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PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 1
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Tentang Laporan Tahunan PT Adhi Commuter Properti Tbk Tahun 2025
About The 2025 Annual Report of PT Adhi Commuter Properti Tbk
Melalui Laporan Tahunan 2025 ini, PT Adhi Commuter Through this 2025 Annual Report, PT Adhi Commuter
Properti Tbk menegaskan arah strategis Perseroan untuk Properti Tbk reaffirms the Company’s strategic direction to
memperkuat kinerja, menjaga keberlanjutan usaha, dan strengthen performance, maintain business sustainability,
menciptakan nilai jangka panjang bagi para pemangku and create long-term value for its stakeholders.
kepentingan.
Dengan mengusung tema “Resilience in Transition”, Under the theme “Resilience in Transition”, the Company
Perseroan menempatkan ketahanan, transformasi, places resilience, transformation, and disciplined
dan disiplin eksekusi sebagai landasan utama dalam execution at the core of its response to business
merespons dinamika usaha, perubahan pasar, dynamics, market changes, regulatory developments,
perkembangan regulasi, perubahan ekspektasi publik, shifting public expectations, and the increasingly complex
serta tuntutan pemangku kepentingan yang semakin demands of stakeholders.
kompleks.
Dalam laporan ini, PT Adhi Commuter Properti Tbk In this report, PT Adhi Commuter Properti Tbk may
selanjutnya dapat disebut sebagai “Perseroan” dan/atau hereinafter be referred to as the “Company” and/or
“ADCP”, yaitu entitas yang menjalankan kegiatan usaha “ADCP,” an entity engaged in Property, Real Estate, and
di bidang Properti, Real Estate, dan Pengelolaan Hotel. Hotel Management. All financial information in this Annual
Seluruh informasi keuangan dalam Laporan Tahunan ini Report is presented in Rupiah.
disajikan dalam mata uang Rupiah.
Sebagai instrumen akuntabilitas korporasi, Laporan As an instrument of corporate accountability, this Annual
Tahunan ini memuat gambaran menyeluruh mengenai Report provides a comprehensive overview of the
identitas Perseroan, ikhtisar kinerja, analisis dan Company’s identity, performance highlights, management
pembahasan manajemen, tata kelola perusahaan, discussion and analysis, corporate governance, risk
pengelolaan risiko, pengembangan sumber daya, management, resource development, stakeholder
tanggung jawab terhadap pemangku kepentingan, responsibility, and business prospects developed based
serta prospek usaha yang dirancang berdasarkan on the Company’s strategic considerations.
pertimbangan strategis Perseroan.
Melalui struktur penyajian tersebut, Perseroan berupaya Through this reporting structure, the Company seeks to
memberikan pemahaman yang utuh mengenai provide a complete understanding of its business condition,
kondisi usaha, hasil operasional, posisi keuangan, operating results, financial position, policy effectiveness,
efektivitas kebijakan, respons atas tantangan, rencana response to challenges, development plans, and growth
pengembangan, dan arah pertumbuhan yang ditempuh direction pursued during the reporting year. Accordingly,
selama tahun pelaporan. Dengan demikian, laporan ini this report not only records achievements, but also
tidak hanya merekam capaian, tetapi juga menjelaskan explains the cause-and-effect relationship between the
hubungan sebab akibat antara kebijakan, pelaksanaan Company’s policies, programme implementation, and
program, dan hasil yang diperoleh Perseroan. results achieved.
Berdasarkan ketentuan yang berlaku, Laporan In accordance with the prevailing requirements, this
Tahunan ini disusun sesuai dengan SEOJK Nomor 16/ Annual Report has been prepared in line with SEOJK
SEOJK.04/2021. Sejalan dengan komitmen transparansi, No. 16/SEOJK.04/2021. In support of its commitment to
Perseroan menyediakan akses terhadap laporan ini transparency, the Company provides access to this report
melalui situs resmi www.adcp.co.id. through its official website at www.adcp.co.id.
2 2025 Laporan Tahunan
Annual Report
PT Adhi Commuter Properti Tbk
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Sanggahan dan Batasan Tanggung Jawab
Disclaimer and Limitation of Liability
Laporan Tahunan 2025 PT Adhi Commuter Properti Tbk 2025 Annual Report of PT Adhi Commuter Properti Tbk
(“Perseroan”) disusun berdasarkan Peraturan Otoritas (the “Company”) has been prepared in accordance
Jasa Keuangan No. 29/POJK.04/2016 tentang Laporan with Financial Service Authority Regulation No. 29/
Tahunan Emiten atau Perusahaan Publik dan Peraturan POJK.04/2016 concerning Annual Reports of Issuers
Otoritas Jasa Keuangan No. 51/POJK.03/2017 tentang or Public Companies and Financial Service Authority
Penerapan Keuangan Berkelanjutan bagi Lembaga Jasa Regulation No. 51/POJK.03/2007 concerning the
Keuangan, Emiten, dan Perusahaan Publik. Muatan implementation of sustainable finance for financial service
laporan ini juga mengacu pada Surat Edaran Otoritas institutions, issuers, and public companies. The content of
Jasa Keuangan No. 16/SEOJK.04/2021 tentang Bentuk this report also refers to Financial Service Authority Circular
dan Isi Laporan Tahunan Emiten atau Perusahaan Publik. Letter No. 26/SEOJK.04/2021 regarding the Form and
Content of Annual Report of Issuers or Public Companies.
Laporan Tahunan ini memuat informasi mengenai This Annual Report contains information regarding the
kinerja Perseroan untuk periode 1 Januari 2025 sampai Company’s performance for the period from January
dengan 31 Desember 2025, termasuk informasi terkait 1, 2025 to December 31, 2025, including information
aspek keuangan, aspek manajemen, dan tata kelola related to financial aspects, management aspects, and
perusahaan. Dalam batas tertentu, laporan ini juga corporate governance. In a certain extent, this report
menyajikan data komparatif dengan tahun sebelumnya also presents comparative data with the previous year as
serta informasi prospektif yang disusun berdasarkan well as forward-looking information prepared based on
asumsi dan pertimbangan yang wajar pada saat laporan reasonable assumptions and considerations at the time
ini diterbitkan. of this report’s publication
Informasi prospektif dalam Laporan Tahunan ini Prospective information in this Annual Report includes
mencakup kondisi keuangan, hasil operasi, proyeksi, the Company’s financial condition, operating results,
rencana, strategi, kebijakan, tujuan, dan prospek usaha projections, plans, strategies, policies, objectives, and
Perseroan, selain informasi historis. Informasi tersebut business prospects, in addition to historical information.
disusun berdasarkan asumsi yang relevan pada saat This information is prepared based on relevant
pelaporan, namun tetap mengandung risiko dan assumptions at the time of reporting, but it still contains
ketidakpastian yang dapat menyebabkan hasil aktual risks and uncertainties that could cause actual results to
berbeda secara material. differ materially.
Perbedaan tersebut dapat dipengaruhi oleh berbagai faktor, Such differences may be influenced by various factors,
termasuk namun tidak terbatas pada dinamika pasar, including but not limited to market dynamics, regulatory
perubahan regulasi, kondisi ekonomi, perkembangan changes, economic conditions, industry developments,
industri, serta faktor lain di luar kendali Perseroan. Oleh and other factors beyond the Company’s control.
karena itu, Perseroan tidak memberikan representasi atau Therefore, the Company makes no representation or
jaminan atas tercapainya hasil, kinerja, kondisi, dan/atau warranty regarding the achievement of specific results,
prospek tertentu untuk digunakan sebagai satu-satunya performance, conditions, and/or prospects to be used as
dasar dalam pengambilan keputusan. the sole basis for decision-making.
Dalam Laporan Tahunan ini, istilah “Perusahaan” In this Annual Report, the terms “Company” and
dan “Perseroan” mempunyai arti yang sama, yaitu “the Company” have the same meaning, namely
PT Adhi Commuter Properti Tbk. Laporan Tahunan 2025 PT Adhi Commuter Properti Tbk. This 2025 Annual Report
ini disajikan dalam Bahasa Indonesia dan Bahasa Inggris is presented in Indonesian and English and is available
serta tersedia melalui situs resmi Perseroan di on the Company’s official website at
www.adcp.co.id. www.adcp.co.id.
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 3
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4 2025 Laporan Tahunan
Annual Report
PT Adhi Commuter Properti Tbk
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Tema Laporan Tahunan
Theme of Annual Report
RESILIENCE IN TRANSITION
Ketangguhan dalam Masa Transisi
Perseroan mengarahkan fokus tahun 2025 dari The Company is shifting its focus for 2025 from
penguatan fondasi pertumbuhan berkelanjutan menuju strengthening the foundations for sustainable growth to
pemulihan disiplin kinerja dan aktivasi nilai kawasan, restoring performance discipline and activating regional
karena tekanan pendapatan dan margin pada 2025 value, as revenue and margin pressures in the first half of
menuntut respons yang terukur dan bertanggung jawab. 2025 demand a measured and responsible response. The
Perseroan konsisten menekankan pembangunan Company consistently emphasizes building foundations,
fondasi, ketahanan dan akselerasi monetisasi agar resilience, and accelerating monetization so that these
fondasi tersebut benar-benar berdampak pada kinerja foundations have a real impact on long-term performance.
jangka panjang.
Pemulihan tersebut dijalankan melalui penyehatan struktur This recovery is being carried out through the restructuring
pembiayaan dan pengamanan ruang waktu eksekusi, of financing and securing execution time, including
termasuk perpanjangan jatuh tempo obligasi melalui Rapat extending bond maturities through a Bondholders’ Meeting
Umum Pemegang Obligasi (RUPO) yang memberikan (RUPO), which provides cash flow management flexibility
kelonggaran pengelolaan arus kas tanpa menaikkan beban without increasing interest expenses. The company
bunga. Perseroan juga memperkuat konsistensi keputusan also strengthens the consistency of corporate decisions
korporasi melalui mekanisme tata kelola, sehingga transisi through governance mechanisms, so that the transition
dijaga tetap terkendali dan dapat dipertanggungjawabkan remains controlled and accountable to shareholders and
kepada pemegang saham serta publik. the public.
Selanjutnya, Perseroan memulihkan kualitas eksekusi Furthermore, the Company restored the quality of
melalui realisasi yang bersifat tangible dan dapat execution through tangible and traceable realizations,
ditelusuri, termasuk percepatan legalisasi/serah-terima including accelerating legalization/handover through AJB
melalui AJB untuk memperkuat kepastian bagi konsumen. to strengthen certainty for consumers. The Company also
Perseroan juga mengaktifkan ekosistem kawasan melalui activated the regional ecosystem by strengthening value-
penguatan fasilitas dan layanan bernilai tambah, termasuk added facilities and services, including the development of
pengembangan layanan hospitality Stay-G dan Stay-G hospitality services and strengthening commercial
penguatan kolaborasi komersial di kawasan, sehingga collaboration in the region, so that regional utilization and
utilisasi kawasan dan sumber nilai berulang dapat recurring value sources can be gradually increased.
ditingkatkan secara bertahap.
Melalui tema “Resilience in Transition”, Through the theme “Resilience in Transition,” the Company
Perseroan menegaskan komitmen untuk memulihkan affirms its commitment to restoring performance resilience
ketahanan kinerja melalui disiplin pembiayaan, tata through financing discipline, consistent governance, and
kelola yang konsisten, dan eksekusi yang lebih terukur, more measurable execution, so that the transition from
sehingga transisi dari fondasi menuju aktivasi nilai dapat foundation to value activation can take place without
berlangsung tanpa kehilangan arah dan nilai utama losing the Company’s direction and core values.
Perseroan.
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 5
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Kesinambungan Tema
Theme Continuity
Empowering Sustainable
Growth for Greater Future
2024
Dengan memberdayakan pertumbuhan By empowering sustainable growth
berkelanjutan untuk menciptakan to create a better future, ADCP
masa depan yang lebih baik, ADCP demonstrates its commitment to
menunjukkan komitmennya untuk environmental and social sustainability in
memperhatikan keberlanjutan lingkungan formulating its strategies. By engaging all
dan sosial dalam menyusun strateginya. operational elements and stakeholders,
Dengan melibatkan seluruh elemen the Company is committed not only to
operasional dan pemangku kepentingan, focusing on current success but also to
Perseroan berkomitmen untuk tidak building a strong foundation for a better
hanya memfokuskan pada kesuksesan future for future generations.
saat ini, melainkan juga membangun
fondasi yang kuat untuk masa depan
yang lebih baik bagi generasi mendatang.
Building Harmony
to Empower the Future
2023
Tren pembangunan sarana transportasi The enhancement trend of mass public
umum secara massal yang kian transportation development is a defining
meningkat menjadi faktor pendorong factor for residential development with
dalam pengembangan hunian dengan the Transit Oriented Development(TOD)
konsep Transit Oriented Development concept. It is believed that this
(TOD). Konsep inovatif yang innovative concep twhich integrates
mengintegrasikan pengelolaan ruang space management would accelerate
tersebut dinilai mampu mengakselerasi the Company’s performance and
kinerja Perseroan serta menciptakan create harmony in each lifeaspect. As
harmoni dalam berbagai aspek the developer of transportation-based
kehidupan. PT Adhi Commuter Properti business property, PT Adhi Commuter
Tbk sebagai pengembang properti Properti Tbk is continuously steadying
berbasis transportasi senantiasa steps to accelerate the development of
memantapkan langkah dalam connected TOD. Entering the new era of
mempercepat pengembangan TOD transportation, the Company is optimistic
terkoneksi. Memasuki era baru dalam about growth opportunities while creating
transportasi ini, Perseroan optimis harmony to support a sustainable future.
akan peluang pertumbuhan seraya
menciptakan harmoni yang mendukung
masa depan berkelanjutan.
6 2025 Laporan Tahunan
Annual Report
PT Adhi Commuter Properti Tbk
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Daftar Isi
Table of Content
2 Tentang Laporan Tahunan 2025 5 Tema Laporan Tahunan
PT Adhi Commuter Properti Tbk Theme of Annual Report
About The 2025 Annual Report of
6 Kesinambungan Tema
PT Adhi Commuter Properti Tbk
Theme Continuity
3 Sanggahan dan Batasan Tanggung Jawab
7 Daftar Isi
Disclaimer and Limitation of Liability
Table of Content
Ikhtisar
Kinerja
Performance Highlights 1
12 Kilas Kinerja 2025 18 Penghentian Sementara Perdagangan Saham
2025 Performance Highlights (Suspension), dan/atau Penghapusan Pencatatan
Saham (Delisting)
16 Ikhtisar Saham Information on Suspension and/or Delisting
Share Highlights
17 Informasi Aksi Korporasi 19 Penghargaan & Sertifikasi
Information On Corporate Action Awards And Certification
18 Ikhtisar Obligasi, Sukuk, atau Obligasi Konversi 20 Peristiwa Penting 2025
yang Masih Beredar Significant Events
Summary Of Bonds, Sharia Bonds, Or Convertible Bonds
Outstanding
Laporan
Manajemen
Management Report 2
30 Laporan Direksi 42 Laporan Dewan Komisaris
The Board of Directors’ Report The Board of Commissioner’s Report
Profil
Perusahaan
Company Profile 3
52 Informasi Umum 77 Profil Pejabat Eksekutif
General Information Exclusive Officers Profile
54 Riwayat Singkat Perseroan 83 Demografi dan Pengembangan Kompetensi Pegawai
Company In Brief Employee Demography and Compentence Development
56 Informasi Logo Perusahaan 92 Struktur Grup Perusahaan
Information Of Company Logo Corporate Group Structure
58 Jejak Langkah Perusahaan 93 Informasi Pemegang Saham
Corporate Milestones Information on Shareholder
60 Kegiatan dan Bidang Usaha 97 Kronologi Penerbitan dan Pencatatan Efek Lainnya
Activity and Line of Business Chronology of Other Securities Issuance and Listing
64 Wilayah Operasional 99 Entitas Anak dan Asosiasi
Operational Areas Subsidiaries and Associates
66 Visi, Misi, dan Nilai-Nilai Perusahaan 101 Keanggotaan dalam Asosiasi
Vision, Mission, and Corporate Values Association Membership
68 Struktur Organisasi 101 Informasi pada Situs Web Perusahaan
Organization Structure Information on Company Website
70 Profil Dewan Komisaris 102 Informasi Akuntan Publik
Board of Commissioners’ Profile Information Public Accounting
74 Profil Direksi 103 Lembaga dan/atau Profesi Penunjang Pasar Modal
Board of Directors’ Profile Selain AP dan KAP
Institutions and/or Professions Supporting the Capital Market
Other than AP and KAP
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 7
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Analisis dan Pembahasan
Manajemen
Management Discussion and Analysis 4
106 Tinjauan Ekonomi Global dan Nasional 131 Prospek Usaha
Global and National Economic Review Business Outlook
111 Tinjauan Operasi Per Segmen Usaha 133 Aspek Pemasaran
Operation Overview Per Business Segment Marketing Aspect
115 Tinjauan Keuangan 136 Kebijakan dan Pembagian Dividen
Financial Review Dividend Policy and Distribution
116 Laporan Posisi Keuangan Konsolidasian 137 Penggunaan Dana Hasil Penawaran Umum
Report of Consolidated Financial Position Use of Proceeds from Public Offering
121 Laporan Laba (Rugi) dan Penghasilan Komprehensif 137 Kontribusi Terhadap Negara
Lain Konsolidasian Contribution to The Government
Consolidated Statement of Profit (Loss) and Other
138 Program Kepemilikan Saham oleh Karyawan dan/atau
Comprehensive Income
Manajemen (MESOP)
123 Laporan Arus Kas Konsolidasian Employee and/or Management Stock Ownership Program
Operation Overview Per Business Segment (MESOP)
124 Kemampuan Membayar Hutang dan Tingkat Kolektibilitas 139 Informasi Material Mengenai Investasi, Ekspansi,
Piutang Perusahaan Divestasi, Penggabungan/ Peleburan Usaha, Akuisisi,
Company’s Ability to Pay Debt and Collectibility Rate on dan Restrukturisasi Utang/Modal
Receivable Material Information Regarding Investment, Expansion,
126 Struktur Modal dan Kebijakan Struktur Modal Divestment, Mergers/Consolidations, Acquisitions, and Debt/
Capital Structure and Capital Structure Policy Capital Restructuring
140 Informasi Transaksi Material yang Mengandung Benturan
128 Ikatan yang Material untuk Investasi Barang Modal
Material Commitment for Capital Investment
Kepentingan dan/atau Transaksi Dengan Pihak Afiliasi
Material Transactions Involving Conflicts of Interest and/or
128 Realisasi Investasi Barang Modal Transactions with Related Parties
Realization in Capital Investment 144 Perubahan Peraturan Perundang-Undangan yang
128 Dampak Nilai Mata Uang Asing Bagi Perusahaan Berdampak pada Perseroan
Impact of Foreign Currency Exchange on The Company Regulatory Changes Impacting The Company
145 Perubahan Kebijakan Akuntansi yang Ditetapkan
129 Pencapaian Target Tahun 2024 dan Proyeksi Tahun 2025
2024 Target Achievement and 2025 Projections
Perseroan
Changes in Accounting Policies Implemented by The Company
130 Informasi dan Fakta Material yang Terjadi Setelah
Tanggal Laporan Akuntan
Information and Material Facts Occurred after the Date of the
Accountant’s Report
Tata Kelola
Perusahaan
Good Corporate Governance 5
147 Penerapan Tata Kelola Perusahaan 256 Komite Lain Dimiliki Perusahaan
Implementation of Corporate Governance Other Committees Owned By The Company
153 Rapat Umum Pemegang Saham (RUPS) 259 Sekretaris Perusahaan
General Meeting of Shareholder (GMS) Corporate Secretary
171 Direksi 265 Satuan Pengawasan Internal
Board of Directors Internal Audit Unit
187 Dewan Komisaris 276 Akuntan Publik
Board of Commissioners Public Accountant
214 Nominasi dan Remunerasi Direksi dan Dewan 279 Sistem Pengendalian Internal Perseroan
Komisaris The Company’s Internal Control System
Nomination and Remuneration of the Board of Directors and 285
Board of Commissioners
Sistem Manajemen Risiko
Risk Management System
221 Dewan Pengawas Syariah 293 Perkara Hukum yang Berdampak Material
Sharia Supervisory Board
Legal Matters with Material Impact
222 Komite Audit 294 Sanksi Administratif
Audit Committee
Administrative Sanctions
235 Komite Nominasi dan Remunerasi
295 Kode Etik
Nomination and Remuneration Committee
Code of Conduct
246 Komite Pemantau Risiko
Risk Monitoring Committee
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299 Kebijakan Pemberian Kompensasi Jangka Panjang 315 Kebijakan Gratifikasi
Berbasis Kinerja kepada Manajemen dan/atau Gratuity Policy
Karyawan 319 Kebijakan Pengadaan Barang dan Jasa
Long-Term Compensation Policy Based on Performance for Goods and Services Procurement Policy
Management and/or Employees
323 Laporan Harta Kekayaan Penyelenggara Negara
302 Kebijakan Pengungkapan Informasi Kepemilikan
(LHKPN)
Saham Anggota Direksi dan Anggota Dewan Komisaris State Administrators Wealth Report (LHKPN)
Disclosure Policy of Information on Share Ownership of
Members of the Board of Directors and Members of the Board 324 Transparansi Praktek Bad Governance
of Commissioners Transparency of Bad Governance Practices
305 Kebijakan Terkait Aktivitas Politik dan Sosial 326 Penerapan atas Pedoman Tata Kelola Perusahaan
Policy on Political and Social Activities Implementation of Corporate Governance Guidelines
306 Sistem Pelaporan Pelanggaran 330 Akses Informasi dan Data Perseroan
Whistleblowing System Access to Company Information and Data
313 Kebijakan Anti Korupsi
Anti-Corruption Policy
Tanggung Jawab
Sosial Perusahaan
Corporate Social Responsibility 6
336 Tanggung Jawab Sosial dan Lingkungan (TJSL)
Corporate Social and Environmental Responsibility
340 Surat Pernyataan Anggota Direksi 344 Referensi SEOJK Nomor 16/SEOJK.04/2021:
tentang Tanggung Jawab atas Laporan Tahunan Bentuk dan Isi Laporan Tahunan Emiten atau
PT Adhi Commuter Properti Tbk Tahun 2025 Perusahaan Publik
Statement of Members of the Board of Directors Regarding SEOJK Reference Number 16/SEOJK.04/2021: Form and
Responsibility for the 2025 Annual Report of Content of the Annual Report of Issuers or Public Companies
PT Adhi Commuter Properti Tbk Laporan Keuangan Konsolidasian
361
341 Surat Pernyataan Anggota Dewan Komisaris Consolidated Financial Statements
tentang Tanggung Jawab atas Laporan Tahunan
PT Adhi Commuter Properti Tbk Tahun 2025
Statement of Members of the Board of Commissioners
regarding Responsibility for the 2025 Annual Report of
PT Adhi Commuter Properti Tbk
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 9
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Ikhtisar Kinerja Performance Highlights 1
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Ikhtisar Kinerja
Performance Highlights
Kilas Kinerja 2025
2025 Performance Highlights
Laporan Laba (Rugi) dan Penghasilan Komprehensif Lain Konsolidasian
Consolidated Statements of Profit (Loss) and Other Comprehensive Income
(Disajikan dalam jutaan Rupiah | Expressed in millions of Rupiah)
Uraian
2025 2024* 2023
Description
Pendapatan Usaha
197.344 300.317 651.959
Revenues
Beban Pokok Pendapatan
(148.693) (207.910) (480.307)
Cost of Revenues
Laba Kotor
48.651 92.407 171.652
Gross profit
Beban Usaha
Operating Expenses
Beban Umum dan Administrasi
(38.555) (36.309) (36.549)
Operating Expenses
Beban Pajak Final
(2.035) (4.365) (13.497)
Final Tax Expeses
Pendapatan (Beban) lain-lain - Bersih
(1.942.082) 10.941 9.866
Other Income (Charges) - net
Laba (Rugi) Sebelum Beban Keuangan
(1.934.021) 62.674 131.472
Profit (Loss)
Beban Keuangan
(172.147) (18.625) (14.233)
Financial Cost
Laba (Rugi) Sebelum Pajak
(2.106.168) 44.049 117.239
Profit (loss) Before Financial Charges
Beban Pajak Penghasilan
Income Tax Expenses
Pajak Penghasilan Tangguhan (nilai penuh)
(1.046) (1.846) (1.073)
Deferred Income Tax (full amount)
Pajak Penghasilan Kini
- - -
Current Income Tax
Laba (Rugi) Tahun Berjalan
(2.107.214) 42.203 116.165
Net Income for the Year
Penghasilan Komprehensif Lain
- - -
Other Comprehensive Income
Jumlah Laba (Rugi) Komprehensif Tahun Berjalan
(2.107.214) 42.203 116.165
Total Comprehensive Income for the Year
Laba (Rugi) Komprehensif Tahun Berjalan yang Diatribusikan kepada:
Net Profit (Loss) for the Year Attributable to:
Pemilik Entitas Induk
(2.107.205) 42.203 116.165
Owner of the Parent Entity
Kepentingan Non-Pengendali (nilai penuh)
(8.289.201) 44.401 0
Non-Controlling Interest (full amount)
Laba (Rugi) Komprehensif Tahun Berjalan yang Diatribusikan kepada:
Net Profit (Loss) for the Year Attributable to:
Pemilik Entitas Induk
(2.107.205) 42.203 116.165
Owner of the Parent Entity
Kepentingan Non-Pengendali (nilai penuh)
(8.289.201) 44.401 0
Non-Controlling Interest (full amount)
Laba (Rugi) Bersih per Saham Dasar (nilai penuh)
(94,82) 1,90 5,23
Net Profit (Loss) per Share (full amount)
*) Disajikan Kembali
*) As Restated
12 2025 Laporan Tahunan Annual Report
PT Adhi Commuter Properti Tbk
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Laporan Posisi Keuangan Konsolidasian
Consolidated Statements of Profit (Loss) and Other Comprehensive Income
(Disajikan dalam jutaan Rupiah | Expressed in millions of Rupiah)
Uraian 2025 2024* 2023*
Description
Aset
Assets
Aset Lancar
2.479.199 3.808.694 3.593.376
Current Assets
Aset Tidak Lancar
2.572.520 3.174.727 3.213.174
Non-Current Assets
Total Aset
5.051.719 6.983.421 6.806.551
Total Assets
Liabilitas dan Ekuitas
Liabilities and Equity
Libilitas Jangka Pendek
2.685.878 2.833.472 2.835.272
Current Liabilities
Libilitas Jangka Panjang
1.948.126 1.625.019 1.488.552
Non-Current Liabilities
Total Liabilitas
4.634.003 4.458.491 4.323.824
Total Liabilities
Ekuitas
417.716 2.524.930 2.482.727
Equity
Jumlah Liabilitas dan Ekuitas
5.051.719 6.983.421 6.806.551
Total Liabilities and Equity
*) Disajikan Kembali Dalam jutaan Rupiah, In millions Rupiah
*) As Restated
Laporan Arus Kas Konsolidasian
Consolidated Statements of Cash Flow
(Disajikan dalam jutaan Rupiah | Expressed in millions of Rupiah)
Uraian 2025 2024* 2023
Description
Arus Kas dari Aktivitas Operasi
(11.451) (64.795) 1.957
Cash Flow from Operating Income
Arus Kas dari Aktivitas Investasi
96.739 (128.061) (75.216)
Cash Flow from Investing Income
Arus Kas dari Aktivitas Pendanaan
(92.508) (55.434) 330.084
Cash Flow from Financing Income
Kenaikan (Penurunan) Bersih Kas dan Setara Kas
(7.220) (248.290) 256.825
Net Increase (Decrease) in Cash and Cash Equivalent
Kas dan Setara Kas pada Awal Tahun
35.405 283.694 26.870
Cash and Cash Equivalents at the Beginning of the Year
Kas dan Setara Kas pada Akhir Tahun
28.185 35.405 283.694
Cash and Cash Equivalents at the End of the Year
*) Disajikan Kembali
*) As Restated
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 13
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Ikhtisar Kinerja
Performance Highlights
Rasio Keuangan
Financial Ratio
Uraian Satuan
2025 2024 2023
Description Unit
Laba (Rugi)/Jumlah Aset
% (41,7) 0,6 1,7
Profit (Loss)/Total Asets
Laba (Rugi)/Jumlah Ekuitas
% (504,5) 1,7 4,7
Profit (Loss)/Total Equity
Laba (rugi)/Pendapatan
% (1.067,8) 14,1 17,8
Profit (Loss)/Revenues
Rasio Lancar
% 92,3 134,4 133,3
Current Ratio
Jumlah Liabilitas/Jumlah Ekuitas
x 11,1 1,8 1,7
Total Liabilities/Total Equity
Jumlah Liabilitas/Jumlah Aset
x 0,9 0,6 0,6
Total Liabilities/Total Assets
Rasio Kas
% 1,1 6,5 11,0
Cash Ratio
Rasio Modal/Aktiva
% 8,3 38,4 38,8
Capital/Assets Ratio
Laba atas Investasi
% (41,7) 0,7 2,1
Return on Investment
Perputaran Total Aset
% 3,3 4,4 9,9
Total Assets Turnover
Periode Pengumpulan Piutang (hari)
36 34 33
Collection Period (days)
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Annual Report
PT Adhi Commuter Properti Tbk
Page 15
Pendapatan Usaha Laba Kotor
Revenues Gross Profit
651.959 300.317 197.344 171.652 92.407 48.651
2023 2024 2025 2023 2024 2025
Dalam jutaan Rupiah, In millions Rupiah Dalam jutaan Rupiah, In millions Rupiah
Pendapatan Operasional Segmen Properti Pendapatan Operasional Segmen Hotel
Income from Property Income from Hotel
535.506 170.338 69.258 115.361 128.910 125.049
2023 2024 2025 2023 2024 2025
Dalam jutaan Rupiah, In millions Rupiah Dalam jutaan Rupiah, In millions Rupiah
Pendapatan Operasional Segmen Sewa Jumlah Aset
Income from Rent Total Assets
1.092 1.069 3.037 6.806.551 6.983.421 5.051.719
2023 2024 2025 2023 2024 2025
Dalam jutaan Rupiah, In millions Rupiah Dalam jutaan Rupiah, In millions Rupiah
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 15
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Ikhtisar Kinerja
Performance Highlights
Ikhtisar Saham
Share Highlights
Komposisi Saham Share Composition
Perseroan secara resmi telah mencatatkan sahamnya The Company officially listed its shares on the Indonesia
pada Bursa Efek indonesia (BEI) dengan kode saham Stock Exchange (BEI) with the stock code ADCP on
ADCP pada 23 Februari 2022. Adhi Commuter Properti February 23, 2022. Adhi Commuter Properti offered a
menawarkan sejumlah 2.222.222.200 (dua miliar dua total of 2,222,222,200 (two billion two hundred twentytwo
ratus dua puluh dua juta dua ratus dua puluh dua ribu million two hundred twenty-two thousand two hundred)
dua ratus) lembar saham. shares.
Informasi Kepemilikan Saham oleh Publik Share Ownership Information by Public
Rincian kinerja saham Perseroan dalam 2 (dua) tahun Details of the Company’s stock performance in the last 2
terakhir dapat dilihat sebagai berikut: (two) years are as follows:
Informasi Kinerja Saham 2024-2025
Share Performance Information 2024-2025
Harga Volume
Harga Harga Harga Jumlah Saham Kapitalisasi Pasar
Tertinggi Perdagangan
Pembukaan (Rp/ Terendah (Rp/ Penutupan (Rp/ Beredar (lembar (dalam rupiah)
Periode (Rp/lembar (lembar
lembar saham) lembar saham) lembar saham) saham) Market
Periode saham) saham)
Opening Price Lowest Price Closing Price Total outstanding Capitalization
Highest Price Trading Volume
(Rp/share) (Rp/share) (Rp/share) shares (Share) (billions of Rupiah)
(Rp/share) (share)
2025
Kuartal I
50 51 50 50 22.222.222.200 11.637.500 1.111.111.110.000
Quarter I
Kuartal II
50 50 50 50 22.222.222.200 4.293.700 1.111.111.110.000
Quarter II
Kuartal III
53 75 50 59 22.222.222.200 6.005.197.200 1.311.111.109.800
Quarter III
Kuartal IV
60 65 51 57 22.222.222.200 2.416.983.900 1.266.666.665.400
Quarter IV
2024
Kuartal I
50 57 50 50 22.222.222.200 83.387.700 1.111.111.110.000
Quarter II
Kuartal II
50 50 50 50 22.222.222.200 3.708.567 1.111.111.110.000
Quarter II
Kuartal III
50 59 50 50 22.222.222.200 162.514.200 1.111.111.110.000
Quarter III
Kuartal IV
50 52 50 50 22.222.222.200 37.398.833 1.111.111.110.000
Quarter IV
16 2025 Laporan Tahunan
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PT Adhi Commuter Properti Tbk
Page 17
Informasi Aksi Korporasi
Information On Corporate Action
Di tahun 2025 Perseroan tidak melakukan aksi korporasi In 2025, the Company did not undertake any corporate
yang menyebabkan terjadinya perubahan saham, actions that resulted in changes to the shares, such as
seperti pemecahan saham (stock split), penggabungan stock splits, reverse stock, bonus shares, or changes in
saham (reverse stock) , saham bonus, serta perubahan the nominal value of shares. As the results, there is no
nilai nominal saham. Dengan demikian, tidak terdapat information regarding the execution date of corporate
informasi terkait tanggal pelaksanaan aksi korporasi, rasio actions, stock split ratio, reverse stock, bonus shares,
pemecahan saham (stock split), penggabungan saham the number of issued conversion securities, changes
(reverse stock), saham bonus, jumlah efek konversi in the nominal value of shares, the number of shares
yang diterbitkan, perubahan nilai nominal saham, jumlah outstanding before and after the corporate action, the
saham beredar sebelum dan sesudah aksi korporasi, number of conversion securities executed, and the stock
jumlah efek konversi yang dilaksanakan, dan harga price before and after the corporate action, which can be
saham sebelum dan sesudah aksi korporasi, yang dapat presented in this Annual Report.
disajikan dalam Laporan Tahunan ini.
Dividen Saham Share Dividend
Pembagian dividen saham untuk hasil usaha pada tahun The distribution of stock dividends for earnings in the
buku 2023 yang dilakukan pada tahun 2024 dan dividen fiscal year 2023, conducted in 2024, and the distribution
saham untuk hasil usaha pada tahun buku 2024 yang of stock dividends for earnings in the fiscal year 2024,
dibagikan pada tahun 2025 dapat dilihat sebagai berikut: distributed in 2025, can be seen as follows:
Uraian 2025 (Untuk Tahun buku 2024) 2024 (Untuk Tahun buku 2023)
Description 2025 (for 2024 financial year) 2024 (for 2023 financial year)
Jumlah Dividen yang Dibagikan
Total dividend distributed - -
Dividen Kas per Saham
- -
Cash Dividend per Share
Rasio Pembagian Dividen
- -
Dividend Distribution Ratio
Tanggal Pengumuman
- -
Announcement Date
Tanggal Pembayaran
- -
Payment Date
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 17
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Ikhtisar Kinerja
Performance Highlights
Ikhtisar Obligasi, Sukuk, atau Obligasi Konversi yang
Masih Beredar
Summary of Bonds, Sharia Bonds, or Convertible Bonds Outstanding
Suku Status
Jumlah Pokok Bunga Tanggal Jatuh Jatuh Peringkat
Uraian Denominasi Tenor Tahunan
Principal Tempo Tempo Obligasi
Description Denomination Tenor Annual
Amount Maturity Date Maturity Bond Rating
Rate Status
Obligasi II SERI B Tahun 2022 Rupiah Rp102,0 miliar 3 tahun 11% 24 Mei 2027 Belum jatuh Triple B
Series B Bond II of 2022 Rp102.0 billion 3 years May 24, 2027 tempo
Outstanding
Sukuk Ijarah Tanpa Penawaran Rupiah Rp233,3 miliar 8 tahun 0,72% 26 Oktober 2031 Belum jatuh Triple B
Umum Rp499,1 miliar 8 years October 26, 2031 tempo
• Nilai Beli Objek Outstanding
• Harga Pembelian Kembali Rp233,3 billion
Sukuk Ijarah Without Public Rp499.1 billion
Offering
• Acquisition cost
• Repurchase value
Obligasi III SERI A Tahun 2023 Rupiah Rp15,7 miliar 3 tahun 7,8% 8 Desember 2026 Belum jatuh idAAAcg
Series A Bond III of 2023 Rp15.7 billion 3 years December 8, 2026 tempo
Outstanding
Obligasi III SERI B Tahun 2023 Rupiah Rp484,2miliar 5 tahun 8,25% 8 Desember 2028 Belum jatuh idAAAcg
Series B Bond III of 2023 Rp484.2 billion 5 years December 8, 2028 tempo
Outstanding
Informasi Penghentian Sementara Perdagangan Saham
(Suspension) dan/atau Penghapusan Sementara Saham
(Delisting)
Information on Suspension and/or Delisting
Hingga 31 Desember 2025, Perseroan tidak pernah Until December 31, 2025, the Company has never been
dikenakan sanksi yang dapat berpengaruh terhadap subject to sanctions that could affect stock trading activities
aktivitas perdagangan saham di Bursa Efek tempat on the Stock Exchange where the Company’s shares
Perseroan mencatatkan saham dan memperdagangkan are listed and traded, including temporary suspension of
saham, baik penghentian sementara perdagangan stock trading (suspension) and/or cancellation of stock
saham (suspension) dan/atau pembatalan pencatatan listing (delisting). Thus, there is no information regarding
saham (delisting). Dengan demikian, tidak terdapat the impact of temporary suspension of stock trading
informasi terkait dampak dari penghentian sementara (suspension) and/or cancellation of stock listing (delisting)
perdagangan saham (suspension) dan/atau pembatalan that can be presented in this Annual Report.
pencatatan saham (delisting), yang dapat disajikan dalam
Laporan Tahunan ini.
18 2025 Laporan Tahunan
Annual Report
PT Adhi Commuter Properti Tbk
Page 19
Penghargaan & Sertifikasi
Awards And Certification
Sertifikasi
Certification
ISO 37001:2016 Sistem Manajemen Anti Penyuapan ISO 9001:2015 Sistem Manajemen Mutu
ISO 37001:2016 Anti-Corruption Management System ISO 9001:2015 Quality Management Systems
Diterbitkan oleh | Published by Diterbitkan oleh | Published by
URS URS
Masa Berlaku | Validity period Masa Berlaku | Validity period
25 Juli 2023 – 24 Juli 2026 7 Agustus 2022 – 24 Juni 2028
July 25, 2023 – July 24, 2026 August 7, 2022 – June 24, 2028
ISO 14001:2015 Sistem Manajemen Lingkungan (SML) ISO 45001:2018 Sistem Manajemen
ISO 14001:2015 Environmental Management Systems Kesehatan dan Keselamatan Kerja
ISO 45001:2018 Occupational Health and
Diterbitkan oleh | Published by Safety Management Systems
URS
Diterbitkan oleh | Published by
Masa Berlaku | Validity period URS
12 Agustus 2025 – 24 Juni 2028
August 12, 2025 – June 24, 2028 Masa Berlaku | Validity period
12 Agustus 2025 – 24 Juni 2028
Penghargaan August 12, 2025 – June 24, 2028
Awards
#3 Largest Realization BTN Sales Penghargaan Program
Center Kelapa Gading Pencegahan dan Penanggulangan HIV & AIDS di Tempat
Kerja 2025 dengan Pencapaian GOLD
Dari | From
2025 Workplace HIV & AIDS Prevention and Control
BTN Sales Center Program Award with a GOLD Achievement
Dari | From
Pemerintah Provinsi DKI Jakarta,
Dinas Tenaga Kerja Transmigrasi & Energi.
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 19
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Ikhtisar Kinerja
Performance Highlights
Peristiwa Penting 2025
Significant Events
Perjanjian Kerja Sama dengan Terra Cooperation Agreement with Terra
Charge Charge
Perseroan menandatangani Nota The Company signed a Memorandum
Kesepakatan dengan Terra Charge of Understanding with Terra Charge
sebagai langkah strategis untuk as a strategic step to support the
mendukung program Pemerintah dalam Government’s program in reducing carbon
9 Januari 2025 mengurangi emisi karbon. emissions.
January 9, 2025
Penandatanganan Akta Jual Beli LOT Signing the Deed of Sale for LOT SOHO
SOHO ACS ACS
PT Adhi Commuter Properti Tbk (ADCP) PT Adhi Commuter Properti Tbk (ADCP)
menandatangani Akta Jual Beli (AJB) signed a Deed of Sale for LOT SOHO in the
LOT SOHO di kawasan Adhi City Sentul Adhi City Sentul area with PT Jeca Karya
bersama PT Jeca Karya Bersama Bersama (JECA) as part of asset optimiza-
5 Februari 2025 (JECA) sebagai bagian dari optimalisasi tion and area development.
February 5, 2025 aset dan pengembangan kawasan.
Launching Jiva Carnival Jiva Carnival Launching
Grand Opening Ceremony Jiva Carnival The Jiva Carnival Grand Opening
sukses diselenggarakan sebagai wujud Ceremony was successfully held as a
dukungan terhadap pengembangan form of support for the development of
UMKM, dengan melibatkan Kementerian MSMEs, involving the Ministry of MSMEs,
UMKM, manajemen PT Adhi Commuter the management of PT Adhi Commuter
7 Februari 2025 Properti, PT Jeca Karya Bersama, serta Properti, PT Jeca Karya Bersama, and
para pelaku UMKM di kawasan Adhi MSME players in the Adhi City Sentul area.
February 7, 2025
City Sentul.
Hotel GranDhika Setiabudi Medan GranDhika Setiabudi Hotel Medan held
melaksanakan Bakti Sosial di UPTD a social service event at the Binjai
Panti Sosial Binjai Social Welfare Institution
Hotel GranDhika Setiabudi Medan Hotel GranDhika Setiabudi Medan carried
melaksanakan kegiatan bakti sosial out a social service activity at the Binjai
di UPTD Panti Sosial Binjai sebagai Social Welfare Institution as a form of social
11 Februari 2025 wujud kepedulian sosial dan komitmen awareness and the company’s commitment
February 11, 2025 perusahaan dalam memberikan to making a positive contribution to the
kontribusi positif bagi masyarakat surrounding community.
sekitar.
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Page 21
Penanaman Pohon Bersama di LRT Tree Planting at LRT CITY Ciracas
CITY Ciracas
Penanaman pohon bersama di LRT City The joint tree planting in LRT City Ciracas
Ciracas dilakukan oleh Jakpro, PT LRT was carried out by Jakpro, PT LRT
Jakarta, dan ADCP sebagai komitmen Jakarta, and ADCP as a commitment
penghijauan kota dan tanggung jawab to urban greening and environmental
18 Februari 2025 lingkungan pasca pembangunan LRT. responsibility following the construction
February 18, 2025 of the LRT.
Perjanjian Kerja Sama Cisauk Point Cisauk Point Cooperation Agreement
dengan PinHome with PinHome
Cisauk Point, proyek PT Adhi Commuter Cisauk Point, a project by PT Adhi
Properti Tbk, menandatangani Perjanjian Commuter Properti Tbk, signed a
Kerja Sama dengan Pinhome sebagai Cooperation Agreement with Pinhome
kolaborasi strategis dalam penyediaan as a strategic collaboration in providing
17 Maret 2025 layanan jasa rumah tangga bagi penghuni household services for apartment
March 17, 2025 apartemen. residents.
ADCP menyalurkan Santunan Jiva Carnival Launching
Ramadhan Ke Anak Yatim
PT Adhi Commuter Properti Tbk (ADCP) PT Adhi Commuter Properti Tbk (ADCP)
secara konsisten melaksanakan program consistently implements CSR programs
CSR berupa santunan Ramadhan dan in the form of Ramadan donations and
buka puasa bersama anak yatim sebagai breaking the fast together with orphans
20 Maret 2025 wujud komitmen perusahaan dalam as a manifestation of the company’s
March 20, 2025 penerapan prinsip ESG. commitment to applying ESG principles.
Award BTN Largest Realization BTN Largest Realization Award
PT Adhi Commuter Properti Tbk PT Adhi Commuter Properti Tbk received
memperoleh penghargaan di ajang BTN an award at the BTN Awards 2025, held
Awards 2025, yang diselenggarakan as a form of appreciation from Bank BTN
sebagai bentuk apresiasi Bank BTN to its developer partners.
24 Maret 2025 kepada para mitra pengembang.
March 24, 2025
Page 22
Ikhtisar Kinerja
Performance Highlights
Perjanjian Kerja Sama Pembiayaan Financing Cooperation Agreement
PT Adhi Commuter Properti Tbk between PT Adhi Commuter Properti
Dengan PT Sarana Multigriya Tbk and PT Sarana Multigriya Finansial
Finansial (Persero) (Persero)
Penandatanganan Perjanjian Kerja The signing of the Cooperation Agreement
Sama berfokus pada pengembangan focuses on developing a rent-to-own
skema pembiayaan sewa beli (rent-to financing scheme for residential property
29 April 2025
own) untuk kepemilikan hunian. ownership.
April 29, 2025
Peresmian Tautan Rasa di kawasan Inauguration of Tautan Rasa in the LRT
LRT CITY Sentul yang mendukung CITY Sentul area, which supports a
gaya hidup modern modern lifestyle
Fasilitas ini terdiri dari taman, street This facility consists of a park, street
culinary, basement, dan lantai 1, yang culinary, basement, and 1st floor, designed
dirancang sebagai pusat aktivitas as a center for culinary and recreational
5 Mei 2025 kuliner dan rekreasi bagi penghuni. activities for residents.
May 5, 2025
Launching Lapangan Mini Soccer Launching of FIFA Mini Soccer Field at
FIFA di Oase Park dengan FIFA, PSSI Oase Park with FIFA, PSSI, and ADCP
dan ADCP
FIFA dan PSSI resmikan FIFA Arena FIFA and PSSI inaugurated the first FIFA
pertama di Indonesia bertempat di Arena in Indonesia, located at Oase Park,
Oase Park, Ciputat. Dengan dukungan Ciputat. With the support of ADCP, as part
6 Mei 2025 ADCP, sebagai bagian dari program of the global program of 1,000 FIFA mini
May 6, 2025 global 1.000 lapangan mini FIFA untuk fields to support early age soccer coaching
mendukung pembinaan sepak bola usia and national youth talent.
dini dan talenta muda nasional.
Perjanjian Kerja Sama & Cooperation Agreement &
Groundbreaking Pembangunan Groundbreaking for the Construction
Sport Arena di LRT CITY Cibubur of a Sports Arena at LRT CITY Cibubur
PT Adhi Commuter Properti menjalin PT Adhi Commuter Properti has
kerja sama dengan PT Indonesia Berkah established a partnership with
Lestarindo dalam pengembangan AER PT Indonesia Berkah Lestarindo in the
23 Mei 2025
Sport Arena sebagai fasilitas olahraga development of AER Sport Arena as a
May 23, 2025 dan rekreasi untuk mendukung gaya sports and recreation facility to support
hidup sehat dan aktif masyarakat. a healthy and active lifestyle for the
community.
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Penandatanganan AJB Konsumen Signing of ACS Consumer Deed of Sale
ACS
ADCP menandatangani Akta Jual Beli ADCP signed the Deed of Sale and
(AJB) di proyek ADHI CITY SENTUL Purchase (AJB) at the ADHI CITY SENTUL
sebagai bagian dari proses serah project as part of the unit handover process
terima unit dan komitmen terhadap and commitment to consumer trust.
28 Mei 2025 kepercayaan konsumen.
May 28, 2025
Rapat Umum Pemegang Saham General Meeting of Shareholders Finan-
Tahunan Tahun Buku 2024 cial Year 2024
ADCP telah menyelenggarakan RUPS ADCP held its 2024 Annual General
Tahunan TB. 2024 untuk menyampaikan Meeting of Shareholders to report on its
capaian kinerja 2024 dan strategi 2024 performance and 2025 strategy. The
2025. Dalam rapat ini juga ditetapkan, meeting also approved changes to the
5 Juni 2025 pergantian susunan pengurus Dewan composition of the Board of Commissioners
June 5, 2025 Komisaris dan Direksi. and Board of Directors.
LRT CITY Travel Fest di LRT CITY LRT CITY Travel Fest at LRT CITY
Ciracas Ciracas
LRT City Travel Fest diselenggarakan LRT City Travel Fest was held at Soulhub,
di Soulhub, LRT City Ciracas sebagai LRT City Ciracas as a tourism promotion
ajang promosi pariwisata yang event that brought together industry players
mempertemukan pelaku industri and the community through networking,
11 Juni 2025 dan masyarakat melalui networking, education, and various interesting
June 11, 2025 edukasi, dan berbagai program menarik. programs.
Peresmian Sixty Five Lounge, Hotel Inauguration of Sixty Five Lounge,
Grandhika Grandhika Hotel
Lounge modern terbaru yang berlokasi The newest modern lounge is located in
di depan hotel HGIJ, tepatnya di front of the HGIJ hotel, precisely in the
kawasan strategis Blok M, Jakarta strategic area of Blok M, South Jakarta.
Selatan. Fasilitas ini diharapkan This facility is expected to be a new choice
13 Juni 2025 menjadi pilihan baru dengan suasana with an elegant atmosphere and quality
June 13, 2025 elegan dan menu berkualitas. menu.
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 23
Page 24
Ikhtisar Kinerja
Performance Highlights
ADCP Menyalurkan Santunan ADCP Distributes Compensation to
kepada Anak Yatim dalam Rangka Orphans in Celebration of ADCP’s 7th
Syukuran HUT ADCP ke 7 Anniversary
ADCP melaksanakan kegiatan CSR ADCP carried out CSR activities in the
berupa santunan anak yatim yang form of donations to orphans, which
dirangkaikan dengan syukuran Hari were combined with a celebration of the
2 Juli 2025 Ulang Tahun ke-7 Perseroan sebagai Company’s 7th Anniversary as a form
July 2, 2025 wujud kepedulian sosial dan ungkapan of social concern and an expression of
rasa syukur atas perjalanan dan gratitude for the company’s journey and
pertumbuhan perusahaan. growth.
Kunjungan Studi & Diskusi UGM Study Visit & Academic
Akademik UGM ke LRT CITY Discussion at LRT CITY Ciracas
Ciracas
ADCP menerima kunjungan studi ADCP welcomed an academic study visit
akademik UGM di LRT CITY Ciracas from UGM to LRT CITY Ciracas regarding
terkait pengembangan kawasan the development of a Transit Oriented
8 Juli 2025 berbasis Transit Oriented Development Development (TOD) area.
July 8, 2025 (TOD).
Perjanjian Kerja Sama LRT CITY LRT CITY Sentul Cooperation Agreement
Sentul dengan Travelio with Travelio
LRT City Sentul menjalin kerja LRT City Sentul has established a strategic
sama strategis dengan Travelio partnership with Travelio for the marketing,
untuk pemasaran, penjualan, dan sales, and management of Royal Sentul
pengelolaan unit apartemen Royal Park apartment units, with the aim of
22 Juli 2025 Sentul Park, guna meningkatkan increasing investment and residential
July 22, 2025 kemudahan investasi dan hunian bagi opportunities for consumers.
konsumen.
Peresmian SPKLU di Kawasan LRT Inauguration of SPKLU in the Ciracas
CITY Ciracas milik ADCP bersama LRT CITY area owned by ADCP together
dengan Walikota Jakarta Timur dan with the Mayor of East Jakarta and PLN
PLN UID Jakarta Raya UID Jakarta Raya
Kegiatan ini menjadi simbol kolaborasi This activity symbolizes cross-sector
lintas sektor dalam mewujudkan collaboration in realizing a modern,
31 Juli 2025 kawasan Transit Oriented Development integrated, and environmentally friendly
July 31, 2025 (TOD) yang modern, terintegrasi, Transit Oriented Development (TOD)
dan ramah lingkungan. Peresmian area. The inauguration aims to support
ini bertujuan untuk mendukung the acceleration of clean energy transition
percepatan transisi energi bersih dan and carbon emission reduction through the
pengurangan emisi karbon melalui development of green infrastructure.
pengembangan infrastruktur hijau.
24 2025 Laporan Tahunan
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Page 25
Perjanjian Kerja Sama Cisauk Cooperation Agreement between
Point dan LRT CITY Sentul dengan Cisauk Point and LRT CITY Sentul with
Travelio Travelio
ADCP melakukan inovasi recurring ADCP innovates recurring income for
income unit apartemen melalui StayG apartment units through StayG as a form
sebagai bentuk pengelolaan bisnis of budget hotel management with the
hotel budget dengan fasilitas lengkap complete facilities offered by apartments.
1 Agustus 2025
yang dimiliki apartemen. Sebagai As a form of business expansion, ADCP
August 1, 2025
bentuk ekspansi bisnis, ADCP bekerja collaborates with various platforms, one of
sama dengan berbagai platform, salah which is Travelio, to offer its products.
satunya Travelio untuk menawarkan
produknya.
Pembicara di MUSDA REI DKI Speaker at the 2025 DKI Jakarta REI
Jakarta 2025 Regional Conference
ADCP berpartisipasi aktif dalam Musda ADCP actively participated in the 2025
DPD REI DKI Jakarta 2025, termasuk Jakarta REI Regional Representative
mendorong inisiatif pembentukan Council Meeting, including promoting
Jakarta Real Estate Fund sebagai the initiative to establish the Jakarta Real
7 Agustus 2025 upaya memperkuat ekosistem dan Estate Fund as an effort to strengthen the
August 7, 2025 pembiayaan sektor properti Jakarta. ecosystem and financing of the Jakarta
property sector.
Perjanjian Kerja Sama dengan Tony Cooperation Agreement with Tony Padel
Padel Court, arena padel di LRT CITY Court, a padel court in LRT CITY Cikunir
Cikunir
ADCP signed a Cooperation Agreement
ADCP menandatangani Perjanjian with Tony Padel Court for the development
Kerja Sama dengan Tony Padel Court of padel sports facilities in the LRT CITY
untuk pengembangan fasilitas olahraga Cikunir area to support a healthy lifestyle in
15 Agustus 2025 padel di kawasan LRT CITY Cikunir the TOD environment.
August 15, 2025 guna mendukung gaya hidup sehat di
lingkungan TOD.
Peresmian Penghubung Stasiun KRL Inauguration of the Bogor Commuter
Bogor dengan Grand Central Bogor Line Station Connector with Grand
Central Bogor
Akses pejalan kaki menuju Stasiun
Bogor melalui Gate Jalan Mayor Oking Pedestrian access to Bogor Station via
menuju kawasan ADCP Grand Central the Mayor Oking Gate to the ADCP Grand
Bogor diresmikan oleh Wali Kota Bogor. Central Bogor area was inaugurated by
1 September 2025 Fasilitas ini semakin memperkuat nilai the Mayor of Bogor. This facility further
September 1, 2025 strategis kawasan berkonsep TOD yang strengthens the strategic value of the TOD-
dikembangkan ADCP di pusat Kota concept area developed by ADCP in the
Bogor. center of Bogor City.
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 25
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Ikhtisar Kinerja
Performance Highlights
Grand Opening StayG di LRT CITY Grand Opening of StayG at LRT CITY
Sentul Sentul
ADCP meresmikan Grand Opening ADCP inaugurated the Grand Opening of
Stay-G di LRT CITY Sentul sebagai Stay-G at LRT CITY Sentul as a hospitality
pengembangan bisnis hospitality business development in the form of
berupa pengelolaan unit apartemen daily rental apartment management, to
9 Oktober 2025 sewa harian, guna menambah nilai add value to the area and support MICE
October 9, 2025 kawasan dan mendukung aktivitas activities in the strategic location of
MICE di lokasi strategis Sentul. Sentul.
53rd Artistic Gymnastics World 53rd Artistic Gymnastics World
Championships 2025 Championships 2025
Hotel GranDhika Iskandarsyah Hotel GranDhika Iskandarsyah Jakarta,
Jakarta, hotel yang dikelola ADCP, managed by ADCP, is one of the trusted
menjadi salah satu hotel pilihan yang hotels chosen to welcome artistic
dipercaya untuk menyambut para gymnasts from various countries. The
20 Oktober 2025 atlet Artistic Gymnastics dari berbagai athletes will stay at Hotel GranDhika
Oktober 20, 2025 negara. Para atlet tersebut menginap during the 53rd Artistic Gymnastics World
di Hotel GranDhika selama rangkaian Championships 2025 held in Jakarta.
acara 53rd Artistic Gymnastics World
Championships 2025 yang digelar di
Jakarta.
Perjanjian Kerja Sama dengan Cooperation Agreement with PT Djuara
PT Djuara Persada Mandiri, Persada Mandiri, Land Management
Pengelolaan Lahan dan Infrastruktur and Parking Infrastructure
Lahan Parkir di LRT CITY Cibubur Management at LRT CITY Cibubur
ADCP menandatangani perjanjian ADCP signed a cooperation agreement
kerjasama dengan PT Djuara Persada with PT Djuara Persada Mandiri for the
Mandiri untuk pemanfaatan lahan use of 6,500 m² of commercial land in
30 Oktober 2025
komersial seluas 6.500 m² di LRT LRT CITY Cibubur as an integrated
October 30, 2025 CITY Cibubur sebagai area parkir parking area and TOD support facilities
terpadu dan fasilitas pendukung TOD to increase the value of the area and the
guna meningkatkan nilai kawasan dan comfort of mass transportation users.
kenyamanan pengguna transportasi
massal.
CSR Buku Bacaan untuk CSR Reading Books for the National
Perpustakaan Nasional Library
Pemberian donasi berupa buku bacaan Donation of reading books to the National
kepada Perpustakaan Nasional untuk Library to be distributed to all libraries in
disebarkan ke seluruh Perpustakaan di Indonesia that need them.
Indonesia yang membutuhkan.
6 November 2025
November 6, 2025
26 2025 Laporan Tahunan
Annual Report
PT Adhi Commuter Properti Tbk
Page 27
Kerja Sama Lapangan Padel di LRT CSR Reading Books for the National
CITY MTH Library
Pemberian donasi berupa buku bacaan Donation of reading books to the National
kepada Perpustakaan Nasional untuk Library to be distributed to all libraries in
disebarkan ke seluruh Perpustakaan di Indonesia that need them.
Indonesia yang membutuhkan.
14 November 2025
November 21, 2025
Public Expose 2025 2025 Public Expose
ADCP telah melaksanakan Public ADCP has conducted the Public
Expose 2025 sebagai wujud Expose 2025 as a form of information
keterbukaan informasi kepada transparency to shareholders and
pemegang saham dan publik. ADCP the public. ADCP has successfully
berhasil menjaga stabilitas bisnis maintained business stability through
21 November 2025 melalui penguatan recurring the strengthening of recurring income,
November 21, 2025 income, efisiensi operasional, serta operational efficiency, and the
pengembangan potensi bisnis baru. development of new business potentials.
Kerja Sama Lapangan Padel di LRT Padel Field Cooperation at LRT CITY
CITY Ciracas Ciracas
ADCP bersama mitra, PT Garda Terra ADCP and its partner, PT Garda
Kencana menandatangani Perjanjian Terra Kencana, signed a Cooperation
Kerja Sama, sekaligus melaksanakan Agreement and simultaneously held
Groundbreaking pembangunan lima a groundbreaking ceremony for the
26 November 2025 lapangan padel di kawasan LRT CITY construction of five padel courts in the
November 26, 2025 Ciracas LRT CITY Ciracas area.
Kerja Sama Lapangan Padel di LRT Padel Field Cooperation at LRT CITY
CITY Cibubur Cibubur
ADCP bersama mitra, PT Mapan Strategis ADCP and its partner, PT Mapan
Bersama menandatangani Perjanjian Strategis Bersama, signed a Cooperation
Kerja Sama, sekaligus melaksanakan Agreement and simultaneously held
Groundbreaking pembangunan lapangan a groundbreaking ceremony for the
5 Desember 2025 padel di kawasan LRT CITY Cibubur construction of a padel court in the LRT
December 5, 2025 CITY Cibubur area.
PT Adhi Commuter Properti Tbk Laporan Tahunan
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Laporan Manajemen Management Reports 2
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Laporan Manajemen
Management Report
Laporan Direksi
Board of Directors Report
Achmad Wachid Abdullah
Direktur Utama I President Director
“
Di tengah dinamika pasar yang masih
selektif, Perseroan terus memperkuat kualitas
Amid market conditions that remain selective,
the Company continues to strengthen its
pengelolaan, disiplin eksekusi, dan fondasi management quality, execution discipline, and
bisnis agar pertumbuhan ke depan berlangsung business foundation to ensure that future growth
lebih sehat, terukur, dan berkelanjutan bagi is healthier, more measured, and sustainable for
seluruh pemangku kepentingan. all stakeholders.
Para pemegang saham dan pemangku kepentingan Dear Shareholders and Stakeholders,
yang terhormat,
Puji dan syukur kami panjatkan kepada Tuhan Yang Praise and gratitude to God Almighty for the grace and
Maha Esa atas rahmat dan karunia-Nya sehingga blessings that have enabled PT Adhi Commuter Properti
PT Adhi Commuter Properti Tbk tetap dapat menjalankan Tbk to continue its business operations and maintain the
kegiatan usaha dan menjaga kesinambungan continuity of the Company’s management throughout
pengelolaan Perseroan sepanjang tahun 2025. Tahun 2025. The year 2025 is a period demanding greater
2025 merupakan periode yang menuntut ketahanan, resilience, prudence, and adaptability, given the dynamics
kehati-hatian, dan kemampuan beradaptasi yang lebih in sales, liquidity, project completion, and liability
tinggi, seiring dinamika pada aspek penjualan, likuiditas, management that require more disciplined handling. Amid
30 2025 Laporan Tahunan
Annual Report
PT Adhi Commuter Properti Tbk
Page 31
penyelesaian proyek, dan pengelolaan kewajiban yang these conditions, the Board of Directors, together with the
perlu dikelola secara lebih disiplin. Di tengah kondisi entire management team, continues to strive to maintain
tersebut, Direksi bersama seluruh jajaran manajemen the Company’s business direction so that it proceeds in a
tetap berupaya menjaga arah usaha Perseroan agar disciplined, measured, and responsible manner.
berjalan secara disiplin, terukur, dan bertanggung jawab.
Sepanjang tahun 2025, Perseroan menjalankan Throughout 2025, the Company operated its fiscal
tahun buku dalam fase konsolidasi dan penyesuaian. year in a phase of consolidation and adjustment. The
Direksi tidak hanya dihadapkan pada kebutuhan Board of Directors was not only faced with the need to
mempertahankan pertumbuhan usaha, tetapi juga pada sustain business growth but also with the imperative
keharusan memperkuat fondasi keuangan, mempercepat to strengthen the financial foundation, accelerate the
penyelesaian proyek prioritas, menjaga kualitas tata completion of priority projects, maintain the quality of
kelola, serta meningkatkan efektivitas strategi penjualan. corporate governance, and enhance the effectiveness
Pada kesempatan ini, kami menyampaikan laporan of sales strategies. On this occasion, we present the
pengelolaan Perseroan sepanjang tahun 2025 sebagai Company’s management report for the year 2025 as a
bentuk pertanggungjawaban Direksi kepada pemegang form of accountability from the Board of Directors to
saham dan seluruh pemangku kepentingan. Laporan shareholders and all stakeholders. This report contains
ini memuat pandangan Direksi mengenai kondisi the Board of Directors’ views on macroeconomic and
makroekonomi dan industri, kinerja Perseroan, strategi industry conditions, the Company’s performance, the
dan kebijakan strategis yang dijalankan, berbagai kendala strategies and strategic policies implemented, various
yang dihadapi, langkah penanganan yang ditempuh, challenges faced, the measures taken to address them,
serta prospek usaha Perseroan ke depan. as well as the Company’s future business prospects.
TINJAUAN MAKROEKONOMI 2025 MACROECONOMIC OVERVIEW 2025
Perekonomian global sepanjang tahun 2025 bergerak Throughout 2025, the global economy will continue to
dalam kondisi yang masih moderat dan diwarnai operate under moderate conditions marked by significant
ketidakpastian yang cukup tinggi. IMF memperkirakan uncertainty. The IMF projects global economic growth
pertumbuhan ekonomi global tahun 2025 berada pada for 2025 to be around 3.3%, indicating that the global
kisaran 3,3%, yang menunjukkan bahwa pemulihan economic recovery is ongoing but has not yet returned
ekonomi dunia tetap berlangsung tetapi belum kembali to pre-pandemic levels. Domestically, the Indonesian
kuat seperti sebelum pandemi. Dalam konteks domestik, economy continues to demonstrate resilience. The
perekonomian Indonesia tetap menunjukkan ketahanan. Central Statistics Agency (BPS) reports that Indonesia’s
Badan Pusat Statistik mencatat ekonomi Indonesia tahun economy grew by 5.11% in 2025, higher than the 5.03%
2025 tumbuh sebesar 5,11%, lebih tinggi dibandingkan growth recorded in 2024, with exports of goods and
pertumbuhan tahun 2024 sebesar 5,03%, dengan services growing by 7.03%. On the price front, year-on-
komponen ekspor barang dan jasa tumbuh 7,03%. Di year inflation in December 2025 stood at 2.92% with core
sisi harga, inflasi year-on-year pada Desember 2025 inflation at 2.38%, indicating that overall price pressures
tercatat sebesar 2,92% dengan inflasi inti sebesar 2,38%, remain contained.
sehingga tekanan harga secara umum masih terjaga.
Pada aspek moneter, Bank Indonesia menurunkan BI-Rate On the monetary front, Bank Indonesia cut the BI Rate
sebesar 25 basis poin menjadi 4,75% pada September 2025 by 25 basis points to 4.75% in September 2025 and
dan mempertahankan level tersebut hingga akhir tahun, maintained that level through the end of the year, with
dengan suku bunga Deposit Facility 3,75% dan Lending the Deposit Facility rate at 3.75% and the Lending Facility
Facility 5,50%. Kebijakan ini diarahkan untuk mendukung rate at 5.50%. This policy is aimed at supporting economic
pertumbuhan ekonomi serta menjaga inflasi tetap dalam growth and keeping inflation within the target range of
sasaran 2,5±1%. Meskipun demikian, transmisi pelonggaran 2.5±1%. Nevertheless, the transmission of monetary
moneter ke suku bunga kredit masih berlangsung relatif easing to lending rates remains relatively slow. For the
lambat. Bagi Perseroan, kombinasi pertumbuhan ekonomi Company, the combination of continued positive economic
yang tetap positif, inflasi yang terkendali, dan suku bunga growth, controlled inflation, and lower policy interest rates
PT Adhi Commuter Properti Tbk Laporan Tahunan
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Laporan Manajemen
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kebijakan yang lebih rendah memberikan sinyal yang lebih signals a more conducive environment, while the market
kondusif, sementara pasar masih bergerak selektif dan remains selective and consumers continue to consider
konsumen tetap mempertimbangkan pembelian properti property purchases more carefully.
secara lebih cermat.
TINJAUAN INDUSTRI PROPERTI 2025 PROPERTY INDUSTRY OVERVIEW 2025
Sepanjang tahun 2025, industri properti nasional bergerak Throughout 2025, the national real estate industry is
dalam fase pemulihan yang belum merata. Pemerintah undergoing a phase of uneven recovery. The government
tetap memberikan dukungan melalui PMK No. 13 Tahun continues to provide support through Minister of Finance
2025 mengenai PPN Ditanggung Pemerintah atas Regulation No. 13 of 2025 regarding Government-Bearing
penyerahan rumah tapak dan satuan rumah susun tahun VAT on the delivery of single-family homes and apartment
anggaran 2025. Insentif ini memberikan dukungan 100% units for the 2025 fiscal year. This incentive provides
atas bagian dasar pengenaan pajak sampai dengan Rp2 100% support for the tax base up to Rp2 billion during
miliar pada periode Januari–Juni 2025 dan kemudian the January–June 2025 period, followed by subsequent
dilanjutkan dengan ketentuan lanjutan pada paruh kedua provisions in the second half of 2025. This policy indicates
tahun 2025. Kebijakan tersebut menunjukkan bahwa that the real estate sector is still viewed as a critical sector
sektor properti tetap dipandang sebagai sektor penting whose momentum must be maintained.
yang perlu dijaga momentumnya.
Namun demikian, pemulihan pasar properti masih However, the recovery of the property market is still
berlangsung secara bertahap. Survei Harga Properti proceeding gradually. Bank Indonesia’s Residential
Residensial Bank Indonesia menunjukkan bahwa harga Property Price Survey indicates that residential property
properti residensial di pasar primer pada Triwulan IV prices in the primary market in the fourth quarter of
2025 hanya tumbuh 0,83% secara tahunan, sedangkan 2025 grew by only 0.83% year-on-year, while sales of
penjualan unit residensial di pasar primer tumbuh 7,83% residential units in the primary market grew by 7.83%
secara tahunan setelah pada triwulan sebelumnya masih year-on-year after contracting by 1.29% in the previous
terkontraksi 1,29%. Dari sisi pembiayaan, pembangunan quarter. From a financing perspective, residential property
properti residensial masih didominasi dana internal development is still dominated by developers’ internal
pengembang, sementara pembelian konsumen tetap funds, while consumer purchases remain dominated by
didominasi skema KPR. Bagi Perseroan, kondisi ini mortgage schemes. For the Company, these conditions
menunjukkan bahwa peluang tetap tersedia, tetapi indicate that opportunities remain available, but success
keberhasilannya sangat ditentukan oleh relevansi is highly dependent on product relevance, accessibility,
produk, aksesibilitas, skema pembayaran yang adaptif, adaptive payment schemes, and the ability to convert the
serta kemampuan mengonversi keunggulan model bisnis advantages of the TOD business model into improved
TOD menjadi penjualan, serah terima, dan arus kas yang sales, handover, and cash flow.
lebih baik.
ANALISIS KINERJA 2025 PERFORMANCE ANALYSIS 2025
Tahun 2025 merupakan periode yang menuntut Perseroan The year 2025 was a period in which the Company had to
menjaga keseimbangan antara kesinambungan usaha balance business continuity with the need to strengthen
dan penguatan fundamental keuangan. Di tengah its financial fundamentals. Amid a property market that
pasar properti yang masih bergerak selektif, Perseroan remained selective, the Company moved through the year
menjalani tahun pelaporan dalam fase penyesuaian pada in a phase of adjustment in sales, project completion, and
sisi penjualan, penyelesaian proyek, dan pengelolaan liquidity management. Throughout 2025, the Company’s
likuiditas. Sepanjang tahun 2025, kinerja operasional operational and financial performance remained below
dan keuangan Perseroan masih berada di bawah target its initial annual targets, despite a series of improvement
awal tahun, meskipun berbagai langkah perbaikan telah measures introduced gradually over the course of the
dijalankan secara bertahap. year.
32 2025 Laporan Tahunan
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Dari sisi keuangan, pendapatan usaha Perseroan tercatat From a financial perspective, the Company recorded
sebesar Rp197,3 miliar, menurun dibandingkan Rp300,3 revenue of Rp197.3 billion, down from Rp300.3 billion in
miliar pada periode yang sama tahun sebelumnya. Laba the same period of the previous year. Gross profit stood at
bruto Perseroan tercatat sebesar Rp48,7 miliar dengan Rp48.7 billion, with a gross profit margin of approximately
tingkat margin laba kotor sekitar 24,7%. Pada tingkat 24.7%. At the bottom line, the Company recorded a net
profitabilitas akhir, Perseroan membukukan rugi bersih loss of Rp2.1 trillion in 2025, reversing from a net profit of
sebesar Rp2,1 triliun pada tahun 2025, berbalik dari laba Rp42.2 billion in the previous year. At the same time, total
bersih sebesar Rp42,2 miliar pada tahun sebelumnya. Pada assets declined slightly, liabilities increased, and equity
saat yang sama, total aset Perseroan menurun tipis, liabilitas fell significantly, reflecting pressure on both operating
meningkat, dan ekuitas mengalami penurunan signifikan, performance and the Company’s financial position
yang mencerminkan tekanan terhadap kinerja usaha dan throughout the reporting year.
posisi keuangan Perseroan sepanjang tahun pelaporan.
Pendapatan usaha Perseroan tahun 2025 tercatat sebesar The Company’s internal evaluation shows that, as of
Rp197,3 miliar, laba bruto sekitar Rp48,7 miliar, serta December 2025, revenue amounted to Rp197.3 billion,
rugi bersih Rp2,1 triliun. Capaian tersebut menunjukkan gross profit reached approximately Rp48.7 billion, and net
bahwa kegiatan usaha Perseroan tetap berjalan, namun loss Rp2.1 trillion. These results show that the Company’s
hasil akhir tahun 2025 menegaskan perlunya penguatan business activities continued during the year. However,
langkah perbaikan secara lebih disiplin, selektif, dan the final outcome for 2025 also underlines the need for
terukur. Oleh karena itu, Perseroan memandang tahun more disciplined, selective, and measurable improvement
2025 sebagai periode evaluasi menyeluruh untuk measures. Accordingly, the Company views 2025 as a
memperkuat kualitas eksekusi, menjaga keberlangsungan period of broad evaluation to strengthen execution quality,
usaha, meningkatkan ketahanan struktur keuangan, dan maintain business continuity, improve financial resilience,
membangun dasar pemulihan kinerja yang lebih sehat and lay a healthier foundation for performance recovery
pada periode mendatang. in the periods ahead.
Kinerja tersebut juga mencerminkan bahwa serapan This performance also indicates that market absorption
pasar masih terbatas, terutama pada segmen konsumen remained limited, particularly in customer segments
yang sensitif terhadap daya beli dan pembiayaan. Di sisi that are sensitive to purchasing power and financing
lain, pertumbuhan pra-penjualan belum otomatis diikuti conditions. At the same time, growth in pre-sales did
oleh pertumbuhan pendapatan dan laba, karena jadwal not automatically translate into growth in revenue and
serah terima unit tetap mengikuti ketentuan pengakuan profit, as unit handovers remained subject to revenue
pendapatan sesuai PSAK 72. Dengan demikian, sebagian recognition requirements under PSAK 72. As a result,
nilai penjualan yang telah diperoleh belum dapat segera part of the sales value secured during the year could
diakui sebagai pendapatan dalam laporan keuangan not yet be recognised as revenue in the current year’s
tahun berjalan. financial statements.
Perkembangan tersebut dipengaruhi oleh dinamika These developments were influenced by purchasing
daya beli, intensitas persaingan pasar, serta kebutuhan power trends, the intensity of market competition, and
percepatan penyelesaian proyek agar serah terima dapat the need to accelerate project completion so that unit
dilakukan sesuai rencana. Selain itu, kondisi likuiditas handovers could proceed as planned. In addition, liquidity
tetap memerlukan pengelolaan yang disiplin, mengingat continued to require disciplined management, as the
Perseroan masih harus mengelola kewajiban dalam Company still had to manage substantial obligations
jumlah besar di tengah ruang arus kas yang terbatas. within limited cash flow capacity.
Secara keseluruhan, tahun 2025 menunjukkan bahwa Overall, 2025 showed that the Company remained in a
Perseroan masih berada dalam fase konsolidasi dan phase of consolidation and strengthening. In this context,
penguatan. Dalam konteks tersebut, fokus utama Direksi the Board of Directors’ main focus was not simply to pursue
bukan semata-mata mengejar pertumbuhan nominal, nominal growth, but to ensure that each improvement
melainkan memastikan bahwa setiap langkah perbaikan step was built on a healthier, more selective, and more
dibangun di atas fondasi usaha yang lebih sehat, lebih sustainable business foundation.
selektif, dan lebih berkelanjutan.
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STRATEGI DAN KEBIJAKAN STRATEGIS STRATEGIC STRATEGY AND POLICY
Pada tahun 2025, Perseroan menetapkan strategi dan In 2025, the Company established strategic strategies
kebijakan strategis dengan orientasi utama pada penguatan and policies with a primary focus on strengthening
kinerja, peningkatan profitabilitas, dan penguatan likuiditas performance, improving profitability, and enhancing
secara lebih disiplin. Arah tersebut sejalan dengan RKAP liquidity in a more disciplined manner. This direction
2025 yang menempatkan tujuan Perseroan pada tahap aligns with the 2025 Annual Business Plan (RKAP), which
growth (increase profitability), namun pelaksanaannya positions the Company’s objectives in the growth phase
dilakukan secara adaptif dengan mempertimbangkan (increasing profitability), however, its implementation
tekanan pasar, dinamika pendanaan, serta kebutuhan is carried out adaptively, taking into account market
percepatan monetisasi aset dan penyelesaian proyek. pressures, funding dynamics, and the need to accelerate
Karena itu, strategi Perseroan tidak hanya diarahkan untuk asset monetization and project completion. Therefore,
mendorong pertumbuhan penjualan, tetapi juga untuk the Company’s strategy is not only aimed at driving sales
memperbaiki kualitas pendapatan, memperkuat arus kas, growth but also at improving revenue quality, strengthening
dan menjaga kesinambungan usaha. cash flow, and ensuring business sustainability.
Di bidang pemasaran, Perseroan menitikberatkan strategi In the marketing sector, the Company focuses its
pada percepatan penjualan unit ready stock, pembesaran strategy on accelerating sales of ready-stock units,
fokus pada segmen investor, penguatan digital marketing, expanding focus on the investor segment, strengthening
serta pengembangan alternatif pembiayaan yang lebih digital marketing, and developing more adaptive
adaptif. Di bidang model bisnis, Perseroan memperkuat financing alternatives. In the business model sector, the
recurring income dari hotel, area komersial, dan rental Company is strengthening recurring income from hotels,
management, termasuk melalui pemanfaatan aset idle commercial areas, and rental management, including
dan pengembangan fasilitas pendukung kawasan. Di through the utilization of idle assets and the development
bidang operasional, Perseroan mengarahkan kebijakan of supporting facilities within the area. In the operational
pada pendekatan yang lebih value-oriented, yaitu sector, the Company is directing its policies toward a
perbaikan kualitas produk, kepuasan pelanggan, supply more value-oriented approach, namely improving product
chain management, pemilihan mitra strategis yang quality, customer satisfaction, supply chain management,
lebih tepat, penerapan metode turnkey, serta evaluasi selecting more appropriate strategic partners,
sistem manajemen proyek. Sementara itu, di bidang implementing turnkey methods, and evaluating project
keuangan Perseroan menekankan efisiensi operasional, management systems. Meanwhile, in the financial sector,
penyeimbangan struktur modal, penguatan arus kas, the Company emphasizes operational efficiency, capital
selective investment project, serta opsi refinancing, structure optimization, cash flow strengthening, selective
reprofiling, dan creative financing. Kombinasi strategi investment projects, as well as refinancing, reprofiling,
tersebut menunjukkan bahwa Perseroan merespons and creative financing options. This combination of
dinamika 2025 dengan pendekatan yang lebih selektif, strategies demonstrates that the Company is responding
lebih realistis, dan lebih berorientasi pada kualitas to the dynamics of 2025 with a more selective, realistic,
penguatan. and quality-oriented approach.
PERANAN DIREKSI DALAM PERUMUSAN STRATEGI THE ROLE OF THE BOARD OF DIRECTORS IN THE
DAN KEBIJAKAN STRATEGIS FORMULATION OF STRATEGIC STRATEGY AND
POLICY
Direksi memegang peranan sentral dalam merumuskan The Board of Directors plays a central role in formulating
strategi dan kebijakan strategis Perseroan, karena the Company’s strategies and strategic policies, as we
kami tidak hanya bertanggung jawab atas pencapaian are responsible not only for achieving business targets
target usaha, tetapi juga atas kualitas keputusan but also for the quality of decisions made to ensure
yang diambil dalam menjaga kesinambungan usaha the Company’s business continuity. In 2025, this role
Perseroan. Pada tahun 2025, peran tersebut menjadi becomes increasingly important as the Company
semakin penting karena Perseroan mengelola dinamika manages simultaneous dynamics across sales, liquidity,
secara simultan pada aspek penjualan, likuiditas, project completion, and liability management. Therefore,
penyelesaian proyek, dan pengelolaan kewajiban. Oleh we position the 2025 Business Plan as the primary
34 2025 Laporan Tahunan
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karena itu, kami menempatkan RKAP 2025 sebagai instrument for business management, formulated by
instrumen utama pengelolaan usaha, yang disusun taking into account changes in economic and political
dengan mempertimbangkan perubahan kondisi ekonomi conditions, the dynamics of the property industry, and
dan politik, dinamika industri properti, serta masukan input from the Board of Commissioners in the Board of
Dewan Komisaris dalam forum Rakomdir. Dengan Directors meeting. With this approach, we ensure that
pendekatan tersebut, kami memastikan bahwa strategi the Company’s strategy remains realistic, measurable,
Perseroan tetap realistis, terukur, dan selaras dengan and aligned with the direction of major shareholders, the
arah pemegang saham utama, Roadmap BUMN, serta State-Owned Enterprises Roadmap, and the Company’s
kapasitas aktual Perseroan. actual capacity.
PROSES YANG DILAKUKAN DIREKSI UNTUK PROCESSES CONDUCTED BY THE BOARD
MEMASTIKAN IMPLEMENTASI STRATEGI OF DIRECTORS TO ENSURE STRATEGY
IMPLEMENTATION
Direksi menyadari bahwa kualitas strategi tidak hanya The Board of Directors recognizes that the quality of a
ditentukan pada tahap perumusan, tetapi terutama strategy is determined not only at the formulation stage,
pada konsistensi implementasinya di seluruh lini usaha but primarily by the consistency of its implementation
Perseroan. Karena itu, implementasi strategi dijalankan across all of the Company’s business lines. Therefore,
melalui penurunan sasaran korporasi ke dalam target strategy implementation is carried out by translating
dan rencana kerja proyek, unit operasional, dan anak corporate objectives into specific targets and work
Perusahaan, yang selanjutnya ditelaah Direksi dalam plans for projects, operational units, and subsidiaries,
forum manajemen untuk memetakan tantangan, peluang, which are then reviewed by the Board of Directors in
dan penyesuaian yang diperlukan. Hasil penyelarasan management forums to identify challenges, opportunities,
tersebut kemudian dibahas bersama Dewan Komisaris, and necessary adjustments. The results of this alignment
lalu ditindaklanjuti ke dalam prioritas eksekusi yang are then discussed with the Board of Commissioners and
lebih fokus, seperti penjualan ready stock, percepatan translated into more focused execution priorities, such as
serah terima, penguatan recurring income, monetisasi selling ready stock, accelerating handover, strengthening
aset non-produktif, efisiensi operasional, dan penguatan recurring income, monetizing non-productive assets,
arus kas. Implementasinya dipantau melalui pelaporan improving operational efficiency, and strengthening
berkala, evaluasi prognosa, dan integrasi dengan proses cash flow. Implementation is monitored through periodic
manajemen risiko, sehingga kami dapat melakukan reporting, forecast evaluations, and integration with risk
penyesuaian secara aktif apabila terjadi deviasi terhadap management processes, enabling us to actively make
target. adjustments in the event of deviations from targets.
PERBANDINGAN ANTARA HASIL YANG DICAPAI COMPARISON BETWEEN ACHIEVED AND TARGETED
DENGAN YANG DITARGETKAN RESULTS
Direksi menggunakan Rencana Kerja dan Anggaran The Board of Directors uses the Company’s Work Plan
Perusahaan (RKAP) tahun buku 2025 sebagai acuan and Budget (RKAP) for the 2025 fiscal year as the primary
utama untuk menilai pencapaian kinerja Perseroan. reference for assessing the Company’s performance.
Secara umum, realisasi tahun 2025 menunjukkan ruang Overall, the 2025 results indicate room for improvement
penguatan terhadap target yang ditetapkan pada awal relative to the targets set at the beginning of the year, in
tahun, baik dari sisi pendapatan, laba, maupun indikator terms of revenue, profit, and key operational indicators.
operasional utama. Ruang penguatan tersebut terutama This room for improvement is primarily influenced by
dipengaruhi oleh perlunya percepatan konversi penjualan the need to accelerate the conversion of sales into
menjadi pendapatan yang dapat diakui, penyelesaian recognizable revenue, the completion and handover of
dan serah terima unit, serta dinamika pasar yang units, as well as market dynamics that still require an
masih memerlukan respons yang adaptif. Evaluasi atas adaptive response. The evaluation of the comparison
perbandingan target dan realisasi tersebut menjadi dasar between targets and actual results serves as the basis
bagi Direksi untuk melakukan penyesuaian prioritas for the Board of Directors to adjust business priorities and
usaha dan memperkuat langkah pengelolaan pada tahun strengthen management measures for the following year.
berikutnya.
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TANTANGAN/KENDALA YANG DIHADAPI DAN CHALLENGES/OBSTACLES ENCOUNTERED AND
LANGKAH PENYELESAIANNYA SOLUTIONS
Pada tahun 2025, Perseroan mengelola sejumlah tantangan In 2025, the Company faces a number of interrelated
usaha yang saling berkaitan dan memerlukan penguatan business challenges that require improvements in sales,
pada aspek penjualan, likuiditas, penyelesaian proyek, liquidity, project completion, revenue quality, as well as
kualitas pendapatan, serta kepatuhan hukum dan tata kelola. legal compliance and corporate governance. The first
Kendala utama pertama adalah dinamika likuiditas yang major challenge is liquidity dynamics, which are influenced
dipengaruhi oleh realisasi cash-in yang masih memerlukan by cash inflows that still fall short of targets, requiring the
penguatan dibandingkan target, sehingga Perseroan perlu Company to manage its financial flexibility more selectively
menjalankan pengelolaan ruang gerak keuangan secara and with greater discipline in fulfilling obligations to
lebih selektif dan disiplin dalam memenuhi kewajiban vendors, suppliers, and creditors. The second challenge
kepada vendor, pemasok, dan kreditur. Kendala kedua is sales, which still need to be accelerated, particularly for
adalah penjualan yang masih memerlukan percepatan, LRT CITY projects that already have ready-to-sell units
termasuk pada proyek-proyek LRT CITY yang sebenarnya and are supported by government VAT incentives. The
telah memiliki unit siap jual dan didukung insentif PPN third challenge is the need to continuously improve the
dari pemerintah. Kendala ketiga adalah percepatan speed of unit handover to consumers, which worsens
serah terima unit kepada konsumen yang masih perlu cash inflows, delays revenue recognition, and increases
terus ditingkatkan, yang memperburuk cash-in, menunda the potential for unit refunds and buybacks.
pengakuan pendapatan, serta meningkatkan potensi refund
dan buyback unit.
Di samping itu, kontribusi recurring income pada 2025 In addition, the contribution of recurring income in 2025 is
juga masih terus diperkuat untuk menopang kebutuhan also being continuously strengthened to optimally support
likuiditas secara optimal. Perseroan juga menghadapi liquidity needs. The Company also faces operational and
hambatan operasional dan proyek, khususnya project-related challenges, particularly construction delays,
keterlambatan penyelesaian konstruksi, kendala teknis technical and administrative hurdles, and a decline in the
dan administratif, serta penurunan daya tarik sebagian appeal of certain products due to intense market competition
produk akibat persaingan pasar yang ketat dan perubahan and shifting consumer preferences. Regarding regulatory
preferensi konsumen. Pada aspek regulasi dan hukum, and legal aspects, the Company continues to strengthen
Perseroan terus memperkuat pengelolaan legalitas aset, asset legal compliance management, ensure the continuity
kesinambungan kerja sama operasi pada beberapa of operational cooperation on several projects, and align
proyek, serta penyelarasan kebijakan internal terhadap internal policies with applicable regulations. To address
regulasi yang berlaku. Untuk merespons kondisi tersebut, these conditions, the Board of Directors has implemented
Direksi menempuh langkah berupa fokus pemasaran measures including a marketing focus on ready-stock units,
pada unit ready stock, penguatan segmen investor, digital strengthening the investor segment, more aggressive
marketing yang lebih agresif, refinancing atau reprofiling digital marketing, refinancing or restructuring of liabilities,
kewajiban, pengendalian piutang, percepatan serah receivables management, accelerating handover, resolving
terima, penyelesaian kendala konstruksi dan administratif, construction and administrative challenges, optimizing
optimalisasi recurring income, serta business process recurring income, and business process improvements in
improvement di bidang legal dan compliance. Dengan legal and compliance areas. Through these measures, the
langkah-langkah tersebut, Perseroan berupaya menjaga Company aims to maintain business continuity and lay the
keberlangsungan usaha dan menyiapkan fondasi groundwork for a healthier recovery in the coming period.
pemulihan yang lebih sehat pada periode berikutnya.
GAMBARAN TENTANG PROSPEK USAHA 2026 2026 BUSINESS PROSPECT OVERVIEW
Direksi memandang bahwa prospek usaha Perseroan pada The Board of Directors believes that the Company’s
tahun 2026 tetap terbuka, namun harus dibaca secara business outlook for 2026 remains promising, though it must
realistis. Dari sisi makroekonomi, lingkungan usaha nasional be viewed realistically. From a macroeconomic perspective,
masih memberikan ruang pertumbuhan. BPS mencatat the national business environment still offers room for
ekonomi Indonesia tahun 2025 tumbuh 5,11%, sedangkan growth. The Central Statistics Agency (BPS) reports that
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Bank Indonesia pada awal 2026 mempertahankan BI- Indonesia’s economy grew by 5.11% in 2025, while Bank
Rate 4,75% dan tetap menargetkan inflasi 2026–2027 Indonesia maintained the BI Rate at 4.75% in early 2026
pada kisaran 2,5±1%. Di sisi fiskal, pemerintah juga masih and continues to target inflation for 2026–2027 within the
menyediakan dukungan pada sektor properti melalui range of 2.5±1%. On the fiscal side, the government is also
kebijakan PPN Ditanggung Pemerintah untuk tahun continuing to provide support to the property sector through
anggaran 2026. Faktor-faktor tersebut menunjukkan bahwa the Government-Bearing VAT policy for the 2026 fiscal year.
secara umum terdapat fondasi eksternal yang relatif lebih These factors indicate that, overall, there is a relatively more
suportif dibandingkan periode tekanan yang dihadapi supportive external foundation compared to the period of
Perseroan sepanjang 2025. pressure faced by the Company throughout 2025.
Meskipun demikian, prospek 2026 tetap perlu dibaca Nevertheless, the 2026 outlook must be assessed in a
secara terukur dan disiplin agar peluang pemulihan measured and disciplined manner to ensure that recovery
dapat dikonversi menjadi kinerja yang lebih solid. opportunities can be translated into stronger performance.
Perseroan menilai sektor properti masih bergerak The Company views that the property sector will continue
moderat, namun dukungan kebijakan pemerintah melalui to move at a moderate pace, however, government
program 1 Juta Rumah perkotaan menjadi katalis policy support through the urban One Million Houses
positif dalam menjaga dan memperluas permintaan, program serves as a positive catalyst in maintaining and
khususnya pada segmen hunian terjangkau di kawasan expanding demand, particularly in the affordable housing
terintegrasi dengan infrastruktur dan pusat aktivitas. segment within areas integrated with infrastructure and
Program ini membuka peluang bagi Perseroan untuk activity centers. This program creates opportunities for the
mengoptimalkan keunggulan model bisnis berbasis Company to optimize the strengths of its transit-oriented
TOD, mempercepat penyerapan unit, serta memperkuat development-based business model, accelerate unit
skala portofolio secara berkelanjutan. Dengan demikian, absorption, and strengthen the scale of its portfolio on a
keberhasilan Perseroan pada 2026 akan ditopang oleh sustainable basis. Accordingly, the Company’s success in
kemampuan mengeksekusi strategi secara fokus dan 2026 will be supported by its ability to execute strategies
selektif melalui penyelesaian proyek prioritas, monetisasi in a focused and selective manner through the completion
aset, penguatan recurring income, percepatan serah of priority projects, asset monetization, recurring income
terima unit, serta pengelolaan likuiditas dan risiko yang enhancement, accelerated unit handover, and consistent
konsisten, sehingga 2026 diharapkan menjadi fase liquidity and risk management. Therefore, 2026 is
penguatan fondasi pemulihan yang lebih sehat dan expected to become a phase for strengthening the
berkelanjutan. foundation of a healthier and more sustainable recovery.
PENERAPAN TATA KELOLA PERUSAHAAN IMPLEMENTATION OF CORPORATE GOVERNANCE
Perseroan memandang penerapan tata kelola The Company views the implementation of good
Perusahaan yang baik sebagai fondasi yang tidak dapat corporate governance as an integral foundation for
dipisahkan dari upaya menjaga keberlangsungan usaha, ensuring business sustainability, market confidence,
kepercayaan pasar, dan disiplin pengambilan keputusan. and disciplined decision-making. By 2025, the Board
Pada tahun 2025, Direksi menempatkan tata kelola, of Directors will position corporate governance, internal
pengendalian internal, dan manajemen risiko bukan controls, and risk management not merely as compliance
sekadar sebagai kewajiban kepatuhan, tetapi sebagai obligations, but as a managerial framework that must
kerangka kerja manajerial yang harus menyertai seluruh underpin all of the Company’s business processes. This
proses bisnis Perseroan. Pendekatan ini diwujudkan approach is realized through strengthening compliance,
melalui penguatan kepatuhan, penyelarasan kebijakan aligning internal policies with regulations, improving
internal dengan regulasi, peningkatan kualitas proses the quality of business processes, and enhancing
bisnis, serta penguatan sistem pengendalian kinerja dan performance control and risk management systems to
manajemen risiko agar selaras dengan dinamika usaha align with the Company’s business dynamics.
Perseroan.
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Dalam aspek manajemen risiko, Perseroan In the area of risk management, the Company employs an
menggunakan pendekatan Enterprise Risk Management Enterprise Risk Management (ERM) approach integrated
yang diintegrasikan dengan proses pengambilan with the decision-making processes and Key Performance
keputusan dan KPI Direksi Kolegial. Program kerja Indicators (KPIs) of the Collegiate Board of Directors.
risiko 2025 mencakup penguatan infrastruktur, The 2025 risk management program encompasses
peningkatan kapabilitas, dan integrasi risiko melalui strengthening infrastructure, enhancing capabilities,
review protokol, pengukuran maturitas, penguatan and integrating risk through protocol reviews, maturity
organ pengelola risiko, serta monitoring melalui aplikasi assessments, reinforcing the risk management body, and
ERISKA. Dalam kaitannya dengan sistem pelaporan monitoring via the ERISKA application. Regarding the
pelanggaran, basis yang paling jelas pada tahun 2025 violation reporting system, the most significant foundation
muncul dalam implementasi Respectful Workplace in 2025 lies in the implementation of the Respectful
Policy, di mana pengaduan terkait perilaku di tempat Workplace Policy, where complaints regarding workplace
kerja dan pelanggaran kebijakan internal didukung oleh behavior and violations of internal policies are supported
mekanisme terintegrasi melalui Whistle Blowing System, by an integrated mechanism through the Whistleblowing
pengaduan kepada atasan, dan/atau Biro Human Capital. System, reporting to supervisors, and/or the Human
Melalui pendekatan tersebut, kami berupaya memastikan Capital Office. Through this approach, we strive to
bahwa pengelolaan Perseroan pada tahun 2025 tidak ensure that the Company’s management in 2025 is not
hanya berorientasi pada pencapaian target usaha, tetapi only focused on achieving business targets but also on
juga pada kualitas kendali, disiplin risiko, dan integritas the quality of controls, risk discipline, and the integrity of
perilaku organisasi. organizational behavior.
PENGELOLAAN TANGGUNG JAWAB SOSIAL DAN CHANGES IN THE COMPOSITION OF THE BOARD OF
LINGKUNGAN SERTA DUKUNGAN TERHADAP DIRECTORS AND THE REASONS FOR THE CHANGES
KEBERLANJUTAN
Direksi memandang bahwa pengelolaan tanggung The Board of Directors views the management of social
jawab sosial dan lingkungan bukan merupakan kegiatan and environmental responsibility not as a supplementary
pelengkap, melainkan bagian dari kerangka keberlanjutan activity, but as an integral part of the Company’s business
usaha Perseroan. Pada tahun 2025, arah pengelolaan sustainability framework. By 2025, this management
tersebut tetap dikaitkan dengan model bisnis TOD serta approach will remain aligned with the TOD business
penguatan isu ESG dan SDGs. Perseroan menempatkan model and the strengthening of ESG and SDG initiatives.
TOD sebagai model bisnis yang memiliki relevansi The Company positions TOD as a business model with
kuat terhadap isu keberlanjutan karena mendukung strong relevance to sustainability issues because it
pengurangan polusi dan kemacetan melalui penguatan supports the reduction of pollution and traffic congestion
penggunaan transportasi massal. Di sisi operasional, through the promotion of public transportation use. On
dukungan terhadap keberlanjutan diterjemahkan ke the operational side, support for sustainability is reflected
dalam fokus pada pencegahan penyakit akibat kerja, in a focus on preventing work-related illnesses, a zero-
target zero fatality accident, pendekatan ekonomi sirkular, fatality-accident target, a circular economy approach, and
serta peningkatan kualitas pelayanan dan penanganan improvements in service quality and customer complaint
customer complaint untuk memperkuat kepercayaan handling to strengthen consumer trust.
konsumen.
Selain pada tingkat kebijakan, indikasi implementasi Beyond the policy level, indicators of the implementation of
tanggung jawab sosial dan lingkungan juga tercermin social and environmental responsibility are also reflected
dalam program CSR yang diarahkan pada kegiatan in the CSR program, which is directed toward social,
sosial, pendidikan, ekonomi, dan kebersihan lingkungan. educational, economic, and environmental cleanliness
Kami menilai bahwa pendekatan ini menunjukkan activities. We assess that this approach demonstrates
dua lapis dukungan keberlanjutan, yaitu kebijakan two layers of sustainability support: policies that integrate
yang menempatkan ESG, TOD, K3L, dan risiko sosial- ESG, TOD, OSH, and social-environmental risks into
lingkungan sebagai bagian dari strategi usaha, serta business strategy, and program implementation that
implementasi program yang memberi manfaat langsung provides direct benefits to the community. Through this
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bagi masyarakat. Dengan pendekatan tersebut, approach, the Company strives to ensure that business
Perseroan berupaya memastikan bahwa pertumbuhan growth proceeds in tandem with social responsibility,
usaha tetap berjalan seiring dengan tanggung jawab environmental stewardship, and the creation of long-term
sosial, perhatian terhadap lingkungan, dan penciptaan value for stakeholders.
nilai jangka panjang bagi pemangku kepentingan.
PENILAIAN ATAS KINERJA FUNGSI ATAU ORGAN EVALUATION OF THE PERFORMANCE OF SUPPORT
PENDUKUNG DI BAWAH DIREKSI FUNCTIONS OR BODIES UNDER THE BOARD OF
DIRECTORS
Dalam menjalankan tugas pengurusan Perseroan, In carrying out the Company’s management duties, the Board
Direksi didukung oleh fungsi dan organ pendukung yang of Directors is supported by functions and supporting bodies
berperan menjaga kelancaran proses bisnis, kualitas tata that play a role in ensuring the smooth operation of business
kelola, kepatuhan, dan efektivitas pengawasan internal. processes, quality of governance, compliance, and the
Dalam pengungkapan resmi Perseroan pada periode effectiveness of internal oversight. In the Company’s official
sebelumnya, Direksi disebut didukung oleh Komite Etik, disclosures for the previous period, the Board of Directors
Sekretaris Perusahaan, dan Satuan Pengawasan Internal. was noted to be supported by the Ethics Committee, the
Corporate Secretary, and the Internal Audit Unit.
Kami menilai bahwa fungsi atau organ pendukung tersebut We assess that these supporting functions or bodies
secara umum telah menjalankan perannya sesuai ruang have generally fulfilled their roles in accordance with
lingkup tugas masing-masing dan tetap memberikan their respective scopes of duties and have continued to
dukungan yang relevan terhadap pengelolaan Perseroan provide relevant support to the Company’s management
sepanjang tahun 2025, terutama pada aspek keterbukaan throughout 2025, particularly regarding information
informasi, pengawasan internal, etika, dan kepatuhan. transparency, internal oversight, ethics, and compliance.
Ke depan, efektivitas fungsi-fungsi tersebut tetap perlu Moving forward, the effectiveness of these functions still
diperkuat sejalan dengan agenda Perseroan untuk needs to be strengthened in line with the Company’s
memperbaiki proses bisnis, meningkatkan integrasi agenda to improve business processes, enhance system
sistem, memperkuat manajemen risiko, dan menjaga integration, strengthen risk management, and maintain
disiplin tata kelola dalam proses pemulihan kinerja governance discipline in the process of restoring the
Perseroan. Company’s performance.
PERUBAHAN KOMPOSISI ANGGOTA DIREKSI DAN CHANGES IN THE COMPOSITION OF THE BOARD
ALASAN PERUBAHANNYA OF DIRECTORS AND THE REASONS FOR SUCH
CHANGES
Selama tahun 2025, Perseroan melakukan penyesuaian During 2025, the Company adjusted the composition of the
susunan anggota Direksi sebagaimana ditetapkan dalam Board of Directors as stipulated in the AGM held on June 5,
RUPST tanggal 5 Juni 2025. Dalam keputusan tersebut, 2025. In that resolution, Mr. Rizkan Firman was honorably
Bapak Rizkan Firman diberhentikan dengan hormat dari dismissed from his position as President Director in
jabatannya sebagai Direktur Utama sehubungan dengan connection with the expiration of his term of office based
berakhirnya masa jabatan berdasarkan Akta Pernyataan on the Deed of Statement of Shareholders’ Resolution No.
Keputusan Para Pemegang Saham Nomor 26 tanggal 7 26 dated February 7, 2020. The AGM also approved the
Februari 2020. RUPST juga menyetujui pengalihan tugas transfer of duties of the President Director to Mr. Achmad
Direktur Utama kepada Bapak Achmad Wachid Abdullah, Wachid Abdullah, who previously served as Director of
yang sebelumnya menjabat Direktur Keuangan dan Finance and Risk Management, while Mr. Farid Budiyanto
Manajemen Risiko, sementara Bapak Farid Budiyanto remains in his position as Director of Operations.
tetap menjabat sebagai Direktur Operasi.
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Dengan susunan baru tersebut, Perseroan menegaskan With this new structure, the Company reaffirms its
arah organisasi yang lebih lean, lebih gesit, dan lebih commitment to a leaner, more agile, and more efficient
efisien untuk mendukung percepatan proses bisnis, organizational direction to support the acceleration of
penguatan strategi pemasaran, dan keberlanjutan usaha business processes, the strengthening of marketing
Perseroan. Susunan Anggota Direksi sebelum dan strategies, and the sustainability of the Company’s
sesudah perubahan adalah sebagai berikut: operations. The composition of the Board of Directors
before and after the changes is as follows:
1 Januari 2025 - 5 Juni 2025
January 1, 2025 - June 5, 2025
Nama Jabatan
Name Position
Rizkan Firman Direktur Utama
President Director
Direktur Keuangan dan Manajemen Risiko
Achmad Wachid Abdullah
Finance and Risk Management Director
Direktur Operasi
Farid Budiyanto
Operation Director
5 Juni 2025 - 31 Desember 2025
June 5 2025 - December 31, 2025
Nama Jabatan
Name Position
Direktur Utama
Achmad Wachid Abdullah
President Director
Direktur Operasi
Farid Budiyanto
Operation Director
APRESIASI DAN PENUTUP APPRECIATION AND CLOSING
Kami menyampaikan apresiasi yang setinggi-tingginya We express our deepest appreciation to all Company
kepada seluruh Insan Perseroan atas dedikasi, kerja employees for their dedication, hard work, and commitment
keras, dan komitmen yang telah diberikan sepanjang throughout the year. The year 2025 will be a period that
tahun. Tahun 2025 merupakan periode yang menuntut demands greater resilience, disciplined execution, and
ketangguhan, disiplin eksekusi, dan kemampuan adaptability from the Company, particularly in managing
beradaptasi yang lebih tinggi bagi Perseroan, khususnya sales dynamics, liquidity, project completion, and business
dalam mengelola dinamika penjualan, likuiditas, liability management—all of which ultimately require
penyelesaian proyek, dan pengelolaan kewajiban optimal contributions from every level of the Company.
usaha, yang pada akhirnya menuntut kontribusi optimal In this context, the contribution of every employee of the
dari seluruh jajaran Perseroan. Dalam situasi tersebut, Company is a critical factor in ensuring business continuity
kontribusi setiap insan Perseroan menjadi faktor yang and guaranteeing that the Company can continue to
sangat menentukan dalam menjaga kesinambungan implement its improvement agenda in a phased manner.
usaha dan memastikan bahwa Perseroan tetap dapat
menjalankan agenda perbaikan secara bertahap.
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Kami juga menyampaikan terima kasih kepada Dewan We also extend our gratitude to the Board of Commissioners,
Komisaris, para pemegang saham, pelanggan, mitra shareholders, customers, business partners, suppliers,
usaha, pemasok, kreditur, regulator, dan seluruh creditors, regulators, and all stakeholders for the support,
pemangku kepentingan atas dukungan, kerja sama, dan cooperation, and trust consistently extended to the
kepercayaan yang tetap diberikan kepada Perseroan Company throughout 2025. The Board of Directors
sepanjang tahun 2025. Direksi menyadari bahwa acknowledges that the results achieved by the Company
hasil yang dicapai Perseroan pada tahun 2025 masih in 2025 still leave room for improvement to strengthen
menyediakan ruang perbaikan untuk penguatan kinerja performance in the coming period. Nevertheless, 2025
pada periode berikutnya. Namun demikian, tahun 2025 provided important lessons regarding the need for sharper
memberikan pelajaran penting mengenai perlunya fokus focus, stronger liquidity discipline, more precise project
yang lebih tajam, disiplin likuiditas yang lebih kuat, eksekusi execution, and the enhancement of governance and risk
proyek yang lebih presisi, serta penguatan kualitas tata management quality. With the support of all stakeholders,
kelola dan manajemen risiko. Dengan dukungan seluruh we are confident that the Company has the opportunity
pemangku kepentingan, kami meyakini bahwa Perseroan to strengthen the foundation of its recovery and continue
memiliki peluang untuk memperkuat fondasi pemulihan business development in a healthier, more disciplined, and
dan melanjutkan pengembangan usaha secara lebih more sustainable manner.
sehat, lebih disiplin, dan lebih berkelanjutan.
Atas nama Direksi
On behalf of Board of Directors
PT Adhi Commuter Properti Tbk.
Achmad Wachid Abdullah
Direktur Utama
President Director
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Laporan Manajemen
Management Report
Laporan Dewan Komisaris
Board of Commisioners Report
Wenry Anshory Putra
Komisaris Utama merangkap Komisaris Independen
President Commissioner and concurrently Independent Commissioner
“Dewan Komisaris memandang bahwa penguatan
strategi, tata kelola, dan pengawasan yang
The Board of Commissioners believes that
the consistent strengthening of strategy,
konsisten telah menjadi modal penting bagi governance, and oversight has become a vital
Perseroan untuk menjaga daya tahan usaha asset for the Company to maintain business
serta membuka ruang peningkatan kinerja yang resilience and pave the way for healthier and
lebih sehat dan berkelanjutan. more sustainable performance improvements.
Para pemegang saham dan pemangku kepentingan Dear Shareholders and Stakeholders
yang terhormat
Puji dan syukur kami panjatkan kepada Tuhan Yang Praise and gratitude to God Almighty for the grace and
Maha Esa atas rahmat dan karunia-Nya sehingga PT blessings that have enabled PT Adhi Commuter Properti
Adhi Commuter Properti Tbk tetap dapat menjalankan Tbk to continue its business operations and maintain the
kegiatan usaha dan menjaga kesinambungan pengelolaan continuity of the Company’s management throughout
Perseroan sepanjang tahun 2025. Tahun 2025 merupakan 2025. The year 2025 was a period that demanded greater
periode yang menuntut ketangguhan, kehati-hatian, dan resilience, prudence, and adaptability, given the property
kemampuan beradaptasi yang lebih tinggi, seiring dinamika industry’s continued selective dynamics and the need for
industri properti yang masih bergerak selektif dan kebutuhan increasingly disciplined business management. Under
pengelolaan usaha yang semakin disiplin. Dalam kondisi these conditions, the Board of Commissioners continued
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tersebut, Dewan Komisaris terus menjalankan fungsi to perform its oversight and advisory functions to the Board
pengawasan dan pemberian nasihat kepada Direksi guna of Directors to ensure that the Company remained on a
memastikan bahwa Perseroan tetap berada pada arah path of sound, measured, and responsible management.
pengelolaan yang sehat, terukur, dan bertanggung jawab.
Pada kesempatan ini, kami menyampaikan laporan On this occasion, we present a report on the performance of
pelaksanaan fungsi pengawasan selama tahun buku our oversight functions during the 2025 fiscal year as a form
2025 sebagai bentuk pertanggungjawaban kepada para of accountability to shareholders and stakeholders. This
pemegang saham dan pemangku kepentingan. Laporan report contains our assessment of the Board of Directors’
ini memuat penilaian kami terhadap kinerja Direksi dalam performance in managing the Company, our oversight of the
mengelola Perseroan, pengawasan atas perumusan formulation and implementation of the Company’s strategy,
dan implementasi strategi Perusahaan, pandangan atas our views on business prospects and the application of
prospek usaha dan penerapan tata kelola perusahaan, corporate governance, as well as our assessment of the
serta penilaian atas kinerja komite-komite yang performance of the committees supporting the Board of
mendukung Dewan Komisaris. Melalui laporan ini, kami Commissioners. Through this report, we also reaffirm our
juga menegaskan komitmen untuk terus menjalankan commitment to continue performing our oversight functions
fungsi pengawasan secara objektif, independen, dan objectively, independently, and constructively to support the
konstruktif guna mendukung penguatan kinerja dan strengthening of the Company’s performance and business
keberlanjutan usaha Perseroan. sustainability.
PENILAIAN TERHADAP KINERJA DIREKSI EVALUATION OF THE BOARD OF DIRECTORS’
MENGENAI PENGELOLAAN PERUSAHAAN PERFORMANCE IN COMPANY MANAGEMENT
Dewan Komisaris menilai bahwa sepanjang tahun The Board of Commissioners assesses that throughout
2025 Direksi telah menjalankan pengelolaan Perseroan 2025, the Board of Directors has managed the Company in
secara adaptif, terukur, dan tetap berorientasi pada an adaptive, measured manner, while remaining focused
kesinambungan usaha. Di tengah dinamika industri on business continuity. Amid the property industry’s
properti yang masih bergerak selektif, Direksi mampu ongoing selective dynamics, the Board of Directors has
menjaga arah pengelolaan Perseroan melalui penajaman successfully maintained the Company’s management
prioritas usaha, penguatan disiplin eksekusi, serta direction through sharpening business priorities,
pengelolaan operasional dan keuangan yang semakin strengthening execution discipline, and increasingly
berhati-hati. Pendekatan tersebut menunjukkan bahwa prudent operational and financial management. This
Direksi tidak hanya berfokus pada pencapaian jangka approach demonstrates that the Board of Directors is
pendek, tetapi juga pada penguatan fondasi usaha agar not only focused on short-term achievements but also
Perseroan tetap memiliki daya tahan dan ruang tumbuh on strengthening the business foundation to ensure
yang sehat pada periode berikutnya. the Company maintains resilience and healthy growth
potential for the coming period.
Penilaian tersebut didasarkan pada upaya Direksi dalam This assessment is based on the Board of Directors’
mengarahkan Perseroan pada strategi yang lebih selektif efforts to steer the Company toward a more selective
dan relevan dengan kebutuhan tahun 2025, antara lain strategy aligned with the needs of 2025, including through
melalui percepatan penjualan unit ready stock, penguatan accelerating the sale of ready-stock units, strengthening
recurring income, percepatan penyelesaian proyek prioritas, recurring income, expediting the completion of priority
optimalisasi aset, serta pengelolaan likuiditas yang projects, optimizing assets, and implementing more
lebih disiplin. Kami juga mencermati bahwa Direksi disciplined liquidity management. We also note that
telah menempatkan tata kelola, pengendalian internal, the Board of Directors has integrated governance,
dan manajemen risiko sebagai bagian yang semakin internal controls, and risk management more deeply
terintegrasi dalam proses pengambilan keputusan, into the decision-making process, ensuring that the
sehingga langkah-langkah yang ditempuh tidak hanya steps taken are not only responsive to market dynamics
responsif terhadap dinamika pasar, tetapi juga tetap but also remain within the framework of prudence and
berada dalam koridor kehati-hatian dan akuntabilitas. accountability.
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Meskipun hasil pengelolaan Perseroan pada tahun Although the Company’s performance in 2025 still
2025 masih menyediakan ruang penguatan, kami leaves room for improvement, we believe that the Board
memandang bahwa respons Direksi terhadap berbagai of Directors’ response to various business challenges
tantangan usaha telah berada pada arah yang tepat. is on the right track. Corrective measures, strategic
Langkah-langkah korektif, penyesuaian strategi, serta adjustments, and a focus on management quality serve
fokus pada kualitas pengelolaan menjadi landasan as a crucial foundation for the Company to strengthen
penting bagi Perseroan untuk memperkuat kinerja, performance, maintain stakeholder trust, and prepare for
menjaga kepercayaan para pemangku kepentingan, dan a healthier, more measured, and sustainable recovery in
menyiapkan pemulihan yang lebih sehat, terukur, dan the years ahead.
berkelanjutan pada tahun-tahun mendatang.
PENGAWASAN DEWAN KOMISARIS DALAM SUPERVISION BY THE BOARD OF COMMISSIONERS
PERUMUSAN DAN IMPLEMENTASI STRATEGI IN THE FORMULATION AND IMPLEMENTATION OF
PERUSAHAAN YANG DILAKUKAN OLEH DIREKSI THE COMPANY’S STRATEGY BY THE BOARD OF
DIRECTORS
Dewan Komisaris menjalankan fungsi pengawasan secara The Board of Commissioners actively performs its
aktif untuk memastikan bahwa strategi yang dirumuskan oversight function to ensure that the strategies formulated
dan diimplementasikan Direksi tetap selaras dengan and implemented by the Board of Directors remain aligned
kepentingan jangka panjang Perseroan, dinamika industri, with the Company’s long-term interests, industry dynamics,
serta prinsip kehati-hatian dalam pengelolaan usaha. and the principle of prudence in business management.
Sepanjang tahun 2025, pengawasan tersebut diarahkan Throughout 2025, this oversight is directed to ensure that
agar setiap langkah strategis Direksi tidak hanya responsif every strategic step taken by the Board of Directors is not
terhadap perkembangan pasar, tetapi juga tetap terukur, only responsive to market developments but also remains
realistis, dan didukung oleh kapasitas operasional measurable, realistic, and supported by the Company’s
serta keuangan Perseroan. Dalam konteks ini, kami operational and financial capacity. In this context, we
memandang bahwa perumusan strategi Perseroan telah view that the formulation of the Company’s strategy has
dilakukan dengan mempertimbangkan tantangan usaha, been conducted by considering business challenges,
prioritas penguatan kinerja, serta kebutuhan menjaga performance enhancement priorities, and the need to
kesinambungan bisnis secara berkelanjutan. maintain business continuity in a sustainable manner.
Pengawasan kami atas perumusan strategi dilakukan Our oversight of strategy formulation is carried out
melalui penelaahan atas Rencana Kerja dan Anggaran through a review of the Company’s Work Plan and
Perusahaan, forum rapat gabungan dengan Direksi, Budget, joint meetings with the Board of Directors, and
serta komunikasi berkala untuk memastikan bahwa arah regular communication to ensure that the established
kebijakan yang ditetapkan tetap konsisten dengan sasaran policy direction remains consistent with the Company’s
Perseroan. Dalam implementasinya, kami memberikan objectives. In its implementation, we focus on the strategic
perhatian pada fokus-fokus strategis yang dijalankan priorities pursued by the Board of Directors, including
Direksi, antara lain percepatan penjualan unit ready stock, accelerating sales of ready-stock units, strengthening
penguatan recurring income, percepatan penyelesaian recurring income, expediting the completion of priority
proyek prioritas, optimalisasi aset, penguatan likuiditas, projects, optimizing assets, enhancing liquidity, and
serta integrasi tata kelola dan manajemen risiko ke dalam integrating governance and risk management into the
proses pengambilan keputusan. Melalui pengawasan decision-making process. Through this oversight, we
tersebut, kami berupaya memastikan bahwa strategi strive to ensure that the Company’s strategies do not
Perseroan tidak berhenti pada tataran perencanaan, remain merely at the planning stage but are executed in a
melainkan dijalankan secara disiplin, terarah, dan adaptif disciplined, focused, and adaptive manner in response to
terhadap perubahan kondisi usaha. changing business conditions.
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Kami menilai bahwa strategi yang dirumuskan dan We assess that the strategies formulated and implemented
diimplementasikan Direksi sepanjang tahun 2025 telah by the Board of Directors throughout 2025 are on the
berada pada arah yang tepat untuk menjaga stabilitas right track to maintain the stability of the Company’s
pengelolaan Perseroan sekaligus membuka ruang management while creating opportunities for enhanced
penguatan kinerja ke depan. Meskipun implementasinya performance in the future. Although its implementation still
masih memerlukan konsistensi pengawalan dan requires consistent oversight and acceleration in certain
percepatan pada beberapa area, kami memandang areas, we view the quality of coordination, the intensity
bahwa kualitas koordinasi, intensitas pengawasan, dan of oversight, and the alignment of strategic direction
keselarasan arah strategis antara Dewan Komisaris dan between the Board of Commissioners and the Board of
Direksi telah menjadi modal penting bagi Perseroan untuk Directors as critical assets for the Company to strengthen
memperkuat daya tahan usaha, meningkatkan efektivitas business resilience, enhance execution effectiveness,
eksekusi, dan menangkap peluang pertumbuhan secara and capture growth opportunities in a healthier and more
lebih sehat dan terukur pada periode mendatang. measured manner in the coming period.
PANDANGAN ATAS PROSPEK USAHA PERUSAHAAN OPINION ON THE COMPANY’S BUSINESS OUTLOOK
YANG DISUSUN OLEH DIREKSI AS PREPARED BY THE BOARD OF DIRECTORS
Dewan Komisaris memandang bahwa prospek usaha The Board of Commissioners believes that the
Perseroan sebagaimana disusun oleh Direksi untuk Company’s business outlook for 2026, as prepared by
tahun 2026 tetap berada pada arah yang positif, dengan the Board of Directors, remains positive, supported by
bertumpu pada penguatan model bisnis Transit Oriented the strengthening of the Transit-Oriented Development
Development, percepatan penyelesaian proyek prioritas, business model, the accelerated completion of priority
penguatan recurring income, serta pengelolaan usaha projects, the enhancement of recurring income,
yang semakin disiplin dan selektif. Prospek tersebut dinilai and increasingly disciplined and selective business
relevan dengan posisi Perseroan sebagai pengembang management. These prospects are deemed relevant to
properti berbasis konektivitas yang memiliki keunggulan the Company’s position as a connectivity-based property
pada integrasi kawasan, aksesibilitas, dan potensi developer with strengths in area integration, accessibility,
penciptaan nilai jangka panjang. Dalam pandangan and the potential for long-term value creation. In our
kami, arah prospek yang disusun Direksi tidak hanya view, the direction of the outlook prepared by the Board
mencerminkan upaya menjaga kesinambungan usaha, of Directors not only reflects efforts to maintain business
tetapi juga menunjukkan langkah penguatan fondasi continuity but also demonstrates steps to strengthen
bisnis agar Perseroan semakin adaptif terhadap the business foundation so that the Company becomes
kebutuhan pasar dan dinamika industri properti ke depan. increasingly adaptive to market needs and the dynamics
of the property industry in the future.
Kami juga menilai bahwa prospek usaha yang disusun We also assess that the business outlook formulated by
Direksi telah mempertimbangkan kondisi eksternal secara the Board of Directors has carefully considered external
cukup cermat, termasuk pertumbuhan ekonomi nasional conditions, including sustained national economic growth,
yang tetap terjaga, inflasi yang terkendali, arah suku bunga controlled inflation, a more supportive interest rate
yang lebih suportif, serta keberlanjutan dukungan pemerintah trajectory, and the continued government support for the
bagi sektor properti. Namun demikian, kami memandang property sector. However, we believe that these prospects
bahwa prospek tersebut tetap perlu dijalankan secara still need to be executed with caution, given that the
terukur, mengingat pasar properti masih bergerak selektif property market remains selective and requires increasingly
dan membutuhkan respons yang semakin presisi dari sisi precise responses in terms of product offerings, financing
produk, skema pembiayaan, kecepatan serah terima, dan schemes, handover speed, and project execution quality.
kualitas eksekusi proyek. Oleh karena itu, kami mendukung Therefore, we support the Board of Directors’ view that
pandangan Direksi bahwa peluang pertumbuhan pada growth opportunities in 2026 will be largely determined by
tahun 2026 akan sangat ditentukan oleh kemampuan the Company’s ability to maintain strategic implementation
Perseroan dalam menjaga disiplin implementasi strategi, discipline, strengthen revenue quality, and consistently
memperkuat kualitas pendapatan, serta mengoptimalkan optimize asset monetization and recurring income.
monetisasi aset dan recurring income secara konsisten.
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Secara keseluruhan, kami meyakini bahwa prospek Overall, we believe that the Company’s business outlook,
usaha Perseroan sebagaimana disusun oleh Direksi as outlined by the Board of Directors, is on the right track
telah berada pada arah yang tepat dan memberikan and provides a sufficiently strong foundation for improved
landasan yang cukup kuat bagi penguatan kinerja pada performance in the coming period. With disciplined
periode mendatang. Dengan pengawalan yang disiplin, oversight, adequate risk management, and consistent
pengelolaan risiko yang memadai, dan konsistensi strategy execution, we view the Company as having
pelaksanaan strategi, kami memandang Perseroan a good opportunity to strengthen business resilience,
memiliki peluang yang baik untuk memperkuat daya tahan improve performance quality, and create healthier,
usaha, meningkatkan kualitas kinerja, dan menciptakan measurable, and sustainable growth in the coming years.
pertumbuhan yang lebih sehat, terukur, dan berkelanjutan
pada tahun-tahun berikutnya.
PANDANGAN ATAS PENERAPAN TATA KELOLA OPINION ON THE IMPLEMENTATION OF CORPORATE
PERUSAHAAN GOVERNANCE
Dewan Komisaris memandang bahwa penerapan tata The Board of Commissioners views that the
kelola Perusahaan sepanjang tahun 2025 tetap berada implementation of corporate governance throughout 2025
pada arah yang baik dan semakin mendukung penguatan remains on the right track and increasingly supports the
kualitas pengelolaan Perseroan. Di tengah dinamika usaha strengthening of the Company’s management quality.
yang menuntut ketepatan keputusan, disiplin eksekusi, dan Amid business dynamics demanding precise decision-
kehati-hatian yang lebih tinggi, Direksi telah menempatkan making, disciplined execution, and heightened caution,
tata kelola, pengendalian internal, dan manajemen risiko the Board of Directors has integrated governance, internal
sebagai bagian yang semakin menyatu dengan proses controls, and risk management as increasingly integral
bisnis Perseroan. Kami menilai bahwa pendekatan components of the Company’s business processes. We
tersebut penting untuk menjaga keberlangsungan usaha, assess that this approach is crucial for ensuring business
memperkuat akuntabilitas, serta memastikan bahwa setiap sustainability, strengthening accountability, and ensuring
kebijakan strategis dijalankan dalam koridor kepatuhan that every strategic policy is implemented within the
dan tanggung jawab yang memadai. framework of adequate compliance and responsibility.
Kami juga mencermati bahwa upaya penguatan tata We also note that efforts to strengthen corporate
kelola dilakukan melalui penyelarasan kebijakan internal governance are carried out through aligning internal
dengan regulasi yang berlaku, pembaruan perangkat dan policies with applicable regulations, updating relevant
proses bisnis yang relevan, serta integrasi manajemen systems and business processes, and integrating risk
risiko ke dalam pengambilan keputusan dan pengendalian management into decision-making and performance
kinerja. Dalam pandangan kami, arah ini menunjukkan control. In our view, this direction indicates that the
bahwa penerapan GCG di Perseroan tidak diperlakukan implementation of GCG within the Company is not
semata-mata sebagai kewajiban administratif, tetapi treated merely as an administrative obligation, but as
sebagai fondasi pengelolaan Perusahaan yang sehat, the foundation for sound, measurable, and sustainable
terukur, dan berkelanjutan. Di samping itu, penguatan corporate management. Furthermore, the strengthening
mekanisme pengendalian internal, pengelolaan risiko, of internal control mechanisms, risk management, and
dan sistem pelaporan pelanggaran juga memberikan whistleblowing systems also provides positive support for
dukungan yang positif terhadap kualitas tata kelola the overall quality of the Company’s governance.
Perseroan secara keseluruhan.
Secara keseluruhan, kami menilai bahwa penerapan tata Overall, we assess that the implementation of corporate
kelola Perusahaan pada tahun 2025 telah memberikan governance in 2025 has provided a solid foundation
dasar yang cukup baik bagi Perseroan untuk menjaga for the Company to maintain the trust of shareholders
kepercayaan pemegang saham dan pemangku and stakeholders, while strengthening the foundation
kepentingan, sekaligus memperkuat fondasi pertumbuhan for long-term growth. Although there is still room for
jangka panjang. Meskipun ruang penguatan tetap improvement, we believe that the Board of Directors’
tersedia, kami memandang bahwa komitmen Direksi commitment to maintaining the quality of corporate
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dalam menjaga kualitas tata kelola, meningkatkan disiplin governance, enhancing control discipline, and integrating
pengendalian, dan menempatkan manajemen risiko risk management into the Company’s management
sebagai bagian dari proses pengelolaan Perseroan telah processes is on the right track to support increasingly
berada pada arah yang tepat untuk mendukung kinerja healthy, resilient, and sustainable performance in the
yang semakin sehat, tangguh, dan berkelanjutan pada coming period.
periode mendatang.
PENILAIAN TERHADAP KINERJA KOMITE-KOMITE ASSESSMENT OF COMMITTEE PERFORMANCE IN
DALAM MENDUKUNG DEWAN KOMISARIS SUPPORTING THE BOARD OF COMMISSIONERS
Dalam menjalankan tugas pengawasan dan pemberian In carrying out its oversight and advisory duties to the Board
nasihat kepada Direksi, Dewan Komisaris didukung oleh of Directors, the Board of Commissioners is supported
komite-komite di bawah Dewan Komisaris. Kami menilai by committees under the Board of Commissioners. We
bahwa sepanjang tahun 2025 komite-komite tersebut assess that throughout 2025, these committees have
telah memberikan dukungan yang memadai melalui provided adequate support through more structured
pembahasan yang lebih terstruktur, penelaahan atas isu- discussions, reviews of issues requiring the Board of
isu yang memerlukan perhatian Dewan Komisaris, serta Commissioners’ attention, and the provision of relevant
penyampaian masukan yang relevan terhadap aspek input regarding the Company’s oversight, compliance,
pengawasan, kepatuhan, dan tata kelola Perseroan. and governance aspects. This support has helped us
Dukungan tersebut membantu kami dalam memperkuat strengthen the quality of oversight and ensure that the
kualitas pengawasan dan memastikan bahwa pengelolaan Company’s management remains within the framework of
Perseroan tetap berjalan dalam koridor kehati-hatian, prudence, accountability, and compliance with applicable
akuntabilitas, dan kepatuhan terhadap ketentuan yang regulations.
berlaku.
Secara khusus, kami memandang bahwa peran Komite In particular, we view the Audit Committee’s role as crucial
Audit tetap penting dalam mendukung pengawasan atas in supporting oversight of the reliability of reporting, the
keandalan pelaporan, efektivitas pengendalian internal, effectiveness of internal controls, the conduct of audits, and
pelaksanaan audit, serta kepatuhan Perseroan terhadap the Company’s compliance with applicable regulations.
regulasi yang berlaku. Melalui fungsi penelaahan dan Through its review and recommendation functions, the
pemberian rekomendasi, komite tersebut telah membantu committee has helped the Board of Commissioners obtain
Dewan Komisaris memperoleh dasar pertimbangan yang a more adequate basis for consideration in carrying out its
lebih memadai dalam menjalankan fungsi pengawasan. oversight functions. Thus, the existence of the committee
Dengan demikian, keberadaan komite di bawah Dewan under the Board of Commissioners is not merely formal
Komisaris tidak hanya bersifat formal, tetapi juga but also makes a tangible contribution to supporting the
memberikan kontribusi yang nyata dalam mendukung quality of decision-making and the effectiveness of the
kualitas pengambilan keputusan dan efektivitas fungsi Board of Commissioners’ oversight functions.
pengawasan Dewan Komisaris.
Kami menilai bahwa kinerja komite-komite dalam We assess that the committees’ performance in
mendukung Dewan Komisaris sepanjang tahun 2025 supporting the Board of Commissioners throughout
telah berjalan dengan baik. Kami memandang bahwa 2025 has been satisfactory. We believe that the existing
komite-komite yang ada telah melaksanakan fungsi committees have adequately fulfilled their functions and
dan tanggung jawabnya secara memadai. Ke depan, responsibilities. Moving forward, the effectiveness of the
efektivitas dukungan komite akan terus didorong agar committees’ support will continue to be strengthened to
semakin kuat, adaptif, dan relevan dengan kebutuhan ensure it remains robust, adaptive, and relevant to the
pengawasan Perseroan yang berkembang. evolving oversight needs of the Company.
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PERUBAHAN KOMPOSISI ANGGOTA DEWAN CHANGES IN THE COMPOSITION OF THE BOARD OF
KOMISARIS DAN ALASAN PERUBAHANNYA COMMISSIONERS AND THE REASONS FOR SUCH
CHANGES
Selama tahun 2025, Perseroan melakukan penyesuaian During 2025, the Company made adjustments to the
susunan Dewan Komisaris sebagaimana ditetapkan composition of the Board of Commissioners as resolved
melalui Rapat Umum Pemegang Saham Tahunan at the Annual General Meeting of Shareholders (AGM)
(RUPST) berdasarkan Akta No. 36 tanggal 5 Juni 2025. pursuant to Deed No. 36 dated June 5, 2025. The AGM
RUPST menyetujui pemberhentian dengan hormat approved the honorable dismissal of Mr. Herry Ardianto
Bapak Herry Ardianto sebagai Komisaris Utama dan as Lead Commissioner and Mr. Achmad Afandi as
Bapak Achmad Afandi sebagai Komisaris. Commissioner.
Selain itu, RUPST juga menyetujui penetapan Bapak In addition, the AGM also approved the appointment
Wenry Anshory Putra, yang sebelumnya menjabat of Mr. Wenry Anshory Putra, who previously served as
sebagai Komisaris Independen, untuk mengemban an Independent Commissioner, to serve as Chairman
tugas sebagai Komisaris Utama merangkap Komisaris of the Board of Commissioners and concurrently as an
Independen. RUPST turut mengangkat Bapak Yan Firwan Independent Commissioner. The AGM also appointed Mr.
sebagai Komisaris Perseroan. Yan Firwan as a Commissioner of the Company.
Susunan Anggota Dewan Komisaris sebelum dan
The composition of the Board of Commissioners before
sesudah perubahan adalah sebagai berikut:
and after the changes is as follows:
1 Januari 2025 - 5 Juni 2025
January 1, 2025 - June 5, 2025
Nama Jabatan
Name Position
Herry Ardianto Komisaris Utama
President Commissioner
Komisaris
Achmad Afandi
Commissioner
Komisaris Independen
Wenry Anshory Putra
Independent Commissioner
5 June 2025 - 31 Desember 2025
June 5, 2025 - Desember 31, 2025
Nama Jabatan
Name Position
Wenry Anshory Putra Komisaris Utama merangkap Komisaris Independen
President Commissioner concurrently serving as Independent Commissioner
Komisaris
Yan Firwan
Commissioner
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APRESIASI DAN PENUTUP ACKNOWLEDGMENTS AND CLOSING
Pada kesempatan ini, Dewan Komisaris menyampaikan On this occasion, the Board of Commissioners would
apresiasi kepada Direksi dan seluruh Insan Perseroan like to express its appreciation to the Board of Directors
atas komitmen, kerja keras, dan konsistensi dalam and all Company employees for their commitment, hard
menjaga kesinambungan pengelolaan Perseroan work, and consistency in ensuring the continuity of the
sepanjang tahun 2025. Di tengah dinamika usaha Company’s management throughout 2025. Amid business
yang menuntut ketangguhan, disiplin eksekusi, dan dynamics that demand resilience, disciplined execution,
kemampuan beradaptasi yang lebih tinggi, Perseroan and a higher capacity for adaptation, the Company
tetap mampu menjaga arah pengelolaan usaha secara has remained capable of maintaining a measured
terukur, mempertahankan fokus pada penguatan fondasi direction in business management, keeping the focus on
bisnis, serta melanjutkan berbagai langkah perbaikan yang strengthening the business foundation, and continuing
diperlukan untuk mendukung kesinambungan usaha. Kami various necessary improvement measures to support
juga menyampaikan penghargaan kepada para pemegang business continuity. We also extend our appreciation to
saham, pelanggan, mitra usaha, kreditur, regulator, dan shareholders, customers, business partners, creditors,
seluruh pemangku kepentingan atas kepercayaan dan regulators, and all stakeholders for the trust and support
dukungan yang terus diberikan kepada Perseroan. they have consistently provided to the Company.
Dengan penguatan tata kelola, manajemen risiko, kualitas With strengthened governance, risk management,
pengelolaan, dan arah strategi yang semakin terukur, management quality, and a more measured strategic
kami meyakini bahwa Perseroan memiliki landasan yang direction, we are confident that the Company has a solid
cukup baik untuk terus memperkuat daya tahan usaha dan foundation to continue strengthening business resilience
meningkatkan kualitas kinerja pada periode mendatang. and improving performance quality in the coming period.
Kami akan terus menjalankan fungsi pengawasan dan We will continue to perform our oversight and advisory
pemberian nasihat secara objektif, independen, dan functions objectively, independently, and responsibly to
bertanggung jawab guna memastikan bahwa Perseroan ensure that the Company remains adaptable in managing
tetap adaptif dalam mengelola dinamika industri, industry dynamics, maintains stakeholder trust, and
menjaga kepercayaan para pemangku kepentingan, dan captures growth opportunities in a healthier, more
menangkap peluang pertumbuhan secara lebih sehat, disciplined, and sustainable manner in the future.
disiplin, dan berkelanjutan di masa depan.
Atas nama Direksi
On behalf of Board of Directors
PT Adhi Commuter Properti Tbk.
Wenry Anshory Putra
Komisaris Utama merangkap Komisaris Independen
President Commissioner concurrently serving as Independent Commissioner
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Profil
Perusahaan
Company Identity
3
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Page 52
Profil Perusahaan
Company Profile
Informasi Umum
General Information
Kode Saham
Ticker Code ADCP
Nama Perusahaan PT Adhi Commuter Properti Tbk
Company Name
Tanggal Pendirian 9 Maret 2018
Date of Establishment March 9, 2018
Bursa Saham Bursa Efek Indonesia
Stock Exchange Indonesia Stock Exchange
Wilayah Pengembangan - Jakarta - Bekasi
Development Area - Bogor - Depok
- Tangerang
Modal Dasar Rp8.000.000.000.000,-
Authorized Capital Rp8.000.000.000.000,- (eight trillion rupiah)
Modal Ditempatkan dan Rp2.222.222.220.000,-
Disetor Penuh Rp2.222.222.220.000,- (two trillion two hundred twenty-two billion two
Issued and Fully Deposited hundred twenty-two million two hundred twenty thousand rupiah)
Capital
Jumlah Pegawai Tahun 2025 101 Pegawai
Total Employees in 2025 101 Employees
Entitas Anak PT Mega Graha Citra Perkasa (MGCP)
Subsidiary PT Mega Graha Citra Perkasa (MGCP)
Alamat Kantor Pusat Jl. Raya Pasar Minggu KM 18 South Building PT Adhi Karya (Persero) Tbk
Head Office Address Jl. Raya Pasar Minggu KM 18 South Building PT Adhi Karya (Persero) Tbk
Alamat Korespondensi Jl. Pengantin Ali No. 88 Ciracas, Jakarta Timur 13740 DKI Jakarta,
Correspondence Address Indonesia
Telepon / Phone : +6221 228 229 80
Faksimili / Fax : +6221 228 220 81
E-mail : adcp@adcp.co.id
Situs web / Website : www.lrtcity.com, www.adcp.co.id
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Perseroan memiliki usaha di bidang Properti, Real Estat dan Perhotelan
Bidang Usaha
dengan kegiatan usaha utama sebanyak 8 (delapan) usaha yang
Line of Business dimana Perseroan mengelompokannya ke dalam 3 (tiga) segmen, yakni
pengembangan bisnis properti, hospitality, dan support.
The Company operates in the fields of Property, Real Estate, and
Hospitality with 8 (eight) main business activities, which the Company
categorizes into 3 (three) segments: property business development,
hospitality, and support.
Dasar Hukum Pendirian Akta Notaris No. 103 tanggal 9 Maret 2018 dibuat di hadapan Ir. Nanette
Legal Basis of Establishmen Cahyanie Handari Adi Warsito, S.H., Notaris di Jakarta yang telah
disahkan oleh Menteri Kehakiman dan Hak Asasi Manusia Republik
Indonesia melalui Surat No. AHU-0018477.AH.01.01 Tahun 2018,
tanggal 6 April 2018.
Deed of Notary No. 103 dated March 9, 2018, made before Ir. Nanette
Cahyanie Handari Adi Warsito, S.H., a Notary in Jakarta, which has
been ratified by the Minister of Law and Human Rights of the Republic of
Indonesia No. AHU-0018477.AH.01.01 Year 2018 dated April 6, 2018.
Komposisi Kepemilikan Komposisi Kepemilikan Saham sebelum IPO
• PT Adhi Karya (Persero) Tbk: 99,9995%
Saham • Koperasi Jasa ADHI Sejahtera, 0,0005%
Share Ownership Composition
Komposisi Kepemilikan Saham setelah IPO sampai 31
Desember 2025
• PT Adhi Karya (Persero) Tbk: 90%
• Publik, kurang dari 5%: 10%
Share Ownership Composition before IPO
• PT Adhi Karya (Persero) Tbk: 99,9995%
• Koperasi Jasa ADHI Sejahtera, 0,0005%
Share Ownership Composition after IPO, as of December
31, 2025
• PT Adhi Karya (Persero) Tbk: 90%
• Public, less than 5%: 10%
Kontak Perusahaan Sekretaris Perusahaan : Bayu Purwana
Company Contact Telp. : +6221 228 229 80
E-mail : corsec@adcp.co.id
Corporate Secretary : Bayu Purwana
Call : +6221 228 229 80
E-mail : corsec@adcp.co.id
Medial Sosial Instagram : adhicommuterproperti
LinkedIn : PT Adhi Commuter Properti Tbk
Social Media
Instagram : adhicommuterproperti
LinkedIn : PT Adhi Commuter Properti Tbk
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Profil Perusahaan
Company Profile
Riwayat Singkat Perseroan
Company In Brief
PT Adhi Commuter Properti (Persero) Tbk (selanjutnya PT Adhi Commuter Properti (Persero) Tbk (hereinafter re-
disebut “ADCP” atau “Perseroan”) didirikan pada tanggal ferred to as “ADCP” or “the Company”) was established
9 Maret 2018 di Jakarta berdasarkan Akta Notaris No. on March 9, 2018, in Jakarta based on Notarial Deed No.
103 di hadapan Notaris Ir. Nanette Cahyanie Handari 103 before Notary Ir. Nanette Cahyanie Handari Adi War-
Adi Warsito, S.H. Akta Pendirian tersebut telah disahkan sito, S.H. The Deed of Establishment was approved by
oleh Menteri Hukum dan Hak Asasi Manusia Republik the Minister of Law and Human Rights of the Republic
Indonesia melalui Surat No. AHU-0018477.AH.01.01 of Indonesia through Letter No. AHU-0018477.AH.01.01
Tahun 2018 pada 6 April 2018. Sementara itu, Anggaran of 2018 on April 6, 2018. Meanwhile, the Company’s
Dasar Perseroan telah mengalami beberapa kali Articles of Association have undergone several amend-
perubahan, dengan perubahan terakhir mengacu kepada ments, with the latest amendment referring to Deed No.
Akta No. 53 pada tanggal 10 Desember 2024 di hadapan 53, dated December 10, 2024, before Notary Rosida Ra-
Notaris Rosida Rajagukguk Siregar, S.H., M.Kn., di jagukguk Siregar, S.H., M.Kn., in South Jakarta, which
Jakarta Selatan, yang telah diterima pemberitahuannya was acknowledged by the Minister of Law and Human
oleh Menteri Hukum dan Hak Asasi Manusia Republik Rights of the Republic of Indonesia through Letter No.
Indonesia melalui Surat No. AHU-AH.01.03-0079805 AHU-AH.01.03-0079805 on June 19, 2023.
pada tanggal 19 Juni 2023.
Sejarah lahirnya ADCP bermula dari Divisi Transit The origins of ADCP can be traced back to the Transit
Oriented Development (TOD) PT Adhi Karya (Persero) Oriented Development (TOD) Division of PT Adhi Karya
Tbk (ADHI,) yang merupakan salah satu BUMN di (Persero) Tbk (ADHI), one of Indonesia’s state-owned
Indonesia. Pada tahun 2018, divisi ini kemudian enterprises (BUMN). In 2018, this division was spiun off
dipisahkan dari ADHI dan menjadi entitas tersendiri. from ADHI to become a separate entity. The decision
Pemisahan ini merupakan keputusan yang diambil oleh was made by ADHI, as the parent entity, recognizing the
ADHI selaku Entitas Induk karena melihat potensi besar Company’s significant potential for exponential business
Perseroan dalam mengembangkan usahanya secara growth.
eksponensial.
ADCP bergerak di bidang Properti, Real Estat dan ADCP operates in the Property, Real Estate, and Hos-
Perhotelan. Perseroan didirikan dengan tujuan untuk pitality sectors. The Company was established with the
menjadi developer support facilities terdepan di area goal of becoming a leading developer of support facilities
sekitar jalur Light Rail Transit (LRT), Commuter Line dan in areas surrounding Light Rail Transit (LRT), Commut-
Bus Rapid Transit (BRT) untuk melengkapi kebutuhan er Line, and Bus Rapid Transit (BRT) routes, fulfilling the
dalam penyediaan kawasan hunian terintegrasi melalui need for integrated residential areas through high-quality
produk berkualitas tinggi. Perseroan mengalami products. The Company has experienced rapid growth as
pertumbuhan pesat sebagai perusahaan penyedia a provider of residential areas that are directly integrated
kawasan hunian yang terintegrasi langsung dengan with LRT stations and other mass transportation systems.
stasiun LRT dan transportasi massal lainnya.
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Perseroan telah berhasil membangun dan The Company has successfully developed properties and
mengembangkan properti juga real estate yang terhubung real estate connected to mass transportation, including:
dengan transportasi massal, antara lain LRT CITY Sentul, LRT CITY Sentul, LRT CITY Jatibening, LRT CITY Beka-
LRT CITY Jatibening, LRT CITY Bekasi - Eastern Green, si – Eastern Green, LRT CITY Bekasi – Green Avenue,
LRT CITY Bekasi - Green Avenue, LRT CITY Ciracas, LRT CITY Ciracas, LRT CITY Tebet, LRT CITY MTH, LRT
LRT CITY Tebet, LRT CITY MTH, LRT CITY Cibubur, CITY Cibubur, LRT CITY Cikunir, ADHI CITY Sentul, Ci-
LRT CITY Cikunir, ADHI CITY Sentul, Cisauk Point sauk Point (Member of LRT CITY), Oase Park (Member
(Member of LRT CITY), dan Oase Park (Member of LRT of LRT CITY). In addition, the Company also optimizes
CITY). Di samping itu, Perseroan juga mengoptimalkan the development of its hotel management business under
pengembangan usaha bidang jasa pengelolaan hotelnya the GranDhika Indonesia brand, which has been estab-
dengan brand GranDhika Indonesia yang telah tersebar lished in strategic locations across major cities in Indone-
di lokasi-lokasi. strategis di kota besar Indonesia, seperti sia, such as GranDhika Iskandarsyah Jakarta, GranDhika
GranDhika Iskandarsyah Jakarta, GranDhika Pemuda Pemuda Semarang, and GranDhika Setiabudi Medan.
Semarang, dan GranDhika Setiabudi Medan.
ADCP berperan penting dalam mendorong kemajuan ADCP plays a crucial role in driving the progress of the
sektor properti melalui proyek-proyek kawasan hunian property sector through integrated residential and com-
terintegrasi dan proyek komersial. Tren kaum urban mercial projects. The growing trend among urban dwell-
yang cenderung memilih hunian yang modern, efisien ers, who prefer modern, efficient housing with easy ac-
dan memiliki kemudahan akses transportasi publik ke cess to public transportation and urban facilities, has
berbagai fasilitas perkotaan memacu Perseroan untuk encouraged the Company to enhance its quality through
meningkatkan kualitasnya melalui produk-produk hunian premium residential products based on the Transit Ori-
unggulan dengan konsep TOD. Perseroan senantiasa ented Development (TOD) concept. The Company con-
mengedepankan produk-produk kawasan yang memiliki sistently prioritizes developing areas that incorporate the
unsur connect, shift & transit, mixed-use, walkable, dan principles of connect, shift & transit, mixed-use, walkabili-
densifty yang akan menjadi solusi terbaik dan terpercaya ty, and densification, providing the best and most reliable
bagi masyarakat perkotaan. solutions for urban communities.
Informasi Perubahan Nama Perusahaan Company Name Change Information
Sejak didirikan pada 9 Maret 2018 hingga saat ini, PT Since its establishment on March 9, 2018, PT Adhi Com-
Adhi Commuter Properti Tbk tidak pernah melakukan muter Properti Tbk has never changed its name.
perubahan nama.
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Profil Perusahaan
Company Profile
Informasi Logo Perusahaan
Information of Company Logo
Identitas ADHI terdiri dari unsur-unsur yang meliputi ADHI’s corporate identity consists of lettering and light
huruf serta pantulan cahaya yang berpadu dalam simbol reflections, which blend into a red energy ball symbol.
berbentuk bola energi berwarna merah yang masing Each element carries a meaningful representation that
masing mewakili makna penting dibalik pemilihan unsur aims to create a positive image of the Company.
unsur tersebut yang diharapkan dapat memberikan citra
positif terhadap Perseroan.
Bola Energi Energy Ball
Bentuk bola yang menyerupai globe dengan The sphere shape, resembling a globe with a
visualisasi tiga dimensi melambangkan three dimensional visualization, symbolizes
entitas yang utuh, sempurna, seimbang, dan wholeness, perfection, and balance. It
menandakan kekuatan yang besar sehingga represents great strength, highlighting ADHI’s
mampu menampilkan karya-karyanya sebagai creativity and innovation as a proud national
anak bangsa yang kreatif dan inovatif. entity.
Simbol bola energi ditampilkan dengan pantulan The energy ball’s light reflection symbolizes
sinar yang melambangkan refleksi cahaya divine illumination, reflecting ADHI’s spirit and
ilahiyah yang merepresentasikan semangat enthusiasm to move forward with awareness
dan antusiasme ADHI untuk melangkah dan and responsibility, under the protection of the
berusaha dengan penuh kesadaran serta Almighty’s strength.
tanggung jawab dalam perlindungan kekuatan
Yang Maha Kuasa.
Warna Merah Red Color
Warna merah dipilih dari sisi psikologi sebagai The red color was chosen for its psychological
warna yang menghadirkan impresi dengan impact, conveying authority, integrity, and
pesan otoritatif, integritas, dan optimisme optimism, in line with ADHI’s core values. This
sesuai dengan nilai-nilai baru ADHI. Atas red color has been maintained as a legacy,
pemahaman ini, warna merah kemudian signifying continuity and commitment.
dipertahankan, bahkan dianggap sebagai
warisan yang tetap dijaga.
Penggunaan warna dengan gradasi berat dari The use of a heavy gradient from dark to light
gelap ke terang bertujuan untuk memberikan aims to create an adaptive impression towards
kesan adaptif pada perkembangan dan hal- growth and new developments while reflecting
hal baru, serta menggambarkan jiwa inovatif an innovative spirit with a broad yet playful
dengan susunan yang luas namun tetap playful. composition.
Penggunaan Font Font Usage
Penggunaan tipe font “frutiger” pada penulisan The Frutiger font is used for writing the
nama Perseroan, yakni “Adhi Commuter Company’s name, “Adhi Commuter Properti”,
Properti” bertujuan untuk mewujudkan to ensure consistent communication and
komunikasi yang konsisten dalam membentuk to reinforce ADHI’s identity as the parent
citra ADHI sebagai induk perusahaan. Tipe company. The Frutiger font was selected
font “frutiger” ini dipilih karena merupakan because it conveys a dynamic, friendly, and
font korporasi yang memiliki kesan dinamis, confident corporate image, aligning with ADHI’s
bersahabat, serta penuh keyakinan yang core values.
sesuai dengan nilai-nilai induk perusahaan
ADHI.
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Profil Perusahaan
Company Profile
Jejak Langkah Perusahaan
Corporate Milestone
30 Maret 2019
November 2019
Acara Peluncuran Proyek: 25 Oktober 2019
Perseroan membukukan
LRT CITY Bekasi - Green Akuisisi PT Mega Graha
total penanaman modal
Avenue Citra Perkasa sebagai Anak
sebesar Rp2 triliun
March 30, 2019 Perusahaan PT Adhi Commuter
November 2019
Project Launch Ceremony: Properti Tbk
The Company reached
LRT CITY Bekasi - Green October 25, 2019
total equity injection of
Avenue Acquisition of PT Mega
Rp2 trillion
Graha Citra Perkasa become
Subsidiary of PT Adhi
10 Commuter Properti Tbk MT
14
28 Juli 2018
Acara Peluncuran
Proyek: LRT City 12
Ciracas
July 28, 2018
Project Launch
Ceremony: LRT CITY
Ciracas
8 9
20 Juli 2019
Acara peluncuran
Proyek: Member of LRT
CITY Cisauk Point
11
July 20, 2019 15
Project Launch
Ceremony: Member of
12 September 2019
Acara Peluncuran 13
LRT CITY Cisauk Point Proyek: LRT CITY MTH 5 Desember 2020
September 12, 2019 27 Oktober 2019 Acara Peluncuran
Project Launch Acara peluncuran Proyek: ADHI CITY
Ceremony: LRT CITY Proyek: LRT CITY Tebet Sentul
09 September 2017 December 5, 2020
MT October 27, 2019
Acara Peluncuran Project Launch
Proyek: LRT CITY Project Launch
Ceremony: LRT CITY Ceremony: ADHI CITY
Jatibening Sentul
September 09, 2017 Tebet
Project Launch
Ceremony: LRT CITY 20 Januari 2017
Jatibening Pembentukan TOD
Department & Hotel
January 20, 2017
6 Establishment of TOD
Department & Hotel
27 April 2016
Pembentukan Divisi Transit
Oriented Development
(TOD)
April 27, 2016
4 Establishment of Transit
Oriented Development
(TOD) Division
2
30 April 2015
Persiapan pembentukan
7 Divisi Transit Oriented
Development (TOD)
April 30, 2015
Preparation to establish
02 Juli 2018 Transit Oriented
Pemisahan Divisi
TOD menjadi anak 3 Development (TOD)
Division
perusahaan PT Adhi
Karya Tbk dengan
modal sebesar Rp1,1
triliun
5 27 Desember 2016
Acara Peluncuran
1
July 02, 2018 Proyek: LRT CITY
Spin-Off from TOD Bekasi – Easter Green
25 Juni 2017 December 27, 2016
Division to the
Acara Peluncuran Proyek: Project Launch
subsidiary of PT Adhi
LRT CITY Sentul Ceremony: LRT CITY
Karya Tbk with equity
June 25, 2017 Bekasi - Easter Green
Rp1.1 trillion
Project Launch Ceremony:
LRT CITY Sentul
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29 Juni 2024
Groundbreaking Member
of LRT CITY Grand
Kuartal IV 2020 Kuartal II 2022
Central Bogor
Serah Terima LRT CITY Penerbitan Obligasi II
June 29, 2024
Jatibening dan proyek sebesar Rp307,5 miliar
Groundbreaking Member
LRT CITY Sentul Kuartal II 2022
of LRT CITY Grand
Kuartal IV 2020 Issuance of Bond II
Central Bogor
Hand Over of LRT CITY amounting to Rp307.5
Kuartal II 2021
Jatibening and LRT billion
Penerbitan Obligasi I
CITY Sentul Project
Rp500 miliar 23
Kuartal II 2021
Bond I Issuance 21
17 amounted to Rp500
billion
19
22
18 Kuartal IV 2023
• Serah Terima LRT CITY Ciracas
• Penerbitan Sukuk Ijarah Tanpa
16 Kuartal I 2021
• Soft Launching LRT
20 Penawaran Umum dengan nilai
nominal sebesar Rp499,1 miliar
dengan nilai harga objek Ijarah
CITY Cibubur
23 Februari 2022 sebesar Rp233,3 miliar
Kuartal III 2020 • Soft Launching • Penerbitan Obligasi III Rp499,9
Serah Terima LRT CITY Member of LRT CITY Penawaran Umum
miliar
Bekasi - Eastern Green Oase Park Perdana PT Adhi Kuartal IV 2023
dan LRT CITY MTH Kuartal I 2021 Commuter Properti Tbk • LRT CITY Ciracas Project Hand
Kuartal III 2020 • LRT CITY Cibubur February 23, 2022 Over
Initial Public Offering • Issuance of Ijarah Sukuk Without
LRT CITY Bekasi - Soft Launching
PT Adhi Commuter Public Offering with a nominal value
Easter Green and LRT • Soft Launching of Rp499.1 billion and the value
CITY MTH Hand Over Member of LRT CITY Properti Tbk
of the Ijarah object amounting to
Oase Park Rp233.3 billion
• Issuance of Obligation III amounting
to Rp499.9 billion
13 Juni 2025
Launcing Sixty Five Lounge Mei 2025
Hotel GranDhika Iskandarsyah Launching FIFA Mini 28 Agustus 2024
Jakarta. Soccer Field Oase Park. Peresmian Sakha
June 13, 2025 May 2025 Ballroom di LRT CITY
Sixty Five Lounge Hotel FIFA Mini Soccer Field Sentul
GranDhika Iskandarsyah Jakarta Oase Park Launching August 28, 2024
Launching. Launching of Sakha
Ballroom at LRT CITY
27 Sentul
29 24
25
06 Juli 2024
Topping Off LRT CITY
Tebet
July 06, 2024
Topping Off of LRT CITY
Tebet
26
30 28 23 November 2024
• Peluncuran Kartu Elartizen
• Peluncuran Tower 2 LRT
9 Oktober 2025 CITY Tebet
Grand Opening Stay G AJB Signing Adhi November 23, 2024
LRT Sentul City Sentul. • Launching of Elartizen Card
October 9, 2025 AJB Signing Adhi • Launching of Tower 2 at LRT
Grand Opening Stay G City Sentul. CITY Tebet
LRT Sentul
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Profil Perusahaan
Company Profile
Kegiatan dan Bidang Usaha
Activity and Line of Business
PT Adhi Commuter Properti Tbk merupakan perusahaan PT Adhi Commuter Properti Tbk operates in the property,
yang bergerak di bidang usaha Properti, Real Estate, real estate, and hotel management sectors, with its
dan Pengelolaan Hotel, dengan delapan kegiatan usaha business activities classified into three main segments:
utama yang dikelompokkan ke dalam 3 (tiga) segmen, property development, hospitality, and support services.
yakni pengembangan bisnis properti, hospitality, dan
support.
Properti Property Development
Perseroan mengembangkan properti berbasis The Company is a pioneer and the largest developer
transportasi massal pertama dan terbesar di Indonesia of mass transportation-based properties in Indonesia,
dengan beberapa brand Transit Oriented Development introducing several Transit-Oriented Development (TOD)
(TOD) yaitu LRT City, Member of LRT City, dan Adhi brands, including LRT City, Member of LRT City, and Adhi
City. Brand tersebut dipasarkan dan dikenal sebagai City. These brands are recognized for their seamless
brand hunian yang terintegrasi dengan berbagai moda integration with multiple transportation modes, offering
transportasi sehingga memberikan kemudahan dan convenience and accessibility for urban dwellers. The
kenyamanan bagi masyarakat dalam menjalankan Company has developed several key property projects,
aktivitas sehari-hari. Perseroan telah mengembangkan including:
beberapa bisnis di bidang properti, yaitu:
• LRT CITY Bekasi - Eastern Green • LRT CITY Bekasi - Eastern Green
• LRT CITY Bekasi - Green Avenue • LRT CITY Bekasi - Green Avenue
• LRT CITY Jatibening • LRT CITY Jatibening
• LRT CITY MTH • LRT CITY MTH
• LRT CITY Tebet • LRT CITY Tebet
• LRT CITY Ciracas • LRT CITY Ciracas
• LRT CITY Cibubur • LRT CITY Cibubur
• LRT CITY Sentul • LRT CITY Sentul
• LRT CITY Cikunir • LRT CITY Cikunir
• Grand Central Bogor - Member of LRT CITY • Grand Central Bogor - Member of LRT CITY
• Oase Park - Member of LRT CITY • Oase Park - Member of LRT CITY
• Cisauk Point - Member of LRT CITY • Cisauk Point - Member of LRT CITY
• ADHI CITY Sentul • ADHI CITY Sentul
Hospitality Hospitality
Hotel GranDhika Indonesia merupakan salah satu Hotel GranDhika Indonesia is one of the Company’s
brand Perseroan yang bergerak di bidang Perseroan brands in the hospitality sector. The Company develops
membangun dan mengelola jaringan hotel yang tersebar and manages a network of hotels in several major cities
di beberapa kota besar di Indonesia yaitu Hotel GranDhika in Indonesia, including Hotel GranDhika Iskandarsyah
Iskandarsyah Jakarta, Hotel GranDhika Pemuda Jakarta, Hotel GranDhika Pemuda Semarang, and Hotel
Semarang, dan Hotel GranDhika Setiabudi Medan. GranDhika Setiabudi Medan.
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Sebagai hotel berbintang 4, jaringan Hotel GranDhika As a 4-star hotel, the Hotel GranDhika Indonesia network
Indonesia membidik segmen business travellers, leisure, targets business travelers, leisure guests, and families.
dan family. Layanan hospitality Perseroan ditujukan untuk The Company’s hospitality services are designed to
menghadirkan kenyamanan dan pengalaman menginap provide comfort and a memorable stay experience,
yang mengesankan, disamping juga menyediakan complemented by various facilities such as meeting
berbagai fasilitas meeting, restaurant, lounge, serta rooms, restaurants, lounges, as well as recreational
sarana rekreasi dan kesehatan seperti kolam renang, and wellness amenities like swimming pools, gyms, and
gym dan family spa. family spas.
Sejumlah bisnis di bidang hospitality yang sudah The Company has developed several businesses in the
dikembangkan oleh Perseroan hingga saat ini adalah: hospitality sector, including:
• Hotel GranDhika Iskandarsyah Jakarta • Hotel GranDhika Iskandarsyah Jakarta
• Hotel GranDhika Pemuda Semarang • Hotel GranDhika Pemuda Semarang
• Hotel GranDhika Setiabudi Medan • Hotel GranDhika Setiabudi Medan
• Stay G Service Residence LRT CITY Bekasi • Stay G Service Residence LRT CITY Bekasi
• Stay G Service Residence LRT CITY Jatibening • Stay G Service Residence LRT CITY Jatibening
• Stay G Service Residence LRT CITY Sentul • Stay G Service Residence LRT CITY Sentul
• GranDhika Property Services LRT CITY Bekasi • GranDhika Property Services LRT CITY Bekasi
• GranDhika Property Services LRT CITY Jatibening • GranDhika Property Services LRT CITY Jatibening
• GranDhika Property Services LRT CITY Sentul GranDhika Property Services LRT CITY Sentul
• GranDhika Property Services Cisauk Point • GranDhika Property Services Cisauk Point
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Profil Perusahaan
Company Profile
Support Support
Selain mengembangkan bisnis properti dan hospitality, In addition to property and hospitality businesses, the
Perseroan juga memperkuat pendapatan recurring-nya Company strengthens its recurring income through
melalui lini bisnis support di commercial area, bisnis food support business lines in commercial areas and the food
& beverage (F&B) pada setiap proyek. Saat ini, Perseroan & beverage (F&B) sector across its projects. Currently,
telah mengembangkan beberapa bisnis support, seperti: the Company has developed several support businesses,
including:
• Origami Roof Dining - Hotel GranDhika Iskandarsyah • Origami Roof Dining - Hotel GranDhika Iskandarsyah
Jakarta Jakarta
• Kalandara Restaurant - Hotel GranDhika • Kalandara Restaurant - Hotel GranDhika
Iskandarsyah Jakarta Iskandarsyah Jakarta
• Sixty Five Lounge - Hotel GranDhika Iskandarsyah • Sixty Five Lounge - Hotel GranDhika Iskandarsyah
Jakarta Jakarta
• Andaliman Restaurant - Hotel GranDhika Setiabudi • Andaliman Restaurant - Hotel GranDhika Setiabudi
Medan Medan
• Lokio Lounge - Hotel GranDhika Setiabudi Medan • Lokio Lounge - Hotel GranDhika Setiabudi Medan
• Kapolagha Restaurant - Hotel GranDhika Pemuda • Kapolagha Restaurant - Hotel GranDhika Pemuda
Semarang Semarang
• Eighty Two Lounge - Hotel GranDhika Pemuda • Eighty Two Lounge - Hotel GranDhika Pemuda
Semarang Semarang
• Elarte Cafe (LRT CITY Bekasi, LRT CITY Jatibening, • Elarte Cafe (LRT CITY Bekasi, LRT CITY Jatibening,
LRT CITY Tebet, LRT CITY MTH, LRT CITY Ciracas, LRT CITY Tebet, LRT CITY MTH, LRT CITY Ciracas,
LRT CITY Cibubur, LRT CITY Sentul, Grand Central LRT CITY Cibubur, LRT CITY Sentul, Grand Central
Bogor, Cisauk Point, LRT CITY Cikunir) Bogor, Cisauk Point, LRT CITY Cikunir)
• Elarte Mart (LRT CITY Jatibening) • Elarte Mart (LRT CITY Jatibening)
• Elarte Parking (LRT CITY Bekasi, LRT CITY Cikunir, • Elarte Parking (LRT CITY Bekasi, LRT CITY Cikunir,
LRT CITY Jatibening, LRT CITY Ciracas, LRT CITY LRT CITY Jatibening, LRT CITY Ciracas, LRT CITY
Cibubur, LRT CITY Sentul) Cibubur, LRT CITY Sentul)
• 27 Food Arcade (LRT CITY MTH) • 27 Food Arcade (LRT CITY MTH)
• C-HUB (Cisauk Point) • C-HUB (Cisauk Point)
• Pavilia (ADHI CITY SENTUL) • Pavilia (ADHI CITY SENTUL)
• Foresthub (LRT CITY Jatibening) • Foresthub (LRT CITY Jatibening)
• Soul Hub (LRT CITY Ciracas) • Soul Hub (LRT CITY Ciracas)
• East Hub (LRT CITY Bekasi) • East Hub (LRT CITY Bekasi)
• Others Development LRT CITY Sentul (Padi Mas, • Other Developments LRT CITY Sentul: Padi Mas,
Sakha Ballroom) Sakha Ballroom
• Others Development LRT CITY Ciracas (Kampung • Other Development LRT CITY Ciracas: Kampung
Telaga, Pro Archery, Roti Bakar 88, Urban Culinary, Telaga, Pro Archery, Roti Bakar 88, Urban Culinary,
Ramu Nostalgia) Ramu Nostalgia
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Profil Perusahaan
Company Profile
Wilayah Operasional
Operational Areas
Kantor Pusat
Head Office
Kantor Pusat Alamat Korespondensi
Head Office Correspondence Address
Jl. Raya Pasar Minggu KM 18 South Building Jl. Pengantin Ali No. 88 Ciracas, Jakarta Timur 13740
PT Adhi Karya (Persero) Tbk DKI Jakarta, Indonesia
Tel: +6221 228 229 80
Fax: +6221 228 220 81
Website: www.lrtcity.com www.adcp.co.id
Email: adcp@adcp.co.id
Entitas Anak
Subsidiary
PT Mega Graha Citra Perkasa
Subsidiary of PT Adhi Commuter Properti Tbk
Jl. Mayor Oking Jaya Atmaja, Cibogor, Bogor
Tengah, Kota Bogor 16124 Jawa Barat, Indonesia
Telp: +62251 8575 2727
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Pengelolaan Hotel
Hotel Management
Hotel GranDhika Iskandarsyah Jakarta Hotel GranDhika Setiabudi Medan
Jl. Iskandarsyah Raya No.65, Jakarta Selatan 12160 Jl. Dr. Mansyur No. 169, Tj. Rejo, Kec. Medan Sunggal,
Telp: +6221 2912 7788 Kota Medan, Sumatera Utara 20122 Telp: +6261 4208
1234
Hotel GranDhika Pemuda Semarang
Jl. Pemuda No. 80-82, Kembangsari, Kec. Semarang
Tengah, Kota Semarang, Jawa Tengah 50133 Telp:
+6224 2920 7788
Kawasan Proyek
Project Area
Adhi City Sentul LRT City Cibubur
Exit Tol Sirkuit Sentul Km. 33, Jl. Anggrek, Kab. Bo- Jl. Kesuma Puri Raya No 23, Kec. Cimanggis,
gor, Jawa Barat 16810 Telp: +62852 8303 0300 Kota Depok Telp: +62811 333 544
Cisauk Point - Member of LRT City LRT City Jatibening
Stasiun Cisauk, Jl. Raya Serpong - Lapan, Cisauk, Jl. Raya Kapin, Pondok Gede, Jatibening Baru,
Kab. Tangerang, Banten Telp: +6221 228 229 80 Bekasi Telp: +6221 8267 1010
Grand Central Bogor - Member of LRT City LRT City MTH
Jl. Mayor Oking, Cibogor, Bogor Tengah, Kota Bogor Jl. MT Haryono Kavling 27, Cawang, Kramat Jati, Jakar-
Telp: +62822 5888 2727 ta Timur, DKI Jakarta 13630 Telp: +6221 228 229 80
LRT City Bekasi - Eastern Green LRT City Sentul
Jl. H.M. Joyomartono Exit Tol Bekasi Timur Km. 16 Exit Tol Sirkuit Sentul Km. 33 Jl. Sentul Raya, Babakan
Margahayu, Kec. Bekasi Timur, Kota Bekasi Timur, Madang, Kab. Bogor Telp: +6221 8267 111111
Indonesia Telp: +6221 2908 5555
LRT City Tebet
LRT City Bekasi - Green Avenue Jl. MT Haryono Kav. 25-26, Tebet Timur, Tebet, Jakarta
Jl. H.M. Joyomartono Exit Tol Bekasi Timur Km. 16 Selatan Telp: +6221 228 229 80
Margahayu, Telp: +6221 2908 555
LRT Cikunir
LRT City Ciracas Jl. Batu Mulia, Jakasampurna, Bekasi, Jawa Barat
Jl. Pengantin Ali No. 88 Ciracas – Jakarta Timur 17145 Telp: +6221 228 229 80
Telp: +6221 228 222 11
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Profil Perusahaan
Company Profile
Visi, Misi, dan Nilai-Nilai Perusahaan
Vision, Mission, and Corporate Values
VISION VISI
Menjadi pengembang kawasan terpercaya berbasis
transportasi dan penyedia pelayanan untuk
peningkatan kualitas kehidupan.
To become a trusted transportation-based developer and
MISI MISSION
service provider dedicated to improving quality of life.
1. Menjadi pengembang kawasan terpercaya berbasis 1. Develop individuals with integrity, professionalism,
transportasi dan penyedia pelayanan untuk teamwork, and an entrepreneurial spirit.
peningkatan kualitas kehidupan
2. Mengembangkan dan menjalankan bisnis properti 2. Develop and manage an adaptive property business by
yang adaptif dan berkolaborasi dengan mitra collaborating with strategic partners while incorporating
strategis serta memperhatikan aspek manajemen risk management principles.
risiko dalam pengelolaannya
3. Menyediakan hunian, area komersial dan jasa 3. Provide high-quality housing, commercial areas, and
layanan berkualitas yang mendukung gaya hidup services that support the urban lifestyle.
urban.
4. Implementasi value LAMPs dalam menjalankan 4. Implement LAMPs values in corporate governance
tata kelola perusahaan yang baik melalui sistem through K3 management systems, IT integration, and
manajemen K3, pemanfaatan IT dan kepedulian sustainable environmental care.
lingkungan yang berkelanjutan.
Review Visi dan Misi oleh Manajemen Management Review on the Company’s Vision and
Mission
Review visi dan misi dilakukan secara berkala oleh The Company periodically reviews its vision and mission
Perseroan sesuai dengan kondisi aktual Perseroan in accordance with its actual conditions to support optimal
sehingga hal tersebut dapat mendukung kinerja yang performance
optimal.
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Karakter Insan ADHI
ADHI’s Core Values
Learner
Selalu ingin belajar, berkembang, dan terbuka terhadap pengetahuan baru.
Always eager to learn, grow, and open to new knowledge.
Adaptive
Mampu menyesuaikan diri dalam segala perubahan yang terjadi.
Able to adapt to any changes that occur.
Militant
Pantang menyerah dan semangat dalam mencapai tujuan.
Never gives up and is passionate about achieving goals.
Problem Solver
Memberikan solusi yang inovatif dan efisiensi untuk pengambilan keputusan yang tepat.
Provides innovative and efficient solutions to support sound decision-making.
Sosialisasi Nilai-Nilai Perusahaan Dissemination Of Corporate Values
Perseroan menerapkan nilai-nilai dan budaya “LAMPs” The Company implements the values and culture of
sebagai panduan dasar bagi Insan Perseroan dalam “LAMPs” as the fundamental guidance for its people in
melakukan kegiatannya sehari-hari. Perseroan secara conducting their daily activities. The Company actively
aktif memperkenalkan budaya LAMPs melalui program introduces LAMPs culture through orientation programs
orientasi karyawan baru serta pemberian materi for new employees and provides materials through
melalui buku saku pedoman karyawan. Di samping employee pocket guidebooks. Additionally, the Company
itu, Perseroan senantiasa mensosialisasikan nilai-nilai constantly socializes the cultural values of the Company
budaya Perseroan kepada seluruh karyawan melalui to all employees through the Company’s Internet Portal,
Portal Internet Perseroan, situs web Perseroan, serta Company website, as well as posters and banners in
poster dan spanduk di tempat-tempat strategis dalam strategic locations within the Company’s environment.
lingkungan Perseroan.
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Profil Perusahaan
Company Profile
Struktur Organisasi
Organization Structure
Struktur organisasi Perseroan per 31 Desember 2025 The Company’s organizational structure as of 31
berdasarkan Surat Keputusan Dewan Komisaris December 2025 based on the Decree of the Board of
No. 113-7/011/VIII/2025 dapat dilihat sebagai berikut: Commissioners No. 113-7/011/VIII/2025 can be seen as
follows:
Direktur Utama
President Director
Achmad Wachid Abdullah
Satuan Pengawas Internal (SPI)
Internal Audit Unit (SPI)
Auditor
Auditor Direktur Operasi
Roy Albert Siahaan Director of Operations
Farid Budiyanto
PT MGCP
Manajer Biro Pemasaran Manajer Biro Operasi
Marketing Bureau Operations Bureau
Djoko Santoso Taufiq Hardiansyah
Pemasaran Perencanaan Korporasi
Marketing Corporate Planning
Pengendallian Operasi
Customer Relation Management Operations Control
Data Analyst Procurement
Penjualan Produksi
Sales Production
Komersial Bisnis Kesisteman
Commercial Business Syistematics
Pengelolahan Bisnis Hotel
Hotel Business Management
LRT City Member of LRT City ADHI City
OASE PARK
CIASUK POINT
GRAND CENTRAL
BOGOR
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Sekertaris Perseroan
Corporate Secretary
Bayu Purwana
Hubungan Investor
Investor Relation
Manager Biro Keuangan Manager Biro Legal
Komunikasi Korporasi
Finance Bureau Manager Legal Bureau Manager
Corporate Communication
Bima Yudha Kusuma Wiesma Mara Rangga
Keuangan GCG
Legal
Finance Good Corporate
Legal
Governance
Akuntansi
Accounting Manajemen Resiko
Risk Management Office Support
Pajak
Tax Kepatuhan
Compliance
Human Capital
Project Manager Properti
Property Project Manager
OTHER RECURRING
HOSPITALITY FNB
BUSINESS
HOTEL GRANDHIKA
INDONESIA
GRANDHIKA PROPERTY ELARTE SPORT CAFE
SERVICE
STAY G
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Profil Perusahaan
Company Profile
Profil Dewan Komisaris
Board of Commissioners’ Profile
Wenry Anshory Putra
Komisaris Utama merangkap Komisaris Independen
President Commissioner and concurrently Independent Commissioner
Masa Jabatan Menjabat sejak 5 Juni 2025 Has served since June 5, 2025
Tenure
Kewarganegaraan Warga Negara Indonesia Indonesia Citizen
Nationality
Tempat Tanggal lahir Jakarta, 23 Februari 1988 Jakarta, February 23, 1988
Place & Date of Birth
Usia 38 tahun per 31 Desember 2025 38 years old as of December 31, 2025
Age
Domisili Tangerang, Indonesia Tangerang, Indonesia
Domicile
Dasar Hukum Diangkat sebagai Komisaris Utama merangkap Appointed as President Commissioner and
Pengangkatan Komisaris Independen berdasarkan Keputusan concurrently as Independent Commissioner
Basis of Appointment Rapat Umum Pemegang Saham Tahunan based on the Resolution of the Annual General
PT Adhi Commuter Properti dengan Akta No Meeting of Shareholders of PT Adhi Commuter
36 tanggal 5 Juni 2025 yang dibuat di hadapan Properti, as stated in Deed No. 36 dated June 5,
Rosida Rajagukguk-Siregar, S.H., M.Kn., 2025, made before Rosida Rajagukguk-Siregar,
Notaris di Jakarta. S.H., M.Kn., Notary in Jakarta.
Latar Belakang Pendidikan Sarjana Ilmu Politik - Universitas Bung Karno Bachelor in Political Science - Bung Karno
Educational Background (2017) University (2017)
Riwayat Jabatan Komisaris Independen PT Adhi Commuter Independent Commissioner PT Adhi Commuter
Professional Experience Properti Tbk. (2024-sekarang) Properti Tbk. (2024-present)
Rangkap Jabatan Tidak memiliki rangkap jabatan, baik di Does not hold concurrent positions in the
Concurrent Position Perseroan, lembaga lain, maupun pada entitas Company, other institutions, and subsidiary of the
anak Perseroan. Company.
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Has no affiliation with members of the Board of
Affiliate Relationship anggota Dewan Komisaris dan Direksi, ataupun Commissioners and Boad of Directors, as well as
pemegang saham utama dan pengendali. the majority and controlling shareholders.
Kepemilikan Saham Tidak memiliki saham atau kepemilikan secara Has no direct or indirect ownership of the
Share Ownership langsung ataupun kepemilikan tidak langsung Company.
atas Perseroan.
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Yan Firwan
Komisaris
Commissioner
Masa Jabatan Menjabat sejak 5 Juni 2025 Has served since June 5, 2025
Tenure
Kewarganegaraan Warga Negara Indonesia Indonesia Citizen
Nationality
Tempat Tanggal lahir Bukittinggi, 14 Juni 1976 Bukittinggi, June 14, 1976
Place & Date of Birth
Usia 49 tahun per 31 Desember 2025 49 years old as of December 31, 2025
Age
Domisili Tangerang, Indonesia Tangerang, Indonesia
Domicile
Dasar Hukum Diangkat sebagai Komisaris berdasarkan Appointed as Commissioner based on the
Pengangkatan Keputusan Rapat Umum Pemegang Saham Resolution of the Annual General Meeting of
Basis of Appointment Tahunan PT Adhi Commuter Properti dengan Shareholders of PT Adhi Commuter Properti, as
Akta No 36 tanggal 5 Juni 2025 yang dibuat stated in Deed No. 36 dated June 5, 2025, made
di hadapan Rosida Rajagukguk-Siregar, S.H., before Rosida Rajagukguk-Siregar, S.H., M.Kn.,
M.Kn., Notaris di Jakarta. Notary in Jakarta.
Latar Belakang Pendidikan • Magister Hukum - Universitas Nasional • Master of Laws - Nasional University
Educational Background (Jakarta, 2018) (Jakarta, 2018)
• Sarjana Statistika - Universitas Islam Bandung • Bachelor of Statistics - Islam Bandung
(Bandung, 2001) University (Bandung, 2001)
Riwayat Jabatan • Komisaris - PT Adhi Commuter Properti Tbk • Commisioner - PT Adhi Commuter Properti
Professional Experience (2025 - Sekarang) Tbk (2025 - Present)
• Ketua Komite Pemantau Risiko (KPR) - • Lead of Risk Monitoring Committe - PT Adhi
PT Adhi Commuter Properti Tbk (2025 - Commuter Properti Tbk - (2025 - Present)
Sekarang)
Rangkap Jabatan Tidak memiliki rangkap jabatan, baik di Does not hold concurrent positions in the
Concurrent Position Perseroan, lembaga lain, maupun pada entitas Company, other institutions, and subsidiary of the
anak Perseroan. Company.
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Has no affiliation with members of the Board of
Affiliate Relationship anggota Dewan Komisaris dan Direksi, ataupun Commissioners and Boad of Directors, as well as
pemegang saham utama dan pengendali. the majority and controlling shareholders.
Kepemilikan Saham Tidak memiliki saham atau kepemilikan secara Has no direct or indirect ownership of the
Share Ownership langsung ataupun kepemilikan tidak langsung Company.
atas Perseroan.
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Profil Perusahaan
Company Profile
Pernyataan Independensi Komisaris Independen Independence Statement Of Independent
Commissioner
Komisaris Independen menjalankan fungsi pengawasan Independent Commissioners perform their supervisory
dan pemberian nasihat secara profesional, objektif, dan and advisory functions professionally, objectively, and
bebas dari pengaruh pihak manapun untuk melindungi free from the influence of any party in order to protect
kepentingan pemegang polis, pemegang saham, dan the interests of policyholders, shareholders, and other
pemangku kepentingan lainnya. stakeholders
Pada tahun 2025, seluruh Komisaris Independen By 2025, all Independent Commissioners will have
telah menyampaikan Pernyataan Independensi yang submitted a Statement of Independence confirming that
menegaskan tidak memiliki hubungan keuangan, they have no financial, management, share ownership,
kepengurusan, kepemilikan saham, dan/atau hubungan and/or family relationships with other members of the
keluarga dengan anggota Dewan Komisaris lainnya, Board of Commissioners, the Board of Directors, or
Direksi, maupun Pemegang Saham Pengendali, serta Controlling Shareholders, and that they have no business
tidak memiliki hubungan bisnis yang dapat mengganggu relationships that could interfere with their independence,
independensinya, sesuai ketentuan peraturan perundang- in accordance with the provisions of laws and regulations
undangan di sektor jasa keuangan. in the financial services sector.
Wenry Anshory Putra
Aspek Independensi
Independence Aspect Ya Tidak
Yes No
Tidak mempunyai hubungan afiliasi dengan Perseroan, Direksi, Komisaris, atau Pemegang
√
Saham Utama Perseroan.
Has no affiliation with the Company, the Board of Directors, the Board of Commissioners, or the
Company’s Major Shareholders.
Tidak memiliki hubungan usaha baik langsung maupun tidak langsung yang berkaitan dengan
kegiatan usaha Perseroan. √
Has no direct or indirect business relationships related to the Company’s operations.
Bukan merupakan orang yang bekerja atau mempunyai wewenang dan tanggung jawab untuk
merencanakan, memimpin, mengendalikan, atau mengawasi kegiatan Perseroan dalam 1 (satu)
√
tahun terakhir sebelum diangkat oleh Dewan Komisaris, kecuali untuk Komisaris Independen.
Is not a person who has worked for the Company or held authority and responsibility to plan,
lead, control, or supervise the Company’s activities within the past one (1) year before being
appointed by the Board of Commissioners, except in the case of an Independent Commissioner.
Tidak mempunyai saham baik langsung maupun tidak langsung pada Perseroan atau afiliasinya.
Does not own shares, either directly or indirectly, in the Company or its affiliates. √
Bukan merupakan orang dalam Kantor Akuntan Publik, Kantor Konsultan Hukum dan pihak
lainnya yang memberikan jasa audit dan atau non-audit atau jasa konsultasi lainnya kepada
√
Perseroan dalam 1 (satu) tahun terakhir sebelum diangkat oleh Dewan Komisaris.
Is not a person from a Public Accounting Firm, a Legal Consultant Firm, or any other party that
has provided audit, non-audit, or other consulting services to the Company within the past 1
year before being appointed by the Board of Commissioners.
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Perubahan Komposisi Anggota Dewan Komisaris Changes in the Composition of the Board of
Commissioners
Selama tahun 2025, Perseroan melakukan penyesuaian In 2025, the Company adjusted the composition of
susunan Dewan Komisaris sebagaimana ditetapkan the Board of Commissioners, as stipulated at the
melalui Rapat Umum Pemegang Saham Tahunan Annual General Meeting of Shareholders (AGMS), in
(RUPST) berdasarkan Akta No. 36 tanggal 5 Juni 2025. accordance with Deed No. 36 dated June 5, 2025. The
RUPST menyetujui pemberhentian dengan hormat Bapak AGMS approved the honorable discharge of Mr. Herry
Herry Ardianto sebagai Komisaris Utama dan Bapak Ardianto, President Commissioner, and Mr. Achmad
Achmad Afandi sebagai Komisaris. Selain itu, RUPST Afandi, Commissioner. In addition, the AGMS approved
juga menyetujui penetapan Bapak Wenry Anshory the appointment of Mr. Wenry Anshory Putra, previously
Putra, yang sebelumnya menjabat sebagai Komisaris serving as Independent Commissioner, to assume the role
Independen, untuk mengemban tugas sebagai Komisaris of President Commissioner while concurrently serving as
Utama merangkap Komisaris Independen. RUPST Independent Commissioner. The AGMS also appointed
turut mengangkat Bapak Yan Firwan sebagai Komisaris Mr. Yan Firwan as Commissioner of the Company.
Perseroan.
Susunan Anggota Dewan Komisaris sebelum dan The composition of the Board of Commissioners before
sesudah perubahan adalah sebagai berikut: and after the changes is as follows:
Periode 1 Januari 2025 - 5 Juni 2025
Period of January 1, 2025 - June 5, 2025
Nama Jabatan
Name Position
Herry Ardianto Komisaris Utama
President Commissioner
Achmad Afandi Komisaris
Commissioner
Wenry Anshory Putra Komisaris Independen
Commissioner
Periode 5 Juni 2025 - 31 Desember 2025
Period of June 5, 2025 - December 31, 2025
Nama Jabatan
Name Position
Wenry Anshory Putra Komisaris Utama merangkap Komisaris Independen
President Commissioner concurrently as Independent Commissioner
Yan Firwan Komisaris
Commissioner
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Profil Perusahaan
Company Profile
Profil Direksi
Board of Directors’ Profile
Achmad Wachid Abdullah
Direktur Utama
President Director
Masa Jabatan Menjabat sejak 5 Juni 2025 Has served since June 5, 2025
Tenure
Kewarganegaraan Warga Negara Indonesia Indonesia Citizen
Nationality
Tempat Tanggal lahir Mojokerto, 26 Januari 1979 Mojokerto, January 26, 1979
Place & Date of Birth
Usia 47 tahun per 31 Desember 2025 47 years old as of December 31, 2025
Age
Domisili Depok, Indonesia Depok, Indonesia
Domicile
Dasar Hukum Diangkat sebagai Direktur Utama berdasarkan Appointed as President Director based on the
Pengangkatan Rapat umum Pemegang Saham Tahunan Annual General Meeting of Shareholders with
Basis of Appointment dengan Akta No. 36 tanggal 5 Juni 2025 yang Deed No. 36 dated June 5, 2025, drawn up
dibuat di hadapan Rosida Rajagukguk-Siregar, before Rosida Rajagukguk-Siregar, S.H, M.KN,
S.H, M.KN, Notaris, di Jakarta. Notary, in Jakarta.
Latar Belakang Pendidikan Sarjana (S1) Manajemen, STIE Budi Bhakti Bachelor in Management from STIE Budi Bhakti
Educational Background (2008) (2008)
Riwayat Jabatan • Direktur Keuangan dan Manajemen Risiko PT Adhi • PT Adhi Commuter Properti Tbk (2024-2025)
Commuter Properti Tbk (2024-2025) • Finance Director of PT Jasamarga Jogja Bawen (2020–2024)
Professional Experience • Direktur Keuangan PT Jasamarga Jogja Bawen (2020-2024) • Accounting and Finance Manager at PT Adhi Persada Gedung
• Manajer Akuntansi dan Keuangan PT Adhi Persada Gedung (2016–2020)
(2016-2020) • Acting Head of Accounting at PT Adhi Persada Gedung
• PJ Akuntansi PT Adhi Persada Gedung (2014-2016) (2014–2016)
• Project Finance Manager Proyek Telkom (2012-2014) • Project Finance Manager for the Telkom Project (2012–2014)
• Project Finance Manager Proyek The Covergence Indonesia • Project Finance Manager for The Convergence Indonesia
(2011-2012) Project (2011–2012)
• Finance &Administration Manager Proyek the Pakubuwono • Finance & Administration Manager for The Pakubuwono View
View (2008-2011) Project (2008–2011)
• Administrasi dan Keuangan Proyek Gedung Sekneg - • Administration and Finance for the State Secretariat Building
Veteran (2007-2008) Project – Veteran (2007–2008)
• Administrasi dan Keuangan Proyek Oakwood Cozmo • Administration and Finance for the Oakwood Cozmo Kuningan
Kuningan (2006-2007) Project (2006–2007)
• Administrasi dan Keuangan Proyek Gedung Pasar Tanah • Administration and Finance for the Tanah Abang Market
Abang (2004-2006) Building Project (2004–2006)
• Administrasi dan Keuangan Proyek KTI (2003-2004) • Administration and Finance for the KTI Project (2003–2004)
Rangkap Jabatan Tidak memiliki rangkap jabatan, baik di Does not hold concurrent positions in the Company,
Concurrent Position Perseroan, lembaga lain, maupun pada entitas other institutions, and subsidiary of the Company.
anak Perseroan.
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Has no affiliation with members of the Board of
Affiliate Relationship anggota Dewan Komisaris dan Direksi, ataupun Commissioners and Boad of Directors, as well as
pemegang saham utama dan pengendali. the majority and controlling shareholders.
Kepemilikan Saham Tidak memiliki saham atau kepemilikan secara Has no direct or indirect ownership of the Company.
Share Ownership langsung ataupun kepemilikan tidak langsung
atas Perseroan.
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Farid Budiyanto
Direktur Operasi
Director of Operation
Masa Jabatan Menjabat sejak 17 Mei 2024 Has served since May 17, 2024
Tenure
Kewarganegaraan Warga Negara Indonesia Indonesia Citizen
Nationality
Tempat Tanggal lahir Jakarta, 4 Januari 1981 Jakarta, January 4, 1981
Place & Date of Birth
Usia 46 tahun per 31 Desember 2025 46 years old as of December 31, 2025
Age
Domisili Bogor, Indonesia Bogor, Indonesia
Domicile
Dasar Hukum Diangkat sebagai Direktur berdasarkan Rapat Appointed as Director based on the Resolutions
Pengangkatan umum Pemegang Saham Tahunan pada tanggal of Annual General Meeting of Shareholders dated
Basis of Appointment 17 Mei 2024 dengan Akta No. 04 tanggal 17 Mei May 17, 2024 under the Deed No. 04 on May 17,
2024 yang dibuat di hadapan Titik Krisna Murti 2024, made before Titik Krisna Murti Wikaningsih
Wikaningsih Hastuti, S.H, M.KN, Notaris, di Hastuti, S.H., M.KN, a Notary in Jakarta.
Jakarta.
Latar Belakang Pendidikan • Magister (S2) Manajemen Strategi, • Master in Strategic Management, Prasetya
Educational Background Universitas Prasetya Mulya (2019) Mulya University (2019)
• Sarjana (S1) Teknik Perencanaan Wilayah • Bachelor’s Degree in Urban and Regional
Kota, Institut Teknologi Bandung (ITB) (2006) Planning Engineering, Institut Teknologi
Bandung (ITB) (2006)
Riwayat Jabatan • Corporate Secretary PT Adhi Karya (Persero) • Corporate Secretary of PT Adhi Karya
Professional Experience Tbk (2021-2024) (Persero) Tbk (2021–2024)
• Manajer Biro Pemasaran dan Penjualan II PT • Head of Marketing and Sales Bureau II at PT
Adhi Persada Properti (2020-2021) Adhi Persada Properti (2020–2021)
• Manajer Biro Corporate Communications PT • Head of Corporate Communications Bureau at
Adhi Karya (Persero) Tbk (2016-2018) PT Adhi Karya (Persero) Tbk (2016–2018)
• Manajer Biro Pemasaran dan Penjualan PT • Head of Marketing and Sales Bureau at PT
Adhi Persada Properti (2014-2016) Adhi Persada Properti (2014–2016)
• Manajer Penjualan Apartemen GranDhika • Apartment Sales Manager for GranDhika City
City Bekasi PT Adhi Persada Properti (2013- Bekasi at PT Adhi Persada Properti (2013–
2014) 2014)
Rangkap Jabatan Tidak memiliki rangkap jabatan, baik di Does not hold concurrent positions in the Company,
Concurrent Position Perseroan, lembaga lain, maupun pada entitas other institutions, and subsidiary of the Company.
anak Perseroan.
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Has no affiliation with members of the Board of
Affiliate Relationship anggota Dewan Komisaris dan Direksi, ataupun Commissioners and Boad of Directors, as well as
pemegang saham utama dan pengendali. the majority and controlling shareholders.
Kepemilikan Saham Tidak memiliki saham atau kepemilikan secara Has no direct or indirect ownership of the Company.
Share Ownership langsung ataupun kepemilikan tidak langsung
atas Perseroan.
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Profil Perusahaan
Company Profile
Perubahan Komposisi Anggota Direksi Changes in the Composition of Members of the
Board of Directors
Selama tahun 2025, Perseroan melakukan penyesuaian During 2025, the Company adjusted the composition of
susunan Anggota Direksi sebagaimana ditetapkan dalam its Board of Directors as stipulated in the Annual General
Rapat Umum Pemegang Saham Tahunan (RUPST) Meeting of Shareholders (AGM) through Deed No. 36
melalui Akta No. 36 tanggal 5 Juni 2025. Dalam keputusan dated June 5, 2025. In this decision, the AGM respectfully
tersebut, RUPST memberhentikan dengan hormat Bapak dismissed Mr. Rizkan Firman from his position as
Rizkan Firman dari jabatannya sebagai Direktur Utama. President Director. The AGM also approved the transfer
RUPST juga menyetujui pengalihan tugas Direktur of the duties of President Director to Mr. Achmad Wachid
Utama kepada Bapak Achmad Wachid Abdullah, yang Abdullah, who previously served as Director of Finance
sebelumnya menjabat sebagai Direktur Keuangan dan and Risk Management.
Manajemen Risiko.
Susunan Anggota Direksi sebelum dan sesudah The composition of the Board of Directors before and
perubahan adalah sebagai berikut: after the change is as follows:
Periode 1 Januari 2025 - 5 Juni 2025
Period of January 1, 2025 - June 5, 2025
Nama Jabatan
Name Position
Rizkan Firman Direktur Utama
President Director
Achmad Wachid Abdullah Direktur Keuangan dan Manajemen Risiko
Finance and Risk Management Director
Farid Budiyanto Direktur Operasi
Operation Director
Periode 5 Juni 2025 - 31 Desember 2025
Period of June 5, 2025 - December 31, 2025
Nama Jabatan
Name Position
Achmad Wachid Abdullah Direktur Utama
President Director
Farid Budiyanto Direktur Operasi
Operation Director
Perubahan Susunan Anggota Direksi dan/atau Anggota
Dewan Komisaris Yang Terjadi Setelah Tahun Buku Berakhir
Changes in the Composition of Members of the Board of Directors and/or Members of the
Board of Commissioners That Occur After the Financial Year ends
Sepanjang periode setelah berakhirnya tahun buku 2025 Throughout the period after the end of the 2025 fiscal year
hingga diterbitkannya Laporan Tahunan ini, Perseroan until the publication of this Annual Report, the Company
tidak melakukan perubahan terhadap susunan Direksi has not made any changes to the composition of the
maupun Dewan Komisaris. Board of Directors or the Board of Commissioners.
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Profil Pejabat Eksekutif
Exclusive Officers Profile
Bayu Purwana
Sekretaris Perusahaan
Corporate Secretary
Usia 36 tahun 36 years old
Age
Kewarganegaraan Warga Negara Indonesia Indonesia Citizen
Nationality
Domisili Bekasi, Indonesia Bekasi, Indonesia
Domicile
Bergabung di Perusahaan 19 Desember 2022 December 19, 2022
Place & Date of Birth
Dasar Hukum Diangkat sebagai Sekretaris Perusahaan Appointed as the Corporate Secretary on
Pengangkatan sejak 19 Desember 2022 berdasarkan Surat December 19, 2022, based on the Determination/
Date of joining Ketetapan / Penugasan Assignment Letter
Nomor 113-2/36/SKD/XII/2022 Number 112-3/26/SKD/XII/2022.D/XII/2022.
Latar Belakang Pendidikan • Magister (S2) Administrasi Bisnis, Universitas • Master of Business Administration (S2),
Educational Background Gadjah Mada (2019) Universitas Gadjah Mada (2019)
• Sarjana (S1) Manajemen, Institut Pertanian • Bachelor’s Degree in Management, Institut
Bogor (2011) pertanian Bogor (2011)
Riwayat Jabatan • Investor Relation di Departemen Corporate • Investor Relation in Corporate Secretary
Professional Experience Secretary PT Adhi Karya (Persero) Tbk Department at PT Adhi Karya (Persero) Tbk
(2018-2022) (2018 - 2022)
• Supervisor Manufacturing Cost Control • Supervisor Manufacturing Cost Control Nissan
Nissan Motor Indonesia (2013-2018) Motor Indonesia (2013-2018)
• Staf Marketing PT Kertas Padalarang • Marketing Staff PT Kertas Padalarang
(Persero) -Peruri Security Paper Mill (2013) (Persero) - Peruri Security Paper Mill (2013)
• Auditor Cabang PT Bina San Prima (Sanbe • Branch Auditor PT Bina San Prima (Sanbe
Farma Group) (2011 - 2013) Farma Group) (2011 - 2013)
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Profil Perusahaan
Company Profile
Roy Albert Siahaan
Kepala Satuan Pengawasan Internal
Head of Internal Audit
Usia 56 tahun 56 years old
Age
Kewarganegaraan Warga Negara Indonesia Indonesia Citizen
Nationality
Domisili Bogor, Indonesia Bogor, Indonesia
Domicile
Bergabung di Perusahaan Oktober 2024 October, 2024
Place & Date of Birth
Dasar Hukum Diangkat sebagai Kepala Satuan Pengawasan Appointed as the Head of Internal Audit Unit
Pengangkatan Internal sejak 6 Juni 2024 berdasarkan Surat on June 6, 2024, based on the Determination/
Date of joining Ketetapan / Penugasan Assignment Letter Number 113-2/119/VI/2024
Nomor 113-2/119/VI/2024
Latar Belakang Pendidikan Sarjana (S1) Akuntansi, Universitas Bachelor’s Degree in Accounting,
Educational Background Krisnadwipayana (1993) Krisnadwipayana University (1993)
Riwayat Jabatan • Deputy Kepala Satuan Pengawasan Internal • Deputy Head of Internal Audit Unit PT Adhi
Professional Experience PT Adhi Commuter Properti Tbk (2024) Commuter Properti Tbk (2024)
• Manager Biro Manajemen Risiko • Risk Management Bureau Manager of Risk
Departemen Manajemen Risiko (2023-2024) Management Department (2023-2024)
• Manager Biro Manajemen Risiko • Risk Management Bureau Manager of
Departemen Portofolio Bisnis dan Business Portfolio and Risk Management
Manajemen Risiko (2021-2023) Department (2021-2023)
• Manager Biro Risk Management (2020-2021) • Risk Management Bureau Manager (2020-
• SPC Portofolio (2018-2020) 2021
• Staff Ahli Keuangan Departemen Akuntansi • SPC Portofolio (2018-2020)
dan Keuangan (2017-2018) • Finance Expert Staff for Accounting and
Finance Department (2017-2018)
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Taufiq Hardiansyah
Manajer Biro Operasi
Operational Bureau Manager
Usia 38 tahun 38 years old
Age
Kewarganegaraan Warga Negara Indonesia Indonesia Citizen
Nationality
Domisili Depok, Indonesia Depok, Indonesia
Domicile
Bergabung di Perusahaan 2 Juli 2018 July 2, 2018
Place & Date of Birth
Dasar Hukum Diangkat sebagai Manajer Biro Operasi sejak 3 Appointed as the Head of Internal Audit Unit
Pengangkatan Juni 2021 berdasarkan Surat Keputusan on June 6, 2024, based on the Determination/
Date of joining No. 113-2/070C/V/2021. Assignment Letter Number 113-2/119/VI/2024
Latar Belakang Pendidikan • Magister (S2) Manajemen Sekolah Tinggi • Master’s Degree (S2) in Management from
Educational Background Manajemen PPM, Jakarta (2021) PPM School of Management, Jakarta (2021)
• Sarjana (S1) Teknik Sipil, Universitas • Bachelor’s Degree (S1) in Civil Engineering
Sebelas Maret, Surakarta (2007) from Sebelas Maret University, Surakarta
(2007)
Riwayat Jabatan • Manajer Biro Pengendalian PT Adhi • Manager of Control Bureau at PT Adhi
Professional Experience Commuter Properti Tbk (2019-2021) Commuter Properti (2019 - 2021)
• Project Manager Divisi TOD II ADHI (2017- • Project Manager at TOD Division II ADHI
2019) (2017-2019)
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Profil Perusahaan
Company Profile
Bima Yudha Kusuma
Manajer Biro Keuangan
Finance Bureau Manager
Usia 33 tahun 33 years old
Age
Kewarganegaraan Warga Negara Indonesia Indonesia Citizen
Nationality
Domisili Probolinggo, Indonesia Probolinggo, Indonesia
Domicile
Bergabung di Perusahaan 16 Oktober 2023 October 16, 2023
Place & Date of Birth
Dasar Hukum Diangkat sebagai Manajer Biro Keuangan & Appointed as Finance & Risk Management
Pengangkatan Manajemen Risiko sejak 16 Oktober 2023 Bureau Manager on October 16, 2023, based on
Date of joining berdasarkan Surat Keputusan the Determination/ Assignment Letter
No. 113-2/178/X/2023. Number 113-2/178/X/2023.
Latar Belakang Pendidikan Sarjana (S1) Akuntansi, Universitas Airlangga, Bachelor’s Degree (S1) in Accounting from
Educational Background Surabaya (2016) Airlangga University, Surabaya (2016)
Riwayat Jabatan • Manajemen Biro Perencanaan dan Strategi • Manager of the Planning and Strategy Bureau
Professional Experience Departemen Keuangan ADHI (2021-2023) in the Finance Department at ADHI (2021-
2023)
• Corporate Planning & Business Strategic • Corporate Planning & Business Strategic in
Departemen CSIT ADHI (2018-2021) the CSIT Departemen ADHI (2018 – 2021)
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Wiesma Mara Rangga
Manajer Biro Legal
Legal Bureau Manager
Usia 37 tahun 37 years old
Age
Kewarganegaraan Warga Negara Indonesia Indonesia Citizen
Nationality
Domisili Jakarta, Indonesia Jakarta, Indonesia
Domicile
Bergabung di Perusahaan 29 September 2025 September 29, 2025
Place & Date of Birth
Dasar Hukum Diangkat sebagai Manajer Biro Legal sejak 29 Appointed as Legal Bureau Acting Manager on
Pengangkatan September 2025 berdasarkan Surat Keputusan September 29, 2025, based on the Determination/
Date of joining 113-2/168/IX/2025 Assignment Letter Number 113-2/168/IX/2025
Latar Belakang Pendidikan • Magister (S2) Hukum, Universitas Indonesia • Master’s Degree (S2) in Law from University of
Educational Background (2020) Indonesia, Jakarta (2020)
• Sarjana (S1) Universitas Trisakti (2011) • Bachelor’s Degree (S1) from Trisakti
University, Jakarta (2011)
Riwayat Jabatan • Manager Biro Litigasi ADHI (2023 - 2025) • Litigation Bureau Manager ADHI (2023 - 2025)
Professional Experience • Pjs Manager Biro Litigation ADHI (2021 - • Ad Interim Litigation Bureau Manager ADHI
2023) (2021 - 2023)
• Senior Staff Legal Korporasi ADHI (2017 - • Senior Employees Corporate Legal ADHI
2021) (2017 - 2021)
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Profil Perusahaan
Company Profile
Djoko Santoso
Manajer Biro Pemasaran
Marketing Bureau Manager
Usia 56 tahun 56 years old
Age
Kewarganegaraan Warga Negara Indonesia Indonesia Citizen
Nationality
Domisili Bekasi, Indonesia Bekasi, Indonesia
Domicile
Bergabung di Perusahaan 5 Agustus 2025 August 5, 2025
Place & Date of Birth
Dasar Hukum Diangkat sebagai Manajer Biro Pemasaran Appointed as Marketing Manager on August 4,
Pengangkatan sejak 4 Agustus 2025 berdasarkan Surat 2025, based on the Determination/Assignment
Date of joining Keputusan No. 113-2/091/VIII/2025 Letter Number 113-2/091/VIII/2025
Latar Belakang Pendidikan • Sarjana (S1) Teknik Arsitektur, ITS Surabaya • Bachelor Degree (S1) from ITS Surabaya,
Educational Background (1995) Surabaya (1995)
Riwayat Jabatan • Manager Biro Pemasaran ADCP • Marketing Bureau Manager ADCP
Professional Experience (2018 - 2022) (2018–2022)
• Kepala Divisi I ADHI (2017 - 2018) • Division I Head ADHI (2017–2018)
• Manajer Pemasaran ADHI (2017 - 2018) • Marketing Manager ADHI (2017–2018)
• Manajer Teknik dan Produksi ADHI (2016 - • Engineering and Production Manager ADHI
2018) (2016–2018)
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Demografi dan Pengembangan Kompetensi Pegawai
Employee Demography and Compentence Development
Demografi Karyawan Employee Demographics
Per 31 Desember 2025, Perseroan memiliki karyawan As of December 31, 2025, the Company had 101
sejumlah 101 karyawan, menurun dibandingkan dengan employees, a decrease from 143 employees at the end of
143 karyawan di akhir tahun 2024. Penurunan jumlah 2024. This decline was due to the talent mobility program,
karyawan tersebut disebabkan oleh program talent retirements, and adjustments in workforce requirements.
mobility, pensiun serta penyesuaian kebutuhan jumlah
pegawai.
Informasi lebih lanjut mengenai demografi karyawan Further details regarding the Company’s employee
Perseroan per 31 Desember 2025, berupa komposisi demographics as of December 31, 2025, including gender
berdasarkan jenis kelamin, tingkat jabatan, rentang usia, composition, job levels, age distribution, educational
jenjang pendidikan, serta status ketenagakerjaan adalah background, and employment status, are as follows:
sebagai berikut:
Berdasarkan Tingkat Jabatan
By Position
2025 2024
Jenis Kelamin
Gender Laki-laki Perempuan Persentase Laki-laki Perempuan
Jumlah Jumlah Persentase
Percentage
Male Female Total
(%) Male Female Total Percentage (%)
Direktur Utama
1 0 1 1,0 1 0 1 0,7
President Director
Direktur
1 0 1 1,0 2 0 2 1,4
Director
Manajer Biro
6 0 6 5,9 8 0 8 5,6
Bureau Manager
Project Manajer
9 1 10 9,9 12 1 13 9,1
Project Manager
Senior Officer
4 0 4 4,0 2 0 2 1,4
Senior Officer
Specialist
0 1 1 1,0 0 1 1 0,7
Specialist
Officer
12 6 18 17,8 7 6 13 9,1
Officer
Level 2 Proyek
23 7 30 29,7 26 11 37 25,9
Level 2 Project
Level 3 Proyek
1 3 4 4,0 15 10 25 17,5
Level 3 Project
Staf
17 9 26 25,7 26 15 41 28,7
Staff
Jumlah
74 27 101 100 99 44 143 100
Total
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Profil Perusahaan
Company Profile
Berdasarkan Rentang Usia
By Age Range
2025 2024
Rentang Usia
Age Range Laki-laki Perempuan Jumlah Persentase Laki-laki Perempuan Jumlah Persentase
Male Female Total Percentage (%) Male Female Total Percentage (%)
> 50 tahun
7 1 8 7,9 14 1 15 10,5
> 50 years old
40-49 tahun
15 3 18 17,8 18 4 22 15,4
40-49 years old
30-39 tahun
37 15 52 51,5 56 29 85 59,4
30-39 years old
20-29 tahun
14 9 23 22,8 11 10 21 14,7
20-29 years old
Jumlah
73 28 101 100 99 44 143 100
Total
Berdasarkan Jenjang Pendidikan
By Educational Level
Jenjang 2025 2024
Pendidikan
Educational Level Laki-laki Perempuan Jumlah Persentase Laki-laki Perempuan Jumlah Persentase
Male Female Total Percentage (%) Male Female Total Percentage (%)
Pascasarjana (S2)
12 13 25 24,8 19 10 29 20,3
Mater degree
Sarjana (S1)
48 18 66 65,4 68 29 97 67,8
Bachelor Degree
Diploma (D4) 0 0 0 0,0 1 00 1 0,7
Diploma (D3) 5 2 7 6,9 9 4 13 9,1
Diploma (D2) 0 1 1 1,0 00 1 1 0,7
SMA dan sederajat
Senior High School 2 0 2 2,0 2 00 2 1,4
and equivalent
Jumlah
67 34 101 100 99 44 143 100
Total
Berdasarkan Status Kepegawaian dan Jenis Kelamin
by Employment Status and Gender
2025 2024
Status Kepegawaian
Employment Status Laki-laki Perempuan Jumlah Persentase Laki-laki Perempuan Jumlah Persentase
Male Female Total Percentage (%) Male Female Total Percentage (%)
Pegawai Tetap
51 19 70 69,3 60 28 88 61,5
Permanent Employees
Pegawai Tidak Tetap
22 9 31 30,7 39 16 55 38,5
Non-permanent employees
Jumlah
73 28 101 100 99 44 143 100
Total
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Pengembangan Kompetensi Karyawan Employee Competency Development
Kebijakan dan Tujuan Pengembangan Kompetensi Policy and Objectives of Competency Development
Perseroan menyadari pentingnya sumber daya manusia The Company recognizes the importance of competent
(SDM) yang kompeten dan unggul dalam mewujudkan and highly skilled human resources in achieving its
visi dan misi Perseroan. Oleh karena itu, Perseroan vision and mission. Therefore, it continuously develops
berupaya untuk terus mengembangkan kompetensi employee competencies to enhance human capital
karyawan agar dapat meningkatkan kualitas sumber quality and achieve optimal performance. The Company’s
daya manusianya guna mencapai kinerja yang optimal. competency development programs are aligned with
Program pengembangan kompetensi yang dijalankan organizational and industry needs, identified through
senantiasa selaras dengan kebutuhan organisasi dan a comprehensive process to ensure the effective
industri, melalui proses identifikasi yang menyeluruh guna achievement of program objectives.
memastikan tercapainya tujuan program secara efektif.
Program pengembangan kompetensi Perseroan The Company’s competency development programs are
mengacu pada prinsip-prinsip kebijakan sebagai berikut: guided by the following principles:
1. Pemberian kesempatan yang sama bagi seluruh 1. Equal opportunity for all employees to participate in
karyawan untuk mengikuti pelatihan; training;
2. Pelatihan disesuaikan dengan tingkat kompetensi 2. Training tailored to competency levels and job
dan level jabatan; positions;
3. Pelatihan dan pengembangan disesuaikan dengan 3. Training and development aligned with business
program kerja setiap unit bisnis dan kebutuhan unit work plans and individual development needs,
pengembangan individu yang mencakup berbagai covering various aspects of human capital growth;
aspek pengembangan human capital;
4. Jenis pelatihan dan pengembangan mencakup 4. Training programs covering both hard and soft skills,
kompetensi karyawan secara hard skill maupun ensuring relevance to industry trends and business
soft skill sesuai dengan perkembangan industri atau environment changes.
lingkungan bisnis saat ini.
Pelaksanaan Program Pengembangan Karyawan Implementation of Employee Development Program
Tahun 2025 in 2025
Strategi pengembangan dan pengelolaan SDM diarahkan The HR development and management strategy is
untuk menjawab tantangan industri dan dinamika designed to address industry challenges and evolving
perkembangan industri. Program-program pelatihan dynamics. The Company continuously refines its training
dan pengembangan kompetensi disusun secara and competency development programs each year, with
berkesinambungan dari tahun ke tahun, salah satunya a strong emphasis on enhancing employees’ hard skills.
memfokuskan pada peningkatan hard skills karyawan. These training programs are facilitated by both internal
Perseroan menyediakan berbagai materi pelatihan resources (HR division) and external providers.
bagi karyawan baik dari pihak internal (unit kerja SDM)
ataupun pihak eksternal.
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Profil Perusahaan
Company Profile
Program pengembangan kompetensi karyawan yang A detailed overview of the Company’s employee
dilakukan oleh Perseroan sepanjang tahun 2025 dapat competency development programs in 2025 is as follows:
dilihat sebagai berikut:
Jumlah
Tingkat Jabatan Nama Program Tujuan
No. Peserta
Level of Position Program Name Objective
Total Participants
1 Staff Asosiasi Wakil Membekali peserta dengan kompetensi teknis dan etika profesional di bidang 1
Manager Investasi pengelolaan investasi, termasuk pemahaman instrumen pasar modal, analisis
Association of investasi, manajemen portofolio, manajemen risiko, serta regulasi yang
Investment Deputy ditetapkan oleh Otoritas Jasa Keuangan; pelatihan ini juga menjadi persiapan
Managers untuk mengikuti sertifikasi Wakil Manajer Investasi yang diselenggarakan
oleh Lembaga Sertifikasi Profesi Pasar Modal sehingga peserta memiliki
legalitas, kredibilitas, dan kemampuan profesional untuk mengelola dana
investasi secara bertanggung jawab sesuai ketentuan yang berlaku.
Preparing participants with technical competencies and professional ethics in
the field of investment management, including understanding capital market
instruments, investment analysis, portfolio management, risk management,
and regulations set by the Financial Services Authority; this training also
serves as preparation for the Investment Manager Deputy certification
organized by the Capital Market Professional Certification Institution so that
participants have the legality, credibility, and professional ability to manage
investment funds responsibly in accordance with applicable regulations.
2 Officer, Staff Certified Hotel Membekali para profesional perhotelan dengan kompetensi manajerial yang 5
Manager komprehensif dalam mengelola operasional hotel secara efektif dan strategis,
mencakup pengelolaan sumber daya manusia, keuangan, pemasaran,
pelayanan tamu, serta pengendalian kualitas dan risiko, sehingga mampu
meningkatkan kinerja bisnis, daya saing, dan standar layanan sesuai praktik
industri perhotelan yang profesional dan berkelanjutan.
Preparing hospitality professionals with comprehensive managerial
competencies in managing hotel operations effectively and strategically,
including human resource management, finance, marketing, guest services,
as well as quality and risk control, thereby improving business performance,
competitiveness, and service standards in accordance with professional and
sustainable hospitality industry practices.
3 Direktur Certified Professional Membekali peserta dengan kompetensi strategis dan teknis di bidang 1
Director Marketer pemasaran, termasuk perencanaan strategi marketing, riset pasar, manajemen
merek, pemasaran digital, komunikasi pemasaran terpadu, serta analisis
kinerja pemasaran, sehingga mampu merancang dan mengimplementasikan
program pemasaran yang efektif, terukur, dan berorientasi pada peningkatan
daya saing serta pertumbuhan bisnis secara profesional.
Preparing participants with strategic and technical competencies in
marketing, including marketing strategy planning, market research, brand
management, digital marketing, integrated marketing communications, and
marketing performance analysis, enabling them to design and implement
effective, measurable, and professionally oriented marketing programs aimed
at enhancing competitiveness and business growth.
4 Komisaris Certified Risk Membekali peserta dengan kompetensi dalam tata kelola manajemen risiko 1
Board of Governance di tingkat organisasi, mencakup penyusunan kerangka kerja risk governance,
Commissioners Professional (LSPMR) peran dan tanggung jawab dewan serta manajemen, integrasi manajemen
risiko dengan strategi bisnis, penguatan budaya risiko, serta pengawasan
dan pengendalian yang efektif, sehingga mampu memastikan penerapan
manajemen risiko berjalan sistematis, terukur, dan selaras dengan prinsip tata
kelola perusahaan yang baik sesuai standar yang ditetapkan oleh Lembaga
Sertifikasi Profesi Manajemen Risiko.
Preparing participants with competencies in risk management governance
at the organizational level, including the development of a risk governance
framework, the roles and responsibilities of the board and management, the
integration of risk management with business strategy, the strengthening of
a risk culture, and effective supervision and control, enabling them to ensure
that risk management is implemented in a systematic, measurable, and
aligned with the principles of good corporate governance in accordance with
the standards set by the Risk Management Professional Certification Institute.
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5 Staff Certified Risk Membekali peserta dengan kompetensi teknis dan praktis dalam 1
Management Officer mengidentifikasi, menganalisis, mengukur, memantau, dan mengendalikan
risiko di berbagai aktivitas organisasi, termasuk risiko strategis, operasional,
keuangan, dan kepatuhan, sehingga mampu menerapkan proses manajemen
risiko secara terstruktur dan efektif guna mendukung pencapaian tujuan
perusahaan serta memperkuat sistem pengendalian internal dan tata kelola
yang baik.
Preparing participants with technical and practical competencies in
identifying, analyzing, measuring, monitoring, and controlling risks in various
organizational activities, including strategic, operational, financial, and
compliance risks, so that they are able to implement a structured and effective
risk management process to support the achievement of company objectives
and strengthen internal control systems and good governance.
6 Officer Certified Risk Membekali peserta dengan kompetensi lanjutan dalam penerapan manajemen 1
Management Officer risiko secara komprehensif, meliputi perumusan kebijakan dan kerangka
(CRMO) ANAMROT kerja manajemen risiko, integrasi risiko dengan strategi dan pengambilan
(Level III) keputusan, penguatan budaya risiko, serta evaluasi efektivitas pengendalian
internal, sehingga mampu berperan strategis dalam memastikan pengelolaan
risiko organisasi berjalan optimal sesuai standar yang ditetapkan oleh
Asosiasi Ahli Manajemen Risiko Indonesia.
Preparing participants with advanced competencies in the comprehensive
application of risk management, including the formulation of risk management
policies and frameworks, the integration of risk with strategy and decision-
making, the strengthening of risk culture, and the evaluation of the effectiveness
of internal controls, enabling them to play a strategic role in ensuring that
the organization’s risk management runs optimally in accordance with the
standards set by the Indonesian Risk Management Association.
7 Nonstaff, Staff, Integrated Memberikan pemahaman menyeluruh tentang konsep dan penerapan 25
Manager, L.2P, Management System Sistem Manajemen Terintegrasi (misalnya integrasi mutu, lingkungan,
dan L.3P Awareness & Audit dan K3) serta membekali peserta dengan kompetensi dasar audit internal,
Training termasuk perencanaan, pelaksanaan, pelaporan, dan tindak lanjut audit,
sehingga organisasi mampu memastikan kepatuhan terhadap standar seperti
International Organization for Standardization dan meningkatkan efektivitas,
efisiensi, serta perbaikan berkelanjutan dalam sistem manajemennya.
Providing a comprehensive understanding of the concepts and application
of Integrated Management Systems (e.g., integration of quality, environment,
and occupational health and safety) and equipping participants with basic
internal audit competencies, including planning, implementation, reporting,
and audit follow-up, so that organizations can ensure compliance with
standards such as those of the International Organization for Standardization
and improve the effectiveness, efficiency, and continuous improvement of
their management systems.
8 Manager Internal Control Over Membekali peserta dengan pemahaman dan keterampilan dalam 1
Financial Reporting merancang, menerapkan, dan mengevaluasi pengendalian internal atas
(ICOFR) pelaporan keuangan guna memastikan laporan keuangan andal, akurat,
dan sesuai standar akuntansi yang berlaku, serta memitigasi risiko salah
saji material dan kecurangan; pelatihan ini juga membantu organisasi
memperkuat tata kelola dan kepatuhan terhadap regulasi, termasuk kerangka
kerja pengendalian internal seperti yang dikembangkan oleh Committee of
Sponsoring Organizations of the Treadway Commission.
Preparing participants with the understanding and skills to design, implement,
and evaluate internal controls over financial reporting to ensure reliable,
accurate, and compliant financial statements in accordance with applicable
accounting standards, while mitigating the risk of material misstatement and
fraud; This training also helps organizations strengthen governance and
regulatory compliance, including internal control frameworks such as those
developed by the Committee of Sponsoring Organizations of the Treadway
Commission.
9 Komisaris Live Webinar GIRMA Memberikan pemahaman terkini mengenai praktik manajemen risiko, tata 1
Board of kelola, dan pengendalian internal melalui forum pembelajaran interaktif yang
Commissioners menghadirkan praktisi dan pakar di bidangnya, sehingga peserta memperoleh
wawasan strategis, pembaruan regulasi, serta studi kasus aplikatif yang
dapat diterapkan di organisasi, sekaligus memperluas jejaring profesional di
bawah naungan Global Institute of Risk Management & Analytics.
Providing the latest insights on risk management, governance, and internal
control practices through interactive learning forums featuring practitioners
and experts in their fields, enabling participants to gain strategic insights,
regulatory updates, and applicable case studies that can be implemented in
their organizations, while expanding their professional networks under the
auspices of the Global Institute of Risk Management & Analytics.
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No. Peserta
Level of Position Program Name Objective
Total Participants
10 Staff Membangun KPI Membekali peserta dengan kemampuan merancang dan mengelola Key 2
yang adaptif dalam Performance Indicators (KPI) yang fleksibel dan responsif terhadap perubahan
perspektif Manajemen lingkungan serta risiko organisasi, sehingga kinerja dapat dipantau secara
Risiko efektif, pengambilan keputusan lebih tepat, dan strategi bisnis tetap selaras
Developing adaptive dengan prinsip manajemen risiko untuk mencapai tujuan organisasi secara
KPIs from a risk berkelanjutan.
management
perspective Preparing participants with the ability to design and manage Key Performance
Indicators (KPIs) that are flexible and responsive to changes in the
environment and organizational risks, so that performance can be monitored
effectively, decision-making is more accurate, and business strategies remain
aligned with risk management principles to achieve organizational goals in a
sustainable manner.
11 L.2P Pelatihan Awareness Membekali peserta dengan pemahaman dasar tentang konsep dan 3
Integrasi ISO 9001, manfaat integrasi sistem manajemen mutu (ISO 9001), lingkungan (ISO
14001, dan 45001 14001), dan keselamatan & kesehatan kerja (ISO 45001), serta bagaimana
Training on ISO 9001, menyelaraskan kebijakan, prosedur, dan proses audit internal, sehingga
14001, and 45001 organisasi dapat meningkatkan efisiensi operasional, kepatuhan terhadap
integration awareness standar internasional, dan kinerja berkelanjutan secara terpadu.
Preparing participants with a basic understanding of the concepts and benefits
of integrating quality management systems (ISO 9001), environmental
management systems (ISO 14001), and occupational health and safety
management systems (ISO 45001), as well as how to align policies,
procedures, and internal audit processes, so that organizations can improve
operational efficiency, compliance with international standards, and integrated
sustainable performance.
12 Officer, Manager Pelatihan Basic Membekali peserta dengan pemahaman dasar tentang penggunaan dan 9
Knowledge System navigasi sistem SAP, termasuk modul utama, alur proses bisnis, input data,
SAP Batch 1 dan pelaporan, sehingga peserta mampu mengoperasikan sistem secara
Training on Basic efektif, mendukung proses bisnis perusahaan, dan meminimalkan kesalahan
Knowledge of the operasional dalam lingkungan SAP.
SAP System Batch 1
Preparing participants with a basic understanding of the use and navigation of
the SAP system, including key modules, business process flows, data input,
and reporting, so that participants are able to operate the system effectively,
support company business processes, and minimize operational errors in the
SAP environment.
13 L.2P, L.3P Pelatihan Basic Program ini bertujuan untuk memberikan pemahaman dasar mengenai 5
Knowledge System penggunaan SAP ERP sebagai sistem yang mengintegrasikan berbagai
SAP Batch 2 proses bisnis dalam perusahaan. Program ini membantu peserta mengenal
Training on Basic modul-modul utama serta memahami alur proses bisnis yang saling terhubung
Knowledge of the dalam satu sistem terpadu. Dengan pelatihan ini, peserta diharapkan lebih
SAP System Batch 2 siap bekerja dan mampu menggunakan SAP secara efektif dan akurat di
lingkungan kerja.
This program aims to provide a basic understanding of the use of SAP ERP
as a system that integrates various business processes within a company.
This program helps participants become familiar with the main modules and
understand the interconnected business processes within an integrated
system. With this training, participants are expected to be better prepared to
work and able to use SAP effectively and accurately in the work environment.
14 Direksi, Pelatihan dan Pelatihan dan Sertifikasi Certified Risk Governance Professional (CRGP) 2
Komisaris Sertifikasi Certified bertujuan untuk meningkatkan pemahaman dan kompetensi peserta dalam
Board of Risk Governance penerapan tata kelola risiko yang efektif di organisasi. Program ini membekali
Directors, Professional (CRGP) peserta dengan kerangka kerja, prinsip, dan praktik manajemen risiko
Board of Certified Risk sesuai standar profesional agar mampu mengidentifikasi, menganalisis, dan
Commissioners Governance mengendalikan risiko secara sistematis. Melalui sertifikasi CRGP, peserta
Professional (CRGP) diharapkan memiliki kredibilitas serta keahlian yang diakui dalam bidang
Training and governance, risk, and compliance (GRC).
Certification
The Certified Risk Governance Professional (CRGP) training and certification
aims to improve participants’ understanding and competence in implementing
effective risk governance in organizations. This program equips participants
with a framework, principles, and risk management practices in accordance
with professional standards so that they are able to systematically identify,
analyze, and control risks. Through CRGP certification, participants
are expected to have credibility and recognized expertise in the field of
governance, risk, and compliance (GRC).
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15 L.2P Pelatihan dan Pelatihan dan Sertifikasi Kebakaran (Jenis Sertifikasi D) bertujuan untuk 1
Sertifikasi Kebakaran membekali peserta dengan pengetahuan dan keterampilan dasar dalam
(Jenis Sertifikasi D) pencegahan serta penanggulangan kebakaran di lingkungan kerja. Program
Fire Training ini memberikan pemahaman mengenai klasifikasi kebakaran, penggunaan
and Certification alat pemadam api ringan (APAR), serta prosedur tanggap darurat sesuai
(Certification Type D) standar keselamatan dan kesehatan kerja (K3). Melalui sertifikasi ini, peserta
diharapkan mampu bertindak cepat, tepat, dan sesuai prosedur dalam
menghadapi potensi bahaya kebakaran.
Fire Training and Certification (Certification Type D) aims to equip participants
with basic knowledge and skills in fire prevention and control in the workplace.
This program provides an understanding of fire classification, the use of fire
extinguishers (APAR), and emergency response procedures in accordance
with occupational safety and health (K3) standards. Through this certification,
participants are expected to be able to act quickly, appropriately, and in
accordance with procedures when facing potential fire hazards.
16 L.2P, Staff Pelatihan For Non Pelatihan For Non Finance & Financial Modeling for Feasibility Study 1
Finance & Financial bertujuan untuk memberikan pemahaman dasar keuangan kepada peserta
Modeling For non-keuangan agar mampu membaca dan menganalisis laporan keuangan
Feasibility Study secara efektif. Program ini membekali peserta dengan keterampilan
Training for Non- menyusun model keuangan serta melakukan analisis kelayakan investasi
Finance & Financial menggunakan berbagai asumsi dan proyeksi bisnis. Dengan pelatihan ini,
Modeling for peserta diharapkan dapat mendukung pengambilan keputusan yang lebih
Feasibility Studies tepat dan berbasis data dalam perencanaan maupun evaluasi proyek.
The Training for Non-Finance & Financial Modeling for Feasibility Studies
aims to provide non-finance participants with a basic understanding of
finance so that they are able to read and analyze financial reports effectively.
This program equips participants with the skills to develop financial models
and conduct investment feasibility analyses using various assumptions and
business projections. With this training, participants are expected to be able
to support more accurate and data-driven decision-making in project planning
and evaluation.
17 Staff Pendidikan khusus Pendidikan Khusus Profesi Advokat (PKPA) bertujuan untuk membekali 1
Profesi Advokat calon advokat dengan pengetahuan, keterampilan, dan etika profesi yang
(PKPA) diperlukan dalam praktik hukum. Program ini memberikan pemahaman
Special Education for mendalam mengenai hukum acara, teknik beracara, penyusunan dokumen
the Legal Profession hukum, serta kode etik advokat sesuai ketentuan organisasi profesi seperti
(PKPA) Perhimpunan Advokat Indonesia. Melalui PKPA, peserta dipersiapkan untuk
mengikuti ujian profesi advokat dan menjalankan tugas pembelaan hukum
secara profesional dan bertanggung jawab.
Specialized Legal Professional Education (PKPA) aims to equip prospective
advocates with the knowledge, skills, and professional ethics necessary for
legal practice. This program provides an in-depth understanding of procedural
law, litigation techniques, the drafting of legal documents, and the code of
ethics for advocates in accordance with the provisions of professional
organizations such as the Indonesian Advocates Association. Through PKPA,
participants are prepared to take the advocate professional examination and
carry out their legal defense duties professionally and responsibly
18 Staff Pendidikan khusus Pendidikan Khusus Profesi Advokat, Ujian Profesi Advokat, serta 1
Profesi Advokat, Pelantikan dan Penyumpahan Advokat merupakan rangkaian proses untuk
Ujian Profesi mempersiapkan dan mengesahkan seseorang menjadi advokat yang sah
Advokat, Pelantikan secara hukum. Tahapan ini mencakup pembekalan materi dan etika profesi,
dan Penyumpahan evaluasi kompetensi melalui ujian, hingga pelantikan dan pengambilan
Advokat sumpah di Pengadilan Tinggi sesuai ketentuan organisasi profesi seperti
Specialized Perhimpunan Advokat Indonesia. Melalui proses tersebut, advokat
Education for the diharapkan memiliki kompetensi, integritas, dan tanggung jawab profesional
Legal Profession, dalam memberikan jasa hukum kepada masyarakat.
Advocate Professional
Examination, Special Education for Advocates, Advocate Professional Exams, and
Inauguration, and Advocate Inauguration and swearing-in ceremonies are a series of processes
Advocate Swearing-in to prepare and certify someone to become a legally qualified advocate.
These stages include material and professional ethics training, competency
evaluation through exams, and inauguration and swearing-in ceremonies at
the High Court in accordance with the provisions of professional organizations
such as the Indonesian Advocates Association. Through this process,
lawyers are expected to possess the competence, integrity, and professional
responsibility necessary to provide legal services to the public.
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Company Profile
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Tingkat Jabatan Nama Program Tujuan
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Level of Position Program Name Objective
Total Participants
19 Staff Sertifikasi CPIA Sertifikasi CPIA (Certified Practitioner of Internal Audit) bertujuan untuk 2
(Certified Practitioner meningkatkan kompetensi profesional di bidang audit internal sesuai standar
Of internal Audit) dan praktik terbaik yang berlaku. Program ini membekali peserta dengan
CPIA Certification pemahaman mengenai proses audit, pengendalian internal, manajemen
(Certified Practitioner risiko, serta tata kelola perusahaan yang baik. Melalui sertifikasi CPIA yang
of Internal Audit) diselenggarakan oleh Yayasan Pendidikan Internal Audit, peserta diharapkan
memiliki keahlian dan pengakuan profesional dalam menjalankan fungsi audit
internal secara efektif dan independen.
CPIA (Certified Practitioner of Internal Audit) certification aims to improve
professional competence in the field of internal audit in accordance with
applicable standards and best practices. This program equips participants
with an understanding of the audit process, internal control, risk management,
and good corporate governance. Through the CPIA certification organized by
the Internal Audit Education Foundation, participants are expected to have
the expertise and professional recognition to carry out internal audit functions
effectively and independently.
20 Manager, Staff Sharing Session MR Sharing Session MR Time Periode Bulan September bertujuan untuk 3
Time Periode Bulan mengevaluasi capaian kinerja dan membahas berbagai temuan maupun
September kendala selama periode berjalan. Kegiatan ini menjadi forum diskusi untuk
Sharing Session MR melakukan monitoring, review, serta penyelarasan strategi agar target
Time September perusahaan tetap tercapai secara optimal. Melalui sharing session ini,
Period diharapkan tercipta komunikasi yang efektif, peningkatan koordinasi tim, serta
perbaikan berkelanjutan dalam pelaksanaan program kerja.
The MR Time Sharing Session for the month of September aims to evaluate
performance achievements and discuss various findings and obstacles
during the current period. This activity serves as a forum for discussion to
monitor, review, and align strategies so that the company’s targets can be
optimally achieved. Through this sharing session, it is hoped that effective
communication, improved team coordination, and continuous improvement in
the implementation of work programs will be achieved.
21 Officer, Staff, Sharing Session Sharing Session Management Review Meeting Series Departemen 15
L.1P, L.2P Management Manajemen Risiko bertujuan untuk melakukan evaluasi berkala terhadap
Review Meeting penerapan manajemen risiko serta efektivitas pengendalian yang telah
Series Departemen dijalankan. Kegiatan ini menjadi forum strategis untuk membahas profil
Manajemen Risiko risiko, mitigasi, dan rencana tindak lanjut guna memastikan pengelolaan
Risk Management risiko selaras dengan tujuan organisasi. Melalui sesi ini, diharapkan tercipta
Department’s peningkatan koordinasi, penguatan budaya sadar risiko, dan perbaikan
Management Review berkelanjutan dalam proses manajemen risiko.
Meeting Series
Sharing Session The Risk Management Department’s Management Review Meeting Series
Sharing Session aims to conduct periodic evaluations of risk management
implementation and the effectiveness of controls that have been implemented.
This activity serves as a strategic forum to discuss risk profiles, mitigation, and
follow-up plans to ensure that risk management is in line with organizational
objectives. Through this session, it is hoped that there will be improved
coordination, a stronger risk awareness culture, and continuous improvement
in the risk management process.
22 Manager, Sharing Session: Sharing Session: Tanggung Jawab Sosial dan Lingkungan (TJSL) bertujuan 3
Officer, Staff Tanggung Jawab untuk meningkatkan pemahaman peserta mengenai peran perusahaan dalam
Sosial dan mendukung pembangunan berkelanjutan dan kesejahteraan masyarakat
Lingkungan (TJSL) sekitar. Kegiatan ini menjadi wadah untuk berbagi praktik terbaik, program
Sharing Session: TJSL yang telah dijalankan, serta rencana inisiatif sosial dan lingkungan ke
Social and depan. Melalui sesi ini, diharapkan tercipta kesadaran bersama, kolaborasi
Environmental lintas departemen, dan dampak positif yang lebih nyata bagi masyarakat dan
Responsibility (TJSL) lingkungan.
Sharing Session: Social and Environmental Responsibility (TJSL) aims to
increase participants’ understanding of the role of companies in supporting
sustainable development and the welfare of surrounding communities. This
activity serves as a forum for sharing best practices, CSR programs that have
been implemented, and future social and environmental initiatives. Through
this session, it is hoped that a shared awareness, cross-departmental
collaboration, and more tangible positive impacts for the community and the
environment will be created.
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23 Officer, L.2P, Teknikal Maintenance Pelatihan Teknikal Maintenance Apartemen LRT City bertujuan untuk 13
L.3P Apartemen LRT City membekali peserta dengan pengetahuan dan keterampilan teknis dalam
Technical pemeliharaan fasilitas apartemen secara efektif dan aman. Program ini
Maintenance of LRT mencakup perawatan rutin, identifikasi kerusakan, serta prosedur perbaikan
City Apartments instalasi listrik, mekanikal, dan fasilitas pendukung lainnya. Dengan pelatihan
ini, peserta diharapkan mampu menjaga kualitas hunian, meningkatkan
efisiensi operasional, dan memastikan keselamatan penghuni apartemen.
The LRT City Apartment Technical Maintenance Training aims to equip
participants with the technical knowledge and skills to maintain apartment
facilities effectively and safely. This program covers routine maintenance,
damage identification, and repair procedures for electrical, mechanical, and
other supporting facilities. With this training, participants are expected to be
able to maintain the quality of the residence, improve operational efficiency,
and ensure the safety of apartment residents.
24 Staff Ujian Profesi Ujian Profesi Advokat, Pelantikan, dan Penyumpahan Advokat merupakan 3
Advokat, Pelantikan, rangkaian proses resmi untuk mengesahkan seseorang menjadi advokat
dan Penyumpahan yang sah secara hukum. Ujian profesi menguji kompetensi peserta dalam
Advokat pengetahuan hukum, praktik beracara, dan etika profesi, sementara
Advocate Professional pelantikan dan penyumpahan di pengadilan menegaskan pengakuan
Examination, formal sebagai advokat. Melalui proses ini, advokat diharapkan memiliki
Inauguration, and kemampuan profesional, integritas, dan tanggung jawab dalam memberikan
Advocate Swearing-in layanan hukum kepada masyarakat
The Advocate Professional Examination, Inauguration, and Advocate
Swearing-in Ceremony are a series of official processes to certify someone
as a legally valid advocate. The professional examination tests participants’
competence in legal knowledge, courtroom practice, and professional ethics,
while the inauguration and swearing-in at court formally recognize them
as advocates. Through this process, advocates are expected to possess
professional competence, integrity, and responsibility in providing legal
services to the public.
Biaya Pengembangan Kompetensi Karyawan Employee Competency Development Budget
Di tahun 2025, Perseroan telah merealisasikan In 2025, the Company allocated Rp225,750,000,- for
biaya pengembangan kompetensi karyawan sebesar employee competency development, marking a 31,3%
Rp225.750.000,-. Jumlah ini mengalami penuruan decrease compared to Rp328,566,000,- in 2024.
sebesar 31,3% jika dibandingkan tahun 2024 yang
sebesar Rp328.566.000,-.
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Profil Perusahaan
Company Profile
Struktur Grup Perusahaan
Corporate Group Structure
Struktur grup Perseroan per 31 Desember 2025 adalah The Company’s organizational structure as of December
sebagai berikut: 31, 2025 is as follows
ADHI Masyarakat
PT Adhi Karya (Persero) Tbk Public
90,00% 10,00%
ADCP
PT Adhi Commuter Properti Tbk
MGCP
PT Mega Graha Citra Perkasa
92 2025 Laporan Tahunan
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Informasi Pemegang Saham
Information on Shareholder
Struktur Pemegang Saham Shareholders Composition
Struktur Pemegang Saham Per 31 Desember 2025 Shareholders Structure as of December 31, 2025
1 Januari 2025 31 Desember 2025
January 1, 2025 December 31, 2025
Modal Ditempatkan Persentase Modal Ditempatkan Persentase
Jumlah Lembar Jumlah Lembar
Pemegang Saham dan Disetor Penuh Kepemilikan dan Disetor Penuh Kepemilikan
Saham Ownership
Saham Ownership
Shareholders Issued and Fully Issued and Fully
Total Shares Percentage Total Shares Percentage
Paid Capital Paid Capital
PT Adhi Karya (Persero) Tbk 19.999.900.000 1.999.990.000.000 90,00% 19.999.900.000 1.999.990.000.000 90,00%
Masyarakat, masing-masing
dengan kepemilikan di
bawah 5% 2.222.322.200 222.232.220.000 10,00% 2.222.322.200 222.232.220.000 10,00%
Public, each ownership
below 5%
Jumlah
22.222.222.200 2.222.222.220.000 100,00% 22.222.222.200 2.222.222.220.000 100,00%
Total
Kepemilikan Saham oleh Manajemen dan/atau Karyawan
Share Ownership by the Management and/or Employees
1 Januari 2025 31 Desember 2025
January 1, 2025 December 31, 2025
Pemegang Saham Jabatan Persentase Persentase
Shareholders Position Jumlah Saham Kepemilikan Jumlah Saham Kepemilikan
Total Shares Ownership Total Shares Ownership
Percentage Percentage
Dewan Komisaris
Board of Commissioners
Herry Ardianto* Komisaris Utama
153.800 0,001% - -
President Commissioner
Achmad Afandi* Komisaris
76.900 0,000% - -
Commissioner
Wenry Anshory Putra Komisaris Utama
merangkap Komisaris
Independen
President Commissioner 0 0 0 0
concurrently serving
as Independent
Commissioner
Yan Firman** Komisaris
0 0 0 0
Commissioner
Direksi
Board of Directors
Rizkan Firman* Direktur Utama
0 0 - -
President Director
Achmad Wachid Direktur Utama
0 0 0 0
Abdullah President Director
Farid Budiyanto Direktur Operasi
0 0 0 0
Director of Operation
Karyawan
Employees
Kepemilikan Saham
oleh Karyawan
0 0 0 0
Share Ownership by
Employees
*) Tidak lagi menjabat berdasarkan RUPST Akta No. 36 tanggal 5 Juni 2025
No longer served based on the resolutions of AGMS Deed No. 36 dated June 5, 2025
**) Diangkat sebagai Komisaris berdasarkan RUPST No. 36 tanggal 5 Juni 2025
Appointed as Commissioner based on the resolutions of AGMS Deed No. 36 dated June 5, 2025
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Profil Perusahaan
Company Profile
Persentase Kepemilikan Tidak Langsung atas Percentage of Indirect Ownership of Company
Saham Perusahaan oleh Anggota Direksi dan Dewan Shares by Members of the Board of Directors and
Komisaris Pada Awal dan Akhir Tahun Buku Board of Commissioners at the Beginning and End
of the Fiscal Year
Sampai dengan 31 Desember 2025, tidak terdapat As of December 31, 2025, there was no indirect ownership
kepemilikan tidak langsung atas saham Perseroan yang of the Company’s shares by members of the Board of
dimiliki oleh Anggota Dewan Komisaris dan Anggota Commissioners and members of the Board of Directors at
Direksi baik pada awal maupun akhir tahun buku. the beginning or end of the fiscal year.
Kepemilikan Saham Berdasarkan Klasifikasi Per 31 Desember 2025
Share Ownership by Classification as of December 31, 2025
Pemegang Saham Jumlah Pemilik Jumlah Lembar Saham Persentase Kepemilikan
Shareholders Total Owners Total Shares Ownership Percentage
Lokal
Local
Perorangan
18.113 1.567.819.400 7,055
Individual
Perseroan Terbatas
20 20.456.602.500 92,055
Limited Liability Company
Koperasi
3 164.476.200 0,740
Cooperatives
Dana Pensiun
1 1.200.000 0,005
Pension Fund
Yayasan
2 400 0,000
Foundation
Subjumlah
18.139 22.190.098.500 99,855
Subtotal
Asing
Foreign
Perorangan
19 4.576.100 0,021
Individual
Institute
5 27.547.600 0,124
Institution
Subjumlah
24 32.123.700 0,145
Subtotal
Jumlah
18.163 22.222.222.200 100,000
Total
Informasi Pemegang Saham Utama dan Pengendali Information on Major and Controlling Shareholders
PT Adhi Karya (Persero) Tbk atau “ADHI” merupakan PT Adhi Karya (Persero) Tbk (“ADHI”) has been the major
pemegang saham utama dan pengendali Perseroan and controlling shareholder of the Company, holding
dengan persentase kepemilikan sebesar 99,99% sebelum a 99.99% stake prior to February 23, 2022. Following
23 Februari 2022. Setelah proses listing/IPO ADCP the listing/IPO of ADCP, ADHI remains the major and
dilaksanakan, ADHI tetap merupakan pemegang saham controlling shareholder, now with a 90.00% ownership
utama dan pengendali Perseroan dengan persentase stake.
kepemilikan sebesar 90,00%.
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ADHI didirikan berdasarkan Akta Notaris No. 1 tanggal 1 ADHI was established based on Notarial Deed No.
Juni 1974 dibuat di hadapan notaris Kartini Mulyadi, S.H., 1, dated June 1, 1974, before Notary Kartini Mulyadi,
yang telah diubah dengan Akta No. 2 tanggal 3 Desember S.H. The deed was later amended through Deed No. 2,
1974 di hadapan notaris yang sama. Akta ini telah dated December 3, 1974, before the same notary. This
disahkan oleh Menteri Hukum dan Hak Asasi Manusia deed was approved by the Minister of Law and Human
Republik Indonesia No. Y.A.5/5/13 tanggal 17 Januari Rights of the Republic of Indonesia, through Decree No.
1975 dan diumumkan dalam Berita Negara Republik Y.A.5/5/13, dated January 17, 1975, and was published
Indonesia No. 85 tanggal 24 Oktober 1975, Tambahan in the State Gazette of the Republic of Indonesia No. 85,
No. 600. dated October 24, 1975, Supplement No. 600.
Nama “Adhi Karya” pertama kali tercantum dalam Surat The name “Adhi Karya” first appeared in the Decree of the
Keputusan Menteri Pekerjaan Umum dan Tenaga Kerja Minister of Public Works and Manpower of the Republic
Republik Indonesia tanggal 11 Maret 1960. Berdasarkan of Indonesia on March 11, 1960. Under Government
Peraturan Pemerintah (PP) No. 65 tahun 1961, Associate Regulation (PP) No. 65 of 1961, Associate NV, a Dutch
NV yang merupakan perusahaan konstruksi Belanda construction company that had been nationalized,
yang telah dinasionalisasikan, kemudian dilebur dengan was merged into Adhi Karya, forming Adhi Karya State
Adhi Karya untuk beroperasi sebagai Perusahaan Negara Company.
Adhi Karya.
Hingga saat ini, ADHI telah membuktikan kemampuannya Over the years, ADHI has proven its capabilities as a
sebagai perusahaan konstruksi terkemuka di Indonesia leading construction company in Indonesia and Southeast
bahkan di Asia Tenggara melalui berbagai garapan Asia, executing prestigious construction projects across
proyek konstruksi prestisius. various sectors.
Komposisi Pemegang Saham ADHI
ADHI’s Shareholders Composition
Pemegang Saham Jumlah Lembar Saham Persentase (%)
Shareholders Total Shares Percentage (%)
PT Danantara Asset Management
5.408.773.791 64,332
(Persero)
Negara Republik Indonesia
1 0,00000
The Republic of Indonesia
Masyarakat
2.998.835.187 35,668
Public
Jumlah
8.407.608.979 100,00
Total
Entitas Induk Tertinggi dan Nama Pemilik Akhir Ultimate Parent Entity and Final Beneficial Owner
Sampai dengan 31 Desember 2025, pemegang saham As of December 31, 2025, the Company’s major
utama sekaligus pengendali Perseroan adalah PT shareholder and controlling party is PT Adhi Karya
Adhi Karya (Persero) Tbk dengan kepemilikan sebesar (Persero) Tbk, holding 90% of the shares. Pursuant to
90% saham. Mengacu pada ketentuan POJK No. 45/ POJK No. 45/POJK.04/2024, which states that a party
POJK.04/2024 yang menyatakan bahwa pihak yang holding more than 50% of the voting shares is categorized
memiliki lebih dari 50% saham dengan hak suara as the company’s controlling party, PT Adhi Karya
dikategorikan sebagai pengendali perusahaan, maka PT (Persero) Tbk is legally designated as the Company’s
Adhi Karya (Persero) Tbk secara sah ditetapkan sebagai controlling party. The ultimate beneficial owner of the
pengendali Perseroan. Adapun penerima manfaat akhir Company’s shares is the Government of Indonesia.
(ultimate beneficial owners) dari kepemilikan saham
Perseroan adalah Pemerintah Indonesia.
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Profil Perusahaan
Company Profile
Kronologis Penerbitan dan Pencatatan Saham Chronology of Share Issuance and Listing
PT Adhi Commuter Properti Tbk. mencatatkan sahamnya PT Adhi Commuter Properti Tbk. listed its shares on
untuk pertama kalinya pada tanggal 23 Februari 2022 the Indonesia Stock Exchange (IDX) for the first time
di Bursa Efek Indonesia (BEI) dengan menawarkan on February 23, 2022, offering 2,222,222,200 common
2.222.222.200 lembar saham biasa atau 10% dari modal shares, equivalent to 10% of its issued capital, at a price
ditempatkan dengan harga Rp130 per saham kepada of IDR 130 per share to the public. With this share listing,
masyarakat. Dengan adanya pencatatan saham tersebut, the number of shares issued by the Company before and
jumlah lembar saham Perseroan terhadap modal dasar after February 23, 2022, is as follows:
pada sebelum dan sesudah 23 Februari 2022 adalah
sebagai berikut:
Pemegang Saham Jumlah Lembar Saham Sebelum IPO Jumlah Lembar Saham Setelah IPO
Shareholders Number of Shares Pre-IPO IPO Number of Shares Post IPO
Modal Dasar
80.000.000.000 80.000.000.000
Authorized Capital
PT Adhi Karya (Persero) Tbk
19.999.900.000 19.999.900.000
Koperasi Jasa Adhi Sejahtera
100.000 0
Jasa Adhi Sejahtera Cooperative
Masyarakat (masing-masing
kepemilikan < 5%) 0 2.222.322.200
Public (each with <5% ownership)
Jumlah
20.000.000.000 22.222.222.200
Total
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Kronologis Penerbitan dan Pencatatan Efek Lainnya
Chronology of Other Securities Issuance and Listing
ADCP telah melakukan penerbitan dan pencatatan ADCP has issued and listed debt instruments in the
instrumen utang berupa obligasi sejumlah 3 (tiga) kali, form of bonds on three occasions: Public Offering of
yakni Penawaran Umum Obligasi I Adhi Commuter Adhi Commuter Properti Bonds I (2021), Adhi Commuter
Properti tahun 2021, Obligasi II Adhi Commuter Properti Properti Bonds II (2022), Adhi Commuter Properti Bonds
tahun 2022 dan Obligasi III Adhi Commuter Properti III (2023).
tahun 2023.
Obligasi I Adhi Commuter Properti mendapatkan Bonds I received an effective statement from the Financial
pernyataan efektif dari Otoritas Jasa Keuangan (OJK) Services Authority (OJK) on May 7, 2021, and was officially
pada tanggal 7 Mei 2021 dan secara resmi dicatatkan di listed on the Indonesia Stock Exchange (IDX) on May 21,
BEI pada tanggal 21 Mei 2021. Obligasi II Adhi Commuter 2021. Bonds II obtained an effective statement from OJK
Properti mendapatkan pernyataan efektif dari OJK pada on May 17, 2022, and was officially listed on IDX on May
tanggal 17 Mei 2022 dan secara resmi dicatatkan di BEI 25, 2022. Bonds III received an effective statement from
pada tanggal 25 Mei 2022. Obligasi III Adhi Commuter OJK on November 30, 2023, and was officially listed on
Properti mendapatkan pernyataan efektif dari OJK pada IDX on December 8, 2023.
tanggal 30 November 2023 dan secara resmi dicatatkan
di BEI pada tanggal 8 Desember 2023.
Selain itu, Perseroan juga melakukan aksi korporasi Additionally, the Company conducted a corporate action
berupa Penerbitan Sukuk Ijarah Jangka Panjang Tanpa by issuing a Long-Term Sukuk Ijarah Without Public
Penawaran Umum yang telah terbit dan didistribusikan Offering, which was issued and distributed on October
pada tanggal 26 Oktober 2023. 26, 2023.
Informasi lebih lanjut mengenai Obligasi I, II dan III serta Further details regarding Bonds I, II, III, and the Long
Sukuk Ijarah Jangka Panjang tanpa penawaran Umum di Term Sukuk Ijarah Without Public Offering are as follows
Perseroan adalah sebagai berikut:
Jumlah
Tingkat
Pokok Tanggal Jatuh
Nama Seri Bunga Jangka Waktu Peringkat Status
No. (Rp) Tempo
Name Series Interest Tenor Rating Status
Principal Maturity Date
Rate
(Rp)
1 Obligasi II Adhi Commuter B 102 miliar 11% 3 (tiga) tahun 31 Mei 2025 idBBB Belum jatuh tempo
Properti Tahun 2022 102 billion 3 (three) years May 31, 2025 Outstanding
Bond II of Adhi Commuter
Properti 2022
2 Obligasi III Adhi Commuter A 15,7 miliar 7,80% 3 (tiga) tahun 8 Desember 2026 idAAAcg Belum jatuh tempo
Properti Tahun 2023 15,7 billion 3 (three) years December 8, 2026 Outstanding
Bond III of Adhi Commuter
Properti 2023 B 484,2 miliar 8,25% 5 (lima) tahun 8 Desember 2028 idAAAcg Belum jatuh tempo
484.2 billion 5 (five) years December 8, 2028 Outstanding
3 Sukuk Ijarah Jangka Panjang 232 miliar 0,72% 8 (delapan) tahun 26 Oktober 2031 idBBB Belum jatuh tempo
Tanpa Penawaran Umum Tahun 499,1 miliar 8 (eight) years October 25,2031 Outstanding
2023
a. Nilai beli objek ijarah
b. Pembelian kembali
Long term Sukuk Ijarah Without
Public Offering 2023
a. Purchase value of the ijarah
object
b. Buyback or repurchase
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Profil Perusahaan
Company Profile
Daftar Pemegang Obligasi Obligasi Bondholders List
Series A of Bonds I and II have matured and been fully
I dan II seri A telah jatuh tempo dan seluruhnya sudah
repaid. Series B of Bonds II and Bonds III have not yet
dilunasi. Sementara obligasi II seri B dan III belum jatuh
matured, with the list of bondholders outlined in the
tempo dengan daftar pemegang obligasi dijelaskan
following table:
melalui tabel berikut:
Obligasi II Adhi Commuter Properti Tahun 2022
Bond II Adhi Commuter Properti in 2022
Nama
No.
Name
1 Leonard Winston S. Siregar
2 Kuswandi Sudarga
3 PT Taspen (Asuransi) - AFS
Obligasi II Adhi Commuter Properti Tahun 2022
Bond II Adhi Commuter Properti in 2022
Nama
No.
Name
1 Reksa Dana Guru
2 DP PGI
3 Reksa Dana Insight Tunas Bangsa Balanced Fund 2 (i-NEXT G 2)
4 Reksa Dana Insight Growth Balanced Fund (i-growth)
5 Reksa Dana Insight Benefit Balanced Fund
6 PT Mitra Maju Investama
7 PT Investasi Karya Utama
8 Fabianus Prijo Sambodo
9 Reksa Dana Insightt Scholarship Fund
10 Insight Community Development
11 Dana Pensiun PLN
12 PT Hanwha Life Insurance Indonesia - HSP
13 IDP Baptis
14 KPD Jamkrindo Non KUR non PEN Korporasi
15 Dana Pensiun Angkasa Pura 1
16 Dana Pensiun Jasa Marga
17 Reksa Dana Insight Growth Balanced Fund (i-growth)
18 PT Taspen (Asuransi) - AFS
19 I Made Sudiana Putra
20 PT Mitra Maju Investama
21 Natalia Yenny Gonidjaya
22 PT Investasi Karya Utama
23 Prime Fixed Income - Bahana
24 PT AIAF HY PAR - IDR FI
25 Reksa Dana Sam Obligasi Optima - 995154000
26 AJ Manulife Indonesia IDR PAR - CREDIT
27 PT Asuransi Jiwa Sequis Life
28 Reksa Dana Insight Infra Development (i-infra)
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Entitas Anak dan Asosiasi
Subsidiaries and Associates
Per 31 Desember 2025 Perseroan memiliki satu entitas As of December 31, 2025, the Company has one
anak, yaitu PT Mega Graha Citra Perkasa, dengan subsidiary, PT Mega Graha Citra Perkasa, with direct
kepemilikan langsung dan tidak memiliki entitas asosiasi. ownership and no associated entities. The details of the
Informasi mengenai entitas anak Perseroan adalah Company’s subsidiary are as follows:
sebagai berikut:
Nama
PT Mega Graha Citra Perkasa
Name
Bidang Usaha Properti
Line of Business Property
Lokasi
Bogor
Location
Tahun Berdiri
2014
Year of Establishment
Tahun Beroperasi Komersial
2014
Commercial Operation Date
Tahun Akuisisi
2019
Year of Acquisition
Persentase Kepemilikan Perseroan (%)
99,99
The Percentage of the Company’s Ownership
Jumlah Aset (Rp Juta)
Rp294.065,-
Total Assets (Rp million)
Status Beroperasi
Status Operating
Profil Entitas Anak Subsidiary Profile
PT Mega Graha Citra Perkasa (MGCP) didirikan PT Mega Graha Citra Perkasa (MGCP) was established
berdasarkan Akta Notaris No. 05 yang dibuat di hadapan based on Deed No. 05, drawn up before Notary Rudy
Notaris Rudy Putranom Syafarullah, S.H pada tanggal Putranom Syafarullah, S.H., on April 14, 2014, and
14 April 2014, yang telah disahkan oleh Menteri Hukum was officially recognized by the Minister of Law and
dan Hak Asasi Manusia Republik Indonesia pada Human Rights of the Republic of Indonesia on April 21,
tanggal 21 April 2014 melalui Surat Keputusan No. AHU- 2014, through Decree No. AHU-03576.40.10.2014. The
03576.40.10.2014. Perseroan melakukan akuisisi atas Company acquired MGCP based on Deed No. 114,
MGCP berdasarkan Akta Notaris Rosida Rajagukguk notarized by Rosida Rajagukguk Siregar, S.H., M.Kn., on
Siregar, S.H., M.Kn., No. 114 tanggal 25 Oktober 2019, October 25, 2019, with a 99.99% ownership stake as of
dengan persentase kepemilikan sebesar 99,99% per 31 December 31, 2025
Desember 2025. .
MGCP didirikan untuk mengelola recurring income dari MGCP was established to manage recurring income from
proyek-proyek yang dijalankan oleh Perseroan. Saat projects undertaken by the Company. Currently, MGCP
ini MGCP telah beroperasi di proyek apartemen Grand operates the Grand Central Bogor apartment project.
Central Bogor.
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Profil Perusahaan
Company Profile
Kerja Sama Operasi Joint Operations
Hingga 31 Desember 2025, Perseroan melakukan kerja As of December 31, 2025, the Company has engaged in
sama operasi dengan perincian sebagai berikut: joint operations with the following details:
Tahun Beroperasi
Nama Bidang Usaha Lokasi Tahun Berdiri Status
Commercial
Name Line of Business Locationww Establishment Status
Operation Date
Proyek LRT CITY Properti Beroperasi
Jakarta 2016 2017
Ciracas Property Operating
Proyek LRT CITY Properti Beroperasi
Bekasi 2017 2017
Jatibening Property Operating
Legalitas Kerja Sama Operasi Legal Basis of Joint Operations
Proyek LRT City Ciracas LRT City Ciracas Project
PT Adhi Karya (Persero) Tbk. melakukan perjanjian kerja PT Adhi Karya (Persero) Tbk. entered into a joint
sama operasi dengan PT Urban Jakarta Propertindo operation agreement with PT Urban Jakarta Propertindo
Tbk untuk pembangunan Proyek LRT CITY Ciracas. Tbk. for the LRT CITY Ciracas project. This agreement
Perjanjian ini telah disahkan berdasarkan Akta No. 2 was formalized through Deed No. 2, dated December
tanggal 23 Desember 2016 yang dibuat di hadapan 23, 2016, notarized by Chilmiyati Rufaida, S.H.. PT
Notaris Chilmiyati Rufaida, S.H. PT Adhi Karya (Persero) Adhi Karya (Persero) Tbk. subsequently transferred the
Tbk telah mengalihkan pelaksanaan kerja sama kepada implementation of this partnership to PT Adhi Commuter
PT Adhi Commuter Properti Tbk berdasarkan Akta No. 23 Properti Tbk. through Deed No. 23, dated July 30, 2018.
tanggal 30 Juli 2018.
Proyek LRT City Jatibening LRT City Jatibening Project
PT Adhi Karya (Persero) Tbk juga melakukan perjanjian PT Adhi Karya (Persero) Tbk. also entered into a joint
kerja sama operasi dengan PT Nusa Wijaya Propertindo operation agreement with PT Nusa Wijaya Propertindo
untuk pembangunan Proyek LRT CITY Jatibening. for the LRT CITY Jatibening project. This agreement
Perjanjian ini telah disahkan berdasarkan Akta No. 2 was formalized through Deed No. 2, dated March 2,
tanggal 2 Maret 2017 yang dibuat di hadapan Notaris 2017, notarized by Chilmiyati Rufaida, S.H. .PT Nusa
Chilmiyati Rufaida S.H. PT Nusa Wijaya Propertindo Wijaya Propertindo later transferred the implementation
kemudian mengalihkan pelaksanaan kerja sama kepada of this partnership to PT Urban Jakarta Propertindo Tbk.
PT Urban Jakarta Propertindo Tbk. berdasarkan Adendum through an addendum in Deed No. 2, dated June 7, 2017,
pada Akta No. 2 tanggal 7 Juni 2017 yang dibuat di notarized by Chilmiyati Rufaida, S.H. Subsequently, PT
hadapan Notaris Chilmiyati Rufaida, S.H. PT Adhi Karya Adhi Karya (Persero) Tbk. transferred the execution of the
(Persero) Tbk. mengalihkan pelaksanaan kerja sama partnership to PT Adhi Commuter Properti Tbk. through
kepada PT Adhi Commuter Properti Tbk. berdasarkan Deed No. 22, dated July 30, 2018.
Akta No. 22 tanggal 30 Juli 2018.
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Keanggotaan dalam Asosiasi
Association Membership
Sampai dengan akhir tahun 2025, Perseroan telah By the end of 2025, the Company has been registered
tercatat dan tergabung dalam asosiasi, yakni Real Estate and joined an association, namely Real Estate Indonesia
(REI).
Indonesia (REI).
Informasi pada Situs Web Perusahaan
Information on Company Website
Melalui situs web resmi www.adcp.co.id, Perseroan Through its official website, www.adcp.co.id, the
memuat berbagai informasi penting dan relevan terkait Company provides various important and relevant
PT Adhi Commuter Properti Tbk. yang diperbarui secara information related to PT Adhi Commuter Properti Tbk.,
berkala. which is regularly updated.
Situs web resmi ini digunakan Perseroan untuk This official website serves as a centralized access
mengelola akses bagi pemegang saham dan pemangku point for shareholders and stakeholders, in line with the
kepentingan secara terpadu sesuai dengan prinsip transparency principles of good corporate governance.
transparansi pada praktik tata kelola perusahaan yang The Company ensures that the website is publicly
baik. Perseroan memastikan bahwa situs web ini dapat accessible and efficiently utilized, featuring a user-friendly
diakses secara terbuka dan dimanfaatkan secara luas layout and directory map to facilitate easy navigation for
dan efisien melalui tampilan layout dan peta direktori yang the public
user friendly sehingga memudahkan bagi masyarakat.
Adapun informasi yang tersedia mencakup hal-hal The available information includes:
sebagai berikut: 1. General information about the Company
1. Informasi umum terkait Perseroan; 2. Details on the Company’s business lines
2. Informasi terkait lini bisnis 3. Latest news and updates about the Company
3. Informasi terkait berita terkini Perseroan; 4. Job vacancy information
4. Informasi lowongan kerja di Perseroan; dan 5. Company contact detail
5. Informasi kontak Perseroan.
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Profil Perusahaan
Company Profile
Informasi Akuntan Publik
Information Public Accounting
Nama Kantor Akuntan Publik Amir Abadi Jusuf, Aryanto, Mawar & Rekan (RSM Indonesia)
Name Public Accounting Firm Amir Abadi Jusuf, Aryanto, Mawar & Partners (RSM Indonesia)
Alamat Gedung Plaza Asia Lt.10, Jl Jend. Sudirman Kav. 59, Kelurahan Senayan, Kec. Kebayoran
Address Baru, Kota Adm. Jakarta Selatan
Plaza Asia Building, 10th floor, Jl. Jend. Sudirman Kav. 59, Kelurahan Senayan, Kec. Kebayoran
Baru, Kota Adm. South Jakarta
Periode
08 Oktober 2025 sampai dengan 28 Februari 2026
Penugasan
Assignment Period 08 October 2025 up to 28 February 2026
Informasi Jasa 1. Lingkup Pekerjaan :
Audit dan/atau Scope of Work:
non audit yang a. Audit umum (General Audit) atas Laporan Keuangan Konsolidasian PT Adhi Commuter Properti
diberikan Tbk untuk tahun yang berakhir pada tanggal 31 Desember 2025, dengan tujuan untuk menyatakan
Information on opini atas kewajaran penyajian laporan keuangan konsolidasian PT Adhi Commuter Properti
Audit and/or Non- Tbk sesuai Standar Akuntansi Keuangan di Indonesia. Yang dimaksud Laporan Keuangan
Audit Services Konsolidasian merupakan Laporan Keuangan Entitas Induk dan Entitas Anak. Lingkup pekerjaan
Provided adalah Laporan Keuangan Entitas Induk saja, tidak termasuk Laporan Keuangan Entitas Anak.
Laporan Keuangan Entitas Induk saja akan menjadi informasi tambahan yang dilampirkan dalam
Laporan Keuangan Konsolidasian;
General Audit of the Consolidated Financial Statements of PT Adhi Commuter Properti Tbk for
the year ending December 31, 2025, with the objective of expressing an opinion on the fairness
of the presentation of the consolidated financial statements of PT Adhi Commuter Properti Tbk
in accordance with Indonesian Financial Accounting Standards. The Consolidated Financial
Statements refer to the Financial Statements of the Parent Entity and Subsidiary Entities. The scope
of work is the Financial Statements of the Parent Entity only, excluding the Financial Statements
of Subsidiary Entities. The Parent Entity Financial Statements alone will be additional information
attached to the Consolidated Financial Statements;
b. Review/telaah atas pengendalian internal PT Adhi Commuter Properti Tbk, termasuk penilaian
terhadap Sistem Teknologi Informasi sekaligus menyampaikan usulan/rekomendasi perbaikannya,
dalam hal ditemukan kelemahan.
Review/examination of the internal controls of PT Adhi Commuter Properti Tbk, including
an assessment of the Information Technology System and submission of suggestions/
recommendations for improvement, if weaknesses are found.
2. Keluaran (Ouput Pekerjaan) :
Output (Work Output):
a. Laporan Auditor Independen atas Laporan Keuangan Konsolidasian PT Adhi Commuter Properti
Tbk untuk tahun yang berakhir pada tanggal 31 Desember 2025 dalam:
Independent Auditor’s Report on the Consolidated Financial Statements of PT Adhi Commuter
Properti Tbk for the year ending on December 31, 2025 in:
1. Dua bahasa; bahasa Indonesia dan bahasa Inggris dengan satuan rupiah penuh (5 eksemplar
dan cover signing partner sebanyak 5 buah)
Two languages; Indonesian and English with full rupiah (5 copies and 5 cover signing partners);
2. Bahasa Indonesia dalam rupiah penuh (5 eksemplar);
Indonesian in full rupiah (5 copies);
3. Bahasa Inggris dalam rupiah penuh (5 eksemplar).
English in full rupiah (5 copies).
Informasi Jasa b. Laporan Hasil Review/telaah atas pengendalian internal PT Adhi Commuter Properti Tbk, termasuk
Audit dan/atau penilaian terhadap Sistem Teknologi Informasi sekaligus menyampaikan usulan/rekomendasi
non audit yang perbaikannya, dalam hal ditemukan kelemahan.
diberikan Report on the results of the review/analysis of the internal controls of PT Adhi Commuter Properti
Information on Tbk, including an assessment of the Information Technology System and recommendations for
Audit and/or Non- improvements, if any weaknesses are found.
Audit Services c. Lima CD yang berisikan file laporan sebagaimana dimaksud pada butir a dan c.
Provided Five CDs containing the report files as referred to in points a and c.
d. Management Letter yang membahas temuan audit dan rekomendasi perbaikannya, baik tentang
hasil penelaahan pengendalian internal dan Sistem Teknologi Informasi.
A Management Letter discussing the audit findings and recommendations for improvement, both
regarding the results of the internal control review and the Information Technology System.
Biaya jasa Rp369.000.000,- (Tiga Ratus Enam Puluh Sembilan Juta Rupiah)
Fee Rp369,000,000.- (Three Hundred Sixty-Nine Million Rupiah)
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Lembaga dan/atau Profesi Penunjang Pasar Modal Selain AP dan KAP
Institutions and/or Professions Supporting the Capital Market Other than AP and KAP
Nama Notaris
Name PPAT Rosida Rajagukguk - Siregar, S.H., M.Kn.
Alamat Kalibata Office Park Blok D Jl. Raya Pasar Minggu No. 21, Kalibata, Jakarta Selatan.
Address Kalibata Office Park Block D, Jl. Raya Pasar Minggu No. 21, Kalibata, South Jakarta.
Periode Penugasan 10 Desember 2025 sampai dengan 18 Desember 2025
Assignment Period December 10, Until Desember 18, 2025
Informasi Jasa yang diberikan Pekerjaan Jasa Pembuatan Akta Berita Acara Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) PT
Adhi Commuter Properti Tbk Tahun 2025.
Information on Services Pro- Service Work for Drafting the Deed of Minutes of the Extraordinary General Meeting of Shareholders of PT
vided Adhi Commuter Properti Tbk in 2025.
Biaya jasa
Rp23.062.500,-
Fee
Nama Notaris
Name PPAT Rosida Rajagukguk - Siregar, S.H., M.Kn.
Alamat Kalibata Office Park Blok D Jl. Raya Pasar Minggu No. 21, Kalibata, Jakarta Selatan.
Address Kalibata Office Park Block D, Jl. Raya Pasar Minggu No. 21, Kalibata, South Jakarta.
Periode Penugasan 05 Desember 2025 sampai dengan 15 Desember 2025
Assignment Period December 05, Until Desember 15, 2025
Informasi Jasa yang diberikan Pekerjaan Jasa Pembuatan Akta Berita Acara Rapat Umum Pemegang Obligasi (RUPO) PT Adhi
Commuter Properti Tbk Tahun 2025.
Information on Services Pro- Service Work for Drafting the Deed of Minutes of the Annual General Meeting of Shareholders of PT Adhi
vided Commuter Properti Tbk in 2025.
Biaya jasa
Rp15.375.000,-
Fee
Nama Biro Administrasi Efek
Name PT Datindo Entrycom
Alamat
Jl. Hayam Wuruk No. 28
Address
Periode Penugasan
2025
Assignment Period
Informasi Jasa yang diberikan
Jasa Biro Administrasi Efek
Information on Services Pro- Securities Administration Bureau Services
vided
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Analisis dan
Pembahasan
Manajemen
Manajement Discussion and Analysis
4
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Tinjauan Ekonomi Global dan Nasional
Global and National Economic Review
Perekonomian global pada tahun 2025 tetap bertumbuh, The global economy continues to grow in 2025, but the pace
namun laju pemulihannya belum merata dan masih of recovery remains uneven and is still overshadowed by
dibayangi ketidakpastian kebijakan serta tensi geopolitik. policy uncertainty and geopolitical tensions. In its January
IMF dalam World Economic Outlook Update Januari 2026 World Economic Outlook Update, the IMF projects
2026 memperkirakan pertumbuhan ekonomi global global economic growth for 2025 at 3.3%, while the World
tahun 2025 sebesar 3,3%, sedangkan World Bank dalam Bank’s January 2026 Global Economic Prospects places
Global Economic Prospects Januari 2026 menempatkan 2025 global growth at 2.7%. This discrepancy indicates
pertumbuhan global 2025 pada 2,7%. Perbedaan tersebut that the global economy has not yet entered a phase of
menunjukkan bahwa ekonomi global belum berada dalam truly robust expansion, although it remains capable of
fase ekspansi yang benar-benar kuat, sekalipun masih sustaining positive growth amid external pressures.
mampu mempertahankan pertumbuhan positif di tengah
tekanan eksternal.
Di sisi lain, tekanan inflasi global cenderung menurun On the other hand, global inflationary pressures are
dan kondisi keuangan internasional mulai lebih longgar trending downward, and international financial conditions
dibandingkan periode sebelumnya. IMF menilai are beginning to ease compared to previous periods.
bahwa dukungan kebijakan, investasi teknologi, serta The IMF assesses that policy support, technology
adaptabilitas sektor swasta membantu menopang investment, and the adaptability of the private sector
pertumbuhan, sementara World Bank menegaskan bahwa help underpin growth, while the World Bank emphasizes
perdagangan global dan investasi tetap tertahan oleh that global trade and investment remain constrained by
ketegangan dagang dan ketidakpastian arah kebijakan. trade tensions and policy uncertainty. Thus, the global
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Dengan demikian, lanskap makroekonomi global tahun macroeconomic landscape in 2025 is best understood as
2025 lebih tepat dipahami sebagai fase pertumbuhan a phase of ongoing growth that remains fragile, selective,
yang tetap berlangsung, tetapi masih rapuh, selektif, dan and vulnerable to external shocks.
rentan terhadap guncangan eksternal.
Dalam konteks nasional, perekonomian Indonesia pada In the national context, Indonesia’s economy in 2025
tahun 2025 menunjukkan ketahanan yang solid. Badan demonstrated solid resilience. The Central Statistics
Pusat Statistik mencatat ekonomi Indonesia tumbuh Agency reported that Indonesia’s economy grew by
sebesar 5,1%, lebih tinggi dibandingkan pertumbuhan 5.1%, higher than the 5.0% growth recorded in 2024.
tahun 2024 sebesar 5,0%. Dari sisi pengeluaran, On the expenditure side, exports of goods and services
komponen ekspor barang dan jasa mencatat pertumbuhan recorded the highest growth at 7.0%, while in the fourth
tertinggi sebesar 7,0%, sedangkan pada triwulan IV- quarter of 2025, Gross Fixed Capital Formation grew by
2025 komponen Pembentukan Modal Tetap Bruto 6.1% year-on-year. These developments indicate that
tumbuh 6,1% secara tahunan. Perkembangan tersebut the structure of national growth is supported not only
menunjukkan bahwa struktur pertumbuhan nasional tidak by consumption but also by investment activity and the
hanya ditopang oleh konsumsi, tetapi juga oleh aktivitas sustained performance of the external sector.
investasi dan kinerja sektor eksternal yang tetap terjaga.
Kinerja sektor eksternal Indonesia pada tahun 2025 Indonesia’s external sector performance in 2025 also
juga membaik. Nilai ekspor Indonesia selama Januari– improved. The value of Indonesia’s exports from January
Desember 2025 mencapai US$282,9 miliar atau naik to December 2025 reached US$282.9 billion, up 6.2%
6,2% dibandingkan tahun sebelumnya, sedangkan nilai from the previous year, while the value of imports reached
impor mencapai US$241,9 miliar atau naik 2,8%. Dengan US$241.9 billion, up 2.8%. With these developments,
perkembangan tersebut, neraca perdagangan Indonesia Indonesia’s trade balance for the entire year of 2025
sepanjang tahun 2025 mencatat surplus sebesar US$41,1 recorded a surplus of US$41.1 billion, supported by a non-
miliar, yang ditopang oleh surplus non migas sebesar oil and gas surplus of US$60.8 billion. At the same time,
US$60,8 miliar. Pada saat yang sama, inflasi tahunan annual inflation in December 2025 stood at 2.9%, with
pada Desember 2025 tercatat sebesar 2,9%, dengan core inflation at 2.4%, ensuring that overall price stability
inflasi inti sebesar 2,4%, sehingga stabilitas harga secara was maintained and household purchasing power did not
umum tetap terjaga dan daya beli masyarakat tidak face excessive pressure.
mengalami tekanan berlebihan.
Dari sisi moneter, kebijakan Bank Indonesia selama From a monetary perspective, Bank Indonesia’s policy
tahun 2025 bergerak lebih akomodatif untuk menjaga throughout 2025 shifted toward a more accommodative
momentum pertumbuhan di tengah inflasi yang tetap stance to sustain growth momentum while keeping
berada dalam sasaran. Bank Indonesia menurunkan BI- inflation within target. Bank Indonesia lowered the BI Rate
Rate hingga menjadi 4,8% pada September 2025 dan to 4.8% in September 2025 and maintained it at that level
mempertahankannya sampai akhir tahun. Pelonggaran through the end of the year. This easing reflects greater
tersebut mencerminkan adanya ruang kebijakan moneter room for monetary policy to support economic activity,
yang lebih mendukung aktivitas ekonomi, meskipun although the stability of the rupiah exchange rate still
stabilitas nilai tukar Rupiah tetap perlu dijaga karena needs to be maintained as external pressures have not
tekanan eksternal belum sepenuhnya mereda. Secara fully subsided. Overall, the direction of monetary policy in
umum, arah kebijakan moneter tahun 2025 menunjukkan 2025 reflects a balance between efforts to support growth
keseimbangan antara upaya menopang pertumbuhan and maintain macroeconomic stability.
dan menjaga stabilitas makroekonomi.
Dari sisi fiskal, APBN 2025 tetap difungsikan sebagai From a fiscal perspective, the 2025 State Budget continues
instrumen untuk menjaga pertumbuhan sekaligus to serve as an instrument for maintaining both growth and
stabilitas. Kebijakan fiskal diarahkan pada penguatan stability. Fiscal policy is focused on enhancing the quality
kualitas sumber daya manusia, hilirisasi dan of human capital, downstream industrialization and the
transformasi ekonomi hijau, inklusivitas, pembangunan green economic transition, inclusivity, infrastructure
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infrastruktur, serta ketahanan pangan dan energi. Dalam development, as well as food and energy security. In its
pelaksanaannya, realisasi sementara APBN 2025 implementation, the interim execution of the 2025 State
tetap bersifat ekspansif dengan defisit terjaga sebesar Budget remains expansionary, with the deficit maintained
2,9% terhadap PDB. Bagi sektor properti, kombinasi at 2.9% of GDP. For the property sector, the combination
pertumbuhan ekonomi yang tetap berada di atas 5,0%, of economic growth remaining above 5.0%, controlled
inflasi yang terkendali, dan suku bunga acuan yang inflation, and declining benchmark interest rates creates
menurun menciptakan lingkungan makro yang relatif a relatively conducive macroeconomic environment,
kondusif, walaupun kehati-hatian dalam menjaga although caution in maintaining the funding structure and
struktur pendanaan dan kecepatan serapan pasar tetap the pace of market absorption remains necessary.
diperlukan.
Pertumbuhan Ekonomi Indonesia Dalam 10 Tahun Terakhir
Indonesia’s Economic Growth Over the Past 10 Years
5,1% 5,1% 5,2% 5,0% 3,7% 5,3% 5,1% 5,0% 5,1%
7,0%
5,0%
0,0%
(2,1%)
(2,5%)
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Sumber | Resource: Badan Pusat Statistik (BPS)
TINJAUAN INDUSTRI
INDUSTRY OVERVIEW
Industri properti Indonesia sepanjang tahun 2025 Throughout 2025, Indonesia’s real estate industry is
bergerak dalam fase pemulihan yang lebih nyata moving through a more pronounced recovery phase
dibandingkan tahun sebelumnya, meskipun belum compared to the previous year, although it cannot yet
dapat dikategorikan sebagai fase ekspansi agresif. be classified as a phase of aggressive expansion. The
Lingkungan makro domestik relatif lebih kondusif bagi domestic macroeconomic environment is relatively
sektor properti, ditopang oleh pertumbuhan ekonomi more conducive for the real estate sector, supported by
Indonesia sebesar 5,1%, inflasi tahunan Desember 2025 Indonesia’s economic growth of 5.1%, December 2025
sebesar 2,9%, serta penurunan BI-Rate hingga mencapai annual inflation of 2.9%, and a reduction in the BI Rate to
4,8% pada September 2025 dan dipertahankan sampai 4.8% by September 2025, which was maintained through
akhir tahun. Kombinasi pertumbuhan yang tetap terjaga, the end of the year. The combination of sustained growth,
inflasi yang terkendali, dan suku bunga acuan yang controlled inflation, and a lower benchmark interest rate
lebih rendah memberi ruang perbaikan bagi permintaan provides room for improvement in property demand,
properti, khususnya pada segmen yang sensitif terhadap particularly in segments sensitive to credit financing.
pembiayaan kredit.
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Dari sisi kebijakan, pemerintah dan Bank Indonesia From a policy perspective, the government and Bank
tetap memberikan dukungan terhadap industri properti Indonesia continued to support the property industry
sepanjang 2025. Pemerintah menerbitkan PMK Nomor 13 throughout 2025. The government issued Ministerial
Tahun 2025 mengenai PPN Ditanggung Pemerintah atas Regulation No. 13 of 2025 regarding Government-Bearing
penyerahan rumah tapak dan satuan rumah susun, yang Value-Added Tax (VAT) on the delivery of single-family
kemudian diperkuat melalui PMK Nomor 60 Tahun 2025 homes and apartment units, which was subsequently
berupa insentif tambahan PPN DTP. Di sisi lain, Bank reinforced through Ministerial Regulation No. 60 of
Indonesia melanjutkan pelonggaran rasio Loan to Value/ 2025 in the form of additional Government-Bearing VAT
Financing to Value hingga 31 Desember 2025. Bauran incentives. On the other hand, Bank Indonesia continued
kebijakan tersebut menunjukkan bahwa sektor properti to ease the Loan-to-Value (LTV)/Financing-to-Value (FTV)
masih dipandang sebagai salah satu sektor penting ratio until December 31, 2025. This policy mix indicates
untuk dijaga momentumnya, baik melalui stimulus fiskal that the property sector is still viewed as a key sector
maupun pelonggaran makroprudensial. whose momentum must be maintained, both through
fiscal stimulus and macroprudential easing.
Perkembangan pasar residensial pada tahun 2025 juga The residential market in 2025 also showed signs of
menunjukkan perbaikan, tetapi dengan pola pemulihan improvement, though the recovery pattern was not yet
yang belum sepenuhnya merata. Hasil Survei Harga fully uniform. Results from Bank Indonesia’s Residential
Properti Residensial Bank Indonesia pada triwulan Property Price Survey for the fourth quarter of 2025
IV-2025 menunjukkan bahwa Indeks Harga Properti indicate that the Residential Property Price Index in
Residensial di pasar primer hanya tumbuh 0,8% secara the primary market grew by only 0.8% year-on-year,
tahunan, relatif stabil dibandingkan pertumbuhan remaining relatively stable compared to the 0.8% growth
0,8% pada triwulan III-2025. Namun, dari sisi volume, recorded in the third quarter of 2025. However, in terms
penjualan unit properti residensial di pasar primer tumbuh of volume, sales of residential property units in the
7,8% secara tahunan, berbalik dari kontraksi 1,3% primary market grew by 7.8% year-on-year, reversing the
pada triwulan sebelumnya. Temuan ini menunjukkan 1.3% contraction in the previous quarter. These findings
bahwa perbaikan industri pada 2025 lebih terlihat pada suggest that the industry’s improvement in 2025 is more
sisi serapan pasar dibandingkan pada kenaikan harga, evident in market absorption than in price increases, with
dengan dorongan terutama berasal dari rumah tipe kecil the main drivers coming from small and medium-sized
dan menengah. homes.
Meski demikian, struktur pembiayaan dan hambatan pasar Nevertheless, the financing structure and market
menunjukkan bahwa pemulihan industri masih menuntut constraints indicate that the industry’s recovery still calls
kehati-hatian. Bank Indonesia mencatat bahwa sumber for caution. Bank Indonesia notes that the primary source
utama pendanaan pembangunan properti residensial of funding for residential property development remains
masih berasal dari dana internal pengembang dengan developers’ internal funds, accounting for 80.1% of the
pangsa 80,1%, sedangkan dari sisi konsumen, mayoritas total, while on the consumer side, the majority of primary
pembelian rumah primer dilakukan melalui skema KPR home purchases are made through mortgage schemes,
dengan pangsa 70,9%. Pada saat yang sama, total nilai accounting for 70.9%. At the same time, the total value of
KPR pada triwulan IV-2025 tumbuh 7,1% secara tahunan. mortgage loans in the fourth quarter of 2025 grew by 7.1%
Namun, survei yang sama juga menunjukkan bahwa year-on-year. However, the same survey also indicates
faktor-faktor yang paling menghambat penjualan masih that the factors most hindering sales still include rising
mencakup kenaikan harga bahan bangunan, suku bunga construction material prices, mortgage interest rates, as
KPR, serta masalah perizinan dan birokrasi. Artinya, well as permitting and bureaucratic issues. This means
kondisi pasar membaik, tetapi belum sepenuhnya ringan that market conditions are improving, but they are not yet
bagi pengembang maupun konsumen. entirely favorable for either developers or consumers.
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Analisis dan Pembahasan Manajemen
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Dalam konteks PT Adhi Commuter Properti Tbk, dinamika In the context of PT Adhi Commuter Properti Tbk, the
industri tahun 2025 memiliki relevansi yang cukup kuat. industry dynamics of 2025 hold significant relevance. The
Perseroan merupakan pengembang properti berbasis company is a mass transit-oriented property developer
transportasi massal yang mengembangkan kawasan that creates integrated residential areas along LRT
hunian terintegrasi di sekitar jalur LRT, dengan karakter lines, with key features including connectivity, mixed-
utama berupa konektivitas, mixed use, walkable, dan use development, walkability, and high-density areas
kepadatan kawasan yang dirancang untuk menjawab designed to meet the needs of urban communities.
kebutuhan masyarakat urban. Oleh karena itu, penurunan Therefore, falling interest rates, the continuation of fiscal
suku bunga, keberlanjutan insentif fiskal untuk rumah incentives for single-family homes and apartment units,
tapak dan satuan rumah susun, serta membaiknya and improving residential property sales in the primary
penjualan properti residensial di pasar primer merupakan market are factors that can support the appeal of the
faktor yang dapat mendukung daya tarik model Company’s business model. However, the industry’s
bisnis Perseroan. Namun demikian, ketergantungan reliance on mortgage loans, the dominance of developers’
industri pada KPR, dominannya pembiayaan internal internal financing, and the continued pressure from costs
pengembang, dan masih kuatnya tekanan biaya serta and permitting hurdles indicate that success remains
hambatan perizinan menunjukkan bahwa keberhasilan dependent on the accuracy of product strategy, funding
tetap ditentukan oleh ketepatan strategi produk, disiplin discipline, and the ability to maintain market absorption
pendanaan, dan kemampuan menjaga kecepatan rates.
serapan pasar.
Secara keseluruhan, industri properti Indonesia pada Overall, the Indonesian real estate industry in 2025 is
tahun 2025 menunjukkan arah yang lebih konstruktif heading in a more positive direction compared to 2024.
dibandingkan tahun 2024. Pemulihan permintaan mulai A recovery in demand is beginning to emerge, supportive
terlihat, kebijakan pendukung masih tersedia, dan policies remain in place, and the interest rate environment
lingkungan suku bunga menjadi lebih akomodatif. Akan has become more accommodative. However, limited
tetapi, pertumbuhan harga yang masih terbatas serta price growth and the continued significant impact of
masih besarnya pengaruh biaya pembangunan, struktur construction costs, financing structures, and operational
pembiayaan, dan hambatan operasional menegaskan hurdles underscore that the industry has not yet entered
bahwa industri ini belum berada dalam fase euforia. a phase of euphoria. For the Company, these conditions
Bagi Perseroan, kondisi tersebut membuka peluang present growth opportunities, but simultaneously demand
pertumbuhan, tetapi sekaligus menuntut eksekusi bisnis more precise and selective business execution.
yang lebih presisi dan selektif.
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Tinjauan Operasi per Segmen Usaha
Operational Review by Business Segment
ADCP mengelompokkan segmen usahanya berdasarkan ADCP classifies its business segments based on activities
kegiatan dan bidang usaha yang dijalankan sesuai and industries in accordance with Statement of Financial
Pernyataan Standar Akuntansi Keuangan (PSAK) 5 Accounting Standards (PSAK) 5 (2015 Adjustment) on
(Penyesuaian 2015) tentang Segmen Operasi. Segmen Operating Segments. The Company’s business segments
usaha Perseroan dibagi menjadi 3 (tiga) segmen, yakni are divided into three categories: Property, Hotel, and
Segmen Properti, Hotel, dan Sewa. Rental.
Segmen Properti
Property Segment
Selaku anak usaha dari PT Adhi Karya (Persero) Tbk As a subsidiary of PT Adhi Karya (Persero) Tbk, which
yang bergerak di bidang jasa konstruksi, energi, properti, operates in construction services, energy, property,
industri, dan investasi, Perseroan merupakan mesin industry, and investment, the Company serves as a
pertumbuhan bagi entitas induk. Perseroan berkomitmen growth engine for its parent entity. ADCP is committed to
untuk terus tumbuh dan berkembang menjadi continuous growth and development, aiming to become
pengembang properti berbasis transportasi massal Indonesia’s largest mass transportation-based property
terbesar di Indonesia. developer.
Sepanjang tahun 2025, Perseroan telah berhasil Throughout 2025, the Company successfully executed
melaksanakan sejumlah proyek di bidang properti several property projects, including:
sebagai berikut:
Nama Jenis Bangunan
Name Type of Construction
LRT CITY Bekasi - Eastern Green • Apartemen
Apartment
• Komersial (Mall)
Commercial (Mall)
• Ruko
House-Office Duplex
LRT CITY Bekasi - Green Avenue • Apartemen
Apartment
• Komersial (Mall)
Commercial (Mall)
LRT CITY Jatibening • Apartemen
Apartment
• Komersial (Mall)
Commercial (Mall)
• Ruko
House-Office Duplex
LRT CITY MTH • Kantor
Office
• Komersial (Mall)
Commercial (Mall)
LRT CITY Tebet • Apartemen
Apartment
• Komersial (Mall)
Commercial (Mall)
• Kantor
Office
LRT CITY Ciracas • Apartemen
Apartment
• Komersial (Mall)
Commercial (Mall)
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Analisis dan Pembahasan Manajemen
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Nama Jenis Bangunan
Name Type of Construction
LRT CITY Cibubur • Apartemen
Apartment
• Komersial (Mall)
Commercial (Mall)
• Kondotel
Condotel
LRT CITY Sentul • Apartemen
Apartment
• Komersial (Mall)
Commercial (Mall)
• Ruko
House-Office Duplex
Grand Central Bogor - Member of LRT CITY • Apartemen
Apartment
• SOHO
• Ruko
House-Office Duplex
Oase Park - Member of LRT CITY • Apartemen
Apartment
• Komersial (Mall)
Commercial (Mall)
Cisauk Point - Member of LRT CITY • Apartemen
Apartment
• Komersial (Mall)
Commercial (Mall)
ADHI CITY Sentul • Perumahan
Residential
• Apartemen
Apartment
• Komersial (Mall)
Commercial (Mall)
• Ruko
House-Office Duplex
LRT CITY Cikunir • Apartemen
Apartment
• Komersial (Mall)
Commercial (Mall)
Kinerja Segmen Properti
Property Segment Performance
Kenaikan (Penurunan)
2025 2024
Pendapatan Segmen Properti Increase (Decrease)
Property Segment Revenues
Jumlah Komposisi (%) Jumlah Komposisi (%) Selisih Presentase (%)
Total Composition (%) Total Composition (%) Differece Percentage (%)
Adhi City Sentul 31.965 49,7 48.653 28,6 (16.688) (34,3)
LRT CITY Bekasi Timur Eastern Green 1.965 3,1 50.942 29,9 (48.977) (96,1)
LRT CITY Sentul 22.573 35,1 40.177 23,6 (17.604) (43,8)
Cisauk Point 1.418 2,2 6.597 3,9 (5.179) (78,5)
LRT CITY MTH 0 0,0 1.052 0,6 (1.052) (100,0)
LRT CITY Jatibening (JO ACP - UCP) 6.391 9,9 22.916 13,5 (16.525) (72,1)
LRT CITY Ciracas (JO ACP-UJP) 0 0,0 0 0,0 0 0,0
Jumlah Pendapatan
64.311 100 170.337 100 (106.026) (62,2)
Total Revenues
dalam juta rupiah | in million of rupiah
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48.653 31.965 50.942 1.965 40.177 22.573 6.597 1.418 1.052 0 22.916 6.391 0 0
Adhi City Sentul LRT CITY Bekasi LRT CITY Sentul Cisauk Point LRT CITY MTH LRT CITY Jati- LRT CITY Ciracas
Timur Eastern bening (JO ACP (JO ACP-UJP)
Green - UCP)
2024 2025
Dalam jutaan Rupiah, In millions Rupiah
Segmen Hotel
Hotel Segment
Selain berfokus di bidang properti, Perseroan juga In addition to focusing on the property sector, the Company
menjalankan kegiatan usaha di bidang pengelolaan hotel also operates in hotel management under the GranDhika
dengan brand GranDhika Indonesia. Melalui pengelolaan Indonesia brand. Through the management of GranDhika,
GrandDhika, Perseroan memperoleh pendapatan the Company generates recurring revenue. The Company
recurring. Perseroan akan terus mengembangkan remains committed to expanding GranDhika Indonesia to
GranDhika Indonesia sehingga dapat meningkatkan enhance revenue from the hospitality business as one of
pendapatan dari bisnis hospitality sebagai salah satu its key income sources.
sumber pendapatan Perseroan.
Perseroan berkomitmen untuk membangun citra hotel The Company is dedicated to building a strong hotel
yang baik dan mengembangkan sumber daya yang brand image and developing professional and competent
profesional dan kompeten guna mewujudkan layanan human resources to deliver the best hospitality services
hospitality terbaik bagi para konsumen. Perseroan juga to its customers. Additionally, the Company regularly
secara berkala meninjau dan mengembangkan bisnis dan reviews and develops its hotel business and management
manajemen hotel agar segmen bisnis hotel dapat tetap to ensure optimal performance, maximizing benefits for
berjalan secara optimal sehingga dapat memberikan all stakeholders.
keuntungan bagi para pemangku kepentingan.
Hingga akhir 2025, pengelolaan hotel dengan brand As of the end of 2025, GranDhika Indonesia hotels are
GranDhika Indonesia terdapat di beberapa lokasi managed in several strategic locations, including:
strategis yaitu:
Hotel GranDhika Hotel GranDhika Hotel GranDhika Pemuda,
Setiabudi, Medan Iskandarsyah, Jakarta Semarang
Jl. Dr. Mansyur No. 169, Tj. Jl. Iskandarsyah Raya No. 65, Jl. Pemuda No. 80-82,
Rejo, Medan Sunggal, Kota Melawai, Kebayoran Baru, Kembangsari, Semarang
Medan, Sumatera Utara Jakarta Selatan, DKI Jakarta Tengah, Kota Semarang,
Jawa Tengah
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Kinerja Segmen Hotel
Hotel Segment Performance
Kenaikan (Penurunan)
2025 2024
Increase (Decrease)
Pendapatan Segmen Hotel
Hotel Segment Revenues
Jumlah Komposisi (%) Jumlah Komposisi (%) Selisih Presentase (%)
Total Composition (%) Total Composition (%) Differece Percentage (%)
Hotel GranDhika Jakarta 77.032 61,6 76.629 59,4 403 0,5
Hotel GranDhika Medan 23.414 18,7 26.956 20,9 (3.542) (13,1)
Hotel GranDhika Semarang 24.604 19,7 25.325 19,6 (721) (2,8)
Jumlah Pendapatan
125.049 100,0 128.910 100,0 (3.861) (3,0)
Total Revenues
dalam juta rupiah | in million of rupiah
Grafik Penjualan GranDhika
GranDhika Sales Chart
76.629 77.032 26.956 23.414 25.325 24.604
Hotel GranDhika Hotel GranDhika Hotel GranDhika
Jakarta Medan Semarang
2024 2025
Dalam jutaan Rupiah, In millions Rupiah
Segmen Sewa
Rental Segment
Sebagai perusahaan yang bergerak di bidang As a property company, ADCP also operates a rental
properti, ADCP juga memiliki segmen sewa yang turut segment, which contributes to the Company’s revenue. In
memberikan kontribusi bagi pendapatan Perseroan. this segment, the Company strives to provide high value
Dalam menjalankan segmen sewa, Perseroan berupaya rental spaces for its customers.
menyediakan tempat sewa yang bernilai tambah tinggi
bagi para konsumen.
Sepanjang tahun 2025, Perseroan menyewakan sebuah Throughout 2025, the Company rented an office suite
office suites di salah satu kawasan strategis di Jakarta, in one of Jakarta’s strategic areas, MT Haryono 27, and
yakni MT Haryono 27 dan menyewakan area komersial di rented out commercial spaces within a modern apartment
kawasan apartemen modern di daerah Cisauk, Serpong, complex in Cisauk, Serpong, known as Cisauk Point.
yakni Cisauk Point.
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Kinerja Segmen Sewa
Rental Segment Revenue
Kenaikan (Penurunan)
2025 2024
Increase (Decrease)
Pendapatan Segmen Sewa
Rental Segment Revenues
Jumlah Komposisi (%) Jumlah Komposisi (%) Selisih Presentase (%)
Total Composition (%) Total Composition (%) Differece Percentage (%)
LRT CITY MTH 1.726 56,8 965 90,3 760,68 78,8
Cisauk Point 1.312 43,2 104 9,7 1.207,70 1.161,3
Jumlah Pendapatan
3.037 100,0 1.069 100,0 1.968,38 184,1
Total Revenues
dalam juta rupiah | in million of rupiah
Grafik segmen sewa
Rental Segment Graphic
965 1.726 104 1.312
LRT CITY MTH Cisauk Point
2024 2025
Dalam jutaan Rupiah, In millions Rupiah
Tinjauan Keuangan
Financial Review
Analisa dan pembahasan kinerja keuangan dalam The analysis and discussion of financial performance in
Laporan Tahunan ini mengacu pada Laporan Keuangan this Annual Report are based on the Company’s Financial
Perseroan untuk tahun-tahun yang berakhir pada 31 Statements for the years ending December 31, 2025,
Desember 2025 dan 31 Desember 2024 yang telah diaudit and December 31, 2024, which have been audited by the
oleh Kantor Akuntan Publik Amir Abadi Jusuf, Aryanto, Public Accounting Firm Amir Abadi Jusuf, Aryanto, Mawar
Mawar dan Rekan dengan opini secara wajar dalam & Partners with an unqualified opinion in all material
semua hal yang material. Laporan Keuangan Perseroan respects. The Company’s Financial Statements have
telah disusun sesuai dengan Standar Akuntansi Keuangan been prepared in accordance with Indonesian Financial
di Indonesia yang meliputi Pernyataan Standar Akuntansi Accounting Standards, including Statements of Financial
Keuangan (PSAK) dan Interpretasi Standar Akuntansi Accounting Standards (PSAK) and Interpretations of
Keuangan (ISAK) yang diterbitkan oleh Dewan Standar Financial Accounting Standards (ISAK) issued by the
Akuntansi Keuangan - Ikatan Akuntan Indonesia (DSAK- Financial Accounting Standards Board - Indonesian
IAI). Laporan keuangan disusun sesuai dengan PSAK 1 Institute of Accountants (DSAK-IAI). The financial
(2015) tentang “Penyajian Laporan Keuangan”. statements are presented in compliance with PSAK 1
(2015) on “Presentation of Financial Statements.”
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Laporan Posisi Keuangan Konsolidasian
Consolidated Statement of Financial Position
ASET
Assets (Disajikan dalam jutaan Rupiah | Expressed in millions of Rupiah)
Kenaikan (Penurunan)
Uraian Increase (Decrease)
2025 2024*
Description Selisih Presentase (%)
Differece Percentage (%)
Aset Lancar
Current Assets
Kas dan Setara Kas
28.185 35.405 (7.220) (20,4)
Cash and Cash Equivalent
Kas dan Setara Kas yang Dibatasi Penggunaannya
- 130.000 (130.000) (100,0)
Restricted Cash and Cash Equivalent
Piutang Usaha
Accounts Receivable
Pihak Berelasi
1.063 732 331 45,3
Related Parties
Pihak Ketiga
9.241 27.583 (18.342) (66,5)
Third Parties
Pendapatan Diakui di Muka
16.044 41.179 (25.136) (61,0)
Accrued Revenues
Persediaan
2.414.850 3.560.442 (1.145.592) (32,2)
Inventories
Uang Muka
Advances
Pihak Berelasi
5.137 5.137 0 0,0
Related Parties
Pihak Ketiga
963 3.766 (2.802) (74,4)
Third Parties
Biaya dibayar di muka
2.464 2.579 (115) (4,5)
Prepaid Expenses
Pajak Dibayar di Muka
1.253 1.872 (619) (33,1)
Prepaid Tax
Jumlah Aset Lancar
2.479.199 3.808.694 (1.329.495) (34,9)
Total Current Assets
Aset Tidak Lancar
Non-Current Assets
Piutang Lain-lain
Other Receivables
Pihak Berelasi
2.673 3.684 (1.011) (27,4)
Related Parties
Pihak Ketiga
41.285 68.862 (27.577) (40,0)
Third Parties
Persediaan
2.108.389 2.666.130 (557.741) (20,9)
Inventories
Properti Inventasi
202.158 202.721 (563) (0,3)
Investment Properties
Aset Hak Guna - Bersih
171 342 (171) (50,1)
Right-Of-Use-Assets-Net
Aset Tak Berwujud
418 1.045 (627) (60,0)
Intangible Assets
Aset Lain-lain
217.427 231.943 (14.516) (6,3)
Other Assets
Jumlah Aset Tidak Lancar
2.572.520 3.174.727 (602.207) (19,0)
Total Non-Current Assets
Jumlah Aset
5.051.719 6.983.421 (1.931.701) (27,`7)
Total Assets
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ASET ASSETS
Per 31 Desember 2025, Perseroan membukukan jumlah As of 31 December 2025, the Company recorded total
aset sebesar Rp5,1 triliun, turun 27,7% dibandingkan assets of Rp5.1 trillion, representing a decrease of
tahun 2024 yang sebesar Rp7,0 triliun. Penurunan ini 27.7% compared to Rp7.0 trillion in 2024. This decline
antara lain disebabkan oleh turunnya aset lancar dan was mainly driven by decreases in both Current Assets
aset tidak lancar dengan penurunan masing-masing and Non-Current Assets, which fell by 34.9% and 19.0%,
sebesar 34,9% dan 19,0%. respectively.
Aset Lancar Current Assets
Di tahun 2025, jumlah aset lancar Perseroan tercatat In 2025, the Company’s Total Current Assets stood at
sebesar Rp2,5 triliun, mengalami penurunan sebesar Rp2.5 trillion, a decrease of 34.9% from Rp3.8 trillion
34,9% dari Rp3,8 triliun di tahun sebelumnya. Hal ini in the previous year. This decline was primarily due to a
terutama disebabkan oleh penurunan persediaan dari decrease in Inventories, which dropped from Rp3.6 trillion
Rp3,6 triliun pada tahun 2024, menjadi Rp2,4 triliun pada in 2024 to Rp2.4 trillion in 2025, driven by reductions in
tahun 2025 yang dipengaruhi oleh penurunan baik dari both real estate assets and hotel inventories.
aset real estat maupun persediaan hotel.
Persediaan hotel mencakup bahan pokok, bahan Hotel inventories include raw materials, supporting
pembantu, serta suku cadang yang digunakan untuk materials, and spare parts used to support the operations
mendukung operasional Hotel Grandhika di Jakarta, of Hotel Grandhika in Jakarta, Medan, and Semarang.
Medan, dan Semarang. Sementara itu, penurunan Meanwhile, the decrease in real estate inventories was
persediaan real estat dipengaruhi oleh adanya penjualan influenced by the sale of real estate assets in 2025 and
aset real estat pada tahun 2025 dan 2024, dengan nilai 2024, with sales values of Rp64.0 billion and Rp121.2
penjualan masing-masing sebesar Rp64,0 miliar dan billion, respectively. In addition, in 2025 the Company
Rp121,2 miliar. Selain itu, pada tahun 2025 Perseroan reclassified a portion of its real estate assets into Other
juga melakukan reklasifikasi sebagian aset real estat ke Assets.
dalam aset lain-lain.
Secara keseluruhan, kondisi ini mencerminkan langkah Overall, this condition reflects the Company’s strategic
strategis Perseroan dalam mengoptimalkan portofolio efforts to optimize its asset portfolio and enhance liquidity
aset serta meningkatkan likuiditas melalui pengelolaan through inventory management and selective asset
persediaan dan realisasi aset secara selektif. realization.
Aset Tidak Lancar Non-Current Assets
Jumlah aset tidak lancar Perseroan di tahun 2025 adalah The Company’s Total Non-Current Assets in 2025 were
sebesar Rp2,6 triliun, mengalami penurunan 19,0% recorded at Rp2.6 trillion, representing a decrease of
dibandingkan Rp3,2 triliun di tahun 2024. Penurunan ini 19.0% compared to Rp3.2 trillion in 2024. This decline
terutama dipengaruhi oleh turunnya persediaan dari aset was mainly driven by a decrease in Inventories (Non-
tidak lancar dari Rp2,7 triliun pada tahun 2024, menjadi Current) from Rp2.7 trillion in 2024 to Rp2.1 trillion in
Rp2,1 triliun pada tahun 2025. 2025.
Selain itu, penurunan pada piutang lain-lain dan aset lain- In addition, decreases in Other Receivables and Other
lain, masing-masing sebesar Rp28,6 miliar dan Rp14,5 Assets, amounting to Rp28.6 billion and Rp14.5 billion,
miliar, turut memberikan kontribusi terhadap penurunan respectively, also contributed to the decline in total non-
total aset tidak lancar. current assets.
Secara keseluruhan, kondisi ini mencerminkan upaya Overall, this condition reflects the Company’s efforts
Perseroan dalam mengoptimalkan komposisi aset melalui to optimize its asset composition through inventory
pengelolaan persediaan serta penurunan pos-pos non- management and the reduction of non-core asset
inti, sehingga mendukung efisiensi penggunaan aset dan components, thereby supporting more efficient asset
memperkuat struktur keuangan Perseroan. utilization and strengthening the Company’s financial
structure.
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
LIABILITAS
LIABILITIES (Disajikan dalam jutaan Rupiah | Expressed in millions of Rupiah)
Kenaikan (Penurunan)
Uraian Increase (Decrease)
2025 2024*
Description Selisih Presentase (%)
Differece Percentage (%)
Liabilitas Jangka Pendek
Current Liabilities
Utang Usaha
Accounts Payable
Pihak Berelasi
579.529 579.704 (175) (0,0)
Related Parties
Pihak Ketiga
537.543 537.055 488 0,1
Third Parties
Beban Aktual
155.961 221.620 (65.659) (29,6)
Accrued Expense
Liabilitas Sewa
943 793 150 18,9
Lease Liabilities
Utang Pajak
42.066 37.044 5.023 13,6
Taxes Payable
Pendapatan Diterima di Muka
1.314.011 1.161.009 153.002 13,2
Unearned Revenues
Utang Obligasi Jangka Pendek
15.615 101.838 (86.223) (84,7)
Short-term Bonds Payable
Utang Bank Bagian yang Jatuh Tempo dalam Satu Tahun
10.000 163.500 (153.500) (93,9)
Current Maturities of Bank Loans
Utang Lembaga Keuangan yang Jatuh Tempo Dalam Satu Tahun
6.000 8.658 (2.658) (30,7)
Current Maturities of Financial Institution Payable
Liabilitas Jangka Pendek Lainnya
Other Current Liabilities
Pihak Berelasi
21.767 20.135 1.631 8,1
Related Parties
Pihak Ketiga
2.441 2.116 325 15,4
Third Parties
Jumlah Liabilitas Jangka Pendek
2.685.878 2.833.472 (147.595) (5,2)
Total Current Liabilities
Liabilitas Jangka Panjang
Non-Current Liabilities
Utang Obligasi Jangka Panjang
581.174 493.008 88.166 17,9
Long term Bonds Bank Loan
Sukuk Ijarah
302.183 268.414 33.769 12,6
Sukuk Ijarah
Utang Bank Jangka Panjang
108.422 85.562 22.860 26,7
Long term Bank Loan
Utang Lembaga Keuangan
111.835 117.835 (6.000) (5,1)
Financial Instituation Payable
Liabilitas Pajak Tangguhan
1.194 1.374 (180) (13,1)
Deferred Tax Liabilities
Utang Lain-lain
Other Payable
Pihak Berelasi
622.169 437.678 184.491 42,2
Related Parties
Pihak Ketiga
221.148 221.148 0 0,0
Third Parties
Jumlah Liabilitas Jangka Panjang
1.948.126 1.625.019 323.107 19,9
Total Non-Current Liabilities
Jumlah Liabilitas
4.634.003 4.458.491 175.512 3,9
Total Liabilities
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LIABILITAS LIABILITIES
Pada tahun 2025, jumlah liabilitas Perseroan tercatat In 2025, the Company recorded Total Liabilities of Rp4.6
sebesar Rp4,6 triliun, meningkat 3,9% dibandingkan trillion, representing an increase of 3.9% compared to
Rp4,5 triliun pada tahun 2024. Kenaikan ini terutama Rp4.5 trillion in 2024. This increase was primarily driven
didorong oleh bertambahnya liabilitas jangka panjang by a rise in Non-Current Liabilities of 19.9%, equivalent
sebesar 19,9% atau setara Rp323,1 miliar. Hal ini to Rp323.1 billion. This reflects the Company’s efforts to
menunjukkan upaya Perseroan dalam mengoptimalkan optimize its funding structure through long-term financing
struktur pendanaan melalui sumber pembiayaan jangka sources.
panjang.
Liabilitas Jangka Pendek Current Liabilities
Perseroan mencatatkan jumlah liabilitas jangka pendek The Company recorded Total Current Liabilities of Rp2.7
sebesar Rp2,7 triliun di tahun 2025, mengalami sedikit trillion in 2025, slightly lower than Rp2.8 trillion in 2024.
penurunan dibandingkan Rp2,8 triliun di tahun 2024. This decrease was mainly attributable to the partial
Penurunan ini dipengaruhi oleh telah terlunasinya repayment of bank loans maturing within one year.
sebagian utang bank yang jatuh tempo dalam satu tahun.
Selain itu, terjadi penurunan utang obligasi jangka In addition, Short-term Bonds Payable decreased from
pendek dari Rp101,8 miliar pada tahun 2024 menjadi Rp101.8 billion in 2024 to Rp15.6 billion in 2025. This
Rp15,6 miliar pada tahun 2025. Penurunan ini sejalan decrease is in line with the approved amendment to the
dengan persetujuan perubahan jadwal pelunasan pokok principal repayment schedule of ADCP II Series B Bonds,
Obligasi ADCP II Seri B dari semula jatuh tempo pada 24 which was extended from 24 May 2025 to 24 May 2027.
Mei 2025 menjadi 24 Mei 2027, sehingga sebagian utang As a result, a portion of the liability was reclassified into
tersebut direklasifikasi ke dalam liabilitas jangka panjang. Non-Current Liabilities.
Penurunan liabilitas jangka pendek juga didorong oleh The decrease in current liabilities was also supported by a
berkurangnya beban akrual dari Rp221,6 miliar, turun reduction in Accrued Expense, which declined by 29.6%,
29,6% menjadi Rp156,0 miliar pada akhir tahun 2025. from Rp221.6 billion to Rp156.0 billion at the end of 2025.
Secara keseluruhan, penurunan liabilitas jangka pendek Overall, the decrease in current liabilities reflects an
ini menunjukkan perbaikan dalam pengelolaan kewajiban improvement in the Company’s management of its short-
jangka pendek Perseroan. term obligations.
Liabilitas Jangka Panjang Non-Current Liabilities
Pada tahun 2025, liabilitas jangka panjang Perseroan In 2025, the Company recorded Total Non-Current
tercatat sebesar Rp1,9 triliun, mengalami peningkatan Liabilities of Rp1.9 trillion, representing an increase of
19,9% dibandingkan tahun sebelumnya yang sebesar 19.9% compared to Rp1.6 trillion in the previous year. This
Rp1,6 triliun. Hal tersebut terutama berasal dari increase was primarily driven by a rise in Other Payable –
peningkatan utang lain-lain pihak berelasi yang berasal Related Parties, originating from PT Adhi Karya (Persero)
dari PT Adhi Karya (Persero) Tbk yang merupakan utang Tbk, related to transactions for the acquisition of Cikunir
dari transaksi atas pembelian lahan Cikunir dan transaksi land and shareholder loans.
atas pinjaman pemegang saham.
Selain itu peningkatan liabilitas jangka panjang juga In addition, the increase in non-current liabilities was also
dipengaruhi oleh bertambahnya utang obligasi jangka influenced by higher Long-term Bonds Payable, following
panjang sebagai akibat adanya perubahan jadwal the amendment to the principal repayment schedule of
pelunasan pokok Obligasi ADCP II Seri B yang semula ADCP II Series B Bonds, which was extended from 24
jatuh tempo pada 24 Mei 2025 menjadi 24 Mei 2027. May 2025 to 24 May 2027.
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Peningkatan pada sukuk ijarah dan utang bank jangka Increases in Sukuk Ijarah and Long-term Bank Loan, by
panjang, masing-masing sebesar 12,6% dan 26,7%, turut 12.6% and 26.7%, respectively, also contributed to the
berkontribusi terhadap meningkatnya liabilitas jangka overall rise in non-current liabilities.
panjang secara keseluruhan.
Secara keseluruhan, peningkatan liabilitas jangka Overall, the increase in non-current liabilities reflects the
panjang ini menunjukkan optimalisasi struktur pendanaan optimization of the Company’s funding structure through
melalui pemanfaatan pembiayaan jangka panjang untuk the utilization of long-term financing to support investment
mendukung kebutuhan investasi dan pengembangan needs and project development.
proyek.
EKUITAS
EQUITY (Disajikan dalam jutaan Rupiah | Expressed in millions of Rupiah)
Kenaikan (Penurunan)
Uraian Increase (Decrease)
2025 2024*
Description Selisih Presentase (%)
Differece Percentage (%)
Modal Saham
2.222.222 2.222.222 0 0,0
Share Capital
Tambahan Modal Disetor
56.633 56.633 0 0,0
Addition Paid-in Capital
Saldo Laba
Retained Earnings
Ditentukan Penggunaannya
54.011 54.011 0 0,0
Appropriated
Belum Ditentukan Penggunaannya
(1.915.150) 192.055 (2.107.205) (1.097,2)
Unappropriated
Ekuitas yang Dapat Distribusikan kepada Pemilik Entitas Induk
417.716 2.524.921 (2.107.205) (83,5)
Equity Attributable to Owners of the Parent Entity
Kepentingan Non-Pengendali
0,43 9 (8) (95,1)
Non-Controlling Interest
Jumlah Ekuitas
417.716 2.524.930 (2.107.214) (83,5)
Total Equity
Hingga 31 Desember 2025, jumlah ekuitas Perseroan As of 31 December 2025, the Company recorded
tercatat sebesar Rp417,7 miliar, mengalami penurunan Total Equity of Rp417.7 billion, a significant decrease
dari Rp2,62 triliun di tahun 2024. Penurunan ini terutama compared to Rp2.62 trillion in 2024. This decline was
disebabkan oleh penyesuaian dari adanya defisit primarily driven by adjustments resulting from a deficit in
saldo yang belum ditentukan penggunaannya. Hal ini Unappropriated Retained Earnings. This condition reflects
mencerminkan dampak kinerja keuangan terhadap the impact of the Company’s financial performance on its
posisi permodalan Perseroan, sekaligus menjadi fokus capital position and remains a key focus for management
manajemen dalam melakukan langkah-langkah strategis in implementing strategic measures to strengthen the
untuk memperkuat kembali struktur ekuitas. Company’s equity structure going forward.
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Laporan Laba (Rugi) dan Penghasilan Komprehensif
Lain Konsolidasian
Consolidated Statement of Profit (Loss) and Other Comprehensive Income
(Disajikan dalam jutaan Rupiah | Expressed in millions of Rupiah)
Kenaikan (Penurunan)
Uraian Increase (Decrease)
2025 2024*
Description
Selisih Presentase (%)
Differece Percentage (%)
Pendapatan Usaha
197.344 300.317 (102.973) (34,3)
Revenues
Beban Pokok Pendapatan
(148.693) (207.910) 59.217 (28,5)
Cost of Revenues
Laba Kotor
48.651 92.407 (43.756) (47,4)
Gross Profit
Beban Usaha
(1.980.637) (25.368) (1.955.269) 7.707,6
Operaiting Expenses
(Rugi) Laba Usaha
(1.931.986) 67.039 (1.999.025) (2.981,9)
(Loss) Profit from Operation
Beban Pajak Final
(2.035) (4.365) 2.330 (53,4)
Final Tax Expenses
Beban Keuangan
(172.147) (18.625) (153.522) 824,3
Financial Charges
(Rugi) Laba Sebelum Pajak Penghasilan
(2.106.168) 44.049 (2.150.217) (4.881,4)
(Loss) Profit Before Income Tax Expense
Beban Pajak Penghasilan
(1.046) (1.846) 801 (43,4)
Income Tax Expense
(Rugi) Laba Tahun Berjalan
(2.107.214) 42.203 (2.149.416) (5.093,1)
(Loss) Profit for the Year
Penghasilan Komprehensif Lain
- - - -
Other Comprehensive Income
Jumlah (Rugi) Laba Komprehensif Tahun Berjalan
(2.107.214) 42.203 (2.149.416) (5.093,1)
Total Comprehensive (Loss) Inccome for the Year
(Rugi) Laba Tahun Berjalan yang Dapat Diatribusikan kepada:
(Loss) Profit for the Year Attributable to:
Pemilik Entitas Induk
(2.107.205) 42.203 (2.149.408) (5.093,1)
Owner of the Parent Entity
Kepentingan Non-Pengendali
(8) 0 (8) (18.769,0)
Non-Controlling Interest
Jumlah (Rugi) Laba Komprehensif Tahun Berjalan yang Dapat Diatribusikan kepada:
Total Comprehensive (Loss) Income for the Year Attributable to:
Pemilik Entitas Induk
(2.107.205) 42.203 (2.149.408) (5.093,1)
Owner of the Parent Entity
Kepentingan Non-Pengendali
(8) 0 (8) (18.769,0)
Non-Controlling Interest
Laba per saham Dasar (Nilai Penuh
(94,82) 1,90 (97) (5.090,5)
Non-Controlling Interest
Pendapatan Usaha Revenues
Di tahun 2025, Perseroan membukukan pendapatan In 2025, the Company recorded Revenues of Rp197.3
usaha sebesar Rp197,3 miliar, mengalami penurunan billion, representing a decrease of 34.3% compared
sebesar 34,3% dibandingkan tahun sebelumnya to Rp300.3 billion in the previous year. This decline
yang sebesar Rp300,3 miliar. Penurunan ini terutama was mainly driven by lower revenue from the property
disebabkan oleh berkurangnya pendapatan dari segmen segment, in line with a more selective project realization
usaha properti seiring dengan proses realisasi proyek process. This reflects challenges in the property sector,
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
yang lebih selektif. Hal ini mencerminkan adanya affecting demand levels and sales velocity, which in turn
tantangan pada sektor properti yang memengaruhi tingkat reduced the Company’s revenue contribution during the
permintaan dan kecepatan penjualan yang berdampak year.
pada penurunan kontribusi pendapatan Perseroan pada
periode berjalan.
Beban Pokok Pendapatan Cost of Revenues
Jumlah beban pokok pendapatan Perseroan di tahun 2025 The Company recorded Cost of Revenues of Rp148.7
tercatat sebesar Rp148,7 miliar, mengalami penurunan billion in 2025, a decrease of 28.5% compared to Rp207.9
sebesar 28,5% dibandingkan tahun sebelumnya yang billion in 2024. This decrease is in line with the decline
sebesar Rp207,9 miliar. Penurunan ini sejalan dengan in revenues recorded in 2025. This condition reflects the
penurunan pendapatan yang dibukukan di tahun 2025. Company’s ability to adjust its cost structure proportionally
Kondisi ini mencerminkan kemampuan Perseroan to the decrease in business activity in order to maintain
dalam menyesuaikan struktur biaya secara proporsional operational efficiency.
terhadap penurunan aktivitas usaha untuk tetap menjaga
efisiensi operasional.
Laba Kotor Gross Profit
Perseroan membukukan laba kotor sebesar Rp48,7 miliar The Company recorded Gross Profit of Rp48.7 billion
di tahun 2025, menurun sebesar 47,4% dibandingkan in 2025, a decrease of 47.4% compared to 2024. This
tahun 2024. Penurunan ini pada dasarnya sejalan dengan decline is generally in line with the decrease in revenues
penurunan pendapatan pada tahun 2025. during the year.
Laba Bersih Net Profit
Pada tahun 2025, Perseroan mencatat rugi bersih sebesar In 2025, the Company recorded a net loss of Rp2.1 trillion,
Rp2,1 triliun, mengalami perubahan dibandingkan tahun compared to a net profit of Rp42.2 billion in the previous
sebelumnya yang mencatat laba bersih sebesar Rp42,2 year. This change was mainly influenced by a significant
miliar. Perubahan ini dipengaruhi oleh meningkatnya increase in Operating Expenses, primarily driven by the
beban usaha yang terutama bersumber dari adanya recognition of impairment losses on real estate assets.
pencatatan beban penurunan nilai aset real estat. Hal This reflects adjustments in asset values in response to
ini mencerminkan adanya penyesuaian nilai aset seiring market dynamics. Although this impacted profitability, the
dengan dinamika pasar. Meskipun berdampak pada measure is expected to provide a stronger foundation for
kinerja laba, langkah ini diharapkan dapat memberikan future performance improvement.
dasar yang lebih kuat bagi perbaikan kinerja pada masa
mendatang.
Laba Komprehensif Tahun Berjalan Total Comprehensive Income for the Year
Pada tahun 2025, Perseroan mencatat rugi tahun In 2025, the Company recorded a total comprehensive
berjalan sebesar Rp2,1 triliun, mengalami perubahan loss for the year of Rp2.1 trillion, compared to a total
dibandingkan tahun sebelumnya yang mencatat laba comprehensive income for the year of Rp42.2 billion in
komprehensif tahun berjalan sebesar Rp42,2 miliar. 2024.
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Laporan Arus Kas Konsolidasian
Consolidated Statement of Cash Flows
(Disajikan dalam jutaan Rupiah | Expressed in millions of Rupiah)
Kenaikan (Penurunan)
Uraian Increase (Decrease)
2025 2024*
Description Selisih Presentase (%)
Differece Percentage (%)
Arus Kas Digunakan untuk Aktivitas Operasi
(11.451) (64.795) 53.344 (82,3)
Cash Flows Used in Operating Activities
Arus Kas dari (Digunakan untuk) Aktivitas Investasi
96.739 (128.061) 224.800 (175,5)
Cash Flows Provided by (Used in) Investing Activities
Arus Kas Digunakan untuk Aktivitas Pendanaan
(92.508) (55.434) (37.074) 66,9
Cash Flows Used in Financing Activities
Penurunan Bersih Kas dan Setara Kas
(7.220) (248.290) 241.070 (97,1)
Net Decrease of Cash and Cash Equivalent
Kas dan Setara Kas Awal Tahun
35.405 283.694 (248.290) (87,5)
Cash and Cash Equivalent at the Beginning of the Year
Kas dan Setara Kas Akhir Tahun
28.185 35.405 (7.220) (20,4)
Cash and Cash Equivalent at End of the Year
Kas dan setara kas akhir tahun Cash and Cash Equivalent at End of the Year
Kas dan setara kas akhir tahun Perseroan tercatat Rp28,2 The Company’s Cash and Cash Equivalent at End of
miliar, mengalami penurunan sebesar Rp7,2 miliar atau the Year was recorded at Rp28.2 billion, representing a
20,4% dibandingkan tahun 2024 yang sebesar Rp35,4 decrease of Rp7.2 billion or 20.4% compared to Rp35.4
miliar. Penurunan ini mencerminkan adanya penggunaan billion in 2024. This decrease reflects the utilization of
kas untuk mendukung kebutuhan operasional dan cash to support operational needs and financing activities
aktivitas pendanaan selama tahun berjalan. during the year.
Arus Kas Digunakan untuk Aktivitas Operasi Cash Flows Used in Operating Activities
Pada tahun 2025, Perseroan mencatat penggunaan In 2025, the Company recorded Cash Flows Used in
arus kas untuk aktivitas operasi sebesar Rp11,5 miliar Operating Activities of Rp11.5 billion, lower than the
mengalami penurunan dari penggunaan kas pada tahun cash outflow of Rp64.8 billion in the previous year.
sebelumnya yang sebesar Rp64,8 miliar. Penurunan This decrease was mainly driven by reduced operating
ini dipengaruhi oleh berkurangnya pengeluaran beban expenditures, including payments to suppliers and
operasional seperti pembayaran kepada pemasok dan third parties, employee payments, hotel profit-sharing
pihak ketiga, pembayaran kepada karyawan, pembayaran payments, and tax payments.
bagi hasil hotel dan pembayaran pajak.
Arus Kas dari Aktivitas Investasi Cash Flows from Investing Activities
Pada tahun 2025, Perseroan membukukan perolehan In 2025, the Company recorded Cash Flows Provided by
arus kas dari aktivitas investasi sebesar Rp96,7 Investing Activities of Rp96.7 billion, compared to Cash
miliar, berbanding terbalik dibandingkan dengan Flows Used in Investing Activities of Rp128.1 billion in
penggunaan kas untuk aktivitas investasi sebesar 2024. This reversal was primarily driven by the release of
Rp128,1 miliar. Perubahan ini terutama dipengaruhi Restricted Cash and Cash Equivalent.
oleh adanya pencairan kas dan setara kas yang dibatasi
penggunaannya.
Arus Kas dari Aktivitas Pendanaan Cash Flows Used in Financing Activities
Di tahun 2025, Perseroan membukukan penggunaan arus In 2025, the Company recorded Cash Flows Used in
kas untuk aktivitas pendanaan sebesar Rp92,5 miliar, Financing Activities of Rp92.5 billion, higher than Rp55.4
mengalami peningkatan dibandingkan tahun sebelumnya billion in the previous year. This was mainly attributable
yang sebesar Rp55,4 miliar. Hal ini dipengaruhi oleh adanya to repayments of bank loans and payments of borrowing
pembayaran utang bank dan pembayaran beban pinjaman. costs.
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Kemampuan Membayar Utang dan Tingkat
Kolektibilitas Piutang
Debt Repayment Capability and Receivables Collectibility
Kemampuan Membayar Utang Debt Repayment Capability
Perseroan mengukur kemampuannya dalam memenuhi The Company evaluates its ability to fulfill both short-term
seluruh kewajiban, baik jangka pendek maupun jangka and long-term obligations using liquidity and solvency
panjang melalui rasio likuiditas dan rasio solvabilitas. ratios. Liquidity ratios measure the Company’s ability to
Rasio likuiditas digunakan untuk mengukur kemampuan settle short-term liabilities. Solvency ratios assess the
Perseroan dalam melunasi kewajiban jangka pendek, Company’s ability to meet all its financial obligations.
sementara rasio solvabilitas digunakan untuk mengukur
kemampuan Perseroan dalam memenuhi seluruh
kewajibannya.
Rasio Likuiditas Liquidity Ratio
Perseroan mengukur kemampuannya dalam memenuhi The Company monitors its ability to meet maturing short-
kewajiban jangka pendek yang akan jatuh tempo term liabilities using liquidity ratios, particularly the cash
menggunakan rasio likuiditas. Likuiditas terdiri dari rasio ratio, which compares cash and cash equivalents to
kas yang merupakan perbandingan antara kas dan setara short-term liabilities.
kas dengan liabilitas jangka pendek.
Perseroan mengelola risiko likuiditas melalui nilai rasio To manage liquidity risk, the Company maintains a healthy
kas, dengan memonitor profil jatuh tempo pinjaman dan cash ratio, monitors loan maturity profiles, and ensures
menjaga kecukupan kas dan aset lancar. Hal tersebut sufficient cash and liquid assets. This approach ensures
dilakukan agar pembangunan proyek tetap berjalan that project developments continue as planned. The
sesuai rencana. Terkait hal itu, Perseroan senantiasa Company also prioritizes prudence in sourcing funding,
mengedepankan aspek kehati-hatian dalam mencari securing financing facilities from reputable and reliable
sumber pendanaan, yaitu melalui berbagai sumber lenders.
fasilitas pembiayaan yang mengikat, dari pemberi
pinjaman dengan reputasi yang baik dan terpercaya.
Uraian
2025 2024
Description
Rasio Kas
1,0 1,2
Cash Ratio
dalam presentase (%) | in percentage (%)
Rasio Kas Cash Ratio
Rasio kas Perseroan di tahun 2025 adalah sebesar The Company’s Cash Ratio in 2025 was 1.0%, a decrease
1,0% atau mengalami penurunan dibandingkan dengan compared to 1.2% in 2024. This decline was mainly due
tahun 2024 yang sebesar 1,2%. Penurunan ini terutama to a reduction in Cash and Cash Equivalent, in line with
disebabkan oleh berkurangnya saldo kas dan setara kas, the utilization of funds to support operational needs.
seiring dengan pemanfaatan dana untuk mendukung
kebutuhan operasional.
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Rasio Solvabilitas Solvency Ratio
Rasio solvabilitas digunakan untuk mengukur kemampuan Solvency ratios are used to measure the Company’s
Perseroan dalam membayar seluruh kewajibannya, ability to meet all of its obligations, both short-term and
baik jangka pendek maupun jangka panjang. Rasio long-term. These ratios include the Debt to Asset Ratio
solvabilitas terdiri dari rasio utang terhadap aset dan rasio (DAR) and the Debt to Equity Ratio (DER).
utang terhadap modal.
Uraian
2025 2024
Description
Rasio Utang terhadap Aset
91,7 63,8
Debt to Asset Ratio (DAR)
Rasio Utang terhadap Modal
1.109,4 176,6
Debt to Equity Ratio (DER)
dalam presentase (%) | in percentage (%)
Hingga akhir tahun 2025, rasio utang terhadap As of the end of 2025, the Company’s Debt to Asset Ratio
aset Perseroan tercatat sebesar 91,7%, meningkat (DAR) was 91.7%, an increase compared to 63.8% in the
dibandingkan tahun sebelumnya yang sebesar 63,84. previous year. Meanwhile, the Debt to Equity Ratio (DER)
Sementara, rasio utang terhadap modal tercatat sebesar reached 1,109.4%, significantly higher than 176.6% in
1.109,4%, meningkat dibandingkan dengan tahun 2024 2024. This condition was mainly driven by an increase
yang sebesar 176,6%. Kondisi ini terutama dipengaruhi in Total Liabilities and a decrease in Total Equity during
oleh meningkatnya liabilitas serta penurunan ekuitas the period.
Perseroan selama periode berjalan.
Hal ini menunjukkan adanya tekanan pada struktur This indicates pressure on the Company’s capital
permodalan Perseroan dengan tingkat leverage yang structure, reflected in a higher level of leverage. Therefore,
lebih tinggi, sehingga manajemen perlu terus memperkuat management needs to continue strengthening the equity
basis ekuitas dan mengelola kewajiban secara lebih base and managing liabilities more effectively to maintain
optimal guna menjaga stabilitas keuangan. financial stability.
Tingkat Kolektibilitas Piutang Receivables Collectibility
Perseroan secara konsisten meninjau tingkat kolektibilitas The Company consistently reviews the collectibility of its
piutang dan data historis piutang yang dimiliki. Selain receivables and analyzes historical receivables data. In
itu, Perseroan senantiasa memantau penagihan untuk addition, the Company continuously monitors collection
menjaga tingkat likuiditas usaha, di samping terus me- activities to maintain business liquidity, while also
monitor kondisi debitur guna mengurangi risiko gagal assessing debtor conditions to mitigate default risk.
bayar.
Di tahun 2025, periode penagihan piutang Perseroan In 2025, the Company’s receivables collection period was
tercatat sebesar 36 hari, mengalami penurunan dari 36 days, a decrease compared to 2024, mainly due to
tahun 2024, akibat adanya piutang yang belum jatuh receivables that were not yet due based on the underlying
tempo berdasarkan surat perjanjian jual beli yang ada. sales and agreements.
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Struktur Modal dan Kebijakan Struktur Modal
Capital Structure and Capital Structure Policy
Rincian Struktur Modal Capital Structure Details
Sampai dengan 31 Desember 2025, komposisi struktur As of 31 December 2025, the Company’s capital structure
modal Perseroan berasal dari liabilitas sebesar 91,7% dan consisted of Total Liabilities of 91.7% and Total Equity of
ekuitas sebesar 8,3%. Rincian struktur modal Perseroan 8.3%. The details of the Company’s capital structure for
pada tahun 2025 dan 2024 dapat dilihat sebagai berikut: 2025 and 2024 are presented below.
Struktur Modal Perseroan
Company’s capital structure (Disajikan dalam jutaan Rupiah | Expressed in millions of Rupiah)
Kenaikan (Penurunan)
2025 2024
Uraian Increase (Decrease)
Description Jumlah Komposisi (%) Jumlah Komposisi (%) Selisih Presentase (%)
Total Composition (%) Total Composition (%) Differece Percentage (%)
Liabilitas Jangka Pendek
2.685.878 53,2 2.833.472 40,6 (147.595) (5,2)
Current Liabilities
Liabilitas Jangka Panjang
1.948.126 38,6 1.625.019 23,3 323.107 19,9
Non-Current Liabilities
Jumlah Liabilitas
4.634.003 91,7 4.458.491 63,8 175.512 3,9
Total Liabilities
Jumlah Ekuitas
417.716 8,3 2.524.930 36,2 (2.107.214) (83,5)
Total Equity
Jumlah Liabilitas dan Ekuitas
5.051.719 100,0 6.983.421 100,0 (1.931.701) (27,7)
Total Liabilities and Equity
Komposisi Struktur Modal Perusahaan
Composition of Company’s Capital Structure
2025 2024
Jumlah Ekuitas
Total Equity Jumlah Liabilitas
Total Liabilities
8,3% Jumlah Liabilitas
Total Liabilities Jumlah Ekuitas
Total Equity
36,2%
63,8%
91,7%
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Kebijakan Manajemen atas Struktur Modal Management Policy on Capital Structure
Guna menjaga kelangsungan usaha, Perseroan mengelola To ensure business continuity, the Company manages its
permodalannya dengan memaksimalkan manfaat bagi capital by maximizing benefits for shareholders and other
pemegang saham dan pemangku kepentingan lainnya, stakeholders while maintaining an optimal capital structure
serta menjaga struktur modal yang optimal untuk to minimize capital expenditure costs. Additionally, the
mengurangi biaya belanja modal. Selain itu, Perseroan Company considers several key factors in optimizing its
memiliki sejumlah poin penting dalam mengoptimalkan capital structure, including future capital requirements,
struktur modal, yakni mempertimbangkan kebutuhan capital efficiency, current and future profitability, projected
modal masa depan dan efisiensi modal Perseroan, operating cash flows, projected capital expenditures, and
profitabilitas pada saat ini dan masa mendatang, proyeksi anticipated strategic investment opportunities. To achieve
arus kas operasi, proyeksi belanja modal, serta proyeksi this, the Company actively conducts regular reviews to
peluang investasi yang strategis. Untuk itu, Perseroan optimize its capital structure and maximize returns for
secara aktif melakukan telaah rutin guna memastikan shareholders.
pengoptimalan struktur modal serta memaksimalkan
hasil pengembalian ke pemegang saham.
Perseroan memiliki kebijakan atas struktur modal dengan The Company has a capital structure policy that places
menitikberatkan penggunaan liabilitas sebagai sumber emphasis on the use of liabilities as its source of capital.
modalnya. Adapun liabilitas jangka pendek Perseroan As of 2025, the Company’s current liabilities amounted to
pada tahun 2025 adalah sebesar Rp2,7 triliun dan Rp2.7 trillion, while its non-current liabilities amounted to
liabilitas jangka panjang sebesar Rp1,9 triliun. Rp1.9 trillion.
Dasar Pemilihan Kebijakan Manajemen atas Struktur Basis for Management’s Capital Structure Policy
Modal
Kebijakan manajemen atas struktur modal ditujukan The management’s capital structure policy aims to
untuk memastikan kelangsungan usaha jangka panjang, ensure long-term business sustainability while generating
sekaligus menghasilkan imbal hasil yang memadai adequate returns for shareholders. Management has
bagi pemegang saham. Manajemen telah menetapkan established capital values in proportion to risks and
nilai modal sesuai dengan proporsi terhadap risiko regularly reviews the capital structure by optimizing the
dan melakukan kajian secara berkala terkait struktur Company’s debt and equity balance. This policy also
permodalan melalui optimalisasi saldo utang dan ekuitas seeks to maintain an optimal capital structure to reduce
Perseroan. Kebijakan tersebut juga bertujuan untuk the cost of capital while considering capital costs and
mempertahankan struktur permodalan yang optimal guna associated risks.
mengurangi biaya modal dengan mempertimbangkan
biaya permodalan dan risiko yang berhubungan.
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Ikatan Material untuk Investasi Barang Modal Material
Commitments for Capital Investment
Dalam Peraturan Otoritas Jasa Keuangan (POJK) According to the Financial Services Authority Regulation
No. 17/POJK.04/2020 tentang Transaksi Material dan (POJK) No. 17/POJK.04/2020 on Material Transactions
Perubahan Kegiatan Usaha menyebutkan bahwa suatu and Business Activity Changes, a transaction is classified
reaksi dikategorikan sebagai transaksi material apabila as material if its value equals 20% or more of a public
nilai transaksi sama dengan 20% atau lebih dari ekuitas company equity. Based on this regulation, the Company
Perusahaan Terbuka. Mengacu pada aturan tersebut, did not have any material commitments for capital
Perseroan tidak memiliki ikatan material untuk investasi investment that were not related to financing agreements
barang modal yang bukan merupakan ikatan pendanaan throughout 2025.
sepanjang tahun 2025.
Realisasi Investasi Barang Modal
Capital Investment Realization
Dalam mengembangkan kegiatan usahanya, Perseroan In developing its business activities, the Company
menganggap bahwa investasi merupakan salah satu hal considers investment to be an important undertaking.
yang penting untuk dilakukan. Investasi barang modal Capital expenditure refers to costs incurred by the
(capital expenditure) merupakan biaya yang dikeluarkan Company to acquire assets or improve existing assets
Perseroan untuk melakukan pembelian sejumlah aset in order to generate added value for the Company in
maupun perbaikan terhadap aset yang dimiliki sehingga the future. In 2025, the Company did not undertake any
dapat memberikan nilai tambah bagi Perseroan di capital expenditure. Accordingly, information on the actual
kemudian hari. Pada tahun 2025, Perseroan tidak capital expenditure realised during the year cannot be
melakukan belanja modal, sehingga informasi mengenai presented.
realisasi investasi barang modal selama periode tahun,
tidak dapat di sajikan.
Dampak Nilai Mata Uang Asing Bagi Perusahaan
Impact of Foreign Currency Exchange on The Company
Hingga 31 Desember 2025, Perseroan melakukan seluruh As of December 31, 2025, the Company conducted all
transaksi dengan menggunakan mata uang Rupiah, transactions in Indonesian Rupiah, meaning that foreign
sehingga nilai tukar mata uang asing tidak memberikan exchange rates had no impact on its transactions.
dampak terhadap transaksi yang dilakukan Perseroan. Therefore, there is no information regarding the impact of
Dengan demikian, tidak terdapat informasi mengenai foreign currency exchange on the Company that can be
dampak nilai mata uang asing bagi Perseroan yang dapat presented in this Annual Report.
disajikan dalam Laporan Tahunan ini.
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Pencapaian Target Tahun 2024 dan Proyeksi Tahun 2025
2024 Target Achievement and 2025 Projections
Pencapaian Target dan Realisasi Tahun 2025 2025 Target Achievement and Realization
Pada awal tahun 2025, Perseroan telah menyusun At the beginning of 2025, the Company developed and
dan menetapkan sejumlah target yang tertuang dalam established several targets outlined in the Company’s
Rencana Kerja dan Anggaran Perusahaan (RKAP) Work Plan and Budget (RKAP), taking into account
dengan tetap memperhatikan kondisi-kondisi yang terjadi prevailing conditions throughout the year. The Board
pada tahun berjalan. Direksi telah menyetujui sasaran of Directors approved the Company’s annual business
kerja tahunan Perseroan dengan parameter penting objectives with key parameters to measure business
dalam mengukur kesuksesan usaha di tahun 2025 yang success in 2025, as presented below:
disajikan sebagai berikut:
Perbandingan Rencana dan Realisasi
Comparison between Target and Realization (Disajikan dalam jutaan Rupiah | Expressed in millions of Rupiah)
Capaian
Uraian Rencana Realisasi
Achievement
Description Target Realization
(%)
Pendapatan
888.283 197.344 22,2
Revenues
Beban Pokok Pendapatan
(677.608) (148.693) 21,9
Cost of Revenues
Laba Kotor
210.675 48.651 23,1
Gross Profit
Laba Bersih
37.063 (2.107.214) (5.685,5)
Net Profit
Liabilitas
3.207.119 4.634.003 144,5
Liabilities
Ekuitas
2.672.065 417.716 15,6
Equity
Proyeksi Tahun 2026
2026 Projections (Disajikan dalam jutaan Rupiah | Expressed in millions of Rupiah)
Uraian Rencana
Description Target
Pendapatan
73.086
Revenues
Beban Pokok Pendapatan
(63.183)
Cost of Revenues
Laba Kotor
9.904
Gross Profit
Laba Bersih
(198.658)
Net Profit
Liabilitas
4.785.976
Liabilities
Ekuitas
1.449.289
Equity
Dividen
-
Dividend
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Informasi dan Fakta Material yang Terjadi Setelah
Tanggal Laporan Akuntan
Material Information and Facts After The Accountant’s Report Date
Tidak terdapat peristiwa material yang terjadi setelah No material events occurred between the date of
tanggal laporan auditor hingga diterbitkannya laporan the auditor’s report and the issuance of the financial
keuangan. Informasi lebih lanjut mengenai peristiwa statements. Further information regarding events after the
setelah periode pelaporan dapat dilihat pada Catatan 47 reporting period can be found in Note 47 to the financial
atas laporan keuangan. statements.
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Prospek Usaha
Business Outlook
Memasuki tahun 2026, prospek industri properti As we enter 2026, the outlook for Indonesia’s real
Indonesia tetap terbuka, walaupun perekonomian global estate industry remains positive, even though the global
masih dibayangi ketidakpastian. IMF memproyeksikan economy is still overshadowed by uncertainty. The IMF
pertumbuhan ekonomi global tahun 2026 sebesar 3,3%, projects global economic growth of 3.3% for 2026, but
namun juga menegaskan bahwa risiko penurunan also emphasizes that downside risks persist due to
masih berasal dari ketegangan dagang, ketidakpastian trade tensions, policy uncertainty, and the potential for
kebijakan, dan potensi eskalasi geopolitik. Di dalam geopolitical escalation. Domestically, Bank Indonesia
negeri, Bank Indonesia memprakirakan pertumbuhan forecasts Indonesia’s economic growth in 2026 to be in
ekonomi Indonesia tahun 2026 berada pada kisaran the range of 4.9%–5.7%, with inflation remaining within
4,9%–5,7% dengan inflasi tetap berada dalam sasaran the target of 2.5±1%, while the BI Rate will be maintained
2,5±1%, sementara BI-Rate hingga Maret 2026 at 4.7% through March 2026. In this context, the 2026
dipertahankan pada level 4,7%. Dalam konteks tersebut, macroeconomic environment is likely to still provide
lingkungan makro 2026 cenderung masih memberikan room for domestic demand to remain resilient, although
ruang bagi permintaan domestik untuk tetap terjaga, external volatility must still be anticipated.
meskipun volatilitas eksternal tetap perlu diantisipasi.
Bagi sektor properti, prospek tahun 2026 ditopang oleh For the property sector, the outlook for 2026 is supported
keberlanjutan kebijakan yang sudah memiliki dasar hukum by the continuity of policies that already have a formal
resmi, bukan semata oleh ekspektasi pasar. Pemerintah legal basis, rather than solely by market expectations. The
telah menerbitkan PMK Nomor 90 Tahun 2025 mengenai government has issued Minister of Finance Regulation
PPN Ditanggung Pemerintah atas penyerahan rumah No. 90 of 2025 regarding Government-Bearing VAT
tapak dan satuan rumah susun untuk tahun anggaran on the transfer of single-family homes and apartment
2026, yang berlaku sejak 1 Januari 2026. Berdasarkan units for the 2026 fiscal year, effective as of January 1,
ketentuan tersebut, PPN DTP diberikan untuk masa pajak 2026. Under these provisions, the Government-Bearing
Januari sampai dengan Desember 2026 sebesar 100% VAT is granted for the tax period from January through
dari PPN terutang atas bagian harga jual sampai dengan December 2026 at 100% of the VAT due on the portion of
Rp2 miliar untuk rumah tapak atau satuan rumah susun the sales price up to Rp2 billion for single-family homes or
dengan harga jual paling banyak Rp5 miliar. Sejalan apartment units with a maximum sales price of Rp5 billion.
dengan itu, Bank Indonesia melalui PADG Nomor 30 In line with this, Bank Indonesia, through PADG No. 30 of
Tahun 2025 juga memperpanjang pelonggaran rasio 2025, has also extended the relaxation of the LTV/FTV
LTV/FTV dan uang muka kredit atau pembiayaan properti ratio and down payment requirements for property loans
sampai dengan 31 Desember 2026. Kombinasi stimulus or financing until December 31, 2026. This combination
fiskal dan pelonggaran makroprudensial tersebut menjadi of fiscal stimulus and macroprudential easing serves as
faktor pendukung yang konkret bagi pasar properti a concrete supporting factor for the residential property
residensial pada tahun 2026. market in 2026.
Prospek tersebut juga memperoleh landasan dari This outlook is also supported by improvements in the
perbaikan pasar residensial pada akhir tahun 2025. residential market toward the end of 2025. Results from
Hasil Survei Harga Properti Residensial Bank Indonesia Bank Indonesia’s Residential Property Price Survey
menunjukkan bahwa harga properti residensial di pasar indicate that residential property prices in the primary
primer pada triwulan IV-2025 tumbuh terbatas sebesar market in the fourth quarter of 2025 grew modestly by
0,8% secara tahunan, namun penjualan unit residensial 0.8% year-over-year, while sales of residential units
justru tumbuh 7,8% secara tahunan. Penjualan tersebut actually grew by 7.8% year-over-year. These sales were
terutama ditopang oleh rumah tipe kecil dan menengah, primarily driven by small and medium-sized homes,
sementara dari sisi pembiayaan, mayoritas pembelian while on the financing side, the majority of primary home
rumah primer masih dilakukan melalui skema KPR dengan purchases were still made through mortgage schemes,
pangsa 70,8%, dan sumber pendanaan pembangunan accounting for 70.8%, and construction funding sources
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
masih didominasi dana internal pengembang dengan remained dominated by developers’ internal funds,
pangsa 80,1%. Data tersebut menunjukkan bahwa accounting for 80.1%. These data indicate that as we enter
memasuki 2026, pasar masih memiliki ruang pemulihan 2026, the market still has room for demand recovery, but
permintaan, tetapi keberhasilan usaha tetap sangat business success remains heavily influenced by product
dipengaruhi oleh keterjangkauan produk, akses affordability, consumer access to financing, and funding
pembiayaan konsumen, dan disiplin pendanaan dari sisi discipline on the part of developers.
pengembang.
Dalam konteks PT Adhi Commuter Properti Tbk, In the context of PT Adhi Commuter Properti Tbk, the
prospek usaha 2026 relatif sejalan dengan karakter business outlook for 2026 is largely in line with the
bisnis Perseroan sebagai pengembang kawasan hunian Company’s business model as a developer of integrated
terintegrasi dan fasilitas pendukung di sekitar jalur LRT, residential areas and supporting facilities along LRT routes,
dengan pendekatan connect, mixed-use, shift & transit, utilizing a strategy centered on connectivity, mixed-use
walkable, dan densify. Relevansi model bisnis tersebut development, shift & transit, walkability, and densification.
didukung oleh realisasi pertumbuhan ekonomi Indonesia The relevance of this business model is supported
tahun 2025 sebesar 5,1%, dominasi aktivitas ekonomi by Indonesia’s projected economic growth of 5.1% in
Pulau Jawa sebesar 56,9% terhadap perekonomian 2025, Java Island’s dominance of 56.9% in the national
nasional, serta pertumbuhan lapangan usaha transportasi economy, and the 9.0% growth in the transportation and
dan pergudangan sebesar 9,0% pada triwulan IV-2025. warehousing sector during the fourth quarter of 2025. By
Secara inferensial, kondisi tersebut menunjukkan bahwa inference, these conditions indicate that the demand for
kebutuhan akan hunian urban yang terhubung dengan urban housing connected to mass transit hubs remains
simpul mobilitas massal masih memiliki basis permintaan strong. For the Company, this opportunity can be
yang kuat. Bagi Perseroan, peluang tersebut dapat translated into increased uptake of TOD-based products,
diterjemahkan ke dalam penguatan serapan produk particularly among end-users and urban commuters who
berbasis TOD, khususnya pada segmen end-user dan increasingly prioritize accessibility, travel time efficiency,
komuter perkotaan yang semakin memperhitungkan and the quality of regional connectivity.
aksesibilitas, efisiensi waktu tempuh, dan kualitas
konektivitas kawasan.
Meski demikian, prospek usaha tahun 2026 tidak Nevertheless, the business outlook for 2026 should not
sepatutnya dibaca sebagai fase ekspansi tanpa risiko. be interpreted as a risk-free expansion phase. Bank
Bank Indonesia masih menekankan bahwa ketidakpastian Indonesia continues to emphasize that global uncertainty
global tetap tinggi, sedangkan survei residensial remains high, while residential surveys indicate that
menunjukkan bahwa hambatan utama pengembangan the main obstacles to property development and
dan penjualan properti masih mencakup kenaikan harga sales still include rising construction material prices,
bahan bangunan, suku bunga KPR, serta masalah mortgage interest rates, and issues related to permits
perizinan dan birokrasi. Oleh karena itu, pertumbuhan and bureaucracy. Therefore, the Company’s growth
Perseroan pada tahun 2026 akan lebih ditentukan oleh in 2026 will be more determined by the accuracy of
ketepatan strategi produk, kecepatan konversi penjualan, product strategy, the speed of sales conversion, project
selektivitas pengembangan proyek, serta kemampuan development selectivity, and the ability to maintain a
menjaga struktur pendanaan dan eksekusi operasional disciplined funding structure and operational execution.
secara disiplin. Dengan kata lain, peluang pasar tetap In other words, market opportunities remain open, but the
terbuka, tetapi hasil akhirnya tidak akan ditentukan oleh final outcome will not be determined by sentiment alone,
sentimen semata, melainkan oleh kualitas eksekusi bisnis but rather by the quality of the Company’s business
Perseroan. execution.
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Aspek Pemasaran
Marketing Aspects
Aspek pemasaran pada tahun 2025 tidak hanya In 2025, marketing aspects will not only be directed at
diarahkan untuk mendorong penjualan, tetapi juga untuk driving sales, but also at enhancing the quality of demand,
memperkuat kualitas permintaan, menjaga kecepatan maintaining market conversion rates, and reinforcing the
konversi pasar, dan menegaskan posisi Perseroan Company’s position as a property developer focused on
sebagai pengembang properti berbasis Transit Oriented Transit-Oriented Development (TOD).
Development (TOD).
Dalam konteks pasar yang masih menuntut kehati-hatian, In a market context that still demands caution, the
Perseroan menempatkan pemasaran sebagai instrumen Company positions marketing as a strategic instrument to
strategis untuk menghubungkan keunggulan produk, nilai align product excellence, area value, ease of accessibility,
kawasan, kemudahan aksesibilitas, serta fleksibilitas and financing flexibility with increasingly diverse consumer
pembiayaan dengan kebutuhan konsumen yang semakin needs.
beragam.
Oleh karena itu, pengelolaan aspek pemasaran Perseroan Therefore, the Company’s marketing aspects in 2025 will
pada tahun 2025 dijalankan melalui penguatan strategi be managed through the strengthening of more targeted
pemasaran yang lebih terarah serta pemetaan pangsa marketing strategies and the mapping of market segments
pasar yang lebih relevan dengan karakter produk dan that are more relevant to product characteristics and the
perkembangan kebutuhan masyarakat urban. evolving needs of urban communities.
STRATEGI PEMASARAN
MARKETING STRATEGY
Pada tahun 2025, Perseroan mengarahkan strategi In 2025, the Company will adopt a more selective
pemasaran secara lebih selektif dengan menitikberatkan marketing strategy, focusing on accelerating sales of
perhatian pada percepatan penjualan unit ready stock. ready-stock units. This approach is being taken because
Arah ini ditempuh karena unit siap huni dinilai memiliki ready-to-move-in units are considered more attractive
daya tarik yang lebih tinggi bagi konsumen dibandingkan to consumers than those still under construction, while
unit yang masih berada dalam tahap konstruksi, also better supporting the acceleration of cash flow and
sekaligus lebih mendukung percepatan perputaran arus revenue recognition for the Company. In practice, the
kas dan pengakuan pendapatan Perseroan. Dalam Company is concentrating its marketing resources on
pelaksanaannya, Perseroan memfokuskan sumber daya projects with ready-to-market products, particularly in
pemasaran pada proyek-proyek yang telah memiliki areas deemed strategic for immediate conversion into
kesiapan produk, khususnya pada kawasan yang dinilai sales.
strategis untuk segera dikonversi menjadi penjualan.
Di samping itu, Perseroan juga memperkuat fokus pada Additionally, the Company is strengthening its focus
segmen investor sebagai salah satu pasar utama yang on the investor segment as one of the primary markets
dinilai memiliki potensi pembelian lebih cepat dan lebih deemed to have faster and more predictable purchasing
terukur, khususnya untuk produk ready stock. Namun potential, particularly for ready-stock products. However,
demikian, Perseroan tetap mempertahankan pasar the Company continues to maintain the retail market as
ritel sebagai bagian penting dari basis konsumen. a crucial component of its consumer base. To support
Untuk mendukung pendekatan tersebut, Perseroan this approach, the Company is optimizing digital
mengoptimalkan pemasaran digital melalui berbagai marketing across various platforms to ensure marketing
platform agar komunikasi pemasaran menjadi lebih communications are more efficient, measurable, and
efisien, lebih terukur, dan lebih tepat sasaran. Perseroan targeted. The Company is also continuing to develop
juga terus mengembangkan alternatif pembayaran payment alternatives in collaboration with banking
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
bersama mitra perbankan guna membuka lebih banyak partners to offer more options for payment methods,
pilihan metode pembayaran, tenor, dan skema angsuran tenors, and installment plans for prospective customers,
bagi calon konsumen, termasuk bagi kelompok yang including those with purchasing interest but facing
memiliki minat beli, tetapi menghadapi keterbatasan limitations in accessing formal financing.
dalam akses pembiayaan formal.
Strategi pemasaran Perseroan pada tahun 2025 The Company’s marketing strategy for 2025 is also
juga diperluas melalui penguatan recurring income being expanded through the strengthening of recurring
dan pengembangan ekosistem kawasan. Perseroan income and the development of the area’s ecosystem.
tidak hanya memasarkan produk hunian, tetapi juga The Company not only markets residential products but
mengembangkan pendekatan pemasaran pada area also develops marketing approaches in the commercial
komersial, lini hospitality, dan layanan rental management sector, the hospitality sector, and rental management
sebagai bagian dari pembentukan kawasan yang lebih services as part of creating a more vibrant and productive
hidup dan lebih produktif. Melalui pendekatan tersebut, area. Through this approach, the Company aims to create
Perseroan berupaya menciptakan nilai tambah yang added value that extends beyond the sale of individual
tidak berhenti pada transaksi penjualan unit, melainkan units to include the revitalization of neighborhood
berlanjut pada penguatan aktivitas kawasan, peningkatan activities, the enhancement of asset appeal, and the
daya tarik aset, dan pembentukan pengalaman hunian creation of a more comprehensive residential experience
yang lebih lengkap bagi konsumen maupun investor. for both consumers and investors.
Selaras dengan itu, Perseroan memperkuat branding In line with this, the Company is strengthening the
LRT CITY; Connecting Life dengan menegaskan nilai LRT CITY; Connecting Life brand by emphasizing the
connectivity, community, dan sustainability dalam values of connectivity, community, and sustainability
komunikasi, promosi, dan program retensi. Penguatan in its communications, promotions, and customer
merek ini dijalankan untuk menempatkan produk retention programs. This brand reinforcement is being
Perseroan tidak semata sebagai properti, tetapi implemented to position the Company’s products not
sebagai bagian dari gaya hidup urban yang terhubung merely as real estate, but as part of an urban lifestyle
dengan transportasi publik, fasilitas pendukung, dan connected to public transportation, supporting facilities,
aktivitas kawasan yang terintegrasi. Beroperasinya LRT and integrated neighborhood activities. The operation
Jabodebek menjadi momentum yang dimanfaatkan of the Jabodebek LRT serves as a momentum that the
Perseroan untuk semakin menegaskan keunggulan Company leverages to further highlight the advantages of
properti berbasis TOD sebagai diferensiasi utama yang TOD-based properties as a key differentiator not found in
tidak dimiliki oleh produk properti pada umumnya. Dalam typical real estate products. To ensure the accuracy of its
rangka menjaga ketepatan arah pemasaran, Perseroan marketing direction, the Company also plans to conduct
juga merencanakan market survey untuk memahami a market survey to understand preferences, levels of
preferensi, tingkat pemahaman, dan potensi adopsi pasar understanding, and market adoption potential for TOD-
terhadap hunian berbasis TOD, sehingga pengembangan based housing, so that project development and market
proyek dan komunikasi pasar dapat dijalankan secara communications can be executed more effectively.
lebih tepat sasaran.
PANGSA PASAR
MARKET SHARE
Pangsa pasar yang dilayani Perseroan pada tahun 2025 The market share served by the Company in 2025
didominasi oleh Generasi Milenial dan Generasi X dengan is dominated by Millennials and Generation X, with
tujuan pembelian yang beragam, baik untuk kebutuhan diverse purchasing objectives, ranging from residential
huni maupun investasi. Karakter pasar tersebut needs to investment. This market profile indicates
menunjukkan bahwa produk Perseroan berada pada that the Company’s products occupy the intersection
irisan antara kebutuhan hunian perkotaan yang praktis between practical urban housing needs and investment
dan kebutuhan investasi pada kawasan yang memiliki opportunities in areas with superior connectivity.
keunggulan konektivitas. Oleh karena itu, Perseroan Therefore, the Company does not limit its market
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tidak membatasi pendekatan pasarnya hanya pada satu approach to a single consumer type but instead develops
tipe konsumen, melainkan mengembangkan profil pasar a broader and more relevant market profile aligned with
yang lebih luas dan lebih relevan dengan karakter proyek the characteristics of the projects being marketed.
yang dipasarkan.
Dalam konteks tersebut, Perseroan melihat bahwa pasar In this context, the Company identifies that the market
yang dilayani mencakup investor properti, keluarga urban, it serves includes property investors, urban families,
profesional dan pekerja kantoran di kota-kota besar, serta professionals, and office workers in major cities, as
kelompok masyarakat yang sangat bergantung pada well as segments of the population heavily reliant
transportasi umum dalam aktivitas hariannya. Selain itu, on public transportation for their daily activities.
Perseroan juga menangkap potensi dari generasi yang Additionally, the Company is tapping into the potential
lebih muda, termasuk calon pembeli hunian pertama yang of younger generations, including first-time homebuyers
mencari aksesibilitas tinggi dan kemudahan mobilitas. seeking high accessibility and ease of mobility. This
Komposisi ini menunjukkan bahwa pangsa pasar composition indicates that the Company’s market share
Perseroan pada dasarnya bertumpu pada konsumen is fundamentally centered on consumers who prioritize
yang menempatkan lokasi, konektivitas, efisiensi waktu location, connectivity, travel time efficiency, and area
tempuh, dan nilai kawasan sebagai pertimbangan utama value as key considerations in their purchasing decisions.
dalam keputusan pembelian.
Dengan pangsa pasar tersebut, arah pemasaran Given this market share, the Company’s marketing
Perseroan pada tahun 2025 tidak cukup hanya strategy for 2025 cannot rely solely on conventional
mengandalkan promosi produk secara konvensional. product promotions. The Company must continue to
Perseroan perlu terus menyesuaikan pesan pemasaran, adapt its marketing messages, brand building, financing
penguatan merek, skema pembiayaan, serta pengalaman schemes, and community experiences to remain relevant
kawasan agar tetap relevan bagi konsumen yang mencari to consumers seeking integrated housing as well as to
hunian terintegrasi maupun bagi investor yang mencari investors seeking potential value-added opportunities.
potensi nilai tambah. Oleh karena itu, keberhasilan Therefore, the Company’s marketing success depends
pemasaran Perseroan ditentukan oleh kemampuan untuk on its ability to translate the advantages of TOD into
menerjemahkan keunggulan TOD ke dalam manfaat tangible benefits, whether in the form of accessibility,
yang nyata, baik dalam bentuk aksesibilitas, kualitas neighborhood quality, ownership flexibility, or the
kawasan, fleksibilitas kepemilikan, maupun prospek prospects for future asset value appreciation.
pengembangan nilai aset di masa mendatang.
Secara keseluruhan, strategi pemasaran Perseroan pada Overall, the Company’s marketing strategy for 2025 will
tahun 2025 dijalankan dengan pendekatan yang lebih be implemented through a more integrated approach.
terintegrasi. Perseroan tidak hanya memasarkan produk, The Company will not only market its products but also
tetapi memasarkan konektivitas, ekosistem kawasan, promote connectivity, the regional ecosystem, and ease
dan kemudahan akses kepemilikan. Dalam konteks of access to home ownership. In this context, the success
tersebut, keberhasilan pemasaran Perseroan ditentukan of the Company’s marketing efforts will depend on its
oleh kemampuan mengubah keunggulan TOD menjadi ability to translate the advantages of TOD into tangible
manfaat yang benar-benar dirasakan pasar, baik oleh benefits for the market, both for investors and end-users.
investor maupun oleh pengguna akhir.
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Kebijakan dan Pembagian Dividen
Dividend Policy and Distribution
Kebijakan Pembagian Dividen Dividend Policy
Berdasarkan Anggaran Dasar yang mengacu pada According to the Company’s Articles of Association,
Undang-Undang No. 40 Tahun 2007 tentang Perseroan which refer to Law No. 40 of 2007 on Limited Liability
Terbatas, Perseroan dapat melakukan pembagian Companies, the Company may distribute dividends
dividen berdasarkan Keputusan RUPS Tahunan dengan based on the Annual General Meeting of Shareholders
mempertimbangkan perolehan laba dan rencana bisnis (AGMS) resolution, taking into account profitability and
ke depan. Aturan ini mengikat dan telah disetujui oleh future business plans. This regulation has been approved
pemangku kepentingan dengan melibatkan pejabat by stakeholders and involves appointed legal officers.
hukum yang telah ditunjuk.
Kronologi Pembagian Dividen Dividend Distribution History
Berdasarkan Keputusan RUPS Tahunan yang At the AGMS held on June 5, 2025, shareholders
diselenggarakan pada tanggal 5 Juni 2025, pemegang approved that 20.0% of the 2024 net profit would be
saham menyetujui bahwa penggunaan laba bersih allocated for mandatory reserves, while 80.0% remains
tahun buku 2024 sebesar 20,0% akan digunakan untuk undistributed. As a result, the Company did not distribute
cadangan wajib dan 80,0% untuk laba yang belum dividends for the 2024 fiscal year, meaning no dividend-
ditentukan penggunaannya. Dengan demikian, Perseroan related information is presented in this Annual Report.
tidak melakukan pembagian dividen kepada pemegang
saham untuk tahun buku 2024 sehingga tidak terdapat
informasi mengenai hal tersebut yang dapat disajikan
dalam Laporan Tahunan ini.
2025 2024
Uraian (Untuk Tahun buku 2024) (Untuk Tahun buku 2023)
Description 2025 2024
(for 2024 financial year) (for 2023 financial year)
Jumlah Dividen yang Dibagikan
- -
Total dividend distributed
Dividen Kas per Saham
- -
Cash Dividend per Share
Rasio Pembagian Dividen
- -
Dividend Distribution Ratio
Tanggal Pengumuman
- -
Announcement Date
Tanggal Pembayaran
- -
Payment Date
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Penggunaan Dana Hasil Penawaran Umum
Use of Proceeds from Public Offering
Terdapat Laporan Realisasi Penggunaan Dana yang Two reports on the utilization of funds were submitted in
disampaikan dua kali selama tahun 2025, yaitu pada 13 2025, specifically on January 13, 2025, and August 5,
Januari 2025 dan 5 Agustus 2025 kepada Bursa Efek 2025, to the Indonesia Stock Exchange and the Financial
Indonesia dan Otoritas Jasa Keuangan, serta Laporan Services Authority, as well as a report to the Annual
kepada Rapat Umum Pemegang Saham (RUPS) pada General Meeting of Shareholders (AGMS) on June 5,
tanggal 5 Juni 2025. 2025.
Kontribusi Terhadap Negara
Contribution to The Government
Sebagai bentuk kontribusi kepada negara serta wujud As a form of contribution to the state and in compliance
kepatuhan terhadap peraturan yang berlaku, Perseroan with applicable regulations, the Company has fulfilled its
telah melakukan pemenuhan kewajiban dalam membayar tax payment obligations. In 2025, the Company paid tax
pajak. Di tahun 2025, Perseroan telah membayarkan obligations amounting to Rp29.8 billion, an increase from
kewajiban pajaknya sebesar Rp29,8 miliar, mengalami Rp13.9 billion in 2024.
peningkatan dibandingkan tahun 2024 yang sebesar
Rp13,9 miliar.
Kontribusi pajak Perseroan dalam 2 (dua) tahun terakhir The Company’s tax contribution over the past 2 (two)
dapat dilihat sebagai berikut: years is presented below:
Kontribusi Pajak Perseroan
The Company’s tax contribution (Disajikan dalam jutaan Rupiah | Expressed in millions of Rupiah)
Kenaikan (Penurunan)
Uraian Increase (Decrease)
2025 2024*
Description Selisih Presentase (%)
Differece Percentage (%)
Pajak Pertambahan Nilai
13.226 1.158 12.068 1.041,8
Value Added Tax
Pajak Penghasilan
3.120 316 2.804 887,3
Income Tax
Pajak Daerah dan Retribusi Daerah
13.469 12.427 1.043 8,4
Regional Tax
Jumlah
29.815 13.901 15.914 114,5
Total
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Program Kepemilikan Saham oleh Karyawan dan/atau
Manajemen (MESOP)
Employee and/or Management Stock Ownership Program (MESOP)
Per 31 Desember 2025, Perseroan masih belum As of December 31, 2024, the Company has not yet
menyelenggarakan Program Kepemilikan Saham implemented the Management and/or Employee Stock
Manajemen dan/atau Karyawan (MESOP). Peserta Ownership Program (MESOP). MESOP participants
MESOP mencakup Dewan Komisaris (tidak termasuk include the Board of Commissioners (excluding
Komisaris Independen), Direksi, dan karyawan. Independent Commissioners), the Board of Directors,
and employees.
Perseroan berencana untuk melakukan MESOP The Company plans to implement MESOP with a
sebanyak-banyaknya 444.444.400 (empat ratus empat maximum of 444,444,400 (four hundred forty-four million
puluh empat juta empat ratus empat puluh empat four hundred forty-four thousand four hundred) shares, or
ribu empat ratus) saham atau sebanyak-banyaknya a maximum of 2.0% (two point zero percent) of the total
sebesar 2,0% (dua koma nol persen) dari jumlah modal issued and fully paid capital after the Initial Public Offering.
ditempatkan dan disetor penuh setelah Penawaran Umum The exercise price will be determined later, referring to
Perdana Saham pada harga pelaksanaan yang akan the provisions stipulated in Regulation I-A on the Listing of
ditentukan kemudian dengan mengacu kepada ketentuan Shares and Equity Securities Other than Shares issued by
yang termaktub dalam Peraturan I-A tentang Pencatatan the Listed Company, as stated in Annex II of the Decision
Saham dan Efek Bersifat Ekuitas selain Saham yang of the Board of Directors of PT Bursa Efek Indonesia No.
diterbitkan oleh Perseroan tercatat dalam Lampiran II Kep-00101/BEI/12-2021 dated December 21, 2021. The
Keputusan Direksi PT Bursa Efek Indonesia No. Kep- funding for the MESOP implementation will come from
00101/BEI/12-2021 tanggal 21 Desember 2021. Sumber the participants of the MESOP program.
dana yang akan digunakan dalam pelaksanaan MESOP
berasal dari peserta program MESOP Perseroan.
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Informasi Material Mengenai Investasi, Ekspansi,
Divestasi, Penggabungan/ Peleburan Usaha, Akuisisi,
dan Restrukturisasi Utang/Modal
Material Information Regarding Investment, Expansion, Divestment, Mergers/
Consolidations, Acquisitions, and Debt/Capital Restructuring
Keterangan Penjelasan
Description Explanation
Akuisisi Tidak ada aksi korporasi akuisisi di tahun 2025
Acquisition There was no acquisition corporate action in 2025
Investasi Tidak ada aksi korporasi investasi di tahun 2025
Investment There was no investment corporate action in 2025
Ekspansi Tidak ada aksi korporasi ekspansi di tahun 2025
Expansion There was no expansion corporate action in 2025
Divestasi Tidak ada aksi korporasi divestasi di tahun 2025
Divestment There was no divestment corporate action in 2025
Restrukturisasi Utang dan Modal Berdasarkan hasil Rapat Umum Pemegang Obligasi Berkelanjutan II Adhi Commuter Properti Tahun
Capital and Debt Restructuring 2022 seri B, para pemegang obligasi menyetujui untuk melakukan perubahan tanggal jatuh tempo
yang semua pada 24 Mei 2025 menjadi 24 Mei 2027.
Based on the resolution of the General Meeting of Holders of Adhi Commuter Properti Sustainable
Bonds II Year 2022 Series B, the bondholders approved a change to the maturity date from 24 May
2025 to 24 May 2027.
Benturan Kepentingan dan/atau Transaksi Tidak terdapat transaksi material yang mengandung benturan kepentingan dengan pihak berelasi
dengan Pihak Berelasi pada tahun 2025
Conflict of Interest and/or Related Party There were no material transactions containing conflict of interest with related parties in 2025
Transactions
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Informasi Keuangan yang Mengandung Kejadian yang
Bersifat Luar Biasa dan Jarang Terjadi
Financial Information Containing Extraordinary and Rare Events
Per 31 Desember 2025, tidak ada kejadian yang bersifat As of December 31, 2025, there were no extraordinary
luar biasa dan jarang terjadi yang berpengaruh terhadap or rare events affecting the Company’s financial
kinerja keuangan Perseroan. Dengan demikian, tidak performance. Therefore, there is no relevant information
terdapat informasi terkait hal tersebut yang dapat to be disclosed in this Annual Report.
disajikan dalam Laporan Tahunan ini.
Informasi Transaksi Material yang Mengandung
Benturan Kepentingan dan/atau Transaksi Dengan
Pihak Afiliasi
Material Transactions Involving Conflicts of Interest and/or Transactions with
Related Parties
Kebijakan Mekanisme Review atas Transaksi dan Policy and Review Mechanism for Transactions and
Pemenuhan Peraturan serta Ketentuan Terkait Compliance with Regulations
Perseroan memiliki kebijakan terkait transaksi material The Company has policies regarding material transactions
yang mengandung benturan kepentingan dan/atau involving conflicts of interest and/or transactions with
transaksi dengan pihak afiliasi/berelasi. Transaksi related/affiliated parties. All material transactions
material yang dilakukan Perseroan senantiasa conducted by the Company adhere to the principle of
memperhatikan prinsip kehati-hatian sesuai dengan prudence, following general business practices and
praktik bisnis yang berlaku umum dan telah memenuhi complying with Financial Services Authority (OJK)
Peraturan OJK No. 42/POJK.04/2020 tentang Transaksi Regulation No. 42/POJK.04/2020 concerning Affiliated
Afiliasi dan Transaksi Benturan Kepentingan, serta PSAK Transactions and Conflict of Interest Transactions, as well
No. 7 tentang Pengungkapan Pihak-Pihak Berelasi. as PSAK No. 7 on Related Party Disclosures.
Dewan Komisaris dan Komite Audit melakukan The Board of Commissioners and Audit Committee
pengawasan yang memadai dan menyeluruh terhadap conduct comprehensive oversight of all affiliated
setiap transaksi afiliasi. Secara bersama-sama, Dewan transactions. Together, they ensure that any affiliated
Komisaris dan Komite Audit memastikan bahwa setiap transaction follows general business practices, meets the
transaksi afiliasi yang dilakukan sesuai dengan praktik fair transaction principle, and complies with applicable
bisnis yang berlaku secara umum. Hal tersebut termasuk regulations.
ke dalam pemenuhan prinsip transaksi yang wajar serta
sesuai dengan ketentuan yang berlaku.
Sepanjang tahun 2025, Perseroan tidak memiliki Throughout 2025, the Company did not violate any laws
pelanggaran atas peraturan perundang-undangan or regulations regarding material transactions involving
terkait transaksi material yang mengandung benturan conflicts of interest and/or transactions with related/
kepentingan dan/atau transaksi dengan pihak afiliasi/ affiliated parties.
pihak berelasi.
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Komitmen Manajemen atas Transaksi Material yang Management Commitment to Material Transactions
Mengandung Benturan Kepentingan dan/ atau Involving Conflicts of Interest and/ or Transactions
Transaksi dengan Pihak Afiliasi/Pihak Berelasi with Related/Affiliated Parties
Dalam melakukan transaksi material yang mengandung In conducting material transactions involving conflicts of
benturan kepentingan dan/atau transaksi dengan pihak interest and/or transactions with related/affiliated parties,
afiliasi/pihak berelasi, Direksi memastikan bahwa seluruh the Board of Directors ensures that all such transactions
kegiatan transaksi tersebut telah melalui prosedur yang undergo appropriate procedures and adhere to the
memadai dan sesuai dengan prinsip transaksi yang fair transaction principle (arm’s length principle). The
wajar (arm’s length principle). Perseroan melalui Dewan Company, through the Board of Commissioners and
Komisaris dan Komite Audit juga telah melakukan Audit Committee, has conducted reviews to ensure that
review untuk memastikan bahwa transaksi material yang material transactions involving conflicts of interest and/
mengandung benturan kepentingan dan/atau transaksi or transactions with related/affiliated parties comply with
dengan pihak afiliasi/pihak berelasi, dilaksanakan general business practices, meet the fair transaction
sesuai dengan praktik bisnis yang berlaku umum dan principle (arm’s length principle), and adhere to applicable
telah memenuhi prinsip transaksi yang wajar (arm’s regulations.
length principle), dan dilaksanakan dengan memenuhi
ketentuan yang berlaku.
Seluruh transaksi afiliasi dan/atau transaksi material All affiliated transactions and/or material transactions
yang dilakukan Perseroan merupakan kegiatan usaha conducted by the Company are part of its business
yang dijalankan dalam rangka menghasilkan pendapatan activities aimed at generating revenue and are carried out
usaha dan dijalankan secara rutin, berulang, dan/atau routinely, repeatedly, and continuously.
berkesinambungan.
Kebijakan tentang Pihak Berelasi Related Party Policy
Pihak berelasi adalah orang atau entitas yang terkait A related party refers to an individual or entity that has a
dengan entitas pelapor: relationship with the reporting entity:
1. Orang atau anggota keluarga dekatnya mempunyai 1. A person or close family member is related to the
relasi dengan entitas pelapor jika orang tersebut: reporting entity if that person:
a. Memiliki pengendalian atau pengendalian a. Has control or joint control over the reporting
bersama atas entitas pelapor; entity;
b. Memiliki pengaruh signifikan atas entitas b. Has significant influence over the reporting
pelapor; atau entity; or
c. Merupakan personil manajemen kunci entitas c. Is a key management personnel of the reporting
pelapor atau entitas induk dari entitas pelapor. entity or its parent entity.
2. Suatu entitas berelasi dengan entitas pelapor jika 2. An entity is related to the reporting entity if it meets
memenuhi salah satu hal berikut: any of the following conditions:
a. Entitas dan entitas pelapor adalah anggota dari a. The entity and the reporting entity are part of the
kelompok usaha yang sama (artinya entitas same business group (i.e., a parent company,
induk, entitas anak, dan entitas anak berikutnya subsidiary, and next-level subsidiaries are all
saling berelasi dengan entitas lain); related to each other).
b. Satu entitas adalah entitas asosiasi atau ventura b. One entity is an associate or joint venture of
bersama dari entitas lain (atau entitas asosiasi another entity (or an associate or joint venture of
atau ventura bersama yang merupakan anggota a group in which the other entity is a member).
suatu kelompok usaha, yang mana entitas lain
tersebut adalah anggotanya);
c. Kedua entitas tersebut adalah ventura bersama c. Both entities are joint ventures of the same third
dari pihak ketiga yang sama; party.
d. Satu entitas adalah ventura bersama dari entitas d. One entity is a joint venture of a third party, and
ketiga dan entitas yang lain adalah entitas the other entity is an associate of that third party.
asosiasi dari entitas ketiga;
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
e. Entitas tersebut adalah suatu program imbalan e. The entity is a post-employment benefit plan
pascakerja untuk imbalan kerja dari salah satu for employees of either the reporting entity or
entitas pelapor atau entitas yang terkait dengan an entity related to the reporting entity. If the
entitas pelapor. Jika entitas pelapor adalah reporting entity is the one administering the plan,
entitas yang menyelenggarakan program then the sponsoring entity is also related to the
tersebut, maka entitas sponsor juga berelasi reporting entity.
dengan entitas pelapor;
f. Entitas yang dikendalikan atau dikendalikan f. The entity is controlled or jointly controlled by a
bersama oleh orang yang diidentifikasi dalam person identified in point (1).
angka (1);
g. Orang yang diidentifikasi dalam angka (1) (a) g. A person identified in point (1)(a) has significant
memiliki pengaruh signifikan atas entitas atau influence over the entity or is a key management
merupakan personil manajemen kunci entitas personnel of the entity (or its parent entity).
(atau entitas induk dari entitas); atau
h. Entitas, atau anggota dari kelompok yang h. The entity, or a member of the group to which
mana entitas merupakan bagian dari kelompok it belongs, provides key management personnel
tersebut, menyediakan jasa personil manajemen services to the reporting entity or its parent entity.
kunci kepada entitas pelapor atau kepada entitas
induk dari entitas pelapor.
Entitas yang berelasi dengan Pemerintah dapat berupa An entity related to the Government may include entities
entitas yang dikendalikan atau dipengaruhi secara controlled or significantly influenced by the Ministry of
signifikan oleh Kementerian Keuangan atau Pemerintah Finance or Local Government as the entity’s shareholder
Daerah yang merupakan Pemegang Saham entitas, or an entity controlled by the Government of Indonesia
atau entitas yang dikendalikan oleh Pemerintah Republik through the Ministry of State-Owned Enterprises (BUMN)
Indonesia melalui Kementerian BUMN sebagai kuasa as the shareholder’s representative.
pemegang saham.
Nama, Sifat Hubungan, dan Sifat Transaksi Pihak Names, Nature of Relationships, and Nature of
Bertransaksi Transactions with Related Parties
Informasi mengenai nama pihak berelasi, sifat hubungan Information regarding the names of related parties, the
dan transaksi, serta alasan dilakukannya transaksi dapat nature of their relationships and transactions, and the
dilihat sebagai berikut: reasons for conducting such transactions can be found
below:
Pihak yang Berelasi Sifat Hubungan Sifat Transaksi
Related Parties Nature of Relation Nature of Transaction
PT Adhi Persada Properti Entitas Sepengendali Pemasok/Supplier
Entity Under Common Control
PT Adhi Persada Gedung Entitas Sepengendali Kontraktor pembangunan apartemen
Entity Under Common Control Apartment construction contractor
PT Adhi Persada Beton Entitas Sepengendali Penagihan atas Sewa Lahan
Entity Under Common Control Billing for Land Rent
PT Jasa Marga (Persero) Tbk Dikendalikan oleh Pemerintah Pusat RI Piutang Usaha
Controlled by the Central Government of the Account Receivables
Republic of Indonesia
PT Kereta Api Indonesia (Persero) Dikendalikan oleh Pemerintah Pusat RI Bagi hasil atas pemanfaatan lahan Cisauk
Controlled by the Central Government of the merupakan sharing profit terhadap pembagian laba
Republic of Indonesia (rugi) hasil penjualan dari apartemen proyek Cisauk
Profit sharing on Cisauk land is profit sharing on the
distribution of profit (loss) from the sale of the Cisauk
project apartment
PT Agrinas Jaladri Nusantara (Persero) Dikendalikan oleh Pemerintah Pusat RI Utang Usaha
Controlled by the Central Government of the Account Payables
Republic of Indonesia
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Pihak yang Berelasi Sifat Hubungan Sifat Transaksi
Related Parties Nature of Relation Nature of Transaction
PT Bank Negara lndonesia (Persero) Tbk Dikendalikan oleh Pemerintah Pusat RI Penempatan giro dan penempatan kas yang dibatasi
Controlled by the Central Government of the penggunaannya
Republic of Indonesia Placement of current accounts and placement of
restricted cash
PT Bank Rakyat lndonesia (Persero) Tbk Dikendalikan oleh Pemerintah Pusat RI Penempatan giro dan penempatan kas yang dibatasi
Controlled by the Central Government of the penggunaannya
Republic of Indonesia Placement of current accounts and placement of
restricted cash
PT Bank Tabungan Negara (Persero) Tbk Dikendalikan oleh Pemerintah Pusat RI Penempatan giro dan penempatan kas yang dibatasi
Controlled by the Central Government of the penggunaannya dan Utang Bank
Republic of Indonesia Placement of current accounts and placement of
restricted cash and bank loan
PT Bank Syariah Indonesia Tbk Dikendalikan oleh Pemerintah Pusat RI Penempatan giro dan penempatan kas yang dibatasi
Controlled by the Central Government of the penggunaannya
Republic of Indonesia Placement of current accounts and placement of
restricted cash
PT Bank Mandiri (Persero) Tbk Dikendalikan oleh Pemerintah Pusat RI Penagihan atas Penggunaan Jasa Hotel,
Controlled by the Central Government of the Penempatan giro dan penempatan kas yang dibatasi
Republic of Indonesia penggunaannya
Billing for Hotel Services , Placement of current
accounts and placement of restricted cash
PT PLN (Persero) Dikendalikan oleh Pemerintah Pusat RI Penagihan atas Penggunaan Jasa Hotel
Controlled by the Central Government of the Billing for Hotel Services
PT PLN Enjiniring Dikendalikan oleh Pemerintah Pusat RI Penagihan atas Penggunaan Jasa Hotel
Controlled by the Central Government of the Billing for Hotel Services
Republic of Indonesia
Perum Damri Dikendalikan oleh Pemerintah Pusat RI Bagi hasil atas pemanfaatan lahan Oase Park
Controlled by the Central Government of the merupakan sharing profit terhadap pembagian laba
Republic of Indonesia (rugi) hasil penjualan dari apartemen proyek Oase
Park
Profit sharing on Oase Park land is profit sharing on
the distribution of profit (loss)
PT Bank Pembangunan Daerah Jawa Dikendalikan oleh Pemerintah Pusat RI Penempatan penempatan dana yang dibatasi
Barat dan Banten Tbk Controlled by the Central Government of the penggunaannya dan Utang Bank
Republic of Indonesia Placement of restricted cash and bank loan
Realisasi Transaksi dengan Pihak Berelasi Realization of Transactions with Related Parties
Adapun kegiatan transaksi berelasi yang dilakukan The related party transactions carried out by the Company
Perseroan pada tahun 2024 dan 2025 adalah sebagai in 2024 and 2025 are as follows:
berikut:
Kenaikan (Penurunan)
2025 2024
Increase (Decrease)
Jenis Transaksi
Transaction Type % terhadap % terhadap
Rp juta Rp juta Selisih Persentase (%)
total Asset total Asset
Rp milion Rp milion Difference Percentage (%)
% to total Asset % to total Asset
Aset
Asset
Kas dan Setara Kas
13.423 0,3 20.706 4,0 (7.283) (35,2)
Cash and Cash Equivalents
Piutang Usaha
1.063 0,0 732 0,0 331 45,3
Accounts Receivable
Uang Muka
5.137 0,1 5.137 0,2 0 0,0
Advances
Piutang Lain-lain
2.673 0,1 3.684 0,1 (1.011) (27,4)
Other Receivables
Aset Lain-lain
141.644 2,8 149.571 2,7 (7.927) (5,3)
Other Receivables
Jumlah Aset
163.940 3,3 179.830 7,0 (15.890) (8,8)
Total Assets
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Analisis dan Pembahasan Manajemen
Management Discussion and Analysis
Kenaikan (Penurunan)
2025 2024
Increase (Decrease)
Jenis Transaksi
Transaction Type % terhadap % terhadap
Rp juta Rp juta Selisih Persentase (%)
total Asset total Asset
Rp milion Rp milion Difference Percentage (%)
% to total Asset % to total Asset
Liabilitas
Liabilities
Utang Usaha
579.529 12,5 579.704 14,2 (175) (0,0)
Accounts Payable
Liabilitas Jangka Pendek Lainnya
21.767 0,5 20.135 0,5 1.631 8,1
Other Short Term Liabilities
Utang Bank
118.422 2,6 249.062 5,7 (130.640) (52,5)
Bank Loans
Utang Lain-lain
622.169 13,4 437.678 9,7 184.491 42,2
Other Payable
Jumlah Liabilitas
1.341.887 29,0 1.286.579 30,1 55.308 4,3
Total Liabilities
Perubahan Peraturan Perundang-Undangan yang
Berdampak pada Perseroan
Regulatory Changes Impacting The Company
Pada tahun 2025, tidak terdapat perubahan peraturan In 2025, there were no changes in laws and regulations
perundang-undangan yang berpengaruh signifikan pada that had a significant impact on the Company.
Perseroan.
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Perubahan Kebijakan Akuntansi yang Ditetapkan
Perseroan
Changes in Accounting Policies Implemented by The Company
Standar baru dan amendemen atas standar yang berlaku New Standard and amendment to standards which
efektif untuk periode yang dimulai pada atau setelah 1 effective for periods beginning on or after January 1,
Januari 2025, dengan penerapan dini diperkenankan 2025, with early adoption is permitted, are as follows:
yaitu:
• PSAK 117: Kontrak Asuransi; • PSAK 117: Insurance Contract;
• Amendemen PSAK 117: Kontrak Asuransi tentang • Amendments PSAK 117: Insurance Contract
Penerapan Awal PSAK 117 dan PSAK 109 - Informasi regarding Initial Application of PSAK 117 and PSAK
Komparatif; dan 109 – Comparative Information; and
• Amendemen PSAK 221: Pengaruh Perubahan Kurs • Amendments PSAK 221: Foreign Exchange Rate
Valuta Asing tentang Kekurangan Ketertukaran. regarding Lack of Exchangeability.
Beberapa PSAK juga diamendemen yang merupakan Several PSAKs were also amended which were
amendemen konsekuensial karena berlakunya PSAK consequential amendments due to the enactment of
117: Kontrak Asuransi, yaitu: PSAK 117: Insurance Contracts, as follows:
• PSAK 103: Kombinasi Bisnis; • PSAK 103: Business Combinations;
• PSAK 105: Aset Tidak Lancar yang Dikuasai untuk • PSAK 105: Non-Current Assets Held for Sale and
Dijual dan Operasi yang Dihentikan; Discontinued Operations;
• PSAK 107: Instrumen Keuangan: Pengungkapan; • PSAK 107: Financial Instruments: Disclosures;
• PSAK 109: Instrumen Keuangan; • PSAK 109: Financial Instruments;
• PSAK 115: Pendapatan dari Kontrak dengan • PSAK 115: Income from Contracts with Customers;
Pelanggan;
• PSAK 201: Penyajian Laporan Keuangan; • PSAK 201; Presentation of Financial Statements;
• PSAK 207: Laporan Arus Kas; • PSAK 207: Statement of Cash Flows;
• PSAK 216: Aset Tetap; • PSAK 216: Fixed Assets;
• PSAK 219: Imbalan Kerja; • PSAK 219: Employee Benefits;
• PSAK 228: Investasi pada Entitas Asosiasi dan • PSAK 228: Investment in Associated Entities and
Ventura Bersama; Joint Ventures;
• PSAK 232: Instrumen Keuangan Penyajian; • PSAK 232: Financial Instruments: Presentation;
• PSAK 236: Penurunan Nilai Aset; • PSAK 236 Impairment of Asset;
• PSAK 237: Provisi, Liabilitas Kontinjensi dan Aset • PSAK 237: Provisions, Contingent Liabilities and
Kontinjensi; Contingent Assets;
• PSAK 238: Aset Tak Berwujud; dan • PSAK 238: Intangible Assets; and
• PSAK 240: Properti Investasi. • PSAK 240: Investment Property.
Implementasi standar-standar tersebut tidak memiliki The implementation of the above standards had no
dampak yang material terhadap jumlah yang dilaporkan material effect on the amounts reported for the current
di periode berjalan atau tahun sebelumnya. period or prior financial year.
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Tata Kelola
Perusahaan
Corporate Governance
5
Page 147
Page 148
Tata Kelola Perusahaan
Good Corporate Governance
Penerapan Tata Kelola Perusahaan
Implementation of Corporate Governance
Komitmen Penerapan Tata Kelola Perusahaan Commitment on Corporate Governance Implementation
ADCP berkomitmen secara penuh untuk menerapkan ADCP is fully committed to implementing good corporate
tata kelola perusahaan yang baik (Good Corporate governance (GCG) as a foundation for enhancing the
Governance/GCG) sebagai landasan dalam value of the Company and the accountability of all its
meningkatkan nilai Perseroan dan akuntabilitas seluruh individuals. This commitment is not only seen as an
Insan Perseroan. Komitmen ini tidak hanya dilihat sebagai obligation but also as a fundamental aspect to foster
kewajiban, tetapi juga sebagai aspek fundamental yang healthy competition and a conducive business climate.
dapat menciptakan persaingan sehat dan iklim usaha
yang kondusif.
Dengan menerapkan prinsip-prinsip GCG, Perseroan By applying GCG principles, the Company strives to
berupaya mempertahankan kepercayaan para maintain the trust of its stakeholders. This aligns with the
pemangku kepentingan. Hal ini sejalan dengan komitmen Company’s commitment to ensuring shareholders’ rights
Perseroan dalam memastikan hak pemegang saham to obtain information accurately and in a timely manner, as
untuk memperoleh informasi dengan benar dan tepat well as the obligation to disclose performance information
waktu, serta kewajiban untuk melakukan pengungkapan accurately and transparently. The implementation of
informasi kinerja secara akurat dan transparan. GCG aims to promote credibility and accountability,
Penerapan GCG bertujuan untuk mewujudkan kredibilitas which ultimately support the Company’s position amidst
dan akuntabilitas, yang pada akhirnya ikut memperkuat a competitive industry.
posisi Perseroan dalam industri yang kompetitif.
Prinsip Penerapan Tata Kelola Perusahaan Principles of Corporate Governance Implementation
Penerapan GCG di lingkup Perseroan mengacu pada The implementation of GCG within the company adheres
5 (lima) prinsip dasar yang diatur dalam Pedoman to the 5 (five) fundamental principles outlined in the
Umum Good Corporate Governance yang dikeluarkan General Guidelines of Good Corporate Governance
oleh Komite Nasional Kebijakan Governansi (KNKG), issued by the National Committee on Governance
yaitu transparansi, akuntabilitas, pertanggungjawaban, Policy (KNKG), namely transparency, accountability,
kemandirian, dan kewajaran. responsibility, independence, and fairness.
Prinsip GCG Penjelasan Contoh Penerapan di Perusahaan
GCG Principles Explanation Example of Implementation in the Company
1. Membuat Laporan Tahunan yang dilaporkan kepada
Keterbukaan dalam melaksanakan proses pengambilan keputusan publik melalui regulasi;
dan keterbukaan dalam mengungkapkan informasi material dan Prepare an Annual Report that is reported to the
Transparansi
relevan mengenai Perseroan. public through regulations;
Transparency
Openness in the decision-making process and disclosure of 2. Membuat keterbukaan informasi atas hal-hal yang
important and relevant information about the Company berkaitan dengan Perseroan melalui IDX net.
Prepare information disclosure on matters relating
to the Company through IDX net.
1. Membuat job description yang jelas pada setiap
bidang;
Establish clear job descriptions in each field;
Kejelasan fungsi, pelaksanaan, dan pertanggungjawaban organ
2. Melakukan assessment terhadap karyawan yang
Perseroan sehingga pengelolaan Perseroan terlaksana secara
Akuntabilitas akan menjalani talent mobility;
efektif.
Accountability Conduct assessments for employees who will
Clarity of functions, implementation, and accountability of the
undergo talent mobility;
Company’s bodies to ensure effective management of the Company
3. Melakukan sertifikasi terhadap SDM sesuai dengan
kebutuhan kompetensi di bidangnya.
Conduct certification for personnels in accordance
with the competency required in their fields
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Prinsip GCG Penjelasan Contoh Penerapan di Perusahaan
GCG Principles Explanation Example of Implementation in the Company
Kesesuaian di dalam pengelolaan Perseroan terhadap peraturan 1. Membuat Laporan Keuangan;
Pertanggungjawaban perundang-undangan dan prinsip-prinsip korporasi yang sehat. Prepare Financial Statements;
Responsibility Compliance in the management of the Company with prevailing laws 2. Membuat Laporan Tahunan.
and regulations as well as sound corporate principles. Prepare Annual Report.
Keadaan di mana Perseroan dikelola secara profesional tanpa
benturan kepentingan dan pengaruh/tekanan dari pihak manapun
yang tidak sesuai dengan peraturan perundang undangan dan Membuat memo task force untuk satu event ataupun
Kemandirian
prinsip-prinsip korporasi yang sehat. aksi korporasi di luar job description utama.
Independence
A condition in which the Company is managed professionally without Prepare task force memo for an event or corporate
conflict of interest and influence/pressures from any parties that do action beyond the main job descriptions.
not comply with the laws and regulations as well as sound corporate
principles.
1. Memilih atau mengangkat anggota Dewan
Komisaris dan Direksi melalui RUPS;
Decide or appoint members of the Board of
Keadilan dan kesetaraan di dalam memenuhi hak-hak pemangku Commissioners and Board of Directors through
kepentingan (stakeholders) yang timbul berdasarkan perjanjian dan GMS;
Kewajaran
peraturan perundang-undangan. 2. Menunjuk dan menetapkan auditor eksternal
Fairness
Fairness and equality in fulfilling the rights of stakeholders arising dengan mempertimbangkan pendapat Dewan
from agreements as well as laws and regulations. Komisaris dan komite audit.
Appoint and determine the external auditor
by considering the opinion from the Board of
Commissioners and Audit Committee
Dasar Penerapan Tata Kelola Perusahaan Basis of Corporate Governance Implementation
Penerapan GCG Perseroan senantiasa mengacu pada GCG implementation in the Company refers to several
sejumlah ketentuan, antara lain: provisions, including:
1. Undang-Undang Nomor 40 Tahun 2007 tentang 1. Law No. 40 of 2007 concerning Limited Liability
Perseroan Terbatas (UUPT); Companies (UUPT);
2. Undang-Undang Nomor 8 Tahun 1995 tentang Pasar 2. Law No. 8 of 1995 concerning Capital Market
Modal (UUPM); (UUPM);
3. Peraturan-peraturan yang terkait dengan aktivitas 3. Regulations concerning the Company’s business
bisnis Perseroan, baik yang dikeluarkan pemerintah activities, issued by the central government, relevant
pusat, kementerian terkait, pemerintah provinsi dan ministries, provincial governments, and district/city
pemerintah kabupaten/kota di lokasi Perseroan governments where the Company operates;
beroperasi;
4. Peraturan-peraturan di bidang Pasar Modal baik 4. Regulations in the Capital Market sector issued by:
yang diterbitkan oleh Otoritas Jasa Keuangan (OJK) the Financial Services Authority (OJK) or previously
atau sebelumnya oleh BAPEPAM-LK, Bursa Efek by BAPEPAM-LK, the Indonesia Stock Exchange, or
Indonesia, atau regulator pasar modal lainnya; other capital market regulators;
5. Anggaran Dasar Perseroan; 5. The Company’s Articles of Association;
6. Pedoman Umum Governansi Korporat Indonesia 6. General Guidelines of Good Corporate Governance
(PUGKI) 2021 oleh Komite Nasional Kebijakan in Indonesia (PUGKI) of 2021, issued by the National
Governansi (KNKG); Committee on Governance Policy (KNKG);
7. Roadmap Tata Kelola Perusahaan Indonesia yang 7. Indonesian Good Corporate Governance Roadmap
dikeluarkan oleh OJK. issued by OJK.
Sosialisasi dan Internalisasi Tata Kelola Perusahaan Dissemination and Internalization of Corporate
Governance
Perseroan berkomitmen untuk melaksanakan upaya The Company is committed to delivering ongoing
sosialisasi yang berkelanjutan guna meningkatkan dissemination efforts to enhance employee understanding
pemahaman karyawan mengenai penerapan GCG. of the implementation of GCG. These comprehensive
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Inisiatif komprehensif ini mencerminkan dedikasi initiatives reflect the Company’s dedication to fostering
Perseroan dalam membangun budaya GCG yang kuat a strong culture of GCG throughout its operational
di seluruh kerangka operasionalnya, yang melibatkan framework, which involve operational activities with
berbagai kegiatan operasional dengan berbagai various stakeholders.
pemangku kepentingan.
Di tahun 2025, Perseroan telah melakukan sosialisasi In 2025, the Company performed dissemination of GCG
prinsip-prinsip GCG dan dokumen soft structure yang principles and the soft structure documents through online
dimiliki melalui sesi online kepada semua karyawan. sessions for all employees. Additionally, information is
Selain itu, informasi juga disebarkan melalui portal disseminated via the Company’s internal portal, email,
internal, email, dan Grup WhatsApp Perseroan, untuk and WhatsApp Group, ensuring that all employees remain
memastikan bahwa semua karyawan memperoleh informed. The Company also published relevant materials
informasi. Perseroan juga mempublikasikan materi terkait on its website, allowing all employees and stakeholders
di website Perseroan, sehingga para karyawan dan easy access to view and download essential information
pemangku kepentingan dapat dengan mudah mengakses related to GCG.
serta mengunduh informasi penting terkait GCG
Penilaian Penerapan Tata Kelola Perusahaan Assessment of Corporate Governance Implementation
Di tahun 2025, Perseroan telah melakukan penilaian In 2025, the Company conducted an assessment of the
atas penerapan GCG secara Self-Assessment yang Good Corporate Governance (GCG) implementation
dilakukan oleh tim internal Perseroan. Metode penilaian through Self-Assessment by the internal team of the
GCG Perseroan mengacu pada POJK No. 21/ Company. The method of assessing the Company’s GCG
POJK.04/2015 tentang Penerapan Pedoman Tata Kelola implementation refers to Financial Services Authority
Perusahaan Terbuka dan Surat Edaran OJK (SEOJK) (OJK) Regulation No. 21/POJK.04/2015 concerning
No. 32/ SEOJK.04/2015 tentang Pedoman Tata Kelola the Implementation of Guidelines for Public Company
Perusahaan Terbuka. Governance and OJK Circular Letter (SEOJK) No.
32/ SEOJK.04/2015 concerning Guidelines for Public
Company Governance.
Penilaian self-assessment penerapan GCG dengan The self-assessment of GCG implementation referred to
mengacu pada Surat Edaran OJK (SEOJK) No. 32/ the Financial Services Authority Circular Letter (SEOJK)
SEOJK.04/2015 dengan evaluasi mencakup 5 (lima) No. 32/SEOJK.04/2015, with the evaluation covering
aspek, yaitu 8 (delapan) prinsip tata kelola perusahaan five (5) aspects, namely eight (8) principles of good
yang baik, serta 25 (dua puluh lima) rekomendasi governance, as well as twenty-five (25) recommendations
penerapan aspek dan prinsip Tata Kelola Perusahaan for the implementation of the aspects and principles of
yang baik dengan skor 92,0%. Selain itu, Perseroan juga Good Corporate Governance, resulting in a score of
melakukan self assessment dengan panduan PUGKI 92.0%. In addition, the Company also conducted a self-
(Pedoman Umum Governansi Korporasi Indonesia) assessment using the General Guidelines for Indonesian
dari Komite Nasional Kebijakan Governance (KNKG), Corporate Governance (PUGKI) issued by the National
berdasarkan pendekatan “apply or explain”. Berdasarkan Committee on Governance Policy (KNKG), based on the
hasil self-assessment tersebut, Perseroan memperoleh “apply or explain” approach. Based on the results of this
hasil 73 apply dan 8 explain. self-assessment, the Company achieved 73 apply and 8
explanations.
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Struktur GCG Perseroan
GCG Structure of The Company
Perseroan telah memiliki struktur tata kelola sesuai The Company has established a governance structure in
dengan Undang-Undang No. 40 Tahun 2007 tentang accordance with Law No. 40 of 2007 concerning Limited
Perseroan Terbatas untuk menerapkan prinsip check and Liability Companies to apply the principle of checks
balance dalam penerapan GCG. Struktur organ utama and balances in the implementation of GCG. The main
Perseroan terdiri dari Rapat Umum Pemegang Saham organs of the Company consist of the General Meeting of
(RUPS), Dewan Komisaris, dan Direksi. Pemegang Shareholders (GMS), the Board of Commissioners, and
saham memiliki Rapat Umum Pemegang Saham (RUPS) the Board of Directors. Shareholders have the General
sebagai forum pengambilan keputusan tertinggi bagi Meeting of Shareholders (GMS) as the highest forum
pemegang saham. Dewan Komisaris dan Direksi memiliki of decision-making for the shareholders. The Board of
wewenang dan tanggung jawab yang jelas sesuai Commissioners and the Board of Directors have clear
fungsinya masing masing yang tercantum di Anggaran authority and responsibilities according to their respective
Dasar berdasarkan peraturan perundang-undangan. functions as stated in the Articles of Association in
accordance with laws and regulations.
Selain organ utama tersebut, struktur GCG Perseroan In addition to these main organs, the Company’s GCG
juga memiliki organ pendukung untuk memperkuat structure also has supporting organs to strengthen control
fungsi pengendalian dan pengelolaan Perseroan. Organ and management of the Company. The supporting organs
pendukung GCG terdiri dari organ pendukung di bawah of GCG consist of supporting organs under the Board of
Dewan Komisaris dan Direksi yang telah sesuai dengan Commissioners and the Board of Directors, in compliance
ketentuan regulasi yang berlaku di Indonesia. with prevailing regulations in Indonesia.
RUPS
GMS
Direksi Dewan Komisaris
Board of Directors Board of Commissioners
Satuan Komite Etik Komite Etik
Satuan
Pengawasan Internal (Pengelola WBS) Sekretaris Perusahaan (Pengelola WBS) Sekretaris Perusahaan
Pengawasan Internal
Internal Audit Unit Ethics Committee Corporate Secretary Ethics Committee Corporate Secretary
Internal Audit Unit
(WBS Manager) (WBS Manager)
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Soft Structure GCG Perseroan GCG Soft Structure of the Company
Untuk memastikan GCG diterapkan secara komprehensif, To ensure comprehensive implementation of GCG, the
Perseroan memiliki soft structure GCG yang terdiri dari Company also has a soft GCG structure consisting of
berbagai kebijakan, pedoman, dan piagam sebagai berikut: various policies, guidelines, and charters as follows:
1. Anggaran Dasar Perseroan terakhir yang telah 1. The latest Articles of Association of the Company,
disahkan melalui Akta No. 131 tanggal 25 Februari ratified through Deed No. 131 dated February 25,
2022 yang dibuat oleh Rosida Rajagukguk Siregar, 2022, made before Rosida Rajagukguk Siregar,
S.H., M.Kn., Notaris di Jakarta. S.H.,M.Kn., a Notary in Jakarta.
2. Pedoman Good Corporate Governance (GCG Code) 2. Good Corporate Governance Guidelines (GCG
yang telah disahkan pada tanggal 16 November Code), ratified on November 16, 2022.
2022.
3. Pedoman Code of Conduct (CoC Code) atau 3. Code of Conduct Guidelines (CoC Code) or Business
Pedoman Etika Bisnis yang telah disahkan pada Ethics Guidelines, ratified on November 16, 2022.
tanggal 16 November 2022.
4. Board Manual atau Pedoman Kerja Dewan Komisaris 4. Board Manual or Work Guidelines for the Board of
dan Direksi yang telah disahkan pada tanggal 20 Commissioners and Board of Directors, ratified on
Januari 2023. January 20, 2023.
5. Piagam/Charter SPI yang telah disahkan pada 5. Internal Audit Unit Charter, ratified on July 4, 2023.
tanggal 4 Juli 2023.
6. Kebijakan Sistem Pelaporan Pelanggaran/ 6. Whistleblowing System (WBS) Policy, ratified on
Whistleblowing System (WBS) yang telah disahkan November 16, 2022.
pada 16 November 2022.
7. Kebijakan Kepatuhan dan Pelaporan Laporan Harta 7. Compliance and Reporting of State Official Wealth
Kekayaan Penyelenggara Negara (LHKPN) yang Reports (LHKPN) Policy, ratified on July 26, 2018.
telah disahkan pada tanggal 26 Juli 2018.
8. Kebijakan Manajemen Risiko yang telah disahkan 8. Risk Management Policy, ratified on April 14, 2022.
pada tanggal 14 April 2022
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Rapat Umum Pemegang Saham (RUPS)
General Meeting of Shareholders (GMS)
Rapat Umum Pemegang Saham (RUPS) merupakan organ The General Meeting of Shareholders (GMS) is the
tertinggi Perseroan dalam struktur GCG yang memiliki top governing body of the Company within the GCG
hak dan wewenang yang tidak diberikan kepada Dewan framework, holding rights and powers not conferred to
Komisaris dan Direksi dalam batasan yang ditentukan oleh the Board of Commissioners and Directors, as defined
ketentuan peraturan perundang-undangan dan Anggaran by regulatory standards and the Company’s Articles of
Dasar Perseroan. RUPS juga menjadi sarana komunikasi Association. RUPS also facilitates communication among
antara Pemegang Saham untuk mempergunakan hak shareholders, allowing them to utilize their rights and
dan wewenangnya dalam pengambilan keputusan, baik powers in decision-making concerning the accountability
laporan pertanggungjawaban Dewan Komisaris dan reports of the Board of Commissioners and Directors, as
Direksi, maupun hasil kinerja Perseroan. Keputusan yang well as the Company’s performance outcomes. Decisions
diambil dalam RUPS harus sepenuhnya didasarkan pada reached at the RUPS should prioritize the interests of the
kepentingan Perseroan, baik untuk jangka pendek maupun Company in both short term and long term.
jangka panjang.
Pemegang Saham Shareholders
Pemegang saham merupakan pihak perseorangan serta Shareholders are parties, both individuals and institutions,
lembaga/institusi yang memiliki saham dalam sebuah that hold shares in the Company. Details regarding the
Perseroan atau Perusahaan. Informasi mengenai share composition of PT Adhi Commuter Properti Tbk
komposisi saham PT Adhi Commuter Properti Tbk (ADCP) are outlined in the Company Profile Chapter of
(ADCP) telah diuraikan pada Bab Profil Perusahaan this Annual Report.
dalam Laporan Tahunan ini.
Hak dan Tanggung Jawab Pemegang Saham Shareholders’ Rights and Responsibilities
Perseroan berkomitmen untuk senantiasa melindungi dan The Company is committed to safeguarding and
memfasilitasi pelaksanaan hak pemegang saham serta facilitating the exercise of shareholder rights, ensuring
memastikan perlakuan adil terhadap para pemegang equitable treatment for all shareholders. To this end, the
saham. Untuk itu, Perseroan telah menetapkan hak dan Company has established the rights and responsibilities
tanggung jawab para pemegang saham berdasarkan of shareholders based on the Company’s Articles of
Anggaran Dasar Perusahaan Nomor 216 tanggal 19 Association Number 216, dated June 19, 2023. This
Juni 2023. Penetapan ini bertujuan untuk memberikan establishment aims to clarify shareholder rights, thus
kerangka yang jelas terkait hak-hak pemegang saham foster the continuous growth of the Company
sehingga dapat memberikan kontribusi positif terhadap
pertumbuhan Perseroan secara berkesinambungan.
Wewenang RUPS GMS Authority
Pemegang saham memiliki hak untuk memperoleh Shareholders have the right to access information related
keterangan yang berkaitan dengan Perseroan dalam to the Company at the GMS, provided that the information
RUPS, selama keterangan tersebut berhubungan is relevant to the meeting agenda and does not contradict
dengan mata acara rapat dan tidak bertentangan with the Company’s interests. Based on the Company’s
dengan kepentingan Perseroan. Berdasarkan ketentuan Articles of Association, the GMS possesses the authority
Anggaran Dasar Perseroan, RUPS juga memiliki to:
wewenang yaitu:
1. Mengangkat dan memberhentikan anggota Dewan 1. Appoint and dismiss members of the Board of
Komisaris dan Direksi; Commissioners and Directors;
2. Mengevaluasi kinerja Dewan Komisaris dan Direksi; 2. Evaluate the performance of the Board of
Commissioners and Board of Directors
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Tata Kelola Perusahaan
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3. Menyetujui perubahan Anggaran Dasar; 3. Approve amendments to the Articles of Association;
4. Menerima dan menyetujui Laporan Tahunan dan 4. Receive and approve the Annual Report and ratify
mengesahkan Laporan Keuangan; the Financial Statements;
5. Menetapkan penggunaan laba bersih Perseroan, 5. Decide the allocation of the Company’s net income,
termasuk pembagian dividen; including the dividend distribution;
6. Menetapkan bentuk dan jumlah remunerasi anggota 6. Determine the form and amount of remuneration for
Dewan Komisaris dan Direksi; the members of the Board of Commissioners and
Board of Directors;
7. Memberikan persetujuan atas rencana aksi korporasi 7. Approve important corporate action with substantial
penting yang berdampak secara material terhadap impact on the Company.
Perseroan.
Wewenang RUPS sebagai organ tertinggi dalam struktur The authority of the GMS as the top governing body in the
organisasi GCG Perseroan dibatasi oleh Pasal 75 Undang Company’s corporate governance structure is constrained
Undang Perseroan Terbatas. RUPS dan/atau pemegang by Article 75 of the Limited Liability Company Law. The
saham tidak dapat mengintervensi tugas, fungsi, dan GMS and/or shareholders cannot intervene in the duties,
wewenang Dewan Komisaris dan Direksi dengan catatan functions, and authority of the Board of Commissioners
tidak mengurangi wewenang RUPS untuk menjalankan and Board of Directors, while still retaining the right of
haknya sesuai dengan Anggaran Dasar dan peraturan the GMS to exercise its authority in accordance with
perundang-undangan; termasuk untuk Dewan Komisaris the Articles of Association and prevailing regulations,
dan/atau Direksi. including for the Board of Commissioners and/or Board of
Directors.including for the Board of Commissioners and/
or Boar of Directors.
Jenis-Jenis RUPS di Perusahaan Types of GMS in the Company
Perseroan memiliki 2 (dua) jenis RUPS, yakni RUPS The Company has 2 (two) types of GMS, namely the
Tahunan (RUPST) dan RUPS Luar Biasa (RUPSLB). Annual GMS (AGMS) and Extraordinary GMS (EGMS).
Perseroan wajib menyelenggarakan RUPS Tahunan The Company is obliged to hold the Annual GMS no later
paling lambat 6 (enam) bulan setelah tahun buku berakhir than 6 (six) months after the end of the fiscal year or
atau dalam kondisi tertentu OJK dapat menetapkan batas under certain conditions, the Financial Services Authority
waktu lainnya. Perseroan juga dapat menyelenggarakan (OJK) may establish another deadline. The Company
RUPS Luar Biasa (RUPSLB) ada setiap waktu may also hold Extraordinary GMS at any time as needed
berdasarkan kebutuhan untuk kepentingan Perseroan. for the interests of the Company. According to applicable
Mengacu pada ketentuan yang berlaku, RUPS wajib regulations, GMS must be held within the territory of the
diselenggarakan di wilayah Negara Republik Indonesia Republic of Indonesia, with the following guidelines:
dengan ketentuan tempat penyelenggaraan RUPS
sebagai berikut:
1. Tempat kedudukan Perusahaan Terbuka; 1. The domicile of the Public Company;
2. Tempat Perusahaan Terbuka melakukan kegiatan 2. The place where the Public Company conducts its
usaha utamanya; main business activities;
3. Ibu kota provinsi tempat kedudukan atau tempat 3. The capital of the province where the domicile or
kegiatan usaha utama Perusahaan Terbuka; atau main business activities of the Public Company are
located; or
4. Provinsi tempat kedudukan bursa efek yang 4. The province where the stock exchange lists the
mencatatkan saham Perusahaan Terbuka. shares of the Public Company is located.
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Mekanisme Penyelenggaraan RUPS The Company’s GMS Mechanism
Tata cara penyelenggaraan RUPS Perseroan mengacu The procedure for organizing the Company’s GMS refers
pada Anggaran Dasar Perseroan yang merujuk pada to the Company’s Articles of Association which refer to
Undang-Undang No. 40 Tahun 2007 tentang Perseroan Law No. 40 Year 2007 on Limited Liability Companies.
Terbatas. Pemanggilan dan penyelenggaraan RUPS The invitation and convening of the GMS shall be
wajib dilakukan oleh Direksi dan/atau Dewan Komisaris. conducted by the Board of Directors and/or the Board of
RUPS diadakan tiap-tiap tahun untuk menyetujui laporan Commissioners. The GMS is held annually to approve the
tahunan dan mengesahkan perhitungan tahunan serta annual report and ratify the annual accounts as well as
mengesahkan Rencana Kerja dan Anggaran Perusahaan ratify the Company’s Work Plan and Budget (RKAP).
(RKAP).
Seluruh keputusan dalam RUPS diambil berdasarkan All decisions in the GMS are made based on consensus
musyawarah untuk mufakat. Apabila keputusan deliberation. If a consensus cannot be reached, decisions
musyawarah untuk mufakat tidak tercapai, maka are made through voting based on the majority determined
keputusan diambil dengan pemungutan suara by Independent Parties, specifically the quorum for
berdasarkan suara terbanyak yang dilakukan oleh Pihak attendance and the quorum for GMS decisions which are
Independen, yakni Kuorum kehadiran dan kuorum attended only by independent shareholders as regulated
keputusan RUPS yang hanya dihadiri pemegang saham in the capital market sector, under the following provisions:
independen sebagaimana diatur di bidang Pasar Modal,
dilakukan dengan ketentuan sebagai berikut:
1. Dihadiri oleh pemegang saham independen yang 1. It must be attended by independent shareholders
mewakili lebih 1/2 (satu per dua) bagian dari representing more than 1/2 (one half) of the total
jumlah seluruh saham dengan hak suara yang sah outstanding shares with valid voting rights held by
yang dimiliki oleh pemegang saham independen independent shareholders. The decision is valid if
keputusan adalah sah jika disetujui oleh pemegang approved by independent shareholders representing
saham independen yang mewakili lebih dari 1/2 (satu more than 1/2 (one half) of the total outstanding
per dua) bagian dari jumlah seluruh saham dengan shares with valid voting rights held by independent
hak suara yang sah yang dimiliki oleh pemegang shareholders.
saham independen.
2. Dalam hal kuorum sebagaimana dimaksud dalam 2. If the quorum as referred to in point b is not achieved,
huruf b tidak tercapai, maka RUPS kedua, keputusan then in the second GMS, the decision is valid if
sah apabila dihadiri oleh pemegang saham attended by independent shareholders representing
independen yang diwakili lebih dari 1/2 (satu per dua) more than 1/2 (one half) of the total outstanding shares
bagian dari jumlah seluruh saham dengan hak suara with voting rights held by independent shareholders
yang dimiliki oleh pemegang saham independen dan and approved by more than 1/2 (one half) of the total
disetujui oleh lebih dari 1/2 (satu per dua) bagian dari shares held by independent shareholders present at
jumlah seluruh saham yang dimiliki oleh pemegang the meeting.
saham independen yang hadir dalam rapat.
3. Dalam hal kuorum kehadiran pada RUPS kedua 3. If the attendance quorum in the second RUPS as
sebagaimana dimaksud huruf c tidak tercapai, RUPS referred to in point c is not reached, the third GMS may
ketiga dapat diadakan dengan ketentuan RUPS ketiga be held with the provision that the third GMS is valid and
sah dan berhak mengambil keputusan jika dihadiri oleh entitled to make decisions if attended by independent
pemegang saham independen dari saham dengan shareholders of shares with valid voting rights, in an
hak suara yang sah, dalam kuorum kehadiran yang attendance quorum established by OJK (Financial
ditetapkan oleh OJK atas permohonan Perseroan; Services Authority) upon the Company’s request;
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4. Keputusan RUPS ketiga adalah sah jika disetujui 4. The decision of the third GMS is valid if approved by
oleh pemegang saham independen yang mewakili independent shareholders representing more than
lebih dari 50% (lima puluh persen) saham yang 50% (fifty percent) of the shares held by independent
dimiliki oleh pemegang saham independen yang shareholders present. If the number of votes in favor
hadir. Apabila jumlah suara yang setuju dan tidak and against is equal, the proposal is rejected, except
setuju sama banyaknya, maka usul ditolak, kecuali for matters concerning individuals, which will be
mengenai diri orang akan ditentukan dengan undian determined by closed ballot.
secara tertutup.
Penyelenggaraan Rapat Umum Pemegang Saham 2025
The Convening of The 2025 General Meeting of Shareholders
Sepanjang tahun 2025, Perseroan telah In 2025, The Company held 1 (one) GMS namely the
menyelenggarakan RUPS sebanyak 1(satu) kali yaitu Annual GMS 2025. Details of the GMS held in 2025 can
RUPS Tahunan 2025. Rincian penyelenggaraan RUPS be described as follows:
Tahunan 2025 dapat diuraikan sebagai berikut:
RAPAT UMUM PEMEGANG SAHAM TAHUNAN TAHUN BUKU 2024
ANNUAL GENERAL MEETING OF SHAREHOLDERS FOR 2024 FINANCIAL YEAR
Jenis Rapat Rapat Umum Pemegang Saham Tahunan (RUPST)
Type of Meeting Annual General Meeting of Shareholders (AGMS)
Tanggal Pelaksanaan 05 Juni 2025
Date June 05, 2025
Waktu 14.00-16.24 WIB
Time 14.00-16.24 WIB
Tempat Auditorium Lt.3, Kantor Pusat PT Adhi Karya (Persero) Tbk, Jl. Raya Pasar Minggu KM 18, Jakarta Selatan
Venue Auditorium, 3rd Floor, Head Office of PT Adhi Karya (Persero) Tbk, Pasar Minggu Raya Road Km 18, South Jakarta
Saham Hadir/Terwakili
(Basis Voting)
Shares Present/ 19.999.964.400
Represented (Voting
Basis)
Persentase Kehadiran
dari Total Saham (%)
89,9998
Attendance Percentage
of Total Shares (%)
Total Saham Perseroan
dengan Hak Suara 22.222.222.200
Total Voting Shares
Kehadiran Notaris Rosida Rajagukguk-Siregar, S.H., M.Kn.
Attendees of Notary
Kehadiran Kuasa 1. Bindut Agus Dewanto mewakili Pemegang Saham PT Adhi Karya (Persero) Tbk
Pemegang Saham Bindut Agus Dewanto represents the Shareholders of PT Adhi Karya (Persero) Tbk
Attendees Proxy of 2. Lasarus Bambang S. mewakili Pemegang Saham PT Adhi Karya (Persero) Tbk
Shareholder Lasarus Bambang S. represents the Shareholders of PT Adhi Karya (Persero) Tbk
KEHADIRAN ANGGOTA DIREKSI DAN ANGGOTA DEWAN KOMISARIS DALAM RUPS TAHUNAN TAHUN BUKU 2024
ATTENDANCE OF BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS MEMBERS AT THE 2024 ANNUAL GMS
Direksi
Board of Directors
Direktur Utama
Rizkan Firman
President Director
Direktur Keuangan dan Manajemen Risiko
Achmad Wachid Abdullah
Finance and Risk Management Director
Direktur Operasi
Farid Budiyanto
Director of Operation
156 2025 Laporan Tahunan
Annual Report
PT Adhi Commuter Properti Tbk
Page 157
KEHADIRAN ANGGOTA DIREKSI DAN ANGGOTA DEWAN KOMISARIS DALAM RUPS TAHUNAN TAHUN BUKU 2024
ATTENDANCE OF BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS MEMBERS AT THE 2024 ANNUAL GMS
Dewan Komisaris
Board of Commissioners
Komisaris Utama
Herry Ardianto
President Commissioner
Komisaris
Achmad Afandi
Commissioner
Komisaris Independen
Wenry Anshory Putra
Independent Commissioner
Mata Acara Pertama
First Agenda
Persetujuan Laporan Tahunan termasuk Pengesahan Laporan Keuangan dan Laporan Tugas Pengawasan Dewan
Mata Acara Komisaris Tahun Buku 2024
Agenda Approval of the Annual Report, including the Ratification of the Financial Statements and the Board of Commissioners’
Supervisory Report for the 2024 Financial Year.
Jumlah Pemegang Saham yang Terdapat 2 Pemegang Saham yang mengajukan pertanyaan/pendapat.
Bertanya dan/atau Berpendapat There were two shareholders who submitted any questions or opinions.
Number of Shareholders Who
Asked Questions and/or Gave
Opinions
Hasil Pemungutan Suara Setuju Abstain Tidak Setuju
Voting Result Agree Abstain Disagree
19.999.932.600 saham
30.000 saham (0,000150%) dari 1.800 saham (0,000009%) dari yang hadir
(99,999841%) dari yang hadir
yang hadir
19,999,932,600 shares
30,000 shares (0.000150%) of 1,800 shares (0.000009%) of the shares
(99.999841%) of the shares
the shares present/represented present/represented
present/represented
Menyetujui Laporan Tahunan Perseroan termasuk Laporan Tugas Pengawasan yang telah dilaksanakan oleh
Dewan Komisaris untuk Tahun Buku 2024 dan mengesahkan Laporan Keuangan Konsolidasian Perseroan,
yang berakhir pada tanggal 31 Desember 2024, yang telah diaudit oleh Kantor Akuntan Publik Amir Abadi Jusuf,
Aryanto, Mawar & Rekon (terafiliasi dengan RSM) sebagaimana dimuat dalam laporannya Nomor: 00078/2.1030/
AU.1/03/1680-3/1/II/2025 tanggal 28 Februari 2025 dengan pendapat “laporan keuangan konsolidasian terlampir
menyajikan secara wajar, dalam semua hal yang material, posisi keuangan konsolidasian PT Adhi Commuter
Properti Tbk., dan entitas anak tanggal 31 Desember 2024, serta kinerja keuangan dan arus kas konsolidasiannya
untuk tahun yang berakhir pada tanggal tersebut, sesuai dengan Standar Akuntansi Keuangan Indonesia” dan
memberikan pelunasan dan pembebasan tanggung jawab sepenuhnya (volledig acquit et de charge) kepada
seluruh anggota Direksi atas pengurusan dan seluruh Anggota Dewan Komisaris atas pengawasan yang telah
dijalankan selama tahun buku yang berakhir pada 31 Desember 2024, sepanjang tindakan tersebut bukan
Keputusan
merupakan tindak pidana dan telah tercermin dalam Laporan tersebut.
Resolution
Approving the Company’s Annual Report including the Supervisory Task Report carried out by the Board of
Commissioners for the 2024 Financial Year and Ratifying the Company’s Consolidated Financial Statements,
ended on December 31, 2024, which have been audited by the Public Accounting Firm Amir Abadi Jusuf, Aryanto,
Mawar & Partners (affiliated with RSM) as stated in its report Number: 00078/2.1030/AU.1/03/1680-3/1/II/2025
dated 28 February, 2025 with the opinion that “the attached consolidated financial statements present fairly in all
material respect, the consolidated financial position of PT Adhi Commuter Properti Tbk and its subsidiaries as of
31 December, 2024, as well as its consolidated financial performance and cash flows for the year ended on that
date in accordance with Financial Accounting Standards in Indonesia” and provide full release and discharge of
responsibility (volledig acquit et de charge) to all members of the Board of Directors for management and the Board
of Commissioner for supervision that has been carried out during the financial year ended on 31 December, 2024,
as long as the actions are not criminal acts and have been reflected in the report above.
Status Implementasi Direalisasikan
Implementation Status Realized
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Tahunan PT Adhi Commuter Properti Tbk
Tindak Lanjut Manajemen No. 36 tanggal 05 Juni 2025.
Management Follow-Up It has been recorded in the Deed of Minutes of the Annual General Meeting of Shareholders of PT Adhi Commuter
Properti Tbk, Deed No. 36 dated June 05, 2025
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 157
Page 158
Tata Kelola Perusahaan
Good Corporate Governance
Mata Acara Kedua
Second Agenda
Mata Acara Penetapan penggunaan Laba Bersih Perseroan Tahun Buku 2024
Agenda Determination of the use of the Company’s Net Profit for the 2024 Financial Year
Jumlah Pemegang Saham
yang Bertanya dan/atau
Berpendapat Tidak ada Pemegang Saham yang mengajukan pertanyaan/pendapat.
Number of Shareholders No shareholders submitted any questions or opinions.
Who Asked Questions and/or
Gave Opinions
Setuju Abstain Tidak Setuju
Agree Abstain Disagree
Hasil Pemungutan Suara 19.999.932.600 saham (99,999841%) 30.000 saham (0,000150%) dari
Voting Result 1.800 saham (0,000009%) dari yang hadir
dari yang hadir yang hadir
1,800 shares (0.000009%) of the shares
19,999,932,600 shares (99.999841%) 30,000 shares (0.000150%) of
present/represented
of the shares present/represented the shares present/represented
Menetapkan Penggunaan Laba Bersih Perseroan Tahun Buku 2024 sebagai berikut:
a. Sebesar 20% atau senilai Rp8.560.552.760,00 (delapan miliar lima ratus enam puluh juta lima ratus lima puluh dua
ribu tujuh ratus enam puluh Rupiah) digunakan untuk Cadangan Wajib.
b. Sebesar 80% atau senilai Rp34.242.211.040,00 (tiga puluh empat miliar dua ratus empat puluh dua juta dua ratus
Keputusan sebelas ribu empat puluh Rupiah) digunakan untuk laba yang belum ditentukan penggunaannya.
Resolution Determining the use of the Company’s Net Profit for the 2024 Financial Year as follows:
a. 20% or Rp8.560.552.760,00 (eight billion five hundred sixty million five hundred fifty-two thousand seven hundred
sixty Rupiah) is used for mandatory reserves.
b. 80% or Rp34.242.211.040,00 (thirty-four billion two hundred forty-two million two hundred eleven thousand forty
Rupiah) is used for profits whose use has not been determined
Status Implementasi Direalisasikan
Implementation Status Realized
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Tahunan PT Adhi Commuter Properti Tbk No.
Tindak Lanjut Manajemen
36 tanggal 05 Juni 2025.
Management Follow-Up
It has been recorded in the Deed of Minutes of the Annual General Meeting of Shareholders of PT Adhi Commuter
Properti Tbk, Deed No. 36 dated June 05, 2025
Mata Acara Ketiga
Third Agenda
Penetapan Gaji/Honorarium, Fasilitas, dan Tunjangan Lainnya serta Tantiem/Insentif Kerja/Insentif Khusus bagi
Mata Acara Anggota Direksi dan Anggota Dewan Komisaris
Agenda Determination of Salaries/Honoraria, Facilities, and Other Allowances, as well as Bonuses/Work Incentives/Special
Incentives, for Members of the Board of Directors and Members of the Board of Commissioners.
Jumlah Pemegang Saham
yang Bertanya dan/atau
Berpendapat Tidak ada Pemegang Saham yang mengajukan pertanyaan/pendapat.
Number of Shareholders No shareholders submitted any questions or opinions.
Who Asked Questions and/or
Gave Opinions
Setuju Abstain Tidak Setuju
Agree Abstain Disagree
Hasil Pemungutan Suara 19.999.909.600 saham (99,999726%) 30.000 saham (0,000150%) dari 24.800 saham (0,000124%) dari yang
Voting Result dari yang hadir yang hadir hadir
19,999,909,600 shares (99.999726%) 30,000 shares (0.000150%) of 24,800 shares (0.000124%) of the shares
of the shares present/represented the shares present/represented present/represented
a. Memberikan wewenang dan kuasa kepada Pemegang Saham Mayoritas untuk menetapkan besaran tantiem untuk
Tahun Buku 2024, serta menetapkan honorarium, tunjangan, dan fasilitas bagi anggota Dewan Komisaris untuk
tahun 2025; dan
b. Memberikan wewenang dan kuasa kepada Dewan Komisaris dengan terlebih dahulu mendapatkan persetujuan
tertulis dari Pemegang Saham Mayoritas untuk menetapkan besarnya tantiem untuk Tahun Buku 2024, serta
Keputusan menetapkan gaji, tunjangan, dan fasilitas bagi Direksi untuk tahun 2025.
Resolution
a. Authorizing the Majority Shareholders to determine the amount of tantiem for the 2024 Financial Year, as well as to
determine the honoraria, allowances, and facilities for members of the Board of Commissioners for 2025; and
b. Authorizing the Board of Commissioners, with prior written approval from the Majority Shareholders, to determine
the amount of tantiem for the 2024 Financial Year, as well as to determine the salaries, allowances, and facilities for
members of the Board of Directors for 2025
Status Implementasi Direalisasikan
Implementation Status Realized
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Tahunan PT Adhi Commuter Properti Tbk No.
Tindak Lanjut Manajemen
36 tanggal 05 Juni 2025.
Management Follow-Up
It has been recorded in the Deed of Minutes of the Annual General Meeting of Shareholders of PT Adhi Commuter
Properti Tbk, Deed No. 36 dated June 05, 2025.
158 2025 Laporan Tahunan
Annual Report
PT Adhi Commuter Properti Tbk
Page 159
Mata Acara Keempat
Fourth Agenda
Mata Acara Penunjukan Kantor Akuntan Publik untuk melakukan Audit Laporan Keuangan Perseroan Tahun Buku 2025
Agenda Appointment of a Public Accounting Firm to Conduct the Company’s Financial Report for the 2025 Financial Year
Jumlah Pemegang Saham
yang Bertanya dan/atau
Berpendapat Tidak ada Pemegang Saham yang mengajukan pertanyaan/pendapat.
Number of Shareholders No shareholders submitted any questions or opinions.
Who Asked Questions and/or
Gave Opinions
Setuju Abstain Tidak Setuju
Agree Abstain Disagree
Hasil Pemungutan Suara 19.999.932.600 saham (99,999841%) 30.000 saham (0,000150%) dari
Voting Result 1.800 saham (0,000009%) dari yang hadir
dari yang hadir yang hadir
1,800 shares (0.000009%) of the shares
19,999,932,600 shares (99.999841%) 30,000 shares (0.000150%) of
present/represented
of the shares present/represented the shares present/represented
a. Menunjuk Kantor Akuntan Publik Amir Abadi Jusuf, Aryanto, Mawar & Rekan (terafiliasi dengan RSM) untuk
melakukan audit umum atas Laporan Keuangan Konsolidasian Perseroan tahun buku 2025;
b. Memberikan pelimpahan kewenangan kepada Dewan Komisaris Perseroan untuk menetapkan besaran imbalan
jasa audit, penambahan ruang lingkup pekerjaan yang diperlukan dan persyaratan lainnya yang wajar bagi Kantor
Akuntan Publik tersebut; dan
c. Memberikan wewenang dan kuasa kepada Dewan Komisaris dengan terlebih dahulu mendapatkan persetujuan
tertulis Pemegang Saham Mayoritas untuk menetapkan Kantor Akuntan Publik pengganti dalam hal Kantor Akuntan
Publik Amir Abadi Jusuf, Aryanto,Mawar & Rekan (terafiliasi dengan RSM) karena sebab apapun tidak dapat
menyelesaikan audit atas Laporan Keuangan Perseroan tahun buku 2025, termasuk menetapkan besaran imbalan
Keputusan
jasa audit dan persyaratan lainnya bagi KAP pengganti tersebut.
Resolution
a. Appointing Public Accounting Firm of Amir Abadi Jusuf, Aryanto, Mawar & Partners (affiliated with RSM) to conduct
the general audit of the Company’s Consolidated Financial Statements for the 2025 Financial Year;
b. Granting delegation of authority to the Company’s Board of Commissioners to determine the amount of audit fees,
the additional scope of work required and other reasonable requirements for the Public Accountant Firm; and
c. Authorizing the Board of Commissioners with prior Written Approval from the Majority Shareholders to appoint the
replacement for Public Accounting Firm in the event that the Public Accounting Firm Amir Abadi Jusuf, Aryanto,Mawar
& Partners (affiliated with RSM) for any reason is unable to complete the audit of the Company’s Financial Statements
for the 2025 Financial Year, including determining the amount of audit service fees and other requirements for the
replacement KAP.
Status Implementasi Direalisasikan
Implementation Status Realized
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Tahunan PT Adhi Commuter Properti Tbk No.
Tindak Lanjut Manajemen
36 tanggal 05 Juni 2025.
Management Follow-Up
It has been recorded in the Deed of Minutes of the Annual General Meeting of Shareholders of PT Adhi Commuter
Properti Tbk, Deed No. 36 dated June 05, 2025.
Mata Acara Kelima
Fifth Agenda
Mata Acara Laporan Pertanggungjawaban Realisasi Penggunaan Dana Hasil Penawaran Umum Perdana Saham
Agenda Accountability Report on the Realization of the Use of Proceeds from the Initial Public Offering of Shares.
Jumlah Pemegang Saham
yang Bertanya dan/atau
Berpendapat Tidak ada Pemegang Saham yang mengajukan pertanyaan/pendapat.
Number of Shareholders No shareholders submitted any questions or opinions.
Who Asked Questions and/or
Gave Opinions
Setuju Abstain Tidak Setuju
Hasil Pemungutan Suara Agree Abstain Disagree
Voting Result Tidak membutuhkan persetujuan oleh karena agenda rapat kelima ini bersifat informatif.
No approval is required as the agenda for this fifth meeting is informative in nature.
Keputusan Tidak dilakukan pengambilan keputusan rapat oleh karena agenda kelima hanya bersifat laporan.
Resolution No quorum is required as the Fifth Agenda serves as a Report.
Status Implementasi Direalisasikan
Implementation Status Realized
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Tahunan PT Adhi Commuter Properti Tbk No.
Tindak Lanjut Manajemen 36 tanggal 05 Juni 2025.
Management Follow-Up It has been recorded in the Minutes of the Annual General Meeting of Shareholders of PT Adhi Commuter Properti Tbk,
Deed No. 36 dated June 05, 2025.
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 159
Page 160
Tata Kelola Perusahaan
Good Corporate Governance
Mata Acara Keenam
Sixth Agenda
Mata Acara Perubahan Susunan Pengurus Perseroan
Agenda Changes to the Company’s Management Composition
Jumlah Pemegang Saham
yang Bertanya dan/atau
Berpendapat Tidak ada Pemegang Saham yang mengajukan pertanyaan/pendapat.
Number of Shareholders No shareholders submitted any questions or opinions.
Who Asked Questions and/or
Gave Opinions
Setuju Abstain Tidak Setuju
Agree Abstain Disagree
Hasil Pemungutan Suara 19.999.932.600 saham (99,999841%) 30.000 saham (0,000150%) dari
Voting Result 1.800 saham (0,000009%) dari yang hadir
dari yang hadir yang hadir
1,800 shares (0.000009%) of the shares
19,999,932,600 shares (99.999841%) 30,000 shares (0.000150%) of
present/represented
of the shares present/represented the shares present/represented
1. Menyetujui untuk memberhentikan dengan hormat Tuan RIZKAN FIRMAN, Tuan HERRY ARDIANTO dan Tuan
ACHMAD AFANDI masing-masing selaku Direktur Utama, Komisaris Utama dan Komisaris Perseroan terhitung
sejak ditutupnya RUPS ini dengan ucapan terima kasih atas sumbangan tenaga dan pikiran yang diberikan selama
menjabat sebagai Pengurus Perseroan serta memberikan pelunasan seluruhnya (vo//edig acquit et de charge)
atas tindlakan pengurusan yang dilakukan sampai diputuskan dalam Rapat ini dengan memperhatikan ketentuan
perundang-undangan, berdasarkan Surat Usulan Perubahan Pengurus PT Adhi Commuter Properti Tbk tertanggal
05 Juni 2025 Nomor: 014-6/2025/075.
2. Menyetujui pengalihan tugas anggota Direksi dan Dewan Komisaris sebagai berikut;
a. Tuan ACHMAD WACHID ABDULLAH yang semula Direktur Keuangan dan Manajemen Risiko Perseroan menjadi
Direktur Utama Perseroan, dengan masa jabatan meneruskan sisa masa jabatannya berdasarkan keputusan
RUPS pengangkatan yang bersangkutan sebagai Direktur Keuangan dan Manajemen Risiko;
b. Tuan WENRY ANSHORY PUTRA yang semula sebagai Komisaris Independen menjadi Komisaris Utama
merangkap Komisaris Independen Perseroan.
3. Menyetujui mengangkat Tuan YAN FIRWAN sebagai Komisaris Perseroan.
4. Memberikan kuasa dengan hak substitusi kepada Direksi Perseroan untuk menyatakan yang diputuskan Rapat ini
dalam bentuk Akta Notaris serta menghadap Notaris atau pejabat yang berwenang dan melakukan penyesuaian
atau perbaikan-perbaikan yang diperlukan apabila dipersyaratkan oleh pihak yang berwenang untuk keperluan
pelaksanaan isi keputusan rapat.
Keputusan 1. Approving the honorable discharge of Mr. Rizkan Firman, Mr. Herry Ardianto, and Mr. Achmad Afandi each respectively
Resolution in their capacities as President Director, President Commissioner, and Commissioner of the Company, effective as of
the closing of this GMS, with appreciation for their contributions of efforts and dedication during their terms of office as
members of the Company’s Management, and granting a full release and discharge of responsibility (volledig acquit
et de charge) for all management actions carried out up to the resolutions adopted at this Meeting, in compliance
with the prevailing laws and regulations, based on the Proposal Letter on Changes to the Management of PT Adhi
Commuter Properti Tbk dated 5 June 2025 Number: 014-6/2025/075
2. Approving the reassignment of duties of the members of the Board of Directors and the Board of Commissioners as
follows:
a. Mr. Achmad Wachid Abdullah, who previously served as the Company’s Director of Finance and Risk Management,
is reassigned as the Company’s President Director, with a term of office continuing the remaining term of his
appointment as Director of Finance and Risk Management pursuant to the resolution of the GMS appointing him
to such position;
b. Mr. Wenry Anshory Putra, who previously served as an Independent Commissioner, is reassigned as the
Company’s President Commissioner concurrently serving as Independent Commissioner.
3. Approving the appointment of Mr. Yan Firwan as a Commissioner of the Company.
4. Granting power of attorney, with the right of substitution, to the Company’s Board of Directors to state the resolutions
of this Meeting in the form of a Notarial Deed, to appear before a Notary Public or other authorized official, and
to make any adjustments or amendments as may be required by the competent authorities for the purpose of
implementing the resolutions of this Meeting.
Status Implementasi Direalisasikan
Implementation Status Realized
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Tahunan PT Adhi Commuter Properti Tbk No.
Tindak Lanjut Manajemen
36 tanggal 05 Juni 2025.
Management Follow-Up
It has been recorded in the Deed of Minutes of the Annual General Meeting of Shareholders of PT Adhi Commuter
Properti Tbk, Deed No. 36 dated June 05, 2025.
160 2025 Laporan Tahunan
Annual Report
PT Adhi Commuter Properti Tbk
Page 161
Penyelenggaraan Rapat Umum Pemegang Saham 2024
Holding of The 2024 General Meeting of Shareholders
Di tahun 2024, Perseroan telah menyelenggarakan RUPS In 2024, the Company has held GMS 2 (two) times
sebanyak 2 (dua) kali yang terdiri dari 1 (satu) kali RUPS consisting of 1 (one) Annual GMS and 1 (one)
Tahunan dan 1 (satu) kali RUPS Luar Biasa. Rincian Extraordinary GMS. Details of the GMS held in 2024 can
penyelenggaraan RUPS tahun 2024 dapat diuraikan be described as follows:
sebagai berikut:
RAPAT UMUM PEMEGANG SAHAM LUAR BIASA 2024
2024 EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS
Jenis Rapat Rapat Umum Pemegang Saham Luar Biasa (RUPSLB)
Type of Meeting Extraordinary General Meeting of Shareholders (EGMS)
Tanggal Pelaksanaan 10 Desember 2024
Date December 10, 2024
Waktu 14.00 WIB–Selesai
Time 14.00 WIB– Finished
Tempat Kantor Pusat PT Adhi Karya (Persero) Tbk., Jalan Raya Pasar Minggu KM 18, Pejaten Timur, Jakarta Selatan - 12510.
Venue Head Office of PT Adhi Karya (Persero) Tbk., Jalan Raya Pasar Minggu KM 18, East Pejaten, South Jakarta - 12510.
Saham Hadir/Terwakili
(Basis Voting)
Shares Present/ 20.173.834.800
Represented (Voting
Basis)
Persentase Kehadiran
dari Total Saham (%)
90,7822567
Attendance Percentage
of Total Shares (%)
Total Saham Perseroan
dengan Hak Suara 22.222.222.200
Total Voting Shares
Kehadiran Notaris Titik Krisna Murti Wikaningsih Hastuti, S.H., M.Kn.
Attendees of Notary
1. Bindut Agus Dewanto (General Manager Departemen Legal PT Adhi Karya (Persero) Tbk)
Kehadiran Kuasa Bindut Agus Dewanto (General Manager of Legal Department at PT Adhi Karya (Persero) Tbk)
Pemegang Saham 2. Wahyuni Sutantri (General Manager Departemen Human Capital PT Adhi Karya (Persero) Tbk)
Attendees Proxy of Wahyuni Sutantri (General Manager of Human Capital Department at PT Adhi Karya (Persero) Tbk)
Shareholder 3. Sri Mardhiyono (Manajer Biro Pengendalian Usaha PT Adhi Karya (Persero) Tbk)
Sri Mardhiyono (Manager of Business Control Bureau at PT Adhi Karya (Persero) Tbk))
KEHADIRAN ANGGOTA DIREKSI DAN ANGGOTA DEWAN KOMISARIS DALAM RUPS LUAR BIASA 2024
ATTENDANCE OF BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS MEMBERS AT THE 2024 EXTRAORDINARY GMS
Direksi
Board of Directors
Direktur Utama
Rizkan Firman
President Director
Direktur Keuangan dan Manajemen Risiko
Achmad Wachid Abdullah
Finance and Risk Management Director
Direktur Operasi
Farid Budiyanto
Operation Director
Dewan Komisaris
Board of Commissioners
Komisaris Utama
Herry Ardianto
President Commissioner
Komisaris
Achmad Afandi
Commissioner
Komisaris Independen
Amrozi Hamidi
Independent Commissioner
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 161
Page 162
Tata Kelola Perusahaan
Good Corporate Governance
Mata Acara Pertama
First Agenda
Mata Acara Perubahan Anggaran Dasar
Agenda Amendments to the Articles of Association
Jumlah Pemegang Saham yang Terdapat 1 Pemegang Saham yang mengajukan pertanyaan/pendapat.
Bertanya dan/atau Berpendapat There was one shareholder who submitted any questions or opinions.
Number of Shareholders Who
Asked Questions and/or Gave
Opinions
Setuju Abstain Tidak Setuju
Agree Abstain Disagree
20.170.609.700 525.100 saham (0,0026029%) dari 2.700.000 saham (0,0133837%)
Hasil Pemungutan Suara saham (99,9840135%) dari yang yang hadir dari yang hadir
Voting Result hadir 525,100 shares (0.0026029%) of 2,700,000 shares (0.0133837%) of
20,170,609,700 the shares present/represented the shares present/represented
shares (99.9840135%) of the
shares present/represented
Keputusan Menyetujui Perubahan Anggaran Dasar
Resolution Approving the Amendment to the Articles of Association
Status Implementasi Direalisasikan
Implementation Status Realized
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Luar Biasa PT Adhi Commuter Properti
Tindak Lanjut Manajemen Tbk No. 52 tanggal 10 Desember 2024.
Management Follow-Up It has been recorded in the Deed of Minutes of the Extraordinary General Meeting of Shareholders of PT Adhi
Commuter Properti Tbk, Deed No. 52 dated December 10, 2024.
Mata Acara Kedua
Second Agenda
Mata Acara Perubahan Susunan Pengurus Perseroan
Agenda Changes in the Company’s Management Composition
Jumlah Pemegang Saham yang Tidak ada Pemegang Saham yang mengajukan pertanyaan/pendapat.
Bertanya dan/atau Berpendapat No shareholders submitted any questions or opinions.
Number of Shareholders Who
Asked Questions and/or Gave
Opinions
Setuju Abstain Tidak Setuju
Agree Abstain Disagree
Hasil Pemungutan Suara 20.173.309.700 saham 525.100 saham (0,0026029%) dari 0 saham (0,0000000%) dari yang
Voting Result (99,9973971%) dari yang hadir yang hadir hadir
20,173,309,700 shares 525,100 shares (0.0026029%) of 0 shares (0.0000000%) of the
(99.9973971%) of the shares the shares present/represented shares present/represented
present/represented
162 2025 Laporan Tahunan
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PT Adhi Commuter Properti Tbk
Page 163
Mata Acara Kedua
Second Agenda
1. Menyetujui pemberhentian dengan hormat Tuan Amrozi Hamidi sebagai Komisaris Independen, dengan
ucapan terima kasih atas segala sumbangsih tenaga dan pikiran selama memangku jabatan tersebut dan
memberikan pembebasan tanggung jawab dan pelunasan seluruhnya - (volledig acquit et de charge) atas
tindakan pengurusan yang dilakukan sampai diputuskan dalam RUPS ini dengan memperhatikan ketentuan-
ketentuan serta perundang-undangan, dengan ketentuan tidak melepaskan tanggung jawab apabila di
kemudian hari terbukti ada tindakan yang menyimpang dan merugikan Perseroan.
2. Menyetujui pengangkatan Tuan Wenry Anshory Putra sebagai Komisaris Independen dengan masa jabatan
sesuai dengan ketentuan Anggaran Dasar Perseroan dengan memperhatikan peraturan perundang-
undangan di bidang Pasar Modal dan tanpa mengurangi hak RUPS untuk memberhentikan sewaktu-waktu.
3. Menetapkan susunan dan nomenklatur pengurus Perseroan, sebagai berikut:
Dewan Komisaris
- Komisaris Utama: Herry Ardianto
- Komisaris: Achmad Afandi
- Komisaris Independen: Amrozi Hamidi
Direksi
- Direktur Utama: Rizkan Firman
- Direktur Keuangan, Manajemen Risiko, dan Human Capital: Achmad Wachid Abdullah
- Direktur Pemasaran dan Produksi: Farid Budiyanto
4. Menyetujui Memberikan kuasa dengan hak substitusi kepada Direksi - Perseroan untuk menyatakan yang
diputuskan Rapat ini dalam bentuk Akta Notaris serta menghadap Notaris atau pejabat yang berwenang dan
melakukan penyesuaian atau perbaikan-perbaikan yang diperlukan apabila dipersyaratkan oleh pihak yang
Keputusan berwenang untuk keperluan pelaksanaan isi keputusan rapat.
Resolution
1. Approving the honorable dismissal of Mr. Amrozi Hamidi as Independent Commissioner, with gratitude for
all contributions of energy and thoughts during his tenure in office and granting a release and discharge of
all responsibilities (volledig acquit et de charge) for the management actions carried out until decided in this
GMS by taking into account the provisions and laws, with the provision of not releasing responsibility if in the
future it is proven that there are actions that deviate and are detrimental to the Company.
2. Approving the appointment of Mr. Wenry Anshory Putra as Independent Commissioner with a term of office
in accordance with the provisions of the Company’s Articles of Association by taking into account laws and
regulations in the Capital Market sector and without reducing the right of the GMS to dismiss at any time.
3. Determine the composition and nomenclature of the Company’s management, as follows:
Board of Commissioners
- President Commissioner: Herry Ardianto
- Commissioner: Achmad Afandi
- Independent Commissioner: Amrozi Hamidi
Board of Directors
- President Director: Rizkan Firman
- Director of Finance, Risk Management, and Human Capital: Achmad Wachid
- Director of Marketing and Production: Farid Budiyanto
4. Approving to grant power of attorney with the right of substitution to the Board of Directors - Company
to state the decisions of this Meeting in the form of a Notarial Deed and to appear before a Notary or
authorized official and make adjustments or improvements as required by the authorized party for the
purposes of implementing the meeting’s resolutions.
Status Implementasi Direalisasikan
Implementation Status Realized
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Luar Biasa PT Adhi Commuter Properti
Tindak Lanjut Manajemen Tbk No. 52 tanggal 10 Desember 2024.
Management Follow-Up It has been recorded in the Deed of Minutes of the Extraordinary General Meeting of Shareholders of PT Adhi
Commuter Properti Tbk, Deed No. 52 dated December 10, 2024.
RAPAT UMUM PEMEGANG SAHAM TAHUNAN TAHUN BUKU 2023
ANNUAL GENERAL MEETING OF SHAREHOLDERS FOR 2023 FINANCIAL YEAR
Jenis Rapat Rapat Umum Pemegang Saham Tahunan (RUPST)
Type of Meeting Annual General Meeting of Shareholders (AGMS)
Tanggal Pelaksanaan 17 Mei 2024
Date May 17, 2024
Waktu 14.30–15.39 WIB
Time 14.30–15.39 WIB
Tempat Hotel GranDhika Iskandarsyah, Jalan Iskandarsyah Raya Nomor 65, Jakarta Selatan
Venue Hotel GranDhika Iskandarsyah, Iskandarsyah Raya Road No. 65, South Jakarta
Saham Hadir/Terwakili
(Basis Voting)
Shares Present/ 20.225.728.600
Represented (Voting
Basis)
Persentase Kehadiran
dari Total Saham (%)
91,0157788
Attendance Percentage
of Total Shares (%)
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 163
Page 164
Tata Kelola Perusahaan
Good Corporate Governance
Total Saham Perseroan
dengan Hak Suara 22.222.222.200
Total Voting Shares
Kehadiran Notaris
Titik Krisna Murti Wikaningsih Hastuti, S.H., M.Kn.
Attendees of Notary
Kehadiran Kuasa 1. Hafiz Bambang Pamungkas (General Manager Manajemen Risiko PT Adhi Karya (Persero) Tbk)
Pemegang Saham Hafiz Bambang Pamungkas (General Manager of Risk Management at of PT Adhi Karya (Persero) Tbk)
Attendees Proxy of 2. Bindut Agus Dewanto (General Manager Departemen Legal PT Adhi Karya (Persero) Tbk)
Shareholder Bindut Agus Dewanto (General Manager of Legal Department at PT Adhi Karya (Persero) Tbk)
KEHADIRAN ANGGOTA DIREKSI DAN ANGGOTA DEWAN KOMISARIS DALAM RUPS TAHUNAN TAHUN BUKU 2023
ATTENDANCE OF BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS MEMBERS AT THE 2023 ANNUAL GMS
Direksi
Board of Directors
Direktur Utama
Rizkan Firman
President Director
Mochamad Yusuf Direktur Keuangan dan Manajemen Risiko
Director of Finance and Risk Management
Rozi Sparta Direktur Pemasaran dan Produksi
Director of Marketing and Production
Dewan Komisaris
Board of Commissioners
Komisaris Utama
Herry Ardianto
President Commissioner
Komisaris
Tjatur Waskito Putro
Commissioner
Komisaris Independen
Amrozi Hamidi
Independent Commissioner
Mata Acara Pertama
First Agenda
Persetujuan Laporan Tahunan termasuk Pengesahan Laporan Keuangan dan Laporan Tugas Pengawasan Dewan
Mata Acara
Komisaris Tahun Buku 2023
Agenda
Approval of the Annual Report including Ratification of the Financial Report and the Board of Commissioners’
Supervisory Tasks Report for the 2023 Financial Year
Jumlah Pemegang Saham Tidak ada Pemegang Saham yang mengajukan pertanyaan/pendapat.
yang Bertanya dan/atau No shareholders submitted any questions or opinions.
Berpendapat
Number of Shareholders
Who Asked Questions and/or
Gave Opinions
Setuju Abstain Tidak Setuju
Agree Abstain Disagree
Hasil Pemungutan Suara 20.225.718.500 0 saham (0,0000000%) dari 10.100 saham (0,0000499%) dari yang
Voting Result saham (99,9999501%) dari yang hadir yang hadir hadir
20,225,718,500 0 shares (0.0000000%) of the 10,100 shares (0.0000499%) of the
shares (99.9999501%) of the shares shares present/represented shares present/represented
present/represented
1. Menyetujui Laporan Tahunan Perseroan termasuk Laporan Tugas Pengawasan yang telah dilaksanakan oleh
Dewan Komisaris untuk tahun buku 2023 dan
2. Mengesahkan Laporan Keuangan Konsolidasian Perseroan, yang berakhir pada tangga 31 Desember 2023, yang
telah diaudit oleh Kantor Akuntan Publik Amir Abadi Jusuf, Aryanto, Mawar & Rekan (terafiliasi dengan RSM)
sebagaimana dimuat dalam laporannya Nomor: 00099/2.1030/AU.1/03/1680-2/1/III/2024 tanggal 4 Maret 2024
dengan pendapat “laporan keuangan konsolidasian terlampir menyajikan secara wajar dalam semua hal yang
material, posisi keuangan konsolidasian PT Adhi Commuter Properti Tbk dan entitas anak tanggal 31 Desember
2023, serta kinerja keuangan dan arus kas konsolidasinya untuk tahun yang berakhir pada tanggal tersebut sesuai
dengan Standar Akuntansi Keuangan di Indonesia”; memberikan pelunasan dan pembebasan tanggung jawab
sepenuhnya (volledig acquit et de charge) kepada seluruh anggota Direksi atas pengurusan dan seluruh Anggota
Dewan Komisaris atas pengawasan yang telah dijalankan selama tahun buku yang berakhir pada 31 Desember
Keputusan
2023, sepanjang tindakan tersebut bukan merupakan tindak pidana dan telah tercermin dalam Laporan tersebut diatas.
Resolution
1. Approving the Company’s Annual Report including the Report on Supervisory Duties carried out by the Board of
Commissioners for the 2023 financial year and
2. Ratifying the Company’s Consolidated Financial Statements, ending on December 31, 2023, which have been
audited by a Public Accounting Firm Amir Abadi Jusuf, Aryanto, Mawar & Partner (affiliated with RSM) as stated in
its report Number: 00099/2.1030/AU.1/03/1680-2/1/III/2024 dated March 4, 2024 with the opinion that “the attached
consolidated financial statements present fairly in all material respects, the consolidated financial position of PT
Adhi Commuter Properti Tbk and its subsidiaries as of December 31, 2023, as well as its consolidated financial
performance and cash flows for the year ended on that date in accordance with Financial Accounting Standards in
Indonesia”; provide full release and discharge of responsibility to all members (volledig acquit et de charge) of the
Board of Directors for management and all members of the Board of Commissioners for supervision that has been
carried out during the financial year ended December 31, 2023, as long as the actions are not criminal acts and have
been reflected in the Report above.
Status Implementasi Direalisasikan
Implementation Status Realized
164 2025 Laporan Tahunan
Annual Report
PT Adhi Commuter Properti Tbk
Page 165
Mata Acara Pertama
First Agenda
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Tahunan PT Adhi Commuter Properti Tbk No.
Tindak Lanjut Manajemen 04 tanggal 17 Mei 2024.
Management Follow-Up It has been recorded in the Deed of Minutes of the Annual General Meeting of Shareholders of PT Adhi Commuter
Properti Tbk, Deed No. 04 dated May 17, 2024.
Mata Acara Kedua
Second Agenda
Mata Acara Penetapan penggunaan Laba Bersih Perseroan Tahun Buku 2023
Agenda Determination of the use of the Company’s Net Profit for the 2023 Financial Year
Jumlah Pemegang Saham Tidak ada Pemegang Saham yang mengajukan pertanyaan/pendapat.
yang Bertanya dan/atau No shareholders submitted any questions or opinions.
Berpendapat
Number of Shareholders
Who Asked Questions and/or
Gave Opinions
Setuju Abstain Tidak Setuju
Agree Abstain Disagree
Hasil Pemungutan Suara 19.999.932.600 saham (99,999841%) 30.000 saham (0,000150%) dari
Voting Result 1.800 saham (0,000009%) dari yang hadir
dari yang hadir yang hadir
1,800 shares (0.000009%) of the shares
19,999,932,600 shares (99.999841%) 30,000 shares (0.000150%) of
present/represented
of the shares present/represented the shares present/represented
Menetapkan penggunaan Laba Bersih Perseroan Tahun Buku 2023 sebagai berikut:
1. Sebesar 20% (dua puluh persen) atau senilai Rp23.233.070.293,- (dua puluh tiga miliar dua ratus tiga puluh tiga juta
tujuh puluh ribu dua ratus sembilan puluh tiga rupiah) digunakan untuk Cadangan Wajib.
2. Sebesar 80% (delapan puluh persen) senilai Rp92.932.281.172,- (sembilan puluh dua miliar sembilan ratus tiga
puluh juta dua juta dua ratus delapan puluh satu ribu seratus tujuh puluh dua rupiah) digunakan untuk laba yang
Keputusan
belum ditentukan penggunaannya.
Resolution
Determining the use of the Company’s Net Profit for the 2023 Financial Year as follows:
1. 20% (twenty percent) or Rp23,233,070,293.- (twenty three billion two hundred thirty three million seventy thousand
two hundred and ninety three rupiah) is used for Mandatory Reserves.
2. 80% (eighty percent) or Rp92,932,281,172.- (ninety two billion nine hundred thirty two million two hundred eighty one
thousand one hundred and seventy two rupiah) is used for profits whose use has not been determined.
Status Implementasi Direalisasikan
Implementation Status Realized
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Tahunan PT Adhi Commuter Properti Tbk No.
Tindak Lanjut Manajemen 04 tanggal 17 Mei 2024.
Management Follow-Up It has been recorded in the Deed of Minutes of the Annual General Meeting of Shareholders of PT Adhi Commuter
Properti Tbk, Deed No. 04 dated May 17, 2024.
Mata Acara Ketiga
Third Agenda
Penetapan Gaji/Honorarium, Fasilitas dan Tunjangan Lainnya serta Tantiem/Insentif Kerja/Intensif Khusus bagi
Mata Acara Anggota Direksi dan Anggota Dewan Komisaris
Agenda Determination of Salary/Honorarium, Facilities and Other Allowances as well as Bonuses/Work Incentives/Special
Incentives for Members of the Board of Directors and Members of the Board of Commissioners
Jumlah Pemegang Saham Tidak ada Pemegang Saham yang mengajukan pertanyaan/pendapat.
yang Bertanya dan/atau No shareholders submitted any questions or opinions.
Berpendapat
Number of Shareholders
Who Asked Questions and/or
Gave Opinions
Setuju Abstain Tidak Setuju
Agree Abstain Disagree
Hasil Pemungutan Suara 20.225.676.300 0 saham (0,0000000%) dari 52.300 saham (0,0002586%) dari yang
Voting Result saham (99,9997414%) dari yang hadir yang hadir hadir
20,225,676,300 0 shares (0.0000000%) of the 52,300 shares (0.0002586%) of the
shares (99.9997414%) of the shares shares present/represented shares present/represented
present/represented
1. Memberikan wewenang dan kuasa kepada Pemegang Saham Mayoritas untuk menetapkan besaran tantiem untuk
Tahun 2023, serta menetapkan honorarium, tunjangan, dan fasilitas bagi anggota Dewan Komisaris untuk tahun
2024; dan
2. Memberikan wewenang dan kuasa kepada Dewan Komisaris dengan terlebih dahulu mendapatkan persetujuan
tertulis dari Pemegang Saham Mayoritas untuk menetapkan besarnya tantiem untuk Tahun Buku 2023, serta
Keputusan
menetapkan gaji, tunjangan, dan fasilitas bagi anggota Direksi untuk tahun 2024.
Resolution
1. Authorizing the Majority Shareholders to determine the amount of tantiem for the 2023 Financial Year, as well as
determine the honorarium, allowances and facilities for members of the Board of Commissioners for 2024; and
2. Authorizing the Board of Commissioners before written approval from the Majority Shareholders to determine
the amount of tantiem for the 2023 Financial Year, as well as determine the salaries, allowances and facilities for
members of the Board of Directors for 2024.
Status Implementasi Direalisasikan
Implementation Status Realized
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 165
Page 166
Tata Kelola Perusahaan
Good Corporate Governance
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Tahunan PT Adhi Commuter Properti Tbk No.
Tindak Lanjut Manajemen
04 tanggal 17 Mei 2024.
Management Follow-Up
It has been recorded in the Deed of Minutes of the Annual General Meeting of Shareholders of PT Adhi Commuter
Properti Tbk, Deed No. 04 dated May 17, 2024.
Mata Acara Keempat
Fourth Agenda
Penunjukan Kantor Akuntan Publik untuk melakukan Audit Laporan Keuangan Perseroan Tahun Buku 2024
Mata Acara
Appointment of a Public Accounting Firm to conduct an Audit of the Company’s Financial Report for the 2024
Agenda
Financial Year
Jumlah Pemegang Saham Tidak ada Pemegang Saham yang mengajukan pertanyaan/pendapat.
yang Bertanya dan/atau No shareholders submitted any questions or opinions.
Berpendapat
Number of Shareholders
Who Asked Questions and/or
Gave Opinions
Setuju Abstain Tidak Setuju
Agree Abstain Disagree
Hasil Pemungutan Suara 20.225.718.500 saham 0 saham (0,0000000%) dari 10.100 saham
Voting Result (99,9999501%) dari yang hadir yang hadir (0,0000499%) dari yang hadir
20,225,718,500 shares 0 shares (0.0000000%) of the 10,100 shares (0.0000499%)
(99.9999501%) of the attending parties shares present/represented of the attending parties
1. Menunjuk Kantor Akuntan Publik Amir Abadi Jusuf, Aryanto, Mawar & Rekan (terafiliasi dengan RSM) untuk
melakukan audit umum atas Laporan Keuangan Konsolidasian Perseroan tahun buku 2024;
2. Memberikan pelimpahan kewenangan kepada Dewan Komisaris Perseroan untuk menetapkan besaran imbalan
jasa audit, penambahan ruang lingkup pekerjaan yang diperlukan dan persyaratan lainnya yang wajar bagi Kantor
Akuntan Publik tersebut; dan
3. Memberikan wewenang dan kuasa kepada Dewan Komisaris dengan terlebih dahulu mendapatkan persetujuan
tertulis Pemegang Saham Mayoritas untuk menetapkan Kantor Akuntan Publik pengganti dalam hal Kantor Akuntan
Publik Amir Abadi Jusuf, Aryanto, Mawar & Rekan (terafiliasi dengan RSM) karena sebab apapun tidak dapat
menyelesaikan audit atas Laporan Keuangan Perseroan tahun buku 2024 termasuk menetapkan besaran imbalan
Keputusan
jasa audit dan persyaratan lainnya bagi KAP pengganti tersebut.
Resolution
1. Appointing Public Accounting Firm of Amir Abadi Jusuf, Aryanto, Mawar & Rekan (affiliated with RSM) to conduct a
general audit of the Company’s Consolidated Financial Statements for the 2024 financial year;
2. Granting delegation of authority to the Company’s Board of Commissioners to determine the amount of audit fees,
the additional scope of work required and other reasonable requirements for the Public Accounting Firm; and
3. Authorizing the Board of Commissioners with prior written approval from the Majority Shareholders to appoint a
replacement for Public Accounting Firm in the event that the Public Accounting Firm Amir Abadi Jusuf, Aryanto,
Mawar & Partner (affiliated with RSM) for any reason is unable to complete the audit of the Company’s Financial
Statements for the 2024 financial year including determining the amount of audit service fees and other requirements
for the replacement KAP.
Status Implementasi Direalisasikan
Implementation Status Realized
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Tahunan PT Adhi Commuter Properti Tbk No.
Tindak Lanjut Manajemen 04 tanggal 17 Mei 2024.
Management Follow-Up It has been recorded in the Deed of Minutes of the Annual General Meeting of Shareholders of PT Adhi Commuter
Properti Tbk, Deed No. 04 dated May 17, 2024.
Mata Acara Kelima
Fifth Agenda
Mata Acara Laporan Pertanggungjawaban Realisasi Penggunaan Dana Hasil Penawaran Umum;
Agenda Accountability Report on the Realization of Use of Funds from Public Offerings;
Jumlah Pemegang Saham Tidak ada Pemegang Saham yang mengajukan pertanyaan/pendapat.
yang Bertanya dan/atau No shareholders submitted any questions or opinions.
Berpendapat
Number of Shareholders
Who Asked Questions and/or
Gave Opinions
Setuju Abstain Tidak Setuju
Hasil Pemungutan Suara Agree Abstain Disagree
Voting Result Tidak ada pengambilan kuorum karena Mata Acara Kelima merupakan Laporan Pertanggungjawaban.
No quorum is required as the Fifth Agenda serves as a Report.
166 2025 Laporan Tahunan
Annual Report
PT Adhi Commuter Properti Tbk
Page 167
Mata Acara Kelima
Fifth Agenda
Perseroan telah melakukan Penawaran Umum Obligasi III Tahun 2023 yang efektif pada tanggal 30 November 2023.
Perseroan telah menerima dana hasil obligasi seluruhnya sebesar Rp499.900.000.000,- (empat ratus sembilan puluh
sembilan miliar sembilan ratus juta rupiah) dan biaya penawaran umum yang dikeluarkan sebesar Rp8.878.382.868,-
(delapan miliar delapan ratus tujuh puluh delapan juta tiga ratus delapan puluh dua ribu delapan ratus enam puluh
delapan Rupiah). Sehingga hasil bersih dari Obligasi III adalah sebesar Rp491.021.617.132,- (empat ratus sembilan
puluh satu miliar dua puluh satu juta enam ratus tujuh belas ribu seratus tiga puluh dua Rupiah).
Realisasi penggunaan dana Obligasi III per 30 November 2023 adalah sebesar Rp229.923.200.000,- (dua ratus dua
puluh sembilan miliar sembilan ratus dua puluh tiga ribu dua ratus ribu rupiah yang digunakan untuk Refinancing dan
sebesar Rp29.683.983.233,- (dua puluh sembilan miliar enam ratus delapan puluh tiga juta sembilan ratus delapan
puluh tiga ribu dua ratus tiga puluh tiga Rupiah) digunakan untuk modal kerja, sehingga total realisasi penggunaan
dana adalah sebesar Rp259.607.183.233,- (dua ratus lima puluh sembilan miliar enam ratus tujuh juta seratus delapan
puluh tiga ribu dua ratus tiga puluh tiga Rupiah, dan sisa dana Obligasi III Adhi Commuter Properti Tahun 2023 adalah
sebesar Rp231.414.433.899,- (dua ratus tiga puluh satu miliar empat ratus empat belas juta empat ratus tiga puluh tiga
Keputusan ribu delapan ratus sembilan puluh sembilan rupiah) yang akan digunakan sebagai modal kerja
Resolution The Company has conducted a Public Offering of Bonds III in 2023 which was effective on November 30, 2023. The
Company has received total bond proceeds of Rp499,900,000,000,- (four hundred ninety-nine billion nine hundred
million rupiah) and the public offering costs incurred amounted to Rp8,878,382,868,- (eight billion eight hundred
seventy-eight million three hundred eighty-two thousand eight hundred sixty-eight Rupiah). So that the net proceeds
from Bonds III are Rp491,021,617,132,- (four hundred ninety-one billion twenty-one million six hundred seventeen
thousand one hundred thirty-two Rupiah).
The realization of the use of Bond III funds as of November 30, 2023 is Rp229,923,200,000,- (two hundred twenty-
nine billion nine hundred twenty-three thousand two hundred thousand rupiah which is used for Refinancing and
Rp29,683,983,233,- (twenty-nine billion six hundred eighty-three million nine hundred eighty-three thousand two hundred
thirty-three Rupiah) is used for working capital, so that the total realization of the use of funds is Rp259,607,183,233,-
(two hundred fifty-nine billion six hundred seven million one hundred eighty-three thousand two hundred thirty-three
Rupiah), and the remaining funds of Bond III Adhi Commuter Properti Year 2023 are Rp231,414,433,899,- (two hundred
thirty-one billion four hundred fourteen million four hundred thirty-three thousand eight hundred ninety-nine Rupiah)
which will be used as working capital.
Status Implementasi Direalisasikan
Implementation Status Realized
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Tahunan PT Adhi Commuter Properti Tbk No.
Tindak Lanjut Manajemen 04 tanggal 17 Mei 2024.
Management Follow-Up It has been recorded in the Deed of Minutes of the Annual General Meeting of Shareholders of PT Adhi Commuter
Properti Tbk, Deed No. 04 dated May 17, 2024.
Mata Acara Keenam
Sixth Agenda
Mata Acara Ratifikasi terhadap Penyetoran Saham oleh Para Pemegang Saham Pendiri Perseroan;
Agenda Ratification of Share Deposit by the Founding Shareholders of the Company;
Jumlah Pemegang Saham yang Tidak ada Pemegang Saham yang mengajukan pertanyaan/pendapat.
Bertanya dan/atau Berpendapat No shareholders submitted any questions or opinions.
Number of Shareholders Who
Asked Questions and/or Gave
Opinions
Setuju Abstain Tidak Setuju
Agree Abstain Disagree
Hasil Pemungutan Suara 20.225.718.500
0 saham (0,0000000%) dari 10.100 saham (0,0000499%) dari
Voting Result saham (99,9999501%) dari yang hadir
yang hadir yang hadir
20,225,718,500
0 shares (0.0000000%) of the 10,100 shares (0.0000499%) of the
shares (99.9999501%) of the shares
shares present/represented shares present/represented
present/represented
1. Menyetujui Ratifikasi/Pengesahan terhadap penyetoran saham oleh para pemegang saham pendiri Perseroan,
sebagaimana termuat dalam Akta Pendirian nomor 103 tanggal 9 Maret 2018 yang dibuat dihadapan Insinyur
Keputusan Nanette Cahyanie Handari Adi Warsito, Notaris di Jakarta
Resolution 2. Memberikan kuasa kepada Direksi Perseroan untuk melakukan segala tindakan yang diperlukan dalam rangka
melaksanakan keputusan Rapat, termasuk menyatakan Keputusan Rapat dengan akta tersendiri di hadapan
Notaris, jika diperlukan.
1. Approving the Ratification/Enactment of the share deposit by the founding shareholders of the Company, as
stated in the Deed of Establishment number 103 dated March 9, 2018 made before Engineer Nanette Cahyanie
Handari Adi Warsito, Notary in Jakarta
2. Granting power to the Company’s Board of Directors to take all necessary actions in order to implement the
decisions of the Meeting, including declaring the Meeting Decisions in a separate deed before a Notary, if
necessary.
Status Implementasi Direalisasikan
Implementation Status Realized
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Tahunan PT Adhi Commuter Properti Tbk
Tindak Lanjut Manajemen No. 04 tanggal 17 Mei 2024.
Management Follow-Up It has been recorded in the Deed of Minutes of the Annual General Meeting of Shareholders of PT Adhi Commuter
Properti Tbk, Deed No. 04 dated May 17, 2024.
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 167
Page 168
Tata Kelola Perusahaan
Good Corporate Governance
Mata Acara Ketujuh
Seventh Agenda
Mata Acara Perubahan Susunan Pengurus Perseroan
Agenda Changes to the Company’s Management Composition
Jumlah Pemegang Saham Tidak ada Pemegang Saham yang mengajukan pertanyaan/pendapat.
yang Bertanya dan/atau No shareholders submitted any questions or opinions.
Berpendapat
Number of Shareholders
Who Asked Questions and/or
Gave Opinions
Hasil Pemungutan Suara Setuju Abstain Tidak Setuju
Voting Result Agree Abstain Disagree
20.225.718.500 saham 0 saham (0,0000000%) dari yang 10.100 saham (0,0000499%) dari
(99,9999501%) dari yang hadir hadir yang hadir
20,225,718,500 shares 0 shares (0.0000000%) of the shares 10,100 shares (0.0000499%) of the
(99.9999501%) of the shares present/represented shares present/represented
present/represented
Menyetujui perubahan Pengurus Perseroan sebagai berikut:
1. Memberhentikan dengan hormat:
a. Tuan Tjatur Waskito Putro sebagai Komisaris
b. Tuan Mochamad Yusuf tersebut sebagai Direktur Keuangan, Manajemen Risiko dan Human Capital
c. Tuan Rozi Sparta, tersebut sebagai Direktur Pemasaran dan Produksi
Terhitung sejak ditutupnya Rapat dengan ucapan terima kasih atas segala sumbangsih tenaga dan pikiran selama
menjabat sebagai pengurus Perseroan.
2. Mengangkat dan menugaskan
a. Tuan Achmad Afandi sebagai Komisaris dengan masa jabatan 5 (lima) tahun dengan memperhatikan peraturan
perundang-undangan di bidang Pasar Modal dan tanpa mengurangi hak RUPS untuk memberhentikan sewaktu-
waktu.
b. Tuan Achmad Wachid Abdullah sebagai Direktur Keuangan, Manajemen Risiko dan Human Capital dengan masa
jabatan 5 (lima) tahun dengan memperhatikan peraturan perundang-undangan di bidang Pasar Modal dan tanpa
mengurangi hak RUPS untuk memberhentikan sewaktu-waktu.
c. Tuan Farid Budiyanto sebagai DIrektur Pemasaran dan Produksi dengan masa jabatan 5 (lima) tahun dengan
memperhatikan peraturan perundang-undangan di bidang Pasar Modal dan tanpa mengurangi hak RUPS untuk
memberhentikan sewaktu-waktu.
3. Dengan adanya pemberhentian dan pengangkatan pengurus Perseroan sebagaimana dimaksud pada angka 1 dan
2,maka susunan Pengurus Perseroan menjadi sebagai berikut:
4. Dewan Komisaris
- Komisaris Utama: Herry Ardianto
- Komisaris: Achmad Afandi
- Komisaris Independen: Amrozi Hamidi
Direksi
- Direktur Utama: Rizkan Firman
- Direktur Keuangan, Manajemen Risiko, dan Human Capital: Achmad Wachid Abdullah
- Direktur Pemasaran dan Produksi: Farid Budiyanto
5. Memberikan kuasa dengan hak substitusi kepada Direksi Perseroan untuk menyatakan yang diputuskan Rapat
dalam bentuk Akta Notaris serta menghadap Notaris atau pejabat yang berwenang dan melakukan penyesuaian
atau perbaikan yang diperlukan apabila dipersyaratkan oleh pihak yang berwenang untuk keperluan pelaksanaan
Keputusan
isi keputusan rapat.
Resolution
Approving the changes to the Company’s Management as follows:
1. Dismissing with honor:
a. Mr. Tjatur Waskito Putro as Commissioner
b. Mr. Mochamad Yusuf as Director of Finance, Risk Management and Human Capital
c. Mr. Rozi Sparta, as the Director of Marketing and Production
Effective as of the closing of the Meeting with gratitude for all contributions of energy and thoughts during their tenure
as members of the Company’s management.
2. Appointing and assigning
a. Mr. Achmad Afandi as Commissioner with a term of office of 5 (five) years with due regard to laws and regulations
in the Capital Market sector and without reducing the right of the GMS to dismiss at any time.
b. Mr. Achmad Wachid Abdullah as Director of Finance, Risk Management and Human Capital with a term of office
of 5 (five) years with due regard to laws and regulations in the Capital Market sector and without reducing the right
of the GMS to dismiss at any time.
c. Mr. Farid Budiyanto as Director of Marketing and Production with a term of office of 5 (five) years with due regard
to laws and regulations in the Capital Market sector and without reducing the right of the GMS to dismiss at any
time.
3. With the dismissal and appointment of the Company’s management as referred to in point 1 and 2 above, the
composition of the Company’s Management is as follows:
Board of Commissioners
- President Commissioner: Herry Ardianto
- Commissioner: Achmad Afandi
- Independent Commissioner: Amrozi Hamidi
Board of Directors
- President Director: Rizkan Firman
- Director of Finance, Risk Management, and Human Capital: Achmad Wachid Abdullah
- Director of Marketing and Production: Farid Budiyanto
4. Granting power of attorney with the right of substitution to the Company’s Board of Directors to state the decisions
of the Meeting in the form of a Notarial Deed and to appear before a Notary or authorized official and make any
necessary adjustments or improvements if required by the authorized party for the purposes of implementing the
contents of the meeting’s decisions.
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Mata Acara Ketujuh
Seventh Agenda
Status Implementasi Direalisasikan
Implementation Status Realized
Telah dicatat dalam Akta Berita Acara Rapat Umum Pemegang Saham Tahunan PT Adhi Commuter Properti Tbk No.
Tindak Lanjut Manajemen 04 tanggal 17 Mei 2024.
Management Follow-Up It has been recorded in the Deed of Minutes of the Annual General Meeting of Shareholders of PT Adhi Commuter
Properti Tbk, Deed No. 04 dated May 17, 2024.
Keputusan RUPS pada Tahun Buku dan 1 (Satu) Tahun Sebelum Tahun Buku yang Direalisasikan
pada Tahun Buku
GMS Resolutions for the Financial Year and 1 (One) Financial Year Prior Realized in the Relevant Financial Year
Pada tahun buku 2025, Perseroan menindaklanjuti In the 2025 fiscal year, the Company followed up and
dan melaksanakan keputusan-keputusan RUPS yang implemented the decisions of the GMS held in 2025 and 1
diselenggarakan pada tahun 2025 serta 1 (satu) tahun (one) year prior in accordance with applicable regulations.
sebelumnya sesuai ketentuan yang berlaku.
Keputusan RUPST tanggal 05 Juni 2025 (antara lain Decisions of the AGMS dated June 5, 2025 (including
persetujuan Laporan Tahunan dan pengesahan Laporan approval of the Annual Report and ratification of the
Keuangan Konsolidasian Tahun Buku 2024, penetapan Consolidated Financial Statements for the 2024 fiscal
penggunaan laba bersih, penetapan remunerasi, year, determination of the use of net profit, determination
penunjukan Kantor Akuntan Publik untuk audit Tahun of remuneration, appointment of a Public Accounting
Buku 2025, serta perubahan susunan pengurus) menjadi Firm for the 2025 fiscal year audit, and changes in the
dasar pelaksanaan tindakan korporasi dan/atau tindakan composition of the management) became the basis for the
manajemen pada tahun buku 2025. implementation of corporate actions and/or management
actions in the 2025 fiscal year.
Selain itu, Perseroan menindaklanjuti keputusan RUPSLB In addition, the Company followed up on the decisions
tanggal 10 Desember 2024, termasuk keputusan terkait of the Extraordinary General Meeting of Shareholders
perubahan Anggaran Dasar, sesuai mekanisme dan on December 10, 2024, including decisions related to
ketentuan yang berlaku. amendments to the Articles of Association, in accordance
with the applicable mechanisms and provisions.
Keputusan RUPS pada Tahun Buku dan 1 (Satu) Tahun Sebelum Tahun Buku yang Belum
Direalisasikan
Unrealized GMS Resolutions for the Financial Year and 1 (One) Financial Year Prior
Per 31 Desember 2025, tidak terdapat keputusan As of December 31, 2025, there are no GMS (AGMS/
RUPS (RUPST/RUPSLB) pada tahun 2025 maupun 1 EGMS) resolutions in 2025 or the previous year that
(satu) tahun sebelumnya yang masih tertunda untuk are still pending follow-up; all resolutions have been
ditindaklanjuti; seluruh keputusan telah dilaksanakan implemented in accordance with the provisions.
sesuai ketentuan.
Pihak Independen dalam Pelaksanaan RUPS pada Tahun Buku dan 1 (Satu) Tahun Sebelum
Tahun Buku
Independent Parties in the Implementation of the GMS for the Financial Year and 1 (One) Financial Year Prior
Dalam penyelenggaraan RUPS, Perseroan melibatkan In conducting the GMS, the Company involves
pihak independen/profesi penunjang guna memastikan independent parties/supporting professionals to ensure
proses rapat berjalan sesuai ketentuan serta mendukung that the meeting process runs in accordance with the
akuntabilitas pelaksanaan rapat. provisions and supports the accountability of the meeting
implementation.
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Tata Kelola Perusahaan
Good Corporate Governance
Pihak independen tersebut mencakup notaris sebagai These independent parties include a notary as the official
pejabat pembuat akta risalah rapat, Biro Administrasi Efek who drafts the minutes of the meeting, the Securities
(BAE) untuk dukungan administrasi serta pengawasan Administration Bureau (BAE) for administrative support
dan/atau perhitungan suara, serta penyedia sarana and supervision and/or vote counting, and a provider of
penyelenggaraan RUPS secara elektronik melalui eASY. electronic GMS facilities through eASY.KSEI (KSEI) if the
KSEI (KSEI) apabila rapat diselenggarakan dengan meeting is held electronically.
fasilitas elektronik.
Tugas pihak independen melakukan
Jenis Rapat
Tanggal Nama Pihak Independen Peran perhitungan suara
Type of
Date Independent Party Role Independent party are tasked with
Meeting
counting the votes
Rapat Umum Pemegang Saham 2025
2025 General Meeting of Shareholders
RUPST 05 Jun 2025 PT Datindo Entrycom BAE/pengawasan/ Ya
AGMS June 05, 2025 perhitungan suara Yes
BAE/supervision/
vote counting
RUPST 05 Jun 2025 Rosida Rajagukguk-Siregar, Notaris Tidak
AGMS June 05, 2025 S.H., M.Kn Notary No
RUPST 05 Jun 2025 KSEI (eASY.KSEI) Sarana penyelenggaraan elektronik Tidak
AGMS June 05, 2025 RUPS No
Means of conducting electronic GMS
Rapat Umum Pemegang Saham 2024
2024 General Meeting of Shareholders
RUPSLB 10 Desember 2024 PT Datindo Entrycom BAE/pengawasan/perhitungan suara Ya
EGMS December 10, 2024 BAE/supervision/vote counting Yes
RUPSLB 10 Desember 2024 Rosida Rajagukguk-Siregar, Notaris Tidak
EGMS December 10, 2024 S.H., M.Kn Notary No
RUPSLB 10 Desember 2024 KSEI (eASY.KSEI) Sarana penyelenggaraan elektronik Tidak
EGMS December 10, 2024 RUPS No
Means of conducting electronic GMS
RUPST 17 Mei 2024 PT Datindo Entrycom BAE/pengawasan/perhitungan suara Ya
AGMS May 17, 2024 BAE/supervision/vote counting Yes
RUPST 17 Mei 2024 Titik Krisna Murti Notaris Tidak
AGMS May 17, 2024 Wikaningsih Hastuti, S.H., Notary No
M.Kn
RUPST 17 Mei 2024 KSEI (eASY.KSEI) Sarana penyelenggaraan elektronik Tidak
AGMS May 17, 2024 RUPS No
Means of conducting electronic GMS
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Direksi
Board of Directors
Direksi merupakan organ Perseroan yang bertugas The Board of Directors is the Company’s governing
menjalankan pengurusan Perseroan untuk kepentingan body responsible for managing the Company in its best
Perseroan sesuai maksud dan tujuan Perseroan, interests in accordance with the Company’s purposes and
serta mewakili Perseroan di dalam maupun di luar objectives, and for representing the Company both in and
pengadilan, dengan tetap memperhatikan pembatasan out of court, subject to the limitations set out in applicable
yang ditetapkan dalam peraturan perundang-undangan, laws and regulations, the Articles of Association, and/or
Anggaran Dasar, dan/atau keputusan RUPS. resolutions of the General Meeting of Shareholders.
Dalam melaksanakan pengurusan, Direksi mengarahkan In carrying out its duties, the Board of Directors directs
kebijakan dan tindakan korporasi agar selaras dengan corporate policies and actions to align with the targets set
sasaran yang ditetapkan dalam Rencana Jangka Panjang out in the Company’s Long-Term Plan and the Company
Perusahaan (RJPP) dan Rencana Kerja dan Anggaran Work Plan and Budget, and to support the achievement
Perusahaan (RKAP), serta mendukung pencapaian Visi of the Company’s Vision and Mission.
dan Misi Perseroan.
Perseroan menetapkan Pedoman Kerja Dewan Komisaris The Company has established the Board of
dan Direksi (Board Manual) sebagai acuan kerja yang Commissioners and Board of Directors Work Guidelines
menjelaskan tahapan aktivitas secara terstruktur dan (Board Manual) as a working reference that sets out
sistematis bagi Direksi dan Dewan Komisaris, serta structured and systematic stages of activities for the
sebagai bentuk komitmen penerapan prinsip-prinsip Board of Directors and the Board of Commissioners,
Good Corporate Governance (GCG). Board Manual and as a commitment to implementing the principles of
disusun dengan mengacu pada prinsip-prinsip hukum GCG. The Board Manual is prepared in accordance with
perusahaan, peraturan perundang-undangan, ketentuan corporate law principles, applicable laws and regulations,
Anggaran Dasar, serta keputusan dan arahan RUPS, the Articles of Association, and resolutions and directives
sehingga pelaksanaan tata kelola Perseroan berjalan of the General Meeting of Shareholders, to ensure that the
profesional, transparan, dan efisien. Company’s governance is conducted in a professional,
transparent, and efficient manner.
Dalam kerangka tata kelola tersebut, Direksi Within this governance framework, the Board of Directors
membangun hubungan kerja dengan Dewan Komisaris maintains a formal institutional working relationship
secara formal kelembagaan melalui mekanisme dan with the Board of Commissioners through accountable
korespondensi yang dapat dipertanggungjawabkan. mechanisms and correspondence. The Board of Directors
Direksi bertanggung jawab atas akurasi, kelengkapan, is responsible for ensuring the accuracy, completeness,
dan ketepatan waktu penyampaian informasi Perseroan and timeliness of information submitted to the Board of
kepada Dewan Komisaris, dan komunikasi informal Commissioners, and informal communication is not used
tidak digunakan sebagai dasar kebijakan yang dapat as a basis for accountable policy decisions.
dipertanggungjawabkan.
Susunan Direksi
Composition of The Board of Directors
Susunan Direksi Perseroan ditetapkan melalui keputusan The composition of the Company’s Board of Directors is
RUPS dan didokumentasikan dalam akta yang menjadi determined by resolutions of the GMS and documented
dasar pengangkatan anggota Direksi. Sepanjang Tahun in a deed that serves as the basis for the appointment
Buku 2025, Perseroan melakukan perubahan komposisi of members of the Board of Directors. During the 2025
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Tata Kelola Perusahaan
Good Corporate Governance
Direksi, sehingga susunan Direksi pada periode financial year, the Company made changes to the
awal tahun berbeda dengan susunan Direksi setelah composition of the Board of Directors. Therefore, the
perubahan yang berlaku pada 5 Juni 2025. Board of Directors’ composition at the beginning of the
year differs from that effective after the changes on June
5, 2025.
Susunan Anggota Direksi Composition Member of the Board of Directors
Perseroan mencatat perubahan komposisi Direksi selama The Company recorded changes in the composition of
tahun 2025 sebagaimana ditampilkan pada tabel berikut. the Board of Directors during 2025, as presented in the
table below.
Periode: 1 Januari 2025 - 5 Juni 2025
Period: January 1, 2025 - June 5, 2025
Dasar
Nama Jabatan Periode
Hukum Pengangkatan
Name Position Period
Basis of Appointment
Direktur Utama Akta No. 26 tanggal 7 Februari 2020 Periode ke-1
Rizkan Firman
President Director Deed No. 26 dated February 7, 2020 1st Period
Akta No. 52 tanggal
Direktur Operasi 10 Desember 2024 Periode ke-1
Farid Budiyanto
Director of Operation Deed No. 52 dated 1st Period
December 10, 2024
Achmad Direktur Keuangan dan Manajemen Risiko Akta No. 26 tanggal 7 Februari 2020 Periode ke-1
Wachid Abdullah Director of Finance and Risk Management Deed No. 26 dated February 7, 2020 1st Period
Berdasarkan perubahan tersebut, susunan Direksi Based on these changes, as of December 31, 2025,
Perseroan per 31 Desember 2025 terdiri dari 2 (dua) the Company’s Board of Directors consists of two (2)
orang, yaitu Direktur Utama dan Direktur Operasi, members, namely the President Director and the Director
sebagaimana ditampilkan pada tabel berikut. of Operations, as presented in the table below.
Periode: 5 Juni 2025 - 31 Desember 2025
Period: 5 June, 2025 - December 31, 2025
Dasar
Nama Jabatan Periode
Hukum Pengangkatan
Name Position Period
Basis of Appointment
Achmad Direktur Utama Akta No. 36 tanggal 5 Juni 2025 Periode ke-1
Wachid Abdullah President Director Deed No. 36 dated June 5, 2025 1st Period
Akta No. 52 tanggal
Direktur Operasi 10 Desember 2024 Periode ke-1
Farid Budiyanto
Director of Operation Deed No. 52 dated 1st Period
December 10, 2024
Profil seluruh anggota Direksi disajikan pada Bab Profil Profile all of the Board of Directors Members presented
Perusahaan dalam Laporan Tahunan ini. on the Company Profile in this Annual Report.
Tugas dan Tanggung Jawab Direksi
Duties and Obligations of Members The Board of Directors
Direksi bertugas melakukan pengurusan Perseroan The Board of Directors is responsible for managing the
untuk kepentingan Perseroan sesuai maksud dan Company in its best interests in accordance with the
tujuan Perseroan serta mewakili Perseroan di dalam Company’s purposes and objectives and for representing
dan di luar pengadilan, dengan pembatasan sesuai the Company both in and out of court, subject to the
peraturan perundang-undangan, Anggaran Dasar, dan/ limitations set out in applicable laws and regulations, the
atau keputusan RUPS. Direksi menjalankan pengurusan Articles of Association, and/or resolutions of the GMS.
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berdasarkan pedoman tata kelola dan mekanisme kerja The Board of Directors carries out its management
organ Perseroan sebagaimana diatur lebih rinci dalam duties in accordance with governance guidelines and the
Board Manual. working mechanisms of the Company’s organs, as further
stipulated in the Board Manual.
Direksi menyusun rencana kerja dan anggaran tahunan The Board of Directors prepares the annual work plan and
(RKAP) untuk setiap tahun buku serta menyampaikannya budget for each financial year and submits it to the Board of
kepada Dewan Komisaris untuk memperoleh persetujuan Commissioners for approval and ratification. The Board of
dan pengesahan. Direksi menyampaikan laporan Directors also submits management reports and periodic
manajemen dan laporan berkala kepada RUPS dan reports to the GMS and the Board of Commissioners in
Dewan Komisaris sesuai ketentuan yang berlaku. accordance with applicable regulations. Additionally, the
Direksi memastikan tersedianya informasi Perusahaan Board of Directors ensures the availability of accurate,
yang akurat, lengkap, dan tepat waktu kepada Dewan complete, and timely Company information to the Board of
Komisaris dalam rangka mendukung fungsi pengawasan Commissioners, supporting its supervisory and advisory
dan pemberian nasihat. functions.
Dalam mendukung pelaksanaan tugasnya, Direksi dibantu In carrying out its duties, the Board of Directors is
oleh fungsi Corporate Secretary yang menjalankan supported by the Corporate Secretary function, which is
kegiatan kesekretariatan perusahaan, investor relations, responsible for corporate secretarial activities, investor
corporate communications, pengelolaan program CSR/ relations, corporate communications, management
TJSL, serta koordinasi implementasi GCG dan agenda of CSR/TJSL programs, and coordination of the
korporasi. Direksi, khususnya Direktur Utama, juga implementation of GCG and corporate agendas. The
didukung oleh Satuan Pengawasan Internal untuk Board of Directors, particularly the President Director, is
memonitor dan meningkatkan pengendalian manajemen, also supported by the Internal Audit Unit in monitoring
mendorong efektivitas manajemen risiko, serta and enhancing management controls, promoting effective
melakukan pemeriksaan dan rekomendasi atas kegiatan risk management, and conducting reviews and providing
operasional. recommendations on operational activities.
Tanggung Jawab Direksi Board of Directors’ Obligation
Direksi bertindak dengan itikad baik, penuh tanggung The Board of Directors acts in good faith, with full
jawab, dan kehati-hatian, serta mempertimbangkan responsibility and prudence, and considers relevant
aspek relevan dan keseimbangan kepentingan pemangku aspects and the balance of interests of stakeholders in
kepentingan dalam pengelolaan Perusahaan. Direksi the management of the Company. The Board of Directors
mengomunikasikan kepada Dewan Komisaris setiap communicates with the Board of Commissioners
pengelolaan Perusahaan yang berpengaruh signifikan regarding any management of the Company that has
terhadap kinerja Perusahaan. effect of the Company’s performance.
Direksi mengungkapkan benturan atau potensi benturan The Board of Directors shall disclose any conflicts or
kepentingan kepada Dewan Komisaris dan Direksi potential conflicts of interest to the Board of Commissioners
apabila kepentingan Perusahaan berbenturan dengan and the Board of Directors if the interests of the Company
kepentingan pribadi. Direktur yang memiliki benturan conflict with personal interests. Directors who have
kepentingan tidak berwenang mewakili Perusahaan dan conflicts of interest are not authorized to represent the
digantikan oleh Direktur lain yang tidak memiliki benturan Company and shall be replaced by other Directors who
kepentingan. do not have conflicts of interest.
Direksi melaksanakan program pengenalan bagi The Board of Directors implements an orientation program
Direktur yang baru diangkat, dengan penanggung jawab for newly appointed Directors, with the Chief Executive
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Tata Kelola Perusahaan
Good Corporate Governance
pelaksanaan berada pada Direktur Utama. Direksi juga Officer responsible for its implementation. The Board of
menyelenggarakan pembelajaran berkelanjutan sesuai Directors also organizes ongoing training as needed to
kebutuhan guna menjaga relevansi kompetensi. maintain the relevance of competencies.
Wewenang Direksi Board of Directors’ Authority
Direksi menggunakan wewenang dan sumber daya The Board of Directors uses the Company’s authority
Perusahaan untuk meningkatkan keberhasilan bisnis dan and resources to improve the Company’s business
akuntabilitas Perusahaan sesuai ketentuan yang berlaku. success and accountability in accordance with applicable
Direksi dapat menggunakan jasa profesional independen regulations. The Board of Directors may use independent
sepanjang tidak terdapat benturan kepentingan dan professional services as long as there is no conflict of
biayanya dibebankan kepada Perusahaan. interest and the costs are borne by the Company.
Dalam penetapan dan penandatanganan Keputusan In determining and signing Board of Directors’ Decisions,
Direksi, Direksi membedakan keputusan pada level the Board of Directors distinguishes between corporate
kebijakan korporat yang ditandatangani oleh Direktur policy decisions signed by the President Director on behalf
Utama atas nama Direksi dan keputusan operasional of the Board of Directors and operational decisions within
pada bidang direktorat yang ditandatangani oleh Direktur the directorate signed by the relevant Director on behalf
terkait atas nama Direksi. Dalam hal materi tertentu of the Board of Directors. In the event that certain matters
memerlukan persetujuan terlebih dahulu dari Dewan require prior approval from the Board of Commissioners
Komisaris namun perlu diinformasikan kepada publik, but need to be disclosed to the public, the Board of
Direksi terlebih dahulu memberitahukan materi tersebut Directors shall first notify the Board of Commissioners of
kepada Dewan Komisaris. such matters.
Pembagian Tugas Direksi Distribution of Directorial Duties
Direksi bekerja sebagai satu kesatuan organ Perseroan. The Board of Directors works as a single entity of the
Oleh karena itu, keputusan yang bersifat strategis Company. Therefore, strategic decisions are made as a
ditetapkan sebagai hasil kesepakatan Direksi secara result of a mutual agreement among the Board of Directors,
bersama-sama, sedangkan keputusan operasional dapat while operational decisions may be assigned to individual
ditugaskan kepada masing-masing anggota Direksi members of the Board of Directors in accordance with
sesuai bidang tugas dan tanggung jawabnya dengan their respective duties and responsibilities, while still
tetap memperhatikan Anggaran Dasar dan ketentuan complying with the Articles of Association and applicable
peraturan perundang-undangan. law and regulations.
Pembagian tugas dan wewenang setiap anggota The distribution of duties and authorities of each member
Direksi ditetapkan oleh RUPS. Dalam hal RUPS tidak of the Board of Directors is determined by the GMS. In the
menetapkan pembagian tugas dan wewenang tersebut, event that the GMS does not determine the distribution
pembagian tugas dan wewenang di antara Direksi of duties and authorities, the distribution of duties and
ditetapkan melalui Rapat Direksi. authorities among the Board of Directors is determined
through a Board of Directors meeting.
Dalam penetapan dan penandatanganan Surat In determining and signing Board of Directors Decree,
Keputusan Direksi, Perseroan menerapkan dua kategori, the Company applies two categories, namely: (i) Board
yaitu: (i) keputusan Direksi terkait kebijakan level korporat of Directors decisions related to corporate-level policies
yang ditandatangani Direktur Utama atas nama Direksi; signed by the President Director on behalf of the Board
dan (ii) keputusan Direksi yang bersifat operasional of Directors; and (ii) Board of Directors decisions of an
dalam bidang direktorat yang ditandatangani Direktur operational nature within the directorate signed by the
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terkait atas nama Direksi. Apabila ketentuan tersebut Relevant Director on behalf of the Board of Directors. If
tidak dapat dipenuhi, keputusan Direksi ditandatangani this provisions cannot be fulfilled, the Board of Directors’
oleh anggota Direksi yang ada. decisions shall be signed by the existing members of the
Board of Directors.
Tugas dan Tanggung Jawab Masing-Masing Direksi
No Duties and Responsibilities of Each Member of Board of Director
1. Nama
Achmad Wachid Abdullah
Name
Jabatan Direktur Utama
Position President Director
Direktur Utama memimpin pengurusan Perseroan pada level korporat, menetapkan arah strategis, serta memastikan pengelolaan Perseroan
berjalan efektif, efisien, dan akuntabel sesuai Anggaran Dasar, ketentuan peraturan perundang-undangan, keputusan RUPS, dan kebijakan
pengawasan Dewan Komisaris.
1. Menetapkan arah, prioritas, dan target kinerja Perseroan serta memastikan implementasinya melalui koordinasi pembagian tugas Direksi.
2. Memastikan penyusunan dan pengusulan RJPP dan RKAP beserta turunannya kepada Dewan Komisaris dan RUPS sesuai ketentuan yang
berlaku.
3. Memastikan tersusunnya pelaporan berkala dan Laporan Tahunan, termasuk pertanggungjawaban kinerja pengurusan kepada Dewan
Komisaris dan RUPS.
4. Menjamin penerapan tata kelola perusahaan yang baik (GCG), sistem pengendalian internal, manajemen risiko, serta tindak lanjut temuan
audit/rekomendasi yang relevan.
5. Mengarahkan penerapan kebijakan korporat, termasuk penetapan Peraturan Perusahaan dan kebijakan internal lain yang diperlukan untuk
operasional yang tertib.
6. Mewakili Perseroan di dalam dan di luar pengadilan sesuai ketentuan Anggaran Dasar dan kewenangan yang diberikan kepada Direksi.
7. Mengendalikan kebijakan penandatanganan dokumen internal dan eksternal Perseroan sesuai limitasi kewenangan, termasuk dokumen
perjanjian dan dokumen keuangan tertentu.
8. Memastikan penyelenggaraan program pengenalan bagi anggota Direksi yang baru diangkat serta koordinasi dengan fungsi Corporate
Secretary untuk kebutuhan pengungkapan dan tata kelola.
1. Setting the direction, priorities, and performance targets of the Company and ensuring their implementation through coordination of the Board
of Directors’ division of tasks.
2. Ensuring the preparation and submission of the RJPP and RKAP and their derivatives to the Board of Commissioners and GMS in accordance
with applicable regulations.
3. Ensuring the preparation of periodic reports and Annual Reports, including accountability for management performance to the Board of
Commissioners and GMS.
4. Ensuring the implementation of good corporate governance (GCG), internal control systems, risk management, and follow-up on relevant audit
findings/recommendations.
5. Directing the implementation of corporate policies, including the establishment of Company Regulations and other internal policies necessary
for orderly operations.
6. Representing the Company in and out of court in accordance with the provisions of the Articles of Association and the authority granted to the
Board of Directors.
7. Controlling the policy for signing internal and external documents of the Company in accordance with the limitations of authority, including
certain agreement and financial documents.
8. Ensuring the implementation of an orientation program for newly appointed members of the Board of Directors and coordinating with the
Corporate Secretary function for disclosure and governance requirements.
2. Nama
Farid Budiyanto
Name
Jabatan Direktur Operasi
Position Director of Operation
Direktur Operasi menjalankan pengurusan Perseroan pada ranah operasional sesuai pembagian tugas Direksi, serta memastikan keputusan
operasional terlaksana efektif pada fungsi-fungsi yang berada dalam lingkup pengendaliannya.
1. Merencanakan, mengoordinasikan, dan mengendalikan pelaksanaan program kerja operasional agar selaras dengan RJPP/RKAP dan
keputusan Direksi.
2. Memastikan pelaksanaan pemasaran dan penjualan berjalan terukur, termasuk riset pasar, komunikasi pemasaran, dan pengelolaan kanal
digital sesuai kebutuhan Perseroan.
3. Mengendalikan pengelolaan properti/aset operasional (misalnya hotel, office, mall, apartemen, perumahan, dan proyek terkait), termasuk
pemeliharaan, kualitas layanan, dan kepatuhan operasional.
4. Mengawasi proses produksi/penyediaan layanan dan rantai pasok, termasuk pengadaan, manajemen kontraktor/mitra, pengendalian mutu,
QHSE, dan aspek SCM untuk mencapai sasaran kinerja.
5. Mengoordinasikan kegiatan pengembangan/pengelolaan aset real estate serta dukungan perencanaan operasional yang diperlukan untuk
pencapaian target Perseroan.
6. Memastikan pengelolaan risiko operasional dan kepatuhan terhadap kebijakan internal, termasuk pengendalian biaya, pengamanan aset, dan
pencegahan benturan kepentingan pada area operasional.
7. Menyampaikan laporan dan rekomendasi kepada Direktur Utama/Direksi terkait realisasi operasional, isu material, dan langkah perbaikan
yang diperlukan.
8. Melaksanakan kewenangan penandatanganan dan tindakan operasional sesuai limitasi kewenangan Direksi dan ketentuan yang berlaku.
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Tata Kelola Perusahaan
Good Corporate Governance
Tugas dan Tanggung Jawab Masing-Masing Direksi
No Duties and Responsibilities of Each Member of Board of Director
2. Nama
Farid Budiyanto
Name
Jabatan Direktur Operasi
Position Director of Operation
The Chief Operating Officer manages the Company’s operations in accordance with the division of duties among the Board of Directors, and
ensures that operational decisions are effectively implemented in the functions under his control.
1. Plan, coordinate, and control the implementation of operational work programs to ensure alignment with the RJPP/RKAP and Board of
Directors’ decisions.
2. Ensuring that marketing and sales activities are carried out in a measurable manner, including market research, marketing communications,
and digital channel management in accordance with the Company’s needs.
3. Controlling the management of operational properties/assets (e.g., hotels, offices, malls, apartments, housing, and related projects), including
maintenance, service quality, and operational compliance.
4. Oversee the production/service provision and supply chain processes, including procurement, contractor/partner management, quality control,
QHSE, and SCM aspects to achieve performance targets.
5. Coordinate real estate asset development/management activities and provide the necessary operational planning support to achieve the
Company’s targets.
6. Ensure operational risk management and compliance with internal policies, including cost control, asset security, and prevention of conflicts
of interest in operational areas.
7. Submit reports and recommendations to the President Director/Board of Directors regarding operational realization, material issues, and
necessary corrective measures.
8. Exercise signing authority and operational actions in accordance with the limitations of the Board of Directors’ authority and applicable
regulations.
Pernyataan Bahwa Direksi Memiliki Pedoman atau Piagam (Charter) Direksi
Statement That The Board of Directors Has Guidelines or A Board of Directors Charter
Perseroan menetapkan Pedoman Kerja Dewan Komisaris The Company has established the Board of Commissioners
dan Direksi (Board Manual) sebagai pedoman kerja and Board of Directors Work Guidelines (Board Manual)
sekaligus piagam (charter) Direksi dalam menjalankan as work guidelines and a charter for the Board of
fungsi pengurusan Perseroan. Board Manual berfungsi Directors in carrying out its management functions.
sebagai panduan yang mengatur sistem dan struktur The Board Manual serves as a guide that regulates the
hubungan kerja Direksi dengan Dewan Komisaris, system and structure of the working relationship between
termasuk pengaturan tugas dan kewenangan Direksi, the Board of Directors and the Board of Commissioners,
Dewan Komisaris, serta komite-komite di bawah Dewan including the regulation of the duties and authorities of
Komisaris dalam menjalankan peran masing-masing. the Board of Directors, the Board of Commissioners, and
the committees under the Board of Commissioners in
carrying out their respective roles.
Board Manual disusun untuk memastikan pelaksanaan The Board Manual is designed to ensure that the
tata kelola Perseroan berjalan profesional, transparan, dan Company’s governance is carried out in a professional,
efisien, dengan tetap merujuk pada prinsip-prinsip hukum transparent, and efficient manner, while referring to the
perusahaan, ketentuan peraturan perundang-undangan, principles of corporate law, statutory provisions, the
Anggaran Dasar, serta keputusan dan arahan RUPS. Articles of Association, and the decisions and directives
Board Manual juga menjadi bentuk komitmen Direksi dan of the GMS. The Board Manual also serves as a form
Dewan Komisaris dalam mengimplementasikan prinsip- of commitment by the Board of Directors and Board of
prinsip GCG serta penjabaran lebih lanjut atas amanat Commissioners to implement GCG principles and further
Pedoman GCG (GCG Code) Perseroan. elaborate on the Company’s GCG Code.
Sejalan dengan itu, Perseroan menegaskan bahwa In line with this, the Company emphasizes that the duties,
tugas, wewenang, dan tanggung jawab Direksi diatur authorities, and responsibilities of the Board of Directors
secara rinci dalam Board Manual, sehingga setiap are regulated in detail in the Board Manual, so that
keputusan dan tindakan pengurusan memiliki rujukan every management decision and action has a clear and
normatif yang jelas dan dapat dipertanggungjawabkan. accountable normative reference. The Board Manual is
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Board Manual bersifat dinamis dan dapat disempurnakan dynamic and can be refined according to the needs of
sesuai kebutuhan Perseroan, namun ketentuannya tetap the Company, but its provisions must remain in line with
wajib selaras dengan peraturan yang lebih tinggi dan higher regulations and GMS decisions.
keputusan RUPS.
Kebijakan dan Pelaksanaan Frekuensi Rapat Direksi, Rapat Direksi Bersama Dewan Komisaris, dan
Tingkat Kehadiran Anggota Direksi dalam Rapat Tersebut, Termasuk Kehadiran dalam RUPS
Policy on and Implementation of the Frequency of Board of Directors Meetings, Joint Meetings of the Board of Directors
and the Board of Commissioners, and the Attendance Rate of Members of the Board of Directors at Such Meetings,
Including Attendance at General Meetings of Shareholders
Direksi menyelenggarakan rapat sebagai forum resmi The Board of Directors holds meetings as an official
untuk membahas pengurusan Perseroan, mengevaluasi forum to discuss the management of the Company,
kinerja, dan menetapkan keputusan. Selain rapat evaluate performance, and make decisions. In addition
terjadwal, rapat Direksi dapat diselenggarakan setiap saat to scheduled meetings, Board of Directors meetings may
apabila diperlukan; pemanggilan rapat pada prinsipnya be held at any time if necessary; meetings are in principle
dilakukan oleh Direktur Utama, dan dalam keadaan convened by the President Director, and in certain
tertentu dapat dilakukan oleh Direktur lain atau Corporate circumstances may be convened by another Director or
Secretary untuk dan atas nama Direksi sesuai keputusan the Corporate Secretary for and on behalf of the Board
Rapat Direksi. of Directors in accordance with a decision of the Board
of Directors.
Kebijakan Pelaksanaan Rapat Direksi Board of Directors Meeting Implementation Policy
Rapat Direksi dinyatakan sah dan berhak mengambil A Board of Directors meeting is deemed valid and entitled
keputusan yang mengikat apabila dihadiri oleh lebih to make binding decisions if attended by more than 1/2
dari 1/2 (satu per dua) jumlah anggota Direksi atau (one-half) of the number of Board members or their
wakilnya. Anggota Direksi yang tidak dapat hadir hanya representatives. Board members who are unable to attend
dapat diwakili oleh anggota Direksi lainnya berdasarkan may only be represented by other Board members based
kuasa tertulis, dengan ketentuan satu anggota Direksi on written authorization, with the provision that one Board
paling banyak mewakili satu anggota Direksi lainnya. member may represent at most one other Board member.
Pengambilan keputusan diutamakan melalui musyawarah Decision-making shall be prioritized through deliberation
untuk mufakat, dan apabila tidak tercapai, keputusan to reach consensus, and if this is not achieved, decisions
ditetapkan berdasarkan suara terbanyak; dissenting shall be made based on a majority vote; dissenting
opinion wajib dicantumkan dalam risalah rapat. opinions must be included in the meeting minutes.
Setiap rapat Direksi dibuatkan risalah rapat yang Minutes of every Board of Directors meeting shall be
sekurang-kurangnya memuat agenda, daftar hadir, prepared, containing at least the agenda, attendance
pokok pembahasan, proses pengambilan keputusan, list, main topics of discussion, decision-making process,
keputusan, serta pendapat berbeda apabila ada. decisions, and dissenting opinions, if any. The minutes
Risalah rapat disahkan melalui mekanisme persetujuan of the meeting shall be approved through an approval
paling lambat 14 (empat belas) hari sejak pengiriman; mechanism no later than 14 (fourteen) days after delivery;
apabila tidak terdapat keberatan/usulan perbaikan if there are no objections/proposed amendments within
dalam jangka waktu tersebut, risalah dianggap disetujui. that period, the minutes shall be deemed approved.
Keputusan rapat disampaikan kepada pihak terkait untuk Meeting decisions are communicated to the relevant
ditindaklanjuti paling lambat 7 (tujuh) hari sejak risalah parties for follow-up no later than 7 (seven) days after the
rapat disahkan/ditandatangani. Rapat Direksi juga dapat minutes are approved/signed. Board meetings may also
dilaksanakan melalui video telekonferensi atau sarana be conducted via video teleconference or other electronic
elektronik lain, dan kehadiran melalui sarana tersebut means, and attendance via such means is considered
diperhitungkan sah. valid.
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Tata Kelola Perusahaan
Good Corporate Governance
PELAKSANAAN RAPAT DIREKSI Implementation of Board of Directors Meetings
Sebagai ketentuan frekuensi minimal, Direksi As a minimum frequency requirement, the Board of
menyelenggarakan rapat rutin sebagai berikut: rapat Directors holds regular meetings as follows: internal Board
internal Direksi minimal 1 (satu) kali dalam sebulan, rapat of Directors meetings at least once a month, meetings
dengan jajaran manajemen minimal 1 (satu) kali dalam with management at least once every three months. In
3 (tiga) bulan. Selain itu, pembahasan kinerja pada addition, corporate-level performance discussions are
tingkat korporasi dilakukan melalui rapat Direksi dan conducted through Board of Directors meetings and joint
rapat gabungan Direksi dengan Dewan Komisaris secara meetings between the Board of Directors and the Board
berkala sesuai ketentuan internal Perseroan. of Commissioners on a regular basis in accordance with
the Company’s internal regulations.
Berdasarkan ketentuan tersebut, pada Tahun Buku 2025 Based on these provisions, in the 2025 Financial Year,
Perseroan menyelenggarakan rapat Direksi dan rapat the Company held Board of Directors meetings and joint
Direksi bersama Dewan Komisaris dengan frekuensi meetings between the Board of Directors and the Board
serta tingkat kehadiran sebagaimana disajikan pada tabel of Commissioners with the frequency and attendance
berikut. rates as presented in the following table.
Frekuensi Rapat dan Tingkat Kehadiran Anggota Direksi
Meeting Frequency and Attendance of Members of the Board of Directors
Jumlah
Nama Jabatan Jumlah Rapat Persentase Kehadiran
No. Kehadiran
Name Position Total Meetings Attendance Percentage
Total Attendance
1. Achmad Direktur Utama
39 39 100%
Wachid Abdullah President Director
2. Direktur Operasi
Farid Budiyanto 39 39 100%
Director of Operation
3. Direktur Utama
Rizkan Firman* 15 15 100%
President Director
Catatan | Notes
* Menjabat hingga 05 Juni 2025 berdasarkan Akta Berita Acara RUPS Tahunan No. 36 tanggal 05 Juni 2025.
* Serving until June 5, 2025, based on the Minutes of the Annual General Meeting of Shareholders No. 36 dated June 5, 2025.
Mata Acara Rapat Direksi
Meeting Agenda of the Board of Directors
No. Mata Acara Tanggal
Agenda Date
1. Rencana Pembahasan terkait Rencana Kontraktor Turnkey di LRT City Ciracas Senin, 6 Januari 2025
Discussion Plan related to the Turnkey Contractor Plan at LRT City Ciracas Monday, January 6 2025
2. Cash In & Restrukturisasi Senin, 27 Januari 2025
Cash In & Restructuring Monday, 27 January
3. 1. Cash in Selasa, 4 Februari 2025
2. Pembahasan Konsumen berpotensi refund - LRT City Tebet Tuesday, February 4 2025
3. Pembahasan penetapan kontraktor turnkey arsitektur tower 1 - LRT City Ciracas
1. Cash in
2. Discussion of potential consumer refunds - LRT City Tebet
3. Discussion of the appointment of a turnkey contractor for tower 1 architecture - LRT City Ciracas
4. Cash in Senin, 17 Februari 2025
Monday, February 17 2025
5. 1. Pembahasan Evaluasi Harga Khusus untuk LRT City Bekasi Senin, 24 Februari 2025
2. Pembahasan Evaluasi Harga Khusus untuk LRT City Sentul Monday, February 24 2025
1. Discussion of Special Price Evaluation for LRT City Bekasi
2. Discussion of Special Price Evaluation for LRT City Sentul
6. 1. Update penunjukan main kontraktor kawasan - LRT City Cibubur Senin, 24 Maret 2025
2. Update RUPS ADCP 2025 Monday, March 24 2025
1. Update on the appointment of the main contractor for the LRT City Cibubur area
2. Update on the 2025 ADCP General Meeting of Shareholders
7. Update Penunjukan Main Kontraktor Kawasan - LRT City Cibubur Rabu, 26 Maret 2025
Update on the Appointment of the Main Contractor for the Area - LRT City Cibubur Wednesday, March 26 2025
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No. Mata Acara Tanggal
Agenda Date
8. 1. Pembahasan terkait KSO Senin, 14 April 2025
2. Pembahasan terkait Financial Model & Buku Jual Monday, April 14 2025
1. Discussion related to KSO
2. Discussion related to Financial Model & Sales Book
9. 1. Pembahasan terkait ACS Jumat, 25 April 2025
2. Pembahasan mengenai laporan Satgas Piutang Friday, April 25 2025
1. Discussion related to ACS
2. Discussion regarding the Task Force on Receivables report
10. Pembahasan terkait LRT City Cibubur Senin, 28 April 2025
Discussion regarding LRT City Cibubur Monday, April 28 2025
11. Pembahasan terkait ACS Jumat, 2 Mei 2025
Discussion related to ACS Friday, May 2 2025
12. 1. Pembahasan ACS terkait update 3 skema penyelesaian Senin, 19 Mei 2025
2. Penyelesaian konsumen & perjanjian perdamaian ADCP & Agrinas Monday, May 19 2025
1. ACS discussion regarding update 3 settlement schemes
2. Consumer settlement & ADCP & Agrinas peace agreement
13. 1. Pembahasan terkait ACS - 2. Senin, 26 Mei 2025
2. Pembahasan terkait pengakhiran kerjasama Mitra - LRT City Sentul Monday, May 26 2025
1. Discussion regarding ACS - 2.
2. Discussion regarding the termination of the partnership between Mitra and LRT City Sentul.
14. Pembahasan terkait strategi ADCP (Struktur Organisasi Terbaru) Selasa, 10 Juni 2025
Discussion regarding ADCP strategy (Latest Organizational Structure) Tuesday, June 10 2025
15. Pembahasan terkait Kanalisasi - LRT City Tebet Senin, 16 Juni 2025
Discussion regarding Canalization - LRT City Tebet Monday, June 16 2025
16. Pembahasan terkait konsumen ACS a/n Bagas refund & Buyback (Tindaklanjut MRM ADCP hari Minggu, 22 Senin, 23 Juni 2025
Juni 2025) Monday, June 23 2025
Discussion regarding ACS consumer a/n Bagas refund & Buyback (Follow-up to MRM ADCP on Sunday, June
22, 2025)
17. Pembahasan Addendum II PKS dengan Sigmaeltra Rabu, 25 Juni 2025
Discussion of Addendum II PKS with Sigmaeltra Wednesday, June 25 2025
18. 1. Pembahasan terkait LRT City Bekasi Senin, 30 Juni 2025
2. Pembahasan terkait Oase Park Monday, June 30 2025
1. Discussion regarding LRT City Bekasi
2. Discussion regarding Oase Park
19. 1. Pembahasan terkait LRT City Sentul atas respon Surat Respon Kamis, 3 Juli 2025
2. Tindak Lanjut Pembahasan LRT City Bekas Thursday, July 3 2025
1. Discussion regarding LRT City Bekasi
2. Discussion regarding Oase Park
20. Pembahasan terkait GCB Senin, 7 Juli 2025
Discussion regarding GCB Monday, July 7 2025
21. Pembahasan terkait PPATK Kamis, 10 Juli 2025
Discussion regarding PPATK Thursday, July 10 2025
22. 1. Pembahasan terkait tahap 2 ACS Senin, 14 Juli 2025
2. Pembahasan terkait somasi vendor arsitektur LRT City Ciracas Monday, July 14 2025
3. Kerjasama Lahan di LRT City MTH
1. Discussion regarding phase 2 of ACS
2. Discussion regarding the summons of the LRT City Ciracas architecture vendor
3. Land cooperation in LRT City MTH
23. Pembahasan KSO dengan Business Consultant & Advisory Provalindo Senin, 21 Juli 2025
KSO discussion with Business Consultant & Advisory Provalindo Monday, July 21 2025
24. Pembahasan terkait Update ACS Senin, 28 Juli 2025
Discussion regarding ACS Update Monday, July 28 2025
25. Paparan Pemasaran terkait 3 Days As Sales Senin, 11 Agustus 2025
Marketing Presentation regarding 3 Days As Sales Monday, August 11 2025
26. Paparan terkait Tanah Ruislag Lahan ACS Senin, 8 September 2025
Presentation regarding ACS Land Acquisition Monday, September 8 2025
27. 1. Pembahasan Proposal Zhongnan & Kontraktor Turnkey LRT City Cibubur Kamis, 11 September 2025
2. Pembahasan Rencana Skema Kerjasama J Parking di LRT City Ciracas Thursday, September 11 2025
1. Discussion of Zhongnan Proposal & Turnkey Contractor for LRT City Cibubur
2. Discussion of Cooperation Scheme Plan for J Parking at LRT City Ciracas
28. Tindak Lanjut Radir Sebelumnya 2025 Senin, 15 September 2025
Follow-up on Previous Radir 2025 Monday, September 15 2025
29. 1. Pembahasan terkait skema cash flow LRT City Cibubur Kamis, 25 September 2025
2. Pembahasan Stay G /GPS untuk mendukung Pemasaran Thursday, September 25 2025
3. Pembahasan terkait ACS 1
1. Discussion regarding the LRT City Cibubur cash flow scheme
2. Discussion of Stay G /GPS to support Marketing
3. Discussion regarding ACS 1
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Tata Kelola Perusahaan
Good Corporate Governance
No. Mata Acara Tanggal
Agenda Date
30. Top Risk Jumat, 3 Oktober 2025
Friday, October 3 2025
31. 1. Pembahasan & Report BM ADCP - MGCP
2. Pembahasan Rencana Pengelolaan Stay G - Cisauk Point Senin, 6 Oktober 2025
1. Discussion & Report BM ADCP - MGCP Monday, October 6 2025
2. Discussion on Stay G Management Plan - Cisauk Point
32. 1. Action Plan LRT City Tebet Senin, 20 Oktober 2025
2. Pembahasan Ruislag Monday, 20 October 2025
3. Pembahasan terkait Divestasi MGCP (Agenda lain-lain)
1. Action Plan for LRT City Tebet
2. Discussion on Ruislag
3. Discussion on MGCP Divestment (Other Agenda)
33. 1. Pembahasan terkait Nilai Divestasi - MGCP Senin, 27 Oktober 2025
2. Pembahasan terkait kontraktor LRT City Cibubur Monday, October 27 2025
1. Discussion on Divestment Value - MGCP
2. Discussion on LRT City Cibubur Contractors
34. 1. Update Sinking Fund Senin, 3 November 2025
2. Pembahasan terkait Tinjauan SPI atas SKD No. 113-7/028/X/2025 terkait Pembentukan Komite Pengelolaan Monday, November 3 2025
Bisnis & Hospitality
3. Pembahasan terkait Cisauk (Persetujuan Penunjukan langsung Konsultan Pengurusan Ijin Surat Laik
Fungsi/SLF)
4. Pembahasan terkait LRT City Cibubur (Terkait update proses tender, kajian penilaian dari Konsultan)
1. Sinking Fund Update
2. Discussion on SPI Review of SKD No. 113-7/028/X/2025 regarding the Establishment of the Business &
Hospitality Management Committee
3. Discussion on Cisauk (Approval of Direct Appointment of Consultant for Functioning Permit/SLF)
4. Discussion regarding LRT City Cibubur (Related to tender process updates, assessment reviews from
consultants)
35. 1. Pembahasan terkait Kontraktor LRT City Cibubur Selasa, 11 November 2025
2. Pembahasan terkait saluran Irigasi Leuwi Bolang - ACS 1 Tuesday, November 11 2025
1. Discussion regarding LRT City Cibubur Contractor
2. Discussion regarding Leuwi Bolang Irrigation Channel - ACS 1
36. 1. Pembahasan terkait Risiko atas kewajiban jangka pendek Senin, 24 November 2025
2. Pembahasan terkait Oase Park – Berkaitan dengan panggilan Polisi & Case Oase Park Monday, November 24 2025
3. Pembahasan Addendum Sigmaeltra
1. Discussion regarding risks related to short-term obligations
2. Discussion regarding Oase Park – Related to police summons & Oase Park case
3. Discussion regarding Sigmaeltra Addendum
37. Cash in Kawasan (Rencana & Realisasi) Selasa, 9 Desember 2025
Cash in the Region (Plan & Realization) Tuesday, December 9 2025
38. Pembahasan terkait Term Sheet QDC/Kontraktor LRT City Cibubur Selasa, 16 Desember 2025
Discussion regarding the QDC/LRT City Cibubur Contractor Term Sheet Tuesday, December 16 2025
39. 1. Pembahasan terkait cash flow Rabu, 17 Desember 2025
2. Pembahasan terkait program Restrukturisasi ADCP dengan tim Restrukturisasi Wednesday, December 17
1. Discussion regarding cash flow 2025
2. Discussion regarding the ADCP Restructuring program with the Restructuring team
Frekuensi Rapat dan Tingkat Kehadiran Anggota Direksi bersama Dewan Komisaris
Meeting Frequency and Attendance of Members of the Board of Directors in Joint Meetings with the Board of Commissioners
Nama Jabatan Jumlah Rapat Jumlah Kehadiran Persentase Kehadiran
No
Name Position Total Meetings Total Attendance Attendance Percentage
Direksi
Board of Directors
Achmad Wachid Direktur Utama
1. 11 11 100%
Abdullah President Director
Direktur Operasi 100%
2. Farid Budiyanto 11 11
Director of Operation
Direktur Utama
3. Rizkan Firman* 4 4 100%
President Director
Dewan Komisaris
Board of Commissioners
Komisaris Utama merangkap
Wenry Anshory Komisaris Independen Perseroan
1. 11 11 100%
Putra President Commissioner acting as
Independent Commissioner
Komisaris
2. Yan Firwan 7 7 100%
Commissioner
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Nama Jabatan Jumlah Rapat Jumlah Kehadiran Persentase Kehadiran
No
Name Position Total Meetings Total Attendance Attendance Percentage
Komisaris Utama
3. Herry Ardianto* 4 3 90%
President Commissioner
Komisaris
4. Achmad Afandi* 4 4 100%
Commissioner
Catatan | Notes
* Menjabat hingga 05 Juni 2025 berdasarkan Akta Berita Acara RUPS Tahunan No. 36 tanggal 05 Juni 2025.
* Serving until June 5, 2025, based on the Minutes of the Annual General Meeting of Shareholders No. 36 dated June 5, 2025.
Mata Acara Rapat Direksi bersama Dewan Komisaris
Meeting Agenda of Joint Meetings of the Board of Directors and the Board of Commissioners
Mata Acara Tanggal
No
Agenda Date
1 1. Program Orientasi Pengurus Perusahaan 31 Januari 2025
2. Sambutan & Arahan Dewan Komisaris January 31, 2025
3. Tindak Lanjut Rakomdir Sebelumnya
4. Kinerja Perusahaan Desember 2024
5. Kinerja Keuangan
6. Strategi Pemasaran
7. Progres Konstruksi
1. Company Management Orientation Program
2. Welcome & Guidance from the Board of Commissioners
3. Follow-up on Previous Board of Directors Meetings
4. Company Performance in December 2024
5. Financial Performance
6. Marketing Strategy
7. Construction Progress
2 1. Sambutan & Arahan Dewan Komisaris 13 Maret 2025
2. Tindak Lanjut Rakomdir Sebelumnya March 13, 2025
3. Kinerja Perusahaan Januari dan Februari 2025
4. Kinerja Keuangan
5. Strategi Pemasaran
6. Progres Konstruksi
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board Meetings
3. Company Performance in January and February 2025
4. Financial Performance
5. Marketing Strategy
6. Construction Progress
3 1. Sambutan & Arahan Dewan Komisaris 27 Mei 2025
2. Tindak Lanjut Rakomdir Sebelumnya May 27, 2025
3. Transformasi ADCP (sesuai Arahan Pemegang Saham)
4. Laporan Kinerja Maret dan April 2025
5. Agenda Lainnya
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board Meetings
3. ADCP Transformation (in accordance with Shareholder Directives)
4. Performance Report for March and April 2025
5. Other Agenda Items
4 1. Program Orientasi Perusahaan 4 Juli 2025
2. Sambutan & Arahan Dewan Komisaris July 4, 2025
3. Tindak Lanjut Rakomdir Sebelumnya
4. Laporan Kinerja Juni 2025
1. Company Orientation Program
2. Welcome & Guidance from the Board of Commissioners
3. Follow-up on Previous Board Meetings
4. Performance Report for June 2025
5 1. Sambutan & Arahan Dewan Komisaris 6 Agustus 2025
2. Tindak Lanjut Rakomdir Sebelumnya August 6, 2025
3. Laporan Kinerja Juli 2025
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board Meetings
3. Performance Report for July 2025
6 1. Sambutan & Arahan Dewan Komisaris 9 September 2025
2. Tindak Lanjut Rakomdir Sebelumnya September 9, 2025
3. Laporan Kinerja Agustus 2025
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board Meetings
3. Performance Report for August 2025
7 1. Sambutan & Arahan Dewan Komisaris 22 Oktober 2025
2. Tindak Lanjut Rakomdir Sebelumnya October 22, 2025
3. Laporan Kinerja September 2025
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board Meetings
3. Performance Report for September 2025
PT Adhi Commuter Properti Tbk Laporan Tahunan
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Tata Kelola Perusahaan
Good Corporate Governance
Mata Acara Tanggal
No
Agenda Date
8 1. Sambutan & Arahan Dewan Komisaris 27 November 2025
2. Tindak Lanjut Rakomdir Sebelumnya November 27, 2025
3. Laporan Kinerja Oktober 2025
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board Meetings
3. Performance Report for October 2025
9 1. Sambutan & Arahan Dewan Komisaris 10 Desember 2025
2. Pemenuhan Gaji December 10, 2025
3. Kinerja November 2025
4. Mitigasi Risiko
5. Agenda Lainnya
1. Welcome & Guidance from the Board of Commissioners
2. Salary Compliance
3. November 2025 Performance
4. Risk Mitigation
5. Other Agenda Items
10 1. Sambutan & Arahan Dewan Komisaris 23 Desember 2025
2. Tindak Lanjut Rakomdir Sebelumnya December 23, 2025
3. Laporan Kinerja Desember 2025
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board Meetings
3. December 2025 Performance Report
Kehadiran Anggota Direksi dalam Rapat Tersebut Attendance of Board of Directors Members at the
Termasuk Kehadiran dalam RUPS General Meeting of Shareholders
Perseroan memantau tingkat kehadiran anggota Direksi The Company monitors the attendance rate of Board
sebagai indikator disiplin pelaksanaan tata kelola dan members as an indicator of discipline in the implementation
akuntabilitas pengurusan. Kehadiran anggota Direksi of governance and management accountability. The
dalam rapat Direksi dan rapat Direksi bersama Dewan attendance of Board members at Board meetings and
Komisaris dicatat dalam daftar hadir dan risalah rapat joint Board and Board of Commissioners meetings is
sebagai bagian dari administrasi korporasi yang wajib recorded in attendance lists and meeting minutes as part
dikelola secara tertib. of corporate administration that must be managed in an
orderly manner.
Dalam Board Manual, rapat Direksi dinyatakan sah apabila In the Board Manual, Board meetings are declared valid
memenuhi kuorum kehadiran lebih dari 1/2 (satu per dua) if they meet a quorum of more than 1/2 (one half) of
jumlah anggota Direksi atau wakilnya, dengan ketentuan the number of Board members or their representatives,
pemberian kuasa tertulis hanya dapat dilakukan antar with the provision that written proxies can only be given
anggota Direksi dan satu anggota Direksi paling banyak between Board members and one Board member can
mewakili satu anggota Direksi lainnya. Dengan demikian, represent at most one other Board member. Thus,
pencatatan kehadiran dan kuasa menjadi dasar validitas attendance and proxy records form the basis for the
rapat dan keputusan yang ditetapkan. validity of meetings and decisions made.
Sehubungan dengan pertanggungjawaban pengurusan In relation to accountability to shareholders, the Board
kepada pemegang saham, Direksi juga hadir dalam of Directors also attends the GMS as the highest forum
RUPS sebagai forum tertinggi Perseroan untuk meminta of the Company to seek approval and ratification of the
persetujuan dan pengesahan atas agenda-agenda yang agenda items under the authority of the GMS, including
menjadi kewenangan RUPS, termasuk pembahasan the discussion of the Annual Report.
Laporan Tahunan.
182 2025 Laporan Tahunan
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PT Adhi Commuter Properti Tbk
Page 183
RUPS Tahunan tanggal 05 Juni 2025 sesuai Akta Berita Acara Rapat Umum Pemegang Saham Tahunan No. 36
Annual GMS dated June 05, 2025 according to the Deed of Minutes of Annual General Meeting of Shareholders No. 36
Nama Jabatan Keterangan
Name Position Description
Direktur Utama
Rizkan Firman Hadir
President Director
Direktur
Achmad Wachid Abdullah Hadir
Director
Direktur
Farid Budiyanto Hadir
Director
Pelatihan dan/atau Peningkatan Kompetensi Anggota Direksi
Training and/or Improvement of the Competence of Board Members
Perseroan menetapkan pengembangan kompetensi The Company has established the development of the
Direksi sebagai bagian dari penguatan kualitas Board of Directors’ competencies as part of strengthening
pengurusan dan penerapan tata kelola. Direksi mengikuti the quality of management and the implementation
pendidikan dan pelatihan secara berkesinambungan of governance. The Board of Directors participates in
berdasarkan kebutuhan Perseroan, antara lain melalui ongoing education and training based on the Company’s
short course dan workshop serta kegiatan peningkatan needs, including through short courses and workshops
kompetensi lainnya, dengan dukungan penganggaran as well as other competency improvement activities, with
yang dimasukkan dalam RKAP. budgetary support included in the Annual Work Plan and
Budget (RKAP).
Selain itu, Perseroan mewajibkan anggota Direksi yang In addition, the Company requires newly appointed
baru diangkat mengikuti Program Pengenalan untuk members of the Board of Directors to participate in an
memastikan pemahaman yang memadai mengenai Orientation Program to ensure adequate understanding
prinsip-prinsip GCG, ruang lingkup kegiatan usaha, of the principles of GCG, the scope of business activities,
strategi dan risiko Perseroan, serta sistem pengendalian the Company’s strategies and risks, and the internal
internal. Penyelenggaraan Program Pengenalan menjadi control system. The implementation of the Orientation
tanggung jawab Direktur Utama sesuai ketentuan Board Program is the responsibility of the President Director in
Manual. accordance with the provisions of the Board Manual.
Kebijakan Pelatihan dan Peningkatan Kompetensi Policy on Training and/or Competency Improvement
Anggota Direksi for Members of the Board of Directors
Perseroan menetapkan bahwa Direksi berkewajiban The Company stipulates that the Board of Directors is
meningkatkan kompetensi melalui pendidikan dan obliged to improve its competency through continuous
pelatihan secara berkesinambungan agar pelaksanaan education and training so that the implementation of the
fungsi pengurusan Perseroan tetap relevan dengan Company’s management functions remains relevant to
kebutuhan bisnis dan tata kelola. Program pendidikan business and governance needs. The Board of Directors’
dan pelatihan Direksi diselenggarakan berdasarkan education and training programs are organized based
kebutuhan Perseroan, antara lain dalam bentuk short on the Company’s needs, including in the form of short
course, workshop, serta menghadirkan pembicara/ courses, workshops, and inviting speakers/resource
narasumber yang mendukung pelaksanaan tugas Direksi. persons who support the implementation of the Board
Direksi menyusun program pelatihan berikut anggaran of Directors’ duties. The Board of Directors prepares the
yang diperlukan dan memasukkannya ke dalam RKAP. following training programs and the necessary budget
and includes them in the RKAP.
PT Adhi Commuter Properti Tbk Laporan Tahunan
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Tata Kelola Perusahaan
Good Corporate Governance
Program Orientasi Bagi Anggota Direksi Yang Baru Orientation Program for Newly Appointed Members
Diangkat of the Board of Directors
Untuk memastikan efektivitas pengurusan sejak awal To ensure effective management from the outset of their
masa jabatan, anggota Direksi yang baru diangkat wajib term of office, newly appointed members of the Board
mengikuti Program Pengenalan agar memahami tugas of Directors are required to participate in an Orientation
dan tanggung jawab Direksi, proses bisnis Perseroan, Program to understand the duties and responsibilities
serta mampu bekerja selaras dengan organ Perseroan of the Board of Directors, the Company’s business
lainnya. Penyelenggaraan Program Pengenalan menjadi processes, and to be able to work in harmony with other
tanggung jawab Direktur Utama; apabila Direktur Utama organs of the Company. The implementation of the
berhalangan, tanggung jawab tersebut berada pada Orientation Program is the responsibility of the President
Komisaris Utama atau anggota Direksi yang ada. Director; if the President Director is unable to do so, the
responsibility lies with the President Commissioner or an
existing member of the Board of Directors.
Program Pengenalan sekurang-kurangnya mencakup The Orientation Program shall at least cover an
pemahaman atas penerapan prinsip-prinsip GCG, understanding of the application of GCG principles,
penjelasan fiduciary duty Direksi dan Dewan Komisaris, an explanation of the fiduciary duties of the Board of
gambaran Perseroan (tujuan, ruang lingkup kegiatan, Directors and Board of Commissioners, an overview of
kinerja keuangan dan operasi, strategi, rencana jangka the Company (objectives, scope of activities, financial
pendek dan jangka panjang, posisi kompetitif, risiko, serta and operational performance, strategies, short-term and
isu strategis), dan penjelasan mengenai kewenangan long-term plans, competitive position, risks, and strategic
yang didelegasikan serta sistem pengendalian internal issues), and an explanation of delegated authority and
termasuk aspek audit internal/eksternal dan Komite internal control systems, including internal/external audit
Audit. Program dapat dilakukan melalui presentasi, aspects and the Audit Committee. The program can be
pertemuan, kunjungan ke unit usaha, atau bentuk lain conducted through presentations, meetings, visits to
sesuai kebutuhan. business units, or other forms as needed.
Selanjutnya, rincian pelatihan/pengembangan Furthermore, details of the training/competency
kompetensi yang diikuti Direksi selama Tahun Buku 2025 development attended by the Board of Directors during
disajikan pada tabel berikut. the 2025 Financial Year are presented in the following
table.
Pelatihan dan/atau Peningkatan Kompetensi yang Diikuti Anggota Direksi pada Tahun Buku
Training and/or Competency Development Attended by Members of the Board of Directors During the Financial Year
Pelatihan/Seminar/
Penyelenggara Tanggal Peserta
No Lokakarya
Organizer Date Participant
Training/Seminar/Workshop
30 - 04 Oktober 2025
1 Certified Professional Marketer (CPM) Markplus Institute Farid Budiyanto
October 30-04, 2025
Pelatihan dan Sertifikasi Certified Risk 07 - 08 Oktober 2025
2 PT RAP Farid Budiyanto
Governance Professional (CRGP) Ocotober 07-08, 2025
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Penilaian Direksi Terhadap Kinerja Komite Yang Mendukung Pelaksanaan Tugas Direksi
Board Assessment of the Performance of Committees Supporting the Implementation of the Board’s Duties
Dalam melaksanakan pengurusan Perseroan, Direksi In managing the Company, the Board of Directors is
didukung oleh fungsi-fungsi yang memastikan tata supported by functions that ensure effective governance,
kelola, kepatuhan, dan pengendalian berjalan efektif, compliance, and control, namely the Corporate Secretary,
yaitu Sekretaris Perusahaan, Satuan Pengawasan Internal Audit Unit (SPI), and Whistleblowing System
Internal (SPI), dan Komite Etik Whistleblowing (WBS) Ethics Committee, each in accordance with their
System (WBS) sesuai mandatnya masing-masing. respective mandates. The Corporate Secretary supports
Corporate Secretary mendukung Direksi melalui the Board of Directors through corporate secretarial
fungsi kesekretariatan perusahaan, investor relations, functions, investor relations, corporate communications,
corporate communications, pengelolaan program CSR/ CSR/TJSL program management, corporate agenda
TJSL, koordinasi agenda korporasi, serta dukungan coordination, and GCG implementation support.
implementasi GCG.
SPI mendukung Direktur Utama dalam memonitor dan The SPI supports the President Director in monitoring
meningkatkan pengendalian manajemen, mendorong and improving management control, promoting the
efektivitas manajemen risiko, serta melakukan effectiveness of risk management, and conducting
pemeriksaan, penilaian, dan rekomendasi atas kegiatan examinations, assessments, and recommendations
operasional untuk memastikan pencapaian tujuan on operational activities to ensure that the Company’s
Perseroan berjalan efisien, efektif, dan ekonomis. objectives are achieved efficiently, effectively, and
economically.
Dalam konteks penegakan integritas dan penanganan In the context of enforcing integrity and handling reports of
pelaporan pelanggaran, Perseroan membentuk Komite violations, the Company established an ad hoc/ex officio
Etik WBS yang bersifat ad hoc/ex officio untuk melakukan WBS Ethics Committee to review, verify, and investigate
penelaahan, verifikasi, dan investigasi atas laporan reports of alleged violations and submit reviews and
dugaan pelanggaran serta menyampaikan kajian dan recommendations to the Board of Directors as a basis for
rekomendasi kepada Direksi sebagai dasar pengambilan decision making. The Board of Directors appointed the
keputusan. Direksi menetapkan Direktur Penanggung WBS Director in Charge and determined the composition
Jawab WBS serta susunan Komite Etik WBS sesuai of the WBS Ethics Committee in accordance with the
ketentuan internal Perseroan. Company’s internal regulations.
Direksi melakukan evaluasi atas efektivitas dukungan The Board of Directors evaluates the effectiveness of
Sekretaris Perusahaan, SPI, dan Komite Etik WBS the support provided by the Corporate Secretary, SPI,
berdasarkan ketepatan waktu dan kelengkapan and WBS Ethics Committee based on the timeliness
pelaporan, kualitas kajian dan rekomendasi, kepatuhan and completeness of reporting, the quality of reviews
terhadap prosedur dan tenggat penanganan, serta and recommendations, compliance with procedures and
efektivitas tindak lanjut perbaikan yang ditetapkan. handling deadlines, and the effectiveness of the follow-up
improvements that have been determine
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Tata Kelola Perusahaan
Good Corporate Governance
Uraian Singkat Pelaksanaan Kegiatan Direksi pada Tahun Buku
Brief Description of The Directorate’s Activities In The Financial Year
Sepanjang Tahun Buku 2025, Direksi melaksanakan Throughout the 2025 Financial Year, the Board of Directors
pengurusan Perseroan sesuai peraturan perundang- managed the Company in accordance with laws and
undangan, Anggaran Dasar, keputusan RUPS, serta regulations, the Articles of Association, GMS resolutions,
pedoman kerja (Board Manual), termasuk memastikan and the Board Manual, including ensuring that decisions
pengambilan keputusan dilakukan melalui mekanisme were made through Board meetings for matters requiring
rapat Direksi untuk hal-hal yang memerlukan keputusan strategic decisions and/or actions outside the Company’s
strategis dan/atau tindakan di luar RKAP sesuai ketentuan internal provisions.
internal Perseroan.
Dalam menetapkan agenda strategis, Direksi In setting the strategic agenda, the Board of
mensyaratkan usulan yang dibahas dilengkapi kajian dan Directors requires that proposals under discussion
analisis yang memadai, termasuk kajian keuangan, hukum, be accompanied by adequate studies and analyses,
dan risiko. Sejalan dengan itu, Direksi mempertimbangkan including financial, legal, and risk studies. In line with this,
risiko usaha dalam setiap pengambilan keputusan/ the Board of Directors considers business risks in every
tindakan korporasi dan membangun program manajemen corporate decision/action and develops a corporate risk
risiko korporasi sebagai bagian dari pelaksanaan GCG. management program as part of the implementation of
GCG.
Pelaksanaan pengendalian kinerja dilakukan secara Performance control is carried out in stages and discussed
berjenjang dan dibahas pada tingkat korporasi melalui at the corporate level through Board of Directors meetings
rapat Direksi serta rapat gabungan Direksi dengan and joint meetings between the Board of Directors and
Dewan Komisaris secara berkala. the Board of Commissioners on a regular basis.
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Dewan Komisaris
Board of Commissioners
Perusahaan menempatkan Dewan Komisaris sebagai The Company appoints the Board of Commissioners as
organ yang menjalankan fungsi pengawasan atas the organ responsible for supervising the management of
pengelolaan Perusahaan oleh Direksi, serta memberikan the Company by the Board of Directors and for providing
nasihat kepada Direksi untuk memastikan pengurusan advice to ensure that the Company’s management is
Perusahaan berjalan selaras dengan Anggaran Dasar, carried out in accordance with the Articles of Association,
ketentuan peraturan perundang-undangan, dan applicable laws and regulations, and resolutions of the
keputusan RUPS. General Meeting of Shareholders.
Perusahaan menggunakan Pedoman Kerja Direksi The Company uses the Board Manual as its primary
dan Dewan Komisaris (Board Manual) sebagai rujukan reference for the working procedures of the Board of
utama tata kerja Dewan Komisaris, karena Board Manual Commissioners, as it outlines the direction, working
memuat arah, mekanisme kerja, dan prinsip pengambilan mechanisms, and decision-making principles of the
keputusan organ Perusahaan secara terstruktur serta Company’s organs in a structured manner and can be
dapat disesuaikan secara berkelanjutan sesuai kebutuhan continuously updated to meet the Company’s needs.
Perusahaan.
Perusahaan menetapkan ruang lingkup pengaturan The Company defines the scope of regulation for the Board
Dewan Komisaris dalam Board Manual yang of Commissioners in the Board Manual, which covers
mencakup pengertian dan persyaratan, komposisi, definitions and requirements, composition, appointment,
pengangkatan, masa jabatan, pemberhentian, term of office, dismissal, duties, authorities, obligations,
tugas, wewenang, kewajiban, hak, tanggung jawab, rights, responsibilities, work programs and budgets,
program kerja dan anggaran, mekanisme pelaporan reporting and accountability mechanisms, induction
dan pertanggungjawaban, program pengenalan dan and knowledge enhancement programs, remuneration,
pendalaman pengetahuan, remunerasi, rangkap jabatan, multiple positions, meetings, correspondence, supporting
rapat, korespondensi, organ pendukung, etika jabatan, organs, code of ethics, and performance evaluation of the
serta evaluasi kinerja Dewan Komisaris. Board of Commissioners.
Sebagai panduan operasional, Perusahaan menyatakan As an operational guideline, the Company states that
Board Manual bersifat dinamis dan dapat disempurnakan the Board Manual is dynamic and may be updated as
sesuai kebutuhan Perusahaan, dengan tetap mengacu required, while remaining subject to applicable laws and
pada ketentuan peraturan perundang-undangan dan regulations and the Articles of Association as higher-level
Anggaran Dasar sebagai rujukan yang lebih tinggi apabila references in the event of any differences.
terjadi perbedaan pengaturan.
Dasar Hukum Legal Basis
Perusahaan menyusun Board Manual berdasarkan The Company prepares the Board Manual based on
prinsip-prinsip hukum perusahaan, peraturan perundang- the principles of corporate law, applicable laws and
undangan yang berlaku, ketentuan Anggaran Dasar, regulations, the provisions of the Articles of Association,
serta keputusan dan arahan RUPS, sehingga pedoman and resolutions and directives of the General Meeting of
tersebut menjadi landasan kerja organ Perusahaan Shareholders, so that the manual serves as the working
dalam penerapan GCG. foundation for the Company’s organs in implementing
Good Corporate Governance.
Perusahaan juga menjadikan POJK 33/POJK.04/2014 The Company also refers to POJK No. 33/POJK.04/2014
sebagai rujukan eksternal utama untuk elemen yang as the main external reference for mandatory disclosures in
wajib diungkap dalam Laporan Tahunan terkait Dewan the Annual Report related to the Board of Commissioners.
Komisaris.
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Tata Kelola Perusahaan
Good Corporate Governance
Perusahaan membentuk Dewan Komisaris sesuai The Company establishes the Board of Commissioners in
Undang-Undang No. 40 Tahun 2007 tentang Perseroan accordance with Law No. 40 of 2007 on Limited Liability
Terbatas, dan menempatkan Dewan Komisaris sebagai Companies. It positions the Board of Commissioners as
wakil pemegang saham untuk melakukan pengawasan the representative of shareholders to perform supervisory
serta memberikan nasihat kepada Direksi. and advisory functions to the Board of Directors.
Board Manual Board Manual
Perusahaan menggunakan Pedoman Kerja Direksi dan The Company uses the Board of Directors and Board
Dewan Komisaris (Board Manual) sebagai rujukan utama of Commissioners Work Guidelines (Board Manual) as
tata kerja Dewan Komisaris dalam menjalankan fungsi the primary reference for the Board of Commissioners
pengawasan dan pemberian nasihat kepada Direksi. in performing its supervisory and advisory functions to
Board Manual disusun berdasarkan prinsip-prinsip the Board of Directors. The Board Manual is prepared
hukum perusahaan, ketentuan peraturan perundang- based on corporate law principles, applicable laws and
undangan, Anggaran Dasar, serta keputusan dan arahan regulations, the Articles of Association, and resolutions
RUPS sebagai landasan kerja organ Perusahaan dalam and directives of the General Meeting of Shareholders,
penerapan GCG. Board Manual bersifat dinamis dan dapat and serves as the working foundation for the Company’s
disempurnakan sesuai kebutuhan, dengan ketentuan organs in implementing GCG. The Board Manual is
bahwa pengaturannya harus selaras dengan peraturan dynamic and may be updated as needed, provided
yang lebih tinggi; apabila terdapat pertentangan, maka that its provisions remain consistent with higher-level
ketentuan yang lebih tinggi berlaku. regulations. In the event of any inconsistency, the higher-
level regulations shall prevail.
Perusahaan memuat poin utama dalam Board Manual The Company sets out the following key provisions in the
Dewan Komisaris sebagai berikut: Board of Commissioners’ Board Manual:
1. Tugas dan Wewenang Dewan Komisaris. 1. Duties and authorities of the Board of Commissioners.
2. Pembagian Tugas dan Wewenang Anggota Dewan 2. Allocation of duties and authorities among members
Komisaris. of the Board of Commissioners.
3. Prinsip-Prinsip Pengambilan Keputusan Dewan 3. Principles for decision-making by the Board of
Komisaris. Commissioners.
4. Rapat Dewan Komisaris yang mencakup jadwal 4. Meetings of the Board of Commissioners, including
rapat, tempat rapat, pemanggilan rapat, pimpinan meeting schedules, venues, meeting notices,
rapat, kuorum, pengambilan keputusan, dan risalah chairmanship, quorum, decision-making procedures,
rapat. and minutes of meetings.
5. Program Pengenalan Anggota Dewan Komisaris 5. Induction program for newly appointed members of
yang Baru. the Board of Commissioners.
6. Program Pelatihan Dewan Komisaris. 6. Training programs for members of the Board of
Commissioners.
7. Lampiran terkait kewenangan Direksi yang 7. Appendices concerning the authorities of the Board
memerlukan persetujuan Dewan Komisaris. of Directors that require approval from the Board of
Commissioners.
Prosedur Pengangkatan dan Pemberhentian Dewan Procedures for the Appointment and Dismissal of the
Komisaris Board of Commissioners
Pengangkatan dan pemberhentian anggota Dewan The appointment and dismissal of members of the Board
Komisaris ditetapkan melalui keputusan RUPS, termasuk of Commissioners are determined by resolutions of the
penetapan saat mulai berlakunya pengangkatan atau GMS, including the effective date of such appointment or
pemberhentian. Apabila RUPS tidak menetapkan, dismissal. If the GMS does not specify the effective date,
maka pengangkatan atau pemberhentian berlaku sejak the appointment or dismissal shall take effect upon the
penutupan RUPS. RUPS dapat memberhentikan closing of the meeting. The GMS may dismiss a member
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anggota Dewan Komisaris sewaktu-waktu dengan of the Board of Commissioners at any time by stating the
menyebutkan alasannya, dan keputusan pemberhentian reasons, and such dismissal shall be decided after the
diambil setelah yang bersangkutan diberi kesempatan concerned member has been given the opportunity to
untuk membela diri dalam RUPS. present a defense at the meeting.
Jenis Keputusan Yang Memerlukan Persetujuan Types of Decisions Requiring Approval From the
Dewan Komisaris Board of Commissioners
Dalam kerangka hubungan kerja antar komponen organ Within the framework of the working relationship among
Perusahaan, Board Manual mengatur tindakan tertentu the Company’s governing organs, the Board Manual
Direksi yang memerlukan persetujuan tertulis Dewan stipulates certain actions of the Board of Directors that
Komisaris, serta tindakan Direksi yang memerlukan require written approval from the Board of Commissioners,
tanggapan tertulis Dewan Komisaris dan persetujuan as well as actions that require a written response from the
RUPS. Rincian tindakan dan mekanisme persetujuan Board of Commissioners and approval from the General
tersebut diatur dalam Board Manual sebagai bagian Meeting of Shareholders. The details of such actions and
dari mekanisme formal kelembagaan yang dapat the approval.
dipertanggungjawabkan.
Masa Jabatan Dewan Komisaris Term of Office of the Board of Commissioners
Mengacu pada Anggaran Dasar Perusahaan, Dewan In accordance with the Company’s Articles of Association,
Komisaris terdiri dari sekurang-kurangnya 2 (dua) orang the Board of Commissioners consists of at least two (2)
dan paling banyak sama dengan jumlah anggota Direksi. members and no more than the number of members
Anggota Dewan Komisaris diangkat oleh RUPS untuk of the Board of Directors. Members of the Board of
jangka waktu 5 (lima) tahun dan dapat diberhentikan Commissioners are appointed by the General Meeting
sewaktu-waktu dengan memperhatikan ketentuan of Shareholders for a term of five (5) years. It may be
perundang-undangan yang berlaku. Setelah masa dismissed at any time in accordance with applicable laws
jabatannya berakhir, para anggota Dewan Komisaris and regulations. Upon the expiry of their term, members
dapat diangkat kembali melalui RUPS untuk satu kali of the Board of Commissioners may be reappointed by
masa jabatan. the General Meeting of Shareholders for one additional
term.
Susunan Dewan Komisaris
Composition of The Board of Commissioners
Perseroan membentuk susunan Dewan Komisaris The Company establishes the composition of the Board
untuk memastikan fungsi pengawasan dan pemberian of Commissioners to ensure the effective performance
nasihat kepada Direksi berjalan efektif serta menjaga of its supervisory and advisory functions to the Board of
keseimbangan (checks and balances) dalam tata kelola Directors and to maintain proper checks and balances in
pengurusan Perseroan. Dewan Komisaris menjalankan the Company’s governance. The Board of Commissioners
tugas secara kolektif, dan tetap memikul tanggung jawab performs its duties collectively and remains collectively
kolektif meskipun Perseroan melakukan pembagian responsible, even though tasks may be allocated among
tugas di antara anggota Dewan Komisaris untuk tujuan its members for efficiency purposes.
efisiensi.
Perseroan juga mempertahankan keberagaman The Company also maintains diversity in the composition
komposisi Dewan Komisaris sebagai bagian dari of the Board of Commissioners as part of its commitment
komitmen penerapan GCG, sehingga proses pengambilan to implementing Good Corporate Governance, so that
keputusan pengawasan dapat dilakukan secara lebih supervisory decision-making can be carried out in a more
objektif, komprehensif, dan optimal berdasarkan objective, comprehensive, and effective manner based on
perbedaan latar belakang pendidikan, pengalaman kerja, differences in educational background, work experience,
keahlian, dan usia. expertise, and age.
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Tata Kelola Perusahaan
Good Corporate Governance
Pada Tahun Buku 2025, Perseroan mencatat perubahan During the 2025 financial year, the Company recorded
komposisi Dewan Komisaris yang ditetapkan melalui changes in the composition of the Board of Commissioners
RUPS Tahunan sebagaimana dituangkan dalam Akta as determined by the Annual GMS and set out in Deed
No. 36 tanggal 05 Juni 2025. Perseroan mengungkapkan No. 36 dated June 5, 2025. The Company discloses these
perubahan komposisi tersebut dalam tabel berikut untuk changes in the table below to demonstrate the continuity
menunjukkan kesinambungan fungsi pengawasan of the supervisory function before and after the changes
sebelum dan sesudah perubahan komposisi. in composition.
Susunan Anggota Dewan Komisaris Composition of the Board of Commissioners
Perseroan mencatat perubahan komposisi Dewan The Company recorded changes in the composition of
Komisaris selama tahun 2025 sebagaimana ditampilkan the Board of Commissioners during 2025, as presented
pada tabel berikut. in the table below.
Periode: 1 Januari 2025 - 5 Juni 2025
Period: January 1, 2025 - June 5, 2025
Nama Jabatan Dasar Hukum Pengangkatan Periode
Name Position Basis of Appointment Period
Akta Berita Acara RUPS Tahunan No. 217
Komisaris Utama tanggal 19 Juni 2023 Periode ke-1
Herry Ardianto
President Commissioner Deed of Minutes of Annual GMS No. 217 1st Period
on June 19, 2023
Akta Berita Acara RUPS Tahunan No. 52
Komisaris Independen tanggal 10 Desember 2024 Periode ke-1
Wenry Anshory Putra
Independent Commissioner Deed of Minutes of Annual GMS No. 52 on 1st Period
December 10, 2024
Akta Berita Acara RUPS Tahunan No. 04
Periode ke-1
Komisaris tanggal 17 Mei 2024
Achmad Afandi 1st Period
Commissioner Deed of Minutes of Annual GMS No. 04 on
May 17, 2024
Berdasarkan perubahan komposisi tersebut, sampai Based on these changes, as of December 31, 2025,
dengan 31 Desember 2025 Perseroan memiliki 2 the Company has two (2) members of the Board of
(dua) anggota Dewan Komisaris, yaitu Wenry Anshory Commissioners, namely Wenry Anshory Putra as
Putra sebagai Komisaris Utama merangkap Komisaris President Commissioner and Independent Commissioner,
Independen dan Yan Firwan sebagai Komisaris, yang and Yan Firwan as Commissioner. Both were appointed
diangkat berdasarkan Akta Berita Acara RUPS Tahunan pursuant to the Deed of Minutes of the Annual GMS No.
No. 36 tanggal 05 Juni 2025. 36 dated June 5, 2025.
Periode: 5 June 2025 - 31 Desember 2025
Period: June 5, 2025 - Desember 31, 2025
Nama Jabatan Dasar Hukum Pengangkatan Periode
Name Position Basis of Appointment Period
Komisaris Utama merangkap Akta Berita Acara RUPS Tahunan No. 36
Periode ke-1
Komisaris Independen Perseroan tanggal 05 Juni 2025
Wenry Anshory Putra 1st Period
President Commissioner acting as Deed of Minutes of Annual GMS No. 36 on
Independent Commissioner June 5, 2025
Akta Berita Acara RUPS Tahunan No. 36
Periode ke-1
Komisaris tanggal 05 Juni 2025
Yan Firwan 1st Period
Commissioner Deed of Minutes of Annual GMS No. 36 on
June 5, 2025
Profil seluruh anggota Dewan Komisaris dapat dilihat Profiles of all members of the Board of Commissioners
pada Bab Profil Perusahaan dalam Laporan Tahunan ini. can be seen in the Company Profile Chapter of this
Annual Report.
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Tugas dan Tanggung Jawab Dewan Komisaris
Duties and Obligations of Members the Board of Commissioners
Dewan Komisaris merupakan organ Perseroan yang The Board of Commissioners is the Company’s organ
bertugas melakukan pengawasan atas kebijakan responsible for supervising the management policies
pengurusan dan jalannya pengurusan Perseroan yang and the conduct of the Company’s management by
dilakukan oleh Direksi serta memberikan nasihat kepada the Board of Directors, and for providing advice to the
Direksi untuk kepentingan Perseroan dan sesuai dengan Board of Directors in the best interests of the Company
maksud dan tujuan Perseroan. Pengawasan Dewan and in accordance with the Company’s purposes and
Komisaris juga mencakup pengawasan atas pelaksanaan objectives. The supervision carried out by the Board of
Rencana Jangka Panjang Perseroan (RJPP), Rencana Commissioners also covers the implementation of the
Kerja dan Anggaran Perseroan (RKAP), ketentuan Company’s Long-Term Plan, the Company Work Plan
Anggaran Dasar, keputusan RUPS, serta peraturan and Budget, the provisions of the Articles of Association,
perundang-undangan yang berlaku, dengan ketentuan resolutions of the General Meeting of Shareholders, and
bahwa rincian pelaksanaan tugas, wewenang, dan applicable laws and regulations, with the details of the
tanggung jawab Dewan Komisaris diatur lebih lanjut duties, authorities, and responsibilities of the Board of
dalam Board Manual. Commissioners further regulated in the Board Manual.
Tugas Dewan Komisaris Board of Commissioners Duties
Dalam pelaksanaan fungsi pengawasan, Dewan In carrying out its supervisory function, the Board of
Komisaris mengusulkan kepada RUPS penunjukan Commissioners proposes to the General Meeting of
Akuntan Publik untuk melakukan pemeriksaan atas buku- Shareholders the appointment of a Public Accountant
buku Perseroan serta melaksanakan tugas pengawasan to examine the Company’s books. It performs other
lain yang ditentukan Anggaran Dasar, peraturan supervisory duties as stipulated in the Articles of
perundang-undangan, dan/atau keputusan RUPS. Association, applicable laws and regulations, and/or
Dewan Komisaris juga memberikan tanggapan atas resolutions of the General Meeting of Shareholders.
laporan berkala Direksi dan memberikan perhatian atas The Board of Commissioners also reviews periodic
perkembangan Perseroan, termasuk menyampaikan reports from the Board of Directors and monitors the
laporan kepada RUPS apabila indikator kinerja Company’s performance, including reporting to the GMS
menunjukkan gejala kemunduran disertai saran langkah if performance indicators show signs of decline, together
perbaikan yang diperlukan. with recommendations for necessary corrective actions.
Dewan Komisaris bersama Direksi menyusun pedoman The Board of Commissioners, together with the Board
yang mengikat anggota Direksi serta menyusun kode of Directors, establishes binding guidelines for members
etik yang berlaku bagi Direksi, Dewan Komisaris, dan of the Board of Directors and develops a code of
insan Perseroan sesuai ketentuan peraturan perundang- ethics applicable to the Board of Directors, the Board
undangan. of Commissioners, and the Company’s personnel in
accordance with applicable laws and regulations.
Tanggung Jawab Dewan Komisaris Board of Commissioners Obligation
Dewan Komisaris menjalankan pengawasan untuk The Board of Commissioners performs its supervisory
kepentingan Perseroan dan bertanggung jawab kepada duties in the best interests of the Company and is
RUPS atas pelaksanaan fungsi pengawasan tersebut. accountable to the GMS for the execution of such duties.
Dewan Komisaris memastikan pelaksanaan pengawasan The Board of Commissioners ensures that supervision
dilakukan secara terukur melalui arahan, nasihat, dan is carried out measurably through appropriate guidance,
evaluasi yang relevan terhadap pengurusan Direksi serta advice, and evaluation of the management performed by
memastikan tindak lanjut perbaikan dapat diarahkan the Board of Directors. It ensures that corrective follow-
melalui mekanisme RUPS apabila diperlukan. up actions can be directed through the GMS mechanism
when necessary.
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Tata Kelola Perusahaan
Good Corporate Governance
Wewenang Dewan Komisaris Board of Commissioners Authority
Untuk menjalankan fungsi pengawasan, Dewan Komisaris To perform its supervisory function, the Board of
berwenang melakukan pemeriksaan terhadap Perseroan, Commissioners is authorized to conduct inspections of the
termasuk memasuki tempat yang dipergunakan atau Company, including entering premises used or controlled
dikuasai Perseroan, memeriksa dokumen dan bukti, by the Company, examining documents and evidence,
memeriksa persediaan, serta mencocokkan keadaan kas reviewing inventories, and verifying cash positions and/
dan/atau aset tertentu sesuai kebutuhan pengawasan. or certain assets as required for supervision. The Board of
Dewan Komisaris berwenang meminta penjelasan dari Commissioners is also authorized to request explanations
Direksi dan/atau pihak terkait, termasuk melalui dukungan from the Board of Directors and/or relevant parties,
komite atau tenaga ahli yang diperlukan sesuai ketentuan including through the support of committees or external
yang berlaku. experts, in accordance with applicable regulations.
Dewan Komisaris juga berwenang memberhentikan The Board of Commissioners is further authorized to
sementara anggota Direksi berdasarkan alasan yang temporarily suspend members of the Board of Directors
ditentukan, dengan pelaksanaan yang mengikuti tata for specified reasons, with such actions carried out in
cara pemberitahuan dan mekanisme tindak lanjut sesuai accordance with the applicable notification procedures
ketentuan internal dan ketentuan yang berlaku. and follow-up mechanisms as stipulated in internal
policies and prevailing regulations.
Pembagian Tugas Dewan Komisaris Division of Duties of the Board of Commissioners
Dewan Komisaris menetapkan pembagian tugas dan The Board of Commissioners determines the allocation of
wewenang antaranggota melalui mekanisme internal duties and authorities among its members through internal
sesuai ketentuan dalam Board Manual untuk memastikan mechanisms in accordance with the Board Manual to
fungsi pengawasan dan pemberian nasihat kepada Direksi ensure that its supervisory and advisory functions to the
dapat dijalankan secara efektif dan terarah. Pembagian Board of Directors are carried out effectively and in a
tugas tersebut bersifat penguatan fokus pengawasan, focused manner. Such allocation is intended to strengthen
namun tidak mengubah prinsip bahwa Dewan Komisaris the focus of supervision and does not alter the principle
bertindak sebagai majelis/kolektif dan tidak menjalankan that the Board of Commissioners acts collectively as a
fungsi eksekutif Perseroan. board and does not perform the Company’s executive
functions.
Sampai dengan 31 Desember 2025, susunan Dewan As of December 31, 2025, the Board of Commissioners
Komisaris terdiri dari 2 (dua) orang, yaitu Wenry Anshory consists of two (2) members, namely Wenry Anshory
Putra sebagai Komisaris Utama merangkap Komisaris Putra as President Commissioner and Independent
Independen dan Yan Firwan sebagai Komisaris, yang Commissioner, and Yan Firwan as Commissioner, who
diangkat berdasarkan Akta Berita Acara RUPS Tahunan were appointed pursuant to the Deed of Minutes of
No. 36 tanggal 05 Juni 2025 untuk periode jabatan the Annual General Meeting of Shareholders No. 36
2025–2030. Uraian tugas, tanggung jawab, wewenang, dated June 5, 2025, for the term of office for the period
dan pembagian tugas masing-masing anggota Dewan 2025–2030. The duties, responsibilities, authorities,
Komisaris diungkapkan sebagai landasan akuntabilitas and allocation of tasks of each member of the Board of
pelaksanaan fungsi pengawasan Dewan Komisaris. Commissioners are disclosed as a basis for accountability
in the performance of the Board of Commissioners’
supervisory function.
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Berikut disajikan fokus tugas dan tanggung jawab The following presents the focus of duties and
masing-masing anggota Dewan Komisaris dalam rangka responsibilities of each member of the Board of
melaksanakan pengawasan atas kebijakan pengurusan Commissioners in supervising the Company’s
Perseroan dan pemberian nasihat kepada Direksi sesuai management policies and providing advice to the Board
Anggaran Dasar, peraturan perundang-undangan, dan/ of Directors in accordance with the Articles of Association,
atau keputusan RUPS. applicable laws and regulations, and/or resolutions of the
GMS.
TUGAS DAN TANGGUNG JAWAB MASING-MASING DEWAN KOMISARIS
No
DUTIES AND RESPONSIBILITIES OF EACH MEMBERS THE BOARD OF COMMISSIONERS
1 Nama Wenry Anshory Putra
Name
Jabatan Komisaris Utama merangkap Komisaris Independen
Position President Commissioner and concurrently Independent Commissioner
Memimpin dan mengoordinasikan pelaksanaan fungsi pengawasan dan pemberian nasihat Dewan Komisaris, termasuk:
1. Memimpin rapat Dewan Komisaris serta memastikan agenda, bahan rapat, dan pengambilan keputusan terdokumentasi;
2. Mengarahkan penyusunan program kerja pengawasan Dewan Komisaris dan evaluasi pelaksanaannya;
3. Mengoordinasikan pemberian masukan kepada Direksi atas strategi, RJPP/RKAP, kebijakan material, serta isu-isu strategis Perseroan;
4. Memastikan tindak lanjut atas rekomendasi Dewan Komisaris dimonitor dan dilaporkan kepada Dewan Komisaris;
5. Memastikan perhatian Dewan Komisaris terhadap penerapan tata kelola, kepatuhan peraturan, dan efektivitas pengendalian internal;
6. Menjaga independensi dan integritas pengambilan keputusan, termasuk pengelolaan potensi benturan kepentingan (pengungkapan,
abstain, dan pencatatan bila relevan);
7. Mengoordinasikan penilaian kinerja Direksi dan Dewan Komisaris sesuai ketentuan serta menyampaikan hasilnya melalui mekanisme
pelaporan kepada pemegang saham;
8. Mewakili Dewan Komisaris dalam komunikasi dengan pemegang saham dan/atau pemangku kepentingan tertentu sesuai kewenangan
yang berlaku.
Lead and coordinate the collective performance of the Board of Commissioners’ supervisory and advisory functions, including:
1. Chairing meetings of the Board of Commissioners and ensuring that meeting agendas, materials, and decisions are properly documented;
2. Directing the preparation of the Board of Commissioners’ supervisory work program and evaluating its implementation;
3. Coordinating the provision of input to the Board of Directors on strategy, RJPP/RKAP, material policies, and strategic issues of the
Company;
4. Ensuring that follow-up actions on the Board of Commissioners’ recommendations are monitored and reported to the Board of
Commissioners;
5. Ensuring the Board of Commissioners’ attention to the implementation of good governance, regulatory compliance, and the effectiveness
of internal controls;
6. Safeguarding the independence and integrity of decision-making, including the management of potential conflicts of interest (disclosure,
abstention, and documentation, where applicable);
7. Coordinating performance evaluations of the Board of Directors and the Board of Commissioners in accordance with applicable provisions
and reporting the results to shareholders through the appropriate reporting mechanisms; and
8. Representing the Board of Commissioners in communications with shareholders and/or certain stakeholders in accordance with the
applicable authority.
2 Nama Yan Firwan
Name
Jabatan Komisaris
Position Commissioner
Memberikan masukan, arahan, dan rekomendasi kepada Direksi serta menjalankan fungsi pengawasan, dengan fokus pada pemantauan
risiko, termasuk:
1. Menelaah laporan kinerja operasional dan keuangan secara berkala serta memberikan masukan perbaikan;
2. Menelaah kebijakan dan rencana kerja yang material, serta keselarasan pelaksanaannya dengan RJPP/RKAP;
3. Memantau manajemen risiko utama Perseroan, termasuk kecukupan mitigasi dan kepatuhan terhadap kebijakan yang ditetapkan;
4. Memantau efektivitas pengendalian internal dan tindak lanjut atas temuan audit/pemeriksaan (bila ada);
5. Menelaah transaksi atau keputusan yang berpotensi memunculkan benturan kepentingan sesuai ketentuan;
6. Berpartisipasi aktif dalam rapat Dewan Komisaris serta rapat gabungan dengan Direksi dan menyampaikan pandangan secara objektif;
7. Mendorong peningkatan penerapan GCG, transparansi, dan akuntabilitas dalam pengelolaan Perseroan;
8. Menjaga independensi penilaian serta mematuhi ketentuan kerahasiaan informasi Perseroan.
Provide input, guidance, and recommendations to the Board of Directors and perform supervisory duties, with a focus on risk oversight,
including:
1. Reviewing periodic operational and financial performance reports and providing recommendations for improvement;
2. Reviewing material policies and work plans and assessing their alignment with the RJPP/RKAP;
3. Monitoring the Company’s key risk management, including the adequacy of mitigation measures and compliance with established policies;
4. Monitoring the effectiveness of internal controls and follow-up actions on audit or review findings, if any;
5. Reviewing transactions or decisions that may give rise to conflicts of interest in accordance with applicable provisions;
6. Actively participating in meetings of the Board of Commissioners and joint meetings with the Board of Directors, and presenting objective
views;
7. Promoting the enhancement of GCG, transparency, and accountability in the management of the Company; and
8. Maintaining independence of judgment and complying with the confidentiality requirements of Company information.
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Tata Kelola Perusahaan
Good Corporate Governance
Komisaris Independen
Independent Commissioner
Komisaris Independen merupakan anggota Dewan An Independent Commissioner is a member of the Board
Komisaris yang berasal dari luar Perusahaan dan of Commissioners who comes from outside the Company
memenuhi persyaratan Komisaris Independen sesuai and meets the Independent Commissioner requirements
ketentuan OJK. Komisaris Independen menjalankan fungsi in accordance with OJK regulations. The Independent
pengawasan secara objektif, menjaga keseimbangan Commissioner performs supervisory functions objectively,
pengambilan keputusan Dewan Komisaris, serta maintains balance in the Board of Commissioners’
memperkuat penerapan prinsip tata kelola perusahaan decision-making, and strengthens the implementation
yang baik melalui pencegahan benturan kepentingan dan of good corporate governance by preventing conflicts of
penguatan akuntabilitas pengawasan. interest and enhancing supervisory accountability.
Perseroan memenuhi ketentuan komposisi Komisaris The Company complies with the Independent
Independen berdasarkan POJK 33/2014, karena Commissioner composition requirements under
dalam hal Dewan Komisaris terdiri dari 2 (dua) orang, POJK No. 33/2014, which stipulate that if the Board of
1 (satu) di antaranya wajib merupakan Komisaris Commissioners consists of two (2) members, one (1) of
Independen. Oleh karena itu, Perseroan menempatkan them must be an Independent Commissioner. Accordingly,
Komisaris Independen sebagai bagian integral dari the Company appoints an Independent Commissioner
struktur pengawasan Dewan Komisaris untuk menjaga as an integral part of the Board of Commissioners’
objektivitas dan kualitas fungsi pengawasan. supervisory structure to ensure objectivity and the quality
of its supervisory function.
Perseroan memastikan pemenuhan persyaratan The Company ensures that the Independent Commissioner
independensi Komisaris Independen selama masa continues to meet the independence requirements
jabatan, termasuk tidak memiliki hubungan kerja/ throughout the term of office, including having no
pengurusan dalam 6 (enam) bulan terakhir (dengan employment or management relationship within the past
pengecualian pengangkatan kembali), tidak memiliki six (6) months (except in the case of reappointment),
saham baik langsung maupun tidak langsung, tidak holding no shares either directly or indirectly, having
memiliki hubungan afiliasi dengan Perseroan/anggota no affiliation with the Company, members of the Board
Dewan Komisaris/anggota Direksi/pemegang saham of Commissioners, members of the Board of Directors,
utama, serta tidak memiliki hubungan usaha yang or the controlling shareholders, and having no business
berkaitan dengan kegiatan usaha Perseroan. Perseroan relationship related to the Company’s business activities.
memantau pemenuhan persyaratan tersebut secara The Company continuously monitors compliance with
berkelanjutan, dan Perseroan wajib melakukan these requirements and is required to replace the
penggantian melalui RUPS apabila Komisaris Independen Independent Commissioner through the General Meeting
tidak lagi memenuhi persyaratan independensi. of Shareholders if the independence requirements are no
longer met.
Sampai dengan 31 Desember 2025, Perseroan As of December 31, 2025, the Company recorded that
mencatat bahwa Wenry Anshory Putra menjabat sebagai Wenry Anshory Putra serves as President Commissioner
Komisaris Utama merangkap Komisaris Independen, and Independent Commissioner, while Yan Firwan serves
sedangkan Yan Firwan menjabat sebagai Komisaris, as Commissioner. Their appointments were determined
dan pengangkatan tersebut ditetapkan berdasarkan Akta pursuant to the Deed of Minutes of the Annual General
Berita Acara RUPS Tahunan No. 36 tanggal 05 Juni 2025 Meeting of Shareholders No. 36 dated June 5, 2025, for
untuk periode jabatan 2025–2030. the term of office for the period 2025–2030.
Perseroan menegaskan bahwa Komisaris Independen The Company affirms that the Independent Commissioner
wajib menyatakan independensinya sesuai ketentuan is required to declare independence in accordance
OJK, dan Perseroan mengungkap pernyataan with OJK regulations, and the Company discloses such
independensi tersebut dalam Laporan Tahunan apabila statements of independence in the Annual Report, where
relevan dengan masa jabatan dan pengangkatan kembali. relevant to the term of office and any reappointment.
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Pernyataan Bahwa Dewan Komisaris Memiliki Pedoman atau Piagam (Charter) Dewan Komisaris
Statement of the Board of Commissioners’ Guidelines or Charter
Perseroan menyatakan bahwa Dewan Komisaris telah The Company states that the Board of Commissioners
memiliki pedoman kerja yang berfungsi sebagai Piagam has established work guidelines that serve as the Board
(Charter) Dewan Komisaris, yang dituangkan dalam of Commissioners’ Charter, as set out in the Board of
Pedoman Kerja Direksi dan Dewan Komisaris (Board Directors and Board of Commissioners Work Guidelines
Manual). Perseroan menetapkan Board Manual tersebut (Board Manual). The Company designates the Board
sebagai acuan formal kelembagaan untuk mengatur Manual as a formal institutional reference governing
peran, tugas, dan wewenang Dewan Komisaris, the roles, duties, and authorities of the Board of
termasuk mekanisme rapat dan pengambilan keputusan, Commissioners, including meeting and decision-making
hubungan kerja Dewan Komisaris dengan Direksi, serta mechanisms, the working relationship between the
akses informasi yang diperlukan dalam pelaksanaan Board of Commissioners and the Board of Directors, and
fungsi pengawasan dan pemberian nasihat. access to information required to perform supervisory and
advisory functions.
Perseroan menegaskan bahwa Board Manual berlaku The Company confirms that the Board Manual serves
sebagai pedoman operasional yang dinamis dan dapat as a dynamic operational guideline that may be
disesuaikan sesuai kebutuhan Perseroan, dengan adjusted to meet the Company’s needs, provided that
ketentuan bahwa peraturan perundang-undangan applicable laws and regulations and the Articles of
dan Anggaran Dasar tetap menjadi rujukan yang lebih Association remain the higher-level references in the
tinggi apabila terjadi perbedaan pengaturan. Perseroan event of any inconsistency. This statement is disclosed
menyampaikan pernyataan ini untuk memastikan to ensure consistent governance practices, traceability
konsistensi tata kelola, keterlacakan proses pengawasan, of supervisory processes, and the accountability of the
dan akuntabilitas Dewan Komisaris dalam Laporan Tahunan. Board of Commissioners in the Annual Report.
Pedoman Kerja Dewan Komisaris Board of Commissioners’ Charter
Perseroan telah memiliki Pedoman dan Tata Tertib Kerja The Company has established Work Guidelines and
(Board Manual) Dewan Komisaris dan Direksi sebagai Procedures for the Board of Commissioners and the
komitmen dalam mengawal penerapan GCG secara Board of Directors (Board Manual) as a commitment to
konsisten. Board Manual Perseroan disusun dengan consistently oversee the implementation of GCG. The
mengacu pada peraturan perundang-undangan yang Company’s Board Manual is prepared in accordance
berlaku dan disahkan melalui Keputusan Bersama with applicable laws and regulations and was approved
Dewan Komisaris dan Direksi pada 30 Januari 2025. through a Joint Decision of the Board of Commissioners
Board Manual juga menjadi pedoman praktis bagi Dewan and Board of Directors on January 30, 2025. The Board
Komisaris dalam melakukan tugas pengawasan atas Manual serves as a practical guide for the Board of
pengelolaan Perseroan oleh Direksi. Commissioners in carrying out their supervisory duties
over the management of the Company by the Board of
Directors.
Ruang lingkup Board Manual Perseroan mengatur The Company’s Board Manual regulates the following
beberapa hal, antara lain: matters:
1. Dewan Komisaris 1. Board of Commissioners
Mencakup pengertian dan persyaratan Dewan Covers the definition and requirements of the
Komisaris, komposisi Dewan Komisaris, Board of Commissioners, composition of the
pengangkatan Dewan Komisaris, masa jabatan Board of Commissioners, appointment of the
Dewan Komisaris, pemberhentian Dewan Komisaris, Board of Commissioners, term of office of the
tugas, wewenang, kewajiban, hak dan tanggung Board of Commissioners, dismissal of the Board
jawab Dewan Komisaris, program kerja dan of Commissioners, duties, authorities, obligations,
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Tata Kelola Perusahaan
Good Corporate Governance
anggaran Dewan Komisaris, mekanisme pelaporan rights, and responsibilities of the Board of
dan pertanggungjawaban Dewan Komisaris, Commissioners, work program and budget of the
program pengenalan dan pendalaman pengetahuan, Board of Commissioners, reporting mechanism
remunerasi Dewan Komisaris, hal-hal terkait rangkap and accountability of the Board of Commissioners,
jabatan, rapat Dewan Komisaris, korespondensi, knowledge introduction and deepening programs,
organ pendukung Dewan Komisaris, etika jabatan remuneration for the Board of Commissioners,
Dewan Komisaris serta evaluasi kinerja Dewan matters related to concurrent positions, Board
Komisaris. of Commissioners meetings, correspondence,
supporting organs for the Board of Commissioners,
position ethics for the Board of Commissioners
and performance evaluation of the Board of
Commissioners.
2. Direksi 2. Board of Directors
Mencakup pengertian dan persyaratan Direksi, Covers the definition and requirements of the Board
komposisi Direksi, pengangkatan Direksi, masa of Directors, composition of the Board of Directors,
jabatan Direksi, pemberhentian Direksi, tugas, appointment of the Board of Directors, term of office
wewenang, hak, kewajiban dan tanggung jawab of the Board of Directors, dismissal of the Board of
Direksi, pembatasan kewenangan Direksi dan Directors, duties, powers, rights, obligations and
Prosedur pelaksanaannya, prosedur-prosedur responsibilities of the Board of Directors, limitations
terkait tugas dan kewajiban Direksi, pendelegasian on the authority of the Board of Directors and their
wewenang di antara anggota Direksi, pembagian implementation procedures, procedures related to
tugas Direksi, program kerja dan anggaran Direksi, the duties and obligations of the Board of Directors,
mekanisme pelaporan dan pertanggungjawaban delegation of authority in between members of the
Direksi, program pengenalan dan pendalaman Board of Directors, segregation of duties of the
pengetahuan, remunerasi Direksi, hubungan dengan Board of Directors, work program and budget of the
perusahaan afiliasi, hal-hal terkait rangkap jabatan, Board of Directors, mechanism for reporting and
rapat Direksi, organ pendukung Direksi, etika jabatan accountability of the Board of Directors, knowledge
Direksi serta evaluasi kinerja Direksi. introduction and deepening program, remuneration
for the Board of Directors, relations with affiliated
companies, matters related to concurrent positions,
Board of Directors meetings, supporting organs of
the Board of Directors, position ethics for the Board
of Directors and performance evaluation of the Board
of Directors.
3. Hubungan Kerja Dewan Komisaris dan Direksi 3. Working Relations of the Board of Commissioners
Mencakup perbuatan Direksi yang memerlukan and the Board of Directors
persetujuan tertulis Dewan Komisaris, perbuatan Covers the actions of the Board of Directors
Direksi yang memerlukan tanggapan tertulis Dewan that require written approval from the Board of
Komisaris dan persetujuan dari RUPS, pertemuan Commissioners, actions of the Board of Directors
formal Dewan Komisaris dan Direksi, pertemuan that require a written response from the Board of
informal, komunikasi formal dan komunikasi informal. Commissioners and approval from the GMS, formal
meetings of the Board of Commissioners and Board or
Directors, informal meetings, formal communications
and informal communications.
4. Kegiatan antar Organ Perseroan 4. Activities between Company Organs
Mencakup Rapat Umum Pemegang Saham (RUPS) Covers the Annual General Meeting of Shareholders
Tahunan, RUPS Rencana Kerja Anggaran Perseroan (GMS), the Company’s Work Plan and Budget
(RKAP) dan RUPS Luar Biasa. (RKAP) GMS and the Extraordinary GMS.
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Kebijakan dan Pelaksanaan Frekuensi Rapat Dewan Komisaris, Rapat Dewan Komisaris Bersama Direksi
dan Tingkat Kehadiran Anggota Dewan Komisaris Dalam Rapat Termasuk Kehadiran Dalam RUPS
Policy and Implementation of the Frequency of Board of Commissioners Meetings, Joint Meetings of the Board of
Commissioners and the Board of Directors, and the Level of Attendance of Members of the Board of Commissioners in
the Meeting Including Attendance at the GMS
Perseroan menempatkan rapat Dewan Komisaris The Company designates meetings of the Board of
sebagai mekanisme utama untuk memastikan fungsi Commissioners as the primary mechanism to ensure
pengawasan berjalan terarah, terdokumentasi, dan dapat that the supervisory function is conducted in a structured,
ditelusuri. Perseroan menggunakan rapat internal Dewan documented, and traceable manner. The Company uses
Komisaris dan rapat Dewan Komisaris bersama Direksi internal meetings of the Board of Commissioners and joint
sebagai forum untuk mengevaluasi kinerja, membahas meetings between the Board of Commissioners and the
isu strategis, serta menyampaikan nasihat dan arahan Board of Directors as forums to evaluate performance,
kepada Direksi secara tepat waktu. discuss strategic issues, and provide timely advice and
direction to the Board of Directors.
Kebijakan Pelaksanaan Rapat Dewan Komisaris Implementation of the Board of Commissioners
Meeting Policy
Perseroan menetapkan kebijakan rapat Dewan The Company establishes policies for meetings of the
Komisaris dengan mengacu pada ketentuan regulator Board of Commissioners with reference to regulatory
dan pedoman internal Perseroan. Perseroan memenuhi requirements and the Company’s internal guidelines. The
ketentuan pelaksanaan rapat Dewan Komisaris paling Company complies with the requirement to hold meetings
sedikit 1 (satu) kali dalam 2 (dua) bulan dan rapat of the Board of Commissioners at least once every two
Dewan Komisaris bersama Direksi paling sedikit 1 (2) months and joint meetings between the Board of
(satu) kali dalam 4 (empat) bulan, serta mengungkap Commissioners and the Board of Directors at least once
tingkat kehadiran anggota Dewan Komisaris pada rapat- every four (4) months, and discloses the attendance
rapat tersebut dalam Laporan Tahunan sebagai bentuk of members of the Board of Commissioners at such
transparansi dan akuntabilitas tata kelola. meetings in the Annual Report as a form of transparency
and governance accountability.
Untuk menjaga keabsahan rapat, Perseroan memastikan To ensure the validity of meetings, the Company ensures
pemenuhan ketentuan pemanggilan rapat dan kuorum, compliance with meeting notice and quorum requirements,
serta menuangkan seluruh pembahasan dan keputusan and records all discussions and decisions in minutes of
dalam risalah rapat sebagai dokumen tata kelola. meetings as governance documents. The minutes include
Risalah rapat memuat proses pengambilan keputusan, the decision-making process, key arguments, meeting
argumentasi yang berkembang, kesimpulan rapat, dan conclusions, and any dissenting opinions if unanimous
pernyataan keberatan apabila tidak terjadi kebulatan decisions are not reached.
pendapat.
Perseroan juga memungkinkan penyelenggaraan rapat The Company also allows meetings to be conducted via
melalui sarana video telekonferensi atau media elektronik video teleconference or other electronic media that enable
lain yang memungkinkan seluruh peserta saling melihat all participants to see and hear each other directly and to
dan mendengar secara langsung serta berpartisipasi, dan participate. Such participation is treated as attendance for
keikutsertaan tersebut diperlakukan sebagai kehadiran the purposes of quorum and decision-making.
untuk keperluan kuorum dan pengambilan keputusan.
Pelaksanaan Rapat Dewan Komisaris The Board Of Commissioners Meeting
Perusahaan melaksanakan rapat internal Dewan The Company holds internal meetings of the Board
Komisaris sebagai forum untuk menyelaraskan agenda of Commissioners as a forum to align supervisory
pengawasan, mengevaluasi tindak lanjut pengawasan, agendas, evaluate follow-up actions, and formulate
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Tata Kelola Perusahaan
Good Corporate Governance
dan merumuskan rekomendasi kepada Direksi. recommendations to the Board of Directors. These
Perusahaan menggunakan rapat internal Dewan meetings ensure that supervisory issues are discussed
Komisaris untuk memastikan isu pengawasan dibahas collectively, decisions are made through deliberation,
secara kolektif, diputuskan secara musyawarah, dan and outcomes are properly recorded in the minutes as
dicatat secara memadai dalam risalah rapat sebagai governance documents.
dokumen tata kelola.
Perusahaan menyajikan ringkasan frekuensi rapat dan The Company provides a summary of the frequency of
tingkat kehadiran anggota Dewan Komisaris, serta meetings and attendance of Board of Commissioners
ringkasan agenda rapat internal Dewan Komisaris dan members, as well as a summary of the agendas of internal
rapat Dewan Komisaris bersama Direksi, pada tabel Board of Commissioners meetings and joint meetings
berikut. with the Board of Directors, in the table below.
Perusahaan menyajikan rincian Frekuensi Rapat dan Details of the frequency and attendance of Board of
Tingkat Kehadiran Anggota Dewan Komisaris, Agenda Commissioners meetings, agendas of internal meetings.
Rapat Internal Dewan Komisaris, serta Frekuensi dan The frequency and agendas of joint meetings with the
Agenda Rapat Dewan Komisaris bersama Direksi pada Board of Directors are presented in the following table.
tabel berikut.
Frekuensi Rapat dan Tingkat Kehadiran Anggota Dewan Komisaris
Meeting Frequency and Attendance of Members of the Board of Commissioners
Jumlah Jumlah
Nama Jabatan Persentase Kehadiran
No Rapat Kehadiran
Name Position Attendance Percentage
Total Meetings Total Attendance
Komisaris Utama merangkap Komisaris Independen
Perseroan
1. Wenry Anshory Putra 11 11 100%
President Commissioner acting as Independent
Commissioner
Komisaris
2. Yan Firwan Commissioner 7 7 100%
Komisaris Utama
3. Herry Ardianto* 4 3 75%
President Commissioner
Komisaris
4. Achmad Afandi* 4 4 100%
Commissioner
Catatan | Notes
*Menjabat hingga 05 Juni 2025 berdasarkan Akta Berita Acara RUPS Tahunan No. 36 tanggal 05 Juni 2025.
*Served until June 5, 2025, as recorded in the Deed of Minutes of the Annual GMS No. 36 dated June 5, 2025
Mata Acara Rapat Dewan Komisaris
Meeting Agenda of the Board of Commissioners
Mata Acara Tanggal
No.
Agenda Date
1. 1. Perkenalan Dewan Komisaris 31 Januari 2025
2. Laporan Komite Audit January 31, 2025
3. Laporan Komite Pemantauan Risiko
4. Laporan Komite Nominasi dan Remunerasi
5. Agenda Lainnya
1. Introduction of the Board of Commissioners
2. Audit Committee Report
3. Risk Monitoring Committee Report
4. Nomination and Remuneration Committee Report
5. Other Agenda Items
2. 1. Tindak Lanjut Rakom Periode Sebelumnya 13 Maret 2025
2. Laporan Komite Audit March 13, 2025
3. Laporan Komite Pemantauan Risiko
4. Laporan Komite Nominasi dan Remunerasi
5. Agenda Lainnya
1. Follow-up on Previous Meeting
2. Audit Committee Report
3. Risk Monitoring Committee Report
4. Nomination and Remuneration Committee Report
5. Other Agenda Items
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Mata Acara Tanggal
No.
Agenda Date
3. 1. Tindak Lanjut Rakom Periode Sebelumnya 4 Juli 2025
2. Laporan Komite Audit July 4, 2025
3. Laporan Komite Pemantauan Risiko
4. Laporan Komite Nominasi dan Remunerasi
5. Agenda Lainnya
1. Follow-up on Previous Meeting
2. Audit Committee Report
3. Risk Monitoring Committee Report
4. Nomination and Remuneration Committee Report
5. Other Agenda Items
4. 1. Tindak Lanjut Rakom Periode Sebelumnya 6 Agustus 2025
2. Laporan Komite Audit August 6, 2025
3. Laporan Komite Pemantauan Risiko
4. Laporan Komite Nominasi dan Remunerasi
5. Agenda Lainnya
1. Follow-up on Previous Meeting
2. Audit Committee Report
3. Risk Monitoring Committee Report
4. Nomination and Remuneration Committee Report
5. Other Agenda Items
5 1. Tindak Lanjut Rakom Periode Sebelumnya 6 Agustus 2025
2. Laporan Komite Audit August 6, 2025
3. Laporan Komite Pemantauan Risiko
4. Laporan Komite Nominasi dan Remunerasi
5. Agenda Lainnya
1. Follow-up on Previous Meeting
2. Audit Committee Report
3. Risk Monitoring Committee Report
4. Nomination and Remuneration Committee Report
5. Other Agenda Items
6 1. Tindak Lanjut Rakom Periode Sebelumnya 9 September 2025
2. Laporan Komite Audit September 9, 2025
3. Laporan Komite Pemantauan Risiko
4. Laporan Komite Nominasi dan Remunerasi
5. Agenda Lainnya
1. Follow-up on Previous Meeting
2. Audit Committee Report
3. Risk Monitoring Committee Report
4. Nomination and Remuneration Committee Report
5. Other Agenda Items
7 1. Tindak Lanjut Rakom Periode Sebelumnya 22 Oktober 2025
2. Laporan Komite Audit October 22, 2025
3. Laporan Komite Pemantauan Risiko
4. Laporan Komite Nominasi dan Remunerasi
5. Agenda Lainnya
1. Follow-up on Previous Meeting
2. Audit Committee Report
3. Risk Monitoring Committee Report
4. Nomination and Remuneration Committee Report
5. Other Agenda Items
8 1. Tindak Lanjut Rakom Periode Sebelumnya 27 November 2025
2. Laporan Komite Audit November 27, 2025
3. Laporan Komite Pemantauan Risiko
4. Laporan Komite Nominasi dan Remunerasi
5. Agenda Lainnya
1. Follow-up on Previous Meeting
2. Audit Committee Report
3. Risk Monitoring Committee Report
4. Nomination and Remuneration Committee Report
5. Other Agenda Items
9 1. Tindak Lanjut Rakom Periode Sebelumnya 23 Desember 2025
2. Laporan Komite Audit December 23, 2025
3. Laporan Komite Pemantauan Risiko
4. Laporan Komite Nominasi dan Remunerasi
5. Agenda Lainnya
1. Follow-up on Previous Meeting
2. Audit Committee Report
3. Risk Monitoring Committee Report
4. Nomination and Remuneration Committee Report
5. Other Agenda Items
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Tata Kelola Perusahaan
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Frekuensi Rapat dan Tingkat Kehadiran Anggota Dewan Komisaris bersama Direksi
Meeting Frequency and Attendance of Members of the Board of Commissioners in Joint Meetings with the Board of Directors
Jumlah Jumlah
Nama Jabatan Persentase Kehadiran
No Rapat Kehadiran
Name Position Attendance Percentage
Total Meetings Total Attendance
Dewan Komisaris
Board of Commissioners
Komisaris Utama merangkap
Wenry Anshory Putra Komisaris Independen Perseroan
1. 11 11 100%
President Commissioner acting as
Independent Commissioner
Komisaris
2. Farid Budiyanto 7 7 100%
Commissioner
Komisaris Utama
3. Rizkan Firman* 4 3 75%
President Commissioner
Komisaris
4. Achmad Afandi* 4 4 100%
Commissioner
Direksi
Board of Directors
Direktur Utama
1. Achmad Wachid Abdullah 11 11 100%
President Director
Direktur Operasi
2. Farid Budiyanto 11 11 100%
Director of Operation
Direktur Utama
3. Rizkan Firman* 4 4 100%
President Director
Catatan | Notes
*Menjabat hingga 05 Juni 2025 berdasarkan Akta Berita Acara RUPS Tahunan No. 36 tanggal 05 Juni 2025.
*Served until June 5, 2025, as recorded in the Deed of Minutes of the Annual GMS No. 36 dated June 5, 2025.
Mata Acara Rapat Dewan Komisaris bersama Direksi
Meeting Agenda of Joint Meetings of the Board of Commissioners and the
Board of Directors
No. Mata Acara Tanggal
Agenda Date
1. 1. Program Orientasi Pengurus Perusahaan 31 Januari 2025
2. Sambutan & Arahan Dewan Komisaris January 31, 2025
3. Tindak Lanjut Rakomdir Sebelumnya
4. Kinerja Perusahaan Desember 2024
5. Kinerja Keuangan
6. Strategi Pemasaran
7. Progres Konstruksi
1. Company Management Orientation Program
2. Welcome & Guidance from the Board of Commissioners
3. Follow-up on Previous Board of Directors Meetings
4. Company Performance in December 2024
5. Financial Performance
6. Marketing Strategy
7. Construction Progress
2. 1. Sambutan & Arahan Dewan Komisaris 13 Maret 2025
2. Tindak Lanjut Rakomdir Sebelumnya March 13, 2025
3. Kinerja Perusahaan Januari dan Februari 2025
4. Kinerja Keuangan
5. Strategi Pemasaran
6. Progres Konstruksi
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board of Directors Meetings
3. Company Performance in January and February 2025
4. Financial Performance
5. Marketing Strategy
6. Construction Progress
3. 1. Sambutan & Arahan Dewan Komisaris 27 Mei 2025
2. Tindak Lanjut Rakomdir Sebelumnya May 27, 2025
3. Transformasi ADCP (sesuai Arahan Pemegang Saham)
4. Laporan Kinerja Maret dan April 2025
5. Agenda Lainnya
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board of Directors Meetings
3. ADCP Transformation (in accordance with Shareholder
Guidance)
4. Performance Report for March and April 2025
5. Other Agenda
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No. Mata Acara Tanggal
Agenda Date
4 1. Program Orientasi Perusahaan 4 Juli 2025
2. Sambutan & Arahan Dewan Komisaris July 4, 2025
3. Tindak Lanjut Rakomdir Sebelumnya
4. Laporan Kinerja Juni 2025
1. Company Orientation Program
2. Welcome & Guidance from the Board of Commissioners
3. Follow-up on Previous Board of Directors Meetings
4. Performance Report for June 2025
5 1. Sambutan & Arahan Dewan Komisaris 6 Agustus 2025
2. Tindak Lanjut Rakomdir Sebelumnya August 6, 2025
3. Laporan Kinerja Juli 2025
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board Meetings
3. Performance Report for July 2025
6 1. Sambutan & Arahan Dewan Komisaris 9 September 2025
2. Tindak Lanjut Rakomdir Sebelumnya September 9, 2025
3. Laporan Kinerja Agustus 2025
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board Meetings
3. Performance Report for August 2025
7 1. Sambutan & Arahan Dewan Komisaris 22 Oktober 2025
2. Tindak Lanjut Rakomdir Sebelumnya October 22, 2025
3. Laporan Kinerja September 2025
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board Meetings
3. Performance Report for September 2025
8 1. Sambutan & Arahan Dewan Komisaris 27 November 2025
2. Tindak Lanjut Rakomdir Sebelumnya November 27, 2025
3. Laporan Kinerja Oktober 2025
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board Meetings
3. Performance Report for October 2025
9 1. Sambutan & Arahan Dewan Komisaris 10 Desember 2025
2. Pemenuhan Gaji December 10, 2025
3. Kinerja November 2025
4. Mitigasi Risiko
5. Agenda Lainnya
1. Welcome & Guidance from the Board of Commissioners
2. Salary Compliance
3. November 2025 Performance
4. Risk Mitigation
5. Other Agenda Items
10 1. Sambutan & Arahan Dewan Komisaris 23 Desember 2025
2. Tindak Lanjut Rakomdir Sebelumnya December 23, 2025
3. Laporan Kinerja Desember 2025
1. Welcome & Guidance from the Board of Commissioners
2. Follow-up on Previous Board Meetings
3. December 2025 Performance Report
Kehadiran Anggota Dewan Komisaris dalam Rapat Attendance of Board of Commissioners Members at
Tersebut Termasuk Kehadiran dalam RUPS the General Meeting of Shareholders
Perseroan mengukur disiplin tata kelola Dewan Komisaris The Company monitors the governance discipline of the
melalui tingkat kehadiran dalam rapat-rapat Dewan Board of Commissioners through their attendance at
Komisaris, rapat bersama Direksi, serta kehadiran Board of Commissioners meetings, joint meetings with the
dalam RUPS sebagai forum pertanggungjawaban dan Board of Directors, and General Meetings of Shareholders
pengambilan keputusan pemegang saham. Perseroan as forums for accountability and shareholder decision-
mengungkapkan kehadiran tersebut dalam Laporan making. The Company discloses this attendance in the
Tahunan sebagai bentuk akuntabilitas dan transparansi. Annual Report to ensure transparency and accountability.
Perseroan menyajikan kehadiran Dewan Komisaris The attendance of the Board of Commissioners at the
dalam RUPS Tahunan tanggal 05 Juni 2025 sesuai Akta Annual GMS on June 5, 2025, as recorded in the Deed of
Berita Acara RUPS Tahunan No. 36 tanggal 05 Juni 2025 Minutes of the Annual GMS No. 36 dated June 5, 2025, is
pada tabel berikut. presented in the table below.
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Tata Kelola Perusahaan
Good Corporate Governance
RUPS Tahunan tanggal 05 Juni 2025 sesuai Akta Berita Acara Rapat Umum Pemegang Saham Tahunan No. 36
Annual GMS dated June 05, 2025 according to the Deed of Minutes of Annual General Meeting of Shareholders No. 36
Nama Jabatan Keterangan
Name Position Description
Komisaris Utama Hadir
Herry Ardianto*
President Commissioner Present
Komisaris Independen Hadir
Wenry Anshory Putra
Independent Commissioner Present
Komisaris Hadir
Achmad Afandi*
Commissioner Present
Catatan | Notes
*Herry Ardianto dan Achmad Afandi diberhentikan berlaku sejak ditutupnya RUPST tanggal 05 Juni 2025.
*Wenry Anshory Putra menjabat sebagai Komisaris Independen sampai dengan ditutupnya RUPST tanggal 05 Juni 2025 dan selanjutnya diangkat
sebagai Komisaris Utama merangkap Komisaris Independen.
*Herry Ardianto and Achmad Afandi were dismissed effective from the closing of the Annual GMS on June 5, 2025.
*Wenry Anshory Putra served as Independent Commissioner until the closing of the Annual GMS on June 5, 2025, and was subsequently appointed
as President Commissioner, concurrently serving as Independent Commissioner.
Pelatihan dan/atau Peningkatan Kompetensi Anggota Dewan Komisaris
Training and/or Competency Improvement for Members of the Board of Commissioners
Perusahaan menetapkan pelatihan dan peningkatan The Company establishes training and competency
kompetensi anggota Dewan Komisaris sebagai instrumen development for members of the Board of Commissioners
penguatan kualitas pengawasan, karena pengawasan as a tool to strengthen the quality of supervision, as
yang efektif menuntut pemahaman yang memadai atas effective oversight requires sufficient understanding
model bisnis, risiko, regulasi, serta dinamika strategis of the Company’s business model, risks, regulations,
Perusahaan. Perusahaan mengarahkan pengembangan and strategic dynamics. The Company directs this
kompetensi tersebut untuk meningkatkan kualitas competency development to enhance the quality of
pertanyaan, kualitas penilaian, dan kualitas rekomendasi questions, assessments, and recommendations provided
Dewan Komisaris kepada Direksi dalam proses by the Board of Commissioners to the Board of Directors
pengambilan keputusan pengawasan. in the supervisory decision-making process.
Perusahaan menempatkan pelatihan sebagai The Company considers training a functional prerequisite
prasyarat fungsional bagi pengawasan yang akuntabel, for accountable supervision, as relevant competencies
karena kompetensi yang relevan akan meningkatkan improve the consistency of oversight and strengthen the
konsistensi pengawasan dan memperkuat keterlacakan traceability of the Board of Commissioners’ considerations.
pertimbangan Dewan Komisaris.
Kebijakan Pelatihan dan Peningkatan Kompetensi Training and Competency Development Policy for
Anggota Dewan Komisaris Members of the Board of Commissioners
Perusahaan menetapkan kebijakan pengembangan The Company establishes a policy for developing the
kompetensi Dewan Komisaris melalui program pelatihan competencies of the Board of Commissioners through
berkelanjutan yang diselaraskan dengan kebutuhan ongoing training programs aligned with supervisory
pengawasan, perkembangan regulasi, serta prioritas risiko needs, regulatory developments, and the Company’s risk
dan strategi Perusahaan. Perusahaan mengalokasikan and strategic priorities. Training needs are incorporated
kebutuhan pelatihan dalam perencanaan kerja dan into the Company’s work plan and budget to ensure that
anggaran Perusahaan agar pelaksanaan pelatihan training is conducted in a planned, measurable, and
berjalan terencana, terukur, dan terdokumentasi. documented manner.
Perusahaan mengarahkan kebijakan pelatihan untuk The training policy is designed to cover relevant topics,
mencakup topik yang relevan, termasuk tata kelola including corporate governance, compliance, risk
perusahaan, kepatuhan, manajemen risiko, pengendalian management, internal control, audit, and strategic
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internal, audit, serta isu strategis sektor dan industri. issues in the sector and industry. Participation in training
Perusahaan mendokumentasikan partisipasi pelatihan is documented to ensure traceable and accountable
untuk memastikan pengungkapan dalam Laporan Tahunan disclosure in the Annual Report.
dapat ditelusuri dan dapat dipertanggungjawabkan.
Perusahaan akan memperkuat konsistensi perencanaan The Company will strengthen the consistency of training
dan dokumentasi pelatihan agar peningkatan kompetensi planning and documentation to enable assessment of how
Dewan Komisaris dapat dinilai kontribusinya terhadap competency development contributes to the effectiveness
efektivitas pengawasan. of the Board of Commissioners’ supervision.
Program Orientasi Bagi Anggota Dewan Komisaris Orientation Program for Newly Appointed Members
yang Baru Diangkat of the Board of Commissioners
Perusahaan melaksanakan program orientasi bagi The Company conducts an orientation program for newly
anggota Dewan Komisaris yang baru diangkat untuk appointed members of the Board of Commissioners
memastikan proses adaptasi berjalan cepat dan akurat, to ensure a fast and accurate adaptation process and
serta untuk memastikan anggota memahami mandat to ensure that members understand their supervisory
pengawasan, batas kewenangan, dan mekanisme kerja mandate, limits of authority, and applicable working
yang berlaku. Perusahaan menyusun orientasi sebagai mechanisms. Orientation is part of strengthening
bagian dari penguatan tata kelola, karena orientasi yang corporate governance, as adequate orientation reduces
memadai akan mengurangi risiko keputusan berbasis the risk of decisions being made based on incomplete
informasi yang tidak lengkap. information.
Perusahaan menyusun materi orientasi secara minimum The orientation program covers, at a minimum:
yang mencakup: pemahaman prinsip GCG dan ketentuan understanding the principles of GCG and internal
internal; gambaran umum Perusahaan (tujuan, strategi, regulations; an overview of the Company’s objectives,
risiko, dan posisi kompetitif); ruang lingkup kewenangan strategy, risks, and competitive position; the scope of
yang didelegasikan dan batasan kewenangan; sistem delegated authority and its limits; the internal control
pengendalian internal dan peran Satuan Pengawas system and the role of the Internal Audit Unit; the role of
Internal; peran audit eksternal dan proses pelaporan; external audit and reporting processes; and the working
serta mekanisme hubungan kerja Dewan Komisaris dan relationship between the Board of Commissioners and
Direksi sesuai pedoman kerja organ Perusahaan. the Board of Directors in accordance with the Company’s
Board Manual.
Perusahaan menempatkan orientasi sebagai The Company considers orientation as an early control
pengendalian awal (early control) untuk menjaga mutu to maintain the quality of supervision from the start of a
pengawasan sejak awal masa jabatan anggota Dewan Board member’s term.
Komisaris.
Perusahaan mengungkap pelatihan dan peningkatan The Company discloses the training and competency
kompetensi yang diikuti anggota Dewan Komisaris development attended by members of the Board of
selama Tahun Buku 2025 pada tabel berikut sebagai Commissioners during the 2025 financial year in the
bukti pelaksanaan kebijakan pengembangan kompetensi. table below as evidence of implementing its competency
Perusahaan akan memperbarui tabel tersebut setelah development policy. The table will be updated after
Perusahaan menyelesaikan verifikasi data internal dari internal verification of data and supporting training
unit pengampu dan dokumen pendukung pelatihan. documents is completed by the responsible units.The
Company establishes performance assessment for the
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 203
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Tata Kelola Perusahaan
Good Corporate Governance
Pelatihan dan/atau Peningkatan Kompetensi yang Diikuti Anggota Dewan Komisaris dalam Tahun
Buku
Training and/or Competency Development Attended by Members of the Board of Commissioners During the Fiscal
Year
Pelatihan/Seminar/
Penyelenggara Tanggal Peserta
No Lokakarya
Organizer Date Participant
Training/Seminar/Workshop
03-04 Oktober 2025
Certified Professional Farid Budiyanto
1 Markplus Institute October 03-04, 2025
Marketer (CPM)
Pelatihan dan Sertifikasi
07-08 Oktober 2025 Farid Budiyanto
2 Certified Risk Governance PT RAP
October 07-08, 2025
Proffessional (CRGP)
Penilaian Kinerja Direksi dan Dewan Komisaris serta Masing-Masing Anggota Direksi dan
Anggota Dewan Komisaris
Performance Assessment of the Board of Directors and the Board of Commissioners and Each Member of the Board
of Directors and Members of the Board of Commissioners
Perusahaan menetapkan penilaian kinerja Direksi dan Board of Directors and the Board of Commissioners as
Dewan Komisaris sebagai instrumen akuntabilitas untuk an accountability tool to ensure that management and
memastikan proses pengurusan dan pengawasan supervision are conducted effectively, transparently, and
berjalan efektif, transparan, dan sejalan dengan in accordance with good corporate governance principles.
prinsip tata kelola perusahaan yang baik. Perusahaan The results of these evaluations are used as feedback
menggunakan hasil penilaian sebagai umpan balik untuk for continuous improvement and to maintain stakeholder
perbaikan berkelanjutan dan untuk menjaga kepercayaan trust.
pemangku kepentingan.
Penilaian kinerja Dewan Komisaris dan Direksi bertujuan The performance assessment of the Board of
untuk memastikan bahwa pengelolaan Perseroan berjalan Commissioners and the Board of Directors aims to ensure
efektif, transparan, dan sesuai dengan prinsip-prinsip that the Company is managed effectively, transparently,
GCG. Penilaian kinerja meliputi evaluasi atas kontribusi and in line with GCG principles. The evaluation covers
individu maupun kolektif dalam pencapaian tujuan both individual and collective contributions to achieving
strategis Perseroan, serta memastikan akuntabilitas the Company’s strategic objectives and ensures
dalam pengambilan keputusan. Metode yang digunakan accountability in decision-making. The method used is
melibatkan pengukuran berbasis Key Performance based on previously agreed Key Performance Indicators
Indicators (KPI) yang telah disepakati sebelumnya. (KPIs). This assessment provides constructive feedback,
Penilaian ini penting untuk memberikan umpan balik supports continuous improvement, and helps maintain
konstruktif, mendukung perbaikan berkelanjutan, dan stakeholder confidence.
menjaga kepercayaan pemangku kepentingan.
Prosedur Pelaksanaan Penilaian Kinerja Performance Assessment Implementation Procedure
Perusahaan melaksanakan penilaian kinerja melalui The Company conducts performance evaluations using
pengukuran berbasis indikator kinerja yang Perusahaan pre-established performance indicators. It applies a Key
tetapkan sebelumnya. Perusahaan menggunakan Performance Indicator (KPI) approach as a framework
pendekatan indikator kinerja (Key Performance Indicators/ to measure both collective and individual performance.
KPI) sebagai kerangka pengukuran kinerja kolektif dan In the 2025 financial year, the Company has not yet
individu. Perusahaan belum menetapkan prosedur formalized a separate SOP for performance evaluations.
penilaian kinerja dalam bentuk SOP terpisah pada Therefore, this disclosure is presented at the policy
Tahun Buku 2025, sehingga Perusahaan menyampaikan framework level, and the Company plans to strengthen
pengungkapan ini pada tingkat kerangka kebijakan the technical procedures in the following period.
dan akan memperkuat pengaturan teknis pada periode
berikutnya.
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Prosedur Penilaian Direksi Board of Directors Assessment Procedure
Perusahaan melaksanakan evaluasi kinerja Direksi The Company conducts periodic performance
secara berkala oleh Dewan Komisaris dan Perusahaan evaluations of the Board of Directors by the Board of
melaporkan pelaksanaan evaluasi tersebut kepada Commissioners and reports the results to shareholders
pemegang saham melalui mekanisme RUPS. Perusahaan through the General Meeting of Shareholders. The overall
menentukan penilaian kinerja Direksi secara keseluruhan performance assessment of the Board of Directors is
berdasarkan pencapaian kinerja Perusahaan yang diukur based on the Company’s performance, measured using
melalui indikator kinerja internal yang ditetapkan. established internal performance indicators.
Prosedur Penilaian Dewan Komisaris Board of Commissioners Assessment Procedure
Perusahaan melaksanakan penilaian kinerja Dewan The Company assesses the performance of the Board of
Komisaris melalui pengukuran KPI dengan metode Commissioners using Key Performance Indicators (KPIs)
self-assessment sebagai bagian dari evaluasi through a self-assessment method as part of assessing
kontribusi pengawasan. Perusahaan menempatkan supervisory contributions. This evaluation is conducted
penilaian tersebut untuk memastikan Dewan Komisaris to ensure that the Board of Commissioners performs its
menjalankan fungsi pengawasan secara efektif dan oversight function effectively and in alignment with the
selaras dengan tujuan strategis Perusahaan. Company’s strategic objectives.
Kriteria Yang Digunakan Criteria Used
Perusahaan menggunakan kriteria penilaian berbasis The Company uses assessment criteria based on the
pencapaian indikator kinerja yang telah ditetapkan achievement of pre-established performance indicators
sebelumnya dan Perusahaan mengaitkan pengukuran and links these measurements to both individual and
tersebut dengan kontribusi individu maupun kolektif dalam collective contributions toward achieving the Company’s
pencapaian tujuan strategis Perusahaan. Perusahaan strategic objectives. The Company plans to provide
akan melengkapi rincian indikator dan pembobotan detailed indicators and weighting criteria in the next
kriteria pada periode berikutnya setelah Perusahaan period, once a documented evaluation framework is
menetapkan instrumen penilaian yang terdokumentasi. established.
Pihak yang Melakukan Penilaian Parties Conducting the Assessment
Perusahaan menugaskan Dewan Komisaris untuk The Company assigns the Board of Commissioners
melakukan evaluasi kinerja Direksi secara berkala. to conduct periodic performance evaluations of the
Perusahaan melaksanakan pelaporan evaluasi tersebut Board of Directors. The results of these evaluations are
kepada pemegang saham melalui RUPS sebagai forum reported to shareholders through the GMS as a forum for
pertanggungjawaban. accountability.
Kinerja Direksi dan Dewan Komisaris Serta Performance of the Board of Directors and the
Masing-Masing Anggota Direksi dan Anggota Dewan Board of Commissioners and Each Member of the
Komisaris Pada Tahun Buku Board of Directors and Members of the Board of
Commissioners in Fiscal Year
Perusahaan mencatat capaian penilaian KPI Dewan The Company reports that the Board of Commissioners
Komisaris pada Tahun Buku 2025 dengan predikat achieved a “Good” rating in the KPI assessment for
“Baik” sebagai gambaran bahwa Dewan Komisaris the 2025 financial year, indicating that the Board has
telah melaksanakan fungsi pengawasan dengan baik. effectively performed its supervisory duties. The Company
Perusahaan akan melengkapi pengungkapan ringkasan will provide a summary of the indicators and the basis for
indikator dan dasar pengukuran predikat tersebut setelah this rating once internal data verification is completed.
Perusahaan menyelesaikan verifikasi data internal.
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Tata Kelola Perusahaan
Good Corporate Governance
Penilaian Kinerja Dewan Komisaris Performance Assessment of the Board of
Commissioners
Dalam susunan Dewan Komisaris Perseroan terdapat Within the Company’s Board of Commissioners,
anggota Dewan Komisaris yang merupakan karyawan some members are active employees of PT Adhi
aktif PT Adhi Karya (Persero) Tbk selaku Entitas Karya (Persero) Tbk, the Parent Entity, namely Herry
Induk, yakni Herry Ardianto (Komisaris Utama) dan Ardianto (President Commissioner) and Achmad Afandi
Achmad Afandi (Komisaris). Oleh karena itu, penilaian (Commissioner). Therefore, the performance of these
atas kinerja anggota tersebut mengikuti kebijakan PT members is evaluated in accordance with the policies
Adhi Karya (Persero) Tbk sementara anggota Dewan of PT Adhi Karya (Persero) Tbk. The performance of the
Komisaris lainnya diukur melalui KPI dengan metode self- other members is assessed using KPIs through a self-
assessment. assessment method.
Di tahun 2025, Dewan Komisaris mencatatkan skor In 2025, the Board of Commissioners achieved a KPI
KPI dengan predikat “Baik”. Pencapaian tersebut rating of “Good,” reflecting that the Board has carried out
menggambarkan bahwa Dewan Komisaris telah its supervisory duties effectively.
melaksanakan tugas pengawasan dengan baik.
Penilaian Kinerja Direksi Performance Assessment of Board of Directors
Dalam melaksanakan fungsi, tugas, dan tanggung In performing their functions, duties, and responsibilities,
jawab, Direksi dievaluasi secara berkala oleh the Board of Directors is periodically evaluated by the
Dewan Komisaris dan dilaporkan kepada pemegang Board of Commissioners, and the results are reported to
saham melalui mekanisme RUPS. Penilaian kinerja shareholders through the GMS mechanism. The overall
Direksi secara keseluruhan ditentukan berdasarkan performance of the Board of Directors is determined
pencapaian Perseroan. Sepanjang tahun 2025, Direksi based on the Company’s performance. Throughout 2025,
telah melaksanakan tugas kepengurusan Perseroan the Board of Directors carried out the management of
dengan itikad baik dan penuh tanggung jawab serta the Company in good faith and with full responsibility,
tetap memperhatikan kepentingan Perseroan serta while giving due consideration to the interests of the
keseimbangan kepentingan seluruh pihak yang Company and maintaining a balance of the interests of
berkepentingan dengan aktivitas Perseroan. all stakeholders.
Penilaian kinerja Direksi juga dilakukan dengan The performance evaluation of the Board of Directors is
menggunakan metode penilaian sesuai standar also conducted using assessment methods in accordance
Perseroan. with the Company’s standards.
Perusahaan menegaskan bahwa penilaian kinerja The Company affirms that performance evaluation serves
berfungsi sebagai mekanisme penguatan akuntabilitas as a mechanism to strengthen the accountability of the
organ Perusahaan. Perusahaan akan memperkuat Company’s governing bodies. The Company will further
kebijakan teknis penilaian kinerja melalui penetapan SOP enhance the technical performance evaluation policy
dan instrumen pengukuran yang terdokumentasi agar by establishing documented SOPs and measurement
kualitas pengukuran dan kualitas pengungkapan dalam instruments to improve the quality of assessment and
Laporan Tahunan meningkat. disclosure in the Annual Report.
Penilaian Dewan Komisaris terhadap Kinerja Komite yang Mendukung Pelaksanaan Tugas Dewan
Komisaris pada Tahun Buku
Board of Commissioners’ Assessment of the Performance of Committees to Support the Implementation of the Duties
of the Board of Commissioners in the Financial Year
Dewan Komisaris menjalankan fungsi pengawasan The Board of Commissioners carries out its oversight
Perusahaan secara akuntabel melalui dukungan komite- function in an accountable manner through the support
komite di bawah Dewan Komisaris sesuai kebutuhan of committees under the Board of Commissioners, in
tata kelola dan kompleksitas risiko Perusahaan. Dewan line with the Company’s governance needs and risk
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Komisaris menggunakan Board Manual sebagai pedoman complexity. The Board of Commissioners uses the Board
kerja yang mengatur hubungan kerja, mekanisme rapat, Manual as a working guideline that regulates working
dan dukungan organ pendukung agar pengawasan relationships, meeting procedures, and the support of
berjalan profesional, transparan, dan efisien. auxiliary bodies, to ensure that oversight is conducted
professionally, transparently, and efficiently.
Dewan Komisaris menetapkan pemantauan kinerja The Board of Commissioners monitors the performance
komite sebagai instrumen kendali mutu pengawasan of the committees as a quality control mechanism
karena komite menghasilkan analisis, rekomendasi, dan for oversight, as the committees provide analysis,
pemantauan yang menjadi dasar keputusan pengawasan recommendations, and monitoring that form the
Dewan Komisaris. Dewan Komisaris menempatkan rapat, basis for the Board of Commissioners’ supervisory
risalah rapat, serta tindak lanjut rekomendasi sebagai bukti decisions. Meetings, meeting minutes, and follow-up on
proses pengawasan yang dapat dipertanggungjawabkan. recommendations are used as evidence of an accountable
oversight process.
Dewan Komisaris akan menjaga keselarasan antara The Board of Commissioners ensures alignment between
praktik pengawasan dan ketentuan yang lebih tinggi oversight practices and higher-level regulations, as
karena Board Manual secara eksplisit menyatakan the Board Manual explicitly stipulates that higher-level
bahwa ketentuan yang lebih tinggi berlaku apabila terjadi provisions shall prevail in the event of any inconsistency.
pertentangan pengaturan.
Prosedur Penilaian Kinerja Komite yang Mendukung Procedure for Performance Assessment
Pelaksanaan Tugas Dewan Komisaris of Committees That Support the Implementation of
Board of Commissioners Duties
Dewan Komisaris menetapkan bahwa penilaian kinerja The Board of Commissioners stipulates that committee
komite pada prinsipnya dilakukan melalui evaluasi performance is, in principle, assessed through a structured
terstruktur atas pelaksanaan tugas, kepatuhan terhadap evaluation of the execution of duties, compliance with the
piagam/ketentuan internal, dan kualitas keluaran committee charter and internal provisions, and the quality
komite dalam mendukung keputusan pengawasan. of committee outputs in supporting supervisory decisions.
Dewan Komisaris memanfaatkan mekanisme rapat The Board of Commissioners uses meetings and formal
dan dokumentasi formal sebagai kanal utama untuk documentation as the main mechanisms to ensure the
memastikan keterlacakan rekomendasi dan tindak lanjut. traceability of recommendations and follow-up actions.
Sampai dengan Laporan Tahunan ini diterbitkan, As of the issuance of this Annual Report, the Company
Perusahaan belum melakukan penilaian terhadap has not conducted a performance evaluation of the Audit
kinerja Komite Audit oleh pihak ketiga. Perusahaan Committee by an independent third party. The Company
belum memformalkan prosedur evaluasi tahunan yang has also not yet formalized an annual evaluation procedure
terdokumentasi dalam bentuk self-assessment komite in the form of a documented committee self-assessment
atau evaluasi independen pada tahun buku 2025. or independent evaluation for the 2025 financial year.
Perusahaan akan menyusun dan menetapkan prosedur The Company will develop and establish a documented
evaluasi kinerja komite yang terdokumentasi agar committee performance evaluation procedure to provide
Dewan Komisaris memiliki basis penilaian yang terukur, the Board of Commissioners with an assessment basis
konsisten, dan dapat diaudit. that is measurable, consistent, and auditable.
Dewan Komisaris akan mengintegrasikan prosedur The Board of Commissioners will integrate this procedure
tersebut ke dalam tata tertib kerja agar evaluasi kinerja into its rules of work to ensure that committee performance
komite berjalan sebagai bagian dari sistem pengawasan evaluation becomes an integral part of a standardized
yang baku dan dapat dipertanggungjawabkan. and accountable oversight system.
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Tata Kelola Perusahaan
Good Corporate Governance
Kriteria Yang Digunakan Penilaian Kinerja Komite Criteria Used for Performance Assessment of the
Yang Mendukung Pelaksanaan Tugas Dewan Committee That Supports The Implementation of the
Komisaris Board of Commissioners’ Duties
Perusahaan belum menetapkan kriteria evaluasi kinerja The Company has not yet established standardized
komite yang terstandarisasi untuk tahun buku 2025 committee performance evaluation criteria in the form of a
dalam bentuk instrumen penilaian formal. Perusahaan formal assessment instrument for the 2025 financial year.
akan menetapkan kriteria evaluasi minimal yang menilai: The Company will establish minimum evaluation criteria
covering:
(i). realisasi program kerja komite, (i). implementation of the committee’s work program,
(ii). kepatuhan pelaporan dan dokumentasi rapat, (ii). compliance with reporting and meeting documentation
requirements,
(iii). kualitas rekomendasi kepada Dewan Komisaris, dan (iii). the quality of recommendations submitted to the
Board of Commissioners, and
(iv). ketepatan waktu tindak lanjut atas isu pengawasan (iv). the timeliness of follow-up on relevant supervisory
yang relevan. issues.
Dewan Komisaris akan menautkan kriteria tersebut The Board of Commissioners will link these criteria
dengan mekanisme rapat dan risalah rapat agar setiap to meeting mechanisms and minutes of meetings to
penilaian memiliki bukti administratif yang memadai serta ensure that each evaluation is supported by adequate
selaras dengan ketentuan dokumentasi rapat Dewan administrative evidence and is aligned with the
Komisaris. documentation requirements for Board of Commissioners’
meetings.
Perusahaan akan menggunakan kriteria yang bersifat The Company will apply measurable criteria to strengthen
terukur untuk memperkuat objektivitas pengawasan dan the objectivity of oversight and reduce reliance solely on
mengurangi ketergantungan pada penilaian kualitatif qualitative judgment.
semata.
Penilaian Kinerja Komite yang Mendukung Performance Assessment of Committees Supporting
Pelaksanaan Tugas Dewan Komisaris Pada Tahun the Board of Commissioners During the Financial
Buku Year
Dewan Komisaris menjalankan fungsi pengawasan The Board of Commissioners performs its supervisory
secara efektif melalui dukungan organ pendukung, function effectively with the support of its committees, in
yaitu komite-komite di bawah Dewan Komisaris, sesuai accordance with the Board Manual and the supervisory
dengan Board Manual dan target pengawasan yang objectives agreed upon in the Board of Commissioners
ditetapkan dalam rapat-rapat Dewan Komisaris. Dewan meetings. The Board of Commissioners assesses the
Komisaris melakukan evaluasi atas kinerja komite yang performance of committees that support its duties and
membantu pelaksanaan tugas dan tanggung jawab responsibilities at the end of each financial year, in line
Dewan Komisaris pada setiap akhir tahun buku sesuai with applicable regulations.
ketentuan yang berlaku
Sampai dengan Laporan Tahunan ini diterbitkan, As of the issuance of this Annual Report, the Company
Perusahaan belum melakukan penilaian kinerja Komite has not conducted third-party performance evaluations of
Audit, Komite Nominasi dan Remunerasi, serta Komite the Audit Committee, the Nomination and Remuneration
Pemantau Risiko oleh pihak ketiga pada tahun buku 2025. Committee, or the Risk Monitoring Committee for the 2025
Perusahaan belum menyajikan hasil self-assessment financial year. The Company has also not presented the
kinerja komite sebagai keluaran evaluasi formal tahun results of a formal committee self-assessment for 2025
2025 dalam draf ini, sehingga pengungkapan kinerja in this draft. Accordingly, the disclosure of committee
komite pada tahun buku 2025 masih terbatas pada performance for the 2025 financial year is limited to a
deskripsi pelaksanaan fungsi dan dukungan komite description of the committees’ activities and their support
terhadap pengawasan Dewan Komisaris. for the Board of Commissioners’ supervisory function.
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Dewan Komisaris akan memperkuat evaluasi kinerja The Board of Commissioners will strengthen the
komite secara terstruktur pada periode berikutnya agar committee performance evaluation process in future
Perusahaan memiliki bukti penilaian yang lebih lengkap, periods to ensure that the Company has a more complete,
terukur, dan selaras dengan praktik tata kelola yang measurable, and accountable assessment process.
akuntabel.
Uraian Singkat Pelaksanaan Kegiatan Dewan Komisaris Pada Tahun Buku
Implementation of Duties of the Board of Commissioners
Sepanjang tahun 2025, Dewan Komisaris telah Throughout 2025, the Board of Commissioners has
melaksanakan tugas dan tanggung jawabnya melalui carried out its duties and responsibilities through a
sejumlah kegiatan, antara lain: number of activities, among others:
1. Melakukan pengawasan atas kebijakan pengurusan 1. Supervised the management policies and provided
dan memberikan nasehat kepada Direksi; advice to the Board of Directors;
2. Melakukan tugas yang secara khusus diberikan 2. Performed duties specifically assigned to it by
kepadanya menurut Anggaran Dasar, peraturan the Articles of Association, prevailing laws and
perundang undangan yang berlaku dan/atau regulations and/or by the Resolution of the General
berdasarkan Keputusan Rapat Umum Pemegang Meeting of Shareholders;
Saham;
3. Dalam melaksanakan tugasnya, Dewan Komisaris 3. In carrying out its duties, the Board of Commissioners
bertindak untuk kepentingan dan usaha Perusahaan acted for the interests and business of the Company
dan bertanggung jawab kepada Rapat Umum and was responsible to the General Meeting of
Pemegang Saham; Shareholders;
4. Meneliti dan menelaah Laporan Tahunan yang 4. Examined and reviewed the Annual Report prepared
dipersiapkan oleh Direksi serta menandatangani by the Board of Directors and signed the Annual
Laporan Tahunan tersebut; Report;
5. Mengawasi pelaksanaan Rencana Kerja dan 5. Supervised the implementation of the Company’s
Anggaran Perusahaan serta menyampaikan hasil Work Plan and Budget and submitted its assessment
penilaian serta pendapatnya kepada Rapat Umum and opinion to the General Meeting of Shareholders;
Pemegang Saham;
6. Mengikuti perkembangan kegiatan Perusahaan, 6. Followed the development of the Company’s
dan dalam hal Perusahaan menunjukkan gejala activities, and in the event that the Company showed
kemunduran yang mencolok, segera melaporkan symptoms of a marked decline, immediately reported
kepada Rapat Umum Pemegang Saham dengan to the General Meeting of Shareholders along with
disertai saran mengenai langkah perbaikan yang suggestions on corrective measures to be taken;
harus ditempuh;
7. Memberikan pendapat dan saran kepada Rapat 7. Provided opinions and advice to the General Meeting
Umum Pemegang Saham mengenai setiap persoalan of Shareholders on any other issues deemed
lainnya yang dianggap penting bagi pengelolaan important for the management of the Company;
Perusahaan;
8. Mengusulkan kepada Rapat Umum Pemegang 8. Proposed to the General Meeting of Shareholders
Saham penunjukan Kantor Akuntan Publik yang the appointment of a Public Accounting Firm that
akan melakukan pemeriksaan atas buku-buku would conduct an audit of the Company’s books;
Perusahaan;
9. Melakukan tugas pengawasan lainnya yang 9. Performed other supervisory duties determined
ditentukan oleh Rapat Umum Pemegang Saham by the General Meeting of Shareholders with due
dengan memperhatikan peraturan perundang- observance of laws and regulations;
undangan;
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Tata Kelola Perusahaan
Good Corporate Governance
10. Memberikan tanggapan atas laporan berkala Direksi 10. Provided feedback on the Board of Directors’ periodic
(Triwulanan, Tahunan) serta pada setiap waktu yang reports (Quarterly, Annual) as well as at any time
diperlukan mengenai perkembangan Perusahaan; necessary regarding the Company’s development;
11. Bersama dengan Direksi menyusun pedoman yang 11. Cooperated with the Board of Directors in
mengikat setiap anggota Direksi dan anggota Dewan developing guidelines that bind each member of
Komisaris, sesuai dengan peraturan perundang the Board of Directors and members of the Board of
undangan yang berlaku; Commissioners, in accordance with applicable laws
and regulations;
12. Bersama dengan Direksi menyusun kode etik yang 12. Cooperated with the Board of Directors in developing
berlaku bagi seluruh anggota Direksi dan anggota a code of ethics that applied to all members of the
Dewan Komisaris, karyawan/pegawai, serta Board of Directors and members of the Board
pendukung organ yang dimiliki Perusahaan, sesuai of Commissioners, employees, and supporting
dengan ketentuan peraturan perundang-undangan organs owned by the Company, in accordance with
yang berlaku. applicable laws and regulations.
Keberagaman Susunan Direksi dan Dewan Komisaris
Diversity in the Board of Directors and Board of Commissioners Composition
Perseroan selalu mempertahankan keberagaman The Company always maintains diversity in the composition
komposisi Dewan Komisaris dan Direksi sebagai salah of the Board of Commissioners and the Board of Directors
satu upaya mendorong proses pengambilan keputusan as one of the efforts to encourage a more objective,
yang lebih objektif, komprehensif dan optimal. Hal ini comprehensive, and optimal decisionmaking process.
dinilai dapat memperkaya sudut pandang dalam proses This is considered as a means to enrich perspectives in
pengambilan keputusan pada lingkup Dewan Komisaris the Board of Commissioners and the Board of Directors
maupun Direksi sehingga mampu memberikan nilai decisionmaking process, thus providing added value to
tambah bagi aspek operasional dan bisnis Perseroan. the operational and business aspects of the Company.
Keberagaman Dewan Komisaris dan Direksi juga menjadi The diversity of the Board of Commissioners and the
wujud komitmen penerapan GCG di Perseroan. Anggota Board of Directors also demonstrates the Company’s
Dewan Komisaris dan Direksi memiliki latar belakang commitment to implementing GCG. All members of the
yang berbeda, baik dalam hal pendidikan, pengalaman Board of Commissioners and the Board of Directors have
kerja, keahlian, dan usia.objektivitas dalam pengambilan diverse backgrounds, including in terms of education,
keputusan guna meningkatkan kinerja keseluruhan work experience, expertise, and age.
Perseroan.
Aspek Keberagaman Direksi dan Dewan Komisaris
Diversity Aspect Director and Commissioner
Aspek Keberagaman Deskripsi Menerapkan
No.
Diversity Aspects Description Apply
1 Kemampuan
Ability
Mampu menjalankan tugas dan tanggung jawab secara efektif.
Able to perform duties and responsibilities effectively.
✓
2 Keahlian
Expertise
Memiliki keahlian di bidang yang relevan dengan bisnis Perseroan.
Possess expertise in fields relevant to the Company’s business.
✓
3 Pengetahuan
Knowledge
Memahami industri, pasar, dan peraturan perundang-undangan.
Understand the industry, market, and laws and regulations.
✓
4 Pengalaman
Experience
Memiliki pengalaman di posisi kepemimpinan atau bidang terkait.
Have experience in leadership positions or related fields.
✓
5 Usia
Age
Rentang usia yang beragam untuk mendapatkan perspektif yang luas.
A diverse age range to gain a broad perspective.
✓
6 Latar Belakang Budaya
Culture Background
Memahami dan menghargai keragaman budaya.
Understand and appreciate cultural diversity.
✓
7 Gender Mendorong kesetaraan gender dalam posisi kepemimpinan.
Promote gender equality in leadership positions.
✓
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Keberagaman Susunan Direksi dan Dewan Komisaris
Diversity Composition Director and Commissioners
Usia Jenis Latar Belakang Latar Belakang
Nama Jabatan
No (tahun) Kelamin Profesional Budaya
Name Position
Age (years) Gender Professional Background Culture Background
Direksi
Board of Directors
Direktur Utama Pria Keuangan, Manajemen
1. Achmad Wachid Abdullah 47 Jawa
President Director Male Risiko & Human Capital
Direktur Operasi Pria Corporate Secretary
2. Farid Budiyanto 46 Jawa
Director of Operation Male PT Adhi Karya (Persero)
Direktur Utama Pria Direktur Utama PT Jakarta
3. Rizkan Firwan* 56 Minangkabau
President Director Male River City
Dewan Komisaris
Board of Commissioners
Komisaris Utama merangkap Koordinator Gugus Tugas
Komisaris Independen Perseroan Pria Data, Informasi, dan Bima - Nusa
1. Wenry Anshory Putra 38
President Commissioner acting Male Komunikasi TKN Golf Tenggara Barat
as Independent Commissioner Prabowo Gibran
Komisaris Pria
2. Yan Firwan 49 Tenaga Ahli DPR RI Minangkabau
Commissioner Male
General Manager
Komisaris Utama Pria Departemen Keuangan
3. Herry Ardianto* 56 Jawa
President Commissioner Male PT Adhi Karya (Persero)
Tbk.
Komisaris Pria Pjs. General Manager
4. Achmad Afandi* 49 Jawa
Commissione Male Departemen QHSE
Catatan | Notes
*Menjabat hingga 05 Juni 2025 berdasarkan Akta Berita Acara RUPS Tahunan No. 36 tanggal 05 Juni 2025.
*Served until June 5, 2025, as recorded in the Deed of Minutes of the Annual GMS No. 36 dated June 5, 2025.
Rangkap Jabatan Dewan Komisaris dan Direksi
Concurrent Position of the Board of Commissioners and Board of Directors
Rangkap jabatan yang dimiliki oleh Dewan Komisaris dan The Company assesses and manages potential conflicts
Direksi hingga akhir tahun 2025 dapat dilihat sebagai of interest arising from concurrent positions at PT Adhi
berikut: Commuter Properti Tbk in accordance with applicable
Rangkap Jabatan Jumlah Kehadiran
Nama Jabatan Concurrent Position Total Attendance
No
Name Position
Perusahaan/Institusi Lain
PT Adhi Karya (Persero) Tbk
Other Companies/Institution
Direksi
Board of Directors
Direktur Utama Tidak ada Tidak ada
1. Achmad Wachid Abdullah
President Director None None
Direktur Operasi Tidak ada Tidak ada
2. Farid Budiyanto Director of Operation None None
Direktur Utama Tidak ada Tidak ada
3. Rizkan Firman*
President Director None None
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Tata Kelola Perusahaan
Good Corporate Governance
Rangkap Jabatan Jumlah Kehadiran
Nama Jabatan Concurrent Position Total Attendance
No
Name Position
Perusahaan/Institusi Lain
PT Adhi Karya (Persero) Tbk
Other Companies/Institution
Dewan Komisaris
The Board of Commissioners
Komisaris Utama merangkap
Komisaris Independen
Tidak ada Tidak ada
1. Wenry Anshory Putra President Commissioner and
None None
concurrently Independent
Commissioner
Komisaris Tidak ada Tidak ada
2. Yan Firwan
Commissioner None None
General Manager Departemen
Komisaris Utama Keuangan Tidak ada
3. Herry Ardianto*
President Commissioner General Manager of Finance None
Department
General Manager Departemen
Komisaris QHSE Tidak ada
4. Achmad Afandi*
Commissioner General Manager of QHSE None
Department
Catatan | Notes
*Menjabat hingga 05 Juni 2025 berdasarkan Akta Berita Acara RUPS Tahunan No. 36 tanggal 05 Juni 2025.
*Served until June 5, 2025, as recorded in the Deed of Minutes of the Annual GMS No. 36 dated June 5, 2025.
Perseroan menilai dan mengelola potensi benturan The Company assesses and manages potential conflicts
kepentingan atas rangkap jabatan di PT Adhi Karya of interest arising from concurrent positions at PT Adhi
(Persero) Tbk sesuai ketentuan peraturan perundang- Karya (Persero) Tbk in accordance with applicable laws
undangan dan kebijakan internal yang berlaku. Rangkap and regulations and internal policies. Such concurrent
jabatan tersebut ditempatkan dalam kerangka sinergi positions are managed within the framework of group
grup usaha dan tidak mengurangi pelaksanaan fungsi business synergies and do not reduce the effectiveness of
pengawasan Dewan Komisaris terhadap Perseroan. the Board of Commissioners’ oversight of the Company.
Hubungan Afiliasi
Affiliation
Informasi Pemegang Saham Utama dan Pengendali Information on Majority and Controlling Shareholders
Per 31 Desember 2025, Pemegang Saham Utama dan As of December 31, 2025, the Majority and Controlling
Pengendali Perseroan adalah PT Adhi Karya (Persero) Shareholder of the Company is PT Adhi Karya (Persero)
Tbk yang memiliki saham Perseroan sebesar 90,0%. Tbk, which owns 90.0% of the Company’s shares. As
Sebanyak 64,3% saham PT Adhi Karya (Persero) Tbk many as 64.3% of PT Adhi Karya (Persero) Tbk’s shares
dimiliki oleh PT Danantara Asset Management (Persero). are owned by the PT Danantara Asset Management
Dengan demikian, entitas pemilik akhir Perseroan adalah (Persero). Thus, the ultimate owner entity of the Company
PT Danantara Asset Management (Persero). is the PT Danantara Asset Management (Persero).
Informasi Hubungan Afiliasi Information on Affiliations
Pengungkapan hubungan afiliasi mencakup hubungan Disclosure of affiliated relationships includes both family
keluarga dan hubungan keuangan. Bentuk hubungan and financial relationships. Financial relationships
keuangan termasuk diantaranya hutang-piutang, may include loans, partnerships in business ventures,
kerjasama bisnis, dan lain sebagainya. Bentuk hubungan and others. Family relationships encompass special
keluarga mencakup hubungan istimewa terutama yang relationships primarily due to blood relations such as
disebabkan hubungan pertalian darah seperti suami/istri, spouses, children/parents, siblings/in-laws, and others.
anak/orang tua, saudara kandung/ipar, dan sebagainya.
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Hubungan afiliasi yang dimiliki oleh Dewan Komisaris The affiliations between the Board of Commissioners and
dan Direksi hingga akhir tahun 2025 dapat dilihat sebagai Board of Directors until the end of 2025 are as follows:
berikut:
Hubungan Afiliasi
Affiliations
Nama Jabatan
Name Position
Dewan Komisaris Direksi PT Adhi Karya
Board of Commissioners Board of Directors (Persero) Tbk
Direksi
The Board of Directors
Direktur Utama Tidak ada Tidak ada Tidak ada
Achmad Wachid Abdullah
President Director None None None
Direktur Operasi Tidak ada Tidak ada Tidak ada
Farid Budiyanto Director of Operation None None None
Direktur Utama Tidak ada Tidak ada Tidak ada
Rizkan Firman*
President Director None None None
Dewan Komisaris
The Board of Commissioners
Komisaris Utama merangkap Komisaris
Independen Tidak ada Tidak ada Tidak ada
Wenry Anshory Putra
President Commissioner and concurrently None None None
Independent Commissioner
Komisaris Tidak ada Tidak ada Tidak ada
Yan Firwan
Commissioner None None None
Komisaris Utama Tidak ada Tidak ada Karyawan
Herry Ardianto*
President Commissioner None None Employee
Komisaris Tidak ada Tidak ada Karyawan
Achmad Afandi*
Commissioner None None Employee
Catatan | Notes
*Menjabat hingga 05 Juni 2025 berdasarkan Akta Berita Acara RUPS Tahunan No. 36 tanggal 05 Juni 2025.
*Served until June 5, 2025, as recorded in the Deed of Minutes of the Annual GMS No. 36 dated June 5, 2025.
Di antara sesama anggota Dewan Komisaris, sesama In general, there are no affiliation relationships among
anggota Direksi, dan di antara anggota Dewan Komisaris members of the Board of Commissioners, among
dengan anggota Direksi Perseroan, pada umumnya tidak members of the Board of Directors, or between members
terdapat hubungan afiliasi yang dapat memengaruhi of the Board of Commissioners and the Board of Directors
kemampuannya untuk bertindak independen bagi that could affect their ability to act independently in
kepentingan Perseroan. Namun, terdapat hubungan the interests of the Company. However, an affiliation
afiliasi antara anggota Dewan Komisaris (Bapak Herry relationship exists in that a member of the Board of
Ardianto) selaku karyawan PT Adhi Karya (Persero) Commissioners, Mr. Herry Ardianto, is an employee of
Tbk, yang merupakan pemegang saham utama dan PT Adhi Karya (Persero) Tbk, which is the Company’s
pengendali Perseroan. controlling and majority shareholder.
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Tata Kelola Perusahaan
Good Corporate Governance
Nominasi dan Remunerasi Direksi dan Dewan Komisaris
Nomination and Remuneration of the Board of Directors and Board of Commissioners
Perseroan menerapkan kebijakan nominasi dan The Company implements nomination and remuneration
remunerasi bagi anggota Direksi dan Dewan Komisaris policies for members of the Board of Directors and
sebagai bagian dari praktik tata kelola yang akuntabel. the Board of Commissioners as part of accountable
Dalam pelaksanaannya, Perseroan membentuk Komite corporate governance practices. In carrying out these
Nominasi dan Remunerasi (“KNR”) sebagai organ policies, the Company has established a Nomination and
pendukung Dewan Komisaris. Remuneration Committee (“NRC”) as a supporting organ
of the Board of Commissioners.
Sesuai Piagam Komite Nominasi dan Remunerasi, In accordance with the Nomination and Remuneration
KNR dibentuk oleh Dewan Komisaris, wajib bertindak Committee Charter, the NRC is established by the Board
independen, dan bertanggung jawab langsung kepada of Commissioners, is required to act independently, and
Dewan Komisaris. KNR sekurang-kurangnya terdiri dari is directly accountable to the Board of Commissioners.
3 (tiga) orang anggota dengan Komisaris Independen The NRC consists of at least three (3) members, with an
sebagai Ketua, serta anggota komite tidak berasal dari Independent Commissioner serving as the Chair, and
anggota Direksi. none of the committee members may be drawn from the
Board of Directors.
KNR membantu Dewan Komisaris melalui pengkajian The NRC assists the Board of Commissioners by
kebijakan, sistem, serta prosedur nominasi dan reviewing nomination and remuneration policies, systems,
remunerasi, dan menyampaikan rekomendasi kepada and procedures, and by submitting recommendations
Dewan Komisaris sebagai dasar pengambilan keputusan to the Board of Commissioners as a basis for decision-
atau penyampaian usulan kepada pemegang saham making or for proposals to be submitted to shareholders
sesuai Kebijakan Nominasi Dewan Komisaris dan Direksi. in accordance with the applicable authority.
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Prosedur Nominasi
Procedure of Nomination
Perencanaan suksesi Direksi dilakukan oleh Komite Succession planning for the Board of Directors is carried
Nominasi dan Remunerasi dengan tujuan mempersiapkan out by the Nomination and Remuneration Committee to
regenerasi dan menjaga kesinambungan kepemimpinan prepare leadership regeneration and ensure continuity
di masa mendatang. Kebijakan dasar terkait Dewan of leadership in the future. The Company’s fundamental
Komisaris dan Direksi di lingkup Perseroan mengacu policies concerning the Board of Directors and the
pada peraturan mendasar, seperti: Board of Commissioners are based on the following key
regulations:
1. Undang-Undang No. 40 Tahun 2007 tentang 1. Law No. 40 of 2007 on Limited Liability Companies.
Perseroan Terbatas.
2. Peraturan OJK No. 33/POJK.04/2014 tentang Direksi 2. Financial Services Authority Regulation No. 33/
dan Dewan Komisaris Emiten atau Perusahaan POJK.04/2014 on the Board of Directors and Board
Publik. of Commissioners of Issuers or Public Companies.
3. Peraturan Menteri BUMN No. PER-04/ 3. Financial Services Authority Regulation No. 34/
MBU/06/2020 tentang Perubahan atas Peraturan POJK.04/2014 on the Nomination and Remuneration
Menteri BUMN No.PER-03/MBU/2012 tentang Committee of Issuers or Public Companies.
Pedoman Pengangkatan Anggota Direksi dan
Anggota Dewan Komisaris Anak Perusahaan
Badan Usaha Milik Negara.
Kebijakan Nominasi Anggota Direksi dan/atau Policy on Nomination of Members of the Board
Anggota Dewan Komisaris of Directors and/or Members of the Board of
Commissioners
Perseroan menerapkan kebijakan nominasi untuk The Company implements a nomination policy to ensure
memastikan komposisi Direksi dan Dewan Komisaris that the composition of the Board of Directors and the
memenuhi ketentuan peraturan perundang-undangan, Board of Commissioners complies with applicable laws
selaras dengan kebutuhan strategi bisnis, serta memiliki and regulations, aligns with the Company’s business
kompetensi dan integritas yang memadai. strategy needs, and possesses adequate competence
and integrity.
KNR membantu Dewan Komisaris melalui pengkajian The Nomination and Remuneration Committee assists
kebijakan, sistem, serta prosedur nominasi, dan the Board of Commissioners by reviewing nomination
memberikan rekomendasi kepada Dewan Komisaris policies, systems, and procedures, and by providing
sebagai dasar pengambilan keputusan atau penyampaian recommendations to the Board of Commissioners as a
usulan kepada pemegang saham sesuai kewenangan basis for decision-making or for proposals to be submitted
yang berlaku. to shareholders in accordance with the applicable
authority.
Proses Nominasi Anggota Direksi dan/atau Anggota Process of Nomination of Members of the Board
Dewan Komisaris of Directors and/or Members Of The Board Of
Commissioners
Perseroan menerapkan prosedur nominasi Direksi dan The Company implements documented nomination
Dewan Komisaris yang terdokumentasi untuk memastikan procedures for members of the Board of Directors and
pemenuhan persyaratan peraturan perundang-undangan, the Board of Commissioners to ensure compliance
kebutuhan kompetensi, serta prinsip transparansi dan with applicable laws and regulations, competency
akuntabilitas. requirements, and the principles of transparency and
accountability.
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Tata Kelola Perusahaan
Good Corporate Governance
Secara umum, prosedur nominasi dilakukan melalui In general, the nomination process is carried out through
tahapan berikut: the following stages:
1. Identifikasi kebutuhan dan komposisi organ 1. Identification of organizational needs and
(termasuk kebutuhan kompetensi, pengalaman, dan composition, including required competencies,
pemenuhan ketentuan Komisaris Independen). experience, and compliance with Independent
Commissioner requirements.
2. Penjaringan dan pengusulan kandidat, termasuk 2. Selection and nomination of candidates, including
pengumpulan dokumen administratif, rekam the collection of administrative documents, track
jejak, serta pernyataan independensi/benturan records, and statements of independence or conflicts
kepentingan (apabila relevan). of interest, where applicable.
3. Penilaian kesesuaian kandidat terhadap kriteria 3. Assessment of candidates’ suitability based on
integritas, kompetensi, pengalaman, kepemimpinan, integrity, competence, experience, leadership,
ketersediaan waktu, serta kepatuhan terhadap time commitment, and compliance with applicable
ketentuan yang berlaku. regulations.
4. KNR menyampaikan rekomendasi kepada Dewan 4. Submission of recommendations by the Nomination
Komisaris untuk selanjutnya ditindaklanjuti sesuai and Remuneration Committee to the Board of
kewenangan, termasuk pengusulan kepada RUPS Commissioners for further action in accordance with
dalam hal pengangkatan atau perubahan susunan its authority, including proposals to the GMS in the
Direksi dan/atau Dewan Komisaris. event of appointments or changes to the composition
of the Board of Directors and/or the Board of
Commissioners.
5. Keputusan pengangkatan, pemberhentian, dan/ 5. Decisions on the appointment, dismissal, and/or
atau perubahan susunan Direksi dan/atau Dewan changes to the composition of the Board of Directors
Komisaris ditetapkan melalui RUPS dan dituangkan and/or the Board of Commissioners are determined
dalam akta/keputusan yang berlaku. by the GMS and documented in the relevant deeds
or resolutions.
Dalam hal calon Komisaris Independen, Perseroan For candidates for Independent Commissioner, the
memastikan pemenuhan persyaratan independensi Company ensures compliance with the applicable
sesuai ketentuan OJK yang berlaku, termasuk melalui OJK independence requirements, including through
pernyataan independensi dan evaluasi potensi benturan statements of independence and evaluations of potential
kepentingan. conflicts of interest.
Prosedur dan Pelaksanaan Remunerasi Direksi dan Dewan Komisaris
Procedure and Implementation of Remuneration for the Board of Directors and Board of Commissioners
Prosedur Penetapan Remunerasi Direksi dan Dewan The Procedure for Determining the Remuneration
Komisaris of the Board of Directors and the Board of
Commissioners
Perseroan menerapkan kebijakan remunerasi yang The Company implements a remuneration policy that
mempertimbangkan kewajaran (fairness), keselarasan considers fairness, alignment with performance (pay for
dengan kinerja (pay for performance), daya saing, performance), competitiveness, the Company’s financial
kemampuan keuangan Perseroan, serta kepatuhan capability, and compliance with applicable regulations.
terhadap ketentuan yang berlaku.
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1. Keputusan RUPS terkait pendelegasian wewenang 1. Resolutions of the GMS regarding the delegation
kepada PT Adhi Karya (Persero) Tbk selaku of authority to PT Adhi Karya (Persero) Tbk,
Pemegang Saham Mayoritas dan Dewan Komisaris as the Majority Shareholder, and the Board of
untuk menetapkan besaran penghasilan Direksi dan Commissioners to determine the remuneration of the
Dewan Komisaris. Board of Directors and the Board of Commissioners.
2. Surat Dewan Komisaris kepada Direktur Utama 2. Letters from the Board of Commissioners to the
Perseroan terkait penetapan penghasilan Direksi Company’s President Director regarding the
dan Dewan Komisaris. determination of remuneration for the Board of
Directors and the Board of Commissioners.
KNR melakukan kajian dan memberikan rekomendasi The Nomination and Remuneration Committee conducts
kepada Dewan Komisaris terkait sistem remunerasi reviews and provides recommendations to the Board of
dan besaran penghasilan untuk kemudian ditetapkan Commissioners regarding the remuneration system and
sesuai mekanisme kewenangan yang berlaku, serta the level of remuneration, which are then determined in
didokumentasikan dalam korespondensi/keputusan yang accordance with the applicable authority and documented
relevan. in the relevant correspondence or resolutions.
Sebagai rujukan tambahan, Perseroan dapat As an additional reference, the Company may consider
mempertimbangkan ketentuan Peraturan Menteri Badan the provisions of the Minister of State-Owned Enterprises
Usaha Milik Negara Nomor PER-12/MBU/11/2020 Regulation No. PER-12/MBU/11/2020 concerning the
tentang Perubahan Kelima atas Peraturan Menteri Fifth Amendment to Minister of State-Owned Enterprises
Negara Badan Usaha Milik Negara Nomor PER-04/ Regulation No. PER-04/MBU/2014 on Guidelines for
MBU/2014 tentang Pedoman Penetapan Penghasilan Determining the Remuneration of the Board of Directors,
Direksi, Dewan Komisaris, dan Dewan Pengawas Board of Commissioners, and Supervisory Board of
Badan Usaha Milik Negara, sepanjang relevan dengan State-Owned Enterprises, to the extent relevant to the
karakteristik Perseroan. Company’s characteristics.
Ketentuan dimaksud antara lain memuat prinsip These provisions, among others, outline the principles
pemberian tantiem/insentif kinerja yang dikaitkan dengan for granting performance incentives or bonuses linked
pencapaian kinerja dan persyaratan kelayakan tertentu. to performance achievements and certain eligibility
Perseroan menjadikannya sebagai rujukan umum, requirements. The Company uses them as a general
tanpa mengurangi penerapan kebijakan internal serta reference, without limiting the application of its internal
keputusan RUPS yang berlaku. policies and the applicable resolutions of the GMS.
Struktur Remunerasi Direksi dan Dewan Komisaris Remuneration Structure of the Board of Directors and
Board of Commissioners
Struktur remunerasi pada prinsipnya dapat meliputi gaji/ The remuneration structure may generally include salary
honorarium, tunjangan dan fasilitas sesuai ketentuan or honorarium, allowances, and facilities in accordance
internal, serta insentif berbasis kinerja (tantiem/ with internal policies, as well as performance-based
bonus) apabila memenuhi ketentuan dan memperoleh incentives or bonuses, provided that the applicable
persetujuan sesuai kewenangan. requirements are met and the necessary approvals are
obtained.
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Tata Kelola Perusahaan
Good Corporate Governance
Sebagai rujukan pengujian kewajaran remunerasi, As a reference for assessing the fairness of remuneration,
ketentuan faktor jabatan dalam PER-12/MBU/11/2020 the position-based factors set out in Regulation No. PER-
(misalnya 95% untuk Wakil Direktur Utama dan 85% untuk 12/MBU/11/2020 (for example, 95% for the Vice President
anggota Direksi lainnya dibanding Direktur Utama) dapat Director and 85% for other members of the Board of
digunakan sebagai referensi perbandingan, dengan tetap Directors in comparison to the President Director) may
mempertimbangkan kebijakan internal dan kemampuan be used as benchmarking guidelines, while taking into
keuangan Perseroan. account the Company’s internal policies and financial
capability.
1. Direksi 1. Board of Directors
Untuk Direksi, penetapan penghasilan Tahun For the Board of Directors, the determination
Buku 2025 dilakukan oleh Dewan Komisaris of remuneration for the 2025 financial year was
dengan persetujuan tertulis dari Pemegang Saham carried out by the Board of Commissioners with
Mayoritas, sesuai pendelegasian wewenang dalam written approval from the Majority Shareholder, in
RUPST 2025. accordance with the delegation of authority granted
at the 2025 Annual GGMS.
Dengan demikian, proses penetapan remunerasi Accordingly, the process for determining the
Direksi pada prinsipnya meliputi: remuneration of the Board of Directors generally
includes:
a. kajian dan rekomendasi KNR kepada Dewan a. Review and recommendations by the Nomination
Komisaris, and Remuneration Committee to the Board of
b. usulan/penyampaian kepada Pemegang Saham Commissioners;
Mayoritas untuk memperoleh persetujuan b. Submission to the Majority Shareholder to obtain
tertulis, dan written approval; and
c. penetapan oleh Dewan Komisaris yang c. Determination by the Board of Commissioners,
kemudian dikomunikasikan kepada Direksi dan which is then communicated to the Board of
didokumentasikan. Directors and properly documented.
2. Dewan Komisaris 2. Board of Commissioners
Untuk Dewan Komisaris, RUPST 2025 memberikan For the Board of Commissioners, the 2025 Annual
kewenangan kepada Pemegang Saham Mayoritas GMS granted authority to the Majority Shareholder
untuk menetapkan tantiem Tahun Buku 2024 to determine the performance bonus for the 2024
serta honorarium, fasilitas, dan tunjangan Dewan financial year, as well as the honorarium, facilities,
Komisaris untuk Tahun Buku 2025. and allowances of the Board of Commissioners for
the 2025 financial year.
Proses yang diterapkan pada prinsipnya meliputi: In principle, the process includes:
a. kajian dan rekomendasi KNR kepada Dewan a. Review and recommendations by the Nomination
Komisaris, and Remuneration Committee to the Board of
Commissioners;
b. penyampaian usulan kepada Pemegang Saham b. Submission of proposals to the Majority
Mayoritas, dan Shareholder; and
c. penetapan oleh Pemegang Saham Mayoritas c. Determination by the Majority Shareholder, which
yang selanjutnya diinformasikan dan is subsequently informed to and documented by
didokumentasikan oleh Dewan Komisaris. the Board of Commissioners.
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Berdasarkan Keputusan Direksi PT Adhi Karya (Persero) Based on the Board of Directors’ Resolution of PT Adhi
Tbk. Nomor 014-6/2018/444B tentang perubahan Karya (Persero) Tbk No. 014-6/2018/444B concerning
Pengurus PT Adhi Karya (Persero) Tbk, komponen changes in the management of PT Adhi Karya (Persero)
penghasilan Direksi dan Dewan Komisaris terdiri dari gaji Tbk, the remuneration components of the Board of
pokok. Directors and the Board of Commissioners consist of a
basic salary.
Keputusan Rups Terkait Pendelegasian Wewenang Resolutions of the General Meeting of Shareholders
Penetapan Penghasilan on the Delegation of Authority to Determine
Remuneration
Merujuk Ringkasan Berita Acara RUPST Perseroan Based on the Summary of Minutes of the Company’s
tanggal 5 Juni 2025, pemegang saham memberikan Annual GMS dated June 5, 2025, the shareholders
pendelegasian wewenang yang mencakup: granted a delegation of authority covering the following
matters:
1. Penetapan besaran tantiem untuk Tahun Buku 2024 1. Determination of the amount of performance bonuses
serta penetapan honorarium, tunjangan, dan fasilitas for the 2024 financial year, as well as the honorarium,
bagi anggota Dewan Komisaris untuk tahun 2025 allowances, and facilities for members of the Board
oleh Pemegang Saham Mayoritas, dan of Commissioners for the 2025 financial year, by the
Majority Shareholder; and
2. Penetapan besaran tantiem untuk Tahun Buku 2024 2. Determination of the amount of performance bonuses
serta penetapan gaji, tunjangan, dan fasilitas bagi for the 2024 financial year, as well as the salaries,
Direksi untuk tahun 2025 oleh Dewan Komisaris allowances, and facilities for members of the Board
dengan terlebih dahulu memperoleh persetujuan of Directors for the 2025 financial year, by the Board
tertulis dari Pemegang Saham Mayoritas. of Commissioners, subject to prior written approval
from the Majority Shareholder.
Indikator Penetapan Remunerasi Direksi dan Dewan Indicators for Determining the Remuneration of the
Komisaris Board of Directors and the Board of Commissioners
Penetapan remunerasi mempertimbangkan indikator The determination of remuneration takes into account
kinerja manajemen yang disepakati, termasuk target agreed management performance indicators, including
RKAP Tahun Buku 2025 dan Key Performance Indicator the targets set out in the 2025 Company Work Plan and
(KPI), pencapaian target keuangan dan operasional, Budget and Key Performance Indicators (KPIs), the
pengelolaan risiko, kepatuhan, serta penerapan GCG. achievement of financial and operational targets, risk
Perseroan juga mempertimbangkan kondisi pasar, management, compliance, and the implementation of
benchmarking yang relevan, dan kemampuan Perseroan GCG The Company also considers market conditions,
untuk menjaga keseimbangan antara daya saing relevant benchmarking, and its financial capacity to
remunerasi dan kesinambungan keuangan. maintain a balance between competitive remuneration
and financial sustainability.
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Tata Kelola Perusahaan
Good Corporate Governance
Dewan Komisaris Direksi
Jenis Remunerasi Total Remuneration
Board of Commissioners Board of Directors
> Rp2 miliar 0 0 > Rp2 billion
Rp1 miliar – Rp2 miliar 0 2 Rp1 billion – Rp2 billion
Rp500 juta – Rp1 miliar 0 1 Rp500 million – Rp1 billion
< Rp500 juta 4 0 < Rp500 million
Adapun rasio gaji Direksi, Dewan Komisaris dan The salary ratios of the Board of Directors, the Board of
karyawan Perseroan dalam 2 (dua) tahun terakhir dapat Commissioners, and the Company’s employees over the
dilihat sebagai berikut: last two (2) years are presented as follows:
Uraian 2025 2024 Description
Direktur Utama terhadap Direktur 1:85 1:85 President Director to Director
Komisaris Utama terhadap Anggota Dewan Komisaris President Commissioner to Members of the Board of
1:90 1:90
Commissioners
Direktur Utama terhadap Komisaris Utama 1:45 1:45 President Director to President Commissioner
Direktur Utama terhadap Karyawan Tertinggi 1:56 1:56 President Director to the Highest Employee
Direktur Utama terhadap Karyawan Terendah 1:93 1:93 President Director to the Lowest Employee
Karyawan Tertinggi terhadap Karyawan Terendah 1:42 1:42 Highest Employee against Lowest Employee
Karyawan Terendah terhadap UMP 1:76 1:76 Lowest Employee against Provincial Minimum Wages (UMP)
Yang dimaksud dengan: The following definitions apply:
• Gaji Direksi tertinggi: • Highest Board of Directors salary
Remunerasi/gaji tahunan tertinggi yang diterima oleh The highest annual remuneration/salary received
salah satu anggota Direksi pada Tahun Buku 2025, by a member of the Board of Directors in the 2025
yaitu sebesar Rp1.181.379.500. financial year, amounting to Rp1.181.379.500.
• Gaji Direksi terendah: • Lowest Board of Directors salary
Remunerasi/gaji tahunan terendah yang diterima The lowest annual remuneration/salary received
oleh salah satu anggota Direksi pada Tahun Buku by a member of the Board of Directors in the 2025
2025, yaitu sebesar Rp568.699.545. financial year, amounting to Rp568.699.545.
• Gaji karyawan tertinggi • Highest employee salary
Remunerasi/gaji tahunan tertinggi yang diterima oleh The highest annual remuneration/salary received by
karyawan Perseroan pada Tahun Buku 2025, yaitu an employee of the Company in the 2025 financial
sebesar Rp43.386.000. year, amounting to Rp43.386.000.
.
• Gaji karyawan terendah: • Lowest employee salary
Remunerasi/gaji tahunan terendah yang diterima The lowest annual remuneration/salary received by
oleh karyawan Perseroan pada Tahun Buku 2025, an employee of the Company in the 2025 financial
yaitu sebesar Rp6.500.000. year, amounting to Rp6.500.000.
Rasio dihitung sebagai perbandingan antara remunerasi/ The ratio is calculated by comparing the highest annual
gaji tahunan tertinggi dan remunerasi/gaji tahunan remuneration/salary with the lowest annual remuneration/
terendah dalam kelompok yang dibandingkan. salary within the relevant group.
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Besarnya Remunerasi Masing-Masing Anggota Remuneration of Individual Members of the Board of
Direksi dan Anggota Dewan Komisaris Directors and the Board of Commissioners
Pada tahun 2025, remunerasi Direksi dan Dewan In 2025, the remuneration of the Board of Directors and
Komisaris mengacu pada Akta Berita Acara Rapat the Board of Commissioners referred to the Deed of
Umum Pemegang Saham Tahunan PT Adhi Commuter Minutes of the Annual General Meeting of Shareholders
Properti Tbk No. 36 tanggal 5 Juni 2025. Sampai dengan of PT Adhi Commuter Properti Tbk No. 36 dated 5 June
31 Desember 2025, total remunerasi Direksi tercatat 2025. As of 31 December 2025, the total remuneration of
sebesar Rp2,54 miliar, sedangkan total remunerasi the Board of Directors amounted to Rp2.54 billion, while
Dewan Komisaris tercatat sebesar Rp1,04 miliar. the total remuneration of the Board of Commissioners
amounted to Rp1.04 billion.
Dewan Pengawas Syariah
Sharia Supervisory Board
Perusahaan tidak memiliki Dewan Pengawas Syariah The Company has no Sharia Supervisory Board because
karena kegiatan usaha atau bidang usaha Perusahaan the Company’s business activities or line of business do
tidak menjalankan prinsip syariah sebagaimana tertuang not comply with sharia principles as stated in the articles
dalam anggaran dasar sepanjang tahun 2025. of association throughout 2025.
Oleh karena itu, persyaratan terkait Dewan Pengawas Therefore, requirements related to the Sharia Supervisory
Syariah, seperti nama anggota, dasar hukum Board, such as the names of members, legal basis
pengangkatan, periode penugasan, tugas dan tanggung for appointment, period of assignment, duties and
jawab, serta mekanisme pemberian nasihat dan responsibilities, and mechanism for providing advice
pengawasan terhadap pemenuhan prinsip syariah and supervision on the fulfillment of sharia principles in
di pasar modal, tidak relevan untuk diterapkan pada the capital market, are not relevant to be applied to the
Perusahaan. Company.
Perusahaan memastikan bahwa governansi korporat The Company ensures that corporate governance
tetap sejalan dengan peraturan yang berlaku dan prinsip remains in line with applicable regulations and good
governansi korporat yang baik sesuai dengan kegiatan corporate governance principles in line with its business
usahanya. activities.
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Tata Kelola Perusahaan
Good Corporate Governance
Komite Audit
Audit Committee
Wenry Anshory Putra
Jabatan (Ketua)
Position (Chairman)
Usia Kewarganegaraan Domisili
Age Nationality Domicile
Usia 38 tahun per 31 Desember 2025 Warga Negara Indonesia Tangerang
38 years old as of December 31, 2025 Indonesia Citizen Tangerang
Riwayat Pendidikan Riwayat Pendidikan Bapak Wenry Anshory Putra The education of Mr. Wenry Anshory Putra can
Educational Background dapat dilihat dalam laporan tahunan ini pada be seen in this annual report on the Board of
Profil Dewan Komisaris. Commissioners Profile.
Dasar Hukum Surat Keputusan Dewan Komisaris No. 344/DK- Letter of The Board of Commissioners Decree
Pengangkatan ADCP/XII/2024. No. 344/DK-ADCP/XII/2024.
Legal Basis of Appointment
Rangkap Jabatan • 2024–2029: Ketua Komite Nominasi dan • 2024–2029: Chairman of Nomination and
Concurrent Position Remunerasi, PT Adhi Commuter Properti Tbk Remuneration Committee, PT Adhi Commuter
• 2024–2029: Komisaris Utama merangkap Properti Tbk
Komisaris Independen, PT Adhi Commuter • 2024–2029: President Commissioner acting
Properti Tbk as Independent Commissioner, PT Adhi
Commuter Properti Tbk
Pengalaman Kerja Pengalaman Kerja Bapak Wenry Anshory Putra Work Experience of Mr. Wenry Anshory Putra
Work Experience dapat dilihat dalam laporan tahunan ini pada can be seen in this annual report on the Board of
Profil Dewan Komisaris. Commissioners Profile.
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Direksi, Has no affiliation relationship with the Board
Affiliation Relationship Dewan Komisaris, pemegang saham utama, dan of Directors, Board of Commissioners, major
pengendali langsung/tidak langsung. shareholders, and direct/indirect controllers.
Periode Periode ke-1 1st Period
Period
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Sukma Hadi
Jabatan (Anggota)
Position (Member)
Usia Kewarganegaraan Domisili
Age Nationality Domicile
Usia 42 tahun per 31 Desember 2025 Warga Negara Indonesia Tangerang Selatan
42 years old as of December 31, 2025 Indonesia Citizen South Tangerang
Riwayat Pendidikan 1. 2024: Magister (S2) Manajemen (Keuangan), 1. 2024: Master of Management (Finance),
Educational Background Universitas Pamulang Universitas Pamulang
2. 2007: Sarjana (S1) Ekonomi Manajemen 2. 2007: Bachelor’s Degree (S1) in Economics
Keuangan, STIE Ahmad Dahlan Financial Management, STIE Ahmad Dahlan
Dasar Hukum Keputusan Dewan Komisaris Nomor 112-4/20/ The Board of Commissioners’ Decree No.
Pengangkatan ADCP-DEKOM/V/2022 tentang Pengangkatan 112-4/20/ADCP-DEKOM/V/2022 concerning
Legal Basis of Appointment Kembali Sdr. Sukma Hadi dan Pengangkatan Reappointment of Mr. Sukma Hadi and
Sdr. Siti Nurwahyuningsih sebagai Anggota Appointment of Mrs. Siti Nurwahyuningsih as
Komite Audit PT Adhi Commuter Properti Tbk. Audit Committee Members of PT Adhi Commuter
Properti Tbk
Rangkap Jabatan • 2024–Sekarang: Analis Kebijakan Pembiayaan • 2024–Present; Policy Analyst on Budget
Concurrent Position Anggaran, Badan Kebijakan Fiskal Financing, Fiscal Policy Agency
Pengalaman Kerja • 2021–2023; Analis Kebijakan Ekonomi • 2021–2023: Policy Analyst on Regional
Work Experience Regional dan Transfer ke Daerah, Badan Economic and Transfer to Region, Fiscal
Kebijakan Fiskal Policy Agency
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Direksi, Has no affiliation relationship with the Board
Affiliation Relationship Dewan Komisaris, pemegang saham utama, dan of Directors, Board of Commissioners, major
pengendali langsung/tidak langsung. shareholders, and direct/indirect controllers.
Periode Periode ke-1 1st Period
Period
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Tata Kelola Perusahaan
Good Corporate Governance
Siti Nurwahyuningsih Harahap
Jabatan (Anggota)
Position (Member)
Usia Kewarganegaraan Domisili
Age Nationality Domicile
Usia 56 tahun per 31 Desember 2025 Warga Negara Indonesia Jakarta
56 years old as of December 31, 2025 Indonesia Citizen Jakarta
Riwayat Pendidikan 1. 2011: Doktor Akuntansi, Universitas Indonesia 1. 2011: Doctorate in Accounting, Universitas
Educational Background Indonesia
2. 1992: Magister (S2) Administrasi Bisnis 2. 1992: Master of Business Administration
(Keuangan), Universitas San Francisco, (Finance), University of San Francisco, United
Amerika Serikat States
3. 1992: Sarjana (S1) Akuntansi, Universitas 3. 1992: Bachelor’s Degree (S1) in Accounting,
Indonesia Universitas Indonesia
Dasar Hukum Keputusan Dewan Komisaris Nomor 112-4/20/ The Board of Commissioners’ Decree No.
Pengangkatan ADCP-DEKOM/V/2022 tentang Pengangkatan 112-4/20/ADCP-DEKOM/V/2022 concerning
Legal Basis of Appointment Kembali Sdr. Sukma Hadi dan Pengangkatan Reappointment of Mr. Sukma Hadi and
Sdr. Siti Nurwahyuningsih sebagai Anggota Appointment of Mrs. Siti Nurwahyuningsih as
Komite Audit PT Adhi Commuter Properti Tbk. Audit Committee Members of PT Adhi Commuter
Properti Tbk
Rangkap Jabatan • 2022–Sekarang : Anggota Komite Audit, PT • 2022–Present : Member of the Audit
Concurrent Position SLJ Global Tbk Committee, PT SLJ Global Tbk
• 2000–Sekarang : Staf Pengajar, Fakultas • 2000–Present : Lecturer, Faculty of Economics
Ekonomi dan Bisnis Universitas Indonesia and Business Universitas Indonesia
Pengalaman Kerja • 2012–2022 : Anggota Komite Audit, PT • 2012–2022 : Member of the Audit Committee,
Work Experience Pelayaran Nelly Dwi Putri Tbk PT Pelayaran Nelly Dwi Putri Tbk
• 2011–2015 : Anggota Komite Audit, PT • 2011–2015 : Member of the Audit Committee,
Sumalindo Lestari Jaya Tbk PT Sumalindo Lestari Jaya Tbk
• 2011–2015 : Anggota Komite Audit, PT Astra • 2011–2015 : Member of the Audit Committee,
Agro Lestari Tbk PT Astra Agro Lestari Tbk
• 2009–2013 : Anggota Komite Audit, PT Astra • 2009–2013 : Member of the Audit Committee,
Otoparts Tbk PT Astra Otoparts Tbk
• 2007–2009 : Anggota Komite Audit, PT United • 2007–2009 : Member of the Audit Committee,
Tractors Tbk PT United Tractors Tbk
• 1996–2000 : Controller, Lucent Technologies • 1996–2000 : Controller, Lucent Technologies
Indonesia Indonesia
• 1992–1994 : Group Accounting Manager, • 1992–1994 : Group Accounting Manager,
Samudera Indonesia Group Samudera Indonesia Group
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Direksi, Has no affiliation relationship with the Board
Affiliation Relationship Dewan Komisaris, pemegang saham utama, dan of Directors, Board of Commissioners, major
pengendali langsung/tidak langsung. shareholders, and direct/indirect controllers.
Periode Periode ke-2 2nd Period
Period
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Komite Audit merupakan organ pendukung yang dibentuk The Audit Committee is a supporting organ established
untuk membantu Dewan Komisaris dalam melakukan to assist the Board of Commissioners in supervising
pengawasan atas pelaksanaan fungsi Direksi dalam the implementation of the Board of Directors’ functions
mengelola Perseroan. Komite Audit dibentuk dan in managing the Company. The Audit Committee is
ditetapkan berdasarkan Keputusan Dewan Komisaris established and appointed based on the decision of the
dan bertanggung jawab langsung kepada Dewan Board of Commissioners and is directly accountable to the
Komisaris. Kinerja Komite Audit berpedoman pada prinsip Board of Commissioners. The performance of the Audit
manajemen yang sehat dan sesuai dengan prinsip GCG Committee is guided by principles of sound management
serta nilai Perseroan dan etika korporasi. and in accordance with the principles of GCG, as well as
the Company’s values and corporate ethics.
Pedoman Komite Audit Audit Committee Charter
Dewan Komisaris telah menetapkan Piagam Komite Audit The Board of Commissioners has established an Audit
sebagai pedoman agar Komite Audit dapat melaksanakan Committee Charter as a guideline to ensure that the
tugas dan tanggung jawabnya secara efektif, transparan, Audit Committee performs its duties and responsibilities
dan independen. Piagam Komite Audit disusun dengan effectively, transparently, and independently. The Audit
mengacu pada peraturan perundang-undangan yang Committee Charter is prepared in accordance with
berlaku dan mengatur, antara lain, pendahuluan; applicable laws and regulations and covers, among
organisasi dan masa tugas Komite Audit; tugas dan others, the introduction, the organization and term of
tanggung jawab serta wewenang; tata cara/prosedur office of the Audit Committee, its duties, responsibilities,
kerja; serta penanganan pengaduan/pelaporan tentang and authorities, work procedures, and the handling
dugaan pelanggaran terkait dengan pelaporan keuangan. of complaints or reports related to alleged violations in
financial reporting.
1. Pendahuluan 1. Introduction
2. Organisasi dan Masa Tugas Komite Audit 2. Organization and Term of Office of the Audit
Committee
3. Tugas dan Tanggung Jawab serta Wewenang 3. Duties, Responsibilities, and Authorities
4. Tata Cara/Prosedur Kerja 4. Procedures/Work Methods
5. Penanganan Pengaduan/Pelaporan tentang Dugaan 5. Handling of Complaints/Reports regarding Alleged
Pelanggaran terkait dengan Pelaporan Keuangan Violations related to Financial Reporting
Sejalan dengan perkembangan ketentuan dan peraturan In line with developments in applicable laws and
perundang-undangan yang berlaku, Perseroan regulations, the Company updates the Audit Committee
melakukan penyesuaian atas Piagam Komite Audit untuk Charter to ensure compliance with regulatory requirements
memastikan keselarasan dengan ketentuan regulator and the needs of effective oversight.
dan kebutuhan pengawasan.
Kriteria Anggota Komite Audit Criteria for Audit Committee Members
Berdasarkan Piagam Komite Audit Perseroan, kriteria Based on the Company’s Audit Committee Charter, the
anggota Komite Audit antara lain: criteria for Audit Committee members include, among
others:
1. Wajib memiliki integritas yang tinggi, kemampuan, 1. Must possess high integrity, ability, knowledge, and
pengetahuan, dan pengalaman sesuai dengan experience relevant to their field of work, and able to
bidang pekerjaannya, serta mampu berkomunikasi communicate effectively;
dengan baik;
2. Wajib memahami laporan keuangan, bisnis 2. Must understand financial statements, the Company’s
Perseroan, khususnya yang terkait dengan layanan business, particularly in relation to the services or
jasa atau kegiatan usaha Emiten atau Perusahaan business activities of the Issuer or Public Company,
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Tata Kelola Perusahaan
Good Corporate Governance
Publik, proses audit, manajemen risiko, dan peraturan audit process, risk management, as well as capital
perundang undangan di bidang pasar modal serta market and other related regulations;
peraturan perundang-undangan terkait lainnya;
3. Wajib mematuhi Kode Etik Komite Audit yang 3. Must adhere to the Code of Conducts established
ditetapkan oleh Emiten atau Perusahaan Publik; by the Issuer or Public Company for the Audit
Committee;
4. Bersedia meningkatkan kompetensi secara terus 4. Willing to improve competence through education
menerus melalui pendidikan dan pelatihan; and training;
5. Wajib memiliki paling sedikit 1 (satu) anggota yang 5. Must have at least 1 (one) member with an educational
berlatar belakang pendidikan dan keahlian di bidang and professional background in accounting and
akuntansi dan keuangan; finance;
6. Bukan merupakan orang dalam Kantor Akuntan 6. Not serving a Public Accounting Firm, Law Firm,
Publik, Kantor Konsultan Hukum, Kantor Jasa Public Appraisal Service, or any other party that
Penilai Publik, atau pihak lain yang menerima jasa has provided insurance services, non-insurance
asuransi, jasa non asuransi, jasa penilaian dan/atau services, appraisal services, and/or other consulting
jasa konsultasi lain kepada Emiten atau Perusahaan services to the Issuer or Public Company within the
Publik yang bersangkutan dalam waktu 6 (enam) last 6 (six) months;
bulan terakhir;
7. Bukan merupakan orang yang bekerja atau 7. Not a person who works or has the authority and
mempunyai wewenang dan tanggung jawab responsibility to plan, lead, control, or supervise the
merencanakan, memimpin, mengendalikan, atau activities of the Issuer or Public Company within
mengawasi kegiatan Emiten atau Perusahaan Publik the last 6 (six) months, except for Independent
tersebut dalam waktu 6 (enam) bulan terakhir, kecuali Commissioners;
Komisaris Independen;
8. Tidak memiliki saham langsung maupun tidak 8. Does not own shares, directly or indirectly, in the
langsung pada Emiten atau Perusahaan Publik; Issuer or Public Company;
9. Dalam hal anggota Komite Audit memperoleh saham 9. In case a member of the Audit Committee acquires
Emiten atau Perusahaan Publik, baik langsung shares of the Issuer or Public Company, either
maupun tidak langsung akibat suatu peristiwa directly or indirectly due to a legal event, such shares
hukum, saham tersebut wajib dialihkan kepada pihak must be transferred to another party within no more
lain dalam jangka waktu paling lama 6 (enam) bulan than 6 (six) months after acquisition;
setelah diperolehnya saham tersebut;
10. Tidak mempunyai afiliasi dengan anggota Dewan 10. Does not have any affiliation with members of the
Komisaris, anggota Direksi, atau Pemegang Saham Board of Commissioners, members of the Board of
Utama Emiten atau Perusahaan Publik; Directors, or Major Shareholders of the Issuer or
Public Company;
11. Tidak mempunyai hubungan usaha, baik langsung 11. Does not have any business relationship, either
maupun tidak langsung, yang berkaitan dengan directly or indirectly, related to the business activities
kegiatan usaha Emiten atau Perusahaan Publik. of the Issuer or Public Company
Kebijakan Remunerasi Komite Audit Audit Committee Composition
Kebijakan penghasilan anggota Komite Audit diatur dalam The remuneration policy for Audit Committee members
Piagam Komite Audit. Penghasilan anggota Komite Audit is regulated in the Audit Committee Charter. The
ditetapkan oleh Dewan Komisaris/Dewan Pengawas remuneration of Audit Committee members is determined
dengan memperhatikan kemampuan Perseroan. by the Board of Commissioners/Board of Supervisors,
taking into account the Company’s financial capability.
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Penghasilan dimaksud berupa honorarium maksimal The remuneration is provided in the form of an honorarium
sebesar 20% (dua puluh persen) dari gaji Direktur of up to 20% (twenty percent) of the Company’s President
Utama Perseroan, dengan ketentuan pajak ditanggung Director’s salary, with taxes borne by the Company. Audit
Perseroan, dan anggota Komite Audit tidak diperkenankan Committee members are not entitled to receive any other
menerima penghasilan lain-lain selain honorarium remuneration beyond this honorarium.
tersebut.
Anggota Dewan Komisaris/Dewan Pengawas yang Members of the Board of Commissioners/Board of
menjadi Ketua atau Anggota Komite Audit tidak diberikan Supervisors who serve as Chair or members of the Audit
penghasilan tambahan dari jabatan tersebut selain Committee do not receive any additional remuneration for
sebagai anggota Dewan Komisaris/Dewan Pengawas. these roles, other than their remuneration as members of
the Board of Commissioners/Board of Supervisors.
Susunan Komite Audit
Composition Of Audit Committee
Peraturan OJK No. 55/POJK.04/2015 tentang OJK Regulation No. 55/POJK.04/2015 on the
Pembentukan dan Pedoman Pelaksanaan Kerja Komite Establishment and Guidelines for the Work of the Audit
Audit mengatur bahwa Komite Audit paling sedikit 3 (tiga) Committee stipulates that the Audit Committee must
orang anggota yang berasal dari Komisaris Independen consist of at least three (3) members. The Committee
sebagai Ketua Komite dengan anggota di luar Dewan is chaired by an Independent Commissioner, with the
Komisaris yang diangkat dan diberhentikan oleh Dewan remaining members coming from outside the Board of
Komisaris. Commissioners and being appointed and dismissed by
the Board of Commissioners.
Masa tugas anggota Komite Audit yang bukan merupakan The term of office of Audit Committee members who are
anggota Dewan Komisaris/Dewan Pengawas paling lama not members of the Board of Commissioners/Board of
3 (tiga) tahun dan dapat diperpanjang maksimum 2 (dua) Supervisors is a maximum of three (3) years and may be
tahun, dengan tidak mengurangi hak Dewan Komisaris/ extended once for up to two (2) additional years, without
Dewan Pengawas untuk memberhentikannya sewaktu- prejudice to the right of the Board of Commissioners/
waktu. Komite Audit merupakan komite yang dibentuk Board of Supervisors to dismiss them at any time. The
oleh dan bertanggung jawab kepada Dewan Komisaris. Audit Committee is established by and accountable to the
Board of Commissioners.
Per 31 Desember 2025, komposisi Komite Audit As of December 31, 2025, the composition of the
Perseroan dapat dilihat sebagai berikut: Company’s Audit Committee can be seen as follows:
Susunan Anggota Komite Audit
Composition of Audit Committee
Nama Jabatan Dasar Hukum Penunjukan Periode Jabatan Keahlian
Name Position Basis of Appointment Period in Office Expertise
Wenry Anshory Putra Ketua Surat Keputusan Dewan Komisaris No. 344/DK- Periode ke-1 Kebijakan Publik
Chairman ADCP/XII/2024. 1st Period Public Policy
Board of Commissioners Resolution No. 346/DK-
ADCP/XII/2024.
Sukma Hadi Anggota Keputusan Dewan Komisaris Nomor 112-4/20/ Periode ke-1 Manajemen Keuangan
Members ADCP-DEKOM/V/2022 tentang Pengangkatan 1st Period Finance Management
Kembali Sdr. Sukma Hadi dan Pengangkatan Sdr.
Siti Nurwahyuningsih sebagai Anggota Komite
Audit PT Adhi Commuter Properti Tbk.
The Board of Commissioners’ Decree No.
112-4/20/ADCP-DEKOM/V/2022 concerning
Reappointment of Mr. Sukma Hadi and
Appointment of Mrs. Siti Nurwahyuningsih as
Audit Committee Members of PT Adhi Commuter
Properti Tbk
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Tata Kelola Perusahaan
Good Corporate Governance
Nama Jabatan Dasar Hukum Penunjukan Periode Jabatan Keahlian
Name Position Basis of Appointment Period in Office Expertise
Siti Nurwahyuningsih Harahap Anggota Keputusan Dewan Komisaris Nomor 112-4/20/ Periode ke-2 Akuntansi
Members ADCP-DEKOM/V/2022 tentang Pengangkatan 2nd Period Accounting
Kembali Sdr. Sukma Hadi dan Pengangkatan Sdr.
Siti Nurwahyuningsih sebagai Anggota Komite
Audit PT Adhi Commuter Properti Tbk.
The Board of Commissioners’ Decree No.
112-4/20/ADCP-DEKOM/V/2022 concerning
Reappointment of Mr. Sukma Hadi and
Appointment of Mrs. Siti Nurwahyuningsih as
Audit Committee Members of PT Adhi Commuter
Properti Tbk
Pernyataan Independensi Komite Audit
Independence Statement of Audit Committee
Seluruh anggota Komite Audit yang berasal dari pihak All Audit Committee members are independent parties
independen tidak memiliki hubungan keuangan, with no financial, management, share ownership and/or
kepengurusan, kepemilikan saham dan/atau hubungan familial relations with Board of Commissioners, Board of
keluarga dengan Dewan Komisaris, Direksi dan/atau Directors and/or Controlling Shareholders or any other
Pemegang Saham Pengendali atau hubungan dengan relationships with the Company, which can affect their
Perseroan, yang dapat mempengaruhi kemampuannya ability to act independently. The Company considers
bertindak independen.
Siti
Kriteria Independensi Wenry Anshory
Sukma Hadi Nurwahyuningsih
Independence Criteria Putra
Harahap
Bukan merupakan orang dalam Kantor Akuntan Publik, Kantor Konsultan √ √ √
Hukum, Kantor Jasa Penilai Publik atau pihak lain yang memberi jasa
asuransi, jasa non asuransi, jasa penilai dan/atau jasa konsultasi lain kepada
Perseroan dalam waktu 6 (enam) bulan terakhir.
Not serving in a Public Accounting Firm, Law Firm, Public Appraisal Service,
etc. who provided insurance, non-insurance services, appraisal services,
and/or other consulting services to the Company within the last 6 (six)
months.
Bukan merupakan orang yang bekerja atau mempunyai wewenang dan √ √ √
tanggung jawab untuk merencanakan, memimpin, mengendalikan, atau
mengawasi kegiatan Perseroan dalam waktu 6 (enam) bulan terakhir
(kecuali Komisaris Independen).
Not a part of those who worked or had the authority and responsibility for
planning, directing, controlling, or supervising the Company’s activities within
the last 6 (six) months (except the Independent Commissioner).
Tidak mempunyai saham langsung maupun tidak langsung di Perseroan. √ √ √
Has no direct or indirect share ownership at the Company.
Keluarga tidak mempunyai saham langsung maupun tidak langsung di √ √ √
Perseroan.
Has no family member(s) with direct or indirect share ownership.
Tidak mempunyai hubungan Afiliasi dengan anggota Dewan Komisaris, √ √ √
anggota Direksi, atau Pemegang Saham Utama Perseroan.
Has no affiliation with other Commissioners, Directors, or major shareholders
of the Company.
Tidak mempunyai hubungan usaha baik langsung maupun tidak langsung √ √ √
yang berkaitan dengan kegiatan usaha Perseroan.
Has no direct or indirect business relations to the Company’s business.
Tidak menjabat sebagai pengurus partai politik dan/ atau calon/anggota √ √ √
legislatif dan/atau merupakan calon atau menjabat sebagai kepala/wakil
kepala pemerintahan daerah.
Not serving as a member of the board of a political party and/or becoming
a candidate/member of legislative and/or a candidate or as the head/deputy
head of a regional government
Tidak memiliki jabatan lain yang dapat menimbulkan benturan kepentingan √ √ √
terkait dengan jabatan di Perseroan.
Not serving in other positions that may cause conflict of interest for the
position in the Company
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Pelatihan dan/atau Peningkatan Kompetensi yang Telah Diikuti oleh Anggota Komite Audit pada
Tahun Buku
Training and/or Competency Development Attended by Audit Committee Members During the Financial Year
Perseroan memandang pelatihan dan peningkatan training and competency development to be a functional
kompetensi sebagai kebutuhan fungsional Komite Audit, necessity for the Audit Committee, as its supervisory
mengingat tugas pengawasan menuntut pemahaman duties require an adequate understanding of financial
yang memadai atas pelaporan keuangan, proses audit, reporting, audit processes, risk management, capital
manajemen risiko, serta ketentuan pasar modal dan market regulations, and other relevant requirements.
ketentuan terkait lainnya. Sejalan dengan itu, Perseroan Accordingly, the Company requires Audit Committee
mensyaratkan kesediaan anggota Komite Audit untuk members to continuously enhance their competencies
terus meningkatkan kompetensi melalui pendidikan through education and training as part of the Audit
dan pelatihan sebagai bagian dari kriteria keanggotaan Committee membership criteria.
Komite Audit.
Selama Tahun Buku 2025, anggota Komite Audit telah During the 2025 financial year, Audit Committee members
mengikuti program pelatihan/seminar/lokakarya yang participated in training programs, seminars, and workshops
relevan dengan pelaksanaan fungsi pengawasan, relevant to their supervisory functions, including but not
termasuk namun tidak terbatas pada aspek tata kelola, limited to corporate governance, compliance, auditing,
kepatuhan, audit, pelaporan keuangan, manajemen financial reporting, risk management, and internal control.
risiko, serta pengendalian internal. Rincian pelatihan/ Details of the training and competency development
pengembangan kompetensi yang diikuti (nama kegiatan, activities attended (including the name of the program,
penyelenggara, tanggal, dan peserta) disajikan pada organizer, date, and participants) are presented in
tabel berikut dan akan diperbarui menjadi data final the table below and will be updated to final data after
setelah proses verifikasi dokumen pendukung oleh unit verification of supporting documents by the responsible
pengampu (MMM). unit (MMM) Based on the Audit Committee Charter, the
Pelatihan/Seminar/Lokakarya Penyelenggara Tanggal Peserta
No
Training/Seminar/Workshop Organizer Date Participant
1. CA (Chartered Accountant) IAI xxx Sukma Hadi
2. Certified Assessor PPM Management xxx Siti Nurwahyuningsih
Harahap
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Tata Kelola Perusahaan
Good Corporate Governance
Uraian Tugas dan Tanggung Jawab Komite Audit
Description of the Duties and Responsibilities of the Audit Committee
Berdasarkan Piagam Komite Audit, tugas dan tanggung duties and responsibilities of the Audit Committee include:
jawab Komite Audit antara lain:
1. Komite Audit berfungsi sebagai pembantu Dewan 1. The Audit Committee functions to assist the Board of
Komisaris dalam pelaksanaan tugas-tugas Commissioners supervisory duties.
pengawasan.
2. Dalam pelaksanaan fungsinya Komite Audit bertindak 2. The Audit Committee acts independently in
secara independen dalam melaksanakan tugas dan carrying out its functions as well as its duties and
tanggung jawab. responsibilities.
3. Dalam menjalankan fungsinya, Komite Audit memiliki 3. In carrying out its functions, Audit Committee’s duties
tugas dan tanggung jawab paling sedikit meliputi: and responsibilities at least include:
a. Membantu Dewan Komisaris/Dewan a. Assisting the Board of Commissioners/
Pengawas untuk memastikan efektivitas Supervisory Board to ensure the effectiveness
sistem pengendalian internal dan efektivitas of the internal control system and the external
pelaksanaan tugas auditor eksternal dan Satuan auditor and the Internal Audit Unit;
Pengawasan Intern;
b. Menilai pelaksanaan kegiatan serta hasil audit b. Assessing the activities and audit results from
yang dilaksanakan oleh auditor eksternal dan external auditors and the Internal Audit Unit;
Satuan Pengawasan Intern;
c. Melakukan penelaahan atas informasi keuangan c. Reviewing the financial information to be publicly
yang akan dikeluarkan Perseroan kepada publik issued by the Company and/or the authorities,
dan/atau pihak otoritas antara lain Laporan including other financial statements, projections,
Keuangan, Proyeksi, dan laporan lainnya terkait and other reports related to the Company’s
dengan informasi keuangan Perseroan; financial information;
d. Melakukan penelaahan atas ketaatan d. Reviewing compliance with the laws and
terhadap peraturan perundang-undangan yang regulations on the Company’s activities;
berhubungan dengan kegiatan Perseroan;
e. Memberikan pendapat independen dalam hal e. Providing independent opinion in case of a
terjadi perbedaan pendapat antara manajemen difference of opinion between the management
dan akuntan atas jasa yang diberikannya; and the accountant;
f. Memberikan rekomendasi kepada Dewan f. Providing recommendations to the Board of
Komisaris mengenai penunjukan Akuntan yang Commissioners for Accountant appointment
didasarkan pada independensi, ruang lingkup based on its independence, scope of the
penugasan dan imbalan jasa; assignment, and remuneration;
g. Melakukan penelaahan atas pelaksanaan g. Reviewing the audit by the internal auditor
pemeriksaan oleh auditor internal dan and supervising the follow-up by the Board of
mengawasi pelaksanaan tindak lanjut oleh Directors on the audit findings;
Direksi atas temuan auditor internal;
h. Menelaah pengaduan yang berkaitan dengan h. Reviewing incoming complaints on the Company’
proses akuntansi dan pelaporan keuangan; accounting and financial reporting processes;
i. Menelaah dan memberikan saran kepada i. Reviewing and advising the Board of
Dewan Komisaris terkait adanya potensi Commissioners on potential conflicts of interest,
benturan kepentingan Emiten atau Perusahaan and maintaining the confidentiality of the
Publik; dan Company’s documents, data and information;
and
j. Menjaga kerahasiaan dokumen, data dan j. Maintaining the confidentiality of documents,
informasi Emiten atau Perusahaan Publik. data and information of the Issuer or Public In
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Di samping itu, Komite Audit bertanggung jawab kepada addition, the Audit Committee is responsible to
Dewan Komisaris untuk menyusun dan menyampaikan the Board of Commissioners for compiling and
laporan-laporan sebagai berikut: submitting the following reports:
1. Laporan berkala, yang berisi pokok-pokok hasil 1. Periodic work report of the assignments from the
kerjanya berdasarkan penugasan Dewan Komisaris Board of Commissioners, submitted every 3 (three)
yang disampaikan setiap 3 (tiga) bulan sekali, kecuali months, unless determined otherwise by the Board
ditentukan Iain oleh Dewan Komisaris; dan of Commissioners; and
2. Laporan khusus, yang berisi setiap temuan 2. Special report of findings that might interfere with the
yang diperkirakan dapat mengganggu kegiatan Company’s activities. This report must be submitted
Perseroan. Laporan ini wajib disampaikan kepada to the Board of Commissioners no more than 10 (ten)
Dewan Komisaris selambat-lambatnya 10 (sepuluh) working days after the identification.
hari kerja sejak tanggal temuan diketahui.
Pernyataan Bahwa Telah Memiliki Pedoman atau Piagam (Charter) Komite Audit
Statement of Having Guidelines or Charter of the Audit Committee
Perseroan menyatakan telah memiliki Piagam Komite The Company states that it has established an Audit
Audit sebagai pedoman formal bagi Komite Audit dalam Committee Charter as a formal guideline for the Audit
melaksanakan tugas dan tanggung jawabnya. Piagam Committee in carrying out its duties and responsibilities.
Komite Audit ditetapkan oleh Dewan Komisaris sebagai The Audit Committee Charter is approved by the Board
panduan pelaksanaan tugas Komite Audit, dan telah of Commissioners and has been updated in line with
dilakukan penyesuaian sejalan dengan perkembangan developments in applicable regulations, including the
ketentuan yang berlaku, termasuk setelah terbitnya issuance of OJK Regulation No. 55/POJK.04/2015 on
POJK No. 55/POJK.04/2015 tentang Pembentukan dan the Establishment and Implementation Guidelines of the
Pedoman Pelaksanaan Kerja Komite Audit. Audit Committee.
Piagam Komite Audit mengatur kerangka kerja Komite The Audit Committee Charter sets out the Audit
Audit secara menyeluruh, antara lain kedudukan Komite Committee’s overall framework, including its status as
Audit sebagai komite yang dibentuk oleh dan bertanggung a committee formed by and accountable to the Board of
jawab kepada Dewan Komisaris, ketentuan komposisi Commissioners, provisions on composition and structure,
dan struktur, tata cara/prosedur kerja, mekanisme rapat, working procedures, meeting mechanisms, and reporting
serta ketentuan pelaporan pelaksanaan tugas. Dengan requirements. Accordingly, the Charter ensures that the
demikian, keberadaan Piagam Komite Audit memastikan Audit Committee performs its functions in a structured,
pelaksanaan fungsi Komite Audit berjalan terarah, well-documented, and accountable manner.
terdokumentasi, dan dapat dipertanggungjawabkan.
Kebijakan dan Pelaksanaan Frekuensi Rapat Komite Audit dan Tingkat Kehadiran Anggota Komite
Audit Dalam Rapat Tersebut
Policy and Implementation of Audit Committee Meeting Frequency and Attendance of Audit Committee Members
Komite Audit mengadakan rapat secara berkala paling The Audit Committee holds regular meetings at least
sedikit 1 (satu) kali dalam 3 (tiga) bulan. Rapat Komite once every three months. A meeting may be convened if
Audit dapat diselenggarakan apabila dihadiri oleh lebih more than half of the members are present, and decisions
dari 1/2 (satu per dua) jumlah anggota dan keputusan are made through deliberation to reach consensus.
rapat diambil berdasarkan musyawarah untuk mufakat.
Setiap rapat dituangkan dalam risalah rapat yang Each meeting is documented in minutes and signed by
ditandatangani oleh seluruh anggota yang hadir, termasuk all attending members. Any dissenting opinions, together
apabila terdapat perbedaan pendapat (dissenting opinion) with their reasons, are recorded in the minutes, which are
beserta alasan perbedaan pendapat tersebut, dan risalah then distributed to the meeting participants.
rapat didistribusikan kepada peserta rapat.
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Tata Kelola Perusahaan
Good Corporate Governance
Jika diminta oleh Dewan Komisaris, anggota Komite At the request of the Board of Commissioners, Audit
Audit dapat hadir dalam rapat-rapat Dewan Komisaris Committee members may attend meetings of the Board
dan Direksi untuk hal-hal yang berkaitan dengan fungsi of Commissioners and the Board of Directors on matters
Komite Audit. related to the Audit Committee’s duties.
Selama tahun 2025, Komite Audit melaksanakan rapat During 2025, the Audit Committee held 15 (fifteen)
sebanyak 15 (lima belas) kali. Rincian kehadiran Komite meetings. The attendance details of the Audit Committee
Audit sepanjang tahun 2025 adalah sebagai berikut: throughout 2025 are as follows:
Persentase Kehadiran
Nama Jabatan Jumlah Rapat Jumlah Kehadiran
Percentage of
Name Position Total Meetings Total Attendance
Attendance
Ketua
Wenry Anshory Putra 15 15 100%
Chairman
Anggota
Sukma Hadi 15 15 100%
Member
Anggota
Siti Nurwahyuningsih Harahap 15 15 100%
Member
Agenda rapat Komite Audit di tahun 2025 dapat dilihat The agendas for the Audit Committee meetings in 2025
sebagai berikut:
Mata Acara Rapat Komite Audit
Meeting Agenda of the Audit Committee
Mata Acara Tanggal
No
Agenda Date
1 1. Pembahasan hasil rapat dengan dewan komisaris periode Desember 2025 10 Januari 2025
2. Progress kegiatan audit Laporan Keuangan Tahun 2024 January 10, 2025
3. Program Kerja Audit Tahunan 2025
1. Discussion of the results of the meeting with the board of commissioners for the December 2025 period
2. Progress of the 2024 Financial Statement audit
3. 2025 Annual Audit Work Program
2 Laporan Hasil Audit dan Rencana Kerja Satuan Pengawasan Internal / Internal Audit 25 Januari 2025
Audit Results Report and Work Plan of the Internal Audit Unit January 25, 2025
3 1. Pembahasan Kondisi Keuangan PT. ADCP, Tbk dan Kinerja Keuangan per Januari 2025 27 Februari 2025
2. Pembahasan Laporan Komite Audit Tahun 2024 February 27, 2025
3. Rencana Kerja Komite Audit Tahun 2025
1. Discussion of the Financial Condition of PT. ADCP, Tbk and Financial Performance as of January 2025
2. Discussion of the 2024 Audit Committee Report
3. 2025 Audit Committee Work Plan
4 Pembahasan Hasil Audit Laporan Keuangan Tahun 2024 28 Februari 2025
Discussion of the 2024 Financial Statement Audit Results February 28, 2025
5 Pembahasan Kinerja Keuangan per Maret 2025 14 April 2025
Discussion of Financial Performance as of March 2025 April 14, 2025
6 Pembahasan Kinerja Proyek Kawasan 9 Mei 2025
Discussion of Regional Project Performance May 9, 2025
7 Pembahasan Kinerja Keuangan Mei 2025 30 Mei 2025
Discussion of Financial Performance as of May 2025 May 30, 2025
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Uraian Singkat Pelaksanaan Kegiatan Komite Audit pada Tahun Buku Sesuai dengan yang
Dicantumkan dalam Pedoman atau Piagam (Charter) Komite Audit
Brief Description of the Implementation of Audit Committee Activities During the Financial Year in Accordance With the
Audit Committee Charter
Komite Audit menjadi sebuah sarana bagi Perseroan The Audit Committee serves as a means for the Company
untuk memastikan efektivitas implementasi GCG dan to ensure the effectiveness of implementing GCG and
kepatuhan terhadap perundang-undangan yang berlaku. compliance with prevailing laws and regulations. The
Komite Audit memberikan opini dan saran yang bersifat Audit Committee provides independent opinions and
independen kepada Dewan Komisaris agar dapat advice to the Board of Commissioners to carry out
melaksanakan fungsi pengawasan secara transparan oversight functions transparently and accountably.
dan akuntabel.
Dalam melaksanakan tugas dan tanggung jawabnya, In carrying out its duties and responsibilities, the Audit
Komite Audit mengacu pada Piagam Komite Audit Committee adheres to the Charter of the Audit Committee
dan berkoordinasi secara erat dengan auditor internal, and closely coordinates with internal auditors, external
auditor eksternal, serta berbagai tingkat pejabat eksekutif auditors, and various levels of Company executives
Perseroan agar dapat mengawasi kinerja manajemen, to oversee management performance, especially in
terutama atas pelaporan keuangan, pengelolaan risiko financial reporting, risk management, and implementation
dan pelaksanaan pengendalian internal Perseroan. of internal controls within the Company.
Sepanjang tahun 2025, Komite Audit telah melaksanakan Throughout 2025, the Audit Committee has fulfilled its
tugas dan tanggung jawabnya sesuai Piagam Kerja duties and responsibilities in accordance with the Charter
Komite Audit serta Program Kerja Komite Audit Tahun of the Audit Committee and the 2025 Audit Committee
2025 dengan realisasi sebagai berikut: Work Program with the following achievements:
Menurut Piagam Komite Audit Realisasi
In Accordance with the Audit Committee Realization
Membantu Dewan Komisaris/Dewan Pengawas untuk memastikan • Selama tahun 2024 Komite Audit telah beberapa kali melakukan rapat
efektivitas sistem pengendalian internal dan efektivitas pelaksanaan koordinasi dengan Satuan Pengawasan Internal/Internal Audit untuk
tugas auditor eksternal dan Satuan Pengawasan Internal melakukan penelaahan dan memastikan efektivitas pelaksanaan
Assisting the Board of Commissioners/Supervisory Board to ensure pengendalian internal yang telah dilakukan oleh Satuan Pengawasan
the effectiveness of the internal control system as well as the external Internal. Komite Audit melakukan pendalaman atas hasil kerja
auditor and the Internal Audit Unit pengendalian internal dan memberikan saran rekomendasi atas hasil
pelaksanaan tugas Satuan Pengawasan Internal
• Komite Audit melaksanakan rapat koordinasi dengan Auditor Eksternal
untuk meminta penjelasan tahapan dan hasil kerja Auditor Eksternal
atas pekerjaan Audit Laporan Keuangan PT Adhi Commuter Properti
Tbk untuk tahun buku 2023 dan Tahapan Audit untuk Tahun Buku 2024.
• Komite Audit melaporkan hasil pelaksanaan tugas pengendalian internal
dan auditor eksternal kepada Dewan Komisaris
• Throughout 2024, the Audit Committee conducted several coordination
meetings with the Internal Audit Unit to review and ensure the
effectiveness of the internal controls implemented by this unit. The
Audit Committee deeply analyzed the outcomes of the internal control
processes and provided recommendation feedback on the performance
of the Internal Audit Unit.
• The Audit Committee also held coordination meetings with the External
Auditor to obtain explanations about the stages and results of the
External Auditor’s work on the financial statement audit of PT Adhi
Commuter Properti Tbk for the fiscal year 2023 and the audit planning
for the fiscal year 2024.
• The Audit Committee reported the results of the internal control
implementations and the external auditor’s findings to the Board of
Commissioners
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Tata Kelola Perusahaan
Good Corporate Governance
Menurut Piagam Komite Audit Realisasi
In Accordance with the Audit Committee Realization
Melakukan penelaahan atas informasi keuangan yang akan Komite Audit secara rutin melakukan penelaahan dan analisis terhadap
dikeluarkan Perseroan kepada publik dan/atau pihak otoritas antara laporan keuangan yang dikeluarkan Perseroan, baik dalam periode
lain laporan keuangan, proyeksi, dan laporan lainnya terkait dengan bulanan, triwulanan, maupun tahunan. Komite Audit juga memberikan
informasi keuangan Perseroan saran rekomendasi untuk keterbukaan informasi penyajian keuangan dan
Reviewing the financial information that the Company will issue to peningkatkan kinerja keuangan Perseroan.
public and/or the authorities, including financial statements, projections The Audit Committee routinely reviews and analyzes the financial
and other reports related to the Company’s financial information statements issued by the Company, on a monthly, quarterly, and annual
basis. The Committee also provides recommendations for enhancing
financial transparency and improving the Company’s financial performance
Melakukan penelaahan atas ketaatan terhadap peraturan Komite Audit telah melaksanakan rapat koordinasi dengan manajemen
perundangan undangan yang berhubungan dengan kegiatan Perseroan (biro-biro terkait) untuk mengetahui sejauh mana kepatuhan
Perseroan Perseroan dalam memenuhi ketentuan dalam peraturan perundang
Reviewing the compliance with laws and regulations within the undangan yang berhubungan dengan bisnis Perseroan
Company’s activities. The Audit Committee has conducted coordination meetings with the
Company’s management (related bureaus) to assess the Company’s
compliance with legal regulations related to its business operations.
Melakukan penelaahan atas ketaatan terhadap peraturan Tidak Ada
perundangan undangan yang berhubungan dengan kegiatan None
Perseroan
Reviewing the compliance with laws and regulations within the
Company’s activit
Memberikan pendapat independen dalam hal terjadi perbedaan Komite Audit melakukan proses pengadaan jasa audit Laporan Keuangan
pendapat antara manajemen dan akuntan atas jasa yang diberikannya PT Adhi Commuter Properti Tbk untuk tahun buku 2024 melalui mekanisme
Providing independent opinion in case of a difference of opinion lelang. Hasil proses pengadaan dan rekomendasi penunjukan KAP telah
between the management and the accountant disampaikan kepada Dewan Komisaris.
The Audit Committee undertook the procurement process for the auditing
services of PT Adhi Commuter Properti Tbk’s financial statements for
the fiscal year 2024 through a bidding mechanism. The results of the
procurement process and the recommendations for the appointment of the
External Auditor were presented to the Board of Commissioners
Melakukan penelaahan atas pelaksanaan pemeriksaan oleh auditor Komite Audit pada tahun 2024 telah beberapa kali melakukan rapat
internal dan mengawasi pelaksanaan tindak lanjut oleh Direksi atas koordinasi dengan Satuan Pengawasan Internal/Internal Audit untuk
temuan auditor internal membahas tindak lanjut hasil audit internal tahun 2023 dan melakukan
Reviewing the audit by the internal auditor and supervising the Board penelaahan atas hasil pelaksanaan tugas Satuan Pengawasan Internal
of Directors’ follow-ups on the audit findings tahun 2024 dan tindak lanjutnya.
In 2024, the Audit Committee held several coordination meetings with the
Internal Audit Unit to discuss the follow-up actions regarding the internal
audit findings from 2023 and to review the outcomes of the Internal Audit
Unit’s tasks for 2024 and their subsequent implementation.
Menelaah pengaduan yang berkaitan dengan proses akuntansi dan Tidak Ada
pelaporan keuangan None
Reviewing incoming complaints on the Company’s accounting and
financial reporting processes
Menelaah dan memberikan saran kepada Dewan Komisaris terkait Tidak ada
adanya potensi benturan kepentingan none
Reviewing and advising the Board of Commissioners potential
conflicts of interest
Lain - lain • Selama tahun 2024 Komite Audit telah beberapa kali melakukan rapat
Others koordinasi dengan Satuan Pengawasan Internal/Internal Audit untuk
melakukan penelaahan dan memastikan efektivitas pelaksanaan
pengendalian internal yang telah dilakukan oleh Satuan Pengawasan
Internal. Komite Audit melakukan pendalaman atas hasil kerja
pengendalian internal dan memberikan saran rekomendasi atas hasil
pelaksanaan tugas Satuan Pengawasan Internal
• Komite Audit memperkuat pengetahuan dalam rangka pelaksanaan
tugas dengan mengikuti kegiatan seminar dan kegiatan lain yang terkait
dengan pelaksanaan tugas dan fungsi Komite Audit.
• The Audit Committee carries out additional tasks assigned by the
Board of Commissioners, such as reviewing the Company’s Work Plan
and Budget for 2024, examining plans for issuing corporate financing
instruments, and other assignments related to the Audit Committee’s
roles and functions.
• Furthermore, the Audit Committee enhances its knowledge required
to support the duties by participating in seminars and other activities
relevant to its duties and functions.
Penilaian Kinerja Komite Audit Performance Assessment of the Audit Committee
Sampai dengan 31 Desember 2025, Komite Audit masih As of December 31, 2025, the Audit Committee has not
belum melakukan self-assessment penilaian kinerja conducted a self-assessment of the Audit Committee’s
Komite Audit tahun 2025. performance in 2025.
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Komite Nominasi dan Remunerasi
Nomination and Remuneration Committee
Wenry Anshory Putra
Jabatan (Ketua)
Position (Chairman)
Usia Kewarganegaraan Domisili
Age Nationality Domicile
Usia 38 tahun per 31 Desember 2025 Warga Negara Indonesia Tangerang
38 years old as of December 31, 2025 Indonesia Citizen Tangerang
Riwayat Pendidikan Riwayat Pendidikan Bapak Wenry Anshory Putra The education of Mr. Wenry Anshory Putra can
Educational Background dapat dilihat dalam laporan tahunan ini pada be seen in this annual report on the Board of
Profil Dewan Komisaris. Commissioners Profile.
Dasar Hukum Surat Keputusan Dewan Komisaris No. 344/DK- Letter of The Board of Commissioners Decree
Pengangkatan ADCP/XII/2024. No. 344/DK-ADCP/XII/2024.
Legal Basis of Appointment
Rangkap Jabatan • 2024–2029 : Ketua Komite Nominasi dan • 2024–2029 : Chairman of Nomination and
Concurrent Position Remunerasi, PT Adhi Commuter Properti Tbk Remuneration Committee, PT Adhi Commuter
• 2024–2029 : Komisaris Utama merangkap Properti Tbk
Komisaris Independen, PT Adhi Commuter • 2024–2029 : President Commissioner acting
Properti Tbk as Independent Commissioner, PT Adhi
Commuter Properti Tbk
Pengalaman Kerja Pengalaman Kerja Bapak Wenry Anshory Putra Work Experience of Mr. Wenry Anshory Putra
Work Experience dapat dilihat dalam laporan tahunan ini pada can be seen in this annual report on the Board of
Profil Dewan Komisaris. Commissioners Profile.
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Direksi, Has no affiliation relationship with the Board
Affiliation Relationship Dewan Komisaris, pemegang saham utama, dan of Directors, Board of Commissioners, major
pengendali langsung/tidak langsung. shareholders, and direct/indirect controllers.
Periode Periode ke-1 1st Period
Period
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Tata Kelola Perusahaan
Good Corporate Governance
Luk Sekar Dadari
Jabatan (Anggota)
Position (Member)
Usia Kewarganegaraan Domisili
Age Nationality Domicile
Usia 46 tahun per 31 Desember 2025 Warga Negara Indonesia Depok, Jawa Barat
46 years old as of December 31, 2025 Indonesia Citizen Depok, West Java
Riwayat Pendidikan 2001 : Diploma (D3) Akuntansi, Sekolah Tinggi 2001 : Diploma (D3) in Accounting, Sekolah
Educational Background Ilmu Ekonomi Yogyakarta, DIY Tinggi Ilmu Ekonomi Yogyakarta, DIY
Dasar Hukum Keputusan Dewan Komisaris Nomor 589A/DK- The Board of Commissioners’ Decree No. 589A/
Pengangkatan ADCP/X/2022 tentang Pengangkatan Sdri. Luk DK-ADCP/X/2022 concerning the Appointment
Legal Basis of Appointment Sekar Dadari Sebagai Anggota Komite Nominasi of Sdri. Luk Sekar Dadari as a Member of the
dan Remunerasi PT Adhi Commuter Properti Nomination and Remuneration Committee of PT
Tbk tanggal 31 Oktober 2022. Adhi Commuter Properti Tbk dated October 31,
2022.
Rangkap Jabatan • 2024–Sekarang : Manajer Biro Pengembangan • 2024–Present : Manager, Competency
Concurrent Position Kompetensi, PT Adhi Karya (Persero) Tbk Development Bureau, PT Adhi Karya (Persero)
Tbk
Pengalaman Kerja 1. 2022–2024 : Manajer Biro Human Capital, PT 1. 2022–2024 : Manager, Human Capital Bureau,
Work Experience Adhi Commuter Properti Tbk PT Adhi Commuter Properti Tbk
2. 2022 : Manajer Biro Human Capital & IT, PT 2. 2022 : Manager, Human Capital Bureau & IT,
Adhi Commuter Properti Tbk PT Adhi Commuter Properti Tbk
3. 2020–2022 : Koordinator SDM, PT Adhi 3. 2020–2022 : HR Coordinator, PT Adhi Persada
Persada Properti Properti
Hubungan Afiliasi Memiliki hubungan afiliasi berupa hubungan Has an affiliation relationship in the form of
Affiliation Relationship pekerjaan dengan PT Adhi Karya (Persero) Tbk employment with PT Adhi Karya (Persero) Tbk
selaku pemegang saham mayoritas Perseroan. as the Company’s majority shareholder.
Periode Periode ke-1 1st Period
Period
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Noval Kurniawan
Jabatan (Anggota)
Position (Member)
Usia Kewarganegaraan Domisili
Age Nationality Domicile
Usia 31 tahun per 31 Desember 2025 Warga Negara Indonesia Jakarta
31 years old as of December 31, 2025 Indonesia Citizen
Riwayat Pendidikan 2017 : Sarjana (S1) Manajemen, Universitas 2017 : Bachelor’s Degree (S1) in Management,
Educational Background Diponegoro, Semarang Diponegoro University, Semarang
Dasar Hukum Surat Keputusan Dewan Komisaris No. 319A/ The Board of Commissioners’ Decree No.
Pengangkatan DK-ADCP/VIII/2024 tanggal 01 Agustus 319A/DK-ADCP/VIII/2024 dated August 1,
Legal Basis of Appointment 2024 tentang Pengangkatan Sdr. Noval 2024 regarding the Appointment Mr. Noval
Kurniawan sebagai Anggota Komite Nominasi Kurniawan as the Member of the Nomination and
dan Remunerasi Dewan Komisaris PT Adhi Remuneration Committee of PT Adhi Commuter
Commuter Properti Tbk. Properti Tbk.
Rangkap Jabatan Tidak memiliki rangkap jabatan. No concurrent positions.
Concurrent Position
Pengalaman Kerja 1. 2023–2024 : Manajer Biro Pendidikan dan 1. 2023–2024 : Manager, Education and Training
Work Experience Pelatihan, Departemen Human Capital, PT Bureau, Human Capital Department, PT Adhi
Adhi Karya (Persero) Tbk Karya (Persero) Tbk
2. 2022–2023 : Manajer Biro Corporate Learning, 2. 2022–2023 : Manager, Corporate Learning
Departemen Human Capital, PT Adhi Karya Bureau, Human Capital Department, PT Adhi
(Persero) Tbk Karya (Persero) Tbk
3. 2021–2022 : Manajer (Pjs.) Biro Learning 3. 2021–2022 : Acting Manager, Learning Center
Center, Departemen Human Capital, PT Adhi Bureau, Human Capital Department, PT Adhi
Karya (Persero) Tbk Karya (Persero) Tbk
4. 2020–2021 : Officer Manajemen Talenta, 4. 2020–2021 : Talent Management Officer,
Departemen Sumber Daya Manusia, PT Adhi Human Resources Department, PT Adhi
Karya (Persero) Tbk Karya (Persero) Tbk
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Direksi, Has no affiliation relationship with the Board
Affiliation Relationship Dewan Komisaris, pemegang saham utama, dan of Directors, Board of Commissioners, major
pengendali langsung/tidak langsung. shareholders, and direct/indirect controllers.
Periode Periode ke-1 1st Period
Period
Komite Nominasi dan Remunerasi merupakan organ The Nomination and Remuneration Committee
pendukung yang dibentuk oleh Dewan Komisaris dalam is a supporting body established by the Board of
hal pengawasan yang berkaitan dengan fungsi nominasi Commissioners to oversee matters related to nomination
dan remunerasi. Komite Nominasi dan Remunerasi and remuneration functions. The Committee was
dibentuk melalui Surat Keputusan Dewan Komisaris No. established through the Board of Commissioners’ Decree
112-8/13/DEKOM/III/2021 tanggal 10 Maret 2021 tentang No. 112-8/13/DEKOM/III/2021 dated March 10, 2021,
Pengangkatan Ketua Komite Nominasi dan Remunerasi regarding the Appointment of the Chair of the ADCP
ADCP dengan mengacu pada peraturan dan ketentuan Nomination and Remuneration Committee, in accordance
yang berlaku. with applicable laws and regulations.
Komite Nominasi dan Remunerasi (KNR) dibentuk Formed by the Board of Commissioners, operates
oleh Dewan Komisaris, bertindak independen, dan independently, and is directly accountable to the Board of
bertanggung jawab langsung kepada Dewan Komisaris. Commissioners. Members of the NRC are appointed by
Anggota KNR diangkat oleh Dewan Komisaris dan the Board of Commissioners and consist of at least three
sekurang-kurangnya terdiri dari 3 (tiga) orang anggota, members, with an Independent Commissioner serving as
dengan Ketua KNR merupakan Komisaris Independen, the Chair. Members of the NRC may not come from the
serta anggota KNR dilarang berasal dari anggota Direksi. Board of Directors.
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Tata Kelola Perusahaan
Good Corporate Governance
KNR melakukan evaluasi serta menyusun dan The NRC conducts evaluations and prepares
memberikan rekomendasi kepada Dewan Komisaris recommendations for the Board of Commissioners on
mengenai sistem/kebijakan nominasi dan remunerasi nomination and remuneration systems and policies for
bagi Dewan Komisaris, Direksi, pejabat eksekutif, dan the Board of Commissioners, the Board of Directors,
pegawai secara menyeluruh. executive officers, and employees.
Ruang lingkup tugas KNR, antara lain: The scope of the NRC’s duties includes, among others:
1. Memberikan rekomendasi kepada Dewan Komisaris 1. Provide recommendations to the Board of
terkait fungsi nominasi, termasuk komposisi jabatan Commissioners on nomination matters, including the
anggota Direksi dan/atau anggota Dewan Komisaris, composition of the Board of Directors and/or the Board
kebijakan dan kriteria proses nominasi, serta of Commissioners, nomination policies and criteria,
kebijakan evaluasi kinerja Direksi dan/atau Dewan and performance evaluation policies for the Board of
Komisaris; Directors and/or the Board of Commissioners.
2. Membantu Dewan Komisaris melakukan penilaian 2. Assist the Board of Commissioners in assessing
kinerja Direksi dan/atau Dewan Komisaris the performance of the Board of Directors and/or
berdasarkan tolak ukur yang disusun sebagai bahan the Board of Commissioners based on established
evaluasi, serta memberikan rekomendasi program benchmarks, and recommend capability development
pengembangan kemampuan; programs.
3. Menyusun usulan/rekomendasi calon anggota 3. Prepare and submit recommendations of qualified
Direksi dan/atau calon anggota Dewan Komisaris candidates for the Board of Directors and/or the
yang memenuhi syarat untuk disampaikan kepada Board of Commissioners to the General Meeting of
Rapat Umum Pemegang Saham; Shareholders.
4. Menyusun dan memberikan rekomendasi kepada 4. Prepare and provide recommendations to the
Dewan Komisaris mengenai sistem dan prosedur Board of Commissioners on the systems and
pemilihan dan/atau penggantian Direksi dan Dewan procedures for the appointment and/or replacement
Komisaris; of members of the Board of Directors and the Board
of Commissioners.
5. Melaksanakan evaluasi atas sistem/kebijakan 5. Evaluate remuneration systems and policies based
remunerasi yang didasarkan atas kinerja, risiko, on performance, risk, objectives, and the Company’s
sasaran, dan strategi jangka panjang Perseroan, long-term strategy, and provide recommendations
serta menyusun dan memberikan rekomendasi to the Board of Commissioners on remuneration
kepada Dewan Komisaris mengenai struktur, structure, policies, and amounts.
kebijakan, dan besaran remunerasi;
6. Memastikan kebijakan remunerasi sesuai ketentuan 6. Ensure that remuneration policies comply with
yang berlaku dan melakukan evaluasi berkala atas applicable regulations and conduct periodic reviews
penerapannya, termasuk kesesuaian remunerasi of their implementation, including the alignment
dengan kinerja masing-masing anggota Direksi dan/ between remuneration and the performance of each
atau Dewan Komisaris. member of the Board of Directors and/or the Board
of Commissioners.
Dalam menjalankan tugasnya, KNR berwenang In carrying out its duties, the Nomination and Remuneration
mengakses informasi yang relevan, bekerja sama Committee is authorized to access relevant information,
dengan unit terkait, serta dengan persetujuan Dewan coordinate with related units, and, with the approval of the
Komisaris dapat menunjuk pihak ketiga untuk membantu Board of Commissioners, appoint third parties to assist in
pelaksanaan tugas. KNR menyusun rencana kerja dan the performance of its duties. The Committee prepares
anggaran tahunan, melaksanakan rapat sekurang- an annual work plan and budget, holds meetings at least
kurangnya 4 (empat) kali dalam setahun, serta four times a year, and documents the meeting results in
mendokumentasikan hasil rapat dalam risalah dan minutes, which are submitted in writing to the Board of
menyampaikannya secara tertulis kepada Dewan Commissioners.
Komisaris.
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Masa jabatan anggota KNR yang berasal dari pihak The term of office of Committee members from
independen paling lama 3 (tiga) tahun dan dapat independent parties is a maximum of three years and
diperpanjang satu kali selama 2 (dua) tahun, sehingga may be extended once for a further two years, resulting
akumulasi masa jabatan pada Perseroan maksimal 5 in a maximum total term of five years with the Company.
(lima) tahun. Anggota Dewan Komisaris yang menjadi Members of the Board of Commissioners who serve as
Ketua atau anggota KNR tidak diberikan penghasilan Chair or members of the Committee do not receive any
tambahan selain penghasilan sebagai anggota Dewan additional remuneration beyond their remuneration as
Komisaris. members of the Board of Commissioners.
Susunan Komite Nominasi dan Remunerasi
Composition of Nomination and Remuneration Committee
Dewan Komisaris memiliki wewenang untuk mengangkat The Board of Commissioners has the authority to
dan memberhentikan anggota Komite Nominasi dan appoint and dismiss members of the Nomination
Remunerasi. Komite Nominasi dan Remunerasi terdiri and Remuneration Committee. The Nomination and
dari sekurang-kurangnya 3 (tiga) orang yang merupakan Remuneration Committee consists of at least 3 (three)
Komisaris Independen sebagai Ketua dan 2 (dua) orang people who are Independent Commissioners as
yang berasal bukan dari anggota Dewan Komisaris Chairman and 2 (two) people who are not members of
sebagai anggota. Masa jabatan anggota Komite Nominasi the Board of Commissioners as members. The term of
dan Remunerasi atau nomenklatur lain dengan fungsi yang office for members of the Nomination and Remuneration
sama yang bukan merupakan anggota Dewan Komisaris/ Committee or other nomenclature with the same function
Dewan Pengawas BUMN paling lama 3 (tiga) tahun dan who are not members of the Board of Commissioners/
dapat diangkat kembali untuk paling lama 2 (dua) tahun, SOE Supervisory Board is a maximum of 3 (three)
dengan tidak mengurangi hak Dewan Komisaris/Dewan years and may be reappointed for a maximum of 2
Pengawas BUMN untuk memberhentikannya sewaktu- (two) years, without prejudice to the right of the Board of
waktu. Commissioners/SOE Supervisory Board to dismiss them
at any time.
Per 31 Desember 2025, komposisi Komite Nominasi dan As of December 31, 2025, the composition of the
Remunerasi Perseroan dapat dilihat sebagai berikut: Company’s Nomination and Remuneration Committee
Perseroan menyatakan telah memiliki Piagam (Charter)
Susunan Anggota Komite Nominasi dan Remunerasi
Composition of Nomination and Remuneration Comitte Member
Nama Jabatan Dasar Hukum Penunjukan Periode Jabatan Keahlian
Name Position Basis of Appointment Period in Office Expertise
Surat Keputusan Dewan Komisaris No. 346/DK-
Periode ke-1
Ketua ADCP/XII/2024. Kebijakan Publik
Wenry Anshory Putra 1st Period
Chairman Board of Commissioners Resolution No. 346/DK- Public Policy
ADCP/XII/2024.
Surat Keputusan Dewan Komisaris Nomor 589A/DK-
Anggota ADCP/X/2022 tanggal 31 Oktober 2022. Periode ke-3 Manajemen Keuangan
Luk Sekar Dadari
Members Board of Commissioners Resolution No. 589A/DK- 3rd Period Finance Management
ADCP/X/2022 dated October 31, 2022.
Surat Keputusan Dewan Komisaris No. 319A/DK-
Anggota ADCP/VIII/2024 tanggal 01 Agustus 2024. Periode ke-1 Akuntansi
Noval Kurniawan
Members Board of Commissioners Resolution No. 319A/DK- 1st Period Accounting
ADCP/VIII/2024 dated August 1, 2024.
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Tata Kelola Perusahaan
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Pernyataan Independensi Komite Nominasi dan Remunerasi
Independence Statement of Nomination and Remuneration Committee
Perseroan menyatakan telah memiliki Piagam (Charter) The Company has established a Nomination and
Komite Nominasi dan Remunerasi sebagai pedoman kerja Remuneration Committee Charter as the working
KNR. Piagam tersebut ditetapkan oleh Dewan Komisaris guideline for the Committee. The Charter is approved
dan memuat antara lain landasan hukum, kedudukan by the Board of Commissioners and sets out, among
dan hubungan pertanggungjawaban, komposisi dan others, the legal basis, position and reporting lines,
persyaratan keanggotaan, tugas dan tanggung jawab, composition and membership requirements, duties and
wewenang, mekanisme rapat, masa jabatan, serta responsibilities, authorities, meeting procedures, term
ketentuan lain yang relevan. Dengan adanya Piagam of office, and other relevant provisions. Through this
KNR, Perseroan memastikan pelaksanaan fungsi Charter, the Company ensures that the nomination and
nominasi dan remunerasi berjalan melalui mekanisme remuneration functions are carried out through clear, well-
kerja yang jelas, terdokumentasi, dan selaras dengan documented mechanisms and in line with the principles of
prinsip akuntabilitas dalam tata kelola perusahaan. accountability in corporate governance.
KNR bertindak independen dan bebas dari benturan The NRC acts independently and is free from conflicts of
kepentingan dalam melaksanakan fungsi nominasi interest in carrying out its nomination and remuneration
dan remunerasi. Perseroan menetapkan persyaratan functions. The Company sets independence requirements
independensi bagi anggota KNR sesuai ketentuan yang for NRC members in accordance with prevailing
berlaku dan melakukan penilaian pemenuhannya pada regulations and assesses their fulfillment at the time of
saat pengangkatan. Informasi mengenai rangkap jabatan appointment. Information on concurrent positions and
dan hubungan afiliasi setiap anggota KNR diungkapkan affiliation relationships of each NRC member is disclosed
in the NRC Member Profile section.
Pelatihan dan/atau Peningkatan Kompetensi yang Telah Diikuti Anggota Komite Nominasi dan
Remunerasi dalam Tahun Buku
Training and/or Competency Development Attended by Nomination and Remuneration Committee Members During the
Financial Year
Sepanjang tahun 2025, Komite Nominasi, dan In 2025, the Audit Committee joined some trainings,
Remunerasi tidak mengikuti pelatihan ataupun seminar. namely.
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Uraian Tugas dan Tanggung Jawab Komite Nominasi dan Remunerasi
Description of the Duties and Responsibilities of the Nomination and Remuneration Committee
Berdasarkan Piagam Komite Nominasi dan Remunerasi, Based on the Nomination and Remuneration Committee
tugas dan tanggung jawab KNR antara lain: Charter, the duties and responsibilities of the Committee
include, among others:
1. Terkait fungsi nominasi: 1. Related to the nomination function:
a. Memberikan rekomendasi kepada Dewan a. Provide recommendations to the Board of
Komisaris mengenai kebijakan, kriteria, dan Commissioners on the policies, criteria, and
proses nominasi Direksi dan/atau Dewan processes for the nomination of members of
Komisaris. the Board of Directors and/or the Board of
Commissioners.
b. Membantu Dewan Komisaris melakukan evaluasi b. Assist the Board of Commissioners in evaluating
kinerja Direksi dan/atau Dewan Komisaris the performance of the Board of Directors
berdasarkan tolok ukur yang ditetapkan. and/or the Board of Commissioners based on
established performance benchmarks.
c. Menyusun usulan/rekomendasi calon anggota c. Prepare and submit proposals or
Direksi dan/atau Dewan Komisaris untuk recommendations of candidates for the Board of
disampaikan kepada RUPS. Directors and/or the Board of Commissioners to
be presented to the GMS.
2. Terkait fungsi remunerasi: 2. Related to the remuneration function:
a. Melakukan evaluasi atas sistem/kebijakan a. Evaluate the remuneration system and policies
remunerasi yang mempertimbangkan kinerja, by taking into account performance, risk,
risiko, sasaran, dan strategi jangka panjang objectives, and the Company’s long-term
Perseroan. strategy.
b. Memberikan rekomendasi kepada Dewan b. Provide recommendations to the Board of
Komisaris mengenai struktur, kebijakan, dan Commissioners on the structure, policies, and
besaran remunerasi. levels of remuneration.
c. Memastikan kebijakan remunerasi selaras c. Ensure that remuneration policies comply with
dengan ketentuan yang berlaku dan melakukan applicable regulations and conduct periodic
evaluasi berkala atas penerapannya. reviews of their implementation.
3. Melaksanakan tugas lain yang diberikan oleh Dewan 3. Other duties assigned by the Board of Commissioners
Komisaris sesuai ruang lingkup fungsi KNR. in accordance with the scope of the Committee’s
functions;
4. Prosedur pelaksanaan tugas dan fungsi KNR 4. The procedures for carrying out the duties and
mengacu pada peraturan perundang-undangan functions of the NRC are conducted in accordance
yang berlaku dan Piagam KNR. with applicable laws and regulations and the
Committee Charter.
Sementara, Komite Nominasi dan Remunerasi bertanggung Meanwhile, the Nomination and Remuneration Committee
jawab kepada Dewan Komisaris untuk melakukan evaluasi is accountable to the Board of Commissioners to conduct
serta menyusun dan memberikan rekomendasi kepada evaluations and to prepare and submit recommendations
Dewan Komisaris mengenai sistem/kebijakan nominasi on nomination and remuneration systems and policies
dan remunerasi bagi Komisaris, Direksi, pejabat eksekutif for the Board of Commissioners, the Board of Directors,
dan pegawai secara menyeluruh. executive officers, and employees as a whole.
Pedoman Komite Nominasi dan Remunerasi Nomination and Remuneration Committee Charter
Dewan Komisaris telah menyusun dan menetapkan The Board of Commissioners has prepared and
Piagam Komite Nominasi dan Remunerasi sebagai established the Charter of the Nomination and
pedoman pelaksanaan tugas dan tanggung jawabnya Remuneration Committee as a guideline for effectively
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Tata Kelola Perusahaan
Good Corporate Governance
secara efektif, transparan, dan independen. Piagam carrying out its duties and responsibilities in an efficient,
Komite Nominasi dan Remunerasi disusun dengan transparent, and independent manner. The Charter of the
mengacu pada peraturan perundang-undangan yang Nomination and Remuneration Committee is formulated
berlaku sesuai dengan status Perseroan yang mengatur with reference to applicable laws and regulations in
tentang: accordance with the Company’s status, which include:
1. Landasan Hukum 1. Legal Foundation
2. Struktur Organisasi dan Keanggotaan Komite 2. Organizational Structure and Membership of
Nominasi dan Remunerasi Nomination and Remuneration Committee
3. Persyaratan Keanggotaan Komite Nominasi dan 3. Nomination and Remuneration Committee
Remunerasi Membership Requirements
4. Tanggung Jawab Komite Nominasi dan Remunerasi 4. Responsibilities of the Nomination and Remuneration
Committee
5. Wewenang Hak dan Kewajiban Komite Nominasi 5. Authority Rights and Obligations of the Nomination
dan Remunerasi and Remuneration Committee
6. Rapat Komite Nominasi dan Remunerasi 6. Nomination and Remuneration Committee Meeting
7. Masa Jabatan Anggota Komite Nominasi dan 7. Term of Office of Nomination and Remuneration
Remunerasi Committee Members
8. Lain-lain 8. Others
Perseroan meninjau Piagam Komite Nominasi The Company periodically reviews the Charter of the
dan Remunerasi secara periodik sesuai dengan Nomination and Remuneration Committee in line with
perkembangan kegiatan usaha dan organisasi Perseroan. the development of the Company’s business activities
Piagam Komite Nominasi dan Remunerasi juga akan and organization. The Charter of the Nomination
diperbaharui dengan mempertimbangkan kebutuhan and Remuneration Committee will also be updated
komite berdasarkan peraturan perundang-undangan considering the committee’s needs based on applicable
yang berlaku. laws and regulations.
Kebijakan Remunerasi Komite Nominasi dan Remuneration Policy for the Nomination and
Remunerasi Remuneration Committee
Penetapan remunerasi bagi Komite Nominasi dan The determination of remuneration for the Nomination
Remunerasi mengacu pada peraturan Menteri Badan and Remuneration Committee refers to the regulation
Usaha Milik Negara Republik Indonesia Nomor PER- of the Minister of State-Owned Enterprises of the
06/MBU/04/2021 Tahun 2021 tentang Perubahan atas Republic of Indonesia Number PER-06/MBU/04/2021
peraturan Menteri Badan Usaha Milik Negara Nomor Year 2021 regarding Amendments to the regulation
PER-12/MBU/2012 tentang Organ Pendukung Dewan of the Minister of State-Owned Enterprises Number
Komisaris/Dewan Pengawas Badan Usaha Milik Negara PER12/MBU/2012 concerning the Supporting Organs
serta tetap memperhatikan kemampuan Perseroan. of the Board of Commissioners/Supervisory Board of
Remunerasi anggota Komite Nominasi dan Remunerasi State-Owned Enterprises while still considering the
berupa honorarium maksimal 20% dari gaji Direktur Company’s capability. Remuneration for members of the
Utama Perseroan. Anggota Dewan Komisaris/Dewan Nomination and Remuneration Committee is in the form
Pengawas Perseroan yang menjadi ketua atau anggota of an honorarium, with a maximum amount of 20% of the
komite tidak diberikan penghasilan tambahan dari jabatan salary of the Company’s President Director. Committee
tersebut di komite. members who concurrently are members of the Board
of Commissioners/Supervisory Board of the Company
are not entitled to receive additional income from their
position on the committee.
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Pernyataan bahwa telah Memiliki Pedoman atau Piagam (Charter) Komite Nominasi dan Remunerasi
Statement of Having Guidelines or Charter of the Nomination and Remuneration Committee
Perseroan menyatakan telah memiliki Pedoman atau The Company has established Guidelines or a Charter
Piagam (Charter) Komite Nominasi dan Remunerasi for the Nomination and Remuneration Committee, as
yang dituangkan dalam Piagam Komite Nominasi dan set out in the Nomination and Remuneration Committee
Remunerasi sebagai acuan formal bagi pembentukan, Charter, which serves as the formal reference for the
struktur, serta pelaksanaan tugas Komite Nominasi dan formation, structure, and performance of the Committee’s
Remunerasi. Piagam tersebut disusun dengan mengacu duties. The Charter is prepared in accordance with
pada ketentuan yang berlaku, termasuk Undang-Undang applicable regulations, including Law No. 40 of 2007 on
Nomor 40 Tahun 2007 tentang Perseroan Terbatas Limited Liability Companies and OJK Regulation No.
dan POJK Nomor 34/POJK.04/2014 tentang Komite 34/POJK.04/2014 on Nomination and Remuneration
Nominasi dan Remunerasi Emiten atau Perusahaan Committees of Public Companies. It therefore provides a
Publik, sehingga menjadi dasar penerapan tata kelola sound basis for the orderly, measurable, and accountable
nominasi dan remunerasi yang tertib, terukur, dan dapat implementation of nomination and remuneration
dipertanggungjawabkan. governance.
Dalam Piagam tersebut, Perseroan menegaskan bahwa The Charter stipulates that the Nomination and
Komite Nominasi dan Remunerasi dibentuk oleh Dewan Remuneration Committee is established by the Board
Komisaris, bersifat independen, dan bertanggung jawab of Commissioners, operates independently, and is
langsung kepada Dewan Komisaris. Keanggotaan directly accountable to the Board of Commissioners.
Komite sekurang-kurangnya terdiri atas 3 (tiga) orang, The Committee consists of at least three members,
yaitu 1 (satu) Komisaris Independen sebagai Ketua comprising one Independent Commissioner as Chair and
dan 2 (dua) anggota lainnya yang dapat berasal dari two other members who may come from within or outside
dalam maupun luar Perseroan, serta dilarang berasal the Company, and who must not be members of the
dari anggota Direksi. Dengan keberadaan Piagam ini, Board of Directors. Through this Charter, the Company
Perseroan memastikan bahwa pelaksanaan fungsi ensures that nomination and remuneration functions are
nominasi dan remunerasi dijalankan melalui mekanisme carried out through clear, documented, and accountable
kerja Komite yang jelas, terdokumentasi, dan sejalan Committee work mechanisms.
dengan prinsip akuntabilitas dalam penyelenggaraan tata
kelola Perusahaan.
Kebijakan dan Pelaksanaan Frekuensi Rapat Komite Nominasi dan Remunerasi dan Tingkat
Kehadiran Anggota Komite Nominasi dan Remunerasi dalam Rapat Tersebut
Policy and Implementation of Nomination and Remuneration Committee Meeting Frequency and Attendance of Audit
Committee Members
Komite Nominasi dan Remunerasi dapat melaksanakan The Nomination and Remuneration Committee may hold
rapat secara berkala sekurang-kurangnya 4 (empat) meetings periodically at least 4 (four) times in a year in
kali dalam setahun sesuai Piagam KNR. Rapat KNR accordance with the NRC Charter. NRC meetings are
diselenggarakan secara internal yang dihadiri oleh Ketua conducted internally, attended by its chairperson and
dan anggotanya dan dapat dilaksanakan terpisah dari members, and may be held separately from joint meetings
rapat gabungan dengan Dewan Komisaris. with the Board of Commissioners.
Selama tahun 2025, Komite Nominasi dan Remunerasi Throughout 2025, the Nomination and Remuneration
telah melaksanakan rapat sebanyak 15 (lima belas) kali. Committee has conducted 15 (fifteen) meetings. The
Rincian kehadiran Komite Nominasi dan Remunerasi attendance details of the Nomination and Remuneration
sepanjang tahun 2025 dapat dilihat sebagai berikut: Committee throughout 2025 are as follows:
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Tata Kelola Perusahaan
Good Corporate Governance
Frekuensi Rapat Komite Nominasi dan Remunerasi dan Tingkat Kehadiran Anggota Komite Nominasi dan Remunerasi
Frequency of Nomination and Remuneration Comitte Meetings and Attendance of Audit Committee Members
Persentase Kehadiran
Nama Jabatan Jumlah Rapat Jumlah Kehadiran
Percentage of
Name Position Total Meetings Total Attendance
Attendance
Wenry Anshory Putra Ketua 15 15 100%
Chairman
Sukma Hadi Anggota 15 15 100%
Member
Siti Nurwahyuningsih Harahap Anggota 15 15 100%
Member
Agenda rapat Komite Nominasi dan Remunerasi di tahun The agendas for the Nomination and Remuneration
2025 dapat dilihat sebagai berikut: Committee meetings in 2025 are as follows:
Mata Acara Rapat Komite Nominasi dan Remunerasi
Meeting Agenda of the Nomination and Remuneration Committee
Mata Acara Tanggal
No
Agenda Date
1. Pembahasan Struktur Organisasi ADCP
2. Pembahasan Proses Bisnis Properti
3. Pembahasan Piagam KNR
21 Februari 2025
1
February 21, 2025
1. Discussion of ADCP Organizational Structure
2. Discussion of Property Business Processes
3. Discussion of KNR Charter
1. Pembahasan Struktur Organisasi ADCP - Makro
2. Kajian Honorarium Direksi dan Dekom
3. Kualifikasi Seleksi dan Nominasi Direksi/
4. Alignment Prosedur ADHI di ADCP
5. Rencana Pengurangan Anggota Komite
6. Pembahasan Kontrak Staff Sekdekom
14 April 2025
2
April 14, 2025
1. Discussion of ADCP Organizational Structure - Macro
2. Review of Director and Dekom Honoraria
3. Director Selection and Nomination Qualifications
4. Alignment of ADHI Procedures in ADCP
5. Plan to Reduce Committee Members
6. Discussion of Secretary Committee Staff Contracts
1. Pembahasan Compliance Organ Pengelola Risiko ADCP
2. Pembahasan Kajian Struktur Organisasi ADCP - Mikro
26 Juni 2025
3
June 26, 2025
1. Discussion of ADCP Risk Management Compliance
2. Discussion of ADCP Organizational Structure Review - Micro
Pembahasan Persetujuan Perubahan Organisasi ADCP 22 Juli 2025
4
Discussion of Approval of ADCP Organizational Changes July 22, 2025
Pembahasan Kewajiban ADCP kepada Pegawai 28 Agustus 2025
5
Discussion of ADCP's Obligations to Employees August 28, 2025
1. Pembahasan pemenuhan kewajiban pegawai internal
2. Pengajuan Persetujuan Perubahan Organisasi ADCP - Komite Hospitality
18 Desember 2025
6
December 18, 2025
1. Discussion of fulfillment of internal employee obligations
2. Submission of Approval of ADCP Organizational Changes - Hospitality Committee
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Uraian Singkat Pelaksanaan Kegiatan Komite Nominasi dan Remunerasi pada Tahun Buku
sesuai dengan yang Dicantumkan dalam Pedoman atau Piagam (Charter) Komite Nominasi
dan Remunerasi
Brief Description of the Implementation of Nomination And Remuneration Committee Activities During the Financial Year
in Accordance With the Nomination and Remuneration Committee Charter
Pelaksanaan Tugas Komite Nominasi dan Remunerasi Duties Implementation of Remuneration and
Nomination Committee
Sepanjang tahun 2025, Komite Nominasi dan Remunerasi Sepanjang tahun 2025, Komite Nominasi dan Remunerasi
telah melaksanakan tugas dan tanggung jawabnya telah melaksanakan tugas dan tanggung jawabnya
dengan rincian sebagai berikut: dengan rincian sebagai berikut:
1. Mereviu Struktur Organisasi 1. Reviewing the Organizational Structure
2. Mereviu Remunerasi Direksi 2. Reviewing Board of Directors Remuneration
3. Mereviu Organ Pengelola Risiko 3. Reviewing Risk Management Organizations
Penilaian Kinerja Komite Nominasi dan Remunerasi Performance Assessment of the Nomination and
Remuneration Committee
Per 31 Desember 2025, Komite Nominasi dan Remunerasi As of December 31, 2025, the Nomination and
belum melakukan penilaian secara self-assessment Remuneration Committee has not conducted a self-
ataupun melalui pihak independen. assessment or through an independent party.
Kebijakan Suksesi Direksi Succession Policy of the Board of Directors
Perseroan berupaya untuk mengembangkan pengelolaan The Company strives to develop HC management to
SDM agar dapat kepastian atas jenjang karier manajemen ensure a career path toward top management, both to
puncak, baik untuk menjadi pejabat satu tingkat di bawah become an official one level below the Board of Directors
Direksi maupun sebagai Direksi Perseroan di masa and as the Company’s Board of Directors in the future.
mendatang.
Untuk itu, Perseroan telah menyusun dan menerapkan Therefore, the Company has formulated and implemented
kebijakan suksesi Direksi dengan mengacu kepada a Board of Directors succession policy by referring to
ketentuan suksesi tata kelola ADHI. Bakal calon Direksi ADHI’s governance succession provisions. Candidates
Perseroan dapat berasal dari: for the Company’s Board of Directors can be sourced
from:
1. PT Adhi Karya (Persero) Tbk: BOD-1 dan 1. PT Adhi Karya (Persero) Tbk: BOD-1 dan
BOD-2. BOD-2.
2. Anak Perusahaan: BOD-1 dan BOD-2. 2. Anak Perusahaan: BOD-1 dan BOD-2.
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Tata Kelola Perusahaan
Good Corporate Governance
Komite Pemantau Risiko
Risk Monitoring Committee
Profil Komite Pemantau Risiko
Profile of Risk Monitoring Committee
Yan Firwan
Jabatan (Ketua)
Position (Chairman)
Usia Kewarganegaraan Domisili
Age Nationality Domicile
Usia 49 tahun per 31 Desember 2025 Warga Negara Indonesia Jakarta
49 years old as of December 31, 2025 Indonesia Citizen Jakarta
Riwayat Pendidikan Riwayat Pendidikan Bapak Yan Firwan dapat The education of Mr. Yan Firwan can be seen in
Educational Background dilihat dalam laporan tahunan ini pada Profil this annual report on the Board of Commissioners
Dewan Komisaris. Profile.
Dasar Hukum Keputusan Dewan Komisaris PT Adhi Commuter The Board of Commissioners’ Decree of PT Adhi
Pengangkatan Properti Tbk. No. 208F/DK-ADCP/VI/2025 Commuter Properti Tbk. No. 208F/DK-ADCP/
Legal Basis of Appointment tanggal 10 Juni 2025 tentang Organ Komite VI/2025 dated June 10, 2025 regarding the
Pemantau Risiko PT Adhi Commuter Properti Organization of the Risk Monitoring Committee
Tbk. of PT Adhi Commuter Properti Tbk.
Rangkap Jabatan • 2025–2030 :: Komisaris, PT Adhi Commuter • 2025–2030 : Commissioner, PT Adhi
Concurrent Position Properti Tbk Commuter Properti Tbk
Pengalaman Kerja Pengalaman Kerja Bapak Yan Firwan dapat Work Experience of Mr. Yan Firwan can
Work Experience dilihat dalam laporan tahunan ini pada Profil be seen in this annual report on the Board of
Dewan Komisaris. Commissioners Profile.
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Direksi, Has no affiliation relationship with the Board
Affiliation Relationship Dewan Komisaris, pemegang saham utama, dan of Directors, Board of Commissioners, major
pengendali langsung/tidak langsung. shareholders, and direct/indirect controllers.
Periode Periode ke-1 1st Period
Period
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Tanti Indriastuti
Jabatan (Anggota)
Position (Member)
Usia Kewarganegaraan Domisili
Age Nationality Domicile
Usia 55 tahun per 31 Desember 2025 Warga Negara Indonesia Jakarta
55 years old as of December 31, 2025 Indonesia Citizen Jakarta
Riwayat Pendidikan • 2024 : Magister (S2) Manajemen, Sekolah • 2024 : Master’s Degree (S2) in Management,
Educational Background Tinggi Manajemen PPM Sekolah Tinggi Manajemen PPM
• 1996 : Sarjana (S1) Teknik Arsitektur, Institut • 1996 : Bachelor’s Degree (S1) in Architecture,
Teknologi Nasional Malang Institut Teknologi Nasional Malang
Dasar Hukum Surat Keputusan Dewan Komisaris No. 327/ Letter of The Board of Commissioners Decree
Pengangkatan DK-ADCP/XII/2024 tanggal 14 November 2024 No. 327/DK-ADCP/XII/2024 dated November
Legal Basis of Appointment tentang Pengangkatan Sdri Tanti Indriastuti 14, 2024 regarding the Appointment of Mrs.
sebagai Anggota Komite Pemantau Risiko PT Tantri Indriastuti as Member of Risk Monitoring
Adhi Commuter Properti Tbk. Committee of PT Adhi Commuter Properti Tbk
Rangkap Jabatan 2024–Sekarang : Kepala ADHI Learning Center, 2024–Present : Head of ADHI Learning Center,
Concurrent Position ADHI Learning Center ADHI Learning Center
Pengalaman Kerja 1. 2021–2024 : Kepala Teknis dan Produksi 1. 2021–2024 : Head of Technical and
Work Experience SBU Air, SBU Air Production SBU Water, SBU Water
2. 2018–2021 : Manager Biro Utilities, 2. 2018–2021 : Manager of Utilities Bureau,
Departemen Investasi Investment Department
3. 2016–2018 : Manajer Biro Investasi, 3. 2016–2018 : Manager of Investment Bureau,
Departemen Investasi Investment Department
4. 2016 : Divisi Properti TOD II, Divisi Properti 4. 2016 : Property Division TOD II, Property
TOD II Division TOD II
5. 2015–2016 : Staf Divisi Bisnis Kerjasama, 5. 2015–2016 : Staff of Cooperation Business
Divisi Bisnis Kerjasama Division, Cooperation Business Division
6. 2014–2015 : Staf Engineering Divisi Properti 6. 2014–2015 : Staff of Engineering Division
& Hotel, Divisi Properti & Hotel Property & Hotel, Property & Hotel Division
7. 2014 : Project Director Hotel Grandhika City 7. 2014 : Project Director of Hotel Grandhika
Bekasi Divisi Precast dan Peralatan, Divisi City Bekasi Precast and Equipment Division,
Precast dan Peralatan Precast and Equipment Division
8. 2013–2014 : Manajer Pengembangan Bisnis 8. 2013–2014 : Business Development Manager
DPH, DPH DPH, DPH
9. 2013 : Deputi Kepala Divisi Engineering, 9. 2013 : Deputy Head of Engineering Division,
Divisi Engineering Engineering Division
10.2012–2013 : Staf DI, ADHI Persada Realty 10.2012–2013 : DI Staff, ADHI Persada Realty
11. 2012 : GM Kawasan, PT Adhicon Persada 11. 2012 : GM Area, PT Adhicon Persada
12.2011–2012 : Deputy Procurement Manager 12.2011–2012 : Deputy Procurement Manager
Proyek CPP Area Gundih, Proyek CPP Area of CPP Project Gundih Area, CPP Project
Gundih Gundih Area
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Direksi, Has no affiliation relationship with the Board
Affiliation Relationship Dewan Komisaris, pemegang saham utama, dan of Directors, Board of Commissioners, major
pengendali langsung/tidak langsung. shareholders, and direct/indirect controllers.
Periode Periode ke-1 1st Period
Period
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Tata Kelola Perusahaan
Good Corporate Governance
Irwan
Jabatan (Anggota)
Position (Member)
Usia Kewarganegaraan Domisili
Age Nationality Domicile
Usia 47 tahun per 31 Desember 2025 Warga Negara Indonesia Jakarta
47 years old as of December 31, 2025 Indonesia Citizen Jakarta
Riwayat Pendidikan • 2016 : Magister (S2) Manajemen Strategi, • 2016 : Master’s Degree (S2) in Strategic
Educational Background Universitas Gadjah Mada, DIY Management, Gadjah Mada University, DIY
• 2007 : Sarjana (S1) Teknik Sipil, Institut • 2007 : Bachelor’s Degree (S1) in Civil
Teknologi Sepuluh Nopember, Surabaya Engineering, Sepuluh Nopember Institute of
Technology, Surabaya
Dasar Hukum Surat Keputusan Dewan Komisaris No. 328/ Letter of The Board of Commissioners Decree
Pengangkatan DK-ADCP/XII/2024 tanggal 14 November 2024 No. 328/DK-ADCP/XII/2024 dated November 14,
Legal Basis of Appointment tentang Pengangkatan Sdr.Irawan Sebagai 2024 regarding the Appointment
Anggota Komite Pemantau Risiko PT Adhi of Mr. Irawan as Member of the Risk Monitoring
Commuter Properti Tbk. Committee of PT Adhi Commuter Properti Tbk.
Rangkap Jabatan • 2024–Sekarang : Manajer Biro Pengendalian • 2024–Present : Operation Control Bureau
Concurrent Position Operasi II, Departemen Pengendali Operasi, Manager II, Operation Control Department, PT
PT Adhi Commuter Properti Tbk Adhi Commuter Properti Tbk
Pengalaman Kerja 1. 2023–2024 : Manajer Biro Pengendalian 1. 2023–2024 : Operation Control Bureau
Work Experience Operasi II, Departemen Pengendali Operasi Manager II, Operation Control Department
2. 2021–2023 : VP Project Management Office 2. 2021–2023 : VP Project Management Office
2, Project Management Office 2 2, Project Management Office 2
3. 2019–2021 : Pjs. Manajer Biro Sekretaris 3. 2019–2021 : Acting Manager of Corporate
Perusahaan, Biro Sekretaris Perusahaan Secretary Bureau, Corporate Secretary
4. 2019 : Staf Estimating Kantor Pusat, Kantor Bureau
Pusat 4. 2019 : Head Office Estimating Staff, Head
5. 2017–2018 : Project Manager Samana Office
Resort Bali, Samana Resort Bali 5. 2017–2018 : Project Manager Samana
6. 2016–2019 : Project Manager Proyek Resort Bali, Samana Resort Bali
Fairfield Hotel Bali – Marriott, Proyek Fairfield 6. 2016–2019 : Project Manager of Fairfield
Hotel Bali – Marriott Hotel Bali – Marriott Project, Fairfield Hotel
7. 2016 : Deputy Project Manager Proyek Bali – Marriott Project
Cinere Terrace Suites Apartemen & City 7. 2016 : Deputy Project Manager of Cinere
Walk di Cinere, Proyek Cinere Terrace Suites Terrace Suites Apartment & City Walk Project
Apartemen & City Walk di Cinere in Cinere, Cinere Terrace Suites Apartment &
8. 2015–2016 : Lead Proyek Stasiun LRT, City Walk Project in Cinere
Proyek Stasiun LRT 8. 2015–2016 : LRT Station Project Lead, LRT
9. 2014–2015 : Deputy Project Manager Station Project
Apartemen Taman Melati Jatinangor, 9. 2014–2015 : Deputy Project Manager of
Apartemen Taman Melati Jatinangor Taman Melati Jatinangor Apartment, Taman
10.2012–2014 : Deputy Project Manager Hotel Melati Jatinangor Apartment
Grandhika Jakarta, Hotel Grandhika Jakarta 10.2012–2014 : Deputy Project Manager of Hotel
11. 2011–2012 : Deputy Project Manager Grandhika Jakarta, Hotel Grandhika Jakarta
Proyek Hotel Luwansa Jakarta, Proyek Hotel 11. 2011–2012 : Deputy Project Manager of Hotel
Luwansa Jakarta Luwansa Jakarta Project, Hotel Luwansa
12.2010–2011 : Project Engineering Manager Jakarta Project
Stadion Utama Sepakbola Gedebage 12.2010–2011 : Project Engineering Manager of
Bandung, Stadion Utama Sepakbola Main Football Stadium Gedebage Bandung,
Gedebage Bandung Main Football Stadium Gedebage Bandung
13.2010 : Project Engineering Manager Proyek 13.2010 : Project Engineering Manager of
Bapelkes Semarang Lanjutan, Proyek Continued Bapelkes Project Semarang,
Bapelkes Semarang Lanjutan Continued Bapelkes Project Semarang
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Direksi, Has no affiliation relationship with the Board
Affiliation Relationship Dewan Komisaris, pemegang saham utama, dan of Directors, Board of Commissioners, major
pengendali langsung/tidak langsung. shareholders, and direct/indirect controllers.
Periode Periode ke-1 1st Period
Period
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Komite Pemantau Risiko merupakan organ pendukung The Risk Monitoring Committee is a supporting body
yang dibentuk oleh Dewan Komisaris dalam hal established by the Board of Commissioners in terms of
pengawasan yang berkaitan dengan fungsi manajemen supervision relating to risk management functions. The
risiko. Komite Pemantau Risiko dibentuk melalui Surat Risk Monitoring Committee was formed through the Board
Keputusan Dewan Komisaris dengan mengacu pada of Commissioners’ Decree by referring to the prevailing
peraturan dan ketentuan yang berlaku. rules and regulations.
Pedoman Komite Pemantau Risiko Risk Monitoring Committee Charter
Dewan Komisaris telah menyusun dan menetapkan The Board of Commissioners has prepared and
Piagam Komite Pemantau Risiko sebagai pedoman established the Charter of the Risk Monitoring Committee
pelaksanaan tugas dan tanggung jawabnya untuk as a guideline for effectively carrying out its duties
mengawasi, mengevaluasi dan memastikan agar and responsibilities in an efficient, transparent, and
penerapan/implementasi kebijakan Manajemen Risiko independent manner. The Charter of the Risk Monitoring
selaras dan sinergis mencapai tujuan usaha Perusahaan. Committee is formulated with reference to applicable laws
Piagam Komite Pemantau Risiko disusun dengan and regulations in accordance with the Company’s
mengacu pada peraturan perundang-undangan yang status, which include:
berlaku sesuai dengan status Perseroan yang mengatur
tentang:
1. Landasan Hukum 1. Legal Foundation
2. Pembentukan 2. Formation
3. Struktur Organisasi dan Keanggotaan Komite 3. Organizational Structure and Membership of the Risk
Pemantau Risiko Monitoring Committee
4. Tugas dan Tanggung Jawab Komite Pemantau 4. Duties and Responsibilities of the Risk Monitoring
Risiko Committee
5. Kewenangan Pemantau Risiko 5. Authority of the Risk Monitoring Committee
6. Etika Kerja Komite Pemantau Risiko 6. Code of Conduct for the Risk Monitoring Committee
7. Evaluasi Kinerja Komite Pemantau Risiko 7. Performance Evaluation of the Risk Monitoring
Committee
8. Rapat Komite Pemantau Risiko 8. Risk Monitoring Committee Meetings
9. Surat Menyurat Komite Pemantau Risiko 9. Correspondence of the Risk Monitoring Committee
10. Pelaporan Komite Pemantau Risiko 10. Reporting of the Risk Monitoring Committee
11. Lain-lain 11. Miscellaneous
Piagam Komite Pemantau Risiko ditinjau secara periodik The Charter of the Risk Monitoring is periodically
sesuai dengan perkembangan kegiatan usaha dan reviewed, in line with the development of the Company’s
organisasi Perseroan. Piagam Komite Pemantau Risiko business activities and organization. The Charter of
juga akan diperbaharui dengan mempertimbangkan the Risk Monitoring Committee will also be updated
kebutuhan komite berdasarkan peraturan perundang considering the committee’s needs based on applicable
undangan yang berlaku. laws and regulations.
Kebijakan Remunerasi Komite Pemantau Risiko Remuneration Policy for the Risk Monitoring
Committee
Anggota Komite Pemantau Risiko menerima remunerasi Remuneration for members of the Risk Monitoring
berupa honorarium dengan ketentuan besaran maksi- Committee is in the form of an honorarium, with a
mal 20% dari gaji Direktur Utama Perseroan. Anggota maximum amount of 20% of the salary of the Company’s
Dewan Komisaris/Dewan Pengawas Perseroan yang President Director. Committee members who concurrently
menjadi ketua atau anggota komite tidak diberikan peng- are members of the Board of Commissioners/Supervisory
hasilan tambahan dari jabatan tersebut di komite. Board of the Company do not receive additional income
from their position on the committee.
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Tata Kelola Perusahaan
Good Corporate Governance
Susunan Komite Pemantau Risiko
Composition of Risk Monitoring Committee
Ketua dan anggota Komite Pemantau Risiko diangkat dan The chairman and members of the Risk Monitoring
diberhentikan oleh Dewan Komisaris/Dewan Pengawas Committee are appointed and dismissed by the Board of
Perseroan. Ketua komite adalah anggota Dewan Commissioners/Supervisory Board of the Company. The
Komisaris/Dewan Pengawas Independen Perseroan, chairman of the committee is a member of the Board of
sementara anggota komite dapat dijabat oleh Dewan Commissioners/Independent Supervisory Board of the
Komisaris/Dewan Pengawas Perseroan atau berasal dari Company, while members of committee can be assumed
luar Perseroan. by the Board of Commissioners/Supervisory Board of the
Company or professional individuals.
Masa jabatan anggota komite yang merupakan anggota Committee members who are concurrently members of
Dewan Komisaris/Dewan Pengawas Perseroan akan the Board of Commissioners/Supervisory Board of the
berhenti dengan sendirinya apabila masa jabatannya Company have the same term of office with their role
sebagai Dewan Komisaris/Dewan Pengawas Perseroan as the Board of Commissioners/Supervisory Board.
berakhir. Masa jabatan anggota komite yang bukan Committee members who are not members of the Board
merupakan anggota Dewan Komisaris/Dewan Pengawas of Commissioners/Supervisory Board of the Company
Perseroan paling lama 3 (tiga) tahun dan dapat diangkat have a maximum term of office for 3 (three) years and can
kembali untuk paling lama 2 (dua) tahun masa jabatan, be reappointed for a maximum of 2 (two) years, without
dengan tidak mengurangi hak Dewan Komisaris/Dewan reducing the rights of the Board of Commissioners/
Pengawas Perseroan untuk memberhentikannya Supervisory Board of the Company to dismiss them at
sewaktu waktu. any time.
Per 31 Desember 2025, komposisi Komite Pemantau As of December 31, 2025, the composition of the
Risiko Perseroan adalah sebagai berikut: Company’s Risk Monitoring Committee can be seen as
follows:
Susunan Anggota Komite Pemantau Risiko
Composition of Risk Monitoring Committee
Nama Jabatan Dasar Hukum Penunjukan Periode Jabatan Keahlian
Name Position Basis of Appointment Period Office Expertise
Yan Firwan Ketua Keputusan Dewan Komisaris PT Adhi Commuter Periode ke-1 Hukum dan Statistika
Chairman Properti Tbk. No. 208F/DK-ADCP/VI/2025 tanggal 1st Period Law and Statistics
10 Juni 2025 tentang Organ Komite Pemantau
Risiko PT Adhi Commuter Properti Tbk.
The Board of Commissioners’ Decree of PT Adhi
Commuter Properti Tbk. No. 208F/DK-ADCP/
VI/2025 dated June 10, 2025 regarding the
Organization of the Risk Monitoring Committee of
PT Adhi Commuter Properti Tbk.
Tanti Indriastuti Anggota Keputusan Dewan Komisaris Nomor 327/DK- Periode ke-1 Arsitektur
Member ADCP/XII/2024 tanggal 14 November 2024 1st Period & Manajemen
tentang Pengangkatan Sdri Tanti Indriastuti Architecture
sebagai Anggota Komite Pemantau Risiko PT Adhi & Management
Commuter Properti Tbk.
The Board of Commissioners’ Decree No. 327/
DK-ADCP/XII/2024 dated November 14, 2024
regarding the Appointment of Mrs. Tantri Indriastuti
as Member of Risk Monitoring Committee of PT
Adhi Commuter Properti Tbk
Irawan Anggota Keputusan Dewan Komisaris Nomor 328/DK- Periode ke-1 Teknik Sipil
Member ADCP/XII/2024 tanggal 14 November 2024 tentang 1st Period & Manajemen Strategi
Pengangkatan Sdr. Civil Engineering
Irawan Sebagai Anggota Komite Pemantau Risiko & Strategic Management
PT Adhi Commuter Properti Tbk.
The Board of Commissioners’ Decree No. 328/
DK-ADCP/XII/2024 dated November 14, 2024
regarding the Appointment
of Mr. Irawan as Member of the Risk Monitoring
Committee of PT Adhi Commuter Properti Tbk.
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Pernyataan Independensi Komite Pemantau Risiko
Independence Statement of Risk Monitoring Committee
Seluruh anggota Komite Pemantau Risiko yang berasal All Risk Monitoring Committee members are independent
dari pihak independen tidak memiliki hubungan keuangan, parties with no financial, management, share ownership
kepengurusan, kepemilikan saham dan/atau hubungan and/or familial relations with the Board of Commissioners,
keluarga dengan Dewan Komisaris, Direksi dan/ atau Board of Directors and/or Controlling Shareholders or
Pemegang Saham Pengendali atau hubungan dengan relationships with the Company, which can affect their
Perseroan, yang dapat mempengaruhi kemampuannya ability to act independently.
bertindak independen.
Pelatihan dan/atau Peningkatan Kompetensi yang telah Diikuti Anggota Komite Pemantau Risiko
dalam Tahun Buku
Training and/or Competency Development Attended by Risk Monitoring Members During the Financial Year
Perseroan berkomitmen dalam pengembangan The Company is committed to competency development
kompetensi Komite Pemantau Risiko, yang ditujukan of the Risk Monitoring Committee, dedicated to enhancing
untuk meningkatkan pengetahuan dan keahlian knowledge and expertise relevant to the Company’s
yang relevan dengan bisnis Perseroan. Program business. Competency development programs attended
pengembangan kompetensi yang diikuti oleh anggota by members of the Risk Management Committee
Komite Pemantau Risiko sepanjang tahun 2025 adalah throughout 2025 are as follows.
sebagai berikut.
No Nama Pelatihan/Seminar/Sertifikasi Penyelenggara Waktu
Name Training/Seminar/Certification Organizer Time
1 Tanti Indriastuti Awarenes Training Sistem Manajemen Terintegrasi (ISO 9001; Yura Training Center 23 September 2025
14001 & 45001) berbasis ISO 19011 September 23, 2025
Awareness Training on Integrated Management Systems (ISO 9001;
14001 & 45001) based on ISO 19011
2 Tanti Indriastuti Leading The Future with AI The Journey from Analytic to AI Preneur Wahana Tatar 17 September 2025
Wirakelola September 17, 2025
3 Tanti Indriastuti Manajemen Klaim Konstruksi MPP Law Firm 17 Juni 2025
Construction Claims Management June 17, 2025
4 Tanti Indriastuti Membangun KPI adaptif dalam perspektif Manajemen Risiko RAP Asia Consulting 11 November 2025
Developing adaptive KPIs from a risk management perspective November 11, 2025
Uraian Tugas dan Tanggung Jawab Komite Pemantau Risiko
Description of the Duties and Responsibilities of the Risk Monitoring Committee
Tugas dan tanggung jawab Komite Pemantau Risiko The duties and responsibilities of the Risk Monitoring
antara lain: Committee include:
1. Mengakses seluruh informasi yang relevan tentang 1. Accessing all relevant information about the
Perseroan terkait dengan tugas dan fungsi Komite Company related to the duties and functions of the
Pemantau Risiko Risk Monitoring Committee
2. Melakukan komunikasi dengan kepala unit kerja 2. Communicating with the head of the work unit and
dan pihak lain dalam Perseroan untuk memperoleh other parties in the Company to obtain information,
informasi, klarifikasi serta meminta dokumen dan clarification and request the necessary documents
laporan yang diperlukan and reports
3. Melakukan pemantauan dan penelaahan terhadap 3. Monitoring and reviewing the risk management report
laporan manajemen risiko dan laporan lainnya terkait and other reports related to the implementation of
penerapan manajemen risiko risk management
4. Melakukan pemantauan dan evaluasi atas 4. Monitoring and evaluating the alignment of the
kesesuaian penerapan kebijakan dan strategi implementation of risk management policies and
manajemen risiko strategies
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5. Memberikan rekomendasi kepada Dewan Komisaris/ 5. Providing recommendations to the Board of
Dewan Pengawas atas hal yang mendukung Commissioners/Supervisory Board in supporting the
efektivitas penerapan manajemen risiko dan effectiveness of risk management implementation
kesesuaian antara kebijakan manajemen risiko and the alignment of the risk management policies
Perseroan dengan Induk between the Company and its Parent Entity
6. Melaksanakan pemantauan dan evaluasi terhadap 6. Monitoring and evaluating the implementation of
pelaksanaan fungsi manajemen risiko lainnya sesuai other risk management functions in accordance
dengan ketentuan peraturan perundang-undangan, with prevailing laws and regulations, articles of
anggaran dasar, dan/atau keputusan RUPS/Menteri association, and/or decrees of the GMS/Minister
7. Menjalankan wewenang, tugas, dan tanggung jawab 7. Carrying out other authorities, duties, and
lain yang terkait dengan fungsinya. responsibilities related to its functions.
Pernyataan bahwa telah Memiliki Pedoman atau Piagam (Charter) Komite Pemantau Risiko
Statement Of Having Guidelines or Charter of the Risk Monitoring Committee
Dewan Komisaris dengan ini menyatakan bahwa Komite The Board of Commissioners hereby declares that the
Pemantau Risiko telah memiliki dan melaksanakan Risk Monitoring Committee has established and carried
tugasnya berdasarkan Pedoman atau Piagam Komite out its duties based on the Risk Monitoring Committee
Pemantau Risiko (Risk Monitoring Committee Charter) Charter that has been approved by the Board of
yang telah disahkan oleh Dewan Komisaris. Commissioners.
Piagam Komite Pemantau Risiko tersebut memuat, The Risk Monitoring Committee Charter contains, but is
namun tidak terbatas pada, hal-hal sebagai berikut: not limited to, the following: Purpose of Establishment;
Tujuan Pembentukan; Struktur dan Keanggotaan; Tugas Structure and Membership; Duties and Responsibilities
dan Tanggung Jawab Wewenang; serta Rapat dan Authority; and Meetings and Reporting.
Pelaporan.
Piagam ini ditinjau secara berkala untuk memastikan This charter is reviewed periodically to ensure its relevance
relevansi dan kesesuaiannya dengan peraturan and compliance with applicable laws and regulations as
perundang-undangan yang berlaku serta praktik well as good corporate governance practices.
tata kelola perusahaan yang baik (Good Corporate
Governance).
Kebijakan dan Pelaksanaan Frekuensi Rapat Komite Pemantau Risiko dan Tingkat Kehadiran
Anggota Komite Pemantau Risiko dalam Rapat Tersebut
Policy and Implementation of risk Monitoring Committee Meeting Frequency and Attendance of Risk Monitoring
Committee Members
Komite Pemantau Risiko dapat melaksanakan rapat The Risk Monitoring Committee may hold meetings
secara berkala sekurang-kurangnya sebanyak 1 (satu) regularly, at least once a month. The Risk Monitoring
kali dalam 1 (satu) bulan. Rapat Komite Pemantau Risiko Committee meetings are conducted internally, attended
berlangsung secara internal yang dihadiri oleh ketua by its chairperson and members, and held separately
dan anggotanya dan dilaksanakan terpisah dari rapat from joint meetings with the Board of Commissioners.
gabungan dengan Dewan Komisaris.
Selama tahun 2025, Komite Pemantau Risiko telah Throughout 2025, the Risk Monitoring Committee meeting
melaksanakan rapat sebanyak 9 (sembilan) kali. Rincian has been conducted for9 (nine) times. The attendance
kehadiran Komite Pemantau Risiko sepanjang tahun details of the Risk Monitoring Committee throughout 2025
2025 dapat dilihat sebagai berikut: are as follows:
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Frekuensi Rapat Komite Pemantau Risiko dan Tingkat Kehadiran Anggota Komite Pemantau Risiko
Frequency of Risk Monitoring Committee Meetings and Attendance of Risk Monitoring Committee Members
Nama Jabatan Jumlah Rapat Kehadiran Persentase Kehadiran
Name Position Number of Meetings Attendance Attendance Percentage
Yan Firwan Ketua 5 5 100%
Chairman
Achmad Afandi Ketua 4 4 100%
Chairman
Tanti Indiastuti Anggota 9 9 100%
Member
Irawan Anggota 9 9 100%
Member
Agenda rapat Komite Pemantau Risiko di tahun 2025 The agenda for the Risk Monitoring Committee meeting
dapat dilihat sebagai berikut: in 2025 is as follows:
Mata Acara Rapat Komite Pemantau Risiko
Meeting Agenda of the Risk Oversight Committee
Mata Acara Tanggal
No
Agenda Date
1 1. Penyusunan Infrastruktur Manajemen Risiko 15 Januari 2025
2. Strategi Pencapaian RKAP January 15, 2025
3. Serah Terima LRT CITY Tebet dan LRT CITY Ciracas
4. Rencana Penilaian Asesmen Internal untuk Risk Maturity
Index
5. Risiko Covenant CGIF dan Klaster Kawasan
1. Development of Risk Management Infrastructure
2. Strategy for Achieving the Annual Work Plan and Budget
(RKAP)
3. Handover of LRT CITY Tebet and LRT CITY Ciracas
4. Internal Assessment Plan for Risk Maturity Index
5. CGIF Covenant Risk and Regional Cluster
2 1. Performance Cash Flow pada Januari 2025 24 Februari 2025
2. Monitoring Risiko ADCP TW1/2025 February 24, 2025
3. Realisasi Biaya Proyek terhadap Rencana
4. Proyeksi Cash Flow 2025
1. Performance Cash Flow in January 2025
2. ADCP TW1/2025 Risk Monitoring
3. Project Cost Realization against Plan
4. 2025 Cash Flow Projection
3 Pembahasan Proyek LRT CITY Jatibening dan LRT CITY 21 April 2025
Ciracas April 21, 2025
Discussion of the Jatibening LRT CITY and Ciracas LRT CITY
Projects
4 1. Risiko Biaya Tambahan yang muncul akibat bunga dan 26 Mei 2025
kegiatan restrukturisasi May 26, 2025
2. Krisis Likuiditas dan Risiko Default
3. Risiko Buyback/ Refund Unit Properti
4. Risiko Hukum (PKPU dan Somasi)
1. Additional Cost Risks arising from interest and restructuring
activities
2. Liquidity Crisis and Default Risk
3. Property Unit Buyback/Refund Risk
4. Legal Risk (PKPU and Summons)
5 1. Risiko Pembayaran Bunga TW 3 dan TW 4 30 Juni 2025
2. Risiko Penagihan Piutang Usaha Non Konsumen June 30, 2025
3. Risiko Kerja Sama dengan UJP
4. Tata Kelola Perusahaan
5. Daftar Risiko dan Perlakuan Risiko Keseluruhan
1. Interest Payment Risk for TW 3 and TW 4
2. Non-Consumer Business Receivables Collection Risk
3. Risk of Cooperation with UJP
4. Corporate Governance
5. List of Risks and Overall Risk Treatment
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Mata Acara Tanggal
No
Agenda Date
6 1. Platform Pencairan SHL 30 Juli 2025
2. Risiko Refund dan Buyback Unit July 30, 2025
3. Penyelesaian LRT CITY Tebet
4. Key Risk Indicator atas Coverage Ratio pada Likuiditas ADCP
5. Risiko Kerja Sama dengan UJP
1. SHL Disbursement Platform
2. Refund and Buyback Unit Risk
3. Settlement of LRT CITY Tebet
4. Key Risk Indicator on Coverage Ratio for ADCP Liquidity
5. Risk of Cooperation with UJP
7 1. Implikasi Penjualan Lahan 29 Agustus 2025
2. Aksi Korporasi : Permintaan SHL ke ADHI August 29, 2025
3. Risiko Buyback/ Refund
4. Pengelolaan GCG
5. Top Risk ADCP
1. Implications of Land Sales
2. Corporate Action: SHL Request to ADHI
3. Buyback/Refund Risk
4. GCG Management
5. Top ADCP Risks
8 1. Peta Risiko dan Top Risk Korporasi 26 September 2025
2. Risiko Reputasi Korporasi September 26, 2025
3. Risiko Pembayaran Kewajiban TW 3 dan TW 4
1. Risk Map and Top Corporate Risks
2. Corporate Reputation Risk
3. TW 3 and TW 4 Liability Payment Risk
9 1. Perubahan Perjanjian ADHI dan ADCP atas Hotel 13 November 2025
2. Kebutuhan SHL berkaitan dengan Likuiditas November 13, 2025
3. Update Status Risiko Buyback/ Refund
4. Update Status Hukum (PKPU)
5. Update Status Saluran Irigasi
6. Update Status Risiko Penjualan
1. Changes to ADHI and ADCP Agreements Regarding the
Hotel
2. SHL Requirements Related to Liquidity
3. Update on Buyback/Refund Risk Status
4. Update on Legal Status (PKPU)
5. Update on Irrigation Channel Status
6. Update on Sales Risk Status
Uraian Singkat Pelaksanaan Kegiatan Komite Pemantau Risiko pada Tahun Buku Sesuai dengan
yang Dicantumkan dalam Pedoman atau Piagam (Charter) Komite Pemantau Risiko
Brief Description of the Implementation of Risk Monitoring Committee Activities During the Financial Year In
Accordance With the Risk Monitoring Committee Charter
Sepanjang tahun 2025, Komite Pemantau Risiko telah Agenda rapat Komite Pemantau Risiko di tahun 2025
melaksanakan tugas dan tanggung jawabnya dengan dapat dilihat sebagai berikut: Throughout 2025, the
rincian sebagai berikut: Nomination and Remuneration Committee has fulfilled its
duties and responsibilities with the following details:
1. Memastikan dan memberi masukan bahwa 1. Ensuring and providing input that the Risk
Kebijakan Manajemen Risiko sudah selaras dan Management Policy is aligned and understood by
dipahami oleh Insan ADCP sesuai dengan ketentuan ADCP Personnel in accordance with the provisions of
Sistem Manajemen Risiko yang dicanangkan serta the Risk Management System that has been planned
berkembang dan selaras dengan Visi dan Misi and developed and is in line with the Company’s
Perseroan. Vision and Mission.
2. Memastikan dan memberi masukan kepada 2. Ensuring and providing input to management to
manajemen untuk menetapkan area risiko bisnis determine business risk areas that are in accordance
yang sudah sesuai proses bisnis Perseroan baik with the Company’s business processes both in the
dalam RJPP dan RKAP. RJPP and RKAP
3. Memastikan dan memberi masukan terhadap 3. Ensuring and providing input on the development
perkembangan Roadmap (Infrastruktur, Kapabilitas, of Road Map (Infrastructure, Capability, Integration,
Integrasi, Budaya dan Output) maupun program Culture and Output) and the Risk Management
kenaikan maturity level Manajemen Risiko dapat maturity level enhancement program can be
tercapai sesuai target rencana. achieved according to the planned target.
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4. Memastikan dan memberi masukan terhadap laporan 4. Ensuring and providing input on the Risk Management
Manajemen Risiko sudah memadai sehingga Top report is adequate so that the mitigation for Top Risk
Risk Summary (Rangkuman Risiko Tertinggi) sudah Summary has been followed up.
ditindaklanjuti mitigasinya.
5. Memastikan dan memberi masukan SPI telah 5. Ensuring and providing input that SPI has carried
menjalankan Audit Internalnya sesuai Risk Based out its Internal Audit according to Risk Based Audit,
Audit, selaras dengan informasi Top Risk Summary in line with Top Risk Summary information from the
dari departemen yang menjalankan fungsi department that carries out the risk management
manajemen risiko. function.
6. Memastikan dan memberi kendala-kendala 6. Ensuring and providing challenges in the Maturity
dalam program peningkatan Maturity Level agar Level enhancement program for follow up.
ditindaklanjuti.
Penilaian Kinerja Komite Pemantau Risiko Performance Assessment of the Risk Monitoring
Committee
Per 31 Desember 2025, Komite Pemantau Risiko belum As of December 31, 2025, the Risk Monitoring Commit-
melakukan penilaian secara self-assessment ataupun tee has not conducted a self-assessment or through an
melalui pihak independen. independent party.
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Tata Kelola Perusahaan
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Komite Lain Dimiliki Perusahaan
Other Committees Owned By The Company
Sebagai bagian dari komitmen Perseroan dalam As part of the Company’s commitment to implementing
menerapkan prinsip governansi korporat yang baik, good corporate governance principles, by 2025, the
sampai tahun 2025 tidak dibentuk komite yang Company had not established any committees to support
mendukung fungsi dan tugas Direksi. Namun Perseroan the functions and duties of the Board of Directors.
tetap memiliki komite yang dibentuk untuk mendukung However, the Company has established committees to
pelaksanaan tugas dan tanggung jawab anggota Dewan support the duties and responsibilities of the Board of
Komisaris. Commissioners.
Komite yang mendukung fungsi dan tugas Dewan The committees that support the functions and duties
Komisaris ini bertujuan untuk menyempurnakan of the Board of Commissioners aim to enhance the
implementasi prinsip-prinsip governansi korporat yang implementation of good corporate governance principles
baik dalam seluruh kegiatan operasional Perseroan dan across all of the Company’s operational activities and
keberadaannya telah sesuai dengan ketentuan-ketentuan have been established in accordance with applicable
yang berlaku. regulations.
1. PIHAK YANG MENDUKUNG FUNGSI DAN TUGAS 1. PARTIES SUPPORTING THE FUNCTIONS AND
DIREKSI DUTIES OF THE BOARD OF DIRECTORS
Direksi tidak membentuk komite khusus untuk The Board of Directors has not formed a special
mendukung pelaksanaan tugas dan tanggung committee to support the execution of its duties
jawabnya dalam pengelolaan operasional Perseroan and responsibilities in managing the Company’s
sampai tahun 2025. Meski demikian, Direksi didukung operations until 2025. However, the Board of Directors
oleh Sekretaris Perseroan dan Satuan Pengawas is supported by the Corporate Secretary and the
Intern, yang berperan penting dalam membantu Internal Audit Unit, both of which play a crucial role
Direksi melaksanakan pengelolaan Perseroan in assisting the Board of Directors in managing the
secara bertanggung jawab dan profesional. Company responsibly and professionally.
a. SEKRETARIS PERUSAHAAN a. CORPORATE SECRETARY
Berfungsi sebagai penghubung utama antara Acts as the primary liaison between the
Perseroan dengan pemangku kepentingan, Company and stakeholders, ensuring regulatory
memastikan kepatuhan terhadap regulasi, serta compliance, and supporting the administration
mendukung pelaksanaan kegiatan administrasi and implementation of corporate governance
dan governansi korporat. activities.
b. SATUAN PENGAWASAN INTERNAL b. INTERNAL AUDIT UNIT
Berperan dalam mengevaluasi dan Responsible for evaluating and improving
meningkatkan efektivitas pengendalian internal, the effectiveness of internal control, risk
pengelolaan risiko, serta proses governansi management, and corporate governance
korporat Perseroan. processes within the Company.
c. KOMITE ETIK c. ETHICS COMMITTEE
Direksi menilai bahwa kedua organ pendukung The Board of Directors assesses that these
tersebut telah memadai untuk memastikan two supporting organs are sufficient to ensure
pelaksanaan operasional Perseroan yang the effective, efficient, and compliant operation
efektif, efisien, dan sesuai dengan prinsip- of the Company in line with good corporate
prinsip governansi korporat yang baik. governance principles.
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2. KOMITE YANG MENDUKUNG DEWAN KOMISARIS 2. COMMITTEES SUPPORTING THE BOARD OF
COMMISSIONERS
Guna menunjang pelaksanaan tugas pengawasan, To support its supervisory, advisory, and
pemberian nasihat, serta pemberian rekomendasi recommendation functions over the Company’s
atas operasional Perseroan, Dewan Komisaris operations, the Board of Commissioners has
membentuk tiga komite, yaitu Komite Audit, Komite established three committees, namely the Audit
Nominasi, Remunerasi, dan Pemantau Risiko, Committee, the Nomination, Remuneration, and Risk
serta Komite Tata Kelola Terintegrasi dan Good Oversight Committee, and the Integrated Governance
Corporate Governance. Komite-komite tersebut and Good Corporate Governance Committee. These
berfungsi sebagai perangkat Dewan Komisaris committees serve as supporting bodies of the Board
untuk memperkuat penerapan prinsip tata kelola of Commissioners to strengthen the implementation
perusahaan yang baik di seluruh kegiatan Perseroan. of good corporate governance principles across all
Company activities.
a. KOMITE AUDIT a. AUDIT COMMITTEE
Bertugas membantu Dewan Komisaris dalam The Audit Committee assists the Board of
mengawasi dan mengevaluasi laporan Commissioners in overseeing and evaluating
keuangan, sistem pengendalian internal, audit, financial reports, internal control systems,
serta kepatuhan terhadap peraturan perundang- audits, and compliance with applicable laws and
undangan. regulations.
Keberadaan Komite Audit telah disesuaikan The establishment of the Audit Committee
dengan ketentuan POJK Nomor 55/ aligns with the provisions of the Financial
POJK.04/2015 tentang Pembentukan dan Services Authority Regulation (POJK) No.
Pedoman Pelaksanaan Kerja Komite Audit. 55/POJK.04/2015 on the Establishment
and Implementation Guidelines for the Audit
Committee.
*) Informasi lengkap tentang Komite Audit *) Comprehensive information on the Audit
disajikan pada bab 5 (lima) halaman 222 bagian Committee is presented in Chapter 5, page 222,
Komite Audit dalam Laporan Tahunan ini. in the Audit Committee section of this Annual
Report.
b. KOMITE NOMINASI DAN REMUNERASI b. NOMINATION AND REMUNERATION
COMMITTEE
Bertugas membantu Dewan Komisaris dalam The Company ensures that the nomination and
fungsi nominasi, remunerasi, dan pemantau remuneration functions are carried out optimally.
risiko yang bertujuan untuk memastikan bahwa However, as of the 2025 financial year, the
Perseroan dapat mencapai hasil, manfaat, dan Company has not established a Nomination and
dampak positif yang optimal dari kinerjanya. Remuneration Committee.
Keberadaan Komite Nominasi, Remunerasi, The establishment of the Nomination,
dan Pemantau Risiko telah disesuaikan dengan Remuneration, and Risk Oversight Committee
ketentuan POJK No.34/POJK.04/2014 tentang is in accordance with Financial Services
Komite Nominasi dan Remunerasi dengan Authority Regulation No. 34/POJK.04/2014 on
tanggung jawab menunjang pelaksanaan tugas the Nomination and Remuneration Committee,
dan fungsi Dewan Komisaris. with the responsibility to support the duties and
functions of the Board of Commissioners.
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*) Informasi lengkap tentang Komite Nominasi, *) Comprehensive information on the absence
Remunerasi, dan Pemantau Risiko disajikan of a Nomination and Remuneration Committee
pada bab 5 (lima) halaman 235 bagian Komite is presented in Chapter 5, page 235, in the
Nominasi, Remunerasi, dan Pemantau Risiko Nomination and Remuneration Committee
dalam Laporan Tahunan ini. section of this Annual Report.
c. KOMITE PEMANTAU RISIKO c. RISK MONITORING COMMITTEE
Bertugas membantu Dewan Komisaris dalam The Committee assists the Board of
melakukan pengawasan atas manajemen Commissioners in overseeing risk management
risiko dan tata kelola perusahaan yang and corporate governance practices that apply
menerapkan prinsip keterbukaan, akuntabilitas, the principles of transparency, accountability,
pertanggungjawaban, independensi, responsibility, independence, professionalism,
profesionalisme, dan kewajaran secara and fairness in an integrated manner across the
terintegrasi di seluruh Perseroan agar kegiatan Company, to ensure that business activities are
usaha berjalan dengan baik. conducted properly.
*) Informasi lengkap tentang Komite Tata Kelola *) Detailed information on the Integrated
Terintegrasi dan Good Corporate Governance Governance and Good Corporate Governance
disajikan pada bab 5 (lima) halaman 246 bagian Committee is presented in Chapter 5, page 246,
Komite Tata Kelola Terintegrasi dan Good under the section on the Integrated Governance
Corporate Governance dalam Laporan Tahunan and Good Corporate Governance Committee in
ini. this Annual Report.
Seluruh komite di bawah Dewan Komisaris, yaitu Komite All committees under the Board of Commissioners,
Audit, Komite Nominasi, Remunerasi, dan Pemantau namely the Audit Committee, the Nomination,
Risiko, serta Komite Tata Kelola Terintegrasi dan Good Remuneration, and Risk Oversight Committee, and the
Corporate Governance, telah dilengkapi dengan piagam Integrated Governance and Good Corporate Governance
komite masing-masing yang ditetapkan oleh Dewan Committee, are supported by their respective committee
Komisaris dan menjadi pedoman kerja komite. charters approved by the Board of Commissioners, which
serve as the committees’ working guidelines.
Komite-komite ini dibentuk untuk memastikan bahwa The Committee was established to ensure that the Board
Dewan Komisaris dapat menjalankan fungsi pengawasan of Commissioners can perform its oversight function
secara independen, transparan, dan akuntabel sesuai independently, transparently, and accountability, in
dengan prinsip-prinsip tata kelola perusahaan yang baik. accordance with good corporate governance principles.
Dengan pihak yang mendukung fungsi dan tugas direksi By having parties that support the functions and duties of
serta komite yang mendukung fungsi Dewan Komisaris, the Board of Directors, as well as committees that support
Perseroan berkomitmen untuk terus memperkuat the Board of Commissioners, the Company remains
tata kelola perusahaan yang baik guna mendukung committed to continuously strengthening good corporate
keberlanjutan usaha dan menciptakan nilai tambah bagi governance to ensure business sustainability and create
seluruh pemangku kepentingan. added value for all stakeholders.
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Sekretaris Perusahaan
Corporate Secretary
Sekretaris Perusahaan merupakan pejabat yang The Corporate Secretary is an officer who reports directly
bertanggung jawab langsung kepada Direktur Utama to the President Director and provides regular reports
dan melaporkan pelaksanaan tugasnya secara berkala. on the performance of duties. The Corporate Secretary
Sekretaris Perusahaan berperan sebagai penghubung serves as the Company’s communication liaison with
komunikasi Perseroan dengan pemangku kepentingan stakeholders and ensures compliance with capital market
serta memastikan kepatuhan terhadap ketentuan pasar regulations and the implementation of good corporate
modal dan penerapan GCG. governance.
Dasar Hukum dan Tata Kelola Legal Basis and Governance
Dalam melaksanakan tugas dan tanggung jawabnya, In performing duties and responsibilities, the Corporate
Sekretaris Perusahaan berpedoman pada ketentuan Secretary refers to applicable laws and regulations as
peraturan perundang-undangan serta kebijakan internal well as the Company’s internal policies, including:
Perseroan, antara lain:
1. Peraturan Otoritas Jasa Keuangan (OJK) yang 1. Financial Services Authority (OJK) regulations
mengatur Emiten atau Perusahaan Publik; governing Issuers or Public Companies;
2. Peraturan Bursa Efek Indonesia (BEI) yang mengatur 2. Indonesia Stock Exchange (IDX) regulations on
kewajiban penyampaian informasi; disclosure obligations;
3. Peraturan Menteri BUMN yang mengatur penerapan 3. Regulations of the Minister of State-Owned
Tata Kelola Perusahaan yang Baik (Good Corporate Enterprises on the implementation of Good Corporate
Governance); Governance;
4. Undang-Undang tentang Keterbukaan Informasi 4. Laws on Public Information Disclosure; and
Publik; dan
5. Code of Conduct (Pedoman Perilaku) dan GCG 5. The Company’s Code of Conduct and Good
Code Perseroan. Corporate Governance (GCG) Code.
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Tata Kelola Perusahaan
Good Corporate Governance
Bayu Purwana
Jabatan (Sekretaris Perusahaan)
Position (Corporate Secretary)
Usia Kewarganegaraan Domisili
Age Nationality Domicile
Usia 35 tahun per 31 Desember 2025 Warga Negara Indonesia Bekasi
35 years old as of December 31, 2025 Indonesia Citizen Bekasi
Riwayat Pendidikan • Sarjana (S1) Manajemen, Institut Pertanian • Bachelor’s Degree in Management, Bogor
Educational Background Bogor (2011) Agricultural Institute (2011)
• Magister (S2) Administrasi Bisnis, Universitas • Master’s Degree (S2) in Business
Gadjah Mada (2007) Administration, Gadjah Mada University
(2007)
Dasar Hukum Surat Keputusan Dewan Komisaris No.112-3/26/ Letter of The Board of Commissioners Decree
Pengangkatan SKD/XII/2022 tentang Alih Tugas Corporate No.112-3/26/SKD/XII/2022 concerning the
Legal Basis of Appointment Secretary PT Adhi Commuter Properti Tbk. Transfer of Duties of the Corporate Secretary of
PT Adhi Commuter Properti Tbk.
Rangkap Jabatan Tidak memiliki rangkap jabatan No concurrent positions.
Concurrent Position
Pengalaman Kerja • Investor Relations di Departemen Corporate • Investor Relation in Corporate Secretary
Work Experience Secretary PT Adhi Karya (Persero) Tbk Department at PT Adhi Karya (Persero) Tbk
(2018-2022) (2018 - 2022)
• Supervisor Manufacturing Cost Control • Supervisor Manufacturing Cost Control
Nissan Motor Indonesia (2013-2018) Nissan Motor Indonesia (2013-2018)
• Staf Marketing PT Kertas Padalarang • Marketing Staff PT Kertas Padalarang
(Persero) - Peruri Security Paper Mill (2013) (Persero) - Peruri Security Paper Mill (2013)
• Auditor Cabang PT Bina San Prima (Sanbe • Branch Auditor PT Bina San Prima (Sanbe
Farma Group) (2011 - 2013) Farma Group) (2011 - 2013)
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Direksi, Has no affiliation relationship with the Board
Affiliation Relationship Dewan Komisaris, pemegang saham utama, dan of Directors, Board of Commissioners, major
pengendali langsung/tidak langsung. shareholders, and direct/indirect controllers.
Struktur Organisasi Sekretaris Perusahaan Organizational Structure of the Corporate Secretary
Secara struktural, Sekretaris Perusahaan bertanggung Structurally, the Corporate Secretary reports to the
jawab kepada Direktur Utama atau anggota Direksi yang President Director or a member of the Board of
ditunjuk oleh Direktur Utama dan memiliki kewenangan Directors appointed by the President Director and is
yang memadai. Struktur organisasi Sekretaris granted adequate authority. The Corporate Secretary’s
Perusahaan mencakup sub-unit fungsional Hubungan organizational structure includes functional sub-units,
Investor, Komunikasi Korporasi, Good Corporate namely Investor Relations, Corporate Communications,
Governance, dan Office Support. Bagan tersebut dapat Good Corporate Governance, and Office Support. The
dilihat seperti berikut: organizational chart is presented as follows:
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Sekretaris Perusahaan
Corporate Secretary
Hubungan Investor Secretariat & DCC Komunikasi Korporasi
Investor Relation Secretariat & DCC Corporate Communication
Sekretaris Perusahaan
Corporate Secretary
Nama Jabatan Dasar Hukum Penunjukan Keahlian
Name Position Basis of Appointment Expertise
Bayu Purwana Sekretaris Perusahaan Surat Keputusan Direksi No.112-3/26/SKD/ Manajemen & Administrasi Bisnis
Corporate Secretary XII/2022 Management & Business Administration
Board of Directors Decree No.112-3/26/
SKD/XII/2022
Pelatihan dan/atau Peningkatan Kompetensi yang telah Diikuti Anggota Sekretaris Perusahaan
Dalam Tahun Buku
Training and/or Competency Development Undertaken by the Corporate Secretary During the Financial Year
Perseroan memfasilitasi Sekretaris Perusahaan The Company facilitates the Corporate Secretary to
untuk meningkatkan pengetahuan dan kompetensi enhance their knowledge and competence relevant to the
yang relevan dengan bisnis dalam mendukung tugas business in supporting the management tasks conducted
pengelolaan Perseroan yang dilakukan Direksi. Program by the Board of Directors. The competence development
pengembangan kompetensi yang diikuti oleh Sekretaris programs attended by the Corporate Secretary throughout
Perusahaan sepanjang tahun 2025 dapat dilihat pada 2025 can be found in the following table.
tabel berikut.
Pelatihan/Seminar/Sertifikasi Penyelenggara Waktu Tempat Pelaksanaan
No
Training/Seminar/Certification Organizer Time Venue
1 Seminar Tanggung Jawab Sosial dan Lingkungan (TJSL) ADHI 30 September 2025 1. Bayu Purwana
Social and Environmental Responsibility (SER) Seminar September 30, 2025 2. Regina Karlinda
3. Taffani Rahma Y
2 Pelatihan Legal For Non Legal Professional Jimmy School 10 November 2025 1. Bayu Purwana
Legal Training for Non-Legal Professionals November 10, 2025
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Tata Kelola Perusahaan
Good Corporate Governance
Uraian Tugas dan Tanggung Jawab Sekretaris Perusahaan
Description of the Duties and Responsibilities of the Corporate Secretary
1. Mengkoordinasikan seluruh kegiatan korporat, baik 1. Coordinate all corporate activities, both internal and
internal maupun eksternal. external.
2. Memastikan terjaganya hubungan yang baik antara 2. Ensure good relations between the Company and
Perseroan dengan pemangku kepentingan melalui stakeholders by fulfilling their information and data
pemenuhan kebutuhan informasi dan data. needs.
3. Mengkoordinasikan pemenuhan informasi Perseroan 3. Coordinate the provision of Company information
kepada publik, termasuk menjalin hubungan dengan to the public, including establishing relationships
media serta melakukan penyaringan informasi yang with the media and filtering information that can be
dapat dipublikasikan melalui media yang disediakan. published through the available media.
4. Memastikan dokumentasi kegiatan korporat 4. Ensuring that documentation of corporate activities is
tersimpan dengan baik. properly stored.
5. Memastikan terselenggaranya penyampaian 5. Ensuring the delivery of internal information through
informasi internal melalui media yang tersedia. available media.
6. Memelihara dan mengarahkan aktivitas hubungan 6. Maintaining and directing investor relations activities
dengan investor dalam pemenuhan kewajiban in fulfilling the Company’s obligations as a public
Perseroan sebagai perusahaan publik, termasuk company, including supporting the preparation of
mendukung proses penyusunan laporan keuangan financial reports for reporting to the public or the
untuk pelaporan kepada publik atau masyarakat general public.
umum.
7. Mengkoordinasikan penyusunan laporan tahunan 7. Coordinating the preparation of corporate annual
korporat serta pendistribusian informasinya. reports and the distribution of information.
8. Mengkoordinasikan penyusunan dan review 8. Coordinating the preparation and periodic review
secara berkala atas Rencana Kerja dan Anggaran of the Company’s Work Plan and Budget (RKAP)
Perusahaan (RKAP) dan Rencana Jangka Panjang and Long-Term Plan (RJPP) using predetermined
Perusahaan (RJPP) dengan menggunakan ukuran/ measures/ratios.
rasio yang telah ditetapkan.
9. Mengkoordinasikan pelaksanaan program tanggung 9. Coordinating the implementation of the Company’s
jawab sosial perusahaan (CSR) Perseroan. corporate social responsibility (CSR) program.
10. Mengontrol dan memastikan sistem administrasi 10. Controlling and ensuring that the corporate
korporasi berjalan secara efektif dan efisien dalam administration system runs effectively and efficiently
mendukung pencapaian target kinerja Perseroan. in supporting the achievement of the Company’s
performance targets.
11. Mengkoordinasikan dan melaksanakan proses 11. Coordinate and implement the management review
tinjauan manajemen, termasuk rapat-rapat Direksi process, including meetings of the Board of Directors
dan Dewan Komisaris dengan pihak terkait. and Board of Commissioners with related parties.
12. Mengkoordinasikan pelayanan pemberian informasi 12. Coordinate the provision of information via mail,
melalui surat, surat elektronik (email), faks, maupun email, fax, and the corporate call center.
sentral telepon korporat.
13. Mengkoordinasikan dan menjamin pelaksanaan 13. Coordinate and ensure the implementation of Good
Tata Kelola Perusahaan yang Baik (Good Corporate Corporate Governance in the Corporate Secretary’s
Governance) di lingkungan kerja Sekretaris work environment.
Perusahaan.
14. Mengkoordinasikan kegiatan pelayanan umum 14. Coordinate general services and the procurement of
serta pengadaan barang dan jasa untuk keperluan goods and services for corporate needs.
korporat.
15. Memastikan pelaksanaan kegiatan korporat berjalan 15. Ensure that corporate activities run smoothly,
dengan baik, termasuk pemeliharaan fasilitas including the maintenance of activity facilities.
kegiatan.
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Pernyataan Bahwa telah Memiliki Pedoman atau Piagam (Charter) Sekretaris Perusahaan
Statement That the Company has a Guideline or Charter for the Company Secretary
Perseroan telah memiliki pedoman pelaksanaan fungsi The Company has established guidelines for the
Sekretaris Perusahaan dalam bentuk Manual Corporate implementation of the Corporate Secretary function
Secretary (MP 006) yang mengatur organisasi, proses in the form of a Corporate Secretary Manual (MP 006)
kerja, uraian tugas, serta pengukuran kinerja. that regulates the organization, work processes, job
descriptions, and performance measurements.
Uraian Singkat Pelaksanaan Kegiatan Sekretaris Perusahaan pada Tahun Buku sesuai dengan yang
Dicantumkan dalam Pedoman atau Piagam (Charter) Sekretaris Perusahaan
Brief Description of the Implementation of the Company Secretary’s Activities in the Fiscal Year in Accordance with the
Guidelines or Charter of the Company Secretary
Sekretaris Perusahaan telah melaksanakan tugas dan The Corporate Secretary has fulfilled duties and
tanggung jawab dalam membantu Direksi sepanjang responsibilities in assisting the Board of Directors
Tahun Buku 2025 melalui pelaksanaan kegiatan sebagai throughout the year 2025 through the following activities:
berikut:
1. Bertindak sebagai wakil Perseroan dan penghubung 1. Act as the Company’s representative and as a
komunikasi dengan pemangku kepentingan dalam liaison between the Company and all stakeholders in
mengomunikasikan kegiatan Perseroan. communicating the Company’s activities;
2. Mengoordinasikan penyelenggaraan rapat Direksi, 2. Coordinate the organization of Board of Directors
rapat gabungan Direksi dan Dewan Komisaris, serta meetings, Board of Directors meetings with the
mengendalikan administrasi kesekretariatan Direksi Board of Commissioners and General Meeting
dan Perseroan. of Shareholders (GMS), coordinate the recording
of meeting minutes and control the secretarial
administration of the Board of Directors and the
Company;
3. Mendukung pelaksanaan seremoni korporat, 3. Assisting in the ceremonial implementation of
termasuk peletakan batu pertama (groundbreaking), groundbreaking, topping off, and launching new
topping off, dan peluncuran menara baru pada towers at several ADCP locations throughout 2024;
proyek Perseroan selama Tahun Buku 2025.
4. Mengendalikan penyampaian informasi kinerja 4. Control the delivery of information on the Company’s
Perseroan kepada pihak-pihak berkepentingan performance and corporate actions to interested
sesuai ketentuan yang berlaku. parties;
5. Menyampaikan laporan tahunan Perseroan dan 5. Submit the Company’s Annual Report and periodic
laporan keuangan berkala kepada Direksi dan Financial Statements to the Board of Directors and
Dewan Komisaris. Board of Commissioners;
6. Terlibat dalam penyelenggaraan RUPS dan 6. Involved in organizing the GMS and monitor all
memastikan seluruh aspek kegiatan RUPS berjalan aspects so that the GMS activities can run well and
dengan baik dan lancar. smoothly;
7. Memastikan pembuatan dan pembaruan 7. Ensure the creation and updating of the Company’s
dokumentasi Perseroan, antara lain video profil dan documentation (video profile, company profile).
profil perusahaan (company profile).
8. Mengelola informasi pada situs web dan media 8. Manage and control information on the Company’s
sosial Perseroan. website and social media;
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Tata Kelola Perusahaan
Good Corporate Governance
9. Menjaga hubungan baik dengan pemangku 9. Maintain good relations with all stakeholders;
kepentingan.
10. Mengoordinasikan pelaksanaan program tanggung 10. Create and implement the Company’s CSR program;
jawab sosial perusahaan (CSR) Perseroan.
11. Mendukung pelaksanaan kegiatan internal dan 11. Carry out the Company’s internal and external event
eksternal Perseroan. activities.
Selain pelaksanaan kegiatan di atas, Sekretaris In addition to carrying out the above activities, the
Perusahaan menyusun laporan periodik (bulanan/ Corporate Secretary prepares periodic reports (monthly/
triwulanan/tahunan) atas pelaksanaan fungsi berikut: quarterly/annual) on the implementation of the following
functions:
1. Komunikasi Korporat (Corporate Communications). 1. Corporate Communications.
2. Hubungan Investor (Investor Relations), termasuk 2. Investor Relations, including stock highlights.
highlight saham.
3. Program tanggung jawab sosial perusahaan (CSR). 3. Corporate social responsibility (CSR) programs.
4. Kesekretariatan dan kearsipan. 4. Secretarial and archiving.
5. Tata kelola perusahaan yang baik (Good Corporate 5. Good corporate governance, including assessment
Governance), termasuk assessment implementasi of GCG implementation.
GCG.
Pelaksanaan tugas Sekretaris Perusahaan turut The execution of Corporate Secretary’s duties also
mendukung penerapan tata kelola perusahaan yang contributes to maintaining the Company’s good image
baik serta pemenuhan kewajiban keterbukaan informasi in relation to its responsibility to support various
Perseroan. Sekretaris Perusahaan juga melaksanakan corporate activities, such as promotions and business
penugasan lain yang relevan sesuai arahan Direksi dan collaborations. Additionally, the Corporate Secretary
ketentuan yang berlaku. is responsible for conducting other activities related to
coordinating social activities and internal coordination in
terms of disseminating information or preparing necessary
administrative and reporting tasks.
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Satuan Pengawasan Internal
Internal Audit Unit
Direksi membentuk Satuan Pengawasan Internal (SPI) The Board of Directors has established the Internal
untuk membantu manajemen dalam mencapai target Audit Unit (SPI) to assist management in achieving
usaha dengan melakukan pemeriksaan yang memadai business targets by conducting adequate examinations
terhadap aktivitas operasional Perseroan, pelaksanaan of the Company’s operational activities, risk management
manajemen risiko dan penerapan GCG. SPI merupakan implementation, and compliance with GCG. SPI is a
unit kerja yang bertugas untuk memberikan assurance working unit tasked with providing assurance as well as
dan juga konsultasi atau saran perbaikan guna membantu consultation or improvement advice to assist the President
Direktur Utama melaksanakan audit internal Perseroan. Director in carrying out internal audits of the Company.
Pembentukan Satuan Pengawasan Internal (SPI) The establishment of SPI in the Company refers to
mengacu pada Undang-Undang Nomor 19 Tahun Chapter VI of Law No. 19 of 2003 concerning StateOwned
2003 tentang Badan Usaha Milik Negara, Peraturan Enterprises, Government Regulation No. 12 of 1998
Pemerintah Nomor 12 Tahun 1998 tentang Perusahaan concerning State-Owned Enterprises (Persero), and
Perseroan (Persero), serta Peraturan Menteri BUMN Minister of SOE Decree No. KEP-117/M-MBU/2002
Nomor PER-2/MBU/03/2023 tentang Pedoman Tata regarding the Implementation of Good Corporate
Kelola dan Kegiatan Korporasi Signifikan Badan Usaha Governance (GCG) Practices in SOEs.
Milik Negara sebagai ketentuan tata kelola terbaru yang
berlaku bagi BUMN dan perusahaan terafiliasi.
PROFIL KEPALA SATUAN PENGAWASAN INTERNAL HEAD OF THE INTERNAL AUDIT UNIT PROFILE
Kepala SPI diangkat dan diberhentikan oleh Direktur The Head of the Internal Audit Unit is appointed and
Utama dengan persetujuan Dewan Komisaris. Kepala dismissed by the President Director with the approval of
SPI bertanggung jawab langsung kepada Direktur Utama. the Board of Commissioners. The Head of the Internal
Apabila laporan pertanggungjawaban yang disampaikan Audit Unit reports directly to the President Director.
memerlukan klarifikasi atau pendalaman, Direktur Utama Should the accountability reports submitted require
akan memberikan arahan atau disposisi tertulis untuk further clarification or elaboration, the President Director
ditindaklanjuti oleh SPI. will provide written directives or instructions to be followed
up by the Internal Audit Unit.
Peran Kepala SPI saat ini dijabat oleh Roy Albert Siahaan, The role of Head of the Internal Audit Unit is currently
berdasarkan Surat Ketetapan/Penugasan Nomor 113- held by Roy Albert Siahaan, based on Appointment Letter
2/119/VI/2024. Number 113-2/119/VI/2024.
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Tata Kelola Perusahaan
Good Corporate Governance
Profil Kepala Satuan Pengawasan Intern
Profile of the Head of the Internal Audit Unit
Roy Albert Siahaan
Kepala Satuan Pengawas Internal
Head of Internal Audit Unit
Usia Kewarganegaraan Domisili
Age Nationality Domicile
55 tahun Indonesia Jakarta
55 years old
Kewarganegaraan Warga Negara Indonesia Indonesia Citizen
Citizen
Dasar Hukum Surat Ketetapan/ Penugasan Nomor 113-2/119/ Appointment/Assignment Letter Number 113-
Pengangkatan VI/2024 tanggal 6 Juni 2024 2/119/VI/2024 dated June 6, 2024
Legal Basis of Appointment
Riwayat Pendidikan Sarjana (S1) Akuntansi, Universitas Bachelor’s Degree in Accounting,
Educational Background Krisnadwipayana (1993) Krisnadwipayana University (1993)
Riwayat Jabatan • 2024–Sekarang • Kepala SPI – Kantor Pusat, • 2024–Present • Head of Internal Audit Unit –
Professional Experience PT Adhi Commuter Properti Tbk Head Office, PT Adhi Commuter Properti Tbk
Pengalaman Kerja • 2024 • Kepala SPI – Kantor Pusat, PT Adhi • 2024 • Head of Internal Audit Unit – Head
Work Experience Karya (Persero) Tbk Office, PT Adhi Karya (Persero) Tbk
• 2024 • Deputi Kepala Satuan Pengawasan • 2024 • Deputy Head of Internal Audit Unit, PT
Internal, PT Adhi Commuter Properti Tbk Adhi Commuter Properti Tbk
• 2023–2024 • Manajer Biro Manajemen Risiko • 2023–2024 • Risk Management Bureau
(Pangkat Vice President), Departemen Manager (Vice President Position), Business
Portofolio Bisnis dan Manajemen Risiko, PT Portfolio and Risk Management Department,
Adhi Commuter Properti Tbk PT Adhi Commuter Properti Tbk
• 2021–2023 • Manajer Biro Manajemen Risiko, • 2021–2023 • Risk Management Bureau
PT Adhi Commuter Properti Tbk Manager, PT Adhi Commuter Properti Tbk
• 2020–2021 • SPC Portofolio, PT Adhi • 2020–2021 • Portfolio SPC, PT Adhi
Commuter Properti Tbk Commuter Properti Tbk
• 2017–2018 • Staf Ahli Keuangan, • 2017–2018 • Financial Expert Staff,
Departemen Akuntansi dan Keuangan, PT Accounting and Finance Department, PT Adhi
Adhi Commuter Properti Tbk Commuter Properti Tbk
Hubungan Afiliasi Tidak memiliki hubungan afiliasi dengan Direksi, Has no affiliation relationship with the Board
Affiliation Relationship Dewan Komisaris, pemegang saham utama, dan of Directors, Board of Commissioners, major
pengendali langsung/tidak langsung. shareholders, and direct/indirect controllers.
Perseroan memiliki 4 (empat) orang personel SPI The Company has 4 (four) SPI personnel who have met
yang telah memenuhi syarat kompetensi audit dengan the audit competency requirements with the following
sertifikasi sebagai berikut: certifications:
Susunan Anggota Satuan Pengawasan Intern
Composition of the Internal Audit Unit
Nama Jabatan Sertifikasi
No
Name Position Certification
1. Roy Albert Siahaan Kepala Satuan Pengawasan Internal • Qualified Risk Management Professional
Head of Internal Audit Unit • Qualified Internal Auditor
2 Rasiman Auditor • Certified Accountant
• Qualified Internal Auditor
• Certified Risk Management Officer
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Nama Jabatan Sertifikasi
No
Name Position Certification
3 Kristhina Evandari Auditor • Certified Risk Management Officer
• Certified Digital Marketing
• Qualified Risk Management Officer
• Certified Internal Audit Professional
• Certified Practitioner of Internal Audit
4 Harliani Kartika Pertiwi Auditor • Certified Risk Management Officer
• Certified Practitioner of Internal Audit
Pelatihan dan/atau Peningkatan Kompetensi yang Diikuti dalam Tahun Buku
Training and/or Competency Development Attended During the Fiscal Year
Perseroan memfasilitasi Satuan Pengawasan Internal The Company facilitates the Internal Audit Unit to
untuk meningkatkan pengetahuan dan kompetensi enhance relevant knowledge and competencies in
yang relevan dengan bisnis dalam mendukung tugas business management, particularly in the field of internal
pengelolaan Perseroan, terutama yang berkaitan audit, to support the Company’s management tasks. The
dengan keahlian audit internal. Program pengembangan competency development programs attended by the
kompetensi yang diikuti oleh Satuan Pengawasan Internal Internal Audit Unit throughout 2025 can be found in the
sepanjang tahun 2025 dapat dilihat pada tabel berikut: following table:
Pelatihan dan/atau Peningkatan Kompetensi yang Diikuti Satuan Pengawasan Intern dalam Tahun Buku
Training and/or Competency Development Attended by the Internal Audit Unit During the Fiscal Year
Pelatihan Tanggal Peserta
No
Training Date Participants
1. Grand Launching & User Training Aplikasi Audit Management System 17 Januari 2025 1. Roy Albert Siahaan
Satuan Pengawas Intern PT Adhi Karya (Persero) Tbk. January 17, 2025 2. Harliani Kartika Pertiwi
Grand Launching & User Training of System Management Audit 3. Kristhina Evandari
Application of Internal Audit Unit PT Adhi Karya (Persero) Tbk. 4. Rasiman
2. Sertifikasi/Pelatihan Internal Control over Financial Report (ICoFR). 12–18 Februari 2025 1. Roy Albert Siahaan
Certification/Training of Internal Control over Financial Report February 12-28, 2025
(ICoFR).
3. Pelatihan Awareness, Requirement & Internal Audit 29–30 April 2025 1. Roy Albert Siahaan
1. ISO 37001: 2016 April 21-30, 2025 2. Harliani Kartika Pratiwi
2. ISO 45001: 2018
3. ISO 14001: 2015
4. ISO 9001: 2015
Awareness, Requirement & Internal Audit Training
1. ISO 37001: 2016
2. ISO 45001: 2018
3. ISO 14001: 2015
4. ISO 9001: 2015
4. Sertifikasi Pengukuran Risk Maturity Index 5–6 Mei 2025 1. Roy Albert Siahaan
Certification of Risk Maturity Index Measurement May 5-6, 2025 2. Harliani Kartika Pertiwi
3. Kristhina Evandari
4. Rasiman
5. Pelatihan Risk Maturity Index (RMI) 14 Juli 2025 1. Roy Albert Siahaan
Risk Maturity Index Training July 14, 2025 2. Harliani Kartika Pertiwi
3. Kristhina Evandari
4. Rasiman
6. Sertifikasi/Pelatihan Good Corporate Governance (GCG) 18–23 September 2025 1. Roy Albert Siahaan
Good Corporate Governance Certification/Training September 18-23, 2025 2. Harliani Kartika Pertiwi
3. Kristhina Evandari
4. Rasiman
7. Certified Risk Management Officer (CRMO) 20–23 Oktober 2025 1. Harliani Kartika Pertiwi
October 20-23, 2025 2. Kristhina Evandari
3. Rasiman
8. Certified Practitioner of Internal Audit (CPIA) 10–13 November 2025 1. Harliani Kartika Pertiwi
November 10-13, 2025 2. Kristhina Evandari
9. ISO 19011: 2018 23 November 2025 1. Kristhina Evandari
November 23, 2025
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Tata Kelola Perusahaan
Good Corporate Governance
Struktur dan Kedudukan Unit Audit Internal
Structure and Position of the Internal Audit Unit
Satuan Pengawasan Intern dipimpin oleh Kepala SPI dan The Internal Audit Unit is led by the Head of SPI and
dibantu oleh pemeriksa intern yang terdiri dari Kepala assisted by internal auditors consisting of the Chief
Pemeriksa dan Pemeriksa. Kedudukan SPI sebagai Auditors and Auditors. The position of SPI as a body in
organ dalam membantu Direktur Utama senantiasa assisting the President Director is always placed in an
ditempatkan dalam struktur organisasi yang setara organizational structure that is equivalent to its roles and
dengan peran dan tanggung jawabnya sehingga dapat responsibilities so as to freely express its opinions without
mengungkapkan pandangan dan pemikiran yang tidak being influenced or pressured by management and other
dapat dipengaruhi ataupun ditekan dari manajemen dan parties.
pihak lain.
Uraian Tugas dan Tanggung Jawab
Description of Duties and Responsibilities
Satuan Pengawasan Internal memiliki tugas dan The Internal Audit Unit has the following duties and
tanggung jawab sebagai berikut: responsibilities:
1. Membantu Direksi dan Dewan Komisaris 1. Assist the Board of Directors and the Board of
dalam melakukan pengawasan atas efektivitas Commissioners in supervising the effectiveness
pengendalian intern Perusahaan, kepatuhan of the Company’s internal control, compliance
terhadap peraturan dan perundang-undangan yang with applicable laws and regulations, corporate
berlaku, praktek tata kelola, manajemen risiko, dan governance practices, risk management, and
implementasi etika bisnis. implementation of business ethics.
2. Menyusun rencana audit internal tahunan yang 2. Prepare an annual internal audit plan as outlined in
dituangkan dalam Program Kerja Audit Tahunan the risk-based Annual Audit Work Program (PKAT),
(PKAT) yang berbasis risiko, termasuk perhitungan including SPI budget calculations which include audit
anggaran SPI yang mencakup biaya audit costs based on the number of objects examined
berdasarkan jumlah objek pemeriksaan yang and operational costs. The PKAT approved by the
diperiksa dan biaya operasional. PKAT yang telah President Director is communicated to the Board of
disetujui oleh Direktur Utama dikomunikasikan Directors and the Board of Commissioners and/or
kepada Direksi dan Dewan Komisaris dan/atau the Audit Committee.
Komite Audit.
3. Melakukan evaluasi atas efektivitas pelaksanaan 3. Evaluate the effectiveness of the implementation of
pengendalian Internal, Manajemen Risiko, dan Internal Control, Risk Management, and Corporate
proses Tata Kelola perusahaan sesuai dengan Governance processes in accordance with laws and
peraturan perundang-undangan dan kebijakan regulations and company policies.
perusahaan.
4. Melakukan pemeriksaan serta penilaian atas efisiensi 4. Conducting examinations and assessments of
dan efektivitas di bidang Keuangan, Operasional, efficiency and effectiveness in the fields of Finance,
SDM, Pemasaran, Teknologi Informasi, dan Risiko Operations, Human Resources, Marketing,
lingkup ADCP. Information Technology, and Risk within ADCP.
5. Mengikuti rapat yang bersifat strategis. 5. Participate in strategic meetings.
6. Memastikan anggota SPI mengikuti pengembangan 6. Ensure that SPI members follow continuous
profesional berkelanjutan serta pelatihan lain. professional development and other training.
7. Melakukan penyusunan dan pengkajian internal 7. Conduct periodic preparation and review of internal
audit charter secara periodik. audit charter.
8. Melakukan review atas pelaksanaan program 8. Conduct a review of the implementation of the
Peningkatan Penggunaan Produk Dalam Negeri Domestic Product Usage Improvement (P3DN)
(P3DN) pada objek audit. program on the audit object.
9. Memberikan saran perbaikan (rekomendasi) dan 9. Provide suggestions for improvement
informasi yang objektif atas kejadian yang diperiksa (recommendations) and objective information on
(audit) pada unit-unit operasional. events examined (audits) in operational units.
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10. Membuat Laporan Hasil Audit (LHA) dan 10. Prepare an Audit Report (LHA) and submit it to the
menyampaikannya kepada Direktur Utama, Dewan President Director, Board of Commissioners and/or
Komisaris dan/atau Komite Audit. Audit Committee.
11. Melakukan monitoring atas pelaksanaan tindak lanjut 11. Monitor the implementation of follow-up of
dari rekomendasi yang diberikan oleh auditor internal recommendations given by internal auditors in the
di Laporan Hasil Audit (LHA). Audit Report (LHA).
12. Melakukan koordinasi dan monitoring atas 12. Coordinate and monitor the implementation of
pelaksanaan tindak lanjut dari rekomendasi yang followup on recommendations given by external
diberikan oleh auditor eksternal. auditors.
13. Mempersiapkan pelaksanaan Quality Assurance 13. Prepare the implementation of Quality Assurance
Review Dari pihak eksternal dalam menilai kinerja Review from external parties in assessing the
SPI, minimal setiap 3 tahun sekali. performance of SPI, at least once every 3 years
Pernyataan Bahwa telah Memiliki Pedoman atau Piagam (CHARTER) Unit Audit Internal
Statement of Having an Internal Audit Unit Charter or Guideline
Perseroan telah memiliki Piagam Audit Internal (Internal The Company has adopted the latest Internal Audit Charter
Audit Charter) terbaru yang tertuang dalam dokumen as set forth in the Internal Audit Charter document dated
Piagam Audit Internal yang ditetapkan pada tanggal 2 January 2nd, 2025. This Charter updates and replaces
Januari 2025. Piagam ini memperbarui dan menggantikan the previous Internal Audit Charter as stipulated under
Piagam Audit Internal sebelumnya sebagaimana diatur the prior Board of Directors’ resolution, and serves as a
dalam keputusan Direksi sebelumnya, dan menjadi guideline for the Internal Audit Unit (SPI) in carrying out
pedoman bagi Satuan Pengawasan Internal (SPI) dalam its assurance and consulting functions in an independent
melaksanakan fungsi assurance dan konsultasi secara and objective manner.
independen dan objektif.
Piagam Audit Internal tersebut sekurang-kurangnya The Company’s Internal Audit Charter consists of
memuat dan menjelaskan hal-hal sebagai berikut: explanation on a number of matters, including:
1. Visi dan misi Audit Internal; 1. The vision and mission of Internal Audit;
2. Kedudukan, struktur organisasi, serta independensi 2. The position, organizational structure, and
Satuan Pengawasan Internal (SPI); independence of the Internal Audit Unit (IAU);
3. Tugas, tanggung jawab, dan wewenang SPI; 3. The duties, responsibilities, and authorities of the IAU;
4. Ruang lingkup dan objek audit internal; 4. The scope and objects of internal audit;
5. Perencanaan audit dan penyusunan Program Kerja 5. Audit planning and the preparation of the Annual
Audit Tahunan (PKAT); Audit Work Program (AAWP);
6. Pelaksanaan audit internal dan pelaporan hasil audit; 6. The implementation of internal audit and reporting of
audit results;
7. Persyaratan, kompetensi, dan profesionalisme 7. The requirements, competencies, and
auditor internal; professionalism of internal auditors;
8. Kode Etik Auditor Internal; dan 8. The Internal Auditor Code of Ethics; and
9. Standar pelaksanaan pekerjaan Audit Internal. 9. Standards for the execution of Internal Audit activities.
Uraian Singkat Pelaksanaan Tugas Satuan Pengawasan Intern pada Tahun Buku
Brief Overview of The Internal Audit Unit’s Activities During The Fiscal Year
Di tahun 2025, SPI melaksanakan beberapa audit In 2025, SPI conducted internal audits, both regular
internal, baik yang bersifat rutin maupun khusus, di and specific one, across Areas under Company’s
proyek Kawasan yang dikelola Perseroan. Daftar laporan management. The list of audit reports that have been
audit yang telah dilaksanakan oleh SPI sepanjang tahun carried out by SPI throughout 2025 is as follows:
2025 adalah sebagai berikut:
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Tata Kelola Perusahaan
Good Corporate Governance
Pelaksanaan Tugas Satuan Pengawasan Intern pada Tahun Buku
The Internal Audit Unit’s Activities During The Fiscal Year
Jenis Audit Waktu Pelaksanaan Surat Tugas Fokus
No Auditor
Type of Audit Assignment Date Letter of Assignment Focus
1. Audit Umum/Reguler. 1. 16 April – 18 April 2025; dan Nomor 120-0/001/ 1. Harliani Kartika Audit Kinerja Kawasan
General Audit/Regular 2. 21 April – 25 April 2025. IV/2025 Pertiwi Adhi City Sentul dengan
1. April 16-18, 2025; and Number 120-0/001/ 2. Kristhina Evandari lingkup audit keuangan,
2. April 21-25, 2025. IV/2025 3. Rasiman pemasaran, dan produksi
Performance Audit of the
Adhi City Sentul Area,
in the scope of financial,
marketing, and production
audits.
2. Audit Umum/Reguler 1. Oktober 2025; dan 1. Harliani Kartika Proyek LRT City Ciracas
General Audit/Regular 2. November 2025. Pertiwi dan LRT City Tebet
1. October 2025; and 2. Kristhina Evandari LRT City Ciracas and LRT
2. November, 2025. 3. Rasiman City Tebet Project
3. Audit Umum/Reguler 1. 5 Mei – 9 Mei 2025; 1. Rasiman Monitoring dan Evaluasi
General Audit/Regular 2. 12 Mei – 16 Mei 2025; dan (Monev) Tahap I
3. 2 Juni – 5 Mei 2025. Monitoring and Evaluation
1. May 5-9, 2025; (Monev) Level I
2. May 12-16, 2025; and
3. June 2 - May 5.
4. Audit Umum/Reguler 1. Oktober 2025; dan 1. Rasiman Monitoring dan Evaluasi
General Audit/Regular 2. November 2025. (Monev) Tahap II
1. October 2025; and Monitoring and Evaluation
2. November, 2025. (Monev) Level II
5. Audit Umum/Reguler 1. 19 Mei – 28 Mei 2025; 1. Harliani Kartika Internal dan External Audit
General Audit/Regular 2. 2 Juni – 6 Juni 2025; Pertiwi ISO Terintegrasi (SO 9001,
3. 9 Juni – 23 Juni 2025 2. Kristhina Evandari ISO 14001, ISO 45001)
4. 1 Juli – 4 Juli 2025; 3. Rasiman dan SMAP (ISO 37001)
5. 5 Juli – 21 Juli 2025; Integrated ISO Internal
6. 7 Juli – 21 Juli 2025; dan and External Audit (SO
7. 4 Agustus – 6 Agustus 2025. 9001, ISO 14001, ISO
1. May 19-28, 2025; 45001) and SMAP (ISO
2. June 2-6, 2025; 37001)
3. June 9-23, 2025;
4. July 1-4, 2025;
5. July 5-21, 2025;
6. July 5-21, 2025;
7. August 4-6, 2025.
6. Audit Umum/Reguler 1. 15 Juli – 10 Agustus 2025; Nomor 014-6/2025/149 1. Harliani Kartika Pelaksanaan Self-
General Audit/Regular 2. 11 Agustus – 26 Agustus Number 014- Pertiwi Assessment Risk Maturity
2025; 6/2025/149 2. Kristhina Evandari Index (RMI) tahun 2024 di
3. 27 Agustus – 1 September 3. Rasiman lingkungan ADCP
2025; The implementation of
4. 2 September – 4 September 2024 Self-Assessment
2025; dan Risk Maturity Index (RMI)
5. 5 September – 30 Oktober in ADCP scope
2025.
1. July 15 - August 10, 2025;
2. August 11-26, 2025;
3. August 27 - September 1,
2025;
4. September 2-4, 2025; and
5. September 5 - October 30,
2025.
7. Kegiatan Non-Audit 12 Februari – 25 Februari 2025 Nomor 076/ADCP- 1. Harliani Kartika Review Manual, Bisnis
Non-Audit Activity February 12-25, 2025 II/2025 Pertiwi Proses dan Prosedur
Number 076/ADCP- 2. Kristhina Evandari Review of Manuals,
II/2025 3. Rasiman Business Processes and
Procedures
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Jenis Audit Waktu Pelaksanaan Surat Tugas Fokus
No Auditor
Type of Audit Assignment Date Letter of Assignment Focus
8. Kegiatan Non-Audit 1. 2 Januari – 6 Januari 2025; Nomor 066/ 1. Harliani Kartika Self-Assessment
Non-Audit Activity 2. 6 Januari – 6 Januari 2025; ADCP-I/2025 Pertiwi Penerapan Good
3. 13 Januari – 13 Januari Number 066/ 2. Kristhina Evandari Corporate Governance
2025; ADCP-I/2025 3. Rasiman (GCG Tahun Buku 2024 di
4. 14 Januari – 14 Januari ADCP
2025; Self-Assessment for
5. 17 Januari – 31 Januari the implementation of
2025; the Good Corporate
6. 3 Februari – 4 Maret 2025; Governance (GCG 2024
7. 5 Maret – 6 Maret 2025; dan Financial Year in ADCP)
8. 7 Maret – 8 Maret 2025.
1. January 2-6, 2025;
2. January 6, 2025;
3. January 13, 2025;
4. January 14, 2025;
5. January 17-31, 2025;
6. February 3 - March 4, 2025;
7. March 5-6, 2025;
8. March 7-8, 2025;
9. Kegiatan Non-Audit 1. 1 Januari – 31 Maret 2025; 1. Harliani Kartika Monitoring Tindak Lanjut
Non-Audit Activity 2. 2 Januari – 31 Maret 2025; Pertiwi Rekomendasi LHP TB
3. 2 Januari – 30 Juni 2025; 2. Kristhina Evandari 2022–2023 (BPK RI), Kerja
1. January 1 - March 31 2025; 3. Rasiman sama pengembangan
2. January 2 - March 31 2025; lahan Perum PPD di
3. January 2 - June 30 2025; Ciracas
Monitoring of the
Follow-Up on the
Recommendations of
the 2022–2023 Audit
Report (BPK RI), and
the Land Development
Cooperation of Perum
PPD in Ciracas.
10. Kegiatan Non-Audit 17–28 November 2025 Nomor 120-0/002/ 1. Harliani Kartika Audit PT Mega Graha Citra
Non-Audit Activity November 17-28, 2025 XI/2025 Pertiwi Perkasa (MGCP)
Number 120-0/002/ 2. Kristhina Evandari
XI/2025 3. Rasiman
11. Kegiatan Non-Audit 1. Harliani Kartika Jasa konsultasi yang dapat
Non-Audit Activity Pertiwi diminta oleh klien/auditee
2. Kristhina Evandari (tidak dirinci jenisnya)
3. Rasiman Consulting services that
may be requested by the
client/auditee (without
specification of the type of
services).
MONITORING TINDAK LANJUT TEMUAN SPI PADA MONITORING OF FOLLOW-UP ACTIONS ON
TAHUN BUKU INTERNAL AUDIT UNIT (SPI) FINDINGS DURING THE
FINANCIAL YEAR
Pelaksanaan monitoring tindak lanjut temuan SPI selama The monitoring of follow-up actions on Internal Audit
tahun buku ini menunjukkan perkembangan yang Unit (SPI) audit findings during the financial year shows
signifikan dalam hal pengawasan dan perbaikan sistem significant progress in strengthening oversight and
pengendalian internal. Berdasarkan laporan tindak lanjut improving the internal control system. Based on the follow-
temuan yang tercatat pada 31 Desember 2024 dan 30 up reports recorded as of 31 December 2024 and 30
September 2025, sebagian besar rekomendasi telah September 2025, the majority of audit recommendations
ditindaklanjuti dengan progres yang baik. have been implemented with satisfactory progress.
1. Progres Tindak Lanjut 1. Follow-Up Progress
Dari total 124 temuan yang tercatat pada Laporan Out of a total of 124 audit findings recorded in the
Hasil Audit (LHA), sebanyak 68 temuan telah berhasil Audit Result Report (Laporan Hasil Audit/LHA),
diselesaikan dan dinyatakan closed, mencakup baik 68 audit findings have been successfully resolved
temuan administratif maupun substantif. Progres and declared closed, covering both administrative
penyelesaian temuan ini mencapai 54,8%, yang and substantive audit findings. This represents
menunjukkan upaya yang baik dalam penyelesaian a completion rate of 54.8%, indicating a positive
rekomendasi yang diberikan. level of effectiveness in the implementation of audit
recommendations.
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Tata Kelola Perusahaan
Good Corporate Governance
2. Temuan yang Masih Dalam Proses 2. On Progress Findings
Sebagian rekomendasi, terutama yang berkaitan Several audit recommendations, particularly those
dengan temuan substantif, masih dalam proses related to substantive audit findings, remain in the
penyelesaian. Saat ini, progres penyelesaian temuan process of completion. As of the reporting date,
substantif mencapai 47%. SPI bersama unit terkait the completion rate for substantive audit findings
terus melakukan koordinasi agar temuan-temuan has reached 47%. The Internal Audit Unit (SPI), in
ini dapat diselesaikan sebelum tenggat waktu yang coordination with the relevant units, continues to
telah ditentukan. intensify monitoring efforts to ensure that these audit
findings are resolved within the stipulated timeframe.
3. Keberhasilan dalam Penyelesaian Administratif 3. Successful Completion of Administrative Matters.
Temuan administratif yang berkaitan dengan Administrative audit findings related to procedural
kepatuhan terhadap prosedur dan kelengkapan compliance and document completeness have
dokumen telah mendapatkan perhatian penuh dan received full attention and have been almost entirely
hampir sepenuhnya diselesaikan dengan progres resolved, achieving a completion rate of 100% as of
100% pada 31 Desember 2024. 31 December 2024.
4. Tindak Lanjut Temuan Substantif 4. Follow-Up on Substantive Findings
Beberapa temuan substantif yang berdampak Certain substantive audit findings that have a direct
langsung pada keuangan dan operasional impact on the Company’s financial and operational
perusahaan masih membutuhkan koordinasi activities still require intensive coordination with
intensif dengan unit terkait. SPI memastikan bahwa the relevant units. The Internal Audit Unit (SPI)
perbaikan dilakukan secara menyeluruh dan sesuai ensures that corrective actions are implemented
dengan rekomendasi yang telah disarankan. comprehensively and in accordance with the
approved audit recommendations.
PROGRESS KEGIATAN SPI PADA TAHUN BUKU PROGRESS OF INTERNAL AUDIT UNIT (SPI)
ACTIVITIES DURING THE FINANCIAL YEAR
Berdasarkan rekapitulasi kegiatan yang telah Based on the recapitulation of activities carried out by the
dilaksanakan oleh SPI sepanjang tahun buku ini, berikut Internal Audit Unit (SPI) throughout the financial year, the
adalah pencapaian dalam berbagai kegiatan yang following progress was achieved across various activity
dijalankan: categories:
1. Kegiatan Audit Umum/Reguler (62%) 1. General and Regular Audit Activities (62%)
Progres kegiatan audit umum dan reguler The progress of general and regular audit activities
menunjukkan angka penyelesaian yang cukup baik, shows a good level of completion, with primary focus
dengan fokus utama pada proyek kawasan dan on area and property projects, as well as ISO audits
properti, serta audit ISO yang telah mencapai 100%. which have reached 100% completion. However,
Namun, kegiatan audit operasional hotel dan proyek operational audits of hotels and other projects still
lainnya masih membutuhkan perhatian lebih lanjut require further attention in order to achieve more
untuk mencapai penyelesaian yang lebih optimal. optimal completion.
2. Kegiatan Non-Audit (97%) 2. Non-Audit Activities (97%)
Kegiatan non-audit, seperti review dan pembaruan Non-audit activities, such as the review and update of
manual/prosedur serta self-assessment GCG, telah manuals/procedures and the GCG self-assessment,
terlaksana sesuai jadwal dengan progres hampir were carried out in accordance with the schedule,
100%. Monitoring tindak lanjut rekomendasi BPK RI with progress reaching nearly 100%. Monitoring of
juga telah mencapai 90%, menunjukkan keberhasilan the follow-up on BPK RI’s recommendations has
SPI dalam mendukung tata kelola perusahaan yang also reached 90%, reflecting the effectiveness of
lebih baik. the Internal Audit Unit in supporting better corporate
governance.
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3. Jasa Konsultasi (0%) 3. Consulting Services (0%)
Kegiatan jasa konsultasi belum dilaksanakan pada Consulting service activities were not carried out
tahun ini karena belum ada permohonan dari during the year as there were no requests from
unit atau klien terkait layanan tersebut. Meskipun the relevant units or clients for such services.
demikian, SPI tetap siap untuk memberikan layanan Nevertheless, the Internal Audit Unit remains ready
konsultasi sesuai dengan kebutuhan yang ada pada to provide consulting services in accordance with
masa mendatang. future needs.
4. Peningkatan Kualitas Personil (48%) 4. Improvement of Personnel Quality (48%)
Progres peningkatan kualitas personil SPI masih The progress in improving the quality of the Internal
dalam tahap pengembangan. Sertifikasi Internal Audit Unit personnel is still in the development stage.
Audit sudah mencapai 83%, sementara sertifikasi Internal Audit certification has reached 83%, while
Manajemen Risiko & GCG baru mencapai 13%. SPI Risk Management and GCG certification has only
akan melanjutkan program pelatihan dan sertifikasi reached 13%. The Internal Audit Unit will continue
ini untuk memastikan kualitas personil terus these training and certification programs to ensure
berkembang sesuai dengan standar yang ditetapkan. that personnel quality continues to improve in
accordance with the established standards.
REKOMENDASI UNTUK PENINGKATAN TAHUN RECOMMENDATIONS FOR IMPROVEMENT IN THE
SELANJUTNYA FOLLOWING YEAR
1. Meningkatkan koordinasi dengan unit terkait untuk 1. Enhancing coordination with the relevant units to
memastikan temuan substantif dapat segera ensure that substantive findings can be resolved
diselesaikan. immediately.
2. Meningkatkan penyelesaian sertifikasi Manajemen 2. Accelerating the completion of Risk Management
Risiko & GCG untuk memaksimalkan potensi and GCG certifications to maximize the potential
peningkatan kualitas personil SPI. improvement in the quality of Internal Audit Unit
personnel.
3. Mempercepat implementasi kegiatan jasa konsultasi 3. Expediting the implementation of consulting service
sesuai dengan kebutuhan unit-unit yang ada. activities in accordance with the needs of the
respective units.
Secara keseluruhan, pelaksanaan tugas Satuan Overall, the implementation of the Internal Audit Unit’s
Pengawasan Intern pada tahun buku ini menunjukkan duties during the financial year demonstrates significant
progres yang signifikan dalam meningkatkan pengendalian progress in strengthening internal control and improving
internal dan kualitas tata kelola perusahaan. Meskipun the quality of corporate governance. Although several
ada beberapa temuan substantif yang masih memerlukan substantive findings still require further attention, the
perhatian lebih lanjut, SPI telah berhasil melaksanakan Internal Audit Unit has successfully implemented the
mayoritas rekomendasi dan kegiatan dengan hasil yang majority of recommendations and activities with good
baik. SPI akan terus mengoptimalkan peranannya dalam results. The Internal Audit Unit will continue to optimize
memastikan rekomendasi audit dijalankan dengan efektif its role in ensuring the effective implementation of audit
dan mempercepat penyelesaian kegiatan yang tertunda. recommendations and in accelerating the completion of
outstanding activities.
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Kebijakan dan Pelaksanaan Frekuensi Rapat dengan Direksi, Dewan Komisaris, dan/atau Komite Audit
Pilicy and Frequency of Meetings with The Board of Directors, Board of Commissioners, and/or The Audit Committee
SPI dapat melaksanakan rapat secara berkala sekurang- The Internal Audit Unit (SPI) can conduct meetings
kurangnya sebanyak 1 (satu) kali dalam 1 (satu) bulan. regularly, at least once a month. SPI meetings are
Rapat SPI berlangsung secara internal yang dihadiri oleh held internally and attended by the Head of SPI and its
Kepala SPI dan para anggotanya yang dilaksanakan members separately from joint meetings with the Board
terpisah dari rapat gabungan dengan Dewan Komisaris. of Commissioners. Throughout 2025, SPI has conducted
Selama tahun 2025, SPI telah melaksanakan rapat 8 (eight) meetings with the following details.
sebanyak 8 (delapan) kali dengan rincian sebagai berikut.
Frekuensi Pelaksanaan dan Tingkat Kehadiran Rapat Kepala Satuan Pengawasan Intern dengan Direksi, Dewan Komisaris,
dan/atau Komite Audit
Meeting Frequencies and Attendance of Head of Internal Audit Unit with Directors, Commissioners, and/or Audit Committee
Nama Jabatan Jumlah Rapat Kehadiran Persentase Kehadiran
Name Position Number of Meetings Attendance Attendance Percentage
Roy Albert Siahaan Kepala Satuan Pengawasan 8 8 100%
Internal
Head of Internal Audit Unit
Rasiman Auditor 2 2 100%
Kristhina Evandari Auditor 2 2 100%
Harliani Kartika Pertiwi Auditor 3 3 100%
Mata Acara Rapat Kepala Satuan Audit Internal dengan Direksi, Dewan Komisaris, dan/atau Komite Audit
Meeting Agenda of Head of Internal Audit Unit with Directors, Commissioners, and/or Audit Committee
Mata Acara Tanggal
No
Agenda Date
1. 1. Pembahasan tindak lanjut Rakom periode sebelumnya7 Maret – 8 Maret 10 Januari 2025
2025. January 10, 2025
2. Agenda lain-lain
1. Discussion on the follow-up of the previous coordination meeting period
2. Other matters
2. 1. Sosialisasi Manajemen Risiko Tahun 2025 24 Januari 2025
2. 2025 Risk Management Socialisation January 24, 2025
3. 1. Pembahasan Tata Kelola Terintegrasi antara PT Adhi Karya (Persero) Tbk 3 Februari 2025
dengan Anak Perusahaan February 3, 2025
2. Discussion on Integrated Governance between PT Adhi Karya (Persero) Tbk
and Its Subsidiaries
4. 1. Hasil Internal Audit Tahun 2024 6 Maret 2025
2. Program Kerja Audit Tahun 2025 March 6, 2025
1. Internal Audit Results for the 2024 Financial Year
2. Audit Work Program for the 2025 Financial Year
5. 1. Sosialisasi SMAP 2 Juli 2025
2. Sosialisasi GCG July 2, 2025
3. Sosialisasi Gratifikasi
4. Sosialisasi WBS
1. Socialization of the Anti-Bribery Management System (ABMS)
2. Socialization of Good Corporate Governance (GCG)
3. Socialization of Gratification Policy
4. Socialization of the Whistleblowing System (WBS)
6. 1. Hasil Internal Audit Semester I 2025 14 Juli 2025
2. Rencana Kerja Internal Audit Semester II 2025 July 14, 2025
3. Lain-lain
1. Internal Audit Results for the First Semester of 2025
2. Internal Audit Work Plan for the Second Semester of 2025
3. Socialization of Good Corporate Governance (GCG)
4. Others
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Mata Acara Tanggal
No
Agenda Date
7. 1. Tindak Lanjut Hasil Pembahasan Rapat 16 Oktober 2025. 19 November 2025
2. Kinerja keuangan sampai dengan 31 Oktober 2025. November 19, 2025
3. Evaluasi Kinerja Kawasan per 31 Oktober 2025 (Pemasaran, Penjualan, dan
Progres Pembangunan per kawasan).
1. Follow-up on the outcomes of the meeting discussion dated October 16th,
2025.
2. Financial performance as of October 31st, 2025.
3. Evaluation of area performance as of October 31st, 2025 (Marketing, Sales,
and Construction Progress by area).
PENILAIAN KINERJA SATUAN PENGAWASAN PERFORMANCE ASSESSMENT OF INTERNAL AUDIT
INTERNAL UNIT
Evaluasi kinerja SPI dilaksanakan dengan menggunakan SPI’s performance evaluation is carried out by using KPIs
KPI sebagai acuan penilaian performance management as the basis for assessing the performance management
system. Penyusunan KPI tersebut menggunakan metode system. The KPIs are formulated by employing the
analisis Balance Scorecard. Balance Score Card analysis method.
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Tata Kelola Perusahaan
Good Corporate Governance
Akuntan Publik
Public Accountant
Akuntan publik merupakan organ eksternal yang Public accountant is external body responsible for
berfungsi memberikan opini terkait kesesuaian penyajian providing opinions regarding the compliance of the
laporan keuangan Perseroan terhadap Standar Company’s financial statements with the applicable
Akuntansi Keuangan (SAK) yang berlaku di Indonesia. Financial Accounting Standards (SAK) in Indonesia.
Pengawasan independen terhadap laporan keuangan Independent oversight of the Company’s financial
Perseroan dilakukan melalui pemeriksaan audit eksternal statements is conducted through external audits
yang dilakukan oleh Kantor Akuntan Publik (KAP) yang performed by independent Public Accounting Firms
independen, kompeten, profesional, dan objektif sesuai (KAP) that are competent, professional, and objective in
dengan standar dan peraturan perundang-undangan accordance with applicable standards and regulations.
yang berlaku.
Prosedur Audit Eksternal dan Standar Audit External Audit Procedure and Standards
Audit atas Laporan Keuangan Perseroan dilakukan The audit of the Company’s Financial Statements is
sesuai dengan standar profesional Akuntan Publik yang conducted in accordance with the professional standards
mencakup seluruh prosedur audit yang berlaku di bidang of Public Accountants, which encompass all applicable
usaha Perseroan. Audit meliputi pengujian dan evaluasi audit procedures in the Company’s business field. The
terhadap bukti-bukti yang mendukung pengungkapan audit involves testing and evaluating evidence supporting
dalam laporan keuangan. Aktivitas audit juga meliputi the disclosures in the financial statements. Audit activities
penilaian atas prinsip akuntansi yang digunakan dan also include assessing the accounting principles used
estimasi signifikan yang dibuat oleh manajemen, serta and significant estimates made by management, as well
penilaian atas penyajian laporan keuangan secara as evaluating the presentation of the financial statements
keseluruhan sesuai dengan Pedoman Standar Akuntansi as a whole in accordance with the prevailing Indonesian
Keuangan (PSAK) yang berlaku. Manajemen menjadi Financial Accounting Standards (PSAK). Management
pihak yang bertanggung jawab terhadap penyajian is responsible for the presentation of the Company’s
Laporan Keuangan Perseroan dan patuh terhadap Financial Statements and compliance with the applicable
Standar Akuntansi Keuangan yang berlaku di Indonesia Indonesian Financial Accounting Standards set by the
yang ditetapkan oleh Ikatan Akuntansi Indonesia (IAI). Indonesian Institute of Accountants (IAI).
Mekanisme Penunjukan Appointment Mechanism
Penunjukan Akuntan Publik dan Kantor Akuntan Publik The appointment of Public Accountants and Public
yang dilakukan Perseroan mengacu pada Peraturan OJK Accounting Firms by the Company follows the Financial
No. 13/POJK.03/2017 tentang Penggunaan Jasa Akuntan Services Authority (OJK) Regulation No. 13/POJK.03/2017
Publik dan Kantor Akuntan Publik dalam Kegiatan Jasa concerning the Engagement of Public Accountant and
Keuangan. Berdasarkan ketentuan tersebut, Perseroan Public Accounting Firm Services in Financial Services
menunjuk Akuntan Publik dan Kantor Akuntan Publik Activities. Based on this regulation, the Company
melalui mekanisme RUPS dan mempertimbangkan appoints Public Accountants and Public Accounting Firms
usulan Dewan Komisaris sesuai dengan peraturan through the General Meeting of Shareholders (RUPS) and
tersebut. Proses penunjukkan dilakukan sesuai dengan considers proposals from the Board of Commissioners in
mekanisme pengadaan barang dan jasa yang berlaku di accordance with the regulation. The appointment process
Perseroan. is conducted in line with the procurement mechanism for
goods and services applicable within the Company
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Nama dan Tahun Kantor Akuntan Publik serta Name and Year of Public Accounting Firm and Public
Akuntan Publik Accountant
Berdasarkan Akta Berita Acara Rapat Umum Pemegang Based on the Resolution of the Annual GMS dated June
Saham Tahunan PT Adhi Commuter Properti Tbk No. 5, 2025, the Company has approved the appointment of
36 tanggal 05 Juni 2025, Perseroan telah menyetujui Public Accountant Firm Amir Jusuf, Arijanto, Mawar, and
penunjukan Kantor Akuntan Publik Amir Jusuf, Arijanto, Partners affiliated with RSM as the independent auditor
Mawar, dan Rekan yang terafiliasi dengan RSM sebagai of the Financial Statements of ADCP for the fiscal year
auditor independen atas Laporan Keuangan ADCP untuk 2025. To ensure the independence and quality of the
tahun buku 2025. Untuk menjamin independensi dan audit results, the appointed Public Accountant must not
kualitas hasil pemeriksaan, Akuntan Publik yang ditunjuk have a conflict of interest with the Company.
tidak boleh memiliki benturan kepentingan dengan
Perseroan.
Akuntan Publik Tahun 2025
Public Accountant for 2025
Kantor Akuntan Publik Amir Abadi Jusuf, Aryanto, Mawar & Rekan (RSM Indonesia)
(KAP)
Public Accounting Firm (KAP)
Akuntan Benny Andria
Accountant
No. Izin AP.0181
License No.
Tahun Audit 2025
Year of Audit
Periode Penugasan 08 Oktober 2025 – 28 Februari 2026
Assignment Period October 08, 2025 – February 28, 2026
Hubungan Afiliasi Pekerjaan Jasa Audit atas Laporan Keuangan PT Adhi Commuter Properti Tbk Tahun Buku 2025
Affiliation Relationship Audit Services for the Financial Statements of PT Adhi Commuter Properti Tbk for the Fiscal Year 2025
Biaya Rp369.000.000
Fee
Opini Wajar Tanpa Pengecualian
Opinion Unqualified
Informasi mengenai KAP dan Akuntan Publik yang Information about Public Accounting Firms (KAP) and
melakukan audit di Perseroan dalam kurun waktu 5 (lima) Public Accountants conducting audits in the Company
tahun terakhir sebagai berikut: over the past 5 (five) years is as follows:
Tahun Buku Kantor Akuntan Publik (KAP) Akuntan Opini Biaya
Fiscal Year Public Accounting Firm (KAP) Accountant Opinion Fee
2025 Amir Abadi Jusuf, Aryanto, Mawar Benny Andria Wajar Tanpa Pengecualian Rp369.000.000,-
& Rekan (RSM Indonesia) Unqualified
2024 Amir Abadi Jusuf, Aryanto, Mawar Maxon Hakim Wijaya Wajar Tanpa Pengecualian Rp360.000.000,-
& Rekan (RSM Indonesia) Unqualified
2023 Amir Abadi Jusuf, Aryanto, Mawar Maxon Hakim Wijaya Wajar Tanpa Pengecualian Rp230.000.000,-
& Rekan (RSM Indonesia) Unqualified
2022 Amir Abadi Jusuf, Aryanto, Mawar Maxon Hakim Wijaya Wajar Tanpa Pengecualian Rp320.000.000,-
& Rekan (RSM Indonesia) Unqualified
2021 Amir Abadi Jusuf, Aryanto, Mawar Benny Andria Wajar Tanpa Pengecualian Rp300.000.000,-
& Rekan (RSM Indonesia) Unqualified
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Tata Kelola Perusahaan
Good Corporate Governance
Jasa Lain yang Diberikan Other Services
Pada periode penugasan, selain melakukan audit atas During the assignment period, in addition to conducting
Laporan Keuangan ADCP Tahun Buku 2025, KAP Amir an audit of the Financial Statements of PT Adhi
Abadi Jusuf, Aryanto, Mawar dan Rekan (RSM Indonesia) Commuter Properti Tbk for the Fiscal Year 2025, KAP
juga memberikan review atas pengendalian internal Amir Abadi Jusuf, Aryanto, Mawar, dan Rekan (RSM
ADCP, termasuk penilaian terhadap sistem teknologi Indonesia) also provided review of PT Adhi Commuter
informasi sekaligus menyampaikan usulan/rekomendasi Properti Tbk’s internal control, including an assessment
perbaikannya, dalam hal ditemukan kelemahan. of the information technology system, and preparing
suggestions/recommendation for improvements, should
there be any weak points.
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Sistem Pengendalian Internal Perseroan
The Company’s Internal Control System
Sistem Pengendalian Internal Perseroan (SPIP) The Company’s Internal Control System (SPIP) is a key
merupakan elemen penting dalam mencegah terjadinya element in preventing fraud, ensuring the effectiveness
kecurangan (fraud), memastikan efektivitas proses of business processes, and supporting the achievement
bisnis, serta mendukung pencapaian tujuan Perseroan. of the Company’s objectives. SPIP aims to provide
SPIP bertujuan untuk memberikan keyakinan memadai reasonable assurance regarding the effectiveness
atas tercapainya efektivitas dan efisiensi operasional, and efficiency of operations, the reliability of financial
keandalan pelaporan keuangan, pengamanan aset, serta reporting, the safeguarding of assets, and compliance
kepatuhan terhadap peraturan perundang-undangan with applicable laws and regulations.
yang berlaku.
Sebagai bagian dari komitmen terhadap penerapan As part of its commitment to implementing Good
tata kelola perusahaan yang baik (GCG) dan prinsip Corporate Governance (GCG) and the ESG governance
Governance dalam ESG, Perseroan menerapkan principles, the Company applies internal controls
pengendalian internal secara menyeluruh pada seluruh comprehensively across all levels of the organization. In
lini organisasi. Sesuai dengan Three Lines Model dan accordance with the Three Lines Model and Regulation
PER-2/MBU/03/2023, pengendalian internal merupakan PER-2/MBU/03/2023, internal control is primarily the
tanggung jawab utama manajemen operasional (Lini responsibility of operational management (First Line)
Pertama) dan fungsi manajemen risiko, kepatuhan, dan and the risk management, compliance, and other internal
pengendalian internal lainnya (Lini Kedua). control functions (Second Line).
Satuan Pengawas Internal (SPI) berperan sebagai The Internal Audit Unit (SPI) serves as the Third Line of
Lini Pertahanan Ketiga, yang menjalankan fungsi Defense, performing independent and objective internal
audit internal secara independen dan objektif untuk audit functions to provide assurance and advisory services
memberikan assurance dan konsultasi atas efektivitas on the effectiveness of internal controls established
pengendalian internal yang dibangun dan dioperasikan and operated by the First Line and the Second Line,
oleh Lini Pertama dan Lini Kedua, dengan berpedoman in accordance with the International Standards for the
pada Standar Profesional Audit Internal dan Kode Etik Professional Practice of Internal Auditing and the Auditor’s
Auditor. Code of Conduct.
Dalam hal penunjukan dan pengelolaan hubungan In relation to the appointment of and management of
dengan auditor eksternal, Perseroan menetapkan relationships with external auditors, the Company has
kebijakan sebagai berikut: established the following policies:
1. Penunjukan Kantor Akuntan Publik dan auditor 1. The appointment of a Public Accounting Firm and
eksternal dilakukan sesuai dengan ketentuan external auditor is carried out in accordance with the
Anggaran Dasar Perseroan dan peraturan Company’s Articles of Association and applicable
perundang-undangan yang berlaku, dengan laws and regulations, taking into account the
memperhatikan rekomendasi Dewan Komisaris recommendation of the Board of Commissioners
melalui Komite Audit. through the Audit Committee.
2. Auditor eksternal wajib bersifat independen serta 2. External auditors must be independent and free from
bebas dari pengaruh dan benturan kepentingan any influence or conflict of interest with the Company,
dengan Perseroan, Dewan Komisaris, Direksi, dan the Board of Commissioners, the Board of Directors,
pemangku kepentingan utama lainnya. and other key stakeholders.
3. Perseroan menjamin ketersediaan dan keterbukaan 3. The Company ensures the availability and
seluruh catatan akuntansi, dokumen pendukung, transparency of all accounting records, supporting
dan data keuangan yang relevan bagi auditor documents, and relevant financial data for external
eksternal untuk mendukung pelaksanaan audit auditors to support the audit of financial statements
laporan keuangan sesuai dengan standar akuntansi in accordance with applicable Indonesian financial
keuangan yang berlaku di Indonesia. accounting standards.
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Tata Kelola Perusahaan
Good Corporate Governance
4. Perseroan mengevaluasi kinerja auditor eksternal 4. The Company periodically evaluates the performance
secara berkala, termasuk kualitas layanan, of external auditors, including service quality,
independensi, dan kepatuhan terhadap standar independence, and compliance with professional
profesi, untuk memastikan proses audit berjalan standards, to ensure that the audit process is
efektif dan memberikan nilai tambah bagi peningkatan effective and adds value to the improvement of
kualitas pelaporan keuangan. financial reporting quality.
TUJUAN SISTEM PENGENDALIAN INTERNAL OBJECTIVES OF INTERNAL CONTROL SYSTEM
PERSEROAN
Sistem Pengendalian Internal Perseroan (SPIP) The Company’s Internal Control System (SPIP) is a series
merupakan serangkaian proses yang dipengaruhi oleh of processes influenced by the Board of Commissioners,
Dewan Komisaris, Direksi, dan seluruh Insan ADCP, yang the Board of Directors, and all ADCP personnel, designed
dirancang untuk memberikan keyakinan yang memadai to provide reasonable assurance regarding:
atas:
1. Efektivitas dan efisiensi pencapaian tujuan 1. The effectiveness and efficiency of achieving the
Perseroan; Company’s objectives;
2. Keandalan pelaporan keuangan; 2. The reliability of financial reporting;
3. Pengamanan aset Perseroan; dan 3. The safeguarding of the Company’s assets; and
4. Kepatuhan terhadap peraturan perundang-undangan 4. Compliance with applicable laws and regulations.
yang berlaku.
Penerapan SPIP mengacu pada kerangka kerja COSO The implementation of SPIP refers to the COSO Internal
Internal Control – Integrated Framework (2013) serta Control – Integrated Framework (2013) and the Three
prinsip Three Lines Model sebagaimana diatur dalam Lines Model, as stipulated in the latest governance
ketentuan tata kelola terbaru yang berlaku bagi BUMN regulations applicable to State-Owned Enterprises
dan perusahaan terafiliasi. (SOEs) and their affiliated companies.
Pengendalian Keuangan dan Operasional, serta Kepatuhan terhadap Peraturan Perundang-
Undangan Lainnya
Financial and Operational Controls, as Well As Compliance with Laws and Regulations
Sistem pengendalian keuangan dan operasional The financial control system and operational control
diterapkan pada seluruh tingkatan organisasi Perseroan system encompass all elements and organs within the
melalui kebijakan, prosedur, instruksi kerja, serta Company’s environment. Financial and operational
mekanisme pelaporan yang mendukung efektivitas controls are implemented by providing financial information
proses pengambilan keputusan. Pengendalian ini to every level of management, shareholders, and relevant
mencakup seluruh aktivitas dan organ Perseroan untuk stakeholders, which serves as the basis for decision-
memastikan tersedianya informasi keuangan dan making and implementation of policies, procedures, and
operasional yang andal bagi manajemen, pemegang work instructions directly used to achieve objectives and
saham, dan pemangku kepentingan. targets.
PENGENDALIAN KEUANGAN DAN OPERASIONAL FINANCIAL AND OPERATIONAL CONTROL
Dewan Komisaris menjalankan fungsi pengawasan The Board of Commissioners performs an oversight
untuk memastikan penyusunan laporan keuangan dan function to ensure that the preparation of financial
pengelolaan risiko dilaksanakan sesuai prinsip kehati- statements and risk management are carried out in
hatian. Direksi bertanggung jawab atas pengelolaan accordance with the principle of prudence. The Board of
kegiatan usaha sesuai rencana kerja dan memastikan Directors is responsible for managing business activities
seluruh aktivitas Perseroan berjalan sesuai ketentuan in line with the work plan and ensuring that all Company
yang ditetapkan. activities comply with applicable regulations.
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Sesuai dengan Three Lines Model dan PER-2/ In accordance with the Three Lines Model and Regulation
MBU/03/2023: PER-2/MBU/03/2023:
1. Manajemen operasional (Lini Pertama) bertanggung 1. Operational management (First Line) is responsible
jawab merancang dan menjalankan pengendalian for designing and implementing financial and
keuangan dan operasional dalam aktivitas sehari-hari; operational controls in daily activities;
2. Fungsi manajemen risiko, kepatuhan, dan 2. Risk management, compliance, and other internal
pengendalian internal lainnya (Lini Kedua) melakukan control functions (Second Line) monitor and ensure
pemantauan dan memastikan kecukupan kebijakan the adequacy of policies and the effectiveness of
serta efektivitas penerapan pengendalian internal; internal control implementation; and
3. Satuan Pengawasan Internal (Lini Ketiga) 3. The Internal Audit Unit (Third Line) provides
memberikan independent assurance dan independent assurance and recommendations for
rekomendasi perbaikan atas efektivitas pengendalian improvement on the effectiveness of internal controls,
internal, tanpa menjalankan atau mengambil alih without performing or taking over operational and
fungsi pengendalian operasional dan keuangan. financial control functions.
Satuan Pengawasan Internal (SPI) juga memastikan The Internal Audit Unit (SPI) also ensures that evaluations
bahwa evaluasi atas pengendalian internal dilakukan of internal controls are conducted independently and
secara independen dan objektif, serta memantau bahwa objectively. It monitors that the implementation of the
penerapan SPIP di Perseroan sejalan dengan peraturan Company’s Internal Control System (SPIP) is in line with
dan praktik terbaik industri. applicable regulations and industry best practices.
KESESUAIAN DENGAN KERANGKA INTERNASIONAL CONFORMITY WITH THE INTERNATIONAL
FRAMEWORK
Perseroan menerapkan SPIP dengan mengacu pada The Company implements its Internal Control System
COSO Internal Control – Integrated Framework (2013) (SPIP) by referring to the internationally recognized
yang diakui secara internasional. Framework ini COSO Internal Control – Integrated Framework (2013).
merupakan pembaruan dari versi tahun 1992 dan menjadi This framework is an update of the 1992 version and
rujukan utama dalam membangun pengendalian internal serves as the main reference for establishing effective
yang efektif, terintegrasi, dan selaras dengan tujuan and integrated internal controls that are aligned with
Perseroan. COSO 2013 menetapkan lima komponen the Company’s objectives. The COSO 2013 framework
utama pengendalian internal yang saling terkait dan defines five interrelated components of internal control
membentuk satu kesatuan sistem. that together form a unified system.
Lingkaran Pengendalian
Control Environmental
Sistem Penilaian Risiko
Informasi Risk Assessment
dan Komunikasi
Communication and
Information System
Pemantau Kegiatan Pengendalian
Monitoring Control Activities
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Tata Kelola Perusahaan
Good Corporate Governance
1. Lingkungan Pengendalian 1. Control Environment
Lingkungan pengendalian merupakan pondasi dalam The control environment is the foundation of
penerapan pengendalian internal di Perseroan. the Company’s internal control system. This
Elemen ini mencerminkan nilai etika, disiplin, dan element reflects ethical values, discipline, and an
struktur organisasi yang mendukung terciptanya organizational structure that supports the creation
budaya pengendalian yang kuat. Lingkungan of a strong control culture. The Company’s control
pengendalian di Perseroan meliputi: environment includes:
a. Integritas, nilai etika, dan kompetensi karyawan; a. Integrity, ethical values, and employee
competence;
b. Filosofi dan gaya manajemen; b. Management philosophy and style;
c. Pendelegasian wewenang dan tanggung jawab; c. Delegation of authority and responsibilities;
d. Struktur organisasi serta pengembangan d. Organizational structure and human capital
sumber daya manusia; dan development; and
e. Perhatian, arahan, dan keteladanan yang e. The attention, direction, and leadership provided
diberikan oleh Direksi. by the Board of Directors.
2. Penilaian Risiko 2. Risk Assessment
Penilaian risiko dilakukan melalui proses identifikasi, Risk assessment is conducted through the
analisis, dan evaluasi terhadap risiko usaha yang identification, analysis, and evaluation of business
dapat mempengaruhi pencapaian tujuan Perseroan. risks that may affect the achievement of the
Proses ini memastikan bahwa risiko ditangani Company’s objectives. This process ensures
secara tepat melalui penerapan strategi mitigasi dan that risks are properly managed through the
aktivitas pengendalian yang memadai. implementation of appropriate mitigation strategies
and adequate control activities.
3. Aktivitas Pengendalian 3. Control Activities
Aktivitas pengendalian diterapkan pada seluruh Control activities are implemented at all levels of the
tingkatan organisasi untuk memastikan bahwa organization to ensure that management policies
kebijakan dan arahan manajemen terlaksana secara and directives are consistently carried out. These
konsisten. Aktivitas ini mencakup, antara lain: activities include, among others:
a. Proses otorisasi dan persetujuan; a. Authorization and approval processes;
b. Verifikasi dan rekonsiliasi; b. Verification and reconciliation;
c. Penilaian kinerja; c. Performance evaluation;
d. Pemisahan fungsi dan pembagian tugas yang d. Adequate segregation of duties and division of
memadai; serta responsibilities; and
e. Pengamanan aset dan sumber daya Perseroan. e. Safeguarding of the Company’s assets and
resources.
4. Informasi dan Komunikasi 4. Information & Communication
Informasi yang relevan dan andal harus tersedia tepat Relevant and reliable information must be available
waktu agar dapat digunakan dalam pengambilan promptly to support decision-making and the
keputusan dan pemantauan pengendalian internal. monitoring of internal controls. Communication
Komunikasi dilakukan secara efektif, baik secara is conducted effectively, both internally and
internal maupun eksternal, untuk memastikan externally, to ensure that all parties understand their
seluruh pihak memahami tanggung jawabnya dalam responsibilities in supporting the effectiveness of
mendukung efektivitas pengendalian internal. internal controls.
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5. Pemantauan 5. Monitoring
Pemantauan dilakukan untuk menilai efektivitas Monitoring is conducted to assess the effectiveness
pengendalian internal secara berkelanjutan. Kegiatan of internal controls continuously. This includes
ini mencakup pemantauan rutin oleh manajemen routine monitoring by management and independent
serta kegiatan evaluasi independen, termasuk audit evaluation activities, including internal audits, to
internal, untuk memastikan bahwa SPIP berfungsi ensure that the SPIP operates effectively and that
dengan baik dan setiap penyimpangan dapat segera any deviations are promptly addressed by the Board
ditindaklanjuti oleh Direksi. of Directors.
Tinjauan atas Efektivitas Sistem Pengendalian Internal
Review of The Effectiveness of The Internal Control System
Peninjauan atas efektivitas Sistem Pengendalian Internal The review of the effectiveness of the Company’s Internal
Perseroan (SPIP) dilakukan oleh Manajemen Perseroan Control System (SPIP) is conducted by Management,
dengan mempertimbangkan hasil pengawasan Satuan taking into account the oversight results of the Internal
Pengawasan Internal (SPI), pengawasan Dewan Audit Unit (SPI), the supervision of the Board of
Komisaris melalui Komite Audit, serta hasil audit pihak Commissioners through the Audit Committee, and the
eksternal. results of external audits.
Peninjauan dilakukan dengan mengacu pada kerangka The review is carried out by referring to the COSO
kerja COSO Internal Control – Integrated Framework Internal Control – Integrated Framework and the Three
serta prinsip Three Lines Model, melalui evaluasi Lines Model, through an evaluation of the adequacy of
atas kecukupan desain dan efektivitas pelaksanaan the design and the effectiveness of the implementation
pengendalian internal pada proses bisnis utama of internal controls in the Company’s key business
Perseroan. processes.
Ruang lingkup peninjauan meliputi pengendalian internal The scope of the review covers internal controls over:
atas:
1. Proses pelaporan keuangan; 1. Financial reporting processes;
2. Proses operasional utama Perseroan; 2. The Company’s key operational processes;
3. Kepatuhan terhadap peraturan perundang- 3. Compliance with applicable laws and regulations;
undangan; dan and
4. Pengamanan aset Perseroan. 4. The safeguarding of the Company’s assets.
Berdasarkan hasil peninjauan tersebut, Manajemen Based on the results of the review, Management thinks
berpendapat bahwa Sistem Pengendalian Internal that the Company’s Internal Control System has been
Perseroan telah berjalan secara memadai dan efektif implemented adequately and effectively in supporting the
dalam mendukung pencapaian tujuan Perseroan, achievement of the Company’s objectives, the reliability
keandalan pelaporan keuangan, pengamanan aset, serta of financial reporting, the safeguarding of assets, and
kepatuhan terhadap peraturan perundang-undangan compliance with applicable laws and regulations.
yang berlaku.
Perseroan secara berkelanjutan melakukan The Company continuously improves its Internal Control
penyempurnaan atas Sistem Pengendalian Internal System in line with business developments and evolving
sejalan dengan dinamika bisnis dan perkembangan risks, including by implementing recommendations from
risiko, termasuk melalui pelaksanaan rekomendasi hasil internal and external audit results to enhance the quality
audit internal maupun eksternal guna meningkatkan of internal controls and corporate governance.
kualitas pengendalian dan tata kelola Perseroan.
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Tata Kelola Perusahaan
Good Corporate Governance
Pernyataan Direksi dan/atau Dewan Komisaris atas Kecukupan Sistem Pengendalian Internal
Statement From The Board of Directors and/or Board of Commissioners Regarding The Adequacy of The Internal
Perseroan secara berkelanjutan melakukan evaluasi The Company continuously evaluates the effectiveness
atas efektivitas SPI, yang mencakup keandalan informasi of the Internal Audit Unit (SPI), covering the reliability of
keuangan, kepatuhan terhadap peraturan perundang- financial information, compliance with applicable laws
undangan, serta efisiensi dan efektivitas kegiatan and regulations, and the efficiency and effectiveness of
operasional. Evaluasi ini dilaksanakan oleh Direksi melalui operational activities. This evaluation is carried out by the
mekanisme pengendalian internal pada Lini Pertama dan Board of Directors through internal control mechanisms
Lini Kedua, serta didukung oleh pemantauan Dewan within the First Line and the Second Line. It is supported
Komisaris melalui Komite Audit. by the oversight of the Board of Commissioners through
the Audit Committee.
Satuan Pengawasan Internal (SPI) sebagai Lini Ketiga As the Third Line, the Internal Audit Unit (SPI) provides
memberikan independent assurance atas efektivitas independent assurance on the effectiveness of internal
pengendalian internal melalui pelaksanaan audit internal controls through the conduct of internal audits and the
serta pemantauan tindak lanjut rekomendasi. Temuan monitoring of follow-up actions on audit recommendations.
audit internal menjadi masukan bagi manajemen untuk Internal audit findings serve as input for management to
meningkatkan kualitas pengendalian internal, tanpa improve the quality of internal controls, without replacing
menggantikan tanggung jawab pengendalian yang the control responsibilities of the First Line and the
melekat pada Lini Pertama dan Lini Kedua. Second Line.
Selama tahun 2025, Perseroan melaksanakan berbagai During 2025, the Company conducted various evaluation
kegiatan evaluasi dan audit internal atas proses-proses activities and internal audits of its key processes, including
utama Perseroan, termasuk pengendalian atas pelaporan controls over financial reporting, operational activities,
keuangan, aktivitas operasional, dan kepatuhan. Evaluasi and compliance. These evaluations highlighted, among
tersebut menyoroti antara lain: others:
1. Keandalan informasi keuangan dan akurasi data 1. The reliability of financial information and the
pendukung; accuracy of supporting data;
2. Efektivitas pengendalian dalam proses penjualan 2. The effectiveness of controls in sales processes and
dan pengelolaan piutang; receivables management;
3. Kecukupan pengendalian dalam proses pengadaan 3. The adequacy of controls in procurement and
dan pembayaran; payment processes;
4. Pelaksanaan kebijakan dan prosedur sesuai 4. The implementation of policies and procedures in
peraturan internal dan eksternal; serta accordance with internal and external regulations; and
5. Efektivitas pemanfaatan sumber daya dalam 5. The effectiveness of the use of resources in supporting
mendukung pencapaian tujuan Perseroan. the achievement of the Company’s objectives.
Direksi dan Dewan Komisaris memberikan perhatian The Board of Directors and the Board of Commissioners
khusus terhadap proses audit serta tindak lanjut give special attention to the audit process and the
rekomendasi perbaikan melalui forum-forum pengawasan follow-up of improvement recommendations through
yang dilakukan secara berkala. Dewan Komisaris melalui regular oversight forums. The Board of Commissioners,
Komite Audit memastikan bahwa proses audit internal through the Audit Committee, ensures that internal and
dan eksternal berjalan secara independen, objektif, external audit processes are conducted independently
serta memberikan jaminan yang memadai dalam rangka and objectively, and provide adequate assurance to
penguatan pengendalian internal. strengthen internal controls.
Berdasarkan hasil evaluasi tersebut, Direksi dan Based on the results of these evaluations, the Board of
Dewan Komisaris menilai bahwa SPIP telah berjalan Directors and the Board of Commissioners conclude that
secara memadai dan mendukung pencapaian tujuan the Internal Control System (SPIP) has been implemented
usaha, dengan tetap merekomendasikan dilakukannya adequately and supports the achievement of business
peningkatan berkelanjutan untuk mengoptimalkan objectives, while continuing to recommend ongoing
efektivitas pengendalian internal demi terwujudnya improvements to further enhance the effectiveness of internal
kinerja unggul Perseroan. controls and achieve superior Company performance.
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Sistem Manajemen Risiko
Risk Management System
Perseroan menerapkan Sistem Manajemen Risiko The Company implements a Risk Management System
untuk memastikan pengelolaan ketidakpastian berjalan to ensure that uncertainties are managed in a structured,
terstruktur, terukur, dan terkendali dalam rangka measurable, and controlled manner, supporting the
mendukung pencapaian sasaran strategis dan RKAP. achievement of strategic objectives and the RKAP.
Perseroan menetapkan kerangka, arsitektur, proses, The Company has established a risk management
serta ketentuan pemantauan, evaluasi, dan pelaporan framework, architecture, processes, and provisions
pengendalian risiko berdasarkan Tata Kelola Manajemen for risk monitoring, evaluation, and reporting based
Risiko PT Adhi Commuter Properti Tbk yang ditetapkan on the Risk Management Governance of PT Adhi
melalui Surat Keputusan Direksi tanggal 9 September Commuter Properti Tbk, as stipulated in the Board
2024, dengan rujukan prinsip, kerangka kerja, dan proses of Directors’ Decree dated September 9, 2024, with
sesuai ISO 31000:2018.Perseroan menetapkan Selera reference to the principles, framework, and processes
Risiko Perusahaan (Risk Appetite Statement) RKAP 2025 of ISO 31000:2018. The Company has also set the
tanggal 8 Januari 2025 yang memuat parameter selera Corporate Risk Appetite Statement for the 2025 RKAP
risiko, bobot prioritas, metrik, risk limit, serta mekanisme dated January 8, 2025, which includes risk appetite
cascading limit per kategori risiko. parameters, priority weighting, metrics, risk limits, and
cascading limit mechanisms by risk category.
Perseroan menggunakan hasil Penilaian Risk Maturity The Company uses the results of the 2025 Risk
Index (RMI) Tahun 2025 (periode observasi 2024) Maturity Index (RMI) Assessment (2024 observation
sebagai dasar penilaian efektivitas sistem dan sebagai period) as the basis for evaluating system effectiveness
baseline penetapan agenda perbaikan berkelanjutan and as a baseline for defining continuous improvement
melalui Roadmap Peningkatan Manajemen Risiko 2025- initiatives through the 2025–2029 Risk Management
2029. Improvement Roadmap.
Gambaran Umum mengenai Sistem Manajemen Risiko Perusahaan
Company Risk Management System Overview
KERANGKA ACUAN DAN DASAR PENERAPAN REFERENCE FRAMEWORK AND BASIS FOR
IMPLEMENTATION
Perseroan menetapkan Tata Kelola Manajemen Risiko The Company has established Risk Management
melalui Surat Keputusan Direksi Nomor 015/ADCP-SK/ Governance through the Board of Directors’ Decree No.
IX/2024 tanggal 9 September 2024 sebagai pedoman 015/ADCP-SK/IX/2024 dated September 9, 2024, which
umum penerapan Manajemen Risiko di lingkungan serves as the general guideline for the implementation of
Perseroan. Risk Management within the Company.
TUJUAN DAN RUANG LINGKUP OBJECTIVES AND SCOPE
Perseroan menetapkan tujuan pengelolaan risiko untuk The Company sets its risk management objectives
menciptakan dan melindungi nilai, meningkatkan kepastian to create and protect value, enhance the certainty of
pencapaian RKAP, serta memperkuat pengendalian atas achieving the RKAP, and strengthen control over risks
risiko yang timbul dari aktivitas korporasi, proyek, dan unit arising from corporate activities, projects, and business
usaha. Perseroan mengintegrasikan pengelolaan risiko units. The Company integrates risk management with
dengan anak perusahaan PT Mega Graha Cipta Perkasa its subsidiary, PT Mega Graha Cipta Perkasa (MGCP),
(MGCP) sesuai ketentuan integrasi Manajemen Risiko in accordance with the risk management integration
dalam pedoman. provisions set out in the guidelines.
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Tata Kelola Perusahaan
Good Corporate Governance
ARSITEKTUR DAN PRINSIP ARCHITECTURE AND PRINCIPLES
Perseroan membangun arsitektur Manajemen Risiko The Company has developed a Risk Management
yang terdiri atas prinsip, kerangka kerja, dan proses architecture consisting of principles, a framework, and
Manajemen Risiko mengacu ISO 31000:2018. Perseroan risk management processes in accordance with ISO
menerapkan siklus Plan-Do-Check-Act (PDCA) 31000:2018. The Company applies the Plan–Do–
pada kerangka kerja untuk memastikan perbaikan Check–Act (PDCA) cycle within the framework to ensure
berkelanjutan. continuous improvement.
STRUKTUR TATA KELOLA DAN AKUNTABILITAS GOVERNANCE STRUCTURE AND ACCOUNTABILITY
(MODEL TIGA LINI) (THREE LINES MODEL)
Perseroan membagi akuntabilitas pengelolaan risiko The Company allocates risk management accountability
melalui Model Tata Kelola Risiko Tiga Lini untuk through the Three Lines Governance Model to ensure
memastikan kejelasan peran, kewenangan, dan tanggung clear roles, authority, and responsibilities at all levels of
jawab pada seluruh tingkatan organisasi. Perseroan the organization. Business units are designated as the
menempatkan unit bisnis sebagai lini pertama (pemilik First Line (risk owners), responsible for identifying and
risiko) yang mengidentifikasi dan mengelola risiko pada managing risks in operational processes, as well as
proses operasional, serta menerapkan pengendalian implementing internal controls and ensuring compliance
internal dan kepatuhan pada ketentuan yang berlaku. with applicable requirements. The Risk Management
Perseroan menempatkan fungsi Manajemen Risiko dan and Compliance functions serve as the Second Line,
kepatuhan sebagai lini kedua yang memberikan keahlian providing supporting expertise, guidance, monitoring,
penunjang, dukungan, pemantauan, serta tantangan and challenge to risk management activities, including
(challenge) terhadap pengelolaan risiko, termasuk aggregate risk measurement, monitoring, and treatment,
pengukuran, pemantauan, dan perlakuan risiko secara as well as the development of methodologies and policies.
agregat serta pengembangan metodologi dan kebijakan.
Perseroan menempatkan fungsi Audit Internal sebagai The Internal Audit function serves as the Third Line,
lini ketiga yang memberikan penilaian independen dan providing independent and objective assessments of the
objektif atas kecukupan dan efektivitas kebijakan serta adequacy and effectiveness of risk policies and controls
pengendalian risiko melalui proses yang sistematis dan through systematic and structured processes. The First
terstruktur. Perseroan menempatkan aktivitas pada lini Line and Second Line activities operate under the authority
pertama dan lini kedua di bawah kewenangan Direksi, of the Board of Directors. While the Third Line function
sedangkan fungsi lini ketiga berada dalam kewenangan falls under the oversight of the Board of Commissioners,
pengawasan Dewan Komisaris, dengan pelaksanaan the internal audit function is carried out under the control
fungsi audit internal berada di bawah kendali Direksi of the Board of Directors through the President Director
melalui Direktur Utama sesuai ketentuan internal in accordance with the Company’s internal regulations.
Perseroan.
PROSES DAN EVALUASI PROCESS AND EVALUATION
Perseroan melaksanakan proses Manajemen Risiko The Company carries out the Risk Management process
melalui komunikasi dan konsultasi, penetapan konteks, through communication and consultation, context setting,
identifikasi risiko, analisis risiko, evaluasi risiko, perlakuan risk identification, risk analysis, risk evaluation, risk
risiko, pemantauan dan evaluasi, serta pencatatan dan treatment, monitoring and evaluation, as well as risk
pelaporan risiko. Perseroan menetapkan mekanisme recording and reporting. The Company has established
evaluasi yang mencakup pemantauan, pengkajian, evaluation mechanisms that include monitoring, review,
dan asesmen untuk menilai efektivitas penerapan dan and assessment to measure the effectiveness of
kepatuhan terhadap kebijakan, prosedur, serta pedoman implementation and compliance with Risk Management
Manajemen Risiko. policies, procedures, and guidelines.
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Perseroan menetapkan ketentuan pemantauan dan The Company has defined monitoring and evaluation
evaluasi pelaksanaan perlakuan risiko yang paling sedikit requirements for the implementation of risk treatments,
mencakup peta risiko, realisasi pelaksanaan perlakuan which, at a minimum, include the risk map, the realization
risiko, realisasi ambang batas KRI, realisasi nilai risiko of risk treatment actions, the achievement of Key Risk
residual (dalam Rupiah) pada periode pelaporan, serta Indicator (KRI) thresholds, the realization of residual risk
ikhtisar perubahan risiko utama. values (in Rupiah) during the reporting period, and a
summary of changes in key risks.
Perseroan menetapkan kebutuhan internal control The Company has also established requirements for
testing dan stress testing untuk menguji kehandalan internal control testing and stress testing to assess the
pengendalian internal dan sensitivitas pencapaian reliability of internal controls and the sensitivity of RKAP
target RKAP sesuai asumsi yang terdampak terhadap target achievement under assumptions affected by
perkembangan lingkungan bisnis. Perseroan menetapkan changes in the business environment. The Company
kewajiban tindak lanjut atas rekomendasi hasil internal requires follow-up actions on recommendations from
control testing dan penyesuaian Risiko Utama (top risk) internal control testing and adjustments to top risks when
apabila terjadi perubahan sebagaimana hasil stress changes arise based on stress testing results.
testing.
Jenis Risiko dan Cara Pengelolaannya
Types of Risks and Risk Treatment
Perseroan menetapkan taksonomi risiko korporat dan The Company has established a corporate risk taxonomy
parameter Selera Risiko Perusahaan (Risk Appetite and the Corporate Risk Appetite Statement for the 2025
Statement) RKAP 2025 untuk menetapkan postur (risk RKAP to define the risk posture, monitoring metrics,
posture), metrik pemantauan, bobot prioritas, dan risk priority weighting, and risk limits for each risk category.
limit per kategori risiko.
Perseroan mengelola risiko melalui penetapan perlakuan The Company manages risks by determining appropriate
risiko dan pemantauan berkala sesuai ketentuan risk treatments and conducting periodic monitoring in
pemantauan dan evaluasi, serta menyampaikan accordance with monitoring and evaluation provisions, and
pelaporan risiko sebagai bentuk komunikasi status risiko by submitting risk reports as a means of communicating
dan pengendaliannya kepada pemangku kepentingan risk status and control measures to internal and external
internal dan eksternal. stakeholders.
DEFINISI TAKSONOMI RISIKO KORPORAT DEFINITION OF CORPORATE RISK TAXONOMY
Perseroan menetapkan taksonomi risiko untuk The Company has established a risk taxonomy to
mempermudah identifikasi, evaluasi, dan pengelolaan facilitate the identification, assessment, and management
risiko berdasarkan kategori risiko korporat. Perseroan of risks based on corporate risk categories. The Company
mendefinisikan kategori risiko sebagai berikut: defines the risk categories as follows:
1. Risiko Strategis merupakan risiko yang timbul akibat 1. Strategic Risk refers to risks arising from inappropriate
ketidaktepatan arahan kebijakan strategis yang strategic policy directions that have a material impact
berdampak material terhadap posisi Perseroan on the Company’s position in the industry.
dalam industri.
2. Risiko Pemasaran merupakan risiko 2. Marketing Risk refers to the risk of failing to achieve
ketidaktercapaian target pemasaran, yang mencakup marketing targets, including risks associated with
risiko kegiatan promosi, pengembangan pasar, serta promotional activities, market development, and the
realisasi target pendapatan/laba sesuai rencana. attainment of planned revenue and profit objectives.
3. Risiko Investasi merupakan risiko pada tahap 3. Investment Risk refers to risks arising from the
perencanaan sampai pelaksanaan proyek investasi, planning to the implementation stages of investment
termasuk keputusan investasi dan kelayakan investasi. projects, including investment decisions and
investment feasibility.
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Tata Kelola Perusahaan
Good Corporate Governance
4. Risiko Produksi merupakan risiko terkait biaya, mutu, 4. Production Risk refers to risks related to cost, quality,
dan waktu yang menyebabkan target pendapatan and timing that may fail to achieve revenue targets
tidak tercapai sesuai rencana. as planned.
5. Risiko Keuangan merupakan risiko yang terkait 5. Financial Risk refers to risks related to funding
struktur dan akses pendanaan, perpajakan, structure and access, taxation, budgeting, accounting,
anggaran, akuntansi, piutang, pengelolaan modal receivables, working capital management, cash flow,
kerja, arus kas, serta integritas pelaporan keuangan. and the integrity of financial reporting.
6. Risiko Human Capital merupakan risiko yang terkait 6. Human Capital Risk refers to risks associated with
rekrutmen, produktivitas, kompetensi, kompensasi recruitment, productivity, competence, compensation
dan benefit, hubungan industrial, serta ketepatan and benefits, industrial relations, and the effective
penempatan. placement of personnel.
7. Risiko Hukum, Reputasi, dan Kepatuhan merupakan 7. Legal, Reputational, and Compliance Risk refers
risiko yang timbul akibat tindakan/tuntutan to risks arising from legal actions or claims, fraud,
hukum, kecurangan, penurunan reputasi, dan reputational damage, and non-compliance with
ketidakpatuhan terhadap ketentuan yang berlaku applicable regulations that may affect the Company’s
yang dapat memengaruhi kinerja Perseroan. performance.
8. Risiko Sistem dan Teknologi Informasi merupakan 8. Information Systems and Technology Risk refers
risiko akibat kegagalan perangkat lunak, perangkat to risks arising from failures of software, hardware,
keras, jaringan, dan/atau serangan siber, termasuk networks, and/or cyberattacks, including data loss,
kehilangan data, pelanggaran privasi, dan manipulasi privacy breaches, and data manipulation.
data.
9. Risiko K3L dan Sosial merupakan risiko akibat 9. OHSE and Social refers to risks arising from internal
proses internal, kegagalan sistem, kecelakaan K3, processes, system failures, occupational accidents,
kesalahan manusia, atau kejadian eksternal yang human error, or external events that affect operations,
memengaruhi operasi, serta eksposur lingkungan as well as environmental and social exposures,
dan sosial termasuk risiko fisik dan transisi perubahan including physical and transition risks related to
iklim serta hubungan dengan komunitas/masyarakat. climate change and relationships with communities
and society.
Perseroan menetapkan Risk Limit (Rp) sebagai batas nilai The Company has established Risk Limits (in Rupiah) as
eksposur risiko residual yang dapat diterima pada setiap the maximum acceptable level of residual risk exposure
kategori risiko berdasarkan Selera Risiko Perusahaan, for each risk category based on the Company’s Risk
yang kemudian dipantau melalui metrik operasional (Key Appetite. These limits are monitored through operational
Risk Indicators/KRI) sesuai karakteristik masing-masing metrics, namely Key Risk Indicators (KRIs), according to
risiko sebagai bentuk penyetaraan eksposur risiko ke the characteristics of each risk, to translate risk exposure
dalam satuan nilai finansial untuk pelaporan agregat. into financial values for aggregate reporting purposes.
Kategori Risiko (RAS) Postur Metrik (RAS) Bobot Risk Limit (Rp) Cara Pengelolaan
Risk Category (RAS) Posture Metrics (RAS) Weight Risk Limit (Rp) Risk Approach
Strategis Moderat Ketepatan timeline proyek 11,80% 142.129.850 Perseroan memantau ketepatan timeline
Strategic Moderate (bulan) proyek terhadap target, menetapkan
Project timeline adherence eskalasi atas deviasi material, dan
(months) menyesuaikan keputusan strategis proyek
agar eksposur risiko tetap berada dalam
batas limit.
The Company monitors project timeline
performance against targets, escalates
material deviations, and adjusts strategic
project decisions to ensure that risk
exposure remains within the established
limits.
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Kategori Risiko (RAS) Postur Metrik (RAS) Bobot Risk Limit (Rp) Cara Pengelolaan
Risk Category (RAS) Posture Metrics (RAS) Weight Risk Limit (Rp) Risk Approach
Pemasaran Moderat Perolehan kontrak baru (Rp) 27,70% 333.643.801 Perseroan memantau perolehan kontrak
Marketing Moderate New contract acquisition (Rp) baru terhadap target RKAP, mengevaluasi
deviasi realisasi, dan menyesuaikan strategi
pemasaran serta portofolio penawaran
untuk menjaga eksposur risiko sesuai limit.
The Company monitors new contract
acquisition against RKAP targets, evaluates
deviations from actual results, and adjusts
marketing strategies and the offering
portfolio to ensure that risk exposure
remains within the established limits.
Investasi Konservatif Tingkat pengembalian (bulan) 17,80% 214.399.266 Perseroan memantau tingkat pengembalian
Investment Conservative Payback period (months) atas keputusan investasi, menyusun
kajian risiko pada inisiatif investasi, dan
menyesuaikan struktur investasi ketika
indikator mendekati batas limit.
The Company monitors returns on
investment decisions, conducts risk
assessments for investment initiatives,
and adjusts investment structures when
indicators approach the established limits.
Produksi Konservatif Biaya, mutu, dan waktu (Rp/ 2,30% 27.703.276 Perseroan memantau indikator biaya,
Production Conservative skor/hari) mutu, dan waktu pada pelaksanaan proyek/
Cost, quality, and schedule operasi, menerapkan pengendalian mutu
performance (Rp/score/days) dan biaya, dan menyesuaikan rencana kerja
untuk menjaga risiko operasional berada
dalam limit.
The Company monitors cost, quality,
and schedule indicators in project and
operational execution, implements cost and
quality controls, and adjusts work plans to
ensure that operational risks remain within
the established limits.
Keuangan Konservatif Nilai arus kas (Rp) 31,30% 377.005.451 Perseroan memantau nilai arus kas untuk
Finance Conservative Cash flow value (Rp memastikan kecukupan likuiditas terhadap
kebutuhan operasional dan kewajiban, serta
melakukan penyesuaian prioritas belanja
dan sumber pendanaan untuk menjaga
risiko keuangan berada dalam limit.
The Company monitors cash flow to ensure
sufficient liquidity to meet operational needs
and obligations, and adjusts spending
priorities and funding sources to keep
financial risks within acceptable limits.
Human Capital Moderat Turnover pegawai (%); 2,30% 27.703.276 Perseroan memantau turnover,
Human Capital Moderate produktivitas pegawai (kali); produktivitas, serta kompetensi dan
kompetensi dan kapabilitas kapabilitas pegawai, menerapkan
(%). pengembangan kapabilitas, dan melakukan
Employee turnover (%); tindakan korektif apabila indikator mendekati
employee productivity (times); batas limit.
competency and capability The Company monitors cash flow levels
(%). to ensure sufficient liquidity for operational
needs and obligations, and adjusts
spending priorities and funding sources to
keep financial risks within the established
limits.
Hukum, Reputasi, Konservatif Penyelesaian kasus hukum 2,40% 28.907.766 Perseroan memantau penyelesaian kasus
Kepatuhan Conservative (%); pemenuhan regulasi hukum, pemenuhan regulasi yang berlaku,
Legal, Reputation, berlaku (%). dan indikator reputasi yang relevan,
Compliance Resolution of legal cases (%); serta memperkuat fungsi kepatuhan dan
compliance with applicable pengendalian komunikasi untuk menjaga
regulations (%). eksposur risiko berada dalam limit.
The Company monitors the resolution of
legal cases, compliance with applicable
regulations, and relevant reputation
indicators, and strengthens compliance
functions and communication controls to
ensure that risk exposure remains within the
established limits.
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Kategori Risiko (RAS) Postur Metrik (RAS) Bobot Risk Limit (Rp) Cara Pengelolaan
Risk Category (RAS) Posture Metrics (RAS) Weight Risk Limit (Rp) Risk Approach
Sistem & Teknologi Moderat Kebocoran data (kali); 2,20% 26.498.786 Perseroan memantau kejadian kebocoran
Informasi Moderate gangguan aplikasi (jam). data dan gangguan aplikasi, menerapkan
System & Information Data breaches (incidents); pengendalian akses, pemulihan layanan,
Technology application downtime (hours). dan penguatan kontrol TI agar eksposur
risiko berada dalam limit.
The Company monitors data breach
incidents and application disruptions,
implements access controls and service
recovery measures, and strengthens
IT controls to ensure that risk exposure
remains within the established limits.
K3L & Sosial Tidak toleran Kecelakaan kerja (level); 2,20% 26.498.786 Perseroan menerapkan postur tidak
OHSE & Social Intorlerant kerusakan lingkungan (level) (masing-masing toleran terhadap kecelakaan kerja
Workplace accidents (level); Rp13.249.393) dengan memantau level kejadian,
environmental damage (level). melakukan investigasi akar masalah, dan
melaksanakan tindakan korektif serta
pencegahan secara segera. Perseroan
memantau level kerusakan lingkungan dan
dampak sosial yang relevan, memastikan
pemenuhan ketentuan, serta melaksanakan
mitigasi dan tindakan korektif agar eksposur
risiko tetap berada dalam limit.
The Company applies a zero-tolerance
posture toward workplace accidents by
monitoring incident levels, conducting
root cause investigations, and promptly
implementing corrective and preventive
actions. The Company also monitors levels
of environmental damage and relevant
social impacts, ensures compliance with
applicable requirements, and carries out
mitigation and corrective measures to keep
risk exposure within the established limits.
Tinjauan atas Efektivitas Sistem Manajemen Risiko Perusahaan
Effectiveness Review of The Company’s Risk Management System
DASAR PENILAIAN EFEKTIVITAS BASIS FOR EFFECTIVENESS ASSESSMENT
Perseroan menilai efektivitas penerapan Manajemen The Company assesses the effectiveness of its Risk
Risiko melalui Penilaian Risk Maturity Index (RMI) Tahun Management implementation through the 2025 Risk
2025 (periode observasi 2024) dengan mengacu pada Maturity Index (RMI) Assessment (2024 observation period),
perangkat penilaian SK-8/DKU.MBU/12/2023 tentang referring to the Assessment Tool SK-8/DKU.MBU/12/2023
Petunjuk Penilaian Indeks Kematangan Risiko (RMI) di on the Guidelines for Risk Maturity Index (RMI) Assessment
Lingkungan BUMN. Perseroan mengikuti tahapan reviu in State-Owned Enterprises. The assessment follows stages
dokumen, survei/kuesioner, dan wawancara konfirmasi that include document review, surveys or questionnaires, and
untuk mengukur Aspek Dimensi. confirmation interviews to measure the maturity dimensions.
CAKUPAN PENILAIAN DAN METODOLOGI SCOPE OF ASSESSMENT AND METHODOLOGY
Perseroan menilai efektivitas penerapan Manajemen The Company evaluates the effectiveness of Risk
Risiko melalui Penilaian Risk Maturity Index (RMI) Management implementation through the RMI Assessment
dengan periode observasi Januari sampai dengan covering the observation period from January to December
Desember 2024. Perseroan melaksanakan penilaian 2024. The assessment is conducted through document
melalui reviu dokumen, survei kuesioner, dan wawancara reviews, questionnaire surveys, and confirmation interviews
konfirmasi untuk mengukur dimensi kematangan to measure the maturity level of Risk Management
penerapan Manajemen Risiko. Perseroan melibatkan implementation. The Company involves Risk Governance
Organ Pengelola Risiko dalam proses pengumpulan Bodies in the evidence collection and clarification process,
bukti dan klarifikasi, yang mencakup Dewan Komisaris, including the Board of Commissioners, the Board of
Direksi, komite-komite terkait di bawah Dewan Komisaris Directors, relevant committees under the Board of
sesuai ketentuan internal Perseroan, Internal Audit, Risk Commissioners in accordance with the Company’s internal
Management Unit (RMU), dan Risk Taking Unit (RTU). regulations, Internal Audit, the Risk Management Unit
(RMU), and the Risk Taking Unit (RTU).
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HASIL PENILAIAN ASSESSMENT RESULT
Perseroan memperoleh skor RMI 2,7 dan berada pada The Company obtained an RMI score of 2.7 and is
fase Berkembang (+). Perseroan mencatat skor dimensi classified in the Developing (+) phase. The scores for
sebagai berikut: each dimension are as follows:
1. Dimensi A (Budaya dan Kapabilitas Risiko) : 2,7; 1. Dimension A (Risk Culture and Capability): 2.7
2. Dimensi B (Organisasi dan Tata Kelola Risiko) : 3,1; 2. Dimension B (Risk Organization and Governance): 3.1
3. Dimensi C (Kerangka Risiko dan Kepatuhan) : 1,9; 3. Dimension C (Risk Framework and Compliance): 1.9
4. Dimensi D (Proses dan Kontrol Risiko) : 3,5; 4. Dimension D (Risk Processes and Controls): 3.5
5. Dimensi E (Model, Data, dan Teknologi Risiko) : 3,0. 5. Dimension E (Risk Models, Data, and Technology): 3.0
Penilaian RMI Korporat tidak melibatkan Aspek Kinerja The Corporate RMI assessment did not include the
karena skor Aspek Dimensi tidak mencapai lebih dari 3,0 Performance Aspect, as the Dimension Aspect score did not
sesuai ketentuan perangkat penilaian. exceed 3.0, in accordance with the assessment guidelines.
ANALISIS GAP GAP ANALYSIS
Perseroan memenuhi 209 dari total 286 kriteria penilaian The Company met 209 of the 286 assessment criteria
yang terverifikasi terpenuhi, sehingga terdapat 77 kriteria that were verified as fulfilled, leaving 77 criteria unmet.
yang belum terpenuhi. Perseroan mencatat 6 dari 42 The Company fulfilled 6 of the 42 parameters, while 36
parameter telah terpenuhi, sedangkan 36 parameter parameters were not yet fully met. The gap analysis indicates
belum sepenuhnya terpenuhi. Analisis kesenjangan that most improvement opportunities lie in strengthening the
secara mayoritas menunjukkan peluang perbaikan pada Risk Framework and Compliance (Dimension C).
penguatan Kerangka Risiko dan Kepatuhan (Dimensi C).
FOKUS PERBAIKAN DAN TINDAK LANJUT IMPROVEMENT FOCUS AND FOLLOW-UP ACTIONS
Perseroan menyusun rekomendasi tindak lanjut The Company prepares follow-up improvement
perbaikan berdasarkan peluang perbaikan (opportunity recommendations based on identified opportunities for
for improvement) dan memetakannya dalam bentuk improvement and maps them into the 2025–2029 Risk
Roadmap Peningkatan Manajemen Risiko 2025-2029, Management Improvement Roadmap, including the setting
termasuk penetapan prioritas berdasarkan dampak dan of priorities based on impact and ease of implementation.
kemudahan implementasi.
Pernyataan Direksi dan/atau Dewan Komisaris atau Komite Audit atas Kecukupan Sistem
Manajemen Risiko
Statement of the Board of Directors and/or the Board of Commissioners or the Audit Committee Regarding the
Adequacy of the Risk Management System
Direksi menyatakan bahwa Perseroan telah menetapkan The Board of Directors states that the Company has
dan menerapkan Sistem Manajemen Risiko sebagai established and implemented a Risk Management System
bagian dari pengendalian pencapaian sasaran Perseroan as part of a systematic, measurable, and controlled approach
secara sistematis, terukur, dan terkendali. to achieving the Company’s objectives.
Direksi menetapkan kerangka acuan, arsitektur, dan The Board of Directors has defined the reference framework,
proses Manajemen Risiko melalui dokumen Tata Kelola architecture, and Risk Management processes through
Manajemen Risiko PT Adhi Commuter Properti Tbk the Risk Management Governance document of PT Adhi
tanggal 9 September 2024 (Surat Keputusan Direksi Commuter Properti Tbk dated September 9, 2024, (Board
Nomor 015/ADCP-SK/IX/2024). Direksi juga menetapkan of Directors’ Decree No. 015/ADCP-SK/IX/2024). The Board
Selera Risiko Perusahaan dalam RKAP Tahun 2025 of Directors has also set the Company’s Risk Appetite in the
(Surat Pernyataan Nomor 001/ADCP-DIR/1/2025) 2025 RKAP (Statement Letter No. 001/ADCP-DIR/1/2025)
tanggal 8 Januari 2025, termasuk penetapan: dated January 8, 2025, including the determination of:
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Tata Kelola Perusahaan
Good Corporate Governance
1. Risk Capacity Rp33.636.159.018; 1. Risk Capacity of Rp33,636,159,018;
2. Risk Tolerance Rp3.321.738.884; 2. Risk Tolerance of Rp3,321,738,884;
3. Risk Appetite Rp3.202.621.508; 3. Risk Appetite of Rp3,202,621,508;
4. Risk Appetite Bawah Rp1.251.025.055; dan 4. Lower Risk Appetite of Rp1,251,025,055; and
5. Risk Limit Rp1.204.490.258, serta mekanisme 5. Risk Limit of Rp1,204,490,258, along with cascading
cascading limit per kategori risiko. limit mechanisms for each risk category.
Direksi menilai kecukupan Sistem Manajemen Risiko The Board of Directors assessed the adequacy of the Risk
melalui Penilaian Risk Maturity Index (RMI) Tahun 2025 Management System through the 2025 Risk Maturity Index
dengan periode observasi Januari–Desember 2024 (RMI) Assessment, covering the observation period from
(laporan tertanggal 10 Oktober 2025) yang menghasilkan January to December 2024 (report dated 10 October 2025).
skor 2,7 (fase Berkembang (+) serta menunjukkan The assessment resulted in an RMI score of 2.7 (Developing
pemenuhan 209 dari 286 kriteria, dengan 36 dari 42 (+) phase) and showed that 209 of 286 criteria were fulfilled,
parameter yang belum sepenuhnya terpenuhi, sehingga with 36 of 42 parameters not yet fully met. Based on these
Direksi menetapkan agenda penguatan berkelanjutan results, the Board of Directors established a continuous
dengan prioritas pada Kerangka Risiko dan Kepatuhan strengthening agenda with priority on the Risk Framework
(Dimensi C) sesuai rekomendasi hasil penilaian. and Compliance (Dimension C), in line with the assessment
recommendations.
Direksi menindaklanjuti hasil penilaian melalui The Board of Directors followed up on the assessment
penyusunan dan implementasi Roadmap Peningkatan results by preparing and implementing the 2025–2029
Manajemen Risiko 2025–2029 sebagai agenda perbaikan Risk Management Improvement Roadmap as a continuous
berkelanjutan. improvement initiative.
PENGAWASAN DEWAN KOMISARIS DAN/ATAU OVERSIGHT BY THE BOARD OF COMMISSIONERS
KOMITE AUDIT AND/OR THE AUDIT COMMITTEE
Dewan Komisaris melakukan pengawasan atas The Board of Commissioners oversees the adequacy
kecukupan dan efektivitas penerapan Sistem Manajemen and effectiveness of the implementation of the Risk
Risiko melalui pelaksanaan fungsi pengawasan dan Management System through its supervisory and evaluation
evaluasi, termasuk melalui komite-komite di bawah functions, including through committees under the Board of
Dewan Komisaris sesuai ketentuan internal Perseroan. Commissioners, in accordance with the Company’s internal
Dewan Komisaris menelaah informasi dan laporan regulations. The Board of Commissioners reviews relevant
yang relevan, serta mendorong tindak lanjut perbaikan information and reports and encourages follow-up actions
atas area penguatan yang teridentifikasi, termasuk for improvement in identified areas, including those based
berdasarkan hasil Penilaian Risk Maturity Index (RMI) on the results of the Risk Maturity Index (RMI) Assessment
dan rekomendasi peningkatan berkelanjutan. and recommendations for continuous improvement.
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Perkara Hukum yang Berdampak Material
Legal Matters with Material Impact
Sepanjang tahun buku 2025 hingga tanggal 31 Throughout the fiscal year 2025, up to December 31, 2025,
Desember 2025, Perusahaan, entitas anak, anggota the Company, its subsidiaries, members of the Board of
Direksi, maupun anggota Dewan Komisaris tidak Directors, and members of the Board of Commissioners
menghadapi perkara hukum yang berdampak material did not face any material legal cases that could impact
terhadap keberlangsungan usaha atau kondisi keuangan the Company’s business continuity or financial condition.
Perusahaan.
Hal ini mencerminkan upaya Perusahaan dalam This reflects the Company’s commitment to conducting
menjalankan kegiatan usaha sesuai dengan prinsip its business activities in accordance with the principles
governansi korporat yang baik, termasuk kepatuhan of good corporate governance, including compliance
terhadap peraturan perundang-undangan yang berlaku with applicable laws and regulations as well as the
serta penerapan praktik bisnis yang bertanggung jawab. implementation of responsible business practices.
Perusahaan terus berkomitmen untuk memitigasi risiko The Company remains dedicated to mitigating legal risks
hukum melalui implementasi kebijakan yang ketat, through the implementation of stringent policies, effective
pengawasan internal yang efektif, dan kepatuhan internal oversight, and adherence to relevant regulations.
terhadap semua regulasi yang relevan. Dengan The absence of material legal cases underscores the
tidak adanya perkara hukum material yang dihadapi, Company’s ability to maintain operational stability and
Perusahaan dapat menjaga stabilitas operasional dan deliver sustainable value to shareholders and other
menciptakan nilai yang berkelanjutan bagi pemegang stakeholders.
saham serta pemangku kepentingan lainnya.
PERMASALAHAN HUKUM YANG DIHADAPI DEWAN LEGAL ISSUES FACED BY THE CURRENT BOARD
KOMISARIS DAN DIREKSI YANG SEDANG MENJABAT OF COMMISSIONERS AND BOARD OF DIRECTORS
DAN ENTITAS ANAK AS WELL AS SUBSIDIARIES
Sepanjang tahun 2025, tidak terdapat permasalahan Throughout 2025, there were no legal issues faced by
hukum yang dihadapi oleh Dewan Komisaris dan Direksi the Board of Commissioners and the Board of Directors
yang sedang menjabat dan Entitas Anak. currently serving, as well as the Subsidiaries.
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Tata Kelola Perusahaan
Good Corporate Governance
Sanksi Administratif
Administrative Sanctions
Sebagai bagian dari komitmen terhadap penerapan As part of its commitment to implementing good corporate
governansi korporat yang baik, Perusahaan memastikan governance, the Company ensures compliance with
kepatuhan terhadap seluruh peraturan perundang- all applicable laws and regulations and complies with
undangan yang berlaku serta mematuhi standar dan standards and guidelines set by regulators. Throughout
pedoman yang ditetapkan oleh regulator. Sepanjang the financial year 2025 until December 31, 2025, the
tahun buku 2025 hingga tanggal 31 Desember 2025, Company, members of the Board of Commissioners,
Perusahaan, anggota Dewan Komisaris, maupun and members of the Board of Directors did not receive
anggota Direksi tidak menerima sanksi administratif dari any administrative sanctions from the Financial Services
Otoritas Jasa Keuangan (OJK) ataupun otoritas lainnya. Authority (OJK) or other authorities.
Perseroan tidak pernah dikenakan sanksi yang dapat The Company has never been subjected to any sanctions
berpengaruh terhadap aktivitas perdagangan saham di that could affect its stock trading activities on the Stock
Bursa Efek tempat Perseroan mencatatkan saham dan Exchange where the Company’s shares are listed and
memperdagangkan saham, baik penghentian sementara traded, including temporary trading suspension and/
perdagangan saham (suspension) dan/atau pembatalan or share delisting. Therefore, there is no information
pencatatan saham (delisting). Dengan demikian, tidak regarding the impact of temporary trading suspensions
terdapat informasi terkait dampak dari penghentian or share delistings that can be presented in this Annual
sementara perdagangan saham (suspension) dan/ atau Report.
pembatalan pencatatan saham (delisting), yang dapat
disajikan dalam Laporan Tahunan ini.
Perusahaan senantiasa memastikan bahwa semua The Company always ensures that all actions and business
tindakan dan keputusan bisnis yang diambil telah melalui decisions taken have gone through a mature evaluation
proses evaluasi yang matang dan berpedoman pada process and are guided by applicable regulations.
peraturan yang berlaku. Sehingga, ketiadaan sanksi Therefore, the absence of administrative sanctions
administratif ini mencerminkan bahwa Perusahaan reflects that the Company has conducted its operational
telah menjalankan kegiatan operasionalnya dengan activities by prioritizing the principles of transparency,
mengedepankan prinsip transparansi, akuntabilitas, dan accountability, and compliance with regulations.
kepatuhan terhadap regulasi.
Sebagai bentuk pencegahan, Perusahaan juga terus As a preventive measure, the Company also continues
mengedukasi dan mensosialisasikan seluruh jajaran to educate and socialize all levels of management and
manajemen dan karyawan mengenai peraturan yang employees regarding applicable regulations and conducts
berlaku serta melakukan pemantauan internal secara regular internal monitoring to ensure compliance with
berkala untuk memastikan kepatuhan terhadap regulasi. regulations. Through these efforts, the Company is
Dengan upaya ini, Perusahaan berkomitmen untuk committed to maintaining integrity and sustainability
menjaga integritas dan keberlanjutan operasional yang of responsible operations, to create added value for
bertanggung jawab, demi menciptakan nilai tambah bagi shareholders and other stakeholders.
pemegang saham dan pemangku kepentingan lainnya.
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Kode Etik
Code of Conduct
Perseroan menetapkan Kode Etik (Code of Business The Company has established a Code of Business
Conduct) sebagai pedoman perilaku yang memuat Conduct as a guideline for behavior that contains ethical
standar etika bagi seluruh insan Perseroan dalam standards for all Company personnel in carrying out
menjalankan kegiatan usaha dan aktivitas kerja sehari- business activities and daily work activities. The Code
hari. Kode Etik ditetapkan untuk menjaga integritas, of Conduct is established to maintain integrity, prevent
mencegah benturan kepentingan, serta memastikan conflicts of interest, and ensure compliance with laws and
kepatuhan terhadap ketentuan peraturan perundang- regulations and good corporate governance principles.
undangan dan prinsip tata kelola perusahaan yang In its implementation, the Code of Conduct serves as
baik. Dalam penerapannya, Kode Etik menjadi rujukan a reference for the implementation of the Company’s
bagi pelaksanaan kebijakan dan prosedur operasional policies and operational procedures and strengthens a
Perseroan serta memperkuat budaya perusahaan yang corporate culture oriented towards sustainability.
berorientasi pada keberlanjutan.
Pokok-Pokok Kode Etik
Code of Conduct
Pokok-pokok Kode Etik Perseroan mencakup, antara The main points of the Company’s Code of Ethics include,
lain: among others:
1. Standar perilaku insan Perseroan, termasuk 1. Standards of conduct for Company personnel,
perilaku pimpinan terhadap karyawan, mekanisme including the conduct of leaders towards employees,
penyampaian keluhan, serta ketentuan penghargaan mechanisms for submitting complaints, and
dan sanksi. provisions for rewards and sanctions.
2. Perlindungan aset dan informasi Perseroan, 2. Protection of Company assets and information,
termasuk kerahasiaan informasi non-publik dan including the confidentiality of non-public information
perlindungan data pribadi. and the protection of personal data.
3. Etika dalam hubungan kerja, meliputi penghormatan 3. Ethics in employment relationships, including respect
atas keberagaman, kesetaraan kesempatan kerja, for diversity, equal employment opportunities,
pencegahan ancaman dan kekerasan di tempat prevention of threats and violence in the workplace,
kerja, serta penerapan lingkungan kerja yang sehat. and the implementation of a healthy work
environment.
4. Integritas dalam pengambilan keputusan, termasuk 4. Integrity in decision-making, including management
pengelolaan penggunaan dana perusahaan, of the use of company funds, control of conflicts of
pengendalian benturan kepentingan, serta kehati- interest, and prudence in business and side jobs.
hatian dalam usaha dan pekerjaan sampingan.
5. Kepatuhan terhadap ketentuan gratifikasi dan anti 5. Compliance with gratuity and anti-bribery provisions,
penyuapan, termasuk pengaturan hadiah, jamuan, including the regulation of gifts, entertainment, and
hiburan, dan kepatuhan terhadap pedoman internal compliance with relevant internal guidelines.
terkait.
6. Hubungan dengan pemangku kepentingan eksternal, 6. Relationships with external stakeholders, including
meliputi hubungan yang wajar dengan pemerintah, reasonable relationships with the government, fair
perlakuan adil terhadap mitra bisnis, serta persaingan treatment of business partners, and fair business
usaha yang sehat. competition.
7. Perlindungan kepentingan pelanggan dan pihak 7. Protection of customer and third party interests,
ketiga, termasuk pemeliharaan mutu produk dan including maintenance of product quality and service
kualitas layanan. quality.
8. Penjagaan reputasi Perseroan, termasuk kehati- 8. Safeguarding the Company’s reputation, including
hatian dalam aktivitas sosial dan politik. prudence in social and political activities.
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Tata Kelola Perusahaan
Good Corporate Governance
Sanksi Pelanggaran Kode Etik Sanctions On Code Of Conduct Violation
Perseroan menetapkan sanksi atas pelanggaran Kode The Company imposes sanctions for violations of the
Etik sesuai ketentuan internal dan peraturan perundang- Code of Ethics in accordance with internal provisions and
undangan yang berlaku. Ketentuan sanksi diatur dalam applicable laws and regulations. The provisions regarding
Perjanjian Kerja Bersama (PKB) yang berlaku, khususnya sanctions are stipulated in the applicable Collective Labor
ketentuan mengenai disiplin kerja dan sanksi (MMM). Agreement (CLA), specifically the provisions regarding
Sepanjang Tahun Buku 2025, Perseroan tidak mencatat work discipline and sanctions (MMM). Throughout the
pelanggaran Kode Etik yang dilakukan oleh karyawan 2025 Financial Year, the Company did not record any
ADCP. violations of the Code of Ethics committed by ADCP
employees.
Bentuk Sosialisasi Kode Etik dan Upaya Penegakannya
Forms of Code of Conduct Socialization and Enforcement Efforts
Perseroan melakukan sosialisasi Kode Etik secara The Company continuously disseminates the Code
berkelanjutan melalui penandatanganan komitmen of Ethics through the signing of annual commitments
tahunan (Integrity Pact) oleh karyawan, serta melalui (Integrity Pact) by employees, as well as through internal
media internal, pelatihan, dan knowledge sharing. media, training, and knowledge sharing. Understanding
Pemahaman dan internalisasi Kode Etik diperkuat melalui and internalization of the Code of Ethics is reinforced
peran pimpinan unit kerja yang menyampaikan ketentuan through the role of work unit leaders who convey the
kepada timnya. Biro SDM bersama Direksi melakukan provisions to their teams. The Human Resources Bureau,
pemantauan dan evaluasi secara berkala atas penerapan together with the Board of Directors, periodically monitors
Kode Etik di unit kerja Perseroan. and evaluates the implementation of the Code of Ethics in
the Company’s work units.
Pernyataan Bahwa Kode Etik Berlaku bagi Anggota Direksi, Anggota Dewan Komisaris, dan
Karyawan Perusahaan
Statement of Applicability The Code of Conduct Applies to All Members of The Board of Directors, Board of
Commissioners, and All Employees of The Company
Kode Etik ditetapkan melalui Surat Keputusan Direksi The Code of Ethics is stipulated through a Board of
sebagai Pedoman Perilaku (Code of Conduct) dan Directors Decree as a Code of Conduct and serves as a
menjadi pedoman yang wajib dipatuhi dalam lingkungan guideline that must be adhered to within the Company. The
Perseroan. Kode Etik berlaku bagi Dewan Komisaris, Code of Ethics applies to the Board of Commissioners,
Direksi, serta seluruh karyawan (tetap maupun kontrak) the Board of Directors, and all employees (permanent
dan menjadi bagian dari ketentuan internal Perseroan, and contract) and forms part of the Company’s
termasuk Peraturan Perusahaan atau Perjanjian Kerja internal regulations, including the applicable Company
Bersama (PKB) yang berlaku. Pada 16 November 2022, Regulations or Collective Labor Agreement (PKB). On
Pedoman Etika Bisnis Perseroan ditandatangani oleh November 16, 2022, the Company’s Business Ethics
Dewan Komisaris dan Direksi dan diberlakukan bagi Guidelines were signed by the Board of Commissioners
seluruh insan Perseroan. and the Board of Directors and applied to all members of
the Company.
Pedoman ini berlaku bagi seluruh anggota Dewan These guidelines apply to all members of the Board of
Komisaris, seluruh anggota Direksi, serta seluruh Commissioners, all members of the Board of Directors,
karyawan Perseroan, baik karyawan tetap maupun and all employees of the Company, both permanent and
kontrak. Seluruh insan Perseroan wajib menjunjung contract employees. All members of the Company are
perilaku profesional, bertanggung jawab, wajar, patut, required to uphold professional, responsible, fair, proper,
dan dapat dipercaya dalam menjalankan tugas serta and trustworthy behavior in carrying out their duties and
dalam menjalin hubungan kerja dan hubungan bisnis in establishing working and business relationships with
dengan rekan kerja maupun mitra usaha. colleagues and business partners.
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Kebijakan Pemberian Kompensasi Jangka Panjang
Berbasis Kinerja kepada Manajemen dan/atau Karyawan
Long-Term Compensation Policy Based on Performance for Management and/or
Employees
Perseroan menetapkan kebijakan kompensasi jangka The Company has established a performance-based long-
panjang berbasis kinerja sebagai instrumen retensi dan term compensation policy as an instrument for retention
penyelarasan kepentingan antara Perseroan dan insan and alignment of interests between the Company and
Perseroan, khususnya manajemen dan karyawan, melalui its personnel, particularly management and employees,
skema kepemilikan saham. Perseroan menerapkan through a share ownership scheme. The Company
prinsip evaluasi kinerja secara berkala serta pemberian applies the principle of periodic performance evaluation
imbalan yang mempertimbangkan kinerja, termasuk and rewards based on performance, including at least
peninjauan kinerja minimal satu kali dalam setahun dan one performance review per year and the provision of
pemberian bonus sesuai kinerja karyawan. bonuses in accordance with employee performance.
Jumlah Saham dan/atau Opsi
Number of Shares and/or Options
Perseroan menyelenggarakan Program Opsi Kepemilikan The Company organizes a Management and Employee
Saham kepada Manajemen dan Karyawan (Management Stock Option Program (MESOP) with a maximum
and Employee Stock Option Program/MESOP) dengan number of options of 560,224,000 shares or a maximum
jumlah opsi sebanyak-banyaknya 560.224.000 saham of 2.0% of the total issued and fully paid-up capital after
atau sebanyak-banyaknya 2,0% dari jumlah modal the Company’s Initial Public Offering. The Company
ditempatkan dan disetor penuh setelah Penawaran Umum stipulates that each MESOP option entitles the holder to
Perdana Saham Perseroan. Perseroan menetapkan purchase 1 (one) new share of the Company, so that the
bahwa setiap 1 (satu) hak opsi MESOP memberikan hak number of options allocated is one-to-one with the new
kepada pemegangnya untuk membeli 1 (satu) saham shares that can be issued through the implementation of
baru Perseroan, sehingga jumlah opsi yang dialokasikan MESOP.
berbanding satu banding satu terhadap saham baru yang
dapat diterbitkan melalui pelaksanaan MESOP.
Jangka Waktu Pelaksanaan
Vesting Period
Perseroan melaksanakan pendistribusian hak opsi The Company distributes MESOP options in stages to
MESOP secara bertahap untuk menjaga keterikatan maintain the long-term commitment of participants and
jangka panjang partisipan dan memastikan manfaat ensure that the benefits of the program are linked to the
program melekat pada keberlanjutan kontribusi kinerja. sustainability of performance contributions. The Company
Perseroan mendistribusikan hak opsi dalam 3 (tiga) distributes option rights in 3 (three) stages, namely in
tahapan, yaitu pada tahun 2024, 2025, dan 2026, serta 2024, 2025, and 2026, and sets a vesting period of 6
menetapkan vesting period selama 6 (enam) bulan (six) months for the first and second stages, and 1 (one)
untuk tahapan pertama dan kedua, dan selama 1 (satu) month for the third stage. The Company grants option
bulan untuk tahapan ketiga. Perseroan memberikan hak holders the right to exercise their options after the vesting
kepada pemegang opsi untuk melaksanakan opsi setelah period ends, during the specified exercise period, and the
vesting period berakhir, pada periode pelaksanaan Company stipulates that the issuance of shares resulting
yang ditentukan, dan Perseroan menetapkan bahwa from the exercise of MESOP shall be carried out no later
penerbitan saham hasil pelaksanaan MESOP dilakukan than August 19, 2026, or 5 (five) years from the GMS that
paling lambat 19 Agustus 2026 atau 5 (lima) tahun sejak established the MESOP.
RUPS penetapan MESOP.
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Tata Kelola Perusahaan
Good Corporate Governance
Persyaratan Karyawan dan/atau Manajemen yang Berhak
Eligibility Criteria for Employees and/or Management
Perseroan menetapkan kriteria kepesertaan MESOP The Company has established MESOP participation
untuk memastikan bahwa penerima manfaat merupakan criteria to ensure that beneficiaries are parties relevant to
pihak yang relevan terhadap penciptaan nilai dan kinerja the creation of value and performance of the Company.
Perseroan. Perseroan mengikutsertakan partisipan The Company includes participants comprising
yang meliputi Komisaris (tidak termasuk Komisaris Commissioners (excluding Independent Commissioners),
Independen), Direksi, dan karyawan Perseroan yang aktif Directors, and active employees of the Company who
serta memenuhi syarat kepesertaan sesuai ketentuan meet the participation requirements in accordance with
program. Perseroan menetapkan bahwa pelaksanaan the program provisions. The Company stipulates that
opsi dilakukan dengan pendanaan pribadi pemegang the exercise of options is funded by the option holders’
opsi, sehingga partisipasi mencerminkan komitmen personal funds, so that participation reflects individual
individual atas kinerja dan prospek Perseroan. commitment to the Company’s performance and
prospects.
Dalam rangka kepatuhan pasar modal, Perseroan In order to comply with capital market regulations, the
memberlakukan kewajiban pelaporan perubahan Company imposes an obligation on members of the
kepemilikan saham bagi anggota Direksi dan Dewan Board of Directors and Board of Commissioners to report
Komisaris sesuai ketentuan yang berlaku. Kebijakan changes in share ownership in accordance with applicable
tersebut mengacu pada Peraturan Otoritas Jasa regulations. This policy refers to Regulation of the
Keuangan Republik Indonesia Nomor 4 Tahun 2024 Financial Services Authority of the Republic of Indonesia
tentang laporan kepemilikan atau setiap perubahan Number 4 of 2024 concerning reports on ownership or
kepemilikan saham Perusahaan Terbuka dan laporan any changes in share ownership of Public Companies
aktivitas menjaminkan saham Perusahaan Terbuka, and reports on activities related to the pledging of
termasuk pengaturan batas waktu penyampaian laporan shares of Public Companies, including the regulation of
sebagaimana ditetapkan dalam ketentuan dimaksud. the deadline for submitting reports as stipulated in the
provisions referred to.
Perseroan menyatakan bahwa pada tahun 2025 tidak The Company states that in 2025 there were no reports
terdapat pelaporan transaksi pembelian dan/atau of share purchase and/or sale transactions by the Board
penjualan saham oleh Direksi dan Dewan Komisaris of Directors and Board of Commissioners because there
karena tidak terdapat perubahan kepemilikan saham. were no changes in share ownership.
Harga Pelaksanaan atau Penentuan Harga Pelaksanaan
Exercise Price or Determination of the Exercise Price
Perseroan menetapkan bahwa setiap 1 (satu) hak opsi The Company stipulates that each MESOP option can
MESOP dapat digunakan untuk membeli 1 (satu) saham be used to purchase one new share of the Company,
baru Perseroan dengan kewajiban pemegang opsi untuk with the option holder being obligated to pay the full
membayar secara penuh harga pelaksanaan pada exercise price at the time of exercising the option. The
saat pelaksanaan opsi. Perseroan menetapkan bahwa Company stipulates that payment of the exercise price
pembayaran harga pelaksanaan tersebut bersumber shall be sourced from the option holder’s personal funds.
dari pendanaan pribadi pemegang opsi. Adapun besaran The amount of the exercise price and/or the mechanism
harga pelaksanaan dan/atau mekanisme penetapan for determining the exercise price are stipulated in the
harga pelaksanaan merupakan ketentuan dalam Program MESOP Program, but are not disclosed in the information
MESOP, namun tidak diungkapkan dalam informasi yang available in this reporting period, so the Company does
tersedia pada periode pelaporan ini, sehingga Perseroan not present the figures or formula for determining it in this
tidak menyajikan angka maupun formula penetapannya report.
dalam laporan ini.
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Perseroan mengendalikan pelaksanaan program melalui The Company controls the implementation of the
tahapan distribusi, ketentuan vesting, dan periode program through distribution stages, vesting provisions,
pelaksanaan yang ditetapkan, serta mengaitkannya and specified implementation periods, and links it to the
dengan prinsip tata kelola dan kepatuhan terhadap principles of governance and compliance with capital
ketentuan pasar modal, termasuk keterbukaan atas market regulations, including disclosure of changes in
perubahan kepemilikan saham oleh organ Perseroan. share ownership by the Company’s organs. The Company
Perseroan menempatkan kebijakan ini sebagai bagian positions this policy as part of performance-based and
dari pengelolaan sumber daya manusia berbasis kinerja sustainable human resource management, so that the
dan keberlanjutan, sehingga manfaat jangka panjang long-term benefits of the program remain in line with the
program tetap sejalan dengan kepentingan Perseroan interests of the Company and its stakeholders.
dan pemangku kepentingan.
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Tata Kelola Perusahaan
Good Corporate Governance
Kebijakan Pengungkapan Informasi Kepemilikan Saham
Anggota Direksi dan Anggota Dewan Komisaris
Disclosure Policy of Information on Share Ownership of Members of the Board of
Directors and Members of the Board of Commissioners
Dalam rangka menerapkan prinsip tata kelola To implement the principles of good corporate
perusahaan yang baik, Perseroan menetapkan governance, the Company has established a policy on
kebijakan pengungkapan informasi kepemilikan saham the disclosure of share ownership by members of the
bagi anggota Direksi dan anggota Dewan Komisaris. Board of Directors and the Board of Commissioners.
Kebijakan tersebut mengacu pada Peraturan Otoritas This policy refers to Financial Services Authority (OJK)
Jasa Keuangan Republik Indonesia Nomor 4 Tahun Regulation of the Republic of Indonesia Number 4 of 2024
2024 tentang laporan kepemilikan atau setiap perubahan concerning reports on share ownership or any changes in
kepemilikan saham Perusahaan Terbuka dan laporan share ownership of Public Companies, as well as reports
aktivitas menjaminkan saham Perusahaan Terbuka, on share pledging activities, including the applicable
termasuk pengaturan batas waktu penyampaian laporan reporting deadlines.
sebagaimana ditetapkan dalam ketentuan dimaksud.
Perseroan menerapkan kebijakan ini sebagai mekanisme The Company applies this policy as a compliance control
pengendalian kepatuhan dan keterbukaan informasi agar and information disclosure mechanism to ensure that
pengungkapan kepemilikan saham oleh organ Perseroan the disclosure of share ownership by the Company’s
dilakukan secara tertib, terdokumentasi, dan selaras governing bodies is conducted in an orderly manner,
dengan prinsip transparansi. properly documented, and in line with the principles of
transparency.
Kepemilikan Saham Anggota Direksi dan Anggota Share Ownership of Members of the Board of Directors
Dewan Komisaris Paling Lambat 3 (Tiga) Hari and Members of the Board of Commissioners no Later
Kerja Setelah Terjadinya Kepemilikan atau Setiap than 3 (Three) Working Days After the Occurring of
Perubahan Kepemilikan atas Saham Perusahaan Ownership or any Change in Ownership of Shares of
Terbuka the Public Company
Perseroan menetapkan kewajiban pelaporan kepemilikan The Company requires the reporting of share ownership
saham sebagai bagian dari pelaksanaan prinsip as part of its commitment to transparency and good
transparansi dan tata kelola perusahaan yang baik. corporate governance. Each member of the Board of
Perseroan mewajibkan setiap anggota Direksi dan Directors and the Board of Commissioners is required
anggota Dewan Komisaris untuk melaporkan kepemilikan to report the ownership of voting shares, whether held
saham dengan hak suara, baik secara langsung maupun directly or indirectly, to the Financial Services Authority
tidak langsung, kepada Otoritas Jasa Keuangan paling (OJK) no later than three (3) business days after the
lambat 3 (tiga) hari kerja setelah terjadinya kepemilikan acquisition of shares, any change in share ownership
atau setiap perubahan kepemilikan atas saham of a Public Company, or the signing of a share pledging
Perusahaan Terbuka, serta sejak ditandatanganinya agreement.
perjanjian aktivitas menjaminkan saham Perusahaan
Terbuka.
Dalam rangka memastikan kelengkapan informasi, To ensure complete and accurate disclosure, the
Perseroan menetapkan bahwa data pelaporan Company requires that the report include, at a minimum,
setidaknya memuat identitas pemegang saham, jumlah the identity of the shareholder, the number of shares
saham sebelum dan sesudah perubahan, jenis transaksi, before and after the change, the type of transaction, the
tanggal transaksi, dan tujuan transaksi, sesuai format transaction date, and the purpose of the transaction, in
pelaporan yang berlaku. accordance with the applicable reporting format.
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Pelaksanaan atas Kebijakan Dimaksud Implementation of the Mentioned Policy
Pada tahun buku 2025, Perseroan melaksanakan In the 2025 financial year, the Company implemented
kebijakan pengungkapan informasi kepemilikan saham its share ownership disclosure policy for members of
Direksi dan Dewan Komisaris melalui mekanisme the Board of Directors and the Board of Commissioners
pencatatan, pengumpulan informasi pendukung, dan through proper recording, collection of supporting
pemantauan kepatuhan pelaporan sesuai ketentuan information, and monitoring of reporting compliance in
yang berlaku. accordance with applicable regulations.
Sepanjang tahun buku 2025, Perseroan tidak mencatat Throughout the 2025 financial year, the Company
adanya transaksi pembelian dan/atau penjualan saham recorded no purchases or sales of shares by members
oleh Direksi dan Dewan Komisaris sehingga tidak of the Board of Directors or the Board of Commissioners.
terdapat perubahan kepemilikan saham yang perlu Accordingly, there were no changes in share ownership
dilaporkan sebagai perubahan pada periode dimaksud. that required disclosure during the period.
Informasi Mengenai Pemegang Saham Utama dan Information About Major and Controlling Shareholders
Pengendali
Perseroan menyajikan informasi mengenai pemegang The Company discloses information about its principal
saham utama dan pengendali sebagai bagian dari and controlling shareholders as part of its commitment to
keterbukaan informasi kepada pemangku kepentingan. transparency with stakeholders. Details of the Company’s
Informasi mengenai pemegang saham utama dan principal and controlling shareholders are presented
pengendali Perseroan diungkapkan pada Bab Profil in the Company Profile chapter, under the section on
Perusahaan, bagian Struktur dan Komposisi Pemegang Shareholding Structure and Composition.
Saham.
Kepemilikan Saham Direksi dan Dewan Komisaris
Share Ownership of the Board of Directors and Board of Commissioners
Perseroan mengungkapkan informasi kepemilikan The Company discloses information on the share
saham Direksi dan Dewan Komisaris sebagai bentuk ownership of the Board of Directors and the Board of
transparansi dan penerapan tata kelola perusahaan yang Commissioners as part of its commitment to transparency
baik. Perseroan menyajikan pengungkapan ini secara and the implementation of good corporate governance.
berkala dalam Laporan Tahunan untuk mendukung This disclosure is presented regularly in the Annual Report
penilaian independensi organ Perseroan dan keterbukaan to support the assessment of the independence of the
informasi kepada pemegang saham. Company’s governing bodies and to ensure transparency
to shareholders.
Pengungkapan berikut mencerminkan susunan Direksi The following disclosure reflects the composition of the
dan Dewan Komisaris Perseroan selama tahun buku Board of Directors and the Board of Commissioners
2025. Apabila terdapat lebih dari satu nama pada jabatan during the 2025 financial year. If more than one name
yang sama, hal tersebut disebabkan adanya perubahan appears for the same position, this is due to changes
susunan organ Perseroan dalam tahun berjalan. in the composition of the Company’s governing bodies
during the year.
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Tata Kelola Perusahaan
Good Corporate Governance
Kepemilikan Saham
Shares Ownership
Nama Jabatan Perusahaan Lain
Name Position Perusahaan (>5%)
Company Other Companies
(>5%)
Direksi
The Board of Directors
Achmad Wachid Abdullah Direktur Utama Nihil Nihil
President Director None None
Farid Budiyanto Direktur Operasi Nihil Nihil
Director of Operation None None
Rizkan Firman* Direktur Utama Nihil Nihil
President Director None None
Dewan Komisaris
The Board of Commissioners
Wenry Anshory Putra Komisaris Utama merangkap Komisaris Independen Nihil Nihil
President Commissioner and concurrently Independent None None
Commissioner
Yan Firwan Komisaris Nihil Nihil
Commissioner None None
Herry Ardianto* Komisaris Utama *153.800 lembar Nihil
President Commissioner *153.800 shares None
Achmad Afandi* Komisaris *76.900 lembar Nihil
Commissioner *76.900 shares None
*Menunjukkan pejabat yang menjabat hingga 05 Juni 2025 berdasarkan Akta Berita Acara RUPS Tahunan No. 36 tanggal 05 Juni 2025.
*Herry Ardianto dan Achmad Afandi memiliki saham Perseroan di bawah 5% sehingga tidak mempengaruhi secara material aspek independensinya;
setiap kepemilikan dan/atau perubahan kepemilikan (apabila ada) dilaporkan sesuai ketentuan yang berlaku.
*Appoints officials who served until June 5, 2025, based on the Minutes of the Annual GMS No. 36 dated June 5, 2025.
*Herry Ardianto and Achmad Afandi hold less than 5% of the Company’s shares and therefore do not materially affect their independence; any share
ownership and/or changes in ownership (if any) are reported in accordance with applicable regulations.
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Kebijakan Terkait Aktivitas Politik dan Sosial
Policy on Political and Social Activities
Perseroan berkomitmen menjaga netralitas dalam The Company is committed to maintaining neutrality in
aktivitas politik dan tidak memberikan dukungan kepada political activities and does not provide support to any
partai politik, calon, maupun politisi tertentu, baik political parties, candidates, or politicians, either materially
dalam bentuk materi maupun non-materi. Perseroan or non-materially. The Company respects the rights of
menghormati hak setiap karyawan sebagai warga negara every employee as citizens to participate in political and
untuk berpartisipasi dalam aktivitas politik dan sosial social activities in their personal capacity in accordance
dalam kapasitas pribadi sesuai ketentuan yang berlaku. with applicable regulations.
Dalam konteks penerapan GCG dan Kode Etik, In the context of implementing GCG and the Code of
Perseroan menegaskan bahwa partisipasi tersebut tidak Ethics, the Company emphasizes that such participation
boleh dilakukan dengan mengatasnamakan Perseroan, must not be carried out in the name of the Company,
menggunakan atribut, fasilitas, waktu kerja, atau sumber using the Company’s attributes, facilities, working hours,
daya Perseroan, serta tidak menimbulkan konflik or resources, and must not cause conflicts of interest or
kepentingan dan tidak mengganggu pelaksanaan tugas. interfere with the performance of duties.
Setiap karyawan bertanggung jawab atas pilihan dan Each employee is responsible for their personal choices
tindakan pribadi dalam aktivitas politik dan sosialnya, and actions in their political and social activities, as long
sepanjang dilakukan di luar kapasitas jabatan dan tidak as they are carried out outside of their job capacity and
melibatkan Perseroan, sementara Perseroan berwenang do not involve the Company, while the Company has the
menindaklanjuti setiap pelanggaran terhadap Kode Etik authority to follow up on any violations of the Code of
sesuai ketentuan yang berlaku. Ethics in accordance with applicable regulations.
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Tata Kelola Perusahaan
Good Corporate Governance
Sistem Pelaporan Pelanggaran
Whistleblowing System
Dasar Kebijakan Basis of Policy
Sistem Pelaporan Pelanggaran (Whistleblowing System/ The Whistleblowing System (WBS) is a reporting
WBS) merupakan sistem pelaporan yang diterapkan mechanism established by the Company to report alleged
oleh Perseroan terkait dugaan tindakan pelanggaran violations committed by the Company’s personnel within
yang dilakukan oleh insan Perseroan di lingkungan the ADCP environment. The Company has established
ADCP. Perseroan telah menetapkan Pedoman Sistem the Whistleblowing System Guidelines through the
Pelaporan Pelanggaran (WBS) melalui Surat Keputusan Board of Directors’ Decree No. 012/ADCP-SK/XI/2022
Direksi Nomor 012/ADCP-SK/XI/2022 tanggal 16 dated November 16, 2022, on the Revision of the
November 2022 tentang Penyempurnaan Pedoman ADCP Whistleblowing System Guidelines. This Board of
Sistem Pelaporan Pelanggaran/Whistleblowing System Directors’ Decree also revokes the Company’s Board of
(WBS) ADCP. Surat Keputusan Direksi dimaksud juga Directors’ Decree No. 001/ACP-SK/I/2019 dated January
mencabut Surat Keputusan Direksi Perseroan Nomor 4, 2019, concerning the Whistleblowing System of
001/ACP-SK/I/2019 tanggal 4 Januari 2019 tentang PT Adhi Commuter Properti Tbk..
Sistem Pelaporan Pelanggaran/Whistleblowing System
PT Adhi Commuter Properti Tbk.
Sesuai dengan kebijakan pedoman Sistem Pelaporan According to the guidelines of the Whistleblowing System,
Pelanggaran, seluruh tindakan dalam penyelenggaraan any actions in the conduct of the Company’s activities
kegiatan Perseroan yang bertentangan dengan that violate prevailing laws and regulations, Company
peraturan perundang-undangan yang berlaku, peraturan regulations, and the Company’s Code of Ethics - can
Perseroan, dan Kode Etik Perseroan, dapat dilaporkan be reported, and will subsequently be accommodated,
yang kemudian akan ditampung, diolah, dan ditindak processed, and acted upon in accordance with the
sesuai dengan pedoman sistem pelaporan pelanggaran. guidelines of the whistleblowing system.
Prinsip, Tujuan, Sasaran, dan Manfaat Principles, Objectives, Targets, and Benefits
1. WBS ADCP menganut prinsip-prinsip: 1. WBS of ADCP adheres to the following principles:
a. Cepat dan tepat, maksudnya adalah penanganan a. Fast and precise, meaning that the whistleblowing
terhadap adanya laporan pelanggaran, harus must be handled in a fast and precise manner;
ditangani dengan cepat dan tepat;
b. Komunikatif, maksudnya komunikasi antara b. Communicative, meaning that communication
penerima laporan dengan pelapor dapat between the recipient of the report and the
berlangsung dengan baik; whistleblower must be well-implemented;
c. Rahasia, maksudnya semua laporan yang c. Confidential, meaning that all reports in the
masuk ke dalam sistem adalah bersifat rahasia system are confidential and its confidentiality
dan harus terjaga kerahasiaannya; must be maintained;
d. Akurat, maksudnya penanganan yang dilakukan d. Accurate, meaning that the handling of
atas adanya pelaporan dilakukan berdasarkan reports is carried out based on accurate data,
akurasi data dan bukan berdasarkan asumsi not assumptions or conjectures without any
atau dugaan tanpa data pendukung; supporting data;
e. Itikad baik, maksudnya bahwa pelapor harus e. Good faith, meaning that the whistleblower must
memiliki itikad baik dan bukan didasarkan atas be in good faith and the report must not be based
dendam pribadi atau orientasi tertentu dari or personal grudges or bias of the whistleblower;
pelapor;
f. Proteksi, mengandung arti semua pihak yang f. Protection, meaning that all whistleblowers will
bertindak sebagai pelapor akan dilindungi oleh be protected by ADCP;
ADCP;
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g. Tidak ada diskriminasi, artinya semua g. No discrimination, meaning that all ADCP
karyawan ADCP dapat melaporkan dan tidak employees are free to submit reports without any
ada diskriminasi dalam penanganan terhadap discrimination in the handling process.
laporan.
2. Pedoman WBS bertujuan untuk menyediakan suatu 2. The WBS Guideline aims to provide guidance for the
panduan bagi internal Perseroan dalam menangani Company’s internal management in handling reports
adanya laporan pengaduan/penyingkapan of complaints/disclosures of violations within the
pelanggaran di lingkungan Perseroan Company
3. Sasaran dari penyusunan WBS adalah: 3. The objectives of establishing WBS are as follows:
a. Mempermudah manajemen untuk menangani a. Facilitating the management to deal
secara efektif laporan-laporan pelanggaran; whistleblowing effectively;
b. Mengintegrasikan WBS dalam sistem b. Integrating WBS into the Company’s internal
pengendalian internal Perseroan dan control system and risk management that
manajemen risiko yang mendukung GCG. supports GCG.
4. Manfaat dari penyelenggaraan WBS adalah: 4. The benefits of WBS implementation include:
a. Tersedianya cara penyampaian informasi a. Availability of media to convey important and
penting dan kritis bagi Perseroan kepada pihak critical information for the Company to the party
yang harus segera menanganinya secara aman; in charge of handling it immediately and safely;
b. Tersedianya mekanisme deteksi dini (early b. Availability of early warning system for potential
warning system) atas kemungkinan terjadinya problems occurring due to a violation;
masalah akibat suatu pelanggaran;
c. Tersedianya kesempatan untuk menangani c. Availability of opportunities to first handle the
masalah pelanggaran secara internal terlebih violations internally before becoming a public
dahulu, sebelum meluas menjadi masalah issue;
pelanggaran yang bersifat publik;
d. Timbulnya keengganan untuk melakukan d. Realization of behaviors that are reluctant to
pelanggaran; commit violations;
e. Meningkatkan reputasi Perseroan di mata e. Improvement of the Company’s reputation to the
pemangku kepentingan (stakeholders). stakeholders
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Tata Kelola Perusahaan
Good Corporate Governance
Komite Etik
Ethics Committee
Berfungsi sebagai komite ad-hoc yang dibentuk untuk Acts as an ad-hoc committee established to manage the
mengelola Sistem Pelaporan Pelanggaran (Whistleblowing Whistleblowing System (WBS), including receiving and
System/WBS), termasuk menerima dan menyaring laporan, filtering reports, conducting initial review, verification,
melakukan penelaahan awal, verifikasi, serta memberikan and providing assessment and recommendations to
kajian dan rekomendasi kepada Direksi terkait dugaan the Board of Directors regarding alleged violations. The
pelanggaran. Direksi menilai bahwa ketiga organ pendukung Board of Directors assesses that these three supporting
tersebut telah memadai. organs are sufficient.
Frekuensi Rapat dan Tingkat Kehadiran Anggota Komite Etik
Meeting Frequency and Attendance of Members of the Ethics Committee
No Persentase Kehadiran
Nama Jabatan Jumlah Rapat Kehadiran
Attendance Percentage
Name Position Total Meetings Attendance
Ketua 1 1 100%
1 Manajer Biro Human Capital
Chairman
Wakil Ketua 1 1
2 Manajer Biro Legal 100%
Deputi Chairman
Kepala Satuan Pengawasan Internal Anggota 1 1
3 100%
(SPI) Member
Anggota 1 1
4 Sekretaris Perusahaan 100%
Member
Mata Acara Rapat Komite Etik
Meeting Agenda of the Ethics Committee
Mata Acara Tanggal
No
Agenda Date
1 Program Kerja Bersama dalam rangka implementasi ISO 15037001:2016 31 Juli 2025
Sistem Manajemen Anti Penyuapan. July 31, 2025
Joint Work Program for the Implementation of ISO 15037-001:2016 Anti-Bribery
Managment System
Sosialisasi WBS WBS Dissemination
Perseroan secara rutin melakukan sosialisasi dan evaluasi The Company consistently conducts dissemination and
atas sistem pelaporan pelanggaran secara menyeluruh evaluation of the whistleblowing system comprehensively
kepada seluruh Insan Perseroan. Sosialisasi ini juga to all Company personnel. This dissemination also aims to
bertujuan untuk memperoleh perspektif dan pemahaman gain perspective and understanding, as well as to enhance
serta meningkatkan keterbukaan bagi insan Perseroan untuk transparency among Company personnel to report frauds
melaporkan penyimpangan dan dapat mempergunakan and utilize the Whistleblowing System appropriately.
sistem Pelaporan Pelanggaran ini sebagaimana The WBS dissemination within the Company can be
mestinya. Sosialisasi WBS di lingkungan Perseroan dapat conducted concurrently with the dissemination of GCG
dilaksanakan bersamaan dengan sosialisasi penerapan implementation and the introduction of new Company
GCG dan sosialisasi kebijakan kebijakan baru Perseroan. policies.
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Cara Penyampaian Laporan Pelanggaran
Whistleblowing Report Submission
Pengungkapan dan Saluran Pelaporan Pengaduan Disclosure and Channels for the Whistleblowing
Pelanggaran System
1. Sarana/Media 1. Channel/Media
Pelapor dapat menyampaikan pengungkapan/ Whistleblowers may submit reports or disclosures
pelaporan pengaduan pelanggaran kepada Komite of alleged violations to the Ethics Committee, as
Etik selaku Pengelola Administrasi Whistleblowing the administrator of the Whistleblowing System,
System, melalui sarana/media website ADCP, www. through the ADCP website at www.adcp.co.id, which
adcp.co.id yang khusus diperuntukkan bagi Sistem is specifically designated for the Whistleblowing
Pengelolaan Pelanggaran. System.
Komite Etik akan menyaring laporan pengaduan/ The Ethics Committee will review and screen
pengungkapan yang diterima, apakah terdapat each report to determine whether there are initial
indikasi awal atau sesuai dengan kriteria WBS dan indications of a violation and whether the report
dapat ditindak lanjuti: meets the Whistleblowing System criteria, allowing it
to be followed up on:
a. Bila YA, laporan pengaduan/pengungkapan a. If YES, the complaint/disclosure report will be
akan ditindaklanjuti; followed up;
b. Bila TIDAK, proses Sistem Pelaporan b. If NO, the Whistleblowing System process is
Pelanggaran selesai. closed.
Pelaporan pengaduan/pengungkapan yang dapat Reports followed up by the WBS are those with
ditindaklanjuti melalui mekanisme WBS ini adalah significant impact on the Company. The Company
pelaporan dan pengaduan atas kasus pelanggaran will only process reports of events, violations, or
yang berdampak signifikan terhadap Perseroan. evidence that took place under (one) year before the
Laporan pengaduan yang akan diproses lebih lanjut report is submitted.
hanya terkait dengan peristiwa/kejadian atau bukti
dalam kurun waktu 1 (satu) tahun sebelum laporan
pengaduan disampaikan.
2. Bentuk Pengungkapan/Pelaporan Pengaduan 2. Form of Disclosure/Report of Whistleblowing
Pelanggaran
a. Pengungkapan/pelaporan pengaduan a. Disclosure/reporting of whistleblowing is
pelanggaran disampaikan secara tertulis submitted in writing by specifying identity (name,
dengan identitas jelas (nama, NPP, jabatan dan NPP, position and work unit) and attaching
unit kerja) dan dilampiri bukti-bukti pendukung; supporting evidence;
b. Penyampaian melalui email harus dengan b. Email submissions must be attached with a clear
identitas jelas, format dalam bentuk file, pdf atau identity in file, pdf or jpeg.
jpeg.
Perlindungan bagi Pelapor
Protection for Whistleblowers
Perlindungan bagi Pelapor Whistleblower Protection
Perseroan senantiasa memberikan jaminan kerahasiaan The Company always ensures confidentiality and
dan perlindungan terhadap pelapor, termasuk bagi pihak- protection for the whistleblowers, including parties
pihak terkait dalam proses investigasi, yaitu sebagai involved in the investigation process, as seen below.
berikut.
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Tata Kelola Perusahaan
Good Corporate Governance
1. Perseroan menjamin bahwa dalam melakukan proses 1. The Company’s assurance for the implementation of
atas setiap pelaporan dan pengaduan senantiasa the principles of confidentiality and presumption of
mengedepankan kerahasiaan, dan asas praduga innocence in carrying out the process of each report
tidak bersalah dengan cara yang profesional. and complaint in a professional manner.
2. Perseroan menjamin kerahasiaan identitas pelapor, 2. The Company’s assurance of the confidentiality of
serta memberikan perlindungan kepada pelapor dari the whistleblower’s identity and protection to the
segala bentuk ancaman, intimidasi, ataupun tindakan whistleblower from all forms of threats, intimidation,
tidak menyenangkan dari pihak manapun, selama/ or unpleasant behaviors from any party, provided that
sepanjang pelapor dapat menjaga kerahasiaan the whistleblower also maintains the confidentiality of
kasus yang dilakukan/dilaporkan. the case.
3. Perlindungan ini juga berlaku bagi petugas yang 3. This protection also applies to officers appointed
ditunjuk Perseroan dalam melaksanakan investigasi, by the Company in carrying out investigations
verifikasi maupun pihak-pihak yang memberikan and verifications as well as to parties who provide
informasi terkait dengan pengaduan/penyingkapan information related to complaints/disclosures of
fakta penyimpangan. frauds.
4. Para pihak yang diberikan kewenangan oleh 4. If the parties authorized by the Company to process
Perseroan dalam proses terkait dengan pelaporan the reports violate the confidentiality of the case,
dan pengaduan yang melanggar prinsip kerahasiaan sanctions will be imposed in accordance with
akan diberikan sanksi sesuai dengan ketentuan dan the applicable provisions and regulations of the
peraturan yang berlaku di Perseroan. Company.
Penanganan Pengaduan
Complaint Handling
Lingkup Pelaporan Pelanggaran Scope of Whistleblowing
Jenis dugaan pelanggaran yang dapat dilaporkan melalui Reporting Types of alleged violations that can be reported
WBS, meliputi: through the WBS include:
1. Benturan kepentingan 1. Conflict of interest
2. Korupsi 2. Corruption
3. Kecurangan 3. Fraud
4. Penggelapan 4. Embezzlement
5. Gratifikasi 5. Gratuity
6. Suap 6. Bribery
7. Pelanggaran dalam proses pengadaan barang dan 7. Violations in the process of goods and services
jasa procurement.
Mekanisme dan Alur Pelaporan Pelanggaran Mechanism and Flow of Whistleblowing System
Pelapor mengirimkan laporan pengaduan pelanggaran After the whistleblower submitted a report with his/her
dengan mengungkapkan identitas dan bukti pendukung. identity and supporting evidence, the Ethics Committee
Komite Etik kemudian bertugas untuk menyaring must filter the incoming reports and find indications of
pelaporan dan menemukan indikasi jika adanya violations. The Ethics Committee is also responsible to
pelanggaran. Komite Etik juga bertanggung jawab review, verify, investigate, and make recommendations in
untuk melakukan penelaahan, verifikasi, investigasi dan case of a violation. The Board of Directors or the Board of
rekomendasi jika benar terjadi adanya pelanggaran. Commissioners has the authority to impose sanctions on
Apabila terbukti terjadi pelanggaran, maka Direksi atau any violations. After the completion of such a process, the
Dewan Komisaris memiliki wewenang untuk memberikan case is considered closed.
sanksi atas pelanggaran tersebut. Dengan demikian,
kasus pelaporan dianggap selesai.
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Mekanisme Penanganan Pengaduan Whistleblowing Handling Mechanism
Komite Etik melakukan verifikasi atas laporan pengaduan The Ethics Committee verifies incoming whistleblowing
pelanggaran yang masuk dan akan memutuskan perlu reports and decides whether further investigation of
tidaknya dilakukan investigasi lebih lanjut atas laporan the reported violations is necessary within 30 (thirty)
pengaduan pelanggaran dalam waktu 30 (tiga puluh) calendar days, with the possibility of extension for up to
hari kalender dan dapat diperpanjang paling lama 30 30 (thirty) additional calendar days. The results of the
(tiga puluh) hari kalender. Hasil verifikasi Komite Etik Ethics Committee’s verification are reported to the Board
disampaikan kepada Direksi. of Directors.
Apabila berdasarkan hasil verifikasi menunjukkan adanya If the verification results indicate evidence of a violation
indikasi pelanggaran yang disertai bukti yang cukup, with sufficient proof, the complaint may proceed to
maka pengaduan dapat diproses ke tahap investigasi. the investigation stage. The Company, through the
Perseroan melalui Komite Etik dapat menginformasikan Ethics Committee, may inform the whistleblower on the
status proses penyelesaian pengaduan pelanggaran resolution process should he/she request for clarification
kepada pelapor yang meminta penjelasan kepada from the Company regarding the reported violation.
Perseroan mengenai pengaduan pelanggaran yang
disampaikan.
Pihak Yang Mengelola Pengaduan
Responsible Parties for Complaint Management
Berdasarkan Memo Direksi No. 592/ACP-MEMO/XI/2022 Pursuant to the Board of Directors Memo No. 592/
tanggal 16 November 2022, Perseroan telah menetapkan ACP-MEMO/XI/2022 dated November 16, 2022, the
Direktur Keuangan, Manajemen Risiko dan Human Capital Company designated the Director of Finance, Risk
sebagai Penanggung Jawab WBS. Sementara itu, pihak Management, and Human Capital as the Responsible
yang mengelola laporan pelanggaran adalah Komite Party for the WBS. Meanwhile, the entity responsible for
Etik, yang dibentuk untuk menegakkan kemandirian, managing whistleblowing reports within the Company is
transparansi, kewajaran dan profesionalitas dalam the Ethics Committee, formed to uphold independence,
melakukan proses penelaahan, verifikasi dan investigasi transparency, fairness, and professionalism in the
atas setiap pelaporan pengaduan pelanggaran. process of reviewing, verifying, and investigating each
whistleblowing report.
Komite Etik bersifat ad hoc/ex officio, bertugas hanya The Ethics Committee is ad hoc/ex officio in nature, who
memberikan kajian dan rekomendasi kepada Direksi is tasked with providing studies and recommendations to
untuk mengambil keputusan. Komite Etik terdiri dari: the Board of Directors for decision-making. The Ethics
Committee consists of:
Ketua : Manajer Biro HCM & IT Head : Manager of HCM & IT Berau
Wakil Ketua : Manajer Biro Legal Vice Chair : Manager of Legal Bureau
Anggota : 1. Kepala Satuan Pengawasan Members : 1. Head of Internal Audit Unit (SPI)
Internal (SPI) 2. Corporate Secretary
2. Sekretaris Perusahaan
Dalam melakukan tugas dan fungsinya, Komite Etik In carrying out its duties and functions, the Ethics
berwenang dan wajib: Committee is authorized and obliged to:
1. Melakukan pemanggilan terlapor;
2. Melakukan verifikasi untuk mempertajam 1. Summon the reported party;
telaahan; 2. Conduct verification to refine the review;
3. Mendapatkan akses penuh data dan informasi 3. Have full access to data and information related
yang terkait dengan masalah yang ditangani; to the issues being addressed;
4. Memberikan perlindungan kepada pelapor. 4. Provide protection to the whistleblower.
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Tata Kelola Perusahaan
Good Corporate Governance
Hasil dari Penanganan Pengaduan
Complaint Handling Outcomes
Penanganan Pengaduan dan Sanksi Handling of Complaints and Sanctions
Berdasarkan hasil investigasi yang dilakukan, jika Based on the investigation results, if there is sufficient
terdapat bukti yang memadai akan adanya pelanggaran evidence of a violation by Company personnel, the
oleh insan Perseroan, maka terlapor dikenakan sanksi individual involved will be subject to sanctions in
sesuai ketentuan yang berlaku di Perseroan. Investigasi accordance with the Company’s regulations. Investigations
dilakukan oleh tim internal Perseroan, akan tetapi untuk are conducted by the Company’s internal team; however,
menjaga independensi, investigasi dapat dilakukan oleh to maintain independence, the investigations may be
investigator eksternal, bila diperlukan. Apabila dari hasil conducted by an external investigator. If the investigation
investigasi terbukti terjadi pelanggaran yang dilakukan results reveal violations committed by the Directors and/
oleh Direksi dan/atau Komisaris dan organ pendukung or Commissioners and supporting bodies of the Board
Komisaris; dan apabila terdapat hal-hal yang memerlukan of Commissioners, and if there are matters requiring
keputusan lebih lanjut, maka Direksi atau Komisaris further decisions, the Board of Directors or Board of
menyampaikan hal tersebut kepada pemegang saham Commissioners shall inform the majority shareholders.
mayoritas. Apabila dari hasil investigasi terbukti adanya If the investigation results indicate violations that may
pelanggaran yang mengarah ke tindak pidana, maka constitute criminal offenses, legal proceedings may be
dapat ditindaklanjuti dengan proses hukum sesuai pursued in accordance with applicable regulations.
ketentuan yang berlaku.
Jumlah Pelaporan Pelanggaran dan Tindak Lanjut Number of Reports and Follow Up
Per 31 Desember 2025, Perseroan tidak menerima As of December 31, 2025, the Company did not receive
laporan dari pihak eksternal maupun internal terkait any reports from external or internal parties regarding
adanya indikasi pelanggaran di lingkungan usaha ADCP. indications of violations within ADCP’s business
environment.
Monitoring dan Evaluasi Monitoring and Evaluation
Komite Etik wajib membuat laporan secara berkala yaitu The Ethics Committee is obliged to produce regular reports
setiap 3 (tiga) bulan sekali, yang disampaikan selambat every 3 (three) months, to be submitted no later than
lambatnya minggu kedua pada bulan berikutnya, yang the second week of the following month. These reports
meliputi jumlah pelaporan dan pengaduan, kategori include the number of reports and complaints, categories
pengaduan/pengungkapan serta media yang digunakan of complaints/disclosures, as well as the mediums used
oleh pelapor dan penyampaiannya kepada Direksi. Hal by the whistleblower, and are presented to the Board
ini dilakukan sebagai upaya monitoring dan evaluasi of Directors. This initiative is part of the monitoring
efektivitas penerapan WBS melalui Komite Etik. and evaluation efforts to assess the effectiveness of
Perseroan Senantiasa memenuhi sasaran yang telah WBS implementation through the Ethics Committee.
ditetapkan pada awal pencanangan sistem WBS dan The Company consistently meets the targets set at the
juga memastikan bahwa pencapaian tersebut sesuai inception of the WBS system and ensures that these
dengan tuntutan bisnis Perseroan maupun peraturan achievements align with the demands of the Company’s
perundangan yang berlaku. business as well as applicable regulations.
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Kebijakan Anti Korupsi
Anti-Corruption Policy
Perseroan menerapkan kebijakan antikorupsi untuk The Company implements an anti-corruption policy to
mencegah dan menangani praktik korupsi, balas jasa prevent and address corruption, kickbacks, fraud, bribery,
(kickbacks), fraud, penyuapan, dan/atau gratifikasi pada and/or gratuities in all business activities, including those
seluruh kegiatan usaha, termasuk yang melibatkan rekan involving business partners. This policy applies to all
bisnis. Kebijakan ini berlaku bagi seluruh insan Perseroan Company personnel and third parties working with the
dan pihak ketiga yang bekerja sama dengan Perseroan. Company.
Dalam penerapannya, Perseroan berpedoman pada In its implementation, the Company complies with
ketentuan peraturan perundang-undangan yang berlaku, applicable laws and regulations, including Law No. 31 of
termasuk Undang-Undang Nomor 31 Tahun 1999 1999 as amended by Law No. 20 of 2001 on the Eradication
juncto Undang-Undang Nomor 20 Tahun 2001 tentang of Corruption. The Company has also established an
Pemberantasan Tindak Pidana Korupsi. Perseroan juga Anti-Bribery Policy that adopts a zero-tolerance approach
menetapkan Kebijakan Anti Penyuapan yang memuat to bribery and sets out obligations for compliance and
prinsip zero tolerance atas penyuapan, kewajiban compliance evaluation, the implementation of an Anti-
kepatuhan dan evaluasi kepatuhan, penerapan Sistem Bribery Management System, the encouragement of
Manajemen Anti Penyuapan (SMAP), dorongan pelaporan good-faith reporting with protection against retaliation,
dengan itikad baik dan jaminan tanpa pembalasan, continuous improvement of the system, the establishment
perbaikan berkesinambungan atas SMAP, pembentukan of an Anti-Bribery Compliance Function, and the
Fungsi Kepatuhan Anti Penyuapan (FKAP), serta imposition of sanctions for violations in accordance with
penerapan sanksi atas pelanggaran sesuai ketentuan Company policies and/or applicable laws and regulations.
perusahaan dan/atau peraturan perundang-undangan.
Sebagai penguatan komitmen, Dewan Komisaris, Direksi, To strengthen this commitment, the Board of
dan FKAP menandatangani Komitmen/Deklarasi Anti Commissioners, the Board of Directors, and the Anti-Bribery
Penyuapan yang dilakukan minimal setiap tahun sekali. Compliance Function sign an Anti-Bribery Commitment/
Perseroan menyediakan mekanisme pelaporan dugaan Declaration at least once a year. The Company provides
pelanggaran melalui Whistleblowing System (WBS) dan a reporting mechanism for suspected violations through
memastikan pelapor memperoleh perlindungan sesuai the Whistleblowing System and ensures protection for
ketentuan yang berlaku. Selain itu, Perseroan menerapkan whistleblowers in accordance with applicable regulations.
Pedoman Pengendalian Gratifikasi dan membentuk In addition, the Company has implemented Guidelines
Tim Pelaksana Pengendalian Gratifikasi (TPPG) untuk on Gratuity Control and established a Gratuity Control
mengoordinasikan pelaksanaan pengendalian gratifikasi Implementation Team to coordinate the management of
di lingkungan Perseroan. gratuities within the Company.
Program dan Prosedur yang Dilakukan dalam Mengatasi Praktik Korupsi, Balas Jasa (Kickbacks),
Fraud, Suap dan/atau Gratifikasi
Programs and Procedures to Address Corruption, Kickbacks, Fraud, Bribery, and/or Gratification
Perseroan mendorong internalisasi kebijakan antikorupsi The Company promotes the internalization of its anti-
melalui komunikasi, sosialisasi, dan penguatan kepatuhan corruption policy through communication, awareness
yang dilaksanakan sesuai kebutuhan dan mengacu pada programs, and compliance reinforcement, as carried out
pedoman internal yang berlaku. as needed and in accordance with applicable internal
guidelines.
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Tata Kelola Perusahaan
Good Corporate Governance
Pelatihan/Sosialisasi Anti Korupsi kepada Karyawan Perusahaan
Anti-Corruption Training and Awareness for Employees
Sebagai bagian dari implementasi Kebijakan Anti As part of the implementation of its Anti-Corruption
Korupsi, Perseroan secara berkelanjutan melaksanakan Policy, the Company continuously conducts training
pelatihan dan sosialisasi kepada karyawan guna and socialization programs for employees to strengthen
memperkuat pemahaman, kepatuhan, dan internalisasi understanding, compliance, and the internalization of a
budaya integritas di seluruh jenjang organisasi. Inisiatif culture of integrity across all levels of the organization.
ini merupakan bagian dari upaya Perseroan untuk This initiative forms part of the Company’s efforts to
memastikan bahwa prinsip anti korupsi tidak hanya ensure that anti-corruption principles are not only set out
dituangkan dalam kebijakan tertulis, tetapi juga dipahami in written policies, but are also properly understood and
dan diterapkan dalam pelaksanaan tugas sehari-hari. implemented in day-to-day business activities.
Pada tahun 2025, Perseroan menyelenggarakan In 2025, the Company organized an Integrated
Integrated Management System Awareness & Audit Management System Awareness & Audit Training ISO
Training ISO 37001:2016 yang dilaksanakan secara 37001:2016, which was held offline on 29–30 April 2025
offline pada 29–30 April 2025 melalui kerja sama in collaboration with Cevral Consulting. The program
dengan Cevral Consulting. Kegiatan ini diikuti oleh 25 was attended by 25 employees from the Head Office
karyawan yang berasal dari Kantor Pusat maupun unit and operational units, representing various functions,
operasional, dengan keterwakilan dari berbagai fungsi, including organization development, internal audit,
termasuk pengembangan organisasi, audit internal, finance, legal, procurement, marketing, project control,
keuangan, legal, pengadaan, pemasaran, project estate management, and corporate governance. The
control, estate management, dan fungsi tata kelola cross-functional participation reflected the Company’s
perusahaan. Cakupan peserta yang lintas fungsi tersebut commitment to embedding anti-corruption awareness
mencerminkan komitmen Perseroan untuk menanamkan comprehensively across the organization and not limiting
pemahaman anti korupsi secara menyeluruh dan tidak it to specific functions only.
terbatas pada unit tertentu.
Melalui pelatihan ini, Perseroan memperkuat kapasitas Through this training, the Company strengthened the
insan perusahaan dalam memahami prinsip-prinsip capacity of its personnel to understand the principles
SMAP, mengidentifikasi risiko korupsi dan benturan of the ABMS, identify corruption risks and conflicts of
kepentingan, serta menjalankan peran dan tanggung interest, and carry out their roles and responsibilities
jawabnya sesuai dengan standar etika dan kepatuhan in accordance with applicable ethical and compliance
yang berlaku. Dengan demikian, pelatihan dan sosialisasi standards. Accordingly, anti-corruption training and
anti korupsi menjadi bagian penting dari penguatan tata socialization constitute an important part of strengthening
kelola perusahaan yang baik, peningkatan efektivitas good corporate governance, enhancing the effectiveness
pengendalian internal, serta pembentukan budaya kerja of internal controls, and fostering a transparent,
yang transparan, akuntabel, dan berintegritas. accountable, and integrity-driven work culture.
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Kebijakan Gratifikasi
Gratuity Policy
Ketentuan terkait dengan kategori gratifikasi, pedoman The provisions regarding the categories of gratuity,
implementasi, dan mekanisme pelaporan telah diatur implementation guidelines, and reporting mechanisms
dalam Pedoman Pengendalian Gratifikasi, yang terakhir are stipulated in the Gratuity Control Guidelines, which
disempurnakan di tahun 2024 melalui Surat Keputusan were most recently updated in 2024 through ADCP Board
Direksi ADCP No. 252/ADCP-VII/2024. Untuk mengelola of Directors Decree No. 252/ADCP-VII/2024. To manage
pelaksanaan kebijakan gratifikasi, Perseroan memiliki the implementation of the gratuity policy, the Company
Tim Pelaksana Pengendalian Gratifikasi (TPPG) yang has established a Gratuity Control Implementation Team
ditunjuk oleh Direktur Utama. (TPPG), which is appointed by the President Director.
Komitmen dan Ruang Lingkup Commitment and Scope
Perseroan menetapkan kebijakan pengendalian gratifikasi The Company establishes a gratuity control policy as
sebagai bagian dari penerapan tata kelola perusahaan part of the implementation of good corporate governance
yang baik untuk mencegah benturan kepentingan, praktik to prevent conflicts of interest, bribery practices, and
suap, dan penyalahgunaan wewenang dalam seluruh abuse of authority in all of the Company’s business
kegiatan usaha Perseroan. Perseroan memberlakukan activities. This policy applies to all employees and
kebijakan ini kepada seluruh karyawan serta pihak-pihak parties associated with the Company’s employees in the
yang berhubungan dengan karyawan Perseroan dalam conduct of operational activities, procurement of goods
pelaksanaan kegiatan operasional, pengadaan barang/ and services, and working relationships with business
jasa, dan hubungan kerja dengan mitra usaha. partners.
Dasar Penerapan Kebijakan Basis for Policy Implementation
Perseroan memberlakukan Pedoman Pengendalian The Company implements the Gratuity Control Guidelines
Gratifikasi di lingkungan Perseroan berdasarkan within the Company based on the applicable Board of
keputusan Direksi yang berlaku serta mencabut ketentuan Directors’ decision and revokes the previous provisions
sebelumnya yang dinyatakan tidak berlaku. that are declared invalid.
Definisi Gratifikasi Definition of Gratuity
Perseroan memaknai gratifikasi sebagai pemberian The Company defines Gratuity as a broad term for gifts,
dalam arti luas, baik dalam bentuk uang, barang, rabat whether in the form of money, goods, rebates (discounts),
(diskon), komisi, pinjaman tanpa bunga, tiket perjalanan, commissions, interest-free loans, travel tickets,
fasilitas penginapan, fasilitas wisata, pengobatan cuma- accommodation facilities, tourist facilities, free medical
cuma, maupun fasilitas lainnya, yang diterima di dalam treatment, or other facilities, received domestically or
negeri maupun di luar negeri dan dilakukan dengan abroad and made by electronic or non-electronic means,
sarana elektronik maupun non-elektronik, yang berpotensi which have the potential to be related to the recipient’s
berkaitan dengan jabatan dan/atau berlawanan dengan position and/or are contrary to the recipient’s obligations
kewajiban atau tugas penerima. or duties.
Pengelola dan Tata Kelola Pengendalian Gratifikasi Gratuity Control Management and Governance
Perseroan menugaskan Tim Pelaksana Pengendalian The Company assigns the Gratuity Control Implementation
Gratifikasi (TPPG) sebagai pengelola program Team (TPPG) as the manager of the gratuity control
pengendalian gratifikasi yang bertanggung jawab program, which is directly responsible to the President
langsung kepada Direktur Utama, dengan fungsi utama Director, with the main function of monitoring and
pemantauan dan pengendalian gratifikasi di lingkungan controlling gratuities within the Company.
Perseroan.
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Tata Kelola Perusahaan
Good Corporate Governance
Perseroan menetapkan susunan TPPG melalui memo The Company determines the composition of the TPPG
Direksi, dengan pengarah Direktur Utama, ketua Kepala through a Board of Directors memo, with the President
Satuan Pengawas Intern, wakil ketua Manajer Biro Director as the director, the Head of Internal Audit
HCM & IT, sekretaris Manajer Biro Legal, serta anggota as the chair, the Manager of the HCM & IT Bureau as
dari unsur anak perusahaan/unit/proyek sebagaimana the vice chair, the Manager of the Legal Bureau as the
ditetapkan Perseroan. secretary, and members from subsidiaries/units/projects
as determined by the Company.
Perseroan menugaskan TPPG untuk menerima dan The Company assigns the TPPG to receive and process
memproses laporan gratifikasi, melakukan konfirmasi gratuity reports, confirm with related parties, request
kepada pihak terkait, meminta data/informasi pendukung, supporting data/information, recommend the handling and
merekomendasikan penanganan dan pemanfaatan utilization of gratuity items, and coordinate/correspond
barang gratifikasi, serta melakukan koordinasi/ with the KPK on behalf of the Company in implementing
korespondensi dengan KPK atas nama Perseroan dalam the guidelines.
pelaksanaan pedoman.
Kriteria Gratifikasi yang Wajib Dilaporkan dan yang Criteria for Gratuities that Must be Reported and
Tidak Wajib Dilaporkan those that Do Not Need to be Reported
Perseroan menetapkan bahwa gratifikasi yang dapat The Company stipulates that gratuities that can be
dipandang terkait dengan jabatan dan/atau berpotensi considered related to one’s position and/or have the
menimbulkan konflik kepentingan wajib dilaporkan kepada potential to cause a conflict of interest must be reported
TPPG sesuai ketentuan pedoman, termasuk antara to the TPPG in accordance with the guidelines, including,
lain penerimaan dalam kegiatan sosial/keagamaan/ among others, receipts in social/religious/customary
kebiasaan yang melebihi batas nilai tertentu (misalnya activities that exceed a certain value limit (for example,
melebihi Rp1.000.000,- per pemberian per orang untuk exceeding IDR 1,000,000,- per gift per person for a
acara tertentu), serta pemberian antarpegawai yang particular event), as well as gifts between employees that
melebihi batas nilai dan akumulasi tahunan tertentu. exceed certain value limits and annual accumulations.
Perseroan menetapkan bahwa gratifikasi tidak wajib The Company stipulates that gratuities are not required to
dilaporkan apabila pemberian tersebut berlaku umum, be reported if the gifts are common practice, do not violate
tidak bertentangan dengan peraturan perundang- laws and regulations, are considered a social expression
undangan, dipandang sebagai ekspresi sosial dalam within reasonable/appropriate limits, or are gifts within
batas kewajaran/kepatutan, atau merupakan bentuk the realm of customs/traditions that exist in society within
pemberian dalam ranah adat istiadat/kebiasaan yang reasonable value limits.
hidup di masyarakat dalam batas nilai yang wajar.
Sarana dan Mekanisme Pelaporan Means and Mechanisms of Reporting
Perseroan mewajibkan setiap karyawan untuk The Company requires every employee to report the
melaporkan penerimaan gratifikasi kepada TPPG paling receipt of gratuities to the TPPG no later than 5 (five)
lambat 5 (lima) hari kerja sejak penerimaan gratifikasi, working days from the receipt of the gratuity, as well as to
serta melaporkan setiap pemberian gratifikasi yang report any gratuities that meet the guidelines.
memenuhi ketentuan pedoman.
Perseroan menyediakan fasilitas pelaporan gratifikasi The Company provides a gratuity reporting facility in
berupa Drop Box yang ditempatkan di area publik Kantor the form of a Drop Box located in the public area of the
Pusat Perseroan. Company’s Head Office.
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Selain mekanisme pelaporan gratifikasi kepada TPPG, In addition to the mechanism for reporting gratuities to the
Perseroan mengintegrasikan pelaporan gratifikasi TPPG, the Company integrates gratuity reporting as part
sebagai bagian dari jenis pelanggaran yang dapat of the types of violations that can be reported through the
dilaporkan melalui Whistleblowing System (WBS), yang Whistleblowing System (WBS), which can be accessed
dapat diakses melalui website Perseroan dan dikelola through the Company’s website and is managed
secara administratif oleh Komite Etik. administratively by the Ethics Committee.
Perseroan menerapkan prinsip WBS antara lain The Company applies WBS principles, including
kerahasiaan, akurasi berbasis bukti, itikad baik, confidentiality, evidence-based accuracy, good faith,
proteksi terhadap pelapor, dan non-diskriminasi dalam protection of reporters, and non-discrimination in handling
penanganan laporan. reports.
Proses Penanganan Laporan Report Handling Process
Perseroan menugaskan TPPG untuk memproses laporan The Company assigns TPPG to process gratuity
gratifikasi dan menyampaikan lembar penyerahan reports and submit a report handling submission form
penanganan atas pelaporan penerimaan gratifikasi for gratuity reports to the Board of Directors or Board
kepada Direksi atau Komisaris (untuk kasus yang of Commissioners (for cases related to the Board of
berhubungan dengan Direksi) secara berkala sesuai Directors) periodically in accordance with the guidelines.
ketentuan pedoman.
Perseroan mengatur bahwa apabila pelaporan mendekati The Company stipulates that if the reporting deadline to
batas waktu ketentuan pelaporan kepada KPK, maka the KPK is approaching, the report shall be submitted to
pelaporan ditujukan kepada KPK dengan tembusan the KPK with a copy to the TPPG in accordance with the
kepada TPPG sesuai pedoman yang berlaku. applicable guidelines.
Dalam penanganan barang gratifikasi, Perseroan In handling gratuity items, the Company determines
menetapkan alternatif pemanfaatan yang the alternative uses recommended by the TPPG in
direkomendasikan TPPG sesuai ketentuan pedoman, accordance with the guidelines, including for institutional
antara lain untuk display instansi, kegiatan operasional, display, operational activities, social distribution for certain
penyaluran sosial untuk barang tertentu, atau penetapan items, or the determination of specific uses intended to
pemanfaatan tertentu yang ditujukan untuk menunjang support performance, as long as they are in accordance
kinerja, sepanjang sesuai ketentuan pedoman dan hasil with the guidelines and the results of the handling.
penanganan.
Implementasi dan Penguatan Kepatuhan Implementation and Strengthening of Compliance
Perseroan melaksanakan pengendalian gratifikasi The Company controls gratuities through implementation
melalui langkah-langkah implementasi yang ditetapkan measures set out in the guidelines, including stipulating
dalam pedoman, termasuk mencantumkan ketentuan provisions prohibiting the acceptance and/or giving of
larangan menerima dan/atau memberi gratifikasi pada gratuities in announcements and/or contracts for the
pengumuman dan/atau kontrak pengadaan barang/ procurement of goods/services and correspondence with
jasa serta surat-menyurat kepada rekanan/pihak ketiga, partners/third parties, conducting ongoing socialization of
melakukan sosialisasi pengendalian gratifikasi secara gratuity control through relevant units, and monitoring the
berkelanjutan melalui unit-unit terkait, dan melakukan implementation of socialization to the Board of Directors.
pemantauan pelaksanaan sosialisasi kepada Direksi.
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Tata Kelola Perusahaan
Good Corporate Governance
Sanksi atas Pelanggaran Sanctions for Violations
Perseroan menetapkan bahwa pelanggaran terhadap The Company stipulates that violations of the provisions in
ketentuan dalam Pedoman Pengendalian Gratifikasi the Gratuity Control Guidelines are subject to disciplinary
dikenakan sanksi disiplin sesuai ketentuan yang berlaku, sanctions in accordance with applicable regulations,
termasuk ketentuan disiplin kerja dan sanksi sebagaimana including work discipline provisions and sanctions as
diatur dalam Perjanjian Kerja Bersama yang dirujuk stipulated in the Collective Labor Agreement referred to
dalam pedoman. Pengungkapan pada Tahun Buku in the guidelines.
Pengungkapan pada Tahun Buku Disclosure in the Financial Year
Pada tahun buku 2025, Perseroan menyajikan kebijakan In the 2025 financial year, the Company presents its
dan mekanisme pengendalian gratifikasi sebagai gratuity control policies and mechanisms as part of the
bagian dari sistem kepatuhan dan pengendalian internal Company’s compliance and internal control system.
Perseroan. Perseroan tidak mengungkapkan jumlah The Company does not disclose the number of gratuity
laporan gratifikasi dan hasil penanganannya dalam reports and the results of their handling in the information
informasi yang tersedia pada periode pelaporan ini. available for this reporting period.
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Kebijakan Pengadaan Barang dan Jasa
Goods and Services Procurement Policy
Perseroan menerapkan Kebijakan Pengadaan Barang The Company implements a Goods and Services
dan Jasa di lingkungan Perseroan (Nomor Dokumen Procurement Policy within the Company (Document
001A/ADCP-SK/VIII/2022; efektif 1 Agustus 2022) untuk Number 001A/ADCP-SK/VIII/2022; effective August 1,
memastikan proses pengadaan dikelola secara tertib, 2022) to ensure that the procurement process is managed
terukur, dan berintegritas, serta mendukung pencapaian in an orderly, measurable, and ethical manner, and to
kinerja usaha. support the achievement of business performance.
Kebijakan dan Ruang Lingkup Policy and Scope
Kebijakan ini berlaku untuk seluruh pengadaan barang This policy applies to all procurement of goods and/
dan/atau jasa yang dilakukan Perseroan pada kantor or services carried out by the Company at its head
pusat, kawasan/proyek/hotel, anak perusahaan, serta office, regions/projects/hotels, subsidiaries, and joint
kerja sama operasi/kemitraan (JO/KSO) sepanjang operations/partnerships (JO/KSO) as long as the
Perseroan bertindak sebagai pemimpin (leader). Ruang Company acts as the leader. The scope of procurement
lingkup pengadaan mencakup pengadaan barang, jasa includes the procurement of goods, contracting services,
pemborongan, dan jasa konsultansi di bidang konstruksi and consulting services in the construction and non-
maupun non-konstruksi. construction fields.
Landasan dan Kepatuhan Legal Basis and Compliance
Perseroan menyusun kebijakan dengan mengacu pada, The Company formulates policies with reference to,
antara lain: among others:
1. SK Direksi PT Adhi Commuter Properti Nomor 112- 1. Decree of the Board of Directors of PT Adhi
3/08/SKD/II/2020 (28 Februari 2020); Commuter Properti Number 112-3/08/SKD/II/2020
(February 28, 2020);
2. Surat Departemen Corporate Strategy & SCM PT 2. Letter of the Department of Corporate Strategy
Adhi Karya (Persero) Tbk No.032/CSCM-V/2021 (28 & SCM of PT Adhi Karya (Persero) Tbk No.032/
Mei 2021) terkait daftar rekanan PaDi UMKM; CSCM-V/2021 (May 28, 2021) regarding the list of
PaDi UMKM partners;
3. SK pembentukan Tim TKDN PT Adhi Karya (Persero) 3. Decree on the formation of the TKDN Team of PT
Tbk Nomor 014-6/2022/074 (21 April 2022); serta Adhi Karya (Persero) Tbk Number 014-6/2022/074
(April 21, 2022); and
4. SK Direksi PT Adhi Karya (Persero) Tbk Nomor 4. Decree of the Board of Directors of PT Adhi Karya
014-6/2022/111 tentang MP 015 Manual Pengadaan (Persero) Tbk No. 014-6/2022/111 concerning MP
Barang dan Jasa Edisi 2 (1 Agustus 2022), berikut 015 Manual for the Procurement of Goods and
ketentuan peraturan perundang-undangan yang Services Edition 2 (August 1, 2022), along with the
relevan, termasuk ketentuan penggunaan PDN/ relevant laws and regulations, including provisions
TKDN. on the use of PDN/TKDN.
Prinsip dan Integritas Proses Principles and Process Integrity
Perseroan menerapkan prinsip efisien, efektif, The Company applies the principles of efficiency,
kompetitif, transparan, adil dan wajar, terbuka, effectiveness, competitiveness, transparency, fairness
dan akuntabel. Perseroan melarang gratifikasi dan and reasonableness, openness, and accountability. The
mewajibkan independensi, pencegahan benturan Company prohibits Gratuity and requires independence,
kepentingan, kerahasiaan informasi, serta pemenuhan prevention of conflicts of interest, confidentiality of
aspek keselamatan, kesehatan kerja, dan lingkungan. information, and compliance with occupational safety,
Perseroan mengutamakan penggunaan PDN/TKDN, health, and environmental aspects. The Company
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Tata Kelola Perusahaan
Good Corporate Governance
mendorong peran pelaku usaha nasional/UMKM, dan prioritizes the use of PDN/TKDN, encourages the role
melakukan sinergi BUMN/anak perusahaan/perusahaan of national businesses/SMEs, and synergizes with state-
terafiliasi sesuai ketentuan. owned enterprises/subsidiaries/affiliated companies in
accordance with regulations.
Pengendalian Proses dan Pemilihan Penyedia Process Controls And Vendor Selection
Perseroan menetapkan persyaratan perencanaan The Company establishes procurement planning
pengadaan untuk menjamin kejelasan lingkup pekerjaan, requirements to ensure clarity of the scope of work, cost
perkiraan biaya, jadwal, dan kriteria teknis/keahlian, serta estimates, schedules, and technical/expertise criteria,
menyusun spesifikasi yang tidak mengarah pada merek/ as well as to develop specifications that do not refer to
produk tertentu. Pemilihan penyedia dilakukan melalui specific brands/products. The selection of suppliers is
tender umum, tender terbatas, penunjukan langsung, carried out through open tenders, restricted tenders,
pengadaan langsung (antara lain e-purchasing, direct appointments, direct procurement (including
e-marketplace, Padi UMKM, dan transaksi tunai), serta e-purchasing, e-marketplaces, PaDi UMKM, and cash
penetapan langsung oleh Direksi sesuai ketentuan transactions), and direct appointments by the Board of
internal, baik secara konvensional maupun melalui sistem Directors in accordance with internal regulations, either
elektronik/aplikasi sesuai kebutuhan dan pengendalian conventionally or through electronic systems/applications
risiko. as needed and in accordance with risk control.
Manajemen Rekanan, Etika, dan Pencegahan Vendor Management, Ethics, and Conflict-Of-Interest
Benturan Kepentingan Prevention
Perseroan mengelola rekanan melalui daftar rekanan The Company manages partners through a list of selected
terseleksi (DRT/VAL/SAL), dokumentasi rekam jejak, serta partners (DRT/VAL/SAL), track record documentation,
rujukan daftar hitam (blacklist) untuk menghindari rekanan and blacklist references to avoid partners that do not
yang tidak memenuhi standar. Perseroan melakukan meet standards. The Company monitors PDN/TKDN
monitoring kepatuhan PDN/TKDN dan integritas proses compliance and process integrity through the TKDN
melalui Tim TKDN dan Satuan Pengawas Internal (SPI) Team and Internal Supervisory Unit (SPI) in accordance
sesuai kewenangan, serta memastikan tersedianya jejak with their authority, and ensures the availability of an audit
audit (audit trail) atas proses pengadaan. trail for the procurement process.
Perseroan menyediakan mekanisme sanggahan pada The Company provides an objection mechanism in
proses tender/seleksi sesuai ketentuan. Perseroan the tender/selection process in accordance with the
dapat menunda transaksi apabila ditemukan indikasi provisions. The Company may postpone transactions
penyimpangan atau kecurangan, dan Perseroan dapat if there are indications of irregularities or fraud, and the
meminta SPI melakukan pemeriksaan/audit sebagai Company may request the SPI to conduct an examination/
dasar keputusan atas kelanjutan perjanjian. audit as a basis for deciding on the continuation of the
agreement.
Pengawasan, Sanggahan, dan Respons Atas Oversight, Objection Mechanism, and Response to
Penyimpangan Irregularities
Perseroan melakukan monitoring kepatuhan PDN/TKDN The Company monitors PDN/TKDN compliance and
dan integritas proses melalui Tim TKDN dan Satuan process integrity through the TKDN Team and the
Pengawas Internal (SPI). Perseroan menyediakan Internal Audit Unit (SPI). The Company provides an
mekanisme sanggahan pada proses tender/seleksi objection mechanism in tender/selection processes and
serta menetapkan kewenangan persetujuan dan sets approval and contract-signing authority based on
penandatanganan kontrak berdasarkan nilai pengadaan. procurement value.
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Perseroan dapat menunda transaksi apabila Perseroan The Company may postpone business transactions if
menemukan indikasi penyimpangan atau kecurangan, indications of irregularities or fraud are identified, and
dan Perseroan meminta SPI melakukan pemeriksaan/ the Company requests SPI to conduct examination/
audit sebagai dasar keputusan atas kelanjutan perjanjian. audit as the basis for decisions on the continuation of the
agreement.
Tata Cara Pengadaan Barang dan Jasa
Procedure for the Procurement Goods and Service
Penyediaan Barang/Jasa
Goods/Services Providers
Pengajuan Permintaan Pengadaan
Permintaan Pengadaan Pengadaan Tingkat Konvensional
RKAP Oleh User BIRO (SP 002 PA P01) (SP 002 PA P02)
Work Plan and Budget (Biro Terkait/Kawasan) Submission of Bureau Conventional
Procurement Request by user Level Procurement Procurement
(Related Bureau/Region) Request (SP 002 PA P01) (SP 002 PA P02)
1 2
Pengadaan
Dengan Penunjukkan
Langsung
(SP 002 PA P03)
Procurement
By DIrrect Appointment
Pengadaan Tingkat (SP 002 PA P03)
Kawasan 3
Regional Procurement
Pengadaan
E-Prpcurement
(SP 002 PA P03)
Procurement
E-Procurement
(SP 002 PA P04)
4
Departemen CSIT
ADHI
CSIT Department of
ADHI
Evaluasi Kinerja
Penyedia Barang
Jasa (SP 002 PA P04)
Evalution of The
Performances of Goods
and Services Providers
(SP 002 PA P05)
5
Master Data
Penyedia Barang dan
Master Data
of Goods and Services
Providers
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Tata Kelola Perusahaan
Good Corporate Governance
Ringkasan Aktivitas Pengadaan Pada Tahun Buku Procurement Activity Summary In Fiscal Year
Perseroan mencatat 43 paket/transaksi pengadaan The Company recorded 43 procurement packages/
sepanjang tahun buku 2025, terdiri atas 41 paket/ transactions throughout the 2025 fiscal year, consisting
transaksi pengadaan jasa dan 2 paket/transaksi of 41 service procurement packages/transactions and 2
pengadaan barang, berdasarkan register pengadaan goods procurement packages/transactions, based on the
internal Perseroan. Company’s internal procurement register.
Aktivitas pengadaan terkonsentrasi pada Triwulan I (28 Procurement activities were concentrated in the first
paket/transaksi) dan Triwulan III (10 paket/transaksi), quarter (28 procurement packages/transactions) and the
sedangkan pada Triwulan IV tidak terdapat paket/ third quarter (10 procurement packages/transactions),
transaksi dalam register pengadaan tahun berjalan. while there were no procurement packages/transactions
in the current fiscal year’s procurement register for the
fourth quarter.
Ringkasan ini disajikan untuk memberikan konteks atas This summary is presented to provide context for
aktivitas pengadaan dan penerapan pengendalian, tanpa procurement activities and the implementation of controls,
menyajikan nilai kontrak pada bagian ini. without presenting contract values in this section.
Periode Jasa Barang Jumlah
Period Services Goods Total
Triwulan I 26 2 28
Quarter I
Triwulan II 5 0 5
Quarter II
Triwulan III 10 0 10
Quarter III
Triwulan IV 0 0 0
Quarter IV
Jumlah 41 2 43
Total
Perseroan menyusun ringkasan berdasarkan klasifikasi The Company prepares the summary based on the
paket pengadaan barang dan jasa sesuai pencatatan classification of goods and services procurement
internal Perseroan pada periode pelaporan. packages in accordance with the Company’s internal
records for the reporting period.
Rujukan Pengungkapan Keberlanjutan Sustainability Disclosure Reference
Perseroan mengungkapkan program, inisiatif, dan The Company discloses programs, initiatives, and
capaian terkait pengadaan yang bertanggung jawab, achievements related to responsible procurement,
termasuk pengutamaan PDN/TKDN dan pemberdayaan including prioritizing PDN/TKDN and empowering
UMKM sesuai ketentuan, pada bagian pengungkapan MSMEs in accordance with regulations, in the relevant
keberlanjutan yang relevan. Bagian kebijakan ini sustainability disclosure section. This policy section
berfokus pada kerangka dan mekanisme pengendalian focuses on the procurement control framework and
pengadaan. mechanisms.
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Laporan Harta Kekayaan Penyelenggara Negara (LHKPN)
State Administrators Wealth Report (LHKPN)
Prinsip Dasar Basic Principle
Perseroan mendukung visi Komisi Pemberantasan The Company supports the vision of the Corruption
Korupsi dalam mewujudkan Indonesia yang bebas Eradication Commission in realizing a corruption-
korupsi dan berkomitmen menjalankan prinsip-prinsip free Indonesia and is committed to implementing the
Good Corporate Governance. Perseroan menerapkan principles of Good Corporate Governance. The Company
kepatuhan pelaporan LHKPN dengan mengacu pada implements LHKPN reporting compliance by referring
ketentuan peraturan perundang-undangan yang relevan, to the provisions of relevant laws and regulations,
termasuk Undang-Undang Nomor 28 Tahun 1999, including Law Number 28 of 1999, Law No. 30 of 2002,
Undang-Undang Nomor 30 Tahun 2002, serta Keputusan and Corruption Eradication Commission (KPK) Decree
Komisi Pemberantasan Korupsi (KPK) Nomor 07 Tahun No. 07 of 2016 concerning Procedures for Registration,
2016 tentang Tata Cara Pendaftaran, Pengumuman, dan Announcement, and Examination of Assets.
Pemeriksaan Harta Kekayaan Penyelenggara Negara.
Pelaksanaan LHKPN LHKPN Implementation
Perseroan menetapkan Kebijakan Kepatuhan dan The Company has established an LHKPN Compliance
Pelaporan LHKPN di lingkungan Perseroan berdasarkan and Reporting Policy within the Company based on Board
Surat Keputusan Direksi Nomor 010/ACP-SK/VII/2018 of Directors Decree Number 010/ACP-SK/VII/2018 dated
tanggal 26 Juli 2018. Perseroan telah menetapkan pihak July 26, 2018. The Company has designated parties who
yang menjadi Wajib LHKPN, Koordinator Pengelolaan are required to submit LHKPN, the LHKPN Management
LHKPN, dan Administrator LHKPN, serta memfasilitasi Coordinator, and the LHKPN Administrator, and facilitates
penyampaian LHKPN kepada KPK sesuai ketentuan the submission of LHKPN to the KPK in accordance with
yang berlaku. Ringkasan pelaporan LHKPN tahun 2025 applicable regulations. A summary of the 2025 LHKPN
disajikan pada tabel berikut. reporting is presented in the following table.
Pelaporan LHKPN Tahun 2025
LHKPN Submission in 2025
Subjek Lapor LHKPN Jumlah Wajib Lapor Jumlah Laporan Persentase
LHKPN Reporting Subjects Total Reporting Officials Total Reports Percentage
Dewan Komisaris 1 1 100%
Board of Commissioners
Direksi 2 2 100%
Board of Directors
Manajer Biro 5 5 100%
Bureau Managers
Project Director Kawasan dan General Manager Unit Hotel 10 10 100%
Project Directors of Township and General Managers of Hotel
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Tata Kelola Perusahaan
Good Corporate Governance
Transparansi Praktek Bad Governance
Transparency of Bad Governance Practices
Laporan atas Aktivitas Perseroan yang Mencemari Report on the Company Activities Polluting the
Lingkungan Environment
Sepanjang tahun 2025, Perseroan tidak menerima Throughout 2025, the Company did not receive any
laporan atas aktivitas Perseroan yang mencemari reports regarding the Company’s activities polluting the
lingkungan. environment.
Pengungkapan Pemenuhan Kewajiban Perpajakan Disclosure on Tax Compliance
Perseroan berkomitmen untuk memenuhi dan menaati The Company is committed to complying with and
peraturan perundang-undangan yang berlaku, termasuk adhering to prevailing laws and regulations, including
perihal perpajakan. Per 31 Desember 2025, Perseroan on taxation. As of December 31, 2025, the Company
telah memenuhi kewajibannya sebagai wajib pajak has fulfilled its obligations as a taxpayer by making tax
dengan melakukan pembayaran pajak kepada negara payments to the state amounting to Rp29.815.191.280.
sebesar Rp29.815.191.280 Perseroan juga tidak memiliki The Company also does not have any tax-related cases
kasus yang berkaitan dengan perpajakan di tahun 2025. in 2025.
Ketidaksesuaian Penyajian Laporan Tahunan dan Non-Conformity of Annual Report and Financial
Laporan Keuangan dengan Peraturan yang Berlaku Statements Presentation with the Applicable
dan Standar Akuntansi Keuangan (SAK) Regulations and Financial Accounting Standards
(SAK)
Sepanjang tahun 2025, Perseroan tidak mencatat Throughout 2025, the Company did not record any
adanya ketidaksesuaian penyajian Laporan Tahunan discrepancies in the presentation of the Annual Report
dan Laporan Keuangan dengan peraturan yang berlaku and Financial Statements with applicable regulations and
dan Standar Akuntansi Keuangan (SAK). Penyajian Financial Accounting Standards (SAK). The presentation
informasi, analisis, dan pembahasan kinerja dalam of information, analysis, and discussion of performance in
Laporan Tahunan ini mengacu pada Laporan Keuangan this Annual Report refers to the Company’s Consolidated
Konsolidasian Perseroan untuk tahun yang berakhir Financial Statements for the years ended December 31,
pada 31 Desember 2025 dan 31 Desember 2024 yang 2025 and December 31, 2024, which have been audited
telah diaudit oleh Kantor Akuntan Publik RSM Amir Abadi by the Public Accounting Firm RSM Amir Abadi Jusuf,
Jusuf, Aryanto, Mawar & Rekan, serta disusun sesuai Aryanto, Mawar & Partners, and prepared in accordance
SAK di Indonesia. with SAK in Indonesia.
Kasus Terkait Buruh dan Karyawan Cases on Labor and Employees
Hingga akhir tahun 2025, tidak terdapat kasus yang Until the end of 2025, there have been no cases involving
melibatkan Perseroan dengan buruh atau karyawan. the Company with labor or employees.
Pengungkapan Segmen Operasi pada Laporan Operating Segments Disclosure in the Financial
Keuangan Statements
Perseroan mengungkapkan segmen operasi sesuai PSAK The Company discloses its operating segments in
5 tentang Segmen Operasi. Segmen operasi Perseroan accordance with PSAK 5 on Operating Segments. The
disajikan dalam Laporan Keuangan Konsolidasian yang Company’s operating segments are presented in the
terdiri dari Segmen Properti/Real Estat, Segmen Hotel, Consolidated Financial Statements, which consist of the
dan Segmen Sewa. Property/Real Estate Segment, the Hotel Segment, and
the Leasing Segment.
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Kesesuaian Buku Laporan Tahunan dan Laporan Compatibility of Annual Report and Digital Annual
Tahunan Digital Report
Laporan Tahunan Perseroan yang disampaikan kepada The Company’s Annual Report submitted to shareholders
pemegang saham dan pemangku kepentingan, termasuk and stakeholders, including those uploaded on the
yang diunggah pada situs web resmi Perseroan, Company’s official website, is consistent with the printed
konsisten dengan buku Laporan Tahunan yang dicetak Annual Report published by the Company.
dan diterbitkan oleh Perseroan.
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Tata Kelola Perusahaan
Good Corporate Governance
Penerapan atas Pedoman Tata Kelola Perusahaan
Implementation of Corporate Governance Guidelines
Perseroan menerapkan Pedoman Tata Kelola The Company consistently implements the Guidelines
Perusahaan Terbuka secara konsisten sebagai bagian for Corporate Governance of Public Companies as part
dari upaya untuk memperkuat kualitas pengelolaan of its efforts to strengthen the quality of the Company’s
Perseroan, menjaga akuntabilitas organ Perseroan, management, maintain the accountability of the
dan memastikan bahwa setiap proses pengambilan Company’s governing bodies, and ensure that every
keputusan strategis berlangsung secara sehat, terukur, strategic decision-making process is conducted in a
dan selaras dengan prinsip Tata Kelola Perusahaan yang sound, measured manner, and in accordance with the
Baik (Good Corporate Governance/GCG). Penerapan principles of Good Corporate Governance (GCG). This
tersebut menjadi penting karena keberlanjutan usaha implementation is crucial because business sustainability
tidak hanya ditentukan oleh capaian kinerja, tetapi juga is determined not only by performance achievements
oleh mutu governansi yang menopang fungsi pengurusan, but also by the quality of governance that underpins
fungsi pengawasan, pelindungan hak pemegang management functions, oversight functions, the
saham, hubungan dengan pemangku kepentingan, dan protection of shareholders’ rights, stakeholder relations,
keterbukaan informasi kepada publik. and transparency of information to the public.
Dalam melaksanakan penerapan tersebut, Perseroan In implementing these guidelines, the Company refers
mengacu pada Surat Edaran Otoritas Jasa Keuangan to the Financial Services Authority Circular Letter
Nomor 32/SEOJK.04/2015 tentang Pedoman Tata No. 32/SEOJK.04/2015 regarding Guidelines on
Kelola Perusahaan Terbuka sebagai rujukan utama Corporate Governance for Public Companies as the
dalam menilai penerapan rekomendasi tata kelola, serta primary reference in assessing the implementation of
menggunakan Pedoman Umum Governansi Korporat governance recommendations, and uses the Indonesian
Indonesia (PUGKI) sebagai acuan untuk memperkuat General Corporate Governance Guidelines (PUGKI) as
kualitas praktik governansi yang sehat, berintegritas, dan a benchmark to strengthen the quality of governance
berkelanjutan. practices that are sound, integrity-driven, and sustainable.
Berikut adalah ringkasan hasil self-assessment The following is a summary of the results of the Company’s
penerapan GCG Perseroan sepanjang Tahun Buku self-assessment of GCG implementation for the 2025
2025. Financial Year.
SURAT EDARAN OTORITAS JASA KEUANGAN NOMOR 32 /SEOJK.04/2015 TENTANG PEDOMAN
TATA KELOLA PERUSAHAAN TERBUKA
FINANCIAL SERVICES AUTHORITY CIRCULAR LETTER NUMBER 32/SEOJK.04/2015 CONCERNING
GUIDELINES FOR THE GOVERNANCE OF PUBLIC COMPANIES
Berdasarkan hasil self-assessment GCG Tahun Buku Based on the results of the 2025 Financial Year GCG
2025, Perseroan memenuhi 23 dari 25 rekomendasi self-assessment, the Company met 23 out of 25
atau sebesar 92,0%, sedangkan 2 rekomendasi atau recommendations, or 92.0%, while 2 recommendations,
sebesar 8,0% berada dalam kategori explain. Hasil or 8.0%, fell into the “explain” category. These
tersebut menunjukkan bahwa secara umum Perseroan results indicate that, in general, the Company has
telah menerapkan mayoritas rekomendasi tata kelola adequately implemented the majority of governance
secara memadai, sehingga pelaksanaan tata kelola recommendations, thereby ensuring that governance
telah berfungsi sebagai landasan dalam mendukung practices serve as a foundation for supporting the
pengelolaan Perseroan yang akuntabel, transparan, dan Company’s accountable, transparent, and responsible
bertanggungjawab. management.
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Penilaian Tahun Buku 2025
Aspek Tata Kelola Perusahaan Jumlah Rekomendasi Assessment for Financial Year 2025
No
Corporate Governance Aspects Number of Recommendations
Comply % Explain %
Hubungan Perusahaan Terbuka Dengan Pemegang
Saham Dalam Menjamin Hak-hak Pemegang Saham
1 5 4 80,0 1 20,0
Relationships Between Public Companies and
Shareholders in Safeguarding Shareholder Rights
Fungsi dan Peran Dewan Komisaris
2 6 6 100,0 0 -
Functions and Roles of the Board of Commissioners
Fungsi dan Peran Direksi
3 6 6 100,0 0 -
Functions and Roles of the Board of Directors
Partisipasi Pemangku Kepentingan
4 6 5 83,3 1 17,0
Stakeholder Participation
Keterbukaan Informasi
5 2 2 100,0 0 -
Disclosure of Information
Jumlah
25 23 92,0 2 8,0
Total
Capaian tersebut menunjukkan bahwa kekuatan utama These achievements demonstrate that the primary
penerapan tata kelola Perseroan berada pada efektivitas strength of the Company’s governance implementation
peran organ Perseroan dan keterbukaan informasi, lies in the effectiveness of the Company’s governing bodies
karena seluruh rekomendasi pada ketiga aspek and information transparency, as all recommendations
tersebut telah dipenuhi. Dengan demikian, penerapan across these three aspects have been fulfilled. Thus,
SEOJK No. 32/SEOJK.04/2015 pada Tahun Buku 2025 the implementation of SEOJK No. 32/SEOJK.04/2015
mencerminkan fondasi tata kelola yang kuat, dengan in Financial Year 2025 reflects a strong governance
agenda penguatan yang tetap terarah pada area yang foundation, with a strengthening agenda that remains
belum sepenuhnya optimal, agar penerapan tata kelola focused on areas that are not yet fully optimized, so that
Perseroan tidak hanya tinggi secara persentase, tetapi the Company’s governance implementation is not only
juga semakin matang secara substansi. high in percentage terms but also increasingly mature in
substance.
PEDOMAN UMUM GOVERNANSI KORPORAT INDONESIA (PUGKI) 2021
GENERAL GUIDELINES ON CORPORATE GOVERNANCE IN INDONESIA (PUGKI) 2021
Berdasarkan hasil self-assessment penerapan PUGKI Based on the results of the self-assessment of PUGKI
Tahun Buku 2025, penerapan governansi Perseroan implementation for the 2025 financial year, the Company’s
secara umum masih didominasi oleh status apply pada governance practices are generally still characterized
mayoritas prinsip. Hasil tersebut menunjukkan bahwa by a “comply” status for the majority of principles.
Perseroan telah menempatkan governansi tidak hanya These results indicate that the Company has positioned
sebagai instrumen kepatuhan, tetapi juga sebagai corporate governance not only as a compliance tool but
kerangka dalam membangun kualitas hubungan antar also as a framework for fostering quality relationships
organ Perseroan, perilaku etis, pengelolaan risiko, among the Company’s governing bodies, ethical conduct,
transparansi, serta pelindungan terhadap pemegang risk management, transparency, and the protection of
saham dan pemangku kepentingan lainnya. shareholders and other stakeholders.
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Tata Kelola Perusahaan
Good Corporate Governance
Penilaian Tahun Buku 2025
Prinsip Tata Kelola Perusahaan Jumlah Rekomendasi Assessment for Financial Year 2025
No
Corporate Governance Principles Number of Recommendations
Apply % Explain %
1 Peran dan Tanggung Jawab Direksi dan Dewan
Komisaris
31 28 90,3 3 9,7
Roles and Responsibilities of the Board of Directors
and the Board of Commissioners
2 Komposisi dan Remunerasi Direksi dan Dewan
Komisaris
11 8 72,7 3 27,3
Composition and Compensation of the Board of
Directors and the Board of Commissioners
3 Hubungan Kerja antara Direksi dan Dewan Komisaris
Working Relationship Between the Board of Directors 5 5 100,0 0 0,0
and the Board of Commissioners
4 Perilaku Etis dan Bertanggung Jawab
4 4 100,0 0 0,0
Ethical and Responsible Conduct
5 Manajemen Risiko, Pengendalian Internal dan
Kepatuhan 6 5 83,3 1 16,7
Risk Management, Internal Controls, and Compliance
6 Pengungkapan dan Transparansi
9 8 88,9 1 11,1
Disclosure and Transparency
7 Perlindungan terhadap Hak-Hak Pemegang Saham
11 11 100,0 0 0,0
Protection of Shareholder Rights
8 Pemangku Kepentingan Lainnya
4 4 100,0 0 0,0
Other Stakeholders
Jumlah
81 73 90,1 8 9,9
Total
Hasil tersebut menunjukkan bahwa kualitas governansi These results indicate that the Company’s governance
Perseroan pada Tahun Buku 2025 telah kuat pada aspek quality for the 2025 financial year was strong in
hubungan kerja antar organ Perseroan, perilaku etis terms of working relationships among the Company’s
dan bertanggung jawab, perlindungan terhadap hak-hak governing bodies, ethical and responsible conduct,
pemegang saham, serta perhatian terhadap pemangku protection of shareholder rights, and consideration for
kepentingan lainnya. Namun, Perseroan masih perlu other stakeholders. However, the Company still needs
melanjutkan penguatan agar penerapan governansi tidak to continue strengthening its governance so that its
hanya berjalan baik secara umum, tetapi juga semakin implementation not only functions well in general but also
matang pada area yang bersifat strategis dan sensitif becomes increasingly mature in areas that are strategic
terhadap kualitas pengelolaan Perseroan. and critical to the quality of the Company’s management.
KESIMPULAN DAN KOMITMEN PENGUATAN TATA KELOLA
CONCLUSIONS AND COMMITMENTS TO STRENGTHENING GOVERNANCE
Secara keseluruhan, hasil penerapan pedoman tata kelola Overall, the results of the implementation of governance
pada Tahun Buku 2025 menunjukkan bahwa Perseroan guidelines for the 2025 Financial Year indicate that the
telah menjalankan praktik tata kelola secara memadai Company has carried out governance practices adequately
dan konsisten, baik dalam kerangka SEOJK No. 32/ and consistently, both within the framework of SEOJK
SEOJK.04/2015 maupun dalam kerangka PUGKI. Hasil No. 32/SEOJK.04/2015 and within the framework of
tersebut menegaskan bahwa tata kelola telah menjadi PUGKI. These results confirm that corporate governance
bagian penting dari cara Perseroan mengelola usaha, has become an integral part of how the Company
menjaga akuntabilitas, melaksanakan fungsi pengurusan manages its business, maintains accountability, performs
dan pengawasan, serta membangun kepercayaan management and oversight functions, and builds trust
pemegang saham dan pemangku kepentingan. among shareholders and stakeholders.
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Hasil penilaian SEOJK menunjukkan bahwa Perseroan The SEOJK assessment results indicate that the
telah mencapai tingkat penerapan yang tinggi, terutama Company has achieved a high level of implementation,
pada aspek fungsi dan peran Dewan Komisaris, fungsi dan particularly regarding the functions and roles of the
peran Direksi, serta keterbukaan informasi. Sementara Board of Commissioners, the functions and roles of
itu, hasil penilaian PUGKI menunjukkan bahwa Perseroan the Board of Directors, and information disclosure.
juga telah memiliki landasan governansi yang kuat pada Meanwhile, the PUGKI assessment results indicate that
aspek hubungan kerja antar organ Perseroan, perilaku the Company has also established a strong governance
etis dan bertanggung jawab, perlindungan hak-hak foundation regarding inter-organ relationships, ethical
pemegang saham, dan perhatian terhadap pemangku and responsible conduct, protection of shareholder rights,
kepentingan lainnya. Keterkaitan kedua hasil tersebut and consideration for other stakeholders. The correlation
menunjukkan bahwa kekuatan tata kelola Perseroan tidak between these two results indicates that the strength of
hanya terletak pada kepatuhan terhadap rekomendasi the Company’s governance lies not only in compliance
formal, tetapi juga pada upaya membangun kualitas with formal recommendations but also in efforts to build
governansi yang menopang keberlanjutan usaha. governance quality that supports business sustainability.
Meskipun demikian, Perseroan tetap memandang bahwa Nevertheless, the Company continues to believe that good
tata kelola yang baik harus terus disempurnakan. Oleh corporate governance must be continuously improved.
karena itu, area yang masih berada dalam kategori Therefore, areas that remain in the “explain” category,
explain maupun area yang belum mencapai penerapan as well as those that have not yet achieved optimal
optimal akan tetap menjadi fokus penguatan pada periode implementation, will remain a focus for improvement in
berikutnya. Melalui pendekatan tersebut, Perseroan the coming period. Through this approach, the Company
menegaskan komitmennya untuk terus memperkuat tata reaffirms its commitment to continuously strengthen
kelola yang sehat, adaptif, dan berkelanjutan sebagai sound, adaptive, and sustainable governance as the
fondasi bagi peningkatan kepercayaan pemegang foundation for enhancing shareholder and stakeholder
saham dan pemangku kepentingan serta penciptaan nilai trust and creating long-term value for the Company.
Perseroan dalam jangka panjang.
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Tata Kelola Perusahaan
Good Corporate Governance
Akses Informasi dan Data Perseroan
Access to Company Information and Data
Informasi mengenai Perseroan dapat diakses oleh Information about the Company can be accessed by the
masyarakat dan pemangku kepentingan melalui saluran public and stakeholders through the information channels
informasi yang disediakan Perseroan. Situs web resmi provided by the Company. The Company’s official website
Perseroan www.adcp.co.id dapat diakses secara daring www.adcp.co.id can be accessed online and in real time
dan real time untuk memperoleh informasi dan data to obtain Company information and data in Indonesian
Perseroan dalam Bahasa Indonesia dan Bahasa Inggris. and English. In addition, stakeholders may contact the
Selain itu, pemangku kepentingan dapat menghubungi Company or visit the head office to obtain the required
Perseroan atau berkunjung ke kantor pusat untuk information in accordance with the applicable provisions.
memperoleh informasi yang diperlukan sesuai ketentuan
yang berlaku.
Kontak Perseroan
Company Address
Alamat Korespondensi Kantor Pusat
Correspondence Address Head Office
Jl. Pengantin Ali No. 88 Ciracas, Jakarta Timur Jl. Raya Pasar Minggu KM 18
DKI Jakarta, Indonesia 13740 South Building
Telp.: +6221 228 229 80 PT Adhi Karya (Persero) Tbk.
Fax: +6221 228 220 81
Website: www.lrtcity.com
e-mail: adcp@adcp.co.id
Korespondensi dan Laporan Berkala Correspondence and Periodic Reports
Perseroan menyiapkan laporan dan keterbukaan The Company prepares reports and information
informasi kepada pemegang saham dan pemangku disclosures for shareholders and stakeholders, including
kepentingan, antara lain Laporan Tahunan, Laporan Annual Reports, biannual financial statements, and
Keuangan Semester, serta laporan terkait penggunaan reports related to the use of proceeds and other material
dana dan informasi material lainnya sesuai ketentuan information in accordance with capital market regulations.
pasar modal.
Sejak Perseroan menjadi Perusahaan Terbuka pada 23 Since the Company became a public company on February
Februari 2022, kewajiban korespondensi dan pelaporan 23, 2022, the Company’s correspondence and periodic
berkala Perseroan mengikuti ketentuan yang berlaku. reporting obligations follow the applicable provisions.
Rincian surat dan aktivitas korespondensi pasar modal Details of letters and capital market correspondence
tahun 2025 disampaikan sesuai data yang tersedia pada activities in 2025 are presented based on the information
periode pelaporan ini. available for this reporting period.
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Nomor Surat Tanggal Keterangan Penerima
Letter No Date Subject Recipient
08 Januari 2025 Daftar Pemegang Saham Januari 2025
DE/I/2025-0014 IDX
January 08, 2025 List of Shareholders January 2025
13 Januari 2025 Laporan Penggunaan Dana Hasil Penawaran Umum
002/ADCP-I/2025 IDX
January 13, 2025 Report on the Use of Proceeds from Public Offering
14 Januari 2025 Tanggapan Permintaan Penjelasan Volatilitas Transaksi Efek.
01/KI-ADCP/I-2025 IDX
January 14, 2025 Response to Request for Explanation of Securities Transaction Volatility
Tanggapan Permintaan Penjelasan Laporan Data Entitas Anak dan Manajemen Entitas
04 Februari 2025 Anak Perusahaan Tercatat per Desember 2024.
02/KI-ADCP/II-2025 IDX
February 04, 2025 Response to Request for Explanation of Subsidiary Entity Data Report and
Management of Subsidiary Entities Listed as of December 2024.
05 Februari 2025 Daftar Pemegang Saham Februari 2025
DE/II/2025-0443 IDX
February 05, 2025 List of Shareholders Februari 2025
04 Maret 2025 Daftar Pemegang Saham Maret 2025
DE/III/2025-0729 IDX
March 04, 2025 List of Shareholders March 2025
04 Maret 2025 Laporan Keuangan Audited 2024
04/KI-ADCP/III-2025 IDX
March 04, 2025 2024 Audited Financial Statements
08 April 2025 Daftar Pemegang Saham April 2025
DE/IV/2025-1026 IDX
April 08, 2025 List of Shareholders April 2025
22 April 2025 Kinerja Triwulan I ADCP
121-0/007/IV/2025
April 22, 2025 ADCP First Quarter Performance
29 April 2025 Pengumuman RUPS Tahunan Tahun Buku 2024
07/KI-ADCP/IV-2025 IDX
April 29, 2025 Announcement of Annual GMS for 2024 Financial Year
05 Mei 2025 Daftar Pemegang Saham Mei 2025
DE/V/2025-1326 IDX
May 05, 2025 List of Shareholders May 2025
15 Mei 2025 Pemanggilan RUPS Tahunan Tahun Buku 2024
121-0/015/V/2025 IDX
May 15, 2025 Announcement of Annual GMS for 2024 Financial Year
16 Mei 2025 Perubahan Perjanjian Perwaliamanatan
121-0/016/V/2025 IDX
May 16, 2025 Amendment to the Trust Agreement
05 Juni 2025 Daftar Pemegang Saham Juni 2025
12/KI-ADCP/VI-2025 IDX
June 05, 2025 List of Shareholders June 2025
18 Juni 2025 Hasil RUPS Tahunan Tahun Buku 2025
13/KI-ADCP/VI-2025 IDX
June 18, 2025 Annual GMS Results for 2025 Financial Year
30 Juni 2025 Transaksi Afiliasi : Shareholders Loan ADHI kepada ADCP sebesar Rp82 miliar
14/KI-ADCP/VI-2025 IDX
June 30, 2025 Affiliated Transaction: Shareholders Loan from ADHI to ADCP amounting to Rp82 billion
04 Juli 2025 Daftar Pemegang Saham Juli 2025
DE/VII/2025-2073 IDX
July 04, 2025 List of Shareholders July 2025
16 Juli 2025 Tanggapan Penjelasan Permintaan Bursa
274/ADCP-VII/2025 IDX
July 16, 2025 Response to Exchange Request for Explanation
31 Juli 2025 Kinerja Triwulan II ADCP
291/ADCP-VII/2025
July 31, 2025 ADCP Second Quarter Performance
04 Agustus 2025 Daftar Pemegang Saham Agustus 2025
DE/VIII/2025-2257 IDX
August 04, 2025 List of Shareholders August 2025
5 Agustus 2025 Laporan Penggunaan Dana Hasil Penawaran Umum
299/ADCP-VIII/2025 IDX
August 5, 2025 Report on the Use of Proceeds from Public Offering
09 September 2025 Daftar Pemegang Saham September 2025
DE/IX/2025-2596 IDX
September 09, 2025 List of Shareholders September 2025
10 September 2025 Laporan Hasil Pemeringkatan Tahunan
121-0/026/IX/2025 IDX
September 10, 2025 Annual Rating Results Report
08 Oktober 2025 Daftar Pemegang Saham Oktober 2025
DE/X/2025-2891 IDX
Oktober 08, 2025 List of Shareholders Oktober 2025
31 Oktober 2025 Kinerja Triwulan III ADCP
16/KI-ADCP/X-2025 IDX
October 31, 2025 ADCP Third Quarter Performance
05 November 2025 Daftar Pemegang Saham November 2025
DE/XI/2025-3162 IDX
November 05, 2025 List of Shareholders November 2025
06 November 2025 Pengumuman Public Expose 2025
18/KI-ADCP/XI-2025 IDX
November 06, 2025 Announcement of 2025 Public Expose
05 Desember 2025 Daftar Pemegang Saham Desember 2025
DE/XII/2025-3472 IDX
Desember 05, 2025 List of Shareholders December 2025
16 Desember 2025 Perubahan Perjanjian Perwaliamanatan
535/ADCP-XII/2025 IDX
December 16, 2025 Amendment to the Trust Agreement
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Tata Kelola Perusahaan
Good Corporate Governance
Publikasi Tahun 2025 Publication in 2025
Sepanjang tahun 2025, Perseroan menyampaikan Throughout 2025, the Company communicated corporate
informasi korporasi kepada publik melalui siaran pers dan information to the public through press releases and
kanal komunikasi lainnya sesuai ketentuan yang berlaku. other communication channels in accordance with
Rincian jumlah publikasi dan media penayangan disajikan the applicable provisions. Details on the number of
sesuai data yang tersedia pada periode pelaporan ini. publications and media coverage are presented based on
the information available for this reporting period.
Waktu Publikasi Perihal
Publication Date Subject
Januari Kolaborasi ADCP dan JECA, Kembangkan Lot SOHO di ADHI CITY Sentul.
January Kerja Sama ADCP dengan Terra Charge Kembangkan SPKLU di Hotel Grandhika Inskandarsyah.
ADCP and JECA Collaboration Develops SOHO Lots in ADHI CITY Sentul.
ADCP Collaboration with Terra Charge Develops SPKLU at Grandhika Inskandarsyah Hotel.
Februari ADCP Resmikan JIVA Carnival di LRT CITY Sentul.
February Komitmen ESG ADCP melalui Bakti Sosial di Medan.
ADCP Inaugurates JIVA Carnival at LRT CITY Sentul.
ADCP's ESG Commitment through Social Service in Medan.
Maret Kolaborasi ADCP dan PinHome Berikan Pelayanan Jaringan di Cisauk Point.
March Terapkan ESG, ADCP Lakukan Penanaman Pohon di seluruh kawasan LRT CITY.
ADCP and PinHome Collaboration Provides Network Services at Cisauk Point.
Implementing ESG, ADCP Plants Trees throughout the LRT CITY Area.
April Penandatanganan MoU Pengembangan Skema Sewa Beli (Rent to Own) antara PT Sarana Multigriya Finansial (Persero) - SMF,
April PT Adhi Commuter Properti Tbk - ADCP, dan PT Adhi Persada Properti - APP.
Signing of MoU for the Development of a Rent-to-Own Scheme between PT Sarana Multigriya Finansial (Persero) - SMF, PT Adhi
Commuter Properti Tbk - ADCP, and PT Adhi Persada Properti - APP.
Mei Erick Thohir Resmikan FIFA Arena di Kawasan ADCP, Oase Park, Ciputat.
May Promo Libur Bayar Hingga 2 Tahun, ADCP Hadirkan LRT CITY Ciracas untuk Masyarakat Jabodetabek.
ADCP Lakukan Perpanjangan Jatuh Tempo Obligasi II Tahun 2022 Seri B.
ADCP Hadirkan Sport Center di LRT CITY Cibubur melalui Penandatanganan PKS bersama AER Arena.
Erick Thohir Inaugurates FIFA Arena in ADCP Area, Oase Park, Ciputat.
With a 2-year payment holiday promotion, ADCP presents LRT CITY Ciracas for the Greater Jakarta community.
ADCP Extends Maturity Date of 2022 Series B Bonds.
ADCP Launches Sport Center at LRT CITY Cibubur through PKS Signing with AER Arena.
Juni RUPS Tahunan ADCP Hadirkan Struktur Baru, Fokus pada Lean Business dan Strategi Berkelanjutan.
June ADHI CITY Sentul Terbitkan Akta Jual Beli Perdana.
ADCP Annual General Meeting Presents New Structure, Focus on Lean Business and Sustainable Strategy.
ADHI CITY Sentul Issues Initial Deed of Sale and Purchase.
Juli Wakil Menteri PKP Tinjau Lokasi Strategis Berkonsep TOD milik ADCP.
July ADCP, PLN dan Walikota Jakarta Timur Resmikan SPKLU di LRT CITY Ciracas.
Deputy Minister of Public Works and Public Housing Inspects ADCP's TOD-Concept Strategic Location.
ADCP, PLN, and Mayor of East Jakarta Inaugurate SPKLU at LRT CITY Ciracas
Agustus ADCP Pastikan Kewajiban Bunga dari Obligasi akan Terpenuhi.
August ADCP Ensures Bond Interest Obligations to be fulfilled.
September ADCP Hadirkan Hunian Berkualitas, Dukung Program 3 Juta Rumah
September ADCP Presents Quality Housing, Supports the 3 Million Houses Program.
Oktober ADCP Resmikan Fasilitas Inap Kompetitif melalui StayG di LRT CITY Sentul.
October Kerja Sama Pengelolaan Lahan Parkir LRT CITY Cibubur oleh ADCP bersama PT Djuara Persada Mandiri.
Kinerja Triwulan II Tahun 2025, ADCP Bertahan Hadapi Tantangan Industri Properti.
ADCP Launches Competitive Accommodation Facility through StayG at LRT CITY Sentul.
Parking Lot Management Collaboration at LRT CITY Cibubur between ADCP and PT Djuara Persada Mandiri.
Second Quarter Performance in 2025, ADCP Maintains Position Amid Property Industry Challenges.
November Hotel Grandhika Iskandarsyah jadi Tuan Rumah Artistic Atlet Gymnastic World Championship.
November Kolaborasi ADCP dan Perpustakaan Nasional dalam CSR Buku.
ADCP Optimalkan Area Komersial LRT CITY MTH dengan Lapangan Padel.
Grandhika Iskandarsyah Hotel Hosts Artistic Gymnastics World Championships.
ADCP and National Library Collaborate on Book CSR.
ADCP Optimizes LRT CITY MTH Commercial Area with Padel Court.
Desember Public Expose ADCP 2025 : Pertahankan Kinerja Berkelanjutan.
December ADCP Gandeng Mitra untuk Kelola Lapangan Padel di LRT CITY Ciracas.
Dorong Hunian Aktif, ADCP Hadirkan Lapangan Padel di LRT CITY Cibubur.
ADCP 2025 Public Expose: Maintaining Sustainable Performance.
ADCP Partners with LRT CITY Ciracas to Manage Padel Court.
Encouraging Active Living, ADCP Introduces Padel Court at LRT CITY Cibubur
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Tangung Jawab Sosial Perusahaan
Corporate Social Responsibility
Tangung Jawab
Sosial Perusahaan
334 2025 Laporan Tahunan
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Tanggung Jawab
Sosial Perusahaan
Corporate Social Responsibility
6
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Tangung Jawab Sosial Perusahaan
Corporate Social Responsibility
Tanggung Jawab Sosial dan Lingkungan (TJSL)
Corporate Social and Environmental Responsibility
PT Adhi Commuter Properti Tbk berkomitmen untuk PT Adhi Commuter Properti Tbk is committed to
menjalankan kegiatan usaha secara berkelanjutan conducting its business sustainably by incorporating
dengan memperhatikan aspek Environmental, Social, Environmental, Social, and Governance (ESG) principles
and Governance (ESG) dalam setiap proses bisnisnya. into every aspect of its operations. As a publicly listed
Sebagai bagian dari entitas publik, Perseroan tidak hanya company, the Company is responsible for creating
bertanggung jawab menciptakan nilai finansial, tetapi financial value and generating positive impacts on
juga memberikan dampak positif kepada masyarakat society and the environment. The principles of integrity,
dan lingkungan. Prinsip integritas, transparansi, dan transparency, and accountability form the foundation for
akuntabilitas menjadi dasar dalam merumuskan strategi developing a sustainability strategy that aligns with the
keberlanjutan yang terintegrasi dengan arah pertumbuhan Company’s long-term growth objectives.
jangka panjang Perseroan.
Untuk memperkuat transparansi pelaporan dan To strengthen transparency in reporting and accountability
akuntabilitas kepada pemangku kepentingan, Perseroan to stakeholders, the Company provides comprehensive
menyampaikan informasi kegiatan Tanggung Jawab information on Social and Environmental Responsibility
Sosial dan Lingkungan (TJSL) secara lengkap dalam (TJSL) activities in the 2025 Sustainability Report. This
Laporan Keberlanjutan 2025, yang diterbitkan secara report is published separately but concurrently with the
terpisah namun bersamaan waktunya dengan Laporan Annual Report. Its preparation follows the provisions of
Tahunan. Penyusunan laporan ini mengacu pada POJK No. 51/POJK.03/2017 concerning the Application
ketentuan POJK No. 51/POJK.03/2017 tentang Penerapan of Sustainable Finance for Financial Services Institutions,
Keuangan Berkelanjutan bagi Lembaga Jasa Keuangan, Issuers, and Public Companies, as well as the technical
Emiten, dan Perusahaan Publik serta pedoman teknis guidelines outlined in SEOJK No. 16/SEOJK.04/2021
SEOJK No. 16/SEOJK.04/2021 tentang Bentuk dan Isi regarding the Form and Content of Annual Reports of
Laporan Tahunan Emiten atau Perusahaan Publik. Issuers or Public Companies.
Laporan Keberlanjutan Perseroan mencakup informasi The Company’s Sustainability Report includes information
mengenai penghormatan terhadap hak asasi manusia, on the respect for human rights, labor practices, fair
ketenagakerjaan, praktik usaha yang wajar, pengelolaan business practices, environmental management,
lingkungan hidup, layanan pelanggan, serta pelibatan dan customer service, and community engagement and
pemberdayaan masyarakat. Laporan ini juga berfungsi empowerment. This report also is the Company’s official
sebagai sarana komunikasi resmi Perseroan dalam communication tool to transparently and credibly disclose
mengungkapkan kinerja ESG kepada seluruh pemangku its ESG performance to all stakeholders.
kepentingan secara transparan dan kredibel.
Integrasi keberlanjutan ke dalam strategi bisnis dan The integration of sustainability into business strategy
manajemen risiko dilakukan sebagai bentuk antisipasi and risk management is carried out to anticipate
terhadap dinamika lingkungan bisnis, perubahan iklim, business environment dynamics, climate change, and the
serta tekanan regulasi dan ekspektasi pemangku pressures of regulations and stakeholder expectations.
kepentingan. Perseroan memastikan operasional tetap The Company ensures that its operations remain resilient,
resilien, bertanggung jawab dan relevan secara jangka responsible, and relevant in the long term.
panjang.
Informasi lebih lengkap mengenai implementasi program More detailed information on the implementation of
TJSL Perseroan 2025 dapat diakses dalam Laporan Company’s 2025 CSR programs can be accessed in the
Keberlanjutan melalui situs web resmi Perseroan di: Sustainability Report on the Company’s official website at:
www.adcp.co.id www.adcp.co.id
336 2025 Laporan Tahunan
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Surat Pernyataan
Anggota Direksi dan
Anggota Dewan Komisaris
tentang Tanggung Jawab atas Laporan Tahunan
PT Adhi Commuter Properti Tbk Tahun 2025
Statement of Members of the Board of Directors
and the Board of Commissioners regarding Responsibility
for the 2025 Annual Report of PT Adhi Commuter Properti Tbk
Page 340
Surat Pernyataan Anggota Direksi
tentang Tanggung Jawab atas Laporan Tahunan
PT Adhi Commuter Properti Tbk Tahun 2025
Statement of Members of the Board of Directors regarding Responsibility
for the 2025 Annual Report of PT Adhi Commuter Properti Tbk
Kami, anggota Direksi Perseroan yang bertanda tangan We, the undersigned members of the Company’s Board
di bawah ini, menyatakan bahwa seluruh informasi dalam of Directors, hereby confirm that all information in the
Laporan Tahunan PT Adhi Commuter Properti Tbk Tahun 2025 Annual Report of PT Adhi Commuter Properti Tbk
2025 telah disusun secara lengkap dan benar, serta has been fully disclosed and we take full responsibility for
bahwa kami bertanggung jawab penuh atas kebenaran the accuracy of the contents of the report.
isi Laporan Tahunan Perseroan.
Demikian pernyataan ini dibuat dengan sebenarnya. This statement is made in truthfulness.
Jakarta, 29 April 2026 Jakarta, April 29, 2026
Direksi
Board of Directors
Achmad Wachid Abdullah Farid Budiyanto
Direktur Utama Direktur Operasi
President Director Operation Director
340 2025 Laporan Tahunan
Annual Report
PT Adhi Commuter Properti Tbk
Page 341
Surat Pernyataan Anggota Dewan Komisaris
tentang Tanggung Jawab atas Laporan Tahunan
PT Adhi Commuter Properti Tbk Tahun 2025
Statement of Members of the Board of Commissioners regarding
Responsibility for the 2025 Annual Report of PT Adhi Commuter Properti Tbk
Kami, anggota Dewan Komisaris Perseroan We, the undersigned members of the Company’s Board of
yang bertanda tangan di bawah ini, menyatakan Commissioners, hereby confirm that all information in the
bahwa seluruh informasi dalam Laporan Tahunan 2025 Annual Report of PT Adhi Commuter Properti Tbk
PT Adhi Commuter Properti Tbk Tahun 2025 telah has been fully disclosed and we take full responsibility for
disusun secara lengkap dan benar, serta bahwa kami the accuracy of the contents of the report.
bertanggung jawab penuh atas kebenaran isi Laporan
Tahunan Perseroan.
Demikian pernyataan ini dibuat dengan sebenarnya. This statement is made in truthfulness.
Jakarta, 29 April 2026 Jakarta, April 29, 2026
Dewan Komisaris
Board of Commissioners
Wenry Anshory Putra Yan Firwan
Komisaris Utama merangkap Komisaris
Komisaris Independen Commissioner
President Commissioner concurrently
as Independent Commissioner
PT Adhi Commuter Properti Tbk Laporan Tahunan
Annual Report 2025 341
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Referensi SEOJK
Nomor 16 SEOJK.04/2021:
Bentuk dan Isi Laporan Tahunan Emiten atau
Perusahaan Publik
SEOJK Reference Number 16/SEOJK.04/2021:
Form and Content of the Annual Report of Issuers
or Public Companies
Page 344
Referensi SEOJK Nomor 16/SEOJK.04/2021 : Bentuk dan
Isi Laporan Tahunan Emiten atau Perusahaan Publik
SEOJK Reference Number 16/SEOJK.04/2021: Form and Content of the Annual
Report of Issuers or Public Companies
Halaman
Keterangan Description
Page
I. Ketentuan Umum I. General Provision
Dalam Surat Edaran Otoritas Jasa Keuangan ini yang In this Financial Services Authority Circular Letter what is
dimaksud dengan: meant by:
a. Laporan Tahunan adalah laporan pertanggungjawaban √ a. Annual Report is a report on the accountability of the
direksi dan dewan komisaris dalam melakukan Board of Directors and the Board of Commissioners in
pengurusan dan pengawasan terhadap emiten atau managing and supervising issuers or public companies
perusahaan publik dalam kurun waktu 1 (satu) tahun within a period of 1 (one) financial year to the General
buku kepada rapat umum pemegang saham yang disusun Meeting of Shareholders based on the provisions of the
berdasarkan ketentuan dalam Peraturan Otoritas Jasa Financial Services Authority Regulation regarding the
Keuangan mengenai Laporan Tahunan emiten atau Annual Report of Issuers or Public Companies.
perusahaan publik.
b. Emiten adalah pihak yang melakukan penawaran umum. √ b. Issuers are parties who make public offerings.
c. Perusahaan Publik adalah perseroan yang sahamnya √ c. Public Company is a company whose shares are owned
telah dimiliki paling sedikit oleh 300 (tiga ratus) pemegang by at least 300 (three hundred) shareholders and has a
saham dan memiliki modal disetor paling sedikit paid-up capital of at least Rp. 3,000,000,000.00 (three
Rp3.000.000.000,00 (tiga miliar rupiah) atau suatu jumlah billion rupiah) or a number of shareholders and paid-up
pemegang saham dan modal disetor yang ditetapkan oleh capital as determined by the Financial Services Authority.
Otoritas Jasa Keuangan.
d. Perusahaan Terbuka adalah Emiten yang telah melakukan √ d. Public Company is an Issuer that has made a public
penawaran umum efek bersifat ekuitas atau Perusahaan offering of equity securities or a Public Company.
Publik.
e. Laporan Keberlanjutan (Sustainability Report) adalah √ e. A Sustainability Report is a report published to the
laporan yang diumumkan kepada masyarakat yang public that contains the economic, financial, social,
memuat kinerja ekonomi, keuangan, sosial, dan and environmental performance of a financial service
lingkungan hidup suatu lembaga jasa keuangan, Emiten, institution, Issuer, and Public Company in running a
dan Perusahaan Publik dalam menjalankan bisnis sustainable business.
berkelanjutan.
f. Direksi: f. Board of Directors
1) Bagi Emiten atau Perusahaan Publik berbentuk √ 1) for an Issuer or a Public Company in the form of
badan hukum perseroan terbatas adalah Direksi a limited liability company, the Board of Directors
sebagaimana dimaksud dalam Peraturan Otoritas as referred to in the Financial Services Authority
Jasa Keuangan mengenai Direksi dan Dewan Regulation concerning the Board of Directors and
Komisaris Emiten atau Perusahaan Publik; dan Board of Commissioners of an Issuer or Public
Company; and
2) Bagi Emiten atau Perusahaan Publik berbentuk badan √ 2) for an Issuer or Public Company in the form of a
hukum selain perseroan terbatas adalah organ yang legal entity other than a limited liability company
melaksanakan pengurusan badan hukum tersebut is an organ that runs the management of the legal
sebagaimana dimaksud dalam peraturan perundang- entity as referred to in the laws and regulations
undangan mengenai badan hukum tersebut. concerning the legal entity.
g. Dewan Komisaris: g. Board of Commissioners
1) Bagi Emiten atau Perusahaan Publik berbentuk √ 1) for an Issuer or Public Company in the form
badan hukum perseroan terbatas adalah Dewan of a limited liability company is the Board of
Komisaris sebagaimana dimaksud dalam Peraturan Commissioners as referred to in the Financial
Otoritas Jasa Keuangan mengenai Direksi dan Services Authority Regulation concerning the Board
Dewan Komisaris Emiten atau Perusahaan Publik; of Directors and Board of Commissioners of Issuers
dan or Public Companies; and
2) Bagi Emiten atau Perusahaan Publik berbentuk √ 2) for an Issuer or Public Company in the form of a
badan hukum selain perseroan terbatas adalah organ legal entity other than a limited liability company is
yang melakukan pengawasan badan hukum tersebut the organ that supervises the legal entity as referred
sebagaimana dimaksud dalam peraturanperundang- to in the laws and regulations concerning the legal
undangan mengenai badan hukum tersebut. entity.
h. Rapat Umum Pemegang Saham yang selanjutnya h. General Meeting of Shareholders hereinafter abbreviated
disingkat RUPS: as GMS:
1) Bagi Emiten atau Perusahaan Publik berbentuk √ 1) for an Issuer or Public Company in the form of
badan hukum perseroan terbatas adalah RUPS a limited liability company is the GMS as referred
sebagaimana dimaksud dalam Peraturan to in the Financial Services Authority Regulation
Otoritas Jasa Keuangan mengenai Rencana dan concerning the Plan and Organizing of the General
Penyelenggaraan Rapat Umum Pemegang Saham Meeting of Shareholders of a Public Company; and
Perusahaan Terbuka; dan
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2) Bagi Emiten atau Perusahaan Publik berbentuk √ 2) for an Issuer or Public Company in the form of a legal
badan hukum selain perseroan terbatas adalah organ entity other than a limited liability company is an
yang mempunyai wewenang yang tidak diberikan organ that has authority that could not be given to an
kepada organ yang melaksanakan fungsi pengurusan organ that carries out management and supervisory
dan fungsi pengawasan, dalam batas yang ditentukan functions, within the limits specified in the laws and/
dalam peraturan perundang-undangan dan/atau or articles of association governing the legal entity.
anggaran dasar yang mengatur badan hukum
tersebut.
2. Laporan Tahunan Emiten atau Perusahaan Publik merupakan √ 2. The Annual Report of a listed company is one of the most
sumber informasi penting bagi investor atau pemegang saham important sources as the base for investors or shareholders in
sebagai salah satu dasar pertimbangan dalam pengambilan making an investment decision, and is a means of monitoring
keputusan investasi dan sarana pengawasan terhadap Emiten an issuer or public company.
atau Perusahaan Publik.
3. Seiring dengan perkembangan pasar modal dan meningkatnya √ 3. Along with the development of the Capital Market and
kebutuhan investor atau pemegang saham atas keterbukaan the growing needs of investors or shareholders regarding
informasi, Direksi dan Dewan Komisaris dituntut untuk information disclosure, the Board of Directors and the Board
menyajikan informasi yang berkualitas, akurat, dan akuntabel of Commissioners are required to improve the quality of
melalui Laporan Tahunan Emiten atau Perusahaan Publik. information disclosure through an annual report.
4. Laporan Tahunan yang disusun secara teratur dan informatif √ 4. Annual Report should be prepared in an orderly manner
dapat memberikan kemudahan bagi investor atau pemegang and should be informative to provide conveniences for the
saham dan pemangku kepentingan dalam memperoleh investors or shareholders in getting the information they need.
informasi yang dibutuhkan.
5. Surat Edaran Otoritas Jasa Keuangan ini merupakan √ 5. This Circular Letter of the Financial Service Agency serves
pedoman bagi Emiten atau Perusahaan Publik yang wajib guidelines for Issuers or Public Companies that should be
diterapkan dalam menyusun Laporan Tahunan dan Laporan applied in preparing their Annual Report.
Keberlanjutan.
II. Bentuk Laporan Tahunan II. Format of Annual Report
1. Laporan Tahunan disajikan dalam bentuk dokumen cetak dan √ 1. Annual Report should be presented in the printed format and
dokumen elektronik. in electronic document copy.
2. Laporan Tahunan yang disajikan dalam bentuk dokumen cetak, √ 2. The printed version of the Annual Report should be printed on
dicetak pada kertas yang berwarna terang, berkualitas baik, light-colored paper of fine quality, in A4 size, bound and can
berukuran A4, dijilid, dan dapat diperbanyak dengan kualitas be reproduced in good quality.
yang baik.
3. Laporan Tahunan dapat menyajikan informasi berupa gambar, √ 3. Annual Report may present the information in form of images,
grafik, tabel, dan/atau diagram dengan mencantumkan judul charts, tables, and diagrams are presented by mentioning
dan/atau keterangan yang jelas, sehingga mudah dibaca dan the title and/or clear description, that is easy to read and be
dipahami. understood;
4. Laporan Tahunan yang disajikan dalam bentuk dokumen √ 4. The Annual Report presented in electronic document format is
elektronik merupakan Laporan Tahunan yang dikonversi dalam the Annual Report converted into pdf format.
portable document format (PDF).
III. Isi Laporan Tahunan III. Content of Annual Report
1. Laporan Tahunan paling sedikit memuat: 1. Annual Report should contain at least the following
information:
a. Ikhtisar data keuangan penting; 12 a. Summary of key financial information;
b. Informasi Saham (jika ada) 16 b. Stock information (if any);
c. Laporan Direksi; 30 c. The Board of Directors report;
d. Laporan Dewan Komisaris; 42 d. The Board of Commissioners report;
e. Profil Emiten atau Perusahaan Publik; 50 e. Profile of Issuer or Public Company;
f. Analisis dan pembahasan manajemen; 104 f. Management Discussion and Analysis;
g. Tata kelola Emiten atau Perusahaan Publik; 147 g. Corporate governance applied by the Issuer or Public
Company;
h. Tanggung jawab sosial dan lingkungan Emiten atau Peru- 335 h. Corporate social and environmental responsibility of the
sahaan Publik; Issuer or Public Company;
i. Laporan keuangan tahunan yang telah diaudit; dan 361-471 i. Audited annual report; and
j. Surat pernyataan anggota Direksi dan anggota Dewan 340-341 j. Statement that the Board of Directors and the Board
Komisaris tentang tanggung jawab atas Laporan Tahunan. of Commissioners are fully responsible for the Annual
Report.
2. Uraian Isi Laporan Tahunan 2. Description of Content of Annual Report
a. Ikhtisar Data Keuangan Penting 12 a. Summary of Key Financial Information
Ikhtisar data keuangan penting memuat informasi keuan- Summary of Key Financial Information contains financial
gan yang disajikan dalam bentuk perbandingan selama information presented in comparison with previous 3
3 (tiga) tahun buku atau sejak memulai usahanya jika (three) financial years or since the commencement
Emiten atau Perusahaan Publik tersebut menjalankan ke- of business if the Issuers or the Public Company
giatan usahanya kurang dari 3 (tiga) tahun, paling sedikit commencing the business less than 3 (three) years, at
memuat: least contains:
1) Pendapatan/penjualan; 12 1) Income/sales;
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2) Laba bruto; 12 2) Gross profit;
3) Laba (rugi); 12 3) Profit (loss);
4) Jumlah laba (rugi) yang dapat diatribusikan kepada 12 4) Total profit (loss) attributable to equity holders of the
pemilik entitas induk dan kepentingan non pengendali; parent entity and non-controlling interest;
5) Total laba (rugi) komprehensif; 12 5) Total comprehensive profit (loss);
6) Jumlah laba (rugi) komprehensif yang dapat 12 6) Total comprehensive profit (loss) attributable to
diatribusikan kepada pemilik entitas induk dan equity holders of the parent entity and non controlling
kepentingan non pengendali; interest;
7) Laba (rugi) per saham; 12 7) Earning (loss) per share;
8) Jumlah aset; 13 8) Total assets;
9) Jumlah liabilitas; 13 9) Total liabilities;
10) Jumlah ekuitas; 13 10) Total equities;
11) Rasio laba (rugi) terhadap jumlah aset; 14 11) Profit (loss) to total assets ratio;
12) Rasio laba (rugi) terhadap ekuitas; 14 12) Profit (loss) to equities ratio;
13) Rasio laba (rugi) terhadap pendapatan/penjualan; 14 13) Profit (loss) to income ratio;
14) Rasio lancar; 14 14) Current ratio;
15) Rasio liabilitas terhadap ekuitas; 14 15) Liabilities to equities ratio;
16) Rasio liabilitas terhadap jumlah aset; dan 14 16) Liabilities to total assets ratio; and
17) Informasi dan rasio keuangan lainnya yang relevan 14 17) Other information and financial ratios relevant to the
dengan Emiten atau Perusahaan Publik dan jenis Issuer or Public Company and type of industry;
industrinya.
b. Informasi Saham Informasi saham bagi Perusahaan Ter- 16 b. Stock Information Stock Information for Public Company
buka paling sedikit memuat: at least contains:
1) Saham yang telah diterbitkan untuk setiap masa 16 1) Shares issued for each three-month period in the
triwulan yang disajikan dalam bentuk perbandingan last 2 (two) financial years (if any), at least covering:
selama 2 (dua) tahun buku terakhir, paling sedikit
memuat:
a) Jumlah saham yang beredar; 16 a) Number of outstanding shares;
b) Kapitalisasi pasar berdasarkan harga pada bursa 16 b) Market capitalization based on the price at the
efek tempat saham dicatatkan; Stock Exchange where the shares listed on;
c) Harga saham tertinggi, terendah, dan penutupan 16 c) Highest share price, lowest share price, closing
berdasarkan harga pada bursa efek tempat sa- share price at the Stock Exchange where the
ham dicatatkan; dan shares listed on; and
d) Volume perdagangan pada bursa efek tempat 16 d) Share volume at the Stock Exchange where
saham dicatatkan. Informasi dalam huruf b), the shares list Information in point b), point c),
huruf c) dan huruf d) hanya diungkapkan jika sa- and point d) only be disclosed if the Issuer is
hamnya tercatat di bursa efek; a public company whose shares is listed in the
Stock Exchange;
Informasi dalam huruf b), huruf c) dan huruf d) hanya Information in point b), point c), and point
diungkapkan jika sahamnya tercatat di bursa efek. d) only be disclosed if the Issuer is a public
company whose shares is listed in the
Stock Exchange.
2) Dalam hal terjadi aksi korporasi yang menyebabkan 17 2) In the event of corporate actions, including stock
terjadinya perubahan pada saham, seperti split, reverse stock, dividend, bonus share, and
pemecahan saham (stock split), penggabungan change in par value of shares, then the share
saham (reverse stock), dividen saham, saham price referred to in point 1), should be added with
bonus, perubahan nilai nominal saham, penerbitan explanation on:
efek konversi, serta penambahan dan pengurangan
modal, informasi saham sebagaimana dimaksud
pada angka 1) ditambahkan penjelasan paling sedikit
mengenai:
a) Tanggal pelaksanaan aksi korporasi; 17 a) Date of corporate action;
b) Rasio pemecahan saham (stock split), 17 b) Stock split ratio, reverse stock, dividend, bonus
penggabungan saham (reverse stock), dividen shares, and change in par value of shares;
saham, saham bonus, jumlah efek konversi yang
diterbitkan, dan perubahan nilai nominal saham;
c) Jumlah saham beredar sebelum dan sesudah 17 c) Number of outstanding shares prior to and after
aksi korporasi; corporate action;
d) Jumlah efek konversi yang dilaksanakan (jika 17 d) Number of conversion effects performed (if
ada); dan any); and
e) Harga saham sebelum dan sesudah aksi 17 e) Share price prior to and after corporate action.
korporasi;
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3) Dalam hal terjadi penghentian sementara 18 3) In the event that the company’s shares were
perdagangan saham (suspension) dan/atau suspended and/or delisted from trading during
pembatalan pencatatan saham (delisting) dalam the year under review, then the Issuers or Public
tahun buku, dijelaskan alasan penghentian Company should provide explanation on the reason
sementara perdagangan saham (suspension) dan/ for the suspension and/or delisting; and
atau pembatalan pencatatan saham (delisting)
tersebut; dan
4) Dalam hal penghentian sementara perdagangan 18 4) In the event that the suspension and/or delisting as
saham (suspension) sebagaimana dimaksud pada referred to in point 3) was still in effect until the date
angka 3) dan/atau proses pembatalan pencatatan of the Annual Report, then the Issuer or the Public
saham (delisting) masih berlangsung hingga akhir Company should also explain the corporate actions
periode Laporan Tahunan, dijelaskan tindakan taken by the company in resolving the suspension
yang dilakukan untuk menyelesaikan penghentian and/or delisting.
sementara perdagangan saham (suspension) dan/
atau pembatalan pencatatan saham (delisting)
tersebut.
c. Laporan Direksi paling sedikit memuat uraian singkat 30 c. The Board of Directors Report should at least contain the
mengenai: following items:
1) Kinerja Emiten atau Perusahaan Publik, paling sedikit 30 1) The performance of the Issuer or Public Company,
memuat: at least covering:
a) Strategi dan kebijakan strategis Emiten atau 34 a) Strategy and strategic policies of the Issuer or
Perusahaan Publik; Public Company;
b) Peranan Direksi dalam perumusan strategi dan 34 b) The Board of Directors roles in formulating
kebijakan strategis Emiten atau Perusahaan strategies and strategic policies of Issuers or
Publik; Public Companies;
c) Proses yang dilakukan Direksi untuk memastikan 35 c) The process carried out by the Board of
implementasi strategi Emiten atau Perusahaan Directors to ensure the implementation of the
Publik; Issuer or Public Company strategy;
d) Perbandingan antara hasil yang dicapai dengan 35 d) Comparison between achievement of results
yang ditargetkan Emiten atau Perusahaan and targets by the issuer or Public Company;
Publik; dan and
e) Kendala yang dihadapi Emiten atau Perusahaan 36 e) Challenges faced by the Issuer or Public
Publik; Company;
2) Gambaran tentang prospek usaha Emiten atau 37 2) Description on business prospects; or Public
Perusahaan Publik; dan Company; and
3) Penerapan tata kelola Emiten atau Perusahaan 37 3) Implementation of good corporate governance by
Publik. Issuer or Public Company.
d. Laporan Dewan Komisaris 42 d. The Board of Commissioners report
Laporan Dewan Komisaris paling sedikit memuat uraian The Board of Commissioners Report should at least con-
singkat mengenai: tain the following items:
1) Penilaian terhadap kinerja Direksi mengenai 42 1) Assessment of the performance of the Board of
pengelolaan Emiten atau Perusahaan Publik, Directors in managing the Issuer or the Public
termasuk pengawasan Dewan Komisaris dalam Company, including the supervision of the Board of
perumusan dan implementasi strategi Emiten atau Commissioners in the formulation and implementation
Perusahaan Publik yang dilakukan oleh Direksi; of the strategy of the Issuer or Public Company
carried out by the Board of Directors;
2) Pandangan atas prospek usaha Emiten atau 43 2) View on the business prospects of the Issuer or
Perusahaan Publik yang disusun oleh Direksi; dan Public Company as established by the Board of
Directors; and
3) Pandangan atas penerapan tata kelola Emiten atau 45 3) View on the implementation of the corporate
Perusahaan Publik. governance by the Issuer or Public Company.
e. Profil Emiten atau Perusahaan Publik 50 e. Profile of the Issuer or Public Company
Profil Emiten atau Perusahaan Publik paling sedikit Profile of the Issuer or Public Company should cover at
memuat informasi: least:
1) Nama Emiten atau Perusahaan Publik termasuk 52 1) Name of Issuer or Public Company, including
apabila terdapat perubahan nama, alasan perubahan, change of name, the reason for the change, and the
dan tanggal efektif perubahan nama pada tahun buku; effective date of the change of name during the year
under review
2) Akses terhadap Emiten atau Perusahaan Publik 52 2) Access to Issuer or Public Company, including
termasuk kantor cabang atau kantor perwakilan branch office or representative office, where the
yang memungkinkan masyarakat dapat memperoleh public can have access of information of the Issuer
informasi mengenai Emiten atau Perusahaan Publik, or Public Company, which includes:
meliputi:
a) Alamat; 52 a) Address;
b) Nomor telepon; 52 b) Telephone number;
c) Alamat surat elektronik; dan 52 c) E-mail address; and
d) Alamat situs web; 52 d) Website address.
3) Riwayat singkat Emiten atau Perusahaan Publik; 54 3) Brief history of the Issuer or Public Company;
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2) Visi dan misi Emiten atau Perusahaan Publik serta 66 4) Vision and mission of the Issuer or Public Company
budaya perusahaan (corporate culture) atau nilai-nilai as well as corporate culture or values
perusahaan;
5) Kegiatan usaha menurut anggaran dasar terakhir, 60 5) Line of business according to the latest Articles of
kegiatan usaha yang dijalankan pada tahun buku, Association, and types of products and/or services
serta jenis barang dan/atau jasa yang dihasilkan; produced;
6) Wilayah operasional Emiten atau Perusahaan Publik; 54 6) The operational area of the Issuer or Public
wilayah operasional merupakan wilayah atau daerah Company; operational area is the area or district for
pelaksanaan kegiatan operasional atau jangkauan implementing operational activities or the range of
dari kegiatan operasional perusahaan. the company's operational activities.
7) Struktur organisasi Emiten atau Perusahaan Publik 68 7) Structure of organization of the Issuer or Public
dalam bentuk bagan, paling sedikit sampai dengan Company in chart form, at least 1 (one) level below
struktur 1 (satu) tingkat di bawah Direksi termasuk the Board of Directors, with the names and titles;
komite di bawah Direksi (jika ada) dan komite di
bawah Dewan Komisaris, disertai dengan nama dan
jabatan;
8) Daftar keanggotaan asosiasi industri baik dalam 101 8) A list of industry association memberships both
skala nasional maupun internasional yang berkaitan on a national and international scale related to the
dengan penerapan keuangan berkelanjutan; implementation of sustainable finance;
9) Profil Direksi, paling sedikit memuat: 74-75 9) The Board of Directors profiles include:
a) Nama dan jabatan yang sesuai dengan tugas √ a) Name and short description of duties and
dan tanggung jawab; functions;
b) Foto terbaru; √ b) Latest photograph;
c) Usia; √ c) Age;
d) Kewarganegaraan; √ d) Nationality;
e) Riwayat pendidikan dan/atau sertifikasi; √ e) Education and/or certification;
f) Riwayat jabatan, meliputi informasi: √ f) Historical position, covering information on:
(1) Dasar hukum pengangkatan sebagai √ (1) Legal basis for appointment as member of
anggota Direksi pada Emiten atau the Board of Directors to the said Issuer or
Perusahaan Publik yang bersangkutan; Public Company;
(2) Rangkap jabatan, baik sebagai anggota √ (2) Concurrent position, as member of the
Direksi, anggota Dewan Komisaris, dan/ Board of Directors, member of the Board
atau anggota komite serta jabatan lainnya of Commissioners, and/or member of
baik di dalam maupun di luar Emiten atau committee, and other positions both inside
Perusahaan Publik. Dalam hal anggota and outside the Issuer or Public Company.
Direksi tidak memiliki rangkap jabatan, maka In the event that a member of the Board
diungkapkan mengenai hal tersebut; dan of Directors does not have concurrent
positions, then this is disclosed; and
(3) Pengalaman kerja beserta periode waktunya √ (3) Working experience and period in and
baik di dalam maupun di luar Emiten atau outside the Issuer or Public Company;
Perusahaan Publik;
g) Hubungan afiliasi dengan anggota Direksi V g) Disclosure of affiliation with other members of
lainnya, anggota Dewan Komisaris, pemegang the Board of Directors, members of the Board
saham utama, dan pengendali baik langsung of Commissioners, and major or controlling
maupun tidak langsung sampai kepada pemilik shareholders, either directly or indirectly, to
individu, meliputi nama pihak yang terafiliasi. individual owners, including the names of
Dalam hal anggota Direksi tidak memiliki affiliated parties. In the event that a member
hubungan afiliasi, maka Emiten atau Perusahaan of the Board of Directors has no affiliation, the
Publik mengungkapkan hal tersebut; dan Issuer or Public Company shall disclose this
matter; and
h) Perubahan komposisi anggota Direksi dan 76 h) Changes in the composition of the Board of
alasan perubahannya. Dalam hal tidak terdapat Directors and the reasons for the changes. In the
perubahan komposisi anggota Direksi, maka event that there is no change in the composition
diungkapkan mengenai hal tersebut. of the Board of Directors, this matter shall be
disclosed;
10) Profil Dewan Komisaris, paling sedikit memuat: 70-71 10) Profil Dewan Komisaris, paling sedikit memuat:
a) Nama dan jabatan; √ a) Name and position;
b) Foto terbaru; √ b) Latest photograph;
c) Usia; √ c) Age;
d) Kewarganegaraan; √ d) Nationality
e) Riwayat pendidikan dan/atau sertifikasi; √ e) Education and/or certification;
f) Riwayat jabatan, meliputi informasi: √ f) History position, covering information on:
(1) Dasar hukum pengangkatan sebagai √ (1) Legal basis for appointment as member of
anggota Dewan Komisaris; the Board of Commissioners
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(2) Dasar hukum pengangkatan pertama kali √ (2) Legal bases for the first appointment as
sebagai anggota Dewan Komisaris yang member of the Board of Commissioners
merupakan komisaris independen pada who also Independent Commissioner at
Emiten atau Perusahaan Publik yang the said Issuer or Public Company;
bersangkutan;
(3) Rangkap jabatan, baik sebagai anggota √ (3) Concurrent position, as member of the Board
Dewan Komisaris, anggota Direksi, dan/ of Commissioners, member of the Board of
atau anggota komite serta jabatan lainnya Directors, and/or member of committee, and
baik di dalam maupun di luar Emiten atau other positions both inside and outside the
Perusahaan Publik. Dalam hal anggota Issuer or Public Company. In the event that
Dewan Komisaris tidak memiliki rangkap a member of the Board of Directors does
jabatan, maka diungkapkan mengenai hal not have concurrent positions, then this is
tersebut; dan disclosed; and
(4) Pengalaman kerja beserta periode waktunya √ (4) Working experience and period in and
baik di dalam maupun di luar Emiten atau outside the Issuer or Public Company;
Perusahaan Publik;
g) Hubungan afiliasi dengan anggota Dewan √ g) Disclosure of affiliation with other members of
Komisaris lainnya, pemegang saham utama, dan the Board of Commissioners, members of the
pengendali baik langsung maupun tidak langsung Board of Directors , and major or controlling
sampai kepada pemilik individu, meliputi nama shareholders, either directly or indirectly, to
pihak yang terafiliasi; Dalam hal anggota Dewan individual owners, including the names of
Komisaris tidak memiliki hubungan afiliasi, maka affiliated parties. In the event that a member
Emiten atau Perusahaan Publik mengungkapkan of the Board of Directors has no affiliation, the
hal tersebut; Issuer or Public Company shall disclose this
matter;
h) Pernyataan independensi komisaris independen 72 h) Statement of independence of Independent
dalam hal komisaris independen telah menjabat Commissioner in the event that the Independent
lebih dari 2 (dua) periode; dan Commissioner has been appointed more than 2
(two) periods; and
i) Perubahan komposisi anggota Dewan Komisaris 73 i) Changes in the composition of the Board
dan alasan perubahannya. Dalam hal tidak of Commissioners and the reasons for the
terdapat perubahan komposisi anggota Dewan changes. In the event that there is no change in
Komisaris, maka diungkapkan mengenai hal the composition of the members of the Board of
tersebut; Commissioners, this matter shall be disclosed;
11) Dalam hal terdapat perubahan susunan anggota 76 11) In the event that there were changes in the
Direksi dan/atau anggota Dewan Komisaris yang composition of the Board of Commissioners and/
terjadi setelah tahun buku berakhir sampai dengan or the Board of Directors occurring between the
batas waktu penyampaian Laporan Tahunan, period after year-end until the date the Annual
susunan yang dicantumkan dalam Laporan Tahunan Report submitted, then the last and the previous
adalah susunan anggota Direksi dan/atau anggota composition of the Board of Commissioners and/or
Dewan Komisaris yang terakhir dan sebelumnya; the Board of Directors shall be stated in the Annual
Report;
12) Jumlah karyawan menurut jenis kelamin, jabatan, 83 12) Number of employees by gender, position, age,
usia, tingkat pendidikan, dan status ketenagakerjaan education level, and employment status (permanent/
(tetap/kontrak) dalam tahun buku; Pengungkapan contracted) in the financial year; Disclosure of
informasi dapat disajikan dalam bentuk tabel; information can be presented in table form;
13) Nama pemegang saham dan persentase kepemilikan 93 13) Names of shareholders and ownership percentage
pada awal dan akhir tahun buku, yang terdiri dari at the end of the financial year, including:
informasi mengenai:
a) Pemegang saham yang memiliki 5% (lima 93 a) Shareholders having 5% (five percent) or
persen) atau lebih saham Emiten atau more shares of Issuer or Public Company;
Perusahaan Publik;
b) Anggota Direksi dan anggota Dewan Komisaris 93 b) Members of the Board of Directors and the
yang memiliki saham Emiten atau Perusahaan Board of Commissioners who own shares in
Publik. Dalam hal seluruh anggota Direksi dan/ Issuers or Public Companies. In the event that
atau seluruh anggota Dewan Komisaris tidak all members of the Board of Directors and/or all
memiliki saham, maka diungkapkan mengenai members of the Board of Commissioners do not
hal tersebut; dan own shares, then this matter is disclosed; and
c) Kelompok pemegang saham masyarakat, yaitu 93 c) Groups of public shareholders, or groups of
kelompok pemegang saham yang masing- shareholders, each with less than 5% (five
masing memiliki kurang dari 5% (lima persen) percent) ownership shares of the Issuers or
saham Emiten atau Perusahaan Publik; Public Company;
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14) Persentase kepemilikan tidak langsung atas saham 94 14) The percentage of indirect ownership of the shares
Emiten atau Perusahaan Publik oleh anggota Direksi of the Issuer or Public Company by members of
dan anggota Dewan Komisaris pada awal dan akhir the Board of Directors and members of the Board
tahun buku, termasuk informasi mengenai pemegang of Commissioners at the beginning and end of the
saham yang terdaftar dalam daftar pemegang saham financial year, including information on shareholders
untuk kepentingan kepemilikan tidak langsung registered in the shareholder register for the
anggota Direksi dan anggota Dewan Komisaris; benefit of indirect ownership of members of the
Dalam hal seluruh anggota Direksi dan/atau seluruh Board of Directors and members of the Board of
anggota Dewan Komisaris tidak memiliki kepemilikan Commissioners; In the event that all members of the
tidak langsung atas saham Emiten atau Perusahaan Board of Directors and/or all members of the Board of
Publik, maka diungkapkan mengenai hal tersebut. Commissioners do not have indirect ownership of the
shares of the Issuer or Public Company, this matter
shall be disclosed.
15) Jumlah pemegang saham dan persentase kepemilikan 94 15) Number of shareholders and ownership percentage
per akhir tahun buku berdasarkan klasifikasi: at the end of the financial year, based on:
a) Kepemilikan institusi lokal; 94 a) Ownership of local institutions;
b) Kepemilikan institusi asing; 94 b) Ownership of foreign institutions;
c) Kepemilikan individu lokal; dan 94 c) Ownership of local individual; and
d) Kepemilikan individu asing; 94 d) Ownership of foreign individual;
16) Informasi mengenai pemegang saham utama dan 94 16) Information on major shareholders and controlling
pengendali Emiten atau Perusahaan Publik, baik shareholders the Issuers of Public Company,
langsung maupun tidak langsung, sampai kepada directly or indirectly, and also individual shareholder,
pemilik individu, yang disajikan dalam bentuk skema presented in the form of scheme or diagram;
atau bagan;
17) Nama entitas anak, perusahaan asosiasi, perusahaan 95 17) Name of subsidiaries, associated companies, joint
ventura bersama dimana Emiten atau Perusahaan venture controlled by Issuers or Public Company,
Publik memiliki pengendalian bersama entitas (jika with entity, percentage of stock ownership, line of
ada), beserta persentase kepemilikan saham, bidang business, total assets and operating status of the
usaha, total aset, dan status operasi entitas anak, Issuers of Public Company (if any); For subsidiaries,
perusahaan asosiasi, perusahaan ventura bersama; include the addresses of the said subsidiaries;
Untuk entitas anak, ditambahkan informasi mengenai
alamat entitas anak tersebut.
18) Kronologis pencatatan saham, jumlah saham, nilai 96 18) Chronology of share listing, number of shares, par
nominal, dan harga penawaran dari awal pencatatan value, and bid price from the beginning of listing up
hingga akhir tahun buku serta nama bursa efek to the end of the financial year, and name of Stock
dimana saham Emiten atau Perusahaan Publik Exchange where the Issuers of Public Company
dicatatkan, termasuk pemecahan saham (stock split), shares are listed;
penggabungan saham (reverse stock), dividen saham,
saham bonus, dan perubahan nilai nominal saham,
pelaksanaan efek konversi, pelaksanaan penambahan
dan pengurangan modal (jika ada);
19) Informasi pencatatan efek lainnya selain efek 97 19) Other securities listing information other than
sebagaimana dimaksud pada angka 18), yang belum securities as referred to in number 18), which have
jatuh tempo pada tahun buku paling sedikit memuat not matured in the financial year at least containing
nama efek, tahun penerbitan, tingkat suku bunga/ the name of the securities, year of issue, interest
imbal hasil, tanggal jatuh tempo, nilai penawaran, dan rate/yield, maturity date, offering value, and rating of
peringkat efek (jika ada); securities (if any);
20) Informasi penggunaan jasa akuntan publik (AP) 102 20) Information on public accounting services (AP) and
dan kantor akuntan publik (KAP) beserta jaringan/ public accounting firms (KAP) and their networks/
asosiasi/aliansinya meliputi: associations/allies includes:
a) Nama dan alamat; 102 a) Name and address;
b) Periode penugasan; 102 b) Assignment period
c) Informasi jasa audit dan/atau non audit yang 102 c) Information on audit and/or non-audit services
diberikan; provided;
d) Biaya jasa (fee) audit dan/atau non audit untuk 102 d) Audit and/or non-audit fee for each assignment
masing-masing penugasan yang diberikan given during the financial year; and
selama tahun buku; dan
e) Dalam hal AP dan KAP beserta jaringan/asosiasi/ 102 e) In the event that AP and KAP and their network/
aliansinya, yang ditunjuk tidak memberikan association/alliance, which are appointed do not
jasa non audit, maka diungkapkan mengenai provide non-audit services, then the information
informasi tersebut; dan Pengungkapan informasi is disclosed; and Disclosure of information
penggunaan jasa AP dan KAP beserta jaringan/ on AP and KAP services and their networks/
asosiasi/aliansinya dapat disajikan dalam bentuk associations/allies can be presented in table
tabel; dan form; and
21) Nama dan alamat lembaga dan/atau profesi 103 21) Name and address of capital market supporting
penunjang pasar modal selain AP dan KAP. institutions and/or professions other than AP and
KAP.
f. Analisis dan Pembahasan Manajemen Analisis dan pem- 104 f. Management Discussion and Analysis
bahasan manajemen memuat analisis dan pembahasan Management Analysis and Discussion Annual should
mengenai laporan keuangan dan informasi penting lainn- contain discussion and analysis on financial statements
ya dengan penekanan pada perubahan material yang ter- and other material information emphasizing material
jadi dalam tahun buku, yaitu paling sedikit memuat: changes that occurred during the year under review, at
least include:
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1) Tinjauan operasi per segmen usaha sesuai dengan 111-115 1) Operational review per business segment, according
jenis industri Emiten atau Perusahaan Publik, paling to the type of industry of the Issuer or Public
sedikit mengenai: Company including:
a) Produksi, yang meliputi proses, kapasitas, dan √ a) Production, which includes process, capacity
perkembangannya; and its development;
b) Pendapatan/penjualan; dan √ b) Income/sales; and
c) Profitabilitas; √ c) Profitability;
2) Kinerja keuangan komprehensif yang mencakup 115 2) Comprehensive financial performance analysis
perbandingan kinerja keuangan dalam 2 (dua) tahun which includes a comparison between the financial
buku terakhir, penjelasan tentang penyebab adanya performance of the last 2 (two) financial years,
perubahan dan dampak perubahan tersebut, paling and explanation on the causes and effects of such
sedikit mengenai: changes, at least concerning:
a) Aset lancar, aset tidak lancar, dan total aset; 116 a) Current assets, non-current assets, and total
assets;
b) Liabilitas jangka pendek, liabilitas jangka 118 b) Short term liabilities, long term liabilities, total
panjang, dan total liabilitas; liabilities;
c) Ekuitas; 120 c) Equities;
d) Pendapatan/penjualan, beban, laba (rugi), 121 d) Sales/operating revenues, expenses and
penghasilan komprehensif lain, dan total laba profit (loss), other comprehensive revenues,
(rugi) komprehensif; dan and total comprehensive profit (loss); and
e) Arus kas; 123 e) Cash flows;
3) Kemampuan membayar utang atau kewajiban 124 3) The capacity to pay debts by including the
dengan menyajikan perhitungan rasio yang relevan; computation of relevant ratios;
4) Tingkat kolektibilitas piutang Emiten atau Perusahaan 125 4) Accounts receivable collectability of the Issuer or
Publik dengan menyajikan perhitungan rasio yang Public Company, including the computation of the
relevan; relevant ratios;
2) Struktur modal (capital structure) dan kebijakan 126 5) Capital structure and management policies
manajemen atas struktur modal (capital structure) concerning capital structure, including the basis for
tersebut disertai dasar penentuan kebijakan determining the said policy;
dimaksud;
6) Bahasan mengenai ikatan yang material untuk 128 6) Discussion on material ties for the investment of
investasi barang modal dengan penjelasan paling capital goods, including the explanation on at least:
sedikit memuat:
a) Tujuan dari ikatan tersebut; 128 a) The purpose of such ties;
b) Sumber dana yang diharapkan untuk memenuhi 128 b) Source of funds expected to fulfill the said ties;
ikatan tersebut;
c) Mata uang yang menjadi denominasi; dan 128 c) Currency of denomination; and
d) Langkah yang direncanakan Emiten atau 128 d) Steps taken by the Issuer of Public Company to
Perusahaan Publik untuk melindungi risiko dari protect the position of a related foreign currency
posisi mata uang asing yang terkait; against risks;
7) Bahasan mengenai investasi barang modal yang 128 7) Discussion on investment of capital goods which was
direalisasikan dalam tahun buku terakhir, paling realized in the last financial year, at least includes:
sedikit memuat:
a) Jenis investasi barang modal; 128 a) Type of investment of capital goods;
b) Tujuan investasi barang modal; dan 128 b) Objective of the investment of capital goods;
and
c) Nilai investasi barang modal yang dikeluarkan; 128 c) Value of the investment of capital goods;
8) Informasi dan fakta material yang terjadi setelah 130 8) Material Information and facts that occurring after
tanggal laporan akuntan (jika ada); the date of the accountant’s report (if any);
9) Prospek usaha dari Emiten atau Perusahaan 131 9) Information on the prospects of the Issuer or
Publik dikaitkan dengan kondisi industri, ekonomi the Company in connection with industry,economy in
secara umum dan pasar internasional disertai data general, accompanied with supporting quantitative
pendukung kuantitatif dari sumber data yang layak data if there is a reliable data source;
dipercaya;
10) Perbandingan antara target/proyeksi pada awal tahun 129 10) Comparison between target/projection at beginning
buku dengan hasil yang dicapai (realisasi), mengenai: of year and result (realization), concerning:
a) Pendapatan/penjualan; 129 a) Income/sales;
b) Laba (rugi); 129 b) Profit (loss);
c) Struktur modal (capital structure); atau 129 c) Capital structure; or
d) Hal lainnya yang dianggap penting bagi Emiten 129 d) Others that deemed necessary for the Issuer or
atau Perusahaan Publik; Public Company;
11) Target/proyeksi yang ingin dicapai Emiten atau 129 11) Target/projection to be achieved by the Issuer or
Perusahaan Publik untuk 1 (satu) tahun mendatang, Public Company in the next one year, concerning:
mengenai:
a) Pendapatan/penjualan; 129 a) Income/sales;
b) Laba (rugi); 129 b) Profit (loss);
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c) Struktur modal (capital structure); 129 c) Capital structure;
d) Kebijakan dividen; atau 129 d) Dividend policy; or
e) Hal lainnya yang dianggap penting bagi Emiten 129 e) Or others that deemed necessary for the Issuer
atau Perusahaan Publik; or Public Company;
12) Aspek pemasaran atas barang dan/atau jasa Emiten 133 12) Marketing aspects of the company’s products and/
atau Perusahaan Publik, paling sedikit mengenai or services the Issuer or Public Company, among
strategi pemasaran dan pangsa pasar; others marketing strategy and market share;
13) Uraian mengenai dividen selama 2 (dua) tahun buku 136 13) Description regarding the dividend policy during the
terakhir, paling sedikit: last 2 (two) financial years, at least:
a) Kebijakan dividen, antara lain memuat informasi 136 a) Dividend policy, which includes information on
persentase jumlah dividen yang dibagikan the percentage of dividends distributed to net
terhadap laba bersih; income;
b) Tanggal pembayaran dividen kas dan/atau 136 b) The date of the payment of cash dividend and/
tanggal distribusi dividen non kas; or date of distribution of non-cash dividend;
c) jumlah dividen per saham (kas dan/atau non 136 c) Amount of cash per share (cash and/or non
kas); dan cash); and
d) jumlah dividen per tahun yang dibayar; 136 d) The amount of dividends paid per year;
Pengungkapan informasi dapat disajikan dalam Disclosure of information can be presented in
bentuk tabel. Dalam hal Emiten atau Perusahaan table form. In the event that the Issuer or Public
Publik tidak membagikan dividen dalam 2 (dua) Company does not distribute dividends in the
tahun terakhir, maka diungkapkan mengenai hal last 2 (two) years, this matter shall be disclosed;
tersebut;
14) Realisasi penggunaan dana hasil penawaran umum, 137 14) Use of proceeds from Public Offerings, under the
dengan ketentuan: condition of:
a) Dalam hal selama tahun buku, Emiten memiliki 137 a) During the year under review, on which the
kewajiban menyampaikan laporan realisasi Issuer has the obligation to report the realization
penggunaan dana, maka diungkapkan realisasi of the use of proceeds, then the realization of
penggunaan dana hasil penawaran umum the cumulative use of proceeds until the year
secara kumulatif sampai dengan akhir tahun end should be disclosed; and
buku; dan
b) Dalam hal terdapat perubahan penggunaan dana 137 c) In the event that there were changes in the use
sebagaimana diatur dalam Peraturan Otoritas of proceeds as stipulated in the Regulation of
Jasa Keuangan mengenai laporan realisasi the Financial Services Authority on the Report of
penggunaan dana hasil penawaran umum, maka the Utilization of Proceeds from Public Offering,
Emiten menjelaskan perubahan tersebut; then Issuer should explain the said changes;
15) Informasi material (jika ada), antara lain mengenai 140 15) Material information (if any), among others
investasi, ekspansi, divestasi, penggabungan/ concerning investment, expansion, divestment,
peleburan usaha, akuisisi, restrukturisasi utang/ acquisition, debt/capital restructuring, transactions
modal, transaksi material, transaksi afiliasi, dan with related parties and transactions with conflict of
transaksi benturan kepentingan, yang terjadi pada interest that occurred during the year under review,
tahun buku, paling sedikit memuat: at least include:
a) Tanggal, nilai, dan objek transaksi; 143 a) Transaction date, value and object;
b) Nama pihak yang melakukan transaksi; 142 b) Name of transacting parties;
c) Sifat hubungan afiliasi (jika ada); 142 c) The nature of the affiliate relationship (if any);
d) penjelasan mengenai kewajaran transaksi; 143 d) Description of the fairness of the transaction;
e) Pemenuhan ketentuan terkait; 141 e) Compliance with related rules and regulations;
f) Dalam hal terdapat hubungan afiliasi, selain 141 f) In the event that there is an affiliation
mengungkapkan informasi sebagaimana relationship, in addition to disclosing the
dimaksud dalam huruf a) sampai dengan information as referred to in letter a) to letter
huruf e), Emiten atau Perusahaan Publik juga e), the Issuer or Public Company also discloses
mengungkapkan informasi: information:
(2) Pernyataan Direksi bahwa transaksi afiliasi 141 (1) A statement from the Board of Directors
telah melalui prosedur yang memadai that the affiliate transaction has conducted
untuk memastikan bahwa transaksi afiliasi through adequate procedures to ensure
dilaksanakan sesuai dengan praktik bisnis that the affiliate transaction is in line with
yang berlaku umum antara lain dilakukan generally accepted business practices,
dengan memenuhi prinsip transaksi yang among others, by complying with the arm's
wajar (arm's length principle); dan length principle; and
(2) Peran Dewan Komisaris dan komite audit 141 (2) The Board of Commissioners and the audit
dalam melakukan prosedur yang memadai committee roles in carrying out adequate
untuk memastikan bahwa transaksi afiliasi procedures to ensure that affiliate
dilaksanakan sesuai dengan praktik bisnis transactions are carried out in accordance
yang berlaku umum antara lain dilakukan with generally accepted business practices,
dengan memenuhi prinsip transaksi yang among others, by complying with the arm's
wajar (arm's length principle); length principle;
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g) Untuk transaksi afiliasi atau transaksi material 141 g) For affiliate transactions or material transactions
yang merupakan kegiatan usaha yang dijalankan which are business activities carried out
dalam rangka menghasilkan pendapatan usaha in order to generate business income and
dan dijalankan secara rutin, berulang, dan/atau are carried out regularly, repeatedly, and/or
berkelanjutan, ditambahkan penjelasan bahwa continuously, an explanation is added that the
transaksi afiliasi atau transaksi material tersebut affiliate transactions or material transactions
merupakan kegiatan usaha yang dijalankan are business activities carried out in order to
dalam rangka menghasilkan pendapatan usaha generate business income and are carried out
dan dijalankan secara rutin, berulang, dan/atau regularly, repeatedly, and/or continuously; In the
berkelanjutan; Dalam hal transaksi afiliasi atau event that the affiliated transactions or material
transaksi material dimaksud telah diungkapkan transactions referred to have been disclosed
dalam laporan keuangan tahunan, ditambahkan in the annual financial statements, additional
informasi mengenai rujukan pengungkapan information regarding the disclosure reference
dalam laporan keuangan tahunan tersebut; in the annual financial statements is added;
h) Untuk pengungkapan transaksi afiliasi dan/ 143 h) For disclosure of affiliate transactions and/or
atau transaksi benturan kepentingan yang conflict of interest transactions resulting from
merupakan hasil pelaksanaan transaksi afiliasi the implementation of affiliate transactions and/
dan/atau transaksi benturan kepentingan yang or conflict of interest transactions that have
telah disetujui pemegang saham independen, been approved by independent shareholders,
ditambahkan informasi mengenai tanggal additional information regarding the date of the
pelaksanaan RUPS yang menyetujui transaksi GMS which approved the affiliated transactions
afiliasi dan/atau transaksi benturan kepentingan and/or conflict of interest transactions is added;
tersebut; dan and
i) Dalam hal tidak terdapat transaksi afiliasi dan/ 143 i) In the event that there is no affiliate transaction
atau transaksi benturan kepentingan, maka and/or conflict of interest transaction, then this
diungkapkan mengenai hal tersebut; matter shall be disclosed;
16) Perubahan ketentuan peraturan perundang- 144 16) Changes in regulation which have a significant effect
undangan yang berpengaruh signifikan terhadap on the Issuer or Public Company and impacts on the
Emiten atau Perusahaan Publik dan dampaknya company (if any); and
terhadap laporan keuangan (jika ada); dan
17) Perubahan kebijakan akuntansi, alasan dan 145 17) Changes in the accounting policy, rationale and
dampaknya terhadap laporan keuangan (jika ada). impact on the financial statement (if any.
g. Tata Kelola Emiten atau Perusahaan Publik Tata kelola 147 g. Corporate Governance of the Issuer or Public Company
Emiten atau Perusahaan Publik paling sedikit memuat Corporate Governance of the Issuer or Public Company
uraian singkat mengenai: contains at least:
1) RUPS, paling sedikit memuat: 153 1) GMS, at least contains:
a) Informasi mengenai keputusan RUPS pada 169 a) Information on the resolution from the AGM of
tahun buku dan 1 (satu) tahun sebelum tahun the previous 1 (one) year, covering:
buku meliputi:
(1) Keputusan RUPS pada tahun buku dan 169 (1) Resolutions of the GMS in the financial
1 (satu) tahun sebelum tahun buku yang year and 1 (one) year before the financial
direalisasikan pada tahun buku; dan year are realized in the financial year; and
(2) Keputusan RUPS pada tahun buku dan 169 (2) Resolutions of the GMS for the financial
1 (satu) tahun sebelum tahun buku yang year and 1 (one) year prior to the financial
belum direalisasikan beserta alasan belum year that have not been realized and the
direalisasikan; reasons for not realizing them;
b) Dalam hal Emiten atau Perusahaan Publik 169 b) In the event that the Issuer or Public Company
menggunakan pihak independen dalam uses an independent party in GMS to calculate
pelaksanaan RUPS untuk melakukan the votes, then this matter shall be disclosed;
perhitungan suara, maka diungkapkan mengenai
hal tersebut;
2) Direksi, paling sedikit memuat: 171 2) Board of Directors, at least contains:
a) Tugas dan tanggung jawab masing-masing 175 a) Duties and responsibilities of each member of
anggota Direksi; the Board of Directors;
Informasi mengenai tugas dan tanggung jawab Information regarding the duties and responsibilities
masing-masing anggota Direksi diuraikan dan dapat of each member of the Board of Directors is
disajikan dalam bentuk tabel. described and can be presented in table.
b) Pernyataan bahwa Direksi memiliki pedoman 176 b) Statement that the Board of Directors has
atau piagam (charter) Direksi; already have board manual or charter;
c) Kebijakan dan pelaksanaan frekuensi rapat 177 c) Policies and frequency of Board of Directors
Direksi, rapat Direksi bersama Dewan Komisaris, meetings, joint meetings of the Board of
dan tingkat kehadiran anggota Direksi dalam Directors with the Board of Commissioners,
rapat tersebut termasuk kehadiran dalam RUPS; and the attendance of members of the Board
of Directors in the meeting including attendance
at the GMS;
Informasi tingkat kehadiran anggota Direksi dalam Information on the attendance of members of the
rapat Direksi, rapat Direksi bersama Dewan Komisaris, Board of Directors at the meeting of the Board of
atau RUPS dapat disajikan dalam bentuk tabel. Directors, joint meeting of the Board of Directors
with the Board of Commissioners, or the GMS can
be presented in table.
d) Pelatihan dan/atau peningkatan kompetensi 183 d) Training and/or competency of members of the
anggota Direksi: Board of Directors:
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(1) Kebijakan pelatihan dan/atau peningkatan 183 (1) Policies related to training and/or the
kompetensi anggota Direksi, termasuk competence improvement of members
program orientasi bagi anggota Direksi yang of the Board of Directors, including an
baru diangkat (jika ada); dan orientation program for newly appointed
members of the Board of Directors (if any);
and
(2) Pelatihan dan/atau peningkatan kompetensi 184 (2) Training and/or competency improvement
yang diikuti anggota Direksi dalam tahun attended by members of the Board of
buku (jika ada); Directors in the financial year (if any);
e) Penilaian Direksi terhadap kinerja komite yang 185 e) The Board of Directors' assessment of the
mendukung pelaksanaan tugas Direksi pada committees’ performance that support the
tahun buku paling sedikit memuat: implementation of the Board of Directors' duties
for the financial year shall at least contain:
(1) Prosedur penilaian kinerja; dan 185 (1) Performance appraisal procedures; and
(2) Kriteria yang digunakan seperti capaian 185 (2) The criteria used such as performance
kinerja selama tahun buku, kompetensi dan achievements during the financial year,
kehadiran dalam rapat; dan competence and attendance at meetings;
and
f) Dalam hal Emiten atau Perusahaan Publik tidak 185 f) In the event that the Issuer or Public Company
memiliki komite yang mendukung pelaksanaan does not have a committee that supports the
tugas Direksi, maka diungkapkan mengenai hal implementation of the duties of the Board of
tersebut. Directors, then this shall be disclosed.
3) Dewan Komisaris, paling sedikit memuat: 187 3) The Board of Commissioners, at least contains:
a) Tugas dan tanggung jawab Dewan Komisaris; 193 a) Duties and responsibilities of the Board of
Commissioners;
b) Pernyataan bahwa Dewan Komisaris memiliki 195 b) Statement that the Board of Commissioner has
pedoman atau piagam Dewan Komisaris; dan already have the board manual or charter; and
c) Kebijakan dan pelaksanaan frekuensi rapat 197 c) Policies and the frequency of the Board of
Dewan Komisaris, rapat Dewan Komisaris Commissioners meetings, joint meetings of
bersama Direksi dan tingkat kehadiran anggota the Board of Commissioners with the Board
Dewan Komisaris dalam rapat tersebut termasuk of Directors and the attendance of members
kehadiran dalam RUPS; of the Board of Commissioners at the meeting
including attendance at the GMS;
Informasi tingkat kehadiran anggota Dewan Komisaris Information on the attendance of members of the
dalam rapat Dewan Komisaris, rapat Dewan Komisaris Board of Commissioners at the meeting of the
bersama Direksi, atau RUPS dapat disajikan dalam Board of Commissioners, the meeting of the Board
bentuk tabel. of Commissioners with the Board of Directors, or the
GMS can be presented in table.
d) Pelatihan dan/atau peningkatan kompetensi 202 d) Training and/or competency improvement of
anggota Dewan Komisaris: members of the Board of Commissioners:
(1) Kebijakan pelatihan dan/atau peningkatan 202 (1) Policies on training and/or the competency
kompetensi anggota Dewan Komisaris, improvement of members of the Board
termasuk program orientasi bagi anggota of Commissioners, including orientation
Dewan Komisaris yang baru diangkat (jika programs for newly appointed members of
ada); dan the Board of Commissioners (if any); and
(2) Pelatihan dan/atau peningkatan kompetensi 204 (2) Training and/or competency improvement
yang diikuti anggota Dewan Komisaris attended by members of the Board of
dalam tahun buku (jika ada); Commissioners in the financial year (if
any);
e) Penilaian kinerja Direksi dan Dewan Komisaris 204 e) Performance appraisal of the Board of Directors
serta masing-masing anggota Direksi dan and the Board of Commissioners as well as
anggota Dewan Komisaris, paling sedikit each member of the Board of Directors and the
memuat: Board of Commissioners, at least contains:
(1) Prosedur pelaksanaan penilaian kinerja; 204 (1) Procedure for the implementation of
performance assessment;
(2) Kriteria yang digunakan seperti capaian 205 (2) The criteria used such as performance
kinerja selama tahun buku, kompetensi dan achievements during the financial year,
kehadiran dalam rapat; dan competence and attendance at meetings;
and
(3) Pihak yang melakukan penilaian; dan 205 (3) Assessor;
f) Penilaian Dewan Komisaris terhadap kinerja 206 f) The Board of Commissioners' assessment of
Komite yang mendukung pelaksanaan tugas the Committees’ performance that support the
Dewan Komisaris pada tahun buku meliputi: implementation of the duties of the Board of
Commissioners in the financial year includes:
(1) Prosedur penilaian kinerja; dan 207 (1) Performance appraisal procedures; and
(2) Kriteria yang digunakan seperti capaian 208 (2) The criteria used such as performance
kinerja selama tahun buku, kompetensi dan achievements during the financial year,
kehadiran dalam rapat; competence and attendance at meetings;
4) Nominasi dan remunerasi Direksi dan Dewan 214 4) The nomination and remuneration of the Board of
Komisaris, paling sedikit memuat: Directors and the Board of Commissioners shall at
least contain:
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a) Prosedur nominasi, meliputi uraian singkat 214 a) Nomination procedure, including a brief
mengenai kebijakan dan proses nominasi description of the policies and process for
anggota Direksi dan/atau anggota Dewan nomination of members of the Board of
Komisaris; dan Directors and/or members of the Board of
Commissioners; and
b) Prosedur dan pelaksanaan remunerasi Direksi 216 b) Procedures and implementation of
dan Dewan Komisaris, antara lain: remuneration for the Board of Directors and the
Board of Commissioners, ,among other things,
as follows:
(1) Prosedur penetapan remunerasi Direksi dan 216 (1) The procedure for determining the
Dewan Komisaris; remuneration of the Board of Directors and
the Board of Commissioners;
(2) Struktur remunerasi Direksi dan Dewan 217 (2) The remuneration structure of the Board of
Komisaris seperti, gaji, tunjangan, tantiem/ Directors and the Board of Commissioners
bonus dan lainnya; dan such as salary, allowances, tantiem/bonus
and others; and
(3) besarnya remunerasi masing-masing 217 (3) The amount of remuneration for each
anggota Direksi dan anggota Dewan member of the Board of Directors and
Komisaris; Pengungkapan informasi dapat member of the Board of Commissioners;
disajikan dalam bentuk tabel; Disclosure of information can be presented
in table;
5) Dewan pengawas syariah, bagi Emiten atau 221 5) Sharia supervisory board, for Issuer or Public
Perusahaan Publik yang menjalankan kegiatan usaha Company that conduct business based on sharia
berdasarkan prinsip syariah sebagaimana tertuang law, as stipulated in the articles of association, at
dalam anggaran dasar, paling sedikit memuat: least containing:
a) Nama; 221 a) Name;
b) Dasar hukum pengangkatan dewan pengawas 221 b) Legal basis of appointment of sharia supervisory
syariah; board;
c) Periode penugasan dewan pengawas syariah; 221 c) Term of office of sharia supervisory board;
d) Tugas dan tanggung jawab dewan pengawas 221 d) Duty and responsibility of sharia supervisory
syariah; dan board; and
e) Frekuensi dan cara pemberian nasihat dan saran 221 e) Frequency and procedure in providing advice
serta pengawasan pemenuhan prinsip syariah di and suggestion, as well as the compliance
pasar modal terhadap Emiten atau Perusahaan of sharia principles of the Issuer or Public
Publik; Company in the capital market;
6) Komite audit, paling sedikit memuat: 222 6) Audit committee, at least covering:
a) Nama dan jabatannya dalam keanggotaan 222-224 a) Name and position in the committee;
komite;
b) Usia; √ b) Age;
c) Kewarganegaraan; √ c) Nationality;
d) Riwayat pendidikan; √ d) Education background;
e) Riwayat jabatan, meliputi informasi: √ e) History of position; including:
(1) Dasar hukum penunjukan sebagai anggota √ (1) Legal basis for the appointment as member
komite; of the committee;
(2) Rangkap jabatan, baik sebagai anggota √ (2) Dual position, as a member of Board of
Dewan Komisaris, anggota Direksi, dan/ Commissioners, member of Board of
atau anggota komite serta jabatan lainnya Directors, and/or member of committee,
(jika ada); dan and other position (if any); and
(3) Pengalaman kerja beserta periode waktunya √ (3) Working experience and period in and
baik di dalam maupun di luar Emiten atau outside the Issuer or Public Company;
Perusahaan Publik;
f) Periode dan masa jabatan anggota komite audit; 227 f) Period and terms of office of the member of
audit committee;
g) Pernyataan independensi komite audit; 228 g) Statement of independence of the audit
committee;
h) Pelatihan dan/atau peningkatan kompetensi 229 h) Training and competency development
yang telah diikuti dalam tahun buku (jika ada); participated in during the financial/financial year
(if any);
i) Kebijakan dan pelaksanaan frekuensi rapat 231 i) Policies and implementation of the frequency of
komite audit dan tingkat kehadiran anggota meeting of the audit committee and attendance
komite audit dalam rapat tersebut; dan of member of audit committee; and
j) Ppelaksanaan kegiatan komite audit pada tahun 233 j) The activities of the audit committee in the
buku sesuai dengan yang dicantumkan dalam year under review, in accordance with the audit
pedoman atau piagam (charter) komite audit; committee charter;
7) Komite atau fungsi nominasi dan remunerasi Emiten 235 7) Committee or remuneration and nomination
atau Perusahaan Publik, paling sedikit memuat: functions of Issuer or Public Company at least
contains:
a) Nama dan jabatannya dalam keanggotaan 235-237 a) Name and position in the committee;
komite;
b) Usia; √ b) Age;
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c) Kewarganegaraan; √ c) Nationality;
d) Riwayat pendidikan; √ d) Education background;
e) Riwayat jabatan, meliputi informasi: √ e) History of position; including:
(1) Dasar hukum penunjukan sebagai anggota √ (1) Legal basis for the appointment as member
komite; of the committee;
(2) Rangkap jabatan, baik sebagai anggota √ (2) Dual position, as a member of Board of
Dewan Komisaris, anggota Direksi, dan/ Commissioners, member of Board of
atau anggota komite serta jabatan lainnya Directors, and/or member of committee,
(jika ada); dan and other position (if any); and
(3) Pengalaman kerja beserta periode waktunya √ (3) Working experience and period in and
baik di dalam maupun di luar Emiten atau outside the Issuer or Public Company;
Perusahaan Publik;
f) Periode dan masa jabatan anggota komite; 239 f) Period and terms of office of the member of
committee;
g) Pernyataan independensi komite; 240 g) Statement of independence of the committee;
h) Pelatihan dan/atau peningkatan kompetensi 240 h) Training and/or competency development
yang telah diikuti dalam tahun buku (jika ada); participated in during the financial/financial year
(if any);
i) Uraian tugas dan tanggung jawab; 240 i) Description of duty and responsibility;
j) Pernyataan bahwa telah memiliki pedoman atau 243 j) The statement that the Committee has already
piagam komite; had the charter;
k) Kebijakan dan pelaksanaan frekuensi rapat dan 243 k) Policies and frequency of meeting of the
tingkat kehadiran anggota dalam rapat tersebut; committee, and attendance of each member of
the committee in the said meetings;
l) Uraian singkat pelaksanaan kegiatan pada tahun 245 l) Brief description on the activities of the
buku; dan committee; and
m) Dalam hal tidak dibentuk komite nominasi dan N/A m) In the event that nomination and remuneration
remunerasi, Emiten atau Perusahaan Publik committee is not formed, the Issuer or Public
cukup mengungkapkan informasi sebagaimana Company is sufficient to disclose the information
dimaksud dalam huruf i) sampai dengan huruf l) as referred to in letter i) to letter l) and disclose:
dan mengungkapkan:
(1) Alasan tidak dibentuknya komite; dan N/A (1) The reason why does not form the
committee; and
(2) Pihak yang melaksanakan fungsi nominasi N/A (2) The party who carries out the nomination
dan remunerasi; and remuneration function;
8) Komite lain yang dimiliki Emiten atau Perusahaan 246 8) Other committees established by the Issuer or
Publik dalam rangka mendukung fungsi dan tugas Public Company in order to support the functions
Direksi (jika ada) dan/atau komite yang mendukung and duties of the Board of Directors (if any) and/or
fungsi dan tugas Dewan Komisaris, paling sedikit committees that support the functions and duties of
memuat: the Board of Commissioners, at least contain;
a) Nama dan jabatannya dalam keanggotaan 246-248 a) Name and position in the committee;
komite;
b) Usia; √ b) Age;
c) Kewarganegaraan; √ c) Nationality;
d) Riwayat pendidikan; √ d) Education background;
e) Riwayat jabatan, meliputi informasi: √ e) History of position, including:
(1) Dasar hukum penunjukan sebagai anggota √ (1) Legal basis for the appointment as member
komite; of the committee;
(2) Rangkap jabatan, baik sebagai anggota √ (2) Dual position, as a member of Board of
Dewan Komisaris, anggota Direksi, dan/ Commissioners, member of Board of
atau anggota komite serta jabatan lainnya Directors, and/or member of committee,
(jika ada); dan and other position (if any); and
(3) Pengalaman kerja beserta periode waktunya √ (3) Working experience and period in and
baik di dalam maupun di luar Emiten atau outside the Issuer or Public Company;
Perusahaan Publik;
f) Periode dan masa jabatan anggota komite; 250 f) Period and terms of office of the member of
Audit Committee;
g) Pernyataan independensi komite; 251 g) Statement of independence of the Committee;
h) Pelatihan dan/atau peningkatan kompetensi 251 h) Training and/or Competency Development
yang telah diikuti dalam tahun buku (jika ada); participated in during the book year;
dan
i) Uraian tugas dan tanggung jawab; 251 i) Description of duty and responsibility;
j) Pernyataan bahwa telah memiliki pedoman atau 252 j) The statement that the Committee has already
piagam (charter) komite; had the Charter;
k) Kebijakan dan pelaksanaan frekuensi rapat 252 k) Policies and frequency of meeting of the
komite dan tingkat kehadiran anggota komite committee, and attendance of each member of
dalam rapat tersebut; dan the committee in the said meetings;
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l) Uraian singkat pelaksanaan kegiatan komite 254 l) Brief description on the activities of the
pada tahun buku; committee;
9) Sekretaris perusahaan, paling sedikit memuat: 259 9) Corporate secretary, at least contains:
a) Nama; 260 a) Name;
b) Domisili; 260 b) Domicile;
c) Riwayat jabatan, meliputi: 260 c) History of position, including:
(1) Dasar hukum penunjukan sebagai sekretaris 260 (1) Legal basis for the appointment as
perusahaan; dan corporate secretary; and
(2) Pengalaman kerja beserta periode waktunya 260 (2) Working experience and period in and
baik di dalam maupun di luar Emiten atau outside the Issuer or Public Company;
Perusahaan Publik;
d) Riwayat pendidikan; 260 d) Education background;
e) Pelatihan dan/atau peningkatan kompetensi 261 e) Training and competency development
yang diikuti dalam tahun buku; dan participated in during the financial/financial
year; and
f) Uraian singkat pelaksanaan tugas sekretaris 263 f) Brief description on the implementation of
perusahaan pada tahun buku; duties of the Corporate Secretary in the the
financial/financial year;
10) Unit audit internal, paling sedikit memuat: 265 10) Internal audit unit, at least contains:
a) Nama kepala unit audit internal; 266 a) Name of head of internal audit unit;
b) Riwayat jabatan, meliputi: 266 b) History of position, including:
(1) Dasar hukum penunjukan sebagai kepala 266 (1) Legal basis for the appointment as Head of
unit audit internal; dan Internal Audit Unit; and
(2) Pengalaman kerja beserta periode waktunya 266 (2) Working experience and period in and
baik di dalam maupun di luar Emiten atau outside the Issuer or Public Company;
Perusahaan Publik;
c) Kualifikasi atau sertifikasi sebagai profesi audit 266 c) Qualification or certification as internal auditor
internal (jika ada); (if any);
d) Pelatihan dan/atau peningkatan kompetensi 267 d) Traning and/or competency development
yang diikuti dalam tahun buku; participated in during the financial/financial
year;
e) Struktur dan kedudukan unit audit internal; 268 e) Structure and position of internal audit unit;
f) Uraian tugas dan tanggung jawab; 268 f) Description of duties and responsibilities;
g) Pernyataan bahwa telah memiliki pedoman atau 269 g) Statement that the internal audit unit has
piagam unit audit internal; dan already have an internal audit unit charter; and
h) Uraian singkat pelaksanaan tugas unit audit 269 h) Brief description of the duties implementation
internal pada tahun buku termasuk kebijakan of the internal audit unit in the financial year
dan pelaksanaan frekuensi rapat dengan Direksi, including the policy and implementation of
Dewan Komisaris, dan/atau komite audit; the frequency of meetings with the Board of
Directors, Board of Commissioners, and/or
audit committee;
11) Uraian mengenai sistem pengendalian internal 279 11) Description on internal control system adopted by
(internal control) yang diterapkan oleh Emiten atau the Issuer or Public Company, at least covering:
Perusahaan Publik, paling sedikit memuat:
a) Pengendalian keuangan dan operasional, serta 280 a) Financial and operational control, and
kepatuhan terhadap peraturan perundang- compliance to the other prevailing rules;
undangan lainnya;
b) Tinjauan atas efektivitas sistem pengendalian 283 b) Review on the effectiveness of internal control
internal; dan systems; and
c) Pernyataan Direksi dan/atau Dewan Komisaris 284 c) Statement of the Board of Directors and/or
atas kecukupan sistem pengendalian internal; Board of Commissioners on the adequacy of
the internal control system;
12) Sistem manajemen risiko yang diterapkan oleh Emiten 285 12) Risk management system implemented by the
atau Perusahaan Publik, paling sedikit memuat: company, at least includes:
a) Gambaran umum mengenai sistem manajemen 285 a) General description about the company’s
risiko Emiten atau Perusahaan Publik; risk management system the Issuer or Public
Company;
b) Jenis risiko dan cara pengelolaannya; 287 b) Types of risk and the management;
c) Tinjauan atas efektivitas sistem manajemen 290 c) Review the effectiveness of the risk
risiko Emiten atau Perusahaan Publik; dan management system applied by the Issuer or
Public Company; and
d) Pernyataan Direksi dan/atau Dewan Komisaris 291 d) Statement of the Board of Directors and/or the
atau komite audit atas kecukupan sistem Board of Commissioners or the audit committee
manajemen risiko; on the adequacy of the risk management
system;
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13) Perkara hukum yang berdampak material yang 293 13) Legal cases that have a material impact faced by
dihadapi oleh Emiten atau Perusahaan Publik, entitas Issuers or Public Companies, subsidiaries, members
anak, anggota Direksi dan anggota Dewan Komisaris of the Board of Directors and members of the Board
(jika ada), paling sedikit memuat: of Commissioners (if any), at least contain:
a) Pokok perkara/gugatan; 293 a) Substance of the case/claim;
b) Status penyelesaian perkara/gugatan; dan 293 b) Status of settlement of case/claim; and
c) Pengaruhnya terhadap kondisi Emiten atau 293 c) Potential impacts on the condition of the Issuer
Perusahaan Publik; or Public Company;
14) Informasi tentang sanksi administratif/sanksi yang 294 14) Information about administrative sanctions imposed
dikenakan kepada Emiten atau Perusahaan Publik, to Issuer or Public Company, members of the Board
anggota Dewan Komisaris dan anggota Direksi, oleh of Commissioners and the Board of Directors, by the
Otoritas Jasa Keuangan dan otoritas lainnya pada Capital Market Authority and other authorities during
tahun buku (jika ada); the last financial year (if any);
15) Informasi mengenai kode etik Emiten atau 295 15) Information about codes of conduct of the Issuer or
Perusahaan Publik meliputi: Public Company, includes:
a) Pokok-pokok kode etik; 295 a) Key points of the code of conduct;
b) Bentuk sosialisasi kode etik dan upaya 296 b) Socialization of the code of conduct and
penegakannya; dan enforcement; and
c) Pernyataan bahwa kode etik berlaku bagi 296 c) Statement that the code of conduct is
anggota Direksi, anggota Dewan Komisaris, dan applicable for the Board of Commissioners, the
karyawan Emiten atau Perusahaan Publik; Board of Directors, and employees of the Issuer
of Public Company;
16) Uraian singkat mengenai kebijakan pemberian 299 16) A brief description of the policy for providing
kompensasi jangka panjang berbasis kinerja kepada long-term performance-based compensation to
manajemen dan/atau karyawan yang dimiliki oleh management and/or employees owned by the
Emiten atau Perusahaan Publik (jika ada), antara lain Issuer or Public Company (if any), including the
berupa program kepemilikan saham oleh manajemen management stock ownership program (ESOP)
(management stock ownership program/MSOP) dan/ and/or program employee stock ownership (ESOP);
atau program kepemilikan saham oleh karyawan In terms of providing compensation in the form of a
(employee stock ownership program/ESOP); management stock ownership program (ESOP) and/
Dalam hal pemberian kompensasi berupa program or employee stock ownership program (ESOP), the
kepemilikan saham oleh manajemen (management information disclosed must at least contain:
stock ownership program/MSOP) dan/atau program
kepemilikan saham oleh karyawan (employee
stock ownership program/ESOP), informasi yang
diungkapkan paling sedikit memuat:
a) Jumlah saham dan/atau opsi; 299 a) Number of share and/or option;
b) Jangka waktu pelaksanaan; 299 b) Implementation period;
c) Persyaratan karyawan dan/atau manajemen 299 c) The requirement for eligible employees and/or
yang berhak; dan management members; and
d) Harga pelaksanaan atau penentuan harga 299 d) Strike price or the determination of the strike
pelaksanaan; price
17) Uraian singkat mengenai kebijakan pengungkapan 302 17) A brief description of the information disclosure
informasi mengenai: policy regarding:
a) Kepemilikan saham anggota Direksi dan anggota 302 a) Share ownership of members of the Board
Dewan Komisaris paling lambat 3 (tiga) hari of Directors and members of the Board of
kerja setelah terjadinya kepemilikan atau setiap Commissioners no later than 3 (three) working
perubahan kepemilikan atas saham Perusahaan days after the occurrence of ownership or any
Terbuka; dan change in ownership of shares of a Public
Company; and
b) Pelaksanaan atas kebijakan dimaksud; 303 b) Implementation of that policy;
18) Uraian mengenai sistem pelaporan pelanggaran 306 18) A description of the whistleblowing system in the
(whistleblowing system) di Emiten atau Perusahaan Issuer or Public Company, at least contains;
Publik, paling sedikit memuat:
a) Cara penyampaian laporan pelanggaran; 309 a) Mechanism for violation reporting;
b) Perlindungan bagi pelapor; 309 b) Protection for the whistleblower;
c) Penanganan pengaduan; 310 c) Handling of violation reports;
d) Pihak yang mengelola pengaduan; dan 311 d) Unit responsible for handling of violation report;
and
e) Hasil dari penanganan pengaduan, paling sedikit: 312 e) Results from violation report handling, at least
includes:
(1) Jumlah pengaduan yang masuk dan 312 (1) Number of complaints received and
diproses dalam tahun buku; dan processed during the financial year; and
(2) Tindak lanjut pengaduan; 312 (2) Follow up of complaints;
Dalam hal Emiten atau Perusahaan Publik N/A In the event that the Issuer or Public Company does
tidak memiliki sistem pelaporan pelanggaran not have a whistleblowing system, it is disclosed
(whistleblowing system), maka diungkapkan regarding this matter.
mengenai hal tersebut.
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19) Uraian mengenai kebijakan anti korupsi Emiten atau 313 19) A description of the anti-corruption policy of the
Perusahaan Publik, paling sedikit memuat: Issuer or Public Company, at least contains;
a) Program dan prosedur yang dilakukan dalam 313 a) Programs and procedures implemented in
mengatasi praktik korupsi, balas jasa (kickbacks), overcoming corrupt practices, kickbacks, fraud,
fraud, suap dan/atau gratifikasi dalam Emiten bribery and/or gratuities in Issuers or Public
atau Perusahaan Publik; dan Companies; and
b) Pelatihan/sosialisasi anti korupsi kepada 314 b) Anti-corruption training/socialization to
karyawan Emiten atau Perusahaan Publik; employees of Issuers or Public Companies; In
Dalam hal Emiten atau Perusahaan Publik tidak the event that the Issuer or Public Company
memiliki kebijakan anti korupsi, maka dijelaskan does not have an anti-corruption policy, the
alasan tidak dimilikinya kebijakan dimaksud. reasons for not having the said policy are
explained.
20) Penerapan atas pedoman tata kelola Perusahaan 326 20) Implementation of the Guidelines of Corporate
Terbuka bagi Emiten yang menerbitkan efek bersifat Governance for Public Companies for Issuer
ekuitas atau Perusahaan Publik, meliputi: issuing Equity-based Securities or Public Company,
including:
a) Pernyataan mengenai rekomendasi yang telah 326 a) Statement regarding the recommendation that
dilaksanakan; dan/atau has been implemented; and/or
b) Penjelasan atas rekomendasi yang belum 326 b) Description of recommendation that has not
dilaksanakan, disertai alasan dan alternatif been implemented, along with the reason and
pelaksanaannya (jika ada); alternatives of implementation (if any);
Pengungkapan informasi dapat disajikan dalam Disclosure of information can be presented
bentuk tabel. in table.
h. Tanggung Jawab Sosial dan Lingkungan Emiten atau 335 h. Social and Environmental Responsibility of the Issuer or
Perusahaan Publik Public Company
1) Informasi yang diungkapkan dalam bagian tanggung 336 1) Information disclosed in the social and environmental
jawab sosial dan lingkungan merupakan Laporan responsibility section is a Sustainability Report
Keberlanjutan (Sustainability Report) sebagaimana as referred to in the Financial Services Authority
dimaksud dalam Peraturan Otoritas Jasa Keuangan Regulation Number 51/POJK.03/2017 concerning
Nomor 51/POJK.03/2017 tentang Penerapan the Implementation of Sustainable Finance for
Keuangan Berkelanjutan bagi Lembaga Jasa Financial Services Institutions, Issuers, and Public
Keuangan, Emiten, dan Perusahaan Publik, paling Companies, containing at least:
sedikit memuat:
a) Penjelasan strategi keberlanjutan; 336 a) Sustainability strategy explanation;
b) Ikhtisar aspek keberlanjutan (ekonomi, sosial, 336 b) Sustainability aspects overview (economic,
dan lingkungan hidup); social and environmental)
c) Profil singkat Emiten atau Perusahaan Publik; 336 c) Brief Profile of Issuers or Public Company;
d) Penjelasan Direksi; 336 d) The Board of Directors explanation;
e) Tata kelola keberlanjutan; 336 e) Good corporate governance;
f) Kinerja keberlanjutan; 336 f) Sustainability Governance;
g) Verifikasi tertulis dari pihak independen, jika ada; 336 g) Written verification from an Independent Party
(if any);
h) Lembar umpan balik (feedback) untuk pembaca, 336 h) Feedback sheet for stakeholders (if any); and
jika ada; dan
i) Tanggapan Emiten atau Perusahaan Publik 336 i) The Issuer or Public Company response to the
terhadap umpan balik laporan tahun sebelumnya; previous year's report feedback;
2) Laporan Keberlanjutan sebagaimana dimaksud 2) The Sustainability Report as referred to in number 1)
pada angka 1), harus disusun sesuai Pedoman must be prepared in accordance with the Technical
Teknis Penyusunan Laporan Keberlanjutan Guidelines for the Preparation of a Sustainability
(Sustainability Report) Bagi Emiten dan Perseroan 336 Report for Issuers and Public Companies as
Publik sebagaimana tercantum dalam Lampiran II contained in Attachment II which is an integral part
yang merupakan bagian tidak terpisahkan dari Surat of this Financial Services Authority Circular Letter;
Edaran Otoritas Jasa Keuangan ini;
3) Informasi Laporan Keberlanjutan (Sustainability 3) Information on the Sustainability Report in number
336
Report) pada angka 1) dapat: 1) shall be;
a) Diungkapkan pada bagian lain yang relevan a) Is disclosed in other relevant sections outside
di luar bagian tanggung jawab sosial dan of the social and environmental responsibility
lingkungan, seperti penjelasan Direksi terkait section, such as the Directors' explanation
336
Laporan Keberlanjutan diungkapkan dalam regarding the Sustainability Report disclosed
bagian terkait Laporan Direksi; dan/atau in the section related to the Directors' Report;
and/or
b) Merujuk pada bagian lain di luar bagian tanggung b) Referring to other sections outside the social
jawab sosial dan lingkungan dengan tetap and environmental responsibility section while
mengacu pada Pedoman Teknis Penyusunan still referring to the Technical Guidelines for the
Laporan Keberlanjutan (Sustainability Report) Preparation of Sustainability Reports for Issuers
Bagi Emiten dan Perseroan Publik sebagaimana 336 and Public Companies as listed in Appendix
tercantum dalam Lampiran II yang merupakan II which is an integral part of this Financial
bagian tidak terpisahkan dari Surat Edaran Services Authority Circular Letter, such as
Otoritas Jasa Keuangan ini, seperti profil Emiten profile of Issuer or Public Company;
atau Perseroan Publik;
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4) Laporan Keberlanjutan (Sustainability Report) 4) The Sustainability Report as referred to in number 1)
sebagaimana dimaksud pada angka 1) merupakan is an inseparable part of the Annual Report but can
bagian yang tidak terpisahkan dari Laporan Tahunan 336 be presented separately from the Annual Report;
namun dapat disajikan secara terpisah dengan
Laporan Tahunan;
5) Dalam hal Laporan Keberlanjutan disajikan secara 5) In the event that the Sustainability Report is
terpisah dengan Laporan Tahunan, informasi yang presented separately from the Annual Report, the
336
diungkapkan dalam Laporan Keberlanjutan dimaksud information disclosed in the said Sustainability
harus: Report must:
a) Memuat seluruh informasi sebagaimana a) Contains all the information as referred to in
336
dimaksud pada angka 1); dan number 1); and
b) Disusun sesuai Pedoman Teknis Penyusunan b) Compiled according to the Technical Guidelines
Laporan Keberlanjutan (Sustainability Report) for the Preparation of a Sustainability Report
Bagi Emiten dan Perseroan Publik sebagaimana for Issuers and Public Companies as listed
336
tercantum dalam Lampiran II yang merupakan in Appendix II which is an integral part of this
bagian tidak terpisahkan dari Surat Edaran Financial Services Authority Circular Letter;
Otoritas Jasa Keuangan ini;
6) Dalam hal Laporan Keberlanjutan disajikan secara 6) In the event that the Sustainability Report is
terpisah dengan Laporan Tahunan, maka dalam presented separately from the Annual Report, then
bagian tanggung jawab sosial dan lingkungan memuat the social and environmental responsibility section
informasi bahwa informasi mengenai tanggung jawab 336 contains information that information regarding
sosial dan lingkungan telah diungkapkan dalam social and environmental responsibility has been
Laporan Keberlanjutan yang disajikan secara terpisah disclosed in the Sustainability Report which is
dari Laporan Tahunan; dan presented separately from the Annual Report; and
7) Penyampaian Laporan Keberlanjutan (Sustainability 7) Submission of the Sustainability Report which is
Report) yang disajikan secara terpisah dengan presented separately from the Annual Report must
336
Laporan Tahunan harus disampaikan bersamaan be submitted together with the submission of the
dengan penyampaian Laporan Tahunan. Annual Report.
i. Laporan Keuangan Tahunan yang Telah Diaudit i. Audited Financial Statements
Laporan keuangan tahunan yang dimuat dalam Laporan The annual financial statements contained in the Annual
Tahunan disusun sesuai dengan standar akuntansi Report are prepared in accordance with financial
keuangan di Indonesia dan telah diaudit oleh akuntan accounting standards in Indonesia and have been
publik yang terdaftar di Otoritas Jasa Keuangan. Laporan audited by a public accountant registered with the
keuangan tahunan dimaksud memuat pernyataan Financial Services Authority. The said annual financial
mengenai pertanggungjawaban atas laporan keuangan 340-341 report contains a statement regarding the accountability
sebagaimana diatur dalam Peraturan Otoritas Jasa for financial statements as regulated in the Financial
Keuangan mengenai tanggung jawab Direksi atas laporan Services Authority Regulation regarding the Board
keuangan atau peraturan perundang-undangan di sektor of Directors' responsibility for financial reports or the
pasar modal yang mengatur mengenai laporan berkala laws and regulations in the capital market sector which
Perseroan efek dalam hal Emiten merupakan Perseroan regulates the periodic reports of securities companies in
efek. the event that the Issuer is a securities company.
j. Surat Pernyataan Anggota Direksi dan Anggota Dewan j. Statement Letter of Members of the Board of Directors
Komisaris tentang Tanggung Jawab atas Laporan Tahunan and the Board of Commissioners regarding Responsibility
for the Annual Report
Surat pernyataan anggota Direksi dan anggota Dewan Statement letters from members of the Board of Directors
Komisaris tentang tanggung jawab atas Laporan and members of the Board of Commissioners regarding
Tahunan disusun sesuai dengan format Surat Pernyataan responsibilities for the Annual Report are prepared in
361-471
Anggota Direksi dan Anggota Dewan Komisaris tentang accordance with the format of Statement Letters from
Tanggung Jawab atas Laporan Tahunan sebagaimana Members of the Board of Directors and Members of the
tercantum dalam Lampiran I yang merupakan bagian tidak Board of Commissioners regarding Responsibilities for
terpisahkan dari Surat Edaran Otoritas Jasa Keuangan ini. the Annual Report as contained in Appendix I which is an
integral part of this Circular Letter of the Financial Services
Authority.
360 2025 Laporan Tahunan
Annual Report
PT Adhi Commuter Properti Tbk
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Laporan Keuangan Konsolidasian
Consolidated Financial Statements
Page 362
Halaman ini sengaja dikosongkan This page is intentionally left blank
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk DAN ENTITAS ANAK AND SUBSIDIARY Laporan Keuangan Konsolidasian Consolidated Financial Statements Untuk Tahun-tahun yang Berakhir For The Years Ended Pada Tanggal 31 Desember 2025 dan 2024 December 31, 2025 and 2024 serta Laporan Posisi Keuangan and Consolidated Statements of Financial Konsolidasian Pada Tanggal 1 Januari 2024/ Position as of January 1, 2024/ 31 Desember 2023 December 31, 2023
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
Daftar Isi Halaman/ Table of Contents
Page
Surat Pernyataan Direksi Directors’ Statement Letter
Laporan Auditor Independen Independent Auditor’s Report
Laporan Keuangan Konsolidasian Consolidated Financial Statements
Untuk Tahun-Tahun yang Berakhir For The Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 December 31, 2025 and 2024 and
serta Laporan Posisi Keuangan Consolidated Statements of Financial
Konsolidasian Pada Tanggal 1 Januari 2024/ Position as of January 1, 2024/
31 Desember 2023 December 31, 2023
Laporan Posisi Keuangan Konsolidasian 1 Consolidated Statements of Financial Position
Laporan Laba Rugi dan Penghasilan Consolidated Statements of Profit or Loss and
3
Komprehensif Lain Konsolidasian Other Comprehensive Income
Laporan Perubahan Ekuitas Consolidated Statements of
4
Konsolidasian Changes in Equity
Laporan Arus Kas Konsolidasian 5 Consolidated Statements of Cash Flows
Catatan Atas Laporan Keuangan Notes to the Consolidated
6
Konsolidasian Financial Statements
Informasi Tambahan-Laporan Supplementary Information-Separate
Keuangan Tersendiri: Financial Statements:
Laporan Posisi Keuangan Lampiran I/ Statements of Financial Position
(Entitas Induk) Appendix I (Parent Entity)
Laporan Laba Rugi dan Penghasilan Lampiran II/ Statements of Profit or Loss and Other
Komprehensif Lain (Entitas Induk) Appendix II Comprehensive Income (Parent Entity)
Laporan Perubahaan Ekuitas Lampiran III/ Statements of Changes in Equity
(Entitas Induk) Appendix III (Parent Entity)
Laporan Arus Kas Lampiran IV/ Statements of Cash Flows
(Entitas Induk) Appendix IV (Parent Entity)
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SURAT PERNYATAAN DIREKSI TENTANG
TANGGUNG JAWAB ATAS LAPORAN KEUANGAN KONSOLIDASIAN
UNTUK TAHUN-TAHUN YANG BERAKHIR
PADA TANGGAL 31 DESEMBER 2025 DAN 2024 (DIAUDIT)
PT ADHI COMMUTER PROPERTI Tbk DAN ENTITAS ANAK
DIRECTORS’ STATEMENT LETTER RELATING TO
THE RESPONSIBILITY ON THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED
DECEMBER 31, 2025 AND 2024 (AUDITED)
PT ADHI COMMUTER PROPERTI Tbk AND SUBSIDIARY
1. Nama/ Name : Achmad Wachid Abdullah
Alamat Kantor/ Office Address : Jl. Pengantin Ali No. 88 Ciracas Jakarta Timur
Alamat domisili sesuai KTP atau kartu : Komplek BIG Yayasan No.29 RT/RW 006/001,
identitas lain/ Domicile as stated in ID Card Grogol, Limo
Nomor Telepon/ Phone Number : 021 – 22822980
Jabatan/ Position : Direktur Utama / President Director
2. Nama/ Name : Farid Budiyanto
Alamat Kantor/ Office Address : Jl. Pengantin Ali No. 88 Ciracas Jakarta Timur
Alamat domisili sesuai KTP atau kartu : Townhouse Cimanggu Residence No. C-23
identitas lain/ Domicile as stated in ID Card RT/RW 002/010, Kedung Badak, Tanah Sarel,
Kota Bogor
Nomor Telepon/ Phone Number : 021 – 22822980
Jabatan/ Position : Direktur Operasi / Director of Operation
Menyatakan bahwa: Stated that:
1. Kami bertanggung jawab atas penyusunan 1. We are responsible for the preparation and
dan penyajian laporan keuangan presentation of the consolidated financial
konsolidasian; statements;
2. Laporan keuangan konsolidasian telah 2. The consolidated financial statements have been
disusun dan disajikan sesuai dengan prepared and presented in accordance with
Standar Akuntansi Keuangan; Indonesian Accounting Standard;
a. Semua informasi dalam laporan a. All information contained in the financial
keuangan telah dimuat secara lengkap statements is complete and and truthful
dan benar; manner;
b. Laporan keuangan konsolidasian tidak b. The consolidated financial statements do not
mengandung informasi atau fakta contain misleading material information or
material yang tidak benar, dan tidak fact and do not omit material information and
menghilangkan informasi atau fakta fact;
yang material;
3. Kami bertanggung jawab atas sistem 3. We are responsible for the Company internal
pengendalian intern dalam Perusahaan. control system.
Demikian pernyataan ini dibuat dengan The statement letter is made truthfully.
sebenarnya.
Jakarta, 02 April 2026/ April 02, 2026
PT ADHI COMMUTER PROPERTI Tbk
Direktur Utama Direktur Operasi
President Director Director Of Operation
(Achmad Wachid Abdullah) (Farid Budiyanto)
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS
KONSOLIDASIAN OF FINANCIAL POSITION
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
serta 1 Januari 2024/31 Desember 2023 and January 1, 2024/December 31, 2023
(Disajikan dalam Rupiah Penuh, (Expressed in Full Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Catatan/ 2025 2024*) 2023*)
Notes Rp Rp Rp
ASET ASSETS
Aset Lancar Current Assets
Kas dan Setara Kas 4.37 28,184,959,499 35,404,621,650 283,694,481,906 Cash and Cash Equivalents
Kas dan Setara Kas yang
Dibatasi Penggunaannya 5.37 -- 130,000,000,000 -- Restricted Cash and Cash Equivalents
Piutang Usaha Accounts Receivable
Pihak Berelasi 6.37 1,063,081,027 731,760,347 390,912,136 Related Parties
Pihak Ketiga 6 9,240,890,237 27,582,988,583 18,863,036,480 Third Parties
Pendapatan Diakui di Muka 7 16,043,585,331 41,179,198,308 24,703,911,403 Accrued Revenues
Persediaan 8 2,414,849,713,101 3,560,442,012,959 3,248,990,110,269 Inventories
Uang Muka Advances
Pihak Berelasi 9.37 5,137,111,818 5,137,111,818 10,693,529,032 Related Parties
Pihak Ketiga 9 963,274,977 3,765,745,283 3,493,144,675 Third Parties
Biaya Dibayar di Muka 10 2,463,696,992 2,578,941,721 1,697,116,858 Prepaid Expenses
Pajak Dibayar di Muka 11.a 1,253,105,313 1,871,810,101 850,114,953 Prepaid Tax
Jumlah Aset Lancar 2,479,199,418,295 3,808,694,190,770 3,593,376,357,712 Total Current Assets
Aset Tidak Lancar Non-Current Assets
Piutang Lain-lain Other Receivables
Pihak Berelasi 12.37 2,672,912,081 3,683,707,062 8,412,787,844 Related Party
Pihak Ketiga 12 41,284,570,368 68,862,047,923 70,088,353,841 Third Parties
Persediaan 8 2,108,389,119,747 2,666,130,487,531 2,656,189,454,719 Inventories
Properti Investasi 13 202,158,000,000 202,721,000,000 189,079,000,000 Investment Properties
Aset Hak Guna - Bersih 15 170,796,328 341,995,267 835,971,437 Rights-Of-Use Assets - Net
Aset Takberwujud 16 417,800,000 1,044,500,000 1,671,200,000 Intangible Asset
Aset Lain-Lain 17 217,426,774,905 231,942,776,392 286,897,722,583 Other Assets
Total Aset Tidak Lancar 2,572,519,973,429 3,174,726,514,175 3,213,174,490,424 Total Non-Current Assets
JUMLAH ASET 5,051,719,391,724 6,983,420,704,945 6,806,550,848,136 TOTAL ASSETS
*) Disajikan Kembali, Catatan 46 dan Direklasifikasi, Catatan 45 *) As Restated, Note 46 and Reclassification, Note 45
Catatan terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes form an integral part of these
laporan keuangan konsolidasian secara keseluruhan consolidated financial statements taken as a whole
/April 6, 2026 1 paraf:
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS
KONSOLIDASIAN (Lanjutan) OF FINANCIAL POSITION (Continued)
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
serta 1 Januari 2024/31 Desember 2023 and January 1, 2024/December 31, 2023
(Disajikan dalam Rupiah Penuh, (Expressed in Full Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Catatan/ 2025 2024*) 2023*)
Notes Rp Rp Rp
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
LIABILITAS LIABILITIES
Liabilitas Jangka Pendek Current Liabilities
Utang Usaha Accounts Payable
Pihak Berelasi 18.37 579,529,220,127 579,703,923,444 578,459,236,048 Related Parties
Pihak Ketiga 18 537,542,576,565 537,054,899,229 714,951,826,197 Third Parties
Beban Akrual 19 155,961,483,905 221,620,433,998 328,589,083,404 Accrued Expense
Liabilitas Sewa 15 943,247,610 793,109,378 1,340,817,896 Lease Liabilities
Utang Pajak 11.b 42,066,414,290 37,043,889,258 30,724,952,583 Taxes Payable
Pendapatan Diterima di Muka 20 1,314,011,274,839 1,161,008,949,540 1,046,782,508,330 Unearned Revenues
Utang Obligasi Jangka Pendek 22 15,615,346,240 101,837,965,301 8,988,388,119 Short-term Bonds Payables
Utang Bank Bagian yang Jatuh Tempo Current Maturities of
Dalam Satu Tahun 24 10,000,000,000 163,500,000,000 85,707,250,000 Bank Loans
Utang Lembaga Keuangan yang Jatuh Current Maturities of Financial
Tempo Dalam Satu Tahun 25 6,000,000,000 8,657,500,000 6,657,500,000 Institution Payable
Liabilitas Jangka Pendek Lainnya Other Short Term Liabilities
Pihak Berelasi 21.37 21,766,710,496 20,135,289,255 20,480,325,237 Related Parties
Pihak Ketiga 21 2,441,388,039 2,116,251,981 12,589,672,605 Third Parties
Jumlah Liabilitas Jangka Pendek 2,685,877,662,111 2,833,472,211,384 2,835,271,560,419 Total Current Liabilities
Liabilitas Jangka Panjang Non-Current Liabilities
Utang Obligasi Jangka Panjang 22 581,173,893,220 493,007,556,592 592,470,699,195 Long-term Bonds Payables
Sukuk Ijarah 23 302,183,384,048 268,414,235,028 234,644,877,675 Ijarah Sukuk
Utang Bank Jangka Panjang 24.37 108,422,000,000 85,562,000,000 146,107,200,000 Long-Term Bank Loans
Utang Lembaga Keuangan 25 111,835,000,000 117,835,000,000 120,255,259,425 Financial Institution Payable
Liabilitas Pajak Tangguhan 11.e 1,194,420,329 1,374,308,582 1,346,553,267 Deferred Tax Liabilities
Utang Lain-lain Other Payable
Pihak Berelasi 26.37 622,168,889,459 437,677,628,290 393,727,706,290 Related Parties
Pihak Ketiga 26 221,148,070,439 221,148,070,439 -- Third Parties
Jumlah Liabilitas Jangka Panjang 1,948,125,657,495 1,625,018,798,931 1,488,552,295,852 Total Non-Current Liabilities
JUMLAH LIABILITAS 4,634,003,319,606 4,458,491,010,315 4,323,823,856,271 TOTAL LIABILITIES
EKUITAS EQUITY
Ekuitas yang Dapat Diatribusikan Equity Attributable to Owners
kepada Pemilik Entitas Induk of the Parent Entity
Modal Saham - Nilai Nominal Rp 100 per-saham Share Capital - Rp 100 par value per share
Modal dasar 80.000.000.000 saham Authorized Capital of 80,000,000,000 shares
Modal Ditempatkan dan Disetor Penuh Subscribed and Fully Paid Capital
- 2.222.222.200 saham 27 2,222,222,220,000 2,222,222,220,000 2,222,222,220,000 - 2,222,222,200 shares
Tambahan Modal Disetor 28 56,632,698,985 56,632,698,985 56,632,698,985 Additional Paid in Capital
Saldo Laba (Defisit) 29 Retained Earnings (Defisit)
Ditentukan Penggunaannya 54,010,882,540 54,010,882,540 54,010,882,540 Appropriated
Belum Ditentukan Penggunaannya (1,915,150,160,205) 192,055,173,106 149,852,514,742 Unappropriated
Ekuitas yang Dapat Diatribusikan Equity Attributable to Owners
kepada Pemilik Entitas Induk 417,715,641,320 2,524,920,974,631 2,482,718,316,267 of the Parent Entity
Kepentingan Non-Pengendali 30 430,798 8,719,999 8,675,598 Non-Controlling Interest
JUMLAH EKUITAS 417,716,072,118 2,524,929,694,630 2,482,726,991,865 TOTAL EQUITY
JUMLAH LIABILITAS DAN EKUITAS 5,051,719,391,724 6,983,420,704,945 6,806,550,848,136 TOTAL LIABILITIES AND EQUITY
*) Disajikan Kembali, Catatan 46 dan Direklasifikasi, Catatan 45 *) As Restated, Note 46 and Reclassification, Note 45
Catatan terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes form an integral part of these
laporan keuangan konsolidasian secara keseluruhan consolidated financial statements taken as a whole
/April 6, 2026 2 paraf:
Page 382
PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
LAPORAN LABA RUGI DAN CONSOLIDATED STATEMENTS OF
PENGHASILAN KOMPREHENSIF PROFIT OR LOSS AND
KONSOLIDASIAN OTHER COMPREHENSIVE INCOME
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Catatan/ 2025 2024*)
Notes Rp Rp
PENDAPATAN USAHA 31 197,344,005,737 300,316,739,862 REVENUES
BEBAN POKOK PENDAPATAN 32 (148,692,987,551) (207,909,638,775) COST OF REVENUES
LABA KOTOR 48,651,018,186 92,407,101,087 GROSS PROFITS
BEBAN USAHA OPERATING EXPENSES
Beban Umum dan Administrasi 33 (38,554,897,638) (36,308,671,762) General and Administrative Expenses
Penghasilan Lain-lain 34 33,996,620,554 59,705,746,457 Other Income
Beban Lain-lain 34 (1,976,078,658,964) (48,765,077,283) Other Expense
(RUGI) LABA USAHA (1,931,985,917,862) 67,039,098,499 (LOSS) PROFIT FROM OPERATION
Beban Pajak Final 11.d (2,035,179,020) (4,365,276,450) Final Tax Expenses
Beban Keuangan 35 (172,146,984,623) (18,624,995,549) Financial Charges
(LOSS) PROFIT BEFORE
(RUGI) LABA SEBELUM PAJAK PENGHASILAN (2,106,168,081,505) 44,048,826,500 INCOME TAX EXPENSE
BEBAN PAJAK PENGHASILAN 11.c (1,045,541,007) (1,846,123,735) INCOME TAX EXPENSE
(RUGI) LABA TAHUN BERJALAN (2,107,213,622,512) 42,202,702,765 (LOSS) PROFIT FOR THE YEAR
PENGHASILAN KOMPREHENSIF LAIN -- -- OTHER COMPREHENSIVE INCOME
JUMLAH (RUGI) LABA KOMPREHENSIF TOTAL COMPREHENSIVE
TAHUN BERJALAN (2,107,213,622,512) 42,202,702,765 (LOSS) INCOME FOR THE YEAR
(RUGI) LABA TAHUN BERJALAN (LOSS) PROFIT FOR THE YEAR
YANG DAPAT DIATRIBUSIKAN KEPADA ATTRIBUTABLE TO
Pemilik Entitas Induk (2,107,205,333,311) 42,202,658,364 Owner of The Parent Entity
Kepentingan Non-Pengendali 30 (8,289,201) 44,401 Non-Controlling Interest
JUMLAH (2,107,213,622,512) 42,202,702,765 TOTAL
JUMLAH (RUGI) LABA KOMPREHENSIF TOTAL COMPREHENSIVE (LOSS)
TAHUN BERJALAN INCOME FOR THE YEAR
YANG DAPAT DIATRIBUSIKAN KEPADA ATTRIBUTABLE TO
Pemilik Entitas Induk (2,107,205,333,311) 42,202,658,364 Owner of The Parent Entity
Kepentingan Non-Pengendali (8,289,201) 44,401 Non-Controlling Interest
JUMLAH (2,107,213,622,512) 42,202,702,765 TOTAL
(RUGI) LABA PER SAHAM DASAR 36 (94.82) 1.90 BASIC (LOSS) EARNING PER SHARE
*) Disajikan Kembali , Catatan 46 *) As Restated, Note 46
Catatan terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes form an integral part of these
laporan keuangan konsolidasian secara keseluruhan consolidated financial statements taken as a whole
/April 6, 2026 3 paraf:
Page 383
PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in full of Rupiah
Kecuali Dinyatakan lain) unless Otherwise stated)
Ekuitas Dapat Diatribusikan Kepada Pemilik Entitas Induk/Equity Attributable to Owner of the Parent Entity
Laba/Retained Earnings
Tambahan Ditentukan Belum ditentukan Kepentingan
Modal Disetor/ Modal Disetor/ Penggunaannya/ Penggunaannya/ Jumlah/ Non Pengendali/ Jumlah Ekuitas/
Share Capital Additional Appropriated Unappropriated*) Total Non Controlling Total Equity
Paid in Capital Interest
Rp Rp Rp Rp Rp Rp Rp
SALDO 31 DESEMBER 2023 2,222,222,220,000 56,632,698,985 54,010,882,540 241,288,319,520 2,574,154,121,045 8,675,598 2,574,162,796,643 BALANCE AS OF DECEMBER 31, 2023
Dampak penyajian kembali -- -- -- (91,435,804,778) (91,435,804,778) -- (91,435,804,778) Impact of restatement
SALDO 1 JANUARI 2024 2,222,222,220,000 56,632,698,985 54,010,882,540 149,852,514,742 2,482,718,316,267 8,675,598 2,482,726,991,865 BALANCE AS OF JANUARY 1, 2024
Jumlah Laba Komprehensif Tahun Berjalan -- -- -- 42,202,658,364 42,202,658,364 44,401 42,202,702,765 Total Comprehensive Income For The Year
SALDO 31 DESEMBER 2024 2,222,222,220,000 56,632,698,985 54,010,882,540 192,055,173,106 2,524,920,974,631 8,719,999 2,524,929,694,630 BALANCE AS OF DECEMBER 31, 2024
Jumlah Rugi Komprehensif Tahun Berjalan -- -- -- (2,107,205,333,311) (2,107,205,333,311) (8,289,201) (2,107,213,622,512) Total Comprehensive loss For The Year
SALDO 31 DESEMBER 2025 2,222,222,220,000 56,632,698,985 54,010,882,540 (1,915,150,160,205) 417,715,641,320 430,798 417,716,072,118 BALANCE AS OF DECEMBER 31, 2025
*) Disajikan Kembali , Catatan 46 *) As Restated, Note 46
Catatan terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes form an integral part of these
laporan keuangan konsolidasian secara keseluruhan consolidated financial statements taken as a whole
d1/April 6, 2026 4 paraf:
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
LAPORAN ARUS KAS CONSOLIDATED STATEMENTS OF
KONSOLIDASIAN CASH FLOWS
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Catatan/ 2025 2024
Notes Rp Rp
ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIES
Penerimaaan Kas Dari Pelanggan 310,442,698,162 556,137,559,392 Cash Receipt from Customers
Penempatan ke Rekening Bank yang Placement for Restricted
Dibatasi Penggunaannya (78,960,996,746) (29,807,480,675) Cash in Bank
Penerimaan dari Rekening Bank yang Received from Restricted
Dibatasi Penggunaannya 94,051,566,165 79,722,884,397 Cash in Bank
Pembayaran kepada Pemasok dan Pihak Ketiga (275,935,171,604) (609,797,203,027) Payment to Suppliers and Third Parties
Pembayaran Kepada Karyawan (29,283,261,103) (22,859,820,912) Payment to Employees
Pembayaran Bagi Hasil Hotel 34 (30,077,704,648) (33,439,963,433) Payment for Sharing Profit Hotel
Pembayaran Pajak (1,687,888,329) (4,750,612,414) Payment for Taxes
Arus Kas Neto Digunakan untuk Net Cash Flows Used in
Aktivitas Operasi (11,450,758,103) (64,794,636,672) Operating Activities
ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES
Pencairan Kas dan Setara Kas Disbursement of Restricted Cash
Dibatasi Penggunaannya 130,000,000,000 -- and Cash Equivalents
Penerimaan Bunga 7,392,459,890 9,884,121,263 Interest Receipts
Penambahan Tanah Yang Belum Dikembangkan (40,653,690,259) (7,945,394,335) Acquisition of Undeveloped Land
Penempatan Kas dan Setara Kas Placement of Restricted Cash
Dibatasi Penggunaannya -- (130,000,000,000) and Cash Equivalents
Arus Kas Neto Diperoleh dari Net Cash Flows Provided by
(Digunakan untuk) Aktivitas Investasi 96,738,769,631 (128,061,273,072) (Used in) Investing Activities
ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES
Penerimaan Pinjaman dari Pihak Berelasi 26 138,533,320,874 27,715,000,000 Received from Loan Related Party
Pembayaran Utang Bank 24 (130,640,000,000) (106,917,980,800) Payment for Bank Loans
Penerimaan Utang Bank 24 -- 124,165,530,800 Received from Bank Loans
Pembayaran Utang Lembaga Keuangan 25 (8,657,500,000) (6,657,500,000) Payment for Financial Institution
Penerimaan Utang Lembaga Keuangan 25 -- 6,237,240,575 Received from Financial Institution
Pembayaran Beban Pinjaman (87,876,157,976) (85,946,823,191) Payment for Finance Charges
Pembayaran Ijarah (3,604,600,000) (3,604,600,000) Payment for Ijarah
Pembayaran Obligasi 22 -- (9,000,000,000) Payment for Bonds
Pembayaran Liabilitas Sewa 15 (262,736,577) (1,424,817,896) Payment for Lease Liabilities
Arus Kas Neto Digunakan untuk Net Cash Flows Used in
dari Aktivitas Pendanaan (92,507,673,679) (55,433,950,512) Financing Activities
Penurunan Bersih Kas dan Setara Kas (7,219,662,151) (248,289,860,256) Net Decrease of Cash and Cash Equivalent
Kas dan Setara Kas Cash and Cash Equivalent
Awal Tahun 35,404,621,650 283,694,481,906 At Beginning of The Year
Kas dan Setara Kas Cash and Cash Equivalent
Akhir Tahun 28,184,959,499 35,404,621,650 At End of The Year
Catatan terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes form an integral part of these
laporan keuangan konsolidasian secara keseluruhan consolidated financial statements taken as a whole
d1/April 6, 2026 5 paraf:
Page 385
PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
1. Umum 1. General
1.a. Pendirian dan Informasi Umum 1.a. Establishment and General Information
PT Adhi Commuter Properti Tbk PT Adhi Commuter Properti Tbk ("The
(“Perusahaan”) didirikan di Jakarta sesuai Company") was established in Jakarta
dengan akta pendirian No. 103 tertanggal according to the Deed of establishment
9 Maret 2018, dibuat dihadapan Notaris Ir. No. 103 dated March 9, 2018, drawn before
Nanette Cahyanie Handari Adi Warsito, S.H. Notary Ir. Nanette Cahyanie Handari Adi
Akta Pendirian tersebut telah mendapat Warsito, S.H. The Deed of establishment was
pengesahan dari Menteri Kehakiman dan Hak approved by the Minister of Justice and
Asasi Manusia Republik Indonesia dengan Human Rights of the Republic of Indonesia
Surat Keputusan Menteri No. AHU- with Ministerial Decree No. AHU-
0018477.AH.01.01. Tahun 2018 tanggal 0018477.AH.01.01. Tahun 2018 dated
6 April 2018. April 6, 2018.
Pada tanggal 2 Juli 2018, Entitas Induk On July 2, 2018, the Parent Entity of The
Perusahaan, PT Adhi Karya (Persero) Tbk, Company, PT Adhi Karya (Persero) Tbk,
melakukan pemisahan aset dan liabilitas milik segregated the assets and liabilities of the
Departemen Transit Oriented Development Transit Oriented Development (TOD) and
(TOD) dan Hotel kepada Grup, melalui Akta Hotels Department to Group, through Deed of
Pemisahan No. 1 yang dibuat dihadapan Spin Off No. 1, drawn before Notary Ir.
Notaris Ir. Nanette Cahyanie Handari Adi Nanette Cahyanie Handari Adi Warsito, S.H.
Warsito, S.H.
Anggaran Dasar Perusahaan telah mengalami The Company's Articles of Association have
beberapa kali perubahan, terakhir been amended several times, most recently
berdasarkan Akta No. 39 tanggal 5 Juni 2025 based on Deed No. 39 dated June 5, 2025, by
oleh Rosida Rajagukguk-Siregar, S.H.,M.Kn. Rosida Rajagukguk-Siregar, S.H., M.Kn.,
Notaris di Jakarta Selatan tentang perubahan Notary in South Jakarta, concerning changes
pengurus Perusahaan dan telah didaftarkan to the Company's management, and has been
dalam daftar Perseroan No. AHU-AH.01.09- registered in the Company Register No. AHU-
0299272. Tahun 2025 tanggal 17 Juni 2025. AH.01.09-0299272 of the Year 2025 on June
17, 2025.
Sesuai dengan Pasal 3 anggaran dasar In accordance with article 3 of the Company’s
Perusahaan, maksud dan tujuan Perusahaan articles of association, the purpose and
adalah melakukan usaha di bidang properti objective of the Company is to conduct
dan real estat yaitu: business in the property and real estate and
for such purposes and objectives such as:
1. Pembangunan perkantoran, apartemen, 1. Constructions of offices, apartments,
perumahan, dan lain-lain; landed house, etc;
2. Perdagangan yang berhubungan dengan 2. Trading related property and real estate;
usaha properti dan real estat;
3. Jasa agen properti dan real estat, jasa 3. Property and real estate agency, building
pengelolaan dan penyewaan gedung, dan management and rental, etc.
lain-lain
Kegiatan usaha yang dilakukan oleh The Company’s scope of business through
Perusahaan sampai dengan December 31, 2025 are constructions of
31 Desember 2025 adalah pembangunan apartments, property and real estate trading,
apartemen, perdagangan yang berhubungan and hotel management.
dengan usaha properti dan real estat, dan
manajemen perhotelan.
Perusahaan memulai kegiatan usaha The Company started its commercial
komersialnya pada tanggal 23 Desember operations on December 23, 2018.
2018.
6
Page 386
PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Kantor pusat Perusahaan berkedudukan di The Company’s head office is located at Jalan
Jalan Pengantin Ali No. 88 Ciracas, Jakarta Pengantin Ali No. 88 Ciracas, Jakarta East
Timur Indonesia. Indonesia.
PT Adhi Karya (Persero) Tbk adalah PT Adhi Karya (Persero) Tbk is the majority
pemegang saham utama dari Grup. shareholder of the Group.
PT Danantara Asset Management (Persero) PT Danantara Asset Management (Persero) is
adalah induk terakhir dari Grup. the ultimate parent of the Group.
1.b. Entitas Anak 1.b. Subsidiary
Pada laporan keuangan konsolidasian ini, In these consolidated financial statements, the
Perusahaan dan entitas anak secara Company and its subsidiaries are collectively
keseluruhan dirujuk sebagai “Grup”. referred to as “the Group”.
Perusahaan memiliki kendali atas manajemen The Company has control over the subsidiary
entitas anak yang dikonsolidasi sebagai as follows:
berikut:
Persentase Kepemilikan/ Sebelum Eliminasi/
Percentage of Ownership Before Elimination
31 Desember 2025/ Jumlah Aset/ Jumlah Pendapatan/
Entitas Anak/ Domisili/ Aktivitas Bisnis Utama/ December 31, 2025 Tahun Operasi Komersil/ Total Assets Total Revenues
Subsidiary Domicile Main Business Activity % Start of Commercial Operation Rp Rp
PT Mega Graha Citra Perkasa Bogor Real Estat 99.99 2022 219,926,658,262 2,068,800,000
294,064,647,657 1,545,000,000
1.c. Dewan Komisaris, Direksi, Komite Audit, 1.c. Board of Commissioners, Directors, Audit
Sekretaris Perusahaan dan Manajemen Committee, Corporate Secretary and Key
Kunci Management
Berdasarkan Akta Notaris dari Rosida Based on Notarial Deed of Rosida
Rajagukguk Siregar S.H., di Jakarta, No. 36 Rajagukguk Siregar S.H., Notary in Jakarta,
tanggal 05 Juni 2025 dan No. 27 tanggal 27 the deed No. 36 dated June 05, 2025 and
Mei 2024. Susunan Dewan Komisaris dan deed No. 27 dated May 27, 2024. The
Direksi per 31 Desember 2025 dan 2024 composition Board of Commissioners and
sebagai berikut: Directors as of December 31, 2025 and 2024
are as follows:
2025 2024
Dewan Komisaris Board of Commissioners
Komisaris Utama Wenry Anshory Putra Herry Ardianto President Commissioner
Komisaris Yan Firwan Achmad Afandi Commissioner
Komisaris Independen Wenry Anshory Putra Wenry Anshory Putra Independent Commissioner
Dewan Direksi Board of Directors
Direktur Utama Achmad Wachid Abdullah Rizkan Firman President Director
Direktur Keuangan, Manajemen Risiko, dan HC -- Achmad Wachid Abdullah Director of Finance, Risk Management, and HC
Direktrur Pemasaran dan Produksi Farid Budiyanto Farid Budiyanto Director of Marketing and Production
Komite Audit Audit Committee
Perusahaan membentuk Komite Audit dalam The Company forms an Audit Committee to
rangka membantu pelaksanaan tugas dan assist the implementation of the duties and
fungsi Dewan Komisaris. Hal ini merupakan functions of the Board of Commissioners. This
bagian dari pelaksanaan Peraturan OJK is part of the implementation of OJK
No.55/POJK.04/2015. Regulation No.55/POJK.04/2015.
Berdasarkan Keputusan Dewan Komisaris Based on the decision of the Board of
PT Adhi Commuter Properti Tbk No.112- Commissioners of PT Adhi Commuter
4/20/ADCP-DEKOM/V/2022, tanggal Properti Tbk Number: 112-4/20/ADCP
30 Desember 2022 mengenai penetapan DEKOM/V/2022, dated December 30, 2022
susunan Anggota Komite Audit PT Adhi regarding the appointment of Members of the
Commuter Properti Tbk. Audit Committee of PT Adhi Commuter
Properti Tbk.
7
Page 387
PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Berdasarkan Keputusan Dewan Komisaris Based on the decision of the Board of
PT Adhi Commuter Properti Tbk Commissioners of PT Adhi Commuter
No.347/DK-ADCP/XII/2024, tanggal Properti Tbk Number:347/DK-ADCP/XII/2024,
30 Desember 2024 mengenai penetapan dated December 30, 2024 regarding the
susunan Anggota Komite Audit PT Adhi appointment of Members of the Audit
Commuter Properti Tbk. Committee of PT Adhi Commuter Properti
Tbk.
2025 2024
Dewan Komisaris
Ketua Komite Audit Wenry Anshory Putra Muhammad Isnaini Audit Committee Chairman
Anggota Sukma Hadi Sukma Hadi Member
Anggota Siti Nurwahyuningsih Siti Nurwahyuningsih Member
Sekretaris Perusahaan Corporate Secretary
Berdasarkan Keputusan Direksi PT Adhi Based on the Decision Letter of Director’s of
Commuter Properti Tbk No.524/ADCP- PT Adhi Commuter Properti Tbk
XII/2022 tanggal 20 Desember 2022, tentang No.524/ADCP-XII/2022 dated December 20,
Pergantian Corporate Secretary PT Adhi 2022, on the Replacement Corporate
Commuter Properti Tbk. Sekretaris Secretary of PT Adhi Commuter Properti Tbk.
Perusahaan pada tanggal 31 Desember 2025 Corporate Secretary on December 31, 2025
dan 2024 adalah Bayu Purwana. dan 2024 is Bayu Purwana.
Jumlah karyawan Grup pada tanggal The number of Group employees as of
31 Desember 2025 dan 2024, masing-masing December 31, 2025 and 2024, are 82 and 113
sebanyak 82 dan 113 (tidak diaudit) peopel, respectively (unaudited) which are
merupakan karyawan yang ditugaskaryakan employees assigned by the parent entity.
oleh entitas induk.
Manajemen kunci meliputi anggota Dewan Key management personnel includes Boards
Komisaris dan Direksi Perusahaan. of Commissioners and Directors of the
Company.
1.d. Penawaran Umum Perdana Saham 1.d. Initial Public Offering
Berdasarkan surat No. S-20/D.04/2022 pada Based on letter No. S-20/D.04/2022 dated
tanggal 15 Febuari 2022 yang dikeluarkan February 15, 2022 issued by Financial
oleh Otoritas Jasa Keuangan (OJK), Services Authority of Indonesia (OJK),
sehubungan dengan rencana Perusahaan correspond with the Company's plan to
untuk melakukan Penawaran Umum Perdana conduct an Initial Public Offering of
Saham sebesar 2.222.222.200 (dua milyar 2,222,222,200 (two billion two hundred twenty
dua ratus dua puluh dua juta dua ratus dua two million two hundred twenty two thousand
puluh dua ribu dua ratus) saham biasa two hundred) ordinary shares at an Offerprice
dengan Harga Penawaran sebesar Rp130 of Rp130 (one hundred and thirty rupiah).
(seratus tiga puluh rupiah).
Pada tanggal 16 Februari 2022 seluruh On February 16, 2022, all of the Company
saham Perusahaan sebanyak 2.222.222.200 shares amounting to 2.222.222.200 shares
saham telah tercatat di Bursa Efek Indonesia. have been listed on Indonesia Stock
Exchange.
1.e. Penawaran Umum Obligasi 1.e. Bonds Public Offering
Perusahaan telah menerbitkan obligasi The Company has issued bonds amounting
dengan jumlah seluruhnya sebesar Rp500,000,000,000 in 2021 with an effective
Rp500.000.000.000 pada tahun 2021 dengan date on May 7, 2021 based on effective letter
tanggal efektif 7 Mei 2021 berdasarkan surat from Financial Services Authority (OJK) with
efektif dari Otoritas Jasa Keuangan (OJK) registration letter No.S-62/D.04/2021. The
dengan nomor surat No.S-62/D.04/2021. listing was made on the Indonesian Stock
Pencatatan dilakukan di Bursa Efek Indonesia Exchange on May 21, 2021 with registration
pada tanggal 21 Mei 2021 dengan nomor letter No. S-03498/BEI.PP2/05-2021.
surat pencatatan No. S-03498/BEI.PP2/05-
2021.
8
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Perusahaan telah menerbitkan obligasi The Company has issued bonds amounting
dengan jumlah seluruhnya sebesar Rp307,500,000,000 in 2022 with an effective
Rp307.500.000.000 pada tahun 2022 dengan date on May 2022, based on effective letter
tanggal efektif 24 Mei 2022 berdasarkan surat from Financial Services Authority (OJK) with
efektif dari Otoritas Jasa Keuangan (OJK) registration letter No.S-78/D.04/2022. The
dengan nomor surat No.S-78/D.04/2022. listing is made on the Indonesian Stock
Pencatatan dilakukan di Bursa Efek Indonesia Exchange on May 11, 2022.
pada tanggal 17 Mei 2022.
Perusahaan telah menerbitkan obligasi The Company has issued bonds amounting
dengan jumlah seluruhnya sebesar Rp499,900,000,000 in 2023 with an effective
Rp499.900.000.000 pada tahun 2023 dengan date on November 30, 2023 based on
tanggal efektif 30 November 2023 effective letter from Financial Services
berdasarkan surat efektif dari Otoritas Jasa Authority (OJK) with registration letter
Keuangan (OJK) dengan nomor surat No.S-357/D.04/2023. The listing is made on
No.S-357/D.04/2023. Pencatatan dilakukan di the Indonesian Stock Exchange on
Bursa Efek Indonesia pada tanggal December 11, 2023.
11 Desember 2023.
Terbagi atas 6 seri obligasi, dengan rincian Divided into 6 (six) series of bonds, with
sebagai berikut: details as follows:
Obligasi/ Jumlah/ Tingkat Bunga/ Agen Pemeringkat/ Peringkat/ Tenor/ Tanggal Penerbitan Tanggal Jatuh Tempo/ Status/
Bonds Amount Interest Rate Rating Agency Rating Tenor Issued Date Due Date Status
(Rp Juta/Million )
Obligasi I Adhi Commuter Properti Tahun 2021
Seri A 491,000 10.50% PEFINDO id BBB 367 hari/days 20 Mei 2021 27 Mei 2022 Lunas/
May 20, 2021 May 27, 2022 Paid
Seri B 9,000 11.00% PEFINDO id BBB 3 tahun/year 20 Mei 2021 20 Mei 2024 Lunas/
May 20, 2021 May 20, 2024 Paid
Obligasi II Adhi Commuter Properti Tahun 2022
Seri A 205,500 10.50% PEFINDO id BBB 367 hari/days 24 Mei 2022 31 Mei 2023 Lunas/
May 24, 2022 May 31, 2023 Paid
Seri B 102,000 11.00% PEFINDO id BBB- 3 tahun/year 24 Mei 2022 24 Mei 2027 Belum Lunas/
May 24, 2022 May 24, 2027 Outstanding
Obligasi III Adhi Commuter Properti Tahun 2023
Seri A 15,700 7.80% PEFINDO id AAA 3 tahun/years 8 Desember 2023/ 8 Desember 2026/ Belum Lunas/
December 8, 2023 December 8, 2026 Outstanding
Seri B 484,200 8.25% PEFINDO id AAA 5 tahun/years 8 Desember 2023/ 8 Desember 2028/ Belum Lunas/
December 8, 2023 December 8, 2028 Outstanding
Berdasarkan Keputusan Rapat umum Based on Minutes of General Meeting of
Pemegang Obligasi Seri B tahun 2022 PT Bondholders Series B 2022 PT Adhi
Adhi Commuter Properti Tbk dan sesuai akta Commuter Properti Tbk in accordance with
dari Notaris Rosida Rajagukguk, SH., M.K.n., the deed by Notary Rosida Rajagukguk,
No. 57 tanggal 09 Mei 2025, telah disetujui S.H.,M.K.n., No.57 dated May 09, 2025, have
perpanjangan jatuh tempo pokok Obligasi II been approved extension of the Bond II seri B
seri B selama 2 (dua) tahun hingga 24 Mei principal maturity by 2 (two) years until May
2027. 24, 2027.
1.f. Sukuk Ijarah 1.f. Ijarah Sukuk
Jumlah sukuk ijarah yang diterbitkan entitas The outstanding of ijarah sukuk issued by
Tanpa Melalui Penawaran Umum dan tercatat entities without a public offering and listed on
di Kustodian Sentral Efek Indonesia adalah Indonesia Central Securities Depository is as
sebagai berikut: follows:
Jumlah Pokok/ Jatuh Tempo/Maturity Cicilan Imbalan Ijarah/
Jumlah Waktu/Term
Nominal Amount Date Ijarah Return
26 Oktober 2031/
Sukuk Ijarah Adhi Commuter Properti Tahun 2023 499,100,000,000 8 tahun/years 3,537,015,000
October 26, 2031
9
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Pada tanggal 27 Oktober 2023, berdasarkan On October 27, 2023, based on the Effective
Pernyataan Efektif Kustodian Sentral Statement of the Indonesian Central
Efek Indonesia melalui Surat Securities Depository through Letter
No. KSEI/22458/JKU/1023, Perusahaan telah No. KSEI/22458/JKU/1023, the Company has
menerbitkan sukuk dengan jumlah seluruhnya issued sukuk with a total amount of
sebesar Rp499.100.000.000. Rp499,100,000,000.
2. Informasi Kebijakan Akuntansi Material 2. Material Accounting Policies Information
2.a. Kepatuhan terhadap Standar Akuntansi 2.a. Compliance with Financial Accounting
Keuangan (SAK) Standard (SAK)
Laporan keuangan konsolidasian Grup The Group's consolidated financial statements
disusun dan disajikan sesuai dengan Standar were prepared and presented in accordance
Akuntansi Keuangan Indonesia yang meliputi with Indonesian Financial Accounting
Pernyataan Standar Akuntansi Keuangan Standards which include the Statement of
(”PSAK”) dan Interpretasi Standar Akuntansi Financial Accounting Standards (“PSAK”) and
Keuangan (”ISAK”) yang diterbitkan oleh Interpretation of Financial Accounting
Dewan Standar Akuntansi Keuangan Standards (“ISAK”) which issued by the
(”DSAK”), serta peraturan Pasar Modal yang Financial Accounting Standard Board
berlaku antara lain Peraturan No.VIII.G.7 (“DSAK”), and No.VIII.G.7 Guideline for
tentang Penyajian Laporan, sepanjang tidak Presentation of Financial Statements, to the
bertentangan dengan suatu PSAK atau ISAK. extent these it does not conflict with a PSAK
or ISAK.
2.b. Dasar Penyusunan Laporan Keuangan 2.b. Basis of Preparation of Consolidated
Konsolidasian Financial Statements
Laporan keuangan konsolidasian disusun dan The consolidated financial statements have
disajikan berdasarkan asumsi kelangsungan been prepared and presented based on going
usaha serta atas dasar akrual, kecuali laporan concern assumption and accrual basis of
arus kas konsolidasian. Dasar pengukuran accounting, except for the consolidated
dalam penyusunan laporan keuangan statements of cash flows. Basis of
konsolidasian ini adalah konsep biaya measurement in preparation of these
perolehan, kecuali beberapa akun tertentu consolidated financial statements is the
yang didasarkan pengukuran lain historical costs concept, except for certain
sebagaimana dijelaskan dalam kebijakan accounts which have been prepared on the
akuntansi masing-masing akun tersebut. basis of other measurements as described in
Biaya perolehan umumnya didasarkan pada their respective policies. Historical cost is
nilai wajar imbalan yang diserahkan dalam generally based on the fair value of the
pemerolehan aset. consideration given in exchange for assets.
Laporan arus kas konsolidasian disajikan The consolidated statements of cash flows are
dengan metode langsung dengan presented using the direct method by
mengelompokkan arus kas dalam aktivitas classifying cash flows into operating, investing
operasi, investasi dan pendanaan. and financing activities.
Mata uang penyajian yang digunakan dalam The presentation currency used in the
penyusunan laporan keuangan konsolidasian preparation of the consolidated financial
ini adalah Rupiah, yang merupakan mata statements is Indonesian Rupiah, which is the
uang fungsional Grup dan seluruh entitas functional currency of Group and its all
anak. Setiap entitas di dalam Grup subsidiaries. Each entity in the Group
menetapkan mata uang fungsional sendiri dan determines its own functional currency and
unsur-unsur dalam laporan keuangan dari items included in the financial statements of
setiap entitas diukur berdasarkan mata uang each entity are measured using that functional
fungsional tersebut. currency.
10
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Kebijakan akuntansi telah diterapkan secara The accounting policies applied are consistent
konsisten diantara laporan keuangan between the consolidated financial statements
konsolidasian yang berakhir 31 Desember years ended December 31, 2025 and 2024.
2025 dan 2024.
2.c. Pernyataan dan Interpretasi Standar 2.c. New and Revised Statements and
Akuntansi Baru dan Revisi yang Berlaku Interpretation of Financial Accounting
Efektif Pada Tahun Berjalan Standards Effective in the Current Year
Standar baru dan amendemen atas standar New Standard and amendment to standards
yang berlaku efektif untuk periode yang which effective for periods beginning on or
dimulai pada atau setelah 1 Januari 2025, after January 1, 2025, with early adoption is
dengan penerapan dini diperkenankan yaitu: permitted, are as follows:
• PSAK 117: Kontrak Asuransi; • PSAK 117: Insurance Contract;
• Amendemen PSAK 117: Kontrak Asuransi • Amendments PSAK 117: Insurance
tentang Penerapan Awal PSAK 117 dan Contract regarding Initial Application of
PSAK 109 - Informasi Komparatif; dan PSAK 117 and PSAK 109 – Comparative
Information; and
• Amendemen PSAK 221: Pengaruh • Amendments PSAK 221: Foreign
Perubahan Kurs Valuta Asing tentang Exchange Rate regarding Lack of
Kekurangan Ketertukaran. Exchangeability.
−
Beberapa PSAK juga diamendemen yang − Several PSAKs were also amended which
merupakan amendemen konsekuensial were consequential amendments due to the
karena berlakunya PSAK 117: Kontrak enactment of PSAK 117: Insurance Contracts,
Asuransi, yaitu: as follows:
• PSAK 103: Kombinasi Bisnis; • PSAK 103: Business Combinations;
• PSAK 105: Aset Tidak Lancar yang • PSAK 105: Non-Current Assets Held for
Dikuasai untuk Dijual dan Operasi yang Sale and Discontinued Operations;
Dihentikan;
• PSAK 107: Instrumen Keuangan: • PSAK 107: Financial Instruments:
Pengungkapan; Disclosures;
• PSAK 109: Instrumen Keuangan; • PSAK 109: Financial Instruments;
• PSAK 115: Pendapatan dari Kontrak • PSAK 115: Income from Contracts with
dengan Pelanggan; Customers;
• PSAK 201: Penyajian Laporan Keuangan; • PSAK 201; Presentation of Financial
Statements;
• PSAK 207: Laporan Arus Kas; • PSAK 207: Statement of Cash Flows;
• PSAK 216: Aset Tetap; • PSAK 216: Fixed Assets;
• PSAK 219: Imbalan Kerja; • PSAK 219: Employee Benefits;
• PSAK 228: Investasi pada Entitas Asosiasi • PSAK 228: Investment in Associated
dan Ventura Bersama; Entities and Joint Ventures;
• PSAK 232: Instrumen Keuangan • PSAK 232: Financial Instruments:
Penyajian; Presentation;
• PSAK 236: Penurunan Nilai Aset; • PSAK 236 Impairment of Asset;
• PSAK 237: Provisi, Liabilitas Kontijensi • PSAK 237: Provisions, Contingent
dan Aset Kontijensi; Liabilities and Contingent Assets;
• PSAK 238: Aset Takberwujud; dan • PSAK 238: Intangible Assets; and
• PSAK 240: Properti Investasi. • PSAK 240: Investment Propert.
−
Implementasi standar-standar tersebut tidak − The implementation of the above standards
memiliki dampak yang material terhadap had no material effect on the amounts
jumlah yang dilaporkan di periode berjalan reported for the current period or prior
atau tahun sebelumnya. financial year.
−
11
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2.d. Prinsip-prinsip Konsolidasi − Principles of Consolidation
2.d.
Laporan keuangan konsolidasian mencakup 3. The consolidated financial statements consist
laporan keuangan Perusahaan dan entitas of the financial statements of the Company
anak seperti disebutkan pada Catatan 1b. and subsidiary as described in Note 1b.
Entitas anak adalah entitas yang dikendalikan 3. A subsidiary is an entity controlled by
oleh Grup, yakni Grup terekspos, atau the Group, ie the Group is exposed, or
memiliki hak, atas imbal hasil variabel dari has rights, to variable returns from its
keterlibatannya dengan entitas dan memiliki involvement with the entity and has the
kemampuan untuk mempengaruhi imbal hasil ability to affect those returns through its
tersebut melalui kemampuan kini untuk current ability to direct the entity’s relevant
mengarahkan aktivitas relevan dari entitas activities (power over the investee).
(kekuasaan atas investee).
Keberadaan dan dampak dari hak suara 4. The existence and effect of substantive
potensial dimana Grup memiliki kemampuan potential voting rights that the Group has the
praktis untuk melaksanakan (yakni hak practical ability to exercise (ie substantive
substantif) dipertimbangkan saat menilai rights) are considered when assessing
apakah Grup mengendalikan entitas lain. whether the Group controls another entity.
Laporan keuangan Grup mencakup hasil 5. The Group’s financial statements consist of
usaha, arus kas, aset dan liabilitas dari Grup the operating results, cash flows, assets and
dan seluruh entitas anak yang, secara liabilities of Group and all of its directly and
langsung dan tidak langsung, dikendalikan indirectly controlled subsidiaries. Subsidiaries
oleh Grup. Entitas anak dikonsolidasikan are consolidated from the effective date of
sejak tanggal efektif akuisisi, yaitu tanggal acquisition, which is the date on which the
dimana Grup secara efektif memperoleh Group effectively obtains control of the
pengendalian atas bisnis yang diakuisisi, acquired business, until that control ceases.
sampai tanggal pengendalian berakhir.
Grup menyusun laporan keuangan The Group prepares consolidated financial
konsolidasian dengan menggunakan statements using uniform accounting policies
kebijakan akuntansi yang sama untuk for like transactions and other events in similar
transaksi dan peristiwa lain dalam keadaan circumstances. All intragroup transactions,
yang serupa. Seluruh transaksi, saldo, balances, income, expenses, and cash flows
penghasilan, beban, dan arus kas dalam intra relating to transactions between entities of the
kelompok usaha terkait dengan transaksi group are eliminated in full.
antar entitas dalam kelompok usaha
dieliminasi secara penuh.
Grup mengatribusikan laba rugi dan setiap The Group attributed the profit or loss and
komponen dari penghasilan komprehensif lain each component of other comprehensive
kepada pemilik entitas induk dan kepentingan income to the owners of the parent and non-
nonpengendali meskipun hal tersebut controlling interest even though this results in
mengakibatkan kepentingan nonpengendali the non-controlling interests having a deficit
memiliki saldo defisit. Grup menyajikan balance. The Group presents non-controlling
kepentingan nonpengendali di ekuitas dalam interest in equity in the consolidated statement
laporan posisi keuangan konsolidasian, of financial position, separately from the equity
terpisah dari ekuitas pemilik entitas induk. owners of the parent.
Perubahan dalam bagian kepemilikan entitas Changes in the parent’s ownership interest in
induk pada entitas anak yang tidak a subsidiary that do not result in loss of control
mengakibatkan hilangnya pengendalian are equity transactions (ie transactions with
adalah transaksi ekuitas (yaitu transaksi owners in their capacity as owners). When the
dengan pemilik dalam kapasitasnya sebagai proportion of equity held by non-controlling
pemilik). Ketika proporsi ekuitas yang dimiliki interest changed, the Group adjusted the
oleh kepentingan nonpengendali berubah, carrying amounts of the controlling interest
12
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Grup menyesuaikan jumlah tercatat and non-controlling interest to reflect the
kepentingan pengendali dan kepentingan changes in their relative interest in the
nonpengendali untuk mencerminkan subsidiaries. Any difference between the
perubahan kepemilikan relatifnya dalam amount by which the non-controlling interests
entitas anak. Selisih antara jumlah tercatat are adjusted and the fair value of the
kepentingan nonpengendali yang disesuaikan consideration paid or received is recognised
dan nilai wajar dari jumlah yang diterima atau directly in equity and attributed to the owners
dibayarkan diakui langsung dalam ekuitas dan of the parent.
diatribusikan pada pemilik dari entitas induk.
Jika Grup kehilangan pengendalian, maka If the Group loses control, the Group:
Grup:
a) Menghentikan pengakuan aset (termasuk a) Derecognizes the assets (including
goodwill) dan liabilitas entitas anak pada goodwill) and liabilities of the subsidiary at
jumlah tercatatnya ketika pengendalian their carrying amounts at the date when
hilang; control is lost;
b) Menghentikan pengakuan jumlah tercatat b) Derecognizes the carrying amount of any
setiap kepentingan nonpengendali pada non-controlling interests in the former
entitas anak terdahulu ketika subsidiary at the date when control is lost
pengendalian hilang (termasuk setiap (including any components of other
komponen penghasilan komprehensif lain comprehensive income attributable to
yang diatribusikan pada kepentingan them);
nonpengendali);
c) Mengakui nilai wajar pembayaran yang c) Recognizes the fair value of the
diterima (jika ada) dari transaksi, consideration received, if any, from the
peristiwa, atau keadaan yang transaction, event or circumstances that
mengakibatkan hilangnya pengendalian; resulted in the loss of control;
d) Mengakui sisa investasi pada entitas d) Recognizes any investment retained in the
anak terdahulu pada nilai wajarnya pada former subsidiary at fair value at the date
tanggal hilangnya pengendalian; when control is lost;
e) Mereklasifikasi ke laba rugi, atau e) Reclassify to profit or loss, or transfer
mengalihkan secara langsung ke saldo directly to retained earnings if required by
laba jika disyaratkan oleh SAK lain, other SAKs, the amount recognized in
jumlah yang diakui dalam penghasilan other comprehensive income in relation to
komprehensif lain dalam kaitan dengan the subsidiary; and
entitas anak; dan
f) Mengakui perbedaan apapun yang f) Recognizes any resulting difference as a
dihasilkan sebagai keuntungan atau gain or loss attributable to the parent.
kerugian dalam laba rugi yang
diatribusikan kepada entitas induk.
2.e. Instrumen Keuangan 2.e. Financial Instrument
Pengakuan dan pengukuran awal Initial recognition and measurement
Grup mengakui aset keuangan atau liabilitas The Group recognizes a financial assets or a
keuangan dalam laporan posisi keuangan financial liabilities in the consolidated
konsolidasian, jika dan hanya jika, Grup statement of financial position when, and only
menjadi salah satu pihak dalam ketentuan when, it becomes a party to the contractual
pada kontrak instrumen tersebut. Pada saat provisions ofthe instrument. At initial
pengakuan awal aset keuangan atau liabilitas recognition, the Group measures all financial
keuangan, Grup mengukur pada nilai assets and financial liabilites at its fair value. In
wajarnya. Dalam hal aset keuangan atau the case of a financial asset or financial liability
liabilitas keuangan tidak diukur pada nilai not at fair value through profit or loss, fair
wajar melalui laba rugi, nilai wajar tersebut value plus or minus with the transaction costs
ditambah atau dikurang dengan biaya that are directly attributtable to the acquisition
transaksi yang dapat diatribusikan secara or issue of the financial asset or financial
langsung dengan perolehan atau penerbitan liability. Transaction costs incurred on
aset keuangan atau liabilitas keuangan acquisition of a financial asset and issue of a
13
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
tersebut. Biaya transaksi yang dikeluarkan financial liability classified at fair value through
sehubungan dengan perolehan aset keuangan profit or loss are expensed immediately.
dan penerbitan liabilitas keuangan yang
diklasifikasikan pada nilai wajar melalui laba
rugi dibebankan segera.
Pengukuran Selanjutnya Aset Keuangan Subsequent Measurement of Financial
Assets
Aset keuangan Grup diklasifikasikan sebagai The Group’ financial assets are classified into
berikut: aset keuangan yang diukur pada the following specified categories: financial
biaya perolehan yang diamortisasi, aset assets at amortized costs, financial assets at
keuangan yang diukur pada nilai wajar melalui fair value through other comprehensive
penghasilan komprehensif lain, aset income, and financial assets at fair value
keuangan yang diukur pada nilai wajar melalui through profit or loss on the basis of both: the
laba rugi dengan menggunakan dua (2) dasar Group’s business model for managing the
yaitu: model bisnis dalam mengelola aset financial assets and the contractual cash flow
keuangan dan karakteristik arus kas characteristics of the financial assets.
kontraktual dari aset keuangan.
i. Aset Keuangan yang Diukur pada Biaya i. Financial Assets Measured at Amortized
Perolehan Diamortisasi Costs
Aset keuangan diukur pada biaya Financial assets are measured at amortized
perolehan diamortisasi ketika kedua costs if these conditions are met:
kondisi berikut terpenuhi:
(1) Aset keuangan dikelola dalam model (1) The financial assets is held within a
bisnis yang bertujuan untuk memiliki business model whose objective to
aset keuangan dalam rangka hold the financial assets to collect
mendapatkan arus kas kontraktual contractual cash flows (held to collect);
saja; dan and
(2) Persyaratan kontraktual dari aset (2) The contractual cash flows of the
keuangan tersebut memberikan hak financial asset give rise to payments
pada tanggal tertentu atas arus kas on specified dates that are solely
yang semata dari pembayaran pokok payments of principal and interest
dan bunga (solely payments of (“SPPI”) on the principal amount
principal and interest - SPPI) dari outstanding.
jumlah pokok terutang.
Aset keuangan ini diukur pada jumlah yang The financial asset is measured at the
diakui pada awal pengakuan dikurangi amount recognized at initial recognition
dengan pembayaran pokok, kemudian minus principal repayments, plus or minus
dikurangi atau ditambah dengan jumlah the cumulative amortization of any
amortisasi kumulatif atas perbedaan jumlah difference between that initial amount and
pengakuan awal dengan jumlah pada saat the maturity amount, and any loss
jatuh tempo, dan penurunan nilainya. allowance.
Pendapatan keuangan dihitung dengan Interest income is calculated using the
metode menggunakan suku bunga efektif effective interest method and is recognized
dan diakui di laba rugi. Perubahan pada in profit or loss. Changes in fair value are
nilai wajar diakui di laba rugi ketika aset recognized in profit or loss when the asset
dihentikan atau direklasifikasi. is derecognized or reclassified.
Aset keuangan yang diklasifikasikan Financial assets classified to amortized cost
menjadi aset keuangan yang diukur pada December be sold where there is an
biaya perolehan diamortisasi dapat dijual increase in credit risk. Disposals for other
ketika terdapat peningkatan risiko kredit. reasons are permitted but such sales
Penghentian untuk alasan lain should be immaterial in value or infrequent
diperbolehkan namun jumlah penjualan in nature.
tersebut harus tidak material jumlahnya
atau tidak sering.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
ii. Aset Keuangan yang Diukur pada ii. Financial Assets Measured at Fair Value
Nilai Wajar Melalui Penghasilan Through Other Comprehensive Income
Komprehensif Lain (”FVTOCI”) (“FVTOCI”)
Aset keuangan diukur pada FVTOCI jika The financial assets are measured at
kedua kondisi berikut terpenuhi: FVTOCI if these conditions are met:
(1) Aset keuangan dikelola dalam model (1) The objective of the Group’s business
bisnis yang tujuannya akan terpenuhi model to hold the financial assets is to
dengan mendapatkan arus kas collect contractual cash flows and to
kontraktual dan menjual aset sell the assets; and
keuangan; dan
(2) Persyaratan kontraktual dari aset (2) The contractual cash flows of the
keuangan tersebut memberikan hak financial asset give rise to payments
pada tanggal tertentu atas arus kas on specified dates that are solely
yang semata dari pembayaran pokok payments of principal and interest
dan bunga (solely payments of (“SPPI”) on the principal amount
principal and interest - SPPI) dari outstanding.
jumlah pokok terutang.
Aset keuangan tersebut diukur sebesar The financial assets are measured at fair
nilai wajar, dimana keuntungan atau value. The changes in fair value are
kerugian diakui dalam penghasilan recognized initially in other comprehensive
komprehensif lain, kecuali untuk kerugian income (OCI), except for impairment gains
akibat penurunan nilai dan keuntungan and losses, and a portion of foreign
atau kerugian akibat perubahan kurs, exchange gains and losses, are recognized
diakui pada laba rugi. Ketika in profit or loss. When the asset is
aset keuangan tersebut dihentikan derecognized or reclassified, changes in
pengakuannya atau direklasifikasi, fair value previously recognized in other
keuntungan atau kerugian kumulatif yang comprehensive income and accumulated in
sebelumnya diakui dalam penghasilan equity are reclassified from equity to profit
komprehensif lain direklasifikasi dari or loss as a reclassification adjustment.
ekuitas ke laba rugi sebagai penyesuaian
reklasifikasi.
iii. Aset Keuangan yang Diukur pada Nilai iii. Financial Assets at Fair Value Through
Wajar Melalui Laba Rugi (“FVTPL”) Profit or Loss (“FVTPL”)
Aset keuangan yang diukur pada FVTPL Financial assets measured at FVTPL are
adalah aset keuangan yang tidak those which do not meet both for neither
memenuhi kriteria untuk diukur pada biaya amortized costs nor FVTOCI.
perolehan diamortisasi atau untuk diukur
FVTOCI.
Setelah pengakuan awal, aset keuangan After initial recognition, FVTPL financial
yang diukur pada FVTPL diukur pada nilai assets are measured at fair value. The
wajarnya. Keuntungan atau kerugian yang changes in fair value are recognized in
timbul dari perubahan nilai wajar aset profit or loss.
keuangan diakui dalam laba rugi.
Aset keuangan berupa derivatif dan Financial assets in the form of derivatives
investasi pada instrumen ekuitas tidak and investment in equity instruments are
memenuhi kriteria untuk diukur pada biaya not eligible to meet both criteria for
perolehan diamortisasi atau kriteria untuk amortized costs or FVTOCI. Hence, these
diukur pada FVTOCI, sehingga diukur are measured at FVTPL. Nonetheless, the
pada FVTPL. Namun demikian, Grup dapat Group December irrevocably designated an
menetapkan pilihan yang tidak dapat investment in an equity instrument which is
dibatalkan saat pengakuan awal atas not held for trading in any time soon as
investasi pada instrumen ekuitas yang FVTOCI. This designation results in gains
15
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
bukan untuk diperjualbelikan dalam waktu and losses to be presented in other
dekat (held for trading) untuk diukur pada comprehensive income, except for dividend
FVTOCI. Penetapan ini menyebabkan income on a qualifying investment which is
semua keuntungan atau kerugian disajikan recognized in profit or loss. Cumulative
di penghasilan komprehensif lain, kecuali gains or losses previously recognized in
pendapatan dividen tetap diakui di laba other comprehensive income are
rugi. Keuntungan atau kerugian kumulatif reclassified to retained earnings, not to
yang sebelumnya diakui dalam profit or loss.
penghasilan komprehensif lain
direklasifikasi ke saldo laba tidak melalui
laba rugi.
Pengukuran Selanjutnya Liabilitas Subsequent Measurement of Financial
Keuangan Liabilities
Grup mengklasifikasikan seluruh liabilitas The Group shall classify all financial liabilities
keuangan sehingga setelah pengakuan awal as subsequently measured at amortised cost,
liabilitas keuangan diukur pada biaya except for:
perolehan diamortisasi, kecuali:
a) Liabilitas keuangan pada nilai wajar a) Financial liabilities at fair value through
melalui laba rugi. Liabilitas dimaksud, profit or loss. Such liabilities, including
termasuk derivatif yang merupakan derivatives that are liabilities, shall be
liabilitas, selanjutnya akan diukur pada subsequently measured at fair value.
nilai wajar.
b) Liabilitas keuangan yang timbul saat b) Financial liabilities that arise when a transfer
pengalihan aset keuangan yang tidak of a financial asset does not qualify for
memenuhi kualifikasi penghentian derecognition or when the continuing
pengakuan atau ketika pendekatan involvement approach applies.
keterlibatan berkelanjutan diterapkan.
c) Kontrak jaminan keuangan dan komitmen c) Financial guarantee contracts and
untuk menyediakan pinjaman dengan suku commitments to provide a loan at a below-
bunga dibawah pasar. Setelah pengakuan market interest rate. After initial recognition,
awal, penerbit kontrak dan penerbit an issuer of such a contract and an issuer of
komitmen selanjutnya mengukur kontrak such a commitment shall subsequently
tersebut sebesar jumlah yang lebih tinggi measure it at the higher of:
antara:
i) Jumlah penyisihan kerugian dan; dan i) The amount of the loss allowance; and
ii) Jumlah yang pertama kali diakui ii) The amount initially recognized is
dikurangi dengan, jika sesuai, reduced by, where appropriate, the
jumlah kumulatif dari penghasilan cumulative amount of the income
yang diakui sesuai dengan prinsip recognized in accordance with the
PSAK 115. principles of PSAK 115.
d) Imbalan kontijensi yang diakui oleh pihak d) Contingent consideration recognized by an
pengakusisi dalam kombinasi bisnis ketika acquirer in a business combination to which
PSAK 103 diterapkan. Imbalan kontijensi PSAK 103 applies. Such contingent
selanjutnya diukur pada nilai wajar dan consideration shall subsequently be
selisihnya dalam laba rugi. measured at fair value with changes
recognised in profit or loss.
Saat pengakuan awal Grup dapat membuat A Group December, at initial recognition,
penetapan yang tak terbatalkan untuk irrevocably designate a financial liability as
mengukur liabilitas keuangan pada nilai wajar measured at fair value through profit or loss
melalui laba rugi, jika diizinkan oleh standar when permitted by the standard or when doing
atau jika penetapan akan menghasilkan so results in more relevant information,
informasi yang lebih relevan, karena: because either:
a) Mengeliminasi atau mengurangi secara a) It eliminates or significantly reduces a
signifikan inkonsistensi pengukuran atau measurement or recognition inconsistency
16
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
pengakuan (kadang disebut sebagai (sometimes referred to as “an accounting
“accounting mismatch”) yang dapat timbul mismatch”) that would otherwise arise from
dari pengukuran aset atau liabilitas atau measuring assets or liabilities or recognizing
pengakuan keuntungan dan kerugian atas the gains and losses on them on different
aset atau liabilitas dengan dasar yang bases; or
berbeda beda; atau
b) Sekelompok liabilitas keuangan atau aset b) A group of financial liabilities or financial
keuangan dan liabilitas keuangan dikelola assets and financial liabilities is managed,
dan kinerjanya dievaluasi berdasarkan nilai and its performance is evaluated on a fair
wajar, sesuai manajemen risiko atau value basis, in accordance with a
strategi investasi yang terdokumentasi, dan documented risk management or
informasi dengan dasar nilai wajar investment strategy, and information about
dimaksud atas kelompok tersebut the Group is provided internally on that
disediakan secara internal untuk personil basis to the Group’s key management
manajemen kunci Grup. personnel.
Penghentian Pengakuan Aset dan Derecognition of Financial Assets and
Liabilitas Keuangan Liabilities
Grup menghentikan pengakuan aset The Group derecognizes a financial asset only
keuangan jika dan hanya jika hak kontraktual when the contractual rights to the cash flow
atas arus kas yang berasal dari aset berakhir, from the asset expire, or when they transfer
atau Grup mentransfer aset keuangan dan the financial asset and substantially all the
secara substansial mentransfer seluruh risiko risks and rewards of ownership of the asset to
dan manfaat atas kepemilikan aset kepada another entity. If the Group neither transfer
entitas lain. Jika Grup tidak mentransfer serta nor retain substantially all the risks and
tidak memiliki secara substansial atas seluruh rewards of ownership and continue to control
risiko dan manfaat kepemilikan serta masih the transferred asset, the Group recognize
mengendalikan aset yang ditransfer, maka their retained interest in the asset and an
Grup mengakui keterlibatan berkelanjutan associated liability for amounts they may have
atas aset yang ditransfer dan liabilitas terkait to pay. If the Group retain substantially all the
sebesar jumlah yang mungkin harus dibayar. risks and rewards of ownership of a
Jika Grup memiliki secara substansial seluruh transferred financial asset, the Group continue
risiko dan manfaat kepemilikan aset keuangan to recognize the financial asset and recognize
yang ditransfer, Grup masih mengakui aset a collateralized borrowing for the proceeds
keuangan dan juga mengakui pinjaman yang received.
dijamin sebesar pinjaman yang diterima.
Saat penghentian pengakuan aset keuangan On derecognition of a financial asset in its
secara keseluruhan, selisih antara jumlah entirety, the difference between the assets
tercatat aset dan jumlah pembayaran dan carrying amount and the sum of the
piutang yang diterima dan keuntungan atau consideration received and receivable and the
kerugian kumulatif yang telah diakui dalam cumulative gain or loss that had been
penghasilan komprehensif lain dan recognized in other comprehensive income
terakumulasi dalam ekuitas direklasifikasi ke and accumulated in equity is reclassified to
laba rugi. profit or loss.
Saat penghentian pengakuan aset keuangan On derecognition of a financial asset other
terhadap satu bagian saja (misalnya ketika than in its entirety (e.g., when the Group retain
Grup masih memiliki hak untuk membeli an option to repurchase part of a transferred
kembali bagian aset yang ditransfer), Grup asset), the Group allocate the previous
mengalokasikan jumlah tercatat sebelumnya carrying amount of the financial asset
dari aset keuangan tersebut pada bagian yang between the part they continue to recognize
tetap diakui berdasarkan keterlibatan under continuing involvement and the part
berkelanjutan dan bagian yang tidak lagi they no longer recognize on the basis of the
diakui berdasarkan nilai wajar relatif dari relative fair values of those parts on the date
kedua bagian tersebut pada tanggal transfer. of the transfer. The difference between the
17
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Selisih antara jumlah tercatat yang carrying amount allocated to the part that is no
dialokasikan pada bagian yang tidak lagi longer recognized and the sum of the
diakui dan jumlah dari pembayaran yang consideration received for the part no longer
diterima untuk bagian yang tidak lagi diakui recognized and any cumulative gain or loss
dan setiap keuntungan atau kerugian allocated to it that had been recognized in
kumulatif yang dialokasikan pada bagian yang other comprehensive income is recognized in
tidak lagi diakui tersebut yang sebelumnya profit or loss. A cumulative gain or loss that
telah diakui dalam penghasilan komprehensif had been recognized in other comprehensive
lain diakui pada laba rugi. Keuntungan dan income is allocated between the part that
kerugian kumulatif yang sebelumnya diakui continues to be recognized and the part that is
dalam penghasilan komprehensif lain no longer recognized based on the relative fair
dialokasikan pada bagian yang tetap diakui values of those parts.
dan bagian yang dihentikan pengakuannya,
berdasarkan nilai wajar relatif kedua bagian
tersebut.
Grup menghentikan pengakuan liabilitas The Group derecognizes a financial liability
keuangan, jika dan hanya jika, liabilitas from its statement of financial position when,
keuangan tersebut berakhir, yaitu ketika and only when, it is extinguished, is when the
kewajiban yang ditetapkan dalam kontrak obligation specified in the contract is
dilepaskan atau dibatalkan atau kedaluwarsa. discharged or cancelled or expired.
Penurunan Nilai Aset Keuangan Impairment of Financial Assets
Aset keuangan dinilai apakah terdapat indikasi Financial assets are assessed for indicators of
penurunan nilai pada setiap akhir periode impairment at the end of each reporting date.
pelaporan. Aset keuangan diturunkan nilainya Financial assets are impaired where there is
apabila terdapat bukti obyektif sebagai akibat objective evidence that, as a result of one or
adanya satu atau lebih peristiwa yang terjadi more events that occurred after the initial
setelah pengakuan awal aset keuangan recognition of the financial asset and the
tersebut dan dilakukan estimasi terhadap arus estimated future cash flows of the investment
kas masa depan dari investasi tersebut yang have been affected.
akan terdampak.
Grup mengakui kerugian kredit ekspektasian The Group recognizes an expected credit loss
untuk aset keuangan yang diukur pada biaya for its financial assets measured at amortized
perolehan diamortisasi. Aset keuangan yang costs. Financial assets in form of investment
berupa investasi pada instrumen ekuitas tidak in equity instrument is not impaired.
dilakukan penurunan nilai.
Grup menerapkan metode yang The Group applied a simplified approach to
disederhanakan untuk mengukur kerugian measure such expected credit loss for trade
kredit ekspektasian tersebut terhadap piutang receivables and contract assets without
usaha dan aset kontrak tanpa komponen significant financing component.
pendanaan yang signifikan.
Grup menganggap aset keuangan The Group considers it a financial asset to be
gagal bayar ketika pihak ketiga in default when the counterparty is unlikely to
tidak mampu membayar kewajiban kreditnya pay its credit obligations to the Group in full.
kepada Grup secara penuh. Periode The maximum period considered when
maksimum yang dipertimbangkan ketika estimating expected credit loss is the
memperkirakan kerugian kredit ekspektasian maximum contractual period over which the
adalah periode maksimum kontrak dimana Group is exposed to credit risk.
Grup terekspos terhadap risiko kredit.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Penyisihan kerugian diakui sebagai Impairment losses are recognized as a
pengurang jumlah tercatat aset keuangan deduction in financial assets’ carrying amount,
kecuali untuk aset keuangan yang diukur pada except for financial assets measured at
FVTOCI yang penyisihan kerugiannya diakui FVTOCI where its impairment is recognized in
dalam penghasilan komprehensif lain. other comprehensive income. The expected
Sedangkan jumlah kerugian kredit credit loss (or recovery of credit loss) is
ekspektasian (atau pemulihan kerugian kredit) recognized in profit or loss, as gains or losses
diakui dalam laba rugi, sebagai keuntungan of financial asset impairment.
atau kerugian penurunan nilai.
Pengukuran kerugian kredit ekspektasian dari The expected credit loss of financial
instrumen keuangan dilakukan dengan suatu intruments is conducted by a means which
cara yang mencerminkan: reflect:
i. Jumlah yang tidak bias dan rata-rata i. An unbiased and probability-weighted
probabilitas tertimbang yang ditentukan amount that reflects a range of possible
dengan mengevaluasi serangkaian outcomes;
kemungkinan yang dapat terjadi;
ii. Nilai waktu uang; dan ii. Time value of money; and
iii. Informasi yang wajar dan terdukung yang iii. Reasonable and supportable information
tersedia tanpa biaya atau upaya that is available without undue cost or
berlebihan pada tanggal pelaporan effort about past events, current conditions
mengenai peristiwa masa lalu, kondisi kini, and forecasts of future conditions.
dan perkiraan kondisi ekonomi masa
depan.
Aset keuangan dapat dianggap tidak Financial assets December be considered to
mengalami peningkatan risiko kredit secara not having significant increase in credit risk
signifikan sejak pengakuan awal jika aset since initial recognition if the financial assets
keuangan memiliki risiko kredit yang rendah have a low credit risk at the reporting date.
pada tanggal pelaporan. Risiko kredit pada Credit risk on financial instrument December
instrumen keuangan dianggap rendah ketika be considered be low if there is a low risk of
aset keuangan tersebut memiliki risiko gagal default, the borrower has a strong capacity to
bayar yang rendah, peminjam memiliki meet its contractual cash flow obligations in
kapasitas yang kuat untuk memenuhi the near term and adverse changes in
kewajiban arus kas kontraktualnya dalam economic and business conditions in the
jangka waktu dekat dan memburuknya kondisi longer term December, but will not
ekonomik dan bisnis dalam jangka waktu necessarily, reduce the ability of the borrower
panjang mungkin, namun tidak selalu, to fulfil its contractual cash flow obligations.
menurunkan kemampuan peminjam untuk
memenuhi kewajiban arus kas kontraktualnya.
Untuk menentukan apakah aset keuangan To determine whether a financial asset has a
memiliki risiko kredit rendah, Grup dapat low credit risk, the Group December use
menggunakan peringkat risiko kredit internal internal credit risk rating or external
atau penilaian eksternal. Misal, aset keuangan assessment. For example, a financial asset
dengan peringkat “investment grade” with “investment grade” according to external
berdasarkan penilaian eksternal merupakan assessment has a low credit risk rating, thus it
instrumen yang memiliki risiko kredit yang does not experience an increase in significant
rendah, sehingga tidak mengalami credit risk since initial recognition.
peningkatan risiko kredit secara signifikan
sejak pengakuan awal.
Metode Suku Bunga Efektif Effective Interest Method
Metode suku bunga efektif adalah metode The effective interest method is a method of
yang digunakan untuk menghitung biaya calculating the amortized cost of a financial
perolehan diamortisasi dari aset atau liabilitas asset or a financial liability (or group of
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
keuangan (atau kelompok aset atau liabilitas financial assets or financial liabilities) and of
keuangan) dan metode untuk mengalokasikan allocating the interest income or interest
pendapatan bunga atau beban bunga selama expense over the relevant period. The
periode yang relevan. Suku bunga efektif effective interest rate is the rate that exactly
adalah suku bunga yang secara tepat discount estimated future cash payments or
mendiskontokan estimasi pembayaran atau receipts through the expected life of the
penerimaan kas masa depan selama financial instrument or, when appropriate, a
perkiraan umur dari instrumen keuangan, atau shorter period to the net carrying amount of
jika lebih tepat, digunakan periode yang lebih the financial asset or financial liability. When
singkat untuk memperoleh jumlah tercatat calculating the effective interest rate, the
neto dari aset keuangan atau liabilitas Group estimate cash flows considering all
keuangan. Pada saat menghitung suku bunga contractual terms of the financial instrument,
efektif, Grup mengestimasi arus kas dengan for example, prepayment, call and similar
mempertimbangkan seluruh persyaratan option, but shall not consider future credit
kontraktual dalam instrumen keuangan losses. The calculation includes all fees and
tersebut, seperti pelunasan dipercepat, opsi points paid or received between parties to the
beli dan opsi serupa lain, tetapi tidak contract that are an integral part of the
mempertimbangkan kerugian kredit masa effective interest rate, transaction costs, and
depan. Perhitungan ini mencakup seluruh all other premiums or other discounts.
komisi dan bentuk lain yang dibayarkan atau
diterima oleh pihak-pihak dalam kontrak yang
merupakan bagian tak terpisahkan dari suku
bunga efektif, biaya transaksi, dan seluruh
premium atau diskonto lain.
Reklasifikasi Reclassification
Grup mereklasifikasi aset keuangan ketika The Group reclassifies a financial asset if and
Grup mengubah tujuan model bisnis untuk only if the Group's business model objective
pengelolaan aset keuangan sehingga for its financial assets changes so its previous
penilaian sebelumnya menjadi tidak dapat model assessment would no longer apply.
diterapkan.
Ketika Grup mereklasifikasi aset keuangan, If the Group reclassifies a financial asset, it is
maka Grup menerapkan reklasifikasi secara required to apply the reclassification
prospektif dari tanggal reklasifikasi. Grup tidak prospectively from the reclassification date.
menyajikan kembali keuntungan, kerugian Previously recognized gains, losses (including
(termasuk keuntungan atau kerugian impairment gains or losses) or interest are not
penurunan nilai), atau bunga yang diakui restated.
sebelumnya.
Ketika Grup mereklasifikasi aset keuangan When the Group reclassifies its financial
keluar dari kategori pengukuran biaya asset out of the amortized cost into
perolehan diamortisasi menjadi kategori fair value through profit or loss, then
FVTPL, nilai wajarnya diukur pada tanggal its fair value is measured at reclassification
reklasifikasi. Keuntungan atau kerugian yang date. Any gains or losses resulted
timbul dari selisih antara biaya perolehan from the difference between previous
diamortisasi sebelumnya dan nilai wajar aset amortized cost and its fair value is
keuangan diakui dalam laba rugi. Pada saat recognized in profit or loss. Otherwise,
Grup melakukan reklasifikasi sebaliknya, yaitu if the Group reclassifies its financial
dari aset keuangan kategori FVTPL menjadi asset from FVTPL into amortized cost, then
kategori pengukuran biaya perolehan its fair value at the date of reclassification
diamortisasi, maka nilai wajar pada tanggal becomes new gross carrying amount.
reklasifikasi menjadi jumlah tercatat bruto
yang baru.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Pada saat Grup mereklasifikasi aset When the Group reclassifies its financial asset
keuangan keluar dari kategori pengukuran out of the amortized cost into FVTOCI, its fair
biaya perolehan diamortisasi menjadi kategori value is measured at the reclassification date.
FVTOCI, nilai wajarnya diukur pada tanggal Any gains or losses resulted from the
reklasifikasi. Keuntungan atau kerugian yang difference between previous amortized cost
timbul dari selisih antara biaya perolehan and fair value is recognized in other
diamortisasi sebelumnya dan nilai wajar aset comprehensive income. Effective interest rate
keuangan diakui dalam penghasilan and expected credit loss measurement are not
komprehensif lain. Suku bunga efektif dan adjusted as a result of the reclassification.
pengukuran kerugian kredit ekspektasian tidak Otherwise, when the Group reclassifies its
disesuaikan sebagai akibat dari reklasifikasi. expectations were not adjusted as a result of
Ketika Grup mereklasifikasi aset keuangan the reclassification. When the Group
sebaliknya, yaitu keluar dari kategori FVTOCI reclassifies financial assets otherwise, ie
menjadi kategori pengukuran biaya perolehan moving out of the FVTOCI category to the
diamortisasi, aset keuangan direklasifikasi amortized cost measurement category, the
pada nilai wajarnya pada tanggal reklasifikasi. financial assets are reclassified at their fair
Akan tetapi keuntungan atau kerugian value on the reclassification date. However,
kumulatif yang sebelumnya diakui dalam the cumulative gain or loss previously
penghasilan komprehensif lain dihapus dari recognized in other comprehensive income is
ekuitas dan disesuaikan terhadap nilai wajar removed from equity and adjusted for the fair
aset keuangan pada tanggal reklasifikasi. value of the financial asset at the date of
Akibatnya, pada tanggal reklasifikasi aset reclassification. As a result, financial assets
keuangan diukur seperti halnya jika aset are measured on the reclassification date as if
keuangan tersebut selalu diukur pada biaya they were always measured at amortized cost.
perolehan diamortisasi.
Penyesuaian ini memengaruhi penghasilan This adjustment affects other comprehensive
komprehensif lain tetapi tidak memengaruhi income but not profit or loss, and therefore is
laba rugi, dan karenanya bukan merupakan not a reclassification adjustment. The effective
penyesuaian reklasifikasi. Suku bunga efektif interest rate and expected credit loss
dan pengukuran kerugian kredit ekspektasian measures were not adjusted as a result of the
tidak disesuaikan sebagai akibat dari reclassification.
reklasifikasi.
Pada saat Grup mereklasifikasi aset When the Group reclassifies financial assets
keuangan keluar dari kategori pengukuran out of the FVTPL measurement category into
FVTPL menjadi kategori pengukuran FVTOCI, the FVTOCI measurement category, financial
aset keuangan tetap diukur pada nilai assets are still measured at fair value.
wajarnya. Sama halnya, ketika Grup Similarly, when the Group reclassifies
mereklasifikasi aset keuangan keluar dari financial assets out of the FVTOCI category
kategori FVTOCI menjadi kategori into the FVTPL measurement category, the
pengukuran FVTPL, aset keuangan tetap financial assets are still measured at fair
diukur pada nilai wajarnya. Keuntungan atau value. The cumulative gain or loss previously
kerugian kumulatif yang sebelumnya diakui di recognized in other comprehensive income
penghasilan komprehensif lain direklasifikasi is reclassified from equity to profit or loss
dari ekuitas ke laba rugi sebagai penyesuaian as a reclassification adjustment at the
reklasifikasi pada tanggal reklasifikasi. reclassification date.
Saling Hapus Aset Keuangan dan Liabilitas Netting a Financial Asset and a Financial
Keuangan Liability
Aset keuangan dan liabilitas keuangan A financial asset and financial liability shall be
disalinghapuskan, jika dan hanya jika, Grup offset when and only when, the Group
saat ini memiliki hak yang dapat dipaksakan currently has a legally enforceable right to net
secara hukum untuk melakukan saling hapus off the recognized amount; and intends either
atas jumlah yang telah diakui tersebut; dan to settle on a net basis, or to realise the asset
berintensi untuk menyelesaikan secara neto and settle the liability simultaneously.
atau untuk merealisasikan aset dan
menyelesaikan liabilitasnya secara simultan.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Pengukuran Nilai Wajar Fair Value Measurement
Nilai wajar adalah harga yang akan diterima Fair value is the price that would be received
untuk menjual suatu aset atau harga yang to sell an asset or paid to transfer a liability in
akan dibayar untuk mengalihkan suatu an orderly transaction between market
liabilitas dalam transaksi teratur antara pelaku participants at the measurement date.
pasar pada tanggal pengukuran.
Nilai wajar aset dan liabillitas keuangan The fair value of financial assets and financial
diestimasi untuk keperluan pengakuan dan liabilities must be estimated for recognition
pengukuran atau untuk keperluan and measurement or for disclosure purposes.
pengungkapan.
Nilai wajar dikategorikan dalam level yang Fair values are categorised into different
berbeda dalam suatu hirarki nilai wajar levels in a fair value hierarchy based on the
berdasarkan pada apakah input suatu degree to which the inputs to the
pengukuran dapat diobservasi dan signifikansi measurement are observable and the
input terhadap keseluruhan pengukuran nilai significance of the inputs to the fair value
wajar: measurement in its entirety:
(i) Harga kuotasian (tanpa penyesuaian) di (i) Quoted prices (unadjusted) in active
pasar aktif untuk aset atau liabilitas yang markets for identical assets or liabilities
identik yang dapat diakses pada tanggal that can be accessed at the
pengukuran (Level 1); measurement date (Level 1);
(ii) Input selain harga kuotasian yang (ii) Inputs other than quoted prices included
termasuk dalam Level 1 yang dapat in Level 1 that are observable for the
diobservasi untuk aset atau liabilitas, baik assets or liabilities, either directly or
secara langsung maupun tidak langsung indirectly (Level 2);
(Level 2);
(iii) Input yang tidak dapat diobservasi untuk (iii) Unobservable inputs for the assets or
aset atau liabilitas (Level 3). liabilities (Level 3).
Dalam mengukur nilai wajar aset atau When measuring the fair value of an asset or
liabilitas, Grup sebisa mungkin menggunakan a liability, the Group uses market observable
data pasar yang dapat diobservasi. Apabila data to the extent possible. If the fair value of
nilai wajar aset atau liabilitas tidak dapat an asset or a liability is not directly
diobservasi secara langsung, Grup observable, the Group uses valuation
menggunakan teknik penilaian yang sesuai techniques that appropriate in the
dengan keadaannya dan memaksimalkan circumstances and maximizes the use of
penggunaan input yang dapat diobservasi relevant observable inputs and minimizes the
yang relevan dan meminimalkan penggunaan use of unobservable inputs.
input yang tidak dapat di-observasi.
Perpindahan antara level hierarki nilai wajar Transfers between levels of the fair value
diakui oleh Grup pada akhir periode pelaporan hierarchy are recognised by the Group at the
dimana perpindahan terjadi. end of the reporting period during which the
change occurred.
2.f. Kas dan Setara Kas 2.f. Cash and Cash Equivalents
Kas dan setara kas termasuk kas, kas di bank Cash and cash equivalents are cash on hand,
(rekening giro), dan deposito berjangka yang cash in banks (demand deposits) and time
jatuh tempo dalam jangka waktu tiga bulan deposits with maturity periods of three months
atau kurang pada saat penempatan yang or less at the time of placement that are not
tidak digunakan sebagai jaminan atau tidak used as collateral or are not restricted.
dibatasi penggunaannya.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2.g. Pendapatan Diakui di Muka 2.g. Accrued Revenues
Pendapatan diakui di muka berasal dari Accrued revenues come from income from
pendapatan dari penjualan unit apartemen, sales of apartment units, houses and offices
rumah, dan kantor yang belum difakturkan that have not been invoiced or billed. Accrued
atau ditagih. Pendapatan diakui di muka revenues is presented at the difference
disajikan sebesar selisih antara biaya yang between costs incurred, plus recognized
terjadi, ditambah laba yang diakui, dikurangi profits, reduced by the amount of recognized
dengan jumlah kerugian yang diakui dan losses and payment terms received.
pembayaran termin yang telah diterima.
2.h. Biaya Dibayar di Muka 2.h. Prepaid Expenses
Biaya dibayar di muka terdiri dari biaya usaha, Prepaid expenses consist of operating
biaya sewa, dan asuransi. expenses, rental fees, and insurance.
Untuk biaya usaha akan dibebankan secara For operational costs will be charged in
proporsional dengan pendapatan yang diakui proportion to the revenue recognized in each
pada setiap periode. period.
2.i. Sewa 2.i. Lease
Pada tanggal insepsi suatu kontrak, Grup At inception of a contract, the Group assesses
menilai apakah suatu kontrak merupakan, whether a contract is, or contains, a lease. A
atau mengandung, sewa. Suatu kontrak contract is, or contains, a lease if the contract
merupakan, atau mengandung sewa jika conveys the right to control the use of an
kontrak tersebut memberikan hak untuk identified asset for a period of time in
mengendalikan penggunaan suatu aset exchange for consideration. To assess
identifikasian selama suatu jangka waktu whether a contract conveys the right to control
untuk dipertukarkan dengan imbalan. Untuk the use of an identified asset, the Group
menilai apakah suatu kontrak memberikan assesses whether:
hak untuk mengendalikan suatu aset
identifikasian, Grup menilai apakah:
a. Kontrak melibatkan penggunaan suatu a. The contract involves the use of an
aset identifikasian – ini dapat ditentukan identified asset – this may be specified
secara eksplisit atau implisit dan secara explicitly or implicitly and should be
fisik dapat dibedakan atau mewakili physically distinct or represent
secara substantial seluruh kapasitas aset substantially all of the capacity of a
yang secara fisik dapat dibedakan. Jika physically distinct asset. If the supplier has
pemasok memiliki hak substitusi the substantive substitution right, then the
substantif, maka aset tersebut tidak asset is not identified;
teridentifikasi;
b. Grup memiliki hak untuk memperoleh b. The Group has the right to obtain
secara substansial seluruh manfaat substantially all of the economic benefits
ekonomik dari penggunaan aset selama from use of the asset throughout the
periode penggunaan; dan period of use; and
c. Grup memiliki hak untuk mengarahkan c. The Group has the right to direct the use
penggunaan aset identifikasian. Grup of the identified asset. The Group has this
memiliki hak ini ketika hak pengambilan right when it has the decision-making
keputusan yang paling relevan untuk rights that are most relevant to changing
mengubah bagaimana dan untuk tujuan how and for what purpose the asset is
apa aset tersebut digunakan. Dalam used. In certain circumstances where all
kondisi tertentu di mana semua the decisions about how and for what
keputusan tentang bagaimana dan untuk purpose the asset is used are
tujuan apa aset digunakan telah predetermined, the Group has the right to
ditentukan sebelumnya, Grup memiliki direct the use of the asset if either:
hak untuk mengarahkan penggunaan aset
tersebut jika:
- Grup memiliki hak untuk - The Group has the right to operate
mengoperasikan aset; atau the asset; or
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
- Grup mendesain aset dengan - The Group designed the asset in a
cara menetapkan sebelumnya way that predetermines how and for
bagaimana dan untuk tujuan apa aset what purpose the asset will be used.
akan digunakan.
Pada tanggal insepsi atau pada saat penilaian At inception date or on reassessment of a
kembali suatu kontrak yang mengandung contract that contains a lease component, the
suatu komponen sewa, Grup mengalokasikan Group and its subsidiaries allocates
imbalan dalam kontrak ke masing-masing consideration in the contract to each lease
komponen sewa berdasarkan harga tersendiri component on the basis of their relative stand-
relatif dari komponen sewa. alone prices.
Pembayaran sewa yang termasuk dalam Lease payments included in the measurement
indeks utang sewa meliputi: pembayaran of the lease liability comprise the following:
sewa tetap, sewa variabel yang bergantung fixed payments, variable lease payments that
pada indeks, jumlah yang akan dibayarkan depend on an index, amounts expected to be
dalam jaminan nilai residu dan harga payable under a residual value guarantee and
eksekusi opsi beli, opsi perpanjangan atau the exercise price under a purchase option,
penalti penghentikan jika Grup cukup pasti optional renewal period or penalties for early
akan mengeksekusi opsi tersebut. termination of a lease unless the Group is
reasonably certain not to terminate early.
Grup mengakui aset hak guna dan liabilitas The Group recognizes a right of use asset and
sewa pada tanggal dimulainya sewa. Aset a lease liability at the lease commencement
hak-guna awalnya diukur pada biaya date. The right of-use asset is initially
perolehan, yang terdiri dari jumlah measured at cost, which comprises
pengukuran awal dari utang sewa the initial amount of the lease liability adjusted
disesuaikan dengan pembayaran sewa yang for any lease payments made at or before
dilakukan pada atau sebelum tanggal the commencement date, plus any initial direct
permulaan, ditambah dengan biaya langsung costs incurred and an estimate of costs
awal yang dikeluarkan, dan estimasi biaya to dismantle and remove the underlying
untuk membongkar dan memindahkan aset asset or to restore the underlying asset or
pendasar atau untuk merestorasi aset the site on which it is located, less any lease
pendasar atau tempat di mana aset berada, incentives received.
dikurangi insentif sewa yang diterima.
Jika sewa mengalihkan kepemilikan If the lease transfers the ownership of the
aset pendasar pada akhir masa sewa underlying asset at the end of the lease term,
atau jika biaya perolehan aset hak- then the asset will be depreciated from the
guna merefleksikan penyewa akan beginning of the lease term to the end of the
mengeksekusi opsi beli, maka penyewa underlying asset’s useful life. The depreciation
menyusutkan aset hak-guna dari tanggal periods for the right-of-use assets with buy
permulaan hingga akhir umur manfaat aset options executed should refer to the policy for
pendasar. Periode penyusutan untuk aset the property and equipment (Note 2.m).
hak-guna dengan opsi beli yang dieksekusi
tersebut mengacu pada ketentuan masa
manfaat aset tetap (Catatan 2.m).
Liabilitas sewa awalnya diukur pada nilai kini The lease liability is initially measured at the
atas pembayaran sewa yang belum dibayar present value of the lease payments that are
pada tanggal permulaan, didiskontokan not yet paid at the commencement date,
menggunakan suku bunga implisit dalam discounted using the interest rate implicit in
sewa atau, jika suku bunga tersebut tidak the lease or, if that rate cannot be readily
dapat ditentukan, digunakan suku bunga determined, the Group incremental borrowing
pinjaman inkremental Grup. Umumnya, Grup rate. Generally, The Group uses its
menggunakan suku bunga pinjaman incremental borrowing rate as the discount
inkremental sebagai suku bunga diskonto. rate.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Setelah pengakuan awal liabilitas sewa diukur After the initial acquisition of a lease liability is
pada biaya perolehan diamortisasi measured at amortized cost using the
menggunakan metode suku bunga efektif. effective interest method. It is remeasured
Liabilitas sewa diukur kembali ketika ada when there is a change in future lease
perubahan pembayaran sewa masa depan payments arising from a change in an index or
yang timbul dari perubahan indeks atau suku rate, if there is a change in the Group estimate
bunga, jika ada perubahan estimasi Grup atas of the amount expected to be payable under a
jumlah yang diperkirakan akan dibayar dalam residual value guarantee, or if the Group
jaminan nilai residual, atau jika Grup changes its assessment of whether it will
mengubah penilaiannya apakah akan exercise a purchase, extension or termination
mengeksekusi opsi beli, perpanjangan atau option.
penghentian.
Ketika liabilitas sewa diukur kembali dengan When the lease liability is remeasured in this
cara ini, penyesuaian terkait dilakukan way, a corresponding adjustment is made to
terhadap jumlah tercatat aset hak-guna, atau the carrying amount of the right-of-use assets,
dicatat dalam laba rugi jika jumlah tercatat or is recorded in profit or loss if the carrying
aset hak-guna telah berkurang menjadi nol. amount of the right-of-use asset has been
reduced to zero.
Grup menerapkan pengecualian untuk sewa The Group apply the exemption for low-value
jangka pendek dan sewa aset bernilai rendah assets on a lease-by-lease basis and for all
berdasarkan sewa-per-sewa. other leases of low value asset.
Selanjutnya, pembayaran atas kontrak yang Furthermore, payments associated with
termasuk ke dalam pengecualian, yakni contracts included in the exception, which are
pembayaran atas sewa jangka pendek dan payments associated with all short-term
sewa aset bernilai rendah diakui pada metode leases and certain leases of all low-value
garis lurus dan dibebankan pada laba rugi. assets are recognized on a straight-line basis
Pembayaran sewa terkait dengan sewa yang as an expense in profit or loss. The lease
dikecualikan tersebut diakui sebagai beban payments associated with those leases will be
dengan menggunakan metode garis lurus recognized as an expense on a straight-line
selama masa sewa. basis over the lease term.
Sewa jangka pendek adalah sewa dengan Short-term leases are leases with a lease term
masa sewa kurang dari atau sama dengan of 12 months or less. Low-value assets are
12 bulan. Sewa aset bernilai rendah adalah those of general equipments which comprise
sewa untuk perlengkapan umum seperti of computers, tablets, mobile phones and
komputer, laptop, telepon genggam, dan small items of office supplies, and other
perlengkapan kantor lainnya, serta aset lain assets which have value less than the
yang harga barunya tidak lebih dari plafon maximum amount of low value set in The
nilai rendah yang ditetapkan oleh Grup. Group’s policy.
2.j. Persediaan 2.j. Inventories
Persediaan Hotel Hotel’s Inventories
Persediaan dinyatakan sebesar nilai yang Inventories are stated at the lower of cost
lebih rendah antara harga perolehan dan nilai and net realizable value. Cost is determined
realisasi bersih. Harga perolehan ditentukan using the first in, first-out (“FIFO”) method.
dengan menggunakan metode pertama- The cost of finished goods and work
masuk, pertama keluar ("FIFO"). Harga in progress comprises raw materials,
perolehan barang jadi dan pekerjaan dalam direct labor, other direct costs and
proses terdiri dari bahan baku, tenaga kerja related production overheads (based on
langsung, biaya langsung lainnya dan biaya normal operating capacity). It excludes
overhead produksi (berdasarkan kapasitas borrowing costs.
normal operasi). Persediaan tidak mencakup
biaya pinjaman.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Nilai realisasi bersih adalah estimasi harga Net realizable value is the estimated selling
penjualan dalam kegiatan usaha biasa, price in the ordinary course of business, less
dikurangi beban penjualan bervariasi. applicable variable selling expenses.
Persediaan Aset Real Estat Real Estate Assets
Aset real estat, yang terutama terdiri dari Real estate assets, mainly consisted of
bangunan siap dijual, tanah sedang building unit ready for sale, land under
dikembangkan, dan bangunan dalam proses development, and building unit under the
pengembangan, dinyatakan sebesar nilai process of development, are carried at the
yang lebih rendah antara biaya perolehan dan lower of cost and net realizable value. The
nilai realisasi neto. Biaya perolehan cost is determined using the average method.
ditentukan dengan menggunakan metode Expenditures include land development and
rata-rata. Biaya perolehan atas tanah dalam improvement cost. Acquisition costs for
pematangan termasuk biaya pengembangan building units are comprised of actual
dan pematangan tanah. construction costs.
Nilai realisasi bersih adalah taksiran harga Net realizable value is the estimated selling
penjualan dalam kegiatan usaha normal yang price in the ordinary course of business,
didasarkan pada harga pasar pada tanggal based on market prices at the reporting date
pelaporan dan didiskontokan untuk nilai waktu and discounted for the time value of money if
uang, jika material, dikurangi taksiran biaya material, less estimated costs to complete and
penyelesaian dan taksiran biaya untuk the estimated costs to sell.
melaksanakan penjualan.
Penurunan nilai persediaan ditetapkan untuk The decline in the value of inventories is
mengurangi nilai tercatat persediaan ke nilai determined to write down the carrying amount
realisasi bersih dan penurunannya diakui of inventories to their net realizable value and
sebagai rugi pada laporan laba rugi the decline is recognized as a loss in the
komprehensif tahun yang bersangkutan. statements of profit or loss and other
comprehensive.
Biaya perolehan atas unit bangunan terdiri Borrowing costs on loans obtained from
dari biaya aktual konstruksi. Beban keuangan banks, and other financing facilities that are
atas pinjaman bank dan fasilitas pinjaman directly attributable to the acquisition;
lainnya yang diperoleh yang dapat development and improvement of the land;
diatribusikan langsung dengan pembelian; and constructions of real estate assets are
pengembangan dan pematangan tanah; serta capitalized.
konstruksi aset real estat akan dikapitalisasi.
Harga perolehan aset real estat adalah harga The cost of real estate asset is the purchase
beli tanah ditambah dengan biaya-biaya lain price of land added other costs that adequate
yang memenuhi kriteria kapitalisasi sebagai the capitalization criteria as follows:
berikut:
1. Biaya pra perolehan tanah; 1. Pre-acquisition cost of land;
2. Biaya perolehan tanah; 2. Cost of land;
3. Biaya yang secara langsung berhubungan 3. Costs that are directly related to the
dengan proyek; project;
4. Biaya yang dapat diatribusikan pada 4. Costs that are attributable to real estate
aktifitas pengembangan real estat dan and property development activities; and
properti; dan
5. Biaya pinjaman. 5. Borrowing cost.
Biaya yang dikapitalisasi ke proyek Costs capitalized to real estate assets
pengembangan aset real estat dialokasikan development projects are allocated to each
ke setiap unit properti dengan metode property unit by a special identification
identifikasi khusus. method.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Pengukuran dengan menggunakan metode Measurements using a special identification
identifikasi khusus disesuaikan dengan tipe method are adapted to the type of land and
tanah dan bangunan, dan lokasi. building, and location.
Pengkajian atas estimasi dan alokasi biaya A review of the estimated and allocation of
dilakukan pada setiap akhir periode pelaporan costs is carried out at the end of each
sampai proyek secara substansial, jika terjadi reporting period until the project is
perubahan mendasar Grup akan melakukan substantially, if there is a fundamental change
revisi dan realokasi biaya. the Group will revise and reallocate costs.
2.k. Pengaturan Bersama 2.k. Joint Arrangement
Pengaturan bersama adalah pengaturan yang Joint arrangement is an arrangement of which
dua atau lebih pihak memiliki pengendalian two or more parties have joint control, i.e. the
bersama, yaitu persetujuan kontraktual untuk contractually agreed sharing of control of an
berbagi pengendalian atas suatu pengaturan, arrangement, which exist only when decisions
yang ada hanya ketika keputusan mengenai about the relevant actvities require the
aktivitas relevan mensyaratkan persetujuan unanimous consent of the parties sharing
dengan suara bulat dari seluruh pihak yang control.
berbagi pengendalian.
Grup mengklasifikasikan pengaturan bersama The Group classifies joint arrangement as
sebagai Operasi Bersama. Joint Operation.
Merupakan pengaturan bersama yang Represents joint arrangement whereby the
mengatur bahwa para pihak yang memiliki parties that have joint control of the
pengendalian bersama atas pengaturan arrangement have rights to the assets, and
memiliki hak atas aset dan kewajiban obligations for the liabilities, relating to the
terhadap liabilitas, terkait dengan pengaturan arrangement. Those parties are called joint
tersebut. Para pihak tersebut disebut operator operator.
bersama.
Operator bersama mengakui hal berikut A joint operator recognize in relation to its
terkait dengan kepentingannya dalam operasi interest in a joint operation:
bersama:
(a) Aset, mencakup bagiannya atas setiap (a) Its assets, including its share of any
aset yang dimiliki bersama; assets held jointly;
(b) Liabilitas, mencakup bagiannya atas (b) Its liablities, including its share of any
liabilitas yang terjadi bersama; liabilities incurred jointly;
(c) Pendapatan dari penjualan bagiannya (c) Its revenue from the sale of its share of
atas output yang dihasilkan dari operasi the output arising from the joint operation;
bersama;
(d) Bagiannya atas pendapatan dari (d) Its share of the revenue from the sale of
penjualan output oleh operasi bersama; the output by the joint operation; and
dan
(e) Beban, mencakup bagiannya atas setiap (e) Its expenses, including its share of any
beban yang terjadi secara bersama-sama. expenses incurred jointly.
2.l. Properti Investasi 2.l. Investment Properties
Properti investasi adalah properti (tanah atau Investment properties are properties (land or a
bangunan atau bagian dari suatu bangunan building or part of a building or both) held by
atau kedua-duanya) yang dikuasai oleh the owner or the lessee under a finance lease
pemilik atau penyewa melalui sewa to earn rentals or for capital appreciation or
pembiayaan untuk menghasilkan sewa atau both, rather than for use in the production or
untuk kenaikan nilai atau kedua-duanya, dan supply of goods or services or for
tidak untuk digunakan dalam produksi atau administrative purposes; or sale in the daily
penyediaan barang atau jasa atau untuk business activities.
tujuan administratif; atau dijual dalam kegiatan
usaha sehari-hari.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Properti investasi diakui sebagai aset jika dan Investment properties is recognized as an
hanya jika besar kemungkinan manfaat asset when, and only when it is probable that
ekonomis masa depan yang terkait dengan the future economic benefits that are
properti investasi akan mengalir ke entitas; associated with the investment properties will
dan biaya perolehan properti investasi dapat flow to the entity; and the cost of the
diukur dengan andal. investment property can be measured reliably.
Properti investasi pada awalnya diukur 3. Investment properties shall be measured
sebesar biaya perolehan, meliputi harga initially at its cost, comprises its purchase
harga pembelian dan setiap pengeluaran price and any directly attributable expenditure
yang diatribusikan secara langsung (biaya (professional fees for legal services, property
jasa hukum, pajak pengalihan properti, dan transfer taxes and other transaction costs).
biaya transaksi lain). Biaya transaksi Transaction costs are included in the initial
termasuk dalam pengukuran awal tersebut. measurement.
4.
Properti investasi yang sedang dalam 5. Investment properties that is being
pengembangan ulang untuk penggunaan redeveloped for continuing use as investment
lebih lanjut sebagai properti investasi atau properties or for which investment the market
ketika pasar menjadi kurang aktif tetap has become less active continues to be
dicatat sebesar nilai wajarnya. Properti measured at fair value if the fair value is
investasi dalam konstruksi diukur secara considered to be reliably determinable.
andal, tetapi Grup mengharapkankan nilai Investment properties under construction for
wajarnya dapat diukur secara andal ketika which the fair value cannot be determined
konstruksi selesai, diukur senilai biaya reliably, but for which the company expects
dikurangi penurunan nilai sampai nilai that the fair value of the property will be
wajarnya dapat diukur secara andal atau reliably determinable or construction is
konstruksi diselesaikan – yang mana yang completed – whichever is earlier.
lebih awal.
6.
Setelah pengakuan awal, Grup memilih 7. After initial recognition, the Group chooses to
menggunakan model nilai wajar dan use fair value model and measure all of its
mengukur seluruh properti investasi investment properties at fair value. A gain or
berdasarkan nilai wajar. Keuntungan atau loss arising from a change in the fair value of
kerugian yang timbul dari perubahan nilai investment properties is recognized in profit
wajar properti investasi diakui dalam laba rugi or loss for the period in which it arises.
pada periode terjadinya.
8.
Penentuan nilai wajar investasi didasarkan 9. The fair value of investment properties is
pada penilaian oleh penilai independen yang based on a valuation by an independent
mempunyai kualifikasi profesional yang telah appraiser who holds a recognised and
diakui dan relevan serta memiliki pengalaman relevant professional qualification and has
terkini di lokasi dan kategori properti investasi recent experience in the location and
yang dinilai. category of the investment properties being
valued.
10.
Pengalihan ke properti investasi dilakukan 11. The transfer to investment properties is made
jika, dan hanya jika, terdapat perubahan when, and only when, there is a change in
penggunaan yang ditunjukkan dengan use, evidenced by the end of owner-
berakhirnya pemakaian oleh pemilik dan occupation and commencement of an
dimulainya sewa operasi kepada pihak lain. operating lease to another party.
12.
Pengalihan dari properti investasi dilakukan 13. The transfer from investment properties is
jika, dan hanya jika, terdapat perubahan made when, and only when, there is achange
penggunaan yang ditunjukkan dengan in use, evidenced by the commencement of
dimulainya penggunaan oleh pemilik dan owner occupation and commencement of
dimulainya pengembangan untuk dijual. development with a view to sell.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Properti investasi dihentikan pengakuannya 14. An investment properties is derecognized on
pada saat dilepaskan atau ketika tidak disposal or when the investment properties is
digunakan lagi secara permanen dan tidak permanently withdrawn from use and no
memiliki manfaat ekonomis masa depan yang future economic benefits are expected from
diperkirakan dari pelepasannya. Keuntungan its disposal. Gains or losses arising from the
atau kerugian yang timbul dari penghentian retirement or disposal are determined as the
atau pelepasan ditentukan dari selisih antara difference between the net disposal proceeds
hasil neto pelepasan dan jumlah tercatat and the carrying amount of the asset and are
aset, dan diakui dalam laba rugi pada periode recognized in profit or loss in the period of the
terjadinya penghentian atau pelepasan. retirement or disposal.
15.
2.m. Aset Takberwujud 2.m. Intangible Asset
Aset takberwujud diukur sebesar nilai Intangible asset is measured on initial
perolehan pada pengakuan awal. Setelah recognition at cost. After initial recognition,
pengakuan awal, aset takberwujud dicatat intangible asset is carried at cost less any
pada biaya perolehan dikurangi akumulasi accumulated amortization and any
amortisasi dan akumulasi rugi penurunan accumulated impairment loss. The useful life
nilai. Umur manfaat aset takberwujud dinilai of intangible asset is assessed to be either
apakah terbatas atau tidak terbatas. finite or indefinite.
Umur manfaat aset takberwujud dinilai apakah The useful life of intangible asset is assessed
terbatas atau tidak terbatas. Aset takberwujud to be either finite or indefinite. Intangible
diamortisasi dengan menggunakan metode assets are amortized by using straight line
garis lurus berdasarkan estimasi masa method based on estimated useful lives of five
manfaat lima tahun. years.
Aset takberwujud dihentikan pengakuannya Intangible assets are derecognized if they are
jika dilepas. Ketika tidak terdapat lagi manfaat disposed of. When no future economic
ekonomi masa depan yang diharapkan dari benefits are expected from their use or
penggunaan atau pelepasannya. disposal.
2.n. Transaksi dan Saldo dengan Pihak-pihak 2.n. Related Parties Transaction’s and
Berelasi Balances
Pihak berelasi adalah orang atau entitas yang A related party is a person or an entity that is
terkait dengan entitas yang menyiapkan related to the entity that is preparing its
laporan keuangannya (dalam pernyataan ini financial statements (in this Standard referred
dirujuk sebagai ”entitas pelapor”): to as the “reporting entity”):
a) Orang atau anggota keluarga dekatnya a) A person or a close member of that
mempunyai relasi dengan entitas pelapor person's family is related to a reporting
jika orang tersebut: entity if that person:
i. memiliki pengendalian atau i. has control or joint control of the
pegendalian bersama atas entitas reporting entity;
pelapor;
ii. memiliki pengaruh signifikan atas ii. has significant influence over the
entitas pelapor; atau reporting entity; or
iii. merupakan personil manajemen kunci iii. is a member of the key management
entitas pelapor atau entitas induk dari personnel of the reporting entity or of
entitas pelapor. a parent of the reporting entity.
b) Suatu entitas berelasi dengan entitas b) An entity is related to a reporting entity if
pelapor jika memenuhi salah satu hal any of the following conditions applies:
berikut:
i. Entitas dan entitas pelapor adalah i. The entity and the reporting entity are
anggota dari kelompok usaha yang members of the same group (which
sama (artinya entitas induk, entitas means that each parent, subsidiary
anak, dan sesama entitas anak saling and fellow subsidiary is related to the
berelasi dengan entitas lainnya); others);
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
ii. Satu entitas adalah entitas asosiasi ii. One entity is an associate or joint
atau ventura bersama dari entitas lain venture of the other entity (or an
(atau entitas asosiasi atau ventura associate or joint venture of a member
bersama yang merupakan anggota of a group of which the other entity is
suatu kelompok usaha, dimana a member);
entitas lain tersebut adalah
anggotanya);
iii. Kedua entitas tersebut adalah ventura iii. Both entities are joint ventures of the
bersama dari pihak ketiga yang sama; same third party;
iv. Satu entitas adalah ventura bersama iv. One entity is a joint venture of a third
dari entitas ketiga dan entitas yang entity and the other entity is an
lain adalah entitas asosiasi dari associate of the third entity;
entitas ketiga;
v. Entitas tersebut adalah suatu v. The entity is a post-employment
program imbalan pascakerja untuk benefit plan for the benefit of
imbalan kerja dari salah satu entitas employees of either the reporting
pelapor atau entitas yang terkait entity, or an entity related to the
dengan entitas pelapor. Jika entitas reporting entity. If the reporting entity
pelapor adalah entitas yang in itself such a plan, the sponsoring
menyelenggarakan program tersebut, employers are also related to the
maka entitas sponsor juga berelasi reporting entity;
dengan entitas pelapor;
vi. Entitas yang dikendalikan atau vi. The entity is controlled or jointly
dikendalikan bersama oleh orang controlled by a person identified in (a);
yang diidentifikasi dalam huruf (a);
vii. Orang yang diidentifikasi dalam huruf vii. A person identified in (a) (i) has
(a) (i) memiliki pengaruh signifikan significant influence over the entity or
atas entitas atau merupakan personil is a member of the key management
manajemen kunci entitas (atau entitas personnel of the entity (or a parent of
induk dari entitas);dan the entity); and
viii. Entitas, atau anggota dari kelompok viii. The entity, or any member of a group
dimana entitas merupakan bagian of which it is a part, provides key
dari kelompok tersebut, menyediakan management personnel services to
jasa personil manajemen kunci the reporting entity or to the parent of
kepada entitas pelapor atau kepada the reporting entity.
entitas induk dari entitas pelapor.
Entitas yang berelasi dengan Pemerintah A government-related entity is an entity that is
adalah entitas yang dikendalikan, controlled, jointly controlled or significant
dikendalikan Bersama atau dipengaruhi oleh influence by a government. Government
Pemerintah. Pemerintah mengacu kepada refers to government, government agencies
Pemerintah, instansi pemerintah dan badan and similar bodies whether local, national or
yang serupa baik local, nasional maupun international.
internasional.
Seluruh transaksi dan saldo yang signifikan All significant transactions and balances with
dengan pihak berelasi diungkapkan dalam related parties are disclosed in the relevant
Catatan yang relevan. Notes.
2.o. Sukuk Ijarah 2.o. Ijarah Sukuk
Sukuk ijarah diakui sebesar nilai nominal, Ijarah Sukuk is recognised initially at nominal,
disesuaikan dengan premium atau diskonto adjusted with premium or discount and the
dan biaya transaksi terkait. Perbedaan antara related transaction costs incurred. Any
nilai tercatat dan nilai nominal diakui pada differences between carrying amount and
laporan laba rugi sebagai beban penerbitan nominal value is recognised in the statements
sukuk ijarah menggunakan metode garis of profit or loss as ijarah sukuk issuance costs
lurus selama jangka waktu sukuk ijarah. using the straight-line method during the
period of ijarah sukuk.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Sukuk ijarah, setelah disesuaikan dengan ijarah Sukuk, adjusted with premium or
premium atau diskonto dan biaya transaksi discount and unamortised transaction costs, is
yang belum diamortisasi, disajikan sebagai presented as part of liabilities.
bagian dari liabilitas.
2.p. Laba per Saham 2.p. Earnings per Share
Laba per saham dihitung dengan membagi Earnings per share amount is computed by
laba tahun berjalan yang dapat diatribusikan dividing the profit for the year attributable to
kepada pemilik entitas induk dengan jumlah the owners of the parent entity by the weighted
rata-rata tertimbang jumlah saham yang average number of outstanding issued and
beredar dan disetor penuh selama tahun fully paid shares during the year.
bersangkutan.
Perusahaan tidak mempunyai efek saham The Company has no outstanding dilutive
biasa yang berpotensi bersifat dilutif pada potential ordinary shares as of December 31,
tanggal 31 Desember 2025 dan 2024. 2025 and 2024.
2.q. Pengakuan Pendapatan dan Beban 2.q. Revenues and Expenses Recognition
Grup mengakui pendapatan sesuai dengan The Group recognizes revenues in
PSAK 115, “Pendapatan dari Kontrak dengan accordance with PSAK 115, “Revenue from
Pelanggan”, dengan melakukan analisis Contracts with Customers”, by performing
transaksi melalui metode lima langkah transaction analysis through the five steps of
pengakuan pendapatan sebagai berikut: income recognition model as follows:
1. Mengidentifikasi kontrak dengan 1. Identify contracts with customers, whereby
pelanggan, dimana Grup mencatat kontrak the Group records contratcs with customers
dengan pelanggan hanya jika seluruh only if the following criterias are met:
kriteria berikut terpenuhi:
• Kontrak telah disetujui oleh para pihak • The contract has been agreed by the
dalam kontrak; parties involved in the contract;
• Kelompok Usaha dapat • The Group can identify the rights of the
mengindentifikasi hak dari para pihak parties involved and the term of
dan jangka waktu pembayaran atas payment for the goods to be
barang yang akan dialihkan; transferred; and
• Kontrak memiliki substansi komersial; • The contract has commercial
dan substance; and
• Kemungkinan besar Kelompok Usaha • It is probable that the Group will receive
akan menerima imbalan atas barang benefits for the goods transferred.
yang dialihkan.
2. Mengindentifikasi kewajiban pelaksanaan 2. Identify the performance obligations in the
dalam kontrak; contract;
3. Menentukan harga transaksi; 3. Determine the transaction price;
4. Mengalokasikan harga transaksi pada 4. Allocate the transaction price to each
setiap kewajiban pelaksanaan; dan performance obligation; and
5. Mengakui pendapatan ketika kewajiban 5. Recognize revenue when performance
pelaksanaan telah dipenuhi (pada suatu obligation is satisfied (at a point in time or
waktu tertentu atau sepanjang waktu). over time).
Pendapatan dari penjualan real estat diakui Revenue from sales of real estate is
pada saat pengendalian atas persediaan real recognized when the control over the real
estat telah dialihkan ke pelanggan dan Grup estate inventories has been handover to the
tidak memiliki keterlibatan substansial yang customer and the Group has no ongoing
berkelanjutan dengan real estat tersebut. substantial involvement with the real estate.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Namun, jika periode antara pemenuhan However, if the period between fulfillment of
kewajiban pelaksanaan atas barang atau jasa performance obligations for the goods or
yang dijanjikan kepada pelanggan dan services promised to the customer and full
penyelesaian kewajiban penuh dari pelanggan settlement by the customer exceeds of one
melebihi satu tahun, atau jika uang tunai yang year, or if cash received in advance from the
diterima dimuka dari pelanggan untuk customer for the sale of real estate under
penjualan real estat dalam pengembangan development prior to the delivery of the unit
sebelum penyerahan unit dan ketersediaan and the availability of various installment plan
berbagai skema pembayaran rencana cicilan payment schemes offered to customers, a
yang ditawarkan kepada pelanggan, significant component of the financing is
komponen pembiayaan signifikan dianggap considered to be in the contract.
ada dalam kontrak.
Dalam menentukan harga transaksi, Grup In determining the transaction price, the
menyesuaikan nilai yang diharapkan dapat Group adjusts the promised consideration for
diterima atas dampak komponen pembiayaan the effects of the significant financing
signifikan menggunakan tingkat diskonto yang component using a discount rate that would
akan mencerminkan dalam transaksi be reflected in a separate financing
pembiayaan yang terpisah antara Grup dan transaction between the Group and its
pelanggannya pada awal kontrak, sehingga customer at contract inception, such that it
mencerminkan karakteristik kredit dari pihak reflects the credit characteristics of the party
yang menerima pembiayaan dalam kontrak. receiving financing in the contract.
Berdasarkan standar baru ini, grup mengakui Based on this new standard, the group
pendapatan dari penjualan real estat pada recognizes revenue from the sale of real
saat terjadi penyerahan real estat kepada estate when the real estate are handover to
pembeli (at a point in time). Dalam hal ini, the buyer (at a point in time). In this case,
tidak ada perbedaan signifikan dengan there is no significant difference with the
pengakuan pendapatan dari penjualan real recognition of revenue from real estate sales
estat berdasarkan standar yang sebelumnya. based on the previous standard. However, the
Namun penerapan standar ini berdampak application of this standard resulted in
pada timbulnya beban keuangan dari financing cost arising from the significant
komponen pendanaan signifikan. Hal ini financing component. This results in an
mengakibatkan penyesuaian pada awal tahun adjustment at the beginning year of the
penerapan. implementation.
Pendapatan sewa diakui berdasarkan periode Rental revenue is recognized based on their
sewa yang berlaku dan ketika jasa telah respective rental period and when the
diberikan kepada pelanggan. services are rendered to the customers.
Pendapatan hotel diakui pada saat barang Hotel revenue is recognized when the goods
atau jasa diberikan kepada tamu hotel. or services provided to hotel guests or
restaurant visitors.
Biaya yang secara langsung berhubungan −
The costs that directly relate to the contract
dengan kontrak, menghasilkan sumber daya generate resources to satisfy the contract
untuk memenuhi kontrak ("biaya untuk (“cost to fulfill“) or are incremental on
memenuhi") atau penambahan untuk obtaining a contract (“cost to obtain”) and are
mendapatkan kontrak ("biaya untuk expected to be recovered. These costs are
memperoleh") dan diharapkan dapat therefore eligible for capitalization under
dipulihkan. Beban tersebut dengan demikian PSAK 115: Revenue from Contracts with
memenuhi syarat kapitalisasi berdasarkan Customers and recognized as other current
PSAK 115: Pendapatan dari Kontrak dengan assets. Such cost will be amortized on a
Pelanggan dan dicatat sebagai aset lancar systematic basis that is consistent with the
lainnya. Beban tersebut diamortisasi dengan transfer of the goods or services to which
cara sistematis sejalan dengan penyerahan such asset relates.
barang atau jasa yang terkait dengan aset
tersebut.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2.r. Biaya Pinjaman 2.r. Borrowing Cost
Biaya pinjaman yang dapat diatribusikan 16. Borrowing costs that are directly attributable
langsung dengan perolehan, pembangunan to the acquisition, construction or production
atau pembuatan aset kualifikasian, of a qualifying asset, are capitalized as part of
dikapitalisasi sebagai bagian biaya perolehan the cost of that asset. Other borrowing costs
aset tersebut. Biaya pinjaman lainnya diakui are recognized as an expense when incurred.
sebagai beban pada saat terjadi. Biaya Borrowing costs December include interest
pinjaman dapat mencakup beban bunga, expense, finance charges in respect of
beban keuangan dalam sewa pembiayaan finance leases, or exchange differences
atau selisih kurs yang berasal dari pinjaman arising from foreign currency borrowings to
dalam mata uang asing sepanjang the extent that they are regarded as an
selisih kurs tersebut diperlakukan sebagai adjustment to interest costs.
penyesuaian atas biaya bunga.
17.
Kapitalisasi biaya pinjaman dimulai pada saat Capitalization of borrowing costs commences
Grup telah melakukan aktivitas yang when the Group undertakes activities
diperlukan untuk mempersiapkan aset agar necessary to prepare the asset for its
dapat digunakan atau dijual sesuai dengan intended use or sale and expenditures for the
intensinya serta pengeluaran untuk aset dan asset and its borrowing costs have been
biaya pinjamannya telah terjadi. incurred.
Kapitalisasi biaya pinjaman dihentikan ketika Capitalization of borrowing costs ceases
secara substansial seluruh aktivitas yang when substantially all the activities necessary
diperlukan untuk mempersiapkan aset to prepare the qualifying assets for its
kualifikasian agar dapat digunakan atau dijual intended use or sale are complete.
sesuai dengan intensinya telah selesai.
Biaya bunga dan biaya pinjaman lainnya, Interest and other borrowing costs,
seperti biaya diskonto pinjaman baik yang such as discount fees on loans either
secara langsung atau tidak langsung directly or indirectly used in financing
digunakan untuk pendanaan konstruksi aset the construction of a qualifying asset,
kualifikasian, dikapitalisasi hingga aset are capitalised up to the date when
tersebut selesai dikonstruksi. Untuk biaya construction is complete. For borrowings
pinjaman yang dapat diatribusikan secara that are directly attributable to a qualifying
langsung pada aset kualifikasian, jumlah yang asset, the amount to be capitalised is
dikapitalisasi ditentukan dari biaya pinjaman determined as the actual borrowing
aktual yang terjadi selama periode berjalan, cost incurred during the period, less
dikurangi penghasilan yang diperoleh dari any income earned on the temporary
investasi sementara atas dana hasil pinjaman investment of such borrowings.
tersebut.
Untuk pinjaman yang tidak dapat diatribusikan For borrowings that are not directly
secara langsung pada suatu aset attributable to a qualifying asset, the amount
kualifikasian, jumlah yang dikapitalisasi to be capitalised is determined by applying a
ditentukan dengan mengalikan tingkat capitalisation rate to the amount expended on
kapitalisasi terhadap jumlah yang dikeluarkan the qualifying assets. The capitalisation rate is
untuk memperoleh aset kualifikasian. Tingkat the weighted average of the total borrowing
kapitalisasi dihitung berdasarkan rata-rata costs applicable to the total borrowings
tertimbang biaya pinjaman yang dibagi outstanding during the period, other than
dengan jumlah pinjaman yang tersedia borrowings made specifically for the purpose
selama periode, selain pinjaman yang secara of obtaining a qualifying asset.
spesifik diambil untuk tujuan memperoleh
suatu aset kualifikasian.
33
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2.s. Pajak Penghasilan dan Pajak Final 2.s. Income Taxes and Final Tax
Beban pajak adalah jumlah gabungan pajak Tax expense is the aggregate amount
kini dan pajak tangguhan yang diperhitungkan included in the determinination of profit or loss
dalam menentukan laba rugi pada suatu for the period in respect of current tax and
periode. Pajak kini dan pajak tangguhan deferred tax. Current tax and deferred tax is
diakui dalam laba rugi, kecuali pajak recognized in profit or loss, except for income
penghasilan yang timbul dari transaksi atau tax arising from transactions or events that are
peristiwa yang diakui dalam penghasilan recognized in other comprehensive income or
komprehensif lain atau secara langsung di directly in equity. In this case, the tax is
ekuitas. Dalam hal ini, pajak tersebut masing- recognized in other comprehensive income or
masing diakui dalam penghasilan equity, respectively.
komprehensif lain atau ekuitas.
Manfaat terkait dengan rugi pajak yang dapat Tax benefits relating to tax loss that can be
ditarik untuk memulihkan pajak kini dari carried back to recover current tax of a
periode sebelumnya diakui sebagai aset. Aset previous periods is recognized as an asset.
pajak tangguhan diakui untuk akumulasi rugi Deferred tax asset is recognized for the carry
pajak belum dikompensasi dan kredit pajak forward of unused tax losses and unused tax
belum dimanfaatkan sepanjang kemungkinan credit to the extent that it is probable that
besar laba kena pajak masa depan akan future taxable profit will be available against
tersedia untu dimanfaatkan dengan rugi pajak which the unused tax losses and unused tax
belum dikompensasi dan kredit pajak belum credits can be utilized.
dimanfaatkan.
Seluruh perbedaan temporer kena pajak A deferred tax liability shall be recognised for
diakui sebagai liabilitas pajak tangguhan, all taxable temporary differences, except to
kecuali perbedaan temporer kena pajak yang the extent that the deferred tax liability arises
berasal dari: from:
a) pengakuan awal goodwill; atau a) the initial recognition of goodwill; or
b) Aset pajak tangguhan dan liabilitas pajak b) The deferred tax assets and the deferred
tangguhan terkait dengan pajak tax liabilities relate to income taxes
penghasilan yang dikenakan oleh applied by the same taxation authority on
otoritas perpajakan yang sama atas: either:
i. entitas kena pajak yang sama; atau i. the same taxable entity; or
ii. entitas kena pajak yang berbeda ii. different taxable entities which intend
yang bermaksud untuk memulihkan either to settle current tax liabilities
aset dan liabilitas pajak kini dengan and assets on a net basis, or to
dasar neto, atau merealisasikan aset realize the assets and settle the
dan menyelesaikan liabilitas secara liabilities simultaneously, in each
bersamaan, pada setiap periode future period in which significant
masa depan di mana jumlah amounts of deferred tax liabilities or
signifikan atas aset atau liabilitas assets are expected to be settled or
pajak tangguhan diperkirakan untuk recovered.
diselesaikan atau dipulihkan.
Aset pajak tangguhan diakui untuk seluruh A deferred tax asset shall be recognised for all
perbedaan temporer dapat dikurangkan deductible temporary differences to the extent
sepanjang kemungkinan besar laba kena that it is probable that taxable profit will be
pajak akan tersedia sehingga perbedaan available against which the deductible
temporer dapat dimanfaatkan untuk temporary difference can be utilised, unless
mengurangi laba dimaksud, kecuali jika aset the deferred tax asset arises from the initial
pajak tangguhan timbul dari pengakuan awal recognition of an asset or liability in a
aset atau pengakuan awal liabilitas dalam transaction that is not a business combination
transaksi yang bukan kombinasi bisnis dan and at the time of the transaction affects
pada saat transaksi tidak mempengaruhi laba neither accounting profit nor taxable profit (tax
akuntansi atau laba kena pajak (rugi pajak). loss).
34
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Aset dan liabilitas pajak tangguhan diukur Deferred tax assets and liabilities are
dengan menggunakan tarif pajak yang measured at the tax rates that are expected to
diharapkan berlaku ketika aset dipulihkan atau apply to the period when the asset is realized
liabilitas diselesaikan, berdasarkan tarif pajak or the liability is settled, based on tax rates
(dan peraturan pajak) yang telah berlaku atau (and tax laws) that have been enacted or
secara substantif telah berlaku pada akhir substantively enacted by the end of the
periode pelaporan. Pengukuran aset dan reporting period. The measurement of
liabilitas pajak tangguhan mencerminkan deferred tax liabilities and deferred tax assets
konsekuensi pajak yang sesuai dengan cara shall reflect the tax consequences that would
Grup memperkirakan, pada akhir periode follow from the manner in which the Group
pelaporan, untuk memulihkan atau expects, at the end of the reporting period, to
menyelesaikan jumlah tercatat aset dan recover or settle the carrying amount of its
liabilitasnya. assets and liabilities.
Jumlah tercatat aset pajak tangguhan ditelaah The carrying amount of a deferred tax asset
ulang pada akhir periode pelaporan. Grup reviewed at the end of each reporting period.
mengurangi jumlah tercatat aset pajak Group shall reduce the carrying amount of a
tangguhan jika kemungkinan besar laba kena deferred tax asset to the extent that it is no
pajak tidak lagi tersedia dalam jumlah yang longer probable that sufficient taxable profit
memadai untuk mengkompensasikan will be available to allow the benefit of part or
sebagian atau seluruh aset pajak tangguhan all of that deferred tax asset to be utilised. Any
tersebut. Setiap pengurangan tersebut such reduction shall be reversed to the extent
dilakukan pembalikan atas aset pajak that it becomes probable that sufficient
tangguhan hingga kemungkinan besar laba taxable profit will be available.
kena pajak yang tersedia jumlahnya
memadai.
Grup melakukan saling hapus aset pajak Group offset deferred tax assets and deferred
tangguhan dan liabilitas pajak tangguhan jika tax liabilities if, and only if Group:
dan hanya jika Grup:
a) memiliki hak yang dapat dipaksakan a) has a legally enforceable right to set off
secara hukum untuk melakukan saling the recognized amounts; and
hapus atas jumlah yang diakui; dan
b) bermaksud untuk menyelesaikan dengan b) intends to settle on a net basis or to
dasar neto atau merealisasikan aset dan realize the asset and settle the liability
menyelesaikan liabilitas secara simultaneously
bersamaan.
Pajak Final Final Tax
Koreksi terhadap liabilitas perpajakan diakui Amendments to tax obligations are recorded
saat surat ketetapan pajak diterima atau jika when a tax assessment letter is received or, if
mengajukan keberatan dan banding, pada filing an objection and appeal, when the
saat keputusan atas keberatan dan banding decision of the objection and appeal is
tersebut telah ditetapkan. determined.
Pajak penghasilan atas sewa dihitung The income tax on rental revenues is
berdasarkan Peraturan Pemerintah (PP) No. calculated based on Government Regulation
34 tahun 2017 tanggal 11 September 2017 (GR) No. 34 year 2017 dated September 11,
dan KMK-120/KMK.03/2002 tentang pajak 2017 and KMK-120/KMK.0312002 regarding
penghasilan atas penghasilan dari persewaan final income tax on rental of land and/or
tanah dan/ atau bangunan. building.
35
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2.t. Segmen Operasi 2.t. Operating Segment
Segmen operasi adalah suatu komponen dari An operating segment is a component of the
entitas: entity:
a. Yang terlihat dalam aktivitas bisnis a. That engages in business activities from
yang memperoleh pendapatan dan which it December earn revenues and
menimbulkan beban (termasuk incur expenses (including revenues and
pendapatan dan beban yang terkait expenses relating to the transactions with
dengan transaksi dengan komponen lain other components of the same entity);
dari entitas yang sama);
b. Hasil operasinya dikaji ulang secara b. Whose operating results are regularly
berkala oleh kepala operasional untuk reviewed by chief operating decision
pembuatan keputusan tentang sumber maker to make decisions about resources
daya yang dialokasikan pada segmen to be allocated to the segment and
tersebut dan menilai kinerjanya; dan assesses its performance; and
c. Tersedia informasi keuangan yang dapat c. For which separate financial information is
dipisahkan. available.
Grup menyajikan segmen operasi The Group presented operating segments
berdasarkan informasi keuangan yang based on the financial information used by the
digunakan oleh pengambil keputusan chief operating decision maker in assessing
operasional dalam menilai kinerja segmen the performance of segments and in the
dan menentukan alokasi sumber daya yang allocation of resources. The segments are
dimilikinya. Segmetasi berdasarkan aktivitas based on the activities of each of the
dari setiap kegiatan operasi entitas legal di operating legal entities within the Group.
dalam Grup.
3. Sumber Ketidakpastian Estimasi dan 3. Source of Estimation Uncertainty and
Pertimbangan Akuntansi Kritis Critical Accounting Judgements
3.a. Sumber Ketidakpastian Estimasi 3.a. Source of Estimation Uncertainty
Grup membuat estimasi dan asumsi The Group makes estimates and assumptions
mengenai masa depan. Estimasi dan regarding the future. Estimates and
pertimbangan yang digunakan dalam considerations used in the preparation of
penyusunan laporan keuangan terus financial statements continue to be evaluated
dievaluasi berdasarkan pengalaman based on historical experience and other
historis dan faktor lainnya, termasuk factors, including expectations of future events
ekspektasi dari peristiwa masa depan yang that are believed reasonable.
diyakini wajar.
Walaupun estimasi ini dibuat berdasarkan Although these estimates are based on
pengetahuan terbaik manajemen atas management's best knowledge of current
kejadian dan tindakan saat ini, hasil yang events and actions, actual results December
timbul mungkin berbeda dengan jumlah yang differ from those estimates. Assumptions and
diestimasi semula. Asumsi dan pertimbangan considerations have a significant effect on the
yang memiliki pengaruh signifikan terhadap carrying amount of assets and liabilities
jumlah tercatat aset dan liabilitas diungkapkan disclosed in below.
di bawah ini.
Rugi Penurunan Nilai pada Aset Keuangan Impairment Loss on Financial Asset measured
yang diukur pada Biaya Perolehan yang at Amortized Cost
Diamortisasi
Grup menilai penurunan nilai pada aset The Group assess their financial assets
keuangan dengan biaya perolehan yang measured at amortized cost for impairment at
diamortisasi pada setiap tanggal pelaporan. each reporting date. In determining whether
36
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Dalam menentukan apakah rugi penurunan an impairment loss should be recorded in
nilai harus dicatat dalam laba rugi, profit or loss, management makes a
manajemen harus mempertimbangkan judgement as to whether there is reasonable
informasi yang wajar dan terdukung and supportable information that is available
yang tersedia tanpa biaya atau upaya without undue cost or effort about past events,
berlebihan pada tanggal pelaporan mengenai current conditions and forecasts of future
peristiwa masa lalu, kondisi kini, dan conditions. The Company applies simplified
perkiraan kondisi ekonomi masa depan. approach to measuring expected credit losses
Perusahaan menerapkan pendekatan yang which uses a lifetime expected loss allowance
disederhanakan untuk mengukur kerugian for all trade receivables. The carrying amount
kredit ekspektasian yang menggunakan of financial assets classified as amortized cost
cadangan kerugian kredit ekspektasian are disclosed in Notes 6, 7, and 12.
seumur hidup untuk seluruh piutang usaha.
Nilai tercatat aset keuangan yang diukur pada
biaya perolehan diamortisasi diungkapkan
dalam Catatan 6, 7, dan 12.
Nilai Wajar Properti Investasi Fair Value of Investment Properties
Nilai wajar properti investasi bergantung pada The Company’s fair value of investment
pemilihan asumsi yang digunakan oleh penilai property depends on its selection of certain
independen dalam menghitung jumlah-jumlah assumptions used by the independent
tersebut. Perusahaan berkeyakinan bahwa appraisal in calculation of such amounts.
asumsi tersebut adalah wajar dan sesuai, The Company believe that its assumptions are
perbedaan signifikan dalam asumsi yang reasonable and appropriate and significant
ditetapkan Perusahaan dapat mempengaruhi differences in the Company’s assumptions
secara material nilai wajar dari properti may materially affect the valuation of its
investasi. investment property.
Nilai tercatat properti investasi diungkapkan The carrying amount of investment properties
dalam Catatan 13. and property, plant and equipment disclosed
in Note 13.
Estimasi Penyisihan Penurunan Nilai Estimation Allowance for Decline in Value of
Persediaan Inventories
Grup membuat penyisihan penurunan nilai The Group provides allowance for decline in
persediaan berdasarkan estimasi bahwa tidak value of inventories based on its estimated
terdapat penggunaan masa depan dari that there will be no future usage of such
persediaan tersebut, atau terdapat inventories or such inventories will be slow
kemungkinan persediaan tersebut menjadi moving in the future. While it is believed that
usang. Manajemen berkeyakinan bahwa the assumptions used in the estimation of the
asumsi-asumsi yang digunakan dalam allowance for decline in the value of
estimasi cadangan kerugian penurunan nilai inventories reflected in the consolidated
persediaan dalam laporan keuangan financial statements are appropriate and
konsolidasian adalah tepat dan wajar, namun reasonable, significant changes in these
demikian, namun perubahan signifikan dalam assumptions may materially affect the
asumsi-asumsi tersebut dapat berdampak assessment of the carrying value of the
signifikan terhadap nilai tercatat persediaan inventories and provision for decline in value
dan jumlah beban kerugian penurunan nilai of inventories expense, which ultimately
persediaan, yang akhirnya akan berdampak impact the result of the Group’s operations.
pada hasil operasi Grup.
Nilai tercatat persediaan diungkapkan dalam The carrying amount of inventories is
Catatan 8. disclosed in Note 8.
37
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
3.b. Pertimbangan Akuntansi Penting 3.b. Critical Accounting Judgment
Grup menjual apartemen, rumah hunian dan The Group sells apartments, residential
rumah toko dan lahan siap bangun setelah houses and shophouses and land lots after
penandatanganan kontrak jual beli dengan signing the sales and purchase contract with
metode pembayaran tunai keras dan cicilan payment method which is hard cash and cash
bertahap. Jenis kontrak ini mencakup dua installment. This type of contract includes two
opsi pembayaran alternatif bagi pelanggan, alternative payment options for the customer,
yaitu pembayaran harga transaksi yang sama i.e., payment of the transaction price equal to
dengan harga jual kas pada saat penyerahan the cash selling price upon delivery of the
apartemen, rumah hunian dan rumah toko apartments, residential houses and
dan lahan siap bangun atau pembayaran shophouses and land lots or payment of a
harga transaksi yang lebih rendah pada saat lower transaction price when the contract is
kontrak ditandatangani. Grup menyimpulkan signed. The Group concluded that there is a
bahwa terdapat komponen pendanaan yang significant financing component for those
signifikan untuk kontrak tersebut di mana contracts where the customer elects to pay in
pelanggan memilih untuk membayar di muka advance considering the length of time
dengan mempertimbangkan lamanya waktu between the customer’s payment and the
antara pembayaran pelanggan dan transfer of apartments, residential houses and
pengalihan apartemen, rumah hunian dan shophouses and land lots to the customer, as
rumah toko dan lahan siap bangun ke well as the prevailing interest rates in the
pelanggan, serta suku bunga yang berlaku di market.
pasar.
Dalam menentukan tingkat bunga yang akan In determining the interest to be applied to the
diterapkan pada jumlah imbalan, Grup amount of consideration, the Group concluded
menyimpulkan bahwa tingkat bunga implisit that the interest rate implicit in the contract
dalam kontrak (yaitu, tingkat bunga yang (i.e., the interest rate that discounts the cash
mendiskontokan harga jual kas apartemen, selling price of the apartments, residential
rumah hunian dan rumah toko dan lahan siap houses and shophouses and land lots to the
bangun ke dalam jumlah yang di bayar di amount paid in advance) is appropriate
muka) adalah tepat karena hal ini sepadan because this is commensurate with the rate
dengan tarif yang akan tercermin dalam that would be reflected in a separate financing
transaksi pembiayaan terpisah antara entitas transaction between the entity and its
dan pelanggannya pada awal kontrak. customers at contract inception.
4. Kas dan Setara Kas 4. Cash and Cash Equivalents
2025 2024
Rp Rp
Kas 461,543,638 1,063,929,302 Cash on Hand
Bank Cash in Banks
Pihak Berelasi (Catatan 37) Related Parties (Note 37)
PT Bank Mandiri (Persero) Tbk 8,507,677,728 11,098,119,993 PT Bank Mandiri (Persero) Tbk
PT Bank Rakyat lndonesia (Persero) Tbk 4,267,084,117 4,099,261,298 PT Bank Rakyat lndonesia (Persero) Tbk
PT Bank Negara lndonesia (Persero) Tbk 296,399,965 2,106,333,441 PT Bank Negara lndonesia (Persero) Tbk
PT Bank Syariah Indonesia Tbk 287,184,098 600,572,363 PT Bank Syariah Indonesia Tbk
PT Bank Tabungan Negara (Persero) Tbk 64,469,388 2,802,012,268 PT Bank Tabungan Negara (Persero) Tbk
Sub Jumlah 13,422,815,296 20,706,299,363 Sub Total
38
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2025 2024
Rp Rp
Pihak Ketiga Third Parties
PT Bank Central Asia Tbk 13,997,904,823 1,262,339,322 PT Bank Central Asia Tbk
PT Bank CIMB Niaga Tbk 130,321,973 580,213,266 PT Bank CIMB Niaga Tbk
PT Bank Permata Tbk 56,536,094 10,818,928,512 PT Bank Permata Tbk
Lainnya (masing-masing
di bawah Rp50,000,000) 115,837,675 972,911,885 Others (each below Rp50,000,000)
Sub Jumlah 14,300,600,565 13,634,392,985 Sub Total
Jumlah Bank 27,723,415,861 34,340,692,348 Total Cash in Banks
Jumlah 28,184,959,499 35,404,621,650 Total
5. Kas dan Setara Kas yang Dibatasi 5. Restricted Cash and Cash Equivalents
Penggunaannya
2025 2024
Rp Rp
PT Bank Pembangunan Daerah Jawa Barat PT Bank Pembangunan Daerah Jawa Barat
dan Banten Tbk -- 130,000,000,000 dan Banten Tbk
Jumlah -- 130,000,000,000 Total
Kas dan setara kas yang dibatasi penggunaan Restricted cash and cash equivalents is used
dijadikan jaminan atas pinjaman yang as collateral for loans obtained from PT Bank
diperoleh dari PT Bank Pembangunan Daerah Pembangunan Daerah Jawa Barat dan
Jawa Barat dan Banten Tbk (Catatan 24). Banten Tbk (Note 24).
Deposito senilai Rp90.000.000.000 dijaminkan Time deposit amounting to Rp90,000,000,000
dengan tingkat suku bunga 1% per tahun dan is pledged with an interest rate of 1% per year
memiliki jatuh tempo hingga 12 Februari 2025. and has a maturity date until February 12,
2025.
Tabungan giro senilai Rp40.000.000.000 Cash in bank amounting to Rp40,000,000,000
dijaminkan dengan tingkat suku bunga 1% per is pledged with an interest rate of 1% per year
tahun dan miliki jatuh tempo hingga 16 Mei and has a maturity date until May 16, 2025.
2025.
Pada tahun 2025 terdapat pencairan Kas dan In the year 2025, there was a withdrawal of
setara kas yang dibatasi penggunaan untuk restricted cash and cash equivalents used for
pembayaran utang Bank kepada PT Bank the repayment of bank loans to PT Bank
Pembangunan Daerah sebesar Pembangunan Daerah Rp123,500,000,000
Rp123.500.000.000 (Catatan 24). (Note 24).
6. Piutang Usaha 6. Accounts Receivable
2025 2024
Rp Rp
Piutang Usaha 13,526,771,433 32,326,625,335 Accounts Receivable
Dikurangi: Cadangan Kerugian Less: Allowance for
Penurunan Nilai (3,222,800,169) (4,011,876,405) Impairment Losses
Jumlah - bersih 10,303,971,264 28,314,748,930 Total - Net
39
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Piutang berdasarkan pelanggan sebagai Accounts receivable by customers are as
berikut: follow:
2025 2024
Rp Rp
Pihak Berelasi (Catatan 37) Related Parties (Note 37)
PT Adhi Karya (Persero) Tbk 800,321,491 329,558,804 PT Adhi Karya (Persero) Tbk
Lain-lain (Masing-masing di bawah Rp500 Juta) 415,339,153 923,745,476 Others (Each below Rp500 Million)
Sub Jumlah 1,215,660,644 1,253,304,280 Sub Total
Dikurangi: Cadangan Kerugian Penurunan Nilai (152,579,617) (521,543,933) Less: Allowance for Impairment Losses
Jumlah Pihak Berelasi - Bersih 1,063,081,027 731,760,347 Total Related Parties - Net
Pihak Ketiga Third Parties
Perorangan (Masing-masing di bawah Rp1 Miliar) 5,302,175,171 15,128,592,276 Individuals (Each below Rp1 Billion)
Lain-lain (Masing-masing di bawah Rp500 Juta) 4,812,192,388 3,594,817,770 Others (Each below Rp500 Million)
Operasi Bersama Joint Operation
LRT City Jatibening (JO ACP - UJP) 2,196,743,230 12,349,911,009 LRT City Jatibening (JO ACP - UJP)
Sub Jumlah 12,311,110,789 31,073,321,055 Sub Total
Dikurangi: Cadangan Kerugian Penurunan Nilai (3,070,220,552) (3,490,332,472) Less: Allowance for Impairment Losses
Jumlah Pihak Ketiga - Bersih 9,240,890,237 27,582,988,583 Total Third Parties - Net
Jumlah - Bersih 10,303,971,264 28,314,748,930 Total - Net
Piutang usaha berdasarkan umur adalah 5. Aging of accounts receivables are as follows:
sebagai berikut:
2025 2024
Rp Rp
Belum Jatuh Tempo 2,059,439,250 2,234,084,662 Not Yet Due
Telah Jatuh Tempo Past Due
Sampai dengan 12 bulan 2,868,948,934 2,757,229,652 Up to 12 months
Lebih dari 12 bulan More than 12 months
Sampai dengan 24 bulan 4,423,218,387 3,397,775,763 to 24 months
Lebih dari 24 bulan 4,175,164,862 23,937,535,258 More than 24 months
Sub Jumlah 13,526,771,433 32,326,625,335 Sub Total
Dikurangi: Cadangan Kerugian Less: Allowance for
Penurunan Nilai (3,222,800,169) (4,011,876,405) Impairment Losses
Jumlah - Bersih 10,303,971,264 28,314,748,930 Total - Net
Piutang usaha berdasarkan proyek adalah 6. Receivables by projects are as follows:
sebagai berikut:
2025 2024
Rp Rp
Properti Property
LRT City Sentul 3,746,019,741 11,082,325,447 LRT City Sentul
Cisauk Point 2,410,662,761 3,630,985,249 Cisauk Point
LRT City Bekasi Green Avenue 263,340,350 217,574,545 LRT City Bekasi Green Avenue
Sub Jumlah 6,420,022,852 14,930,885,241 Sub Total
Operasi Bersama Joint Operation
LRT City Jatibening (JO ACP - UJP) 2,196,743,229 12,349,911,009 LRT City Jatibening (JO ACP - UJP)
Hotel Hotel
Hotel GranDhika Jakarta 2,320,562,596 3,197,667,102 Hotel GranDhika Jakarta
Hotel GranDhika Semarang 1,197,854,236 798,599,656 Hotel GranDhika Semarang
Hotel GranDhika Medan 269,071,760 386,856,327 Hotel GranDhika Medan
Sub Jumlah 3,787,488,592 4,383,123,085 Sub Total
Sewa Lease
LRT City MTH 1,122,516,760 662,706,000 LRT City MTH
Dikurangi: Cadangan Kerugian Penurunan Nilai (3,222,800,169) (4,011,876,405) Less: Allowance for Impairment Losses
Jumlah - Bersih 10,303,971,264 28,314,748,930 Total - Net
40
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Mutasi cadangan kerugian penurunan nilai 7. The movements of allowance for impairment
adalah sebagai berikut: losses of trade receivable are as follows:
2025 2024
Rp Rp
Saldo Awal 4,011,876,405 2,096,447,150 Beginning Balance
Penambahan (Catatan 34) 1,191,626,461 2,311,478,492 Additional (Note 34)
Pemulihan (1,980,702,697) (396,049,237) Recovery
Saldo Akhir 3,222,800,169 4,011,876,405 Ending Balance
Sebagian piutang tersebut dijadikan jaminan Several receivables are used as collateral of
atas pinjaman yang diperoleh dari PT Bank loan obtained from PT Bank Tabungan
Tabungan Negara (Persero) Tbk (Catatan 24). Negara (Persero) Tbk (Note 24).
Manajemen berpendapat bahwa cadangan Management believes that the allowance for
kerugian kredit ekspektasian atas piutang expected credit losses from accounts
usaha adalah cukup untuk menutup receivable was adequate to cover possible
kemungkinan kerugian di masa depan dan losses on uncollectible of receivables in the
tidak tertagihnya piutang. future.
Piutang usaha seluruhnya didenominasi Receivables are all denominated in Rupiah.
dalam mata uang Rupiah.
7. Pendapatan Diakui di Muka 7. Accrued Revenues
Pendapatan Diakui di Muka berdasarkan Accrued Revenue by customers are as follow:
pelanggan adalah sebagai berikut:
2025 2024*)
Rp Rp
Pihak Ketiga Third Parties
Perorangan 17,601,551,674 40,710,854,680 Individuals
Operasi Bersama Joint Operation
LRT City Jatibening (JO ACP - UJP) 70,152,756 474,035,368 LRT City Jatibening (JO ACP - UJP)
Sub Jumlah 17,671,704,430 41,184,890,048 Sub Total
Dikurangi: Cadangan Kerugian Penurunan Nilai (1,628,119,099) (5,691,740) Less: Allowance for Impairment Losses
Jumlah - Bersih 16,043,585,331 41,179,198,308 Total - Net
*) Disajikan Kembali, Catatan 46 *) As Restated, Note 46
Pendapatan Diakui di Muka berdasarkan Accrued Revenue by projects are as follow:
proyek adalah sebagai berikut:
2025 2024*)
Rp Rp
Properti Property
Adhi City Sentul 11,493,956,753 37,265,707,631 Adhi City Sentul
LRT City Bekasi Timur Eastern Green 6,107,594,921 3,445,147,049 LRT City Bekasi Timur Eastern Green
Jumlah 17,601,551,674 40,710,854,680 Total
Operasi Bersama Joint Operation
LRT City Jatibening (JO ACP - UJP) 70,152,756 474,035,368 LRT City Jatibening (JO ACP - UJP)
Dikurangi: Cadangan Kerugian Penurunan Nilai (1,628,119,099) (5,691,740) Less: Allowance for Impairment Losses
Jumlah - Bersih 16,043,585,331 41,179,198,308 Total - Net
*) Disajikan Kembali, Catatan 46 *) As Restated, Note 46
41
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Merupakan pendapatan yang sudah dicatat Represents revenue that has been recorded
berdasarkan serah terima namun masih based on handovers, but still in the billing
dalam proses penagihan. process.
Mutasi cadangan kerugian kredit 8. The movements of allowance for expected
ekspektasian adalah sebagai berikut: credit losses are as follows:
2025 2024*)
Rp Rp
Saldo Awal 5,691,740 286,335,643 Beginning Balance
Penambahan (Catatan 34) 1,657,550,440 -- Additional (Note 34)
Pemulihan (35,123,081) (280,643,903) Recovery
Saldo Akhir 1,628,119,099 5,691,740 Ending Balance
*) Disajikan Kembali, Catatan 46 *) As Restated, Note 46
Manajemen berpendapat bahwa jumlah Management believes that the allowance for
cadangan kerugian kredit ekspektasian yang expected credit loss that have been recorded
telah dibukukan adalah cukup untuk menutup are adequate to cover possible losses on
kerugian yang mungkin timbul akibat tidak uncollectible accrued revenues given.
tertagihnya pendapatan diakui di muka yang
diberikan.
8. Persediaan 8. Inventories
2025 2024*)
Rp Rp
Lancar Current
Aset Real Estat 2,413,128,628,661 3,558,499,376,534 Real Estate Assets
Hotel 1,721,084,440 1,942,636,425 Hotel
Jumlah 2,414,849,713,101 3,560,442,012,959 Total
Tidak Lancar Non-Current
Aset Real Estat 2,108,389,119,747 2,666,130,487,531 Real Estate Assets
*) Disajikan Kembali, Catatan 46 *) As Restated, Note 46
a. Persediaan Hotel a. Hotel’s Inventory
Persediaan tersebut merupakan persediaan Those inventories are supplies for the
untuk operasional Hotel Grandhika yang operations of the Grandhika Hotel located in
berlokasi di Jakarta, Medan, dan Semarang. Jakarta, Medan and Semarang.
2025 2024
Rp Rp
Persediaan Bahan Pokok 1,093,285,461 1,084,056,965 Material Inventory
Persediaan Bahan Pembantu 575,226,556 780,069,341 Inventory Supplies
Persediaan Suku Cadang 52,572,423 78,510,119 Spare Parts Inventory
Jumlah 1,721,084,440 1,942,636,425 Total
Berdasarkan penelaahan terhadap kondisi 8. Based on the review of the condition of the
persediaan, manajemen Grup berkeyakinan inventories, the Group’s management believes
bahwa tidak diperlukan penyisihan atas that no provision for impairment of inventories
penurunan nilai persediaan. is required.
42
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
b. Aset Real Estat b. Real Estate Assets
2025
Saldo Awal/*) Penambahan / Pengurangan / Penurunan Nilai/ Reklasifikasi / Saldo Akhir /
Beginning Balance Addition Deduction Impairment Reclassification Ending Balance
Rp Rp Rp Rp Rp Rp
Aset Real Estat - Lancar Asset Real Estate - Current
Bangunan Siap Jual 419,881,872,078 42,694,882,278 (64,027,026,325) (126,414,383,732) 320,427,529,742 592,562,874,042 Building-Available for Sale
Tanah Sedang Dikembangkan 2,078,611,316,459 123,062,928,669 -- (787,928,738,436) (256,122,695,328) 1,157,622,811,364 Land in Development Process
Bangunan Dalam Proses Pengembangan 1,060,006,187,997 19,009,938,589 -- (376,977,435,936) (39,095,747,394) 662,942,943,255 Buildings in Development Process
Sub Jumlah 3,558,499,376,534 184,767,749,536 (64,027,026,325) (1,291,320,558,104) 25,209,087,020 2,413,128,628,661 Sub Total
Aset Real Estat - Tidak Lancar Asset Real Estate - Non-Current
Tanah Belum Dikembangkan 2,666,130,487,531 60,880,816,404 -- (587,739,549,487) (30,882,634,701) 2,108,389,119,747 Undeveloped Land
Neto 6,224,629,864,065 245,648,565,941 (64,027,026,325) (1,879,060,107,591) (5,673,547,681) 4,521,517,748,408 Net
*) Disajikan Kembali, Catatan 46 *) As Restated, Note 46
2024*)
Saldo Awal/*) Penambahan / Pengurangan / Penurunan Nilai/ Reklasifikasi / Saldo Akhir/*)
Beginning Balance Addition Deduction Impairment Reclassification Ending Balance
Rp Rp Rp Rp Rp Rp
Aset Real Estat - Lancar Asset Real Estate - Current
Bangunan Siap Jual 415,593,855,243 2,272,620,000 (121,201,280,245) -- 123,216,677,080 419,881,872,078 Building-Available for Sale
Tanah Sedang Dikembangkan 1,919,939,317,159 177,405,582,520 -- -- (18,733,583,220) 2,078,611,316,459 Land in Development Process
Bangunan Dalam Proses Pengembangan 911,953,933,179 253,023,200,522 -- -- (104,970,945,704) 1,060,006,187,997 Buildings in Development Process
Sub Jumlah 3,247,487,105,581 432,701,403,042 (121,201,280,245) -- (487,851,844) 3,558,499,376,534 Sub Total
Aset Real Estat - Tidak Lancar Asset Real Estate - Non-Current
Tanah Belum Dikembangkan 2,656,189,454,719 11,340,712,812 -- -- (1,399,680,000) \ 2,666,130,487,531 Undeveloped Land
Neto 5,903,676,560,300 444,042,115,854 (121,201,280,245) -- (1,887,531,844) 6,224,629,864,065 Net
*) Disajikan Kembali, Catatan 46 *) As Restated, Note 46
Pada tahun 2025 dan 2024 terdapat For year 2025 and 2024 there were deduction
pengurangan sehubungan dengan penjualan due to sale of real estate assets amounting to
aset real estat masing-masing sebesar Rp64,027,026,325 and Rp121,201,280,245
Rp64.027.026.325 dan Rp121.201.280.245 (Note 32).
(Catatan 32)
Pada tahun 2025 terdapat reklasifikasi aset For year 2025, there was a reclassification of
real estat ke aset lain-lain sebesar real estate assets to other assets amounting
Rp5.673.547.681 (Catatan 17). to Rp5,673,547,681 (Note 17).
Pada tahun 2024 terdapat reklasifikasi aset For year 2024, there was a reclassification of
real estat ke properti investasi sebesar real estate assets to investment property
Rp1.887.531.884 (Catatan 13). amounting to Rp1,887,531,844 respectively
(Note 13).
Rincian saldo tanah sedang dikembangkan Details of balance of the land in development
adalah sebagai berikut: process are as follows:
Estimasi Waktu 31 Desember/ 31 Desember/
Penyelesaian/ Realisasi/ December 31, Realisasi/ December 31,
Estimated Realization 2025 Realization 2024*)
Uraian/ Description Lokasi/ Location Completion Time % Rp % Rp
Oase Park Ciputat, Banten/Banten 2034 8% 208,750,500,000 8% 225,264,881,407
LRT City Ciracas (JO ACP - UJP) Jakarta Timur, DKI Jakarta/East Jakarta 2033 70% 205,159,042,026 39% 195,617,425,502
Adhi City Sentul 2 Bogor, Jawa Barat/West Java 2045 0% 191,755,448,562 0% 156,956,128,612
LRT City Jatibening (JO ACP - UJP) Bekasi, Jawa Barat/West Java 2026 98% 138,054,425,556 90% 199,652,154,382
LRT City Tebet Jakarta Timur, DKI Jakarta/East Jakarta 2033 62% 128,761,466,679 37% 179,999,914,467
LRT City Bekasi Eastern Green Bekasi, Jawa Barat/West Java 2030 100% 121,099,322,965 100% 147,220,715,420
LRT City Cibubur Bogor, Jawa Barat/West Java 2029 26% 28,812,312,803 26% 42,859,739,822
PT Mega Graha Citra Perkasa Bogor, Jawa Barat/West Java 2026 50% 93,573,225,900 30% 164,555,543,619
LRT City Bekasi Timur Green Avenue Bekasi, Jawa Barat/West Java 2045 23% 24,278,626,948 23% 232,184,898,277
Cisauk Point Tangerang, Banten/Banten 2035 60% 11,903,187,570 96% 167,291,628,183
Adhi City Sentul Bogor, Jawa Barat/West Java 2034 87% 5,475,252,355 81% 104,983,602,953
Balai Krida Jakarta Selatan, DKI Jakarta/South Jakarta -- -- -- -- 5,673,547,682
LRT City Sentul Bogor, Jawa Barat/West Java -- -- -- 91% 256,351,136,133
Neto/ Net 1,157,622,811,364 2,078,611,316,459
*) Disajikan Kembali, Catatan 46/ As restated, Note 46
Rincian saldo bangunan dalam proses Details of balance of buildings in development
pengembangan adalah sebagai berikut: process are as follows:
Estimasi Waktu 31 Desember/ 31 Desember/
Penyelesaian/ Realisasi/ December 31, Realisasi/ December 31,
Estimated Realization 2025 Realization 2024*)
Uraian/ Description Lokasi/ Location Completion Time % Rp % Rp
LRT City Tebet Jakarta Timur/ East Jakarta, DKI Jakarta 2033 62% 226,320,533,321 37% 250,549,198,517
LRT City Ciracas (JO ACP - UJP) Jakarta Timur, DKI Jakarta/East Jakarta 2028 70% 197,422,779,960 39% 283,890,777,052
LRT City Sentul Bogor, Jawa Barat/West Java 2027 97% 114,817,996,067 91% 181,472,331,045
LRT City Bekasi Timur Eastern Green Bekasi, Jawa Barat/West Java 2028 100% 63,485,704,207 100% 63,036,027,371
LRT City Bekasi Timur Green Avenue Bekasi, Jawa Barat/West Java 2038 23% 20,897,652,300 23% 59,656,377,960
LRT City Jatibening (JO ACP - UJP) Bekasi, Jawa Barat/West Java 2026 98% 19,722,741,422 90% 50,534,812,147
LRT City Cibubur Cibubur, Jawa Barat/West Java 2029 26% 13,240,672,550 22% 46,916,394,179
Adhi City Sentul Bogor, Jawa Barat/West Java 2027 87% 6,962,207,993 81% 46,191,785,706
Cisauk Point Tangerang, Banten/Banten 2031 60% 72,655,435 96% 59,188,806,402
Adhi City Sentul 2 Bogor, Jawa Barat/West Java 2032 0% -- 0% 12,841,883,618
Oase Park Tangerang, Banten/Tangerang, Banten 2034 8% -- 0% 5,727,794,000
Neto/ Net 662,942,943,255 1,060,006,187,997
*) Disajikan Kembali, Catatan 46/ As restated, Note 46
43
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Rincian saldo bangunan siap jual adalah Details of balance of buildings available for
sebagai berikut: sale are as follows:
2025 2024
Uraian/ Description Lokasi/ Location Rp Rp
LRT City Sentul Bogor, Jawa Barat/West Java 518,167,616,641 309,235,035,537
LRT City Bekasi Timur Eastern Green Bekasi, Jawa Barat/West Java 55,618,590,995 83,281,429,007
PT Mega Graha Citra Perkasa Bogor, Jawa Barat/West Java 13,283,342,100 15,043,463,827
LRT City Jatibening (JO ACP - UJP) Bekasi, Jawa Barat/West Java 4,831,315,892 8,179,499,222
Cisauk Point Tangerang, Banten/Banten 662,008,414 4,142,444,485
Neto/ Net 592,562,874,042 419,881,872,078
Rincian saldo tanah belum dikembangkan Details of balance of undeveloped land are as
adalah sebagai berikut: follows:
2025 2024*)
Uraian/ Description Lokasi/ Location Rp Rp
Adhi City Sentul Bogor, Jawa Barat/ West Java 527,417,627,683 515,860,373,224
Cikunir 2 Cikunir, Jawa Barat/ West Java 279,736,690,743 556,559,933,839
Adhi City Sentul 2 Bogor, Jawa Barat/ West Java 222,721,241,439 273,670,989,173
LRT City MTH Jakarta Timur/ East Jakarta, DKI Jakarta 202,086,554,531 297,552,783,159
LRT City Cibubur Bogor, Jawa Barat/ West Java 179,731,637,772 176,832,248,121
LRT City Sentul Bogor, Jawa Barat/ West Java 142,500,620,000 142,500,620,000
Rivia Bogor, Jawa Barat/ West Java 135,299,341,800 139,600,349,505
LRT City Jatibening (JO ACP - UJP) Bekasi, Jawa Barat/ West Java 110,909,881,435 162,160,050,088
LRT City Bekasi Timur Green Avenue Bogor, Jawa Barat/ West Java 103,965,342,752 133,800,566,821
LRT City Ciracas (JO ACP - UJP) Jakarta Timur/ East Jakarta, DKI Jakarta 89,454,324,983 89,454,324,984
Anggrek Kadumanggu Bogor, Jawa Barat/ West Java 57,477,394,191 88,114,212,307
Anggana Bogor, Jawa Barat/ West Java 32,240,256,302 32,360,787,810
Cisauk Point Tangerang, Banten/ Banten 14,586,959,316 44,367,976,570
Cikunir Hilaliyah Cikunir, Jawa Barat/ West Java 10,261,246,800 13,295,271,930
Neto/ Net 2,108,389,119,747 2,666,130,487,531
*) Disajikan Kembali, Catatan 46/ As restated, Note 46
Aset real estat menjadi jaminan atas Sukuk Real estate assets serve as collateral for the
Ijarah (Catatan 23). Sukuk Ijarah (Note 23).
Aset Real Estat yang telah diasuransikan Real Estate Assets were insured with the
dengan rincian sebagai berikut: details are as follows:
Nama Asuradur/ Nomor Polis/ Periode Asuransi/ Nilai Pertanggungan/ Aset Real Estat/
Insurer Policy Number Insurance Period Sum Insured Real Estate Assets
PT Asuransi Central Asia 132090124100000000 1 Januari 2026 - 31 Desember 2027 170,190,472,098 LRT Ciracas
PT Avrist General Insurance 101128250004558 4 Desember 2025 - 4 Desember 2026 148,327,475,257 LRT Jatibening
PT Asuransi Ramayana 18010924000003 Proses Perpanjangan / Extension Process -- LRT City Bekasi Timur Eastern Green
PT Sunday Insurance Indonesia 1JB01442500346 28 Agustus 2025 - 28 Agustus 2026 100,000,000,000 Cisauk Point
PT Asuransi Central Asia 1220901230600014 1 Januari 2025 - 31 Desember 2026 82,066,131,918 LRT City Tebet
Asuransi diatas merupakan asuransi atas The above insurance represents insurance for
Contractors All Risk (CAR). Perusahaan Contractors All Risk (CAR). The Company
berkeyakinan bahwa asuransi tersebut cukup believes that the insurance adequate to cover
untuk menanggung risiko kerugian di masa risk of future losses.
depan.
9. Uang Muka 9. Advances
2025 2024
Rp Rp
Pihak Berelasi (Catatan 37) Related Parties (Note 37)
PT Adhi Persada Gedung 5,137,111,818 5,137,111,818 PT Adhi Persada Gedung
Pihak Ketiga Third Parties
PT Jati Sungkai Estetika -- 2,103,428,790 PT Jati Sungkai Estetika
PT Mitekindo -- 1,074,507,459 PT Mitekindo
Lain-lain (Masing-masing di bawah Rp500 Juta) 963,274,977 587,809,034 Others (Each below Rp500 Million)
Sub Jumlah Uang Muka Pihak Ketiga 963,274,977 3,765,745,283 Sub Total Advances Third Parties
Jumlah 6,100,386,795 8,902,857,101 Total
44
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Uang muka merupakan uang muka yang 9. Advances represent advance paid to related
diberikan kepada pihak berelasi dan/atau parties and/or third parties to perform the
pihak ketiga untuk melaksanakan kegiatan activities of the Group to purchase
Grup untuk pembelian barang/jasa atas goods/services for subcontractors’ work.
pekerjaan subkontraktor.
10. Biaya Dibayar di Muka 10. Prepaid Expenses
2025 2024
Rp Rp
Konsultan 298,229,921 735,038,424 Consultant
Asuransi 212,560,851 200,213,208 Insurance
Lain-lain 1,952,906,220 1,643,690,089 Others
Jumlah 2,463,696,992 2,578,941,721 Total
Biaya dibayar dimuka lain-lain merupakan Other prepaid expenses represent payments
pembayaran pajak bumi dan bangunan atas for taxes payment of land and building of the
tiga hotel milik Perusahaan. three hotels owned by the Company.
11. Perpajakan 11. Taxation
a. Pajak Dibayar di Muka a. Prepaid Taxes
2025 2024
Rp Rp
Entitas Anak Subsidiary
Pajak Penghasilan 4(2) 1,253,105,313 1,871,810,101 Income Tax Article 4(2)
b. Utang Pajak b. Tax Payables
2025 2024*)
Rp Rp
Perusahaan The Company
Pajak Pertambahan Nilai-Neto 18,888,885,273 11,696,108,895 Value Added Tax - Net
Pajak Penghasilan Income Taxes
Pasal 4 (2) 12,828,423,369 18,446,925,657 Article 4 (2)
Pasal 21 5,541,319,312 1,976,123,449 Article 21
Pasal 23 1,968,504,310 1,890,287,009 Article 23
Pasal 29 896,176,252 1,505,203,061 Article 29
Sub Jumlah 40,123,308,516 35,514,648,071 Sub Total
Entitas Anak Subsidiary
Pajak Pertambahan Nilai-Neto 1,834,165,973 1,452,797,867 Value Added Tax - Net
Pajak Penghasilan Income Taxes
Pasal 29 105,191,740 16,962,760 Article 29
Pasal 23 2,636,749 55,438 Article 23
Pasal 21 1,111,312 59,425,122 Article 21
Sub Jumlah 1,943,105,774 1,529,241,187 Sub Total
Jumlah 42,066,414,290 37,043,889,258 Total
*) Disajikan Kembali, Catatan 46 *) As Restated, Note 46
45
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
c. Beban Pajak c. Tax Expenses
Beban pajak Perusahaan dan entitas anak Tax expenses of the Company and
adalah sebagai berikut: subsidiaries as follows:
2025 2024
Rp Rp
Perusahaan The Company
Pajak Kini 1,078,861,520 1,770,505,660 Current Tax
Pajak Tangguhan (179,888,253) 27,755,315 Deferred Tax
Sub Jumlah 898,973,267 1,798,260,975 Sub Total
Entitas Anak Subsidiary
Pajak Kini 146,567,740 47,862,760 Current Tax
Jumlah 1,045,541,007 1,846,123,735 Total
d. Beban Pajak Final d. Final Tax Expenses
2025 2024
Rp Rp
Sewa 3,037,384,209 1,068,328,800 Rental
Properti 69,257,623,960 170,337,742,806 Property
Jumlah 72,295,008,169 171,406,071,606 Total
Beban Pajak Final Final Tax Expenses
Tarif 10% 303,738,421 106,832,880 Rate 10%
Tarif 2,5% 1,731,440,599 4,258,443,570 Rate 2.5%
Jumlah 2,035,179,020 4,365,276,450 Total
e. Pajak Tangguhan e. Deferred Tax
Dikreditkan ke
Laba Rugi/
Credited to
2024 Profit or Loss 2025
Rp Rp Rp
Perusahaan The Company
Provisi Penurunan Nilai Piutang 91,542,138 179,888,253 271,430,391 Provision for Impairment Account Receivables
Keuntungan dari Akuisisi (1,465,850,720) -- (1,465,850,720) Gain from Acquisition
Jumlah Liabilitas Pajak Tangguhan (1,374,308,582) 179,888,253 (1,194,420,329) Total Deferred Tax Liabilities
Dikreditkan ke
Laba Rugi/
Credited to
2023 Profit or Loss 2024
Rp Rp Rp
Perusahaan The Company
Provisi Penurunan Nilai Piutang 119,297,453 (27,755,315) 91,542,138 Provision for Impairment Account Receivables
Keuntungan dari Akuisisi (1,465,850,720) -- (1,465,850,720) Gain from Acquisition
Jumlah Liabilitas Pajak Tangguhan (1,346,553,267) (27,755,315) (1,374,308,582) Total Deferred Tax Liabilities
f. Pajak Kini f. Current Tax
2025 2024
Rp Rp
Laba Sebelum Pajak Menurut Laporan Profit Before Tax per Statement
Laba Rugi dan Penghasilan of profit or loss and other
Komprehensif Lain (2,106,168,081,505) 44,048,826,500 Comprehensive Income
(Laba) Rugi Sebelum Pajak Entitas Anak (83,359,060,345) (25,425,231) (Profit) Loss Before Tax of Subsidiary
Laba Sebelum Pajak Induk (2,022,809,021,160) 44,074,251,731 Profit Before Tax Parent
Bagian Laba yang Telah Diperhitungkan Portion of Profit Subject to
Pajak Penghasilan Final 2,026,895,263,296 (35,900,337,966) Final Income Tax
Bagian Laba (Rugi) yang Diperhitungkan Portion of Profit (Loss) Subject to
Pajak Penghasilan Tidak Final 4,086,242,136 8,173,913,765 Non Final Income Tax
46
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2025 2024
Rp Rp
Perbedaan Waktu Timing Differences
Beban Penyisihan Piutang 817,673,875 (126,160,519) Bad Debt Expense
Laba Kena Pajak 4,903,916,000 8,047,753,000 Taxable Income
Beban Pajak Kini 1,078,861,520 1,770,505,660 Current Tax Expense
Kredit Pajak Penghasilan Income Tax Deduction
Pasal 23 182,685,268 265,302,599 Article 23
Kurang Bayar Pajak Penghasilan Badan 896,176,252 1,505,203,061 Under Payment Corporate Income Tax
Laba kena pajak hasil rekonsiliasi tahun 2025 Profit after tax from the reconciliation for 2025
dan 2024 menjadi dasar dalam pengisian and 2024 becomes the basis for filling out the
Surat Pemberitahuan Pajak Tahunan (SPT) Annual Tax Return (SPT) which is submitted
Tahunan PPh Badan yang disampaikan ke to the Tax Office.
Kantor Pelayanan Pajak.
Rekonsiliasi antara manfaat (beban) pajak Reconciliations between the total tax benefit
dan hasil perkalian laba akuntansi sebelum (expense) and the amounts computed by
pajak dengan tarif pajak yang berlaku adalah applying the effective tax rate to income
sebagai berikut: before tax is as follows:
2025 2024
Rp Rp
Laba Sebelum Pajak Menurut Laporan Profit Before Tax per Statement
Laba Rugi dan Penghasilan of profit or loss and other
Komprehensif Lain (2,106,168,081,505) 44,649,887,535 Comprehensive Income
Bagian Laba yang Telah Diperhitungkan Portion of Profit Subject to
Pajak Penghasilan Final 2,026,895,263,296 (36,024,448,933) Final Income Tax
Bagian Laba yang Diperhitungkan Portion of Profit Subject to
Pajak Penghasilan Tidak Final (79,272,818,209) 8,625,438,602 Non Final Income Tax
Beban Pajak Dengan Tax Expense Compute Using
Tarif Pajak Berlaku (17,440,020,006) 1,897,596,492 the Applicable Tax Rate
Koreksi Beda Tetap 18,305,672,761 (79,228,072) Permanent Difference Correction
Koreksi Beda Waktu 179,888,253 27,755,315 Temporary Difference Corection
Total Beban Pajak Consolidated Total Income
Penghasilan Konsolidasian 1,045,541,007 1,846,123,735 Tax Expense
12. Piutang Lain-lain 12. Other Receivables
Piutang lain-lain merupakan piutang lain-lain Other receivables represent other operational
operasional di luar usaha pokok, sebagian receivables outside the main business, mainly
besar merupakan piutang atas sewa represents receivables on LRT land leases
lahan LRT yang telah ditagihkan kepada that have been billed to PT Adhi Karya
PT Adhi Karya (Persero) Tbk. Namun (Persero) Tbk. However on December 12,
pada tanggal 12 Desember 2022 berdasarkan 2022 based on the Minutes of Collective
Berita Acara Kesepakatan Bersama No.112- Agreement No.112-1/74A/ADCP/XII/2022
1/74A/ADCP/XII/2022 terjadi pengalihan sewa there was a transfer of leases to PT Adhi
kepada PT Adhi Persada Beton dan tagihan Persada Beton and bill to PT Wijaya Makmur
kepada PT Wijaya Makmur atas lahan KM 29. related on KM 29 land.
Piutang lain-lain PT Ade Pede Realty berasal Other receivables from PT Ade Pede Realty
dari klaim yang tercatat dalam daftar piutang represent claims recorded in the list of
tetap atas pengakhiran kerja sama acknowledged receivables arising from the
pengembangan Proyek Grandhika Olive termination of the Grandhika Olive Project
dikarenakan PT Ade Pede Realty dinyatakan development cooperation, following the
pailit. declaration of bankruptcy of PT Ade Pede
Realty.
47
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2025 2024*)
Rp Rp
Pihak Berelasi (Catatan 37) Related Parties (Note 37)
PT Adhi Karya (Persero) Tbk 2,589,073,670 2,589,073,670 PT Adhi Karya (Persero) Tbk
PT Adhi Persada Beton 825,172,444 899,044,666 PT Adhi Persada Beton
Lain-lain (Masing-masing di bawah Rp10 juta) -- 476,148,575 Others (Each below Rp10 Million)
Dikurangi: Cadangan Kerugian Penurunan Nilai (741,334,033) (280,559,849) Less: Allowance for Impairment Losses
Sub Jumlah 2,672,912,081 3,683,707,062 Sub Total
Pihak Ketiga Third Parties
PT Wijaya Makmur 54,269,278,158 56,269,278,158 PT Wijaya Makmur
PT Ade Pede Realty 35,254,032,591 35,254,032,591 PT Ade Pede Realty
Lain-lain (Masing-masing di bawah Rp10 juta) 11,532,402,336 5,559,183,461 Others (Each below Rp10 Million)
Dikurangi: Cadangan Kerugian Penurunan Nilai (59,771,142,717) (28,220,446,287) Less: Allowance for Impairment Losses
Sub Jumlah 41,284,570,368 68,862,047,923 Sub Total
Jumlah 43,957,482,449 72,545,754,985 Total
*) Disajikan Kembali, Catatan 46 *) As Restated, Note 46
Tidak ada jaminan, bunga, dan jangka waktu There is no collateral, interest, and terms
yang diberikan oleh Perusahaan atas given by the Company on these other
perolehan piutang lain-lain ini. receivables.
Mutasi cadangan kerugian kredit ekspektasian The movements of allowance for expected
adalah sebagai berikut: credit losses are as follows:
2025 2024
Rp Rp
Saldo Awal 28,501,006,136 27,638,860,159 Beginning Balance
Penambahan (Catatan 34) 32,011,470,614 924,194,787 Additional (Note 34)
Pemulihan -- (62,048,810) Recovery
Saldo Akhir 60,512,476,750 28,501,006,136 Ending Balance
Manajemen berpendapat bahwa cadangan Management believes that the allowance for
kerugian penurunan nilai atas piutang lain-lain impairment losses from other receivable was
adalah cukup untuk menutup kemungkinan adequate to cover possible losses on
kerugian di masa depan dan tidak tertagihnya uncollectible of receivables in the future.
piutang.
13. Properti Investasi 13. Invesment Properties
2025
Penyesuaian Nilai
Saldo Awal/ Reklasifikasi/ Wajar/ Fair Value Saldo Akhir/
Beginning Balance Reclassification Adjustment Ending Balance
Rp Rp Rp Rp
Biaya Perolehan Acquisition Cost
LRT City MTH 49,658,546,158 -- -- 49,658,546,158 LRT City MTH
Cisauk Point 78,018,044,550 -- -- 78,018,044,550 Cisauk Point
Eastern Green 1,887,531,844 -- -- 1,887,531,844 Eastern Green
Akumulasi Perubahan Accumulated Changes
Nilai Wajar : Fair Value :
LRT City MTH 25,320,453,842 -- 29,000,000 25,349,453,842 LRT City MTH
Cisauk Point 47,364,955,450 -- (593,000,000) 46,771,955,450 Cisauk Point
Eastern Green 471,468,156 -- 1,000,000 472,468,156 Eastern Green
Jumlah 202,721,000,000 -- (563,000,000) 202,158,000,000 Total
48
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2024
Penyesuaian Nilai
Saldo Awal/ Reklasifikasi/ Wajar/ Fair Value Saldo Akhir/
Beginning Balance Reclassification Adjustment Ending Balance
Rp Rp Rp Rp
Biaya Perolehan Acquisition Cost
LRT City MTH 49,658,546,158 -- -- 49,658,546,158 LRT City MTH
Cisauk Point 78,018,044,550 -- -- 78,018,044,550 LRT City MTH
Eastern Green -- 1,887,531,844 -- 1,887,531,844 Eastern Green
Akumulasi Perubahan Accumulated Changes
Nilai Wajar : Fair Value :
LRT City MTH 24,777,453,842 -- 543,000,000 25,320,453,842 LRT City MTH
Cisauk Point 36,624,955,450 -- 10,740,000,000 47,364,955,450 LRT City MTH
Eastern Green -- -- 471,468,156 471,468,156 Eastern Green
Jumlah 189,079,000,000 1,887,531,844 11,754,468,156 202,721,000,000 Total
Perusahaan mencatat kenaikan nilai wajar The Company records this increase in fair
tersebut sebagai penghasilan lain-lain tahun value as other income for the year (Note 34).
berjalan (Catatan 34).
Pendekatan yang digunakan untuk Approaches that are used in determining the
menentukan nilai wajar properti adalah fair value of property are the income approach
pendekatan pendapatan dan pendekatan and market approach.
pasar.
Properti investasi terdiri atas properti investasi Investment properties consist of investment
ada di proyek LRT City MTH, Apartemen property in LRT City MTH project, Apartment
Cisauk dan Eastern Green dengan rinciannya Cisauk and Eastern Green the details are as
adalah sebagai berikut: follows:
Uraian/ Description Luas (m2) Lokasi
LRT City MTH 1,492.65 Jakarta Timur/East Jakarta, DKI Jakarta
Cisauk Point 4,429.90 Tangerang, Banten/Banten
Eastern Green 219.01 Bekasi, Jawa Barat/West Java
LRT City MTH LRT City MTH
Perusahaan telah melakukan penilaian The Company has conducted a valuation of
atas nilai wajar properti investasi, the fair value of its investment property,
Area Komersial MTH 27 yang dilakukan Commercial Area MTH 27, performed by
oleh KJPP Karmanto dan Rekan, penilai KJPP Karmanto dan Rekan, an independent
independent pada tanggal 26 Maret 2026. appraiser, dated March 26, 2026. The fair
Nilai wajar properti investasi pada tanggal 31 value of the investment property as of
Desember 2025 adalah sebesar December 31, 2025 amounted to
Rp75.008.000.000. Rp75,008,000,000.
Cisauk Cisauk
Perusahaan telah melakukan penilaian atas The Company has conducted a valuation of
nilai wajar properti investasi, Area Komersial the fair value of its investment property,
Apartemen Cisauk Point yang dilakukan Commercial Area of Cisauk Point Apartment,
oleh KJPP Karmanto dan Rekan, performed by KJPP Karmanto dan Rekan, an
penilai independent pada tanggal 26 Maret independent appraiser, dated March 26, 2026.
2026. Nilai wajar properti investasi pada The fair value of the investment property as of
tanggal 31 Desember 2025 adalah sebesar December 31, 2025 amounted to
Rp124.790.000.000. Rp124,790,000,000.
Eastern Green Eastern Green
Properti investasi merupakan area komersial The investment property is a commercial area
di Apartemen Eastern Green. Pada tahun at the Eastern Green Apartment. In 2024,
2024, terdapat reklasifikasi atas aset real there will be a reclassification of real estate
estat ke properti investasi sebesar assets to investment properties amounting to
Rp1.887.531.844 (Catatan 8b). Rp1,887,531,844 (Note 8b).
49
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Perusahaan telah melakukan penilaian atas The Company has conducted a valuation of
nilai wajar properti investasi, Area Komersial the fair value of its investment property,
Apartemen Eastern Green yang dilakukan Commercial Area of Eastern Green
oleh KJPP Karmanto dan Rekan, Apartment, performed by KJPP Karmanto dan
penilai independen, pada tanggal 26 Maret Rekan, an independent appraiser, dated
2026. Nilai wajar properti investasi pada March 26, 2026. The fair value of the
tanggal 31 Desember 2025 adalah sebesar investment property as of December 31, 2025
Rp2.360.000.000. amounted to Rp2,360,000,000.
14. Aset Tetap 14. Property and Equipment
Aset Tetap merupakan peralatan operasional Property and Equipment represents
rumah makan Jepang di Hotel GranDhika equipment operational of Japannese
Iskandarsyah yang beroperasi pada bulan restaurant at GranDhika Hotel Iskandarsyah
Desember 2019. which have been fully operated on December
2019.
2025
Saldo Awal / Penambahan / Pengurangan / Saldo Akhir /
Beginning Balance Addition Deduction Ending Balance
Rp Rp Rp Rp
Peralatan Kantor Office Equipments
Biaya Perolehan 4,598,186,153 -- -- 4,598,186,153 Acquisition Cost
Akumulasi Penyusutan 4,598,186,153 -- -- 4,598,186,153 Accumulated Depreciation
Nilai Tercatat -- -- Carrying Value
2024
Saldo Awal / Penambahan / Pengurangan / Saldo Akhir /
Beginning Balance Addition Deduction Ending Balance
Rp Rp Rp Rp
Peralatan Kantor Office Equipments
Biaya Perolehan 4,598,186,153 -- -- 4,598,186,153 Acquisition Cost
Akumulasi Penyusutan 4,598,186,153 -- -- 4,598,186,153 Accumulated Depreciation
Nilai Tercatat -- -- Carrying Value
Beban penyusutan aset tetap Depreciation expense for property and
periode 31 Desember 2025 dan 2024 masing- equipment for the period of
masing sebesar nihil dicatat sebagai beban December 31, 2025 and 2024 amounting to nil
pokok pendapatan atas Hotel GranDhika respectively is recorded as cost of revenue for
Iskandarsyah Jakarta. Hotel GranDhika Iskandarsyah Jakarta.
15. Aset Hak Guna dan Liabilitas Sewa 15. Right of Use Assets and Lease Liabilities
Rekonsiliasi kelompok-kelompok utama asset The reconciliation of right of use assets and
hak guna dan liabilitas sewa adalah sebagai lease liabilities by major classifications was as
berikut: follows:
2025
Saldo awal/ Penambahan/ Pengurangan/ Saldo akhir/
Beginning balance Additions Deductions Ending balane
Biaya Perolehan: Acquisition Cost:
Kendaraan 9,225,483,336 369,328,047 -- 9,594,811,383 Vehicle
Bangunan 393,140,317 -- 393,140,317 -- Building
Jumlah 9,618,623,653 369,328,047 -- 9,594,811,383 Total
Akumulasi Penyusutan: Accumulated Depreciation:
Kendaraan 8,907,988,071 516,026,984 -- 9,424,015,055 Vehicle
Bangunan 368,640,315 24,500,002 (393,140,317) -- Building
Jumlah 9,276,628,386 540,526,986 -- 9,424,015,055 Total
Nilai Tercatat 341,995,267 170,796,328 Carrying Value
50
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2024
Saldo awal/ Penambahan/ Pengurangan/ Saldo akhir/
Beginning balance Additions Deductions Ending balane
Biaya Perolehan: Acquisition Cost:
Kendaraan 8,348,373,954 877,109,382 -- 9,225,483,336 Vehicle
Bangunan 393,140,317 -- -- 393,140,317 Building
Jumlah 8,741,514,271 877,109,382 -- 9,618,623,653 Total
Akumulasi Penyusutan: Accumulated Depreciation:
Kendaraan 7,536,902,519 1,371,085,552 -- 8,907,988,071 Vehicle
Bangunan 368,640,315 -- -- 368,640,315 Building
Jumlah 7,905,542,834 1,371,085,552 -- 9,276,628,386 Total
Nilai Tercatat 835,971,437 341,995,267 Carrying Value
2025 2024
Rp Rp
Liabilitas Sewa Lease Liabilities
Sampai dengan 1 tahun 943,247,610 793,109,378 Up to 1 year
2025 2024
Rp Rp
Jumlah yang diakui di laba rugi yang timbul dari Amounts recognised in profit or loss arising
sewa adalah sebagai berikut: from leases are as follows:
Beban bunga atas liabilitas sewa (Catatan 35) 43,546,762 72,097,613 Interest expense on lease liabilities (Note 35)
Beban penyusutan aset hak-guna Depreciation expense on of right-of-use assets
(Catatan 33) 540,526,986 1,371,085,552 (Note 33)
Jumlah yang diakui pada arus kas yang timbul Amounts recognised in profit or loss arising
dari sewa adalah sebagai berikut: from leases are as follows:
Pembayaran liabilitas sewa (Catatan 40) 262,736,577 1,424,817,896 Payment for lease liabilities (Note 40)
Seluruh beban penyusutan atas aset hak guna All depreciation expenses on right of use
diakui pada Beban Umum dan Administrasi assets are recognized on General and
(Catatan 33). Administrative Expenses (Note 33).
16. Aset Takberwujud 16. Intangible Asset
31 Desember/ December 31, 2025
Saldo Awal / Penambahan / Pengurangan / Saldo Akhir /
Beginning Balance Addition Deduction Ending Balance
Rp Rp Rp Rp
Perangkat Lunak Soft Ware
Biaya Perolehan 3,133,500,000 -- -- 3,133,500,000 Acquisition Cost
Akumulasi Penyusutan 2,089,000,000 626,700,000 -- 2,715,700,000 Accumulated Depreciation
Nilai Tercatat 1,044,500,000 417,800,000 Carrying Value
31 Desember/ December 31, 2024
Saldo Awal / Penambahan / Pengurangan / Saldo Akhir /
Beginning Balance Addition Deduction Ending Balance
Rp Rp Rp Rp
Perangkat Lunak Soft Ware
Biaya Perolehan 3,133,500,000 -- -- 3,133,500,000 Acquisition Cost
Akumulasi Penyusutan 1,462,300,000 626,700,000 -- 2,089,000,000 Accumulated Depreciation
Nilai Tercatat 1,671,200,000 1,044,500,000 Carrying Value
Seluruh beban amortisasi atas aset All amortization expenses on intangible asset
takberwujud diakui pada Beban Umum dan are recognized on General and Administrative
Administrasi (Catatan 33). Expenses (Note 33).
51
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
17. Aset Lain-lain 17. Other Assets
2025 2024
Rp Rp
Rekening Escrow 208,501,370,069 223,591,939,488 Escrow account
Biaya yang Ditangguhkan 7,485,545,807 8,350,836,904 Deferred Charges
Klaim Kontribusi Tetap 1,439,859,029 -- Claim for Fixed Contribution
Jumlah 217,426,774,905 231,942,776,392 Total
Rekening Escrow Escrow Account
Rekening Escrow merupakan dana yang Escrow Account are funds originating from
berasal dari pembayaran konsumen (via consumer payments (through KPR and KPA
fasilitas KPR dan KPA) yang ditahan oleh facilities) held by the bank in an Escrow
bank dalam Rekening Escrow atau Bilyet Account or Bilyet Deposit and the
Deposito dan pencairannya sesuai dengan disbursement of which is in accordance with
syarat yang berlaku dalam perjanjian applicable requirements in cooperation with
kerjasama dengan bank terkait. the relevant bank.
Rincian Rekening Escrow Pada 31 Desember Details of Escrow Account as of December 31,
2025 dan 31 Desember 2024 adalah sebagai 2025 and December 31, 2024 are as follows:
berikut:
2025 2024
Rp Rp
Pihak Berelasi (Catatan 37) Related Parties (Note 37)
PT Bank Negara lndonesia (Persero) Tbk 62,631,684,244 66,472,989,890 PT Bank Negara lndonesia (Persero) Tbk
PT Bank Tabungan Negara (Persero) Tbk 54,652,410,970 53,772,661,673 PT Bank Tabungan Negara (Persero) Tbk
PT Bank Mandiri (Persero) Tbk 17,010,834,229 19,288,971,828 PT Bank Mandiri (Persero) Tbk
PT Bank Syariah Indonesia Tbk 6,055,383,089 9,385,315,824 PT Bank Syariah Indonesia Tbk
PT Bank Rakyat lndonesia (Persero) Tbk 1,293,990,948 651,360,653 PT Bank Rakyat lndonesia (Persero) Tbk
Sub Jumlah Pihak Berelasi 141,644,303,480 149,571,299,868 Sub Total Related Parties - Net
Pihak Ketiga Third Parties
PT Bank CIMB Niaga Tbk 53,794,152,422 61,077,674,348 PT Bank CIMB Niaga Tbk
PT Danamon Indonesia Tbk 7,219,794,741 12,594,429,587 PT Danamon Indonesia Tbk
PT Bank Muamalat Indonesia Tbk 5,843,119,426 348,535,685 PT Bank Muamalat Indonesia Tbk
Sub Jumlah Pihak Ketiga 66,857,066,589 74,020,639,620 Sub Total Third Parties - Net
Jumlah 208,501,370,069 223,591,939,488 Total
Klaim Kontribusi Tetap Claim for Fixed Contribution
Klaim Kontribusi tetap berasal dari tagihan The fixed contribution claim arises from
uang muka kepada Kementerian Pekerjaan advances billed to the Ministry of Public Works
Umum & Perumahan Rakyat atas and Housing of the Republic of Indonesia in
pengakhiran kerja sama pengembangan relation to the termination of the Balaikrida
Proyek Balaikrida dengan rincian sebagai Project development cooperation, with details
berikut: as follows:
2025 2024
Rp Rp
Klaim Kontribusi tetap 5,673,547,681 -- Claim for Fixed Contribution
Penurunan nilai Klaim Kontribusi tetap (4,233,688,652) -- Impairment Claim for Fixed Contribution
Jumlah 1,439,859,029 -- Total
52
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
18. Utang Usaha 18. Account Payables
2025 2024
Rp Rp
Pihak Berelasi (Catatan 37) Related Parties (Note 37)
PT Adhi Karya (Persero) Tbk 392,232,045,939 392,232,045,939 PT Adhi Karya (Persero) Tbk
PT Adhi Persada Gedung 149,968,113,256 149,968,113,256 PT Adhi Persada Gedung
PT Adhi Persada Properti 27,985,568,799 27,985,568,799 PT Adhi Persada Properti
PT Kereta Api Indonesia (Persero) 9,013,492,133 8,583,211,210 PT Kereta Api Indonesia (Persero)
PT Agrinas Jaladri Nusantara (Persero) 330,000,000 934,984,240 PT Agrinas Jaladri Nusantara (Persero)
Sub Jumlah Pihak Berelasi 579,529,220,127 579,703,923,444 Sub Total Related Parties
Pihak Ketiga Third Parties
PT Sigmaeltra Propertindo 128,568,707,160 128,568,707,161 PT Sigmaeltra Propertindo
PT Burda Contraco 12,508,742,658 9,333,750,000 PT Burda Contraco
PT Pratama Widya Tbk 9,300,836,155 9,246,781,813 PT Pratama Widya Tbk
Abdul Kadir Alatas 6,775,000,000 6,775,000,000 Abdul Kadir Alatas
Perum Damri 6,380,914,000 12,759,450,000 Perum Damri
Syamsudin 6,342,300,000 6,342,300,000 Syamsudin
CV Mugi Jaya 5,229,344,691 5,790,030,960 CV Mugi Jaya
Ketut Masagung dan Ridwan Pribadi 3,992,355,254 5,136,018,520 Ketut Masagung dan Ridwan Pribadi
PT Berdikari Pondasi Perkasa 3,348,207,052 3,348,207,052 PT Berdikari Pondasi Perkasa
The Master Steel Manufactory 3,228,037,182 3,228,037,182 The Master Steel Manufactory
PT DPM Engineering 3,227,547,268 2,390,728,792 PT DPM Engineering
PT Mitra Sistematika Global 2,678,829,380 2,678,829,380 PT Mitra Sistematika Global
PT Conductorjasa Suryapersada 1,771,200,000 1,771,200,000 PT Conductorjasa Suryapersada
PT Trocon Indah Perkasa 1,272,060,496 1,486,467,778 PT Trocon Indah Perkasa
PT Adhimix PCI Indonesia 1,008,707,350 1,008,707,350 PT Adhimix PCI Indonesia
Lain-lain (Masing-masing dibawah Rp1 Miliar) 20,334,699,499 19,816,687,556 Others (Each below Rp1 Billion)
Operasi Bersama Joint Operation
LRT City Jatibening (JO ACP - UJP) 194,077,976,605 191,814,828,395 LRT City Jatibening (JO ACP - UJP)
LRT City Ciracas (JO ACP - UJP) 127,497,111,816 119,637,995,560 LRT City Ciracas (JO ACP - UJP)
Sub Jumlah Pihak Ketiga 537,542,576,565 537,054,899,229 Sub Total Third Parties
Jumlah 1,117,071,796,692 1,116,758,822,673 Total
Seluruh utang usaha berdenominasikan mata All account payables are denominated in
uang rupiah. rupiah.
Tidak ada jaminan yang diberikan oleh Grup There is no collateral given by the Group on
atas perolehan utang ini. these payables.
Utang usaha atas PT Sigmaeltra Propertindo Trade payable to PT Sigmaeltra Propertindo
merupakan transaksi pengembangan lahan di arises from land development in the Sentul
kawasan Sentul Side, Kabupaten Bogor Side area, Bogor Regency, with a total land
dengan Total luas tanah 316.973m². area of 316,973sqm.
19. Beban Akrual 19. Accrued Expenses
2025 2024
Rp Rp
Biaya Operasional Proyek 102,538,905,941 112,792,585,779 Project Operating Costs
Biaya Pekerjaan Proyek 38,259,701,859 94,907,207,147 Project Work Costs
Biaya Operasional Hotel 13,029,448,858 12,551,340,080 Hotel Operating Costs
Lain-lain (Masing-masing di bawah Rp 500 Juta) 2,133,427,247 1,369,300,992 Others (Each below Rp500 Million)
Jumlah 155,961,483,905 221,620,433,998 Total
Beban akrual lain-lain merupakan cadangan Accrued other expenses represent for non
biaya pemeliharaan non operasional atas operating maintenance cost reserve of hotels.
hotel.
53
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
20. Pendapatan Diterima di Muka 20. Unearned Revenues
2025 2024*)
Rp Rp
Properti Properties
LRT City Tebet 315,451,711,166 281,291,604,334 LRT City Tebet
LRT City Cibubur 159,366,961,229 140,868,455,484 LRT City Cibubur
LRT City Bekasi Timur Green Avenue 84,336,321,094 103,088,786,320 LRT City Bekasi Timur Green Avenue
Oase Park 69,665,533,618 72,401,632,559 Oase Park
Adhi City Sentul 2 65,056,735,048 65,140,983,616 Adhi City Sentul 2
Mega Graha Cipta Perkasa 65,468,716,811 63,879,492,218 Mega Graha Cipta Perkasa
LRT City Bekasi Timur Eastern Green 38,519,838,226 19,232,597,822 LRT City Bekasi Timur Eastern Green
Adhi City Sentul 23,810,195,656 2,601,696,381 Adhi City Sentul
Cisauk Point 19,775,768,969 16,660,728,068 Cisauk Point
LRT City Sentul 3,593,106,000 2,261,692,797 LRT City Sentul
LRT City MTH 1,707,076,751 2,445,368,600 LRT City MTH
Sub Jumlah 846,751,964,568 769,873,038,199 Sub Total
Hotel Hotel
Hotel GranDhika Jakarta 1,570,248,582 1,413,078,982 Hotel GranDhika Jakarta
Hotel GranDhika Semarang 299,526,798 69,541,829 Hotel GranDhika Semarang
Hotel GranDhika Medan 42,135,342 47,900,682 Hotel GranDhika Medan
Sub Jumlah 1,911,910,722 1,530,521,493 Sub Total
Operasi Bersama Joint Operation
LRT City Ciracas (JO ACP - UJP) 388,796,885,946 316,975,632,010 LRT City Ciracas (JO ACP - UJP)
LRT City Jatibening (JO ACP - UJP) 76,550,513,603 72,629,757,838 LRT City Jatibening (JO ACP - UJP)
Sub Jumlah 465,347,399,549 389,605,389,848 Sub Total
Jumlah 1,314,011,274,839 1,161,008,949,540 Total
*) Disajikan Kembali, Catatan 46 *) As Restated, Note 46
Komponen pendanaan signifikan atas The significant financing component for the
liabilitas kontrak pada tanggal 31 Desember contract liabilities as of December 31, 2025
2025 dan 2024 masing-masing sebesar and 2024 amounted to Rp101,448,774,151
Rp101.448.774.151 dan Rp3.449.087.671 and Rp3,449,087,671, respectively (Note 31).
(Catatan 31).
21. Liabilitas Jangka Pendek Lainnya 21. Other Short-Term Liabilities
2025 2024
Rp Rp
Pihak Berelasi (Catatan 37) Related Parties (Note 37)
PT Adhi Karya (Persero) Tbk 18,780,142,238 18,724,601,162 PT Adhi Karya (Persero) Tbk
Koperasi Adhi Jasa Sejahtera 2,986,568,258 1,410,688,093 Koperasi Adhi Jasa Sejahtera
Sub Jumlah 21,766,710,496 20,135,289,255 Sub Total
Pihak Ketiga Third Parties
Perorangan (Masing-masing di bawah Rp1 Miliar) 2,441,388,039 -- Individuals (Each below Rp1 Billion)
PT Akseleran Keuangan Inklusif Indonesia -- 2,116,251,981 PT Akseleran Keuangan Inklusif Indonesia
Sub Jumlah 2,441,388,039 2,116,251,981 Sub Total
Jumlah 24,208,098,535 22,251,541,236 Total
Liabilitas jangka pendek lainnya atas PT Adhi Other short-term liabilities for PT Adhi Karya
Karya (Persero) Tbk merupakan sisa (Persero) Tbk are the remaining dividend
pembayaran utang dividen atas pembagian payments for profit on distribution for the year
laba tahun buku 2021. 2021.
54
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
22. Utang Obligasi 22. Bonds Payable
2025 2024
Rp Rp
Obligasi Adhi Commuter Properti Tbk Tahap II Adhi Commuter Properti Tbk Bond Phase II
Seri B 102,000,000,000 102,000,000,000 Series B
Biaya Penerbitan Obligasi yang belum Diamortisasi (21,134,959) (162,034,699) Unamortized Bond Issuance Costs
Jumlah 101,978,865,041 101,837,965,301 Total
Obligasi Adhi Commuter Properti Tbk Tahap III Adhi Commuter Properti Tbk Bond Phase III
Seri A 15,700,000,000 15,700,000,000 Series A
Seri B 484,200,000,000 484,200,000,000 Series B
Biaya Penerbitan Obligasi yang belum Diamortisasi (5,089,625,581) (6,892,443,408) Unamortized Bond Issuance Costs
Jumlah 494,810,374,419 493,007,556,592 Total
Jumlah - Bersih 596,789,239,460 594,845,521,893 Total - Net
Dikurangi: Less:
Bagian yang Jatuh Tempo dalam Waktu Satu Tahun 15,700,000,000 102,000,000,000 Current Portion
Biaya Penerbitan Obligasi yang belum Diamortisasi (84,653,760) (162,034,699) Unamortized Bond Issuance Costs
Bagian Jangka Panjang 581,173,893,220 493,007,556,592 Long-term portion
Perusahaan melakukan beberapa pendanaan The Company’s initiated several fund raising
dengan utang obligasi untuk mendukung by issuing bonds to support the Company’s
bisnis Perusahaan. business.
a. Obligasi Adhi Commuter Properti Tbk a. Adhi Commuter Properti Tbk Bond
Tahap II Phase II
Berdasarkan Akta Perjanjian Based on the Deed of Trusteeship
Perwaliamanatan Obligasi II Adhi Agreement for Bonds II Adhi Commuter
Commuter Properti Tahun 2022 No. 45 Properti Year 2022 No. 45 dated May 20,
tanggal 20 Mei 2022 oleh dan antara 2022, by and between the Company as the
Perusahaan selaku Emiten dan PT Bank Issuer and PT Bank Daerah Jawa Barat dan
Daerah Jawa Barat dan Banten Tbk Banten Tbk as the Trustee, made before
selaku Wali Amanat, yang dibuat Rosida Rajagukguk Siregar, Bachelor of
dihadapan Rosida Rajagukguk Siregar, Law, Master of Notary, Notary in South
Sarjana Hukum, Magister Kenotariatan, Jakarta Administrative City.
Notaris di Kota Administrasi Jakarta
Selatan.
PT Adhi Commuter Properti Tbk (ADCP) PT Adhi Commuter Properti Tbk (ADCP)
telah menerbitkan Obligasi II Adhi has issued Adhi Commuter Properti Bonds
Commuter Properti Tahun 2022: II Year 2022:
• Obligasi Seri A sebesar • Series A Bonds amounting to
Rp205.500.000.000 (dua ratus lima Rp205,500,000,000 (two hundred five
miliar lima ratus juta Rupiah) dengan billion five hundred million Rupiah),
tingkat bunga tetap sebesar 10,00% bearing a fixed interest rate of 10.00%
(sepuluh persen) per tahun, dengan (ten percent) per annum, with a term
jangka waktu 367 (tiga ratus enam of 367 (three hundred sixty-seven)
puluh tujuh) hari sejak tanggal emisi. days from the issuance date. The
Pembayaran pokok obligasi secara principal of the bonds has been fully
penuh sudah dibayarkan pada tanggal paid on May 31, 2023.
31 Mei 2023.
• Obligasi Seri B sebesar • B Series Bond’s amounting to
Rp102.000.000.000 (seratus dua miliar Rp102,000,000,000 (one hundred two
Rupiah) dengan tingkat bunga tetap billion Rupiah) with a fixed interest rate
sebesar 11,00% (sebelas persen) per of 11.00% (eleven percent) per year,
tahun, dengan jangka waktu 3 (tiga) with a term of 3 (three) years from the
tahun sejak tanggal emisi. issuance date, the full principal
Pembayaran pokok obligasi secara payment of the bonds will be made on
penuh akan dilakukan tanggal 24 Mei May 24, 2025. Based on the approval
55
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2025. Berdasarkan persetujuan Rapat of the Bondholders General Meeting
Umum Pemegang Obligasi (RUPO) (RUPO) as stated in Deed No. 59
yang tercatat di Akta No. 59 tanggal 9 dated May 9, 2025, the Company
Mei 2025, Perusahaan telah obtained approval to amend the
mendapatkan persetujuan perubahan repayment schedule of the principal of
jadwal pelunasan pokok Obligasi Seri Series B Bonds, which was originally
B yang semula jatuh tempo pada 24 due on May 24, 2025, to May 24,
Mei 2025 menjadi 24 Mei 2027. 2027. In relation to this amendment,
Sehubungan dengan perubahan PT Pemeringkat Efek Indonesia
tersebut, PT Pemeringkat Efek (Pefindo) downgraded the Company’s
Indonesia (Pefindo) melakukan debt securities rating to idBBB-.
penurunan peringkat surat utang
Perusahaan menjadi idBBB-.
b. Obligasi Adhi Commuter Properti Tbk b. Adhi Commuter Properti Bond Tbk
Tahap III Phase III
Berdasarkan Akta Perjanjian Based on the Deed of Trust Agreement for
Perwaliamanatan Obligasi III Adhi Bond III Adhi Commuter Properti Year 2023
Commuter Properti Tahun 2023 No. 31 No. 31 dated September 6, 2023 which was
tanggal 6 September 2023 yang terakhir last amended through Addendum III and
diubah melalui Adendum III dan Restatement of Trust Agreement for Bond
Pernyataan Kembali Perjanjian III Adhi Commuter Properti Year 2023
Perwaliamanatan Obligasi III Adhi No. 217, the Company has appointed PT
Commuter Properti Tahun 2023 No. 217, Bank Pembangunan Daerah Jawa Barat
Perusahaan telah menunjuk PT Bank and Banten Tbk as Trustee, which was
Pembangunan Daerah Jawa Barat dan made before Rosida Rajagukguk Siregar,
Banten Tbk selaku Wali Amanat, yang Bachelor of Law, Master of Notary, Notary
dibuat dihadapan Rosida Rajagukguk in South Jakarta Administration City.
Siregar, Sarjana Hukum, Magister
Kenotariatan, Notaris di Kota Administrasi
Jakarta Selatan.
ADCP telah menerbitkan Obligasi III Adhi ADCP has issued Adhi Commuter Properti
Commuter Properti Tahun 2023: Bonds III Year 2023:
• Obligasi Seri A sebesar • Series A bonds of Rp15,700,000,000
Rp15.700.000.000 (lima belas miliar (fifteen billion seven hundred million
tujuh ratus juta Rupiah) dengan tingkat Rupiah) with a fixed interest rate of
bunga tetap sebesar 7,80% (tujuh 7.80% (seven-point eight zero percent)
koma delapan nol persen) per tahun, per year, with a period of 3 (three)
dengan jangka waktu 3 (tiga) tahun years from the date of issuance.
sejak tanggal emisi. Pembayaran Payment of the principal of the bond in
pokok obligasi secara penuh akan full will be made on December 8,
dilakukan tanggal 8 Desember 2026. 2026.
• Obligasi Seri B sebesar • Series B bonds of Rp484,200,000,000
Rp484.200.000.000 (empat ratus (four hundred eighty-four billion two
delapan puluh empat miliar dua ratus hundred million Rupiah) with a fixed
juta Rupiah) dengan tingkat bunga interest rate of 8.25% (eight point two
tetap sebesar 8,25% (delapan koma five percent) per year, with a period of
dua lima persen) per tahun, dengan 5 (five) years from the date of
jangka waktu 5 (lima) tahun sejak issuance. Payment of the principal of
tanggal emisi. Pembayaran pokok the bond in full will be made on
obligasi secara penuh akan dilakukan December 8, 2028.
tanggal 8 Desember 2028.
56
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Perusahaan telah menerbitkan obligasi III The Company has issued bonds III with a
dengan jumlah seluruhnya sebesar total amount of Rp499,900,000,000 in 2023
Rp499.900.000.000 pada tahun 2023 dengan with an effective date of November 10, 2023
tanggal efektif 10 November 2023 based on the Approval of the Principle of
berdasarkan Persetujuan Prinsip Pencatatan Listing of Debt Securities issued by the
Efek Bersifat Utang yang dikeluarkan oleh Indonesia Stock Exchange with Number:
PT Bursa Efek Indonesia dengan Nomor: S-09914 / IDX. PP3/11-2023.
S-09914/BEI.PP3/11-2023.
Perusahaan telah melakukan pemeringkatan The Company has carried out a rating
yang dilaksanakan oleh Pefindo. Berdasarkan performed by Pefindo. Based on Pefindo
surat Pefindo No. RC-1112/PEF-DIR/IX/2025 letter No. RC-1112/PEF-DIR/IX/2025 dated
tanggal 9 September 2025 dan September 9, 2025 and No. 121-
No. 121-0/191/IX/2024 tanggal 12 September 0/191/IX/2024 dated September 12, 2024, the
2024, hasil pemeringkatan atas surat hutang rating results for the Company’s long-term
jangka panjang (obligasi) Perusahaan pada debt securities (bonds) in December 31, 2025
31 Desember 2025 dan 2024 adalah idAAA and 2024, are idAAA (Triple A).
(Triple A).
Utang obligasi ini tidak dijamin dengan These bonds are not secured by any specific
jaminan khusus namun dijamin dengan collateral; however, they are guaranteed by
penanggungan dari Credit Guarantee and the Credit Guarantee and Investment Facility,
Investment Facility, lembaga Dana Perwalian a trust fund of the Asian Development Bank
(Trust Fund) dari Asian Development Bank (“CGIF”), covering the full amount of the
(”CGIF”) dengan jumlah penanggungan Bonds’ interest payable and principal
sebesar seluruh kewajiban pembayaran (excluding penalties), as well as the expenses
bunga Obligasi terutang dan pokok Obligasi of the Trustee, pursuant to a Guarantee
(tidak termasuk denda) serta pengeluaran Agreement to be entered into between CGIF
Wali Amanat berdasarkan Perjanjian and the Trustee following the initial offering.
Penanggungan yang akan ditandatangani
antara CGIF dan Wali Amanat setelah
penawaran awal.
23. Sukuk Ijarah 23. Ijarah Sukuk
2025 2024
Rp Rp
Sukuk Ijarah Jangka Panjang Long-term Ijarah Sukuk
Sukuk Ijarah Adhi Commuter Properti Tahun 2023 499,100,000,000 499,100,000,000 Ijarah Sukuk of Adhi Commuter Properti Tahun 2023
Dikurangi : Less:
Diskonto yang Belum Diamortisasi (196,916,615,952) (230,685,764,972) Less Unamortized Discount
Jumlah 302,183,384,048 268,414,235,028 Total
Berdasarkan perjanjian dengan PT Bank Based on the agreement with PT Bank
Syariah Indonesia Tbk selaku Wali Amanat Syariah Indonesia Tbk as the Trustee of Ijarah
Sukuk Ijarah Nomor 157 tanggal 18 Oktober Sukuk No. 157 dated October 18, 2023, the
2023, bahwa Harga Beli Kembali Objek Ijarah Buyback Price of the Ijarah Object is
sebesar Rp499.100.000.000. Dasar ketentuan Rp499,100,000,000. The basis for the
harga beli Objek Ijarah sebesar buyback price of the Ijarah Object is
Rp233.270.000.000 dengan Imbalan Ijarah Rp233,270,000,000 with an Ijarah Fee of
sebesar Rp28.296.000.000 yang akan Rp28,296,000,000 to be paid in installments
dibayarkan secara cicilan dengan skema under the Ijarah Fee Installment scheme or
Cicilan Imbalan Ijarah atau ekuivalen sebesar equivalent to 0.722% per year of the Adjusted
0,722% per tahun dari Harga Pembelian Buyback Price. The Sukuk funds are used for
Kembali yang Disesuaikan. Dana Sukuk the development of the LRT City Tebet and
digunakan untuk pengembangan Kawasan LRT City Cibubur Project Area.
Proyek LRT City Tebet dan LRT City Cibubur.
57
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Perusahaan dapat melakukan pembelian The Company has an option to buy back the
kembali (Buy Back) sukuk ijarah yang ditujukan ijarah sukuk principal as the payment or as
sebagai pelunasan atau disimpan untuk deposit which can be sold back at market
kemudian dijual kembali dengan harga pasar, price, with requirement that it only can be
dengan ketentuan bahwa hal tersebut hanya done one (1) year after the date of allotment.
dapat dilakukan satu (1) tahun setelah tanggal
penjatahan.
Perusahaan telah melakukan pemeringkatan The Company has carried out a rating
yang dilaksanakan oleh Pefindo. Berdasarkan performed by Pefindo. Based on Pefindo letter
surat Pefindo No. RC-1113/PEF-DIR/IX/2025 No. RC-1113/PEF-DIR/IX/2025 dated
tanggal 9 September 2025 dan No. 121- September 9, 2025 and No. 121-
0/191/IX/2024 tanggal 12 September 2024, 0/191/IX/2024 dated September 12, 2024, the
hasil pemeringkatan atas surat hutang jangka rating results for the Company’s long-term
panjang (obligasi) Perusahaan pada debt securities (bonds) on December 31, 2025
31 December 2025 dan 2024 adalah idBBB- and 2024 are idBBB- (Triple B Minus) and
(Triple B Minus) dan idBBB (Triple B). idBBB (Triple B).
Amortisasi biaya emisi Sukuk Ijarah adalah Amortization of Ijarah Sukuk issuance costs is
sebesar Rp606.734.020 pada tahun 2025 dan Rp606,734,020 in 2025 and is recorded in the
dicatat pada akun “Beban Keuangan” pada "Financial Charges" account in profit or loss
laba rugi (Catatan 35). (Note 35).
Aset yang menjadi dasar (underlying asset) The underlying asset in the issuance of the
dalam penerbitan Sukuk Ijarah (Objek Ijarah) ini Ijarah Sukuk (Ijarah Object) is the beneficial
adalah hak manfaat atas tanah milik right to land owned by the Company which
Perusahaan yang telah dialihkan hak miliknya has transferred its ownership rights through a
melalui akad jual beli kepada Pemegang Sukuk sale and purchase agreement to the Ijarah
Ijarah. Dalam hal ini secara spesifik adalah Sukuk Holder. In this case the specifics are as
sebagai berikut: follows:
No. Tanah Luas (m2) Lokasi
Sertipikat Hak Guna Bangunan (“SHGB”) No. 8521/Jatimulya, Desa Jatimulya, Kecamatan Tambun Selatan, Kabupaten
1 291
atas nama Perseroan Bekasi, Jawa Barat
Desa Jatimulya, Kecamatan Tambun Selatan, Kabupaten
2 SHGB No. 8523/Jatimulya, atas nama Perseroan 1,425
Bekasi, Jawa Barat
Jl. Kampung Dalam RT 008/01, Kelurahan Cawang,
3 SHGB No. 565/Cawang, atas nama Perseroan 159 Kecamatan Kramat Jati, Kota Administrasi Jakarta Timur,
DKI Jakarta
Jl. Kampung Dalam RT 008/01, Kelurahan Cawang,
4 SHGB No. 566/Cawang, atas nama Perseroan 303 Kecamatan Kramat Jati, Kota Administrasi Jakarta Timur,
DKI Jakarta
Jl. Kampung Dalam RT 008/01, Kelurahan Cawang,
5 SHGB No. 567/Cawang, atas nama Perseroan 115 Kecamatan Kramat Jati, Kota Administrasi Jakarta Timur,
DKI Jakarta
Jl. MT Haryono Kav 27 RT 007/01, Kelurahan Cawang,
6 SHGB No. 569/Cawang, atas nama Perseroan 88 Kecamatan Kramat Jati, Kota Administrasi Jakarta Timur,
DKI Jakarta
Jl. MT Haryono Kav
7 SHGB No. 7178/Cawang, atas nama Perseroan 83 27 RT 007/01, Kelurahan Cawang, Kecamatan Kramat Jati,
Kota Administrasi Jakarta Timur, DKI Jakarta
Jl. Kampung Dalam RT 008/01, Kelurahan Cawang,
Sertipikat Hak Pakai (“SHP”) No. 00657/Cawang, atas nama
8 1,898 Kecamatan Kramat Jati, Kota Administrasi Jakarta Timur,
Perseroan
DKI Jakarta
Jl. Kampung Dalam RT 008/01, Kelurahan Cawang,
9 SHP No. 00670/Cawang, atas nama Perseroan 92 Kecamatan Kramat Jati, Kota Administrasi Jakarta Timur,
DKI Jakarta
Jl. Arus Dalam, RT 007/RW 01, Kelurahan Cawang,
10 SHP No. 00682/Cawang, atas nama Perseroan 1,508 Kecamatan Kramat Jati, Kota Administrasi Jakarta Timur,
DKI Jakarta
58
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
No. Tanah Luas (m2) Lokasi
Kelurahan Cadas Ngampar, Kecamatan Sukaraja, Kota
11 SHGB No. 1861/Cadas Ngampar, atas nama Perseroan 20,163
Bogor, Jawa Barat
Kelurahan Kadumanggu, Kecamatan Babakan Madang,
12 SHGB No. 1497/Kadumanggu, atas nama Perseroan 851
Kabupaten Bogor, Jawa Barat
Kelurahan Kadumanggu, Kecamatan Babakan Madang,
13 SHGB No. 1498/Kadumanggu, atas nama Perseroan 116
Kabupaten Bogor, Jawa Barat
Kelurahan Kadumanggu, Kecamatan Babakan Madang,
14 SHGB No. 1500/Kadumanggu, atas nama Perseroan 551
Kabupaten Bogor, Jawa Barat
Kelurahan Kadumanggu, Kecamatan Babakan Madang,
15 SHGB No. 1501/Kadumanggu, atas nama Perseroan 888
Kabupaten Bogor, Jawa Barat
Kelurahan Kadumanggu, Kecamatan Babakan Madang,
16 SHGB No. 1502/Kadumanggu, atas nama Perseroan 333
Kabupaten Bogor, Jawa Barat
Kelurahan Ciputat, Kecamatan Ciputat, Kota Tangerang
17 SHGB No. 01273/Ciputat, atas nama Perseroan 52,879
Selatan, Banten
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
18 SHGB No. 04738/Harjamukti, atas nama Perseroan 1,986
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
19 SHGB No. 4739/Harjamukti, atas nama Perseroan 981
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
20 SHGB No. 4741/Harjamukti, atas nama Perseroan 2,375
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
21 SHGB No. 4742/Harjamukti, atas nama Perseroan 1,480
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
22 SHGB No. 4744/Harjamukti, atas nama Perseroan 2,946
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
23 SHGB No. 4745/Harjamukti, atas nama Perseroan 1,730
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
24 SHGB No. 4746/Harjamukti, atas nama Perseroan 1,020
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
25 SHGB No. 4747/Harjamukti, atas nama Perseroan 211
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
26 SHGB No. 4748/Harjamukti, atas nama Perseroan 915
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
27 SHGB No. 4749/Harjamukti, atas nama Perseroan 1,388
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
28 SHGB No. 4750/Harjamukti, atas nama Perseroan 192
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
29 SHGB No. 4752/Harjamukti, atas nama Perseroan 1,145
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
30 SHGB No. 4753/Harjamukti, atas nama Perseroan 1,326
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
31 SHGB No. 4754/Harjamukti, atas nama Perseroan 2,270
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
32 SHGB No. 4755/Harjamukti, atas nama Perseroan 414
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
33 SHGB No. 4756/Harjamukti, atas nama Perseroan 200
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
34 SHGB No. 4758/Harjamukti, atas nama Perseroan 1,730
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
35 SHGB No. 4759/Harjamukti, atas nama Perseroan 1,065
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
36 SHGB No. 4760/Harjamukti, atas nama Perseroan 1,730
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
37 SHGB No. 4761/Harjamukti, atas nama Perseroan 271
Jawa Barat
Kelurahan Harjamukti, Kecamatan Cimanggis, Kota Bogor,
38 SHGB No. 4762/Harjamukti, atas nama Perseroan 900
Jawa Barat
Desa Harjamukti, Kecamatan Cimanggis, Kota Depok,
39 SHGB No. 4794/Harjamukti, atas nama Perseroan 374
Jawa Barat
Sukuk Ijarah ini dijamin dengan jaminan aset This Ijarah Sukuk is secured by fixed assets in
tetap berupa tanah yang dimiliki oleh the form of land owned by the company which
Perusahaan yang akan diikat dengan hak will be bound by a first-rank mortgage whose
tanggungan peringkat pertama yang total value is at least 100% of the buyback
keseluruhan nilainya minimal sebesar 100% price. The rights of preferred ijarah sukuk
dari nilai harga pembelian kembali. Hak holders regarding the rights of other Company
pemegang sukuk ijarah preferen terhadap creditors are in accordance with applicable
hak-hak kreditur Perusahaan lainnya sesuai laws and regulations.
dengan peraturan perundang-undangan yang
berlaku.
Penerbit akan melakukan pembelian kembali The publisher will conduct mandatory
dipercepat wajib pada ulang tahun ke-6 dan accelerated buybacks on the year 6th and 7th
ulang tahun ke-7 dari tanggal penerbitan from the issuance date of the ijarah sukuk.
sukuk ijarah.
59
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Berdasarkan Perjanjian Perwaliamanatan Based on the Ijarah Sukuk Agreement
Sukuk Ijarah antara Perusahaan dengan between the Company and PT Bank Syariah
PT Bank Syariah Indonesia Tbk sebagai wali Indonesia Tbk as trustee, the Company is
amanat, Perusahaan diwajibkan untuk required to fulfill several conditions, including:
memenuhi beberapa ketentuan antara lain:
1. Memelihara nilai EBITDA agar tetap 1. Maintain EBITDA value to remain positive;
positif; 2. Maintain Debt Service Coverage Ratio
2. Menjaga Debt Service Coverage Ratio di above 100%; and
atas 100%; dan 3. Ratio between Debt and capital up to
3. Perbandingan antara Utang dengan 1.5x.
modal sampai dengan 1,5x.
Perusahaan tidak memenuhi pembatasan The Company was not in compliance with the
keuangan yang dipersyaratkan oleh financial covenants required by the sukuk
Pemegang sukuk. Perusahaan telah holders. The Company has submitted a
mengirimkan surat permohonan waiver waiver request to the sukuk holders in respect
kepada Pemegang Sukuk atas tidak of the non-compliance with the minimum
terpenuhinya minimum rasio keuangan yang required financial ratios as of December 31,
dipersyaratkan pada tanggal 31 Desember 2025. As of the date of this report, the
2025. Sampai dengan saat ini Perusahaan Company is still awaiting the resolution of the
sedang menunggu hasil putusan Rapat Rapat Umum Pemegang Sukuk Indonesia.
Umum Pemegang Sukuk Indonesia.
24. Utang Bank 24. Bank Loans
2025 2024*)
Rp Rp
Pihak Berelasi (Catatan 37) Related Parties (Note 37)
PT Bank Tabungan Negara (Persero) Tbk 118,422,000,000 125,562,000,000 PT Bank Tabungan Negara (Persero) Tbk
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk -- 123,500,000,000 PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk
Jumlah 118,422,000,000 249,062,000,000 Total
Dikurangi Bagian yang Jatuh Tempo dalam
Satu Tahun 10,000,000,000 163,500,000,000 Less Current Portion
Bagian Jangka Panjang 108,422,000,000 85,562,000,000 Long Term Portion
*) Direklasifikasi, Catatan 45 *) As Reclassification, Note 45
Fasilitas Kredit Modal Kerja Working Capital Credit Facility
PT Bank Tabungan Negara (Persero) Tbk – PT Bank Tabungan Negara (Persero) Tbk –
LRT City Bekasi Timur Eastern Green LRT City Bekasi Timur Eastern Green
Berdasarkan Surat Persetujuan Pemberian Based on the Letter of Approval for
Kredit (SP2K) No. 77/S/CSTD/CB1/II/2022 Granting Credit (SP2K) No. 77/S/CSTD/
tanggal 22 Februari 2023, Perusahaan CB1/II/2022 dated 22 February 2023,
memperoleh Fasilitas Kredit Modal Kerja the Company obtained a Construction
Konstruksi untuk pelunasan kredit eksisting Working Capital Credit Facility to repay
ADCP di PT Bank Tabungan Negara the existing ADCP credit at PT Bank
(Persero) Tbk (“BTN”) (proyek Apartemen Tabungan Negara (Persero) Tbk (“BTN”)
LRT City Bekasi Timur Green Avenue dan (LRT City Bekasi Timur Green Avenue
Fasilitas KMK Standby Loan) dan kebutuhan Apartment project and KMK Standby Loan
operasional dan/atau tambahan modal kerja Facility) and operational needs and/or
(proyek Apartemen pembangunan Apartemen additional capital work (LRT City Bekasi Timur
LRT City Bekasi Timur Eastern Green). Eastern Green Apartment development
Selanjutnya, berdasarkan Surat Persetujuan project). Furthermore, based on the Bank's
Restrukturisasi Fasilitas Kredit dari Bank Credit Facility Restructuring Approval
tertanggal 24 Maret 2025 (Nomor: Letter dated March 24, 2025
98/S/CBD/CB1/III/2025), Perusahaan telah (Number: 98/S/CBD/CB1/III/2025), the
memperoleh persetujuan restrukturisasi atas Company has obtained approval for the
60
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
fasilitas tersebut dengan jatuh tempo pada restructuring of the said facility with a maturity
24 Desember 2032 dan ketentuan baru date of December 24, 2032, and the following
sebagai berikut: new terms:
• Plafond kredit baru Rp121.734.000.000; • New credit limit: Rp121,734,000,000;
• Sifat kredit non-revolving; • Non-revolving credit facility;
• Restructuring Fee 1,00% • Restructuring Fee: 1.00%;
• Biaya provisi 0,25%; • Provision fee: 0.25%;
• Biaya administrasi 0,25%; • Administration fee: 0.25%;
• Suku Bunga 8,25% per tahun; • Interest rate: 8.25% per annum;
• Denda 2% • Penalty fee: 2%;
• Biaya APHT 0,50%. • APHT fee: 0.50%.
Fasilitas pinjaman tersebut dijamin dengan: The credit facilities are guaranteed by:
a. Tanah proyek pembangunan Apartemen a. Land development projects for LRT City
LRT City Bekasi Timur Eastern Green Lot Bekasi Timur Eastern Green Lot 1
1 – Tower Primrose dan Tower Clove Apartments - Primrose Tower and Clove
(Catatan 8); dan Tower (Note 8); and
b. Piutang yang berkaitan dengan b. Receivables related to income from units of
pendapatan atas unit-unit Apartemen LRT LRT City Bekasi Timur Eastern Green Lot
City Bekasi Timur Eastern Green Lot 1 – 1 Apartments - Primrose Tower and Clove
Tower Primrose dan Tower Clove yang Tower which are tied to cessie or fiducia
diikat dengan cessie atau fiducia (Note 8).
(Catatan 8).
Perusahaan terikat dengan syarat-syarat, The Company is required to comply with
antara lain: terms, among others:
a. DER maksimal sebesar 350%; a. Maximum DER of 350%;
b. Interest Coverage Ratio minimal 100%; b. Minimum Interest Coverage Ratio of 100%;
c. Current Ratio diatas 100%; c. Current Ratio above 100%;
d. Menjaga kualitas kredit di BTN maupun d. Maintain credit quality at BTN and other
Bank lain agar selalu kondisi lancar; banks so that they are always in smooth
condition;
e. Melaksanakan pembangunan apartemen e. Carrying out the construction of the
berjalan sesuai dengan rencana saat apartment goes according to plan when
pengajuan kredit; applying for credit;
f. Menyerahkan laporan yang ditandatangani f. Submit a report signed by the authorized
pejabat yang berwenang sesuai dengan official in accordance with the Articles of
Anggaran Dasar terkait perkembangan Association regarding project progress
proyek setiap 3 bulan; every 3 months;
g. Menyerahkan Laporan Keuangan g. Submit Semester Financial Reports no later
Semesteran paling lambat 90 hari setelah than 90 days after the reporting date and
tanggal pelaporan dan Laporan Auditor the Independent Auditor's Report no later
Independen maksimal 180 hari setelah than 180 days after the reporting date;
tanggal pelaporan;
h. Menyerahkan Hasil Penilaian Agunan h. Submit the results of Collateral Appraisal
yang dilakukan oleh Appraisal Independen conducted by an Independent Appraisal
setiap 24 (dua puluh empat) bulan sejak every 24 (twenty-four) months from the
tanggal penilaian terakhir; dan date of the last appraisal; and
i. Mengizinkan BTN atau pihak yang ditunjuk i. Permit BTN or a party appointed by BTN to
BTN untuk melakukan pemeriksaan atas conduct an examination of the Company's
aktivitas usaha Perusahaan, mencakup business activities, including financial
informasi keuangan, perkembangan information, construction progress, and
konstruksi, dan perkembangan penjualan development of unit sales for projects
unit atas proyek yang dibiayai oleh BTN. financed by BTN.
61
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Saldo utang bank per 31 Desember 2025 Bank loan balances as of December 31, 2025
dan 2024 masing-masing sebesar and 2024 amounted to Rp118,422,000,000
Rp118.422.000.000 dan Rp125.562.000.000. and Rp125,562,000,000, respectively.
Jumlah pencairan sepanjang 31 Desember Total disbursements during December 31,
2025 dan 2024 masing-masing sebesar nihil. 2025 and 2024 amounted to nil respectively.
Pembayaran yang dilakukan untuk Payments made for the years ended
tahun-tahun yang berakhir pada tanggal December 31, 2025 and 2024 amounted to
31 Desember 2025 dan 2024 masing-masing Rp7.140.000.000 and Rp20,545,200,000
sebesar Rp7.140.000.000 dan respectively.
Rp20.545.200.000.
Perusahaan tidak memenuhi pembatasan The Company did not comply with the
keuangan yang dipersyaratkan oleh Bank. financial covenants required by the Bank. The
Perusahaan telah mengirimkan surat Company has submitted a waiver request to
permohonan waiver kepada Bank atas tidak the Bank regarding the non-compliance with
terpenuhinya minimum rasio keuangan yang the minimum financial ratios required as of
dipersyaratkan pada tanggal 31 Desember December 31, 2025. Based on the letter from
2025. Berdasarkan surat dari bank, the Bank, the Bank has approved the waiver
Pemegang menyetujui waiver pemenuhan of the financial covenant requirement.
financial covenant tersebut.
PT Bank Pembangunan Daerah Jawa Barat PT Bank Pembangunan Daerah Jawa Barat
dan Banten Tbk dan Banten Tbk
Berdasarkan Perjanjian Kredit Cash Collateral Based on the Cash Collateral Credit
No. 0108/KBA-OKR/2024 tanggal 12 Februari Agreement No. 0108/KBA-OKR/2024 dated
2024, Perusahaan memperoleh Fasilitas KMK February 12 2024, the Company obtained a
Cash Collateral untuk modal kerja. Jangka KMK Cash Collateral Facility for working
waktu pinjaman 12 (dua belas) bulan sampai capital. The loan term is 12 (twelve) months
dengan tanggal 12 Februari 2025. Fasilitas until February 12 2025. The facility has the
tersebut mempunyai syarat dan ketentuan following terms and conditions:
sebagai berikut:
• Plafond kredit Rp85.500.000.000; • Credit limit of Rp85,500,000,000;
• Sifat kredit non revolving; • The type of credit non revolving;
• Biaya provisi 0.5%; • Provision fee of 0,5%;
• Suku bunga 6% per tahun; • Interest rate at 6% p.a.
• Menjadikan deposito senilai • Using a deposit worth Rp90,000,000,000
Rp90.000.000.000 sebagai jaminan as loan collateral.
pinjaman.
Saldo utang bank per 31 Desember 2025 The bank loan balance as of December 31,
sebesar nihil. 2025 amounting to nill.
Jumlah pencairan sampai dengan Total disbursements up to December 31,
31 Desember 2024 sebesar 2024, amounted to Rp85,500,000,000.
Rp85.500.000.000.
Pembayaran yang dilakukan untuk periode Payments made for the periods ended
yang berakhir pada tanggal 31 Desember December 31, 2025 amounted to
2025 sebesar Rp85.500.000.000. Rp85,500,000,000.
62
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
PT Bank Pembangunan Daerah Jawa Barat PT Bank Pembangunan Daerah Jawa Barat
dan Banten Tbk dan Banten Tbk
Berdasarkan Perjanjian Kredit Cash Collateral Based on the Cash Collateral Credit
No. 0309/KBA-OKR/2024 tanggal 16 Mei Agreement No. 0309/KBA-OKR/2024 dated
2024, Perusahaan memperoleh Fasilitas KMK May 16 2024, the Company obtained a KMK
Cash Collateral untuk modal kerja. Jangka Cash Collateral Facility for working capital.
waktu pinjaman 12 (dua belas) bulan sampai The loan term is 12 (twelve) months until May
dengan tanggal 16 Mei 2025. Fasilitas 16, 2025. The facility has the following terms
tersebut mempunyai syarat dan ketentuan and conditions:
sebagai berikut:
• Plafond kredit Rp38.000.000.000; • Credit limit of Rp38,000,000,000;
• Sifat kredit non revolving; • The type of credit non revolving;
• Biaya provisi 0.37%; • Provision fee of 0,37%;
• Suku Bunga 6% per tahun; • Interest Rate at 6% p.a;
• Menjadikan Tabungan giro senilai • Using cash in bank worth
Rp40.000.000.000 sebagai jaminan Rp40,000,000,000 as loan collateral.
pinjaman.
Saldo utang bank per 31 Desember 2024 The bank loan balance as of December 31,
sebesar Rp38.000.000.000. 2024 amounting to Rp38,000,000,000.
Jumlah pencairan sampai dengan Total disbursements up to December 31,
31 Desember 2024 sebesar 2024, amounted to Rp38,000,000,000.
Rp38.000.000.000.
Pembayaran yang dilakukan untuk tahun yang Payments made for the year ended December
berakhir pada tanggal 31 Desember 2025 31, 2025 amounted to Rp38,000,000,000.
sebesar Rp38.000.000.000.
25. Utang Lembaga Keuangan 25. Financial Institution Payable
2025 2024*)
Rp Rp
Pihak Ketiga Third Party
PT Indonesia Infrastructure Finance 117,835,000,000 126,492,500,000 PT Indonesia Infrastructure Finance
Dikurangi Bagian yang Jatuh Tempo dalam
Satu Tahun 6,000,000,000 8,657,500,000 Less Current Portion
Bagian Jangka Panjang 111,835,000,000 117,835,000,000 Long Term Portion
*) Direklasifikasi, Catatan 46 *) As Reclassification, Note 45
Berdasarkan Perjanjian No. PF.02/IV/IIF Based on Agreement No. PF.02/IV/IIF
TL/2023 tanggal 18 April 2023, Perusahaan TL/2023 dated 18 April 2023, the Company
memperoleh Fasilitas Pinjaman Berjangka obtained a Senior Term Loan Facility. The
Senior. Tujuan atas pinjaman tersebut purpose of the loan is to fund the Cisauk
digunakan untuk pendanaan proyek Cisauk. project. The loan term is 4 (four) years until
Jangka waktu pinjaman 4 (empat) tahun March 2027. This facility has the following
sampai dengan tanggal Maret 2027. terms and conditions:
Fasilitas tersebut mempunyai syarat dan
ketentuan sebagai berikut:
• Plafond kredit Rp133.150.000.000; • Credit ceiling Rp. 133,150,000,000;
• Sifat kredit non revolving; • Non-revolving nature of credit;
• Biaya Fasilitas 0.5%; • Facility Fee 0.5%;
• Biaya Struktur 0.5%; • Structure Fee 0.5%;
• Biaya Komitmen 0.25%; • Commitment Fee 0.25%;
• Suku Bunga 10% per tahun; • Interest rate 10% per year;
• Denda 2%; • Fine at 2%;
• Biaya APHT Rp600.000.000. • APHT fee Rp600,000,000.
63
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Fasilitas pinjaman tersebut dijamin dengan: The loan facility is secured by:
a. Tanah dan bangunan Komersial Area a. Land and buildings in the Commercial
dan Tower 1 proyek Cisauk Point. Area and Tower 1 of the Cisauk Point
project.
b. Piutang yang berkaitan dengan b. Receivables related to income from
pendapatan atas unit-unit Cisauk Point Cisauk Point units which are tied to a
yang diikat dengan cessie atau fiducia. cessie or fiduciary.
Jumlah pencairan sampai dengan Total disbursements up to December 31,
31 Desember 2025 dan 2024 sebesar nihil 2025 and 2024 amounted to nil and
dan Rp6.237.240.575. Rp6,237,240,575, respectively.
Pembayaran yang dilakukan untuk tahun Payments made for the years ended
yang berakhir pada tanggal 31 Desember December 31, 2025 and 2024 amounted to
2025 dan 2024 sebesar Rp8.657.500.000, Rp8,657,500,000 and Rp6,657,500,000,
dan Rp6.657.500.000. respectively.
Perusahaan terikat dengan syarat-syarat, The Company is required to comply with
antara lain: terms, among others:
a. Rasio Utang terhadap Ekuitas (Debt to a. The Debt-to-Equity Ratio of the Borrower
Equity Ratio) dari Penerima Pinjaman must not exceed 5 (five) times;
tidak boleh melebihi 5 (lima) kali;
b. Rasio Lancar (Current Ratio) dari b. The Current Ratio of the Borrower must
Penerima Pinjaman tidak boleh kurang not be less than 1.1 (one point one)
dari 1,1 (satu koma satu) kali; dan times; and
c. DSCR dari Penerima Pinjaman tidak c. The DSCR of the Borrower must not be
boleh kurang dari 1 (satu) kali. less than 1 (one) time.
Perusahaan tidak memenuhi pembatasan The Company did not comply with the
keuangan yang dipersyaratkan oleh financial covenants required by PT
PT Indonesia Infrastructure Finance. Indonesia Infrastructure Finance. The
Perusahaan telah mengirimkan surat Company has submitted a waiver request
permohonan waiver kepada PT Indonesia to PT Indonesia Infrastructure Finance
Infrastructure Finance atas tidak regarding the non-compliance with the
terpenuhinya minimum rasio keuangan yang minimum financial ratios required as of
dipersyaratkan pada tanggal 31 Desember December 31, 2025. As of the issuance
2025. Sampai dengan tanggal penerbitan date of the consolidated financial
Laporan Keuangan Kosolidasian, statements, the Company has not yet
Perusahaan belum menerima surat received a waiver approval letter from
persetujuan waiver dari IIF. Indonesia Infrastructure Finance (IIF).
26. Utang Lain-Lain 26. Other Payables
2025 2024
Rp Rp
Pihak Berelasi (Catatan 37) Related Parties (Note 37)
PT Adhi Karya (Persero) Tbk 561,548,367,459 377,057,106,290 PT Adhi Karya (Persero) Tbk
PT Kereta Api Indonesia (Persero) 44,385,600,000 44,385,600,000 PT Kereta Api Indonesia (Persero)
Perum Damri 16,234,922,000 16,234,922,000 Perum Damri
Sub Jumlah Pihak Berelasi 622,168,889,459 437,677,628,290 Sub Total Related Parties
Pihak Ketiga Third Parties
PT Sigmaeltra Propertindo 221,148,070,439 221,148,070,439 PT Sigmaeltra Propertindo
Jumlah 843,316,959,898 658,825,698,729 Total
64
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Utang lain-lain pada : Other payable to :
a. PT Adhi Karya (Persero) Tbk merupakan a. PT Adhi Karya (Persero) Tbk. is involved in
transaksi atas pembelian lahan Cikunir transactions related to the purchase of land
dan transaksi atas pinjaman pemegang in Cikunir and the issuance of shareholder
saham. loans.
b. PT Kereta Api Indonesia (Persero) b. PT Kereta Api Indonesia (Persero) is
merupakan transaksi atas pemanfaatan involved in transactions related to the
lahan di Cisauk Point. utilization of land in Cisauk Point.
c. Perum Damri merupakan transaksi atas c. Perum Damri is involved in transactions
pemanfaatan lahan di Oase Park. related to the utilization of land in Oase
Park.
d. PT Sigmaeltra Propertindo merupakan d. PT Sigmaeltra Propertindo is involved in the
transaksi atas pembelian lahan di proyek transaction of land in the Adhi City Sentul
Adhi City Sentul. project.
27. Modal Saham 27. Share Capital
2025 dan/and 2024
Pemegang Saham/ Jumlah Saham/ Kepemilikan/ Jumlah Modal disetor/
Shareholders Total Shares Ownership Total Paid - Up Capital
PT Adhi Karya (Persero) Tbk 19,999,900,000 89.9996% 1,999,990,000,000
Masyarakat/Public 2,222,222,200 10.0004% 222,222,220,000
Koperasi Jasa Adhi Sejahtera 100,000 0.0005% 10,000,000
Jumlah/Total 22,222,222,200 100.00% 2,222,222,220,000
28. Tambahan Modal Disetor 28. Additional Paid in Capital
2025 dan/and 2024
Rp
Agio Saham Premium of Shares
2.222.222.200 lembar saham dengan nilai 2,222,222,200 shares with par value Rp100
nominal Rp100 per saham dengan harga per share selling price of between Rp800
jual antara Rp800 - Rp1.030 per lembar 66,718,057,335 - Rp1,030 per share
Dikurangi : Biaya Emisi Saham (10,085,358,350) Less: Share Issuance Costs
Jumlah 56,632,698,985 Total
29. Saldo Laba 29. Retained Earnings
2025 2024*)
Rp Rp
Ditentukan Penggunaannya Appropriated
Saldo Laba Awal Tahun 54,010,882,540 54,010,882,540 Profit for Beginning Balance
Cadangan Umum -- -- General Reserves
Saldo Akhir 54,010,882,540 54,010,882,540 Ending Balance
Belum
BelumDitentukan
DitentukanPenggunaannya
Penggunaannya Unappropriated
Saldo Laba Awal Tahun 192,055,173,106 149,852,514,742 Profit for Beginning Balance
Laba Tahun Berjalan (2,107,205,333,311) 42,202,658,364 Profit for the Year
Saldo Akhir (1,915,150,160,205) 192,055,173,106 Ending Balance
*) Disajikan Kembali, Catatan 46 *) As Restated, Note 46
65
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
30. Kepentingan Non-Pengendali Entitas Anak 30. Non-Controlling Interest in Subsidiary
2025
Nilai Bagian Laba (Rugi) Penambahan Nilai
Awal/ Tahun Berjalan/ (Pengurangan)/ Akhir/
Kepemilikan/ Beginning Profit (Loss) Addition Ending
Ownership Balance Current Year (Deduction) Balance
% Rp Rp Rp Rp
PT Mega Graha Citra Perkasa 0.01 8,719,999 (8,289,201) -- 430,798 PT Mega Graha Citra Perkasa
2024
Nilai Bagian Laba (Rugi) Penambahan Nilai
Awal/ Tahun Berjalan/ (Pengurangan)/ Akhir/
Kepemilikan/ Beginning Profit (Loss) Addition Ending
Ownership Balance Current Year (Deduction) Balance
% Rp Rp Rp Rp
PT Mega Graha Citra Perkasa 0.01 8,675,598 44,401 -- 8,719,999 PT Mega Graha Citra Perkasa
a. Kepentingan non-pengendali atas aset a. Non-controlling interest on net assets of
bersih entitas anak: subsidiaries:
2025 2024
Rp Rp
PT Mega Graha Citra Perkasa 430,798 8,719,999 PT Mega Graha Citra Perkasa
b. Kepentingan non-pengendali atas laba b. Non-controlling interest on net profit (loss)
(rugi) bersih entitas anak: of subsidiaries:
2025 2024
Rp Rp
PT Mega Graha Citra Perkasa (8,289,201) 44,401 PT Mega Graha Citra Perkasa
31. Pendapatan 31. Revenues
2025 2024
Rp Rp
Properti Property
LRT City Bekasi Timur Eastern Green 31,964,533,022 50,942,325,630 LRT City Bekasi Timur Eastern Green
LRT City Sentul 22,572,885,185 40,176,866,179 LRT City Sentul
Adhi City Sentul 6,911,578,213 48,653,108,597 Adhi City Sentul
Cisauk Point 1,418,113,944 6,597,432,320 Cisauk Point
LRT City MTH -- 1,052,146,100 LRT City MTH
Sub Jumlah 62,867,110,364 147,421,878,826 Sub Total
Operasi Bersama Joint Operation
LRT City Jatibening (JO ACP - UJP) 6,390,513,596 22,915,863,980 LRT City Jatibening (JO ACP - UJP)
Hotel Hotel
Hotel GranDhika Jakarta 77,031,503,890 76,628,948,333 Hotel GranDhika Jakarta
Hotel GranDhika Semarang 24,603,878,358 25,325,432,773 Hotel GranDhika Semarang
Hotel GranDhika Medan 23,413,615,320 26,956,287,150 Hotel GranDhika Medan
Sub Jumlah 125,048,997,568 128,910,668,256 Sub Total
Sewa Lease
LRT City MTH 1,725,680,429 964,612,800 LRT City MTH
Cisauk Point 1,311,703,780 103,716,000 Cisauk Point
Sub Jumlah 3,037,384,209 1,068,328,800 Sub Total
Jumlah 197,344,005,737 300,316,739,862 Total
Tidak terdapat pelanggan dengan nilai There are no customers with sales customer
pelanggan penjualan di atas 10% dari value above 10% of net revenue for the years
pendapatan neto untuk tahun-tahun yang ending December 31, 2025 and 2024.
berakhir pada tanggal 31 Desember 2025 dan
2024.
66
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
32. Beban Pokok Pendapatan 32. Cost of Revenue
2025 2024
Rp Rp
Properti Property
LRT City Bekasi Timur Eastern Green 31,428,792,547 46,145,116,088 LRT City Bekasi Timur Eastern Green
LRT City Sentul 20,675,040,727 32,328,078,010 LRT City Sentul
Adhi City Sentul 4,887,955,108 20,346,204,674 Adhi City Sentul
Cisauk Point 675,905,872 4,209,637,706 Cisauk Point
Sub Jumlah 57,667,694,254 103,029,036,478 Sub Total
Operasi Bersama Joint Operation
LRT City Jatibening (JO ACP - UJP) 6,359,332,071 18,172,243,767 LRT City Jatibening (JO ACP - UJP)
Hotel Hotel
Hotel GranDhika Jakarta 49,268,778,847 50,116,926,770 Hotel GranDhika Jakarta
Hotel GranDhika Medan 17,939,352,437 19,028,449,194 Hotel GranDhika Medan
Hotel GranDhika Semarang 17,457,829,942 17,562,982,566 Hotel GranDhika Semarang
Sub Jumlah 84,665,961,226 86,708,358,530 Sub Total
Jumlah 148,692,987,551 207,909,638,775 Total
Beban pokok pendapatan dari properti dan Cost of revenue from properties and joint
operasi bersama merupakan beban pokok operation represent cost of revenue of real
pendapatan atas aset real estat yang terjual estate assets that have been sold (Note 8).
(Catatan 8).
33. Beban Umum dan Administrasi 33. General and Administrative Expense
2025 2024
Rp Rp
Pegawai 29,283,261,103 23,393,423,865 Employees
Jasa Profesional 4,250,082,642 4,660,129,616 Professional Fees
Kantor 3,719,327,686 5,522,562,735 Office
Penyusutan dan Amortisasi (Catatan 15 dan 16) 1,167,226,986 1,997,785,552 Depreciation and amortization (Note 15 and 16)
Pendidikan dan Pelatihan 107,944,909 352,521,345 Education and Training
Sewa -- 106,717,900 Rent
Lain-lain (Masing-masing di bawah Rp100 Juta) 27,054,312 275,530,749 Others (Each Below Rp100 Million)
Jumlah 38,554,897,638 36,308,671,762 Total
34. Penghasilan (Beban) Lain-lain - Bersih 34. Other Income (Expenses) - Net
2025 2024*)
Rp Rp
Penghasilan Lain-lain: Other Income:
Pengembalian Uang Muka Kerjasama Lahan 12,318,674,160 21,060,489,840 Down Payment of Land Coorperation
Penghasilan Bunga 7,392,459,890 12,872,726,335 Interest Income
Penghasilan Pemulihan Penurunan Income Recovery Impairment
Nilai Piutang 2,015,825,778 666,614,298 of Receivables
Penghasilan Unit Batal 445,008,364 792,584,601 Cancellation Fee Income
Kenaikan Nilai Wajar Properti Investasi (Catatan 13) -- 11,754,468,156 Increase in Fair Value of Investment Property (Note 13)
Pendapatan Lainnya 11,824,652,362 12,558,863,227 Other Income
Jumlah Penghasilan Lain-lain 33,996,620,554 59,705,746,457 Total Other Income
67
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2025 2024*)
Rp Rp
Beban Lain-lain: Other Expense:
Penurunan Nilai Aset Real Estat (Catatan 8) (1,879,060,107,591) -- Real Estate Asset Impairment (Note 8)
Penyisihan Kerugian Allowance of Expected
Kredit Ekspektasian (34,860,647,515) (3,269,439,150) Credit Losses
Bagi Hasil atas Pengelolaan Hotel (34,325,574,143) (35,477,419,344) Sharing Profit on Hotel Management
Pembatalan Penjualan Lahan (11,989,917,837) -- Cancellation of Land Sales
Beban Klaim Kontribusi tetap (4,233,688,652) -- Fixed Contribution Claim Expense
Penurunan Nilai Wajar Properti Investasi (Catatan 13) (563,000,000) -- Decrease in Fair Value of Investment Property (Note 13)
Bagi Hasil atas Pemanfaatan Lahan Cisauk (333,308,805) (522,304,318) Profit Sharing on Cisauk Land
Corporate Social Responsibility (93,328,584) (228,678,172) Corporate Social Responsibility
Beban Lainnya (10,619,085,837) (9,267,236,299) Other Income (Expenses)
Jumlah Beban Lain-lain (1,976,078,658,964) (48,765,077,283) Total Other Expense
Jumlah (1,942,082,038,410) 10,940,669,174 Total
*) Disajikan Kembali, Catatan 46 *) As Restated, Note 46
Bagi hasil atas pemanfaatan lahan Cisauk Profit sharing on Cisauk land is profit sharing
merupakan sharing profit terhadap pembagian on the distribution of profit (loss) from the sale
laba (rugi) hasil penjualan dari apartemen of the Cisauk project apartment between the
proyek Cisauk antara grup dengan PT Kereta group and PT Kereta Api Indonesia (Persero)
Api Indonesia (Persero) dengan porsi 75 : 25 with a portion of 75 : 25 of the company's
atas pendapatan perusahaan setelah pajak. income after tax.
Bagi hasil atas pengelolaan hotel merupakan Profit sharing on hotel management is profit
sharing profit (loss) atas pengelolaan hotel sharing for managing the Grandhika hotel with
Grandhika dengan PT Adhi Karya (Persero) PT Adhi Karya (Persero) Tbk based on
Tbk berdasarkan perjanjian No. 112- agreement No.112-1/02/ADCP/I/2023 dated
1/02/ADCP/I/2023 tanggal 23 Januari 2023 January 23, 2023, with a minimum target set
dengan target minimal yang ditetapkan oleh by PT Adhi Karya, the company obliged to pay
PT Adhi Karya, perusahan wajib membayar profit sharing with percentage of 85:15 from
profit sharing dengan persentase 85:15 dari EBITDA.
EBITDA.
Penghasilan lainnya merupakan penghasilan Other income (Expenses) is other income
(Beban) Lainnya diluar bisnis utama seperti, outside the main business such as, LRT land
sewa lahan LRT, Coffee shop, jasa parkir. leases, coffee shops, parking services.
35. Beban Keuangan 35. Financial Charge
2025 2024
Rp Rp
Pendanaan Signifikan (Catatan 20) 101,448,774,151 3,483,823,638 Significant Financing (Note 20)
Bunga Pinjaman 39,059,735,938 7,048,960,132 Loan Interest
Bunga Obligasi 15,057,018,209 3,537,015,000 Interest Expense of Bond Payable
Amortisasi Biaya Provisi/Emisi Obligasi 2,551,701,574 2,160,267,911 Provision Cost/Bond Issuance Amortization
Amortisasi Biaya Emisi Sukuk Ijarah 606,734,020 608,192,353 Cost Sukuk Ijarah Issuance Amortization
Beban Bunga atas Liabilitas Sewa (Catatan 15) 43,546,762 72,097,613 Interest Expense on Lease Liabilities (Note 15)
Beban Keuangan Lainnya 13,379,473,969 1,714,638,902 Other Financial Charge
Jumlah 172,146,984,623 18,624,995,549 Total
36. (Rugi) Laba Per Saham Dasar 36. Basic (Loss) Earning Per Share
2025 2024
(Rugi) Laba yang Dapat Diatribusikan (Loss) Profit Atributable to
kepada Pemilik Entitas Induk (Rp) (2,107,205,333,311) 42,202,658,364 Owner of the Parent Entity (Rp)
Rata-rata Tertimbang Weighted Average of
Saham Beredar (lembar) (Rp) 22,222,222,200 22,222,222,200 Outstanding Shares (Rp)
(Rugi) Laba Per Saham Dasar (94.82) 1.90 Basic (Loss) Earning per Share
68
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Pada tanggal laporan posisi keuangan, Grup 43.At statement of financial position date, the
tidak memiliki efek yang berpotensi saham Group has no dilutive potential ordinary shares.
biasa yang dilutif.
37. Sifat dan Transaksi Pihak Berelasi 37. Nature and Related Parties Transaction
Berikut ini adalah pihak berelasi Here are the related parties which relate to
denganPemerintah yang merupakan entitas government entities controlled, jointly
yang dikendalikan, dikendalikan bersama atau controlled or significantly influenced by the
dipengaruhi secara signifikan oleh Government:
Pemerintah:
Pihak Berelasi/Related Parties Sifat Pihak Berelasi/Nature of Relationship Transaksi/Transaction
PT Adhi Persada Properti Entitas Sepengendali/Entity Under Common Control Pemasok/Supplier
PT Adhi Persada Gedung Entitas Sepengendali/Entity Under Common Control Kontraktor pembangunan apartemen/Apartment construction contractor
PT Adhi Persada Beton Entitas Sepengendali/Entity Under Common Control Penagihan atas Sewa Lahan/ Billing for Land Rent
PT Jasa Marga (Persero) Tbk Dikendalikan oleh Pemerintah Pusat RI/ Piutang Usaha/Account Receivables
Controlled by the Central Government of the
Republic of Indonesia
PT Kereta Api Indonesia (Persero) Dikendalikan oleh Pemerintah Pusat RI/ Bagi hasil atas pemanfaatan lahan Cisauk merupakan sharing profit terhadap
Controlled by the Central Government of the pembagian laba (rugi) hasil penjualan dari apartemen proyek Cisauk/
Republic of Indonesia Profit sharing on Cisauk land is profit sharing on the distribution of profit (loss)
from the sale of the Cisauk project apartment
PT Agrinas Jaladri Nusantara (Persero) Dikendalikan oleh Pemerintah Pusat RI/ Utang Usaha/Account Payables
Controlled by the Central Government of the
Republic of Indonesia
PT Bank Negara lndonesia (Persero) Tbk Dikendalikan oleh Pemerintah Pusat RI/Controlled by Penempatan giro dan penempatan kas yang dibatasi penggunaannya/Placement
the Central Government of the of current accounts and placement of restricted cash
Republic of Indonesia
PT Bank Rakyat lndonesia (Persero) Tbk Dikendalikan oleh Pemerintah Pusat RI/Controlled by Penempatan giro dan penempatan kas yang dibatasi penggunaannya/Placement
the Central Government of the of current accounts and placement of restricted cash
Republic of Indonesia
PT Bank Tabungan Negara (Persero) Tbk Dikendalikan oleh Pemerintah Pusat RI/Controlled by Penempatan giro dan penempatan kas yang dibatasi penggunaannya dan Utang
the Central Government of the Bank/Placement of current accounts and placement of restricted cash and bank
Republic of Indonesia loan
PT Bank Syariah Indonesia Tbk Dikendalikan oleh Pemerintah Pusat RI/Controlled by Penempatan giro dan penempatan kas yang dibatasi penggunaannya/Placement
the Central Government of the of current accounts and placement of restricted cash
Republic of Indonesia
PT Bank Mandiri (Persero) Tbk Dikendalikan oleh Pemerintah Pusat RI/Controlled by Penagihan atas Penggunaan Jasa Hotel, Penempatan giro dan penempatan kas
the Central Government of the yang dibatasi penggunaannya/Billing for Hotel Services , Placement of current
Republic of Indonesia accounts and placement of restricted cash
PT PLN (Persero) Dikendalikan oleh Pemerintah Pusat RI/Controlled by Penagihan atas Penggunaan Jasa Hotel/Billing for Hotel Services
the Central Government of the
PT PLN Enjiniring Republic of Indonesia
Dikendalikan oleh Pemerintah Pusat RI/Controlled by Penagihan atas Penggunaan Jasa Hotel/Billing for Hotel Services
the Central Government of the
Republic of Indonesia
Perum Damri Dikendalikan oleh Pemerintah Pusat RI/Controlled by Bagi hasil atas pemanfaatan lahan Oase Park merupakan sharing profit terhadap
the Central Government of the pembagian laba (rugi) hasil penjualan dari apartemen proyek Oase Park/
Republic of Indonesia Profit sharing on Oase Park land is profit sharing on the distribution of profit (loss)
PT Bank Pembangunan Daerah Jawa Barat Dikendalikan oleh Pemerintah Pusat RI/Controlled by Penempatan penempatan dana yang dibatasi penggunaannya dan Utang
dan Banten Tbk the Central Government of the Republic of Indonesia Bank/Placement of restricted cash and bank loan
Transaksi pada aset dan persentase terhadap Transactions in assets and the percentage of
total asset: total assets:
2025 2024
Rp % Rp %
Aset Assets
Kas dan Setara Kas (Catatan 4) 13,422,815,296 0.27 20,706,299,363 4.02 Cash and Cash Equivalents (Note 4)
Piutang Usaha (Catatan 6) 1,063,081,027 0.02 731,760,347 0.01 Accounts Receivable (Note 6)
Uang Muka (Catatan 9) 5,137,111,818 0.10 5,137,111,818 0.16 Advances (Note 9)
Piutang Lain-lain (Catatan 12) 2,672,912,081 0.05 3,683,707,062 0.13 Other Receivables (Note 12)
Aset Lain-lain (Catatan 17) 141,644,303,480 2.80 149,571,299,868 2.66 Other Asset (Note 17)
Jumlah Aset 163,940,223,702 3.25 309,830,178,458 6.98 Total Assets
69
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Transaksi pada liabilitas dan persentase Transactions in liabilities and the percentage
terhadap total liabilitas: of total liabilities:
2025 2024
Rp % Rp %
Liabilitas Liabilities
Utang Usaha (Catatan 18) 579,529,220,127 12.51 579,703,923,444 14.21 Accounts Payable (Note 18)
Liabilitas Jangka Pendek Other Short Term Liabilities
Lainnya (Catatan 21) 21,766,710,496 0.47 20,135,289,255 0.50 (Note 21)
Utang Bank (Catatan 24) 118,422,000,000 2.56 249,062,000,000 5.69 Bank Loans (Note 24)
Utang Lain-lain (Catatan 26) 622,168,889,459 13.43 437,677,628,290 9.67 Other Payable (Note 26)
Jumlah Liabilitas 1,341,886,820,082 28.96 1,286,578,840,989 30.07 Total Liabilities
Manajemen Kunci Key Management
Jumlah remunerasi yang diterima Dewan The amount of remuneration received by the
Komisaris untuk pada 31 Desember 2025, Board of Commissioners as of
dan 2024 masing-masing sebesar December 31, 2025 and 2024 is
Rp1.036.938.240 dan Rp1.230.315.750, Rp1,036,938,240 and Rp1,230,315,750
sedangkan untuk Direksi pada respectively, while for the Board of Directors
31 Desember 2025 dan 2024 masing-masing as of December 31, 2025 and 2024 it is
sebesar Rp.2.540.730.815 dan Rp2,540,730,815 and Rp3,189,324,000,
Rp3.189.324.000. respectively.
Tidak terdapat transaksi dengan pihak There was no transactions with related parties
berelasi yang dilakukan oleh manajemen are carried out by the key management for the
kunci untuk tahun-tahun yang berakhir pada years ended December 31, 2025 and 2024.
tanggal 31 Desember 2025 dan 2024.
38. Perjanjian Operasi Bersama 38. Joint Operation Agreement
a. Proyek LRT City Jatibening a. LRT City Jatibening Project
Berdasarkan Akta No. 2 tanggal Based on Notarial Deed No. 2 dated
2 Maret 2017 yang dibuat dihadapan March 2, 2017 made before Notary
Notaris Chilmiyati Rufaida S.H., Chilmiyati Rufaida S.H., PT Adhi Karya
PT Adhi Karya (Persero) Tbk melakukan (Persero) Tbk made joint operation
perjanjian kerjasama operasi bersama agreement with PT Nusawijaya
dengan PT Nusawijaya Propertindo untuk Propertindo for development of LRT City
pembangunan Proyek LRT City Jatibening Project. Furthermore, based on
Jatibening. Selanjutnya berdasarkan notarial deed addendum No. 2 dated June
addendum pada akta No. 2 tanggal 7, 2017, made before Notary Chilmiyati
7 Juni 2017 yang dibuat dihadapan Rufaida S.H., regarding appointment of
Notaris Chilmiyati Rufaida S.H., mengenai PT Urban Jakarta Propertindo Tbk as
penunjukan PT Urban Jakarta Propertindo substitute of PT Nusawijaya Propertindo.
Tbk sebagai pengganti PT Nusawijaya Furthermore, based on notarial deed
Propertindo. Selanjutnya dalam akta No. No. 22 dated July 30, 2018 appointed
22 tanggal 30 Juli 2018 menunjuk PT Adhi PT Adhi Commuter Properti as substitute
Commuter Properti sebagai pengganti PT of PT Adhi Karya (Persero) Tbk in the
Adhi Karya (Persero) Tbk dalam cooperation agreement.
perjanjian kerjasama tersebut.
b. Proyek LRT City Ciracas b. LRT City Ciracas Project
Berdasarkan Akta No. 2 tanggal Based on Deed No. 2 dated December
23 Desember 2016 yang dibuat 23, 2016 made before Notary Chilmiyati
dihadapan Notaris Chilmiyati Rufaida Rufaida S.H., PT Adhi Karya (Persero)
S.H., PT Adhi Karya (Persero) Tbk Tbk made joint operation agreement with
melakukan perjanjian kerjasama operasi PT Urban Jakarta Propertindo Tbk for
70
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
bersama dengan PT Urban Jakarta development of LRT City Ciracas Project.
Propertindo Tbk untuk pembangunan Furthermore, based on notarial deed No.
Proyek LRT City Ciracas. Selanjutnya 23 dated July 30, 2018, made before
dalam akta No. 23 tanggal 30 Juli 2018 Notary Chilmiyati Rufaida S.H., regarding
menunjuk PT Adhi Commuter Properti appointment of PT Adhi Commuter
sebagai pengganti PT Adhi Karya Properti as substitute of PT Adhi Karya
(Persero) Tbk dalam perjanjian kerjasama (Persero) Tbk in the cooperation
tersebut. agreement.
39. Instrumen Keuangan, Manajemen Risiko 39. Financial Instrument, Financial Risks
Keuangan dan Manajemen Permodalan Management and Capital Management
a. Kategori dan Kelas Instrumen a. Categories and Classes of Financial
Keuangan Loan
2025 2024
Rp Rp
Aset Keuangan: Financial Assets:
Kas dan Setara Kas 28,184,959,499 35,404,621,650 Cash and Cash Equivalents
Kas dan Setara Kas yang --
Dibatasi Penggunaannya -- 130,000,000,000 Restricted Cash and Cash Equivalents
Piutang Usaha Accounts Receivable
Pihak Berelasi 1,063,081,027 731,760,347 Related Parties
Pihak Ketiga 9,240,890,237 27,582,988,583 Third Parties
Pendapatan Diakui di Muka 16,043,585,331 41,179,198,308 Accrued Revenue
Piutang Lain-lain Other Receivables
Pihak Berelasi 2,672,912,081 3,683,707,062 Related Parties
Pihak Ketiga 41,284,570,368 68,862,047,923 Third Parties
Aset Lain-lain 209,941,229,098 223,591,939,488 Other Assets
Jumlah Aset Keuangan 308,431,227,641 531,036,263,361 Total Financial Assets
Liabilitas Keuangan: Financial Liabilities:
Utang Usaha Account Payables
Pihak Berelasi 579,529,220,127 579,703,923,444 Related Parties
Pihak Ketiga 537,542,576,565 537,054,899,229 Third Parties
Liabilitas Sewa 943,247,610 793,109,378 Lease Liabilities
Liabilitas Jangka Pendek Lainnya Other Short Term Liabilities
Pihak Berelasi 21,766,710,496 20,135,289,255 Related Parties
Pihak Ketiga 2,441,388,039 2,116,251,981 Third Parties
Utang Lain-lain 843,316,959,898 843,316,959,898 Others Payables
Utang Obligasi 596,789,239,460 594,845,521,893 Bonds Payable
Sukuk 302,183,384,048 268,414,235,028 Sukuk
Utang Bank 108,422,000,000 249,062,000,000 Bank Loan
Jumlah Liabilitas Keuangan 2,992,934,726,243 3,095,442,190,106 Total Financial Liabilities
b. Tujuan dan Kebijakan Manajemen b. Financial Risk Management Objectives
Risiko Keuangan and Policies
Bisnis Grup mencakup aktivitas Business of the Group include risk-taking
pengambilan risiko dengan sasaran activities with certain target by professional
tertentu dengan pengelolaan yang management. The main function of the risk
profesional. Fungsi utama dari manajemen management of the Group is to identify all
risiko Grup adalah untuk mengidentifikasi key risks, to measure these risks and
seluruh risiko kunci, mengukur risiko-risiko manage risk positions. The Group are
ini dan mengelola posisi risiko. Grup routinely reviewing the policy and risk
secara rutin menelaah kebijakan dan management systems to adapt to changes
sistem manajemen risiko untuk in markets, products and best market
menyesuaikan dengan perubahan di practices.
pasar, produk dan praktik pasar terbaik.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Grup mendefinisikan risiko keuangan The Group define financial risk as the
sebagai kemungkinan kerugian atau laba possibility of loss or lost profit, caused by
yang hilang, yang disebabkan oleh faktor internal factors as well as external factors
internal maupun faktor eksternal yang that potentially negative impact on
berpotensi negatif terhadap pencapaian achievement of Group goals.
tujuan Grup.
Tujuan Grup dalam mengelola risiko The purpose of the Group in managing
keuangan adalah untuk mencapai financial risks is to achieve an appropriate
keseimbangan yang sesuai antara risiko balance between risk and returns and
dan tingkat pengembalian serta minimize potential adverse effects of the
meminimalisasi potensi efek financial performance of the Group.
memburuknya kinerja keuangan Grup.
Risiko keuangan utama yang dihadapi The main financial risks facing by the
Grup adalah risiko kredit, risiko likuiditas Group is credit risk, liquidity risk and
dan risiko suku bunga. Perhatian interest rate risk. Attention to this risk
atas pengelolaan risiko ini telah management has increased significantly by
meningkat secara signifikan dengan considering changes and financial market
mempertimbangan perubahan dan volatility in Indonesia and internationally.
volatilitas pasar keuangan di Indonesia
dan internasional.
a. Risiko Kredit a. Credit Risk
Risiko kredit adalah kerugian yang Credit risk is the loss arising from
timbul dari pelanggan yang gagal customers who fail to meet their
memenuhi kewajiban kontraktual contractual obligations.
mereka.
Instrumen keuangan Grup yang Group's financial instruments that have
mempunyai potensi atas risiko kredit the potential for credit risk consist of
terdiri dari kas dan setara kas, piutang cash and cash equivalents, accounts
usaha, pendapatan diakui di muka, receivable, accrued revenue, other
piutang lain-lain, dan aset lain-lain. receivables, and other assets. Total
Jumlah eksposur risiko kredit maximum credit risk exposure equal to
maksimum sama dengan nilai tercatat the carrying value of these accounts.
atas akun-akun tersebut. Rincian umur The details of aging of account
piutang usaha diungkapkan pada receivables disclosed in Note 6.
Catatan 6.
Grup mengelola risiko kredit dengan Group manage credit risk by setting
menetapkan batasan jumlah risiko limits of the amount of acceptable risk
yang dapat diterima untuk masing- for each customer and are more
masing pelanggan dan lebih selektif selective in the choice of banks and
dalam pemilihan bank dan institusi financial institutions, which only
keuangan, yaitu hanya bank-bank dan reputable and well predicated.
institusi keuangan ternama dan yang
berpredikat baik yang dipilih.
b. Risiko likuiditas b. Liquidity Risk
Tanggung jawab utama untuk The ultimate responsibility for liquidity
manajemen risiko likuiditas terletak risk is in the board of directors, whom
pada dewan direksi, yang telah has established liquidity risk
membentuk kerangka kerja management framework suitable for
manajemen risiko likuiditas yang the management of the Group’s short -
sesuai untuk manajemen Grup dan medium and long-term funding as well
pendanaan jangka pendek - menengah as and liquidity management
dan jangka panjang dan persyaratan requirements. The Group manages
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
manajemen likuiditas. Grup mengelola liquidity risk by maintaining adequate
risiko likuiditas dengan memelihara reserves, banking facilities and reserve
cadangan yang memadai, fasilitas borrowing facilities, by continuously
perbankan dan fasilitas pinjaman monitoring forecast and actual cash
cadangan, dengan terus memantau flows, and by matching the maturity
arus kas prakiraan dan aktual, dan profiles of financial assets and
dengan cara mencocokkan profil jatuh liabilities.
tempo aset dan liabilitas keuangan.
Tabel berikut juga merinci ekspektasi The following table details the Group’s
jatuh tempo untuk aset keuangan non- expected maturity for its non-derivative
derivatif Grup. Tabel disusun financial assets. The table has been
berdasarkan jatuh tempo kontrak tak drawn up based on the undiscounted
terdiskonto dari aset keuangan contractual maturities of the financial
termasuk bunga yang akan diperoleh assets including interest that will be
dari aset tersebut. Dicantumkannya earned on those assets. The inclusion
informasi aset keuangan non-derivatif of information on non-derivative
diperlukan dalam rangka untuk financial assets is necessary in order
memahami manajemen risiko likuiditas to understand the Group liquidity risk
Grup dimana likuiditas dikelola atas management as the liquidity is
dasar aset dan liabilitas bersih. managed on a net asset and liability
basis.
Nilai Tercatat/
Jatuh Tempo/Past Due Carrying Amount
< 1 Tahun/ > 1-2 Tahun/ > 2-3 Tahun/ Jumlah/ Biaya Emisi/ 31 Desember 2025/
< 1 Year > 1-2 Years > 2-3 Years Total Issuance Costs December 31, 2025
Rp Rp Rp Rp Rp Rp
Utang Usaha 727,023,432,326 390,048,364,366 -- 1,117,071,796,692 -- 1,117,071,796,692 Accounts Payable
Beban Akrual 155,961,483,905 -- -- 155,961,483,905 -- 155,961,483,905 Accrued Expenses
Liabilitas Sewa 758,583,587 184,664,023 -- 943,247,610 -- 943,247,610 Lease Liabilities
Liabilitas Jangka Pendek Lainnya 24,208,098,535 -- -- 24,208,098,535 -- 24,208,098,535 Other Short-term Liabilities
Utang Bank 10,000,000,000 10,000,000,000 98,422,000,000 118,422,000,000 -- 118,422,000,000 Bank Loan
Utang Lain-lain -- 561,548,367,459 281,768,592,439 843,316,959,898 -- 843,316,959,898 Other Payable
Sukuk -- -- 305,722,665,832 305,722,665,832 (3,539,281,784) 302,183,384,048 Sukuk
Utang Obligasi 15,700,000,000 102,000,000,000 484,200,000,000 601,900,000,000 (5,110,760,540) 596,789,239,460 Bonds Payable
Jumlah Liabilitas Keuangan 933,651,598,353 1,063,781,395,848 1,170,113,258,271 3,131,838,696,401 (13,781,613,736) 3,118,057,082,665 Total Financal Liabilities
2025
Properti/
Real Estat/
Real Estate Hotel/ Sewa/ Eliminasi/ Konsolidasian/
Property Hotel Rent Elimination Consolidated
Rp Rp Rp Rp Rp
Pendapatan Usaha/ Revenues 69,257,623,960 125,048,997,568 3,037,384,209 -- 197,344,005,737
Beban Pokok Pendapatan/ Cost of Revenues (64,027,026,325) (84,665,961,226) -- -- (148,692,987,551)
Laba Kotor/ Gross Profits 5,230,597,635 40,383,036,342 3,037,384,209 -- 48,651,018,186
c. Risiko tingkat suku bunga c. Interest rate risk
Risiko arus kas tingkat bunga adalah Cash flow interest rate risk is the risk
risiko akibat perubahan tingkat bunga that changes in market interest rates
pasar yang mempengaruhi arus kas will impact cash flows arising from
yang terkait dengan instrumen variable rate financial instruments.
keuangan dengan tingkat bunga
variabel.
Grup terekspos risiko suku bunga The Group exposure to interest rate
terutama menyangkut liabilitas risk is primarily related to financial
keuangan. Grup memiliki pinjaman yang liabilities. The Group has long-term
bersifat jangka panjang kepada bank loans to banks that use market interest
yang menggunakan tingkat bunga rate. To manage interest rate risk, the
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
pasar. Untuk mengelola risiko tingkat Group makes a combination of debt
bunga, Grup membuat kombinasi utang and long-term loans with fixed and
dan pinjaman jangka panjang dengan floating interest rates.
suku bunga tetap dan mengambang.
Profil pinjaman Grup adalah sebagai The Group’s borrowings profile are as
berikut: follows:
2025 2024
Rata-rata Rata-rata
Tertimbang Tertimbang
Tingkat suku Tingkat suku
Bunga/ Bunga/
Weighted Weighted
Average Saldo/ Average Saldo/
Interest Rate Balance Interest Rate Balance
% Rp % Rp
Utang Obligasi Jangka Pendek 7.80% 15,615,346,240 11.00% 101,837,965,301 Short-term Bonds Payables
Utang Bank Bagian yang Jatuh Tempo Current Maturities of
Dalam Satu Tahun 8.50% 10,000,000,000 8.50% 163,500,000,000 Bank Loans
Utang Lembaga Keuangan yang Jatuh Current Maturities of Financial
Tempo Dalam Satu Tahun 10.00% 6,000,000,000 10.00% 8,657,500,000 Institution Payable
Utang Obligasi Jangka Panjang 9.62% 581,173,893,220 8.25% 493,007,556,592 Long-term Bonds Payables
Utang Bank Jangka Panjang 8.25% 108,422,000,000 8.25% 85,562,000,000 Long-Term Bank Loans
Utang Lembaga Keuangan 10.00% 111,835,000,000 8.00% 117,835,000,000 Financial Institution Payable
Utang Lain-lain 9.00% 561,548,367,459 9.00% 377,057,106,290 Other Payable
Eksposure neto atas risiko arus kas Net exposure to cash
tingkat suku bunga 1,394,594,606,919 1,347,457,128,183 flow interest rate risk
d. Manajemen Permodalan d. Capital Management
Tujuan dari Grup dalam mengelola The objectives of the Group when
permodalan adalah untuk kelangsungan managing capital are to safeguard
usaha Grup untuk dapat memberikan Group’s ability to continue as a going
hasil kepada pemegang saham dan concern in order to provide retursn to
manfaat kepada pemangku kepentingan shareholders and benefits for other
lainnya, dan memelihara optimalisasi stakeholders, and to maintain an
struktur permodalan. optimal capital structure.
Grup menetapkan sejumlah modal The Group set a number of capital in
sesuai proporsi terhadap risiko. Grup proportion to the risk. The Group
mengelola struktur modal dan membuat manages its capital structure and
penyesuaian dengan memperhatikan makes adjustments taking into account
perubahan kondisi ekonomi dan changes in economic conditions and
karakteristik risiko aset yang mendasari. risk characteristics of the underlying
Konsisten dengan Grup lain dalam asset. Consistent with other companies
industri, Grup memonitor modal dengan in the industry, the Group monitors
dasar rasio utang terhadap modal yang capital on the basis of the ratio of
disesuaikan. Rasio ini dihitung sebagai adjusted debt to capital. This ratio is
berikut: utang neto dibagi modal yang calculated as follows: net debt divided
disesuaikan. Utang neto merupakan by adjusted capital. Net debt is total
total utang (sebagaimana jumlah dalam debt (as the amount in the statement of
laporan posisi keuangan) dikurangi kas financial position) less cash and cash
dan setara kas. Jumlah modal dihitung equivalents. Total capital is calculated
dari “ekuitas” seperti yang ada pada as “equity” as shown in the
laporan posisi keuangan konsolidasian consolidated statement of financial
ditambah utang. position plus net debt.
2025 2024
Rp Rp
Total Liabilitas 4,634,003,319,606 4,458,491,010,315 Total Liability
Dikurangi: Kas dan Setara Kas (28,184,959,499) (35,404,621,650) Less: Cash and Cash Equivalents
Utang Neto 4,605,818,360,107 3,787,214,552,018 Net Debt
Total Ekuitas 417,716,072,118 2,524,929,694,630 Total Equity
Rasio Utang terhadap Modal 1103% 147% Debt to Equity Ratio
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
e. Nilai wajar instrumen keuangan e. Fair values of financial instruments
Kecuali disebutkan pada tabel berikut Except as detailed in the following
ini, manajemen berpendapat bahwa table, management considers that the
nilai tercatat aset dan liabilitas carrying amounts of financial assets
keuangan yang dicatat sebesar biaya and financial liabilities recorded at
perolehan diamortisasi dalam laporan amortized cost in the consolidated
keuangan konsolidasian mendekati nilai financial statements approximate their
wajarnya karena bersifat jangka pendek fair values because of their short-term
atau memakai suku bunga pasar: maturities or they carry market interest
rate:
Nilai Tercatat/ Nilai Wajar/
Carrying Amount Fair Value
2025 2025
Rp Rp
Aset Keuangan: Financial Assets:
Kas dan Setara Kas 28,184,959,499 28,184,959,499 Cash and Cash Equivalents
Piutang Usaha Accounts Receivable
Pihak Berelasi 1,063,081,027 1,063,081,027 Related Parties
Pihak Ketiga 9,240,890,237 9,240,890,237 Third Parties
Pendapatan Diakui di Muka 16,043,585,331 16,043,585,331 Accrued Revenue
Piutang Lain-lain Other Receivables
Pihak Berelasi 2,672,912,081 2,471,714,519 Related Parties
Pihak Ketiga 41,284,570,368 38,176,965,386 Third Parties
Aset Lain-lain 209,941,229,098 209,941,229,098 Other Assets
Jumlah Aset Keuangan 308,431,227,641 305,122,425,096 Total Financial Assets
Liabilitas Keuangan: Financial Liabilities:
Utang Usaha Account Payables
Pihak Berelasi 579,529,220,127 579,529,220,127 Related Parties
Pihak Ketiga 537,542,576,565 537,542,576,565 Third Parties
Utang Lain-lain 843,316,959,898 779,838,135,656 Other Payables
Liabilitas Sewa 943,247,610 943,247,610 Lease Liabilities
Liabilitas Jangka Pendek Lainnya Other Short Term Liabilities
Pihak Berelasi 21,766,710,496 21,766,710,496 Related Parties
Pihak Ketiga 2,441,388,039 2,441,388,039 Third Parties
Utang Obligasi 596,789,239,460 596,789,239,460 Bonds Payable
Sukuk 302,183,384,048 302,183,384,048 Sukuk
Utang Bank 118,422,000,000 118,422,000,000 Bank Loan
Jumlah Liabilitas Keuangan 3,002,934,726,243 2,939,455,902,001 Total Financial Liabilities
Nilai Tercatat/ Nilai Wajar/
Carrying Amount Fair Value
2024 2024
Rp Rp
Aset Keuangan: Financial Assets:
Kas dan Setara Kas 35,404,621,650 35,404,621,650 Cash and Cash Equivalents
Kas dan Setara Kas yang
Dibatasi Penggunaannya 130,000,000,000 130,000,000,000 Restricted Cash and Cash Equivalents
Piutang Usaha Accounts Receivable
Pihak Berelasi 731,760,347 731,760,347 Related Parties
Pihak Ketiga 27,582,988,583 27,582,988,583 Third Parties
Pendapatan Diakui di Muka 41,179,198,308 41,179,198,308 Accrued Revenue
Piutang Lain-lain Other Receivables
Pihak Berelasi 3,683,707,062 3,406,424,138 Related Parties
Pihak Ketiga 68,862,047,923 63,678,609,139 Third Parties
Aset Lain-lain 223,591,939,488 223,591,939,488 Other Assets
Jumlah Aset Keuangan 531,036,263,361 525,575,541,653 Total Financial Assets
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
Nilai Tercatat/ Nilai Wajar/
Carrying Amount Fair Value
2024 2024
Rp Rp
Liabilitas Keuangan: Financial Liabilities:
Utang Usaha Account Payables
Pihak Berelasi 579,703,923,444 579,703,923,444 Related Parties
Pihak Ketiga 537,054,899,229 537,054,899,229 Third Parties
Utang Lain-lain 658,825,698,729 609,234,047,280 Other Payables
Liabilitas Sewa 793,109,378 793,109,378 Lease Liabilities
Liabilitas Jangka Pendek Lainnya Other Short Term Liabilities
Pihak Berelasi 20,135,289,255 20,135,289,255 Related Parties
Pihak Ketiga 2,116,251,981 2,116,251,981 Third Parties
Utang Obligasi 594,845,521,893 594,845,521,893 Bonds Payable
Sukuk 268,414,235,028 268,414,235,028 Sukuk
Utang Bank 249,062,000,000 249,062,000,000 Bank Loan
Jumlah Liabilitas Keuangan 2,910,950,928,937 2,861,359,277,488 Total Financial Liabilities
Nilai wajar aset keuangan dan liabilitas The fair values of financial assets and
keuangan diukur dengan dasar sebagai financial liabilities are measured on the
berikut: following basis:
Aset keuangan Financial assets
Nilai wajar atas aset keuangan jangka The fair value of short-term financial assets
pendek (umumnya kurang dari satu (generally with maturities of less than one
tahun) akan diterima sebesar nilai year) approximates their carrying amounts,
tercatat karena telah mendekati as such carrying amounts reflect their
estimasi nilai wajarnya. estimated fair values.
Liabilitas keuangan Financial liabilities
Nilai wajar liabilitas keuangan jangka The fair values of short-term and long-term
pendek dan panjang sebesar nilai financial liabilities approximate their carrying
tercatat karena telah mendekati amounts, as these amounts reasonably
estimasi nilai wajarnya, kecuali nilai reflect their estimated fair values, except for
wajar atas liabilitas sewa, Utang lease liabilities, bonds payable, sukuk, and
Obligasi, Sukuk dan Utang Bank bank loans with maturities of more than one
dengan jatuh tempo lebih dari satu year, whose fair values are estimated to
tahun diperkirakan mendekati nilai approximate their carrying amounts due to
tercatat karena suku bunga yang the interest rates charged being close to
dibebankan mendekati suku bunga prevailing market rates.
pasar.
40. Informasi Tambahan Arus Kas 40. Supplemental Cash Flows Information
a. Transaksi Non Kas a. Non Cash Transaction
Berikut aktivitas investasi dan pendanaan The following are investing and financing
yang tidak mempengaruhi arus kas pada activities which do not affect cash flows for
periode yang berakhir pada tanggal periods ended December 31, 2025 as
31 Desember 2025 sebagai berikut: follows:
• Penambahan tanah yang belum • Additions to undeveloped land arising
dikembangkan melalui beban akrual from accrued project operational
atas biaya operasional proyek dan expenses and the cancellation of the
Pembatalan pembelian lot tanah ACS purchase of ACS land lots, totaling
dengan total sebesar Rp20,227,126,145.
Rp20.227.126.145.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
b. Rekonsiliasi Liabilitas dari Aktivitas b. Reconciliation of Liability arising from
Pendanaan Financing Activities
Tabel di bawah ini menjelaskan perubahan The table below details changes in the
dalam liabilitas Grup yang timbul dari Group’s liabilities arising from financing
aktivitas pendanaan, termasuk perubahan activities, including both cash and non-
yang timbul dari arus kas dan perubahan cash changes. Liabilities arising from
nonkas. Liabilitas yang timbul dari aktivitas financing activities are those for which
pendanaan adalah liabilitas yang arus kas, cash flows were, or future cash flows will
atau arus kas masa depannya, be, classified in the Group’s consolidated
diklasifikasikan dalam laporan arus kas statement of cash flows as cash flows from
konsolidasian Grup sebagai arus kas dari financing activities.
aktivitas pendanaan.
Arus Kas dari Aktivitas Pendanaan/
Financing Cash Flows Perubahan Transaksi
1 Januari 2025/ Penambahan/ Pembayaran/ Non Kas/ 31 Desember 2025/
January 01, 2025 Additional Payment Non-Cash Changes December 31, 2025
Rp Rp Rp Rp Rp
Liabilitas Sewa 793,109,378 -- (262,736,577) 412,874,808 943,247,610 Lease Liabilities
Utang Lembaga Keuangan 126,492,500,000 -- (8,657,500,000) -- 117,835,000,000 Financial Institution Payable
Utang Bank 249,062,000,000 -- (130,640,000,000) -- 118,422,000,000 Bank Loan
Utang Lain-lain 658,825,698,729 138,533,320,874 -- 45,957,940,295 843,316,959,898 Others Payable
Sukuk 268,414,235,028 -- (3,604,600,000) 37,373,749,020 302,183,384,048 Sukuk
Utang Obligasi 594,845,521,893 -- -- 1,943,717,567 596,789,239,460 Bond Payable
Jumlah 1,898,433,065,028 138,533,320,874 (143,164,836,577) 85,688,281,690 1,979,489,831,016 Total Liabilities
Arus Kas dari Aktivitas Pendanaan/
Financing Cash Flows Perubahan Transaksi
1 Januari 2024/ Penambahan/ Pembayaran/ Non Kas/ 31 Desember 2024/
January 01, 2024 Additional Payment Non-Cash Changes December 31, 2024
Rp Rp Rp Rp Rp
Liabilitas Sewa 1,340,817,896 -- (1,424,817,896) 877,109,378 793,109,378 Lease Liabilities
Utang Lembaga Keuangan 126,912,759,425 6,237,240,575 (6,657,500,000) -- 126,492,500,000 Financial Institution Payable
Utang Bank 231,814,450,000 124,165,530,800 (106,917,980,800) -- 249,062,000,000 Bank Loan
Utang Lain-lain 393,727,706,290 27,715,000,000 -- 237,382,992,439 658,825,698,729 Others Payable
Sukuk 234,644,877,675 -- (3,604,600,000) 37,373,957,353 268,414,235,028 Sukuk
Utang Obligasi 601,459,087,314 --
-- (9,000,000,000) 2,386,434,579 594,845,521,893 Bond Payable
Jumlah 1,589,899,698,600 158,117,771,375 (127,604,898,696) 278,020,493,749 1,898,433,065,028 Total Liabilities
41. Penggunaan Asumsi Kelangsungan Usaha 41. The Use of Going-Concern Assumptions
44.
Laporan keuangan konsolidasian ini disusun 45. These consolidated financial statements have
dengan asumsi bahwa Grup akan been prepared on the assumption that the
melanjutkan operasinya sebagai entitas yang Group will continue its operations as an entity
berkemampuan untuk mempertahankan capable of maintaining its going concern. In
kelangsungan usaha (going concern). Dalam assessing the appropriateness of the use of
menilai ketepatan penggunaan asumsi the going concern assumption, management
kelangsungan usaha, manajemen telah has considered all available information about
mempertimbangkan seluruh informasi yang the future, covering at least twelve months
tersedia mengenai masa depan, yang paling from the reporting date.
kurang mencakup dua belas bulan dari
tanggal pelaporan.
46.
Dalam melakukan penilaian tersebut, 47. In conducting this assessment, management
manajemen mengidentifikasi adanya identified several conditions and events that
beberapa kondisi dan peristiwa yang put pressure on the Group's financial
memberikan tekanan terhadap kinerja performance and liquidity, which require
keuangan dan likuiditas Grup, yang ongoing attention in maintaining going
memerlukan perhatian berkelanjutan dalam concern:
menjaga keberlangsungan usaha:
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
• Rugi bersih: Grup mencatat rugi 48. • Net loss: The Group recorded a
komprehensif untuk tahun yang berakhir comprehensive loss for the year ended
pada tanggal 31 Desember 2025 sebesar December 31, 2025 of Rp2,107 billion,
Rp2.107 miliar, yang berdampak terhadap which impacted the Group's equity position
posisi ekuitas Grup per tanggal pelaporan. as of the reporting date.
• Tekanan arus kas: Arus kas dari aktivitas • Cash flow pressure: Cash flow from
operasi mengalami penurunan signifikan, operating activities significant decreased
sehingga mendorong manajemen untuk prompting management to improve cash
meningkatkan pengelolaan arus kas dan flow management and prioritize the use of
prioritas penggunaan dana dalam funds to support the Group's operations and
mendukung operasional dan kewajiban obligations.
Grup.
• Liabilitas jatuh tempo yang signifikan: • Significant maturing liabilites:
Grup memiliki liabilitas keuangan yang The Group has significant financial liabilities
akan jatuh tempo dalam dua belas bulan maturing within the next twelve months,
ke depan cukup besar, yang saat ini which are currently being managed through
dikelola melalui berbagai inisiatif strategis, various strategic initiatives, including the
termasuk proses restrukturisasi dan restructuring and reprofiling of its financial
Reprofiling kewajiban keuangan dengan liabilities with creditors.
para kreditur.
49.
Rencana Manajemen dalam mengatasi 50. Management’s plans to address these
kondisi ini sebagai berikut: conditions are as follows:
51.
Rencana Tindakan Operasional 52. Operational Action Plan of the Company
Perusahaan
Dalam masa penyehatan, perusahaan 53. In the recovery period, the Company has
menyusun beberapa program strategis guna formulated several strategic programs to
mendukung keberlanjutan dan pertumbuhan support business sustainability and growth.
usaha. Program restrukturisasi keuangan The financial restructuring program includes
dengan melanjutkan negosiasi dengan continuing negotiations with creditors,
kreditur dan akselerasi penjulaan unit ready accelerating the sale of ready-stock units, and
stock dan monetisasi lahan belum monetizing undeveloped land. An
dikembangkan. Dengan meningkatnya kinerja improvement in financial performance is
keuangan hal ini akan mendorong expected to enable the Company to fulfill its
Perusahaan dapat memenuhi komitmen commitments and meet its obligations to
untuk memenuhi kewajiban kepada kreditur. creditors. The Company is focused on
Perusahaan berfokus pada upaya untuk financial stabilization by implementing the
stabilisasi keuangan dengan menerapkan following recovery strategies:
strategi penyehatan sebagai berikut:
1. Manajemen utang & restrukturisasi 1. Debt Management & Restructuring by
dengan melakukan restrukturisasi restructuring obligations related to Bonds,
kewajiban Obligasi, Sukuk, KMK BTN dan Sukuk, and Working Capital Loans (KMK)
IIF sebagai upaya dalam memperkuat from BTN and IIF as part of an effort to
efisiensi strategis Perusahaan; strengthen the Company's strategic
efficiency;
2. Pengendalian arus kas ketat dilakukan 2. Stringent Cash Flow Control implemented
dengan cash-based budgeting dan through cash-based budgeting and
prioritas pengeluaran hanya untuk proyek prioritizing expenditures solely for high-
dengan progress tinggi dan kebutuhan progress projects and critical operational
operasional kritis; needs;
3. Menjaga kepercayaan dan 3. Maintaining Customer Trust and
kepuasan pelanggan dengan Satisfaction through the acceleration of
percepatan serah terima dengan unit handovers and enhancing the brand
meningkatkan brand Image hunian image of residential projects centered on
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
dengan konsep Transit-Oriented the Transit-Oriented Development (TOD)
Development/TOD); concept;
4. Strategi Pemasaran adaptif & efektif untuk 4. Adaptive & Effective Marketing Strategies
meningkatkan kinerja penjualan dengan to enhance sales performance through
intensitas promosi digital, memperkuat intensive digital promotion, strengthening
kolaborasi dengan instansi melalui institutional collaboration via the Home
program Home Ownership Program Ownership Program (HOP), and
(HOP), dan menjalin kemitraan dengan partnering with banks to provide
perbankan untuk skema pembiayaan competitive financing schemes;
kompetitif;
5. Monetisasi aset belum dikembangkan dan 5. Monetization of Undeveloped Assets and
divestasi aset real estate dengan Real Estate Divestment through external
kolaborasi pihak eksternal dan collaboration to expand the business
mengembangkan bisnis tanpa menambah without increasing capital expenditure,
capital expenditure dengan juga bertumpu while relying on strategic partnerships.
pada kolaborasi.
Program Going Concern Perusahaan ini The Company Going Concern Program is
dirancang untuk merespons kondisi krisis designed to respond to the crisis with concrete
dengan tindakan nyata dan terukur. Dalam and measurable actions. In the short term, the
jangka pendek, keberhasilan program ini success of this program significantly relies on
akan sangat bergantung pada dukungan the support of the parent company (Adhi
induk Perusahaan sebagai parent support, Karya) as parent support, disciplined
disiplin dalam eksekusi, serta respons positif execution, and positive market response to the
pasar terhadap strategi pemasaran dan marketing and monetization strategies.
monetisasi aset yang dijalankan. Dengan Through this program, The Company is
program ini, Perusahaan diharapkan dapat expected to maintain its operations, improve
bertahan, memperbaiki indikator keuangan, financial indicators, and return to a sustainable
dan kembali pada jalur pertumbuhan yang growth trajectory.
berkelanjutan.
Penjualan properti di Indonesia menghadapi Property sales in Indonesia face significant
tantangan yang cukup berat. Meskipun challenges. Despite various government
pemerintah telah memberikan berbagai incentives, macroeconomic pressures and
insentif, tekanan dari kondisi makro ekonomi shifting market behavior have created
dan perubahan perilaku pasar menciptakan substantial obstacles, including:
hambatan signifikan, antara lain:
1. Pelemahan daya beli kelas menengah 1. Weakening Middle-Class Purchasing
yang merupakan tulang punggung Power: The middle class, the backbone of
penyerapan properti komersial, sedang commercial property absorption, is
terhimpit dan berdampak, kepercayaan currently under financial pressure;
diri untuk membeli rumah pertama (first confidence among first-time homebuyers
home buyer) menurun karena has declined due to concerns over income
mempertimbangkan risiko pendapatan stability and long-term debt-servicing
dan kemampuan mencicil jangka panjang. capacity.
2. Dukungan perbankan terhadap 2. Low Banking Support for Housing Finance
pembiayaan hunian yang rendah karena due to rising Non-Performing Loans
NPL perbankan sedang meningkat (NPLs) in the banking sector, resulting in
sehingga pengenaan suku bunga relatif relatively high interest rates and selective
tinggi dan proses adminstrasi KPA yang Apartment Ownership Credit (KPA)
selektif makin menekan minat konsumen administration, which further dampens
cara bayar KPA. consumer interest in credit-based payment
methods.
3. Perubahan gaya hidup dan prioritas pada 3. Shifting Lifestyles and Priorities among the
generasi muda saat ini mulai menghindari younger generation, who are starting to
kepemilikan rumah dengan lebih avoid homeownership in favor of flexibility
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
mempertimbangkan fleksibilitas dan and the avoidance of long-term financial
menghindari komitmen finansial jangka commitments.
panjang.
4. Kebutuhan dana yang cukup besar untuk 4. Significant Funding Requirements for the
penyelesaian konstruksi highrise completion of high-rise residential
residential dan disertai kenaikan bahan construction, coupled with high increases
baku yang tinggi. in raw material costs.
5. Kepastian ketersedian dana dalam 5. Certainty of Fund Availability to meet
memenuhi kewajiban kreditur obligations to creditors.
Strategi untuk menjaga relevansi dan daya Strategies to maintain relevance and
saing sebagai berikut: competitiveness are as follows:
Restrukturisasi Finansial Financial Restructuring
Profitabilitas Perusahaan dalam kondisi The Company’s profitability is under pressure,
tertekan selain akibat kondisi makro yang not only due to challenging macroeconomic
sedang menantang juga dikarenakan struktur conditions but also because of a financing
pembiayaan yang masih memiliki kewaiiban structure with very large outstanding
yang sangat besar. obligations.
1. Perusahaan akan melakukan RUPO/ 1. The Company will hold a General Meeting
RUPSI dengan agenda meminta of Bondholders (RUPO) / General Meeting
persetujuan pelepasan kewajiban of Sukukholders (RUPSI) with an agenda
pemenuhan covenant finansial yang to request approval for the waiver of
diatur dalam Perjanjian atas penerbitan financial covenant compliance obligations
Obligasi II, Obligasi III dan Sukuk. as stipulated in the Agreements for the
issuance of Bond II, Bond III and Sukuk
2. Pengendalian Arus Kas Ketat dilakukan 2. Stringent Cash Flow Control implemented
dengan cash-based budgeting dan through cash-based budgeting and
prioritas pengeluaran hanya untuk proyek prioritizing expenditures solely for high-
dengan progres tinggi dan kebutuhan progress projects and critical operational
operasional kritis. needs.
Akselerasi Komersial dan Pasar Commercial and Market Acceleration
Penyelesaian serah terima unit kepada The completion of unit handovers to
konsumen untuk proyek-proyek yang sudah consumers for sold projects remains a
terjual menjadi tantangan pemasaran. Namun marketing challenge. However, the Company's
upaya penjualan dan pemasaran Perusahaan sales and marketing efforts can still be
masih dapat dilakukan pada unit-unit ready focused on ready-stock units, which will serve
stock yang akan menjadi penopang kinerja as the backbone of performance in the short
dalam jangka pendek, melalui langkah- term, through the following requires;
langkah sebagai berikut:
1. Perusahaan berfokus menyelesaikan 1. The Company is focused on completing
penjualan unit ready stock melalui strategi the sale of ready-stock units through
pemasaran adaptif untuk meningkatkan adaptive marketing strategies to enhance
kinerja penjualan dengan intensitas sales performance with intensive digital
promosi digital, memperkuat kolaborasi promotion, strengthening institutional
dengan instansi melalui program Home collaboration via the Home Ownership
Ownership Program (HOP), dan menjalin Program (HOP), and partnering with
kemitraan dengan perbankan untuk banks for competitive financing schemes.
skema pembiayaan kompetitif
2. Penerapan strategi pemasaran efektif 2. Implementation of effective marketing
yang berfokus pada kesesuaian target strategies focused on aligning target
pasar dengan ketersediaan produk serta markets with product availability and
kebutuhan konsumen sehingga dapat consumer needs to ensure absorption.
diserap konsumen.
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
3. Mendorong konsumen yang telah membeli 3. Encouraging consumers who have
namun belum serah terima untuk purchased but have not yet received their
memanfaatkan kemudahan kebutuhan units to take advantage of the immediate
tinggal dan potensi manfaat investasi residential benefits and investment
pada unit-unit ready stock. potential of ready-stock units.
Operasi dan Strategi Operations and Strategy
Hambatan keterlambatan serah terima unit Obstacles in unit handover delays are
kepada konsumen dihadapkan dengan compounded by limited liquidity; therefore,
tantangan keterbatasan rendahnya likuiditas, several strategies to be implemented include:
untuk itu beberapa strategi yang dapat
dijalankan antara lain:
1. Mendorong fokus penyelesaian 1. Prioritizing the completion of near-
proyek yang mendekati selesai completion projects, such as Adhi City
seperti Perumahan Adhi City Sentul Sentul and LRT City Tebet, to restore
dan Apartemen LRT City Tebet consumer confidence, increase cash-in
untuk mengembalikan kepercayaan potential, and mitigate the risk of
konsumen dan meningkatkan cancellations and buybacks through a
potensi cash in serta dapat commitment to channel project receipts
menghindari peningkatan risiko batal dan toward cost-to-complete requirements.
buyback dengan komitmen kanalisasi
penerimaan proyek untuk kebutuhan
penyelesaian.
2. Penguatan koordinasi dengan mitra 2. Strengthening coordination with existing
kerjasama pengembangan eksisting untuk development partners to ensure mutual
memastikan komitmen Perusahaan dan commitment toward unit handovers, the
mitra dalam tangung jawab atas serah settlement of obligations to vendors and
terima kepada konsumen dan contractors, and encouraging the
penyelesaian kewajiban ke vendor dan evaluation of subsequent development
kontraktor serta mendorong adanya plans.
evaluasi rencana pengembangan
berikutnya.
3. Menjalin kolaborasi dengan pengembang 3. Engaging in collaboration with other
lain dan mitra strategis lainnya melalui developers and strategic partners through
skema kerjasama pengembangan joint business development and the
usaha dan penyelesaian proyek completion of projects under construction,
underconstruction seperti Apartemen such as LRT City Cibubur. Additionally,
LRT City Cibubur. Dan memperkuat strengthening ties with partner banks to
kolaborasi dengan bank rekanan provide complete and innovative financing
untuk menyediakan skema schemes for consumers and construction
pembiayaan yang tuntas dan inovatif bagi partners.
konsumen dan mitra konstruksi.
4. Penguatan Standard Operasional 4. Strengthening Standard Operating
Prosedur dan memperkuat sistem Procedures (SOP), risk management
manajemen risiko serta pengendalian systems, and internal controls against
internal terhadap ancaman operasional operational and financial threats.
dan keuangan.
5. Adaptif terhadap perubahan regulasi dan 5. Staying adaptive to regulatory changes
berpartisipasi dalam program pemerintah and participating in government programs
yang mendukung industri properti that support the property industry.
Optimalisasi Aset dan Efisiensi Asset Optimization and Efficiency
Melalui divestasi aset real estate dan Through real estate asset divestment
monetisasi aset belum dikembangkan dengan and monetization of undeveloped
kolaborasi pihak eksternal untuk land in collaboration with external
mengembangkan bisnis tanpa menambah parties to develop the business
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
capital expenditure dan bertumpu pada without increasing capital expenditure, through
kolaborasi, melalui langkah-langkah sebagai the following requires;
berikut:
1. Mendorong dilaksanakan strategi 1. Driving the execution of innovative sales
penjualan inovatif atas aset tanah strategies for potential land banks or
potensial atau lot tanah efektif sebagai effective land lots as an effort to
upaya percepatan perbaikan likuiditas. accelerate the improvement of liquidity.
2. Percepatan optimalisasi pendapatan 2. Accelerating the optimization of recurring
berulang dengan meningkatkan potensi income by increasing other income
pendapatan lain-lain dari pengelolaan potential from property management,
properti, monetisasi aset belum leasing undeveloped assets, and
dikembangkan yang disewakan dan achieving operational excellence through
meningkatkan kinerja operational the Stay G, Grandhika Property Services
excellence untuk Program Stay G, (GPS), and Kolivhub programs.
Grandhika Property Services, Kolivhub.
3. Mencari mitra strategis pengembangan ke 3. Seeking strategic partners for future
depan untuk meningkatkan value development to enhance area value
kawasan dengan beberapa metode through various methods, including trial
diantaranya trial business dan membeli business-and-buy schemes and
serta pelaksanaan forum investor di conducting investor forums within ADCP’s
kawasan lahan TOD ADCP. TOD areas.
4. Melaksanakan program efisiensi proses 4. Implementing efficiency programs for
bisnis yang sudah tidak relevan atau business processes that are no longer
repetitif dan mendorong transformasi relevant or are repetitive, and driving a
organisasi yang ramping dan berorientasi lean, digitally-oriented organizational
digital. transformation.
54.
Strategi yang menjadi program perusahaan 55. The strategic programs and adaptive
dan langkah adaptif di semua lini measures across all lines are expected to
diharapkan dapat menjaga keberlanjutan maintain business continuity and enhance the
usaha, meningkatkan stabilitas keuangan Company's financial stability while remaining
Perusahaan dengan tetep memperhatikan mindful of recovery planning that considers
perencanaan penyehatan Perusahaan yang current economic conditions, the availability of
mempertimbangkan kondisi ekonomi saat ini, required working capital, and sustainable debt
kesediaan modal kerja yang dibutuhkan untuk levels, while ensuring the alignment of
mendukung keberlangsungan usaha dan stakeholder interests. It is expected that the
penentuan utang yang dapat ditopang oleh recovery period will take place over the next
perusahaan, dan memastikan keselarasan 3 to 5 years, subsequently restoring the
tujuan para pemangku kepentingan. Company's operational and financial health.
Diharapkan masa penyehatan dapat
dilakukan selama 3-5 tahun mendatang.
56.
57.
42. Segmen Operasi 42. Operating Segment
Berikut ini adalah segmen operasi 58. The following are operating segments based
berdasarkan segmen usaha: on business segment:
2025
Properti/
Real Estat/
Real Estate Hotel/ Sewa/ Eliminasi/ Konsolidasian/
Property Hotel Rent Elimination Consolidated
Rp Rp Rp Rp Rp
Pendapatan Usaha/ Revenues 69,257,623,960 125,048,997,568 3,037,384,209 -- 197,344,005,737
Beban Pokok Pendapatan/ Cost of Revenues (64,027,026,325) (84,665,961,226) -- -- (148,692,987,551)
Laba Kotor/ Gross Profits 5,230,597,635 40,383,036,342 3,037,384,209 -- 48,651,018,186
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2025
Properti/
Real Estat/
Real Estate Hotel/ Sewa/ Eliminasi/ Konsolidasian/
Property Hotel Rent Elimination Consolidated
Rp Rp Rp Rp Rp
Beban Usaha/ Operating Expenses (38,554,897,638) -- -- -- (38,554,897,638)
Penghasilan (Beban) Lain-lain - Bersih/
(1,906,441,724,195) (35,640,314,215) -- -- (1,942,082,038,410)
Other Income (Expenses) - Net
Laba Sebelum Beban Keuangan/
(1,939,766,024,199) 4,742,722,127 3,037,384,209 -- (1,931,985,917,863)
Profit Before Financial Charge
Beban Pajak Final/ Final Tax Expenses (2,035,179,020) -- -- -- (2,035,179,020)
Beban Keuangan/ Financial Charges (172,146,984,623) -- -- (172,146,984,623)
Laba Sebelum Pajak/ Profit Before Tax (2,113,948,187,842) 4,742,722,127 3,037,384,209 -- (2,106,168,081,505)
Beban Pajak Penghasilan / Income Tax Expense -- (1,045,541,007) -- -- (1,045,541,007)
Laba Periode Tahun Berjalan/ Profit for
(2,113,948,187,842) 3,697,181,120 3,037,384,209 -- (2,107,213,622,512)
The Period Year
Laba (Rugi) Yang Dapat Diatribusikan Kepada/
Profit (Loss) Atributable to
Pemilik Entitas Induk/ Owner The Parent (2,113,939,898,641) 3,697,181,120 3,037,384,210 -- (2,107,205,333,311)
Kepentingan Non Pengendali/ Non-Controlling
-- -- -- (8,289,201) (8,289,201)
Interest
Laba Bersih/ Net Income (2,113,939,898,641) 3,697,181,120 3,037,384,210 (8,289,201) (2,107,213,622,512)
Aset Segmen/ Segment Asset 5,263,075,980,781 28,378,701,939 -- (239,735,290,996) 5,051,719,391,724
Total Aset/ Total Asset 5,263,075,980,781 28,378,701,939 -- (239,735,290,996) 5,051,719,391,724
Liabilitas Segmen/ Segment Liabilities 4,532,644,643,961 24,977,796,506 76,380,879,139 4,634,003,319,606
Jumlah Liabilitas/ Total Liabilities 4,532,644,643,961 24,977,796,506 -- 76,380,879,139 4,634,003,319,606
2024*)
Properti/
Real Estat/
Real Estate Hotel/ Sewa/ Eliminasi/ Konsolidasi/
Property Hotel Rent Elimination Consolidated
Rp Rp Rp Rp Rp
Pendapatan Usaha/ Revenues 170,337,742,806 128,910,668,256 1,068,328,800 -- 300,316,739,862
Beban Pokok Pendapatan/ Cost of Revenues (121,201,280,245) (86,708,358,530) -- -- (207,909,638,775)
Laba Kotor/ Gross Profits 49,136,462,561 42,202,309,726 1,068,328,800 -- 92,407,101,087
Beban Usaha/ Operating Expenses (36,308,671,762) -- -- -- (36,308,671,762)
Penghasilan (Beban) Lain-lain - Bersih/
46,418,088,518 (35,477,419,344) -- -- 10,940,669,174
Other Income (Expenses) - Net
Laba Sebelum Beban Keuangan/
59,245,879,317 6,724,890,382 1,068,328,800 -- 67,039,098,499
Profit Before Financial Charge
Beban Pajak Final/ Final Tax Expenses (4,365,276,450) -- -- -- (4,365,276,450)
Beban Keuangan/ Financial Charges (18,624,995,549) -- -- (18,624,995,549)
Laba Sebelum Pajak/ Profit Before Tax 36,255,607,318 6,724,890,382 1,068,328,800 -- 44,048,826,500
Beban Pajak Penghasilan / Income Tax Expense -- (1,846,123,735) -- -- (1,846,123,735)
Laba Periode Tahun Berjalan/ Profit for
36,255,607,318 4,878,766,647 1,068,328,800 -- 42,202,702,766
The Period Year
Laba (Rugi) Yang Dapat Diatribusikan Kepada/
Profit (Loss) Atributable to
Pemilik Entitas Induk/ Owner The Parent 36,255,562,917 4,878,766,647 1,068,328,800 -- 42,202,658,364
Kepentingan Non Pengendali/ Non-Controlling
-- -- -- 44,401 44,401
Interest
Laba Bersih/ Net Income 36,255,562,917 4,878,766,647 1,068,328,800 44,401 42,202,702,765
Aset Segmen/ Segment Asset 7,175,477,948,804 28,785,297,602 -- (220,842,541,461) 6,983,420,704,945
Total Aset/ Total Asset 7,175,477,948,804 28,785,297,602 -- (220,842,541,461) 6,983,420,704,945
Liabilitas Segmen/ Segment Liabilities 4,375,883,001,480 21,335,973,315 -- 61,272,035,519 4,458,491,010,315
Jumlah Liabilitas/ Total Liabilities 4,375,883,001,480 21,335,973,315 -- 61,272,035,519 4,458,491,010,315
*) Disajikan Kembali, Catatan 46/ As restated Note 46
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
43. Informasi Keuangan Tambahan 43. Supplementary Financial Position
Informasi keuangan entitas induk terlampir, The accompanying financial information of
yang terdiri dari laporan posisi keuangan parent entity, which comprises the statements
tanggal 31 Desember 2025, serta laporan laba of financial position as of December 31, 2024
rugi komprehensif dan penghasilan lain, and the statement of profit or loss and
laporan perubahan ekuitas, dan laporan arus comprehensive income, statements of
kas untuk tahun yang berakhir pada tanggal changes equity, and statements of cash flows
tersebut, dan suatu ikhtisar kebijakan for the year then ended, and a summary of
akuntansi signifikan dan informasi penjelasan significant accounting policies and other
lainnya (secara kolektif disebut sebagai explanatory information (collectively referred
“Informasi Keuangan Entitas Induk”) yang to as the “Parent Financial Information”),
disajikan sebagai informasi tambahan terhadap which is presented as a supplementary
laporan keuangan konsolidasian, disajikan information to the consolidated financial
untuk tujuan analisis tambahan dan bukan statements, is presented for the purposes of
merupakan bagian dari laporan keuangan additional analysis and is not a required part
konsolidasian yang diharuskan menurut of the consolidated financial statements under
Standar Akuntasi Keuangan di Indonesia. Indonesian Financial Accounting Standards.
Informasi Keuangan Entitas Induk merupakan The Parent Financial Information is the
tanggung jawab manajemen serta dihasilkan responsibility of management and was derived
dari dan berkaitan secara langsung dengan from and relates directly to the underlying
catatan akuntansi dan catatan lainnya yang accounting and other records used to prepare
mendasarinya yang digunakan untuk the consolidated financial statements.
menyusun laporan keuangan konsolidasian.
44. Standar Akuntansi dan Interpretasi Standar 44. New Accounting Standard and Yet Effective
yang Telah Disahkan Namun Belum Berlaku Interpretation Standard Issued Not Yet
Efektif Effective
Standar baru dan amendemen atas standar New standard and amendment to standard
yang berlaku efektif untuk periode yang dimulai which effective for periods beginning on or
pada atau setelah 1 Januari 2026, dengan after January 1, 2026, with early adoption is
penerapan dini diperkenankan yaitu: permitted, are as follows:
• Amendemen PSAK 109: Instrumen • Amendments PSAK 109 and PSAK 107
Keuangan dan PSAK 107: Instrumen regarding Classification and Measurement of
Keuangan: Pengungkapan tentang Financial Instruments;
Klasifikasi dan Pengukuran Instrumen
Keuangan;
• Penyesuaian Tahunan PSAK 107, PSAK • Annual Improvements on PSAK 107, PSAK
109, PSAK 110, dan PSAK 207; dan 109, PSAK 110, dan PSAK 207; and
• Revisi PSAK 338: Kombinasi Bisnis Entitas • Revised PSAK 338: Business Combination
Sepengendali terkait ruang lingkup dan of Entity Under Common Control regarding
penerapan metode penyatuan kepemilikan. the scope and application of the method of
pooling of interest.
Standar baru, revisi dan amandemen serta New, revised and amendment of standards
interpretasi atas standar yang berlaku efektif and interpretation of standard which are
untuk periode yang dimulai pada atau setelah effective for periods beginning on or after
1 Januari 2027, dengan penerapan dini January 1, 2027, with early adoption
diperkenankan yaitu: permitted, are as follows:
• PSAK 118: Penyajian dan Pengungkapan • PSAK 118: Presentation and Disclosure in
dalam Laporan Keuangan; Financial Statements;
• PSAK 119 : Entitas Anak tanpa Akuntabilitas • PSAK 119: Subsidiaries without Public
Publik: Pengungkapan; Accountability: Disclosures;
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
• Amandemen PSAK 119: Entitas Anak tanpa • Amendment PSAK 119: Subsidiaries without
Akuntabilitas Publik: Pengungkapan; Public Accountability: Disclosures;
• Revisi PSAK 401: Penyajian dan • Revised PSAK 401: Presentation and
Pengungkapan dalam Laporan Keuangan Disclosure in Sharia Financial Statements;
Syariah;
• ISAK 403: Komponen Laporan Keuangan • ISAK 403: Components of Financial Reports
Entitas Syariah Yang Menerapkan SAK of Sharia Entities That Apply Indonesian
Indonesia Untuk Entitas Privat dan SAK SAK for Private Entities and Indonesian SAK
Indonesia Untuk Entitas Mikro, Kecil, dan for Micro, Small, and Medium Entities;
Menengah;
• PSAK 413: Penurunan Nilai; dan • PSAK 413: Impairment; and
• PSAK 414: Penurunan Nilai Aset Keuangan • PSAK 414: Impairment of Sharia Financial
Syariah bagi Entitas yang Menerapkan SAK Assets for Entities Implementing Indonesian
Indonesia untuk Entitas Privat (SAK EP). SAK for Private Entities (SAK EP).
Hingga tanggal laporan keuangan ini Until the date of the financial statements is
diotorisasi, Perusahaan masih melakukan authorized, the Group is still evaluating the
evaluasi atas dampak potensial dari penerapan potential impact of the adoption of new
standar baru, amandemen standar dan standards, amendments to standards and
interpretasi standar tersebut. interpretations of these standards.
45. Reklasifikasi Akun - akun 45. Reclassification of Accounts
Akun tertentu dalam laporan keuangan untuk Certain account in the consolidated financial
tahun yang berakhir pada tanggal statements for the year ended December 31,
31 Desember 2024 dan 2023 telah 2024 and 2023 has been reclassified to conform
direklasifikasi agar sesuai dengan PSAK 201: to PSAK 201: “The Presentation of The
“Penyajian Laporan Keuangan” untuk tahun Financial Statements” for the year ended
berakhir pada tanggal 31 Desember 2025. December 31, 2025.The details of the accounts
Rincian akun yang direklasifikasi tersebut reclassified are presented below:
adalah sebagai berikut:
31 Desember 2024
Sebelum Reklasifikasi/ Sesudah Reklasifikasi/
Before Reclassification After Reclassification
LAPORAN POSISI STATEMENTS OF
KEUANGAN FINANCIAL POSITION
Liabilitas
ASET LANCARjangka pendek CURRENT ASSETS
Utang Bank Bagian yang Current Maturities of
Jatuh Tempo Dalam Satu Tahun 123,500,000,000 163,500,000,000 Bank Loans
Utang Lembaga Keuangan yang Current Maturities of Financial
Jatuh Tempo Dalam Satu Tahun -- 8,657,500,000 Institution Payable
Liabilitas
ASET TIDAK Jangka
LANCAR
Panjang NON-CURRENT ASSETS
Utang Bank Jangka Panjang 125,562,000,000 85,562,000,000 Long-Term Bank Loans
Utang Lembaga Keuangan 126,492,500,000 117,835,000,000 Financial Institution Payable
Jumlah 375,554,500,000 375,554,500,000 Total
31 Desember 2023
Sebelum Reklasifikasi/ Sesudah Reklasifikasi/
Before Reclassification After Reclassification
LAPORAN POSISI STATEMENTS OF
KEUANGAN FINANCIAL POSITION
Liabilitas
ASET LANCARjangka pendek CURRENT ASSETS
Utang Lembaga Keuangan yang Current Maturities of Financial
Jatuh Tempo Dalam Satu Tahun -- 6,657,500,000 Institution Payable
Liabilitas
ASET TIDAK Jangka
LANCAR
Panjang NON-CURRENT ASSETS
Utang Lembaga Keuangan 126,912,759,425 120,255,259,425 Financial Institution Payable
Jumlah 126,912,759,425 126,912,759,425 Total
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
46. Penyajian Kembali Laporan Keuangan 46. Restatement Financial Statement
Dalam penyusunan laporan keuangan In the preparation of the consolidated financial
konsolidasian pada tanggal dan tahun yang statements as of and for the year ended
berakhir pada 31 Desember 2025, Manajemen December 31, 2025, Management has restated
menyajikan kembali laporan keuangan the previously issued consolidated financial
konsolidasian terdahulu sehubungan dengan statements in relation to the subsequents
penemuan fakta kemudian yang terkait dengan: discovery of fact to following matters:
1. Koreksi pengakuan pendapatan properti 1. Correction of revenue recognition for the
pada proyek LRT City Ciracas (JO ACP – LRT City Ciracas project (JO ACP – UJP) in
UJP) di tahun 2023 dikarenakan 2023 due to revenue having been
pendapatan telah diakui sebelum recognized prior to meeting the revenue
terpenuhinya kriteria pengakuan recognition criteria in accordance with PSAK
pendapatan sesuai dengan PSAK 115. 115.
2. Penyesuaian atas nilai persediaan proyek 2. Adjustment to the carrying value of
Grandolive yang dilakukan reklasifikasi ke inventory related to the Grandolive project,
piutang lain-lain dan cadangan kerugian which was reclassified to other receivables,
penurunan nilai Piutang lain-lain PT Ade and the recognition of an allowance for
Pede Realty sebagai bagian dari proses impairment losses on other receivables of
penelaahan kembali untuk memastikan PT Ade Pede Realty, as part of a
penyajian yang lebih andal dan sesuai reassessment process to ensure a more
dengan prinsip akuntansi yang berlaku. reliable presentation and compliance with
applicable accounting principles.
3. Penyesuaian saldo persediaan proyek RNI 3. Adjustment to the inventory balance of the
Pancoran dikarenakan Perusahaan tidak RNI Pancoran project as the Company no
lagi mengharapkan akan memperoleh longer expects to obtain future economic
manfaat ekonomik dimasa depan namun benefits from the project, although it had
sebelumnya masih tercatat sebagai previously been recognized as inventory.
persediaan.
Manajemen telah melakukan penyesuaian Management has made adjusment on recording
pencatatan atas transaksi-transaksi tersebut, those transactions, and in order to prepare and
dan dalam rangka penyusunan dan penyajian present the consolidated financial statements as
laporan keuangan konsolidasian pada tanggal of and for the year ended December 31, 2025,
dan untuk tahun yang berakhir pada the consolidated financial statements as of and
31 Desember 2025, laporan keuangan for the year ended December 31, 2024 and
konsolidasian pada tanggal dan tahun yang consolidated statement of financial position as
berakhir pada 31 Desember 2024 dan laporan of January 1, 2024/ December 31, 2023 have
posisi keuangan konsolidasian pada tanggal been restated accordingly.
1 Januari 2024/ 31 Desember 2023 telah
disajikan kembali.
31 Desember 2024 31 Desember 2023
Sebelum Penyajian Setelah Sebelum Penyajian Setelah
Kembali/ Penyajian Kembali/ Kembali/ Penyajian Kembali/
Before Restatement After Restatement Before Restatement After Restatement
LAPORAN POSISI STATEMENTS OF
KEUANGAN FINANCIAL POSITION
ASET LANCAR CURRENT ASSETS
Pendapatan Diakui di Muka 54,679,620,796 41,179,198,308 38,429,431,699 24,703,911,403 Accrued Revenues
Persediaan 3,383,923,511,644 3,560,442,012,959 3,072,471,608,954 3,248,990,110,269 Inventories
ASET TIDAK LANCAR NON-CURRENT ASSETS
Piutang Lain-lain 65,159,081,170 72,545,754,985 70,513,406,835 78,501,141,685 Other Receivables
Persediaan 2,674,175,374,453 2,666,130,487,531 2,664,234,341,641 2,656,189,454,719 Inventories
LIABILITAS JANGKA PENDEK CURRENT LIABILITIES
Utang Pajak 43,915,762,288 37,043,889,258 37,596,825,613 30,724,952,583 Taxes Payable
Pendapatan Diterima di Muka 899,740,344,977 1,161,008,949,540 785,739,001,575 1,046,782,508,330 Unearned Revenues
EKUITAS EQUITY
Saldo Laba: Retained earnings:
Belum Ditentukan Penggunaannya 284,092,038,919 192,055,173,106 241,288,319,520 149,852,514,742 Unappropriated
LAPORAN LABA RUGI STATEMENTS OF PROFIT
DAN PENGHASILAN OR LOSS AND OTHER
KOMPREHENSIF LAIN COMPREHENSIVE INCOME
Beban Lain-lain (48,164,016,248) (48,765,077,283) -- -- Other Expense
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PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
DAN ENTITAS ANAK AND SUBSIDIARY
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (Lanjutan) FINANCIAL STATEMENTS (Continued)
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
47. Peristiwa Setelah Periode Pelaporan 47. Events After Report Date
Berdasarkan Surat Relaas Pengadilan Niaga Based on the Bailiff’s Notification Letter (Surat
pada Pengadilan Negeri Jakarta Pusat Relaas) from the Commercial Court at the
No. 1867/PAN.01.PN.W10-UI/HK2.5/III/2026 Central Jakarta District Court No.
tanggal 17 Maret 2026 telah disampaikan 1867/PAN.01.PN.W10-UI/HK2.5/III/2026 dated
kepada Perusahaan terdapat Permohonan March 17, 2026, the Company has been notified
Penundaan Kewajiban Pembayaran Utang of a Suspension of Debt Payment Obligations
("Permohonan PKPU"), yang mana Perusahaan petition (“PKPU Petition”), in which the
telah menjadi Pihak Termohon dengan Register Company has been named as the Respondent,
Perkara Nomor: 91/Pdt.Sus- with Case Register Number: 91/Pdt.Sus-
PKPU/2026/PN.Jkt.PSt yang didaftarkan pada PKPU/2026/PN.Jkt.PSt, filed on March 16,
tanggal 16 Maret 2026 sebagaimana 2026, as disclosed on the official website of the
diinformasikan pada website resmi Sistem Case Tracking Information System (SIPP) of the
Informasi Penelusuran Perkara (SIPP) Central Jakarta District Court; furthermore, in
Pengadilan Negeri Jakarta Pusat. Selanjutnya accordance with Law No. 37 of 2004 concerning
sesuai Undang-Undang No. 37 Tahun 2004 Bankruptcy and Suspension of Debt Payment
tentang Kepailitan dan PKPU, Perusahaan akan Obligations, the Company will undergo the
berada dalam tahapan proses persidangan PKPU court proceedings, with the first hearing
Permohonan PKPU dengan Agenda Sidang scheduled on Thursday, April 2, 2026, with the
Pertama yang diselenggarakan pada Hari agenda of examining the legal standing of the
Kamis tanggal 2 April 2026 dengan agenda parties, followed by the next hearing on
sidang berupa pemeriksaan legal standing para Tuesday, April 7, 2026, with the agenda of
Pihak, yang kemudian akan dilanjutkan pada reading the PKPU petition.
agenda sidang berikutnya pada hari Selasa
tanggal 7 April 2026 dengan agenda sidang
berupa pembacaan permohonan PKPU.
48. Tanggung Jawab Manajemen Atas Laporan 48. Management Responsibility of the
Keuangan Konsolidasian Consolidated Financial Statements
Manajemen Perusahaan bertanggung jawab The Management of the Company is
atas penyusunan dan penyajian laporan responsible for the preparation and
keuangan konsolidasian yang telah disetujui presentation of the consolidated financial
Direksi untuk diterbitkan pada tanggal statements which are authorized by Directors
2 April 2026. for issuance April 2, 2026.
87
Page 467
LAMPIRAN I ATTACHMENT I
PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
(INDUK) (PARENT)
LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITION
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
dan 1 Januari 2024/ 31 Desember 2023 and Januari 1, 2024/ December 31, 2023
(Disajikan dalam Rupiah Penuh, (Expressed in Rupiah)
kecuali Dinyatakan lain) unless Otherwise stated)
2025 2024*) 2023*)
Rp Rp Rp
ASET ASSETS
Aset Lancar Current Assets
Kas dan Setara Kas 28,017,935,580 34,700,767,374 283,009,853,836 Cash and Cash Equivalents
Dana Dibatasi Penggunaannya -- 130,000,000,000 -- Restricted Fund
Piutang Usaha Accounts Receivable
Pihak Berelasi 1,063,081,027 731,760,347 390,912,136 Related Parties
Pihak Ketiga 9,240,890,237 27,582,988,583 18,863,036,480 Third Parties
Pendapatan Diakui di Muka 16,043,585,331 41,179,198,307 24,703,911,402 Accrued Revenues
Persediaan 2,308,209,986,142 3,379,599,969,069 3,089,372,354,299 Inventories
Uang Muka Advances
Pihak Berelasi 5,137,111,818 5,137,111,818 10,693,529,032 Related Parties
Pihak Ketiga 963,274,977 3,765,745,283 3,493,144,675 Third Parties
Biaya Dibayar di Muka 2,463,696,988 2,578,941,721 1,697,116,858 Prepaid Expenses
Pajak Dibayar di Muka 603,773,649 1,217,326,209 12,818,725,910 Prepaid Tax
Jumlah Aset Lancar 2,371,743,335,749 3,626,493,808,712 3,445,042,584,628 Total Current Assets
Aset Tidak Lancar Non-Current Assets
Piutang Lain-lain Other Receivables
Pihak Berelasi 25,464,286,224 28,442,743,791 17,898,777,818 Related Party
Pihak Ketiga 41,284,570,368 63,375,907,923 75,912,068,015 Third Parties
Investasi pada Entitas Anak 86,533,842,886 86,533,842,886 86,991,233,935 Investments on Subsidiary
Persediaan 2,110,110,204,187 2,666,130,487,531 2,656,189,454,719 Inventories
Properti Investasi 202,158,000,000 202,721,000,000 189,079,000,000 Investments Property
Aset Hak Guna - Bersih 170,796,328 341,995,267 835,971,437 Rights-Of-Use Assets - Net
Aset Takberwujud 417,800,000 1,044,500,000 1,671,200,000 Intangible Asset
Aset Lain-Lain 205,266,486,739 217,763,249,176 273,197,531,272 Other Assets
Total Aset Tidak Lancar 2,671,405,986,731 3,266,353,726,574 3,301,775,237,197 Total Non-Current Assets
JUMLAH ASET 5,043,149,322,480 6,892,847,535,286 6,746,817,821,825 TOTAL ASSETS
*) Disajikan Kembali dan Direklasifikasi *) As Restated and Reclassification
Page 468
LAMPIRAN I ATTACHMENT I
PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
(INDUK) (PARENT)
LAPORAN POSISI KEUANGAN STATEMENTS OF FINANCIAL POSITIONS
(Lanjutan) (Continued)
Pada Tanggal 31 Desember 2025 dan 2024 As of December 31, 2025 and 2024
dan 1 Januari 2024/ 31 December 2023 and January 1, 2024/ December 31, 2023
(Disajikan dalam Rupiah Penuh, (Expressed in Rupiah)
kecuali Dinyatakan lain) unless Otherwise stated)
2025 2024*) 2023*)
Rp Rp Rp
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
LIABILITAS LIABILITIES
Liabilitas Jangka Pendek Current Liabilities
Utang Usaha Accounts Payable
Pihak Berelasi 579,529,220,127 579,703,923,444 578,459,236,048 Related Parties
Pihak Ketiga 530,779,291,609 527,640,281,061 714,144,116,536 Third Parties
Beban Akrual 155,905,561,266 221,509,970,293 328,344,252,855 Accrued Expense
Liabilitas Sewa 943,247,610 793,109,378 1,340,817,896 Lease Liabilities
Utang Pajak 40,123,308,517 35,514,648,071 42,121,119,720 Taxes Payable
Pendapatan Diterima di Muka 1,248,542,558,027 1,097,129,457,322 992,474,038,584 Unearned Revenues
Utang Obligasi Jangka Pendek 15,615,346,240 101,837,965,301 8,988,388,119 Short-Term Bonds Payables
Utang Bank Bagian yang Jatuh Tempo Current Maturities of
Dalam Satu Tahun 10,000,000,000 163,500,000,000 85,707,250,000 Bank Loans
Utang Lembaga Keuangan yang Jatuh Current Maturities of Financial
Tempo Dalam Satu Tahun 6,000,000,000 8,657,500,000 -- Institution Payable
Liabilitas Jangka Pendek Lainnya Other Short Term Liabilities
Pihak Berelasi 21,766,710,496 20,190,830,371 20,480,325,237 Related Parties
Pihak Ketiga 291,616,385 2,116,251,981 12,589,672,605 Third Parties
Jumlah Liabilitas Jangka Pendek 2,609,496,860,278 2,758,593,937,222 2,784,649,217,600 Total Current Liabilities
Liabilitas Jangka Panjang Non-Current Liabilities
Utang Obligasi 581,173,893,220 493,007,556,592 592,470,699,195 Bonds Payables
Utang Sukuk 302,183,384,048 268,414,235,028 234,644,877,675 Sukuk
Utang Bank Jangka Panjang 108,422,000,000 85,562,000,000 146,107,200,000 Long-term Bank Loan
Utang Lembaga Keuangan 111,835,000,000 117,835,000,000 126,912,759,425 Financial Institution Payable
Liabilitas Pajak Tangguhan 1,194,420,329 1,374,308,582 1,346,553,266 Deferred Tax Liabilities
Utang Lain-lain Other Payable
Pihak Berelasi 622,168,889,459 437,677,628,290 393,727,706,287 Related Parties
Pihak Ketiga 221,148,070,439 221,148,070,439 -- Third Parties
Jumlah Liabilitas Jangka Panjang 1,948,125,657,495 1,625,018,798,931 1,495,209,795,848 Total Non-Current Liabilities
JUMLAH LIABILITAS 4,557,622,517,774 4,383,612,736,153 4,279,859,013,448 TOTAL LIABILITIES
EKUITAS EQUITY
Ekuitas yang Dapat Diatribusikan Equity Atributable to Owners
Kepada Pemilik Entitas Induk of the Parent Entity
Modal Saham - Nilai Nominal Share Capital - Rp 1,000,000
Rp 1.000.000 per-saham par value per share
Modal dasar 8.000.000 saham Authorized Capital of 8,000,000 shares
Modal Ditempatkan dan Disetor Penuh Subscribed and Fully Paid Capital
- 2.222.222.200 saham 2,222,222,220,000 2,222,222,220,000 2,222,222,220,000 - 2,222,222,200 shares
Tambahan Modal Disetor 56,632,698,985 56,632,698,985 56,632,698,985 Paid in Capital
Saldo Laba Retained Earnings
Ditentukan Penggunaannya 54,010,882,539 54,010,882,539 54,010,882,539 Appropriated
Belum Ditentukan Penggunaannya (1,847,338,996,818) 176,368,997,609 134,093,006,853 Unappropriated
JUMLAH EKUITAS 485,526,804,706 2,509,234,799,133 2,466,958,808,377 TOTAL EQUITY
JUMLAH LIABILITAS DAN EKUITAS 5,043,149,322,480 6,892,847,535,286 6,746,817,821,825 TOTAL LIABILITIES AND EQUITY
*) Disajikan Kembali dan Direklasifikasi *) As Restated and Reclassification
Page 469
LAMPIRAN II ATTACHMENT II
PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
(INDUK) (PARENT)
LAPORAN LABA RUGI DAN STATEMENTS OF PROFIT OR LOSS
PENGHASILAN KOMPREHENSIF LAIN AND OTHER COMPREHENSIVE INCOME
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Rupiah)
kecuali Dinyatakan lain) unless Otherwise stated)
2025 2024
Rp Rp
PENDAPATAN USAHA 197,344,005,737 300,316,739,862 REVENUES
BEBAN POKOK PENDAPATAN (148,692,987,551) (207,909,638,775) COST OF REVENUES
LABA KOTOR 48,651,018,186 92,407,101,087 GROSS PROFITS
BEBAN USAHA OPERATING EXPENSES
Beban Umum dan Administrasi (37,926,789,196) (35,464,887,815) General and Administrative Expenses
Penghasilan Lain-lain 32,899,006,256 58,859,095,134 Other Income
Beban Lain-lain (1,897,481,291,767) (48,745,777,044) Other Expense
(RUGI) LABA USAHA (1,853,858,056,521) 67,055,531,362 (LOSS) PROFIT FROM OPERATION
Beban Pajak Final (2,035,179,020) (4,365,276,450) Final Tax Expenses
Beban Keuangan (166,915,785,619) (18,616,003,181) Financial Charges
(RUGI) LABA SEBELUM (LOSS) PROFIT BEFORE INCOME
PAJAK PENGHASILAN (2,022,809,021,160) 44,074,251,731 TAX EXPENSE
BEBAN PAJAK PENGHASILAN (898,973,267) (1,798,260,975) INCOME TAX EXPENSE
(RUGI) LABA TAHUN BERJALAN (2,023,707,994,427) 42,275,990,756 (LOSS) PROFIT FOR THE YEAR
PENGHASILAN KOMPREHENSIF LAIN -- -- OTHER COMPREHENSIVE INCOME
JUMLAH (RUGI) LABA KOMPREHENSIF TOTAL COMPREHENSIVE (LOSS) INCOME
TAHUN BERJALAN (2,023,707,994,427) 42,275,990,756 FOR THE YEAR
*) Disajikan Kembali *) As Restated
Page 470
LAMPIRAN III ATTACHMENT III
PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
(INDUK) (PARENT)
LAPORAN PERUBAHAN EKUITAS STATEMENTS OF CHANGES IN EQUITY
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in full of Rupiah
Kecuali Dinyatakan lain) unless Otherwise stated)
Saldo/Retained Earnings
Ditentukan Belum ditentukan
Modal Disetor/ Tambahan Modal Penggunaanya/ penggunaannya/ Jumlah Ekuitas/
Capital Stock Disetor/ Appropriated Unappropriated*) Total Equity
Paid in Capital
Rp Rp Rp Rp Rp
SALDO 31 DESEMBER 2023 2,222,222,220,000 56,632,698,985 54,010,882,539 225,528,811,631 2,558,394,613,155 BALANCE AS OF DESEMBER 31, 2023
Dampak penyajian kembali -- -- -- (91,435,804,778) (91,435,804,778) Impact of restatement
SALDO 1 JANUARI 2024 2,222,222,220,000 56,632,698,985 54,010,882,539 134,093,006,853 2,466,958,808,377 BALANCE AS OF JANUARY 1, 2024
Jumlah Laba Komprehensif Tahun Berjalan -- -- -- 42,275,990,756 42,275,990,756 Total Comprehensive Income For The Year
SALDO 31 DESEMBER 2024 2,222,222,220,000 56,632,698,985 54,010,882,539 176,368,997,609 2,509,234,799,133 BALANCE AS OF DECEMBER 31, 2024
Jumlah Rugi Komprehensif Tahun Berjalan -- -- -- (2,023,707,994,427) (2,023,707,994,427) Total Comprehensive Loss For The Year
SALDO 31 DESEMBER 2025 2,222,222,220,000 56,632,698,985 54,010,882,539 (1,847,338,996,818) 485,526,804,706 BALANCE AS OF DECEMBER 31, 2025
*) Disajikan Kembali *) As Restated
Catatan terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes form an integral part of these
laporan keuangan konsolidasian secara keseluruhan consolidated financial statements taken as a whole
d1/April 6, 2026 4 paraf:
Page 471
LAMPIRAN IV ATTACHMENT IV
PT ADHI COMMUTER PROPERTI Tbk PT ADHI COMMUTER PROPERTI Tbk
(INDUK) (PARENT)
LAPORAN ARUS KAS STATEMENTS OF CASH FLOWS
Untuk Tahun-tahun yang Berakhir For the Years Ended
Pada Tanggal 31 Desember 2025 dan 2024 December 31, 2025 and 2024
(Disajikan dalam Rupiah Penuh, (Expressed in Full of Rupiah,
kecuali Dinyatakan lain) unless Otherwise stated)
2025 2024
Rp Rp
ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIES
Penerimaaan Kas Dari Pelanggan 309,442,698,162 546,200,474,489 Cash Receipt from Customers
Penempatan ke Rekening Bank yang Placement for Restricted
Dibatasi Penggunaannya (78,141,927,512) (28,138,097,351) Cash in Bank
Penerimaan dari Rekening Bank yang Received from Restricted
Dibatasi Penggunaannya 93,799,039,107 78,053,501,073 Cash in Bank
Pembayaran Sharing Profit Hotel (30,077,704,648) (33,439,963,433) Payment for Sharing Profit Hotel
Pembayaran kepada Pemasok dan Pihak Ketiga (274,964,883,423) (602,886,497,390) Payment to Suppliers and Third Parties
Pembayaran Kepada Karyawan (29,283,261,103) (20,137,707,328) Payment to Employees
Pembayaran Pajak (1,687,888,329) (4,465,572,938) Payment for Taxes
Arus Kas Neto Digunakan untuk Net Cash Flows Used in
Aktivitas Operasi (10,913,927,746) (64,813,862,878) Operating Activities
ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES
Pencairan Kas dan Setara Kas Disbursement of Restricted Cash
Dibatasi Penggunaannya 130,000,000,000 -- and Cash Equivalents
Penempatan Kas dan Setara Kas Placement of Restricted Cash
Dibatasi Penggunaannya -- (130,000,000,000) and Cash Equivalents
Penerimaan Bunga 7,392,459,890 9,884,121,263 Interest Receipts
Penambahan Tanah Yang Belum Dikembangkan (40,653,690,259) (7,945,394,335) Acquisition of Undeveloped Land
Arus Kas Neto Digunakan Net Cash Used in Investing Activities
untuk Aktivitas Investasi 96,738,769,631 (128,061,273,072) Net Cash Used in Investing Activities
ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES
Penerimaan Pinjaman dari Pihak Berelasi 138,533,320,874 27,715,000,000 Received from Loan Related Party
Pembayaran Utang Bank (130,640,000,000) (106,917,980,800) Payment for Bank Loans
Penerimaan Utang Bank -- 124,165,530,800 Received from Bank Loans
Pembayaran Beban Pinjaman (87,876,157,976) (85,946,823,191) Payment for Finance Charges
Pembayaran Utang Lembaga Keuangan (8,657,500,000) (6,657,500,000) Payment for Financial Institution
Penerimaan Utang Lembaga Keuangan -- 6,237,240,575 Received from Financial Institution
Pembayaran Obligasi -- (9,000,000,000) Payment for Bonds
Pembayaran Ijarah (3,604,600,000) (3,604,600,000) Payment for Ijarah
Pembayaran Liabilitas Sewa (262,736,577) (1,424,817,896) Payment for Lease Liabilities
Arus Kas Neto (Digunakan untuk) Diperoleh Net Cash (Used in) Provided by
dari Aktivitas Pendanaan (92,507,673,679) (55,433,950,512) Financing Activities
Kenaikan (Penurunan) Bersih Kas dan Setara Kas (6,682,831,794) (248,309,086,462) Net Increase (Decrease) of Cash and Cash Equivalent
Kas dan Setara Kas Cash and Cash Equivalent
Awal Tahun 34,700,767,374 283,009,853,836 At Beginning of Year
Kas dan Setara Kas Cash and Cash Equivalent
Akhir Tahun 28,017,935,580 34,700,767,374 At End of The Year
Page 472
Page 473
Page 474
Names mentioned 161 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Adhi Commuter
p.2 ×10
unresolved
org
Properti Tbk
p.2 ×7
unresolved
org
Institutions
p.7
unresolved
person
State Administrators Wealth
· Komisaris
p.9
unresolved
org
Pemerintah Provinsi DKI
p.19
unresolved
org
PT Jeca Karya
p.20
unresolved
org
PT Jeca Karya Bersama
p.20 ×3
unresolved
org
Ministry of MSMEs
p.20
unresolved
org
PT LRT
p.21 ×2
unresolved
org
Adhi Properti Tbk
p.21 ×2
unresolved
org
Commuter Properti Tbk
p.21 ×7
unresolved
org
PT Indonesia Berkah
p.22
unresolved
org
PT Indonesia Berkah Lestarindo
p.22
unresolved
org
PT Djuara
p.26
unresolved
org
PT Djuara Persada
p.26
unresolved
org
PT Djuara Persada Mandiri
p.26
unresolved
org
PT Garda Terra
p.27
unresolved
org
PT Garda Kencana
p.27
unresolved
org
PT Mapan Strategis
p.27
unresolved
org
PT Mapan Bersama
p.27
unresolved
org
Pusat Statistik
p.31
unresolved
org
Bank Indonesia
p.31 ×5
unresolved
org
Minister of Finance
p.32
unresolved
org
Bank Indonesia’s Residential Residensial Bank Indonesia
p.32
unresolved
person
Achmad
p.39
unresolved
org
Farid Budiyanto Manajemen Risiko
p.39
unresolved
—
APRESIASI DAN PENUTUP
· APPRECIATION AND CLOSING
p.40
unresolved
—
menyampaikan apresiasi yang setinggi-tingginya
· We express our deepest appreciation to all Company
p.40
unresolved
—
seluruh Insan Perseroan atas dedikasi, kerja
· employees for their dedication, hard work, and commitment
p.40
unresolved
—
keras, dan komitmen yang telah diberikan sepanjang
· throughout the year. The year 2025 will be a period that
p.40
unresolved
—
tahun. Tahun 2025 merupakan periode yang menuntut
· demands greater resilience, disciplined execution, and
p.40
unresolved
—
beradaptasi yang lebih tinggi bagi Perseroan, khususnya
· sales dynamics, liquidity, project completion, and business
p.40
unresolved
—
akhirnya menuntut kontribusi optimal
· In this context, the contribution of every employee of the
p.40
unresolved
—
seluruh jajaran Perseroan. Dalam situasi tersebut,
· Company is a critical factor in ensuring business continuity
p.40
unresolved
—
kontribusi setiap insan Perseroan menjadi faktor
· and guaranteeing that the Company can continue to
p.40
unresolved
—
sangat menentukan dalam menjaga kesinambungan
· implement its improvement agenda in a phased manner.
p.40
unresolved
person
Herry Ardianto Bapak Herry Ardianto
· Komisaris Utama
p.48 ×20
unresolved
org
Indonesia Stock Exchange
p.52 ×4
unresolved
org
PT Mega Graha Citra Perkasa
p.52 ×7
unresolved
person
Ir. Nanette Legal Basis
p.53
unresolved
org
Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia
p.53
unresolved
person
Ir. Nanette Cahyanie Handari Adi Warsito
· Notaris
p.53 ×3
unresolved
org
Minister of Law and Human Rights
p.53 ×2
unresolved
person
Bayu Purwana
· Sekretaris Perusahaan
p.53 ×2
unresolved
person
Ir. Nanette Cahyanie Handari Adi War-Adi Warsito
p.54 ×3
unresolved
person
H. Akta Pendirian
p.54
unresolved
org
Menteri Hukum dan Hak Asasi Manusia Republik
p.54 ×2
unresolved
person
Notary Rosida Ra-Notaris Rosida Rajagukguk Siregar
· Notaris
p.54 ×12
unresolved
person
Siregar
p.54 ×2
unresolved
org
Minister of Law and Human
p.54
unresolved
org
Adhi Com-Adhi Commuter Properti Tbk
p.55 ×2
unresolved
org
PT Mega Graha
p.58
unresolved
org
PT Mega Rp
p.58
unresolved
org
Adhi
10 | Commuter Properti
p.58
unresolved
org
PT Adhi LRT CITY Sentul
p.58
unresolved
org
LRT CITY Karya Tbk
p.58
unresolved
org
PT Mega Graha Citra Perkasa Subsidiary
p.64
unresolved
person
Dr. Mansyur
p.65
unresolved
person
H.M. Joyomartono Exit Tol Bekasi Timur Km.
p.65 ×2
unresolved
org
PT MGCP Manajer Biro Pemasaran
p.68
unresolved
person
Riwayat
· Komisaris Independen
p.70
unresolved
org
PT Adhi Commuter Professional Experience
p.70
unresolved
org
PT Adhi Commuter Properti Professional Experience
p.71
unresolved
person
Independensi
· Komisaris Independen
p.72
unresolved
person
Independence
· Komisaris Independen
p.72
unresolved
org
PT Adhi Persada
p.74 ×4
unresolved
person
Titik Krisna Murti Wikaningsih Wikaningsih Hastuti
· Notaris
p.75
unresolved
org
PT Adhi Karya Professional Experience
p.75
unresolved
org
PT Adhi Persada Properti
p.75 ×4
unresolved
—
Sepanjang periode setelah berakhirnya tahun buku 2025
· Throughout the period after the end of the 2025 fiscal year
p.76
unresolved
org
Departemen Corporate
p.77
unresolved
org
PT Kertas Padalarang
p.77 ×2
unresolved
org
PT Bina San Prima
p.77 ×2
unresolved
org
Departemen Manajemen Risiko
p.78
unresolved
org
Departemen Portofolio Bisnis
p.78
unresolved
org
Departemen Akuntansi
p.78
unresolved
org
Departemen Keuangan ADHI
p.80
unresolved
org
Departemen CSIT ADHI
p.80
unresolved
org
Departemen ADHI
p.80
unresolved
org
Financial Services Authority
p.86 ×3
unresolved
person
Certified
· Direktur
p.86
unresolved
person
Marketer
· Director
p.86
unresolved
person
Certified Risk
· Komisaris
p.86
unresolved
person
Live Webinar GIRMA
· Komisaris
p.87
unresolved
person
Sertifikasi Certified
· Komisaris
p.88
unresolved
org
Yayasan Pendidikan Internal Audit
p.90
unresolved
person
Kartini Mulyadi
p.95
unresolved
org
Menteri Hukum dan Hak Asasi Manusia
p.95
unresolved
org
Minister of Law and Human Republik Indonesia No. Y.A.
p.95
unresolved
org
Menteri Pekerjaan Umum dan Tenaga Kerja
p.95
unresolved
org
Minister of Public Works and Manpower
p.95
unresolved
org
Reksa Dana Guru
p.98
unresolved
org
Reksa Dana Insight Tunas Bangsa Balanced Fund
p.98
unresolved
org
Reksa Dana Insight Growth Balanced Fund
p.98 ×2
unresolved
org
Reksa Dana Insight Benefit Balanced Fund
p.98
unresolved
org
PT Mitra Maju Investama
p.98 ×2
unresolved
org
PT Investasi Karya Utama
p.98 ×2
unresolved
org
Reksa Dana Insightt Scholarship Fund
p.98
unresolved
org
Dana Pensiun PLN
p.98
unresolved
org
Dana Pensiun Angkasa Pura
p.98
unresolved
org
Dana Pensiun Jasa Marga
p.98
unresolved
org
PT AIAF HY PAR
p.98
unresolved
org
Reksa Dana Sam Obligasi Optima
p.98
unresolved
org
PT Asuransi Jiwa Sequis Life
p.98
unresolved
org
Reksa Dana Insight Infra Development
p.98
unresolved
org
PT Mega Graha Citra Perkasa Name Bidang
p.99
unresolved
person
Notary Rudy Notaris Rudy Putranom Syafarullah
· Notaris
p.99 ×3
unresolved
org
Menteri
p.99
unresolved
org
Minister of Law
p.99
unresolved
org
BAPEPAM-LK
p.149 ×4
unresolved
person
Ethics Committee
· Corporate Secretary
p.151
unresolved
—
merupakan pihak perseorangan serta
p.153
unresolved
—
lembaga/institusi yang memiliki saham dalam sebuah
p.153
unresolved
org
komposisi saham PT Adhi Commuter Properti Tbk
p.153
unresolved
—
(ADCP) telah diuraikan pada Bab Profil
p.153
unresolved
—
berkomitmen untuk senantiasa melindungi
p.153
unresolved
—
memastikan perlakuan adil terhadap para
p.153
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—
Anggaran Dasar Perusahaan Nomor 216 tanggal 19
p.153
unresolved
—
2023. Penetapan ini bertujuan untuk memberikan
p.153
unresolved
—
kerangka yang jelas terkait hak-hak
p.153
unresolved
—
Attendees Proxy
p.156 ×3
unresolved
org
Kantor Akuntan Publik Amir Abadi Jusuf
p.157 ×3
unresolved
org
Mawar & Partners
p.157 ×3
unresolved
org
Mawar & Rekan
p.159 ×3
unresolved
org
PT Adhi Commuter Properti Tindak Lanjut Manajemen
p.163
unresolved
person
Kehadiran Notaris Titik Krisna Murti Wikaningsih Hastuti
· Notaris
p.164 ×6
unresolved
—
Bertanya dan/atau
p.164
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