainability issues, Sustainable
by Senior Management, including the Board of Development Goals (SDGs), and examples of real
Directors and Board of Commissioners, represented sustainability actions.
by three Independent Commissioners. This workshop
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MANAGEMENT
Stepping-up on Sustainability:
Creating Long-Term Values in Business Strategy
Topic
Reviews the latest information regarding global
sustainability issues, Sustainable Development
Goals (SDGs), and examples of real sustainability
actions.
PROFILE
CORPORATE
Participant
47 7 3
Senior Directors Independent
Management Commissioners
DISCUSSION & ANALYSIS
MANAGEMENT
Details of the competency development of the Board finance carried out by Indonesia, including the Indonesia
of Commissioners and other Directors have also been Stock Exchange (IDX), Global Reporting Initiative (GRI)
disclosed in the 2023 Annual Report in the Corporate as well as webinars conducted internally in collaboration
Governance section which is part of this Report. with Official institutions related to sustainable finance.
In 2023, one of the people responsible for sustainable
finance has obtained a Certified Sustainability Reporting
Competency Development on Specialist (CSRS) in August 2023.
Sustainable Finance by Taskforce
The activities that have been participated in by the
In addition, actively in the pre-drafting stage of the Sustainable Finance Taskforce and/or representatives in
GOVERNANCE
CORPORATE
Company’s RAKB, the Company has participated in 2023 include the following:
various socialization activities related to sustainable
NO ACTIVITIES ORGANIZER DATE & PLACE PARTICIPANT
1 Seminar “Addressing Indonesia Stock Exchange Via Zoom, 08 June 2023 Corporate
Gender-based Violence (IDX) with International Secretary
and Harassment: The Role Finance Corporation (IFC). Representative
of Corporate Boards”
2 Seminar “Understanding International Capital Via Zoom, 25 May 2023 Corporate
the Key Elements of Market Association Secretary
Green, Social, and (ICMA) Representative
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SUSTAINABILITY
Sustainability Bond”
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NO ACTIVITIES ORGANIZER DATE & PLACE PARTICIPANT
3 Seminar “Understanding Financial Service Via Zoom, 24 May 2023 Corporate
the Landscape and Authority and IDX Secretary
Significance of Green, Representative
Social, and Sustainability
Bond”
4 Seminar “Sosialisasi IAI- Ikatan Akuntan Via Zoom, 30 August Corporate
PPPK IFRS Sustainability Indonesia (IAI) 2023 Secretary
Disclosures Standards” Representative
5 Seminar “Save the Planet: Financial Service Pullman, 25 September Corporate
The Role of Financial Authority 2023 Secretary
Sector to Support Carbon Representative
Reduction and Electric
Vehicle Development”
6 Workshop Carbon Trading Financial Service Jakarta, 5-7 December Corporate
for Financial Service Authority 2023 Secretary
Industry Representative
Procurement & Account Payables No. SP-ACP-011-003
Supply Chain [GRI 2-6] which regulates procurement procedures and other
provisions related to procurement process rules in the
The Company’s success and sustainability to date cannot Company.
be separated from the involvement and support of all
stakeholders, one of which is resources from suppliers. The Company continues to strive to ensure that
The need for goods and services to support operational employees and investors comply with the company’s
activities is partly fulfilled through collaboration with ethical standards properly. The Company seeks to
suppliers/vendors. Suppliers involved in meeting the encourage suppliers to support the implementation of
Company’s daily operational needs include suppliers of sustainable finance, including compliance with applicable
general goods & services, office household & stamp duty, laws and regulations regarding employment in relation
professional services, information technology, and others. to procurement.
In ensuring the implementation of procurement well, the Prior to collaborating with the Company, vendors will be
Company has a Procurement & Accounts Payable Division assessed through Supplier Due Diligence (SDD) using a
which has a Standard Operational Procedure (SOP) which form determined by the Company. At this stage, vendors
functions as a reference for the procurement function in will be evaluated regarding various legal and other
dealing with external parties or suppliers. This policy is aspects. Vendors are also required to sign an integrity
stated in the procurement practices of Standard Policy pact stating that the vendor:
1. has run its business in a 2. will not carry out any form 3. will not give or lend
clean, transparent and of communication and/or money, any form of gift,
professional manner approach that leads to acts assistance, for any reason
in accordance with the of Corruption, Collusion, to the management and/or
principles of Good Corporate Nepotism (KKN) and the like. employees of the Company
Governance and is willing to at all levels, and
uphold integrity, noble values
and business ethics and
comply with applicable laws
and regulations.
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HIGHLIGHTS
PERFORMANCE
Vendors are asked to report to the Company’s In the future, the Company strives to continue to
Compliance Hotline if there are Company leaders and/ carry out gradual evaluations to ensure that the
or employees who request or give the impression of company’s procedures process also pays attention
requesting something from the vendor. to aspects related to environmental management
performance, implementation of work safety, fulfillment
In addition to the integrity pact, the Company also of responsibilities and Human Rights (HAM) which
requires vendors to maintain the confidentiality of the are in line with the United Nations Guiding Principles
REPORT
MANAGEMENT
Company’s data by signing a non-disclosure agreement (UNGP) in the employment aspect, as well as community
(NDA) during the supplier onboarding process. empowerment.
The Company ensures that there are no conflicts of As of December 31, 2023, 99.7% of the Company’s
interest with suppliers who have collaborated or are still vendors are local, both for services and goods. [GRI 2-6],
using potential suppliers. To prevent violations or fraud with the following numbers:
in the procurement process, the Company providing a • Local supplier: 698
Violation Reporting System to report suspected violations • Overseas suppliers: 2
or fraud. [GRI 2-15].
PROFILE
CORPORATE
Local Supplier Overseas Supplier
698
VE ND OR
2
V ENDOR
Company as well as employees or parties related to the
Conflict of Interest [GRI 2-15] company must avoid making decisions in conditions
DISCUSSION & ANALYSIS
MANAGEMENT
where there is a conflict of interest.
The Company’s business activities cannot be separated
from relationships and interactions between individuals
within the Company and with other parties. The Whistleblowing System [GRI 2-16] [2-26]
Company is aware that there is a potential conflict of
interest that may be unavoidable between one party The Company has a violation reporting system policy
and another, which could influence the decision- or Whistleblowing System. A complete description and
making process and the performance of the results of disclosure of information regarding the Whistleblowing
the decision which could then be detrimental to the System is presented in the 2023 Annual Report in the
Company. Corporate Governance section which is part of this
Report.
Conflicts of interest are regulated in the Company’s
policy, namely Compliance Standard Policy No. SP-
RMC-010-004. In the event of a conflict of interest Compliance with Laws and Regulations
between the Company and its Shareholders, Directors, [GRI 2-27]
Board of Commissioners, Sharia Supervisory Board,
GOVERNANCE
CORPORATE
executive officers, employees and/or parties related to The Company’s consistency in always complying with
the Company are prohibited from taking actions that various related regulations is the main thing. This
reduce the Company’s profits/causing losses, must is proven by the absence of violations of laws and
disclose the conflict of interest referred to in every regulations regarding the environment, social and other
decision. as stated in the minutes of the meeting which aspects which resulted in fines or sanctions during 2023.
at least includes the name of the party and position/ A complete description and disclosure of information
position that has a conflict of interest, the main issue of regarding compliance is presented in the 2023 Annual
the conflict of interest, and the basis for consideration Report in the Corporate Governance section which is
for decision making. part of this Report.
The Board of Directors, Board of Commissioners,
Sharia Supervisory Board and Executive Officers of the
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ECONOMIC PERFORMANCE
Economic Performance
THE COMPANY BELIEVES THAT A
Economic performance achievement is a measure of
SUSTAINABLE BUSINESS IS THE stakeholders’ trust and the basis for evaluating business
KEY TO DRIVING THE COMPANY’S continuity. Therefore, the Company makes this as one
of the important aspect. The Company believes that a
OVERALL PERFORMANCE. sustainable business is the key to driving the company’s
overall performance. In measuring the achievements of
the implementation of sustainable finance, the Company
manages credit and portfolio. The description of the
performance of the economic aspect which contains
a comparison of targets and financing performance,
revenue and profit and loss has been discussed in detail
in the Management Analysis and Discussion Chapter.
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New Financing Disbursement
As of December 31, 2023, the Company has various business lines to meet the various needs of consumers. The
following is the composition of the Company’s new financing distribution for the last 3 (three) years.
REPORT
MANAGEMENT
NEW FINANCING DISBURSEMENT BASED ON FINANCING PRODUCTS
I N BI L L I O N RUPIAH
2023 2022 2021
DESCRIPTION
Rp % Rp % Rp %
Yamaha’s new 5,890 53.6 6,225 56.6 5,942 62.1
motorcycle financing
Used motorcycle 415 3.7 400 3.6 286 3.0
financing
PROFILE
CORPORATE
BAF Dana Syariah 3,078 28.0 2,215 20.2 1,581 16.5
Gadget, Electronics & 268 2.4 454 4.1 367 3.8
Furniture Financing
Agricultural Machinery 25 0.2 27 0.2 23 0.2
Financing
Car Financing 1,294 11.8 1,617 14.7 1,367 14.4
Other Financing 29 0.3 51 0.5 0.7 0.01
DISCUSSION & ANALYSIS
MANAGEMENT
Total 10,994 100.0 10,989 100.0 9,567 100.0
NEW FINANCING DISBURSEMENT BASED ON FINANCING SCHEME
DESCRIPTION 2023 2022 2021
Conventional financing scheme 71.5% 79.1% 83.0%
Sharia financing scheme 28.5% 20.9% 17.0%
Total 100.0% 100.0% 100.0%
GOVERNANCE
CORPORATE
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Based on the Company’s monthly report data submitted amounted to Rp3.4 trillion or 24% of total financing
to Financial Services Authority (OJK) as end of 2023, receivables (gross). In addition, the Agriculture, Forestry
the Company possess portfolio in processing industry and Fisheries Sectors amounted to Rp1.3 trillion
amounted to Rp4.3 trillion or 30% of total financing consisting of agriculture and agribusiness such as fruit,
receivables (gross) which includes, among others, the oil palm, plantation, rubber and other, as well as the
food and beverage industry, textiles, trade, and industries livestock sector, while the rest is spread across various
such as handicrafts. The wholesale and Retail Trade, economic sectors, both business and non-business
Repair and Maintenance of Cars and Motorcycles Sector sectors.
FINANCING RECEIVABLES (GROSS) BY ECONOMIC SECTOR
I N B I L L I O N R U PIAH
2023 2022 2021
SECTOR
Rp % Rp % Rp %
Manufacturing Industry 4,291 30.4 4,324 31.0 3,591 30.0
Wholesale and Retail
Trade, Repair and
3,376 24.0 2,986 22.0 2,222 18.0
Maintenance of Cars
and Motorcycle
Agriculture, Forestry and 1,273 9.0 1,356 10.0 1,324 11.0
Fishery
Others 5,154 36.6 5,185 37.0 4,933 41.0
Total 14,094 100.0 13,851 100.0 12,070 100.0
Manufacturing Agriculture, Forestry
Industry and Fishery
4,291
BIL LION R U PIAH
1,273
BI LLI ON RUP I A H
Wholesale and Retail Others
Trade, Repair and
Maintenance of Cars
and Motorcycle 5,154
3,376
BI LLI ON RUP I A H
BIL LION R U PIAH
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The Company is committed to implement fair business
Economic Value Generated and practices and comply with prevailing regulations.
Distributed One of the ways in which fair business practices
are implemented is by fulfilling the responsibility
In the reporting period, the Company’s operations ran to contribute to national economic development,
smoothly so that it succeeded in obtaining economic including through paying taxes. The tax paid by the
value and had a positive impact on stakeholders and Company in 2023 is recorded at Rp108.0 billion in
REPORT
MANAGEMENT
economic growth in Indonesia. The direct economic the form of Income Tax (Corporate Income Tax). Other
value generated is the amount of income obtained from taxes paid include Individual PPh 21, Value Added Tax
the results of the Company’s business activities. Total (VAT), Land and Building Tax. [GRI 207-1]
revenue was booked at Rp4.6 trillion, increased by 5.4%
(YoY) compared to last year’s Rp4.3 trillion. The Company Throughout 2023, the Company manages its
then distributes economic value through remuneration finances independently and does not receive financial
and allowances to employees, tax payments to the assistance from the government. In addition, none of
government, and to the community through various the Company’s revenues are derived from opportunities
activities as an embodiment of Environmental Social and/or financial implications due to climate change. The
Responsibility (CSR). Company displays the direct economic value generated
and distributed as shown in the table above. [GRI 201-1,
201-2, 201-4]
PROFILE
CORPORATE
ECONOMIC VALUE GENERATED AND DISTRIBUTED
I N BI L L I O N RUPIAH
DESCRIPTION 2023 2022 2021
A. Generated Economic Value
Financing Income 4,477 4,249 3,834
DISCUSSION & ANALYSIS
MANAGEMENT
Interest Income 3 2 8
Other Income 89 86 58
Total Income 4,569 4,337 3,900
B. Distributed Economic Value
Operational costs (excluding employee salaries)* 434 376 311
Salaries expences and employee benefits 559 561 541
Dividend 239 142 -
Tax 108 294 141
Expenditures for community activities 2 2 2
GOVERNANCE
CORPORATE
Total of Economic Value Distributed 1,343 1,376 995
Retained economic value (A-B) 3,226 2,961 2,904
*) There is a changes to the calculation method for 2022 and 2021
Portfolio of Criteria for Sustainable Business Activities
There are 12 Categories of Sustainable Business Activities (KKUB). As for 2023, the Company has identified 2 KKUB,
which is environmentally friendly transportation and MSMEs.
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12 CATEGORIES OF SUSTAINABLE BUSINESS ACTIVITIES (KKUB)
Renewable Energy Energy Efficiency MSMEs Activities Climate Change
Adaptation
Environmentally Pollution Prevention Conservation of Sustainable
Friendly Transportation and Control Terrestrial and Aquatic Management of Water
Biodiversity and Wastewater
Business Activities and/ Management of Products that Can Environmentally
or other Activities with Biological Natural Reduce Resource Usage Friendly Buildings
Environmental Insight Resources (SDA) and and Produce Less that Meet Standards/
Sustainable Land Use Pollution Certifications recognized
Nationally, Regionally, or
Internationally
041/HQ/MKCPRODUCT/XII/2021 dated December 30,
Environmentally Friendly Transportation 2021, with the latest extension through Approval Special
Credit Condition No. 003/HQ/MKC-PRODUCT/I/2023
Since 2021, the Company’s car financing business line dated January 02, 2023.
has started offering Special Electric Vehicles (EV) and
semi-EV/Hybrid to consumers. This is stated in Approval This offer is valid to all dealers and applies nationwide.
Special Credit Condition No. 006/HQ/MKC-PRODUCT/ This Special Electric Vehicle (EV) and semi-EV/Hybrid
III/2021 dated March 3, 2021 which was then extended financing is one of the Company’s first steps in initiating
again through Approval Special Credit Condition No. sustainable products as well as a form of government
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HIGHLIGHTS
PERFORMANCE
program support that continue to accelerate the On the motorcycle side, the Company’s new financing
establishment of an electric vehicle ecosystem in will depend on Yamaha products. In 2023, Yamaha has
Indonesia. not yet market EV products. Therefore, the financing
carried out in 2023 was financing for a hybrid Yamaha
motorcycle, which is Yamaha Fazzio.
REPORT
MANAGEMENT
I N BI L L I O N RUP IAH
2023 2022
DESCRIPTION
UNIT Rp UNIT Rp
Motorcycle - Hybrid 41,698 953.6 21,193 408.7
Car - EV 67 16.0 95 23.4
Car - Hybrid 2 0.7 - -
Total Disbursement of
PROFILE
CORPORATE
Environmentally Friendly
970.2 432.0
Transportation Financing (in
billions)
Total Outstanding for
Environmentally Friendly 975.9 353.0
Transportation (in billions)
Contribution to Total Portfolio 7.1% 2.6%
DISCUSSION & ANALYSIS
MANAGEMENT
Green
Transportation
Contribution to Total Motorcycle Car Car
Portfolio – Hybrid – EV – Hybrid
7.1% 41,698 67
U NIT UNI T
2
UNI T
GOVERNANCE
CORPORATE
community in Indonesia during the COVID-19 pandemic,
Micro, Small and Medium Enterprises as well as a form of support for MSMEs in increasing their
(MSMEs) Activities contribution to the economy. This is in line with the
target of the Sustainable Development Goals (SDGs),
Since 2022, the Company has marketed two products where MSMEs have become the front guard in achieving
aimed at Micro, Small and Medium Enterprises (MSMEs), the economic pillars of the world development agenda
namely BAF PraDana and BAF AdiDana. It is expected by 2030.
that these two products can contribute to productive
financing for MSMEs and micro-productivity. The two In addition to BAF PraDana and BAF AdiDana products,
new products mentioned above are a manifestation of the Company also has other financing products which
the Company’s commitment to expanding the variety are intended for productive needs such as the BAF Dana
of products that consumers can choose from, as well Syariah product line, new Yamaha motorcycle financing
as reinforcing the Company’s commitment to helping and other financing.
accelerate the economic recovery of the entrepreneurial
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 383
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SUSTAINABILITY
REPORT
The Company has classified the Company’s consumers into the category of micro, small and medium enterprises
(MSMEs) with certain criteria, so that the Company can identify the number of new financing disbursement to MSMEs,
namely 212,542 units or Rp4.0 trillion in 2023. Financing distributions to MSMEs decreased 4.9% (YoY) in 2023.
BAF PraDana BAF AdiDana
DESCRIPTION 2023 2022
MSMEs (in unit) 212,542 234,060
Total MSMEs Financing Disbursement (in Rp trillion) 4.0 4.22
Total Outstanding of MSMEs (in Rp trillion) 5.1 4.99
Contribution to Total Portfolio 36.9% 37.07%
TOTAL PORTFOLIO CONTRIBUTION IN SUSTAINABLE BUSINESS ACTIVITY CATEGORY
DESCRIPTION 2023 2022*
Total Outstanding for Environmentally Friendly 1.0 0.4
Transportation (in trillion)
Total Outstanding of MSMEs (in Rp trillion) 5.1 5.0
Contribution to Total Portfolio 44.1% 39.7%
*) There were adjustments to the KKUB portfolio category in 2023 by designating hybrid type new Yamaha motorcycle financing as a sustainability
portfolio, so that the figures presented in 2022 are slightly higher than those stated in the 2023 Sustainability Report.
384
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Digitalization
One of the Company’s digital services that consumers can Digitalization (DASYAT), and other feature developments
utilize is BAF Mobile. During 2023, one of the initiatives aimed at making consumers comfortable in using BAF
carried out is adding features to BAF Mobile. In 2023, Mobile thereof can optimize their access to BAF Services
consumers were be able to exchange vouchers on BAF digitally.
REPORT
MANAGEMENT
mobile using BAF points. The Company also periodically
rejuvenates the user interface, including refreshing Information regarding other initiatives related to
the appearance of the BAF Mobile application and re- digitalization can be seen in the environmental
grouping menus and features in BAF Mobile. Apart from performance and information technology chapters in the
that, several additional features have been implemented, Management discussion analysis chapter.
such as Live Chat, Help Center menu, Dana Syariah
Total Digital Leads
1,561,238
PROFILE
CORPORATE
L E A DS (W E BSIT E AND BAF M OBIL E )
BAF Mobile Features
DISCUSSION & ANALYSIS
MANAGEMENT
DIGITAL
MARKETING TRANSACTION PRODUCT SERVICES PLATFORM
Promotion BAF Points Financing Docs BPKB Fingerprint Login
& Information Reservation &
Personalized Referral ID Delivery Email validation
Push & Form Promotion
Notification & News Credit Phone Number
Digital Insurance Simulation & Verification
Partners Application (OTP)
Installment Location
Payment Online Leads
(on progress) Yamaha Form
Catalogue
Open Saving (on progress) 24 H Customer
Account Services
(on progress) Application
Tracking Reminder
GOVERNANCE
CORPORATE
(on progress) Payment
(on progress)
Total BAF Mobile Digital Leads via
downloaders BAF Mobile
3,671,307
D OWNLOAD
136,288
LEA DS
2023 2022 2021 2023 2022 2021
REPORT
SUSTAINABILITY
3,671,307 2,336,326 1,082,090 136,288 203,094 62,843
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 385
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SUSTAINABILITY
REPORT
To provide better service and convenience for Xtra BAF
Financial Inclusion Agents, the Company has launched the second phase
of the Agency Management System (AMS), which not
The Company continues to improve infrastructure and only ease the Xtra BAF Agents to register independently,
service quality in the form of products and services, through this system, the Xtra BAF Agents can easily
network offices and payment channels. This information carry out activities agency, as well as easier access to
can be seen in the Management Discussion Analysis various important information and their performance
chapter, while initiatives to increase access to financial every month. The Company also attempts to increase
services (financial literacy & inclusion) can be seen in the productivity of Xtra BAF agents, namely by reviewing
social performance. and adjusting the regular benefit scheme. Also attempts,
the Company has also simplified the Xtra BAF agents
recruitment requirements and procedures to make it
Xtra BAF Agent more effective and efficient. Availability of the AMS
system and adjustment of benefits is expected to
As a form of empowerment in improving community provide added value to Xtra BAF Agents, so that they
welfare as an indirect economic impact, the Company can continue to remain productive, and increase public
involves the society through Xtra BAF agents. Xtra interest in becoming part of Xtra BAF Agents.
BAF Agent is an external agent consisting ofl public
generally with the role to help sell the Company’s Dana In 2023, the Company inaugurated the Xtra BAF
Syariah products. As end of 2023, the Xtra BAF agent Academy Agent.
profile includes housewives, employees and freelancers,
as well as students. To make registration easier, people
can become Xtra BAF agents independently with a Xtra BAF Agent
faster process and can be done online via https://xtra.
baf.id/register. Increasing community welfare through Xtra BAF Agent.
Total Xtra BAF
Agent 20.9% (YoY)
53,189
A GENTS
2023 2022 2021
53,189 44,004 32,660
BAF Xtra Agent
Incentive Amount 58.3% (YoY)
76.6
BI LLI ON RUP I A H
2023 2022 2021
76.6 48.4 28.1
386
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
COMPOSITION OF XTRA BAF COMPOSITION OF XTRA BAF
AGENT IN 2023 BY GENDER AGENT IN 2023 BY OCCUPATION
Male Housewives Employees
67% 45.3% 5.9%
REPORT
MANAGEMENT
Female College & Students Public Figures
33% 25.1% 1.3%
Freelancers Others
21.0% 1.4%
PROFILE
CORPORATE
COMPOSITION OF XTRA BAF AGENTS IN 2023 BY REGION
Kalimantan
Sumatera 11.1%
4.2% Sulawesi
3.4% Papua & Maluku
23.0%
DISCUSSION & ANALYSIS
MANAGEMENT
Java
48.8%
Bali. NTT & NTB
9.5%
Customer
The process of acquiring new consumers and increasing the contribution of repeat orders are continuously
GOVERNANCE
CORPORATE
improved and become part of the Company’s medium-term strategy. Therefore, various initiatives are carried out
regarding process simplification and efficiency as well as various interesting programs.
Number of consumers
by contract Repeat Order
860,153 41.1%
2023 2022 2021 2023 2022 2021
REPORT
SUSTAINABILITY
860,153 876,454 819,680 41.1% 35.5% 31.0%
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 387
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SUSTAINABILITY
REPORT
OCCUPATIONAL HEALTH AND
SAFETY PRACTICES
As a Company engaged in the financial services sector, in
carrying out its business activities, the Company places
the Employment and Occupational Health and Safety
THE COMPANY STRIVES TO PAY (K3) aspect as an important element in supporting its
ATTENTION TO THE FULFILLMENT operational activities that can encourage productivity,
as well as improve the quality of life for both the
OF EMPLOYEE RIGHTS TO ENSURE Company’s employees and stakeholders. Therefore,
THE OCCUPATIONAL HEALTH AND the Company strives to concern the fulfillment of
employee rights to ensure the Occupational Health and
SAFETY ASPECTS Safety aspects of all employees based on the following
applicable legal provisions: [GRI-403-1]
1. Law No. 13 of 2003 concerning Manpower;
2. Law No. 1 of 1970 concerning Occupational Safety;
3. Law No. 40 of 2004 concerning National Social
Security;
4. Government Regulation of the Republic of Indonesia
No. 50 of 2012 concerning the Implementation of
the Occupational Health and Safety Management
System; as well as
5. Various other related regulations.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
EMPLOYMENT
The Company realizes that employees are an essential examines the diversity of the composition of its
REPORT
MANAGEMENT
asset in learning the business strategy that has been members by considering the experience, educational
set together. Therefore, the Company has a Human background, age and independence of each
Resource Management Division, which plays a vital individual based on the shareholders’ aspiration. This
role in management related to employment within the becomes the considerations for the Nomination and
Company. The Human Resource Management Division Remuneration Committee in evaluating the annual
has departments such as Organizational Development, composition of the Board of Directors and Board of
Payroll, Compensation and Benefits, Industrial Relations, Commissioners.
Services, and Talent Acquisition.
One of the anti-discrimination forms carried out by the
The Company continues focusing on improving Company is the guarantee of wages for workers that
welfare, improving skills, and presenting healthy work are not based on gender differences. The Company’s
competition by prioritizing equality and fairness. compensation and remuneration policy fully consider
PROFILE
CORPORATE
the classification of positions, years of service and
experience, and work performance. This can be a
Gender Equality and Employment motivation for all employees, including women, to be
Opportunities able to excel without worrying about the potential
for gender discrimination. In 2023, no discrimination
The Company realizes that each employee has diversity considers within the Company. [GRI 406-1]
and different background. Therefore, the Company
provides employment opportunities to all employees,
regardless of ethnic background, religion, gender, Equality for People with Disabilities
race and class, or other discriminatory matters that
may potentially violate Human Rights. The Company In addition to its commitment to gender equality, the
DISCUSSION & ANALYSIS
MANAGEMENT
is also committed to provide fair treatment for all its Company also committed to provide opportunities and
employees. The Company prioritizes a transparent support in empowering people with disabilities to work
recruitment process and free from corruption, collusion at the Company. In 2023, the Company had 1 (one)
and nepotism practices. employee with a physical disability at the head office in
the HR Services Department.
The provision of job opportunities is surely adjusted
to the qualifications in the position (position Employees with disabilities also entitled to the same
requirements) by only requiring specific education and employee rights (compensation, benefits, career and
competencies (soft-skills and hard-skills). Employee competency development opportunities, working time,
rights (compensation, benefits, career and competency and work facilities) as other employees.
development opportunities, working time and work
facilities) and obligations applicable to the Company
are are ensured to apply to all employees regardless Employee Composition
ethnic background, religion, gender, race, class or other GRI [2-7] [2-8] [401-1] [405-1]
irrelevant matters to the employee’s professionalism.
The Company also prioritizes a recruitment process that As of December 31, 2023, the number of employees
GOVERNANCE
CORPORATE
is transparent and free from corruption, collusion and achieved 3,774 (permanent and contract). In addition,
nepotism practices. to support the Company’s smooth operations, several
functions are supported by outsourcing cooperation with
The above is reflected in human resource management service provider companies. The Company also provides
(HR) practices starting from recruitment, competency a workplace that is full of mutual respect and upholds the
development, performance evaluation, to employee human rights. Implementation of cooperation with third
career development. Gender equality applied by the parties is carried out by complying with prevailing law
Company can be seen from the diversity of leadership and regulations. As of December 31, 2023, the number
at every position level. of outsourced employees was 5,383 employees.
At the Management level, in appointing the Board of The details of permanent and contract employees are as
Commissioners and Board of Directors, the Company follows:
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 389
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SUSTAINABILITY
REPORT
Male Employee Female Employees
2,925 849
EMPLOYEE COMPOSITION BY GENDER
DESCRIPTION 2023 2022 2021
Male employees 2,925 3,138 3,454
Female employees 849 883 896
Total 3,774 4,021 4,350
Permanent Employee Contract Employees
3,501 273
EMPLOYEE COMPOSITION BY STATUS
DESCRIPTION 2023 2022 2021
Permanent employees 3,501 3,675 4,040
Contract employees 273 346 310
Total 3,774 4,021 4,350
EMPLOYEE COMPOSITION BY POSITION
DESCRIPTION 2023 2022 2021
Board of Directors and Executive Officers 11 10 10
Division Head dan Deputy Division Head 46 40 40
Department Head 144 144 127
Expert 3 2 -
Deputy Department Head 354 339 236
Supervisor 769 756 803
Staff 2,447 2,730 3,134
Total 3,774 4,021 4,350
390
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
EMPLOYEE COMPOSITION BY EDUCATION LEVEL
DESCRIPTION 2023 2022 2021
<D3 451 523 632
D3 677 737 833
REPORT
MANAGEMENT
S1 or equal (D4) 2,599 2,724 2,856
S2 47 37 29
Total 3,774 4,021 4,350
EMPLOYEE COMPOSITION BY AGE GROUP
PROFILE
CORPORATE
DESCRIPTION 2023 2022 2021
<25 years 110 142 153
26 - 35 years 1,192 1,440 1,710
36 - 45 years 2,085 2,120 2,224
46 - 55 years 388 319 263
DISCUSSION & ANALYSIS
MANAGEMENT
Total 3,774 4,021 4,350
EMPLOYEE COMPOSITION BY FUNCTION
DESCRIPTION 2023 2022 2021
Board of Directors and Executive Officers 12 10 10
Marketing 1,248 1,375 1,442
Operation 661 696 384
Collection 1,324 1,419 1,577
GOVERNANCE
CORPORATE
Human Resources Management and Public 85 90 85
Administration
Finance and Accounting 58 61 445
Risk Management & Compliance 23 18 11
Internal Audit 25 28 22
Legal 8 8 9
Information Technology 89 80 64
REPORT
SUSTAINABILITY
Others 241 236 301
Total 3,774 4,021 4,350
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 391
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SUSTAINABILITY
REPORT
EMPLOYEE COMPOSITION BY LOCATION
Kalimantan
Sumatera 259 Maluku
547 Sulawesi 16
332 Papua
33
Jawa
2.416
Bali, NTT & NTB
171
DESCRIPTION 2023 2022 2021
Sumatera 547 596 627
Jawa 2,416 2,548 2,881
Sulawesi 332 375 403
Kalimantan 259 276 284
Papua 33 35 41
Bali, NTB and NTT 171 176 99
Maluku 16 15 15
Total 3,774 4,021 4,350
Gender diversity can also be seen at senior management section. The Company’s Board of Directors is currently
level. As for the Board of Directors and Board of conducted by a woman who served the position of
Commissioners levels, the composition of diversity can President Director.
be seen in the governance overview in the Annual Report
THE COMPOSITION OF FEMALE EMPLOYEES WHO OCCUPY THE SENIOR MANAGEMENT LEVEL AND NON
SENIOR MANAGEMENT LEVEL
DESCRIPTION 2023 2022 2021
Senior Management Level 22.4% 21.1% 22.0%
Non Senior Management Level 22.4% 22.0% 20.6%
392
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
New Recruit Fulfillment [GRI 401-1]
Fulfillment of human resources is always adjusted to In 2023, the Company recruited 195 new employees
business development plans based on the suitability to occupy various functions both at the head office
of workforce competency with the Company’s needs. and in network offices. Fulfilling talent needs in 2023
The realization of the plan to fulfill human resources came from within the Company and external to the
REPORT
MANAGEMENT
emphasizes a selection process that is tailored to the Company to occupy special positions at the head office
Company’s needs. and network offices.
NEW RECRUIT COMPOSITION BY GENDER
DESCRIPTION 2023 2022 2021
Male employees 138 232 240
Female employees 57 120 108
PROFILE
CORPORATE
Total 195 352 348
NEW RECRUIT COMPOSITION BY AGE
DESCRIPTION 2023 2022 2021
DISCUSSION & ANALYSIS
MANAGEMENT
<25 years 37 74 96
26 - 35 years 129 230 203
36 - 45 years 27 45 48
46 - 55 years 2 3 1
Total 195 352 348
NEW RECRUIT COMPOSITION BY LOCATION
DESCRIPTION 2023 2022 2021
GOVERNANCE
CORPORATE
Sumatera 26 24 33
Jawa 143 281 258
Sulawesi 11 14 24
Kalimantan 8 21 22
Papua 3 3 5
Bali, Nusa Tenggara Barat and Nusa Tenggara Timur 3 9 6
Maluku 1 0 0
REPORT
SUSTAINABILITY
Total 195 352 348
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 393
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SUSTAINABILITY
REPORT
Employee Turnover Rate
[GRI 401-1]
In 2023, the number of employee resignations was 337, and a motivating career path and aconducive work
with turnover rate of 8.6% or lower than in 2022. The environment
Company’s efforts to maintain the turnover rate include
providing compensation at a competitive rate, benefits
that provide a sense of security and convenient at work,
Total Turnover
Resignation Rate
337 8.6%
2023 2022 2021 2023 2022 2021
337 580 690 8.6% 13.9% 15.1%
EMPLOYEE TURNOVER BY GENDER
DESCRIPTION 2023 2022 2021
Male employees 264 469 542
Female employees 73 111 148
Total 337 580 690
EMPLOYEE TURNOVER BY AGE
DESCRIPTION 2023 2022 2021
<25 years 13 17 37
26 - 35 years 156 237 299
36 - 45 years 155 290 316
46 - 55 years 13 36 38
Total 337 580 690
394
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
EMPLOYEE TURNOVER BY LOCATION
DESCRIPTION 2023 2022 2021
Sumatera 54 59 117
Jawa 216 432 447
REPORT
MANAGEMENT
Sulawesi 35 43 44
Kalimantan 20 20 45
Papua 4 5 8
Bali, NTB and NTT 8 21 28
Maluku 0 0 1
Total 337 580 690
PROFILE
CORPORATE
healthy together for a better life. The pillars of the
Forced Labor and Child Labor Physical & Emotional Health Program are improving
[GRI 408-1] the physical and emotional health of employees as
outlined in the following initiatives:
The Company’s policy in managing Human Resources • Pojok Kayuh which invites employees at head office
(HR) ensures not to hire child laborers under 18 years and branch office to actively move by walking/
of age and forced labor, and is not involved directly/ running/cycling.
DISCUSSION & ANALYSIS
MANAGEMENT
indirectly with partners who conducted these practices. • Pojok Sehat which invites all employees to pay
attention to physical health through education and
This is in accordance with prevailing labor regulations the use of health test equipment (glucometers and
and is stated in Company Regulations article 6 tensimeters) which are available in every Company
concerning Employee Recruitment and article 48 office.
paragraph 5 concerning Annual Leave. • Pojok Curhat which invites employees to pay
attention to the mental health of employees, co-
workers and families through various educational
Personnel Activities webinar programs and psychological assistance by
professional psychologists for several employees
In 2023, the Company actively organized various who need it.
activities to increase employee engagement. One of • Reactivation BAF Club
them is continuing the Fit for Growth program in 2023 To create work life balance, the Company facilitates
focusing on Physical & Emotional Health which aims to its employees through BAF Club - Sport, which is a
ensure that all Company employees can grow and be routine employee activity consisting of:
GOVERNANCE
CORPORATE
Badminton Futsal Exercises E-Sport Music
Club Club Club Club Club
(Yoga, Zumba,
Poundfit)
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 395
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SUSTAINABILITY
REPORT
Fit For Growth (FFG) was first initiated in 2022 by adapting 4 aspects such as financial, social, emotional and
physical aspects as a COVID-19 pandemic recovery program so that all employees, customers and business partners
can grow and be healthy together. In implementing FFG in 2023, the Company focuses on activities related to
emotional and physical aspects.
Background
2020 2021 2022 2023
Pandemic Phase Recovery Phase
Impact Must Recover
Financial Social Emotional Physical
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
EMOTIONAL PHYSICAL
Pojok Curhat Participants Pojok Sehat Participants
>1,220 5,340
PROFILE
CORPORATE
PART ICIPANT S PA RTI C I PA NTS
Pojok Kayuh Participants
1,194
PA RTI C I PA NTS
DISCUSSION & ANALYSIS
MANAGEMENT
Pojok Curhat Pojok Sehat
A program that invites employees to pay attention to A program that invites all employees to pay attention
the mental health of employees, co-workers and families to physical health through education and the use
through various webinar educational programs and of health testing equipment (glucometers and
psychological assistance by professional psychologists. tensimeters) which are available in every BAF office.
Objective Pojok Kayuh
Increase everyone’s awareness of the importance of A program that invites the employees at the head office
maintaining a mental health. and branch office to actively move by walking/running/
cycling.
Acitivity
• Webinars with experts on emotional wellness Objective
• Face-to-face counseling with a Psychologist Encourage a healthy lifestyle
• Harassment is No Joking Webinar (PBB)
• Webinar on Signs You Need Counseling Activity
GOVERNANCE
CORPORATE
• Togetherness in Diversity Webinar: Everyone Can • Webinars with experts on emotional wellness
Affect! • 10 KM challenge for cycling/running/walking
• Togetherness in Diversity Webinar: Working with • Blood Sugar & Blood Pressure Check
Special Person • BAF Lions Run: Running Competition
• One on one sessions with psychologists for selected • Health Talk Webinar: Health Check
employees • Webinar Check Blood Sugar Levels & Blood Pressure,
What is Normal?
• Blood Sugar and Blood Pressure Checks for the
period 12-24 June 2023
• Blood Sugar & Blood Pressure Control Webinar Now!
• Blood sugar and blood pressure checks for the period
19 September - 17 November 2023
• Run & Share: Get Healthy, Spread the Benefits
• 10,000 KM Challenge
REPORT
SUSTAINABILITY
• BAF Club (badminton, zumba, yoga, futsal, music,
game club, and others)
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 397
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SUSTAINABILITY
REPORT
BAF Employee Engagement Index 2023
Engagement Index Highly Engaged Employee Engagement Drivers Score
84 83% 87
In addition, the Company also strives to increase
awareness in an internal community, where fellow BAF Employee Survey (BES)
employees must care for each other and create happier
and more grateful lives. The Company facilitates In measuring the level of employee engagement, the
employees to donate through BAF Peduli by carrying Company regularly conducts BAF Employee Surveys.
out the following activities: This is implented to address the main issues that
• BAF Peduli Masa Depan is implemented by management needs to improve in creating a conducive
providing educational scholarships to 75 children of work environment for employees.
employees with good grades, where the scholarships
are used to purchase school needs, school fees and With various personnel activities in 2023, the
courses. Company’s employees engagement level of increased
• BAF Peduli Emergency Operasi Jantung to assist as reflected in the Engagement Index from 83 in 2022
employees with heart disease to undergo surgery. to 84 in 2023. Then, the highly engaged employee index
• BAF Peduli Siaga is implemented to assist fellow which measures how employees’ pride and motivation
employees affected by various disasters in Makassar, to work at the Company also increased from 82% in
Manado, Sumbawa Besar, Maros, Purwokerto, 2022 to 83% in 2023. In addition, the engagement
Semarang and Cirebon, totaling 130 employees. drivers score which measures several driving factors for
employee engagement also increased from 85 in 2022
to 87 in 2023.
Employee Facilities and Benefits [GRI 401-2]
The Company provides several facilities and benefits following the applicable provisions as stated in the Company
Regulations, including
Placement and Accommodation
Holiday Allowance
Allowances
Medical benefit for the employee
Business Travel Facilities
and their family
Wedding and Childbirth Gifts Condolence Money Assistance
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Employee Activities Assistance Loan for Employees
Employee Education and Training
REPORT
MANAGEMENT
Life Insurance for Employees
Assistance
In order to improve employee facilities, since 2018
the Company has also collaborated with insurance Employee Performance Appraisal
companies to provide special life insurance facilities [GRI 404-3] [GRI 405-2]
to permanent employees with the aim of protecting
unexpected financial conditions caused by death or The Company conducts periodic performance
in other words as financial protection for the less- appraisals for all employees to measure work results
PROFILE
CORPORATE
fortunate families. and achievements according to the specified targets.
The performance appraisal procedure follows the
In addition, in accordance with prevailing laws and provisions of the Company’s internal policies. The
regulations, the Company includes employees in the purpose of further performance appraisal is to provide
BPJS Employment program including Life Insurance opportunities for career advancement or to measure
(JK), Work Accident Insurance (JKK), Old Age Security job interests and needs.
(JHT), and Pension Security (JP).
The Company also continuously grants promotions for
The Company provides several allowances based competent employees to be promoted to positions or
on certain positions/positions/conditions, including ranks. The promotion mechanism for this promotion
position allowances, communication allowances, refers to the Company’s internal policies.
DISCUSSION & ANALYSIS
MANAGEMENT
placement allowances, and car ownership facilities for
certain positions. In addition, the Company can also carry out rotations
whether by the request of employees or Management’s
The Company also provides leave rights to employees, decision. Job rotation aims to increase employee
including annual leave, long leave, birthday leave, work productivity and broaden or increase employee
maternity leave and miscarriage, menstrual rest, illness knowledge.
and leave to perform religious services.
Promotion Rotation
145
E MPLOY E E S
797
EMP LOYEES
GOVERNANCE
CORPORATE
42 103 552 245
Female Male Female Male
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 399
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SUSTAINABILITY
REPORT
The Company implements remuneration system to
Remuneration [GRI 405-2] motivate and retain the best employees. In order
to support the Company’s strategy and encourage
In providing remuneration, the Company provides optimal and sustainable performance, the Company
fair awards without discrimination based on gender, implements performance-based remuneration. In
ethnicity, race, religion, skin color and other diversity. addition, the Company also implements a wage
Remuneration is provided entirely based on structure and scale in accordance with prevailing
performance achievements and responsibilities of the regulations, both remuneration determination is also
position held. carried out by taking into account the performance of
each individual employee (based on performance), the
The Company implements remuneration system based performance of the work unit and the performance
on employee performance achievements. Every April, of the Company as a whole while still concerning the
the Company adjusts employee salaries by considering Company’s capabilities.
the inflation rate plus certain value based on increasing
employee competency and the condition of the
company’s capabilities.
Comparison of the lowest compensation
for male and female employees
1:1
In employment practices, the Company also seeks
Regional Minimum Wage to comply with all employment regulations. The
Company implements a competitive remuneration
The Company understands that the remuneration system and provides decent wages in accordance
given to employees’ influences performance with the provisions of the Provincial Minimum Wage
productivity. Therefore, the Company strives to concern (UMP) in the area where each employee is assigned.
to the welfare of its employees by providing facilities Therefore, the Company provides compensation for
for employee needs based on remuneration standards the services of permanent employees at the lowest
following statutory provisions, such as regional level of at least the provincial minimum wage set by
minimum wage rates, holiday allowances, overtime pay, the government. In addition to basic wages/salaries
health insurance, uniforms, and other facilities which given to all permanent employees, the Company also
are provided according to position level, position, and provides allowances and bonuses, as well as other
so on. benefits in accordance with the level of position and
period of service.
Ratio of Permanent Employee Salary
Compared to Regional Minimum Wage (UMR) 1:1
In addition, the Company also provides employees with
Maternity Leave [GRI 401-3] miscarriage leave and special menstrual rest leave for
female employees for 45 calendar days and 2 working
Female employees who have entered their due date days respectively.
will get three months of maternity leave, while male
employees whose wife gives birth will be given special In 2023, there are 44 female employees and 54 male
leave for 3 days. This leave right is regulated under employees who take maternity leave and paternity
the Company’s Regulations. The policy also lists the leave and have returned to work according to their
right to leave for all employees, including annual leave, initial positions. On the other hand, total employee that
long leave, birthday leave, and miscarriages, menstrual takes menstruation leave in 2023 was 85.
breaks, illness, and leave to perform religious worship.
400
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Employees who are entitled to Maternity Leave and Paternity Leave
549
2,533
Spending Maternity Leave Returning to Work after Maternity Leave
REPORT
MANAGEMENT
and Paternity Leave and Paternity Leave
44
FE MAL E
54
MA LE
44
FEMA LE
54
MA LE
E MPLOY E E EMP LOYEE EMP LOYEE EMP LOYEE
Spending Menstrual Leave
85 E MPLOY EE
PROFILE
CORPORATE
Upholding the Right to Association Manpower Issues Complaints
[GRI 2-30] [GRI 407-1] Mechanism
The Company supports the fulfillment of Human The Company provides the broadest possible
Rights in employment practices, including the right to opportunity for employees to submit complaints,
associate. Although it is not explicitly stated in Company messages, questions and reports to the Company. The
policy, in accordance with Article 104 paragraph (1) of Company provides delivery mechanisms that can be
Law no. 13 of 2003 concerning Employment (“UUK”), used by Company employees, including through:
DISCUSSION & ANALYSIS
MANAGEMENT
establishment a trade union is the right of all workers. a SMS hotline to the specified number
The explanation of Article 104 paragraph (1) of the b. E-mail
UUK explains that the freedom to establish, enter or not c. Telephone
become a member of a trade/labor union is one of the d. Direct meetings according to the designated time/
basic rights of workers. Therefore, the Company provides schedule.
freedom of association to all Company employees.
Employee complaints that cannot be resolved by the
As end of 2023, there is no labor unions in the Company by way of deliberation will be resolved based
Company. However, the Company always maintains on prevailing legislation.
good and mutually beneficial industrial relations with
all employees. To facilitate the employees to communicate with HRM
at head office, the Company has provided 24 hour
service via HR Chatbot DEA, and employees can easily
contact HRM as needed, for example via HR Industrial,
HR System, HR, Service, HR Comben & Payroll, and others
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 401
Page 402
SUSTAINABILITY
REPORT
• Technology Associate Program (TAP), is a program
Employee Capacity Training and to prepare young leaders in the technology field
Development [GRI 404-2] whose resources come from fresh graduates or those
who have 1-2 years of work experience.
The Company is concerned with human resources • Training held internally with internal teaching staff
as the main supporting asset in achieving the best or external teaching staff who have special abilities
performance. Therefore, training and education to meet the competency development needs of
programs are an integrated part of the initiative to certain employees.
improve the quality of recruited personnel continuously. • Leadership Curriculum created to improve leadership
competencies at all levels.
The Company believes that to have a competitive • Certification, especially as required by the OJK,
advantage, the human resources shall be equipped namely to standardize the knowledge of business
with the skills and competencies required by the leaders and billing teams so that they can be in line
Company, both to support current and future business with applicable regulations and procedures.
strategies and targets. Therefore, the development of
HR competencies in the Company is carried out using In general, education and training materials are divided
an approach designed with attention to the individual into 2 (two) integrated parts, as follows:
needs of employees, organizations, and business a. Hard skills training: basic knowledge and skills
objectives in the short and long term, with due regard regarding business knowledge, internal control, and
to effectiveness, efficiency, impact and learning work functions for marketing, billing, administration,
objectives to be achieved. finance, IT, and others.
b. Soft skills training, integrated parts, as follows:
HR development is directed at developing employee knowledge and supporting skills tailored to the
competencies to carry out their duties appropriately and needs and career path of each position, including
with integrity by implementing training programs based effective communication, self-management,
on the competencies needed for employees at every supervisory skills, leadership skills, analytical
level. Therefore, internal training and external training thinking, and problem-solving.
are provided for employees to develop competencies,
such as participating in basic certification programs, The various strategic initiatives carried out by the
particularly certification of financing and collection Company in 2023 can be seen in the Human Resources
expertise as required by the OJK. Training and education section in the Management Discussion Analysis Chapter.
programs are also provided for employees who have
recently joined or are eligible for career promotion,
particularly for business leader positions and other Employee Competency Development
strategic positions in the Company. [GRI 404-1] [GRI 404-2]
Several types of training programs for employees that Throughout 2023, the Company has implemented
have been carried out include the following: competency improvement program in the form of
• New Employee Orientation Training (Induction certification, seminars and training for employees.
Program), is a program to provide basic knowledge The realization of HR development funds allocated for
about company business, company regulations the year reached Rp19.6 billion. This year, employee
and information technology security awareness, participation in training and capacity development
anti-money laundering and prevention of terrorism recorded 9,157 employees (including outsourced
financing, anti-fraud, and driving safety. workers) with an average training and certification hour
• Corporate/Management Development Program (C/ of 19.4 hours per employee.
MDP), is a program to prepare future young leaders
at the head office and network offices where the
resources come from fresh graduates or those who
have 1-2 years of work experience.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Development Cost Employee Participation Average Training Hours
19.6 9,157 19.4
REPORT
MANAGEMENT
B I L L I ON R U PIAH EMP LOYEES HOURS / EMP LOYEE
DESCRIPTION PARTICIPANT TRAINING HOUR AVERAGE HOUR
Overall 9,157 177,341 19.4
Based on Gender
PROFILE
CORPORATE
Male 7,408 136,655 18.5
Female 1,749 40,686 23.3
Total 9,157 177,341 19.4
Based on Position
Board of Directors and 13 461 35.5
Executive Officers
DISCUSSION & ANALYSIS
MANAGEMENT
Division Head and 46 3,117 67.8
Deputy Division Head
Department Head 143 9,370 65.5
Deputy Department Head 352 15,729 44.7
Supervisor 767 27,464 35.8
Staff 7,836 121,200 15.5
Total 9,157 177,341 19.4
The list of training and certification based on the number of participants, type of training, number of activities, and
GOVERNANCE
CORPORATE
number of hours based on mapping of competency types is as follows:
IMPLEMENTATION OF TRAINING AND CERTIFICATION BASED ON TOTAL PARTICIPANTS
DESCRIPTION 2023 2022 2021
Technical Skill 88,918 80,046 33,328
Soft Competency 32,014 41,153 7,452
Assessment and Certification 1,210 216 676
Others - - 22,022
REPORT
SUSTAINABILITY
Total 122,142 121,415 63,478
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 403
Page 404
SUSTAINABILITY
REPORT
IMPLEMENTATION OF TRAINING AND CERTIFICATION BASED ON TOTAL ACTIVITIES
DESCRIPTION 2023 2022 2021
Technical Skill 315 194 136
Soft Competency 153 121 118
Assessment and Certification 8 7 2
Others - - 12
Total 476 322 268
IMPLEMENTATION OF TRAINING AND CERTIFICATION BASED ON TOTAL HOURS
DESCRIPTION 2023 2022 2021
Technical Skill 119,774 103,892 55,300
Soft Competency 54,962 55,200 13,332
Assessment and Certification 2,605 2,287 1,299
Others - - 23,860
Total 177,341 161,379 93,791
continues to be enhanced. Employees can also access
E-Learning and Online Training the LMS via BAF Learning Mobile via smartphone
anywhere and anytime. Various training materials and
In 2023, the Company also optimizes employee training modules can be accessed and downloaded
capacity development trough online. This is from the BAF Learning Center or BAF Learning Mobile,
implemented by utilizing Learning Management including sustainable finance training materials.
System (LMS) based on a Module application that
Total Modules Total Participants Total Training Hours for
in LMS Accesing Participants in LMS
56
MOD U LE S
9,143
PA RTI C I PA NTS
1.1
HOURS / EMP LOYEE
404
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
HEALTH
The Company always strives to support the health The Company enrolls its employees in the Health Care
REPORT
MANAGEMENT
quality of all employees in accordance with the Insurance program through the BPJS Kesehatan. In
applicable laws and regulations. This is stated in the addition, the Company also provides additional health
Company Regulation policy. insurance facilities for permanent employees and their
families, which include:
Health Care Assistance Childbirth Expance Assistance
(Outpatient & Dental Care)
The Company provides
The Company provides reimbursement for the cost
PROFILE
CORPORATE
outpatient facilities for of birth in a maternity home
employees and their families. along with the cost of doctors
This program is a health care /midwives for the birth of
program that is preventive and children up to a maximum of
cures for symptoms or health 3 (three) children or 3 (three)
problems that do not require births within certain limits.
hospitalization.
Hospital Care Assistance Medical Check Up Fee
(Inpatient)
DISCUSSION & ANALYSIS
MANAGEMENT
The Company provides
The Company also provides facilities for employees to carry
hospital care facilities to outperiodic health checks for
employees and their families. certain positions/positions/
agesthat have been determined
by the company.
Assistance with the Cost of Provision of Health Kits
Eyeglasses/Contact Lenses
The Company regularly provides
The Company provides health kits to employees in the
reimbursement of eyeglasses/ form of vitamins, milk and fruits.
contact lenses to permanent
and family employees within
GOVERNANCE
CORPORATE
certain limits.
In 2023, several health webinars conducted as part of Pressure Webinar (June 2023), Blood Sugar & Blood
Fit for Growth, such as the Health Talk Webinar: Health Pressure Control Webinar (September 2023). [GRI 403-4]
Check (March 2023), Check Blood Sugar Levels & Blood
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 405
Page 406
SUSTAINABILITY
REPORT
cleanliness and condition and to comply with all
Covid-19 Health Protocols that have been established as
measures to prevent disease transmission (for example:
At the beginning of COVID-19 pandemic in 2020, the wearing a mask, using the antiseptic provided), as well
Company established a National COVID-19 Task Force, as the obligation to maintain and maintain a safe and
namely the COVID-19 Task Force (“COVID-19 Task healthy work environment.
Force”). This task force monitors and controls health
protocols to prevent the transmission of COVID-19 in The Company also conducts employee health checks,
the work environment Company to move towards a one of which is through a routine medical check-up
healthy, safe and productive society. program for certain positions/positions/ages that have
been determined by the Company.
In 2023, the Company still monitor employees’ health
on a daily basis providing health tests, including antigen Throughout 2023, the Company identified no type of
swabs, for employees, especially at the head office, was work with high health risk [GRI 403-10]. 349 employees
carried out until August 2023. With the revocation of have undergone regular medical check-ups with the
the Covid-19 pandemic status in Indonesia in June majority of employees are in good health results. If
2023 and disbandment of COVID-19 Tasforce, the there are results that require follow up, employees will
Company has also eliminated daily antigen tests for be given a warning to always maintain their health.
WFO employees at the head office. However, the
Company remains vigilant by monitoring employees
including guests who visit BAF Plaza to ensure physical Decent and Safe Working Environment
health problems, such as coughs and colds. [GRI 403-2] [GRI 403-7]
The Company believes that achieving the best
Medical Check-Up Program [GRI 403-6] performance canonly be achieved by creating a
decent, safe, and conducive working climate and
As a form of the Company’s commitment to ensure environment with facilities that support the needs
employee health aspects, the Company always urges ofemployees. The following are facilities that are
the employees to maintain the work environment available at the Company’s office, including:
Worship facilities Canteen
(prayer room)
The Company provides a
The Company provides space for canteen or BAF Cafe and
employees to perform worship. minimarket for employees at the
head office.
Training Room Lactation Room (Nursery
Room) at the head office
The Company provides training
rooms at the head and branch TheCompany provides a
offices to develop and improve lactation room (nursery room)
employee capabilities. The to support the government’s
training room at the head exclusive breast milk (ASI)
office can even accommodate program for female employees
employees with a capacity of up who still provide breast milk for
to 150 (one hundred and fifty) infants aged 0-6 months. The
people. room is equipped with a freezer
to store breast milk.
406
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Library Wellness Room
To increase interest in reading The Company has a wellness
and learning on an ongoing room that employees can use
basis, the Company maintains for various corporate wellness
library at the head office which activities at the head office.
REPORT
MANAGEMENT
provides various collection of
books that employees can be
borrow.
Sport Corner Refreshment Room
The Company also has a sports The Company’s head office
corner at the head office that is equipped with refreshment
provides various facilities such rooms on each floor. This
as table tennis, treadmill and refreshment room is equipped
PROFILE
CORPORATE
bike gym. with a pantry, sink, refrigerator,
microwave, dispenser, television,
and water boiler.
Vehicle parking
To facilitate the Company’s
employees’ mobilization, the
company prepared vehicle
DISCUSSION & ANALYSIS
MANAGEMENT
parking at the head office for
both motorcycle and cars with
adequate capacity and security.
From 2022 to 2023, the Company conducted renovation 3. Cigarette Smoke Control: Reduce the exposure
and refreshment the workspace layout on each floor of building users and interior material surfaces
to create a workspace with a concept that pays more from polluted environment by cigarette smoke to
attention to lighting aspects, balanced and appropriate maintain the healthiness of building users. The
color composition, replacement of furniture to support company displays “No Smoking” sign and does not
the implementation of productive work process, as well provide designated smoking area except outside
as making changes to the interior of the work space area the building or rooftop.
and decoration to make employees more comfortable 4. Exterior view: Reduces eye fatigue by providing
GOVERNANCE
CORPORATE
at work. Several aspects that are of concern to the long-range views and providing visual connection
Company include the following: to the exterior of the building, particularly in the
1. Thermal comfort: The temperature of the work space head office.
complies with Green Building Council Indonesia 5. Chairs and work desks that pay attention to
(GBCI) standards by maintaining comfortable and ergonomic aspects
stable room temperature and humidity to increase 6. Health protocols comply with the government
the productivity of building users. regulations and the Company’s internal policies.
2. Visual comfort: Work space lighting is in accordance
with standards to prevent visual disturbances
due to lighting levels that do not match the eye’s
accommodation capacity.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 407
Page 408
SUSTAINABILITY
REPORT
WORK SAFETY
The Company always strives to create peace and The Occupational Health and Safety Committee has
security for its employees at work, so that employees can organized various programs to improve occupational
work better and employees can meet their productivity health and safety throughout 2023. Details of the
targets in completing their work. implementation of occupational health and safety
programs carried out by the Occupational Health and
Safety Committee can be seen in the Company’s Annual
Work Safety Policy Report segment regarding the implementation of the
work of committees under the Board of Directors.
The Company also regulates work safety as stated
in the Company Regulations, where employees are The Company has hired employees with General
expected to be able to work while complying with K3 Expert (AK3U) certification. This employee also
work safety standards or other provisions related to serves as member of the Advisory Committee for the
work safety. To protect safety at work in place or under Occupational Health and Safety Committee. The
circumstances deemed necessary by the Company, certification is a competency test preparation training
employees will be provided or equipped with work safety program carried out by the BNSP National Licensed
equipment to be used during working time. Professional Certification Institute (LSP) which refers to
the Indonesian National Work Competency Standards
In implementing work safety, the Company refers to (SKKNI) Number 38 of 2019. [GRI 403-2]
Law No. 1 of 1970 concerning Occupational Health
and Safety. The Company also strives to implement an
Occupational Health and Safety Management System Activities in the Field of Work Safety
(SMK3), in accordance with PP No. 50 of 2012 to
implement and maintain best practices of health and Throughout 2023, the Company has organized several
safety management standards in the Company. activities in the field of work safety, including:
1. Inspect and examinate safety equipment at the
Company’s head office;
Work Safety Committee [GRI 403-3] 2. Carrying out safety equipment inspections in terms
of compliance in network offices;
The Company already has an Occupational Health 3. Inspecct the expiry date of safety equipment
and Safety Advisory Committee. This committee certificates (gondolas, electrical installations,
was establsihed pursuant to the Decree No. 13/AM/ lighting feeder installations, fire protection, lifts,
CP/IV/2016 dated April 26, 2016. This committee etc.);
is responsible to ensure the implementation of 4. Organize safety training for building maintenance,
occupational health and safety within the company, security services and cleanliness of the Company’s
as well as providing suggestions and considerations, head office which held in June 23, 2023.
whether requested or not, to the Board of Directors
regarding Occupational Health and Safety issues. The policies that have been implemented within the
Company to support work safety and security include:
Availability of important
Availability of evacuation
telephone numbers information
procedures during emergency
such as fire and police
departments.
Employees are required to use Office visitors are required to fill
identity cards while in the work in the guest book and exchange
environment. identity cards.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Obligation to maintain and
Provision of life insurance
conserve safe and healthy work
medical facilities for employees.
environment.
REPORT
MANAGEMENT
Prohibition of smoking inside
the work location.
In addition, to ensure a safety, comfortable and
healthy work environment, the Company has Safety Riding
Disaster Recovery Center or DRC facility which is
tested regularly to handle incidents, such as fire, One of the efforts to implement the OSH (Occupational
PROFILE
CORPORATE
flood, or earthquake disasters. The development of Health and Safety) culture within the Company is to
DRC is an important action to ensure the continuity of increase awareness and understanding of employee
the Company’s operations in the event of disruptions safety riding to support the Company’s operations.
beyond the control of the infrastructure in the data
center at the head office and at branch offices. The Company has established P2K3 Committee
Handling of emergency actions is managed by the (Occupational Health and Safety Advisory Committee)
Business Continuity Committee within the framework which include Safety Riding work unit who’s
of Business Continuity Management, which is a form responsible to conduct socialization, education and
of the Company’s protection of a decent, safe and monitoring regarding safety riding in the Company’s
comfortable workplace. internal environment.
DISCUSSION & ANALYSIS
MANAGEMENT
The Company also has a safety riding commitment to
be carried out by all employees, as follows:
Prioritize safety driving Check the vehicle’s Wear personal protective
by comlying with traffic condition prior the use equipment while driving
rules. (brakes, fuel, horn, lights, (SNI helmet, jacket,
mirrors and tires) gloves, trousers and
shoes).
GOVERNANCE
CORPORATE
Maintain a safe driving Maintain a safe speed Maintain the good
distance. (maximum 50km/hour). condiiton of the body
and the vehicle
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 409
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SUSTAINABILITY
REPORT
The Company has carried out various activities and initiatives to increase employee awareness, both at the head
office and at the Company’s network offices. The various activities and initiatives carried out by the Company
include the following Safety Riding training: [GRI 403-5]
1. E-Learning Safety Riding for all employees
Safety Riding E-Learning Mandatory e-Learning Defensive Riding
for new employees for all employees E-Learning specifically
(Company Induction for P2K3 & Safety Riding
Program) Ambassador
Jan-Dec 2023 January 2023 December 2023
3,399
PA RT I C I PANT S
8,280
PA RTI C I PA NTS
222
PA RTI C I PA NTS
2. TFT Defensive Riding (Training for Trainers) with Yamaha Riding Academy team both in theory and field
practice.
TFT Defensive Riding TFT Defensive Riding
for Network Office for appointed head
Leader office employees
Jun-Sep 2023 November 2023
229
PA RT I C I PANT S
57
PA RTI C I PA NTS
3. Safety Riding E-Learning for new employees 4. Periodic reports to the Board of Directors
(Company Induction Program) The Safety Riding Report which is reported monthly
Since its establishment in 2020, Safety Riding and its analysis has been presented in the Board
Ambassador (SRA) has been cooperate and of Directors Meeting as evaluation and monitoring
collaborate with the Riding Safety Committee – material, so that appropriate mitigation and
P2K3 in campaigning and implementing preventive actions can be taken immediately.
implementation culture of safety riding awareness
within the Company. 5. Driving safety campaigns (digital flyer, video)
through various channels, such as:
The implementation of the duties and a. Whatsapp group P2K3 & Safety Riding
responsibilities of P2K3 & Safety Riding Ambassador.
Ambassadors to increase Safety Riding Awareness b. Safety Riding Talk material
in 2023 is as follows: c. Safety Riding Quiz for P2K3 Ambassadors
a. Proactively implement P2K3 program in their d. Safety Riding Digital Flyer.
respective work environments.
b. Report via E-Form P2K3 if accident occurs, an 6. Servis Kunjung Yamaha (SKY)
employee is sick or a natural disaster. The Company collaborates with Yamaha to
c. Conduct Safety Riding Talks or provide messages/ open Servis Kunjung Yamaha (SKY) activities at
training to all employees in their respective the Company’s head office and network offices
areas to continue to increase awareness and (Regional Center). This activity is aimed at
understanding of the importance of driving campaigning for good vehicle maintenance carried
safety aspects. Safety Riding Talk has been held out regularly. This activity is also supported by the
428 times for 7,489 employees. marketing team with a special Yamaha motorcycle
credit application program for employees. In 2023,
this activity held 7 times at the head office and
regional offices with 250 unit motorcycles.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
The Company always commits to carrying out the
Occupational Accident Rate [GRI 403-9] OccupationalHealth and Safety (OHS) program. The
Company realizes that many factors can also contribute
The Company continues to optimally implement to thenumber of road accidents, but the Company
Occupational Health and Safety (OHS) by ensuring work continues to raiseawareness to all employees that
safety and security within the Company’s environment. “the health of us and our familiesis the first and most
important thing. Remember, My Safety for my Family”.
The Company pays full attention to employee work
safety.Therefore, the Board of Directors of the Company In 2023, the number of accidents while driving
always reminds employees to be careful. This safety increased slightly due to increased errors from other
riding message is always inserted at every opportunity drivers, namely 35.5% compared to the previous year
by the Board of Directors to deliverremarks, such as in of 24.4%.
the quarterly speech. GOVERNANCE
CORPORATE
Accident Rate Fatality
on Highways Rate
76
E MPLOY E E
0,8%
0
FATA LI TI ES
2023 2022 2021 2023 2022 2021
76 41 61 0 1 0
0.8% 0.5% 0.7%
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 411
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SUSTAINABILITY
REPORT
SOCIAL
RESPONSIBILITY
The Company has a commitment to actively contribute
in developing a better quality of life with stakeholders
which is achieved through series of integrated Corporate
THE COMPANY HAS A STRONG Social Responsibility (CSR) activities in all business
BELIEF THAT SYNERGY BETWEEN activities. This social responsibility is a manifestation
of continuous concern for the environment and human
CSR ACTIVITIES AND BUSINESS resources in the Company’s internal circumstances.
PERFORMANCE PLAYS AN
The Company has a strong belief that synergy between
IMPORTANT ROLE IN ACHIEVING CSR activities and business performance plays an
important role in achieving sustainable growth. The
SUSTAINABLE GROWTH.
Company has implemented strategic policies in CSR
to crate conducive and sustainable business climate.
Implementation of the Company’s CSR or CSR refers
to Law no. 40 of 2007 concerning Limited Liability
Companies. This regulation is the basis as well as
guidelines for the Company to carry out good and
equitable social responsibility in all aspects.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Implementation of CSR activities in the Company is Furthermore, the Company also participates in
carried out by the Social Responsibility Committee. The providing support and assistance in various activities,
Corporate Social Responsibility Committee was formed including seminars or other activities organized by
to assist the Company in fulfilling its responsibilities various parties. This is done by considering that these
to stakeholders, including consumers, employees, activities provide social and community benefit values.
shareholders, communities, and the environment in all In social aspect, scope of the Company’s activities
aspects of the company’s operations such as economic, covers the social sector broadly, but is not limited to
REPORT
MANAGEMENT
social, and environmental aspects. The details of the natural disaster relief, poverty alleviation aid, health
Social Responsibility Committee can be seen in the improvement assistance, and donation for socio-cultural
Committees Under the Board of Directors in this annual religious activities in the society.
report.
Social and Community Development
Scope of Environmental Social
Responsibility Activities The Company realizes that the Company’s growth is also
contributed from support of the society. Therefore, the
Overall, implementation of social responsibility has Company would express our moral responsibility to the
included the Sustainable Development Goals (SDGs) community through social and community development
that support implementation of sustainable finance. which is carried out every year. This is expected to
PROFILE
CORPORATE
In the Company’s social responsibility activities, contribute to the broader community. Throughout
education and welfare of the nation’s children aspects 2023, the Company has carried out various activities
have become main focus of the Company’s CSR oriented towards social and community development,
activities. The Company realizes that educational most of which have supported the SDGs, as follows:
facilities and infrastructure contribute greatly to Goal 3. Good Health and Well-Being. Ensure a healthy
supporting the learning process of students. Therefore, life and improve the welfare of all residents of all ages
the Company is committed to provide educational and Goal 4. Quality education. Ensure appropriate
assistance in various ways and methods. This activity is and inclusive quality education and promote lifelong
usually packaged in the BAF Caring for Children activity. learning opportunities for all.
DISCUSSION & ANALYSIS
MANAGEMENT
Goals 3 Goals 4
Good Health and Well- Quality education. Ensure
Being. Ensure a healthy appropriate and inclusive
life and improve the quality education and
welfare of all residents of promote lifelong learning
all ages opportunities for alL
commitment to support the Sustainable Development
BAF Caring for Children Goals (SDGs) especially SDG 4. Our focus is to help
Indonesian children 1-15 years old from less fortunate
GOVERNANCE
CORPORATE
The Company believes that children are the future of families, street children, children with disabilities,
every nation. By helping to improve their quality of and children special health concern to pursue their
life and education, we are improving the quality of dreams. This becomes one of the Company’s intention
our next generation. However, inequality in access to to contribute to society for a better future.
education and health, due to lack of infrastructure
and limited access, especially in rural areas, requires We carry out various activities to carry out our mission
special attention and efforts. Therefore, the Company to ensure their future is in good hands, by providing
takes part in this role by trying to provide equal proper education and health assistance through BAF
access, especially education and health to Indonesian Anniversary activities, BAF Sharing in Ramadhan and
children throughout the country. This reflects our full Year-End, BAF Lions Run, and Foster Parents.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 413
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SUSTAINABILITY
REPORT
26th BAF Anniversary
The Company’s concern for equal distribution of the Surabaya, Makassar and Medan. The assistance
quality of Indonesian children from Sabang to Merauke provided in this activity is in form of cash donations for
is realized by providing assistance with school facilities each of the 21 (twenty one) schools/foundations.
and infrastructure. This activity was to welcome the 26th
BAF Anniversary, the Company held a social activity with This activity attended by the Company’s branch
the theme “BAF Funtastic Land” on 24 September 2023 offices from each location representatives. Assistance
which was held in 6 (six) cities as representatives of the is distributed through representatives. The Company
Company’s operational areas throughout Indonesia hopes that the assistance provided will be useful in
and this assistance was received with a total of 657 fostering the enthusiasm of Indonesian children to
(six hundred and fifty seven) Indonesian children. The continue pursuing their education.
selected cities include Jakarta, Bandung, Semarang,
Total City Total Total
Beneficiaries Donation
6
CIT IE S
±657
C HI LDREN
200
MI LLI ON RUP I A H
2022 2021 2022 2021 2022 2021
12 24 ±2,758 ±2,460 131 265
Benefit/Type of Donation
2023 2022 2021
Cash donation for 21 (twenty-one) Distribution of 25 (twenty-five) 1. Education equipment donation;
Schools/Foundations units of new laptops for 12 Schools/ and
Foundations 2. Food and groceries donation.
414
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
BAF Sharing in Ramadhan making decisions during buying and selling activities.
PROFILE
CORPORATE
The Company held BAF Cares in Ramadhan on April This activity was attended by the Company’s branch
14, 2023 called “Shopping with Orphans/People in offices from each location representatives. Assistance
Need/Persons with Disabilities”. This event was held is distributed through representatives. The company
in 12 (twelve) cities simultaneously across Indonesia, hopes that the assistance provided will be useful in
namely Jakarta, Cianjur, Bogor, Bandung, Semarang, fostering the enthusiasm of Indonesian children to
Purwokerto, Surabaya, Malang, Makassar, Ambon, continue pursuing their education.
Medan, and Aceh. More than 400 orphans, less-
fortunate people and people with disabilities shop The Company continues to maintain consistency in the
together at one of the minimarkets or supermarkets efforts to equalize the welfare of Indonesian children
in the city. through CSR Ramadhan BAF Caring for Children by
providing assistance with nutritious food/beverages
DISCUSSION & ANALYSIS
MANAGEMENT
In addition to provide direct shopping experience to packages to meet children’s nutritional intake so they
children, this joint shopping activity is expected to can carry out fasting and school activities (PTM and
improve children’s cognitive abilities, one of which is in online) better in this holy month.
Total City Total Total
Beneficiaries Donation
12
CIT IE S
±420
C HI LDREN
294
MI LLI ON RUP I A H
2022 2021 2022 2021 2022 2021
GOVERNANCE
CORPORATE
18 18 ±1,674 ±1,150 427 245
Benefit/Type of Donation
2023 2022 2021
Shop together for daily necessities, 1. Providing 18 (eighteen) 1. Worship equipment donation;
such as food, drinks, fruit, as well as motorcycles; And 2. Groceries package donation;
Eid necessities, such as sarongs, peci 2. Providing nutritious food & and
and mukenas. drinks for children. 3. Education equipment donation
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 415
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SUSTAINABILITY
REPORT
BAF Shares Year End
At the end of 2023, the Company held BAF Year End be able to improve children’s cognitive abilities, one
activities on December 15, 2023. This event conducted of which is in decision making on selling and buying
in 9 (nine) cities simultaneously across Indonesia, such activities.
as in Medan, Palembang, Jakarta, Bandung, Semarang,
Surabaya, Samarinda, Makassar, and Manado. More This activity was attended by representatives of the
than 300 orphaned children shop together at one of the Company’s branch offices from each location. The
minimarkets or supermarkets in the city. donations was disseminated through representatives.
The Company expects that the aid provided will be
In addition to provide direct shopping experience to useful in fostering the enthusiasm of Indonesian
orphans, this joint shopping activity is expected to children to continue pursuing their education.
Total City Total Total
Beneficiaries Donation
9
CIT IE S
±300
ORP HA NS
233
MI LLI ON RUP I A H
2022 2021 2022 2021 2022 2021
6 18 ±600 ±1,850 316 336
Benefit/Type of Donation
2023 2022 2021
Shop together for food, beverages, Appropriate learning equipment 1. Education equipment donation;
clothes, shoes, and other necessities and tools such as musical 2. Nutritious food and beverages
towards the end of the year. instruments, painting tools, sewing donation; and
machines and other skills tools. 3. Health equipment donation
416
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
PROFILE
CORPORATE
BAF Lion Run – Charity Run The company provided donation assistance to alleviate
The Company organized BAF Lions Run 2023. This poverty in Indonesia in the form of building a food bank
running as well as a donation event was held hybrid worth Rp200 million. The donation was handed over by
(virtual and in person) on August 6, 2023. The Charity the President Director of the Company - Lynn Ramli, to
Run with “Run against Hunger” theme received good the representative of the Indonesian Lion Foundation
response, can be seen by the number of participants who (YLI) - Willy Suwandi Dharma.
registered. 3,500 runners from Indonesia and abroad.
DISCUSSION & ANALYSIS
MANAGEMENT
BAF Lions Run 2023 - Run against Hunger is a charity The themes raised in organizing the BAF Lions Run refer
run which aims to raise funds to eradicate hunger in to the 5 Global Causes which are the focus of Lions
Indonesia, as well as inviting people to maintain health Clubs International services.
and fitness by exercising regularly.
Total Total Total donation
Runners Beneficiaries & Sponsorship
3,500 320* 1,500
MI LLI ON RUP I A H
GOVERNANCE
CORPORATE
2022 2021 2022 2021 2022 2021
3,312 3,200 9,633 26,163 950 800
Benefit
2023 2022 2021
Run against Hunger Run for Environment V-Run for Diabetes
REPORT
SUSTAINABILITY
*) Distribution to beneficiaries will continue until the allocated funds have been collected.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 417
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SUSTAINABILITY
REPORT
Foster Parents
The Company realizes that not all Indonesian children This program involves the participation of the
in the regions can get the same quality of education Company’s employees to become Foster Parents to
as urban children. Therefore, the Company has a Foster support the achievement of proper education for 680
Parents program which was initiated in 2020 which aims (six hundred and eighty) children in South Kalimantan
to provide donations to elementary school children. located across 12 elementary schools (SD), including
In 2023, the Foster Parents was targeting elementary SDN 9 Wakate, SDN Islam AL Khairiyah Ory , SDN 41,
school children in Maluku. SDN 346 Central Maluku, SDN 94 Central Maluku, SD
Inpres Ngafan, SDI Rerean, SDN 212 Central Maluku,
SDN 179 Central Maluku, SDN 156 Central Maluku, SDN
251 Central Maluku, and SDN 236 Central Maluku.
Total Foster Total Beneficiaries Total Donation
Parents
230
E M PLOY E E S
680
I N C ENTRA L
170
MI LLI ON RUP I A H
MA LUKU
2022 2021 2022 2021 2022 2021
152 286 624 683 170 170
Benefit/Type of Donation
2023 2022 2021
School supplies donation School supplies donation School supplies donation
418
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
Safety Riding Science for Kids
Since 2022, the Company has a CSR program named In 2023, CSR Safety Riding Science for Kids held on July
Safety Riding Science for Kids. This program is the 3 and 4, 2023 at the Jakarta Fair (PRJ). Approximately
Company’s commitment to the community, especially 365 children aged 7 to 15 years from SOS Children’s
children, to always provide advice and education in Villages Indonesia and the Alpha Indonesia Foundation
safety and security when doing activities on the road participated in this activity.
from an early age.
Total Beneficiaries Total Donation
& Sponsorship
±365 31
GOVERNANCE
CORPORATE
CHIL D R E N MI LLI ON RUP I A H
2023 2022 2023 2022
±365 ±700 31 12
Benefit/Type of Donation
2023 2022
REPORT
SUSTAINABILITY
Education related to security and Education related to security and
safety in road activities. safety in road activities.
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 419
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SUSTAINABILITY
REPORT
BAF United for Care
The Company held BAF United for Care for the first time • employees play with orphanage children at various
in 2023, precisely in August – September. This activity playgrounds (share the fun)
involved more than 800 employees at the head office • employees play and learn with street children (be a
and branch offices which were held in 10 (ten) cities big bro)
spread across Indonesia, including Jakarta, Bandung, • employees share hopes with children with cancer
Semarang, Surabaya, Makassar, Medan, Purwakarta, (share a hope)
Banten, Yogyakarta and Sentul. More than 1,100 • employees provide school supplies to schools in
children who received aid participated in this activity. need (build our school)
This United for Care activity focuses on employee This activity is part of the 26th BAF Anniversary series
interaction with beneficiary children which is ranged which marks the company’s existence as well as being
into various activities as follows: the right momentum for the Company to be able to
provide something useful for children in need.
Total City Total Beneficiaries
10
CIT IE S ±1,177
Total donation
Benefit/Type of Donation
335
MIL LION R U PIAH
•
•
Nutritious food and drinks
Laptops
• Bicycle
• Clothes
• School supplies
420
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Indonesia CSR Awards 2023
In 2022, WartaEkonomi.co.id was awarded the title
of Outstanding Program in Social Empowerment,
REPORT
MANAGEMENT
Environment and Financial Literacy in the Multifinance
Category in the 2022 Indonesia CSR Awards.
The Company’s CSR program “BAF Caring for Children”
which focuses on improving the quality of education
for Indonesian children which has been implemented
since September 2019 is considered capable of
demonstrating leadership, concern, dedication, and
sustainable corporate commitment in incorporating
ethical values, and appreciation for individuals, society,
and the environment.
PROFILE
CORPORATE
This achievement spurred the Company to continue to
contribute to improving the quality of education for
children in Indonesia.
CSR Cost
In 2023, the Company allocated a budget to support
the social and community responsibility as follows:
DISCUSSION & ANALYSIS
MANAGEMENT
CSR Activity 2022
Budget 2.09
2.1
BIL LION R U PIAH
2021
1.80
results received by the beneficiaries. Therefore, the
Impact of Operations on Surrounding Company continues to strive to improve the assessment
Communities and evaluation of the distribution of CSR activities
by considering various aspects and conditions of CSR
GOVERNANCE
CORPORATE
Impact of Social Activities and Handling of Public activity disbursement target.
Complaints
Through its corporate social responsibility activities, the Public Complaint
Company views that the CSR program has a positive The Company has a complaint mechanism provided to
impact on the people’s lives, especially the beneficiaries accommodate complaints from consumers as well as
of these CSR activities. However, the Company realizes from the public, including if there are complaints related
the potential negative impacts, for example social gap to social aspects. The community if there are operations
between the beneficiary community and those who and businesses of the Company that have a negative
have not received the CSR program or differences in impact on social aspects of society.
BAF Care Hotline BAF Care e-mail BAF Care SMS Hotline
REPORT
SUSTAINABILITY
1500 750 bafcs@baf.id +62 878 7780 0123
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 421
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SUSTAINABILITY
REPORT
By end of 2023, there was no complaints from the Services Sector, and SEOJK No. 30/SEOJK.07/2017
public regarding social and environmental issues. The concerning Implementation of Activities to Improve
Company also did not receive any complaints from Financial Literacy in the Financial Services Sector.
the public regarding the negative impact of the social
aspect of the Company’s existence. Financial Literacy
Financial Literacy is knowledge, skills, and beliefs,
The number of public and customer complaints which influence attitudes and behavior to improve the
received and followed up regarding the Company’s quality of decision making and financial management
products and services can be seen in the discussion on to achieve prosperity. The implementation of the
Responsibility to Consumers in this annual report. Company’s financial literacy is stated in the Company’s
internal policies which are under the Corporate Planning
& Secretary Division.
Financial Literacy and Inclusion
The objectives is to improve the quality of individual
The Company believes that with a good understanding financial decision making, and to change individual
of financial products, the society people can ultimately attitudes and behavior in financial management for the
utilize these financial products to improve their better. It is expected that the public and consumers will
welfare. Therefore, financial literacy and inclusion be able to determine and utilize financial institutions,
have become one of the focuses of government and products, and services according to their needs and
financial institution policies in Indonesia. Moreover, abilities in order to achieve prosperity.
the Financial Services Authority (OJK) together with the
Financial Services Industry (IJK) continue to encourage BAF PEKA (Your Financial Education Program) [GRI 413-1]
and implement financial literacy and inclusion programs BAF PEKA is a form of activity to increase financial
so that the financial literacy and inclusion index targets literacy carried out by the Company. This activity is
set by the government can be achieved. the Company’s annual activity by providing financial
education to the public in various regions in Indonesia.
The Company is actively involved in organizing This activity aims to increase the level of financial
financial literacy and inclusion activities for the literacy of the community in the financial services
wider community to date. The Company continues sector, especially in the financing and insurance sector,
to organize financial literacy and inclusion activities including financial planning and entrepreneurship.
to the public to introduce the industry and/or
financial service institutions, including the benefits Throughout 2023, the Company has held 8 (eight) BAF
and risks of financial products and services. This is PEKA activities. Financial literacy participants in 2023
also a compliance to the Financial Services Authority include housewives (women’s community), students,
Regulation (POJK) No. 76/POJK.07/2016 concerning Micro, Small and Medium Enterprises (MSMEs)
Improvement of Financial Literacy and Inclusion in actors, general public, Company consumers, farmers,
the Financial Services Sector for Consumers and/or teachers and people with disabilities. In 2023, the
the public, as amended on OJK Circular Letter (SEOJK) implementation of financial literacy activities carried
No. 31/SEOJK.07/2017 concerning Implementation of out in a hybrid manner in collaboration with several
Activities to Increase Financial Inclusion in the Financial insurance companies.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
BAF Peka Partner and believe that financial products and services can
The financial education and literacy activity is expected improve their welfare.
to increase people’s understanding or knowledge,
confidence and skills so that they can determine financial The following is a table of implementation of financial
products and services that suit their needs, understand literacy education activities organized by the Company
the benefits and risks, know their rights and obligations throughout 2023:
REPORT
MANAGEMENT
NO PARTICIPANT TOTAL DATE PARTNER
1 Woman and Public 117 8 March 2023 PT Asuransi Sinar Mas
2 Customers and Public PT Asuransi Tugu Pratama
74 16 May 2023 Indonesia Tbk
3 College Student 47 15 June 2023 PT Asuransi Reliance
PROFILE
CORPORATE
Indonesia
4 Farmer 98 26 July 2023 PT Lippo General
Insurance Tbk
5 Teacher 25 14 November 2023 PT Asuransi Staco Mandiri
6 Xtra BAF and Public 44 24 November 2023 PT Asuransi Mega
7 Disabilities and Public 42 1 December 2023 PT Asuransi Bintang Tbk
8 Teacher 14 28 December 2023 -
DISCUSSION & ANALYSIS
MANAGEMENT
Total Total Activity Total literacy
Participant partners
461 8 6
I NS URA NC E
C OMPA NY
2022 2021 2022 2021 2022 2021
451 471 7 8 6 8
GOVERNANCE
CORPORATE
Knowledge Improvement
88.0
81.8
6.4%
11.0% 67.9
81.6
73.8
37.0%
49.6 Average pre-test score
Average post-test score
Knowledge Improvement
REPORT
SUSTAINABILITY
2021 2022 2023
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 423
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SUSTAINABILITY
REPORT
Smart Family with Healthy Wise in Manage Money & Debt A Glympse of Current
Financial for Business Productivity Business Practices
The first activity to be carried out The Company held an online On June 16, 2023, the Company
in 2023 was carried out online BAF PEKA activity with the public collaborated with PT Asuransi
on March 8, 2023, supported society and the Company’s Reliance Indonesia to conduct
by Sinar Mas Insurance. The consumers on May 16, 2023 in special direct webinar for
event was attended by 117 collaboration with PT Asuransi students at Paramadina
(one hundred and seventeen) Tugu Pratama Indonesia Tbk University. The event was
participants and 82% of them which was attended by 74 attended by 47 (forty seven)
were women. This moment was (seventy four) participants. participants.
addressed to plan future financial
goals.
People with Disabilities Towards
Financially Independent
Society
The company also contributes
in literacy socialization to
people with disabilities in Bogor.
With a total of 46 (forty six)
participants, the activity was
held on December 1, 2023 in
collaboration with PT Asuransi
Bintang Tbk. The event also
commemorates International
Day of Persons with Disabilities.
Strengthening the Understanding and Teachers Role in the Current Era
The seminar activity which was held on November 14, 2023 was the result
of collaboration between the Company and PT Asuransi Staco Mandiri
and was attended by 25 (twenty five) teachers who were members of the
Economics Subject Teachers’ Conference (MGMP) throughout Jakarta.
Sahabat Petani Financing The Importance of Financial Get to know Muamalah Sharia
On July 26, 2023, the Company Literacy to Seize the Better
and PT Lippo General Insurance Opportunities In terms of sharia financial
Tbk held a seminar for farmers. A To maintain better relations with literacy activities, the Company
total of 98 (ninety eight) farmers Xtra BAF agents and the society, provides financial literacy
participants attended the event. the Company held a seminar on to teachers in Bogor online.
November 24 2023. The seminar This activity prioritized the
in collaboration with PT Asuransi introduction of sharia for
Mega was attended by 38 (thirty muamamah and was attended
eight) participants by 14 teachers.
Financial Inclusion increased supply of products and/or financial services
Financial Inclusion is the availability of access to in accordance with the needs and capabilities of the
various financial institutions, products, and services community; increased use of financial products and/or
in accordance with the needs and capabilities of services in accordance with the needs and capabilities
the community in order to improve the welfare of of the community; and increasing the quality of the
the community. The implementation of financial use of financial products and services according to the
inclusion has objectives including: increasing public needs and capabilities of the society.
access to financial institutions, products and services;
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Implementation of financial inclusion in the Company the Company, including new Yamaha motorcycle
is monitored by the Corporate planning & Secretary financing, used motorcycle financing, Dana Syariah,
Division in collaboration with the Company’s business car financing, electronic financing, gadgets and
units. The Company complies with government furniture, and agricultural machinery financing.
regulations and supports financial inclusion in Indonesia
in accordance with Presidential Regulation No. 82 of In 2023, the BAF Festival held in the periods with
2016 concerning the National Strategy for Financial certain duration, including during the Eid celebration,
REPORT
MANAGEMENT
Inclusion (SNKI). Support is carried out through the BAF Anniversary in September in the BAF 26th
the implementation of financial inclusion activities Anniversary, and various promos at the end of the
throughout 2023. year. In addition, the Company also has the BAF Festival
Flash Deal which offers various attractive promotions
In 2023, the scope of activities to increase financial for the Company’s financing products. Information on
inclusion were mostly done by expanding financial these promos can be accessed through the website,
institutions, products and/or services to consumers. In social media, or from the Company’s BAF Mobile.
2023, the Company also developed financial products
and/or services in accordance with the needs and In 2023, the Compay ha held promotion activities in
capabilities of consumers and/or society. 9 (nine) cities in Indonesia, including Jepara, Jambi,
Medan, Indramayu, Surabaya, Bandung, Makassar,
BAF Festival & BAF Flash Deals Jakarta, and Semarang.
PROFILE
CORPORATE
BAF Festival is an activity that provides various kinds
of promotions to the public for all products owned by
Total BAF Total
Festival events Distributed units
27 10,714
UNI TS
DISCUSSION & ANALYSIS
MANAGEMENT
Live TikTok
As part of the introduction of financing products, the account. Throughout 2023, the Company published 13
Company periodically organizes virtual events in form of (thirteen) Live TikTok, with details as follows:
Live TikTok @bafindonesia through the Company’s TikTok
NO TOPIC THEME DATE VIEWERS
1 The Joy of Ramadhan Blessings Ngabuburit 28 Mar 2023 1,232
with BAF
2 A cool way to make Eid fun 18 Apr 2023 10,140
GOVERNANCE
CORPORATE
3 Increase Post-Holiday Productivity 22 May 2023 581
4 Preparation for BUCIN Theo-style 30 May 2023 6,068
5 Indonesian vs Argentina national team 13 Jun 2023 4,321
6 Long Weekend 27 Jun 2023 6,645
Ngobrol Asyik
7 BAF Goes to College ala BAF 04 Aug 2023 5,133
8 National Customer Day 04 Sep 2023 7,638
9 Road to BAF 26 Years Extravaganza 22 Sep 2023 2,965
10 Young with Masterpiece 19 Oct 2023 6,188
REPORT
SUSTAINABILITY
11 Special Hero Day Edition 14 Nov 2023 8,378
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 425
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SUSTAINABILITY
REPORT
NO TOPIC THEME DATE VIEWERS
12 Road to Harbolnas 12.12 11 Dec 2023 5,700
Ngobrol Asyik
ala BAF
13 End of Year’s Holiday 22 Dec 2023 9,100
Booth/Expo Opening
Throughout 2023, the Company also continues In November 2023, the Company participated
to actively open booths/expos. The Company also in JakJapan Matsuri activity, collaborative event
participates in Financial Inclusion Month (BIK) introducing Jakarta and Japanese culture. This activity
activities organized by the OJK for 1 (one) month, from held on November 18 – 19, 2023 at JiExpo Area Gambir,
1 – 31, October 2023. During the BIK, the Company Jakarta.
participated in the Multifinance Day event organized
by the Association of Indonesian Financing Companies During the events, the Company offers various series
(APPI) in the city of Palembang on October 13 – 15, of activities that support financial education programs,
2023. Apart from that, the Company also participated financial literacy and financial inclusion.
in the Financial Expo (FinExpo) activities which were
held on 26 – 29, October 2023 offline at Pakuwon Mall,
Yogyakarta.
Total events Number of units Variety of Promotions
distributed The Company actively provides various promotions,
27 2,295
discounts and various other marketing activities to
attract the public to utilize the Company’s financing
products. Some of the promotions being carried out
U NIT in 2023 include providing down payment discounts,
installment discounts, low down payments, savings
on installments and low interest, both directly and
through various Company’s social media.
426
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PT BUSSAN AUTO FINANCE
UTAMA
IKHTISAR
HIGHLIGHTS
PERFORMANCE
BAF Mobile and website
As a communication media to the public and
consumers, BAF Mobile as an application intended
for consumers to submit financing applications,
access various financing information, and various
other conveniences, continues to be developed to
accommodate customer needs in 2023.
MANAJEMEN
LAPORAN
REPORT
MANAGEMENT
Total bookings via BAF
mobile
2,697
PERUSAHAAN
PROFIL
PROFILE
CORPORATE
U NIT S
Bookings via BAF mobile
to total booking
0.5%
MANAJEMEN
ANALISA & PEMBAHASAN
DISCUSSION & ANALYSIS
MANAGEMENT
Network expansion
Financial Inclusion activities carried out by the Company throughout 2023 also include expanding access,
including expanding the used motorcycle financing business line services in Serang, Berau and Makassar as well
as various other inclusion activities aimed at increasing community inclusion in the Company’s products and
services.
Total network office Total units distributed
expansions
6 412
PERUSAHAAN
TATA KELOLA
GOVERNANCE
CORPORATE
NE T WOR K OFFICE S UNI TS
The Company is committed to continue its educational, literacy and financial inclusion activities initiatives, including
expanding the Company’s educational goals or targets which can ultimately contribute to increase the financial
literacy and inclusion index in Indonesia.
KEBERLANJUTAN
LAPORAN
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 427
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SUSTAINABILITY
REPORT
OPTIMIZING SERVICE
TO CONSUMERS
The Company realizes that quality service is the key
to maintain customer loyalty and sustainability of the
Company’s business. Therefore, the Company strives
THE COMPANY STRIVES TO to prioritize interests of consumers in carrying out its
PRIORITIZE INTERESTS OF business activities. This commitment is manifested by
applying customer protection principle in every business
CONSUMERS IN CARRYING OUT ITS activity of the Company, which is improved from time
BUSINESS ACTIVITIES to time.
The Company is committed to always protecting the
interests of consumers by adjusting market needs and
demands, as regulated in a series of management
policies related to product development, product safety,
and customer complaint services. In implementing
corporate social responsibility programs and activities to
consumers, the Company has and enforces a Customer
Protection Policy and Provision of Information/Data/
428
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Documents to External Parties, which refers to the
policies and regulations that apply in Indonesia, Program Implementation
including: Initiative in 2023
1. OJK Regulation (POJK) No. 18/POJK.07/2018
concerning Customer Complaint Services in the In line with business growth and increasing competition
Financial Services Sector. in the industry especially in the financing industry, the
2. POJK No. 31/POJK.07/2020 concerning the Company has placed service as one of the Company’s
REPORT
MANAGEMENT
Implementation of Customer and Community featured differentiations. Therefore, throughout 2023,
Services in the Financial Services Sector by Financial the Company has implemented various initiatives to
Services Authority. improve customer services. The Company has periodically
3. POJK No. POJK No. 6/POJK.07/2022 concerning refreshed and monitored the service standards set to be
Customer and Public Protection in the Financial used as guidelines for each employee and implemented,
Services Sector as a new regulation repealing the especially the frontliners (Customer Service, Admin Staff,
Financial Services Authority Regulation No. 1/ Finance Staff and Security) in the Company’s network
POJK.07/2013 concerning Customer Protection in offices. The Company has also conducted “Refreshment
the Financial Services Sector. Training Service Excellence” and “Refreshment Training
4. POJK No. 22 of 2023 concerning Customer and Complaint Handling” for frontliners. Where the material
Community Protection in the Financial Services provided in training includes Service Mindset, Service
Sector. Standards & Handling Customer Complaints according
PROFILE
CORPORATE
to prevailing regulations.
2023 2022 2021
TOPIC
TOPIC PARTICIPANTS TOPIC PARTICIPANTS TOPIC PARTICIPANTS
Training Service 265 Sertifikasi 57 Online training 538
Services Excellence Internal AoH - Refreshment
DISCUSSION & ANALYSIS
MANAGEMENT
Excellence Standards for service
Security Officers excellence for
AO
Training AFROSS 682 AFROSS 706 Admin Finance 712
Complaint Refreshment
Handling OPS
Sharing Session
(AFROSS)
To improve and maintain the consistency of excellent regular monitoring and coaching services are expected
service standards carried out by all frontliners at the to improve and maintain consistent standards of
Company’s network offices, the Company has carried excellent service to consumers. The service monitoring
out regular monitoring and coaching services. The method uses several assessment parameters as follows:
GOVERNANCE
CORPORATE
Self Assessment Cross Function
Validation Service Monitoring
(carried out by video call method or direct visit Mystery Call
to the Network Office)
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 429
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SUSTAINABILITY
REPORT
Online Competency Test (OCT) Network Facilities
Customer Feedback
Self-Assessment, Cross Function, Validation Service To foster enthusiasm and give appreciation to the
Monitoring is a measurement of the service of frontliners Company’s network offices that consistently provide
(Customer Service, Admin Staff, Finance Staff and excellent service to consumers, the Company has
Security) regarding ethics in serving consumers (starting created a program, namely the Best Service Quality
from the beginning, middle and end of serving), Competition Award. The assessment of the program is
including an assessment of appearance standards as a taken from several assessment parameters mentioned
frontliner officer. above. Winners of the Best Service Quality Competition
Award program are announced every semester.
Mystery Call and Online Competency Test are
assessments to measure officer competency related The Company also urges consumers to make installment
to product knowledge, understanding and service payments online through payment points that
standards that are tailored to the monthly theme. collaborate with the Company.
Network Facilities Assessment is an assessment of
aspects of the Company’s network office premises
according to the customer journey which includes the Disabled and/or Elderly Customer
parking area, service lobby area and customer toilets. Services
The final assessment is regarding Customer Feedback,
where a survey is carried out to measure the level of Disabilities are any person who experiences physical,
customer satisfaction with the overall service received intellectual, mental and/or sensory limitations for a long
when carrying out transactions at the Company, as well time who, in interacting with the environment, may
as measuring the level of customer loyalty towards the encounter obstacles and difficulties in participating
Company which is a promoter so that consumers are fully and effectively with other citizens based on equal
willing to recommend the Company to their closest rights.
relatives.
The Company already has a policy on customer
services for persons with disabilities and/or the elderly
as stipulated in the Approval Memo No.0214/AM-
OPD/12/2022 dated December 8, 2022 concerning
the Approval of Service Standard Guideline Operation
Division (December 2022). The service process flow for
consumers with disabilities and or the elderly who visit
the Company’s network office is as follows:
1. The Company prepares at least 2 (two) Person in
Charge (PIC) Special officers for disability and/or
elderly services.
2. Consumers come to the Company’s network office
3. Security officer opens the door and asks about
customer needs.
4. Consumers convey their needs.
5. Security officer helps provide special queue
numbers for disabilities and guides consumers
to sit in priority seats specifically for consumers
with disabilities and/or the elderly (the seats have
different writing/colors from other seats).
6. Disabled and/or elderly consumers have a special
queue number, so queueing with other consumers is
unnecessary.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
7. When the customer’s queue number is called, the customer involvement, among others, by submitting
security PIC of the Company’s Network Office will requests, input, or suggestions so that the Company can
guide the customer to the PIC Special officers for make improvements and further improve the service
disability and or elderly services to provide services. quality.
8. If disabled and/or elderly consumers have difficulty
getting to the service counter, the PIC Special In addition, we also provide access to the public and
officers for disability and or elderly services must other stakeholders to submit reports if there are
REPORT
MANAGEMENT
approach these consumers. problems arising from products, services, data security
9. After consumers with disabilities and/or elderly and non-compliance with regulations. Complaints
people have completed their transactions, security can be made through various channels. During 2023,
officer is required to help guide consumers to the the Company received no complaints regarding non-
exit lobby door. compliance with regulations. The company also does
10. Security officer is obliged to open the door for not receive environmental complaints. Detailed
consumers. information on specific types of customer complaints
11. PIC Special officers for disability and/or elderly is described in the customer complaints table.
services Network Office will guide consumers to the
vehicle if needed. To further improve services to the consumers, the
Company has customer care channels through various
communication channels, such as BAF Care, as follows:
PROFILE
CORPORATE
Customer Care Channels [GRI 2-25]
The Company has implemented several strategic
steps to foster good customer relationships and
communication. The Company always encourages
DISCUSSION & ANALYSIS
MANAGEMENT
BAF Care Hotline BAF Care e-mail:
1500 750 bafcs@baf.id
Customers who plan to submit a complaint Customers who want to submit a complaint
or report, inquiry, or suggestion related to the or report, inquiry, or suggestion related to the
Company’s operations via phone call may use Company’s operations in a written letter, can use
the facility provided by the Company through facilities provided by the Company via the e-mail
BAF Care hotline number 1500750. BAF Hotline is address bafcs@bussan.co.id.
available from Monday - Friday to 08.00 - 17.00
and Wednesday from 08.00 - 15.00 WIB.
GOVERNANCE
CORPORATE
BAF Care SMS Hotline BAF Website
+62 878 7780 0123 www.baf.id
Customers who want to submit complaints, reports, The Company provides a channel to submit
inquiries, or suggestions related to the Company’s complaints or reports, inquiries, and suggestions
operations in a written and short text can use the via www.baf.id/contact-us.
facilities provided by the Company via SMS Hotline
at +62 878 7780 0123, available 24 hours a day
and 7 days in a week.
REPORT
SUSTAINABILITY
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In addition to the media mentioned above, the of POJK No. 18/POJK.7/2018 concerning Customer
Company also provides complaint channels via social Care in Financial Service Sector and SEOJK No. 17/
media such as Facebook, Twitter and Instagram, BAF SEOJK.07/2018 concerning Guidelines for Implementing
Mobile, Live Chat via Line and WhatsApp Business or Customer Complaint Services in the Financial Services
through the Company’s branch offices. sector and POJK No. 31 /POJK.07/2020 Concerning the
Implementation of Customer and Community Services
in the Financial Services Sector by the Financial Services
Report Follow-Up Authority.
In providing customer complaint-handling services, At the end of 2023, the Company also made
the Company is guided by POJK No. 6/POJK.07/2022 adjustments to POJK No. 22 of 2023 concerning
concerning Customer and Community Protection in the Customer and Community Protection in the Financial
Financial Services Sector, OJK Circular Letter Number 2/ Services Sector.
SEOJK.07/2014 regarding Customer Care and Report
Settlement in Financial Service Business Player and The following is a brief procedure for complaint services
provision in other relevant regulations. The Company to consumers and/or public:
has also made adjustments in line with the issuance
COMPLAINT FLOW
COMPLAINT ESCALATION & COMPLAINT
MONITORING
REPORTING SETTLEMENT SETTLEMENT
Customer submit BAF Care Officers Internal
complaint through received the complaint 1. Monthly report to
and recorded the Management
report into the system 2. Process reminder
BAF Care and make a reporting to related
Hotline ticket report. department
BAF
Website Next, Complaint
Specialist esclated to External
Social related departments Quarter report to OJK
Media related to the customer
complaint settlement
Welcome
process.
Call
BAF Care
SMS
Hotline Report investigation
and settlement
BAF process by related
Mobile departments based on
customer complaint
Cabang/ process SLA.
Branch
BAF Care
E-mail
Feedback of complaint BAF Care officers
Otoritas investigation and give confirmation to
Jasa settlement result customers via phone
Keuangan is sent to the a call related to result of
(OJK) Complaint Specialist complaint settlement.
to be further delivered
to BAF Care officers.
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HIGHLIGHTS
PERFORMANCE
Total Complaints
Throughout 2023, the Company received 1,737 complaints and had been followed up in accordance with the provisions
of the Financial Services Authority. The following is data on the handling of customer complaints by the Company in
2023.
REPORT
MANAGEMENT
CLOSED OPEN ON PROCESS
DESCRIPTION TOTAL
TOTAL % TOTAL % TOTAL %
Multipurpose financing in form
of installment payment
Collateral issue - - - - - - -
Mismatch in interest or principal - - - - - - -
calculation
PROFILE
CORPORATE
Administration/Provision/ 1 1 0.1% - - - -
Transaction Fees
Fraud, deception or other violation 4 4 0.2% - - - -
committed by employees and/or
other parties
Transaction failure/delay 44 44 2.5% - - - -
Penalty 2 2 0.1% - - - -
Objection on additional cost/ 6 6 0.4% - - - -
DISCUSSION & ANALYSIS
MANAGEMENT
penalty
Financing object insurance issue 16 16 0.9% - - - -
Total billing 75 75 4.3% - - - -
Financial information service 403 392 22.6% - - 11 0.6%
system
Others (SAMSAT, motorcycle 368 367 21.1% - - 1 0.1%
dealer, others)
Others financing approved
by OJK
Administration/Provision/ - - - - - - -
Transaction Fees
GOVERNANCE
CORPORATE
Mismatch in interest or principal - - - - - - -
calculation
Financing object insurance issue - - - - - - -
Collateral issue - - - - - - -
Fraud, deception or other violation - - - - - - -
committed by employees and/or
other parties
Objection on additional cost/ 2 2 0.1% - - - -
penalty
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SUSTAINABILITY
Penalty 2 2 0.1% - - - -
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SUSTAINABILITY
REPORT
CLOSED OPEN ON PROCESS
DESCRIPTION TOTAL
TOTAL % TOTAL % TOTAL %
Financial information service 38 38 2.2% - - - -
system
Total billing 53 53 3.1% - - - -
Transaction failure/delay 514 514 29.6% - - - -
Others (SAMSAT, motorcycle 209 208 12.0% - - 1 0.1%
dealer, others)
Total 1,737 1,724 99.3% - - 13 0.7%
TOTAL
COMPLAINT CLOSED IN REPORTING PERIOD ≤ 20 DAYS 20 DAYS < X ≤ > 40 DAYS
(A) 40 DAYS (B) (C)
Complaint Received during the Reporting Period
a. Closed - - -
b. On Process - - -
Sub Total - - -
Report Received during the Reporting Period
a. Closed 1,554 127 43
b. On Process 5 8 -
Sub Total 1,559 135 43
Total 1,559 135 43
DISPUTE SETTLEMENT ALTERNATIVE AGENCY NAME TOTAL
Dispute settlement in Court - -
Dispute settlement via LAPS LAPS SJK 2
DISPUTE SETTLEMENT ALTERNATIVE TOTAL
Convenant/agreement/contract revision/termiantion 2
Customer negligence 11
Product characteristic understanding by customers 892
Others (SAMSAT, Motorcycle Dealer, Others) 832
Total 1,737
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HIGHLIGHTS
PERFORMANCE
REPORT NEGATIVE PUBLICATION TOTAL
Customer complaint on mass media -
a. Printed -
b. Electronic -
REPORT
MANAGEMENT
Media article 2
a. Printed -
b. Electronic 2
Media coverage -
a. Printed -
b. Electronic -
PROFILE
CORPORATE
Publication/article in public space -
Social media, electronic mail 2
Others -
Total 4
DISCUSSION & ANALYSIS
MANAGEMENT
The information that can be obtained through the
Company Product and Service Company’s website includes the following:
Information • Consumers can view Company profile information,
including disclosure of company information and
The Company’s financing products consist of new various published reports.
Yamaha motorcycle financing, used motorcycle • Consumers can view financing service products and
financing, Sharia BAF Funds, car financing, electronics explanations for each of the Company’s products.
financing, gadgets and furniture, and agricultural • Consumers can simulate financing calculations for
machinery financing. In 2023, the Company also the Company’s financing products.
distributed BAF AdiDana and BAF PraDana. • Consumers can apply for financing online through
the website.
The Company uses several means of communication in • Consumers can see ongoing promotions.
marketing information products, including digital media, • Consumers can view payment methods, payment
print, direct selling and/or cross-selling. In conducting locations, and customer guides to make bill payments
information on marketing communication materials, the easier.
Company always pays attention to the advertising code • Consumers can contact BAF Care services.
of ethics and applicable regulations as a risk mitigation • Consumers can view the entire Company network,
GOVERNANCE
CORPORATE
effort. including the Company’s partners for new Yamaha
motorcycle financing, used motorcycle financing, BAF
The Company provides written product information that Dana Syariah, car financing, electronics financing,
can be accessed by the general public through websites, gadgets and furniture, and agricultural machinery
social media, and BAF Mobile through Android and financing, BAF AdiDana, BAF PraDana and the
iOS-based applications, with the following details: Company’s partner network for electronic financing,
gadgets, and furniture.
Website www.baf.id • Consumers can view exciting articles about financial
The Company’s website provides various information insights, the latest products, customer insights, and
about the Company, the Company’s products or services, several other general matters. This development is
as well as other information related to the Company. still being carried out in 2023 to increase community
In 2023, the Company improves the website (website inclusion.
revamp) by changing the user interface (UI) and user
REPORT
SUSTAINABILITY
experience (UX) designs, as well as enriching the features In 2024, the Company plans to develop a landing page
on the website. on a special website related to information, strategies
and the Company’s sustainability performance.
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Social Media communication channels on social media, especially for
Through social media, which is growing rapidly in the millennials.
digital era, the Company is here to be closer to consumers
and the public. The Company already has a Facebook Fan In 2023, the Company collaborated with several Key
Page account (@BAF.Indonesia) which is used to provide Opinion Leaders (KOL)/Influencers/Content Creators for
all the latest information about the Company, such as social media such as TikTok, Instagram, and YouTube.
products, promos, information about the Company, This is done so that the Company is closer to the audience
social and environmental responsibility activities, and and expands brand awareness.
events. In addition, during 2023, the Company is actively
optimizing the TikTok and Instagram applications as The social media owned by the Company are as follows:
Facebook Instagram TikTok X
@BAF.Indonesia @bafindonesia @bafindonesia @BAF_Indo
YouTube Line LinkedIn
Bussan Auto @baf.indonesia PT Bussan Auto
Finance Finance
Android and iOS applications – BAF Mobile • The Company’s partners include a network of
The BAF Mobile application is currently available for Yamaha motorcycle dealers;
Androidand iOS-based smartphones. • Partners for installment payments and network
offices of the Company;
• BAF Mobile (android) • The Company’s products and services include the
https://play.google.com/store/apps/details?id=com. latest promos;
id.bussanautofinance • Online application submission;
• BAF Mobile (iOS) • Installment due date notification;
https://apps.apple.com/id/app/baf-mobile/ • Financing simulation of the products offered by the
id1499452126?l=id Company;
• BAF Points, which can be exchanged for shopping
The Company provides personal services to provide vouchers or as installment deductions;
convenience to consumers through the BAF Mobile • Reservation and delivery of BPKB; and
application. This application makes it easier for the • Application for additional insurance for new Yamaha
Company to interact with consumers. BAF Mobile offers motorcycle financing, used motorcycle financing, and
exciting features such as: Dana Syariah financing.
• Information regarding customer financing facilities;
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
As a facility/media of communication to the public and Continuous Innovation in BAF Mobile
PROFILE
CORPORATE
consumers, BAF Mobile continues to be developed to BAF Mobile provides easy and comfortable services for
accommodate customer needs in 2023. BAF Friends (BAF consumers) in applying for financing
and other financing services. The Company continues
to be committed to providing financial solutions for the
Product Service and Development community. Various transformations, business strategies
and service innovations were launched to support this
The Company carries out product and service commitment. One of them is through the features
development activities to continue developing business presented through the BAF Mobile application which
outside of new Yamaha motorcycle financing in line with is available on the App Store and Google Play Store.
the Company’s strategy to increase financing assets BAF Mobile makes it easier for users to access various
through financing portfolio diversification and increasing BAF services. Starting from financing applications &
DISCUSSION & ANALYSIS
MANAGEMENT
customer retention. As of December 31, 2023, the simulations, as well as information on financing tenors,
composition of the Company’s financing receivables was contract numbers, due dates, online BPKB reservations
still dominated by new Yamaha motorcycle financing. and collections, to how to pay the Company’s
installments through various payment channels. Apart
The Company strives to maintain quality by providing from that, users can also get interesting information
all customers and partners with similar products and and promotions from the Company, the location of the
services. This is done to provide superior and quality nearest dealer or Company partner, reference codes
service, including increasing transaction convenience. to share with other users, and download financing
The market has well received the Company’s various agreement documents. In one application, users can
financing products. experience the convenience of the Company’s services
anywhere and anytime.
The products and services developed constantly refer
to the applicable regulations, including POJK No. Currently at BAF Mobile, to increase satisfaction so that
35/POJK.05/2018 concerning the Implementation consumers have the choice to continue to get their
of Financing Company Business and POJK No. 10/ vehicle’s BPKB quickly, simple and contactless, since
POJK.05/2019 concerning Business Conduct of Sharia the end of 2021, the Company has collaborated with
GOVERNANCE
CORPORATE
Financing Companies and Sharia Business Units of SAP and SiCepat delivery services as the Company’s
Financing Companies. official partners who will deliver the BPKB to arrive
at the destination. Consumers only need to make an
Trends in the development of digital needs also continue application via BAF Mobile. Next, consumers will receive
to grow very rapidly, in line with increasing public a notification to make payments via a virtual account. If
preferences and expectations for digital technology. the payment has been made and successfully verified by
The increased digital transactions also occur in the the Company, the BPKB will be immediately sent to the
accelerated use of electronic money. Along with these destination address. This certainly makes things easier
developments, the Company continues to encourage for consumers without needing to visit the network
digital transformation through various products and office. Apart from the BPKB delivery service via courier
services: on BAF Mobile, the Company also provides an Online
BPKB Reservation service which can also be enjoyed via
BAF Mobile. This service aims to enable consumers to
choose a suitable time to collect BPKB.
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 437
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SUSTAINABILITY
REPORT
In 2023, the Company continued to develop BAF The Company also periodically rejuvenates the user
Mobile, where consumers can exchange vouchers on interface, including refreshing the appearance of
BAF mobile using BAF points. BAF Points are reward the BAF Mobile application and re-grouping menus
points that can be used to cut installments in the BAF and features in BAF Mobile. Apart from that, several
Mobile application. Every user who applies for financing additional features have been implemented, such as Live
will get regular BAFPoints. If the application is made via Chat, Help Center menu, Dana Syariah Digitalization
digital channels such as BAF Website and BAF Mobile, (DASYAT), and other feature developments aimed at
people can again get additional BAF Points. This is one making consumers comfortable in using BAF Mobile so
form of providing awareness to the public to utilize the that they can optimize their access to the Company’s
Company’s digital services. services digitally.
Digital products and online payments application, which is a service for consumers by utilizing
In 2023, the Company continued to market the BAF a credit limit to purchase goods/products in one
PraDana product, which is a product that was developed transaction via a digital platform and connecting with
in 2021 and begun to be marketed in 2022. This product digital partners. Development of this application is still
is presented fully digitally, where the process from ongoing and is expected to be introduced in 2024.
application to disbursement is carried out via BAF
Mobile. The company continues to expand its online payment
channels with digital platforms such as: virtual bank
In supporting efforts to expand financing services, in accounts, payments via mobile and internet banking, as
2023, the Company also developed a basket financing well as payments via e-commerce.
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HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
PROFILE
CORPORATE
of using it for consumptive purposes with the guarantee
Innovation and development of of a Certificate of Ownership or a Certificate of Building
Sustainable Financial Products and/or Use Rights. The amount of the loan starts from Rp50
Services million, with a loan tenor of 1 to 5 years. In accordance
with POJK No.35/POJK.05/2018, this financing has a
Productive Financing Products and MSMEs maximum financing value of Rp500 million. AdiDana’s
In 2023, products aimed at MSMEs continued to BAF products are not only aimed at loyal debtors
DISCUSSION & ANALYSIS
MANAGEMENT
be developed. In addition to the financing products of the Company with a repeat order (RO) scheme
owned by the Company, the Company also launched through functions, however, they are also aimed at
two productive financing products that can be used by new debtors with agent and employee referral schemes.
MSMEs practitioners, namely BAF PraDana and BAF AdiDana’s BAF products are also a complement to the
AdiDana. With the presence of these two products, it Company’s existing products and one of the Company’s
further complements the range of service product choices commitments to provide more choices to debtors that
provided by the Company to consumers. are tailored to the needs of debtors.
BAF PraDana is a productive financing product aimed at The two new products are a form of the Company’s
the market segment with a focus on business capital with commitment to widening the range of products
an affordable financing value and a shorter tenor. The consumers can choose from, as well as reinforcing the
product is a microfinance product for the productive needs Company’s commitment to helping accelerate the
of society using sharia principles based on a Mudharabah economic recovery of the entrepreneurial community in
contract. This product is designed as a product that Indonesia during the COVID -19 pandemic, as well as a
utilizes digital facilities so that it can be widely accessed form of support for Micro, Small and Medium Enterprises
by potential customers and provides convenience, speed, (MSMEs) in increasing contribution to the economy.
security and convenience starting from the submission This is in line with the target of the Sustainable
GOVERNANCE
CORPORATE
process, disbursement to payment/payment. This is a Development Goals (SDGs), where MSMEs have become
concrete manifestation of the Company’s participation the forefront in achieving the economic pillars of the
in the development of MSMEs in Indonesia to upgrade, world development agenda in 2030.
as well as to support the realization of financial inclusion
more broadly for the people of Indonesia, especially Electric Car Financing
for MSMEs players. The ceiling offered starts from 1-5 In 2023, the Company’s car financing business line
million with a tenor of 1-6 months. continued to offer Special Electric Vehicles (EV) and semi-
EV/Hybrid to consumers. This is stated in the Approval
BAF AdiDana is a financing product for business capital Special Credit Condition No. 006/HQ/MKC-PRODUCT/
facilities with aim of business or productive purposes, and III/2021 dated March 3, 2021 with the last extension
can also be in the form of a fund facility with the aim through Approval Special Credit Condition No. 003/HQ/
MKC-PRODUCT/I/2023 dated January 02, 2023.
REPORT
SUSTAINABILITY
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This product is an effort to increase the Company’s
This offer applies to all dealers and applies nationwide. contribution to productive financing provided to
This Special Electric Vehicle (EV) and semi-EV/Hybrid business actors/MSMEs.
financing is one of the Company’s first steps in initiating
sustainable products as well as a form of government Throughout 2023, BAF PraDana in particular, the
program support that continues to strive to accelerate Company continued its Special Product Offering to
the establishment of an electric vehicle ecosystem in Repeat Order (RO) consumers who have a good payment
Indonesia. history. Various promotions are also carried out through
the Company’s social media and partner social media
IT Digitalization and Utilization that have the same target market. To expand market
In general, in facing the intense competition in the reach, digital media and social media are utilized to
financial services industry, the Company believes that communicate regarding products and brands. A referral
one of the efforts to achieve sustainability goals is program is also carried out. The referral program is
through service improvement and digitalization efforts. implemented by utilizing BAF Mobile to maximize
Therefore, the Company also continues to innovate the use of BAF Points by consumers. In addition,
in providing reliable technology-based services. The the Company also provides education in the form of
company hopes that digital based services can further accompanying articles which are delivered to BAF
expand its reach to the community so that the principles PraDana consumers and the community as a form
of financial inclusion can also be applied. of support for the Financial Services Authority (OJK)
financial literacy program. Through this education, it is
Digitalization in this business process is one of the hoped that consumers will get additional inspiration
supports made by the Company in the context regarding developing their business through productive
of implementing sustainable finance. Changes in financing.
behavior patterns amidst the pandemic, where most
activities have shifted to be carried out through digital In the BAF AdiDana product line, the Company is also
platforms, both in various services to consumers, starting to expand orders through employee referrals.
as well as operational activities that can be carried Efforts to improve employee referral performance include
out by employees, indirectly have the potential to providing intensive outreach to all Company employees
accommodate emissions reduction efforts. in the Jabodetabek area by offering attractive incentive
programs.
In 2023, the focus of information technology is to
continue developing existing business support systems/ From the marketing aspect, the Company continues to
applications to support digitalization in increasing actively promote through communication media owned
the effectiveness and productivity of the Company’s by the Company such as social media (WhatsApp,
operations. Apart from enhancing BAF Mobile, the Facebook, Instagram, TikTok) and other social media
Company is also developing a basketball financing to the public, as well as network offices/service offices
application. The Company is also developing a system owned by the Company and also through social media
to support Human Resource Management needs, owned by the Company
further reducing administrative/manual and integrated
work. This employee system combines several systems To support the enforcement of good governance for
that are still separate into one integrated and up-to- financing companies, the Risk Management Work
date system. Apart from that, the development of other Unit (SKMR) and Compliance Work Unit (SKK) in the
business support systems was also carried out, including Company’s Risk Management & Compliance Division
simplifying the processes in the existing system. also carry out risk studies on new product development
initiatives proposed by the Risk Taking Function (RTF) ,
The Company’s other digitalization initiatives and including a risk assessment of the proposed strategy
efforts can be seen in the discussion of Information and initiatives to develop or expand technology-based
Technology in the Analysis and Management Discussion financing products that have been determined by the
Chapter in this Report. Company on an ongoing basis, in line with the Company’s
strategy to implement technology-based products and
digitalization. This study was carried out by considering
Number and Percentage of Sustainable the potential risks that may arise based on 8 (eight) types
Financial Products and Services That of risks along with the mitigation that must be carried
Have Been Evaluated for Consumers’ out as well as implementing a risk management process
Security for possible Money Laundering Crimes (TPPU), Terrorism
Funding Crimes, and/or Weapons Proliferation Funding
Basically, all products and services (100%) provided Crimes Mass Destruction (PPSPM) which is related to the
to consumers have gone through an in-depth analysis, development of new products and business practices,
testing and evaluation process before being launched. including new distribution mechanisms, and the use of
In 2023, in addition to products that have long existed, new technology or technological development for new
two products launched in 2022, namely BAF AdiDana or existing products.
and BAF PraDana, continued to be marketed in 2023.
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HIGHLIGHTS
PERFORMANCE
In line with data security and the code of ethics for b. Testing can be carried out, among other things,
marketing financial products, the Company strives through surveys, marketing research and/or limited
to ensure that all products offered to consumers trials of the product and/or service in question;
have passed eligibility procedures in accordance with c. Testing can be carried out, among other things,
applicable laws and regulations as well as internal through surveys, marketing research and/or limited
policies. The Company has also submitted a Summary trials of the product and/or service in question.
of Information on the Company’s Products and Services Aspects assessed in testing include:
REPORT
MANAGEMENT
including information on the benefits, costs and risks of • The purpose of the product and/or service;
each product which is conveyed through various official • Transparency of product and/or service
Company communication media such as but not limited information;
to the website and other communication media, written • Suitability of marketing products and/or services
documents, or through customer interactions with with the needs and capabilities of target
frontline officers in the Company’s services or with the consumers; And
Company’s sales team. In November 2023, the Company • Compliance with the preparation of standard
has also gradually implemented the use of the Financing agreements with statutory provisions.
Application and Important Information Form (FAPIP) for
Consumers and adjusted the Financing Agreement for Going forward, the Company continues to be committed
consumers in accordance with OJK’s directions. to always paying attention to aspects of customer
safety and comfort. Products and services will always be
PROFILE
CORPORATE
In developing communication materials and marketing developed with the support of information technology
regulations, the Company strives to pay attention to systems by considering reliability and security.
applicable codes of ethics and regulations as an effort to The Company also has policies related to customer
mitigate risks, including by paying attention to POJK No. complaint services as stated in Approval Memo No. 0152/
6/POJK.07/2022 concerning Customer and Community AM-OPD/11/2021 Concerning Guideline of Operation
Protection in the Financial Services Sector and SEOJK Division For Customer Care. The Company opens
No. 12/SEOJK.07/2014 concerning Submission of various channels to receive customer complaints in
Information in the context of Marketing Financial order to improve the Company’s products and services.
Products and/or Services, Indonesian Advertising Ethics, Settlement of customer complaints is determined in
and Financial Services Advertising Guidelines issued by accordance with POJK No. 18/POJK.07/2018 Concerning
the OJK. Customer Complaint Services in the Financial Services
DISCUSSION & ANALYSIS
MANAGEMENT
Sector.
To ensure that all information conveyed to consumers
is guaranteed to be reliable, the Company always
ensures product readiness, and all information has Positive Impacts and Negative Impacts
passed through work units that have relevant authority Arising from Sustainable Financial
and responsibility, before the information reaches Products and/or Services and Distribution
consumers. The company also involves various divisions Processes, as well as Mitigation Taken to
to conduct product reviews and assessments before Overcome Negative Impacts
they are officially marketed to the public. Business
work units (line of business), work units responsible for In general, the positive impact of products and/or
marketing communications, marketing and sales, work services that are in accordance with sustainable finance
units responsible for risk management and compliance, is that it can increase awareness to participate in
as well as other related units, to ensure readiness and driving the national economy that promotes harmony
compliance from the regulatory side and from the between economic, social, and environmental aspects
management side risks, including mitigation readiness (profit, people, and planet) and is in line with the goals
that may arise from the product. sustainable development (SDGs). However, the Company
views that negative impacts may arise from consumers
GOVERNANCE
CORPORATE
Testing of new products and/or services aims to assess who have not been able to adjust to the provisions of
more comprehensive risks when new products and/ sustainable finance, so they can be confused and even
or services are implemented in broader stages up to switch to other companies. To mitigate this negative
the level of providing services to consumers. Regarding impact, efforts to socialize the importance of sustainable
product and/or service testing, the Company has finance for all stakeholders are needed so that the supply
a policy stated in Approval Memo No. 0018/AM- and demand side of sustainable financial products and/
RMC/11/2022 regarding Standard Policy of Customer or services can be properly maintained.
and Community Protection in Companies based on
POJK No.6/POJK.07/2022, as follows: The Company’s digitalization efforts have provided
a. Product testing is carried out on products and/or benefits in supporting the Company’s operational
services offered by the Company for the first time, activities. Benefits are also felt by consumers. With the
and is a development of existing products and/ existence of BAF Mobile, for example, consumers can
or services which results in material changes to the obtain services and information that are faster, more
products and/or services, including sales of products accurate and easily accessible anytime and anywhere.
REPORT
SUSTAINABILITY
and/or services to targets new consumers. This of course can reduce the impact of customer
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SUSTAINABILITY
REPORT
activities that previously had to obtain information or survey of consumers who carry out transactions in the
make transactions at the Company’s service office to be entire Company’s network offices regarding the services
able to make payment transactions without having to provided by the Company. A total of 19,186 consumers
visit the service office or only via BAF Mobile. participated in the survey with details of 9,154
respondents in the first semester of 2023, and 10,032 in
The implementation of sustainable finance is the second half of 2023.
inseparable from risks that can have a negative
impact on the overall performance of the Company, The level of satisfaction with the overall quality of the
if not observed. One of them is that financing credit Company’s services in the first semester of 2023 was
has the risk of causing an increase in Non-Performing 90.2% of consumers who were satisfied. This satisfaction
Financing (NPF) if the target customer for financing is level has improved, when compared to the same semester
not appropriate. Therefore, the Company seeks to ensure in 2022, which was 88.5%.
careful assessment, audit, and calculation, as well as
making financing procedures a reference for applying If we look at several survey question indicators, the
a complete risk management process to each of the highest average satisfaction result of 90.8% is the ease
Company’s financing products. of making financing installment payments. The survey
results indicate that the Company’s service satisfaction
After the product is delivered to consumers, the to consumers is quite good. This is expected to continue
Company continues to carry out a post implementation to maintain and improve the quality of service to
review (PIR) as a form of managing the risk of issuing consumers.
new products and activities accordingly. This procedure
is carried out to ensure that the implementation of The results of the level of satisfaction with the overall
the financing is in accordance with what is specified quality of the Company’s services in the second semester
in the approved SOP. Therefore, the related work units of 2023 were 90.8% of consumers were satisfied. This
regularly carry out periodic evaluations and ensure that satisfaction level has improved, when compared to the
all new products and activities have been reviewed and same semester in 2022, which was 88.6%, or relatively
evaluated for customer safety. stable compared to the first half of 2023.
The Company provides clear information to prospective If we look at several survey question indicators, the
customers before finally deciding to use the Company’s highest average satisfaction result was 91.2% for the
financing services. Filling in the Financing Application speed of officers at the Network Office in providing
Form is carried out by the prospective customer together services, while the lowest average satisfaction result was
with the information provided by the Company’s 90.1% for the ease of the financing application process.
officers. Therefore, the Company continues to strive to improve
and provide understanding to consumers regarding the
financing application process which can be done using
Number of Continuing Financial various methods. This information can also be found on
Products Withdrawn and Reasons the website and BAF Mobile.
Throughout 2023, there were no Company products or Apart from that, the results of this survey have also shown
services that were recalled and/or stopped marketing. that the Company’s service satisfaction to consumers is
Apart from actively offering existing financing products, quite good, especially in terms of ease of payment of
the Company also focuses on developing BAF PraDana financing installments for consumers through online
and BAF AdiDana as productive financing products. payments in line with the Company’s increasing efforts
in increasing the use of digital platforms and channels,
so that it is hoped that it can continue to maintain and
Customer Satisfaction Survey [GRI 2-25] improve service quality. to consumers.
The Company continues to strive to improve and
enhance the customer experience. This is done through
customer satisfaction surveys conducted annually.
In 2023, the Company has conducted a satisfaction
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
CUSTOMER SATISFACTION LEVEL CUSTOMER SATISFACTION LEVEL
SEMESTER I SEMESTER II
2023 90.2% 2023 90.8%
2022 88.5% 2022 88.5%
REPORT
MANAGEMENT
2021 86.9% 2021 88.5%
7. Approval Memo No. 0013/AM-RMC/07/2023
Protection of Customer Data Security perihal Approval for implementation of Financing
and Privacy [GRI 418-1] Application Form & Important Information based on
OJK Thematic Surveillance.
The Company always concerns customer privacy and
protection of customer data. The implementation of Customer data protection arrangements as stated
PROFILE
CORPORATE
privacy protection and customer data security refers to in Approval Memo No. 0018/AM-RMC/11/2022
Law no. 27 of 2022 concerning Protection of Personal concerning Approval for Standard Policy of Customer
Data, Financial Services Authority Regulation no. 6/ and Community Protection in Companies based on POJK
POJK.07/2022 concerning Customer and Public Protection No.6/POJK.07/2022, which is as follows:
in the Financial Services Sector. During 2023, there was a. Customer data is prohibited from being displayed,
no complaints and violations related to customer security announced, transferred, disseminated and/or
and privacy, business competition, and data loss due to disclosed to third parties without the consent of the
data theft (cybercrime). prospective customer/customer/owner of personal
data;
As a form of commitment to maintaining and b. Customer Data must be placed in an electronic
protecting privacy and data security, the Company system at a data center and/or disaster recovery
DISCUSSION & ANALYSIS
MANAGEMENT
has various internal policies that regulate the security center in Indonesia;
of employee personal data and customer personal c. Must obtain consent from prospective consumers/
data both in terms of applications, databases and consumers/owners of personal data for every legal
infrastructure which can only be accessed by authorized action;
parties in accordance with the Company’s internal d. Must explain in writing and/or orally the purpose
policies. . Policies related to customer privacy are outlined and consequences of the Customer’s agreement
in the Company’s internal policies as an effort to provide regarding the provision of Customer data and/or
protection to the Company’s consumers in accordance personal information;
with applicable rules and regulations. The following e. In the event that the Company obtains personal
are several internal procedures or policies that regulate data and/or information of a person and/or group of
Customer Data Security and Privacy Protection, including: people from another party and the Company will use
1. General Policy No. 0031/AM-CP/08/2021 Chapter III the data and/or information to carry out its activities;
Policy of Company Important Information;
2. IT Standard Policy No. 0075/AM-ITO/11/2021 In 2023, the Company was strengthen cyber security and
Chapter III IT Security Policy; improve governance and information technology security
3. IT SOP No. 0003/AM-ITSG/03/2022 Chapter X IT standards. The Company has obtained the ISO 27001
GOVERNANCE
CORPORATE
Security Management; certificate regarding Information Security Management
4. Approval Memo No. 0163/AM-OPD/09/2022 perihal System in June 2023, which is a set of standards and
Standard Policy Operation Division; procedures related to information security and control
5. Compliance Standard Policy No. 0004/AM- that enable businesses to implement appropriate security.
RMC/04/2023 - J. Classification of Personal Data/ The Company also has a Data Protection Officer (DPO) as
Information Management; mandated by the Law on Personal Data Protection. This
6. Approval Memo No. 0018/AM-RMC/11/2022 DPO will carry out the function of protecting personal
perihal Standard Policy of Customer and data. In 2023, the Company was also strive to ensure
Community Protection in Company based on POJK compliance with Financial Services Authority Regulation
No.6POJK.07/2022; (POJK) Number 6/POJK.07/2022 concerning Customer
and Public Protection in the Financial Services Sector.
REPORT
SUSTAINABILITY
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SUSTAINABILITY
REPORT
Annualy, the Company also periodically updates secret, secret information, internal use and critical
company data and information for all work units for information.
data and information categorized as confidential, top
of external and internal cyber-attacks. The Company has
Special Work and Awareness Unit also established a Customer and Community Protection
Function which consists of the Compliance Work Unit,
The Company already has a work unit, namely the Corporate Planning & Secretary, Operation Support, and
IT Security Risk Governance Department, which is Corporate Communication & Branding functions.
responsible for governance and protection of data security
and customer privacy. Apart from that, the Company also The Company continues to strive to educate employees
has IT Security Operations, IT Data Management and to always maintain data security. The following are
IT Infrastructure which collaboratively work together to several initiatives carried out to provide awareness of
monitor the security of data, systems and infrastructure data security.
in the Company, including carrying out early detection
NO TOPIC DATE MEDIA PARTICIPANT
1 [IT Security News] 12 January Email All Employees
Beware of Spam Emails 2023
2 [IT Security News] 26 January Email All Employees
Cyber Security Tips 2023
3 [IT Policy] 10 March 2023 Email All Employees
Password Sharing is Prohibited
4 [IT Security News] 23 March 2023 Email All Employees
Cyber Security Tips
5 [IT Security News] 30 March 2023 Email All Employees
Cyber Security Tips
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
NO TOPIC DATE MEDIA PARTICIPANT
6 The Danger of 02 April 2023 Lock Screen/ All Employees
Phishing Emails Wallpaper
Laptop/PC
7 [IT Policy] 05 April 2023 Email All Employees
REPORT
MANAGEMENT
Software Policy
8 [IT Policy] 14 April 2023 Email All Employees
Password Sharing is Prohibited
9 [IT Security News] 27 April 2023 Email All Employees
Cyber Security Tips
10 [IT Policy] 03 May 2023 Email All Employees
Software Policy
11 [IT Security News] 25 May 2023 Email All Employees
PROFILE
CORPORATE
Cyber Security Tips
12 [IT Security News] 30 May 2023 Email All Employees
Beware of Spam Emails
13 [IT Security News] 02 June 2023 Email All Employees
Beware of Spam Emails
14 [IT Security News] 05 June 2023 Email All Employees
Beware of Spam Emails
DISCUSSION & ANALYSIS
MANAGEMENT
15 [IT Policy] 07 June 2023 Email All Employees
Software Policy
16 [IT Security News] 08 June 2023 Email All Employees
Beware of Spam Emails
17 The Danger of Malware Viruses 12 June 2023 Lock Screen/ All Employees
(Use the Internet Wisely) Wallpaper
Laptop/PC
18 [IT Policy] 16 June 2023 Email All Employees
Password Sharing is Prohibited
19 [IT Policy] 06 July 2023 Email All Employees
Software Policy
20
GOVERNANCE
CORPORATE
[IT Security News] 13 July 2023 Email All Employees
Beware of Spam Emails
21 [IT Security News] 27 July 2023 Email All Employees
Cyber Security Tips
22, [IT Policy] 02 August 2023 Email All Employees
Software Policy
23 Password Sharing is Prohibited 03 August 2023 Lock Screen/ All Employees
Wallpaper
Laptop/PC
24 [IT Security News] 10 August 2023 Email All Employees
REPORT
SUSTAINABILITY
Beware of Spam Emails
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NO TOPIC DATE MEDIA PARTICIPANT
25 [IT Security News] 24 August 2023 Email All Employees
Cyber Security Tips
26 [IT Security News] 14 September Email All Employees
Beware of Spam Emails 2023
27 [IT Policy] 15 September Email All Employees
Password Sharing is Prohibited 2023
28 The Danger of Phishing Emails 02 October Lock Screen/ All Employees
2023 Wallpaper
Laptop/PC
29 [IT Policy] 04 October Email All Employees
Software Policy 2023
30 [IT Security News] 12 October Email All Employees
Beware of Spam Emails 2023
31 [IT Policy] 13 October Email All Employees
Password Sharing is Prohibited 2023
32 [IT Security News] Cyber Security Tips 26 October Email All Employees
2023
33 [IT Policy] Software Policy 01 November Email All Employees
2023
34 [IT Security News] 09 November Email All Employees
Beware of Spam Emails 2023
35 [IT Security News] 23 November Email All Employees
Cyber Security Tips 2023
36 Password Standard Change 02 December Background All Employees
2023 Laptop
37 [IT Policy] 06 December Email All Employees
Software Policy 2023
38 [IT Security News] 14 December Email All Employees
Beware of Spam Emails 2023
39 [IT Security News] 22 December Email All Employees
Password Security Improvements 2023
40 [IT Security News] 26 December Email All Employees
Password Security Improvements 2023
41 [IT Security News] Password Security 28 December Email All Employees
Improvements 2023
42 [IT Security News] 28 December Email All Employees
Cyber Security Tips 2023
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
PROFILE
CORPORATE
Annualy, the Company has conducted self-assessment 6. Conduct outreach regarding customer data
of POJK No. 6/POJK.07/2022 Concerning Customer protection obligations including company data to
and Public Protection in the Financial Services Sector, existing and new employees (monthly);
especially related to Confidentiality and Security of 7. Conduct socialization on applicable regulations
Customer Data and Information on an annual basis and including and not limited to Financial Services
has been submitted to the OJK. Throughout 2023, the Authority Regulations, data protection laws and
Company implemented customer and public protection derivative regulations;
in running its business, by taking the following steps: 8. Receive and resolve customer and public complaints
1. Implement procedures for requesting consent from in accordance with POJK No. 18/POJK.07/2018
DISCUSSION & ANALYSIS
MANAGEMENT
consumers regarding the processing of personal concerning Customer Complaint Services in the
data (acquisition and collection, processing Financial Services Sector;
and analysis, storage, correction and updating, 9. Prepare a financing agreement in accordance
display, announcement, transfer, dissemination with Law no. 42 of 1999 concerning Fiduciary
or disclosure, and/or deletion or destruction) Guarantees, POJK No. 35/POJK.05/2018 concerning
in accordance with the Law No. 27 of 2022 the Implementation of Financing Company
concerning Protection of Personal Data and POJK Business, POJK No. 10/POJK.05/2019 concerning
no. 6/POJK.07/2022 Concerning Customer and the Operation of Sharia Financing Companies and
Community Protection in the Financial Services Sharia Financing Company Business Units and
Sector in Financing Agreements, Summary of other applicable legal regulations and as well as
Product and Service Information for Consumers and implementing the results of inspections from the
other required documents including approval on OJK Thematic Surveillance.
digital media determined by the Company as well as
implementing inspection results from OJK Thematic The Company has also carried out various initiatives to
Surveillance; prioritize customer protection principles in its business
2. Use of confidentiality agreements between the activities. This is realized, among other things, as
GOVERNANCE
CORPORATE
Company and collaborating third parties where follows:
third parties are prohibited from providing data 1. Installation of announcements at the head
belonging to the Company, including the Company’s office and network offices informing potential
consumers, to other unauthorized parties without customers and customers to read and understand
the Company’s consent; the contents of the contracts stipulated in the
3. Develop a customer personal data protection policy financing agreement;
in the Standard Policy of Customer and Community 2. Installation of announcements regarding financing
Protection in Companies based on POJK No.6/ interest rates clearly at each head office, network
POJK.07/2022 in Approval Memo No. 0018/AM- office, offices other than network offices, and the
RMC/11/2022; Company’s website so that the Company can know
4. Develop internal company policies regarding Rules and understand;
of Personal Data/Information Management in 3. Review and update customer complaint handling
accordance with applicable regulations; policies in accordance with POJK No. 18/
5. Adjustment of the Company’s advertising standards POJK.07/2018 concerning Customer Complaint
REPORT
SUSTAINABILITY
to the Financial Services Advertising Guidelines Services in the Financial Services Sector, especially
from the Financial Services Authority, the third procedures for handling customer complaints at
amendment issued in 2020; Company offices and BAF Care services;
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4. Use of the Financing Application Form and g. AM 0004/AM-RMC/04/2023 Regarding
Important Information which contains a summary Compliance Standard Policy;
of product and/or service information, benefits, risks h. Socialization of the definition and process of
and costs of products and/or services and terms and Suspicious Financial Transaction Reports;
conditions including and not limited to requests for i. Information Technology Risk Management
processing of personal data in accordance with Law (Cyber Risk);
no. 47 of 2022 concerning Protection of Personal j. Implementation of Control to Maintain
Data and POJK No.6/POJK.07/2022 concerning Company Reputation (Reputation Risk) in terms
Customer and Public Protection in the Financial of Risk Management and Compliance.
Services Sector. The form is signed by the customer 6. Regular training regarding handling customer
and has been adapted to the directions of the OJK complaint services for related Company employees
Thematic Surveillance; has been carried out every year;
5. As part of the active supervision of the Board of 7. The Company has provisions for providing
Directors and Board of Commissioners regarding information on the amount of obligations that have
the implementation of a culture of compliance, been paid and remaining obligations that have not
throughout 2023, the Compliance Work Unit (SKK) been paid or settled by consumers based on the
together with the Risk Management Work Unit customer’s request as regulated in the Financing
(SKMR) carried out regular outreach to related Agreement;
functions, including: 8. The Company’s information technology system
a. Implementation of Anti-Money Laundering, specifically for storing customer personal data has
Prevention of Terrorism Financing & Prevention been certified to ISO 27001.
of Funding for the Proliferation of Weapons of
Mass Destruction BAF; In order to improve the quality of service to consumers,
b. Get to know what anti-bribery is?; the Company continues to improve and innovate
c. POJK No. 6/POJK.07/2022 concerning Customer information technology. Apart from increasing
and Public Protection in the Financial Services opportunities to support business goals, this is of
Sector, Risks and Mitigation; course also accompanied by potential information
d. POJK No. 3 of 2023 concerning Increasing technology risks, including the risk of cyber attacks
Literacy and Financial Inclusion in the Financial and the risk of data leaks. The Company realizes that
Services Sector for Consumers and the in achieving business objectives, adequate control
Community; over these risks is required. The controls that are in
e. POJK Socialization No. 8 of 2023 concerning place include the information technology work unit,
Implementation of Anti-Money Laundering especially the operational security section, which is
Programs, Prevention of Terrorism Financing & tasked with ensuring the security and confidentiality of
Prevention of Funding for the Proliferation of infrastructure, data and customer information managed
Weapons of Mass Destruction in the Financial by the information technology work unit from various
Services Sector; cyber threats and attacks.
f. Law no. 27 of 2022 concerning Personal Data
Protection;
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
IMPROVING
ENVIRONMENTAL
PERFORMANCE THROUGH
REPORT
MANAGEMENT
GREEN OPERATIONS
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
Even though the Company’s activities are not directly
related to natural resources and biodiversity, it is
important for the Company to consider environmental
THE COMPANY STRIVES TO USE aspects. The Company strives to use resources efficiently
RESOURCES EFFICIENTLY AND and supports environmental programs, as well as
developing internal sustainability programs that are in
SUPPORTS ENVIRONMENTAL line with sustainability policies and culture.
FRIENDLY PROGRAMS.
The environmental management in the Company’s work
area includes the following:
REPORT
SUSTAINABILITY
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SUSTAINABILITY
REPORT
Green House Gas Emission Energy Usage
[GRI 305-1, 305-2, 305-3, 305-4, 305-5]
The Company’s operational activities require the use
Climate change issue has become more crucial to be of energy, especially electrical energy used for office
addressed. For this reason, the Company strives to activities and fuel for operational vehicles. Various
support a sustainable future by reducing GHG emissions operational activities that use electricity such as
in business activities. In the coming years, the Company lighting, moving office facilities and infrastructure such
will explore long-term targets and strategies to realize as lifts, air conditioning, photocopiers, and so on. Even
more concrete support. though the Company’s operational activities do not use
excessive energy compared to other business sectors,
In 2023, the Company has not calculated the amount the Company still views it is important and makes this
of GHG emissions for scope 1, scope 2 and scope 3 or topic one of the company’s efforts.
other gas equivalents. The company will gradually carry
out assessments and calculations of GHG emissions in In particular, the Company’s head office also operates
the future. a diesel generator to support the implementation of
(near) zero downtime in providing technology-based
The scope 1 GHG emissions are GHG emissions information in the event of a power outage. Since 2022,
originating from the use of fuel for transportation and the Company’s network offices have implemented
the use of fuel for generators. scope 2 GHG emissions are efficiency in the form of changing generator capacity
indirect emissions from the use of electrical energy from from 20,000 kWh to 6,000 kWh and 7,000 kWh which
Perusahaan Listrik Negara (PLN). Furthermore, for scope can be used when the electricity was shutdown. This
3 GHG emissions, from sources belonging to external effort will continue gradually in other network offices.
parties that are still in the supply chain of the Company’s
business, namely air service travel and purchases of
goods, such as paper and freon, as well as fuel and energy Energy Efficiency
related activities (not covered by scope 1 or scope 2),
and investment, including financing carried out by the We realize that the use of energy to support business
Company. activities has an impact on the environment through the
resulting GHG emissions. Therefore, we strive to reduce
In addition, the Company will also gradually calculate operational impacts and costs by increasing energy
emissions from emission reduction activities originating efficiency. Energy management and energy efficiency,
from tree planting activities that have been carried out one of which is electricity, is important for the Company
over the last 3 years under the BAF ECO Move program. because the Company’s business activities rely heavily
on the use of electronic devices to support services for
In line with the Company’s GHG value not yet being consumers as well as building needs in carrying out
disclosed, the GHG emission intensity which shows the operational activities. Optimal energy management
amount of GHG emissions per unit of activity, output can also reduce potential GHG emissions.
or other specific metrics cannot also be disclosed in
this sustainability report. Energy consumption intensity Realizing that employee participation and support
which is calculated using the total GHG emissions are important factors, the Company has an energy
produced (scope 1 + scope 2) by the Company, divided management efficiency program which is one of the
by the number of Company employees translated into strategies in an effort to reduce energy use. The energy
tons of CO2/number of employees will be disclosed management program is focused at the Company’s head
further along with the disclosure of the GHG value office, including efficient use of electrical equipment,
produced. air conditioning and elevators. Therefore, the Company
actively promotes “saving electricity” to all employees
The Company’s efforts to reduce GHG emissions include both at the head office and at network offices.
installing solar panels at the head office. Installation of
solar panels can have an impact on PLN’s electricity use. The Company’s ongoing energy use efficiency is as
The impact of the reduction will be revealed in the next follows: [GRI 302-4]
period’s sustainability report.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
1 Energy-saving Light-Emitting Diode 2 The lighting arrangements
(LED) lamps usage The lighting arrangements in the
REPORT
MANAGEMENT
Saving electricity usage is implemented by using head office have been divided into
energy-saving LED lights in the head office and zones or divisions, making it easier
replacing them with LED lights if something is to black out rooms that are not used.
damaged or when moving to a network office.
The percentage of LED lamp usage is as follows:
Head office Network office Use of motion sensor lights and
3
95% 70%
timers
PROFILE
CORPORATE
The use of lights with motion sensors
has been used in special areas at
out of total lamps used out of total lamps used the Company’s head office, so that
the lights will turn off automatically
if there is no activity. The Company
has also implemented a program
to turn off the lights during breaks
during the day as a form of support
in saving energy. The total number
of motion sensor lights used in the
head office is 100 units spread over
8 floors.
DISCUSSION & ANALYSIS
MANAGEMENT
4 Air conditioning settings
At the head office, the Company limits the use
of Air Conditioner (AC) no later than 17:30 West
Indonesian Time (WIB) because the number of
employees working after that time is smaller.
5 Setting elevator operating hours
To ensure clean air in the work environment At the head office, there are 3
while paying attention to environmental elevators. The number of lifts
and conservation aspects, the Company has operating is reduced after 18:00
gradually replaced AC units with Plasmacluster WIB to 1 lift operating. Monitoring
Inverter AC types in the customer service lobby of this will be carried out by building
area and in work spaces spread across 53 (fifty security officers who will ensure
three) network offices which can help electricity elevator operations are also adjusted
savings. to the capacity of employees who
are still working at that time.
GOVERNANCE
CORPORATE
SCHEDULE TOTAL OPERATED ELEVATOR
Monday - Friday
06.00 - 18.00 WIB All elevator units are operated (3 units)
18.00 - 19.00 WIB Only 2 units are operated
After 19.00 WIB Only 1 unit are operated
Saturday Only 2 units are operated
REPORT
SUSTAINABILITY
Sunday Lift is not operated
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SUSTAINABILITY
REPORT
6 Laptop Usage 7 Green campaign and energy saving work
Saving electricity usage is also carried out culture
by gradually replacing all Desktop Personal Program initiation throughout 2023 to support
Computers (PCs) with Mini PCs & Thin Clients energy efficiency is always sought to be carried
and Laptops to save electricity wattage usage. out at the head office and all of the Company’s
In 2023, purchases of Desktop Personal network offices by providing regular awareness
Computers (PCs) with Mini PCs & Thin Clients by sending flyers and e-mails to all employees.
and Laptops will reach 405 units. This is done continuously to increase awareness
of all company workers to save on operational
In addition, the Company has replaced the activities such as turning off lights when not in
Photocopy & Printer (Multifunction Printer - use, especially in meeting rooms. The company
MFP) machine unit from the old type to a new also always urges employees to turn off office
type with a more efficient electricity wattage equipment such as lights and computers/
usage rate which has been implemented in laptops when not in use, including photocopiers.
all head offices and network offices. Thus, the The number of green campaigns issued by the
total number of MFP usage has reached 100% Company during 2023 is 16.
of the Company’s total office network.
Information Number of Photocopy & Printer
and MFP machines
Head office Network office
18
Unit Photocopier, Printer
447
Unit Photocopier, Printer
and MFP and MFP
8 Green Operation
The Company believes that a clean and well-organized work environment will provide comfort in working and
can help improve the quality of health. Therefore, various initiatives that will continue in 2023 are as follows:
Reduce the use of single-use Arranging work spaces that pay Optimizing the use of
plastic bottles/packaging in the attention to aspects of comfort teleconference/video conference
Company’s Head Office area and cleanliness, including facilities for meetings with
by implementing a tumbler providing green plants in and participants from distant
program to reduce the use of around the Company’s business locations, especially in 2023
bottled mineral water. activity locations. In 2023, the where the Company was still
Company carried out gradual implementing the WFH and WFO
renovations of several floors or hybrid working pattern.
in the head office building
by implementing the open
workspace concept.
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HIGHLIGHTS
PERFORMANCE
Use of Renewable Energy in the form Energy Utilization Performance
of Solar Panels
Electricity usage at the Company’s head office and
Since 2022, especially at the head office, the Company network offices in 2023 will not be much different,
has installed and is using solar panels. Installation of there was an increase from Rp38.4 million/number
a rooftop Solar Power Generation (PLTS) system with of networks in 2022 to Rp39.9 million/number of
REPORT
MANAGEMENT
a capacity of 31.86kWp. The PLTS system installation networks. Meanwhile, electricity consumption also
at the Company’s head office uses solar panels with a increased from Rp26,593 kWh to Rp27,619 kWh. This
capacity per panel of 540 Wp. Through this installation, is because WFO activity was more massive in 2023
the Company is estimated to be able to reduce carbon compared to the previous 2 years.
emissions by 380 tons and the equivalent of planting
11,320 trees over 25 years. The Company has not included energy consumption
outside the Company in its calculations, because the
The installation of solar panels is a concrete manifestation disclosure limits only cover the BAF Plaza head office
of the Company’s implementation of sustainable and the Company’s network offices. This limitation is
business practices. The push to manage emissions due to complexity and data sources that are beyond the
through efficient development and the use of renewable Company’s control.
energy as an alternative energy source is considered
PROFILE
CORPORATE
to be one of the right ways to achieve the zero carbon
emissions target.
DISCUSSION & ANALYSIS
MANAGEMENT
Prediction of Reducing Electricity Usage Costs Consumption of
Carbon Emissions electricity usage
380
TO N
39.9
M ILLION / NETWORKS
27,619
KW H / NETWORKS
The Company’s electricity consumption is as follows: [GRI 301-1, 302-2, 302-3]
DESCRIPTION 2023 2022 2021
Use of Renewable Energy
GOVERNANCE
CORPORATE
Solar Panels - Headquarters (kWh) 41,800 10,600 -
Solar Panels - Headquarters (Gigajoules) 150.47 38.15 -
Other Energy Usage *
Electricity usage fee (Rp million) 39.9 38.4 36.0
Electricity consumption (kWh) 27,619 26,593 24,909
Electricity consumption (Gigajoules) 99.4 95.7 89.7
Wide (m2) 24,784 24,784 -
Number of employees (including outsourced 9,157 8,742 8,675
REPORT
SUSTAINABILITY
workforce)
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 453
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SUSTAINABILITY
REPORT
DESCRIPTION 2023 2022 2021
Electricity usage intensity (kWh/m2) 1.11438 1.07298 -
Electricity usage intensity (GigaJoule/m2) 0.00401 0.00386 -
Electricity usage intensity (kWh /employee) 3.0 3.0 2.9
Electricity usage intensity (GigaJoule /employee) 0.011 0.011 0.010
*) Per number of networks (including head office)
of fuel consumption of operational vehicles can be
Use of Non-Renewable Energy in the controlled.
form of Fuel Oil (BBM)
Since 2022, at the head office, the Company has procured
Efforts to save fuel consumption for operational vehicles 1 (one) electric car for the Company’s operations. The
are carried out by limiting the service life of operational company has also provided a charging station at the
vehicles and carrying out periodic maintenance and head office which can be used to charge electric battery
repair of operational vehicle equipment to optimize data.
efficient engine performance so that fuel consumption
is more efficient. The company limits the operational age In 2023, the cost of using fuel in all of the Company’s
of operational vehicles to car: 3 years & motorcycle: 5 network offices will increase from Rp19.0 million to
years. Regular maintenance or service is also carried out, Rp21.8 million. In terms of the number of liters, there
namely car: every 10.000 km & motorcycle: every 5.000 was also an increase from 1,885 liters to 2,160 liters. This
km. increase is due to normal condition post pandemic.
Apart from that, the Company also requires the use The fuel consumption for the Company’s operational
of non-subsidized fuel which is more environmentally vehicles is as follows [GRI 302-1][GRI 302-2][GRI 302-3]
friendly. With these steps, the increase in the volume
Fuel Usage Costs Fuel Usage Costs
21.8
MIL LION R U PIAH /
2,160
LI TER / NETWORKS
NE T WOR K S
DESCRIPTION 2023 2022 2021
Use of Non-Renewable Energy*
Cost of using fuel (Rp million) 21.8 19.0 15.8
Fuel consumption (Liter) 2,160 1,885 1,865
Fuel consumption (GigaJoule) 73.9 64.5 63.8
Operating Income (Rp billion) 4,569 4,337 3,900
Intensity of fuel use (liters/Rp billion) 116 107 131
Fuel usage intensity (GigaJoule / Rp. billion) 3.96 3.66 4.50
*) Per networks
454
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
activities, such as cleaning, sanitation and ablution
Water Usage and Stewardship activities, while at the network offices it uses groundwater.
With high awareness of the importance of water for
The Company realizes that water is one of the natural natural and social ecosystems, as well as the threat of
resources used by the Company in various operational water scarcity for people in Indonesia. Therefore, the
activities such as toilets, sanitation, canteens, etc. On Company strives to use clean water efficiently and. We
the other hand, there are environmental risks related to have made various efforts, including managing building
REPORT
MANAGEMENT
water, such as pollution, scarcity and flooding. Floods wastewater and reusing rainwater for watering plants,
can affect the Company’s operations and consumers, so as well as promoting internal communication. [GRI 303-1]
the Company also pays special attention and carries out
initiative efforts in water management. [GRI 3-3] In 2023, the Company continued to campaign for
efficient water use among employees. Water efficiency
At the head office The Company uses groundwater will continue to be implemented, including:
and pays fees to the relevant agencies for operational
PROFILE
CORPORATE
Water installation maintenance
In order to anticipate leaks, cloudy water, or other overall damage, the Company periodically
checks water installations, both at the head office and network offices.
Use of water-saving taps
The company uses taps with automatic sensors so that it can save on wasted water. This water-
saving tap has been implemented on all floors at the Company’s head office totaling 35 units.
DISCUSSION & ANALYSIS
MANAGEMENT
Use of eco-washer
41 units toilet at the head office use eco washers which have the advantage of being more
hygienic because the presence of eco washers can minimize bacteria that stick to the seat. In
addition, the eco washer toilet seat is made of skin-friendly material and the toilet seat can be
removed so it can be removed easily. Eco washers can also minimize noise when closing the
toilet seat.
Utilization of wastewater
At the head office, the Company has a mechanism where used water and rainwater are treated
using a sediment pond system run by the building management. This processed water is reused
for watering plants and flushing toilets. Used water has also been distributed through available
water disposal, in accordance with the building management wastewater management system.
GOVERNANCE
CORPORATE
Water Usage Costs Water Usage
1.6
M ILLION R U PIAH /
265.6
M 3 / NETWORKS
NE T WOR K S
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 455
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SUSTAINABILITY
REPORT
Water Use and Intensity [GRI 303-5]
The Company’s water usage is as follows:
DESCRIPTION* 2023 2022 2021
Surface Water Use (m3) 201.4 200.5 180.0
Underground Water Use (m3) 64.2 48.8 60.0
Total (m3) 265.6 349.3 240.0
Surface Water Usage (Rp million) 1.2 1.2 1.1
Underground Water Usage (Rp million) 0.4 0.3 0.4
Total (Rp million) 1.6 1.5 1.4
Number of employees (including outsourced 9,157 8,742 8,675
workforce)
Water Use Intensity (m3 / employee) 0.029 0.029 0.028
*) Per total network (including head office) includes ground water and surface water
Although in 2023, compared to 2020, water consumption • No longer using fax, correspondence is done using
increased slightly as WFO capacity begins to be added, electronic mail (email), although some still using
when compared with 2019 (pre-Covid-19 pandemic level), hardcopy;
water use at the Company’s head office and network • The use of paper for meeting materials is minimized
offices in 2023 experienced savings in consumption. and converted to digital. Since 2020, the Company
water (surface water and underground water) by 24.2%. has no longer prepared materials in hardcopy
form, especially Board of Commissioners meetings
and Board of Directors meetings with the Board
Paper Usage of Commissioners. All meeting materials can be
accessed digitally;
As a company, the Company requires paper as a means of • Always urge employees to minimize the use of paper
office administration, such as correspondence, printing and encourage the use and use of waste paper that
administrative documents to support business activities, can still be used in the Company’s work environment.
customer service and so on. However, the Company So, reuse used paper for double-sided photocopying
strives to ensure that paper is used from responsible and for draft letters or internal memos;
sustainable sources and is environmentally friendly. • Optimization of multi-function printer facilities for
scanning and faxing, thereby reducing document
In addition, the Company continues to strive to increase printing. All photocopy machines and printers
the efficiency of paper use through the support of (Multifunction Printer - MFP) are equipped with PIN
technology and digitalization systems that the Company & Job Storage, so that printing can be done according
continues to develop. One of them is through a well- to user needs and is more controlled. This photocopier
integrated information system for the Company’s and printer (MFP) can also be used to print two-sided
internal interests, consumers, supported by applications documents (back and forth), so it can minimize the
that can support operational efficiency as well as use of large amounts of paper;
implementing document digitization which can reduce • Optimizing the use of BAF Mobile for consumers; dan
paper use through the following efforts: [GRI 3-3, 306-2] • Formless transactions to replace employee salary
• Archive documentation and submit reports from slips which are currently done digitally.
hardcopy to softcopy;
456
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Digital transactions on BAF Mobile start from financing
Digital Platforms and Transactions applications & simulations, as well as information on
financing tenors, contract numbers, due dates, online
Electronic (digital) financing transactions can indirectly BPKB reservations and collections, to how to pay the
reduce the carbon footprint because consumers can Company’s installments through various payment
make transactions from anywhere without having to channels. In one application, users can experience the
go to the Company’s network office. At the Company, convenience of the Company’s services anywhere and
REPORT
MANAGEMENT
online transactions can be utilized via BAF Mobile, anytime.
which is a financing application intended for consumers.
NAME OF SYSTEM/ EFFICIENCY
BENEFIT
APPLICATION DIMENSION
External Training Online Form that can be used by employees to submit requests to Paper
Form participate in external training.
PROFILE
CORPORATE
Job Request Form Provide convenience for employees in applying for employee user Process and
(JRF) IT Online access for computers, applications, internet, and others. paper
HARPA Application used to provide convenience in managing personnel, Human
such as profile, attendance, performance, compensation, pay slips, resources,
attendance, and other employee administration. process and
paper
Digital Receipt Providing convenience for consumers in accessing receipts Operating cost,
electronically at any time. access and
paper
DISCUSSION & ANALYSIS
MANAGEMENT
Learning Management Support the training and socialization process for every Human Human
System (LMS) Resource (HR) effectively and efficiently resources and
process
Sharepoint A system that provides several functions, one of which is an Operating
application consisting of Approval Memo, Design Request, Content cost, Human
Review Form, and other applications that support the Company’s resources,
operations. process and
paper
CONFINS Application used to document all business transactions between Operating cost
the Company and consumers. and access
ORAFIN Application used to document the Company’s financial flow, both in Operating
terms of the Company’s financial plans and accounting processes. cost, Human
resources and
GOVERNANCE
CORPORATE
paper
BAF Mobile Mobile application that can be accessed by consumers and potential Operating
consumers to make it easier to submit financing applications and cost, Human
check order and installment status, as well as other conveniences. resources,
process and
paper
GS Request Form Application to make it easier for employees to submit assets, such Process and
as calculators, mice, cameras, and others. paper
GA Integrated Access Helpdesk system to propose assets or facilities. Process and
(GAIA) paper
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 457
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SUSTAINABILITY
REPORT
Electronic (digital) financing transactions can indirectly BPKB reservations and collections, to how to pay the
reduce the carbon footprint because consumers can Company’s installments through various payment
make transactions from anywhere without having to go channels. In one application, users can experience the
to the Company’s network office. At the Company, online convenience of the Company’s services anywhere and
transactions can be utilized via BAF Mobile, which is a anytime.
financing application intended for consumers.
The company also continues to expand its online
Digital transactions on BAF Mobile start from financing payment channels with digital platforms such as: virtual
applications & simulations, as well as information on bank accounts, payments via mobile and internet
financing tenors, contract numbers, due dates, online banking, as well as payments via e-commerce.
Digital Leads
via BAF Mobile
136,288
C REDI T A P P LI C ATI ON I N 2023
2022 2021
203,094 62,843
Assuming each transaction reduces the distance traveled Company has contributed to reducing emissions by 45.6
by one kilometer, the total distance traveled will be tons of CO2 equivalent with assumption of 1 kilometer
reduced by 402,225 kilometers in the last three years. By equivalent to 0.113377 kilogram CO2.[GRI 305-5]
considering CO2 reduction, it can be assumed that the
Paper Usage and Intensity
Paper Usage Cost Paper Usage
19.5
MIL LION R U PIAH
465
RI M
DESCRIPTION* 2023 2022 2021
Paper usage (ream) 465 750 815
Paper usage (kg) 233 375 408
Paper usage (sheet) 232,500 375,000 407.500
Paper use (Rp million) 19.5 28.7 31.1
Paper Use Intensity (kg/employees) 0.3 0.5 0.5
*) Head Office
**) Calculation based on 1 ream = 0.5 kg
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
The use of paper in the Company continues to decrease used oil from operational vehicles and generators, as
in line with digitalization efforts, so that paper use can be well as domestic wastewater from toilets and canteens.
minimized. In 2023, paper use at the head office can be Waste management is a form of responsibility that
reduced by 38.0% to only 465 reams from 750 reams in must be carried out to prevent the impact that waste
2022. [GRI 306-2][ GRI 306-3] has on the environment.
Continuing to strive to reduce waste production is one
REPORT
MANAGEMENT
Waste treatment of the Company’s concrete steps in waste management.
To realize this step, the Company continues to campaign
Waste is leftover material from the production process for the use of tumblers and provides advice to avoid the
carried out by humans. Waste is divided into two forms, use of disposable eating/drinking utensils. The company
namely solid and liquid waste which can be classified also provides adequate trash cans on each office floor
into Hazardous and Toxic Materials (B3) and non-B3. As to simplify the waste management process. Waste
a finance company, the Company does not use many sorting at the Company’s head office on each floor
types of materials in its operational activities. The is grouped based on paper, plastic and organic. The
Company’s business activities or employees also do not Company always urges employees to ensure that the
produce waste in the form of B3 or produce significant type of waste that will be disposed of is appropriate,
spills. Most of the waste produced is paper. However, the namely plastic waste, paper waste and organic waste.
Company provides paper shredding machines spread The Company continues to strive to instill sustainability
PROFILE
CORPORATE
across 177 (one hundred and seventy-seven) network principles in all employees which can be applied in
offices, whereas documents that are more than 10 years the Company’s operational activities. In 2023, efforts
old will be shredded and used as recycled paper material to build awareness will continue by building a culture
by the vendor. [GRI 3-3, 306-1] of sustainability, including through e-mail blasts and
e-flyers. [GRI 3-3, 306-2]
In addition, several types of solid waste generated from
the Company’s operations include office waste, paper, The data on waste generated in the Company is described
unused electronic equipment, batteries, used lamps and as follows: [GRI 306-3, 306-4, 306-5]
used furniture. Meanwhile, liquid waste comes from
DISCUSSION & ANALYSIS
MANAGEMENT
Waste
The following is summary data for waste at the Head
Office for the 2023 period, consisting of waste from
food, drinks, paper, and cardboard.
In 2023, the total waste originating from the Company’s
head office will be 14.6 m3 and the transportation
process will be carried out by waste officers from Total Waste
Tanjung Barat District. After the waste is transported,
14.6
the waste is sorted, such as cardboard waste and used
drinking bottles will be collected and sent to collectors,
while useless waste will be taken to the final Temporary
Disposal Site (TPS). M3
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 459
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SUSTAINABILITY
REPORT
B3 Waste
Summary Data on B3 Waste at Head Office for the 2023 Period
Total B3 Waste Battery Used Lamps Used Packing Other
20.6
KG
1.2
KG
3.5
KG
1.4
KG
14.5
KG
Apart from that, waste that falls into the category of In 2023, there will be no spills, whether from chemicals,
toxic and hazardous materials (B3) throughout 2023 at oil, fuel or other chemical substances that affect the
the Company’s head office will amount to 20.6 kg. Of quality of the surrounding environment and public
this total, the largest amount of B3 waste comes from health. The Company also does not receive complaints or
air freshener cans, metal waste, lamp glass and other reports regarding incidents of non-compliance with rules
chemicals. For the transportation and processing process, and regulations regarding the disposal of wastewater or
the Company uses the services of third-party vendors. effluent. [GRI 303-4]
With predetermined waste management, during
operational processes.
Paper, Cardboard, and Ordner Waste
Data on Destruction of Paper, Cardboard and Ordner at Head Office for the 2023 Period
Total Paper, Cardboard and Total Total Total
Ordner Waste Cardboard Ordner Paper
497.3
KG
58.5
KG
195.0 243.8
KG KG
Throughout 2023, the Company had destroyed 497.3 into digital/online form. This concept was developed in
Kg of paper, cardboard and ordner for old and unused various digitalization efforts and document management
documents. In addition, the Company strives to reduce application portals with a paperless concept.
paper waste by converting the use of printed documents
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Head Office and Workspace
Arrangement
The Company implements environmentally friendly From 2022 to 2023, the Company conducted renovation
building management through the construction of BAF and refreshment the workspace layout on each floor to
Plaza. BAF Plaza which has 8 (eight) floors adopts the become a workspace with a concept that pays attention to
REPORT
MANAGEMENT
concept of an environmentally friendly building or ‘green aspects of lighting, choosing a balanced and appropriate
building’ including water management systems, lighting, color composition with a combination of bright colors,
to an adequate ratio of green open space. BAF Plaza has requiring the replacement of furniture which is the
been equipped with solar panels, public street lighting main elements to support the implementation of an
with solar power, EV charger, water recycling system and increasingly productive work process, as well as making
water harvesting system, where building waste water changes to the interior of the work space and decoration
management and rainwater are reused for watering to make employees more comfortable at work.
plants and flushing toilets.
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
well as pest control which is carried out in several of the
Building a Culture of Sustainability and Company’s branch offices.
Increasing Employee Engagement
At the head office, the Company provides an Air Purifier
The Company always urges employees to always which functions as an air purifier in the Company’s
maintain cleanliness in the work environment and the head office area, and several of the Company’s regional
environment around the Company’s offices. Since offices (Jakarta and Surabaya). Apart from that, at the
2019, the Company has had BAF Home Ambassadors Company’s head office, there is also an Activtek Air
whose members consist of employees from each floor Sterilizer installed on the ceiling of each work space on
GOVERNANCE
CORPORATE
who play a role in promoting clean work environments. each floor as an air purifier.
BAF Home Ambassador activities in 2023 are to monitor Throughout 2023, the Company continued
the cleanliness and tidiness of the working area on each implementation of the green campaign in the
floor. Company’s work environment to build awareness among
all employees to continuously increase environmental
The Company also routinely carries out pest spraying and social awareness.
every month in the head office work environment, as
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 461
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SUSTAINABILITY REPORT 462
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
Environmental Budget
The total costs used in the environmental sector are as follows:
REPORT
MANAGEMENT
Environmental Budget
3.9
BIL LION R U PIAH
2022 2021
1.8 2.7
PROFILE
CORPORATE
*) Consists of replacing/purchasing energy-friendly AC units, replacing mini PCs, solar panels, EV, Chargers, solar street vendors, electric cars, paper
shredders, portable generators, paper shredder machines
also supports the empowerment of surrounding
Biodiversity Conservation communities. always carry out environmentally friendly
operational activities (green operations). The Company
The Company’s business activities do not involve direct has implemented policies related to environmental
activities that can harm or have the potential to damage management and protection which are manifested in
the environment. Offices including the Company’s the form of appeals and outreach to the Company’s
DISCUSSION & ANALYSIS
MANAGEMENT
network offices are also not located in areas with a high employees as a form of the Company’s commitment to
level of biodiversity or in protected areas, but in locations contributing to the environment. [304-1]
that are easily accessible and close to commercial
centers and residential areas. Nevertheless, the Company In 2023, the Company will again implement a biodiversity
supports efforts to preserve the environment and support program by planting 20,000 mangroves spread
biodiversity. across Pantai Indah Kapuk in North Jakarta, Coastal
Tambakrejo in Semarang, Coastal Indramayu West
The Company actively participates in environmental Java, Coastal Kumai in West Kotawaringin, Ecotourism
conservation efforts with the aim of creating a better life. Mangrove Wonorejo in Surabaya, and Teluk Benoa in
The Company’s participation is realized through efforts Badung, Bali. This program is part of the BAF ECO Move
to preserve the environment and reduce the impact of which was launched 3 years ago and has succeeded in
global warming as well as developing environmentally planting 135,500 tree seedlings during 2021-2023 in
friendly projects by utilizing natural potential which various regions.
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 463
Page 464
SUSTAINABILITY
REPORT
BAF ECO MOVE
20K 89,758 647
Tree seeds have Participated Participated employees
been donated consumers and dealers
As a player in financial services industry, the Company BAF ECO Move 2023 focused on planting more than
realizes that we also has a role in providing support in 20,000 mangrove tree seedlings in an effort to support
carrying out business activities prioritizing the harmony environmental greening, protect coastal areas from
of economic, social and environmental interests. In large waves, prevent erosion, and others.
2023, the Company organized another BAF ECO Move
campaign, which is a greening movement to realize BAF ECO Move involves the participation of the
concern for the environment. The BAF ECO Move Company’s consumers and employees, where
“Greening Movement” was carried out as one of the consumers who take out financing with the Company
Company’s steps to reduce motor vehicle exhaust during the period 12 April 2023 until 31 May 2023,
emissions. will automatically participate in the BAF ECO Move
464
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
REPORT
MANAGEMENT
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
135K 6 6
Trees have been donated Cities in Government
period 2021-2023 Indonesia* institutions**
movement without being charged any fees. Company All donated tree seedlings were planted and distributed
employees also voluntarily donated to take part in at various points on 6 (six) coastlines in Indonesia,
the Greening Movement during this period. As an namely Indah Kapuk Beach in North Jakarta,
appreciation, BAF provides paperless e-Certificates to Tambakrejo Coast in Semarang, Indramayu Coast, West
those who have participated. Java, Kumai Coast in West Kotawaringin, Wonorejo
GOVERNANCE
CORPORATE
Mangrove Ecotourism in Surabaya, and Benoa Bay in
The tree seedlings were handed over on July 22, Badung, Bali in collaboration with related agencies with
2023 by donating a total of 20,000 mangrove tree the aim of reforestation which can create better coastal
seedlings. quality.
*) Pantai Indah Kapuk in North Jakarta, Tambakrejo **) DKI Jakarta Environmental Office.
Coast in Semarang, Indramayu Coast in West Semarang City Environmental Office.
Java, Kumai Coast in West Kotawaringin, Wonorejo Indramayu Regency Environmental Office.
Mangrove Ecotourism in Surabaya, and Benoa Bay in Surabaya City Environmental Office.
REPORT
SUSTAINABILITY
Badung, Bali. Badung Regency Environment and Hygiene Office
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 465
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SUSTAINABILITY
REPORT
Positive and Negative Impacts from Environmental Complaints
Implementation of Sustainable Finance
to the Society and Environment The Company has a commitment to always contribute
and improve environmental sustainability in Indonesia
In general, implementation of sustainable finance by complying with environmental regulations. In 2023,
particularly related to activities in social aspects the Company did not receive any complaints related to
provides positive impact for the society and public, the environment. [GRI 2-27]
including direct beneficiaries. However, the positive
impact also has a potential that brought negative
impact, despite less significant. Some of the negative
impacts are among others occurrence of social gap
among the society who’s not receiving the benefit.
Therefore, the Company strives to evaluate and prepare
the mapping on community and society target to be
done based on the target requirement by considering
area to be distributed equally.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
FEEDBACK
FORM
REPORT
MANAGEMENT
PT Bussan Auto Finance Sustainability Report 2023 discloses on sustainability performances. Please submit any
feedback, inquiry, and suggestion after reading this Sustainability Report by email or sending this form via postal
service/email.
YOUR PROFILE
Name (if allowed) :
Institution/Company :
PROFILE
CORPORATE
E-mail :
Phone :
STAKEHOLDERS CATEGORY
Investor Customer Employee Business Partner
Media Vendor Public Government and OJK
Public Organization/NGO Other, please describe:
DISCUSSION & ANALYSIS
MANAGEMENT
Please choose one of the following answer that is most suitable with the questions.
DESCRIPTION YES NO
1. This Report is easy to understand
2. This Report is useful for me
3. This Report has explained sustainable development performance of the Company
GOVERNANCE
CORPORATE
Please give score for degree of importance of the material aspects as well as for sustainability of PT Bussan Auto
Finance (score 1 = less important up to score 3 = very important)
Economic Social Environmental
Performance Performance Performance
Please provide your suggestions/comments on this report.
Thank you for your participation. Please send this feedback form back to:
Corporate Secretary PT Bussan Auto Finance
REPORT
SUSTAINABILITY
BAF Plaza, Jl. Raya Tanjung Barat No. 121, Jagakarsa – Jakarta Selatan
T. (62-21)293 9600 | E. baf.sekretariat@baf.id
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SUSTAINABILITY
REPORT
This page is intentionally left blank.
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
RESPONSE ON FEEDBACK
TO PREVIOUS YEAR’S
SUSTAINABILITY
REPORT
MANAGEMENT
To create two-way communication, in Annual Report As the end of 2023, the Company did not receive any
2023, the Company attached a Feedback Form at end input or feedback on the 2022 sustainability report from
of the annual report containing the reader’s assessment stakeholders including the customers, work partners,
of the sustainability report. The form is expected to media, suppliers and others through the Feedback Sheet.
help the readers and users of this report to provide However, we keep doing improvements to provide better
suggestions, feedback, opinions and others, which can quality information for the readers.
be useful for improving the quality of reporting in the
future. Stakeholders can submit to the Company by
PROFILE
CORPORATE
sending an email or sending this form by post/e-mail
according to the address disclosed in the Feedback Form.
WRITTEN VERIFICATION
DISCUSSION & ANALYSIS
MANAGEMENT
FROM INDEPENDENT
PARTY
In preparing this report, the Company has not hired two consecutive years to present the Company’s
any independent party to provide assurance on this sustainability performance trends. The financial aspect
sustainability report. data presented in this report is partly adapted from
the consolidated financial statements that have been
Material quantitative data in this sustainability report audited by the Public Accounting Firm, while other data
is presented using comparability principle for at least comes from the Company’s internal sources.
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT 469
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CORPORATE
SUPPORTING DATA
CROSS REFERENCE
ACCORDING TO SEOJK
NO. 16/SEOJK.04/2021
CONCERNING THE FORM AND CONTENT OF THE
ANNUAL REPORT OF ISSUERS OR PUBLIC COMPANIES
This report contains the required information as stated in SEOJK No. 16/SEOJK.04/2021 concerning the Form and
Content of the Annual Report of Issuers or Public Companies.
NO DISCLOSURE PAGE
Sustainability Strategy
A.1 Explanation of Sustainability Strategy 353-360
Sustainability Aspect Performance Overview
B.1 Economic Aspects
a. Quantity of production or services sold 10-13, 18-22,
379
b. Revenue or sales 10-13, 18-22
c. Net profit or loss 10-13, 18-22
d. Environmentally friendly products; and 14, 382-384
e. Involvement of local parties related to the Sustainable Finance business process 14, 386-387
B.2 Environmental Aspects
a. Use of energy 17, 450-456
b. Reduction of emissions 450
c. Reduction of waste and effluent; and 459-460
d. Biodiversity conservation 14, 386-387
B.3 Social Aspects 15, 412-427
Company Profile
C.1 Vision, Mission, and Sustainability Values 91
C.2 Company Address 88, 481-497
C.3 Business Scale, at least contain:
a. Total assets or asset capitalization and total liabilities 88, 170-175
b. Number of employees by gender, position, age, education, and employment 390-391
status
c. The name of the shareholders and the percentage of shares ownership of; and 88, 179
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
NO DISCLOSURE PAGE
d. Operational area 92-93,
481-497
C.4 Products, Services, and Business Activities 95, 137-153
C.5 Membership in the Association 88
REPORT
MANAGEMENT
C.6 Significant Changes in Issuers and Public Companies 89
Message from the Board of
Directors
D.1 Explanation of the Board of Directors
a.Policies to respond to challenges in the fulfillment of sustainability strategies 74-75
b.Sustainable Financial Implementation 75-76
c.Target achievement strategy 76-77
Sustainability Governance
PROFILE
CORPORATE
E.1 Responsible for Sustainable Financial Implementation 363
E.2 Development of Competencies Related to Sustainable Finance 375-376
E.3 Risk Assessment of Sustainable Financial Implementation 304-322
E.4 Relationships with Stakeholders 370-373
E.5 Issues in Sustainable Financial Implementation 373
Sustainability Performance
DISCUSSION & ANALYSIS
MANAGEMENT
F.1 Activities to Build Sustainability culture 373-376,
461-462
Economic Performance
F.2 Comparison of Production Targets and Performance, Portfolios, Financing Targets, or 183-185
Investments, Revenue and Profit and Loss
F.3 Comparison of Portfolio Targets and Performance, Financing Targets, or Investments 183-185
in Financial Instruments or Projects in Line with Sustainable Finance
Environmental Performance
General Aspects
F.4 Environmental Costs 463
Material Aspects
GOVERNANCE
CORPORATE
F.5 Use of Environmentally Friendly Materials 451-458
Energy Aspect
F.6 Amount and Intensity of Energy Used 450-454
F.7 Efforts and Achievements of Energy Efficiency and Use of Renewable Energy 450-454
Water Aspect
F.8 Water Use 451, 455-456
Aspects of Biodiversity
F.9 Impact of Operational Areas Nearby or Located in Conservation Areas or Having 463-466
Biodiversity
REPORT
SUSTAINABILITY
F.10 Biodiversity Conservation Efforts 463-466
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CORPORATE
SUPPORTING DATA
NO DISCLOSURE PAGE
Emission Aspects
F.11 Amount and Intensity of Emissions Produced By Type 450
F.12 Efforts and Achievements of Emission Reductions Made 450
Waste and Effluent Aspects
F.13 Amount of Waste and Influenza Generated By Type 459-460
F.14 Waste and Effluent Management Mechanisms 459-460
F.15 Spills incident (if any) 460
Environmental-Related Complaint Aspects
F.16 Amount and Material of Environmental Complaints Received and Resolved 466
Social Performance
F.17 Commitment to Providing Services for Equal Products and/or Services to Consumers 437-440
Employment Aspects
F.18 Equality of Employment Opportunities 389
F.19 Child Labor and Force Labor 395
F.20 Regional Minimum Wage 400
F.21 A Decent and Safe Working Environment 406-407
F.22 Employee Training and Competency Development 402-404
Aspects of Society
F.23 Impact of Operations on Surrounding Communities 421-422
F.24 Community Complaints 421-423
F.25 Environmental Social Responsibility Activities (ESR) 412-421
Responsibility for Sustainable Product/Service Development
F.26 Innovation and Sustainable Product/Service Development 437-440
F.27 Products/Services That Have Been Undergone Safety Evaluation for Customers 440-441
F.28 Product/Service Impact 441-442
F.29 Products Recall 442
F.30 Customer Satisfaction Survey of Sustainable Financial Products and/or Services 442-443
Others:
G.1 Written Verification from an Independent Party (if any) 469
G.2 Feedback Form 469
G.3 Response to Previous Year’s Sustainability Report Feedback 469
G.4 Cross Reference with Financial Services Authority Regulation No. 51/POJK.03/2017 473-476
on Financial Implementation for Financial Services Institutions, Issuers, and Public
Companies
Page 473
PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
CROSS REFERENCE
ACCORDING TO OJK
REGULATION NO. 51/
REPORT
MANAGEMENT
POJK.03/2017
CONCERNING THE IMPLEMENTATION OF
SUSTAINABLE FINANCE FOR FINANCIAL SERVICE
INSTITUTIONS, ISSUERS, AND PUBLIC COMPANIES
This report contains the required information as stated in the OJK Regulation No. 51/ POJK.03/2017 concerning the
PROFILE
CORPORATE
Implementation of Sustainable Finance for Financial Service Institutions, Issuers, and Public Companies.
NO DISCLOSURE PAGE
1. Explanation on Sustainability Strategy
2. Sustainability Aspect Performance Highlights
a. Economic Aspects
1) Quantity of products or services offered 10-13, 18-22,
DISCUSSION & ANALYSIS
MANAGEMENT
379
2) Revenue or sales 10-13, 18-22
3) Net profit or loss 10-13, 18-22
4) Environmental-friendly products; and 14, 382-384
5) Engagement of local stakeholders concerning the Sustainable Finance 14, 386-387
business process
b. Environmental Aspects
1) Energy Consumption (including electricity and water); 17, 450-456
2) Total emission reductions 450
3) Waste and effluents reductions 459-460
GOVERNANCE
CORPORATE
4) Biodiversity conservation 463-466
c. Social Aspects:
A. description of the positive and negative impacts out of Sustainable Finance 441-442
application on community and environment (including people, regions, and
funds)
3. Brief Company Profile:
a. Vision, mission, and values of sustainability 91
b. Name, address, telephone number, fax number, e-mail address, and website/web, 88, 481-497
as well as branch and/or representative offices
c. Business scale:
REPORT
SUSTAINABILITY
1) Total assets or asset capitalization, and total liabilities (in million rupiah); 88, 170-175
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SUPPORTING DATA
NO DISCLOSURE PAGE
2) Number of employees by gender, position, age, education, and employment 390-391
status
3) Shareholding percentage (public and government); and 88, 179
4) Operational area 92-93,
481-497
d. Brief description on products, services, and business activities 95, 137-153
e. Membership in association 88
f. Significant changes, such as those relating to branch office closure or opening and 89
ownership structure
4. Message from Board of Directors;
a. Policy to respond to challenges in fulfilling the sustainability strategy, that
shall cover at least the following:
1) Explanation about the Company’s sustainability values 73-74
2) Explanation about the Company’s responses towards issues concerning the 74-75
Sustainable Finance Implementation
3) Explanation about the commitment of the Company’s leader in Sustainable 74-75
Finance implementation
4) Achievement of Sustainable Finance implementation performance; and 75-76
5) Challenges in achievement of Sustainable Finance implementation 76
performance
b. Sustainable Finance Implementation, at least includes:
1) Achievement of Sustainable Finance Implementation (economic, social, and 75-76
environmental) compared to targets; and
2) Explanation about achievements and challenges including important events 75-76
during the reporting period (for the FSI required to prepare Sustainable
Finance Action Plan);
c. Target achievement strategy, includes:
1) Risk management on Sustainable Finance implementation related to 76-77
economic, social and environmental aspects;
2) Utilization of business opportunities and prospects; and 77
3) Description on economic, social, and environmental external situations which 76-77
may potentially affect the Company’s sustainability
5. Sustainability governance includes
a. Description of duties of the Board of Directors and Board of Commissioners, 363-365
employees, officers and/or work units who are responsible for the Sustainable
Finance implementation.
b. Competency development of Board of Directors, Board of Commissioners, 373-376
employees, officers and/or work units responsible for the Sustainable Finance
implementation.
c. Explanation about procedure applied by the Company in identifying, measuring, 304-322
monitoring and controlling the risks in Sustainable Finance implementation
related to economic, social, and environmental aspects, including the role of the
Board of Directors and the Board of Commissioners in managing, conducting
periodic reviews, and analyzing the effectiveness of the Company’s risk
management process.
d. Description on stakeholders that includes:
1) Stakeholder involvement based on management assessment results. 373
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
NO DISCLOSURE PAGE
2) Approach applied by the Company in involving stakeholders in the Sustainable 370
Finance Implementation.
e. Issues faced, progress, and impact on the of Sustainable Finance implementation. 373
REPORT
MANAGEMENT
6. Sustainable performance, at least includes:
a. Description on sustainable culture development activities in the Company 461-462
b. Description of economic performance from the last 3 (three) years, including:
1) Comparison of targets to performance in terms of production, portfolio, 378-387
financing targets, or investments, revenue as well as profit and loss
2) Comparison of target to performance of portfolio, financing target, or 378-387
investments in financial instruments or projects in line with the Sustainable
Finance implementation.
c. Social performance: in the last 3 (three) years:
PROFILE
CORPORATE
1) The Company’s commitment to provide equal products and/or services to the 437-440
consumers.
2) Employment, at least includes:
a) Equal employment opportunities and the occurrence of forced labor and 389
child labor
b) Percentage of permanent employee remuneration at the lowest level of 400
the regional minimum wage
c) Decent and safe work environment; and 406-407
DISCUSSION & ANALYSIS
MANAGEMENT
d) Training and development of employee skills. 402-404
3) Community:
a) Information on operational activities or area producing positive and 466
negative impacts on local community including financial literacy and
inclusion;
b) Public complaints mechanism and number of community complaints 421-423
received and follow-up; and
c) CSR related to supports to sustainable development goals including type 354-357
and achievement of community development program activity.
d. Environmental Performance
1) Environmental costs; 463
2) Description on the use of environmentally friendly materials such as recycle 451-458
GOVERNANCE
CORPORATE
material type; and
3) Description on the use of energy, at least include:
a) Amount and intensity of energy consumed; and 450-454
b) Efforts and achievement made for energy efficiency including the use of 450-454
renewable energy sources;
c. Environmental Performance for Companies whose business processes
are directly related to the environment:
1) The performance related to point d above -
2) Information on operational activities or areas producing positive and -
negative impacts on the surrounding environment, especially efforts to
increase the carrying capacity of ecosystems;
REPORT
SUSTAINABILITY
3) Biodiversity, including at least:
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
Page 476
CORPORATE
SUPPORTING DATA
NO DISCLOSURE PAGE
a) Impacts from operational areas nearby or inside the conservation 463-466
areas or that contain biodiversity; and
b) Biodiversity conservation business carried run, including protection 464-466
of flora or fauna species;
4) Emissions, including at least:
a) Amount and intensity of emissions by type; and 450
b) Efforts and achievement of emission reductions; 450
5) Waste and effluent, including at least:
a) Amount of waste and effluent by type; 459-460
b) Waste and effluent management mechanisms; and 459-460
c) Spill incident (if any); and 460
6) Number and content of environmental complaints received and 466
resolved
d. Sustainable Finance product and/or service development responsibility,
at least include:
1) Sustainable Finance product and/or service innovation and 437-440
development
2) Number and percentage of products and services, that have been 440-441
undergone safety test for the customers;
3) Positive and negative impacts caused by Sustainable Financial 441-442
products and/or services and the distribution process, as well as
mitigation undertaken to mitigate negative impacts
4) Number of recall products and the reasons; or 442
5) Customer satisfaction survey of Sustainable Financial products and/or 442-443
services.
7. Written verification from independent parties (if any) 469
Page 477
PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
LIST OF DISCLOSURE
ACCORDING TO GLOBAL
REPORTING INITIATIVE
REPORT
MANAGEMENT
(GRI)
Statement of Use PT Bussan Auto Finance has reported the information cited in this GRI
content index for the period January-December 2023 with reference to the
GRI Standards
GRI 1 Used GRI 1: Foundation 2021
PROFILE
CORPORATE
STANDARD INDICATOR DISCLOSURE PAGE
GRI 2: General 2-1 Detail of the Organization 89
Disclosures
2021 2-2 Entities included in the organization’s 344
sustainability reporting
2-3 Reporting period, frequency and contact point 344
DISCUSSION & ANALYSIS
MANAGEMENT
2-4 Restatements of information 344
2-5 External assurance 344
2-6 Activities, value chain and other business 376
relationships
2-7 Employees 389
2-8 Workers who are not employees 389
2-9 Governance structure and composition 361
2-10 Nomination and selection of the highest 361
governance body
GOVERNANCE
CORPORATE
2-11 Chair of the highest governance body 361
2-12 Role of the highest governance body in 361
overseeing the management of impacts
2-13 Delegation of responsibility for managing 361
impacts
2-14 Role of the highest governance body in 84-85
sustainability reporting
2-15 Conflict of Interest 377
REPORT
SUSTAINABILITY
2-16 Communication of critical concerns 377
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
Page 478
CORPORATE
SUPPORTING DATA
STANDARD INDICATOR DISCLOSURE PAGE
2-17 Collective knowledge of the highest 375
governance body
2-18 Evaluation of the performance of the highest 363
governance body
2-19 Remuneration policies 363
2-20 Process to determine remuneration 363
2-21 Annual total compensation ratio 224,
236-237
2-22 Statement on sustainable development 353
strategy
2-23 Policy commitments 353
2-24 Embedding policy commitments 353
2-25 Processes to remediate negative impacts 431
2-26 Mechanisms for seeking advice and raising 366
concerns
2-27 Compliance with laws and regulations 377
2-28 Membership associations 88
2-29 Approach to stakeholder engagement 370-371
2-30 Collective bargaining agreements 401
GRI 3: Material 3-1 Process to determine material topics 345
Topics 2021
3-2 List of material topics 346-352
3-3 Management of material topics 347-352
GRI 201: Economic 201-1 Direct economic value generated and 381
Performance 2016 distributed
201-2 Financial implications and other risks and 381
opportunities due to climate change
201-3 Defined benefit plan obligations and other 399
retirement plans
201-4 Financial assistance received from 381
government
GRI 203: Indirect 203-2 Significant indirect economic impacts 386
Economic Impacts 2016
GRI 205: Anti- 205-3 Confirmed case of corruption and actions 357
corruption 2016 taken
GRI 302: Energy 2016 302-1 Energy consumption within the organization 450-456
Page 479
PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
STANDARD INDICATOR DISCLOSURE PAGE
302-2 Energy consumption outside of the 453
organization
302-3 Energy intensity 450-456
REPORT
MANAGEMENT
456-459
302-4 Reduction of energy consumption
GRI 303: Water and 303-1 Interactions with water as a shared resource 455-456
Effluents 2018
303-5 Water consumption 455-456
GRI 304: 304-1 Operational sites owned, leased, managed in, 463-465
Biodiversity 2016 or adjacent to protected areas and areas of
high biodiversity value outside
GRI 305: 305-1 Direct (Scope 1) GHG emissions 76, 450
PROFILE
CORPORATE
Emissions 2016
305-2 Other indirect (Scope 2) GHG emissions 450
305-3 Other indirect (Scope 3) GHG emissions 450
305-4 GHG emissions intensity 450
305-5 Reduction of GHG emissions 450
GRI 306: Waste 306-2 Management of significant waste-related 459-460
impacts
DISCUSSION & ANALYSIS
MANAGEMENT
306-3 Waste Generated 459-460
GRI 401: 401-1 New employee hires and employee turnover 393-395
Employment 2016
GRI 403: 403-1 Occupational health and safety management 388
Occupational system
Health and
Safety 2018 403-2 Hazard identification, risk assessment, and 406, 408
incident investigation
403-3 Occupational health services 408-409
403-4 Worker participation, consultation, and 405
communication on occupational health and
GOVERNANCE
CORPORATE
safety
403-5 Worker training on occupational health and 410
safety
403-6 Promotion of worker health 406
403-7 Prevention and mitigation of occupational 406-407
health and safety impacts directly linked by
business relationships
403-8 Workers covered by an occupational health 408
and safety management system
REPORT
SUSTAINABILITY
GRI 404: 404-1 Average hours of training per year per 402-403
Training and employee
Education 2016
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
Page 480
CORPORATE
SUPPORTING DATA
STANDARD INDICATOR DISCLOSURE PAGE
404-2 Programs for upgrading employee skills and 402-404
transition assistance programs
404-3 Percentage of employees receiving regular 399
performance and career development reviews
GRI 413: Local 413-1 Operations with local community 422-424
Communities 2016 engagement, impact assessments, and
development programs
GRI 418: 418-1 Data Substantiated complaints concerning 347
Customer Privacy 2016 breaches of customer privacy and losses of
customer data
Page 481
PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
ALAMAT
JARINGAN
REPORT
MANAGEMENT
Head Office
BAF PLAZA
Jl. Tanjung Barat Raya No.121,
Jagakarsa, Jakarta Selatan,
Daerah Khusus Ibukota Jakarta 12530
021-2939 6000
PROFILE
CORPORATE
Bali
Branch Office
DENPASAR TABANAN
Jl. Raya Gatot Subroto No. 231 A-B, Jl. Gunung Agung No. 83,
Kota Denpasar - Bali Desa Dajan Peken, Kec. Tabanan,
DISCUSSION & ANALYSIS
MANAGEMENT
0361-265588 Kab. Tabanan, Prov. Bali.
0361-819261; 819262; 819413;
7446210
Bangka
Branch Office
BANGKA BELITUNG MUNTOK (MENTOK)
Jl. Soekarno Hatta No. 086, Jl. Veteran No. 274 Kampung Parit, Jl. Jenderal Sudirman,
RT 008 RW 003, Kel. Bukit Besar, Tanjung Pandan, Belitung Kel. Sungai Baru, Kec. Muntok,
GOVERNANCE
CORPORATE
Kec. Girimaya, Kota Pangkal Pinang, 0719-25140; 25155 Kab. Bangka Barat,
Prov. Kepulauan Bangka Belitung Prov. Kepulauan Bangka Belitung
0717- 437929; 434304; 438904; 0716-7321465, 7321667,
438903; 437035 7321654
TOBOALI
Jl. Jendral Sudirman,
RT 001 RW 001, Kel. Teladan,
Kec. Toboali, Kab. Bangka Selatan,
Prov. Kepulauan Bangka Belitung
0718-41320
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
Page 482
CORPORATE
SUPPORTING DATA
KSKC (Kantor Selain Kantor Cabang)
PANGKAL PINANG (BANGKA)
Jl. Batin Tikal, Kel kejaksaan,
Kec. Taman Sari, Kota Pangkal
Pinang, Prov. Bangka Belitung
Jabodetabekser
Branch Office
BOGOR CIKARANG CILEGON
Jl. Pahlawan No.189, Ruko C. Jl. Raya Cibarusah, Ruko Cikarang Jl. Teuku Umar, Link. Kalang Anyar,
RT 003 RW 014, Kel. Bondongan, Central City Blok D 012-015, Kp. RT 006 RW 001, Kel. Kedaleman,
Kec. Bogor Selatan, Kukun, RT 012 RW 006, Kel. Ciantra, Kec. Cibeber, Cilegon, Banten
Kota Bogor-Jawa Barat Kec. Cikarang Selatan, Kab. Bekasi, 0254-396810;396801;396876
0251-8354771; 8353363; Prov. Jawa Barat
8355715 021-89117721; 89117722;
89117723
DEPOK JAKARTA SELATAN PANDEGLANG
Jl. Dewi Sartika No. 033 B, Jl. Mampang Prapatan Raya Jl. Raya Serang KM. 03, Kp. Pabrik
RT 001 RW 001, Kel. Pancoran Mas, No. 066 A-B, RT 009 RW 003, RT 002 RW 002, Kel. Cigadung,
Kec. Pancoran Mas, Kota Depok, Kel. Tegal Parang, Kec. Mampang Kec. Karang Tanjung,
Prov. Jawa Barat Prapatan, Prov. DKI Jakarta Kab. Pandeglang, Banten
021-77278862 021-29396010 0253-5207411; 5207412;
5207418
RANGKASBITUNG SERANG TANGERANG 1
Jl. Gunung Sari, RT 001 RW 014, Jl. Trip Jamaksari, RT 001 RW 015, Jl. Boulevard Gading Serpong,
Kel. Muaraciujung Timur, Kel. Bungur Indah, Kec. Sumur Ruko Serenade Center Blok A
Kec. Rangkasbitung, Kab. Lebak, Pecung, Kota Serang, Prov. Banten No. 016-017, Kel. Pakulonan Barat,
Prov. Banten 081-59124119, 59124131 Kec. Kelapa dua, Kab. Tangerang,
0252-5551836; 5551736; Prov. Banten
5551636 021-29507010
TANGERANG 2 TANGERANG 5 (CURUG) TANGERANG 7 (CIPONDOH)
Jl. Citra Raya Eco Park, Jl. Raya STPI Curug Km. 005, Jl. Maulana Hasanudin, Ruko Primier
Ruko Grand Arcade VC 001 RT 002 RW 001, Kel. Curug Kulon, No. M 032-033, Kel. Cipondoh,
No. 122 & 126, Kel. Mekar Bakti, Kec. Curug, Prov.Banten Kec. Cipondoh, Kota Tangerang,
Kec. Panongan, Tangerang, 021-59497628, 59498034 Prov. Banten
Prov. Banten 087808684320
021-59661510; 59661796
TANGERANG SELATAN
(PAMULANG)
Jl. Jombang Raya No. 089,
Kel. Parigi, Kec. Pondok Aren,
Kota Tangerang Selatan,
Prov. Banten
021-7311189, 7311832
Page 483
PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
KSKC
CILEUNGSI JATIWARINGIN AREN JAYA PERUMNAS 3
Kp. Cibeureum pertigaan samick Jl. Jatirahayu No. 029, Jl. Nusantara Raya No. 040 C,
RT 006 RW 005, Kel. Cileungsi Kidul, RT 007 RW 003, Kel. Jatirahayu, Kel. Aren Jaya, Kec. Bekasi Timur,
Kec. Cileungsi, Kab. Bogor, Kec. Pondok Melati, Prov. Jawa Barat Kota Bekasi, Prov. Jawa Barat
REPORT
MANAGEMENT
Prov. Jawa Barat 081384713207
021- 8233913; 8233668;
82494389
CENGKARENG CILEUNGSI CIPULIR (JAKARTA SELATAN)
Jl. Cemara Raya No 005 A, Kp. Cibeureum, RT 006 RW 005, Jl. Panjang Cidodol No. 030 A,
RT 001 RW 001, Kel. Cengkareng Kel. Cileungsi Kidul, Kec. Cileungsi, Kel. Cipulir, Kec. Kebayoran Lama,
Barat, Kec. Cengkareng, Kab. Bogor, Prov. Jawa Barat Kota Jakarta Selatan,
Kota Jakarta Barat, DKI Jakarta Prov. DKI Jakarta
CONDET GANDUL (JAKARTA SELATAN) JATIUWUNG (TANGERANG 1)
Jl. Raya Condet No. 022, Jl. Raya Gandul No. 016 D, Jl. M. Toha Km. 038, RT001 RW001,
PROFILE
CORPORATE
RT 003 RW 004, Kel. Batu Ampar, Kel. Gandul, Kec. Cinere, Kota Depok, Kel. Periuk Jaya, Kec. Periuk,
Kec. Kramat Jati, Kota Jakarta Prov. Jawa Barat Kota Tangerang, Prov. Banten
Timur, Prov. DKI Jakarta
JATIWARINGIN KLENDER (BEKASI 2) PASAR MINGGU (JAKARTA
Jl. Jatirahayu No. 029, Jl. Raya Wijaya Kusuma No. 005, SELATAN)
RT007 RW 003, Kel. Jatirahayu, RT 007 RW 006, Perumnas Klender, Jl. Raya Pasar Minggu No. 026,
Kec. Pondok Melati, Kota Bekasi, Kel. Malaka Jaya, Kec. Duren Sawit, RT 006 RW 001, Kel. Pasar Minggu,
Prov. Jawa Barat Prov. DKI Jakarta Kec. Pasar Minggu, Kota Jakarta
Selatan, Prov. DKI Jakarta
DISCUSSION & ANALYSIS
MANAGEMENT
SAWANGAN SUKMAJAYA SUMUR BATU
Jl. Raya Bojongsari No. 099 E, Jl. Proklamasi Blok A No. 011, Jl Raya Kodam V Jaya No.009,
Kel. Bojongsari Baru, Kec. Bojongsari, Kel. Mekarjaya, Kec. Sukmajaya, RT 001 RW 007, Kel. Sumur Batu,
Kota Depok , Prov. Jawa Barat Kota Depok, Prov. Jawa Barat Kec. Kemayoran, Kota Jakarta Pusat,
081315710805 Prov. DKI Jakarta
TELUK GONG
Jl. V No. 003 Teluk Gong,
RT003 RW006, Kel. Penjaringan,
Kec. Penjaringan, Kota Jakarta
Utara, Prov. DKI Jakarta
Jambi
GOVERNANCE
CORPORATE
Branch Office
BUNGO JAMBI MUARA BULIAN
Jl. Lintas Sumatera, RT 005 RW 002, Jl. Gajah Mada No. 010 D-E, Jl. Gajah Mada No. 095,
Kel. Bungo Barat, Kec. Pasar Muara RT 030, Kel. Labak Bandung, Kec. Muara Bulian, Kab. Batanghari,
Bungo, Kab. Bungo, Prov. Jambi Kec. Jelutung, Prov. Jambi Prov. Jambi
0747-323280 0741-27971; 20745; 20203; 0743-21424; 21102
20137
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
Page 484
CORPORATE
SUPPORTING DATA
Jawa Barat
Branch Office
BANDUNG BANJAR CIANJUR
Jl. Mochamad Toha No. 162, Jl. H. Didi Kartasasmita Banjar, Jl. Ir. H. Juanda No. 36,
Kel. Pelindung Hewan, Ruko Nabila No. 010 G, Kec. Cibulan, Bojongherang, Cianjur
Kec. Astana Anyar, Kota Bandung, Kota Banjar, Prov. Jawa Barat 0263-280929; 280791; 280852
Prov. Jawa Barat. 0265-2730157; 2730158;
022-5204063, 5204963, 743820
5206583
CIKAMPEK- KARAWANG CIREBON GARUT
Jl. Jend. Sudirman No. 100, Jl. Siliwangi No. 020 C, Jl. Cikuray No. 073, Kel. Regol,
Ruko Sudirman Centre Blok B9 Kel. Kesenden, Kec. Kejaksan, Kec. Garut Kota, Kab. Garut,
dan B10, Kec. Cikampek, Kota Cirebon, Prov. Jawa Barat Prov. Jabar
Kota Karawang, Prov. Jawa Barat 0231-8300235; 8300236; 0262-232040; 8705740;
0264-8387930; 8387931; 8805891 8705725
8387932
JATIBARANG KARAWANG KUNINGAN
Jl. Tentara Pelajar, Ruko Sapphire Jl. Ahmad Yani No. 025 F, Jl. Siliwangi No. 176,
Residence No. 004, Kel. Kebulen, Kel. Karang Pawitan, Kec. Karawang Kec. Ciawi Gebang, Kab. Kuningan,
Kec. Jatibarang, Kab. Indramayu, Barat, Kab. Karawang, Prov. Jawa Barat
Prov. Jawa Barat Prov. Jawa Barat 0232- 871618; 081617454147
0234-354419 0267-400712; 400801; 414024;
8454339
MAJALENGKA PURWAKARTA SUBANG
Jatiwangi Square Blok A No. 003, Jl. KK. Singawinata No. 057, Jl. A. Yani No. 047, RT 012 RW 004,
Kel. Sutawangi, Kec. Jatiwangi, RT 030, RW 004, Kel. Nagrikidul, Kel. Pasirkareumbi, Kec. Subang,
Kab. Majalengka, Prov. Jawa Barat Kec. Purwakarta, Kab. Purwakarta, Kab. Subang, Prov. Jawa Barat
0233-8886667; 8886668; Prov. Jawa Barat 0260-415042 (Hunting)
8886669 0264-204180
SUKABUMI SUMEDANG TASIKMALAYA
Jl. Pajagalan No. 035, Danalaga Lingkungan Panyingkiran SD, Jl. Badan Keamanan Rakyat,
Square Blok B6-B8, Kel. Nyomplong, RT 002 RW 002, Kel. Situ, RT 002 RW 007, Kel. Kahuripan,
Kec. Warudoyong, Sukabumi, Kec. Sumedang Utara, Kec. Tawang Kota, Kota Tasikmalaya,
Prov. Jawa Barat Kab. Sumedang, Prov. Jawa Barat Prov. Jawa Barat
0266-229008; 217724; 217734; 0-08159750874;08159750857; 0265-311322; 340525
217750 08159750869
KSKC
CIKAJANG (GARUT) KARANG NUNGGAL KARANGSINOM
Kp. Pasar Kulon, RT 008 RW 001, Kp. Rancapetir No. 016, Jl. Raya Pantura Karangsinom
Kel. Padasuka, Kec. Cikajang, RT 014 RW 006, Kel. Karangmekar, Kandanghaur, RT 02 RW 03,
Kab. Garut, Prov. Jawa Barat Kec. Karangnunggal, Desa Karang Anyar,
Kota Tasikmalaya, Prov. Jawa Barat Kab. Indramayu, Jawa Barat
KOPO (BANDUNG) KOSAMBI LEMBANG (BANDUNG)
Jl. Kopo No. 602, RT 003 RW 002, Jl. Raya Kosambi No. 009, Kampung Panorama, Kel. Lembang,
Kel. Margasuka, Kec. Babakan RT 020 RW 006, Kel. Duren, Kec. Lembang, Kab. Bandung,
Ciparay, Kota Bandung, Kec. Klari, Kab. Karawang, Prov. Jawa Barat
Prov. Jawa Barat Prov. Jawa Barat
Page 485
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HIGHLIGHTS
PERFORMANCE
PLERED SINDANG LAUT TAWELI
Jl. Fatahillah Blok Sejati No. A 004, Jl. MT Haryono No. 054, Jl. Baiya Raya, Kel. Tawaeli,
Kel. Cilik Weru, Kab. Cirebon, RT 008 RW 002, Kel. Lemahabang Kec. Tawaeli, Prov. Sulawesi Tengah
Prov. Jawa Barat Wetan, Kec. Lemahabang,
08112220975 Kota Cirebon, Prov. Jawa Barat
UJUNG BERUNG (BANDUNG 1)
REPORT
MANAGEMENT
Kampung Cigending,
RT 003 RW 002, Kel. Pasir Wangi,
Kec. Ujung Berung, Kota Bandung,
Prov. Jawa Barat
Jawa Tengah
Branch Office
PROFILE
CORPORATE
CILACAP JEPARA KEBUMEN
Jl. Letjen Suprapto, Komplek Ruko Jl. Cokroaminoto No. 010, Jl Pemuda No. 122,
Dua Lima No. 002, Kel. Sidanegara, Kel. Demaan, Kec, Jepara, RT 004 RW 002, Kel. Panjer,
Kec. Cilacap Tengah, Kab. Cilacap, Prov. Jawa Tengah Kec. Kebumen, Kab. Kebumen,
Prov. JawaTengah 0291-597822; 597821; 59229 Prov. Jawa Tengah
0282-537691; 537692; 537893 0287-385610; 385611
KENDAL KLATEN KUDUS
Jl Soekarno No. 024, Kel. Bugangin, Jl. Rajawali No. 051, Jl. Ronggolawe No. 024-025,
DISCUSSION & ANALYSIS
MANAGEMENT
Kec. Kota Kendal, Kab Kendal, RT 004 RW 004, Kel. Bareng, Kel. Getas Pejaten, Kec. Jati,
Prov. Jawa Tengah Kec. Klaten Tengah, Kab. Klaten, Kota Kudus, Prov. Jawa Tengah
0294-382098; 382344; 382867; Prov. Jawa Tengah 024-445685; 4251626;
388205 0272-322240 4250120
MAGELANG MAJENANG PATI
Jl. Mayor Bambang Sugeng, Jl. Diponegoro No. 105 B, Jl. A. Yani No. 038, Kel. Winong,
Metro Square Blok A3-A4, Kel. Jenang, Kec. Majenang, Kec. Pati, Kab. Pati,
Kec. Mertoyudan, Kota Magelang, Kab. Cilacap, Prov. Jawa Tengah Prov. JawaTengah
Prov. Jawa Tengah 0280-623690 / 08118112624 0295-384137; 384266; 384613
0293-326656; 326165; 325967
PEKALONGAN PURWODADI PURWOKERTO
Jl. Tentara Pelajar Ruko 2CC, Jl. Gajah Mada, RT 006 RW 017, Jl. Martadireja I No. 782,
RT 003 RW 001, Kel. Kandang Kel. Kuripan, Kec. Purwodadi, RT 004 RW 001, Kel. Arcawinangun,
Panjang, Kec. Pekalongan Utara, Kab. Grobogan, Prov. Jawa Tengah Kec. Purwokerto Timur,
GOVERNANCE
CORPORATE
Kota Pekalongan, Prov. Jawa Tengah t. 0292-425107; 425108; 425109; Kab. Banyumas, Prov. Jawa Tengah
t. 0285-431426; 431679; 435064 424607 t. 0281- 623788; 6510011;
6510012
REMBANG SALATIGA SEMARANG
Jl. Dr. Soetomo No. 008, Jl. Fatmawati No. 188, Jl. Sompok Lama No. 030,
RT 002 RW 001, Kel. Kutoharjo, Kel. Blotongan, Kec. Sidorejo, Kel. Peterongan, Kec. Semarang
Kec. Rembang, Kab. Rembang, Kota Salatiga, Prov. Jawa Tengah Selatan, Kota Semarang,
Prov. Jawa Tengah 0298-3404636; 3404637; Prov. Jawa Tengah
0295-5504684; 5504685; 3404638; 3404529 024-76442083, 76442115,
692530 76442091
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
Page 486
CORPORATE
SUPPORTING DATA
SOLO SRAGEN SUKOHARJO
Jl. Sutan Syahrir No. 095, Jl. Raya Sokowati No.408, Jl. Slamet Riyadi No. 081,
Kel. Kepatihan Kulon, Kec. Jebres, Kel. Sragen Kulon, Kec. Sragen, RT 001 RW 002, Kel. Joho,
Kota Surakarta, Prov. Jawa Tengah Kota Sragen, Prov. Jawa Tengah Kec. Sukoharjo, Kab. Sukoharjo,
0271-657007, 657008, 639700 0271-8821093; 8821094; Prov. JawaTengah
8821095 0271-593779; 08118584095
TEGAL WONOSOBO YOGYAKARTA
Jl. Kolonel Sugiono No. 051, Jl. Pemuda No. 015, Jl. Ring Road Utara, Ruko Permai III
Kel. Kemandungan, Kec. Tegal Barat, Kel. Wonosobo Timur, Pandega No. 009-011, Kel. Sinduadi,
Kota Tegal, Prov. Jawa Tengah Kec. Wonosobo, Kab. Wonosobo, Kec. Mlati, Kota Sleman,
0283-352886; 321386 Prov. Jawa Tengah Prov. D.I Yogyakarta
0286- 321513; 322983 0274-886905; 886906
KSKC
BLORA BOYOLALI BREBES
Jl. Gatot Subroto No. 063, Jl. Garuda No. 003, Jl. Ahmadyani No. 092,
Kel. Kauman, Kec. Blora, Kel. Banaran, Kec. Boyolali, RT 004 RW 018, Kel. Brebes,
Kab. Blora, Prov. Jawa Tengah Kab. Boyolali, Prov. Jawa Tengah Kec. Brebes, Kab. Brebes,
0296-532080 0276-323587 Prov. Jawa Tengah
085325686387
BANTUL (YOGYAKARTA) KARANGANYAR KARTASURA
Jl. Muh Yamin No. 006 E, Jl. Raya Solo Tawangmangu, Jl. Jenderal Sudirman, Kel. Pucangan,
Ruko Pasar, Kel. Bantul , Kec. Bantul, Kel. Papahan, Kec. Karanganyar, Kec. Kartasura, Kab. Sukoharjo,
Prov. DKI Yogyakarta Prov. Jawa Tengah Prov. Jawa Tengah
NGALIYAN PASAR BANDARJO UNGARAN PEMALANG
Jl. Prof Dr Hamka Ruko Segitiga (SALATIGA) Jl. Jend. Sudirman Timur No.124 B,
Emas Blok B, Kel. Ngaliyan, Jalan Moch Yamin 17 D Kel. Mulyoharjo, Kec. Pemalang.
Kec. Ngaliyan, Kota Semarang, Kel. Ungaran Kec. Ungaran Barat Kab. Pemalang, Prov. Jawa Tengah
Prov. Jawa Tengah Kab. Semarang Prov. Jawa Tengah
PURBALINGGA TELOGOSARI (SEMARANG 1)
Jl. Sukarno Hatta No 002, Jl. Arteri Soekarno Hatta,
Kel. Kalikabong, Kec. Kalimanah, RT 001 RW 004, Tlogosari,
Kab. Purbalingga, Prov. Jawa Tengah Kel. Palebon, Kec. Pedurungan,
Kota Semarang, Prov. Jawa Timur
Jawa Timur
Branch Office
BANYUWANGI BOJONEGORO GRESIK
Jl. Perumahan Bukit Emas 002 L, Jl. Basuki Rahmad No. 044 A-B, Jl. Veteran No. 074, Kel. Sidomoro,
Residence Blok B-04, Kel. Giri, Kel. MojoKampung, Kec. Bojonegoro, Kec. Kebomas, Kab. Gresik,
Kec. Giri, Kab. Banyuwangi, Kab. Bojonegoro, Prov. Jawa Timur Prov. Jawa Timur
Prov. Jawa Timur 0353-886485 031-3979555; 3990167;
0333-413601; 413602; 3990166, 3990168
Page 487
PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
JEMBER JOMBANG KEPANJEN
Jl. Letjen Panjaitan No. 125, Kel. Kepuh Kembeng, Jl. Ahmad Yani No. 004 Kav. A-007,
Kel. Sumbersari, Kec. Sumbersari, Kec. Peterongan, Kota Jombang, Kel. Ardirejo, Kec. Kepanjen,
Kab. Jember, Prov. Jawa Timur Prov. Jawa Timur Kab. Malang , Prov. Jawa Timur
0331-486820; 427300, 410447 0321-850007;851845;855336 0341-393838;393848
LUMAJANG MADURA MALANG
REPORT
MANAGEMENT
Jl. Ahmad Yani No. 084, Jl. Remartadinata, RT 005 RW 001, Jl. Letjend Suparman No. 082,
Kel. Kepuharjo, Kec. Lumajang, Kel. Mlajah, Kec. Bangkalan, Kavling 005 & 006, Kel. Purwantoro,
Prov. Jawa Timur Kab. Bangkalan, Prov. Jawa Timur Kec. Blimbing, Kab. Malang,
0334-892550; 894771; 894772; 031-3061505; 3061650 Prov. Jawa Timur
894773 0341-410175
MOJOKERTO PAMEKASAN PASURUAN
Jl. Kyai Haji Ahmad Dahlan 001, Jl. Raya Purba No. 012, Jl. Hasyim Asyari, RT 001 RW 008,
RT 003 RW 003, Kel. Sentanan, Kel. Barurambat Kota, Kec. Kel. Bakalan, Kec. Bugulkidul,
Kec. Kranggan, Kota Mojokerto, Pamekasan, Kab. Pamekasan, Kota Pasuruan, Prov. Jawa Timur
Prov. Jawa Timur Prov. Jawa Timur 0343-431441; 413888; 419086
0321-394319; 381910; 381911 0324-335671; 335672; 335673
PROFILE
CORPORATE
PROBOLINGGO SIDOARJO SITUBONDO
Jl. Dokter Sutomo No. 074 A-B, Jl. Diponegoro No. 083, Jl. PB Sudirman No. 037,
Kel. Tisnonegaran, Kec. Kanigaran, Kec. Sidoarjo, Prov. Jawa Timur RT 003 RW 004, Kel. Patokan,
Kota Probolinggo, Prov. Jawa Timur 031-8054330-31-32 Kec. Situbondo, Kab. Situbondo,
0335-435530; 429240; 429057 Prov. Jawa Timur
0338- 673320; 673322
SURABAYA TUBAN
Jl. Raya Gubeng No. 006, Dusun Jedhung, RT 001 RW 005,
Kec. Gubeng, Kota Surabaya, Kel. Bogorejo, Kec. Merakurak,
DISCUSSION & ANALYSIS
MANAGEMENT
Prov. Jawa Timur Kab. Tuban, Prov. Jawa Timur
031-99448385 0356-331304; 332395; 332396
KSKC
BATU (MALANG) BENOWO BLORA
Jl. Dewi Sartika No. 077, Kel. Temas, Jl. Raya Benowo No. 063, Jl. Gatot Subroto No. 063,
Kec. Batu, Kota Batu, RT 001 RW 001, Kel. Benowo, Kec. Kec. Blora, Prov. Jawa Tengah.
Prov. Jawa Timur Pakal, Kota Surabaya, 0296-532080
Prov. JawaTimur
BONDOWOSO LONTAR MOJOSARI
GOVERNANCE
CORPORATE
Jl. KH. Wahid hasyim No.094, Jl. Raya Lontar No. 128, Jl. Brawijaya No.134,
Kel. Dabasah, Kec. Bondowoso, RT 03 RW 01, Kel. Lontar, Kel. Tunggalpager, Kec. Pungging,
Kota Bondowoso, Prov. Jawa Timur Kec. Sambikerep, Kota Surabaya, Kab. Mojokerto, Prov. Jawa Timur
Jawa Timur
MULYOREJO PANDAAN PASAR WAGE
Jl. Kalijudan No. 022, Taman Dayu CBD Little Sanghai Jl. Arya Bebangah No. 240,
Kel. Pacar Kembang, Blok E-22, Kel. Karangjati, Kel. Bangah, Kec. Gedangan,
Kec. Tambak Sari, Kota Surabaya, Kec. Pandaan, Kab. Pasuruan, Kab. Sidoarjo, Prov. Jawa Timur
Prov. Jawa Timur Prov. Jawa Timur
RUNGKUT (SURABAYA)
Jalan Rungkut Kidul No. 50A
Kel. Rungkut Kidul, Kec. Rungkut
REPORT
SUSTAINABILITY
Kotamadya Surabaya
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
Page 488
CORPORATE
SUPPORTING DATA
Kalimantan
Branch Office
BALIKPAPAN BANJARMASIN BATULICIN
Jl. Letkol Pol. HM. Asmawi Arbain Jl. Sultan Adam, RT 028, Kel. Surgi Jl. Raya Batulicin, RT 001,
No. 045, RT 040, Kel. Gunung Mufti, Kec. Banjarmasin Utara, Kel. Kampung Baru, Kec. Simpang
Bahagia, Kec. Balikpapan Selatan, Kota Banjarmasin, Empat, Kab. Tanah Bumbu,
Kota Balikpapan, Prov. Kalimantan Selatan Prov. Kalimantan Selatan
Prov. Kalimantan Timur 0511-3261968;321951 0518-75716;75717
542-7206766; 7206767;
7206780
BERAU BONTANG MARTAPURA
S.M. Aminuddin, RT 009 RW 004, Jl. Juanda, Kel. Tanjung Laut, Jl. Ahmad Yani KM. 038,
Kel. Bugis, Kec. Tg. Redeb, Kec. Bontang Selatan, Kota Bontang, Kel. Sungai Paring, Kec. Martapura,
Prov. Kalimantan Timur Prov. Kalimantan Timur Prov. Kalimantan Selatan
0554-26988; 26989 0548-29051; 23496; 23431 511-4722149, 4722119,
085100325888, 08119424846
MUARA TEWEH PALANGKARAYA PANGKALAN BUN
Jl. Padat Karya, RT 019 RW 006, Jl. Seth Adji, Kel. Panarung, Jl. Ahmad Yani Km. 001 No. 010,
Kel. Lanjas, Kec. Teweh Utara, Kec. Pahandut, Kota Palangkaraya, RT 010, Kel. Baru Pangkalan Bun,
Kab. Barito Utara, Prov. Kalimantan Tengah Kab. Kotawaringin Barat,
Prov. Kalimantan Tengah 0536-3242751; 3242753; Prov. Kalimantan Tengah
0519-24899; 24489 3242752 0532-23028; 25156; 27026
PELAIHARI RANTAU SAMARINDA
Jl. KH. Mansyur No. 003-004, Jl. Tarantang, RT 016 RW 001, Jl. P. Hidayahtullah No. 013,
RT 013 RW 004, Kel. Angsau, Kel. Rangda Malingkung, Kec. Tapin Kel.Pelabuhan, Kec. Samarinda Kota,
Kec. Pelaihari, Kab. Tanah Laut, Utara, Kab. Tapin, Kota Samarinda,
Prov. Kalimantan Selatan Prov. Kalimantan Selatan Prov. Kalimantan Timur
0512-22999; 22707; 22408 0517- 32515; 32514 0541-202045
SAMPIT TANAH GROGOT TANJUNG
Jl. M.T. Haryono No. 083, Sampit, Jl. Modang No. 119, Jl. Ir. Pangeran Haji Muhammad
Kab. Kotawaringin Timur, RT 006 RW 002, Kel. Tanah Grogot, Noor No. 002, RT 007 RW 003,
Prov. Kalimantan Tengah Kab. Paser, Prov. Kalimantan Timur Kel. Mabu’un, Kec. Murung Pudak,
0531-33467; 30991 0543-24521; 22965 Kab. Tabalong,
Prov. Kalimantan Selatan
0526-2022947; 2023148;
2023149
TARAKAN TENGGARONG
Jl. Kusuma Bangsa No. 112, Jl. Pesut RT 007, Kel. Timbau,
RT 002, Kel. Gunung Lingkas, Kec. Tenggarong, Kab. Kutai
Kec. Tarakan Timur, Kota Tarakan, Kertanegara,
Kalimantan Utara Prov. Kalimantan Timur
551-51988;24755 0541-6667205 ; 6669477
Page 489
PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
KSKC
KAPUAS KASONGAN SANGGAU
Jl. Ahmad Yani No. 076, Jl. Tjilik Riwut Km 001, Jl. Ahmad Yani No. 010,
Kel. Selat Hilir, Kec. Selat, Kel. Kasongan Lama, Kec. Katingan RT 003 RW001, Kel. Ilir Kota,
REPORT
MANAGEMENT
Kab. Kapuas, Hilir, Kab. Katingan Kasongan, Kec. Kapuas, Kota Sanggau,
Prov. Kalimantan Tengah. Prov. Kalimantan Tengah Prov. Kalimantan Barat
0513-24310 0536-4041299 082131027436
TANJUNG SELOR ALALAK (BANJARMASIN) KAPUAS
Jl. Jeruk, RT 013, Kel. Tanjung Selor Jl. HKSN, RT 019, Kel. Kuin Utara, Jl. Ahmad Yani No. 076,
Hilir, Kec. Tanjung Selor, Kec. Banjarmasin Utara, Kel. Selat Hilir, Kec. Selat,
Kab. Bulungan, Prov. Kalimantan Selatan Kab. Kapuas,
Prov. Kalimantan Utara Prov. Kalimantan Tengah.
0552-2020050 0513-24310
KASONGAN LOA JANAN (SAMARINDA) PASAR RAJAWALI
PROFILE
CORPORATE
Jl. Tjilik Riwut Km 001, Jl. Cipto Mangunkusumo No. 057, Jl. Rajawali Km. 5,5,
Kel. Kasongan Lama, Kec. Katingan RT 014, Kel. Sengkotek, Kel. Bukit Tunggal, Kec. Jekan Raya,
Hilir, Kab. Katingan Kasongan, Kec. Loa Janan Ilir, Kota Samarinda, Kota Palangkaraya,
Prov. Kalimantan Tengah Prov. Kalimantan Timur Prov. Kalimantan Tengah
0536-4041299
Lampung
DISCUSSION & ANALYSIS
MANAGEMENT
Branch Office
LAMPUNG
Jl. Teuku Umar, RT 002 RW 01,
Kel. Sidodadi, Kec. Kedaton,
Kota Bandar Lampung,
Prov. Lampung
0721-788630; 788861; 789255;
788997; 788979
Madiun Kediri
GOVERNANCE
CORPORATE
Branch Office
BLITAR KEDIRI MADIUN
Jl. Kalibrantas No. 096, Kel. Kauman, Jl. Hayam Wuruk No. 16 E, Jl. Trunojoyo No. 114,
Kec. Kepanjen Kidul, Kota Blitar, Desa Balowerti, Kec. Kota, Kota Kec. Mangunharjo, Kel. Nambangan
Prov. Jawa Timur Kediri, Prov. Jawa Timur Kidul, Kota Madiun - Jawa Timur
0342-815012; 816388 0354-693440; 693441; 693000 0351-465677; 466605; 465707
TULUNG AGUNG
Jl. Ahmad Yani Barat No. 099,
Kel. Karangwaru, Kec. Tulungagung,
REPORT
SUSTAINABILITY
Kab. Tulungagung, Prov. Jawa Timur
0355-336533; 336698; 322501
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
Page 490
CORPORATE
SUPPORTING DATA
KSKC
NGANJUK PACITAN
Jl. Dermojoyo No. 36, Kel. Payaman, Jl. Tentara Pelajar, Dusun Tegalrejo,
Kec. Nganjuk, RT 002 RW 002,
Kab. Nganjuk - Jawa Timur Desa Nanggungan, Kec. Pacitan,
0358-33088; 330882; 330883 Kab. Pacitan, Jawa Timur
0357-886327; 886706
Makassar
Branch Office
BONE BULUKUMBA MAKASSAR
Jl. Ahmad Yani, Kel. Jeppe’e, Jl. Kusuma Bangsa No. 088 C, Komplek Alauddin Plaza Ruko Soho
Kec. Tanete Riattang Barat, Kel. Polewali, Kec. Gantarang, No. 005-006, Kel. Gunung Sari,
Kab. Bone Kab. Bulukumba, Kec. Rappocini, Kota Makassar,
0481-2921410; 27043 Prov. Sulawesi Selatan Prov. Sulawesi Selatan
0413-2510014 0411-898 0515
MAKASSAR 2/MAROS MAMUJU MAMUJU UTARA (PASANG KAYU)
Jl. Perintis Kemerdekaan Jl. Diponegoro, Kel. Karema, Jl. Ir. Soekarno, Kel. Pasangkayu,
Km. 011-012, Ruko Permata Perintis Kec. Mamuju, Kab. Mamuju, Kec. Pasangkayu, Kab. Mamuju
Petak 006 & 007, Kel.Tamalanrea, Prov. Sulawesi Barat Utara, Prov. Sulawesi Barat
Kec. Tamalanrea Kota Makassar, 0426-2323716 0457-7031904
Prov. Sulawesi Selatan
0411-581731; 583336; 583338
PALOPO PARE-PARE POLMAN
Jl. Tandipau No. 002, Jl. Andi Makkasau, Kel. Kampung Jl. Jend. Sudirman No. 011 F-G,
RT 001 RW 004, Kel. Boting, Pisang, Kec. Soreang, Kota. Parepare, Kel. Wonomulyo,
Kec. Wara, Kota Palopo, Prov. Sulawesi Selatan Kec. Polewali Mandar,
Prov. Sulawesi Selatan 0421-28701; 28702; 28703 Prov. Sulawesi Barat
0471-325998; 326875; 22977 0428-51005
SENGKANG
Jl. Bau Mahmud No. 062-064,
Kel. Tedda Opu, Kec. Tempe,
Kab. Wajo, Sengkang,
Prov. Sulawesi Selatan
0485-324243; 324433; 323297
KSKC
BELOPA PANGKEP TORAJA
Desa Belopa, Kec. Belopa, Kel. Bonto Kio, Kec. Manasatene, Jl. Pongtiku No. 477C,
Kab. Luwu, Kab. Pangkajane dan Kepulauan, Kel. Tambunan, Kec. Makale Selatan,
Prov. Sulawesi Selatan Prov. Sulawesi Selatan Kab. Tana Toraja,
0471-3314331 0410-2412871 Prov. Sulawesi Selatan
0423-2890662
Page 491
PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
GOWA (MAKASSAR 1) MAROS (MAKASSAR 2) PACCERAKANG (MAKASSAR 2)
Jl. Mallombassang Jenderal Sudirman No. 131 Jl. Paccerakkang Raya
Kel. Sungguminasa Kab. Gowa Kel. Maros, Kab. Maros Kel. Paccerakkang Kec. Biringkanaya
Prov. Sulawesi Selatan Prov. Sulawesi Selatan Kab. Makassar
Prov. Sulawesi Selatan
PINRANG
REPORT
MANAGEMENT
Jl. Jend Sudirman No. 033, Kel. Jaya,
Kec. Watang Sawitto, Kota Pinrang,
Prov. Sulawesi Selatan
Manado
Branch Office
PROFILE
CORPORATE
AMBON AMURANG BAU-BAU
Jl. Wolter Monginsidi, Lingkungan IV, Kel. Uruan Satu, Jl. Sultan Hasanuddin No. 040,
RT 001 RW 005, Kel. Lateri, Kec. Amurang, Kab. Minahasa Kel. Batulo, Kec. Wolio, Kodya Bau-
Kec. Baguala, Kota Ambon, Selatan, Prov. Sulawesi Utara Bau, Prov. Sulawesi Tenggara
Prov. Maluku 0430-21592;21593 ; 0402-2826254
0911-356153; 356157 085240422552
GORONTALO KENDARI KOLAKA
Jl. Jenderal Sudirman No. 098, Jl. Brigjend. M. Joenoes, Jl. Pramuka No. 077, Kel. Lamokato,
Kel. Limba U II, Kec. Kota Selatan, Komp. Senapati Land Blok 021, Kec. Kolaka, Prov. Sulawesi Tenggara
DISCUSSION & ANALYSIS
MANAGEMENT
Prov. Gorontalo Kel. Bende, Kec. Kadia, Kota Kendari, 0405-2321884;2322398
0435-’08119635173 Prov. Sulawesi Tenggara
0401-3135101; 3135102
KOTAMOBAGU MANADO TERNATE
Jl. K.S Tubun, Kel. Sinindian, Jl. Bethesda No. 034 E, Jl. Perikanan, Kel. Kota Baru,
Lingk. III, RT 006 RW 003, Ruko No. 005, Kel. Sario Kota Baru, Kec. Kota Ternate Tengah,
Kec. Kotamobagu Timur, Kec. Sario, Kota Manado, Kota Ternate, Prov. Maluku Utara
Kota Kotamobagu 95712 Prov. Sulawesi Utara 0921-3121425
Sulawesi Utara 0431-834123, 834128,
0434-2628761 / 2628758 08112131930, 08112131931
KSKC
GOVERNANCE
CORPORATE
BITUNG AIRMADIDI LIMBOTO
Kel. Madidir Ure, Kec. Bitung Tengah, Jl. Raya Manado Bitung, Jl. Kasmat Lahay No 024,
Kota Bitung, Prov. Sulawesi Utara Kel. Airmadidi Atas, Kec. Airmadidi, Kel. Hunggaluwa, Kec. Limboto,
0438-33219 Kota Minahasa Utara, Kab. Gorontalo, Prov. Gorontalo
Prov. Sulawesi Utara
0924-2621780
TUMINTING
Jl. Santiago, Kel. Tuminting,
Kec. Tuminting, Kota Manado,
Prov. Sulawesi Utara
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
Page 492
CORPORATE
SUPPORTING DATA
NTB
Branch Office
BIMA MATARAM SUMBAWA BESAR
Jl. Gajah Mada No. 009 Blok D-F, Jl. Panca Usaha No. 022 C-D, Jl. Hasanuddin No. 066, Kel. Bugis,
Kel. Pane, Kec. Rasanae Barat, Kel. Cilinaya, Kec. Cakranegara, Kec. Sumbawa, Kab. Sumbawa,
Kota Bima, Kota Mataram, Prov. Nusa Tenggara Barat
Prov. Nusa Tenggara Barat Prov. Nusa Tenggara Barat
0374-44459 ; 44497 0370-633565
NTT
Branch Office
ENDE KUPANG MAUMERE
Jl. Gatot Subroto, RT 032 RW 016, Jl. Bundaran PU, RT 005 RW 001, Jl. K.S Tubun, Ruko 005,
Kel. Mautapaga, Kec. Ende Timur, Kel. Oebufu, Kec. Oebobo, RT 009 RW 002, Kel. Kota Baru,
Kab. Ende, Kota Kupang, Kec. Alok Timur, Kab. Sikka Flores,
Prov. Nusa Tenggara Timur Prov. Nusa Tenggara Timur Prov. Nusa Tenggara Timur
0381-23919; 23939 0380-831276 0382-23033
RUTENG
Jl. Ranaka, RT 003 RW 002,
Kel. Carep, Kec. Langke Rembong,
Kab. Manggarai,
Prov. Nusa Tenggara Timur
0385-21499; 21525
KSKC
OEBOBO
Jl. Baktikarang, Kel. Oebobo,
Kota Kupang,
Prov. Nusa Tenggara Timu
Padang
Branch Office
PADANG PARIAMAN PASAMAN
Jl. Proklamasi No. 051 B, Jl. Pahlawan no. 045-046 JL. Prof Dr. Hamka,
Kel. Alang Laweh, Kel. Kampung Jawa I, Nagari Lingkuang Aua,
Kec. Padang Selatan, Kec. Pariaman Tengah, Pariaman Kec. Pasaman,
Kota Padang, Prov. Sumatra Barat 0751-93321; 93606 Kab. Pasaman Barat,
0751-22654; 840062 Prov. Sumatera Barat
0753-466510; 466411
Page 493
PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
PAYAKUMBUH PESISIR SELATAN SOLOK
Jl. A.Yani Nomor 184, Jl. Jendral Sudirman Nagari, Jl. Kyai Haji Ahmad Dahlan,
Kel. Lubuk Basilang, Kel. Salido, Kec. IV Jurai, Kel. Aro IV Korong,
Kec. Payakumbuh, Kab. Pesisir Selatan, Kec. Lubuk Sikarah, Kota Solok,
Prov. Sumatra Barat Prov. Sumatera Barat Prov. Sumatera Barat
0752-796766; 796767 0756-465034; 465036 0755-325566
REPORT
MANAGEMENT
SOLOK SELATAN
Nagari Pasir Talang Selatan,
Kec. Sungai Pagu, Kabupaten Solok
Selatan, Prov. Sumatera Barat
085363514679
KSKC
DHARMASRAYA SITEBA (PADANG)
PROFILE
CORPORATE
Jl. Lintas Sumatera Km. 003 Jl. Siteba No. 013,
Jorong Pasar Koto Baru, Kel. Nagari Kel. Surau Gadang, Kec. Nanggalo,
Koto Baru, Kec. Koto Baru, Kota Padang, Prov. Sumatera Barat
Kab. Dharmasraya,
Prov. Sumatera Barat
0754-71774; 71742; 71782
Palembang
DISCUSSION & ANALYSIS
MANAGEMENT
Branch Office
BATURAJA BENGKULU KAYU AGUNG
Jl. Muhammad Hatta, Jl. Merapi Raya, RT 005 RW 001, Jl. Pahlawan No. 131, Kel. Jua-Jua,
RT 011 RW 005, Kel. Kemalaraja, Kel. Kebun Tebeng, Kec. Ratu Agung, Kec. Kayu Agung Kota,
Kec. Baturaja Timur, Kota Bengkulu, Prov. Bengkulu Kab. Ogan Komering Ilir,
Kab. Ogan Komering Ulu, 0736-347788; 347766; 21471 Prov. Sumatera Selatan
Prov. Sumatera Selatan 0712-323346; 323336
0735-324511; 323871
LAHAT PALEMBANG PRABUMULIH
Jl. Lembayung, Kel. Manggul, Ruko Ario Kemuning 003-004, Jl. Padat Karya, RT 004 RW 005,
Kec. Lahat, Kab. Lahat, Kel. Ario Kemuning, Kec. Kemuning, Kel. Muara Dua, Kec. Prabumulih
GOVERNANCE
CORPORATE
Prov. Sumatera Selatan Kota Palembang, Timur, Sumatera Selatan
0811-1632569 ; 1239467 Prov. Sumatera Selatan 0713-3310775; 3310048
0711-5610701; 5610702;
5610703; 5610704; 5610705
SEKAYU
Jl. Kolonel Wahid Udin,
Ruko No. 014, Kec. Sekayu,
Kota Musi Banyuasin,
Prov. Sumatera Selatan
08288- 1131343; 1131344;
1131345; 1131346
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
Page 494
CORPORATE
SUPPORTING DATA
KSKC
PAGAR DEWA SAKO (PALEMBANG) SUKAJADI
Jl. Haji Adam Malik, Kel Pagar Dewa, Jl. Siaran, Ruko Musi No. 006, Jl. Palembang Betung Km. 013,
Kec. Selebar, Kota Bengkulu, RT 063, Kel. Sako, Kec. Sako, Kel. Tanah Mas, Kec. Talang Kelapa,
Prov. Bengkulu Kota Palembang, Kota Banyuasin, Prov. Sumatera
Prov. Sumatera Selatan Selatan
Palu
Branch Office
AMPANA LUWUK MOROWALI
Jl. Ahmad Yani, Kel. Dondo, Jl. DR. Moh. Hatta Km. 005, Jl. Trans Sulawesi, Kel. Beteleme,
Kec. Ratolindo, kab Tojo Una-Una, Kec. Luwuk, Kab. Banggai, Prov. Kec. Lembo, Kab. Morowali Utara,
Prov. Sulawesi Tengah Sulawesi Tengah Prov. Sulawesi Tengah
08111213550, 08111213553, 0461-324649 0852-16359478
08111213554
PALU POSO TOLI-TOLI
Jl. Wolter Monginsidi No. 119, Jl. Pulau Sumatera RT 008 RW 003, Jl. Usman Binol, Kel. Baru,
Kel. Lolu Selatan, Kec. Palu Selatan, Kel. Gebangrejo Timur, Kec. Baolan, Kab. Toli Toli
Kota Palu, Prov. Sulawesi Tengah Kec. Poso Kota, Kab. Poso, 0453-21133
0451-427133; 427178; 427158; Prov. Sulawesi Tengah
427145 0452-3224679
KSKC
BUNGKU DONGGALA
Kel. Bahoruru, Kec. Bungku Tengah, Jl. Trans Palu Donggala,
Kab. Morowali, Prov. Sulawesi Kel. Watusampu, Kec. Ulujadi,
Tengah Kota Palu, Prov. Sulawesi Tengah
0-0853 2569 2351
Papua
Branch Office
JAYAPURA MANOKWARI MERAUKE
Kel. Vim, Kec. Jayapura Selatan, Jl. Trikora Wosi, Kel. Wosi, Jl. Raya Mandala Bampel,
Kota Jayapura, Prov. Papua Kec. Manokwari Barat, RT 004 RW 001, Kel. Mandala,
0967-586472; Kab. Manokwari, Prov. Papua Barat Kec. Merauke, Kota Merauke,
0986-212543 Prov. Papua
0971-326034; 326043; 326044
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
NABIRE SORONG TIMIKA
Jl. Remartadinata, RT 004 RW 002, Jl. Pramuka, Kel. Remu Utara, Jl Belibis, RT 006 RW 015,
Kel. Oyehe, Kec. Distrik Nabire, Kec. Sorong, Kota Sorong Kel. Otomona, Kec. Mimika baru,
Kab. Nabire, Prov. Papua 0951-328071 Kota Timika, Prov. Papua
0984-25472 0901-3269150
REPORT
MANAGEMENT
Pontianak
Branch Office
PONTIANAK SINGKAWANG
Jl. Perdana, Komplek Rukan Perdana Jl. Alianyang, RT 034, RW 014,
Square Blok C-010, Kel. Parit Tokaya Kel. Pasiran, Kec. Singkawang Barat,
Kec. Pontianak Selatan, Kota Singkawang,
PROFILE
CORPORATE
Kota Pontianak Prov. Kalimantan Barat
0561-8174450; 8173025; 0562-635444; 640601
8176868 0562-631953
POS
SANGGAU
Jl. Ahmad Yani No. 010,
DISCUSSION & ANALYSIS
MANAGEMENT
RT003 RW001, Kel. Ilir Kota,
Kec. Kapuas, Sanggau,
Prov. Kalimantan Barat
Sulawesi
Branch Office
BELOPA BITUNG BUNGKU
Jl. Topoka No. 125, Kec. Belopa, Jl. Madidir Ure, Kec. Bitung Tengah, Jl. Trans Sulawesi Bahoruru,
Kab. Luwu, Prov. Sulawesi Selatan. Kota Bitung, Prov. Sulawesi Utara. Kab. Morowali,
0471-3314331 0438-33219 Prov. Sulawesi Tengah.
GOVERNANCE
CORPORATE
0853 2569 2351
PANGKEP TORAJA
Jl. Poros Sultan Hasanuddin No. 080, Jl. Pongtiku No. 477 C,
Kel. Pangkajene, Kel. Tambunan, Kec. Makale Selatan,
Kab. Pangkajene dan Kepulauan, Kab. Tanah Toraja,
Prov. Sulawesi Selatan Prov. Sulawesi Selatan
0410-2412871 0423-2890662
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
Page 496
CORPORATE
SUPPORTING DATA
Sumatera Utara & Riau
Branch Office
BANGKINANG BATAM DUMAI
Jl. Sisingamangaraja, Bangkinang Komp. Baloi Mas Asri Blok Intan Jl. Ahmad Yani No. 019, RT 009,
0762-323125, 323166 No. 6, Kel. Baloi Indah, Kel. Bukit Datuk, Kec. Dumai
Kec. Lubuk Baja, Kota Batam, Selatan, Kota Dumai, Prov. Riau
Prov. Kepulauan Riau 0765-439551 439498;
0778-429762; 429763;431345 082883038688
KISARAN LUBUK PAKAM (MEDAN 2) MEDAN
Jl. Wahidin No. 081A, Kisaran Jl. Diponegoro No. 115 B, Jl. Sei Batang Hari No. 099 A-C,
Sumatera Utara Kel. Lubuk Pakam Pekan, Kel. Babura Sunggal, Kec. Medan
0623-42201; 345398; 41265 Kec. Lubuk Pakam, Kab. Deli Sunggal, Kota Medan,
Serdang, Prov. Sumatera Utara Prov. Sumatra Utara
061-7954679; 7952844 061-88817594, 88814374,
88816723, 8881758
PANGKALAN BRANDAN PEKAN BARU PEMATANG SIANTAR
Jl. Lintas Besitang No. 018, Jl. Jend. Sudirman No. 168 A, Kel. Siopat Suhu, Kec. Siantar Timur,
Kel. Brandan Alur Dua Sei Lepan, Kel. Cinta Raja, Kec. Sail, Kota Pekan Kota Pematang Siantar,
Kec. Langkat Pangkalan Brandan, Baru, Prov. Riau Prov. Sumatera Utara
Prov. Sumatera Utara 0761-862929; 862162; 862163; 0622-432808; 434588
0620-323155; 21871 862934; 862935; 862883
RANTAU PRAPAT RENGAT TELUK KUANTAN
Jl. Jend. Ahmad Yani No. 217 E-F, Jl. Narasinga No. 070 A-B, Jl. Imam Munandar, Kel. Beringin,
Kel. Kartini, Kec. Rantau Utara, RT 014 RW 006, Kel. Kampung Kec. Kuantan Tengah,
Kota Labuhan Batu, Besar, Kota Kec. Rengat, Kab. Kuantan Singingi, Prov. Riau
Prov. Sumater Utara Kab. Indragiri, Prov. Riau 0760-082390325889;
0624-327792;325552; 327822 0769-324527; 324528 082299622386
UJUNG BATU
Jl. Jend. Sudirman, Kel. Ujung Batu
Timur, Kec. Ujung Batu,
Kab. Rokan Hulu, Prov. Riau
0762-7363382
Non-Branch Office
DELI TUA MARELAN MEULABOH
Jl. Besar Deli Tua. Kec. Deli Tua, Jl. Marelan Raya, Kel. Rengas Pulau, Jl. Manek Roo No.309,
Kota Deli Serdang, Kec. Medan Marelan, Kel. Gampung Baroh,
Prov. Sumatera Utara Kota Medan, Prov. Sumatera Utara Kec. Johan Pahlawan,
061-7872064;7850462 061-6857417 Kab. Aceh Barat, Prov. D.I Aceh
082172819819
BENGKONG BINJAI (MEDAN) DELI TUA
Jl. Belimbing Raya Blok E 001-002, Jl. Perintis Kemerdekaan No. 049 B, Jl. Besar Deli Tua, Kec. Deli Tua,
RT005 RW006, Kel. Sadai, Kel. Kebun Lada, Kec. Binjai Utara, Kota Deli Serdang,
Kec. Bengkong, Kota Batam, Kota Binjai, Prov. Sumatera Utara Prov. Sumatera Utara
Prov. Kepulauan Riau 061-7872064;7850462
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PT BUSSAN AUTO FINANCE
HIGHLIGHTS
PERFORMANCE
FLAMBOYAN (BANGKINANG) KELAMBIR KUALA SIMPANG
Jl. Petapahan Kota Garo, Jl. Gaperta, Kel. Tanjung Gusta, l. Merdeka Banda Aceh,
Ruko Blok A 005, Kel. Tanjung Sawit, Kec. Medan Helvetia, Kota Medan, Kel. Kesehatan, Kec. Karang Baru,
Kec. Tapung, Kota Kampar, Sumatera Utara Kota Aceh Tamiang, Prov. DI Aceh
Prov. Riau
LAMBARO PANAM (PEKANBARU) PERDAGANGAN
REPORT
MANAGEMENT
Jl. Soekarno, Kel. Lambaro, Jl. Purwodadi, Ruko Gerbang Mas (PEMATANG SIANTAR)
Kec. Ingin Jaya, Kab. Aceh Besar, No. 107 B, Kel. Sidomulyo Barat, Jl. Merdeka No. 096,
Daerah Istimewa Aceh, Kec. Tampan, Kota Pekanbaru, Kel. Perodagangan,
Prov. Nanggroe Aceh Darussalam Prov. Riau Kec. Bandar, Kab. Simalungun,
Prov. Sumatra Utara
TEMBUNG (MEDAN 1)
Jl. Sutomo Ujung No. 259, Kel.
Durian, Kec. Medan Timur, Kota
Medan, Prov. Sumatera Utara
PROFILE
CORPORATE
DISCUSSION & ANALYSIS
MANAGEMENT
GOVERNANCE
CORPORATE
REPORT
SUSTAINABILITY
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
Page 498
AUDITED FINANCIAL
FINANCIAL
STATEMENTS
AUDITED FINANCIAL
STATEMENTS
ANGKLUNG, IS NOT MERELY A BAMBOO ARTCRAFT THAT CREATES BEAUTIFUL MELODIES,
BUT ALSO REPRESENTS OUR SPIRIT. BY PLAYING ANGKLUNG TOGETHER, A HARMONIOUS
RHYTHM CAN BE MADE. WITH ROBUST SYNERGY, WE WILL CONTINUOUSLY ACHIEVE A
SUSTAINABLE GROWTH.
498
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PERFORMANCE MANAGEMENT CORPORATE MANAGEMENT CORPORATE SUSTAINABILITY
HIGHLIGHTS REPORT PROFILE DISCUSSION & ANALYSIS GOVERNANCE REPORT
499
2023 ANNUAL REPORT & SUSTAINABILITY REPORT
PT BUSSAN AUTO FINANCE
Page 500
Page 501
PT BUSSAN AUTO FINANCE LAPORAN KEUANGAN/FINANCIAL STATEMENTS UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2023 DAN 2022/ FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022 DAN LAPORAN AUDITOR INDEPENDEN/ AND INDEPENDENT AUDITOR’S REPORT
Page 502
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
DAFTAR ISI TABLE OF CONTENTS
Halaman/
Pages
SURAT PERNYATAAN DIREKSI DIRECTORS’ STATEMENT LETTER
LAPORAN AUDITOR INDEPENDEN INDEPENDENT AUDITOR’S REPORT
LAPORAN KEUANGAN – pada dan untuk tahun - FINANCIAL STATEMENTS – as of and for the
tahun yang berakhir 31 Desember 2023 dan 2022 years ended December 31, 2023 and 2022
Laporan Posisi Keuangan 1 Statements of Financial Position
Laporan Laba Rugi dan Penghasilan Statements of Profit or Loss and Other
Komprehensif Lain 2 Comprehensive Income
Laporan Perubahan Ekuitas 3 Statements of Changes in Equity
Laporan Arus Kas 4 Statements of Cash Flows
Catatan atas Laporan Keuangan 5 Notes to Financial Statements
SUPPLEMENTARY FINANCIAL INFORMATION -
INFORMASI KEUANGAN TAMBAHAN - Rasio-Rasio Financial Ratio of Financial Services Authority
Keuangan Otoritas Jasa Keuangan (Tidak Diaudit) 100 (Unaudited)
Page 503
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITION
DESEMBER 2023 DAN 2022 DECEMBER 31, 2023 AND 2022
31 Desember/ 31 Desember/
Catatan/ December 31, December 31,
Notes 2023 2022
Rp '000 Rp '000
ASET ASSETS
Kas dan bank 5 334.038.260 273.254.864 Cash on hand and in banks
Piutang pembiayaan - bersih 6 12.839.773.202 12.712.917.851 Financing receivables - net
Piutang derivatif 29 63.341.133 128.527.498 Derivative receivables
Piutang lain-lain - bersih 7 121.308.791 67.100.551 Other accounts receivable - net
Uang muka 8 31.562.125 30.505.927 Advances
Biaya dibayar dimuka 9 36.154.969 31.041.821 Prepaid expenses
Aset tetap - setelah dikurangi akumulasi Property and equipment - net of accumulated
penyusutan sebesar Rp 327.806.868 ribu depreciation of Rp 327,806,868 thousand
pada 31 Desember 2023 (31 Desember 2022: as of December 31, 2023 (December 31,
Rp 287.222.688 ribu) 10 337.533.352 336.868.237 2022: Rp 287,222,688 thousand)
Perangkat lunak komputer - setelah
dikurangi akumulasi amortisasi Computer software - net of accumulated
sebesar Rp 155.826.773 ribu amortization of Rp 155,826,773 thousand
pada 31 Desember 2023 (31 Desember 2022: as of December 31, 2023 (December 31,
Rp 117.075.766 ribu) 11 77.181.166 81.777.992 2022: Rp 117,075,766 thousand)
Aset pajak tangguhan - bersih 26 230.555.857 227.003.229 Deferred tax assets - net
Aset hak-guna - bersih 12 28.052.852 27.906.197 Right-of-use asset - net
Aset lainnya 13 2.494.272 2.604.516 Other assets
JUMLAH ASET 14.101.995.979 13.919.508.683 TOTAL ASSETS
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
LIABILITAS LIABILITIES
Pinjaman bank 14 5.687.175.480 6.381.483.149 Bank loans
Utang derivatif 29 14.909.632 6.890.047 Derivative payables
Utang pajak 15 54.524.194 87.677.716 Taxes payable
Utang lain-lain 16 270.698.220 235.456.226 Other accounts payable
Biaya yang masih harus dibayar 17, 33 314.410.455 360.241.888 Accrued expenses
Utang obligasi 18 4.873.687.443 4.141.274.229 Bonds payable
Liabilitas sewa 19 3.508.792 6.101.466 Lease liabilities
Liabilitas imbalan pasca kerja 20 165.704.169 137.543.652 Post-employment benefits obligation
Jumlah Liabilitas 11.384.618.385 11.356.668.373 Total Liabilities
EKUITAS EQUITY
Modal saham - Rp 1.000.000 per saham Capital stock - Rp 1,000,000 par value
Diotorisasi, ditempatkan dan disetor penuh - Authorized, subscribed and paid-up -
353.571 saham 21 353.571.000 353.571.000 353,571 shares
Tambahan modal disetor 21 235.858.000 235.858.000 Additional paid-in capital
Penghasilan komprehensif lain 27 (34.964.159) (58.031.011) Other comprehensive income
Saldo laba Retained earnings
Ditentukan penggunaannya 21 71.400.000 71.400.000 Appropriated
Tidak ditentukan penggunaannya 2.091.512.753 1.960.042.321 Unappropriated
Jumlah Ekuitas 2.717.377.594 2.562.840.310 Total Equity
JUMLAH LIABILITAS DAN EKUITAS 14.101.995.979 13.919.508.683 TOTAL LIABILITIES AND EQUITY
Lihat catatan atas laporan keuangan yang merupakan See accompanying notes to financial statements
bagian tidak terpisahkan dari laporan keuangan. which are an integral part of the financial statements.
-1-
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
LAPORAN LABA RUGI DAN STATEMENTS OF PROFIT OR LOSS AND
PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME
UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2023 DAN 2022 FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
Catatan/
Notes 2023 2022
Rp '000 Rp '000
PENDAPATAN REVENUE:
Pendapatan pembiayaan 22 4.476.998.372 4.248.826.213 Financing income
Pendapatan bunga 2.804.082 2.279.550 Interest income
Pendapatan lain-lain 89.059.602 85.751.592 Other income
Jumlah pendapatan 4.568.862.056 4.336.857.355 Total revenue
BEBAN EXPENSES:
Gaji dan tunjangan 559.172.805 560.813.004 Salaries and allowances
Penyisihan kerugian kredit 6, 7 1.936.909.025 1.352.121.154 Provision for credit losses
Bunga dan beban pembiayaan 23 687.872.375 589.594.690 Interest and financing charges
Beban umum dan administrasi 24 869.619.842 790.083.124 General and administrative expenses
Beban pengaturan pinjaman dan jaminan Loan arrangement and guarantee fees
ke pihak berelasi 33 8.114.274 17.835.919 to a related party
Beban pemasaran 25 28.568.207 49.156.765 Marketing expenses
Jumlah beban 4.090.256.528 3.359.604.656 Total expenses
LABA SEBELUM PAJAK 478.605.528 977.252.699 PROFIT BEFORE TAX
BEBAN PAJAK PENGHASILAN 26 (108.053.568) (294.161.994) INCOME TAX EXPENSE
LABA BERSIH TAHUN BERJALAN 370.551.960 683.090.705 PROFIT FOR THE YEAR
PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME
Pos - pos yang tidak akan direklasifikasi Items that will not be reclassified
ke laba rugi subsequently to profit or loss:
Pengukuran kembali atas liabilitas Remeasurement of the post-employment
imbalan pasca kerja, setelah pajak 20, 26 (7.369.407) 8.072.327 benefits obligation, net of tax
Pos - pos yang akan direklasifikasi Items that may be reclassified
ke laba rugi subsequently to profit or loss:
Laba (rugi) yang belum terealisasi Unrealized gain (loss) on fair value
atas nilai wajar kontrak lindung of derivative financial instruments
nilai derivatif, setelah pajak 26,27,29 30.436.259 (51.013.465) hedging reserve, net of tax
Jumlah penghasilan komprehensif lain Total other comprehensive income
tahun berjalan - setelah pajak 23.066.852 (42.941.138) for the year - net of tax
JUMLAH PENGHASILAN KOMPREHENSIF TOTAL COMPREHENSIVE INCOME
TAHUN BERJALAN 393.618.812 640.149.567 FOR THE YEAR
LABA PER SAHAM EARNINGS PER SHARE
(dalam Rupiah penuh) (in full Rupiah amount)
Dasar 28 1.048.027 1.931.976 Basic
Lihat catatan atas laporan keuangan yang merupakan See accompanying notes to financial statements
bagian tidak terpisahkan dari laporan keuangan. which are an integral part of the financial statements.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
LAPORAN PERUBAHAN EKUITAS STATEMENTS OF CHANGES IN EQUITY
UNTUK TAHUN - TAHUN YANG BERAKHIR 31 DESEMBER 2023 DAN 2022 FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
Tambahan Penghasilan
Modal Komprehensif Saldo laba/
Modal saham Disetor/ Lain/ Retained earnings
Disetor/ Additional Other Ditentukan Tidak ditentukan
Catatan/ Paid-up paid-in comprehensive penggunaannya/ penggunaannya/ Jumlah Ekuitas/
Notes capital stock capital income Appropriated Unappropriated Total Equity
Rp '000 Rp '000 Rp '000 Rp '000 Rp '000 Rp '000
Saldo per 1 Januari 2022 353.571.000 235.858.000 (15.089.873) 71.400.000 1.419.069.848 2.064.808.975 Balance as of January 1, 2022
Laba bersih tahun berjalan 683.090.705 683.090.705 Profit for the year
Penghasilan komprehensif lain - Other comprehensive income -
Kerugian belum direalisasi atas nilai wajar Unrealized loss on fair value of
kontrak lindung nilai derivatif, derivative financial instruments
setelah pajak - - (51.013.465) - - (51.013.465) hedging reserve, net of tax
Pengukuran kembali atas liabilitas imbalan Remeasurement of the post-employment benefits
pasca kerja, setelah pajak - - 8.072.327 - - 8.072.327 obligation, net of tax
Dividen 21 - - - - (142.118.232) (142.118.232) Dividends
Saldo per 31 Desember 2022 353.571.000 235.858.000 (58.031.011) 71.400.000 1.960.042.321 2.562.840.310 Balance as of December 31, 2022
Laba bersih tahun berjalan - - - - 370.551.960 370.551.960 Profit for the year
Penghasilan komprehensif lain - Other comprehensive income -
Keuntungan belum direalisasi atas nilai wajar Unrealized gain on fair value of
kontrak lindung nilai derivatif, derivative financial instruments
setelah pajak - - 30.436.259 - - 30.436.259 hedging reserve, net of tax
Pengukuran kembali atas liabilitas imbalan Remeasurement of the post-employment benefits
pasca kerja, setelah pajak - - (7.369.407) - - (7.369.407) obligation, net of tax
Dividen 21 - - - - (239.081.528) (239.081.528) Dividends
Saldo per 31 Desember 2023 353.571.000 235.858.000 (34.964.159) 71.400.000 2.091.512.753 2.717.377.594 Balance as of December 31, 2023
Lihat catatan atas laporan keuangan yang merupakan See accompanying notes to financial statements
bagian tidak terpisahkan dari laporan keuangan. which are an integral part of the financial statements.
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Page 514
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
LAPORAN ARUS KAS STATEMENTS OF CASH FLOWS
UNTUK TAHUN - TAHUN YANG BERAKHIR 31 DESEMBER 2023 DAN 2022 FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022
Catatan/
Notes 2023 2022
Rp '000 Rp '000
CASH FLOWS FROM OPERATING
ARUS KAS DARI AKTIVITAS OPERASI ACTIVITIES
Penerimaan kas dari: Cash receipts from:
Transaksi pembiayaan 13.135.099.858 11.936.762.190 Financing transactions
Bunga atas keterlambatan, pelunasan Interest income from late payment, early
dipercepat dan aktivitas operasi lainnya 823.731.132 768.067.565 termination and other operating activities
Pengeluaran kas untuk: Cash payments for:
Transaksi pembiayaan (11.433.242.085) (11.391.555.284) Financing transactions
Gaji dan tunjangan (579.884.245) (524.425.959) Salaries and allowances
Biaya pengaturan pinjaman dan jaminan Arrangement and guarantee fees
ke pihak berelasi (9.322.467) (19.822.014) to a related party
Imbalan pasca kerja 20 (10.587.881) (24.228.419) Post-employment benefits
Pembayaran pajak penghasilan badan (152.664.318) (265.747.334) Payment of corporate tax expenses
General, administrative and marketing
Beban umum, administrasi dan pemasaran (828.252.296) (717.991.253) expenses
Kas Bersih Diperoleh dari (Digunakan untuk) Net Cash Provided by (Used in)
Aktivitas Operasi 944.877.698 (238.940.508) Operating Activities
ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES
Hasil penjualan aset tetap 10 317.414 61.789 Proceeds from sale of property and equipment
Penerimaan bunga 2.804.082 2.279.550 Interest received
Pembayaran utang yang timbul dari Payment of payable arising from acquisition
pembelian perangkat lunak komputer (5.699.870) (4.714.113) of computer software
Pembayaran uang muka pembelian aset tetap Advance payment for acquisition of property and
dan perangkat lunak komputer 8 (27.279.950) (28.201.218) equipment and computer software
Penambahan aset hak-guna (16.448.248) - Additions of right-of-use assets
Penambahan aset tetap dan perangkat lunak Additions of property and equipment and
komputer (58.206.740) (64.057.314) computer software
Kas Bersih Digunakan untuk Aktivitas Investasi (104.513.312) (94.631.306) Net Cash Used in Investing Activities
ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES
Pembayaran bunga dan beban keuangan (675.555.773) (596.312.881) Interest and financing charges paid
Pembayaran dividen (239.081.528) (142.118.232) Payment of dividends
Pembayaran pokok liabilitas sewa (5.685.275) (21.051.129) Payment of principal on lease liabilities
Pembayaran beban bunga atas liabilitas sewa (450.644) (552.987) Payment of interest expense on lease liabilities
Penerimaan dari pinjaman bank 6.599.684.000 9.014.780.000 Proceeds from bank loans
Pembayaran pinjaman bank (7.181.766.000) (8.038.000.000) Payment of bank loans
Penerimaan dari penerbitan obligasi 18 1.700.000.000 2.075.000.000 Proceeds from issuance of bonds
Pembayaran biaya penerbitan obligasi 18 (6.225.770) (8.009.423) Payment of bonds issuance costs
Pembayaran obligasi berkelanjutan I tahap I Payment of bond sustainable I phase I
tahun 2020 (100.000.000) - year 2020
Pembayaran sukuk mudharabah berkelanjutan I Payment of sukuk mudharabah sustainable I
tahap I tahun 2020 (15.000.000) - phase I year 2020
Pembayaran sukuk mudharabah berkelanjutan I Payment of sukuk mudharabah sustainable I
tahap II seri B 2020 (112.000.000) - phase II series B year 2020
Pembayaran obligasi berkelanjutan II tahap I Payment of bond sustainable II phase I
seri A tahun 2022 (88.500.000) - series A year 2022
Pembayaran obligasi berkelanjutan II tahap II Payment of bond sustainable II phase II
seri A tahun 2022 (655.000.000) - series A year 2022
Pembayaran obligasi III seri B tahun 2020 - (1.200.000.000) Payment of bond III series B year 2020
Pembayaran obligasi berkelanjutan I tahap II seri A Payment of bond sustainable I phase II series A
tahun 2021 - (500.000.000) year 2021
Pembayaran obligasi berkelanjutan I tahap III seri A Payment of bond sustainable I phase III series A
tahun 2021 - (150.000.000) year 2021
Kas Bersih (Digunakan untuk) Diperoleh dari Net Cash (Used in) Provided by
Aktivitas Pendanaan (779.580.990) 433.735.348 Financing Activities
NET INCREASE IN CASH ON
KENAIKAN BERSIH KAS DAN BANK 60.783.396 100.163.534 HAND AND IN BANKS
CASH ON HAND AND IN BANKS
KAS DAN BANK AWAL TAHUN 273.254.864 173.091.330 AT BEGINNING OF YEAR
CASH ON HAND AND IN BANKS
KAS DAN BANK AKHIR TAHUN 334.038.260 273.254.864 AT END OF YEAR
Lihat catatan atas laporan keuangan yang merupakan See accompanying notes to financial statements
bagian tidak terpisahkan dari laporan keuangan. which are an integral part of the financial statements.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 DECEMBER 31, 2023 AND 2022
1. UMUM 1. GENERAL
a. Pendirian dan Informasi Umum a. Establishment and General Information
PT Bussan Auto Finance (Perusahaan) didirikan PT Bussan Auto Finance (the Company) was
dengan nama PT Pembiayaan Getraco originally established as PT Pembiayaan Getraco
Indonesia berdasarkan akta No. 55 tanggal Indonesia based on notarial deed No. 55 dated
18 Juli 1995 dari Sugiri Kadarisman, S.H., notaris July 18, 1995 of Sugiri Kadarisman, S.H., notary
di Jakarta. Akta Pendirian ini disahkan oleh in Jakarta. The deed of establishment was
Menteri Kehakiman Republik Indonesia dalam approved by Minister of Justice of the Republic of
Surat Keputusannya No. C2-10.337.HT.01. Indonesia in decision letter No. C2-
01.Th95 tanggal 18 Agustus 1995 serta 10.337.HT.01.01.Th95 dated August 18, 1995,
diumumkan dalam Berita Negara Republik and was published in The Official Gazette No. 138
year 1996, Supplement No. 1. The Company’s
Indonesia No. 138 Tahun 1996, Tambahan
Articles of Association have been amended
No. 1. Anggaran dasar Perusahaan telah several times, most recently by notarial deed
mengalami perubahan, terakhir dengan Akta No. 16 dated November 15, 2019 of Marina
No. 16 tanggal 15 November 2019 dari Marina Soewana, S.H., notary in Jakarta, regarding
Soewana, S.H., notaris di Jakarta, mengenai changes in shareholder composition. This
perubahan komposisi pemegang saham. Akta amendment was approved by the Minister of Law
perubahan ini telah memperoleh persetujuan dari and Human Rights of the Republic of Indonesia in
Menteri Hukum dan Hak Asasi Manusia Republik decision letter No. AHU-AH.01.03-0361093 Year
Indonesia dengan Surat Keputusan No. AHU- 2019 dated November 18th, 2019.
AH.01.03-0361093 Tahun 2019 tanggal
18 November 2019.
Kantor pusat Perusahaan berlokasi di BAF The Company’s head office is located in BAF
Plaza, Jl. Raya Tanjung Barat No. 121 RT 14/ Plaza, Jl. Raya Tanjung Barat No. 121
RW 4, Jakarta 12530, Indonesia. Pada tanggal RT 14/RW 4, Jakarta 12530, Indonesia. As of
31 Desember 2023, Perusahaan memiliki 163 December 31, 2023, the Company has 163
kantor cabang (31 Desember 2022: 165 kantor branch offices (December 31, 2022: 165 branch
cabang) yang tersebar di seluruh wilayah offices) spread throughout Indonesia.
Indonesia.
Sesuai dengan Pasal 3 anggaran dasar In accordance with article 3 of the Company’s
Perusahaan, ruang lingkup kegiatan Perusahaan Articles of Association, the scope of its objectives
terutama dalam aktivitas pembiayaan, untuk and purposes are mainly to engage in financing
barang dan atau jasa. Aktivitas pembiayaan activities, for goods and/or services. The financing
termasuk pembiayaan investasi, pembiayaan activities are covering investment financing,
modal kerja, pembiayaan multi guna, working capital financing, multi purpose financing,
pembiayaan syariah, sewa operasi dan aktivitas sharia financing, operating lease and other
Pembiayaan lainnya berdasarkan persetujuan financing business activity based on approval
Otoritas Jasa Keuangan (OJK). Ijin operasi from Financial Services Authority (OJK). The
Perusahaan telah disetujui oleh Menteri Company’s operating license was obtained from
Keuangan dengan Surat Keputusan the Minister of Finance by decree
No. 526/KMK.017/1995 tanggal 17 November No. 526/KMK.017/1995 dated November 17,
1995. Saat ini, Perusahaan terutama bergerak 1995. Currently, the Company mainly engages in
dalam aktivitas pembiayaan nasabah kendaraan customer financing activities of two-wheeled
bermotor roda dua. Pada tanggal 31 Desember motor vehicles. As of December 31, 2023, the
2023, jumlah karyawan Perusahaan masing- Company had 3,774 employees (December 31,
masing sebanyak 3.774 karyawan (31 Desember 2022: 4,021 employees).
2022: 4.021 karyawan).
Susunan pengurus Perusahaan adalah sebagai The composition of the Company’s management
berikut: is as follows:
2023 2022
Presiden Komisaris : Toshiyuki Kojima Tetsuya Daikoku President Commissioner
Komisaris : Naotaka Takeshita Naotaka Takeshita Commissioners
Masami Shiobara Jun Ikeda
Komisaris Independen : Dani Firmansjah Dani Firmansjah Independent Commissioners
Prabowo Prabowo
Nurdayadi Nurdayadi
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Page 516
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
2023 2022
Presiden Direktur : Lynn Ramli Lynn Ramli President Director
Wakil Presiden Direktur : Akira Sugai Akira Sugai Vice President Directors
Koji Kato Koji Kato
Direktur : Sigit Sembodo Sigit Sembodo Directors
Alung Ng Alung Ng
Charles MP Gultom Charles MP Gultom
Yudono Yudono
Susunan komite audit adalah sebagai berikut: The member of the audit committee are as
follows:
2023 2022
Ketua : Nurdayadi Nurdayadi Chairman
Anggota : Heru Absoro Heru Absoro Members
Prabowo Stepanus Ardhanova
Pembentukan Komite Audit Perusahaan telah The establishment of the Company's Audit
sesuai dengan POJK No. 30/POJK.05/2014 Committee is in accordance with POJK
tentang Tata Kelola Perusahaan yang baik bagi No. 30/POJK.05/2014 about Good Corporate
Perusahaan Pembiayaan. POJK Governance for Finance Company. POJK
No. 55/POJK.04/2015 tentang Pembentukan No. 55/POJK.04/2015 about Establishment and
dan Pedoman Pelaksanaan Kerja Komite Audit. Guidelines for the Work Implementation of the
Berdasarkan Surat Keputusan Dewan Komisaris Audit Committe. Based on decision letter of Board
Perseroan No. SK-001/BOC/BAF.IV/2022 of Commissioner No. SK-001/BOC/BAF.IV/2022
tanggal 13 April 2022 tentang Perubahan dated on April 13, 2022 about Changes in the
Anggota Komite Audit Perseroan, Perusahaan Company's Audit Committee Members, the
menetapkan Perubahan Susunan Anggota Company agreed on the Changes in the Structure
Komite Audit di tahun 2022. of Members of Audit Committee in year 2022.
Pada tanggal 21 Februari 2023, Perusahaan On February 21, 2023, the Company received the
menerima surat pengunduran diri Stepanus resignation letter of Stepanus Ardhanova as Audit
Ardhanova selaku anggota Komite Audit Committee member of the Company. The
Perusahaan. Dewan Komisaris Perusahaan Company’s Board of Commissioners have
telah menyetujui pengunduran diri Stepanus approved the resignation of Stepanus Ardhanova
Ardhanova sebagai anggota Komite Audit dan as Audit Committee member of the Company and
berlaku efektif pada tanggal 31 Maret 2023. is effective on March 31, 2023.
Dewan pengawas syariah sebagai berikut: The sharia supervisory board are as follow:
2023 2022
Ketua : Ahmad Ifham Ah. Azharuddin Lathif Chairman
Anggota : Ahmad Ifham Ahmad Ifham Members
b. Penawaran Umum Obligasi dan Sukuk b. Public Offering of Bonds and Sukuk of the
Perusahaan Company
Sejak tahun 2017, Perusahaan telah beberapa Since 2017, the Company has issued bonds and
kali menerbitkan obligasi dan sukuk mudharabah sukuk mudharabah to the public through the
yang ditawarkan kepada masyarakat melalui Indonesian market capital.
pasar modal di Indonesia
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Sampai dengan 31 Desember 2023 dan 2022, As of December 31, 2023 and 2022, bonds and
obligasi dan sukuk mudharabah yang telah sukuk mudharabah offered by the Company are
ditawarkan oleh Perusahaan adalah sebagai as follows:
berikut:
Obligasi dan Sukuk Perusahaan/ Tanggal pernyataan efektif/ Nomor surat/ Jumlah/ Wali amanat/
Company's bonds and sukuk Effective notification date Letter number Amount The trustee
Rp "000
Obligasi berkelanjutan II/ Bond sustainable II 24 Juni 2022/ June 24, 2022 S-105/D.04/2022 3.000.000.000 PT. Bank Mandiri (Persero) Tbk.
Obligasi berkelanjutan I/ Bond sustainable I 24 Juli 2020/ July 24, 2020 S-200/D.04/2020 3.500.000.000 PT. Bank Mandiri (Persero) Tbk.
Sukuk mudharabah berkelanjutan I/ Sukuk
mudharabah sustainable I 24 Juli 2020/ July 24, 2020 S-200/D.04/2020 500.000.000 PT. Bank Mandiri (Persero) Tbk.
Pada tanggal 31 Desember 2023 seluruh As of December 31, 2023, all of the Company's
obligasi Perusahaan sejumlah outstanding bonds amounting to
Rp 4.881.500.000 ribu (31 Desember 2022: Rp 4,881,500,000 thousand (December 31, 2022:
Rp 4.152.000.000 ribu) telah tercatat pada Bursa Rp 4,152,000,000 thousand) have been listed on
Efek Indonesia. the Indonesia Stock Exchange.
2. PENERAPAN STANDAR AKUNTANSI KEUANGAN 2. ADOPTION OF NEW AND REVISED STATEMENTS
BARU DAN REVISI (PSAK) DAN INTERPRETASI OF FINANCIAL ACCOUNTING STANDARDS
STANDAR AKUNTANSI KEUANGAN (ISAK) (PSAK) AND INTERPRETATIONS OF PSAK (ISAK)
a. Amendemen/Penyesuaian Standar yang a. Amendments/Improvements to Standards
Berlaku Efektif pada Tahun Berjalan Effective in the Current Year
Dalam tahun berjalan, Perusahaan telah In the current year, the Company has applied a
menerapkan sejumlah amendemen/ number of amendments/improvements to PSAK
penyesuaian PSAK yang relevan dengan that are relevant to its operations and effective for
operasinya dan efektif untuk periode akuntansi accounting period beginning on or after January 1,
yang dimulai pada atau setelah 1 Januari 2023. 2023.
· Amandemen PSAK 1 “Penyajian Laporan · Amendment to PSAK 1 “Presentation of
Keuangan” tentang Klasifikasi Liabilitas Financial Statement” related to Liabilities
sebagai Jangka Pendek atau Jangka Classification as Short or Long-term and
Panjang dan Pengungkapan Kebijakan Disclosure of Accounting Policies;
Akuntansi;
· Amandemen PSAK 25 “Kebijakan · Amendment to PSAK 25 “Accounting
Akuntansi, Perubahan Estimasi Akuntansi, Policies, Changes in Accounting Estimates
dan Kesalahan” tentang Definisi Estimasi and Errors” related to Definition of Accounting
Akuntansi; Estimates;
· Amendemen PSAK 46 “Pajak Penghasilan” · Amendment of PSAK 46 "Income Tax" on
tentang Pajak Tangguhan terkait Aset dan Deferred Tax related to Assets and Liabilities
Liabilitas yang timbul dari Transaksi Tunggal arising from a Single Transaction which
yang diadopsi dari Amendemen IAS 12 adopted from Amended IAS 12 Income Taxes
Income Taxes tentang Deferred Tax related on Deferred Tax related to Assets and
to Assets and Liabilities arising from a Single Liabilities arising from a Single Transaction;
Transaction; dan and;
· Amendemen PSAK 107 “Akuntansi Ijarah” · Amendment of PSAK 107 “Ijarah Accounting”
Penerapan atas PSAK baru/revisi tidak The adoption of these new/revised PSAKs does
mengakibatkan perubahan atas kebijakan not result in changes to the Company’s
akuntansi Perusahaan dan tidak memiliki accounting policies and has no material effect on
dampak material terhadap jumlah yang the amounts reported in these financial
dilaporkan dalam laporan keuangan. statements.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
b. Standar dan Amendemen/Penyesuaian b. Standard and Amendments/Improvements to
Standar Telah Diterbitkan Tapi Belum Standards Issued not yet Adopted
Diterapkan
Pada tanggal persetujuan laporan keuangan, At the date of authorization of these financial
standar, interpretasi dan amandemen- statements, the following standard, interpretation
amandemen atas PSAK yang relevan bagi and amendments to PSAK relevant to the
Perusahaan, yang telah diterbitkan namun belum Company were issued but not effective, with early
berlaku efektif, dengan penerapan dini diijinkan, application permitted:
adalah sebagai berikut:
Efektif untuk periode yang dimulai pada atau Effective for periods beginning on or after
setelah tanggal 1 Januari 2024 January 1, 2024
· PSAK 1 (amendemen) Penyajian Laporan · PSAK 1 (amendment) Presentation of
Keuangan: Pengungkapan Kebijakan Financial Statements: Disclosure of
Akuntansi Accounting Policies
· PSAK 73 (amendemen) Sewa: Liabilitas · PSAK 73 (amendment) Leases: Lease
Sewa pada Transaksi Jual dan Sewa-balik Liability in a Sale and Leaseback
· PSAK 1 (amendemen) Penyajian Laporan · PSAK 1 (amendment) Presentation of
Keuangan: Penyajian Laporan Keuangan financial statements: Non-current Liabilities
terkait Liabilitas Jangka Panjang dengan with Covenants
Kovenan
· PSAK 2 (amandemen) Laporan arus kas · PSAK 2 (amendment) Statement of cash
dan PSAK 60 (amandemen) Instrumen flows and PSAK 60 (amendment) Financial
Keuangan : Pengungkapan : Pengaturan Instruments : Disclosures : Supplier Finance
Pembiayaan Pemasok Arrangements
· Amendemen PSAK 101 “Penyajian Laporan · Amendment of PSAK 101 “Presentation of
Keuangan Syariah” terkait perubahan Sharia Financial Statement” related changes
komponen laporan keuangan entitas amil. in financial statement components of amil
entity.
Efektif untuk periode yang dimulai pada atau Effective for periods beginning on or after
setelah tanggal 1 Januari 2025 January 1, 2025
· PSAK 10 (amandemen) Pengaruh · PSAK 10 (amendment) The effects of
Perubahan Kurs Valuta Asing: Kekurangan changes in foreign exchange rates: Lack of
Ketertukaran Exchangeability
Sampai dengan tanggal penerbitan laporan As of the issuance date of the financial
keuangan, dampak dari penerapan standar, statements, the effects of adopting these
amendemen dan interpretasi tersebut terhadap standards, amendments and interpretations on
laporan keuangan tidak dapat diketahui atau the financial statements are not known nor
diestimasi oleh manajemen. reasonably estimable by management.
Mulai tanggal 1 Januari 2024, referensi terhadap Beginning January 1, 2024, references to the
masing-masing PSAK dan ISAK akan diubah individual PSAKs and ISAKs will be changed as
sebagaimana diumumkan oleh Dewan Standar published by Financial Accounting Standards
Akuntansi Keuangan Ikatan Akuntan Indonesia Board of Institute of Indonesia Chartered
(“DSAK – IAI”). Accountants (“DSAK – IAI”).
3. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 3. MATERIAL ACCOUNTING POLICY INFORMATION
a. Pernyataan Kepatuhan a. Statement of Compliance
Laporan keuangan Perusahaan disusun sesuai The financial statements of the Company have
dengan Standar Akuntansi Keuangan di been prepared in accordance with Indonesian
Indonesia. Financial Accounting Standards.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
b. Dasar Penyusunan b. Basis of Preparation
Dasar penyusunan laporan keuangan adalah The financial statements have been prepared on
biaya historis, kecuali instrumen keuangan the historical cost basis except for certain financial
tertentu yang diukur pada nilai wajar pada setiap instruments that are measured at fair values at the
akhir periode pelaporan, yang dijelaskan dalam end of each reporting period, as explained in the
kebijakan akuntansi di bawah ini. accounting policies below.
Biaya historis umumnya didasarkan pada nilai Historical cost is generally based on the fair value
wajar dari imbalan yang diberikan dalam of the consideration given in exchange for goods
pertukaran barang dan jasa. and services.
Nilai wajar adalah harga yang akan diterima Fair value is the price that would be received to
untuk menjual suatu aset atau harga yang akan sell an asset or paid to transfer a liability in an
dibayar untuk mengalihkan suatu liabilitas dalam orderly transaction between market participants at
suatu transaksi teratur antara pelaku pasar pada the measurement date, regardless of whether that
tanggal pengukuran, terlepas dari apakah harga price is directly observable or estimated using
tersebut dapat diamati secara langsung atau another valuation technique. In estimating the fair
diestimasi menggunakan teknik penilaian lain. value of an asset or a liability, the Company takes
Dalam mengestimasi nilai wajar dari suatu aset into account the characteristics of the asset or
atau liabilitias, Perusahaan memperhitungkan liability if market participants would take those
karakteristik aset atau liabilitas jika pelaku pasar characteristics into account when pricing the
akan memperhitungkan karakteristik tersebut asset or liability at the measurement date. Fair
ketika menentukan harga aset atau liabilitas value for measurement and/or disclosure
pada tanggal pengukuran. Nilai wajar untuk purposes in these financial statements is
tujuan pengukuran dan/atau pengungkapan determined on such a basis, except for leasing
pada laporan keuangan ditentukan atas dasar transactions that are within the scope of PSAK 73,
tersebut, kecuali untuk transaksi pembayaran and measurements that have some similarities to
berbasis saham yang merupakan ruang lingkup, fair value but are not fair value, such as value in
transaksi sewa yang merupakan ruang lingkup use in PSAK 48.
PSAK 73, dan pengukuran yang memiliki
kemiripan dengan nilai wajar namun bukan
merupakan nilai wajar, seperti nilai pakai dalam
PSAK 48.
Laporan arus kas disusun dengan menggunakan The statements of cash flows are prepared using
metode langsung dengan mengelompokkan arus the direct method with classifications of cash flows
kas dalam aktivitas operasi, investasi dan into operating, investing and financing activities.
pembiayaan.
Direksi memiliki, pada saat persetujuan laporan The directors have, at the time of approving the
keuangan, suatu ekspektasi yang memadai financial statements, a reasonable expectation
bahwa Perusahaan memiliki sumber daya yang that the Company has adequate resources to
cukup untuk melanjutkan keberadaan continue in operational existence for the
operasinya untuk di masa yang akan datang. foreseeable future. Thus, they continue to adopt
Sehingga, mereka melanjutkan penerapan the going concern basis of accounting in
dasar akuntansi kelangsungan usaha dalam preparing the financial statements.
penyusunan laporan keuangan.
c. Transaksi Pihak-pihak Berelasi c. Transactions with Related Parties
Pihak-pihak berelasi adalah orang atau entitas A related party is a person or entity that is related
yang terkait dengan entitas pelapor to the reporting entity (the Company):
(Perusahaan):
a. Orang atau anggota keluarga dekatnya a. A person or a close member of that person's
mempunyai relasi dengan entitas pelapor family is related to the reporting entity if that
jika orang tersebut: person:
i. memiliki pengendalian atau i. has control or joint control over the
pengendalian bersama atas entitas reporting entity;
pelapor;
ii. memiliki pengaruh signifikan atas ii. has significant influence over the
entitas pelapor; atau reporting entity; or
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iii. merupakan personil manajemen kunci iii. is a member of the key management
entitas pelapor atau entitas induk dari personnel of the reporting entity or of a
entitas pelapor. parent of the reporting entity.
b. Suatu entitas berelasi dengan entitas b. An entity is related to the reporting entity if
pelapor jika memenuhi salah satu hal any of the following conditions applies:
berikut:
i. Entitas dan entitas pelapor adalah i. The entity and the reporting entity are
anggota dari kelompok usaha yang members of the same group (which
sama (artinya entitas induk, entitas means that each parent, subsidiary and
anak, dan entitas anak berikutnya saling fellow subsidiary is related to the others).
berelasi dengan entitas lainnya).
ii. Satu entitas adalah entitas asosiasi ii. One entity is an associate or joint
atau ventura bersama dari entitas lain venture of the other entity (or an
(atau entitas asosiasi atau ventura associate or joint venture of a member of
bersama yang merupakan anggota a group, of which the other entity is a
suatu kelompok usaha, yang mana member).
entitas lain tersebut adalah
anggotanya).
iii. Kedua entitas tersebut adalah ventura iii.Both entities are joint ventures of the
bersama dari pihak ketiga yang sama. same third party.
iv. Satu entitas adalah ventura bersama iv. One entity is a joint venture of a third
dari entitas ketiga dan entitas yang lain entity and the other entity is an associate
adalah entitas asosiasi dari entitas of the third entity.
ketiga.
v. Entitas tersebut adalah suatu program v. The entity is a post-employment benefit
imbalan pasca kerja untuk imbalan kerja plan for the benefit of employees of
dari salah satu entitas pelapor atau either the reporting entity or an entity
entitas yang terkait dengan entitas related to the reporting entity. If the
pelapor. Jika entitas pelapor adalah reporting entity is itself such a plan, the
entitas yang menyelenggarakan sponsoring entities are also related to
program tersebut, maka entitas sponsor the reporting entity.
juga berelasi dengan entitas pelapor.
vi. Entitas yang dikendalikan atau vi. The entity is controlled or jointly
dikendalikan bersama oleh orang yang controlled by a person identified in (a).
diidentifikasi dalam huruf (a).
vii. Orang yang diidentifikasi dalam huruf vii. A person identified in (a) (i) has
(a) (i) memiliki pengaruh signifikan atas significant influence over the entity or is
entitas atau merupakan personil a member of the key management
manajemen kunci entitas (atau entitas personnel of the entity (or of a parent of
induk dari entitas). the entity).
viii. Entitas, atau anggota dari kelompok viii. The entity, or any member of a group of
yang mana entitas merupakan bagian which it is a part, provides key
dari kelompok tersebut, menyediakan management personnel services to the
jasa personil manajemen kunci kepada reporting entity or to the parent of the
entitas pelapor atau kepada entitas reporting entity.
induk dari entitas pelapor.
Transaksi signifikan yang dilakukan dengan Significant transactions with related parties,
pihak-pihak berelasi, baik dilakukan dengan whether or not made at similar terms and
kondisi dan persyaratan yang sama dengan conditions as those done with third parties, are
pihak ketiga maupun tidak, diungkapkan pada disclosed in the financial statements.
laporan keuangan.
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31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
d. Transaksi dan Penjabaran Laporan Keuangan d. Foreign Currency Transactions and
Dalam Mata Uang Asing Translation
Laporan keuangan Perusahaan diukur dan The financial statements of the Company are
disajikan dalam mata uang Rupiah yang measured and presented in Indonesian Rupiah
merupakan dari lingkungan ekonomi utama which the primary economic environment in which
dimana entitas beroperasi (mata uang the entity operates (its functional currency).
fungsional).
Dalam penyusunan laporan keuangan In preparing the financial statements of the
Perusahaan, transaksi dalam mata uang selain Company, transactions in currencies other than
mata uang fungsional entitas (mata uang asing) the entity’s functional currency (foreign
diakui pada kurs yang berlaku pada tanggal currencies) are recognized at the rates of
transaksi. Pada setiap akhir perode pelaporan, exchange prevailing at the dates of the
pos moneter dalam valuta asing dijabarkan transactions. At the end of each reporting period,
kembali pada kurs yang berlaku pada tanggal monetary items denominated in foreign currencies
tersebut. Pos-pos non moneter yang diukur pada are retranslated at the rates prevailing at that date.
nilai wajar dalam valuta asing dijabarkan kembali Non-monetary items carried at fair value that are
pada kurs yang berlaku pada tanggal ketika nilai denominated in foreign currencies are
wajar ditentukan. Pos nonmoneter yang diukur retranslated at the rates prevailing at the date
dalam biaya historis dalam valuta asing tidak when the fair value was determined. Non-
dijabarkan kembali. monetary items that are measured in terms of
historical cost in a foreign currency are not
retranslated.
Selisih kurs atas pos moneter diakui dalam laba Exchange differences on monetary items are
rugi pada periode saat terjadinya kecuali untuk recognized in profit or loss in the period in which
selisih kurs atas transaksi yang ditetapkan untuk they arise except for exchange differences on
tujuan lindung nilai risiko valuta asing tertentu transaction entered into in order to hedge certain
(lihat Catatan 3.g dibawah ini untuk kebijakan foreign currency risks (see Note 3.g below for
akuntansi lindung nilai). hedge accounting policies).
e. Instrumen Keuangan e. Financial Instruments
Aset keuangan dan liabilitas keuangan diakui Financial assets and financial liabilities are
pada laporan posisi keuangan pada saat recognized on the statement of financial position
Perusahaan menjadi salah satu pihak dalam when the Company becomes a party to the
ketentuan kontraktual instrumen tersebut. contractual provisions of the instrument.
Aset keuangan dan liabilitas keuangan pada Financial assets and financial liabilities are initially
awalnya diukur pada nilai wajar. Biaya transaksi measured at fair value. Transaction costs that are
yang terkait langsung dengan perolehan atau directly attributable to the acquisition or issue of
penerbitan aset keuangan dan liabilitas financial assets and financial liabilities are added
keuangan ditambahkan atau dikurangkan dari to or deducted from the fair value of the financial
nilai wajar aset keuangan dan liabilitas assets and financial liabilities, as appropriate, on
keuangan, jika diperlukan, pada pengakuan initial recognition. Transaction costs directly
awal. Biaya transaksi yang dapat diatribusikan attributable to the acquisition of financial assets or
secara langsung dengan perolehan aset financial liabilities at fair value through profit or
keuangan dan liabilitas keuangan pada nilai loss are recognized immediately in profit or loss.
wajar melalui laba rugi diakui langsung pada laba
rugi.
Semua pembelian atau penjualan reguler aset All regular way purchases or sales of financial
keuangan diakui dan dihentikan pengakuannya assets are recognized and derecognized on a
berdasarkan tanggal perdagangan. Pembelian trade date basis. Regular way purchases or sales
atau penjualan reguler adalah pembelian atau are purchases or sales of financial assets that
penjualan aset keuangan yang memerlukan require delivery of assets within the time frame
penyerahan aset dalam jangka waktu yang established by regulation or convention in the
ditetapkan oleh peraturan atau konvensi di marketplace.
pasar.
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CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Semua aset keuangan yang diakui selanjutnya All recognized financial assets are measured
diukur secara keseluruhan pada biaya perolehan subsequently in their entirety at either amortized
yang diamortisasi atau nilai wajar, tergantung cost or fair value, depending on the classification
pada klasifikasi aset keuangan tersebut. of the financial assets.
Klasifikasi aset keuangan Classification of financial assets
Perusahaan mengukur aset keuangan pada The Company measures financial assets at
biaya perolehan diamortisasi jika kedua kondisi amortized cost if both of the following conditions
berikut ini terpenuhi: are met:
· aset keuangan dikelola dalam model bisnis · the financial asset is held within a business
yang bertujuan untuk memiliki aset model whose objective is to hold financial
keuangan dalam rangka mendapatkan arus assets in order to collect contractual cash
kas kontraktual; dan flows; and
· persyaratan kontraktual dari aset keuangan · The contractual terms of the financial asset
menghasilkan arus kas pada tanggal give rise on specified dates to cash flows that
tertentu yang semata dari pembayaran are solely payments of principal and interest
pokok dan bunga (“SPPI”) dari jumlah pokok (“SPPI”) on the principal amount outstanding.
terutang.
Aset keuangan diukur pada nilai wajar melalui Financial assets that meet the following conditions
penghasilan komprehensif lain (“FVTOCI”), jika are subsequently measured at fair value through
memenuhi kedua kondisi berikut ini: other comprehensive income (“FVTOCI”):
· aset keuangan yang dimiliki dalam model · the financial asset is held within a business
bisnis yang tujuannya dicapai dengan model whose objective is achieved by both
mendapatkan baik arus kas kontraktual collecting contractual cash flows and selling
maupun menjual aset keuangan; dan the financial assets; and
· persyaratan kontraktual dari aset keuangan · the contractual terms of the financial asset
menghasilkan arus kas pada tanggal tertentu give rise on specified dates to cash flows that
yang semata-mata dari pembayaran pokok are solely payments of principal and interest
dan bunga dari jumlah pokok terutang. on the principal amount outstanding.
Seluruh aset keuangan lain selanjutnya diukur By default, all other financial assets are
pada nilai wajar melalui laba rugi (“FVTPL”). subsequently measured at fair value through
profit or loss (“FVTPL”).
Meskipun telah disebutkan sebelumnya, Despite the foregoing, the Company may make
Perusahaan dapat menetapkan pilihan tak the following irrevocable election/designation at
terbatalkan pada saat pengakuan awal aset initial recognition of a financial asset:
keuangan sebagai berikut:
· menyajikan perubahan selanjutnya nilai · irrevocably elect to present subsequent
wajar investasi pada instrumen ekuitas changes in fair value of an equity investment
dalam penghasilan komprehensif lain jika in other comprehensive income if certain
kriteria tertentu dipenuhi (lihat di bawah); dan criteria are met (see below); and
· menetapkan aset keuangan yang memenuhi · irrevocably designate a debt investment that
kriteria biaya perolehan diamortisasi atau meets the amortized cost or FVTOCI criteria
FVTOCI sebagai diukur pada FVTPL, jika as measured at FVTPL if doing so eliminates
penetapan itu mengeliminasi atau or significantly reduces an accounting
mengurangi secara signifikan inkonsistensi mismatch (see below).
pengukuran dan pengakuan (accounting
mismatch) (lihat di bawah).
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UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Biaya perolehan diamortisasi dan metode suku Amortized cost and effective interest method
bunga efektif
Metode suku bunga efektif adalah metode untuk The effective interest method is a method of
menghitung biaya perolehan diamortisasi dari calculating the amortized cost of a debt
instrumen utang dan mengalokasikan instrument and of allocating interest income over
pendapatan bunga selama periode yang relevan. the relevant period.
Untuk instrumen keuangan selain yang dibeli atau For financial instruments other than purchased or
yang berasal dari aset keuangan memburuk, suku originated credit-impaired financial assets, the
bunga efektif adalah tingkat suku bunga yang effective interest rate is the rate that exactly
secara tepat mendiskontokan estimasi discounts estimated future cash receipts
penerimaan kas masa depan (termasuk semua (including all fees and points paid or received that
biaya dan poin yang dibayarkan atau diterima form an integral part of the effective interest rate,
merupakan bagian yang tidak terpisahkan dari transaction costs and other premiums or
suku bunga efektif, biaya transaksi dan premi atau discounts) excluding expected credit losses,
diskon lainnya) tidak termasuk kerugian kredit through the expected life of the debt instrument,
ekspektasian, melalui umur ekspektasian dari or, where appropriate, a shorter period, to the
instrumen utang, atau, jika sesuai, periode yang gross carrying amount of the debt instrument on
lebih pendek, ke jumlah tercatat bruto instrumen initial recognition. For purchased or originated
utang pada pengakuan awal. Untuk aset credit-impaired financial assets, a credit-adjusted
keuangan yang dibeli atau yang berasal dari aset effective interest rate is calculated by discounting
keuangan memburuk, suku bunga efektif yang the estimated future cash flows, including
disesuaikan dengan risiko kredit dihitung dengan expected credit losses, to the amortized cost of
mendiskontokan estimasi arus kas masa depan, the debt instrument on initial recognition.
termasuk estimasi kerugian kredit, ke biaya
perolehan diamortisasi instrumen utang pada
pengakuan awal.
Biaya perolehan diamortisasi dari aset keuangan The amortized cost of a financial asset is the
adalah nilai aset keuangan yang diukur pada saat amount at which the financial asset is measured
pengakuan awal dikurangi pembayaran pokok, at initial recognition minus the principal
ditambah amortisasi kumulatif menggunakan repayments, plus the cumulative amortisation
metode suku bunga efektif dari selisih antara nilai using the effective interest method of any
awal dan nilai jatuh temponya, disesuaikan difference between that initial amount and the
dengan penyisihan kerugiannya. Di sisi lain, maturity amount, adjusted for any loss allowance.
jumlah tercatat bruto aset keuangan adalah biaya The gross carrying amount of a financial asset is
perolehan diamortisasi dari aset keuangan, the amortized cost of a financial asset before
sebelum disesuaikan dengan penyisihan adjusting for any loss allowance.
kerugian.
Bunga diakui dengan menggunakan metode suku Interest income is recognized using the effective
bunga efektif untuk instrumen utang yang diukur interest method for debt instruments measured
selanjutnya pada biaya perolehan diamortisasi subsequently at amortized cost and at FVTOCI.
dan pada FVTOCI. Untuk instrumen keuangan For financial instruments other than purchased or
lain, kecuali aset keuangan yang dibeli atau originated credit-impaired financial assets,
berasal dari aset keuangan memburuk, interest income is calculated by applying the
pendapatan bunga dihitung dengan menerapkan effective interest rate to the gross carrying amount
suku bunga efektif terhadap jumlah tercatat bruto of a financial asset, except for financial assets that
aset keuangan, kecuali aset keuangan yang have subsequently become credit-impaired. For
kemudian mengalami penurunan nilai kredit. financial assets that have subsequently become
Untuk aset keuangan yang berasal dari aset credit-impaired, interest income is recognized by
keuangan memburuk, pendapatan bunga diakui applying the effective interest rate to the
dengan menerapkan suku bunga efektif terhadap amortized cost of the financial asset. If, in
biaya perolehan diamortisasi dari aset keuangan subsequent reporting periods, the credit risk on
tersebut. Jika pada periode pelaporan keuangan the credit-impaired financial instrument improves
selanjutnya, risiko kredit aset keuangan tersebut so that the financial asset is no longer credit-
membaik sehingga aset keuangan tidak lagi impaired, interest income is recognized by
mengalami penurunan nilai kredit, maka applying the effective interest rate to the gross
pendapatan bunga diakui dengan menerapkan carrying amount of the financial asset.
suku bunga efektif terhadap jumlah tercatat bruto
aset keuangan.
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UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Untuk aset keuangan yang dibeli atau berasal dari For purchased or originated credit-impaired
aset keuangan memburuk, Perusahaan financial assets, the Company recognizes interest
mengakui pendapatan bunga dengan income by applying the credit-adjusted effective
menerapkan suku bunga efektif yang disesuaikan interest rate to the amortized cost of the financial
dengan risiko kredit atas biaya perolehan asset from initial recognition. The calculation does
diamortisasi dari aset keuangan sejak pengakuan not revert to the gross basis even if the credit risk
awal. Perhitungan tidak kembali ke basis bruto of the financial asset subsequently improves so
bahkan jika risiko kredit dari aset keuangan that the financial asset is no longer
selanjutnya membaik sehingga aset keuangan credit-impaired.
tidak lagi mengalami penurunan kredit.
Pendapatan bunga diakui dalam laba rugi dan Interest income is recognized in profit or loss and
dimasukkan dalam pos “Pendapatan is included in the "Financing income" line item.
pembiayaan”.
Keuntungan dan kerugian kurs mata uang asing Foreign exchange gains and losses
Jumlah tercatat aset keuangan dalam mata uang The carrying amount of financial assets that are
asing ditentukan dalam mata uang tersebut dan denominated in a foreign currency is determined
dijabarkan dengan menggunakan kurs spot pada in that foreign currency and translated at the spot
setiap tanggal pelaporan. Secara spesifik untuk rate at the end of each reporting period.
aset keuangan diukur pada biaya perolehan Specifically for financial assets measured at
diamortisasi yang bukan merupakan bagian dari amortized cost that are not part of a designated
hubungan lindung nilai ditetapkan, selisih kurs hedging relationship, exchange differences are
diakui dalam laba rugi. recognized in profit or loss.
Penurunan nilai aset keuangan Impairment of financial assets
Perusahaan mengakui penyisihan kerugian atas The Company recognizes a loss allowance for
kerugian kredit ekspektasian (“ECL”) dari piutang expected credit losses (“ECL”) on financing
pembiayaan dan piutang lain-lain yang diukur receivables and other accounts receivables that
pada biaya perolehan diamortisasi. Nilai kerugian are mealsured at amortized cost. The amount of
kredit ekspektasian diperbarui pada tanggal expected credit losses is updated at each
pelaporan untuk mencerminkan perubahan risiko reporting date to reflect changes in credit risk
kredit sejak pengakuan awal masing-masing since initial recognition of the respective financial
instrumen keuangan. instrument.
Perusahaan mengakui ECL sepanjang umur The Company recognizes lifetime ECL when
ketika telah ada peningkatan risiko kredit yang there has been a significant increase in credit risk
signifikan sejak pengakuan awal. Jika, since initial recognition. If, on the other hand, the
sebaliknya, risiko kredit pada instrumen credit risk on the financial instrument has not
keuangan tidak meningkat secara signifikan sejak increased significantly since initial recognition, the
pengakuan awal, Perusahaan mengukur Company measures the loss allowance for that
penyisihan kerugian untuk instrumen keuangan financial instrument at an amount equal to 12-
tersebut sejumlah ECL 12 bulan. Penilaian month ECL. The assessment of whether lifetime
apakah ECL sepanjang umur harus diakui ECL should be recognized is based on significant
didasarkan pada peningkatan signifikan dalam increases in the likelihood or risk of a default
kemungkinan terjadinya atau pada risiko gagal occurring since initial recognition instead of on
bayar sejak pengakuan awal dan bukan evidence of a financial asset being credit impaired
didasarkan pada bukti aset keuangan yang at the reporting date or an actual default
mengalami kerugian kredit pada tanggal occurring.
pelaporan atau kejadian gagal bayar sebenarnya.
Kerugian kredit ekspektasian sepanjang umur Lifetime ECL represents the expected credit
merupakan kerugian kredit ekspektasian yang losses that will result from all possible default
timbul dari seluruh kemungkinan peristiwa gagal events over the expected life of a financial
bayar selama perkiraan umur instrumen instrument. In contrast, 12-month ECL represents
keuangan. Sebaliknya, ECL 12 bulan mewakili the portion of lifetime ECL that is expected to
porsi ECL sepanjang umur yang timbul dari result from default events on a financial
peristiwa gagal bayar pada instrumen keuangan instrument that are possible within 12 months
yang mungkin terjadi dalam 12 bulan setelah after the reporting date.
tanggal pelaporan.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Peningkatan risiko kredit secara signifikan Significant increase in credit risk
Dalam menilai apakah risiko kredit pada In assessing whether the credit risk on a financial
instrumen keuangan telah meningkat secara instrument has increased significantly since initial
signifikan sejak pengakuan awal, Perusahaan recognition, the Company compares the risk of a
membandingkan risiko gagal bayar yang terjadi default occurring on the financial instrument as at
pada instrumen keuangan pada tanggal the reporting date with the risk of a default
pelaporan dengan risiko gagal bayar yang terjadi occurring on the financial instrument as at the
pada instrumen keuangan pada tanggal date of initial recognition. In making this
pengakuan awal. Dalam melakukan penilaian, assessment, the Company considers both
Perusahaan mempertimbangkan baik informasi quantitative and qualitative information that is
kuantitatif maupun kualitatif yang wajar dan reasonable and supportable, including historical
medukung, termasuk pengalaman historis dan experience and forward-looking information that is
informasi bersifat perkiraan masa depan, yang available without undue cost or effort. Forward-
tersedia tanpa biaya atau upaya berlebihan. looking information considered includes the future
Informasi masa depan yang dipertimbangkan prospects of the industries in which the
mencakup prospek masa depan industri di mana Company’s debtors operate, obtained from
debitur Perusahaan beroperasi, yang diperoleh economic expert reports, financial analysts,
dari laporan ahli ekonomi, analis keuangan, governmental bodies, relevant think-tanks and
badan pemerintah, lembaga terkait, dan other similar organizations, as well as
organisasi serupa lainnya, serta pertimbangan consideration of various external sources of
berbagai sumber eksternal aktual dan prakiraan actual and forecast economic information that
informasi ekonomi yang terkait dengan operasi relate to the Company’s core operations.
inti Perusahaan.
Secara khusus, informasi berikut diperhitungkan In particular, the following information is taken into
ketika menilai apakah risiko kredit telah meningkat account when assessing whether credit risk has
secara signifikan sejak pengakuan awal: increased significantly since initial recognition:
· memburuknya kondisi usaha, keuangan atau · existing or forecast adverse changes in
ekonomi yang terjadi saat ini atau prakiraan business, financial or economic conditions
yang akan menyebabkan penurunan that are expected to cause a significant
signifikan atas kemampuan peminjam untuk decrease in the debtor’s ability to meet its
menyelesaikan kewajiban utangnya; debt obligations;
· terdapat penurunan yang signifikan terhadap · an actual or expected significant deterioration
hasil operasi peminjam, baik secara aktual in the operating results of the debtor;
atau yang diperkirakan akan terjadi;
Terlepas dari hasil penilaian di atas, Perusahaan Irrespective of the outcome of the above
membuat praduga risiko kredit aset keuangan assessment, the Company presumes that the
telah meningkat signifikan sejak pengakuan awal credit risk on a financial asset has increased
ketika pembayaran kontraktual tertunggak lebih significantly since initial recognition when
dari 30 hari, kecuali jika Perusahaan memiliki contractual payments are more than 30 days past
informasi yang wajar dan terdukung yang due, unless the Company has reasonable and
menunjukkan hal sebaliknya. supportable information that demonstrates
otherwise.
Meskipun demikian, Perusahaan mengasumsikan Despite the foregoing, the Company assumes that
bahwa risiko kredit pada instrumen keuangan the credit risk on a financial instrument has not
tidak meningkat secara signifikan sejak increased significantly since initial recognition if
pengakuan awal jika instrumen keuangan the financial instrument is determined to have low
tersebut ditetapkan memiliki risiko kredit yang credit risk at the reporting date. A financial
rendah pada tanggal pelaporan. Instrumen instrument is determined to have low credit risk if:
keuangan bertekad memiliki risiko kredit rendah
jika:
1. instrumen keuangan memiliki risiko gagal 1. the financial instrument has a low risk of
bayar yang rendah; default;
2. debitur memiliki kapasitas yang kuat untuk 2. the debtor has a strong capacity to meet its
memenuhi kewajiban arus kas kontraktualnya contractual cash flow obligations in the near
dalam waktu dekat; dan term; and
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3. memburuknya kondisi ekonomi dan bisnis 3. adverse changes in economic and business
dalam jangka panjang dapat, tetapi tidak conditions in the longer term may, but will not
selalu, menurunkan kemampuan peminjam necessarily, reduce the ability of the borrower
untuk memenuhi kewajiban arus kas to fulfil its contractual cash flow obligations.
kontraktualnya.
Perusahaan menganggap aset keuangan The Company considers a financial asset to have
memiliki risiko kredit rendah ketika aset memiliki low credit risk when the asset has external credit
peringkat kredit eksternal 'investment grade' rating of ‘investment grade’ in accordance with the
sesuai dengan definisi yang dipahami secara globally understood definition or if an external
global atau jika peringkat eksternal tidak tersedia, rating is not available, the asset has an internal
aset tersebut memiliki peringkat internal rating of ‘performing’. Performing means that the
'performing'. Performing berarti bahwa rekanan counterparty has a strong financial position and
memiliki posisi keuangan yang kuat dan tidak ada there is no past due amounts.
jumlah yang tertunggak.
Perusahaan secara teratur memantau efektivitas The Company regularly monitors the
kriteria yang digunakan untuk mengidentifikasi effectiveness of the criteria used to identify
apakah telah terjadi peningkatan risiko kredit yang whether there has been a significant increase in
signifikan dan merevisinya jika perlu untuk credit risk and revises them as appropriate to
memastikan bahwa kriteria tersebut mampu ensure that the criteria are capable of identifying
mengidentifikasi peningkatan risiko kredit yang significant increase in credit risk before the
signifikan sebelum jumlahnya jatuh tempo. amount becomes past due.
Definisi gagal bayar Definition of default
Perusahaan menganggap hal-hal berikut ini The Company considers the following as
merupakan peristiwa gagal bayar untuk tujuan constituting an event of default for internal credit
manajemen risiko kredit internal karena risk management purposes as historical
pengalaman historis menunjukkan bahwa aset experience indicates that financial assets that
keuangan yang memenuhi salah satu kriteria meet either of the following criteria are generally
berikut umumnya tidak dapat dipulihkan: not recoverable:
· ketika terdapat pelanggaran persyaratan · when there is a breach of financial covenants
keuangan oleh debitur; atau by the debtor; or.
· Informasi yang dikembangkan secara internal · Information developed internally or obtained
atau diperoleh dari sumber eksternal from external sources indicates that the
menunjukkan bahwa debitur kemungkinan debtor is unlikely to pay its creditors, including
tidak akan membayar kreditornya, termasuk the Company, in full (without taking into
Perusahaan, secara penuh (tanpa account any collateral held by the Company).
memperhitungkan jaminan yang dimiliki oleh
Perusahaan).
Terlepas dari analisis di atas, Perusahaan Irrespective of the above analysis, the Company
menganggap bahwa gagal bayar telah terjadi considers that default has occurred when a
ketika aset keuangan tertunggak lebih dari 90 hari financial asset is more than 90 days past due
kecuali jika Perusahaan memiliki informasi yang unless the Company has reasonable and
wajar dan terdukung untuk menunjukkan bahwa supportable information to demonstrate that a
kriteria yang lebih panjang lebih tepat. more lagging default criterion is more appropriate.
Aset keuangan memburuk Credit-impaired financial assets
Aset keuangan mengalami penurunan nilai kredit A financial asset is credit-impaired when one or
ketika satu atau lebih peristiwa yang memiliki more events that have a detrimental impact on the
dampak buruk pada estimasi arus kas masa estimated future cash flows of that financial asset
depan dari aset keuangan tersebut telah terjadi. have occurred. Evidence that a financial asset is
Bukti bahwa aset keuangan mengalami credit-impaired includes observable data about
penurunan nilai termasuk data yang dapat the following events:
diobservasi tentang peristiwa berikut:
· kesulitan keuangan signifikan yang dialami · significant financial difficulty of the issuer or
penerbit atau peminjam; the borrower;
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· pelanggaran kontrak, seperti peristiwa gagal · a breach of contract, such as a default or past
bayar atau tunggakan; due event;
· pihak pemberi pinjaman, untuk alasan · the lender(s) of the borrower, for economic or
ekonomik atau kontraktual sehubungan contractual reasons relating to the borrower’s
dengan kesulitan keuangan yang dialami financial difficulty, having granted to the
pihak peminjam, telah memberikan konsesi borrower a concession(s) that the lender(s)
pada pihak peminjam yang tidak mungkin would not otherwise consider;
diberikan jika pihak peminjam tidak
mengalami kesulitan tersebut;
· terjadi kemungkinan bahwa pihak peminjam · it is becoming probable that the borrower will
akan dinyatakan pailit atau melakukan enter bankruptcy or other financial
reorganisasi keuangan lainnya; reorganization;
· hilangnya pasar aktif untuk aset keuangan itu · the disappearance of an active market for that
akibat kesulitan keuangan; atau financial asset because of financial
difficulties; or
· pembelian atau penerbitan aset keuangan · the purchase or origination of a financial
dengan diskon sangat besar yang asset at a deep discount that reflects the
mencerminkan kerugian kredit yang terjadi. incurred credit losses.
Kebijakan penghapusan Write-off policy
Perusahaan menghapuskan aset keuangan The Company writes off a financial asset when
ketika ada informasi yang menunjukkan bahwa there is information indicating that the
pihak lawan berada dalam kesulitan keuangan counterparty is in severe financial difficulty and
yang buruk dan tidak ada prospek pemulihan there is no realistic prospect of recovery, e.g.
yang realistis, contoh ketika pihak lawan dalam when the counterparty has been placed under
proses likuidasi atau telah memasuki proses liquidation or has entered into bankruptcy
kebangkrutan, atau untuk hal piutang proceedings, or in the case of financing
pembiayaan, ketika jumlahnya sudah lebih dari receivables, when the amounts are over 180 days
180 hari tertunggak, mana yang terjadi lebih dulu. past due, whichever occurs sooner. Financial
Aset keuangan yang dihapuskan dapat assets written off may still be subject to
menjadi subjek aktivitas paksaan dalam enforcement activities under the Company’s
prosedur pemulihan Perusahaan, dengan recovery procedures, taking into account legal
mempertimbangkan nasihat hukum yang sesuai. advice where appropriate. Any recoveries made
Setiap pemulihan yang terjadi diakui dalam laba are recognized in profit or loss.
rugi.
Pengukuran dan pengakuan atas kerugian kredit Measurement and recognition of expected credit
ekspektasian losses
Pengukuran kerugian kredit ekspektasian The measurement of expected credit losses is a
merupakan fungsi dari probability of default, loss function of the probability of default, loss given
given default (yaitu besarnya kerugian jika terjadi default (i.e. the magnitude of the loss if there is a
gagal bayar) dan eksposur pada gagal bayar. default) and the exposure at default. The
Penilaian probability of default dan loss given assessment of the probability of default and loss
default berdasarkan data historis yang given default is based on historical data adjusted
disesuaikan dengan informasi masa depan by forward-looking information as described
seperti dijelaskan di atas. Adapun eksposur atas above. As for the exposure at default, for financial
gagal bayar, untuk aset keuangan, diwakili oleh assets, this is represented by the assets’ gross
nilai tercatat bruto aset pada tanggal pelaporan; carrying amount at the reporting date; for financial
untuk kontrak jaminan keuangan, eksposur guarantee contracts, the exposure includes the
mencakup jumlah yang ditarik pada tanggal amount drawn down as at the reporting date,
pelaporan, ditambah dengan jumlah yang together with any additional amounts expected to
diperkirakan akan ditarik di masa depan sebelum be drawn down in the future by default date
tanggal gagal bayar yang ditentukan berdasarkan determined based on historical trend, the
tren historis, pemahaman Perusahaan mengenai Company’s understanding of the specific future
kebutuhan pembiayaan masa depan yang financing needs of the debtors, and other relevant
spesifik dari debiturnya, dan informasi perkiraan forward-looking information.
masa depan lainnya yang relevan.
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31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Untuk aset keuangan, kerugian kredit For financial assets, the expected credit loss is
ekspektasian diestimasi sebagai selisih antara estimated as the difference between all
seluruh arus kas kontraktual yang jatuh tempo contractual cash flows that are due to the
kepada Perusahaan sesuai dengan kontrak dan Company in accordance with the contract and all
seluruh arus kas yang diekspektasi akan diterima the cash flows that the Company expects to
oleh Perusahaan, didiskontokan pada suku bunga receive, discounted at the original effective
efektif awal. Untuk piutang sewa, arus kas yang interest rate. For a lease receivable, the cash
digunakan untuk menentukan kerugian kredit flows used for determining the expected credit
ekspektasian konsisten dengan arus kas yang losses is consistent with the cash flows used in
digunakan dalam mengukur piutang sewa measuring the lease receivable in accordance
berdasarkan PSAK 73. with PSAK 73.
Apabila kerugian kredit ekspektasian sepanjang Where lifetime ECL is measured on a collective
umur diukur secara kolektif untuk kasus dimana basis to cater for cases where evidence of
bukti kenaikan signifikan risiko kredit pada level significant increases in credit risk at the individual
instrumen invidual tidak tersedia, instrumen instrument level may not yet be available, the
keuangan dikelompokkan dengan dasar sebagai financial instruments are grouped on the following
berikut: basis:
· Sifat instrumen keuangan (yaitu piutang lain- · Nature of financial instruments (i.e. other
lain dan piutang pembiayaan) masing-masing receivables and financing receivables are
dinilai sebagai grup terpisah; each assessed as a separate group;
· Status jatuh tempo; · Past-due status;
· Sifat, besaran dan jenis industri debitur; · Nature, size and industry of debtors;
· Sifat jaminan untuk piutang pembiayaan; dan · Nature of collaterals for financing
receivables; and
· Peringkat kredit eksternal jika tersedia. · External credit ratings where available.
Pengelompokan ditelaah secara teratur oleh The grouping is regularly reviewed by
manajemen untuk memastikan setiap kelompok management to ensure the constituents of each
mempunyai karakteristik risiko yang sama. group continue to share similar credit risk
characteristics.
Jika Perusahaan telah mengukur cadangan If the Company has measured the loss allowance
kerugian untuk instrumen keuangan sebesar ECL for a financial instrument at an amount equal to
sepanjang umurnya pada periode pelaporan lifetime ECL in the previous reporting period, but
sebelumnya, tetapi menentukan pada tanggal determines at the current reporting date that the
pelaporan kini bahwa kondisi untuk ECL conditions for lifetime ECL are no longer met, the
sepanjang umurnya tidak lagi terpenuhi, Company measures the loss allowance at an
Perusahaan mengukur cadangan kerugian amount equal to 12-month ECL at the current
sejumlah ECL 12 bulan pada tanggal pelaporan reporting date, except for assets for which the
kini, kecuali untuk aset yang menggunakan simplified approach was used
pendekatan yang disederhanakan.
Perusahaan mengakui keuntungan atau kerugian The Company recognizes an impairment gain or
penurunan nilai dalam laba rugi untuk semua loss in profit or loss for all financial instruments
instrumen keuangan dengan penyesuaian terkait with a corresponding adjustment to their carrying
ke jumlah tercatat melalui akun cadangan amount through a loss allowance account, except
kerugian, kecuali untuk investasi pada instrumen for investments in debt instruments that are
utang yang diukur pada FVTOCI, dimana measured at FVTOCI, for which the loss
penyisihan kerugian diakui dalam penghasilan allowance is recognized in other comprehensive
komprehensif lain dan diakumulasi dalam income and accumulated in the investment
cadangan revaluasi investasi, dan tidak revaluation reserve, and does not reduce the
mengurangi nilai tercatat aset keuangan pada carrying amount of the financial asset in the
laporan posisi keuangan. statement of financial position.
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31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Penghentian pengakuan aset keuangan Derecognition of financial assets
Perusahaan menghentikan pengakuan aset The Company derecognizes a financial asset only
keuangan jika dan hanya jika hak kontraktual atas when the contractual rights to the cash flows from
arus kas yang berasal dari aset keuangan the asset expire, or it transfers the financial asset
berakhir, atau Perusahaan mentransfer aset and substantially all the risks and rewards of
keuangan dan secara substansial mentransfer ownership of the asset to another entity. If the
seluruh risiko dan manfaat atas kepemilikan aset Company neither transfers nor retains
kepada entitas lain. Jika Perusahaan tidak substantially all the risks and rewards of
mentransfer serta tidak memiliki secara ownership and continues to control the
substansial seluruh risiko dan manfaat transferred asset, the Company recognizes its
kepemilikan serta masih mengendalikan asset retained interest in the asset and an associated
yang ditransfer, maka Perusahaan mengakui liability for amounts it may have to pay. If the
keterlibatan berkelanjutan atas aset yang Company retains substantially all the risks and
ditransfer dan liabilitas terkait sebesar jumlah rewards of ownership of a transferred financial
yang mungkin harus dibayar. Jika Perusahaan asset, the Company continues to recognize the
memiliki secara substansial seluruh risiko dan financial asset and also recognizes a
manfaat kepemilikan aset keuangan yang collateralized borrowing for the proceeds
ditransfer, Perusahaan masih mengakui asset received.
keuangan dan juga mengakui pinjaman yang
dijamin sebesar pinjaman yang diterima.
Pada penghentian pengkuan aset keuangan yang On derecognition of a financial asset measured at
diukur pada biaya perolehan diamortisasi, amortized cost, the difference between the
perbedaan antara nilai tercatat aset dan jumlah asset’s carrying amount and the sum of the
imbalan yang diterima dan piutang diakui dalam consideration received and receivable is
laba rugi. Selain itu, pada penghentian pengakuan recognized in profit or loss. In addition, on
investasi dalam instrumen utang yang derecognition of an investment in a debt
diklasifikasikan sebagai FVTOCI, keuntungan instrument classified as at FVTOCI, the
atau kerugian kumulatif yang sebelumnya cumulative gain or loss previously accumulated in
diakumulasi dalam cadangan revaluasi investasi, the investment revaluation reserve is reclassified
direklasifikasi ke laba rugi. Sebaliknya, pada to profit or loss. In contrast, on derecognition of an
penghentian pengakuan investasi dalam investment in an equity instrument which the
instrumen ekuitas yang telah dipilih Perusahaan Company has elected on initial recognition to
pada pengakuan awal untuk diukur di FVTOCI, measure at FVTOCI, the cumulative gain or loss
keuntungan atau kerugian kumulatif yang previously accumulated in the investment
sebelumnya diakumulasi dalam cadangan revaluation reserve is not reclassified to profit or
revaluasi investasi tidak direklasifikasi ke laba loss, but is transferred to retained earnings.
rugi, tetapi dipindahkan ke saldo laba.
Liabilitas Keuangan dan Instrumen Ekuitas Financial Liabilities and Equity Instruments
Klasifikasi sebagai liabilitias atau ekuitas Classification as debt or equity
Instrumen utang dan ekuitas yang diterbitkan oleh Debt and equity instruments issued by the
Perusahaan diklasifikasi sebagai liabilitas Company are classified as financial liabilities or
keuangan atau ekuitas sesuai dengan substansi equity according to the substance of the
perjanjian kontraktual dan definisi liabilitas contractual arrangements entered into and the
keuangan dan instrumen ekuitas. definitions of a financial liability and an equity
instrument.
Instrumen ekuitas Equity instruments
Instrumen ekuitas adalah setiap kontrak yang An equity instrument is any contract that
memberikan hak residual atas aset Perusahaan evidences a residual interest in the assets of an
setelah dikurangi dengan seluruh liabilitasnya. entity after deducting all of its liabilities. Equity
Instrumen ekuitas yang diterbitkan oleh instruments issued by the Company are recorded
Perusahaan dicatat sebesar hasil penerimaan at the proceeds received, net of direct issue costs.
bersih setelah dikurangi biaya penerbitan
langsung.
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31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Liabilitas keuangan Financial liabilities
Liabilitas keuangan diklasifikasikan sebagai Financial liabilities are classified as either financial
FVTPL atau pada biaya perolehan diamortisasi. liabilities “at FVTPL” or “at amortized cost”.
Namun, liabilitas keuangan yang timbul ketika However, financial liabilities that arise when a
pengalihan aset keuangan tidak memenuhi syarat transfer of a financial asset does not qualify for
untuk penghentian pengakuan atau ketika derecognition or when the continuing involvement
pendekatan keterlibatan berkelanjutan approach applies, financial guarantee contracts
diterapkan, kontrak jaminan keuangan yang issued by the Company, and commitments issued
diterbitkan oleh Perusahaan, dan komitmen yang by the Company to provide a loan at below-market
diterbitkan oleh Perusahaan untuk memberikan interest rate are measured in accordance with the
pinjaman dengan tingkat bunga di bawah pasar specific accounting policies set out below.
diukur sesuai dengan kebijakan akuntansi spesifik
yang diungkapkan di bawah ini.
Liabilitas keuangan pada biaya perolehan Financial liabilities at amortized cost
diamortisasi
Liabilitas keuangan yang bukan merupakan Financial liabilities that are not 1) contingent
1) imbalan kontinjen dari pihak pengakuisisi consideration of an acquirer in a business
dalam kombinasi bisnis, 2) dimiliki untuk combination, 2) held-for-trading, or 3) designated
diperdagangkan, atau 3) ditetapkan sebagai as at FVTPL, are subsequently measured at
FVTPL, selanjutnya diukur pada biaya perolehan amortized cost using the effective interest
diamortisasi dengan menggunakan metode suku method.
bunga efektif.
Metode suku bunga efektif Effective interest method
Metode suku bunga efektif adalah metode yang The effective interest method is a method of
digunakan untuk menghitung biaya perolehan calculating the amortized cost of a financial
diamortisasi dari liabilitas keuangan dan metode liability and of allocating interest expense over the
untuk mengalokasikan biaya bunga selama relevant period. The effective interest rate is the
periode yang relevan. Suku bunga efektif adalah rate that exactly discounts estimated future cash
suku bunga yang secara tepat mendiskontokan payments (including all fees and points paid or
estimasi pembayaran kas masa depan (mencakup received that form an integral part of the effective
seluruh komisi dan bentuk lain yang dibayarkan interest rate, transaction costs and other
dan diterima yang merupakan bagian yang tak premiums or discounts) through the expected life
terpisahkan dari suku bunga efektif, biaya transaksi of the financial liability, or (where appropriate) a
dan premium dan diskonto lainnya) selama shorter period to the net carrying amount on initial
perkiraan umur liabilitas keuangan, atau (jika lebih recognition.
tepat) digunakan periode yang lebih singkat untuk
memperoleh nilai tercatat bersih pada saat
pengakuan awal.
Keuntungan dan kerugian kurs mata uang asing Foreign exchange gains and losses
Untuk liabilitas keuangan dalam mata uang asing For financial liabilities that are denominated in a
dan diukur pada biaya perolehan diamortisasi foreign currency and are measured at amortized
pada setiap tanggal pelaporan, keuntungan atau cost as at each reporting date, the foreign
kerugian kurs mata uang asing ditentukan exchange gains and losses are determined based
berdasarkan biaya perolehan diamortisasi dari on the amortized cost of the instruments. These
instrumen. Keuntungan atau kerugian kurs mata foreign exchange gains and losses are
uang asing diakui dalam laba rugi untuk liabilitas recognized in profit or loss for financial liabilities
keuangan yang tidak merupakan bagian dari that are not part of a designated hedging
hubungan lindung nilai ditetapkan. Untuk yang relationship. For those which are designated as a
ditetapkan sebagai instrumen lindung nilai untuk hedging instrument for a hedge of foreign
lindung nilai atas risiko mata uang asing, currency risk, foreign exchange gains and losses
keuntungan dan kerugian selisih kurs diakui are recognized in other comprehensive income
dalam penghasilan komprehensif lain dan and accumulated in a separate component of
diakumulasikan dalam komponen ekuitas yang equity.
terpisah.
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31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Nilai wajar liabilitas keuangan dalam mata uang The fair value of financial liabilities denominated
asing ditentukan dalam mata uang asing tersebut in a foreign currency is determined in that foreign
dan dijabarkan pada kurs yang berlaku pada akhir currency and translated at the spot rate at the end
periode pelaporan. Untuk liabilitas keuangan yang of the reporting period. For financial liabilities that
diukur pada FVTPL, komponen nilai tukar mata are measured as at FVTPL, the foreign exchange
uang asing merupakan bagian dari keuntungan component forms part of the fair value gains or
atau kerugian nilai wajar dan diakui dalam laba losses and is recognized in profit or loss for
rugi untuk liabilitas keuangan yang tidak financial liabilities that are not part of a designated
merupakan bagian dari hubungan lindung nilai hedging relationship.
ditetapkan.
Penghentian pengakuan liabilitas keuangan Derecognition of financial liabilities
Perusahaan menghentikan pengakuan liabilitas The Company derecognizes financial liabilities
keuangan, jika dan hanya jika, liabilitas when, and only when, the Company’s obligations
Perusahaan telah dilepaskan, dibatalkan atau are discharged, cancelled or have expired. The
kadaluarsa. Selisih antara jumlah tercatat liabilitas difference between the carrying amount of the
keuangan yang dihentikan pengakuannya dan financial liability derecognized and the
imbalan yang dibayarkan dan utang diakui dalam consideration paid and payable is recognized in
laba rugi. profit or loss.
Ketika Perusahaan bertukar dengan pemberi When the Company exchanges with the existing
pinjaman, satu instrumen utang menjadi lender one debt instrument into another one with
instrumen lain dengan persyaratan yang berbeda the substantially different terms, such exchange
secara substansial, pertukaran tersebut dicatat is accounted for as an extinguishment of the
sebagai penghapusan liabilitas keuangan orisinal original financial liability and the recognition of a
dan pengakuan liabilitas keuangan baru. new financial liability. Similarly, the Company
Demikian pula, Perusahaan memperhitungkan accounts for substantial modification of terms of
modifikasi substansial dari ketentuan liabilitas an existing liability or part of it as an
yang ada atau bagian dari liabilitas tersebut extinguishment of the original financial liability
sebagai pelepasan liabilitas keuangan orisinal and the recognition of a new liability. It is assumed
dan pengakuan liabilitas baru. Diasumsikan that the terms are substantially different if the
bahwa persyaratannya berbeda secara discounted present value of the cash flows under
substansial jika nilai kini arus kas yang didiskonto the new terms, including any fees paid net of any
berdasarkan persyaratan yang baru, termasuk fees received and discounted using the original
setiap fee (imbalan) yang dibayarkan setelah effective rate is at least 10 per cent different from
dikurangi setiap fee (imbalan) yang diterima dan the discounted present value of the remaining
didiskonto menggunakan suku bunga efektif cash flows of the original financial liability. If the
orisinal, berbeda sedikitnya 10% dari nilai kini sisa modification is not substantial, the difference
arus kas yang didiskonto yang berasal dari between: (1) the carrying amount of the liability
liabilitas keuangan orisinal. Jika modifikasi tidak before the modification; and (2) the present value
substansial, maka perbedaan antara: (1) jumlah of the cash flows after modification is recognized
tercatat liabilitas sebelum modifikasi; dan (2) nilai in profit or loss as the modification gain or loss
kini dari arus kas setelah modifikasi, diakui dalam within other gains and losses.
laba rugi sebagai keuntungan atau kerugian
modifikasi dalam keuntungan dan kerugian
lainnya.
f. Saling hapus antar Aset Keuangan dan f. Netting of Financial Assets and Financial
Liabilitas Keuangan Liabilities
Aset dan liabilitas keuangan Perusahaan saling Financial assets and liabilities are offset and the
hapus dan nilai bersihnya disajikan dalam laporan net amount presented in the statements of
posisi keuangan jika: financial position when it:
· memiliki hak yang dapat dipaksakan secara · has a legally enforceable right to set off the
hukum untuk melakukan saling hapus atas recognized amounts; and
jumlah yang telah diakui tersebut; dan
· berintensi untuk menyelesaikan secara neto · intends either to settle on a net basis, or to
atau untuk merealisasikan aset dan realize the asset and settle the liability
menyelesaikan liabilitasnya secara simultan. simultaneously.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Hak saling hapus harus ada pada saat ini dan A right to set-off must be available today rather
tidak bersifat kontinjen atas terjadinya suatu than being contingent on a future event and must
peristiwa di masa depan dan harus dieksekusi be exercizable by any of the counterparties, both
oleh pihak lawan, baik dalam situasi bisnis normal in the normal course of business and in the event
dan dalam peristiwa gagal bayar, peristiwa of default, insolvency or bankruptcy.
kepailitan atau kebangkrutan.
g. Instrumen Derivatif g. Derivative Instrument
Perusahaan menggunakan instrumen keuangan The Company uses derivative financial
derivatif untuk mengelola risiko suku bunga dan instruments to manage its exposure to interest
nilai tukar mata uang asing. rate and foreign exchange rate risk.
Derivatif awalnya diakui pada nilai wajar pada Derivatives are initially recognized at fair value at
tanggal kontrak dilakukan dan selanjutnya diukur the date the derivative contract are entered into
kembali pada nilai wajar pada setiap akhir periode and are subsequently remeasured to their fair
pelaporan. Dampak keuntungan atau kerugian value at the end of each reporting date. The
diakui segera di laba rugi kecuali jika derivatif resulting gain or loss is recognized in profit or loss
ditetapkan dan efektif sebagai instrumen lindung immediately unless the derivative is designated
nilai di mana saat pengakuan di laba rugi and effective as hedging instrument in which
bergantung pada sifat dari hubungan lindung nilai. event the timing of the recognition in profit or loss
depends on the nature of the hedge relationship.
Derivatif dengan nilai wajar positif diakui sebagai A derivative with a positive fair value is recognized
aset keuangan sedangkan derivatif dengan nilai as a financial asset whereas a derivative with a
wajar negatif diakui sebagai liabilitas keuangan. negative fair value is recognized as a financial
Derivatif tidak saling hapus dalam laporan liability. Derivatives are not offset in the financial
keuangan kecuali Perusahaan memiliki hak yang statements unless the Company has both a
memiliki kekuatan hukum dan intensi untuk saling legally enforceable right and intention to offset.
hapus.
Akuntansi lindung nilai Hedge Accounting
Perusahaan menetapkan instrumen lindung nilai The Company designates certain hedging
tertentu, termasuk derivatif lindung nilai atas arus instruments, which include derivatives cash flow
kas. hedges.
Pada saat dimulainya hubungan lindung nilai, At the inception of the hedge relationship, the
Perusahaan mendokumentasi hubungan antara Company documents the relationship between
instrumen lindung nilai dan item yang dilindung the hedging instrument and the hedged item,
nilai, bersama dengan tujuan manajemen risiko along with its risk management objectives and its
dan strategi pelaksanaan lindung nilai. strategy for undertaking various hedge
Selanjutnya, pada insepsi lindung nilai dan secara transactions. Furthermore, at the inception of the
berkelanjutan, Perusahaan mendokumentasikan hedge and on an ongoing basis, the Company
apakah instrumen lindung nilai tersebut efektif documents whether the hedging instrument is
dalam saling hapus antara perubahan nilai wajar effective in offsetting changes in fair values or
atau arus kas dari item lindung nilaian, yaitu ketika cash flows of the hedged item attributable to the
hubungan lindung nilai memenuhi seluruh hedged risk, which is when the hedging
persyaratan efektivitas lindung nilai berikut: relationships meet all of the following hedge
effectiveness requirements:
· Ada ”hubungan ekonomik” antara item · There is ‘an economic relationship’ between
lindung nilaian dan instrumen lindung nilai; the hedged item and the hedging instrument;
· Pengaruh risiko kredit tidak ”mendominasi · The effect of credit risk does not ‘dominate
perubahan nilai” yang dihasilkan dari the value changes’ that result from that
hubungan ekonomik tersebut; dan economic relationship; and
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
· Rasio lindung nilai dari hubungan lindung nilai · The hedge ratio of the hedging relationship is
adalah sama dengan yang dihasilkan dari the same as that resulting from the quantity of
kuantitas item lindung nilaian yang secara the hedged item that the Company actually
aktual dilindung nilai oleh Perusahaan dan hedges and the quantity of the hedging
kuantitas instrumen lindung nilai yang secara instrument that the Company actually uses to
aktual digunakan Perusahaan untuk hedge that quantity of hedged item.
melindung nilai sejumlah kuantitas item
lindung nilaian tersebut.
Jika hubungan lindung nilai tidak lagi memenuhi If a hedging relationship ceases to meet the
persyaratan efektivitas lindung nilai yang hedge effectiveness requirement relating to the
berkaitan dengan rasio lindung nilai tetapi tujuan hedge ratio but the risk management objective for
manajemen risiko untuk hubungan lindung nilai that designated hedging relationship remains the
yang ditetapkan tetap sama, Perusahaan same, the Company adjusts the hedge ratio of the
menyesuaikan rasio lindung nilai dari hubungan hedging relationship (i.e. rebalances the hedge)
lindung nilai tersebut (misalnya, so that it meets the qualifying criteria again.
menyeimbangkan kembali lindung nilai) sehingga
memenuhi kriteria kualifikasi lagi.
Perusahaan menetapkan perubahan penuh The Company designates the full change in the
dalam nilai wajar kontrak berjangka (misalnya fair value of a forward contract (i.e. including the
termasuk elemen berjangka) sebagai instrumen forward elements) as the hedging instrument for
lindung nilai untuk semua hubungan lindung nilai all of its hedging relationships involving forward
yang melibatkan kontrak berjangka. contracts.
Catatan 29 menetapkan rincian dari nilai wajar Note 29 sets out details of the fair values of the
instrumen derivatif yang digunakan untuk tujuan derivative instruments used for hedging purposes.
lindung nilai.
Lindung Nilai atas Arus Kas Cash flow hedge
Bagian efektif dari perubahan nilai wajar derivatif The effective portion of changes in the fair value
dan instrumen lindung nilai lain yang memenuhi of derivatives and other qualifying hedging
syarat yang ditetapkan dan memenuhi syarat instruments that are designated and qualify as
sebagai lindung nilai arus kas, diakui dalam cash flow hedges is recognized in other
penghasilan komprehensif lain dan diakumulasi comprehensive income and accumulated under
dalam pos cadangan lindung nilai arus kas, the heading of cash flow hedging reserve, limited
terbatas pada perubahan kumulatif dalam nilai to the cumulative change in fair value of the
wajar dari item lindung nilaian sejak dimulainya hedged item from inception of the hedge. The gain
lindung nilai. Keuntungan atau kerugian yang or loss relating to the ineffective portion is
terkait dengan bagian yang tidak efektif diakui recognized immediately in profit or loss, and is
segera dalam laba rugi, dan dimasukkan dalam included in the “other gains and losses - net” line
baris “keuntungan dan kerugian lain - bersih”. item.
Jumlah yang sebelumnya diakui dalam Amounts previously recognized in other
penghasilan komprehensif lain dan diakumulasi comprehensive income and accumulated in
dalam ekuitas direklasifikasi ke laba rugi pada equity are reclassified to profit or loss in the
periode ketika item lindung nilaian mempengaruhi periods when the hedged item affects profit or
laba rugi, di pos yang sama dengan item lindung loss, in the same line as the recognized hedged
nilaian yang diakui. Namun, ketika prakiraan item. However, when the hedged forecast
transaksi lindung nilai menghasilkan pengakuan transaction results in the recognition of a non-
aset non-keuangan atau liabilitas non-keuangan, financial asset or a non-financial liability, the gains
keuntungan dan kerugian yang sebelumnya and losses previously recognized in other
diakui dalam penghasilan komprehensif lain dan comprehensive income and accumulated in
diakumulasi dalam ekuitas, menjadi dihapus dari equity are removed from equity and included in
ekuitas dan dimasukkan dalam pengukuran awal the initial measurement of the cost of the non-
biaya aset non-keuangan atau liabilitas non- financial asset or non-financial liability. This
keuangan. Transfer ini tidak mempengaruhi transfer does not affect other comprehensive
penghasilan komprehensif lain. Selanjutnya, jika income. Furthermore, if the group expects that
grup memperkirakan bahwa sebagian atau some or all of the loss accumulated in other
seluruh kerugian yang diakumulasi dalam comprehensive income will not be recovered in
penghasilan komprehensif lain tidak akan the future, that amount is immediately reclassified
terpulihkan di masa depan, jumlah tersebut to profit or loss.
segera direklasifikasi ke laba rugi.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Perusahaan menghentikan akuntansi lindung nilai The Company discontinues hedge accounting
hanya jika hubungan lindung nilai (atau bagian only when the hedging relationship (or a part
darinya) tidak lagi memenuhi kriteria kualifikasi thereof) ceases to meet the qualifying criteria
(setelah penyeimbangan kembali, jika berlaku). (after rebalancing, if applicable). This includes
Ini termasuk contoh ketika instrumen lindung nilai instances when the hedging instrument expires or
kadaluwarsa atau dijual, dihentikan atau is sold, terminated or exercised. The
dilaksanakan. Penghentian diperhitungkan discontinuation is accounted for prospectively.
secara prospektif. Keuntungan atau kerugian Any gain or loss recognized in other
yang diakui dalam penghasilan komprehensif lain comprehensive income and accumulated in
dan diakumulasi dalam ekuitas pada saat itu tetap equity at that time remains in equity and is
berada dalam ekuitas dan diakui pada saat recognized when the forecast transaction is
prakiraan transaksi akhirnya diakui dalam laba ultimately recognized in profit or loss. When a
rugi. Ketika prakiraan transaksi tidak lagi forecast transaction is no longer expected to
diharapkan terjadi, keuntungan atau kerugian occur, the gain or loss accumulated in equity is
yang diakumulasi dalam ekuitas segera diakui recognized immediately in profit or loss.
dalam laba rugi.
h. Piutang Pembiayaan h. Financing Receivables
Pembiayaan konsumen Consumer financing
Piutang pembiayaan disajikan dalam nilai bersih Financing receivables are presented net of
setelah dikurangi bagian pendapatan unearned financing income and allowance for
pembiayaan yang belum diakui dan cadangan expected credit losses (Note 3e).
kerugian kredit ekspektasian (Catatan 3e).
Piutang pembiayaan konsumen diklasifikasikan Consumer financing receivables are classified as
sebagai diukur pada biaya perolehan at amortized cost, and subsequent to initial
diamortisasi, dan setelah pengakuan awal, dicatat recognition, are carried at amortized cost using
pada biaya perolehan diamortisasi dengan the effective interest rate method.
menggunakan metode suku bunga efektif.
Pendapatan pembiayaan konsumen yang belum Unearned consumer financing income represents
diakui merupakan selisih antara jumlah the difference between total installments to be
keseluruhan pembayaran angsuran yang akan received from the consumer and the principal
diterima dari konsumen dan jumlah pokok amount financed, which is recognized as income
pembiayaan, yang diakui sebagai pendapatan over the term of the contract based on effective
selama jangka waktu kontrak berdasarkan tingkat interest rate of the related consumer financing
suku bunga efektif dari piutang pembiayaan receivable.
konsumen.
Termasuk dalam piutang pembiayaan Included in consumer financing receivables are
konvensional terdiri dari pembiayaan multi guna, multi purpose financing, investment financing and
investasi dan modal kerja. working capital financing.
Pembiayaan Murabahah Murabahah financing
Murabahah adalah akad jual beli barang dengan Murabahah is goods sell-buy contract with selling
harga jual sebesar biaya perolehan ditambah price amounting to acquisition cost plus agreed
keuntungan yang disepakati dan Perusahaan margin, and the Company must disclose the
harus mengungkapkan biaya perolehan barang acquisition cost to consumer. When the
tersebut kepada konsumen. Pada saat akad murabahah contract is signed, murabahah
murabahah ditandatangani/disepakati, piutang financing receivables are recognized at
pembiayaan murabahah diakui sebesar biaya acquisition cost plus agreed margin. Murabahah
perolehan ditambah keuntungan (margin yang margin is recognized over the year of the contract
disepakati). Keuntungan murabahah diakui based on margin of the murabahah financing
selama tahun akad berdasarkan margin dari receivables. Substantially, murabahah contract is
piutang pembiayaan murabahah. Akad a financing transaction, so that margin recognition
murabahah secara substansi merupakan suatu is based on standards which regulate financing
pembiayaan, sehingga pengakuan margin transaction, as mentioned in Note 3e.
dilakukan berdasarkan standar yang mengatur
pembiayaan, seperti yang disebutkan di
Catatan 3e.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Pembiayaan Ijarah Muntahiyah Bittamlik (IMBT) Ijarah Muntahiyah Bittamlik (IMBT) financing
IMBT adalah transaksi pembiayaan kembali IMBT is refinancing transaction that used
dengan menggunakan motor bekas sebagai secondhand motorcycle as collateral.
jaminan. Secara substansi transaksi ini merupakan Substantially, this transaction is a financing
suatu pembiayaan, sehingga perlakuan akuntansi transaction, hence the accounting treatment of
atas transaksi ini dilakukan berdasarkan standar this transaction is based on standard which
yang mengatur pembiayaan seperti disebutkan regulate financing transaction, as mentioned in
dalam Catatan 3e. Note 3e.
Piutang Pembiayaan dari Jaminan Financing Receivable from Collateral
Piutang pembiayaan dari jaminan dinyatakan Financing receivable from collateral are stated at
sebesar nilai tercatat dikurangi cadangan carrying amount net allowance for expected credit
kerugian kredit ekspektasian. Beban yang losses. Expenses related to the financing
berhubungan dengan piutang pembiayaan dari receivable from collateral assets and its
jaminan dan pemeliharaannya akan dibebankan maintenance are charged to profit or loss as
pada laba rugi pada saat terjadinya. Pada saat incurred. At the end of the period, financing
akhir periode, piutang pembiayaan dari jaminan receivable from collateral are reviewed for any
akan direviu apabila terdapat penurunan nilai. impairment in amount. When the financing
Pada saat piutang pembiayaan dari jaminan receivable from collateral are settled by customer,
diselesaikan oleh konsumen, nilai tercatatnya their carrying amounts are removed from the
akan dikeluarkan dan keuntungan atau kerugian accounts and any resulting gains or losses are
akan dikreditkan atau dibebankan pada laba rugi. credited or charged to profit or loss.
i. Aset Tetap i. Property and Equipment
Aset tetap dicatat berdasarkan biaya perolehan, Property and equipment are stated at cost, less
dikurangi akumulasi penyusutan dan akumulasi accumulated depreciation and any accumulated
kerugian penurunan nilai. impairment losses.
Penyusutan diakui dengan metode garis lurus Depreciation is recognized using straight line
setelah memperhitungkan nilai residu method so as to write-off the cost of assets less
berdasarkan taksiran masa manfaat aset tetap residual values with estimated useful lives of the
sebagai berikut: assets are as follows:
Tahun/Years
Bangunan 20 Building
Prasarana gedung 4 Leasehold improvement
Perangkat kantor dan perabotan 4-8 Office furniture, fixture and equipment
Kendaraan 4-8 Vehicles
Masa manfaat ekonomis, nilai residu dan metode The estimated useful lives, residual values and
penyusutan dikaji ulang setiap akhir tahun dan depreciation method are reviewed at each year
pengaruh dari setiap perubahan estimasi end, with the effect of any changes in estimate
tersebut berlaku prospektif. accounted for on a prospective basis.
Tanah dinyatakan berdasarkan biaya perolehan Land is stated at cost and is not depreciated.
dan tidak disusutkan.
Beban pemeliharaan dan perbaikan dibebankan The cost of maintenance and repairs is charged to
pada laba rugi pada saat terjadinya. Biaya-biaya profit or loss as incurred. Other costs incurred
lain yang terjadi selanjutnya yang timbul untuk subsequently to add to, replace part of, or service
menambah, mengganti atau memperbaiki aset an item of property and equipment, are
tetap dicatat sebagai biaya perolehan aset jika recognized as asset if, and only if, it is probable
dan hanya jika besar kemungkinan manfaat that future economic benefits associated with the
ekonomis di masa depan berkenaan dengan item will flow to the entity and the cost of the item
aset tersebut akan mengalir ke entitas dan biaya can be measured reliably.
perolehan aset dapat diukur secara andal.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Aset tetap dihentikan pengakuannya pada saat An item of property and equipment is
pelepasan atau ketika tidak ada manfaat derecognized upon disposal or when no future
ekonomik masa depan yang diharapkan timbul economic benefits are expected to arise from the
dari penggunaan aset secara berkelanjutan. continued use of the asset. Any gain or loss
Keuntungan atau kerugian yang timbul dari arising on the disposal or retirement of an item of
pelepasan atau penghentian pengakuan suatu property and equipment is determined as the
aset tetap ditentukan sebagai selisih antara hasil difference between the sales proceeds and the
penjualan dan nilai tercatat aset dan diakui dalam carrying amount of the asset and is recognized in
laba rugi. profit or loss.
Properti dalam proses kontruksi (“aset dalam Properties in the course of construction
penyelesaian”) untuk tujuan produksi, (“construction in progress”) for production, supply
persediaan atau administrasi, atau tujuan yang or administrative purposes, or for purposes not yet
belum ditentukan, dicatat sebesar harga determined, are carried at cost, less any
perolehan, dikurangi kerugian penurunan nilai recognized impairment loss. Cost includes
yang diakui. Biaya perolehan termasuk biaya professional fees and, for qualifying assets,
profesional dan untuk aset kualifikasian, biaya borrowing costs capitalized in accordance with the
pinjaman yang dikapitalisasi sesuai dengan Company’s accounting policy. Depreciation of
kebijakan akuntansi Perusahaan. Penyusutan these assets, on the same basis as other property
aset ini, dengan dasar yang sama seperti aset assets, commences when the assets are ready for
properti lainnya, dimulai saat aset tersebut siap their intended use.
untuk digunakan sesuai dengan tujuannya.
j. Perangkat Lunak Komputer j. Computer Software
Biaya perolehan perangkat lunak komputer The acquisition cost of computer software
termasuk seluruh biaya selama masa persiapan includes all direct cost related to the preparation
aset sampai dapat digunakan, diamortisasi of the asset for its intended use and amortized
selama empat tahun menggunakan metode garis over four years using the straight-line method.
lurus.
k. Penurunan Nilai Aset Non Keuangan k. Impairment of Non-Financial Assets
Pada setiap akhir periode pelaporan, At the end of each reporting date, the Company
Perusahaan menelaah nilai tercatat aset non- reviews the carrying amount of non-financial
keuangan untuk menentukan apakah terdapat assets to determine whether there is any
indikasi bahwa aset tersebut telah mengalami indication that those assets have suffered an
penurunan nilai. impairment loss.
Jika terdapat indikasi tersebut, jumlah If any such indication exists, the recoverable
terpulihkan dari aset diestimasi untuk amount of the asset is estimated in order to
menentukan tingkat kerugian penurunan nilai determine the extent of the impairment loss (if
(jika ada). Bila tidak memungkinkan untuk any). When it is not possible to estimate the
mengestimasi jumlah terpulihkan atas suatu aset recoverable amount of an individual asset, the
individual, Perusahaan mengestimasi jumlah Company estimates the recoverable amount of
terpulihkan dari unit penghasil kas atas aset. the cash generating unit to which the asset
belongs.
Jumlah terpulihkan adalah nilai tertinggi antara Recoverable amount is the higher of fair value
nilai wajar dikurangi biaya pelepasan dan nilai less cost to sell and value in use. In assessing
pakai. Dalam menilai nilai pakainya, estimasi value in use, the estimated future cash flows are
arus kas masa depan didiskontokan ke nilai kini discounted to their present value using a pre-tax
menggunakan tingkat diskonto sebelum pajak discount rate that reflects current market
yang menggambarkan penilaian pasar kini dari assessments of the time value of money and the
nilai waktu uang dan risiko spesifik atas aset risks specific to the asset for which the estimates
dengan estimasi arus kas masa depan belum of future cash flows have not been adjusted.
disesuaikan.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Jika nilai terpulihkan dari aset non-keuangan If the recoverable amount of a non-financial asset
(unit penghasil kas) lebih kecil dari nilai (cash generating unit) is less than its carrying
tercatatnya, nilai tercatat aset (unit penghasil amount, the carrying amount of the asset (cash
kas) tersebut diturunkan ke nilai terpulihkanya generating unit) is reduced to its recoverable
dan kerugian dari penurunan nilai diakui segera amount and an impairment loss is recognized
di laba rugi. immediately in profit or loss.
Ketika penurunan nilai selanjutnya dibalik, When an impairment loss subsequently reverses,
jumlah tercatat aset (atau unit penghasil kas) the carrying amount of the asset (or a cash-
ditingkatkan ke estimasi yang direvisi dari jumlah generating unit) is increased to the revised
terpulihkannya, namun kenaikan jumlah tercatat estimate of its recoverable amount, but so that the
tidak boleh melebihi jumlah tercatat ketika increased carrying amount does not exceed the
kerugian penurunan nilai tidak diakui untuk aset carrying amount that would have been determined
(atau unit penghasil kas) pada tahun-tahun had no impairment loss been recognized for the
sebelumnya. Pembalikan rugi penurunan nilai asset (or cash-generating unit) in prior years.
diakui segera dalam laba rugi. A reversal of an impairment loss is recognized
immediately in profit or loss.
Kebijakan akuntansi untuk penurunan nilai aset Accounting policy for impairment of financial
keuangan dijelaskan dalam Catatan 3e. assets is discussed in Note 3e.
l. Obligasi yang Diterbitkan l. Bonds Issued
Obligasi yang diterbitkan diklasifikasikan dalam Bonds issued are classified as financial liabilities
kategori liabilitas keuangan diukur pada biaya at amortized costs.
perolehan diamortisasi.
Pengakuan, pengukuran awal, pengukuran Recognition, initial measurement, subsequent
setelah pengakuan awal, penentuan nilai wajar measurement, fair value and derecognition of
dan penghentian pengakuan surat berharga debt securities issued are discussed in Note 3e.
utang yang diterbitkan mengacu pada
Catatan 3e.
Biaya emisi obligasi langsung dikurangkan dari Bonds issuance costs are directly deducted from
hasil emisi dalam rangka menentukan hasil emisi the proceeds of the issuance to determine the net
neto obligasi tersebut. Selisih antara hasil emisi proceds of the bonds transaction. The difference
neto dengan nilai nominal merupakan atribusi between the net proceeds and nominal value
langsung biaya transaksi, diskonto atau premium represents directly attributable transaction costs,
yang diamortisasi selama jangka waktu obligasi discount or premium which are being amortized
dengan metode suku bunga efektif. Jika terjadi during the period using effective interest rate.
pembelian kembali, selisih antara harga In case of early redemption, the difference
pembelian kembali obligasi tersebut dengan between the redemption price and the carrying
jumlah tercatat obligasi diakui sebagai amount of Bonds is recognized as profit or loss
keuntungan atau kerugian pada tahun berjalan. during in the year.
m. Pengakuan Pendapatan dan Beban m. Revenue and Expense Recognition
Pengakuan pendapatan dan beban bunga diakui Interest revenue and expenses are recognized
menggunakan metode suku bunga efektif, using effective interest method as described in
seperti dijelaskan dalam Catatan 3e. Notes 3e.
Pendapatan dan beban lainnya Other income and expenses
Pendapatan pembiayaan jasa administrasi yang Administrative financing fees income that are not
tidak dapat diatribusikan secara langsung atas directly attributable to finance leases, consumer
transaksi sewa pembiayaan dan pembiayaan financing and provision fees from finance lease
konsumen serta pendapatan provisi dari sewa transactions are recorded as other income in profit
pembiayaan dibukukan sebagai pendapatan or loss and recognized when incurred. Revenue
lain-lain pada laba rugi dan diakui pada saat from late charges and early termination are
terjadinya. Pendapatan denda keterlambatan recognized when received.
dan penghentian kontrak diakui pada saat
diterima.
Beban lainnya diakui pada saat terjadinya. Other expenses are recognized when incurred.
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31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
n. Imbalan Pasca Kerja n. Post-employment Benefits
Perusahaan memberikan imbalan pasca kerja The Company provides post-employment benefits
sesuai dengan Undang-Undang No. 11 Tahun as required under the Law No. 11 of year 2020 on
2020 Tentang Cipta Kerja beserta peraturan Job Creation and its implementing regulations
pelaksanaan (”Undang-Undang Cipta Kerja”). ("Job Creation Law").
Biaya penyediaan imbalan ditentukan dengan The cost of providing benefits is determined using
menggunakan metode projected unit credit the projected unit credit method, with actuarial
dengan penilaian aktuaria yang dilakukan pada valuations being carried out at the end of each
setiap akhir periode pelaporan tahunan. annual reporting period. Remeasurement,
Pengukuran kembali, terdiri dari keuntungan dan comprising actuarial gains and losses, is reflected
kerugian aktuarial, yang tercermin langsung immediately in the statement of financial position
dalam laporan posisi keuangan yang dibebankan with a charge or credit recognized in other
atau dikreditkan dalam penghasilan comprehensive income in the period in which they
komprehensif lain periode terjadinya. occur. Remeasurement recognized in other
Pengukuran kembali diakui dalam penghasilan comprehensive income is reflected as a separate
komprehensif lain tercermin sebagai pos terpisah item under other comprehensive income in equity
pada penghasilan komprehensif lain di ekuitas and will not be reclassified to profit or loss. Past
dan tidak akan direklasifikasi ke laba rugi. Biaya service cost is recognized in profit or loss in the
jasa lalu diakui dalam laba rugi pada periode period of a plan amendment. Net interest is
amandemen program. Bunga neto dihitung calculated by applying the discount rate at the
dengan mengalikan tingkat diskonto pada awal beginning of the period to the net defined benefit
periode imbalan pasti dengan liabilitas atau aset liability. Defined benefit costs are categorized as
imbalan pasti neto. Biaya imbalan pasti follows:
dikategorikan sebagai berikut:
· Biaya jasa (termasuk biaya jasa kini, biaya · Service cost (including current service cost,
jasa lalu serta keuntungan dan kerugian past service cost, as well as gains and losses
kurtailmen dan penyelesaian). on curtailments and settlements).
· Beban atau pendapatan bunga neto. · Net interest expense or income.
· Pengukuran kembali. · Remeasurement.
Perusahaan menyajikan dua komponen pertama The Company presents the first two components
dari biaya imbalan pasti di laba rugi. Keuntungan of defined benefit costs in profit or loss.
dan kerugian kurtailmen dicatat sebagai biaya Curtailment gains and losses are accounted for as
jasa lalu. past service costs.
Pesangon Termination
Liabilitas untuk pesangon diakui mana yang A liability for a termination benefit is recognized at
terjadi lebih dulu ketika entitas tidak dapat lagi the earlier of when the entity can no longer
menarik penawaran imbalan tersebut dan ketika withdraw the offer of the termination benefit and
entitas mengakui biaya restrukturisasi terkait. when the entity recognizes any related
restructuring costs.
o. Pajak Penghasilan o. Income Tax
Beban pajak penghasilan merupakan jumlah Income tax expense represents the sum of the tax
pajak kini terutang dan pajak tangguhan. currently payable and deferred tax.
Pajak kini terutang berdasarkan laba kena pajak The tax currently payable is based on taxable
untuk suatu tahun. Laba kena pajak berbeda dari profit for the year. Taxable profit differs from net
laba sebelum pajak seperti yang dilaporkan di profit as reported in profit or loss because it
laba rugi karena tidak memperhitungkan excludes items of income or expense that are
penghasilan atau beban yang dikenakan pajak taxable or deductible in other years and it further
atau dikurangkan pada tahun berbeda dan tidak excludes items that are never taxable or
memperhitungkan pos-pos yang tidak pernah deductible. The Company’s liability for current tax
dikenakan pajak atau tidak dapat dikurangkan. is calculated using tax rates that have been
Liabilitas Perusahaan untuk pajak kini dihitung enacted or substantively enacted by the end of the
berdasarkan tarif pajak yang telah berlaku pada reporting period.
akhir periode peiaporan.
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UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Provisi diakui untuk penentuan pajak yang tidak A provision is recognized for those matters for
pasti, tetapi kemungkinan besar akan which the tax determination is uncertain but it is
mengangkibatkan arus keluar dana kepada considered probable that there will be a future
otoritas pajak. Provisi diukur sebesar estimasi outflow of funds to a tax authority. The provisions
terbaik atas jumlah ekspektasian yang terutang. are measured at the best estimate of the amount
Penilaian berdasarkan pada pertimbangan expected to become payable. The assessment is
professional pajak dalam Perusahaan yang based on the judgement of tax professionals
didukung dengan pengalaman lalu atas aktivitas within the Company’s supported by previous
tersebut dan dalam kasus tertentu berdasarkan experience in respect of such activities and in
saran pakar pajak independen. certain cases based on specialist independent tax
advice.
Pajak tangguhan diakui atas perbedaan Deferred tax is recognized on temporary
temporer antara jumlah tercatat aset dan differences between the carrying amounts of
liabilitas dalam laporan keuangan konsolidasian assets and liabilities in the consolidated financial
dengan dasar pengenaan pajak yang digunakan statements and the corresponding tax bases used
dalam perhitungan laba kena pajak. Liabilitas in the computation of taxable profit. Deferred tax
pajak tangguhan umumnya diakui untuk seluruh liabilities are generally recognized for all taxable
perbedaan temporer kena pajak. Aset pajak temporary differences. Deferred tax assets are
tangguhan umumnya diakui untuk seluruh generally recognized for all deductible temporary
perbedaan temporer yang dapat dikurangkan differences to the extent that is probable that
sepanjang kemungkinan besar bahwa laba kena taxable profits will be available against which
pajak akan tersedia sehingga perbedaan those deductible temporary differences can be
temporer dapat dimanfaatkan. Aset dan liabilitas utilized. Such deferred tax assets and liabilities
pajak tangguhan tidak diakui jika perbedaan are not recognized if the temporary differences
temporer timbul dari pengakuan awal (selain dari arise from the initial recognition (other than in a
kombinasi bisnis) dari aset dan liabilitas suatu business combination) of assets and liabilities in a
transaksi yang tidak mempengaruhi laba kena transaction that affects neither the taxable profit
pajak atau laba akuntansi dan pada saat nor the accounting profit and at the time of
transaksi, tidak menimbulkan perbedaan transaction, does not give rise to equal taxable
temporer yang dapat dikurangkan dan dikenai and deductible temporary differences. In addition,
pajak dalam jumlah yang sama. Selain itu, deferred tax liabilities are not recognized if the
liabilitas pajak tangguhan tidak diakui jika temporary differences arises from the initial
perbedaan temporer timbul dari pengakuan awal recognition of goodwill.
goodwill.
Aset dan liabilitas pajak tangguhan diukur Deferred tax assets and liabilities are measured at
dengan menggunakan tarif pajak yang the tax rates that are expected to apply in the
diharapkan berlaku dalam periode ketika period in which the liability is settled or the asset
liabilitas diselesaikan atau aset dipulihkan realized, based on the tax rates (and tax laws) that
berdasarkan tarif pajak (dan peraturan pajak) have been enacted, or substantively enacted, by
yang telah berlaku atau secara substantif telah the end of the reporting period.
berlaku pada akhir periode pelaporan.
Pengukuran aset dan liabilitas pajak tangguhan The measurement of deferred tax assets and
mencerminkan konsekuensi pajak yang sesuai liabilities reflects the tax consequences that would
dengan cara Perusahaan memperkirakan, pada follow from the manner in which the Company
akhir periode pelaporan, untuk memulihkan atau expects, at the end of the reporting period, to
menyelesaikan jumlah tercatat aset dan recover or settle the carrying amount of its assets
liabilitasnya. and liabilities.
Jumlah tercatat aset pajak tangguhan ditelaah The carrying amount of deferred tax assets is
ulang pada akhir periode pelaporan dan reviewed at the end of each reporting period and
dikurangi jumlah tercatatnya jika kemungkinan reduced to the extent that it is no longer probable
besar laba kena pajak tidak lagi tersedia dalam that sufficient future taxable profits will be
jumlah yang memadai untuk available to allow all or part of the asset to be
mengkompensasikan sebagian atau seluruh aset recovered.
pajak tangguhan tersebut.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
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UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Pajak kini dan pajak tangguhan diakui sebagai Current and deferred tax are recognized as an
beban atau penghasilan dalam laba rugi periode expense or income in profit or loss, except when
berjalan, kecuali untuk pajak penghasilan yang they relate to items that are recognized outside of
timbul dari transaksi atau peristiwa yang diakui di profit or loss (whether in other comprehensive
luar laba rugi (baik dalam penghasilan income or directly in equity) in which case the tax
komprehensif lain maupun secara langsung di is also recognized outside of profit or loss.
ekuitas), dalam hal tersebut pajak juga diakui di
luar laba rugi.
Aset dan liabilitas pajak tangguhan saling hapus Deferred tax assets and liabilities are offset when
ketika entitas memiliki hak yang dapat there is legally enforceable right to set off current
dipaksakan secara hukum untuk melakukan tax assets against current tax liabilities and when
saling hapus aset pajak kini terhadap liabilitas they relate to income taxes levied by the same
pajak kini dan ketika aset pajak tangguhan dan taxation authority on either the same taxable
liabilitas pajak tangguhan terkait dengan pajak entity or different taxable entities when there is an
penghasilan yang dikenakan oleh otoritas intention to settle its current tax assets and current
perpajakan yang sama atas entitas kena pajak tax liabilities on a net basis or to realize the assets
yang sama atau entitas kena pajak yang berbeda and settle the liabilities simultaneously, in each
yang memiliki intensi untuk memulihkan aset dan future period in which significant amounts of
liabilitas pajak kini dengan dasar neto, atau deferred tax liabilities or assets are expected to be
merealisasikan aset dan menyelesaikan liabilitas settled or recovered, or to realize the assets and
secara bersamaan, pada setiap periode masa settle the liabilities simultaneously, in each future
depan dimana jumlah signifikan atas aset atau period in which significant amounts of deferred tax
liabilitas pajak tangguhan diharapkan untuk liabilities or assets are expected to be settled or
diselesaikan atau dipulihkan. recovered.
p. Sewa p. Leases
Perusahaan sebagai penyewa The Company as lessee
Perusahaan menilai apakah sebuah kontrak The Company assesses whether a contract is or
mengandung sewa, pada tanggal insepsi contains a lease, at the inception of the contract.
kontrak. Perusahaan mengakui aset hak-guna The Company recognizes a right-of-use asset and
dan liabilitas sewa terkait sehubungan dengan a corresponding lease liability with respect to all
seluruh kesepakatan sewa di mana Perusahaan lease arrangements in which it is the lessee,
merupakan penyewa, kecuali untuk sewa except for short-term leases (defined as leases
jangka-pendek (yang didefinisikan sebagai sewa with a lease term of 12 months or less) and leases
yang memiliki masa sewa 12 bulan atau kurang) of low value assets. For these leases, the
dan sewa aset bernilai-rendah. Untuk sewa- Company recognizes the lease payments as an
sewa tersebut, Perusahaan mengakui operating expense on a straight-line basis over
pembayaran sewa sebagai beban operasi the term of the lease unless another systematic
secara garis lurus selama masa sewa kecuali basis is more representative of the time pattern in
dasar sistematis lainnya lebih which economic benefits from the leased assets
merepresentasikan pola konsumsi manfaat are consumed.
penyewa dari aset sewa.
Liabilitas sewa awalnya diukur pada nilai kini The lease liability is initially measured at the
pembayaran sewa masa depan yang belum present value of the lease payments that are not
dibayarkan pada tanggal permulaan, yang paid at the commencement date, discounted by
didiskontokan menggunakan suku bunga implisit using the rate implicit in the lease. If this rate
dalam sewa. Jika suku bunga ini tidak dapat cannot be readily determined, the Company uses
ditentukan, Perusahaan menggunakan suku its incremental borrowing rate.
bunga pinjaman inkremental.
Pembayaran sewa yang diperhitungkan dalam Lease payments included in the measurement of
pengukuran liabilitas sewa terdiri atas: the lease liability comprise:
· Pembayaran tetap (termasuk pembayaran · fixed lease payments (including in-substance
tetap secara-substansi), dikurangai insentif fixed payments), less any lease incentives;
sewa;
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UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
· Pembayaran sewa variabel yang · variable lease payments that depend on an
bergantung pada indeks atau suku bunga index or rate, initially measured using the
yang pada awalnya diukur dengan index or rate at the commencement date;
menggunakan indeks atau suku bunga pada
tanggal permulaan;
· jumlah yang diperkirakan akan dibayarkan · the amount expected to be payable by the
oleh penyewa dalam jaminan nilai residual; lessee under residual value guarantees;
· harga eksekusi opsi beli jika penyewa cukup · the exercise price of purchase options, if the
pasti untuk mengeksekusi opsi tersebut; dan lessee is reasonably certain to exercise the
options; and
· pembayaran penalti karena penghentian · payments of penalties for terminating the
sewa, jika masa sewa merefleksikan lease, if the lease term reflects the exercise
penyewa mengeksekusi opsi untuk of an option to terminate the lease.
menghentikan sewa.
Liabilitas sewa disajikan sebagai pos terpisah The lease liability is presented as a separate line
dalam laporan posisi keuangan. in the statement of financial position.
Liabilitas sewa selanjutnya diukur dengan The lease liability is subsequently measured by
meningkatkan jumlah tercatat untuk increasing the carrying amount to reflect the
merefleksikan bunga atas liabilitas sewa interest on the lease liability (using the effective
(menggunakan metode suku bunga efektif) dan interest method) and by reducing the carrying
dengan mengurangi jumlah tercatat untuk amount to reflect the lease payments made.
merefleksikan sewa yang telah dibayar.
Perusahaan mengukur kembali liabilitas sewa The Company remeasures the lease liability (and
(dan melakukan penyesuaian terkait terhadap makes a corresponding adjustment to the related
aset hak-guna) jika: right-of-use assets) whenever:
· terdapat perubahan dalam masa sewa atau · the lease term has changed or there is a
perubahan dalam penilaian atas eksekusi change in the assessment of the exercise of
opsi pembelian, di mana liabilitas sewa a purchase option, in which case the lease
diukur dengan mendiskontokan liability is remeasured by discounting the
pembayaran sewa revisian menggunakan revised lease payments using a revised
tingkat diskonto revisian. discount rate.
· terdapat perubahan sewa masa depan · the lease payments change due to changes
sebagai akibat dari perubahan indeks atau in an index or rate or a change in expected
perubahan perkiraan pembayaran payment under a guaranteed residual value,
berdasarkan nilai residual jaminan di mana in which cases the lease liability is
liabilitas sewa diukur kembali dengan remeasured by discounting the revised lease
mendiskontokan pembayaran sewa revisian payments using the initial discount rate
menggunakan tingkat diskonto awal (kecuali (unless the lease payments change is due to
jika pembayaran sewa berubah karena a change in a floating interest rate, in which
perubahan suku bunga mengambang, di case a revised discount rate is used).
mana tingkat diskonto revisian digunakan).
· kontrak sewa dimodifikasi dan modifikasi · a lease contract is modified and the lease
sewa tidak dicatat sebagai sewa terpisah, di modification is not accounted for as a
mana liabilitas sewa diukur dengan separate lease, in which case the lease
mendiskontokan pembayaran sewa revisian liability is remeasured by discounting the
menggunakan tingkat diskonto revisian. revised lease payments using a revised
discount rate.
Aset hak-guna terdiri dari pengukuran awal atas The right-of-use assets comprise the initial
liabilitas sewa, pembayaran sewa yang measurements of the corresponding lease
dilakukan pada saat atau sebelum permulaan liability, lease payments made at or before the
sewa dan biaya langsung awal. Aset hak-guna commencement day and any initial direct costs.
selanjutnya diukur sebesar biaya dikurangi They are subsequently measured at cost less
akumulasi penyusutan dan kerugian penurunan accumulated depreciation and impairment losses.
nilai.
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31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Jika Perusahaan dibebankan kewajiban atas Whenever the Company incurs an obligation for
biaya membongkar dan memindahkan aset costs to dismantle and remove a leased asset,
sewa, merestorasi tempat di mana aset berada restore the site on which it is located or restore the
atau merestorasi aset pendasar ke kondisi yang underlying assets to the conditions required by the
disyaratkan oleh syarat dan ketentuan sewa, terms and conditions of the lease, a provision is
provisi diakui dan diukur sesuai PSAK 57. Biaya recognized and measured under PSAK 57. The
tersebut diperhitungkan dalam aset hak-guna costs are included in the related right-of-use
terkait, kecuali jika biaya tersebut terjadi untuk asset, unless those costs are incurred to produce
memproduksi persediaan. inventories.
Aset hak-guna disusutkan selama periode yang Right-of-use assets are depreciated over the
lebih singkat antara masa sewa dan masa shorter period of lease term and useful life of the
manfaat aset pendasar. Jika sewa mengalihkan underlying assets. If a lease transfers ownership
kepemilikan aset pendasar atau jika biaya of the underlying assets or the cost of the right-of-
perolehan aset hak-guna merefleksikan use assets reflects that of the Company expects
Perusahaan akan mengeksekusi opsi beli, aset to exercise a purchase option, the related right-of-
hak-guna disusutkan selama masa manfaat aset use asset is depreciated over the useful life of the
pendasar. Penyusutan dmulai pada tanggal underlying assets. The depreciation starts at the
permulaan sewa. commencement date of the lease.
Aset hak-guna disajikan sebagai pos terpisah di The right-of-use assets are presented as a
laporan posisi keuangan. separate line in the statement of financial position.
Perusahaan menerapkan PSAK 48 untuk The Company applies PSAK 48 to determine
menentukan apakah aset hak-guna mengalami whether a right-of-use asset is impaired and
penurunan nilai dan mencatat kerugian accounts for any identified impairment loss as
penurunan nilai yang teridentifikasi sebagaimana described in the nonfinancial assets impairment
dijelaskan dalam kebijakan asset nonkeuangan policy.
penurunan nilai.
q. Segmen Operasi q. Segment Operations
Segmen operasi diidentifikasi berdasarkan Operating segments are identified on the basis of
laporan internal mengenai komponen dari internal reports about components of the
Perusahaan yang secara regular direviu oleh Company that are regularly reviewed by the chief
“pengambil keputusan operasional” dalam operating decision maker in order to allocate
rangka mengalokasikan sumber daya dan resources to the segments and to assess their
menilai kinerja segmen operasi. performances.
Segmen operasi adalah suatu komponen dari An operating segment is a component of an entity:
entitas:
· Yang terlibat dalam aktivitas bisnis yang · That engages in business activities from
mana memperoleh pendapatan dan which it may earn revenue and incur expense
menimbulkan beban (termasuk pendapatan (including revenue and expenses relating to
dan beban terkait dengan transaksi dengan the transaction with other components of the
komponen lain dari entitas yang sama); same entity);
· Yang hasil operasinya dikaji ulang secara · Whose operating results are reviewed
reguler oleh pengambil keputusan regulary by the entity’s chief operating
operasional untuk membuat keputusan decision maker to make decision about
tentang sumber daya yang dialokasikan resources to be allocated to the segments
pada segmen tersebut dan menilai and assess its performance; and
kinerjanya; dan
· Dimana tersedia informasi keuangan yang · For which discrete financial information is
dapat dipisahkan. available.
Informasi yang digunakan oleh pengambil Information reported to the chief operating
keputusan operasional dalam rangka alokasi decision maker for the purpose of resource
sumber daya dan penilaian kinerja mereka allocation and assessment of their performance is
terfokus pada kategori dari setiap produk. more specifically focused on the category of each
product.
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UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
r. Laba per Saham r. Earning per Share
Laba per saham dasar dihitung dengan membagi Basic earnings per share is computed by dividing
laba bersih yang diatribusikan kepada pemilik net income attributable to the owners of the
entitas induk dengan jumlah rata-rata tertimbang Company by the weighted average number of
saham yang beredar pada tahun yang shares outstanding during the year.
bersangkutan.
Laba per saham dilusian dihitung dengan Diluted earnings per share is computed by
membagi laba bersih yang diatribusikan kepada dividing net income attributable to the owners of
pemilik entitas induk dengan jumlah rata-rata the Company by the weighted average number of
tertimbang saham biasa yang telah disesuaikan shares outstanding as adjusted for the effects of
dengan dampak dari semua efek berpotensi all dilutive potential ordinary shares.
saham biasa yang dilutif.
4. PERTIMBANGAN KRITIS AKUNTANSI DAN 4. CRITICAL ACCOUNTING JUDGMENTS AND KEY
SUMBER UTAMA KETIDAKPASTIAN ESTIMASI SOURCES OF ESTIMATION UNCERTAINTY
Dalam penerapan kebijakan akuntansi Perusahaan, In the application of the Company’s accounting
yang dijelaskan dalam Catatan 3, manajemen policies, which are described in Note 3, the Company’s
diwajibkan untuk membuat pertimbangan, estimasi managements are required to make judgments,
dan asumsi tentang jumlah tercatat aset dan liabilitas estimates and assumptions about the carrying
yang tidak tersedia dari sumber lain. Estimasi dan amounts of assets and liabilities that are not readily
asumsi terkait didasarkan pada pengalaman historis apparent from other sources. The estimates and
dan faktor-faktor lain yang dianggap relevan. Hasil associated assumptions are based on historical
aktualnya mungkin berbeda dari estimasi tersebut. experience and other factors that are considered to be
relevant. Actual results may differ from these
estimates.
Estimasi dan asumsi yang mendasari ditelaah secara The estimates and underlying assumptions are
berkelanjutan. Revisi estimasi akuntansi diakui dalam reviewed on an ongoing basis. Revisions to
periode dimana estimasi tersebut direvisi jika revisi accounting estimates are recognized in the period
hanya mempengaruhi periode tersebut, atau pada which the estimate is revised if the revision affects only
periode revisi dan periode masa depan jika revisi that period, or in the period of the revision and future
mempengaruhi periode saat ini dan masa depan. periods if the revision affects both current and future
periods.
Pertimbangan Kritis dalam Penerapan Kebijakan Critical Judgments in Applying Accounting
Akuntansi Policies
Di bawah ini adalah pertimbangan kritis, selain dari Below is the critical judgment, apart from those
yang melibatkan estimasi yang telah dibuat direksi involving estimations, that the directors have made in
dalam proses penerapan kebijakan akuntansi the process of applying the Company’s accounting
Perusahaan dan memiliki pengaruh paling signifikan policies and that have the most significant effect on
terhadap jumlah yang diakui dalam laporan the amounts recognized in the financial statements.
keuangan.
Peningkatan risiko kredit yang signifikan Significant increase in credit risk
Sebagaimana dijelaskan dalam Catatan 3e, kerugian As explained in Note 3e, expected credit losses are
kredit ekspektasian diukur sebagai cadangan yang measured as an allowance equal to 12-month ECL for
setara dengan ECL 12 bulan untuk aset tahap 1, atau stage 1 assets, or lifetime ECL for stage 2 or stage 3
ECL sepanjang umur untuk aset tahap 2 atau tahap assets. An asset moves to stage 2 when its credit risk
3. Suatu aset bergerak ke tahap 2 ketika risiko has increased significantly since initial recognition.
kreditnya telah meningkat secara signifikan sejak PSAK 71 does not define what constitutes a significant
pengakuan awal. PSAK 71 tidak menjelaskan apa increase in credit risk. In assessing whether the credit
yang merupakan peningkatan risiko kredit yang risk of an asset has significantly increased the
signifikan. Dalam menilai apakah risiko kredit suatu Company takes into account qualitative and
aset telah meningkat secara signifikan, Perusahaan quantitative reasonable and supportable forward-
mempertimbangkan informasi masa depan yang looking information.
wajar dan dapat didukung secara kualitatif dan
kuantitatif.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Sumber Utama Ketidakpastian Estimasi Key Sources of Estimation Uncertainty
Asumsi utama mengenai masa depan dan sumber The key assumptions concerning future and other key
utama ketidakpastian estimasi lainnya pada akhir sources of estimation uncertainty at the end of the
periode pelaporan, yang memiliki risiko signifikan dan reporting period, that have the significant risk of
dapat mengakibatkan penyesuaian material terhadap causing a material adjustment to the carrying amounts
jumlah tercatat aset dan liabilitas dalam periode of assets and liabilities within the next financial year
pelaporan berikutnya, dijelaskan di bawah ini: are discussed below:
Imbalan Pasca Kerja Post-employment Benefits
Penentuan dari liabilitas imbalan kerja karyawan The determination of post-employment benefits
bergantung pada asumsi manajemen yang obligation is dependent on management’s
digunakan oleh aktuaris dalam perhitungannya. assumptions used by actuaries in calculating such
Asumsi tersebut diantaranya adalah tingkat diskonto amounts. Those assumptions include among others,
dan kenaikan gaji. Hasil aktual yang dapat berbeda discount rate and rate of salary increase. Actual results
dengan asumsi Perusahaan mempengaruhi that differ from the Company’s assumptions, affect the
pencatatan liabilitas dan beban pada periode recognized expense and recorded obligation in future
mendatang. Meskipun diyakini bahwa asumsi periods. While it is believed that the Company’s
Perusahaan wajar dan sesuai, perbedaan signifikan assumptions are reasonable and appropriate,
dalam hasil aktual atau perubahan signifikan dalam significant differences in actual results or significant
asumsi secara material dapat mempengaruhi changes in assumptions may materially affect the
liabilitas imbalan pasca kerja Perusahaan. Company’s post-employment benefit obligations.
Nilai tercatat atas imbalan pasca kerja disajikan pada The carrying amount of post-employment benefits is
Catatan 20. disclosed in Note 20.
Perhitungan Cadangan Kerugian Calculation of loss allowance
Saat mengukur ECL, Perusahaan menggunakan When measuring ECL, the Company uses reasonable
informasi masa depan yang wajar dan dapat and supportable forward-looking information, which is
didukung, yang didasarkan pada asumsi untuk based on assumptions for the future movement of
pergerakan masa depan dari berbagai pendorong different economic drivers and how these drivers will
ekonomi dan bagaimana penggerak ini akan saling affect each other.
mempengaruhi.
Loss given default adalah estimasi kerugian yang Loss given default is an estimate of the loss arising on
timbul karena gagal bayar. Perhitungan didasarkan default. It is based on the difference between the
pada perbedaan antara arus kas kontraktual terutang contractual cash flows due and those that the lender
dan yang diharapkan akan diterima, dengan would expect to receive, taking into account cash flows
mempertimbangkan arus kas dari agunan dan from collateral and integral credit enhancements.
peningkatan kredit integral.
Probability of default merupakan input utama dalam Probability of default constitutes a key input in
mengukur ECL. Probability of default adalah measuring ECL. Probability of default is an estimate of
perkiraan kemungkinan gagal bayar selama jangka the likelihood of default over a given time horizon, the
waktu tertentu, yang penghitungannya mencakup calculation of which includes historical data,
data historis, asumsi, dan ekspektasi kondisi masa assumptions and expectations of future conditions.
depan.
Jika tingkat ECL piutang pembiayaan 10% lebih tinggi If the ECL rates on financing receivable had been 10%
(lebih rendah) pada 31 Desember 2023, cadangan higher (lower) as of December 31, 2023, the loss
kerugian piutang pembiayaan akan menjadi allowance on financing receivable would have been
Rp 125.426.759 ribu (31 Desember 2022: Rp 125,426,759 thousand (December 31, 2022:
Rp 113.814.886 ribu) lebih tinggi (lebih rendah). Rp 113,814,886 thousand) higher (lower).
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
5. KAS DAN BANK 5. CASH ON HAND AND IN BANKS
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Kas Cash on hand
Rupiah 29.833.230 26.052.924 Rupiah
Bank - Pihak ketiga Cash in banks - Third parties
Rupiah Rupiah
PT Bank Central Asia Tbk 167.530.669 135.682.233 PT Bank Central Asia Tbk
PT Bank Negara Indonesia Tbk 35.409.775 22.734.177 PT Bank Negara Indonesia Tbk
PT Bank Rakyat Indonesia Tbk 33.852.334 17.163.412 PT Bank Rakyat Indonesia Tbk
PT Bank Mandiri Tbk 21.748.578 16.535.123 PT Bank Mandiri Tbk
Citibank N.A., Indonesia 14.195.817 22.331.034 Citibank N.A., Indonesia
PT Bank Syariah Indonesia Tbk 11.487.307 19.177.661 PT Bank Syariah Indonesia Tbk
PT Bank Central Asia Syariah 10.425.659 438.252 PT Bank Central Asia Syariah
PT Bank Danamon Indonesia Tbk 5.671.798 7.378.635 PT Bank Danamon Indonesia Tbk
PT Bank BTPN Tbk - 1.963.990 PT Bank BTPN Tbk
PT Bank Permata Tbk - 1.073.430 PT Bank Permata Tbk
Lainnya (masing-masing dibawah Others (each below
Rp 1 miliar) 1.948.022 1.784.362 Rp 1 billion)
Subjumlah 302.269.959 246.262.309 Subtotal
Dolar Amerika Serikat United States Dollar
PT Bank BTPN Tbk 1.712.621 428.595 PT Bank BTPN Tbk
Bank Standard Chartered Indonesia 94.240 375.164 Bank Standard Chartered Indonesia
MUFG Bank Ltd., Cabang Jakarta 65.600 66.941 MUFG Bank Ltd., Jakarta Branch
Bank of America, N.A., Cabang Jakarta 41.267 46.829 Bank of America, N.A., Jakarta Branch
Citibank N.A., Indonesia 11.771 12.012 Citibank N.A., Indonesia
Deutsche Bank AG, Cabang Jakarta 5.511 5.623 Deutsche Bank AG, Jakarta Branch
Subjumlah 1.931.010 935.164 Subtotal
Yen Jepang Japanese Yen
PT Bank BTPN Tbk 4.061 4.467 PT Bank BTPN Tbk
Jumlah bank 304.205.030 247.201.940 Total cash in banks
Jumlah kas dan bank 334.038.260 273.254.864 Total cash on hand and in banks
6. PIUTANG PEMBIAYAAN - BERSIH 6. FINANCING RECEIVABLES - NET
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Pihak ketiga Third parties
Rupiah Rupiah
Piutang pembiayaan 17.991.420.873 17.765.114.150 Financing receivables
Jumlah yang dibiayai oleh bank sehubungan Amount financed by bank
dengan transaksi pembiayaan bersama (1.326.062) (1.616.979) relating to joint financing transaction
Subjumlah 17.990.094.811 17.763.497.171 Subtotal
Pendapatan pembiayaan
yang belum diakui (3.896.054.015) (3.912.430.461) Unearned income
Subjumlah 14.094.040.796 13.851.066.710 Subtotal
Cadangan kerugian kredit ekspektasian (1.254.267.594) (1.138.148.859) Allowance for expected credit losses
Jumlah - Bersih 12.839.773.202 12.712.917.851 Total - Net
Tingkat bunga efektif rata-rata per tahun 34,05% 34,26% Average effective annual interest rate
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Jumlah piutang pembiayaan (sebelum dikurangi Total financing receivables (before deducted with
pendapatan pembiayaan yang belum diakui dan unearned income and allowance for expected credit
cadangan kerugian kredit ekspektasian) berdasarkan losses) based on type of product are as follows:
jenis produknya adalah sebagai berikut:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Sepeda motor 10.767.228.328 11.260.985.355 Motorcycle
Lain-lain 7.222.866.483 6.502.511.816 Others
Jumlah 17.990.094.811 17.763.497.171 Total
Jumlah piutang pembiayaan bersih berdasarkan Total net financing receivables based on business
kegiatan usaha adalah sebagai berikut: activities are as follows:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Pembiayaan multi guna 8.247.300.088 8.257.634.648 Multi purpose financing
Pembiayaan IMBT 2.317.168.005 1.703.986.145 IMBT financing
Pembiayaan investasi 2.207.628.138 2.657.522.923 Investment financing
Pembiayaan murabahah 58.016.186 60.613.653 Murabahah financing
Pembiayaan modal kerja 9.008.740 6.845.239 Working capital financing
Pembiayaan mudharabah 652.045 26.315.243 Mudharabah financing
Jumlah 12.839.773.202 12.712.917.851 Total
Jumlah piutang pembiayaan (sebelum dikurangi Total lease installments (before deducted with
cadangan kerugian kredit ekspektasian) sesuai allowance for expected credit losses) based on
dengan jatuh temponya adalah sebagai berikut: maturity date are as follows:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Piutang pembiayaan Financing receivable
Pihak ketiga Third parties
Sampai dengan satu tahun 9.762.236.806 10.175.494.700 Within one year
Lebih dari satu tahun sampai More than one year up to
lima tahun 8.227.858.005 7.588.002.471 five years
Jumlah angsuran 17.990.094.811 17.763.497.171 Total installments
Pendapatan pembiayaan
yang belum diakui Unearned lease income
Pihak ketiga Third parties
Sampai dengan satu tahun 2.789.407.990 2.961.840.376 Within one year
Lebih dari satu tahun sampai More than one year up to
lima tahun 1.106.646.025 950.590.085 five years
Jumlah pendapatan sewa pembiayaan
yang belum diakui 3.896.054.015 3.912.430.461 Total unearned lease income
Jumlah 14.094.040.796 13.851.066.710 Total
Kisaran jangka waktu pembiayaan adalah 3 - 5 tahun Financing agreements have term of 3 - 5 years with
dengan mayoritas pembiayaan selama 3 tahun. majority tenor of within 3 years.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Terdapat piutang pembiayaan (sebelum dikurangi There are some financing receivables (before
pendapatan pembiayaan yang belum diakui dan deducted with unearned financing income and
cadangan kerugian kredit ekspektasian) sebesar allowance for expected credit losses) amounting to
Rp 1.312.502.040 ribu pada tanggal 31 Desember Rp 1,312,502,040 thousand as of December 31, 2023
2023 (31 Desember 2022: Rp 1.426.003.101 ribu) (December 31, 2022: Rp 1,426,003,101 thousand)
yang digunakan sebagai jaminan atas utang obligasi which was used as collateral of bonds payable
(Catatan 18). (Note 18).
Berdasarkan Perjanjian No. 26 tanggal 15 Agustus Based on Agreement No. 26 dated August 15, 2022,
2022, Perusahaan menandatangani perjanjian the Company entered into revolving joint financing
pembiayaan bersama yang bersifat berulang dengan agreement with PT Bank CIMB Niaga Tbk. The usage
PT Bank CIMB Niaga Tbk. Penggunaan joint of this joint financing are for car financing and
financing ini adalah untuk pembiayaan mobil dan subrogation. Bank agreed to provide a joint financing
subrogasi. Bank menyetujui untuk memberikan facility maximum IDR 250,000,000 thousand. The
fasilitas pembiayaan bersama dengan jumlah facility has a term until January 31, 2025 and can be
maksimum sebesar Rp 250.000.000 ribu. Jangka extended upon the agreement of both parties. The joint
waktu perjanjian ini berlaku sampai dengan tanggal financing portion for bank is 90% of the total financing
31 Januari 2025 dan dapat diperpanjang sesuai facilities and the joint financing portion for BAF is 10%
kesepakatan kedua belah pihak. Porsi pembiayaan of the total financing facilities.
bersama untuk bank sebesar 90% dari total fasilitas
pembiayaan dan porsi pembiayaan bersama untuk
BAF sebesar 10% dari total fasilitas pembiayaan.
Tingkat suku bunga yang ditawarkan untuk jangka Interest rate offered for loan terms of 1-5 years are
waktu pinjaman 1-5 tahun berkisar 7,7% - 7,9%. ranging from 7.7% - 7.9%.
Berdasarkan Perjanjian No. 08/PKS/ICF- Based on Agreement No. 08/PKS/ICF-SDM/VIIII/2022
SDM/VIII/2022 tanggal 18 Agustus 2022, Perusahaan dated August 18, 2022, the Company entered into
mengadakan perjanjian pembiayaan bersama yang revolving joint financing agreement with PT Bank
bersifat berulang dengan PT Bank Permata Tbk. Permata Tbk. The usage of this joint financing are for
Pembiayaan bersama ini digunakan untuk new motorcycles financing, consumer assets
pembiayaan sepeda motor baru, pembelian aset purchase without recourse or subrogation. Bank
konsumen tanpa recourse atau subrogasi. Bank agreed to provide a joint financing facility maximum
setuju untuk memberikan fasilitas pembiayaan IDR 400,000,000 thousand. The facility has a term until
bersama sebanyak-banyaknya Rp 400.000.000 ribu. August 18, 2024 and renewable upon the agreement
Jangka waktu fasilitas ini berlaku sampai dengan of both parties. The joint financing portion for bank is
tanggal 18 Agustus 2024 dan dapat diperpanjang 90% of the total financing facilities and the joint
sesuai kesepakatan kedua belah pihak. Porsi financing portion for BAF is 10% of the total financing
pembiayaan bersama untuk bank sebesar 90% dari facilities. Interest rates per annum at 12% - 13%.
total fasilitas pembiayaan dan porsi pembiayaan
bersama untuk BAF sebesar 10% dari total fasilitas
pembiayaan. Tingkat suku bunga per tahun sebesar
12% - 13%.
Pada tanggal 31 Desember 2023, saldo atas As of December 31, 2023, the outstanding balances
transaksi pembiayaan bersama sebesar for joint financing transaction amounting to
Rp 1.326.062 ribu (31 Desember 2022: Rp 1,326,062 thousand (December 31, 2022:
Rp 1.616.979 ribu). Rp 1,616,979 thousand)
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Piutang Pembiayaan - Berdasarkan Umur Piutang Financing Receivable - Days Past Due
31 Desember 2023/December 31, 2023
Jatuh tempo/Past due
Belum jatuh
tempo/ < 30 hari/ 31 – 60 hari/ 61 – 90 hari/ >90 hari/ Jumlah/
Not past due days days days days Total
Rp '000 Rp '000 Rp '000 Rp '000 Rp '000 Rp '000
Tingkat kerugian kredit ekspektasian/
Expected credit loss rate 4% 17% 24% 36% 76%
Jumlah piutang pembiayaan (setelah
dikurangi pendapatan pembiayaan
yang belum diakui) pada saat gagal bayar/
Total financing receivables (after deducting
with unearned financing income)
amount of default 11.807.679.279 747.376.872 643.863.874 301.265.985 593.854.786 14.094.040.796
ECL 12 bulan/12-month ECL (416.955.086) (124.740.690) - - - (541.695.776)
ECL sepanjang umur/Lifetime ECL - - (153.004.157) (108.902.006) (450.665.655) (712.571.818)
Jumlah/Total 12.839.773.202
31 Desember 2022/December 31, 2022
Jatuh tempo/Past due
Belum jatuh
tempo/ < 30 hari/ 31 – 60 hari/ 61 – 90 hari/ >90 hari/ Jumlah/
Not past due days days days days Total
Rp '000 Rp '000 Rp '000 Rp '000 Rp '000 Rp '000
Tingkat kerugian kredit ekspektasian/
Expected credit loss rate 3% 17% 23% 36% 76%
Jumlah piutang pembiayaan (setelah
dikurangi pendapatan pembiayaan
yang belum diakui) pada saat gagal bayar/
Total financing receivables (after deducting
with unearned financing income)
amount of default 11.679.638.873 732.311.012 625.700.327 283.954.540 529.461.958 13.851.066.710
ECL 12 bulan/12-month ECL (358.907.276) (125.548.448) - - - (484.455.724)
ECL sepanjang umur/Lifetime ECL - - (146.723.614) (103.212.747) (403.756.774) (653.693.135)
Jumlah/Total 12.712.917.851
Mutasi cadangan kerugian kredit ekspektasian The changes in the allowance for expected credit
piutang pembiayaan adalah sebagai berikut: losses of financing receivable are as follows:
31 Desember 2023/December 31, 2023
Tahap 1/ Tahap 2/ Tahap 3/ Jumlah/
Stage 1 Stage 2 Stage 3 Total
Rp '000 Rp '000 Rp '000 Rp '000
Saldo awal - 1 Januari 2023 484.455.724 249.936.361 403.756.774 1.138.148.859 Beginning balance - January 1, 2023
Transfer tahap 1 9.381.172 (9.017.590) (363.582) - Transfer to stage 1
Transfer tahap 2 (38.991.267) 39.430.616 (439.349) - Transfer to stage 2
Transfer tahap 3 (24.784.770) (13.092.538) 37.877.308 - Transfer to stage 3
Pencadangan baru dan kenaikan cadangan New and increased provisions
(dikurangi dengan pembalikan) 859.247.752 366.936.003 604.420.058 1.830.603.813 (net of releases)
Penghapusan (747.612.835) (372.286.689) (594.585.554) (1.714.485.078) Written-off
Saldo akhir - 31 Desember 2023 541.695.776 261.906.163 450.665.655 1.254.267.594 Ending balance - December 31, 2023
31 Desember 2022/December 31, 2022
Tahap 1/ Tahap 2/ Tahap 3/ Jumlah/
Stage 1 Stage 2 Stage 3 Total
Rp '000 Rp '000 Rp '000 Rp '000
Saldo awal - 1 Januari 2021 501.689.996 221.736.249 343.211.994 1.066.638.239 Beginning balance - January 1, 2021
Transfer tahap 1 15.840.501 (14.811.882) (1.028.619) - Transfer to stage 1
Transfer tahap 2 (54.395.312) 56.266.605 (1.871.293) - Transfer to stage 2
Transfer tahap 3 (26.401.691) (128.114.385) 154.516.076 - Transfer to stage 3
Pencadangan baru dan kenaikan cadangan New and increased provisions
(dikurangi dengan pembalikan) 47.722.230 114.875.964 1.142.199.457 1.304.797.651 (net of releases)
Penghapusan - (16.190) (1.233.270.841) (1.233.287.031) Written-off
Saldo akhir - 31 Desember 2022 484.455.724 249.936.361 403.756.774 1.138.148.859 Ending balance - December 31, 2022
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Tidak ada perubahan dalam teknik estimasi atau There has been no change in the estimation
asumsi signifikan yang dibuat selama periode techniques or significant assumptions made during the
pelaporan berjalan dalam menilai penyisihan current reporting period in assessing the loss
kerugian untuk aset keuangan tersebut. allowance for these financial assets.
7. PIUTANG LAIN-LAIN - BERSIH 7. OTHER ACCOUNTS RECEIVABLE - NET
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Pihak berelasi Related parties
Piutang direksi 2.188.398 2.887.379 Directors receivables
Pihak ketiga Third parties
Piutang karyawan 39.857.944 22.945.539 Employee receivables
Piutang atas penagihan biaya promosi 2.775.129 2.063.050 Receivables of claimed promotion expenses
Piutang pengembalian premi asuransi 246.789 1.509.226 Insurance premium refund receivables
Lain-lain - bersih 14.395.063 8.208.443 Others - net
Piutang pembiayaan dari jaminan - bersih Financing receivable from collateral - net
Piutang pembiayaan dari jaminan 95.924.203 45.548.022 Financing receivable from collateral
Cadangan kerugian kredit ekspektasian (34.078.735) (16.061.108) Allowance for expected credit losses
Sub jumlah - bersih 61.845.468 29.486.914 Subtotal - net
Jumlah 121.308.791 67.100.551 Total
Piutang Karyawan Employee Receivables
Piutang karyawan merupakan pinjaman yang Employee receivables represents loan provided to
diberikan kepada karyawan untuk kepemilikan employees for vehicle ownership. This loan has varies
kendaraan bermotor. Jangka waktu pinjaman tenure ranging from 3 - 5 years.
bervariasi antara 3 - 5 tahun.
Piutang Direksi Directors Receivables
Piutang direksi merupakan pinjaman yang diberikan Directors receivables represents loan provided to
kepada direksi untuk kepemilikan kendaraan directors for vehicle ownership. This loan has tenure
bermotor. Jangka waktu pinjamannya adalah 3 tahun. for 3 years.
Piutang atas Penagihan Biaya Promosi Receivables of Claimed Promotion Expenses
Piutang ini merupakan piutang atas penagihan biaya This receivables represent receivable from marketing
promosi yang dilakukan Perusahaan untuk activities done by the Company to insurance company.
perusahaan asuransi. Piutang atas penagihan biaya The receivables of claimed promotion expenses are
promosi ini tidak dikenakan bunga dan akan not subject to interest and will be paid within one year.
diselesaikan dalam jangka waktu satu tahun.
Lain-lain Others
Piutang lain-lain kepada pihak ketiga terutama Other receivable from third parties primarily represents
merupakan piutang lain-lain yang berhubungan receivable from financing activities and receivables
dengan kegiatan pembiayaan dan piutang atas biaya from collection fee to customer.
penagihan ke nasabah.
Piutang Pembiayaan dari Jaminan Financing Receivable from Collateral
Piutang pembiayaan jaminan merupakan piutang Financing receivable from collateral represents
pembiayaan konsumen yang kendaraannya diambil financing receivable that vehicles have been
alih untuk penyelesaian piutang nasabah. foreclosed to cover customer receivable.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Piutang pembiayaan dari jaminan dijamin dengan Financing receivable from collateral are secured with
agunan. Jika terjadi gagal bayar, Perusahaan berhak collateral. In the event of default, the Company is
untuk menjual aset tersebut, dan berhak atas setiap entitled to sell the asset, and has rights to any
hasil dari penjualan aset tersebut sampai jumlah total proceeds from such a sale up to the total amount
piutang dari nasabah. receivable from the customer.
Manajemen mengestimasi penyisihan kerugian atas Management estimates the loss allowance on
piutang pembiayaan dari jaminan pada tanggal financing receivable from collateral at December 31,
31 Desember 2023 sebesar ECL sepanjang umur. 2023 at an amount equal to lifetime ECL. Allowance
Penyisihan kerugian kredit ekspektasian sebesar for expected credit losses amounting to Rp 34,078,735
Rp 34.078.735 ribu (2022: Rp 16.061.108 ribu) thousand (2022: Rp 16,061,108 thousand) considers
memperhitungkan nilai jaminan yang dimiliki atas the value of collateral held over these receivables.
piutang tersebut.
Untuk tujuan penilaian penurunan nilai piutang lain- For purpose of impairment assessment other accounts
lain, kecuali piutang pembiayaan dari jaminan dan receivable, except finance receivable from collateral
lain-lain, dianggap memiliki risiko kredit yang rendah and others are considered to have low credit risk and
dan tidak ada peningkatan signifikan dalam risiko there has been no significant increase in the risk of
gagal bayar sejak pengakuan awal. Oleh karena itu, default on the receivables since initial recognition.
untuk tujuan penilaian penurunan nilai pinjaman ini, Accordingly, for the purpose of impairment
cadangan kerugian diukur sejumlah ECL 12 bulan, assessment for these receivables, the loss allowance
kecuali untuk piutang lain - lain, yang cadangan is measured at an amount equal to 12-month ECL,
kerugian penurunan nilai nya diukur sejumlah ECL except for other accounts receivable, where the loss
sepanjang umur. allowance is measured at an amount equal to lifetime
ECL.
Dalam menentukan ECL, manajemen telah In determining the ECL, management has taken into
memperhitungkan posisi keuangan pihak terkait, account the financial position of the relevant parties,
disesuaikan dengan faktor-faktor spesifik dari pihak adjusted for factors that are specific to the relevant
terkait, dalam memperkirakan kemungkinan parties, in estimating the probability of default of the
terjadinya gagal bayar pinjaman serta kerugian saat other accounts receivable as well as the loss upon
terjadinya gagal bayar. Manajemen menentukan default. Management determines the other accounts
bahwa pinjaman kepada pihak terkait memiliki receivable from relevant parties are subject to
kerugian kredit yang tidak material. immaterial credit loss.
Tidak ada perubahan dalam teknik estimasi atau There has been no change in the estimation
asumsi signifikan yang dibuat selama periode techniques or significant assumptions made during the
pelaporan berjalan dalam penilaian cadangan current reporting period in assessing the loss
kerugian piutang lain-lain. allowance for other accounts receivable.
Mutasi cadangan kerugian kredit piutang pembiayaan The changes in the allowance for credit losses of
dari jaminan adalah sebagai berikut: receivable from collateral are as follows:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Saldo awal tahun 16.061.108 15.827.832 Balance at beginning of year
Penyisihan tahun berjalan 106.305.212 47.323.503 Allowance during the year
Penghapusan (88.287.585) (47.090.227) Written off
Saldo akhir 34.078.735 16.061.108 Balance at end of year
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
8. UANG MUKA 8. ADVANCES
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Uang muka pembelian perangkat lunak Advance for purchase of computer
komputer 8.722.119 22.875.030 software
Advance for purchase of property
Uang muka pembelian aset tetap 22.840.006 7.630.897 and equipment
Jumlah 31.562.125 30.505.927 Total
9. BIAYA DIBAYAR DIMUKA 9. PREPAID EXPENSES
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Pemeliharaan teknis perangkat lunak 23.298.368 17.528.556 Technical maintenance of software
Asuransi 7.002.761 5.608.613 Insurance
Sewa - pihak ketiga 4.159.694 5.952.106 Rent - third parties
Program pemasaran 1.104.443 1.260.877 Marketing program
Lainnya 589.703 691.669 Others
Jumlah 36.154.969 31.041.821 Total
Seluruh biaya dibayar dimuka, kecuali biaya sewa, All prepaid expenses, except for rent, will mature within
akan jatuh tempo dalam waktu satu tahun. Pada one year. As of December 31, 2023 and 2022, rent
tanggal 31 Desember 2023 dan 2022, sewa diatas above one year are considered as low value asset.
satu tahun merupakan sewa bernilai rendah.
Bagian dari biaya sewa dibayar dimuka menurut jatuh Portion of prepaid rent expenses based on the maturity
temponya adalah sebagai berikut: are as follows:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Dalam waktu satu tahun 2.905.064 4.695.624 Within one year
Diatas satu tahun 1.254.630 1.256.482 Above one year
Jumlah 4.159.694 5.952.106 Total
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
10. ASET TETAP 10. PROPERTY AND EQUIPMENT
1 Januari/ 31 Desember/
January 1, Penambahan/ Pengurangan/ December 31,
2023 Additions Deductions 2023
Rp '000 Rp '000 Rp '000 Rp '000
Biaya perolehan: At cost:
Tanah 88.679.845 - - 88.679.845 Land
Gedung 203.989.210 - - 203.989.210 Building
Prasarana gedung 71.579.348 8.552.434 610 80.131.172 Leasehold improvement
Perangkat kantor Office furniture, fixture
dan perabot 254.201.321 40.812.222 8.765.958 286.247.585 and equipment
Kendaraan 5.641.201 911.657 260.450 6.292.408 Vehicles
Jumlah 624.090.925 50.276.313 9.027.018 665.340.220 Total
Akumulasi penyusutan: Accumulated depreciation:
Gedung 36.569.096 10.209.866 - 46.778.962 Building
Prasarana gedung 58.354.053 6.791.728 13 65.145.768 Leasehold improvement
Perangkat kantor Office furniture, fixture
dan perabot 188.769.401 30.893.491 8.075.427 211.587.465 and equipment
Kendaraan 3.530.138 1.010.172 245.637 4.294.673 Vehicles
Jumlah 287.222.688 48.905.257 8.321.077 327.806.868 Total
Nilai tercatat bersih 336.868.237 337.533.352 Net carrying amount
1 Januari/ 31 Desember/
January 1, Penambahan/ Pengurangan/ December 31,
2022 Additions Deductions 2022
Rp '000 Rp '000 Rp '000 Rp '000
Biaya perolehan: At cost:
Tanah 88.679.845 - - 88.679.845 Land
Gedung 203.989.210 - - 203.989.210 Building
Prasarana gedung 64.995.458 6.583.890 - 71.579.348 Leasehold improvement
Perangkat kantor Office furniture, fixture
dan perabot 208.284.512 46.604.816 688.007 254.201.321 and equipment
Kendaraan 4.062.501 1.635.700 57.000 5.641.201 Vehicles
Jumlah 570.011.526 54.824.406 745.007 624.090.925 Total
Akumulasi penyusutan: Accumulated depreciation:
Gedung 26.359.229 10.209.867 - 36.569.096 Building
Prasarana gedung 52.806.668 5.547.385 - 58.354.053 Leasehold improvement
Perangkat kantor Office furniture, fixture
dan perabot 160.874.392 28.515.885 620.876 188.769.401 and equipment
Kendaraan 2.781.713 797.737 49.312 3.530.138 Vehicles
Jumlah 242.822.002 45.070.874 670.188 287.222.688 Total
Nilai tercatat bersih 327.189.524 336.868.237 Net carrying amount
Seluruh aset tetap Perusahaan digunakan untuk All of the Company’s property and equipment are used
kegiatan operasional Perusahaan. in the Company’s operational activity.
Penyusutan yang dibebankan pada laba rugi Depreciation charged to profit or loss amounted to
sejumlah Rp 48.905.257 ribu pada 31 Desember Rp 48,905,257 thousand in December 31, 2023
2023 (31 Desember 2022: Rp 45.070.874 ribu). (December 31, 2022: Rp 45,070,874 thousand).
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Kerugian penjualan aset tetap adalah sebagai Loss on sale of property and equipment are as follows:
berikut:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Jumlah tercatat 705.941 74.819 Net carrying amount
Hasil penjualan aset tetap 317.414 61.789 Proceeds from sale of property and equipment
Kerugian penjualan aset tetap (388.527) (13.030) Loss on sale of property and equipment
Kerugian atas penjualan aset tetap disajikan sebagai Loss on sale of property and equipment is presented
bagian dari pendapatan lain-lain pada laporan laba as part of other income in the statement of profit or loss
rugi dan penghasilan komprehensif lain. and other comprehensive income.
Perusahaan memiliki sebidang tanah dengan luas The Company owns a parcel of land located in
area 4.827 meter persegi dengan hak legal berupa Jagakarsa, South Jakarta with total area of 4,827
Hak Guna Bangunan (HGB) di Jagakarsa, Jakarta square meters with Building Use Right (Hak Guna
Selatan yang berlaku selama 30 tahun sampai Bangunan or HGB) for a period of 30 years until 2045.
dengan 2045. Perusahaan membangun gedung The Company builds a building office in this area, for
kantor pada bidang tanah ini yang digunakan untuk Company’s business activities. Management believes
kegiatan bisnis Perusahaan. Manajemen that there will be no difficulty in the extension of the
berkeyakinan bahwa tidak terdapat masalah untuk landrights since the land was acquired legally and
memperpanjang hak atas tanah karena seluruh tanah supported by sufficient evidence of ownership.
dimiliki secara legal dan didukung dengan bukti
kepemilikan yang memadai.
11. PERANGKAT LUNAK KOMPUTER 11. COMPUTER SOFTWARE
1 Januari/ 31 Desember/
January 1, Penambahan/ Pengurangan/ December 31
2023 Additions Deductions 2023
Rp '000 Rp '000 Rp '000 Rp '000
Biaya perolehan At cost
Perangkat lunak 198.853.758 34.154.181 - 233.007.939 Computer software
Akumulasi amortisasi Accumulated amortisation
Kendaraan
Perangkat lunak 117.075.766 38.751.007 - 155.826.773 Computer software
Nilai tercatat bersih 81.777.992 77.181.166 Net Carrying Amount
1 Januari/ 31 Desember/
January 1, Penambahan/ Pengurangan/ December 31
2022 Additions Deductions 2022
Rp '000 Rp '000 Rp '000 Rp '000
Biaya perolehan At cost
Perangkat lunak 159.067.470 39.786.288 - 198.853.758 Computer software
Akumulasi amortisasi Accumulated amortisation
Kendaraan
Perangkat lunak 81.271.200 35.804.566 - 117.075.766 Computer software
Nilai tercatat bersih 77.796.270 81.777.992 Net Carrying Amount
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
12. ASET HAK-GUNA 12. RIGHT-OF-USE ASSETS
Perusahaan menyewa beberapa aset berupa The Company leases several assets in the form of
bangunan. Masa sewa rata-rata adalah 2 tahun. building. The average lease term is 2 years.
1 Januari/ 31 Desember/
January 1, Penambahan/ Pengurangan/ December 31
2023 Additions Deductions 2023
Rp '000 Rp '000 Rp '000 Rp '000
Biaya perolehan: At cost:
Bangunan 61.459.781 19.540.850 21.996.514 59.004.117 Building
Akumulasi penyusutan: Accumulated depreciation:
Bangunan 33.553.584 19.394.195 21.996.514 30.951.265 Building
Nilai tercatat bersih 27.906.197 28.052.852 Net carrying amount
1 Januari/ 31 Desember/
January 1, Penambahan/ Pengurangan/ December 31
2022 Additions Deductions 2022
Rp '000 Rp '000 Rp '000 Rp '000
Biaya perolehan: At cost:
Bangunan 59.062.619 17.533.559 15.136.397 61.459.781 Building
Akumulasi penyusutan: Accumulated depreciation:
Bangunan 25.985.206 22.704.775 15.136.397 33.553.584 Building
Nilai tercatat bersih 33.077.413 27.906.197 Net carrying amount
Analisis jatuh tempo liabilitas sewa disajikan pada The maturity analysis of lease liabilities is presented in
Catatan 19. Note 19.
Jumlah yang diakui ke laba rugi yang timbul dari sewa Amounts recognized in profit or loss arising from
adalah sebagai berikut: leases are as follows:
2023 2022
Rp '000 Rp '000
Beban penyusutan aset hak-guna 19.394.195 22.704.775 Depreciation expense on right-of-use assets
Beban bunga atas liabilitas sewa 450.644 552.987 Interest expense on lease liabilities
Beban yang berkaitan dengan
sewa jangka pendek 1.529.757 2.967.210 Expense relating to short-term leases
Beban yang berkaitan dengan sewa aset
bernilai rendah 69.703 59.097 Expense relating to leases of low-value assets
Jumlah pengeluaran kas untuk sewa (termasuk sewa The total cash outflow for leases (including short-term
jangka pendek dan sewa aset bernilai rendah) leases and leases of low value assets) amounted to
sebesar Rp 5.065 juta pada tahun 2023 (2022: Rp 5,065 million in 2023 (2022: Rp 8,195 million).
Rp 8.195 juta).
13. ASET LAINNYA 13. OTHER ASSETS
Akun ini merupakan investasi pada obligasi konversi, This account represents investment in convertible
uang jaminan dan keanggotaan. bonds, refundable deposit and membership.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
14. PINJAMAN BANK 14. BANK LOANS
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
a). Berdasarkan kreditur a). By creditor
Pinjaman Jangka Panjang Long Term Loans
Pihak ketiga Third parties
PT Bank Maybank Indonesia Tbk PT Bank Maybank Indonesia Tbk
Rp 700.000.000 ribu pada 2023 700.000.000 - Rp 700,000,000 thousand in 2023
(2022: nihil) (2022: nil)
PT Bank BTPN Tbk PT Bank BTPN Tbk
US$ 33.517.969 pada 2023 US$ 33,517,969 in 2023
(2022: Rp 100.000.000 ribu dan (2022: Rp 100,000,000 thousand and
US$ 23.411.313) 516.713.022 468.283.362 US$ 23,411,313)
PT Bank Mizuho Indonesia PT Bank Mizuho Indonesia
US$ 15.965.084 pada 2023 US$ 15,965,084 in 2023
(2022: Rp 135.000.000 ribu dan (2022: Rp 135,000,000 thousand and
US$ 38.174.456) 246.117.730 735.522.374 US$ 38,174,456)
MUFG Bank Ltd., Cabang Jakarta MUFG Bank Ltd., Jakarta Branch
Rp 120.000.000 ribu pada 2023 Rp 120,000,000 thousand in 2023
(2022: nihil) 120.000.000 - (2022: nil)
PT Bank ANZ Indonesia PT Bank ANZ Indonesia
(2022: Rp 65.000.000 ribu dan (2022: Rp 65,000,000 thousand and
US$ 16.033.461) - 317.222.377 US$ 16,033,461)
Sumitomo Mitsui Trust Bank., Ltd. Sumitomo Mitsui Trust Bank., Ltd.
(2022: US$ 14.000.000) - 220.234.000 (2022: US$ 14,000,000)
Sub Jumlah 1.582.830.752 1.741.262.113 Sub Total
Pinjaman Jangka Pendek Short Term Loans
Pihak ketiga Third parties
PT Bank Mizuho Indonesia PT Bank Mizuho Indonesia
Rp 135.000.000 ribu dan Rp 135,000,000 thousand and
US$38.174.456 pada 2023 US$ 38,174,456 in 2023
(2022: nihil) 723.497.420 - (2022: nil)
MUFG Bank Ltd., Cabang Jakarta MUFG Bank Ltd., Jakarta Branch
Rp 650.000.000 ribu pada 2023 Rp 650,000,000 thousand in 2023
(2022: Rp 1.000.000.000 ribu) 650.000.000 1.000.000.000 (2022: Rp 1,000,000,000 thousand)
Bank of America, N.A., Cabang Jakarta Bank of America, N.A., Jakarta Branch
US$ 41,457,869 pada 2023 US$ 41,457,869 in 2023
(2022: Rp 624.000.000 ribu) 639.114.509 624.000.000 (2022: Rp 624,000,000 thousand)
Citibank, N.A., Cabang Jakarta Citibank, N.A., Jakarta Branch
Rp 470.000.000 ribu pada 2023 Rp 470,000,000 thousand in 2023
(2022: Rp 638.000.000 ribu) 470.000.000 638.000.000 (2022: Rp 638,000,000 thousand)
PT Bank BTPN Tbk PT Bank BTPN Tbk
Rp 100.000.000 ribu dan Rp 100,000,000 thousand and
US$ 23.411.313 pada 2023 US$ 23,411,313 in 2023
(2022: Rp 260.000.000 ribu dan (2022: Rp 260,000,000 thousand and
US$ 20.994.694) 460.908.799 590.267.536 US$ 20,994,694)
Deutsche Bank AG, Cabang Jakarta Deutsche Bank AG, Jakarta Branch
Rp 275.000.000 ribu pada 2023 Rp 275,000,000 thousand in 2023
(2022: Rp 150.000.000 ribu) 275.000.000 150.000.000 (2022: Rp 150,000,000 thousand)
Sumitomo Mitsui Trust Bank., Ltd. Sumitomo Mitsui Trust Bank., Ltd.
US$ 14.000.000 pada 2023 US$ 14,000,000 in 2023
(2022: US$ 3.500.000) 215.824.000 55.058.500 (2022: US$ 3,500,000)
PT Bank Central Asia Tbk PT Bank Central Asia Tbk
Rp 150.000.000 ribu pada 2023 Rp 150,000,000 thousand in 2023
(2022: Rp 30.000.000) 150.000.000 30.000.000 (2022: Rp 30,000,000)
PT Bank HSBC Indonesia PT Bank HSBC Indonesia
Rp 150.000.000 ribu pada 2023 150.000.000 - Rp 150,000,000 thousand in 2023
PT Bank Digital BCA PT Bank Digital BCA
Rp 100.000.000 ribu pada 2023 100.000.000 - Rp 100,000,000 thousand in 2023
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Pinjaman Jangka Pendek Short Term Loans
Pihak ketiga Third parties
PT CIMB Niaga Tbk PT CIMB Niaga Tbk
Rp 100.000.000 ribu pada 2023 100.000.000 - Rp 100,000,000 thousand in 2023
PT Bank Victoria International Tbk PT Bank Victoria International Tbk
Rp 50.000.000 ribu pada 2023 Rp 50,000,000 thousand in 2023
(2022: Rp 205.000.000 ribu) 50.000.000 205.000.000 (2022: Rp 205,000,000 thousand)
PT BCA Syariah PT BCA Syariah
Rp 50.000.000 ribu pada 2023 50.000.000 - Rp 50,000,000 thousand in 2023
PT Bank Muamalat Indonesia Tbk PT Bank Muamalat Indonesia Tbk
Rp 40.000.000 ribu pada 2023 Rp 40,000,000 thousand in 2023
(2022: Rp 10.000.000) 40.000.000 10.000.000 (2022: Rp 10,000,000)
PT Bank Victoria Syariah PT Bank Victoria Syariah
Rp 30.000.000 ribu pada 2023 Rp 30,000,000 thousand in 2023
(2022: Rp 5.000.000) 30.000.000 5.000.000 (2022: Rp 5,000,000)
Bank of America, N.A., Cabang Tokyo Bank of America, N.A., Tokyo Branch
(2022: US$ 45.000.000) - 707.895.000 (2022: US$ 45,000,000)
PT Bank ANZ Indonesia PT Bank ANZ Indonesia
(2022: Rp 625.000.000 ribu) - 625.000.000 (2022: Rp 625,000,000 thousand)
Jumlah 4.104.344.728 4.640.221.036 Total
Jumlah pinjaman 5.687.175.480 6.381.483.149 Total loans
b). Berdasarkan mata uang b). By currency
Pinjaman Jangka Panjang Long Term Loans
Pihak ketiga Third parties
Dolar Amerika Serikat 762.830.752 1.441.262.113 United States Dollar
Indonesia Rupiah 820.000.000 300.000.000 Indonesian Rupiah
Jumlah 1.582.830.752 1.741.262.113 Total
Pinjaman Jangka Pendek Short Term Loans
Pihak ketiga Third parties
Dolar Amerika Serikat 1.804.344.728 1.093.221.036 United States Dollar
Indonesia Rupiah 2.300.000.000 3.547.000.000 Indonesian Rupiah
Jumlah 4.104.344.728 4.640.221.036 Total
Jumlah pinjaman 5.687.175.480 6.381.483.149 Total loans
Tingkat bunga Interest rates
Dolar Amerika Serikat 2.05% - 6.71% 1.17% - 5.64% United States Dollar
Indonesia Rupiah 6.27% - 8.10% 3.90% - 8.10% Indonesian Rupiah
Beberapa fasilitas pinjaman di atas dijamin dengan Several loans facility were guaranteed with standby
standby letters of credit dan letters of guarantee dari letters of credit and letters of guarantee from its parent
perusahaan induk, Mitsui & Co., Ltd., Jepang dan JA company, Mitsui & Co., Ltd., Japan and JA Mitsui
Mitsui Leasing., Ltd. Tidak terdapat aset yang Leasing., Ltd. There is no asset guaranteed pertain to
dijaminkan untuk seluruh fasilitas pinjaman ini. these loan facilities. The Company hedged the loans
Perusahaan melakukan lindung nilai atas pinjaman to manage market risks related to foreign currency
untuk mengelola risiko pasar terkait dengan nilai tukar exchange rates using cross currency swaps contract
mata uang asing dengan menggunakan kontrak cross (Note 29).
currency swap (Catatan 29).
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Ringkasan fasilitas pinjaman bank Perusahaan A summary of the Company's bank loan facilities are
adalah sebagai berikut: as follows:
Batas kredit
(dalam ribuan
mata uang asli)/
Credit limit
Bank/ Fasilitas/ Basis/ (in thousand Bunga/ Tanggal jatuh tempo/
Bank Facility Base original amount) Interest Due date
MUFG Bank Ltd., Fasilitas modal kerja/ Guarantee Rp 2.200.000.000 Suku bunga akan dibebankan atas suatu pinjaman pada jangka waktu bunga 31 Desember 2024/
Cabang Jakarta/Jakarta Branch Working capital facility dan mata uang tertentu December 31, 2024
USD - bunga referensi + margin yang berlaku
JPY - JBA TIBOR + margin yang berlaku
IDR - biaya pendanaan + margin yang berlaku
Margin yang berlaku:
Untuk pinjaman dalam rupiah, sampai dengan 1 tahun : 0,375% per tahun.
lebih dari 1 tahun sampai dengan 2 tahun: 1,00% per tahun
lebih dari 2 tahun sampai dengan 4 tahun: 1,20% per tahun
Untuk pinjaman dalam USD dan/atau JPY, sampai dengan tahun: 1,10% per tahun
lebih dari 1 tahun sampai dengan 2 tahun: 1,40% per tahun
lebih dari 2 tahun sampai dengan 4 tahun: 1,65% per tahun/
Interest rate shall be charged over a loan for the relevant interest period and currency
USD - Reference rate + applicable margin
JPY - JBA TIBOR + applicable margin
IDR - COF + applicable margin
Applicable margin:
For loan in IDR, up to 1 year: 0.375% p.a. more than 1 year up to 2 years: 1.00% p.a
more than 2 years up to 4 years: 1.20% p.a.
For loan in USD and/or JPY, up to 1 year: 1.10% p.a.
more than 1 year up to 2 years: 1.40% p.a
more than 2 years up to 4 years: 1.65% p.a.
MUFG Bank Ltd., Fasilitas modal kerja/ Clean Rp 1.000.000.000 Suku bunga akan dibebankan atas suatu pinjaman pada jangka waktu bunga 31 Desember 2024/
Cabang Jakarta/Jakarta Branch Working capital facility dan mata uang tertentu December 31, 2024
USD - bunga referensi + margin yang berlaku
JPY - JBA TIBOR + margin yang berlaku
IDR - biaya pendanaan + marjin yang berlaku
Margin yang berlaku:
Untuk pinjaman dalam rupiah, sampai dengan 1 tahun : 0,65% per tahun.
lebih dari 1 tahun sampai dengan 2 tahun: 1,30% per tahun
lebih dari 2 tahun sampai dengan 3 tahun: 1,47% per tahun
Untuk pinjaman dalam USD dan/atau JPY, sampai dengan tahun: 1,25% per tahun
lebih dari 1 tahun sampai dengan 2 tahun: 1,65% per tahun/
lebih dari 2 tahun sampai dengan 3 tahun: 1,95% per tahun
Interest rate shall be charged over a loan for the relevant interest period and currency
USD - reference rate + applicable margin
JPY - JBA TIBOR + applicable margin
IDR - COF + applicable margin
Applicable margin:
For loan in IDR, up to 1 year: 0.65% p.a. More than 1 year up to 2 years: 1.30% p.a
more than 2 years up to 3 years: 1.47% p.a
For loan in USD and/or JPY, up to 1 year: 1.25% p.a.
more than 1 year up to 2 years: 1.65% p.a
more than 2 years up to 3 years: 1.95% p.a
PT Bank Mizuho Indonesia Fasilitas modal kerja/ Guarantee Rp 1.500.000.000 Biaya pendanaan + 0,3% untuk penarikan menggunakan mata uang 31 Desember 2024/
Working capital facility Rupiah dan Dolar Amerika Serikat/Cost of Fund + 0.3% for drawdown December 31, 2024
using Rupiah and US$ currency
PT Bank Mizuho Indonesia Fasilitas modal kerja/ Clean Rp 950.000.000 Biaya pendanaan + 0,6% untuk penarikan menggunakan mata uang 31 Desember 2024/
Working capital facility Rupiah dan Dolar Amerika Serikat/Cost of Fund + 0.6% for drawdown December 31, 2024
using Rupiah and US$ currency
PT Bank BTPN Tbk. Fasilitas modal kerja/ Guarantee Rp 1.825.000.000 Biaya Pendanaan + 0,375%/ 31 Desember 2024/
Working capital facility Cost of Fund + 0.375% December 31, 2024
PT Bank BTPN Tbk. Fasilitas modal kerja/ Clean Rp 1.000.000.000 Biaya Pendanaan + 1,10%/ 31 Desember 2024/
Working capital facility Cost of Fund + 1.10% December 31, 2024
Citibank, N.A., Cabang Jakarta/ Fasilitas modal kerja/ Guarantee Rp 1.850.000.000 Sesuai dengan tingkat bunga yang diberitahukan oleh bank/ 31 Desember 2024/
Jakarta Branch Working capital facility At the rates notified by the bank December 31, 2024
Citibank, N.A., Cabang Jakarta/ Fasilitas modal kerja/ Clean Rp 500.000.000 Sesuai dengan tingkat bunga yang diberitahukan oleh bank/ 7 April 2024/
Jakarta Branch Working capital facility At the rates notified by the bank April 7, 2024
Citibank, N.A., Cabang Jakarta/ Cerukan/ Guarantee Rp 50.000.000 Sesuai dengan tingkat bunga yang diberitahukan oleh bank/ 1 November 2024/
Jakarta Branch Overdraft At the rates notified by the bank November 1, 2024
Clean Rp 38.000.000 Biaya Pendanaan + 0,75%/ 31 Januari 2024/
Cost of Fund + 0.75 % January 31, 2024
Sumitomo Mitsui Trust Bank Ltd., Fasilitas modal kerja/ Guarantee US$ 20.000 Biaya Pendanaan + 0,67% untuk pinjaman dalam Dolar Amerika Serikat 31 Desember 2024/
Cabang Singapura/Singapore Branch Working capital facility dengan tenor sampai dengan 1 tahun dan Biaya Pendanaan + 0,84% December 31, 2024
untuk pinjaman dalam Dolar Amerika Serikat dengan tenor lebih dari 1 tahun
sampai dengan 2 tahun.
Untuk pinjaman dalam Rupiah untuk seluruh jangka waktu bunga yang
berlaku adalah suku bunga per tahun sebagaimana disetujui bersama
oleh Debitur dan Bank/
COF + 0.67% for USD loan with a tenure up to 1 year and COF + 0.84%
for USD loan with a tenure over 1 year and up to 2 years
For Loan IDR For All Interest Period applicable thereto shall be at the rate
per annum as mutually agreed to by both the Borrower and the Bank
Bank of America N.A., Cabang Jakarta/ Fasilitas modal kerja/ Clean US$ 52.000 atau/or Akan ditentukan pada saat penarikan 1 November 2024/
Jakarta Branch Working capital facility Rp 624.000.000 To be determined at the time of utilization November 1, 2024
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Batas kredit
(dalam ribuan
mata uang asli)/
Credit limit
Bank/ Fasilitas/ Basis/ (in thousand Bunga/ Tanggal jatuh tempo/
Bank Facility Base original amount) Interest Due date
PT Bank ANZ Indonesia Fasilitas modal kerja/ Guarantee Rp 500.000.000 Disetujui oleh Bank dan Perusahaan/ 31 Desember 2024/
Working capital facility To be mutually agreed by Bank and Company December 31, 2024
PT Bank HSBC Indonesia Fasilitas modal kerja/ Clean US$ 10.000 atau/or Biaya pendanaan + 1.75% untuk penarikan dalam Dolar Amerika Serikat 30 Juni 2024/
Working capital facility Rp 150.000.000 dan Rupiah/ June 30, 2024
Cost of Fund + 1.75% for drawdown using US$ and Rupiah currency
Fasilitas modal kerja/ Guarantee US$ 20.000 atau/or Biaya pendanaan + 1.5% untuk penarikan dalam Dolar Amerika Serikat 30 Juni 2024/
Working capital facility Rp 300.000.000 dan biaya pendanaan + 1.75% untuk penarikan dalam Rupiah/ June 30, 2024
Cost of Fund + 1.5% for drawdown using US$ currency
and Cost of Fund + 1.75% for drawdown using Rupiah currency
Cerukan/ Guarantee Rp 20.000.000 Untuk fasilitas cerukan: bunga pinjaman dari bank - 2%/ 30 Juni 2024/
Overdraft For overdraft facility: bank's best lending rate - 2% June 30, 2024
Deutsche Bank AG, Cabang Jakarta/ Fasilitas modal kerja/ Guarantee US$ 55.000 Biaya pendanaan + 0.7%/ 31 Oktober 2024/
Jakarta Branch Working capital facility Cost of Fund + 0.7% October 31, 2024
Fasilitas modal kerja/ Clean US$ 20.000 Bunga akan dikenakan pada rate yang dapat ditentukan oleh bank 31 Oktober 2024/
Working capital facility dari waktu ke waktu/Interest shall be charged at a rate as may be October 31, 2024
determined by bank from time to time
PT Bank Central Asia Tbk Fasilitas modal kerja/ Guarantee Rp 150.000.000 Berdasarkan negosisasi sebelum tanggal penarikan/ 21 Januari 2024/
Working capital facility Based on the negotiation prior to the drawdown date January 21, 2024
Cerukan/ Guarantee Rp 30.000.000 9.5% p.a 21 Januari 2024/
Overdraft January 21, 2024
Fasilitas modal kerja/ Clean Rp 150.000.000 Berdasarkan negosisasi sebelum tanggal penarikan/ 21 Januari 2024/
Working capital facility Based on the negotiation prior to the drawdown date January 21, 2024
PT Bank Victoria Internasional, Tbk, Fasilitas modal kerja/ Clean Rp 250.000.000 Sesuai suku bunga pasar yang berlaku dan yang akan disepakati pada 24 Mei 2024/
Cabang Jakarta/Jak arta Branch Working capital facility saat penarikan fasilitas May 24, 2024
In accordance with the prevailing mark et interest rate, which will be agreed
upon at the time of withdrawal of the facility.
Fasilitas modal kerja/ Clean Rp 100.000.000 Sesuai suku bunga pasar yang berlaku dan yang akan disepakati pada 24 Mei 2024/
Working capital facility saat penarikan fasilitas May 24, 2024
In accordance with the prevailing mark et interest rate, which will be agreed
upon at the time of withdrawal of the facility.
Bank Standard Chartered Indonesia, Fasilitas modal kerja/ Guarantee Rp 350.000.000 Akan diberitahukan sebelum pencairan 31 Agustus 2024/
Cabang Jakarta/Jak arta Branch Working capital facility To be advised prior to drawdown August 31, 2024
Clean Rp 93.000.000 Akan diberitahukan sebelum pencairan 31 Agustus 2024/
To be advised prior to drawdown August 31, 2024
PT Bank Victoria Syariah Fasilitas modal kerja/ Clean Rp 40.000.000 Suku bunga pasar dan berdasarkan negosiasi pada saat penarikan/ 31 Agustus 2024/
Working capital facility At market rate and based on negotiation at drawdown August 31, 2024
PT Bank CIMB Niaga Tbk Fasilitas modal kerja/ Clean Rp 200.000.000 Fasilitas Pinjaman Tetap : indikasi sebesar 6,75% p.a (bunga tetap); 8 Agustus 2024/
Working capital facility Bunga yang akan disepakati pada saat penarikan August 8, 2024
Fasilitas Pembiayaan Modal Kerja iB: Akan ditentukan sebelum penarikan dan
dicantumkan dalam Penarikan
Fixed Loan Facility: indicative of 6.75% p.a (fixed rate); Interest to be agreed at the
time of drawdown
Working Capital iB Financing Facility: Will be determined before withdrawal and
listed in the Withdrawal
PT Bank Central Asia Syariah Fasilitas modal kerja/ Clean Rp 100.000.000 Suku Bunga ditentukan sesuai Expected Financing Return Bank 30 November 2024/
Working capital facility The Interest rate is determined according to the Bank's Expected November 30, 2024
Financing Return
PT Bank Muamalat Indonesia Tbk Fasilitas modal kerja/ Clean Rp 100.000.000 Nisbah Bagi Hasil akan ditentukan pada saat penarikan dengan eqv. rate 6% p.a 19 Maret 2024/
Working capital facility Profit Sharing Ratio will be determined at the time of drawdown with eqv. rate 6% p.a March 19, 2024
PT Bank Maybank Indonesia Tbk Fasilitas modal kerja/ Clean Rp 500.000.000 1 tahun: 7.3% p.a. 2 tahun: 7.7% p.a. 3 tahun: 8.1% p.a. 21 Februari 2024/
Working capital facility Suku bunga di atas bersifat indicative dan dapat disesuaikan pada saat pencairan. February 21, 2024
1 year: 7.3% p.a. 2 years: 7.7% p.a. 3 years: 8.1% p.a.
The interest rates shown above are indicative and can be adjusted at the time of disbursement.
Fasilitas modal kerja/ Clean Rp 750.000.000 2 tahun: 7.95% p.a. 3 tahun: 8.1% p.a. 15 Desember 2024/
Working capital facility Suku bunga di atas bersifat indicative dan dapat disesuaikan pada saat pencairan. December 15, 2024
2 years: 7.95% p.a. 3 years: 8.1% p.a.
The interest rates shown above are indicative and can be adjusted at the time of disbursement.
PT Bank Digital BCA Fasilitas modal kerja/ Clean Rp 100.000.000 7.15% p.a., tetap selama jangka waktu./ 21 Desember 2024/
Working capital facility 7.15% p.a., fixed during the Term December 21, 2024
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Page 559
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Sampai dengan tanggal laporan keuangan, As of the issuance date of the financial statements, the
perusahaan telah mendapatkan fasilitas Company has obtained extension facilities from the
perpanjangan dari bank berikut ini: following banks:
· PT Bank Central Asia Tbk (Guarantee) fasilitas · PT Bank Central Asia Tbk (Guarantee) working
modal kerja sebesar Rp 150.000.000 ribu efektif capital facility of Rp 150,000,000 thousand effective
pada tanggal 21 Januari 2024 sampai dengan January 21, 2024 until April 21, 2024.
tanggal 21 April 2024.
· PT Bank Central Asia Tbk (Guarantee) fasilitas · PT Bank Central Asia Tbk (Guarantee) overdraft
cerukan sebesar Rp 30.000.000 ribu efektif pada facility of Rp 30,000,000 thousand effective
tanggal 21 Januari 2024 sampai dengan tanggal January 21, 2024 until April 21, 2024.
21 April 2024.
· PT Bank Central Asia Tbk (Clean) fasilitas cerukan · PT Bank Central Asia Tbk (Clean) working capital
sebesar Rp 150.000.000 ribu efektif pada tanggal facility of Rp 150,000,000 thousand effective
21 Januari 2024 sampai dengan tanggal 21 April January 21, 2024 until April 21, 2024.
2024.
· Sampai dengan tanggal pelaporan ini, fasilitas · Up to the date of these financial statements, loan
pinjaman dari Citibank (Clean) sebesar facility from Citibank (Clean) amounting to
Rp 38.000.000 ribu tidak diperpanjang, dan tidak Rp 38,000,000 thousand is not extended and there
terdapat saldo terutang atas fasilitas pinjaman ini is no outstanding balance of this loan facility as of
pada tanggal 31 Desember 2023. December 31, 2023.
· Sampai dengan tanggal pelaporan ini, fasilitas · Up to the date of these financial statements, loan
pinjaman dari PT Bank Maybank Indonesia Tbk facility from PT Bank Maybank Indonesia Tbk
(Clean) sebesar Rp 500.000.000 ribu sudah (Clean) amounting to Rp 500,000,000 thousand
dicairkan seluruhnya. Terdapat saldo pinjaman already fully drawn. There is loan outstanding from
atas fasilitas ini sebesar this facility amounting to Rp 500,000,000 thousand
Rp 500.000.000 ribu pada tanggal as of December 31, 2023.
31 Desember 2023.
Utang bank digunakan oleh Perusahaan untuk modal The Company’s bank loans are used for Company’s
kerja Perusahaan. working capital.
Fasilitas pinjaman dengan MUFG Bank Ltd., dan The loan facilities with MUFG Bank Ltd., and
PT Bank Mizuho Indonesia mencakup persyaratan PT Bank Mizuho Indonesia contain covenants which
Perusahaan diharuskan untuk menjaga porsi the Company is required to maintain stock ownership
kepemilikan saham oleh Mitsui & Co. Ltd., Jepang, of Mitsui & Co. Ltd., Japan, and/or JA Mitsui Leasing
dan/atau JA Mitsui Leasing Ltd., dan/atau Yamaha Ltd., and/or Yamaha Motor Co. Ltd., either direct or
Motor Co. Ltd., baik secara langsung maupun tidak indirect at least 51% from total paid in capital.
langsung sekurang-kurangnya 51% dari total modal
disetor.
Fasilitas pinjaman dengan PT Bank BTPN Tbk The loan facilities with PT Bank BTPN Tbk contain
mencakup persyaratan Perusahaan diharuskan untuk covenants which the Company is required to maintain
menjaga porsi kepemilikan saham oleh Mitsui & Co. stock ownership of Mitsui & Co. Ltd., Japan, and/or JA
Ltd., Jepang, dan/atau JA Mitsui Leasing Ltd., Mitsui Leasing Ltd., and/or Yamaha Motor Co. Ltd.,
dan/atau Yamaha Motor Co. Ltd., dan/atau and/or PT Yamaha Indonesia Motor Manufacturing
PT Yamaha Indonesia Motor Manufacturing baik either direct or indirect at least 51% from total paid in
secara langsung maupun tidak langsung sekurang- capital.
kurangnya 51% dari total modal disetor.
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Page 560
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Fasilitas pinjaman dengan Deutsche Bank AG, The loan facilities with Deutsche Bank AG, Jakarta
Cabang Jakarta, Bank Standard Chartered Branch, Bank Standard Chartered Indonesia, PT Bank
Indonesia, PT Bank HSBC Indonesia, PT Bank HSBC Indonesia, PT Bank Central Asia Tbk, PT Bank
Central Asia Tbk, PT Bank ANZ Indonesia, PT Bank ANZ Indonesia, PT Bank Victoria Internasional, Tbk,
Victoria Internasional, Tbk, Bank of America N.A., Bank of America N.A., Jakarta Branch, PT Bank
Cabang Jakarta, PT Bank Victoria Syariah, PT Bank Victoria Syariah, PT Bank CIMB Niaga Tbk, PT Bank
CIMB Niaga Tbk, PT Bank BCA Syariah, PT Bank BCA Syariah, PT Bank Muamalat Indonesia Tbk, PT
Muamalat Indonesia Tbk, PT Bank Maybank Bank Maybank Indonesia Tbk contain covenants
Indonesia Tbk mencakup persyaratan Perusahaan which the Company is required to maintain stock
diharuskan untuk menjaga porsi kepemilikan saham ownership of Mitsui & Co. Ltd., Japan, and/or JA Mitsui
oleh Mitsui & Co. Ltd., Jepang, dan/atau JA Mitsui Leasing Ltd., and/or Yamaha Motor Co. Ltd., and/or PT
Leasing Ltd., dan/atau Yamaha Motor Co. Ltd., dan Yamaha Indonesia Motor Manufacturing either direct
PT Yamaha Indonesia Motor Manufacturing baik or indirect at least 67% from total paid in capital.
secara langsung maupun tidak langsung sekurang-
kurangnya 67% dari total modal disetor.
Perusahaan dilarang mengadakan transaksi untuk The company shall not enter into a transaction to sell,
menjual, menyewakan, mengalihkan atau melepas lease, transfer or otherwise dispose of any assets
asetnya yang diperkirakan memiliki dampak yang which might be expected to have a material adverse
merugikan secara material, kecuali dalam rangka effect unless in the general course of business of the
kegiatan usaha normal Perusahaan dan Company and maintain certain financial ratios.
mempertahankan rasio - rasio keuangan tertentu.
Perusahaan telah mematuhi semua persyaratan yang The Company has complied with all covenants
disebutkan dalam perjanjian pinjaman. mentioned in loan agreements.
Rata-rata tertimbang suku bunga efektif pinjaman Weighted average effective interest rate of loans in
untuk 31 Desember 2023 adalah 6,87% (2022: December 31, 2023 is 6.87% (2022: 4.38%).
4,38%).
Utang bank memiliki suku bunga tetap maupun Bank loans are arranged at both fixed and floating
variabel, sehingga Perusahaan terpapar risiko suku interest rates, thus, exposing the Company to fair
bunga atas nilai wajar (fair value interest rate risk) dan value interest rate risk and cash flow interest rate risk.
risiko suku bunga atas arus kas (cash flow interest
rate risk).
Nilai tercatat pada biaya perolehan diamortisasi dari Carrying amount at amortized cost of the bank loans
utang bank adalah sebagai berikut: are as follows:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Utang bank 5.687.175.480 6.381.483.149 Bank loan
Bunga yang masih harus dibayar (Catatan 17) 108.768.858 108.074.143 Accrued interest (Note 17)
Jumlah 5.795.944.338 6.489.557.292 Total
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
15. UTANG PAJAK 15. TAXES PAYABLE
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Pajak yang dipungut Withholding taxes
Pasal 21 4.957.747 4.818.019 Article 21
Pasal 23 1.227.564 1.451.391 Article 23
Pasal 4 ayat 2 224.574 435.574 Article 4(2)
Pajak penghasilan Corporate income taxes
Pasal 25 10.261.948 17.508.608 Article 25
Pasal 29 (Catatan 26) 34.991.124 62.296.551 Article 29 (Note 26)
Pajak pertambahan nilai - bersih 2.861.237 1.167.573 Value added tax - net
Jumlah 54.524.194 87.677.716 Total
16. UTANG LAIN-LAIN 16. OTHER ACCOUNTS PAYABLE
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Utang kepada dealer 215.566.850 162.559.008 Dealer payables
Utang asuransi 33.889.525 45.798.377 Insurance payables
Uang jaminan pelanggan 21.221.991 15.713.066 Customers' deposit
Denda administrasi pajak Tax administration penalty
PPh badan FY2012 (Catatan 34) - 11.378.582 corporate income tax FY2012 (Note 34)
Lain-lain 19.854 7.193 Others
Jumlah 270.698.220 235.456.226 Total
Utang kepada dealer merupakan utang kepada Dealer payables represent payable to motor-vehicle
dealer kendaraan bermotor (pihak ketiga) dealer (third parties) in connection with the financing
sehubungan dengan kegiatan pembiayaan yang tidak activities which do not bear interest and has no
dikenakan bunga dan tidak memiliki jangka waktu repayment terms, which usually pay within two and
pembayaran yang tertulis, yang biasanya dibayarkan three days.
dalam waktu dua sampai tiga hari.
17. BIAYA YANG MASIH HARUS DIBAYAR 17. ACCRUED EXPENSES
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Utang bunga dari pinjaman bank (Catatan 14) 108.768.858 108.074.143 Interest from bank loans (Note 14)
Komisi 51.211.183 37.748.446 Commission
Utang bunga obligasi 34.452.666 22.830.779 Interest bonds
Bonus 30.284.476 64.082.932 Bonus
Hiburan 18.070.933 38.207.964 Entertainment
Jasa profesional 16.555.741 19.949.250 Professional fee
Klaim asuransi untuk pelanggan 9.576.811 5.047.310 Insurance claim to customers
Perangkat lunak 6.166.579 12.388.889 Software
Perbaikan dan pemeliharaan 4.808.336 5.078.037 Repairs and maintenance
Komunikasi dan internet 2.269.184 5.659.049 Communication and internet
Jaminan fidusia 2.291.236 1.461.420 Fiducia
Pengaturan pinjaman dan penjaminan Loan arrangement and guarantee fees
(Catatan 33) 1.211.524 2.419.717 (Note 33)
Dana sosial Perusahaan 1.201.565 2.705.631 Company's social fund
Lain-lain 27.541.363 34.588.321 Others
Jumlah 314.410.455 360.241.888 Total
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
18. UTANG OBLIGASI 18. BONDS PAYABLE
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Obligasi Berkelanjutan I Tahap II Bond Sustainable I Phase II
Seri B 725.000.000 725.000.000 Series B
Obligasi Berkelanjutan I Tahap III Bond Sustainable I Phase III
Seri B 625.000.000 625.000.000 Series B
Obligasi Berkelanjutan I Tahap IV 500.000.000 500.000.000 Bond Sustainable I Phase IV
Obligasi Berkelanjutan I Tahap V 775.000.000 775.000.000 Bond Sustainable I Phase V
Obligasi Berkelanjutan II Tahap I Bond Sustainable II Phase I
Seri A - 88.500.000 Series A
Seri B 11.500.000 11.500.000 Series B
Obligasi Berkelanjutan II Tahap II Bond Sustainable II Phase II
Seri A - 655.000.000 Series A
Seri B 545.000.000 545.000.000 Series B
Obligasi Berkelanjutan II Tahap III Bond Sustainable II Phase III
Seri A 401.000.000 - Series A
Seri B 841.000.000 - Series B
Obligasi Berkelanjutan II Tahap IV 458.000.000 - Bond Sustainable II Phase IV
Obligasi Berkelanjutan I Tahap I - 100.000.000 Bond Sustainable I Phase I
Sukuk Mudharabah Berkelanjutan I Sukuk Mudharabah Sustainable I
Tahap I - 15.000.000 Phase I
Tahap II Phase II
Seri B - 112.000.000 Series B
Jumlah 4.881.500.000 4.152.000.000 Total
Biaya perolehan pinjaman yang
belum diamortisasi (7.812.557) (10.725.771) Unamortized transaction costs
Bersih 4.873.687.443 4.141.274.229 Net
Dikurangi bagian yang jatuh tempo
dalam satu tahun (2.251.000.000) (970.500.000) Less current maturity
Bagian jangka panjang 2.622.687.443 3.170.774.229 Long-term portion
Obligasi Berkelanjutan I Bussan Auto Finance Tahap Bond Sustainable I Bussan Auto Finance Phase I year
I tahun 2020 2020
Pada bulan Juli 2020, Perusahaan melakukan In July 2020, the Company held a bond offering called
penawaran umum obligasi bernama "Obligasi "Bond Sustainable I Bussan Auto Finance Phase I
Berkelanjutan I Bussan Auto Finance Tahap I tahun year 2020". The transaction costs associated with the
2020". Biaya transaksi yang terkait dengan issuance of these bonds are Rp 2,523,833 thousand,
penerbitan obligasi ini adalah sebesar Rp 2.523.833 this transaction cost included the transaction cost with
ribu, biaya tersebut termasuk biaya penerbitan the issuance of the Bond Sustainable I Busan Auto
Obligasi Berkelanjutan I Busan Auto Finance Tahap I Finance Phase I year 2020. All funds obtained will be
tahun 2020. Seluruh dana yang diperoleh akan used for the Company's working capital. These bonds
digunakan untuk modal kerja Perusahaan. Obligasi are issued scripless and are offered at their principal
ini diterbitkan tanpa warkat dan ditawarkan sebesar value as below:
nilai pokoknya sebagai berikut:
Pokok/Principal Jangka waktu/Term Bunga/Interest
100.000.000.000 3 tahun/years 8,25%
- 52 -
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Pembayaran obligasi dilakukan secara penuh (bullet Bond payments are made in full (bullet payment) when
payment) saat jatuh tempo. Bunga obligasi terutang due. Bond interest is payable every three months from
setiap tiga bulan mulai dari 4 November 2020 sampai November 4, 2020 to August 4, 2023. Purchases of
dengan 4 Agustus 2023. Pembelian obligasi dapat bonds can be made after one year from the date of
dilakukan setelah satu tahun dari tanggal penjatahan allotment based on market prices.
berdasarkan harga pasar.
PT Bank Mandiri (Persero) Tbk bertindak sebagai wali PT Bank Mandiri (Persero) Tbk act as trustee. At the
amanat. Pada saat diterbitkan, Obligasi tersebut time of issuance, the Bond received the AAA(idn) Fitch
mendapatkan AAA(idn) Fitch rating dan tercatat pada rating and was listed on the Indonesia Stock Exchange
Bursa Efek Indonesia pada 5 Agustus 2020. Obligasi on August 5, 2020. The bonds are guaranteed by the
ini dijamin dengan piutang performing Perusahaan Company's performing receivables amounting to 50%
sebesar 50% (lima puluh persen) dari nilai pokok (fifty percent) of the principal value of the bonds.
obligasi.
Pembatasan-pembatasan penting yang diatur dalam Important restrictions stipulated in the agreement are:
perjanjian adalah:
1. Tanpa persetujuan tertulis dari wali amanat, 1. Without written approval from trustee, the
Perusahaan dilarang melakukan pembayaran Company is not permitted to make dividend
dividen pada tahun buku dimana Perusahaan payment in the fiscal year where the Company is
lalai dalam melakukan pembayaran bunga atau absent to make payment on the interest and/or
pokok yang terutang. principal due.
2. Tanpa persetujuan tertulis dari wali amanat, 2. Without the written consent of the trustee, the
Perusahaan dilarang memberikan pinjaman atau Company is prohibited from providing loans or
kredit kepada afiliasi, kecuali atas pinjaman yang loans to affiliates, except for loans that have
telah ada sebelum perjanjian dengan wali existed before the agreement with trustee and
amanat dan pinjaman dalam rangka kegiatan loans relates with the Company’s normal
operasional Perusahaan. operation.
3. Tanpa persetujuan tertulis dari wali amanat, 3. Without written approval from the trustee, the
Perusahaan dilarang menjual, mentransfer atau Company is prohibited from selling, transferring all
mengalihkan seluruh atau sebagian dari harta or part of its assets, either one by one or any
kekayaannya, baik satu persatu ataupun jumlah transfer amounting to 30% (thirty percent) or more
pengalihan sebesar 30% (tiga puluh persen) atau of the Company's total assets, except for the
lebih dari total aset Perusahaan, kecuali dalam Company's operational activities.
rangka kegiatan operasional Perusahaan.
4. Tanpa persetujuan tertulis dari wali amanat, 4. Without the written consent of the trustee, the
Perusahaan dilarang melakukan penggabungan, Company is prohibited to merge, consolidated
konsolidasi, dan peleburan dengan perusahaan and amalgamate with other companies except it is
lain kecuali sepanjang yang dilakukan pada carried out in the same business and does not
bidang usaha yang sama dan tidak mempunyai have a negative impact on the Company's
dampak negatif terhadap jalannya usaha business and does not affect the Company's
Perusahaan serta tidak mempengaruhi ability to make principal payments and/or bond
kemampuan Perusahaan dalam melakukan interest.
pembayaran pokok obligasi dan/atau bunga
obligasi.
Perusahaan telah mematuhi semua persyaratan yang The Company has complied with all covenants
disebutkan dalam perjanjian. mentioned in the agreements.
Pada tanggal 4 Agustus 2023, Perusahaan telah On August 4, 2023, the Company has fully paid the
melakukan pelunasan atas seluruh pokok pinjaman principal of Bond Sustainable I Phase I year 2020
utang Obligasi Berkelanjutan I Tahap I tahun 2020 amounting to Rp 100,000,000 thousand.
sebesar Rp 100.000.000 ribu.
- 53 -
Page 564
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Sukuk Mudharabah Berkelanjutan I Bussan Auto Sukuk Mudharabah Sustainable I Bussan Auto
Finance tahap I tahun 2020 Finance Phase I year 2020
Pada bulan Juli 2020, Perusahaan melakukan In July 2020, the Company held a sukuk offering called
penawaran umum sukuk bernama "Sukuk "Sukuk Mudharabah Sustainable I Bussan Auto
Mudharabah Berkelanjutan I Bussan Auto Finance Finance Phase I year 2020". The transaction costs
Tahap I tahun 2020". Biaya transaksi yang terkait associated with the issuance of these sukuk
dengan penerbitan sukuk mudharabah ini adalah mudharabah are Rp 2,523,833 thousand, this
sebesar Rp 2.523.833 ribu, biaya tersebut termasuk transaction cost included the transaction cost with the
biaya penerbitan Obligasi Berkelanjutan I Bussan issuance of the Bond Sustainable I Busan Auto
Auto Finance Tahap I tahun 2020. Seluruh dana yang Finance Phase I year 2020. All funds obtained will be
diperoleh akan digunakan untuk modal kerja used for the Company's working capital. These sukuk
Perusahaan. Sukuk mudharabah ini diterbitkan tanpa mudharabah are issued scripless and are offered at
warkat dan ditawarkan sebesar nilai pokoknya their principal value as below:
sebagai berikut:
Bagi hasil/Profit
Pokok/Principal Jangka waktu/Term sharing
15.000.000.000 3 tahun/years 8,25%
Pembayaran dana sukuk mudharabah dilakukan Fund sukuk Mudharabah payment are made in full
secara penuh (bullet payment) saat jatuh tempo. (bullet payment) when due. Profit sharing income is
Pendapatan bagi hasil dibayarkan setiap tiga bulan payable every three months from November 4, 2020 to
mulai dari 4 November 2020 sampai dengan August 4, 2023. Purchases of sukuk mudharabah can
4 Agustus 2023. Pembelian sukuk mudharabah dapat be made after one year from the date of allotment
dilakukan setelah satu tahun dari tanggal penjatahan based on market prices.
berdasarkan harga pasar.
PT Bank Mandiri (Persero) Tbk bertindak sebagai wali PT Bank Mandiri (Persero) Tbk act as trustee. At the
amanat. Pada saat diterbitkan, sukuk tersebut time of issuance, the sukuk received the AAA(idn)
mendapatkan AAA(idn) Fitch rating dan tercatat pada Fitch rating and was listed on the Indonesia Stock
Bursa Efek Indonesia pada 5 Agustus 2020. Sukuk ini Exchange on August 5, 2020. The sukuk are
dijamin dengan piutang performing Perusahaan guaranteed by the Company's performing receivables
sebesar 50% (lima puluh persen) dari nilai pokok amounting to 50% (fifty percent) of the principal value
sukuk. of the sukuk.
Pembatasan-pembatasan penting yang diatur dalam Important restrictions stipulated in the agreement are:
perjanjian adalah:
1. Tanpa persetujuan tertulis dari wali amanat, 1. Without written approval from the trustee, the
Perusahaan dilarang melakukan pembagian Company is prohibited from dividend distribution
dividen pada tahun buku dimana Perusahaan in the financial year where the Company negligent
lalai dalam melakukan pembayaran bunga atau in making payments of interest or principal owed.
pokok yang terutang.
2. Tanpa persetujuan tertulis dari wali amanat, 2. Without the written consent of the trustee, the
Perusahaan dilarang memberikan pinjaman atau Company is prohibited from providing loans or
kredit kepada afiliasi, kecuali atas pinjaman yang loans to affiliates, except for loans that have
telah ada sebelum perjanjian dengan wali existed before the agreement with trustee and
amanat dan pinjaman dalam rangka kegiatan loans relates with the Company’s normal
operasional Perusahaan. operations.
3. Tanpa persetujuan tertulis dari wali amanat, 3. Without written approval from the trustee, the
Perusahaan dilarang menjual, mentransfer atau Company is prohibited from selling, transferring all
mengalihkan seluruh atau sebagian dari harta or part of its assets, either one by one or any
kekayaannya, baik satu persatu ataupun jumlah transfer amounting to 30% (thirty percent) or more
pengalihan sebesar 30% (tiga puluh persen) atau of the Company's total assets, except for the
lebih dari total aset Perusahaan, kecuali dalam Company's operational activities.
rangka kegiatan operasional Perusahaan.
- 54 -
Page 565
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
4. Tanpa persetujuan tertulis dari wali amanat, 4. Without the written consent of the trustee, the
Perusahaan dilarang melakukan penggabungan, Company is prohibited to merge, consolidated
konsolidasi, dan peleburan dengan perusahaan and amalgamate with other companies except it is
lain kecuali sepanjang yang dilakukan pada carried out in the same business and does not
bidang usaha yang sama dan tidak mempunyai have a negative impact on the Company's
dampak negatif terhadap jalannya usaha business and does not affect the Company's
Perusahaan serta tidak mempengaruhi ability to make principal payments and/or bond
kemampuan Perusahaan dalam melakukan interest.
pembayaran pokok obligasi dan/atau bunga
obligasi.
Perusahaan telah mematuhi semua persyaratan yang The Company has complied with all covenants
disebutkan dalam perjanjian. mentioned in the agreements.
Pada tanggal 4 Agustus 2023, Perusahaan telah On August 4, 2023, the Company has fully paid the
melakukan pelunasan atas seluruh pokok pinjaman principal of Sukuk Mudharabah Sustainable I Phase I
utang Sukuk Mudharabah Berkelanjutan I tahap I year 2020 amounting to Rp 15,000,000 thousand.
tahun 2020 sebesar Rp 15.000.000 ribu.
Sukuk Mudharabah Berkelanjutan I Bussan Auto Sukuk Sustainable I Bussan Auto Finance Phase II
Finance Tahap II tahun 2020 year 2020
Pada bulan Oktober 2020, Perusahaan melakukan In October 2020, the Company held a sukuk offering
penawaran umum sukuk bernama "Sukuk called "Sukuk Mudharabah Sustainable I Bussan Auto
Mudharabah Berkelanjutan I Bussan Auto Finance Finance Phase II year 2020". The transaction costs
Tahap II tahun 2020". Biaya transaksi yang terkait associated with the issuance of these sukuk
dengan penerbitan sukuk mudharabah ini adalah mudharabah are Rp 1,361,350 thousand. All funds
sebesar Rp 1.361.350 ribu. Seluruh dana yang obtained will be used for the Company's working
diperoleh akan digunakan untuk modal kerja capital. These sukuk mudharabah are issued scripless
Perusahaan. Sukuk mudharabah ini diterbitkan tanpa and are offered at their principal value, in 2 series,
warkat dan ditawarkan sebesar nilai pokoknya, dalam namely:
2 seri, yaitu:
Bagi hasil/
Seri/Series Pokok/Principal Jangka waktu/Term Profit sharing
A 373.000.000.000 370 hari/days 5,75%
B 112.000.000.000 3 tahun/years 7,25%
Pembayaran dana sukuk mudharabah dilakukan Fund sukuk mudharabah payments are made in full
secara penuh (bullet payment) saat jatuh tempo. (bullet payment) when due. Profit sharing income is
Pendapatan bagi hasil terutang setiap tiga bulan payable every three months from January 22, 2021 to
mulai dari 22 Januari 2021 sampai dengan October 29, 2021 for series A sukuk mudharabah and
29 Oktober 2021 untuk sukuk mudhrabah seri A dan October 22, 2023 for series B sukuk mudharabah.
tanggal 22 Oktober 2023 untuk sukuk mudharabah Purchases of sukuk mudharabah can be made after
seri B. Pembelian sukuk mudharabah dapat one year from the date of allotment based on market
dilakukan setelah satu tahun dari tanggal penjatahan prices.
berdasarkan harga pasar.
PT Bank Mandiri (Persero) Tbk bertindak sebagai wali PT Bank Mandiri (Persero) Tbk act as trustee. At the
amanat. Pada saat diterbitkan, sukuk tersebut time of issuance, the sukuk received the AAA(idn)
mendapatkan AAA(idn) Fitch rating dan tercatat pada Fitch rating and was listed on the Indonesia Stock
Bursa Efek Indonesia pada 23 Oktober 2020. Sukuk Exchange on October 23, 2020. The sukuk are
ini dijamin dengan piutang performing Perusahaan guaranteed by the Company's performing receivables
sebesar 50% (lima puluh persen) dari nilai pokok amounting to 50% (fifty percent) of the principal value
sukuk. of the sukuk.
- 55 -
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Pembatasan-pembatasan penting yang diatur dalam Important restrictions stipulated in the agreement are:
perjanjian adalah:
1. Tanpa persetujuan tertulis dari wali amanat, 1. Without written approval from trustee, the
Perusahaan dilarang melakukan pembayaran Company is not permitted to make dividend
dividen pada tahun buku dimana Perusahaan payment in the fiscal year where the Company is
lalai dalam melakukan pembayaran bunga atau absent to make payment on the interest and/or
pokok yang terutang. principal due.
2. Tanpa persetujuan tertulis dari wali amanat, 2. Without the written consent of the trustee, the
Perusahaan dilarang memberikan pinjaman atau Company is prohibited from providing loans or
kredit kepada afiliasi, kecuali atas pinjaman yang loans to affiliates, except for loans that have
telah ada sebelum perjanjian dengan wali existed before the agreement with trustee and
amanat dan pinjaman dalam rangka kegiatan loans relates with the Company’s normal
operasional Perusahaan. operations.
3. Tanpa persetujuan tertulis dari wali amanat, 3. Without written approval from the trustee, the
Perusahaan dilarang menjual, mentransfer atau Company is prohibited from selling, transferring all
mengalihkan seluruh atau sebagian dari harta or part of its assets, either one by one or any
kekayaannya, baik satu persatu ataupun jumlah transfer amounting to 30% (thirty percent) or more
pengalihan sebesar 30% (tiga puluh persen) atau of the Company's total assets, except for the
lebih dari total aset Perusahaan, kecuali dalam Company's operational activities.
rangka kegiatan operasional Perusahaan.
4. Tanpa persetujuan tertulis dari wali amanat, 4. Without the written consent of the trustee, the
Perusahaan dilarang melakukan penggabungan, Company is prohibited to merge, consolidated
konsolidasi, dan peleburan dengan perusahaan and amalgamate with other companies except it is
lain kecuali sepanjang yang dilakukan pada carried out in the same business and does not
bidang usaha yang sama dan tidak mempunyai have a negative impact on the Company's
dampak negatif terhadap jalannya usaha business and does not affect the Company's
Perusahaan serta tidak mempengaruhi ability to make principal payments and/or bond
kemampuan Perusahaan dalam melakukan interest.
pembayaran pokok obligasi dan/atau bunga
obligasi.
Perusahaan telah mematuhi semua persyaratan yang The Company has complied with all covenants
disebutkan dalam perjanjian. mentioned in agreements.
Pada tanggal 29 Oktober 2021, Perusahaan telah On October 29, 2021, the Company has fully paid the
melakukan pelunasan atas seluruh pokok pinjaman principal of Sukuk Mudharabah Sustainable I Phase II
utang Sukuk Mudharabah Berkelanjutan I Tahap II Series A year 2020 amounting to Rp 373,000,000
Seri A tahun 2020 sebesar Rp 373.000.000 ribu. thousand.
Pada tanggal 23 Oktober 2023, Perusahaan telah On October 23, 2023, the Company has fully paid the
melakukan pelunasan atas seluruh pokok pinjaman principal of Sukuk Mudharabah Sustainable I Phase II
utang Sukuk Mudharabah Berkelanjutan I Tahap II Series B year 2020 amounting to Rp 112,000,000
Seri B tahun 2020 sebesar Rp 112.000.000 ribu. thousand.
Obligasi Berkelanjutan I Bussan Auto Finance Tahap Bond Sustainable I Bussan Auto Finance Phase II year
II tahun 2021 2021
Pada bulan April 2021, Perusahaan melakukan In April 2021, the Company held a bond offering called
penawaran umum obligasi bernama "Obligasi "Bond Sustainable I Bussan Auto Finance Phase II
Berkelanjutan I Bussan Auto Finance Tahap II tahun year 2021". The transaction costs associated with the
2021". Biaya transaksi yang terkait dengan issuance of these bonds are Rp 3,516,733 thousand.
penerbitan obligasi ini adalah sebesar Rp 3.516.733 All funds obtained will be used for the Company's
ribu. Seluruh dana yang diperoleh akan digunakan working capital. These sukuk mudharabah are issued
untuk modal kerja Perusahaan. Obligasi ini scripless and are offered at their principal value, in 2
diterbitkan tanpa warkat dan ditawarkan sebesar nilai series, namely:
nilai pokoknya, dalam 2 seri, yaitu:
Seri/Series Pokok/Principal Jangka waktu/Term Bunga/Interest
A 500.000.000.000 370 hari/days 4,90%
B 725.000.000.000 3 tahun/years 6,90%
- 56 -
Page 567
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Pembayaran obligasi dilakukan secara penuh (bullet Bond payments are made in full (bullet payment) when
payment) saat jatuh tempo. Bunga obligasi terutang due. Bond interest is payable every three months from
setiap tiga bulan mulai dari 27 Juli 2021 sampai July 27, 2021 to May 7, 2022 for series A bonds and
dengan 7 Mei 2022 untuk obligasi seri A dan July 27, 2021 to April 27, 2024 for series B bonds.
27 Juli 2021 sampai 27 April 2024 untuk obligasi seri Purchases of bonds can be made after one year from
B. Pembelian obligasi dapat dilakukan setelah satu the date of allotment based on market prices.
tahun dari tanggal penjatahan berdasarkan harga
pasar.
PT Bank Mandiri (Persero) Tbk bertindak sebagai wali PT Bank Mandiri (Persero) Tbk act as trustee. At the
amanat. Pada saat diterbitkan, Obligasi tersebut time of issuance, the Bond received the AAA(idn) Fitch
mendapatkan AAA(idn) Fitch rating rating dan tercatat rating and was listed on the Indonesia Stock Exchange
pada Bursa Efek Indonesia pada 28 April 2021. on April 28, 2021. The bonds are guaranteed by the
Obligasi ini dijamin dengan piutang performing Company's performing receivables amounting to 50%
Perusahaan sebesar 50% (lima puluh persen) dari (fifty percent) of the principal value of the bonds.
nilai pokok obligasi.
Pembatasan-pembatasan penting yang diatur dalam Important restrictions stipulated in the agreement are:
perjanjian adalah:
1. Tanpa persetujuan tertulis dari wali amanat, 1. Without written approval from the trustee, the
Perusahaan dilarang melakukan pembagian Company is prohibited from dividend distribution
dividen pada tahun buku dimana Perusahaan in the financial year where the Company negligent
lalai dalam melakukan pembayaran bunga atau in making payments of interest or principal owed.
pokok yang terutang.
2. Tanpa persetujuan tertulis dari wali amanat, 2. Without the written consent of the trustee, the
Perusahaan dilarang memberikan pinjaman atau Company is prohibited from providing loans or
kredit kepada afiliasi, kecuali atas pinjaman yang loans to affiliates, except for loans that have
telah ada sebelum perjanjian dengan wali existed before the agreement with trustee and
amanat dan pinjaman dalam rangka kegiatan loans relates with the Company’s normal
operasional Perusahaan. operations.
3. Tanpa persetujuan tertulis dari wali amanat, 3. Without written approval from the trustee, the
Perusahaan dilarang menjual, mentransfer atau Company is prohibited from selling, transferring all
mengalihkan seluruh atau sebagian dari harta or part of its assets, either one by one or any
kekayaannya, baik satu persatu ataupun jumlah transfer amounting to 30% (thirty percent) or more
pengalihan sebesar 30% (tiga puluh persen) atau of the Company's total assets, except for the
lebih dari total aset Perusahaan, kecuali dalam Company's operational activities.
rangka kegiatan operasional Perusahaan.
4. Tanpa persetujuan tertulis dari wali amanat, 4. Without the written consent of the trustee, the
Perusahaan dilarang melakukan penggabungan, Company is prohibited to merge, consolidated and
konsolidasi, dan peleburan dengan perusahaan amalgamate with other companies except it is
lain kecuali sepanjang yang dilakukan pada carried out in the same business and does not
bidang usaha yang sama dan tidak mempunyai have a negative impact on the Company's
dampak negatif terhadap jalannya usaha business and does not affect the Company's
Perusahaan serta tidak mempengaruhi ability to make principal payments and/or bond
kemampuan Perusahaan dalam melakukan interest.
pembayaran pokok obligasi dan/atau bunga
obligasi.
Perusahaan telah mematuhi semua persyaratan yang The Company has complied with all covenants
disebutkan dalam perjanjian. mentioned in agreements.
Pada tanggal 9 Mei 2022, Perusahaan telah On May 9, 2022, the Company has fully paid the
melakukan pelunasan atas seluruh pokok pinjaman principal of Bond Sustainable I Bussan Auto Finance
utang Obligasi Berkelanjutan I Bussan Auto Finance Phase II Series A year 2021 amounting to
Tahap II Seri A tahun 2021 sebesar Rp 500,000,000 thousand.
Rp 500.000.000 ribu.
- 57 -
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Obligasi Berkelanjutan I Bussan Auto Finance Tahap Bond Sustainable I Bussan Auto Finance Phase III
III tahun 2021 year 2021
Pada bulan September 2021, Perusahaan melakukan In September 2021, the Company held a bond offering
penawaran umum obligasi bernama "Obligasi called "Bond Sustainable I Bussan Auto Finance
Berkelanjutan I Bussan Auto Finance Tahap III tahun Phase III year 2021". The transaction costs associated
2021". Biaya transaksi yang terkait dengan with the issuance of these bonds are Rp 1,815,537
penerbitan obligasi ini adalah sebesar Rp 1.815.537 thousand. All funds obtained will be used for the
ribu. Seluruh dana yang diperoleh akan digunakan Company's working capital. These sukuk mudharabah
untuk modal kerja Perusahaan. Obligasi ini are issued scripless and are offered at their principal
diterbitkan tanpa warkat dan ditawarkan sebesar nilai value, in 2 series, namely:
nilai pokoknya, dalam 2 seri, yaitu:
Seri/Series Pokok/Principal Jangka waktu/Term Bunga/Interest
A 150.000.000.000 367 hari/days 3,75%
B 625.000.000.000 3 tahun/years 5,75%
Pembayaran obligasi dilakukan secara penuh (bullet Bond payments are made in full (bullet payment) when
payment) saat jatuh tempo. Bunga obligasi terutang due. Bond interest is payable every three months from
setiap tiga bulan mulai dari 28 Desember 2021 December 28, 2021 to October 5, 2022 for series A
sampai dengan 5 Oktober 2022 untuk obligasi seri A bonds and December 28, 2021 to September 28, 2024
dan 28 Desember 2021 sampai 28 September 2024 for series B bonds. Purchases of bonds can be made
untuk obligasi seri B. Pembelian obligasi dapat after one year from the date of allotment based on
dilakukan setelah satu tahun dari tanggal penjatahan market prices.
berdasarkan harga pasar.
PT Bank Mandiri (Persero) Tbk bertindak sebagai wali PT Bank Mandiri (Persero) Tbk act as trustee. At the
amanat. Pada saat diterbitkan, Obligasi tersebut time of issuance, the Bond received the AAA(idn) Fitch
mendapatkan AAA(idn) Fitch rating dan tercatat pada rating and was listed on the Indonesia Stock Exchange
Bursa Efek Indonesia pada 29 September 2021. on September 29, 2021. The bonds are guaranteed
Obligasi ini dijamin dengan piutang performing by the Company's performing receivables amounting
Perusahaan sebesar 50% (lima puluh persen) dari to 50% (fifty percent) of the principal value of the
nilai pokok obligasi. bonds.
Pembatasan-pembatasan penting yang diatur dalam Important restrictions stipulated in the agreement are:
perjanjian adalah:
1. Tanpa persetujuan tertulis dari wali amanat, 1. Without written approval from the trustee, the
Perusahaan dilarang melakukan pembagian Company is prohibited from dividend distribution
dividen pada tahun buku dimana Perusahaan in the financial year where the Company negligent
lalai dalam melakukan pembayaran bunga atau in making payments of interest or principal owed.
pokok yang terutang.
2. Tanpa persetujuan tertulis dari wali amanat, 2. Without the written consent of the trustee, the
Perusahaan dilarang memberikan pinjaman atau Company is prohibited from providing loans or
kredit kepada afiliasi, kecuali atas pinjaman yang loans to affiliates, except for loans that have
telah ada sebelum perjanjian dengan wali existed before the agreement with trustee and
amanat dan pinjaman dalam rangka kegiatan loans relates with the Company’s normal
operasional Perusahaan. operations.
3. Tanpa persetujuan tertulis dari wali amanat, 3. Without written approval from the trustee, the
Perusahaan dilarang menjual, mentransfer atau Company is prohibited from selling, transferring all
mengalihkan seluruh atau sebagian dari harta or part of its assets, either one by one or any
kekayaannya, baik satu persatu ataupun jumlah transfer amounting to 30% (thirty percent) or more
pengalihan sebesar 30% (tiga puluh persen) atau of the Company's total assets, except for the
lebih dari total aset Perusahaan, kecuali dalam Company's operational activities.
rangka kegiatan operasional Perusahaan.
- 58 -
Page 569
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
4. Tanpa persetujuan tertulis dari wali amanat, 4. Without the written consent of the trustee, the
Perusahaan dilarang melakukan penggabungan, Company is prohibited to merge, consolidated and
konsolidasi, dan peleburan dengan perusahaan amalgamate with other companies except it is
lain kecuali sepanjang yang dilakukan pada carried out in the same business and does not
bidang usaha yang sama dan tidak mempunyai have a negative impact on the Company's
dampak negatif terhadap jalannya usaha business and does not affect the Company's
Perusahaan serta tidak mempengaruhi ability to make principal payments and/or bond
kemampuan Perusahaan dalam melakukan interest.
pembayaran pokok obligasi dan/atau bunga
obligasi.
Perusahaan telah mematuhi semua persyaratan yang The Company has complied with all covenants
disebutkan dalam perjanjian. mentioned in agreements.
Pada tanggal 5 Oktober 2022, Perusahaan telah On October 5, 2022, the Company has fully paid the
melakukan pelunasan atas seluruh pokok pinjaman principal of Bond Sustainable I Bussan Auto Finance
utang Obligasi Berkelanjutan I Bussan Auto Finance Phase III Series A year 2021 amounting to
Tahap III Seri A tahun 2021 sebesar Rp 150.000.000 Rp 150,000,000 thousand.
ribu.
Obligasi Berkelanjutan I Bussan Auto Finance Tahap Bond Sustainable I Bussan Auto Finance Phase IV
IV tahun 2021 year 2021
Pada bulan Desember 2021, Perusahaan melakukan In December 2021, the Company held a bond offering
penawaran umum obligasi bernama "Obligasi called "Bond Sustainable I Bussan Auto Finance
Berkelanjutan I Bussan Auto Finance Tahap IV tahun Phase IV year 2021". The transaction costs associated
2021". Biaya transaksi yang terkait dengan penerbitan with the issuance of these bonds are Rp 1,748,400
obligasi ini adalah sebesar Rp 1.748.400 ribu. thousand. All funds obtained will be used for the
Seluruh dana yang diperoleh akan digunakan untuk Company's working capital. These sukuk mudharabah
modal kerja Perusahaan. Obligasi ini diterbitkan tanpa are issued scripless and are offered at their principal
warkat dan ditawarkan sebesar nilai nilai pokoknya, value, as below:
sebagai berikut:
Pokok/Principal Jangka waktu/Term Bunga/Interest
500.000.000.000 3 tahun/years 5,75%
Pembayaran obligasi dilakukan secara penuh (bullet Bond payments are made in full (bullet payment) when
payment) saat jatuh tempo. Bunga obligasi terutang due. Bond interest is payable every three months from
setiap tiga bulan mulai dari 15 Maret 2022 sampai March 15, 2022 to December 15, 2024. Purchases of
dengan 15 Desember 2024. Pembelian obligasi dapat bonds can be made after one year from the date of
dilakukan setelah satu tahun dari tanggal penjatahan allotment based on market prices.
berdasarkan harga pasar.
PT Bank Mandiri (Persero) Tbk bertindak sebagai wali PT Bank Mandiri (Persero) Tbk act as trustee. At the
amanat. Pada saat diterbitkan, Obligasi tersebut time of issuance, the Bond received the AAA(idn) Fitch
mendapatkan AAA(idn) Fitch rating dan tercatat pada rating and was listed on the Indonesia Stock Exchange
Bursa Efek Indonesia pada 16 Desember 2021. on December 16, 2021. The bonds are guaranteed by
Obligasi ini dijamin dengan piutang performing the Company's performing receivables amounting to
Perusahaan sebesar 50% (lima puluh persen) dari 50% (fifty percent) of the principal value of the bonds.
nilai pokok obligasi.
Pembatasan-pembatasan penting yang diatur dalam Important restrictions stipulated in the agreement are:
perjanjian adalah:
1. Tanpa persetujuan tertulis dari wali amanat, 1. Without written approval from the trustee, the
Perusahaan dilarang melakukan pembagian Company is prohibited from dividend distribution
dividen pada tahun buku dimana Perusahaan in the financial year where the Company negligent
lalai dalam melakukan pembayaran bunga atau in making payments of interest or principal owed.
pokok yang terutang.
- 59 -
Page 570
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
2. Tanpa persetujuan tertulis dari wali amanat, 2. Without the written consent of the trustee, the
Perusahaan dilarang memberikan pinjaman atau Company is prohibited from providing loans or
kredit kepada afiliasi, kecuali atas pinjaman yang loans to affiliates, except for loans that have
telah ada sebelum perjanjian dengan wali existed before the agreement with trustee and
amanat dan pinjaman dalam rangka kegiatan loans relates with the Company’s normal
operasional Perusahaan. operations.
3. Tanpa persetujuan tertulis dari wali amanat, 3. Without written approval from the trustee, the
Perusahaan dilarang menjual, mentransfer atau Company is prohibited from selling, transferring all
mengalihkan seluruh atau sebagian dari harta or part of its assets, either one by one or any
kekayaannya, baik satu persatu ataupun jumlah transfer amounting to 30% (thirty percent) or more
pengalihan sebesar 30% (tiga puluh persen) atau of the Company's total assets, except for the
lebih dari total aset Perusahaan, kecuali dalam Company's operational activities.
rangka kegiatan operasional Perusahaan.
4. Tanpa persetujuan tertulis dari wali amanat, 4. Without the written consent of the trustee, the
Perusahaan dilarang melakukan penggabungan, Company is prohibited to merge, consolidated
konsolidasi, dan peleburan dengan perusahaan and amalgamate with other companies except it is
lain kecuali sepanjang yang dilakukan pada carried out in the same business and does not
bidang usaha yang sama dan tidak mempunyai have a negative impact on the Company's
dampak negatif terhadap jalannya usaha business and does not affect the Company's
Perusahaan serta tidak mempengaruhi ability to make principal payments and/or bond
kemampuan Perusahaan dalam melakukan interest.
pembayaran pokok obligasi dan/atau bunga
obligasi.
Perusahaan telah mematuhi semua persyaratan yang The Company has complied with all covenants
disebutkan dalam perjanjian. mentioned in agreements.
Obligasi Berkelanjutan I Bussan Auto Finance Tahap Bond Sustainable I Bussan Auto Finance Phase V
V tahun 2022 year 2022
Pada bulan Maret 2022, Perusahaan melakukan In March 2022, the Company held a bond offering
penawaran umum obligasi bernama "Obligasi called "Bond Sustainable I Bussan Auto Finance
Berkelanjutan I Bussan Auto Finance Tahap V tahun Phase V year 2022". The transaction costs associated
2022". Biaya transaksi yang terkait dengan with the issuance of these bonds are Rp 2,429,228
penerbitan obligasi ini adalah sebesar Rp 2.429.228 thousand. All funds obtained will be used for the
ribu. Seluruh dana yang diperoleh akan digunakan Company's working capital. These sukuk mudharabah
untuk modal kerja Perusahaan. Obligasi ini diterbitkan are issued scripless and are offered at their principal
tanpa warkat dan ditawarkan sebesar nilai nilai value, as below:
pokoknya, sebagai berikut:
Pokok/Principal Jangka waktu/Term Bunga/Interest
775.000.000.000 3 tahun/years 5,90%
Pembayaran obligasi dilakukan secara penuh (bullet Bond payments are made in full (bullet payment) when
payment) saat jatuh tempo. Bunga obligasi terutang due. Bond interest is payable every three months from
setiap tiga bulan mulai dari 17 Juni 2022 sampai June 17, 2022 to March 17, 2025. Purchases of bonds
dengan 17 Maret 2025. Pembelian obligasi dapat can be made after one year from the date of allotment
dilakukan setelah satu tahun dari tanggal penjatahan based on market prices.
berdasarkan harga pasar.
PT Bank Mandiri (Persero) Tbk bertindak sebagai wali PT Bank Mandiri (Persero) Tbk act as trustee. At the
amanat. Pada saat diterbitkan, Obligasi tersebut time of issuance, the Bond received the AAA(idn) Fitch
mendapatkan AAA(idn) Fitch rating dan tercatat pada rating and was listed on the Indonesia Stock Exchange
Bursa Efek Indonesia pada 18 Maret 2022. Obligasi on March 18, 2022. The bonds are guaranteed by the
ini dijamin dengan piutang performing Perusahaan Company's performing receivables amounting to 50%
sebesar 50% (lima puluh persen) dari nilai pokok (fifty percent) of the principal value of the bonds.
obligasi.
- 60 -
Page 571
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Pembatasan-pembatasan penting yang diatur dalam Important restrictions stipulated in the agreement are:
perjanjian adalah:
1. Tanpa persetujuan tertulis dari wali amanat, 1. Without written approval from the trustee, the
Perusahaan dilarang melakukan pembagian Company is prohibited from dividend distribution
dividen pada tahun buku dimana Perusahaan in the financial year where the Company negligent
lalai dalam melakukan pembayaran bunga atau in making payments of interest or principal owed.
pokok yang terutang.
2. Tanpa persetujuan tertulis dari wali amanat, 2. Without the written consent of the trustee, the
Perusahaan dilarang memberikan pinjaman atau Company is prohibited from providing loans or
kredit kepada afiliasi, kecuali atas pinjaman yang loans to affiliates, except for loans that have
telah ada sebelum perjanjian dengan wali existed before the agreement with trustee and
amanat dan pinjaman dalam rangka kegiatan loans relates with the Company’s normal
operasional Perusahaan. operations.
3. Tanpa persetujuan tertulis dari wali amanat, 3. Without written approval from the trustee, the
Perusahaan dilarang menjual, mentransfer atau Company is prohibited from selling, transferring all
mengalihkan seluruh atau sebagian dari harta or part of its assets, either one by one or any
kekayaannya, baik satu persatu ataupun jumlah transfer amounting to 30% (thirty percent) or more
pengalihan sebesar 30% (tiga puluh persen) atau of the Company's total assets, except for the
lebih dari total aset Perusahaan, kecuali dalam Company's operational activities.
rangka kegiatan operasional Perusahaan.
4. Tanpa persetujuan tertulis dari wali amanat, 4. Without the written consent of the trustee, the
Perusahaan dilarang melakukan penggabungan, Company is prohibited to merge, consolidated
konsolidasi, dan peleburan dengan perusahaan and amalgamate with other companies except it is
lain kecuali sepanjang yang dilakukan pada carried out in the same business and does not
bidang usaha yang sama dan tidak mempunyai have a negative impact on the Company's
dampak negatif terhadap jalannya usaha business and does not affect the Company's
Perusahaan serta tidak mempengaruhi ability to make principal payments and/or bond
kemampuan Perusahaan dalam melakukan interest.
pembayaran pokok obligasi dan/atau bunga
obligasi.
Perusahaan telah mematuhi semua persyaratan yang The Company has complied with all covenants
disebutkan dalam perjanjian. mentioned in agreements.
Obligasi Berkelanjutan II Bussan Auto Finance Bond Sustainable II Bussan Auto Finance Phase I year
Tahap I tahun 2022 2022
Pada bulan Juni 2022, Perusahaan melakukan In June 2022, the Company held a bond offering called
penawaran umum obligasi bernama "Obligasi "Bond Sustainable II Bussan Auto Finance Phase I
Berkelanjutan II Bussan Auto Finance Tahap I tahun year 2022". The transaction costs associated with the
2022". Biaya transaksi yang terkait dengan issuance of these bonds are Rp 2,191,477 thousand.
penerbitan obligasi ini adalah sebesar Rp 2.191.477 All funds obtained will be used for the Company's
ribu. Seluruh dana yang diperoleh akan digunakan working capital. These sukuk mudharabah are issued
untuk modal kerja Perusahaan. Obligasi ini diterbitkan scripless and are offered at their principal value, as
tanpa warkat dan ditawarkan sebesar nilai nilai below:
pokoknya, sebagai berikut:
Seri/Series Pokok/Principal Jangka waktu/Term Bunga/Interest
A 88.500.000.000 370 hari/days 4,10%
B 11.500.000.000 3 tahun/years 7,00%
Pembayaran obligasi dilakukan secara penuh (bullet Bond payments are made in full (bullet payment) when
payment) saat jatuh tempo. Bunga obligasi terutang due. Bond interest is payable every three months from
setiap tiga bulan mulai dari 5 Oktober 2022 sampai October 5, 2022 to July 15, 2023 for series A bonds
dengan 15 Juli 2023 untuk obligasi seri A dan and October 5, 2022 to July 5, 2025 for series B bonds.
5 Oktober 2022 sampai dengan 5 Juli 2025 untuk Purchases of bonds can be made after one year from
obligasi seri B. Pembelian obligasi dapat dilakukan the date of allotment based on market prices.
setelah satu tahun dari tanggal penjatahan
berdasarkan harga pasar.
- 61 -
Page 572
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
PT Bank Mandiri (Persero) Tbk bertindak sebagai wali PT Bank Mandiri (Persero) Tbk act as trustee. At the
amanat. Pada saat diterbitkan, Obligasi tersebut time of issuance, the Bond received the AAA(idn) Fitch
mendapatkan AAA(idn) Fitch rating dan idAAA rating and idAAA Pefindo rating, was listed on the
Pefindo rating, tercatat pada Bursa Efek Indonesia Indonesia Stock Exchange on July 6, 2022. These
pada 6 Juli 2022. Obligasi ini tidak menggunakan bonds do not have collateral.
jaminan.
Pembatasan-pembatasan penting yang diatur dalam Important restrictions stipulated in the agreement are:
perjanjian adalah:
1. Tanpa persetujuan tertulis dari wali amanat, 1. Without written approval from the trustee, the
Perusahaan dilarang melakukan pembagian Company is prohibited from dividend distribution
dividen pada tahun buku dimana Perusahaan in the financial year where the Company negligent
lalai dalam melakukan pembayaran bunga atau in making payments of interest or principal owed.
pokok yang terutang.
2. Tanpa persetujuan tertulis dari wali amanat, 2. Without the written consent of the trustee, the
Perusahaan dilarang memberikan pinjaman atau Company is prohibited from providing loans or
kredit kepada afiliasi, kecuali atas pinjaman yang loans to affiliates, except for loans that have
telah ada sebelum perjanjian dengan wali existed before the agreement with trustee and
amanat dan pinjaman dalam rangka kegiatan loans relates with the Company’s normal
operasional Perusahaan. operations.
3. Tanpa persetujuan tertulis dari wali amanat, 3. Without written approval from the trustee, the
Perusahaan dilarang menjual, mentransfer atau Company is prohibited from selling, transferring all
mengalihkan seluruh atau sebagian dari harta or part of its assets, either one by one or any
kekayaannya, baik satu persatu ataupun jumlah transfer amounting to 30% (thirty percent) or more
pengalihan sebesar 30% (tiga puluh persen) atau of the Company's total assets, except for the
lebih dari total aset Perusahaan, kecuali dalam Company's operational activities.
rangka kegiatan operasional Perusahaan.
4. Tanpa persetujuan tertulis dari wali amanat, 4. Without the written consent of the trustee, the
Perusahaan dilarang melakukan penggabungan, Company is prohibited to merge, consolidated
konsolidasi, dan peleburan dengan perusahaan and amalgamate with other companies except it is
lain kecuali sepanjang yang dilakukan pada carried out in the same business and does not
bidang usaha yang sama dan tidak mempunyai have a negative impact on the Company's
dampak negatif terhadap jalannya usaha business and does not affect the Company's
Perusahaan serta tidak mempengaruhi ability to make principal payments and/or bond
kemampuan Perusahaan dalam melakukan interest.
pembayaran pokok obligasi dan/atau bunga
obligasi.
Perusahaan telah mematuhi semua persyaratan yang The Company has complied with all covenants
disebutkan dalam perjanjian. mentioned in agreements.
Pada tanggal 17 Juli 2023, Perusahaan telah On July 17, 2023, the Company has fully paid the
melakukan pelunasan atas seluruh pokok pinjaman principal of Bond Sustainable II Phase I year 2022
utang Obligasi Berkelanjutan II Tahap I Tahun 2022 Series A amounting to Rp 88,500,000 thousand.
Seri A sebesar Rp 88.500.000 ribu.
Obligasi Berkelanjutan II Bussan Auto Finance Bond Sustainable II Bussan Auto Finance Phase II
Tahap II tahun 2022 year 2022
Pada bulan November 2022, Perusahaan melakukan In November 2022, the Company held a bond offering
penawaran umum obligasi bernama "Obligasi called "Bond Sustainable II Bussan Auto Finance
Berkelanjutan II Bussan Auto Finance Tahap II tahun Phase II year 2022". The transaction costs associated
2022". Biaya transaksi yang terkait dengan with the issuance of these bonds are Rp 4,332,219
penerbitan obligasi ini adalah sebesar Rp 4.332.219 thousand. All funds obtained will be used for the
ribu. Seluruh dana yang diperoleh akan digunakan Company's working capital. These sukuk mudharabah
untuk modal kerja Perusahaan. Obligasi ini diterbitkan are issued scripless and are offered at their principal
tanpa warkat dan ditawarkan sebesar nilai nilai value, as below:
pokoknya, sebagai berikut:
Seri/Series Pokok/Principal Jangka waktu/Term Bunga/Interest
A 655.000.000.000 370 hari/days 5,98%
B 545.000.000.000 3 tahun/years 7,75%
- 62 -
Page 573
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Pembayaran obligasi dilakukan secara penuh (bullet Bond payments are made in full (bullet payment) when
payment) saat jatuh tempo. Bunga obligasi terutang due. Bond interest is payable every three months from
setiap tiga bulan mulai dari 2 Maret 2023 sampai March 2, 2023 to December 12, 2023 for series A
dengan 12 Desember 2023 untuk obligasi seri A dan bonds and March 2, 2023 to December 2, 2025 for
2 Maret 2023 sampai dengan 2 Desember 2025 untuk series B bonds. Purchases of bonds can be made after
obligasi seri B. Pembelian obligasi dapat dilakukan one year from the date of allotment based on market
setelah satu tahun dari tanggal penjatahan prices.
berdasarkan harga pasar.
PT Bank Mandiri (Persero) Tbk bertindak sebagai wali PT Bank Mandiri (Persero) Tbk act as trustee. At the
amanat. Pada saat diterbitkan, Obligasi tersebut time of issuance, the Bond received the AAA(idn) Fitch
mendapatkan AAA(idn) Fitch rating dan idAAA rating and idAAA Pefindo rating and was listed on the
Pefindo rating dan tercatat pada Bursa Efek Indonesia Indonesia Stock Exchange on December 5, 2022.
pada 5 Desember 2022. Obligasi ini tidak These bonds do not have collateral.
menggunakan jaminan.
Pembatasan-pembatasan penting yang diatur dalam Important restrictions stipulated in the agreement are:
perjanjian adalah:
1. Tanpa persetujuan tertulis dari wali amanat, 1. Without written approval from the trustee, the
Perusahaan dilarang melakukan pembagian Company is prohibited from dividend distribution
dividen pada tahun buku dimana Perusahaan in the financial year where the Company negligent
lalai dalam melakukan pembayaran bunga atau in making payments of interest or principal owed.
pokok yang terutang.
2. Tanpa persetujuan tertulis dari wali amanat, 2. Without the written consent of the trustee, the
Perusahaan dilarang memberikan pinjaman atau Company is prohibited from providing loans or
kredit kepada afiliasi, kecuali atas pinjaman yang loans to affiliates, except for loans that have
telah ada sebelum perjanjian dengan wali existed before the agreement with trustee and
amanat dan pinjaman dalam rangka kegiatan loans relates with the Company’s normal
operasional Perusahaan. operations.
3. Tanpa persetujuan tertulis dari wali amanat, 3. Without written approval from the trustee, the
Perusahaan dilarang menjual, mentransfer atau Company is prohibited from selling, transferring all
mengalihkan seluruh atau sebagian dari harta or part of its assets, either one by one or any
kekayaannya, baik satu persatu ataupun jumlah transfer amounting to 30% (thirty percent) or more
pengalihan sebesar 30% (tiga puluh persen) atau of the Company's total assets, except for the
lebih dari total aset Perusahaan, kecuali dalam Company's operational activities.
rangka kegiatan operasional Perusahaan.
4. Tanpa persetujuan tertulis dari wali amanat, 4. Without the written consent of the trustee, the
Perusahaan dilarang melakukan penggabungan, Company is prohibited to merge, consolidated
konsolidasi, dan peleburan dengan perusahaan and amalgamate with other companies except it is
lain kecuali sepanjang yang dilakukan pada carried out in the same business and does not
bidang usaha yang sama dan tidak mempunyai have a negative impact on the Company's
dampak negatif terhadap jalannya usaha business and does not affect the Company's
Perusahaan serta tidak mempengaruhi ability to make principal payments and/or bond
kemampuan Perusahaan dalam melakukan interest.
pembayaran pokok obligasi dan/atau bunga
obligasi.
Perusahaan telah mematuhi semua persyaratan yang The Company has complied with all covenants
disebutkan dalam perjanjian. mentioned in agreements.
Pada tanggal 12 Desember 2023, Perusahaan telah On December 12, 2023, the Company has fully paid
melakukan pelunasan atas seluruh pokok pinjaman the principal of Bond Sustainable II Phase II year 2022
utang Obligasi Berkelanjutan II Tahap II tahun 2022 Series A amounting to Rp 655,000,000 thousand.
Seri A sebesar Rp 655.000.000 ribu.
- 63 -
Page 574
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Obligasi Berkelanjutan II Bussan Auto Finance tahap Bond Sustainable II Bussan Auto Finance Phase III
III tahun 2023 year 2023
Pada bulan April 2023, Perusahaan melakukan In April 2023, the Company held a bond offering called
penawaran umum obligasi bernama "Obligasi "Bond Sustainable II Bussan Auto Finance Phase III
Berkelanjutan II Bussan Auto Finance Tahap III tahun year 2023". The transaction costs associated with the
2023". Biaya transaksi yang terkait dengan issuance of these bonds are Rp 4,365,593 thousand.
penerbitan obligasi ini adalah sebesar Rp 4.365.593 All funds obtained will be used for the Company's
ribu. Seluruh dana yang diperoleh akan digunakan working capital. These sukuk mudharabah are issued
untuk modal kerja Perusahaan. Obligasi ini diterbitkan scripless and are offered at their principal value, as
tanpa warkat dan ditawarkan sebesar nilai nilai below:
pokoknya, sebagai berikut:
Seri/Series Pokok/Principal Jangka waktu/Term Bunga/Interest
A 401.000.000.000 370 hari/days 5,98%
B 841.000.000.000 3 tahun/years 7,10%
Pembayaran obligasi dilakukan secara penuh (bullet Bond payments are made in full (bullet payment) when
payment) saat jatuh tempo. Bunga obligasi terutang due. Bond interest is payable every three months from
setiap tiga bulan mulai dari 18 Juli 2023 sampai July 18, 2023 to April 28, 2024 for series A bonds and
dengan 28 April 2024 untuk obligasi seri A dan July 18, 2023 to April 18, 2026 for series B bonds.
18 Juli 2023 sampai dengan 18 April 2026 untuk Purchases of bonds can be made after one year from
obligasi seri B. Pembelian obligasi dapat dilakukan the date of allotment based on market prices.
setelah satu tahun dari tanggal penjatahan
berdasarkan harga pasar.
PT Bank Mandiri (Persero) Tbk bertindak sebagai wali PT Bank Mandiri (Persero) Tbk act as trustee. At the
amanat. Pada saat diterbitkan, Obligasi tersebut time of issuance, the Bond received the AAA(idn) Fitch
mendapatkan AAA(idn) Fitch rating dan idAAA rating and idAAA Pefindo rating, was listed on the
Pefindo rating, tercatat pada Bursa Efek Indonesia Indonesia Stock Exchange on April 26, 2023. These
pada 26 April 2023. Obligasi ini tidak menggunakan bonds do not have collateral.
jaminan.
Pembatasan-pembatasan penting yang diatur dalam Important restrictions stipulated in the agreement are:
perjanjian adalah:
1. Tanpa persetujuan tertulis dari wali amanat, 1. Without written approval from the trustee, the
Perusahaan dilarang melakukan pembagian Company is prohibited from dividend distribution
dividen pada tahun buku dimana Perusahaan in the financial year where the Company negligent
lalai dalam melakukan pembayaran bunga atau in making payments of interest or principal owed.
pokok yang terutang.
2. Tanpa persetujuan tertulis dari wali amanat, 2. Without the written consent of the trustee, the
Perusahaan dilarang memberikan pinjaman atau Company is prohibited from providing loans or
kredit kepada afiliasi, kecuali atas pinjaman yang loans to affiliates, except for loans that have
telah ada sebelum perjanjian dengan wali existed before the agreement with trustee and
amanat dan pinjaman dalam rangka kegiatan loans relates with the Company’s normal
operasional Perusahaan. operations.
3. Tanpa persetujuan tertulis dari wali amanat, 3. Without written approval from the trustee, the
Perusahaan dilarang menjual, mentransfer atau Company is prohibited from selling, transferring all
mengalihkan seluruh atau sebagian dari harta or part of its assets, either one by one or any
kekayaannya, baik satu persatu ataupun jumlah transfer amounting to 30% (thirty percent) or more
pengalihan sebesar 30% (tiga puluh persen) atau of the Company's total assets, except for the
lebih dari total aset Perusahaan, kecuali dalam Company's operational activities.
rangka kegiatan operasional Perusahaan.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
4. Tanpa persetujuan tertulis dari wali amanat, 4. Without the written consent of the trustee, the
Perusahaan dilarang melakukan penggabungan, Company is prohibited to merge, consolidated
konsolidasi, dan peleburan dengan perusahaan and amalgamate with other companies except it is
lain kecuali sepanjang yang dilakukan pada carried out in the same business and does not
bidang usaha yang sama dan tidak mempunyai have a negative impact on the Company's
dampak negatif terhadap jalannya usaha business and does not affect the Company's
Perusahaan serta tidak mempengaruhi ability to make principal payments and/or bond
kemampuan Perusahaan dalam melakukan interest.
pembayaran pokok obligasi dan/atau bunga
obligasi.
Perusahaan telah mematuhi semua persyaratan yang The Company has complied with all covenants
disebutkan dalam perjanjian. mentioned in agreements.
Obligasi Berkelanjutan II Bussan Auto Finance Tahap Bond Sustainable II Bussan Auto Finance Phase IV
IV tahun 2023 year 2023
Pada bulan September 2023, Perusahaan melakukan In September 2023, the Company held a bond offering
penawaran umum obligasi bernama "Obligasi called "Bond Sustainable II Bussan Auto Finance
Berkelanjutan II Bussan Auto Finance Tahap IV tahun Phase IV year 2023". The transaction costs associated
2023". Biaya transaksi yang terkait dengan with the issuance of these bonds are Rp 1,860,177
penerbitan obligasi ini adalah sebesar Rp 1.860.177 thousand. All funds obtained will be used for the
ribu. Seluruh dana yang diperoleh akan digunakan Company's working capital. These sukuk mudharabah
untuk modal kerja Perusahaan. Obligasi ini diterbitkan are issued scripless and are offered at their principal
tanpa warkat dan ditawarkan sebesar nilai nilai value, as below:
pokoknya, sebagai berikut:
Pokok/Principal Jangka waktu/Term Bunga/Interest
458.000.000.000 3 tahun/years 6,50%
Pembayaran obligasi dilakukan secara penuh (bullet Bond payments are made in full (bullet payment) when
payment) saat jatuh tempo. Bunga obligasi terutang due. Bond interest is payable every three months from
setiap tiga bulan mulai dari 8 Desember 2023 sampai December 8, 2023 to September 8, 2026. Purchases
dengan 8 September 2026. Pembelian obligasi dapat of bonds can be made after one year from the date of
dilakukan setelah satu tahun dari tanggal penjatahan allotment based on market prices.
berdasarkan harga pasar.
PT Bank Mandiri (Persero) Tbk bertindak sebagai wali PT Bank Mandiri (Persero) Tbk act as trustee. At the
amanat. Pada saat diterbitkan, Obligasi tersebut time of issuance, the Bond received the AAA(idn) Fitch
mendapatkan AAA(idn) Fitch rating dan idAAA rating and idAAA Pefindo rating, was listed on the
Pefindo rating, tercatat pada Bursa Efek Indonesia Indonesia Stock Exchange on September 11, 2023.
pada 11 September 2023. Obligasi ini tidak These bonds do not have collateral.
menggunakan jaminan.
Pembatasan-pembatasan penting yang diatur dalam Important restrictions stipulated in the agreement are:
perjanjian adalah:
1. Tanpa persetujuan tertulis dari wali amanat, 1. Without written approval from the trustee, the
Perusahaan dilarang melakukan pembagian Company is prohibited from dividend distribution
dividen pada tahun buku dimana Perusahaan in the financial year where the Company negligent
lalai dalam melakukan pembayaran bunga atau in making payments of interest or principal owed.
pokok yang terutang.
2. Tanpa persetujuan tertulis dari wali amanat, 2. Without the written consent of the trustee, the
Perusahaan dilarang memberikan pinjaman atau Company is prohibited from providing loans or
kredit kepada afiliasi, kecuali atas pinjaman yang loans to affiliates, except for loans that have
telah ada sebelum perjanjian dengan wali existed before the agreement with trustee and
amanat dan pinjaman dalam rangka kegiatan loans relates with the Company’s normal
operasional Perusahaan. operations.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
3. Tanpa persetujuan tertulis dari wali amanat, 3. Without written approval from the trustee, the
Perusahaan dilarang menjual, mentransfer atau Company is prohibited from selling, transferring all
mengalihkan seluruh atau sebagian dari harta or part of its assets, either one by one or any
kekayaannya, baik satu persatu ataupun jumlah transfer amounting to 30% (thirty percent) or more
pengalihan sebesar 30% (tiga puluh persen) atau of the Company's total assets, except for the
lebih dari total aset Perusahaan, kecuali dalam Company's operational activities.
rangka kegiatan operasional Perusahaan.
4. Tanpa persetujuan tertulis dari wali amanat, 4. Without the written consent of the trustee, the
Perusahaan dilarang melakukan penggabungan, Company is prohibited to merge, consolidated
konsolidasi, dan peleburan dengan perusahaan and amalgamate with other companies except it is
lain kecuali sepanjang yang dilakukan pada carried out in the same business and does not
bidang usaha yang sama dan tidak mempunyai have a negative impact on the Company's
dampak negatif terhadap jalannya usaha business and does not affect the Company's
Perusahaan serta tidak mempengaruhi ability to make principal payments and/or bond
kemampuan Perusahaan dalam melakukan interest.
pembayaran pokok obligasi dan/atau bunga
obligasi.
Perusahaan telah mematuhi semua persyaratan yang The Company has complied with all covenants
disebutkan dalam perjanjian. mentioned in agreements.
19. LIABILITAS SEWA 19. LEASE LIABILITES
31 Desember / 31 Desember /
December 31 December 31
2023 2022
Rp '000 Rp '000
a. Analisis jatuh tempo a. Maturity analysis
Tahun 1 3.508.792 3.286.792 Year 1
Tahun 2 - 2.727.320 Year 2
Tahun 3 - 43.677 Year 3
Tahun 4 - 43.677 Year 4
3.508.792 6.101.466
Bagian yang jatuh tempo dalam satu tahun (3.508.792) (3.286.792) Current maturity
Liabilitas sewa jangka panjang - 2.814.674 Non-current lease liabilities
b. Rincian liabilitas sewa berdasarkan pesewa: b. By lessor
E J T Lembong 2.236.911 4.629.081 E J T Lembong
Wilianto Tanta 634.130 - Wilianto Tanta
PT Kolaborasi Global Sukses 472.326 - PT Kolaborasi Global Sukses
DRS Saiful Rizal Siregar - 416.637 DRS Saiful Rizal Siregar
Lain-lain 165.425 1.055.748 Others
Jumlah 3.508.792 6.101.466 Total
Perusahaan tidak menghadapi risiko likuiditas yang The Company does not face a significant liquidity risk
signifikan sehubungan dengan liabilitas sewa. with regard to its lease liabilities. Lease liabilities are
Liabilitas sewa diawasi oleh fungsi treasury monitored within the Company's treasury function.
Perusahaan.
Rata-rata tertimbang suku bunga pinjaman The weighted average lessee’s incremental
inkremental penyewa yang diterapkan pada liabilitas borrowing rate applied to the lease liabilities
sewa yang diakui dalam laporan posisi keuangan recognised in the statement of financial position at
pada 31 Desember 2023 adalah 7,50% (2022: December 31, 2023 is 7.50% (2022: 5.75%).
5,75%).
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
20. LIABILITAS IMBALAN PASCA KERJA 20. POST-EMPLOYMENT BENEFITS OBLIGATION
Perusahaan menyelenggarakan imbalan pasca kerja The Company provides post-employment benefits to
untuk 3.497 karyawan untuk tahun yang berakhir 3,497 employees for the year ended December 31,
31 Desember 2023 (31 Desember 2022: 3.666 2023 (December 31, 2022: 3,666 employees),
karyawan) sesuai dengan Undang-Undang respectively in accordance with Labor Law.
Ketenagakerjaan.
Program imbalan pasca kerja membuat Perusahaan The post-employment benefits plan makes the
terekspos terhadap risiko aktuarial seperti risiko Company exposed to actuarial risks such as interest
tingkat bunga dan risiko gaji. rate risk and salary risk.
Risiko tingkat bunga Interest rate risk
Penurunan suku bunga obligasi akan meningkatkan A decrease in the bond interest rate will increase the
liabilitas program. plan liability.
Risiko harapan hidup Longevity risk
Nilai kini kewajiban imbalan pasti dihitung dengan The present value of the defined benefit plan liability is
mengacu pada estimasi terbaik dari mortalitas calculated by reference to the best estimate of the
peserta program baik selama dan setelah kontrak mortality of plan participants both during and after their
kerja. Peningkatan harapan hidup peserta program employment. An increase in the life expectancy of the
akan meningkatkan liabilitas program. plan participants will increase the plan’s liability.
Risiko gaji Salary risk
Nilai kini kewajiban imbalan pasti dihitung dengan The present value of the defined benefit plan liability is
mengacu pada gaji masa depan peserta program. calculated by reference to the future salaries of plan
Dengan demikian, kenaikan gaji peserta program participants. As such, an increase in the salary of the
akan meningkatkan liabilitas program itu. plan participants will increase the plan’s liability.
Beban imbalan pasca kerja yang diakui di laporan The details of the post-employment benefit expense
laba rugi dan penghasilan komprehensif lain adalah recognized in the statement of profit or loss and other
sebagai berikut: comprehensive income are as follows:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Biaya jasa kini 17.671.208 15.598.452 Current service costs
Kerugian atas penyelesaian 1.705.040 13.624.272 Loss on settlement
Beban bunga 9.924.192 10.224.924 Interest costs
Penyesuaian saldo awal - (21.330.240) Adjustment at the beginning balance
Komponen dari biaya imbalan pasca kerja Component of post-employment
diakui dalam laba rugi 29.300.440 18.117.408 benefit costs recognized in profit or loss
Pengukuran kembali kerugian (keuntungan) Remeasurement of actuarial loss (gain)
aktuarial yang timbul dari: arising from:
Perubahan asumsi keuangan 6.649.488 (6.137.990) Changes in financial assumption
Penyesuaian atas pengalaman 2.798.470 (4.211.147) Experience adjustments
Komponen beban imbalan pasca kerja yang Component of post-employment benefit cost
diakui dalam penghasilan komprehensif lain 9.447.958 (10.349.137) recognized in other comprehensive income
Jumlah 38.748.398 7.768.271 Total
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Liabilitas imbalan pasca kerja yang diakui dalam Post-employment benefits obligation recognized in the
laporan posisi keuangan adalah sebagai berikut: statements of financial position are as follows:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Nilai kini kewajiban imbalan Present value of post-employment
pasca kerja 165.704.169 137.543.652 benefits obligation
Mutasi nilai kini kewajiban imbalan pasca kerja Movements in the present value of post-employment
adalah sebagai berikut: benefits obligation are as follows:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Nilai kini kewajiban awal 137.543.652 154.003.800 Beginning present value of obligation
Biaya jasa kini 17.671.208 15.598.452 Current service costs
Kerugian atas penyelesaian 1.705.040 13.624.272 Loss on settlement
Beban bunga 9.924.192 10.224.924 Interest costs
Pembayaran manfaat (10.587.881) (24.228.419) Benefits paid
Penyesuaian pada saldo awal - (21.330.240) Adjustment at the beginning balance
Kerugian (keuntungan) aktuarial yang diakui Actuarial loss (gain) recognized
dalam penghasilan komprehensif lain 9.447.958 (10.349.137) in other comprehensive income
Nilai kini kewajiban akhir 165.704.169 137.543.652 Ending present value of obligation
Pada tanggal 31 Desember 2023, Perusahaan As of December 31, 2023, the Company recognized
mengakui provisi kewajiban imbalan pasca kerja provision of post-employment benefits obligations in
sesuai dengan laporan aktuaria dari aktuaris accordance with actuary report issued by independent
independen, Kantor Konsultan Aktuaria (“KKA”) I Gde actuary, Kantor Konsultan Aktuaria (“KKA”) I Gde Eka
Eka Sarmaja, FSAI dan Rekan, dalam laporannya Sarmaja, FSAI dan Rekan, based on its report dated
tanggal 17 Januari 2024 (2022: 8 Februari 2023), January 17, 2024 (2022: February 8, 2023), using the
dengan menggunakan metode projected unit credit. projected unit credit method.
Asumsi utama yang digunakan dalam menentukan The actuarial valuation was carried out using the
penilaian aktuarial adalah sebagai berikut: following key assumptions:
31 Desember/December 31 , 2023 31 Desember/December 31 , 2022
Tingkat diskonto per tahun : 6,75% 7,25% : Discount rate per annum
Tingkat kenaikan gaji per tahun : 6,5% untuk tingkat 2 keatas dan 6,5% untuk tingkat 2 keatas dan : Salary increment rate per annum
5,5% untuk tingkat 1/6,5% for grade 2 5,5% untuk tingkat 1/6,5% for grade 2
above and 5,5% for grade 1 above and 5,5% for grade 1
Tingkat kematian : TMI 2019 TMI 2019 : Mortality rate
Tingkat cacat : 10% of TMI 2019 10% of TMI 2019 : Disability rate
Tingkat pengunduran diri : 2% untuk usia sampai 22, 2% untuk usia sampai 22, : Voluntary resignation
10% pada usia 23, manurun linier ke 2% 10% pada usia 23, manurun linier ke 2%
pada usia 45 dan 2% pada usia 46 pada usia 45 dan 2% pada usia 46
sampai 54 tahun/ sampai 54 tahun/
2% up to age 22, 10% at age 23, 2% up to age 22, 10% at age 23,
and decrease linearly to 2% at age 45 and decrease linearly to 2% at age 45
2% at age 46 until at age 54 2% at age 46 until at age 54
Umur pensiun normal : 55 tahun/year 55 tahun/year : Normal retirement age
Asumsi aktuarial yang signifikan untuk penentuan Significant actuarial assumptions for the determination
kewajiban imbalan pasti adalah tingkat diskonto dan of the defined benefits obligation are discount rate and
kenaikan gaji yang diharapkan. Sensitivitas analisis di expected salary increase. The sensitivity analyses
bawah ini ditentukan berdasarkan masing-masing below have been determined based on reasonably
perubahan asumsi yang mungkin terjadi pada akhir possible changes of the respective assumptions
periode pelaporan, dengan semua asumsi lain occurring at the end of the reporting period, while
konstan. holding all other assumptions constant.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Jika tingkat diskonto lebih tinggi (lebih rendah) 1%, If the discount rate is 1% higher (lower), the defined
kewajiban imbalan pasti akan berkurang sebesar benefits obligation would decrease by Rp 13,594,330
Rp 13.594.330 ribu (meningkat sebesar thousand (increase by Rp 15,382,449 thousand)
Rp 15.382.449 ribu) (2022: tingkat diskonto lebih (2022: discount rate is 1% higher (lower), the defined
tinggi (lebih rendah) 1% kewajiban imbalan pasti benefit obligations decrease by Rp 11,479,629
berkurang sebesar Rp 11.479.629 ribu (meningkat thousand (increase by Rp 13,023,462 thousand)).
sebesar Rp 13.023.462 ribu)).
Jika tingkat pertumbuhan gaji lebih tinggi (lebih If the expected salary growth increases (decreases) by
rendah) 1%, kewajiban imbalan pasti akan meningkat 1%, the defined benefit obligation would increase by
sebesar Rp 16.112.872 ribu (berkurang sebesar Rp 16,112,872 thousand (decrease by Rp 14,452,926
Rp 14.452.926 ribu) (2022: tingkat pertumbuhan gaji thousand) (2022: expected salary growth increase
lebih tinggi (rendah) 1%, kewajiban imbalan pasti (decrease) by 1%, the defined benefit obligation
akan meningkat sebesar Rp 13.701.226 ribu increase by Rp 13,701,226 thousand (decrease by
(berkurang sebesar Rp 12.250.199 ribu)). Rp 12,250,199 thousand)).
Analisis sensitivitas yang disajikan di atas mungkin The sensitivity analysis presented above may not be
tidak mewakili perubahan yang sebenarnya dalam representative of the actual change in the defined
kewajiban imbalan pasti mengingat bahwa benefits obligation as it is unlikely that the change in
perubahan asumsi terjadinya tidak terisolasi satu assumptions would occur in isolation of one another
sama lain karena beberapa asumsi tersebut mungkin as some of the assumptions may be correlated.
berkorelasi.
Selanjutnya, dalam menyajikan analisis sensitivitas di Furthermore, in presenting the above sensitivity
atas, nilai kini kewajiban imbalan pasti dihitung analysis, the present value of the defined benefits
dengan menggunakan metode projected unit credit obligation has been calculated using the projected unit
pada akhir periode pelaporan, yang sama dengan credit method at the end of the reporting period, which
yang diterapkan dalam menghitung liabilitas manfaat is the same as that applied in calculating the defined
pasti yang diakui dalam laporan posisi keuangan. benefits obligation recognized in the statement of
financial position.
Jadwal jatuh tempo dari kewajiban imbalan pasca The maturity profile of undiscounted post-employment
kerja yang tidak didiskontokan adalah sebagai benefits obligation are as follows:
berikut:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
1 tahun 8.212.952 7.845.805 Within 1 year
2 - 5 tahun 49.233.898 37.872.084 Between 2 - 5 years
Lebih dari 5 tahun 907.131.576 859.078.809 More than 5 years
Total 964.578.426 904.796.698 Total
Durasi rata-rata dari kewajiban imbalan pada tanggal The average duration of the benefits obligation at
31 Desember 2023 adalah 8,87 tahun December 31, 2023 is 8.87 years (December 31,
(31 Desember 2022: 9,06 tahun). 2022: 9.06 years).
Tidak ada perubahan dalam metode dan asumsi yang There was no change in the methods and assumptions
digunakan dalam penyusunan analisis sensitivitas used in preparing the sensitivity analysis from prior
dari tahun sebelumnya. years.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
21. MODAL SAHAM 21. CAPITAL STOCK
31 Desember/December 31, 2023
Jumlah
Jumlah saham/ Persentase pemilikan/ modal disetor/
Number of Percentage of Total paid-up
Nama pemegang saham shares Ownership capital Name of stockholders
% Rp '000
Mitsui & Co., Ltd., Jepang 159.107 45,00 159.107.000 Mitsui & Co., Ltd., Japan
JA Mitsui Leasing Ltd., Jepang 70.714 20,00 70.714.000 JA Mitsui Leasing Ltd., Japan
Yamaha Motor Co., Ltd., Jepang 62.464 17,70 62.464.000 Yamaha Motor Co., Ltd., Japan
PT Sinergi Autoindo Abadi 53.036 15,00 53.036.000 PT Sinergi Autoindo Abadi
PT Yamaha Indonesia Motor PT Yamaha Indonesia Motor
Manufacturing 8.250 2,30 8.250.000 Manufacturing
Jumlah 353.571 100,00 353.571.000 Total
31 Desember/December 31, 2022
Jumlah
Jumlah saham/ Persentase pemilikan/ modal disetor/
Number of Percentage of Total paid-up
Nama pemegang saham shares Ownership capital Name of stockholders
% Rp '000
Mitsui & Co., Ltd., Jepang 229.821 65,00 229.821.000 Mitsui & Co., Ltd., Japan
Yamaha Motor Co., Ltd., Jepang 62.464 17,70 62.464.000 Yamaha Motor Co., Ltd., Japan
PT Sinergi Autoindo Abadi 53.036 15,00 53.036.000 PT Sinergi Autoindo Abadi
PT Yamaha Indonesia Motor PT Yamaha Indonesia Motor
Manufacturing 8.250 2,30 8.250.000 Manufacturing
Jumlah 353.571 100,00 353.571.000 Total
Berdasarkan rapat umum pemegang saham tanggal Based on shareholders meeting dated December 27,
27 Desember 2019, pemegang saham menyetujui 2019, the shareholders approved to allocate certain
alokasi sejumlah Rp 71.400.000 ribu dari saldo laba amount of Rp 71,400,000 thousand from
yang tidak ditentukan penggunaannya menjadi unappropriated retained earnings to a statutory
cadangan umum. Keputusan ini telah dicatat dalam reserve. This resolution has been recorded in notarial
akta notaris No. 4 tanggal 8 Januari 2020 dari Marina deed No. 4 dated January 8, 2020 of Marina
Soewarna, S.H., notaris di Jakarta. Soewarna, S.H., notary in Jakarta.
Berdasarkan akta notaris No. 121 tanggal Based on notarial deed No. 121 dated December 16,
16 Desember 2013 dari Marina Soewana, S.H., 2013 of Marina Soewana, S.H., notary in Jakarta, the
notaris di Jakarta, pemegang saham setuju untuk stockholders approved the issuance of 78,571 shares
menerbitkan 78.571 lembar saham dengan nilai at Rp 1,000,000 par value per share. The proceeds
nominal Rp 1.000.000 per lembar saham. Hasil dari from the issuance of the shares received by the
penerbitan saham baru ini diterima oleh Perusahaan Company on December 20, 2013 amounted to
pada tanggal 20 Desember 2013 sejumlah Rp 314,429,000 thousand. The difference between
Rp 314.429.000 ribu. Perbedaan antara nilai yang the proceeds and the paid up capital amounting to
diperoleh dengan nilai yang disetor sebesar Rp 235,858,000 thousand was recognized as
Rp 235.858.000 ribu dicatat sebagai tambahan modal additional paid-in capital.
disetor.
Berdasarkan rapat umum pemegang saham tanggal Based on shareholders meeting dated
13 April 2022, pemegang saham menyetujui April 13, 2022, the shareholders approved to
pembagian dividen 2021 sebesar Rp 142.118.232 distribute cash dividends for 2021 amounting to
ribu atau setara dengan Rp 401,95 ribu per saham Rp 142,118,232 thousand or equivalent with
dimana pembagian dividen kepada para pemegang Rp 401.95 thousand per share where the distribution
saham berdasarkan persentase kepemilikan saham. of the dividend to shareholders is based on the
Dividen tersebut telah dibayarkan tanggal 14 April percentage of share ownership. This dividends were
2022. paid in April 14, 2022.
- 70 -
Page 581
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Berdasarkan akta notaris No. 28 tanggal Based on notarial deed No. 28 dated September 26,
26 September 2023 dari Marina Soewana, S.H., 2023 of Marina Soewana, S.H., notary in Jakarta, the
notaris di Jakarta, pemegang saham menyetujui stockholders approved the transfer of shares of
pengalihan saham Mitsui & Co., Ltd., Jepang sebesar Mitsui & Co., Ltd., Japan amounting to 70,714 shares
70.714 lembar saham kepada JA Mitsui Leasing Ltd., to JA Mitsui Leasing Ltd., Japan. This notarial deed
Jepang. Akta ini telah memperoleh persetujuan dari was approved by the Minister of Law and Human
Menteri Hukum dan Hak Asasi Manusia Republik Rights of the Republic of Indonesia in decision letter
Indonesia dengan surat keputusan No. AHU- No. AHU-AH.01.03-0122682 dated
AH.01.03-0122682 tanggal 26 September 2023. September 26, 2023.
Berdasarkan rapat umum pemegang saham tanggal Based on shareholders meeting dated
8 Mei 2023, pemegang saham menyetujui pembagian May 8, 2023, the shareholders approved to distribute
dividen 2022 sebesar Rp 239.081.528 ribu atau cash dividends for 2022 amounting to
setara dengan Rp 676,19 ribu per saham dimana Rp 239,081,528 thousand or equivalent with
pembagian dividen kepada para pemegang saham Rp 676.19 thousand per share where the distribution
berdasarkan persentase kepemilikan saham. Dividen of the dividend to shareholders is based on the
tersebut telah dibayarkan tanggal 11 Mei 2023. percentage of share ownership. This dividends were
paid in May 11, 2023.
22. PENDAPATAN PEMBIAYAAN 22. FINANCING INCOME
2023 2022
Rp '000 Rp '000
Pendapatan bunga dari aktivitas pembiayaan 3.737.079.107 3.569.298.717 Interest income from financing activities
Pendapatan administrasi 253.476.385 229.957.223 Administration income
Pendapatan bunga atas keterlambatan Interest income from late
pembayaran 225.630.709 195.838.093 payment
Penerimaan kembali piutang yang Recovery of writen off
telah dihapuskan 109.835.333 114.852.374 receivable
Denda atas penghentian kontrak dipercepat 31.744.723 29.371.237 Penalty on early termination of contracts
Lain-lain 119.232.115 109.508.569 Others
Jumlah 4.476.998.372 4.248.826.213 Total
Amortisasi biaya transaksi yang diakui sebagai Amortization of transaction costs which were
pengurang pendapatan bunga dari aktivitas recognized as a deduction of interest income from
pembiayaan sejumlah Rp 443.529.935 ribu financing activities amounted to Rp 443,529,935
(31 Desember 2022: Rp 395.957.903 ribu). thousand (December 31, 2022: Rp 395,957,903
thousand).
Pada tahun 2023 dan 2022, tidak ada transaksi In 2023 and 2022, there were no transactions made
kepada satu pihak yang melebihi 10% dari to any single party that exceeding 10% of financing
pendapatan sewa pembiayaan. income.
23. BUNGA DAN BEBAN PEMBIAYAAN 23. INTEREST AND FINANCING CHARGES
2023 2022
Rp '000 Rp '000
Beban bunga pinjaman 365.167.768 315.719.451 Interest expenses from loans
Beban bunga obligasi 322.704.607 273.875.239 Interest expense of bonds
Jumlah 687.872.375 589.594.690 Total
- 71 -
Page 582
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
24. BEBAN UMUM DAN ADMINISTRASI 24. GENERAL AND ADMINISTRATIVE EXPENSES
2023 2022
Rp '000 Rp '000
Jasa profesional 428.701.773 368.348.890 Professional service fees
Penyusutan dan amortisasi Depreciation and amortization
(Catatan 10, 11, dan 12) 107.050.459 103.580.216 (Note 10, 11 and 12)
Beban kantor 78.964.652 77.693.935 Office expenses
Komputer 69.195.731 60.031.012 Computer
Komisi dan penagihan 51.525.726 32.407.789 Commissions and collections
Komunikasi 38.776.427 38.795.399 Communication
Perjalanan dinas 23.214.712 28.693.849 Traveling
Beban administrasi bank 14.750.503 12.502.333 Bank administrative charges
Materai 13.541.628 13.493.149 Stamp duties
Perijinan, asuransi, pemeliharaan dan License, insurance, repairs and
perbaikan dan bensin yang berkaitan maintenance and gasoline related
dengan kendaraan 11.847.282 11.458.047 to vehicles
Pelatihan 6.685.354 7.452.377 Training
Biaya kantor lainnya 5.934.709 8.277.685 Other office expenses
Sewa kantor 4.797.650 4.701.548 Office rental
Denda administrasi pajak (Catatan 34) 284.738 11.378.582 Tax administration penalty (Note 34)
Beban lain-lain 14.348.498 11.268.313 Miscellaneous
Jumlah 869.619.842 790.083.124 Total
25. BEBAN PEMASARAN 25. MARKETING EXPENSES
Saldo dari akun ini merupakan biaya untuk promosi This account represents expenses for promotion and
dan kegiatan pemasaran lainnya. other marketing activities.
26. PAJAK PENGHASILAN 26. INCOME TAX
2023 2022
Rp '000 Rp '000
Pajak kini 117.460.359 229.641.652 Current tax
Penyesuaian pajak penghasilan Adjustment on corporate income tax
badan (Catatan 34) (Note 34)
Tahun fiskal 2018 651.872 - Fiscal year 2018
Tahun fiskal 2012 - 71.728.696 Fiscal year 2012
Pajak tangguhan (10.058.663) (7.208.354) Deferred tax
Jumlah beban pajak penghasilan 108.053.568 294.161.994 Total income tax expense
- 72 -
Page 583
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Pajak kini Current tax
Rekonsiliasi antara laba sebelum pajak menurut A reconciliation between profit before tax per
laporan laba rugi dan penghasilan komprehensif lain statements of profit or loss and other comprehensive
dengan laba kena pajak adalah sebagai berikut: income and accumulated fiscal losses is as follows:
2023 2022
Rp '000 Rp '000
Laba sebelum pajak menurut laporan Profit before tax per statements
laba rugi dan penghasilan of profit or loss and other
komprehensif lain 478.605.528 977.252.699 comprehensive income
Perbedaan temporer: Temporary differences:
Allowance for expected credit losses
Cadangan kerugian kredit ekspektasian 107.177.117 16.791.616 of receivables
Biaya yang masih harus dibayar (80.471.202) 21.899.222 Accrued expenses
Imbalan pasca kerja 18.712.559 (6.111.011) Post-employment benefits
Perbedaan penyusutan Difference between commercial
komersial dan fiskal 302.719 185.418 and fiscal depreciation
Jumlah 45.721.193 32.765.245 Total
Beban (pendapatan) yang tidak dapat Non-deductible expense
diperhitungkan menurut fiskal: (non-taxable income):
Akomodasi 242.509 10.619.094 Accommodation
Denda administrasi pajak (Catatan 34) Tax administration penalty (Note 34)
Pajak penghasilan badan Corporate income tax
Tahun fiskal 2018 284.738 - Fiscal year 2018
Tahun fiskal 2012 - 11.378.582 Fiscal year 2012
Pendapatan bunga yang telah Interest income subjected
dikenakan pajak final (2.804.082) (2.279.550) to final tax
Lain-lain 11.860.837 14.089.620 Others
Jumlah 9.584.002 33.807.746 Total
Laba kena pajak 533.910.723 1.043.825.690 Taxable income
Perhitungan beban dan utang pajak kini adalah Current tax expense and payable are computed as
sebagai berikut: follows:
31 Desember/ 31 Desember/
December 31, 2023 December 31, 2022
Rp '000 Rp '000
Beban pajak kini pada tarif pajak Current tax expense at
efektif 22% 117.460.359 229.641.652 statutory tax rate of 22%
Dikurangi pembayaran pajak dimuka Less prepaid taxes
Pajak penghasilan Income taxes
Pasal 23 4.626.726 4.424.987 Article 23
Pasal 25 77.842.509 162.920.114 Article 25
Jumlah 82.469.235 167.345.101 Total
Utang pajak kini (Catatan 15) 34.991.124 62.296.551 Current tax payable (Note 15)
Perhitungan Pajak Penghasilan (“PPh”) badan The Company’s corporate income tax (“CIT”)
Perusahaan adalah suatu perhitungan sementara calculation is a preliminary estimate made for
yang dibuat untuk tujuan akuntansi dan dapat accounting purposes and is subject to revision when
berubah pada waktu Perusahaan menyampaikan the Company files its annual corporate income tax
surat pemberitahuan tahunan pajak. return.
- 73 -
Page 584
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Pajak Tangguhan Deferred Tax
Rincian dari aset pajak tangguhan Perusahaan Details of the Company’s deferred tax assets - net are
adalah sebagai berikut: as follows:
Dikreditkan
Dikreditkan (dibebankan)
(dibebankan) ke penghasilan
ke laba rugi/ komprehensif lain/
Credited Credited (charged)
1 Januari/ (charged) to other 31 Desember/
January 1 to profit or loss comprehensive December 31
2023 for the year income 2023
Rp '000 Rp '000 Rp '000 Rp '000
Cadangan kerugian kredit Allowance for expected
ekspektasian 142.538.951 23.578.966 - 166.117.917 credit losses
Nilai wajar kontrak Fair value of derivative financial
lindung nilai derivatif 17.226.044 - (8.584.586) 8.641.458 instrument hedging contract
Imbalan pasca kerja 29.686.454 4.116.763 2.078.551 35.881.768 Post-employment benefits
Depreciation of property
Penyusutan aset tetap 415.257 66.598 - 481.855 and equipment
Akrual 37.136.523 (17.703.664) - 19.432.859 Accrual
Aset pajak tangguhan - bersih 227.003.229 10.058.663 (6.506.035) 230.555.857 Deferred tax assets - net
Dikreditkan
Dikreditkan (dibebankan)
(dibebankan) ke penghasilan
ke laba rugi / komprehensif lain /
Credited Credited (charged)
1 Januari/ (charged) to other 31 Desember/
January 1 to profit or loss comprehensive December 31
2022 for the year income 2022
Rp '000 Rp '000 Rp '000 Rp '000
Cadangan kerugian kredit Allowance for expected
ekspektasian 138.844.795 3.694.156 - 142.538.951 credit losses
Nilai wajar kontrak Fair value of derivative financial
lindung nilai derivatif 2.837.631 - 14.388.413 17.226.044 instrument hedging contract
Imbalan pasca kerja 33.307.686 (1.344.422) (2.276.810) 29.686.454 Post-employment benefits
Depreciation of property
Penyusutan aset tetap 374.465 40.792 - 415.257 and equipment
Akrual 32.318.695 4.817.828 - 37.136.523 Accrual
Aset pajak tangguhan - bersih 207.683.272 7.208.354 12.111.603 227.003.229 Deferred tax assets - net
- 74 -
Page 585
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Rekonsiliasi antara beban pajak dan hasil perkalian A reconciliation between the total tax expense and the
laba akuntansi sebelum pajak dengan tarif pajak yang amounts computed by applying the effective tax rates
berlaku adalah sebagai berikut: to profit before tax is as follows:
2023 2022
Rp '000 Rp '000
Laba sebelum pajak pada laporan laba Profit before tax per statements of profit
rugi dan penghasilan komprehensif lain 478.605.528 977.252.699 or loss and other comprehensive income
Pajak penghasilan dengan tarif pajak
efektif 22% (105.293.216) (214.995.594) Tax expenses at effective tax rate 22%
Pengaruh pajak atas (pendapatan) beban
yang tidak dapat diperhitungkan Tax effect of (nondeductible expense)
menurut fiskal: non taxable income:
Penghasilan bunga yang telah
dikenakan pajak final 616.898 501.501 Interest income subjected to final tax
Akomodasi (53.352) (2.336.201) Accomodation
Denda administrasi pajak (Catatan 34) Tax administration penalty (Note 34)
Pajak penghasilan badan Corporate income tax
Tahun fiskal 2018 (62.642) - Fiscal year 2018
Tahun fiskal 2012 - (2.503.288) Fiscal year 2012
Lain-lain (2.609.384) (3.099.716) Others
Jumlah (2.108.480) (7.437.704) Total
Penyesuaian pajak penghasilan badan Adjustment on corporate income tax
Tahun fiskal 2018 (Catatan 34) (651.872) - Fiscal year 2018 (Note 34)
Tahun fiskal 2012 (Catatan 34) - (71.728.696) Fiscal year 2012 (Note 34)
Jumlah beban pajak (108.053.568) (294.161.994) Total tax expenses
27. PENGHASILAN KOMPREHENSIF LAIN 27. OTHER COMPREHENSIVE INCOME
Akun ini terdiri atas penghasilan komprehensif lain This account comprises of items of other
yang diakumulasi dalam ekuitas. Rincian penghasilan comprehensive income that are accumulated in equity.
komprehensif lain yang diakumulasi dalam ekuitas The details of other comprehensive income
adalah sebagai berikut: accumulated in equity are as follows:
2023 2022
Rp '000 Rp '000
Liabilitas imbalan pasti (4.326.263) 3.043.144 Defined benefits obligation
Cadangan lindung nilai arus kas (30.637.896) (61.074.155) Cash flow hedging reserve
Saldo akhir tahun (34.964.159) (58.031.011) Balance at end of year
Cadangan lindung nilai arus kas merupakan bagian The cash flow hedging reserve represents the
kumulatif keuntungan dan kerugian instrumen lindung cumulative portion of gains and losses on hedging
nilai yang dianggap efektif dalam lindung nilai arus instruments deemed effective in cash flow hedges.
kas. Keuntungan atau kerugian kumulatif yang The cumulative deferred gain or loss on the hedging
ditangguhkan atas instrumen lindung nilai instrument is reclassified to profit or loss only when the
direklasifikasi ke laba rugi hanya ketika transaksi hedged transaction affects the profit or loss.
yang dilindungi nilai mempengaruhi laba rugi.
Keuntungan dan kerugian yang direklasifikasi dari Gains and losses reclassified from equity into profit or
ekuitas ke laba rugi selama tahun berjalan termasuk loss during the year are included in the following line
dalam pos yang bersangkutan di laporan laba rugi items in the statements of profit or loss and other
dan penghasilan komprehensif lain. comprehensive income.
- 75 -
Page 586
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Cadangan lindung nilai arus kas Cash flow hedging reserve
2023 2022
Rp '000 Rp '000
Saldo awal tahun (61.074.155) (10.060.690) Balance at beginning of year
Keuntungan (kerugian) atas lindung nilai arus kas 14.691.332 (68.001.951) Gain (loss) recognised on cash flow hedges
Pajak penghasilan terkait keuntungan (kerugian)
yang diakui pada penghasilan Income tax related to gain (loss) recognised
komprehensif lain (3.232.093) 14.960.429 in other comprehensive income
Penyelesaian kontrak derivatif 24.329.513 2.600.073 Settlement of derivative contract
Pajak penghasilan terkait pelunasan Income tax related to the settlement
kontrak derivatif (5.352.493) (572.016) of derivative contract
Saldo akhir tahun (30.637.896) (61.074.155) Balance at end of year
Liabilitas imbalan pasti Defined benefits obligation
2023 2022
Rp '000 Rp '000
Saldo awal tahun 3.043.144 (5.029.183) Balance at beginning of year
(Kerugian) keuntungan aktuarial atas pengukuran Actuarial (loss) gain on remeasurement
kembali liabilitas imbalan pasca kerja (9.447.958) 10.349.137 of post employment benefit obligation
Pajak penghasilan terkait keuntungan Income tax related to gain
yang diakui pada penghasilan recognised in other comprehensive
komprehensif lain 2.078.551 (2.276.810) income
Saldo akhir tahun (4.326.263) 3.043.144 Balance at end of year
Liabilitas imbalan pasca kerja terdiri dari akumulasi The post-employment benefit obligation represents
porsi keuntungan/kerugian aktuarial yang berasal the cumulative portion actuarial gain/loss from
dari imbalan karyawan. Porsi akumulasi employee benefits. The cumulative portion of actuarial
keuntungan/kerugian aktuarial dari imbalan gain/loss from employee benefits will not be
karyawan tidak akan direklasifikasi ke laba rugi. reclassified to the profit or loss.
28. LABA PER SAHAM 28. EARNINGS PER SHARE
Perhitungan laba per saham dasar dilakukan The computation of basic earnings per shares is based
berdasarkan informasi di bawah ini: on the following information:
2023 2022
Rp '000 Rp '000
Laba bersih periode berjalan Profit for the period
Laba bersih untuk perhitungan laba Earnings for computation of basic
per saham dasar 370.551.960 683.090.705 earnings per share
Jumlah saham (dalam angka penuh) Lembar/Shares Lembar/Shares Number of shares (in full amount)
Jumlah rata-rata tertimbang saham Weighted average number of ordinary
biasa untuk perhitungan laba shares for computation of basic
per saham dasar 353.571 353.571 earnings per share
Laba per saham dasar Basic earnings per share
(dalam angka Rupiah penuh) 1.048.027 1.931.976 (in full amount of Rupiah)
- 76 -
Page 587
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
29. TRANKSAKSI DERIVATIF 29. DERIVATIVE TRANSACTIONS
Perusahaan menghadapi risiko arus kas terkait The Company is exposed to cash flows risks related to
dengan nilai tukar mata uang asing dan tingkat suku foreign currency exchange rates and interest rates in
bunga dalam menjalankan kegiatan bisnisnya. the ordinary course of business.
Untuk mengurangi risiko yang ada, Perusahaan In order to reduce these risks, the Company uses
menggunakan instrumen derivatif cross currency cross currency swaps to hedge the exposure of the
swap untuk melindungi arus kas masa mendatang estimated future cash flows of bank loans.
dari pinjaman bank.
Saldo nilai wajar instrumen derivatif Perusahaan The fair values of the Company’s derivative
adalah sebagai berikut: instruments that are outstanding are summarized
below:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Piutang derivatif 63.341.133 128.527.498 Derivative receivables
Utang derivatif (14.909.632) (6.890.047) Derivative payables
Jumlah 48.431.501 121.637.451 Total
Cross currency swap ditetapkan sebagai lindung nilai The cross currency swaps were designated as
arus kas yang efektif. Oleh karenanya, perubahan effective cash flow hedges. Hence, the changes in
nilai wajar instrument derivatif tersebut dicatat pada their fair values were recognized in equity. The
ekuitas. Estimasi nilai wajar dari instrumen derivatif estimated fair values of the derivative instruments are
dihitung berdasarkan tingkat bunga pasar. calculated based on market rates. Unrealized gain net
Keuntungan yang belum direalisasi setelah pajak of tax amounting to Rp 30,436,259 thousand (2022:
sejumlah Rp 30.436.259 ribu (2022: kerugian yang unrealized loss net of tax amounting to
belum direalisasi setelah pajak sejumlah Rp Rp 51,013,465 thousand) on fair value of the
51.013.465 ribu) atas nilai wajar instrumen keuangan derivative financial instruments are recognized in other
derivatif dicatat pada penghasilan komprehensif lain. comprehensive income.
Rincian cross-currency swaps (“CCS”) adalah The details of cross-currency swaps (“CCS”) are as
sebagai berikut: follows:
31 Desember/December 31, 2023 31 Desember/December 31, 2022
Bank-Bank yang menjadi lawan transaksi/
Banker act as counterparties: Sumitomo Mitsui Trust Bank, Singapore; Sumitomo Mitsui Trust Bank, Singapore;
PT Bank BTPN Tbk, Jakarta; PT Bank BTPN Tbk, Jakarta;
PT Bank Mizuho Indonesia, Jakarta; dan/and PT Bank Mizuho Indonesia, Jakarta;
Bank of America N.A., Tokyo Bank of America N.A., Tokyo; dan/and
PT Bank ANZ Indonesia
Jatuh Tempo/Maturity Berbagai tanggal sampai dengan Desember 2025/ Berbagai tanggal sampai dengan Desember 2024/
Various date up to December 2025 Various date up to December 2024
Kurs forward/Forward rate
CCS USD Rp 14.270 - Rp 15.620 Rp 14.073 - Rp 15.620
- 77 -
Page 588
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Tabel di bawah ini merinci jumlah pokok nosional dan The following tables detail the notional principal
waktu yang tersisa dari kontrak cross currency swaps amounts and remaining term of cross currency swap
yang beredar pada akhir periode pelaporan. contracts outstanding at the end of the reporting
periods.
31 Desember/December 31, 2023
Tingkat bunga fluktuatif yang diterima dalam US$/
Floating rate received in US$ Tingkat suku bunga tetap Nilai pokok
Tingkat bunga tetap yang dibayarkan dalam Rupiah/ menurut kontrak/Contracted nosional/Notional
Fixed rate paid in Rupiah fixed interest rate principal value Nilai wajar/Fair value
Rp '000 Rp '000
Satu tahun/One year 5.6% - 8.1% 1.734.464.625 54.259.053
Dua tahun/Two years 7.3% - 7.6% 745.000.000 (5.827.552)
Jumlah/Total 2.479.464.625 48.431.501
31 Desember/December 31, 2022
Tingkat bunga fluktuatif yang diterima dalam US$/
Floating rate received in US$ Tingkat suku bunga tetap Nilai pokok
Tingkat bunga tetap yang dibayarkan dalam Rupiah/ menurut kontrak/Contracted nosional/Notional
Fixed rate paid in Rupiah fixed interest rate principal value Nilai wajar/Fair value
Rp '000 Rp '000
Satu tahun/One year 5.3% - 6% 994.765.500 87.321.166
Dua tahun/Two years 5.6% - 8.1% 1.339.780.000 34.316.285
Jumlah/Total 2.334.545.500 121.637.451
30. PENGUNGKAPAN TAMBAHAN ATAS AKTIVITAS 30. SUPPLEMENTAL DISCLOSURE ON NON CASH
INVESTASI NON KAS INVESTING ACTIVITIES
2023 2022
Rp '000 Rp '000
Aktivitas investasi nonkas: Non-cash investing activities:
Pemindahan dari uang muka ke Transfer of advances to property
aset tetap 5.751.345 16.794.348 and equipment
Pemindahan dari uang muka Transfer of advances to computer
ke perangkat lunak 20.472.409 13.759.032 software
31. INFORMASI SEGMEN USAHA 31. BUSINESS SEGMENT INFORMATION
Perusahaan melaporkan segmen operasi The Company reported operating segment into the
berdasarkan kategori sebagai berikut: following categories:
· Pembiayaan sepeda motor · Motor cycle financing
· Pembiayaan lainnya · Other financing activities
Pembagian aset segmen dicatat berdasarkan The distribution of segment asset presented is based
piutang pembiayaan neto yang timbul dari kegiatan on net receivables arising from financing activities by
pembiayaan berdasarkan masing-masing kategori di each category above.
atas.
Pembagian liabilitas segmen dicatat berdasarkan The distribution of segment liabilities presented is
proporsi piutang pembiayaan berdasarkan kategori based on the proportion of finance receivables by
segmen dengan saldo pinjaman bank dan utang category to the outstanding bank loans and payables
kepada dealer. to dealers.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Informasi mengenai segmen usaha Perusahaan Information concerning the Company’s operating
adalah sebagai berikut: segment are as follows:
Informasi berdasarkan jenis pembiayaan: Information based on type of financing:
31 Desember/December 31, 2023
Pembiayaan
Pembiayaan lainnya/
sepeda motor/ Other financing Jumlah/
Motorcyle financing activities Total
Rp '000 Rp '000 Rp '000
Pendapatan pembiayaan 2.790.915.444 1.686.082.928 4.476.998.372 Financing income
Pendapatan tidak dapat dialokasikan Unallocated income
Bunga 2.804.082 Interest
Lain-lain 89.059.602 Others
Jumlah pendapatan 4.568.862.056 Total revenue
ASET ASSETS
Aset segmen 7.580.999.069 5.380.082.924 12.961.081.993 Segment assets
Aset tidak dapat dialokasikan 1.140.913.986 Unallocated assets
Jumlah Aset 14.101.995.979 Total Assets
LIABILITAS LIABILITIES
Liabilitas segmen 6.376.931.148 4.399.498.625 10.776.429.773 Segment liabilities
Liabilitas tidak dapat dialokasikan 608.188.612 Unallocated liabilities
Jumlah Liabilitas 11.384.618.385 Total Liabilities
Beban penyusutan dan amortisasi 107.050.459 Depreciation expense and amortization
Pengeluaran modal Capital expenditures
Aset tetap 50.276.313 Property and equipment
Perangkat lunak komputer 34.154.181 Computer software
Jumlah pengeluaran modal 84.430.494 Total capital expenditures
31 Desember/December 31, 2022
Pembiayaan
Pembiayaan lainnya/
sepeda motor/ Other financing Jumlah/
Motorcyle financing activities Total
Rp '000 Rp '000 Rp '000
Pendapatan pembiayaan 2.918.264.881 1.330.561.332 4.248.826.213 Financing income
Pendapatan tidak dapat dialokasikan Unallocated income
Bunga 2.279.550 Interest
Lain-lain 85.751.592 Others
Jumlah pendapatan 4.336.857.355 Total revenue
ASET ASSETS
Aset segmen 7.939.443.602 4.807.796.023 12.747.239.625 Segment assets
Aset tidak dapat dialokasikan 1.172.269.058 Unallocated assets
Jumlah Aset 13.919.508.683 Total Assets
LIABILITAS LIABILITIES
Liabilitas segmen 6.678.061.754 4.007.254.632 10.685.316.386 Segment liabilities
Liabilitas tidak dapat dialokasikan 671.351.987 Unallocated liabilities
Jumlah Liabilitas 11.356.668.373 Total Liabilities
Beban penyusutan dan amortisasi 103.580.216 Depreciation expense and amortization
Pengeluaran modal Capital expenditures
Aset tetap 54.824.406 Property and equipment
Perangkat lunak komputer 39.786.288 Computer software
Jumlah pengeluaran modal 94.610.694 Total capital expenditures
Seluruh aset dan konsumen Perusahaan berada di All of the Company’s assets and customers are
Indonesia. located in Indonesia.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
32. INSTRUMEN KEUANGAN, MANAJEMEN RISIKO 32. FINANCIAL INSTRUMENTS, FINANCIAL RISK AND
KEUANGAN DAN RISIKO MODAL CAPITAL RISK MANAGEMENT
a. Kategori dan kelas instrumen keuangan a. Categories and classes of financial
instruments
31 Desember/December 31, 2023
Aset keuangan Liabilitas keuangan
pada biaya Derivatif yang pada biaya
perolehan digunakan untuk perolehan
diamortisasi/ lindung nilai/ diamortisasi/
Financial assets Derivatives Financial
at amortized used for liabilities at Jumlah/
cost hedging amortized cost Total
Rp'000 Rp'000 Rp'000 Rp'000
Aset Keuangan Financial Assets
Bank 304.205.030 - - 304.205.030 Cash in banks
Piutang pembiayaan - bersih 12.839.773.202 - - 12.839.773.202 Financing receivables - net
Piutang derivatif - 63.341.133 - 63.341.133 Derivative receivables
Piutang lain-lain - bersih 121.308.791 - - 121.308.791 Other accounts receivable - net
Aset lainnya Other assets
Uang jaminan 2.494.272 - - 2.494.272 Refundable deposit
Jumlah Aset Keuangan 13.267.781.295 63.341.133 - 13.331.122.428 Total Financial Assets
Liabilitas Keuangan Financial Liabilities
Pinjaman bank - - 5.687.175.480 5.687.175.480 Bank loans
Utang derivatif - 14.909.632 - 14.909.632 Derivative payables
Utang lain-lain - - 270.698.220 270.698.220 Other accounts payable
Biaya yang masih harus dibayar - - 314.410.455 314.410.455 Accrued expenses
Utang obligasi - - 4.873.687.443 4.873.687.443 Bonds payable
Jumlah Liabilitas Keuangan - 14.909.632 11.145.971.598 11.160.881.230 Total Financial Liabilities
31 Desember/December 31, 2022
Aset keuangan Liabilitas keuangan
pada biaya Derivatif yang pada biaya
perolehan digunakan untuk perolehan
diamortisasi/ lindung nilai/ diamortisasi/
Financial assets Derivatives Financial
at amortized used for liabilities at Jumlah/
cost hedging amortized cost Total
Rp'000 Rp'000 Rp'000 Rp'000
Aset Keuangan Financial Assets
Bank 247.201.940 - - 247.201.940 Cash in banks
Piutang pembiayaan - bersih 12.712.917.851 - - 12.712.917.851 Financing receivables - net
Piutang derivatif - 128.527.498 - 128.527.498 Derivative receivables
Piutang lain-lain - bersih 67.100.551 - - 67.100.551 Other accounts receivable - net
Aset lainnya Other assets
Uang jaminan 2.590.117 - - 2.590.117 Refundable deposit
Jumlah Aset Keuangan 13.029.810.459 128.527.498 - 13.158.337.957 Total Financial Assets
Liabilitas Keuangan Financial Liabilities
Pinjaman bank - - 6.381.483.149 6.381.483.149 Bank loans
Utang derivatif - 6.890.047 - 6.890.047 Derivative payables
Utang lain-lain - - 235.456.226 235.456.226 Other accounts payable
Biaya yang masih harus dibayar - - 360.241.888 360.241.888 Accrued expenses
Utang obligasi - - 4.141.274.229 4.141.274.229 Bonds payable
Jumlah Liabilitas Keuangan - 6.890.047 11.118.455.492 11.125.345.539 Total Financial Liabilities
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
b. Manajemen risiko modal b. Capital risk management
Perusahaan mengelola risiko modal untuk The Company manages capital risk to ensure that
memastikan bahwa Perusahaan mampu untuk it will be able to continue as a going concern, in
melanjutkan usahanya, selain itu untuk addition to maximizing the profits of the
memaksimalkan keuntungan pemegang saham shareholders through the optimization of the
melalui optimalisasi antara saldo utang dan balance of debt and equity. The Company strategy
ekuitas. Strategi Perusahaan tidak berubah sejak remains unchanged from 2021. The Company's
2021. Struktur modal Perusahaan terdiri dari capital structure consists of bank loans (Note 14),
pinjaman bank (Catatan 14), utang obligasi bonds payable (Note 18) and equity shareholders
(Catatan 18) dan ekuitas pemegang saham yang consisting of capital stock (Note 21), additional
terdiri dari modal ditempatkan (Catatan 21), paid-in capital (Note 21), other comprehensive
tambahan modal disetor (Catatan 21), income (Note 27) and retained earnings.
penghasilan komprehensif lain (Catatan 27) dan
saldo laba.
Dewan Direksi Perusahaan secara berkala The Board of Directors of the Company
melakukan penelaahan atas struktur permodalan periodically reviews the Company's capital
Perusahaan. Sebagai bagian dari penelaahan structure. As part of this review, the Board of
ini, Dewan Direksi mempertimbangkan biaya Directors considers the cost of capital and related
permodalan dan risiko yang berhubungan. risk.
c. Tujuan dan kebijakan manajemen risiko c. Financial risk management objectives and
keuangan policies
Tujuan utama dari seluruh kebijakan manajemen The main objective of the Company’s overall
risiko keuangan Perusahaan adalah untuk financial risk management and policies is to
memelihara dan melindungi Perusahaan melalui maintain and protect the Company through
identifikasi, analisa dan pemantauan risiko yang identifying, analyzing and monitoring the risks
dapat timbul dari berbagai macam aktivitas yang faced by the Company, which might arise from its
dilakukan oleh Perusahaan. various activities.
Tujuan dan kebijakan manajemen risiko The objectives and policies of financial risk
keuangan dicapai melalui pembentukan dan management is actualized through the formation
pengembangan pola pikir yang proaktif dan kuat and development of a strong and proactive risk
terhadap risiko, penguatan Tata Kelola mindset, strengthening Good Corporate
Perusahaan dan Pengendalian Internal, Governance and Internal Control, preserving the
menumbuhkan nilai kepatuhan terhadap value of compliance with regulations, as well as
peraturan, serta mendirikan struktur proses kerja establishing structured and healthy working
yang sehat. Pola pikir proaktif yang kuat processes. This strong and proactive risk mindset
terhadap risiko dibentuk melalui pembentukan is created by building a strong awareness of risk
kesadaran yang kuat atas risiko yang dimulai starting from the Board of Commissioners, and
dari Dewan Komisaris, dan Dewan Direksi Board of Directors to all employees at all level in
hingga ke seluruh pegawai pada semua the organizational hierarchy. Strengthened Good
tingkatan organisasi. Penguatan Tata Kelola Corporate Governance and Internal Control is
Perusahaan dan Pengendalian Internal implemented through training and establishment
diterapkan melalui pelatihan dan pembuatan of management standards and procedures which
standar dan prosedur oleh manajemen yang aim to develop a disciplined and constructive
bertujuan untuk membangun sebuah lingkungan control environment, where all employees
pengendalian yang konstruktif dan disiplin, understand their roles and obligations. The value
dimana seluruh karyawan memahami peran dan of compliance to the existing and prevailing
kewajiban mereka. Nilai kepatuhan terhadap regulations is cultivated and embedded into all
peraturan yang sudah berlaku dibudidayakan employees of the Company, by applying
dan ditanamkan dengan menerapkan “Compliance Hotline” and “Operational Control
“Compliance Hotline” dan “Operational Control Hotline (human resources, marketing, finance,
Hotline (sumber daya manusia, pemasaran, administration, collection)”. Building strong and
keuangan, administrasi dan penagihan)”. healthy processes as well as risk capabilities is
Membangun proses kerja yang sehat dan kuat performed with a continuous assessment of the
serta memiliki kapabilitas untuk mengelola risiko various activities involving risk handling such as
dilakukan melalui evaluasi yang berkelanjutan identification, measurement, monitoring, and risk
melalui berbagai aktivitas penanganan risiko control.
seperti identifikasi, pengukuran, pengawasan
dan pengendalian risiko.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Risiko pasar Market risk
Risiko pasar ialah risiko atas fluktuasi nilai wajar Market risk is the risk that the fair value of future
dari arus kas masa mendatang dari instrumen cash flows of a financial instrument will fluctuate
keuangan disebabkan oleh perubahan dari because of changes in market prices.
harga pasar.
Risiko pasar terdiri dari empat tipe risiko, Market risks comprise four types of risk, those are
diantaranya adalah risiko tingkat bunga, risiko interest rate risk, currency risk, commodity price
mata uang asing, risiko harga komoditas dan risk and other price risk, such as equity price risk.
risko harga lain-lain, seperti risiko harga ekuitas. Financial instruments affected by market risk
Instrumen keuangan yang dipengaruhi oleh include bank loans, bonds payable and derivative
risiko pasar termasuk pinjaman bank, utang financial instruments.
obligasi dan instrumen keuangan derivatif.
Aktivitas Perusahaan terekspos terutama untuk The Company’s activities expose it primarily to the
risiko keuangan atas perubahan nilai tukar mata financial risks of changes in foreign currency
uang asing dan suku bunga. Perusahaan exchange rates and interest rates. The Company
membuat kontrak instrumen keuangan derivatif enters into derivative financial instruments
untuk mengelola eksposur risiko mata uang contracts to manage its exposure to foreign
asing dan risiko suku bunga, termasuk cross currency risk and interest rate risk, including cross
currency swap untuk melindungi keragaman currency swap to hedge variability of floating
suku bunga mengambang yang timbul dari kurs interest rate arising on the foreign currency
mengambang atas pinjaman bank yang denominated bank loan.
didenominasi dalam mata uang asing.
i. Manajemen risiko mata uang asing i. Foreign currency risk management
Risiko mata uang asing adalah risiko atas Foreign currency risk is the risk that the fair
nilai wajar aset atau liabilitas keuangan akan value of a financial asset or financial liability
berfluktuasi karena perubahan nilai tukar will fluctuate due to changes in foreign
mata uang asing. Perusahaan terekspos exchange rates. The Company is exposed to
pengaruh fluktuasi nilai tukar mata uang the effect of foreign currency exchange rate
asing karena transaksi yang didenominasi fluctuation mainly because of foreign
mata uang asing, seperti pinjaman bank currency denominated transactions, such as
yang didenominasi dalam mata uang asing bank loans denominated in foreign currencies
(Catatan 14). Perusahaan menghadapi (Note 14). The Company is mainly exposed to
risiko atas Dolar Amerika Serikat (US$). the United States Dollar (US$). To help
Untuk membantu mengelola risiko, manage the risk, the Company has a policy to
Perusahaan memiliki kebijakan untuk hedge all loan in foreign currency to avoid any
melindungi seluruh pinjaman dalam valuta risk of foreign currency fluctuation against
asing untuk menghindari segala risiko dari Indonesian Rupiah.
fluktuasi mata uang asing terhadap Rupiah
Indonesia.
Tabel dibawah ini meringkas instrumen The table below summarizes the Company’s
keuangan Perusahaan dengan denominasi foreign currency denominated financial
dalam mata uang asing (tidak termasuk instruments (excluding financial instruments
instrumen keuangan yang digunakan untuk used for hedging).
lindung nilai).
31 Desember/December 31 , 2023 31 Desember/December 31 , 2022
Setara dengan Setara dengan
IDR (Rp '000)/ IDR (Rp '000)/
Equivalent Equivalent
US$/USD JPY/JPY in IDR (Rp '000) US$/USD JPY/JPY in IDR (Rp '000)
Kas dan bank 125.260 37.070 1.935.071 59.447 37.998 939.631 Cash on hand and in banks
Pinjaman bank (166.526.692) - (2.567.175.480) (161.113.925) - (2.534.483.149) Bank loans
(166.401.432) 37.070 (2.565.240.409) (161.054.478) 37.998 (2.533.543.518)
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Kurs yang digunakan oleh Perusahaan The conversion rates used by the Company
adalah sebagai berikut: are as follows:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
1 US$ 15.416,00 15.731,00 USD 1
1 JPY 109,55 117,56 JPY 1
Tabel dibawah ini menggambarkan The following table demonstrates the
sensitivitas terhadap perubahan wajar nilai sensitivity to a reasonably possible change in
tukar Dolar Amerika Serikat terhadap Rp, the US$ - Rp exchange rates, with all
dengan semua variabel lainnya tetap variables held constant, of the Company’s
konstan, efek laba sebelum pajak profit before income tax.
penghasilan Perusahaan.
31 Desember/December 31, 2023 31 Desember/December 31, 2022
USD USD
Kenaikan Kenaikan
(Penurunan)/ Efek/Impact (Penurunan)/ Efek/Impact
Increase (Decrease) Rp'000 Increase (Decrease) Rp'000
+1% (25.652.404) +1% (25.335.435)
-1% 25.652.404 -1% 25.335.435
ii. Manajemen risiko tingkat bunga ii. Interest rate risk management
Risiko tingkat bunga adalah risiko nilai wajar Interest rate risk is the risk that the fair value
arus kas masa mendatang dari instrumen or future cash flows of a financial instrument
keuangan yang akan berfluktuasi will fluctuate because of changes in market
disebabkan perubahan tingkat bunga pasar. interest rate. The Company is exposed to
Perusahaan terekspos pengaruh perubahan change in interest rate due to its impact on
tingkat suku bunga atas dampaknya banks and borrowings that carry floating
terhadap bank dan pinjaman dengan tingkat interest rate.
bunga mengambang.
Berikut ini adalah tabel ilustrasi instrumen The following tables illustrate the Company’s
keuangan Perusahaan yang dikenakan interest-bearing financial instruments
bunga (tidak termasuk instrumen derivatif): (excluding derivatives financial instruments):
31 Desember/December 31 , 2023
Tingkat Bunga Tingkat Bunga
Mengambang/ Tetap/ Jumlah/
Floating Rate Fixed Rate Total
Rp '000 Rp '000 Rp '000
Aset Keuangan Financial Assets:
Bank 304.205.030 - 304.205.030 Cash in banks
Piutang pembiayaan - bersih - 12.839.773.202 12.839.773.202 Financing receivables - net
Liabilitas Keuangan Financial Liabilities:
Pinjaman bank 2.567.175.480 3.120.000.000 5.687.175.480 Bank loans
Utang obligasi - 4.873.687.443 4.873.687.443 Bonds payable
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
31 Desember/December 31 , 2022
Tingkat Bunga Tingkat Bunga
Mengambang/ Tetap/ Jumlah/
Floating Rate Fixed Rate Total
Rp '000 Rp '000 Rp '000
Aset Keuangan Financial Assets:
Bank 247.201.940 - 247.201.940 Cash in banks
Piutang pembiayaan - bersih - 12.712.917.851 12.712.917.851 Financing receivables - net
Liabilitas Keuangan Financial Liabilities:
Pinjaman bank 2.534.483.149 3.847.000.000 6.381.483.149 Bank loans
Utang obligasi - 4.141.274.229 4.141.274.229 Bonds payable
Perusahaan mempraktekkan pengelolaan The Company’s practice is to manage its
tingkat bunga (biaya pendanaan) atas interest rate (cost of fund) on Indonesian
pinjaman dalam mata uang Rupiah dengan Rupiah denominated loans using fixed rate in
menggunakan tingkat bunga tetap untuk order to cover interest rate which is charged
menutup tingkat bunga yang dibebankan to customers. The Company has a policy to
kepada pelanggan. Perusahaan memiliki hedge through cross currency swap contracts
kebijakan untuk melakukan lindung nilai to change its cash flow exposure from IDR to
melalui kontrak cross currency swap untuk USD. Fair value of derivative resulting from
mengubah eksposur arus kas dari IDR ke cross currency swap contracts are:
US$. Nilai wajar dari kontrak cross currency
swap adalah:
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Piutang derivatif 63.341.133 128.527.498 Derivative receivables
Utang derivatif (14.909.632) (6.890.047) Derivative payables
Analisa sensitivitas pada bagian dibawah ini The sensitivity analysis in the following
berhubungan dengan posisi bank dan sections relate to the position of cash in bank
pinjaman bank pada tanggal 31 Desember and bank loans as at December 31, 2023 and
2023 dan 2022. Analisa sensitivitas tersebut 2022. The sensitivity analysis have been
disusun dengan menggunakan asumsi prepared by using assumption of a
perubahan pada suku bunga yang mungkin reasonable possible change in the interest
terjadi, dimana seluruh variabel lainnya rate with all other variables held constant of
dianggap tetap, atas jumlah pinjaman bank the total bank loans with cash in bank that
yang memiliki tingkat bunga mengambang carry floating interest rate.
dikurangi dengan bank.
31 Desember/December 31 , 2023 31 Desember/December 31 , 2022
Pengaruh laba Pengaruh laba
sebelum pajak penghasilan/ sebelum pajak penghasilan/
Effect on profit Effect on profit
Perubahan basis poin/ before income tax Perubahan basis poin/ before income tax
Change in basis points Rp ('000) Change in basis points Rp ('000)
+50 (11.314.852) +50 (11.436.406)
-50 11.314.852 -50 11.436.406
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
iii. Manajemen risiko kredit iii. Credit risk management
Risiko kredit Credit risk
Risiko kredit adalah risiko dimana Credit risk is the risk that a customer or
pelanggan lalai pada kewajiban kontraktual counterparty will default on its contractual
yang mengakibatkan kerugian finansial obligations resulting in financial loss to the
kepada Perusahaan. Kegiatan utama Company. The Company’s main income
perusahaan adalah menghasilkan generating activity is lending to customers
pendapatan dengan memberikan pinjaman and therefore credit risk is a principal risk.
kepada pelanggan dan karena itu risiko Credit risk mainly arises from cash in banks,
kredit merupakan risiko utama. Risiko kredit financing receivables, and financing
terutama timbul dari rekening bank, piutang receivables from collateral. The Company
pembiayaan, dan piutang pembiayaan dari considers all elements of credit risk exposure
jaminan. Perusahaan mempertimbangkan such as counterparty default risk, for risk
semua elemen dari eksposur risiko kredit management purposes.
seperti risiko gagal bayar dari pelanggan
untuk tujuan manajemen risiko.
Manajemen risiko kredit Credit risk management
Komite kredit Perusahaan bertanggung The Company’s credit committee is
jawab untuk mengelola risiko kredit responsible for managing the Company’s
Perusahaan dengan cara: credit risk by:
· Menetapkan kerangka kerja · Establishing a robust control regarding
pengendalian yang kuat mengenai the authorisation structure for the
struktur otorisasi untuk persetujuan dan approval and renewal of credit facilities.
perpanjangan fasilitas kredit.
· Memastikan bahwa aplikasi telah · Ensuring that the application has been
melalui proses survei yang memadai through a proper survey process to
untuk mendapatkan informasi yang gather information needed for credit
dibutuhkan untuk analisis kredit. analysis.
· Membuat kebijakan kredit untuk · Creating credit policies to protect the
melindungi Perusahaan terhadap risiko Company against the identified risks
yang teridentifikasi termasuk including the requirements to obtain
persyaratan untuk mendapatkan collateral from borrowers, to perform
agunan dari peminjam, untuk robust ongoing credit assessment of
melakukan penilaian kredit borrowers and to continually monitor
berkelanjutan yang kuat dari peminjam exposures against internal risk limits.
dan untuk terus memantau eksposur
terhadap batas risiko internal.
· Mengembangkan dan memelihara · Developing and maintaining the
proses Perusahaan untuk mengukur Company’s processes for measuring
ECL termasuk pemantauan risiko ECL including monitoring of credit risk,
kredit, penggabungan informasi masa incorporation of forward looking
depan dan metode yang digunakan information and the method used to
untuk mengukur ECL. measure ECL.
· Memastikan bahwa Perusahaan · Ensuring that the Company’s has
memiliki kebijakan dan prosedur yang policies and procedures in place to
tepat untuk memelihara dan appropriately maintain and validate
memvalidasi model yang digunakan models used to assess and measure
untuk menilai dan mengukur ECL. ECL.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
· Membentuk penilaian akuntansi risiko · Establishing a sound credit risk
kredit dan proses pengukuran yang accounting assessment and
memberikan dasar yang kuat untuk measurement process that provides it
sistem generik, alat dan data untuk with a strong basis for common systems,
menilai risiko kredit dan untuk tools and data to assess credit risk and
memperhitungkan ECL. Memberikan to account for ECL. Providing advice,
saran, panduan dan keterampilan guidance and specialist skills to business
spesialis untuk satuan bisnis untuk units to promote best practice throughout
mempromosikan praktik terbaik di the Company in the management of
seluruh Perusahaan dalam pengelolaan credit risk.
risiko kredit.
Fungsi audit internal melakukan audit rutin The internal audit function performs regular
memastikan bahwa pengendalian dan audits making sure that the established
prosedur yang ditetapkan dirancang dan controls and procedures are adequately
diimplementasikan secara memadai. designed and implemented.
Tabel berikut berisi analisa umur atas aset The table below shows the aging analysis of
keuangan Perusahaan (sebelum cadangan the Company’s financial assets (before any
kerugian kredit ekspektasian): allowance for expected credit losses):
31 Desember/December 31 , 2023
Belum jatuh Telah jatuh tempo tetapi tidak mengalami
tempo dan tidak penurunan nilai/
mengalami Past due but not impaired
penurunan nilai/ Kurang dari 31 sampai Lebih dari Mengalami
Neither 30 hari/ dengan 60 hari/ 60 hari/ penurunan
Past due nor Less than 31 to More than nilai/ Jumlah/
Impaired 30 days 60 days 60 days Impaired Total
Rp' 000 Rp' 000 Rp' 000 Rp' 000 Rp' 000 Rp' 000
Bank 304.205.030 - - - - 304.205.030 Cash in banks
Piutang derivatif 63.341.133 - - - - 63.341.133 Derivative receivables
Piutang Receivables
Piutang pembiayaan 11.390.724.193 622.636.182 490.859.717 335.553.110 1.254.267.594 14.094.040.796 Financing receivables
Piutang lain-lain 121.308.791 - - - 34.078.735 155.387.526 Other accounts receivable
Aset lainnya Other assets
Uang jaminan 2.494.272 - - - - 2.494.272 Refundable deposit
Jumlah 11.882.073.419 622.636.182 490.859.717 335.553.110 1.288.346.329 14.619.468.757 Total
31 Desember/December 31 , 2022
Belum jatuh Telah jatuh tempo tetapi tidak mengalami
tempo dan tidak penurunan nilai/
mengalami Past due but not impaired
penurunan nilai/ Kurang dari 31 sampai Lebih dari Mengalami
Neither 30 hari/ dengan 60 hari/ 60 hari/ penurunan
Past due nor Less than 31 to More than nilai/ Jumlah/
Impaired 30 days 60 days 60 days Impaired Total
Rp' 000 Rp' 000 Rp' 000 Rp' 000 Rp' 000 Rp' 000
Bank 247.201.940 - - - - 247.201.940 Cash in banks
Piutang derivatif 128.527.498 - - - - 128.527.498 Derivative receivables
Piutang Receivables
Piutang pembiayaan 11.320.731.597 606.762.564 478.976.713 306.446.977 1.138.148.859 13.851.066.710 Financing receivables
Piutang lain-lain 67.100.551 - - - 16.061.108 83.161.659 Other accounts receivable
Aset lainnya Other assets
Uang jaminan 2.590.117 - - - - 2.590.117 Refundable deposit
Jumlah 11.766.151.703 606.762.564 478.976.713 306.446.977 1.154.209.967 14.312.547.924 Total
- 86 -
Page 597
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Peningkatan risiko kredit yang signifikan Significant Increase in Credit Risks
Perusahaan memonitor semua aset The Company monitors all financial assets
keuangan yang tunduk pada persyaratan that are subject to impairment requirements
penurunan nilai untuk menilai apakah ada to assess whether there has been a
peningkatan risiko kredit yang signifikan sejak significant increase in credit risk since initial
pengakuan awal. Jika ada peningkatan risiko recognition. If there has been a significant
kredit yang signifikan Perusahaan akan increase in credit risk the Company will
mengukur cadangan kerugian sepanjang measure the loss allowance based on lifetime
umur daripada ECL 12-bulan. rather than 12-month ECL.
Perusahaan mengembangkan dan The Company develop and maintain the
memelihara penilaian risiko kredit untuk Company’s credit risk grading to categorize
mengkategorikan eksposur sesuai dengan exposures according to their degree of risk of
tingkat risiko gagal bayar. Kerangka penilaian default. The Company’s credit risk grading
risiko kredit Perusahaan terdiri dari sub framework comprises by sub-group, which
kelompok yang ditentukan berdasarkan are determined based on number of
jumlah cicilan yang telah jatuh tempo. installment overdue. The credit grading
Informasi peringkat kredit didasarkan pada information is based on a range of data that
serangkaian data yang ditentukan sebagai is determined to be predictive to risk of default
prediktif terhadap risiko gagal bayar dan and applying experienced credit judgement.
menerapkan penilaian kredit berdasarkan The nature of the exposure and type of
pengalaman. Sifat eksposur dan jenis borrower are taken into account in the
peminjam dipertimbangkan dalam analisis. analysis. Credit risk grades are defined using
Tingkat risiko kredit didefinisikan qualitative and quantitative factors that are
menggunakan faktor kualitatif dan kuantitatif indicative of risk of defaults.
yang menunjukkan risiko gagal bayar.
Perusahaan menggunakan jumlah cicilan The Company uses number of installment
yang telah jatuh tempo sebagai input utama overdue as a primary input into the
ke dalam penentuan struktur jangka waktu PD determination of the term structure of the PD
untuk eksposur. Perusahaan mengumpulkan for exposures. The Company collects
informasi kinerja dan standar tentang performance and default information about its
eksposur risiko kredit yang dianalisis oleh credit risk exposure analysed by jurisdiction
yurisdiksi atau wilayah dan menurut jenis or region and by type of product and borrower
produk dan peminjam serta penilaian risiko as well as by credit risk grading. The
kredit. Informasi yang digunakan berasal dari information used is both internal and external
internal dan eksternal tergantung pada depending on the portfolio assessed.
portofolio yang dinilai.
Perusahaan menganggap bahwa risiko kredit The Company presume that the credit risk on
pada aset keuangan telah meningkat secara a financial assets has increase significantly
signifikan sejak pengakuan awal ketika since initial recognition when contractual
pembayaran kontraktual tertunggak lebih dari payments are more than 30 days, unless the
30 hari, kecuali jika Perusahaan memiliki Company has reasonable and supportable
informasi yang wajar dan terdukung yang information that demonstrates otherwise. The
menunjukkan sebaliknya. Perusahaan Company uses forward-looking that is
menggunakan informasi masa depan yang available without undue cost or effort in its
tersedia tanpa biaya atau upaya berlebihan assessment of significant increase of credit
dalam penilaian peningkatan risiko kredit risk by updating qualitative and quantitative
yang signifikan dengan memperbarui economic information to update the credit
informasi ekonomi kualitatif dan kuantitatif grading. A deteriorate changes in the credit
untuk memperbarui peringkat kredit. grading will consider as significant increase in
Perubahan yang memburuk pada peringkat credit risk.
kredit akan dianggap sebagai peningkatan
risiko kredit yang signifikan.
- 87 -
Page 598
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Pengukuran Kerugian Kredit Ekspektasian Measurement of Expected Credit Loss
(ECL) (ECL)
Input utama yang digunakan oleh Perusahaan The key inputs used by the Company for
untuk mengukur ECL adalah: measuring ECL are:
· Probability of Default (PD) · Probability of Default (PD)
· Loss given Default (LGD) · Loss given Default (LGD)
· Exposure at Default (EAD) · Exposure at Default (EAD)
Probability of Default (PD) Probability of Default (PD)
PD adalah perkiraan kemungkinan gagal PD is an estimate of the likelihood of default
bayar pada horizon waktu tertentu. over a given time horizon. It is estimated as
Diperkirakan pada suatu waktu tertentu dan at a point in time and the calculation of PD is
perhitungan PD dilakukan berdasarkan setiap done based on each credit grading and
peringkat kredit dan segmen. Estimasi ini segment. The estimation is calculating based
dihitung berdasarkan data historis gagal on 12-month historical default event data of
bayar selama 12 bulan untuk perhitungan PD 12-month for calculation 12-month PD and
12 bulan dan data historis gagal bayar tiga three years historical default event data for
tahun untuk perhitungan PD sepanjang calculation lifetime PD.
umurnya.
Loss Given Default (LGD) Loss Given Default (LGD)
LGD adalah estimasi kemungkinan kerugian LGD is an estimate likely loss on the amount
pada jumlah eksposur, yang umumnya of exposure, which is generally expressed as
dinyatakan sebagai persentase dari EAD. a percentage of EAD. It is based on the
LGD didasarkan pada perbedaan antara arus difference between contractual cash flow due
kas kontraktual yang jatuh tempo dan yang and those that the lender would expect to
diharapkan akan diterima oleh pemberi receive, taking into account cash flows from
pinjaman, dengan memperhitungkan arus kas any collateral.
dari jaminan.
Exposure at Default (EAD) Exposure at Default (EAD)
EAD adalah jumlah eksposur Perusahaan EAD is the amount to which the Company
dari peminjam pada saat gagal bayar. was exposed to the borrower at the time of
Perusahaan menggunakan model EAD yang default. The Company uses EAD models that
mencerminkan karakteristik portofolio. reflect the characteristic of the portofolios.
Penggabungan informasi masa depan Incorporation of forward-looking
information
Perusahaan menggunakan informasi masa The Company uses forward-looking
depan yang tersedia tanpa biaya atau upaya information that is available without undue
berlebihan dalam penilaian peningkatan risiko cost or effort in its assessment of significant
kredit yang signifikan serta dalam pengukuran increase of credit risk as well as in its
ECL. Perusahaan melakukan probabilitas measurement of ECL. The Company applies
untuk skenario ramalan yang diidentifikasi. probabilities to the forecast scenarios
Perusahaan telah mengidentifikasi dan identified. The Company has identified and
mendokumentasikan penentu utama risiko documented key drivers of credit risk and
kredit dan kerugian kredit untuk setiap credit losses for each portfolio of financial
portofolio instrumen keuangan dan, dengan instruments and, using a statistical analysis of
menggunakan analisis statistik data historis, historical data, has estimated relationships
telah memperkirakan hubungan antara between macro-economic variables and
variabel makro-ekonomi dan risiko kredit dan credit risk and credit losses. The Company
kerugian kredit. Perusahaan tidak melakukan has not made changes in the estimation
perubahan pada teknik estimasi atau asumsi techniques or significant assumptions made
signifikan yang dilakukan selama periode during the reporting period.
pelaporan.
- 88 -
Page 599
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Perusahaan memiliki prosedur pemantauan The Company has monitoring procedures in
untuk memastikan bahwa kriteria yang place to make sure that the criteria used to
digunakan untuk mengidentifikasi identify significant increases in credit are
peningkatan kredit yang signifikan efektif, effective, meaning that significant increase in
yang berarti bahwa peningkatan risiko kredit credit risk is identified before the exposure is
yang signifikan diidentifikasi sebelum defaulted or when the asset becomes 30 days
eksposur gagal atau ketika aset menjadi past due. The Company performs periodic
30 hari jatuh tempo. Perusahaan melakukan back-testing of its ratings to consider whether
pengujian kembali pemeringkatan secara the drivers of credit risk that led to default
berkala untuk mempertimbangkan apakah were accurately reflected in the rating in a
risiko kredit yang menyebabkan gagal bayar timely manner.
secara akurat tercermin dalam peringkat pada
waktu yang tepat.
Pengelompokan berdasarkan karakteristik Grouping based on shared risks
risiko bersama characteristics
Ketika ECL diukur secara kolektif, instrumen When ECL are measured on a collective
keuangan dikelompokkan berdasarkan basis, the financial instruments are grouped
karakteristik risiko bersama, seperti jenis on the basis of shared risk characteristics,
instrumen, sifat pembiayaan, segmen atau such as instrument type, nature of financing,
jenis piutang pembiayaan, dan jumlah cicilan segment or type of financing receivable, and
yang telah jatuh tempo. Pengelompokan number of installment overdue. The Grouping
ditinjau secara teratur untuk memastikan are reviewed on a regular basis to ensure that
bahwa masing-masing kelompok terdiri dari each group is composed of homogeneous
paparan yang homogen. exposures.
Kerangka peringkat risiko kredit kini The Company’s current credit risk grading
Perusahaan terdiri dari kategori berikut: framework comprises the following
categories:
Kategori/ Dasar pengakuan ECL/
Category Deskripsi/Description Basis for recognizing ECL
Lancar/ Pihak lawan memiliki risiko gagal bayar yang rendah dan ECL 12 bulan/
Performing tidak memiliki tunggakan./ 12-month ECL
The counterparty has a low risk of default and does not
have any past-due amounts.
Dicadangkan/ Jumlah yang tertunggak > 30 hari atau telah ada ECL sepanjang umur -
Doubtful peningkatan risiko kredit yang signifikan sejak kredit tidak memburuk/
pengakuan awal./ Lifetime ECL - not
Amount is >30 days past due or there has been a credit-impaired
significant increase in credit risk since initial recognition.
Gagal bayar/ Jumlah yang tertunggak > 90 hari atau ada bukti yang ECL sepanjang umur - kredit
In default mengindikasikan aset mengalami penurunan nilai kredit./ memburuk/
Amount is >90 days past due or there is evidence Lifetime ECL - credit-impaired
indicating the asset is credit-impaired.
Penghapusan/ Ada bukti yang mengindikasikan bahwa debitur dalam Saldo dihapuskan/
Write-off kesulitan keuangan yang buruk dan Perusahaan tidak Amount is written off
memiliki prospek pemulihan yang realistis./
There is evidence indicating that the debtor is in severe
financial difficulty and the Company has no realistic
prospect of recovery.
- 89 -
Page 600
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Tabel di bawah merinci kualitas kredit aset The tables below detail the credit quality of
keuangan Perusahaan serta eksposur the Company’s financial assets as well as the
maksimum Perusahaan terhadap risiko kredit Company’s maximum exposure to credit risk
menurut peringkat peringkat risiko kredit: by credit risk rating grades:
Kerugian kredit ekspektasian Peringkat
12 bulan atau sepanjang umurnya/ kredit internal/ Nilai tercatat/ Cadangan Nilai tercatat
31 Desember 2023/ Catatan/ 12-month or Internal credit Carrying kerugian/ bersih/
December 31, 2023 Notes lifetime ECL grading amount Loss allowance Net carrying amount
Kategori/Category Rp '000 Rp '000 Rp '000
Bank/ Kerugian kredit ekspektasian Lancar/
Cash in banks 5 12 bulan/12-month ECL Performing 304.205.030 - 304.205.030
Piutang pembiayaan/ Kerugian kredit ekspektasian Lancar/
Financing receivables 6 12 bulan/12-month ECL Performing 12.555.056.151 (541.695.776) 12.013.360.375
Kerugian kredit ekspektasian Dicadangkan/
sepanjang umurnya - tidak Doubtful 945.129.859 (261.906.163) 683.223.696
mengalami penurunan nilai/
Lifetime ECL - not credit impaired
Kerugian kredit ekspektasian Gagal bayar/
sepanjang umurnya - mengalami Default 593.854.786 (450.665.655) 143.189.131
penurunan nilai/
Lifetime ECL - credit impaired
Piutang derivatif/ Kerugian kredit ekspektasian Lancar/ 63.341.133 - 63.341.133
Derivative receivables 29 12 bulan/12-month ECL Performing
Piutang lain-lain/ Kerugian kredit ekspektasian Lancar/
Other receivables 7 12 bulan/12-month ECL Performing 59.463.323 - 59.463.323
Kerugian kredit ekspektasian
sepanjang umurnya - mengalami
penurunan nilai/ Gagal bayar/
Lifetime ECL - credit impaired Default 95.924.203 (34.078.735) 61.845.468
Aset lainnya - Uang jaminan/
Other assets - Refundable Kerugian kredit ekspektasian Lancar/
deposit 12 bulan/12-month ECL Performing 2.494.272 - 2.494.272
Jumlah/Total 14.619.468.757 (1.288.346.329) 13.331.122.428
Kerugian kredit ekspektasian Peringkat
12 bulan atau sepanjang umurnya/ kredit internal/ Nilai tercatat/ Cadangan Nilai tercatat
31 Desember 2022/ Catatan/ 12-month or Internal credit Carrying kerugian/ bersih/
December 31, 2022 Notes lifetime ECL grading amount Loss allowance Net carrying amount
Kategori/Category Rp '000 Rp '000 Rp '000
Bank/ Kerugian kredit ekspektasian Lancar/
Cash in banks 5 12 bulan/12-month ECL Performing 247.201.940 - 247.201.940
Piutang pembiayaan/ Kerugian kredit ekspektasian Lancar/
Financing receivables 6 12 bulan/12-month ECL Performing 12.411.949.885 (484.455.724) 11.927.494.161
Kerugian kredit ekspektasian Dicadangkan/
sepanjang umurnya - tidak Doubtful 909.654.867 (249.936.361) 659.718.506
mengalami penurunan nilai/
Lifetime ECL - not credit impaired
Kerugian kredit ekspektasian Gagal bayar/
sepanjang umurnya - mengalami Default 529.461.958 (403.756.774) 125.705.184
penurunan nilai/
Lifetime ECL - credit impaired
Piutang derivatif/ Kerugian kredit ekspektasian Lancar/
Derivative receivables 29 12 bulan/12-month ECL Performing 128.527.498 - 128.527.498
Piutang lain-lain/ Kerugian kredit ekspektasian Lancar/
Other receivables 7 12 bulan/12-month ECL Performing 37.613.637 - 37.613.637
Kerugian kredit ekspektasian
sepanjang umurnya - mengalami
penurunan nilai/ Gagal bayar/
Lifetime ECL - credit impaired Default 45.548.022 (16.061.108) 29.486.914
Aset lainnya - Uang jaminan/
Other assets - Refundable Kerugian kredit ekspektasian Lancar/
deposit 12 bulan/12-month ECL Performing 2.590.117 - 2.590.117
Jumlah/Total 14.312.547.924 (1.154.209.967) 13.158.337.957
- 90 -
Page 601
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
· Eksposur maksimum terhadap risiko · Maximum exposure to credit risk
kredit
Risiko eksposur Perusahaan terhadap The Company’s exposure to credit risk
risiko kredit terutama berasal dari piutang mainly comes from the financing
pembiayaan, dimana eksposur receivables, of which, the maximum
maksimum terhadap risiko kredit sama exposure to credit risk equals to its
dengan nilai tercatat setelah dikurangi carrying amount net of allowance,
cadangan kredit, tanpa memperhitungkan without taking into account the value of
nilai agunan yang diperoleh. collateral obtained.
· Jaminan dan peningkatan kredit lainnya · Collateral and other credit enhancement
Jumlah dan jenis agunan yang The amount and type of collateral
dibutuhkan tergantung pada penilaian required depends on an assessment of
risiko kredit dari nasabah. Pedoman the credit risk of the counterparty.
diterapkan mengenai tingkat penerimaan Guidelines are implemented regarding
dan parameter penilaian. the acceptability of types of collateral
and valuation parameters.
Umumnya, agunan diperlukan untuk Generally, collateral is required for all
semua pembayaran kredit dan juga credit repayment and also as a form of
sebagai bentuk mitigasi risiko kredit. credit risk mitigation. The primary source
Sumber utama pembayaran kredit adalah of credit repayment is the funds
dana yang dihasilkan dari pendapatan generated from income of the borrowers.
dari peminjam.
Jaminan yang dapat diterima oleh Collateral acceptable by the Company
Perusahaan dari debitur adalah Sertifikat from debtors is the Certificate of
Kepemilikan ("BPKB") kendaraan yang Ownership (“BPKB”) of the vehicles
dibiayai oleh Perusahaan. financed by the Company.
· Jaminan · Collateral
Perusahaan telah menerapkan kebijakan The Company has implemented policies
untuk mengurangi risiko kredit, termasuk to mitigate credit risk, which include
mengambil jaminan sebagai jaminan taking collaterals as a guarantee for loan
pelunasan pinjaman jika kewajiban repayment if contractual obligations are
kontraktual tidak terpenuhi. Jenis agunan not met. The types of collateral accepted
yang diterima untuk pinjaman for financing loans to mitigate credit risk
pembiayaan untuk mengurangi risiko include motorcycle, farm machinery, car
kredit meliputi sepeda motor, mesin and electronics devices.
pertanian, mobil dan peralatan elektronik.
Piutang pembiayaan/Financing receivables
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp'000 Rp'000
Eksposur kredit - bruto 14.094.040.796 13.851.066.710 Credit exposure - gross
Nilai jaminan berdasarkan Collateral value based
penilaian Perusahaan 14.812.430.143 15.275.010.039 on Company's assessment
Jumlah eksposur kredit tanpa jaminan - - Total unsecured credit exposure
- 91 -
Page 602
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Estimasi nilai wajar jaminan adalah The estimated fair value of collateral are as
sebagai berikut: follows:
31 Desember/ 31 Desember/
December31, December31,
2023 2022
Rp'000 Rp'000
Jenis jaminan Types of collateral
Sepeda motor 11.570.336.707 11.759.882.608 Motorcyles
Mobil 3.029.555.090 3.146.698.314 Cars
Alat-alat elektronik 150.654.799 282.217.059 Electronics devices
Mesin pertanian 39.856.985 38.093.255 Farmer machineries
Lain-lain 22.026.562 48.118.803 Others
Total 14.812.430.143 15.275.010.039 Total
Persyaratan agunan bukanlah Collateral requirements are not a
merupakan pengganti faktor kemampuan substitute factor for the capability of the
debitur dalam hal pembayaran kembali debtor in respect of repayment of credit,
kredit, dimana hal ini menjadi where it is a primary consideration in any
pertimbangan utama dalam setiap decision to grant credit.
keputusan pemberian kredit.
· Konsentrasi risiko kredit · Concentration of credit risk
Risiko kredit terpusat timbul saat Concentration of credit risk arises when
sejumlah nasabah yang memiliki aktivitas a number of customers is engaged in
bisnis serupa atau beraktivitas dalam similar business activities or activities
suatu lokasi geografis yang sama, atau within the same geographic region, or
memiliki karekteristik yang serupa yang when they have similar characteristics
akan menyebabkan kemampuan untuk that would cause their ability to meet
memenuhi kewajiban kontraktualnya contractual obligations to be similarly
bersama-sama dipengaruhi oleh affected by changes in economic or
perubahan kondisi ekonomi atau yang other conditions.
lainnya.
Perusahaan mengevaluasi bahwa The Company evaluates the
konsentrasi risiko terkait dengan piutang concentration of risk with respect to its
pembiayaan adalah rendah, pelanggan financing receivables as low, as its
Perusahaan berada pada beberapa customers are located in several
yuridikasi dan industri dan beroperasi di jurisdictions and industries and operate
pasar yang independen. in largely independent markets.
iv. Manajemen risiko likuiditas iv. Liquidity risk management
Risiko likuiditas adalah risiko dimana Liquidity risk is the risk that the Company has
Perusahaan tidak memiliki kapasitas yang insufficient capacity to fund increase in
memadai untuk mendanai penambahan assets, or is unable to meet its payment
aset atau memenuhi liabilitas mereka yang obligations as they fall due.
telah jatuh tempo.
Untuk memitigasi risiko likuiditas, To mitigate the liquidity risk, the Company
Perusahaan menggunakan beberapa diversifies funding resources. Besides
sumber pendanaan. Selain pembayaran dari customer’s installment collections, the
cicilan pelanggan, Perusahaan Company generates funding resources from
mendapatkan sumber dana dari pinjaman bank loans. The Company also leverages
bank. Perusahaan juga memastikan sumber long-term funding resources for financing its
dana dalam jangka panjang digunakan long-term receivables. Further, the Company
untuk membiayai piutang jangka panjang. receives strong support from its Parent
Selanjutnya, Perusahaan mendapatkan Company through Letter of Guarantee to
dukungan yang kuat dari Induk Perusahaan secure most of the Company’s funding.
melalui Surat Jaminan untuk menjamin
hampir seluruh pembiayaan Perusahaan.
- 92 -
Page 603
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Tabel berikut ini adalah ilustrasi jatuh tempo The following tables illustrate the maturity
aset dan liabilitas keuangan Perusahaan analysis of the Company’s financial assets
berdasarkan pembayaran kontrak yang and liabilities based on contractual
tidak didiskonto: undiscounted payments:
31 Desember/December 31, 2023
Tingkat bunga
efektif
rata-rata
tertimbang/ Kurang dari ≥ 6 bulan dan ≥ 12 bulan dan Lebih dari
Weighted 6 bulan / ≤ 12 bulan / ≤ 36 bulan / 36 bulan /
average effective Less than ≥ 6 months and ≥ 12 months and More than Jumlah/
interest rate 6 months ≤ 12 months ≤ 36 months 36 months Total
% Rp' 000 Rp' 000 Rp' 000 Rp' 000 Rp' 000
Aset Keuangan Financial Assets
Bank 304.205.030 - - - 304.205.030 Cash in banks
Piutang pembiayaan - kotor 17.917.470.144 72.523.653 - 101.014 17.990.094.811 Financing receivables - gross
Other accounts receivables -
Piutang lain-lain - kotor 155.387.526 - - - 155.387.526 gross
Piutang derivatif pada Derivative receivables at net
nilai bersih pelunasan 44.646.568 8.030.790 1.771.341 - 54.448.699 settlement amount
Aset lainnya Other assets
Uang jaminan 2.494.272 - - - 2.494.272 Refundable deposit
Jumlah 18.424.203.540 80.554.443 1.771.341 101.014 18.506.630.338 Total
Liabilitas keuangan Financial Liabilities
Utang lain-lain 270.698.220 - - - 270.698.220 Other accounts payable
Biaya yang masih harus dibayar 314.410.454 - - - 314.410.454 Accrued expenses
Utang derivatif pada Derivative payables at net
nilai bersih pelunasan 701.233.852 452.386.742 4.574.475 - 1.158.195.069 settlement amount
Pinjaman bank 2,05% - 8,10% 2.558.462.987 1.507.515.716 1.712.489.815 - 5.778.468.518 Bank loans
Utang obligasi 5,75% - 7,75% 877.475.450 1.657.401.023 2.826.436.500 - 5.361.312.973 Bonds payable
Jumlah 4.722.280.963 3.617.303.481 4.543.500.790 - 12.883.085.234 Total
31 Desember/December 31, 2022
Tingkat bunga
efektif
rata-rata
tertimbang/ Kurang dari ≥ 6 bulan dan ≥ 12 bulan dan Lebih dari
Weighted average 6 bulan / ≤ 12 bulan / ≤ 36 bulan / 36 bulan /
effective interest Less than ≥ 6 months and ≥ 12 months and More than Jumlah/
rate 6 months ≤ 12 months ≤ 36 months 36 months Total
% Rp' 000 Rp' 000 Rp' 000 Rp' 000 Rp' 000
Aset Keuangan Financial Assets
Bank 247.201.940 - - - 247.201.940 Cash in banks
Piutang pembiayaan - kotor 17.692.530.120 70.869.096 97.955 - 17.763.497.171 Financing receivables - gross
Other accounts receivables -
Piutang lain-lain - kotor 83.161.659 - - - 83.161.659 gross
Piutang derivatif pada Derivative receivables at net
nilai bersih pelunasan 26.285.354 40.554.176 79.702.436 - 146.541.965 settlement amount
Aset lainnya Other assets
Uang jaminan 2.590.117 - - - 2.590.117 Refundable deposit
Jumlah 18.051.769.190 111.423.272 79.800.391 - 18.242.992.852 Total
Liabilitas keuangan Financial Liabilities
Utang lain-lain 235.456.226 - - - 235.456.226 Other accounts payable
Biaya yang masih harus dibayar 360.241.888 - - - 360.241.888 Accrued expenses
Utang derivatif pada Derivative payables at net
nilai bersih pelunasan 4.047.003 3.596.734 9.123.760 - 16.767.498 settlement amount
Pinjaman bank 1,17% - 8,10% 3.225.260.546 1.723.298.748 1.808.705.308 - 6.757.264.602 Bank loans
Utang obligasi 4,10% - 8,25% 131.942.500 1.100.375.236 3.393.755.625 - 4.626.073.361 Bonds payable
Jumlah 3.956.948.163 2.827.270.718 5.211.584.693 - 11.995.803.575 Total
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
v. Nilai wajar instrumen keuangan v. Fair value of financial instruments
Kecuali disebutkan dalam tabel dibawah ini, Except as detailed in the following table,
manajemen berpendapat bahwa nilai management considers that the carrying
tercatat aset dan liabilitas keuangan yang amounts of financial assets and financial
dicatat sebesar biaya perolehan diamortisasi liabilities recorded at amortized cost in the
dalam laporan keuangan mendekati nilai financial statements approximate their fair
wajarnya karena jatuh tempo dalam jangka values because of their short-term maturities
pendek atau mempunyai tingkat suku bunga or they carry market rates of interest:
pasar:
31 Desember/December 31, 2023 31 Desember/December 31, 2022
Nilai tercatat/ Nilai wajar/ Nilai tercatat/ Nilai wajar/
Carrying Fair Carrying Fair
amount value amount value
Rp '000 Rp '000 Rp '000 Rp '000
Aset Keuangan Financial Assets
Pada biaya perolehan
diamortisasi At amortized cost
Piutang pembiayaan - bersih 12.839.773.202 14.489.536.318 12.712.917.851 14.203.081.188 Financing receivables - net
Piutang lain-lain - bersih 121.308.791 121.308.791 67.100.551 67.150.415 Other receivables - net
Liabilitas Keuangan Financial Liabilities
Pada biaya perolehan
diamortisasi At amortized cost
Pinjaman bank jangka pendek 4.104.344.728 4.104.344.728 4.640.221.036 4.640.221.036 Short term bank loans
Utang obligasi jangka pendek 2.251.000.000 2.251.000.000 970.500.000 970.500.000 Short term bonds payable
Pinjaman bank jangka panjang 1.582.830.752 1.598.953.402 1.741.262.113 1.708.416.173 Long term bank loans
Utang obligasi jangka panjang 2.622.687.443 2.622.345.174 3.170.774.229 3.237.939.053 Long term bonds payable
Nilai wajar dari instrumen keuangan diatas The fair value for the above financial
ditentukan dengan mendiskonto estimasi instruments, were determined by discounting
arus kas, dengan menggunakan tingkat estimated cash flows using discount rates
diskonto untuk instrumen keuangan dengan based on financial instrument with similar
periode dan jatuh tempo yang serupa. terms and maturities.
Hirarki Nilai Wajar Fair Value Hierarchy
Perusahaan menggunakan hirarki untuk The Company uses the following hierarchy for
menentukan nilai wajar dari aset dan determining the fair value of financial assets
kewajiban keuangan: and financial liabilities:
Level 1: harga kuotasi (tidak disesuaikan) Level 1: quoted (unadjusted) prices in active
pada pasar aktif untuk aset dan liabilitas markets for identical assets or liabilities that
yang identik, dimana entitas dapat the entity can access at the measurement
mengakses pada tanggal pengukuran. date.
Level 2: teknik lainnya untuk seluruh Level 2: other techniques for which all inputs
informasi yang mempunyai pengaruh which have a significant effect on the
signifikan pada saat mencatat nilai wajar recorded fair value are observable, either
dapat di observasi baik secara langsung directly or indirectly.
ataupun tidak lansung.
Level 3: teknik yang menggunakan informasi Level 3: techniques which use inputs which
yang mempunyai pengaruh yang signifikan have a significant effect on the recorded fair
pada saat mencatat nilai wajar yang tidak value that are not based on observable
didasarkan pada observasi data pasar. market data.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
Tabel berikut ini merupakan hirarki nilai The table below sets out the fair value
wajar dari aset/liabilitas keuangan: hierarchy of the financial assets/liabilities:
31 Desember/December 31, 2023
Nilai wajar
instrumen
lindung nilai/ Biaya
Fair value- perolehan
hedging diamortisasi/ Jumlah/
instruments Amortised cost Total
Rp' 000 Rp' 000 Rp' 000
Aset Keuangan Financial Assets
Tingkat 2: Level 2:
Piutang pembiayaan - bersih - 14.489.536.318 14.489.536.318 Financing receivables - net
Piutang lain-lain - bersih 121.308.791 121.308.791 Other accounts receivable - net
Piutang derivatif 63.341.133 - 63.341.133 Derivative receivables
Jumlah Aset Keuangan 63.341.133 14.610.845.109 14.674.186.242 Total Financial Assets
Liabilitas Keuangan Financial Liabilities
Tingkat 2: Level 2:
Utang obligasi - 2.622.345.174 2.622.345.174 Bonds payable
Pinjaman bank jangka panjang - 1.598.953.402 1.598.953.402 Long term bank loans
Utang derivatif 14.909.632 - 14.909.632 Derivative payables
Jumlah Liabilitas Keuangan 14.909.632 4.221.298.576 4.236.208.208 Total Financial Liabilities
31 Desember/December 31, 2022
Nilai wajar
instrumen
lindung nilai/ Biaya
Fair value- perolehan
hedging diamortisasi/ Jumlah/
instruments Amortised cost Total
Rp' 000 Rp' 000 Rp' 000
Aset Keuangan Financial Assets
Tingkat 2: Level 2:
Piutang pembiayaan - bersih - 14.203.081.188 14.203.081.188 Financing receivables - net
Piutang lain-lain - bersih 67.100.551 67.100.551 Other accounts receivable - net
Piutang derivatif 128.527.498 - 128.527.498 Derivative receivables
Jumlah Aset Keuangan 128.527.498 14.270.181.739 14.398.709.237 Total Financial Assets
Liabilitas Keuangan Financial Liabilities
Tingkat 1: Level 1:
Utang obligasi - 3.237.939.053 3.237.939.053 Bonds payable
Tingkat 2: Level 2:
Pinjaman bank jangka panjang 1.708.416.173 1.708.416.173 Long term bank loans
Utang derivatif 6.890.047 - 6.890.047 Derivative payables
Jumlah Liabilitas Keuangan 6.890.047 4.946.355.226 4.953.245.273 Total Financial Liabilities
Tidak ada transfer pada level aset keuangan dan There are no transfer at level of financial assets
liabilitas keuangan. and financial liabilities.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
33. SIFAT DAN TRANSAKSI MATERIAL PIHAK 33. NATURE OF RELATIONSHIP AND MATERIALS
BERELASI TRANSACTIONS WITH RELATED PARTIES
Sifat Pihak Berelasi Nature of Relationship
Mitsui & Co. Ltd., Jepang (MCJ) adalah pemegang Mitsui & Co. Ltd., Japan (MCJ) is the Company’s
saham utama Perusahaan, entitas induk utama, majority stockholder, ultimate parent company,
penjamin utang bank. guarantor of bank loans.
JA Mitsui Leasing Ltd., Jepang adalah pemegang JA Mitsui Leasing Ltd., Japan is the Company’s
saham Perusahaan dan penjamin utang bank. stockholder and guarantor of bank loans.
Transaksi-transaksi Pihak Berelasi Transactions with Related Parties
a. Perusahaan menerima dukungan dan bantuan a. The Company receives support and assistance
dari MCJ, yang antara lain mencakup dukungan from MCJ, which among other things, include the
dan bantuan untuk mengembangkan pelanggan support and assistance to promote new business
dan mempromosikan bisnis baru dan untuk and develop new customers and to strengthen
memperkuat hubungan dengan pelanggan, the relationship with the customers, including
termasuk bank. Sebagai kompensasi, banks. As compensation, the Company was
Perusahaan ditagih beban pengaturan pinjaman charged with arrangement and guarantee fees
dan penjaminan sebesar Rp 8.114.274 ribu amounting to Rp 8,114,274 thousand (December
(Desember 31, 2022: Rp 17.835.919 ribu). Pada 31, 2022: Rp 17,835,919 thousand). At reporting
tanggal pelaporan, kewajiban atas transaksi date, the liabilities for these transactions were
tersebut dicatat sebagai bagian dari biaya masih presented as part of accrued expenses
harus dibayar (Catatan 17). (Note 17).
b. Perusahaan memberikan fasilitas pinjaman b. The Company provides non-interest bearing loan
tanpa bunga kepada direksi untuk kepemilikan facilities to directors for vehicle ownership. This
kendaraan bermotor. Jangka waktu pinjaman facilitites have varied tenure from 3 - 5 years. The
bervariasi antara 3 - 5 tahun. Saldo piutang outstanding net receivables from directors
bersih kepada direksi 31 Desember 2023 December 31, 2023 amounting to
sebesar Rp 2.188.398 ribu (31 Desember 2022: Rp 2,188,398 thousand (December 31, 2022:
Rp 2.887.379 ribu) dicatat sebagai bagian dari Rp 2,887,379 thousand) were recorded as part of
piutang lain-lain (Catatan 7). other accounts receivable (Note 7).
c. Remunerasi yang diberikan ke Direktur dan c. Remunerations provided to Directors and
Komisaris Rp 25.229.834 ribu tahun 2023 (2022: Commissioners amounting to Rp 25,229,834
Rp 31.663.813 ribu). thousand in 2023 (2022: Rp 31,663,813
thousand).
d. Berdasarkan akta notaris No. 28 tanggal d. Based on notarial deed No. 28 dated September
26 September 2023 dari Marina Soewana, S.H., 26, 2023 of Marina Soewana, S.H., notary in
notaris di Jakarta, pemegang saham menyetujui Jakarta, the stockholders approved the transfer
pengalihan saham Mitsui & Co., Ltd., Jepang of shares of Mitsui & Co., Ltd., Japan amounting
sebesar 70.714 lembar saham kepada JA Mitsui to 70,714 shares to JA Mitsui Leasing Ltd.,
Leasing Ltd., Jepang. Perubahan ini telah Japan. Such amendment was acknowledged and
diterima dan dicatat oleh Kementerian Hukum recorded by Ministry of Law and Human Rights
dan Hak Asasi Manusia Republik Indonesia of the Republic of Indonesia based on letter No.
berdasarkan surat No. AHU-AH.01.03-0122682 AHU-AH.01.03-0122682 dated September 26,
tanggal 26 September 2023. 2023.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
34. AUDIT PAJAK 34. TAX AUDIT
TAHUN FISKAL 2012 FISCAL YEAR 2012
Pada tanggal 11 Desember 2017, Perusahaan On December 11, 2017, the Company received Nil Tax
menerima Surat Ketetapan Pajak Nihil (“SKPN”) atas Assessment Letters (“SKPN”) as a result of tax audit
hasil pemeriksaan pajak tahun fiskal 2012. SKPN for fiscal year 2012. The said SKPN also stated that
tersebut juga menyatakan bahwa rugi fiskal tahun the fiscal loss from year 2012 is amounting to Rp
2012 adalah sebesar Rp 305.999.051 ribu lebih kecil 305,999,051 thousand, which is smaller than the fiscal
dari yang dilaporkan pada tahun 2012, yaitu sebesar loss reported in year 2012 amounting to Rp
Rp 592.913.834 ribu. Pada tanggal 7 Maret 2018, 592,913,384 thousand. On March 7, 2018, the
Perusahaan mengajukan keberatan ke Kantor Pajak Company submit objection to Tax Office against this
atas keputusan ini. Pada tanggal 7 Februari 2019, decision. The Company filed an appeal against
Perusahan menerima penolakan atas keputusan ini. rejection from Tax Office regarding this decision. The
Perusahaan telah mengajukan banding atas Company filed an appeal against rejection from Tax
penolakan dari Kantor Pajak. Pada tanggal 21 Maret Office. On March 21, 2022, through the
2022, melalui penerbitan Putusan Banding No. PUT- issuance of Appeal Decision No. PUT-
003987.15/2019/PP/M.XIVA, Perusahaan menerima 003987.15/2019/PP/M.XIVA, the Company received a
penolakan dari Pengadilan Pajak. Sebagai respon rejection from the Tax Court. As a response to the
atas penolakan banding, Perusahaan mengajukan rejection of the appeal, the Company submitted a
Peninjauan Kembali melalui memori Peninjauan Judicial Review by filling out the Judical Review
Kembali tanggal 28 Juni 2022 dan Perusahaan telah Memory dated June 28, 2022. The Company has paid
membayar sebesar Rp 71.728.696 ribu pada tanggal amounting to Rp 71,728,696 thousand on June 16,
16 Juni 2022 yang dicatat sebagai penyesuaian PPh 2022 and recorded as adjustment on Corporate
Badan untuk perhitungan beban pajak di periode Income Tax for calculating tax expense in the current
berjalan (Catatan 26). Pada tanggal 14 Juli 2022, period (Note 26). On July 14, 2022, the Company
Perusahaan menerima Surat Tagihan Pajak (“STP”) received Notice of Tax Collection
No. 00031/106/17/096/22 atas denda administrasi No. 00031/106/17/096/22 for administrative tax
pajak sebesar Rp 11.378.582 ribu terkait dengan penalty amounting to Rp 11,378,582 thousand related
penjelasan diatas. Pada tanggal 31 Desember 2022, to explanation above. As of December 31, 2022, the
Perusahaan telah mencatat denda administrasi pajak Company has recorded administrative tax penalty as
tersebut sebagai bagian dari utang lain-lain part of other accounts payable (Note 16).
(Catatan 16).
Pada tanggal 14 Agustus 2023, Perusahaan On August 14, 2023, the Company received Supreme
menerima putusan Mahkamah Agung yang Court decision stated that Supreme Court declined the
menyatakan bahwa Mahkamah Agung menolak Company's Judicial Review request. The Company
permohonan peninjauan kembali dari Perusahaan. has paid the tax penalties amounting to Rp 11,378,582
Perusahaan telah membayar denda administrasi thousand on April 6, 2023.
pajak sebesar Rp 11.378.582 ribu pada tanggal
6 April 2023.
TAHUN FISKAL 2018 FISCAL YEAR 2018
Pada tanggal 28 November 2023, Perusahaan On November 28, 2023, the Company received tax
menerima Surat Ketetapan Pajak Kurang Bayar underpayment assessment letters (“SKPKB”) for
(“SKPKB”) atas pajak penghasilan badan untuk tahun corporate income tax 2018 amounting to Rp 651,872
fiskal 2018 sebesar Rp 651.872 ribu dan denda thousand and tax penalties Rp 284,738 thousand
administrasi sebesar Rp 284.738 ribu (Catatan 26). (Catatan 26). The result of the tax assessment was
Hasil keputusan tersebut dibebankan pada laba rugi charged to the current year profit or loss. The
tahun berjalan. Perusahaan telah membayar kurang Company has paid the underpayment tax on
bayar pajak tersebut pada tanggal 5 Desember 2023. December 5, 2023.
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
35. INFORMASI KEUANGAN TAMBAHAN - UNIT 35. SUPPLEMENTARY FINANCIAL INFORMATION -
SYARIAH SHARIA UNIT
31 Desember/ 31 Desember/
December 31, December 31,
2023 2022
Rp '000 Rp '000
Piutang pembiayaan murabahah Murabahah financing receivables
Piutang pembiayaan murabahah - bruto 83.481.073 87.969.371 Murabahah financing receivables - gross
Pendapatan pembiayaan murabahah
yang belum diakui (19.439.577) (21.944.312) Unearned murabahah financing income
Cadangan kerugian kredit ekspektasian (6.025.311) (5.411.406) Allowance for expected credit losses
Piutang pembiayaan murabahah - bersih 58.016.185 60.613.653 Murabahah financing receivables - net
Utang kepada dealer 1.241.390 1.300.018 Dealer payables
PENDAPATAN INCOME
Pendapatan margin 22.293.129 21.391.858 Margin income
Jumlah pendapatan operasional 22.293.129 21.391.858 Total operating income
Piutang pembiayaan IMBT IMBT financing receivables
Piutang pembiayaan IMBT - bruto 3.245.219.925 2.326.054.470 IMBT financing receivables - gross
Pendapatan pembiayaan IMBT
yang belum diakui (726.386.801) (519.243.172) Unearned IMBT financing income
Cadangan kerugian kredit ekspektasian (201.665.119) (102.825.153) Allowance for expected credit losses
Piutang pembiayaan IMBT - bersih 2.317.168.005 1.703.986.145 IMBT financing receivables - net
PENDAPATAN INCOME
Pendapatan Imbal Jasa (Ujrah) 888.875.780 612.913.857 Margin fee income (Ujrah)
Jumlah pendapatan operasional 888.875.780 612.913.857 Total operating income
Piutang pembiayaan mudharabah Mudharabah financing receivables
Piutang pembiayaan mudharabah - bruto 1.169.152 43.193.454 Mudharabah financing receivables - gross
Pendapatan pembiayaan mudharabah
yang belum diakui (129.120) (6.334.271) Unearned mudharabah financing income
Cadangan kerugian kredit ekspektasian (387.987) (10.543.940) Allowance for expected credit losses
Piutang pembiayaan mudharabah - bersih 652.045 26.315.243 Mudharabah financing receivables - net
PENDAPATAN INCOME
Pendapatan bagi hasil 5.611.177 7.815.627 Revenue sharing
Jumlah pendapatan operasional 5.611.177 7.815.627 Total operating income
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PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
CATATAN ATAS LAPORAN KEUANGAN NOTES TO FINANCIAL STATEMENTS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 - Lanjutan DECEMBER 31, 2023 AND 2022 - Continued
36. REKONSILIASI LIABILITAS YANG TIMBUL DARI 36. RECONCILIATION OF LIABILITIES ARISING FROM
AKTIVITAS PEMBIAYAAN FINANCING ACTIVITIES
Tabel di bawah ini menjelaskan perubahan dalam The table below details changes in the Company’s
liabilitas Perusahaan yang timbul dari aktivitas liabilities arising from financing activities, including
pembiayaan, termasuk perubahan yang timbul dari both cash and non-cash changes. Liabilities arising
arus kas dan perubahan nonkas. Liabilitas yang from financing activities are those for which cash flows
timbul dari aktivitas pembiayaan adalah liabilitas yang were, or future cash flows will be, classified in the
arus kas, atau arus kas masa depannya, Company’s statement of cash flows as cash flows from
diklasifikasikan dalam laporan arus kas Perusahaan financing activities.
sebagai arus kas dari aktivitas pembiayaan.
Perubahan non kas/ Non-cash changes
Arus kas Pergerakan Amortisasi biaya Penambahan Biaya
dari aktivitas valuta asing/ penerbitan obligasi/ aset hak-guna/ yang masih
pendanaan/ Movement Amortization of Addition to harus dibayar/
1 Januari/ Financing of foreign bond issuance right-of-use Accrued Penyesuaian/ 31 Desember/
January 31, 2023 cash flows exchange costs asset costs expense Adjustment December 31, 2023
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000
Liabilitas sewa 6.101.466 (6.135.919) - - 3.092.601 450.644 - 3.508.792 Lease liabilities
Pinjaman bank 6.381.483.149 (582.082.000) (112.225.669) - - - - 5.687.175.480 Bank loans
Utang obligasi 4.141.274.229 723.274.230 - 9.138.984 - - - 4.873.687.443 Bonds payable
Jumlah 9.155.484.698 135.056.311 (112.225.669) 9.138.984 3.092.601 - - 10.564.371.715 Total
Perubahan non kas/ Non-cash changes
Arus kas Pergerakan Amortisasi biaya Penambahan Biaya
dari aktivitas valuta asing/ penerbitan obligasi/ aset hak-guna/ yang masih
pendanaan/ Movement Amortization of Addition to harus dibayar/
1 Januari/ Financing of foreign bond issuance right-of-use Accrued Penyesuaian/ 31 Desember/
January 31, 2022 cash flows exchange costs asset costs expense Adjustment December 31, 2022
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000
Liabilitas sewa 10.175.802 (21.051.129) - - 17.533.558 - (556.765) 6.101.466 Lease liabilities
Pinjaman bank 5.227.088.999 976.780.000 177.614.150 - - - - 6.381.483.149 Bank loans
Utang obligasi 3.918.219.897 216.990.577 - 7.007.255 - (943.500) - 4.141.274.229 Bonds payable
Jumlah 9.155.484.698 1.172.719.448 177.614.150 7.007.255 17.533.558 (943.500) (556.765) 10.528.858.844 Total
37. TANGGUNG JAWAB MANAJEMEN DAN 37. MANAGEMENT RESPONSIBILITY AND
PERSETUJUAN ATAS LAPORAN KEUANGAN APPROVAL OF FINANCIAL STATEMENTS
Penyusunan dan penyajian wajar laporan keuangan The preparation and fair presentation of the financial
dari halaman 1 sampai dengan halaman 99 statements on pages 1 to 99 were the responsibilities
merupakan tanggung jawab manajemen, dan telah of the management, and were approved by the
disetujui oleh Direktur untuk diterbitkan pada tanggal Directors and authorized for issue on March 12, 2024.
12 Maret 2024.
********
- 99 -
Page 610
PT BUSSAN AUTO FINANCE PT BUSSAN AUTO FINANCE
INFORMASI KEUANGAN TAMBAHAN SUPPLEMENTARY FINANCIAL INFORMATION
RASIO-RASIO KEUANGAN OTORITAS FINANCIAL RATIO OF FINANCIAL
JASA KEUANGAN (TIDAK DIAUDIT) SERVICES AUTHORITY (UNAUDITED)
31 DESEMBER 2023 DAN 2022 DECEMBER 31, 2023 AND 2022
INFORMASI KEUANGAN TAMBAHAN - RASIO - RASIO SUPPLEMENTARY FINANCIAL INFORMATION -
KEUANGAN OTORITAS JASA KEUANGAN FINANCIAL RATIO OF FINANCIAL SERVICES
AUTHORITY
Berdasarkan POJK No. 35/POJK.05/2018 tanggal Based on POJK No. 35/POJK.05/2018 dated
31 Desember 2018 tentang Penyelenggaraan Usaha December 31, 2018 regarding the Organisation of
Perusahaan Pembiayaan, Perusahaan diharuskan untuk Financing Company Business, the Company is required to
memenuhi sejumlah rasio keuangan tertentu. Rasio-rasio comply with several financial ratios. These ratios have been
ini dibuat oleh Perusahaan berdasarkan formula prepared by the Company based on the formula as
sebagaimana ditentukan dalam peraturan OJK untuk prescribed in the said OJK regulation for regulatory
tujuan kepatuhan terhadap peraturan. compliance purposes.
Berikut ini adalah rasio-rasio keuangan berdasarkan The following are the financial ratios based on OJK
Peraturan OJK: Regulations (OJK):
31 Desember/ 31 Desember/
December 31 December 31
2023 2022
(Tidak diaudit/ (Tidak diaudit/
Unaudited ) Unaudited )
% %
Rasio piutang pembiayaan bersih terhadap total aset 91,05% 91,33% Net financing receivable to total assets ratio
Rasio modal sendiri modal disetor 461,02% 434,80% Equity to paid capital ratio
Rasio piutang pembiayaan bermasalah 1,02% 0,91% Non performing financing ratio
Rasio saldo piutang pembiayaan neto terhadap total pinjaman 121,58% 120,81% Net financing receivable to total loan
Rasio saldo piutang pembiayaan investasi dan Invesment financing and
pembiayaan modal kerja dibandingkan dengan working capital financing receivable
total saldo piutang pembiayaan 24,22% 26,87% to total financing receivable ratio
Rasio permodalan 27,01% 25,75% Capital ratio
Rasio gearing 3,89 4,11 Gearing ratio
Tingkat kesehatan keuangan 1 (sangat sehat) 1 (sangat sehat) Company soundness level
p
- 100 -
Page 611
Page 612
FINANCIAL
STATEMENTS
BAF Plaza
Jl. Raya Tanjung Barat No. 121,
Jagakarsa, Jakarta Selatan 12530,
Indonesia
+62 21 2939 6000
www.baf.id
500
Names mentioned 198 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE REPORT MANAGEMENT
p.3 ×12
unresolved
org
PT Bussan Auto Finance. In
p.3
unresolved
org
PT Bussan Auto Finance. GOVERNANCE
p.3
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE ELEVATE
p.5
unresolved
—
Committee
p.7
unresolved
—
Safety Committee
p.7
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE Social Aspects
p.15
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE Environmental Aspects
p.17
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE I N
p.19 ×2
unresolved
org
PT Bussan Auto Finance. Therefore
p.25 ×3
unresolved
org
PT Bussan Auto Finance’s Shelf-In
p.25
unresolved
org
PT Bussan Auto
p.26
unresolved
org
PT Bussan Auto Finance’s Shelf-Registration Bonds
p.26
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE
p.27 ×7
unresolved
org
Indonesia Stock Exchange
p.28 ×5
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE SIGNIFICANT EVENTS
p.29
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE Indonesia Public
p.31
unresolved
person
Tetsuya Daikoku
· President Commissioner
p.31 ×3
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE Annual GMS
p.33
unresolved
org
MarkPlus Inc.
p.33
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE CSR Safety
p.35
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE Resignation
p.37
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE BAF
p.39
unresolved
org
Mitsui Co. Ltd.
p.39
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS UTAMA IKHTISAR PERFORMANCE
p.41
unresolved
org
PT Fitch Ratings Indonesia
p.41 ×2
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE Result
p.43
unresolved
org
PT Pemeringkat Efek Indonesia
p.43
unresolved
person
Lynn
p.44 ×2
unresolved
person
Charles Gultom
· Director
p.44
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE IDX Channel
p.45
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE AWARD
p.47
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE Leadership Indonesia
p.49
unresolved
person
Charles
p.49
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE REPORT FROM
p.57 ×2
unresolved
org
PT Pemeringkat
p.59
unresolved
org
Public Accountant Firm Imelda & Partners
p.62
unresolved
person
Tetsuya
p.63 ×2
unresolved
org
Financial Services Authority
p.63 ×6
unresolved
person
Azharuddin Lathif
p.63
unresolved
person
Ahmad Ifham
p.64
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE Implementation
p.65
unresolved
org
Bank Indonesia
p.69
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE Through
p.75
unresolved
org
Co. Ltd.
p.78 ×10
unresolved
person
Marina Soewarna
p.78
unresolved
—
Daikoku
· President Commissioner
p.78 ×2
unresolved
org
PT BUSSAN AUTO FINANCE ANNUAL
p.84 ×4
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE STATEMENT
p.85
unresolved
org
PT Sinergi Autoindo Abadi
p.88 ×5
unresolved
org
PT Yamaha Indonesia Motor Manufacturing
p.88 ×6
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE Legal Basis
p.89
unresolved
person
Sugiri Kadarisman
· Notaris
p.89
unresolved
org
Minister of Justice
p.89
unresolved
org
PT Yamaha Motor Kencana Indonesia
p.89
unresolved
org
PT Lenggara Gunasejahtera
p.89
unresolved
org
PT Mitsui Indonesia.
p.89 ×2
unresolved
org
PT Ciptadana LOCATIONS ACROSS INDONESIA
p.89
unresolved
org
Yamaha Motor Co. Ltd.
p.89
unresolved
org
PT Pembiayaan Getraco Indonesia
p.89
unresolved
org
PT Danamon Sanggrahan
p.89 ×2
unresolved
org
PT Danamon Mits Otomotif Finance
p.89
unresolved
org
Motor Co. Ltd.
p.89
unresolved
org
PT Sinergi In
p.89
unresolved
org
PT Lenggara
p.89
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE MISSION
p.91
unresolved
org
Ministry of Law and Human
p.94
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE PRODUCT
p.95
unresolved
org
India Pvt. Ltd.
p.98
unresolved
org
Circular Shareholders Planning Yamaha Motor India Pvt. Ltd.
p.98
unresolved
org
Toyota Motor Corporation
p.98 ×2
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE MASAMI SHIOBARA
p.99
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE DANI FIRMANSJAH
p.101
unresolved
org
Baruprana Finance Tbk
p.101
unresolved
org
PT Aditama Finance
p.101
unresolved
org
PT Smart Multifinance
p.101
unresolved
org
PT Buana Finance He
p.101
unresolved
org
PT BFI Finance
p.101
unresolved
org
PT Saseka Gelora Finance
p.101
unresolved
org
PT IFS Capital Indonesia
p.101
unresolved
org
PT Indosurya Inti
p.101
unresolved
org
Intan Baruprana Finance Tbk
p.101 ×2
unresolved
org
PT Intan
p.101
unresolved
org
Circular Shareholders Statements Internasional Indonesia Tbk
p.102
unresolved
org
PT BNI Multifinance
p.102
unresolved
org
PT AEON Credit Service Indonesia.
p.102 ×2
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE NURDAYADI INDEPENDENT
p.103
unresolved
org
Waters Indonesia Tbk
p.103
unresolved
org
PT Akasha
p.103
unresolved
org
Wira International Tbk
p.103
unresolved
org
Bank Merincorp
p.103
unresolved
org
PT Bussan
p.103
unresolved
org
PT Ades PROFILE
p.103
unresolved
org
PT Standard Chartered Bank
p.104
unresolved
org
PT Bank Danamon She
p.104
unresolved
org
Indonesia Tbk
p.104
unresolved
org
PT UOB Indonesia
p.104
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE AKIRA SUGAI
p.105
unresolved
org
Vice President Process Centre Ltd.
p.105
unresolved
org
Bussan Auto Finance India Pvt. Ltd.
p.106
unresolved
org
Strategy Planning Yamaha Motor India Pvt. Ltd.
p.106
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE SIGIT SEMBODO
p.107
unresolved
org
PT Primus Financial Services
p.107
unresolved
org
PT Subentra Finance
p.108
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE CHARLES GULTOM
p.109
unresolved
org
PT ANZ Panin Bank
p.109
unresolved
org
PT Adira Finance
p.109
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE ASSOCIATE
p.111
unresolved
org
Danamon Indonesia Tbk
p.111
unresolved
org
PT Central Sentosa Finance
p.111
unresolved
org
PT Toyota Astra
p.112
unresolved
org
PT GOTO Indonesia Management Department Head
p.112
unresolved
org
PT Mandiri Tunas
p.112
unresolved
org
PT Nissan Financial Services
p.112
unresolved
org
PT Bank UOB
p.112
unresolved
org
Bank UOB (2015 – 2017),
Indonesia
p.112
unresolved
org
PT Bank OCBC
p.112
unresolved
org
NISP Tbk.
· Director
p.112
unresolved
org
PT Yamaha Indonesia Motor
p.114
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE As
p.115
unresolved
org
PT Yamaha Mitsui
p.115
unresolved
org
Bank West Client
p.117
unresolved
org
Barclays Securities Japan Limited
p.117
unresolved
—
Tatsuo Yasunaga
· Representative Director, Chair of the Board of Directors
p.117
unresolved
—
Kenichi Hori
· Representative Director, President and Chief Executive Officer
p.117
unresolved
—
Motoaki Uno
· Representative Director, Executive Vice President
p.117
unresolved
—
Yoshiaki Takemasu
· Representative Director, Executive Vice President
p.117
unresolved
—
Kazumasa Nakai
· Representative Director, Senior Executive Managing Officer
p.117
unresolved
—
Tetsuya Shigeta
· Representative Director, Senior Executive Managing Officer
p.117
unresolved
—
Makoto Sato
· Representative Director, Senior Executive Managing Officer
p.117
unresolved
—
Toru Matsui
· Representative Director, Senior Executive Managing Officer
p.117
unresolved
—
Samuel Walsh
· Director
p.117
unresolved
—
Takeshi Uchiyamada
· Director
p.117
unresolved
—
Masako Egawa
· Director
p.117
unresolved
—
Fujiyo Ishiguro
· Director
p.117
unresolved
—
Sarah L. Casanova
· Director
p.117
unresolved
—
Jessica Tan Soon Neo
· Director
p.117
unresolved
—
2023 ANNUAL REPORT & SUSTAINABILITY
· 117
p.117
unresolved
—
Kimiro Shiotani
· Commissioner
p.118
unresolved
—
Hirotatsu Fujiwara
· Commissioner
p.118
unresolved
—
Kimitaka Mori
· Commissioner
p.118
unresolved
—
Yuko Tamai
· Commissioner
p.118
unresolved
—
Makato Hayashi
· Commissioner
p.118
unresolved
org
is under Mitsui & Co., Ltd. business group.
· of the main business units. Service area coverage Mitsui
p.118
unresolved
—
into 16 main business units, as of March 31, 2023.
· as of October 1, 2023 (Source: Mitsui & Co.,Ltd. Company
p.118
unresolved
org
As of December 31, 2023, the Company has not executed
· listed, including corporate action that caused changes
p.118
unresolved
org
initial public offering at Indonesia Stock Exchange
· in the stocks, such as stock split, reverse stock, shares
p.118
unresolved
—
or other stock exchanges, therefore,
· dividend, bonus shares, changes in shares par value,
p.118
unresolved
—
outstanding, market capitalization based on price at
· deduction of capital, or other information as disclosed
p.118
unresolved
—
stock exchange where the stocks are listed,
· in Financial Service Authority Circular Letter Number 16/
p.118
unresolved
org
Regulations. Legal Consultant Thamrin & Rekan
p.124
unresolved
person
Iswira Laksana
p.124 ×2
unresolved
person
Jiro Yamada
· President Commissioner
p.210 ×4
unresolved
person
Dani
p.210
unresolved
—
Firmansjah
· Independent Commissioner
p.210
unresolved
person
Tetsuya Year
p.210
unresolved
person
Mikio Muramatsu
· Commissioner
p.210
unresolved
person
Charles MP Gultom
p.210
unresolved
—
Ramli
· President Director
p.210
unresolved
person
Minoru Morimoto
p.210
unresolved
person
Lynn Ramli Business Plan Fiscal Year
p.210 ×31
unresolved
person
Approval Memo
· Member
p.272 ×11
unresolved
org
PT BUSSAN AUTO FINANCE HIGHLIGHTS PERFORMANCE POSITION IN
p.273
unresolved
person
Indonesian Citizen
· Member
p.273
unresolved
org
PT BUSSAN AUTO FINANCE CATATAN ATAS
p.516 ×4
unresolved
person
Committe. Based
· Komisaris
p.516
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