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Page 1
Ahead of the Curve
at the Forefront of Indonesia’s
Economic Transformation
2023 Annual Report
PT Saratoga Investama Sedaya Tbk
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Disclaimer
PT Saratoga Investama Sedaya Tbk is committed to presenting annual reports as part of our
responsibility to provide up-to-date information for all stakeholders. This year, we reiterate the
commitment by publishing the 2023 Annual Report containing “forward-looking” statements
that relate to future events, which are, by their own nature, subject to significant risks and
uncertainties. All statements other than statements of historical fact contained in this report,
including, without limitation, those regarding PT Saratoga Investama Sedaya, Tbk. (“Saratoga” or
“Company”) future financial position and results of operations, strategy, plans, objectives, goals
and targets, future developments in the markets where Saratoga participates or is seeking to
participate, and any statements preceded by, followed by or that include the words “believe,”
“expect,” “aim,” “intend,” “will,” “plan,” “look forward to,” “may,” “project,” “estimate,” “anticipate,”
“predict,” “seek,” “should” or words of similar meaning, are forward-looking statements.
The future events referred to in these forward-looking statements involve known and unknown
risks, uncertainties and a variety of other factors, many of which are beyond the control of Saratoga,
which may cause the actual results, performance or achievements to be materially different from
those expressed or implied by the forward-looking statements. Among the factors are in particular
but are not limited to changes in general, national or regional economic and political conditions,
changes in foreign exchange rates, changes in the prices as well as supplies and demand on the
commodity markets, changes in the size and nature of the Company’s competition, changes in
legislation or regulations and accounting principles, policies and guidelines and changes in the
assumptions used in making such forward looking statements.
Further information about risks and uncertainties affecting Saratoga is included throughout our
interim financial statements and disclosures which are available on the Company’s website www.
saratoga-investama.com. Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect; actual results, performance or achievements of Saratoga
may vary materially from those described in the relevant forward-looking statement as being
expected, anticipated, intended, planned, believed, sought, estimated or projected.
Saratoga neither intends, nor assumes any obligation, to update or revise these forward-looking
statements in light of developments which differ from those anticipated. Due to rounding, numbers
presented throughout this annual report and other documents may not add up precisely to the
totals provided and percentages may not precisely reflect the absolute figures.
When relying on forward-looking statements, we advise you to carefully consider the possibility
of such risks, uncertainties and events, especially in light of the political, economic, social and
legal environment in which Saratoga, its subsidiaries and affiliates operate. Saratoga makes
no representation, warranty or prediction that the results anticipated by such forward-looking
statements will be achieved, and such forward looking statements represent, in each case only
one of many possible scenarios and should not be viewed as the most likely or standard scenario.
Accordingly, you should not place undue reliance on any forward-looking statements.
The 2023 Annual Report of PT Saratoga Investama Sedaya Tbk is available for download on:
https://saratoga-investama.com.
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Table of Contents
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Disclaimer 1 Consolidated Statements of 45 Diversity of the Composition of the 67
Table of Contents 2 Financial Position Board of Commissioners and the
Board of Directors
Consolidated Statements of Cash 46
Performance Snapshot: Flow Disclosure of Affiliation 68
Demonstrating Value
Collectability of the Receivables 47 Induction Program for Newly 68
Our Strategic Investment Portfolios 4 Appointed Director and/or
Ability to Service Debt 47
Commissioner
2023 Corporate Actions 4 Capital Structure and Management 47
Committees Accountable 69
Key Highlights 5 Policies Concerning Capital
to the Board of Commissioners
Structure
Investment Milestones 6 Committees Accountable to the 73
Realization of Capital Goods 47
Saratoga in Brief 8 Board of Directors
Investment
Financial Highlights 10 Corporate Secretary 75
Subsequent Events 47
Significant Events 12 Internal Audit Unit 76
Business Prospects 47
Awards 12 Corporate Communication 78
Comparison Between Target/ 48
Projection at the Beginning of Investor Relations 78
Management the Year and Actual Results of
Other Corporate Governance 79
Report Operations
Information
Report of the Board of 14 Target for 2024 48
Administrative Sanction 79
Commissioners Material Commitments for Capital 48
Legal Case 79
Report of the Board of Directors 17 Goods Investment
Code of Conducts 79
Marketing Aspects of the 48
Portfolio Company’s Products and Services Internal Control Systems 80
Performance External Auditor 81
Dividend and Dividend Policy 48
Publicly Listed Companies 22 Realization of the Use of Proceeds 49 Whistleblowing System 82
Private Companies 24 Material Information on Investment, 49 Risk Management 84
Company Expansion, Divestment, Business Implementation of the Corporate 86
Merger/Consolidation, Acquisition, Governance Guidance
Profile Capital/Debt Restructuring,
Corporate Data 26
Transactions with Affiliated Parties, Corporate Social
and Transactions Containing
Conflict of Interests
Responsibility
Organization Structure 27
Our Management Team 28 Changes in Regulations with 49 Corporate Social Responsibility 90
Significant Impact on the Company
Board of Commissioners 28 Community Empowerment 90
Changes in Financial Accounting 49
The Board of Directors 31 Standards with Impacts for the Social and Cultural Development 91
Corporate Structure as of 32 Company
Environmental Protection 91
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
December 31, 2023
Corporate CSR Allocations for 2023 92
Shareholders Information 34
Governance Employee Health, Safety and 92
Share Listing Chronology 35
Welfare
Stock Highlights 36 Corporate Governance 52
Our Subsidiaries 37 Assessment of Corporate 52
Capital Market Supporting 37 Governance Implementation Statements of 94
Institutions and Professionals Roles of Organs of the Governance 53 Responsibility
Human Capital 38 Structure and Accountability by the Members
Management Discussion Shareholders’ Rights 54 of the Board of
and Analysis General Meeting of Shareholders 54 Commissioners and
(GMS)
the Board of Directors
Management Discussion and 42 The Board of Commissioners 61
Analysis Financial
The Board of Directors 64
Review of Operations 42
Succession Planning 66 Statements
Net (Loss) Gain on Investment in 43
Remuneration Policy and 67
Shares and Other Securities
Assessment on Members of the
Dividend and Interest Income 43 Board of Commissioners and the
Net Asset Valuation as of 31 44 Board of Directors
December 2023 and 2022
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Performance Snaphot: Management Portfolio Company Management Discussion Corporate Corporate Social
Demonstrating Value Report Performance Profile and Analysis Governance Responsibility
3
Performance Snapshot:
Demonstrating Value
Chapter 01
Page 6
Our Strategic
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Investment Portfolios
We continue seeking strategic investment opportunities, in both natural-resources based sectors and new growth sectors, including
early-stage companies, which we believe to be able to generate a long-term, profitable prospects for the Company in particular and
positive impacts to all stakeholders on the sustainable basis.
Our Current Portfolios
MERDEKA COPPER GOLD
BLUE-CHIP
Precious Metals
TOWER BERSAMA INFRASTRUCTURE
Technology and Digital Infrastructure
ADARO ENERGY INDONESIA
Energy and Resources
MITRA PINASTHIKA MUSTIKA XURYA
GROWTH
Automotive Solar Energy
SAMATOR INDO GAS CITY VISION
Consumer and Industrial Gas Digital Media Advertising
MULIA BOSCO LOGISTIK PROVIDENT INVESTASI BERSAMA
Cold-Chain Logistics Investments
FOREST CARBON NUSA RAYA CIPTA
Carbon Offset Credit Constructions
DELTOMED ZAP
Herbal Supplement Beauty and Health Clinic
JULO PROVIDENT GROWTH FUND
DIGITAL
TECHNOLOGY
Financial Technology Technology Fund
SIRCLO SC TECHNOLOGY INVESTMENT LP
e-Commerce Solution Technology Fund
FUSE
Insurance Technology
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
2023 Corporate Actions
Initial Public Offering (IPO) of PT Merdeka Battery Materials Tbk In first half of 2023, Saratoga distributed a final cash dividend for
(ticker code: MBMA), a subsidiary of PT Merdeka Copper Gold 2022 financial year amounting IDR1 trillion or IDR75 per share
Tbk, on April 18, 2023 at Indonesia Stock Exchange (IDX). The IPO with dividend yield of 4.4%. The cash dividend increased 28%
was followed by an acquisition of 60% ownership of a Morowali- compared to the amount of cash dividend paid in the previous
based high-grade nickel matte conversion facility, PT Huaneng year amounting IDR810 billion or IDR60 per share.
Metal Industry (HNMI), in June 2023, thus strengthening MBMA's
cash flow and generating additional profit margin from sale of
nickel matte product.
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Key Highlights
Performance Snaphot:
Demonstrating Value
2023
Active Investing Disciplined Execution
on a Net Basis
Management
(billion Rupiah)
Report
2021 2022 2023
Opportunities 136 201 124
18,290
Preliminary
61 50 23
Performance
Assessments
Portfolio
Desktop
28 32 10
Diligence
Term Sheet 10 7 4
Company
2,152
Profile
1,317
New
7 4 3
Investment
2021 2022 2023
Value Generation Dividends Income
Management Discussion
(Net Asset Value)
and Analysis
(billion Rupiah) 2021 2022 2023
ADRO 1,098 1,906 2,138
MPMX 291 455 342
60,931
PALM 0 137 0
56,316
48,854
TBIG 248 76 289
Governance
Corporate
Deltomed 5 8 6
NRCA 3 3 7
AGII 1 3 2
Corporate Social
Responsibility
PRAY 0 3 0
2021 2022 2023
Others 2 0 0
Total 1,648 2,591 2,784
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Investment
Milestones
2002-2006 2007-2009 2010 2011 2012 2013 2014 2015
NAV PER SHARE (IDR)*
1,431 1,492 1,635
1,311
1,222
1,001
712
108
PT Adaro PT Adaro PT Agro Maju PT Medco Power Interra Resources Finders PT Trimitra Karya PT Paiton
Indonesia Energy Tbk.** Raya Indonesia Limited Resources Jaya Energy
Natural Resources Natural Resources Natural Resources Infrastructure Natural Resources Limited (holding of PT Infrastructure
Coal & Energy Coal & Energy Palm Plantation Power Generation Oil & Gas Natural Resources Merdeka Copper Power Generation
Polymetallic Gold Tbk.) Natural
Resources Gold
SARATOGA INVESTMENT ACTIVITY
PT Banyan Mas PT Tower PT Mitra PT Tri Wahana Seroja PT Nusa Raya
Infrastructure Bersama Pinasthika Universal Investment Cipta Tbk.
Telco Tower Infrastructure Mustika Tbk. Infrastructure Limited Infrastructure
Tbk. (previously Consumer Oil Refinery Infrastructure Construction
PT Banyan Mas) Automotive Freight Chartering
Infrastructure
Telco Tower
PT Tenaga PT Etika Karya Sihayo Gold PT Mitra
Listrik Gorontalo Usaha Limited Pinasthika
Infrastructure Consumer Natural Resources Mustika Tbk.
Power Generation Property Gold Consumer
Automotive
PT Lintas Marga Sumatra Copper
Sedaya and Gold Plc
Infrastructure Natural Resources
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Toll Road Polymetallic
PT Provident
Agro Tbk.***
Natural Resources
Palm Oil
Plantation
PT Adaro PT Tower Bersama PT Provident PT Mitra PT Merdeka
Energy Tbk. Infrastructure Tbk. Agro Tbk. Pinasthika Copper Gold Tbk.
LISTING
Mustika Tbk.
PT Saratoga
Investama
Sedaya Tbk.
Issued EB of
USD100 million
DIVESTMENT
* NAV per share for 2002-2020 is restated following the stock split in 2021.
** As of February 16, 2022, the name PT Adaro Energy Tbk. has changed to PT Adaro Energy Indonesia Tbk.
*** As of August 23, 2022, the name PT Provident Agro Tbk. has changed to PT Provident Investasi Bersama Tbk.
**** As of December 12, 2022, the name PT Aneka Gas Industri Tbk. has changed to PT Samator Indo Gas Tbk.
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Performance Snaphot:
Demonstrating Value
2016 2017 2018 2019 2020 2021 2022 2023
Management
Report
4,492
4,152
3,601
Performance
2,337
Portfolio
1,648 1,685
1,440
1,163
Company
PT Mulia Bosco PT Deltomed PT Aneka Gas JULO Teknologi SIRCLO AtriaDC ZAP
Profile
Logistik Laboratories Industri Tbk.**** Financial e-Commerce Data Center Health and Beauty
Consumer Consumer Consumer Financial Solution Clinic
Cold-chain logistics Herbal Medicine Industrial Gas Technology
Service
PT Famon Awal FUSE Forest Carbon
Bros Sedaya Insurance Carbon Offset
Consumer Technology Credit
Healthcare Platform
Management Discussion
and Analysis
Xurya Daya
Indonesia
Solar Energy
City Vision
Digital Media
Advertising
Governance
Corporate
PT Famon Awal
Bros Sedaya Tbk.
Divested Divested Divested Divested
PT Pulau Seroja PT Lintas Marga PT Batu Hitam PT Famon Awal
Jaya Sedaya Perkasa Bros Sedaya Tbk.
(Paiton Energy) AtriaDC
Corporate Social
Responsibility
Divested palm Divested
plantation assets PT Medco Power
of PT Provident Indonesia
Agro Tbk. with a
market premium
price per hectare
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Saratoga in Brief
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Our Existence Our Activities
For almost three decades since our establishment year in 1997, Invest
PT Saratoga Investama Sedaya Tbk (IDX Code: SRTG) has built a With passion for excellence, we make active and early approaches
strong reputation of being the leading active investment company to investment opportunities where significant value can be added.
in Indonesia. Our vast range of investment portfolios is indeed
a unique track record which represents our bold commitment to Grow
constantly creating values for our stakeholders in particular and We actively support our investment, leverage our expertise
the country in general. in investment management, sector knowledge and wide-
ranging access to debt and equity capital markets, locally and
Among our investment portfolios are blue-chip companies with internationally.
established reputation in the sectors where they operate, as well
as new growth sectors consisting of private companies and early- Monetize
stage start-ups with long-term prospects. We actively manage our investments and provide our investee
companies with a broad range of capital market and strategic
placement opportunities.
Our Vision, Mission, and Core Values
VISION
A WORLD-CLASS ACTIVE INVESTMENT COMPANY
IN INDONESIA THAT EXCELS ON THE BACK OF STRONG
CORPORATE CHARACTERS TO CREATE VALUE
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
FOR OUR STAKEHOLDERS AND THE NATION.
MISSION
TO BE THE PARTNER OF CHOICE FOR INVESTORS
TO PARTICIPATE IN THE DYNAMIC GROWTH
OF INDONESIA.
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Performance Snaphot:
Demonstrating Value
Core Values Corporate Characters
Management
WORK HARD INTEGRITY
Report
WORK SMART PASSION & ENERGY
WORK THOROUGHLY COMPETENCE &
WORK WHOLEHEARTEDLY CAPABILITY
Performance
Portfolio
Company
Profile
"AN ACTIVE INVESTMENT COMPANY IN INDONESIA"
The Three Pillars of Our Active Investment The Implementation of Our Dynamic
Methodology Investment Model
Management Discussion
Our investment activities are guided by three pillars, namely To ensure the sustainable future of our investments and to
and Analysis
Platforms, Partnerships and Value Creation. adapt to the dynamically growing market trends, we continue to
refine our investment strategies. From being focused on natural
Platforms resources, we expand the investment portfolios by growing
Every investment is viewed as a strategic foundation for organic opportunities in infrastructure and consumer sectors, and
expansion as well as a platform for prospective acquisitions participating in other new growth sectors, including the rapidly
across the whole value chain. expanding digital technology space and green economy, which
have developed into main pillars of Indonesia’s economic growth.
Partnerships
We work closely with entrepreneurs whose contributions are Our portfolio is spread across:
critical to ensure continuity and performance. Working with global • Early stage companies with significant upside;
Governance
professional investors, our role is defined as a vital local partner, • Growth companies with proven business model and strong
Corporate
providing extensive knowledge of the market and regulatory financial performance; and
environment. • Listed blue chip companies with well-established market
positions, offering long term growth and capital appreciation.
Value Creation
We provide capital support, operational input, and financial
advisory to our investee companies. We also provide them with
industry expertise, which includes knowledge and technology, to
enhance their business performance.
Corporate Social
Responsibility
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Financial
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Highlights
Consolidated Statements of Financial Position
(billion Rupiah)
Description 2021 2022 2023
Assets
Cash and Cash Equivalents 462 863 665
Investments in Shares and Other Securities 59,695 61,518 49,008
Other Assets 995 1,390 1,272
Total Assets 61,152 63,771 50,945
Liabilities
Borrowings 3,935 1,544 926
Other Liabilities 1,202 2,411 1,231
Total Liabilities 5,137 3,955 2,157
Equity
Net Equity Attributable to Owners of the Company 55,994 59,815 48,709
Non-controlling Interest 21 1 79
Total Equity 56,015 59,816 48,788
Total Liabilities and Equity 61,152 63,771 50,945
Consolidated Statements of Profit or Loss and Other Comprehensive Income
(billion Rupiah)
Description 2021 2022 2023
Income (Loss)* 26,061 6,301 (10,971)
Expenses (365) (442) (338)
Profit (Loss) Before Income Tax 25,696 5,859 (11,309)
Profit (Loss) for the Year 24,892 4,626 (10,151)
Total Comprehensive Income (Loss) for the Year 24,895 4,586 (10,125)
Profit (Loss) for the Year Attributable to:
Owners of the Company 24,890 4,616 (10,150)
Non-controlling Interests 2 10 (1)
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Total Comprehensive Income (Loss) for the Year Attributable to:
Owners of the Company 24,893 4,587 (10,125)
Non-controlling Interests 2 (1) (0)
(Loss) Earning Per Share Basic (Whole Rupiah) 1,846 342 (750)
* Include net gain (loss) on investments in shares and other securities.
Total Assets Total Liabilities
(billion Rupiah) (billion Rupiah)
5,137
63,771
3,955
61,152
50,945
2,157
2021 2022 2023 2021 2022 2023
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Performance Snaphot:
Demonstrating Value
Financial Ratios
(in percentage or multiple)
Description 2021 2022 2023
Growth Ratios (%)
Income 185 (76) (274)
Management
Report
Expense (17) 21 (24)
Profit for the Year 182 (81) (319)
Total Comprehensive Income for the Year 182 (82) (321)
Total Assets 74 4 (20)
Total Liabilities 41 (23) (45)
Total Equity 78 7 (18)
Performance
Portfolio
Operating Ratios (%)
Expense/Income 1 7 (3)
Profit for the Year/ Income 96 73 93
Total Comprehensive Income for the Year/Income 96 73 92
Total Profit for the Year/Average Total Assets 52 7 (18)
Total Comprehensive Income for the Year/Average Total Assets 54 10 (19)
Total Profit for the Year/Average Net Equity 57 8 (19)
Company
Profile
Total Comprehensive Income for the Year/Average Net Equity 57 8 (19)
Financial Ratios (x)
Current Assets/Current Liabilities N/A N/A N/A
Total Liabilities/Total Assets 0.08 0.06 0.04
Total Liabilities/Total Equity 0.09 0.07 0.04
Total Debt/Total Assets 0.06 0.02 0.02
Management Discussion
Total Debt/Net Equity 0.07 0.03 0.02
and Analysis
Consolidated Statements of Cash Flow
(billion Rupiah)
Description 2021 2022 2023
Net Cash from (used in) Operating Activities (363) 3,707 1,408
Net Cash (used in) Investing Activities - (1) (1)
Net Cash from (used in) Financing Activities 383 (3,386) (1,611)
Cash and Cash Equivalent at End of Year 462 863 665
Governance
Corporate
Total Equity (Loss) Profit Attributable to Owners of the
(billion Rupiah) Company (billion Rupiah)
59,816
24,890
56,015
Corporate Social
Responsibility
48,788
4,616
(10,150)
2021 2022 2023 2021 2022 2023
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Significant
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Events
Saratoga Investment Summit Saratoga Buka Puasa Bersama
26 January 2023 13 April 2023
Saratoga RUPST & Public Expose Saratoga Talk - Clean Air Saratoga Year End 2023
15 May 2023 21 November 2023 8 December 2023
Saratoga celebrated Christmas at Saratoga Employee Sales Training
senior living 11 December 2023
10 December 2023
Awards
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Bisnis Indonesia Award (BIA) 2023 Tempo-IDN Financial 52 Index Award 2023 A Silver Rank in Accordance to GRI
The Category of Services and Investment Main Index High Capitalization Market Standards 2021 at the Asia Sustainability
Holding Company Reporting Rating 2023
Issuing Agency or Institution:
Issuing Agency or Institution: Tempo & IDN Financial Issuing Agency or Institution:
Bisnis Indonesia Indonesian Institute for Corporate Directorship
(IICD)
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Performance Snaphot: Management Portfolio Company Management Discussion Corporate Corporate Social
Demonstrating Value Report Performance Profile and Analysis Governance Responsibility
13
Management
Report
Chapter 02
Page 16
Report of the Board of
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Commissioners
AMIDST THE GLOBAL
ECONOMIC TURBULENCE
WHICH BROUGHT ADVERSE
IMPACTS ON OUR DOMESTIC
ECONOMY, WE ARE PLEASED
TO ANNOUNCE THAT OUR
INVESTEE COMPANIES STILL
MANAGED TO RECORD
MILESTONE ACHIEVEMENTS,
ALLOWING US TO GENERATE
SIGNIFICANT DIVIDEND
INCOME OF IDR2.8 TRILLION IN
2023.
EDWIN SOERYADJAYA
President Commissioner
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
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Performance Snaphot:
Demonstrating Value
Economy Context monitored implementation to ensure the Company's well-being
and compliance with regulations.
Management
In 2023, Indonesia continued the strong momentum of economic
Report
recovery and demonstrated another year of resilient GDP Additionally, the Board of Commissioners applauds the Board of
growth, despite the worldwide macroeconomic challenges and Directors' commitment to prudent financial management. A strong
heightened geopolitical tension globally. The economic growth cash flow management has always been Saratoga’s top priority,
of 2023 was mostly driven by the strong private consumption particularly amid times of economic uncertainties that often leads
and services in wholesale and retail trade, transportation and to the increase in the central bank’s benchmark interest rate and
tourism, and information and communication sectors. As the pushes up funding costs. Therefore, reducing the debt position
Performance
most populous country in Southeast Asia, Indonesia benefits was an important focus for the Company that not only mitigates
Portfolio
from a youthful, dynamic, and diverse workforce committed to higher interest expenses but also strengthens the Company's
advancing the nation. financial health.
In addition to the strong GDP growth, Indonesia effectively Overview of the Business Prospect for 2024
managed headline inflation, interest rates, and currency volatility,
while also witnessing a steady decline in unemployment Despite global and local challenges, the board remains optimistic
rates. This achievement underscores the government's adept about Indonesia's economic prospects in 2024. As Southeast
leadership in navigating challenges with prudence and diligence. Asia's largest and most diversified economy, Indonesia
Company
Profile
possesses inherent advantages. We have full confidence in the
Reflecting on Indonesia's history, the nation has built a track Board of Directors continued prudent approach and their ability to
record of navigating challenges and maintaining economic capitalize on investment opportunities with lasting positive impact
stability when faced with adversity, and we are grateful that we to the overall economy.
are able to operate our business and investment on such a strong
foundation. We strongly endorse their proposed investment strategies
targeting the healthcare, consumer products, digital infrastructure,
Overview of Saratoga’s Performance in 2023 and renewable energy sectors. These sectors have significant
Management Discussion
potential for growth as market confidence improves, offering
and Analysis
We are pleased to announce the following highlights of Saratoga’s long-term value for our investments.
performance in 2023:
• Generated dividend income of IDR2.8 trillion, driven by the Overview of the Implementation of Good
contribution from PT Adaro Energy Indonesia Tbk. (ADRO), Corporate Governance
PT Mitra Pinasthika Mustika Tbk. (MPMX) and PT Tower
Bersama Infrastructure Tbk. (TBIG). Saratoga's unwavering commitment to the implementation
• Made a new investment in PT Zulu Alpha Papa (ZAP), of Good Corporate Governance (GCG) is fundamental to our
Indonesia's leading beauty and health clinic chain with more corporate ethos. We firmly believe that enhancing the quality of
than 90 branches throughout the country. GCG implementation will not only fortify the ethical foundation
• Increased its stake in PT Mulia Bosco Logistik (MBL) to 62.9% of our operations but also yield a more substantial and positive
Governance
from 32.0%, establishing majority ownership of the company. commercial impact on the company.
Corporate
• Reduced the total outstanding debt amount to IDR930
billion from IDR1,551 billion (2022), a 40% decrease. This This year signifies the initiation of our ESG roadmap, a
also resulted in interest expenses decline of 49% from the comprehensive guide aimed at establishing proper environmental,
previous year. social, and governance practices across all facets of our business,
ensuring the sustainable operation of the Company.
Assessment of the Board of Directors’
Performance To address the diverse sectors within Saratoga's investment
portfolio, we are actively monitoring and enhancing the roadmap.
Corporate Social
Responsibility
Reflecting on 2023, the Board of Commissioners commends We adopt multiple global standards including Sustainable
the Board of Directors for its overall performance. Together with Development Goals (SDG), International Finance Corporation’s
my fellow commissioners, we actively supported their strategic (IFC) Performance Standards on Environmental and Social
initiatives, which effectively navigated challenges and translated Sustainability, Sustainability Accounting Standards Board (SASB)
them into opportunities for our Group. The Board of Directors and ISO 26000 to align our ESG roadmap to international best
remained focused on its investment strategies, which aligned practices, ensuring meaningful progress and impact from our ESG
well with the current economic dynamics, and we diligently commitments.
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Our People and the Country On a personal note, education and welfare have always been
close to my heart. I firmly believe that investing in our people is
With an excellent Board of Directors in place and well- the most valuable investment we can make. That's why, beyond
established good corporate governance implemented, my leading Saratoga, I dedicate significant time to supporting these
fellow commissioners and I now have the privilege to focus on causes. Giving back to the nation that has given us so much is not
strategic reflection and future growth. Our aim is to conduct just a responsibility, but a personal privilege.
a comprehensive evaluation of our impact on employees,
stakeholders, and, most importantly, Indonesia's well-being. As we step into the future, I invite you to join us on this journey of
This assessment will guide how we can further contribute and shared growth and impact. Together, let's build a brighter future
maximize our positive influence in the coming years. for Indonesia, one where economic prosperity goes hand-in-hand
with social well-being.
Ten years ago, when we embarked on Saratoga's IPO journey, it
was driven by a simple belief: that we would not only create value Appreciation
for our shareholders but also make a positive impact on the lives
of Indonesians. As I look back, a deep sense of gratitude fills me We express our gratitude to the Board of Directors and the
as I see how far we have come. dedicated employees of the Company for their unwavering
commitment to their assigned responsibilities. Their adaptability
Over the past decade, we have deployed over IDR10 trillion and responsiveness to current business and economic dynamics
into Indonesia's economy, creating over 50,000 jobs in diverse are commendable.
industries. We have built toll-roads that connect people, power
plants that light homes, and communication towers that bridge We recognize that Saratoga may face external challenges that
distances. More recently, we have expanded our focus to sectors could impact our goals. However, our strategies are thoughtfully
like healthcare, renewable energy, and digital technology, aiming devised to navigate the dynamic landscape positively. We are
to be at the forefront of Indonesia's progress. committed to seizing every investment opportunity, ensuring the
generation of optimal returns for our stakeholders, and fostering
Balancing profitability with societal impact has always been our the Company's sustainable growth outlook.
guiding principle, and we recognize that our journey towards this
ideal is a continuous one. We remain committed to our promise,
driven by the belief that a thriving Indonesia rests on the well-
being of its people.
Sincerely Yours,
EDWIN SOERYADJAYA
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
President Commissioner
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Report of the Board of
Performance Snaphot:
Demonstrating Value
Directors
Management
Report
DEAR STAKEHOLDERS,
IT IS A PLEASURE FOR SARATOGA’S
BOARD OF DIRECTORS TO PRESENT
THE 2023 ANNUAL REPORT WHICH
SUMMARIZES BOTH THE OPERATIONAL
Performance
Portfolio
AND FINANCIAL PERFORMANCES OF
THE COMPANY FOR THE YEAR.
WHEN WE ENTERED 2023, WE HAD A
FEW REASONS TO BE UPBEAT ABOUT
THE OUTLOOK OF THE GLOBAL
Company
ECONOMY. THE PANDEMIC WAS
Profile
FINALLY BEHIND US, CHINA RE-OPENED
ITS BORDER TO THE WORLD AND THE
EUROPEAN ECONOMY WAS COPING
REASONABLY WELL WITH THE HIGH
ENERGY PRICE AND INFLATION. AS THE
YEAR PASSED BY, A FEW IMPORTANT
Management Discussion
ECONOMIC AND GEOPOLITICAL EVENTS
and Analysis
TOOK PLACE WHICH EVENTUALLY LED
TO A LESS OPTIMISTIC INVESTMENT
ENVIRONMENT GLOBALLY.
DOMESTICALLY, INDONESIA ENJOYED
A STRONG ECONOMIC RECOVERY IN
2022 AND THE MOMENTUM CARRIED
ON IN 2023, DRIVEN MOSTLY BY THE
Governance
Corporate
IMPROVING PRIVATE CONSUMPTION
AND EXPORT PERFORMANCE. THE
COUNTRY REGISTERED A GDP GROWTH
OF 5.05% IN 2023, A WELL-MANAGED
AVERAGE INFLATION RATE OF LESS
THAN 3% AND A STABLE CURRENCY.
Corporate Social
Responsibility
MICHAEL W. P. SOERYADJAYA
President Director
17
Page 20
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Strategy Focus: Staying Ahead of the Curve As Saratoga embarked on its public listing journey in 2013, our
mission was to showcase Indonesia as an exceptional investment
In the face of a challenging global economic landscape, we are destination, enticing international investors to contribute to our
delighted to share a robust performance report for the company, thriving nation. A decade later, I firmly believe we are on the
underscored by the resilient growth exhibited by our portfolio right trajectory to realize our vision. Our stakeholder base now
companies. Alongside my fellow Directors, we navigated these spans the globe, and our collaborations with sector-leading
economic challenges with confidence and fortitude. international players in diverse co-investment projects have
expanded our horizons. These partnerships not only validate the
We are fortunate to have an exceptional team of Commissioners, potential of Indonesia but they also unlock doors to cutting-edge
fellow Directors, and dedicated employees, spanning both technologies and industry trends, keeping us at the forefront of
Saratoga and our portfolio companies. Together, we share a progress.
common investment vision: Staying Ahead of the Curve. Our aim
is to construct a portfolio that not only spans various sectors but, In this fast-paced and ever-evolving business landscape, we
more crucially, strategically positions us in the right ones. recognize the paramount importance of staying ahead of the
curve to maintain competitiveness. This commitment runs deep
Reflecting on the Company's performance in 2023, the within our company culture, fueled by the strength and agility of
emphasis on diversification within the right sectors proved to be our team. Looking forward to the future growth of the Company, I
instrumental. Our commodity-centric portfolio companies, such as am mindful of the importance of maintaining rigorous discipline in
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
PT Adaro Energy Indonesia Tbk. (ADRO) and PT Merdeka Copper executing our investment strategy and building the right team will
Gold Tbk. (MDKA), reaped the benefits of favorable commodity be critical to keeping us at the forefront of our industry.
prices throughout 2022 and 2023. Simultaneously, our
consumer-driven investments, exemplified by PT Mitra Pinasthika 2024 Business Outlook
Mustika Tbk. (MPMX), PT Mulia Bosco Logistik (MBL), and PT Zulu
Alpha Papa (ZAP), capitalized on the momentum of a recovering Entering 2024, I believe we have good reasons to be optimistic
consumer demand in 2023. about the outlook of the year. Globally the inflation pressure
seems to be improving, which will help create a more interest-
While the performance of the digital technology sector rate friendly environment for business owners and investors.
experienced a slight moderation, our conviction in its Domestically, Indonesia entered the new year with a steady
potential remains unwavering. We perceive it as a gateway to economic condition, fair inflation environment and low
Indonesia's future economy, and our commitment to this sector unemployment rate.
remains steadfast.
From an investment perspective, our steadfast focus on the
In our previous annual report, we commemorated the 25th long-term positions us to capitalize on potential mispricing and
anniversary of the Saratoga group's establishment. In this report, investment opportunities arising from short-term uncertainty in
we reflect on the 10th anniversary of Saratoga's public listing. the market. Moreover, we remain bullish on the growth potential
These significant milestones have prompted a deep sense of of our portfolio companies, believing there is ample room for
responsibility and immense gratitude within me, directed towards expansion.
my colleagues and our nation.
18
Page 21
Despite prevailing uncertainties, our expectation for 2024
Performance Snaphot:
Demonstrating Value
remains constructive as we are optimistic with the investment
prospects across various sectors in Indonesia. Backed by a deep
commitment to long-term investments and bolstered by robust
resources and a strong network, we remain confident in our
ability to navigate market dynamics effectively.
We have a very dedicated team to deliver professional
management and consultation to guide our portfolio companies
to thrive and generate value for stakeholders in the long run.
Management
At the same time, we remain vigilant, mindful of economic
Report
fluctuations, and exercise prudence in sector selection as part of
our commitment to ensuring business continuity and safeguarding
the interests of the Company and its stakeholders.
Corporate Governance
Performance
We are pleased to announce that 2023 was the first year of
Portfolio
implementing our Environmental, Social, and Governance
(ESG) roadmap, established in 2022. Through this roadmap, we
LANY D. WONG
have further strengthened our commitment to Good Corporate Finance Director
Governance (GCG) practices across Saratoga and its portfolios.
The ESG roadmap serves as a solid foundation, guiding us and our Report of Saratoga’s Finance
portfolio companies to translate ESG commitments into impactful Director
actions, fostering resilience and responsible business practices.
Company
Profile
Throughout 2023, Saratoga prioritized effective cash flow
Looking ahead, Saratoga remains dedicated to raising awareness management as its foremost concern. The objective was
among stakeholders to collectively build a sustainable future. to maintain a lean and efficient balance sheet capable of
We commit to continuous improvement, adapting to evolving supporting the Company's growth and investment strategy
ESG standards, and contributing to a responsible global on all fronts. As of the year-end 2023, Saratoga's total net
business landscape. Our journey is a collaborative effort, and we debt reached IDR263 billion, marking a 62% decrease from
appreciate the ongoing support of our stakeholders in this shared the previous year. With a streamlined balance sheet and a
commitment to sustainability. low Loan to Value (LTV), we maintained agility, effectively
Management Discussion
managing interest costs while ensuring the ability to finance
Appreciation
and Analysis
strategic investments when favorable opportunities arose.
I would like to conclude the report by extending my sincere To maintain a healthy capital structure on our balance sheet,
gratitude to our dedicated employees for their unwavering we remain vigilant in monitoring all funding sources. Our
commitment and outstanding teamwork throughout the objective is to achieve a prudent balance between utilizing
challenging year. Despite the hurdles, we demonstrated resilience our cash reserves and leveraging debt facilities, avoiding
and delivered positive results. overconcentration of risk in any particular channel or with
any specific partner.
I would like to express our honor in collaborating with the
esteemed management executives of our portfolio companies. Looking ahead to 2024, a potentially more interest-rate
Governance
We remain committed to supporting them towards their goals friendly environment is anticipated, driven by a potential
Corporate
and leveraging the extensive resources of Saratoga to further interest rate cut by the US Fed. This could trigger a
enhance the success of our partnered companies. Your continued ripple effect, prompting other central banks to ease
dedication is instrumental to our collective achievements, and we monetary policies as well. A lower interest rate scenario
look forward to the continued journey ahead. is favorable for business and investors, fostering a more
dynamic investment sentiment. We are cognizant of rate
and currency market volatility resulting from central bank
decisions, prioritizing the stability of our balance sheet
through effective cash and currency management.
Corporate Social
Responsibility
19
Page 22
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
exercising extra caution in our screening process as we
persistently search for the most promising deals available in
the market.
Highlighting the achievements within our portfolio, blue-chip
investment such as PT Tower Bersama Infrastructure Tbk.
(TBIG) experienced a year of steady growth, underscoring their
resilience. While PT Adaro Energy Indonesia Tbk. (ADRO) and
PT Merdeka Copper Gold Tbk. (MDKA) profitability remained
robust despite adversely impacted by the normalization of
the commodity price.
Growth-focused investments such as PT Mitra Pinasthika
Mustika Tbk. (MPMX) enjoyed the benefit of the improving
consumer demand. Furthermore, we have made a new
investment in ZAP and increased our stake to majority
ownership in an existing portfolio company, MGM Bosco
Logistics (MBL). Our investment in ZAP marks a strategic
move in our expansion within the healthcare sector, an area
DEVIN WIRAWAN
Investment Director where we maintain strong conviction. Over the past few years,
we have dedicated significant time and effort to augment our
presence in this sector.
Report of Saratoga’s Investment
Director Looking ahead into 2024, considering the potential state of
the global economic environment, our long-term investment
Our team has prioritized close monitoring of our portfolio horizon guides our focus. We remain steadfast in adhering
companies, ensuring they receive the necessary support. to the established strategy, collaborating closely with our
Maintaining open lines of communication with the key teams team and my esteemed fellow Directors. The emphasis will
of the portfolio companies, such as the finance, operation, be on nurturing the business growth of our existing portfolio
sales, and management functions, has allowed us to gain while actively seeking new investments in key sectors like
insights into their performance and offer assistance as healthcare, consumer goods, digital infrastructure, and
needed. Throughout the year, we have actively explored renewable energy. Recognizing these sectors as drivers
opportunities for collaboration among the businesses across of Indonesia's future growth, early entry positions us
our portfolios to create synergies that contribute to the overall advantageously in the investment landscape.
success of our companies.
We firmly believe that successful investments are built
Another priority is to continue looking for attractive investment on diligence, discipline, and unwavering teamwork. With
and value-unlocking opportunities. From past experiences, confidence in the capabilities of our team, I find myself
we recognize that the most favorable opportunities often surrounded by the most capable team that an investment
arise in uncertainty. While some investors may have slowed director can ever wish for and therefore I have no doubt that
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
down during the challenging landscape of 2023, we view this we will continue to persist in delivering the utmost value for
as an opportune moment to identify mispriced or undervalued Saratoga and our valued stakeholders for years to come.
deals. Our commitment is to approach this task with diligence,
On Behalf of the Board of Directors,
MICHAEL W. P. SOERYADJAYA
President Director
20
Page 23
Performance Snaphot: Management Portfolio Company Management Discussion Corporate Corporate Social
Demonstrating Value Report Performance Profile and Analysis Governance Responsibility
21
Performance
Portfolio
Chapter 03
Page 24
Publicly Listed
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Companies
PT Adaro Energy Indonesia Tbk • June 2023: MBMA acquired a 60% stake (40% Tsingshan) in
(Ticker Code: ADRO) PT Huaneng Metal Industry (HNMI) for USD75 million. HNMI
operates a high-grade nickel matte (HGNM) conversion
ADRO, an integrated pit-to-power energy producer with minerals facility within the Indonesia Morowali Industrial Park (IMIP),
processing and renewable energy projects in development, processing low-grade nickel matte (LGNM) into HGNM
recorded several achievements during 2023, both operationally containing 70% nickel. The facility has an annual production
and financially. capacity of 50,000 tons p.a.
• September 2023: MBMA signed a definitive agreement with
After a strong rally of commodity prices in the past two years, GEM to construct a High-Pressure Acid Leach (HPAL) plant
mostly driven by the soaring global demand and heightened with a capacity of 30,000 tons p.a. of contained nickel in
geopolitical tension, the price level has started to normalize Mixed Hydroxide Precipitate (MHP). The plant will be located
in 2023. Although revenue and operational EBITDA softened in the Indonesia Morowali Industrial Park (IMIP) and operated
compared to the previous year, ADRO’s financial position remains under PT ESG New Energy Material (MBMA owns 55% and
robust and the firm has achieved the following key milestones: GEM owns 45%). Target commissioning dates are the end of
2024 for stage 1 and mid-2025 for stage 2. Additionally, the
• In March 2023, a groundbreaking ceremony for the plant will procure and process laterite nickel ore from MBMA’s
Mentarang Induk Hydropower Plant project in Kaltara SCM Mine under a 20-year supply agreement.
(North Kalimantan) took place. The project has an estimated
investment of USD2.6 billion and a capacity to generate 1,375 In addition to operational advancements, MDKA received an
MW of electricity. The project, operated under PT Kayan upgraded ESG rating from MSCI to ‘A,’ solidifying its position
Hydropower Nusantara (KHN), is jointly owned by ADRO as the highest-rated metal and mining producer in Indonesia.
(50%), Sarawak Energy Berhad (25%), and PT Kayan Patria This rating underscores MDKA’s commitment to transparency,
Pratama (25%). accountability, and initiatives to mitigate social and environmental
• In May 2023, ADRO successfully secured financial closure for impacts.
the aluminum smelter project, obtaining a total loan of USD1.6
billion and IDR2.5 trillion. This milestone brings the project PT Mitra Pinasthika Mustika Tbk
closer to the production phase in the upcoming years. (Ticker Code: MPMX)
PT Merdeka Copper Gold Tbk In 2023, MPMX, a leading consumer automotive company,
(Ticker Code: MDKA) implemented strategic initiatives that fueled substantial growth in
revenue and core profit. This exceptional performance was driven
MDKA, a prominent metals and minerals mining portfolio, operates by increased sales volumes of two-wheeled vehicles and notable
gold, copper, nickel, and other mineral extraction projects with improvements in their average sales price (ASP).
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
assets spread across three Indonesian islands. In 2023, MDKA
expanded its operations by focusing on copper and gold The distribution sales of two-wheeled vehicles experienced
production and through its newly listed subsidiary, PT Merdeka significant growth throughout 2023, bolstered by the
Battery Materials Tbk. (MBMA). In pursuit of competitiveness resurgence of private consumption demand and improvements
and future growth, MDKA achieved the following significant in semiconductor supply. Moreover, MPM Rent, a key business
investments and milestones: pillar of MPMX, achieved outstanding results with over 90% fleet
utilization and impressive sales volumes of used cars.
• March 2023: MBMA announced plans to develop a high-
pressure-acid-leach plant at the Indonesia Konawe Industrial These positive earnings outcomes establish a robust foundation
Park in Sulawesi, Indonesia (IKIP HPAL). This HPAL project for MPMX to optimize its current operations while actively
will produce a total of 120,000 tons per annum (p.a.) of nickel pursuing future growth opportunities. The company aims to
equivalent, split into two tranches of 60,000 tons p.a. For explore potential partnerships that will either enhance existing
the first tranche (HPAL 1a), MBMA entered a Memorandum operations or expand its presence into other related businesses
of Understanding (MoU) with Ningbo Brunp Contemporary within the automotive ecosystem.
Amperex Co. Ltd., an affiliate of Brunp CATL.
22
Page 25
Performance Snaphot:
Demonstrating Value
PT Tower Bersama Infrastructure Tbk PT Samator Indo Gas Tbk
(Ticker Code: TBIG) (Ticker Code: AGII)
Management
Report
TBIG, a leading independent tower company in Indonesia, AGII, a leading figure in the medical gas and industrial gases
specializes in leasing space for Base Transceiver Stations (BTS) sectors, continued its trajectory of growth and expansion in 2023.
and other wireless signal transmission equipment under long-term Benefiting from a robust demand recovery across various business
contracts. Additionally, the company offers access to its Distributed sectors, AGII achieved notable increases in both sales and profits.
Antenna System (DAS) networks in shopping malls and office The medical sector emerged as a significant driver of growth, with
buildings across major urban areas in Indonesia. AGII successfully maintaining and expanding its networks within
Performance
both new and existing hospital clientele. Additionally, heightened
Portfolio
Building upon its consistent growth trajectory from 2022, TBIG demand from the manufacturing sector, particularly from oil and
sustained its momentum by adding over 2,000 additional gas customers, further fueled AGII's growth.
tenants throughout 2023. With a network of nearly 22,500
telecommunication sites accommodating close to 42,000 tenants, To bolster profitability and ensure business resilience, AGII
TBIG achieved robust revenue and EBITDA performance. strengthened its balance sheet through strategic measures such
as issuing bonds and sukuk Ijarah. The company successfully
In a strategic move to ensure business continuity and optimize completed the issuance of IDR70 billion in bonds and IDR70
financing, TBIG actively diversified its debt funding resources. billion in sukuk.
Company
Profile
Through the Bond V and VI Program, the company successfully
executed three rupiah-denominated bond issuances in 2023 – in March 2023 marked a pivotal moment for AGII as it welcomed a
February, July, and December – totaling IDR5.5 trillion. This included new shareholder, the globally renowned private equity manager,
IDR5.0 trillion with a tenor of 370 days and IDR500 billion with a CVC Capital Partners. Leveraging CVC's extensive global network
tenor of three years. The proceeds from these bond issuances will and expertise, this partnership is poised to deliver substantial
be utilized to partially repay existing financial liabilities and maintain benefits to AGII, propelling its business growth to new heights.
prudent cash flow management. The strategic partnership is expected to fortify AGII's position in
both the industrial and medical gas sectors in Indonesia, thereby
Management Discussion
indirectly contributing to the nation's economic progress.
and Analysis
Furthermore, AGII embarked on a groundbreaking venture for its
new plant project in the Batang Integrated Industrial Estate (KITB)
in Central Java. Scheduled for commissioning in the fourth quarter
of 2024, this plant marks AGII's 56th facility and is a significant
milestone poised to secure the company's growth prospects. This
development aligns synergistically with the plans of AGII's partner,
KCC Glass Corporation of South Korea, which is constructing a
factory in KITB slated to become one of the largest in Southeast
Asia. AGII had previously sealed a sales and purchase agreement
Governance
with KCC Glass Corporation in November 2022.
Corporate
Corporate Social
Responsibility
23
Page 26
Private
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Companies
Bersama Digital Asia Infrastructure Pte. Ltd. In a notable display of Corporate Social Responsibility (CSR),
(BDIA, holding company of TBIG) Xurya initiated the installation of rooftop solar and solar charging
stations in the Komodo National Park tourist area, specifically on
In 2023, BDIA achieved several significant milestones. In May, Padar Island.
the launch of Bersama Digital Data Centers (BDDC) marked a
pivotal moment. BDDC serves as an in-town data center platform, These remarkable achievements led to Xurya's inclusion in the
designed to be a hub of interconnectivity with an integrated Forbes Asia "100 to Watch List" for the first time. This prestigious
digital ecosystem. Acquiring two sites, namely PT Rumah Data list, curated by Forbes Asia Magazine, acknowledges the
Kita (South Jakarta) and PT PCDC Propco One AtriaDC (West accomplishments of promising small businesses and startups
Jakarta), BDDC boasts a combined capacity of up to 60 MW and that target underserved markets or implement innovative
occupies a data hall area exceeding 20,000 square meters, with technological solutions.
the potential to accommodate over 9,000 racks.
PT Zulu Alpha Papa
BDDC's commitment to sustainability was further recognized when (ZAP)
its sustainable design earned a prestigious award from W.Media, a
renowned name in the global digital and data center industry. The Saratoga’s latest investment in one of Indonesia's leading beauty
"Sustainability in Design & Build" award acknowledges BDDC's and health clinic providers, ZAP, is another highlight of the year.
dedication to sustainable practices in the digital transformation ZAP stands out as a premier beauty and health clinic provider in
era and underscores its alignment with Saratoga's green initiative. Indonesia, boasting a network of over 90 branches nationwide.
Established in 2009 as a pioneer in permanent hair removal
In November 2023, BDDC celebrated a topping-off event for treatments, ZAP has since evolved into a comprehensive skincare
the South Jakarta site, a tier IV data center. This event marked a clinic offering a range of equipment-based services. Staffed by
significant milestone in the completion of a key phase in BDDC's qualified doctors and certified nurses, each clinic features an
latest expansion project. online booking system and integrated data network, ensuring
seamless access to treatments across all locations.
PT Xurya Daya Indonesia
(Xurya) Recognizing the growing demand for specialized skincare
solutions, ZAP launched ZAP Premiere in 2016, emerging as
Xurya, established in 2018, is a leading solar energy firm catering one of Indonesia's leading dermatology clinics. Equipped with
to corporate solar energy needs. Offering flexible options state-of-the-art technology and expertise, ZAP Premiere caters
including outright purchase or leasing of solar panels and grid to clients with diverse skin concerns, further enhancing ZAP's
installations, Xurya serves as a comprehensive solution provider reputation for excellence.
in the solar energy sector.
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
In a testament to its commitment to innovation, ZAP expanded its
The year 2023 proved to be highly successful for Xurya as offerings with the introduction of Men/O/Logy in 2019, Indonesia's
it accelerated its business growth and achieved significant first male grooming clinic chain. This was followed by the launch
milestones. Notably, Xurya doubled its operating capacity of JUVA, a skincare brand complementing ZAP's clinical services.
compared to the previous year, earning the trust of over 100 Additionally, ZAP ventured into health and wellness with the
companies to install and manage rooftop solar systems on their inception of ZAP Health.
buildings. With a total of 150 operational rooftop solar projects
spanning 11 Indonesian provinces, including the recent expansions Throughout its journey, ZAP Clinic has garnered numerous
into Bali and Borneo (Kalimantan), Xurya has effectively offset an accolades and awards, earning the trust of the public for its
estimated 54,000 tons of CO2 emissions in 2023 alone. unwavering dedication to excellence. By prioritizing top-quality
technology, treatment materials, and products, while delivering a
Furthermore, Xurya forged strategic collaborations with PLN Icon five-star service experience, ZAP continues to set the standard for
Plus and PLN UID West Java to create business collaboration premium beauty and healthcare in Indonesia.
plans for utilizing renewable energy, encompassing photovoltaic
systems, energy management systems, carbon management, and
renewable energy certification.
24
Page 27
Performance Snaphot: Management Portfolio Company Management Discussion Corporate Corporate Social
Demonstrating Value Report Performance Profile and Analysis Governance Responsibility
25
Company
Profile
Chapter 04
Page 28
Corporate
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Data
Company The Company Name Address Telephone
Name Change
Menara Karya 15th Floor +62 21 5794 4355
PT Saratoga The Company's name Jl. H.R. Rasuna Said
Investama never changed Block X-5 Kav. 1-2
Jakarta Selatan 12950 Facsimile
Sedaya, Tbk.
+62 21 5794 4365
Email Website
Investor.relations@saratoga-investama.com www.saratoga-investama.com
corporate.secretary@saratoga-investama.com
Association Authorized Issued and Ticker
Membership Capital Paid-Up Capital Code
- Indonesian Public 48,833,400,000 13,564,835,000 SRTG
Listed Companies shares shares
Association
- Indonesia Global
Compact Network
(IGCN)
Business Lines According to Articles of Association Business Lines in the Current Year
The main purposes and objectives of its establishment To achieve the aforesaid main business activities, the
as outlined in the Company’s Articles of Association are: Company may carry on the following supporting business
1. To carry on activities of holding company where the activities:
main activity is ownership and/or control of assets of 1. To provide funding and/or financing as required by
a group of its subsidiaries; and companies in which the Company is investing either
2. To carry out other management consulting activities directly or indirectly; and
where the main activities (as relevant) are: 2. To provide funding and/or financing as required by
a. to provide assistance with advices, guidance companies in the aforesaid company or a group
and business operation and other organizational of companies or in the framework of investment of
and managerial issues, such as strategic and other assets in the aforesaid company or a group of
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
organizational planning, decisions relating to companies.
finance, objectives and marketing policies,
human resource planning, practices and policies,
planning scheduling and production controlling;
and Area of Operations
b. to provide assistance with advices, guidance
Due to the characteristics of Saratoga’s business, we are
and operation of various management functions,
not an operating company. Hence, we do not provide
managerial consultancy, agronomists processing
information about the Company's area of operations.
and agricultural economy in agriculture sector
and the like, design of accounting methods and
procedures, cost accounting programs, budget
supervision procedures, giving of advices and
assistances to businesses and community
services in planning, organizing, efficiency
and supervision management information and
others.
26
Page 29
Organization
Performance Snaphot:
Demonstrating Value
Structure
BOARD OF COMMISSIONERS
Management
EDWIN SOERYADJAYA
Report
(President Commissioner)
BOARD OF
JOYCE SOERYADJAYA KERR
DIRECTORS
(Commissioner)
INDRA CAHYA UNO
SIDHARTA UTAMA
(Independent)
ANANGGA W. ROOSDIONO
(Independent)
Performance
Portfolio
NOMINATION &
AUDIT INVESTMENT
REMUNERATION
COMMITTEE COMMITTEE
COMMITTEE
ANANGGA W. ANANGGA W. EDWIN SOERYADJAYA
ROOSDIONO ROOSDIONO (Supervisor)
(Chairman) (Chairman) MICHAEL W. P.
ARIA KANAKA EDWIN SOERYADJAYA SOERYADJAYA
(Chairman)
HANY GUNGORO HANDIANTO GANIS
LANY D. WONG
Company
Profile
DEVIN WIRAWAN
PRESIDENT
DIRECTOR
MICHAEL W. P.
SOERYADJAYA
Management Discussion
FINANCE PORTFOLIO INVESTMENT
and Analysis
DIRECTOR DIRECTOR DIRECTOR
MICHAEL W. P.
LANY D. WONG DEVIN WIRAWAN
SOERYADJAYA
PORTFOLIO INVESTMENT
OPERATION TEAM TEAM Governance
Corporate
LEGAL AND CORPORATE
INTERNAL AUDIT HR & GA
SECRETARY
UNIT HEAD DIVISION
DIVISION HEAD
LILY HERAWATI SANDI RAHAJU IVONNE LO (ACTING)
Corporate Social
Responsibility
INFORMATION CORPORATE
SYSTEM, ACCOUNTING FINANCE INVESTOR RELATIONS COMMUNICATION RISK MANAGEMENT CORPORATE TAX
& BUDGETING DIVISION DIVISION HEAD AND CSR DIVISION DIVISION HEAD
DIVISION DIVISION HEAD
TINA NURYATI LANY D. WONG KEMAL MAWIRA
RYAN SUAL CATHARINA LATJUBA OLIVIA MAHARANI
(ACTING) (ACTING) (ACTING)
27
Page 30
Our Management
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Team
The composition of the members of Board Board of Commissioners
of Commissioners as well as members
of Board of Directors in 2023 remained
unchanged. However, the Company
ensures that each member of Board of
Commissioners and of Board of Directors
has demonstrated independence and
integrity in their duty implementation. The
profile of each member of the Board of
Commissioners is detailed out as follows:
Edwin Soeryadjaya
President Commissioner
An Indonesian citizen, 74 years old
His appointment as the Company’s President Commissioner was determined through
the EGMS on January 22, 1997, and he is still currently serving the position. He also
serves as the Supervisor of the Investment Committee of the Company and the member
of the Nomination and Remuneration Committee of the Company. He is also one of the
main shareholders of the Company and is affiliated with Michael W. P. Soeryadjaya, the
President Director of the Company and Joyce Soeryadjaya Kerr, the Commissioner of
the Company.
He started his professional career in 1978 by joining in Astra International, one of
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Indonesia’s largest diversified conglomerates company founded by his father. In 1993,
he left his position as the Vice President Director and co-founded Saratoga, which
focuses on three pillars, i.e. natural resources, infrastructure and consumer products.
He is now serving as the President Commissioner of PT Adaro Energy Indonesia Tbk.
(coal & energy), PT Tower Bersama Infrastructure Tbk. (telecommunication towers), PT
Merdeka Copper Gold Tbk. (gold and copper mining) and PT Mitra Pinasthika Mustika
Tbk. (consumer automotive).
A long-time proponent of education, he has been socially active in the community
through his roles as co-founder of the William Soeryadjaya Foundation (currently known
as William and Lily Foundation) and is the Chairman of the Board of Trustees of Ora Et
Labora Foundation. Edwin Soeryadjaya earned a Bachelor of Business Administration
degree from the University of Southern California in 1974 and was awarded as Ernst &
Young Entrepreneur of the Year in 2010.
28
Page 31
Performance Snaphot:
Demonstrating Value
Management
Report
Performance
Portfolio
Company
Profile
Joyce Soeryadjaya Kerr Indra Cahya Uno
Commissioner Commissioner
An Indonesian citizen, 73 years old An Indonesian citizen, 57 years old
Her appointment as the Commissioner of His appointment as the Commissioner of the Company was outlined in the Shareholders’
the Company was determined by the EGMS Resolution dated 14 May 2013, and continues to serve at such capacity. He is affiliated with
Management Discussion
on August 31, 1999, and continues to serve Sandiaga Salahuddin Uno, one of the main shareholders of the Company.
and Analysis
at such capacity. She is affiliated with Edwin
Soeryadjaya, the President Commissioner of In the meantime, he has also been serving as the Commissioner of ANTV (PT Cakrawala
the Company. Andalas Televisi, one of the early entertainment terrestrial television channels in Indonesia), the
Commissioner of Indivara Group (PT Indivara Sejahtera Mandiri, an enterprise solutions provider
Also now, she serves as the Commissioner which operates in the Philippines) also, and the founder of PT TPS Consulting Indonesia, a
in PT Unitras Pertama, one of the main boutique strategic business management consultant and a certified member of the Indonesian
shareholders of the Company. Institute of Commissioners and Directors (a division of the National Committee on Corporate
Governance).
She earned a Bachelor of Science degree
from University of Southern California, Indra’s social activities include serving as the Chairman of Mien R. Uno Foundation (a foundation
Governance
majoring in Language, Art and Science, for youth entrepreneurship education), the founder and Chairman of the Supervisory Board of
Corporate
specifically in German. OK OCE Indonesia (a nation wide as well as Malaysia and Turkiye social movement in income
and job creation through entrepreneurship) and the initiator of Garuda Cendekia School (an
inclusive national curriculum for middle and high school that focuses on active learning).
He earned a Doctor of Philosophy degree in Strategic Management from University of
Indonesia, Jakarta, Indonesia, Master of Business Administration degree from University of
Southern California, Los Angeles, USA, Master of Science degree in Aerospace Engineering
from University of Michigan, Ann Arbor, USA, and a Bachelor of Science degree in Aerospace
Corporate Social
Responsibility
Engineering from The Wichita State University, Wichita, USA.
29
Page 32
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Sidharta Utama Anangga W. Roosdiono
Independent Commissioner Independent Commissioner
An Indonesian citizen, 58 years old Chairman of Nomination and Remuneration Committee
Chairman of Audit Committee
The appointment of Prof. Sidharta Utama, Ph.D., CA CFA as the An Indonesian citizen, 79 years old
Independent Commissioner of the Company was approved the
EGMS on February 22, 2013 and re-appointed in 2016, 2019 and His appointment as the Independent Commissioner of the
2022. He is a professor at the Faculty of Economics, University Company was referred in the Shareholders’ Resolution dated 13
of Indonesia, with research interest in the area of corporate March 2013 and re-appointed in 2016, 2019 and 2022. He also
governance and has been serving at the University as a lecturer serves as the Chairman of the Nomination and Remuneration
for more than 25 years. Committee of the Company. He has been chairing the Audit
Committee of the Company since July 2019. He is the founder
Apart from being an academician, he also serves as a member of Roosdiono & Partners, a full service corporate law firm and
of the Trustee Board – Indonesia Institute for Corporate member firm of ZICO law network.
Directorship, a member of the National Council – the Indonesia
Institute of Chartered Accountants, a member of the Oversight In the meantime, he is also a lecturer at the Business and
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Board – the Indonesia Institute of Chartered Public Accountants, Management School, Bandung Institute of Technology. Since
a member of the Board of Advisory for Financial Accounting Policy October 2020, he has been serving as the Chairman of the
of Bank Indonesia and the Secretary General of the National Indonesian National Board of Arbitration, the Chairman of the
Committee on Governance Policy. He is also a board member of Indonesian Arbitrators Institute and also a member in several
the International Federation of Accountants. He is also serving as institutions such as the International Bar Association, the Inter
the Independent Commissioner at PT Astra Graphia Tbk and PT Pacific Bar Association, the Indonesian Bar Association, the
Allianz Global Investors Asset Management Indonesia. He is the Association of Indonesian Capital Market Legal Consultants, the
head of the Audit Committee at PT Astra Graphia Tbk as well as Indonesian National Board of Arbitration, the Indonesian Sports
the Audit Committee member at PT Bukalapak Tbk. Arbitration Body, and the Asian International Arbitration Centre
(Malaysia) (AIAC) formerly known as Kuala Lumpur Regional
He has a Doctor of Philosophy degree in Accounting from Texas Centre for Arbitration (KLRCA) and the Thailand Arbitration Center
A&M University, Master of Business Administration degree in (THAC).
Finance and Information System from Indiana University, and
Bachelor of Economics degree in Accounting from the University He earned a Bachelor of Law degree from University of Indonesia,
of Indonesia. He is also a Chartered Financial Analyst and a his LLM degree from University of Denver and Doctorate degree
Chartered Accountant. from Pelita Harapan University.
30
Page 33
The Board
Performance Snaphot:
Demonstrating Value
of Directors
In 2023, the composition of the Board of Directors was not changed.
The profile of each member of the Board of Directors can be found as follows:
Management
Report
Performance
Portfolio
Company
Profile
Michael W. P. Soeryadjaya Lany D. Wong Devin Wirawan
President Director Finance Director Investment Director
An Indonesian citizen, 38 years old An Indonesian citizen, 54 years old An Indonesian citizen, 44 years old
His appointment as the President Director Her appointment as Finance Director His appointment as Investment Director
of the Company was determined by of the Company was approved at the of the Company was approved at AGMS
Management Discussion
the EGMS on June 10, 2015. He is also AGMS on June 26, 2018. Previously, she on May 22, 2019. He earned a bachelor
chairing the Investment Committee of served as Director and Chief Financial degree in Finance and Management
and Analysis
the Company. He is affiliated with Edwin Officer of PT Dharma Satya Nusantara Information Systems from Curtis L. Carlson
Soeryadjaya, the President Commissioner Tbk. from 2016 until June 2018 and PT School of Management, the University
who is also one of the main shareholders Medco Energi Internasional Tbk. from of Minnesota, Twin Cities, Minnesota,
of the Company. 2013 until 2015. While joining in Medco USA in 2000. He is not affiliated with any
from 2006, she was appointed to serve main shareholders, Commissioners of the
Michael’s extensive experience in several strategic positions as Director of Company and other Directors.
merger and acquisitions has built up his subsidiaries, Head of Corporate Finance,
professional competence. His valuable and Head of Corporate Planning and He built his professional career as
insights contributed to the successful Performance. Prior to that, she was a a Strategy and Trading Analyst with
Initial Public Offerings of the Company, Manager of Financial Advisory Services University Capital Strategies Group in
PT Mitra Pinasthika Mustika Tbk. and at PricewaterhouseCoopers, and once Saint Paul, US, and then with Titan Capital
PT Merdeka Copper Gold Tbk. He joined in Arthur Andersen and Astra in Singapore. He subsequently joined
Governance
has overseen multiple investments by International. She is not affiliated with the University Capital Strategies Group,
Corporate
the Company, including PT Deltomed main shareholders, Commissioners of the Singapore as a Senior Strategy and
Laboratories, PT Famon Awal Bros Sedaya Company and other Directors. Trading Analyst before joining Saratoga’s
(Primaya Hospital), and PT MGM Bosco investment team in 2009. During his
Logistics. He is also a Director of PT Adaro She earned a degree in Economics tenure at Saratoga Group, he served as
Energy Indonesia Tbk. as of February (Accounting) from University of Indonesia member of Executive Committee of PT
2022, a Commissioner of PT Samator Indo in 1993, and subsequently earned a Medco Power Indonesia (until 2017) and
Gas Tbk as of July 2022, and PT Merdeka Master in Finance in 1996 from Texas A&M Director of PT Paiton Energy (until 2018).
Battery Materials Tbk as of January 2023. University, College Station, USA. She is a Currently, he also serves as Director of
CFA Charterholder. Xurya Pte. Ltd., Executive Committee
Corporate Social
Michael earned a Bachelor of Arts member of PT Deltomed Laboratories and
Responsibility
degree in Business Administration from PT City Vision.
Pepperdine University, USA.
31
Page 34
Corporate Structure
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
as of December 31, 2023
EDWIN
PUBLIC
SOERYADJAYA
PT UNITRAS
50.00% PERTAMA
10.87% 34.90% 32.72%
TECHNOLOGY
ENERGY AND PRECIOUS
INDUSTRIALS AND DIGITAL CONSTRUCTION
RESOURCES METALS
INFRASTRUCTURE
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
15.18% 18.80% 10% 31.48% 6.97%
MDKA
ADRO AGII TBIG NRCA
PALM OWNS
5.59% OF MDKA
27.14% 5.60%
AMARA SIHAYO
38.64%
HEB
19.88%
PALM
32
Page 35
Performance Snaphot:
Demonstrating Value
The Company's Effective Shareholdings
both Directly and Indirectly
*) THE COMPANY'S TREASURY STOCK WAS 0.21% OF TOTAL SHARES DUE TO BUYBACK AS OF 31 DECEMBER, 2022
ADRO PT Adaro Energy Indonesia Tbk.
Management
AGII PT Samator Indo Gas Tbk. (Previously PT Aneka Gas Industri Tbk.)
AMARA PT Agro Maju Raya
Report
BHA PT Bumi Hijau Asri
CITY VISION PT City Vision
DELTOMED PT Deltomed Laboratories
FOREST CARBON Forest Carbon
FUSE Fuse Technology
SANDIAGA UNO HEB PT Hijau Energi Bersama
JULO PT Julo Teknologi Finansial
Performance
MBL PT Mulia Bosco Logistik
Portfolio
MDKA PT Merdeka Copper Gold Tbk.
MOMENTA PT Momenta Agrikultura (Amazing Farm)
21.51% MPMX PT Mitra Pinasthika Mustika Tbk.
NRCA PT Nusa Raya Cipta Tbk.
PALM PT Provident Investasi Bersama Tbk. (Previously PT Provident Agro Tbk.)
SIHAYO Sihayo Gold Limited
SIRCLO Sirclo
TBIG PT Tower Bersama Infrastructure Tbk.
XURYA Xurya Daya Indonesia
Company
ZAP PT Zulu Alpha Papa
Profile
Management Discussion
and Analysis
CONSUMER HEALTH CARE RENEWABLE
PROPERTY DIGITAL DIGITAL MEDIA
PRODUCT & LOGISTICS & CONSUMER & GREEN
AND RENT STARTUP & ADVERTISING
SERVICES HEALTH ECONOMY
56.69% 62.90% 100% 5.83%
CITY
MPMX MBL BHA DELTOMED XURYA SIRCLO
VISION Governance
Corporate
27.50%
FOREST
MOMENTA ZAP FUSE
CARBON
JULO
Corporate Social
Responsibility
33
Page 36
Shareholders
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Information
Shareholders of 5% or More
As of January 1, 2023 As of December 31, 2023
Major Controlling
Name
Shareholder Shareholder Number of Number of
%
Number of Number of
%
Shareholders Shares Shareholders Shares
5% or above
PT Unitras Pertama √ 1 4,438,610,000 32.721 1 4,438,610,000 32.721
Edwin Soeryadjaya √ √ 1 4,502,626,790 33.193 1 4,734,127,090 34.900
Sandiaga Salahuddin Uno √ 1 2,917,827,145 21.510 1 2,917,827,145 21.510
Public (single shareholders with
24,199 1,707,771,065 12.664 26,633 1,474,270,765 10.869
less than 5% ownership)
Shareholding by the Board of Commissioners
As of January 1, 2023 As of December 31, 2023
Name Designation
Number of Shares % Number of Shares %
Edwin Soeryadjaya President Commissioner 4,502,626,790 33.193 4,734,127,090 34.900
Joyce Soeryadjaya Kerr Commissioner - - - -
Indra Cahya Uno Commissioner - - - -
Sidharta Utama Independent Commissioner - - - -
Anangga W. Roosdiono Independent Commissioner - -
TOTAL 4,502,626,790 33.193 4,734,127,090 34.900
Shareholding by the Board of Directors
As of January 1, 2023 As of December 31, 2023
Name Designation
Number of Shares % Number of Shares %
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Michael W. P. Soeryadjaya President Director 4,005,800 0.0295 4,914,300 0.0362
Lany D. Wong Director 2,393,300 0.0176 4,901,900 0.0361
Devin Wirawan Director 4,064,200 0.0299 6,419,900 0.0473
TOTAL 10,463,300 0.077 16,236,100 0.1196
34
Page 37
Indirect Shareholding by the Board of Commissioners
and the Board of Directors
Performance Snaphot:
Demonstrating Value
Shareholders Registered in As of January 1, 2023 As of December 31, 2023
Name Designation
Share Registar Number of Shares % Number of Shares %
Edwin Soeryadjaya President PT Unitras Pertama 2,337,105,000 17.2291 2,226,885,000 16.4166
Commissioner PT Pandu Dian Pertiwi
PT Trimitra Utama Selaras
Joyce Soeryadjaya Kerr Commissioner PT Unitras Pertama 2,337,085,530 17.2289 2,225,210,580 16.4042
PT Pandu Dian Pertiwi
Management
PT Trimitra Utama Selaras
Report
Indra Cahya Uno Commissioner - - - - -
Sidharta Utama Independent - - - - -
Commissioner
Anangga W. Roosdiono Independent - - - - -
Commissioner
Michael W. P. President Director - - - - -
Performance
Soeryadjaya
Portfolio
Lany D. Wong Director - - - - -
Devin Wirawan Director - - - - -
TOTAL 4,674,190,530 34.458 4,452,095,580 32.8208
Shareholding by Ownership Status
Company
As of January 1, 2023 As of 31 December 31, 2023
Profile
Ownership Status Number of Number of
Number of Shares % Number of Shares %
Shareholders Shareholders
DOMESTIC SHAREHOLDERS
Local Individual 23,833 7,797,421,600 57.48261 26,361 8,263,011,650 60.91494
Cooperative 1 113,000 0.00083 2 11,200 0.00008
Foundation 5 2,697,400 0.01989 4 2,754,600 0.02031
Pension Fund 45 37,376,600 0.27554 42 32,261,000 0.23783
Management Discussion
Insurance 45 208,656,000 1.53821 48 102,017,900 0.75208
and Analysis
Limited Liability Company 71 4,815,700,845 35.50136 78 4,603,620,764 33.93790
Mutual Funds 87 212,995,854 1.57021 42 227,964,994 1.68056
Sub Total 24,087 13,074,961,299 96.38865 26,577 13,231,642,108 97.54370
FOREIGN SHAREHOLDERS
Foreign Individual 17 8,769,800 0.06465 13 703,100 0.00518
Foreign Institutions 98 481,103,901 3.54670 48 332,489,792 2.45112
Sub Total 115 489,873,701 3.61135 61 333,192,892 2.45630
Total 24,202 13,564,835,000 100 26,638 13,564,835,000 100
Governance
Corporate
Share Listing Chronology
Corporate Social
Responsibility
Number of Shares
Nominal Offering Additional Shares
Corporate Action Listing Date After Corporate Remarks
Value Price
Action
Initial Public Offering (IPO) June 26, 2013 100 5,500 430,883,000 2,712,967,000 Listed on
Indonesia
Stock Split May 19, 2021 20 - 10,851,868,000 13,564,835,000
Stock
Exchange
35
Page 38
Stock Highlights
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Stock Price and Trading Volume Movement in 2023
Closing share price (IDR) Transaction volume
3,000 100,000,000
2,700 90,000,000
2,400 80,000,000
2,100 70,000,000
1,800 60,000,000
1,500 50,000,000
1,200 40,000,000
900 30,000,000
600 20,000,000
300 10,000,000
0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Quarterly Stock Performance
2023 2022
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Highest Price
2,550 2,010 1,915 1,785 3,060 3,850 2,980 2,820
(IDR)
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Lowest Price
1,900 1,535 1,555 1,420 2,600 2,610 2,140 2,350
(IDR)
Closing Price
1,985 1,670 1,760 1,640 2,730 2,610 2,650 2,530
(IDR)
Average Daily
Trading Volume
14,953 19,737 16,912 15,430 12,423 18,931 18,546 14,808
(in thousand
shares)
Outstanding
13,564,835,000 13,564,835,000 13,564,835,000 13,564,835,000 13,564,835,000 13,564,835,000 13,564,835,000 13,564,835,000
Shares
Market
Capitalization 26,926 22,653 23,874 22,246 37,032 35,404 35,947 34,319
(billion Rupiah)
Trading Suspension or Delisting
In 2023, the Company did not delist its shares or experienced a stock trading halt or suspension.
Other Securities Listing Chronology
Until 2023, the Company did not list any other securities on domestic stock market or abroad.
36
Page 39
Our
Performance Snaphot:
Demonstrating Value
Subsidiaries
NAME OF PT Saratoga PT Nugraha PT Wahana PT Bumi PT Interra Indo
SUBSIDIARY Sentra Business Eka Kencana Anugerah Sejahtera Hijau Asri Resources
Management
(SSB) (NEK) (WAS) (BHA) (IIR)
Report
Corresponding Menara Karya 15th Fl.* Menara Karya 15th Fl.* Menara Karya 15th Fl.* Menara Karya 15th Fl.* Menara Karya 15th Fl.*
Address
Line of Business Investment Investment Investment Investment Investment
Year of Establishment 2005 2003 2005 2007 2004
Year of Investment 2005 2003 2009 2010 2004
Effective Ownership 99.99% 99.99% 99.96% 99.99% 99.99%
Performance
Operational Status Active Active Active Active Active
Portfolio
Total Assets 1,075 1,695 16,683 132 319
(in IDR billion)
NAME OF PT Wana Bhakti Sukses PT Trimitra Karya Jaya PT Surya Nuansa Ceria PT Lintas Indonesia
SUBSIDIARY Mineral (WBSM) (TKJ) (SNC) Sejahtera (LIS)
Corresponding Address Menara Karya 15th Fl.* Menara Karya 15th Fl.* Menara Karya 15th Fl.* Menara Karya 15th Fl.*
Line of Business Investment Investment Investment Investment
Year of Establishment 2007 2012 2015 2018
Company
Year of Investment 2011 2014 2015 2018
Profile
Effective Ownership 73.68% 99.99% 99.99% 99.99%
Operational Status Active Active Active Active
Total Assets 3 1 373 24
(in IDR billion)
* Menara Karya 15th floor Unit A-H, Jl. H.R. Rasuna Said Block X-5 Kav. 1-2, Kel. Kuningan Timur, Kec. Setiabudi, South Jakarta – 12950.
Management Discussion
Capital Market Supporting Institutions
and Analysis
and Professionals
PUBLIC ACCOUNTING FIRM SHARE REGISTRAR NOTARY
KAP Siddharta Widjaja & Rekan PT Datindo Entrycom Jose Dima Satria, S.H., M.Kn.
(a member of KPMG Global Network)
Jl. Hayam Wuruk No. 28 Komplek Taman Gandaria
33rd Floor Wisma GKBI Jakarta 10210, Indonesia No. 11 A Jakarta Selatan 12420
Governance
Corporate
Jl. Jend. Sudirman Kav. 28 T. (62-21) 350 8077 (Hunting) T. (62-21) 29125500
Jakarta 10210, Indonesia F. (62-21) 350 8078
T. (62-21) 574 2333 Service:
F. (62-21) 574 1777 Basis of Appointment: To prepare GMS minutes and
Deed of Share Administration Notarial Deed including its
Public Accountant Management Agreement No. 54 dated submission to Ministry of Law and
Harry Widjaja, S.E., CPA 10 April 2013 made before Humberg Lie, Human Rights.
S.H., S.E., M.Kn., Notary in Jakarta. Period: 2023
Basis of Appointment:
Circular Resolution in lieu of a Meeting of the Board Service: Fee: IDR55,500,000
of Commissioners dated October 10, 2023. To provide administration service for
Corporate Social
secondary market and responsible for
Responsibility
Service: the administration of shareholders list
To audit the Company’s financial statement for the including changes in the shareholder list
financial year ending on December 31, 2023 and on behalf of the Company.
other non-audit services to the Company.
Period: 2023
Period: 2023
Fee: IDR44,400,000
Fee: IDR4,500,000,000
37
Page 40
Human
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Capital
SARATOGA IS AWARE OF THE IMPORTANCE OF ESTABLISHING A SOLID
TEAMWORK THAT WILL CONTRIBUTE TO THE OVERALL SUCCESS AND
PROGRESS OF THE COMPANY. WE CONTINUE BUILDING A SAME PERSPECTIVE
THAT PROMOTING THE SUCCESS OF HUMAN CAPITAL WILL LEAD TO A SOLID
AND PRODUCTIVE TEAMWORK, WHICH WILL BE ONE COMPETITIVE ADVANTAGE
FOR SARATOGA.
We increase the productivity of our people by establishing a We also provide equal and non-discriminatory opportunities
vibrant work environment that appeals to young, bright and highly for both male and female staffs to build their career path in the
driven individuals. We challenge them to continuously learn, grow Company, making Saratoga to be the preferred employer of
and thrive across many sectors that Saratoga is invested in. choice in Indonesia.
Our Employee Demographic
To sustain our business growth, Saratoga has attracted professional individuals to join its internal team. In 2023, we managed a total
of 64 employees, consisting of 33 male and 31 female staffs. Below is the employee demographic in 2023 classified based on gender,
employment status, organization level, educational background and age:
Number of Employees by Gender
Gender 2023 2022
Male 33 29
Female 31 30
Total 64 59
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Number of Employees by Employment Status
Employment Status 2023 2022
Permanent 61 55
Contract 3 4
Total 64 59
Number of Employees by Organization Level
Organization Level 2023 2022
Director 3 3
Manager & Supervisor 36 32
Staff & Non-Staff 25 24
Total 64 59
38
Page 41
Number of Employees by Education
Performance Snaphot:
Demonstrating Value
Education 2023 2022
Undergraduate or Higher 48 45
Diploma 4 5
Others 12 9
Total 64 59
Number of Employees by Age
Management
Report
Age 2023 2022
>50 17 16
41-50 15 14
31-40 26 24
Performance
≤30 6 5
Portfolio
Total 64 59
2023 HR Strategies Training Program Initiatives
Every year we reiterate our commitment to be a value-generating Considering the dynamic market trends that insist on the
company that contributes to the prosperity of all stakeholders, professional competence of the staffs, the Company does not
including our people. Our commitment is guided by the hesitate to invest heavily in its human resource development.
Company
Profile
Company’s work ethos: Work Hard, Work Smart, Work Thoroughly The development of human resources is expected to develop
and Work Wholeheartedly; and an undying devotion to being a capabilities of our people in managing and scaling business
learning organization. opportunities to achieve value creation with our investees.
Therefore, we believe that the best Human Resource (HR) Saratoga has prepared some initiatives to improve the human
strategies linked to business strategies will be the key to our resource quality, which are designed in line with the Company's
growth. In 2023, we have set priorities to support the efforts to future development strategy. Our initiatives include giving
improve the capacity of our people. opportunities for our managerial staffs to sign up for at least a
Management Discussion
training session per year, held in-house or externally, so as
and Analysis
We were focusing on talent development programs and to enhance their skills and know-how. The Company then will
employee self-development, as well as training hours to sharpen conduct an annual evaluation to review the effectiveness of the
the competence of our Human Resources. We have been training program to the Company’s productivity rate as well as to
encouraging all employees to continuously to learn, nurture address competence gaps.
their skills, abilities and leadership, to prepare our people to be
adaptable and competent human resources. In 2023, we had spent IDR988 on employee development
activities, which include trainings, workshops and seminars.
Also, as we were still in post-pandemic situation, we continued
to strive for creating an agile organization as well as a safe and Below is the list of the number, scope and total man-hour of
comfortable working environment where employees can work training programs that occurred in 2023:
Governance
with passion and enthusiasm and develop their careers.
Corporate
Description Number of Workers who Training Hours Average Training Hours
Received Training per Worker
All Employees 56 790.00 14.11
Based on Gender:
• Male 31 383.00 12.35
• Female 25 407.00 16.28
Corporate Social
Responsibility
Based on Employee Position:
• SEVP – VP 24 276.50 11.52
• Manager & Supervisor 11 183.00 16.64
• Staff & Non-Staff 21 330.50 15.74
39
Page 42
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Executive Placement Program Saratoga has also introduced significant upside adjustments to
its remuneration and reward policies, including increasing the
Saratoga introduces an Executive Placement Program as an fringe benefits provided to level-5 personnel and granting a car-
approach that will bring benefits to Saratoga and the investee ownership program at highly subsidized purchase price.
companies. In the program, Saratoga’s executives will join in the
investee companies under temporary assignments. Our survey on employee satisfaction of the remuneration
package conducted annually showed high satisfaction rate
By occupying the position as the CFO, COO or even CEO in among employees. Saratoga’s remuneration policy is considered
the investee companies, they are challenged to the operations at par with those of leading corporations in Indonesia, and well
of investee companies while actively aligning the interests of above the median range of wages paid by corporate Indonesia.
Saratoga with those of the investee company. Their hands-on
experience in these various companies will not only build up their Employee Performance Evaluation
professional but also managerial competence, will be helpful in
running a successful business, bringing real value to the pool of To identify competence gaps among employees, Saratoga
talent that Saratoga carefully nurtures. conducts annual evaluation of employee performance. The
evaluation results are important to help Saratoga identifying
The following is the list of executives under temporary opportunities for learning and performance improvement and
assignments in investee companies in 2023: finally help the employees to realize their full potentials.
Name Position Assigned Investee Performance management process in 2023 involved managers
Company and employees in which all parties provided feedback, a two-way
Arif Qasimi Al Chief Financial Mulia Bosco Logistik evaluation alongside formal coaching by the supervisor.
Bone Officer
Albert Saputro President Director Merdeka Copper Nurturing and Fostering the Implementation
Kemal Mawira Director Mitra Pinasthika Mulia of Corporate Cultures
Ellie Turjandi Advisor MPM Insurance
Saratoga’s success today is believed to be able to a result of long-
Christopher Song Marketing Advisor Deltomed
term effort of nurturing and fostering its corporate cultures. To
Oey Laboratories & ZAP
build up the competitive advantages of the Company, Saratoga
also allows the investee company management teams to design
Building a High-Quality Talent Management a culture that will represent its mission statement or vision
statement. The serious implementation of the corporate culture is
Given the dynamic business landscape, the Company sees it is expected to strengthen the accountability of the Saratoga and its
important to build a high-quality talent management. Yet with investee companies as well as to build a stronger synergy among
the increasingly competitive labor market, Saratoga must take ourselves to achieve the group’s vision and mission.
one a step ahead of future talent needs and by focusing on the
talent pool development, Saratoga will be well-informed on what
candidates are available potential future positions.
Then to retain our valuable talents, Saratoga is aware of their
expectations and strive to meet them by providing alluring
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
benefits that extend beyond a salary, opportunities such as
flexible work schedule, professional development activities, and
career advancement.
40
Page 43
Performance Snaphot: Management Portfolio Company Management Discussion Corporate Corporate Social
Demonstrating Value Report Performance Profile and Analysis Governance Responsibility
41
Management Discussion
and Analysis
Chapter 05
Page 44
Management Discussion
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
and Analysis
We present the following discussion and analysis of our financial Saratoga, an investment holding company with its primary
condition and results of operations, which should be read in line business in investing activities, derives the income from dividend
with the Company’s audited consolidated financial statements income, and net gain (loss) on realized (if any) as well as fair value
and the related notes included elsewhere in this Annual Report. measurement on its investments.
Review of Operations
Saratoga derives its revenue mainly from dividend and proceeds from divestment activities.
Description (in IDR billion) 2023 2022 Increase (decrease) %
Net (loss) gain on investment in shares and other securities (13,811) 3,726 (471%)
Dividend, interest and investment income 2,808 2,613 7%
Other income 12 5 140%
Changes in fair value of investment properties 7 (2) 450%
Reversal of impairment loss on receivables - 19 (100%)
Operating expenses (222) (232) (4%)
Other expenses (21) (25) (16%)
Net gain (loss) on exchange rate differences 13 (82) 116%
Net gain on other derivative financial instruments - 22 (100%)
Interest expenses (95) (185) (49%)
(Loss) profit before tax (11,309) 5,859 (293%)
Income tax benefit (expense)
Current (3) (15) (80%)
Deferred 1,161 (1,218) 195%
1,158 (1,233) 194%
(Loss) profit for the year (10,151) 4,626 (319%)
Total other comprehensive income 26 (40) 165%
Total comprehensive (loss) income for the year (10,125) 4,586 (321%)
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
(Loss) profit for the year attributable to:
Owners of the Company (10,150) 4,616 (320%)
Non-controlling interests (1) 10 (110%)
(10,151) 4,626 (319%)
Total comprehensive (loss) income for the year attributable to:
Owners of the Company (10,125) 4,587 (321%)
Non-controlling interests - (1) 100%
(10,125) 4,586 (321%)
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The Profit or Loss are driven by the performance of the two major components, they are:
Performance Snaphot:
Demonstrating Value
Net (Loss) Gain on Investment in Shares and Other Securities
As of the end of 2023, Saratoga booked IDR13,811 billion net loss on investment in shares and other securities, representing a
decrease compared to its 2022 performance at net gain of IDR3,726 billion. The figure was attributable to decrease in share prices
of PT Adaro Energy Indonesia Tbk. (ADRO) and PT Merdeka Copper Gold Tbk. (MDKA) amid commodity price volatility.
Below are the year-on-year (YOY) comparisons:
Management
Fair Value Adjustment
Report
Increase (decrease) %
Investee Companies (in IDR billion) 2023 2022
Amount %
PT Adaro Energy Indonesia Tbk. (7,135) 7,768 (14,903) (192%)
PT Merdeka Copper Gold Tbk. (6,272) 792 (7,064) (892%)
PT Mitra Pinasthika Mustika Tbk. (177) (63) (114) 181%
Performance
PT Tower Bersama Infrastructure Tbk. 99 (3,645) 3,744 103%
Portfolio
PT Provident Investasi Bersama Tbk. (14) (559) 545 (97%)
Others (312) (567) (255) (45%)
TOTAL (13,811) 3,726 (17,537) (471%)
Dividend and Interest Income
Dividend
Company
Profile
The long-term investment commitment to the investee companies has rewarded Saratoga with positive dividend income. Saratoga
booked a dividend income of IDR2,784 billion as of the end of 2023, representing an increase from IDR2,591 billion in 2022. The
dividend income was largely contributed by PT Adaro Energy Indonesia Tbk. (ADRO), PT Mitra Pinasthika Mustika Tbk. (MPMX) and PT
Tower Bersama Infrastructure Tbk. (TBIG). The details of Saratoga’s dividend income are as follows:
Dividend Income Breakdown
Increase (decrease) %
Investee Companies (in IDR billion) 2023 2022
Management Discussion
Amount %
PT Adaro Energy Indonesia Tbk. 2,138 1,906 232 12%
and Analysis
PT Mitra Pinasthika Mustika Tbk. 342 455 (113) (25%)
PT Tower Bersama Infrastructure Tbk. 289 76 213 280%
PT Provident Investasi Bersama Tbk. - 137 (137) (100%)
Others 15 17 (2) (12%)
TOTAL 2,784 2,591 193 7%
Operating Expenses Other Comprehensive Income
Governance
Saratoga has been pursuing prudent and disciplined cost There is no significant transaction to disclose in this section.
Corporate
leadership to achieve operational efficiency. The strategy has led
the Company to book IDR222 billion of operating expenses, a Total Comprehensive Income
slight decrease of 4% from IDR232 billion in 2022. There is no significant transaction to disclose in this section.
Net Loss for the Year
Saratoga recorded a net loss for the year amounting to IDR10,150
billion, a decrease from net profit of IDR4,616 billion in 2022. The
decrease was attributable to a lower unrealized mark-to-market
Corporate Social
Responsibility
value from listed portfolio amid the volatile equity market.
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Net Asset Valuation as of 31 December 2023 and 2022
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
31 December 2023 31 December 2022
Change (IDR billion)
(IDR full amount)
(IDR full amount)
Market Price
Investment
Change (%)
(IDR billion)
(IDR billion)
Share price
Share price
Ownership
Ownership
Valuation
Valuation
Currency
Effective
Effective
INVESTMENT IN BLUE CHIP COMPANIES
PT Tower Bersama Infrastructure Tbk. IDR 31.5% 2,090 16,448 26.7% 2,300 14,318 2,130 15%
PT Merdeka Copper Gold Tbk. IDR 18.8% 2,700 12,238 18.3% 4,120 18,223 (5,985) (33%)
PT Adaro Energy Indonesia Tbk. IDR 15.2% 2,380 11,557 15.2% 3,850 18,692 (7,135) (38%)
INVESTMENT IN GROWTH FOCUSED COMPANIES
PT Mitra Pinasthika Mustika Tbk. IDR 56.7% 1,050 2,657 56.7% 1,120 2,834 (177) (6%)
PT Provident Investasi Bersama Tbk. IDR 19.9% 625 884 19.9% 635 899 (15) (2%)
PT Samator Indo Gas Tbk. IDR 10.0% 1,520 466 10.0% 1,940 595 (129) (22%)
Others - 2,229 - 1,804 425 24 %
INVESTMENT IN DIGITAL TECHNOLOGY ENTITIES
Fuse B Holding Ltd., Julo Holdings, USD <10% Cost and 485 <10% Cost and 519 (34) (7%)
Sirclo Pte., Ltd. Fair Value Fair Value
Fund investments and others USD Fair Value 692 Cost, Book 743 (51) (7%)
Value and
Fair Value
OTHERS
Investment in other shares and other - 1,460 - 2,992 (1,532) (51%)
securities
Sum of investee companies 49,116 61,619 (12,503) (20%)
-Debt 930 1,551 (621) (40%)
+Cash 668 863 (195) (23%)
Net Asset Value 48,854 60,931 (12,077) (20%)
Net Asset Value Per Share (IDR) 3,601 4,492 (891) (20%)
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
BI MID RATE As of 31 December 2023 As of 31 December 2022
USD IDR 15,416 15,731
AUD IDR 10,565 10,581
SGD IDR 11,712 11,659
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Consolidated Statements of Financial Position
Performance Snaphot:
Demonstrating Value
Consolidated Assets (IDR billion)
Description 2023 2022 Increase (decrease) %
Cash and cash equivalents 665 863 (23%)
Restricted cash 3 1 200%
Receivables, net 1,130 1,248 (9%)
Prepaid taxes 3 2 50%
Investment in shares 46,680 57,788 (19%)
Management
Report
Investment in other securities 2,328 3,730 (38%)
Investment properties 108 101 7%
Derivative financial assets - 7 (100%)
Other assets 28 31 (10%)
Total assets 50,945 63,771 (20%)
Performance
Investment in Shares (IDR billion)
Portfolio
Description 2023 2022 Increase (decrease) %
Listed Companies
PT Tower Bersama Infrastructure Tbk. (*) 16,448 14,318 15%
PT Merdeka Copper Gold Tbk. 12,238 18,223 (33%)
PT Adaro Energy Indonesia Tbk. (**) 11,557 18,692 (38%)
PT Mitra Pinasthika Mustika Tbk. 2,657 2,834 (6%)
Company
Profile
PT Provident Investasi Bersama Tbk. 884 899 (2%)
PT Samator Indo Gas Tbk. 466 595 (22%)
PT Nusa Raya Cipta Tbk. 58 53 9%
Sihayo Gold Plc, Australia 11 7 57%
Interra Resources Limited, Singapore - 28 (100%)
Other listed entities 409 571 (28%)
Management Discussion
Non-listed entities 1,952 1,568 24%
Total 46,680 57,788 (19%)
and Analysis
(*) include indirect ownership through Bersama Digital Infrastructure Asia Pte. Ltd.
(**) include indirect ownership through PT Adaro Strategic Capital and PT Adaro Strategic Lestari.
Cash and Cash Equivalents & Restricted Cash Investments in Shares and Other Securities
Our consolidated cash and cash equivalents comprise two Overall performance of our investment in shares and investment
components, i.e. cash in hand and in banks (third parties) both in other securities indicated a decrease from those of the previous
in IDR, USD and SGD reflecting the cash holding in Saratoga year. The lower figure was attributed to the decrease in share
and its consolidated non-operating investment entities. As of 31 price of ADRO (from IDR3,850 to IDR2,380 per share) and MDKA
Governance
December 2023, Saratoga recorded cash and cash equivalents (from IDR4,120 to IDR2,700 per share).
Corporate
amounting to IDR665 billion, representing a decrease of 23% from
IDR863 billion at end of 2022, primarily due to loan repayments.
Receivables
Saratoga’s receivables are largely contributed by receivables from
investee companies and business partners as well as dividends
receivable. Saratoga may charge interest on investment related
receivable and from time to time may convert the receivables into
Corporate Social
Responsibility
stakes in the investee company. The duration of receivables from
third parties can be longer than a year as most of the receivables
are to start-up and/or early growing companies. At the end of 2023,
Saratoga booked a decrease in its receivables, primarily due to
decrease in the dividend receivables coming from PT Adaro Energy
Indonesia Tbk. amounting to IDR971 billion (vs IDR1,220 billion in
previous year). This receivable was fully received in January 2024.
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Consolidated Liabilities (IDR billion)
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Description 2023 2022 Increase (decrease) %
Other payables 6 17 (65%)
Income tax payables 2 14 (86%)
Other taxes payables 1 3 (67%)
Unearned revenue 2 1 100%
Borrowings 926 1,544 (40%)
Deferred tax liabilities, net 1,188 2,349 (49%)
Employee benefits liabilities 32 27 19%
Total Liabilities 2,157 3,955 (45%)
Saratoga recorded consolidated liabilities of IDR2,157 billion Total Equity
in 2023 from IDR3,955 billion in 2022, primarily driven by the At the end of 2023, our equity (non-capital) stood at IDR48,709
decrease in borrowings of IDR618 billion due to loan repayments billion, representing a decrease of 18.6% from IDR59,815 billion
and decrease in deferred tax liabilities of IDR1,161 billion due in 2022. The equity performance was mainly driven by the
to decrease in mark-to-market value of our indirect holding of decline in investment value in shares and other securities, which
PT Adaro Energy Indonesia Tbk.’s shares. consequently decreased net income for the year.
Consolidated Equity (IDR billion)
Description 2023 2022 Increase (decrease) %
Share capital at par value IDR20 (whole IDR) per share, authorized 271 271 -
capital 48,833,400,000 shares, issued and fully-paid capital
13,564,835,000 shares
Additional paid-in capital 5,185 5,185 -
Treasury stocks (18) (28) (36%)
Accumulated share-based payments 29 32 (9%)
Difference in translation of financial statements in foreign currency 24 - 100%
Other equity components 126 100 26%
Retained earnings 43,092 54,255 (21%)
Equity attributable to owners of the Company 48,709 59,815 (19%)
Consolidated Statements of Cash Flow
Cash Flow from Operating Activities Cash Flow from Investing Activities
Saratoga’s cash flow from operating activities is largely In 2023, Saratoga deployed total net cash flow of IDR891 million
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
contributed by dividends and divestment activities, while usage for investing activity, a decrease of 36% from IDR1,401 million in
is mostly allocated for investment in shares and other equity 2022.
securities.
Cash Flow from Financing Activities
Saratoga recorded dividend income (from cash flow perspective) Net cash flow used for financing activities in 2023 amounted
of IDR3,032 billion in 2023 compared to IDR2,149 billion in 2022. to IDR1,611 billion from IDR3,386 billion in 2022, attributable to
In addition, it recorded total proceeds from sale of investments loan repayments of IDR1,708 billion and payment of dividend of
in shares and other securities of IDR857 billion compared IDR1,014 billion compensate with the proceed from bank loans of
to IDR20,200 billion in 2022. As a result, the cash flow from IDR1,118 billion.
operating activity generated IDR1,408 billion.
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Collectability of the Receivables 2. Divestment
Performance Snaphot:
Demonstrating Value
Divestment from the investment holdings has provided
Receivables from third parties will be payable if the investee immediate cash flow to undertake repayments of some of the
company is able to gain self-funding for its operation. borrowings.
3. Fixed Income
Ability to Service Debt Saratoga derives interest income from available liquidity
deposited in banks. In 2023, the Company booked an interest
Saratoga has been pursuing a deleveraging strategy to income of IDR24 billion compared to IDR18 billion in 2022.
strengthen the balance sheet and repayment capabilities. As of 31
December 2023, Saratoga’s debt position was at IDR926 billion Capital Structure and Management Policies
Management
from IDR1,544 billion at end of 2022. Concerning Capital Structure
Report
In order to service debt, Saratoga maintains several sources of Given the characteristics of our business as an investment
cash flow: company, it is important for Saratoga to pursue a prudent capital
1. Dividend Income and debt management strategy in order to achieve maximum
Saratoga’s dividend income stood at IDR2,784 billion, an investment potential and manageable interest costs. At the end of
increase of 7% from IDR2,591 billion in 2022. We present 2023, Saratoga’s Loan to Value was at 0.5% compared to 1% in
Performance
further details of the dividend income statement in the 2022. The decreasing figure was attributable to the decrease in
Portfolio
Revenue section. borrowings.
Net Debt/Sum of Investee Company Value Loan maturity profile as of 31 December 2023
31 December 2023 (in IDR billion) (in IDR billion)
LTV = 0.5%
(Loan to Value)
385
Company
Profile
49,116
300
245
Management Discussion
263
and Analysis
Sum of investee 2024 2025 2028
Net Debt company value
Realization of Capital Goods Investment Business Prospects
Throughout 2023, as explained, there was no material capital According to IMF, Indonesia economic growth is projected to grow
goods investments incurred. by 5% in 2024 with private consumption as the primary driver
Governance
of growth. Business investment and public spending are also
Corporate
Subsequent Events expected to pick up as a result of reforms and new government
projects. Inflation is expected to ease to 3.2% in 2024, reflecting
1. On 18 January 2024, the Company entered into a loan the softening in commodity prices and a return to normal rates
agreement with PT Bank HSBC Indonesia for a loan facility of growth in domestic demand after the post-pandemic bounce-
of IDR500 billion and loan term of 5 years from the first back.
utilization date.
2. On 31 January 2024, the Company entered into a loan With the above outlook in mind, Saratoga is optimistic about
agreement with PT Bank Permata Tbk for a loan facility of the investment environment of 2024 with stable economic
Corporate Social
Responsibility
IDR700 billion and loan term of 5 years from the date of the growth and declining inflation in Indonesia. We will continue to
agreement. focus on the investment projects in the pipeline and approach
3. On 6 February 2024, the Company entered into a loan each potential opportunity with utmost diligence and caution. In
agreement with PT Bank DBS Indonesia for a loan facility addition, a stable economic environment will be beneficial for all
of IDR500 billion and loan term of 5 years from the first our existing portfolio companies as well and our team will work
utilization date. closely with them to support them with business expansion and
profitability growth in any way we can.
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Comparison Between Target/Projection at the Material Commitments for Capital Goods
Beginning of the Year and Actual Results of Investment
Operations
Given the characteristic of our business as an investment holding
Given the business and economic uncertainties in 2023, Saratoga company, Saratoga spent most of its capital expenditure in 2023
has been cautious in deploying new investments and exploring to support activities such as applications and office equipment.
potential opportunities in various sectors such as renewable
energy, digital infrastructure, and healthcare services. In 2023, Marketing Aspects of the Company’s Products
Saratoga screened over 124 opportunities and made one new and Services
investment. In terms of operating cost, Saratoga continues to
maintain a highly efficient organizational structure in order to Our business characteristic does not require marketing efforts since
keep compensation and benefit expenses at a manageable level, we do not produce products and services as our investee companies
which is the largest portion of the operating expense. Another do. At the investment holding company level, Saratoga provides
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
major expense, legal and consulting fees, is inherent in Saratoga’s business guidance to help our investee companies to execute their
nature of business, where financial consultants and lawyers business plans in a measured, disciplined and optimal manner.
are hired to perform due diligence on prospective investments
and prepare legal documents in the investment and divestment Dividend and Dividend Policy
processes. In 2023, the total operating cost was IDR222 billion,
which was in line with the budget for the year. Dividend Policy
Saratoga closely follows the Indonesian applicable laws and
Target for 2024 regulations in determining our dividend policy. Accordingly,
approval from our shareholders is required through the
Saratoga continues to explore new opportunities and aims to Annual General Meeting of Shareholders mechanism upon
make new investments if and when the suitable opportunities recommendation of the Company’s Board of Directors to take the
arise. The team will focus on the aforementioned sectors and build decision with regards to dividends. The Company’s policy allows
a pipeline across both growth-stage and early-stage companies. distribution of dividends in any year only if we have sufficient
profit and/or positive retained earnings. In the distribution of
interim dividends, the Articles of Association clearly states that
the decision shall be made with consideration of the Company’s
cash position and that it does not result in its net assets becoming
less than the total issued and paid-up capital and the compulsory
reserves as stipulated in the Law No. 40 Year 2007 concerning
Limited Liability Companies.
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Remarks 2023 2022
Performance Snaphot:
Demonstrating Value
Total Cash Dividend IDR1,017,362,625,000 IDR813,890,100,000
Dividend per Share IDR75 IDR60
Dividend Announcement Date 15 May 2023 21 April 2022
Dividend Payment Date 14 June 2023 13 May 2022
Realization of the Use of Proceeds Material Information on Investment,
Management
Expansion, Divestment, Business Merger/
Report
As of 31 December 2023, we declared no remaining balance of Consolidation, Acquisition, Capital/Debt
the proceeds from the Initial Public Offering. IPO proceeds are Restructuring, Transactions with Affiliated
deployed as referred to the IPO prospectus. Parties, and Transactions Containing Conflict
of Interests
Since Saratoga did not conduct any public offering in 2023, there
is no information disclosure regarding the use of proceeds from In 2023, there were no material information and facts concerning
Performance
the public offering. investment, expansion, divestment, acquisition, and debt/capital
Portfolio
restructuring, and transaction with conflict of interest.
In 2023, we conducted affiliate transactions and disclosed
the information as required by POJK No. 42/POJK.04/2020
concerning the Affiliate Transactions and Transactions
Containing Conflict of Interests. The nature of the transactions is
further explained below:
Company
Profile
Type of Affiliated Object of Affiliated
Transaction Date The Parties Nature of Affiliation Transaction Value
Transaction Transaction
1 May 2023 (i) the Company The Company has Ofiice Unit Lease Office Unit Less than 0.05% of the
(ii) PT Adaro Energy the same Board of Company's equity as of
Indonesia ("ADRO") Director with ADRO 31 December 2022
The above affiliated transactions are disclosed in line with the Changes in Financial Accounting Standards
Management Discussion
procedures as referred to in POJK 42 of 2020. with Impacts for the Company
and Analysis
The affiliate transactions mentioned above are business activities Throughout 2023, there were no changes in financial accounting
performed in order to generate business income and are carried standards with significant impact on the Company.
out routinely, repeatedly and/or continuously.
Changes in Regulations with Significant
Impact on the Company
In the course of 2023, the Company found no change in
regulations with significant impact on the Company’s overall
Governance
performance.
Corporate
Corporate Social
Responsibility
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50 PT Saratoga Investama Sedaya Tbk. 2023 Annual Report Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Page 53
Performance Snaphot: Management Portfolio Company Management Discussion Corporate Corporate Social
Demonstrating Value Report Performance Profile and Analysis Governance Responsibility
51
Governance
Corporate
Chapter 06
Page 54
Corporate
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Governance
We are aware that the implementation of the best business practices To realize such vision, we are determined to consistently internalize
will not only benefit the Company but our shareholders and all the GCG principles and best practices within the Company by:
stakeholders as well. Therefore, we lay down the implementation a. enforcing the corporate policies from Management through to
of Good Corporate Governance (GCG) principles within the all rank-and-file;
sustainability framework as part of our responsibilities to introduce b. governing and controlling all corporate activities through a set
continuous improvements so as to promote the organization of formal rules and clear mechanisms;
accountability and protect the interests of our shareholders and c. continuously enhancing management accountability to
the stakeholders. shareholders;
d. establishing clear communications between the Company and
all stakeholders; and
e. ensuring regulatory compliance, including and primarily
pertaining to the rules and guidelines of the Financial Services
Authority (FSA) in Indonesia, and the Indonesia Stock Exchange
(IDX).
Assessment of Corporate Governance
Implementation
To measure the effectiveness and the adequacy of the good Criteria
governance implementation and to ensure that it stays on track,
we consistently monitor the implementation of the governance Our self-assessment applies the criteria used in the ASEAN
principal process and conduct a self-assessment against nationally Corporate Governance Scorecard (ACGS), which cover: (1)
and internationally recognized standards and criteria. We will use shareholders’ rights; (2) equitable treatment of shareholders;
the assessment results as the basis for helping us to determine (3) role of stakeholders; (4) disclosure and transparency; and (5)
the set of improvements and maturing our corporate governance responsibilities of Board of Commissioners.
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
process implementation.
Results
Governance Assessment and the Assessing
Parties In 2023, our self-assessment indicated that the Company’s
governance implementation scored 89.24 compared to 89.83
We have been referring to the OECD’s GCG principles for in 2022, or above the average score of 80.10 for Big Cap public
conducting the governance assessment. Then we engage the companies or issuers (100 companies with the largest market
Indonesian Institute for Corporate Directorship (IICD) as an capitalization on the stock exchange), and was qualified as Good
independent party to help us validate and provide us with the or Level 3 (80-89.99). It was the fourth year for the Company to
professional opinion on the quality of the assessment results. achieve the level. The score not only defines the Company’s level
of compliance but also the positive impacts of the continuous
improvements we have committed to the organization, the
shareholders and all stakeholders.
Score
Principle Remarks
2023 2022
Principle A Shareholders’ Rights 9.05 9.52
Principle B Equitable Treatment of Shareholders 8.46 8.57
Principle C Role of Stakeholders 13.85 13.85
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Score
Principle Remarks
Performance Snaphot:
Demonstrating Value
2023 2022
Principle D Disclosure and Transparency 22.66 22.66
Principle E Responsibilities of Board of Commissioners 33.23 33.23
Assessment of bonuses and No bonus points or penalty points Obtained a bonus of Obtained a bonus of
penalties for CG practices carried out 2 points and there is 2 points and there is
during the financial year no penalty no penalty
Total 89.24 89.83
Management
Report
Roles of Organs of the Governance
Structure and Accountability
Performance
Portfolio
Saratoga’s accountability is defined through the establishment of with respect to any proposed investment and divestment agenda
governance supporting organs, which serve different roles and undertaken by the Company. Then to ensure the effectiveness
functions as governed in the Company’s Articles of Association, of their duty performances relating to the growing scope and
and the prevailing laws and regulations. We have applied two- complexity of Saratoga’s business, we will conduct annual
tier board in the governance structure, which separates the assessments.
management and supervisory functions. The Board of Directors
(BoD) is the organ that is responsible for the management In the meantime, the General Meeting of Shareholders (GMS) has
Company
Profile
function while the Board of Commissioners (BoC) serves as a pivotal role in implementing the GCG effectively through its role
the organ that runs the supervisory function against the BoD. as the organ that manages the Company’s shareholding. Through
While carrying out their respective functions in accordance with GMS, the Company’s shareholders execute some of their rights,
prevailing regulations, each organ upholds independency and including the rights to obtain the latest updates of the Company’s
integrity to its duty performance in the Company’s sole interest business performances, to state their opinions or advice as well
and share responsibility for ensuring the sustainable future of the as to agree or disagree on the proposed corporate agenda by
Company's business. the Company management. Any decision taken in the GMS must
represent the long-term interest of the Company. All of the GMS
Management Discussion
While fulfilling its oversight responsibilities, the BoC takes implementation mechanisms, including the decision-making
and Analysis
assistance from the Audit Committee and the Nomination and process, are ruled in the Company’s Articles of Association,
Remuneration Committee. In the meantime, the BoD is assisted and the prevailing laws and regulations. However, the GMS has
by an Investment Committee that is responsible for giving not rights to intervene in the exercise of the duty, function and
professional and independent recommendations and opinions authority of the BoC and/or the BoD.
GENERAL MEETING
OF SHAREHOLDERS
Governance
Corporate
BOARD OF COMMISSIONERS PRESIDENT
BOARD OF DIRECTORS
DIRECTOR
NOMINATION & FINANCE PORTFOLIO INVESTMENT
AUDIT INVESTMENT
REMUNERATION DIRECTOR DIRECTOR DIRECTOR
COMMITTEE COMMITTEE
COMMITTEE
Corporate Social
Responsibility
LEGAL AND
CORPORATE HR & GA INTERNAL
SECRETARY DIVISION AUDIT DIVISION
DIVISION
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Shareholders’
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Rights
The implementation of governance principles with respect to GMS also facilitates shareholders’ points of view and interests
global standards is merely to protect the long-term prospect of over important decisions, approves the direction that the
the Company’s business continuation as well as to ensure the fair Company takes in its best interests, while also taking into account
treatment to our shareholders, including minority shareholders and the provision of the Company’s Articles of Association as well as
fulfil our responsibilities to other stakeholders so as to create a all prevailing laws and regulations.
sustainable corporate value. The Company shareholders are given
fair access to corporate information and can execute their rights at Beyond general meeting, we also engage our shareholders
GMS where they may agree or disagree with the proposed agenda, in investor presentation which is held on periodical basis and
including to give approval to: includes discussion over green initiatives taken by our investee
a. remuneration or any increases in remuneration for board companies.
members and/or key executives;
b. nomination and election of board members;
General Meeting
of Shareholders (GMS)
As stated in the Company’s Articles of Association as well as all agenda item which requires shareholders’ approval in the
prevailing laws and regulations, the Company conducts two types of notice of AGMS/circulars and/or the accompanying statement;
GMS, namely the Annual General Meeting of Shareholders (AGMS) 3. The Company gives the opportunity for shareholders to place
and Extraordinary General Meeting of Shareholders (EGMS). item in the agenda of general meeting subject to a certain
percentage;
At the Annual General Meeting of Shareholders (AGMS), which 4. The Company will appoint an independent party to count and/
is held 6 (six) months at the latest since the end of the financial or validate the votes at AGM;
year, we facilitate shareholders to pass resolutions on matters 5. The Company makes publicly available next no later than 2
relating to the Company’s business and operations, including the (two) working day the result of votes taken during AGMS/EGMS;
appointment and the dismissal of the Commissioners and Directors, 6. The Company provides equal opportunity to all shareholders or
the approval of the Company’s Financial Statements and Annual their proxies to ask question during the meeting.
Report, the payment of dividends and distribution of profits, the
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
amount of the BoD’ and the BoC’ remuneration, the appointment The Implementation of GMS in 2023
of the independent auditor, and the delegation of authority to the
Boards to follow up matters discussed and agreed at the AGMS. On 15 May 2023, we conducted Annual GMS (AGMS) and
Extraordinary GMS (EGMS) all at once. As outlined in the Notarial
GMS Procedures Deed of AGMS Minutes Meeting No. 75 and No. 76 dated 15
May 2023 both drawn-up before Jose Dima Satria, S.H., M.Kn., a
1. The Company provides 21 days notice for all AGMS and EMGS; Notary in Jakarta, the members of BoD and of BoC attending the
2. The Company provides rationale and explanation for each meetings were:
Board of Commissioners President Commissioner : Edwin Soeryadjaya
Commissioner : Joyce Soeryadjaya Kerr
Commissioner : Indra Cahya Uno
Independent Commissioner : Sidharta Utama
Independent Commissioner : Anangga W. Roosdiono
Board of Directors President Director : Michael William P. Soeryadjaya
Director : Lany Djuwita Wong
Director : Devin Wirawan
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Performance Snaphot:
Demonstrating Value
Management
Report
Performance
Portfolio
Company
Profile
Management Discussion
and Analysis
To support the AGMS, the Company appointed the independent parties, consisting of Datindo Entrycom (Share Registrar), which was
represented by Esther Agung Setiawati, to administer the Company’s shares and Jose Dima Satria, S.H., M.Kn. (Notary) to help validating
the meeting resolutions and prepare the minutes of meetings.
Also, ahead of the implementation of the AGMS and EGMS, there were stages of preparation as required by the regulations:
Notice of GMS Agenda to Financial Service 28 March 2023
Governance
Authority (FSA)
Corporate
GMS Announcement to Shareholders 4 April 2023
Through the Indonesian Stock Exchange’s website, the Company’s official
website, and website of KSEI as the provider of E-RUPS application.
GMS Invitation to Shareholders 19 April 2023
Through the Indonesian Stock Exchange’s website, the Company’s website,
and website of KSEI as the provider of E-RUPS application.
GMS 15 May 2023
Which started at 10.23 a.m. at Adaro Institute, Cyber Building 2, 26th Floor,
Corporate Social
Responsibility
Jl. HR Rasuna Said Block X-5 Kav. 13, Kuningan Timur, Setiabudi, South Jakarta.
Announcement of GMS Resolutions 17 May 2023
Through the Indonesian Stock Exchange’s website, the Company’s website,
and KSEI’s website.
Submission of Deed of GMS Minutes to FSA 8 June 2023
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
AGMS 2023
The 2023 AGMS was attended by shareholders or proxy of shareholders of the Company with valid voting rights in the total of
12,451,875,078 shares or equal to 92.13% of the issued shares of the Company after being deducted by the Company’s treasury
shares. With the total shares represented at the meeting, the Company in accordance with Article 41 item (1) letter (a) of FSA
Regulation No. 15/POJK.04/2020 concerning the Implementation of GMS of the Publicly Listed Companies and Article 12 Item (1)
letter (a) and item (7) of the Company’s Articles of Association, met its quorum and was eligible to take legal binding resolutions.
During the Meetings, GMS facilitated the shareholders and/or their proxies the opportunity to ask questions and/or provide opinions
regarding the meeting agenda, but none of them raised questions and/or gave responses.
The AGMS produced the following resolutions:
FIRST AGENDA
Approval on the Annual Report 1. Approve and accept the Company’s Annual Report for the financial year 2022, including
for the financial year of 2022 the Supervisory Report of the Board of Commissioners of the Company, and ratify the
and ratification on the Financial Consolidated Financial Statements of the Company and its subsidiaries for financial year
Statements of the Company for ended as of December 31, 2022 that has been audited by Public Accountant Harry Widjaja,
the financial year ending on 31 S.E., CPA of the Public Accounting Office of Siddharta Widjaja & Associates (a member
December 2022 and granting of global network KPMG) as described in its report No. 00045/2.1005/AU.1/05/1214-3/1/
full acquittal and discharge III/2023 dated March 10, 2023 with “Unqualified” opinion.
(volledig acquit et de charge) 2. Upon the approval of the Company’s Annual Report for the financial year 2022 including
to the members of the Board the supervisory report of the Board of Commissioners of the Company, as well as the
of Directors and the Board of ratification of the consolidated financial statements of the Company and its Subsidiaries for
Commissioners of the Company the financial year ended on 31 December 2022, thus, granting the full release and acquittal
for management and supervision discharge (volledig acquit et de charge) to all members of the Board of Directors and the
performed during the financial Board of Commissioners of the Company from their management and supervisory duty
year 2022. during the financial year 2022, as long as such actions are reflected in the Annual Report
and the Consolidated Financial Statements of the Company and its Subsidiaries for the
financial year ended on 31 December 2022 and is not a criminal offense or a breach of the
prevailing laws and regulations.
Voting Results:
Approving shares Disapproving shares Abstained shares:
12,416,291,679 shares (99.71%) 124,000 shares (0.0009958%) 35,459,399 shares (0.28%)
Note: There was a shareholder who asked question upon the first meeting agenda.
SECOND AGENDA
Approval on the determination 1. Approve the use of current year profit attributed to the owners of the Company for the
of the use of the Company’s net 2022 financial year in the amount of IDR4,616,367,000,000 (four trillion six hundred sixteen
profit for the financial year 2022. billion three hundred sixty seven million Rupiah), for the following matters:
a. A total of Rp5,000,000,000 (five billion Rupiah) is set aside as compulsory reserves of
the Company;
b. A total of IDR1,017,362,625,000 (one trillion seventeen billion three hundred sixty-two
million six hundred twenty-five thousand Rupiah) or IDR75 (seventy five Rupiah) per
share would be paid as final cash dividend to the shareholders of the Company; and
c. The remainder will be allocated to increase the Company’s retained earnings.
2. Approve the granting of power and authority to the Board of Directors to regulate the
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
procedures for the payment of the final cash dividend, including but not limited to determine
the payment schedule, as well as to take all other necessary actions relating to the payment
of the final cash dividend with respect to the prevailing laws and regulations.
Voting Results:
Approving shares Disapproving shares Abstained shares:
12,435,314,196 shares (99.86%) 124,000 shares (0.0009958%) 16,436,882 shares (0.13%)
Note: There was a shareholders who asked question upon the second meeting agenda.
THIRD AGENDA
Approval of the appointment of Approve to authorize the Board of Commissioners of the Company to appoint Public
a Public Accountant and Public Accounting Firm and Public Accountant to audit the Financial Statement of the Company for
Accounting Firm to audit the the financial year ended on 31 December 2023 and other audits required of the Company
Company’s Financial Statements and determining the honorarium and other appointment requirements and authorize the Board
for the financial year ended 31 of Commissioners of the Company to appoint a substitute Public Accounting Firm and Public
December 2023. Accountant if the appointed Public Accountant is unable to carry out his duties for any reason,
by taking into account the recommendations from the Audit Committee.
Voting Results:
Approving shares Disapproving shares Abstained shares:
12,381,665,659 shares (99.43%) 53,771,737 shares (0.43%) 16,437,682 shares (0.13%)
Note: Shareholders did not asked question upon the third meeting agenda.
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AGMS 2023
Performance Snaphot:
Demonstrating Value
FOURTH AGENDA
Approval on the determination 1. By taking into account the suggestions and opinions given by the Company’s Nomination
of the salary, honorarium and and Remuneration Committee, determining remuneration for all members of the
allowances and other facilities Board of Commissioners of the Company for the financial year 2023 of a maximum of
for the members of the Board IDR17,000,000,000 (seventeen billion Rupiah).
of Directors and the Board of 2. Granting power and authority to the Board of Commissioners to determine the amount
Commissioners for the financial of salaries, bonuses and other allowances for members of the Board of Directors of the
year 2023. Company with reference to the structure, policy and amount of remuneration of the Company
for the financial year ended on 31 December 2023, by taking into account the suggestions
Management
and opinions given by the Company’s Nomination and Remuneration Committee.
Report
Voting Results:
Approving shares Disapproving shares Abstained shares:
12,430,526,411 shares (99.82%) 124,400 shares (0.0009990%) 21,224,267 shares (0.17%)
Note: Shareholders did not asked question upon the fourth meeting agenda.
FIFTH AGENDA
Performance
Reporting on the results of the Since this is only a report, no resolution has been made in this Agenda.
Portfolio
Company’s Long Term Incentive
Program
Note: Shareholders did not asked question upon the fifth meeting agenda.
All resolutions taken in 2023 AGMS were already realized in the financial year, including paying the final cash dividend to our
shareholders in timely and equitable manner.
The Company has assigned Jose Dimas Satria, S.H., M.Kn., a Notary in South Jakarta, to help validating the votes and write them down
in the Deed of Minutes Meeting of Annual General Meeting of Shareholders of PT Saratoga Investama Sedaya Tbk No. 75 dated 15
Company
Profile
May 2023.
EGMS 2023
In the meantime, the 2023 EGMS was started at 11.12 a.m. on the same day the 2023 AGMS was held. Attending the meeting was
a total of 12,449,818,678 shareholders or proxy of shareholders of the Company or equal to 92.11% of the issued shares of the
Company after being deducted by the Company’s treasury shares. With the total shares represented at the meeting, the Company
in accordance with Article 41 item (1) letter (a) of FSA Regulation No. 15/POJK.04/2020 concerning the Implementation of GMS of the
Publicly Listed Companies and Article 12 Item (1) letter (a) and item (7) of the Company’s Articles of Association, met its quorum and
Management Discussion
was eligible to take legal binding resolutions.
and Analysis
FIRST AGENDA
Approval of the Company’s share 1. Approve the buyback of the Company’s shares with a maximum amount of 50,000,000
buyback plan. (fifty million) shares or a maximum of zero point three-six percent (0.36%) of the issued and
paid-up capital of the Company for a total cost of up to IDR150,000,000,000 (one hundred
fifty billion Rupiah).
2. Approve the granting of authority and power to the Board of Directors of the Company,
both collectively and individually, to take all action necessary in implementing the
resolutions of this Meeting, including determining the requirements for the implementation
of the Company’s share buyback with due observance to the provisions and regulations of
prevailing laws and regulations, to restate the composition of the Company’s shareholders,
to appears and/or present before the competent authorities and/or Notary Public to sign
Governance
the necessary deed(s), to give information, to enter into and sign all required documents,
Corporate
and to take any and all actions as deemed necessary, without any exceptions.
Voting Results:
Approving shares Disapproving shares Abstained shares:
12,247,475,350 shares (98.37%) 197,510,043 shares (1.58%) 4,833,285 shares (0.03%)
Note: Shareholders did not ask question or give any opinions on the first meeting agenda.
Corporate Social
Responsibility
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
SECOND AGENDA
Approval of the use of Company’s 1. Approve to allocate a maximum 23,000,000 (twenty three million) of treasury shares
treasury shares for Long Term derived from the Company’s share buyback to be distributed to the Company’s employees
Incentive Program of the in 2023 as an implementation of the Long Term Incentive Program of the Company.
Company. 2. Approve the granting of authority and power to the Board of Directors of the Company
to take any actions and/or carry out any dealings as necessary and/ or required to realize
the implementation of the Long Term Incentive Program, in accordance with the prevailing
statutory regulations.
Voting Results:
Approving shares Disapproving shares Abstained shares:
12,218,010,513 shares (98.13%) 231,761,465 shares (1.86%) 46,700 shares (0.0003751%)
Note: Shareholders did not ask question or give any opinions on the second meeting agenda.
The Company has assigned Jose Dimas Satria, S.H., M.Kn., a GMS Convened in 2022
Notary in South Jakarta, to help validating the votes and write
them down in the Deed of Minutes Meeting of Extraordinary On 21 April 2022, the Company conducted Annual GMS (AGMS)
General Meeting of Shareholders of PT Saratoga Investama and Extraordinary GMS (EGMS) upon which all resolutions of each
Sedaya Tbk No. 76 dated 15 May 2023. GMS were fully implemented.
The Company appointed Datindo Entrycom (Share Registrar) and
Jose Dima Satria, S.H., M.Kn. (Notary) as the independent parties
that supported the AGMS and EGMS.
Below are the implementation stages of the AGMS and EGMS in 2022:
Notice of GMS Agenda to FSA 8 March 2022
GMS Announcement 15 March 2022
Through the Indonesian Stock Exchange’s website, the Company’s website,
and KSEI’s website.
GMS Invitation 30 March 2022
Through the Indonesian Stock Exchange’s website, the Company’s website,
and KSEI’s website.
GMS 21 April 2022
At Menara Karya 17th Floor, Jl. HR Rasuna Said Block X-5 Kav. 1-2, Kuningan
Timur, Setiabudi, South Jakarta.
Announcement of GMS Resolutions 22 April 2022
Through the Indonesian Stock Exchange’s website, the Company’s website,
and KSEI’s website.
Submission of Deed of GMS Minutes to FSA 18 May 2022
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
The Implementation of AGMS and EGMS in
2022
The AGMS was attended by valid shareholders or proxy of During the Meetings, Shareholders and/or their proxies are
shareholders of the Company in the total of 12,603,950,645 given the opportunity to ask questions and/or provide opinions
shares or equal to 93.38% of the issued shares of the Company regarding the agenda of the Meeting, but none of them raised
after being deducted by the shares that have been bought back questions and/or gave responses.
by the Company in the total of 67,572,500 (sixty-seven million five
hundred seventy-two thousand five hundred) shares. Meanwhile, The AGMS and EGMS have been recorded in the Deed of Minutes
the EGMS was attended by valid shareholders or proxy of of Annual GMS of PT Saratoga Investama Sedaya Tbk. No. 161 and
shareholders of the Company in the total of 12,602,396,045 No. 162, respectively, dated 21 April 2022 made by Notary Jose
shares or equal to 93.37% of the issued shares of the Company Dima Satria S.H., M.Kn.
after being deducted by the shares that have been bought back
by the Company in the total of 67,572,500 (sixty-seven million five The resolutions of the AGMS and EGMS are as follow:
hundred seventy-two thousand five hundred) shares.
The AGMS and EGMS were also attended by all members of the
BoC and the BoD, except Joyce Soeryadjaya Kerr (Commissioner).
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AGMS 2022
Performance Snaphot:
Demonstrating Value
FIRST AGENDA
Approval on the Annual Report 1. Approve and accept the Company’s Annual Report for the financial year 2021, including
for the financial year of 2021 the Supervisory Report of the Board of Commissioners of the Company, and ratifying the
and ratification on the Financial Consolidated Financial Statements of the company and its subsidiaries for financial year
Statements of the Company for ended as of December 31, 2021 that has been audited by Public Accountant Harry Widjaja,
the financial year ended on 31 S.E., CPA of the Public Accounting office Siddharta Widjaja & Associates (a member of
December 2021 and granting global network KPMG) as described in its report No. 00039/2.1005/AU.1/05/1214-2/III/2022
of full release and discharge dated March 10, 2022 with “Unqualified” opinion.
(volledig acquit et de charge) 2. Upon the approval of the Company’s Annual Report for the financial year 2021 including
Management
to the members of the Board the supervisory report of the Board of Commissioners of the Company, as well as the
Report
of Directors and the Board of ratification of the consolidated financial statements of the Company and its Subsidiaries for
Commissioners of the Company the financial year ended on 31 December 2021, thus, granting the full release and acquittal
for management and supervisory discharge (volledig acquit et de charge) to all members of the Board of Directors and the
actions performed during 2021. Board of Commissioners of the Company from their management and supervisory duty
during the financial year 2021, as long as such actions are reflected in the Annual Report
and the Consolidated Financial Statements of the Company and its Subsidiaries for the
financial year ended on 31 December 2021 and is not a criminal offense or a breach of the
prevailing laws and regulations.
Performance
Portfolio
SECOND AGENDA
Approval on the determination 1. Approve the use of current year profit attributed to the owners of the Company for the 2021
of the use of the Company’s net financial year in the amount of IDR24,889,900,000,000 (twenty four trillion eight hundred
profit for the financial year 2021. eighty eight billion nine hundred million Rupiah), for the following matters:
a. A total of IDR5,000,000,000 (five billion Rupiah) is set aside as compulsory reserves
of the Company;
b. A total of IDR813,890,100,000 (eight hundred thirteen billion eight hundred ninety
million one hundred thousand Rupiah) or IDR60 (sixty Rupiah) per share will be paid as
final cash dividend to the shareholders of the Company; and
Company
Profile
c. The remainder will be allocated to increase the Company’s Retained earnings.
2. Approve the granting of power and authority to the Board of Directors to regulate
the procedures for the payment of the final cash dividend, including but not limited
to determining the payment schedule, as well as to take all other necessary actions in
connection with the payment of the final cash dividend in accordance with the prevailing
laws and regulations.
THIRD AGENDA
Approval of the appointment of Approve to authorize the Board of Commissioners of the Company to appoint Public
Management Discussion
a Public Accountant and Public Accounting Firm and Public Accountant to audit the Financial Statement of the Company for
Accounting Firm to audit the the financial year ended on 31 December 2022 and other audits required of the Company
and Analysis
Company’s Financial Statements and determining the honorarium and other appointment requirements and authorize the Board
for the financial year ended 31 of Commissioners of the Company to appoint a substitute Public Accounting Firm and Public
December 2022. Accountant if the appointed Public Accountant is unable to carry out his duties for any reason,
by taking into account the recommendations from the Audit Committee.
FOURTH AGENDA
Approval on the determination 1. By taking into account the suggestions and opinions given by the Company’s Nomination
of the salary, honorarium and and Remuneration Committee, determining remuneration for all members of the
allowances and other facilities Board of Commissioners of the Company for the financial year 2022 of a maximum of
for the members of the Board IDR15,000,000,000.00 (fifteen billion Rupiah).
of Directors and the Board of 2. Granting power and authority to the Board of Commissioners to determine the amount of
Governance
Commissioners for the financial salary, bonus and other allowances for members of the Board of Directors of the Company
Corporate
year 2022. in accordance with the structure, policy and amount of remuneration of the Company for
the financial year ended on 31 December 2022, by taking into account the suggestions and
opinions given by the Company’s Nomination and Remuneration Committee.
Corporate Social
Responsibility
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
AGMS 2022
FIFTH AGENDA
Approval on the re-appointment 1. Approve the expiration of the term of office of members of the Board of Directors and Board
of all members of the Board of Commissioners of the Company as of the closing of the Meeting.
of Directors and Board of 2. Approve on re-appointment all members of the Board of Directors and Board of
Commissioners of the Company, Commissioners of the Company as of the closing of the Annual General Meeting of
as of the closing of the Annual Shareholders of 2022 until expiration of the period of term of office of members of the
General Meeting of Shareholders Board of Directors and Board of Commissioners of the Company in the closing of the
of 2022 until the closing of the Annual General Meeting of Shareholders of 2025 with composition as follows:
Annual General Meeting of President Director : Michael William P. Soeryadjaya
Shareholders of 2025. Director : Lany Djuwita Wong
Director : Devin Wirawan
President Commissioner : Edwin Soeryadjaya
Commissioner : Joyce Soeryadjaya Kerr
Commissioner : Indra Cahya Uno
Independent Commissioner : Sidharta Utama
Independent Commissioner : Anangga W. Roosdiono
3. Approve to appoint and authorized with the substitution rights the Board of Directors of the
Company to take all actions related to the Meeting Resolutions, including without limitation
to appear before the authorities discussion, asking for information, giving and/or submitting
notification on conduct re-appointment of composition of the Company’s Board of Directors
and Board of Commissioners to the Minister of Law and Human Rights of the Republic of
Indonesia as well as other related competent institutions, drawing up and/or signing deeds
and letters or other documents that are required or deemed necessary, appearing before a
Notary the deed of declaration of Meeting resolutions of the Company to make and to sign
and doing other matters that shall and/or may be done to realize the Meeting Resolutions.
SIXTH AGENDA
Reporting on the implementation Since this is only a report, no resolution has been made in this Agenda.
results of Long Term Incentive
Program of the Company.
EGMS 2022
FIRST AGENDA
Approval on the Company’s 1. Approve the buyback of the Company’s shares with a maximum amount of 45,000,000
shares buyback plan. (forty five million) shares or a maximum of 0.33% (zero point three-three percent) of the
issued and paid-up capital of the Company for a total cost of up to IDR150,000,000,000
(one hundred fifty billion Rupiah).
2. Approve the granting of authority and power to the Board of Directors of the Company,
both collectively and individually, to take all action necessary in implementing the
resolutions of this Meeting, including determining the requirements for the implementation
of the Company’s share buyback with due observance to the provisions and regulations of
prevailing laws and regulations, to restate the composition of the Company’s shareholders,
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
to appears and/or present before the competent authorities and/or Notary Public to sign
the necessary deed(s), to give information, to enter into and sign all required documents,
and to take any and all actions as deemed necessary, without any exceptions.
SECOND AGENDA
Approval of the use of Company’s 1. Approve to allocate up to 20,000,000 (twenty million) shares for distribution to the
treasury shares for Long Term Company’s employees in 2022 as implementation of the Long-Term Incentive Program of
Incentive Program of the the Company.
Company. 2. Approve the granting of authority and power to the Board of Directors of the Company
to take any actions and/or carry out any dealings as necessary and/ or required to realize
the implementation of the Long-Term Incentive Program, in accordance with the prevailing
statutory regulations.
The Company ensured that resolutions taken in both AGMS and EGMS convened in 2022 and 2023, respectively, have all been
realized in the relevant financial years.
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The Board of
Performance Snaphot:
Demonstrating Value
Commissioners
As stipulated in the Company’s Articles of Association and the Name Designation Period
prevailing rules and regulations, Board of Commissioners (BoC) Edwin Soeryadjaya President 2022-2025
Management
serves the role of being the supervisory organ and is also Commissioner
Report
responsible for providing advice to the BOD’s management policy Joyce S. Kerr Commissioner 2022-2025
in the interest of the Company so as to ensure that the Company Indra Cahya Uno Commissioner 2022-2025
is managed in accordance with the corporate vision, mission and Sidharta Utama Independent 2022-2025
objectives. The Company’s Articles of Association also states Commissioner
that our BoC shall be authorized to give consent to certain legal Anangga W. Roosdiono Independent 2022-2025
Commissioner
actions taken by the BoD.
Performance
Portfolio
The BoC also may engage external expert consultants to help The aforementioned BoC composition has met the requirements
it providing advice and recommendations with regards to as specified in the Company’s Articles of Association and the
the functioning of the BoC and the BoC’s committees at the prevailing regulations of the capital market, as well as international
Company’s expenses. best-practice guidelines and recommendations. Its composition is
also deemed adequate to carry out an effective supervisory task
Charter of the Board of Commissioners against the management policies, the general management of the
Company and the Company’s regulatory compliance.
Our BoC is guided with BoC Charter in performing its supervisory
Company
Profile
duties and responsibilities as well as authorities objectively and A brief profile of each member of the BoC is already disclosed in
effectively against the Company’s values and in compliance the Profile of the BoC section of the 2023 Annual Report.
with the principles and rules of GCG. Serving as the basis for
the evaluation on each member's performance, the BoC will Meetings of the Board of Commissioners
conduct periodical review over the substance of the BoC Charter
and recommend some revisions, if appropriate, to ensure its The BoC Charter stipulates that our BoC shall meet for at least
consistency with regulatory changes and/or developments 6 (six) times a year or at any time deemed necessary by one or
in Saratoga’s business. The BoC charter is available on the more member(s) of the BoD, pursuant to a written request by one
Management Discussion
Company’s website. or more members of the BoC or based on a written request by one
and Analysis
or more shareholders jointly representing 1/10 (one tenth) of the
Structure and Membership of the Board of total number of shares with legal voting rights. The agenda and
Commissioners materials to discuss at the BoC meetings shall be circulated to the
meeting participants 5 (five) days prior to the meeting at the latest.
Being held accountable to GMS that has rights to appoint and
dismiss its members, the Company’s BoC as of December At BoC meetings, President Commissioner shall chair the meeting.
31, 2023, consisted of five members, of which one served as Yet in the absence or inability of the President Commissioner
the President Commissioner who would be responsible for to attend a BoC meeting, where it is unnecessary to state the
coordinating the whole oversight tasks of the BoC and ensuring reasons for his absence to the third parties, the meeting will be
the implementation of BoC meetings. The BoC members shall chaired by members of the BoC who are specially appointed in
Governance
serve the office since the date of their appointment by GMS until writing by the President Commissioner.
Corporate
the closing of the third AGMS after their appointment, without due
respect to the GMS’ right to dismiss them at any time. The BOC meetings will discuss several issues, including things that
require Board of Commissioners’ approval, such as the significant
In the meantime, our Independent Commissioners represented corporate agenda and the related-party transactions. Our Board
40% of total BoC members, thus meeting the independency of Commissioners is required to ensure that the transactions are
criteria as specified in FSA Regulation No. 33/POJK.04/2014 conducted with proper management of conflict of interests and
concerning the BoD and the BoC of an Issuer or a Public Company. in the best interests of the company and the shareholders. The
The Company’s Independent Commissioners had also submitted Board of Commissioners needs to ensure that each related-party
Corporate Social
Responsibility
their independence statements on 21 March 2022. transaction is conducted with respect to arms-length principle
and at market price.
Below is the membership structure of the BoC as of December
31, 2023: The quorum of a BoC meeting which allows it to take legal binding
resolutions is when the meeting is attended by more than ½ (one
half) of the number of the Board members who are present or
represented at the meeting.
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
In addition, the BoC shall also invite BoD members to a joint In 2023, the BoC members have met for 7 internal meetings
meeting periodically or at least once every 4 (four) months or at and convened 5 joint meetings with our BoD members. The
any time deemed necessary by the BoC. There are some requests attendance rate at each of the BoC meetings is reported below:
to hold a joint meeting with our BoD members subsequently after
the implementation of a BoC meeting to keep the BoC updated
with the Company’s progress.
Internal Meeting of the Board of Commissioners
Name Designation Number of Meetings Attendance %
Edwin Soeryadjaya President Commissioner 7 7 100
Joyce S. Kerr Commissioner 7 7 100
Indra Cahya Uno Commissioner 7 7 100
Sidharta Utama Independent Commissioner 7 7 100
Anangga W. Roosdiono Independent Commissioner 7 7 100
Joint Meeting with the Board of Directors
Name Designation Number of Meetings Attendance %
Edwin Soeryadjaya President Commissioner 5 5 100
Joyce S. Kerr Commissioner 5 5 100
Indra Cahya Uno Commissioner 5 5 100
Sidharta Utama Independent Commissioner 5 5 100
Anangga W. Roosdiono Independent Commissioner 5 5 100
Attendance Rate of the Board of Commissioners at GMS
Name Designation Number of Meetings Attendance %
Edwin Soeryadjaya President Commissioner 2 2 100
Joyce S. Kerr Commissioner 2 2 100
Indra Cahya Uno Commissioner 2 2 100
Sidharta Utama Independent Commissioner 2 2 100
Anangga W. Roosdiono Independent Commissioner 2 2 100
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Report on Duty Implementation of the Board 4. Assessing the performances of the BoD, BoC, the Audit
of Commissioners Committee, and the Nomination and Remuneration
Committee for the year 2023.
As part of its duty implementation, our BoC in 2023 have 5. Conducting reviews and giving approval to the Company’s
performed the following activities: 2023 annual budget proposed by the BoD.
1. Conducting regular reviews and discussions regarding the 6. Conducting periodical reviews, providing recommendations
activities and recommendations as well as professional and advice to the BoD regarding the investment activities,
opinions from the Audit Committee and Nomination and financial and operational performance of the Company.
Remuneration Committee. 7. Monitoring the quality of the Company’s corporate governance
2. Assessing the Company’s business strategies, main action practices and suggesting some recommendations where
plans, risk policies, budget and annual business plan; appropriate.
determining the implementation objectives; monitoring the 8. Giving approval to the appointed Public Accounting Firm that
implementation of the management and performance of the would perform an audit task over the Consolidated Financial
Company; and overseeing investments, acquisitions and Statements of the Company for the financial year ending on
divestments that are beyond the agreed limits. 31 December 2023 and monitoring the implementation of
3. Preparing and presenting its accountability reports on its audit activities and developments in the capital market.
supervisory duty performance during the financial year of 9. Overseeing the implementation of corporate strategies.
2023 to the General Meeting of Shareholders.
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10. Conducting reviews and giving revisions to the BoC Charter Self-Assessment Policy of the Board of
Performance Snaphot:
Demonstrating Value
to ensure its compliance with the prevailing regulations. Commissioners
11. Determining the amount of remuneration of the BoD and BoC
members for the year of 2023, with respect to the resolutions To ensure the enhancement of the quality of the governance
of the Annual General Meeting of Shareholders on 15 May process implementation, the BoC launches self-assessment
2023. on annual basis against the supervisory task performance. The
12. Preparing the schedule of the BoC meetings for 2023. assessment shall take into account some recommendations and
review results from the Nomination and Remuneration Committee
Competence Development Programs for the which is also responsible for determining the assessment process
Board of Commissioners and criteria, which include the quality of duty performance,
Management
skills and diversity of the BoC members as well as inputs and
Report
We give the BoC members a wide opportunity to attend recommendations.
seminar or coursework organized by reputable institutions on
directorship education about GCG, industrial outlooks, business The assessment results will be reviewed at the BoC internal
prospects and innovations, so as to help them enhance the meeting and they will serve as the basis of reference for
quality of management supervision and the governance process enhancing the quality of the supervisory task implementation. In
implementation. Therefore, we always set up an annual budget 2023, BoC’s self-assessment showed the following results:
Performance
for the Commissioners’ training and the Corporate Secretary is 1. BoC activities were all well-coordinated;
Portfolio
responsible for providing recommendation and/or suggestion for 2. BoC members agreed in the significant of their role to
any relevant courses and/or trainings to the BoC. the Company and the fact that their inputs as well as
recommendations to the Company were valued and are
Throughout 2023, the training and education programs our BoC being followed up by the BoD;
attended are reported as follows: 3. BoC members were competent and skilled individuals with
diverse educational and career backgrounds; and
No. Name of Training Program Organizer 4. BoC members conducted high quality discussions among
their Commissioner Peers during BoC meetings.
Company
1 APRAG Conference 2023: Internasional Beijing
Profile
Arbitration in CharnginTimes: Meeting Arbitration
Challenge, Bridging Divide (Speaker) Commission
(BAC)
2 Neuro Leadership Prasetiya
Mulya
3 Sharing Session: Carbon Credit Industry Forest Carbon
and Technology Pte. Ltd.
Management Discussion
and Analysis
Governance
Corporate
Corporate Social
Responsibility
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The Board of
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Directors
The Board of Directors (BoD) serves as the organ that performs Duties and Responsibilities of the Board of
the collective responsibilities for the management of the Directors
Company. In addition to the collective responsibilities, each
member of the BoD is tasked with individual responsibilities As stipulated in the Company’s Articles and Association and the
according to the expertise and experience of each Board BoD Charter, the BoD members share collective responsibilities,
member. However, the execution of tasks by each member of that is to exercise their business judgment to act in what they
the BoD remains to be a collective responsibility until there is reasonably believe to be in the best interests of the Company and
proof of gross negligence in the part of a relevant Director. its shareholders. The scope of duties includes five main areas of
management, corporate governance, risk management, internal
Charter of the Board of Directors control, and internal audit. While fulfilling such responsibilities,
BoD members may (to the best extent deemed as necessary) rely
Our BoD members are guided with a BoD Charter that helps all on the honesty and integrity of the Company’s senior executives
members of the BoD in determining and executing their duties, and its external advisors and auditors.
objectively and effectively. The Charter stipulates the rules,
guidelines, description of responsibility and authority, values In addition to the aforementioned responsibilities, the BoD is
and other operational mechanisms. The BoD will conduct review entitled to represent the Company both inside and outside of
over the BoD Charter regularly and suggest some revisions, if the court regarding all matters and events, to bind the Company
appropriate, to keep its consistency with Saratoga’s business to other party vice versa, to take all actions pertaining to the
dynamics. The BoD charter is available on the Company’s website. management and ownership, but with the limitations that for the
following actions shall require approval of the BoC:
Structure and Composition of the Board of 1. To borrow or to grant any loan on behalf of the Company
Directors (excluding withdrawing money of the Company in banks)
which amount exceed certain limit as determined by the BOC
Being held accountable to the GMS that has the rights to appoint from time to time;
and dismiss them, the Company’s BoD as of 31 December 2023 2. To establish a new business or participate in other companies,
consisted of three members, of which one served as the President both domestically and abroad in an amount exceeding 10%
Director. The BoD members will serve the office since the date (ten percent) of the total of the Company’s equity, based
of the appointment by GMS until the closing of the third AGMS on the latest financial statements of the Company, for each
after their appointment, without due respect to the GMS’ rights to project, in which the total equities of the Company consist of
dismiss them at any time. shares capital, additional paid-up capital, retained earnings
and other comprehensive income;
As of 31 December 2023, the composition of all members of the 3. To sell and/or otherwise dispose its participation in the
BoD was as follows: subsidiaries or secure the assets of the Company in the
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
amount exceeding 10% (ten percent) of the total of the
Name Designation Period Company’s equity, based on the latest financial statement
of the Company, for each project, whereas the equity of
Michael W. P. President Director 2022-2025
Soeryadjaya the Company consists of shares capital, additional paid-up
capital, retained earnings and other comprehensive income;
Lany D. Wong Director 2022-2025 4. To bind the Company as a guarantor;
Devin Wirawan Director 2022-2025 5. To approve the appointment and or dismissal of the Head of
the Internal Audit unit;
The BoD members have all met the requirements and criteria in 6. To approve the risk appetite, vision, mission and strategic
term of the number of members, composition, and independency plan of the Company.
status pursuant to the Company’s Articles of Association and the
prevailing regulations of the capital market. The BoD members Aside from performing the collective duties, the BoD members
are committed to managing the Company in line with international have agreed on the following segregation of duties to facilitate
best practice guidelines and recommendations that guide them the effective duty implementation and an accurate and quick
for an effective, efficient and professional management of the decision-making process. Each member of the BoD can take
Company. decisions based on their designation and within the scope of their
individual responsibilities although the execution of the BoD’s
A brief profile of each member of the BoD is presented in the duties remain a shared responsibility.
Profile of the BoD section of this Annual Report.
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Name Designation
Performance Snaphot:
Demonstrating Value
Michael W. P. Soeryadjaya • Responsible for coordinating all Company’s operational activities.
President Director • Responsible for optimizing returns for the Company on each of its investments (realized &
unrealized) and ensuring the effectiveness of any deal sourcing and portfolio monitoring.
Lany D. Wong Responsible for finance activities of the Company and leading the Company's ESG Task Force.
Finance Director
Devin Wirawan Responsible for investment and divestment activities of the Company and supervision of the
Investment Director investee companies of the Company.
Management
As outlined in the prevailing rules and regulations, the BoD is the meetings to give them the updates of the ongoing operational
Report
allowed to establish a committee to assist them in performing and investment agenda of the Company.
their duties, from time to time, as necessary or appropriate.
All the agenda and materials must be circulated to the meeting
Meetings of the Board of Directors participant within 5 (five) days at the latest prior to the meeting,
organized by the Corporate Secretary. BoD shall prepare for the
The BoD Charter stipulates that the BoD shall meet periodically, schedule of meeting for the next year before the end of financial
Performance
at least once a month or whenever necessary as required by one year.
Portfolio
or more member(s) of the BoD, based on a written request by one
or more members of the BoC, or by one or more shareholders In 2023, the BoD held a total of 12 internal meetings and
who collectively represent 1/10 (one tenth) of the total shares with participated in 5 joint meetings with the BoC. The attendance rate
legal voting rights. The BoD may invite the BoC members to join in at each of the BoD meetings is reported below:
Internal Meeting of the Board of Directors
Company
Profile
Name Designation Number of Meetings Attendance %
Michael W. P. Soeryadjaya President Director 12 12 100
Lany D. Wong Director 12 12 100
Devin Wirawan Director 12 12 100
Joint Meeting with the Board of Commissioners
Management Discussion
Name Designation Number of Meetings Attendance %
and Analysis
Michael W. P. Soeryadjaya President Director 5 5 100
Lany D. Wong Director 5 5 100
Devin Wirawan Director 5 5 100
Attendance Rate of the Board of Directors at GMS
Name Designation Number of Meetings Attendance %
Governance
Corporate
Michael W. P. Soeryadjaya President Director 2 2 100
Lany D. Wong Director 2 2 100
Devin Wirawan Director 2 2 100
Report on the Duty Implementation of the 3. Making discussions of the Consolidated Company’s financial
Board of Directors statements, which have been audited by the independent
auditor for the financial year of 2023.
Corporate Social
Responsibility
As part of its duty implementation, the BoD in 2023 performed the 4. Conducting discussion on the preparation of the 2023 Annual
following major activities: GMS and the agenda.
1. Executing a detailed and routine evaluation of the 5. Conducting discussion on the comprehensive work plan and
performance of each business unit of the Company. budget for 2024.
2. Conducting regular reviews of the Company’s monthly
financial performance.
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
6. Designing and conducting discussion on the medium-term Self-assessment Policy of the Board of
and long-term development plan of the Company’s business Directors
portfolios, both organically and inorganically, as well as
capital expenditure requirements. To enhance the quality of governance process implementation,
the BoD will be assessed for its duty performance in the relevant
Competence Development Programs for the year based on the Key Performance Indicators it establishes and
Board of Directors proposes to the BoC in the beginning of each year. The assessment
of BoD performance, both individually and collectively, is executed
We are very supportive to any initiatives that will help improving by the BoC at the year-end. In addition, the BoD will also conduct
the quality of the BoD’s duty implementation and enhance an annual self-assessment against the functioning of the BoD and
each Director’s capabilities. The Company therefore provides its committees (if any).
general access to training courses and education programs for
each of BoD members. The Company has set annual budget The criteria for the assessment include the performance of BoD
for relevant trainings and/or professional education programs members, both individually and collectively and the contribution of
required for each Director as a professional group and for the each BoD member to the Company and specifically on areas in
individual member based on the BoD’s plan and with respect to which the management believes that the Director could improve.
the Company’s agreed budget for the relevant year. The President Director will conduct a periodical review over the
performance of each Director’s duties as well as the role and
The trainings the BoD members attended in 2023 were as follows: responsibilities of each Director.
No. Name of Training Program Organizer
Meanwhile, the Performance of President Director himself will
1 Sharing Session: Carbon Credit Forest Carbon
be reviewed and assessed by the President Commissioner with
Industry and Technology Pte. Ltd.
respect to the assessment criteria used in the general evaluation of
2 The Improvement and Strengthening Legal and
of Finansial Sector (UUPPSK) Corporate BoD performance. Then the results of assessment in the forms of
Secretary comments from the President Director and President Commissioner
Division of the will be passed to Nomination and Remuneration Committee
Company
which will report them annually to the BoC. The assessment will
3 Boost your confidence, improve your James Gwee be discussed with the full BoC each year. Each committee is
selling skills
established by the BoD shall review and reassess the adequacy of
4 Indonesia’s Transition towards Net CFA Society its charter annually and recommend any proposed changes (if any)
Zero Indonesia
to the BoD for approval.
Succession Planning
Nomination Process for the BOD In the meantime, in the nomination process of the Company’s key
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
executives, the President Director shall work together with the
The process of nominating future candidates of BoD will involve BoC or the BoD or the Nomination and Remuneration Committee
the recommendations from the Nomination and Remuneration in identifying a list of individuals’ best suited to fill in the strategic
Committee which is responsible for establishing the succession positions.
plan that outlines the mechanism for preparing the successors
of the BoD. In addition, the succession plan also includes the As part of the nomination procedures, the Nomination and
roles of the President Director, Directors and other key executive Remuneration Committee will recommend the candidates of the
positions deemed necessary by the BoC, BoD or the Nomination members of the BoD to the BoC in accordance with the policies
and Remuneration Committee. and principles set forth in the BoD Charter and later BoC will
propose and recommended them to the GMS.
The succession plan is not only done by submitting the list
of potential leaders, but also includes the designing of the Nomination Process for the BOC
professional development plans of the Company’s leadership
pipeline. The succession plan shall be regularly updated by BoD, In the nomination process of candidates of members of BoC, the
BoC or the Nomination and Remuneration Committee to ensure Nomination and Remuneration Committee shall submit the criteria
its consistency with Saratoga’s developments and needs. and assist in the identification of candidates who have met the
qualifications in accordance with the policies and principles set
forth in the BoC Charter. The BoC will then select its candidate(s)
that will fit the Company's necessities and propose the candidates
to the GMS for approval.
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Remuneration Policy and Assessment on
Performance Snaphot:
Demonstrating Value
Members of the Board of Commissioners
and the Board of Directors
We appreciate the hard work and commitment of our BoD and BoC members by the Nomination and Remuneration Committee.
BoC members by providing the attractive remuneration packages. On the other hand, the remuneration of the BoD members
Management
Mechanism for formulating the remuneration of the Company’s is determined with respect to the Company’s achievement
Report
management involves recommendations from the Nomination against budget and business targets. The remuneration is also
and Remuneration Committee which is responsible for reviewing benchmarked against those of industry peers.
and proposing the remuneration structure of the BoC and the
BoD members. In accordance with the AGMS resolutions on 15 May 2023, the
GMS gave consent to the total remuneration for all members of
Our BoD members are entitled to a remuneration structure the BoC of the Company for the financial year 2023 which was at
Performance
comprising salaries as well as other benefits and allowances. In the maximum of IDR17,000,000,000 (seventeen billion Rupiah).
Portfolio
the meantime, the BoC members are entitled to honoraria as well The BoC will then determine the details of the distribution of the
as other benefits and allowances. However, so as to preserve the remuneration amount to be provided among each member of
independence status of the Independent Commissioners, their the BoC, with respect to the recommendations and professional
remuneration structure does not include a bonus component. opinion from the Nomination and Remuneration Committee. Also
at GMS, the BoC was granted an authorization to determine the
In determining the remuneration for the BoC members, we shall amount of salary, honorarium and allowances and other facilities
take into account the results of performance assessment of the for the members of the BoD for the financial year of 2023.
Company
Profile
Below are the structure and the amount of remuneration granted to members of the BoC and the BoD in 2023:
Type of Remuneration Total Amount Received by the Board of Commissioners
and Other Facilities and the Board of Directors in 2023
Salary & THR IDR19,564,174,000
Bonus IDR18,969,751,000
Allowance & Facilities IDR3,099,205,048
Management Discussion
Long Term Incentive Program (Shares) 3,145,000
and Analysis
Other than those that have been stipulated above, no personal loans are to be extended to the members of the BOC, BOD and other
executives in Director level of the Company, as regulated in the Corporate Governance Code of the Company.
Deferred and Clawback Remuneration or Bonuses
During 2023, no remuneration of the Board of Commissioners and Directors was deferred or clawed back as there were no serious
errors or material misstatements in the Company's financial statements. Governance
Corporate
Diversity of the Composition of the
Board of Commissioners and the Board
of Directors
Corporate Social
Responsibility
We are aware of the importance of having a diverse composition of Board members and its impacts to the Company. The effective
alignment of a multitude of experiences and perspectives conveyed by our Board members will lead the Company to perform distinctive
set of investment strategies which will keep it stay innovative and competitive against its industry peers. The further information about
the diversity is clearly described in their profiles, including the academic qualifications, expertise, work experiences, age, and gender,
as detailed out in the Profile of the BoC and the BoD section of this Annual Report.
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Disclosure of
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Affiliation
The Company is committed to fully applying the aspects of transparency and integrity in its day-to-day operations, including in the
disclosure of affiliation among members of BoC and the BoD. Below is the information about the family and financial relationships
among our BoD and BoC members:
Family & Financial Relationship with
Name Remarks
BOC BOD Main Shareholders
Edwin Soeryadjaya Yes Yes Yes
Joyce S. Kerr Yes No Yes
Indra Cahya Uno No No Yes
Sidharta Utama No No No Independent
Anangga W. Roosdiono No No No Independent
Michael W. P. Soeryadjaya Yes No Yes
Lany D. Wong No No No Independent
Devin Wirawan No No No Independent
Induction Program for Newly Appointed
Director and/or Commissioner
The Company organizes an induction program as an initiative • Internal regulations (Articles of Association, Corporate
to introduce new director and/or commissioner to the set of the Governance Code, Code of Conduct, BoC Charter, BoD
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Company’s policies and a comprehensive information about the Charter and other policies of the Company);
Company as well as the scope of duties. • The Company’s business model;
• The Company’s operational system and internal control.
During the induction program, the new director and/or
commissioner will receive information on the following subjects: In 2023, we did not conduct any induction program since there
• External relevant regulations (Company Law, Capital Market was no appointment of new director and/or commissioner to the
Law, Financial Services Authority Regulations, and other Board this year.
relevant regulations);
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Committees Accountable
Performance Snaphot:
Demonstrating Value
to the Board of Commissioners
Audit Committee Below is the composition of the Audit Committee as of 31
December 2023:
Management
In order to enhance the performance of its supervisory duties, the
Report
BoC is assisted by Audit Committee that carries out monitoring Name Designation Period Legal Basis of
functions, particularly in relation to the internal control system, Appointment
financial statements, and the external auditors, and conducts Anangga W. Chairman 2022-2025 Circular
a review of the Company’s financial information and the Roosdiono Resolution of
implementation of audit activities by the internal auditor. the Board of
Aria Kanaka Member 2022-2025 Commissioners
dated 18 July
Performance
The Audit Committee performs its duties and responsibilities with Hany Gungoro Member 2022-2025 2022
Portfolio
respect to the provisions stipulated in the Audit Committee Charter
which has been approved by the BoC. The Audit Committee The brief profile of Mr. Anangga W. Roosdiono can be found
Charter which is available for access through the official website on the Profile of the BoC section of this Annual Report. Yet the
of the Company regulates the structure, membership as well as profiles of Mr. Aria Kanaka and Mrs. Hany Gungoro are presented
duties and responsibilities of the Audit Committee. in the following:
Duties and Responsibilities ARIA KANAKA
Member of the Audit Committee
Company
Profile
The Audit Committee performs its duties and responsibilities An Indonesian citizen, 49 years old. He has been serving as a
independently. The scope of activities include: member of the Audit Company since June 2019. Currently he also
1. Conducting reviews of the financial information. serves as Audit Committee member in other listed companies
2. Ensuring the effectiveness of internal control system. in Indonesia. He is a Partner of Public Accounting Firm Aria
3. Engaging in the selection, recommendation of appointment Kanaka & Rekan (member firm of Mazars SCRL) and a lecturer at
and supervisory work of Independent Auditors. Faculty of Economics and Business, the University of Indonesia.
4. Ensuring the Company’s regulatory compliance. He obtained a Bachelor of Accounting degree and a Master of
5. Conducting reviews of the potential conflict of interest. Accounting degree both from the University of Indonesia.
Management Discussion
6. Conducting reviews of the risk management.
and Analysis
7. Assessing the third party’s complaint. HANY GUNGORO
8. Reviewing the special task implementation assigned by the Member of the Audit Committee
BoC. An Indonesian citizen, 54 years old, has been serving as a
member of the Audit Committee of the Company since July 2022.
Term of Office of the Audit Committee She is also a Partner for PT Paxcis Identity since 2010. She is
certified with a Chartered Financial Analyst (CFA) and Certified
The term of office of Independent Commissioner who concurrently Risk Professional (CRP) with more than 30 years of corporate
serves as a member of the Audit Committee shall be equal to his/ experience, including planning and strategy, M&A, IT & Project
her term of office as Independent Commissioners as stipulated Management System, and People & Organization Development.
by the GMS. Meanwhile, Independent Commissioner who She studied Accounting and graduated from the University of
Governance
concurrently serves as a member of the Audit Committee shall Tarumanagara.
Corporate
serve the office for the period that is equal to his/ her term of
office as Independent Commissioners as stipulated by the GMS. Statement of Independency of the Audit
Meanwhile, the term of office of non-Independent Commissioner Committee
members may not exceed the term of office of the BoC and can
only be reappointed by the BoC for another single period. The Company ensures that all members of the Audit Committee
are professional individuals with strong commitments to integrity,
Composition and Structure of the Audit of good competence, experience, and adequate knowledge of
Committee financial matters. They have met the requirements to be declared
Corporate Social
Responsibility
independent as outlined by FSA Regulation No. 55/POJK.04/2015
In 2023, the Company’s Audit Committee was composed of dated 23 December 2015 concerning The Formulation and
3 (three) members, of which one acted as the Chairman of Implementation Guidelines of the Audit Committee.
the Committee, which also happened to be the Company’s
Independent Commissioner. The other 2 (two) expert members
were external parties who committed to serve the Company with
independency and high integrity.
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Audit Committee Meeting schedules at the beginning of the year and at any time as deemed
necessary.
The Audit Committee Charter stipulates that the Audit Committee
must convene a meeting at least once in four months or on Throughout 2023, the Audit Committee have met for 5 times, with
quarterly basis. The Audit Committee submit the meeting the attendance rate as follows:
Name Designation Number of Meetings Attendance %
Anangga W. Roosdiono Chairman 5 5 100
Aria Kanaka Member 5 5 100
Hany Gungoro Member 5 5 100
Activity Report of the Audit Committee to make sure that the risk management policy is embedded
within the Company’s operation and comply with the
As part of the duties and responsibilities, the Audit Committee in Company’s management control process and governance.
2023 carried out the following activities: 6. Reviewed the legal and compliance function conducted by
1. Reviewed quarterly and annual financial statements regularly, Legal and Corporate Secretarial Division. The Legal and
prior to submission to FSA and IDX. Particular attention is Corporate Secretarial Division ensures that all relevant and
paid to the accounting policy (recognition, presentation, and applicable regulations are acknowledged, implemented,
measurement) and the disclosure in the notes to financial and socialized within the Company as well as ensuring that
statements. relevant capital market rules are embedded in the internal
2. Reviewed, selected, and recommended the appointment rules and practices within the Company. The Audit Committee
of the Public Accountant Firm to audit the Consolidated emphasizes the importance of the Company to fully comply
Financial Statements of the Company for the financial year with the applicable rules and regulations.
ended on 31 December 2023. 7. Agreed on the Audit Committee’s performance self-evaluation
3. Reviewed internal audit plan, findings, and follow-up on & activity reports for the year 2023.
findings, suggesting internal control improvement and 8. Agreed on the Audit Committee’s meeting schedule and
monitoring the management’s follow-up on the findings. The agenda for the year 2024.
Audit Committee also reviewed and provided suggestions on
the 2024 internal audit plan with respect to its adequacy from The Chairman of the Audit Committee regularly reports the
the perspective of risk-based audit. activities of the Audit Committee to the BoC in the meeting of
4. Evaluated the external auditor’s work on the audit for the the BoC.
2022 financial statements, which was completed in mid-
March 2023. The Audit Committee also reviewed the overall Training Programs for the Audit Committee
audit plan and approach as well as independency of the
auditors for the audit of the 2022 financial statements. The Company has given the Audit Committee members the
5. Reviewed the risk management strategy and oversaw the opportunity to participate in any training activities that can
implementation plans that are tailored to the business model enhance the quality of their duty performance. Thus in 2023,
of the Company i.e. a holding investment company. The the Committee members have attended the following training
Audit Committee also oversaw the implementation process, programs:
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Name of Training Program Organizer
National Conference of Audit Committees 2023 Indonesian Institute of Audit
"Overseeing the Company's Sustainability and Growth through Risk Supervision and Control" Committee
The Role of IT Audit to Support Auditors' Work in the Audit of Financial Statements Indonesian Institute of Certified Public
Short Online Learning PSAK Series – Issues in the Preparation and Presentation of Indonesian Institute of Certified Public
Consolidated Financial Statements
Capital Market FSA: Accounting and Audit Considerations and Capital Market Regulations in Indonesian Institute of Certified Public
the New Share Issuance Process (IPO)
Tax Seminar and Member Meeting: The Future of the Tax Court After the Transfer of Indonesian Institute of Audit
Authority of the Ministry of Finance to the Supreme Court; Natura/Enjoyment according to Committee
PMK 66 of 2023; Depreciation/Amortization in accordance with PMK 72 of 2023.
70
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Nomination and Remuneration Below is the composition of the Nomination and Remuneration
Performance Snaphot:
Committee
Demonstrating Value
Committee as of 31 December 2023:
Being held accountable to the BoC, the Nomination and
Remuneration Committee is established to help the BoC in Name Designation Period Legal Basis of
determining and overseeing the nomination process and Appointment
remuneration policies to the members of the BoC, BoD, and senior Anangga W. Chairman 2022-2025 Circular
management. The Nomination and Remuneration Committee is Roosdiono Resolution of
responsible for designing the performance evaluation processes, the Board of
Edwin Member 2022-2025 Commissioners
succession plan, professional education program, and reviewing
Management
Soeryadjaya dated 1 July 2022
the Company’s human resources policies.
Report
Handianto Member 2022-2025
Ganis
The Nomination and Remuneration Committee is guided with the
Nomination and Remuneration Committee Charter in performing
its duties and responsibilities. The Charter stipulates the structure, The brief profiles of Mr. Anangga W. Roosdiono and Mr. Edwin
membership as well as duty and responsibility of the Nomination Soeryadjaya are presented on the Profile of the BoC section
and Remuneration Committee. This Charter has been approved of this Annual Report. Yet the profile of Mr. Handianto Ganis is
Performance
by the BoC and is available for access on the official website of presented in the following:
Portfolio
the Company.
HANDIANTO GANIS
Duties and Responsibilities of the Nomination Member of the Nomination and Remuneration Committee
and Remuneration Committee An Indonesian citizen, 72 years old, has been serving as the
member of the Nomination and Remuneration Committee of the
The general duties of Nomination and Remuneration Committee Company since April 2013.
are to assist the BoC by providing professional and independent
recommendations with respect to the GCG principles on systems He earned a Bachelor Degree in Business Administration and
Company
Profile
and procedures relating to: Accounting from California State University, Los Angeles, as well
1. The succession plan of the members of the BoC and the as a Master of Business Administration degree from the University
BoD and the executives to fill in strategic positions in the of Southern California, Los Angeles.
management of the Company.
2. The identification and proposal of candidates for members Statement of Independency of the Nomination
of the BoC, the BoD and the strategic positions in the and Remuneration Committee
management of the Company.
3. The determination of the remuneration for members of the The Company ensures that all members of the Nomination and
Management Discussion
BoC, the BoD and strategic positions in the management of Remuneration Committee are professional individuals with strong
and Analysis
the Company. commitments to integrity and independency in performing its
duties and responsibilities. The Nomination and Remuneration
Term of Office of the Nomination and Committee ensures no intervention from any party into its duty
Remuneration Committee performance, with any reason and other actions which may have
potential to cause conflict of interest.
The members of Nomination and Remuneration Committee will
serve the office for the period that is no longer than the term Nomination and Remuneration Committee
of office of the BoC, to which is held accountable. Meanwhile, Meeting
Independent Commissioner who concurrently serves as a
member of the Nomination and Remuneration Committee shall Nomination and Remuneration Committee charter stipulates that
Governance
serve the office for the period that is equal to his/ her term of Nomination and Remuneration Committee shall meet at least
Corporate
office as Independent Commissioners as stipulated by the GMS. once in 4 (four) months or on quarterly basis.
Meanwhile, the term of office of non-Independent Commissioner
members may not exceed the term of office of the BoC and can The meetings of our Nomination and Remuneration Committee
only be reappointed by the BoC for the next period. generally discussed the recommendations for the remuneration
and the implementation of performance assessments of both
Composition and Structure of the Nomination Board of Directors and Board of Commissioners for use.
and Remuneration Committee The meeting agenda and the results of the Nomination and
Remuneration Committee was contained in the Committee's
Corporate Social
Responsibility
In 2023, the Nomination and Remuneration Committee consisted activity report.
of 3 (three) members, of which one was the Independent
Commissioner, who also served the Chairman of the Committee;
the other member was President Commissioner; and the other
member was a person in a managerial position subordinate to the
BoD, who was in charge of the human resources area.
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
In 2023, the Nomination and Remuneration Committee held 3 meetings, with the attendance rate at each of the meetings as follows:
Name Designation Number of Meetings Attendance %
Anangga W. Roosdiono Chairman 3 3 100
Edwin Soeryadjaya Member 3 3 100
Handianto Ganis Member 3 3 100
Activity Report of Nomination and Assessment on the Performances of the
Remuneration Committee Committees Accountable to the Board of
Commissioners
As part of the duty performance, the Nomination and Remuneration
Committee in 2023 has actively provided feedback, evaluation BoC have conducted regular assessments on the performances
and recommendations for BoD, BoC and strategic positions in the of all Committees under the BoC, namely the Audit Committee
management discussion, through among others, the following and Nomination and Remuneration Committee. The assessment
activities: results suggested that both Audit Committee and Nomination
1. Reviewed the profiles and salary of the employees of the and Remuneration Committee have performed their duties and
Company. responsibilities effectively within the scope of their roles and
2. Formulated and monitored the Key Performance Indicator of functions. The effectiveness of their duty performances was
the Company, the BOC, the BOD and the employees of the among other reflected on the fact that there was no significant
Company. finding in the Company’s business processes. The results of
3. Monitored human resources activities in the Company i.e. on assessment which covered criteria including the duty performance
the recruitment process for managerial level and above. of each Committee, the attendance rate at each of the Committee
4. Carried out assessment processes for the employees of the meetings and the development of competence, proved somehow
Company. that the committees under the BoC helped enhance the quality of
5. Approved the implementation of the Long-Term Incentive the corporate governance implementation as well as ensuring the
Program. improvements surrounding Company’s regulatory compliance.
6. Proposed the 2023 remuneration and annual bonus for the
Commissioners and Directors of the Company.
7. Agreed on the Nomination and Remuneration Committee’s
performance self-evaluation & activity reports for the year
2023.
The Chairman of the Nomination and Remuneration Committee
provided regular reports on the aforementioned activities of the
Committee to the BoC at the BoC meetings.
Training Programs for the Nomination and
Remuneration Committee
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
The Company has given the Nomination and Remuneration
Committee members the opportunity to participate in any training
activities that can enhance the quality of their duty performance.
Thus in 2023, the Committee members have attended the
following training programs.
Name of Training Program Organizer
Neuro Leadership Prasetiya Mulya
Sharing Session: Carbon Credit Forest Carbon Pte. Ltd.
Industry and Technology
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Committees Accountable
Performance Snaphot:
Demonstrating Value
to the Board of Directors
Investment Committee In the meantime, the term of office for Investment Committee
member who concurrently serves as a member of the BoD shall
Management
Given the characteristics of the Company’s business, the also not be longer than his/ her term of office as the member of
Report
Investment Committee has a vital role in assisting the BoD in the BoD and can be re-appointed for another term of office.
the planning, formulation and execution of investment and
divestment policies and strategies as well as to ensure the Then the term of office for the Investment Committee member
Company’s sustainability and the investment and divestment of who is concurrently not a member of the BoC nor the BoD shall
the Company’s long-term strategic objectives. BoD in fact grants not be longer than 1 (one) year and can be re- appointed as
the Investment Committee with the rights to make investment and deemed necessary by the BoD and the BoC.
Performance
divestment decisions with a transaction value up to 10% of the
Portfolio
Company’s equity so as to realize the investment opportunities Composition and Structure of the Investment
on a timely basis. Committee
In performing its duties and responsibilities, the Investment In 2023, the Investment Committee comprised of 4 (four)
Committee is guided with the Investment Committee Charter. members, with the President Commissioner being the Investment
The Charter is available for access on the Company’s website Committee Supervisor and President Director to serve as the
and stipulates among which the structure of the Committee, Chairman of the Investment Committee.
membership, reporting, duties and responsibilities.
Company
Profile
Below is the composition of the Investment Committee members
Duties and Responsibilities as of 31 December 2023:
Investment Committee is tasked to provide professional and Name Designation Period
independent recommendations and advice to the BoC based on
Edwin Soeryadjaya Supervisor 2022-2025
its reviews and considerations with respect to the GCG principles
in matters relating to the followings: Michael W. P. Chairman 2022-2025
a. Designing and implementation of systems and procedures Soeryadjaya
Management Discussion
related to investment and divestment activities of the Lany D. Wong Member 2022-2025
and Analysis
Company.
b. Designing and implementation of systems and procedures Devin Wirawan Member 2022-2025
related to monitoring of the performance of the Company’s
associates and subsidiaries (investee companies). The brief profiles of each member of the Investment Committee
c. Designing and implementation of systems and procedures were presented in the Profile of the BoC and the BoD section of
that allow active monitoring towards the risk profile of this Annual Report.
the Company associated with the Company’s investment
activities. Investment Committee Meeting
d. The composition, roles and responsibilities of the Committee
shall be detailed in the Investment Committee charter. As stipulated in the Investment Committee Charter, the Committee
Governance
shall convene a meeting at least once a month and may hold
Corporate
Term of Office of the Investment Committee periodic meeting, at least once every quarter, by engaging the
division or operating units of the Company that are responsible for
The term of office for Commissioner who acts as the Investment executing investment, monitoring investment performance and
Committee Supervisor shall not be longer than his/her term of Investee Company’s performance, and monitoring investment
office as the member of the BoC and can be re-appointed for risk.
another term.
Corporate Social
Responsibility
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
In 2023, the Investment Committee convened a total of of 16 meetings, with the attendance rate at each of the meetings as follows:
Name Number of Meetings Attendance %
Edwin Soeryadjaya 16 16 100
Michael W. P. Soeryadjaya 16 16 100
Lany D. Wong 16 16 100
Devin Wirawan 16 16 100
Investment Committee Activities Training Programs for the Investment
Committee
As part of its duty performance, the Investment Committee in
2023 has carried out the following activities: As the members of Investment Committee comprised of members
1. Provided recommendations on the Company’s investment of BoD and BoC, please refer to training program section for the
policy to the Board of Directors encompassing, among others, BoC and the BoD.
the investment criteria and associated risk profile.
2. Reviewed and provided recommendations for approval or Assessment on the Investment Committee
rejection of all investment proposals submitted to the Board
of Directors. BoD has conducted assessment on the performance of Investment
3. Analyzed and periodically reviewed once every quarter, all Committee with respect to the established criteria including the
reports on the Company’s investment performance and the duty performance of each Committee, the attendance rate at each
Investee Company performance. of the Committee meetings and the development of competence.
4. Analyzed and periodically reviewed once every quarter, all The assessment results suggested that Investment Committee
reports on the Company’s risk profile associated with the has performed its duties and responsibilities effectively in the
Company’s capital structure and the composition of the financial year 2023 in accordance with the role and function of
Investee Company. the committee as stipulated in the Investment Committee Charter.
5. Evaluated each investment to assess if the investment
adheres or continues to adhere to the Company’s investment
strategy.
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
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Corporate
Performance Snaphot:
Demonstrating Value
Secretary
The role of Corporate Secretary of Saratoga is very vital to the 2. Administering regular and incidental reports to the capital
Company, particularly in ensuring the Company comply with the market authority.
Management
prevailing rules and regulations set by the governing bodies 3. Working closely with other divisions in the Company to
Report
outside the Company. At the same time, our Corporate Secretary provide the management with information on the latest
also serves as the person in charge of establishing a sound changes and developments in capital market regulations.
communication between the Company and its stakeholders; 4. Overseeing the regular and proper implementation of GMS,
ensuring the Company’s information accessible to all stakeholders the BoD and the BoC meetings.
and that the Company meets its transparency commitment by 5. Providing timely information about the Company’s
providing disclosure of information accurately and timely to the performance to the shareholders.
Performance
authorities and the public. The Corporate Secretary reports its
Portfolio
duty performance directly to the President Director. Corporate Secretary’s Activities
The Company appointed the Company’s Legal and Corporate In 2023, as part of its duty performance, the Corporate Secretary
Secretarial Division Head, Sandi Rahaju, as the person-in-charge has carried out several activities, including:
of the Corporate Secretary functions and responsibilities pursuant 1. Carried out correspondences and meetings with FSA and IDX
to BoD Circular Resolution dated 9 June 2022. as the capital market regulators.
2. Attended conferences and workshops held by FSA, IDX,
Profile of Corporate Secretary Indonesian Issuers Association (AEI) and Indonesia Corporate
Company
Profile
Secretary Association.
SANDI RAHAJU 3. Worked closely with the Investor Relations and the Corporate
An Indonesian citizen, 55 years old, domiciled in Jakarta. She Communication to provide update of the Company’s
is concurrently serving as the Head of the Legal and Corporate development to the public through press releases, the
Secretarial Division of the Company. The Corporate Secretary Company’s website, and fulfillment of the Company data
Function is held by a working unit since July 2016. Prior to her requests.
appointment to the Corporate Secretary function, Sandi Rahaju 4. Submitted regular and incidental reports to FSA and IDX as
was a member to the Audit Committee of PT Selamat Sempurna required by the prevailing capital market regulations.
Management Discussion
Tbk., and a member of the Audit Committee of PT Mitra 5. Conducted one Annual GMS and one Extraordinary GMS.
and Analysis
Investindo Tbk. Also, before joining the Company in 2007, she 6. Organized BoC and BoD meetings, press conferences,
has pursued a professional career of more than fifteen years in analyst meetings and media coverage activities with the
a few corporations such as Taisei Corporation, an international Corporate Communication.
construction company, PT Kideco Jaya Agung, an Indonesian coal 7. Other duties as assigned.
mining company as well as in a couple of law firms in Indonesia,
i.e., Pelita Harapan Law Firm and finally, Hendra Soenardi. Sandi Competence Development Program for the
Rahaju is a graduate of the University of Technology, Sydney, in Corporate Secretary
2007 and holds a Doctorate degree in Juridical Science (SJD).
The Company’s Corporate Secretary is given the opportunity
The Corporate Secretary’s general scope of duties is described to enhance her skills and knowledge through trainings and
Governance
below: seminars. Throughout 2023, the Corporate Secretary attended
Corporate
1. Providing recommendations concerning the implementation the following competency development programs and seminars:
of GCG principles.
Name of Training Program Organizer
Workshop of the Indonesian Issuers Association – Discussion on Reviewing the Indonesian Public Listed Companies Association
Implementation of POJK Regarding Public Companies
Data Protection Resilience Strategy in Companies Indonesia Corporate Secretary Association
Corporate Social
Responsibility
The Corporate Governance Officer’s Role in Driving Digital Resilience Indonesia Corporate Secretary Association
Workshop of ICSA – Implementation of GMS via eASY.KSEI Indonesia Corporate Secretary Association
Workshop of ICSA – Effective Risk Management for Corporate Secretary Indonesia Corporate Secretary Association
Workshop of ICSA x IDX - Listed Companies Compliance Refreshment Indonesia Corporate Secretary Association and
IDX
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Name of Training Program Organizer
IDX Stakeholders Business Forum Luncheon IDX
Deepening POJK No. 42/POJK.04/2020 concerning Affiliate Transactions and Indonesia Corporate Secretary Association
Conflict of Interest Transactions and POJK No. 17/POJK.04/2020 concerning
Material Transactions and Changes in Main Business Activities
Managing Environmental, Social, and Governance Risks and Opportunities FSA
Workshop of FSA x IDX Compliance Refreshment FSA x IDX
SEOJK Socialization No. 13/SEOJK.04/2023 concerning Buyback of Public FSA
Company Shares as a Consequence Cancellation of Securities Listing by the
Stock Exchange due to Conditions or Events that Have a Negative Impact on
Business Continuity
Socialization of POJK 9 of 2023 concerning the Use of Public Accountant FSA
Services and Public Accounting Firms in Financial Services Activities
Socialization of General Guidelines for Indonesian Corporate Governance and National Committee on Governance Policy (KNKG)
Organizing of the 2022 Annual Report Award
Deepening of Indonesian Stock Exchange Regulation Number I-E: concerning Indonesia Corporate Secretary Association
Obligation to Submit Information
Discussion of Strategy and Implementation of the P2SK Law for Public Indonesian Public Listed Companies Association
Companies
Internal Audit
Unit
The Internal Audit Unit is established to assist the BoD and BoC Duties and Responsibilities of the Internal
by providing assurance that the Company has implemented an Audit Unit
effective internal control against its operational and financial
activities. In addition, the Internal Audit Unit is also tasked to The Internal Audit Unit is responsible for the following duties:
provide professional and independent opinions about the 1. Preparing and formulating the Annual Audit Plan.
compliance of the Company’s activities with the internal as well 2. Performing the audit works in line with the audit plan
as the applying rules and regulations. and assess the efficiency and effectiveness of business
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
development, portfolio monitoring, finance, accounting,
To promote higher values and improve the operational human capital, and legal.
performances of the Company using systematic approaches, the 3. Reviewing and evaluating the implementation of internal
Internal Audit Unit has established an organizational structure, control and risk management systems to ensure their
work standards and practices, communication programs and compliance with the Company’s policies.
quality assurance programs. 4. Providing advice on improvements and objective information
on the activities being audited at every level of management.
In performing its duties and responsibilities, the Internal Audit 5. Preparing the report on audit findings and present it to the
Unit is guided with the Internal Audit Charter, which regulates Audit Committees.
the structure, the membership, the scope of duties and 6. Monitoring, analyzing and reporting the follow-up actions as
responsibilities. The Internal Audit Charter is available for access recommended.
through the Company’s website. 7. Evaluating the quality of the internal audit works on periodical
basis in carrying out the audit program.
8. Undertaking special audits whenever necessary.
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Internal Audit Unit Structure Competency Development Program for the
Performance Snaphot:
Demonstrating Value
Internal Audit
The BoC Circular Resolution dated 9 February 2016 stipulates
that Lily Herawati is to serve as the Head of Internal Audit. She To enhance its knowledge and competence, the auditors of the
reports directly to the Company’s President Director. Company’s Internal Audit Unit in 2023 attended the following
training activities:
As of 31 December 2023, the Internal Audit Unit of the Company 1. Seminar Nasional IA : Trusted Advisor: Navigation the new
consisted of two auditors, one of which was the Head of Internal frontier, connecting between Information Technology and
Audit and the other was a Senior Auditor with complementary Business Strategy by Yayasan Pendidikan Internal Audit
range of educational backgrounds, skills and work experiences. (YPIA).
Management
The Company ensures that Head of Internal Audit has met 2. Internal Control – the Committee of Sponsoring Organizations
Report
the qualification required as she is recognized as a Certified of the Treadway Commission (COSO Framework) by YPIA.
Management Accountant and GRC Professional. 3. Fraud Detection & Investigation for Internal Audit by the
Institute of Internal Audit (IIA)
Profile of the Head of Internal Audit 4. Risk Management by Revolution Mind Indonesia.
5. Personal Leadership in Action by Pace Synergic.
LILY HERAWATI 6. Internal Audit : New Internal Audit by YPIA.
Performance
Head of Internal Audit Unit
Portfolio
An Indonesian citizen, 52 years old. She earned a Bachelor of Internal Audit Activity Report
Economics from Trisakti University, Jakarta. She has been serving
as the Head of Internal Audit Unit effective as of 9 February 2016. As part of its duty implementation, throughout 2023, Internal
She was a member of the Audit Committee at one of Saratoga Audit conducted 15 regular audit and follow-up activities that
investee, PT Tri Wahana Universal (2016-2017). She has over 20 covered Investment, Portfolio Management, Finance, Accounting,
years of corporate function, manufacturing industries and trading Tax and GA division.
business experience. Prior joining the Company, she held several
positions at PT Astra Otoparts Tbk. such as Division Head of At the same time, Internal Audit also served advisory functions
Company
Profile
Corporate Finance, Division Head of Financial Planning Analysis, relating to business processes in the investees, by assisting the
Division Head of Corporate Controller and Finance Director at investee companies in establishing an effective internal control to
several PT Astra Otoparts Tbk.’s subsidiaries. mitigate strategic, compliance or operational risks and improve
operational efficiency.
Also, as part of its responsibilities, in 2023, Internal Audit
conducted 4 meetings with the Audit Committee to present the
audit findings report and recommendations.
Management Discussion
and Analysis
Governance
Corporate
Corporate Social
Responsibility
77
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Corporate
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Communication
The Company has established the Corporate Communication In 2023, the Corporate Communication team at the Company
Division with the pivotal role of orchestrating a set of various proactively carried out a series of impactful of public relations,
public and media relations activities, including engagements with corporate events, CSR and ESG activities, showcasing our
the media community and the implementation of corporate social commitment to transparent communication and community
activities. This strategic move reflects the growing significance of engagement. Initiatives as follows:
enhancing the Company’s positive image and reputation among 1. Successfully organizing the General Meeting Shareholders
the public and other stakeholders. (GMS) and Public Expose in 2023, fostering open
communication and transparency.
The Corporate Communication Division actively manages various 2. Efficiently initiating and managing corporate events for
key responsibilities, including: the Company, ensuring seamless execution and positive
outcomes.
1. Crafting the implementation strategy of the Company’s non- 3. Regularly providing updates on the Company’s development
media publication for non-financial public, investor, and to the public thoughtfully crafted press releases and our
financial community to uphold the Company’s esteemed corporate website, ensuring stakeholders are well-informed.
reputation. 4. Spearheading and effectively managing Corporate Social
2. Devising the implementation strategy for the Company’s mass Responsibility and Community Involvement & Development
media advertisements related to financial and non-financial programs, reflecting our dedication to making a positive
aspects, with the primary aim of maintaining the Company’s impact beyond business operations.
positive reputations. 5. Proudly implementing the first year of the Company’s
3. Ensuring the Company’s publications and website are readily ESG Roadmap, marking a significant stride towards our
accessible to the public, presenting content in a format that is sustainability goals and ethical business practices.
simple and clear for ease of readability.
4. Strategizing and executing Corporate Social Responsibilities These endeavours underscore our unwavering commitment
(CSR) and Community Involvement & Development (CID) to proactive communications, community engagement, and
programs, reinforcing the Company’s commitment to social responsible business practices throughout the year.
impact for the employee and community well-being.
Investor
Relations
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
As a publicly listed company, the role of Investor Relations is very Investor Relations disseminates the latest updates about the
important in managing communications between investors and Company directly to investors and key players in the capital
the Company’s management. market through the Company’s website. The latest information
will serve as the important reference for the shareholders and
Working closely with the Corporate Secretary and Corporate other capital market participants to make a fair decision relating
Communication, Investor Relations reports directly to the Finance to investing in the Company.
Director on its duty performance, particularly relating to the
activities of promoting a positive corporate image and ensuring Throughout 2023, Investor Relations provided investors and
the Company to meet its transparency responsibility to the public. capital market participants with the access to the latest updates
on the Company and direct meetings with Directors of the
Company by way of one-on-one and group meetings, as well as
the implementation of public expose. The BoD of the Company
have taken active participation in many of these occasions.
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Other Corporate Governance
Performance Snaphot:
Demonstrating Value
Information
Access to Information and Company Data Other Corporate Governance Information
Management
The Company believes that distribution of information to Throughout 2023, the Company released the following reports:
Report
the public and other stakeholders still proves to be the most
effective way to improve internal and external communication External Reports Frequency
and information transparency. We expect such information to be
Reports to FSA & IDX 69
able to assist, maintain and enhance knowledge, understanding
Annual Report 1
and build confidence among the stakeholders about its policies
and activities. The up- to-date information about the Company is Sustainability Report 1
Performance
available to access by all stakeholders on Company’s portal (www.
Portfolio
saratoga-investama.com) and it is presented in both Indonesian Press Release
and English languages.
Date Title
As part of its compliance responsibility with information disclosure 26 January 2023 Saratoga Investment Summit 2023
Supports Efforts to Strengthen Investment
principles, the Company commits to submitting reports containing
in Technology and Renewable Energy
material information and facts through both letters and electronic Sectors
reporting to FSA and IDX. The Company discloses the information 13 March 2023 Saratoga’s Reached a Record High
for public access through electronic reporting system on the IDX Dividend Income of IDR2.6 trillion in 2022,
Company
Profile
website (www.idx.co.id). with NAC Growing by 8% to IDR60.9 trillion
15 May 2023 Saratoga Distributing Dividends and
Buying Back Shares
29 July 2023 Saratoga Booked IDR1.5 trillion Dividend in
Semester I-2023
30 October 2023 Saratoga Posts IDR49.8 trillion of NAV in
Q3-2023, Supported by Robust Cash Flow
Management Discussion
and Analysis
Administrative Sanction
In 2023, there were no administrative sanctions imposed on the Company by either IDX or FSA.
Legal Case Governance
Corporate
We ensure that the Company, members of the BoC as well as members of the BoD were not involved in any legal cases that could
generate material impacts on, or expose the Company to certain risks.
Code of Conducts
Corporate Social
Responsibility
We have established a Code of Conduct, which has obtained The Company’s commitment to acting ethically in all aspects of its
approval from both BoC and BoD on 25 June 2014. The Code of business is based on the followings:
Conduct reflects the Company’s commitment to the application • Respecting the rule of laws and regulations in the Republic of
of the highest standards of ethical behaviour, encouraging Indonesia, and showing respect for human rights;
proper ethical conduct, putting sanction to any misconduct, as • Managing the Company’s financial and operational
well as developing and nurturing an ethical culture within the performance to maximize the long-term value for its
Company, led by the Company’s shareholders, commissioners, shareholders while taking into account the interests of
and management, and followed by all employees. stakeholders;
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
• Conducting business with integrity and fairness, renouncing behave in accordance with the internal policies as well as the
bribery and corruption or similar unacceptable business prevailing laws and regulations along with ethical standards of
practices, and not giving or accepting gifts and entertainment business conduct.
unless they fall under business custom, are immaterial and
infrequent; To ensure the effectiveness of the implementation of Code of
• Creating mutual advantage in all Company’s relationships to Conduct, the Company has assigned Human Resources Division
build and foster trust; and to set the internalization and socialization plans of the Code
• Demonstrating respect for the community where the of Conduct and corporate values to all organizational levels,
Company operates in, as well as for the natural environment. including the BoC, the BoD, and the employees, using formal and
informal communication media, such as town-hall discussion and
This Code of Conduct applies to all members of BoD, BoC and briefing of the management, e-mail blast and others.
all employees of the Company while interacting or building
relationships with the stakeholders. The Code of Conduct The detailed contents of the Code of Conduct are available for
requires the members of BoC, BoD and all employees to act and access on the Company’s website.
Internal Control Systems
Given the characteristic of the Company’s business, an effective b. Reporting Objectives – pertaining to reliability of financial
implementation of a sound internal control system is vital in reporting, timeliness, transparency, or other terms as set forth
supporting our efforts to safeguard the Company’s assets by regulators, recognized setters, or policies of the Company.
and maintain its performance and compliance with laws and c. Compliance Objectives –pertaining to the Company’s
regulations. regulatory compliance.
Therefore, the Company has established an internal control Effectiveness and Efficiency of the Company’s
function or unit that reports directly to the BoD and assists it in Operations
ensuring the fulfilment of objectives and business sustainability
through activities, including: The Company has assigned the internal auditor to conduct
• evaluation of the implementation of the Company’s program; ongoing assurance reviews of the internal control framework,
• providing recommendations to improve the effectiveness of using a risk-based approach, and then provide feedbacks to
the internal control system and risk management process; the BoD and Audit Committee. The Company also requires its
• evaluation of the Company’s compliance with Company’s external auditor to submit periodical reviews as well as ensure
regulations, implementation of GCG, and the appropriate functioning of internal control framework, system,
• facilitating a mutual coordination with external parties. and procedures with minor defects.
The Company thus adopts five key components of internal control The Company’s management will then hold meetings of the BoD,
that include the followings: the BoC and management to present regular reviews and timely
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
1. An internal control environment disciplined and structured updates on the business operations, the financial performances
within the Company. as well as any business potentials the Company and its investee
2. Assessment and management of business risks. companies can unlock to promote a business sustainability.
3. Control activities. This enables the Company’s management to deal with rapidly
4. Information System and Communication. changing and increasingly competitive economic and business
5. Monitoring. landscapes.
Internal Control Objective In the meantime, the Internal Audit Unit shall attend all Audit
Committee meetings and provides further inputs to senior
To ensure the effective implementation of Internal Control, we management executives as relevant so as to ensure that BoC’s
have set the objectives which consist of 3 (three) categories, views and recommendations are followed and implemented
allowing the Company to focus on different aspects of internal effectively and accurately. The Internal Audit Unit is also
control: responsible for providing assurance of the compliance with
a. Operation Objectives – pertaining to effectiveness and the corporate policies and procedures, identifying any material
efficiency of the Company operations, including operational weaknesses, and providing as well as communicating the
and financial performance goals, and safeguarding assets recommendations to improve internal control to the appropriate
against loss. management officers.
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Statement of the Board of Directors and/or the implementation provided reasonable, but not absolute, assurance
Performance Snaphot:
Demonstrating Value
Board of Commissioners on Adequacy of the that the Company would not be affected by any event that could
Internal Control System Implementation be reasonably foreseen in its efforts to achieve the business
objectives. The BoC also underlined that no system could provide
The BoC and BoD have been paying a close monitoring to absolute assurance against the occurrence of material errors,
ensure the effectiveness of the internal control system within poor judgement in decision-making, human error, fraud, or other
the Company. The management viewed that the system irregularities.
Management
Report
External Auditor
The Company has assigned an External Auditor to perform Public Public
Year Audit Fee
Accountant Firm Accountant
Performance
audit activities to its financial statements. Pursuant to the GMS
Portfolio
2023 Siddharta Widjaja Harry Widjaja, IDR4,500,000,000
Resolution on 15 May 2023, the GMS agreed to grant an authority & Rekan S.E., CPA
to BoC to appoint a registered Public Accountant Firm to audit the 2022 Siddharta Widjaja Harry Widjaja, IDR4,350,000,000
Company’s financial statement for the financial year ending on 31 & Rekan S.E., CPA
December 2023. The BoC in that case approved the appointment 2021 Siddharta Widjaja Harry Widjaja, IDR4,060,000,000
of Siddharta Widjaja & Rekan (a member of KPMG global network) & Rekan S.E., CPA
to perform the financial audit activity, and this appointment was
based on the recommendation letter of the Audit Committee to
the BoC dated October 10, 2023. Information Disclosure on Share Ownership by
Company
Profile
Management
The year 2023 was the eleventh consecutive year for Public
Accounting Firm Siddharta Widjaja & Rekan (a member of KPMG The Company’s strong commitment to transparency is one of
global network) and the fourth year for Public Accountant Harry which realized through the establishment of the BoD and BoC
Widjaja, S.E., CPA, to serve the Company as a signing partner of Board Charter, requiring our Board members to report any sale
an Independent Auditor’s Report for financial year 2023. and purchase transactions of their shares in the Company to the
Corporate Secretary within 3 (three) business days.
The appointed Public Accounting Firm was considered to have
Management Discussion
completed its audit work independently and in accordance with The Corporate Secretary will then disclose the changes in share
and Analysis
professional standards of public accountant and the contracts ownership of the BoD and BoC members as required in Article 4
signed on 12 October 2023 and the scope of audit works. of the FSA Regulation No.11/POJK.04/2017 regarding Reporting of
Changes in Share Ownership in Public Companies.
In 2023 Public Accounting Firm Siddharta Widjaja & Rekan (a
member of KPMG global network) performing the financial audit As of today, the Company actively reports the ownership or
works for the financial year 2023, and other non-audit services to changes of share ownership through Monthly Report of Securities
the Company. Holders Registration in the website of Indonesia Stock Exchange
and the Company’s website.
The Policy Implementation in 2023
Governance
Corporate
As part of our compliance with Article 4 of FSA Regulation
No. 11/POJK.04/2017 regarding Reporting of Changes in Share
Ownership in Public Companies and to reflect our commitment
to transparency, the Corporate Secretary has provided the
disclosure of information relating to any changes in share
ownership of members of the BoD and BoC during the year
2023.
Corporate Social
Responsibility
Number of Reporting Date
Name Position Exercise Price (IDR) Transaction Date Transaction Purpose
Shares (shares) To FSA and IDX
Edwin President 12,950,000 1,550 15 June 2023 15 June 2023 Investment
Soeryadjaya Commissioner
Michael W.P. President Director 908,500 1,700 3 July 2023 5 July 2023 Implementation of the
Soeryadjaya Company’s Long Term
Incentive Program
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Number of Reporting Date
Name Position Exercise Price (IDR) Transaction Date Transaction Purpose
Shares (shares) To FSA and IDX
Lany D. Wong Director 2,508,600 1,700 3 July 2023 5 July 2023 Implementation of the
Company’s Long Term
Incentive Program
Devin Wirawan Director 2,355,700 1,700 3 July 2023 5 July 2023 Implementation of the
Company’s Long Term
Incentive Program
Edwin President 15,100,000 1,575 11 August 2023 14 August Investment
Soeryadjaya Commissioner 2023
Edwin President 6,710,300 Average price 3 3 November 8 November Investment
Soeryadjaya Commissioner November 2023: and 6 2023
1,418,72 November
2023
Average price 6
November 2023:
1,425
Number of Reporting Date
Name Position Exercise Price (IDR) Transaction Date Transaction Purpose
Shares (shares) To FSA and IDX
Edwin President 15,100,000 1,463 20 November 22 November Investment
Soeryadjaya Commissioner 2023 2023
Incentive Program for Management and/or In 2023, pursuant to EGMS resolution on 15 May 2023, the
Employees shareholders approved the Board of Directors’ plan to allocate
and distribute treasury shares derived from the share buyback for
Pursuant to EGMS resolution on 15 June 2016, the shareholders the exercise of LTIP to the Company's employees, a maximum of
agreed to authorize the Board of Directors to implement the Long- 23,000,000 shares.
Term Incentive Program (LTIP) that was entitled to employees
based on performance and term of office.
Whistleblowing
System
The Company establishes a Whistleblowing System as a in the case, dates and places wherever possible and the reasons
mechanism to facilitate any concerns about the Company’s for the concerns. The, the whistleblower may send the report to
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
misconduct from external parties, or any employees who have a an assigned email address or by mailing the following address:
complaint about the Company’s accounting, internal accounting
controls, auditing matters, and any other matters in general.
PT Saratoga Investama Sedaya, Tbk.
Any cases that can be reported according to our whistleblowing 15th Menara Karya
policy include: Jalan. H.R. Rasuna Said Block X-5, Kav. 1-2 South Jakarta
• Unusual/questionable accounting or auditing practices 12950, Indonesia
• Disclosure matters Email: whistleblowing.report@saratoga-investama.com
• Internal controls lapse or override
• Insider trading
• Conflict of interest The Company will process any incoming reports promptly within
• Serious breaches of the Company and its Group policy a reasonable timeframe and pursue a detailed investigation
• Collusion with competitors if necessary. Yet, unreasonable reports with no supporting
• Unsafe work practices or documents or evidence cannot be processed.
• Any other matters involving fraud, corruption and employee
conduct The Internal Audit Unit will endeavour to ensure that the
investigations are conducted as fast and sensitively as possible
Through the whistleblowing mechanism, the whistleblower, in without affecting the quality and the depth of these investigations.
a good faith, shall submit a written report that clearly states the In the meantime, the Company will keep the whistleblower
background and history of the matter, names of persons engaging informed with the progress and outcome of the investigation in
written.
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During the process, the Company will keep the identity of the The Company’s Code of Conducts clearly regulates anti-
Performance Snaphot:
Demonstrating Value
whistleblower that reports a violation or suspected violation corruption and anti-fraud policy relating to the following subjects:
confidential to the extent possible, consistent with the need to 1. Anti-Bribery, Kickbacks and Facilitation Payments
conduct an adequate investigation of the matter in question as The Company requires all Saratoga’s Persons, including
well as to protect the whistleblower from any possible retaliation their affiliates, shall never offer or accept a bribe, facilitation
acts from the parties involved. The Company values the voluntary payment, kickback, or other improper payment for any
help of the employees to identify potential problems that the reason. The direct or indirect offer, payment, soliciting or
Company needs to address. Any employees, who have raised acceptance of bribes in any form by Saratoga’s Persons and/
a concern honestly or participated in an investigation, could or their affiliates, is totally unacceptable.
not be the basis for any adverse employment action, including 2. Anti-Money Laundering
Management
termination, demotion, suspension, loss of benefits, threats, All Saratoga’s Persons including their affiliates are prohibited
Report
harassment, or discrimination. from engaging in or facilitating money laundering act. Anyone
who is found guilty of engaging in money laundering activity,
For any cases that can be proven to have violated the prevailing even if unintended, could result in civil and criminal penalties
laws and the code of conduct, the Company will take any against such person and the Company.
necessary actions promptly and put any sanctions to those found 3. Gifts and Entertainment
guilty of the wrongdoings to the extent that such actions and/or Gifts and entertainment can foster goodwill in business
Performance
sanctions are allowed by internal corporate policies and by laws. relationships; however, concerns arise when they may
Portfolio
compromise, or appear to compromise, the propriety of the
In 2023, the Internal Audit did not receive any incoming reports Company’s business relationships or trigger an actual or
or queries on potential breaches of the Code through the apparent conflict of interest.
whistleblower channel.
The Company accordingly has set the acceptable limits for the
Prevention Against Insider Trading Policy value of gift and entertainment that may be received or offered
by any Saratoga’s Persons, namely up to maximum USD200 (two
Given the characteristics of our business, the Company is hundred United States Dollars). Gifts and entertainment that is
Company
Profile
exposed to the risk of potential insider trading act committed worth more than USD200 (two hundred United States Dollars)
by BoC and BoD members or our employees in the personal or is not acceptable whenever possible. In certain circumstances
group’s interests. where it is not possible to turn down the gift, Saratoga’s Persons
should accept the gift on behalf of the Company and should give
Therefore, the Company has established a policy that requires in the gift to Human Resources Division which will further use it for
BoC and BoD members or our employees to not divulge or use the Company’s purposes.
confidential or insider information about the Company and/or
its investee companies in stock trading. This policy shall apply Anti-Money Laundering Policy
Management Discussion
whether the buying, selling, or transferring is carried out by or for
and Analysis
the BoC and/or BoD members or their associates, including their The Company has a strict policy that requires its personnel to act
spouse and dependent children and all employees where they against money laundering and any activity that facilitates money
have any influence over investment decisions. It is the obligation laundering or the funding of terrorist or criminal activities. Money
of the BoC and/or BoD members and all employees to comply laundering is generally defined as engaging in acts designed to
with this policy. conceal or disguise the true origins of criminally derived proceeds
so that the proceeds appear to have derived from legitimate
The Company will strictly monitor the internal compliance with origins or constitute legitimate assets. Therefore, it is important for
this policy. Any violation of such policy will result in disciplinary all employees to comply with the requirements of the prevailing
actions which may include the termination of employment. In anti-money laundering laws and regulations.
addition, severe criminal and civil penalties may be imposed for
The Implementation of IT Governance
Governance
breach of insider trading laws.
Corporate
In 2023, we ensured no insider trading act ever carried out by the The implementation of IT governance is merely to give adequate
Directors, Commissioners, or the employees of the Company that assurance to the management of the Company that we have
resulted in adverse impacts to the Company and/or its investee reliable information security system to support the Company’s
companies. resilience against the risk of IT disruption due to cyber attack.
We have established the policies concerning the IT procedures,
Anti-Corruption and Anti-Fraud Policy development and execution plan, as well as disaster recovery plan,
providing us with adequate assurance that we have managed the
Corporate Social
Responsibility
Our growing business is potentially exposed to corruption IT related risks and prepared the mitigation plan as we integrate
and fraud practices that can generate adverse impacts to the them into our comprehensive risk management strategies.
Company’s financial or operational activities. Thus, to pursue
accountability of the Company, we prohibit each member of
BoC, BoD, executives, and employees of the Company to offer or
accept any form of bribery, and to conduct and/or participate in
any acts of bribery and/or corruption.
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Risk
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Management
As the business expands, Saratoga is exposed to various risk 2. Instilling a risk-awareness culture in the Company.
profiles that may hamper its efforts to achieve both short- 3. Implementing risk management according to best practice.
and medium-term goals as well as the long- term goals set by
the management. As part of our efforts to pursue business The BoD plays an active role in preparing and ensuring the
sustainability, the Company has established a Risk Management implementation of the Company’s risk management plan. Then,
Unit (RMU) to manage the internal and external risks and prepare under the Audit Committee’s oversight, the BoD establishes of the
for the mitigation acts. RMU and regularly monitor the progress of the implementation
of the risk management plan. The Audit Committee escalates
RMU is integral to GCG assurance, working alongside the Internal major issues to the BoC, who oversees the Company’s balance
Audit Unit. The Risk Management Unit (RMU) is responsible for in creating value and managing risks and provides advice to the
the following objectives: BoD on further actions.
1. Identifying, assessing, managing, and monitoring key risks
together with the BoD and business unit heads to achieve Discussion on risk appetite is done within the management level’s
sustainable growth and protect the interests of shareholders internal meetings. RMU is required to attend those meetings,
and stakeholders. takes note, and may raise issues that are required to be escalated.
Risk Profile
Risks Mitigations
Social-Political, Market, and Economic Risks
Social-political, market, and economic conditions may have an We closely monitor the fluctuation of domestic and global
impact on the Company’s business, potentially influencing the macroeconomic indicators and analyse its potential impact on
value of its investments and limiting investment opportunities. the Company’s performance.
These factors may affect our financial performance and
conditions. In some circumstances, unfavourable market conditions may
offer new investment opportunities.
Risk of Expansion to New Business and Market
As an investment company, we strive to add value to our We follow a rigorous and disciplined investment process, which
portfolio by identifying opportunities. Expansion into new includes strict multi-discipline analysis and due diligence. This
business lines and geographic markets and implementation of approach allows us to capture valuable opportunities and make
a new investment strategy can create risks and uncertainties in informed investment decisions.
our business.
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Exposure to Industry Risk in Which Our Investee Operate
Our investee companies operate in several industries within the We diversify our exposure by investing in three key sectors and
Natural Resources, Infrastructure, and Consumer sectors, each establishing multiple platforms within each industry. To diversify
inherently exposed to a specific set of risks. our risk, we will continue to focus our investment on key sectors
such as Healthcare, the Green Economy, Digital Infrastructure,
and Consumer-related sectors
To mitigate potential risks, we regularly conduct risk management
reviews and devise action plans for listed and unlisted investee
companies with substantial holdings.
Market Risk
The Company’s financial performance may be negatively We manage our USD liabilities through a two-pronged approach.
impacted by market fluctuations, which can include changes
in share prices, interest rates, and foreign currency exchange Our investments, such as in PT Adaro Energy Indonesia, Tbk.,
rates. and PT Merdeka Copper Gold Tbk., provide a natural hedge
against our USD liabilities.
In addition, we actively manage remaining liabilities through the
spot market and other short-term derivative products. We also
continue to explore long-term hedging opportunities for a more
comprehensive risk management strategy.
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Risks Mitigations
Performance Snaphot:
Demonstrating Value
Risk of Dependency on Founders and Key Executives
The loss of services from our founders and executives could Recognizing the importance of succession planning, Our
have a material adverse impact on our business. HR strategy includes a formal succession plan and talent
management programs.
This comprehensive approach ensures the availability of
qualified candidates for senior-level positions. The Nomination
and Remuneration Committee oversees this process, including
succession planning and performance reviews for senior executives.
Management
Risk of Employee Negligence and Misconduct
Report
Employee misconduct can severely harm the Company’s ability We employ a rigorous recruitment process for our employees and
to attract investment and expose it to substantial financial loss, representatives in investee companies. Our Human Resources
legal liability, and reputational damage. Department ensures compliance with regulations through
a comprehensive program that includes a code of conduct,
training, and ongoing communication. To further align employee
and company interests, we conduct individual performance
reviews and award bonuses based on the Company’s overall
performance.
Performance
Portfolio
Risk Due to Regulatory and Legal Complexities
Our business and investment activities may involve substantial Ensuring compliance with applicable laws and regulations is
business, regulatory or legal complexities that may entail higher our utmost priority, especially those that relate to our business
level of regulatory scrutiny or greater risk of contingent liabilities. activities. We constantly keep ourselves informed of any legal
and regulatory updates to identify potential risks and develop
effective plans to mitigate them.
Our commitment to compliance extends to the capital market,
Company
where we abide by all regulatory rules and requirements. We
Profile
work closely with legal consultants to reinforce our risk mitigation
strategies when necessary.
Risk Due to Pandemic and its Implication to Company’s Operation
The pandemic may significantly impact the operations of the Employee health and safety remain our top priority across all
Company’s over an extended period of time. operations. We actively follow the latest regulations as stipulated
by Local Governments.
Throughout the COVID-19 pandemic, we implemented a
Management Discussion
comprehensive approach that involved implementing work-
from-home arrangements, social distancing protocols, employee
and Analysis
shift adjustments, and restrictions on in-person public interaction.
These measures aimed to minimize transmission risks and
ensure a safe work environment.
Evaluation of the Effectiveness of the Risk Statement of the Board of Directors and/or the
Management System in 2023 Board of Commissioners or Audit Committee
on Adequacy of the Risk Management System
We have been conducting review of the implementation of the
risk management plan in 2023. The RMU has analysed and gave The BoD saw that the implementation of risk management
Governance
some recommendations on risk appetites that could be identified systems has been adequate and effective in 2023, which
Corporate
and needed to escalate in 2023. With an adequate and effective provided reasonable, but not absolute, assurance of the
Risk Management System, the management was provided with Company’s solid fundamentals to anticipate the adverse impacts
positive inputs and prepared appropriate responses and actions, of any event that could be reasonably foreseen as it strived
thus providing flexibility to the organization to adapt to the to achieve its business objectives. However, the BoD also
challenges the Company faced amid a rapidly changing business underlined that no system could provide absolute assurance
landscape in the relevant financial year. Still, we are continuously against the occurrence of material errors, poor judgement in
reviewing the effectiveness of our Risk Management processes decision-making, human error, fraud, or other irregularities,
and systems to ensure the agility of our organization to the thus requiring us to consistently enhance the quality of
Corporate Social
Responsibility
ongoing business dynamics and maintain sustainable profitable implementation of the risk management plan and integrate it
growth. with internal control systems to establish the agility as well as
accountability of the Company.
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Implementation of the Corporate
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Governance Guidance
As a publicly listed company, we are required to adhere to the Financial Services Authority’s Circular Letter No. 32/SEOJK.04/2015
on the Corporate Governance Guidance for Public Companies dated November 17, 2015, which regulates 5 (five) aspects, 8 (eight)
principles, and 25 (twenty-five) recommendations on the implementation of aspects and principles of a Good Corporate Governance.
Based on Comply or Explain principle, we have provided explanation and alternative implementation for any recommendations that
have not yet implemented in the financial year 2023 in regard to the regulatory compliance.
Recommendations Remarks
(Comply or Explain)
Public Companies have voting procedures, either for open voting or close Complied
voting, which focusing on independency and the interest of the shareholders.
All members of the BoD and the BoC of the public companies are present in Complied
the Annual General Meeting of shareholders.
Summary of the minutes of the General Meeting of Shareholders are available Complied
on the website of the public companies for at least 1 (one) year.
The public companies’ have a communication policy with the shareholders or Complied
investors.
The public companies disclose such communication policy with the Complied
shareholders or investors on the website of the Company.
Determination on the number of the members of the BoC considering the Complied
condition of the public companies.
Determination on the composition of the member of the BoC based on the Complied
variety of required skill, knowledge, and experience.
The BoC shall have self-assessment policy to assess the performance of the Complied
BoC.
Such self-assessment policy to assess the performance of the BoC shall be Complied
disclosed in the Annual Report of the public companies.
The BoC has a policy with regards to the resignation of the member of the BoC Complied
if being involved in financial crime.
The BoC or the Nomination and Remuneration Committee prepares succession Complied
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
policy for nomination process of a member of the BoD.
Determination on the number of the member of the BoD considering the Complied
condition of the public companies and effectively in making a decision.
Determination on the composition of the member of the BoD based on the Complied
variety of required skill, knowledge, and experience.
The Director supervises the Accounting or Financial Division shall has the skill Complied
and/or knowledge in accounting sector.
The BoD shall have self-assessment policy to assess the performance of the Complied
BoD.
Such self-assessment policy to assess the performance of the BoD shall be Complied
disclosed in the Annual Report of the public companies.
The BoD has a policy with regards to the resignation of the member of the BoD Complied
if being involved in financial crime.
The public companies have a policy to avoid insider trading. Complied
The public companies have anti-corruption and anti-fraud policy. Complied
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Performance Snaphot:
Demonstrating Value
Recommendations Remarks
(Comply or Explain)
Management
Report
The public companies have a policy on selecting and improving the Explanation
performance of its supplier or vendor. The recommendation is not relevant with the
Company’s business activities.
The public companies have a policy with regards to the compliance of the Complied
creditors’ rights.
The public companies have whistleblowing system policy. Complied
Performance
Portfolio
The public companies have a policy on granting long-term incentives to the Complied
BoD and the employees.
The public companies utilize the information technology more broadly other Complied
than the website as the media for disclosure of information.
The Annual Report of the public companies disclose the ultimate beneficial Complied
owner in the shareholding of the public companies at least 5% (five percent),
other than the disclosure of the ultimate beneficial owner in the shareholding
of the public companies through the main shareholder and the controller.
Company
Profile
Management Discussion
and Analysis
Governance
Corporate
Corporate Social
Responsibility
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88 PT Saratoga Investama Sedaya Tbk. 2023 Annual Report Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Page 91
Performance Snaphot: Management Portfolio Company Management Discussion Corporate Corporate Social
Demonstrating Value Report Performance Profile and Analysis Governance Responsibility
89
Corporate Social
Responsibility
Chapter 07
Page 92
Corporate Social
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Responsibility
We proudly embrace our Corporate Social Responsibilities (CSR) initiatives
as a proactive response to the global call for action in line with the United
Nations’ Sustainable Development Goals (SDGs) programs.
Our commitments to these initiatives stems from an innate passion to
contribute meaningfully and create significant impacts. To guide our CSR
endeavours, we carefully identify areas where our contributions can be most
effective, aligning with ISO 26000 requirements to establish a business model
that not only consistently promotes sustainable finance but also has socially-
responsible operations.
In steadfast dedication to these principles, we successfully within our investee companies. Carefully designed to with the
implemented our first-year ESG Roadmap in 2023. This objectives of the SDGs No. 4: Quality Education, SDGs No. 5:
comprehensive roadmap sets clear targets, ensuring that our Gender Equality, SDGs No. 7: Affordable and Clean Energy, SDGs
contributions align seamlessly with the focus area of SDGs No. 8: Decent Work and Economic Growth, and SDGs No. 13:
programs. Climate Action, these programs reflect our steadfast commitment
to fostering positive change and driving progress towards a
Our commitments are further solidified through a series brighter, more sustainable future.
of initiatives underpinning Community Involvement and
Development (CID), which served through three main pillars: In 2023, we heightened our dedication to community
Community Empowerment, Environmental Protection and Social empowerment through education enhancement programs. in
and Cultural Development. which we granted scholarships for 10 students of SMK OEL. In
addition, we increased our participation in economic development
Community Empowerment by holding a 1-year Entrepreneurship Program for Youth. This
initiative provided golden opportunities for 5 college students,
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Over the years, we have placed significant emphasis to education imparting essential life skills like innovation, responsibility, finance
and enhancement of human resource competence. We firmly literacy, and leadership – key factors we believe will shape them
believe that our contributions in these areas create opportunities into aspiring young entrepreneurs.
for everyone to thrive and to succeed in their respective fields.
These initiatives reflect our commitment to nurturing the
In collaboration with our investee companies and valued partners, potential in every individual, particularly students, by providing
we developed a variety of educational and training programs ample opportunities for learning and growth. We envision that
aimed at enhancing skills and knowledge. These initiatives the heightened skills and knowledge acquitted through these
empower individuals to improve their capabilities also provide programs will serve as valuable assets not only for the individuals
them with a fair opportunity to embark on a fulfilling career involved but also for the prosperity of the next generation.
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Performance Snaphot:
Demonstrating Value
Management
Report
Performance
Portfolio
Social and Cultural Development A noteworthy manifestation of our environmental commitments is
our longstanding partnership with Yayasan Eco Learning Camp,
Saratoga proudly upholds its commitments to address social initiated in 2015. Through this collaboration, we introduced the
and cultural development issues, recognizing our roles as a “To be a New Green Leader” training program, aimed at raising
responsible corporate citizen. We believe in fostering harmonious awareness about the importance of preserving nature for the
coexistence with the communities and environments where future generations. The program not only cultivates Agents of
Company
Profile
Saratoga and its investee companies operate, fulfilling our social Change within communities but also encourages tangible actions
responsibility through contributions that enhance the well-being toward environmental protection.
and quality of life for those in need.
Over nearly a decade, the program has successfully produced
Our initiatives in social and cultural align with the objectives a total of 568 Green Leaders who also serve as our Agents of
of SDGs No. 1: No Poverty and SDGs No. 11: Sustainable Cities Change. Positive impacts abound, with increased awareness
and Communities. In 2023, we supported for the annual Batik among students from elementary to high schools regarding the
Exhibition of Yayasan Batik IGN. adverse effects of plastic use. This awareness has led to creative
Management Discussion
an innovative solutions, such as Medan elementary school
and Analysis
Together with Habitat for Humanity, we enhanced our social headmaster and students collaborating to build solar panel
engagement by contributing to the construction of a Very Simple system as an alternative energy for the school.
House (Rumah Sangat Sederhana) in Gresik, East Java, also
participating in a renovation project for a nursing home at Rempoa We take pride in highlighting various achievements in
– Tangerang, distribution of 400 packages of daily needs to environmental protection, including heighted awareness among
elderly women at Cilincing, North Jakarta and East Jakarta area. villagers about the benefits of recycled garbage. Their voluntary
We also organized a heart-warming Christmas celebration for 70 participation in collecting garbage for the waste bank exemplifies
elderly individuals in Tangerang. a grassroots solution to pollution, contributing to a cleaner and
more sustainable environment.
Environmental Protection
Governance
In 2023, we reaffirmed our steadfast commitment to environmental
Corporate
The third pillar of our ESG Roadmap, focusing on environmental responsibility through a series of impactful initiatives. One notable
protection, holds particular significance, especially for investee endeavour was the Teacher Training Program, a comprehensive
companies in the natural-resources sector. In our approach, we 11-day initiative held in collaboration with Eco Learning Camp.
engage a diverse range of stakeholders, from public figures in This program brought together 35 teachers and local leaders
the communities, teachers to influencers, young trendsetters, from across Indonesia, fostering a collective understanding and
key opinion leaders, and local NGOs. This inclusive participation awareness of the crucial role we play in preserving the planet for
empowers individuals to become the green heroes in their future generations.
respective fields.
Corporate Social
Responsibility
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Additionally, we actively supported the “Bicara Udara” program, To learn more about our community involvement initiatives and
promoting Clean Air Awareness within Greater Jakarta area. CSR programs, we invite you to explore the Saratoga 2023
This initiative serves as a catalyst for individuals to recognize the Sustainability Report. This comprehensive document provides
significance of their daily activities, such as power generation, valuable insights into our commitment to making a positive impact,
industrial operations, and transportation, in contributing to showcasing the diverse ways we contribute to the well-being of
air quality. It is our belief that through increased awareness, communities and the environment. Dive into our sustainability
individuals will be motivated to adopt practices that minimize journey and discover how we are driving meaningful change for a
environmental impacts. brighter and more sustainable future.
Our contributions to environmental preservation are intricately Employee Health, Safety and Welfare
aligned with the Sustainable Development Goals (SDGs).
Specifically targeting SDGs No. 7: Affordable and Clean Energy, Employee satisfaction is always our top priority. Given the fact that
SDGs No. 12: Responsible Consumption and Production, SDGs human capital is our most valuable assets in ensuring the success
No. 13: Climate Action and SDGs No. 15: Life on Land. Through of our investment strategies and in meeting our commitment to
these initiatives, we aspire not only to meet but exceed these the shareholders and stakeholders, Saratoga thrives on providing
goals, contributing to a cleaner, more sustainable future for all. attractive remuneration packages that exceed the industry’s
average. Our employee remuneration encompass salary and a
CSR Allocations for 2023 number of benefits, including health insurance, vacation time,
retirement plans, and other support services, reflecting our
To support our CSR initiatives in 2023, Saratoga has allocated a unambiguous commitment to employee welfare.
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
budget of IDR1,223,065483 with details as follows:
Program Category Budget(IDR)
Community Empowerment 496,902,300
Social and Cultural Development 226,163,183
Environmental Protection 500,000,000
Total 1,223,065,483
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Performance Snaphot:
Demonstrating Value
Management
Report
Performance
Portfolio
Beyond remuneration, we always reaffirm our strong commitment Those commitments not only incite higher productivity among
to establishing a vibrant and safe working environment that lure our employees but also keep our employees to be loyal with the
competent professionals to join and develop their career in the Company, underlining our effort to maintain one of the lowest
company. For their safety, the Company has conducted work employee turnover rates of any company in Indonesia today.
safety measures according to the basic safety standards and
Company
Profile
guidelines, such as ensuring the availability of fire extinguishers, We discuss further about employee welfare in Human Capital
the accessibility of emergency exits, evacuation protocols, Section of this Annual Report or Sustainability Report, which is
the availability of first-aid kits, and other safety factors. The prepared as a separate document.
implementation of safety precautions has helped Saratoga
maintain zero accident across its operations.
Management Discussion
and Analysis
Governance
Corporate
Corporate Social
Responsibility
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PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
Statements of Responsibility
by the Members of the Board of Commissioners
and the Board of Directors
We, the undersigned, do hereby declare that all information in the 2023 Annual Report of
PT Saratoga Investama Sedaya Tbk. are presented in full and that we are fully accountable
for the accuracy of the information contained in said Annual Report.
We attest to the integrity of this statement.
Jakarta, 2 April 2024
BOARD OF COMMISSIONERS
EDWIN SOERYADJAYA
President Commissioner
JOYCE SOERYADJAYA KERR INDRA CAHYA UNO
Commissioner Commissioner
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
SIDHARTA UTAMA ANANGGA W. ROOSDIONO
Independent Commissioner Independent Commissioner
BOARD OF DIRECTORS
MICHAEL W. P. SOERYADJAYA
President Director
LANY D. WONG DEVIN WIRAWAN
Director Director
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Financial Statements PT Saratoga Investama Sedaya Tbk. and Subsidiaries Consolidated Financial Statements Years Ended 31 December 2023 and 2022
Page 98
96 PT Saratoga Investama Sedaya Tbk. 2023 Annual Report Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
Page 99
PT SARATOGA INVESTAMA SEDAYA Tbk
DAN ENTITAS ANAK/
PT SARA TOGA INVESTAMA SEDA YA Tbk
AND SUBSIDIARIES
LAPORAN KEUANGAN KONSOLIDASIAN /
CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 /
31 DECEMBER 2023 AND 2022
Page 100
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
DAFTAR ISI CONTENTS
Ekshibit/
Exhibit
Pernyataan Direksi Tentang Tanggung Jawab Board of Directors’ Statement of Responsibilities
Laporan Keuangan Konsolidasian Consolidated Financial Statements
31 Desember 2023 dan 2022: As of 31 Desember 2023 and 2022:
Laporan Posisi Keuangan Konsolidasian A Consolidated Statements of Financial Position
Laporan Laba Rugi dan Penghasilan Komprehensif Lain Consolidated Statements of Profit or Loss and
Konsolidasian B Other Comprehensive Income
Laporan Perubahan Ekuitas Konsolidasian C Consolidated Statements of Changes in Equity
Laporan Arus Kas Konsolidasian D Consolidated Statements of Cash Flows
Catatan atas Laporan Keuangan Konsolidasian E Notes to the Consolidated Financial Statements
Page 101
Page 102
Ekshibit A Exhibit A
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENTS FINANCIAL POSITION
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Catatan/ 31 Desember/ 31 Desember/
Notes December 2023 December 2022
ASET ASSETS
Kas dan setara kas 3a,3c,4 665.225 862.852 Cash and cash equivalents
Kas yang dibatasi penggunaannya 3a 2.501 884 Restricted cash
Piutang, neto Receivables, net
Pihak tidak berelasi 3a 77.711 170 Non-related parties
Pihak berelasi 3a,3b,16 1.051.856 1.247.238 Related parties
Pajak dibayar di muka 8a 2.741 2.030 Prepaid taxes
Investasi pada saham 5 46.680.205 57.787.584 Investments in shares
Investasi pada efek lainnya 6 2.327.940 3.730.341 Investments in other securities
Properti investasi 108.488 101.352 Investment properties
Aset keuangan derivatif 3a,7 - 7.353 Derivative financial assets
Aset lainnya 28.453 31.346 Other assets
JUMLAH ASET 50.945.120 63.771.150 TOTAL ASSETS
LIABILITAS LIABILITIES
Utang lainnya 3a 5.417 16.508 Other payables
Utang pajak penghasilan 8b 1.644 14.105 Income tax payables
Utang pajak lainnya 8c 1.423 3.198 Other tax payables
Pendapatan diterima dimuka 2.396 684 Unearned revenue
Pinjaman 3a,9 926.106 1.544.224 Borrowings
Liabilitas pajak tangguhan, neto 8e 1.188.409 2.348.924 Deferred tax liabilities, net
Liabilitas imbalan kerja 31.501 27.070 Employee benefits liabilities
JUMLAH LIABILITAS 2.156.896 3.954.713 TOTAL LIABILITIES
EKUITAS EQUITY
Modal saham dengan nilai nominal Rp20 (Rupiah Share capital at par value Rp20
penuh) per saham (whole Rupiah) per share
Modal dasar 48.833.400.000 lembar saham Authorized capital 48,833,400,000 shares
Modal ditempatkan dan disetor penuh Issued and fully paid-up capital
13.564.835.000 lembar saham 10 271.297) 271.297) 13,564,835,000 shares
Tambahan modal disetor 11 5.184.710) 5.184.710) Additional paid-in capital
Saham tresuri 3d,10 (18.574) (27.813) Treasury stocks
Akumulasi pembayaran berbasis saham 3i 29.020) 32.616) Accumulated share-based payments
Selisih penjabaran laporan keuangan Difference in translation of
dalam mata uang asing 3e 23.888) (269) financial statements in foreign currency
Komponen ekuitas lainnya 126.125) 100.170) Other equity components
Saldo laba: Retained earnings:
Dicadangkan 60.000) 55.000) Appropriated
Tidak dicadangkan 43.032.157) 54.199.822 Unappropriated
EKUITAS YANG DIATRIBUSIKAN KEPADA PEMILIK EQUITY ATTRIBUTABLE TO
PERUSAHAAN 48.708.623) 59.815.533) OWNERS OF THE COMPANY
Kepentingan nonpengendali 2f,12 79.601) 904) Non-controlling interests
JUMLAH EKUITAS 48.788.224) 59.816.437) TOTAL EQUITY
JUMLAH LIABILITAS DAN EKUITAS 50.945.120) 63.771.150) TOTAL LIABILITIES AND EQUITY
Lihat Catatan atas Laporan Keuangan Konsolidasian See Notes to The Consolidated Financial Statements on
di Ekshibit E terlampir yang merupakan bagian tidak terpisahkan the accompanying Exhibit E which are an integral part
dari laporan keuangan konsolidasian secara keseluruhan of the consolidated financial statements taken as a whole
Page 103
Ekshibit B Exhibit B
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
KOMPREHENSIF LAIN KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Catatan/ Tahun berakhir / Years ended
Notes 2023 2022
(Kerugian) keuntungan neto atas investasi pada Net (loss) gain on investments in shares and
saham dan efek lainnya 13a (13.811.067) 3.725.989 other securities
Penghasilan dividen, bunga dan investasi 3b,13b 2.808.032 2.612.685 Dividend, interest and investment income
Penghasilan lainnya 11.766 4.853 Other income
Perubahan nilai wajar properti investasi 7.136 (2.073) Changes in fair value of investment properties
Pemulihan penurunan nilai aset keuangan - 19.059 Reversal of impairment of financial assets
Beban usaha 14 (222.144) (232.400) Operating expenses
Beban lainnya (20.546) (24.520) Other expenses
Keuntungan (kerugian) neto selisih kurs 3e 12.560 (82.369) Net gain (loss) on exchange rate differences
Keuntungan neto atas instrumen keuangan Net gain on other derivative financial
derivatif lainnya 3a,7 104 22.281 instruments
Beban bunga 3a (95.106) (184.833) Interest expenses
(RUGI) LABA SEBELUM PAJAK (11.309.265) 5.858.672 (LOSS) PROFIT BEFORE TAX
Manfaat (beban) pajak penghasilan 8f Income tax benefit (expense)
Kini (2.801) (14.506) Current
Tangguhan 1.160.725 (1.217.943) Deferred
1.157.924 (1.232.449)
(RUGI) LABA TAHUN BERJALAN (10.151.341) 4.626.223 (LOSS) PROFIT FOR THE YEAR
PENGHASILAN KOMPREHENSIF LAIN: OTHER COMPREHENSIVE INCOME:
Pos-pos yang tidak akan direklasifikasikan ke Items that will never be reclassified
laba rugi to profit or loss
Remeasurements of defined benefits
Pengukuran kembali atas kewajiban imbalan pasti 954 (391) obligation
Pajak penghasilan terkait pos-pos yang tidak Tax on items that will never be reclassified
direklasifikasi ke laba rugi (210) 86 to profit or loss
744 (305)
Pos-pos yang akan direklasifikasikan ke Items that will be reclassified subsequently
laba rugi to profit or loss
Selisih penjabaran laporan keuangan dalam Difference in translation of financial
mata uang asing 3e 25.688 (39.696) statements in foreign currencies
JUMLAH PENGHASILAN KOMPREHENSIF LAIN 26.432 (40.001) TOTAL OTHER COMPREHENSIVE INCOME
JUMLAH (RUGI) PENGHASILAN KOMPREHENSIF TOTAL COMPREHENSIVE (LOSS) INCOME
TAHUN BERJALAN (10.124.909) 4.586.222 FOR THE YEAR
(Rugi) laba tahun berjalan yang diatribusikan
kepada: (Loss) profit for the year attributable to:
Pemilik Perusahaan (10.149.771) 4.616.367 Owners of the Company
Kepentingan nonpengendali (1.570) 9.856 Non-controlling interests
(10.151.341) 4.626.223
Jumlah (rugi) penghasilan komprehensif tahun Total comprehensive (loss) income for the year
berjalan yang diatribusikan kepada: attributable to:
Pemilik Perusahaan (10.124.870) 4.587.086 Owners of the Company
Kepentingan nonpengendali (39) (864) Non-controlling interests
(10.124.909) 4.586.222
(Rugi) laba per saham (Rupiah penuh): (Loss) earnings per share (whole Rupiah):
Dasar 15a (750) 342 Basic
Dilusian 15b (741) 338 Diluted
Lihat Catatan atas Laporan Keuangan Konsolidasian See Notes to The Consolidated Financial Statements on
di Ekshibit E terlampir yang merupakan bagian tidak terpisahkan the accompanying Exhibit E which are an integral part
dari laporan keuangan konsolidasian secara keseluruhan of the consolidated financial statements taken as a whole
Page 104
Ekshibit C/1 Exhibit C/1
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Ekuitas yang diatribusikan kepada pemilik Perusahaan/Equity attributable to owners of the Company
Selisih
penjabaran
laporan
keuangan
dalam mata
uang asing/
Akumulasi Difference
Tambahan pembayaran in translation Komponen
modal berbasis of ekuitas Saldo laba/ Kepentingan
Modal disetor/ Saham saham/ financial lainnya/ Retained earnings nonpengendali/ Jumlah
saham/ Additional tresuri/ Accumulated statements in Other Tidak Non- ekuitas/
Catatan/ Share paid-in Treasury share-based foreign equity Dicadangkan/ dicadangkan/ Jumlah/ controlling Total
Notes capital capital stocks payments currency components Appropriated Unappropriated Total interests equity
Saldo pada tanggal 31 Desember 2022 271.297 5.184.710 (27.813) 32.616 (269) 100.170 55.000 54.199.822 59.815.533 904) 59.816.437) Balance as of 31 December 2022
Perubahan saham tresuri 3d, 10 - - 9.239 - - 24.058 - - 33.297 - 33.297) Changes in treasury stocks
Pembayaran berbasis saham 3i - - - (3.596) - - - - (3.596) - (3.596) Share-based payments
Perubahan komponen ekuitas lainnya - - - - - 1.897 - - 1.897 677 2.574) Changes in other equity components
Perubahan kepemilikan nonpengendali - - - - - - - - - 78.059 78.059) Changes in ownership in non-controlling interest
Pembagian dividen 10 - - - - - - - (1.013.638) (1.013.638) - (1.013.638) Distribution of dividend
Pencadangan saldo laba 10 - - - - - - 5.000 (5.000) - - - Appropriation of retained earnings
Rugi tahun berjalan - - - - - - - (10.149.771) (10.149.771) (1.570) (10.151.341) Loss for the year
Penghasilan komprehensif lain - - - - 24.157 - - 744 24.901 1.531 26.432) Other comprehensive income
Saldo pada tanggal 31 Desember 2023 271.297 5.184.710 (18.574) 29.020 23.888 126.125 60.000 43.032.157 48.708.623 79.601) 48.788.224) Balance as of 31 December 2023
Lihat Catatan atas Laporan Keuangan Konsolidasian di Ekshibit E terlampir yang merupakan See Notes to The Consolidated Financial Statements on the accompanying Exhibit E which are
bagian tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan an integral part of the consolidated financial statements taken as a whole
Page 105
Ekshibit C/2 Exhibit C/2
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Ekuitas yang diatribusikan kepada pemilik Perusahaan/Equity attributable to owners of the Company
Selisih
penjabaran
laporan
keuangan
dalam mata
uang asing/
Akumulasi Difference
Tambahan pembayaran in translation Komponen
modal berbasis of ekuitas Saldo laba/ Kepentingan
Modal disetor/ Saham saham/ financial lainnya/ Retained earnings nonpengendali/ Jumlah
saham/ Additional tresuri/ Accumulated statements in Other Tidak Non- ekuitas/
Catatan/ Share paid-in Treasury share-based foreign equity Dicadangkan/ dicadangkan/ Jumlah/ controlling Total
Notes capital capital stocks payments currency components Appropriated Unappropriated Total interests equity
Saldo pada tanggal 31 Desember 2021 271.297 5.184.710 (38.051) 35.513 28.707 62.963 50.000 50.398.596 55.993.735 21.047 56.014.782 Balance as of 31 December 2021
Perubahan saham tresuri 3d, 10 - - 10.238 - - 37.207 - - 47.445 - 47.445 Changes in treasury stocks
Pembayaran berbasis saham 3i - - - (2.897) - - - - (2.897) - (2.897) Share-based payments
Pembagian dividen 10 - - - - - - - (809.836) (809.836) - (809.836) Distribution of dividend
Pencadangan saldo laba 10 - - - - - - 5.000 (5.000) - - - Appropriation of retained earnings
Pembagian dividen kepada kepentingan nonpengendali - - - - - - - - - (12.138) (12.138) Distribution of dividend to non-controlling interest
Pengembalian modal kepada kepentingan nonpengendali - - - - - - - - - (7.141) (7.141) Return of capital to non-controlling interest
Laba tahun berjalan - - - - - - - 4.616.367 4.616.367 9.856 4.626.223 Profit for the year
Penghasilan komprehensif lain - - - - (28.976) - - (305) (29.281) (10.720) (40.001) Other comprehensive income
Saldo pada tanggal 31 Desember 2022 271.297 5.184.710 (27.813) 32.616 (269) 100.170 55.000 54.199.822 59.815.533 904 59.816.437 Balance as of 31 December 2022
Lihat Catatan atas Laporan Keuangan Konsolidasian di Ekshibit E terlampir yang merupakan See Notes to The Consolidated Financial Statements on the accompanying Exhibit E which are
bagian tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan an integral part of the consolidated financial statements taken as a whole
Page 106
Ekshibit D Exhibit D
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Tahun berakhir 31 Desember/
Years ended 31 December
Notes 2023 2022
Arus kas dari aktivitas operasi Cash flows from operating activities
Penerimaan dividen 3.032.101 2.148.503 Receipts of dividends
Proceeds from sales/withdrawal of
Penerimaan dari penjualan/penarikan atas investasi investments in shares and other
pada saham dan efek lainnya 856.931 20.199.792 securities
Penerimaan pendapatan bunga dan lainnya 24.540 15.594 Receipts of interest income and others
Pembayaran bunga (92.453) (182.347) Interest paid
Penempatan investasi pada saham dan efek ekuitas Purchases of investments in shares and
lainnya (2.151.811) (18.289.609) other equity securities
Pembayaran kepada karyawan (102.804) (89.965) Payments to employees
Penerimaan piutang - 32.357 Collection of receivables
Penambahan piutang (55.168) - Addition of receivable
Pembayaran pajak penghasilan (15.262) (678) Income tax paid
Pembayaran kas untuk beban operasi lainnya (88.155) (126.335) Cash payments for other operating expenses
Kas neto dari aktivitas operasi 1.407.919 3.707.312 Net cash from operating activities
Arus kas dari aktivitas investasi Cash flows from investing activity
Pembayaran perolehan aset tetap / Kas neto untuk Acquisition of fixed assets paid / Net cash
aktivitas investasi (891) (1.401) for investing activity
Arus kas dari aktivitas pendanaan Cash flows from financing activities
Penerimaan dari pinjaman bank 9 1.117.605 451.000 Proceeds from bank loans
Pembayaran pinjaman bank 9 (1.708.330) (3.006.535) Repayment of bank loans
Pembayaran saham tresuri 10 (5.204) (985) Payment of treasury stock
Pembayaran dividen 10 (1.013.638) (809.836) Payment of dividends
Pembayaran dividen kepada kepentingan Payment of dividends to non-controlling
nonpengendali - (12.138) interest
Pengembalian modal kepada kepentingan Return of capital to non-controlling
nonpengendali - (7.141) interest
Perubahan pada kas yang dibatasi penggunaannya (1.616) (86) Changes in restricted cash
Kas neto untuk aktivitas pendanaan (1.611.183) (3.385.721) Net cash for financing activities
Net (decrease) increase in cash and cash
(Penurunan) kenaikan neto kas dan setara kas (204.155) 320.190 equivalents
Pengaruh perubahan selisih kurs dari kas dan Effect of changes in exchange rates on cash
setara kas 6.528 80.550 and cash equivalents
Cash and cash equivalents at beginning of
Kas dan setara kas pada awal tahun 862.852 462.112 the year
Cash and cash equivalents at end of the
Kas dan setara kas pada akhir tahun 4 665.225 862.852 year
Lihat Catatan atas Laporan Keuangan Konsolidasian See Notes to The Consolidated Financial Statements on
di Ekshibit E terlampir yang merupakan bagian tidak terpisahkan the accompanying Exhibit E which are an integral part
dari laporan keuangan konsolidasian secara keseluruhan of the consolidated financial statements taken as a whole
Page 107
Ekshibit E/1 Exhibit E/1
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian Perusahaan dan informasi lainnya a. Establishment of the Company and other
information
PT Saratoga Investama Sedaya Tbk. (“Perusahaan”) PT Saratoga Investama Sedaya Tbk. (the “Company”)
didirikan di Jakarta berdasarkan Akta Notaris No. 41 was established in Jakarta based on Notarial Deed
tanggal 17 Mei 1991 juncto Akta Notaris No. 33 No. 41 dated 17 May 1991 in conjuction with Notarial
tanggal 13 Juli 1992, keduanya dari Ny. Rukmasanti Deed No. 33 dated 13 July 1992, both of
Hardjasatya, S.H., Notaris di Jakarta. Akta Pendirian Ny. Rukmasanti Hardjasatya, S.H., Notary in Jakarta.
Perusahaan tersebut telah memperoleh persetujuan The Deed of Establishment was approved by the
dari Menteri Kehakiman (sekarang Menteri Hukum Minister of Justice (now known as the Minister of Law
dan Hak Asasi Manusia) Republik Indonesia and Human Rights) of the Republic of Indonesia by
berdasarkan Surat Keputusan No.C2– virtue of decree No.C2-10198.HT.01.01.TH92 dated
10198.HT.01.01.TH92 tanggal 15 Desember 1992 dan 15 December 1992 and was published in the State
telah diumumkan dalam Berita Negara Republik Gazette of the Republic of Indonesia No. 19 dated
Indonesia No. 19 tanggal 5 Maret 1993, Tambahan 5 March 1993, Supplement No.973.
No.973.
Anggaran Dasar Perusahaan telah mengalami The Company’s Articles of Association have been
beberapa kali perubahan dimana yang terakhir amended several times, most recently by the
diubah berdasarkan Akta Pernyataan Keputusan statement of the Extraordinary General Meeting of
Rapat Umum Pemegang Saham Luar Biasa Shareholders of PT Saratoga Investama Sedaya Tbk.
PT Saratoga Investama Sedaya Tbk. No. 161 tanggal Notarial Deed No. 161 dated 28 April 2021, made
28 April 2021, yang dibuat dihadapan Notaris Jose before Jose Dima Satria, S.H., M.Kn., a Notary
Dima Satria, S.H., M.Kn., Notaris di Jakarta in Jakarta regarding the amendment to article
mengenai perubahan pasal 4 ayat 1 dan 2 tentang 4 paragraph 1 and 2 concerning the issued and paid-
modal dasar, ditempatkan dan disetor karena up capital due to stock split as have been accepted
adanya pemecahan nilai nominal saham dan telah and registered into the database of Administrative
diterima dan dicatat di dalam database sistem System for Legal Entities of the Ministry of Law and
Administrasi Hukum Umum Kementerian Hukum dan Human Rights of the Republic of Indonesia as stated
Hak Asasi Manusia Republik Indonesia sebagaimana in Letter of Receipt Notification of the Company’s
tercantum dalam Surat Penerimaan Pemberitahuan Article of Association Amendments No AHU-
Perubahan Anggaran Dasar Perusahaan No. AHU- AH.01.03-0279433 dated 30 April 2021.
AH.01.03-0279433 tanggal 30 April 2021.
Perusahaan berkedudukan di Jakarta Selatan dengan The Company is domiciled in South Jakarta, with its
alamat di Menara Karya Lantai 15, Jl. H.R. Rasuna address at Menara Karya 15th Floor, Jl. H.R. Rasuna
Said Blok X-5, Kav.1-2. Perusahaan memulai Said Blok X-5, Kav.1-2. The Company commenced its
kegiatan komersialnya pada tahun 1992. commercial activities in 1992.
Kegiatan usaha Perusahaan adalah: (a) melakukan The Company’s scope of activities are: (a) conducting
aktivitas perusahaan holding dimana kegiatan the activities of the holding company where its main
utamanya adalah kepemilikan dan/atau penguasaan activities are the ownership and/or possession of the
aset dari sekelompok entitas anaknya, dan (b) assets of its group of subsidiary companies, and (b)
melakukan aktivitas konsultasi manajemen lainnya conducting other management consulting activities in
dimana kegiatan utamanya (sebagaimana relevan) which the main activities (as relevant) are: (i)
adalah: (i) memberikan bantuan nasihat, bimbingan providing advisory assistance, guidance and
dan operasional usaha serta permasalahan organisasi operational operations and other organizational and
dan manajemen lainnya, seperti perencanaan management issues, such as strategy and
strategi dan organisasi, keputusan berkaitan dengan organizational planning, financial-related decisions,
keuangan, tujuan dan kebijakan pemasaran, marketing objectives and policies, planning,
perencanaan, praktik dan kebijakan sumber daya practices and human resources policy, scheduling
manusia, perencanaan penjadwalan dan planning and production control, and (ii) providing
pengontrolan produksi, dan (ii) memberikan bantuan advisory assistance, guidance and operation of
nasihat, bimbingan dan operasional berbagai fungsi various management functions, management
manajemen, konsultasi manajemen oleh argonomist consulting by argonomist and agricultural economist
dan agricultural economist pada bidang pertanian on agriculture and assessment of accounting methods
dan sejenisnya, rancangan dari metode dan prosedur and procedures, cost accounting program, budget
akuntansi, program akuntansi biaya, prosedur supervision procedures, giving advice and assistance
pengawasan anggaran belanja, pemberian nasihat for business and community services in planning,
dan bantuan untuk usaha dan pelayanan masyarakat organizing, efficiency and supervision, management
dalam perencanaan, pengorganisasian, efisiensi dan information and others.
pengawasan, informasi manajemen secara aktif dan
lain-lain.
Page 108
Ekshibit E/2 Exhibit E/2
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
a. Pendirian Perusahaan dan informasi lainnya a. Establishment of the Company and other
(lanjutan) information (continued)
Semua kegiatan ini dilaksanakan secara aktif dalam All those activities are actively performed to achieve
rangka peningkatan kinerja dari portofolio investasi a better outcome for the investment portfolio of the
yang dilakukan oleh Perusahaan. Company.
Induk Perusahaan adalah PT Unitras Pertama. The parent of the Company is PT Unitras Pertama.
Pemegang saham mayoritas akhir Perusahaan adalah The ultimate majority shareholder of the Company is
Tn. Edwin Soeryadjaya. Mr. Edwin Soeryadjaya.
b. Dewan komisaris, direksi, komite audit dan b. Board of commissioners, directors, audit
karyawan committee and employees
Susunan anggota dewan komisaris, direksi dan The members of board of commissioners, directors
komite audit Perusahaan pada tanggal and audit committee of the Company as of
31 Desember 2023 dan 2022 adalah sebagai berikut: 31 December 2023 and 2022 were as follows:
Dewan komisaris: Board of commissioners:
Presiden Komisaris Edwin Soeryadjaya President Commissioner
Komisaris Joyce Soeryadjaya Kerr Commissioner
Komisaris Indra Cahya Uno Commissioner
Komisaris independen Sidharta Utama Independent Commissioner
Komisaris independen Anangga W. Roosdiono S.H. Independent Commissioner
Direksi: Directors:
Presiden Direktur Michael W.P. Soeryadjaya President Director
Direktur Lany Djuwita Director
Direktur Devin Wirawan Director
Komite audit: Audit committee:
Ketua Anangga W. Roosdiono S.H. Chairman
Anggota Aria Kanaka Member
Anggota Hany Gungoro Member
Pada tanggal 31 Desember 2023 dan 2022 As of 31 December 2023 and 2022, the Company
Perusahaan masing-masing mempekerjakan 64 dan employed 64 and 59 employees (includes directors
59 karyawan (termasuk direksi dan karyawan and contract employees)*.
kontrak Perusahaan)*.
*Tidak diaudit *Unaudited
c. Penawaran umum perdana saham Perusahaan c. The Company’s initial public offering
Pada tanggal 18 Juni 2013, Perusahaan memperoleh On 18 June 2013, the Company received the effective
pernyataan efektif dari Otoritas Jasa Keuangan statement from the Indonesia Financial Services
(OJK) melalui Surat No.S-175/D.04/2013 untuk Authority (OJK) through the Letter
melakukan Penawaran Umum Perdana Saham No.S-175/D.04/2013 to perform the Initial Public
sebanyak 271.297.000 saham biasa atas nama Offering of 271,297,000 common shares with par
dengan nilai nominal Rp100 (Rupiah penuh) per value of Rp100 (whole Rupiah) at the offering price
saham dengan harga penawaran sebesar Rp5.500 of Rp5,500 (whole Rupiah) each share through capital
(Rupiah penuh) per saham melalui pasar modal dan market and the shares were listed on the Indonesia
saham telah dicatatkan pada Bursa Efek Indonesia Stock Exchange on 26 June 2013.
pada tanggal 26 Juni 2013.
Page 109
Ekshibit E/3 Exhibit E/3
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
d. Program insentif jangka panjang untuk d. Long term incentive program for management and
manajemen dan karyawan employees
Berdasarkan beberapa keputusan edaran di luar In accordance with the circulars resolution in lieu of
rapat Direksi Perusahaan, Direksi telah memutuskan a meeting of the Board of Directors of the Company,
untuk mengalokasikan sebanyak-banyaknya jumlah the Board of Directors approved to allocate a
lembar saham tertentu untuk pelaksanaan Program maximum number of shares for the implementation
Insentif Jangka Panjang sebagai berikut: of the Long Term Incentive Program as follows:
Tanggal keputusan Program Insentif Jangka Panjang/
edaran/Circular resolution date Jumlah lembaran saham/Number of shares Long Term Incentive Program
33.055.000 lembar saham/number of shares
(sebelum pemecahan nilai nominal
saham/before stock split 6.611.000 lembar
1 Juli/July 2020 saham/number of shares) 2020 - 2023
1 Juli/July 2021 10.142.000 lembar saham/number of shares 2021 - 2024
1 Juli/July 2022 6.242.000 lembar saham/number of shares 2022 - 2025
1 Juli/July 2023 13.247.000 lembar saham/number of shares 2023 - 2026
Pemberian saham sebagaimana diuraikan diatas The share grants as described above were allocated
dialokasikan berdasarkan 50% time vested dan 50% based on 50% time vested and 50% performance
vested.
performance vested.
e. Entitas anak e. Subsidiaries
Pada tanggal 31 Desember 2023 dan 2022, As of 31 December 2023 and 2022, the Company
Perusahaan mengkonsolidasikan entitas anak consolidated the following subsidiaries:
berikut ini:
Persentase kepemilikan/ Mulai beroperasi Jumlah aset sebelum eliminasi/
Percentage of ownership komersial/ Total assets before elimination
Kegiatan usaha/ 31 Desember / 31 Desember / Commencement of 31 Desember / 31 Desember /
Entitas anak/ Domisili/ Nature of December 2023 December 2022 commercial December 2023 December 2022
Subsidiaries Domicile activities % % operations Rp Rp
Kepemilikan langsung/Direct ownership
Jasa investasi/
PT Saratoga Sentra Business (SSB) Jakarta 99,99 99,99 2005 1.075.451 1.146.287
Investment services
89
Jasa investasi/
PT Nugraha Eka Kencana (NEK) Jakarta 99,99 99,99 2003 1.695.412 1.482.660
Investment services
Jasa investasi/
PT Wahana Anugerah Sejahtera (WAS) Jakarta 99,96 99,96 2005 16.683.388 16.613.984
Investment services
Jasa investasi/
PT Bumi Hijau Asri (BHA) Jakarta 99,99 99,99 2007 132.095 143.828
Investment services
Jasa investasi/
PT Wana Bhakti Sukses Mineral (WBSM) Jakarta 73,68 73,68 2007 2.823 16.080
Investment services
Jasa investasi/
PT Trimitra Karya Jaya (TKJ) Jakarta 99,00 86,49 2014 - 594 584
Investment services
Jasa investasi/
PT Surya Nuansa Ceria (SNC) Jakarta 99,99 99,99 2015 373.114 326.130
Investment services
Jasa investasi/
PT Lintas Indonesia Sejahtera (LIS) Jakarta 99,99 99,99 2018 23.779 23.799
Investment services
Jasa investasi/
PT Interra Indo Resources (IIR) Jakarta 99,99 2004 319.384 -
Investment services -
Kepemilikan tidak langsung melalui SSB/
Indirect ownership through SSB
Jasa investasi/
PT Interra Indo Resources (IIR) Jakarta - 99,99 2004 - 478
Investment services
Kepemilikan tidak langsung melalui NEK/
Indirect ownership through NEK
Jasa investasi/
PT Sukses Indonesia (SI) Jakarta 99,99 99,99 2001 1.189.314 922.387
Investment services
Kepemilikan tidak langsung melalui BHA/
Indirect ownership through BHA
Jasa investasi/
PT Sarana Asri (SA) Jakarta 60,00 60,00 2008 301 301
Investment services
Page 110
Ekshibit E/4 Exhibit E/4
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
e. Entitas anak (lanjutan) e. Subsidiaries (continued)
Pada tanggal 31 Desember 2023 dan 2022, As of 31 December 2023 and 2022, the Company
Perusahaan mengkonsolidasikan entitas anak consolidated the following subsidiaries: (continued)
berikut ini: (lanjutan)
Persentase kepemilikan/ Mulai beroperasi Jumlah aset sebelum eliminasi/
Percentage of ownership komersial/ Total assets before elimination
Kegiatan usaha/ 31 Desember / 31 Desember / Commencement of 31 Desember / 31 Desember /
Entitas anak/ Domisili/ Nature of December 2023 December 2022 commercial December 2023 December 2022
Subsidiaries Domicile activities % % operations Rp Rp
Kepemilikan tidak langsung melalui SNC/
Indirect ownerships through SNC
Jasa investasi/
PT Nugraha Eka Kencana (NEK) Jakarta 0,01 0,01 2003 1.695.412 1.482.660
Investment services
Jasa investasi/
PT Wahana Anugerah Sejahtera (WAS) Jakarta 0,04 0,04 2005 16.683.388 16.613.984
Investment services
Jasa investasi/
PT Bumi Hijau Asri (BHA) Jakarta 0,01 0,01 2007 132.095 143.828
Investment services
Jasa investasi/
PT Trimitra Karya Jaya (TKJ) Jakarta 1,00 13,51 2014 - 594 584
Investment services
Jasa investasi/
PT Sukses Indonesia (SI) Jakarta 0,01 0,01 2001 1.189.314 922.387
Investment services
Jasa investasi/
PT Interra Indo Resources (IIR) Jakarta 0,01 0,01 2004 319.384 478
Investment services
Indirect ownership through SI
Singapura/ Jasa investasi/
Alpha Omega Investments Pte. Ltd. (AO) 100 100 2021 1.105.117 838.700
Singapore Investment services
Indirect ownership through AO
Jasa investasi/
Baltimore Investments Ltd. (BI) Cayman Islands 100 100 2021 710.942 522.620
Investment services
Singapura/ Jasa manajemen/
PC Propco One Pte. Ltd. (Propco) 80 - 2017 393.859 -
Singapore Management services
Indirect ownership through WAS
Lynwood Hills Investment Solution Pte. Ltd. Singapura/ Jasa investasi/
100 100 2022 12.228.897
- 11.740.859
(LHI) Singapore Investment services
Indirect ownership through PropCo
Singapura/ Jasa manajemen/
PC Propco One Subco Pte. Ltd. 100 - 2018 - -
Singapore Management services
Perusahaan dan entitas anaknya di atas secara The Company and its subsidiaries above are
kolektif disebut sebagai “Grup” di dalam laporan collectively referred to as the “Group” in these
keuangan konsolidasian ini. consolidated financial statements.
2. DASAR PENYUSUNAN LAPORAN KEUANGAN 2. BASIS OF PREPARATION OF THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
a. Pernyataan kepatuhan a. Statement of compliance
Laporan keuangan konsolidasian telah disusun dan The consolidated financial statements are prepared
disajikan sesuai dengan Standar Akuntansi Keuangan and presented in accordance with Indonesian
di Indonesia (SAK) dan Peraturan Badan Pengawas Financial Accounting Standards (SAK) and the Capital
Pasar Modal dan Lembaga Keuangan (BAPEPAM-LK) Market and Financial Institutions Supervisory Agency
(sekarang menjadi Otoritas Jasa Keuangan atau OJK) (BAPEPAM-LK)’s Regulation (currently Indonesian
No. VIII.G.7 tentang Penyajian dan Pengungkapan Financial Services Authority or OJK) No. VIII.G.7
Laporan Keuangan Emiten atau Perseroan Publik, regarding the Presentation and Disclosures of
sebagaimana diubah oleh Keputusan No. KEP- Financial Statements of Issuers or Public Companies,
554/BL/2010 yang digantikan oleh Keputusan No. as amended by Decree No. KEP-554/BL/2010 that was
KEP-347/BL/2012 “Perubahan atas peraturan No. replaced by Decree No. KEP-347/BL/2012,
VIII.G.7“. “Amendment to regulation No. VIII.G.7”.
Page 111
Ekshibit E/5 Exhibit E/5
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. DASAR PENYUSUNAN LAPORAN KEUANGAN 2. BASIS OF PREPARATION OF THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
b. Dasar pengukuran b. Basis of measurement
Laporan keuangan konsolidasian disusun atas dasar The consolidated financial statements are prepared
akrual dengan menggunakan konsep nilai historis, on the accrual basis using the historical cost concept,
kecuali ketika standar akuntansi mengharuskan except where the accounting standards require fair
pengukuran nilai wajar. value measurement.
c. Laporan arus kas c. Statement of cash flows
Laporan arus kas konsolidasian disusun dengan The consolidated statement of cash flows is prepared
menggunakan metode langsung (direct method) using the direct method by classifying the cash flows
dengan mengklasifikasikan arus kas berdasarkan on the basis of operating, investing, and financing
aktivitas operasi, investasi, dan pendanaan. activities.
d. Mata uang fungsional dan penyajian d. Functional and presentation currency
Laporan keuangan konsolidasian disajikan dalam The consolidated financial statements are presented
Rupiah, dibulatkan ke dalam jutaan terdekat, yang in Rupiah, rounded to the nearest million which is
merupakan mata uang fungsional Perusahaan. the Company’s functional currency.
e. Penggunaan pertimbangan, estimasi dan asumsi e. Use of judgements, estimates and assumptions
Penyusunan laporan keuangan konsolidasian The preparation of consolidated financial statements
mengharuskan manajemen untuk membuat requires management to make judgements,
pertimbangan, estimasi dan asumsi yang estimates and assumptions that affect the
mempengaruhi penerapan kebijakan akuntansi application of accounting policies and the reported
serta jumlah aset, liabilitas, pendapatan dan beban amounts of assets, liabilities, income and expenses.
yang dilaporkan. Hasil aktual dapat berbeda dari Actual results may differ from those estimated
nilai-nilai estimasi tersebut. amounts.
Estimasi dan asumsi yang mendasarinya ditinjau Estimates and underlying assumptions are reviewed
secara berkesinambungan. Perubahan terhadap on an ongoing basis. Revisions to estimates are
estimasi diakui secara prospektif. recognised prospectively.
Informasi mengenai pertimbangan kritis dalam Information about critical judgements in applying
penerapan kebijakan akuntansi yang memiliki accounting policies that have the most significant
dampak paling signifikan terhadap jumlah yang effect on the amounts recognized in the
diakui di laporan keuangan konsolidasian termasuk consolidated financial statements includes the
penentuan investee, yang harus dikonsolidasikan determination of investee, to be consolidated in
sesuai PSAK 65 “Laporan Keuangan Konsolidasian” accordance to PSAK 65 “Consolidated Financial
(Catatan 2f). Statements” (Note 2f).
Informasi mengenai ketidakpastian asumsi dan Information about the assumptions and estimation
estimasi yang dapat mengakibatkan penyesuaian uncertainties that may result in a material
material pada tahun berikutnya termasuk: adjustment within the following year includes:
- Catatan 8e, pengakuan aset pajak tangguhan: - Note 8e, recognition of deferred tax assets:
ketersediaan laba fiskal mendatang untuk availability of future taxable profit to enable
memungkinkan Perusahaan mengakui aset the Company to recognize deferred tax assets
pajak tangguhan atas kompensasi rugi fiskal; for tax loss carry forwards; and
dan
- Catatan 18, pengukuran nilai wajar, baik untuk - Note 18, the measurement of fair values, for
aset dan liabilitas keuangan dan nonkeuangan. both financial and non-financial assets and
liabilities.
Page 112
Ekshibit E/6 Exhibit E/6
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. DASAR PENYUSUNAN LAPORAN KEUANGAN 2. BASIS OF PREPARATION OF THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
e. Penggunaan pertimbangan, estimasi dan asumsi e. Use of judgements, estimates and assumptions
(lanjutan) (continued)
Ketika mengukur nilai wajar aset atau liabilitas, When measuring the fair value of an asset or a
Perusahaan menggunakan data pasar yang dapat liability, the Company uses observable market data
diobservasi sejauh dimungkinkan. Nilai wajar to the extent possible. Fair values are determined
ditentukan dengan menggunakan hirarki input using the following hierarchy of inputs used in the
berikut ini yang digunakan dalam teknik penilaian valuation techniques for assets and liabilities:
atas aset dan liabilitas:
Level 1: kuotasi harga (tanpa disesuaikan) Level 1: quoted prices (unadjusted) in active
dalam pasar aktif untuk aset atau liabilitas yang markets for identical assets or liabilities.
identik.
Level 2: input selain kuotasi harga yang Level 2: inputs, other than quoted prices
termasuk dalam level 1, yang dapat diobservasi, included in Level 1, that are observable, either
baik secara langsung (yaitu harga) atau secara directly (i.e. prices) or indirectly (i.e. derived
tidak langsung (yaitu berasal dari harga lain from other observable prices).
yang dapat diobservasi).
Level 3: input yang tidak berdasarkan data pasar Level 3: inputs that are not based on observable
yang dapat diobservasi (input yang tidak dapat market data (unobservable inputs).
diobservasi).
Jika input yang digunakan untuk mengukur nilai If the inputs used to measure the fair value of an
wajar aset atau liabilitas diambil dari berbagai asset or a liability are drawn from a mixture of
sumber yang berbeda atas nilai wajar hirarki, maka different level sources of the fair value hierarchy,
pengukuran nilai wajar untuk seluruh kelas aset then the fair value measurement for the entire class
atau liabilitas dianggap telah dilakukan of the asset or liability is considered to have been
menggunakan level input terendah yang signifikan done using the lowest level input that is significant
atas keseluruhan pengukuran (level 3 menjadi yang to the entire measurement (Level 3 being the
terendah). lowest).
Informasi lebih lanjut tentang input dan asumsi Further information about the significant inputs and
signifikan yang digunakan dalam mengukur nilai assumptions made in measuring fair values is
wajar diungkapkan di Catatan 18. disclosed in Note 18.
f. Prinsip konsolidasi f. Principles of consolidation
Entitas anak adalah entitas yang dikendalikan oleh Subsidiaries are entities controlled by the Group both
Grup baik secara langsung maupun tidak langsung. directly or indirectly. The Group controls an entity
Grup mengendalikan suatu entitas ketika Grup when it is exposed to, or has rights to, variable
terekpos dengan, atau memiliki hak atas, imbal hasil returns from its involvement with the entity and has
variabel dari keterlibatan Grup dengan entitas dan the ability to affect those returns through its power
memiliki kemampuan untuk mempengaruhi imbal over the entity.
hasil tersebut melalui kekuasaan Grup di entitas.
Perusahaan memenuhi persyaratan sebagai entitas The Company is a qualifying investment entity
investasi kualifikasian sebagaimana diatur dalam stipulated in PSAK 65, “Consolidated Financial
PSAK 65, "Laporan Keuangan Konsolidasian", oleh Statements”, and accordingly investments in
karena itu investasi di entitas yang dikendalikan - controlled entities – as well as investments in
serta investasi dalam entitas asosiasi dan ventura associates and joint ventures are measured at fair
bersama diukur pada nilai wajar melalui laba rugi value through profit or loss (FVTPL) in accordance
(FVTPL) sesuai PSAK 71 dengan pengecualian untuk with PSAK 71 with the exception of subsidiaries that
entitas anak yang dianggap perpanjangan tangan are considered an extension of the Company’s
dari aktivitas investasi Perusahaan (yaitu entitas investing activities (i.e. a subsidiary that is non-
anak yang bukan merupakan entitas investasi (sesuai investment entity (in accordance with PSAK 65) which
dengan PSAK 65) yang hanya memberikan jasa only provides investment management services to the
manajemen investasi ke Perusahaan). Company).
Page 113
Ekshibit E/7 Exhibit E/7
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
2. DASAR PENYUSUNAN LAPORAN KEUANGAN 2. BASIS OF PREPARATION OF THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
f. Prinsip konsolidasi (lanjutan) f. Principles of consolidation (continued)
Oleh karena itu, Perusahaan hanya As a result, the Company only consolidates
mengkonsolidasikan entitas anak yang bukan subsidiaries that are non-investment entities (in
merupakan entitas investasi (sesuai dengan PSAK 65) accordance with PSAK 65) which provide investment
tetapi memberikan jasa manajemen investasi pada management services to the Company (see Note 1e for
Perusahaan (lihat Catatan 1e untuk daftar entitas the list of consolidated subsidiaries).
anak yang dikonsolidasikan).
Kepentingan nonpengendali atas aset neto entitas Non-controlling interests in the net assets of
anak diidentifikasi pada tanggal kombinasi bisnis subsidiaries are identified at the date of business
yang selanjutnya disesuaikan dengan proporsi atas combination and afterwards are adjusted by
perubahan ekuitas entitas anak dan disajikan proportion of changes in equity of subsidiaries and
sebagai bagian dari ekuitas pada laporan posisi presented as a part of equity in the consolidated
keuangan konsolidasian. statement of financial position.
Bila pengendalian berakhir dalam periode berjalan, Where control ceases during a financial period, its
hasil usaha entitas tersebut dimasukkan ke dalam results are included in the consolidated financial
laporan keuangan konsolidasian untuk bagian tahun statements for the part of the year during which
dimana pengendalian masih berlangsung. control existed.
Kebijakan akuntansi yang digunakan dalam The accounting policies adopted in preparing the
penyusunan laporan keuangan konsolidasian telah consolidated financial statements have been
diterapkan secara konsisten oleh Grup dalam semua consistently applied by the Group in all material
hal yang material. respects.
Seluruh transaksi dan saldo yang material antara All material transactions and balances between
perusahaan-perusahaan yang dikonsolidasikan telah consolidated companies have been eliminated,
dieliminasi, termasuk keuntungan dan kerugian hasil including unrealized gains and losses arising from
dari transaksi antar perusahaan yang belum intercompany transactions.
direalisasi.
Perubahan dalam bagian kepemilikan Perusahaan Changes in the Company’s ownership interest in a
pada entitas anak yang dikonsolidasikan yang tidak consolidated subsidiary that do not result in the loss
mengakibatkan hilangnya pengendalian dicatat of control are accounted for as equity transactions.
sebagai transaksi ekuitas. Bagian Perusahaan atas The Company’s share of equity transactions of the
transaksi ekuitas entitas anak tersebut disajikan subsidiaries is presented as "other equity
sebagai "komponen ekuitas lainnya" dalam bagian components" under the equity section of the
ekuitas pada laporan posisi keuangan konsolidasian. consolidated statement of financial position. When
Ketika pengendalian atas entitas anak yang control over a previous consolidated subsidiary is
dikonsolidasikan hilang, bagian kepemilikan yang lost, any remaining interest in the entity is
tersisa di entitas tersebut diukur kembali pada nilai remeasured at fair value and the resulting gain or
wajarnya dan keuntungan atau kerugian yang loss is recognised in profit or loss.
dihasilkan diakui dalam laba rugi.
g. Standar akuntansi baru g. New accounting standards
Amandemen standar yang berlaku untuk periode Amendments to standards that are effective for
tahun yang dimulai pada 1 Januari 2023 dinilai tidak annual period beginning on 1 January 2023 are
berlaku atau diperkirakan tidak memiliki dampak assessed as either not applicable or are expected to
material terhadap laporan keuangan konsolidasian have immaterial impact to the Group’s consolidated
Grup. financial statements.
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
Kebijakan-kebijakan akuntansi berikut ini telah The accounting policies set out below have been applied
diterapkan dengan konsisten untuk semua periode yang consistently to all periods presented in these
disajikan dalam laporan keuangan konsolidasian. consolidated financial statements.
Page 114
Ekshibit E/8 Exhibit E/8
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
a. Instrumen keuangan (lanjutan) b. a. Financial instruments (continued)
Suatu instrumen keuangan diakui pada saat Grup A financial instrument is recognized when the
menjadi pihak dari ketentuan kontrak suatu Group becomes a party to the contractual provisions
instrumen keuangan. Aset keuangan dihentikan of the instrument. Financial assets are
pengakuannya pada saat hak kontraktual Grup atas derecognized when the Group’ contractual rights to
arus kas yang berasal dari aset keuangan tersebut the cash flows from the financial assets expire, i.e.
kadaluwarsa, yaitu ketika aset dialihkan kepada when the asset is transferred to another party
pihak lain tanpa mempertahankan pengendalian without retaining control or when substantially all
atau pada saat seluruh risiko dan manfaat telah risks and rewards are transferred. Financial
ditransfer secara substansial. Liabilitas keuangan liabilities are derecognized if the Group’s
dihentikan pengakuannya jika liabilitas Grup obligation expires, or are discharged or cancelled.
kadaluwarsa, atau dilepaskan atau dibatalkan.
(1) Aset keuangan (1) Financial assets
Saat pengakuan awal, suatu aset keuangan On initial recognition, a financial asset is
diklasifikasikan sebagai diukur pada: biaya classified as measured at: amortized cost;
perolehan diamortisasi; nilai wajar melalui fair value through other comprehensive
penghasilan komprehensif lain (“FVOCI”) – income (“FVOCI”) – debt investment; FVOCI –
investasi dalam efek utang; FVOCI – investasi equity investment; or fair value through
dalam efek ekuitas; atau nilai wajar melalui profit or loss (“FVTPL”). Financial assets are
laba rugi (“FVTPL”). Aset keuangan not reclassified subsequent to their initial
selanjutnya tidak direklasifikasi kecuali Grup recognition unless the Group changes its
mengubah model bisnisnya dalam mengelola business model for managing the financial
aset keuangan tersebut. assets.
Suatu aset keuangan, yang tidak ditetapkan A financial asset, which is not designated as
sebagai diukur pada FVTPL, adalah diukur measured at FVTPL, is measured at amortized
pada biaya perolehan diamortisasi apabila cost if it is held within a business model whose
dikelola dalam model bisnis yang bertujuan objective is to hold assets to collect
untuk memiliki aset keuangan tersebut dalam contractual cash flows and its contractual
rangka mendapatkan arus kas kontraktual dan terms give rise on specified dates to cash flows
persyaratan kontraktual dari aset keuangan that are solely payments of principal and
tersebut menghasilkan arus kas pada tanggal interest on the principal amount outstanding.
tertentu yang semata dari pembayaran pokok
dan bunga dari jumlah pokok terutang.
Suatu investasi dalam efek utang, yang tidak A debt investment, which is not designated as
ditetapkan sebagai diukur pada FVTPL, diukur measured at FVTPL, is measured at amortized
pada biaya perolehan diamortisasi atau FVOCI cost or FVOCI if it is held within a business
apabila dikelola dalam model bisnis yang model whose objective is achieved by both
tujuannya dicapai dengan mendapatkan arus collecting contractual cash flows and selling
kas kontraktual dan menjual aset keuangan financial assets and its contractual terms give
dan persyaratan kontraktual tersebut rise on specified dates to cash flows that are
menghasilkan arus kas pada tanggal tertentu solely payments of principal and interest on
yang semata berasal dari pembayaran pokok the principal amount outstanding.
dan bunga dari jumlah pokok terutang.
Saat pengakuan awal investasi dalam efek On initial recognition of an equity investment
ekuitas yang tidak dimiliki untuk that is not held for trading, the Group may
diperdagangkan, Grup dapat mengambil irrevocably elect to present subsequent
pilihan yang tidak dapat dibatalkan untuk changes in the investment’s fair value in other
menyajikan perubahan selanjutnya pada nilai comprehensive income. This election is made
wajar investasi dalam efek ekuitas tersebut on an investment-by-investment basis.
dalam penghasilan komprehensif lain.
Pemilihan ini dilakukan per setiap investasi.
Page 115
Ekshibit E/9 Exhibit E/9
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
a. Instrumen keuangan (lanjutan) b. a. Financial instruments (continued)
(1) Aset keuangan (lanjutan) (1) Financial assets (continued)
Seluruh aset keuangan yang tidak All financial assets are not classified as
diklasifikasikan sebagai diukur pada biaya measured at amortized cost or FVOCI as
perolehan diamortisasi atau FVOCI sesuai described above are measured at FVTPL. On
penjelasan di atas adalah diukur pada FVTPL. initial recognition, the Group may irrevocably
Pada pengakuan awal, Grup dapat mengambil designate a financial asset that otherwise
pilihan yang tidak dapat dibatalkan untuk meets the requirements to be measured at
mengukur suatu aset keuangan, yang either amortized cost, FVOCI, or at FVTPL if
memenuhi ketentuan untuk diukur pada antara doing so eliminates or significantly reduces an
biaya perolehan diamortisasi, FVOCI, atau accounting mismatch that would otherwise
FVTPL apabila penetapan tersebut arise.
mengeliminasi atau secara signifikan
mengurangi inkonsistensi pengukuran yang
timbul tanpa penetapan tersebut.
Aset keuangan Grup yang diukur pada FVTPL The Group’s financial assets measured at FVTPL
adalah investasi pada saham dan investasi pada are investments in shares and investments in
efek lainnya. Aset keuangan tersebut diukur other securities. These financial assets are
pada nilai wajar. Keuntungan dan kerugian measured at fair value. Net gains and losses,
neto, termasuk penghasilan bunga atau including any interest or dividend income, are
dividen, diakui di laba rugi. recognized in profit or loss.
Aset keuangan Grup yang diukur pada biaya The Group’s financial assets measured at
perolehan diamortisasi adalah kas dan setara amortized cost are cash and cash equivalents,
kas, kas yang dibatasi penggunaannya, dan restricted cash, and receivables. These
piutang. Aset keuangan tersebut awalnya financial assets are initially recognized at fair
diakui pada nilai wajar ditambah biaya value plus directly attributable transaction
transaksi yang dapat diatribusikan secara costs and subsequently measured at amortized
langsung dan selanjutnya diukur pada biaya cost using the effective interest method. The
perolehan diamortisasi dengan menggunakan amortized cost is reduced by impairment
metode suku bunga efektif. Biaya perolehan losses. Interest income, foreign exchange gains
diamortisasi dikurangi dengan penurunan nilai. and losses and impairment are recognized in
Penghasilan bunga, keuntungan dan kerugian profit or loss. Any gain or loss on derecognition
nilai tukar, dan penurunan nilai diakui di laba is also recognized in profit or loss.
rugi. Keuntungan atau kerugian dari
penghentian pengakuan juga diakui di laba
rugi.
Grup tidak memiliki aset keuangan yang diukur The Group does not have any financial assets
pada FVOCI. measured at FVOCI.
(2) Liabilitas keuangan (3) (2) Financial liabilities
Liabilitas keuangan diklasifikasikan sebagai Financial liabilities are classified as measured
diukur pada biaya perolehan diamortisasi atau at amortized cost or FVTPL. A financial
pada FVTPL. Suatu liabilitas keuangan liability is classified as measured at FVTPL if
diklasifikasikan sebagai diukur pada FVTPL it is classified as held-for-trading, it is a
apabila dimiliki untuk diperdagangkan, derivative or it is designated as such on initial
merupakan suatu instrumen derivatif atau recognition.
ditetapkan sebagai diukur pada FVTPL pada
pengakuan awalnya.
Liabilitas keuangan Grup lainnya yang diukur The Group’s other financial liabilities
pada biaya perolehan diamortisasi adalah utang measured at amortized cost are other
lainnya dan pinjaman. Liabilitas keuangan payables and borrowings. These financial
tersebut awalnya diakui pada nilai wajar liabilities are initially recognized at fair value
dikurangi biaya transaksi dan selanjutnya deducted transaction costs and subsequently
diukur pada biaya perolehan diamortisasi measured at amortized cost using the
dengan menggunakan metode suku bunga effective interest method. Interest expense
efektif. Biaya bunga dan keuntungan dan and foreign exchange gains and losses are
kerugian nilai tukar diakui di laba rugi. recognized in profit or loss. Any gain or loss
Keuntungan atau kerugian dari penghentian on de-recognition is also recognized in profit
pengakuan juga diakui di laba rugi. or loss.
Page 116
Ekshibit E/10 Exhibit E/10
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
a. Instrumen keuangan (lanjutan) c. a. Financial instruments (continued)
(3) Penentuan nilai wajar (3) Determination of fair value
Nilai wajar adalah harga yang akan diterima Fair value is the price that would be received
untuk menjual suatu aset atau harga yang akan to sell an asset or the price that would be paid
dibayar untuk mengalihkan suatu liabilitas to transfer a liability in an orderly transaction
dalam transaksi teratur antara pelaku pasar between market participants at the
pada tanggal pengukuran. measurement date.
(4) Penghentian pengakuan (4) Derecognition
Grup menghentikan pengakuan aset keuangan The Group derecognizes the financial assets
ketika, dan hanya ketika, hak kontraktual atas when, and only when, the contractual rights
arus kas yang berasal dari aset keuangan to receive the cash flows from these financial
tersebut kadaluarsa atau Grup mengalihkan assets have ceased to exist or the Group
seluruh hak kontraktual tersebut di mana transfers such contractual rights, in which
seluruh risiko dan manfaat atas kepemilikan substantially all the risks and rewards of
aset keuangan juga dialihkan. Setiap hak atau ownership of the financial assets are also
kewajiban atas aset keuangan yang dialihkan transferred. Any rights or obligations on the
yang timbul atau yang masih dimiliki oleh Grup transferred financial assets that arise or are
diakui sebagai aset atau liabilitas secara still owned by the Group are recognized as
terpisah. assets or liabilities separately.
Grup menghentikan pengakuan liabilitas The Group derecognizes financial liabilities
keuangan ketika, dan hanya ketika, kewajiban when, and only when, the obligation specified
yang ditetapkan dalam kontrak kadaluarsa, in the contract expires, is discharged or
dilepaskan atau dibatalkan. cancelled.
(5) Salinghapus instrumen keuangan (5) Offsetting financial instruments
Aset keuangan dan liabilitas keuangan dapat Financial assets and liabilities are set-off and
salinghapus dan nilai netonya disajikan dalam the net amount is presented in the statements
laporan posisi keuangan ketika, dan hanya of financial position when, and only when,
ketika, Grup memiliki hak atas dasar hukum the Group has the legal right to set off the
untuk melakukan salinghapus atas jumlah yang amounts and intends either to settle on a net
telah diakui tersebut dan berniat untuk basis or realize the asset and settle the
menyelesaikan secara neto, atau liabilities simultaneously.
merealisasikan aset dan menyelesaikan
liabilitas secara simultan.
Hak salinghapus harus tidak bergantung atas The right of set-off must not be contingent on
peristiwa di masa depan dan harus dapat a future event and must be legally
dipaksakan secara hukum terhadap seluruh enforceable in all of the following
keadaan sebagai berikut: circumstances:
a. situasi bisnis yang normal; a. the normal course of business;
b. peristiwa kegagalan; dan b. the event of default; and
c. peristiwa kepailitan atau kebangkrutan c. the event of insolvency or bankruptcy of
dari entitas dan seluruh pihak lawan. the Group and all of the counterparties.
Page 117
Ekshibit E/11 Exhibit E/11
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
a. Instrumen keuangan (lanjutan) d. a. Financial instruments (continued)
(6) Penurunan nilai (6) Impairment
Grup mengakui cadangan untuk kerugian kredit The Group recognizes loss allowances for
ekspektasian (“ECL”) atas aset keuangan expected credit loss (“ECL”) on financial
diukur pada biaya perolehan diamortisasi. ECL assets measured at amortized cost. ECLs are
merupakan suatu perkiraan probabilitas a probability-weighted estimate of credit
tertimbang atas terjadinya kerugian kredit. losses. Credit losses are measured as the
Kerugian kredit diukur sebagai nilai kini atas present value of all cash shortfalls, i.e. the
seluruh kekurangan penerimaan kas, yaitu difference between the cash flows due to the
selisih antara arus kas yang terutang ke Grup Group in accordance with the contract and the
sesuai kontrak dan arus kas yang diharapkan cash flows that the Group expects to receive.
akan diterima Grup. ECL didiskontokan dengan ECLs are discounted at the effective interest
suku bunga efektif dari aset keuangannya. rate of the financial asset.
Pada setiap tanggal pelaporan, Grup menelaah At each reporting date, the Group assesses
apakah aset keuangan diukur pada biaya whether financial assets carried at amortized
perolehan diamortisasi mengalami penurunan cost are impaired. A financial asset is
nilai. Suatu aset keuangan mengalami impaired when one or more events that have
penurunan nilai apabila terdapat satu atau a detrimental impact on the estimated future
lebih peristiwa, yang memiliki implikasi cash flows of the financial asset have
menurunkan perkiraan arus kas masa depan occurred.
dari aset keuangan, telah terjadi.
Bukti bahwa suatu aset keuangan mengalami Evidence that a financial asset is impaired
penurunan nilai termasuk data yang dapat includes the following observable data:
diobservasi sebagai berikut:
kesulitan keuangan signifikan; significant financial difficulty;
ada probabilitas bahwa peminjam akan it is probable that the borrower will enter
bangkrut atau mengalami reorganisasi bankruptcy or other financial
keuangan; atau reorganisation; or
suatu pelanggaran dari kontrak seperti a breach of contract such as a default or
gagal bayar, atau sudah menunggak lebih being more than 90 days past due.
dari 90 hari.
b. Transaksi dengan pihak-pihak berelasi d. b. Related party transactions
Grup menerapkan PSAK 7, Pengungkapan Pihak- The Group applies PSAK 7, Related Party Disclosures.
pihak Berelasi. PSAK ini mensyaratkan The PSAK requires the disclosures of related party
pengungkapan hubungan, transaksi dan saldo pihak- relationships, transactions and outstanding balances,
pihak berelasi, termasuk komitmen, dalam laporan including commitments, in the consolidated financial
keuangan konsolidasian. statements.
c. Kas dan setara kas e. c. Cash and cash equivalents
Kas dan setara kas mencakup kas, kas pada bank, Cash and cash equivalents are cash on hand, cash in
deposito berjangka dan investasi jangka pendek banks, time deposits and short-term investments with
yang akan jatuh tempo dalam waktu tiga bulan atau a maturity period of three months or less at the time
kurang terhitung sejak ditempatkan, dan tidak of placement and which are not used as collateral or
digunakan sebagai jaminan atau tidak dibatasi are not restricted.
penggunaannya.
d. Saham tresuri d. Treasury stock
Saham tresuri diukur sebesar imbalan yang Treasury stock is measured at consideration paid,
dibayarkan, termasuk biaya transaksi signifikan including any significant directly attributable
yang dapat diatribusikan secara langsung (dikurangi transaction costs (net of taxes), and is deducted from
pajak), dan dikurangkan dari ekuitas yang dapat equity attributable to the owners of the Company.
diatribusikan kepada pemilik Perusahaan.
Page 118
Ekshibit E/12 Exhibit E/12
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
(lanjutan) (continued)
e. Transaksi dan saldo dalam mata uang asing e. Transactions and balances in foreign currencies
Transaksi dalam mata uang asing dijabarkan ke Transactions in foreign currencies are translated to
masing-masing mata uang fungsional Grup the respective functional currencies of the Group at
berdasarkan kurs yang berlaku pada saat transaksi the exchange rates prevailing at the time the
dilakukan. Pada tanggal pelaporan, aset dan transactions are made. At reporting date, monetary
liabilitas moneter dalam mata uang asing assets and liabilities denominated in foreign
dijabarkan ke mata uang fungsional berdasarkan currencies are retranslated to the functional currency
kurs yang berlaku pada tanggal tersebut. Laba atau at the exchange rate at that date. The resulting gains
rugi selisih kurs yang timbul dikreditkan atau or losses are credited or charged to the statement of
dibebankan pada laporan laba rugi dan penghasilan profit or loss and other comprehensive income for the
komprehensif lain periode berjalan. period.
Untuk tujuan konsolidasi, laporan posisi keuangan For the purpose of consolidation, the statement of
entitas anak yang menggunakan mata uang selain financial position of a subsidiary reporting in a
Rupiah dijabarkan ke Rupiah berdasarkan kurs yang currency other than the Rupiah is translated to
berlaku pada tanggal pelaporan. Penghasilan dan Rupiah at the exchange rates prevailing at the
beban dijabarkan ke Rupiah dengan kurs rata-rata reporting date. The income and expenses are
yang berlaku selama tahun berjalan. Selisih kurs translated to Rupiah at the average exchange rates
yang dihasilkan diakui pada penghasilan prevailing during the year. The resulting exchange
komprehensif lain dalam laporan laba rugi dan differences are recognized in other comprehensive
penghasilan komprehensif lain konsolidasian dan income in the consolidated statement of profit or
diakumulasikan dalam ekuitas di dalam pos selisih loss and other comprehensive income, and are
penjabaran laporan keuangan dalam mata uang accumulated in equity under the difference in
asing. translation of financial statements in foreign
currency.
Aset dan liabilitas nonkeuangan yang diukur pada Non-monetary assets and liabilities that are
nilai wajar dalam mata uang asing dijabarkan measured at fair value in a foreign currency are
kembali ke mata uang fungsional dengan retranslated to the functional currency at the
menggunakan kurs yang berlaku pada tanggal nilai exchange rate at the date that the fair value was
wajar ditentukan. Aset dan liabilitas nonkeuangan determined. Non-monetary items that are measured
yang diukur atas dasar nilai historis dalam mata based on historical cost in a foreign currency are
uang asing dijabarkan menggunakan kurs yang translated using the exchange rate at the date of the
berlaku pada tanggal transaksi. transaction.
Selisih mata uang asing dalam penjabaran ulang Foreign currency differences arising on retranslation
pada umumnya diakui pada laba rugi. Akan tetapi, are generally recognized in profit or loss. However,
selisih mata uang asing dari penjabaran investasi foreign currency differences arising from the
ekuitas yang tersedia untuk dijual diakui dalam retranslation of available-for-sale equity
penghasilan komprehensif lain, kecuali pada investments are recognized in other comprehensive
penurunan nilai dimana selisih mata uang asing yang income, except on impairment in which case foreign
telah diakui dalam penghasilan komprehensif lain currency differences that have been recognized in
akan diakui ke laba rugi. other comprehensive income are recognized to profit
or loss.
Ketika investasi atas entitas yang memiliki mata When an investment in an entity with a functional
uang fungsional selain Rupiah dilepas, pengaruh currency other than Rupiah is disposed or significant
signifikan atau pengendalian bersama hilang, influence or joint control is lost, the cumulative
jumlah akumulasi cadangan penjabaran terkait amount in the translation reserve related to that
entitas tersebut direklasifikasi ke laba rugi sebagai entity is reclassified to profit or loss as part of the
bagian dari keuntungan atau kerugian pelepasan. gain or loss on disposal. When the Group disposes of
Ketika Grup melepas sebagian kepemilikan atas only part of its interest in a subsidiary that includes
entitas anak yang memiliki entitas semacam ini such entity while retaining control, the relevant
namun tetap mempertahankan pengendalian, proportion of the cumulative amount of translation
proporsi akumulasi cadangan penjabaran terkait reserve is reattributed to non-controlling interests.
akan diatribusikan kembali ke kepentingan
nonpengendali.
Page 119
Ekshibit E/13 Exhibit E/13
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. .IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF SIGNIFICANT MATERIAL POLICIES
.(lanjutan) (continued)
f. Pajak penghasilan e. Income tax
Grup memperhitungkan konsekuensi pajak kini dan The Group accounts for the current and future tax
mendatang dari pemulihan (penyelesaian) jumlah consequences of the future recovery (settlement) of
tercatat aset (liabilitas) masa depan yang diakui the carrying amount of assets (liabilities) that are
dalam laporan posisi keuangan konsolidasian , dan recognized in the consolidated statement of
dari transaksi serta kejadian lain dari periode kini financial position, and transactions and other
yang diakui dalam laporan keuangan konsolidasian . events of the current period that are recognized in
the consolidated financial statements.
Grup mencatat tambahan pajak penghasilan yang The
d. Group presents additional income tax of
berasal dari periode lalu yang ditetapkan dengan previous periods through a tax assessment letter
Surat Ketetapan Pajak (SKP), jika ada, sebagai (SKP), if any, assessed as part of “Income Tax
bagian dari “Beban Pajak Penghasilan” dalam Expense” in the consolidated statement of profit
laporan laba rugi dan penghasilan komprehensif lain or loss and other comprehensive income.
konsolidasian.
Beban pajak penghasilan terdiri dari beban pajak Income
d. tax expense comprises current and deferred
kini dan pajak tangguhan penghasilan badan. Pajak corporate income tax. Current tax and deferred tax
kini dan pajak tangguhan diakui dalam laba rugi, are recognized in profit or loss, except to the extent
kecuali jika pajak tersebut terkait dengan transaksi that they relate to items recognized directly in
atau kejadian yang diakui secara langsung dalam equity or in other comprehensive income.
ekuitas atau dalam penghasilan komprehensif lain.
Pajak kini adalah pajak terutang atau piutang pajak Current
d. tax is the expected tax payable or
yang diharapkan atas laba kena pajak (rugi pajak) refundable on taxable income or loss for the year,
selama tahun berjalan, dengan menggunakan tarif using tax rates substantively enacted as of the
pajak yang secara substantif berlaku pada tanggal reporting date, and includes true-up adjustments
pelaporan, dan termasuk penyesuaian atas provisi made to the previous years’ tax provisions either to
beban pajak tahun-tahun sebelumnya baik untuk reconcile them with the income tax reported in
direkonsiliasikan dengan pajak penghasilan yang annual tax returns, or to account for differences
dilaporkan pada pelaporan pajak tahunan, atau arising from tax assessments.
untuk memperhitungkan selisih yang timbul dari
pemeriksaan pajak.
Grup menerapkan metode aset dan liabilitas dalam The
d. Group applies the asset and liability method in
menghitung beban pajaknya. Dengan metode ini, determining its income tax expense. Under this
aset dan liabilitas pajak tangguhan diakui pada method, deferred tax assets and liabilities are
setiap tanggal pelaporan sebesar perbedaan recognized at each reporting date for temporary
temporer aset dan liabilitas untuk tujuan pelaporan differences between the assets and liabilities for
keuangan dan tujuan perpajakan. Metode ini juga financial reporting purpose and for taxation
mengharuskan pengakuan manfaat pajak di masa purposes. This method also requires the recognition
yang akan datang, seperti kompensasi rugi fiskal, of future tax benefits, such as tax loss
jika besar kemungkinan manfaat pajak tersebut carryforwards, to the extent that realization of such
dapat direalisasi. benefits is probable.
Pajak tangguhan diukur dengan menggunakan tarif Deferred
d. tax is measured at the tax rates that are
pajak yang diharapkan untuk diterapkan atas expected to be applied to the temporary difference,
perbedaan temporer pada saat pembalikan, when they reverse, based on the laws that have
berdasarkan peraturan yang berlaku atau secara been enacted or substantially enacted at the
substantif telah berlaku pada tanggal pelaporan. reporting date.
e.
Aset pajak tangguhan merupakan sisa saldo neto Deferred
f. tax assets represent the net remaining
dari manfaat pajak tangguhan yang telah diperoleh balance of deferred tax benefits that have been
dan dimanfaatkan sampai dengan tanggal originated and utilized through the reporting date.
pelaporan. Aset pajak tangguhan ditelaah pada Deferred tax assets are reviewed at each reporting
setiap tanggal pelaporan dan dikurangi sepanjang date and are reduced to the extent that it is no
manfaat pajaknya tidak dimungkinkan untuk longer probable that the related tax benefit will be
direalisasikan; pengurangan tersebut dibalik ketika realized; such reductions are reversed when the
kemungkinan realisasinya melalui laba kena pajak probability of their realization through future
di masa depan meningkat. taxable profits improves.
g.
Page 120
Ekshibit E/14 Exhibit E/14
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. .IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
.(lanjutan) (continued)
f. Pajak penghasilan (lanjutan) f. Income tax (continued)
Aset pajak tangguhan yang belum diakui dinilai Unrecognized deferred tax assets are reassessed at
kembali pada setiap tanggal pelaporan dan diakui each reporting date and recognized to the extent
sepanjang kemungkinan besar laba kena pajak di that it has become probable that future taxable
masa depan akan tersedia untuk digunakan. profits will be available against which they can be
used.
Aset dan liabilitas pajak tangguhan disajikan Deferred tax assets and liabilities are offset in the
salinghapus di laporan posisi keuangan consolidated statement of financial position, except
konsolidasian, kecuali aset dan liabilitas pajak if these are for different legal entities, in the same
tangguhan untuk entitas hukum yang berbeda, hal manner the current tax assets and liabilities are
ini berlaku juga untuk penyajian aset dan liabilitas presented.
pajak kini.
Dalam menentukan nilai pajak kini dan pajak In
d.determining the amount of current and deferred
tangguhan, Grup memperhitungkan dampak dari tax, the Group takes into account the impact of
posisi pajak yang tidak pasti, tambahan pajak dan uncertain tax positions, any additional taxes and
penalti. penalties.
Pajak final atas beberapa jenis transaksi yang Final
d. tax on certain transactions that is calculated
dikenakan atas nilai brutonya (yaitu atas jumlah based on the gross amount (i.e., amounts of cash
uang yang diterima) tidak dianggap sebagai pajak received) is not considered as income tax.
penghasilan.
g. Laba per saham g. Earnings per share
Laba per saham dasar dihitung dengan membagi Basic
d. earnings per share are computed by dividing
laba tahun berjalan yang dapat diatribusikan profit for the year attributable to the owners of
kepada pemilik Perusahaan dengan jumlah rata- the Company by the weighted average of total
rata tertimbang saham beredar/ditempatkan outstanding/issued shares during the year.
selama tahun yang bersangkutan.
Laba per saham dilusian dihitung dengan membagi Diluted
d. earnings per share are computed by
laba tahun berjalan yang dapat diatribusikan dividing profit for the year attributable to owners
kepada pemilik Perusahaan dengan total rata-rata of the Company to the weighted average of total
tertimbang saham beredar/ditempatkan setelah outstanding/issued shares after considering
mempertimbangkan penyesuaian atas dampak adjustments for conversion of all dilutive potential
konversi dari semua instrumen berpotensi saham ordinary shares that may be issued by the Company.
biasa bersifat dilutif yang mungkin diterbitkan
Perusahaan.
Jika jumlah saham biasa atau instrumen berpotensi If
d. the number of ordinary shares or potential
saham biasa yang beredar meningkat sebagai akibat ordinary shares outstanding increases as a result of
dari kapitalisasi, penerbitan saham bonus atau capitalization, issuance of bonus shares or stock
pemecahan saham atau menurun sebagai akibat splits, or decreases as a result of a merger of
dari penggabungan saham, maka perhitungan laba shares, the calculation of basic or diluted earning
per saham dasar dan dilusian untuk seluruh periode per share for all periods is adjusted
yang disajikan disesuaikan secara retrospektif. restrospectively.
h. Informasi segmen h. Segment reporting
Grup mengidentifikasikan segmen operasi The
d. Group identifies its operating segments on the
berdasarkan pelaporan internal yang dikaji secara basis of internal reports that are regularly
berkala oleh pengambil keputusan operasional reviewed by the chief operating decision maker in
utama dalam rangka mengalokasikan sumber daya order to allocate resources to the segment and
dan menilai kinerja segmen operasi tersebut. assess its performance.
Segmen operasi dilaporkan dengan cara yang d. Operating segments are reported in a manner
konsisten dengan pelaporan internal yang diberikan consistent with the internal reporting provided to
kepada Dewan Direksi sebagai pengambil keputusan Board of Directors as the Group’s chief operating
operasional Grup. decision maker.
Page 121
Ekshibit E/15 Exhibit E/15
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
3. .IKHTISAR KEBIJAKAN AKUNTANSI YANG MATERIAL 3. SUMMARY OF MATERIAL ACCOUNTING POLICIES
.(lanjutan) (continued)
i. Pembayaran berbasis saham i. Share based-payments
Perusahaan memberikan saham kepada manajemen e. The Company provides share grants to the eligible
karyawan yang memenuhi syarat melalui Program employees through the Management Employee
Pemberian Saham untuk Karyawan Manajemen. Share Grant Plan.
f.
Nilai wajar saat tanggal pemberian kompensasi The grant-date fair value of share-based payment
berbasis saham ke karyawan diakui sebagai beban compensation granted to employees is recognized
usaha – pembayaran berbasis saham, beserta as an operating expense – employee stock option,
perubahan terkaitnya di ekuitas, selama periode with a corresponding increase in equity, over the
sampai dengan karyawan berhak tanpa syarat atas period that the employees become unconditionally
penghargaan tersebut. entitled to the awards.
Nilai yang diakui sebagai beban disesuaikan untuk The amount recognized as an expense is adjusted to
menggambarkan nilai penghargaan yang terkait reflect the number of awards for which the related
dengan kondisi masa kerja yang diharapkan dapat service conditions are expected to be met, such that
terpenuhi, sehingga pada akhirnya nilai yang diakui the amount ultimately recognized as an expense is
sebagai beban didasarkan pada nilai penghargaan based on the number of awards that meet the
yang memenuhi kondisi jasa terkait pada saat related service conditions at the vesting date. For
tanggal vesting. Untuk kompensasi berbasis saham share-based compensation with market
dengan kondisi kinerja pasar, nilai wajar saat performance conditions, the respective grant-date
tanggal pemberiannya diukur untuk merefleksikan fair value is measured to reflect such conditions and
kondisi tersebut dan tidak terdapat penyesuaian there is no true-up for differences between
untuk perbedaan antara hasil yang diharapkan dan expected and actual outcomes.
aktualnya.
Pada tanggal 31 Desember 2023 dan 2022, saldo As of 31 December 2023 and 2022, the outstanding
akumulasi pembayaran berbasis saham Perusahaan balance of the accumulated share based payments
masing-masing sebesar Rp29.020 dan Rp32.616. amounted to Rp29,020 and Rp32,616, respectively.
Page 122
Ekshibit E/16 Exhibit E/16
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS
31 Desember/ 31 Desember/
December 2023 December 2022
Kas Cash on hand
Rupiah 10 10 Rupiah
Kas di bank pihak tidak berelasi Cash in non-related party banks
Rupiah Rupiah
PT Bank Permata Tbk. 58.940 250.705 PT Bank Permata Tbk.
PT Bank DBS Indonesia 32.188 226.843 PT Bank DBS Indonesia
PT Bank Central Asia Tbk. 2.178 19.984 PT Bank Central Asia Tbk.
MUFG Bank, Ltd., cabang Jakarta 582 582 MUFG Bank, Ltd., Jakarta branch
PT Bank HSBC Indonesia 447 506 PT Bank HSBC Indonesia
PT Bank UOB Indonesia 171 172 PT Bank UOB Indonesia
PT Bank Mega Tbk. 79 80 PT Bank Mega Tbk.
Standard Chartered Bank cabang Standard Chartered Bank, Jakarta
Jakarta 44 60 branch
94.629 498.932
Dolar AS US Dollar
Standard Chartered Bank cabang - Standard Chartered Bank, Singapore
Singapura 315.847 branch
PT Bank DBS Indonesia 23.291 3.132 PT Bank DBS Indonesia
United Overseas Bank, cabang United Overseas Bank, Singapore
Singapura 7.849 26.583 branch
PT Bank Permata Tbk. 3.862 17.553 PT Bank Permata Tbk.
PT Bank HSBC Indonesia 432 196 PT Bank HSBC Indonesia
Standard Chartered Bank cabang 339 348 Standard Chartered Bank, Jakarta
Jakarta branch
MUFG Bank, Ltd., cabang Jakarta 301 786 MUFG Bank, Ltd., Jakarta branch
PT Bank UOB Indonesia 213 219 PT Bank UOB Indonesia
PT Bank Mega Tbk. 103 107 PT Bank Mega Tbk.
DBS Bank Ltd., Singapura 74 76 DBS Bank Ltd., Singapore
352.311 49.000
Dolar Singapura Singapore Dollar
United Overseas Bank, cabang United Overseas Bank, Singapore
Singapura 1.757 290 branch
DBS Bank Ltd., Singapura 366 - DBS Bank Ltd., Singapore
Standard Chartered Bank, cabang Standard Chartered Bank, Singapore
Singapura 14 - branch
2.137 290
Jumlah kas di bank 449.077 548.222 Total cash in banks
Deposito berjangka di bank pihak
tidak berelasi Time deposits in non-related party banks
Rupiah Rupiah
PT Bank DBS Indonesia 35.000) - PT Bank DBS Indonesia
Dolar AS US Dollar
United Overseas Bank, cabang United Overseas Bank, Singapore
Singapura 163.410) - branch
PT Bank DBS Indonesia 17.728) 314.620 PT Bank DBS Indonesia
181.138) 314.620
Jumlah deposito berjangka 216.138) 314.620 Total time deposits
Jumlah kas dan setara kas 665.225) 862.852 Total cash and cash equivalents
Page 123
Ekshibit E/17 Exhibit E/17
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)
Kisaran suku bunga kontraktual dari deposito berjangka The range of contractual interest rates earned from the
di atas adalah sebagai berikut: above time deposits is as follows:
31 Desember/ 31 Desember/
December 2023 December 2022
Rupiah 2,50% - 5,00% - Rupiah
Dolar AS 2,00% - 5,49% 3,00% US Dollar
5. INVESTASI PADA SAHAM 5. INVESTMENTS IN SHARES
31 Desember/December 2023 31 Desember/December 2022
Teknik Teknik
penilaian penilaian
nilai wajar nilai wajar
(Catatan 2e)/ (Catatan 2e)/
Persentase Fair value Persentase Fair value
kepemilikan/ valuation kepemilikan/ valuation
Percentage of techniques Nilai wajar/ Percentage of techniques Nilai wajar/
Investasi ownership (Note 2e) Fair value ownership (Note 2e) Fair value Investments
Rp Rp
INVESTASI DI PERUSAHAAN INVESTMENTS IN BLUE CHIP
BLUE CHIP COMPANIES
PT TOWER BERSAMA PT TOWER BERSAMA
INFRASTRUCTURE TBK. INFRASTRUCTURE TBK.
(“TBIG”) (2023: 31,48% (“TBIG”) (2023: 31.48%
dan 2022: 26,69%) and 2022: 26.69%)
Kepemilikan tidak
langsung melalui Indirect ownership through
PT Wahana Anugerah PT Wahana Anugerah
Sejahtera 9,26% Level 1 4.385.492 4,95% Level 1 2.579.960 Sejahtera
BERSAMA DIGITAL BERSAMA DIGITAL
INFRASTRUCTURE ASIA INFRASTRUCTURE ASIA
PTE. LTD. (“BDIA”) (**) 29,49% Level 2 12.062.637 29,64% Level 2 11.737.574 PTE. LTD. (“BDIA”) (**)
(Perusahaan memiliki
kepemilikan efektif (The Company owned
sebesar 22,22% dan effective ownership of
21,74% di TBIG melalui 22.22% and 21.74% in TBIG
BDIA pada tahun 2023 dan through BDIA in 2023 and
2022) 2022)
PT MERDEKA COPPER PT MERDEKA COPPER GOLD
GOLD TBK. (“MDKA”) TBK. (“MDKA”)
Kepemilikan langsung 18,80% Level 1 12.237.513 18,35% Level 1 18.223.478 Direct ownership
PT ADARO ENERGY
INDONESIA TBK. PT ADARO ENERGY
(“ADRO”) (2023 dan INDONESIA TBK. (“ADRO”)
2022: 15,18%) (2023 and 2022: 15.18%)
Kepemilikan langsung 3,67% Level 1 2.796.240 3,67% Level 1 4.523.329 Direct ownership
Kepemilikan tidak
langsung melalui Indirect ownership
asosiasi: PT Adaro through associate:
Strategic Capital PT Adaro Strategic
(ASC) (***) 25% Level 2 6.263.706 25,00% Level 2 10.130.568 Capital (ASC) (***)
Kepemilikan tidak
langsung melalui Indrect ownership through
asosiasi: PT Adaro associate:
Strategic Lestari PT Adaro Strategic
(ASL) (***) 29,79% Level 2 2.496.946 29,79% Level 2 4.038.381 Lestari (ASL) (***)
Jumlah investasi di Total investment in
saham blue chip 40.242.534 51.233.290 blue chip shares
(**) Nilai wajar investasi di BDIA terdiri dari investasi pada saham PT Tower Bersama
Infrastructure Tbk. dan investasi pada perusahaan lainnya. Pada tanggal 31 Desember
m.
(**) The fair value of investment in BDIA consist of investment in PT Tower Bersama
Infrastructure Tbk. and investment in other companies. As of 31 December 2023,
2023, nilai investasi di perusahaan lainnya adalah sebesar Rp1.493.841. the investment in other companies is amounted to Rp1,493,841.
n.
(***) Nilai ini merupakan nilai investasi pada ASC dan ASL dimana nilai wajar dari ASC dan
ASL sebagian besar berasal dari nilai investasi pada saham di PT Adaro Energy
m.
(***) The amount represents the investment in ASC and ASL whereas the fair value of
ASC and ASL mainly represents the investment in PT Adaro Energy Indonesia Tbk
Indonesia Tbk melalui kepemilikan tidak langsung di PT Adaro Strategic Investments. through indirect ownership in PT Adaro Strategic Investments.
Page 124
Ekshibit E/18 Exhibit E/18
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. INVESTASI PADA SAHAM (lanjutan) 5. INVESTMENTS IN SHARES (continued)
31 Desember/December 2023 31 Desember/December 2022
Teknik Teknik
penilaian penilaian
nilai wajar nilai wajar
(Catatan 2e)/ Persentase (Catatan 2e)/
Persentase Fair value kepemilikan/ Fair value
kepemilikan/ valuation Percentage valuation
Percentage of techniques Nilai wajar/ of techniques Nilai wajar/
Investasi ownership (Note 2e) Fair value ownership (Note 2e) Fair value Investments
Rp Rp
INVESTASI DI PERUSAHAAN INVESTMENTS IN
BERKEMBANG GROWTH FOCUSED COMPANIES
Perusahaan publik: Listed entities:
PT MITRA PINASTHIKA
MUSTIKA TBK. PT MITRA PINASTHIKA
(“MPMX”) MUSTIKA TBK. (“MPMX”)
Kepemilikan langsung 56,69% Level 1 2.656.588 56,69% Level 1 2.833.694 Direct ownership
PT PROVIDENT
INVESTASI BERSAMA PT PROVIDENT INVESTASI
TBK. (“PALM”) BERSAMA TBK. (“PALM”)
Kepemilikan tidak
langsung melalui
PT Saratoga Sentra Indrect ownership through:
Business 19,87% Level 1 884.390 19,87% Level 1 898.540 PT Saratoga Sentra Business
PT SAMATOR INDO GAS PT SAMATOR INDO GAS
TBK. (“AGII”) TBK. (“AGII”)
Kepemilikan langsung 10,00% Level 1 466.132 10,00% Level 1 594.932 Direct ownership
PT NUSA RAYA CIPTA PT NUSA RAYA CIPTA
TBK. (“NRCA”) TBK. (“NRCA”)
Kepemilikan langsung 6,97% Level 1 57.739 6,97% Level 1 52.522 Direct ownership
Perusahaan publik
Lainnya Other listed entities
Kepemilikan langsung <5% Level 1 359.422 <5% Level 1 454.450 Direct ownership
Perusahaan nonpublik: Non-listed entities:
Kepemilikan langsung dan
tidak langsung melalui Direct and indirect ownership
entitas anak: through subsidiaries:
PT Saratoga Sentra
Business, PT Nugraha
Eka Kencana,
PT Surya Nuansa PT Saratoga Sentra Business,
Ceria, PT Sukses PT Nugraha Eka Kencana,
Indonesia, PT Interra PT Surya Nuansa Ceria,
Indo Resources dan PT Sukses Indonesia, PT Interra
Baltimore Indo Resources and Baltimore
Investments Ltd. Investments Ltd.
- Perusahaan
berkembang 1 < 20% Level 3 88.283 < 20% Level 3 136.407 Growth company 1 -
- Perusahaan
berkembang 2 > 50% Level 3 617.604 20 - 50% Level 3 250.321 Growth company 2 -
- Perusahaan
berkembang 3 > 50% Level 3 154.607 > 50% Level 3 149.226 Growth company 3 -
- Perusahaan
berkembang 4 20 - 50% Level 3 109.212 20 - 50% Level 2 87.090 Growth company 4 -
- Perusahaan
berkembang 5 20 - 50% Level 3 18.412 20 - 50% Level 3 19.640 Growth company 5 -
- Perusahaan
berkembang 6 20 - 50% Level 2 - 20 - 50% Level 2 192 Growth company 6 -
- Perusahaan
berkembang 7 20 - 50% Level 3 - 20 - 50% Level 3 9.286 Growth company 7 -
- Perusahaan
berkembang 8 - - - > 50% Level 3 314.620 Growth company 8 -
- Perusahaan
berkembang 9 < 20% Level 3 135.290 < 20% Level 3 105.432 Growth company 9 -
- Perusahaan
berkembang 10 < 20% Level 3 26.209 < 20% Biaya/Cost 26.745 Growth company 10 -
- Perusahaan
berkembang 11 < 20% Level 3 22 < 20% Biaya/Cost 22 Growth company 11 -
- Perusahaan
berkembang 12 < 20% Biaya/Cost 318.975 - - - Growth company 12 -
- Perusahaan
berkembang
lainnya < 5% Level 3 56.037 < 5% Biaya/Cost 56.037 Other growth company -
- Perusahaan
berkembang
lainnya < 5% Biaya/Cost 17.669 - - - Other growth company -
Jumlah investasi di Total investments in
perusahaan berkembang 5.966.591 m.
5.989.156 growth focused companies
Page 125
Ekshibit E/19 Exhibit E/19
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. INVESTASI PADA SAHAM (lanjutan) 5. INVESTMENTS IN SHARES (continued)
31 Desember/December 2023 31 Desember/December 2022
Teknik Teknik
penilaian penilaian
nilai wajar nilai wajar
(Catatan 2e)/ (Catatan 2e)/
Persentase Fair value Persentase Fair value
kepemilikan/ valuation kepemilikan/ valuation
Percentage of techniques Nilai wajar/ Percentage of techniques Nilai wajar/
Investasi ownership (Note 2e) Fair value ownership (Note 2e) Fair value Investments
Rp Rp
INVESTASI DI
PERUSAHAAN BERBASIS INVESTMENTS IN DIGITAL
TEKNOLOGI DIGITAL TECHNOLOGY COMPANIES
Perusahaan publik: Listed entity:
Kepemilikan tidak Indirect ownership
langsung melalui through
entitas anak: subsidiary:
Baltimore Investments Baltimore Investments
Ltd. Ltd.
- Perusahaan Digital technology
teknologi digital 1 < 5% Level 1 47.790 < 5% Level 1 112.319 company 1 -
Perusahaan nonpublik: Non-listed entities:
Kepemilikan tidak Indirect ownership
langsung melalui through
entitas anak: subsidiaries:
PT Surya Nuansa
Ceria, PT Sukses PT Surya Nuansa Ceria,
Indonesia dan PT Sukses Indonesia and
Baltimore Investments Baltimore Investments
Ltd. Ltd.
- Perusahaan Digital technology
teknologi digital 2 < 20% Level 3 224.874 < 20% Level 3 229.469 company 2 -
- Perusahaan Digital technology
teknologi digital 3 - - - < 5% Biaya/Cost 6.292 company 3 -
- Perusahaan
teknologi digital Other digital technology
lainnya < 5% Level 3 184.801 < 5% Level 3 177.213 companies -
Jumlah investasi di Total investments in
perusahaan berbasis digital technology
teknologi digital 457.465 525.293 companies
INVESTASI LAIN-LAIN INVESTMENT IN OTHERS
Perusahaan publik: Listed entities:
SIHAYO GOLD PLC., SIHAYO GOLD PLC.,
AUSTRALIA AUSTRALIA
Kepemilikan langsung 5,60% Level 1 10.841 11,21% Level 1 7.238 Direct ownership
INTERRA RESOURCES LTD., INTERRA RESOURCES LTD.,
SINGAPURA SINGAPORE
Kepemilikan langsung - - - 10,89% Level 1 28.288 Direct ownership
SEROJA INVESTMENT SEROJA INVESTMENT
LIMITED, SINGAPURA LIMITED, SINGAPORE
Kepemilikan langsung 23,26% Level 3* 2.144 23,26% Level 3* 3.677 Direct ownership
Perusahaan nonpublik: Non-listed entities:
Kepemilikan tidak langsung Indirect ownership through
melalui entitas anak: subsidiaries:
PT Wahana Anugerah
Sejahtera dan PT Wahana Anugerah
PT Saratoga Sentra Sejahtera and PT Saratoga
Business Sentra Business
- Lainnya 1 20 – 50% Level 2 199 20 - 50% Level 2 211 Other 1 -
- Lainnya < 5% Level 3 431 < 5% Level 3 431 Others -
Total investments in
Jumlah investasi lain-lain 13.615 39.845 others
JUMLAH INVESTASI PADA TOTAL INVESTMENTS
SAHAM 46.680.205 57.787.584 IN SHARES
* Saham Seroja tidak lagi aktif diperdagangkan dan pada bulan Oktober 2021, Seroja n. * Seroja’s shares are no longer actively traded and in October 2021, Seroja
mengembalikan modal kepada para pemegang sahamnya termasuk Perusahaan distributed the capital back to its shareholders including the Company such that
sedemikian rupa sehingga aset neto yang tersisa hanyalah berupa instrumen keuangan. the remaining net assets are financial instruments. Therefore, the Company
Sehingga Perusahaan menilai bahwa nilai aset neto Seroja saat ini mencerminkan nilai assesses that Seroja’s net asset value at present approximate its fair value.
wajarnya.
Page 126
Ekshibit E/20 Exhibit E/20
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
5. INVESTASI PADA SAHAM (lanjutan) 5. INVESTMENTS IN SHARES (continued)
Ringkasan perubahan nilai wajar selama periode berjalan A
o.summary of changes in fair values during the period
adalah sebagai berikut: was as follows:
31 Desember/December 2023
Perubahan nilai
Saldo awal/ wajar/ Saldo akhir/
Beginning Penambahan/ Changes Pelepasan/ Ending
balance Additions in fair value Divestments balance
Blue Chip 51.233.290 2.339.118 (13.308.345) (21.529) 40.242.534 Blue Chip
Perusahaan berkembang 5.989.156 881.362 (204.582) (699.345) 5.966.591 Growth focused
Teknologi digital 525.293 - (67.828) - 457.465 Digital technology
Lain-lain 39.845 - 5.981) (32.211) 13.615 Others
57.787.584 3.220.480 (13.574.774) (753.085) 46.680.205
31 Desember/December 2022
Perubahan nilai
Saldo awal/ wajar/ Saldo akhir/
Beginning Penambahan/ Changes Pelepasan/ Ending
balance Additions in fair value Divestments balance
Blue Chip 50.102.138 17.424.532 4.914.916) (21.208.296) 51.233.290 Blue Chip
Perusahaan berkembang 7.346.253 481.287 (471.899) (1.366.485) 5.989.156 Growth focused
Teknologi digital 278.188 207.574 39.531) - 525.293 Digital technology
Lain-lain 158.679 13.136 (48.000) (83.970) 39.845 Others
57.885.258 18.126.529 4.434.548) (22.658.751) 57.787.584
6. INVESTASI PADA EFEK LAINNYA 6. INVESTMENTS IN OTHER SECURITIES
Pada tanggal 31 Desember 2023, investasi pada efek As of 31 December 2023, investments in other securities
lainnya terdiri dari investasi dalam dana dengan nilai consist of investments in funds amounting to
Rp1.970.277 (31 Desember 2022: Rp1.343.143), uang Rp1,970,277 (31 December 2022: Rp1,343,143), advances
muka investasi sejumlah Rp357.663 (31 Desember 2022: for investments amounting to Rp357,663 (31 December
Rp141.018) dan investasi dalam efek ekuitas dengan nilai 2022: Rp141,018) and investment in equity securities
Rp nil (31 Desember 2022: Rp2.246.180). amounting to Rp nil (31 December 2022: Rp2,246,180).
Investasi dalam efek ekuitas merupakan efek ekuitas Investment in equity securities represent equity
alihan dengan hak membeli kembali, di mana securities transferred with repurchase right, which the
Perusahaan berhak untuk menerima manfaat maupun Company have the right to receive the economic benefit
kerugian ekonomi dari aset yang direferensikan. or obligation from the reference asset.
7. INSTRUMEN KEUANGAN DERIVATIF 7. DERIVATIVE FINANCIAL INSTRUMENTS
Kontrak interest rate swap Interest rate swap contracts
Perusahaan masuk dalam kontrak interest rate swap The Company entered into the following interest rate
berikut dengan tujuan lindung nilai risiko fluktuasi arus swap contracts to hedge the risks of fluctuations in cash
kas yang ditimbulkan oleh perubahan tingkat suku bunga flows arising from changes in interest rates on the
atas pinjaman yang diterima dalam mata uang asing borrowings denominated in foreign currencies which bear
dengan tingkat suku bunga mengambang: floating interest rates:
Nilai wajar pada/
Fair value as of
Tingkat suku
bunga tetap/ Tanggal Tanggal jatuh
Tipe kontrak/ Nilai nosional/ Fixed interest 31 Desember/ 31 Desember/ efektif/ tempo/
Contract type Notional amount rate December 2023 December 2022 Effective date Maturity date
DBS Bank Ltd., Mengambang USD 25.000.000 3,09% - 5.473 15 Oktober/ 15 September
Singapura/ jadi tetap/ October 2018 2023
Singapore Floating to
fixed rate
MUFG Bank Mengambang USD 25.000.000 2,89% - 1.880 12 September 29 Maret/
Ltd., jadi tetap/ 2018 March 2023
cabang Jakarta/ Floating to
Jakarta branch fixed rate
- 7.353
Page 127
Ekshibit E/21 Exhibit E/21
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. PERPAJAKAN 8. TAXATION
a. Pajak dibayar di muka a. Prepaid taxes
31 Desember/ 31 Desember/
December 2023 December 2022
Perusahaan The Company
Pajak Pertambahan Nilai 2.442 1.855 Value Added Tax
Entitas anak Subsidiaries
Pajak Pertambahan Nilai 59 107 Value Added Tax
Lainnya 240 68 Others
299 175
2.741 2.030
b. Utang pajak penghasilan b. Income tax payable
31 Desember/ 31 Desember/
December 2023 December 2022
Perusahaan The Company
Pajak penghasilan badan Corporate income tax
Kini 1.623 350 Current
Cicilan pajak penghasilan Income tax installment –
pasal 25 21 - article 25
1.644 350
Entitas anak Subsidiaries
Pajak penghasilan badan Corporate income tax
Kini - 13.755 Current
1.644 14.105
c. Utang pajak lainnya c. Other tax payables
31 Desember/ 31 Desember/
Desember 2023 December 2022
Perusahaan The Company
Pajak penghasilan: Income tax:
Pasal 4(2) 1 534 Article 4(2)
Pasal 21 1.056 1.045 Article 21
Pasal 23 359 1.617 Article 23
1.416 3.196
Entitas anak Subsidiaries
Pajak penghasilan: Income tax:
Pasal 23 7 2 Article 23
1.423 3.198
Page 128
Ekshibit E/22 Exhibit E/22
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. PERPAJAKAN (lanjutan) 8. TAXATION (continued)
d. Perhitungan pajak kini d. Calculation of current tax
Rekonsiliasi antara laba (rugi) konsolidasian A reconciliation between consolidated profit (loss)
sebelum pajak penghasilan dengan beban pajak before income tax and income tax expense is as
penghasilan adalah sebagai berikut: follows:
31 Desember/ 31 Desember/
December 2023 December 2022
(Rugi) laba konsolidasian sebelum Consolidated (loss) profit before
pajak penghasilan (11.309.265 ) 5.858.672 income tax
Dikurangi: Less:
Rugi sebelum Loss before income tax
pajak penghasilan entitas anak 23.863 4.793.899 of subsidiaries
Eliminasi dan penyesuaian lainnya ke Elimination and other adjustments
metode biaya 13.999.266 (5.026.773) to cost method
Laba sebelum pajak Profit before income tax
penghasilan Perusahaan 2.713.864 5.625.798 of the Company
Koreksi fiskal: Fiscal corrections:
Penghasilan dan dividen yang Income and dividend subject to
dikenakan pajak final (2.979.037) (6.374.057) final tax
Kerugian atas penjualan aset
investasi dan instrumen Loss on sale of investment
derivatif 3.430 230.072 and derivative instruments
Beban bunga 90.888 175.051 Interest expenses
Beban kompensasi karyawan 141.584 140.089 Employees’ compensation expenses
(Laba) rugi atas selisih kurs (23.747) 153.180 (Gain) loss on foreign exchange
Beban imbalan jasa tenaga ahli 16.529 6.764 Professional fees
Imbalan pascakerja 5.384 (763) Post-employment benefit
Lainnya 43.836 47.279 Other
Laba kena pajak Perusahaan 12.731 3.413 The Company’s taxable profit
Tarif pajak yang berlaku 22% 22% Enacted tax rate
Beban pajak penghasilan kini Current income tax expense
Perusahaan 2.801 751 The Company
Entitas anak - 13.755 Subsidiaries
Beban pajak penghasilan kini 2.801 14.506 Current income tax expense
Dikurangi: kredit pajak penghasilan Less: income tax credit
Perusahaan (1.178) (401) The Company
Entitas anak - - Subsidiaries
Jumlah kredit pajak penghasilan (1.178) (401) Total income tax credit
Taksiran utang pajak Estimated income taxes payable
Perusahaan 1.623 350 The Company
Entitas anak - 13.755 Subsidiaries
Total estimated income tax
Jumlah taksiran utang pajak 1.623 14.105 payable
Perusahaan menerapkan metode perhitungan pajak The Company applied a proportionate income tax
penghasilan secara proporsional berdasarkan calculation method based on final and non-final
penghasilan final dan non-final untuk menghitung income to calculate the deductible expenses.
beban yang dapat dikurangkan.
Page 129
Ekshibit E/23 Exhibit E/23
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. PERPAJAKAN (lanjutan) 8. TAXATION (continued)
e. Aset dan liabilitas pajak tangguhan e. Deferred tax assets and liabilities
Diakui dalam
penghasilan
Diakui komprehensif
dalam lain/
Saldo laba rugi/ Recognized in Saldo
awal/ Recognized other akhir/
Beginning in profit or comprehensive Ending
31 Desember 2023 balance loss income balance 31 December 2023
Aset (liabilitas) pajak tangguhan Deferred tax assets (liabilities) of
Perusahaan: the Company:
Liabilitas imbalan kerja 5.955 1.185 (210) 6.930 Employee benefits liabilities
Investasi pada saham dan efek ekuitas Investments in shares and other
lainnya (2.290.750) 1.150.380 - (1.140.370) equity securities
(2.284.795) 1.151.565 (210) (1.133.440)
Liabilitas pajak tangguhan Deferred tax liabilities of the
entitas anak, neto (64.129) 9.160 - (54.969) subsidiaries, net
Liabilitas pajak tangguhan, neto (2.348.924) (1.188.409) Deferred tax liabilities, net
31 Desember 2022 31 December 2022
Aset (liabilitas) pajak tangguhan Deferred tax assets (liabilities) of
Perusahaan: the Company:
Liabilitas imbalan kerja 6.037 (168) 86 5.955 Employee benefits liabilities
Investasi pada saham dan efek ekuitas Investments in shares and other
lainnya (1.014.013) (1.276.737) - (2.290.750) equity securities
(1.007.976) (1.276.905) 86 (2.284.795)
Liabilitas pajak tangguhan Deferred tax liabilities of the
entitas anak, neto (123.091) 58.962 - (64.129) subsidiaries, net
Liabilitas pajak tangguhan, neto (1.131.067) (2.348.924) Deferred tax liabilities, net
Berikut aset pajak tangguhan yang The following deferred tax assets
belum diakui: have not been recognized:
31 Desember/ 31 Desember/
December 2023 December 2022
Provision for impairment of
Provisi atas penurunan nilai piutang 23.091 23.099 receivables
Kerugian yang belum direalisasi atas Unrealized losses on investments in
investasi pada saham dan efek shares and other equity
ekuitas lainnya 252.281 249.604 securities
Rugi fiskal 9.911 60.303 Tax loss carry forwards
285.283 333.006
Perbedaan temporer yang menimbulkan aset pajak The temporary differences that give rise to the
tangguhan untuk kerugian yang belum direalisasi deferred tax asset for the unrealized losses on
atas investasi pada saham dan efek ekuitas lainnya investment in shares and other equity securities do
tidak akan kadaluwarsa, oleh karena itu Perusahaan not expire, accordingly the Company does not
tidak mengakui aset pajak tangguhan atas hal ini. recognize the deferred tax assets with respect to
this matter.
Perbedaan temporer yang menimbulkan aset pajak The temporary differences that give rise to the
tangguhan untuk penyisihan penurunan nilai piutang deferred tax asset for the provision for impairment
juga tidak akan kadaluwarsa, namun sebelum of receivables also do not expire, however before
cadangan tersebut dapat dibebankan, Perusahaan such provision can be deductible the Company must
harus memberikan bukti bahwa piutang tidak provide evidence that the receivables are not
tertagih, dan dengan demikian harus menghapus collectible, and thereby must write-off the
nilai piutang yang tidak tertagih. uncollectible balances.
Rugi fiskal, yang sebagian besar berasal dari anak Tax loss carry forwards, which mainly derived from
Perusahaan pada tanggal 31 Desember 2023 dan subsidiaries as of 31 December 2023 and 2022
2022 masing-masing sebesar Rp45.050 dan amounted to Rp45,050 and Rp274,103,
Rp274.103, akan berakhir di tahun 2025 dan 2026 respectively, will expire in 2025 and 2026 if not
jika tidak dimanfaatkan dengan laba fiskal pada utilized against future taxable profits.
masa mendatang.
Page 130
Ekshibit E/24 Exhibit E/24
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. PERPAJAKAN (lanjutan) 8. TAXATION (continued)
e. Aset dan liabilitas pajak tangguhan (lanjutan) e. Deferred tax assets and liabilities (continued)
Aset pajak tangguhan tidak diakui sehubungan Deferred tax assets have not been recognized with
dengan hal-hal diatas karena tidak memungkinkan respect to the above items because it is not
akan tersedia laba fiskal yang memadai pada masa probable that future taxable profits will be
mendatang yang bisa dimanfaatkan Grup untuk available against which the Group can utilize the
keuntungannya. benefits therefrom.
f. Beban pajak penghasilan f. Income tax expense
Rekonsiliasi antara beban pajak penghasilan, yang The reconciliation between income tax expense as
dihitung dengan menggunakan tarif pajak yang calculated by applying the applicable tax rate to
berlaku atas laba (rugi) komersial sebelum pajak the commercial profit (loss) before income tax and
penghasilan dan beban pajak penghasilan, seperti the income tax expense as presented in the
yang tercantum dalam laporan laba rugi consolidated statement of profit or loss is as
konsolidasian adalah sebagai berikut: follows:
31 Desember/ 31 Desember/
December 2023 December 2022
(Rugi) laba konsolidasian sebelum Consolidated (loss) profit before
pajak penghasilan (11.309.265) 5.858.672 income tax
Dikurangi: Less:
Rugi sebelum pajak penghasilan Loss before income tax of
entitas anak 23.863 4.793.899 subsidiaries
Eliminasi dan penyesuaian ke Eliminations and other adjustments
metode biaya 13.999.266 (5.026.773) to cost method
Laba sebelum pajak Profit before income tax of
penghasilan Perusahaan 2.713.864 5.625.798 the Company
Tarif pajak yang berlaku 22% 22% Statutory tax rate
Beban pajak penghasilan 597.050 1.237.675 Income tax expense
Pengaruh pajak Tax effect on fiscal
atas koreksi fiskal (595.434) (1.236.756) corrections
Pengaruh pajak atas (kerugian) Tax effect on (loss) gain on
keuntungan investasi pada saham investments in shares and other
dan efek ekuitas lainnya (1.150.380) 1.276.737 equity securities
(Manfaat) beban pajak penghasilan: Income tax (benefit) expense:
Perusahaan (1.148.764) 1.277.656 The Company
Entitas anak (9.160) (45.207) Subsidiaries
(Manfaat) beban pajak penghasilan (1.157.924) 1.232.449 Income tax (benefit) expense
Komponen (manfaat) beban pajak penghasilan The components of income tax (benefit) expense
adalah sebagai berikut: are as follows:
31 Desember/ 31 Desember/
December 2023 December 2022
Kini: Current:
Perusahaan 2.801 751 The Company
Entitas anak - 13.755 Subsidiaries
2.801 14.506
Tangguhan: Deferred:
Perusahaan (1.151.565) 1.276.905 The Company
Entitas anak (9.160) (58.962) Subsidiaries
(1.160.725) 1.217.943
(1.157.924) 1.232.449
Page 131
Ekshibit E/25 Exhibit E/25
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
8. PERPAJAKAN (lanjutan) 8. TAXATION (continued)
f. Beban pajak penghasilan (lanjutan) f. Income tax expense (continued)
Sesuai peraturan perpajakan di Indonesia, Under the taxation laws of Indonesia, the Company
Perseroan melaporkan/menyetorkan pajak- submits tax returns on the basis of self-
pajaknya berdasarkan sistem self-assessment. assessment. The tax authorities may assess or
Fiskus dapat menetapkan atau mengubah pajak- amend taxes within the statute of limitations,
pajak tersebut sebelum waktu kadaluwarsa sesuai under prevailing regulations.
dengan peraturan perpajakan yang berlaku.
Posisi pajak Perseroan mungkin dapat The Company’s tax positions may be challenged by
dipertanyakan otoritas pajak. Posisi pajak the tax authorities. The Company’s tax positions
Perseroan dibuat berdasarkan dasar teknis, sesuai are formed on sound technical bases, in
dengan peraturan perpajakan. Oleh karena itu, compliance with the tax regulations. Accordingly,
manajemen berkeyakinan bahwa tidak ada akrual management believes that no additional accruals
tambahan untuk potensi liabilitas pajak for potential income tax liabilities is necessary.
penghasilan yang diperlukan. Penelaahan tersebut The assessment relies on estimates and
didasarkan atas estimasi dan asumsi dan assumptions and may involve judgment about
melibatkan pertimbangan akan kejadian di masa future events. New information may become
depan. Informasi baru mungkin dapat tersedia yang available that causes management to change its
menyebabkan manajemen mengubah judgement. Such changes will impact tax expense
pertimbangannya. Perubahan tersebut akan in the period in which such determination is made.
mempengaruhi beban pajak di periode dimana
penentuan tersebut dibuat.
9. PINJAMAN 9. BORROWINGS
31 Desember/ 31 Desember/
December 2023 December 2022
Pinjaman bank 930.400 1.551.170 Bank loans
Akrual beban bunga 4.140 4.432 Accrued interest
Dikurangi: biaya transaksi yang belum Less: unamortized
diamortisasi (8.434) (11.378) transaction costs
926.106 1.544.224
31 Desember/ 31 Desember/
December 2023 December 2022
Dalam ribuan Dalam ribuan
Dolar AS/ Setara Rp/ Dolar AS/ Setara Rp/
In thousands Equivalent In thousands Equivalent
of US Dollar Rp of US Dollar Rp
Pinjaman bank: Bank loans:
Rupiah Rupiah
PT Bank Permata Tbk. - 300.000 - 450.000 PT Bank Permata Tbk.
Standard Chartered Bank - 130.000 - - Standard Chartered Bank
PT Bank DBS Indonesia - 115.000 - - PT Bank DBS Indonesia
Dolar AS US Dollar
ING Bank N.V. 25.000 385.400 40.000 629.240 ING Bank N.V.
Natixis, cabang Singapura - - 20.000 314.620 Natixis, Singapore branch
PT Bank HSBC Indonesia - - 10.000 157.310 PT Bank HSBC Indonesia
25.000 930.400 70.000 1.551.170
Biaya transaksi yang belum Unamortized transaction
diamortisasi (8.434) (11.378) costs
Akrual beban bunga 4.140 4.432 Accrued interest
926.106 1.544.224
Page 132
Ekshibit E/26 Exhibit E/26
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
9. PINJAMAN (lanjutan) 9. BORROWINGS (continued)
Ikhtisar perjanjian pinjaman bank: Summary of bank loans’ agreement:
Tanggal Batas maksimum
Entitas/ perjanjian/ kredit/ Jangka waktu fasilitas/
Bank Deskripsi/Description
Entity Agreement Maximum credit Duration of facilities
date limit
Perusahaan/ PT Bank 11 September USD20.000.000 Fasilitas ini tersedia selama Fasilitas revolving pinjaman
The Company HSBC 2014 dan dapat ditarik satu tahun sejak tanggal jangka pendek/Revolving
Indonesia dalam Rupiah/ and perjanjian ditandatangani dan short term loan facility
can be drawdown akan diperpanjang untuk
in Rupiah periode setiap 12 bulan dan
Tujuan dari pinjaman ini
akan terus berlaku hingga Bank
adalah untuk pendanaan/ The
secara tertulis membatalkan,
purpose of this borrowing is
menghentikan, atau
for financing.
membebaskan Debitur dari
kewajibannya sesuai dengan
perjanjian, jangka waktu Pada tanggal 31 Desember
untuk setiap penarikan 2023, fasilitas ini masih
pinjaman adalah 1, 3 dan tersedia dan tidak terdapat
6 bulan sejak pencairan/The nilai yang terutang pada
facility is available for one tanggal 31 Desember 2023
year from the date of the dan 2022/As of 31 December
agreement signed and shall be 2023, this facility is still
extended for every 12 months available and there was no
period and shall continue to outstanding balance as of 31
be applicable until the Bank December 2023 and 2022.
cancel, cease, or discharge in
writing the Borrower from its
obligations under the
agreement, with maximum
period for each loan of 1, 3
and 6 months from
disbursement.
Perusahaan/ PT Bank DBS 16 Oktober/ Rp370.000 1 tahun sejak tanggal Fasilitas revolving pinjaman
Indonesia dan/and perjanjian/1 year from the jangka pendek/Revolving
The Company October 2017 date of the agreement. short term loan facility
(yang terakhir USD35.000.000
diubah per (Sebesar Tujuan dari pinjaman ini
Pinjaman ini akan berakhir
tanggal USD25.000.000 adalah untuk pendanaan/The
pada tanggal 30 September
13 Oktober dari fasilitas ini purpose of this borrowing is
2024/This facility will be
2023/which bergantung pada for financing.
ended on 30 September 2024.
last amended jumlah deposito
on 13 October yang tersedia di Nilai pinjaman yang terutang
2023) entitas anak pada pada tanggal 31 Desember
saat pencairan 2023 dan 2022 adalah masing-
pinjaman/ masing sebesar Rp115.000
Amounting of dan Rp nil /The outstanding
USD25,000,000 borrowing as of 31 December
from this facility 2023 and 2022 were
depends on the Rp115,000 and Rp nil,
amount of respectively.
deposits available
in the subsidiary
upon disbursement
of the Loan).
Page 133
Ekshibit E/27 Exhibit E/27
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
9. PINJAMAN (lanjutan) 9. BORROWINGS (continued)
Ikhtisar perjanjian pinjaman bank: (lanjutan) Summary of bank loans’ agreement: (continued)
Tanggal Batas maksimum
Entitas/ perjanjian/ kredit/ Jangka waktu fasilitas/
Bank Deskripsi/Description
Entity Agreement Maximum credit Duration of facilities
date limit
Perusahaan/ PT Bank HSBC 26 April 2018 USD50.000.000 5 tahun sejak tanggal pencairan Fasilitas pinjaman
The Company Indonesia pertama dari fasilitas/5 years berjangka/Term loan facility
from the first utilisation date.
Tujuan dari pinjaman ini
adalah untuk pendanaan
umum/The purpose of this
borrowing is for general
financing.
Fasilitas ini sudah dilunasi
seluruhnya oleh Perusahaan
pada bulan Februari 2023
sedangkan nilai yang terutang
pada tanggal 31 Desember
2022 adalah sebesar
USD10.000.000 / This facility
has been fully paid by the
Company in February 2023,
meanwhile the outstanding
borrowing as of 31 December
2022 was USD10,000,000.
Perusahaan/ ING Bank 31 Januari/ USD40.000.000 6 tahun sejak tanggal Fasilitas pinjaman
The Company N.V. January perjanjian/ berjangka/Term loan facility
2020 (yang 6 years from the date of the
terakhir agreement. Tujuan dari pinjaman ini
diubah per adalah untuk pendanaan
tanggal umum/The purpose of this
1 November borrowing is for general
2022 / which financing.
last amended
on 1 November Fasilitas ini sudah dilunasi
2022) seluruhnya oleh Perusahaan
pada bulan Desember 2023
sedangkan nilai yang terutang
pada tanggal 31 Desember
2022 adalah sebesar
USD40.000.000 / This facility
has been fully paid by the
Company in December 2023,
meanwhile the outstanding
borrowing as of 31 December
2022 was USD40,000,000.
Perusahaan/ Natixis 28 Februari/ USD50.000.000 5 tahun sejak tanggal pencairan Fasilitas pinjaman
The Company cabang February pertama dari fasilitas/5 years berjangka/Term loan facility
Singapura/ 2020 from the first utilisation date.
Singapore Tujuan dari pinjaman ini
branch adalah untuk pendanaan
umum/The purpose of this
borrowing is for general
financing.
Fasilitas ini sudah dilunasi
seluruhnya oleh Perusahaan
pada bulan Februari 2023
sedangkan nilai yang terutang
pada tanggal 31 Desember
2022 adalah sebesar
USD20.000.000/ This facility
has been fully paid by the
Company in February 2023,
meanwhile the outstanding
borrowing as of 31 December
2022 was USD20,000,000.
Page 134
Ekshibit E/28 Exhibit E/28
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
9. PINJAMAN (lanjutan) 9. BORROWINGS (continued)
Ikhtisar perjanjian pinjaman bank: (lanjutan) Summary of bank loans’ agreement: (continued)
Tanggal Batas maksimum
Entitas/ perjanjian/ kredit/ Jangka waktu fasilitas/
Bank Deskripsi/Description
Entity Agreement Maximum credit Duration of facilities
date limit
Perusahaan/ Standard 26 Maret/ USD10.000.000 Fasilitas ini tersedia selama satu Fasilitas revolving pinjaman
Chartered dan dapat ditarik tahun sejak tanggal perjanjian jangka pendek/Revolving
The Company March 2020
Bank (SCB) dalam Rupiah/ ditandatangani dan akan
diperpanjang untuk periode short term loan facility
and can be
drawdown in setiap 12 bulan. Pada akhir
Rupiah periode ketersediaan, SCB Tujuan dari pinjaman ini
berdasarkan kebijaksanaannya adalah untuk pendanaan/
sewaktu-waktu berhak
The purpose of this
melanjutkan fasilitas untuk
12 bulan berikutnya atau borrowing is for financing.
membatalkannya. Jangka waktu
maksimal untuk setiap pinjaman Nilai pinjaman yang
adalah 3 bulan sejak terutang pada tanggal
pencairan/The facility is 31 Desember 2023 dan 2022
available for one year from the
adalah masing-masing
date of the agreement signed
and shall be extended for every sebesar Rp130.000 dan
12 months period. At the end of Rp nil/The outstanding
availability period, SCB at its borrowing as of
own discretion has the right to 31 December 2023 and 2022
continue the facility for another were Rp130,000 and
12 months or cancel the facility. Rp nil, respectively.
The maximum period for each
loan is 3 months from
disbursement.
Perusahaan/ PT Bank 21 Desember/ Rp750.000 5 tahun sejak tanggal Fasilitas pinjaman
Permata Tbk. perjanjian/ berjangka/Term loan
The Company December
5 years from the date of the facility
2020
agreement
Tujuan dari pinjaman ini
adalah pembiayaan investasi
dan/atau pembayaran
kembali pinjaman/The
purpose of this borrowing is
for financing investment
and/or loan repayments.
Nilai pinjaman yang
terutang pada tanggal
31 Desember 2023 dan 2022
adalah masing-masing
sebesar Rp300.000 dan
Rp450.000 /The outstanding
borrowing as of
31 December 2023 and 2022
were Rp300,000 and
Rp450,000, respectively.
Page 135
Ekshibit E/29 Exhibit E/29
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
9. PINJAMAN (lanjutan) 9. BORROWINGS (continued)
Ikhtisar perjanjian pinjaman bank: (lanjutan) Summary of bank loans’ agreement: (continued)
Tanggal Batas maksimum
Entitas/ perjanjian/ kredit/ Jangka waktu fasilitas/
Bank Deskripsi/Description
Entity Agreement Maximum credit Duration of facilities
date limit
Perusahaan/ ING Bank N.V. 19 Januari/ USD40.000.000 5 tahun sejak tanggal Fasilitas pinjaman
The Company January perjanjian/ berjangka/Term loan facility
2023 5 years from the date of the
agreement. Tujuan dari pinjaman ini
adalah untuk pendanaan
umum/The purpose of this
borrowing is for general
financing.
Nilai pinjaman yang
terutang pada tanggal
31 Desember 2023 adalah
sebesar USD25.000.000.
/The outstanding balance as
of 31 December 2023 was
USD25,000,000.
Kisaran suku bunga kontraktual atas pinjaman The range of contractual interest rates on the
Perusahaan yang diberikan oleh Bank adalah sebagai Company’s borrowings provided by the Banks are as
berikut: follows:
2023 2022
Rupiah JIBOR + 0,20% - 3,35% JIBOR + 3,35% - 3,75% Rupiah
Dolar AS SOFR, LIBOR + 3,25% - SOFR, LIBOR + 3,25% - 3,58% US Dollar
3,58%
Ringkasan perubahan pinjaman selama periode Summary of changes in borrowings during the period is
berjalan adalah sebagai berikut: as follows:
2023 2022
Saldo awal 1.544.224 3.935.393) Beginning balance
Penerimaan dari pinjaman bank 1.117.605 451.000) Receipt from bank loans
Pembayaran pinjaman bank (1.708.330) (3.006.535) ) Repayments of bank loans
Perubahan saldo akrual beban bunga (292) (12.760) Change in accrued interest balance
Perubahan saldo biaya transaksi yang ) Change in unamortized
belum diamortisasi 2.944 15.247) transaction costs balance
Pengaruh perubahan selisih kurs (30.045) 161.879) Effect of changes in exchange rate
Saldo akhir 926.106 1.544.224) Ending balance
Persyaratan pinjaman Covenants
Grup diwajibkan oleh krediturnya untuk memenuhi The Group is required by the lenders to comply with
persyaratan pinjaman tertentu, seperti batasan rasio certain covenants, such as financial ratio covenants and
keuangan dan persyaratan administrasi tertentu. certain administrative requirements.
Pinjaman terhutang dijamin dengan sebagian saham The outstanding loans are secured by pledges of TBIG,
TBIG, ADRO, MDKA dan/atau MPMX, yang dimiliki ADRO, MDKA and/or MPMX shares, owned (directly or
(secara langsung atau tidak langsung) oleh indirectly) by the Company. The Company is also
Perusahaan. Perusahaan juga diwajibkan untuk required to maintain a certain minimum investment
mempertahankan nilai pasar investasi minimum market value to debt.
tertentu terhadap pinjaman.
Page 136
Ekshibit E/30 Exhibit E/30
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
10. MODAL SAHAM 10. SHARE CAPITAL
Susunan pemegang saham Perusahaan dan The composition of the shareholders of the Company and
kepemilikannya pada tanggal 31 Desember 2023 dan their respective ownership interests as of 31 December
2022 adalah sebagai berikut: 2023 and 2022 are as follows:
2023
Ditempatkan dan disetor penuh/
Issued and fully paid-up
Persentase
kepemilikan/
Saham/ Percentage Jumlah/
Shares of ownership Amount
PT Unitras Pertama 4.438.610.000 32,72 88.772 PT Unitras Pertama
Edwin Soeryadjaya 4.734.127.090 34,90 94.683 Edwin Soeryadjaya
Sandiaga S. Uno 2.917.827.145 21,51 58.357 Sandiaga S. Uno
Michael W.P. Soeryadjaya 4.914.300 0,04 98 Michael W.P. Soeryadjaya
Devin Wirawan 6.419.900 0,05 128 Devin Wirawan
Lany Djuwita 4.901.900 0,04 98 Lany Djuwita
Masyarakat 1.429.695.665 10,53 28.594 Public
13.536.496.000 99,79 270.730
Saham tresuri 28.339.000 0,21 567 Treasury stock
13.564.835.000 100,00 271.297
2022
Ditempatkan dan disetor penuh/
Issued and fully paid-up
Persentase
kepemilikan/
Saham/ Percentage Jumlah/
Shares of ownership Amount
PT Unitras Pertama 4.438.610.000 32,72 88.772 PT Unitras Pertama
Edwin Soeryadjaya 4.502.626.790 33,19 90.053 Edwin Soeryadjaya
Sandiaga S. Uno 2.917.827.145 21,51 58.357 Sandiaga S. Uno
Michael W.P. Soeryadjaya 4.005.800 0,03 80 Michael W.P. Soeryadjaya
Devin Wirawan 4.064.200 0,03 81 Devin Wirawan
Lany Djuwita 2.393.300 0,02 48 Lany Djuwita
Masyarakat 1.647.245.065 12,14 32.945 Public
13.516.772.300 99,64 270.336
Saham tresuri 48.062.700 0,36 961 Treasury stock
13.564.835.000 100,00 271.297
Undang-Undang Perseroan Terbatas Republik Indonesia The Limited Liability Company Law of the Republic of
mengharuskan pembentukan cadangan umum dari laba Indonesia requires the establishment of a general
neto sejumlah minimal 20% dari jumlah modal yang reserve from net income amounting to at least 20% of
ditempatkan dan disetor penuh. Cadangan umum ini the Company’s issued and paid up capital. This general
disajikan sebagai saldo laba dicadangkan pada laporan reserve is disclosed as appropriated retained earnings in
posisi keuangan konsolidasian. Tidak ada batasan waktu the consolidated statement of financial position. There
untuk membentuk cadangan tersebut. is no time limit on the establishment of the reserve.
Berdasarkan Rapat Umum Pemegang Saham Tahunan Based on the Annual General Shareholders Meetings
tanggal 15 Mei 2023, pemegang saham menetapkan dated 15 May 2023, the shareholders approved the
cadangan umum sebesar Rp5.000 dari laba tahun 2022. general reserve amounting to Rp5,000 of the statutory
reserve from earnings in 2022.
Berdasarkan Rapat Umum Pemegang Saham Tahunan Based on the Annual General Shareholders Meetings
tanggal 21 April 2022, pemegang saham menetapkan dated 21 April 2022, the shareholders approved the
cadangan umum sebesar Rp5.000 dari laba tahun 2021. general reserve amounting to Rp5,000 of the statutory
reserve from earnings in 2021.
Page 137
Ekshibit E/31 Exhibit E/31
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
10. MODAL SAHAM (lanjutan) 10. SHARE CAPITAL (continued)
Saham Tresuri Treasury Stock
Selama tahun 2023 dan 2022, Perusahaan telah During 2023 and 2022, the Company bought back
melakukan pembelian kembali sebanyak 2.923.700 dan 2,923,700 and 420,000 shares for a total purchase price
420.000 saham dengan nilai pembelian sebesar Rp5.204 of Rp5,204 and Rp985, respectively. In addition, during
dan Rp985. Selain itu, selama periode 2023 dan 2022 2023 and 2022, the Company also distributed 22,647,400
Perusahaan juga membagikan sebanyak 22.647.400 dan and 19,929,800 shares to its employees with regards to
19.929.800 saham kepada karyawan Perusahaan the implementation of Long Term Incentive Program for
sehubungan dengan Program Insentif Jangka Panjang a total distribution price of Rp14,443 and Rp11,223,
Perusahaan dengan jumlah nilai distribusi sebesar respectively.
Rp14.443 dan Rp11.223.
Per tanggal 31 Desember 2023 dan 2022, jumlah saham As of 31 Desember 2023 and 2022, the Company’s
tresuri Perusahaan adalah sebanyak 28.339.000 saham treasury shares amounted 28,339,000 shares of Rp18,574
senilai Rp18.574 dan 48.062.700 saham senilai and 48,062,700 shares of Rp27,813.
Rp27.813.
Pembagian kepada Pemegang Saham Distribution to Shareholders
Pada Rapat Umum Pemegang Saham Tahunan tanggal At the Annual General Shareholders Meeting on
15 Mei 2023, Perusahaan mengumumkan pembagian 15 May 2023, the Company declared a distribution of cash
dividen tunai senilai Rp1.013.638 (Rp75 (Rupiah penuh) dividends amounting to Rp1,013,638 (Rp75 (whole Rupiah)
per saham) yang dibagikan pada tanggal 14 Juni 2023. per share) which was distributed on 14 June 2023.
Pada Rapat Umum Pemegang Saham Tahunan tanggal At the Annual General Shareholders Meeting on
21 April 2022, Perusahaan mengumumkan pembagian 21 April 2022, the Company declared a distribution of cash
dividen tunai senilai Rp809.836 (Rp60 (Rupiah penuh) dividends amounting to Rp809,836 (Rp60 (whole Rupiah)
per saham) yang dibagikan pada tanggal 13 Mei 2022. per share) which was distributed on 13 May 2022.
11. TAMBAHAN MODAL DISETOR 11. ADDITIONAL PAID-IN CAPITAL
Setoran modal saham 73.729 Share capital payments
Penawaran umum saham perdana 1.465.004 Initial public offering
Biaya penerbitan saham (69.035) Share issuance costs
Amnesti pajak 86.519 Tax amnesty
Restructuring transactions between
Restrukturisasi entitas sepengendali 3.628.493 entities under common control
5.184.710
12. KEPENTINGAN NONPENGENDALI 12. NON-CONTROLLING INTERESTS
Rincian bagian kepentingan nonpengendali atas The detail of non-controlling interests’ share in equity of
ekuitas entitas anak yang dikonsolidasi adalah sebagai the consolidated subsidiaries is as follows:
berikut:
2023 2022
Saldo awal 904 21.047 Beginning balance
Setoran modal kepentingan Capital contribution of non-controlling
nonpengendali 78.059 - interest
Pengembalian modal kepada kepentingan Return of capital to non-controlling
nonpengendali - (7.141) interest
Pembagian dividen kepada kepentingan Distribution of dividend to non-
nonpengendali - (12.138) controlling interest
Bagian atas rugi komprehensif (39) (864) Share in comprehensive loss
Komponen ekuitas lainnya 677 - Other equity components
79.601 904
Page 138
Ekshibit E/32 Exhibit E/32
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
12. KEPENTINGAN NONPENGENDALI (lanjutan) 12. NON-CONTROLLING INTERESTS (continued)
Entitas anak lainnya
dengan kepentingan
nonpengendali tidak
material/Other
subsidiaries with
immaterial non-
WBSM Propco controlling interest Jumlah/Total
31 Desember 2023: 31 December 2023:
Persentase kepemilikan kepentingan Non-controlling interest’s
nonpengendali 26,32% 20% percentage of ownership
Aset 2.823 393.859 Assets
Liabilitas - (176 ) Liabilities
Aset neto yang diatribusikan kepada pemilik Net assets attributable to
Perusahaan 2.823 393.683 owners of the Company
Net assets attributable to
Aset neto milik kepentingan nonpengendali 743 78.737 121 79.601 non-controlling interest
Entitas anak lainnya
dengan kepentingan
nonpengendali tidak
material/Other
subsidiaries with
immaterial non-
WBSM controlling interest Jumlah/Total
31 Desember 2022: 31 December 2022:
Persentase kepemilikan kepentingan Non-controlling interest’s
nonpengendali 26,32% percentage of ownership
Aset 16.080 Assets
Liabilitas (13.107 ) Liabilities
Aset neto yang diatribusikan kepada pemilik Net assets attributable to
Perusahaan 2.973 owners of the Company
Net assets attributable to
Aset neto milik kepentingan nonpengendali 782 122 904 non-controlling interest
13. PENGHASILAN 13. INCOME
a. (Kerugian) keuntungan neto atas investasi pada a. Net (loss) gain on investment in shares and other
saham dan efek lainnya securities
31 Desember / 31 Desember /
December 2023 December 2022
Blue Chip (13.523.198) 4.397.318 Blue Chip
Perusahaan berkembang (201.133 ) (470.126 ) Growth focused
Teknologi digital (71.730) (237.294 ) Digital technology
Lainnya (15.006) 36.091 Other
(13.811.067) 3.725.989
b. Penghasilan dividen, bunga dan investasi b. Dividend, interest and investment income
31 Desember / 31 Desember /
December 2023 December 2022
Dividen 2.783.492 2.591.212 Dividend
Pendapatan bunga dan investasi 24.540 21.473 Interest and investment income
2.808.032 2.612.685
Page 139
Ekshibit E/33 Exhibit E/33
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
14. BEBAN USAHA 14. OPERATING EXPENSES
31 Desember / 31 Desember /
December 2023 December 2022
Gaji karyawan dan kompensasi Employees’ salaries and
lainnya 113.548 94.978 other compensation
Jasa tenaga ahli 46.091 60.056 Professional fees
Pembayaran berbasis saham 34.904 45.533 Employee stock option
Sewa 13.984 11.602 Rental
Kantor 8.198 5.916 Office
Donasi 1.491 1.229 Donation
Penyusutan aset tetap 1.264 969 Depreciation of fixed assets
Perjalanan 997 9.377 Travelling
Lainnya 1.667 2.740 Other
222.144 232.400
15. LABA PER SAHAM 15. EARNINGS PER SHARE
a. (Rugi) laba per saham dasar a. Basic (loss) earnings per share
(Rugi) laba per saham dasar dihitung dengan cara Basic (loss) earnings per share is calculated by dividing
membagi (rugi) laba neto yang dapat diatribusikan net (loss) profit attributable to owners of the Company
kepada pemilik Perusahaan dengan rata-rata by the weighted average of ordinary shares
tertimbang saham biasa yang beredar selama tahun outstanding during the year.
berjalan.
31 Desember / 31 Desember /
December 2023 December 2022
(Rugi) laba neto yang dapat
diatribusikan kepada pemilik Net (loss) profit attributable
Perusahaan (10.149.771) 4.616.367 to owners of the Company
Rata-rata tertimbang saham Weighted average number of
biasa yang beredar 13.524.783.164 13.507.051.085 ordinary shares issued
(Rugi) laba per saham dasar
yang dapat diatribusikan Basic (loss) earnings per share
kepada pemilik Perusahaan attributable to owners of the
(Rupiah penuh) (750) 342 Company (whole Rupiah)
b. (Rugi) laba per saham dilusian b. Diluted (loss) earnings per share
Perhitungan (rugi) laba per saham dilusian telah The calculation of diluted (loss) earnings per share
didasarkan pada (rugi) laba neto yang dapat has been based on the following net (loss) profit
diatribusikan kepada pemilik Perusahaan dan attributable to owners of the Company and weighted-
jumlah rata-rata tertimbang saham biasa yang average number of ordinary shares outstanding after
beredar setelah penyesuaian atas dampak dari adjustments for the effects of all dilutive potential
semua instrumen berpotensi saham biasa yang ordinary shares.
bersifat dilutif.
31 Desember / 31 Desember /
December 2023 December 2022
(Rugi) laba neto yang dapat
diatribusikan kepada Net (loss) profit attributable
pemilik Perusahaan (10.149.771) 4.616.367 to owners of the Company
Rata-rata tertimbang saham
biasa yang beredar setelah
penyesuaian atas Weighted average number of
dampak dari semua instrumen ordinary shares outstanding after
berpotensi saham biasa yang adjustments for the effects of all
bersifat dilutif 13.702.479.761 13.673.504.441 dilutive potential ordinary shares
(Rugi) laba per saham dilusian
yang dapat diatribusikan Dilutive (loss) earnings per share
kepada pemilik Perusahaan attributable to owners of
(Rupiah penuh) (741) 338 the Company (whole Rupiah)
Page 140
Ekshibit E/34 Exhibit E/34
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
16. SIFAT HUBUNGAN, SALDO DAN TRANSAKSI DENGAN 16. NATURE OF RELATIONSHIP, BALANCES AND
PIHAK-PIHAK BERELASI TRANSACTIONS WITH RELATED PARTIES
Ikhtisar transaksi dan saldo dengan Summary of transactions and balances with related
pihak-pihak berelasi adalah sebagai berikut: parties are as follows:
Persentase terhadap jumlah aset konsolidasian/
Percentage to total consolidated assets
31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/
December 2023 December 2022 December 2023 December 2022
Piutang/receivables:
Rupiah
PT Mulia Gunung Mas 80.913 25.745 0,16% 0,04%
PT Mulia Bosco Utama - 1.941 - 0,003%
Piutang dividen/Dividend receivables:
PT Adaro Strategic Lestari 209.767 263.380 0,41% 0,41%
PT Adaro Energy Indonesia Tbk. 234.955 295.227 0,46% 0,46%
PT Adaro Strategic Capital 526.221 660.945 1,03% 1,04%
Jumlah/Total 1.051.856 1.247.238 )
31 Desember / 31 Desember /
December 2023 December 2022
Pendapatan bunga: Interest income:
PT Mulia Gunung Mas 6.424 1.677 PT Mulia Gunung Mas
Penghasilan lainnya: Other income:
PT Mulia Bosco Utama - 1.781 PT Mulia Bosco Utama
Pendapatan dividen: Dividend income:
PT Adaro Strategic Capital 1.158.544 1.032.943 PT Adaro Strategic Capital
PT Mitra Pinasthika Mustika Tbk. 341.561 455.415 PT Mitra Pinasthika Mustika Tbk.
PT Adaro Energy Indonesia Tbk. 517.845 461.344 PT Adaro Energy Indonesia Tbk.
PT Adaro Strategic Lestari 461.828 411.651 PT Adaro Strategic Lestari
Bersama Digital Infrastructure Asia - Bersama Digital Infrastructure Asia Pte.
Pte. Ltd. 162.461 Ltd.
PT Tower Bersama Infrastructure Tbk. 126.624 75.540 PT Tower Bersama Infrastructure Tbk.
PT Provident Investasi Bersama Tbk.*) - 137.381 PT Provident Investasi Bersama Tbk.*)
Jumlah 2.768.863 2.574.274 Total
*) Pada bulan Juli 2022, Perusahaan telah melepas sebagian investasi saham di PT *) On July 2022, the Company has sold part of its investment in PT Provident Investai
Provident Investasi Bersama Tbk (PALM) yang mengakibatkan PALM sudah tidak Bersama Tbk (PALM) which resulting PALM no longer being a related party.
menjadi pihak berelasi.
Tabel berikut mengikhtisarkan transaksi dan saldo The following table summarizes the transactions and
yang tereliminasi pada saat proses konsolidasi: balances which were eliminated in the consolidation
process:
31 Desember/ 31 Desember/
December 2023 December 2022
Uang muka penyertaan saham: Advances for investment in shares:
PT Nugraha Eka Kencana - 3.372 PT Nugraha Eka Kencana
- 3.372
Pendapatan dividen Dividend income
PT Wahana Anugerah Sejahtera 158.353 2.213.823 PT Wahana Anugerah Sejahtera
PT Saratoga Sentra Business - 1.472.004 PT Saratoga Sentra Business
PT Wana Bhakti Sukses Mineral - 33.986 PT Wana Bhakti Sukses Mineral
158.353 3.719.813
Perusahaan memberikan remunerasi kepada anggota The Company provided remuneration to member of
Komisaris dan Direksi Perusahaan (Personel Commissioners and Directors of the Company (Key
Manajemen Kunci) berupa gaji dan tunjangan dengan Management Personnel) in the form of salaries and other
jumlah keseluruhan masing-masing sebesar Rp41.633 benefits totaling Rp41,633 and Rp34,825 for the periods
dan Rp34.825 untuk periode yang berakhir pada ended 31 December 2023 and 2022, respectively.
tanggal 31 Desember 2023 dan 2022.
Page 141
Ekshibit E/35 Exhibit E/35
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
16. SIFAT HUBUNGAN, SALDO DAN TRANSAKSI DENGAN 16. NATURE OF RELATIONSHIP, BALANCES AND
PIHAK-PIHAK BERELASI (lanjutan) TRANSACTIONS WITH RELATED PARTIES (continued)
Pihak-pihak berelasi dan sifat hubungan adalah sebagai The related parties and the nature of relationships are
berikut: as follows:
Pihak-pihak berelasi/Related parties (lanjutan) Sifat hubungan/Nature of relationship (continued)
PT Nugraha Eka Kencana Entitas anak/Subsidiary
PT Saratoga Sentra Business Entitas anak/Subsidiary
PT Wahana Anugerah Sejahtera Entitas anak/Subsidiary
PT Wana Bhakti Sukses Mineral Entitas anak/Subsidiary
PT Adaro Strategic Lestari Entitas asosiasi/Associate
PT Adaro Strategic Capital Entitas asosiasi/Associate
PT Tower Bersama Infrastructure Tbk. Entitas asosiasi/Associate
PT Mitra Pinasthika Mustika Tbk. Entitas asosiasi/Associate
PT Provident Investasi Bersama Tbk. Entitas asosiasi/Associate
PT Mulia Bosco Logistik Entitas asosiasi/Associate
PT Mulia Gunung Mas Entitas anak/subsidiary of PT Mulia Bosco Logistik
PT Mulia Bosco Utama Entitas anak/subsidiary of PT Mulia Bosco Logistik
Lynwood Hills Investment Solution Pte. Ltd. Entitas anak/subsidiary of PT Wahana Anugerah Sejahtera
Bersama Digital Infrastructure Asia Pte. Ltd. Entitas asosiasi/associate of Lynwood Hills Investment
Solution Pte. Ltd.
PT Adaro Energy Indonesia Tbk. Entitas investasi dari pemegang saham akhir/Investment
entity of an ultimate shareholder
17. INFORMASI SEGMEN 17. SEGMENT INFORMATION
Perusahaan membagi kategori informasi segmen The Company categories the segment information into 3
menjadi 3 (tiga) sektor utama yang merupakan target (three) main sectors which are the investment target of
investasi dari Perusahaan. the Company.
Penetapan segmen ini ditentukan berdasarkan These segments are determined based on the following
pertimbangan sebagai berikut: considerations:
1. Perusahaan Blue Chip 1. Blue Chip Companies
Perusahaan yang masuk di kategori ini adalah Companies included in this category are companies
perusahaan yang memiliki reputasi nasional, baik that have a national reputation, both in terms of
dari sisi kualitas, kemampuan serta keandalan quality, ability and reliability to operate profitably
untuk beroperasi yang menguntungkan dalam in various economic situations with good or bad
berbagai situasi ekonomi dengan keadaan baik conditions, usually listed as part of LQ45 in the
maupun buruk, biasanya masuk sebagai bagian Indonesia Stock Exchange.
LQ45 di Bursa Efek Indonesia.
2. Perusahaan Berbasis Teknologi Digital 2. Digital Technology Companies
Perusahaan yang didefinisikan di sini adalah Companies defined here are companies that place an
perusahaan dengan penekanan pada digitalisasi emphasis on digitizing business processes and
proses bisnis dan jasa melalui teknologi dan sistem services through sophisticated information
informasi yang canggih. technology and systems.
3. Perusahaan Berkembang 3. Growth Focused Companies
Perusahaan yang masuk di kategori ini adalah Companies that included in this category are
perusahaan yang masih dalam proses berkembang companies that are still in the process of developing
baik dari sisi pendapatan, maupun penambahan both in terms of income, as well as increasing the
jumlah tenaga kerja agar bisa menjadi besar di number of workers so that they can become bigger
masa yang akan datang. in the future.
Page 142
Ekshibit E/36 Exhibit E/36
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
17. INFORMASI SEGMEN (lanjutan) 17. SEGMENT INFORMATION (continued)
Informasi segmen operasi Grup tahun yang berakhir The Group’s operating segment information for the years
31 Desember 2023 dan 2022 adalah sebagai berikut: ended 31 December 2023 and 2022 was as follows:
Teknologi Perusahaan
digital/ berkembang/
Digital Growth Lain-lain/ Jumlah/
31 Desember 2023 Blue Chip technology focused Others Total 31 December 2023
Penghasilan (kerugian) Income (loss)
(Catatan 13a dan 13b) (11.095.896) (71.730 ) 155.056 9.535 (11.003.035) (Note 13a and 13b)
Aset segmen dilaporkan 41.213.477 1.177.199 6.394.939 2.159.505 50.945.120 Reportable segment assets
Teknologi Perusahaan
digital/ berkembang/
Digital Growth Lain-lain/ Jumlah/
31 Desember 2022 Blue Chip technology focused Others Total 31 December 2022
Penghasilan (kerugian) Income (loss)
(Catatan 13a dan 13b) 6.378.796 (237.294 ) 139.609 57.563 6.338.674 (Note 13a and 13b)
Aset segmen dilaporkan 54.699.022 1.262.781 6.157.859 1.651.488 63.771.150 Reportable segment assets
Penghasilan terdiri dari keuntungan neto atas investasi Income comprised of net gain on investments in shares and
pada saham dan efek lainnya serta penghasilan dividen other securities as well as dividend and interest income.
dan bunga.
Lokasi operasi komersial investee dari semua investasi The underlying investee’s commercial operation of the
Grup sebagian besar berada di Indonesia. Group’s investments are mainly in Indonesia.
18. NILAI WAJAR INSTRUMEN KEUANGAN 18. FAIR VALUE OF FINANCIAL INSTRUMENTS
Tabel di bawah menunjukkan nilai tercatat dan nilai The following table shows the carrying amounts and fair
wajar aset dan liabilitas keuangan, termasuk levelnya values of financial assets and liabilities, including their
dalam hirarki nilai wajar. Informasi di dalam tabel tidak levels in the fair value hierarchy. It does not include fair
termasuk nilai wajar aset dan liabilitas keuangan yang value information for financial assets and financial
tidak diukur pada nilai wajar, yang nilai tercatatnya liabilities not measured at fair value if the carrying amount
diperkirakan mendekati nilai wajarnya. is a reasonable approximation of fair value.
Nilai tercatat/
Carrying amount Nilai wajar/Fair value
Nilai wajar melalui
laba rugi/ Fair value
31 Desember/December 2023 through profit or loss Biaya/Cost Level 1 Level 2 Level 3
Investasi pada saham (Catatan 5)/
Investments in shares (Note 5) 46.680.205 336.644 23.902.147 20.823.488 1.617.926
Investasi pada efek lainnya (Catatan 6)/
Investments in other securities (Note 6) 2.327.940 392.447 2.030 614.488 1.318.975
31 Desember/December 2022
Investasi pada saham (Catatan 5)/
Investments in shares (Note 5) 57.787.584 89.096 30.308.750 25.994.016 1.395.722
Investasi pada efek lainnya (Catatan 6)/
Investments in other securities (Note 6) 3.730.341 140.743 2.248.220 548.036 793.342
Aset keuangan derivatif (Catatan 7)/
Derivative financial assets (Note 7) 7.353 - - 7.353 -
Page 143
Ekshibit E/37 Exhibit E/37
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
18. NILAI WAJAR INSTRUMEN KEUANGAN (lanjutan) 18. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)
Perhitungan nilai wajar diatas menggunakan beberapa The calculation of the fair value above uses several
metode pendekatan sebagai berikut: methods of approach as follows:
Pendekatan biaya Cost approach
Perusahaan mengkaji bahwa investasi yang baru The Company has assessed that recently acquired
diperoleh dalam 12 bulan terakhir memiliki nilai investment within the last 12 months has acquisition
perolehan yang mencerminkan nilai wajar. Selama cost reflecting fair value. As long as there is no event
tidak ada peristiwa setelah tanggal perolehan sampai after acquisition date to reporting date that indicates
dengan tanggal pelaporan yang mengindikasikan significant changes to its fair value, such as market
adanya perubahan nilai wajar yang signifikan, seperti contraction due to the use of obsolete technology or
kontraksi pasar akibat penggunaan teknologi yang disruptive innovations, its acquisition cost is the amount
usang atau inovasi-inovasi disruptif, nilai perolehan carried at approximately fair value at reporting date.
tersebut merupakan nilai tercatat yang mendekat nilai
wajar pada tanggal pelaporan.
Pendekatan nilai aset neto Net asset value approach
Perusahaan menggunakan nilai tercatat aset neto pada The Company uses the carrying amounts of net assets of
perusahaan investasi dalam menentukan nilai investasi the investees in determining the value of their
mereka. Pendekatan ini saat ini diterapkan di investasi investments. The approach is currently applied to
yang mana investee-nya memiliki aset neto dengan nilai investments in which the investees have significant net
wajar level 1 yang signifikan. assets measured at fair value level 1.
Pendekatan pasar dan pendapatan Market and income approaches
Manajemen menggunakan dua pendekatan yaitu Management uses both income approach (the Discounted
pendekatan pendapatan (analisa arus kas terdiskonto Cash Flow (DCF) analysis) and market approach (based
(DCF)) dan pendekatan pasar (berdasarkan beberapa on several markets of comparable companies) to
pasar dari perusahaan sejenis) untuk mengestimasi nilai estimate the fair value of the investments.
wajar investasi tersebut.
Pendekatan ini diterapkan di investasi yang mana The aproach is applied to investments in which the
investee-nya merupakan perusahaan nonpublik dan investees are non-public companies and have promising
memiliki aktivitas komersial yang menjanjikan. commercial activities.
Investee tersebut bergerak di bidang industri yang These investees are engaged in various industries and
beragam dan memiliki peluang bisnis, paparan risiko, have varying business opportunities, risk exposure,
profil pasar dan lingkungan persaingan yang juga market profile and competitive environment as well.
bervariasi. Estimasi nilai wajarnya disusun dengan Their fair value estimations are prepared by considering
mempertimbangkan banyak asumsi-asumsi yang unik many unique assumptions and relevant to their
dan relevan di industri investee terkait. Karenanya, respective industries. As a result, providing an
pengungkapan analisa sensitivitas secara agregat atas aggregated disclosure of sensitivity analysis on the key
input penting yang digunakan tidak praktis dan berarti. inputs used would not be practiceable nor meaningful.
19. MANAJEMEN RISIKO KEUANGAN 19. FINANCIAL RISK MANAGEMENT
Grup menyadari bahwa risiko merupakan bagian yang The Group realizes that risk is an integral part of its
tidak terpisahkan dari operasional Grup dan dapat operational activities and can be managed practically and
dikelola secara praktis dan efektif setiap hari. effectively day by day.
Pengelolaan risiko Grup mencakup keseluruhan lingkup Risk management within the Group includes overall scope
aktivitas usaha Grup, yang didasarkan pada kebutuhan of business activities within the Group, which is based on
akan keseimbangan antara fungsi operasional bisnis the necessity of balance between business operational
dengan pengelolaan risikonya. Dengan manajemen function and its risk management thereof. With proper
risiko dan kebijakan yang berfungsi baik, maka risk management and policy, risk management will
manajemen risiko akan menjadi mitra strategis bagi become a strategic partner to the business in obtaining
bisnis dalam mendapatkan hasil optimal dari operasi optimal outcomes from the Group’s course of operations.
Grup.
Page 144
Ekshibit E/38 Exhibit E/38
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
19. MANAJEMEN RISIKO KEUANGAN 19. FINANCIAL RISK MANAGEMENT
Berbagai aktivitas yang dilakukan membuat Grup The Group’s various activities expose to a variety of
terekspos terhadap berbagai risiko keuangan, termasuk financial risks, including the effects of foreign currency
dampak nilai tukar mata uang asing dan tingkat suku exchange rates and interest rates. The objectives of the
bunga. Tujuan dari manajemen risiko Grup adalah untuk Group’s risk management are to identify, measure,
mengidentifikasi, mengukur, mengawasi, dan mengelola monitor, and manage basic risks in order to safeguard the
risiko dasar dalam upaya melindungi kesinambungan Group's long term business continuity and to minimize
bisnis dalam jangka panjang dan meminimalisasi potential adverse effects on the financial performance of
dampak yang tidak diharapkan pada kinerja keuangan the Group.
Grup.
Grup memiliki eksposur terhadap risiko investasi dan The Group has exposure to investment risk and also the
risiko-risiko atas instrumen keuangan seperti risiko risks from financial instruments, such as credit risk,
kredit, risiko pasar, risiko likuiditas dan risiko market risk, liquidity risk and capital risk.
permodalan.
a. Risiko kredit a. Credit risk
Risiko kredit adalah risiko kerugian yang timbul jika Credit risk is the risk of loss if the Group’s customers
pelanggan Grup gagal memenuhi kewajiban fail to fulfill their contractual obligations. Credit
kontraktualnya. Risiko kredit terutama melekat risk is primarily attributable to its cash and cash
pada kas dan setara kas di bank dan piutang. equivalents in banks and receivables.
Grup menempatkan kas dan setara kas pada The Group put its cash and cash equivalents at
institusi keuangan yang terpercaya yang berada di reputable financial institutions that are subject to
dalam peraturan yang ketat. Karenanya, tidak tight regulations. Therefore, no significant credit
terdapat risiko kredit yang signifikan yang risk factor was identified.
teridentifikasi.
Risiko kredit dikelola terutama melalui penetapan Credit risk is managed primarily through
kebijakan Grup dalam pemberian fasilitas kredit determining the credit policies to mitigate the
untuk mengurangi risiko kredit atas piutang. Saldo credit risk of receivables. Receivable balances are
piutang dimonitor secara berkelanjutan untuk monitored on an ongoing basis to reduce the
mengurangi eksposur terhadap kredit macet. exposure to bad debts.
Eksposur maksimum dari aset keuangan di laporan The maximum exposure of the financial assets in the
posisi keuangan konsolidasian terhadap risiko consolidated statements of financial position is
kredit adalah sama dengan nilai tercatatnya. equal to their carrying amounts.
Konsentrasi risiko kredit dari piutang Grup per The concentration of credit risk of the Group’s
31 Desember 2023 and 2022 berdasarkan segmen receivables based on operating segments as of
operasi adalah: 31 December 2023 and 2022 are:
31 Desember/ 31 Desember/
December 2023 December 2022
Blue chip 970.943 1.219.552 Blue chip
Perusahaan berkembang 158.498 27.686 Growth focused
Lainnya 126 170 Others
1.129.567 1.247.408
Tabel berikut menyajikan rincian aset keuangan The following table presents the detail of financial
berdasarkan kualitas kreditnya: assets by their credit quality:
31 Desember/December 2023
Nilai tercatat/ Penurunan nilai/
Carrying amount Impairment Pokok/Gross
Kas di bank dan setara kas 665.215 - 665.215 Cash in banks and cash equivalents
Kas yang dibatasi
penggunaannya 2.501 - 2.501 Restricted cash
Piutang 1.129.567 104.960 1.234.527 Receivables
1.797.283 104.960 1.902.243
Page 145
Ekshibit E/39 Exhibit E/39
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
19. MANAJEMEN RISIKO KEUANGAN (lanjutan) 19. FINANCIAL RISK MANAGEMENT (continued)
a. Risiko kredit (lanjutan) a. Credit risk (continued)
Tabel berikut menyajikan rincian aset keuangan The following table presents the detail of financial
berdasarkan kualitas kreditnya: (lanjutan) assets by their credit quality: (continued)
31 Desember/December 2022
Nilai tercatat/ Penurunan nilai/
Carrying amount Impairment Pokok/Gross
Kas di bank dan setara kas 862.842 - 862.842 Cash in banks and cash equivalents
Kas yang dibatasi
penggunaannya 884 - 884 Restricted cash
Piutang 1.247.408 104.998 1.352.406 Receivables
2.111.134 104.998 2.216.132
Tanggal 31 Desember 2023 dan 2022, tidak terdapat As of 31 December 2023 and 2022, there are no
piutang material yang telah jatuh tempo namun tidak material past due but not impaired receivables.
diturunkan nilainya. Manajemen telah mengkaji Management has assessed that all unimpaired
bahwa seluruh piutang yang tidak diturunkan nilainya receivables remain collectible.
dapat tertagih.
b. Risiko pasar b. Market risk
Grup terekspos terhadap risiko pasar yang berkaitan The Group is exposed to market risk in relation to
dengan perubahan nilai suku bunga dan nilai tukar changes in interest rates and foreign exchange rates
mata uang asing yang akan menyebabkan which may result in decrease in income, or increase
berkurangnya penghasilan, atau bertambahnya in the Group’s cost of capital.
biaya modal Grup.
Risiko nilai tukar mata uang asing Foreign exchange risk
Risiko nilai tukar mata uang asing adalah risiko Foreign exchange rate risk is the risk that the fair
bahwa nilai wajar atau arus kas masa depan value or future cash flows of a financial instrument
instrumen keuangan akan berfluktuasi karena will fluctuate because of changes in foreign
perubahan dalam nilai tukar mata uang. Grup exchange rates. The Group is exposed to foreign
terekspos terhadap pergerakan nilai tukar mata exchange rate risk mainly from the US Dollar
uang asing terutama dari pinjaman bank dalam Dolar denominated loans from banks. This risk is, to some
AS. Risiko ini, sampai pada batas tertentu, dimitigasi extent, mitigated by certain investments and
dengan investasi dan penghasilan dividen dalam dividend income that are denominated in USD.
Dolar AS.
Grup secara aktif menangani risiko mata uang asing The Group is actively addressing the remaining
yang tersisa melalui: foreign exchange risk through:
1. Pembelian US Dolar dari pasar spot melalui bank; 1. Buying USD in spot market through banks; and
dan 2. Seeking other alternative solutions in
2. Mencari solusi alternatif lain dalam mengatasi addressing the risk, i.e a full or partial
risiko, yaitu melalui lindung nilai penuh atau hedging.
sebagian.
Kegiatan ini diambil dalam menjamin kelangsungan These activities are taken in order to safeguard the
hidup jangka panjang Grup dan meminimalisasi Group’s long term continuity and to minimize
dampak yang buruk terhadap kinerja keuangan potential adverse effects on the financial
Grup. performance of the Group.
Page 146
Ekshibit E/40 Exhibit E/40
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
19. MANAJEMEN RISIKO KEUANGAN (lanjutan) 19. FINANCIAL RISK MANAGEMENT (continued)
b. Risiko pasar (lanjutan) b. Market risk (continued)
Risiko nilai tukar mata uang asing (lanjutan) Foreign exchange risk (continued)
Tabel berikut menyajikan posisi keuangan Grup The following table presents the Group’s financial
dalam Dolar AS: position in USD:
31 Desember/ 31 Desember/
Dolar AS December 2023 December 2022 USD
Aset Assets
Kas dan setara kas di bank 34.742.267 23.133.250 Cash and cash equivalents in banks
Kas yang dibatasi penggunaannya 160.019 54.068 Restricted cash
Piutang dan aset lainnya 5.032.720 - Receivables and other assets
39.935.006 23.187.318
Liabilitas Liabilities
Pinjaman (25.099.269) (70.204.418 ) Borrowings
(25.099.269) (70.204.418 )
Laporan posisi keuangan eksposur Net statement of financial position
neto 14.835.737 (47.017.100) exposure
Kurs yang digunakan untuk menjabarkan mata uang The exchange rates used against the Rupiah at the
asing ke dalam Rupiah pada tanggal pelaporan reporting dates were as follows:
adalah sebagai berikut:
31 Desember/ 31 Desember/
December 2023 December 2022
1 Dolar Amerika Serikat (Dolar AS/USD) 15.416 15.731 United States Dollar (USD) 1
1 Dolar Singapura (Dolar SG/SGD) 11.712 11.659 Singapore Dollar (SGD) 1
1 Dolar Australia (Dolar AUS/AUD) 10.565 10.581 Australian Dollar (AUD) 1
Menguatnya/melemahnya Rupiah terhadap Dolar AS The strengthening/weakening of the Rupiah against
pada 31 Desember 2023 dan 2022 akan the USD at 31 December 2023 and 2022 would have
mengakibatkan peningkatan atau penurunan ekuitas increased or decreased equity and profit or loss by
dan laba rugi sebesar jumlah yang ditunjukkan di the amounts shown below, assuming all other
bawah ini, dengan asumsi seluruh variabel lainnya variables held constant.
tetap.
31 Desember/ 31 Desember/
December 2023 December 2022
Rupiah menguat 10% Rupiah strengthens by 10%
Ekuitas [naik (turun) 17.839 57.691 Equity [increase (decrease)]
Profit or loss [increase
Laba rugi [naik (turun)] 17.839 57.691 (decrease)]
Rupiah melemah 10% Rupiah weakens by 10%
Ekuitas [naik (turun) (17.839) (57.691) Equity [increase (decrease)]
Profit or loss [increase
Laba rugi [naik (turun)] (17.839) (57.691) (decrease)]
Risiko suku bunga Interest rate risk
Risiko suku bunga Grup timbul dari pinjaman bank The Group’s interest rate risk arises from bank
dan fasilitas kredit yang diterbitkan dengan dasar loans and credit facilities issued at floating
suku bunga mengambang. Oleh karena itu, Grup interest rates. Accordingly, the Group has an
memiliki eksposur atas fluktuasi arus kas yang exposure to fluctuation in cash flows due to
diakibatkan oleh perubahan suku bunga yang changes in interest rates, which is partially offset
sebagian dihapuskan oleh suku bunga mengambang with floating interest rates from cash and cash
dari kas dan setara kas, piutang non-usaha dan kas equivalents, non-trade receivables and restricted
yang dibatasi penggunaannya. Grup mengelola cash. The Group manages interest income through
penghasilan bunga melalui kombinasi antara suku a mix of fixed and floating interest rates of cash
bunga tetap dan mengambang untuk kas dan setara and cash equivalents (including time deposits),
kas (termasuk deposito berjangka), piutang non- non-trade receivables, and restricted cash and
usaha, dan kas yang dibatasi penggunaannya dan makes comparison of such rates in the relevant
membuat perbandingan tingkat suku bunga dengan financial markets. The Group has assessed that a
yang ada di pasar keuangan. Grup telah mengkaji change in interest rates at the end of the reporting
bahwa perubahan pada suku bunga di akhir periode period, with all other variables remain constant,
pelaporan, dimana semua variabel lain tetap sama, would not have significant impact to equity and
tidak akan memiliki dampak signifikan terhadap profit or loss.
ekuitas dan laba rugi.
Page 147
Ekshibit E/41 Exhibit E/41
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
19. MANAJEMEN RISIKO KEUANGAN (lanjutan) 19. FINANCIAL RISK MANAGEMENT (continued)
c. Risiko likuiditas c. Liquidity risk
Risiko likuiditas merupakan risiko yang timbul Liquidity risk is a risk that arises in situations where
dalam situasi dimana arus kas masuk Grup dari the Group’s cash inflows from short-term revenue
pendapatan jangka pendek tidak cukup untuk is not adequate to cover cash outflows for short-
memenuhi arus kas keluar untuk pengeluaran term expenditure.
jangka pendek.
Untuk mengelola risiko likuiditas, Grup To manage its liquidity risk, the Group applies the
menerapkan manajemen risiko sebagai berikut: following risk management:
1. memonitor dan menjaga kas dan setara kas di 1. monitor and maintain its cash and cash
level yang diperkirakan cukup untuk mendanai equivalents at a level deemed adequate to
kegiatan operasional Grup dan mengurangi finance the Group's operational activities and
pengaruh fluktuasi dalam arus kas; to mitigate the effect of fluctuations in cash
flows;
2. secara rutin memonitor perkiraan arus kas dan 2. regularly monitor projected and actual cash
arus kas aktual; flow;
3. secara rutin memonitor profil jatuh tempo 3. regularly monitor loan maturity profiles and
pinjaman dan melakukan penyesuaian make relevant adjustments;
seperlunya;
4. secara terus-menerus menilai kondisi pasar 4. continuously assess the financial markets for
keuangan untuk kesempatan memperoleh opportunities to raise funds; and
dana; dan
5. sebagai tambahan, Grup memiliki fasilitas 5. in addition, the Group has a stand-by loan
pinjaman stand-by yang dapat ditarik sesuai facility that can be drawn down upon request
dengan permintaan untuk mendanai kegiatan to fund its operations when needed.
operasi pada saat diperlukan.
Tabel berikut menyajikan liabilitas keuangan Grup 6. The following table presents the Group’s financial
berdasarkan jatuh tempo kontraktualnya, termasuk liabilities based on their contractual maturities,
estimasi pembayaran bunga: including the estimated interest payments:
Jatuh tempo/Maturity period
Arus kas Kurang dari
kontraktual/ 1 tahun/
Nilai tercatat/ Contractual cash Less than 1-5 tahun/
Carrying amount flows 1 year 1-5 years
31 Desember 2023 31 December 2023
Utang lainnya 5.417 5.417 5.417 - Other payables
Pinjaman 926.106 1.133.676 313.963 819.713 Borrowings
931.523 1.139.093 319.380 819.713
31 Desember 2022 31 December 2022
Utang lainnya 16.508 16.508 16.508 - Other payables
Pinjaman 1.544.224 1.905.150 292.448 1.612.702 Borrowings
1.560.732 1.921.658 308.956 1.612.702
d. Risiko permodalan d. Capital risk
Tujuan Grup mengatur modal adalah untuk menjaga The Group’s objective in managing capital is to
kemampuan Perusahaan untuk melanjutkan usaha safeguard the Company’s ability to continue as a
yang terus menerus supaya memberikan keuntungan going concern in order to provide returns for
kepada pemegang saham dan manfaat ke pemangku shareholders and benefits for other stakeholders,
kepentingan lainnya, serta untuk mempertahankan as well as to maintain an optimal capital structure
struktur modal yang optimal untuk mengurangi to reduce the cost of capital.
biaya modal.
Grup secara aktif dan rutin menelaah dan mengelola The Group actively and regularly reviews and
struktur permodalan dengan mempertimbangkan manages its capital structure by taking into
kebutuhan modal masa depan dan efisiensi modal consideration the future capital requirements and
Grup, profitabilitas masa sekarang dan yang akan capital efficiency of the Group, prevailing and
datang, proyeksi arus kas operasi, proyeksi belanja projected profitability, projected operating cash
modal dan proyeksi peluang investasi yang strategis. flows, projected capital expenditures and
projected strategic investment opportunities.
Page 148
Ekshibit E/42 Exhibit E/42
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
19. MANAJEMEN RISIKO KEUANGAN (lanjutan) 19. FINANCIAL RISK MANAGEMENT (continued)
d. Risiko permodalan (lanjutan) d. Capital risk (continued)
Grup mengevaluasi struktur modalnya melalui rasio The Group evaluates its capital structure through
pinjaman terhadap modal (gearing ratio) yang the debt-to-equity ratio (gearing ratio), which is
dihitung dengan membagi pinjaman neto dengan calculated by dividing the net debt to equity. Net
modal. Pinjaman neto adalah jumlah liabilitas debt represents the sum of liabilities as presented
sebagaimana disajikan di laporan posisi keuangan in the consolidated statement of financial position,
konsolidasian, selain liabilitas pajak tangguhan, excluding deferred tax liabilities, less cash and cash
dikurangi kas dan setara kas. Sedangkan modal equivalents. The equity relates to the entire
meliputi seluruh ekuitas yang dapat diatribusikan attributable equity to owners of the Company.
kepada pemilik Perusahaan.
Pada tanggal pelaporan, perhitungan rasio tersebut As of reporting dates, the calculations of this ratio
adalah sebagai berikut: are as follows:
31 Desember/ 31 Desember/
December 2023 December 2022
Jumlah liabilitas 968.487 1.605.789 Total liabilities
Dikurangi: kas dan setara kas (665.225) (862.852) Less: cash and cash equivalents
Liabilitas neto 303.262 742.937 Net liabilities
Jumlah ekuitas yang diatribusikan Total equity attributable to the
kepada pemilik Perusahaan 48.708.623 59.815.533 owners of the Company
Rasio pinjaman terhadap modal 0,006 0,012 Debt to equity ratio
e. Risiko harga saham e. Share price risk
Perusahaan telah menginvestasikan aset dalam The Company has maintained reasonable amounts
jumlah yang wajar pada efek ekuitas. Perusahaan of invested assets in equity securities. The Company
berinvestasi dalam bisnis yang memiliki ekonomi invests in businesses that possess excellent
yang sangat baik, dengan manajemen yang cakap economics, with capable and honest management
dan jujur dan dengan harga yang masuk akal. and at sensible prices.
Harga pasar dari efek ekuitas tergantung pada Market prices of equity securities instruments are
fluktuasi yang dapat berdampak pada jumlah subject to fluctuation and consequently the amount
realisasi atas penjualan dari nilai investasi di masa realized in the subsequent sale of an investment
depan dapat berbeda secara signifikan dari nilai may significantly differ from the currently reported
yang dilaporkan sekarang. Fluktuasi harga pasar dari value. Fluctuations in the market price of such
instrumen tersebut dapat disebabkan oleh instruments may result from perceived changes in
perubahan karakteristik ekonomi yang mendasari the underlying economic characteristics of the
investee, harga relatif dari alternatif investasi dan investee, the relative price of alternative
kondisi pasar secara umum. investments and general market conditions.
Menguatnya/melemahnya harga saham tertentu The strengthening/weakening of certain share
pada 31 Desember 2023 dan 2022 akan prices at 31 December 2023 and 2022 would have
mengakibatkan peningkatan atau penurunan ekuitas increased/decreased equity and profit and loss by
dan laba rugi sebesar jumlah yang ditunjukkan di the amounts shown below, assuming all other
bawah ini, dengan asumsi seluruh variabel lainnya variables held constant.
tetap.
31 Desember/ 31 Desember/
December 2023 December 2022
ADRO menguat/melemah 10% ADRO strengthens/weakens by 10%
Ekuitas [naik/turun] 962.955 1.557.510 Equity [increase/decrease]
Laba rugi [naik/turun] 962.955 1.557.510 Profit or loss [increase/decrease]
TBIG menguat/melemah 10% TBIG strengthens/weakens by 10%
Ekuitas [naik/turun] 1.644.813 1.656.371 Equity [increase/decrease]
Laba rugi [naik/turun] 1.644.813 1.656.371 Profit or loss [increase/decrease]
MDKA menguat/melemah 10% MDKA strengthens/weakens by 10%
Ekuitas [naik/turun] 1.223.751 1.822.348 Equity [increase/decrease]
Laba rugi [naik/turun] 1.223.751 1.822.348 Profit or loss [increase/decrease]
MPMX menguat/melemah 10% MPMX strengthens/weakens by 10%
Ekuitas [naik/turun] 265.659 283.369 Equity [increase/decrease]
Laba rugi [naik/turun] 265.659 283.369 Profit or loss [increase/decrease]
Page 149
Ekshibit E/43 Exhibit E/43
PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN BERAKHIR 31 DESEMBER 2023 DAN 2022 YEARS ENDED 31 DECEMBER 2023 AND 2022
(LANJUTAN) (CONTINUED)
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
20. PERISTIWA SETELAH TANGGAL NERACA 20. SUBSEQUENT EVENTS
1. Pada tanggal 18 Januari 2024, Perusahaan telah 1. On 18 January 2024, the Company entered into a loan
menandatangani perjanjian pinjaman dengan agreement with PT Bank HSBC Indonesia for a loan
PT Bank HSBC Indonesia untuk fasilitas pinjaman facility of Rp500,000 and loan term of 5 years from
sebesar Rp500.000 dan jangka waktu pinjaman the first utilization date.
selama 5 tahun sejak tanggal penarikan pertama.
2. Pada tanggal 31 Januari 2024, Perusahaan telah 2. On 31 January 2024, the Company entered into an
menandatangani perubahan perjanjian pinjaman amendment of loan agreement with PT Bank Permata
dengan PT Bank Permata Tbk untuk tambahan Tbk for an additional loan facility of Rp700,000 and
fasilitas pinjaman sebesar Rp700.000 dan jangka loan term of 5 years from the amendment date of the
waktu pinjaman selama 5 tahun sejak tanggal agreement.
perubahan perjanjian.
3. Pada tanggal 6 Februari 2024, Perusahaan telah 3. On 6 February 2024, the Company entered into a loan
menandatangani perjanjian pinjaman dengan agreement with PT Bank DBS Indonesia for a loan
PT DBS Indonesia untuk fasilitas pinjaman sebesar facility of Rp500,000 and loan term of 5 years from
Rp500.000 dan jangka waktu pinjaman selama 5 the first utilization date.
tahun sejak tanggal penarikan pertama.
21. PENYELESAIAN LAPORAN KEUANGAN KONSOLIDASIAN 21. THE COMPLETION OF CONSOLIDATED FINANCIAL
STATEMENT
Laporan keuangan konsolidasian Grup disetujui untuk The Group’s consolidated financial statements were
diterbitkan oleh Direksi pada tanggal 15 Maret 2024. authorized for issuance by the Board of Directors
15 March 2024.
Page 150
Siddharta Widjaja & Rekan
Registered Public Accountants
35th Fl oor Jakarta Mo ri Tower
40-41, JI. Jend. Sudirman
Jaka rta 10210
Indon esia
+62 (21) 574 2333 / 574 2888
Laporan Auditor lndependen Independent Auditors' Report
No .: 00069/2.1005/AU.1/05/1214-4/1/III/2024 No .: 00069/2. 1005/A U.1 /05/1214-4/ 1/JJJ/2024
Para Pemegang Saham, The Shareholders,
Dewan Komisaris dan Direksi Board of Commissioners and Board of Directors
PT Saratoga Investama Sedaya Tbk.: PT Saratoga Investama Sedaya Tbk. :
Opini Opinion
Kami telah mengaudit Iaporan keuangan konsolidasian PT We have audited the consolidated financial statements of
Saratoga lnvestama Sedaya Tbk. dan entitas anaknya PT Saratoga Investama Sedaya Tbk. and its subsidiaries
("Grup"), yang terdiri dari laporan posisi keuangan (" the Group "), which comprise the consolidated
konsolidasian tanggal 31 Desember 2023 , serta laporan Iaba statement offinancial position as of 31 December 2023,
rugi dan penghasilan komprehensif Iain konsolidasian, the consolidated statements ofprofit or loss and other
laporan perubahan ekuitas konsolidasian, dan laporan arus comprehensive income, changes in equity, and cashjl.ows
kas konsolidasian untuk tahun yang berakhir pada tanggal for the year then ended, and notes, comprising material
tersebut, serta catatan, yang terdiri dari informasi kebijakan accounting policies and other explanatory information.
akuntansi material dan informasi penjelasan lainnya.
Menurut opini kami, laporan keuangan konsolidasian In our opinion, the accompanying consolidated.financial
terlampir menyajikan secara wajar, dalam semua ha! yang statements present fairly, in all material respects, the
material, posisi keuangan konsolidasian Grup tanggal 3 1 consolidated financial position of the Group as of 31
Desember 2023 , serta kinerja keuangan konsolidasian dan December 2023, and its consolidated financial
arus kas konsolidasiannya untuk tahun yang berakhir pada performance and its consolidated cash flows for the year
tanggal tersebut, sesuai dengan Standar Akuntansi Keuangan then ended in accordance with Indonesian Financial
di Indonesia. Accounting Standards.
Basis Opini Basis for Opinion
Kami melaksanakan audit kami berdasarkan Standar Audit We conducted our audit in accordance with Standards on
yang ditetapkan oleh Institut Akuntan Publik Indonesia. Auditing established by the Indonesian Institute of
Tanggung jawab kami menurut standar tersebut diuraikan Certified Public Accountants. Our responsibilities under
lebih Ianjut dalam paragraf Tanggung Jawab Auditor those standards are further described in the Auditors '
terhadap Audit atas Laporan Keuangan Konsolidasian pada Responsibilities for the Audit of the Consolidated
Iaporan kami. Kami independen terhadap Grup berdasarkan Financial Statements section of our report. We are
ketentuan etika yang relevan dalam audit kami atas Iaporan independent of the Group in accordance with the ethical
keuangan konsolidasian di Indonesia, dan kami telah requirements that are relevant to our audit of the
memenuhi tanggungjawab etika lainnya berdasarkan consolidated.financial statements in Indonesia, and we
ketentuan tersebut. Kami yakin bahwa bukti audit yang tel ah have fulfilled our other ethical responsibilities in
kami peroleh adalah cukup dan tepat untuk menyediakan accordance with these requirements. We believe that the
suatu basis bagi opini audit kami. audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Siddharta Widjaja & Rekan - Registered Public Accountants, an Indonesian partnership and a member firm of the KPMG global organization of
License No . . 916/KM 1/2014
independent member firms affiliated with KPMG International Limited. a private English company limited by guarantee
Page 151
Hal Audit Utama Key Audit Matters
Hal audit utama adalah hal-hal yang, menurut pertimbangan Key audit matters are those matters that, in our
profesional kami, merupakan hal yang paling signifikan professional judgment, were of most significance in our
dalam audit kami atas laporan keuangan konsolidasian audit of the consolidated financial statements of the
periode kini. Hal-hal tersebut disampaikan dalam konteks current period. These matters were addressed in the
audit kami atas laporan keuangan konsolidasian secara context of our audit of the consolidated financial
keseluruhan, dan dalam merumuskan opini kami atas statements as a whole, and informing our opinion
laporan keuangan konsolidasian terkait, kami tidak thereon, and we do not provide a separate opinion on
menyatakan suatu opini terpisah atas hal audit utama these matters.
tersebut.
Penilaian Investasi Level 2 dan 3 yang Dicatat pada Nilai Valuation of Level 2 and 3 Investments Carried at Fair
Wajar Value
Lihat Catatan 5, 6 dan 18 atas laporan keuangan Refer to Notes 5, 6 and 18 to the consolidatedfinancial
konsolidasian. statements.
Pada tanggal 31 Desember 2023, aktivitas investasi Grup As at 31 December 2023, the Group 's investing activities
menghasilkan berbagai investasi Level 2 dan 3 (termasuk result in various Level 2 and 3 (including investments
investasi yang diukur dengan model biaya) pada saham dan measured at cost) investments in shares and other equity
ekuitas lainnya sejumlah Rp 25 . 103 .968 juta, yang mewakili securities totaling !DR 25,103,968 million, representing
49,3% dari jumlah aset konsolidasian. Dari investasi Level 49.3% of the total consolidated assets. Out of those in
2, sejumlah Rp I 9 .3 29 .448 juta merupakan investasi di Level 2, a total of!DR 19.329.448 million are investments
entitas yang memiliki kepemilikan langsung atas saham in entities that hold a direct ownership in publicly traded
yang diperdagangkan secara publik. Baik investasi Level 2 shares. Both Level 2 and 3 investments are accounted for
dan 3 dicatat pada nilai wajarnya secara berkala sesuai at fair value on a recurring basis in accordance with
dengan PSAK 68 , Pengukuran Nilai Wajar, dengan PSAK 68, Fair Value Measurement, by using various
menggunakan berbagai pendekatan termasuk harga transaksi approaches that include price of recent orderly
terkini, arus kas terdiskonto, dan nilai aset neto ("Net asset transactions, discounted cash flows and net asset value
value/NA}/"). (NAV).
Tidak seperti investasi pada saham yang diperdagangkan di Unlike investments in publicly traded equities whose
publik dimana harganya dapat diamati segera dan karenanya prices are readily observable and therefore more easily
lebih mudah dipastikan secara independen, penilaian independently corroborated, the valuation of these Level 2
investasi Level 2 dan 3 secara inheren bersifat subyektif, and 3 investments is inherently subjective, often involves
seringkali menggunakan input yang tidak dapat diamati, dan the use of inputs that are unobservable, and thus includes
melibatkan tingkat subyektivitas karena pertimbangan yang a level of subjectivity due to judgment used in determining
digunakan dalam menentukan asumsi dasar dan model the underlying assumptions and appropriate valuation
penilaian yang tepat. Beberapa investasi ini dilakukan models. Several of these investments are made through
melalui entitas investasi lain, yang membatasi transparansi other investing entities, further limiting the price
harga yang timbul dari kesenjangan informasi. transparency arising from the information asymmetry.
Dampak dari hal-hal ini adalah, sebagai bagian dari kajian The effect of these matters is that, as part of our risk
risiko kami, penilaian investasi Level 2 dan 3 adalah assessment, the valuation of Level 2 and 3 investments has
estimasi yang memiliki tingkat ketidakpastian yang tinggi a high degree of estimation uncertainties with an equally
dengan upaya audit yang setara dan membutuhkan keahlian high degree of audit effort requiring specialized skills and
dan pengetahuan khusus, serta melibatkan pertimbangan knowledge, and involving subjective and complex auditor
auditor yang subyektif dan kompleks .
j udgment.
Prosedur audit kami, antara lain: Our audit procedures were, among others:
• Memilih sampel dengan mempertimbangkan nilai • Selecting samples by considering the investments'
tercatat investasi terkait, lini bisnis, fase, kompleksitas carrying amounts, business lines, stages, any
yang diperkirakan dan secara historis diketahui, serta presumed and historically known complexities, as
kemudahan akses ke data dan informasi yang relevan . well as the ease of access to the relevant data and
Mungkin terdapat faktor pertimbangan lain tergantung information. There may be other consideration
dari sifat dan jenis investasinya; depending on the nature of investment;
• Menelaah apakah metode penilaian yang digunakan • Assessing whether the valuation method used for the
untuk investasi tersebut telah tepat sesuai dengan model investment is appropriate in accordance with the
bisnis investee terkait, serta fakta dan keadaan yang underlying investee 's business model, as well as
sudah ada; other available facts and circumstances;
Page 152
~
• Mengevaluasi apakah metode penilaian yang dipilih • Evaluating whether the selected valuations methods
telah diterapkan secara konsisten pada investasi lain had been consistently applied in other similar type of
yang serupa dan mengevaluasi apakah perubahan investments and evaluating the appropriateness of
metode telah tepat, jika ada; changes in such methods, if any;
• Melakukan tanyajawab dengan direktur keuangan atau • Interviewing finance director or other relevant
personel lain yang relevan dalam rangka memahami personnel to understand the assumptions and
asumsi dan pertimbangan yang digunakan dalam judgment used in preparing the underlying
menyusun perhitungannya dan jika memungkinkan, calculations and ifpossible, corroborating key
memastikan inforrnasi yang penting dengan sumber information to independent sources;
independen;
• Melibatkan pakar ahli penilaian kami untuk mengkaj i • Involving our own valuation specialists to assess the
apakah model dan input yang digunakan telat tepat appropriateness of the models and inputs by
dengan membandingkan input yang dapat diamati comparing the observable inputs against
dengan sumber independen dan data pasar yang independent sources and externally available market
tersedia di eksternal dan secara independen melakukan data and re-performed independent valuations;
kembali penilaiannya;
• Memperoleh laporan keuangan atas entitas investasi • Obtaining the externally examined financial
yang telah diperiksa secara eksternal dan mencocokkan statements of investment entities and agreeing them
dengan data keuangan dasar yang digunakan untuk with the underlying financial data used to measure
mengukur nilai investasi; the investment values;
• Menelaah konsistensi penerapan asumsi dan • Assessing the consistency by which the key
pertimbangan penting di seluruh investasi yang assumptions andjudgments were applied to across
memiliki profil dan karakteristik serupa; all investments that shared similar profiles and
characteristics;
• Menelaah pengungkapan terkait telah cukup. • Assessing the relevant disclosures are sufficient.
Informasi Lain Other Information
Manajemen bertanggungjawab atas inforrnasi lain. Management is responsible for the other information. The
Informasi lain terdiri dari informasi yang tercantum dalam other information comprises the information included in
Laporan Tahunan 2023, tetapi tidak mencantumkan laporan 2023 Annual Report, but does not include the
keuangan konsolidasian dan laporan auditor kami. Laporan consolidated financial statements and our auditor's
Tahunan 2023 diharapkan akan tersedia bagi kami setelah report thereon. The 2023 Annual Report is expected to be
tanggal laporan auditor ini. made available to us after the date of this auditors'
report.
Opini kami atas laporan keuangan konsolidasian tidak Our opinion on the consolidatedfinancial statements
mencakup informasi lain, dan oleh karena itu, kami tidak does not cover the other information and we do not
menyatakan bentuk keyakinan apapun atas informasi lain express any form of assurance conclusion thereon.
tersebut.
Sehubungan dengan audit kami atas laporan keuangan In connection with our audit of the consolidated financial
konsolidasian, tanggung jawab kami adalah untuk membaca statements, our responsibility is to read the other
informasi lain yang teridentifikasi di atas, jika tersedia dan, information identified above when it becomes available
dalam melaksanakannya, mempertimbangkan apakah and, in doing so, consider whether the other information
informasi lain mengandung ketidakkonsistensian material is materially inconsistent with the consolidated financial
dengan laporan keuangan konsolidasian atau pemahaman statements or our knowledge obtained in the audit or
yang kami peroleh selama audit, atau mengandung otherwise appears to be materially misstated.
kesalahan penyajian material.
Ketika kami membaca Laporan Tahunan 2023, jika kami When we read the 2023 Annual Report, zf we conclude
menyimpulkan bahwa terdapat suatu kesalahan penyajian that there is a material misstatement therein, we are
material di dalamnya, kami diharuskan untuk required to communicate the matter to those charged with
mengomunikasikan ha! tersebut kepada pihak yang governance and take appropriate actions based on the
bertanggung jawab atas tata kelola dan melakukan tindakan applicable laws and regulations.
yang tepat berdasarkan peraturan perundang-undangan yang
berlaku.
Page 153
Tanggung Jawab Manajemen dan Piliakyang Responsibilities of Management and Those Charged
Bertanggung Jawab atas Tata Kelola terhadap Laporan with Governance for the Consolidated Financial
Keuangan Konsolidasian Statements
Manajemen bertanggung jawab atas penyusunan dan Management is responsible for the preparation and/air
penyajian wajar laporan keuangan konsolidasian tersebut presentation of these consolidated financial statements in
sesuai dengan Standar Akuntansi Keuangan di Indonesia, accordance with Indonesian Financial Accounting
dan atas pengendalian internal yang dianggap perlu oleh Standards, and for such internal control as management
manajemen untuk memungkinkan penyusunan laporan determines is necessary to enable the preparation of
keuangan konsolidasian yang bebas dari kesalahan penyajian consolidated financial statements that are free from
material, baik yang disebabkan oleh kecurangan maupun material misstatement, whether due to fraud or error.
kesalahan.
Dalam penyusunan laporan keuangan konsolidasian, In preparing the consolidated.financial statements,
manajemen bertanggung jawab untuk menilai kemampuan management is responsible for assessing the Group's
Grup dalam mempertahankan kelangsungan usahanya, ability to continue as a going concern, disclosing, as
mengungkapkan, sesuai dengan kondisinya, hal-hal yang applicable, matters related to going concern and using
berkaitan dengan kelangsungan usaha, dan menggunakan the going concern basis of accounting unless
basis akuntansi kelangsungan usaha, kecuali manajemen management either intends to liquidate the Group or to
memiliki intensi untuk melikuidasi Grup atau menghentikan cease operations, or has no realistic alternative but to do
operasi, atau tidak memiliki altematif yang realistis selain so.
melaksanakannya.
Pihak yang bertanggung jawab atas tata kelola bertanggung Those charged with governance are responsible for
jawab untuk mengawasi proses pelaporan keuangan Grup. overseeing the Group 's financial reporting process.
Tanggung Jawab Auditor terhadap Audit atas Laporan Auditors' Responsibilities for the Audit of the
Keuangan Konsolidasian Consolidated Financial Statements
Tujuan kami adalah untuk memeroleh keyakinan memadai Our objectives are to obtain reasonable assurance about
tentang apakah laporan keuangan konsolidasian secara whether the consolidated.financial statements as a whole
keseluruhan bebas dari kesalahan penyajian material, baik are free from material misstatement, whether due to fraud
yang disebabkan oleh kecurangan maupun kesalahan, dan or error, and to issue an auditors' report that includes
untuk menerbitkan laporan auditor yang mencakup opini our opinion. Reasonable assurance is a high level of
kami . Keyakinan memadai merupakan suatu tingkat assurance, but is not a guarantee that an audit conducted
keyakinan tinggi, namun bukan merupakan suatu jaminan in accordance with the Standards on Auditing will always
bahwa audit yang dilaksanakan berdasarkan Standar Audit detect a material misstatement when it exists.
akan selalu mendeteksi kesalahan penyajian material ketika Misstatements can arise from fraud or error and are
ha! tersebut ada. Kesalahan penyajian dapat disebabkan oleh considered material if, individually or in the aggregate,
kecurangan maupun kesalahan dan dianggap material jika, they could reasonably be expected to influence the
baik secara individual maupun secara agregat, dapat economic decisions of users taken on the basis of these
diekspektasikan secara wajar akan memengaruhi keputusan consolidated financial statements.
ekonomi yang diambil oleh pengguna berdasarkan laporan
keuangan konsolidasian tersebut.
Sebagai bagian dari suatu audit berdasarkan Standar Audit, As part of an audit in accordance with the Standards on
kami menerapkan pertimbangan profesional dan Auditing, we exercise professional judgment and maintain
mempertahankan skeptisisme profesional selama audit. professional skepticism throughout the audit. We also:
Kamijuga:
• Mengidentifikasi dan menilai risiko kesalahan • Identify and assess the risks of material
penyajian material dalam laporan keuangan misstatement of the consolidated financial
konsolidasian, baik yang disebabkan oleh kecurangan statements, whether due to fraud or error, design
maupun kesalahan, mendesain dan melaksanakan and perform audit procedures responsive to those
prosedur audit yang responsif terhadap risiko tersebut, risks, and obtain audit evidence that is sufficient and
serta memeroleh bukti audit yang cukup dan tepat appropriate to provide a basis for our opinion. The
untuk menyediakan basis bagi opini kami. Risiko tidak risk of not detecting a material misstatement
terdeteksinya kesalahan penyajian material yang resultingfromfraud is higher than/or one resulting
disebabkan oleh kecurangan lebih tinggi dari yang from error, as fraud may involve collusion, forgery,
disebabkan oleh kesalahan, karena kecurangan dapat intentional omissions, misrepresentations, or the
melibatkan kolusi, pemalsuan, penghilangan secara override of internal control.
sengaja, pernyataan salah, atau pengabaian
pengendalian internal.
Page 154
• Memeroleh suatu pemahaman tentang pengendalian • Obtain an understanding of internal control relevant
internal yang relevan dengan audit untuk mendesain to the audit in order to design audit procedures that
prosedur audit yang tepat sesuai dengan kondisinya, are appropriate in the circumstances, but not for the
tetapi bukan untuk tujuan menyatakan opini atas purpose of expressing an opinion on the
keefektivitasan pengendalian internal Grup. effectiveness of the Group's internal control.
• Mengevaluasi ketepatan kebijakan akuntansi yang • Evaluate the appropriateness of accounting policies
digunakan serta kewajaran estimasi akuntansi dan used and the reasonableness of accounting estimates
pengungkapan terkait yang dibuat oleh manajemen. and related disclosures made by management.
• Menyimpulkan ketepatan penggunaan basis akuntansi • Conclude on the appropriateness of management's
kelangsungan usaha oleh manajemen dan, berdasarkan use of the going concern basis of accounting and,
bukti audit yang diperoleh, apakah terdapat suatu based on the audit evidence obtained, whether a
ketidakpastian material yang terkait dengan peristiwa material uncertainty exists related to events or
atau kondisi yang dapat menyebabkan keraguan conditions that may cast significant doubt on the
signifikan atas kemampuan Grup untuk Group's ability to continue as a going concern. If we
mempertahankan kelangsungan usahanya. Ketika kami conclude that a material uncertainty exists, we are
menyimpulkan bahwa terdapat suatu ketidakpastian required to draw attention in our auditors' report to
material, kami diharuskan untuk menarik perhatian the related disclosures in the consolidated financial
dalam laporan auditor kami ke pengungkapan terkait statements or, if such disclosures are inadequate, to
dalam laporan keuangan konsolidasian atau, jika modify our opinion. Our conclusions are based on
pengungkapan tersebut tidak memadai, harus the audit evidence obtained up to the date of our
menentukan apakah perlu untuk memodifikasi opini auditors ' report. However, future events or
kami. Kesimpulan kami didasarkan pada bukti audit conditions may cause the Group to cease to continue
yang diperoleh hingga tanggal laporan auditor kami . as a going concern.
Namun, peristiwa atau kondisi masa depan dapat
menyebabkan Grup tidak dapat mempertahankan
kelangsungan usaha.
• Mengevaluasi penyajian, struktur, dan isi laporan • Evaluate the overall presentation, structure and
keuangan konsolidasian secara keseluruhan, termasuk content of the consolidated financial statements,
pengungkapannya, dan apakah laporan keuangan including the disclosures, and whether the
konsolidasian mencerminkan transaksi dan peristiwa consolidated financial statements represent the
yang mendasarinya dengan suatu cara yang mencapai underlying transactions and events in a manner that
penyajian wajar. achieves fair presentation.
• Memeroleh bukti audit yang cukup dan tepat terkait • Obtain sufficient appropriate audit evidence
informasi keuangan entitas atau aktivitas bisnis dalam regarding the financial information of the entities or
Grup untuk menyatakan opini atas laporan keuangan business activities within the Group to express an
konsolidasian. Kami bertanggung jawab atas arahan, opinion on the consolidated financial statements. We
supervisi, dan pelaksanaan audit grup. Kami tetap are responsible for the direction, supervision and
bertanggung jawab sepenuhnya atas opini audit kami. performance of the group audit. We remain solely
responsible for our audit opinion.
Kami mengomunikasikan kepada pihak yang bertanggung We communicate with those charged with governance
jawab atas tata kelola mengenai, antara lain, ruang lingkup regarding, among other matters, the planned scope and
dan saat yang direncanakan atas audit, serta temuan audit timing of the audit and significant audit findings,
signifikan, termasuk setiap defisiensi signifikan dalam including any significant deficiencies in internal control
pengendalian internal yang teridentifikasi oleh kami selama that we identify during our audit.
audit.
Kami juga memberikan suatu pernyataan kepada pihak yang We also provide those charged with governance with a
bertanggung jawab atas tata kelola bahwa kami telah statement that we have complied with relevant ethical
mematuhi ketentuan etika yang relevan mengenai requirements regarding independence, and communicate
independensi, dan mengomunikasikan seluruh hubungan, with them all relationships and other matters that may
serta hal-hal lain yang dianggap secara wajar berpengaruh reasonably be thought to bear on our independence, and
terhadap independensi kami, dan, jika relevan, pengamanan where applicable, related safeguards.
terkait.
Page 155
Dari hal-hal yang dikomunikasikan kepada pihak yang From the matters communicated with those charged with
bertanggungjawab atas tata kelola, kami menentukan hal- governance, we determine those matters that were of most
hal tersebut yang paling signifikan dalam audit atas laporan significance in the audit of the consolidated financial
keuangan konsolidasian periode kini dan oleh karenanya statements of the current period and are therefore the key
menjadi ha! audit utama. Kami menguraikan ha! audit utama audit matters. We describe these matters in our auditors'
dalam laporan auditor kami, kecuali peraturan perundang- report unless law or regulation precludes public
undangan melarang pengungkapan publik tentang ha! disclosure about the matter or when, in extremely rare
tersebut atau ketika, dalam kondisi yang sangatjarang circumstances, we determine that a matter should not be
terjadi, kami menentukan bahwa suatu ha! tidak boleh communicated in our report because the adverse
dikomunikasikan dalam laporan kami karena konsekuensi consequences of doing so would reasonably be expected
merugikan dari mengomunikasikan ha! tersebut akan to outweigh the public interest benefits of such
diekspektasikan secara wajar melebihi manfaat kepentingan communication.
publik atas komunikasi tersebut.
Kantor Akuntan Publik/Registered Public Accountants
Siddharta Widjaja & Rekan
Harry W idjaja, S.E. , CPA
Izin Akuntan Publik/Public Accountant License No. AP . 1214
15 Maret 2024 I 5 March 2024
Page 156
Page 157
2023 ANNUAL REPORT
PT Saratoga Investama Sedaya Tbk. 2023 Annual Report
PT Saratoga Investama Sedaya Tbk.
Ahead of the Curve at the Forefront of Indonesia’s Economic Transformation
PT Saratoga Investama Sedaya Tbk.
Menara Karya 15th Floor
Jl. H.R. Rasuna Said Block X-5 Kav. 1-2
Jakarta Selatan 12950
Tel : +62 21 5794 4355
Fax : +62 21 5794 4365
www.saratoga-investama.com
98
Names mentioned 190 people and organisations named in the text · linked when the evidence is strong
unresolved
org
Indonesia Stock Exchange
p.6 ×2
unresolved
org
PT Huaneng
p.6
unresolved
org
PT Adaro
p.8 ×4
unresolved
org
PT Agro Maju
p.8
unresolved
org
PT Medco Power Interra Resources Finders
p.8
unresolved
org
PT Trimitra Karya
p.8
unresolved
org
PT Paiton Indonesia
p.8
unresolved
org
Energy Tbk.
p.8
unresolved
org
Natural Resources Limited
p.8
unresolved
org
Gold Tbk.
p.8 ×2
unresolved
org
PT Banyan Mas
p.8 ×2
unresolved
org
PT Tri Wahana
p.8
unresolved
org
PT Nusa Raya Infrastructure
p.8
unresolved
org
Cipta Tbk.
p.8
unresolved
org
Mustika Tbk.
p.8
unresolved
org
Infrastructure Tbk.
p.8 ×2
unresolved
org
PT Etika Karya
p.8
unresolved
org
PT Mitra Listrik Gorontalo
p.8
unresolved
org
Natural Resources Mustika Tbk.
p.8
unresolved
org
PT Lintas Marga
p.8 ×2
unresolved
org
Provident Agro Tbk.
p.8 ×6
unresolved
org
PT Provident
p.8 ×2
unresolved
org
Agro Tbk.
p.8
unresolved
org
Copper Gold Tbk.
p.8
unresolved
org
Aneka Gas Industri Tbk.
p.8 ×4
unresolved
org
PT Mulia Bosco
p.9
unresolved
org
PT Deltomed
p.9 ×2
unresolved
org
PT Aneka Gas
p.9
unresolved
org
Industri Tbk.
p.9
unresolved
org
PT Famon Awal
p.9
unresolved
org
PT Pulau Seroja
p.9
unresolved
org
PT Batu Hitam
p.9
unresolved
org
PT Famon Awal Jaya
p.9
unresolved
org
Bros Sedaya Tbk.
p.9
unresolved
org
PT Medco Power
p.9
unresolved
org
Indonesia Agro Tbk.
p.9
unresolved
org
PT Zulu Alpha Papa
p.17 ×2
unresolved
org
PT Mulia Bosco Logistik
p.17 ×2
unresolved
org
PT Merdeka Copper
p.20
unresolved
org
PT Mitra Pinasthika
p.20
unresolved
org
Business Outlook Mustika Tbk.
p.20
unresolved
org
PT Huaneng Metal Industry
p.24
unresolved
org
PT ESG New Energy Material
p.24
unresolved
org
PT Kayan
p.24
unresolved
person
KHN
p.24
unresolved
org
PT Kayan Patria
p.24
unresolved
org
PT Merdeka
p.24 ×2
unresolved
org
Battery Materials Tbk.
p.24 ×2
unresolved
org
Amperex Co. Ltd.
p.24
unresolved
org
KCC Glass Corporation
p.25 ×2
unresolved
org
Annual Report Companies Bersama Digital Asia Infrastructure Pte. Ltd.
p.26
unresolved
org
PT PCDC Propco One AtriaDC
p.26
unresolved
org
PT Zulu Alpha Papa BDDC's
p.26
unresolved
org
PT Xurya Daya Indonesia
p.26
unresolved
org
Karya 15th
p.28
unresolved
—
Investor.relations@saratoga-investama.com
p.28
unresolved
—
Business Lines According to Articles of Association
p.28
unresolved
org
1. To carry on activities of holding company where
p.28
unresolved
org
main activity is ownership and/or control of assets
p.28
unresolved
org
2. To carry out other management consulting activities
p.28
unresolved
—
where the main activities (as relevant) are:
p.28
unresolved
—
a. to provide assistance with advices, guidance
p.28
unresolved
—
business operation and other organizational
p.28
unresolved
—
managerial issues, such as strategic
p.28
unresolved
—
organizational planning, decisions relating to
p.28
unresolved
org
PT Cakrawala
p.31
unresolved
org
PT Indivara Sejahtera Mandiri
p.31
unresolved
org
PT TPS Consulting Indonesia
p.31
unresolved
person
Prof. Sidharta
· Commissioner
p.32 ×5
unresolved
org
Roosdiono & Partners
p.32
unresolved
org
Bank Indonesia
p.32
unresolved
org
PT MGM Bosco
p.33
unresolved
org
Energy Indonesia Tbk.
p.33
unresolved
org
PT Samator Indo
p.33
unresolved
org
Gas Tbk
p.33
unresolved
org
PT Paiton Energy
p.33
unresolved
org
Xurya Pte. Ltd.
p.33
unresolved
org
PT Deltomed Laboratories
p.33
unresolved
org
PT City Vision. Pepperdine University
p.33
unresolved
org
PT UNITRAS
p.34
unresolved
org
UNITRAS
50.00% | PERTAMA
p.34
unresolved
org
PT Agro Maju Raya Report BHA
p.35
unresolved
org
PT Bumi Hijau Asri CITY VISION
p.35
unresolved
org
PT City Vision DELTOMED
p.35
unresolved
org
PT Deltomed Laboratories FOREST CARBON
p.35
unresolved
org
PT Hijau Energi Bersama JULO
p.35
unresolved
org
PT Julo Teknologi Finansial Performance MBL
p.35
unresolved
org
PT Mulia Bosco Logistik Portfolio MDKA
p.35
unresolved
org
PT Momenta Agrikultura
p.35
unresolved
org
Sihayo Gold Limited
p.35
unresolved
org
PT Zulu Alpha Papa Profile Management Discussion
p.35
unresolved
—
As of January 1, 2023
p.36 ×2
unresolved
org
PT Pandu Dian Pertiwi
· Commissioner
p.37
unresolved
org
PT Trimitra Utama Selaras Joyce Soeryadjaya Kerr
p.37
unresolved
org
PT Pandu Dian Pertiwi Management
p.37
unresolved
org
PT Trimitra Utama Selaras Report Indra Cahya Uno
p.37
unresolved
org
PT Wahana
p.39
unresolved
org
PT Interra Indo SUBSIDIARY
p.39
unresolved
org
PT Wana Bhakti Sukses
p.39
unresolved
org
PT Trimitra Karya Jaya
p.39 ×2
unresolved
org
PT Surya Nuansa Ceria
p.39 ×2
unresolved
org
PT Lintas Indonesia SUBSIDIARY
p.39
unresolved
org
NOTARY KAP Siddharta Widjaja & Rekan
p.39
unresolved
org
Siddharta Widjaja
p.39
unresolved
org
PT Datindo Entrycom
p.39
unresolved
person
Jose Dima Satria
p.39 ×5
unresolved
org
Ministry of Law
p.39
unresolved
person
Harry Widjaja
p.39
unresolved
—
Arif Qasimi Al
· Chief Financial
p.42
unresolved
person
Mitra Pinasthika Mulia
· Director
p.42
unresolved
org
IN DIGITAL TECHNOLOGY ENTITIES Fuse B Holding Ltd.
p.46
unresolved
org
Interra Resources Limited
p.47
unresolved
org
PT Adaro Strategic Capital
p.47 ×4
unresolved
org
PT Adaro Strategic Lestari. Cash
p.47
unresolved
org
Financial Services Authority
p.54
unresolved
person
Jose Dimas Satria
p.59 ×2
unresolved
org
Sedaya Tbk
p.60 ×2
unresolved
org
Minister of Law and Human Rights
p.62
unresolved
—
Joyce S. Kerr
p.63 ×4
unresolved
org
Pte. Ltd.
p.65
unresolved
org
SARA TOGA INVESTAMA SEDA YA Tbk
p.99 ×2
unresolved
org
PT Unitras Pertama. Pemegang
p.108
unresolved
person
Joyce Soeryadjaya Kerr
· Komisaris
p.108 ×10
unresolved
org
PT Nugraha Eka Kencana
p.109 ×3
unresolved
org
PT Bumi Hijau Asri
p.109
unresolved
org
PT Wana Bhakti Sukses Mineral
p.109 ×3
unresolved
org
PT Lintas Indonesia Sejahtera
p.109
unresolved
org
PT Interra Indo Resources
p.109 ×2
unresolved
org
PT Sukses Indonesia
p.109
unresolved
org
PT Sarana Asri
p.109
unresolved
org
PT Mulia Gunung Mas
p.140 ×2
unresolved
org
PT Mulia Bosco Utama
p.140 ×2
unresolved
org
PT Adaro Strategic Lestari
p.140 ×2
unresolved
org
PT Mulia Gunung Mas Penghasilan
p.140
unresolved
org
PT Mulia Bosco Utama Pendapatan
p.140
unresolved
org
PT Adaro Strategic Lestari Bersama Digital Infrastructure Asia
p.140
unresolved
org
Provident Investai Provident Investasi Bersama Tbk
p.140 ×2
unresolved
org
PT DBS Indonesia
p.149
unresolved
org
Siddharta Widjaja & Rekan
p.150 ×2
unresolved
org
KPMG International Limited
p.150
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