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Painting a Beautiful
Picture of Indonesia
AR 2023
Template
Template
ANNUA L R E P O RT 2023
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Painting a Beautiful
Picture of Indonesia
For over 4 decades, PT Avia Avian Tbk (hereinafter referred to as the “Company” or “AVIA” or
“we”) has been bringing beautiful colors to the lives of millions of families in Indonesia, by
providing a diverse range of high-quality and eco-friendly paint products. As a pioneer in the
paint manufacturing industry, we recognize the paramount importance of making positive
contributions to both the environment and the community. Thus, since its inception, the
Company has not only brought colors through its products, but also through continuous
commitment to responsible business practices.
As part of this ongoing commitment, we continue to conduct research and development to
introduce more environmentally friendly paint solutions. By consistently exploring the potential
for innovation in paint formulations that are both more efficient and ecological, we aspire
to continue painting Indonesia with colors that are not only beautiful but also sustainable.
Moreover, we steadfastly strengthen partnerships with local communities, support social
initiatives, and invest in educational programs to shape a brighter and more colorful future for
the next generation.
Disclaimer and
Limitation of Liability
Our 2023 Annual Report is prepared to comply with the requirement to report our performance for the period of
January 1, 2023 to December 31, 2023 to the regulators and stakeholders. This Annual Report, among others, is
prepared based on Financial Services Authority Regulation No. 29/POJK.04/2016 concerning Annual Reports
of Issuers or Public Companies with contents in accordance with Financial Services Authority Circular Letter
No. 16/SEOJK.04/2021 concerning Forms and Contents of an Annual Report of Issuers or Public Companies.
This Annual Report contains statements related to objectives, policies, plans, strategies, as well as operational and
financial results that are prepared based on accountable factual data. In addition, this Annual Report also presents
information related to our forecasts for the following year that are prepared based on prospective statements and
various assumptions regarding the future conditions of our Company, as well as the related business environment,
thus the actual developments may materially differ from the report. Therefore, we urge the stakeholders to use the
information contained in this report wisely in making decisions.
2023 Annual Report - PT Avia Avian Tbk 1
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Competitive
Strengths
1
Leading paint producer in
Indonesia with strong brand
recognition.
6
Production excellence, which 2
is underpinned by the Company’s
vertically integrated manufacturing Well-positioned to gain
capabilities and in-house raw advantages of the favorable
material production, is supported industry growth dynamics
by the Company’s long-term in Indonesia.
relationships with key
suppliers.
5 3
Extensive distribution network
Ability to offer differentiated
and access across Indonesia.
and innovative solutions
Supported by 118 wholly-owned
supported by industry-leading
distribution centers and
research and development capabilities
14 wholly-owned mini-distribution
in decorative paints and
centers, and 40 independent
coatings.
distribution centers.
4
Highly committed and
visionary management team
with a strong track record
of success.
2 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
2023 Performance
FINANCIAL PRODUCTION HUMAN
PERFORMANCE PERFORMANCE RESOURCES
Net Revenue Sidoarjo Plant Number of Employees*
IDR
7,016.88 130,325 8,554
Billion Metric Tons Persons
4.82% 1.46% 5.20%
Number of Female
Profit for the Year Serang Plant
Employees*
IDR
1.643,10 50,215 1,740
Billion Metric Tons Persons
17.33% 18.06% 6.10%
Earnings per Share Total Production Total Training Hours
IDR
26.51 180,540 63,526
Metric Tons Hours
17.25% 5.59% 49.71%
* Including Employees of Subsidiaries and Outsourced Employees.
2023 Annual Report - PT Avia Avian Tbk 3
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Table of Contents
Disclaimer and Limitation 1
of Liability
Competitive Strengths 2
2023 Performance 3
Table of Contents 4
Company Profile Management
Company Identity 34
Discussion and
Milestones 36
Analysis
Brief History 38 Economic Overview 78
Company Vision, Mission, 40 Industry Overview 78
and Values
Operational Overview 79
Meaning of Avian Logo 42
Performance Business Activities 43
Marketing and Distribution 82
Highlights Products and Services 45
Aspect
Financial Overview 83
Manufacturing Facilities 48 Consolidated Statement of
Key Financial Data Overview 8 83
Operational Areas 49 Financial Position
Operational Overview 10
Organizational Structure 50 Consolidated Statement 86
Share Overview 10
Membership in Associations 51 of Profit or Loss and Other
Corporate Action 11 Comprehensive Income
Profile of the Board of 52
Share Trading Information 11 Consolidated Statement of 87
Commissioners
Information regarding Bonds, 11 Cash Flows
Profile of the Board of Directors 55
Sukuk, or Convertible Bonds Solvency 87
Shareholder Information 61
Significant Events 12 Collectability of Account 88
Main and Controlling 62
Awards and Certifications 16 Receivables
Shareholders
Capital Structure 88
Chronology of Share Listing 63
Capital Goods Investment 89
Sharia Securities 63
Material Commitments related 89
Company’s Stock Index 64 to Capital Goods Investment
Chronology of Other Securities 64 Realization on Use of Proceeds 90
Listing from Public Offering
Corporate Structure 64 Dividend Policy and Distribution 90
Subsidiaries, Associates, and 65
Management Joint-Ventures
Material Information
Concerning Investment,
91
Report Capital Market Supporting 66 Expansion, Divestment,
Institutions and Professions Merger/Consolidation,
The Board of Commissioners 24 Information Access 67 Acquisition, and/or
Report Debt/Capital Restructuring
Human Resources 67
The Board of Directors Report 28 Information Technology 73
4 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Material Transactions Containing 91 Mechanism of Good Corporate 100 Employee Stock Allocation 151
Conflicts of Interest or Governance Program
Transactions with Related Parties General Meeting of Shareholders 100 Information Disclosure Policy 151
Comparison of Target and 93 The Board of Commissioners 114 Whistleblowing System 152
Realization in 2023
The Board of Directors 119 Anti-Corruption Policy 154
Business Prospects 93
The Board of Commissioners and 123 Policy to Prevent Insider Trading 154
Business Development Strategy 94 the Board of Directors Diversity Policy on Fulfillment of Creditors’ 154
2024 Projection 94 Policy Rights
Changes in Accounting Policies 94 Nomination and Remuneration of 123 Conflict of Interest Guidelines 155
Changes in Laws and 95 the Board of Commissioners and
the Board of Directors Communication Policy Guidelines 155
Regulations with Significant
Sharia Supervisory Board Policy Guideline in Resignation 155
Impacts on the Company 124
Procedure of the Board of
Material Information after the 95 Committees Under the Board of 125 Commissioners and the Board
Financial Statement Date Commissioners of Directors in the Event of
Business Continuity Information 95 The Audit Committee 125 Involvement in Financial Crime
The Nomination and 129 Affiliated Transaction Guidelines 155
Remuneration Committee Implementation of Corporate 156
The Good Corporate 132 Governance Guidelines for
Governance Committee Public Companies
Committees Under the Board of 134
Directors
The Related Party Transaction 134
Committee
Good Corporate The Corporate Secretary 137
Governance The Internal Audit Unit 140
Public Accountant 143
Commitment to
Implementing Good
98 Internal Control System 144 Social and
Corporate Governance
Risk Management System 146
Environmental
Legal Disputes with Material 149
Basis of Good Corporate 99
Impacts and the Administrative Responsibility
Governance Implementation
Sanctions Imposed
Structure of Good Corporate 99 Sustainability Performance 160
Code of Conduct 149
Governance Overview
Statement of Members of the Board of Commissioners and Members of the Board of Directors on 163
the Responsibility for the 2023 Annual Report of PT Avia Avian Tbk
Consolidated Financial Statements of PT Avia Avian Tbk and Subsidiaries 165
2023 Annual Report - PT Avia Avian Tbk 5
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Performance Highlights 6 PT Avia Avian Tbk - 2023 Annual Report
Page 9
2023 Annual Report - PT Avia Avian Tbk 7
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Key Financial Data Overview
(in millions Rupiah, unless otherwise stated)
Description 2023 2022 2021
Consolidated Statement of Financial Position
Total Assets 11,166,987 10,792,122 10,873,760
Total Current Assets 8,957,425 8,716,715 8,886,439
Total Non-Current Assets 2,209,562 2,075,407 1,987,321
Total Liabilities 1,245,498 1,217,237 1,458,140
Total Current Liabilities 1,175,130 1,108,163 1,339,681
Total Non-Current Liabilities 70,368 109,074 118,459
Total Equity 9,921,489 9,574,885 9,415,620
Total Liabilities and Equity 11,166,987 10,792,122 10,873,760
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Net Revenue 7,016,882 6,694,171 6,779,643
Cost of Goods Sold (3,833,546) (3,976,771) (3,954,110)
Gross Profit 3,183,336 2,717,400 2,825,533
Profit Before Income Tax Expense 1,992,143 1,745,247 1,844,705
Income Tax Expense (349,047) (344,882) (410,154)
Profit for the Year 1,643,096 1,400,365 1,434,551
Total Other Comprehensive Income/(Loss), Net 81,403 (127,454) (3,701)
Total Comprehensive Income for the Year 1,724,499 1,272,911 1,430,850
Profit for the Year Attributable to:
Owners of the Parent Entity 1,642,166 1,400,561 1,434,613
Non-controlling Interests 930 (196) (62)
Total Comprehensive Income for the Year Attributable to:
Owners of the Parent Entity 1,723,608 1,273,081 1,430,912
Non-controlling Interests 891 (170) (62)
Basic and Diluted Earnings per Share Attributable to the Owners of the Parent
26.51 22.61 25.54
(full Rupiah)
Consolidated Statement of Cash Flows
Net Cash Flows Generated from Operating Activities 1,585,535 1,461,499 1,271,999
Net Cash Flows (Used in)/Provided from Investing Activities (1,082,896) 559,932 (4,564,022)
Net Cash flows (Used in)/Provided from Financing Activities (1,440,808) (1,146,154) 3,218,853
Consolidated Financial Ratio
Profitability Ratio (%)
Consolidated Profit for the Year to Consolidated Net Revenue 23.42 20.92 21.16
Consolidated Profit for the Year to Consolidated Total Assets 14.71 12.98 13.19
Consolidated Profit for the Year to Consolidated Total Equity 16.56 14.63 15.24
Liquidity Ratio (x)
Consolidated Total Current Assets to Consolidated Total Current Liabilities 7.62 7.87 6.63
Solvency Ratio (x)
Consolidated Total Liabilities to Consolidated Total Assets 0.11 0.11 0.13
Consolidated Total Liabilities to Consolidated Total Equity 0.13 0.13 0.15
8 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Performance Highlights
Total Assets Total Liabilities Total Equity
(in million Rupiah) (in million Rupiah) (in million Rupiah)
85.21 (0.75) 3.47 YoY (%) 22.92 (16.52) 2.32 YoY (%) 100.99 1.69 3.62 YoY (%)
9,921,489
11,166,987
1,458,140
1,217,237 1,245,498 9,574,885
9,415,620
10,873,760
10,792,122
2021 2022 2023 2021 2022 2023 2021 2022 2023
Net Revenue Profit Before Interest, Tax, Profit for the Year
(in million Rupiah) Depreciation, and Amortization (in million Rupiah)
(in million Rupiah)
18.29 (1.26) 4.82 YoY (%) 22.50 (16.36) 15.85 YoY (%) 26.26 (2.38) 17.33 YoY (%)
7,016,882
1,989,793 1,643,096
6,779,643 1,927,857 1,434,551 1,400,365
6,694,171
1,664,169
2021 2022 2023 2021 2022 2023 2021 2022 2023
Consolidated Profit for the Consolidated Total Consolidated Total
Year to Consolidated Current Assets to Consolidated Liabilities to Consolidated
Net Revenue Total Current Liabilities Total Equity
6.74 (1.14) 11.94 YoY (%) 72.97 18.58 (3.09) YoY (%) (38.84) (17.91) (1.25) YoY (%)
7.87x 7.62x
0.15x
0.13x 0.13x
21.16% 20.92% 23.42%
6.63x
2021 2022 2023 2021 2022 2023 2021 2022 2023
2023 Annual Report - PT Avia Avian Tbk 9
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Operational Overview
(in millions Rupiah, unless otherwise stated)
Description 2023 2022 2021
Architectural Solutions
5,618,025 5,384,019 5,305,745
(Wall, Wood and Metal, Waterproofing, Wood Care, and Others)
Trading Goods (Pipes, Furniture, and Supporting Products) 1,398,857 1,310,152 1,473,898
Total Net Revenue 7,016,882 6,694,171 6,779,643
Share Overview
Shares Price Number of
Transaction Market
Outstanding
Period Lowest Highest Closing Volumes Capitalization
Shares
(IDR) (IDR) (IDR) (Shares) (IDR)
(Shares)
2023
Quarter 1 565 685 595 512,099,400 61,953,555,600 36,862,365,582,000
Quarter 2 565 760 665 492,363,100 61,953,555,600 41,199,114,474,000
Quarter 3 550 670 560 536,594,400 61,953,555,600 34,693,991,136,000
Quarter 4 422 575 500 1,911,509,200 61,918,936,800 30,976,777,800,000
2022
Quarter 1 685 930 780 2,200,412,500 61,953,555,600 48,323,773,368,000
Quarter 2 685 855 815 2,347,666,700 61,953,555,600 50,492,147,814,000
Quarter 3 775 960 795 2,456,478,000 61,953,555,600 49,253,076,702,000
Quarter 4 620 845 630 1,466,947,900 61,953,555,600 39,030,740,028,000
Transaction Volumes Closing Price
(Shares) (IDR)
500,000,000 1,000
450,000,000 900
400,000,000 800
350,000,000 700
300,000,000 600
250,000,000 500
200,000,000 400
150,000,000 300
100,000,000 200
50,000,000 100
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2022 2023
Transaction Volumes (Shares) Closing Price (IDR)
10 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Performance Highlights
Corporate Action
In accordance with the resolutions of the Extraordinary General Meeting of Shareholders on December 7, 2023, the Company
is to execute buyback of our shares that have been issued and listed on the Indonesia Stock Exchange, in a maximum amount
of 1,425,000,000 shares or approximately 2.3% of the entire issued and paid-up capital. The allocated funds for the shares
buyback amount to a maximum of IDR1,000,000,000,000.- (including transaction costs, trading fees, and other associated
expenses), and the transaction is to be carried out in phases over the next 18 months.
This transaction is carried out in compliance with the provisions of Financial Services Authority Regulation
No. 30/POJK.04/2017 concerning the Buyback of Shares Issued by Public Companies. Implementation of the shares buyback is
a part of our efforts toward optimal capital management, and a realization of our commitment to increase and safeguard value
for the shareholders.
On December 27, 2023, the Company repurchased 34,618,800 ordinary shares of the Company through the Indonesia Stock
Exchange. This corporate action changed the number of outstanding shares of the Company from the initial 61,953,555,600
shares to become 61,918,936,800 shares as at the end of 2023.
Share Trading Information
During 2023, we did not experience any temporary suspension of share trading or delisting.
Information regarding Bonds, Sukuk or
Convertible Bonds
Until the end of 2023, we have never issued bonds, sukuk, or convertible bonds.
2023 Annual Report - PT Avia Avian Tbk 11
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Significant Events
JANUARY 2023
We strengthened our product line in the marine segment by
19 introducing Admiral Anti Fouling and Admiral Thinner Serbaguna.
Admiral Anti Fouling is a solvent-based matrix binder coating with
a special formulation that protects and prevents marine organisms
such as clams, barnacles (hard fouling), algae & weeds (soft fouling)
from sticking to the hull of boats, ships, and bridge structures. This
product is applied to submerged/water-exposed underside of
boats, sailboats, and motorboats with wood or metal-based boards.
In addition, anti-fouling coating is also used to prevent corrosion
so that a ship’s structure or components are not quickly damaged
and worn out. Meanwhile, Admiral Thinner Serbaguna is a thinner
specifically formulated to dilute and facilitate the application of the
marine or anti-fouling coating, thus resulting in a better finish. This
product can be used to dilute various types of matrix binder-based
or epoxy-based marine coating.
FEBRUARY 2023
Understanding common needs and problems in wall paint Dull-looking wooden furniture leaves an impression of poor
1 application is essential. With interior walls, frequent issues include 1 maintenance, especially when placed in exterior locations where
uneven color and damaged or cracked walls. As for exterior walls, weather conditions cause the surface to lose its color and thus, its
exposure to sunlight and changing weathers may lead to cracking appeal. We respond to this challenge by launching Boyo Politur
and discoloration. Therefore, we introduced Brilliant Cat Tembok Melamin, a product that provides protection for both exterior and
Interior and Brilliant Cat Tembok Eksterior to address these needs interior wood surfaces. In addition to excellent weather resistance, this
and problems. Brilliant Cat Tembok Interior is capable of concealing product boasts a high gloss finish. Its weather-resistant quality has been
imperfections on the walls and preventing the growth of mold and proven through various laboratory tests, preventing rapid discoloration
mildew. Meanwhile, Brilliant Cat Tembok Eksterior can cover hairline to wood coated with Boyo Politur Melamin. The coated wood surface
cracks on the wall’s surface and enhance the aesthetic value of the is also non-sticky and leaves no trace of stains, presenting a shinier,
house’s facade. Additionally, this product has undergone a series of smoother, thicker, and long-lasting appearance.
resistance tests against various common issues faced by exterior
walls, proving to its exceptional quality.
12 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Performance Highlights
FEBRUARY 2023 APRIL 2023
Rust and peeling of synthetic paint on metal surfaces is a highly Exposure to seawater, sunlight, and changing weather can damage
8 common problem, most frequently resulting from inadequate 1 fishing boats, and repairing such damage requires a wood filler
preparation of the metal surface being painted. In response to this capable of filling holes in the wooden boats. Responding to this
challenge, we introduced Avian Cling Zinc Chromate, made with opportunity, we introduced our latest flagship product, Admiral
high-quality alkyd resin. This product is specially formulated to Wood Filler Epoxy, specifically formulated with sawdust to fill gaps
provide protection against rust, in addition to its excellent sealing between wood, joints, and patch holes in wooden boats. It is highly
power and quick-dry quality. suitable for application on wooden boats due to its excellent water
resistance, stiffness, flexibility, and anti-shrinkage properties. Admiral
Wood Filler Epoxy is a ready-to-use product, eliminating the need for
additional sawdust or dilution.
MAY 2023
The Company launched Admiral Cat Kapal, our new product in the
1 marine segment. It is an alkyd-based coating for metal and wood
surfaces, specifically formulated for strong resistance against marine
ecosystems, with excellent sealing power and a high-gloss finish. The
product is ideal for application on the ship’s superstructures, engine
rooms, corridors, and masts, both for exterior and interior purposes.
2023 Annual Report - PT Avia Avian Tbk 13
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MAY 2023 AUGUST 2023
We presented our new product in the wall paint segment, Aries We introduced a new product in the wall paint segment, Avitex Wizz.
22 Bling. This product addresses market demands for economical wall 1 It is specifically formulated to be 2 times thicker and can be diluted
paint that is resistant to chalking and discoloration, and comes in by up to 40% for more cost-saving, in addition to its excellent quick-
various color options. Aries Bling can be applied to various surfaces, dry property. It also comes with a 3-year warranty to provide the
including walls, concrete, bricks, asbestos-based ceilings, mortar best sealing power and conceal imperfections on the interior walls
boards, and more. of your homes. Avitex Wizz can also be applied to ceilings, boards,
gypsum, and more.
AUGUST 2023
A proper painting of exterior walls normally requires three steps:
21 primer, top coat, and waterproofing. However, these steps are often
seen as impractical and costly. To address this challenge, we presented
our latest product, No Drop Plus 3 in 1, featuring the essential 3-in-1
functions required for high-quality exterior wall painting. Moreover,
this product boasts better sealing power, allowing for cost savings
without compromising on quality. No Drop Plus 3 in 1 provides
both aesthetic appeal and leak-proof protection for homes that
can last for over 7 years.
We launched a new, more economical product in the waterproofing
28 segment, namely the No Drop Basic. This product incorporates
waterproofing technology to protect both exterior and interior
walls. It boasts excellent elasticity and protection against mold and
mildew, providing surface protection for up to 4 years. No Drop Basic
is ideal for application on exterior and interior walls, as it holds a
green label certification for its environmental friendliness, making it
compatible with various surfaces, including GRC, asbestos, concrete
roofs, and water pipes.
14 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Performance Highlights
SEPTEMBER 2023
We introduced a new product in the adhesive segment, Avian Lem We proudly received the Katadata Corporate Sustainability Awards
1 Epoxy Hemat. It is a 2-component adhesive with a special formulation 26 (KCSA) 2023 as the Overall Winner in the Chemicals Sector category.
that contains no thinner and produces no pungent odor. Composed This award is an appreciation of our commitment and performance
purely without any additives, Avian Lem Epoxy Hemat has excellent in consistently contributing to the economic development of
adhesion, is heat-resistant, and can be applied to various substrates Indonesia while prioritizing sustainability principles in each of our
such as iron, glass, ceramics, wood, aluminum, and plastic. business operations. We are acknowledged to have demonstrated
steadfast commitment to building a sustainable value chain,
caring for social issues, responsibly protecting the environment
and biodiversity, as well as improving resource efficiency while
minimizing ecological impacts from our activities. This accolade
further fuels our determination to continually enhance the quality
of sustainability principles implementation in the future.
OCTOBER 2023 DECEMBER 2023
The Company presented a new product in the wood and metal We expanded our national distribution network by increasing
1 segment, namely Avian 3 in 1 Anti Karat. This product works 31 the number of our wholly-owned distribution to 118 distribution
simultaneously as a base paint and top coat. It offers excellent centers located in 34 provinces and 98 cities in Indonesia, as well
sealing power, high quality, and glossy finish, while providing as 14 mini distribution centers in several cities. These distribution
maximum protection against rust, extreme weather, mold, and centers are operated by our Subsidiaries, namely PT Tirtakencana
termites. This product may be applied to various substrates, Tatawarna (“TKTW”) and PT Tirtakencana Batamindo (“TKBI”).
such as iron, aluminum, galvanized, and wood, available in
various attractive colors to enhance customers’ homes.
2023 Annual Report - PT Avia Avian Tbk 15
Page 18
Awards and Certifications
Awards
1 2 3 4 5 6 7
Recipient of the “Prevention and Mitigation
1 2 Zero Accident Award
Programs of Covid-19 in the Workplace” Award
Gold Category
Organizer : Ministry of Manpower of the Organizer : East Java Governor
Republic of Indonesia
Recipient : PT Avia Avian Tbk Recipient : PT Avia Avian Tbk
Period : 2023 Period : 2023
Overall Winner of the 2023 Katadata Corporate
3 4 Going Green is Good for Your Business
Sustainability Awards (KCSA)
Chemicals Sector Category
Organizer : Katadata Organizer : Xurya Daya Indonesia
Recipient : PT Avia Avian Tbk Recipient : PT Avia Avian Tbk
Period : 2023 Period : 2023
Indonesia Architectural Paints and Coatings
5 National PROPER Green Rating 6
Market Leadership Award
Organizer : Ministry of Environment and Organizer : Frost & Sullivan
Forestry of the Republic of Indonesia
Recipient : PT Avia Avian Tbk Recipient : PT Avia Avian Tbk
Period : 2023 Period : 2023
Green Industry Pioneer in Accelerating Sustainable Development in East Java
7 Organizer : East Java Governor
Recipient : PT Avia Avian Tbk
Period : 2023
16 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Performance Highlights
Certification
International Standardization Organization (“ISO”)
Current issue date: 31 January 2023 Original approval(s):
Expiry date: 27 February 2024 ISO 9001 - 28 February 2007
Certificate identity number: 10499302
Certificate of Approval
This is to certify that the Management System of:
PT Avia Avian Tbk
Jl Raya Surabaya-Sidoarjo Km 19, Desa Wadungasih, Buduran Sidoarjo, East Java, Indonesia
has been approved by LRQA to the following standards:
ISO 9001:2015
Approval number(s): ISO 9001 – 0044727
This certificate is valid only in association with the certificate schedule bearing the same number on which the locations applicable
to this approval are listed.
The scope of this approval is applicable to:
Manufacture of paint, resin, can making and mortar product.
Luis Cunha
________________________
Area Operations Manager - North Asia & SAMEA
Issued by: LRQA Limited
LRQA Group Limited, its affiliates and subsidiaries and their respective officers, employees or agents are, individually and collectively, referred to in this clause as 'LRQA'.
LRQA assumes no responsibility and shall not be liable to any person for any loss, damage or expense caused by reliance on the information or advice in this document or
howsoever provided, unless that person has signed a contract with the relevant LRQA entity for the provision of this information or advice and in that case any responsibility or
liability is exclusively on the terms and conditions set out in that contract.
Issued by: LRQA Limited, 1 Trinity Park, Bickenhill Lane, Birmingham B37 7ES, United Kingdom
Page 1 of 2
1 2
Name of Certification Organizer Validity Period
ISO 45001:2018 on Occupational Health and Safety
PT Lloyd’s Register Indonesia October 27, 2021 – October 26, 2024
Management System
ISO 14001:2015 on Environmental Management System PT Lloyd’s Register Indonesia February 19, 2022 – February 18, 2025
ISO 50001:2018 on Energy Management System PT Lloyd’s Register Indonesia March 3, 2022 – March 2, 2025
ISO 9001:2015 on Quality Management System PT Lloyd’s Register Indonesia January 31, 2023 – February 27, 2024
ISO/IEC 27001:2013 on Information Security
Intertek Certification Limited February 17, 2023 – October 31, 2025
Management System
Indonesian National Standard (“SNI”)
1 2
Name of Certification Product Type Organizer Validity Period
SNI 3564:2014 Sunguard Exterior Chempack Product Certification Institute of the
Aquamatt, Aries Gold, Center for Standardization, and Services of Until
SNI 3564:2014 Avitex, Everglo, Interior Chemical, Pharmaceutical and Packaging Industry, November 3, 2026
Supersilk, and No Odor Ministry of Industry of the Republic of Indonesia
2023 Annual Report - PT Avia Avian Tbk 17
Page 20
Singapore Green Label
PT. Avia Avian PT. Avia Avian PT. Avia Avian PT. Avia Avian Tbk
Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadung Asih, Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadung Asih, Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadung Asih, Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadungasih,
Buduran, Sidoarjo 61252, Indonesia Buduran, Sidoarjo 61252, Indonesia Buduran, Sidoarjo 61252, Indonesia Buduran, Sidoarjo-East Java -Indonesia 61252
AVITEX ALKALI RESISTING PRIMER AVITEX WIZZ BRILIANT EXTERIOR NO DROP BASIC
032-219-4089 032-219-4119 032-219-4150 032-219-4149
Environmentally Preferred Paint Environmentally Preferred Paints & Surface Coatings Environmentally Preferred Paints & Surface Coatings Environmentally Preferred Paints & Surface Coatings
(In accordance to SEC Green Label Category 32: Paints and Surface Coatings) (In accordance to SEC Green Label Category 32: Paints and Surface Coatings) (In accordance to SEC Green Label Category 32: Paints and Surface Coatings) (In accordance to SEC Green Label Category 32: Paints and Surface Coatings)
Validity: 19 January 2023 to 18 January 2025 Validity: 23 March 2023 to 22 March 2025 Validity: 14 June 2023 to 13 June 2025 Validity: 14 June 2023 to 13 June 2025
1 2 3 4
The Singapore Environment Council hereby grant
PT. Avia Avian TBK PT. Avia Avian TBK PT. Avia Avian TBK PT. Avia Avian TBK
Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadungasih, Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadungasih, Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadungasih, Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadungasih,
Buduran, Sidoarjo-East Java -Indonesia 61252 Buduran, Sidoarjo-East Java. Indonesia 61252 Buduran, Sidoarjo-East Java. Indonesia 61252 Buduran, Sidoarjo-East Java. Indonesia 61252
_____________________________
BRILLIANT CAT TEMBOK
JEN TEO INTERIOR SUNGUARD EVERGLO SUPERSILK
Executive Director
038-219-4164 032-219-3921 032-219-3926 032-219-3922
Singapore Environment Council
Environmentally Preferred Paints & Surface Coatings Environmentally Preferred Paints & Surface Coatings Environmentally Preferred Paints & Surface Coatings Environmentally Preferred Paints & Surface Coatings
(In accordance to SEC Green Label Category 32: Paints and Surface Coatings) (In accordance to SEC Green Label Category 32: Paints and Surface Coatings) (In accordance to SEC Green Label Category 32: Paints and Surface Coatings)
(In accordance to SEC Green Label Category 32: Paints and Surface Coatings)
Validity: 25 November 2023 to 24 November 2025 Validity: 25 November 2023 to 24 November 2025 Validity: 25 November 2023 to 24 November 2025
Validity: 19 July 2023 to 18 July 2025
5 6 7 8
PT. Avia Avian TBK PT. Avia Avian TBK PT. Avia Avian TBK PT. Avia Avian TBK
Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadungasih, Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadungasih, Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadungasih, Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadungasih,
Buduran, Sidoarjo-East Java. Indonesia 61252 Buduran, Sidoarjo-East Java. Indonesia 61252 Buduran, Sidoarjo-East Java. Indonesia 61252 Buduran, Sidoarjo-East Java. Indonesia 61252
AVITEX DAPUR & KAMAR MANDI AQUAMATT LENKOTE ALKALI RESISTING PRIMER NO ODOR
032-219-3927 032-219-3923 032-219-3924 032-219-3925
Environmentally Preferred Paints & Surface Coatings Environmentally Preferred Paints & Surface Coatings Environmentally Preferred Paints & Surface Coatings Environmentally Preferred Paints & Surface Coatings
(In accordance to SEC Green Label Category 32: Paints and Surface Coatings) (In accordance to SEC Green Label Category 32: Paints and Surface Coatings) (In accordance to SEC Green Label Category 32: Paints and Surface Coatings) (In accordance to SEC Green Label Category 32: Paints and Surface Coatings)
Validity: 25 November 2023 to 24 November 2025 Validity: 25 November 2023 to 24 November 2025 Validity: 25 November 2023 to 24 November 2025 Validity: 25 November 2023 to 24 November 2025
9 10 11 12
PT. Avia Avian TBK PT. Avia Avian TBK
Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadung Asih, Jl. Raya Surabaya – Sidoarjo Km 19, Desa Wadung Asih,
Buduran, Sidoarjo 61252, Indonesia Buduran, Sidoarjo 61252, Indonesia
NO DROP ANTI PANAS AVITEX GOLD
032-219-3937 032-219-3938
Environmentally Preferred Paints & Surface Coatings Environmentally Preferred Paints & Surface Coatings
(In accordance to SEC Green Label Category Category 32: Paints and Surface Coatings) (In accordance to SEC Green Label Category Category 32: Paints and Surface Coatings)
Validity: 23 December 2023 to 22 December 2025 Validity: 23 December 2023 to 22 December 2025
William Wong William Wong
Assistant Executive Director Assistant Executive Director
13 14
18 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Performance Highlights
Product Organizer Validity Period
Avitex 4 Kids Singapore Environment Council Until February 26, 2024
Everglo Kids Care Singapore Environment Council Until February 26, 2024
Supersilk Anti-Noda Singapore Environment Council Until May 29, 2024
Lenkote Home Deco Metallic Paint Gold Singapore Environment Council Until July 24, 2024
Sunguard All-In-One Singapore Environment Council Until August 7, 2024
Avitex Anti Viruz Interior Paint Singapore Environment Council Until August 19, 2024
Home Deco Glow In The Dark Interior Paint Singapore Environment Council Until August 19, 2024
Home Deco Magnetic Interior Paint Singapore Environment Council Until August 19, 2024
No Odor Medicare Singapore Environment Council Until September 5, 2024
Home Deco Glitz Singapore Environment Council Until September 9, 2024
Wood Eco Woodstain Water-Based Singapore Environment Council Until November 9, 2024
Avitex Eksterior Singapore Environment Council Until November 9, 2024
Boyo Special Politur Vernis Water-Based Singapore Environment Council Until November 9, 2024
No Lumut Water-Based Singapore Environment Council Until November 9, 2024
Avitex One Coat Singapore Environment Council Until December 21, 2024
Avitex Alkali Resisting Primer Singapore Environment Council Until January 18, 2025
Avitex Wizz Singapore Environment Council Until March 22, 2025
Brilliant Exterior Singapore Environment Council Until June 13, 2025
No Drop Basic Singapore Environment Council Until June 13, 2025
Brilliant Cat Tembok Interior Singapore Environment Council Until July 18, 2025
Sunguard Singapore Environment Council Until November 24, 2025
Everglo Singapore Environment Council Until November 24, 2025
Supersilk Singapore Environment Council Until November 24, 2025
Avitex Dapur & Kamar Mandi Singapore Environment Council Until November 24, 2025
Aquamatt Singapore Environment Council Until November 24, 2025
Lenkote Alkali Resisting Primer Singapore Environment Council Until November 24, 2025
No Odor Singapore Environment Council Until November 24, 2025
No Drop Anti Panas Singapore Environment Council Until December 22, 2025
Avitex Gold Singapore Environment Council Until December 22, 2025
Domestic Component Level
1 2 3
2023 Annual Report - PT Avia Avian Tbk 19
Page 22
4 5 6 7
8 9 10 11
12 13 14 15
16 17 18 19
20 21 22 23
20 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Performance Highlights
Product Organizer Validity Period
Aries Gold Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Avian Aluminium Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Avian Cat kayu dan Besi Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Avian Zinc Chromate Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Avitex Alkali Resisting Primer Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Avitex Anti Viruz Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Avitex Cat Genteng Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Avitex Exterior Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Avitex Plamir Tembok Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Avitex Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Boyo Politur Vernis Solvent-Based Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Lenkote Wall Sealer Ministry of Industry of the Republic of Indonesia Until September 15, 2026
No Drop Anti Panas Ministry of Industry of the Republic of Indonesia Until September 15, 2026
No Drop Ministry of Industry of the Republic of Indonesia Until September 15, 2026
No Odor Medicare Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Supersilk Anti Noda Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Suzuka Cat Duco Otomotif Ministry of Industry of the Republic of Indonesia Until September 15, 2026
Avian Paving Paint Ministry of Industry of the Republic of Indonesia Until October 19, 2026
Avian Roadline Paint Ministry of Industry of the Republic of Indonesia Until October 19, 2026
Avitex Gold Ministry of Industry of the Republic of Indonesia Until October 19, 2026
Sunguard All-In-One Ministry of Industry of the Republic of Indonesia Until October 19, 2026
Sunguard Ministry of Industry of the Republic of Indonesia Until October 19, 2026
Supersilk Ministry of Industry of the Republic of Indonesia Until October 19, 2026
By obtaining certifications for the Indonesian National Standard (Standar Nasional Indonesia or “SNI”), Singapore Green
Label (“GLS”), and Domestic Component Level (Tingkat Komponen Dalam Negeri or “TKDN”), we demonstrate our ongoing
commitment to improving product quality by delivering products that are safe for both the consumers and the environment.
In obtaining these certifications, we have passed a series of auditing processes, including the use of renewable raw materials,
standardized production processes, and product safety related to hazardous substances such as lead and chromium. To date,
7 products have obtained the SNI certification, while 29 products have received the GLS certifications, and 23 products have
received the TKDN certifications, as listed in the table above.
Other Certifications
Name of Certification Organizer Validity Period
Green Industry Certification Institute of the Center
Green Industry Certificate for Standardization and Services of Chemical,
September 8, 2022 – September 7, 2026
(Sertifikat Industri Hijau) Pharmaceutical, and Packaging Industry, Ministry
of Industry of the Republic of Indonesia
2023 Annual Report - PT Avia Avian Tbk 21
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Management Report 22 PT Avia Avian Tbk - 2023 Annual Report
Page 25
2023 Annual Report - PT Avia Avian Tbk 23
Page 26
The Board of Commissioners
Report
Hermanto Tanoko
President Commissioner
Dear Valued Shareholders and Stakeholders,
Praise and gratitude to God Almighty, for the performance shown by PT Avia Avian Tbk
throughout 2023 in achieving positive accomplishments. Throughout the year, we continued
to oversee and support the strategic measures as well as appreciate the dedication exhibited
by the Board of Directors of the Company, collectively building strong foundation for the
Company’s success in presenting sustainable colors.
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Management Report
We realize that 2023 was not merely a passage of time, but also a period filled with meaningful dynamics and growth
momentum for the Company. We are grateful for the wise leadership and collective hard work of all the Company’s personnel,
which enabled us to successfully navigate emerging challenges, thus solidifying the Company’s position to stay ahead in this
competitive market.
Economic Conditions in 2023
In facing the economic and paint industry dynamics in 2023, we continuously monitored the macroeconomic conditions that
influenced the Company’s operations. On a global level, geopolitical tensions and the prolonged impact of the pandemic were
elements of our constant concern. While at the national level, Indonesia’s economic development was the main focus. We closely
monitored economic growth projections, currency stability, and government fiscal and monetary policies. We integrated these
conditions into our evaluation of the Company’s performance and strategies to be adopted in order to optimize opportunities
and mitigate potential risks.
We were also well aware of the significant dynamics in the national paint industry sector. Increased consumer demand, shifting
sustainability trends, and innovations in product formulations were factors that we identified as the drivers of change in this
industry. We believe that keeping an eye on the future will allow the Company to remain relevant and competitive in this
constantly evolving market.
Supervision on Formulation and Implementation of Strategies
From our perspective, close collaboration with the Board of Directors in understanding and responding accurately to changes
in the business landscape, is critical to maintaining the Company’s sustainability and growth. We recognize that sound and
informed strategies will be the primary foundation for the Company’s long-term success. Therefore, we actively ensure
that the strategies proposed by the Board of Directors conform with the Company’s objectives and values. In performing
our supervisory processes, we conduct comprehensive evaluations of critical aspects, including risk management. We
ensure that every strategic decision is supported by in-depth analysis, and that identified risks are managed with effective
countermeasures. In addition, we also ensure that implementation of strategies not only considers operational and financial
sustainability, but also other sustainability aspects such as social and environmental responsibility.
We appreciate the efforts that have been realized by the Board of Directors throughout 2023 in strengthening the Company’s
business resilience. The strategic measures taken, such as sustainable research and development, efficiency of the manufacturing
process, and expansion of the distribution network, were in line with our view to maintain the Company’s sustainability and
long-term growth. With this synergy between the Board of Commissioners and the Board of Directors, we are confident that the
Company can continue to adapt to market dynamics and provide added value to all stakeholders.
Frequency and Method of Provision of Advice to the Board of Directors of the Company
The synergy between the Board of Commissioners and the Board of Directors is manifested through maintaining
a conducive relationship with the Board of Directors, regular communication, and provision of constructive advice to
support the achievement of the Company’s goals and sustainability. Meetings between the Board of Commissioners and
the Board of Directors are conducted through periodic joint sessions and special meetings, if situations require in-depth
evaluation or urgent strategic decisions. When necessary, the joint meetings may invite governance organs under the
Board of Commissioners or the Board of Directors for more detailed and comprehensive discussions.
In addition to formal meetings, informal communication also serves as an effective means of providing advice. We consistently
maintain open communication channels, ensuring that each member of the Board of Commissioners can express their
views and suggestions to the Board of Directors. We leverage the collective knowledge and experience of the Board of
Commissioners to provide insightful perspectives on the strategic issues faced by the Company. Therefore, we are committed to
continuing our active role in providing advice that supports the sustainable growth of the Company.
2023 Annual Report - PT Avia Avian Tbk 25
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Assessment of the Performance of the Board of Directors
We appreciate the performance demonstrated by the Board of Directors in navigating challenges and optimizing momentum
to achieve the predetermined performance targets. Throughout 2023, we evaluate that the Board of Directors has displayed
strong leadership in implementing strategic policies to manage various aspects of the Company’s operations. We observe
that the success of the Board of Directors in maintaining operational and financial stability, improving production efficiency,
and responding to market dynamics shows alignment with the Company’s long-term vision.
Innovative steps in product research and development, portfolio adjustments in response to market demands, and expansion
of distribution networks, have all contributed to solid achievement in operational and financial performance. Customer services
were also continuously optimized through express delivery services, reflecting the Company’s determination in providing
added value to customers by catering to their needs for faster and more efficient services. These measures were in line with the
Company’s commitment to always provide the best services to customers, improve customer satisfaction, and strengthen the
Company’s position in the market.
Outlook on Business Prospects
Upon observing the continuously evolving economic and industry conditions, as well as the strategic measures taken by the
Board of Directors, we are optimistic about the Company’s journey ahead. This optimism is supported by the market potential
in the paint industry that remains wide open, especially considering Indonesia’s large population, projected increase in Gross
Domestic Product (“GDP”) per capita, and relatively low paint consumption rate. This creates opportunities for the Company to
continue to grow and expand its market share.
Therefore, we encourage the Board of Directors to continue strengthening our solid competitive advantages, supported
by innovation in product research and development, adaptation to changing market trends, and expansion of distribution
networks. These measures, coupled with improved customer service, provide a strong foundation for the Company to increase
market share penetration. In line with that, we fully support the Company’s expansion measure to build a new manufacturing
facility as a strategy to expand production capacity and respond to the continuously growing demand. We believe this
initiative will further strengthen the Company’s position in the industry, and open up new opportunities to face the evolving
market challenges and dynamics. We will continue to support and provide strategic advice to the Board of Directors, to
ensure the Company remains at the forefront of the competition in the national paint industry.
Views on the Implementation of Good Corporate Governance
We perceive the implementation of corporate governance as a crucial aspect in maintaining integrity, transparency and
sustainability of the Company’s business. We assess that the Board of Directors has been actively involved in improving the
quality of the governance implementation, conducting regular evaluations of internal policies, improving internal control
systems, and risk management in line with the current industry needs and developments. Improvement in the supervisory
function of the Board of Commissioners is also a positive step in optimizing the governance pillars consistently and
comprehensively. The fulfillment of these responsibilities is supported by the presence of supporting organs, namely the
Audit Committee, the Nomination and Remuneration Committee, and the Good Corporate Governance (“GCG”) Committee.
In addition, we appreciate the initiatives of the Board of Directors to integrate information technology, particularly in optimizing
functions that support the Company’s operational effectiveness. We view this initiative not only as a means to facilitate the
monitoring and evaluation of the Company’s information in real-time, but also as a reflection of the Company’s commitment to
innovation and operational efficiency. We will continue to provide support to maintain and improve this quality, allowing the
Board of Directors to further improve the quality of the Company’s management in achieving the goal of sustainable growth.
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Management Report
Views on the Implementation of Social and Environmental Responsibility
We appreciate the Company’s continued commitment to improving the quality of its social and environmental responsibility
implementation. We observe that the Company is not only focused on internal sustainability, but also considers the
external impacts. From the social aspect, we fully support the Company’s efforts in creating an inclusive and fair working
environment, where every employee can continuously progress. In addition, the Company has actively engaged in
various social programs, including initiatives to improve the quality of education and the welfare of surrounding
communities. We view that these initiatives can have broader positive impacts beyond the Company’s operational areas
and support sustainable development.
With regard to the environment, we appreciate the Company’s continued commitment to this aspect. The Company does not
stop at fulfilling environmental standards and certifications, but also goes further to constantly develop sustainable initiatives,
in an effort to bring positive impacts to the surrounding environment and to ensure ecological sustainability. The Company has
consistently realized product development and operations that support sustainability principles, and take into consideration
its environmental impacts. All of these initiatives reflect the Company’s responsibility to provide sustainable solutions in
every aspect of its business operations.
Changes in the Composition of the Board of Commissioners
In 2023, there was no change to the composition of the Company’s Board of Commissioners. The current Board of Commissioners
is in office from 2021 until the 2026 Annual General Meeting of Shareholders, with details as follows:
Name Appointment
Hermanto Tanoko President Commissioner
Mohammad Noor Rachman Soejoeti Independent Commissioner
Conclusion
To conclude, we express our gratitude to the Shareholders and other stakeholders for their trust and support, enabling the
Company to record a positive performance. On that note, we would also like to express our appreciation to the Board of
Directors and all of the Company’s personnel for their hard work and dedication. We are confident that the strong foundation
established by the Company, both in terms of operational and financial performance as well as social and environmental
responsibility, will serve as a solid basis for long-term success.
On behalf of the Board of Commissioners of
PT Avia Avian Tbk,
Hermanto Tanoko
President Commissioner
2023 Annual Report - PT Avia Avian Tbk 27
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The Board of Directors Report
Wijono Tanoko
President Director
Dear Valued Shareholders and Stakeholders,
All praise and gratitude to God Almighty for His countless blessings, turning the year 2023
into a meaningful journey for the Company to move forward with full responsibility. Our
accomplishments are not only reflected in operational and financial stability, but also in
the nurturing of ethical solid business values. The Company has actively engaged itself to
continuously innovate, contribute, and lead as a pioneer in manufacturing high-quality paint
products, that not only deliver beautiful colors, but are also environmentally friendly. We believe
that every accomplishment must bring added value to the Company and all the stakeholders.
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Management Report
Our journey in achieving these accomplishments is summarized as follows:
Economic and Industrial Conditions in 2023
The global economic landscape in 2023 saw limited growth, in line with the dynamics and challenges that are still surfacing
due to geopolitical tensions in various regions and the prolonged impact of the Covid-19 pandemic. Nevertheless, we are
grateful that our national economy continued to demonstrate resilience, supported by strong domestic demand. We observe
that the controlled inflation rate in 2023 has been able to maintain the stability of people’s purchasing power. In addition,
prudent monetary policy and sound economic management have contributed to creating a conducive economic environment
for numerous sectors.
Regarding the national paint industry, we observe that in 2023, the industry faced challenges and opportunities that must
be elaborated. Shifting consumer demands with an intensifying trend towards sustainability are key factors influencing the
direction of the industry. The public is increasingly concerned about environmental impacts, driving the need for innovation
in environmentally friendly products and the implementation of sustainable manufacturing practices.
Challenges and Strategies in Business Growth
In facing the challenges of a dynamically moving economy and industry, we constantly endeavor to maintain our
commitment to remain the pioneer in the national paint industry. Our confidence in facing these challenges is fueled by
our innovative approach, which allows us to not only respond to any change in the business landscape, but also optimize
emerging opportunities. We realize that market trends will always be dynamic. Therefore, we continuously strive to be
at the forefront of industry developments. By focusing on innovation, we seek to continuously address challenges while
creating new trends.
Moreover, we also strengthen our business resilience through strategic investments in research and development. Not
only does this approach yield innovative products, but it also sets the foundation for long-term growth. Our research and
development also involve analyzing market trends, so that we can manufacture products that cater to our customers’ needs.
Business resilience also lies in improved production efficiency. We improve our manufacturing processes through the adoption
of technology and the finest manufacturing practices that provide excellence in the quality and timeliness of our products. In
addition, the expansion of our distribution network is also a key focus in our growth strategy. Through strategic partnerships
and expanded distribution reach, we ensure that the Company’s products can access a broader market, thereby strengthening
our position in the domestic market. We believe that by focusing on innovation, sustainability, and excellence in quality, the
Company can continuously build solid and sustainable business fundamentals.
Roles of the Board of Directors in the Formulation and Implementation of Strategies
In our pivotal role as the Board of Directors, we recognize that the formulation and implementation of strategies are the
primary foundations for the success of the Company. We are responsible for designing the direction of strategic policies
that not only respond to market challenges and dynamics, but also lay the ground for sustainable growth. Furthermore, in
the process of formulating strategies, we ensure that business sustainability is the main focus. We integrate sustainability
principles into our strategic decisions to build the foundation for the Company’s growth and provide added value
to our stakeholders.
As risk managers and decision-makers, we actively ensure that the formulated strategies serve as robust guidelines for
achieving long-term success and sustainability. This is supported by optimizing the Enterprise Resource Planning (“ERP”)
system which allows us to obtain the Company’s data in real-time, facilitating quick decision-making, and providing an
in-depth look at the Company’s operational and financial performance. We also maintain active communication with
the Board of Commissioners through regular joint meetings to discuss and report on the implementation of strategies,
so that we remain adaptive to the challenges and optimize the momentum.
2023 Annual Report - PT Avia Avian Tbk 29
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Achievements and Business Target
The accurate implementation of the strategies to maintain excellence and optimize opportunities has positively impacted
of the Company’s performance and business targets in 2023. From the operational side, the production achievement
reached 180,540 metric tons or 99.61% of the target, an increase of 5.59% compared to 170,986 metric tons in 2022. This
increase was mainly driven by the growth in demand and the launch of new products which increased inventory levels. The
Sidoarjo plant served as our main manufacturing source, accounting for 72.19% of our total production. The remaining
27.81% was manufactured at the Serang Plant.
As for the financial side, net revenue in 2023 reached IDR7,016.88 billion or 98.89% of the target, an increase of 4.82% compared
to IDR6,694.17 billion in 2022. This growth was fueled by the positive performance of the architectural solutions and trading
goods segments, which recorded growth of 4.35% and 6.78%, respectively. Meanwhile, despite the growth in production and
sales, we were able to control the cost of goods sold, thanks to the decline in prices of raw materials. In 2023, the cost of goods
sold was recorded at IDR3,833.55 billion, a decrease of 3.60% compared to IDR3,833.55 billion in 2022. This achievement
boosted our profit for the year which was recorded at IDR1,643.10 billion or 102.03% of the target, an increase of 17.33%
compared to IDR1,400.37 billion in 2022.
Through consistent achievement performance, the Company succeeded in accomplishing the business targets that had been
predetermined. This success was reflected not only in solid financial figures, but also in the growing reputation and trust of customers,
business partners, and other stakeholders. This is reinforced by various awards and positive recognitions achieved by the Company
throughout 2023, such as the Indonesia Architectural Paints and Coatings Market Leadership Award from Frost & Sullivan,
Overall Winner award in the Katadata Corporate Sustainability Awards (KCSA) 2023 for the Chemicals Sector category from
Katadata, a Green Industry Pioneer in Accelerating Sustainable Development in East Java from the Governor of East Java, Going
Green is Good for Your Business from Xurya Daya Indonesia, as well as the Zero Accident Award from the Governor of East Java.
Business Prospects
Going into 2024, we are optimistic that the Company can continue this positive trend by optimizing its competitive advantages
to seize the momentum and market opportunities that are still wide open. This optimism is supported by Indonesia’s large
population, thus creating a huge potential market share. In addition, the relatively low level of paint consumption when
compared to the peers is a promising positive factor. Likewise, the projected increase in Gross Domestic Product (“GDP”)
per capita in the previous year indicates an economic boost signaling the growth in people’s purchasing power.
Awareness of the potential for growth in the paint market strategically positions the Company to increase market
penetration. Therefore, we constantly endeavor to explore product innovations, implement clever marketing strategies, and
improve the quality of services to customers. However, in the global economic scenario that is still projected to continue
its slowdown trend, the Company remains vigilant to potential risks that may affect the achievement of business targets in
2024. We will continue to strive to maintain flexibility, focus on innovation, and respond appropriately to market changes.
Discipline in risk management and operational resilience will also be keys to facing any challenges that may arise.
Implementation of Good Corporate Governance
In striving for healthy business viability, consistency and continuous improvement in the quality of corporate governance
implementation serve as essential foundations. We view that a successful organization is not only measured by its financial
performance, but also by how the pillars of governance are implemented and maintained. Our commitment to implementing
good corporate governance encompasses various aspects, ranging from information transparency and accountability
to compliance with applicable regulations and norms. This is supported by obtaining ISO/IEC 27001:2013 certification
in Information Security Management System, marking an integral step for the Company in securing and managing
information efficiently. We recognize that the quality of corporate governance implementation reflects the Company’s
integrity and responsibility to all stakeholders.
We have implemented concrete steps in improving the quality of governance implementation by conducting regular
evaluations of internal policy updates and improving internal control and risk management systems, in line with best
practices in similar industries. We focus on the importance of evaluating and updating internal policies in order to provide
a framework that is adaptive and responsive to developments in the business landscape. Meanwhile, improvements
in our internal control and risk management systems illustrate our dedication to effectively identifying, evaluating and
addressing potential risks. We also continue to strengthen the functions and roles of each governance organ, in supporting
both supervisory and management functions. This is undertaken as part of our commitment to ensure that our corporate
governance structure not only complies with industry regulations and standards, but also contributes positively to
overall operational efficiency and risk mitigation.
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Management Report
Implementation of Social and Environmental Responsibility
Apart from focusing on corporate governance, we also take our social and environmental responsibility seriously as an integral
aspect of running the Company’s business. Awareness of the business’s impact on society and the environment is the primary
driver in determining the policies and measures taken by the Company. We have adopted various initiatives to minimize social
and environmental impacts through the formulation of sustainability strategies that serve as guidelines for implementing
sustainable business practices.
In the social aspect, we place particular emphasis on protecting the rights of our employees. We adopt employment practices
that are based on equality and anti-discrimination. This commitment includes policies that ensure fairness in the recruitment
process, career development, and recognition of diversity in the workplace to create an inclusive work environment, where
every employee is valued regardless of background, gender, or other differences. We have also developed programs that
positively impact on the surrounding community, particularly in the development and welfare of communities around the
Company’s operational areas.
In the environmental aspect, we are committed to developing products with Product Stewardship principles. This includes
an accountable product lifecycle, from design, production, usage, to the end of the product’s lifespan. This aims to minimize
environmental impact and ensure that the Company’s products comply with sustainability standards, such as the Singapore
Green Label. This sustainability standard ensures that the Company’s products prioritize using renewable raw materials,
standardized manufacturing processes, and product safety related to hazardous substances.
Changes in the Composition of the Board of Directors
In 2023, there was no change to the composition of the Company’s Board of Directors. The current Board of Directors is in
office until the 2026 Annual General Meeting of Shareholders are as follows:
Name Appointment
Wijono Tanoko President Director
Ruslan Tanoko Vice President Director
Robert Christian Tanoko Director
Kurnia Hadi Sinanto Director
Angelica Tanisia Jozar Director
Conclusion
In concluding this report, we would like to express our appreciation and gratitude to the Shareholders, the Board of
Commissioners, employees, business partners, customers, and other stakeholders, who have supported the Company’s journey
throughout 2023. As we look forward to the coming years, the spirit of collaboration and dedication of all of the Company’s
personnel will be the driving force for the Company to maximize its business potential and bring beautiful and sustainable
colors to the people of Indonesia.
On behalf of the Board of Directors of
PT Avia Avian Tbk,
Wijono Tanoko
President Director
2023 Annual Report - PT Avia Avian Tbk 31
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Company
Profile
More than
56,800
Building Material Stores across Indonesia
More than
2,300 Product (SKU)
5 Subsidiaries 2 Manufacturing Facilities
118 Wholly-Owned Distribution Centers
14 Wholly-Owned Mini Distribution Centers
40 Independent Distribution Centers
32 PT Avia Avian Tbk - 2023 Annual Report
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Company
Identity
Company Name
PT Avia Avian Tbk
Business Sector
Manufacture and trade of paints and printing inks, varnishes, lacquers,
adhesives or glues, mortar or ready-mixed concrete.
Date of Establishment
March 1, 1983
Social Media:
Legal Basis of Establishment
PT Avia Avian was established based on Deed of Establishment of
Limited Liability Company No. 06 dated March 1, 1983, as amended
avian.brands
by Deed No. 63 dated May 23, 1983, both drawn up before Indrawati
Setiabudhi, S.H., a Notary in Malang. The deed has been approved by
the Minister of Justice of the Republic of Indonesia by the Resolution
of the Ministry of Justice of the Republic of Indonesia with Decree
@avianbrands No. C2-4948.HT01.01 Th83 dated July 5, 1983 and has been registered with
the Malang District Court No. 016/PP/PI/VIII/1983 dated August 8, 1983.
Avian Brands Latest Deed Amendment
The latest amendment to the Company’s deed is Deed No. 4 dated
April 13, 2023 drawn up before Dr. Susanti S.H., M.Kn., a Notary in
Total Employees Surabaya City regarding Amendment to the Articles of Association
(Including Employees of of PT Avia Avian Tbk. This change has been notified to the Ministry of
Subsidiaries and Outsourced Law and Human Rights of the Republic of Indonesia based on the Letter
Employees) of Acceptance of Notification of Changes to Articles of Association
Male: No. AHU-AH.01.03-0054560 dated April 14, 2023.
6,814 Employees
Female: Listing of Shares on the Stock Exchange
1,740 Employees December 8, 2021 on the Indonesia Stock Exchange
34 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
Authorized Capital Headquarter
IDR2,000,000,000,000.- Jl. Raya Surabaya – Sidoarjo KM. 19
Desa Wadungasih, Kec. Buduran, Sidoarjo, 61252
Jawa Timur, Indonesia
Issued and Paid-up Capital (62-31) 8968000
IDR619,535,556,000.- corsec@avianbrands.com
investor.relations@avianbrands.com
www.avianbrands.com
Stock Code
AVIA Branch Office
Avian Brands Building
Shareholding Jl. Ahmad Yani No. 317, Surabaya, 60234
Jawa Timur, Indonesia
as of December 2023
(62-31) 99850500/99850600
Address of Manufacturing Facilities
Sidoarjo
Jl. Raya Surabaya – Sidoarjo KM. 19
Desa Wadungasih, Kec. Buduran, Sidoarjo, 61252
Jawa Timur, Indonesia
(62-31) 8968000
Serang
Jl. Raya Serang KM. 60
Kawasan Pancatama 5 Kav. 50, Leuwilimus
Leuwi Limus, Cikande, Kabupaten Serang, 42186
PT Tancorp Surya Sentosa : 36.60%
Banten, Indonesia
PT Wahana Lancar Rejeki : 32.49%
Archipelago Investment Pte Ltd : 6.30% (62-254) 402655
Robert Christian Tanoko : 2.30%
Rudi Tanoko : 1.68%
Rony Tanoko : 1.68%
Treasury Stock : 0.06%
Public* : 18.89%
* Each below 5%
2023 Annual Report - PT Avia Avian Tbk 35
Page 38
Milestones
1978 - 1996 2000 - 2010
1978 2000
The Company’s business was initiated in 1978 by • The third generation of Mr. Soetikno Tanoko’s family
Mr. Soetikno Tanoko in Sidoarjo, East Java, focusing on became involved in the Company’s business and
the production of wood and metal paint products. Mr. Soetikno Tanoko’s eldest grandson, Vice President
Director of the Company, Mr. Ruslan Tanoko, who is
the son of Mr. Wijono Tanoko, President Director of the
1981 Company, became involved in the sales and marketing
department of the Company; and
The Company launched its first venture into wall paint • The Company established PT Tirtakencana Tatawarna,
products under the “Avitex” brand. a Subsidiary, as a distribution company that focuses on
setting up distribution centers across Indonesia.
1983
The Company was established in 1983 as an integrated 2005
paint manufacturing company. The second generation
The Company expanded its paint product offerings into
of Mr. Soetikno Tanoko’s family became involved in the
waterproofing paint under the “No Drop” brand. By the
Company’s business and his eldest son, Mr. Wijono Tanoko,
end of 2005, the Company had also successfully expanded
serving as President Director and his youngest son,
its presence across 20 locations in Indonesia through its
Mr. Hermanto Tanoko, serving as President Commissioner
distribution company, PT Tirtakencana Tatawarna.
joined the Company in 1983.
1985
2006
The Company continued to expand its product range in
the paint category to automotive refinish paint, including The Company was awarded the certification of
top coats, primers, and spray paints. ISO 9001:2000 on Quality Management System.
1986 2009
The Company strategically focused on vertical • Mr. Robert Christian Tanoko, another third generation
integration and commenced the manufacturing of resin family member of Mr. Soetikno Tanoko, became
as raw material following the purchase of three reactors involved in the Company’s operations. Mr. Robert
from Korea. Christian Tanoko served as the Company’s Director
and is the son of the President Commissioner,
Mr. Hermanto Tanoko;
1987 • The Company successfully attained the certification
of OHSAS 18001:2007 on Occupational Health and
The Company purchased 60,000m2 of land near its
Safety Management System; and
manufacturing facility in Sidoarjo to expand the
• Through its Subsidiary, PT Tirtakencana Tatawarna,
manufacturing facility and build additional warehouses.
the Company expanded its distribution reach to 48
distribution centers across Indonesia.
1992
The Company invested in a metal can factory located 2010
at the manufacturing facility in Sidoarjo, to address the
shortage of metal cans from suppliers. • The Company adopted point-of-sale tinting model
and deployed tinting machines for retail customers,
providing thousands of color options;
1996 • The Company upgraded its quality management
certification to ISO 9001:2008 on Quality Management
The Company established a second manufacturing System; and
facility in Serang, West Java, Indonesia to strengthen its • The Company established PT Tirtakencana Batamindo,
product penetration and distribution capabilities to the a Subsidiary, as a distribution company that focuses
western region of Indonesia. on establishing distribution centers in Batam.
36 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
2011 - 2018 2019 - 2021
2011 2019
The Company expanded its product offerings into the • The Company developed and launched “Avitex One
instant cement product category. The Company completed Coat” paint and was awarded the first patent for
the construction of an instant cement plant located at the Avitex’s one coat paint technology, which requires only
manufacturing facility in Sidoarjo and commenced the one coat of paint instead of the usual two coats;
sales of instant cement products in the market under its • The Company successfully increased its distribution
“Giant Mortar” brand. network to 90 distribution centers across Indonesia
through a Subsidiary, PT Tirtakencana Tatawarna; and
• The Company entered into a non-exclusive license
2012 agreement with PT Walt Disney Indonesia for the use
of certain Disney logos, characters, and trademarks for
• The Company was awarded the certification of its wall paint products such as interior wall paint and
ISO 14001:2005 on Environmental Management special effects wall paint products in Indonesia.
System, as part of its efforts to improve environmental
performance and to reduce waste; and
• Through a Subsidiary, PT Tirtakencana Tatawarna, the
Company continued to expand its distribution network
to 55 distribution centers across Indonesia. 2020
• The Company built the Avian Innovation Center
dedicated to research, development and innovation,
2014 with an approximate area of 5,000 m2;
The Company increased production capacity for wall • As a testament to its ongoing commitment to provide
paints and waterproofings by 80,000 metric tons. quality health and safety standards that are in line with
international standards, the Company implemented
the ISO 45001:2018 on Occupational Health and Safety
Management System Standard; and
2016 • The Company continued the expansion of its distribution
The Company continued to expand its distribution network in Indonesia to 95 distribution centers through
network to 62 distribution centers across Indonesia a Subsidiary, PT Tirtakencana Tatawarna.
through a Subsidiary, PT Tirtakencana Tatawarna.
2017 2021
• The Company established PT Bangun Bersama
• The Company further increased its production capacity
Solusindo as a joint venture entity, with 50%
by 50,000 metric tons; and
shareholding each by the Company and PT Cipta Mortar
• GIC (Ventures) Pte Ltd became shareholder of 10.0%
Utama, a wholly-owned subsidiary of the Saint-Gobain
of the Company’s shares through its wholly-owned
Group, who is a leading player in the manufacturing
Subsidiary, Archipelago Pte Ltd. The proceeds from the
of mortars for construction. The establishment of
cash injection from GIC (Ventures) Pte Ltd were used to
PT Bangun Bersama Solusindo was aimed at
repay all of the Company’s outstanding bank loans.
developing the Company’s business in entering the
two-component cement-based waterproofing paint
market in Indonesia;
2018 • In October 2021, the Company acquired 67.00%
shareholding in PT Multipro Paint Indonesia, who is
• The Company acquired a land located in Cirebon, West
engaged in the manufacture of protective paint and
Java, Indonesia, with a total land area of 110,211m2,
marine paint;
from its affiliate PT Bira Industri Rejeki Agung, which is
• The Company listed its shares on the Indonesia Stock
reserved as the future site of the third manufacturing
Exchange on December 8, 2021 with the stock code
facility;
AVIA; and
• The Company further expanded its distribution
• The Company continued its expansion plan by
network to 78 distribution centers across Indonesia
increasing the number of wholly-owned distribution
through a Subsidiary, PT Tirtakencana Tatawarna; and
centers to 101 through a Subsidiary, PT Tirtakencana
• To commemorate its 40th year anniversary, the
Tatawarna.
Company moved into the newly constructed twenty-
story headquarters in Surabaya. As a testament to
its passion for innovation, the new headquarters is
uniquely designed with curves and twists, where each
floor rotates and twists by a total of 60 degrees from
the ground floor to the top of the tower.
2023 Annual Report - PT Avia Avian Tbk 37
Page 40
2022 - 2023 Brief History
2022
• The Company continued to expand its marketing reach
by increasing the number of wholly-owned distribution
centers to 109, and establishing 4 wholly-owned mini
distribution centers through a Subsidiary, PT Tirtakencana
Tatawarna;
• The Company appointed a new member of the Board of
Directors, Mrs. Angelica Tanisia Jozar, in order to increase
the proportion of women in the top management and The Company is an integrated paint
realize its commitment to gender equality; company with a long-standing business
• The Company was successfully awarded the certification
of ISO 50001:2018 on Energy Management System for the journey and history in Indonesia.
manufacturing facilities in Serang and Sidoarjo; and
• The Company launched new products, i.e. Woodcare
Series, Avitex Anti Viruz, No Drop Anti Panas, Avitex Gold,
It was established in 1978 by Mr. Soetikno
VIP Pengupas Cat Tembok (Water-Based), and several
other products to meet market needs. Tanoko, who is the father of the President
Director of the Company, Mr. Wijono Tanoko, and
the President Commissioner of the Company,
Mr. Hermanto Tanoko as well as the grandfather
2023 of the Vice President Director of the Company,
• The Company increased its total wholly-owned Mr. Ruslan Tanoko, and the Director of the Company,
distribution centers to 118, and total wholly-owned Mr. Robert Christian Tanoko. Its journey began
mini-distribution centers to 14 through as an integrated paint manufacturing company
PT Tirtakencana Tatawarna, the Company’s Subsidiary; that combines the manufactures of raw materials
• The Company commenced construction of a new
manufacturing facility in Cirebon with a land area
and paint packagings through investment in
of 11 hectares and an annual production capacity specialized machineries in one manufacturing
of up to 225,000 tons, as a strategy to increase facility located in Sidoarjo, East Java.
the Company’s production capacity to respond to
future market opportunities and potential; Over the past few years of its business journey, the
• The Company successfully earned ISO/IEC 27001:2013
certification on Information Security Management
Company has successfully captured customers’
System; attention with durable, high-quality products
• The Company successfully received the Overall available in a wide range of attractive colors. This
Winner award in the 2023 Katadata Corporate has established a positive image for the Company
Sustainability Awards (KCSA) for the Chemicals among consumers, leading to an increased
Sector category from Katadata, the Green Industry
Pioneer in Accelerating Sustainable Development
demand for its products. Subsequently, the
in East Java award from the Governor of East Java, Company took expansion measures to increase
Going Green is Good for Your Business award from production capacity by building a second
Xurya Daya Indonesia, Prevention and Mitigation of manufacturing facility in Serang, West Java in
Covid-19 in the Workplace award from the Minister 1996. Not only that, the marketing and distribution
of Manpower of the Republic of Indonesia, and Zero
Accident Award from the Governor of East Java;
reach were also continually expanded through the
• The Company launched a range of new products, establishment of a Subsidiary in 2000, namely
namely Admiral Thinner Serbaguna and Admiral Anti PT Tirtakencana Tatawarna. This subsidiary focuses
Fouling, Brilliant Cat Tembok Interior and Brilliant on establishing distribution centers for the
Cat Tembok Eksterior, Boyo Politur Melamine, Avian Company’s products across Indonesia. Ten years
Cling Zinc Chromate, Admiral Wood Filler Epoxy,
Admiral Cat Kapal, Aries Bling, Avitex Wizz, No Drop
later, the Company established another Subsidiary,
Plus 3 in 1, No Drop Basic, Avian Glue Epoxy Hemat, namely PT Tirtakencana Batamindo, as a distribution
and Avian 3 in 1 Anti Karat; and company focusing on establishing distribution
• The Company initiated a corporate action of shares centers in Batam. Then, in 2018, the Company
buyback of its shares that have been issued and listed established PT Solusi Rumah Praktis with 99.99%
on the Indonesia Stock Exchange in a maximum
amount of 1,425,000,000 shares or approximately
shareholding, followed by the investment in a
2.3% of the total issued and paid-up capital. joint venture with PT Bangun Bersama Solusindo
38 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
and acquiring PT Multipro Paint Indonesia with a 67.00%
shareholding in 2021. Besides reinforcing internal networks,
the Company forged partnerships with independent third
parties to facilitate direct retail consumer sales, ensuring
smoother distribution processes as well as more timely
and efficient fulfillment of consumer demands.
Another significant achievement was marked when the
Company went public through initial public offering of
shares. This is a crucial milestone in the Company’s history,
providing an opportunity for further growth with increased
capital support. It enables the Company to realize its
commitment to research and development of its products,
positioning itself as a leader in environmentally friendly,
cutting-edge, and reliable paint innovations. Through
continuous research and development, the Company
consistently develops new products that align with current
trends and meet the highest quality standards. Several
products with strong brand recognition include Avian Cat
Kayu dan Besi, Avitex Cat Tembok Kebanggaan Orang Hebat,
and No Drop Cat Pelapis Anti Bocor. Many of these brands
have established a strong market position supported by the
trust and loyalty of consumers over the years.
Until now, the Company continues to grow and adapt
to market changes through a focus on innovation,
sustainability, environmental conservation, and positive
contributions to society. This has been recognized by
various external parties, as demonstrated by, among others,
earning the Singapore Green Labelling Scheme certification,
a labeling scheme that awards the Singapore Green Label
to products that meet standards related to Volatile Organic
Compound (“VOC”) content, heavy metal-free content,
and the use of bio-based or alternative raw materials. As of
December 31, 2023, the Company has been awarded the
Singapore Green Label for 29 products. All of the Company’s
products are processed with innovative technology in
order to preserve the environment. This is demonstrated by
the implementation of ISO 14001:2015 on Environmental Winner award in the Katadata Corporate Sustainability
Management System and ISO 50001:2018 on Energy Awards (“KCSA”) 2023 for the Chemicals Sector category
Management System standards at the Serang and Sidoarjo by Katadata. Additionally, the Company was honored with
plants. In line with this, social issues are also a concern the “Green Industry Pioneer in Accelerating Sustainable
for the Company, as evidenced by the implementation Development in East Java” award from the Governor of
of the ISO 45001:2018 standard on Occupational Health East Java, the “Going Green is Good for Your Business”
and Safety Management System to create a safe working award from Xurya Daya Indonesia, and the Zero Accident
environment, ISO 9001:2015 on Quality Management Award from the Governor of East Java. These accolades
System to ensure the quality of products and services, and serve as inspiration for the Company to continue making
ISO/IEC 27001:2013 on Information Security Management positive contributions to stakeholders and to enhance
System to manage risks related to data security. the quality of business management with a continued
focus on sustainability principles in the future.
Moreover, the Company’s strong commitment to formulating
policies and implementing business activities that consistently
prioritize sustainability principles has garnered appreciation
from stakeholders. In 2023, the Company received the Overall
2023 Annual Report - PT Avia Avian Tbk 39
Page 42
Company Vision, Mission, and Values
VISION
“To become an integrated,
environmentally friendly, leading and
trusted paint company in
Indonesia.”
MISSION
VISI
“To provideperusahaan
“Menjadi added value to
cat
stakeholders through
yang terintegrasi, the development
ramah lingkungan,
of various
terdepan quality di
dan terpercaya
paints.” ”
Indonesia.
The Company’s Vision and Mission have been periodically reviewed by the Board of Commissioners and the Board of Directors. Based on
the review results for the year 2023, the Company’s Vision and Mission remain relevant to the purpose and objectives of the Company’s
establishment, and in line with developments in national paint industry.
40 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
COMPANY VALUES
Customer Focus
C Able to make (internal and external) customers and their needs as the main focus in a positive
and productive working relationship.
Integrity
In Be honest in words, have the commitment and consistency in acting according to rules,
norms, and morality.
Teamwork
T Ability to be part of a group, work with the group members, and contribute to the achievement
of the group’s goals.
Agility
A Ability to be agile, flexible, and assertive in anticipating, initiating, and taking advantage of
any opportunity as well as to avoid negative consequences from the changes.
2023 Annual Report - PT Avia Avian Tbk 41
Page 44
Meaning of Avian Logo
3 Strands of Feathers
1 The lines depicting “3 Strands of Feathers” symbolize the 3 generations of the Company’s
2 management, namely the past, present, and future.
3
The 3 Strands of Feathers unite to form the body of a duck with a figure symbolizing the Company
that is managed professionally, transparently, and guided by Good Corporate Governance so that
the Company may continue to grow in a positive manner and remain strong, while providing added
value to stakeholders, Shareholders, and investors.
Duck Figure
The head of the duck represents gentleness, kindness, honesty, and humanity.
The duck figure facing right, symbolizes the Company’s constant forward motion, strength,
perseverance and ability to seize opportunities from any upcoming challenges to further its mission
of sustainable corporate development.
Logotype
The logotype is divided into 2 hierarchical parts, namely:
• The word “Avian” uses a bold Serif font that symbolizes the Company’s identity; and
• The word “Brands” serves as a description as it includes various types of decorative paint products,
wood and metal paints, waterproofing, adhesives, instant cement, and other supporting building
materials. It also uses a more straightforward Sans Serif font.
Philosophy of the Avian Logo Color
The philosophy of the logo is further reinforced and represented by the following color selection:
Emerald Green Turquoise Lime Green
Represents the PAST, Represents the PRESENT, Represents the FUTURE,
protects its successors with bridges generational relationships, brings about fresh ideas and unrelenting
vast discretion, experience, and provides balance, stability, and knowledge passion, regeneration,
maturity. accumulation. and growth.
• The choice of the gradation of green also represents the harmonious relationship between the three generations.
• GREEN itself symbolizes the “sense of art”.
42 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
Business Activities
Based on article 3 of the Company’s Articles of Association which was last ratified through the Deed of Restatement of Shareholders’
Resolutions on Amendment to the Company’s Articles of Association No. 3 dated August 4, 2021, drawn up before Liestiani
Wang, S.H., M.Kn., a Notary in South Jakarta, the purpose and objective of the Company is to engage in manufacturing industries
and wholesale trade. To achieve these aim and objectives, the Company may conduct the following business activities:
Paint and Printing Ink Industry
This group encompasses the manufacture of various paints, such as base paint, metal paint, wood paint, wall paint,
boat paint, epoxy and enamel paint, and lacquer, including the industries of processed pigments and dyes, dyes and
opacifiers, enamel polish and coatings and other preparatives, printing inks, and art paints.
Varnish Industry (Including Mastics)
This group encompasses the manufacture of various types of varnishes, such as organic composite
solvents and thinners as well as paint or varnish removers, including mastics.
Lacquer Industry
This group encompasses the manufacture of lacquer, including the industries of putty and plaster or putty compounds
and non-refractory putty or similar surface-covering materials.
Adhesive/Glue Industry
This group encompasses the manufacture of adhesives/glues for industrial or household purposes, derived from
plants, animals, or plastics, such as starch, bone adhesives, cellulose esters and ethers, phenol formaldehyde, urea
formaldehyde, melamine formaldehyde, and epoxy adhesives.
Ready-mixed and Dry-mixed Concrete and Mortar Industry
This group encompasses the manufacture of ready-mixed and dry-mixed concrete and mortar.
2023 Annual Report - PT Avia Avian Tbk 43
Page 46
Additionally, to support the main business activities, the Company may perform supporting business activities as follows:
Industry of Artificial Resin (Synthetic Resin) and Plastic Raw Materials
This group encompasses the manufacture of artificial resins and plastic raw materials (pure plastic ore), such as alkyds, polyesters,
aminos, polyamides, epoxides, silicones, polyurethanes, polyethylene (PE), polypropylene (PP), polystyrene, polyvinyl chloride,
cellulose acetate, and cellulose nitrate. Further processing of artificial resins and purchased plastic materials to produce goods from
these raw materials, such as plastic articles and films and filmsheets that are not yet sensitive to light are included in group 26800.
Industry of Organic-based Chemical for Raw Materials of Dyes and Pigments, Dyes, and Pigments
This group encompasses basic chemical industry businesses that produce organic chemicals, dyes, and pigments along with their
cyclical intermediates, such as phenol intermediates and their derivatives, textile dyes, and dyes for food and medicine.
Industry of Buckets, Cans, Drums, and Other Metal Containers
This group encompasses the manufacture of metal or canned containers, such as food or beverage cans, paint or other chemical cans,
barrels, drums, buckets, boxes, jerrycans, and others. Including the metallic closure industry.
Wholesale Trade of Paints
This group encompasses large trading businesses of various kinds of paints for construction materials, such as base paints, metal
paints, wood paints, and wall paints. Including the retail trade of enamel, putty, and plaster.
BUSINESS ACTIVITIES CONDUCTED IN 2023
Business Activities based on Articles of Association Has/Has not been Conducted
Main Business Activities
Paint and Printing Ink Industry √
Varnish Industry (Including Mastics) √
Lacquer Industry √
Adhesive/Glue Industry √
Ready-mixed and Dry-mixed Concrete and Mortar Industry √
Supporting Business Activities
Industry of Organic Basic Chemical Industry for Raw Materials of Dyes and Pigments,
√
Dyes and Pigments
Industry of Artificial Resin (Synthetic Resin) and Plastic Raw Materials √
Industry of Buckets, Cans, Drums and Other Metal Containers √
Wholesale Trade of Paints √
44 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
Products and Services
The Company’s products are grouped into 2 main categories, i.e. architectural solutions and trading goods. More detailed
information is described as follows:
Architectural Solutions
The architectural solutions products are the main products produced by the Company,
comprising wall paint, wood and metal paint, waterproofing paint, wood care, as well as other
architectural solutions, including roof paint, instant cement, and automotive refinish paint. As of
December 31, 2023, the Company has a diversified portfolio of approximately more than 2,300
SKUs for architecture solution products that are marketed and distributed reaching 96 brands.
Some of the Company’s major household brands include Avian, Avitex, and No Drop.
Trading Goods
The Company’s trading goods products are mainly the supporting products of architectural
solutions comprising sales of pipes, furniture, and supporting products required in the painting
processes, such as paint rollers, paint brushes, sealing tape, and sandpaper. Such trading goods are
not manufactured by the Company but are procured from its affiliates. Trading of these goods is
performed by a Subsidiary, PT Tirtakencana Tatawarna.
Wood Care Glue
No Drop
No Drop Bitumen Black
No Drop Plaston
No Drop Mortar
No Drop Tape
No Drop Anti Panas Boyo Series
Admiral Cat Kapal No Drop Plus 3 in 1 Wood Eco Series
Avian Cat Kayu dan Besi No Drop Basic
Avian Cling Zinc Chromate Lem Putih VIP PVAc
Glovin Cat Kayu dan Tembok Admiral Wood Filler Epoxy
Yoko Cat Kayu dan Tembok Avian Non-Sag Epoxy Super Roof Paint
Avian 3 in 1 Anti Karat Waterproofing Wo
Avian Lem Epoxy Hemat
Avian Cling Synthetic tal Avian Lem Epoxy
Platinum Me
d & od
Gl Viplas
an
Ca
tural Solu
ue
tec
od
re
Sunguard
tio Absolute Roof
hi
Wo
Sunguard Coating
All-In-One Avitex Cat Instant Cement
c
ns
Genteng & Seng
Ar
Supersilk
Anti Noda Yoko Cat
Supersilk Genteng & Seng
Aquamatt Giant Mortar
220
Avitex
Cat Tembok Giant Mortar
270
Avitex Eksterior
Giant Mortar
Avitex Anti Viruz 380
er s
Avitex Gold
Wal
Giant Mortar
Aries Cat Tembok 420
O th
l
Aries Gold Giant Mortar
Aries Bling L500
Trading Suzuka Cat Duco Autorefinish & Spray Paint
Avitex Wizz
Otomotif
HomeDeco Glow In
The Dark
G oods Suzuka Spray
HomeDeco Glitz Admiral Thinner
Serbaguna
ng
HomeDeco Metallic Pipe orti
Supp ucts VIP Pengupas Cat Tembok
Brilliant Cat Tembok Interior s Furniture Prod VIP Paint Remover
Brilliant Cat Tembok
Eksterior
Thinner
nd
Bra
Power
Power Max Homecare
Quad
Activ
Wall Paint Peeler
uct
d
Pro
2023 Annual Report - PT Avia Avian Tbk 45
Page 48
Category Product Name
Wall Paint • Avitex Wizz; • Everglo Kids Care; • Avitex One Coat;
• Aries Bling; • No Odor Medicare; • Avitex Cat Tembok Dapur &
• Brilliant Cat Tembok Interior; • No Odor; Kamar Mandi;
• Brilliant Cat Tembok Eksterior; • Supersilk Anti Noda; • Jasmine;
• Avitex Gold; • Supersilk; • Fres;
• Avitex Anti Viruz; • Aquamatt; • Aries Gold; and
• Sunguard All-In-One; • Avitex Eksterior; • Aries Cat Tembok.
• Sunguard; • Avitex 4kids;
• Everglo; • Avitex Cat Tembok;
Special Effect Paint • HomeDeco Glow In The Dark; • HomeDeco Glitz; and • HomeDeco Metallic.
• HomeDeco Magnetic;
Waterproofing • No Drop Plus 3in1; • No Drop Bitumen Black; • No Drop Membrane; and
• No Drop Basic; • No Drop 100; • PRO-X 207.
• No Drop Anti Panas; • No Drop Mortar Anti Bocor;
• No Drop; • No Drop Tape;
Wood and Metal Paint • Admiral Cat Kapal; • Avian Cat Kayu dan Besi; • Avian Cat Alumunium; and
• Avian Cling Synthetic; • Glovin Cat Kayu dan Besi; • Avian 3 in 1 Anti Karat.
• Platinum; • Yoko Cat Kayu dan Besi;
Wood Care • Boyo Politur Melamin; • Boyo Politur Vernis Water-Based; • Boyo Wood Filler Solvent-Based;
• Wood-Eco Woodstain • Boyo Politur Vernis Solvent-Based; • Boyo Sanding Sealer NC
Water-Based; • Wood-Eco Politur Interior P01; Solvent-Based; and
• Wood-Eco Woodstain • Wood-Eco Politur Eksterior P03; • Boyo Clear Coat NC
Solvent-Based; • Boyo Wood Stain Solvent-Based; Solvent-Based.
Primer • Avian Cling Zinc Chromate; • Avitex Alkali Resisting Primer; • Belmas Zinc Chromate; and
• Lenkote Alkali Resisting Primer; • Avian Zinc Chromate; • Suzuka Epoxy Filler.
• Lenkote Wall Sealer; • Yoko Cat Dasar Kayu dan Besi;
Putty • Lenkote Plamir Tembok (Wall Putty); • Avitex Plamir Tembok; • Giant Mortar 220.
• No Odor Wall Putty; • Aries Gold Wall Putty; and
Roof Paint • Absolute Roof Coating; • Avitex Cat Genteng & Seng; and • Yoko Cat Genteng & Seng.
Instant Cement • Giant Mortar 260; • Giant Mortar 380; • Giant Mortar 480; and
• Giant Mortar 270; • Giant Mortar 420; • Giant Mortar 510.
Glue • Avian Lem Epoxy Hemat; • Lem Putih MAX PVAc; • Avian Lem Epoxy Super; and
• Admiral Wood Filler Epoxy; • Viplas; • Avian Non-Sag Epoxy Super.
• Lem Putih VIP PVAc;
Stone Coating • No Lumut Solvent-Based; and • No Lumut Water-Based.
Autorefinish and Spray • Suzuka Spray; • Suzuka 2:1 PU Clear Coat; and • Suzuka 4:1 PU Clear Coat.
Paint • Suzuka Cat Duco Otomotif;
Floor Coating • Avian Roadline Paint; dan • Avian Cat Paving.
Thinner • Admiral Thinner Serbaguna; • Avia Thinner Lacquer Super; • Thinner 1633;
• Avian Thinner Enamel; • Aries Thinner Lacquer A; • Thinner 1634;
• Avian Thinner B Asli; • Aries Thinner Lacquer A Special; • Thinner 1601; and
• Avia Thinner Lacquer A; • Thinner 16213; • Thinner 1602.
• Avia Thinner Lacquer A Special; • Thinner 1660;
Cement Additive • No Drop Plaston; dan • Giant Mortar L500.
Others • PRO-X 111; • Avitex Biocidal Wash; and • VIP Paint Remover.
• VIP Pengupas Cat Tembok;
Supporting Products • Basic Paint Roller; • Synthetic Brush; • Masking Tape;
• Green Brush; • Budget Paint Roller; • Seal Tape;
• Yellow Brush; • All Paints Paint Roller; • Drywall Tape;
• Plastic Scrapper; • Budget Roller Cover; • Fiberglass Tape;
• Mini Refill • Regular Roller Cover; • Roof Drain; and
• Mini Roller; • All Paints Roller Cover; • Kran Air Taman.
• Paint Tray; • Abrasive Paper;
• White Brush; • Abrasive Cloth Roll;
46 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
Product Development in 2023
As a market leader in the national paint industry, research and development remain the Company’s primary commitment to
consistently deliver high-quality products in line with consumer needs and market dynamics. The following are some of the
products successfully developed and introduced to the market throughout the year of 2023:
Admiral Thinner Serbaguna Admiral Anti Fouling
• Anti-Fog • Anti-Algae and Anti-Barnacles Formula
• Quick Drying • Maintains Maximum Boat Speed
• More Cost Effective • Helps Save Fuel
Brilliant Cat Tembok Interior Brilliant Cat Tembok Eksterior
• Conceals Wall Imperfections • UV Protection
• Resistant to Brushing or Rubbing • Anti-Mold and Anti-Mildew
• Minimal Splatter • Best Adhesion
Boyo Politur Melamin Avian Cling Zinc Chromate
• Anti-Mold and Insects • Prevents Rust
• Beautifies Wood Appearance • Quick Drying
• Water Repellent • Strong Adhesion
Admiral Wood Filler Epoxy Admiral Cat Kapal
• Best Adhesion • Seawater Resistant
• Flexible • Strong Adhesion
• Seals Cracks • Quick Drying
Aries Bling Avitex Wizz
• Not Easily Discolors • 2x thicker
• Quick Drying • Up to 40% Dilution
• Cost Efficient • 3-years Warranty
No Drop Plus 3 in 1 No Drop Basic
• Primer, Top Coat, and Waterproofing • 4-years Protection
• Waterproof • Waterproof
• 7+ Years Protection • Elastic
Avian Lem Epoxy Hemat Avian 3 in 1 Anti Karat
• Strong Adhesion • Protects against Rust
• Quick Drying • Practical
• No Pungent Odor • Suitable for Exterior and Interior
2023 Annual Report - PT Avia Avian Tbk 47
Page 50
Manufacturing Facilities
The Company owns 2 manufacturing facilities which are vertically integrated from upstream to downstream to manufacture
a diverse range of high-quality products ready to be delivered to our valued customers. The manufacturing facilities of the
Company are one of the largest plants in Indonesia that has implemented Enterprise Resource Planning (“ERP”) and Warehouse
Management System (“WMS”). The development of digital systems, such as Automatic Weighing System (“AWS”), Distributed
Control System (“DCS”), Computerized Monitoring Board (“CMB”), Yard Management System (“YMS”), and Computerized
Maintenance Management System (“CMMS”), is implemented in order to boost productivity, effectiveness, data accuracy,
and to support environmentally friendly programs by minimizing paper usage. The Company has also gradually utilized
renewable energy sources in the form of solar panels as an alternative power source. Additionally, transparent roofs have
been utilized in the facilities to reduce electricity usage.
The Company’s manufacturing facilities have implemented the standards of ISO 9001 on Quality Management System,
ISO 14001 on Environmental Management System, ISO 45001 on Occupational Health and Safety Management System,
ISO 50001 on Energy Management System, and ISO/IEC 27001:2013 on Information Security Management System. The
Company also has an Emergency Response Preparedness team that has been certified by the Ministry of Manpower of the
Republic of Indonesia, to ensure safety in emergency situations. Further details regarding the Company’s manufacturing
facilities are described as follows:
Production
Land
Production Capacity
No. Owner Location Area Year Main Products Ownership
Shift (in metric
(m2)
tons/year)
1. The Sidoarjo 105,121 1978 No Drop, Right to Build Operates 213,840
Company Avitex, Avian Certificate 1-2 shifts per day,
Cat Kayu dan (under the name 5 days/week.
Besi, Supersilk, of the Company).
Sunguard, Aries
Gold, Boyo,
Jasmine, Avian
Thinner, Avian
Epoxy, Suzuka,
and Giant Mortar.
2. The Serang 36,880 1996 No Drop, Avitex, Right to Build Operates 72,576
Company Avian Cat Kayu Certificate 1-2 shifts per day,
dan Besi, Aries (under the name 5 days/week.
Gold, and Giant of the Company).
Mortar.
Total 286,416
48 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
Operational Areas
PRODUCT DISTRIBUTION AREAS
Wholly-owned Wholly-owned Independent Number of
Distribution Center Mini Distribution Center Distribution Center Retail Outlets Supplied
Sumatra: Sumatra: Sumatra: Sumatra:
26 5 10 10,894
Java: Java: Java: Java:
51 0 15 31,435
Kalimantan: Kalimantan: Kalimantan: Kalimantan:
14 2 4 5,215
Sulawesi: Sulawesi: Sulawesi: Sulawesi:
13 2 6 5,327
Other Areas in Other Areas in Other Areas in Other Areas in
Indonesia: Indonesia: Indonesia: Indonesia:
14 5 5 4,006
TOTAL: TOTAL: TOTAL: TOTAL:
118 14 40 56,877
2023 Annual Report - PT Avia Avian Tbk 49
Page 52
Organizational Structure
General Meeting of Shareholders
The Board of Commissioners
President Commissioner : Hermanto Tanoko
Independent Commissioner : Mohammad Noor Rachman Soejoeti
The Good Corporate The Nomination and
The Audit Committee
Governance Committee Remuneration Committee
Chairman : Mohammad Noor
Chairman : Robert Christian Chairman : Mohammad Noor
Rachman Soejoeti
Tanoko Rachman Soejoeti
Member : Fitradewata
Member : Kurnia Hadi Sinanto Member : Hermanto Tanoko
Teramihardja
Member : Iwan Sigit Member : Iwan Sigit
Member : Sammy TS Lalamentik
President Director
Wijono Tanoko
Director of Research, Director of Director of Finance
Vice President
Development, and Operations and and Investor
Director
Innovation Development Relations
Angelica Tanisia Jozar Robert Christian Tanoko Ruslan Tanoko Kurnia Hadi Sinanto
The Related Party Operational Sales Investor Relations
Transaction Committee
Iwan Sigit Dede Maryadi Andreas Timothy Hadikrisno
Chairman : Kurnia Hadi
Sinanto
Member : Fitradewata • Procurement
Teramihardja Marketing
• Strategic Management • Finance
Member : Bobby Septian System • Accounting and Tax
Yahya • Sustainability Novi Christiana
The Corporate Information Technology
Secretary
Hendrik Antonius
Hera Septi Astuti
The Audit
Internal Unit
Chairman : Bobby Septian
Yahya
Member : Sarwono
Member : Devyka Oktima S
50 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
Membership in Associations
In order to keep abreast of the latest issues or
topics, as well as to create the opportunities to Indonesian Public Listed Companies Association
express various opinions regarding these issues or
• Scale : National
topics, the Company joins a number of associations
• Status of the Company : Member
that are relevant to the field of business in which
it operates. In addition, association membership
is also useful in maintaining the Company’s
strategic partnerships with various stakeholders.
Associations where the Company has participated PT AVIA AVIAN
007/APCI/2022
in up until the end of 2023 are described as follows:
Indonesian Paint Producers Association
• Scale : National
• Status of the Company : Member
SK Menkumham RI No. C-54.HT.01.03 Tahun 2006
Badan Pengurus ARSI menetapkan dan menganugerahkan
SERTIFIKAT KEANGGOTAAN
Kepada :
PT. AVIA AVIAN
Sebagai Anggota Asosiasi Resin Sintetik Indonesia
Nomor : 006.DES.ARSI.XII.17
Jakarta, 19 Desember 2017
Badan Pengurus
Asosiasi Resin Sintetik Indonesia
Ketua Umum, Sekretaris Umum,
Fahrurrozi Utun Sutrisna Sastrawijaya
Indonesian Synthetic Resin Association
• Scale : National
• Status of the Company : Member
Net Zero of Indonesian Chamber of Commerce and
Industry*
• Scale : National
• Status of the Company : Member
* The Company’s membership in the Net Zero of Indonesian Chamber of
Commerce and Industry association lasted until July 2023.
2023 Annual Report - PT Avia Avian Tbk 51
Page 54
Profile of the Board of Commissioners
From left to right:
1. Hermanto Tanoko (President Commissioner)
2. Mohammad Noor Rachman Soejoeti (Independent Commissioner)
52 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
Hermanto Tanoko
President Commissioner
Indonesian, 61 years old.
Term of Office and Basis of Appointment
2021 – 2026:
The Deed of Restatement of Shareholders’ Resolutions in Lieu
of Extraordinary General Meeting of Shareholders No. 19 dated
June 22, 2021, drawn up before Anwar, S.H., M.Kn., a Notary in
Gresik Regency.
Work Experiences
Commissioner of PT Sariguna Primatirta (2001 - 2009).
Dual Appointments
• Commissioner of PT Tirtakencana Tatawarna (2000 - present);
• President Commissioner of PT Jaya Sukses Makmur Sentosa Tbk
(2003 - present);
• President Commissioner of PT Sariguna Primatirta Tbk
Educational Background (2009 - present);
and Certifications • President Director of PT Tancorp Global Sentosa (2010 - present);
• Commissioner of PT Tirtakencana Batamindo (2010 - present);
Master of Management from IBMT
• President Commissioner of PT Avia Avian Industri Pipa
School of Management, 2001.
(2014 - present);
• President Director of PT Tancorp Surya Sentosa (2015 - present);
Affiliation • Vice President Director of PT Solusi Rumah Praktis (2018 - present);
Is an affiliate of members of • President Commissioner of PT Caturkarda Depo Bangunan Tbk
the Board of Directors as well as (2020 - present);
Main and Controlling Shareholders. • President Commissioner of PT Multipro Paint Indonesia
(2021 - present);
• Member of the Nomination and Remuneration Committee of the
Company (2021 - present); and
• President Commissioner of PT Penta Valent Tbk (2022 - present).
Education/Training in 2023
PwC Sharing Session (Internal Audit Issue, Personal Data Protection,
and Digital Financial Report).
2023 Annual Report - PT Avia Avian Tbk 53
Page 56
Mohammad Noor
Rachman Soejoeti
Independent Commissioner
Indonesian, 66 years old.
Term of Office and Basis of Appointment
2021 – 2026:
The Deed of Restatement of Shareholders’ Resolutions in Lieu of
the Extraordinary General Meeting of Shareholders No. 19 dated
June 22, 2021, drawn up before Anwar, S.H., M.Kn., a Notary in
Gresik Regency.
Work Experiences
• Member of the Supervisory Board of the Republic of Indonesia
Money Printing Corporation (2000 - 2007);
• Deputy Commissioner for Capital Market Supervision II of the
Financial Services Authority (2013 - 2017);
• President Commissioner of PT Maybank Asset Management
(2017 - 2020); and
• President Commissioner of PT Ristia Bintang Mahkota Sejati Tbk
(2018 - 2020).
Dual Appointments
Educational Background • Commissioner of PT Bursa Efek Indonesia (2018 - present);
and Certifications • Chairman of the Audit Committee of PT Bursa Efek Indonesia
• Bachelor of Economics from Gadjah (2018 - present);
Mada University, Yogyakarta, • Chairman of the Audit Committee of the Company (2021 - present);
1982; and • Chairman of the Nomination and Remuneration Committee of the
• Master of Arts in Economics from Company (2021 - present); and
Colorado State University, 1991. • Independent Commissioner of PT Nusantara Sejahtera Raya Tbk
(2023 – present).
Affiliation Education/Training in 2023
Is not an affiliate of other members • Market Technical Analysis by the Indonesian Capital Market
of the Board of Commissioners, Professional Association (Perkumpulan Profesi Pasar Modal
members of the Board of Directors, Indonesia or “PROPAMI”);
as well as Main and Controlling • Behavior Finance by PROPAMI;
Shareholders, either directly or • Crypto Asset – Same Activities, Same Risks, Same Regulators by the
indirectly, up to the Individual International Organization of Securities Commissions (“IOSCO”);
Owner. • Building Healthy and Efficient Sustainable Finance Market by IOSCO;
• Enhancing Market Supervision and Integrity – The Use of SupTech
by IOSCO;
• Green Issues in Mergers and Acquisitions by the Indonesian Finance
Association (“IFA”);
• Household Sustainability by IFA; and
• Tax Regulations Update by Indonesia Stock Exchange (Bursa Efek
Indonesia).
Statement on Independence of Independent Commissioners
The currently appointed Independent Commissioner is serving his first term, and therefore, the Company does not provide information regarding the statement
on independence of Independent Commissioner having served for more than two terms.
Change in the Composition of Members of the Board of Commissioners and Reason for the Change
In 2023, there was no change in the composition of the Company’s Board of Commissioners. The composition of the Board of Commissioners of the Company
is in compliance with the provisions of Financial Services Authority Regulation No. 33/POJK.04/2014 concerning the Board of Directors and the Board of
Commissioners of Issuers or Public Companies.
54 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
Profile of the Board of Directors
From left to right:
1. Wijono Tanoko (President Director) 3. Ruslan Tanoko (Vice President Director) 5. Angelica Tanisia Jozar (Director)
2. Robert Christian Tanoko (Director) 4. Kurnia Hadi Sinanto (Director)
2023 Annual Report - PT Avia Avian Tbk 55
Page 58
Wijono Tanoko
President Director
Indonesian, 71 years old.
Term of Office and Basis of Appointment
2021 – 2026:
The Deed of Restatement of Shareholders’ Resolutions in Lieu of
the Extraordinary General Meeting of Shareholders No. 19 dated
June 22, 2021, drawn up before Anwar, S.H., M.Kn., a Notary in
Gresik Regency.
Work Experiences
• President Director of PT Tirtakencana Batamindo (2010 - 2016);
and
• President Commissioner of PT Wahana Lancar Rejeki (2013 - 2015).
Dual Appointments
• President Director of PT Avia Avian Industri Pipa (2014 - present);
• President Commissioner of PT Tirtakencana Tatawarna
(2014 - present);
Educational Background • Director of PT Wahana Lancar Rejeki (2015 - present);
and Certifications • President Commissioner of PT Tirtakencana Batamindo
Graduated from Kolese Santo Yusuf (2016 - present);
High School, Malang, 1972. • Commissioner of PT Solusi Rumah Praktis (2018 - present); and
• President Director of PT Multipro Paint Indonesia (2021 - present).
Affiliation
Is an affiliate of a members of the Education/Training in 2023
Board of Commissioners, other • Economic Outlook 2023 by PT Bank Central Asia Tbk;
members of the Board of Directors, • Mid Year Outlook 2023 by Union Bank of Switzerland AG;
as well as Main and Controlling • GIC Insight 2023 by GIC; and
Shareholders. • Forbes CEO, Sea Change by Forbes.
56 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
Ruslan Tanoko
Vice President Director
Indonesian, 48 years old.
Term of Office and Basis of Appointment
2021 – 2026:
The Deed of Restatement of Shareholders’ Resolutions in Lieu of
the Extraordinary General Meeting of Shareholders No. 19 dated
June 22, 2021, drawn up before Anwar, S.H., M.Kn., a Notary in
Gresik Regency.
Work Experiences
• Marketing Director of the Company (2000 - 2016);
• Director of PT Tirtakencana Tatawarna (2006 - 2014);
• Director of PT Tirtakencana Batamindo (2010 - 2016);
• Director of PT Wahana Lancar Rejeki (2013 - 2015); and
• Commissioner of PT Avia Avian Industri Pipa (2014 - 2017).
Dual Appointments
• President Director of PT Tirtakencana Tatawarna (2014 - present);
Educational Background • President Director of PT Wahana Lancar Rejeki (2015 - present);
and Certifications • President Director of PT Tirtakencana Batamindo (2016 - present);
• Bachelor of Science in Chemistry • Vice President Director of PT Avia Avian Industri Pipa
and Bachelor of Science in (2017 - present);
Chemical Engineering from the • President Director of PT Solusi Rumah Praktis (2018 - present);
University of Southern California, • President Commissioner of PT Bangun Bersama Solusindo
Los Angeles, 1996; and (2021 - present); and
• Master of Engineering in Chemical • Commissioner of PT Multipro Paint Indonesia (2021 - present).
Engineering from Cornell
University, New York, USA, 1997.
Education/Training in 2023
• Economic Outlook 2023 by PT Bank Central Asia Tbk;
Affiliation • Asian Investment Conference 2023 by Credit Suisse;
Is an affiliate of a members of the • Mid Year Outlook 2023 by Union Bank of Switzerland AG;
Board of Commissioners, other • GIC Insight 2023 by GIC;
members of the Board of Directors, • Twenty-Second Annual Asia Pasific Summit by Morgan Stanley;
as well as Main and Controlling and
Shareholders. • Forbes CEO, Sea Change by Forbes.
2023 Annual Report - PT Avia Avian Tbk 57
Page 60
Robert Christian Tanoko
Director
Indonesian, 38 years old.
Term of Office and Basis of Appointment
2021 – 2026:
The Deed of Restatement of Shareholders’ Resolutions in Lieu of
the Extraordinary General Meeting of Shareholders No. 19 dated
June 22, 2021, drawn up before Anwar, S.H., M.Kn., a Notary in
Gresik Regency.
Work Experiences
• Vice Director of Operations of the Company (2009 - 2015); and
• Director of PT Tirtakencana Tatawarna (2014 - 2017).
Dual Appointments
• Director of PT Avia Avian Industri Pipa (2014 - present);
• Director of PT Tancorp Surya Sentosa (2015 - present);
• Vice President Director of PT Tirtakencana Tatawarna (2017 - present);
Educational Background • Vice President Director of PT Tirtakencana Batamindo (2017 - present);
and Certifications • President Commissioner of PT Solusi Rumah Praktis (2018 - present);
• Director of PT Bangun Bersama Solusindo (2021 - present);
Bachelor of Commerce in
• Director of PT Multipro Paint Indonesia (2021 - present); and
Information Technology from
• Chairman of the Good Corporate Governance Committee of the
Curtin University, 2006.
Company (2021 - present).
Affiliation
Education/Training in 2023
Is an affiliate of a members of the
Board of Commissioners, other • Resin Plastic Training by Samsung Korea;
members of the Board of Directors, • Family Business: Transition, Transformation, and Diversification by
as well as Main and Controlling PwC-Next Gen Club; and
Shareholders. • The Cooler Earth Sustainability Summit 2023 Jakarta: “Sustainability
in Action: Opportunities for a Better Tomorrow in Indonesia” by
PT Bank CIMB Niaga Tbk.
58 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
Kurnia Hadi Sinanto
Director
Indonesian, 54 years old.
Term of Office and Basis of Appointment
2021 – 2026:
The Deed of Restatement of Shareholders’ Resolutions in Lieu of
the Extraordinary General Meeting of Shareholders No. 19 dated
June 22, 2021, drawn up before Anwar, S.H., M.Kn., a Notary in
Gresik Regency.
Work Experiences
• Financial Accounting Manager of the Company (2006 – 2010);
• Vice Director of Finance and Accounting of the Company
(2010 – 2016); and
• Corporate Secretary of the Company (2021 – 2022).
Dual Appointments
• Director of PT Avia Avian Industri Pipa (2017 – present);
• Director of PT Multipro Paint Indonesia (2021 – present);
Educational Background
• Member of the Good Corporate Governance Committee of the
and Certifications
Company (2021 – present); and
Bachelor of Accounting from • Chairman of the Related Party Transaction Committee of the
Airlangga University, Surabaya, Company (2022 – present).
1992.
Education/Training in 2023
Affiliation
• Webinar Enhancing Financial Performance through Data Analytics
Is not an affiliate of members of by Financial Services Authority (Otoritas Jasa Keuangan or “OJK”);
the Board of Commissioners, other • Compliance Refreshment for Issuer and Public Company by OJK;
members of the Board of Directors, • Tax Breakfast Briefing: Discussion on the New Rules of Benefits
as well as Main and Controlling In-Kinds by PricewaterhouseCoopers;
Shareholders, either directly or • Artificial Intelligence (“AI”) dan Sustainability in Financial
indirectly, up to the Individual Profession by Accounting Development Center, Faculty of
Owner. Economics and Business, University of Indonesia;
• International Accounting Standards Board (“IASB”) Update:
The Latest Developments in IFRS by Indonesian Accountants
Association;
• Tax Conversation Series: Latest Preliminary Evidence Examination
Rules, What you need to Know by Assegaf Hamzah & Partners;
• Tax Facilities on Dividends by PB Taxand;
• Inspiring Transformational Governance: Coaching Clinic 1 - Way
forward for ESG: Streamlining and Impact Reporting by Indonesia
Stock Exchange (Bursa Efek Indonesia); and
• Tax Conversation: Latest Procedures for Objection and Handling
of Customs Dispute Appeals by Assegaf Hamzah & Partners.
2023 Annual Report - PT Avia Avian Tbk 59
Page 62
Angelica Tanisia Jozar
Director
Indonesian, 42 years old.
Term of Office and Basis of Appointment
2022 – 2026:
The Deed of Restatement of the Company’s Meeting Resolution
No. 2 dated September 7, 2022, drawn up before Dr. Susanti, S.H.,
M.Kn., a Notary in Surabaya City.
Work Experiences
• Head of Production of PT Tiga Arga (2003 – 2010);
• Research & Development Manager, Trade Unit Division of
PT Nipsea Paint & Chemicals (2010 – 2018); and
• Research, Development & Innovation Director of the Company
(2018 – 2022).
Dual Appointments
-
Educational Background
and Certifications Education/Training in 2023
• Bachelor of Engineering from • Understanding and Managing Paint and Coatings Defects by
Parahyangan Catholic University, KA Synergy, Malaysia;
Bandung 2003; and • Understanding and Managing Paint and Coating Tests by
• Professional Engineer from KA Synergy, Malaysia; and
Parahyangan Catholic University, • Packaging Technology in The Modern World by Indonesian
Bandung 2021. Packaging Federation.
Affiliation
Is not an affiliate of members of
the Board of Commissioners, other
members of the Board of Directors,
as well as Main and Controlling
Shareholders, either directly or
indirectly, up to the Individual
Owner.
Change in the Composition of Members of the Board of Directors and Reason for the Change
In 2023, there was no change in the composition of the Company’s Board of Directors. The composition of the Board of
Directors of the Company is in compliance with the provisions of Financial Services Authority Regulation No. 33/POJK.04/2014
concerning the Board of Directors and the Board of Commissioners of Issuers or Public Companies
60 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Company Profile
Shareholder Information
SHAREHOLDER LIST
December 31, 2023 December 31, 2022
Description Number of Total Nominal Share Number of Total Nominal Share
Shares Value Ownership Shares Value Ownership
(Shares) (IDR) (%) (Shares) (IDR) (%)
5% or more
PT Tancorp
22,674,971,000 226,749,710,000 36.60 22,674,971,000 226,749,710,000 36.60
Surya Sentosa
PT Wahana
20,129,652,900 201,296,529,000 32.49 20,129,652,900 201,296,529,000 32.49
Lancar Rejeki
Archipelago
Investment 3,902,748,900 39,027,489,000 6.30 3,902,748,900 39,027,489,000 6.30
Private Limited
Under 5%
Robert
Christian 1,425,406,300 14,254,063,000 2.30 1,421,893,800 14,218,938,000 2.30
Tanoko
Rudi Tanoko 1,041,265,000 10,412,650,000 1.68 1,041,265,000 10,412,650,000 1.68
Rony Tanoko 1,041,265,000 10,412,650,000 1.68 1,041,265,000 10,412,650,000 1.68
Treasury Stock 34,618,800 346,188,000 0.06 0 0 0
Public* 11,703,627,700 117,036,277,000 18.89 11,741,759,000 117,417,590,000 18.95
Total Issued
and Paid-Up 61,953,555,600 619,535,556,000 100.00 61,953,555,600 619,535,556,000 100.00
Capital
* Including shares owned by Mr. Wijono Tanoko, Mr. Kurnia Hadi Sinanto, and Mrs. Angelica Tanisia Jozar.
COMPOSITION OF SHARE OWNERSHIP BY MEMBERS OF THE BOARD OF COMMISSIONERS AND
THE BOARD OF DIRECTORS
December 31, 2023 December 31, 2022
Number of Share Number of Share Ownership
Name Position
Shares Ownership Shares Ownership Status
(Shares) (%) (Shares) (%)
The Board of Commissioners
President
Hermanto Tanoko
Commissioner
0 0 0 0 -
Mohammad Noor Independent
Rachman Soejoeti Commissioner
0 0 0 0 -
The Board of Directors
President
Wijono Tanoko 2,504,200 0.00 0 0 Direct
Director
Indirectly through
Vice President
Ruslan Tanoko 20,959,300 0.03 13,209,300 0.02 PT Sensasi
Director
Istana Warna
Robert Christian
Director 1,425,406,300 2.30 1,421,893,800 2.30 Direct
Tanoko
Kurnia Hadi
Director 556,600 0.00 475,000 0.00 Direct
Sinanto
Angelica Tanisia
Director 169,300 0.00 125,000 0.00 Direct
Jozar
2023 Annual Report - PT Avia Avian Tbk 61
Page 64
SHARE OWNERSHIP BY CLASSIFICATIONS
December 31, 2023 December 31, 2022
Description Number of Share Number of Share
Total Total
Shares Ownership Shares Ownership
Investor Investor
(Shares) (%) (Shares) (%)
National Investor
Indonesian Individual 12,579 4,215,758,172 6.80 8,292 3,906,508,800 6.30
Pension Fund Foundation 9 29,480,700 0.05 15 64,466,400 0.10
Insurance 6 26,154,700 0.04 5 34,562,000 0.06
Limited Company 60 43,982,864,110 71.00 47 43,651,313,649 70.46
Others 1 337,100 0.00 1 67,200 0.00
Foreign Investor
Foreign Individual 9 244,100 0.00 4 236,200 0.00
Limited Company 166 13,698,716,718 22.11 200 14,296,401,351 23.08
Total 12,830 61,953,555,600 100.00 8,564 61,953,555,600 100.00
Main and Controlling Shareholders
Neilson Audrey Caleb
Ruslan Rudi Rony Hermanto Lilyani Muliawati
Fritz Reis Royce
Tanoko Tanoko Tanoko Tanoko Tanoko Tanoko
Tanoko Tanoko Tanoko
99.995% 0.005% 99.99% 0.01% 99.999% 0.001% 82.72% 99.86% 70.00%
Robert Marvin
Belinda
Christian Aditya
Natalia
Tanoko Pranoto
PT Asiapasifik PT Jaya Olivia
PT Sensasi 4.32% 4.32% 10.00% Maria
Rekacipta Sentosa Dewi
Istana Warna Lavetta
Teknik Lancarabadi Sutanto
Caroline Marcel
33.33% 33.33% 33.33% Melisa 0.14% 10.00%
Novilia Satrya
Patricia
Tanoko Pramono
4.32% 4.32% 10.00%
Lim Minister for
Wijono PT Rukun
Lie Finance, PT Sinar Surya PT Marco
Tanoko Rimpah Rejeki
Tjijen Singapore Sarana Sukses Mega Mulia
1.54% 50.44% 48.02% 50.00% 50.00%
100.00%
PT Wira PT Sensasi GIC (Ventures) PT Tancorp PT Voka
Laju Rejeki Istana Warna Pte Ltd Global Sentosa Nobelindo
73.56% 26.44% 69.39% 30.61%
100,00%
Archipelago Robert
Rudi Rony PT Wahana PT Tancorp Treasury
Investment Christian Public
Tanoko Tanoko Lancar Rejeki Surya Sentosa Stock
Pte Ltd Tanoko
1.68% 1.68% 32.49% 6.30% 36.60% 2.30% 0.06% 18.89%
PT Avia Avian Tbk
Based on the aforementioned structure, the Main and Controlling Shareholders of the Company are PT Wahana Lancar
Rejeki and PT Tancorp Surya Sentosa. Meanwhile, the ultimate beneficial owners of the Company are Hermanto Tanoko,
Ruslan Tanoko, and Wijono Tanoko.
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Chronology of Share Listing
On December 8, 2021, the Company conducted an Initial Public Offering on the Indonesia Stock Exchange with stock code AVIA
after obtaining an effective statement from the Board of Commissioners of the Financial Services Authority based on Letter No.
S-223/D.04/2021 dated November 30, 2021. The number of issued shares was 6,200,000,000 shares or 10.0075% of the total
issued and paid-up capital with a nominal value of IDR10.- per share and an offer price of IDR930.- per share. Of all the shares
offered, 3,099,300 shares or 0.05% had been allocated for the Employee Stock Allocation (“ESA”) program. In addition, the
Company conducted Private Placement by the Selling Shareholders as Shareholders of the Company for their shares totaling
5,575,355,600 registered common shares or as much as of 10.00% of the Company’s total issued and paid-up capital on the
date of listing on Indonesia Stock Exchange at the same offer price as the Initial Public Offering. Accordingly, the Company’s
total shares listed on the Indonesia Stock Exchange is 61,953,555,600 shares with a nominal value of IDR10.- per share.
Sharia Securities
As of the end of 2021, all traded shares of the Company are sharia securities pursuant to a decision stipulated by the Financial
Services Authority (Otoritas Jasa Keuangan or “OJK”) so that they are listed under the List of Sharia Securities (Daftar Efek Syariah
or “DES”). The DES is a register of securities that do not conflict with sharia principles in the capital market.
The determination of the Company’s shares to be registered in the DES as stipulated by the OJK, namely being included in
the category of securities in the form of shares issued by the Company that does not state the activities and types of business,
know-how, and/or the services it provides based on Sharia Principles in the Capital Market, as long as the Company:
1. does not conduct any activities and types of business that are contrary to Sharia Principles in the Capital Market including:
a. gambling and games considered as gambling;
b. ribawi financial services;
c. buying and selling of risks that involve speculation (gharar) and/or gambling (maisir);
d. producing, distributing, trading, and/or providing:
i. products or services that are forbidden because of its contents (haram li-dzatihi);
ii. products or services that are forbidden not because of its contents (haram li-ghairi), determined by the National
Sharia Board – Indonesian Ulema Council;
iii. products or services that can deprave one’s moral and are harmful (mudarat); and/or
iv. other products or services that conflict with sharia principles based on the stipulation of the National Sharia Board
– Indonesian Ulema Council; and
e. conducting other activities that are contrary to sharia principles based on the stipulation of the National Sharia Board
– Indonesian Ulema Council;
2. does not conduct any transactions that are contrary to Sharia Principles in the Capital Market;
3. fulfils the following financial ratios:
a. the ratio of interest-based liabilities to total assets is not more than 45%; and
b. the ratio of interest income and other non-islamic income to total operating income and other income is not more than
10%.
The inclusion of the Company’s shares into the DES provides ease to investors as the investments made can be guaranteed
halal and free from riba. In addition, investors are also given the freedom to conduct transactions of the Company’s shares as it
may be undertaken on conventional exchanges and sharia exchanges.
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Company’s Stock Index
Stock index refers to the statistical measures that reflect the overall price movements of a selected group of stocks based
on specific criteria and methodologies, evaluated periodically. In 2023, the Company’s shares, codenamed AVIA, became
a constituent of several indexes on the Indonesia Stock Exchange (“IDX”), namely ESGQKEHATI, JII70, IDX80, KOMPAS100,
IDXQ30, and IDXSMC-LIQ.
Being an ESGQKEHATI index constituent shows that the Company is committed to sustainable management efforts that
prioritize environmental, social, and good corporate governance concerns. As a JII70 index constituent, the Company’s
shares are among the most liquid Sharia-compliant stocks listed on the IDX. Constituents of the IDX80 and KOMPAS100
indexes illustrate that the Company’s shares possess high liquidity and significant market capitalization, supported
by strong company fundamentals. IDXQ30 index constituent indicates that the Company exhibits relatively high
profitability, good solvency, and stable profit growth, with transaction liquidity as well as strong financial performance.
Meanwhile, the IDXSMC-LIQ index portrays that the Company’s shares have high liquidity and market capitalization in the
small and medium range.
Chronology of Other Securities Listing
Up until the end of 2023, the Company has not issued other securities such as bonds, sukuk, convertible bonds, or other
securities that are justified in accordance with the laws and regulations.
Corporate Structure
PT Avia Avian Tbk
50.00% 99.99% 99.99% 67.00%
PT Bangun Bersama PT Tirtakencana PT Solusi Rumah PT Multipro Paint
Solusindo Tatawarna Praktis Indonesia
99.98%
PT Tirtakencana
Batamindo
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Subsidiaries, Associates, and Joint-Ventures
Up until the end of 2023, The Company directly owns 3 Subsidiaries and indirectly owns 1 Subsidiary. In addition, the Company
also owns 1 joint-venture. Information related to the Subsidiaries and joint-venture is described as follows:
DIRECT OWNERSHIP
PT Tirtakencana Tatawarna
Legal Basis of Establishment Business Sector Operational Status
Deed of Establishment No. 27, dated
Wholesale trade of paints, warehousing
July 14, 2000, drawn up before
and storage, and self-owned or Operating
Dyah Ambarwaty Setyoso, S.H.,
leased real estate.
a Notary in Surabaya.
Address Share Ownership Total Assets Before Elimination
Jl. Raya Surabaya - Sidoarjo KM. 19,
Desa Wadungasih, Kec. Buduran,
99.99% IDR3,830,103,145,307.-
Kab. Sidoarjo, Provinsi Jawa Timur,
Indonesia.
PT Solusi Rumah Praktis
Legal Basis of Establishment Business Sector Operational Status
Deed of Establishment No. 17 dated
November 22, 2018, drawn up before Retail trade of paints, varnishes, and
Operating
Anwar, S.H., M.Kn., a Notary in Gresik Lacquers, as well as painting.
Regency.
Address Share Ownership Total Assets Before Elimination
Avian Brands Building,
Jl. Ahmad Yani No. 317,
99.99% IDR2,075,669,496.-
Kel. Dukuh Menanggal, Kec. Gayungan,
Kota Surabaya, Jawa Timur, Indonesia.
PT Multipro Paint Indonesia
Legal Basis of Establishment Business Sector Operational Status
Paint and printing ink industry,
Deed of Establishment No. 80 dated
varnish industry (including mastics),
August 27, 2008, drawn up before Operating
wholesale trade of paints, and wholesale
David, S.H., M.Kn., a Notary in Jakarta.
trade of various building materials.
Address Share Ownership Total Assets Before Elimination
Menara Satu Sentra Kelapa Gading,
7th Floor, Room 6,
Jl. Boulevard Kelapa Gading LA 3 No. 1,
67.00% Rp31,834,298,639.-
Kel. Kelapa Gading Timur,
Kec. Kelapa Gading, Jakarta Utara,
DKI Jakarta, Indonesia.
INDIRECT OWNERSHIP
PT Tirtakencana Batamindo (through PT Tirtakencana Tatawarna)
Legal Basis of Establishment Business Sector Operational Status
Deed of Establishment No. 58 dated Wholesale trade of various
September 30, 2010, drawn up before building materials, wholesale trade of
Operating
Rusdi Mulyono, S.H., M.Kn., other construction materials, and
a Notary in Surabaya. retail trade of furniture.
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PT Tirtakencana Batamindo (through PT Tirtakencana Tatawarna)
Address Share Ownership Total Assets Before Elimination
Komplek Executive Industrial Park
Blok D2 No. 8, Kel. Belian, Kec. Batam Kota, 99.98% Rp34,982,411,405.-
Kota Batam, Kepulauan Riau, Indonesia.
JOINT-VENTURE
PT Bangun Bersama Solusindo
Legal Basis of Establishment Business Sector Operational Status
Deed of Establishment No. 1 dated Wholesale trade of cement, lime, sand, and
February 1, 2021, drawn up before stone as construction materials, building
Operating
Emmyra Fauzia Kariana, S.H., M.Kn., materials, as well as basic or industrial
a Notary in Jakarta. chemical materials and goods.
Address Share Ownership Total Assets Before Elimination
Menara Sentraya, 21 Floor,
st
Jl. Iskandarsyah Raya No. 1A,
50.00% IDR43,061,798,385.-
Kel. Melawai, Kec. Kebayoran Baru,
Jakarta Selatan, DKI Jakarta, Indonesia.
Capital Market Supporting Institutions and
Professions
Public Accounting Firm
KAP Tanudiredja, Wibisana, Services Provided : Audit Services : Performed audits of the Company’s Annual
Rintis & Rekan Consolidated Financial Statements based on
(a member firm of PwC auditing standards established by the Indonesian
global network) Institute of Certified Public Accountants.
WTC 3, 33rd-43rd Floor Non-Audit Services : None.
Jl. Jend. Sudirman Kav. 29-31 Assignment Period : 2023
Jakarta, 12920, Indonesia Cost (IDR) : Audit Services : IDR1,250,000,000.-
T : (62-21) 5099 2901 Non-Audit Services : None.
F : (62-21) 5290 5555
Notary
Dr. Susanti, S.H., M.Kn. Services Provided : Prepared the deed of Minutes of the Annual General Meeting of
Ruko Office Park 1 Shareholders (“GMS”) and Extraordinary GMS, as well as the deed of
Jl. Bukit Darmo Golf Blok B1 No. 19 Restatement of Meeting Resolutions (Pernyataan Keputusan Rapat or
Kel. Pradahkalikendal, Kec. Dukuh Pakis (“PKR”).
Surabaya, 60226, Indonesia Assignment Period : 2023
T : (62-31) 9914 6264
Securities Administration Bureau
PT Bima Registra Services Provided : • Performed data maintenance, prepared presentation of the Shareholders
Satrio Tower, 9 A2 Floor List (Daftar Pemegang Saham or “DPS”) and monthly reports;
Jl. Prof. DR. Satrio Blok C4 • Assisted in the organization of Annual GMS and Extraordinary GMS in
Kuningan, Setiabudi the context of the presentation of DPS per recording date, attendance
Jakarta Selatan, Indonesia list, and assisted in the vote count at the GMS; and
T : (62-21) 2598 4818 • Assisted in the implementation of interim dividend and final dividend
F : (62-21) 2598 4819 payments in context of the presentation of DPS per recording date, as well
as calculating the amounts of dividends and taxes for each Shareholder.
Assignment Period : 2023
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Information Access
The provision of information access for the Shareholders and stakeholders is periodically managed and updated by the
Corporate Secretary and Investor Relations as necessary and in accordance with the applicable regulations. The provision of
information to Shareholders and stakeholders may be further accessed through:
E-mail
Telephone
corsec@avianbrands.com
(62-31) 99850500/
99850600 investor.relations@
Avian Brands avianbrands.com
Building Website
Jl. Ahmad Yani No. 317 www.avianbrands.com
Surabaya, 60234
Human Resources
The Company views that human resources (“HR”) is an asset that plays a crucial role in supporting the Company’s sustainable
performance. Therefore, proper HR management in compliance with the statutory regulations and best practices in similar
industries remain the Company’s utmost priority, to ensure that the Company’s HR possesses relevant qualifications to remain
competitive amid dynamic business challenges. Responsible HR management and the absence of discriminatory practices are
consistently prioritized by the Company, in order to foster productive and comfortable working relationships and environments.
Organizational Structure of HR Management
The Company’s HR management and development organizations are overseen by the Company’s HRGA units, particularly the
units focusing on Employee Development, Organizational Development, Recruitment, HRIS, HR Operations, as well as General
Affair and Industrial Relation. Further details on organizational structure of the Company’s HR management are described as
follows:
HRGA
POD & Recruitment HR Operations
People Organization Recruitment HRIS Personel General Affair Industrial
Development Development Administration Relation
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HR Development
The Company consistently ensures that all employees possess the competences and skills aligned with the needs of the
Company and current industrial landscape. This commitment is implemented through development of a systematically
mapped HR management strategy with a long-term focus to ensure the continuity of competence development in line with
the Company’s business direction.
HR management development in 2023 focused on organizational sustainability, ensuring the quality of HR Business Processes,
and preparing for the business expansion of the Cirebon Plant in 2025. To achieve these targets, the Company has implemented
various initiatives as described as follows:
1. Standardize and align HR Business Process Flow to all Subsidiaries through digitalization program;
2. Implement an advanced individual development program focusing on individual assignment and mentoring program to
realize development programs for supervisory level;
3. Formulate programs to drive behavioral change and enhance productivity, such as maximizing digital systems for discipline
and implementing employee recognition or employee star programs;
4. Infiltrate the Corporate Culture across all personnel of the Company through internal channels and events, such as Avian
News, Employee Community, and various internal company events; and
5. Update the employee competency assessment system in alignment with individual development programs.
The Company also continuously strives to create a respectful work environment by constantly upholding the Anti-Bullying
principle, providing a complaint channel, and utilizing the whistleblowing system. In addition, the Company also organizes
sports activities to build Employee Community, such as Table Tennis, Gymnastics, Futsal, and Badminton. The Company will
develop other Employee Community programs in the coming year.
Recruitment
In HR management process, recruitment is a crucial phase for the Company and its Subsidiaries, considering that the recruitment
process is an initial step that can determine the HR management strategy. Moreover, recruitment phase is also a vital part of
organizational regeneration process. Therefore, the Company and its Subsidiaries always ensure that prospective employees
align with the Company’s needs and Values, both in terms of competences and attitudes. Generally, the recruitment process for
the Company and its Subsidiaries is divided into two methods: internal and external recruitment. Internal recruitment is carried
out through promotions, transfers, and rotations of existing employees. External recruitment, on the other hand, involves open
selection for prospective employees, either independently or in collaboration with external parties, such as job fairs, campus
recruitments, and job portals.
The Company has also implemented a digitized recruitment system to target and acquire high-quality and potential candidates.
Since 2022, the Company has established a recruitment database on its website, aimed to support the recruitment process from
vacancy advertisements, candidate database storage, candidate selection, online test result storage, to online job interviews.
The entire recruitment process is free of charge, conducted openly without discrimination based on ethnicity, religion, race,
gender, or political affiliation, for every candidate meeting the specified requirements. Throughout 2023, the Company
and its Subsidiaries recruited a total of 266 new employees placed in various positions within the Company and its Subsidiaries.
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Composition
By the end of 2023, the number of employees of the Company and its Subsidiaries (including outsourced employees) totaled
8,554 individuals, an increase of 5.20% compared to 8,131 individuals in 2022. Detailed composition of employees of the
Company and the Subsidiaries is presented below:
2023 2022
Category The Subsidiary The Subsidiary
Company TKTW TKBI SRP BBS MPI Company TKTW TKBI SRP BBS MPI
Number of Employees by Gender
Male 1,454 5,268 32 1 4 55 1,396 5,025 30 2 4 34
Female 227 1,488 8 0 4 13 232 1,386 7 0 4 11
Total 1,681 6,756 40 1 8 68 1,628 6,411 37 2 8 45
Number of Employees by Position
Deputy Director 5 12 0 0 1 1 5 12 0 0 1 0
Manager 66 176 1 1 5 7 64 155 1 1 5 7
Supervisor 75 576 4 0 0 6 57 529 4 0 0 4
Staff 464 230 0 0 2 35 500 201 0 1 2 32
Outsourcing 1,071 5,762 35 0 0 19 1,002 5,514 32 0 0 2
Total 1,681 6,756 40 1 8 68 1,628 6,411 37 2 8 45
Number of Employees by Age
>50 years old 61 83 0 0 1 6 52 76 0 0 1 7
36 – 50 years old 397 1,754 24 1 4 16 416 1,607 15 1 4 15
18 – 35 years old 1,223 4,919 16 0 3 46 1,160 4,728 22 1 3 23
Total 1,681 6,756 40 1 8 68 1,628 6,411 37 2 8 45
Number of Employees by Education
Master Degree 17 13 0 0 2 0 14 9 0 0 2 1
Bachelor Degree 313 1,508 6 1 5 26 274 1,371 7 1 5 16
Diploma (D3) 19 282 0 0 0 4 19 255 1 0 0 7
≤High School and
1,332 4,953 34 0 1 38 1,321 4,776 29 1 1 21
Equivalent
Total 1,681 6,756 40 1 8 68 1,628 6,411 37 2 8 45
Number of Employees by Employment Status
Permanent
522 861 5 1 7 24 481 761 5 2 7 18
Employee
Non-Permanent
88 133 0 0 1 25 145 135 0 0 1 25
Employee
Outsourcing 1,071 5,762 35 0 0 19 1,002 5,515 32 0 0 2
Total 1,681 6,756 40 1 8 68 1,628 6,411 37 2 8 45
Notes:
TKTW : PT Tirtakencana Tatawarna TKBI : PT Tirtakencana Batamindo SRP : PT Solusi Rumah Praktis
BBS : PT Bangun Bersama Solusindo MPI : PT Multipro Paint Indonesia
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Competence Development
The Company and its Subsidiaries consistently involve employees in various competence development programs that are
continuously aligned with our needs. This is primarily aimed at advancing the capabilities of our HR to boost their productivity.
Competence development programs attended by employees of the Company and its Subsidiaries are not only organized
internally, but also involve collaborations with qualified external parties in their respective fields, targeting development
in both basic and technical competencies. Each employee of the Company and its Subsidiaries is provided with equal
opportunities to participate in competence development programs in their respective fields. Throughout 2023, the Company
and its Subsidiaries organized and enrolled a total of 31,634 participants in 318 competence development programs.
Further details are described as follows:
Number of
Type of Number of
Competence
Competence Target of Competence Appointment Number of Competence
Development
Development Development of Participants Participants* Development
Hours
Program (Program)
(Hour)
To polish skills and teach norms
Basic to support employees in the Staff – Deputy
3,684 123 11,888.50
Competence implementation of their duties Director
and responsibilities.
To certify and improve skills
Technical Staff – Deputy
that can support the work of 27,950 195 51,637.72
Competence Director
employees.
* Each employee may participate in more than one competence development program.
Standardization of HR System
The Company’s HR management goes beyond developing employee competencies, it also focuses on continually refining
the HR management system itself. The Company consistently conducts analyses and reviews of the existing HR standards to
align them with current developments and create harmony with the Company’s plans and strategies. In 2023, the Company
conducted an evaluation of the effectiveness of the Standard Operating Procedures (“SOP”) for the entire Company organization,
consisting of 9 SOPs, 1 standard, and 18 forms.
Complaint Management
The Company always ensures that working relationships with employees and relationships between employees continue
to run well. The aim is to maintain the productivity of each employee at an optimal level. To realize this commitment, the
Company has in place a complaint management which is a procedure on handling of complaints from all employees. Any
employee may submit complaints through 2 methods, which are submitted directly to the supervisor verbally or by filling out
a survey form online or offline through the suggestion box provided. Any complaint will be managed until it is resolved, either
internally by the direct supervisor working together with the employee concerned or by the Complaints Team. If the Complaints
Team is still unable to resolve the employee’s complaint, then the Bipartite Cooperation Institution and the Top Management
will be engaged to negotiate the best resolutions to the existing complaint.
In 2023, the Company conducted one employee complaint survey, with a total of 161 respondents participating. This shows
that there is no barrier for employees to lodge their complaints. Additionally, the survey is often used by employees to convey
their appreciation for the changes and developments within the Company.
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In addition to the complaint survey, in 2023 the Company also conducted two employee satisfaction surveys on the services
provided by the Human Resources Department, with the following results:
TOTAL PERCENTAGE OF OVERALL SERVICE SCORE
CATEGORY PERCENTAGE (%)
53.22
35.67
9.94
1.17
4 3 2 1
(Very Satisfied) (Satisfied) (Slightly Satisfied) (Dissatisfied)
Employee Turnover
The Company strives to implement fair and responsible HR management, in realizing the commitment to creating a professional
and comfortable working environment. The aim is to make the Company an ideal and desirable workplace where employees
can contribute and unleash their full potential. The Company believes that such work environment will reduce the likelihood
of employee turnover. This step is also part of the Company’s long-term HR management strategy. Uncontrolled employee
turnover rates can undoubtedly impact the achievement of HR management targets and the Company’s overall objectives.
Information on the employee turnover rate for the Company and its Subsidiaries is described as follows:
2023* 2022*
Source
Total % Total %
Retirement 9 6.77 1 0.50
Resignation 73 54.88 96 47.76
Termination of Employment 42 31.58 22 10.95
Employment Status Change 6 4.51 81 40.29
Deceased 3 2.26 1 0.50
Total Employee Turnover 133 100.00 201 100.00
* The measurement of the employee turnover rate above includes permanent employees of the Company and its Subsidiaries. The Company does not measure
the turnover rate for outsourced employees, given the high fluctuation of outsourced employees depending on the increase or decrease in total production.
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Employee Performance Evaluation
The employee performance evaluation process is conducted periodically by the Company every year. This initiative is carried
out for all Company’s employees to ensure that they perform their duties and responsibilities professionally and achieve the
predetermined targets according to their respective skills and positions. The indicators used for performance evaluation are
described as follows:
TYPES OF EMPLOYEE EVALUATION
COMPETENCE MATRIX PERFORMANCE APPRAISAL ASSESSMENT
The process of measuring technical The process of measuring The process of measuring potential,
competence fulfillment to support competence fulfillment to support job conducted periodically using
technical job functions. functions, including assessment tools as a consideration
performance achievements, leadership for granting promotion.
assessment, and work ethic.
In 2023, the Company conducted a performance evaluation for all its employees.
HR Development Strategy in 2024
The Company maintains a strong commitment to continually improve HR management, as well as the capacity and
capabilities of each employee. HR Development plans and strategies to be implemented by the Company in 2024 are
described as follows:
Basic Training
Mandatory training for all employees, including trainings on Company Values (CInTA), GCG, Code of Conduct, 1
etc.
Technical Training
Training aimed to improve employees’ technical skills, in order to boost their capabilities and performance in line 2
with the Company’s needs.
Soft Skills Training
Training aimed to improve employees’ non-technical skills, such as effective communication, creative and critical 3
thinking, team building, and other abilities related to individual personality development.
Leadership Program
A program aimed to prepare employees to become leaders through a leadership ladder program.
4
Certification and Standardization Training
Training aimed to ensure that employees’ technical and specialized skills are standardized according to their job 5
functions.
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Information Technology
The Company acknowledges the essential role of Information Technology (“IT”) in supporting its business activities. For the
Company, the existence of IT is vital in realizing strategic goals, especially in assisting business processes and supporting
the Company’s operations, in addition to proper decision-making based on valid data. Therefore, the Company places IT as a
pivotal element in its operational activities, thereby increasing efficiency in the production chain of a large-scale manufacturing
industry. The Company continuously strives to improve the speed, accuracy, reliability and stability of the flows of information
and communications, and to support automation of various internal processes.
IT Development
The Company strives to continuously refine its IT utilization as part of its commitment to support operational effectiveness and
efficiency.
IT Development in 2023
The 2023 IT development strategy implemented by the Company is described as follows:
1. Development of Asset Management Program (“AMS”)
In managing assets, users require tools to perform asset data collection, asset maintenance, asset regeneration, and
planning for asset procurement with a better overview. The benefits of developing an asset management program include:
a. Improving timeliness for planning of new assets or regeneration of assets that are about to expire;
b. Facilitating supervision for the return of employee work facilities that become the Company’s assets when the employee
resigns;
c. Accelerating the asset mutation process because it is paperless and approval may be done digitally; and
d. Facilitating each department to conduct self-audit.
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2. Development of Document Control Program IT Development Strategy in 2024
Programs for internal document control, such as standard The Company strives to continuously refine its IT utilization
operating procedures (“SOP”), forms, regulation of the as part of its commitment to improve customer service and
flow of new document creation and approval, document support operational effectiveness and efficiency. The IT
renewal and history, and rights for each department to development strategy for 2024 drawn up by the Company
access internal documents of the Company. The benefits is described as follows:
of developing a document control program include: 1. Implementation of Warehouse Management System
a. More integrated and centralized document sources for Raw Materials (“WMS-RM”)
to ensure that all users use the same source; A warehouse management system that enables the
b. Facilitating and accelerating the document Company to effectively manage raw material stocks in
searching processes of users from each department; the warehouse, with advantages as described as follows:
c. Accelerating the approval processes from the a. Facilitating placement of raw materials in the
department head or the Board of Directors as the warehouse using a racking system, allowing proper
processes are done systematically and involves placement of items;
email notifications; b. Facilitating retrieval of raw materials for production,
d. Facilitating the tracking of document changes eliminating errors in retrieval of items in shipments
because the history of document changes can be and allowing fifo to be carried out properly; and
recorded properly; and c. Improving employee performance and productivity,
e. Improving data security as access rights can be particularly those working in the warehouse.
managed and controlled. Items placed on shelves and those to be retrieved
3. Server Regeneration in the Data Center from shelves can be efficiently accessed, thereby
An IT device with a key and critical role is the server. optimizing the processing time as the system
In terms of server management, one of the things already provides suggested layouts for those items.
that needs to be considered is the period of server 2. Regeneration of Warehouse and Plant Factory
usage which requires the development of procedures Infrastructure Installation
concerning server regeneration to also be formulated. Modernizing through the incorporation of the latest IT
In the context of Sustainable Business, regeneration solution with several advantages:
is crucial such that it draws special attention from a. Utilizing data line, telephone, and fiber optic to
the Company’s Management. The benefits of server facilitate seamless communication and data flow.
regeneration include: Using routers to preemptively counteract virus
a. Anticipating damages to the old server to ensure spread and firewalls to regulate security, which
that business processes can run normally without ensure more accurate data communication and well-
interruptions; maintained data security.
b. Increasing work efficiency, effectiveness, and b. Centralizing CCTV systems which allows for
stability due to the adoption of new technologies; centralized monitoring and maintenance. In case
c. Increasing the redundancy of server devices due to of disruptions, swift and efficient solutions can be
the availability of new servers for productive activities implemented, enhancing the security of goods and
while the old server can be used as a backup; and facilitating supervision; and
d. Increasing IT HR knowledge of the latest technologies c. Minimizing downtime during maintenance activities
which is also one of the management policies. and facilitating reconstruction in the event of
4. Using Network Monitoring Tools location expansion or development to increase
Supervision of the established IT network must be done storage capacity in the Warehouse or production
periodically because the data contained in the network capacity in the Plant.
traffic needs to be analyzed. The benefits of network 3. Improvements to Sales Force Automation (“SFA”)
monitoring include: Application
a. Increasing the speed of response in the event that Improvements to the SFA application, a system supporting
the network is down or not functioning normally; the sales team’s tasks, with several advantages:
b. Observing network systems in order to find a. Developing the application to effectively accommodate
weaknesses that should be fixed; and the latest technologies. Additionally, ensuring proper
c. Maximizing the resources of existing IT devices so compatibility with the latest hardware;
that they may be used optimally. b. Accelerating incoming order processing speed;
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c. Simplifying supervision and device control, as devices cannot be turned off during business hours; and
d. Implementing preventive measures to minimize or avoid fraud, such as log files or audit trails used for analysis and
monitoring of events.
4. Development of HR Management System (“HRMS”) Application
Continuously innovating in human resource management is a crucial step for the Company, as it aims to remain competitive
and efficient in the digital era. In this context, we have developed the Human Resource Management System (“HRMS”) - a
revolution in how we support and manage our team, with several advantages:
a. Paperless Operation, Improved Service Quality: HRMS enables our employees to handle all their administrative needs
on a digital and paperless basis, saving us from piles of physical documents, and improving the quality of service we
provide to our team;
b. Real-Time Reporting: We can access real-time reports of all ongoing processes, thus giving us a clearer view of what
happens in our team and allowing us to make more timely decisions;
c. Documentation Efficiency: Documentation processes become easier and more efficient, allowing us to save valuable
time and allocate more resources to strategic activities;
d. Fast Data Processing: HRMS helps us quickly process and present data in easily understandable report formats, thus
helping us make decisions based on accurate data;
e. Better Information Distribution: We can easily distribute information to other departments or directly to relevant
employees, ensuring that everyone has access to the information they need;
f. Improving Team Performance: HRMS assists leaders and managers in monitoring and evaluating team performance,
providing insights into individual and collective achievements and areas for improvement.
g. Improving Discipline: Integrating employee attendance data with automatic notifications improves employee
attendance, positively affecting operational productivity and efficiency.
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Management Discussion and Analysis “Various strategic initiatives implemented throughout 2023 have successfully maintained our position as market leader in national paint industry, with vast marketing reach and strong brand recognition. This has contributed to the achievement in operational and financial performance, enabling us to continue delivering added value to stakeholders, particularly to the Shareholders through dividend distribution, among others.” 76 PT Avia Avian Tbk - 2023 Annual Report
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Economic Overview
The global economy in 2023 is projected to see limited growth, amid the lingering dynamics and challenges such as heated
geopolitical tensions and prolonged impact of Covid-19 pandemic. These challenges, albeit starting to subside compared to
the previous year, are nonetheless driving economic fragmentation that intensifies global supply chain disruptions, restricts
trade and investment flows, and lowers growth prospects. The International Monetary Fund projects the global economic
growth to decline to 3.0% in 2023, from 3.5% in 2022. Economic developments in various countries show mixed performances.
European countries’ economy is projected to remain troubled, resulting in economic growth declining to 0.7% from 3.3% in
2022. In the United States (the “US”), economic growth is projected to see limited growth at 2.1%, relatively stable compared to
2022. As for China, its economic growth is projected to reach 5.0%, up from 3.0% in 2022.
Correspondingly, inflation in developed countries, including the US, is on a downward trend compared to the previous year,
but remains above the target. This indicates that monetary tightening, including the Fed Funds Rate (“FFR”), has peaked, but
it is projected to remain high for a prolonged period (high for longer). This projection is backed by the Fed’s policy of holding
interest rates for the third consecutive time at 5.25% - 5.50% as of December 2023. This clear monetary policy direction in
developed countries has helped alleviate uncertainties in global financial markets. In connection with this, capital inflows have
started to come in, reducing the pressure on the depreciation of exchange rate in emerging markets, including Indonesia.
Indonesian economy in 2023 regained stability and resilience amid global macroeconomic dynamics, recording a growth of
5.05%. In terms of business sector, the Indonesian economy was mainly driven by the performance growth of manufacturing
industry at 4.64%, trade industry at 4.85%, and agriculture at 1.30%. On the expenditure side, strong domestic demand pushed
household consumption and fixed investment to grow by 4.82% and 4.40%, respectively, on the back of maintained public
confidence. This was confirmed by various leading indicators, such as consumer confidence, retail sales, and Purchasing
Managers’ Index (PMI) in Manufacturing, which showed positive performance up until December 2023. In addition, the inflation
rate also stayed within the 3.0±1% target range. Based on data from the Statistics Indonesia (Badan Pusat Statistik), inflation in
2023 was recorded at 2.61%, down from 5.51% in 2022.
Source:
• World Economic Outlook October 2023 edition, International Monetary Fund;
• Official Statistics News (Berita Resmi Statistik), Statistics Indonesia (Badan Pusat Statistik);
• Monetary Policy Overview (Tinjauan Kebijakan Moneter) December 2023 edition, Bank Indonesia; and
• Economic, Financial and Fiscal Overview 2023 IV Edition, Ministry of Finance.
Industry Overview
Our national economic resilience amidst the global economic downturn has had a positive impact on business development
in various sectors. Manufacturing industry performance in 2023 recorded a 4.64% growth. Having accounted for 18.67%
of GDP, manufacturing industry is the largest contributor and cornerstone of national economic growth. In tandem with
manufacturing industry growth, the national paint industry also enjoys positive momentum. Government support for
infrastructure and property development is the primary catalyst for paint industry growth. The property sector, in particular, is
a major driver of demand for paint products, with constructions of new projects continuing to increase. Additionally, the paint
industry’s pivotal role in supporting the furniture and creative industries underscores its extensive contribution to the national
economic ecosystem.
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In the retail segment, declining inflation rates in 2023 provided additional impetus for paint industry growth. Price stability
also stimulated people’s purchasing power, leading to an increase in paint product consumption. Additionally, declining raw
material prices have positively impacted the margins and profitability of businesses in this industry. Meanwhile, intensive
innovations adopted by national paint manufacturers, particularly in environmental sustainability and flexibility in responding
to changing market trends, are crucial cornerstones for the future growth of the national paint industry.
Source:
• Official Statistics News (Berita Resmi Statistik), Statistics Indonesia (Badan Pusat Statistik); and
• Article by the Ministry of Industry.
Operational Overview
Operational Overview by Operating Segments
In accordance with PT Avia Avian Tbk and Subsidiaries’ Consolidated Financial Statements for the financial year ended
December 31, 2023 and 2022 audited by Public Accounting Firm of Tanudiredja, Wibisana, Rintis & Rekan (a member firm
of PwC global network) in Note No. 34 on Segment Reporting, we classify our operating segment reporting into two broad
segments, namely architectural solutions segment and trading goods segment. Information regarding both operating
segments is described as follows:
Architectural Solutions Segment
Architectural Solutions Segment is our operating segment that focuses on manufacturing, distributing, and trading wall paints,
wood and metal paints, waterproofing, wood treatments, glues, roofing paints, and instant cement products. Most products in
this operating segment are also commonly referred to as decorative paints. In the architectural solutions segment, we play a
role as a manufacturer that produces various product variants. Meanwhile, the distribution process of these products to retail
stores is performed by PT Tirtakencana Tatawarna and third-party distributors.
Profitability and Contribution of Architectural Solutions Segments
The architectural solutions segment is the main pillar of our business, contributing to 80.06% of total net revenue. The
architecture solutions segment’s net revenue in 2023 reached IDR5,618.03 billion, an increase of 4.35% compared to IDR5,384.02
billion in 2022. Meanwhile, the cost of goods sold recorded by architectural solutions segment in 2023 reached IDR2,686.05
billion, a decrease of 7.17% compared to IDR2,893.41 billion in 2022. Thus, the gross profit of architectural solutions segment
in 2023 increased by 17.72% to IDR2,931.97 billion, from IDR2,490.61 billion in the previous year.
Trading Goods Segment
Trading Goods Segment is our operating segment that focuses on distributing and selling pipes, furniture, and supporting
products that are required in painting processes, such as paint rollers, paint brushes, tapes, and sandpapers. In the trading
goods segment, the manufacturing process is performed by other companies outside our Company. However, the sales and
distribution process of these products are conducted by PT Tirtakencana Tatawarna and third-party distributors. This segment
proved to share strong synergies with the architectural solutions segment, as 84.27% of our architectural solutions segment
customers also sell our trading goods products.
Profitability and Contribution of Trading Goods Segments
The trading goods segment’s net revenue in 2023 reached IDR1,398.86 billion, an increase of 6.77% compared to IDR1,310.15
billion in 2022. Meanwhile, the cost of goods sold recorded by trading goods segment in 2023 reached IDR1,147.49 billion, an
increase of 5.92% compared to IDR1,083.36 billion in 2022. Thus, the gross profit of trading goods segment in 2023 increased
by 10.84% to IDR251.37 billion from IDR226.79 billion in the previous year.
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Paint Manufacture Performance
Paint Manufacturing Process Flow
Our paint manufacturing process involves a series of complex stages to produce high-quality paint products. This is also backed
by our skilled workforce with the assistance of machinery and technology. In each manufacturing process, we always adopt
responsible production pattern by complying with applicable standards and regulations. The paint manufacturing process
may vary depending on the type of paint manufactured. Nevertheless, our paint manufacturing process can generally be
described as follows:
Paint Manufacturing Realization
We have 2 manufacturing facilities located in Sidoarjo and Serang with respective production capacity of 213,840 and 72,576
metric tons per year. Information regarding the total paint production from both manufacturing facilities over the past 2 years
is described as follows:
PAINT MANUFACTURING REALIZATION
2023 2022 Increase
Description Contribution Contribution
Metric Tons Metric Tons Metric Tons %
(%) (%)
Sidoarjo Plant 130,325 72.19 128,451 75.12 1,874 1.46
Serang Plant 50,215 27.81 42,535 24.88 7,680 18.06
Total Production 180,540 100.00 170,986 100.00 9,554 5.59
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2023 2022
27.81% 24.88%
72.19% 75.12%
Sidoarjo Plant Serang Plant
Throughout 2023, the total production we managed to realize was 180,540 metric tons, an increase of 5.59% compared to
170,986 metric tons in 2022. The increase in production in 2023 was greater than the increase in sales. This is largely attributed
to the addition of new distribution centers, which need to prepare inventory in advance, and the launch of new products that
increase inventory levels.
Innovation and Development of Paint Production Process
In addition to manufacturing a variety of paint products, as an integrated paint manufacturing company, we are also able to
produce paint packaging and resin raw materials independently using special machinery. Almost all of our resin needs are
covered by our own in-house production, and this is a strength for us, considering that resin is one of the main raw materials
in the manufacturing process. Similarly, we are able to manufacture the packaging of cans (metal) for solvent-based products
in-house. Packaging for water-based products (plastic), on the other hand, must be supplied by sister companies to ensure
quality and continuity of supply. In addition to these two materials, we also manufacture certain additives and colorants. To
keep production costs competitive with external suppliers, we regularly conduct benchmarks.
Profitability
We use a profitability ratio approach to measure our effectiveness in generating profit. Information regarding our profitability
level over the past 2 years is described as follows:
(in %)
Description 2023 2022
Ratio of Profit Before Income Tax Expense to Net Revenue 28.39 26.07
Ratio of Profit Before Income Tax Expense to Total Assets 17.84 16.17
Ratio of Profit Before Income Tax Expense to Total Equity 20.08 18.23
Ratio of Profit for the Year to Net Revenue 23.42 20.92
Return on Assets (ROA) 14.71 12.98
Return on Equity (ROE) 16.56 14.63
The profitability ratio indicates our ability to generate profit, as measured by comparing profit before income tax expense and
profit for the year with net income, total assets, and total equity. Higher profitability ratio indicates better ability to generate
profit. In 2023, our profitability ratio increased when compared to 2022. This was mainly influenced by the declining price of
several raw materials, which contributed to increase in our gross profit. Despite facing intense competition and opening of new
distribution centers, which increased operational expenses, our consistent efficiency and cost control efforts helped us grow
our profitability.
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Marketing and Distribution Aspect
Given the intense competition in domestic paint industry, it is imperative for us to continuously evaluate and adjust our
strategy to maintain our competitive edge. From the marketing side, we have formulated appropriate and effective strategies
to face the competition in paint industry. In general, our marketing methods utilize 2 approaches, namely marketing with
loyalty programs (below-the-line marketing or “BTL”) and marketing via advertising media (above-the-line marketing or “ATL”)
that focuses on the use of mass media to reach a wider target audience. Information on the two strategies is further described
as follows:
BTL Marketing Strategy
• Targeting retail shops, i.e. traditional building material stores and modern outlet to distribute our
products to end customers, through offering reward schemes such as gold coins, loyalty points that
are redeemable into vouchers, retail shop discounts, and other forms of rewards;
• Convening retailer in-store events for new product launches; and
• Implementing incentive programs for painters through a downloadable application so that the
handymen or buyers may redeem coupons inside the paint cans with e-money, such as OVO, Gopay,
etc. by scanning the barcode using a mobile phone.
ATL Marketing Strategy
• Advertising on television, print, and radio;
• Implementing in-store programs consisting of display and signage, store decoration, product
categorization, and appointing product consultants to act as brand ambassadors;
• Implementing out-of-store programs consisting of brand launches and product trainings to specific
customer groups; and
• Building partnerships with famous artists as brand ambassadors, especially for premium products,
such as Joe Taslim for exterior wall paint, Sunguard All-In-One, and Cinta Laura for interior wall paint,
Supersilk Anti Noda.
In addition to the above 2 approaches, we also continue to improve our marketing through digital marketing channels by
optimizing the use of information and communication technology developments, such as Google, YouTube, LinkedIn,
Facebook, Instagram, TikTok, and the Company’s website. This move is further supported by the marketing communications
that we establish to enhance the success of each marketing strategy implementation. We have implemented effective
marketing communication strategies aligned with customer needs to solidify our brand positioning of products sold in each
market, as well as to establish, expand, and increase awareness of customers and prospective customers.
Product distribution is another critical element of our focus, which is why we have consistently developed our wholly-owned
distribution centers since 2000. By the end of 2023, the distribution centers had expanded to cover the entire Indonesian
territory, spanning 34 provinces and 98 cities, consisting of 118 distribution centers and 14 wholly-owned mini-distribution
centers, as well as cooperation with 40 third-party distribution centers located in several cities. This network of distribution
centers enables us to pursue the one day delivery target, which has reached 94.00% by the end of 2023. Customer service is
further elevated with the introduction of express delivery, through which we guarantee delivery of customer orders within 2
hours, particularly for newly launched products, which eliminates the need for customers to store inventory in their warehouses.
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Market Share
We continue to maintain our position as the market leader in the national paint industry with a market share of more than 20%.
As a major player in this industry, we continue to strive expanding our market share so as to increase the gap with national and
multinational competitors. Up to this moment, our market serves 56,877 building material stores throughout Indonesia. We are
also a paint supplier for several contractors for various types of projects.
Apart from being supported by distribution centers, sales of our products are also supported by a solid marketing team,
including employment of product consultants stationed at retail outlet customer stores to promote products and answer
questions about our products that may be raised by end consumers visiting those stores. As of the end of 2023, we had more
than 1,100 product consultants in our sales team.
Financial Overview
This financial overview is prepared based on information derived from PT Avia Avian Tbk and Subsidiaries’ Consolidated
Financial Statements for the financial year ended December 31, 2023 and 2022 audited by Public Accounting Firm of
Tanudiredja, Wibisana, Rintis & Rekan (a member firm of PwC global network).
Consolidated Statement of Financial Position
ASSETS
(in millions Rupiah, unless otherwise stated)
Increase (Decrease)
Description 2023 2022
Million IDR (%)
Current Assets
Cash and Cash Equivalents 1,230,544 2,170,720 (940,176) (43.31)
Restricted Cash in Bank and Time Deposits 2,100 3,100 (1,000) (32.26)
Short-term Investments 1,740,000 0 1,740,000 100,00
Investment in Government Bonds 2,993,887 3,875,023 (881,136) (22.74)
Investment in Mutual Funds 20,200 0 20,200 100.00
Trade Receivables
Related Parties 14,018 11,192 2,826 25.25
Third Parties 1,229,025 1,062,461 166,564 15.68
Other Receivables
Related Parties 56,538 35,960 20,578 57.22
Third Parties 49,331 67,602 (18,271) (27.03)
Inventories 1,519,549 1,447,229 72,320 5.00
Right of Return Assets 16,426 12,657 3,769 29.78
Advance to Suppliers – Third Parties 7,734 7,822 (88) (1.13)
Prepaid Expenses 58,004 21,416 36,588 170.84
Prepaid Taxes – Current Portion 20,069 1,533 18,536 1,209.13
Total Current Assets 8,957,425 8,716,715 240,710 2.76
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(in millions Rupiah, unless otherwise stated)
Increase (Decrease)
Description 2023 2022
Million IDR (%)
Non-Current Assets
Prepaid Taxes – Non-Current Portion 29,432 0 29,432 100.00
Investment Properties 290,113 285,986 4,127 1.44
Fixed Assets, Net 1,659,163 1,588,086 71,077 4.48
Right-of-Use Assets 95,252 132,190 (36,938) (27.94)
Intangible Assets 25,808 23,369 2,439 10.44
Investment in Joint Venture 17,298 16,400 898 5.48
Deferred Tax Assets 43,878 5,547 38,331 691.02
Other Non-Current Assets 48,618 23,829 24,789 104.03
Total Non-Current Assets 2,209,562 2,075,407 134,155 6.46
Total Assets 11,166,987 10,792,122 374,865 3.47
Total Assets
Total assets in 2023 reached IDR11,166.99 billion, an increase of 3.47% compared to IDR10,792.12 billion in 2022. This was
mainly influenced by increase in current and non-current assets.
Current Assets
Current assets in 2023 reached IDR8,957.43 billion, an increase of 2.76% compared to IDR8,716.72 billion in 2022. This was
mainly influenced by increase in the Company’s investments, both in the form of short-term investments and mutual funds.
In addition, cash and cash equivalents as well as third-party trade receivables also increased compared to the previous year.
Non-Current Assets
Non-current assets in 2023 reached IDR2,209.56 billion, an increase of 6.46% compared to IDR2,075.41 billion in 2022. This was
mainly influenced by increase in fixed assets, net, as well as in deferred tax assets.
LIABILITIES
(in millions Rupiah, unless otherwise stated)
Increase (Decrease)
Description 2023 2022
Million IDR (%)
Current Liabilities
Bank Loans 5,222 7,229 (2,007) (27.76)
Trade Payables
Related Parties 279,321 243,304 36,017 14.80
Third Parties 371,337 330,613 40,724 12.32
Other Payables
Related Parties 121 75 46 61.33
Third Parties 30,450 12,824 17,626 137.45
Unearned Revenue
Related Parties 1,802 1,840 (38) (2.07)
Third Parties 362 185 177 95.68
Accrued Expenses 301,835 257,448 44,387 17.24
Short-term Employee Benefits 97,052 72,255 24,797 34.32
Taxes Payables 52,584 112,399 (59,815) (53.22)
Customer Guarantee 2,100 3,100 (1,000) (32.26)
Provision for Sales Return 21,979 16,494 5,485 33.25
Lease Liabilities - Current Portion 10,965 50,397 (39,432) (78.24)
Total Current Liabilities 1,175,130 1,108,163 66,967 6.04
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(in millions Rupiah, unless otherwise stated)
Increase (Decrease)
Description 2023 2022
Million IDR (%)
Non-Current Liabilities
Post-employment Benefits Liability 54,643 47,588 7,055 14.83
Deferred Tax Liabilities 0 38,350 (38,350) (100.00)
Lease Liabilities - Non-Current Portion 15,725 23,136 (7,411) (32.03)
Total Non-Current Liabilities 70,368 109,074 (38,706) (35.49)
Total Liabilities 1,245,498 1,217,237 28,261 2.32
Total Liabilities
Total liabilities in 2023 reached IDR1,245.50 billion, an increase of 2.32% compared to IDR1,217.24 billion in 2022. This was
mainly influenced by increase in current liabilities.
Current Liabilities
Current liabilities in 2023 reached IDR1,175.13 billion, an increase of 6.04% compared to IDR1,108.16 billion in 2022. This was
mainly influenced by increase in trade payables, both of related parties and third parties, as well as accrued expenses and
short-term employee benefits.
Non-Current Liabilities
Non-current liabilities in 2023 reached IDR70.37 billion, a decrease of 35.49% compared to IDR109.07 billion in 2022. This was
mainly influenced by decrease in deferred tax liabilities, net, as well as in lease liabilities non-current portion.
EQUITY
(in millions Rupiah, unless otherwise stated)
Increase (Decrease)
Description 2023 2022
Million IDR (%)
Equity Attributable to the Owners of the Parent
Share Capital 619,536 619,536 0 0
Additional Paid-in Capital 7,793,218 7,793,218 0 0
Treasury Shares (16,369) 0 (16,369) (100.00)
Revaluation Surplus of Fixed Assets 229,406 226,494 2,912 1.29
Changes in Fair Value of Investment in Government Bonds (56,408) (138,276) (81,868) (59.21)
Share of Other Comprehensive Income of Joint Venture 85 85 0 0
Remeasurement Gain on Post-Employment Benefits Liability 9,921 13,259 (3,338) (25.18)
Retained Earnings
Appropriated 124,000 124,000 0 0
Unappropriated 1,210,978 931,790 279,188 29.96
Total 9,914,367 9,570,106 344,261 3.60
Non-controlling Interests 7,122 4,779 2,343 49.03
Total Equity 9,921,489 9,574,885 346,604 3.62
Total equity in 2023 reached IDR9,921.49 billion, an increase of 3.62% compared to IDR9,574.89 billion in 2022. This was mainly
influenced by the increase in profit for the year of IDR1,643.10 billion.
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Consolidated Statement of Profit or Loss and Other Comprehensive Income
(in millions Rupiah, unless otherwise stated)
Increase (Decrease)
Description 2023 2022
Million IDR (%)
Net Revenues 7,016,882 6,694,171 322,711 4.82
Cost of Goods Sold (3,833,546) (3,976,771) (143,225) (3.60)
Gross Profit 3,183,336 2,717,400 465,936 17.15
Selling Expenses (1,240,237) (1,027,025) 213,212 20.76
General and Administrative Expenses (226,090) (214,622) 11,468 5.34
Finance Income 286,259 293,722 (7,463) (2.54)
Finance Costs (4,077) (6,463) (2,386) (36.92)
Share of Profit/(Loss) of a Joint Venture 898 (1,426) 2,324 162.97
Other Income/(Expenses), Net (7,946) (16,339) (8,393) (51.37)
Profit Before Income Tax Expense 1,992,143 1,745,247 246,896 14.15
Income Tax Expense (349,047) (344,882) 4,165 1.21
Profit for the Year 1,643,096 1,400,365 242,731 17.33
Total Other Comprehensive Income/(Loss), Net 81,403 (127,454) 208,857 163.87
Total Comprehensive Income for the Year 1,724,499 1,272,911 451,588 35.48
Profit for the Year Attributable to:
Owners of the Parent 1,642,166 1,400,561 241,605 17.25
Non-controlling Interests 930 (196) 1,126 574.49
Total Comprehensive Income for the Year Attributable to:
Owners of the Parent 1,723,608 1,273,081 450,527 35.39
Non-controlling Interests 891 (170) 1,061 624.12
Basic and Diluted Earnings per Share Attributable to the Owners of
26.51 22.61 3.90 17.25
the Parent (Full Rupiah)
Net Revenues
Net revenue in 2023 reached IDR7,016.88 billion, an increase of 4.82% compared to IDR6,694.17 billion in 2022. In facing
weakened demand in paint market, our strategy of expanding product range by leveraging our brands that have been well
recognized in the market has proven successful in maintaining sales growth. Throughout 2023, we only made price adjustments
for certain paint categories, unlike in 2022 which saw multiple price adjustments for almost all categories.
Cost of Goods Sold
Cost of goods sold in 2023 reached IDR3,833.55 billion, a decrease of 3.60% compared to IDR3,976.77 billion in 2022. Throughout
2023, prices of several raw materials declined, resulting in a decrease in cost of production. As for trading goods, there were no
price adjustments from suppliers throughout 2023, resulting in relatively stable cost of goods purchased.
Gross Profit
Gross profit in 2023 reached IDR3,183.34 billion, an increase of 17.15% compared to IDR 2,717.40 billion in 2022. This was
mainly influenced by the decrease in cost of goods sold, in line with declining raw material prices, so that the gross margin in
2023 increased to 45.37% compared to 40.59% in 2022.
Profit Before Income Tax Expense
Profit before income tax expense in 2023 reached IDR1,992.14 billion, an increase of 14.15% compared to IDR1,745.25 billion in
2022. This was mainly influenced by improved gross profit and measured growth in operating costs, reflected by an increase in
operating margin to 24.47% compared to 22.05% in 2022.
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Profit for the Year
Profit for the year in 2023 reached IDR1,643.10 billion, an increase of 17.33% compared to IDR1,400.37 billion in 2022. This was
mainly influenced by declining cost of goods sold, maintained operating expenses, and stable income outside of business,
particularly interest income. The profit margin for the year in 2023 improved, reaching 23.42% compared to 20.92% in 2022.
Total Other Comprehensive Income/(Loss), Net
In 2023, we managed to record a total other comprehensive income, net, of IDR81.40 billion, an increase of 163.87% compared
to 2022 which recorded other comprehensive loss, net, of IDR127.45 billion. This was mainly influenced by an increase in the
changes in fair value of investments in government bonds.
Total Comprehensive Income for the Year
Total comprehensive income for the year in 2023 reached IDR1,724.50 billion, an increase of 35.48% compared to IDR1,272.91
billion in 2022. This was mainly influenced by the increase in profit for the year and other comprehensive income, net.
Consolidated Statement of Cash Flows
(in millions Rupiah, unless otherwise stated)
Increase (Decrease)
Description 2023 2022
Million IDR (%)
Net Cash Flows Generated from Operating Activities 1,585,535 1,461,499 124,036 8.49
Net Cash Flows (Used in)/Provided from Investing Activities (1,082,896) 559,932 (1,642,828) (293.40)
Net Cash Flows Used in Financing Activities (1,440,808) (1,146,154) 294,654 25.71
Net (Decrease)/Increase in Cash and Cash Equivalents (938,169) 875,277 (1,813,446) (207.19)
Cash and Cash Equivalents and Bank Overdraft at the Beginning of the Year 2,163,491 1,288,214 875,277 67.94
Cash, Cash Equivalents, and Bank Overdraft at End of Year 1,225,322 2,163,491 (938,169) (43.36)
Net Cash Flows Generated from Operating Activities
Net cash generated from operations in 2023 reached IDR1,585.54 billion, an increase of 8.49% compared to IDR1,461.50 billion
in 2022. This was mainly influenced by an increase in cash from operations, mainly cash received from customers.
Net Cash Flows (Used in)/Provided from Investing Activities
Net cash used by the Company from investments in 2023 reached IDR1,082.90 billion, a decrease of 293.40% compared to net
cash provided from in 2022 of IDR559.93 billion. This was mainly influenced by the placement of funds in deposits amounting
to IDR1,740.00 billion, as well as the addition of Government Bonds amounting to IDR196.30 billion.
Net Cash Flows Used in Financing Activities
Net cash used in our financing activities in 2023 reached IDR1,440.81 billion, an increase of 25.71% compared to
IDR1,146.15 billion in 2022. This was mainly influenced by dividend payments of IDR1,362.98 billion in 2023 and
IDR1,115.16 billion in 2022, treasury shares acquisition of IDR16.37 billion, and lease liabilities payment of IDR58.84 billion.
Solvency
We always maintain our commitment to fulfill our liabilities regarding creditors’ rights. This commitment is demonstrated
by timely repayment of maturing debts to creditors. We continuously uphold this commitment to ensure our operational
continuity as well as to maintain good relations with creditors and suppliers. Therefore, we continue to manage our liquidity
level at an optimal level by monitoring the maturity of our loans. In addition, we ensure that our ability to fulfill all liabilities is
maintained by paying attention to liquidity ratios and solvency ratios. Information regarding the performance of these ratios
over the past 2 years is described below:
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(in X)
Description 2023 2022
Liquidity Ratio
Ratio of Total Current Assets to Total Current Liabilities 7.62 7.87
Solvency Ratio
Ratio of Total Non-Current Liabilities to Total Equity 0.01 0.01
Ratio of Total Liabilities to Total Equity 0.13 0.13
Ratio of Total Liabilities to Total Assets 0.11 0.11
Liquidity Ratio
The liquidity ratio indicates our ability to meet current liabilities as measured by the current ratio by comparing current assets
to current liabilities. Higher liquidity ratio indicates our ability to fulfill our current liabilities as they mature. In 2023, the current
ratio decreased from 7.87X to 7.62X. This was mainly influenced by increase in current liabilities. Nevertheless, our ability to
fulfill current liabilities is still in good standing.
Solvency Ratio
Solvency ratio indicates our ability to meet all liabilities, both current and non-current. Lower solvency ratio indicates an
improvement in our ability to settle all of our liabilities. In 2023, our solvency ratios, measured by comparing total noncurrent
liabilities to total equity, total liabilities to total equity, and total liabilities to total assets, were 0.01X, 0.13X, and 0.11X,
respectively, which are the same as the previous year.
Collectability of Account Receivables
Our ability to collect all of our receivables is reflected by collectability of account receivables. In measuring the same, we use
the average collection period approach that is calculated by dividing trade receivables by net revenue per day (calculated from
net revenue divided by 365 days), as well as average accounts receivable turnover by dividing net revenue with the balance of
accounts receivable. Information regarding our collectability of account receivables over the past 2 years is described below:
Description 2023 2022
Receivables Turnover Ratio (X) 5.64 6.23
Average Collection Period (days) 65 59
In 2023, our collectibility of receivables based on the receivables turnover ratio was recorded at 5.64X, a decrease compared
to 6.23X in 2022, therefore the average collection period of our receivables increased to 65 days, compared to 59 days in 2022.
This was mainly influenced by general economic situation which impacted customers’ ability for timely payment. However, we
believe that the increase in the average collection time of receivables by 6 days does not significantly affect our operations.
Capital Structure
Policy and Basis for Determining Capital Structure
Management’s policy on capital structure is based on ensuring that we are able to maintain healthy capital ratios in order to
support business continuity and maximize value for Shareholders. In addition, capital structure management policy is expected to
maintain a healthy financial condition to fund short-term and long-term capital needs, including loan repayment. We manage
and adjust our capital structure based on changes in economic conditions. This may involve adjusting dividend payments to
Shareholders, determining the establishment of reserve funds, issuing new shares or seeking funding through loans.
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Management Discussion and Analysis
Capital Structure
Information regarding our capital structure over the past 2 years is described below:
(in millions Rupiah, unless otherwise stated)
Kenaikan (Penurunan)
Description 2023 2022
Juta Rp (%)
Total Liabilities 1,245,498 1,217,237 28,261 2.32
Less: Cash and Cash Equivalents 1,230,544 2,170,720 (940,176) (43.31)
Net Payables (Cash and Cash Equivalents Surplus) 14,954 (953,483) 968,437 101.57
Total Equity 9,921,489 9,574,885 346,604 3.62
Net Debt to Equity Ratio (%) 0.15 N/A* 0.15 100.00
* Not relevant due to cash and cash equivalents surplus position.
Capital Goods Investment
Our business development over time is inseparable from the policy of continuous capital goods investment (capital
expenditure) in accordance with our needs. Capital goods investment itself is an activity of funds expenditure used to acquire
a number of assets or investments to ensure the realization of our development projects and support the strengthening of
business in the future.
Investment Type and Value
We made capital goods investment in fixed assets. The investment value realized in 2023 reached IDR215.72 billion, an increase
of 12.65% compared to IDR191.49 billion in 2022. This investment includes construction of a new manufacturing facility in
Cirebon with an area of 11 hectares and a manufacturing capacity of 225,000 tons per year, projected for completion and
operation in 2025. Details of our capital goods investment in the last 2 years are described below:
(in millions Rupiah, unless otherwise stated)
Increase (Decrease)
Description 2023 2022
Million IDR (%)
Direct Acquisition
Building and Infrastructure 76,652 17,320 59,322 342.56
Machinery and Equipment 26,111 57,844 (31,733) (54.86)
Tinting Machine 11,043 4,808 6,235 129.68
Installation 2,761 3,158 (397) (12.57)
Vehicles 62,221 65,539 (3,318) (5.06)
IT Infrastructure and Office Equipment 36,934 42,821 (5,887) (13.75)
Total 215,723 191,490 24,233 12.65
Material Commitments related to Capital Goods Investment
Throughout 2023, we did not have any material commitments related to capital goods investment, so we have not presented
information on the name of the counterparty, the purpose of the commitments, the expected source of funds to fulfill the
commitments, the currency in which the commitment is denominated, and the measures we plan to hedge the risk of the
related foreign currency position.
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Realization on Use of Proceeds from Public Offering
Reports on the realization of the use of proceeds from our public offering as of December 31, 2023 is described below:
(in millions Rupiah, unless otherwise stated)
Realized Value of Public Offering Proposed Use of Proceeds as per the Prospectus Realization of Use of Proceeds as per the Prospectus
Remaining
Proceeds
Effective Principal Principal
Description Proceeds Costs of Net Value from
Date Working Capital Payment Working Capital Payment
from Public Public of Public Total Total Public
Capital Expenditures of Bank Capital Expenditures of Bank
Offering Offering Offering Offering
Debt Debt
The Company 2,980,000 702,000 550,000 4,232,000 2,409,413 76,898 550,000 3,036,311 1,195,689
Initial Public November 30,
5,766,000 119,356 5,646,644
Offering 2021 PT Tirtakencana
950,000 85,000 380,000 1,415,000 950,000 85,000 380,000 1,415,000 0
Tatawarna
Dividend Policy and Distribution
Dividend Policy
Our dividend policy is determined based on the provisions contained in the Company’s Articles of Association and approved by
the Shareholders through the General Meeting of Shareholders (“GMS”). The amount of dividends to be paid is at least 50.00% of
our distributable net revenue and is subject to our cash flow and investment plans, Indonesian laws and regulations and other
requirements. The determination of the amount and distribution of dividends is adopted by considering recommendations
from the Board of Directors as well as other factors, including income, operational and financial results, liquidity conditions,
capital expenditure plans, acquisition opportunities, future business prospects, compliance with the applicable laws and
regulations, and other factors that are deemed relevant.
We may announce final dividends (in Rupiah) in years in which we have positive retained earnings balance. A portion of our
net revenue, as determined by the Annual General Meeting of Shareholders (“Annual GMS”), net of corporate income tax, shall
be allocated to a reserve fund until the amount of such reserve fund reaches at least 20.00% of our fully paid-up capital, unless
otherwise determined by the Annual GMS. The Company’s articles of association also permit distribution of interim dividends
prior to the end of a financial year provided that the interim dividends do not result in our net assets becoming less than the
amount of our issued and paid-up capital and the required reserve fund.
Dividend Distribution
Pursuant to the resolutions of the Annual GMS on April 13, 2023, the Shareholders approved the distribution of final dividend
for the financial year of 2022 in the amount of IDR21.- per share or a total of IDR1,301,024,667,600.-, with the condition that
such final dividend shall be setoff with the interim dividend for the financial year of 2022 in the amount of IDR10.- per share or
a total of IDR619,535,556,000.- that had been paid by the Company to the Shareholders on December 6, 2022, such that the
remaining final dividend for the financial year 2022 payable on May 9, 2023 by the Company was IDR11.- per share or a total of
IDR681,489,111,600.-. Information regarding our dividend distribution over the past 2 years is described below:
(in millions Rupiah, unless otherwise stated)
Description 2023 2022
Declared Dividend
Final Dividend N/A* 681,489
Interim Dividends 681,489 619,536
Total 681,489 1,301,025
Dividend per Share (Full Rupiah) 11.00 21.00
Dividend Payout Ratio (%) N/A* 92.88
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Management Discussion and Analysis
(in millions Rupiah, unless otherwise stated)
Description 2023 2022
Implemented Distribution of Dividend
Final Dividend 681,489 495,628
Interim Dividends 681,489 619,536
Total 1,362,978 1,115,164
* The value of Final dividends and dividend payout ratio for 2023 is not yet available pending the resolution of the Annual GMS for the financial year of 2023
which will be convened in 2024.
Material Information Concerning Investment, Expansion, Divestment, Merger/Consolidation,
Acquisition, and/or Debt/Capital Restructuring
Based on Notarial Deed No. 11 dated April 13, 2023, we have subscribed 29,480 shares with a nominal value of IDR100,000.- or a
total of IDR2,948,000,000.- for the increase in issued and paid-up capital by PT Multipro Paint Indonesia (“MPI”), our Subsidiary.
With this, we continue to own 67.00% of the shares in MPI.
Other than the above capital increase, in 2023, neither us nor any of our Subsidiaries conducted any other investment activities,
expansion, divestment, merger, acquisition, and/or debt/capital restructuring.
Material Transactions Containing Conflicts of Interest or Transactions with Related Parties
Information on Material Transactions Containing Conflict of Interest
Throughout 2023, we did not conduct any transactions with conflicts of interest.
Information on Related Party Transactions
We conducted material transactions with related parties in accordance with the PSAK. All transactions with related parties are
aimed to develop our business. Further information on transactions with related parties conducted by us throughout 2023 is
described below:
Related Parties Nature of Relationship Type of Transaction
Sales of goods, purchase of tools and
Have the same key management personnel
PT Avia Avian Industri Pipa building materials, office building rent
and under common control entity.
income and expense reimbursement.
Sales of goods, purchase of tools and
Have the same key management personnel
PT Mitra Mulia Makmur building materials and factory building
and under common control entity.
rent income.
Have the same key management personnel
PT Sarana Depo Kencana Sales of goods and building rent.
and under common control entity.
Sales of goods, purchase of tools and
Have the same key management personnel
PT Wahana Lentera Raya building materials, office building rent
and under common control entity.
income and expense reimbursement.
Sales of goods, purchase of tools
Have the same key management personnel
PT Kencana Lintasindo Internasional and building materials and expense
and under common control entity.
reimbursement.
Have the same key management personnel
PT Kasakata Kimia Office building rent income.
and under common control entity.
Have the same key management personnel Sales of goods and purchases of tools and
PT Panca Kalsiumindo Perkasa
and under common control entity. building materials.
Have the same key management personnel Sales and purchases of tools and
PT Megadepo Indonesia
and under common control entity. building materials.
Have the same key management personnel Sales and purchases of tools and
PT Caturkarda Depo Bangunan Tbk
and under common control entity. building materials.
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Related Parties Nature of Relationship Type of Transaction
Have the same key management personnel
PT Bira Industri Rejeki Agung Factory building rent income.
and under common control entity.
PT Wita Indo Talisayan Under common control entity. Office building rent income.
PT Umaq Tukung Mandiri Utama Under common control entity. Office building rent income.
PT Wita Internasional Bisnis Artisan Under common control entity. Office building rent income.
PT Sarana Daya Hutama Under common control entity. Office building rent income.
Office building rental income and
PT Bangun Bersama Solusindo Investment in joint venture.
purchases of building materials.
Salaries and other short-term
Dewan Komisaris dan Direksi Key management personnel.
compensation benefits.
Realization of Related Party Transactions and Balances
The realization of related party transactions and balances on our financial performance is described as follows:
(in millions Rupiah, unless otherwise stated)
Percentage of Total Assets
Related Party Balance in (%)
2023 2022
Assets
2023 2022
Trade Receivables 14,018 11,192 0.13 0.10
Other Receivables 56,538 35,960 0.51 0.33
Prepaid Expenses 46,623 0 0.42 0
Total 117,179 47,152 1.05 0.44
(in millions Rupiah, unless otherwise stated)
Percentage of Total Liabilities
Related Party Balance in (%)
2023 2022
Liabilities
2023 2022
Trade Payables 279,321 243,304 22.43 19.99
Other Payables 121 75 0.01 0.01
Unearned Revenue 1,802 1,840 0.14 0.15
Lease Liabilities 4,186 53,889 0.34 4.43
Total 285,430 299,108 22.92 24.57
(in millions Rupiah, unless otherwise stated)
Percentage of Net Revenue
Related Party Balance in (%)
2023 2022
Net Revenue
2023 2022
Revenue 84,322 45,374 1.20 0.68
(in millions Rupiah, unless otherwise stated)
Percentage of Cost of Goods Sold
Related Party Balance in (%)
2023 2022
Cost of Goods Sold
2023 2022
Inventory Purchase 1,541,498 1,441,114 40.21 36.24
(in millions Rupiah, unless otherwise stated)
Percentage to Total Other Income
Related Party Balance in (%)
2023 2022
Other Income
2023 2022
Office and Plant Building Rental
3,993 3,898 50.26 23.86
Income
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Management Discussion and Analysis
Fairness of Transactions
In the transactions, we do not have any special purpose that potentially violates the applicable regulations, including not
resulting in conflicts of interest for us or the majority or minority Shareholders.
Compliance with Related Rules and Regulations
We have complied with the relevant rules and regulations:
1. Financial Services Authority Regulation No. 42/POJK.04/2020 concerning Affiliated Transactions and Conflict of Interest
Transactions; and
2. Financial Services Authority Regulation No. 17/POJK.04/2020 concerning Material Transaction and Change of Business
Activities.
Statement of the Board of Commissioners and the Board of Directors on Related Party Transactions
Through the mechanism of transaction and disclosure of reports, the Board of Directors declares that related party transactions
conducted by us have undergone adequate procedures and are conducted in accordance with generally accepted business
practices with arms-length principles. In addition, the Board of Commissioners, assisted by the Audit Committee, has reviewed
and approved the related party transactions above, and has ensured that the transactions were conducted in accordance with
generally accepted business practices with arms-length principles.
Related Party Transactions that Generate Business Income and are Routinely, Repeatedly, and/or
Continuously Performed
Disclosure of related party transactions that are business activities performed in order to generate business income and
performed routinely, repeatedly, and/or continuously, we have disclosed them as descriptions on realization of balances and
related party transactions above in line with the information contained in Note No. 6 of the audited Financial Statements for
the financial year of 2023.
Related Party Transactions Requiring Approval from Independent Shareholders
There were no related party transactions conducted by us that required the approval of Independent Shareholders.
Comparison of Target and Realization in 2023
Information related to the business growth target and realization that we aimed to achieve in 2023 is described below:
Achievement
Description Unit 2023 Target 2023 Realization
(%)
Total Production Metric Tons 181,245 180,540 99.61
Net Revenue Million Rupiah 7,095,821 1)
7,016,882 98.89
Profit for the Year Million Rupiah 1,610,420 1,643,096 102.03
Capital Structure
Net Debt to Equity Ratio % <10.00 0.15 100.00
1)
In the third quarter of 2023, the Company announced an adjustment to its 2023 revenue target to ± 6.00%.
Business Prospects
As we head into 2024, we are optimistic about our business prospects. This positive projection is underpinned by various
aspects, including macroeconomic developments and opportunities in national paint industry. In the macroeconomic
context, key indicators such as solid economic growth, financial sector stability, and government policies that support
business growth provide a strong foundation for various industrial sectors. This is further corroborated by Bank Indonesia’s
analysis, which projects Indonesia’s economic growth in 2024 to be in the range of 4.7% - 5.5%. This growth is driven by
the performance in consumption, both private and government, increasing investment in line with strong confidence in
public consumption, positive impact of the election, and sustainability of development of National Strategic Projects (Proyek
Strategis Nasional or “PSN”).
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As for opportunities in the national paint industry, we see that the market potential is still wide open due to Indonesia’s
large population, projected increase in GDP per capita, and relatively low paint consumption rate compared to peers. To
fully capitalize on this opportunity, we have invested in the construction of a new plant in Cirebon. The plant, spanning 11
hectares with a manufacturing capacity of up to 225,000 tons per year, is projected to be completed and operational in 2025.
This move is expected to substantially increase manufacturing capacity, meet growing market needs, and create new jobs.
Nevertheless, competition among paint industry players, particularly against multinational companies that have better
access to capital and technology, needs to be anticipated. To mitigate this challenge, we continue to focus on improving our
internal capacity, especially on our extensive distribution network that covers various regions throughout Indonesia, so that
it can become one of the cornerstones to achieve positive business prospects in the coming period.
Source: Monetary Policy Overview (Tinjauan Kebijakan Moneter) December 2023 edition, Bank Indonesia.
Business Development Strategy
In light of the projected economic growth in 2024, we plan to execute our business development strategy through several
policies, as described below:
1. Continuing to develop distribution centers;
2. Completing product portfolios in each category and price point to meet market needs;
3. Improving customer service with new approaches, such as express delivery;
4. Increasing customer loyalty with programs designed to provide added value and positive customer experiences, such as
Avian Brands Priority Customer;
5. Strengthening innovation and development, both for existing products (cost saving) and new products; and
6. Constantly upgrading manufacturing facilities and other supporting facilities, including the ERP System in use with
appropriate new technology to improve efficiency.
2024 Projection
We are targeting double-digit sales growth in 2024. Architectural solutions segment remains our main pillar of growth,
contributing to 80% of total sales. Production will automatically grow by double digits in line with sales growth. In terms of
profitability, we will maintain our margins through growth and operational efficiency efforts. While in terms of capital structure,
throughout 2024, we will continue to operate based on our own capital, or in other words, without loan capital. As for the
dividend aspect, we will maintain our existing dividend policy of distributing at least 50% of our net profit as dividends.
Changes in Accounting Policies
New standards, amendments, revisions and interpretations that have been issued and that shall be effective for financial years
commencing on or after January 1, 2023 are described below:
ISAK/Amendments to PSAK Impacts on the Company
Amendment to PSAK No. 1, “Presentation Financial Statements”.
Does not result in substantial
Amendment to PSAK No. 16, “Fixed Assets” regarding Proceeds before Intended Use. changes to the Company’s
Amendment to PSAK No. 25, “Accounting Policies, Changes in Accounting Estimates and Errors - accounting policies and no
Definition of Accounting Estimates”. material effects on the amounts
reported for the current or prior
Amendment to PSAK No. 46, “Income Taxes - Deferred Tax related to Assets and Liabilities Arising financial years.
from a Single Transaction”.
Reason for Change in Accounting Policy
The financial accounting standards are adopted to comply with the PSAK that is in effect in the current year.
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Management Discussion and Analysis
Changes in Laws and Regulations with Significant Impacts on the Company
Laws and regulations that were amended and/or recently enacted by regulators throughout 2023 that significantly affect us
are described below:
Regulations Impacts on the Company Adjustments Made
Circular Letter of the Minister of Industry 1. Communicating exhaust emission control; Periodically reporting every Thursday
No. 2 of 2023 concerning Reporting of 2. Ensuring fulfillment of exhaust emission parameters of every week to the National Industrial
Industrial Sector Exhaust Gas Emission and ambient air in accordance with the provisions Information System portal (www.siinas.
Control in the Special Capital Region of of laws and regulations; and kemenperin.go.id).
Jakarta, West Java Province, and Banten 3. Periodically submitting the Exhaust Gas Emission
Province. Control Report once every 1 week, on Thursday,
through the National Industrial Information
System portal (www.siinas.kemenperin.go.id)
in accordance with the reporting procedures as
stated in the Annex which forms an integral part
of this Circular Letter.
Material Information After the Financial Statements Date
There is no material information that occurred in the Company following the publication date of the Financial Statements.
Business Continuity Information
Matters That Have a Significant Influence on Business Continuity
Throughout 2023, there were no negative events that had major impacts on our operational activities, both internal and
external. This is inseparable from the better risk management that has been performed by us.
Management Assessment to Manage Potentially Significant Influences
Supported by the business plan that has been presented in the business development strategy for 2023, the management
has assessed our ability to continue business activities in the future. The management believes that there are no material
uncertainties that may affect our ability to continue business activities.
Assumptions Used by Management in Assessment
In conducting the assessment, the management uses a number of assumptions, including:
1. Financial performance;
2. Operational performance;
3. Capital structure;
4. Regulation; and
5. Various risks, such as:
a. Business risk;
b. Operational risk;
c. Resource risk;
d. Compliance/legal risk;
e. Financial risk; and
f. Other risks caused by external factors.
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Good Corporate Governance “As part of the Company’s efforts to create a healthy and sustainable business climate, the commitment to implementing Good Corporate Governance principles is consistently realized by the Company through the implementation of best practices in line with the Company’s needs, applicable regulations, and the latest developments in best practices in similar industries.” 96 PT Avia Avian Tbk - 2023 Annual Report
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Commitment to Implementing Good
Corporate Governance
The Company is fully committed to consistently and comprehensively implementing Good Corporate Governance (“GCG”)
principles in all day-to-day operations and each aspect of its business, in order to improve the Company’s performance and
value for sustainable growth. The Company also believes that GCG implementation can improve decision-making quality and
healthy conduct of business activities while maintaining the trust of Shareholders and other stakeholders. In addition, the
Company continues to improve its governance systems and practices from time to time in accordance with the needs and
developments of applicable and relevant best governance practices, in line with the growing business risks and challenges that
the Company may face amid its increasingly rapid growth.
Accordingly, the Company is fully committed to implementing the 4 GCG pillars as a foundation for accountable business
management and creating sustainable added value for the benefit of Shareholders, the wider public, and other stakeholders.
The four pillars of GCG were first introduced in the 2021 PUGKI and represent the latest development of the basic values of
TARIF (Transparency, Accountability, Responsibility, Independence, and Fairness). Further information is described as follows:
ETHICAL CONDUCT
In carrying out each business activity, the Company always emphasizes honesty, treats all parties with respect, fulfills commitments,
and consistently builds and maintains moral values and trust. Furthermore, the Company at all times takes into account the interests of
Shareholders and other stakeholders on the basis of fairness and equality, as well as ensuring independence in management to ensure
that no organ of the Company dominates each other and that no other party can intervene.
ACCOUNTABILITY
The Company can be held accountable for its performance transparently and reasonably. Therefore, the Company’s management is always
carried out in a correct and calculated manner, in accordance with the Company’s interests while taking into account the Shareholders’ and
other stakeholders’ interests. Accountability is one of the pillars that forms the main foundation for achieving sustainable performance.
TRANSPARENCY
In maintaining objectivity in business management, the Company consistently provides material and relevant information in an easily
accessible and understandable manner for Shareholders and other stakeholders. The Company has taken the initiative to disclose not
only information required by regulations but also other crucial information that supports the decision-making processes of Shareholders,
creditors, and other stakeholders.
SUSTAINABILITY
The Company remains compliant with all applicable laws and regulations and is committed to carrying out its responsibilities towards
the community and the environment in order to contribute to the Sustainable Development Goals through cooperation with all relevant
stakeholders. This represents the Company’s strategic initiative to improve our quality of life in a way that is aligned with the Company’s
business interests and the sustainable development agenda.
Integrated Good Corporate Governance Implementation Policy
As a holding company with several Subsidiaries, the Company is also committed to implementing good corporate governance
principles consistently and comprehensively within its Subsidiaries as stipulated in the GCG Guidelines. This is aimed to ensure
that all business activities conducted by the Company and its Subsidiaries are in accordance with the prevailing laws and
regulations as well as with the best practices of GCG in similar industries.
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Good Corporate Governance
Basis of Good Corporate Governance
Implementation
The implementation of GCG in the Company refers to the provisions as described as follows:
1. The 1945 Constitution of the Republic of Indonesia;
2. Law No. 8 of 1995 concerning the Capital Market;
3. Law No. 40 of 2007 concerning Limited Liability Companies;
4. Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) Regulations;
5. Indonesian Stock Exchange Regulations;
6. OJK Circular Letter No. 32/SEOJK.04/2015 concerning Guidelines for Corporate Governance of Public Companies;
7. Indonesian GCG General Guidelines issued by the National Committee on Governance Policy (Komite Nasional Kebijakan
Governance or “KNKG”) with due observance to the ASEAN Corporate Governance Scorecard (“ACGS”);
8. The Company’s Articles of Association; and
9. The Company’s other guidelines and policies.
The Company also has GCG Guidelines in place, which were stipulated on June 25, 2021 and last updated on March 24, 2022.
The GCG guidelines are a set of rules guiding the process of good corporate management and supervision. The guidelines
encompass the division of duties, authorities, and responsibilities, particularly for Shareholders, the Board of Commissioners,
and the Board of Directors, which are based on the principles of Good Corporate Governance.
Structure of Good Corporate Governance
The GCG structure is an organ of the Company, consisting of both organs established in compliance with applicable laws
and regulations as well as organs established based on the Company’s internal needs in order to improve the quality of GCG
implementation. The Company’s GCG structure features key organs that have a role in supporting the Company’s management
in accordance with GCG principles. As a business entity in the form of a Limited Liability Company established and governed in
accordance with Law No. 40 of 2007 on Limited Liability Companies, the Company’s GCG structure consists of 3 main organs,
namely the General Meeting of Shareholders, the Board of Commissioners, and the Board of Directors. Each has important
roles in the implementation of GCG in accordance with their respective functions, duties, and responsibilities. In practice, the
Company’s GCG structure adheres to a two-tier system, consisting of the Board of Commissioners and the Board of Directors
with clear authorities and responsibilities in accordance with their respective functions as mandated in the laws and regulations
as well as the Articles of Association.
General Meeting of Shareholders
The Board of Commissioners The Board of Directors
The Nomination The Good The Related
The Audit and Corporate The Corporate The Internal Party
Committee Remuneration Governance Secretary Audit Unit Transaction
Committee Committee Committee
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Mechanism of Good Corporate Governance
For the Company’s GCG structure to function properly within the boundaries of each organ’s responsibilities, it is imperative to
have a governance mechanism operated by all of the Company’s organs. Each of the GCG organs holds their respective duties
and responsibilities, but still implements GCG in an integrated manner, in hope to create an organizational environment based
on accountable management. The General Meeting of Shareholders (“GMS”) is the highest authority where Shareholders can
deliberate on strategic decisions for the long-term interests of the Company. After a resolution is taken, the GMS will hand over
all authority to supervise and implement the resolution to the Board of Commissioners and the Board of Directors. The Board
of Commissioners and the Board of Directors also have their respective levels of authority in making resolutions with certain
limitations, as governed in the Company’s Articles of Association.
Based on such mechanism, the management of the Company and the implementation of the resolutions of the GMS, resolutions
of the Board of Commissioners, and resolutions of the Board of Directors will be executed by the Board of Directors. In turn, the
Board of Commissioners supervises and provides advice to ensure that the objectives of the Company as well as the resolutions
of the GMS and the Board of Commissioners are properly implemented. In performing its supervisory function, the Board of
Commissioners is assisted by the Audit Committee, the Nomination and Remuneration Committee, and the Good Corporate
Governance Committee. Meanwhile, in performing the Company’s management function, the Board of Directors is assisted by
the Related Party Transaction Committee, the Corporate Secretary, and the Internal Audit Unit. In addition, the Company also
involves external audits to conduct independent audits on the Financial Statements presentations.
General Meeting of Shareholders
The General Meeting of Shareholders (“GMS”) is an organ of the Company that has authority not otherwise granted to the
Board of Commissioners or the Board of Directors within the limit stipulated by the Limited Liability Company Law and/or the
Company’s Articles of Association.
Rights of Shareholders
The Company’s Shareholders are entitled to the following rights:
1. Attend the GMS and cast 1 vote per 1 share owned;
2. Authorize other parties in the event that the Shareholder is unable to attend the GMS;
3. Receive and examine the GMS materials at the latest 21 days prior to the GMS convention in order to allow Shareholders to
vote during the proposed decision on the GMS agenda;
4. Have the opportunity to raise questions in each discussion and decision of the GMS agenda;
5. Have the opportunity to vote for, against, or abstain on each proposed decision of the GMS agenda;
6. Receive equal treatment from the Company; and
7. Other rights based on the Articles of Association and other applicable regulations.
Type of GMS
Based on the Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) Regulation No. 15/POJK.04/2020 concerning the
Plan and Implementation of the General Meeting of Shareholders of Public Companies and/or the Company’s Articles of
Association, the implementation of the GMS is divided into 2, i.e.:
1. Annual GMS, namely the General Meeting of Shareholders which is convened every year no later than 6 months after the
end of the Company’s financial year. The agenda of the Annual GMS include:
a. Ratification of the Annual Report, descriptions of state and affairs of the Company, including Annual Financial
Statements;
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b. Determination of the use of net profit;
c. Appointment of an external auditor registered with the OJK; and
d. Other agendas proposed by the Board of Directors in the interest of the Company or proposed by one or more
Shareholders in accordance with the provisions of the Law and the Company’s Articles of Association.
2. Extraordinary GMS, namely the General Meeting of Shareholders convened at any time as deemed necessary for the
interests of the Company.
Authority of the GMS
The GMS has the authority to:
1. Exercise its rights to express opinions and obtain information relating to the Company from the Board of Directors and the
Board of Commissioners to the extent that it concerns the agenda of the meeting and does not conflict with the interests
of the Company;
2. Hold the Board of Commissioners and the Board of Directors accountable for the management of the Company;
3. Amend the Articles of Association; and
4. Appoint and dismiss the Board of Commissioners and the Board of Directors.
Procedures for Convening GMS
The procedures of convening GMS are in accordance with Law No. 40 of 2007 concerning Limited Liability Companies,
OJK Regulation No. 15/POJK.04/2020 concerning the Plan and Implementation of the General Meeting of Shareholders of
Public Companies, OJK Regulation No. 16/POJK.04/2020 concerning Implementation of the Electronic General Meeting of
Shareholders of Public Companies, and the Company’s Articles of Association.
Voting Mechanism
In any agenda of the GMS, the Chairman of the Meeting will provide an opportunity for the Shareholders to ask questions and/
or give opinions before voting takes place. Pursuant to Article 12 paragraph (13) of the Company’s Articles of Association, all
resolutions of the GMS shall be made by way of deliberation for consensus. In the event that a resolution cannot be reached by
deliberation for consensus, the resolution shall be made by voting.
Conventions of GMS in 2023
Throughout 2023, the Company convened 1 Annual GMS and 2 Extraordinary GMS. More information concerning the GMS
convention is described as follows:
2023 Annual GMS
CONVENTION STAGES OF THE 2023 ANNUAL GMS
Notification
1 Notified the Financial Services Authority on February 27, 2023 through
Letter No. 014/AA/CORSEC/II/2023.
Announcement
2 Announced on March 6, 2023 through the websites of the Company, Indonesia Stock Exchange,
and Indonesia Central Securities Depository.
Invitation
3 Announced on March 21, 2023 through the websites of the Company, Indonesia Stock Exchange,
and Indonesia Central Securities Depository.
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Implementation
4 Convened on April 13, 2023 at 10:00 – 11:45 (GMT+7) in Avian Brands Building Meeting Room,
Jl. Ahmad Yani No. 317, Surabaya, 60234, Jawa Timur, Indonesia.
GMS Resolutions
5 The Meeting Summary was published on April 14, 2023 on the websites of the Company,
Indonesia Stock Exchange, and Indonesia Central Securities Depository.
Participants of the 2023 Annual GMS
The Shareholders The Annual GMS was attended by 60,387,654,078 shares with valid voting rights or 97.4725% of 61,953,555,600
shares which constitute all of the shares issued by the Company.
The Board of President Commissioner Hermanto Tanoko
Commissioners Independent Commissioner Mohammad Noor Rachman Soejoeti
The Board of Vice President Director Ruslan Tanoko
Directors Director Robert Christian Tanoko
Director Kurnia Hadi Sinanto
Director Angelica Tanisia Jozar
Independent Parties in the Convention of the 2023 Annual GMS
The Company appointed PT Bima Registra, as the Securities Administration Bureau, to count the votes and/or validate the votes and
appointed Dr. Susanti, S.H., M.Kn., a Notary in Surabaya City as the Public Notary, to verify the vote count in the 2023 Annual GMS.
Resolutions of the 2023 Annual GMS
Agenda 1
Agenda
Approval of the Annual Report including Audited Consolidated Financial Statements of the Company and Supervisory Report of the
Board of Commissioners for the financial year ended on December 31, 2022, and the granting of full release and discharge (acquit et de
charge) to all members of the Board of Directors for the management actions and to all members of the Board of Commissioners for the
supervisory actions performed during the financial year ended on December 31, 2022.
Resolutions
1. To receive and approve the Annual Report for the financial year ended December 31, 2022 and ratify the Company and the Subsidiaries’
Audited Consolidated Financial Statements for the financial year ended December 31, 2022 audited by the Public Accounting Firm of
Tanudiredja, Wibisana, Rintis & Rekan (“a member firm of PwC global network “) with an unmodified opinion as set out in its report
No. 00208/2.1025/AU.1/04/1737-1/1/II/2023 dated February 28, 2023; and
2. To receive and approve the Report on the Supervisory Function of the Board of Commissioners for the financial year ended December 31,
2022 and grant full release and discharge (acquit et de charge) to all members of the Board of Directors and the Board of Commissioners
for their management and supervisory actions during the financial year 2022 to the extent that such actions are reflected in the Company’s
Annual Report and Financial Statements for the financial year ended December 31, 2022, with the exceptions of fraud, embezzlement, or
other criminal acts.
Voting Results Realization
Agree : 60,385,375,978 Fully realized. The Company’s Annual Report and Financial Statements for the financial year ended
Abstain : 2,277,600 December 31, 2022 have been submitted to the regulator and posted on the website, and have not
Disagree : 500 been amended following the GMS.
Agenda 2
Agenda
The determination of the use of the Company’s net profit for the financial year ended December 31, 2022.
Resolutions
1. To determine that based on the Company’s Audited Consolidated Financial Statements as of December 31, 2022, the total net profit of the
Company is IDR1,400,365,580,530.- (“2022 Net Profit”);
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Resolutions of the 2023 Annual GMS
Resolutions
2. To determine the use of 2022 Net Profit as follows:
a. IDR1,301,024,667,600.- or IDR21.- per share to be distributed as cash dividends for the financial year ended December 31, 2022 to
Shareholders who have the right to receive cash dividends, in which the amount of cash dividends includes interim dividends, with
the following explanation:
1) Authorize the distribution of interim dividends for the financial year 2022 from the 2022 Net Profit in the amount of IDR10.- per
share or a total of IDR619,535,556,000.- and the payment has been made on December 6, 2022; and
2) Distribute cash dividends for the financial year 2022 from the 2022 Net Profit in the amount of IDR11.- per share or a total of
IDR681,489,111,600.-;
To the holders/owners of 61,953,555,600 of the Company’s shares, with due observance of the prevailing laws and regulations
including the prevailing tax regulations;
The following terms and conditions apply to the dividend payment:
a) the remaining dividends for the financial year 2022 shall be paid for any share issued by the Company that is registered in the
Company’s Shareholders List on the recording date determined by the Board of Directors;
b) for the payment of the remaining dividends for the financial year 2022, the Board of Directors shall withhold dividend tax in
accordance with applicable tax regulations; and
c) the Board of Directors is authorized to determine matters relating to the payment of the remaining dividends for the financial
year 2022, including (but not limited to):
(1) to determine the record date as referred to in letter a in determining the Company’s shareholders who are entitled to receive
payment of the remaining dividends for the financial year 2022; and
(2) to determine the payment date of the remaining dividends for the financial year 2022 and other technical matters without
prejudice to the regulations of the Stock Exchange where the Company’s shares are listed;
b. the remaining portion of 2022 Net Profit is recorded as unappropriated retained earnings.
3. To approve the granting of full authority and power to the Board of Directors with substitution rights to take all necessary actions in
connection with the resolutions, one and another without any exception.
Voting Results Realization
Agree : 60,169,648,401
Fully realized. The cash dividend was distributed on May 9, 2023 to the Shareholders of the Company
Abstain : 2,277,600
whose names are recorded in the Company’s Shareholder List on May 3, 2023.
Disagree : 215,728,077
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Resolutions of the 2023 Annual GMS
Agenda 3
Agenda
The appointment of a Registered Public Accountant and/or Registered Public Accounting Firm to audit the Company’s Consolidated
Financial Statements for the financial year ended December 31, 2023.
Resolutions
1. To delegate the authority to the Board of Commissioners to appoint a Public Accountant and/or Registered Public Accounting Firm in
Indonesia to conduct an Audit on the Company’s Consolidated Financial Statements for the financial year ended December 31, 2023,
taking into account the recommendations of the Audit Committee, provided that such Public Accountant and/or Public Accounting
Firm is registered with the Financial Services Authority, has a good reputation, and has no conflict of interest with the Company and its
affiliates; and
2. To grant the authority to the Board of Directors to determine the honorarium of the Public Accountant and/or Registered Public
Accounting Firm and other requirements in connection with the appointment.
Voting Results Realization
Agree : 59,105,046,971 Fully realized. The Board of Commissioners has appointed Public Accounting Firm (Kantor Akuntan
Abstain : 2,277,600 Publik or “KAP”) Tanudiredja, Wibisana, Rintis & Rekan (a member firm of PwC global network) to audit
Disagree : 1,280,329,507 the Company’s Consolidated Financial Statements for the financial year ended December 31, 2023
based on the Minutes of the Board of Commissioners Meeting No. 005/AA/SK/KOM/VIII/2023 dated
August 30, 2023.
Agenda 4
Agenda
The determination of salary/honorarium and other benefits for members of the Board of Commissioners and the Board of Directors for
the year 2023.
Resolutions
To grant power and authority to the Board of Commissioners:
1. To determine the salary/honorarium and other benefits for members of the Board of Commissioners and the Board of Directors for the
year 2023 through the Board of Commissioners Meeting; and
2. To determine the distribution amount among members of the Board of Commissioners and members of the Board of Directors;
by taking into account the recommendations from the Nomination and Remuneration Committee, the provisions of the Articles of
Association, and the prevailing rules and regulations.
Voting Results Realization
Agree : 60,117,202,701 Fully realized. The Board of Commissioners has determined the salary/honorarium and other benefits
Abstain : 2,277,600 for members of the Board of Commissioners and the Board of Directors for the year 2023 through
Disagree : 268,173,777 the Board of Commissioners Meeting based on the Minutes of the Board of Commissioners Meeting
No. 003/AA/BAR/KOM/VII/2023 dated July 3, 2023.
Agenda 5
Agenda
The submission of Accountability Report on the Realization of the Use of Proceeds from the Initial Public Offering.
Resolutions
The Fifth Agenda only constitutes a Report in connection with the Realization of the Use of Proceeds from the Initial Public Offering,
therefore no vote/approval from the Meeting is required.
Hasil Pemungutan Suara Realisasi
Setuju :-
Abstain :- -
Tidak Setuju : -
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Extraordinary GMS on April 13, 2023
CONVENTION STAGES OF THE EXTRAORDINARY GMS ON APRIL 13, 2023
Notification
1 Notified the Financial Services Authority on Februari 27, 2023 through
Letter No. 014/AA/CORSEC/II/2023.
Announcement
2 Announced on March 6, 2023 through the websites of the Company, Indonesia Stock Exchange,
and Indonesia Central Securities Depository.
Invitation
3 Announced on March 21, 2023 through the websites of the Company, Indonesia Stock Exchange,
and Indonesia Central Securities Depository.
Implementation
4 Convened on April 13, 2023 at 12:01-12:15 (GMT+7) in Avian Brands Building Meeting Room,
Jl. Ahmad Yani No. 317, Surabaya, 60234, Jawa Timur, Indonesia.
GMS Resolutions
5 The Meeting Summary was published on April 14, 2023 on the websites of the Company,
Indonesia Stock Exchange, and Indonesia Central Securities Depository.
Participants of the Extraordinary GMS on April 13, 2023
The Shareholders The Extraordinary GMS on April 13, 2023 was attended by 60,387,604,478 shares with valid voting rights or
97.4724% of 61,953,555,600 shares which constitute all of the shares issued by the Company.
The Board of President Commissioner Hermanto Tanoko
Commissioners Independent Commissioner Mohammad Noor Rachman Soejoeti
The Board of Vice President Director Ruslan Tanoko
Directors Director Robert Christian Tanoko
Director Kurnia Hadi Sinanto
Director Angelica Tanisia Jozar
Independent Parties in the Convention of the Extraordinary GMS on April 13, 2023
The Company appointed PT Bima Registra, as the Securities Administration Bureau, to count the votes and/or validate the votes and
appointed Dr. Susanti, S.H., M.Kn., a Notary in Surabaya City as the Public Notary, to verify the vote count in the Extraordinary GMS on
April 13, 2023.
Resolutions of the Extraordinary GMS on April 13, 2023
Agenda
Agenda
Approval on Amendment to Article 19 paragraph (4) of the Company’s Articles of Association concerning Work Plan, Fiscal Year and
Annual Report.
Resolutions
1. Approved the Amendment to Article 19 paragraph (4) of the Company’s Articles of Association concerning Work Plan, Fiscal Year and
Annual Report, to be read as follows:
Article 19
4. The Board of Directors shall prepare an annual report and provide it in the Company’s office to be examined by Shareholders as of
the date of the invitation of the Annual GMS, and announce the balance sheet and profit or loss statement that has been audited
by a public accountant registered with the OJK through the Stock Exchange website, the Company’s website, and/or other media in
accordance with laws and regulations in the field of Capital Market.
2. Approved to give Power of Attorney to the Board of Directors of the Company with the right to transfer power (right of substitution) to
declare the change in a separate deed before a Notary, including to submit notification to the Minister of Law and Human Rights of the
Republic of Indonesia and report to other competent authorities, register and announce it and do everything needed and required by the
applicable laws and regulations.
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Resolutions of the Extraordinary GMS on April 13, 2023
Voting Results Realization
Agree : 60,387,603,978 Fully realized through amendments to the Articles of Association based on the deed of Minutes
Abstain :- of the Extraordinary General Meeting of Shareholders No. 3 dated April 13, 2023, drawn up by
Disagree : 500 Dr. Susanti, S.H., M.Kn., a Notary in Surabaya City.
Extraordinary GMS on December 7, 2023
CONVENTION STAGES OF THE EXTRAORDINARY GMS ON DECEMBER 7, 2023
Notification
1 Notified the Financial Services Authority on October 24, 2023 through
Letter No. 089/AA/CORSEC/X/2023.
Announcement
2 Announced on October 31, 2023 through the websites of the Company,
Indonesia Stock Exchange, and Indonesia Central Securities Depository.
Disclosure of Information
3 Announced on October 31, 2023 through the websites of the Company
and Indonesia Stock Exchange.
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CONVENTION STAGES OF THE EXTRAORDINARY GMS ON DECEMBER 7, 2023
Invitation
4 Announced on November 15, 2023 through the websites of the Company,
Indonesia Stock Exchange, and Indonesia Central Securities Depository.
Implementation
5 Convened on December 7, 2023 at 09:50 - 10:26 (GMT+7) in Avian Brands Building Meeting Room,
Jl. Ahmad Yani No. 317, Surabaya, 60234, Jawa Timur, Indonesia.
GMS Resolutions
5 The Meeting Summary was published on December 8, 2023 on the websites of the Company
and Indonesia Stock Exchange, and on December 9, 2023 on the website of
Indonesia Central Securities Depository.
Participants of the Extraordinary GMS on December 7, 2023
The Shareholders The Extraordinary GMS on December 7, 2023 was attended by 60,028,324,812 shares with valid voting rights or
96.8925% of 61,953,555,600 shares which constitute all of the shares issued by the Company.
The Board of President Commissioner Hermanto Tanoko
Commissioners
Independent Commissioner Mohammad Noor Rachman Soejoeti
The Board of President Director Wijono Tanoko
Directors
Vice President Director Ruslan Tanoko
Director Robert Christian Tanoko
Director Kurnia Hadi Sinanto
Director Angelica Tanisia Jozar
Independent Parties in the Convention of the Extraordinary GMS on December 7, 2023
The Company appointed PT Bima Registra, as the Securities Administration Bureau, to count the votes and/or validate the votes and
appointed Dr. Susanti, S.H., M.Kn., a Notary in Surabaya City as the Public Notary, to verify the vote count in the Extraordinary GMS on
December 7, 2023.
Resolutions of the Extraordinary GMS on December 7, 2023
Agenda
Agenda
Approval for the Company’s Share Buyback.
Resolutions
1. Approving share buyback of the Company’s shares that have been issued and listed on the Indonesia Stock Exchange of up to 1,425,000,000
shares of the Company or approximately 2.3% of the entire issued and paid-up capital of the Company, with funds allocation of up
to IDR1,000,000,000,000.- including transaction costs, trading costs, and other costs in connection with the buyback of the Company’s
shares, to be conducted in stages within a maximum period of 18 months since the share buyback is approved by the Meeting. The share
buyback will be conducted in accordance with applicable regulations; and
2. Approving to grant authority and/or power of attorney to the Board of Directors of the Company to take all necessary actions in connection
with the implementation of the resolution of the Meeting as referred to in point 1 above, including but not limited to determining the
terms and conditions on the implementation of the buyback of the Company’s shares and/or stating a separate resolution in a separate
deed before a Notary, with due observance of the prevailing laws and regulations.
Voting Results Realization
Agree : 60,028,322,412
Resolutions of the Extraordinary GMS agenda may not be fully realized in 2023 given that the shares
Abstain : 400
buyback period is ongoing and at the latest will end on June 7, 2025.
Disagree : 2,000
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Conventions of GMS in 2022
Throughout 2022, the Company convened 1 Annual GMS and 2 Extraordinary GMS. More information concerning the GMS
convention is described as follows:
2022 Annual GMS
CONVENTION STAGES OF THE 2022 ANNUAL GMS
Notification
1 Notified the Financial Services Authority on March 9, 2022 through
Letter No. 017/AA/CORSEC/III/2022.
Announcement
2 Announced on March 16, 2022 through the websites of the Company, Indonesia Stock Exchange,
and Indonesia Central Securities Depository.
Invitation
3 Announced on March 31, 2022 through the websites of the Company, Indonesia Stock Exchange,
and Indonesia Central Securities Depository.
Implementation
4 Convened on April 22, 2022 at 10:00-11:47 (GMT+7) in Avian Brands Building Meeting Room,
Jl. Ahmad Yani No. 317, Surabaya, 60234, Jawa Timur, Indonesia.
GMS Resolutions
5 The Meeting Summary was published on April 25, 2022 on the websites of the Company,
Indonesia Stock Exchange, and Indonesia Central Securities Depository.
Participants of the 2022 Annual GMS
The Shareholders The 2022 Annual GMS was attended by 60,114,466,479 shares with valid voting rights or 97.0315% of
61,953,555,600 shares which constitute all of the shares issued by the Company.
The Board of President Commissioner Hermanto Tanoko
Commissioners
Independent Commissioner Mohammad Noor Rachman Soejoeti
(attended the 2022 Annual GMS electronically via the eASY.KSEI application)
The Board of President Director Wijono Tanoko
Directors
Vice President Director Ruslan Tanoko
Director Robert Christian Tanoko
Director Kurnia Hadi Sinanto
Independent Parties in the Convention of the 2022 Annual GMS
The Company appointed PT Bima Registra, as the Securities Administration Bureau, to count the votes and/or validate the votes and
appointed Dr. Susanti, S.H., M.Kn., a Notary in Surabaya City as the Public Notary, to verify the vote count in the 2022 Annual GMS.
Resolutions of the 2022 Annual GMS
Agenda 1
Agenda
Approval of the Annual Report including Audited Consolidated Financial Statements of the Company and Supervisory Report of the
Board of Commissioners for the financial year ended on December 31, 2021, and the granting of full release and discharge (acquit et de
charge) to all members of the Board of Directors for the management actions and to all members of the Board of Commissioners for the
supervisory actions performed during the financial year ended on December 31, 2021.
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Resolutions of the 2022 Annual GMS
Resolutions
1. To receive and approve the Annual Report for the financial year ended December 31, 2021 and ratify the Company and the Subsidiaries’
Audited Consolidated Financial Statements for the financial year ended December 31, 2021 audited by the Public Accounting Firm of
Purwantono, Sungkoro, & Surja (“a member firm of Ernst & Young Global Limited”) with an unmodified opinion as set out in its report
No. 00232/2.1032/AU.1/04/0685-1/1/III/2022 dated March 16, 2022; and
2. To receive and approve the Report on the Supervisory Function of the Board of Commissioners for the financial year ended
December 31, 2021 and grant full release and discharge (acquit et de charge) to all members of the Board of Directors and the Board
of Commissioners for their management and supervisory actions during the financial year 2021 to the extent that such actions are
reflected in the Company’s Annual Report and Financial Statements for the financial year ended December 31, 2021, with the exceptions
of fraud, embezzlement, or other criminal acts.
Voting Results Realization
Agree : 60,114,466,379 Fully realized. The Company’s Annual Report and Financial Statements for the financial year ended
Abstain :- December 31, 2021 have been submitted to the regulator and posted on the website, and have not
Disagree : 100 been amended following the GMS.
Agenda 2
Agenda
The determination of the use of the Company’s net profit for the financial year ended December 31, 2021.
Resolutions
1. To determine that based on the Company’s Audited Consolidated Financial Statements as of December 31, 2021, the total net profit of
the Company is IDR1,434,551,222,696.- (“2021 Net Profit”);
2. To determine the use of 2021 Net Profit as follows:
a. IDR1,195,628,444,800.- or IDR20.55.- per share to be distributed as cash dividends for the financial year ended December 31, 2021
to Shareholders who have the right to receive cash dividends, in which the amount of cash dividends includes interim dividends,
with the following explanation:
1) Authorize the distribution of interim dividends for the financial year 2021 from the 2021 Net Profit (before the Initial Public
Offering) in the amount of:
a) Approximately IDR7.17.- per share or IDR400,000,000,000.- to the Company’s Shareholders and the payment has been made
on August 9, 2021; and
b) Approximately IDR5.38.- per share or IDR300,000,000,000.- to the Company’s Shareholders and the payment has been made
on September 20, 2021;
Such that, the total amount is approximately IDR12.55.- per share or IDR700,000,000,000.- to the holders/owners of 55,753,555,600
of the Company’s shares;
2) Distribute cash dividends for the financial year 2021 from the 2021 Net Profit (after the Initial Public Offering) of IDR8.- per share
or a total of IDR495,628,444,800.- to the holders/owners of 61,953,555,600 of the Company’s shares, with due observance of the
prevailing laws and regulations including the prevailing tax regulations;
The following terms and conditions apply to the dividend payment:
a) The remaining dividends for the financial year 2021 shall be paid for any share issued by the Company that is registered in the
Company’s Shareholders List on the recording date determined by the Board of Directors;
b) For the payment of the remaining dividends for the financial year 2021, the Board of Directors shall withhold dividend tax in
accordance with applicable tax regulations; and
c) The Board of Directors is authorized to determine matters relating to the payment of the remaining dividends for the financial
year 2021, including (but not limited to):
(1) to determine the record date as referred to in letter a in determining the Company’s shareholders who are entitled to
receive payment of the remaining dividends for the financial year 2021; and
(2) to determine the payment date of the remaining dividends for the financial year 2021 and other technical matters without
prejudice to the regulations of the Stock Exchange where the Company’s shares are listed;
b. An amount of IDR12,000,000,000.- is allocated and recorded as reserve fund;
c. The remaining portion of 2021 Net Profit is recorded as unappropriated retained earnings; and
3. To approve the granting of full authority and power to the Board of Directors with substitution rights to take all necessary actions in
connection with the resolutions, one and another without any exception.
Voting Results Realization
Agree : 59,984,267,179
Fully realized. The cash dividend was distributed on May 19, 2022 to the Shareholders of the Company
Abstain :-
whose names are recorded in the Company’s Shareholder List on May 12, 2022.
Disagree : 130,199,300
Agenda 3
Agenda
The appointment of a Registered Public Accountant and/or Registered Public Accounting Firm to audit the Company’s Consolidated
Financial Statements for the financial year ended December 31, 2022.
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Resolutions of the 2022 Annual GMS
Resolutions
1. To delegate the authority to the Board of Commissioners to appoint a Public Accountant and/or Registered Public Accounting Firm in
Indonesia to conduct an Audit on the Company’s Consolidated Financial Statements for the financial year ended December 31, 2022,
taking into account the recommendations of the Audit Committee, provided that such Public Accountant and/or Public Accounting
Firm is registered with the Financial Services Authority, has a good reputation, and has no conflict of interest with the Company and its
affiliates; and
2. To grant the authority to the Board of Directors to determine the honorarium of the Public Accountant and/or Registered Public
Accounting Firm and other requirements in connection with the appointment.
Voting Results Realization
Fully realized. The Board of Commissioners has appointed Public Accounting Firm (Kantor Akuntan Publik or
Agree : 59,511,667,999
“KAP”) Tanudiredja, Wibisana, Rintis & Rekan (a member firm of PwC global network) to audit the Company’s
Abstain :-
Consolidated Financial Statements for the financial year ended December 31, 2022 based on the Minutes
Disagree : 602,798,480
of the Board of Commissioners Meeting No. 008/AA/SK/KOM/IX/2022 dated September 12, 2022.
Agenda 4
Agenda
The determination of salary/honorarium and other benefits for members of the Board of Commissioners and the Board of Directors for
the year 2022.
Resolutions
To grant power and authority to the Board of Commissioners:
1. To determine the salary/honorarium and other benefits for members of the Board of Commissioners and the Board of Directors for the
year 2022 through the Board of Commissioners Meeting; and
2. To determine the distribution amount among members of the Board of Commissioners and members of the Board of Directors;
by taking into account the recommendations from the Nomination and Remuneration Committee, the provisions of the Articles of
Association, and the prevailing rules and regulations.
Voting Results Realization
Fully realized. The Board of Commissioners has determined the salary/honorarium and other benefits
Agree : 59,231,056,155
for members of the Board of Commissioners and the Board of Directors for the year 2022 through
Abstain :-
the Board of Commissioners Meeting based on the Minutes of the Board of Commissioners Meeting
Disagree : 883,410,324
No. 005/AA/BAR/KOM/VII/2022 dated July 13, 2022.
Agenda 5
Agenda
The submission of Accountability Report on the Realization of the Use of Proceeds from the Initial Public Offering.
Resolutions
The Fifth Agenda only constitutes a Report in connection with the Realization of the Use of Proceeds from the Initial Public Offering,
therefore no vote/approval from the Meeting is required.
Voting Results Realization
Agree :-
Abstain :- -
Disagree :-
Extraordinary GMS on April 22, 2022
CONVENTION STAGES OF THE EXTRAORDINARY GMS ON APRIL 22, 2022
Notification
1 Notified the Financial Services Authority on March 9, 2022 through
Letter No. 017/AA/CORSEC/III/2022.
Announcement
2 Announced on March 16, 2022 through the websites of the Company, Indonesia Stock Exchange,
and Indonesia Central Securities Depository.
Invitation
3 Announced on March 31, 2022 through the websites of the Company, Indonesia Stock Exchange,
and Indonesia Central Securities Depository.
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CONVENTION STAGES OF THE EXTRAORDINARY GMS ON APRIL 22, 2022
Implementation
4 Convened on April 22, 2022 at 12:17-12:42 (GMT+7) in Avian Brands Building Meeting Room,
Jl. Ahmad Yani No. 317, Surabaya, 60234, Jawa Timur, Indonesia.
GMS Resolutions
5 The Meeting Summary was published on April 25, 2022 on the websites of the Company,
Indonesia Stock Exchange, and Indonesia Central Securities Depository.
Participants of the Extraordinary GMS on April 22, 2022
The Shareholders The Extraordinary GMS dated April 22, 2022 was attended by 60,132,684,379 shares with valid voting rights or
97.0609% of 61,953,555,600 shares which constitute all of the shares issued by the Company.
The Board of President Commissioner Hermanto Tanoko
Commissioners Independent Commissioner Mohammad Noor Rachman Soejoeti
(attended the Annual GMS electronically via the eASY.KSEI application)
The Board of President Director Wijono Tanoko
Directors Vice President Director Ruslan Tanoko
Director Robert Christian Tanoko
Director Kurnia Hadi Sinanto
Independent Parties in the Convention of the Extraordinary GMS on April 22, 2022
The Company appointed PT Bima Registra, as the Securities Administration Bureau, to count the votes and/or validate the votes and
appointed Dr. Susanti, S.H., M.Kn., a Notary in Surabaya City as the Public Notary, to verify the vote count in the 2022 Extraordinary GMS.
Resolutions of the Extraordinary GMS on April 22, 2022
Agenda
Agenda
Approval of Amendments on:
1. Article 11 paragraph (10) of the Company’s Articles of Association regarding the Rectification of GMS Invitation and Shareholders’
Rights;
2. Article 13 paragraph (1), Article 13 paragraph (12), and Article 13 paragraph (13) of the Company’s Articles of Association regarding the
Board of Directors; and
3. Article 16 paragraph (15) letter d and Article 16 paragraph (16) of the Company’s Articles of Association regarding the Board of
Commissioners.
Resolutions
1. To approve the Amendment to Article 11 paragraph (10) of the Company’s Articles of Association regarding the Rectification of GMS
Invitation and Shareholders’ Rights, such that it reads as follows:
Article 11
10.a. In the event that the changes of information on the GMS convention date and/or the addition of GMS agenda are made not due
to the Company’s negligence or based on an order of the Financial Services Authority, provisions on the obligation to re-invite
shall not apply, insofar that the OJK does not order the re-invitation. The provisions on the media and delivery of invitation to
the GMS as referred to in paragraph (5) of this Article shall apply mutatis mutandis to the media and delivery of rectification of
invitation to the GMS.
b. Shareholders have the following rights:
(i) Shareholders, both individually or represented by virtue of a power of attorney, are entitled to attend the GMS.
(ii) Shareholders may be represented by other Shareholders or third parties by power of attorney with due observance of the
prevailing laws and regulations.
(iii) In a GMS, each share shall grant 1 vote to its holder.
(iv) Shareholders who are entitled to attend GMS are Shareholders whose names are recorded on the Company’s Shareholders List
1 business day prior to the GMS invitation.
(v) In the event of an error in the invitation as referred to in paragraph (9) of this Article, Shareholders who are entitled to attend
GMS are Shareholders whose names are recorded on the Shareholders List 1 business day prior to the rectification of the GMS
invitation.
2. To approve the Amendments to Article 13 paragraph (1), Article 13 paragraph (12), and Article 13 paragraph (13) of the Company’s Articles
of Association regarding the Board of Directors, such that they read as follows:
Article 13
1. The Company shall be managed and led by the Board of Directors which consists of at least 3 members of the Board of Directors, any
of which shall be appointed as the President Director, if necessary one or more Vice President Director(s) may be appointed, with
due observance of the applicable laws and regulations in the Capital Market sector.
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Resolutions of the Extraordinary GMS on April 22, 2022
Resolutions
12. In the event the resignation of members of the Board of Directors results in the number of members of the Board of Directors being
less than 3, such resignation shall be valid when determined by a GMS and new members of the Board of Directors have been
appointed to fulfill the minimum requirement for the number of members of the Board of Directors.
13. In the event that the Company does not convene a GMS within the period as referred to above, then with the lapse of such period
the resignation of members of the Board of Directors shall become effective, provided that if such resignation results in the number
of members of the Board of Directors being less than 3, then such resignation shall be valid if approved by a GMS and a new
member of the Board of Directors has been appointed so that the minimum requirement for the number of members of the Board
of Directors is met. Liability may be held against resigning member of the Board of Directors from the date of his/her appointment
until the date of his/her resignation.
3. To approve the Amendment to Article 16 paragraph (15) letter d and Article 16 paragraph (16) of the Company’s Articles of Association
regarding the Board of Commissioners, such that they read as follows:
Article 16
15.d. In the event that the resignation of members of the Board of Commissioners results in the number of the member of the Board of
Commissioners being less than 2, such resignation shall be valid when determined by a GMS and the new Board of Commissioners
have been appointed to fulfill the minimum requirement for the number of members of the Board of Commissioners.
16. In the event that the Company does not convene a GMS within the period as referred to above, then with the lapse of such period
the resignation of members of the Board of Commissioners shall become effective, provided that if such resignation results in the
number of members of the Board of Commissioners being less than 2, then such resignation shall be valid if approved by a GMS and
a new member of the Board of Commissioners has been appointed so that the minimum requirement for the number of members
of the Board of Commissioners has been met. Liability may be held against resigning member of the Board of Commissioners from
the date of his/her appointment until the date of his/her resignation.
Voting Results Realization
Agree : 60,122,646,279 Fully realized through amendments to the Articles of Association based on the deed of Minutes
Abstain : 10,038,000 of the Extraordinary General Meeting of Shareholders No. 3 dated April 22, 2022, drawn up by
Disagree : 100 Dr. Susanti, S.H., M.Kn., a Notary in Surabaya City.
Extraordinary GMS on September 7, 2022
CONVENTION STAGES OF THE EXTRAORDINARY GMS ON SEPTEMBER 7, 2022
Notification
1 Notified the Financial Services Authority on July 25, 2022 through
Letter No. 055/AA/CORSEC/VII/2022.
Announcement
2 Announced on August 1, 2022 through the websites of the Company, Indonesia Stock Exchange,
and Indonesia Central Securities Depository.
Invitation
3 Announced on August 16, 2022 through the websites of the Company, Indonesia Stock Exchange,
and Indonesia Central Securities Depository.
Implementation
4 Convened on September 7, 2022 at 09.47-10.12 (GMT+7) in Avian Brands Building Meeting Room,
Jl. Ahmad Yani No. 317, Surabaya, 60234, Jawa Timur, Indonesia.
GMS Resolutions
5 The Meeting Summary was published on September 9, 2022 on the websites of the Company,
Indonesia Stock Exchange, and Indonesia Central Securities Depository.
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Participants of the Extraordinary GMS on September 7, 2022
The Shareholders The Extraordinary GMS dated September 7, 2022 was attended by 60,628,332,845 shares with valid voting rights
or 97.8609% of 61,953,555,600 shares which constitute all of the shares issued by the Company.
The Board of President Commissioner Hermanto Tanoko
Commissioners
Independent Commissioner Mohammad Noor Rachman Soejoeti
The Board of President Director Wijono Tanoko
Directors
Vice President Director Ruslan Tanoko
Director Robert Christian Tanoko
Director Kurnia Hadi Sinanto
Independent Parties in the Convention of the Extraordinary GMS on September 7, 2022
The Company appointed PT Bima Registra, as the Securities Administration Bureau, to count the votes and/or validate the votes and
appointed Dr. Susanti, S.H., M.Kn., a Notary in Surabaya City as the Public Notary, to verify the vote count in the 2022 Extraordinary GMS.
Resolutions of the Extraordinary GMS on September 7, 2022
Agenda
Agenda
Approval of changes in the composition of members of the Board of Directors.
Resolutions
1. To appoint Mrs. Angelica Tanisia Jozar as the Company’s Director as of the closing of this Meeting with the same end of the term of office
as current members of the Board of Directors and the Board of Commissioners, i.e. until the closing of the Company’s Annual General
Meeting of Shareholders in 2026.
2. To determine and ratify the composition of the members of the Board of Commissioners and the Board of Directors effective as of the
closing of this Meeting until the end of the term of office of members of the Board of Directors and the Board of Commissioners, i.e. until
the closing of the Company’s Annual General Meeting of Shareholders in 2026, with the following composition:
The Board of Commissioners:
President Commissioner : Hermanto Tanoko
Independent Commissioner : Mohammad Noor Rachman Soejoeti
The Board of Directors
President Director : Wijono Tanoko
Vice President Director : Ruslan Tanoko
Director : Robert Christian Tanoko
Director : Kurnia Hadi Sinanto
Director : Angelica Tanisia Jozar
3. To grant authority and power with the substitution right to the Board of Directors to take all actions in connection with above changes
and determination of the composition of the members of the Board of Commissioners and the Board of Directors, including but not
limited to making or asking to be made as well as executing all deeds drawn up before a Notary in connection with the composition of
members of the Board of Commissioners and the Board of Directors, to submit notifications to the Minister of Law and Human Rights of
the Republic of Indonesia and report to other authorized agencies, register and announce the deeds, and do everything necessary and
required by applicable laws and regulations.
Voting Results Realization
Agree : 60,628,330,345
Fully realized based on the Deed of Restatement of Meeting Resolutions No. 2 dated September 7, 2022,
Abstain : 2,400
drawn up before Dr. Susanti, S.H., M.Kn., a Notary in Surabaya City.
Disagree : 100
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The Board of Commissioners
The Board of Commissioners is an organ of the Company that has the collective duties and responsibilities to supervise and
advise the Board of Directors, as well as to ensure that the Company has implemented GCG practices at all organizational levels
or stages. The Board of Commissioners must be able to act independently, in regard that it does not have conflict of interest
that could interfere with its ability to perform independently and critically, both in terms of relations amongst members of
the Board of Commissioners as well as relations with the Board of Directors. The fulfillment of these duties and responsibilities
is assisted by the supporting organs of the Board of Commissioners, namely the Audit Committee, the Nomination and
Remuneration Committee, and the Good Corporate Governance Committee.
The Board of Commissioners Charter
The Company has the Board of Commissioners Charter in place, which was stipulated on August 16, 2021 (“Board of
Commissioners Charter”). The Board of Commissioners Charter is used as a guideline for the Board of Commissioners to carry
out the supervisory function on the Company and the Board of Directors based on GCG principles in realizing Vision, Mission,
and Values of the Company, based on, in particular, the Company’s Articles of Association and, in general, the prevailing laws
and regulations.
Composition of the Board of Commissioners
Based on Article 16 paragraph (1) of the Company’s Articles of Association, the composition of the Board of Commissioners
of the Company may comprise of a minimum of 2 members, one of whom is the President Commissioner and the other is
an Independent Commissioner. All members of the Board of Commissioners appointed have diverse compositions in terms
of education, work experiences, age, and expertise. The appointment and dismissal of the Board of Commissioners is the
authority of the GMS. The term of office of the Board of Commissioners is 5 years, until the Annual GMS to be convened in 2026.
In 2023, the composition of the Board of Commissioners consists of 2 people, i.e.:
Name Position
Hermanto Tanoko President Commissioner
Mohammad Noor Rachman Soejoeti Independent Commissioner
Dual Appointment of the Board of Commissioners
The Board of Commissioners Charter regulates the terms regarding dual appointment of the Company’s Board of Commissioners,
as described as follows:
1. The Board of Commissioners members may hold dual appointments as:
a. The Board of Directors member in a maximum of 2 other Issuers or Public Companies; and
b. The Board of Commissioners member in a maximum of 3 other Issuers or Public Companies;
2. If a Board of Commissioners member does not hold dual appointments as a Board of Directors member, he/she may hold
dual appointments as a Board of Commissioners member in a maximum of 4 other Issuers or Public Companies;
3. A Board of Commissioners member may serve as a member of at most 5 committees in the Company and other Public
Companies in which he/she also serves as a member of the Board of Directors or Board of Commissioners; and
4. The dual appointment mentioned in point 3 above may only be carried out provided that it does not conflict with other
laws and regulations.
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Independent Commissioner
An Independent Commissioner is a Board of Commissioners member with no financial, management, shareholding,
and/or familial relationships with other members of the Board of Commissioners, members of the Board of Directors, and/or
Controlling Shareholders that may hinder or impede his/her position to act independently in accordance with GCG principles.
The existence of Independent Commissioners is intended to create a more objective and independent climate and maintain
fairness. Independent Commissioners are expected to provide a balance between the interests of majority Shareholders and
the protection of minority Shareholders’ interests, including public Shareholders and other stakeholders.
The Company has appointed 1 member of the Board of Commissioners as an Independent Commissioner or an equivalent
of 50% of the total number of members of the Board of Commissioners. Therefore, these conditions have exceeded the
minimum requirement specified in OJK Regulation No. 33/POJK.04/2014 concerning the Board of Directors and the Board of
Commissioners of Issuers or Public Companies (“POJK 33/2014”), i.e. at least 30% of the total number of members of the Board
of Commissioners. The Independent Commissioner position held by Mr. Mohammad Noor Rachman Soejoeti has also met the
requisite criteria stipulated in POJK 33/2014, including:
Description of Criteria Mohammad Noor Rachman Soejoeti
Not a person who works or has the authority and responsibility to plan, lead, control, or √
supervise activities of the Company within the last 6 months, except for reappointment as
Independent Commissioner for the next period.
Not holding any shares, either directly or indirectly, in the Company. √
Not having any affiliation with the Company, members of the Board of Commissioners, √
members of the Board of Directors, Main Shareholders, or Controlling Shareholders of
the Company.
Not having any business relationship, either directly or indirectly, related to the Company’s √
business activities.
Duties and Responsibilities of the Board of Commissioners
Based on the Board of Commissioners Charter, the duties and responsibilities of the Board of Commissioners are, among others:
1. Supervising the management of the Company by the Board of Directors, both in regards to the Company and its business,
as well as providing advice to the Board of Directors;
2. Performing specifically-assigned tasks in accordance with the Articles of Association, applicable laws and regulators, and/
or based on the resolutions of the GMS;
3. Performing duties, responsibilities, and authorities in accordance with the provisions of the Company’s Articles of
Association and the resolutions of the GMS, including proposing the appointment of a Public Accountant and/or Public
Accounting Firm that will conduct audit services on the Company’s financial statements;
4. Directing, monitoring, and evaluating the implementation of the Company’s strategic policies;
5. Implementing and ensuring the implementation of risk management and good corporate governance principles in each
of the Company’s business activity, at all organizational levels or stages;
6. Evaluating and approving the Company’s work plan;
7. Assisting and encouraging efforts in fostering and developing the Company;
8. Forming the Audit Committee as well as other committees in accordance with the prevailing laws and regulations;
9. Ensuring that the supporting committees of the Board of Commissioners have effectively performed their duties and
responsibilities;
10. Evaluating the performance of the committees assisting the Board of Commissioners in performing their duties and
responsibilities at the end of each financial year; and
11. Convening the Annual GMS and other GMS in accordance with their authority as regulated by laws and regulations as well
as the Articles of Association.
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Division of Duties of the Board of Commissioners
In addition to collective duties and responsibilities, in accordance with the Minutes of the Board of Commissioners
No. 006/AA/BAR/KOM/IX/2023 dated September 19, 2023, a division of duties is assigned to each individual member of the
Board of Commissioners to ensure effective and efficient implementation of the duties and responsibilities of each member.
The duties and responsibilities of each Board of Commissioners member are described as follows:
Name Position Duties and Responsibilities
Hermanto Tanoko President Mr. Hermanto is responsible to:
Commissioner • coordinate the activities of the Board Commissioners and ensure that each member of the Board
of Commissioners could express his opinion based on sufficient information;
• supervise and provide advice to the Board of Directors in carrying out the management of the
Company;
• provide opinion and approval of the Company’s Annual Work Plan and Budget as well as
other work plans prepared by the Board of Directors, in accordance with the provisions of the
Company’s Articles of Association; and
• provide a report on the supervisory duties that have been carried out during the last financial
year to the GMS.
Mohammad Noor Independent Mr. Noor is responsible for:
Rachman Soejoeti Commissioner • as Chairman of the Audit Committee;
• as Chairman of the Nomination and Remuneration Committee;
• carry out supervision in the field of capital market legal compliance;
• examine and review periodic reports and Annual Report prepared by the Board of Directors; and
• carry out other obligations within the framework of supervisory duties and providing advice,
as long as they do not conflict with statutory regulations, Articles of Association, and/or GMS
decisions.
Decisions Requiring the Board of Commissioners Approval
Decisions that require the Board of Commissioners’ approval prior to being implemented by the Company, in accordance with
the Company’s Articles of Association, are described as follows:
1. Selling, pledging, or otherwise disposing of rights to immovable property belonging to the Company;
2. Binding the Company as guarantor;
3. Establishing a new business or investing;
4. Transferring investment in other companies, both domestic and overseas;
5. Receiving loans from any party;
6. Giving loans to any party save for loans in business activities and loans to the Company’s employees and Subsidiaries; and
7. Opening branches or representative offices, both inside and outside the territory of the Republic of Indonesia.
The Board of Commissioners Meeting
Meeting Policy
Based on the provisions in POJK No. 33/2014 and the Company’s Articles of Association, the Board of Commissioners is required
to convene an internal meeting no fewer than once in every 2 months, whereas joint meetings with the Board of Directors must
be convened no fewer than once in every 4 months.
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Meeting Convention
Throughout 2023, the Board of Commissioners has convened 6 internal meetings and 13 joint meetings with the Board of Directors.
Information on the number of meetings and meeting attendance by members of the Board of Commissioners is as follows:
Internal Meetings of Joint meetings with
GMS
the Board of Commissioners the Board of Directors
Name Position Number Number 2023 2023 Extraordinary GMS
Total Attendance Total Attendance
of of Annual April 13, December 7,
Attendance (%) Attendance (%)
Meeting Meeting GMS 2023 2023
President
Hermanto Tanoko 6 6 100.00 13 12 92.31 √ √ √
Commissioner
Mohammad Noor Independent
6 6 100.00 13 13 100.00 √ √ √
Rachman Soejoeti Commissioner
Competence Development of the Board of Commissioners
Policy on Competence Development of the Board of Commissioners
Policy concerning the implementation of programs on competence development of the Board of Commissioners is stipulated
in the Company’s Board of Commissioners Charter. The Board of Commissioners is required to keep abreast of the latest
developments in economy, finance, related industries, regulations, and other matters related to the Company as well as to
improve their capabilities for the advancement of the Company through training and education programs, seminars, visits,
benchmarks, and brainstorming.
Information concerning the competence development programs participated by members of the Board of Commissioners
throughout 2023 has been disclosed in the Company Profile Chapter, in particular the Profile section of each member of the
Board of Commissioners.
Orientation Program for New Members of the Board of Commissioners
The Company implements a policy to conduct an introduction program on the Company to new members of the Board
of Commissioners. The program is designed for the new member of the Board of Commissioners to gain knowledge and
understanding of the Company’s profile, including the business characteristics and processes of the Company in a time efficient
manner. The orientation program for the newly appointed Board of Commissioners includes the following:
1. Knowledge on the Company, among others:
a. The Company’s Vision, Mission, purposes, and objectives;
b. The Company’s strategy;
c. The Company’s medium and long-term plans;
d. The Company’s operational performance;
e. The Company’s financial performance; and
f. The Company’s risk management;
2. Knowledge concerning the designation of the Board of Commissioners, among others:
a. Duties, responsibilities, and authorities of the Board of Commissioners;
b. Working time;
c. Relationship with members of the Board of Directors; and
d. Relevant rules/provisions.
Considering that the composition of the Company’s Board of Commissioners in 2023 remains the same as the previous year,
the Company did not conduct any orientation programs for the members of the Board of Commissioners in 2023.
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Performance Assessment of the Board of Commissioners
Policy, Procedure, and Implementation of Performance Assessment
Policy concerning performance assessment of the Board of Commissioners refers to the Company’s Performance Assessment Policy of
the Board of Commissioners and the Board of Directors stipulated on December 27, 2021. With this policy, each member of the Board of
Commissioners may assess the performance of the Board of Commissioners collegially and not assess the individual performance of each
member of the Board of Commissioners.
Assessor
Performance assessment of the Board of Commissioners is performed independently by each member of the Board of Commissioners
once every 1 year by taking into consideration the achievement of the agreed assessment aspects.
Aspects of Performance Assessment
• Supervising the management of the Company performed by the Board of Directors;
• Reviewing, examining, and approving the Company’s annual work plan;
• Performing tasks specifically assigned to the Board of Commissioners in accordance with the Company’s Articles of Association,
applicable laws and regulations, and/or GMS resolutions;
• Performing duties and responsibilities in accordance with the provisions of the Company’s Articles of Association and the resolutions
of the GMS; and
• Conforming to the Company’s Articles of Association as well as applicable laws and regulations, and the obligations to perform duties in
accordance with the principles of professionalism, efficiency, transparency, independence, accountability, responsibility, and fairness,
including the convention of the Board of Commissioners Meetings in accordance with applicable regulations.
Assessment Results
Based on the 2023 performance assessment procedures and criteria, each the Board of Commissioners member has satisfactorily
performed their duties and responsibilities. This was also reflected in the Company’s condition, which exhibited solid performance amidst
economic challenges and dynamics throughout 2023.
Performance Assessment of Committees under the Board of Commissioners
Policy, Procedure, and Implementation of Performance Assessment
At the end of each financial year, the Board of Commissioners assesses the performance of the committees under its supervision by taking
into consideration the assignment reports and annual reports on the implementation of activities of such committees. The results of the
assessment serve as the basis for consideration in the reappointment of committee members.
Aspects and Results of Performance Assessment
• Realization of work plan;
• Attendance in committee meetings;
• Quality of supervision; and
• Recommendations provided.
Results of Performance Assessment
The Audit Committee Based on the procedures and criteria for performance assessment conducted in 2023, the Audit Committee
is considered to have properly performed its duties and responsibilities related to monitoring and evaluating
the implementation of financial statement audits, and the internal control system for all aspects of the
Company’s operations.
The Nomination and Based on the procedures and criteria for performance assessment conducted in 2023, the Nomination and
Remuneration Remuneration Committee is considered to have assisted the Board of Commissioners in providing recommendations
Committee regarding remuneration and nomination systems and policies that are appropriate for the Board of
Commissioners and the Board of Directors.
The Good Corporate Based on the procedures and criteria for performance assessment performed conducted in 2023, the Good
Governance Corporate Governance Committee is considered to have properly performed its duties and responsibilities. The
Committee Good Corporate Governance Committee has assisted the Board of Commissioners in following up on any reports
of violations of the Business Ethics and Code of Conduct, and provided recommendations for settlement of
these violations including the sanctions that would be imposed.
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The Board of Directors
The Board of Directors is an organ of the Company with full responsibility for the management of the Company, and represents
the Company both inside and outside the court, for the Company’s interests and objectives in accordance with the Articles of
Association and the applicable laws and regulations. In managing the Company, the Board of Directors collectively perform
their duties and bear their responsibilities in order that all owned resources may increase profitability such that the value of
the Company may grow in a sustainable manner. Each member of the Board of Directors performs their duties and makes
resolutions in accordance with the division of duties and authority. However, the implementation of tasks by each member
of the Board of Directors remains a collective responsibility. The Board of Directors is held accountable for the fulfillment of
its duties to the Shareholders through the GMS. This reflects the accountability of the Company’s management in accordance
with the GCG principles.
The Board of Directors Charter
The Company has the Board of Directors Charter in place, which was stipulated on August 16, 2021 (“Board of Directors
Charter”). The Board of Directors Charter is used as a guide for the Board of Directors in performing their work effectively,
efficiently, and transparently and based on the principles of GCG in realizing Vision, Mission, and Values of the Company, based
on, in particular, the Company’s Articles of Association and, in general, the prevailing laws and regulations.
Composition of the Board of Directors
Based on Article 13 paragraph (1) of the Company’s Articles of Association, the composition of the Board of Directors comprises
of at least 3 people, one of whom may be appointed as President Director and Vice President Director. All members of
the Board of Directors appointed have diverse compositions in terms of education, work experiences, age, gender,
and expertise. The appointment and dismissal of the Board of Directors is the authority of the GMS. The term of office of
the Board of Directors is 5 years, until the Annual GMS to be convened in 2026. In 2023, the composition of the Board of
Directors comprises of 5 people, i.e.:
Name Position
Wijono Tanoko President Director
Ruslan Tanoko Vice President Director
Robert Christian Tanoko Director
Kurnia Hadi Sinanto Director
Angelica Tanisia Jozar Director
Dual Appointment of the Board of Directors
The Board of Directors Charter regulates the terms regarding dual appointment of the Company’s Board of Directors, as
described as follows:
1. The Board of Directors members may hold dual appointments as:
a. The Board of Directors member in 1 other Issuer or Public Company;
b. The Board of Commissioners member in a maximum of 3 other Issuers or Public Companies; and
c. Committee member in a maximum of 5 committees in the Company or other Public Company in which he/she is a
Board of Directors member or a Board of Commissioners member; and
2. Dual appointments mentioned in the points above may only be carried out provided that it does not conflict with other
laws and regulations.
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Independence
In carrying out its duties, the Board of Directors acts independently and free from any party’s interest. All members of
the Board of Directors at all times work in a professional manner, with utmost dedication prioritizing the interests of the
Company and its stakeholders. All members of the Board of Directors are independent in the sense that they are able to carry
out their duties and responsibilities without any pressure or influence from any party.
Duties and Responsibilities of the Board of Directors
Information regarding the duties and responsibilities of the Board of Directors based on the Board of Directors Charter is
described as follows:
1. Executing, and bearing the responsibilities for, the management of the Company for the Company’s interests in accordance
with the purposes and objectives of the Company which have been stipulated in the Articles of Association;
2. Managing the Company in accordance with the authorities and responsibilities as stipulated in the Articles of Association
and the prevailing laws and regulations;
3. Managing the Company’s assets in accordance with the prevailing laws and regulations;
4. Implementing risk management system and GCG principles in each of the Company’s business activities at all organizational
levels or stages;
5. Establishing the Company’s organizational structure and working procedures;
6. Convening Annual GMS and other GMS in accordance with the Articles of Association as well as the laws and regulations;
and
7. Forming supporting committees in accordance with the prevailing laws and regulations, and evaluating the performance
of such committees at the end of each financial year.
Division of Duties of the Board of Directors
In addition to collective duties and responsibilities, in accordance with the Circular Decree of the Board of Directors
No. 013/AA/SK/DIR/IX/2023 dated September 20, 2023, a division of duties is assigned to each individual member of the Board
of Directors to ensure effective and efficient implementation of the duties and responsibilities of each member. The duties and
responsibilities of each member of the Board of Directors are described as follows:
Name Position Duties and Responsibilities
President Mr. Wijono is responsible for the operation of the Company as a whole. The President Director
Wijono Tanoko
Director oversees the other four Directors.
Mr. Ruslan holds the responsibility as the Vice President Director and has the duties and
Vice President functions concerning the Company’s business development including sales and marketing,
Ruslan Tanoko
Director as well as overseeing the Information Technology Division, Sales Division, and Marketing
Division of the Company.
Mr. Robert holds the responsibility for and has the duties and functions concerning the
Robert Christian
Director Company’s operational activities as well as overseeing the Operations Division, including the
Tanoko
Department of Procurement, Strategic Management System, and Sustainability.
Kurnia Hadi Mr. Hadi holds the responsibility for and has the duties and functions concerning the
Director
Sinanto management of the Company’s finances, accounting, taxes, and investor relations.
Angelica Tanisia Mrs. Angel holds the responsibility for and has the duties and functions for the development
Director
Jozar of the Company’s business in the Research, Development & Innovation sector.
The Board of Directors Meeting
Meeting Policy
Based on the provisions in POJK No. 33/2014 and the Company’s Articles of Association, the Board of Directors is required to
convene an internal meeting no fewer than once a month, whereas joint meetings with the Board of Commissioners must be
convened no fewer than once in every 4 months.
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Meeting Convention
Throughout 2023, the Board of Directors has convened 12 internal meetings and 13 joint meetings with the Board of
Commissioners. Information regarding the number of meetings and meeting attendance by members of the Board of Directors
is as follows:
Internal Meetings of Joint meetings with
GMS
the Board of Directors the Board of Commissioners
Name Position Number Number Extraordinary GMS 2023
Total Attendance Total Attendance Annual
of of April 13, December 7,
Attendance (%) Attendance (%) GMS 2023
Meeting Meeting 2023 2023
President
Wijono Tanoko 12 12 100.00 13 9 69.23 x x √
Director
Vice President
Ruslan Tanoko 12 12 100.00 13 13 100.00 √ √ √
Director
Robert Christian
Director 12 12 100.00 13 13 100.00 √ √ √
Tanoko
Kurnia Hadi Sinanto Director 12 12 100.00 13 13 100.00 √ √ √
Angelica Tanisia
Director 12 12 100.00 13 12 92.31 √ √ √
Jozar
Competence Development of the Board of Directors
Policy on the Competence Development of the Board of Directors
Policy concerning the implementation of programs on competence development of the Board of Directors is stipulated in the
Company’s Board of Directors Charter. The Board of Directors is required to keep abreast of the latest developments in economy,
finance, related industries, regulations, and other matters related to the Company as well as to improve their capabilities for
the advancement of the Company through training and education programs, seminars, visits, benchmarks, and brainstorming.
Information related to the competence development programs participated by members of the Company’s Board of Directors
throughout 2023 has been disclosed in the Company Profile Chapter, in particular the Profile section of each member of the
Board of Directors.
Orientation Program for New Members of the Board of Directors
The Company has an orientation program in place, which must be completed by newly appointed members of the Board
of Directors. The program is designed for new members of the Board of Directors to gain knowledge and understanding
of the Company’s profile, including the business characteristics and processes of the Company in a time efficient manner.
The orientation program for the newly appointed Board of Directors includes the following:
1. Knowledge of the Company, among others:
a. The Company’s Vision, Mission, purposes, and objectives;
b. The Company’s strategy;
c. The Company’s medium and long-term plans;
d. The Company’s operational performance;
e. The Company’s financial performance; and
f. The Company’s risk management;
2. Knowledge concerning the designation of the Board of Directors, among others:
a. Duties, responsibilities, and authorities of the Board of Directors;
b. Working time;
c. Relationships with members of the Board of Commissioners’; and
d. Relevant rules/provisions.
Considering that the composition of the Company’s Board of Directors in 2023 remains the same as the previous year, the
Company did not conduct any orientation programs for the members of the Board of Directors in 2023.
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Performance Assessment of the Board of Directors
Policy, Procedure, and Implementation of Performance Assessment
Policy concerning performance assessment of the Board of Directors refers to the Company’s Performance Assessment Policy of the
Board of Commissioners and the Board of Directors formulated on December 27, 2021. With this policy, each member of the Board of
Commissioners may assess the performance of the Board of Directors collegially and not assess the individual performance of each
member of the Board of Directors.
Assessor
Performance assessment of the Board of Directors is performed independently by each member of the Board of Commissioners once every
1 year taking into consideration the achievement of the agreed assessment aspects. In addition, each member of the Board of Directors
may assess the performance of the Board of Directors collegially as an evaluation of their duties and achievements during the financial year.
Aspects of Performance Assessment
• Leading, managing, and controlling the company in accordance with the Company’s objectives;
• Making efforts to improve the efficiency and effectiveness of the Company;
• Controlling, maintaining, and managing the Company’s assets;
• Formulating annual work plan which contains the Company’s annual budget and submitting the plan to the Board of Commissioners
for approval before the start of the next financial year;
• Performing their duties and responsibilities in accordance with the provisions of the Company’s Articles of Association and the
resolutions of the GMS; and
• Conforming to the Company’s Articles of Association as well as prevailing laws and regulations, and the obligations to perform duties in
accordance with the principles of professionalism, efficiency, transparency, independence, accountability, responsibility, and fairness,
including the convention of the Board of Directors Meetings in accordance with applicable regulations.
Results of Performance Assessment
Based on the procedures and criteria of performance assessment conducted by the Board of Commissioners in 2023, the Board of Directors
is assessed to have performed satisfactorily by implementing business strategies in accordance with the established business plan and
budget. In 2023, the Company successfully recorded net revenue of IDR7,016.88 billion and a current year profit of IDR1,643.10 billion.
Performance Assessment of Organs Under the Board of Directors
Policy, Procedure, and Implementation of Performance Assessment
At the end of each financial year, the Board of Directors assesses the performance of supporting organs under its supervision by taking
into consideration the assignment reports and annual reports on the implementation of activities of the organs supporting the Board of
the Directors. The results of the assessment serve as the basis for consideration in the reappointment of such supporting organs.
Aspects and Results of Performance Assessment
• Realization of the implementation of duties and responsibilities;
• Competence possessed;
• Meeting attendance; and
• Recommendations provided.
Results of Performance Assessment
The Related Party Based on the procedures and criteria for assessment of performance conducted in 2023, the Related Party
Transaction Transactions Committee is considered to have played an active role in assisting the Board of Directors to provide
Committee input and suggestions related to affiliated transactions performed by the Company and Subsidiaries, such that
affiliated transactions are conducted in accordance with the generally accepted business practices, applicable
laws and regulations, and comply with fair transaction principles.
The Corporate Based on the procedures and criteria for assessment of performance conducted in 2023, the Corporate
Secretary Secretary is considered to have played an active role in following developments and ensuring compliance with
laws and regulations in the capital market, as well as providing input to the Board of Directors and the Board
of Commissioners to comply with these laws and regulations.
The Internal Audit Based on the procedures and criteria for assessment of performance conducted in 2023, the Internal Audit
Unit Unit is considered to have participated in assisting the Board of Directors with regard to the implementation of
internal control and risk management, as well as the implementation of corporate governance in all aspects of
the Company’s business.
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Good Corporate Governance
The Board of Commissioners and
the Board of Directors Diversity Policy
Members of the Company’s Board of Commissioners and the Board of Directors appointed in the GMS have a fairly diverse
composition based on age, educational background, expertise, and experience required in carrying out their duties and
responsibilities. This diversity policy is set forth in the Board of Commissioners Charter and the Board of Directors Charter,
according to which each member of the Board of Commissioners and the Board of Directors must meet certain criteria,
i.e. having the knowledge and/or expertise in the fields required by the Company. The commitment to diversity is implemented
not only to comply with the prevailing laws and regulations, but also as part of the Company’s efforts to broaden the
decision-making perspectives of the Board of Commissioners and the Board of Directors and to promote equality at all levels
of positions, including the top management. The diversity of composition of the Company’s Board of Commissioners and the
Board of Directors as of December 31, 2023 is described as follows:
Educational
Name Position Citizenship Gender Age
Background and Skills
Hermanto Tanoko President Commissioner Indonesia Male 61 Years Old Management
Mohammad Noor
Independent Commissioner Indonesia Male 66 Years Old Economy
Rachman Soejoeti
Wijono Tanoko President Director Indonesia Male 71 Years Old Sales and Marketing
Ruslan Tanoko Vice President Director Indonesia Male 48 Years Old Chemical Engineering
Robert Christian Tanoko Director Indonesia Male 38 Years Old Business and Trading
Kurnia Hadi Sinanto Director Indonesia Male 54 Years Old Accounting
Angelica Tanisia Jozar Director Indonesia Female 42 Years Old Engineering
Nomination and Remuneration of the Board
of Commissioners and the Board of Directors
Nomination of the Board of Commissioners and the Board of Directors
Policy and Procedure of Nomination of the Board of Commissioners and the Board of Directors
The procedure for the nomination of the Board of Commissioners and the Board of Directors is described as follows:
1. The Nomination and Remuneration Committee (“Committee”) receives proposals from Shareholders/members of the
Board of Commissioners/members of the Board of Directors regarding the nominations of the Board of Commissioners
and/or the Board of Directors;
2. The Committee discusses the referred proposal in the Committee meeting. The discussion is stated in the minutes of the
Committee meeting. During the meeting, several things are considered, including:
a. Reasons and/or considerations for the proposal;
b. Qualifications of the candidate in accordance with the relevant proposals; and
c. Requirements in accordance with the Company’s Articles of Association, the Board of Commissioners Charter, and/or
the Board of Directors Charter;
3. After deliberation, the Committee provides recommendations to the Board of Commissioners. The recommendation is
stated in the form of a Committee Decree;
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4. Based on the recommendation from the Committee, the Board of Commissioners decides to nominate candidates for
the Board of Commissioners and/or the Board of Directors to the chairman of the GMS. The resolution of the Board of
Commissioners is stated in the form of the Board of Commissioners Decree; and
5. The chairman of the GMS determines the composition and/or changes in the members of the Board of Commissioners and/
or the Board of Directors of the Company. The resolution of the GMS is stated in the Minutes of the GMS.
Remuneration of the Board of Commissioners and the Board of Directors
Procedure and Basis of Remuneration Determination of the Board of Commissioners and the Board of Directors
Determination of the remuneration amount for the Board of Commissioners and the Board of Directors refers to the resolutions
of the GMS whose authority may be delegated to the Board of Commissioners by taking into consideration the opinions and
recommendations from the Nomination and Remuneration Committee. Information regarding the aspects that are taken into
consideration in determining the remuneration of the Board of Commissioners and Directors is described as follows:
1. The prevailing remuneration in the industry, in accordance with the Company’s business activities and business scale in the
industry;
2. Duties, responsibilities, and authorities of the Board of Commissioners and the Board of Directors in regards to the goals
achievement and performance of the Company;
3. Target and performance of each member of the Board of Commissioners and Board of Directors; and
4. The balance between fixed and variable benefits.
Remuneration Structure and Amount
The remuneration structure received by the Company’s Board of Commissioners and Board of Directors consists of:
Allowances in
Other Discretionary
the Form of Salary
Allowances Bonus
Natura
Information concerning the amount of remuneration received by the Company’s Board of Commissioners and the Board of
Directors in 2023 is disclosed as follows:
(in millions of Rupiah)
Recipient Total Remuneration*
The Board of Commissioners 30,782
The Board of Directors 57,639
Total 88,421
* Other than remuneration received by the Board of Commissioners and the Board of Directors of the Company’s Subsidiaries.
Sharia Supervisory Board
Up until the end of 2023, the Company does not have a Sharia Supervisory Board under the considerations that the products
and services produced, the management system, fund management, and investment policies carried out by the Company
have not fully implemented sharia principles.
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Good Corporate Governance
Committees Under the Board of
Commissioners
In carrying out its supervisory duties, the Board of Commissioners is assisted by supporting organs under the Board of
Commissioners which consists of 3 organs, namely the Audit Committee, the Nomination and Remuneration Committee, and
the Good Corporate Governance Committee.
The Audit Committee
The Audit Committee is a Company organ established by the Board of Commissioners to assist in the implementation of the
monitoring and evaluating function of the implementation of an adequate internal control system; ensuring the quality of
financial disclosure and reporting; reviewing the scope, accuracy, independence and objectivity of public accountant; and
monitoring compliance with applicable laws and regulations.
The Audit Committee Charter
The Company has an Audit Committee Charter in place, which was stipulated on August 16, 2021 (“Audit Committee
Charter”). The Audit Committee Charter was formulated to ensure that the Audit Committee is able to perform its duties and
responsibilities efficiently, effectively, transparently and independently, accountably, and acceptable by all stakeholders.
Composition of the Audit Committee
Based on the Audit Committee Charter, the composition of the Audit Committee comprises of at least 3 people, including an
Independent Commissioner as the Chairman and members from independent parties. One of the Audit Committee members
has accounting and/or finance expertise and experience in, and the others have law or capital markets expertise, as well as a
good understanding of corporate governance. In addition, all members of the Audit Committee must meet the competency
and independence requirements as stipulated in POJK No. 55/POJK.04/2015 concerning the Establishment and Working
Guidelines of Audit Committees.
The appointment and dismissal of the Audit Committee members is carried out by the Board of Commissioners by virtue
of its decree. Dismissal of the Audit Committee members may be made if the concerned person reaches the expiry of his/
her term of office and is dismissed based on the Board of Commissioners’ decree for not achieving the predetermined
performance standard and/or for incompetence in carrying out his/her duties. In 2023, the composition of the Audit Committee
consisted of 3 members, namely:
Name Position
Mohammad Noor Rachman Soejoeti Chairman of the Audit Committee
Fitradewata Teramihardja Member of the Audit Committee
Sammy TS Lalamentik Member of the Audit Committee
Profile of the Audit Committee
The profile of each member of the Audit Committee is described as follows:
MOHAMMAD NOOR RACHMAN SOEJOETI
Chairman of the Audit Committee
Term of Office and Basis of Appointment
2021 – 2026:
The Board of Commissioners Decree No. 023/AA/DIR/VI/2021 dated August 16, 2021.
The full profile of the Chairman of the Audit Committee can be found in the Profile of the Board of Commissioners section
of this Annual Report.
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Fitradewata
Teramihardja
Member of the Audit Committee
Indonesian, 55 years old.
Work Experiences
• Senior Manager in Public Accounting Firm of Prasetio Utomo
& Co (Arthur Andersen Jakarta), Arthur Andersen (Melbourne,
Australia), Ernst & Young (Jakarta) (1991 - 2005);
• Managing Partner in Public Accounting Firm of Fitradewata
Teramihardja (Jakarta) (2005 - 2008);
• Member of the Board of Professional Standards of Certified
Public Accountants (Dewan Standar Profesional Akuntan Publik or
“DSPAP”) (2007 - 2008);
• Deputy Managing Partner of Public Accounting Firm of Tjahjadi,
Pradhono, Teramihardja (Jakarta) (Member Firm of Morison
International) (2008 - 2011); and
• Member of the Audit Committee of PT Mulia Boga Raya Tbk
(2019 – 2023).
Term of Office and Basis of Dual Appointments
Appointment
• Founding Partner of Public Accounting Firm of Teramihardja,
2021 - 2026: Pradhono & Chandra (Jakarta) (Member Firm of Rodl International
The Board of Commissioners Decree GmbH) (2011 - present);
No. 023/AA/DIR/VI/2021 dated • Professional Organization Activities:
August 16, 2021. - Indonesian Institute of Accountants (Ikatan Akuntan Indonesia
or “IAI”);
Educational Background - Indonesian Institute of Certified Public Accountants (Institut
Bachelor of Economics with a Akuntan Publik Indonesia or “IAPI”); and
major in Accounting from Trisakti - ASEAN CPA;
University, Jakarta, 1991. • Member of the Related Party Transaction Committee of
the Company (2022 – present);
• Independent Commissioner of PT Garudafood Putra Putri Jaya
Certifications Tbk (2023 – present); and
• Certified Public Accountant (CPA); • Member of the Audit Committee of PT Nusantara Sejahtera
• Certified ASEAN Public Accountant Raya Tbk (2023 - present).
(ASEAN CPA);
• Certified Chartered Accountant Education/Training in 2023
(CA); and
• State Registered Accountant. • Continuing Education Training (Pelatihan Pendidikan Berkelanjutan
or PPL) of the Financial Services Authority (Otoritas Jasa Keuangan
or “OJK”), Capital Market - Implementation of Engagement
Affiliation Quality Control Review (EQCR) and the Role of Communication/
Is not an affiliate of members Consultation to Regulators in accordance with OJK Regulation
of the Board of Commissioners, No. 13 Year 2017 to Mitigate Audit Risk by OJK and IAPI;
members of the Board of Directors, • KEPAP 2021 - Code of Ethics 2021, Noclar, and Indepedence in
as well as Main and Controlling Audit Engagements by IAPI;
Shareholders. • SP2DK 2023 - How Taxpayers Respond Appropriately? by IAPI;
• PPL Public Accountant PPPK 2023 - Sharing Findings of KAP
Audit Results by Financial Professional Development Center
(Pusat Pembinaan Profesi Keuangan or “PPPK”) and Risk Mitigation
by PPPK of the Ministry of Finance and IAPI; and
• Risk Management for Public Accountant Firms (Based on
ISO 31000:2018) by IAPI.
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Good Corporate Governance
Sammy TS Lalamentik
Member of the Audit Committee
Indonesian, 61 years old.
Term of Office and Basis of Appointment
2021 - 2026:
The Board of Commissioners Decree No. 023/AA/DIR/VI/2021 dated
August 16, 2021.
Work Experiences
• Examiner of Inspectorate General of the Ministry of Finance
(1984 - 1989);
• Executing officer of Bureau of Brokerage Development for the
Capital Market Implementing Agencies (1989 - 1991);
• Head of Sub Division of Bureau of Corporate Financial Assessment
I - Capital Market Implementing Agencies Services Sector
(1991 - 2000);
• Head of Sub Division of Bureau of Accounting Standards and
Disclosure of Capital Market Supervisory Agencies (2000 - 2006);
• Head of Sub Division of Bureau of Real Sector Company Valuation
of Capital Market and Financial Institutions Supervisory Agencies
Educational Background
(2006 - 2012);
Diploma III in Accounting from • Head of Sub Division of the Directorate of Real Sector Company
Sekolah Tinggi Akuntansi Negara Valuation of Financial Services Authority – Capital Market Sector
(“STAN”), 1984. Supervision (2013 - 2014);
• Head of Sub Division of the Directorate of Capital Market
Certifications Supporting Institutions and Professionals of financial Services
Authority - PM2B Department (2014 - 2020); and
Financial Services Sector Supervisory
• Ad interim Head of Accountant Compliance – DLPM of Financial
Certification (Sektor Jasa Keuangan
Services Authority – PM2B Department (2016 - 2018).
or “SJK”) Level 2.
Affiliation Dual Appointments
• Commissioner of PT Kredit Rating Indonesia (2020 - present);
Is not an affiliate of members
• Independent Commissioner of PT Super Energy Tbk
of the Board of Commissioners,
(2020 - present);
members of the Board of Directors,
• Independent Commissioner of PT Perdana Karya Perkasa
as well as Main and Controlling
(2021 - present); and
Shareholders.
• Member of the Audit Committee of PT Nusantara Sejahtera
Raya Tbk (2023 – present).
Education/Training in 2023
-
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Duties and Responsibilities of the Audit Committee
Information regarding the duties and responsibilities of the Audit Committee under the Audit Committee Charter is described
as follows:
1. Reviewing the financial information to be issued by the Company to the public and/or authorities, including financial
statements, projections, and other reports related to the Company’s financial information;
2. Reviewing compliance with internal regulations as well as laws and regulations related to the Company’s activities, and
submitting the reviews to the Board of Commissioners;
3. Providing independent opinions in the event of differing opinions between the management and the accountant on the
services provided;
4. Providing recommendations to the Board of Commissioners regarding the appointment of a Public Accountant based on
independence, scope of assignment, and remuneration for services;
5. Discussing audit plans including the nature and scope of the audit;
6. Reviewing the adequacy of the audit by taking all significant risks into consideration;
7. Reviewing the planning, implementation, and supervising the execution of follow-ups by the Board of Directors on the
findings of both internal and external auditors;
8. Reviewing and reporting, to the Board of Commissioners, complaints related to the Company’s accounting and financial
reporting processes, including allegations of errors in the resolutions of the Board of Directors meeting or deviations in the
implementation of the resolutions of the Board of Directors meeting;
9. Conducting inspections, either by the Audit Committee itself or by assigning third parties, if necessary;
10. Reviewing and providing advice to the Board of Commissioners regarding potential conflicts of interest in the Company;
11. Assisting the Board of Commissioners in carrying out active supervision on the compliance function by: (i) evaluating the
implementation of the Company’s compliance function with internal regulations as well as laws and regulations relating
to the Company’s activities at least twice in a year; and (ii) providing suggestions in order to improve the quality of the
Company’s compliance function;
12. Providing recommendations to the Board of Commissioners regarding the appointment, dismissal, and performance
assessment of the Chairman of the Internal Audit Unit;
13. Maintaining the confidentiality of the Company’s documents, data, and information; and
14. Reviewing the implementation of risk management performed by the Board of Directors.
Statement of Independence of the Audit Committee
The Audit Committee always upholds the principles of independence and prudence in carrying out its duties and responsibilities.
This is evidenced by the Chairman of the Audit Committee who originally served as Independent Commissioner, while the 2 members
of the Audit Committee are personnel from external and independent parties. All members of the Audit Committee have met
the independence requirements in accordance with GCG regulations and practices, i.e. that members of the Audit Committee:
1. Are not parties who work or have the authority and responsibility to plan, lead, control, or supervise the Company’s
activities within the last 6 months;
2. Do not hold the Company’s shares either directly or indirectly in the Company;
3. Have no affiliation with the Board of Commissioners, the Board of Directors, or Main and Controlling Shareholders of the
Company; and
4. Have no business relationship, either directly or indirectly, related to the Company’s business activities.
The Audit Committee Meeting
Meeting Policy
Based on the Audit Committee Charter, the Audit Committee is required to convene a meeting no fewer than once in 3 months.
The meeting may only be convened if it is attended by at least 51% of the total members, including an Independent Commissioner.
Meeting Convention
Throughout 2023, the Audit Committee has convened 6 meetings. Information regarding the number of meetings and meeting
attendance by members of the Audit Committee is as follows:
Number of Total Attendance
Name Position
Meeting Attendance (%)
Mohammad Noor Rachman Soejoeti Chairman of the Audit Committee 6 6 100.00
Fitradewata Teramihardja Member of the Audit Committee 6 6 100.00
Sammy TS Lalamentik Member of the Audit Committee 6 6 100.00
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Good Corporate Governance
Competence Development of the Audit Committee
The Company continually strives to improve the knowledge and competence of the Audit Committee through the
implementation of competence development programs attended by members of the Audit Committee every year. Information
related to the competence development programs participated by members of the Company’s Audit Committee throughout
2023 has been disclosed in the Profile section of each member of the Audit Committee.
Performance of the Audit Committee’s Duties
Information regarding performance of the Audit Committee’s duties in 2023 is described as follows:
1. Discussing the year-end audit results of the Consolidated Financial Statements of the Company and its Subsidiaries for
the financial year ended December 31, 2022, by the Independent Auditor, KAP Tanudiredja, Wibisana, Rintis & Rekan
(a member firm of the global PwC network);
2. Reviewing the Consolidated Financial Statements of the Company and its Subsidiaries for the March 31, 2023 period;
3. Evaluating the implementation of provision of audit services on annual historical financial information by Public
Accountant and/or Public Accounting Firm for the 2022 financial year;
4. Discussing the Consolidated Financial Statements of the Company and its Subsidiaries for the June 30, 2023 period;
5. Discussing the Consolidated Financial Statements of the Company and its Subsidiaries for the September 30, 2023 period;
6. Providing recommendations for the appointment of a Public Accounting Firm that will audit the Financial Statements for
the 2023 financial year;
7. Discussing the progress report on the appointment of Public Accountant and/or Public Accounting Firm for the 2023
financial year;
8. Reviewing the independence and objectivity of the Public Accounting Firm in conducting the audit for the 2023 financial year;
9. Reviewing the implementation of the Internal Audit Unit’s work program and providing input to improve the efficiency and
effectiveness of the Internal Audit Unit;
10. Reviewing audit findings, both from internal and external auditors, and monitoring follow-up actions on audit findings; and
11. Reviewing the effectiveness of the internal control system and providing input to encourage the creation of an effective
internal control system.
The Nomination and Remuneration Committee
The Nomination and Remuneration Committee is a Company organ established by the Board of Commissioners to assist in
the implementation of the supervisory function over the implementation of the nomination and remuneration processes to
ensure that they run objectively, effectively, and efficiently, as well as to improve the quality, competence, and responsibilities
of the Board of Commissioners and the Board of Directors in achieving Vision and Mission of the Company.
The Nomination and Remuneration Committee Charter
The Company has a Nomination and Remuneration Committee Charter in place, which was stipulated on August 16, 2021
(“Nomination and Remuneration Committee Charter”). The Nomination and Remuneration Committee Charter was formulated
to ensure that the Nomination and Remuneration Committee is able to perform its duties and responsibilities efficiently,
effectively, transparently and independently, accountably, and acceptable by all stakeholders.
The Composition of Nomination and Remuneration Committee
In accordance with the Nomination and Remuneration Committee Charter, composition of the Nomination and Remuneration
Committee comprises at least 3 members, chaired by an Independent Commissioner of the Company. The appointment and
dismissal of the Nomination and Remuneration Committee members is carried out by the Board of Commissioners by virtue
of its decree. Dismissal of the Nomination and Remuneration Committee members may be made if the concerned person
reaches the expiry of his/her term of office and is dismissed based on the Board of Commissioners’ decision for not achieving
the predetermined performance standard and/or for incompetence in carrying out his/her duties. In 2023, the composition of
the Nomination and Remuneration Committee consisted of 3 members, namely:
Name Position
Mohammad Noor Rachman Soejoeti Chairman of the Nomination and Remuneration Committee
Hermanto Tanoko Member of the Nomination and Remuneration Committee
Iwan Sigit Member of the Nomination and Remuneration Committee
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Profile of the Nomination and Remuneration Committee
The profile of each member of the Nomination and Remuneration Committee is described as follows:
MOHAMMAD NOOR RACHMAN SOEJOETI
Chairman of the Nomination and Remuneration Committee
Term of Office and Basis of Appointment
2021 – 2026:
The Board of Commissioners Decree No. 023/AA/DIR/VI/2021 dated August 16, 2021.
The full profile of the Chairman of the Nomination and Remuneration Committee can be found in the Profile of the Board of
Commissioners section of this Annual Report.
HERMANTO TANOKO
Member of the Nomination and Remuneration Committee
Term of Office and Basis of Appointment
2021 – 2026:
The Board of Commissioners Decree No. 023/AA/DIR/VI/2021 dated August 16, 2021.
The full profile of the Chairman of the Nomination and Remuneration Committee can be found in the Profile of the Board of
Commissioners section of this Annual Report.
Iwan Sigit
Member of the Nomination and Remuneration
Committee
Indonesian, 51 years old.
Term of Office and Basis of Appointment
2021 - 2026:
The Board of Commissioners Decree No. 033/AA/DIR/VIII/2021
dated August 31, 2021.
Educational Background
Bachelor of Industrial Statistics from Brawijaya University, Malang
1997.
Work Experiences
Operational General Manager of the Company (2017 - 2021).
Dual Appointments
• Vice Director of Operations of the Company (2021 - present); and
Certifications
• Member of the Good Corporate Governance Committee
- (2022 – present).
Affiliation Education/Training in 2023
Is not an affiliate of members • The Cooler Earth Sustainability Summit 2023 Jakarta:
of the Board of Commissioners, “Sustainability in Action: Opportunities for a Better Tomorrow in
members of the Board of Directors, Indonesia” by PT Bank CIMB Niaga Tbk; and
as well as Main and Controlling • Implementation of Quality Control Circle (QCC) by Lentera
Shareholders. Prokualita Karsa Teknik dan Manajemen Industri.
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Duties and Responsibilities of the Nomination and Remuneration Committee
Information regarding the duties and Responsibilities of the Nomination and Remuneration Committee under the Nomination
and Remuneration Committee Charter is described as follows:
1. Providing recommendations to the Board of Commissioners concerning policy, amount, and structure of the remuneration
for the Board of Commissioners and the Board of Directors which will be a part of the Board of Commissioners’ Report to be
submitted to and then stipulated in the GMS;
2. Assisting the Board of Commissioners in performance assessment in relation to the suitability of remuneration received by
each member of the Board of Commissioners and the Board of Directors;
3. Providing recommendations to the Board of Commissioners regarding:
a. designation composition of the Board of Commissioners and the Board of Directors;
b. policy and criteria required in the nomination process of members of the Board of Commissioners and the Board of
Directors; and
c. policy on performance assessment for members of the Board of Commissioners and the Board of Directors;
4. Assisting the Board of Commissioners in assessing the performance of members of the Board of Commissioners and the
Board of Directors based on the benchmarks that have been stipulated as assessment considerations;
5. Providing recommendations to the Board of Commissioners regarding competence development programs for members
of the Board of Commissioners and the Board of Directors;
6. Providing proposals of qualified candidates as members of the Board of Commissioners and/or members of the Board of
Directors to the Board of Commissioners to be submitted to the GMS;
7. Performing tasks, other than the aforementioned, given by the Board of Commissioners in accordance with their functions
and duties from time to time as necessary; and
8. In carrying out its duties, the Nomination and Remuneration Committee is responsible to the Board of Commissioners and
must act independently.
Statement of Independence of the Nomination and Remuneration Committee
The Nomination and Remuneration Committee is required to carry out its duties and responsibilities professionally and
independently by taking into account the principles of independence and prudence. The Company warrants that the entire
members of the Nomination and Remuneration Committee do not have conflicts of interest with other parties in the company’s
organs and are able to carry out their duties independently.
The Nomination and Remuneration Committee Meeting
Meeting Policy
Based on the Nomination and Remuneration Committee Charter, the Nomination and Remuneration Committee meetings
are convened periodically, no fewer than once in 4 months. Meetings may only be convened if attended by a majority of the
members of the Nomination and Remuneration Committee.
Meeting Convention
Throughout 2023, the Nomination and Remuneration Committee has convened 3 meetings. Information regarding the number
of meetings and meeting attendance by members of the Nomination and Remuneration Committee is described as follows:
Number of Total Attendance
Name Position
Meetings Attendance (%)
Chairman of the Nomination and
Mohammad Noor Rachman Soejoeti 3 3 100.00
Remuneration Committee
Member of the Nomination and
Hermanto Tanoko 3 3 100.00
Remuneration Committee
Member of the Nomination and
Iwan Sigit 3 3 100.00
Remuneration Committee
Competence Development of the Nomination and Remuneration Committee
The Company continually strives to improve the knowledge and competence of the Nomination and Remuneration Committee
through the implementation of competence development programs attended by the Nomination and Remuneration
Committee members every year. Information related to the competence development programs participated by members of
the Company’s Nomination and Remuneration Committee throughout 2023 has been disclosed in the Profile section of each
member of the Nomination and Remuneration Committee.
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Performance of the Nomination and Remuneration Committee’s Duties
Information regarding the performance of the Nomination and Remuneration Committee’s duties and responsibilities in 2023
is described as follows:
1. Reviewing the remuneration of the Company’s Board of Commissioners and Board of Directors for 2023;
2. Discussing the review of self-assessment results by each Board of Commissioners Member regarding the collective
performance of the Board of Commissioners and the Board of Directors for the 2022 financial year;
3. Assisting the Board of Commissioners in performance assessment of the Board of Commissioners and the Board of Directors
for 2023; and
4. Performing other duties assigned by the Company’s Board of Commissioners.
The Good Corporate Governance Committee
The Good Corporate Governance Committee is a Company organ established by the Board of Commissioners to assist in
implementing the supervisory function of enforcing the Company’s Business Ethics and Code of Conduct. The Good Corporate
Governance Committee has the duties and responsibilities to receive and follow up on reports of any complaint concerning
violations of Business Ethics and Code of Conduct committed by personnel of the Company.
The Good Corporate Governance Committee Charter
In performing its duties and responsibilities, the Good Corporate Governance Committee is guided by the Company’s Business
Ethics and Code of Conduct which have been stipulated on June 25, 2021, as last amended on March 24, 2022.
Composition of the Good Corporate Governance Committee
The Company has established the Good Corporate Governance Committee with a term of office of 3 years. The appointment
and dismissal of members of the Good Corporate Governance Committee is based on the resolutions of the Board of
Commissioners. The Good Corporate Governance Committee is chaired by the Operational Director with permanent members
comprising of the Financial Director and Deputy Operational Director. The Good Corporate Governance Committee also
consists of Ad Hoc members, i.e. the division leaders within the Company’s organization. In 2023, the composition of the Good
Corporate Governance Committee consists of 3 people, namely:
Name Position
Robert Christian Tanoko Chairman of the Good Corporate Governance
Kurnia Hadi Sinanto Member of the Good Corporate Governance
Iwan Sigit Member of the Good Corporate Governance
Profile of the Good Corporate Governance Committee
The profile of each member of the Good Corporate Governance Committee is described as follows:
ROBERT CHRISTIAN TANOKO
Chairman of the Good Corporate Governance
Term of Office and Basis of Appointment
2023 – 2026: Minutes of Meeting of the Board of Commissioners of the Company No. 004/AA/BAR/KOM/VIII/2023
dated August 16, 2023.
The full profile of the Chairman of the Good Corporate Governance Committee can be found in the Profile of the Board of
Directors section of this Annual Report.
KURNIA HADI SINANTO
Member of the Good Corporate Governance
Term of Office and Basis of Appointment
2023 – 2026: Minutes of Meeting of the Board of Commissioners of the Company No. 004/AA/BAR/KOM/VIII/2023
dated August 16, 2023.
The full profile of the Member of the Good Corporate Governance Committee can be found in the Profile of the Board of
Directors section of this Annual Report.
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IWAN SIGIT
Member of the Good Corporate Governance
Term of Office and Basis of Appointment
2023 – 2026: Minutes of Meeting of the Board of Commissioners of the Company No. 004/AA/BAR/KOM/VIII/2023
dated August 16, 2023
The full profile of the Member of the Good Corporate Governance Committee can be found in the Profile of Member of the
Nomination and Remuneration Committee section in this Annual Report.
Duties and Responsibilities of the Good Corporate Governance Committee
Information regarding the duties and responsibilities of the Good Corporate Governance Committee under the Company’s
Business Ethics and Code of Conduct is described as follows:
1. Conducting socialization activities to enforce the Company’s Business Ethics and Code of Conduct to all company personnel
as a form of prevention of violations of the Company’s Business Ethics and Code of Conduct;
2. Receiving questions that arise from company personnel regarding the contents of the Company’s Business Ethics and Code
of Conduct;
3. Receiving reports of any complaints against violations of the Company’s Business Ethics and Code of Conduct by company
personnel;
4. Following up on any reports of violations of the Company’s Business Ethics and Code of Conduct; and
5. Providing recommendations on resolutions of violations of the Company’s Business Ethics and Code of Conduct to the
Board of Directors, including sanctions that will be imposed.
Statement of Independence of the Good Corporate Governance Committee
The Good Corporate Governance Committee is required to carry out its duties and responsibilities professionally and
independently by taking into account the principles of independence and prudence. The Company warrants that the entire
members of the Good Corporate Governance Committee do not have conflicts of interest with other parties in the company’s
organs and are able to independently carry out their duties.
The Good Corporate Governance Committee Meeting
Meeting Policy
The Good Corporate Governance Committee meetings are convened periodically, as necessary in enforcing Business Ethics
and Code of Conduct.
Meeting Convention
Throughout 2023, the Good Corporate Governance Committee has convened 3 meetings. Information regarding the number
of meetings and meeting attendance by members of the Good Corporate Governance Committee is described as follows:
Number of Total Attendance
Name Position
Meetings Attendance (%)
Robert Christian Tanoko Chairman of the Good Corporate Governance Committee 3 3 100.00
Kurnia Hadi Sinanto Member of the Good Corporate Governance Committee 3 3 100.00
Iwan Sigit Member of the Good Corporate Governance Committee 3 3 100.00
Competence Development of the Good Corporate Governance Committee
The Company continually strive to improve the knowledge and competence of the Good Corporate Governance Committee
through the implementation of competency development programs attended by Good Corporate Governance Committee
members every year. Information related to the competence development programs participated by members of the Company’s
Good Corporate Governance Committee throughout 2023 has been disclosed in the Profile section of each member of the
Good Corporate Governance Committee.
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Implementation of Duties of the Good Corporate Governance Committee
Information regarding the implementation of the duties and responsibilities of the Good Corporate Governance Committee
throughout 2023 is described as follows:
1. Discussed a summary of environmental, social and governance data for the Company and Subsidiaries for the period April
30, 2023, June 30, 2023, and September 30, 2023 in connection with the Company’s commitment to running a business
that is responsible for sustainability;
2. Discussed the result of assessment from EcoVadis, an international certification body, on the Company’s sustainability
performance in environmental, labor and human rights, ethics, and procurement practices; and
3. Ensured that all complaints of violations received had been followed up through in-depth investigations based on the facts
obtained and protected the confidentiality of the reporter’s identity.
Committees Under the Board of Directors
The Related Party Transaction Committee
The Related Party Transaction Committee is a Company organ established by the Board of Directors to assist in implementing
the Company’s management functions, particularly in terms of managing the Company’s transactions with related parties.
The Related Party Transaction Committee assists the Board of Directors in ensuring that every related party transaction to be
conducted by the Company is in accordance with generally accepted business practices, applicable laws and regulations, and
meet the principles of fair transactions.
The Related Party Transaction Committee Charter
In performing its duties and responsibilities, the Related Party Transaction Committee is guided by the Financial Services
Authority Regulation No. 42/POJK.04/2020 concerning Affiliated Transactions and Conflict of Interest Transactions and the
Affiliated Transaction Guidelines established by the Company on November 16, 2022.
Composition of the Related Party Transaction Committee
The appointment and dismissal of the Related Party Transaction Committee members is carried out by the Board of Directors.
Dismissal of the Related Party Transaction Committee members may be made if the concerned person reaches the expiry of his/
her term of office and is dismissed based on the Board of Directors’ decision for not achieving the predetemined performance
standard and/or for incompetence in carrying out his/her duties. In 2023, the composition of the Related Party Transaction
Committee consisted of 3 members, namely:
Name Position
Kurnia Hadi Sinanto Chairman of the Related Party Transaction Committee
Fitradewata Teramihardja Member of the Related Party Transaction Committee
Bobby Septian Yahya* Member of the Related Party Transaction Committee
* Term of office as Member of the Related Party Transactions Committee commenced on June 14, 2023 replacing Mr. Devyka Oktima S.
Profile of the Related Party Transaction Committee
The profile of each member of the Related Party Transaction Committee is described as follows:
KURNIA HADI SINANTO
Chairman of the Related Party Transaction Committee
Term of Office and Basis of Appointment
2022 – 2025:
The Board of Directors Decree No. 008/AA/SK/DIR/V/2022 dated May 19, 2022.
The full profile of the Chairman of the Related Party Transaction Committee can be found in the Profile of the Board of
Directors section of this Annual Report.
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FITRADEWATA TERAMIHARDJA
Member of the Related Party Transaction Committee
Term of Office and Basis of Appointment
2022 – 2025:
The Board of Directors Decree No. 008/AA/SK/DIR/V/2022 dated May 19, 2022.
The full profile of the Member of the Related Party Transaction Committee can be found in the Profile of the Audit Committee
section of this Annual Report.
Bobby Septian Yahya*
Member of the Related Party Transaction
Committee
Indonesian, 31 years old.
Term of Office and Basis of Appointment
2023 – 2025:
The Board of Directors Decree No. 008/AA/SK/DIR/VI/2022 dated
June 14, 2023.
Educational Background
Bachelor of Accounting from Bina Nusantara University, Jakarta, in
2014.
Certification
• Practical Implementation of Operational Audit from Yayasan
Pendidikan Internal Audit; and
• Risk Based Internal Audit from Yayasan Pendidikan Internal Audit.
Affilation
Work Experiences
Is not an affiliate of members
• Internal Audit of PT Combiphar (2015 – 2018);
of the Board of Commissioners,
• Internal Audit Senior of PT Sayap Mas Utama (Wings Corp)
members of the Board of Directors,
(2018-2022);
as well as Main and Controlling
• Assistant Manager of Special Investigations and Forensic Audit of
Shareholders.
PT Sinarmas Agro Resources and Technology Tbk (2022).
Dual Appointments
Head of Internal Audit Unit of the Company (2023 – present).
Education/Training in 2023
This information is presented in the Competence Development of
the Internal Audit Unit section of this Annual Report.
* Term of office as Member of the Related Party Transactions Committee commenced on June 14, 2023 replacing Mr. Devyka Oktima S.
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Duties and Responsibilities of the Related Party Transaction Committee
Information regarding the duties and responsibilities of the Related Party Transaction Committee is described as follows:
1. Providing recommendations to the Board of Directors regarding affiliated transactions conducted by the Company, such
that they are in accordance with the generally accepted business practices, applicable laws and regulations, and meet the
principles of fair transactions;
2. Assisting the Board of Directors to ensure that transactions conducted with related parties are not detrimental to the
interests of the Company and the Company’s Independent Shareholders;
3. Cooperating with the Corporate Secretary, Finance Team, and Legal Team of the Company in discussing and deliberating
affiliated transaction plans to be undertaken by the Company; and
4. Conducting special inspections related to affiliated transactions, if necessary.
Independence Statement of the Related Party Transaction Committee
The Related Party Transaction Committee is required to carry out its duties and responsibilities professionally and independently
by taking into account the principles of independence and prudence. The Company warrants that the entire members of the
Related Party Transaction Committee do not have conflicts of interest with other parties in the company’s organs and are able
to independently carry out their duties.
The Related Party Transaction Committee Meeting
Meeting Policy
The Related Party Transaction Committee meetings are convened periodically, no fewer than once in 4 months. Meetings may
only be convened if attended by a majority of the members of the Related Party Transaction Committee.
Meeting Convention
Throughout 2023, the Related Party Transaction Committee has convened 4 meetings. Information regarding the number of
meetings and meeting attendance by members of the Related Party Transaction Committee is described as follows:
Number of Total Attendance
Name Position
Meetings Attendance (%)
Kurnia Hadi Sinanto Chairman of the Related Party Transaction Committee 4 4 100.00
Fitradewata Teramihardja Member of the Related Party Transaction Committee 4 4 100.00
Bobby Septian Yahya* Member of the Related Party Transaction Committee 4 3 75.00
* Term of office as Member of the Related Party Transactions Committee commenced on June 14, 2023 replacing Mr. Devyka Oktima S.
Competence Development of the Related Party Transaction Committee
The Company continually strives to improve the knowledge and competence of the Related Party Transaction Committee
through the implementation of competence development programs attended by the Related Party Transaction Committee
members every year. Information related to the competence development program participated by members of the Company’s
Related Party Transaction Committee throughout 2023 has been disclosed in the Profile section of each member of the Related
Party Transaction Committee.
Implementation of Duties and Responsibilities of the Related Party Transaction Committee
Information regarding the implementation of the duties and responsibilities of the Related Party Transaction Committee
throughout 2023 is described as follows:
1. Discuss periodically every quarter the affiliate transactions, including:
a. purchase of PVC pipe products by PT Tirtakencana Tatawarna (distributor) from PT Avia Avian Industri Pipa (producer);
b. purchase of plastic packaging for finished goods by the Company from PT Mitra Mulia Makmur;
c. purchase of supporting building material products by PT Tirtakencana Tatawarna (distributor) from PT Kencana
Lintasindo Internasional (producer);
d. warehouse/depot rental for distribution activities by PT Tirtakencana Tatawarna from PT Sarana Depo Kencana; and
e. purchase of calcium carbonate by the Company from PT Panca Kalsiumindo Perkasa.
2. Discuss affiliate transaction plans as follows:
a. Amendment of Warehouse Rental Agreement between PT Tirtakencana Tatawarna and PT Sarana Depo Kencana; and
b. Amendment of Building Lease Agreement owned by PT Tirtakencana Tatawarna.
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The Corporate Secretary
The Corporate Secretary is a Company organ whose duties and responsibilities are to support the implementation of the
Board of Directors’ functions related to communication relations between the Company’s organs, relationships between the
Company and Shareholders, regulators and other stakeholders, as well as ensuring the Company’s compliance with laws and
regulations in the capital market. The Corporate Secretary is also in charge of ensuring the availability of public information
that may be accessed by stakeholders according to reasonable needs.
The Corporate Secretary Charter
The Company has a Corporate Secretary Charter in place, which was stipulated on August 16, 2021 (“Corporate Secretary
Charter”). The Corporate Secretary Charter was formulated to regulate the functions and responsibilities of the Corporate
Secretary in order that they may be carried out in an efficient, transparent, accountable, and independent manner in accordance
with the prevailing laws and regulations.
Party Appointing and Dismissing the Corporate Secretary
The Corporate Secretary is directly responsible to the Board of Directors and is appointed and dismissed by a Board of Directors
Decree. Each appointment, replacement, or dismissal of the Corporate Secretary shall be notified to the Financial Services Authority.
Profile of the Corporate Secretary
Hera Septi Astuti
The Corporate Secretary
Indonesian, 38 years old, domiciled in Jakarta.
Basis of Appointment
The Board of Directors Decree No. 012/AA/SK/DIR/VIII/2022 dated
August 31, 2022.
Educational Background
• Bachelor of Law from Atma Jaya University, Jakarta, in 2007; and
• Master of Notarial from Pelita Harapan University, Jakarta, in 2019.
Certification
• The Advocate Professional Exam (“UPA”) – The Indonesian
Advocates Association (“PERADI”); and
• Basic 1 Course of Capital Market Legal Consultant Professional
Education - Capital Market Legal Consultant Association
(Himpunan Konsultan Hukum Pasar Modal or “HKHPM”) and FHP
Education of Law (“FHP”).
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Work Experiences
• Legal Staff of Notary Office of Dr. Misahardi Wilamarta, S.H., M.Kn. (2008 - 2010);
• Senior Legal of PT Profesional Telekomunikasi Indonesia (2010 - 2017);
• Corporate Secretary Manager of PT Graha Layar Prima Tbk (2018 - 2020); and
• Corporate Secretary Manager of the Company (2021 - 2022).
Dual Appointments
-
Duties and Responsibilities of the Corporate Secretary
Information regarding the duties and responsibilities of the Corporate Secretary under the Corporate Secretary Charter is
described as follows:
1. Keeping abreast of capital market developments, in particular the prevailing laws and regulations in the capital market
sector;
2. Providing input to the Board of Commissioners and the Board of Directors concerning compliance with the laws and
regulations in the capital market sector;
3. Disclosing information to the public, including the availability of information on the Company’s website;
4. Submitting reports to the Financial Services Authority in a timely manner;
5. Convening and documenting GMS and meetings of the Board of Commissioners and/or the Board of Directors;
6. Conducting orientation programs for the Board of Commissioners and/or the Board of Directors;
7. Coordinating preparation and submission processes of the Annual Report and Sustainability Report;
8. Acting as the liaison between the Company and the Shareholders, the Financial Services Authority, and other stakeholders;
9. Representing the Company in correspondences with capital market authorities in accordance with the authority granted
by the Company; and
10. Submitting periodic reports, no fewer than once in a year, regarding the implementation of the Corporate Secretary
functions to the Board of Directors, copied to the Board of Commissioners.
The Corporate Secretary Competence Development
The Company enrolls the Corporate Secretary in various competence development activities, both through training and
education, to sustainably improve the insight and competence of the Corporate Secretary. Information related to competence
development programs attended by the Corporate Secretary in 2023, among others, is described as follows:
Date Name of Seminar Organizer
Dissemination of Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) Indonesia Corporate
January 12, 2023 Regulation No. 14/POJK.04/2022 concerning Submission of Periodic Financial Reports Secretary Association
of Issuers or Public Companies. (“ICSA”)
January 26, 2023 Indonesia Economic Outlook 2023: Opportunities and Challenge. ICSA
In-depth discussion of OJK Circular Letter No. 16/SEOJK.04/2021 concerning the
February 28, 2023 OJK & ICSA
Form and Content of the Annual Report of Issuers or Public Companies.
Indonesia Central
Securities Depository
March 14, 2023 GMS convention through eASY.KSEI.
(Kustodian Sentral Efek
Indonesia or “KSEI”)
In-depth discussion on Indonesia Stock Exchange Regulation No. I-E concerning
April 5, 2023 ICSA
Obligation to Submit Information.
May 30, 2023 Webinar on Effective Risk Management for Corporate Secretary. ICSA
In-depth discussion on OJK Regulation No. 14/POJK.04/2019 concerning
June 8, 2023 Amendments to OJK Regulation No. 32/POJK.04/2015 concerning Capital Increase ICSA
of Public Companies with Pre-emptive Rights.
Strengthening the Board's Succession: A Framework for Board Performance &
June 27, 2023 ICSA
Evaluation.
In-depth discussion of OJK Regulation No. 42/POJK.04/2020 concerning Affiliated
July 13, 2023 Transactions and Conflicts of Interest, and OJK Regulation No. 17/POJK.04/2020 ICSA
concerning Material Transactions and Changes in Business Activities.
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Date Name of Seminar Organizer
Implementation of Law No. 4 of 2023 on Development and Strengthening of the
July 20 2023 Financial Sector (“P2SK Law”) in the context of Strengthening the Capital Market OJK
Sector.
Discussion Workshop on the Review of OJK Regulation No. 43/POJK.04/2020, Indonesian Public Listed
OJK Regulation No. 14/POJK.04/2019, POJK No. 49/POJK.04/2020, and POJK Companies Association
July 31, 2023
No. 31/POJK.04/2017 as well as Discussion on Strategy and Implementation of the (Asosiasi Emiten
P2SK Law. Indonesia or “AEI”)
Deeper Understanding of the P2SK Law Arrangements in the context of
August 10, 2023 OJK
Strengthening the Non-Banking Financial Industry (“IKNB”).
Dessemination on OJK Circular Letter No. 33/SEOJK.04/2022 concerning Guidelines
August 24, 2023 ICSA
for Implementing Securities Offerings Classified as Non-Public Offerings.
September 13, 2023 Sustainability in Action: Opportunities for a Better Tomorrow in Indonesia. CIMB Niaga
Indonesia Stock
September 20, 2023 Launch of Statistical Publication of IDX New Listing Information.
Exchange (“IDX”)
October 19, 2023 Webinar Managing Environmental, Social, and Governance Risk and Opportunities. OJK
Dissemination of General Guidelines for Governance of Indonesian Family-
Owned Businesses (Pedoman Umum Governansi Bisnis Milik Keluarga Indonesia or
November 2, 2023 “PUG BMKI”) by the National Committee on Governance Policy (Komite Nasional KNKG
Kebijakan Governansi or “KNKG”) on the theme “Assuring Family Owned Business
Sustainability By Building Trust Through Governance”.
Basic Education Workshop on the Board of Commissioners, the Board of Directors,
November 4, 2023 ICSA
and the Annual Report.
November 9, 2023 ASEAN Corporate Governance Scorecard (“ACGS”) Revised October 2023. ICSA
Basic Education Workshop on Good Corporate Governance & ACGS and Corporate
November 11, 2023 Actions (Initial Public Offering, Material Transactions and Changes in Business ICSA
Activities, Affiliated Transactions, and Conflict of Interest Transactions).
Basic Education Workshop on Corporate Action (Dividend, Management &
November 18, 2023 Employee Stock Option Program, Pre-emptive Rights & Issuance of New Shares ICSA
Without Pre-emptive Rights), and Finance for Non-Finance.
In-depth understanding of OJK Regulation No. 15/POJK.04/2020 on the Plan and
November 23, 2023 ICSA
Implementation of General Meeting of Shareholders of Public Companies.
November 25, 2023 Basic Education Workshop on Tax for Non-Tax, and Sustainability Report. ICSA
December 20, 2023 Dissemination of ACGS 2023 Criteria and Preparation for ACGS 2024 Assessment. OJK
Implementation of the Duties of the Corporate Secretary
Information regarding the implementation of the duties and responsibilities of the Corporate Secretary throughout 2023 is
described as follows:
1. Coordinated meetings of the Board of Directors and/or the Board of Commissioners, the Audit Committee meetings, the
Nomination and Remuneration Committee meetings, the Good Corporate Governance Committee meetings, the Related
Party Transaction Committee meetings, and prepared minutes for these meetings;
2. Kept abreast of capital market regulations and ensured the Company’s compliance with applicable regulations, which
included publishing 12 monthly reports on share ownership registration activities, 4 Financial Reports, 1 Annual Report,
and 1 Sustainability Report throughout 2023;
3. Improved competence by attending various trainings;
4. Conducted correspondences with capital market regulators (Financial Services Authority and Indonesia Stock Exchange)
and other supporting institutions;
5. Carried out a number of activities in order to communicate information disclosure about the Company to the public, which
included publishing press releases 14 times;
6. Updated the data contained in the website for the investor relations department; and
7. Formulated the Corporate Secretary’s work program for 2024.
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The Internal Audit Unit
The Internal Audit Unit is a Company organ whose duties and responsibilities to supports the implementation of the Board
of Directors’ functions related to monitoring and assessing the internal control system, as well as providing independent and
objective views, assurances, and consultations to improve the value and operational performance of the Company. The Internal
Audit Unit is also responsible for assisting the Company in increasing value and improving the Company’s operations through a
systematic approach by evaluating and improving the effectiveness of risk management, internal control and GCG processes.
The Internal Audit Unit Charter
The Company has an Internal Audit Charter in place, which was stipulated on August 16, 2021 (“Internal Audit Charter”). This
Internal Audit Charter is used as guidelines and work instructions for the Internal Audit Unit so that its functions and roles may
be carried out effectively.
Party Appointing and Dismissing the Internal Audit Unit
In accordance with the Internal Audit Charter, the Internal Audit Unit is led by a Head of Internal Audit Unit appointed and
dismissed by the President Director with the Board of Commissioners’ approval. Each appointment, replacement, or dismissal
of the Head of Internal Audit Unit shall be notified to the Financial Services Authority.
Structure and Position of the Internal Audit Unit
The Board of Commissioners President Director
The Audit Committee The Internal Audit Unit
The structure of the Internal Audit Unit is directly under the President Director so that the implementation of its duties is
directly accountable to the President Director. In 2023, the Internal Audit Unit comprised of 3 members, namely:
Name Position Basis of Appointment
Bobby Septian Chairman of the
The Board of Directors Decree No. 004/AA/SK/DIR/IV/2023 dated April 6, 2023.
Yahya* Internal Audit Unit
Member of the
Devyka Oktima S The Board of Directors Decree No. 004/AA/SK/DIR/IV/2023 dated April 6, 2023.
Internal Audit Unit
Member of the
Sarwono The Board of Directors Decree No. 024/AA/DIR/VI/2021 dated August 16, 2021.
Internal Audit Unit
* The term of office as Chairman of the Internal Audit Unit commenced on April 6, 2023, replacing Mr. Devyka Oktima S.
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Profile of the Internal Audit Unit
BOBBY SEPTIAN YAHYA*
Chairman of the Internal Audit Unit
Term of Office and Basis of Appointment
The Board of Directors Decree No. 004/AA/SK/DIR/IV/2023 dated April 6, 2023.
The full profile of the Chairman of the Internal Audit Unit can be found in the Profile of the Related Party Transaction
Committee section of this Annual Report.
* The term of office as Chairman of the Internal Audit Unit commenced on April 6, 2023, replacing Mr. Devyka Oktima S.
Duties and Responsibilities of the Internal Audit Unit
Information regarding the duties and responsibilities of the Internal Audit Unit under the Internal Audit Charter is described
as follows:
1. Formulating and implementing annual internal audit plan;
2. Testing and evaluating the implementation of internal control and risk management systems in accordance with the
Company’s policies;
3. Conducting inspections and assessments of the efficiency and effectiveness in finance, accounting, operations, human
resources, marketing, information technology, and other activities;
4. Providing suggestions on improvements and objective information relating to audited activities to all managerial levels;
5. Compiling reports on audit results and submitting them to the President Director and the Board of Commissioners;
6. Monitoring, analyzing, and reporting the implementation of the suggested follow-up improvements;
7. Cooperating with the Audit Committee;
8. Developing programs to evaluate the quality of the audit activities it performs; and
9. Conducting special inspections, if necessary.
Certificates of Expertise of the Internal Audit Unit
The Internal Audit Unit has the following certificates of expertise:
Name Position Certifications
• Practical Implementation of Operational Audit from Yayasan Pendidikan Internal
Bobby Septian Chairman of the
Audit; and
Yahya* Internal Audit Unit
• Risk Based Internal Audit from Yayasan Pendidikan Internal Audit.
• ISO 9001:2015 on Quality Management System;
Member of the
Devyka Oktima S • ISO 14001:2015 on Environmental Management System; and
Internal Audit Unit
• ISO 45001:2018 on Occupational Health and Safety Management System.
• ISO 9001:2015 on Quality Management System;
Member of the
Sarwono • ISO 14001:2015 on Environmental Management System; and
Internal Audit Unit
• ISO 45001:2018 on Occupational Health and Safety Management System.
* The term of office as Chairman of the Internal Audit Unit commenced on April 6, 2023, replacing Mr. Devyka Oktima S.
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The Internal Audit Unit Meeting
The Internal Audit Unit may convene regular meetings both internally and with the Board of Commissioners, the Board of
Directors, the Audit Committee, and public accounting firms to conduct discussions related to the findings of General Audit,
Compliance Audit, and Operational Improvement. Throughout 2023, the Internal Audit Unit has convened 11 meetings with
the following attendance levels:
Number of Number of Attendance
Name Position
Meetings Attendance (%)
Bobby Septian Yahya* Chairman of the Internal Audit Unit 11 11 100.00
Devyka Oktima S Member of the Internal Audit Unit 11 11 100.00
Sarwono Member of the Internal Audit Unit 11 11 100.00
* The term of office as Chairman of the Internal Audit Unit commenced on April 6, 2023, replacing Mr. Devyka Oktima S.
The Internal Audit Unit Competence Development
The Company enrolls the Internal Audit Unit in various competence development activities, both through training and
educational programs, to continuously improve the insight and competence of the Internal Audit Unit. Information related to
competence development programs attended by the Internal Audit Unit in 2023 is described as follows:
Date Seminar Title Organizer
June 13, 2023 Effective People Management Tancorp
July 12, 2023 Strategic Intent & Balance Score Card Tancorp
July 14, 2023 Awareness ISO 50001 Internal
August 15, 2023 Practical Coaching Skill Tancorp
Implementation of Duties of the Internal Audit Unit
Information regarding the implementation of duties and responsibilities of the Internal Audit Unit throughout 2023 is described
as follows:
1. Audit inspections on cash and banks;
2. Audit inspections on receivables and sales made by the Company;
3. Audit inspections on debts and purchases made by the Company;
4. Audit inspections on finished goods inventory;
5. Audit inspections on the Company’s fixed assets;
6. Audit inspections on raw material inventory & work in process;
7. Audit inspections on the production process operations carried out by the Company;
8. Audit inspections on salary payments made by the Company;
9. Audit inspections on the project and maintenance costs;
10. Audit inspections on the customers and suppliers;
11. Audit inspenctions on the purchasing process; and
12. Audit inspections on the Company’s Subsidiaries.
In addition to carrying out the aforementioned duties, the Internal Audit Unit submits audit reports to the Board of Directors
no later than the 5th of each month.
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Public Accountant
Independent supervision of the Company’s financial
aspects is carried out by external audits, conducted by
the Public Accounting Firm (Kantor Akuntan Publik or
“KAP”). KAP’s external audit activity aims to ensure that
the Company can provide accountable, independent,
and reasonable information and data to Shareholders,
regulators, and other stakeholders.
Compliance with Indonesian Financial
Accounting Standards
The preparation of the Company’s Financial Statements
is conducted in accordance with the prevailing
regulations in Indonesia is described as follows:
1. The Financial Accounting Standards (“FAS”) stipulated
by the Indonesian Institute of Accountants (Ikatan
Akuntan Indonesia or “IAI”); and
2. Decree of the Chairman of the Capital Market
and Financial Institutions Supervisory Agency
(Badan Pengawas Pasar Modal Lembaga Keuangan
or “Bapepam-LK”) No. KEP-347/BL/2012 on the
Guidelines for the Presentation and Disclosure of
Financial Statements of Issuers or Public Companies.
External Audit Procedures and Auditing Standards
The audit of the Company’s Financial Statements is conducted in accordance with the professional standards of public
accountants, which encompasses all audit procedures deemed appropriate to the conditions of the Company, i.e. testing,
inspection, and evaluation of the Financial Statements, as well as assessment of the conformity of the contents of the Financial
Statements with FAS stipulated by IAI.
As part of the audit process, the KAP will conduct a question and answer session concerning the Company’s Management
statements disclosed in the Financial Statements. In the event of discrepancies in the presentation of the report, the KAP is obliged
to convey the discrepancies to the Company’s Management. In addition, the Company’s Management is also responsible for
approving working papers of the inspector of the KAP on the Company for review by the relevant bodies or authorities.
Appointment Mechanism of Public Accountant
With reference to Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) Regulation No. 9 Year 2023 concerning the
Use of Public Accountants and Public Accounting Firms in Financial Services Activities, the appointment of Public Accountant
and Public Accounting Firm must be decided by the Annual GMS by taking into consideration the recommendations from the
Board of Commissioners and the Audit Committee. The appointment of Public Accountant and Public Accounting Firm is then
reported to the OJK by attaching:
1. The appointment document and the recommendation of the Audit Committee;
2. The self-assessment result received from the Public Accounting Firm; and
3. Employment agreement documents with the Public Accountant and Public Accounting Firm.
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2023 Public Accountant
Based on the Annual GMS convened on April 13, 2023, the GMS has delegated the authority to the Company’s Board of
Commissioners to appoint a Public Accountant and/or a Registered Public Accounting Firm in Indonesia to audit the Company’s
Consolidated Financial Statements for the fiscal year ended December 31, 2023. In this regard, the Board of Commissioners
has appointed the Public Accounting Firm of Tanudiredja, Wibisana, Rintis & Rekan (a member firm of PwC global network).
The Company’s Management ensured that the appointed Public Accounting Firm has no conflict of interest with the Company.
List of Public Accounting Firms and Public Accountants for the Last 5 Years
The names of the Public Accounting Firms and Public Accountants who conducted audit on the Company’s Consolidated
Financial Statements for the last 5 years are described as follows:
Financial Year Public Accounting Firms Name of Accountant Opinion
Public Accounting Firm of Tanudiredja, Wibisana, Rintis
2023 Ely Unmodified
& Rekan (a member firm of PwC global network)
Public Accounting Firm of Tanudiredja, Wibisana, Rintis
2022 Ely Unmodified
& Rekan (a member firm of PwC global network)
Public Accounting Firm of Purwantono, Sungkoro &
2021 Benyanto Suherman Unqualified
Surja (a member firm of Ernst & Young Global Limited)
Public Accounting Firm of Purwantono, Sungkoro &
2020 Muhammad Kurniawan Unqualified
Surja (a member firm of Ernst & Young Global Limited)
Public Accounting Firm of Purwantono, Sungkoro &
2019 Muhammad Kurniawan Unqualified
Surja (a member firm of Ernst & Young Global Limited)
Other Services Provided
There were no other services provided by Public Accounting Firm of Tanudiredja, Wibisana, Rintis & Rekan (a member firm of
PwC global network) other than audit services on the Company’s Consolidated Financial Statements for the fiscal year ended
December 31, 2023.
Internal Control System
The Internal Control System (“ICS”) is an integrated process of actions and activities continuously performed by the Management
and all employees of the Company in order to provide reasonable assurance of the achievement of the Company’s 3 main
objectives, which include:
1. Operational Objective, i.e. the creation of effective and efficient operational activities, including asset security;
2. Reporting Objectives, i.e. the creation of accurate and reliable Financial Statements, both for internal and external
purposes of the Company; and
3. Compliance Objective, i.e. the creation of compliance with the legal system and applicable laws and regulations.
ICS also serves to prevent fraud within the Company and to provide assurance to stakeholders that systems, procedures, rules,
and norms are implemented appropriately and correctly.
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Implementation of Internal Control System
The implementation of the internal control system within the Company is described as follows:
Components of Internal
Implementation in the Company
Control System
Finance Reviewing the comparison between budget target and realization through periodic reports.
Requiring all employees to comply with Standard Operating Procedures (“SOPs”) which regulate various
Operation
procedures for operational activities to ensure effective and efficient performance.
Assets Insuring all fixed assets of the Company under insurances covering fire and other risks.
Through the Corporate Secretary, the Board of Directors, the Audit Committee, the Nomination and
Remuneration Committee, the Good Corporate Governance Committee, and the Internal Audit Unit,
Compliance with Applicable
continuously communicating and coordinating to review the Company’s compliance with applicable
Laws and Regulations
laws and regulations. In addition, the Corporate Secretary regularly follows the development of laws and
regulations, especially those related to the capital market.
Overview of the Effectiveness of Internal Control
The Internal Audit Unit constantly evaluates the effectiveness of ICS to ensure that the Company’s operations run well, as
well as to identify any deficiencies, weaknesses, or deviations from the implementation of policies and procedures in each
operational function. The evaluation results are then used as inputs for the improvement of the ICS for each sub-optimal
operational function.
In ensuring that the implementation of ICS is working well, the Internal Audit Unit does several things as described as follows:
1. Conducting independent inspections within the Company with the objective of increasing added value of the Company’s
operations by providing independent and objective assurances and consultations;
2. Supporting the achievement of objectives through the adoption of systematic approach by evaluating and improving the
effectiveness of risk management, control, and good corporate governance processes;
3. Serving as professional advisor to the Board of Directors as well as catalyst for all work units and the Company as a whole;
4. Ensuring that the internal control risk management and corporate governance process of the Company is sufficient and
functioning properly;
5. Evaluating compliance with prevailing laws, regulations, as well as policies and procedures of the Company;
6. Evaluating whether or not key financial, managerial, and operational information within the scope of the audit are
presented accurately, completely, reliably, and in a timely manner;
7. Identifying any potential savings and cost effectiveness, and providing recommendations to improve cost efficiency and
effectiveness;
8. Performing special assignments from the Board of Directors, the Board of Commissioners, and/or the Audit Committee that
are relevant to the aforementioned scope of works, for example investigation and disclosure of irregularities, fraud, and
waste; and
9. Preparing audit reports and recommendations for improvements.
Statement of the Board of Commissioners and the Board of Directors on the Implementation of
Internal Control System
As a form of commitment by the Board of Commissioners and the Board of Directors in ensuring that the implementation of
ICS in the Company is adequate, systematic, structured and sustainable, evaluation of the implementation of ICS is always
carried out periodically. Based on the assessment for 2023, the Company’s Board of Commissioners and the Board of Directors
conclude that the current ICS has met the standards to ensure the level of effectiveness, efficiency, reliability, security, and
compliance with laws and regulations. In addition, no material weaknesses were found in the ICS in each business unit as all
findings and irregularities in the Company’s operations have been properly handled and resolved.
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Risk Management System
Risk management system is an integrated, structured, and culturally ingrained process and activity, directed to realize
potential opportunities and at the same time manage adverse impacts on the achievement of the Company’s targets. Optimal
implementation of risk management ensures the Company has the flexibility to respond to any risks in the business processes,
thus enabling it to manage every activity that has the potential to cause risk thoroughly, optimally, and continuously to avoid
disruptions to its business. The Company consistently implements and develops risk management system in all business
processes, as well as serving as an integral part of strategic and operational decision making.
Types and Mitigation of Risks
Based on a study conducted in 2023, the risks faced by the Company and their mitigation efforts are described as follows:
Main Risks with Significant Influence on Business Continuity
Indication Mitigation
• Performing continuous benchmarking with competitors to ensure that such
The Company’s business activities depend on the
products remain superior in the market;
continued success of its key brands, such as Avian, Avitex,
• Allocating funds to support the marketing efforts for such products;
and No Drop; and any failure to maintain the brand
• Continuing the development of such products to maintain or improve
strength and value of such products could have a material
quality; and
and negative impact on the business activities, financial
• Adding variants of such products to strengthen the brand image and capture
condition, and results of operations of the Company.
the growing needs in the market.
Risks related to Business and Industry
Indication Mitigation
• Increasing investment in product development, being selective in
The Company faces intense competition, and should it promotional and advertising activities, as well as product distribution; and
fail to compete effectively, it may lose market share and • Pricing the Company’s products competitively based on a combination
its operating results may be negatively affected. of various factors, including the Company’s ability to differentiate these
products from other competing products.
Indication Mitigation
• Developing a complete and modern Research, Development, and Innovation
(“RDI”) center by recruiting and developing qualified chemist personnel;
The Company’s efforts to innovate and develop products
• Preserving good relationships with suppliers of materials to obtain
may not be successful.
information on the developments of the latest materials; and
• Recruiting experts in the global coating sector.
Indication Mitigation
• Improving the quality of the Company’s human resources;
In maintaining the success of its business, the Company
• Paying care and attention to the recruitment, development, and career path
relies on the availability of certain core personnel and
processes; and
its success in recruiting and retaining other qualified
• Building partnerships with leading universities/academies to secure quality
personnel.
talents.
Indication Mitigation
The Company’s main business activities depend on
a stable and adequate supply of raw materials, and
Procuring and maintaining consistent and adequate supply of raw materials at
operating results of the Company may be materially
a reasonable price by always seeking or updating new (alternative) suppliers.
affected as a result of rising raw material costs or lack of
raw material availability.
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Risks related to Business and Industry
Indication Mitigation
The Company leases important assets, such as warehouses
and distribution centers. The inability to renew these Maximizing with a longer lease term (3 - 5 years).
leases may affect the Company’s operational capabilities.
Indication Mitigation
The Company is involved in a number of transactions with
related parties (affiliates) and is not able to guarantee
Ensuring that all transactions with affiliated parties (Related Party Transactions)
that its operational results or financial condition will not
are carried out on an arm’s length basis to avoid negative effects that may arise
be negatively affected in the future if the provisions of
due to unhealthy business practices.
these agreements are terminated or amended in a way
that may potentially harm the Company.
Indication Mitigation
• Ensuring that cooperation agreements with vendors are well maintained;
The Company may not be able to procure adequate and
• Ensuring the availability of alternative vendors; and
continuous supply of electricity, fuel, water, equipments
• Looking for alternative energy sources, such as the use of solar panels, so that
and spare parts, or to procure them at a favorable price.
the electricity supply reserves are maintained.
General Risks
Indication Mitigation
The Company’s business activities, financial condition,
Monitoring global and national economic conditions, to ensure that the
results of operations, and business prospects may be
Company is able to formulate appropriate and flexible strategies to adapt to
negatively affected by global, regional, and national
existing changes.
economic conditions.
Indication Mitigation
• Entering into license agreements with third parties;
• Relying on contractual agreements and legal protections to protect
The Company may not be able to adequately protect its
intellectual property rights of the Company; and
intellectual property rights.
• Relying on Indonesian patent, trademark, trade secret, and copyright laws to
protect intellectual property rights of the Company.
Indication Mitigation
The Company may fail to obtain or experience material
delays in obtaining or renewing the certificates, licenses,
permits, or Government approvals required for the
Ensuring that all certificates, permits, licenses, and other matters relating to
Company’s operations and relevant leasing activities
permits for operational activities, including leases, are updated at all times.
for its manufacturing facilities. As a result, business
activities, financial condition, and operational results of
the Company may be materially affected.
Indication Mitigation
Implementing and improving the Environmental Management System (ISO
14001) and Energy Management System (ISO 50001), as well as monitoring
the consistency of implementation in corporate environment, for example
Regulation of greenhouse gas emissions and climate
the development of environmentally friendly products (green label), the use
change issues may have a negative impact on the
of renewable energy (solar panels), and the use of electric forklifts to replace
Company’s operations and markets.
diesel, as well as replacing solar energy for thermo and boilers with gas energy.
In addition, programs related to environmental concerns are always aligned
with ISO 26000, which is one of the guiding standards on social responsibility.
Indication Mitigation
Labor activism, riots, and labor laws in Indonesia may The Company’s constant efforts to comply with all regulations related to
have a materially adverse effect on the Company. employment to minimize related risks.
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Financial Risks
Indication Mitigation
Foreign Currency Risk
The functional currency of the Company is Rupiah. The
Being continually diligent in paying obligations of the Company in foreign
Company is exposed to foreign exchange rate risk as some
currencies in order to avoid speculative effects and performing limited
of its purchases and operating costs are denominated in
hedging actions (forward contracts). All bank loans, if any, are in Rupiah.
foreign currencies. This risk arises from the weakening/
Apart from that, the Company also monitors foreign currencies movement,
strengthening of the value of a foreign currency against
especially USD.
Rupiah causing the debt and operational costs in Rupiah
to decrease/increase.
Indication Mitigation
• Policies to ensure product sales are made only to customers who may be
trusted and proven to have a good credit history;
Credit Risks • Purchases on credit must go through credit verification procedures;
Risks arising from the customer’s inability or delay in • Providing credit terms mostly up to 63 days from the invoice issuance date;
fulfilling all debts from credit sales to the Company. and
• Continuously monitoring the balance of receivables to reduce the possibility
of uncollectible receivables.
Indication Mitigation
• Managing liquidity profile to ensure the Company’s ability to fund capital
expenditures;
• Managing maturing debts by maintaining sufficient cash;
Liquidity Risks
• Ensuring the availability of funding through sufficient numbers of
Risks arising from the Company’s inability to meet its
committed credit facilities; and
obligations as they fall due.
• Evaluating projected and actual cash flows, and continuously assessing
conditions on financial markets for opportunities to pursue fundraising
initiatives.
Indication Mitigation
Interest Rate Risk
Review of various interest rates offered by creditors by the management to
Risks arising from loan facilities provided to the Company
find the most favorable interest rates prior to any debt commitment.
for working capital and investment purposes.
Overview on the Implementation Effectiveness of Risk Management System
The Company conducts periodic reviews to ensure and improve the effectiveness of future implementation of risk management.
This is done by evaluating mechanism of profit/loss relating to previously performed plans and actions. The evaluation steps
are then followed by corrections of the weaknesses in the implementation of the risk management.
Statement of the Board of Commissioners and the Board of Directors on the Implementation of
Risk Management System
As a form of commitment of the Board of Commissioners and the Board of Directors to ensure adequacy of implementation
of the Company’s risk management system in a systematic, structured, and sustainable manner, periodic evaluation of risk
management system implementation is consistently conducted. Based on the assessment for 2023, the Board of Commissioners
and the Board of Directors view that the current implementation of the Company’s risk management system is adequate,
allowing effective and timely mitigation of business risks. Nevertheless, there is always room for continuous development and
improvement of the risk management system to optimize risk management and mitigation, in order to significantly contribute
to the sustainability of the Company’s business.
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Legal Disputes with Material Impacts and
the Administrative Sanctions Imposed
Legal Disputes with Material Impacts
Throughout 2023, there were no legal disputes with material impact, either civil or criminal, faced by the Company, the
Subsidiaries, the Board of Commissioners, and the Board of Directors.
Administrative Sanctions
Throughout 2023, there were no administrative sanctions imposed on the Company, the Board of Commissioners, and the
Board of Directors by the Financial Services Authority, the Indonesia Stock Exchange, or other authorities.
Code of Conduct
The Company realizes the importance of quality governance practices as a tool to increase value and sustainable long-
term business growth. Therefore, the Company has compiled and implemented Business Ethics and Code of Conduct of the
Company which are standards of behavior that must be heeded by all employees including the Board of Directors, the Board
of Commissioners, and the Company’s supporting organs, in executing their roles, authorities and responsibilities, as well as
in interacting in the work environment. In addition to conducting business activities in accordance with the highest ethical
standards in terms of honesty, integrity, and professionalism in business, the Company’s Business Ethics and Code of Conduct
are also expected to build harmonious relationships between the interests of the operations and business carried out by the
Company and the interests of each stakeholder within the Company’s operations and business environment, as well as those
affected by operations and business activities of the Company.
Principles of Business Ethics and Code of Conduct
The principles of the Company’s Business Ethics comprise the following:
1 Compliance with prevailing Laws and Regulations 6 Company Ethics for Mass Media
2 Company Ethics for Company Personnel 7 Company Ethics for Business Partners
3 Company Ethics for Consumers 8 Responsibilities to the Government
4 Company Ethics for Shareholders 9 Responsibilities to Society and the Environment
5 Company Ethics for Competitors 10 Responsibilities in Innovation
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The principles of the Company’s Code of Conduct comprise the following:
1 Individual Commitment 7 Compliance with prevailing Laws and Regulations
2 Communication and Information Delivery 8 Giving and Receiving of Gratuities
Maintainance of the Confidentiality of Data,
3 Confidential Information, and Material 9 Integrity of Financial Reporting
Information of the Company
4 Use of Company Technology 10 Protection of Company Assets
5 Cooperation between Company Personnel 11 Budget Planning and Use
Occupational Health and Safety and Environment
6 Equality in Treatment and Provision of Opportunities 12 (“OHSE”)
13 Conflict of Interests
Forms of Socialization and Efforts to Disseminate Business Ethics and Code of Conduct
As a manifestation of the Company’s commitment to upholding GCG principles, the Company continues to disseminate
Business Ethics and Code of Conduct, considering that socialization is an important stage in creating Company personnel
who behave in accordance with the Company’s culture. The Business Ethics and Code of Conduct are intensively socialized by
the Company through the Good Corporate Governance Committee in order to create awareness across all employees of the
Company to implement the Business Ethics and Code of Conduct. Socialization is conducted from the start of employment
and repeated periodically thereafter. One of the Company’s efforts in disseminating the Business Ethics and Code of Conduct is
the signing of the Integrity Pact as regulated in Form No. AA-HRD-FRM-01-010. To facilitate access for employees, the Business
Ethics and Code of Conduct are also posted on the Company’s website.
Efforts in Enforcing Business Ethics and Code of Conduct
The Business Ethics and Code of Conduct are applicable to all of personnel of the Company, from employees, management,
the Board of Directors, to the Board of Commissioners. This is to ensure that all business activities are always in accordance with
applicable ethics and rules. The Company has also established the Good Corporate Governance Committee as the responsible
party in enforcing Business Ethics and Code of Conduct throughout the Company.
Sanctions of Violation of Business Ethics and Code of Conduct
Any employee of the Company who has been proven to have violated the Business Ethics and Code of Conduct may be
subject to disciplinary action in the form of verbal and written warnings, stern warnings with suspensions, financial fines, and
termination of employment (pemutusan hubungan kerja or “PHK”).
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Employee Stock Allocation Program
The Company implements a policy to provide share ownership facilities to its employees through the Employee Stock Allocation
(“ESA”) program. The description concerning the implementation of the ESA program is as follows:
Number of Shares Execution Period Execution Price
3,099,300 shares or 0.05% of new shares
December 2 – 6, 2021 IDR930.-
in the Initial Public Offering.
Requirements on Employee Eligibility for ESA Program
1. Permanent employees who have been registered as employees on the date determined by the Company (“ESA Date”);
2. Employees participating in the ESA program and the number of shares to be allocated to participants in the ESA program take into
account their tenure, position, and other considerations;
3. So long as there remain shares allocated in the ESA program, the Board of Directors of the Company may allocate the remaining shares
in the ESA program to employees who start their employment after the ESA Date;
4. Shares originating from the ESA program are subject to a lock-up period, and therefore may not be transferred in any way for 24 months
from the date of listing of the Company’s shares on the Indonesia Stock Exchange;
5. In the event that an employee resigns when the lock-up period has not ended, the shares will be transferred to another employee, free
of charge, in accordance with the policy of the Board of Directors; and
6. In the event that an employee dies when the lock-up period has not ended, the shares will be transferred, free of charge, to their legal,
and provable to the Board of Directors of the Company, heirs in accordance with the policy of the Board of Directors.
Responsible Parties
1. Department of HR Development;
2. Department of Business Development; and
3. Department of Finance.
Information Disclosure Policy
The policy concerning the ownership, either directly or indirectly, of the Company’s shares by the Board of Commissioners
and the Board of Directors as well as changes in each ownership has been regulated in the Policy on Reports of Share
Ownership or Every Change to the Share Ownership of the Board of Commissioners and the Board of Directors stipulated on
December 27, 2021.
The reporting mechanism and reporting period by every member of the Board of Commissioners and Board of Directors
regarding ownership of the Company’s shares and changes thereto are as follows:
Self-Reporting Reporting through Authorization
Members of the Board of Commissioners or members of the Board Members of the Board of Commissioners or members of the Board
of Directors directly submit a report to Financial Services Authority of Directors submit a report through the Corporate Secretary by
(Otoritas Jasa Keuangan or “OJK”) and deliver a copy of the report attaching a Special Power of Attorney no later than 2 calendar days
to the Corporate Secretary. The reporting period is no later than 3 from the effective date of the ownership or every change in share
working days to the Company and no later than 10 working days ownership in the Company. The reporting period is no later than
to OJK from the effective date of the ownership or every change in 5 working days to OJK from the effective date of the ownership or
share ownership in the Company. every change in share ownership in the Company.
The Company also submits a report of the transaction to the OJK no later than 10 days from the date of the transaction. In this
regard, the Company has submitted reports on the share ownership of members of the Board of Commissioners and/or Board
of Directors throughout 2023 via e-reporting to the Financial Services Authority and the Indonesia Stock Exchange.
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Share Ownership Disclosure
Disclosure of ownership, either directly or indirectly, of the Company‘s share can be found in the Composition of Share Ownership
by Members of the Board of Commissioners and the Board of Directors in the Company Profile chapter of this Annual Report.
Whistleblowing System
To realize the Company’s commitment to the implementation of GCG principles, the Company has in place a Whistleblowing
System (“WBS”) which was stipulated on June 25, 2021 and last amended on December 27, 2021. The Company has implemented
WBS as part of its efforts to prevent fraud and abuse. Through the WBS, all stakeholders may submit reports concerning alleged
irregularities or violations of existing regulatory provisions, based on reliable evidence and in good faith for the interest of the
Company. The implementation of a well-managed WBS can serve as foundation for the Company to arrange for necessary
evaluations and follow-ups.
Method of Submission and Parties Managing Reports of Violations
Any employee of the Company who discovers a violation or fraud is encouraged to submit a complaint. In submitting a violation
report, the reporter/whistleblower must include complete information regarding:
Types of Actions Suspected
Parties Involved in Violation. Location of Violation. Time of Violation.
as Violation.
If the Violation Has Been If the Violation Has Occurred
Other Important and
How the Violation Occurred. Reported to Other Before and is a Repeated
Relevant Information.
Parties. Action.
The violation reports may be submitted via:
The Good Corporate Governance Committee
Avian Brands Building
Jl. Ahmad Yani No. 317 (62) 81138505000
Surabaya, 60234 www.avianbrands.com
Jawa Timur, Indonesia pengaduan@avianbrands.com
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The parties authorized to follow up on reporting in the Company are:
The Good
The Board of The Board of
Corporate Governance The Board of
Directors, Commissioners and
Committee and Commissioners,
if the reported the Board of Directors,
its officers, if the reported
party is a member of the if the reported
if the reported party is a member of the
Whistleblowing System party is a member of the
party is an employee Board of Directors.
Management. Board of Commissioners.
of the Company.
Protection for Whistleblowers
To minimize certain risks that may harm the whistleblower in the future, the Company assures the confidentiality and security
of the whistleblower’s identity and the reported information, as well as the protection from all forms of threats, intimidation,
or unpleasant actions from any party caused by the reporting, as long as the whistleblower maintains confidentiality from any
other parties. The protections provided to the whistleblower also applies to the parties carrying out the investigation as well as
the parties providing information related to the report.
Procedures in Handling Violation Reports
Any report of violations received will be followed up by collection of preliminary evidence. If the initial documents and evidences
in the report submitted by the whistleblower are declared to be sufficient, the Good Corporate Governance Committee will
sort the data and decide whether the violation report may be advanced to the investigation stage. If the violation report is
upgraded to the investigation stage, it will be reported to the Board of Directors. If the violation report is not upgraded to the
investigation stage, notice will be given to the whistleblower. Reports relating to employees are to be submitted in the form
of letters and addressed to the President Director, while reports relating to the Board of Directors should be addressed to the
Board of Commissioners.
Complaints Disclosure through Whistleblowing System in 2023
Number of Complaints through Whistleblowing System
As of December 31, 2023, the Company has received 5 complaint reports submitted to the whistleblowing system with the
following description:
Report Category Total Report
Fraud
1
Reporting of a case that results in the Company’s financial loss.
Major Violations
2
Reporting of a case that constitutes a violation of the SOP or Company Regulation.
Minor Violations
1
Reporting of a case that constitutes a violation of the employee and workplace discipline/organization.
No Issue
1
Reporting of a case that does not indicate a violation.
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There were 5 incoming complaint reports, namely 1 fraud report, 2 major reports, 1 minor report, and 1 no issue report. All
of these reports have been followed up by the relevant teams and resolved in accordance with the degree of error and the
applicable regulations in the Company.
Sanctions and Follow-ups of Complaints through Whistleblowing System
If, based on the results of the investigation, it is proven that the reported party committed fraud or violation, the deciding
official will impose sanctions in accordance with applicable regulations.
Anti-Corruption Policy
The Company is committed to supporting and encouraging business and operational management to ensure its execution in
an accountable and transparent manner, in accordance with the provisions of the prevailing laws and regulations. To that end,
the Company strictly prohibits all of its employees from being involved in acts of bribery, corruption, and money laundering.
The anti-corruption policy is contained in the Business Ethics and Code of Conduct of the Company. The anti-corruption policy
has been socialized across all employees, in which all of employees of the Company are required to sign the Integrity Pact
document. As for new employees, the socialization will be carried out through an induction program.
Policy to Prevent Insider Trading
The Company has Policy to Prevent Insider Trading which was stipulated on December 27, 2021. This policy aims to avoid
conflicts of interest between the Company and certain parties, to ensure fair trading of the Company’s securities, to protect
the Company in the execution of corporate actions, and to regulate the use of material information that is not or has not
become public information by any party with access to material information or confidential information.
Policy on Fulfillment of Creditors’ Rights
The Company has Policy on the Fulfillment of Creditors’ Rights which was stipulated on December 27, 2021. This policy is
utilized as a guideline in securing loans from creditors. The Company will ensure the fulfillment of creditors’ rights to maintain
their trust in the Company. The selected creditors can be creditors domiciled in the territory of the Republic of Indonesia
(onshore creditors) and/or creditors domiciled outside the territory of the Republic of Indonesia (offshore creditors).
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Good Corporate Governance
Conflict of Interest Guidelines
The Company understands the importance of a firm attitude in managing conflicts of interest that occur within the Company,
to ensure good corporate management as well as amiable and harmonious relationships with all Stakeholders and to increase
company value in a sustainable manner. With these considerations, the Company has compiled a Conflict of Interest Guidelines
that are based on the prevailing laws and regulations, GCG Guidelines, Business Ethics and Code of Conduct, as well as Corporate
Culture that are applicable and implemented in the Company. The Conflict of Interest Guidelines were stipulated on June 25,
2021 and updated on December 27, 2021.
Communication Policy Guidelines
The Company stipulated the Communication Policy Guidelines as a guide in communicating with its Shareholders, the Capital
Market Authority, and the capital market community. The stipulation of the Communication Policy Guidelines aims to enable
the Company to provide complete, accurate, actual, non-misleading, and easily accessible information in accordance with the
provisions of the legislation, as well as to conduct itself fairly in the treatment of shareholders in relation to the exercise of their
rights as Shareholders of the Company. The Communication Policy Guidelines were stipulated on December 27, 2021.
Policy Guideline in Resignation Procedure of
the Board of Commissioners and the Board
of Directors in the Event of Involvement in
Financial Crime
The Company has established a Policy Guideline on the Resignation Procedure of the Board of Commissioners and the
Board of Directors in the Event of Involvement in Financial Crimes as part of its commitment to optimal and comprehensive
implementation and enforcement of GCG principles in all business activities. Each member of the Board of Commissioners
and/or the Board of Directors is required to submit his/her resignation from his/her position to the Company if he/she is found
to have been involved in a financial crime. This Policy Guideline was established on December 27, 2021
Affiliated Transaction Guidelines
The Company stipulated the Affiliated Transaction Guidelines as a guide for the Company’s employees in conducting
transactions with affiliated parties, so that such transactions may be carried out in accordance with the generally accepted
business practices, applicable laws and regulations, and fulfill the arms-length principle. In addition, the Affiliated Transaction
Guidelines aim to assist and enhance the independence of the Company’s management in managing transactions with
affiliated parties, so that such transactions do not violate authorities that may harm the interests of the Company and the
Shareholders. The Affiliated Transaction Guidelines were stipulated by the Company on November 16, 2022.
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Implementation of Corporate Governance
Guidelines for Public Companies
As a public company, the Company is guided by the Circular Letter of the Financial Services Authority (Otoritas Jasa Keuangan
or “OJK”) No. 32/SEOJK.04/2015 concerning Corporate Governance Guidelines for Public Companies, the implementation of
which is described as follows:
No. Aspects/Principles/Recommendations Fulfillment Description
I. Relationships of Public Company with the Shareholders in Assuring the Rights of the Shareholders
1. Increasing the Value of the General Meeting of Shareholders (GMS).
a. Public companies have technical voting methods or Fulfilled The voting procedure in the GMS has been regulated in
procedures, both publicly and privately, that promote the Articles of Association related to the meeting rules
independence and the interests of shareholders. and informed to the Shareholders in the invitation to the
GMS and at the beginning of the GMS.
b. All members of the Board of Commissioners and the Explanation Mr. Wijono Tanoko as the President Director of the
Board of Directors of a public company attend the Company was unable to attend the 2023 Annual GMS
Annual GMS. convened on April 13, 2023.
c. Summary of the GMS minutes is available on the Fulfilled The summary of the minutes of the 2022 GMS has
website of the public company for at least 1 year. been posted on the Company’s website in the Investor
Information Center section.
2. Improving the Quality of Public Company’s Communication with Shareholders or Investors.
a. Public companies have a communication policy with Fulfilled The communication policy with Shareholders or Investors
shareholders or investors. is regulated in the Communication Policy Guidelines
stipulated on December 27, 2021.
b. Public companies disclose their communication policy Fulfilled The Company’s communication policy has been disclosed
with the Shareholders or Investors on the website. on its website.
II. Functions and Roles of the Board of Commissioners
3. Strengthening the Membership and Composition of the Board of Commissioners.
a. The determination of number of members of the Fulfilled The number of members of the Board of Commissioners
Board of Commissioners takes into consideration the is in accordance with the provisions of the Company’s
conditions of the public company. Articles of Association and has been adjusted to the
complexity of the business of the Company.
b. The determination of the composition of members of Fulfilled The nomination and appointment of the Board of
the Board of Commissioners takes into consideration Commissioners has taken into account the diversity of
the diversity of expertise, knowledge, and required expertise, knowledge, and experience relevant to the
experience. responsibilities carried out in the Company.
4. Improving the Quality of the Implementation of the Duties and Responsibilities of the Board of Commissioners.
a. The Board of Commissioners has a self-assessment Fulfilled The performance assessment policy for the Board
policy to assess the performance of the Board of of Commissioners is regulated in the Performance
Commissioners. Assessment Policy of the Board of Directors and the
Board of Commissioners which was stipulated on
December 27, 2021.
b. The self-assessment policy to assess the performance Fulfilled The performance assessment policy for the Board of
of the Board of Commissioners is disclosed in the Commissioners is conducted through self-assessment
Annual Report of the public company. which has been disclosed in this Annual Report in the
description of the Performance Assessment of the Board
of Commissioners.
c. The Board of Commissioners has in place a policy Fulfilled The policy concerning the resignation of the Board of
related to the resignation of members of the Board of Commissioners is regulated in the Policy in Resignation
Commissioners in the event of involvement in financial Procedure of the Board of Commissioners and the Board
crimes. of Directors in the Event of Involvement in Financial
Crime which was stipulated on December 27, 2021.
d. The Board of Commissioners or the Committee Fulfilled The succession policy for members of the Board of
performing the nomination and remuneration functions Directors is contained in the Succession Policy in the
formulates a succession policy in the nomination Nomination Process for Members of the Board of
process of members of the Board of Directors. Commissioners and the Board of Directors which was
stipulated on December 27, 2021.
156 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Good Corporate Governance
No. Aspects/Principles/Recommendations Fulfillment Description
III. Functions and Roles of the Board of Directors
5. Strengthening the Membership and Composition of the Board of Directors.
a. The determination of the number of members of Fulfilled The number of members of the Board of Directors is in
the Board of Directors takes into consideration the accordance with the provisions of the Company’s Articles
condition of the public company, as well as the of Association and has been adjusted to the complexity
effectiveness in decision making. of the business of the Company.
b. The determination of the composition of members Fulfilled The nomination and appointment of the Board of
of the Board of Directors considers the diversity of Directors has taken into account the diversity of
expertise, knowledge, and required experience. expertise, knowledge, and experience relevant to the
responsibilities carried out in the Company.
c. Members of the Board of Directors in charge of Fulfilled The Director in charge of accounting or finance has
accounting or finance have the expertise and/or experiences in accounting and finance.
knowledge in accounting.
6. Improving the Quality of the Implementation of the Duties and Responsibilities of the Board of Directors.
a. The Board of Directors has in place a self-assessment Fulfilled The performance assessment policy for the Board of
policy to assess the performance of the Board of Directors is regulated in the Performance Assessment Policy
Directors. for the Board of Directors and the Board of Commissioners
which was stipulated on December 27, 2021.
b. The self-assessment policy to assess the performance Fulfilled The performance assessment policy for the Board of
of the Board of Directors is disclosed through the Directors is conducted through self-assessment which has
Annual Report of the public company. been disclosed in this Annual Report in the description of
the Performance Assessment of Board of Directors.
c. The Board of Directors has in place a policy related to Fulfilled The policy concerning the resignation of the Board
the resignation of members of the Board of Directors in of Directors is regulated in the Policy in Resignation
the event of involvement in financial crimes. Procedure of the Board of Commissioners and the Board
of Directors in the Event of Involvement in Financial
Crime which was stipulated on December 27, 2021.
IV. Stakeholders Participation
7. Improving Corporate Governance Aspects through Stakeholders Participation.
a. Public companies have in place a policy to prevent Fulfilled The policy to prevent insider trading is set out in the
insider trading. Policy to Prevent Insider Trading, which was stipulated on
December 27, 2021.
b. Public companies have in place a policy on anti Fulfilled The Company has in place an anti corruption and anti
corruption and anti fraud. fraud policy which is contained in the Business Ethics and
Code of Conduct of the Company.
c. Public companies have in place a policy on selection Fulfilled The Company has in place a policy on the selection and
and improvement of capabilities of suppliers or vendors. improvement of capabilities of suppliers which serves as a
guide for related units in selecting working partners as stated
in the Business Ethics and Code of Conduct of the Company.
d. Public companies have in place a policy on the Fulfilled The policy on the fulfillment of creditors’ rights is
fulfillment of creditors’ rights. regulated in the Policy on the Fulfillment of Creditors’
Rights which was stipulated on December 27, 2021.
e. Public companies have in place a policy on Fulfilled The Company has in place a Whistleblowing System
whistleblowing system. Policy which is contained in the Whistleblowing System.
f. Public companies have in place a policy on provisions Fulfilled The Company has in place a policy concerning the
of long-term incentives for the Board of Directors and provision of long-term incentives to employees as stated
employees. in the Employee Stock Allocation (“ESA”) Program.
V. Information Disclosure
8. Improving the Implementation of Information Disclosure.
a. Public companies utilize the use of information Fulfilled The Company utilizes information technology, in addition
technology more broadly, in addition to website, as to the website, in increasing the dissemination of
media for information disclosure. information, including through the Company’s Youtube,
Instagram, LinkedIn, and Facebook pages/profiles, as well
as through platforms provided by regulators, including
SPE OJK and IDXnet.
b. The Annual Report of a public company discloses the Fulfilled The Annual Report contains the ultimate beneficial
ultimate beneficial owner in the public company’s owners in the Company’s share ownership.
share ownership of at least 5% of shares, in addition to
the disclosure of ultimate beneficial owner in the share
ownership of the public company through the Main
and Controlling Shareholders.
2023 Annual Report - PT Avia Avian Tbk 157
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Social and Environmental Responsibility “The Company remains focused on prioritizing business activities that protect environmental preservation and promote sustainable social responsibility in order to build a better life for the future.” 158 PT Avia Avian Tbk - 2023 Annual Report
Page 161
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Page 162
In line with the Company’s Vision and Mission, and in order to maintain sustainability of the Company’s business and create
long-term value for all stakeholders, the Company is firmly committed to promoting sustainability practices in all lines of business
through Environmental, Social, and Governance (“ESG”) management in all business decisions. Tangible implementation of this
commitment is achieved through the development of products with Product Stewardship principles and meeting Singapore
Green Label standards. The Company also continues to develop production activities focused on environmental sustainability,
such as using environmentally friendly energy, reusing production materials, managing emissions, and conducting product life
cycle analysis through cradle to grave Life Cycle Assessment (“LCA”).
In addition, we implement a Social and Environmental Responsibility (“SER”) program that is packaged under the name of
Avian Brands Peduli. The program reflects the Company’s continuous support to increase real contributions to stakeholders,
especially in terms of community welfare and development in our operational areas. In general, Avian Brands Peduli targets
3 main programs, i.e. education, environment, and disaster response. Fulfillment of responsibilities towards employees has also
been realized on an ongoing basis together with our Subsidiaries, i.e. PT Tirtakencana Tatawarna (“TKTW”) and PT Tirtakencana
Batamindo (“TKBI”).
All of our SER activities are guided by the prevailing and relevant laws and regulations, among others:
1. Law No. 40 of 2007 on Limited Liability Companies;
2. Law No. 11 of 2000 on Job Creation;
3. Government Regulation in Lieu of Law (Peraturan Pemerintah Pengganti Undang-Undang or “Perpu”) No. 2 of 2022 on Job
Creation;
4. Law No. 8 of 1999 on Consumer Protection; and
5. Government Regulation No. 47 of 2012 on Social and Environmental Responsibility of Limited Liability Companies.
Sustainability Performance Overview
SUSTAINABILITY OF ECONOMIC ASPECT
(in millions Rupiah, unless otherwise stated)
Description 2023 2022 2021
Direct Economic Value Generated
Cash Received from Customers 6,850,984 6,781,888 6,617,183
Other Receipts 12,664 11,601 16,620
Receipts of Finance Income 308,589 302,422 26,728
Proceeds from Disposal of Fixed Assets 14,094 16,398 11,649
Total Direct Economic Value Generated 7,186,331 7,112,309 6,672,180
Distributed Economic Value
Payments to Suppliers 4,397,297 4,598,330 4,371,356
Payments to Employees 707,405 659,079 590,549
Payment for Corporate Income Tax 482,000 377,003 426,627
Dividend Payment to Shareholders 1,362,978 1,115,164 2,350,001
Acquisition of Right-of-Use Assets 14,289 66,285 42,335
Payment of Lease Liabilities 58,836 25,374 35,575
Payment of Interest Expense 4,077 6,463 37,102
Expenses for the Community 2,881 1,978 1,923
Environmental Expenses 1,059 1,524 1,257
OHS Investment Cost 886 841 4,399
Total Distributed Economic Value 7,031,708 6,852,041 7,861,124
Retained Economic Value 154,623 260,268 (1,188,944)
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Painting a Beautiful Picture of Indonesia
Social and Environmental Responsibility
SUSTAINABILITY OF SOCIAL ASPECT
Description Unit 2023** 2022** 2021*
Manpower Management
Total Employees (Including Outsourcing) Persons 8,477 8,076 7,689
Total Female Employees (Including Outsourcing) Persons 1,723 1,625 1,409
Number of Participants in the Competence Development Persons 6,173 3,096 3,420
Total Recordable Injury Rate Rate 2.16 2.01 2.40
Total Recordable Injury Frequency Rate Rate 2.69 1.74**** 2.30
Community Development and Empowerment (PPM)***
Number of PPM Program Program 98 27 13
Cost of PPM Program Million Rupiah 2,881 1,978 1,923
Local Supplier Engagement***
Local Supplier Number of Company 219 209 231
Total Use of Local Employees Persons 7,577** 7,231** 6,739*
Note:
* The Company and TKTW;
** The Company, TKTW, and TKBI;
*** The Company; and
**** Data restated.
SUSTAINABILITY OF ENVIRONMENTAL ASPECT
Description Unit 2023 2022 2021
Energy Usage
Energy Usage GJ 213,912.86 211,334.51 224,403.18
Renewable Energy Usage GJ 1,814.71 906.82 674.91
GJ/Ton of Product 0.17 0.19 0.19
Energy Intensity
kWh/Ton of Product 47.40 52.14 52.64
GJ/Ton of Product 0.02 0 0.01
Energy Efficiency
kWh/Ton of Product 4.74 0.50 0.63
Water Usage
Total Water Usage Megaliter 141.68 113.98 130.26
Water Intensity Megaliter/Ton of Product 0.0009 0.0008 0.0008
Emissions Generated
Total Scope 1 and 2 Emissions TonCO2e 11,317.42 11,408.00 13,385.60
Scope 1 and 2 Emission Intensity KgCO2e/Ton of Product 23.27 25.15 24.83
Reduction of Hazardous and Toxic Waste Generation
Reuse of Industrial Waste Ton 1,820.24 2,482.98 1,263.45
Reuse of Washing Solvent Ton 166.27 180.87* 230.05
Hazardous Waste (liquid and solid managed by third parties) Ton 886.77 946.96 574.22
Non-Hazardous Waste Ton 185.07 157.68 98.14
Discharge Water Megaliter 3.83 4.14 4.54
Material Used in Paint Production
Non-Renewable Materials Ton 70,887.41 74,937.20 94,294.00
Renewable Materials Ton 72,903.20 61,888.17 80,411.00
Total Production Ton 180,540.00 170,986.00 205,382.00
Note:
* Data restated.
A complete description on SER policies and programs is discussed more comprehensively in our Sustainability Report that is
presented separately from this Annual Report.
2023 Annual Report - PT Avia Avian Tbk 161
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162 PT Avia Avian Tbk - 2023 Annual Report
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Painting a Beautiful Picture of Indonesia
Annual Report Responsibility
Statement of Members of the Board of Commissioners and the Board of Directors
on the Responsibility for the 2023 Annual Report of
PT Avia Avian Tbk
We, the undersigned, hereby declare that all information in the 2023 Annual Report of PT Avia Avian Tbk
(the “Company”) has been completely presented and we shall be fully responsible for the correctness of contents
in the Company’s Annual Report.
This statement is hereby made in all truthfulness.
Surabaya, March 12, 2024
THE BOARD OF COMMISSIONERS,
Hermanto Tanoko Mohammad Noor Rachman Soejoeti
President Commissioner Independent Commissioner
THE BOARD OF DIRECTORS,
Wijono Tanoko Ruslan Tanoko
President Director Vice President Director
Robert Christian Tanoko Kurnia Hadi Sinanto Angelica Tanisia Jozar
Director Director Director
2023 Annual Report - PT Avia Avian Tbk 163
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PT AVIA AVIAN Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES LAPORAN KEUANGAN KONSOLIDASIAN/ CONSOLIDATED FINANCIAL STATEMENTS 31 DESEMBER 2023 DAN 2022/ 31 DECEMBER 2023 AND 2022
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PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 1/1 Schedule
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS
KONSOLIDASIAN OF FINANCIAL POSITION
31 DESEMBER 2023 DAN 2022 AS AT 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31 Desember/ 31 Desember/
Catatan/ 31 December 31 December
Notes 2023 2022
ASET ASSETS
ASET LANCAR CURRENT ASSETS
Kas dan setara kas 4 1,230,544 2,170,720 Cash and cash equivalents
Kas di bank dan deposito Restricted cash in bank
yang dibatasi penggunaannya 2,100 3,100 and time deposits
Investasi jangka pendek 9a 1,740,000 - Short-term investments
Investasi pada surat Investment in
utang negara 9b 2,993,887 3,875,023 government bonds
Investasi reksa dana 9 20,200 - Investment in mutual funds
Piutang usaha 5 Trade receivables
- Pihak berelasi 6 14,018 11,192 Related parties -
- Pihak ketiga 1,229,025 1,062,461 Third parties -
Piutang lain-lain 7 Other receivables
- Pihak berelasi 6 56,538 35,960 Related parties -
- Pihak ketiga 49,331 67,602 Third parties -
Persediaan 8 1,519,549 1,447,229 Inventories
Hak retur aset 16,426 12,657 Right of return assets
Advance to suppliers -
Uang muka pemasok - pihak ketiga 7,734 7,822 third parties
Beban dibayar dimuka 58,004 21,416 Prepaid expenses
Pajak dibayar dimuka - Prepaid taxes -
bagian lancar 18a 20,069 1,533 current portion
TOTAL ASET LANCAR 8,957,425 8,716,715 TOTAL CURRENT ASSETS
ASET TIDAK LANCAR NON-CURRENT ASSETS
Pajak dibayar dimuka - Prepaid taxes -
bagian tidak lancar 18a 29,432 - non-current portion
Properti investasi 10 290,113 285,986 Investment properties
Aset tetap, neto 11 1,659,163 1,588,086 Fixed assets, net
Aset hak-guna 15 95,252 132,190 Rigt-of-use assets
Aset takberwujud 25,808 23,369 Intangible assets
Investasi pada ventura bersama 12 17,298 16,400 Investment in joint venture
Aset pajak tangguhan 18d 43,878 5,547 Deferred tax assets
Aset tidak lancar lainnya 48,618 23,829 Other non-current assets
TOTAL NON-CURRENT
TOTAL ASET TIDAK LANCAR 2,209,562 2,075,407 ASSETS
TOTAL ASET 11,166,987 10,792,122 TOTAL ASSETS
Catatan atas laporan keuangan konsolidasian merupakan bagian yang The accompanying notes to the consolidated financial statements form
tidak terpisahkan dari laporan keuangan konsolidasian secara an integral part of these consolidated financial statements.
keseluruhan.
Page 178
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 1/2 Schedule
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS
KONSOLIDASIAN OF FINANCIAL POSITION
31 DESEMBER 2023 DAN 2022 AS AT 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31 Desember/ 31 Desember/
Catatan/ 31 December 31 December
Notes 2023 2022
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
LIABILITAS LIABILITIES
LIABILITAS JANGKA PENDEK CURRENT LIABILITIES
Pinjaman bank 16 5,222 7,229 Bank loans
Utang usaha 13 Trade payables
- Pihak berelasi 6 279,321 243,304 Related parties -
- Pihak ketiga 371,337 330,613 Third parties -
Utang lain-lain Other payables
- Pihak berelasi 6 121 75 Related parties -
- Pihak ketiga 30,450 12,824 Third parties -
Pendapatan diterima dimuka Unearned revenue
- Pihak berelasi 6 1,802 1,840 Related parties -
- Pihak ketiga 362 185 Third parties -
Beban akrual 14 301,835 257,448 Accrued expenses
Imbalan kerja jangka pendek 17a 97,052 72,255 Short-term employee benefits
Utang pajak 18b 52,584 112,399 Taxes payable
Uang jaminan pelanggan 2,100 3,100 Customer guarantee
Provisi retur penjualan 21,979 16,494 Provision for sales return
Liabilitas sewa - bagian jangka Lease liabilities -
pendek 15 10,965 50,397 current portion
TOTAL LIABILITAS TOTAL CURRENT
JANGKA PENDEK 1,175,130 1,108,163 LIABILITIES
LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES
Post-employment
Liabilitas imbalan pascakerja 17b 54,643 47,588 benefits liability
Liabilitas pajak tangguhan 18d - 38,350 Deferred tax liabilities
Liabilitas sewa - bagian jangka Lease liabilities - non-current
panjang 15 15,725 23,136 portion
TOTAL LIABILITAS TOTAL NON-CURRENT
JANGKA PANJANG 70,368 109,074 LIABILITIES
TOTAL LIABILITAS 1,245,498 1,217,237 TOTAL LIABILITIES
Catatan atas laporan keuangan konsolidasian merupakan bagian yang The accompanying notes to the consolidated financial statements form
tidak terpisahkan dari laporan keuangan konsolidasian secara an integral part of these consolidated financial statements.
keseluruhan.
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PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 1/3 Schedule
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENTS
KONSOLIDASIAN OF FINANCIAL POSITION
31 DESEMBER 2023 DAN 2022 AS AT 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31 Desember/ 31 Desember/
Catatan/ 31 December 31 December
Notes 2023 2022
EKUITAS EQUITY
Ekuitas yang dapat diatribusikan Equity attributable to
kepada pemilik entitas induk owners of the parent
Modal saham - nilai nominal Share capital - Rp10 par value
Rp10 (nilai penuh) per saham (full amount) per share
Modal dasar - 200.000.000.000 Authorised - 200,000,000,000
saham shares
Modal ditempatkan dan disetor Issued and fully paid -
penuh - 61.953.555.600 saham 19 619,536 619,536 61,953,555,600 shares
Tambahan modal disetor 20 7,793,218 7,793,218 Additional paid-in capital
Saham treasuri 19 (16,369) - Treasury shares
Revaluation surplus
Surplus revaluasi aset tetap 11 229,406 226,494 of fixed assets
Perubahan nilai wajar atas Changes in fair
investasi pada surat value of investment
utang negara 9 (56,408) (138,276) in government bonds
Bagian penghasilan komprehensif Share of other comprehensive
lain dari ventura bersama 85 85 income of joint venture
Keuntungan pengukuran Remeasurement gain on
kembali liabilitas imbalan post-employment
pascakerja 9,921 13,259 benefits liability
Saldo laba Retained earnings
- Ditentukan penggunaannya 21 124,000 124,000 Appropriated -
- Belum ditentukan penggunaannya 1,210,978 931,790 Unappropriated -
Total 9,914,367 9,570,106 Total
Kepentingan nonpengendali 7,122 4,779 Non-controlling interests
TOTAL EKUITAS 9,921,489 9,574,885 TOTAL EQUITY
TOTAL LIABILITAS TOTAL LIABILlTlES
DAN EKUITAS 11,166,987 10,792,122 AND EQUITY
Catatan atas laporan keuangan konsolidasian merupakan bagian yang The accompanying notes to the consolidated financial statements form
tidak terpisahkan dari laporan keuangan konsolidasian secara an integral part of these consolidated financial statements.
keseluruhan.
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PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 2/1 Schedule
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
KOMPREHENSIF LAIN KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31 Desember/ 31 Desember/
Catatan/ 31 December 31 December
Notes 2023 2022
PENDAPATAN NETO 24 7,016,882 6,694,171 NET REVENUES
BEBAN POKOK PENJUALAN 25 (3,833,546) (3,976,771) COST OF GOODS SOLD
LABA BRUTO 3,183,336 2,717,400 GROSS PROFIT
Beban penjualan 26 (1,240,237) (1,027,025) Selling expenses
General and administrative
Beban umum dan administrasi 26 (226,090) (214,622) expenses
Penghasilan keuangan 28 286,259 293,722 Finance income
Beban keuangan 29 (4,077) (6,463) Finance costs
Bagian atas laba/(rugi) Share of profit/(loss) of
ventura bersama 12 898 (1,426) a joint venture
Penghasilan/(beban) lain-lain, neto 27 (7,946) (16,339) Other income/(expenses), net
LABA SEBELUM BEBAN PROFIT BEFORE
PAJAK PENGHASILAN 1,992,143 1,745,247 INCOME TAX EXPENSE
Beban pajak penghasilan 18c (349,047) (344,882) Income tax expense
LABA TAHUN BERJALAN 1,643,096 1,400,365 PROFIT FOR THE YEAR
PENGHASILAN/(RUGI) OTHER COMPREHENSIVE
KOMPREHENSIF LAIN INCOME/(LOSS)
Pos yang tidak akan Items that will not be
direklasifikasi ke laba rugi: reclassified to profit or loss:
Bagian dari penghasilan
komprehensif lain ventura Share of other comprehensive
bersama 12 - 85 income of a joint venture
Revaluation surplus of
Surplus revaluasi aset tetap 11 2,912 12,946 fixed assets
Kerugian pengukuran Remeasurement loss
kembali atas liabilitas on post-employment
imbalan pascakerja 17b (4,330) (3,902) benefits liability
Pajak tangguhan terkait 18d 953 858 Related deferred tax
(465) 9,987
Pos yang akan direklasifikasi Item that will be reclassified
ke laba rugi: to profit or loss:
Changes in fair value
Perubahan nilai wajar atas investasi of investment in
pada surat utang negara 9 81,868 (137,441) government bonds
Total penghasilan/(rugi) Total other comprehensive
komprehensif lain, neto 81,403 (127,454) income/(loss), net
TOTAL PENGHASILAN TOTAL COMPREHENSIVE
KOMPREHENSIF TAHUN INCOME FOR
BERJALAN 1,724,499 1,272,911 THE YEAR
Catatan atas laporan keuangan konsolidasian merupakan bagian yang The accompanying notes to the consolidated financial statements form
tidak terpisahkan dari laporan keuangan konsolidasian secara an integral part of these consolidated financial statements.
keseluruhan.
Page 181
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 2/2 Schedule
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
KOMPREHENSIF LAIN KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31 Desember/ 31 Desember/
Catatan/ 31 December 31 December
Notes 2023 2022
LABA TAHUN BERJALAN
YANG DAPAT DIATRIBUSIKAN PROFIT FOR THE YEAR
KEPADA: ATTRIBUTABLE TO:
Pemilik entitas induk 1,642,166 1,400,561 Owners of the parent
Kepentingan nonpengendali 930 (196) Non-controlling interests
TOTAL 1,643,096 1,400,365 TOTAL
TOTAL PENGHASILAN
KOMPREHENSIF TAHUN TOTAL COMPREHENSIVE
BERJALAN YANG DAPAT INCOME FOR THE YEAR
DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:
Pemilik entitas induk 1,723,608 1,273,081 Owners of the parent
Kepentingan nonpengendali 891 (170) Non-controlling interests
TOTAL 1,724,499 1,272,911 TOTAL
Laba per saham dasar dan dilusian Basic and diluted earnings per
yang dapat diatribusikan kepada share attributable to the
pemilik entitas induk 22 26.51 22.61 owners of the parent
Catatan atas laporan keuangan konsolidasian merupakan bagian yang The accompanying notes to the consolidated financial statements form
tidak terpisahkan dari laporan keuangan konsolidasian secara an integral part of these consolidated financial statements.
keseluruhan.
Page 182
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 3 Schedule
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2023 DAN 2022 FOR THE YEARS ENDED 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/Equity attributable to owners of the parent
Perubahan
nilai
wajar atas Keuntungan/
Bagian dari investasi pada (kerugian)
Modal saham Surplus penghasilan surat utang pengukuran
ditempatkan revaluasi komprehensif negara/ kembali
dan disetor Tambahan aset lain Changes liabilitas imbalan Saldo laba/ Kepentingan
penuh/ modal tetap/ ventura bersama/ in fair pascakerja/ Retained earnings non
Issued disetor/ Saham Revaluation Share of other value of Remeasurement Belum pengendali/ Total
and fully Additional treasuri/ surplus comprehensive investment in gain/(loss) on Ditentukan ditentukan Non- ekuitas/
Catatan/ paid share paid-in Treasury of fixed income of a government post-employment penggunaanya/ penggunaanya/ controlling Total
Notes capital capital shares assets joint venture bonds benefits liability Appropriated Unappropriated Total interests equity
Saldo per 1 Januari 2022 619,536 7,793,218 - 213,548 - (835) 16,329 112,000 658,393 9,412,189 3,431 9,415,620 Balance as at 1 January 2022
Pembentukan cadangan umum 21 - - - - - - - 12,000 (12,000) - - - Appropriation for general reserve
Dividen 23 - - - - - - - - (1,115,164) (1,115,164) - (1,115,164) Dividends
Penerbitan saham entitas anak
kepada kepentingan Issuance of a subsidiary's shares to
nonpengendali - - - - - - - - - - 1,518 1,518 non-controlling interests
Laba tahun berjalan - - - - - - - - 1,400,561 1,400,561 (196) 1,400,365 Profit for the year
Rugi komprehensif lain - - - 12,946 85 (137,441) (3,070) - - (127,480) 26 (127,454) Other comprehensive loss
Saldo per 31 Desember 2022 619,536 7,793,218 - 226,494 85 (138,276) 13,259 124,000 931,790 9,570,106 4,779 9,574,885 Balance as at 31 December 2022
Dividen 23 - - - - - - - - (1,362,978) (1,362,978) - (1,362,978) Dividends
Penerbitan saham entitas anak
kepada kepentingan Issuance of a subsidiary’s shares to
nonpengendali - - - - - - - - - - 1,452 1,452 non-controlling interests
Pembelian saham treasuri 19 - - (16,369) - - - - - - (16,369) - (16,369) Purchase of treasury shares
Laba tahun berjalan - - - - - - - - 1,642,166 1,642,166 930 1,643,096 Profit for the year
Penghasilan komprehensif lain - - - 2,912 - 81,868 (3,338) - - 81,442 (39) 81,403 Other comprehensive income
Saldo per 31 Desember 2023 619,536 7,793,218 (16,369) 229,406 85 (56,408) 9,921 124,000 1,210,978 9,914,367 7,122 9,921,489 Balance as at 31 December 2023
Catatan atas laporan keuangan konsolidasian merupakan bagian yang tidak The accompanying notes to the consolidated financial statements form an
terpisahkan dari laporan keuangan konsolidasian secara keseluruhan. integral part of these consolidated financial statements.
Page 183
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 4/1 Schedule
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31 Desember/ 31 Desember/
Catatan/ 31 December 31 December
Notes 2023 2022
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERASI OPERATING ACTIVITIES
Penerimaan kas dari pelanggan 6,850,984 6,781,888 Cash received from customers
Pembayaran ke pemasok (4,397,297) (4,598,330) Payments to suppliers
Pembayaran ke karyawan (707,405) (659,079) Payments to employees
Kas yang diperoleh dari operasi 1,746,282 1,524,479 Cash generated from operations
Penerimaan lain-lain 12,664 11,601 Other receipts
Penerimaan penghasilan bunga 308,589 302,422 Receipts of finance income
Pembayaran pajak Payments of corporate
penghasilan badan 18b, 18c (482,000) (377,003) income taxes
Arus kas neto diperoleh dari Net cash flows generated from
aktivitas operasi 1,585,535 1,461,499 operating activities
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS INVESTASI INVESTING ACTIVITIES
Penerimaan dari pelepasan Proceeds from disposal of
aset tetap 11 14,094 16,398 fixed assets
Penerimaan dari penjualan investasi Proceeds from sale of investment
pada surat utang negara 1,128,447 1,125,162 in government bonds
Pembelian aset tetap (246,181) (173,684) Purchase of fixed assets
Perolehan aset hak-guna (14,289) (66,285) Additions of right-of-use assets
Penambahan aset takberwujud (8,667) (10,909) Additions of intangible assets
Penambahan investasi pada Additions of investment in
reksa dana (20,000) - mutual funds
Penambahan investasi Additions of short-term
jangka pendek (1,740,000) - investments
Penambahan investasi pada Additions of investment in
surat utang negara (196,300) (316,500) government bonds
Penambahan investasi Additions of investments
pada ventura bersama 12 - (14,250) in joint venture
Arus kas neto (digunakan untuk)/ Net cash flows (used in)/
diperoleh dari provided from
aktivitas investasi (1,082,896) 559,932 investing activities
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS PENDANAAN FINANCING ACTIVITIES
Penerimaan pinjaman bank - 32,535 Proceeds from bank loans
Pembayaran pinjaman bank - (33,206) Payment of bank loans
Akuisisi saham treasuri 19 (16,369) - Acquisition of treasury shares
Pembayaran liabilitas sewa 15 (58,836) (25,374) Payments of lease liabilities
Pembayaran beban bunga 29 (4,077) (6,463) Payment of interest expenses
Penerbitan saham entitas anak kepada Issuance of subsidiary’s shares
kepentingan nonpengendali 1,452 1,518 to non-controlling interests
Pembayaran dividen tunai 23 (1,362,978) (1,115,164) Payments of cash dividends
Arus kas neto digunakan untuk Net cash flows used in
aktivitas pendanaan (1,440,808) (1,146,154) financing activities
Catatan atas laporan keuangan konsolidasian merupakan bagian yang The accompanying notes to the consolidated financial statements form an
tidak terpisahkan dari laporan keuangan konsolidasian secara integral part of these consolidated financial statements.
keseluruhan.
Page 184
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 4/2 Schedule
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS
UNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31 Desember/ 31 Desember/
Catatan/ 31 December 31 December
Notes 2023 2022
NET (DECREASE)/INCREASE IN
(PENURUNAN)/KENAIKAN NETO CASH AND CASH
KAS DAN SETARA KAS (938,169) 875,277 EQUIVALENTS
CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS DAN AND BANK OVERDRAFT AT
CERUKAN AWAL TAHUN 2,163,491 1,288,214 BEGINNING OF YEAR
CASH, CASH EQUIVALENTS
KAS, SETARA KAS DAN CERUKAN AND BANK OVERDRAFT AT
AKHIR TAHUN 4, 16 1,225,322 2,163,491 END OF YEAR
Lihat Catatan 32a untuk aktivitas nonkas. Refer to Note 32a for non-cash activities.
Catatan atas laporan keuangan konsolidasian merupakan bagian yang The accompanying notes to the consolidated financial statements form an
tidak terpisahkan dari laporan keuangan konsolidasian secara integral part of these consolidated financial statements.
keseluruhan.
Page 185
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/1 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian dan informasi umum Perusahaan a. The Company’s establishment and general
information
PT Avia Avian Tbk (“Perusahaan”) didirikan PT Avia Avian Tbk (the “Company”) is
berdasarkan Akta Pendirian No. 6 tanggal 1 established based on Deed of Establishment
Maret 1983, yang dibuat di hadapan Indrawati No. 6 dated 1 March 1983, made by Indrawati
Setiabudhi, S.H., notaris di Malang, yang Setiabudhi, S.H., notary in Malang, that was
diubah dengan akta No. 63 tanggal amended based on Deed No. 63 dated 23 May
23 Mei 1983 yang dibuat di hadapan notaris 1983 by the same notary. The Company’s
yang sama. Akta Perubahan Perusahaan Deeds of Amendments have been approved
tersebut telah disahkan berdasarkan based on the Decision of the Department of
Keputusan Departemen Kehakiman Republik Justice of the Republic of Indonesia dated 5 July
Indonesia tertanggal 5 Juli 1983 dengan 1983 with Decision Letter No. C2-
Surat Keputusan No. C2-4948.HT.01.01.Th83 4948.HT.01.01.Th83 and was published in State
dan telah diumumkan dalam Berita Gazette No. C2-4948.HT.01.01.Th83 of the
Negara Republik Indonesia No. C2- Republic of Indonesia.
4948.HT.01.01.Th83.
Anggaran Dasar Perusahaan telah mengalami The Company’s Articles of Association have
beberapa kali perubahan. Perubahan terakhir been amended several times. The latest
dibuat melalui Akta Notaris Liestiani Wang, amendment was made through Notarial Deed
S.H., M.Kn., No. 3 tanggal 4 Agustus 2021, No. 3 of Liestiani Wang, S.H., M.Kn., dated
sehubungan dengan perubahan status 4 August 2021, regarding the change of the
perusahaan dari perseroan tertutup menjadi Company’s status from a limited company to a
perseroan terbuka, perubahan nama public company, the change in the Company’s
Perusahaan dari PT Avia Avian menjadi PT name from PT Avia Avian to PT Avia Avian Tbk,
Avia Avian Tbk, peningkatan modal dasar an increase in authorised share capital, changes
Perusahaan, perubahan nilai nominal saham, in the share par value, approval for public
persetujuan pelaksanaan penawaran umum, offering, approval for Employee Stock Allocation
persetujuan pelaksanaan program Alokasi (“ESA”), rearrangement of the Company’s
Saham Karyawan (“ESA”), penyusunan purposes and objectives and activities,
kembali maksud dan tujuan serta kegiatan reaffirmation of the Company’s Board of
usaha Perusahaan, penegasan kembali Dewan Commissioners and Directors, approval of the
Komisaris dan Direksi Perusahaan, change in Articles of Association in accordance
persetujuan perubahan Anggaran Dasar sesuai with Regulation No. IX.J.1, Financial Services
dengan Peraturan No. IX.J.1, Peraturan Authority’s Regulation (“POJK”) No. 15/2020 and
Otoritas Jasa Keuangan (“POJK”) No. 15/2020 POJK No. 33/2014 and appointment of the
dan POJK No. 33/2014, dan penetapan Company’s controlling interests in accordance
pengendali Perusahaan sesuai POJK No. with POJK No. 3/2021. This amendment has
3/2021. Perubahan anggaran dasar ini telah been approved by the Minister of Law and
disetujui oleh Menteri Hukum dan Hak Asasi Human Rights of the Republic of Indonesia in its
Manusia Republik Indonesia melalui Surat Decree No. AHU-0043612.AH.01.02.TAHUN
Keputusan No. AHU-0043612.AH.01.02. 2021 dated 12 August 2021.
TAHUN 2021 tanggal 12 Agustus 2021.
Berdasarkan Anggaran Dasar Perusahaan, Based on the Company’s Articles of Association,
ruang lingkup kegiatan Perusahaan antara lain the scope of activities of the Company comprises
bergerak dalam bidang industri pengolahan the processing industry and wholesale trading.
dan perdagangan besar. Perusahaan The Company’s head office is located in
berkantor pusat di Sidoarjo dan memiliki pabrik Sidoarjo, with factories in Sidoarjo and Serang.
di Sidoarjo dan Serang.
Perusahaan memulai operasi komersialnya The Company started its commercial operations
pada tahun 1983. in 1983.
Page 186
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/2 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
b. Penawaran umum saham Perusahaan b. Public offering of the Company’s shares
Berdasarkan Akta Notaris No. 3 tanggal Based on Notarial Deed No. 3 dated 4 August
4 Agustus 2021 oleh Notaris Liestiani Wang, 2021, by Notary Liestiani Wang, S.H., M.Kn.,
S.H., M.Kn., notaris di Jakarta Selatan, notary in South Jakarta, this amendment was
perubahan ini telah disahkan oleh Menteri approved by the Minister of Law and Human
Hukum dan Hak Asasi Manusia dengan Surat Rights under Decision Letter No. AHU-
Keputusan No. AHU- 0043612.AH.01.02.TAHUN 2021 dated 12
0043612.AH.01.02.TAHUN 2021 tanggal 12 August 2021, the shareholders of the Company
Agustus 2021, para pemegang saham decided and approved matters, including the
Perusahaan memutuskan dan menyetujui hal- changes of the Company’s status from a limited
hal diantaranya perubahan status Perusahaan company to a public company and the
dari perseroan tertutup menjadi perseroan Company’s name from PT Avia Avian to PT Avia
terbuka dan perubahan nama Perusahaan dari Avian Tbk.
PT Avia Avian menjadi PT Avia Avian Tbk.
Dalam rangka penawaran umum perdana In relation to the initial public offering of the
saham Perusahaan, Perusahaan mendapatkan Company’s shares, the Company obtained the
Surat Pemberitahuan Efektif Pernyataan Notification Letter of Statement of Effective
Pendaftaran No. S-223/D.04/2021 tertanggal Registration No. S-223/D.04/2021 dated
30 November 2021 dari Otoritas Jasa 30 November 2021 from the Financial Services
Keuangan (“OJK”) untuk melakukan Authority (“OJK”) to conduct an initial public
penawaran umum perdana sebanyak offering of 6,200,000,000 shares to the public
6.200.000.000 lembar saham dengan nilai with a par value of Rp10 (full amount) per share
nominal Rp10 (angka penuh) per lembar at an offering price of Rp930 (full amount) per
saham dan harga penawaran sebesar Rp930 share. All of the shares offered to the public in
(angka penuh) per lembar saham. Seluruh the initial public offering were new shares issued
saham yang ditawarkan ke masyarakat pada by the Company. Effective on 8 December
saat penawaran umum perdana berasal dari 2021, the Company’s shares have been listed on
saham baru yang diterbitkan Perusahaan. the Indonesia Stock Exchange (“IDX”).
Efektif tanggal 8 Desember 2021, saham
Perusahaan telah dicatatkan di Bursa Efek
Indonesia (“BEI”).
Berdasarkan Rapat Umum Pemegang Saham Based on the Annual General Shareholders
Tahunan tanggal 7 Desember 2023, yang Meeting dated 7 December 2023, which was
berita acaranya dituangkan dalam Akta Notaris notarised by Notarial Deed No. 5 dated
No. 5 tanggal 7 Desember 2023 dari Notaris 7 December 2023, of Notary Dr. Susanti, S.H.,
Dr. Susanti, S.H., M.Kn., para pemegang M.Kn., the shareholders agreed to repurchase
saham menyetujui untuk melakukan pembelian 1,425,000,000 ordinary shares of the Company
kembali sebanyak-banyaknya 1.425.000.000 through a transaction at the IDX (Notes 19 and
lembar saham biasa Perusahaan melalui 35).
pembelian pada BEI (Catatan 19 dan 35).
c. Entitas induk dan entitas induk utama c. Parent and ultimate parent entity
PT Wahana Lancar Rejeki dan PT Tancorp PT Wahana Lancar Rejeki and PT Tancorp
Surya Sentosa merupakan entitas pengendali Surya Sentosa are the controlling interests of the
Perusahaan. Pemilik manfaat dari Perusahaan Company. The beneficial owners of the
adalah Wijono Tanoko, Hermanto Tanoko, Company are Wijono Tanoko, Hermanto
Ruslan Tanoko, dan Robert Christian Tanoko. Tanoko, Ruslan Tanoko and Robert Christian
Tanoko.
Page 187
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/3 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
d. Entitas anak yang dikonsolidasi d. Consolidated subsidiaries
Pada tanggal 31 Desember 2023 dan 2022, As at 31 December 2023 and 2022, the
Perusahaan memiliki entitas anak dengan Company has subsidiaries with effective
kepemilikan efektif sebagai berikut: percentage of ownership as follows:
Dimulainya
kegiatan Persentase
komersial/ kepemilikan/
Commencement Percentage Total aset/
Entitas anak/ Domisili/ Bidang usaha/ of commercial of ownership Total assets
Subsidiaries Domicile Nature of business operations 2023 2022 2023 2022
Kepemilikan langsung/Direct ownership
PT Tirtakencana
Tatawarna
(“PT TKTW”)a) Surabaya Perdagangan/Trading 2000 99.99% 99.99% 3,830,103 3,573,542
PT Solusi Rumah Perdagangan dan jasa/
Praktis (“PT SRP”) Surabaya Trading and service 2018 99.99% 99.99% 2,076 2,999
PT Multipro Paint Perdagangan dan industri/
Indonesia (“PT MPI”) Jakarta Trading and industry 2008 67.00% 67.00% 31,834 25,476
Kepemilikan tidak langsung/Indirect ownership
Melalui PT TKTW/Through PT TKTW
PT Tirtakencana
Batamindo
(“PT TKBI”) Batam Perdagangan/Trading 2010 99.98% 99.98% 34,982 33,447
a)
dan entitas anak/and subsidiaries
e. Dewan Komisaris dan Direksi, Komite Audit e. Board of Commissioners and Directors, Audit
dan karyawan Committee and employees
Susunan Dewan Komisaris dan Direksi pada The compositions of the Company’s Board of
tanggal 31 Desember 2023 dan 2022 adalah Commissioners and Directors as at
sebagai berikut: 31 December 2023 and 2022 are as follows:
2023 2022
Dewan Komisaris Board of Commissioners
Komisaris Utama Hermanto Tanoko Hermanto Tanoko President Commissioner
Komisaris Mohammad Noor Mohammad Noor Commissioner
Rachman Soejoeti Rachman Soejoeti
Direksi Directors
Direktur Utama Wijono Tanoko Wijono Tanoko President Director
Wakil Direktur Utama Ruslan Tanoko Ruslan Tanoko Vice President Director
Direktur Robert Christian Tanoko Robert Christian Tanoko Director
Direktur Kurnia Hadi Sinanto Kurnia Hadi Sinanto Director
Direktur Angelica Tanisia Jozar Angelica Tanisia Jozar Director
Susunan komite audit pada tanggal 31 The members of Company’s Audit Committee
Desember 2023 dan 2022 adalah sebagai as at 31 December 2023 and 2022 are as
berikut: follows:
Komite Audit Audit Committee
Ketua Mohammad Noor Rachman Soejoeti Chief
Anggota Fitradewata Teramihardja Member
Anggota Sammy TS Lalamentik Member
Pada tanggal 31 Desember 2023 dan 2022, As at 31 December 2023 and 2022, the Group
Grup memiliki masing-masing 1.422 dan 1.274 had a total of 1,422 and 1,274 permanent
orang karyawan tetap (tidak diaudit). employees, respectively (unaudited).
Page 188
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/4 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. UMUM (lanjutan) 1. GENERAL (continued)
f. Tanggal penyelesaian laporan keuangan f. Completion date of the consolidated
konsolidasian financial statements
Laporan keuangan konsolidasian Perusahaan The consolidated financial statements of the
dan entitas anak (bersama-sama “Grup”) Company and subsidiaries (together the
diotorisasi oleh Direksi Perusahaan pada “Group”) were authorised by the Directors of the
tanggal 27 Februari 2024. Company on 27 February 2024.
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL INFORMATION
a. Dasar penyusunan laporan keuangan a. Basis of preparation of the consolidated
konsolidasian financial statements
Laporan keuangan konsolidasian telah The consolidated financial statements have
disusun dan disajikan sesuai dengan Standar been prepared and presented in accordance
Akuntansi Keuangan Indonesia (“SAK”), yang with Indonesian Financial Accounting Standards
mencakup Pernyataan Standar Akuntansi (“SAK”), which comprise the Statements of
Keuangan (“PSAK”) dan Interpretasi Standar Financial Accounting Standards (“PSAK”) and
Akuntansi Keuangan (“ISAK”) yang Interpretations of Financial Accounting
dikeluarkan oleh Dewan Standar Akuntansi Standards (“ISAK”) issued by the Financial
Keuangan (“DSAK”) Ikatan Akuntan Indonesia Accounting Standards Board (“DSAK”) of the
serta Peraturan No. VIII.G.7 tentang Indonesian Institute of Accountants and
“Penyajian dan Pengungkapan Laporan Regulation No. VIII.G.7 on “Financial
Keuangan Emiten atau Perusahaan Publik” Statements Presentation and Disclosures for
yang diterbitkan oleh Otoritas Jasa Keuangan. Issuers and Public Companies” issued by
Kebijakan ini telah diterapkan secara Financial Services Authority. These policies
konsisten terhadap seluruh tahun yang have been consistently applied to all years
disajikan, kecuali jika dinyatakan lain. presented, unless otherwise stated.
Laporan keuangan konsolidasian disusun The consolidated financial statements have been
berdasarkan konsep harga perolehan, yang prepared under the historical cost convention, as
dimodifikasi oleh revaluasi tanah, properti modified by the revaluation of land, investment
investasi, dan aset keuangan diukur pada nilai properties and financial assets at fair value
wajar melalui penghasilan komprehensif lain through other comprehensive income and fair
dan nilai wajar melalui laba rugi, serta value through profit or loss, and using the
menggunakan dasar akrual kecuali untuk accrual basis except for the consolidated
laporan arus kas konsolidasian. statement of cash flows.
Laporan arus kas konsolidasian disusun The consolidated statement of cash flow is
dengan menggunakan metode langsung prepared based on the direct method by
dengan mengelompokkan arus kas ke dalam classifying cash flows on the basis of operating,
aktivitas operasi, investasi dan pendanaan. investing, and financing activities.
Seluruh angka dalam laporan keuangan Figures in the consolidated financial statements
konsolidasian ini, dibulatkan dan disajikan are rounded to and stated in millions of Rupiah
dalam jutaan Rupiah (“Rp”), kecuali (“Rp”), unless otherwise specified.
dinyatakan lain.
Page 189
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/5 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
a. Dasar penyusunan laporan keuangan a. Basis of preparation of the consolidated
konsolidasian (lanjutan) financial statements (continued)
Penyusunan laporan keuangan konsolidasian The preparation of consolidated financial
sesuai dengan Standar Akuntansi Keuangan statements in conformity with Indonesian
di Indonesia mengharuskan penggunaan Financial Accounting Standards requires the
estimasi dan asumsi. Hal tersebut juga use of certain critical accounting estimates and
mengharuskan manajemen untuk membuat assumptions. It also requires management to
pertimbangan dalam proses penerapan exercise its judgement in the process of
kebijakan akuntansi Grup. Area yang applying the Group’s accounting policies. The
kompleks atau memerlukan tingkat areas involving a higher degree of judgement or
pertimbangan yang lebih tinggi atau area di complexity, or areas where assumptions and
mana asumsi dan estimasi dapat berdampak estimates are material to the consolidated
material terhadap laporan keuangan financial statements are disclosed in Note 3.
konsolidasian diungkapkan di Catatan 3.
b. Perubahan pada Pernyataan Standar b. Changes to Statements of Financial
Akuntansi Keuangan (“PSAK”) dan Accounting Standards (“PSAK”) and
Interpretasi Pernyataan Standar Akuntansi Interpretations of Statements of Financial
Keuangan (“ISAK”) Accounting Standards (“ISAK”)
Standar berikut yang telah diterbitkan dan The following standards that were issued and
efektif pada tahun buku 2023 tidak effective in 2023 did not result in substantial
menimbulkan perubahan substansial terhadap changes to the Group’s accounting policies and
kebijakan akuntansi Grup dan pengaruh yang had no material effect on the amounts reported
material atas jumlah yang dilaporkan atas for the current or prior financial years.
tahun berjalan atau tahun sebelumnya.
• Amendemen PSAK No. 1, “Penyajian • Amendment to PSAK No. 1, “Presentation
Laporan Keuangan” Financial Statements”
• Amendemen PSAK No. 16, “Aset Tetap” • Amendment of PSAK No. 16, “Fixed
tentang Hasil sebelum Penggunaan yang Assets” regarding Proceeds before
Diintensikan Intended Use
• Amendemen PSAK No. 25, “Kebijakan • Amendment to PSAK No. 25, “Accounting
Akuntansi, Perubahan Estimasi Akuntansi Policies, Changes in Accounting Estimates
dan Kesalahan - Definisi Estimasi and Errors - Definition of Accounting
Akuntansi” Estimates”
• Amendemen PSAK No. 46, “Pajak • Amendment to PSAK No. 46, “Income
Penghasilan - Pajak Tangguhan terkait Taxes - Deferred Tax related to Assets and
Aset dan Liabilitas yang Timbul dari Liabilities Arising from a Single
Transaksi Tunggal” Transaction”
Standar baru, amendemen dan penyesuaian New standards, amendments and annual
tahunan yang telah diterbitkan, namun belum improvements issued but not yet effective for
berlaku efektif untuk tahun buku yang dimulai the financial year beginning 1 January 2024 are
pada 1 Januari 2024 adalah sebagai berikut: as follows:
Berlaku efektif sejak 1 Januari 2024 Effective from 1 January 2024
• Amendemen PSAK No. 1 “Penyajian • Amendment to PSAK No. 1 “Presentation
laporan keuangan” - Klasifikasi Kewajiban of Financial Statements” - Classification of
sebagai Lancar atau Tidak Lancar Liabilities as Current or Non-current
• Amendemen PSAK No. 1, “Penyajian • Amendment to PSAK No. 1, “Presentation
Laporan Keuangan” - Liabilitas Jangka of Financial Statements” - Non-Current
Panjang dengan Kovenan Liabilities with Covenants
• Amendemen PSAK No. 2 “Laporan Arus • Amendment of PSAK No. 2 “Statement of
Kas” dan amandemen PSAK No. 60 Cash Flows” and amendment of PSAK No.
“Instrumen Keuangan: Pengungkapan” - 60 “Financial Instrument: Disclosure” -
Pengaturan Pembiayaan Pemasok Supplier Finance Agreements
• Amendemen PSAK No. 10 “Pengaruh • Amendment of PSAK No. 10 “Foreign
Perubahan Kurs Valuta Asing” - Exchange Rates” - Lack of Exchangeability
Kekurangan Ketertukaran
Page 190
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/6 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
b. Perubahan pada Pernyataan Standar b. Changes to Statements of Financial
Akuntansi Keuangan (“PSAK”) dan Accounting Standards (“PSAK”) and
Interpretasi Pernyataan Standar Akuntansi Interpretations of Statements of Financial
Keuangan (“ISAK”) (lanjutan) Accounting Standards (“ISAK”) (continued)
Standar baru, amendemen dan penyesuaian New standards, amendments and annual
tahunan yang telah diterbitkan, namun belum improvements issued but not yet effective for
berlaku efektif untuk tahun buku yang dimulai the financial year beginning 1 January 2024 are
pada 1 Januari 2024 adalah sebagai berikut: as follows:
Berlaku efektif sejak 1 Januari 2024 Effective from 1 January 2024
• Amendemen PSAK No. 46 “Pajak • Amendment of PSAK No. 46 “Income
Penghasilan” - Reformasi Pajak Taxes” - International Tax Reform - Pillar
Internasional Ketentuan Model Pilar Dua Two Model Rules
• Amendemen PSAK No. 73, “Sewa” - Jual • Amendment to PSAK No. 73, “Leases” -
dan Sewa-balik Sale and Leaseback
Berlaku efektif sejak 1 Januari 2025 Effective from 1 January 2025
• PSAK No. 74, “Kontrak Asuransi” • PSAK No. 74, “Insurance Contracts”
• Amendemen PSAK No. 74, “Kontrak • Amendment to PSAK No. 74, “Insurance
Asuransi tentang Penerapan Awal PSAK Contracts regarding Initial Application of
No. 74 dan PSAK No. 71 - Informasi PSAK No. 74 and PSAK No. 71 -
Komparatif” Comparative Information”
Penerapan dini atas standar baru dan revisi Early adoption of the new and revised
diperkenankan. standards is permitted.
Pada saat penerbitan laporan keuangan As at the authorisation date of these
konsolidasian, Grup masih mempelajari consolidated financial statements, the Group is
dampak yang mungkin timbul dari penerapan still evaluating the potential impact of these
standar dan interpretasi baru dan revisi new and amended standards and
tersebut pada laporan keuangan konsolidasian interpretations on the Group’s consolidated
Grup. Mulai dari 1 Januari 2024, referensi financial statements. Beginning 1 January
terhadap masing-masing PSAK dan ISAK akan 2024, references to the individual PSAKs and
diubah sesuai dengan penerbitan oleh DSAK ISAKs will be changed as published by the
Ikatan Akuntan Indonesia. DSAK of Indonesian Institute of Accountants.
c. Prinsip-prinsip konsolidasi c. Principles of consolidation
(i) Entitas anak (i) Subsidiaries
Entitas anak adalah seluruh entitas Subsidiaries are all entities (including
(termasuk entitas terstruktur) dimana Grup structured entities) over which the Group
memiliki pengendalian. Grup has control. The Group controls an entity
mengendalikan entitas lain ketika Grup when the Group is exposed to, or has
terekspos atas, atau memiliki hak untuk, rights to, variable returns from its
pengembalian yang bervariasi dari involvement with the entity and has the
keterlibatannya dengan entitas dan ability to affect those returns through its
memiliki kemampuan untuk memengaruhi power over the entity. Subsidiaries are
pengembalian tersebut melalui consolidated from the date on which
kekuasaannya atas entitas tersebut. control is transferred to the Group. They
Entitas anak dikonsolidasikan sejak are de-consolidated from the date on which
tanggal di mana pengendalian dialihkan that control ceases.
kepada Grup. Entitas anak tidak
dikonsolidasikan lagi sejak tanggal dimana
Grup kehilangan pengendalian.
Page 191
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/7 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
c. Prinsip-prinsip konsolidasi (lanjutan) c. Principles of consolidation (continued)
(i) Entitas anak (lanjutan) (i) Subsidiaries (continued)
Grup menerapkan metode akuisisi untuk The Group applies the acquisition method
mencatat kombinasi bisnis. Imbalan yang to account for business combinations. The
dialihkan untuk akuisisi suatu entitas anak consideration transferred for the acquisition
adalah sebesar nilai wajar aset yang of a subsidiary is the fair value of the
dialihkan, liabilitas yang diakui terhadap assets transferred, the liabilities incurred to
pemilik pihak yang diakuisisi sebelumnya the former owners of the acquiree and the
dan kepentingan ekuitas yang diterbitkan equity interests issued by the Group. The
oleh Grup. Imbalan yang dialihkan consideration transferred includes the fair
termasuk nilai wajar aset atau liabilitas value of any asset or liability resulting from
yang timbul dari kesepakatan imbalan a contingent consideration arrangement.
kontinjensi. Aset teridentifikasi yang Identifiable assets acquired and liabilities
diperoleh dan liabilitas serta liabilitas and contingent liabilities assumed in a
kontinjensi yang diambil alih dalam suatu business combination are measured
kombinasi bisnis diukur pada awalnya initially at their fair values at the acquisition
sebesar nilai wajar pada tanggal akuisisi. date.
Selisih lebih imbalan yang dialihkan, The excess of the consideration
jumlah setiap kepentingan nonpengendali transferred, the amount of any non-
pada pihak diakuisisi dan nilai wajar pada controlling interest in the acquiree and the
tanggal akuisisi kepentingan ekuitas acquisition-date fair value of any previous
sebelumnya dimiliki oleh pihak equity interest in the acquiree over the fair
pengakuisisi pada pihak diakuisisi atas value of the net identifiable assets acquired
nilai wajar aset bersih teridentifikasi yang is recorded as goodwill. If those amounts
diperoleh dicatat sebagai goodwill. Jika are less than the fair value of the net
jumlah tersebut lebih rendah dari nilai identifiable assets of the business
wajar aset bersih teridentifikasi atas bisnis acquired, in the case of a bargain
yang diakuisisi dalam kasus pembelian purchase, the difference is recognised
dengan diskon, selisihnya diakui dalam directly in profit and loss.
laba rugi.
Transaksi, saldo dan keuntungan dan Intercompany transactions, balances and
kerugian antar entitas Grup yang belum unrealised gains and losses on
direalisasi telah dieliminasi. Jika transactions between Group companies
diperlukan, nilai yang dilaporkan oleh are eliminated. When necessary, amounts
entitas anak telah diubah untuk reported by subsidiaries have been
menyesuaikan dengan kebijakan adjusted to conform to the Group’s
akuntansi yang diadopsi oleh Grup. accounting policies.
Kepentingan nonpengendali merupakan Non-controlling interests represent the
proporsi atas aset neto dan hasil usaha proportion of the net assets and the result
entitas anak yang tidak diatribusikan pada of subsidiaries not attributable to the
pemegang saham Perusahaan. Grup shareholders of the Company. The Group
mengakui kepentingan nonpengendali recognises any non-controlling interest in
pada pihak yang diakuisisi sebesar bagian the acquiree at the non-controlling
proporsional kepentingan nonpengendali interest’s proportionate share of the
atas aset bersih pihak yang diakuisisi. acquiree’s net assets. Non-controlling
Kepentingan nonpengendali disajikan di interest is reported as equity in the
ekuitas dalam laporan posisi keuangan consolidated statement of financial
konsolidasian, terpisah dari pemilik entitas position, separate from the owner of the
induk. parent’s entity.
Biaya-biaya terkait akuisisi dibebankan Acquisition-related costs are expensed as
pada saat terjadinya dan dicatat sebagai incurred and recorded as part of general
bagian dari beban umum dan administrasi. and administrative expenses.
Page 192
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/8 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
c. Prinsip-prinsip konsolidasi (lanjutan) c. Principles of consolidation (continued)
(i) Entitas anak (lanjutan) (i) Subsidiaries (continued)
Dalam suatu kombinasi bisnis yang When the business combination is
dilakukan secara bertahap, pihak achieved in stages, the acquisition date fair
pengakuisisi mengukur kembali value of the acquirer’s previously held
kepentingan ekuitas yang dimiliki equity interest in the acquiree is
sebelumnya pada pihak yang diakuisisi remeasured to fair value at the acquisition
pada nilai wajar tanggal akuisisi dan date and recorded any gains or losses
mengakui keuntungan atau kerugian yang incurred through profit or loss. Any
dihasilkan dalam laba rugi. Setiap imbalan contingent consideration to be transferred
kontinjensi yang akan ditransfer oleh by the acquirer will be recognised at fair
perusahaan pengakuisisi akan diakui pada value at the acquisition date. Contingent
nilai wajar pada tanggal akuisisi. Imbalan consideration classified as equity is not re-
kontinjensi yang diklasifikasikan sebagai measured and its subsequent settlement is
ekuitas tidak diukur kembali dan accounted for within equity.
penyelesaian selanjutnya adalah
diperhitungkan dalam ekuitas.
(ii) Ventura bersama (ii) Joint ventures
Pengaturan bersama diklasifikasikan Investments in joint arrangements are
sebagai operasi bersama atau ventura classified as either joint operations or joint
bersama bergantung pada hak dan ventures depending on the contractual
kewajiban kontraktual para investor bukan rights and obligations of each investor
struktur hukum dari pengaturan bersama. rather than the legal structure of the joint
Grup telah menilai sifat dari pengaturan arrangement. Group has assessed the
bersama dan menentukan pengaturan nature of its joint arrangements and
tersebut sebagai ventura bersama. Ventura determined them to be joint ventures. A
bersama dicatat menggunakan metode joint venture is accounted for using the
ekuitas. equity method.
Sesuai metode ekuitas, investasi pada Under the equity method, the investment
ventura bersama pada awalnya dicatat in a joint venture is initially recognised at
pada biaya perolehan dan selanjutnya cost and adjusted thereafter to recognise
disesuaikan untuk mengakui bagian the investor’s share of the post-acquisition
investor atas laba rugi pasca akuisisi dari profits or losses of the investee in profit or
pihak yang diakuisisi atas laba rugi, dan loss, and its share of movements in other
bagiannya atas pergerakan penghasilan comprehensive income of the investee in
komprehensif lainnya dari pihak yang other comprehensive income.
diakuisisi atas penghasilan komprehensif
lainnya.
Dividen yang diterima atau yang akan Dividends received or receivable from a
diterima dari ventura bersama diakui joint venture are recognised as a
sebagai pengurang jumlah tercatat reduction in the carrying amount of the
investasi. investment.
Jika bagian Grup atas kerugian ventura When the Group’s share of losses in a
bersama sama dengan atau melebihi joint venture equals or exceeds its interest
kepentingannya pada ventura bersama, in the joint ventures, including any other
termasuk piutang tanpa agunan, Grup unsecured receivables, the Group does
menghentikan pengakuan bagian not recognise further losses, unless it has
kerugiannya, kecuali Grup memiliki incurred legal or constructive obligations
kewajiban legal atau konstruktif atau or made payments on behalf of the joint
melakukan pembayaran atas nama ventura venture.
bersama.
Page 193
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/9 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
c. Prinsip-prinsip konsolidasi (lanjutan) c. Principles of consolidation (continued)
(ii) Ventura bersama (lanjutan) (ii) Joint ventures (continued)
Keuntungan dan kerugian yang belum Unrealised gains and losses on
direalisasi atas transaksi antara Grup dan transactions between the Group and a
ventura bersama telah dieliminasi sebesar joint venture have been eliminated to the
kepemilikan Grup pada ventura bersama extent of the Group’s interest in the joint
tersebut. venture.
Setiap akhir periode pelaporan, Grup At the end of each reporting period, the
mengevaluasi apakah terdapat bukti Group assesses whether there is objective
objektif bahwa investasi pada ventura evidence that investment in a joint venture
bersama mengalami penurunan nilai. is impaired.
(iii) Kombinasi bisnis entitas sepengendali (iii) Business combinations under common
control
Kombinasi bisnis entitas sepengendali Business combinations under common
dicatat dengan menggunakan metode control are accounted for using the pooling-
penyatuan kepentingan, dimana selisih of-interests method, whereby the difference
antara jumlah imbalan yang dialihkan between the consideration transferred and
dengan jumlah tercatat aset neto yang the book value of the acquired net assets is
diperoleh diakui sebagai bagian dari akun recognised as part of the “Additional paid-
“Tambahan modal disetor” pada bagian in capital” account under the equity in the
ekuitas di laporan posisi keuangan consolidated statement of financial
konsolidasian. position.
Dalam menerapkan metode penyatuan In applying the said pooling-of-interests
kepentingan tersebut, unsur-unsur laporan method, the components of the financial
keuangan dari entitas yang bergabung statements of the combining entities are
disajikan seolah-olah penggabungan presented as if the combination has
tersebut telah terjadi sejak awal periode occurred since the beginning of the period
entitas yang bergabung berada dalam of the combining entity coming under
kesepengendalian. common control.
(iv) Perubahan kepemilikan (iv) Changes in ownership interests
Grup memperlakukan transaksi dengan The Group treats transactions with non-
kepentingan nonpengendali yang tidak controlling interests that do not result in a
mengakibatkan hilangnya kontrol sebagai loss of control as transactions with equity
transaksi dengan pemilik ekuitas Grup. owners of the Group. A change in
Perubahan dalam kepemilikan ownership interest results in an adjustment
menghasilkan penyesuaian antara nilai between the carrying amounts of the
tercatat dari kepentingan pengendali dan controlling and non-controlling interests to
nonpengendali untuk mencerminkan reflect their relative interests in the
kepentingan relatifnya di anak subsidiary. Any difference between the
perusahaan. Selisih antara jumlah amount of the adjustment to non-controlling
penyesuaian untuk kepentingan interests and any consideration paid or
nonpengendali dan pertimbangan yang received is recognised in additional paid-in
dibayarkan atau diterima diakui dalam capital within equity attributable to owners
tambahan modal disetor dalam ekuitas of the Group.
yang dapat diatribusikan kepada pemilik
Grup.
Page 194
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/10 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
c. Prinsip-prinsip konsolidasi (lanjutan) c. Principles of consolidation (continued)
(iv) Perubahan kepemilikan (lanjutan) (iv) Changes in ownership interest
(continued)
Ketika Grup tidak lagi mengkonsolidasikan When the Group ceases to consolidate or
atau mencatat menggunakan metode equity account for an investment because
ekuitas untuk investasi karena hilangnya of a loss of control, joint control or
pengendalian, pengendalian bersama atau significant influence, any retained interest
pengaruh signifikan, maka kepentingan in the entity is remeasured to its fair value
yang masih tersisa atas entitas diukur at the date when the control is lost, with
kembali berdasarkan nilai wajarnya, pada the change in carrying amount recognised
tanggal hilangnya pengendalian dengan in profit or loss. The fair value is the initial
perubahan nilai tercatat diakui dalam carrying amount for the purposes of
laporan laba rugi. Nilai tercatat awal subsequently accounting for the retained
adalah sebesar nilai wajar untuk interest as an associate or financial asset.
kepentingan pengukuran kembali
kepentingan yang tersisa sebagai entitas
asosiasi atau aset keuangan.
Di samping itu, jumlah yang sebelumnya In addition, any amounts previously
diakui pada penghasilan komprehensif lain recognised in other comprehensive
sehubungan dengan entitas tersebut income in respect of that entity are
dicatat seolah-olah Grup telah melepas accounted for as if the Group had directly
aset atau liabilitas terkait. Hal ini dapat disposed of the related assets or liabilities.
berarti bahwa jumlah yang sebelumnya This may mean that amounts previously
diakui pada penghasilan komprehensif lain recognised in other comprehensive
direklasifikasi ke laba rugi. income are reclassified to profit or loss.
Jika kepemilikan saham pada perusahaan If the ownership interest in an associate is
asosiasi berkurang namun pengendalian reduced but joint control or significant
bersama atau pengaruh signifikan influence is retained, only a proportionate
dipertahankan, hanya sebagian share of the amounts previously
proporsional dari jumlah yang telah diakui recognised in other comprehensive
sebelumnya dalam penghasilan income are reclassified to profit or loss
komprehensif lain yang direklasifikasi ke where appropriate.
laba atau rugi jika diperlukan.
d. Goodwill d. Goodwill
Goodwill timbul dari akuisisi entitas anak dan Goodwill arises from the acquisition of
merupakan selisih imbalan yang ditransfer subsidiaries and represents the excess of the
terhadap kepemilikan dalam nilai wajar neto consideration transferred over the interest in the
atas aset, liabilitas, dan liabilitas kontinjensi net fair value of the net identifiable assets,
teridentifikasi dan nilai wajar kepentingan liabilities and contingent liabilities of the
nonpengendali pada pihak diakuisisi. acquiree and the fair value of the non-
controlling interest in the acquiree.
Page 195
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/11 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
d. Goodwill (lanjutan) d. Goodwill (continued)
Untuk pengujian penurunan nilai, goodwill yang For the purposes of impairment testing,
diperoleh dalam kombinasi bisnis dialokasikan goodwill acquired in a business combination is
pada setiap Unit Penghasil Kas (“UPK”), atau allocated to each Cash-Generating Unit
kelompok UPK, yang diharapkan dapat (“CGU”), or group of CGUs, that is expected to
memberikan manfaat dari sinergi kombinasi benefit from the synergies of the combination.
bisnis tersebut. Setiap unit atau kelompok unit Each CGU or group of CGUs to which the
yang memperoleh alokasi goodwill goodwill is allocated represents the lowest level
menunjukkan tingkat terendah dalam entitas within the entity at which goodwill is monitored
yang goodwill-nya dipantau untuk tujuan for internal management purposes. Goodwill is
manajemen internal. Goodwill dipantau pada monitored at the operating segment level.
level segmen operasi.
e. Penjabaran mata uang asing e. Foreign currency translation
Item-item yang disertakan dalam laporan Items included in the financial statements of
keuangan setiap entitas anggota Grup diukur each of the Group’s entities are measured
menggunakan mata uang yang sesuai dengan using the currency of the primary economic
lingkungan ekonomi utama di mana entitas environment in which the entity operates
beroperasi (“mata uang fungsional”). (the “functional currency”).
Laporan keuangan konsolidasian disajikan The consolidated financial statements are
dalam Rupiah, yang merupakan mata uang presented in Rupiah, which is the functional and
fungsional dan penyajian Perusahaan. presentation currency of the Company.
Transaksi dalam mata uang asing dijabarkan Transactions denominated in foreign currencies
dalam mata uang Rupiah dengan are translated into Rupiah at the exchange rate
menggunakan kurs yang berlaku pada saat prevailing at the date of the transactions. At the
transaksi dilakukan. Aset dan liabilitas moneter reporting date, monetary assets and liabilities in
dalam mata uang asing dijabarkan dalam mata foreign currencies are translated into the
uang fungsional dengan kurs yang berlaku functional currency using the exchange rate
pada tanggal pelaporan. prevailing at that date.
Keuntungan dan kerugian selisih kurs yang The foreign exchange gains and losses
timbul dari penyelesaian transaksi dalam mata resulting from the settlement of transactions in
uang asing dan dari penjabaran aset dan foreign currencies and from the translation of
liabilitas moneter dalam mata uang asing monetary assets and liabilities denominated in
diakui pada laporan laba rugi konsolidasian. foreign currencies are recognised in the
consolidated statement of profit or loss.
Pada tanggal 31 Desember 2023 dan 2022, As at 31 December 2023 and 2022, the
kurs, yang digunakan berdasarkan kurs tengah exchange rate, based on the middle rates
yang diterbitkan Bank Indonesia, adalah published by Bank Indonesia, were as follows:
sebagai berikut:
2023 2022
1 Dolar Amerika Serikat (“Dolar AS”) 15,416 15,731 United States Dollar 1 (“US Dollar”)
1 Yuan China (“CNY”) 2,170 2,257 China Yuan 1 (“CNY”)
1 Dolar Singapura (“SGD”) 11,712 11,659 Singapore Dollar 1 (“SGD”)
1 Euro (“Euro”) 17,140 16,713 Euro 1 (“Euro”)
Page 196
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/12 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
f. Transaksi dengan pihak-pihak berelasi f. Transactions with related parties
Grup mempunyai transaksi dengan pihak The Group has transactions with related parties
berelasi sesuai dengan definisi yang diuraikan as defined in PSAK No. 7, “Related Party
pada PSAK No. 7, “Pengungkapan Pihak- Disclosures”.
Pihak Berelasi”.
Transaksi ini dilakukan berdasarkan The transactions are made based on terms
persyaratan yang disetujui oleh kedua belah agreed by the parties.
pihak.
Seluruh transaksi dan saldo yang material All material transactions and balances with
dengan pihak-pihak berelasi diungkapkan related parties are disclosed in the relevant notes
dalam catatan atas laporan keuangan to the consolidated financial statements.
konsolidasian yang relevan.
g. Instrumen keuangan g. Financial instruments
Instrumen keuangan adalah setiap kontrak A financial instrument is any contract that gives
yang memberikan aset keuangan bagi satu rise to a financial asset of one entity and a
entitas dan liabilitas keuangan atau ekuitas financial liability or equity instrument of another
bagi entitas lain. entity.
(i) Aset keuangan (i) Financial assets
Pengakuan dan pengukuran awal Initial recognition and measurement
Grup mengklasifikasikan aset keuangan The Group classifies its financial assets
dalam kategori berikut ini: into the following categories.
(i) aset keuangan diukur pada biaya (i) financial assets measured at amortised
perolehan diamortisasi; cost;
(ii) aset keuangan diukur pada nilai wajar (ii) financial assets measured at fair value
melalui laba rugi (“FVTPL”); dan either through profit or loss (“FVTPL”);
and
(iii) aset keuangan diukur pada nilai wajar (iii) financial assets measured at fair value
melalui penghasilan komprehensif lain through other comprehensive income
(“FVOCI”). (“FVOCI”).
Klasifikasi ini tergantung pada model The classification depends on the Group’s
bisnis Grup dan persyaratan kontraktual business model and the contractual terms
arus kas – apakah penentuan arus kasnya of the cash flows when determining
semata-mata dari pembayaran pokok dan whether their cash flows are solely
bunga. payment of principal and interest.
Grup menentukan klasifikasi aset The Group determines the classification of
keuangan pada pengakuan awal. Untuk its financial assets at initial recognition. For
investasi pada instrumen utang, hal ini investments in debt instruments, this will
akan bergantung pada model bisnis depend on the business model in which the
dimana investasi tersebut diadakan. Grup investment is held. The Group reclassifies
mereklasifikasi investasi pada instrumen investments in debt instruments when and
utang jika dan hanya jika model bisnis only when its business model for managing
untuk mengelola aset tersebut berubah. those assets changes.
Page 197
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/13 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
g. Instrumen keuangan (lanjutan) g. Financial instruments (continued)
(i) Aset keuangan (lanjutan) (i) Financial assets (continued)
Pengakuan dan pengukuran awal Initial recognition and measurement
(lanjutan) (continued)
Pada tanggal 31 Desember 2023 dan As at 31 December 2023 and 2022, the
2022, Grup memiliki aset keuangan yang Group has financial assets measured at
diukur pada biaya perolehan diamortisasi, amortised costs, which comprise cash and
yang terdiri dari kas dan setara kas, kas di cash equivalents, restricted cash in bank
bank dan deposito berjangka yang dibatasi and time deposits, short-term investments,
penggunaannya, investasi jangka pendek, trade receivables and other receivables
piutang usaha, dan piutang lain-lain dari from third parties, financial assets
pihak ketiga, aset keuangan yang diukur measured at fair value through other
pada nilai wajar melalui penghasilan comprehensive income, which comprise of
komprehensif lain, yang terdiri dari investment in government bonds and
investasi pada surat utang negara, dan financial assets measured at fair value
aset keuangan yang diukur pada nilai through profit or loss, which comprise of
wajar melalui laba rugi, yang terdiri dari investment in mutual funds.
investasi reksa dana.
• Aset keuangan diukur pada biaya • Financial assets held at amortised cost
perolehan diamortisasi
Klasifikasi ini berlaku untuk instrumen This classification applies to debt
utang yang dikelola dalam model instruments which are held under a
bisnis “dimiliki untuk mendapatkan “hold to collect” business model and
arus kas” dan memiliki arus kas yang which have cash flows that meet the
memenuhi kriteria “semata-mata dari “solely payments of principal and
pembayaran pokok dan bunga”. interest” (“SPPI”) criteria.
Pada pengakuan awal, aset keuangan At initial recognition, financial assets
yang tidak memiliki komponen that do not have a significant financing
pendanaan yang signifikan, diakui component are recognised at their
sebesar harga transaksi. Aset transaction price. Other financial
keuangan lainnya awalnya diakui assets are initially recognised at fair
sebesar nilai wajar dikurangi biaya value less related transaction costs.
transaksi yang terkait. Aset keuangan They are subsequently measured at
ini selanjutnya diukur sebesar biaya amortised cost using the effective
perolehan diamortisasi menggunakan interest rate (“EIR”) method. Any gains
metode suku bunga efektif (“EIR”). or losses on derecognition or
Keuntungan atau kerugian pada modification of a financial asset held at
penghentian atau modifikasi aset amortised cost are recognised in profit
keuangan yang dicatat yang dicatat or loss.
pada biaya perolehan diamortisasi
diakui pada laba rugi.
Page 198
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/14 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
g. Instrumen keuangan (lanjutan) g. Financial instruments (continued)
(i) Aset keuangan (lanjutan) (i) Financial assets (continued)
Pengakuan dan pengukuran awal Initial recognition and measurement
(lanjutan) (continued)
• Aset keuangan diukur pada nilai wajar • Financial assets held at FVOCI
melalui penghasilan komprehensif lain
Klasifikasi ini berlaku untuk instrumen This classification applies to debt
utang yang dikelola dengan model instruments that are held under a
bisnis yang bertujuan untuk memiliki business model where they are held
aset keuangan dalam rangka for collection of contractual cash flows
mendapatkan arus kas kontraktual and also for sale (“collect and sell”)
dan menjual dan di mana arus kasnya and which have cash flows that meet
memenuhi kriteria “semata-mata dari the “solely payments of principal and
pembayaran pokok dan bunga”. interest” criteria.
Perubahan nilai wajar aset keuangan All movements in the fair value of
ini dicatat pada penghasilan these financial assets are taken
komprehensif lain, kecuali pengakuan through other comprehensive income,
keuntungan atau kerugian penurunan except for the recognition of
nilai, pendapatan bunga (termasuk impairment gains or losses, interest
biaya transaksi menggunakan metode (including transaction costs by
EIR), keuntungan atau kerugian yang revenue applying the effective interest
timbul dari penghentian dan method), gains or losses arising on
keuntungan dan kerugian dari selisih derecognition and foreign exchange
kurs diakui pada laba rugi. Ketika aset gains and losses which are
keuangan dihentikan, keuntungan recognised in profit or loss. When the
atau kerugian nilai wajar kumulatif financial asset is derecognised, the
yang sebelumnya diakui pada cumulative fair value gains or losses
penghasilan komprehensif lain previously recognised in other
direklasifikasi pada laba rugi. comprehensive income is reclassified
to profit or loss.
• Aset keuangan diukur pada nilai wajar • Financial assets held at FVTPL
melalui laba rugi
Aset yang tidak memenuhi kriteria Assets that do not meet the criteria for
untuk biaya perolehan diamortisasi amortised cost or FVOCI are
atau nilai wajar melalui penghasilan measured at fair value through profit
komprehensif lain diukur pada nilai or loss. A gain or loss on investment in
wajar melalui laporan laba rugi. mutual funds that is subsequently
Keuntungan atau kerugian dari measured at fair value through profit
investasi reksa dana yang selanjutnya or loss and is not part of a hedging
diukur pada nilai wajar melalui laporan relationship is recognised in profit or
laba rugi dan bukan merupakan loss and presented net in the
bagian dari hubungan lindung nilai, statement of profit or loss within other
diakui dalam laporan laba rugi dan gains/(losses) in the period in which it
disajikan bersih dalam laporan laba arises.
rugi di dalam keuntungan/(kerugian)
lainnya dalam periode
kemunculannya.
Page 199
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/15 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
g. Instrumen keuangan (lanjutan) g. Financial instruments (continued)
(i) Aset keuangan (lanjutan) (i) Financial assets (continued)
Penghentian pengakuan Derecognition
Aset keuangan dihentikan pengakuannya A financial asset is derecognised when:
ketika:
• hak untuk menerima arus kas dari aset • the rights to receive cash flows from the
telah kedaluwarsa; atau asset have expired; or
• grup telah mengalihkan haknya untuk • the Group has transferred its rights to
menerima arus kas dari aset atau receive cash flows from the asset or
telah mengasumsikan kewajiban untuk has assumed an obligation to pay the
membayar arus kas yang diterima received cash flows in full without
secara penuh tanpa penundaan material delay to a third party under a
material kepada pihak ketiga ‘pass-through’ arrangement; and either
berdasarkan pengaturan ‘pass- (a) the Group has transferred
through’; dan salah satu (a) Grup telah substantially all the risks and rewards of
mengalihkan secara substansial the asset, or (b) the Group has neither
semua risiko dan manfaat aset, atau transferred nor retained substantially all
(b) Grup tidak mengalihkan atau the risks and rewards of the asset, but
memiliki secara substansial seluruh has transferred control of the asset.
risiko dan manfaat aset, tetapi telah
mengalihkan pengendalian aset.
Penurunan nilai Impairment
Grup menilai berdasarkan basis forward The Group assesses on a forward-looking
looking untuk mengukur kerugian kredit basis, the Expected Credit Losses (“ECL”)
ekspektasian (“ECL”) terhadap aset associated with its financial assets carried at
keuangan yang diukur pada biaya amortised cost and FVOCI. The impairment
perolehan diamortisasi dan dan nilai wajar method applied depends on whether there
melalui penghasilan komprehensif lain. has been a significant increase in credit risk.
Metode penurunan nilai dilakukan dengan
mempertimbangkan apakah risiko kredit
telah meningkat secara signifikan.
Pada setiap periode pelaporan, Grup At each reporting date, the Group assesses
menilai apakah risiko kredit dari instrumen whether the credit risk on a financial
keuangan telah meningkat secara instrument has increased significantly since
signifikan sejak pengakuan awal. Ketika initial recognition. When making the
melakukan penilaian, Grup menggunakan assessment, the Group uses the change in
perubahan atas risiko gagal bayar yang the risk of a default occurring over the
terjadi sepanjang perkiraan usia instrumen expected life of the financial instrument
keuangan daripada perubahan atas jumlah instead of the change in the amount of ECL.
ECL. Dalam melakukan penilaian, Grup To make that assessment, the Group
membandingkan antara risiko gagal bayar compares the risk of a default occurring on
yang terjadi atas instrumen keuangan pada the financial instrument as at the reporting
saat periode pelaporan dengan risiko gagal date with the risk of a default occurring on
bayar yang terjadi atas instrumen the financial instrument as at the date of
keuangan pada saat pengakuan awal dan initial recognition and considers reasonable
mempertimbangkan kewajaran serta and supportable information, that is
ketersediaan informasi yang tersedia pada available without undue cost or effort at the
saat tanggal pelaporan terkait dengan reporting date about past events, current
kejadian masa lalu, kondisi terkini dan conditions and forecasts of future economic
perkiraan atas kondisi ekonomi di masa conditions, that is indicative of significant
depan, yang mengindikasikan kenaikan increases in credit risk since initial
risiko kredit sejak pengakuan awal. recognition.
Page 200
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/16 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
g. Instrumen keuangan (lanjutan) g. Financial instruments (continued)
(i) Aset keuangan (lanjutan) (i) Financial assets (continued)
Penurunan nilai (lanjutan) Impairment (continued)
Untuk piutang usaha dan piutang lain-lain For trade receivables and other receivables
tanpa komponen pendanaan yang without significant financing components,
signifikan, Grup menerapkan pendekatan the Group applies the simplified approach
yang disederhanakan yang diizinkan oleh permitted by PSAK No. 71, which requires
PSAK No. 71, yang mensyaratkan expected lifetime losses to be recognised
ekspektasi kerugian seumur hidup harus from the initial recognition of the financial
diakui sejak pengakuan awal aset assets.
keuangan.
Grup menganggap aset keuangan gagal The Group considers a financial asset in
bayar ketika pembayaran kontraktual telah default when contractual payments are 90
lewat 90 hari. Namun, dalam kasus days past due. However, in certain cases,
tertentu, Grup juga dapat the Group may also consider a financial
mempertimbangkan aset keuangan asset to be in default when internal or
mengalami gagal bayar ketika informasi external information indicates that the Group
internal atau eksternal menunjukkan is unlikely to receive the outstanding
bahwa Grup tidak mungkin menerima contractual amounts in full before taking into
jumlah kontraktual yang terutang secara account any credit enhancements held by
penuh sebelum memperhitungkan setiap the Group. A financial asset is written off
peningkatan kredit yang dimiliki oleh Grup. when there is no reasonable expectation of
Aset keuangan dihapuskan jika tidak ada recovering the contractual cash flows.
ekspektasi yang wajar untuk memulihkan
arus kas kontraktual.
Kas dan setara kas dan investasi jangka Cash and cash equivalents and short-term
pendek juga tunduk pada persyaratan investments are also subject to impairment
penurunan nilai PSAK No. 71. ECL requirements of PSAK No. 71. The ECL
didasarkan pada rating kredit bank untuk rates are based on the bank’s credit rating
mengestimasi kemungkinan gagal bayar to estimate the probability of default over a
selama jangka waktu tertentu dan given time horizon and utilise the commonly
menggunakan referensi Basel II yang used Basel II reference to estimate the
digunakan secara umum untuk losses arising on default.
mengestimasi kerugian yang muncul dari
gagal bayar.
(ii) Liabilitas keuangan (ii) Financial liabilities
Liabilitas keuangan diklasifikasikan Financial liabilities are classified as follows:
sebagai berikut: liabilitas keuangan yang financial liabilities at fair value through profit
diukur pada nilai wajar melalui laba rugi or loss and financial liabilities at amortised
dan liabilitas keuangan yang diukur pada cost.
biaya perolehan diamortisasi.
Pada tanggal 31 Desember 2023 dan As at 31 December 2023 and 2022, the
2022, Grup hanya memiliki liabilitas Group only had financial liabilities measured
keuangan yang diukur sebesar biaya at amortised cost, which comprise bank
perolehan diamortisasi, yang terdiri dari loans, trade payables, other payables,
pinjaman bank, utang usaha, utang lain- accrued expenses, lease liabilities and
lain, beban akrual, liabilitas sewa, dan customer guarantee.
uang jaminan pelanggan.
Page 201
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/17 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
g. Instrumen keuangan (lanjutan) g. Financial instruments (continued)
(ii) Liabilitas keuangan (lanjutan) (ii) Financial liabilities (continued)
Setelah pengakuan awal, yaitu pada nilai After initial recognition which is at fair value
wajar ditambah biaya transaksi, Grup plus transaction costs, the Group measures
mengukur seluruh liabilitas keuangan pada all financial liabilities at amortised cost using
biaya perolehan diamortisasi dengan the EIR method. A financial liability is
menggunakan metode EIR. Liabilitas derecognised when the obligation under the
keuangan tidak diakui ketika liabilitas liability is discharged or cancelled.
keuangan telah dilepaskan atau
dibatalkan.
(iii) Saling hapus instrumen keuangan (iii) Offsetting of financial instruments
Aset keuangan dan liabilitas keuangan Financial assets and liabilities are offset and
disalinghapuskan dan jumlah netonya the net amount is reported in the statement
dilaporkan pada laporan posisi keuangan of financial position when there is a legally
ketika terdapat hak yang berkekuatan enforceable right to offset the recognised
hukum untuk melakukan saling hapus atas amounts and there is an intention to settle
jumlah yang telah diakui tersebut dan on a net basis, or realise the asset and
adanya niat untuk menyelesaikan secara settle the liability simultaneously.
neto, atau untuk merealisasikan aset dan
menyelesaikan liabilitas secara
bersamaan.
Hak saling hapus tidak kontinjen atas The legally enforceable right must not be
peristiwa di masa depan dan dapat contingent on future events and must be
dipaksakan secara hukum dalam situasi enforceable in the normal course of
bisnis yang normal dan dalam peristiwa business and in the event of default in
gagal bayar, atau peristiwa kepailitan atau solvency or bankruptcy of the Group or the
kebangkrutan Grup atau pihak lawan. counterparty.
h. Kas dan setara kas h. Cash and cash equivalents
Pada laporan arus kas konsolidasian, kas dan In the consolidated statement of cash flows, cash
setara kas termasuk kas, kas di bank, dan and cash equivalents consist of cash on hand,
deposito berjangka yang jatuh tempo dalam cash in banks, and time deposits with original
jangka waktu tiga bulan atau kurang sejak maturity periods of three months or less since
tanggal perolehan, yang tidak digunakan the acquisition date, which are not pledged as
sebagai jaminan atau tidak dibatasi collateral nor restricted for use and bank
penggunaannya dan cerukan. Setara kas overdrafts. Cash equivalents are defined as
didefinisikan sebagai investasi jangka pendek short-term, highly liquid investments that are
dan sangat likuid yang dapat dikonversi ke readily convertible into known amounts of cash
sejumlah kas yang telah diketahui dan tidak and which are subject to insignificant risk of
memiliki risiko perubahan nilai yang signifikan. changes in value. In the consolidated statement
Pada laporan posisi keuangan konsolidasian, of financial position, bank overdraft is shown
cerukan disajikan bersama sebagai pinjaman within bank loans in current liabilities.
bank dalam liabilitas jangka pendek.
Deposito berjangka dengan jangka waktu lebih Time deposits with maturity period more than 3
dari 3 (tiga) bulan sampai 12 (dua belas) bulan (three) months up to 12 (twelve) months are
disajikan sebagai investasi jangka pendek presented as short-term investments in the
dalam laporan posisi keuangan konsolidasian. consolidated statement of financial position.
Page 202
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/18 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
i. Piutang usaha dan piutang lain-lain i. Trade and other receivables
Piutang usaha merupakan jumlah yang Trade receivables are amounts due from
terutang dari pelanggan atas penjualan barang customers for merchandise sold or services
dagangan atau jasa dalam kegiatan usaha performed in the ordinary course of business.
normal. Piutang lain-lain merupakan saldo Other receivables are receivables arising from
piutang yang timbul dari transaksi di luar transactions outside of the ordinary course of
kegiatan usaha biasa. business.
Piutang usaha dan piutang lain-lain pada Trade and other receivables are recognised
awalnya diakui sebesar nilai wajar dan initially at fair value and subsequently measured
selanjutnya diukur pada biaya perolehan yang at amortised cost using the EIR method, if the
diamortisasi dengan menggunakan metode impact of discounting is significant, less any
EIR, apabila dampak pendiskontoan signifikan, provision for impairment.
dikurangi provisi atas penurunan nilai.
Jika piutang diperkirakan dapat ditagih dalam If collection of the receivables is expected in one
waktu satu tahun atau kurang (atau dalam year or less (or in the normal operating cycle of
siklus operasi normal jika lebih panjang), the business if longer), they are classified as
piutang diklasifikasikan sebagai aset lancar. current assets. If not, they are presented as non-
Jika tidak, piutang disajikan sebagai aset tidak current assets.
lancar.
Grup menerapkan pendekatan yang The Group applies the PSAK No. 71 simplified
disederhanakan menurut PSAK No. 71 untuk approach to measure ECL which uses a lifetime
mengukur ECL yang menggunakan kerugian ECL for all trade and other receivables. To
seumur hidup untuk semua piutang usaha dan measure the ECL, trade and other receivables
piutang lain-lain. Untuk mengukur ECL, piutang have been grouped based on shared credit risk
usaha dan piutang lain-lain dikelompokkan characteristics and the receivables days past
berdasarkan karakteristik risiko kredit bersama due.
dan piutang yang telah lewat jatuh tempo.
Lihat Catatan 2g untuk penurunan nilai aset Refer to Note 2g for impairment of financial
keuangan, termasuk piutang usaha dan assets, including trade and other receivables.
piutang lain-lain.
Jumlah kerugian penurunan nilai diakui laba The amount of the impairment loss is recognised
rugi. Ketika piutang usaha yang mana in profit or loss. When a trade receivable for
cadangan penurunan nilai nya telah diakui which an impairment allowance had been
menjadi tidak dapat terkoleksi di periode recognised becomes uncollectible in a
selanjutnya, piutang tersebut dihapus-bukukan subsequent period, it is written off against the
terhadap akun pencadangan nya. Pemulihan allowance account. Subsequent recoveries of
kemudian atas jumlah yang sebelumnya amounts previously written-off are credited
dihapus-bukukan dikreditkan terhadap laba against profit or loss.
rugi.
j. Persediaan j. Inventories
Persediaan dinyatakan sebesar nilai yang lebih Inventories are stated at the lower of cost or net
rendah antara biaya perolehan dan nilai realisable value.
realisasi neto.
Page 203
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/19 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
j. Persediaan (lanjutan) j. Inventories (continued)
Harga perolehan ditentukan dengan Cost is determined using the weighted average
menggunakan metode rata-rata tertimbang. method. The cost of finished goods and work in
Harga perolehan barang jadi dan pekerjaan progress comprises raw materials, direct labour,
dalam proses terdiri dari bahan baku, tenaga other direct costs and related production
kerja langsung, biaya langsung lainnya dan overheads (based on normal operating
biaya overhead produksi (berdasarkan capacity). It excludes borrowing costs. Net
kapasitas normal operasi). Persediaan tidak realisable value is the estimated selling price in
mencakup biaya pinjaman. Nilai realisasi neto the ordinary course of business less the
adalah estimasi harga penjualan dalam estimated costs of completion and the estimated
kegiatan usaha biasa, dikurangi estimasi biaya costs necessary to make the sale.
penyelesaian dan estimasi biaya yang
dibutuhkan untuk melakukan penjualan.
Penyisihan untuk persediaan lambat bergerak A provision for slow-moving inventories and
dan usang dibuat berdasarkan telaah obsolescence is made based on management’s
manajemen setiap akhir tahun. review at the end of the year.
k. Aset tetap k. Fixed assets
Aset tetap pada awalnya diakui sebesar biaya Fixed assets are initially recognised at cost,
perolehan, yang terdiri atas harga perolehan which comprises its purchase price and any
dan biaya-biaya tambahan yang dapat additional costs directly attributable to bringing
diatribusikan langsung untuk membawa aset the asset to its working condition and location for
ke lokasi dan kondisi yang diinginkan agar aset its intended use. Such cost also includes the
siap digunakan sesuai maksud manajemen. initial estimation of the costs of dismantling and
Biaya perolehan tersebut juga termasuk removing the fixed assets and restoring the sites
estimasi awal atas biaya pembongkaran dan and the cost of replacing part of such fixed
pemindahan aset tetap dan pemulihan lokasi assets when that cost is incurred, if the
dan biaya untuk mengganti komponen dari recognition criteria are met.
aset tetap pada saat penggantian, bila kriteria
pengakuan terpenuhi.
Setelah pengakuan awal, aset tetap dinyatakan Subsequent to initial recognition, fixed assets are
pada biaya perolehan dikurangi akumulasi carried at cost less accumulated depreciation
penyusutan dan kerugian penurunan nilai, jika and impairment losses, if any.
ada.
Aset tetap, kecuali tanah, didepresiasi Fixed assets, except land, are depreciated using
menggunakan metode garis lurus berdasarkan the straight-line method over their expected
estimasi masa manfaat aset tetap dengan economic useful lives at the following years:
tahun sebagai berikut:
Tahun/Years
Bangunan dan prasarana 20 - 30 Buildings and improvements
Mesin dan peralatan 4 - 16 Machinery and equipment
Instalasi listrik 8 - 20 Electricity installations
Kendaraan 4 - 10 Vehicles
Peralatan kantor 4 - 10 Office equipment
Tanah termasuk biaya pengurusan legal hak Land, including the legal cost of land rights in the
atas tanah dalam bentuk Hak Guna Usaha form of “Hak Guna Usaha” or “HGU” and “Hak
(“HGU”) dan Hak Guna Bangunan (“HGB”) Guna Bangunan” or “HGB” when the land rights
ketika tanah diperoleh pertama kali dinyatakan were acquired initially, is stated at cost and not
sebesar biaya perolehan dan tidak diamortisasi amortised as the management is of the opinion
karena manajemen berpendapat bahwa that it is probable the titles of land rights can be
kemungkinan besar hak atas tanah tersebut renewed/extended upon expiration.
dapat diperbaharui/diperpanjang pada saat
masa berlakunya selesai.
Page 204
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/20 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
k. Aset tetap (lanjutan) k. Fixed assets (continued)
Biaya pengurusan atas perpanjangan atau The extension or the legal renewal costs of land
pembaruan legal hak atas tanah dalam bentuk rights in the form of HGU and HGB are deferred
HGU dan HGB ditangguhkan dan diamortisasi and amortised over the shorter between the land
yang lebih pendek antara umur hukum hak rights’ legal life and the economic life of the land.
atas tanah dan umur ekonomi tanah.
Tanah dicatat pada nilai revaluasian. Revaluasi Land is stated at its revalued amount.
dilakukan dengan keteraturan yang cukup Revaluations are performed with sufficient
berkala untuk memastikan bahwa jumlah yang regularity such that the carrying amount is not
tercatat tidak berbeda secara material dari materially different from that which would be
jumlah yang ditentukan dengan menggunakan determined using fair values at the consolidated
nilai wajar pada tanggal laporan posisi statement of financial position.
keuangan konsolidasian.
Surplus revaluasi aset tetap yang termasuk The revaluation surplus included in equity is
dalam ekuitas dipindahkan ke dalam saldo laba transferred to retained earnings upon
pada saat penghentian/pelepasan aset oleh termination/disposal of assets by the entity.
entitas. Pemindahan surplus revaluasi ke saldo Transfer of revaluation surplus to retained
laba tidak dilakukan melalui laba rugi. earnings is not made through profit or loss.
Nilai tercatat atas aset tetap diestimasi apabila The carrying amount of fixed assets is estimated
terdapat peristiwa atau perubahan keadaan whenever events or changes in circumstances
yang memberikan indikasi bahwa nilai indicate that its carrying amount may not be fully
perolehan mungkin tidak sepenuhnya dapat recoverable.
diperoleh kembali.
Jumlah tercatat aset tetap dihentikan An item of fixed assets is derecognised upon
pengakuannya pada saat dilepaskan atau saat disposal or when no future economic benefits
tidak ada manfaat ekonomis masa depan yang are expected from its use or disposal. Any gain
diharapkan dari penggunaan atau or loss arising on the derecognition of the asset
pelepasannya. Laba atau rugi yang timbul dari (calculated as the difference between the net
penghentian pengakuan aset (dihitung sebagai disposal proceeds and the carrying amount of
perbedaan antara jumlah neto hasil pelepasan the asset) is included in profit or loss in the year
dan jumlah tercatat dari aset) dimasukkan the asset is derecognised.
dalam laba rugi pada tahun aset tersebut
dihentikan pengakuannya.
Pada setiap akhir tahun buku, nilai residu, The asset’s residual values, useful lives and
masa manfaat dan metode penyusutan direviu, methods of depreciation are reviewed and
dan jika sesuai dengan keadaan, disesuaikan adjusted prospectively, if appropriate, at each
secara prospektif. financial year end.
Aset dalam penyelesaian dinyatakan sebesar Construction in progress is stated at cost. The
harga perolehan. Akumulasi biaya perolehan accumulated cost will be transferred to the
akan dipindahkan ke masing-masing akun aset appropriate fixed asset account when the
tetap pada saat aset tetap tersebut telah construction is completed and the asset is ready
selesai dikerjakan dan siap untuk digunakan for its intended use.
sesuai tujuannya.
Beban pemeliharaan dan perbaikan Repairs and maintenance expenses are
dibebankan pada laba rugi pada saat expensed to profit or loss as incurred. The cost
terjadinya. Beban pemugaran dan of major renovation and restoration is included in
penambahan dalam jumlah besar dikapitalisasi the carrying amount of the related fixed asset
kepada nilai tercatat aset tetap terkait bila when it is probable that future economic benefits
besar kemungkinan bagi Grup manfaat in excess of the originally assessed standard of
ekonomi masa depan menjadi lebih besar dari performance of the existing asset will flow to the
standar kinerja awal yang ditetapkan Group and is depreciated over the remaining
sebelumnya dan disusutkan sepanjang sisa useful life of the related asset, if any.
masa manfaat aset tetap terkait, jika ada.
Page 205
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/21 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
l. Sewa l. Leases
Penentuan apakah suatu perjanjian The determination of whether an arrangement
merupakan, atau mengandung, sewa dibuat is, or contains, a lease is made based on the
berdasarkan substansi perjanjian itu sendiri dan substance of the arrangement and assessment
penilaian apakah pemenuhan atas perjanjian of whether fulfillment of the arrangement is
bergantung dari penggunaan aset tertentu atau dependent on the use of a specific asset or
aset, dan apakah perjanjian memberikan hak assets, and the arrangement conveys a right to
untuk menggunakan aset. use the asset.
Sebagai Penyewa As Lessee
Grup menerapkan satu pendekatan pengakuan The Group applies a single recognition and
dan pengukuran untuk semua sewa, kecuali measurement approach for all leases, except for
untuk sewa jangka pendek dan sewa aset short-term leases and leases of low-value
bernilai-rendah. Grup mengakui liabilitas sewa assets. The Group recognises lease liabilities to
untuk melakukan pembayaran sewa dan aset make lease payments and right-of-use assets
hak guna yang merupakan hak untuk representing the right to use the underlying
menggunakan aset pendasar. assets.
Aset hak-guna Right-of-use assets
Aset hak-guna diukur pada biaya perolehan, The right-of-use asset is initially measured at
dimana meliputi jumlah pengukuran awal cost, which comprises the initial amount of the
liabilitas sewa yang disesuaikan dengan lease liability adjusted for any lease payment
pembayaran sewa yang dilakukan pada atau made at or before the commencement date, plus
sebelum tanggal permulaan, ditambah dengan any initial direct cost incurred and an estimate of
biaya langsung awal yang dikeluarkan dan costs to dismantle and remove the underlying
estimasi biaya yang akan dikeluarkan untuk asset or to restore the underlying asset to the
membongkar dan memindahkan aset pendasar condition required by the terms and conditions of
atau untuk merestorasi aset pendasar ke the lease, less any lease incentives received.
kondisi yang disyaratkan dan ketentuan sewa,
dikurangi dengan insentif sewa yang diterima.
Aset hak-guna kemudian disusutkan The right-of-use asset is subsequently
menggunakan metode garis lurus dari tanggal depreciated using the straight-line method from
permulaan hingga tanggal yang lebih awal the commencement date to the earlier of the end
antara akhir umur manfaat aset hak-guna atau of the useful life of the right-of-use asset or the
akhir masa sewa. Jika Grup cukup yakin untuk end of the lease term. If the Group is reasonably
melaksanakan opsi pembelian, aset hak-guna certain to exercise a purchase option, the right-
disusutkan selama masa manfaat aset yang of-use asset is depreciated over the underlying
mendasarinya. Selain itu, aset hak-guna juga asset’s useful life. In addition, the right-of-use
dikurangkan dengan kerugian penurunan nilai, asset is reduced by impairment losses, if any,
apabila ada, dan disesuaikan untuk and adjusted for certain remeasurements of the
pengukuran kembali tertentu atas liabilitas lease liability.
sewa.
Page 206
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/22 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
l. Sewa (lanjutan) l. Leases (continued)
Sebagai Penyewa (lanjutan) As Lessee (continued)
Liabilitas sewa Lease liabilities
Liabilitas sewa diukur pada nilai kini The lease liability is initially measured at the
pembayaran sewa yang belum dibayar pada present value of the lease payments that are not
tanggal permulaan, didiskontokan dengan paid at the commencement date, discounted
menggunakan suku bunga implisit dalam sewa using the interest rate implicit in the lease or, if
atau jika suku bunga tersebut tidak dapat that rate cannot be readily determined, using the
ditentukan, maka menggunakan suku bunga incremental borrowing rate. Generally, the Group
pinjaman inkremental. Pada umumnya, Grup uses its incremental borrowing rate as the
menggunakan suku bunga pinjaman discount rate.
inkremental sebagai tingkat bunga diskonto.
Pembayaran sewa yang termasuk dalam Lease payments included in the measurement of
pengukuran liabilitas sewa meliputi the lease liability comprise fixed payments,
pembayaran tetap, termasuk pembayaran including in-substance fixed payments less any
tetap secara substansi dikurangi dengan lease incentive receivable. Lease payments to
piutang insentif sewa. Pembayaran sewa yang be made under reasonably certain extension
harus dilakukan berdasarkan opsi options are also included in the measurement of
perpanjangan tertentu juga termasuk dalam the liability.
pengukuran liabilitas.
Setiap pembayaran sewa dialokasikan antara Each lease payment is allocated between the
liabilitas dan beban keuangan. Utang sewa liability and the finance cost. The corresponding
yang terkait, dikurangi dengan beban rental obligations, net of finance cost, are
keuangan, dimasukkan ke dalam “Liabilitas included in “Lease liabilities”. The finance cost is
sewa”. Elemen bunga dari beban keuangan charged to profit or loss over the lease period so
dibebankan pada laba rugi selama periode as to produce a constant periodic rate of interest
sewa sehingga menghasilkan tingkat bunga on the remaining balance of the liability for each
periodik yang konstan untuk saldo liabilitas period.
yang tersisa pada setiap periode.
Modifikasi sewa Lease modification
Grup mencatat modifikasi sewa sebagai sewa The Group accounts for a lease modification as
terpisah jika kedua kondisi berikut terpenuhi: a separate lease if both condition met:
- modifikasi meningkatkan ruang lingkup - the modification increases the scope of the
sewa dengan menambahkan hak untuk lease by adding the right to use one or more
menggunakan satu atau lebih aset yang underlying assets; and
mendasarinya; dan
- pembayaran sewa meningkat sebesar - the consideration for the lease increases by
jumlah yang setara dengan harga yang an amount commensurate with the stand-
berdiri sendiri untuk peningkatan ruang alone price for the increase in scope and
lingkup dan setiap penyesuaian yang tepat any appropriate adjustments to that stand-
atas harga yang berdiri sendiri tersebut alone price to reflect the circumstances of
untuk mencerminkan keadaan kontrak the particular contract.
tertentu.
Page 207
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/23 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
l. Sewa (lanjutan) l. Leases (continued)
Sebagai Penyewa (lanjutan) As Lessee (continued)
Modifikasi sewa (lanjutan) Lease modification (continued)
Untuk modifikasi sewa yang tidak dicatat For a lease modification that is not accounted for
sebagai sewa terpisah, pada tanggal efektif as a separate lease, at the effective date of the
modifikasi sewa, Grup: lease modification, the Group:
- mengukur kembali dan mengalokasikan - remeasures and allocate the consideration
pembayaran dalam kontrak yang in the modified contract.
dimodifikasi.
- menentukan masa sewa dari sewa yang - determines the lease term of the modified
dimodifikasi. lease.
- mengukur kembali liabilitas sewa dengan - remeasures the lease liability by
mendiskontokan pembayaran sewa yang discounting the revised lease payments
direvisi menggunakan tingkat diskonto using a revised discount rate on the basis of
yang direvisi berdasarkan sisa masa sewa the remaining lease term and the remaining
dan sisa pembayaran sewa dengan lease payment with a corresponding
penyesuaian yang sesuai dengan aset adjustment to the right-of-use assets. The
hak-guna. Tingkat diskonto yang direvisi revised discount rate is determined as the
ditentukan sebagai suku bunga pinjaman Group’s incremental borrowing rate at the
inkremental Grup pada tanggal efektif effective date of the modification.
modifikasi.
- menurunkan nilai tercatat aset hak-guna - decreases the carrying amount of the right-
untuk mencerminkan penghentian of-use asset to reflect the partial or full
sebagian atau seluruh sewa untuk termination of the lease for lease
modifikasi sewa yang mengurangi ruang modifications that decrease the scope of
lingkup sewa. Grup mengakui dalam the lease. The Group recognises in profit or
laporan laba rugi setiap keuntungan atau loss any gain or loss relating to the partial or
kerugian yang berkaitan dengan full termination of the lease, and
penghentian sebagian atau seluruh sewa,
dan
- membuat penyesuaian yang sesuai - makes a corresponding adjustment to the
dengan aset hak-guna untuk semua right-of-use asset for all other lease
modifikasi sewa lainnya. modifications.
Sewa jangka pendek dan sewa aset bernilai Short-term leases and leases of low-value
rendah assets
Grup memilih untuk tidak mengakui aset hak- The Group elected not to recognise right-of-use
guna dan liabilitas sewa untuk sewa jangka assets and lease liabilities for short-term leases
pendek yang memiliki masa sewa 12 bulan which have a lease term of 12 months or less
atau kurang sejak tanggal permulaan dan tidak from the commencement date and do not
mengandung opsi pembelian dan aset bernilai- contain a purchase option and low-value assets.
rendah. Pembayaran sewa untuk sewa jangka Lease payments on short-term leases and
pendek dan sewa atas aset bernilai rendah leases of low-value assets are recognised as
diakui sebagai beban dengan metode garis expense on a straight-line basis over the lease
lurus selama masa sewa. term.
Page 208
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/24 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
l. Sewa (lanjutan) l. Leases (continued)
Sebagai Pesewa As Lessor
Pada sewa di mana Grup tidak mengalihkan Leases in which the Group does not transfer
secara substansial semua risiko dan manfaat substantially all the risks and rewards of
kepemilikan suatu aset diklasifikasikan sebagai ownership of an asset are classified as operating
sewa operasi. Biaya langsung awal yang leases. Initial direct costs incurred in negotiating
dikeluarkan untuk melakukan negosiasi dan and arranging an operating lease are added to
pengaturan sewa operasi ditambahkan ke nilai the carrying amount of the leased asset and
tercatat dari aset sewaan dan diakui selama recognised over the lease term on the same
masa sewa dengan dasar yang sama dengan basis as rental income. Contingent rents are
pendapatan sewa. Sewa kontinjen diakui recognised as revenue in the period in which
sebagai pendapatan pada periode perolehan. they are earned.
m. Properti investasi m. Investment properties
Properti yang dimiliki untuk disewakan dalam Property that is held for long-term rental yield or
jangka panjang atau untuk kenaikan harga for capital appreciation or both, and that is not
atau keduanya, dan yang tidak ditempati oleh occupied by the entities within the Group, is
entitas-entitas dalam Grup, diklasifikasikan classified as investment property. Investment
sebagai properti investasi. Properti investasi property also includes property that is being
juga mencakup properti yang sedang constructed or developed for future use as an
dikonstruksi atau dikembangkan untuk investment property.
digunakan sebagai properti investasi di masa
depan.
Properti investasi awalnya diukur berdasarkan Investment property is measured initially at its
biayanya, termasuk biaya transaksi yang cost, including related transaction costs and
terkait dan biaya pinjaman yang berlaku. where applicable borrowing costs.
Setelah pengakuan awal, properti investasi After initial recognition, investment property is
dicatat sebesar nilai wajarnya. Properti carried at fair value. Investment property that is
investasi yang sedang dalam pengembangan being redeveloped for continuing use as an
ulang untuk penggunaan lebih lanjut sebagai investment property or for which the market has
properti investasi atau ketika pasar menjadi become less active continues to be measured at
kurang aktif tetap dicatat sebesar nilai fair value. Investment property under
wajarnya. Properti investasi dalam konstruksi construction is measured at fair value if the fair
diukur menggunakan nilai wajar jika nilai wajar value is considered to be reliably determinable.
dianggap dapat diukur secara andal. Properti Investment properties under construction for
investasi dalam konstruksi yang nilai wajarnya which the fair value cannot be determined
tidak dapat diukur secara andal, tetapi reliably, but for which the Company expects that
Perusahaan mengharapkan nilai wajarnya the fair value of the property will be reliably
dapat diukur secara andal ketika konstruksi determinable when construction is completed,
selesai, diukur senilai biaya dikurangi are measured at cost less impairment until the
penurunan nilai sampai nilai wajarnya dapat fair value becomes reliably determinable or
diukur secara andal atau konstruksi construction is completed – whichever is earlier.
diselesaikan – yang mana yang lebih awal.
Page 209
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/25 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
m. Properti investasi (lanjutan) m. Investment properties (continued)
Properti investasi Grup terdiri dari: Investment properties of the Group consist of the
following:
(i) Tanah (i) Land
Merupakan tanah yang belum ditentukan Represents land that its intended use has
tujuan penggunaannya dan tidak untuk not been determined yet and is not for use
digunakan dalam produksi atau in the production or supply of goods or
penyediaan barang atau jasa untuk tujuan services or for administrative purposes or
administratif atau dijual dalam kegiatan sale in the ordinary course of business.
usaha sehari-hari.
(ii) Bangunan (ii) Building
Merupakan gedung perkantoran yang Represents office buildings rented to other
disewakan kepada pihak lain. parties.
Nilai wajar didasarkan kepada harga pasar Fair value is based on active market prices,
aktif, disesuaikan, jika perlu, dengan adjusted, if necessary, for differences in the
perbedaan alam, lokasi atau kondisi dari aset nature, location or condition of the specific asset.
tersebut. Jika informasi tersebut tidak tersedia, If this information is not available, the Group
Grup menggunakan metode penilaian uses alternative valuation methods, such as
alternatif, seperti harga terbaru di pasar yang recent prices on less active markets or
kurang aktif atau proyeksi arus kas yang discounted cash flow projections. Valuations are
didiskontokan. Penilaian dilakukan pada performed as of the financial position date by
tanggal neraca oleh penilai ahli dengan professional valuers who hold recognised and
kualifikasi yang diakui dan relevan dan memiliki relevant professional qualifications and have
pengalaman terbaru atas lokasi dan kategori recent experience in the location and category of
dari properti investasi dinilai. Penilaian ini the investment property being valued. These
membentuk dasar untuk nilai tercatat pada valuations form the basis for the carrying
laporan keuangan konsolidasian. Perubahan amounts in the consolidated financial
nilai wajar diakui di laba rugi sebagai bagian statements. Changes in the fair value are
dari “Penghasilan/(beban) lain-lain, neto”. recognised in profit or loss as part of “Other
income/(expenses), net”.
Properti investasi dihentikan pengakuannya Investment properties are derecognised either
baik saat dilepas atau ketika tidak digunakan when they have been disposed of or when they
lagi secara permanen dan tidak memiliki are permanently withdrawn from use and no
manfaat ekonomis masa depan yang future economic benefit is expected from their
diharapkan dari pelepasannya. Selisih antara disposal. The difference between the net
hasil neto pelepasan dan nilai tercatat aset disposal proceeds and the carrying amount of
diakui dalam laba rugi pada periode terjadinya the asset is recognised in profit or loss in the
penghentian pengakuan. period of derecognition.
Pengalihan dilakukan ke (atau dari) properti Transfers are made to (or from) investment
investasi hanya jika terdapat perubahan property only when there is a change in use. For
penggunaan. Untuk pengalihan dari properti a transfer from investment property to owner-
investasi ke properti yang digunakan sendiri, occupied property, the deemed cost for
biaya yang dianggap untuk akuntansi subsequent accounting is the fair value at the
selanjutnya adalah nilai wajar pada tanggal date of change in use. If an owner-occupied
perubahan penggunaan. Jika properti yang property becomes an investment property, the
digunakan sendiri menjadi properti investasi, Group accounts for such property in accordance
Grup memperhitungkan properti tersebut with the policy stated under fixed assets up to
sesuai dengan kebijakan yang tercantum the date of change in use.
dalam aset tetap sampai dengan tanggal
perubahan yang digunakan.
Page 210
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/26 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
n. Aset takberwujud n. Intangible assets
Biaya yang terkait dengan pemeliharaan Costs associated with maintaining computer
program piranti lunak komputer diakui sebagai software programs are recognised as an
beban pada saat terjadinya. Biaya expense as incurred. Development costs that
pengembangan yang dapat secara langsung are directly attributable to the design and testing
diatribusikan kepada desain dan pengujian of identifiable and unique software products
produk piranti lunak yang dapat diidentifikasi controlled by the Group are recognised as
dan unik yang dikendalikan oleh Grup diakui intangible assets. Computer software
sebagai aset takberwujud. Biaya development costs recognised as assets are
pengembangan piranti lunak komputer diakui amortised over their estimated useful lives.
sebagai aset yang diamortisasi selama
estimasi masa manfaat.
o. Penurunan nilai aset non-keuangan o. Impairment of non-financial assets
Aset yang memiliki masa manfaat yang tidak Assets that have an indefinite useful life – for
terbatas – misalnya goodwill atau aset example, goodwill or intangible assets not ready
takberwujud yang tidak siap untuk digunakan - for use – are not subject to amortisation but
tidak diamortisasi namun diuji penurunan tested annually for impairment, or more
nilainya setiap tahun, atau lebih sering apabila frequently if events or changes in circumstances
terdapat peristiwa atau perubahan pada kondisi indicate that they might be impaired. Assets that
yang mengindikasikan kemungkinan are not subject to amortisation are reviewed for
penurunan nilai. Aset yang tidak diamortisasi impairment whenever events or changes in
diuji ketika terdapat indikasi bahwa nilai circumstances indicate that the carrying amount
tercatatnya mungkin tidak dapat dipulihkan. may not be recoverable. An impairment loss is
Penurunan nilai diakui jika nilai tercatat aset recognised for the amount by which the asset’s
melebihi jumlah terpulihkan. carrying amount exceeds its recoverable
amount.
Jumlah terpulihkan adalah yang lebih tinggi The recoverable amount is the higher of an
antara nilai wajar aset dikurangi biaya untuk asset’s fair value less costs of disposal and
menjual dan nilai pakai aset. Dalam value in use. For the purposes of assessing
menentukan penurunan nilai, aset impairment, assets are grouped at the lowest
dikelompokkan pada tingkat yang paling levels for which there are separately identifiable
rendah dimana terdapat arus kas masuk yang cash inflows, which are largely independent of
dapat diidentifikasi, yang sebagian besar tidak the cash inflows from other assets or group of
tergantung pada arus masuk kas dari aset lain assets (cash generating units). Non-financial
atau kelompok aset (unit penghasil kas). Aset assets other than goodwill that suffer impairment
non-keuangan selain goodwill yang mengalami are reviewed for possible reversal of the
penurunan nilai diuji setiap tanggal pelaporan impairment at each reporting date.
untuk menentukan apakah terdapat
kemungkinan pemulihan penurunan nilai.
Pemulihan rugi penurunan nilai, untuk aset Reversal on impairment loss for assets other
selain goodwill, diakui jika, dan hanya jika, than goodwill would be recognised if, and only if,
terdapat perubahan estimasi yang digunakan there has been a change in the estimates used
dalam menentukan jumlah terpulihkan aset to determine the asset’s recoverable amount
sejak pengujian penurunan nilai terakhir kali. since the last impairment test was carried out.
Pembalikan rugi penurunan nilai tersebut diakui The reversal on impairment losses will be
segera dalam laba rugi, kecuali aset yang immediately recognised on profit or loss, except
disajikan pada jumlah revaluasian sesuai for assets measured using the revaluation model
dengan PSAK lain. Pembalikan tersebut tidak as required by other PSAK. The reversal should
boleh mengakibatkan nilai tercatat aset not result in the carrying amount of an asset
melebihi biaya perolehan disusutkan sebelum exceeding what the depreciated cost would have
adanya pengakuan penurunan nilai pada been had the impairment not been recognised at
tanggal pembalikan dilakukan. Rugi penurunan the date on which the impairment was reversed.
nilai yang diakui atas goodwill tidak dibalik lagi. Impairment losses relating to goodwill would not
be reversed.
Page 211
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/27 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
p. Utang usaha dan utang lain-lain p. Trade and other payables
Utang usaha adalah kewajiban membayar Trade payables are obligations to pay for goods
barang atau jasa yang telah diterima dalam or services that have been acquired in the
kegiatan usaha biasa dari pemasok. Utang ordinary course of business from suppliers.
lain-lain merupakan saldo utang yang timbul Other payables are payables arising from
dari transaksi di luar kegiatan usaha biasa. transactions outside of the ordinary course of
business.
Utang usaha dan utang lain-lain diklasifikasikan Trade and other payables are classified as
sebagai liabilitas jangka pendek jika current liabilities if payment is due within one
pembayarannya jatuh tempo dalam waktu satu year or less (or in the normal operating cycle of
tahun atau kurang (atau dalam siklus operasi the business if longer). If not, they are presented
normal jika lebih panjang). Jika tidak, utang as non-current liabilities.
tersebut disajikan sebagai liabilitas jangka
panjang.
Utang usaha dan utang lain-lain pada awalnya Trade and other payables are recognised initially
diakui sebesar nilai wajar dan selanjutnya at fair value and subsequently measured at
diukur pada biaya perolehan yang diamortisasi amortised cost using the EIR method.
dengan menggunakan metode EIR.
q. Liabilitas imbalan kerja q. Employee benefits liability
Liabilitas imbalan kerja jangka pendek Short-term employee benefits liability
Imbalan kerja jangka pendek diakui pada saat Short-term employee benefits are recognised
terutang kepada karyawan. when they are accrued to the employees.
Liabilitas imbalan pascakerja Post-employment benefits liability
Grup mengakui imbalan pascakerja manfaat The Group recognises defined post-employment
pasti untuk karyawan berdasarkan Peraturan benefits to their employees in accordance with
Ketenagakerjaan terakhir yang berlaku dan the latest applicable Manpower Regulations and
PSAK No. 24, “Imbalan Kerja”. Liabilitas PSAK No. 24, “Employee Benefits”. The
imbalan kerja diukur berdasarkan laporan employee benefits liability is estimated on the
aktuaris. basis of actuarial reports.
Kewajiban imbalan kerja adalah nilai kini dari The pension benefits obligation is the present
kewajiban imbalan pasti pada saat akhir value of the defined benefit obligation at the
periode pelaporan dikurangi dengan nilai wajar end of the reporting period less the fair value of
aset program. Kewajiban imbalan pasti dihitung plan assets. The defined benefit obligation is
setiap tahun oleh aktuaris independen dengan calculated annually by an independent actuary
menggunakan metode projected unit credit. using the projected unit credit method.
Nilai kini kewajiban imbalan pasti ditentukan The present value of the defined benefit
dengan mendiskontokan arus kas keluar yang obligation is determined by discounting the
diestimasi dengan menggunakan tingkat bunga estimated future cash outflows using interest
obligasi pemerintah (dikarenakan saat ini tidak rates at the reporting date of government
ada pasar aktif untuk obligasi perusahaan bonds (considering that currently there is no
berkualitas tinggi) pada tanggal pelaporan yang deep market for high-quality corporate bonds)
didenominasikan dalam mata uang Rupiah, that are denominated in Rupiah, in which the
dimana imbalan tersebut akan dibayarkan dan benefits will be paid and that have terms to
memiliki waktu jatuh tempo mendekati jangka maturity similar to the related pension
waktu kewajiban pensiun. obligation.
Page 212
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/28 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
q. Liabilitas imbalan kerja (lanjutan) q. Employee benefits liability (continued)
Pengukuran kembali yang timbul dari Remeasurements arising from experience
penyesuaian pengalaman dan perubahan adjustments and changes in actuarial
asumsi-asumsi aktuari langsung diakui pada assumptions are directly recognised in other
penghasilan komprehensif lain. Akumulasi comprehensive income. Accumulated
pengukuran diakui di penghasilan komprehensif remeasurements are recognised in other
lain. comprehensive income.
Biaya jasa lalu yang timbul dari amendemen Past service costs arising from amendment or
program atau kurtailmen diakui pada laba rugi curtailment programmes are recognised in
pada saat terjadinya. profit or loss as incurred.
r. Akrual dan provisi r. Accruals and provisions
Akrual dan provisi diakui jika Grup memiliki Accruals and provisions are recognised when
liabilitas kini (baik bersifat hukum maupun the Group has a present obligation (legal or
bersifat konstruktif) yang akibat peristiwa masa constructive) where, as a result of a past event,
lalu, besar kemungkinannya penyelesaian it is probable that an outflow of resources
liabilitas tersebut mengakibatkan arus keluar embodying economic benefits will be required to
sumber daya yang mengandung manfaat settle the obligation and a reliable estimate can
ekonomi dan estimasi yang andal mengenai be made of the amount of the obligation.
jumlah kewajiban tersebut dapat dibuat. Akrual Accruals and provisions are not recognised for
dan provisi tidak diakui untuk kerugian operasi future operating losses.
di masa mendatang.
Akrual dan provisi diukur sebesar nilai kini dari Accruals and provisions are measured at the
estimasi terbaik manajemen atas pengeluaran present value of management’s best estimate of
yang diperlukan untuk menyelesaikan the expenditure required to settle the present
kewajiban kini pada akhir periode pelaporan. obligation at the end of the reporting period. The
Tingkat diskonto yang digunakan untuk discount rate used to determine the present
menentukan nilai kini adalah tingkat diskonto value is a pretax rate that reflects current market
sebelum pajak yang mencerminkan penilaian assessments of the time value of money and the
pasar atas nilai waktu uang dan risiko yang risks specific to the liability. The increase in the
terkait dengan kewajiban. Peningkatan provisi provision due to the passage of time is
karena berjalannya waktu diakui sebagai recognised as interest expense.
beban bunga.
Akrual dan provisi direviu pada setiap tanggal Accruals and provisions are reviewed at each
pelaporan dan disesuaikan untuk reporting date and adjusted to reflect the current
mencerminkan estimasi kini terbaik. Jika tidak best estimate. If it is no longer probable that an
terdapat kemungkinan arus kas keluar sumber outflow of resources embodying economic
daya yang mengandung manfaat ekonomi benefits will be required to settle the obligation,
untuk menyelesaikan liabilitas tersebut, provisi the provision is reversed.
tersebut dibalik.
s. Pinjaman s. Borrowings
Pinjaman diakui pada awalnya sebesar nilai Borrowings are recognised initially at fair value,
wajar, dikurangi dengan biaya transaksi yang net of transaction costs incurred. Borrowings
terjadi. Pinjaman kemudian dicatat sebesar are subsequently carried at amortised cost;
biaya perolehan yang diamortisasi; selisih any difference between the proceeds (net of
antara hasil perolehan (dikurangi dengan biaya transaction costs) and the redemption value is
transaksi) dan nilai penarikan diakui dalam laba recognised in profit or loss over the period of
rugi selama periode pinjaman dengan the borrowing, using the EIR method.
menggunakan metode EIR.
Page 213
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/29 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
s. Pinjaman (lanjutan) s. Borrowings (continued)
Biaya yang dibayarkan untuk pembukaan Fees paid on the establishment of loan
fasilitas pinjaman diakui sebagai biaya facilities are recognised as transaction costs of
transaksi pinjaman sepanjang besar the loan to the extent that it is probable that
kemungkinan sebagian atau seluruh fasilitas some or all of the facility will be drawn down. In
akan ditarik. Dalam hal ini, biaya tersebut this case, the fee is deferred until the draw-
ditangguhkan sampai penarikan terjadi. Sejauh down occurs. To the extent that there is no
tidak ada bukti bahwa ada kemungkinan evidence that it is probable that some or all of
sebagian atau seluruh fasilitas akan ditarik, the facility will be drawn down, the fee is
biaya tersebut dikapitalisasi sebagai capitalised as a pre-payment for liquidity
pembayaran di muka untuk layanan likuiditas services and amortised over the period of the
dan diamortisasi selama periode fasilitas yang facility to which it relates.
terkait.
Pinjaman diklasifikasikan sebagai liabilitas Borrowings are classified as current liabilities
jangka pendek kecuali Grup memiliki hak tanpa unless the Group has an unconditional right to
syarat untuk menunda pembayaran liabilitas defer the settlement of the liability for at least
selama paling tidak 12 bulan setelah tanggal 12 months after the reporting date.
pelaporan.
t. Pengakuan pendapatan dan beban t. Revenue and expense recognition
Pendapatan dari kontrak dengan pelanggan Revenue from contracts with customers is
diakui pada saat pengendalian barang recognised when control of the goods are
dialihkan kepada pelanggan dalam jumlah transferred to the customer at an amount that
yang mencerminkan imbalan yang diharapkan reflects the consideration to which the Group
akan menjadi hak Grup dalam pertukaran expects to be entitled in exchange for those
barang tersebut. Grup secara umum goods. The Group has generally concluded that
menyimpulkan bahwa Grup adalah prinsipal it is the principal in its revenue arrangements.
dalam pengaturan pendapatannya.
Grup menerapkan PSAK No. 72, “Pendapatan The Group has adopted PSAK No. 72, “Revenue
dari Kontrak dengan Pelanggan”, yang from Contracts with Customers”, which requires
mensyaratkan pengakuan pendapatan untuk revenue recognition to fulfill 5 (five) steps as
memenuhi 5 (lima) langkah sebagai berikut: follows:
i) Identifikasi kontrak dengan pelanggan. i) Identify contracts with a customer.
ii) Identifikasi kewajiban pelaksanaan dalam ii) Identify the performance obligations in the
kontrak. Kewajiban pelaksanaan contract. Performance obligations are
merupakan janji-janji dalam kontrak untuk promises in a contract to transfer to a
menyerahkan barang atau jasa yang customer goods or services that are
memiliki karakteristik berbeda ke distinct.
pelanggan.
iii) Menetapkan harga transaksi, setelah iii) Determine the transaction price, net of
dikurangi diskon, retur, insentif penjualan discounts, returns, sales incentives and
dan pajak pertambahan nilai, yang berhak value added tax, which an entity expects to
diperoleh suatu entitas sebagai be entitled in exchange for transferring the
kompensasi atas diserahkannya barang promised goods or based on the contracts.
atau jasa yang dijanjikan di kontrak.
Page 214
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/30 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
t. Pengakuan pendapatan dan beban (lanjutan) t. Revenue and expense recognition
(continued)
Grup menerapkan PSAK No. 72, “Pendapatan The Group has adopted PSAK No. 72, “Revenue
dari Kontrak dengan Pelanggan”, yang from Contracts with Customers”, which requires
mensyaratkan pengakuan pendapatan untuk revenue recognition to fulfill 5 (five) steps as
memenuhi 5 (lima) langkah sebagai berikut: follows: (continued)
(lanjutan)
iv) Alokasi harga transaksi ke setiap iv) Allocate the transaction price to each
kewajiban pelaksanaan dengan performance obligation on the basis of the
menggunakan dasar harga jual berdiri relative stand-alone selling prices of each
sendiri relatif dari setiap barang atau jasa distinct goods or services promised in the
berbeda yang dijanjikan di kontrak. Ketika contract. When these are not directly
tidak dapat diamati secara langsung, observable, the relative stand-alone selling
harga jual berdiri sendiri relatif price is estimated based on expected cost
diperkirakan berdasarkan biaya yang plus margin.
diharapkan ditambah margin.
v) Pengakuan pendapatan ketika kewajiban v) Recognise revenue when a performance
pelaksanaan telah dipenuhi dengan obligation is satisfied by transferring a
menyerahkan barang atau jasa yang promised goods or services to a customer
dijanjikan ke pelanggan (ketika pelanggan (which is when the customer obtains control
telah memiliki kendali atas barang atau of those goods or services).
jasa tersebut).
Penjualan barang Sale of goods
Pendapatan dari penjualan barang diakui pada Revenue from sale of goods is recognised at the
saat pengendalian aset dialihkan kepada point in time when control of the asset is
pelanggan, umumnya pada saat penyerahan transferred to the customer, generally on
barang. delivery of the goods.
Grup mempertimbangkan apakah ada janji lain The Group considers whether there are other
dalam kontrak yang merupakan kewajiban promises in the contract that are separate
pelaksanaan terpisah yang perlu dialokasikan performance obligations to which a portion of the
sebagian dari harga transaksi. Dalam transaction price needs to be allocated. In
menentukan harga transaksi untuk penjualan determining the transaction price for the sale of
barang, Grup mempertimbangkan pengaruh goods, the Group considers the effects of
dari imbalan variabel. variable consideration.
Pendapatan dari penjualan ini diakui Revenue from these sales is recognised based
berdasarkan harga jual dikurangi diskon, on the sales price, net of the discount, estimated
estimasi insentif penjualan, rabat volume dan sales incentives, volume rebates and other
biaya pemasaran dan promosi lainnya, dan marketing and promotion costs and excludes
tidak termasuk Pajak Pertambahan Nilai Value Added Tax (“VAT”).
(“PPN”).
Page 215
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/31 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
t. Pengakuan pendapatan dan beban (lanjutan) t. Revenue and expense recognition
(continued)
Penjualan barang (lanjutan) Sale of goods (continued)
(i) Imbalan variabel (i) Variable consideration
Jika imbalan dalam kontrak mencakup If the consideration in a contract includes a
jumlah variabel, Grup mengestimasi variable amount, the Group estimates the
jumlah imbalan yang menjadi haknya amount of consideration to which it will be
sebagai imbalan atas pengalihan barang entitled in exchange for transferring the
kepada pelanggan. Imbalan variabel goods to the customer. The variable
diestimasi pada awal kontrak dan dibatasi consideration is estimated at contract
hingga kemungkinan besar bahwa inception and constrained until it is highly
pembalikan pendapatan yang material probable that a material revenue reversal in
dalam jumlah pendapatan kumulatif yang the amount of cumulative revenue
diakui tidak akan terjadi ketika recognised will not occur when the
ketidakpastian terkait dengan imbalan associated uncertainty with the variable
variabel kemudian diselesaikan. consideration is subsequently resolved.
Beberapa kontrak untuk penjualan barang Some contracts for the sale of goods
memberi hak retur dan rabat volume provide customers with a right of return and
kepada pelanggan. Hak retur dan rabat volume rebates. The rights of return and
volume menimbulkan imbalan variabel. volume rebates give rise to variable
consideration.
• Hak retur • Rights of return
Kontrak tertentu memberi pelanggan Certain contracts provide a customer
hak untuk mengembalikan barang with the right to return the goods
dalam jangka waktu tertentu. within a specified period.
Grup menggunakan metode nilai yang The Group uses the expected value
diharapkan untuk mengestimasi method to estimate the goods that will
barang yang tidak akan dikembalikan not be returned because this method
karena metode ini paling baik best predicts the amount of variable
memprediksi jumlah imbalan variabel consideration to which the Group will
yang menjadi hak Grup. Ketentuan be entitled. The requirements in PSAK
dalam PSAK No. 72 tentang estimasi No. 72 on constraining estimates of
batasan atas imbalan variabel juga variable consideration are also applied
diterapkan untuk menentukan jumlah in order to determine the amount of
imbalan variabel yang dapat variable consideration that can be
dimasukkan ke dalam harga transaksi. included in the transaction price.
Pada setiap akhir periode pelaporan, At each reporting period, the Group
Grup mengestimasi barang yang estimates the goods that are expected
diharapkan akan dikembalikan dan to be returned and recognises a
mengakui provisi retur penjualan provision for sales return as a contract
sebagai liabilitas kontrak beserta hak liability and the right of return asset
retur aset (untuk penyesuaian beban (for the corresponding cost of goods
pokok penjualan atas provisi retur sold of the provision for sales return)
penjualan tersebut) sebagai aset as a contract asset.
kontrak.
Page 216
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/32 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
t. Pengakuan pendapatan dan beban (lanjutan) t. Revenue and expense recognition
(continued)
Penjualan barang (lanjutan) Sale of goods (continued)
(i) Imbalan variabel (lanjutan) (i) Variable consideration (continued)
• Rabat volume • Volume rebate
Kontrak tertentu dengan pelanggan Certain contracts customers provide
memberikan rabat volume volume rebate based on the sales
berdasarkan pencapaian penjualan achievement during the rebate
selama periode program rabat. Grup programme period. The Group has
mengakui liabilitas kontrak terkait recognised contract liability related to
dengan rabat volume ini sebagai this volume rebate as part of accrual
bagian dari beban akrual pemasaran marketing and promotion in the
dan promosi pada laporan posisi consolidated statement of financial
keuangan konsolidasian. position.
Program loyalitas pelanggan Customer loyalty programme
Grup memiliki program poin loyalitas yang The Group has a loyalty points programme that
memungkinkan pelanggan mengumpulkan poin allows customers to accumulate points that can
yang dapat ditukarkan dengan barang gratis. be redeemed for free goods. The loyalty points
Poin loyalitas menimbulkan kewajiban give rise to a separate performance obligation as
pelaksanaan terpisah karena memberikan hak they provide a material right to the customer. A
material kepada pelanggan. Sebagian dari portion of the transaction price is allocated to the
harga transaksi dialokasikan ke poin loyalitas loyalty points awarded to customers based on
yang diberikan kepada pelanggan berdasarkan relative stand-alone selling price and recognised
harga jual berdiri sendiri dan diakui sebagai as a contract liability until the points are
liabilitas kontrak sampai poin tersebut redeemed. The contract liability is presented as
ditukarkan. Liabilitas kontrak tersebut disajikan part of “Accrued expenses” in the consolidated
sebagai bagian dari “Beban akrual” dalam statements of financial position. Revenue is
laporan posisi keuangan konsolidasian. recognised upon redemption of products by the
Pendapatan diakui pada saat penukaran customer.
produk oleh pelanggan.
Ketika pihak lain terlibat dalam penyediaan When another party is involved in providing
barang gratis kepada pelanggannya, Grup promotional free goods to its customer, the
menentukan apakah ia adalah prinsipal atau Group determines whether it is a principal or an
agen dalam transaksi ini dengan mengevaluasi agent in these transactions by evaluating the
sifat dari janjinya kepada pelanggan. Grup nature of its promise to the customer. The Group
sepenuhnya bertanggung jawab untuk is primarily responsible for fulfilling the promise
memenuhi janji atas pemberian barang gratis to provide free goods to eligible customers. The
kepada pelanggan yang memenuhi syarat. Group determined that they control the free
Grup menetapkan bahwa Grup mengendalikan goods before they are transferred to customers
barang gratis sebelum ditransfer ke pelanggan and have the ability to direct the use of the free
dan memiliki kemampuan untuk mengarahkan goods. Therefore, the Group concluded that it is
penggunaan barang gratis tersebut. Oleh the principal in this arrangement. Upon
karena itu, Grup menyimpulkan bahwa Grup redemption of loyalty points by the customer, the
adalah prinsipal dalam pengaturan ini. Pada Group records the cost of promotional free
saat penukaran poin loyalitas oleh pelanggan, goods as part of the cost of goods sold in the
Grup mencatat biaya barang gratis sebagai statement of profit or loss and other
bagian dari harga pokok penjualan dalam comprehensive income.
laporan laba rugi dan penghasilan
komprehensif lain.
Page 217
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/33 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
t. Pengakuan pendapatan dan beban (lanjutan) t. Revenue and expense recognition
(continued)
Biaya dan beban diakui dalam laba rugi dalam Cost and expenses are recognised in profit or
periode saat terjadinya menggunakan dasar loss in the period when incurred on an accrual
akrual. basis.
u. Perpajakan u. Taxation
Beban pajak terdiri dari pajak kini dan pajak The tax expense comprises current and
tangguhan. Pajak diakui dalam laporan laba deferred tax. Tax is recognised in the profit or
rugi, kecuali jika pajak tersebut terkait dengan loss, except to the extent that it relates to items
transaksi atau kejadian yang diakui di recognised in other comprehensive income or
penghasilan komprehensif lain atau langsung directly in equity. In this case, the tax is also
diakui ke ekuitas. Dalam hal ini, pajak tersebut recognised in other comprehensive income or
masing-masing diakui dalam penghasilan directly in equity, respectively.
komprehensif lain atau ekuitas.
Beban pajak kini dihitung berdasarkan The current income tax charge is calculated on
peraturan perpajakan yang berlaku atau yang the basis of the tax laws enacted or
secara substantif berlaku pada akhir periode substantively enacted at the end of the
pelaporan, di negara dimana perusahaan dan reporting period, in the countries where the
entitas anak beroperasi dan menghasilkan Company and its subsidiaries operate and
pendapatan kena pajak. Manajemen secara generate taxable income. Management
periodik mengevaluasi posisi yang dilaporkan di periodically evaluates positions taken in Annual
Surat Pemberitahuan (“SPT”) Tahunan Tax Returns (“SPT”) with respect to situations
sehubungan dengan situasi di mana aturan in which applicable tax regulation is subject to
pajak yang berlaku membutuhkan interpretasi. interpretation. If necessary, it establishes
Jika perlu, manajemen menentukan provisi provisions where appropriate on the basis of
berdasarkan jumlah yang diharapkan akan amounts expected to be paid to the tax
dibayar kepada otoritas pajak. authorities.
Pajak penghasilan tangguhan diakui Deferred income tax is provided in full, using
sepenuhnya, dengan menggunakan metode the liability method, on temporary differences
liabilitas untuk semua perbedaan temporer which arise from the difference between the tax
yang berasal dari selisih antara dasar bases of assets and liabilities and their carrying
pengenaan pajak aset dan liabilitas dengan nilai amounts in the consolidated financial
tercatatnya pada laporan keuangan statements. However, deferred tax liabilities are
konsolidasian. Namun, liabilitas pajak not recognised if they arise from the initial
penghasilan tangguhan tidak diakui jika berasal recognition of goodwill. Deferred income tax is
dari pengakuan awal goodwill. Pajak also not accounted for if it arises from the initial
penghasilan tangguhan juga tidak recognition of an asset or liability in a
diperhitungkan jika pajak penghasilan transaction other than a business combination
tangguhan tersebut timbul dari pengakuan awal that at the time of the transaction affects
aset atau pengakuan awal liabilitas dalam neither accounting nor taxable profit or loss.
transaksi yang bukan kombinasi bisnis yang
pada saat transaksi tidak memengaruhi laba
akuntansi maupun laba kena pajak/rugi pajak.
Pajak penghasilan tangguhan diukur dengan Deferred income tax is determined using tax
menggunakan tarif pajak yang sudah rates (and laws) that have been enacted or
diberlakukan atau secara substantif berlaku substantially enacted by the end of the
pada akhir periode pelaporan dan diekspektasi reporting period and are expected to apply
akan digunakan ketika aset pajak tangguhan when the related deferred income tax asset is
yang berhubungan direalisasi atau liabilitas realised or the deferred income tax liability is
pajak tangguhan diselesaikan. settled.
Page 218
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/34 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
u. Perpajakan (lanjutan) u. Taxation (continued)
Aset pajak tangguhan diakui hanya jika Deferred tax assets are recognised only if it is
kemungkinan jumlah penghasilan kena pajak di probable that future taxable amounts will be
masa depan akan memadai untuk available to utilise those temporary differences
dikompensasi dengan perbedaan temporer and losses.
yang masih dapat dimanfaatkan.
Aset dan liabilitas pajak penghasilan tangguhan Deferred tax assets and liabilities are offset
dapat saling hapus apabila terdapat hak yang when there is a legally enforceable right to
berkekuatan hukum untuk melakukan saling offset current tax assets and liabilities and
hapus antara aset pajak kini dengan liabilitas when the deferred tax balances relate to the
pajak kini dan apabila aset dan liabilitas pajak same taxation authority. Current tax assets and
penghasilan tangguhan dikenakan oleh otoritas tax liabilities are offset where the entity has a
perpajakan yang sama. Aset pajak kini dan legally enforceable right to offset and intends
liabilitas pajak kini akan saling hapus ketika either to settle on a net basis, or to realise the
entitas memiliki hak yang berkekuatan hukum asset and settle the liability simultaneously.
untuk melakukan saling hapus dan adanya niat
untuk melakukan penyelesaian saldo-saldo
tersebut secara neto atau untuk merealisasikan
dan menyelesaikan liabilitas secara bersamaan.
v. Modal saham v. Share capital
Saham biasa diklasifikasikan sebagai ekuitas. Ordinary shares are classified as equity.
Biaya tambahan yang secara langsung dapat Incremental costs directly attributable to the
diatribusikan kepada penerbitan saham biasa issue of new ordinary shares or options are
atau opsi disajikan pada ekuitas sebagai shown in equity as a deduction, net of tax, from
pengurang penerimaan, setelah dikurangi the proceeds.
pajak.
Biaya yang terjadi sehubungan dengan Costs incurred in connection with the Company’s
penerbitan modal saham Perusahaan kepada issuance of share capital to the public were
publik dikurangkan langsung dengan offset directly with the proceeds and presented
penerimaan dan disajikan sebagai pengurang as a deduction to the additional paid-in capital
akun tambahan modal disetor dalam laporan account in the consolidated statements of
posisi keuangan konsolidasian. financial position.
Ketika entitas Grup membeli modal saham Where any Group entity purchases the
ekuitas Perusahaan (saham treasuri), imbalan Company’s equity share capital (treasury
yang dibayar, termasuk biaya tambahan yang shares), the consideration paid, including any
secara langsung dapat diatribusikan (dikurangi directly attributable incremental costs (net of
pajak penghasilan) dikurangkan dari ekuitas income taxes) is deducted from equity
yang diatribusikan kepada pemilik ekuitas attributable to the Company’s equity holders until
Perusahaan sampai saham tersebut dibatalkan the shares are cancelled or reissued. Where
atau diterbitkan kembali. Ketika saham biasa such ordinary shares are subsequently reissued,
tersebut selanjutnya diterbitkan kembali, any consideration received, net of any directly
imbalan yang diterima, dikurangi biaya attributable incremental transaction costs and
tambahan transaksi yang terkait dan dampak the related income tax effects, is included in
pajak penghasilan yang terkait dimasukkan equity attributable to the Company’s equity
pada ekuitas yang dapat diatribusikan kepada holders.
pemilik ekuitas Perusahaan.
Page 219
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/35 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI YANG 2. MATERIAL ACCOUNTING POLICY
MATERIAL (lanjutan) INFORMATION (continued)
w. Distribusi dividen w. Dividend distribution
Distribusi dividen kepada pemilik Perusahaan Dividend distribution to the Company’s
diakui sebagai liabilitas dalam laporan shareholders is recognised as a liability in the
keuangan konsolidasian Grup pada periode Group’s consolidated financial statements in the
dimana dividen telah disetujui oleh pemegang period in which the dividends are approved by
saham entitas dalam Rapat Umum Pemegang the Company’s General Meeting of
Saham Perusahaan (“RUPS”). Shareholders.
x. Laba per saham x. Earnings per share
Laba per saham dasar dihitung dengan Basic earnings per share are calculated by
membagi laba bersih yang tersedia bagi dividing the profit attributable to the equity
pemegang saham Perusahaan dengan jumlah holders of the Company by the weighted
rata-rata tertimbang saham biasa yang beredar average number of ordinary shares outstanding
pada periode berjalan. during the period.
Apabila jumlah saham biasa yang beredar If the number of ordinary shares outstanding is
meningkat tanpa disertai peningkatan sumber increased without an increase in resources, the
daya, maka jumlah saham biasa yang beredar number of ordinary shares outstanding before
sebelum peristiwa tersebut disesuaikan the event is adjusted for the proportionate
dengan perubahan proporsional atas jumlah change in the number of ordinary shares
saham beredar seolah-olah peristiwa tersebut outstanding as if the event had occurred at the
terjadi pada permulaan dari periode sajian beginning of the earliest period presented.
paling awal.
y. Pelaporan segmen y. Segment reporting
Segmen operasi dilaporkan dengan cara yang Operating segments are reported in a manner
konsisten dengan pelaporan internal yang consistent with the internal reporting provided to
diberikan kepada pengambil keputusan operasi the chief operating decision-maker. The chief
utama. Pengambil keputusan operasi utama, operating decision-maker, who is responsible for
yang bertanggung jawab mengalokasikan allocating resources and assessing the
sumber daya dan menilai kinerja segmen performance of the operating segments, has
operasi, telah diidentifikasi sebagai komite been identified as the steering committee that
pengarah yang mengambil keputusan makes strategic decisions.
strategis.
Untuk tujuan manajemen, Grup dibagi menjadi For management purposes, the Group is
dua segmen operasi berdasarkan produk yang organised into two operating segments based
dikelola secara independen oleh masing- on their products which are independently
masing pengelola segmen yang bertanggung managed by the respective segment managers
jawab atas kinerja dari masing-masing responsible for the performance of the
segmen. Para pengelola segmen melaporkan respective segments under their charge. The
secara langsung kepada manajemen Grup segment managers report directly to the Group’s
yang secara teratur mengkaji laba segmen management who regularly review the
sebagai dasar untuk mengalokasikan sumber segment’s results in order to allocate resources
daya ke masing-masing segmen dan untuk to the segments and assess the segment’s
menilai kinerja segmen. Pengungkapan performance. Additional disclosures on each of
tambahan pada masing-masing segmen these segments are shown in Note 34, including
terdapat dalam Catatan 34, termasuk faktor the factors used to identify the reportable
yang digunakan untuk mengidentifikasi segments and the measurement basis of
segmen yang dilaporkan dan dasar segment information.
pengukuran informasi segmen.
Page 220
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/36 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 3. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING JUDGEMENTS
Penyusunan laporan keuangan konsolidasian Grup The preparation of the Group’s consolidated financial
mengharuskan manajemen untuk membuat statements requires management to make
pertimbangan, estimasi dan asumsi yang judgements, estimates and assumptions that affect
memengaruhi jumlah yang dilaporkan dari the reported amounts of revenues, expenses, assets
pendapatan, beban, aset dan liabilitas, dan and liabilities, and the disclosure of contingent
pengungkapan atas liabilitas kontinjensi, pada akhir liabilities, at the end of the reporting period.
periode pelaporan. Estimasi, asumsi, dan Estimates, assumptions and judgements are
pertimbangan tersebut dievaluasi secara terus continuously evaluated based on historical
menerus berdasarkan pengalaman historis dan experience and other factors, including expectations
faktor-faktor lainnya, termasuk harapan peristiwa di of future events that are believed to be reasonable
masa datang yang diyakini wajar berdasarkan under the circumstances.
kondisi yang ada.
Grup telah mengidentifikasi hal-hal berikut dimana The Group has identified the following matters under
diperlukan pertimbangan, estimasi dan asumsi which significant judgements, estimates and
signifikan dan dimana hasil aktual dapat berbeda assumptions are made and where actual results may
dari estimasi tersebut jika menggunakan asumsi differ from these estimates under different
dan kondisi yang berbeda dan dapat memengaruhi assumptions and conditions and may materially
secara material hasil keuangan atau posisi affect the consolidated financial results or financial
keuangan konsolidasian Grup yang dilaporkan position of the Group reported in future years.
dalam tahun mendatang.
Nilai wajar aset tetap (tanah) dan investasi properti Fair value fixed assets (land) and investment
(tanah dan bangunan) properties (land and buildings)
Nilai wajar dari aset tetap (tanah) dan properti The fair value of fixed assets (land) and investment
investasi (tanah dan bangunan) ditentukan properties (land and buildings) is determined by
menggunakan teknik valuasi. Aset tetap (tanah) dan using valuation techniques. The Group’s fixed
properti investasi (tanah dan bangunan) milik Grup assets (land) and investment properties (land and
divaluasi oleh penilai independen profesional yang buildings) were valued by independent
memiliki kualifikasi yang relevan dan pengalaman professionally qualified valuers who hold a
yang berhubungan dengan lokasi dan segmen aset recognised relevant professional qualification and
tetap (tanah) dan properti investasi (tanah dan have recent experience in the locations and
bangunan) yang akan dinilai. Untuk semua segment of the fixed assets (land) and investment
penilaian, penggunaan saat ini setara dengan properties (land and buildings) valued. For all
penggunaan tertinggi dan terbaik. valuations, their current use equates to the highest
and best use.
Nilai wajar untuk tanah yang dimiliki dalam aset The fair value for land held in fixed assets and
tetap dan properti investasi ditentukan investment properties was determined using the
menggunakan pendekatan pasar. Pendekatan ini market approach. This approach takes into account
mempertimbangkan nilai pasar tanah untuk properti the market price of land for comparable properties
pembanding di sekitar lokasi, dengan penyesuaian- in the vicinity, with certain adjustments for
penyesuaian tertentu yang dilakukan dengan differences due to different characteristics of the
mempertimbangkan perbedaan karakteristik dari land, such as land certificate status, property size,
tanah tersebut, seperti status sertifikasi tanah, location and accessibility. The most significant input
ukuran properti, lokasi, akses menuju lokasi. Hal into this valuation approach is the land market price
yang paling signifikan dalam pendekatan ini adalah per square metre.
harga pasar tanah per meter persegi.
Nilai wajar untuk bangunan yang dimiliki dalam The fair value for building held in investment
properti investasi ditentukan menggunakan properties was determined using the income
pendekatan pendapatan dengan model arus kas approach with the discounted cash flow model. The
diskontoan. Asumsi signifikan dalam pendekatan ini significant assumption under this approach are
adalah tingkat tarif sewa dan biaya jasa dan tingkat rental and service charge rates and the discount
diskonto. rate.
Page 221
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/37 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 3. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (lanjutan) JUDGEMENTS (continued)
Beban akrual pemasaran dan promosi Accrued marketing and promotion expenses
Grup mengevaluasi kelayakan beban akrual The Group evaluates the appropriateness of
promosi dan pemasaran pada setiap akhir periode accrued marketing and promotion expenses at
pelaporan. every end of reporting period.
Grup membuat pertimbangan yang signifikan untuk The Group exercised significant assumptions and
mengestimasi jumlah beban akrual pemasaran dan judgements to estimate the accrued marketing and
promosi pada akhir tahun. Asumsi-asumsi utama promotion expenses amounts at the end of the
dalam penentuan beban akrual pemasaran dan year. The key assumptions in determining the
promosi adalah harga barang promosi dan estimasi accrued marketing and promotion expenses were
pencapaian penjualan. Ketidakpastian muncul the promotional goods’ price and estimated sales
sehubungan dengan harga barang promosi dan achievement. Uncertainties exist with respect to the
jumlah aktual pencapaian penjualan, yang mungkin promotional goods’ price and the actual sales
berbeda dengan estimasi. Setiap perubahan dari achievement, which may be different from the
faktor-faktor ini akan berdampak pada jumlah estimation. Any changes in these factors will impact
realisasi yang dapat berbeda dari beban akrual the realisable amount which can be different from
pemasaran dan promosi. the reported accrued marketing and promotion
expenses.
Penyusutan aset tetap Depreciation of fixed assets
Aset tetap disusutkan dengan menggunakan The fixed assets are depreciated on a straight-line
metode garis lurus berdasarkan taksiran masa method over their estimated useful lives.
manfaat ekonomisnya. Manajemen mengestimasi Management estimates the useful lives of these
masa manfaat ekonomis aset tetap antara 4 sampai fixed assets to be within 4 to 30 years.
dengan 30 tahun.
Grup secara periodik menelaah estimasi masa The Group periodically reviews the estimated
manfaat aset tetap berdasarkan beberapa faktor useful lives of fixed assets based on several
diantaranya spesifikasi teknis, operasi dan factors such as technical specification, operation
kebutuhan usaha. Laporan keuangan konsolidasian and business needs. The consolidated financial
dapat terpengaruh secara material terhadap statements could be materially affected by changes
perubahan dalam estimasi tersebut. Manajemen in these estimates. Management will revise the
akan merevisi beban penyusutan dimana masa depreciation charged where useful lives are
manfaatnya berbeda dari estimasi sebelumnya, different to those previously estimated, or it will
atau penghapusan atau melakukan penurunan nilai write off or written down technically obsolete or
atas aset yang secara teknis telah usang atau aset non-strategic assets that have been abandoned or
non-strategis yang dihentikan penggunaannya atau sold. Further details are disclosed in Note 11.
dijual. Penjelasan lebih rinci diungkapkan dalam
Catatan 11.
Sewa Leases
Penentuan apakah suatu perjanjian merupakan atau Determining whether an arrangement is or contains
mengandung sewa memerlukan pertimbangan yang a lease requires careful judgement to assess
cermat untuk menilai apakah perjanjian tersebut whether the arrangement conveys a right to obtain
memberikan hak untuk memperoleh secara substantially all the economic benefits from the use
substansial seluruh manfaat ekonomi dari of the asset throughout the period of use and the
penggunaan aset selama periode penggunaan dan right to direct the use of the asset, even if the right
hak untuk mengarahkan penggunaan aset, bahkan is not explicitly specified in the arrangement.
jika hak tidak secara eksplisit ditentukan dalam
pengaturan.
Page 222
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/38 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. ESTIMASI DAN PERTIMBANGAN AKUNTANSI 3. CRITICAL ACCOUNTING ESTIMATES AND
YANG PENTING (lanjutan) JUDGEMENTS (continued)
Sewa (lanjutan) Leases (continued)
Grup memiliki berbagai perjanjian sewa dimana The Group has various lease agreements where the
Grup bertindak sebagai lessee sehubungan dengan Group acts as a lessee in respect of certain assets.
aset tertentu. Grup mengevaluasi apakah risiko dan The Group evaluates whether significant risks and
manfaat yang signifikan atas kepemilikan aset rewards of ownership of the leased asset are
sewaan dialihkan kepada penyewa atau transferred to the lessee or retained by the Group
dipertahankan oleh Grup berdasarkan PSAK No. 73, based on PSAK No. 73, which requires the Group to
yang mengharuskan Grup untuk membuat make judgements and estimates of the transfer of
pertimbangan dan estimasi atas pengalihan risiko risks and rewards of ownership of the leased asset.
dan manfaat kepemilikan aset yang disewa.
Karena Grup tidak dapat dengan mudah Since the Group could not readily determine the
menentukan suku bunga implisit, manajemen implicit rate, management uses the Group’s
menggunakan suku bunga pinjaman inkremental incremental borrowing rate as a discount rate.
Grup sebagai tingkat diskonto. Ada beberapa faktor There are a number of factors to consider in
yang perlu dipertimbangkan dalam menentukan determining an incremental borrowing rate, many of
suku bunga pinjaman inkremental, yang banyak di which need judgement in order to be able to reliably
antaranya memerlukan pertimbangan untuk dapat quantify any necessary adjustments to arrive at the
secara andal mengukur penyesuaian yang final discount rates. In determining the incremental
diperlukan untuk sampai pada tingkat diskonto akhir. borrowing rate, the Group considers the following
Dalam menentukan suku bunga pinjaman main factors: the Group’s corporate credit risk, the
inkremental, Grup mempertimbangkan faktor-faktor lease term, the lease payment term, the economic
utama berikut: risiko kredit korporat Grup, jangka environment, the time at which the lease is entered
waktu sewa, jangka waktu pembayaran sewa, into, and the currency in which the lease payments
lingkungan ekonomi, waktu di mana sewa are denominated.
dimasukkan, dan mata uang di mana pembayaran
sewa ditentukan.
Grup menentukan jangka waktu sewa sebagai The Group determines the lease term as the non-
jangka waktu sewa yang tidak dapat dibatalkan, cancellable term of the lease, together with any
bersama dengan setiap periode yang tercakup periods covered by an option to extend the lease if
dalam opsi untuk memperpanjang sewa jika cukup it is reasonably certain to be exercised, or any
pasti akan dilaksanakan, atau setiap periode yang periods covered by an option to terminate the
tercakup dalam opsi untuk mengakhiri sewa, jika lease, if it is reasonably certain not to be exercised.
cukup pasti untuk tidak dilakukan.
Pertimbangan dilakukan dalam mengevaluasi The Group applies judgement in evaluating whether
apakah cukup pasti akan menggunakan opsi untuk it is reasonably certain whether or not to exercise
memperbarui atau mengakhiri sewa. Artinya, Grup the option to renew or terminate the lease. That is,
mempertimbangkan seluruh faktor relevan yang it considers all relevant factors that create an
menciptakan insentif ekonomi untuk melakukan economic incentive for it to exercise either the
pembaruan atau penghentian. Grup juga renewal or termination. The Group also considers
mempertimbangkan apakah ada penalti signifikan whether there are significant penalties to terminate
untuk membatalkan (atau untuk tidak (or not extend) the contracts, any leasehold
memperpanjang) kontrak, adanya leasehold improvement are expected to have a significant
improvement yang diperkirakan memiliki nilai sisa remaining value or other factors including historical
yang signifikan atau faktor lain mencakup sejarah lease durations and the costs and business
durasi sewa dan biaya serta halangan bisnis untuk disruption required to replace the leased assets in
menggantikan aset sewa dalam menelaah hak yang assessing the enforceable rights to extend the
dapat dipaksakan untuk memperpanjang sewa lease beyond the written contract.
diluar kontrak tertulis.
Grup menilai kembali masa sewa jika ada peristiwa The Group reassesses the lease term if there is a
atau perubahan signifikan dalam keadaan yang significant event or change in circumstances that is
berada dalam kendali dan memengaruhi within its control and affects its ability to exercise or
kemampuan Grup untuk menggunakan atau tidak not to exercise the option to renew or to terminate.
menggunakan opsi untuk memperbarui atau
menghentikan.
Page 223
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/39 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS
2023 2022
Kas Cash on hand
Rupiah 5,056 7,016 Rupiah
Lain-lain 76 56 Others
Total kas 5,132 7,072 Total cash on hand
Kas di bank Cash in banks
Rupiah Indonesian Rupiah
PT Bank Mandiri (Persero) Tbk 126,532 62,396 PT Bank Mandiri (Persero) Tbk
PT Bank UOB Indonesia 90,891 57,721 PT Bank UOB Indonesia
PT Bank Danamon Indonesia Tbk 69,072 199,722 PT Bank Danamon Indonesia Tbk
PT Bank Central Asia Tbk 22,262 6,538 PT Bank Central Asia Tbk
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 4,887 7,717 (Persero) Tbk
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 4,668 - (Persero) Tbk
PT Bank OCBC NISP Tbk 1,465 2,978 PT Bank OCBC NISP Tbk
Lain-lain 4,597 2,565 Others
Dolar AS US Dollar
PT Bank Mandiri (Persero) Tbk 38 511 PT Bank Mandiri (Persero) Tbk
Total kas di bank 324,412 340,148 Total cash in banks
Deposito Time deposits
Rupiah Rupiah
PT Bank Tabungan Negara Tbk 900,000 250,000 PT Bank Tabungan Negara Tbk
PT Bank Mandiri (Persero) Tbk 1,000 1,500 PT Bank Mandiri (Persero) Tbk
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk - 800,000 (Persero) Tbk
PT Bank Maybank Indonesia Tbk - 150,000 PT Bank Maybank Indonesia Tbk
PT Bank Permata Tbk - 472,000 PT Bank Permata Tbk
PT Bank Pan Indonesia Tbk - 150,000 PT Bank Pan Indonesia Tbk
Total deposito 901,000 1,823,500 Total time deposits
Total (tidak termasuk cerukan) 1,230,544 2,170,720 Total (excluding bank overdraft)
Tingkat bunga deposito per tahun 2.50% - 6.15% 4.50% - 5.50% Annual interest rate of time deposits
Kas dan setara kas termasuk hal-hal berikut untuk Cash and cash equivalents include the following for
kepentingan penyajian laporan arus kas: the purposes of the statement of cash flows:
2023 2022
Kas dan setara kas 1,230,544 2,170,720 Cash and cash equivalents
Cerukan (Catatan 16) (5,222) (7,229) Bank overdraft (Note 16)
Kas dan setara kas 1,225,322 2,163,491 Cash and cash equivalents
Tidak terdapat saldo kas dan setara kas yang There is no balance of cash and cash equivalents
digunakan sebagai jaminan dan dibatasi pledged as collateral and restricted in use.
penggunaannya.
Page 224
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/40 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
5. PIUTANG USAHA 5. TRADE RECEIVABLES
2023 2022
Pihak ketiga 1,230,494 1,062,798 Third parties
Pihak berelasi (Catatan 6) 14,018 11,192 Related parties (Note 6)
Subtotal 1,244,512 1,073,990 Subtotal
Dikurangi: cadangan kerugian Less: allowance for impairment
penurunan nilai piutang usaha (1,469) (337) losses of trade receivables
Total 1,243,043 1,073,653 Total
Analisa umur piutang usaha adalah sebagai berikut: The aging analysis of trade receivables is as
follows:
2023 2022
Belum jatuh tempo 1,198,915 1,046,744 Not yet due
Lewat jatuh tempo: Overdue:
1 - 30 hari 23,254 14,685 1 - 30 days
31 - 60 hari 10,669 7,776 31 - 60 days
Lebih dari 60 hari 11,674 4,785 Over 60 days
Dikurangi: cadangan kerugian Less: allowance for impairment
penurunan nilai piutang usaha (1,469) (337) losses of trade receivables
Total piutang usaha 1,243,043 1,073,653 Total trade receivables
Pada tanggal 31 Desember 2023 dan 2022, seluruh As at 31 December 2023 and 2022, all of the
piutang usaha Grup dalam mata uang Rupiah. Group’s trade receivables are denominated in
Rupiah.
Pada tanggal 31 Desember 2023, piutang usaha As at 31 December 2023, trade receivables
sebesar Rp1.198.915 (2022: Rp1.046.744) belum amounting to Rp1,198,915 (2022: Rp1,046,744)
jatuh tempo dan tidak mengalami penurunan nilai. were not past due nor impaired. These receivables
Piutang ini akan jatuh tempo dalam waktu 1-60 hari. will be due in 1-60 days.
Pada tanggal 31 Desember 2023 terdapat piutang As at 31 December 2023, trade receivables
usaha sebesar Rp44.128 (2022: Rp26.909) telah amounting to Rp44,128 (2022: Rp26,909) were past
lewat jatuh tempo namun tidak mengalami due but not impaired. These relate to a number of
penurunan nilai. Piutang tersebut berasal dari independent customers for whom there is no recent
sejumlah pelanggan yang tidak memiliki sejarah history of default.
gagal bayar.
Pada tanggal 31 Desember 2023, piutang usaha As at 31 December 2023, trade receivables
sebesar Rp1.469 (2022: Rp337) mengalami amounting to Rp1,469 (2022: Rp337) were impaired
penurunan nilai dan telah diprovisikan. and have been fully provisioned.
Pada tanggal 31 Desember 2023 dan 2022, piutang As at 31 December 2023 and 2022, the Group’s
usaha tertentu Grup dijaminkan atas fasilitas certain trade receivables are pledged as collateral
pinjaman dari PT Bank Mandiri (Persero) Tbk for the loan facilities from PT Bank Mandiri
dengan perjanjian fidusia senilai Rp562.860 (Persero) Tbk with fiduciary agreement totalling
(Catatan 16). Rp562,860 (Note 16).
Berdasarkan hasil penelaahan keadaan piutang Based on a review of the status of receivable
pada akhir periode pelaporan, manajemen Grup accounts at the end of the reporting period, the
berkeyakinan bahwa penyisihan penurunan nilai Group’s management believes that the allowance
telah memadai untuk menutup kemungkinan for impairment losses is adequate to cover possible
kerugian atas tidak tertagihnya piutang usaha. losses from uncollectible receivables.
Lihat Catatan 31 mengenai risiko kredit piutang Refer to Note 31 on the credit risk of trade
usaha untuk memahami bagaimana Grup mengelola receivables to understand how the Group manages
dan mengukur kualitas kredit piutang usaha. and measures the credit quality of trade
receivables.
Page 225
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/41 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. SALDO DAN TRANSAKSI DENGAN PIHAK 6. BALANCES AND TRANSACTIONS WITH
BERELASI RELATED PARTIES
a. Sifat hubungan pihak berelasi a. Nature of relationship
Dalam kegiatan usaha normal, Grup melakukan In the normal course of business, the Group
transaksi usaha dan lainnya dengan pihak- enters into trade and other transactions with
pihak berelasi, yang terafiliasi dengan Grup related parties, which are affiliated with the
melalui kepemilikan langsung dan tak langsung, Group through direct or indirect ownership,
dan/atau dibawah entitas sepengendali. Harga and/or under common control entity. Sales or
jual atau beli antara pihak-pihak berelasi purchase prices among related parties are
ditentukan berdasarkan persyaratan yang made based on terms agreed by the parties.
disetujui oleh kedua belah pihak.
Rincian pihak berelasi, sifat hubungan dan jenis The details of related parties, the nature of
transaksi yang signifikan dengan pihak-pihak relationships and the types of significant
berelasi adalah sebagai berikut: transactions with related parties are as follows:
Pihak-pihak
berelasi/Related Jenis transaksi/
parties Sifat hubungan/Nature of relationship Nature of transactions
PT Avia Avian Memiliki personil manajemen kunci yang Penjualan barang, pembelian alat-alat dan
Industri Pipa sama dan dalam entitas bahan bangunan, pendapatan sewa
sepengendali/Have the same key bangunan kantor dan penggantian
management personnel and under biaya/Sales of goods, purchase of tools and
common control entity building materials, office building rent income
and expense reimbursement
PT Mitra Mulia Memiliki personil manajemen kunci yang Penjualan barang, pembelian alat-alat dan
Makmur sama dan dalam entitas bahan bangunan, dan pendapatan sewa
sepengendali/Have the same key bangunan pabrik/ Sales of goods, purchase
management personnel and under of tools and building materials and factory
common control entity building rent income
PT Sarana Depo Memiliki personil manajemen kunci yang Penjualan barang dan sewa bangunan/Sales of
Kencana sama dan dalam entitas goods and building rent
sepengendali/Have the same key
management personnel and under
common control entity
PT Wahana Memiliki personil manajemen kunci yang Penjualan barang, pembelian alat-alat dan
Lentera Raya sama dan dalam entitas bahan bangunan, pendapatan sewa
sepengendali/Have the same key bangunan kantor dan penggantian
management personnel and under biaya/Sales of goods, purchase of tools and
common control entity building materials, office building rent income
and expense reimbursement
PT Kencana Memiliki personil manajemen kunci yang Penjualan barang, pembelian alat-alat dan
Lintasindo sama dan dalam entitas bahan bangunan dan penggantian
Internasional sepengendali/Have the same key biaya/Sales of goods, purchase of tools and
management personnel and under building materials and expense
common control entity reimbursement
PT Kasakata Kimia Memiliki personil manajemen kunci yang Pendapatan sewa gedung kantor/Office building
sama dan dalam entitas rent income
sepengendali/Have the same key
management personnel and under
common control entity
PT Panca Memiliki personil manajemen kunci yang Penjualan barang dan pembelian alat-alat dan
Kalsiumindo sama dan dalam entitas bahan bangunan/Sales of goods and
Perkasa sepengendali/Have the same key purchases of tools and building materials
management personnel and under
common control entity
Page 226
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/42 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. SALDO DAN TRANSAKSI DENGAN PIHAK 6. BALANCES AND TRANSACTIONS WITH
BERELASI (lanjutan) RELATED PARTIES (continued)
a. Sifat hubungan pihak berelasi (lanjutan) a. Nature of relationship (continued)
Rincian pihak berelasi, sifat hubungan dan jenis The details of related parties, the nature of
transaksi yang signifikan dengan pihak-pihak relationships and the types of significant
berelasi adalah sebagai berikut: transactions with related parties are as follows:
Pihak-pihak
berelasi/ Related Jenis transaksi/
parties Sifat hubungan/Nature of relationship Nature of transactions
PT Megadepo Memiliki personil manajemen kunci yang Penjualan barang dan pembelian alat-alat dan
Indonesia sama dan dalam entitas bahan bangunan/Sales of goods and
sepengendali/Have the same key purchases of tools and building materials
management personnel and under common
control entity
PT Caturkarda Depo Memiliki personil manajemen kunci yang Penjualan barang dan pembelian alat-alat dan
Bangunan Tbk sama dan dalam entitas bahan bangunan/Sales of goods and
sepengendali/Have the same key purchases of tools and building materials
management personnel and under
common control entity
PT Bira Industri Memiliki personil manajemen kunci yang Pendapatan sewa gedung pabrik/Factory
Rejeki Agung sama dan dalam entitas building rent income
sepengendali/Have the same key
management personnel and under
common control entity
PT Wita Indo Dalam entitas sepengendali/Under common Pendapatan sewa gedung kantor/Office
Talisayan control entity building rent income
PT Umaq Tukung Dalam entitas sepengendali/Under common Pendapatan sewa gedung kantor/Office
Mandiri Utama control entity building rent income
PT Wita Internasional Dalam entitas sepengendali/Under common Pendapatan sewa gedung kantor/Office
Bisnis Artisan control entity building rent income
PT Sarana Daya Dalam entitas sepengendali/Under common Pendapatan sewa gedung kantor/Office
Hutama control entity building rent income
PT Bangun Bersama Investasi pada ventura bersama/Investment in Pendapatan sewa bangunan kantor dan
Solusindo joint venture pembelian bahan bangunan/Office building
rental income and purchases of building
materials
Dewan Komisaris Manajemen personil kunci/Key management Gaji dan imbalan kerja jangka pendek
dan Direksi/Board personnel lainnya/Salaries and other short-term
of Commissioners compensation benefits
and Directors
b. Saldo dengan pihak berelasi b. Balances with related parties
2023 2022
Piutang usaha Trade receivables
PT Caturkarda Depo Bangunan Tbk 6,361 3,726 PT Caturkarda Depo Bangunan Tbk
PT Megadepo Indonesia 5,936 3,509 PT Megadepo Indonesia
PT Bangun Bersama Solusindo 1,135 3,355 PT Bangun Bersama Solusindo
Lain-lain 586 602 Others
Total 14,018 11,192 Total
Persentase terhadap total aset 0.13% 0.10% Percentage to total assets
Piutang lain-lain Other receivables
PT Avia Avian Industri Pipa 46,376 25,533 PT Avia Avian Industri Pipa
PT Wahana Lentera Raya 6,086 8,350 PT Wahana Lentera Raya
PT Kencana Lintasindo Internasional 2,532 1,192 PT Kencana Lintasindo Internasional
Lain-lain 1,544 885 Others
Total 56,538 35,960 Total
Persentase terhadap total aset 0.51% 0.33% Percentage to total assets
Page 227
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/43 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. SALDO DAN TRANSAKSI DENGAN PIHAK 6. BALANCES AND TRANSACTIONS WITH
BERELASI (lanjutan) RELATED PARTIES (continued)
b. Saldo dengan pihak berelasi (lanjutan) b. Balances with related parties (continued)
2023 2022
Beban dibayar dimuka Prepaid expenses
PT Sarana Depo Kencana 46,623 - PT Sarana Depo Kencana
Total 46,623 - Total
Persentase terhadap total aset 0.42% - Percentage to total assets
Utang usaha Trade payables
PT Avia Avian Industri Pipa 160,993 131,189 PT Avia Avian Industri Pipa
PT Mitra Mulia Makmur 53,092 46,688 PT Mitra Mulia Makmur
PT Wahana Lentera Raya 32,379 37,263 PT Wahana Lentera Raya
PT Kencana Lintasindo Internasional 23,444 21,030 PT Kencana Lintasindo Internasional
PT Bangun Bersama Solusindo 6,305 5,500 PT Bangun Bersama Solusindo
PT Panca Kalsiumindo Perkasa 3,108 1,634 PT Panca Kalsiumindo Perkasa
Total 279,321 243,304 Total
Persentase terhadap total liabilitas 22.43% 19.99% Percentage to total liabilities
Utang lain-lain Other payables
Lain-lain 121 75 Others
Total 121 75 Total
Persentase terhadap total liabilitas 0.01% 0.01% Percentage to total liabilities
Pendapatan diterima dimuka Unearned revenue
Lain-lain 1,802 1,840 Others
Total 1,802 1,840 Total
Persentase terhadap total liabilitas 0.14% 0.15% Percentage to total liabilities
Liabilitas sewa Lease liabilities
PT Sarana Depo Kencana 4,186 53,889 PT Sarana Depo Kencana
Persentase terhadap total liabilitas 0.34% 4.43% Percentage to total liabilities
c. Transaksi dengan pihak berelasi c. Transactions with related parties
2023 2022
Pendapatan Revenue
PT Avia Avian Industri Pipa 25,026 230 PT Avia Avian Industri Pipa
PT Caturkarda Depo Bangunan Tbk 23,125 20,913 PT Caturkarda Depo Bangunan Tbk
PT Megadepo Indonesia 20,568 17,788 PT Megadepo Indonesia
PT Bangun Bersama Solusindo 5,424 4,144 PT Bangun Bersama Solusindo
PT Wahana Lentera Raya 3,674 105 PT Wahana Lentera Raya
PT Kencana Lintasindo Internasional 2,995 1 PT Kencana Lintasindo Internasional
Lain-lain 3,510 2,193 Others
Total 84,322 45,374 Total
Persentase terhadap
total pendapatan, neto 1.20% 0.68% Percentage to total revenues, net
Page 228
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/44 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. SALDO DAN TRANSAKSI DENGAN PIHAK 6. BALANCES AND TRANSACTIONS WITH
BERELASI (lanjutan) RELATED PARTIES (continued)
c. Transaksi dengan pihak berelasi (lanjutan) c. Transactions with related parties (continued)
2023 2022
Pembelian persediaan Purchase of inventories
PT Avia Avian Industri Pipa 875,847 792,694 PT Avia Avian Industri Pipa
PT Mitra Mulia Makmur 311,327 281,421 PT Mitra Mulia Makmur
PT Wahana Lentera Raya 193,168 215,680 PT Wahana Lentera Raya
PT Kencana Lintasindo Internasional 107,115 116,890 PT Kencana Lintasindo Internasional
PT Panca Kalsiumindo Perkasa 30,283 22,491 PT Panca Kalsiumindo Perkasa
PT Bangun Bersama Solusindo 22,229 11,759 PT Bangun Bersama Solusindo
Lain-lain 1,529 179 Others
Total 1,541,498 1,441,114 Total
Persentase terhadap total
beban pokok Percentage to total
penjualan 40.21% 36.24% cost of goods sold
Pendapatan sewa gedung kantor Factory and office building
dan pabrik rental income
PT Wahana Lentera Raya 1,114 1,154 PT Wahana Lentera Raya
Lain-lain 2,879 2,744 Others
Total 3,993 3,898 Total
Persentase terhadap total Percentage to total other
penghasilan/(beban) lain-lain, neto 50.26% 23.86% income/(expenses), net
d. Kompensasi manajemen kunci d. Key management compensation
Gaji dan kompensasi kesejahteraan jangka Salaries and other short-term compensation
pendek lainnya yang dibebankan untuk Dewan benefits expensed to the Group’s Board of
Komisaris dan Direksi Grup untuk tahun yang Commissioners and Directors for the years
berakhir pada tanggal 31 Desember 2023 dan ended 31 December 2023 and 2022 amounted
2022 masing-masing adalah sebesar Rp99.820 to Rp99,820 and Rp94,566, respectively.
dan Rp94.566.
7. PIUTANG LAIN-LAIN 7. OTHER RECEIVABLES
2023 2022
Pihak berelasi (Catatan 6) 56,538 35,960 Related parties (Note 6)
Pihak ketiga Third parties
Piutang bunga investasi pada Interest receivables of investment
surat utang negara 40,100 62,430 in government bonds
Lain-lain 9,231 5,172 Others
Total 105,869 103,562 Total
Berdasarkan penilaian manajemen atas kerugian Based on management’s assessment of the
kredit ekspektasian, manajemen Grup berkeyakinan expected credit losses, the management of the
bahwa kerugian kredit ekspektasian mendekati nol, Group believes that the expected credit losses
sehingga pencadangan penurunan nilai atas piutang are close to zero, as such, the provision for
lain-lain tidak diperlukan. impairment of other receivables is not
necessary.
Page 229
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/45 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. PERSEDIAAN 8. INVENTORIES
2023 2022
Barang jadi 996,609 935,800 Finished goods
Bahan baku 303,031 346,541 Raw materials
Persediaan dalam
perjalanan 86,436 64,672 Inventories in transit
Barang promosi 57,417 30,848 Promotional goods
Barang dalam proses 45,887 43,115 Work in process
Bahan pembantu 33,355 32,577 Supplies
Suku cadang 6,055 6,967 Spare parts
Subtotal 1,528,790 1,460,520 Subtotal
Penyisihan persediaan usang Provision for obsolescence
dan lambat bergerak (9,241) (13,291) and slow-moving inventories
Total 1,519,549 1,447,229 Total
Mutasi penyisihan persediaan usang dan lambat Movement in the provision for obsolescence and
bergerak adalah sebagai berikut: slow-moving inventories are as follows:
2023 2022
Saldo awal 13,291 24,878 Beginning balance
Pemulihan (4,050) (11,587) Recovery
Saldo akhir 9,241 13,291 Ending balance
Berdasarkan penelaahan atas kondisi dan tingkat Based on the review of the condition and turnover
perputaran persediaan, manajemen Grup of the inventory items, the Group’s management
berkeyakinan bahwa penyisihan persediaan usang believes that the provision for obsolescence and
dan lambat bergerak tersebut cukup untuk menutup slow-moving inventories is adequate to cover any
kemungkinan kerugian dari penurunan nilai possible losses from the decrease in the value of
persediaan. inventories.
Pada tanggal 31 Desember 2023 dan 2022, seluruh As at 31 December 2023 and 2022, all inventories
persediaan dijaminkan atas fasilitas pinjaman dari are pledged as collateral for the loan facilities from
PT Bank Mandiri (Persero) Tbk dengan perjanjian PT Bank Mandiri (Persero) Tbk with fiduciary
fidusia senilai Rp763.198 (Catatan 16). agreements totalling Rp763,198 (Note 16).
Persediaan diasuransikan terhadap risiko kerugian Inventories are covered against losses from fire or
kebakaran atau pencurian dan risiko lainnya theft and other risks under blanket amounting to
berdasarkan suatu paket polis dengan nilai US$57.6 million and Rp1,890,012 as at
pertanggungan sebesar AS$57,6 juta dan 31 December 2023 (2022: US$65.4 million and
Rp1.890.012 pada tanggal 31 Desember 2023 Rp2,422,977), which in management’s opinion are
(2022: AS$65,4 juta dan Rp2.422.977), yang adequate to cover any possible losses arising from
menurut pendapat manajemen cukup untuk such risks.
menutup kemungkinan kerugian atas risiko-risiko
tersebut.
Page 230
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/46 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
9. INVESTASI 9. INVESTMENTS
2023 2022
Surat utang negara 2,993,887 3,875,023 Government bonds
Deposito berjangka 1,740,000 - Time deposits
Reksa dana 20,200 - Mutual funds
Total 4,754,087 3,875,023 Total
a. Investasi jangka pendek a. Short-term investments
Investasi jangka pendek terdiri atas deposito Short-term investments comprise of time
berjangka dengan jangka waktu 6-12 bulan. deposits with 6-12 months term. The
Saldo pada tanggal 31 Desember 2023 adalah outstanding balance as at 31 December 2023
sebesar Rp1.740.000 (2022: nihil). Seluruh amounting to Rp1,740,000 (2022: nil). All
investasi jangka pendek didenominasi dalam short-term investments are denominated in
mata uang Rupiah. Tingkat suku bunga Rupiah. Annual interest rate of the time
deposito tersebut pada tahun 2023 adalah deposits in 2023 is 6% - 6.10% (2022: nil).
sebesar 6% - 6,10% (2022: nihil).
Lihat Catatan 31 mengenai risiko kredit dari Refer to Note 31 on the credit risk of the short-
investasi jangka pendek untuk memahami term investments to understand how the Group
bagaimana Grup mengelola dan mengukur manages and measures the credit quality of
kualitas kredit atas investasi jangka pendek. short-term investments.
b. Investasi pada surat utang negara b. Investment in government bonds
Seluruh investasi pada surat utang negara All investments in government bonds are
didenominasi dalam mata uang Rupiah. denominated in Rupiah.
Surat Utang Negara (“SUN”) diterbitkan oleh SUN issued by the Government of the
Pemerintah Republik Indonesia dengan tingkat Republic of Indonesia bear fixed interest rates
suku bunga tetap antara 5,13% sampai dengan ranging from 5.13% to 8.25% per annum and
8,25% per tahun dan akan jatuh tempo pada will be due on various dates from 15 June 2025
berbagai tanggal antara tanggal 15 Juni 2025 to 15 April 2032. Investment in government
sampai dengan 15 April 2032. Investasi pada bonds is used for the Group’s working capital
SUN akan digunakan untuk keperluan modal purposes. As such, the investment is
kerja Grup, sehingga investasi tersebut presented as current assets in the consolidated
disajikan sebagai aset lancar pada laporan statement of financial position.
posisi keuangan konsolidasian.
Bunga atas SUN ini akan diterima setiap 6 The interest of the SUN will be received every
(enam) bulan sekali. Pendapatan bunga efektif 6 (six) months. Effective interest income
yang diperoleh selama tahun berjalan adalah earned during the year amounted to
sebesar Rp149.646 (2022: Rp249.970) Rp149,646 (2022: Rp249,970) (Note 28).
(Catatan 28).
Pada tanggal 31 Desember 2023, kerugian nilai As at 31 December 2023, the net unrealised
wajar neto yang belum direalisasi atas investasi loss of fair value on investment in debt
pada instrumen utang sebesar Rp56.408 (2022: instruments of Rp56,408 (2022: Rp138,276)
Rp138.276) diakui dalam ekuitas sebagai was recognised in equity under changes in fair
perubahan nilai wajar atas investasi pada surat value of investment in government bonds.
utang negara.
Untuk tahun yang berakhir pada tanggal For the year ended 31 December 2023, the net
31 Desember 2023, kerugian neto atas nilai loss in fair value amounted to Rp30,857 (2022:
wajar sebesar Rp30.857 (2022: Rp19.554) Rp19,554) and has been reclassified from
telah direklasifikasi dari ekuitas ke laba rugi equity to profit or loss in the current year.
tahun berjalan.
Page 231
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/47 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
9. INVESTASI (lanjutan) 9. INVESTMENTS (continued)
b. Investasi pada surat utang negara (lanjutan) b. Investment in government bonds (continued)
Manajemen berpendapat bahwa tidak terdapat The management is of the opinion that there are
kejadian-kejadian atau perubahan keadaan no events or changes in circumstances that
yang mengindikasikan adanya bukti objektif indicate a permanent decline in the fair value of
penurunan nilai wajar aset keuangan pada nilai the financial assets at FVOCI, therefore, no
wajar melalui penghasilan komprehensif lain, provision for impairment is necessary.
sehingga, tidak diperlukan cadangan
penurunan.
10. PROPERTI INVESTASI 10. INVESTMENT PROPERTIES
2023 2022
Tanah 272,487 268,971 Land
Bangunan 17,626 17,015 Building
Total 290,113 285,986 Total
Mutasi perubahan properti investasi adalah sebagai The movement of investment properties is as
berikut: follows:
2023 2022
Saldo awal 285,986 295,640 Beginning balance
Perubahan nilai wajar (Catatan 27) 4,127 (9,654) Changes in fair value (Note 27)
Saldo akhir 290,113 285,986 Ending balance
Properti investasi berupa bangunan yang Building held in investment properties represents
merupakan gedung perkantoran yang terletak di Jl. the office building located on Jl. Ahmad Yani No.
Ahmad Yani No. 317, Dukuh Menanggal, 317, Dukuh Menanggal, Gayungan, Surabaya,
Gayungan, Surabaya, Jawa Timur, serta tanah yang Jawa Timur and land located in Makassar covering
terletak di Makassar seluas 175.798 m 2 yang dimiliki an area of 175,798 m2 that is owned by the Group.
sendiri oleh Grup. Bangunan merupakan gedung Buildings represents office building under Build,
perkantoran dalam kontrak Bangun Guna Serah Operate and Transfer (“BOT”) contract for 30 years
(“BOT”) selama 30 tahun yang disewakan kepada that are rented to related parties, while the land is
pihak-pihak berelasi, sedangkan tanah merupakan empty land for which management has not yet
tanah kosong dimana manajemen belum determined the intended use.
menentukan tujuan penggunaannya.
Nilai wajar properti investasi pada tanggal The fair values of investment properties as at 31
31 Desember 2023 didasarkan pada penilaian yang December 2023 are based on valuations performed
dilakukan oleh penilai independen, Kantor Jasa by independent appraisals, Kantor Jasa Penilai
Penilai Publik (“KJPP”) Suhartanto Budhihardjo dan Publik (“KJPP”) Suhartanto Budhihardjo dan Rekan
Rekan melalui laporannya tanggal 31 Januari 2024 through its reports dated 31 January 2024 (2022:
(2022: 12 Januari 2023) (untuk tanah) dan KJPP 12 January 2023) (for land) and KJPP Iskandar dan
Iskandar dan Rekan tanggal 13 Februari 2024 Rekan dated 13 February 2024 (2022: 24 February
(2022: 24 Februari 2023) (untuk bangunan). 2023) (for building).
Page 232
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/48 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
10. PROPERTI INVESTASI (lanjutan) 10. INVESTMENT PROPERTIES (continued)
Jumlah yang diakui dalam laporan laba rugi dan Amounts recognised in the consolidated statements
penghasilan komprehensif lain atas properti of profit or loss and other comprehensive income for
investasi selama tahun 2023 dan 2022 adalah investment properties during the year 2023 and
sebagai berikut: 2022 are as follows:
2023 2022
Pendapatan sewa berasal dari Rental income derived from
properti investasi 2,960 3,011 investment properties
Biaya operasi langsung
(termasuk perbaikan dan Direct operating expenses
pemeliharaan) (4,360) (2,574) (including repairs and maintenance)
Perubahan nilai wajar 4,127 (9,654) Changes in fair value
Pengukuran nilai wajar atas properti investasi tanah The fair value measurement of land held in
menggunakan Level 2 hierarki nilai wajar. Penilaian investment properties uses Level 2 of the fair value
atas properti investasi tanah dilakukan dengan hierarchy. The valuation of land held in investment
pendekatan pasar. Input yang paling signifikan property is carried out using the market approach.
dalam pendekatan penilaian ini adalah asumsi The most significant input in this approach is the
harga tanah per meter persegi (m2) yang didasarkan land price per square metre (m2) assumption which
dari harga pasar tanah di sekitar lokasi, disesuaikan is based on the market price of land located in the
dengan perbedaan atribut utama seperti jenis dan vicinity, adjusted for the difference in main attributes
hak yang melekat pada properti, lokasi, karakteristik such as the type and rights on the property,
fisik, ukuran, dan penggunaan aset, sebagai berikut: location, physical characteristics, size and use of
the assets, as follows:
2023 2022
Tanah Land
Harga per m2 (nilai penuh) 1,550,000 1,530,000 Price per m2 (full amount)
Pengukuran nilai wajar atas properti investasi The fair value measurement of building held in
bangunan menggunakan Level 3 hierarki nilai wajar. investment properties uses Level 3 of the fair value
Penilaian atas properti investasi bangunan dengan hierarchy. The valuation of building held in
pendekatan pendapatan (metode arus kas investment property is carried out using an income
diskontoan). Input yang tidak dapat diobservasi yang approach (discounted cash flow method).
digunakan dalam menentukan nilai wajar properti Unobservable input used in determining the fair
investasi bangunan adalah sebagai berikut: value of building held in investment properties is as
follows:
2023 2022
Bangunan Building
Tarif sewa per m2 (termasuk biaya jasa - Rental rate per m2 (including
nilai penuh) 2,200,000 2,140,000 service charge - full amount)
Tingkat diskonto 10.62% 10.27% Discount rate
Page 233
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/49 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
10. PROPERTI INVESTASI (lanjutan) 10. INVESTMENT PROPERTIES (continued)
Sensitivitas dari nilai wajar properti investasi Sensitivity of fair value of building investment
bangunan terhadap asumsi utama adalah sebagai property on the principal assumptions is as follows:
berikut:
Perubahan nilai wajar/Changes in fair value
Kenaikan asumsi/ Penurunan asumsi/
Perubahan asumsi/ Increase in Decrease in
Changes in assumption assumption
Asumsi assumption 2023 2022 2023 2022 Assumptions
Tanah Land
Harga per m2 1% Kenaikan Kenaikan Penurunan Penurunan Price per m2
sebesar/ sebesar/ sebesar/ sebesar/
increase increase decrease decrease
by 1% by 1% by 1% by 1%
Bangunan Building
Tarif sewa (termasuk 1% Kenaikan Kenaikan Penurunan Penurunan Rental rate (including
biaya jasa) sebesar/ sebesar/ sebesar/ sebesar/ service charge)
increase increase decrease decrease
by 0.96% by 1.02% by 0.96% by 1.02%
Tingkat diskonto 1% Penurunan Penurunan Kenaikan Kenaikan Discount rate
sebesar/ sebesar/ sebesar/ sebesar/
decrease decrease increase increase
by 0.91% by 0.98% by 0.92% by 0.99%
11. ASET TETAP, NETO 11. FIXED ASSETS, NET
2023
Saldo awal/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Revaluasi/ Ending
balance Additions Deductions Reclassifications Revaluation balance
Nilai revaluasi Revalued amount
Tanah 540,322 - - - 2,912 543,234 Land
Harga perolehan Cost
Kepemilikan langsung Direct ownership
Bangunan dan Buildings and
prasarana 377,175 2,029 - 20,713 - 399,917 improvements
Mesin dan Machinery and
peralatan 770,821 7,420 (3,594) 39,933 - 814,580 equipment
Electricity
Instalasi listrik 94,601 516 - 2,616 - 97,733 installations
Kendaraan 301,189 62,221 (37,886) - - 325,524 Vehicles
Peralatan kantor 178,760 37,228 (443) - - 215,545 Office equipment
Subtotal 2,262,868 109,414 (41,923) 63,262 2,912 2,396,533 Subtotal
Aset tetap dalam Assets under
pembangunan 50,665 106,309 - (63,262) - 93,712 construction
Subtotal 2,313,533 215,723 (41,923) - 2,912 2,490,245 Subtotal
Akumulasi Accumulated
penyusutan depreciation
Kepemilikan langsung Direct ownership
Bangunan dan Buildings and
prasarana 82,053 12,511 - - - 94,564 improvements
Mesin dan Machinery and
peralatan 365,258 57,703 (2,722) - - 420,239 equipment
Electricity
Instalasi listrik 35,221 8,620 - - - 43,841 installations
Kendaraan 132,620 37,161 (29,947) - - 139,834 Vehicles
Peralatan kantor 110,295 22,521 (212) - - 132,604 Office equipment
Subtotal 725,447 138,516 (32,881) - - 831,082 Subtotal
Nilai buku 1,588,086 1,659,163 Net book value
Page 234
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/50 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
11. ASET TETAP, NETO (lanjutan) 11. FIXED ASSETS, NET (continued)
2022
Saldo awal/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Revaluasi/ Ending
balance Additions Deductions Reclassifications Revaluation balance
Nilai revaluasi Revalued amount
Tanah 527,376 - - - 12,946 540,322 Land
Harga perolehan Cost
Kepemilikan langsung Direct ownership
Bangunan dan Buildings and
prasarana 350,546 3,004 - 23,625 - 377,175 improvements
Mesin dan Machinery and
peralatan 713,067 39,594 (353) 18,513 770,821 equipment
Electricity
Instalasi listrik 100,956 311 (32) (6,634) - 94,601 installations
Kendaraan 282,225 65,539 (49,826) 3,251 - 301,189 Vehicles
Peralatan kantor 172,924 30,457 (7,569) (17,052) - 178,760 Office equipment
Subtotal 2,147,094 138,905 (57,780) 21,703 12,946 2,262,868 Subtotal
Aset tetap dalam Assets under
pembangunan 67,140 41,676 - (58,151) - 50,665 construction
Subtotal 2,214,234 180,581 (57,780) (36,448) 12,946 2,313,533 Subtotal
Akumulasi Accumulated
penyusutan depreciation
Kepemilikan langsung Direct ownership
Bangunan dan Buildings and
prasarana 70,266 11,787 - - - 82,053 improvements
Mesin dan Machinery and
peralatan 311,681 53,681 (104) - - 365,258 equipment
Electricity
Instalasi listrik 28,119 7,864 (762) - 35,221 installations
Kendaraan 142,270 36,242 (45,892) - - 132,620 Vehicles
Peralatan kantor 110,674 21,390 (3,831) (17,938) - 110,295 Office equipment
Subtotal 663,010 130,964 (49,827) (18,700) - 725,447 Subtotal
Nilai buku 1,551,224 1,588,086 Net book value
Beban penyusutan dibebankan sebagai berikut: The depreciation expenses were charged to the
following:
2023 2022
Beban penjualan (Catatan 26) 69,286 67,242 Selling expenses (Note 26)
Beban umum dan administrasi General and administrative expenses
(Catatan 26) 37,131 34,982 (Note 26)
Beban pabrikasi (Catatan 25) 32,099 28,740 Factory overhead (Note 25)
Total 138,516 130,964 Total
Nilai perolehan dari setiap aset tetap yang telah The costs of fixed assets that have been fully
disusutkan penuh namun masih digunakan pada depreciated but are still being utilised as at
31 Desember 2023 dan 2022 masing-masing 31 December 2023 and 2022 are Rp106,921 and
sebesar Rp106.921 dan Rp98.667, yang terdiri atas Rp98,667, respectively, which consist of machinery
mesin dan peralatan, instalasi listrik dan peralatan and equipment, electricity installations and office
kantor. equipment.
Rincian pelepasan aset tetap adalah sebagai The details of disposal of fixed assets are as
berikut: follows:
2023 2022
Penerimaan dari pelepasan aset tetap 14,094 16,398 Proceeds from disposal of fixed assets
Nilai buku aset tetap yang dijual (9,042) (7,953) Net book value of disposed fixed assets
Keuntungan pelepasan aset tetap Gain on disposal of fixed assets
(Catatan 27) 5,052 8,445 (Note 27)
Page 235
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/51 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
11. ASET TETAP, NETO (lanjutan) 11. FIXED ASSETS, NET (continued)
Aset tetap dalam pembangunan merupakan proyek Fixed assets under construction represents projects
yang masih belum selesai pada tanggal laporan that have not been completed at the date of the
keuangan konsolidasian dengan rincian sebagai consolidated financial statements with the details as
berikut: follows:
Perkiraan % penyelesaian/
Estimated % of completion
2023 2022
Bangunan dan prasarana 5% - 70% 10% - 90% Buildings and improvements
Mesin dan peralatan 5% - 90% 10% - 90% Machinery and equipment
Instalasi listrik 5% - 80% 90% Electricity installations
Aset tetap dalam pembangunan pada tanggal The estimation of completing assets under
31 Desember 2023 dan 2022 diperkirakan akan construction as at 31 December 2023 and 2022 will
selesai pada tahun 2024-2025. be in 2024-2025.
Tidak ada perbedaan yang material antara nilai There is no material difference between the fair
wajar dan nilai tercatat dari aset tetap Grup selain value and carrying value of the Group’s fixed assets
tanah. other than land.
Harga perolehan aset tetap tanah pada tanggal The acquisition cost of land fixed assets as at
31 Desember 2023 dan 2022 sebesar Rp300.962. 31 December 2023 and 2022 amounted to
Rp300,962.
Grup memiliki beberapa bidang tanah dengan The Group has land properties with the details as
rincian sebagai berikut: follows:
Lokasi/Location Luasan/Area Penggunaan lahan/Land utilisation
Sidoarjo 105,121 m2 Pabrik/Factory
Serang 36,880 m2 Pabrik/Factory
Medan 22,652 m2 Pabrik/Factory
Cirebon 110,211 m2 Pabrik/Factory
Bekasi 2,992 m2 Pabrik/Factory
Hak atas tanah Grup berupa Sertifikat Hak Guna The Group’s land represents land-use rights
Bangunan (“SHGB”) yang memiliki masa berlaku (“SHGB”) that will expire between 2026 and 2049.
antara tahun 2026 hingga 2049. Manajemen Management believes that the SHGB are
berpendapat bahwa SHGB tersebut dapat extendable.
diperpanjang.
Tanah diukur dengan metode revaluasian. Land is measured using the revaluation model. The
Pengukuran nilai wajar tahun 2023 dilakukan oleh fair value measurement for the year 2023 was
KJPP Suhartanto Budhihardjo dan Rekan, selaku carried out by KJPP Suhartanto Budhihardjo dan
penilai independen, dalam laporannya tanggal Rekan, as an independent appraiser, in its reports
31 Januari 2024 dan 15 Februari 2024. Pengukuran dated 31 January 2024 and 15 February 2024. The
nilai wajar tahun 2022 dilakukan oleh KJPP fair value measurement for the year 2022 was
Suhartanto Budhihardjo dan Rekan dan KJPP carried out by KJPP Suhartanto Budhihardjo dan
Iskandar dan Rekan, selaku penilai independen, Rekan and KJPP Iskandar dan Rekan, as
dalam laporannya tanggal 12 Januari 2023 dan independent appraisers, in their reports 12 January
23 Februari 2023. 2023 and 23 February 2023.
Page 236
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/52 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
11. ASET TETAP, NETO (lanjutan) 11. FIXED ASSETS, NET (continued)
Pengukuran nilai wajar atas tanah menggunakan The fair value measurement of land uses Level 2 of
Level 2 hierarki nilai wajar. Penilaian atas tanah the fair value hierarchy. The valuation of the land is
dilakukan dengan pendekatan pasar. Input yang carried out using the market approach. The most
paling signifikan dalam pendekatan penilaian ini significant input in this approach is the land price
adalah asumsi harga tanah per meter persegi (m 2) per square metre (m2) assumption which is based
yang didasarkan dari harga pasar tanah di sekitar on the market price of land located in the vicinity,
lokasi, disesuaikan dengan perbedaan atribut utama adjusted for the difference in main attributes such
seperti jenis dan hak yang melekat pada properti, as the type and rights on the property, location,
lokasi, karakteristik fisik, ukuran, dan penggunaan physical characteristics, size and use of the assets,
aset, sebagai berikut: as follows:
2023 2022
Tanah Land
Harga per m2 (nilai penuh) 1,190,000 - 1,160,000 - Price per m2(full amount)
4,000,000 4,000,000
Sensitivitas dari nilai wajar tanah terhadap asumsi Sensitivity of fair value of land on the principal
utama adalah sebagai berikut: assumptions is as follows:
Perubahan nilai wajar/Changes in fair value
Kenaikan asumsi/ Penurunan asumsi/
Perubahan asumsi/ Increase in Decrease in
Changes in assumption assumption
Asumsi assumption 2023 2022 2023 2022 Assumptions
Tanah Land
Harga per m2 1% Kenaikan Kenaikan Penurunan Penurunan Price per m2
sebesar/ sebesar/ sebesar/ sebesar/
increase increase decrease decrease
by 0.81% by 0.83% by 1.18% by 1.16%
Pada tanggal 31 Desember 2023 dan 2022, aset As at 31 December 2023 and 2022, certain fixed
tetap tertentu dijaminkan atas fasilitas pinjaman dari assets are pledged as collateral for the loan
PT Bank Mandiri (Persero) Tbk dan PT Bank OCBC facilities from PT Bank Mandiri (Persero) Tbk and
NISP Tbk dengan perjanjian fidusia dan perjanjian PT Bank OCBC NISP Tbk with fiduciary and
Hak Tanggungan terhadap aset tetap tertentu senilai mortgage agreements over certain fixed assets
Rp967.990 (Catatan 16). amounting to Rp967,990 (Note 16).
Aset tetap, kecuali tanah, diasuransikan terhadap Fixed assets, except for land, are covered against
risiko kerugian kebakaran dan risiko lain losses from fire and other risks under blanket
berdasarkan suatu paket polis dengan nilai policies amounting to US$49.2 million and
pertanggungan masing-masing sebesar AS$49,2 Rp1,521,113 as at 31 December 2023 (2022:
juta dan Rp1.521.113 pada tanggal 31 Desember US$42.4 million and Rp1,508,819). Management is
2023 (2022: AS$42,4 juta dan Rp1.508.819). of the opinion that the sum insured is adequate to
Manajemen berpendapat bahwa nilai cover any possible losses arising from such risks.
pertanggungan tersebut cukup untuk menutup
kemungkinan kerugian atas risiko-risiko tersebut.
Berdasarkan evaluasi yang dilakukan manajemen, Based on management’s evaluation, there were no
tidak terdapat kejadian atau perubahan atas events or changes in circumstances which might
keadaan yang menunjukkan adanya penurunan nilai indicate an impairment in the value of fixed assets
aset tetap pada tanggal 31 Desember 2023 dan as at 31 December 2023 and 2022.
2022.
Pada tanggal 31 Desember 2023 dan 2022 tidak As at 31 December 2023 and 2022 there were no
ada aset tetap yang tidak digunakan. idle fixed assets.
Page 237
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/53 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
12. INVESTASI PADA VENTURA BERSAMA 12. INVESTMENT IN JOINT VENTURE
2023 2022
Saldo awal 16,400 17,741 Beginning balance
Bagian atas laba/(rugi) ventura bersama 898 (1,426) Share of profit/(loss) of a joint venture
Bagian dari penghasilan komprehensif lain Share of other comprehensive income
ventura bersama - 85 of a joint venture
Nilai tercatat 17,298 16,400 Carrying amount
Pada tanggal 31 Desember 2023 dan 2022, ventura As at 31 December 2023 and 2022, the joint
bersama yang dimiliki oleh Grup adalah sebagai venture of the Group was as follows:
berikut:
Nama entitas/ Domisili/ Persentase kepemilikan/ Kegiatan usaha/
Entity name Domicile Percentage of ownership Business activity
PT Bangun Bersama Industri semen, mortar dan beton/
Solusindo Indonesia 50% Industry of cement, mortar and concrete
Tabel di bawah ini menampilkan ringkasan informasi The table below provides a summary of the financial
keuangan ventura bersama Grup, dimana tidak information of the Group’s joint venture, which is
diperdagangkan di bursa. unlisted.
2023 2022
Aset lancar 42,192 39,659 Current assets
Aset tidak lancar 870 251 Non-current assets
Liabilitas jangka pendek 8,053 6,732 Current liabilities
Liabilitas jangka panjang 412 378 Non-current liabilities
Pendapatan 26,065 14,255 Revenue
Laba/(rugi) tahun berjalan 1,797 (2,853) Profit/(loss) for the year
Total penghasilan/(rugi) komprehensif Total comprehensive income/(loss)
tahun berjalan 1,797 (2,683) for the year
Arus kas yang digunakan untuk Cash flows used in
aktivitas operasi (286) (10,134) from operating activities
Arus kas yang digunakan untuk Cash flows used in
aktivitas investasi (60) (47) investing activities
Arus kas yang diperoleh dari Cash flows provided from
aktivitas pendanaan - 28,500 financing activities
Rekonsiliasi atas ringkasan informasi keuangan The reconciliation of the summarised financial
yang disajikan terhadap nilai buku dari kepentingan information presented to the carrying amount of the
Grup dalam ventura bersama adalah sebagai Group’s interests in the joint venture is as follows:
berikut:
2023 2022
Pada awal tahun 32,800 35,483 At the beginning of the year
Total penghasilan/(rugi) komprehensif Total comprehensive income/(loss)
tahun berjalan 1,797 (2,683) for the year
Pada akhir tahun 34,597 32,800 At the end of the year
Persentase kepemilikan 50% 50% Percentage of ownership
Nilai tercatat 17,298 16,400 Carrying amount
Pada tanggal 31 Desember 2023 dan 2022, As at 31 December 2023 and 2022, management
manajemen berkeyakinan bahwa tidak terdapat believes that there are no impairment indicators on
indikasi penurunan nilai atas nilai tercatat investasi the carrying amounts of investment in joint venture.
pada ventura bersama.
Page 238
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/54 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
13. UTANG USAHA 13. TRADE PAYABLES
2023 2022
Pihak berelasi - Rupiah (Catatan 6) 279,321 243,304 Related parties - Rupiah (Note 6)
Pihak ketiga: Third parties:
Rupiah 255,394 236,979 Rupiah
Dolar AS 75,147 48,987 US Dollar
CNY 21,896 42,674 CNY
Euro 16,845 - Euro
SGD 2,055 1,973 SGD
Subtotal 371,337 330,613 Subtotal
Total 650,658 573,917 Total
14. BEBAN AKRUAL 14. ACCRUED EXPENSES
2023 2022
Pemasaran dan promosi 237,647 197,065 Marketing and promotion
Komisi penjualan 32,326 33,058 Sales commission
Ongkos angkut 26,938 21,491 Freight
Lain-lain (masing-masing di bawah
Rp1.000) 4,924 5,834 Others (each below Rp1,000)
Total 301,835 257,448 Total
15. SEWA 15. LEASE
Grup memiliki kontrak sewa bangunan yang The Group has lease contracts for buildings that
memiliki jangka waktu sewa antara dua hingga have lease terms between two to thirty years used
tiga puluh tahun yang digunakan dalam operasinya. in its operation. The Group is restricted from
Grup dibatasi untuk menyewakan kembali aset assigning and subleasing the leased assets. The
sewaan. Grup menerapkan pengecualian Group applies the short-term lease recognition
pengakuan sewa jangka pendek untuk kontrak sewa exemptions for lease contracts with terms of up to
dengan jangka waktu sampai dengan satu tahun. one year.
Kontrak sewa ini merupakan sewa bangunan oleh These lease contracts represent leases for
PT TKTW dan PT TKBI, dari PT Sarana Depo buildings by PT TKTW and PT TKBI, from PT
Kencana, pihak berelasi, dan dari pihak ketiga, yang Sarana Depo Kencana, a related party, and from
digunakan sebagai kantor cabang. third parties, which are used as branch offices.
Grup juga memiliki sewa peralatan kantor dengan The Group also has certain leases of office
nilai yang rendah. Grup menerapkan pengecualian equipment with low value. The Group applies the
pengakuan ‘sewa aset bernilai rendah’ untuk sewa ‘lease of low-value assets’ recognition exemptions
tersebut. for these leases.
Page 239
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/55 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. SEWA (lanjutan) 15. LEASE (continued)
Di bawah ini adalah jumlah tercatat dari aset hak- Below are the carrying amounts of right-of-use
guna yang diakui pada laporan posisi keuangan assets recognised on the Group’s consolidated
konsolidasian Grup dan mutasinya: statement of financial position and its movements:
2023
Saldo awal/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Ending
balance Additions Deduction balance
Harga perolehan Acquisition cost
Bangunan 322,006 37,112 (179,327) 179,791 Buildings
Accumulated
Akumulasi penyusutan depreciation
Bangunan 189,816 74,050 (179,327) 84,539 Buildings
Nilai tercatat 132,190 95,252 Carrying amount
2022
Saldo awal/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Ending
balance Additions Deduction balance
Harga perolehan Acquisition cost
Bangunan 237,053 84,953 - 322,006 Buildings
Accumulated
Akumulasi penyusutan depreciation
Bangunan 121,312 68,504 - 189,816 Buildings
Nilai tercatat 115,741 132,190 Carrying amount
Jumlah yang diakui dalam laporan laba rugi dan Amounts recognised in the consolidated statement
penghasilan komprehensif lain konsolidasian adalah of profit or loss and other comprehensive income
sebagai berikut: are as follows:
2023 2022
Beban penyusutan aset hak-guna - Depreciation of right-of-use assets -
beban penjualan (Catatan 26) 73,478 67,678 selling expenses (Note 26)
Beban penyusutan aset hak-guna - Depreciation of right-of-use assets -
beban umum dan administrasi 572 826 general and administrative expenses
(Catatan 26) (Note 26)
Beban bunga atas liabilitas sewa Interest expense on lease liabilities
(Catatan 29) 3,724 5,929 (Note 29)
Sewa aset bernilai rendah dan Low value assets and
sewa jangka pendek 759 793 short-term leases
Total 78,533 75,226 Total
Di bawah ini adalah jumlah tercatat dari liabilitas Below are the carrying amounts of lease liabilities
sewa yang diakui pada laporan posisi keuangan recognised on the Group’s consolidated statement
konsolidasian Grup: of financial position:
2023 2022
Saldo awal 73,533 69,409 Beginning balance
Penambahan 11,993 29,498 Additions
Pembayaran (58,836) (25,374) Payments
Saldo akhir 26,690 73,533 Ending balance
Dikurangi: bagian jangka pendek (10,965) (50,397) Less: current portion
Bagian jangka panjang 15,725 23,136 Non-current portion
Page 240
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/56 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. SEWA (lanjutan) 15. LEASE (continued)
Pembayaran sewa pembiayaan minimum di masa Future minimum lease payments under finance
mendatang, serta nilai kini atas pembayaran leases together with the present value of the
minimum sewa pembiayaan pada tanggal 31 minimum lease payments as at 31 December 2023
Desember 2023 dan 2022 adalah sebagai berikut: and 2022 were as follows:
2023 2022
Liabilitas sewa bruto – pembayaran Lease liabilities – future
sewa di masa mendatang lease payments
Tidak lebih dari 1 tahun 11,910 52,118 Less than 1 year
1-5 tahun 13,709 23,594 1-5 years
Lebih dari 5 tahun 9,484 3,360 More than 5 years
Total 35,103 79,072 Total
Beban keuangan di masa depan atas Future financing charges
liabilitas sewa (8,413) (5,539) of lease liabilities
Nilai kini liabilitas sewa 26,690 73,533 Present value of lease liabilities
Nilai kini liabilitas sewa adalah Present value of lease liabilities
sebagai berikut: is as follows:
Tidak lebih dari 1 tahun 10,965 50,397 Less than 1 year
1-5 tahun 11,533 21,741 1-5 years
Lebih dari 5 tahun 4,192 1,395 More than 5 years
Total 26,690 73,533 Total
Tidak ada pembatasan signifikan yang ditetapkan There is no significant restriction imposed by lease
oleh lessor dalam perjanjian sewa pembiayaan arrangements between the lessor and the Group on
dengan Grup terkait dengan penggunaan aset atau the use of the assets or maintenance of certain
pencapaian kinerja keuangan tertentu. financial performance.
16. PINJAMAN BANK 16. BANK LOANS
2023 2022
PT Bank OCBC NISP Tbk 5,222 7,229 PT Bank OCBC NISP Tbk
Grup memiliki beberapa fasilitas pinjaman sebagai The Group has several loan facilities as follows:
berikut:
Pemberi Tanggal jatuh Tingkat suku
Nama entitas/ pinjaman/ Jenis fasilitas/ Mata uang/ Total fasilitas/ tempo/ bunga/ Jaminan/
Entity name Lender Facility type Currency Total facility Maturity date Interest rate Collateral
PT Avia Avian PT Bank Mandiri Kredit Modal Kerja/ Rupiah Rp940,000 27 Agustus/ 4.25% Piutang usaha,
Tbk (Persero) Tbk Working Capital Loan August 2024 persediaan,
dan aset
tetap/Trade
receivables,
inventories and
fixed assets
Letter of Credit (“L/C”) Dolar AS/ AS$/US$1,500,000
Impor atau SKBDN/ US Dollar
Import L/C or SKBDN
Treasury Line Dolar AS/ AS$/US$10,000,000
US Dollar
Bank Garansi/Bank Rupiah Rp2,000
Guarantee
Page 241
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/57 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
16. PINJAMAN BANK (lanjutan) 16. BANK LOANS (continued)
Grup memiliki beberapa fasilitas pinjaman sebagai The Group has several loan facilities as follows:
berikut: (lanjutan) (continued)
Pemberi Tanggal jatuh Tingkat suku
Nama entitas/ pinjaman/ Jenis fasilitas/ Mata uang/ Total fasilitas/ tempo/ bunga/ Jaminan/
Entity name Lender Facility type Currency Total facility Maturity date Interest rate Collateral
PT TKTW PT Bank Mandiri Kredit Modal Kerja/ Rupiah Rp550,000 27 Agustus/ 4.25% Piutang usaha,
(Persero) Tbk Working Capital Loan August 2024 persediaan,
dan tanah milik
PT Sarana
Depo Kencana/
Trade
receivables,
inventories and
PT Sarana
Depo
Kencana’s land
PT MPI PT Bank OCBC Fasilitas cerukan/ Rupiah Rp10,000 10 Maret/March 7.45% Tanah dan
NISP Tbk Overdraft facility 2024 bangunan/land
and building
Pada tanggal 31 Desember 2023 dan 2022, Grup As at 31 December 2023 and 2022, the Group has
memiliki fasilitas pinjaman dari PT Bank Mandiri undrawn facilities from PT Bank Mandiri (Persero)
(Persero) Tbk yang belum digunakan. Tbk.
Dana yang diperoleh dari pinjaman bank digunakan The funds received from the bank loans are used for
untuk modal kerja. Bank garansi dari PT Bank working capital. Bank guarantee from PT Bank
Mandiri (Persero) Tbk digunakan untuk jaminan Mandiri (Persero) Tbk is used for payment
pembayaran pembelian gas dari PT Perusahaan guarantee for gas procurement from PT
Gas Negara (Persero). Perusahaan Gas Negara (Persero).
Berdasarkan perjanjian pinjaman, debitur Under the loan agreements, the borrowers are
diharuskan untuk memenuhi persyaratan tertentu, required to fulfill certain covenants, such as financial
seperti persyaratan rasio keuangan dan persyaratan covenants and administrative requirements. As at
administrasi. Pada tanggal 31 Desember 2023 dan 31 December 2023 and 2022, the Group has
2022, Grup telah memenuhi persyaratan rasio complied with the financial covenants and
keuangan dan persyaratan administrasi. administrative requirements.
17. LIABILITAS IMBALAN KERJA 17. EMPLOYEE BENEFITS LIABILITY
2023 2022
Imbalan kerja jangka pendek 92,174 72,255 Short-term employee benefits
Imbalan pascakerja 59,521 47,588 Post-employment benefits
Total 151,695 119,843 Total
Dikurangi: liabilitas jangka pendek (97,052) (72,255) Less: current liabilities
Liabilitas jangka panjang 54,643 47,588 Non-current liabilities
a. Imbalan kerja jangka pendek a. Short-term employee benefits
Imbalan kerja jangka pendek pada tanggal Short-term employee benefits as at 31
31 Desember 2023 sebesar Rp92.174 (2022: December 2023 amounting to Rp92,174 (2022:
Rp72.255) terdiri atas akrual atas gaji, Rp72,255) comprise accruals for salary,
tunjangan hari raya, dan bonus yang akan religious allowance and bonus which will be
dibayarkan pada tahun berikutnya. paid in the following year.
b. Liabilitas imbalan pascakerja b. Post-employment benefits liability
Grup mengakui liabilitas imbalan kerja The Group recognised an unfunded employee
karyawan yang tidak didanai berdasarkan benefits liability in accordance with the
peraturan yang berlaku. Liabilitas imbalan applicable regulation. The post-employment
pascakerja dihitung menggunakan metode benefits liability is calculated using the
Projected Credit Unit. Projected Credit Unit method.
Page 242
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/58 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. LIABILITAS IMBALAN KERJA (lanjutan) 17. EMPLOYEE BENEFITS LIABILITY (continued)
b. Liabilitas imbalan pascakerja (lanjutan) b. Post-employment benefits liability
(continued)
Liabilitas imbalan pascakerja dihitung oleh The post-employment benefits liability is
aktuaris independen, Kantor Konsultan Aktuaria calculated by the independent actuary, Kantor
Riana dan Rekan, dalam laporannya tanggal Konsultan Aktuaria Riana dan Rekan, in its
25 Januari 2024 dan 29 Januari 2024 untuk reports dated 25 January 2024 and 29 January
31 Desember 2023 dan 18 Januari 2023 dan 2024 for 31 December 2023 and 18 January
1 Februari 2023 untuk 31 Desember 2022. 2023 and 1 February 2023 for 31 December
2022, respectively.
Jumlah yang diakui pada laba rugi The amount recognised in consolidated profit
konsolidasian adalah sebagai berikut: or loss is as follows:
2023 2022
Biaya jasa kini 7,627 5,380 Current service cost
Biaya bunga 3,206 2,804 Interest cost
Biaya jasa lalu 110 (9,832) Past service cost
Total beban imbalan kerja 10,943 (1,648) Total employee benefits expense
Mutasi nilai kini liabilitas imbalan pascakerja Movements in the present value of post-
adalah sebagai berikut: employment benefits liability are as follows:
2023 2022
Saldo awal 47,588 53,934 Beginning balance
Beban imbalan kerja 10,943 (1,648) Employee benefits expense
Pembayaran manfaat (3,340) (8,600) Benefits paid
Kerugian aktuaria neto dibebankan ke Net actuarial loss charged to
penghasilan komprehensif lain 4,330 3,902 other comprehensive income
Saldo akhir 59,521 47,588 Ending balance
Dikurangi: bagian jangka pendek (4,878) - Less: current portion
Bagian jangka panjang 54,643 47,588 Non-current portion
Asumsi-asumsi dasar yang digunakan untuk The principal assumptions used in determining
menentukan liabilitas imbalan pascakerja the post-employment benefits liability are as
adalah sebagai berikut: follows:
Usia pensiun : 55-65 tahun pada tahun 2023 dan 2022 : Retirement age
55-65 years old in 2023 and 2022
Tingkat kenaikan gaji : 1% - 7% pada tahun 2023, 4% - 7% pada tahun 2022 : Annual rate of increase in salary
tahunan 1% - 7% % in 2023, 4% - 7% in 2022
Tingkat diskonto : 6,75% - 7% pada tahun 2023, 7% - 7,25% pada tahun : Discount rate
2022
6.75% - 7% in 2023, 7% - 7.25% in 2022
Tingkat kematian : TMI-IV-2019 : Mortality rate
Tingkat kecacatan : 5% dari tingkat kematian/5% of mortality rate : Disability rate
Grup terekspos dengan beberapa risiko melalui The Group is exposed to a number of risks
program imbalan pasti. Risiko yang paling through its defined benefit pension plans. The
signifikan adalah sebagai berikut: most significant risks are as follows:
Perubahan tingkat diskonto Changes in discount rate
Penurunan tingkat diskonto akan meningkatkan A decrease in the discount rate will increase
liabilitas program. plan liabilities.
Page 243
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/59 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
17. LIABILITAS IMBALAN KERJA (lanjutan) 17. EMPLOYEE BENEFITS LIABILITY (continued)
b. Liabilitas imbalan pascakerja (lanjutan) b. Post-employment benefits liability
(continued)
Tingkat kenaikan gaji Salary growth rate
Liabilitas imbalan pensiun Grup berhubungan The Group’s pension obligations are linked to
dengan tingkat kenaikan gaji, dan semakin the salary growth rate, and a higher salary
tinggi tingkat kenaikan gaji akan menyebabkan growth rate will lead to higher liabilities.
semakin besarnya liabilitas.
Analisis sensitivitas terhadap asumsi utama The sensitivity analysis to the key assumptions
yang digunakan dalam menentukan liabilitas used in determining post-employment benefits
imbalan pascakerja adalah sebagai berikut: liability is as follows:
Tingkat diskonto/ (Penurunan)/kenaikan/
Discount rate (Decrease)/increase
31 Desember 2023 1%/(1%) (Rp4,602)/ Rp6,675 31 December 2023
31 Desember 2022 1%/(1%) (Rp3,876)/ Rp5,335 31 December 2022
Tingkat gaji/ Kenaikan/(penurunan)/
Salary rate Increase/(decrease)
31 Desember 2023 1%/(1%) Rp7,072/ (Rp5,027) 31 December 2023
31 Desember 2022 1%/(1%) Rp5,676/ (Rp4,236) 31 December 2022
Durasi rata-rata tertimbang dari liabilitas The weighted average duration of the benefit
imbalan kerja di akhir periode pelaporan obligation at the end of the reporting period is
berkisar antara 13,97 tahun sampai 18,53 tahun within a range of 13.97 years to 18.53 years in
pada tahun 2023 dan berkisar antara 12,79 2023 and within a range of 12.79 years to
tahun sampai 18,27 tahun pada tahun 2022. 18.27 years in 2022.
Jadwal jatuh tempo dari liabilitas imbalan The maturity profile of undiscounted post-
pascakerja tanpa diskonto adalah sebagai employment benefit liabilities is as follows:
berikut:
2023 2022
Kurang dari 1 tahun 4,878 3,173 Within one year
1-5 tahun 9,186 8,374 1-5 years
Lebih dari 5 tahun 517,988 444,724 More than 5 years
Total 532,052 456,271 Total
Manajemen berkeyakinan bahwa saldo liabilitas Management believes that the balance of post-
imbalan pascakerja tersebut cukup untuk employment benefits liability is sufficient to
memenuhi imbalan minimum sesuai dengan cover the minimum benefits required under the
peraturan yang berlaku. prevailing regulations.
18. PERPAJAKAN 18. TAXATION
a. Pajak dibayar dimuka a. Prepaid taxes
2023 2022
Perusahaan The Company
PPN 19,016 - VAT
Subtotal 19,016 - Subtotal
Page 244
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/60 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. PERPAJAKAN (lanjutan) 18. TAXATION (continued)
a. Pajak dibayar dimuka (lanjutan) a. Prepaid taxes (continued)
2023 2022
Entitas anak Subsidiaries
Pajak penghasilan badan
(“PPh badan"): Corporate income tax (“CIT"):
Pasal 28 29,432 - Article 28
PPN 549 1,002 VAT
Pajak penghasilan pasal 4(2) 504 531 Income tax article 4(2)
Subtotal 30,485 1,533 Subtotal
Total 49,501 1,533 Total
Bagian lancar (20,069) (1,533) Current portion
Bagian tidak lancar 29,432 - Non-current portion
b. Utang pajak b. Taxes payable
2023 2022
Perusahaan The Company
PPh badan: CIT:
Pasal 29 (Catatan 18c) 43,157 44,841 Article 29 (Note 18c)
Pasal 25 - 20,819 Article 25
Pajak lainnya: Other taxes:
Pasal 21 1,844 2,420 Article 21
Pasal 23 400 433 Article 23
Pasal 4(2) 140 30 Article 4(2)
PPN - 4,964 VAT
Subtotal 45,541 73,507 Subtotal
Entitas anak Subsidiaries
PPh badan: CIT:
Pasal 25 82 1,574 Article 25
Pasal 29 3 3,801 Article 29
Pajak lainnya: Other taxes:
Pasal 4(2) 4,713 1,178 Article 4(2)
Pasal 21 1,848 4,192 Article 21
Pasal 23 224 2,080 Article 23
PPN 173 26,065 VAT
Pasal 15 - 2 Article 15
Subtotal 7,043 38,892 Subtotal
Total 52,584 112,399 Total
c. Beban pajak penghasilan c. Income tax expense
2023 2022
Perusahaan The Company
Kini 353,551 242,774 Current
Tangguhan (67,318) 18,879 Deferred
Subtotal 286,233 261,653 Subtotal
Entitas anak Subsidiaries
Kini 71,224 88,139 Current
Tangguhan (8,410) (4,910) Deferred
Subtotal 62,814 83,229 Subtotal
Total beban pajak penghasilan 349,047 344,882 Total income tax expense
Page 245
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/61 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. PERPAJAKAN (lanjutan) 18. TAXATION (continued)
c. Beban pajak penghasilan (lanjutan) c. Income tax expense (continued)
Rekonsiliasi antara laba sebelum beban pajak Reconciliation between consolidated profit
penghasilan konsolidasian menurut laporan before income tax expense a shown in the
laba rugi dan penghasilan komprehensif lain consolidated statements of profit or loss and
konsolidasian dengan taksiran laba kena pajak other comprehensive income and the estimated
adalah sebagai berikut: taxable income is as follows:
2023 2022
Laba sebelum beban pajak Consolidated profit before
penghasilan konsolidasian 1,992,143 1,745,247 income tax expense
Dikurangi laba sebelum pajak -
entitas anak (393,808) (416,826) Less profit before tax - subsidiaries
Disesuaikan dengan eliminasi Adjusted for consolidation
konsolidasian 341,014 452,404 elimination
Laba sebelum beban pajak Profit before tax attributable
Perusahaan 1,939,349 1,780,825 to the Company
Penyesuaian fiskal: Fiscal adjustments:
Penyusutan aset tetap 5,824 (1,025) Depreciation of fixed assets
Penyisihan persediaan usang Provision for obsolescence
dan lambat bergerak (982) (20,745) and slow-moving inventories
Aset hak-guna dan sewa (1,092) (20) Right-of-use assets and lease
Imbalan kerja 354 (6,922) Employee benefits
Provisi retur penjualan dan Provision for sales return and
hak retur aset 864 (7,057) right of return assets
Akrual 112,891 (24,454) Accruals
Beban yang tidak dapat dikurangkan (399) 1,061 Non-deductible expenses
Pendapatan yang dikenakan
pajak penghasilan final (234,760) (218,143) Income subject to final tax
Pendapatan yang bukan
merupakan objek pajak (215,000) (400,000) Income not subject to tax
Taksiran laba kena pajak - Estimated taxable income -
Perusahaan 1,607,049 1,103,520 the Company
Beban pajak kini 353,551 242,774 Current tax expense
Dikurangi pajak dibayar muka: Less prepaid taxes:
Pasal 22 18,745 20,479 Article 22
Pasal 23 18 27 Article 23
Pasal 25 291,631 177,427 Article 25
Total 310,394 197,933 Total
Taksiran utang pajak Estimated corporate income tax
Penghasilan badan Pasal 29 - payable - Article 29 of
Perusahaan (Catatan 18b) 43,157 44,841 the Company (Note 18b)
Tarif pajak penghasilan yang berlaku 22% 22% Applicable income tax rate
Laba kena pajak hasil rekonsiliasi menjadi The result of taxable income reconciliation is
dasar Perusahaan dalam pengisian SPT PPh the basis for the Company to fill out the
badan dan akan dilaporkan oleh Perusahaan ke corporate income tax SPT and will be reported
Kantor Pajak. by the Company to the Tax Office.
Page 246
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/62 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. PERPAJAKAN (lanjutan) 18. TAXATION (continued)
c. Beban pajak penghasilan (lanjutan) c. Income tax expense (continued)
Rekonsiliasi antara hasil perhitungan laba Reconciliation between the computation of
sebelum beban pajak penghasilan consolidated profit before tax expense and
konsolidasian dengan beban pajak penghasilan income tax expense as shown in the
dalam laporan laba rugi dan penghasilan consolidated statements of profit or loss and
komprehensif lain konsolidasian adalah sebagai other comprehensive income is as follows:
berikut:
2023 2022
Laba sebelum beban pajak Consolidated profit before
penghasilan konsolidasian 1,992,143 1,745,247 income tax expense
Pengaruh pajak atas: The tax effect on:
Pajak penghasilan dihitung dengan Income tax calculated at
tarif pajak yang berlaku 438,271 383,954 applicable tax rate
Beda tetap dan pembulatan 13,614 17,670 Permanent difference and rounding
Pendapatan yang dikenakan
pajak penghasilan final (56,873) (61,286) Income subject to final tax
Penyesuaian pajak tangguhan tahun
sebelumnya (45,965) 4,544 Prior year deferred tax adjustments
Total beban pajak penghasilan 349,047 344,882 Total income tax expense
d. Aset/(liabilitas) pajak tangguhan d. Deferred tax assets/(liabilities)
Rincian aset dan liabilitas pajak tangguhan The details of deferred tax assets and liabilities
adalah sebagai berikut: are as follows:
2023
Dikreditkan ke
Dikreditkan/ penghasilan
(dibebankan) ke komprehensif
laba rugi/ lain/Credited
Saldo awal/ Credited/ to other Saldo akhir/
Beginning (charged) to comprehensive Ending
balance profit or loss income balance
Aset tetap (46,036) 3,920 - (42,116) Fixed assets
Aset hak-guna (22,870) 7,808 - (15,062) Right-of-use assets
Liabilitas sewa 20,167 (11,454) - 8,713 Lease liabilities
Liabilitas imbalan Employee benefits
kerja 10,473 1,671 953 13,097 liability
Beban akrual - 74,077 - 74,077 Accrued expenses
Provision for obsolescence
Penyisihan persediaan usang and slow-moving
dan lambat bergerak 2,924 (891) - 2,033 inventories
Provisi retur penjualan 7,036 911 - 7,947 Provision for sales return
Hak retur aset (4,571) (563) - (5,134) Right to return assets
Cadangan kerugian Allowance for
penurunan nilai impairment losses
piutang usaha 74 249 - 323 of trade receivables
Total (32,803) 75,728 953 43,878 Total
Page 247
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/63 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. PERPAJAKAN (lanjutan) 18. TAXATION (continued)
d. Aset/(liabilitas) pajak tangguhan (lanjutan) d. Deferred tax assets/(liabilities) (continued)
Rincian aset dan liabilitas pajak tangguhan The details of deferred tax assets and liabilities
adalah sebagai berikut: (lanjutan) are as follows: (continued)
2023
Dikreditkan/
(dibebankan) ke
penghasilan
(Dibebankan)/ komprehensif
dikreditkan ke lain/ Credited/
laba rugi/ (charged) to
Saldo awal/ (Charged)/ other Saldo akhir/
Beginning credited to comprehensive Ending
balance profit or loss income Transfer balance
Disajikan sebagai: Presented as:
Aset pajak tangguhan 5,547 8,410 959 28,962 43,878 Deferred tax assets
Liabilitas pajak tangguhan (38,350) 67,318 (6) (28,962) - Deferred tax liabilities
Total (32,803) 75,728 953 - 43,878 Total
Terdiri atas: Comprises:
Perusahaan The Company
Aset pajak tangguhan - - - 28,962 28,962 Deferred tax assets
Liabilitas pajak tangguhan (38,350) 67,318 (6) (28,962) - Deferred tax liabilities
Entitas anak Subsidiaries
Aset pajak tangguhan 5,547 8,410 959 - 14,916 Deferred tax assets
Total (32,803) 75,728 953 - 43,878 Total
2022
Dikreditkan ke
Dikreditkan/ penghasilan
(dibebankan) ke komprehensif
laba rugi/ lain/Credited
Saldo awal/ Credited/ to other Saldo akhir/
Beginning (charged) to comprehensive Ending
balance profit or loss income balance
Aset tetap (34,466) (11,570) - (46,036) Fixed assets
Aset hak-guna (17,156) (5,714) - (22,870) Right-of-use assets
Liabilitas sewa 16,775 3,392 - 20,167 Lease liabilities
Liabilitas imbalan Employee benefits
kerja 11,865 (2,253) 858 10,470 liability
Provision for obsolescence
Penyisihan persediaan usang and slow-moving
dan lambat bergerak 5,473 (2,549) - 2,924 inventories
Provisi retur penjualan 9,053 (2,017) - 7,036 Provision for sales return
Hak retur aset (5,373) 802 - (4,571) Right to return assets
Surplus revaluasi Revaluation surplus
investasi 235 (235) - - of investment
Properti investasi (6,220) 6,220 - - Investment property
Provision for
Provisi imbalan kerja 18 (15) - 3 employee benefits
Cadangan kerugian Allowance for
penurunan nilai impairment losses
piutang usaha 104 (30) - 74 of trade receivables
Total (19,692) (13,969) 858 (32,803) Total
Page 248
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/64 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. PERPAJAKAN (lanjutan) 18. TAXATION (continued)
d. Aset/(liabilitas) pajak tangguhan (lanjutan) d. Deferred tax assets/(liabilities) (continued)
Rincian aset dan liabilitas pajak tangguhan The details of deferred tax assets and liabilities
adalah sebagai berikut: (lanjutan) are as follows: (continued)
2022
Dikreditkan/
(dibebankan) ke
penghasilan
(Dibebankan)/ komprehensif
dikreditkan ke lain/ Credited/
laba rugi/ (charged) to
Saldo awal/ (Charged)/ other Saldo akhir/
Beginning credited to comprehensive Ending
balance profit or loss income balance
Disajikan sebagai: Presented as:
Aset pajak tangguhan - 4,666 881 5,547 Deferred tax assets
Liabilitas pajak tangguhan (19,692) (18,635) (23) (38,350) Deferred tax liabilities
Total (19,692) (13,969) 858 (32,803) Total
Terdiri atas: Comprises:
Perusahaan The Company
Liabilitas pajak tangguhan (19,448) (18,879) (23) (38,350) Deferred tax liabilities
Entitas anak Subsidiaries
Aset pajak tangguhan (244) 4,910 881 5,547 Deferred tax assets
Total (19,692) (13,969) 858 (32,803) Total
e. Administrasi e. Administration
Undang-undang perpajakan Indonesia The taxation laws in Indonesia require that
mengatur bahwa masing-masing perusahaan each company in the Group submits tax returns
dalam Grup menghitung, menetapkan dan on the basis of self-assessment.
membayar sendiri besarnya jumlah pajak yang
terutang.
Berdasarkan perundang-undangan yang Under prevailing regulations, the Directorate
berlaku, Direktorat Jenderal Pajak (“DJP”) General of Taxes ("DGT") may assess or
dapat menetapkan atau mengubah kewajiban amend taxes within five years from the time the
pajak dalam jangka waktu lima tahun sejak saat tax becomes due.
terutangnya pajak.
Page 249
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/65 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
19. MODAL SAHAM 19. SHARE CAPITAL
Susunan pemegang saham Perusahaan dan The Company’s shareholders and their respective
kepemilikannya pada tanggal-tanggal 31 Desember ownership as at 31 December 2023 and 2022 are
2023 dan 2022 adalah sebagai berikut: as follows:
Jumlah saham
ditempatkan dan
disetor penuh/ Persentase
Number of kepemilikan/
shares issued Percentage
Pemegang saham and fully paid of ownership Total Shareholders
31 Desember 2023 31 December 2023
PT Tancorp Surya Sentosa 22,674,971,000 36.60% 226,750 PT Tancorp Surya Sentosa
PT Wahana Lancar Rejeki 20,129,652,900 32.49% 201,297 PT Wahana Lancar Rejeki
Archipelago Investment Archipelago Investment
Private Limited 3,902,748,900 6.30% 39,027 Private Limited
Robert Christian Tanoko 1,425,406,300 2.30% 14,254 Robert Christian Tanoko
Rony Tanoko 1,041,265,000 1.68% 10,413 Rony Tanoko
Rudi Tanoko 1,041,265,000 1.68% 10,413 Rudi Tanoko
Wijono Tanoko 2,504,200 0.00% 25 Wijono Tanoko
Kurnia Hadi Sinanto 556,600 0.00% 5 Kurnia Hadi Sinanto
Angelica Tanisia Jozar 169,300 0.00% 2 Angelica Tanisia Jozar
Masyarakat (masing-masing Public (each
kepemilikan di bawah 5%) 11,700,397,600 18.89% 117,004 below 5% ownership)
Jumlah saham beredar 61,918,936,800 99.94% 619,190 Total outstanding shares
Saham treasuri 34,618,800 0.06% 346 Treasury shares
Total 61,953,555,600 100% 619,536 Total
31 Desember 2022 31 December 2022
PT Tancorp Surya Sentosa 22,674,971,000 36.60% 226,750 PT Tancorp Surya Sentosa
PT Wahana Lancar Rejeki 20,129,652,900 32.49% 201,297 PT Wahana Lancar Rejeki
Archipelago Investment Archipelago Investment
Private Limited 3,902,748,900 6.30% 39,027 Private Limited
Robert Christian Tanoko 1,421,893,800 2.30% 14,219 Robert Christian Tanoko
Rony Tanoko 1,041,265,000 1.68% 10,413 Rony Tanoko
Rudi Tanoko 1,041,265,000 1.68% 10,413 Rudi Tanoko
Kurnia Hadi Sinanto 475,000 0.00% 5 Kurnia Hadi Sinanto
Angelica Tanisia Jozar 125,000 0.00% 1 Angelica Tanisia Jozar
Masyarakat (masing-masing Public (each
kepemilikan di bawah 5%) 11,741,159,000 18.95% 117,411 below 5% ownership)
Total 61,953,555,600 100% 619,536 Total
Pada tanggal 27 Desember 2023, Perusahaan telah On 27 December 2023, the Company repurchased
melakukan pembelian kembali 34.618.800 lembar 34,618,800 of its own ordinary shares through
saham biasa Perusahaan melalui pembelian pada purchases on the IDX (Note 1b). This repurchase
BEI (Catatan 1b). Pembelian kembali saham transaction is intended to stabilise the Company’s
Perusahaan ini ditujukan untuk menjaga stabilitas share price. The total amount paid to acquire the
harga saham Perusahaan. Jumlah pembayaran shares was Rp16,369 (Rp426 - Rp500/share - full
untuk mengakuisisi saham tersebut adalah amount). The shares are held as “treasury shares” in
Rp16.369 (Rp426 - Rp500/lembar saham - nilai the consolidated statement of financial position as at
penuh). Saham tersebut dicatat pada ”saham 31 December 2023.
treasuri” dalam laporan posisi keuangan
konsolidasian tanggal 31 Desember 2023.
Page 250
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/66 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. TAMBAHAN MODAL DISETOR 20. ADDITIONAL PAID-IN CAPITAL
2023 2022
Selisih nilai nominal dengan Difference between par value
penerimaan setoran modal 7,874,557 7,874,557 and proceeds of share capital
Biaya emisi saham (119,356) (119,356) Shares’ issuance costs
Dampak transaksi antara entitas Transactions between entities under
sepengendali 38,017 38,017 common control
Total 7,793,218 7,793,218 Total
Perusahaan melakukan penawaran umum perdana The Company made an initial public offering of
sebanyak 6.200.000.000 lembar saham dengan nilai 6,200,000,000 shares to the public with a par value
nominal Rp10 (angka penuh) per lembar saham dan of Rp10 (full amount) per share at an offering price of
harga penawaran sebesar Rp930 (angka penuh) per Rp930 (full amount) per share.
lembar saham.
Biaya emisi saham merupakan biaya transaksi yang Share issuance costs are transaction costs arising
timbul dari aktivitas Penawaran Umum Saham from the Initial Public Offering, which includes
Perdana, antara lain mencakup biaya jasa underwriting and management fees, supporting
penjaminan dan penyelenggaraan, biaya profesi professional service fees, capital market supporting
penunjang pasar modal, biaya lembaga penunjang institution fees and other fees.
pasar modal, dan biaya lain-lain.
21. SALDO LABA YANG DITENTUKAN 21. APPROPRIATED RETAINED EARNINGS
PENGGUNAANNYA
Perusahaan dipersyaratkan oleh Undang-undang The Company is required by the Limited Liability
Perseroan Terbatas No. 40 Tahun 2007 efektif tanggal Company Law No. 40, Year 2007 effective
16 Agustus 2007 untuk mengalokasikan sampai 16 August 2007 to allocate to and maintain a non-
dengan 20% dari modal ditempatkan dan disetor ke distributable reserve fund until the said reserve
dalam dana cadangan yang tidak boleh didistribusikan. reaches at least 20% of the issued and paid capital.
Berdasarkan Surat Keputusan Direksi Based on the Board of Directors’ Decision Letter
No. 036/AA/DIR/XI/2021 bertanggal 7 September 2021 No. 036/AA/DIR/XI/2021 dated 7 September 2021
tentang Pembentukan Cadangan Umum, Direksi concerning the Establishment of General Reserves,
Perusahaan telah menyetujui untuk menyisihkan the Company's Board of Directors has agreed to set
sebagian saldo laba Perusahaan untuk cadangan aside a portion of the Company's retained earnings for
umum sebesar Rp112.000 sebagai tindak lanjut atas general reserves amounting to Rp112,000 as a follow-
keputusan pemegang saham Perusahaan dalam up to the decision of the Company's shareholders in
Rapat Umum Pemegang Saham tertanggal 14 Juni the General Meeting of Shareholders dated 14 June
2021. 2021.
Berdasarkan Rapat Umum Pemegang Saham Based on the Annual General Shareholders’ Meeting
Tahunan yang diselenggarakan pada tanggal 22 April held on 22 April 2022, the Company’s shareholders
2022, para pemegang saham menyetujui tambahan approved the addition of appropriation for general a
pencadangan umum sebesar Rp12.000 dari laba reserve of Rp12,000 from 2021 consolidated profit.
konsolidasian tahun 2021.
Page 251
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/67 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
22. LABA PER SAHAM DASAR DAN DILUSIAN 22. BASIC AND DILUTED EARNINGS PER SHARE
Rincian perhitungan laba per saham dasar dan Details of basic and diluted earnings per share
dilusian adalah sebagai berikut: computation are as follows:
2023 2022
Laba tahun berjalan yang dapat
diatribusikan kepada pemilik Profit for the year attributable
entitas induk 1,642,166 1,400,561 to owners of the parent entity
Rata-rata tertimbang jumlah saham Weighted average number
yang beredar 61,953,271,062 61,953,555,600 of outstanding shares
Laba per saham dasar Basic and diluted earnings
dan dilusian (nilai penuh) 26.51 22.61 per share (full amount)
Perusahaan tidak memiliki efek berpotensi dilusi The Company does not have any potentially dilutive
saham sehingga laba per saham dasar sama shares. Therefore, the diluted earnings per share is
dengan laba per saham dilusian. equal to the basic earnings per share.
23. DIVIDEN 23. DIVIDENDS
Berdasarkan Keputusan Sirkuler Direksi tanggal Based on Circular Resolution of Directors on
11 Oktober 2023, dividen interim tunai sebesar 11 October 2023, interim cash dividend amounting
Rp681.489 (Rp11/lembar saham - nilai penuh) telah to Rp681,489 (Rp11/share - full amount) was
disetujui. Dividen interim ini telah dibayarkan pada approved. These interim dividends were paid on
31 Oktober 2023. 31 October 2023.
Berdasarkan Akta Notaris No. 2 yang dibuat oleh Based on Notarial Deed No. 2 by Notary Dr.
Notaris Dr. Susanti, S.H., M.Kn., dalam Rapat Susanti, S.H., M.Kn., in the Annual General
Umum Pemegang Saham Tahunan Perusahaan Shareholders’ Meeting of the Company dated
tanggal 13 April 2023, para pemegang saham 13 April 2023, the Company’s shareholders
menyetujui pembagian dividen tunai dari laba bersih approved the distribution of cash dividends from
tahun 2022 sebesar Rp1.301.025 (Rp21/lembar 2022 profit amounting to Rp1,301,025 (Rp21/share
saham - nilai penuh) yang terdiri atas dividen interim - full amount), which comprises of interim dividends
sebesar Rp619.536 (Rp10/lembar saham - nilai amounting to Rp619,536 (Rp10/share - full amount)
penuh) yang telah dibayarkan pada tanggal paid on 6 December 2022, and final dividends of
6 Desember 2022, dan dividen final sebesar Rp681,489 (Rp11/share - full amount) paid on
Rp681.489 (Rp11/lembar saham - nilai penuh) yang 9 May 2023.
telah dibayarkan pada tanggal 9 Mei 2023.
Berdasarkan Akta Notaris No. 2 yang dibuat oleh Based on Notarial Deed No. 2 by Notary Dr.
Notaris Dr. Susanti, S.H., M.Kn., dalam Rapat Susanti, S.H., M.Kn., in the Annual General
Umum Pemegang Saham Tahunan Perusahaan Shareholders’ Meeting of the Company dated
tanggal 22 April 2022, para pemegang saham 22 April 2022, the Company’s shareholders
menyetujui pembagian dividen tunai dari laba bersih approved the distribution of cash dividends from
tahun 2021 sebesar Rp1.195.628 (Rp20,55/lembar 2021 profit amounting to Rp1,195,628
saham - nilai penuh) yang terdiri atas dividen interim (Rp20.55/share - full amount), which comprises of
sebesar Rp400.000 (Rp7,17/lembar saham - nilai interim dividends amounting to Rp400,000
penuh) yang telah dibayarkan pada tanggal (Rp7.17/share - full amount) paid on 9 August 2021,
9 Agustus 2021, Rp300.000 (Rp5,38/lembar saham Rp300,000 (Rp5.38/share - full amount) paid on
- nilai penuh) yang telah dibayarkan pada tanggal 20 20 September 2021 and final dividends of
September 2021, dan dividen final sebesar Rp495,628 (Rp8/share - full amount) paid on 19
Rp495.628 (Rp8/lembar saham - nilai penuh) yang May 2022.
telah dibayarkan pada tanggal 19 Mei 2022.
Berdasarkan Keputusan Sirkuler Direksi Based on the Circular Resolution of the Company’s
Perusahaan tanggal 16 November 2022, Direksi Directors on 16 November 2022, the Company’s
Perusahaan menyetujui pembagian dividen interim Directors approved the distribution of 2022 interim
2022 sebesar Rp619.536 (Rp10/lembar saham - dividends amounting to Rp619,536 (Rp10/share -
nilai penuh) yang telah dibayarkan pada tanggal full amount) which was paid on 5 December 2022.
5 Desember 2022.
Page 252
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/68 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
24. PENDAPATAN NETO 24. NET REVENUES
Pendapatan neto berdasarkan kategori pelanggan: Net revenues by customers category:
2023 2022
Pihak ketiga 6,932,560 6,648,797 Third parties
Pihak berelasi (Catatan 6) 84,322 45,374 Related parties (Note 6)
Total 7,016,882 6,694,171 Total
Pendapatan neto berdasarkan jaringan distribusi: Net revenues by distribution channel:
2023 2022
Distributor sendiri 6,186,802 5,841,474 Owned distributor
Distributor pihak ketiga 788,926 822,453 Third party distributor
Penjualan langsung 41,154 30,244 Direct sales
Total 7,016,882 6,694,171 Total
Penjualan melalui distributor sendiri merupakan Sales through owned distributor represent sales
penjualan yang dilakukan melalui PT TKTW (entitas made through PT TKTW (subsidiary) and PT TKBI
anak) dan PT TKBI (entitas anak tidak langsung) (indirect subsidiary) to the customers. Sales through
kepada pelanggan. Penjualan melalui distributor third party distributor represent sales made through
pihak ketiga merupakan penjualan yang dilakukan the Company’s distributors. Direct sales represent
melalui distributor Perusahaan. Penjualan langsung sales non-retails/projects.
merupakan penjualan kepada pelanggan non-
ritel/proyek.
Pada tanggal 31 Desember 2023 dan 2022, Grup As at 31 December 2023 and 2022, the Group does
tidak memiliki penjualan kepada pelanggan tertentu not have any sales to certain customers with the
dengan total penjualan kumulatif individual masing- individual cumulative amount each exceeding 10% of
masing melebihi 10% dari total pendapatan the total consolidated revenues.
konsolidasian.
Seluruh pelanggan adalah pelanggan lokal. All customers are local customers.
Pada tanggal 31 Desember 2023, liabilitas kontrak As at 31 December 2023, contract liabilities related
yang berkaitan dengan kontrak penjualan sebesar to revenue contracts amounted to Rp205,579
Rp205.579 (2022: Rp127.292) diakui sebagai (2022: Rp127,292) were recognised as part of
bagian dari beban akrual pemasaran dan promosi. accrued marketing and promotion expense. The
Liabilitas kontrak tahun sebelumnya telah terealisasi prior year’s contract liabilities have been realised in
pada periode pelaporan saat ini dan telah diakui the current reporting period and have been
sebagai pendapatan sebesar Rp127.292 (2022: recognised as revenue amounted to Rp127,292
Rp118.669). (2022: Rp118,669).
Page 253
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/69 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
25. BEBAN POKOK PENJUALAN 25. COST OF GOODS SOLD
2023 2022
Pemakaian bahan baku 1,948,508 2,144,055 Raw materials usage
Upah langsung 74,591 76,306 Direct labour
Beban pabrikasi: Factory overhead:
- Upah tak langsung 88,190 84,029 Indirect labour -
- Penyusutan (Catatan 11) 32,099 28,740 Depreciation (Note 11) -
- Listrik, air, dan gas 18,482 18,383 Electricity, water, and gas -
- Perawatan dan pemeliharaan 15,563 15,220 Repair and maintenance -
- Pemakaian bahan pembantu 6,094 6,694 Supporting material used -
- Perlengkapan pabrik 4,337 5,668 Factory supplies -
- Amortisasi aset takberwujud 781 - Amortisation of intangible assets -
- Lain-lain 6,007 6,531 Others -
Total beban produksi 2,194,652 2,385,626 Total production cost
Barang dalam proses Work in process
Awal tahun 43,115 45,828 At beginning of year
Akhir tahun (45,887) (43,115) At end of year
Beban pokok produksi 2,191,880 2,388,339 Cost of goods manufactured
Barang jadi Finished goods
Awal tahun 935,800 926,652 At beginning of year
Pembelian 1,170,476 1,056,376 Purchases
Akhir tahun (996,609) (935,800) At end of year
Beban pokok penjualan sebelum Cost of goods sold before
beban barang promosi 3,301,547 3,435,567 cost of promotional goods
Beban barang promosi 531,999 541,204 Cost of promotional goods
Beban pokok penjualan 3,833,546 3,976,771 Cost of goods sold
Rincian pemasok yang memiliki transaksi pembelian Detail of suppliers with purchase transactions that
lebih dari 10% dari total pendapatan usaha represent more than 10% of the total consolidated
konsolidasian adalah sebagai berikut: revenue is as follows:
2023 2022
PT Avia Avian Industri Pipa 875,847 792,694 PT Avia Avian Industri Pipa
26. BEBAN OPERASI 26. OPERATING EXPENSES
Rincian beban penjualan adalah sebagai berikut: The details of selling expenses are as follows:
2023 2022
Gaji, upah dan kesejahteraan karyawan 499,521 453,731 Salaries, wages and employee benefits
Pemasaran dan promosi 199,373 60,860 Marketing and promotion
Biaya angkut penjualan 191,683 189,021 Freight out
Penyusutan (Catatan 11 dan 15) 142,764 134,920 Depreciation (Notes 11 dan 15)
Komisi penjualan 63,125 62,907 Sales commission
Perjalanan dinas 52,397 44,834 Business travel
Bahan bakar 29,483 25,244 Fuel
Percetakan 27,337 24,265 Printing
Pemeliharaan 18,506 18,927 Maintenance
Lain-lain 16,048 12,316 Others
Total 1,240,237 1,027,025 Total
Page 254
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/70 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
26. BEBAN OPERASI (lanjutan) 26. OPERATING EXPENSES (continued)
Rincian beban umum dan administrasi adalah The details of general and administrative expenses
sebagai berikut: are as follows:
2023 2022
Gaji, upah dan kesejahteraan karyawan 72,625 70,009 Salaries, wages and employee benefits
Penyusutan (Catatan 11 dan 15) 37,703 35,808 Depreciation (Notes 11 and 15)
Perlengkapan kantor 22,596 17,856 Office supplies
Asuransi 17,387 15,059 Insurance
Utilitas 13,662 13,752 Utilities
Perjalanan dinas 11,927 9,971 Business travel
Jasa tenaga ahli 9,908 12,204 Professional fees
Perizinan dan legalitas 8,524 8,135 Permits and legal
Amortisasi aset takberwujud 5,447 5,288 Amortisation of intangible assets
Pelatihan 4,994 4,470 Training
Sumbangan dan jamuan 4,508 3,861 Donation and entertainment
Kebersihan dan keamanan 4,368 3,619 Cleaning and security
Lain-lain 12,441 14,590 Others
Total 226,090 214,622 Total
27. PENGHASILAN/(BEBAN) LAIN-LAIN, NETO 27. OTHER INCOME/(EXPENSES), NET
Rincian penghasilan/(beban) lain-lain, neto adalah The details of other income/(expenses), net are as
sebagai berikut: follows:
2023 2022
Rugi penjualan investasi Loss on sale of investment
pada surat utang negara (30,857) (19,554) in government bonds
Penjualan barang afalan 7,097 8,173 Sale of scrap
Keuntungan pelepasan aset tetap Gain on disposal of fixed assets
(Catatan 11) 5,052 8,445 (Note 11)
Kenaikan/(penurunan) nilai properti Increase/(decrease) in fair value of
investasi (Catatan 10) 4,127 (9,654) investment properties (Note 10)
Pendapatan sewa gedung kantor Office and factory buildings
dan pabrik 4,172 3,932 rental income
Beban operasional atas gedung yang Operational expenses of leased
disewakan (Catatan 10) (4,360) (2,574) building (Note 10)
Keuntungan/(kerugian) selisih kurs, neto 1,070 (7,177) Gain/(loss) on foreign exchange, net
Lain-lain, neto 5,753 2,070 Others, net
Total (7,946) (16,339) Total
28. PENGHASILAN KEUANGAN 28. FINANCE INCOME
2023 2022
Bunga dari investasi pada Interest from investment in
surat utang negara 149,646 249,970 government bonds
Bunga dari deposito 124,670 28,245 Interest from time deposits
Bunga dari rekening giro 11,943 15,507 Interest from current account
Total 286,259 293,722 Total
Page 255
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/71 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
29. BEBAN KEUANGAN 29. FINANCE COSTS
2023 2022
Beban bunga atas liabilitas sewa Interest expense on lease liabilities
(Catatan 15) 3,724 5,929 (Note 15)
Beban bunga pinjaman bank 353 534 Interest expense on bank loans
Total 4,077 6,463 Total
30. ASET ATAU LIABILITAS MONETER BERSIH 30. NET MONETARY ASSETS AND LIABILITIES
DALAM MATA UANG ASING DENOMINATED IN FOREIGN CURRENCIES
Aset dan liabilitas keuangan Grup dalam mata uang The Group’s financial assets and liabilities in foreign
asing adalah sebagai berikut: currencies are as follows:
2023 2022
Dalam mata Dalam mata
uang asing/ uang asing/
Mata uang/ In original Jumlah setara/ In original Jumlah setara/
Currency currencies Equivalent to currencies Equivalent to
Aset moneter Monetary assets
Dolar AS/
Kas dan setara kas US Dollar 2,452 38 32,534 511 Cash and cash equivalents
Liabilitas moneter Monetary liabilities
Dolar AS/
Utang usaha US Dollar (4,874,620) (75,147) (3,114,064) (48,987) Trade payables
CNY (10,090,439) (21,896) (18,906,500) (42,674)
Euro (982,769) (16,845) - -
SGD (175,441) (2,055) (169,182) (1,973)
(115,943) (93,634)
Liabilitas Monetary
moneter, neto (115,905) (93,123) liabilities, net
31. MANAJEMEN RISIKO KEUANGAN 31. FINANCIAL RISK MANAGEMENT
Aktivitas Grup rentan terhadap berbagai risiko The Group’s activities are exposed to a variety of
keuangan: risiko pasar (termasuk risiko nilai mata financial risks: market risk (including foreign
uang asing, risiko harga, dan risiko tingkat suku exchange risk, price risk and interest rate risk),
bunga), risiko kredit dan risiko likuiditas. Program credit risk and liquidity risk. The Group’s overall risk
manajemen risiko Grup secara keseluruhan management programme focuses on the
dipusatkan pada pasar keuangan yang tidak dapat unpredictability of financial markets and seeks to
diprediksi dan Grup berusaha untuk memperkecil minimise potential adverse effects on the Group’s
efek yang berpotensi merugikan kinerja keuangan financial performance. Financial risk management is
Grup. Fungsi manajemen risiko keuangan carried out under the monitoring of the Directors.
dijalankan dalam pengawasan Direksi.
Faktor-faktor risiko keuangan Financial risk factors
a. Risiko pasar a. Market risk
Risiko nilai tukar mata uang asing Foreign exchange risk
Mata uang fungsional Perusahaan adalah The Company’s functional currency is Rupiah.
Rupiah. Grup menghadapi risiko nilai tukar The Group faces foreign exchange risk as a
mata uang asing karena sebagian pembelian portion of its purchases and operating
dan biaya operasionalnya dalam mata uang expenses are denominated in foreign
asing. Penurunan/penguatan nilai tukar mata currencies. The weakening/ strengthening of
uang asing terhadap Rupiah, mengakibatkan foreign currency exchange rate against Rupiah,
utang dan biaya operasional dalam Rupiah will cause payable and operating expenses in
menurun/meningkat. Rupiah decrease/increase.
Page 256
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/72 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. MANAJEMEN RISIKO KEUANGAN (lanjutan) 31. FINANCIAL RISK MANAGEMENT (continued)
Faktor-faktor risiko keuangan (lanjutan) Financial risk factors (continued)
a. Risiko pasar (lanjutan) a. Market risk (continued)
Risiko nilai tukar mata uang asing (lanjutan) Foreign exchange risk (continued)
Analisis sensitivitas untuk risiko nilai mata uang Sensitivity analysis for foreign currency risk
asing
Pada tanggal 31 Desember 2023, jika nilai tukar As at 31 December 2023, had the Rupiah
Rupiah terhadap Dolar AS menguat/melemah exchange rate strengthened/weakened by 10%
sebesar 10%, dengan semua variabel lain against US Dollar, with all other variables held
konstan, maka laba setelah pajak untuk tahun constant, post-tax profit for the year then ended
yang berakhir pada tanggal tersebut akan would have been Rp5,859 (2022: Rp3,781)
meningkat/menurun sebesar Rp5.859 (2022: higher/lower. The impact on equity would have
Rp3.781). Dampak terhadap ekuitas akan sama been the same as the impact on profit for the
dengan dampak pada laba tahun berjalan. year.
Risiko harga Price risk
Grup rentan terhadap risiko harga efek utang The Group is exposed to debt securities price
karena investasi yang dimiliki Grup risk because the investments held by the
diklasifikasikan dalam laporan posisi keuangan Group are classified on the consolidated
konsolidasian sebagai diukur pada nilai wajar statement of financial position at fair value
melalui penghasilan komprehensif lain dan nilai through other comprehensive income and fair
wajar melalui laba rugi. Grup tidak rentan value through profit or loss. The Group is not
terhadap risiko harga komoditas. exposed to commodity price risk.
Untuk mengelola risiko harga yang timbul dari To manage price risk arising from investments
investasi pada efek utang, Grup melakukan in debt securities, the Group performs an
analisis terkait besarnya bunga kupon yang analysis of the number of coupon bonds
ditawarkan dengan tingkat imbal hasil umum offered and the required rate of return which is
yang diharapkan oleh pasar. generally expected by the market.
Analisis sensitivitas untuk risiko harga Sensitivity analysis for price risk
Pada tanggal 31 Desember 2023, apabila As at 31 December 2023, if market required
tingkat imbal hasil secara umum yang rate of return increased/decreased for 5%,
diharapkan oleh pasar bergerak naik/turun 5%, post-tax profit for the year then ended would
maka laba setelah pajak untuk tahun yang increased/decreased by Rp150,847 (2022:
berakhir pada tanggal tersebut akan naik/turun Rp193,751) as a result of gains/(losses) on
sebesar Rp150.847 (2022: Rp193.751) sebagai investments in government bonds and mutual
akibat keuntungan/(kerugian) atas investasi funds classified as at FVOCI and FVTPL. The
pada surat utang negara dan reksa dana yang impact on equity would have been the same as
diklasifikasikan sebagai FVOCI dan FVTPL. the impact on the consolidated profit or loss
Dampak terhadap ekuitas akan sama dengan and other comprehensive income for the year.
dampak pada laba rugi dan penghasilan
komprehensif lain konsolidasian tahun berjalan.
Risiko tingkat suku bunga Interest rate risk
Risiko suku bunga dari kas di bank, deposito The interest rate risk from cash in banks, time
berjangka, dan investasi jangka pendek tidak deposits and short-term investments is not
signifikan. Investasi pada surat utang negara, significant. Investment in government bonds,
pinjaman bank dan liabilitas sewa yang memiliki bank loans and lease liabilities which bear fixed
tingkat suku bunga tetap mengekspos Grup interest rates expose the Group to fair value
terhadap risiko nilai wajar suku bunga. interest rate risk.
Page 257
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/73 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. MANAJEMEN RISIKO KEUANGAN (lanjutan) 31. FINANCIAL RISK MANAGEMENT (continued)
Faktor-faktor risiko keuangan (lanjutan) Financial risk factors (continued)
b. Risiko kredit b. Credit risk
Grup terekspos risiko kredit dari kas di bank, The Group is exposed to credit risk from cash
deposito berjangka, kas di bank dan deposito in bank, time deposits, restricted cash in bank
yang dibatasi penggunaannya, investasi jangka and time deposits, short-term investments,
pendek, investasi pada surat utang negara, investment in government bond, investment in
investasi reksa dana, piutang usaha, dan mutual funds, trade receivables and other
piutang lain-lain dari pihak ketiga. receivables from third parties.
Semua kas di bank, deposito berjangka, kas All the cash in bank, time deposits, restricted
dan deposito yang dibatasi penggunaannya cash in banks and short-term investments are
ditempatkan di bank asing dan lokal yang placed in foreign and local banks with good
memiliki reputasi dan peringkat yang baik. reputation and rating. Based on management’s
Berdasarkan penilaian manajemen atas assessment of the expected credit losses
kerugian kredit ekspektasian berdasarkan under PSAK No. 71, including assessing
PSAK No. 71, termasuk penilaian peringkat banks’ credit rating, management concluded
kredit bank, manajemen menyimpulkan bahwa that the credit risk in relation to its cash in
risiko kredit terkait dengan kas di bank dan banks and time deposits is not significant.
deposito adalah tidak signifikan.
Kualitas kredit dari aset keuangan pada nilai The credit quality of financial assets at FVTPL
wajar melalui laba rugi dan penghasilan and FVOCI in listed securities can be assessed
komprehensif lain yang diperdagangkan di by reference to external credit ratings as
bursa yang dapat diambil dari referensi follows:
peringkat kredit eksternal adalah sebagai
berikut:
2023 2022
Dengan pihak yang memiliki peringkat Counterparties with external
kredit eksternal (Fitch, Moody’s dan credit ratings (Fitch, Moody’s
Pefindo): and Pefindo):
BBB / Baa2 2,993,887 3,875,023 BBB / Baa2
idA 20,200 - idA
Total 3,014,087 3,875,023 Total
Risiko kredit untuk piutang bunga dari investasi Credit risk from interest receivables of
pada surat utang negara juga mengacu pada investment in government bonds also refers to
referensi peringkat kredit eksternal pihak-pihak the external credit ratings for each individual
dalam kontrak. counterparty.
Manajemen yakin akan kemampuannya untuk Management is confident in its ability to
terus mengendalikan dan mempertahankan continue to control and maintain minimal
eksposur yang minimal terhadap risiko kredit exposure to credit risk from trade receivables,
dari piutang usaha, mengingat Grup memiliki since the Group has clear policies on the
kebijakan yang jelas dalam pemilihan selection of customers and historically low
pelanggan dan secara historis mempunyai levels of bad debts in trade receivables.
tingkat yang rendah untuk piutang usaha yang
bermasalah.
Dalam pemilihan pelanggan, Grup menerapkan In selecting its customers, the Group applies
kebijakan persetujuan atas kontrak penjualan prudent acceptance policies of new sales
berdasarkan prinsip kehati-hatian serta contracts and perform ongoing monitoring as
melakukan pengelolaan atas piutangnya. well as managing the collection of its
Sebagai bagian dari proses persetujuan receivables. As part of the approval process,
tersebut, reputasi dan catatan historis the customer’s reputation and track record are
pelanggan menjadi bahan pertimbangan. taken into consideration.
Page 258
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/74 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. MANAJEMEN RISIKO KEUANGAN (lanjutan) 31. FINANCIAL RISK MANAGEMENT (continued)
Faktor-faktor risiko keuangan (lanjutan) Financial risk factors (continued)
b. Risiko kredit (lanjutan) b. Credit risk (continued)
Berdasarkan penilaian manajemen atas Based on management’s assessment of the
kerugian kredit ekspektasian berdasarkan expected credit losses under PSAK No. 71, the
PSAK No. 71, manajemen Grup berkeyakinan Group’s management believes that the
bahwa cadangan kerugian penurunan nilai allowance for impairment losses of trade and
piutang usaha dan piutang lain-lain telah other receivables is sufficient to cover possible
memadai untuk menutup kemungkinan losses from uncollectible receivables. Refer to
kerugian atas tidak tertagihnya piutang usaha. Note 5 for detailed receivables aging and
Lihat Catatan 5 untuk rincian umur piutang dan allowance for impairment losses of trade
cadangan kerugian penurunan nilai piutang receivables.
usaha.
c. Risiko likuiditas c. Liquidity risk
Risiko likuiditas adalah risiko bahwa Grup akan Liquidity risk is the risk that the Group will have
mengalami kesulitan dalam membayar liabilitas difficulties in paying its financial liabilities. The
keuangannya. Grup mengelola risiko likuiditas Group manages its liquidity risk by maintaining
dengan mempertahankan kas dan setara kas an adequate level of cash and cash equivalents
yang cukup dalam memenuhi kebutuhan kas to cover its short-term cash requirement. The
jangka pendeknya. Grup juga secara rutin Group also evaluates the projected and actual
mengevaluasi proyeksi arus kas dan arus kas cash flows regularly, as well as the maturity
aktual, serta jadwal tanggal jatuh tempo aset date schedule of its financial assets and
dan liabilitas keuangan. liabilities.
Tabel di bawah merupakan analisis jatuh tempo The following table analyses the Group’s
liabilitas keuangan Grup dalam rentang waktu financial liabilities by relevant maturity
yang menunjukkan jatuh tempo kontraktual groupings based on their contractual maturities
untuk semua liabilitas keuangan untuk for an understanding of the timing of the cash
pemahaman terhadap arus kas. Jumlah yang flows. The amounts disclosed in the table are
diungkapkan dalam tabel adalah arus kas the contractual undiscounted cash flows
kontraktual yang tidak terdiskonto (termasuk (including principal and interest payments).
pembayaran pokok dan bunga).
Di bawah Lebih dari
satu tahun/ 1-5 tahun/ 5 tahun/More
Below one year years than 5 years Total
31 Desember 2023 31 December 2023
Pinjaman bank 5,319 - - 5,319 Bank loans
Utang usaha 650,658 - - 650,658 Trade payables
Utang lain-lain 30,571 - - 30,571 Other payables
Beban akrual 301,835 - - 301,835 Accrued expenses
Uang jaminan pelanggan 2,100 - - 2,100 Customers guarantee
Liabilitas sewa 11,910 13,709 9,484 35,103 Lease liabilities
Total 1,002,393 13,709 9,484 1,025,586 Total
Di bawah Lebih dari
satu tahun/ 1-5 tahun/ 5 tahun/More
Below one year years than 5 years Total
31 Desember 2022 31 December 2022
Pinjaman bank 7,493 - - 7,493 Bank loans
Utang usaha 573,917 - - 573,917 Trade payables
Utang lain-lain 12,899 - - 12,899 Other payables
Beban akrual 257,448 - - 257,448 Accrued expenses
Uang jaminan pelanggan 3,100 - - 3,100 Customers guarantee
Liabilitas sewa 52,118 23,594 3,360 79,072 Lease liabilities
Total 906,975 23,594 3,360 933,929 Total
Page 259
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/75 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. MANAJEMEN RISIKO KEUANGAN (lanjutan) 31. FINANCIAL RISK MANAGEMENT (continued)
Pengukuran nilai wajar Fair value measurement
Nilai wajar aset dan liabilitas keuangan diestimasi The fair value of financial assets and financial
untuk keperluan pengakuan dan pengukuran atau liabilities must be estimated for recognition and
untuk keperluan pengungkapan. measurement or for disclosure purposes.
PSAK No. 68, “Pengukuran Nilai Wajar” PSAK No. 68, “Fair Value Measurement” requires
mensyaratkan pengungkapan atas pengukuran nilai disclosure of fair value measurements by level of
wajar dengan tingkat hierarki nilai wajar sebagai the following fair value measurement hierarchy:
berikut:
(a) harga kuotasian (tidak disesuaikan) dalam (a) quoted prices (unadjusted) in active markets for
pasar aktif untuk aset atau liabilitas yang identik identical assets or liabilities (level 1),
(tingkat 1),
(b) input selain harga kuotasian yang termasuk (b) inputs other than quoted prices included within
dalam tingkat 1 yang dapat diobservasi untuk level 1 that are observable for the asset or
aset atau liabilitas, baik secara langsung liability, either directly (as prices) or indirectly
(misalnya harga) atau secara tidak langsung (derived from prices) (level 2), and
(misalnya derivasi dari harga) (tingkat 2), dan
(c) input untuk aset atau liabilitas yang bukan (c) inputs for the asset or liability that are not
berdasarkan data pasar yang dapat diobservasi based on observable market data
(input yang tidak dapat diobservasi) (tingkat 3). (unobservable inputs) (level 3).
Nilai wajar instrumen keuangan yang tidak The fair value of financial instruments that are not
diperdagangkan di pasar aktif ditentukan dengan traded in an active market is determined using
menggunakan teknik penilaian tertentu. Teknik valuation techniques. These valuation techniques
tersebut menggunakan data pasar yang dapat maximise the use of observable market data where
diobservasi sepanjang tersedia dan seminimal it is available and rely as little as possible on
mungkin mengacu pada estimasi. Apabila seluruh estimates. If all significant inputs required to fair
input signifikan atas nilai wajar dapat diobservasi, value an instrument are observable, the instrument
instrumen ini termasuk dalam tingkat 2. is included in level 2.
Semua instrumen keuangan, selain investasi pada All financial instruments, other than investment in
surat utang negara yang disajikan pada nilai wajar government bonds which is presented at fair value
melalui penghasilan komprehensif lain dan investasi through other comprehensive income and
reksa dana yang disajikan pada nilai wajar melalui investment in mutual funds which is presented at
laba rugi, yang disajikan di dalam laporan posisi fair value through profit or loss, which were
keuangan konsolidasian dicatat pada biaya presented in the consolidated statement of financial
perolehan diamortisasi. Metode-metode dan position are carried at amortised cost. The following
asumsi-asumsi di bawah ini digunakan untuk methods and assumptions were used to estimate
mengestimasi nilai wajar untuk masing-masing kelas the fair value of each class of financial instruments:
instrumen keuangan:
a. Aset keuangan lancar dan liabilitas a. Current financial assets and liabilities
keuangan jangka pendek
Manajemen menetapkan bahwa nilai tercatat Management has determined that the carrying
kas dan setara kas, bank dan deposito yang amounts of cash and cash equivalents,
dibatasi penggunaannya, investasi jangka restricted cash in bank and deposits, short-term
pendek, piutang usaha, piutang lain-lain dari investments, trade receivables, other
pihak ketiga, pinjaman bank, utang usaha, receivables from third parties, bank loans, trade
utang lain-lain, beban akrual, dan uang jaminan payables, other payables, accrued expenses
pelanggan kurang lebih sebesar nilai wajarnya and customer guarantee reasonably
karena instrumen keuangan tersebut bersifat approximate their fair values because they are
jangka pendek. short-term in nature.
Investasi pada surat utang negara dan reksa Investment in government bonds and mutual
dana merupakan aset Grup yang nilai wajarnya funds represent the Group’s assets for which
didasarkan pada kuotasi harga pasar terakhir the fair value is stated based on the last quoted
pada tanggal 31 Desember 2023 dan 2022 market prices as at 31 December 2023 and
(tingkat 1). 2022 (level 1).
Page 260
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/76 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. MANAJEMEN RISIKO KEUANGAN (lanjutan) 31. FINANCIAL RISK MANAGEMENT (continued)
Pengukuran nilai wajar (lanjutan) Fair value measurement (continued)
b. Aset tidak lancar dan liabilitas keuangan b. Non-current assets and long-term financial
jangka panjang liabilities
Nilai wajar dari liabilitas keuangan jangka The fair values of non-current liabilities, such as
panjang, seperti liabilitas sewa, mendekati lease liabilities, approximate their carrying
perkiraan nilai tercatatnya berdasarkan metode value based on valuation under the discounted
penilaian menggunakan metode arus kas cash flows method using the discount rate that
diskontoan dengan tingkat diskon yang tidak is not significantly different from the market
berbeda signifikan dengan tingkat diskon pasar discount rate (level 3).
(tingkat 3).
Selain yang di atas, Grup tidak memiliki aset atau Other than the above, the Group did not have any
liabilitas keuangan lainnya yang diukur berdasarkan financial assets or liabilities that are measured
nilai wajar. based on fair value.
Untuk tahun-tahun yang berakhir pada For the years ended 31 December 2023 and 2022,
31 Desember 2023 dan 2022 tidak terdapat there were no transfers between levels.
pengalihan antar level.
Pengelolaan modal Capital management
Tujuan Grup dalam pengelolaan permodalan adalah The Group’s objectives when managing capital are
untuk mempertahankan kelangsungan usaha Grup to safeguard the Group’s ability to continue as a
serta memaksimalkan manfaat bagi pemegang going concern while seeking to maximise benefits to
saham dan pemangku kepentingan lainnya. shareholders and other stakeholders.
Grup mengelola struktur permodalan dan The Group manages its capital structure and makes
melakukan penyesuaian, berdasarkan perubahan adjustments to it, in light of changes in economic
kondisi ekonomi. Untuk memelihara dan conditions. To maintain or adjust the capital
menyesuaikan struktur permodalan, Grup dapat structure, the Group may adjust the dividend
menyesuaikan pembayaran dividen kepada payment to shareholders, issue new shares or raise
pemegang saham, menerbitkan saham baru atau debt financing. No changes were made in the
mengusahakan pendanaan melalui pinjaman. Tidak objectives, policies or processes for the years
ada perubahan atas tujuan, kebijakan maupun ended 31 December 2023 and 2022.
proses untuk tahun yang berakhir pada tanggal
31 Desember 2023 dan 2022.
Kebijakan Grup adalah mempertahankan struktur The Group’s policy is to maintain a healthy capital
permodalan yang sehat untuk mengamankan akses structure in order to secure access to finance at a
terhadap pendanaan pada biaya yang wajar. reasonable cost.
Page 261
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/77 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
32. TAMBAHAN INFORMASI ARUS KAS 32. SUPPLEMENTARY CASH FLOW INFORMATION
a. Aktivitas nonkas a. Non-cash activities
Aktivitas nonkas yang mendukung laporan arus Non-cash activities supporting the statement of
kas pada setiap tanggal pelaporan adalah cash flows at each reporting dates are as
sebagai berikut: follows:
2023 2022
Penambahan aset hak-guna Addition of right-of-use assets
melalui liabilitas sewa 11,993 29,498 through lease liabilities
Penambahan aset tetap melalui Addition of fixed assets through
reklasifikasi uang muka reclassification from payment for
pembelian aset tetap 7,767 5,233 purchase of fixed assets
Penambahan aset tetap melalui Addition of fixed assets through
utang usaha 7,864 9,431 trade payables
Reklasifikasi aset tetap ke aset Reclassification of fixed assets
takberwujud - 17,748 to intangible assets
b. Rekonsiliasi utang neto b. Net debt reconciliation
Kas/cerukan/
Cash/ Liabilitas sewa/ Pinjaman bank/
bank overdraft Lease liabilities Bank loans Total
Saldo per Balance as at
1 Januari 2022 1,288,214 (69,409) (671) 1,218,134 1 January 2022
Arus kas 875,277 25,374 671 901,322 Cash flows
Tambahan liabilitas sewa - (29,498) - (29,498) Addition of lease liabilities
Saldo per Balance as at
31 Desember 2022 2,163,491 (73,533) - 2,089,958 31 December 2022
Arus kas (938,169) 58,836 - (879,333) Cash flows
Tambahan liabilitas sewa - (11,993) - (11,993) Addition of lease liabilities
Saldo per Balance as at
31 Desember 2023 1,225,322 (26,690) - 1,198,632 31 December 2023
33. KOMITMEN 33. COMMITMENTS
Pengeluaran modal yang telah diperjanjikan pada Capital expenditure contracted as at 31 December
tanggal 31 Desember 2023 namun belum diakui 2023 but not yet recognised as liabilities amounted
sebagai kewajiban adalah sebesar Rp74.178. to Rp74,178.
Page 262
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/78 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
34. PELAPORAN SEGMEN 34. SEGMENT REPORTING
Manajemen telah menentukan segmen operasi Management has determined the operating
berdasarkan laporan yang ditelaah oleh Direksi, segments based on the reports reviewed by the
yang telah diidentifikasikan sebagai pengambil Directors, who has been identified as the Group’s
keputusan operasional utama Grup (”CODM”) dan chief operating decision maker (“CODM”) and made
yang mengambil keputusan strategis. Grup strategic decisions. The Group determines the
menentukan segmen operasi menurut kelompok operating segment by group of products.
produk yang dijual. Grup menentukan segmen
operasi menurut kelompok produk.
Informasi segmen yang diberikan kepada Direksi The segment information provided to the Directors
untuk segmen dilaporkan adalah sebagai berikut: for the reportable segments is as follows:
2023
Solusi Barang
arsitektur/ dagangan/
Architectural Trading
solution goods Total
Pendapatan neto 5,618,025 1,398,857 7,016,882 Net revenues
Beban pokok penjualan (2,686,054) (1,147,492) (3,833,546) Cost of goods sold
Laba bruto 2,931,971 251,365 3,183,336 Gross profit
Beban penjualan - - (1,240,237) Selling expenses
Beban umum General and administrative
dan administrasi - - (226,090) expenses
Penghasilan keuangan - - 286,259 Finance income
Beban keuangan - - (4,077) Finance costs
Bagian atas laba Share of profit of a joint
ventura bersama - - 898 venture
Penghasilan/(beban) Other income/
lain-lain, neto - - (7,946) (expenses), net
Laba sebelum Profit before income
pajak penghasilan - - 1,992,143 tax expense
Beban pajak penghasilan - - (349,047) Income tax expense
Laba tahun berjalan - - 1,643,096 Profit for the year
Other segment
Informasi segmen lainnya information
Belanja modal yang tidak Unallocated
dapat dialokasikan - - 215,723 capital expenditures
Beban depresiasi dan Unallocated
amortisasi yang tidak depreciation and
dapat dialokasikan - - 218,794 amortisation expenses
Aset dan liabilitas Assets and liabilities
Aset yang tidak dapat
dialokasikan - - 11,166,987 Unallocated assets
Aset Grup - - 11,166,987 The Group’s assets
Liabilitas yang tidak dapat
dialokasikan - - 1,245,498 Unallocated liabilities
Liabilitas Grup - - 1,245,498 The Group’s liabilities
Page 263
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/79 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
34. PELAPORAN SEGMEN (lanjutan) 34. SEGMENT REPORTING (continued)
Informasi segmen yang diberikan kepada Direksi The segment information provided to the Directors
untuk segmen dilaporkan adalah sebagai berikut: for the reportable segments is as follows:
(lanjutan) (continued)
2022
Solusi Barang
arsitektur/ dagangan/
Architectural Trading
solution goods Total
Pendapatan neto 5,384,019 1,310,152 6,694,171 Net revenues
Beban pokok penjualan (2,893,411) (1,083,360) (3,976,771) Cost of goods sold
Laba bruto 2,490,608 226,792 2,717,400 Gross profit
Beban penjualan - - (1,027,025) Selling expenses
Beban umum General and administrative
dan administrasi - - (214,622) expenses
Penghasilan keuangan - - 293,722 Finance income
Beban keuangan - - (6,463) Finance costs
Bagian atas kerugian Share of loss of a joint
ventura bersama - - (1,426) venture
Penghasilan/(beban) Other income/
lain-lain, neto - - (16,339) (expenses), net
Laba sebelum Profit before income
pajak penghasilan - - 1,745,247 tax expense
Beban pajak penghasilan - - (344,882) Income tax expense
Laba tahun berjalan - - 1,400,365 Profit for the year
Other segment
Informasi segmen lainnya information
Belanja modal yang tidak Unallocated
dapat dialokasikan - - 191,490 capital expenditures
Beban depresiasi dan Unallocated
amortisasi yang tidak depreciation and
dapat dialokasikan - - 204,756 amortisation expenses
Aset dan liabilitas Assets and liabilities
Aset yang tidak dapat
dialokasikan - - 10,792,122 Unallocated assets
Aset Grup - - 10,792,122 The Group’s assets
Liabilitas yang tidak dapat
dialokasikan - - 1,217,237 Unallocated liabilities
Liabilitas Grup - - 1,217,237 The Group’s liabilities
SEGMEN GEOGRAFIS GEOGRAPHICAL SEGMENT
2023 2022
Pendapatan neto Net revenues
Lokal 7,016,882 6,694,171 Local
Page 264
PT AVIA AVIAN Tbk
DAN ENTITAS ANAK/AND SUBSIDIARIES
Lampiran 5/80 Schedule
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
31 DESEMBER 2023 DAN 2022 31 DECEMBER 2023 AND 2022
(Dinyatakan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
34. PELAPORAN SEGMEN (lanjutan) 34. SEGMENT REPORTING (continued)
Manajemen memonitor hasil dari kegiatan segmen Management monitors the operating results of its
dilaporkan secara terpisah dengan tujuan untuk reportable segments separately for the purpose of
mengambil keputusan mengenai alokasi atas making decisions about resource allocation and
sumber daya dan penilaian kinerja. Kinerja segmen performance assessment. Segment performance is
dievaluasi berdasarkan laba bruto. Beban evaluated based on gross margin. The Group’s
penjualan, beban umum dan administrasi, beban selling expenses, general and administrative
dan penghasilan keuangan, penghasilan/(beban) expenses, finance income and costs, other
lain-lain, neto, bagian dari laba/(rugi) ventura income/(expenses), net, share in profit/(loss) of a
bersama dan pajak penghasilan Grup tidak joint venture and income taxes are not included in
termasuk dalam ukuran laba rugi yang dilaporkan the measure of profit or loss that is reported to the
kepada CODM sehingga tidak dialokasikan pada CODM and therefore are not allocated to the
segmen dilaporkan. reportable segments.
35. PERISTIWA SETELAH PERIODE PELAPORAN 35. SUBSEQUENT EVENTS AFTER REPORTING
PERIOD
Pembelian saham treasuri Purchase of treasury shares
Sampai dengan tanggal laporan keuangan Up to the issuance date of these consolidated
konsolidasian ini diterbitkan, Perusahaan telah financial statements, the Company repurchased
melakukan pembelian kembali 241.876.500 lembar 241,876,500 shares of its own ordinary shares
saham biasa Perusahaan melalui pembelian pada through purchases on the IDX (Note 1b). This
BEI (Catatan 1b). Pembelian kembali saham repurchase transaction is intended to stabilise the
Perusahaan ini ditujukan untuk menjaga stabilitas Company’s share price. The total amounts paid to
harga saham Perusahaan. Jumlah pembayaran acquire the shares were Rp128,876 (Rp488 -
untuk mengakuisisi saham tersebut adalah sebesar Rp600/share - full amount).
Rp128.876 (Rp488 - Rp600/lembar saham - nilai
penuh).
Page 265
Page 266
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p.3 ×19
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Indonesia Stock Exchange
p.13 ×24
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PT Tirtakencana
p.17 ×4
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PT Tirtakencana Batamindo
p.17 ×13
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Ministry of Manpower
p.18 ×2
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Ministry of Environment
p.18
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LRQA Limited LRQA Group Limited
p.19
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LRQA Limited
p.19
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PT Lloyd’s Register Indonesia
p.19 ×4
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Information Security Intertek Certification Limited
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Ministry of Industry
p.19 ×24
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Assistant Executive
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2023 Annual Report - PT Avia Avian Tbk
· 61
p.29 ×3
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Indrawati Setiabudhi
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p.36 ×2
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Minister of Justice
p.36
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Ministry of Justice
p.36
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Malang District Court
p.36
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Ministry of Subsidiaries and Outsourced
p.36
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Soetikno Tanoko’s
p.38 ×5
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PT Tirtakencana Tatawarna
p.38 ×22
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Robert
p.38
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PT Walt Disney Indonesia
p.39
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PT Bangun Bersama
p.39 ×3
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PT Cipta Mortar
p.39
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Pte Ltd
p.39 ×3
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Archipelago Pte Ltd.
p.39
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PT Bangun Bersama Solusindo
p.39 ×7
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PT Multipro Paint Indonesia
p.39 ×9
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PT Bira Industri Rejeki Agung
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Soetikno VIP Pengupas Cat Tembok
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Robert Christian Tanoko. Its
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PT Tirtakencana Tatawarna. This
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PT Solusi Rumah Praktis
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Liestiani Wang
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p.45 ×2
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PT Tirtakencana Tatawarna. Wood Care
p.47
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Fitradewata
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p.52 ×2
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Iwan Sigit
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Pengurus ARSI
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Pengurus Asosiasi Resin Sintetik Indonesia Ketua Umum
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Anwar
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p.55 ×11
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PT Tancorp Global Sentosa
p.55
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PT Avia Avian Industri Pipa School
p.55
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Indonesia Money Printing Corporation
p.56
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Ristia Bintang Mahkota Sejati Tbk
p.56 ×2
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PT Avia Avian Industri Pipa
p.58 ×10
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PT Tirtakencana Batamindo Graduated
p.58
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PT Bangun Bersama Solusindo Los Angeles
p.59
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Assegaf Hamzah & Partners
p.61 ×2
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PT Tiga Arga
p.62
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PT Nipsea Paint
p.62
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PT Tancorp
p.63 ×3
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PT Wahana
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Private Limited
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Angelica Tanisia Jozar. COMPOSITION OF SHARE OWNERSHIP
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PT Sensasi Director Istana Warna Robert Christian
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PT Wira
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PT Voka Laju Rejeki
p.64
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PT Tancorp Surya Sentosa. Meanwhile
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PT Multipro Paint Solusindo
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PT Tirtakencana Tatawarna Legal Basis
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Operating Dyah Ambarwaty Setyoso
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PT Solusi Rumah Praktis Legal Basis
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Operating Anwar
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PT Multipro Paint Indonesia Legal Basis
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PT Bangun Bersama Solusindo Legal Basis
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Tanudiredja
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Annual Rintis & Rekan
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PT Bima Registra
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PT Solusi Rumah Praktis BBS
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Pusat Statistik
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Bank Indonesia’s
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Bank Indonesia. Business Development Strategy In
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Minister of Industry
p.97
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Minister of Law and Human Rights
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Young Global Limited
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Setiabudhi
p.185
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Departemen Kehakiman Republik
p.185
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Minister of Law
p.185
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Menteri Hukum dan Hak Asasi
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PT TKTW
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PT SRP
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PT MPI
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PT Megadepo
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PT Caturkarda Depo
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Bangunan Tbk
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PT Bira Industri
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PT Wita Indo
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PT Umaq Tukung
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PT Sarana Daya
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PT Bangun Bersama Solusindo Lain-lain
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PT Kencana Lintasindo Internasional Lain-lain
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