Ir Bfin 2022 - Eng

Building
The Next Chapter
2022
Integrated Annual Report
PT BFI Finance Indonesia Tbk
About This Report
2
2022 Integrated Annual Report
COVER STORY
A multitude of technological advancements have that is more streamlined, efficient, and based on
triggered a wave of transformation in society, advanced data analytics capability. This new, more
touching every aspect of work, social interaction, comprehensive business paradigm is reflected
and daily life. The increasing adoption of digital in the dashboard that acts as the main design
technology in our lives has rendered many element on the cover of this 2022 Integrated Annual
processes that were traditionally complicated and Report.
time-consuming to something that can be done
quickly and with ease. BFI Finance believes that Along with its business transformation, BFI
to remain competitive in the digital era, one has to Finance also made new history in 2022, its 40th
have the courage to take advantage of the progress year, by recording the most successful financial
taking place around us. performance to date. The logo of BFI Finance
40 Years – Building the Next Chapter displays BFI
By harnessing digital technology, BFI Finance Finance’s characteristics that continue to be forged
has carried out a comprehensive transformation over time. BFI Finance is here to serve customers in
across all levels of the organization, and carries the financing industry in Indonesia as an institution
on with the process. To always be at the forefront, that is trustworthy and flexible, one that serves with
the Company is pursuing a strategy that integrates creativity and confidence, but remains humble at
every aspect of its business into an operation heart.
DISCLAIMER
PT BFI Finance Indonesia Tbk (BFI Finance or the Company) has ensured the accuracy of the information contained in this Integrated
Annual Report. However, the Company does not guarantee the appropriateness, accuracy, usefulness or any other matter regarding this
information. This Integrated Annual Report contains some forward-looking statements about the Company’s future expectations, plans,
and strategies that are not historical facts. They are based on current expectations, estimates, forecasts, and projections about the
business and environment in which the Company operates and beliefs and assumptions made by management. As these expectations,
estimates, forecasts, and projections are subject to a number of risks, uncertainties, and assumptions, actual results may differ
materially from those projected. The Company, therefore, cautions readers not to place undue reliance on forward-looking statements.
The Company undertakes no obligation to update any forward-looking statements as a result of new information, future events or other
developments. Any reliance placed on the Integrated Annual Report and Financial Statements is done entirely at the risk of the person
placing such reliance. Additionally, numbers represented throughout this Integrated Annual Report have been rounded up to the closest
million or billion rupiah, and as such, there may be discrepancies in percentage change calculations compared to when calculated using
full figures from the Annual Financial Statements.
PT BFI Finance Indonesia Tbk 3

About This Report
TABLE OF CONTENTS
3 Cover Story 58 Milestones
ABOUT THIS REPORT 60 Core Values and Corporate Culture
6 Building the Next Chapter 62 Corporate Identity
7 Theme Continuity 63 Line of Business
8 Introduction to Integrated Reporting 66 Map and Operational Network
10 Summary of 2022 Integrated Annual Report 68 Organization Structure
12 Summary of 2022 Sustainability Performance 70 Workforce Profile
14 2022 Key Highlights 73 Board of Commissioners Profiles
01 2022 PERFORMANCE HIGHLIGHTS 78 Board of Directors Profiles
18 Key Financial Highlights 83 Sharia Supervisory Board Profiles
20 Share Highlights 85 Committees under the Board of

Commissioners Profiles
21 • Comparison between Share Price
Performance of BFI Finance (BFIN) and the 85 • Audit Committee
Composite Share Price Index (IHSG) in 2022
87 • Risk Oversight Committee
21 • Corporate Action
88 • Nomination and Remuneration Committee
22 • Suspension and/or Delisting
89 Senior Management Profiles
22 • Structure of Shareholders
92 Corporate Structure
23 • Dividend Payment History
93 Subsidiaries and Associated Entities
24 Bonds Highlights
98 Share Ownership Composition
25 Important Events in 2022
100 Controlling Shareholder Profile
30 Awards and Recognition
100 Ultimate Beneficial Owners
02 REPORTS TO STAKEHOLDERS
101 Chronological Listing of Shares and Changes in
35 Report of the Board of Commissioners Number of Shares
41 Report of the Board of Directors 104 Chronological Listing of Other Securities
48 Statement of the Board of Commissioners 106 Public Accountant Services

on the Responsibility for the 2022 Integrated
Annual Report of PT BFI Finance Indonesia Tbk 107 Capital Market Supporting Institutions and
Professions
49 Statement of the Board of Directors on the
Responsibility for the 2022 Integrated Annual 04 BUSINESS SUPPORTING UNITS
Report of PT BFI Finance Indonesia Tbk
110 Information Technology
03 COMPANY PROFILE
113 Network and Operational Development
52 General Company Information
116 Customer Service
54 Company Vision and Mission
05 MANAGEMENT DISCUSSION
55 Sustainability Vision and Mission AND ANALYSIS
56 Brief Company History 122 Industry Overview
4
125 Business Review 240 Risk Management
133 Marketing 245 Legal Cases
137 Financial Performance Review 245 Administrative Sanctions
137 • Consolidated Statement of Financial Position 246 Access to Information and Communication
154 • Consolidated Statement of Profit or Loss 250 Investor Relations

and Other Comprehensive Income
252 Compliance
162 • Consolidated Statement of Cash Flows
252 • Anti-Money Laundering and Combating the
163 Analysis of Key Ratios Financing of Terrorism (AML-CFT)
166 Comparison of Achievements Against Targets 254 Code of Conduct and Corporate Culture
in 2022
256 Management and Employee Stock Ownership
167 Capital Structure (Capital Adequacy) Program (MESOP)
167 Material Investment on Capital Goods 257 Information Disclosure Policy
168 Events After the Reporting Period 257 Whistleblowing System
169 Dividends 258 Anti-Corruption Policy
169 Use of Public Offering Funds 259 Procurement Policy
170 Material Investment, Divestment, Merger & 262 Transparency of Financial and Non-Financial
Acquisition, and Debt or Capital Restructuring Conditions Not Disclosed in Other Reports
170 Transactions with Potential Conflicts 263 Statement of Implementation of the Corporate
of Interest and Related Parties Governance Guidelines for Public Companies
171 Impact from Regulatory Changes 07 SUSTAINABILITY

on the Company
268 Sustainability Strategy
172 Accounting Policy Changes
271 Human Capital
173 2023 Business Prospects
279 Environmental Performance
06 GOOD CORPORATE GOVERNANCE
282 Social Performance
176 Good Corporate Governance Report
288 Responsibility for Sustainable
182 Sustainability Governance Product/Service Development
184 General Meeting of Shareholders 08 SUPPORTING DATA
189 Board of Commissioners 292 Addresses of Outlets
198 Board of Directors 308 Glossary
211 Performance Assessment of the Board of 09 ANNUAL FINANCIAL STATEMENTS

Commissioners and Board of Directors
314 Consolidated Financial Statements for the Year
212 Meetings of the Board of Commissioners, Board Ended 31 December 2022 and Independent
of Directors, and Joint Meetings of the Board of Auditors’ Report
Commissioners and Board of Directors
APPENDICES
217 Sharia Supervisory Board
426 Summary Report of the Sustainable Financial
220 Audit Committee Action Plan (RAKB)
225 Risk Oversight Committee 428 Feedback Form
228 Nomination and Remuneration Committee 429 Cross Reference OJK Circular
No. 16/SEOJK.04/2021 – Form and Content of
232 Corporate Secretary Annual Reports of Issuers or Public Companies
234 Internal Audit 440 Cross Reference OJK Regulation

No. 51/POJK.03/2017 – Implementation of
238 Internal Control System Sustainable Finance for Financial Services
Institutions, Issuers, and Public Companies

About This Report
BUILDING
THE NEXT
CHAPTER
In 2022, the world mounted a collective action to them along their financial journey. A company that
pivot away from the pandemic and paved the way is customer-centric from the inside out. Thus, as
for a return to normalcy. The ensuing economic we build our internal capacity, develop our people,
recovery, happening in the face of a multitude and strengthen our systems, we are also fostering
of challenges, has shown society’s resolve and strong partnerships with key stakeholders in the
resilience. industry to amplify the positive impacts of our
undertaking on the market we serve.
At BFI Finance, our transition out of the pandemic
took place in lockstep with our ongoing BFI Finance’s comprehensive transformation
transformation. This transformation has been taking initiative coincided with its 40th anniversary. In our
place internally, revolutionizing various aspects four decades of catering to what our customers
of our business, initiated by our aspiration to stay need, our business model had matured, reinforced
relevant amidst the evolving trends in the market. by our stringent risk management and robust
governance. While we maintain our performance
The focus of our transformation is two-pronged. in those regards, we are keenly aware of the need
First, we seek to upgrade our technology to evolve, to reinvent our model, making it more
infrastructure and build our data analytics capability adaptive and agile, not only to keep up with the
to enhance our agility. Second, we equip our times, but to propel ourselves ahead of the times.
personnel with the required skillset and enrich our
workforce with the right talent to accelerate our In 2022, we concluded a chapter with a resounding
work processes and mastery in customer services, achievement. Our record-high financial results
to always be at the forefront of the industry. reflected the emphatic rebound in our operations,
as our initial successes in upgrading the business
The impetus for our transformation towards began to take shape. This firm footing emboldens
becoming a tech-driven multifinance company is us to intensify our transformation and expand the
our emphasis on customer satisfaction. We strive initiatives. We have turned the page with optimism,
to be a company that is first and foremost for our and will continue crafting our story with a new
customers. One that provides them with simple mindset—one that fits the era we are now in.
and convenient financing products and grows with
6
THEME
CONTINUITY
2022
Building the Next Chapter
Grounded upon the solid financial achievements made possible thanks to
a comprehensive transformation that took place in lockstep with the post-
pandemic economic recovery, the Company recorded a historic feat in its 40th
anniversary. The Company strives to enhance its business model, which have
matured over the course of four decades, to continue evolving and maintain its
position at the forefront in serving customers in the multifinance industry.
2021 2020 2019 2018

Beyond Opportunity in Agility for Embracing
the New Normal Uncertainty Transformation a New Normal
A change in perspective is The Covid-19 pandemic Aspiring to thrive alongside In today’s world,
key to survival in the face presents unprecedented market development information technology’s
of rampant uncertainty. It challenges and add to the while seizing emerging role in supporting the
also gives rise to a change element of “uncertainty” in opportunities, BFI Finance Company’s performance
in mindset, showing us the era of “New Normal”. continues to instill a and as business process
that there are many means However, due to the culture of change and catalyst is increasingly
and ways to pursue a Company’s experiences transformation within the crucial. Aiming to develop
goal towards its fruition. and business agility, organization, to make it services to consistently
Changing our mindset and supported by the more agile and resilient meet customer needs
requires us to contemplate determination of the entire in the face of future and expectations, the
things that we have organization to continue to challenges. This requires Company has aligned its
never done before, and strive for excellence amid deftness and robustness of business strategies and
with it, our field of vision various limitations, the systems and processes, as is focused on continuing
becomes enriched with Company could maintain well as in our organization- to provide better services
colors and nuances. This its operations and seek to wide mindset. to its customers,
is the powerful effect seize opportunities amid while accelerating the
of perspective change: the difficult conditions. development of digital-
it sharpens the focus, The Company will maintain based information
affording us to glimpse its existence adaptively, technology, to address
into the future, far beyond create value to the modern challenges and
our current confines. stakeholders continuously, evolve together with its
and implement various customers.
plans to reach the desired
transformation.

About This Report
INTRODUCTION TO
INTEGRATED REPORTING
BFI Finance presents this 2022 Annual Report as achievements in the future, while maintaining its
an Integrated Report. reputation as an innovative and leading multifinance
company in Indonesia, one that generates added
This report highlights BFI Finance’s performance value and benefits for the shareholders, customers,
along the Triple Bottom Line (Profit–People–Planet), and the public at large.
a principle steadfastly upheld by the Company in
doing business as it expands its transformation During the course of 2022, amid major shifts
further. Transforming the Company’s operating transforming the market, BFI Finance was able to
model gave rise to subsequent changes, from surpass its prior, pre-pandemic performance levels
mindset and ways of working to business to attain new heights. The Company was able to
processes, all of which have led to a significant seize the opportunity to record a robust growth
improvement in business results. alongside the rebound of economic activities.
This ability has come from the Company’s relentless
All this has stemmed from the idea that BFI effort to muster all its resources within the corridor
Finance must be ready to face the ever-evolving of good corporate governance to undergo this
post-pandemic business landscape. Beyond fundamental transformation. This effort is presented
that, the Company also aspires to record greater in detail in this 2022 Integrated Annual Report.
Reporting References
The 2022 Integrated Annual Report of BFI Finance the presentation of Annual Reports for Limited
combines the Annual Report (including the financial Liability Companies, in particular SEOJK No. 16/
statements from the independent auditor) and the SEOJK.04/2021 on Form and Content of Annual
Sustainability Report. This practice dates back to Report of Issuers or Public Companies, and
the publication of BFI Finance’s 2016 Integrated guidelines for Sustainability Reporting as set forth
Report as the first edition of the Integrated Annual by the International Integrated Reporting Council
Report. (IIRC). Financial data and information in this report
is in line with the prevailing SFAS in Indonesia.
The 2022 Integrated Annual Report covers a
reporting period spanning 1 January to The integration of the financial and non-financial
31 December 2022. The Company’s Integrated reporting in this report has been prepared following
Report is published annually. the principal guidelines from the International
Integrated Reporting Framework issued by IIRC.
The preparation of this report refers to the
prevailing laws and regulations that pertain to
8
About the Integrated Report
The Company applies the Integrated Reporting (IR) The interaction of resources is regarded from a
Framework as established by IIRC to present how holistic standpoint to create sustainable value.
the resources that are managed by the Company Thus, information in this report is valuable not
have interacted with the external environment and only for its financial purposes, but also is valuable
the existing sources of capital, in order to create for the employees, customers, suppliers and
added value in the short, medium, and long term. partners of the Company, as well as for the public,
regulators, and policymakers.
Graph 1 IIRC Reporting Framework
External Environment
Purpose, Mission & Vision

Financial Financial
Governance
Manufactured Manufactured
Risks and Strategy and
Opportunities Business Resource Allocation
Intellectual Model Intellectual
Business
Activities
Outcomes
(Positive and
Inputs negative over the
short, medium,
and long term)
Outputs
Human Human
Performance Outlook
Social and Social and

Relationship Relationship
Natural Natural
Value Creation, Preservation or Erosion Over Time
More on the IR framework and its supporting information is available on https://integratedreporting.org.

About This Report
SUMMARY OF 2022
INTEGRATED ANNUAL REPORT
Subject Matter
The 2022 Integrated Annual Report of PT BFI Finance Indonesia Tbk is an integration of both the annual
and sustainability reports, consisting of ten chapters on the Company’s business and non-business related
discussions, as follows:
1. About This Report 6. Management Discussion and Analysis

2. 2022 Performance Highlights 7. Good Corporate Governance
3. Reports to Stakeholders 8. Sustainability
4. Company Profile 9. Supporting Data
5. Business Supporting Units 10. Annual Financial Statements
In addition to the printed form, this report is accessible online on the Company’s website:
https://www.bfi.co.id/en/corporate/Investor-Relations/Annual-Sustainability-Report
References Sustainability Element
The main references used in the making of the The inclusion of the Sustainability chapter
2022 Integrated Annual Report of PT BFI Finance in the Integrated Annual Report is a form of
Indonesia Tbk are the regulations issued by compliance with POJK No. 51/POJK.03/2017 on
regulators or authorities concerning publication of the Implementation of Sustainable Finance for
annual report by public companies or issuers and Financial Services Institutions, Issuers, and Public
international standard guideline for sustainability Companies, as affirmed by SEOJK
reporting, among others: No. 16/SEOJK.04/2021.
1. Law No. 40/2007 on Limited Liability
Companies (UU PT); Sustainable Finance is a comprehensive
2. POJK No. 29/POJK.04/2016 on Annual Report support from the financial services sector to
of Issuers or Public Companies; create sustainable economic growth by aligning
3. POJK No. 51/POJK.03/2017 on Implementation economic, social and environmental interests.
of Sustainable Finance for Financial Services
Institutions, Issuers, and Public Companies;
4. SEOJK No. 16/SEOJK.04/2021 on Form and
Content of Annual Report of Issuers or Public
Companies;
5. Regulations related to stock exchange and
capital market issued by IDX; and
6. Other laws, POJK, SEOJK, and regulations
which become the references for the content
and discussion material in the integrated
annual report.
10
Company Capital
Referring to the IR Framework, the Company’s business processes comprise six main types of capital,
namely:
Financial Intellectual Manufactured Human Relationship & Natural

Social
Company Stakeholders
Given BFI Finance’s line of business as a multifinance company, and its alignment with the six main types
of capital, the Company’s business and non-business performances and achievements create added value
to its main stakeholders, who are, among others:
Customers Shareholders/ Employees Regulators General Environment Business

Investors Public Partners

About This Report
SUMMARY OF 2022
SUSTAINABILITY
PERFORMANCE
Sustainability Statement
We conduct a responsible business that elevates the livelihoods of our customers by providing them with
access to financial empowerment through financing products, with a consideration on the betterment of
society and conservation of the environment.
BFI Finance’s Value Distribution
By conducting a superior business in the across Indonesia, creating economic ripple

multifinance industry in Indonesia, over the course effect that elevated livelihoods;
of 2022 we: • Contributed to the surroundings’ social
• Provided financing products to more than betterment and environmental conservation
513,000 customers in 35 provinces in Indonesia through our CSR and financial literacy activities
to improve their economic capability; and tax payments to the government; and
• Employed 10,111 personnel and supported their • Created attractive shareholder value and returns
families; for our investors grounded upon our industry
• Procured products and services from 6,254 standing and a high dividend payout ratio.
entities, 80,249 total agents, 1,374 dealers
Financial Value Creation And Distribution
BFI Finance creates financial value and capital through its various business processes, and distributes this
to different stakeholders via various means and in various forms. The amount of financial value that
BFI Finance distributed in 2022 is detailed below (in Rp million):
Description 2020 2021 2022
Revenue 4,569,778 4,122,555 5,383,010
Shareholders and Investors 179,573 374,109 570,747*
Employees 1,122,266 1,023,279 1,324,648
Business Partners and Other Operations 2,572,710 1,685,388 1,816,258
Government 168,404 279,620 432,002
Surrounding Communities 4,806 2,930 3,423
Business Continuity 701,592 1,131,338 1,806,679
* Final dividend for 2021 paid in 2022 and interim cash dividend for 2022, including Article 26 Income Tax on dividend
12
CAPITAL UTILIZATION AND VALUE CREATION

FOR STAKEHOLDERS
Type of Form of Utilization and Value Beneficiary Explained in

Capital Capital Creation Activity Stakeholder Chapter
Financial Financing facility Normal business activities, Customers, 2, 3, 4, 6, 10

adjustments of business strategy to Shareholders/
pandemic developments Investors,
Suppliers,
Equity Business strategy execution Business Partners
Intellectual Business model Development of a robust and Customers, 2, 3, 4, 5, 6

adaptive business model Shareholders/
Investors,
Digitalization Continuous formulation and Employees,
initiatives implementation of digitalization in Suppliers,
various business processes Business Partners
Manufactured Operational Expansion of physical and digital Customers, 2, 3, 4, 5, 8

business presence, strengthening via Shareholders/
network partnerships Investors,
Employees,
Operational Investment, and enhancement and Suppliers, 2, 3, 4, 5
infrastructure development Business Partners
Information Development and investment in IT 2, 5

technology (IT)
Human Employees Training, empowerment, professional Employees, 2, 8

development, health and safety Regulators
Work culture Implementation by all employees 8
Employment Enhancement and alignment with 7, 8

practices the prevailing standards and best
practices
Relationship & Partnership with Support to government’s initiatives Regulators 2, 6, 7, 8

Social the government and programs for national welfare,
compliance with regulations
Interactions with Empowerment and enhancement of General Public 8

surrounding economic self-reliance, improvement
communities of quality of life, public health
protection in the pandemic era
Scholarship Implementation and concept General Public, 8

program refinement based on the pandemic Employees
condition
CSR programs Formulation, implementation, General Public 8

evaluation, and continuous
Natural improvement Environment 8
Resources Reduction and more efficient use of Environment 8

utilization resources

About This Report
2022 KEY HIGHLIGHTS
Income Assets Net Financing Profit for

(Rp billion) (Rp billion) Receivables the Year
(Rp billion) (Rp billion)
30.6% 40.3% 43.0% 59.8%
5,383 21,930 19,562 1,807

5,383 21,930 19,562 1,807
4,123 15,636 13,683 1,131
4,570 15,201 12,700 702
ROAA (%) Managed Receivables by Asset Type (%)
12.2
4.5 5.7
2.0
7.8
5.0 9.6 12.2
11.9
ROAE (%)
21.9 13.0 2022
14.4
11.4
5.3
67.3
11.2 16.1 21.9
NPF (%)
1.00
4.01 3.53 2.32
1.72 1.25 1.00
Car Heavy Motorcycle Property and
Equipment Others
2022
2021 67.3% 13.0% 11.9% 7.8%
2020
Industry Average
14
> 12,000 Active Agents

Outlets
282
in Indonesia, including 45 sharia
representative branches sharing
premises with conventional branches
Outlet Region (%)
Java, Bali & Nusa

Tenggara (including
Greater Jakarta) 53.2
Eastern Indonesia 19.2
Sumatra 17.0 Employees Active Contracts

Kalimantan 10.6
10,111 558,187
Shareholders (%) Awards

Asiamoney AOCP Awards 2022
Trinugraha Capital Indonesia Outstanding Company in Financials Sector based
& Co SCA 48.15 on the “Asia’s Outstanding Companies Poll 2022”
18th Infobank Multifinance Awards 2022
PT BFI Finance • First Rank in the category of Multifinance Companies with
Indonesia Tbk* 5.81 Assets of Rp10 Trillion and Above
• “The Best Performance” with the highest score in the category
Others (each below 5%) 46.04 of Multifinance Companies with Assets of Rp10 Trillion and
Above
• Infobank Titanium Trophy 2022 for the category of Multifinance
Companies with Assets of Rp10 Trillion and Above with
“Excellent” Rating for 15 years in a row (2007-2021)
* Result of the Company’s stock
buyback program in line with the 11th Infobank Digital Brand Awards 2022
EGMS resolution on 15 April 2015 • Golden Trophy for the title of “The Best Digital Brand 2018–
2022”
and the remaining treasury stock
• “2nd Best Overall Multifinance Company” based on the results of
after the MESOP implementation Digital Brand Index Survey 2022
based on the EGMS resolution on
29 June 2022 Bisnis Indonesia Financial Award (BIFA) 2022
“Most Efficient Multifinance” Category, “Multifinance Go Public”
Subcategory

2022 Performance Highlights
16
2022 Performance
Highlights
In its 40th year in the industry, BFI Finance

proved its competitive edge with its best
financial performance to date.

KEY FINANCIAL
HIGHLIGHTS
Figures in the tables and graphs below are presented in billion rupiah (unless stated otherwise).
Table 1 Financial Performance Highlights and Ratios
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Financing Income 4,302 3,821 5,117
Others 268 302 266
Total Income 4,570 4,123 5,383
Salaries and Benefits 1,122 1,023 1,325
Interest and Financing Charges 871 570 624
General and Administrative 536 647 771
Provision for Impairment Losses 1,058 435 367
Others 113 37 57
Total Expenses 3,700 2,712 3,144
Profit Before Tax 870 1,411 2,239
Income Tax Expense 168 280 432
Profit for the Year 702 1,131 1,807
Other Comprehensive Income for the Year -

Net of Tax 126 67 14
Total Comprehensive Income for the Year 828 1,198 1,821
Consolidated Statement of Financial Position
Cash and Cash Equivalents 1,415 969 1,073
Net Financing Receivables 12,700 13,683 19,562
Other Receivables - Third Parties 155 87 163
Derivative Assets - - 103
Fixed Assets - Net 606 607 659
Intangible Assets - Net 43 56 140
Other Assets 282 234 230
Total Assets 15,201 15,636 21,930
Fund Borrowings - Third Parties 4,795 4,789 10,247
Securities Issued - Net 2,979 2,488 1,581
Other Payables 821 929 1,346
Total Liabilities 8,595 8,206 13,174
Equity 6,606 7,430 8,756
Total Liabilities and Equity 15,201 15,636 21,930
18
Shares Data
Share Outstanding (million) 15,967 15,967 15,967
Basic Earnings per Share (Full Amount of Rupiah) 47 76 121
Dividend per Share (Full Amount of Rupiah)1 18 17 See Note 1
Ratios
Profitability
Return on Average Assets (ROAA)2 5.0% 9.6% 12.2%
Return on Average Equity (ROAE)3 11.2% 16.1% 21.9%
Profit for the Year / Total Income 15.4% 27.4% 33.6%
Asset Quality
NPF (including Joint Financing) - Gross 1.72% 1.25% 1.00%
Allowance for Impairment Losses on

Managed Receivables 7.1% 5.8% 4.1%
Coverage of NPF 4.1x 4.6x 4.1x
Liquidity
Current Ratio4 1.6x 1.9x 1.6x
Solvency
Liabilities to Assets Ratio5 0.6x 0.5x 0.6x
Liabilities to Equity Ratio6 1.3x 1.1x 1.5x
Gearing Ratio7 1.2x 1.0x 1.4x
Other Relevant Financial Ratios
Financing-to-Assets Ratio 83.6% 87.5% 89.2%
Equity-to-Paid-up-Capital Ratio 1,654.9% 1,861.4% 2,193.5%
Operational Efficiency Ratio 82.4% 66.5% 59.0%
Other Information
Number of Outlets8 391 319 282
Number of Employees9 8,995 9,450 10,111
1. Final dividend per share for 2022 is pending the 2023 GMS resolution
2. Profit Before Tax / Average Assets
3. Profit for the Year / Average Equity
4. Current Assets / Current Liabilities
5. Total Liabilities / Total Assets
6. Total Liabilities / Total Equity
7. (Fund Borrowings and Securities Issued) / Equity
8. Comprising conventional branches, kiosks, and sharia representative branches. Figures for 2021 and 2020 have been restated. Prior
to 2022, sharia representative branches were counted as conventional branches. Starting from 2022, in line with licenses obtained
from OJK, sharia representative branches are counted separately from conventional branches.
9. For 2022, comprising 10,012 employees of BFI Finance and 99 employees of FIT

SHARE HIGHLIGHTS
Table 2 History of Share Issuance
New Shares Outstanding

Corporate Action Period Issued Shares
(million) (million)
IPO @Rp5,750 April 1990 2.1 10.5
1-for-10 Stock Dividend January 1993 1.2 11.7
17-for-20 Stock Bonus July 1993 9.9 21.6
1-for-3 Stock Dividend January 1994 7.2 28.8
1-for-1 Rights Issue @Rp1,500 May 1994 28.9 57.7
2-for-1 Rights Issue @Rp1,000 March 1997 115.4 173.1
2-for-1 Stock Split September 1997 173.1 346.2
New Shares from Mandatory Convertible August 2002 -

Bonds Conversion May 2006 414.2 760.4
2-for-1 Stock Split August 2012 760.3 1,520.7
MESOP Phase I - Grant Date 1 May 2013 5.9 1,526.6
MESOP Phase I - Grant Date 2 May 2014 23.3 1,549.9
MESOP Phase II - Grant Date 1 May 2015 16.0 1,566.0
MESOP Phase II - Grant Date 2 May 2016 30.8 1,596.7
10-for-1 Stock Split June 2017 14,370.4 15,967.1
Table 3 Share Price Summary
Share Price (Rp) Transaction Volume Market Capitalization

(million units) (Rp billion)
Period Highest Lowest Closing
2021 2022 2021 2022 2021 2022 2021 2022 2021 2022
1st Quarter 835 1,460 560 1,130 655 1,280 4,736 2,382 10,458 20,438
2nd Quarter 1,015 1,375 600 935 890 1,095 4,917 1,712 14,211 17,484
3rd Quarter 1,230 1,320 790 990 1,005 1,150 6,097 1,100 16,047 18,362
4th Quarter 1,215 1,150 910 965 1,175 1,055 3,009 699 18,761 16,845
20
Graph 2 Share Performance
2,000,000,000 2021 2022 2,000
1,000,000,000 1,800
1,600
500,000,000
1,400
200,000,000
1,200
100,000,000
1,000
50,000,000
800
20,000,000
600
10,000,000
400
5,000,000
200
2,000,000
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Volume Closing Price
BFI Finance had a market capitalization of Rp16.8 Corporate Action

trillion as at end of 2022, 10.2% lower than its value
as at end of 2021 which was Rp18.8 trillion. The
total number of BFI Finance shares traded in 2022 The Company established and implemented
was 5.9 billion shares, worth Rp7.1 trillion. MESOP (Management and Employee Stock
Ownership Program), derived from the Company’s
Treasury Shares, to a maximum of 75 million
Comparison between Share Price shares. The execution date was 11 October 2022,
Performance of BFI Finance (BFIN) with an execution value of Rp500 per share.
and the Composite Share Price Index
The Company distributed cash dividends
(IHSG) in 2022 amounting to a total of Rp17 (full amount) per share
or equivalent to Rp254 billion from the 2021 net
Trading of BFIN shares opened on 3 January
income. Dividend amounted at Rp7 (full amount)
2022 with a price of Rp1,160 and closed on
per share amounting to Rp105 billion distributed to
30 December 2022 with a price of Rp1,055 per
the shareholder of the Company on 23 December
share, reflecting a decrease of 9.05%. Meanwhile,
2021. The remaining balance amounted of Rp10
the IHSG throughout 2022 rose by 4.09% from
(full amount) per share amounting to Rp149 billion
the level of 6,581.48 to 6,850.62. This reflects a
distributed on 28 July 2022.
decrease compared to the performance of IHSG
in 2021 that strengthened 10.07%. Indonesia’s
The Company also approved interim cash dividend
stock market capitalization reached Rp9,499 trillion,
for the financial year of 2022 amounted at Rp28
which was an increase of 15.06% over the course
(full amount) per share amounting to Rp421 billion
of 2022. IHSG’s performance throughout 2022 was
distributed on 22 December 2022.
among the top three for stock exchanges in Asia,
after India and Singapore.
Apart from the above, in 2022 the Company did
not conduct any other corporate actions that
might affect the trading of its shares on the stock
exchange.

Suspension and/or Delisting Structure of Shareholders
The trading of BFIN shares was never suspended As of 31 December 2022, Trinugraha Capital & Co
in 2022. SCA (controlling shareholder profile can be seen
in the Company Profile chapter page 100) was the
controlling shareholder of BFI Finance with 48.15%
ownership. The structure of shareholders with
ownership of 5% or more as of 31 December 2022
are detailed below:
Table 4 Structure of Shareholders
2022
Shareholders Total Shares Nominal %
Amount (Rp)
Trinugraha Capital & Co SCA 7,688,125,938 192,203,148,450 48.15
PT BFI Finance Indonesia Tbk* 927,732,000 23,193,300,000 5.81
Others (each below 5%) 7,351,257,682 183,781,442,050 46.04
Total Issued and Fully Paid-up Capital 15,967,115,620 399,177,890,500 100.00
Graph 3 Composition of Shareholders (%)
48.15
5.81
Trinugraha Capital & Co SCA
46.04 PT BFI Finance Indonesia Tbk*
Others (each below 5%)
* Result of the Company’s stock buyback program in line with the EGMS resolution on 15 April 2015 and the remaining treasury stock
after the MESOP implementation based on the EGMS resolution on 29 June 2022
22
Dividend Payment History
The Company’s dividend payment history for the past five years is as follows:
Table 5 Dividend Payments for the Last Five Years
Fiscal Year 2018 2019 2020 2021 2022
Date of - - - 6 December 2 December

BOD Meeting 2021 2022
Date of GMS 28 May 2019 29 June 2020 25 May 2021 29 June 2022 *
Dividend per Share (in full amount - rupiah currency)
Interim** - - - 7 28
Final 49 12 18 10 ***
Total 49 12 18 17 28
Payout Ratio 49.9% 25.2% 38.4% 22.5% ***
Payment Date
Interim** - - - 23 December 22 December

2021 2022
Final 28 June 2019 29 July 2020 25 June 2021 28 July 2022 ***
Total of
Dividend
(Rp billion) 733 180 269 254 421
* Pending decision on the date of 2023 GMS

** Interim cash dividend was determined at the BOD Meeting
*** Payment of final dividend for 2022 shall be determined during the 2023 GMS

BONDS HIGHLIGHTS
The Company’s securities that were issued in the last five years and listed on IDX are as follows:
Table 6 Bonds Issuance for the Last Five Years
Amount
Debt Securities Date Listed Effective Bond Total Issued Due Status
Issued on IDX Date Rating (Rp billion) (Rp billion) Date
Obligasi Series A: 188 6 July Paid

Berkelanjutan 2019
IV BFI Finance 27 June A+(idn) 740
Indonesia Series B: 2018 552 26 June Paid
Tahap I 2021
Tahun 2018
Obligasi Series A: 500 2 March Paid

Berkelanjutan 2020
IV BFI Finance 25 February 7 June 2018 A+(idn) 1,000
Indonesia Series B: 2019 (No.S-67/ 500 22 February Paid
Tahap II D.04/2018) 2022
Tahun 2019
Obligasi Series A: 437 18 September Paid

Berkelanjutan 2021
IV BFI Finance 8 September A+(idn) 832
Indonesia Series B: 2020 395 8 September Not yet
Tahap III 2023 due
Tahun 2020
Obligasi Series A: 200 8 June Paid

Berkelanjutan 2022
V BFI Finance 31 May A+(idn) 600
Indonesia Series B: 2021 400 28 May Not yet
Tahap I 2024 due
Tahun 2021
21 May 2021
Obligasi Series A: (No. S-66/ 210 16 August Paid
Berkelanjutan D.04/2021) 2022
V BFI Finance
Indonesia Series B: 9 August A+(idn) 1,000 260 6 August
Tahap II 2021 2023 Not yet
Tahun 2021 due
Series C: 530 6 August
2024
24
IMPORTANT EVENTS IN 2022
January
10 National Kick-off Meeting 2022 themed

“Building the Next Chapter: Spirit of
Future Ready” held online
20 Trinugraha Capital & Co SCA (TCC)

as the controlling shareholder of BFI
Finance issued a “Voluntary Tender Offer
Statement” (Information Disclosure)
announcement in Investor Daily and Bisnis
Indonesia
26 Signing of Installment Loan 5 (Committed)

credit facility with a maximum credit limit
of Rp1 trillion for a three-year period and
an additional Multi-Facility Credit worth
Rp350 billion with Bank Central Asia
(BCA) in Jakarta
February
3-4 Continuation of Covid-19 Vaccination

Program for the general public (adults and
children aged 6-11), employees and their
families, in collaboration with SehatQ,
located at Qbig BSD City, Tangerang
Regency
18 BFI Finance’s Disclosure of Information

to OJK regarding TCC’s plan as the
controlling shareholder to make a
Voluntary Tender Offer (VTO) for the
Company shares
27 Participation in Sport (Run) Tourism in

Belitung, Bangka Belitung Islands

March
19-27 BFI RUN & RIDE CHALLENGE 2022 as

part of a series of activities ahead of BFI
Finance’s 40th Anniversary
31 Two-day Covid-19 Booster Vaccination

Program for the general public, business
partners, employees and their families, in
collaboration with SehatQ, located at Qbig
BSD City, Tangerang Regency
April
7 • Celebration of BFI Finance’s

40th Anniversary with hashtags
#BFIFinance40th and
#IamReadyfortheNextChapter
• Handover of the donation of an
ambulance unit to Sekolah Relawan
Foundation to assist underprivileged
people living in remote areas to gain
access to health services
18-26 BFI RIDE to Share held simultaneously in

various regions of Indonesia in the form of
cycling activities while sharing Ramadan
Takjil for the community around the
branches
22 GENFI Blessings of Ramadan event

entitled “Sharing the Happiness of
Ramadhan 1443H”, in collaboration
with a business partner involving 300
orphans from various foundations in South
Tangerang
May

Solo, Central Java, and a talk show on
finance, namely “Accelerating National
Economic Recovery through Inclusive
Financial Literacy”
26
June

Banjarmasin, South Kalimantan
16 Signing of a loan facility agreement worth

Rp500 billion with Bank DKI at BFI Tower,
South Tangerang
25 BFI RIDE Yogyakarta 2022 was held

with the theme “Gowes Bareng Sedulur”
(Cycling with Friends)
29 2022 AGMS and EGMS, held online at BFI

Tower, South Tangerang
July
1 OJK approval for the appointment of

Jerry Ng as the Controlling Shareholder of
PT BFI Finance Indonesia Tbk based on
the results of the fit and proper test
12 Press conference for the return of BFI

RUN in 2022, held in South Jakarta
20 Free health check-up for the community in

Cikeuling, Babakan Raden Village, Bogor
Regency, West Java, in collaboration with
Sekolah Relawan Foundation
August
14 BFI RUN 2022, entering its fifth year,

was held and attended by around 4,000
runners, started and finished at Qbig
BSD City, Tangerang Regency
18 “Breakfast with BFI: Eat, Music, Chat”

event, a convivial event with partners of
four-wheeled dealers, held at Carsentro
Semarang, Central Java

September
6 Media Luncheon as a convivial event

between the Directors of BFI Finance and
FIT (Pinjam Modal) and journalists from
various national mass media in Central
Jakarta
10 Organizing BFI Finance Harpelnas Ride,

a cycling event with employees,
consumers, and business partners, to
celebrate the National Customer Day which
was commemorated every 4 September
14-17 Participation in Mining Indonesia 2022

Exhibition at the Jakarta International
Expo (JIExpo) Kemayoran, Central Jakarta
15-19 Organizing the “Gerakan 1000 Seragam

Sekolah Anak Bangsa” (One Thousand
School Uniforms for Children of the Nation
Movement) by donating 1,000 packages
of elementary school uniform for 10
schools in the area of Lumajang, East
Java, and Balaraja in Tangerang, Banten
23 Signing of a syndicated loan agreement

between four Regional Development
Banks (BPD) and BFI Finance worth
Rp1.6 trillion, with Bank DKI as the
Mandated Lead Arranger
October

Manado, North Sulawesi, and organized a
short talk show on finance
11 Transfer of 75 million treasury stock

through MESOP at a price of Rp500
per share for qualified employees
12-15 Participation in ALLPRINT INDONESIA

2022 Exhibition at JIExpo Kemayoran,
Central Jakarta
14-16 Participation in APPI’s Multifinance Day

2022 in Bandung, West Java
17 National Grand Launching of BFI New

Mindset by the Company’s management
27 The Annual Public Expose of BFI Finance,

held online at BFI Tower, South Tangerang
28
November
5 BFI Srikandi program in Surabaya, East

Java, aimed at serving women, especially
owners of MSMEs, in securing financing
for motorcycles
12-26 Planting program of thousands of

mangrove seedlings through BFI RIDE to
Plant Mangrove in 5 new locations and
second planting in 3 previous locations
by dozens of volunteer employees on the
coasts of Indramayu and Cirebon (West
Java), Brebes and Semarang (Central
Java), Surabaya and Gresik (East Java),
Makassar (South Sulawesi), and Benoa
Bay in Badung, Bali
26-27 Free health check-up and distribution of

mini health kits during Car Free Day for
the general public in Lamongan, East Java
December
16 Free health check-up and aid handover to
5 Organizing SENSASI BFI (Senang earthquake victims in Cianjur, West Java,
Bersama BFI/Happy with BFI) Talk event in collaboration with Sekolah Relawan
entitled “Sharing Stories & Experiences” Foundation
for consumers of MSMEs, with Didi
Christophe, owner of OPIA, as a speaker, 18 BFI RIDE Bali 2022 was held with the
held online theme “Gowes Bareng di Pulau Dewata”
(Cycling Together on the Island of the
7 Opening of an online Microsoft Gods)
curriculum-based digital skills training
program entitled “Creative Teachers Go 22 Free health check-up for the community
Digital”, participated by 34 teachers from in Cibogo Sebrang, Ciseeng Subdistrict,
10 elementary and secondary schools in Bogor Regency, West Java, in
various Indonesia regions, in collaboration collaboration with Sekolah Relawan
with Orbit Future Academy Foundation
11 BFI Srikandi program in Medan, 30 Signing of Installment Loan 6 (Committed)

North Sumatra, themed “Healthy with credit facility with a maximum credit limit
Community”, in the form of healthy walks, of Rp2 trillion for a three-year period and
free health check services, and local stage the amendment of Multi-Facility Credit
entertainment limit worth Rp800 billion with Bank BCA in
Jakarta

AWARDS AND
RECOGNITION
18th Infobank Multifinance

Awards 2022
• First Rank in the category of

Multifinance Companies with
Assets of Rp10 Trillion and
Above
• Infobank Titanium Trophy
3rd Indonesia’s Most 2022 for the category of
Popular Digital Financial Multifinance Companies with
Brands Awards 2022 Assets of Rp10 Trillion and
Asiamoney (Millennial’s Choice) Above with “Excellent” Rating
AOCP Awards 2022 for 15 years in a row (2007-
Titled “Most Popular 2021)
Indonesia Outstanding Digital Financial Brand in • “The Best Performance”
Company in Financials e-Customer Services” for with the highest score in
Sector based on the “Asia’s Multifinance category the category of Multifinance
Outstanding Companies Companies with Assets of
Poll 2022” The Iconomics, Rp10 Trillion and Above
24 February 2022, held in
Asiamoney.com, a hybrid manner (in Jakarta Infobank magazine, 28 July
21 September 2022 and online) 2022, in Jakarta
The 5th Indonesia Sales &

Marketing Award 2022
“The Best Sales Marketing for

Public Company 2022” with
Platinum rating, in Go Public
Multifinance Company category
Economic Review magazine,

18 March 2022, held online
30
Indonesia Corporate
Secretary & Corporate
Communication Award
(ICCA)–VII–2022
Gold Award for “The Best

Annual Report for Public
Company” category
11th Infobank Digital Brand Economic Review magazine,

Awards 2022 22 April 2022, held online
• Golden Trophy for the title

of “The Best Digital Brand
2018–2022”
• Titled “2nd Best Overall
Multifinance Company”
based on the results
of Digital Brand Index
Survey 2022
Infobank magazine and

Isentia, 7 April 2022, held in a
hybrid manner (in Jakarta and
online)
The 13th IICD Corporate

Governance (CG) Award
2022
“Top 50 Big Capitalization

Public Listed Company”
(Big Cap PLCs) with the best
governance practices
The 10th Brand Finance Bisnis Indonesia Financial Indonesian Institute for
Indonesia Top 100 Most Award (BIFA) 2022 Corporate Directorship (IICD),
Valuable Brands 2022 27 May 2022, in Jakarta
• “Most Efficient
Silver category with Multifinance” Category,
“AA-” rating and brand value “Multifinance Go Public”
assessment of USD 90 Subcategory
million • “Best CEO Multifinance”
Category for
Brand Finance Indonesia Francis Lay Sioe Ho,
and Investor magazine, President Director
28 September 2022,
held online Bisnis Indonesia, 13 October
2022, in Jakarta

Reports to Stakeholders
32
Reports to
Stakeholders
With more advanced systems, procedures

and infrastructure, we have been able to
serve the needs of our external and internal
stakeholders with clarity and agility.

Kusmayanto Kadiman
President Commissioner
34
REPORT OF THE BOARD OF

COMMISSIONERS
The Company successfully tapped into the momentum of recovery

to surpass the industry’s average growth.
Dear Valued Stakeholders, path: having shown gradual recovery in 2021,

it expanded in double digits in 2022.
First and foremost, we would like to express our
gratitude for your continued trust and support
in what we do. On behalf of the Board of Evaluation of BOD’s Strategy
Commissioners, I would like to take the opportunity
to share the story of our journey in 2022—what has
been done and how the Company had transformed Our BOD has always strived to build a company
over the year. that is both innovative and agile. This is all the
more relevant now, with fintech changing the ways
Two years after the pandemic was declared, the traditional financial businesses operate. In line
world finally began to gradually move on and with the Company’s target of becoming a tech-
learn to live with Covid-19. Borders gradually enabled financial institution, the BOD has put in a
reopened and social restrictions lifted by the end Three-Tiered Strategy focusing on building a digital
of 2022. However, the year also brought with it business model which involves testing and scaling
another set of challenges. The Russia–Ukraine a digital-first business model, the modernization
war has been a bruising one for the world at of the core business by leveraging on digital and
large. It sent shockwaves throughout the global analytics, and honing our origination strategy to
markets, especially in food and energy sectors. maintain our leading position in the industry.
It also spurred a commodity boom, lifting natural
resources industry players, such as those in mining, Whilst we are still at early stages, we have already
construction, plantation, and forestry, out of their seen improvements in how we work. We have
slump. But billions of people in both advanced and increased productivity in key functions, from leads
developing countries grappled with soaring prices, to collections. This strategy has been credited with
and central bankers scrambled to contain the reductions in lead processing time, better customer
economy from overheating. convenience and satisfaction, and stronger
portfolio quality.
We applaud the measures by the Indonesian
government and relevant authorities to safeguard The long-term benefits will, of course, go beyond
the nation against inflationary headwinds. At that. While the investment is substantial, the
5.51%, Indonesia’s year-on-year inflation was modular nature of this scope allows it to be
one of the lowest among G20 economies. Bank done in small increments, and upscaled when
Indonesia was quick to raise its policy rate, the needed. It will broaden our products’ reach and
BI7DRR, from 3.5% to 5.5%. Indonesia’s well- accessibility, streamline our expenses, and reduce
managed monetary environment, coupled with our dependence on physical resources.
record-high exports, resulted in GDP growth of
5.3%. The multifinance industry traced a similar The BOC is pleased to report that, based on our
supervision, the initiatives of the BOD and the

management in 2022 is instrumental in shaping BFI In 2022, the Company distributed dividends twice,
Finance into an institution that is better prepared worth around Rp38 per share, or Rp571 billion in
to thrive in the new business landscape. This is total.
evident in the BOD’s success in managing risks
that resulted in BFI Finance posting a resounding
financial results in 2022. Good Corporate Governance
Performance
Supervision of BOD’s Strategic Risk management reinforcement was the major
Execution in 2022 GCG theme in 2022, and it continues into 2023.
In our supervision of BOD’s strategy and execution,
The first aspect the BOC would like to highlight we urged that a risk-aware culture be instilled in
from BFI Finance’s 2022 journey is risk our daily conduct. The establishment of several
management. In 2022, the BOD introduced risk management divisions made identifying and
several reinforcements into the Company’s risk controlling risks an inherent part of everyone’s duty.
management system by establishing several We emphatically support this approach, essential
divisions focused on dealing with different for building a foundation for future sustainable
categories of risk: credit, operational, and growth.
sustainable business development.
In 2022, the BOC continued to hold meetings in
Secondly, using machine learning, our personnel hybrid mode. Via online and offline methods, the
can identify and address a range of issues, from BOC was able to conduct proper supervision of the
credit scoring to collectibility deterioration, in less BOD and the management’s strategy execution,
time and with greater efficacy. By end of 2022, and advise the BOD in certain matters. The two
as our new financing and our total managed Independent Commissioners among us oversaw
receivables grew by 52.7% and 40.7% year-on- that the Company protect and attend to minority
year, respectively, NPF (gross) declined from 1.25% shareholders’ rights.
to 1.00%.
Our membership composition changed throughout
The Company successfully tapped into the 2022 due to one of our members, Cornellius Henry
momentum of recovery in car and motorcycle Kho, reaching the end of his tenure. At the EGMS
financing. It also took advantage of the on 29 June 2022, the shareholders approved his
opportunities in heavy equipment, property, and departure from his position as Commissioner. We
sharia financing, to deliver meaningful results. would like to express our highest appreciation
Thanks to the wide reach of both branch and non- to Cornellius Henry Kho for his long-term and
branch networks, and the flexibility of our approach outstanding contribution to the Company. We wish
to customers, the BOC is happy to note that him all the best in his future endeavors.
BFI Finance’s performance in assets growth and
profitability surpassed the industry’s. In discharging our duties, the BOC received
the assistance from its committees: the Audit
To continue to better serve our customers, we Committee, the Risk Oversight Committee, and the
need to invest in people. From the start, our people Nomination and Remuneration Committee. Each
have been the constant force that made us who we had supervised the management’s actions within
are. While key competencies have shifted in this their respective remit, and delivered their reports
digital era, the quest for securing, developing, and and recommendations to the BOC. Furthermore,
retaining high-performing talents remains pertinent we have made sure to update the BOC and the
as ever. Management did exceptionally well in this committees’ charters, in keeping with regulatory
area. Anticipating future needs for digitally-skilled requirements.
workforce, the Company ramped up its recruitment
of qualified talent, and enriched its training Through these committees’ work, the BOC kept
programs to upskill and reskill existing personnel. abreast of the Company’s latest developments
and issues requiring immediate attention. The
Lastly, we wish to reiterate that BFI Finance committees’ have performed effectively, as reflected
continues to maintain its position as the largest in the Company’s audited financial statements, risk
independent multifinance company in Indonesia. levels and assessment results, minimum reports
In 2022, we secured Rp10 trillion in syndicated and on fraud, as well as nomination and remuneration
standalone loan facilities from several reputable practices. We take pride in the positive perception
financial institutions. This demonstrated the trust from the market and the regulators of our corporate
we obtain from the investment and financial governance. We received recognition from the
community. In return, notwithstanding market Indonesian Institute for Corporate Directorship (IICD)
turbulences in recent years, we have consistently as one of the “Top 50 Big Capitalization Public Listed
delivered value to our shareholders through our Companies” with the best corporate governance
dividend payments. practices at The 13th IICD Corporate Governance
(CG) Awards 2022.
36
View on Business Prospects conservative one while creating the least friction,
and we appreciate the BOD’s attention to building
agility as a competitive edge.
As we continue to widen and improve our tech
capabilities in the coming years, the BOD has The BOC concluded that the BOD’s business plans
prepared the business plan for 2023, focusing on and targets are well-aligned with the Company’s
three objectives: accelerating digital transformation, long-term goals. With digital transformation at
future-proofing the workforce, and strengthening their core, these plans are audacious in vision,
risk management as the guardrails. All three yet thoroughly detailed and circumspect in
are instrumental in securing and expanding BFI implementation. We are confident these plans will
Finance’s market share in the multifinance industry. see BFI Finance progress at a reasonable speed,
and we call for the collaboration of everyone
Household consumption will remain the engine of involved to bring them to fruition.
Indonesia’s growth, projected at 4.9% for 2023.
Should export commodity prices stay elevated,
the government will have ample fiscal room to Closing
stimulate economic activities. The multiplier effect
from strong commodity sector will drive up demand
for heavy equipment and sustain small businesses We appreciate our shareholders for their mandate
that proliferate around commodity players. An to supervise the Company’s business. What
across-the-board rebound will be favorable to the BFI Finance had achieved in 2022 was due
financing market’s rise towards new heights. to the tactical effort and tireless endeavor of
the management and all employees. They had
However, we are watchful of the looming global worked in concert with our business partners,
recession on top of a political year domestically. regulators, and all stakeholders. Finally, we thank
The Company must be ready to deploy a strategy our customers for trusting BFI Finance. We commit
to protect market share and financing quality amid ourselves to working together, building a financial
a high-rate and low-liquidity environment. We services industry that contributes to the nation’s
cannot overstress the need to possess the agility to common prosperity.
shift gear from an expansionary approach to a more
On behalf of the Board of Commissioners of

PT BFI Finance Indonesia Tbk,
Kusmayanto Kadiman

BOARD OF COMMISSIONERS
Alfonso Napitupulu Kusmayanto Kadiman

Independent Commissioner President Commissioner
38
Johanes Sutrisno Sunata Tjiterosampurno Dominic John Picone

Independent Commissioner Commissioner Commissioner

Francis Lay Sioe Ho

President Director
40
REPORT OF THE BOARD OF

DIRECTORS
The strong growth allowed the Company to increase its Total Assets
by 40.3% to Rp22 trillion, Net Receivables by 43.0% to Rp20 trillion,
improve profitability margins by double digits, and boost Net Profit
to Rp1.8 trillion, the highest in our 40-year history.
Dear Shareholders and Stakeholders, pandemic first hit, we focused on dealing with the
risk parameter to our portfolio quality and business
Indonesia’s economy experienced a resurgence in continuity. However, we also decided to foster,
2022, driven by robust domestic consumption and organisation-wide, the agile and innovative mindset
higher coal and CPO prices. The two commodities we had initiated a few years earlier, in anticipation
brought the country’s trade balance to an all-time of “a new normal” in multifinance business.
high, as GDP increased by 5.3%, an improvement
from 3.69% in 2021. A crucial component of this As the pandemic intensified, we worked
broad-based economic revival was two initiatives continuously to adapt and accelerate our
by the government: securing food and fuel technology-based strategy. With more advanced
supplies nationwide, and distributing subsidies systems, procedures and infrastructure supported
to the vulnerable. Both measures stemmed by the latest system development, we have been
inflationary pressures considerably throughout the able to pay better attention to the needs of our
year. external and internal stakeholders, and address
them with clarity and agility.
Such a resurgence gave opportunity for many
industries, from natural resources to manufacturing To ensure that our initiatives can be expanded
and services, to grow. The multifinance industry in the future, we have been actively recruiting
saw decent performance, growing by 13.0%. key digital tech talents and introduce new agile
Rising domestic consumption coupled with the ways of working. These initiatives have simplified
commodity growth had propelled the year-long rally our processes, extracted more value from our
of car, motorcycle, and heavy equipment sales, and data, streamlined our costs, and enhanced the
also the demand for their financing. Sharia-based productivity. Ultimately, they benefit our customers
financing also grew by 37.1%. by making our products and services more
accessible and tailored to their specific needs.
2022 Strategy and Execution BFI Finance’s employees have been able
to respond to the rapid changing business
environment throughout the pandemic. During this
BFI Finance has a long culture of strong corporate period, we saw businesses change swiftly and
governance and risk management. When the market dynamics shift. Our seamless transition

to hybrid working was supported by a solid development to subsequent enhancements,

infrastructure and connectivity that allowed branch adjusting them to suit our evolving business
and head office operations, including the most needs. In 2022, BFI Finance hired more than 100
critical credit functions, to flow without disruption. new employees to focus on tech, comprising data
That was a true test of how well our SOPs and scientists, programmers, systems architects, and
systems function, and was also the impetus to others needed to drive our digital transformation
speed up our tech initiatives. forward. We also conduct relevant training to equip
our people so they are competent with the new
In 2022, BFI Finance completed the “verticalization” tools and ways of work.
strategy, aimed at redefining each function’s roles
in highly specialized tasks, to sharpen focus and As we build our modern tech stack, we utilize
effectiveness. We started this change management digital enabled ecosystem, both within our
strategy in 2020, and we have enjoyed the benefits organization by setting up a team of systems- and
from it, the increases in productivity and growth design-thinkers, and outside of it by engaging
rates, as well as improvements in asset quality and tech-competent agents, dealers, and other service
cost structure. providers across the financial services industry.
Value-Adding Financial Achievements

Excellent Operations
By gradually changing our systems and Post-pandemic, we were able to perform better,
procedures, we have been steering changes in surpassing our previous achievements. Strong
the way we work as a company. This is seen growth across all product lines was recorded.
in our ongoing upgrading and expansion of On aggregate, New Financing reached Rp20.1
our infrastructure, both physical and digital. trillion in 2022, bringing our Total Managed
These enabled us to serve our partners—our Receivables to Rp20.5 trillion by end of year.
dealers, agents, the regulators, and certainly our Our marketing strategy to focus on Non-Dealer
customers—more optimally. Financing (NDF) was executed by ramping up
collaboration with digital aggregators, bringing
In Greater Jakarta region, we piloted machine in Rp15 trillion of New Financing, an increase of
learning-aided collection system, bolstering our 43.5% from 2021’s figure. Currently, NDF scheme
collection team’s productivity by around 20% during dominates our financing portfolio, accounting for
the trial period. We also introduced digital assistance 74.8% of New Bookings for 2022.
to our invoicing, e-KYC, and credit scoring functions,
among others, which helped enhance our staff’s We also improved in New Bookings for Motorcycle
decision-making in terms of accuracy and speed. and Heavy Equipment Financing due to the post-
Time-consuming processes can now be completed pandemic preference towards private transport,
in a matter of minutes, with much less room for error and the surge in demand for commodities,
and a higher level of security. These digitally-enabled respectively. Each contributed 11.9% and 13.0% to
functionalities were trialed in a few of our branches Total Managed Receivables as at the end of 2022.
to assess their feasibility for working across different Meanwhile, the Sharia Business Unit recorded
situations and settings. With the promising results a 95.0% New Booking growth, reaffirming the
we saw in 2022, we intend to scale it up to cover all strategic call we made to shift from non-collateral
our operations in 2023. to collateral-based offerings. In 2022, we obtained
OJK approval for one new product, further
enriching our portfolio in support of this segment’s
Modernize Core Tech to Cultivate future growth.
Digital and Advance Analytics
The strong growth from across the board enabled
the Company to boost Total Assets by 40.3% to
These challenges necessitated BFI Finance to
Rp22 trillion, Net Receivables by 43.0% to
recruit new talent to help build and steward, from
42
Rp20 trillion, and Total Income increased to 25 years and we are thankful for his outstanding
Rp5.4 trillion. This resulted in the improvement of contribution to the Company, both as Director
our profitability margins by double digits and our from 1997 to 2017 and Commissioner from 2017
Net Profit reached Rp1.8 trillion, the highest in to 2022. We wish him the very best in his future
our 40-year history. Our investment in impoving endeavors.
efficiency has brought excellent results.
Following the results of the Voluntary Tender Offer
(VTO) of the Company’s shares in March to April
Risk Management and 2022 by the Company’s Controlling Shareholder,
Corporate Governance Trinugraha Capital & Co SCA, we welcome Jerry
Ng as an additional Ultimate Beneficial Owner
Despite our balance sheet growth, we were able (UBO) and Controllling Shareholder through Bravo
to keep the Non-Performing Financing (NPF) Investments Limited, together with Garibaldi Thohir
level at 1.00% which was superior to the industry from Trinugraha Capital & Co SCA who had been
average of 2.32% at the end of 2022. In terms of the initial UBO of the Company. We look forward to
restructured loans, the proportion of restructured the guidance and cooperation from Jerry Ng.
receivables was reduced from its peak of 35.3%
(September 2020) to below 2% of total managed
receivables by the end of 2022, with active Business Outlook and Strategy
restructuring down to 0.3% of total portfolio.
Our strong financial position is testimony to our We are forging ahead with our digital transformation
consistent adherence to the code of conduct and roadmap. Many process enhancement projects
good corporate governance. In each interaction are in the pipeline. In tandem, we will scale up
with any stakeholder, we promote ethical and the initiatives that had been proven successful
prudent business practices, and employ a rigorous in trial phase. We look forward to integrating
internal audit and control mechanism to monitor their outcomes into BFI Finance’s unique value
the operational and financial conduct of our propositions. As we become more tech-conversant,
employees. BFI Finance is committed to aligning we aim to penetrate the wider market, especially
our operations with the highest industry standards the younger, savvier demographic. To gain traction
and the prevailing regulations. among the young, we must understand their
characteristics, and serve them with products
BFI Finance continues to practice high standard that suit their needs. To realize such a vision,
of corporate governance and preserve the investing in key talents, associated services, and
integrity of the Company, our processes, and infrastructure will be the priority for 2023.
our personnel. In 2022, to accommodate our
organizational restructuring through verticalization We welcome the government’s initiative to promote
and centralization, we formed new divisions under electric vehicles to achieve carbon neutrality by
the Enterprise Risk Directorate to oversee our new 2050. We recognize that EVs have quickly garnered
business development. interest among certain segments of the population,
and that sooner or later they will be commonplace
The BOD members continue to work under the on our roads. This is a new opportunity for
guidance of the BOC and its committees through companies like ours to see what role we can play
monthly meetings. We are thankful for the BOC’s and where we can add value to help grow the EV
supervision and counsel on these matters. market.
In 2022, the composition of BOD membership Indonesia’s economic growth in 2023 faces real
remained unchanged. On this occasion, we risk from the prospect of an anticipated global
would like to express our highest appreciation to recession. For us in the financial services industry,
Cornellius Henry Kho, who has reached the end greater vigilance is imperative. We must improve
of his tenure as Commissioner of BFI Finance upon our past performance while raising our
and expressed his will to retire. He has served for guard, and be quick to act should things take turn

for the worse. We will further reinforce our risk sound advice and close oversight, even in the
management structure, which was expanded in most challenging of times. Our employees, the
2022, by developing better tools to aid our risk powerhouse of our endeavors, deserve the
analysis. highest appreciation for keeping alive the spirit of
collaboration and innovation while working with
integrity and agility. We thank our agents, dealers,
Acknowledgments business partners, and our customers for taking
a part in the ecosystem we foster. May our future
collaborations create lasting value for us all.
We would like to express our thanks for the trust
and support from our shareholders and the BOC,
who had steadfastly stood by our side, providing
On behalf of the Board of Directors of

PT BFI Finance Indonesia Tbk,
Francis Lay Sioe Ho

President Director
44

BOARD OF DIRECTORS
Sutadi Sudjono Francis Lay Sioe Ho

Business Director Finance Director President Director
46
Andrew Adiwijanto Sigit Hendra Gunawan

Operations and Enterprise Risk Director
Human Capital Director

STATEMENT OF THE BOARD OF COMMISSIONERS

ON THE RESPONSIBILITY FOR THE 2022 INTEGRATED
ANNUAL REPORT OF PT BFI FINANCE INDONESIA Tbk
We, the undersigned, testify that all information contained in the 2022 Integrated Annual Report of
PT BFI Finance Indonesia Tbk has been presented completely and we are fully responsible for the
accuracy of the contents of the Company’s Integrated Annual Report.
This statement is hereby made in all truthfulness.
South Tangerang, 31 March 2023
Kusmayanto Kadiman
Johanes Sutrisno Alfonso Napitupulu

Independent Commissioner Independent Commissioner
Dominic John Picone Sunata Tjiterosampurno

Commissioner Commissioner
48
STATEMENT OF THE BOARD OF DIRECTORS

ON THE RESPONSIBILITY FOR THE 2022 INTEGRATED
ANNUAL REPORT OF PT BFI FINANCE INDONESIA Tbk
We, the undersigned, testify that all information contained in the 2022 Integrated Annual Report of
PT BFI Finance Indonesia Tbk has been presented completely and we are fully responsible for the
accuracy of the contents of the Company’s Integrated Annual Report.
This statement is hereby made in all truthfulness.
South Tangerang, 31 March 2023
BOARD OF DIRECTORS
Francis Lay Sioe Ho

President Director
Sudjono Sutadi
Finance Director Business Director
Andrew Adiwijanto Sigit Hendra Gunawan

Operations and Human Capital Director Enterprise Risk Director

Company Profile
50
Company
Profile
Brandishing the BFI New Mindset,

BFI Finance continues to improve its culture
to be more agile and adaptive to bolster its
business transformation forward.

Company Profile
GENERAL COMPANY
INFORMATION
Company Name Domicile Established

PT BFI Finance Indonesia Tbk South Tangerang, 7 April 1982
(abbreviated as BFI Finance) Banten Province,
Indonesia
Legal Basis of Establishment

The Company was established based on Deed
No. 57 made before Kartini Muljadi, S.H., Notary in
Jakarta. The deed of establishment was approved by
the Minister of Justice (now the Ministry of Justice and
Human Rights) of the Republic of Indonesia through
Decree No. C2-2091-HT.01.01.TH.82 dated
28 October 1982 and published in the State Gazette
No. 102 dated 21 December 1982, Supplement Stock Market
No. 1390. BFI Finance shares are listed
and traded on the IDX.
Authorized Issued and Fully

Capital Paid-up Capital Date of Ticker
Share Symbol
Rp500 Rp399.2 Registration BFIN
billion billion 16 May 1990
Share Ownership
Trinugraha Capital & Co SCA: 48.15%
PT BFI Finance Indonesia Tbk*: 5.81%
Public/Others (each below 5%): 46.04%
* Result of the Company’s stock buyback program in line with the EGMS resolution on
15 April 2015 and the remaining treasury stock after the MESOP implementation based on
the EGMS resolution on 29 June 2022
Memberships in Associations
Indonesian Indonesian Indonesian Financial Services PT Rapi

Financial Public Listed Employers’ Sector Alternative Utama
Services Companies Association Dispute Resolution Indonesia
Association Association (APINDO) Institution (LAPS SJK) (RAPINDO)
(APPI) (AEI)
52
Corporate Investor Relations Website

Secretary [email protected] www.bfi.co.id
[email protected]
Social Media Main Business Activities

• Investment Financing • Multipurpose Financing
BFI Finance • Working Capital Financing • Sharia Financing
@BFIFinance
Total Outlets
@bfifinance
PT BFI Finance
282
Indonesia Tbk
Comprising 203 conventional branches, 45 sharia
BFI Finance Official representative branches sharing premises with
the conventional branches, and 34 kiosks
@BFIFinanceOfficial
Total Employees Head Office

BFI Tower, Sunburst CBD Lot 1.2
10,111 Jl. Kapt. Soebijanto Djojohadikusumo
BSD City - South Tangerang 15322
Indonesia
of whom 10,012 worked at
(62-21) 2965 0300, 2965 0500
BFI Finance and 99 worked
at FIT (a subsidiary)
Call Center
1500018
Business Scale Total Total Total Net Market Share

As at 31 December 2022, Assets Liabilities Financing in the Indonesian
indicators of the Company’s Receivables Multifinance Industry
business scale are as follows:
Rp22 Rp13 Rp20 4.7%

trillion trillion trillion
Significant Changes in 2022

The Company recorded the highest-ever assets, No other significant changes to the Company’s
new bookings, and net income for the year in its line of business, scope of operations, or its
40-year history in the industry. The Company’s supply chains, took place in 2022.
shareholding structure was also changed, with the
addition of a new Controlling Shareholder in 2022.

Company Profile
COMPANY VISION
AND MISSION
VISION MISSION
To become a trusted partner in financial • To provide reliable and effective
solutions that contributes to the financial solutions to our customers
enhancement of people’s standard of • To deliver superior return-on-
living investment and sustain our reputation
as a trusted public company
• To provide an ecosystem that nurtures
future leaders of the organization
• To build long-term collaboration with
business partners, based on mutual
trust and benefit
• To contribute positively to the society
The Company’s Vision and Mission have been reviewed comprehensively to keep them up to date with the
Company’s dynamic business development. The Company’s BOC and BOD have approved this Vision and
Mission to be the Company’s objective of its business activities.
54
SUSTAINABILITY
VISION AND MISSION
VISION MISSION
SUSTAINABLE SUSTAINABLE
FINANCE VISION FINANCE MISSION
To become a multifinance company Capable of carrying out business
that is always at the forefront of activities in a sustainable manner,
the non-bank financial industry by supporting the development of
upholding its commitment to becoming entrepreneurs in the low- to middle-
a trusted partner in the public’s income groups to boost the local
financial solutions, paying attention to economy and social welfare by always
the balance of achieving economic, paying attention to environmental
social, and environmental sustainability, impacts
to support sustainable development
of the nation and improve the living
standards of the community wherever
the Company operates

Company Profile
BRIEF COMPANY
HISTORY
Establishment
BFI Finance is one of the pioneers in the financing The Company was granted the finance institution
sector in Indonesia. Initially established as PT business license as a leasing company from the RI
Manufacturers Hanover Leasing Indonesia, a joint Minister of Finance under the Decree No. KEP-038/
venture with Manufacturers Hanover Leasing KM.11/1982 dated 12 August 1982.
Corporation from the United States, the Company
was established on 7 April 1982 under the Notarial In 1986, PT Bank Umum Nasional and Essompark
Deed No. 57 made before Kartini Muljadi, S.H., Ltd., Hong Kong, took over Manufacturers Hanover
a Notary in Jakarta, and approved by the RI Leasing Corporation’s ownership of the Company,
Minister of Justice by virtue of its Decree No. C2- and later changed the Company name to PT Bunas
2091-HT.01.01.TH.82 dated 28 October 1982, and Intitama Leasing Indonesia, under the deed made
published on the State Gazette No. 102 dated before Inge Hendarmin, S.H., a Notary in Jakarta,
21 December 1982, Supplement No. 1390. MHLC’s dated 17 September 1986, and approved by the RI
shareholding in the Company was 70%, with the Minister of Justice by virtue of its Decree No. C2-
rest owned by Indonesian nationals. 6977.HT.01.04.TH.86 dated 7 October 1986, and
published on the State Gazette No. 94 dated
25 November 1986, Supplement No. 1451.
56
Development BFI Finance Today
In 1990, the Company became one of the first BFI Finance is now among the top multifinance
multifinance companies to list its shares at the companies in Indonesia, known for its widest
Jakarta Stock Exchange and Surabaya Stock coverage and product range, employing 10,111
Exchange (both now known as IDX), with the personnel in 282 outlets in 35 provinces.
ticker symbol of BFIN. The name and status of
the Company were adjusted to PT Bunas Finance BFI Finance has demonstrated a continuous
Indonesia Tbk. The Company also altered its growth, as made evident by the numerous awards
operating license to a multifinance company, it has won for its business performance, including
pursuant to the Decree of the RI Minister of Finance the title of “Multifinance Company with Excellent
No. 493/KMK.013/1990 dated 23 April 1990. Financial Performance” from InfoBank magazine
for 15 consecutive financial years (2007–2021),
After overcoming the 1997 Asian financial crisis, an achievement for which it received the Infobank
the Company successfully restructured its debts Titanium Trophy 2022.
in 2001 and changed its name to PT BFI Finance
Indonesia Tbk, under the Notarial Deed No. The Company once again received the Infobank
116 made before Aulia Taufani, S.H., previously Multifinance Awards 2022 in the category of
Sutjipto, S.H., a Notary in Jakarta, dated 27 June “Financial Companies with Assets of Rp10 Trillion
2001, that was approved by the RI Minister of and Above” with “Excellent” financial performance
Law and Human Rights by virtue of its Decree No. throughout 2022 and occupied the First Rank in the
C-03668.HT.01.04.TH.2001 dated 24 July 2001 and rating of 139 multifinance companies in Indonesia,
published on the State Gazette No. 35 dated 30 based on the survey results from Infobank
April 2002, Supplement No. 4195. Research Bureau in 2022.
On 20 February 2006, the RI Minister of Finance Internationally, the Company’s performance

amended the Company’s business license through received recognition from the prestigious online
the Decree No. KEP-038/KM.5/2006 to amend the media portal, Asiamoney.com, as Indonesia
business license previously granted to PT Bunas Outstanding Company in Financials Sector based
Finance Indonesia Tbk to the date of the approval on the “Asia’s Outstanding Companies Poll 2022”
of the Company’s name change to PT BFI Finance (AOCP 2022). Aside from earning accolades in
Indonesia Tbk under the Decree of the RI Minister terms of business and finance, BFI Finance has
of Law and Human Rights No. C-03668.HT.01.04. also received awards and accolades in other
TH.2001 dated 24 July 2001. fields, most notably in the areas of good corporate
governance, corporate secretary and corporate
The Company’s articles of association have been communications performance, as well as corporate
amended several times. The latest amendment branding.
was made under the Deed of Statement of Meeting
Resolution on the Amendment to the Articles of Details of the Company’s awards and accolades in
Association No. 19 dated 29 June 20220, made 2022 are presented in the Awards and Recognition
before Shanti Indah Lestari, S.H., M.Kn., Notary section in the 2022 Performance Highlights chapter
in Tangerang Regency, on the approval of the (pages 30–31).
amendments to Articles 3 and 15 of the Company’s
Articles of Association, which have been received As at 31 December 2022, Trinugraha Capital &
and registered in the database of the Legal Entities Co SCA was the controlling shareholder of BFI
Administration System of the RI Ministry of Law Finance, with a 48.15% stake.
and Human Rights by virtue of its Letter No. AHU-
0052483.AH.01.02.Tahun 2022 dated 27 July 2022. Since 2013, the Company’s Head Office has been
The announcement on the RI State Gazette is located in BFI Tower, Sunburst CBD Lot 1.2,
pending. Jl. Kapt. Soebijanto Djojohadikusomo, BSD City,
South Tangerang 15322, Banten Province.

Company Profile
MILESTONES
1982 1994 2006 2011
• The Company was • Conducted Limited • Amended the • Trinugraha Capital

founded under the Public Offering I Company’s & Co SCA became
name of (Rights Issue I) for business license to a controlling
PT Manufacturers 28,829,558 shares accommodate the shareholder with a
Hanover Leasing Company’s name 44.95% stake
Indonesia change • Obtained a rating of
• Obtained a finance • Full repayment ‘A(idn)’ from Fitch
institution business of debts under Ratings
license (leasing) debt restructuring
exercise
1990 2001 2007
• Obtained a multifinance • Completed financial • Conducted an initial

business license, which restructuring, resulting bond offering for BFI
was renewed in 1990 in a change of majority Finance Indonesia
• Conducted an Initial shareholder Bonds Year 2007 With
Public Offering on the • The Company changed Fixed Interest Rate
Jakarta Stock Exchange its name to PT BFI • Obtained a rating of
and the Surabaya Finance Indonesia Tbk ‘Baa1(id)’ from Moody’s
Stock Exchange Investors Service
(now Indonesia Stock
Exchange/IDX) with
ticker symbol of BFIN
by issuing 25% of
new shares (2,125,000
shares) offered to the
public at Rp5,750 per
share with nominal price
of Rp1,000 per share
• The Company’s status
and name was changed
to PT Bunas Finance
Indonesia Tbk
58
2015 2017 2020
• Conducted stock • Established of a • FIT obtained a Business

buyback program subsidiary, License from OJK as
to improve the PT Finansial the provider of IT-based
Company’s capital Integrasi Teknologi lending and borrowing
management (FIT), a company services
that provides
IT-based money
borrowing and
lending services,
based on the
peer-to-peer (P2P)
lending concept
2016 2018 2022
• Obtained the ‘AA-(idn)’ • The Company obtained • Trinugraha Capital & Co SCA (TCC) conducted
rating with Outlook the license from OJK to a Voluntary Tender Offer of the Company’s shares
Stable from Fitch run the Sharia Business • Mr. Jerry Ng became the Company’s controlling
Ratings from previously Unit by offering products shareholder upon passing the OJK’s fit and proper test
‘A+(idn)’ with Outlook marketed via online and • Transfer of 75 million treasury shares of the Company
Positive conventional channels to eligible management personnel and employees via
through its sharia MESOP
representative branches • The Company recorded the highest-ever assets, new
across Indonesia, bookings, and net income for the year in its 40-year
and launched two history in the industry
initial sharia financing
products, i.e., for umrah
and halal travel
• FIT was registered
on the OJK and
commenced operations
officially via Pinjam
Modal platform

Company Profile
CORE VALUES AND

CORPORATE CULTURE
G
GROW AND Definition: Continuing to improve oneself as a contribution
IMPROVE to the Company
CONTINUOUSLY This value is adapted into three main behaviors, namely:
Studious Innovative Proactive
R
RESPECT Definition: Cultivating mutual respect and care to maintain
AND CARE a positive work environment
This value is adapted into three main behaviors, namely:
Respect Positive Caring

Solutions
E
EXCELLENT Definition: Giving the best service to ensure internal and
SERVICE external customers’ satisfaction
Positive Responsive Professional

Attitude
A
ABSOLUTE Definition: Maintaining integrity in every action to maintain
INTEGRITY professional reputation of oneself and the Company’s
Honest Consistent Compliant
T
TRUST AND Definition: Maintaining a spirit of cooperation and mutual
TEAM SPIRIT trust to achieve mutual goals
Communicative Cooperative Synergistic
The Core Values underlying the Corporate Culture have been reviewed comprehensively to keep them
up to date with the Company’s dynamic business development. The Company’s BOC and BOD have
approved the Core Values and Corporate Culture to be the key guidelines for all employees in achieving
the Company’s objectives of its business activities.
60
In support of digital transformation process development and the implementation of such processes to
achieve BFI Finance’s goal of becoming a tech-based multifinance company, with full support from all of
the Company’s workforce at all levels, on 17 October 2022 the Human Capital (HC) Department launched
the “BFI New Mindset”. Accompanied by the #NewMindset hashtag, the three-point launch, which is
a statement of agreement among the management and all employees of the Company to adopt this
new mindset and behavior, consists of:
Dare to Try Empower and Listen, Speak Up,

and Learn Collaborate with and Take
Other Parties Responsibility
Definition: Possessing Definition: Proactive in Definition: Willing to listen

the courage to try new supporting others to carry and consider others’ opinions
approaches or new ways of out work according to the when making decisions, and
solving problems, and willing set targets, and establishing possessing a strong initiative
to learn from one’s own effective collaboration with to take responsibility for
successes or failures other parties to achieve the consequences of these
common goals decisions
The three new mindsets and behaviors of the Company’s workforce aim to complement the G.R.E.A.T.
Core Values and Corporate Culture, which remain applicable to this day. How the “BFI New Mindset”
is disseminated and applied among the employees is detailed in the Human Resources section of the
Sustainability chapter (page 272).

Company Profile
CORPORATE IDENTITY
Logogram
Company
Name
Logotype
The logo of BFI Finance has been designed to reflect the Company’s identity and values. The logo
comprises three main elements, namely logogram, logotype, and company name. In their usage for all
kinds of purposes, the logogram and the logotype are inseparable. The various configurations of placement
of the logogram, logotype, and company name, along with the color palettes that are allowed, are detailed
in a Corporate Brand Guidelines document in BFI Finance, titled “Brand Visual Identity”.
62
LINE OF BUSINESS
Business Activities
In accordance with POJK No. 35/POJK.05/2018 • Finance Lease;

(POJK 35) on Execution of Finance Companies’ • Sale and Leaseback;
Businesses, the Company’s scope of business • Installment Financing, or also known as
covers the following: Consumer Financing;
• Investment Financing; • Working Capital Facility;
• Working Capital Financing; • Funding Facility;
• Multipurpose Financing; and • Factoring (with recourse);
• Other financing activities approved by OJK. • Financing of projects, infrastructure, and others.
The scope of business of each of the above is Currently, the Company is engaged in the following
carried out through these means: business activities:
Table 7 The Company’s Business Activities
Type of Business Activities

Means of Financing
Investment Working Capital Multipurpose Other
Financing Financing Financing Financing
Non-Sharia Financing
Finance Lease √ X √ X
Sale and Leaseback √ √ X X
Consumer Financing √ X √ X
Working Capital X √ X X
Funding Facility X X √ X
Factoring X X X X
Project Financing and Others X X X X

Company Profile
Table 7 The Company’s Business Activities
Type of Business Activities

Means of Financing
Investment Sale and Purchase Services
Financing Financing Financing
Sharia Financing
Wadi’ah X X X
Mudharabah X X X
Musyarakah X X X
Murabahah X √ X
Salam X X X
Istisna X X X
Ijarah X X √
Ijarah Muntahiyah Bittamlik X X X
Qardh X X X
Al-Bai’ wa al-Isti’jar X X √
Based on the amendment to the Company’s 2. Non-Dealer Financing of Cars and

articles of association as stated in Deeds No. 6 and Motorcycles
No. 7 dated 25 October 2017, the Company is also Non-dealer financing was introduced in 2006
engaged in sharia-based financing activities based to serve the financing needs of the customers
on Article 4 of POJK No. 10/POJK.05/2019 on (car and motorcycle owners) directly, as well
Business Operations of Sharia Finance Companies as existing customers with repeat orders, new
and Sharia Business Units of Finance Companies customers referred by existing customers
(POJK 10), comprising: (Customer-Get-Customer program), or through
• Sale and Purchase Financing; independent sales agents and Telesales Call
• Investment Financing; and/or Centers (direct marketing and sales). The
• Services Financing. Company’s target market is the low-to-middle
income segment.
Business Segments Finance Lease

Finance Lease business includes financial services
aimed at individual and corporate customers who
In line with the division of business activities in purchase or engage in sale and leaseback of heavy
which the Company is engaged, as explained equipment, machinery, motor vehicles, and other
above, the types of business activities the equipment, in new or used condition. Customers of
Company conducts, by segment, are as follows: the Company’s Finance Lease business generally
come from the mining, trading, construction,
Consumer Financing services, agriculture, manufacturing, transportation,
Consumer Financing includes the financing of new infrastructure, and other sectors.
and used cars purchased via dealers, and financing
via the Company’s sales representatives (non-dealers) Sharia-based Consumer Financing
with used cars and used motorcycles as collateral. Sharia-based financing was started in 2018.
1. Financing of Cars via Dealers The Company’s Sharia Business Unit (SBU) has
Cars financing via dealers has been BFI’s core received approval from OJK to conduct and market
business for more than 25 years. This product, the use of deeds from sharia-based financing,
offered in almost all branches, provides namely:
financing facilities for new and used cars 1. Ijarah contract for umrah financing;
purchased via dealer partners. The financing 2. Ijarah contract for halal travel financing;
term ranges from one to up to four years, with a 3. Ijarah contract for financing of various services;
fixed interest rate. 4. Ijarah contract for education financing;
64
5. Murabahah contract for motorized vehicle All the above financing contracts are marketed
financing; online via BFI Finance Shyariah microsite, https://
6. Murabahah contract for financing of various syariah.bfi.co.id/, other digital marketing channels,
goods; and and conventionally via the sharia representative
7. Al-Bai’wa al-Isti’jar contract for sharia branches across 45 locations in various regions in
refinancing, for which the license was obtained Indonesia.
by the SBU pursuant to the approval letter
from OJK No. S-1027/NB.213/2022 dated 10 Pursuant to Article 12 of POJK 10, BFI Finance
October 2022. has established the Sharia Product and Business
Activity Development Committee since 2021,
As at 31 December 2022, the Company had seven chaired by the head of the SBU.
sharia financing products, all managed by the SBU.
However, during the course of 2022, the Company
focused on marketing these four products: Financing Product
1. My Hajat for financing of various services, such by Asset Type
as house/shophouse contract services, home
renovation, and consultancy; Consumer Financing and Finance Lease business
2. My Car Syariah for financing of used four- segments cover the following product portfolio by
wheeled motorized vehicles; asset type:
3. My Faedah for financing of various goods, such 1. New cars;
as construction material, household goods, and 2. Used cars;
other goods that are beneficial to society; and 3. Used motorcycles;
4. My B-Share for multipurpose financing or 4. Heavy equipment, consisting of:
refinancing, for productive and consumptive • Heavy equipment;
purposes, such as for tuition, home renovation, • Trucks and public transportation;
and business development. • Machinery;
• Others; and
Marketing for My Ihram (umrah financing), My Safar 5. Property.
(halal travel financing), and My Ta’lim (education
financing) products are temporarily deactivated, Further explanation on the Company’s product
in line with the SBU management’s focus on portfolio is presented in the Management
marketing sharia financing for goods and services, Discussion and Analysis chapter of this Integrated
and with the policy of requiring collateral in the Annual Report (pages 125–132).
form of proof of ownership of motorized vehicles.
The Company will review this strategy related to
the three products by taking into account the latest
developments in the post-pandemic era in 2023.
Adi Sasmita Fazrin

Dealer and Owner of Hulim Mobilindo
Tangerang, Banten
As a business partner of BFI Finance, we are happy with their fast-track

and straightforward financing application processing. They are also quick in
disbursing the financing, and the process is transparent so that our customers
are satisfied with the level of service performed by BFI Finance. We hope that
in the future BFI Finance will be able to offer more competitive rates and higher
financing limits for our customers.

Company Profile
MAP AND
OPERATIONAL NETWORK
Kalimantan
Branches Kiosks Sharia
22 3 5
Sumatra
40 0 8
Greater Jakarta
28 14 10
Java, Bali & Nusa Tenggara
71 10 17
66
Eastern Indonesia
(Sulawesi, Maluku, Papua)
42 7 5
Distribution of Branches, Kiosks, and Sharia

2020-2022 (as of 31 December 2022)
2020 228 118 45 391
2021 217 57 45 319
2022 203 34 45 282

Company Profile
ORGANIZATION STRUCTURE
BFI Finance’s organization structure as at 31 December 2022 was as follows:
GENERAL MEETING OF
SHAREHOLDERS
SHARIA SUPERVISORY
BOARD
Asrori S. Karni (Chairman)

Helda Rahmi Sina
PRESIDENT DIRECTOR
Francis Lay Sioe Ho
OPERATIONS &
BUSINESS HUMAN CAPITAL FINANCE ENTERPRISE
DIRECTOR DIRECTOR DIRECTOR RISK DIRECTOR
Sutadi Andrew Adiwijanto Sudjono Sigit Hendra Gunawan
CONSUMER PRODUCT HUMAN CAPITAL FINANCE & TREASURY CREDIT OPERATIONS

Tan Rudy Eddywidjaja Elisabeth Vivi Jeki Aryani Tonny Widjaja Stephanus Taufan Wibowo
CORPORATE BUSINESS OPERATIONS & SERVICE FINANCIAL CONTROL ASSET MANAGEMENT,

EXCELLENCE RECOVERY & INVENTORY
Stanly Darisang Jefry Suryo
Margaretha Tarigan John Piter Sinaga
SHARIA PRODUCT CORPORATE

Deni Nasri NETWORK DEVELOPMENT COMMUNICATION & CSR OPERATIONAL RISK & KYC
& MANAGEMENT Francisca Susilawati Amy Setyawati
Iwan
BRANCH SALES
Baskoro Fadin Wafdana FINANCE DECISION RISK MANAGEMENT
INSURANCE & SUPPORT SYSTEM
August Rinaldi Sanoesi
OPERATIONAL SERVICES (TBA)**
DIGITAL Ika Santi
Kardiawan
OPERATIONAL
TELEMARKETING DEVELOPMENT
& DIRECT SELLING Yogi Pratama Putra Moedy
Dani Reinhard Hutabarat
BUSINESS PROJECT & MIS

Anov Finanda
INTEGRATED MARKETING
COMMUNICATION
(TBA)**
68
President Commisioner : Kusmayanto Kadiman

Commisioner : Sunata Tjiterosampurno
Commisioner : Dominic John Picone
Independent Commisioner : Johanes Sutrisno
Independent Commisioner : Alfonso Napitupulu
NOMINATION &
AUDIT RISK OVERSIGHT
REMUNERATION
COMMITTEE COMMITTEE
COMMITTEE
Alfonso Napitupulu Johanes Sutrisno Johanes Sutrisno

(Chairman)* (Chairman)* (Chairman)*
Sunata Tjiterosampurno* Friso Palilingan Jono Effendy
Elisabeth Vivi Jeki Aryani* Edy Sugito
DIGITAL & BUSINESS SHARIA PRODUCT & HEAD OF INTERNAL AUDIT CORPORATE SECRETARY
INCUBATION BUSINESS ACTIVITY
DEVELOPMENT COMMITTEE Fledy Rizmara Sudjono*
Ari Binoto Lumbantobing Deni Nasri (Chairman)*
August Rinaldi Sanoesi* HEAD OF PROJECT HEAD OF CORPORATE
Stephanus Taufan Wibowo* MANAGEMENT OFFICE SECRETARIAT
INFORMATION John Piter Sinaga*
Goklas Budi Darwan Munthe*
TECHNOLOGY
(TBA)** RISK MANAGEMENT
COMMITTEE HEAD OF CORPORATE
COMPLIANCE
Sigit Hendra Gunawan
AGILE COACH
(Chairman)*
Budi Darwan Munthe
Aldo Melgibson Purba Francis Lay Sioe Ho*
Sudjono*
August Rinaldi Sanoesi*
BUSINESS FRONTRUNNER Amy Setyawati*
PRODUCT OWNER Nazarudin
Ary Suharso, Roland Wahyu,
Donny Bonggar, Arif Nur IT STEERING
Wijiyanto, Bregas Antonius COMMITTEE
Francis Lay Sioe Ho (Chairman)*
Sudjono*
IT ENABLEMENT
Sutadi*
PRODUCT OWNER
Andrew Adiwijanto*
Lisa Gunawan, Kevin Suryadi, Sigit Hendra Gunawan*
Donny Patrick Manik, Ari Binoto Lumbantobing*
Tania Febrina Goklas*
* Concurrent position
** To be assigned

Company Profile
WORKFORCE PROFILE
Table 8 Total Employees
Comparison with Last Year

Description 31 Dec 2021 31 Dec 2022
Total Percentage
Total Employees 9,450 10,111 661 7.0%
Table 9 Number of Employees by Directorate
31 Dec 2022
Directorate
Male Female Total
BOC & Sharia Supervisory Board 6 1 7
BOD 5 - 5
CEO Office 399 155 554
Business 3,484 629 4,113
Operations & HC 815 1,249 2,064
Enterprise Risk 2,555 418 2,973
Finance 244 52 296
FIT 73 26 99
Total 7,581 2,530 10,111
Table 10 Number of Employees by Employment Status
31 Dec 2022
Employment Status
Male Female Total
Permanent 4,396 1,704 6,100
Non-permanent 3,185 826 4,011
Total 7,581 2,530 10,111
70
Table 11 Number of Employees by Employment Contract
31 Dec 2022
Employment Contract
Male Female Total
Full Time 7,581 2,530 10,111
Part Time - - -
Total 7,581 2,530 10,111
Table 12 Number of Employees by Region
31 Dec 2022
Region
Male Female Total
Head Office 750 574 1,324
Greater Jakarta 1,378 373 1,751
Java, Bali & Nusa Tenggara 2,506 715 3,221
Sumatra 1,095 323 1,418
Kalimantan 710 211 921
Eastern Indonesia (Sulawesi, Maluku, Papua) 1,142 334 1,476
Total 7,581 2,530 10,111
Table 13 Number of Employees by Level of Education
31 Dec 2022
Level of Education
Male Female Total
Master’s & Doctoral Degree 52 31 83
Bachelor’s Degree 4,911 1,910 6,821
Diploma 649 304 953
High School & below 1,969 285 2,254
Total 7,581 2,530 10,111

Company Profile
Table 14 Number of Employees by Position Level
31 Dec 2022
Position Level
Male Female Total
BOC, BOD & Sharia Supervisory Board 11 1 12
Senior Manager 94 24 118
Junior Manager 400 118 518
Officer 2,738 1,010 3,748
Staff 4,338 1,377 5,715
Total 7,581 2,530 10,111
Table 15 Number of Employees by Age Group
31 Dec 2022
Age Group
Male Female Total
< 25 years 827 460 1,287
25-30 years 3,268 1,250 4,518
31-40 years 3,008 715 3,723
41-50 years 416 90 506
> 50 years 62 15 77
Total 7,581 2,530 10,111
Table 16 Number of Employees by Tenure
31 Dec 2022
Tenure
Male Female Total
< 3 years 3,627 1,099 4,726
3-5 years 1,731 576 2,307
6-10 years 1,535 537 2,072
> 10-20 years 610 284 894
> 20 years 78 34 112
Total 7,581 2,530 10,111
72
BOARD OF
COMMISSIONERS
PROFILES
Kusmayanto
Kadiman
Age: 68 Indonesian Citizen Tangerang, Banten
He serves as the Company’s President Commissioner of PT iForte Solusi Infotek (2016–

Commissioner pursuant to the Deed of AGMS 2017), commissioner and advisor at several
Minutes No. 80 dated 15 June 2011 (2011–2016), companies focusing on natural resources and
was reappointed pursuant to the Deed of EGMS power generation since 2009, Minister of Research
Minutes No. 43 dated 25 April 2016 (2016–2021), and Technology of the Republic of Indonesia
and the Deed of EGMS Minutes No. 3 dated 25 (2004–2009), Chairman of Asian–Europe University
May 2021 in conjunction with the Deed of Meeting Network (ASEA–UNINET) in 2002–2004, Rector
Resolutions Statement No. 4 dated 25 May 2021 of Bandung Institute of Technology (ITB) in 2001–
for the period 2021–2026. 2004, Head of Technology Development Center of
ITB (1998–2001), Head of ITB Control Laboratory
He also has been serving as Vice President (1995–1998), Director of Business Group in Jakarta
Commissioner of PT Adaro Power since 2015, (1993–1995), and Director of ITB Computer Center
President Commissioner of PT Setiabudi (1990–1993).
Investment Management since 2016,
Commissioner of PT Profesional Telekomunikasi In connection with his position at PT Adaro
Indonesia (Protelindo) since 2017, Independent Power (subsidiary of PT Adaro Energy Tbk), he
Commissioner of PT Sarana Menara Nusantara Tbk has an affiliation with the controlling shareholder,
since 2020, member (advisor) of the International Trinugraha Capital & Co SCA. There is no affiliation
Advisory Board of Komatsu Ltd, Japan, since with other BOC members and BOD members.
2021, and Independent Commissioner of PT Global
Digital Niaga Tbk since 2022. He obtained his Doctor of Philosophy degree
from the Australian National University, Canberra,
Previously, he served as a Commissioner Australia, in 1988, and Bachelor of Engineering
of PT Tamaris Hidro (2015–2020), President Physics from ITB in 1977.

Company Profile
Johanes
Sutrisno
Independent Commissioner
Age: 71 Indonesian Citizen Jakarta, DKI Jakarta
He serves as the Company’s Independent (2010–2016), Finance Director of PT Carsurin

Commissioner pursuant to the Deed of AGMS (2007–2013), joined the Mutual International
Minutes No. 80 dated 15 June 2011 (2011–2016), Finance Corporation (1980–1982), and Auditor in
was reappointed pursuant to the Deed of EGMS SGV, Utomo, Mulia & Co. (1973–1976).
Minutes No. 43 dated 25 April 2016 (2016–2021),
and the Deed of EGMS Minutes No. 3 dated He does not have any concurrent positions outside
25 May 2021 in conjunction with the Deed of BFI Finance and any affiliation with other BOC
Meeting Resolutions Statement No. 4 dated 25 May members, BOD members, major and controlling
2021 for the period 2021–2026. He also serves as shareholders; either directly or indirectly.
Chairman of the Audit Committee and Chairman of
the Risk Oversight Committee. He obtained his Master of Business Administration
(M.B.A.) degree from Gadjah Mada University,
He once joined BFI Finance as a Credit Officer Yogyakarta, in 2009, and Bachelor of Economics
(1982–1991), then Director (1991–1999) and in Management (Drs.) from Universitas Indonesia,
President Commissioner (2000–2011). Jakarta, in 1980.
He was also Director of PT Gaudi Dwi Laras

(2014–2016), member of the Audit Committee of
PT Bentoel International Investama Tbk
74
Alfonso
Napitupulu
Independent Commissioner
He serves as the Company’s Independent President Director of PT Nana Mandiri Dwikarya

Commissioner pursuant to the Deed of AGMS (1989–2020), and Advisory Board of Indonesian
Minutes No. 80 dated 15 June 2011 (2011–2016), Advocates Association (Perhimpunan Advokat
was reappointed pursuant to the Deed of EGMS Indonesia/PERADI) for the period 2015–2020.
Minutes No. 43 dated 25 April 2016 (2016–2021),
and the Deed of EGMS Minutes No. 3 dated Prior to joining BFI Finance, he was a Partner
25 May 2021 in conjunction with the Deed of at the Law Office of Alfonso, Giunseng &
Meeting Resolutions Statement No. 4 dated 25 May Kolopaking, Jakarta (1988–1993), International
2021 for the period 2021–2026. Lawyer Practitioner at the Law Office of Bronson &
McKinnon, San Francisco, California, USA (1984–
He also serves as Chairman of the Nomination and 1985), Partner at the Law Office of Gani Djemat
Remuneration Committee and holds a concurrent & Partners (1975–1988), and Legal Consultant
position as Managing Partner at the Law Office of Advocate for Capital Market and Intellectual
Alfonso Napitupulu & Partners, Jakarta, since 1993. Property Rights (1976).
Previously, he concurrently served as Statutory He does not have any affiliation with other BOC
Management Expert Staff of AJB Bumiputera 1912 members, BOD members, major and controlling
(2016–2017), Independent Commissioner of PT shareholders; either directly or indirectly.
BRI Asuransi Indonesia (BRINS General Insurance)
(2015–2021), Commissioner and President He obtained his Bachelor of Law degree (Civil Law)
Commissioner of PT Kredit Biro Indonesia Jaya from Universitas Indonesia, Jakarta, in 1975.
(KBIJ) for the period 2014–2016 and 2016–2018,

Company Profile
Dominic
John Picone
Commissioner
Age: 44 Australian and British Citizen Singapore
He serves as the Company’s Commissioner Prior to that, he was a Managing Director at TPG
pursuant to the Deed of EGMS Minutes No. 44 in Singapore, an Analyst in the Investment Banking
dated 15 April 2015 in conjunction with the Deed of Division of Credit Suisse First Boston in Melbourne,
Meeting Resolutions Statement No. 3 dated 6 July Australia (2004–2005), and held various positions at
2015 (2015–2020), then was reappointed pursuant Consumer Finance Division of ANZ Bank, Australia
to the Deed of EGMS Minutes No. 7 dated (1998–2004).
29 June 2020 in conjunction with the Deed of
Meeting Resolutions Statement No. 8 dated In connection with his position at TPG, he has
29 June 2020 for the period 2020–2025. an affiliation with the controlling shareholder,
Trinugraha Capital & Co SCA. There is no affiliation
He previously served as member of the Audit, Risk with other BOC members and BOD members.
Management (now Risk Oversight), and Nomination
and Remuneration Committees from 2011 until He earned his Bachelor of Laws in 2003 and
2015. Bachelor of Commerce (Honours–Finance) in 2001
from University of Melbourne, Australia.
Currently, he also holds the positions of Partner and
Co-Head of Southeast Asia at TPG in Singapore.
He has been working at TPG since 2005.
76
Sunata
Tjiterosampurno
Commissioner
He serves as the Company’s Commissioner Commissioner of PT Bukit Makmur Mandiri Utama

pursuant to the Deed of EGMS Minutes No. 44 (2009–2021), Commissioner, member of the Audit,
dated 15 April 2015 in conjunction with the Deed of Risk Monitoring, and Remuneration and Nomination
Meeting Resolutions Statement No. 3 dated 6 July Committees of PT Bank Tabungan Pensiunan
2015 (2015–2020), then was reappointed pursuant Nasional Tbk (2008–2015), Director of Investment
to the Deed of EGMS Minutes No. 7 dated Banking of PT Danareksa Sekuritas (2004–2006),
29 June 2020 in conjunction with the Deed of and Consultant at Boston Consulting Group,
Meeting Resolutions Statement No. 8 dated Jakarta (1998–2004). His career began as Assistant
29 June 2020 for the period 2020–2025. Vice President for Equity Research of PT Lippo
Securities – SBC Warburg (1995–1998).
He also serves as member of the Nomination and
Remuneration Committee. Previously, he was In connection with his position at Northstar
member of the Risk Management Committee (now Advisors Pte. Ltd., he has an affiliation with the
Risk Oversight Committee) from May 2013 until controlling shareholder, Trinugraha Capital &
September 2014. Co SCA. There is no affiliation with other BOC
members and BOD members.
Currently, he also holds the positions of Managing
Director of Northstar Advisors Pte. Ltd. since 2006, He obtained his Master of Finance (Merit) degree
Commissioner of PT Trimegah Sekuritas Indonesia from London Business School, UK, 2002, and
Tbk since 2013, and PT Bundamedik Healthcare Bachelor of Business Administration (Distinction)
System Tbk (BMHS) since 2022. from University of Wisconsin–Madison, USA,
in 1995.
He once served as Commissioner of PT Delta
Dunia Makmur Tbk (2011–2022), President
Throughout 2022, the composition of BOC members was changed, with the completion of the term of
office of Cornellius Henry Kho, a Commisioner, at the 2022 GMS.

Company Profile
BOARD OF
DIRECTORS
PROFILES
Francis
Lay Sioe Ho
President Director
Appointed as Director of the Company in 1983 Prior to joining BFI Finance in 1980, he worked at
and elected as President Director in 1986. He was the Ministry of Finance in Singapore (1972–1973),
reappointed to the same position pursuant to the then joined PT Indovest (1975–1980).
Deed of AGMS Minutes No. 80 dated 15 June 2011
(2011–2016), the Deed of EGMS Minutes No. 43 He does not have any other positions outside BFI
dated 25 April 2016 (2016–2021), and the Deed Finance (including FIT) and any affiliation with
of EGMS Minutes No. 3 dated 25 May 2021 in other BOD members, BOC members, major and
conjunction with the Deed of Meeting Resolutions controlling shareholders; either directly or indirectly.
Statement No. 4 dated 25 May 2021 for the period
2021–2026. He earned his Bachelor of Business Administration
(B.B.A.) degree from University of Singapore (now
Pursuant to the Shareholders’ Resolutions in Lieu the National University of Singapore or NUS)
of GMS of PT FIT (the Company’s subsidiary) in Singapore in 1972, and Master of Business
dated 29 July 2021 as per Deed of Shareholders’ Management (M.B.M.) from the Asian Institute of
Resolutions Statement in Lieu of GMS of Management (AIM) in Manila, Philippines, in 1975.
PT FIT No. 06 dated 5 August 2021, he was also
appointed as the President Commissioner of
PT FIT.
78
Sudjono
Finance Director
Age: 52 Indonesian Citizen South Tangerang, Banten
He serves as the Company’s Finance Director Committee (2003–2013) now known as the Risk
pursuant to the Deed of EGMS Minutes No. 18 Oversight Committee.
dated 6 May 2014 (2014–2019). He was then
reappointed for the period 2019–2024 pursuant Prior to joining BFI Finance, he had served as
to the Deed of EGMS Minutes No. 59 dated Senior Auditor at the Public Accounting Firm of
28 May 2019 in conjunction with the Deed of Hans Tuanakotta Mustofa – member firm of Deloitte
Meeting Resolutions Statement No. 56 dated Touche Tohmatsu International (1991–1993).
25 June 2019. He concurrently holds the position of
Corporate Secretary based on the BOD Decree He does not have any concurrent positions outside
No. BOD–BOC/VI/2014–0011 dated 24 June 2014. BFI Finance (including FIT) and any affiliation with
other BOD members, BOC members, major and
Referring to the Shareholders’ Resolutions in Lieu controlling shareholders; either directly or indirectly.
of GMS of PT FIT (the Company’s subsidiary)
dated 29 July 2021 as per Deed of Shareholders’ He obtained his Enterprise Risk Manager
Resolutions Statement in Lieu of GMS of (ERM™) title from Asia Risk Management
PT FIT No. 06 dated 5 August 2021, he was also Institute (ARiMI) and National University of
appointed as the Commissioner of PT FIT. Singapore (NUS) in Singapore in 2009, Master
of Business Administration (M.B.A.) from Institut
Previously, he also served as Information Pengembangan Manajemen Indonesia (IPMI),
Technology Director from May 2014 to May 2017. Jakarta, in 2006, and Bachelor of Economics
Prior to his appointment as Director, he held the majoring in Accounting from Tarumanagara
positions of Head of Finance and Information University, Jakarta, in 1993.
Technology Division and various other positions
(1993–2014), and member of the Risk Management

Company Profile
Sutadi
Business Director
He serves as the Company’s Business Director He also had served as Sales Executive in Marketing
pursuant to the Deed of EGMS Minutes No. 18 Export of PT Tjiwi Kimia Pulp & Paper (1999–2000)
dated 6 May 2014 (2014–2019). He was then and Collection & Credit Analyst Officer of PT Bunas
reappointed for the period 2019–2024 pursuant Finance Indonesia (1997–1999).
to the Deed of EGMS Minutes No. 59 dated
28 May 2019 in conjunction with the Deed of He does not have any concurrent positions outside
Meeting Resolutions Statement No. 56 dated BFI Finance and any affiliation with other BOD
25 June 2019. members, BOC members, major and controlling
shareholders; either directly or indirectly.
Previously, he served in various other positions
at the Company, among others, Retail Business He earned his Executive M.B.A. degree from IPMI
Division Head until April 2014, Department Head International Business School, Jakarta, in 2018,
and Associate Division Head (2008–2012), Regional and Bachelor of Industrial Engineering from Trisakti
Manager (2006–2008), Branch Manager University, Jakarta, in 1998.
(2004–2006), Branch Establishment Manager
(2001–2004), and Branch Manager (2000–2001).
80
Andrew
Adiwijanto
Operations and Human Capital Director
He serves as the Company’s Operations and and Palembang, Regional Manager for Sumatera
Human Capital Director pursuant to the Deed Region, and Department Head of Quality Service,
of EGMS Minutes No. 25 dated 18 April 2017 in Corporate Services, Human Resources, as well as
conjunction with the Deed of Meeting Resolutions Branch Operations.
Statement No. 15 dated 13 June 2017 for the
period 2017–2022, , and was reaffirmed for the He does not have any concurrent positions outside
period 2022–2027 by the Deed of EGMS Minutes BFI Finance and any affiliation with other BOD
No. 17 dated 29 June 2022 in conjunction with the members, BOC members, major and controlling
Deed of Meeting Resolutions Statement No. 18 shareholders; either directly or indirectly.
dated 29 June 2022.
He earned his Master of Business Administration
Previously, he was a member of the Nomination (M.B.A.) degree from Gadjah Mada University,
and Remuneration Committee from April 2015 Jakarta, in 2013, and Bachelor of Electrical
to April 2017, Head of Operations & Control Engineering from Sekolah Tinggi Teknik Surabaya
(2012–2017), and Head of Compensation & Benefit (STTS), East Java, in 1992. He obtained a special
(2014–2017). certificate for joining “Human Capital Management:
Making HR & Business Partnership Work”, an
He joined BFI Finance in 1993 as a Marketing intensive course from the Asian Institute of
Officer and has held various other positions, among Management (AIM) in Manila, Philippines, in 2008.
others, Branch Manager in Makassar, Denpasar,

Company Profile
Sigit Hendra
Gunawan
Enterprise Risk Director
He joined the Company as Head of Enterprise Risk members, BOC members, major and controlling
Division in 2015, then has been serving as shareholders; either directly or indirectly.
the Company’s Enterprise Risk Director pursuant
to the Deed of EGMS Minutes No. 43 dated He obtained a Certificate of Master Class in
25 April 2016 (2016–2021), and was reaffirmed “Enterprise Risk Governance” from CRMS
for the period 2021–2026 by the Deed of EGMS (Center for Risk Management & Sustainability)
Minutes No. 3 dated 25 May 2021 in conjunction Indonesia and a Certificate of Competence in Risk
with the Deed of Meeting Resolutions Statement Management – QRGP (Qualified Risk Governance
No. 4 dated 25 May 2021. Professional) from Professional Certification Body
of Mitra Kalyana Sejahtera (LSP MKS), National
Previously, he worked at PT Astra Sedaya Finance Accreditation Committee (KAN), and International
(1994–2005) with his last position as Account Accreditation Forum (IAF) in 2019. He also earned
Management & Credit Analyst Department Head a Certified Business Management in 2004 and
(Fleet Division), and at Adira Finance (2005–2015) Certified Business Management–Operation in
with his last position as Deputy Director – Head of 2003, both from Prasetiya Mulya Business School,
Credit & Collection. Jakarta. He obtained his Bachelor of Industrial
Engineering degree from Trisakti University, Jakarta,
He does not have any concurrent positions outside in 1993.
BFI Finance and any affiliation with other BOD
Throughout 2022, the composition of BOD members was unchanged.
82
SHARIA
SUPERVISORY
BOARD PROFILES
Asrori S. Karni
Chairman of Sharia Supervisory Board
He serves as the Company’s Chairman of Sharia He was previously a Lecturer of Sharia Economics
Supervisory Board pursuant to the Deed of Study Program at Islamic Religion Faculty of
Minutes of EGMS No. 6 dated 25 October 2017 in Universitas Nahdlatul Ulama Indonesia (UNUSIA)
conjunction with the Deed of Meeting Resolutions Jakarta (2012–2020), served as Vice Chairman of
Statement No. 19 dated 21 December 2017 for Qanuniyah (Islamic Law) at Bahtsul Masail Institute
the period 2017–2022, and was reaffirmed for the of the Board of Nahdlatul Ulama (LBM PBNU)
period 2022–2027 by the Deed of EGMS Minutes (2015–2020), and Chairman of the Information and
No. 17 dated 29 June 2022 in conjunction with Communications Commission of MUI Headquarters
the Deed of Meeting Resolutions Statement No.18 (2015–2020).
dated 29 June 2022.
He does not have any affiliation with the members
He obtained his Sharia Supervisory Competency of Sharia Supervisory Board, BOC, and BOD, major
Certificate from the Professional Certification and controlling shareholders; either directly or
Agency (LSP) of National Sharia Board–Indonesian indirectly.
Ulema Council (DSN–MUI) on 28 November 2018
and valid until 28 November 2021. At the moment, he is taking a Doctoral Program in
Law Science at Diponegoro University, Semarang,
Currently, he is a Lecturer of Sharia Economic Law Central Java. He earned his Master of Laws
Study Program at Sharia and Law Faculty of State degree majoring in Economic Law from Universitas
Islamic University (UIN) Syarif Hidayatullah Jakarta Indonesia in 2010, and Bachelor of (Islamic)
since 2013, also serves as Deputy Secretary– Religion majoring in Comparative Madhhab and
General of MUI Headquarters for the period Law from Sharia and Law Faculty at Institut Agama
2020–2025, Chairman of Sharia Supervisory Board Islam Negeri (IAIN) Syarif Hidayatullah; now known
of PT Sinar Mitra Sepadan (SMS) Finance since as UIN Syarif Hidayatullah Jakarta; in 1998.
2021, and member of Sharia Supervisory Board of
PT Indomobil Finance Indonesia since 2018.

Company Profile
Helda Rahmi Sina

Member of Sharia Supervisory Board
She serves as the Company’s Member of Sharia East Jakarta (2010–2014), worked as a Lecturer of
Supervisory Board pursuant to the Deed of Sharia Contracts & Products course for the M.B.A.
Minutes of EGMS No. 6 dated 25 October 2017 in in Sharia Banking & Finance Program at Bandung
conjunction with the Deed of Meeting Resolutions Institute of Technology or ITB (2009–2015), Head
Statement No. 19 dated 21 December 2017 for of Sharia Financial Program Implementation
the period 2017–2022, and was reaffirmed for the Department at ICDIF–LPPI (2008–2014), and
period 2022–2027 by the Deed of EGMS Minutes President of Sekolah Tinggi Ekonomi Islam Tiara
No. 17 dated 29 June 2022 in conjunction with (STEI Tiara) Rawamangun, East Jakarta
the Deed of Meeting Resolutions Statement No.18 (2006–2008).
dated 29 June 2022.
She does not have any affiliation with the Chairman
Currently, her concurrent positions include as of Sharia Supervisory Board, BOC and BOD
General Secretary of Yayasan Pendidikan Fatahillah members, major and controlling shareholders;
Jakarta (YPFJ), Postgraduate Program Lecturer either directly or indirectly.
at Sekolah Tinggi Ilmu Ekonomi Indonesia (STEI)
Rawamangun, East Jakarta, as well as the Head She graduated from her Doctoral Program in
of Marketing and Training (main position) and Sharia Economics from Universiti Malaya, Kuala
Head of Consultation and Development Division Lumpur, Malaysia, in 2007, earned her Master in
for Sharia Financial Program (alternative position) Islamic Economics (M.A.) degree from Universiti
at International Center for Development in Islamic Kebangsaan Malaysia in 2000, and Bachelor of
Finance – Indonesian Banking Development Syariah Islamiyyah (Lc) from the Faculty of Islamic
Institute (ICDIF–LPPI). Studies and Arabic Language, Al–Azhar University
in Cairo, Egypt, in 1996.
Previously, she was a member of the Sharia
Economics Expert Board at Universitas Azzahra in
84
COMMITTEES UNDER THE

PROFILES
AUDIT COMMITTEE
Johanes Sutrisno
Chairman of the Audit Committee
Citizenship : Indonesian
Age : 71
Domicile : Jakarta, DKI Jakarta
He was appointed as Chairman of the Audit Commissioner and Chairman of the Risk Oversight
Committee pursuant to the BOC Decree No. BOC/ Committee. His profile is presented in the BOC
SK/I/2021-001 dated 26 January 2021 for the Profiles section (page 74).
period 2021–2026. He also serves as Independent
Friso Palilingan
Member of the Audit Committee
Age : 39
He serves as a member of the Audit Committee Previously, he was a partner of a global top five
pursuant to the BOC Decree No. BOC/SK/ accounting firm, member of the Audit Committee of
IV/2015/0081 dated 13 April 2015, was reaffirmed PT Medikaloka Hermina Tbk and PT Duta Intidaya
by the BOC Decree No. BOC/SK/VI/2016-05 dated Tbk, as well as member of the Financial Accounting
21 June 2016 (2016–2021), and subsequently Standards Board at the Institute of Indonesia
reappointed by the BOC Decree No. BOC/SK/ Chartered Accountants.
I/2021-001 dated 26 January 2021 for the period
2021–2026. He does not have any affiliation with other
members of the BOC Committees, BOC and BOD
At present, he also serves as Senior Partner at the members, or major and controlling shareholders;
Certified Public Accounting Firm Paul Hadiwinata, either directly or indirectly.
Hidajat, Arsono, Retno, Palilingan & Rekan
(PKF Indonesia, member of PKF International), He obtained his Bachelor of Economics degree in
Independent Commissioner and Chairman of the Accounting in 2005 and Master of Accounting in
Audit Committee of PT Intiland Development Tbk, 2008, both from Kwik Kian Gie School of Business,
Commissioner of PT Kiat Ananda Cold Storage, PT Certified Public Accountant (CPA) in 2008 and
Ananda Solusindo, and PT Manggala Kiat Ananda, Chartered Accountant (CA) in 2013, both from IAI,
as well as member of the Audit Committees of PT as well as Certified Audit Committee Practitioner
Asahimas Flat Glass Tbk, PT Cisarua Mountain Dairy from Indonesian Institute of Audit Committee (IKAI)
(Cimory), and PT Provident Investasi Bersama Tbk. in 2016.

Company Profile
Edy Sugito
Member of the Audit Committee
Age : 58
He serves as a member of the Audit Committee Previously, he was the Director of Company
pursuant to the BOC Decree No. BOC/SK/VI/2016- Valuation of PT Bursa Efek Indonesia (2000–2005),
05 dated 21 June 2016 (2016–2021) and was Director of PT Kliring Penjaminan Efek Indonesia
reappointed by the BOC Decree No. BOC/SK/ (2000–2005), and Director of PT Kustodian Sentral
I/2021-001 dated 26 January 2021 for the period Efek Indonesia (1998–2000).
2021–2026.
He does not have any affiliation with other
He also serves as President Commissioner/ members of the BOC Committees, BOC and BOD
Independent Commissioner of PT Trimegah members, or major and controlling shareholders;
Sekuritas Indonesia Tbk, Commissioner of either directly or indirectly.
PT Gayatri Kapital Indonesia and Independent
Commissioner in several companies, among others,
PT PP London Sumatra Indonesia Tbk and
PT Wismilak Inti Makmur Tbk.
86
RISK OVERSIGHT COMMITTEE
Johanes Sutrisno
Chairman of the Risk Oversight Committee
Age : 71
He was appointed as Chairman of the Risk 2021 for the period 2021–2026. He also serves as
Oversight Committee pursuant to the BOC Decree Independent Commissioner and Chairman of the
No. BOC/SK/VI/2016-05 dated 21 June 2016 Audit Committee. His profile is presented in the
(2016–2021) and was reappointed by the BOC BOC Profiles section (page 74).
Decree No. BOC/SK/VI/2021-0092 dated 15 June
Jono Effendy
Member of the Risk Oversight Committee
Age : 48
He serves as a member of the Risk Oversight He began his career at PT Tanjung Johor Wood
Committee pursuant to the BOC Decree Industry, Jakarta (1993–1996) as an Accountant,
No. BOC/SK/IV/2015-0081 dated 13 April 2015, then as Senior Auditor at Arthur Andersen, Jakarta
was reaffirmed by the BOC Decree No. BOC/SK/ (1996–1998), and Senior Consultant at Deloitte
VI/2016-05 dated 21 June 2016 (2016–2021), and Touche, Jakarta (1998–2001).
subsequently reappointed by the BOC Decree
No. BOC/SK/VI/2021-0092 dated 15 June 2021 for He does not have any affiliation with other
the period 2021–2026. members of the BOC Committees, BOC and BOD
members, or major and controlling shareholders;
He is the Founder and President Director of either directly or indirectly.
PT Pasar Jasa Profesional (since 2019). Currently,
he also serves as a member of the Audit Committee He obtained his Master’s degree in Finance
and the Risk Oversight Committee of PT Bank from Pelita Harapan University, Tangerang, in
Commonwealth (since 2013), Independent 2003, Bachelor of Economics in Accounting
Commissioner and concurrently member of the from Tarumanagara University, Jakarta, in 1996,
Risk Oversight Committee (since 2020) and the Risk Management Certification Level 3 from
Good Corporate Governance Committee Badan Sertifikasi Manajemen Risiko (BSMR) in
(since 2022) of PT FWD Insurance Indonesia. Indonesia and International Certificate in Banking
and Regulation from Global Association of Risk
He previously served as Independent Commissioner Professionals (GARP) in 2011, Risk Management
and Chairman of the Risk Oversight Committee of Certification for Insurance Company Level 5 from
PT Commonwealth Life (2014–2020), Managing Asosiasi Ahli Manajemen Asuransi Indonesia
Director of PT Mudita Finansial Teknologi for 3 years, (AAMAI) in 2015, Certified in Enterprise Risk
Managing Director of PT Kiran Resources Indonesia Governance (CERG) from Enterprise Risk
for 14 years, and member of Audit Committee and Management Academy (ERMA), Singapore, in 2017,
Risk Monitoring Committee in several banks and Certified in Qualified Risk Governance Professional
financial institutions, such as PT Bank BNP Paribas (QRGP) from LSP MKS in 2021, and “Digital
Indonesia (11 years), PT Bank Barclays Indonesia Transformation: Platform Strategies for Success”
(1 year), and PT BII Finance Centre (2 years). From Certification from EMERITUS in collaboration with
2001 to 2004, he held various positions at the MIT Sloan School of Management held online
Indonesian Bank Restructuring Agency (BPPN). in 2021.

Company Profile
NOMINATION AND REMUNERATION COMMITTEE
Alfonso Napitupulu
Chairman of the Nomination and
Remuneration Committee
Age : 72
His position as Chairman of the Nomination and No. BOC/IV/2021-0049 dated 1 April 2021 for the
Remuneration Committee was pursuant to the BOC period 2021–2026. He also serves as Independent
Decree No. BOC/SK/IV/2015-0081 dated 13 April Commissioner. His profile is presented in the BOC
2015, was reaffirmed by the BOC Decree No. BOC/ Profiles section (page 75).
SK/VI/2016-05 dated 21 June 2016 (2016–2021),
and subsequently reappointed by the BOC Decree
Sunata Tjiterosampurno
Member of the Nomination and
Age : 50
He serves as a member of the Nomination and 1 April 2021 for the period 2021–2026. He also
Remuneration Committee pursuant to the BOC serves as Commissioner. His profile is presented in
Decree No. BOC/VI/2017-0103 dated 2 June 2017 the BOC Profiles section (page 77).
for the period up to 2021, and was reappointed by
the BOC Decree No. BOC/IV/2021-0049 dated
Elisabeth Vivi Jeki Aryani

Member of the Nomination and
Age : 54
Domicile : Bogor, West Java
She serves as a member of the Nomination and and Recruitment Planning & Strategic Head at Bank
Remuneration Committee pursuant to the BOC Danamon (2008).
Decree No. BOC/IV/2021-0049 dated 1 April
2021 for the period 2021–2026. She also has a She does not have any affiliation with other
concurrent position as the Company’s Head of members of the BOC Committees, BOC members,
Human Capital (page 89). or major and controlling shareholders; either
directly or indirectly.
Previously, she was a Talent Acquisition Head
at Bank CIMB Niaga (2017–2019), Recruitment She earned her Bachelor of Psychology degree
Head at Bank OCBC NISP (2016–2017), Mass from Soegijapranata Catholic University, Semarang,
Resourcing Head at Bank BTPN (2008–2016), in 1994.
88
SENIOR MANAGEMENT
PROFILES
HEAD OFFICE
The following are Head Office Senior Management officers whose structural positions are one
level below the BOD:
Name Ari Binoto Lumbantobing Elisabeth Vivi Jeki Aryani Goklas
Citizenship Indonesian Indonesian Indonesian
Age 43 54 44
Domicile Jakarta, DKI Jakarta Bogor, West Java Jakarta, DKI Jakarta
Joined 2022 2019 2001

BFI Finance in
Position Head of Digital & Business Head of Human Head of Project

Incubation Capital Management Office
Since 2022 2019 2015
Name Iwan John Piter Tan Rudy Tonny

Sinaga Eddywidjaja Widjaja
Citizenship Indonesian Indonesian Indonesian Indonesian
Age 52 53 52 55
Domicile Tangerang, Tangerang, Jakarta, Jakarta,

Banten Banten DKI Jakarta DKI Jakarta
Joined 1995 1997 1997 1994

BFI Finance in
Position Head of Network Head of Asset Head of Head of Finance

Development & Management, Consumer & Treasury
Management Recovery & Business
Inventory
Since 2019 2019 2017 1996

Company Profile
REGIONAL OFFICES
The following are General Managers who are part of the Senior Management:
Name Sudi Hartono Arwin Susinto Tenggono Then
Age 51 40 49
Domicile Medan, North Sumatra South Tangerang, Banten South Tangerang, Banten
Joined 1994 2005 1994

BFI Finance in
Position General Manager-Business General Manager-Asset General Manager-Business

covering Sumatra region Management covering covering Greater Jakarta
Sumatra region region
Since 2021 2021 2020
Name Tan Eng Han Augusnen Silalahi Rachmadi
Age 47 50 52
Domicile South Tangerang, Banten Tangerang, Banten Semarang, Central Java
Joined 1997 1999 2006

BFI Finance in
Position General Manager-Asset General Manager-Business General Manager-Asset

Management covering covering West and Central Management covering
Greater Jakarta region Java Provinces West and Central Java
Provinces
Since 2020 2021 2021
90
Name I Kadek Tirtayasa Medy Mirdianata Hernandi Kusno
Age 51 49 54
Domicile Denpasar, Bali Surabaya, East Java Samarinda, East Kalimantan
Joined 1997 1997 1994

BFI Finance in
Position General Manager-Business General Manager-Asset General Manager-Business

covering East Java and Management covering covering Kalimantan
Bali Provinces East Java and Bali region
Provinces
Since 2022 2022 2022
Name Khenriek Tjandra Sastero Wijaya Gunawan Nuzul Ittaqa
Age 49 43 51
Domicile Makassar, South Sulawesi South Tangerang, Banten Mojokerto, East Java
Joined 2002 2002 1997

BFI Finance in
Position General Manager-Asset General Manager-Business General Manager-Asset

Management covering covering Sulawesi, Management covering
Kalimantan region Maluku, and Papua region Sulawesi, Maluku, and
Papua region
Since 2022 2022 2022

Company Profile
CORPORATE STRUCTURE
BFI Finance’s corporate structure as at 31 December 2022 was as follows:
48.15% 5.81% 46.04%

Trinugraha Capital & Co SCA PT BFI Finance Indonesia Tbk* Others (each below 5%)
Others
99.00% 1.00%
92
SUBSIDIARIES AND
ASSOCIATED ENTITIES
Subsidiaries dashboard, starting from onboarding, submitting

application, to obtaining funding.
Up to the end of 2022, BFI Finance had one With its business processes enabled by an
subsidiary: PT Finansial Integrasi Teknologi (FIT). advanced and comprehensive technology stack
from end to end, FIT runs a lean and streamlined
operation, allowing its services to be optimizable
and customizable to each customer. Customer
PT Finansial Integrasi Teknologi (FIT) data and privacy are maintained in FIT’s ISO
27001-certified information security management
FIT in a Nutshell system. Furthermore, FIT ensures its business
PT Finansial Integrasi Teknologi (FIT) is a financial governance and manages its financial and
technology arm of the Company that engages in operational risks within the acceptable range by
peer-to-peer (P2P) lending through its proprietary employing superior big data analytics and machine
platform, Pinjam Modal. FIT is majority-owned by learning capabilities.
the Company, with a 99.00% stake.
Through partnerships with prominent names
FIT was established in 2017 amid the trend of and nascent players in the ecosystem, FIT is
increasing demand for easy-to-access, technology- reaching out to an increasingly large market across
driven financial products in the Indonesian market. channels, from B2C to B2B and B2B2C segments.
In July 2018, FIT was registered as a financial FIT has enabled them to connect to its ecosystem
technology P2P lending company on OJK. It in a fast and hassle-free manner. This is how FIT
subsequently began operating in September 2018. is supporting the Indonesian Government’s vision
In May 2020, FIT obtained a license from OJK, of an equitable and just society through digitally-
making BFI Finance the first multifinance company empowered financial inclusion.
who owned a fintech company.
Strategy and Performance in 2022
FIT’s services are accessible by the Indonesian FIT’s P2P lending business in 2022 was focused
society through its application available on Google on providing funding to small and medium-sized
Play Store and Apple App Store, as well as retailers present in traditional markets across the
pinjammodal.id website. Its primary target market country, as well as businesses engaged in the fast
are budding entrepreneurs and SMEs that require moving consumer goods sector. The emphasis
financing for their business or productive purposes, of business development was on expansion of
as well as technology platform in supply chain that network and reinforcement of business supporting
need support for their working capital financing. technologies, especially to support FIT’s strategy to
Services on offer include Invoice Financing, cultivate business along the supply chain industrial
Inventory Financing, Merchant Financing, Working segment.
Capital Financing, and Employee Loan. All products
offer flexible tenure and competitive interest rates. FIT’s collaboration with a wide range of players
in the Indonesian financial services ecosystem in
FIT employs the latest and most secure digital 2022 included its partnership with: Bank Jago as
technologies, and continues to strengthen its an institutional lender; Boom Motorist and Grosir
infrastructure with a rich array of features. It One for product diversification; and various leading
ensures that users of the platform can enjoy a names in the tech world for strengthening FIT’s
seamless experience from the moment they apply overall system, spanning from cyber security to
for funding, all the way to the underwriting process credit scoring capability.
and relationship management. Currently, customers
can independently perform various processes Bolstered by intensive marketing efforts and
on Pinjam Modal mobile application and web financing products that effectively serve the needs
of its targeted market segments, FIT managed
to multiply its user base in 2022, to reach 2,500

Company Profile
lenders (of whom around 750 were active) and Improvements to the Pinjam Modal platform will be
22,000 borrowers (around 4,000 active) as at the achieved among others by applying automation on
end of the year. FIT’s customers now can use the various operational processes. This will boost both
loan facility ceiling conveniently and in real time. the speed of processing and customer satisfaction.
Credit scoring and validation processes will be
By end of 2022, FIT had disbursed financing with specified for each financing product, and will be
total amount of Rp4 trillion, while the total loan strengthened by integrating cutting-edge machine
outstanding reaching more than Rp280 billion. learning capability with a large dataset, pooled
FIT’s Loan Repayment Rate on average stayed from digital and conventional sources. To secure
around 95,2%, still in accordance with the target users’ data, FIT is committed to deploying the most
suggested by OJK. advanced information architecture available in the
industry. All these initiatives will see FIT’s corporate
Future Plans governance system stronger and more aligned with
In 2023, FIT plans to amplify its entry into meat the latest regulations.
and poultry supply chain entrepreneurs, livestock
and fishery businesses, primarily by cultivating Success in implementing this business plan will
strategic partnerships. Its marketing capability support FIT’s goal of extending more than Rp884
will be expanded through the implementation of billion in financing to its users, thus reaffirming
a new work structure, a workforce management its market share in the P2P lending industry in
application, and dashboard for managers. Indonesia.
Corporate Data Mission

1. Providing easy access to services for the
Office Address public by utilizing state-of-the-art technologies
Foresta Business Loft 5 Unit 11 2. Providing competitive and practical financial
Lengkong Kulon, Pagedangan services to be used widely by the Indonesian
Tangerang Regency 15331 society
3. Growing into a sound, strong, and integrated
Date of Establishment company
15 September 2017
Shareholders
Legal Basis of Establishment • PT BFI Finance Indonesia Tbk : 99.00%
Notary Deed of Herna Gunawan, S.H., M.Kn., • Others : 1.00%
No. 4 dated 15 September 2017, as approved
by the Minister of Law and Human Rights of OJK Registration and License
the Republic of Indonesia by the letter • Letter No. S-588/NB.213/2018
No. AHU-0043022.AH.01.01.Tahun 2017 dated dated 31 July 2018
29 September 2017 • Letter No. KEP-20/D.05/2020
dated 19 May 2020
Line of Business
Financial technology borrowing and lending Membership in Association
services via Pinjam Modal platform
Vision
To provide easily accessible financial services
to the Indonesian society to contribute to the Indonesia Fintech Association (AFTECH)
improvement of public welfare
94
Management
Profiles
Francis Lay Sioe Ho Sudjono

President Commissioner Commissioner
Indonesian Citizen Indonesian Citizen
Age: 74 Age: 52
Domicile: Jakarta, DKI Jakarta Domicile: South Tangerang, Banten
He served as Commissioner for the period He was appointed as Commissioner pursuant to

2017–2022 and was subsequently appointed the Shareholders’ Resolutions in Lieu of GMS of
as President Commissioner pursuant to the PT FIT on 29 July 2021 as per Deed No. 06 dated
Shareholders’ Resolutions in Lieu of GMS of 5 August 2021.
PT FIT on 29 July 2021 as per Deed of
Shareholders’ Resolutions Statement in Lieu He also serves as Finance Director and Corporate
of GMS of PT FIT No. 06 dated 5 August 2021. Secretary of BFI Finance. His profile is presented in
the Board of Directors Profiles (page 79).
He also serves as President Director of
BFI Finance. His profile is presented in the Board of
Directors Profiles (page 78).

Company Profile
Herman Handoko
President Director
Age : 44
Appointed as President Director according to the He had worked at BFI Finance (2003–2017) and
Shareholders’ Resolutions in Lieu of GMS of held various positions, among others: as Head
PT FIT dated 29 July 2021 as per Deed No. 06 of Operations, Marketing Officer of Leasing &
dated 5 August 2021. The Notary Deed of Veronika Used Car, Head of Sales, Head of Car Product,
Farida Riswanti, S.H., M.Kn. has been received Branch Manager of West Jakarta-Meruya, Area
and recorded by the Minister of Law and Human Manager of DKI Jakarta, Associate Department
Rights of the Republic of Indonesia as proven in the Head of Network & Development, Head of Branch
Decree of Acceptance of Amendment Notification Management Department, Regional Manager for
to the Company Data of PT FIT regarding changes Jakarta, Depok and Tangerang region, Head of
in the Board of Directors and Commissioners Business Strategy Development & Management,
No. AHU-AH.01.03-0439071 dated 20 August 2021. and Head of Channel.
Previously, he was the Director of PT FIT pursuant He earned his Bachelor of Economics degree in
to the Notary Deed of Herna Gunawan, S.H., M.Kn. Accounting from Atma Jaya Catholic University,
No. 4 dated 15 September 2017 that had been Jakarta, in 2002.
endorsed by the Minister of Law and Human Rights
of the Republic of Indonesia No. AHU-0043022.
AH.01.01.TAHUN 2017 dated 29 September 2017.
Ichwan Peryana
Director
Age : 32
Joined PT FIT in 2017 as System & Technology He earned his Bachelor of Communication
Manager and Head of Technology. Then, he Management degree from Universitas Padjadjaran,
was appointed as Director according to the Bandung, West Java, in 2013 and completed the
Shareholders’ Resolutions in Lieu of GMS of Executive Education FinTech & Digital Strategy
PT FIT dated 29 July 2021 as per Deed No. 06 from INSEAD and Cybersecurity Leadership from
dated 5 August 2021. The Notary Deed of Veronika MIT Sloan School of Management in 2021.
Farida Riswanti, S.H., M.Kn. has been received
and recorded by the Ministry of Law and Human He has received several awards, including being
Rights of the Republic of Indonesia as proven in the among the Top 200 CIO Southeast Asia from Global
Decree of Acceptance of Amendment Notification CIO Forum in The World CIO 200 Summit 2021 and
to the Company Data of PT FIT regarding changes 2022, CIO 100 Awards 2022 from cio.com, and
in the Board of Directors and Commissioners CSO30 ASEAN Awards 2022 from csoonline.com.
No. AHU-AH.01.03-0439071 dated 20 August 2021.
Previously, he had also joined BFI Finance and

held a position of Digital Marketing Unit Head
(2016–2017).
96
Agus Ghozali
Director
Age : 37
Appointed as Director according to the (2020–2021), BFI Finance as Head of Risk

Shareholders’ Resolutions in Lieu of GMS of PT FIT Management (2016–2020), PT Wahana Ottomitra
dated 5 August 2022 as per Deed of Shareholders’ Multiartha Tbk as Risk Policy, MIS & Portfolio
Resolutions Statement Outside the Meeting Management Division Head (2015–2016), and
(Circular) in Lieu of GMS of PT FIT No. 01 dated several positions in the risk management field at
5 August 2022. The Notary Deed of Geraldine several other multifinance companies.
H.S.S.U. Sianturi, S.H., M.Kn. has been endorsed
by the Minister of Law and Human Rights of the He earned his Master of Management degree from
Republic of Indonesia No. AHU-0055755.AH.01.02. Pelita Harapan University (UPH), Tangerang, in
TAHUN 2022 dated 8 Agustus 2022, as well as 2014, and Bachelor of Mathematics from Bandung
received and recorded by the Minister of Law and Institute of Technology (ITB) in 2008. Certifications
Human Rights of the Republic of Indonesia in the that he obtained were Risk Management
Decree of Acceptance of Amendment Notification Certification Level 5 from Badan Sertifikasi
to the Company Data of PT FIT No. AHU- Manajemen Risiko (BMSR) in 2021, Certified
AH.01.09-00451558 dated 8 August 2022. Financial Risk Management (CFRM) from American
Academy of Financial Management® (AAFM®) in
Previously, he had worked at PT MNC Kapital 2019, and several others in risk management,
Indonesia Tbk as Head of Risk Management both from local and foreign institutions.
(2021–2022), PT Pinduit Teknologi Indonesia
(Pintek) as Vice President of Risk Management
Associated Entities
Up to the end of 2022, BFI Finance did not have any associated entities.

Company Profile
SHARE OWNERSHIP
COMPOSITION
Based on the Shareholders Register issued by PT Raya Saham Registra as the Company’s Share Registrar,
the composition of shareholders of BFI Finance as at 31 December 2022 was as follows:
Table 17 Composition of Shares and Shareholders
Price per Share Rp25

Description
Total Shares Face Value (Rp) % Shares
Authorized Capital 20,000,000,000 500,000,000,000 100.00
Issued and Fully Paid-up Capital 15,967,115,620 399,177,890,500 79.84
Share Capital in Portfolio 4,032,884,380 100,822,109,500 20.16
Shareholders
Trinugraha Capital & Co SCA 7,688,125,938 192,203,148,450 48.15
PT BFI Finance Indonesia Tbk* 927,732,000 23,193,300,000 5.81
Others (each below 5%) 7,351,257,682 183,781,442,050 46.04
Total 15,967,115,620 399,177,890,500 100.00
Share ownership of members of the BOD as at 31 December 2022 was as follows:
Table 18 Share Ownership of Members of the BOD
Beginning of Year End of Year

Nature of
Name Position
Total % Total % Ownership
Shares Shares Shares Shares
Francis Lay Sioe Ho President Director 391,171,480 2.45 386,771,480 2.42 Direct
Sudjono Director 26,310,800 0.16 26,310,800 0.16 Direct
Sutadi Director 17,388,100 0.11 17,517,000 0.11 Direct
Andrew Adiwijanto Director 10,240,000 0.06 10,240,000 0.06 Direct
Sigit Hendra Gunawan Director 10,000,000 0.06 10,000,000 0.06 Direct
Total 455,110,380 2.84 450,839,280 2.81
98
PT BFI Finance Indonesia Tbk’s ownership structure, as at end of 2022, comprised a total of 9,762
individuals and institutions, of which 68.45% are registered abroad and the remaining 31.55% locally.
There were no shareholders with ownership of more than 5%, except Trinugraha Capital & Co SCA
as the controlling shareholder and the Company’s treasury stock.
Graph 4 Classification of Shareholders Graph 5 Shareholding Composition
15.29 48.15
16.26
31.55
0.01 5.81
68.45
68.44 46.04
Domestic Foreign Trinugraha Capital & Co SCA
Individual Individual PT BFI Finance Indonesia Tbk*
Institutional Institutional Others (each below 5%)
Total Total
* Result of the Company’s stock buyback program
in line with the EGMS resolution on 15 April 2015
and the remaining treasury stock after the MESOP
implementation based on the EGMS resolution on
29 June 2022
SHARE OWNERSHIP STRUCTURE

as of 31 December 2022
Jerry Ng
100% Private equity

managed by
Garibaldi Bravo Capital
NS Advisors 1 Other/Passive Investors 2
Thohir Holdings Ltd.
7.3% 23.2% 14.3% 55.2%
Bravo Investments Ltd.

0.66% 99.34%
Trinugraha Capital & Co SCA Treasury Stock / BFI Finance Public below 5%
48.15% 5.81% 46.04%
PT BFI Finance Indonesia Tbk Francis Lay Sioe Ho

99.00% 1.00%
PT Finansial Integrasi Teknologi

Ultimate Beneficial Owners/UBO
1 NS Advisors is Northstar Advisors Pte. Ltd.
2 Other/Passive Investors are passive investors and do not have voting rights

Company Profile
CONTROLLING
SHAREHOLDER PROFILE
Trinugraha Capital & Co SCA Objectives and Interests of TCC
TCC’s objectives and interests are in participating,
in any form, in companies, partnerships, or other
forms of business entity. TCC has the capability
Manager to be involved in all of the commercial, technical,
Trinugraha Capital (TC SARL) financial, or operational aspects, either directly
or indirectly, in order to successfully achieve its
Brief History objectives.
Trinugraha Capital & Co SCA (TCC) is a company
incorporated under the laws of the Grand- Managers and Supervisors of TCC
Duchy of Luxembourg with its establishment In accordance with its articles of association,
made before Maître Joseph Elvinger, a Notary in TCC is managed by one or more managers
Luxembourg, and was listed on The Registre de who are the unlimited liability shareholders/
Commerce et des Sociétés in Luxembourg under commandite. TC SARL, a société à responsabilité
number B 160504. The articles of association of limitée, was appointed as the sole manager of
TCC have been amended several times with the TCC. All matters related to TCC and their financial
latest amendment being effective based on the condition including in particular the bookkeeping
resolutions of TCC’s EGMS dated 28 November and accounts are overseen by the TCC Supervisory
2022, made before Maître Edouard Delosch, Board.
a Notary in Luxembourg.
ULTIMATE BENEFICIAL
OWNERS
The Ultimate Beneficial Owners (UBO) of the on Implementation of the Principle of Recognizing
Company are Garibaldi Thohir and Jerry Ng. The Beneficial Owners of Corporations in the Context of
Company submitted the information disclosure Preventing and Eradicating the Financial Crime of
regarding the ultimate beneficial owners to the RI Money Laundering and the Criminal Act of Terrorism
Minister of Law and Human Rights as stated in the Financing, in conjunction with the Regulation of the
Data Submission Statement dated 17 June 2022. RI Minister of Law and Human Rights No.15/2019
on Procedures for Implementing the Principle of
Jerry Ng was approved to become the controlling Recognizing Beneficial Owners of Corporations.
shareholder of BFI Finance based on the Decree
of Members of the Board of Commissioners of The two parties designated as the UBO have
OJK No. KEP-381/NB.11/2022 dated 1 July 2022 fulfilled the criteria stated in Article 4 paragraph 1
on the Fit and Proper Test Result for Mr. Jerry Ng points f and g of the Regulation of the RI President
as the Candidate for Controller of PT BFI No. 13/2018, namely:
Finance Indonesia Tbk. a. Receiving benefits from a limited liability
company; and/or
The designation of Garibaldi Thohir and Jerry Ng b. Being the actual owner of the funds related to
as the UBO is in accordance with the provisions the ownership of shares of the limited liability
in the Regulation of the RI President No. 13/2018 company.
100
CHRONOLOGICAL LISTING
OF SHARES AND CHANGES
IN NUMBER OF SHARES
Chronology of Share Listing
Based on Deed No. 57 on 7 April 1982, and the authorized capital of the Company when the
amended by Deed No. 40 dated 6 October 1982, Company was about to conduct a public offering
both made before Kartini Muljadi, S.H., a Notary in increased from Rp3 billion divided into 100
Jakarta, the authorized capital of the Company was preferred shares and 1,900 common shares each
Rp3 billion divided into 100 preferred shares and with a nominal value of Rp1.5 million to Rp15 billion
1,900 common shares, each with a nominal value divided into 15 million ordinary shares each having
of Rp1.5 million, while the issued and fully paid-up a nominal value of Rp1,000, while the issued and
capital amounting to Rp1.5 billion, divided into 100 fully paid-up capital amounting to Rp8.5 billion,
preferred shares and 900 common shares. consisting of 8.5 million shares.
Based on Deed No. 80 dated 22 November 1989 The following is a summary of the Company’s
and Deed No. 27 dated 8 March 1990, chronological share listings:
Table 19 Chronological Listing of Shares and Changes in Total Outstanding Shares
Corporate Stock Listing Listed Value & Price Total Listed

Action Exchange Date Shares (Rp) Shares
Initial Public Offering BEJ & 16 May 1990 2,125,000 1,000 2,125,000
BES
Share Dividend BEJ 14 June 1993 The Company

1,062,500 issued 1 new 3,187,500
BES 11 June 1993 share for every
10 shares
owned
Bonus Share BEJ 22 September The Company

1993 issued 17 bonus
9,934,668 shares for 13,122,168
BES 13 September every 20 shares
1993 owned
Company Listing BEJ 6 December

1993
8,500,000 1,000 21,622,168
BES 2 December
1993
Share Dividend BEJ 22 March 1994 The Company

7,207,390 issued 1 new 28,829,558
BES 21 March 1994 share for every
3 shares owned

Company Profile
Corporate Stock Listing Listed Value & Price Total Listed

Action Exchange Date Shares (Rp) Shares
Limited Public Offering I

(Rights Issue I): BEJ & 9 May 1994 28,829,558 1,000 57,659,116
1 share entitled to BES
1 new share
Limited Public Offering II

(Rights Issue II): BEJ & 12 February 115,318,232 1,000 172,977,348
1 share entitled to BES 1997
2 new shares
Stock Split 1:2 BEJ & 3 November 172,977,348 500 345,954,696

BES 1997
New Shares from BEJ 11 May 2006

MCB Conversion 414,384,585 760,339,281
BES 5 June 2006
Stock Split 1:2 BEI 7 August 2012 760,339,281 250 1,520,678,562
Issuance of Shares
for Implementation of BEI 31 May 2013 5,936,000 250 1,526,614,562
MESOP Phase I -
Grant Date 1
Issuance of Shares
MESOP Phase I -
Grant Date 2
Issuance of Shares
MESOP Phase II -
Grant Date 1
Issuance of Shares
MESOP Phase II -
Grant Date 2
Company’s Share
Buyback with the N/A 15 April 2015 100,273,200 Total shares n/a
maximum repurchasing purchased
period of 18 months amounted to
from 15 April 2015 Rp252,160,169,658
Stock Split 1:10 BEI 5 June 2017 1,596,711,562 25 15,967,115,620
MESOP from 11 October

Treasury Shares BEI 2022 75,000,000 500 15,967,115,620
All of the above actions have been approved by the capital market authorities and duly implemented.
102

Company Profile
CHRONOLOGICAL LISTING
OF OTHER SECURITIES
Listing of Bonds
Table 20 Bond Listing Summary
Amount
Amount
Debt Securities Date Listed Effective Bond per Due
Issued Coupon
Issued on IDX Date Rating Series Date
(Rp billion)
(Rp billion)
Obligasi Series A A+(idn) 740 188 6.75% 6 July

Berkelanjutan 2019
IV BFI Finance 27 June
Indonesia Series B 2018 552 7.75% 26 June
Tahap I 2021
Tahun 2018
Obligasi Series A A+(idn) 1,000 500 9.00% 2 March

Berkelanjutan 2020
IV BFI Finance 25 February 7 June 2018
Indonesia Series B 2019 (No.S-67/ 500 10.50% 22 February
Tahap II D.04/2018) 2022
Tahun 2019
Obligasi Series A A+(idn) 832 437 8.00% 18 September

Berkelanjutan 2021
IV BFI Finance 8 September
Indonesia Series B 2020 395 9.50% 8 September
Tahap III 2023
Tahun 2020
Obligasi Series A A+(idn) 600 200 6.00% 8 June

Berkelanjutan 2022
V BFI Finance 31 May
Indonesia Series B 2021 400 7.75% 28 May
Tahap I 2024
Tahun 2021
21 May 2021
Obligasi Series A (No. S-66/ A+(idn) 1,000 210 5.25% 16 August
Berkelanjutan D.04/2021) 2022
V BFI Finance
Indonesia Series B 9 August 260 6.25% 6 August
Tahap II 2021 2023
Tahun 2021
Series C 530 7.25% 6 August
2024
104
Bond
Public Legal
Status Underwriter Trustee Notary Rating
Accountant Consultant
Agency
Paid PT Danareksa Sekuritas PT Bank Tanubrata Jusuf Ir. Nanette PT Fitch

PT DBS Vickers Sekuritas Tabungan Sutanto Indradewa & Cahyanie Ratings
Indonesia Negara Fahmi Partners Handari Adi Indonesia
(Persero) Tbk Bambang & Warsito, S.H.
PT Trimegah Sekuritas Rekan
Indonesia Tbk
Paid PT Danareksa Sekuritas PT Bank Tanubrata Jusuf Ir. Nanette PT Fitch

PT DBS Vickers Sekuritas Tabungan Sutanto Indradewa & Cahyanie Ratings
Indonesia Negara Fahmi Partners Handari Adi Indonesia
(Persero) Tbk Bambang & Warsito, S.H.
PT Mandiri Sekuritas Rekan
PT Trimegah Sekuritas
Indonesia Tbk
Paid PT BNI Sekuritas PT Bank Tanubrata Jusuf Ir. Nanette PT Fitch

PT Danareksa Sekuritas Tabungan Sutanto Indradewa & Cahyanie Ratings
Negara Fahmi Partners Handari Adi Indonesia
Not yet due PT DBS Vickers Sekuritas (Persero) Tbk Bambang & Warsito, S.H.
Indonesia Rekan
PT Mandiri Sekuritas
Indonesia Tbk
Paid PT BNI Sekuritas PT Bank Tanubrata Jusuf Ir. Nanette PT Fitch

PT BRI Danareksa Tabungan Sutanto Indradewa & Cahyanie Ratings
Sekuritas Negara Fahmi Partners Handari Adi Indonesia
Not yet due (Persero) Tbk Bambang & Warsito, S.H.
PT DBS Vickers Sekuritas Rekan
Indonesia
Indonesia Tbk
Paid PT BCA Sekuritas PT Bank Tanubrata Jusuf Ir. Nanette PT Fitch

PT BNI Sekuritas Tabungan Sutanto Indradewa & Cahyanie Ratings
Negara Fahmi Partners Handari Adi Indonesia
Not yet due PT DBS Vickers Sekuritas (Persero) Tbk Bambang & Warsito, S.H.
Indonesia Rekan
PT BRI Danareksa
Sekuritas
Indonesia Tbk

Company Profile
PUBLIC ACCOUNTANT
SERVICES
Public Accounting Firm
Tanubrata Sutanto Fahmi Bambang & Rekan The public accountant that audited the Company’s
Prudential Tower Lt. 17 annual financial statements for the financial year of
Jl. Jend. Sudirman Kav. 79 2022 was Santanu Chandra, C.P.A. This was the
Jakarta 12910, Indonesia fourth year of assignment for the public accountant.
Phone: (62-21) 5795 7300
Fax: (62-21) 5795 7301 The fee for the 2022 assignment period was
www.bdo.co.id Rp594 million.
The above public accounting firm has audited the The public accounting firm rendered no other
Company’s annual financial statements for seven professional services to the Company in the
years, since 2016. financial year of 2022, apart from the audit of
financial statements as mentioned above.
Table 21 Chronology of Public Accounting Firm Appointments
Report Release
Period Public Accountant Firm Accountant Name Opinion
Date
2018 Tanubrata Sutanto Fahmi Susanto Bong, S.E., Ak., 19 February Unmodified
Bambang & Rekan C.P.A., C.A. 2019 Opinion
2019 Tanubrata Sutanto Fahmi Susanto Bong, S.E., Ak., 19 February Unmodified
Bambang & Rekan C.P.A., C.A. 2020 Opinion
2020 Tanubrata Sutanto Fahmi Susanto Bong, S.E., Ak., 12 March 2021 Unmodified
Bambang & Rekan C.P.A., C.A. Opinion
2021 Tanubrata Sutanto Fahmi Dr. Herry Sunarto, S.E., 15 February Unmodified
Bambang & Rekan Ak., S.H., M.B.A., M.H., 2022 Opinion
C.P.A., C.P.M.A., C.M.A.,
C.A.
2022 Tanubrata Sutanto Fahmi Santanu Chandra, C.P.A. 13 February Unmodified

Bambang & Rekan 2023 Opinion
106
CAPITAL MARKET
SUPPORTING INSTITUTIONS
AND PROFESSIONS
Ratings Agency Share Registrar
PT Fitch Ratings Indonesia PT Raya Saham Registra

DBS Bank Tower 24th Floor, Suite 2403 Gedung Plaza Sentral 2nd Floor
Jl. Prof. Dr. Satrio Kav. 3–5 Jl. Jend. Sudirman Kav. 47–48
Jakarta 12940, Indonesia Jakarta 12930, Indonesia
Phone: (62-21) 2988 6800 Phone: (62-21) 252 5666
Fax: (62-21) 2988 6822 Fax: (62-21) 252 5028
www.fitchratings.com/region/indonesia www.registra.co.id
Fee for the 2022 assignment period was Fee for the assignment period 2022 was
Rp578 million. Rp179 million.
Trustee Capital Market Institution
PT Bank Tabungan Negara (Persero) Tbk PT Bursa Efek Indonesia (Indonesia Stock
Menara BTN Exchange)
Jl. Gajah Mada No. 1 Indonesia Stock Exchange Building, 1st Tower,
Jakarta 10130, Indonesia 6th Floor
Phone: (62-21) 633 6789 ext. 1844-1847 Jl. Jend. Sudirman Kav. 52–53
www.btn.co.id South Jakarta 12190, Indonesia
Phone: (62-21) 515 0515
Fee for the assignment period 2016–2022 ranged Fax: (62-21) 515 4153
from 0.0025%–0.0088% of the total bonds issued. Call Center (Nasional): 150515
www.idx.co.id
Legal Consultant
Depository and
Settlement Institution
Jusuf Indradewa & Partners
Menara BCA (Grand Indonesia) 50th Floor PT Kustodian Sentral Efek Indonesia
Jl. M.H. Thamrin No. 1 (Indonesia Central Securities Depository)
Jakarta 10310, Indonesia Indonesia Stock Exchange Building, 1st Tower,
Phone.: (62-21) 2254 4117 (hunting) 5th Floor
Fax: (62-21) 2254 4367 Jl. Jend. Sudirman Kav. 52–53
www.jusufind.com Jakarta 12190, Indonesia
Phone: (62-21) 515 2855
Fee for the assignment period 2019–2022 was Fax: (62-21) 5299 1199
approximately 0.0138% of the total bonds issued. Toll Free: 0800-186-5734
www.ksei.co.id

Business Supporting Units
108
Business
Supporting Units
By integrating people with cutting-edge

technology and new ways of working, BFI
Finance has strengthened its network and
delivered excellent service to customers.

INFORMATION
TECHNOLOGY
BFI Finance is rolling out Each phase of digital transformation is

implemented incrementally, in terms of workflow
a comprehensive digital and scale. This precautionary approach is crucial
for the Company to ensure that every innovation
transformation to always be at the related to digital transformation delivers the
impacts as desired, without creating new risks that
forefront of the financing industry, the Company have not anticipated beforehand.
while at the same time perceptive With that in mind, the Information Technology
(IT) team carried out an IT development strategy
and responsive to the needs of in 2022 that was focused on developing new
applications and systems to enhance, and in
its customers, which also evolve certain cases revamp, existing systems. The
with the times. goal is for the Company’s various IT modules
and infrastructure to yield optimal utility, not only
for internal users, but also for all parties in the
ecosystem.
Digital transformation efforts in 2022 were

accompanied by a continuous endeavor to
strengthen the systems for information security.
110
We paid particular attention to protecting consumer Then, as a continuation of the previous year’s
data and to the integrity of various IT aspects, efforts, i.e., increasing SLA and flexibility in using
with the aim of keeping the associated risks at a both physical (local) and virtual (on cloud) IT
minimum. The Company’s uses this strategy at the infrastructure, in 2022 the IT team developed an
front line to obtain customer trust, as it transforms array of applications that can operate automatically
into an adaptive institution that provides the proper and at a scale that can be adjusted as needed.
solutions in the digital era.
The Company also succeeded in designing an
LOS capable of accommodating partners on an
IT Strategy in 2022 online system. The system is equipped with an
application programming interface (API), allowing
the Company’s digital platform to communicate
One of the main goals of BFI Finance’s digital seamlessly with many third-party platforms and
transformation is to boost customer service level. applications.
By digitizing business processes in an integrated
manner, many benefits will emerge and they will not In addition, in the financing approval and
only profit the Company, but also the customers. disbursement processes, the Company has
implemented machine learning to assist credit
In its digital transformation, BFI Finance had begun scoring. Machine learning has resulted in more
a number of pilot projects starting from the end accurate calculation of risk to the Company’s
of 2021. These projects had been implemented financing portfolio. This automated process also
on a limited scale up to the end of 2022. Through enables customers to apply for financing more
these projects, the Company is gradually shifting practically, and receive the funds more promptly.
its business model, from one dominated by manual
processes, to a new, fully digitized one. In addition to routine replacement and improvement
of IT equipment across all operations, since 2021
BFI Finance’s IT strategy also targets significant the Company had expanded service availability in
productivity improvements for all personnel all branches and outlets. To ensure its systems are
involved across business processes. Through ready for access whenever needed, both internally
automation in the Company’s business model, and by customers, the Company collaborates with
human errors can be reduced, while processing interconnection service providers for its main and
speed and accuracy, even decision making, will be backup networks, and ensures that the capacity of
augmented. both networks corresponds with each other.
This comprehensive digital transformation

process requires improving existing systems and IT Security and Governance
establishing new systems for various business
processes: from consumer data collection, data
security, facial recognition, to digital signature Systems, standards and procedures for data
processing and transcription of physical security and governance in the Company
documents. Digitalization of physical data greatly have been prepared and managed based on
expedites the loan origination system (LOS), the applicable regulations and requirements
loan management system (LMS), and automatic from external auditors. A “data-aware” culture
financing disbursement, allowing all of these embedded in employee behavior supports the
processes to be faster and more efficient. Company’s IT security and governance efforts.
To increase employees’ data awareness, since
2020 the Company has been conducting relevant
New Systems and training programs attended by hundreds of
Infrastructure in Place employees from different business functions.
To keep its business relevant to the prevailing Since 2021, the Company has also developed
market behavior and needs in the digitalization era, a Data Leak Prevention (DLP) system to protect
BFI Finance has undertaken various initiatives to the digital information stored in data centers and
digitize its business processes. Simultaneously, the throughout its network from leaks or intrusions,
Company also evaluates the risk factors that arise which may cause such information to be misused
from each step. by unauthorized parties. Currently, the DLP has
been applied on all business processes at BFI
To ensure digitalization readiness, in 2022 Finance.
BFI Finance formed a Data Science team. The aim
of establishing this team is primarily to serve as a To improve data protection, the Company engages
supporting infrastructure for digital transformation, external parties to monitor network security through
especially in the management, analysis, and creation the Security Operations Center (SOC). The SOC
of added value from Company-managed data. monitors network performance across business
locations and protects the Company’s entire IT

infrastructure from various forms of intrusions, to be assigned to teams along various business
hacking, and other cyber attacks. segments. This demonstrates the Company’s intent
to expand the reach of digital transformation to
cover all business activities.
IT Plans for 2023
By reviewing every aspect that carries the potential
to affect its business, BFI Finance will strengthen
In light of the evolving need for digitalization its risk management system related to its digital
going forward, the Company aims to boost IT transformation, and apply information security
effectiveness by developing new tools, as well standards that are structured and standardized in
as seeking and honing digitalization-ready talent, accordance with ISO 27001.
112
NETWORK AND
OPERATIONAL
DEVELOPMENT
Through verticalization of BFI Finance’s business transformation, especially

since the pandemic, has made its operations
functions and centralization follow a more flexible, fast, and accurate business
model. This transformation was initiated by the
of processes, BFI Finance is top management and is strategically passed
down to the operational level in the smallest units.
transforming its organizational Supported by digital technologies, BFI Finance
is enhancing its network and strengthening its
structure and employees’ ways operational performance in line with the prevailing
conditions and needs in the market.
of working to deliver excellent
Improvements in 2022 were supported by changes
performance. in the ways of working that had been previously
implemented and observed, allowing operational
and service optimization to become more sharply-
focused. This approach is reflected in active and
agile decision-making and follow-up processes,
enabled by technology that ensures smooth,
effective, and uninterrupted communication
between top management and branches in
day-to-day business processes.

process various documents from the customers. It

Verticalization of resulted in greater convenience for customers, as
Business Functions they no longer need to visit the Company’s office to
have their needs served.
A multiyear program that has contributed
immensely to improving employee productivity is Through the centralization of business processes,
the verticalization of business functions. Through the Company was able to reduce the intensity of
verticalization, BFI Finance has revamped the activities at branches as well as the number of
composition and scope of responsibilities of physical outlets in various regions. Meanwhile, the
various functions at the head office and branches. quality of customer service was further improved.
A number of administrative tasks that had
This initiative was followed by sharpening the previously been carried out at each contact point
focus of each function, in terms of business are now centralized at the area, regional, and
development as well as asset management. Each national (head office) levels. Employees that are
team in the Company’s organizational structure is directly facing the customers, wherever they are,
now more deeply engaged in their respective fields, can be more productive and effective in catering to
thus strengthening risk mitigation and optimizing the customers. Customers now enjoy more options
available resources. to gain access to the Company’s services.
Each function can now perform their tasks

more efficiently and with a stronger focus. Accelerated Digitalization
Simultaneously, coordination between functions
is maintained through continuous communication,
supported by digital collaboration tools. Centrally- Digital transformation at BFI Finance has given
and vertically-managed functions have allowed rise to new ways of working that enable optimal
the Company to be more flexible in widening its productivity and flexibility. The Company
business scope, while at the same time adjusting succeeded in taking advantage of the latest
its business scale in each region, without the developments in IT in an integrated manner,
necessity for drastically altering workforce across all of its business processes. To ensure
requirements. business continuity, the Company observes the
latest trends in the multifinance industry along with
In continuation of the merging of business areas in the associated potential, to be always ready to
the previous year, in the early second half of 2022 serve the diverse and rapidly changing needs of
the Company completed the verticalization of six customers.
regions. Three new regions were formed, namely
JatimBali (East Java, Bali and Nusa Tenggara), At several trial outlets, various processes—ranging
Kalimantan (South, North, Central, East, and West from onboarding to financing disbursement—are
Kalimantan), and Sulampa (Sulawesi, Maluku, now executed digitally. To bridge the gap between
and Papua), with a total of 282 outlets by the end the newly developed systems and the varying
of 2022. This number was reduced by 37 outlets levels of customer readiness, which depends
compared with 2021, due to the streamlining of on their respective characteristics, BFI Finance
physical outlet presence, but without any reduction provides dedicated officers at each outlet and on
in any region’s performance. other channels to assist customers and expedite
processes. The results of this digitalization program
will be evaluated to determine when to move on to
Business Process Centralization the next stage, i.e., expanding the roll out to other
outlets.
Business process centralization, one of the major The Company’s efforts in accelerating and
multiyear programs at BFI Finance, is ongoing, expanding digitalization also rely on the
involving various work aids as well as technological development of specialized teams that have been
devices and systems. In 2022, this program’s main formed precisely to become agents of change
achievement was the total centralization of the within the Company. To support this, in 2022
document management system and the processing BFI Finance recruited experts whose qualifications
of requests and transactions. were aligned with its digitalization agenda. They
were assigned to these specialized teams,
The main focus of the centralization program is including the Telemarketing, Billing Management,
to build a foundation for digitization, starting from and Data Science teams. Within these teams,
matters relating to customers to the improvement they collaborate using Scrum methodology both
of collection efficacy. The Company has designed internally and across teams, and engender the
and run this program at the operational level, as desired changes in a purposeful, directed manner.
well as built the adequate infrastructure to digitally
114
Transitioning from the Pandemic employees could deliver their optimal performance
to the New Normal regardless of where they worked.
Policies set up in place during the Covid-19 For the Company, the health and safety of
pandemic era were fully implemented up to mid- customers and employees is the top priority under
2022 across all of BFI Finance’s business. As all circumstances. Therefore, the Covid-19 Task
economic activity gradually resumed beginning in Force, which was formed in 2020, continued
the middle of the year, the implementation of such to strictly oversee the implementation of health
policy became optional, adjusted to the needs protocols. As a result, customers visiting our outlets
and operational conditions at each location. Both could always feel comfortable in interacting with
with and without the pandemic policy in place, our staff.

CUSTOMER
SERVICE
BFI Finance serves its customers on Consumer Protection particularly in the

Financial Services Sector.
in an insightful and passionate
To ensure that customers and the general public
manner, aiming to deepen are adequately protected in accordance with OJK
provisions, in each Customer Financing Agreement,
relationships with them and cater drawn between BFI Finance and any prospective
customer, the Company conveys a comprehensive
to what they need. list of information, which includes the detailed
rights and obligations of the customer in requesting
information and conveying any and all items related
with BFI Finance. This information is presented by
the Company staff that serves as the customer’s
direct counterparty at the physical outlet, and also
BFI Finance ensures that its customers’ needs on the official website, bfi.co.id.
can be served as promptly and satisfactorily as
possible, by engaging various communication The two main focal points of the Company in
channels the Company has provided and Customer Service in 2022 were: optimizing
continues to develop. The customer service customer service related to restructuring and
program is prepared and implemented settlement of NPF that require special handling;
comprehensively, in full compliance with the Law and enhancing customer service quality through
on Consumer Protection and the OJK Regulation digitalization.
116
To maintain service quality while protecting the Employees’ ability to identify and seek appropriate
business amidst the competition in the industry, ways to respond to various consumer needs
the Company delivers the best level of customer determines the quality of the best and most
service as summarized in the Service Excellence comprehensive service. It is thus important for
Strategy framework. The framework comprises the Company to ensure that each employee
three primary components, namely: possesses the most up-to-date competence and
1. Sustaining Service Insight; understanding about service quality and how to
2. Customer Relationship & Engagement; and build rapport with customers.
3. Complaint Handling & Service Recovery.
Some key customer service programs in 2022
included:
Sustaining Service Insight • Assistance related to financing restructuring
according to OJK directive;
• Settlement of complications surrounding
Service Insight is maintained at all times by repossession for defaulting customers;
all employees, especially those directly facing • Expansion of digitalization in consumer-facing
customers. In accordance with one of the business processes;
Company’s Core Values, namely Excellent Service, • Special rewards for select customers, including
the Service Insight component urges employees to gifts.
strive for optimal service and customer satisfaction
through these three main aspects:
1. Positive Attitude: being friendly and polite in Complaint Handling
providing services; & Service Recovery
2. Responsive: quick, precise, perceptive, and
accurate response; and The Customer Care Unit, in collaboration with
3. Professional: interacting with consumers based related units, is responsible for following up on all
on the provisions of the Company’s service complaints received by the Company. In the follow-
standards. up process, all related units strive to provide a fast,
accurate, thorough, and satisfactory response.
In submitting a status report to each customer,
Customer Relationship BFI Finance displays all the required pieces of
& Engagement information, including payment procedures,
payment locations, amounts of fines, and payment
One of the objectives of comprehensive due dates.
digitalization in the field of customer service at BFI
Finance is to optimize both customer satisfaction In 2022, the Company received a total of 5,656
and effectiveness of business processes. complaints in its system, with the details as follows:
Table 22 Customer Complaint Handling 2022
Status of Resolution
Type of Financial Number of
Resolved Being Processed Unresolved
Transaction Complaints
Total % Total % Total %
Investment 1,537 100 0 0 0 0 1,537
Working Capital 1,558 100 0 0 0 0 1,558
Multipurpose 2,561 100 0 0 0 0 2,561
Total 5,656

BFI Finance implements a Service Level Agreement Internal Assessment

(SLA) for the resolution period for each complaint (Your Voice)
it has received. This SLA was determined based
on internal policy and the prevailing regulations in Apart from measuring customer satisfaction,
Indonesia. A high SLA achievement score in 2022 employee performance in interacting professionally
was reflected by the fact that all complaints were with other employees is assessed through an
completely resolved within 5 working days at the external mechanism, the YOUR VOICE program.
latest for verbal complaints and 20 working days This program was developed as a team and
at the latest for written complaints. individual performance assessment platform.
YOUR VOICE can be accessed via a QR code,
allowing the assessments to be performed anytime
Measuring and anywhere.
Customer Satisfaction
With YOUR VOICE, employees are encouraged
BFI Finance measures its customer service to channel their ideas and aspirations for the
performance through a customer satisfaction Company’s consideration when formulating
survey. From this survey, the Company obtains the strategies and improvements.
values of Consumer Satisfaction Index (CSI) and
Net Promoter Score (NPS). There are two types of assessments that
employees can perform on YOUR VOICE, namely:
In 2022, responses to customer satisfaction • iVOTE: evaluating performance and cooperation
surveys were collected via telephone and online between units through suggestions and input
platforms. A total of 94,952 responses were from internal consumers (colleagues) to build
gathered from new customers. Of all the responses Excellent Service awareness; and
collected, the CSI was measured at 4.24 (out of • iCARE: facilitating employees who wish to
a maximum value of 5), while the NPS reached submit ideas and solutions that they believe are
66%. The CSI score showed an increase from relevant to any internal issue.
2021 score, which was 4.14, in line with efforts
to improve the Company’s services as a whole to
surpass pre-pandemic conditions. In 2019, before Virtual
the pandemic, the CSI score was 4.48. Customer Service
As an innovation in the customer satisfaction BFI Finance has developed a new communication
survey methodology, we have created a new platform for customers’ use to interact with BFI
medium, namely online forms, which our customers Finance virtually, called Customer Service Virtual
can fill in independently. This new survey medium (CS Virtual). CS Virtual is a video call service,
was introduced as a pilot project in August 2021 accessible to customers and non-customers alike,
in Tangerang area, and following that, it was rolled for inquiring a CS officer for information on the
out to all branches in the Jabodetabek region in Company’s financial products and services.
September 2021. CS Virtual can also be used to submit suggestions
and complaints. This facility aims to maximize
The pilot project succeeded in improving customer service to customers by minimizing the need for
satisfaction, so its implementation was expanded face-to-face interaction amidst the pandemic.
to more regions and then nationwide in Q1 2022. This method has subsequently been used to
To further improve the service by monitoring centralize information delivery and to receive
feedback on filling out the online form, another customer complaints.
innovation was introduced, namely a dashboard for
monitoring the survey filling. Once the associated In 2022, the CS Virtual service had been made
procedures were confirmed to be adequate, available in 23 provinces and 40 BFI Finance
starting in Q2 2022 the online survey link has branches listed below. CS Virtual served more than
been appended to the SMS blast for customer 1,400 customer inquiries over the course of 2022.
onboarding.
118
1. East Kalimantan 8. Special Region of 15. Gorontalo

• Balikpapan Yogyakarta • Gorontalo
• Samarinda • Yogyakarta
16. Maluku
2. South Kalimantan 9. Greater Jakarta • Ambon
• Banjarmasin • Depok
• Meruya 17. North Sumatra
3. West Kalimantan • Bintaro • Medan
• Pontianak • BSD Serpong
• Tangerang 18. South Sumatra
4. Central Kalimantan • Bogor • Palembang
• Sampit • Sunter
• Palangkaraya 19. Lampung
10. Bali • Bandar Lampung
5. West Java • Denpasar
• Bandung • Denpasar 3 20. Jambi
• Bandung-Lengkong • Jambi
• Cirebon 11. Central Sulawesi
• Karawang • Palu 21. Riau
• Pekanbaru
6. East Java 12. North Sulawesi
• Surabaya • Manado 22. Riau Islands
• Malang • Batam
• Sidoarjo 13. South Sulawesi
• Sidoarjo 2 • Makassar 23. West Papua
• Palopo • Sorong
7. Central Java
• Semarang 14. Southeast Sulawesi
• Solo • Kendari

Management Discussion and Analysis
120
Management
Discussion and
Analysis
BFI Finance has outperformed the industry

in terms of growth, profitability, and
asset quality, while upholding prudent
risk management.

INDUSTRY
OVERVIEW
The multifinance industry grew was followed by excessive inflation, especially in

countries which were, and are still, prone to energy
14.18% as Indonesia recorded its and food shortages, such as European countries
and developing nations. Tempering this upsurge
highest economic growth pace in in commodity demand was China, whose “Covid
Zero” policy ran counter to many countries’ pivot
the last 10 years. away from Covid-related restrictions. China’s strict
isolation caused its growth to slow down from
8.4% to no more than 3.0% in 2022.
The dimming prospects of economic revival were

reflected by the global growth rate that plunged
from 6.0% in 2021 to 3.2% in 2022, according to
Global the IMF. Barring the global financial crisis and the
Economic Overview acute phase of the Covid-19 pandemic, this growth
was the weakest since 2001. Exacerbating this,
The global economic story in 2022 was shaped global inflation soared from 4.7% in 2021 to 8.8%
by a number of events, chief among which was in 2022.
the Russian invasion of Ukraine. It has sent food
and energy commodities to scarcity, propelling Struggling to prevent inflation from rising wildly,
the higher-than-expected rise in their prices. This central banks across the globe have advocated
122
aggressive policy with regard to their reference value in 2022 soared, even as exports to its largest
interest rates. In 2022, the Fed raised its Fed Funds trading partner, China, declining due to China’s
Rate six times starting in March 2022, from 0.25%, persistent Covid Zero restrictions. By modulating
to gradually reach 4.25% by year-end. This was coal and CPO exports to take advantage of the
in stark contrast to central banks’ preferred policy momentum of high prices, the government could
during the Covid-19 pandemic. secure the funds needed for its subsidy-intensive
state budget. Soaring energy prices proved to be
a blessing in disguise: Indonesia’s current account
Indonesia’s was at its sturdiest in many years.
Economic Overview
In terms of societal behaviors, one recent post-
The global economic growth decelerated on the pandemic development is worth highlighting:
whole, but its effects were not equally felt across how people in major cities prefer to commute
the globe. Inflation rose more starkly in developed on their daily basis has changed. Despite vast
markets than in developing markets. Thus, for improvements in the larger cities’ transportation
much of 2022, emerging economies, especially the network and infrastructure, many people who had
resource-rich ones, charted a much brighter path, previously benefited from public transportation
proving their resilience amid an elevated global have chosen to switch to private ones, such as
demand for commodities. cars and motorcycles. This preference has been,
to some extent, shaped by their conscious attempt
Indonesia’s economic progress in 2022 followed to prevent their exposure to Covid-19 through
such a path. The country’s economic growth shared commutes, and in turn driven the increase
stepped up from 3.7% (yoy) in 2021 to 5.3% in the sales of cars and motorcycles in 2022.
in 2022, the most robust in nine years. This
performance was bolstered by three factors:
the government’s unrelenting effort to stoke Multifinance
household demand, vigorous export, and a surge of Industry Review
investment flowing into various business sectors.
The multifinance industry managed to record
The government managed to tackle the global positive performance in 2022. This was most
economic slowdown by shoring up its export reflected by the outstanding value of industrial
performance, while staying alert on the potential of financing receivables which grew 14.18% to
weakening household consumption due to rising Rp415.9 trillion. This growth was supported by
inflation. Such measures have boosted confidence for working capital and investment financing, which
future economic growth pace, in line with increasing grew by 36.7% and 23.9% yoy, respectively.
mobility of goods and people, and the continuation of The risk profile of finance companies was well-
the National Strategic Programs (PSN). maintained, with a decline in non-performing
financing (NPF) to 2.32%, compared to the end of
Indonesia’s inflation rate increased from 2.18% at 2021 of 3.53%.
the beginning of the year 2022 to 5.51% by year-
end. This rate was tame in comparison to the rates In addition, financing under restructuring also
seen in various countries and regions, such as the continued to decline. As an effort to maintain
European Union (9.2%) India (6.7%), and the US the stability of the multifinance sector, OJK took
(6.5%). Instrumental to this success at keeping strategic measures, including those related to
inflationary pressures at bay was BI’s strengthening the end of the credit restructuring stimulus policy
of monetary operations. This year, the central bank in March 2023. However, with factual analyses
raised its BI7DRR five times, from 3.50% to 5.50%, showing that prolonged impacts from the Covid-19
with an additional hike of 25 bps in January 2023. pandemic remain observable, OJK extended
the restructuring period for a year until 31 March
In addition to stemming inflation, the increase 2024 for specific sectors and regions only. With
of BI7DRR also helped the rupiah exchange this policy, OJK is optimistic that the multifinance
rate stabilization policy. Effectively, the rupiah’s sector is on the right path to be more resilient going
exchange rate remained in line with its fundamental forward.
value, despite the vigorous US dollar and
unforeseen uncertainties pressuring global financial Following the recent shift in commuting
markets. The rupiah in 2022 only weakened by preferences, and with the purchasing power in
around 10%, from Rp14,248 as at end of last year general remaining robust, the Association of
to Rp15,613 this year, against the US dollar. Many Indonesian Automotive Industries (Gaikindo)
other countries’ currencies fared much worse. made a confident projection for 2022 car sales, at
960,000 units. This ambitious target was surpassed
All the while, shored up by the global commodity with the sale of 1,048,040 units recorded during
boom, Indonesia benefited from the elevated coal the year, a 18.1% growth year-on-year. Meanwhile,
and crude palm oil (CPO) prices—the country’s two based on the Indonesian Motorcycle Industry
main export commodities. Indonesia’s total export Association (AISI) data, domestic motorcycle sales

reached 5.22 million units in 2022, up from the encourage the use of EVs as a means of combating
previous year’s total sales of 5.06 million units. the climate crisis.
The advent of electric vehicles in recent times has In sharia financing, promising performance
set the stage for the proliferation of such vehicles has been maintained. Financing receivables
in many countries, including in Indonesia. Sales of increased 37.1% from Rp13,7 trillion as at end of
electric cars in 2022 multiplied from less than 1,000 2021 to Rp18.7 trillion. This was in line with the
units to more than 10,000 units. Most of these EVs government’s efforts to boost the performance of
were domestically produced. Such growth was MSMEs through the provision of working capital
mainly driven by the success of the G20 Summit in the form of loans and/or sharia financing and
in Bali, which featured EVs as one of the themes, additional loans to finance short-term needs.
as well as various regulations and policies to
Table 23 Multifinance Industry Receivables
Description (Rp billion) 2020 2021 2022
Investment 110,958 114,276 141,630
Working Capital 24,634 28,953 39,579
Multipurpose 222,467 206,907 215,399
Others 176 422 511
Sharia 11,523 13,674 18,745
Total 369,758 364,232 415,864
* Source: Data of Statistics of Indonesian Financial Institutions as of 31 December 2022 issued by OJK
Finally, like most other sectors, the multifinance of the modern consumer. Thus, for the
sector is also being vastly transformed by multifinance industry to stay relevant and maintain
digitalization. Multifinance players have been competitiveness, its participants know that they
exploring to strengthen their digital ecosystem must begin to digitize and integrate end-to-end
by expanding their market segment which is processes to allow for more effective and optimum
increasingly dominated by the young generation. business performance.
Digitalization is now embedded in the lifestyle
124
BUSINESS
REVIEW
BFI Finance’s financing services, which are fully others, the revival of mining, energy, and plantation
supervised and regulated by the OJK, have sectors. The Company is confident that it can take
contributed to improving the living standards of part in realizing the nation’s economic progress.
its customers, ranging from individuals, small and
medium enterprises (SMEs), to corporations. For the purpose of business analysis, BFI Finance
records all of its financing receivables into two main
The Company’s financing products include asset- categories: the type of asset being financed and
backed products (in the form of cars, motorcycles, the financing purpose.
and property) for investment, working capital, and
multipurpose purposes. These products are offered This section presents the Company’s business
in both conventional and sharia-based forms. analysis on the performance of New Financing
disbursed in 2022 compared to 2021, while the
The Company also continues to contribute to a sections that follow discuss the performance of
number of industrial sectors in Indonesia through the Financing Receivables Portfolio along with
heavy equipment and machinery financing the broader context of the Company’s financial
products. During 2022, this financing product performance.
experienced significant growth, driven by, among
Table 24 New Financing by Types of Assets

Description (Rp billion) 2021 2022
Total Percentage
Used Cars Financing 9,183 12,948 3,765 41.0%
New Cars Financing 194 381 187 96.4%
Cars Financing 9,377 13,329 3,952 42.1%
Used Motorcycles Financing 1,986 3,389 1,403 70.6%
Heavy Equipment Financing 1,415 2,372 957 67.6%
Property Financing 209 677 468 223.9%
Sharia Financing 161 314 153 95.0%
Total 13,148 20,081 2,981 52.7%
Percentage of Total
Used Cars Financing 69.8% 64.5% n/a -5.3%
New Cars Financing 1.5% 1.9% n/a 0.4%
Cars Financing 71.3% 66.4% n/a -4.9%
Used Motorcycles Financing 15.1% 16.9% n/a 1.8%
Heavy Equipment Financing 10.8% 11.8% n/a 1.0%


Total Percentage
Property Financing 1.6% 3.4% n/a 1.8%
Sharia Financing 1.2% 1.5% n/a 0.3%
Total 100.0% 100.0%
Description (unit)
New Cars Financing 808 1,353 545 67.5%
Cars Financing 103,737 131,499 27,762 26.8%
Property Financing 652 1,123 471 72.2%
Sharia Financing 1,376 2,406 1,030 74.9%
Total 376,707 518,399 141,692 37.6%
131,499 unit 380,059 unit 3,312 unit 1,123 unit 2,406 unit
Cars Used Heavy Property Sharia
Financing Motorcycles Equipment Financing Financing
Financing Financing
New Financing
Indonesia’s economic recovery was quite solid Used Motorcycles Financing contributed 16.9%
throughout 2022, allowing it to bolster activities in to total New Financing, while 11.8% from Heavy
the financing business. This economic recovery Equipment Financing, 3.4% from Property-Backed
was also felt by the community at large, posing Financing, and 1.5% from Sharia Financing.
an opportunity for BFI Finance to recover quickly.
In fact, the Company’s performance in 2022 The most significant increase in the portion of
has exceeded performance in previous periods, New Financing was seen in the Company’s core
including before the pandemic. business segment, Used Cars Financing. Its value
increased from Rp9,183 billion in 2021 to
This was reflected in the growth in New Financing Rp12,948 billion in 2022 (a rise of 41.0%).
recorded by the Company in 2022. Total New
Financing increased by 52.7% from its value of Another major increase was in Property Financing.
Rp13,148 billion in 2021 to Rp20,081 billion in This demonstrates that the Company has
2022. succeeded in serving the needs of consumers
in this business segment, which has only been
As much as 66.4% of this amount came from Cars running since 2021.
Financing, which reached Rp13,329 billion. Almost
all of it was contributed by Used Cars Financing, Performance of each financing product is described
amounting to Rp12,948 billion, or 64.5% of total at the following tables.
New Financing.
126
Table 25 New Financing of Cars (New and Used) by Source of Origination

Total Percentage
Non-Dealer Financing 8,488 11,640 3,152 37.1%
Dealer Financing
Used Cars Financing 695 1,308 613 88.2%
Total 9,377 13,329 3,952 42.1%
Description (unit)
Non-Dealer Financing 96,857 120,231 23,374 24.1%
Dealer Financing
New Cars Financing 808 1,353 545 67.5%
Total 103,737 131,499 27,762 26.8%
Table 26 New Financing of Cars (New and Used) by Category

Total Percentage
Passenger Car 7,422 10,575 3,153 42.5%
Commercial Car 1,955 2,754 799 40.9%
Total 9,377 13,329 3,952 42.1%
Percentage of Total
Passenger Car 79.2% 79.3% n/a 0.1%
Commercial Car 20.8% 20.7% n/a -0.1%
Total 100.0% 100.0%
Table 27 New Financing of Cars (New and Used) by Car Type

Total Percentage
Minibus/MPV 4,894 8,278 3,384 69.1%
Jeep 1,936 1,701 (235) -12.1%
Truck 1,026 1,350 324 31.6%
Pick-up 881 1,296 415 47.1%
Sedan 592 608 16 2.7%


Total Percentage
Bus 48 96 48 100.0%
Total 9,377 13,329 3,952 42.1%
Percentage of Total
Minibus/MPV 52.2% 62.1% n/a 9.9%
Jeep 20.7% 12.8% n/a -7.9%
Truck 10.9% 10.1% n/a -0.8%
Pick-up 9.4% 9.7% n/a 0.3%
Sedan 6.3% 4.6% n/a -1.7%
Bus 0.5% 0.7% n/a 0.2%
Total 100.0% 100.0%
Table 28 New Financing of Cars (New and Used) by Brand

Total Percentage
Toyota 3,470 4,793 1,323 38.1%
Mitsubishi 1,438 2,079 641 44.6%
Honda 1,385 1,944 559 40.4%
Daihatsu 1,280 1,820 540 42.2%
Suzuki 770 1,191 421 54.7%
Isuzu 105 166 61 58.1%
Other Japanese Brand 679 924 245 36.1%
Non-Japanese Brand 250 412 162 64.8%
Total 9,377 13,329 3,952 42.1%
Percentage of Total
Toyota 37.0% 36.0% n/a -1.0%
Mitsubishi 15.3% 15.6% n/a 0.3%
Honda 14.8% 14.6% n/a -0.2%
Daihatsu 13.7% 13.7% n/a 0.0%
Suzuki 8.2% 8.9% n/a 0.7%
Isuzu 1.1% 1.2% n/a 0.1%
Other Japanese Brand 7.2% 6.9% n/a -0.3%
Non-Japanese Brand 2.7% 3.1% n/a 0.4%
Total 100.0% 100.0%
128
Cars Financing proportion of 36.0% of total car financing, while

the second and third positions were occupied by
Mitsubishi and Honda, with 15.6% and 14.6% of
A significant increase in demand in 2022 has total Cars Financing, respectively.
stimulated the growth of financing in all aspects,
including cars financing. The Covid-19 pandemic
has prompted the Company to implement a more Motorcycles Financing
circumspect and specific business strategy, so that
it can ensure its competitiveness vis-à-vis other
players in the industry. BFI Finance’s motorcycle business is focused on
financing with Used Motorcycles as collateral.
New Financing of Cars in 2022 consisted largely The Used Motorcycles Financing is driven by
of Non-Dealer Financing, whose contribution needs among the lower middle income class.
reached Rp11,640 billion, or 87.3%. The number The company does not finance the purchase of
of units financed through this product reached motorcycles. Therefore, this financing business
120,231 units in 2022, an increase of 24.1% from is not directly correlated with sales of new
the number of units in 2021. Its total financing value motorcycles.
increased by Rp3,152 billion or 37.1% compared
to 2021. Substantial growth in the motorcycle financing
sector during 2022 was strongly driven by a rise in
Through the Dealer Financing product, the demand as the level of economic activity returns to
Company disbursed financing for 9,915 used cars society, particularly among households and micro
and 1,353 new cars, reflecting an increase of more and small-scale industries. Utilization of technology
than 60% from the number of units financed in and the efforts to improve it, as in previous
2021. The amount of the Dealer Financing in 2022 years, played an important role in the Company’s
reached Rp1,689 billion, an increase of 90.0% from financing business in 2022. Nevertheless, the
the amount in 2021 which was Rp889 billion. The Company continued to carry out its conventional
number of active dealers in both the used and new Motorcycle Financing business.
car segments has reached more than 1,000 dealers
nationwide. The Company recorded an increase in Motorcycle
Financing in 2022 of 70.6%, from Rp1,986 billion in
As much as 79.3% of the value of Cars Financing 2021 to Rp3,389 billion.
in 2022 was for Passenger Cars. The Minibus/MPV
type took the majority share at 62.1%, followed in The top three rankings of used motorcycle brands
second place by Jeep at 12.8%. that BFI Finance’s Used Motorcycle Financing
customers preferred in 2022 continued to be
Japanese brands remained the preference among held by Japanese brands. Honda dominated with
BFI Finance’s Car Financing customers in 2022, a proportion of 65.2% of the total, followed by
with the top three positions unchanged over the Yamaha with 30.4% and Suzuki with 2.2%.
past few years. Toyota stayed in first place with a
Table 29 New Financing of Used Motorcycles by Brand

Total Percentage
Honda 1,261 2,210 949 75.3%
Yamaha 622 1,029 407 65.4%
Suzuki 51 74 23 45.1%
Others 52 76 24 46.2%
Total 1,986 3,389 1,403 70.6%
Percentage of Total
Honda 63.5% 65.2% n/a 1.7%
Yamaha 31.3% 30.4% n/a -0.9%


Total Percentage
Suzuki 2.6% 2.2% n/a -0.4%
Others 2.6% 2.2% n/a -0.4%
Total 100.0% 100.0%
Financing of Heavy Equipment,

Machinery, and Other Equipment
BFI Finance provides Heavy Equipment, Machinery industry. This turned the industry’s portion in the
and Other Financing for businesses in various Heavy Equipment, Machinery and Other Financing
sectors and industries in Indonesia. In 2022, the portfolio increased from 32.8% in 2021 to 36.3% in
sectors that receive the largest portion of financing 2022.
from the Company were Mining, Construction, as
well as Industry and Manufacturing. After Mining, the second largest contributor
to the composition was Construction, which
Coal prices on the global market increased sharply contributed an increase of Rp173 billion or 52.4%
in 2022, with growing concerns regarding the to Rp503 billion in 2022. In addition, the Trade and
protracted energy crisis in the northern hemisphere Distribution sector also performed well, exhibiting
nearing the end of the year. This extraordinary a threefold increase from Rp23 billion in 2021 to
growth in the coal industry raised the performance Rp92 billion in 2022.
of the Company’s Heavy Equipment Financing to
the Mining sector, which grew by 85.8% from its Based on type, Excavators Financing contributed
2021 figure. 44.7% to Total Financing for Heavy Equipment,
Machinery and Others, amounting to
The amount of new financing disbursed for heavy Rp1,060 billion in 2022, an increase of 77.9% from
equipment, machinery, and other equipment in Rp596 billion in 2021. In second place, Trucks
2022 increased by 67.6%, from Rp1,415 billion contributed 19.8% of total financing, amounting
in 2021 to Rp2,372 billion. The biggest increase, to Rp470 billion in 2022. This was an increase of
amounting to Rp398 billion, occurred in the Mining 95.8% from its value in 2021.
Table 30 New Financing of Heavy Equipment, Machinery, and Other Equipment by Industry

Total Percentage
Mining 464 862 398 85.8%
Construction 330 503 173 52.4%
Industrial and Manufacturing 205 271 66 32.2%
Forestry 96 228 132 137.5%
Plantation 133 208 75 56.4%
Services 118 129 11 9.3%
Trade and Distribution 23 92 69 300.0%
Others 46 79 33 71.7%
Total 1,415 2,372 957 67.6%
130

Total Percentage
Percentage of Total
Mining 32.8% 36.3% n/a 3.5%
Construction 23.3% 21.2% n/a -2.1%
Industrial and Manufacturing 14.5% 11.4% n/a -3.1%
Forestry 6.8% 9.6% n/a 2.8%
Plantation 9.4% 8.8% n/a -0.6%
Services 8.3% 5.5% n/a -2.8%
Trade and Distribution 1.6% 3.9% n/a 2.3%
Others 3.3% 3.3% n/a 0.0%
Total 100.0% 100.0%
Table 31 New Financing of Heavy Equipment, Machinery, and Other Equipment by Type

Total Percentage
Excavator 596 1,060 464 77.9%
Truck 240 470 230 95.8%
Bulldozer 90 174 84 93.3%
Wheel Loader 37 55 18 48.6%
Forklift 20 24 4 20.0%
Other Heavy Equipment 122 178 56 45.9%
Total Heavy Equipment 1,105 1,961 856 77.5%
Machinery 296 393 97 32.8%
Others 14 18 4 28.6%
Total 1,415 2,372 957 67.6%
Percentage of Total
Excavator 42.1% 44.7% n/a 2.6%
Truck 17.0% 19.8% n/a 2.8%
Bulldozer 6.4% 7.3% n/a 0.9%
Wheel Loader 2.6% 2.3% n/a -0.3%
Forklift 1.4% 1.0% n/a -0.4%
Other Heavy Equipment 8.6% 7.5% n/a -1.1%
Total Heavy Equipment 78.1% 82.6% n/a 4.5%
Machinery 20.9% 16.6% n/a -4.3%
Others 1.0% 0.8% n/a -0.2%
Total 100.0% 100.0%

Property-Backed Financing
Property-Backed Financing booked by BFI Finance As much as 97.0% of Total Property-Backed

increased sharply by 223.9%, from a total value of Financing in 2022 used Residential Houses
Rp209 billion in 2021 to Rp677 billion in 2022. This as collateral, while the rest use Shophouses
growth shows that the Company is heading into the (Commercial Property).
right direction in catering to market demand in this
business segment, which was only initiated in 2021.
Table 32 New Property-Backed Financing by Type

Total Percentage
House 199 657 458 230.2%
Shophouse 10 20 10 100.0%
Total 209 677 468 223.9%
Percentage of Total
House 95.2% 97.0% n/a 1.8%
Shophouse 4.8% 3.0% n/a -1.8%
Total 100.0% 100.0%
Sharia Financing
Growth of the Company’s Sharia Financing in 2022 in 2022, which was immediately offered to the
was supported by the successful transition of market.The contribution of Islamic Financing to
business, from non-collateral-based to collateral- Total New Financing in 2022 reached 1.5% of the
based, as well as more mature business processes total, an increase from 1.2% in 2021. The value of
in all operations, especially acquisition and asset New Sharia Financing in 2022, amounting to
management. Sharia financing is also driven by Rp314 billion. This represents an increase of 95.0%
obtaining OJK approval for My B-Share, a sharia- from its value in 2021.
based multipurpose financing product (refinancing)
132
MARKETING
To meet the needs of each The Covid-19 pandemic forced the Company to
embrace new ways of working and expedite the
group, BFI Finance pursued implementation of its tech strategy. The product
marketing team implemented a bolder and more
a comprehensive but well- competitive marketing strategy in 2022, especially
given the more conducive business environment
segmented marketing strategy, following clearer indications of a market rebound.
This strategy was carried out by enhancing the
as each group has different needs level of service and processing speed, supported
by improved capabilitiesIn addition, BFI Finance
and behaviors, which are in turn delivered greater convenience for customers by
speeding up the survey process for those with
influenced by the geographical good credit history.
characteristics of each region.
BFI Finance’s marketing strategy was directed
at various demographic groups spread across
different geographical areas in Indonesia. To meet
the needs of each group, BFI Finance pursued
a comprehensive but well-segmented marketing
strategy, as each group has different needs and

Ferry Yuliansyah
Car Financing Customer
Ketapang, West Kalimantan
BFI Finance staff’s level of service has been one of the most excellent things
that I have been really pleased with, ever since I had engaged the Company
for car financing since 2012. Every aspect of service delivered by BFI Finance
never disappoints, and that naturally makes me confident that I will choose BFI
Finance again for any need of financing that may arise in the future.
behaviors, which are in turn influenced by the Sharia Financing, Property Financing, and especially
geographical characteristics of each region. The Heavy Equipment and Machinery Financing, which
strategy also takes into account various trends in recorded a significant growth in 2022 owing to the
market needs and behavior that evolve with the boom in the commodity sector in 2022.
times.
Marketing strategy for Heavy Equipment and
Machinery Financing in 2022 was carried out in
Marketing Channels line with prevailing macroeconomic conditions.
and Strategy Lending in this segment was focused on players of
coal and CPO, two commodities that experienced
BFI Finance’s marketing channels are categorized soaring demand and prices throughout 2022.
into: Apart from continuing to foster cooperation with
• Dealer/Supplier: for the marketing of car, heavy the largest suppliers of heavy equipment and
equipment and machinery financing; machinery in Indonesia, the Company also began
• Agency: for the marketing of multipurpose to strengthen relations with certain suppliers from
financing products, with cars, motorcycles, and China, by ramping up their sales amidst the rising
house/shop certificates as collateral; interest in the market for Chinese heavy equipment
• Telemarketing: to directly reach consumers manufacturers.
via telephone, short messages (SMS), and the
1500018 hotline network; and
• Digital: including the official website bfi.co.id, Network Coverage
agent aggregators, and social media to directly
engage with customers.
As at the end of 2022, BFI Finance operated
Throughout the years, the Company continues to 282 outlets, comprising 203 branches and
adapt its marketing strategy for each product to the 34 kiosks, including 45 sharia representative
prevailing trends and conditions in the marketplace. branches operating at the conventional branches.
The level of marketing activity in each sector The number had declined from 319 as at the end
and region is determined with regard to sectoral/ of 2021.
regional developments and the dynamics in each
product’s competitive landscape. Notwithstanding this reduction in outlet numbers,
BFI Finance continues to hone its competitive edge
In 2022, given the gradually subsiding impact by keeping relevant and growing our non-branch
of the Covid-19 pandemic, the Company began touchpoints, or agent network. We also continued
to implement a strategy focused on Non-Dealer to build a more tech-based strategy, allowing us
Financing (NDF) as BFI Finance’s flagship product. to serve our customers more personally and cater
The Company thus boosted its agency retail to their needs more quickly and accurately.
growth, chiefly through collaboration with digital
agent aggregators. BFI Finance outlets are currently dispersed over
Sumatra, Java, Bali, Kalimantan, Sulawesi, Maluku,
The aggressive marketing strategy in 2022 also and Papua. BFI Finance’s widespread presence
applied on other products, such as Dealer Financing, through its outlets, in remote areas and on all major
134
islands in Indonesia, helps create a strong public BFI Finance’s telemarketing has transformed
perception of the BFI Finance brand as a leading incrementally thanks to the centralization strategy.
independent multifinance institution, one that is Since its rollout in early 2020, telemarketing
most accessible to our customers, wherever they centralization has streamlined the number of touch
are in Indonesia. points from around 40 points to only 3, located in
Jakarta, Semarang and Makassar. Another clear
benefit of telemarketing centralization comes
Partnership with Dealers from the separation of telecollection function from
telemarketing function, which has helped with
staffing optimization as each function carries out
In general, BFI Finance has a two-pronged their respective roles.
marketing strategy, pursued through conventional
dealership and digital platforms. Each strategy has These efforts delivered optimization in the
its own approaches, and to be effective in both, number of telemarketing staff while also boosting
BFI Finance must boost its human resources productivity and efficiency of this channel. As much
capability and also its marketing system’s, so that as 55% of new financing from the Company’s
in the future its competitiveness in the industry can internal database in 2022 was derived from
be bolstered further. telemarketing. Compared to 2021, telemarketing’s
portion to total new financing had increased by
Since the beginning of the Covid-19 pandemic 40%. This achievement displays the effectiveness
up to now, there have been major changes and of the strategy that we adopted, even as our
dynamics in the market, especially in the used telemarketing staff headcount had declined by
car segment. These changes were driven, among about a third within the past two years.
others, by the global slowdown in production,
and hence supply, of new cars. The shift in
business model that is seen in the industry Digital Business
involves newfangled forms of digital partnerships Strategy Development
in the market, whose characteristics are vastly
different from those of conventional dealership. In 2022 BFI Finance continued to strengthen its
This resulted in an immense change in the way system for acquiring prospective customers outside
the financing products are marketed. Responding the conventional network. This development has
to these challenges, BFI Finance is shoring up its been supported by our official website bfi.co.id,
partnership and collaboration with digital platforms. which comes with features for inputting customer
data, tracking application status, and direct
In 2022, the number of dealers actively channeling disbursement of financing. This system is ready
BFI Finance’s used and new car financing reached for use by potential customers wishing to apply for
1,374 parties, an increase from 1,017 recorded in financing, especially for NDF Cars and Motorcycles,
the previous year. This increase demonstrates our Property-Backed Financing, and Sharia products,
success in optimizing our teamwork capabilities in a hassle-free manner.
based on performance targets and focus, enhanced
collaboration with partners, and strategies to create This initiative ensures that user experience is
market awareness of BFI Finance’s products both continuously improved, as our official website
online and offline. is used more intensively by both existing and
potential customers. Then, in addition to enhancing
the system further, the Company also conducted
Agency campaigns digitally by reaching out via social
and Telemarketing media, Search Engine Optimization (SEO), and
keywords to accelerate user searching on digital
Agency marketing in 2022 grew in importance, with channels.
the total number of agents increased from 65,726
to 80,249 parties, with 12,694 are active agents. BFI Finance has defined a specific value
At present, agents can register through one of two proposition in the development of its digital
methods, i.e., online and offline. marketing strategy, summarized into Fast, Easy,
and Trustworthy.
Online registration can be done through social
media and other online channels, while offline • FAST: Financing approval can be
registration is performed through conventional accelerated so that it can be obtained almost
recruitment. Going forward, the Company plans instantaneously. Not only our customers will
to shift its conventional agency towards digital, benefit from this; in the future, this process will
to optimize work efficiency through an intensive be expanded to our agents and dealers.
deployment of technology.

• EASY: As a multifinance company with the service reinforcement. With Pinjam Modal,
most comprehensive range of products in the BFI Finance is expanding its digital capacity by
industry—ranging from vehicles to property taking advantage of the opportunities in the market.
financing—BFI Finance strives to reduce the Pinjam Modal targets BFI Finance’s existing
need to ask for customer’s data, thus ensuring customer demographic, by offering them different
optimum convenience in their experience. products. The target segment for this loan
• TRUSTWORTHY: Through various technologies includes merchants in traditional markets, food-
that are being and will be devised, the Company related businesses, and players in the fast moving
is building customer trust while minimizing consumer goods (FMCG) ecosystem.
the need for direct physical contact with our
customers. This is a core value that we have With more seamless business processes and
upheld by BFI Finance since inception, and its robust platform technology, FIT aims to give
which is becoming all the more relevant in customers a better experience. In addition, by
today’s digital era. utilizing data analytics, FIT can disburse lending
straight to customers without unnecessary delays.
The establishment of Pinjam Modal, a peer-to- The market response to Pinjam Modal has been
peer lending platform operated by the Company’s positive, and is something the Company hopes to
subsidiary, PT FIT, is in line with the Company’s grow in the future.
strategy of product diversification and digital
Farida
Car and Motorcycle Financing Customer
Ketapang, West Kalimantan
I started utilizing BFI Finance’s motorcycle financing products in 2015 and

BFI Finance’s car financing products in 2021 for my additional business
capital needs. I have always been satisfied with the Company’s administrative
requirements that are simple and convenient. The staff at the branch I regularly
visit are always friendly and sympathetic, and I am impressed with how they
make the office so clean and cozy for the customers.
136
FINANCIAL
PERFORMANCE REVIEW
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Assets
Table 33 Total Assets

Total Percentage
Cash and Cash Equivalents 969 1,073 104 10.7%
Financing Receivables - Net 13,676 19,554 5,878 43.0%
Ijarah and IMBT Receivables - Net 7 8 1 14.3%
Total Net Receivables 13,683 19,562 5,879 43.0%
Other Receivables - Third Parties 87 163 76 87.4%
Derivative Assets - 103 103 n/a
Prepaid Expenses and

Advances 31 25 (6) -19.4%
Fixed Assets - Net 607 659 52 8.6%
Right-of-Use Assets - Net 36 38 2 5.6%
Intangible Assets - Net 56 140 84 150.0%
Deferred Tax Assets 166 164 (2) -1.2%
Other Assets 1 3 2 200.0%
Total Assets 15,636 21,930 6,191 40.3%
Percentage of Total
Cash and Cash Equivalents 6.2% 4.9% n/a -1.3%
Financing Receivables - Net 87.5% 89.2% n/a 1.7%
Ijarah and IMBT Receivables - Net 0.0% 0.0% n/a 0.0%
Total Net Receivables 87.5% 89.2% n/a 1.7%
Other Receivables - Third Parties 0.5% 0.7% n/a 0.2%
Derivative Assets 0.0% 0.5% n/a 0.5%


Total Percentage
Prepaid Expenses and

Advances 0.2% 0.1% n/a -0.1%
Fixed Assets - Net 3.9% 3.0% n/a -0.9%
Right-of-Use Assets - Net 0.2% 0.2% n/a 0.0%
Intangible Assets - Net 0.4% 0.6% n/a 0.2%
Deferred Tax Assets 1.1% 0.8% n/a -0.3%
Other Assets 0.0% 0.0% n/a 0.0%
Total Assets 100.0% 100.0%
The increase in the Company’s volume of business position, which was Rp15,636 billion. The Total
over the course of 2022 resulted in Total Assets on Net Receivables at the end of 2022 reached
31 December 2022 reaching Rp21,930 billion. This Rp19,562 billion or 89.2% of the Company’s
amount was 40.3% higher than the previous year’s Total Assets.
Net Receivables
Table 34 Net Receivables

Total Percentage
Financing Receivables - Net 13,676 19,554 5,878 43.0%
Ijarah and IMBT Receivables - Net 7 8 1 14.3%
Total Net Receivables 13,683 19,562 5,879 43.0%
The Company’s Total Net Receivables increased 40.7% or Rp5,927 billion from the 2021 position of
by 43.0% from Rp13,683 billion by the end of 2021 Rp14,571 billion. This is further detailed in Table 35
to Rp19,562 billion by the end of 2022, driven by below.
the Company’s intensive new financing activities
throughout 2022. Allowance for Impairment Losses is detailed on
page 145.
Total Managed Receivables at the end of 2022
was recorded at Rp20,498 billion or an increase of
138
Table 35 Managed Receivables vs Net Receivables

Total Percentage
Financing Receivables 14,563 20,490 5,927 40.7%
Ijarah and IMBT Receivables 8 8 - 0.0%
Total Managed Receivables 14,571 20,498 5,927 40.7%
Less Joint Financing - booked by

third parties (45) (102) (57) 126.7%
Total Receivables
Before Allowance 14,526 20,396 5,870 40.4%
Allowance for
Impairment Losses 843 834 (9) -1.1%
Total Receivables - Net 13,683 19,562 5,879 43.0%
The analysis of Receivables is focused on Total Receivables Managed by Asset Type, according to the
business classification as determined by the Company.
Table 36 Diversification of Financing Portfolio Based on Type of Assets

Total Percentage
Cars Financing 10,487 13,798 3,311 31.6%
Channeling 254 346 92 36.2%
Percentage of Total 70.0% 64.8% n/a -5.2%
Used Cars Financing 2.0% 2.5% n/a 0.5%
New Cars Financing 72.0% 67.3% n/a -4.7%
Cars Financing 12.9% 13.0% n/a 0.1%
Heavy Equipment Financing 9.7% 11.9% n/a 2.2%


Total Percentage
Channeling 100.0% 100.0%
Total
The largest share of Total Managed Receivables Total Managed Receivables - Cars
in 2022, at 67.3%, was the Used and New Car
Financing, valued at Rp13,798 billion. The Used The portion of the Used Car Financing and New
Car Financing reached Rp13,288 billion while the Car Financing to Total Managed Receivables in
New Car Financing reached Rp510 billion. The 2022 was 64.8% and 2.5%, respectively.
remaining 32.7% of the total value consisted of the
Heavy Equipment Financing (13.0%), followed by The Cars Financing by the Company covered
Used Motorcycles Financing (11.9%), Property- various car types, namely Minibus/MPV, Jeep,
Backed Financing (4.2%), Sharia Financing (1.9%), Truck, Sedan, and Bus. More than half of the Cars
and Channeling Financing (1.7%). Financing portfolio was dominated by Minibus/
MPV, with a portion of 61.5% of the total value, an
increase of 8.9% from its figure in 2021. This was
followed by Jeep with 12.2% and Truck with
11.4 %.
Table 37 Car Financing Portfolio Diversification by Car Type

Total Percentage
Minibus/MPV 5,517 8,487 2,970 53.8%
Jeep 2,021 1,681 (340) -16.8%
Truck 1,250 1,569 319 25.5%
Pick-up 990 1,368 378 38.2%
Sedan 643 597 (46) -7.2%
Bus 66 96 30 45.5%
Total 10,487 13,798 3,311 31.6%
Percentage of Total
Minibus/MPV 52.6% 61.5% n/a 8.9%
Jeep 19.3% 12.2% n/a -7.1%
Truck 11.9% 11.4% n/a -0.5%
Pick-up 9.5% 9.9% n/a 0.4%
Sedan 6.1% 4.3% n/a -1.8%
Bus 0.6% 0.7% n/a 0.1%
Total 100.0% 100.0%
140
Japanese brands continued to dominate the Cars the share of Toyota brand by 1.2%. Nevertheless,
Financing business, contributing 97.3% to the Toyota remained the primary contributor, with a
Company’s total Cars Financing portfolio at the end share of 36.2%, followed by Mitsubishi, Daihatsu
of 2022. This portion decreased slightly compared and Honda, with 16.0%, 14.1% and 13.8%,
to the portion at the end of 2021 due to a decline in respectively.
Table 38 Car Financing Portfolio Diversification by Brand

Total Percentage
Toyota 3,918 4,999 1,081 27.6%
Mitsubishi 1,612 2,207 595 36.9%
Daihatsu 1,464 1,947 483 33.0%
Honda 1,449 1,907 458 31.6%
Suzuki 894 1,241 347 38.8%
Isuzu 116 169 53 45.7%
Other Japanese Brand 785 965 180 22.9%
Non-Japanese Brand 249 363 114 45.8%
Total 10,487 13,798 3,311 31.6%
Percentage of Total
Toyota 37.4% 36.2% n/a -1.2%
Mitsubishi 15.4% 16.0% n/a 0.6%
Daihatsu 13.9% 14.1% n/a 0.2%
Honda 13.8% 13.8% n/a 0.0%
Suzuki 8.5% 9.0% n/a 0.5%
Isuzu 1.1% 1.2% n/a 0.1%
Other Japanese Brand 7.5% 7.0% n/a -0.5%
Non-Japanese Brand 2.4% 2.7% n/a 0.3%
Total 100.0% 100.0%
Total Managed Receivables – Used Motorcycles
Total Managed Receivables – Used Motorcycles at Honda brand dominated the Company’s financing
the Company at the end of 2022 reached portfolio, covering 65.6% of the Total Used
Rp2,435 billion, or a sharp increase of 72.5% from Motorcycles Financing Portfolio on 31 December
Rp1,412 billion at the end of 2021. The highest 2022. The Yamaha brand, as the second largest
increase of 76.5% was seen in Honda motorcycles, contributor to the Total Used Motorcycles
from Rp905 billion in 2021 to Rp1,597 billion Financing, took a 30.1% share, amounting to
in 2022. Rp733 billion.

Table 39 Diversification of Used Motorcycle Financing Portfolio by Brand

Total Percentage
Honda 905 1,597 692 76.5%
Yamaha 438 733 295 67.4%
Suzuki 35 52 17 48.6%
Others 34 53 19 55.9%
Total 1,412 2,435 1,023 72.5%
Percentage of Total
Honda 64.1% 65.6% n/a 1.5%
Yamaha 31.0% 30.1% n/a -0.9%
Suzuki 2.5% 2.1% n/a -0.4%
Others 2.4% 2.2% n/a -0.2%
Total 100.0% 100.0%
Total Managed Receivables – Heavy Equipment, Machinery and Other Equipment
BFI Finance provides Heavy Equipment, Machinery The sector that contributed the most to the Heavy
and Other Equipment Financing, amassing a Equipment, Machinery and Other Equipment
portfolio value of Rp2,674 billion in 2022. This value Financing Portfolio was Mining, with a share of
increased by Rp797 billion or 42.5% compared to 34.6%. The sector’s contribution increased by
Rp1,877 billion in 2021. This was consistent with 6.3% from Rp531 billion in 2021 to Rp924 billion in
the large amount of investment in various industries 2022, due to the rapidly increasing disbursement
using heavy equipment in 2022. of financing to this industry. This, in turn, was
in response to soaring coal prices in the global
The largest component in this segment as of the market, which caused coal producers to ramp
end of 2022 was Excavators Financing, which up their activities in 2022. The second largest
accounted for 44.4% of the overall portfolio, with contributor to this portfolio was the construction
the managed receivables of Rp1,186 billion. Total sector, with a share of 21.6% of the total, following
Heavy Equipment Financing in 2022 contributed a 2.7% drop in its value.
Rp2,187 billion, or 81.8% of the total portfolio of
this segment, while 17.6% came from Machinery Other main contributors, respectively, were the
Financing, and the remaining 0.6% from Other Industry and Manufacturing sector with 12.5%,
Financing. Forestry with 9.3%, Plantation with 8.7%, and
Services with 6.7%.
142
Table 40 Diversification of Heavy Equipment, Machinery and Other Equipment Financing Portfolio by Type of Equipment

Total Percentage
Excavator 783 1,186 403 51.5%
Truck 301 466 165 54.8%
Bulldozer 97 185 88 90.7%
Wheel Loader 41 63 22 53.7%
Forklift 31 30 (1) -3.2%
Other Heavy Equipment 156 257 101 64.7%
Total Heavy Equipment 1,409 2,187 778 55.2%
Machinery 453 470 17 3.8%
Others 15 17 2 13.3%
Total 1,877 2,674 797 42.5%
Percentage of Total
Excavator 41.7% 44.4% n/a 2.7%
Truck 16.0% 17.4% n/a 1.4%
Bulldozer 5.2% 6.9% n/a 1.7%
Wheel Loader 2.2% 2.4% n/a 0.2%
Forklift 1.7% 1.1% n/a -0.6%
Other Heavy Equipment 8.3% 9.6% n/a 1.3%
Total Heavy Equipment 75.1% 81.8% n/a 6.7%
Machinery 24.1% 17.6% n/a -6.5%
Others 0.8% 0.6% n/a -0.2%
Total 100.0% 100.0%
Table 41 Diversification of Heavy Equipment, Machinery and Other Equipment Financing Portfolio by Industry

Total Percentage
Mining 531 924 393 74.0%
Construction 457 578 121 26.5%
Industrial and Manufacturing 300 334 34 11.3%
Forestry 140 249 109 77.9%
Plantation 152 234 82 53.9%
Services 197 179 (18) -9.1%
Trade and Distribution 37 83 46 124.3%
Others 63 93 30 47.6%
Total 1,877 2,674 404 42.5%


Total Percentage
Percentage of Total
Mining 28.3% 34.6% n/a 6.3%
Construction 24.3% 21.6% n/a -2.7%
Industrial and Manufacturing 16.0% 12.5% n/a -3.5%
Forestry 7.5% 9.3% n/a 1.8%
Plantation 8.1% 8.7% n/a 0.6%
Services 10.5% 6.7% n/a -3.8%
Trade and Distribution 2.0% 3.1% n/a 1.1%
Others 3.3% 3.5% n/a 0.2%
Total 100.0% 100.0%
Table 42 Diversification of Property-Backed Financing Portfolio by Type

Total Percentage
House 366 828 462 126.2%
Shophouse 15 26 11 73.3%
Total 381 854 473 124.1%
Percentage of Total
House 96.1% 97.0% n/a 0.9%
Shophouse 3.9% 3.0% n/a -0.9%
Total 100.0% 100.0%
Total Managed Receivables – Total Managed Receivables – Ijarah and IMBT

Property-Backed Financing Receivables (Ijarah Muntahiyah Bittamlik)
BFI Finance’s stronger marketing of Property- The Company recorded Ijarah and IMBT
Backed Financing segment in 2022 resulted in Receivables of Rp8 billion at the end of 2022,
the segment’s portfolio growing by 124.1%, from same amount as of end of 2021.
Rp381 billion by the end of 2021 to Rp854 billion.
Of the total Property-Backed Financing, 97.0%
came from Financing with Houses as collateral
and the remaining 3.0% came from Shophouse
Financing.
144
Allowance for Impairment Losses
Allowance for Impairment Losses is the value activity affected by Covid-19, coupled with the high
set aside from Total Managed Receivables to Amount of Restructured Financing Receivables
anticipate potential losses on the Receivables in in that year. Allowance for Impairment Losses
the future. The value is calculated statistically for throughout 2022 decreased once more, by 1.1%,
each exposure and type of assets being financed. to Rp834 billion.
Further information is presented in Note 2.e.6 to the
Consolidated Financial Statements, Exhibit E/18. On 31 December 2022, the value of financing that
was more than 90 days past due was Rp205 billion,
Gradual improvements in financing quality an increase of 12.0% compared to its value at the
since 2021 have further reduced the amount of end of 2021. This increase nonetheless represented
Allowance for Impairment Losses, after it increased only 0.4% of the increase in the Total Managed
dramatically in 2020 due to weakening economic Receivables, which was Rp5.927 billion.
Table 43 Allowance for Impairment Losses

Total Percentage
NPF
(including Joint Financing) 183 205 22 12.0%
Allowance for Impairment

Losses 843 834 (9) -1.1%
NPF Coverage 4.6x 4.1x
Cash and Cash Equivalents assets returned by/repossessed from consumers

who were unable to continue paying the
On 31 December 2022, BFI Finance’s Cash and installments), Consumer Installment Receivables
Cash Equivalents amounted to Rp1,073 billion, an (payments that have been made by customers
increase of Rp104 billion or 10.7% from Rp969 and received by BFI Finance’s payment partners,
billion in early 2022. This increase was mainly due but will only be credited to the Company’s bank
to the distribution of Net Cash Flow from Funding account on the next working day), Employee
Activities of Rp3,849 billion whose value exceeded Receivables, and Insurance Premiums.
Net Cash Flow for Operating Activities of
Rp3,507 billion. Total Other Receivables recorded on 31 December
2022 reached Rp163 billion, an increase of 87.4%
from the amount at the end of 2021. The increase
Other Receivables – Third Parties mainly came from employee receivables from the
employee stock option program from the transfer of
The Company recorded Other Receivables – Third a portion of Treasury Shares in 2022. The transfer
Parties in various forms, including Receivables in of Treasury Shares is elaborated on Note 20 to
the Settlement Process (book value of collateral Consolidated Financial Statements, Exhibit E/73.

Table 44 Other Receivables - Third Parties

Total Percentage
Receivables in the Settlement

Process - Net 46 72 26 56.5%
Employee Receivables 14 53 39 278.6%
Customer Installment
Receipt Receivables 23 33 10 43.5%
Insurance Premium 1 2 1 100.0%
Other Receivables 3 3 - 0.0%
Total 87 163 76 87.4%
Prepaid Expenses and Advances
The total Prepaid Expenses and Advances as of amount. This decrease was partly due to the
31 December 2022 reached Rp25 billion, decrease in Credit Biro Subscription from
a decrease of Rp6 billion or 19.4% from 2021 Rp17 billion in 2021 to Rp13 billion in 2022.
Table 45 Prepaid Expenses and Advances

Total Percentage
Credit Biro Subscription 17 13 (4) -23.5%
IT Project Implementation Cost 3 7 4 133.3%
Others 11 5 (6) -54.5%
Total 31 25 (6) -19.4%
Fixed Assets – Net Intangible Assets – Net
BFI Finance’s Fixed Assets – Net on 31 December Intangible Assets were mostly derived from
2022 amounted to Rp659 billion, an increase of investments related to digitalization initiatives.
8.6% from the previous year’s position. By 31 December 2022, Intangible Assets – Net
at BFI Finance had risen steeply, by 150.0%,
from Rp56 billion in the previous year to
Right-of-Use Assets – Net Rp140 billion. This increase came from spending
related to digitalization, which is a key element of
Total amount of Right-of-Use Assets – Net on the Company’s sustainability strategy.
31 December 2022 was Rp38 billion, a slight
increase of Rp2 billion or 5.6% from the amount
recorded on 31 December 2021.
146
Deferred Tax Assets Other Assets
BFI Finance recorded Deferred Tax Assets of Total Other Assets were recorded at Rp3 billion
Rp164 billion on 31 December 2022, a decrease as of 31 December 2022, an increase from the
of 1.2% from Rp166 billion on 31 December 2021. previous year of Rp2 billion.
This steady decline since the previous year was
due to the decrease in the calculation of Deferred
Tax Assets in Allowance for Impairment Losses in
line with the improving financing quality in 2022.
Liabilities
Table 46 Total Liabilities

Total Percentage
Fund Borrowings - Third Parties 4,789 10,247 5,458 114.0%
Securities Issued - Net 2,488 1,581 (907) -36.5%
Accrued Expenses 338 480 142 42.0%
Taxes Payable 120 263 143 119.2%
Other Payables - Third Parties 307 491 184 59.9%
Post-employment Benefits Liabilities 116 112 (4) -3.4%
Derivative Liabilities 48 - (48) -100.0%
Total 8,206 13,174 4,968 60.5%
Percentage of Total
Fund Borrowings - Third Parties 58.4% 77.8% n/a 19.4%
Securities Issued - Net 30.3% 12.0% n/a -18.3%
Accrued Expenses 4.1% 3.6% n/a -0.5%
Taxes Payable 1.5% 2.0% n/a 0.5%
Other Payables - Third Parties 3.7% 3.7% n/a 0.0%
Post-employment Benefits Liabilities 1.4% 0.9% n/a -0.5%
Derivative Liabilities 0.6% 0.0% n/a -0.6%
Total 100.0% 100.0%
BFI Finance’s total liabilities on 31 December 2022 Company’s Liabilities were in the form of
reached Rp13,174 billion, 60.5% higher than the Borrowings, and 12.0% in the form of Securities
position at the end of 2021, which was Issued – Net.
Rp8,206 billion. As much as 77.8% of the

Table 47 Source of Funds

Total Percentage
Fund Borrowings
Foreign Currency Borrowings 1,999 1,350 (649) -32.5%
Rupiah Borrowings 2,790 8,897 6,107 218.9%
Total Fund Borrowings 4,789 10,247 5,458 114.0%
Securities Issued
Bond Payable 2,488 1,581 (907) -36.5%
Total Securities Issued

- Net 2,488 1,581 (907) -36.5%
Total Source of Funds 7,277 11,828 4,551 62.5%
Fund Borrowings
In 2022 BFI Finance signed new credit agreements or an increase of 114.0% from Rp4,789 billion in
with a number of banks and financial institutions. 2021. This was mainly owing to the Loans Received
Total Loans Received by BFI Finance by 31 in Rupiah increasing by Rp6,107 billion, from
December 2022 had reached Rp10,247 billion, Rp2,790 billion in 2021 to Rp8,897 billion in 2022.
Table 48 Details of Loans
Description (Rp billion) 2021 2022 Comparison with Last Year
Borrowings (US Dollar)
Syndicated Loans 1,586 1,076 (510)
responsAbility SICAV (Lux) -

consolidated 413 274 (139)
Total Borrowings (US Dollar) 1,999 1,350 (649)
Borrowings (Rupiah)
PT Bank Mandiri (Persero) Tbk 449 1,958 1,509
PT Bank Pan Indonesia Tbk 809 1,664 855
PT Bank Central Asia Tbk 854 1,651 797
Syndicated Loan
(Agent: PT Bank DKI) - 927 927
PT Bank DKI - 422 422
PT United Tractors Tbk 393 407 14
PT Bank UOB Indonesia - 400 400
PT Bank Jago Tbk - 299 299
148
Description (Rp billion) 2021 2022 Comparison with Last Year
PT Bank KEB Hana Indonesia 285 238 (47)
PT Bank CIMB Niaga Tbk - 230 230
PT Bank China Construction Bank - 212 212

Indonesia Tbk
PT Bank Shinhan Indonesia - 166 166
PT Bank Permata Tbk - 135 135
PT Bank Victoria International Tbk - 100 100
PT Gaya Makmur Tractors - 53 53
PT Bank Permata Syariah Tbk - 35 35
Total Borrowings (Rupiah) 2,790 8,897 3,743
Total Borrowings 4,789 10,247 3,094
Joint Financing
The Company maintains Joint Financing Agreement customers and forwarding payments to the lending
with PT Bank Rakyat Indonesia (Persero) Tbk and bank, as well as being the custodian of asset
PT Bank Jago Tbk, with the Company’s portion documents that are used as collateral.
in Co-financing was 5% and 10%. In this joint
financing, the Company acted as a service provider, The BFI Finance Joint Financing Agreement at the
which was responsible, among other things, end of 2022 amounted to Rp103 billion, an increase
for withdrawing and receiving payments from of 128.9% from Rp45 billion in the previous year.
Table 49 Joint Financing

BFI Finance’s
Description (Rp billion) 2021 2022 Portion
Total Percentage
PT Bank Jago Tbk - 103 10% 103 n/a
PT Bank Rakyat Indonesia

(Persero) Tbk 45 - 5% (45) n/a
Total 45 103 58 128.9%
Taxes Payable
Taxes payable increased by 119.2% from Rp120 be paid in early 2023, PPh 26 income tax payable
billion in 2021 to Rp263 billion in 2022. on payment of the 2022 Interim Dividend, and
corporate income tax payable for the 2022 fiscal
This increase was mainly due to the annual PPh 21 year.
income tax payable for the 2022 tax year which will

Securities Issued
On top of bank loans, BFI Finance also obtains Rp 2,488 billion in 2021. This decrease was mainly
funding from the debt market in the form of Rupiah due to no new bonds issuance during the year
Bonds. By 31 December 2022, Securities Issued – coupled with the repayment of the matured bonds.
Net had reached Rp1,581 billion, 36.5% lower than
Table 50 Securities Issued
Bonds
Obligasi Berkelanjutan IV BFI Finance Indonesia Tahap II Tahun 2019 500 -
Obligasi Berkelanjutan IV BFI Finance Indonesia Tahap III Tahun 2020 395 395
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap I Tahun 2021 600 400
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap II Tahun 2021 1,000 790
Total Nominal Value 2,495 1,585
Less Unamortized Bond Issuance Cost 7 4
Total - Net 2,488 1,581
Total Securities Issued 2,488 1,581
Accrued Expenses
Accrued Expenses consist of Operating Expenses increased to Rp259 billion by 31 December 2022,
and Interest Expenses which are calculated on an from Rp183 billion in the previous period. This was
accrual basis up to the date of the Statement of in line with the growth in revenue and operating
Financial Position. By 31 December 2022, profit recorded in 2022. In addition, there was
Accrued Expenses had grown by 42.0%, from an increase in Professional Fees by 66.7% or
Rp338 billion on 31 December 2021 to Rp480 Rp52 billion, from Rp78 billion in 2021 to Rp130
billion. The largest portion of this increase came billion in 2022. This was in line with the ongoing
from Bonuses and Other Allowances which had transformation of the Company’s business model.
Table 51 Accrued Expenses

Total Percentage
Bonus and Other Allowances 183 259 76 41.5%
Professional Fees 78 130 52 66.7%
Interest 50 48 (2) -4.0%
Others 27 43 16 59.3%
Total 338 480 142 42.0%
150
Other Payables – Third Parties
Other Payables mainly consist of Consumer on 31 December 2022 amounted to Rp491 billion,
Deposits, Payables to Suppliers, Insurance an increase of 59.9% from Rp307 billion in 2021.
Premiums, and Others. Total Other Payables
Table 52 Other Payables

Total Percentage
Customer Deposits 169 279 110 65.1%
Payables to Suppliers 28 85 57 203.6%
Insurance Premium 50 59 9 18.0%
Other Payables 60 68 8 13.3%
Total 307 491 184 59.9%
Post-Employment Benefit Liabilities
Post-Employment Benefit Liabilities are the regulations. The Company’s Post-Employment

Company’s obligation to fulfill the rights of Benefit Liabilities decreased slightly by 3.4% from
employees who have worked until retirement, Rp116 billion on 31 December 2021 to Rp112
or sooner, in accordance with applicable labor billion on 31 December 2022.
Table 53 Post-Employment Benefit Liabilities

Total Percentage
Beginning Balance 154 116 (38) -24.7%
Contribution plan of the Company (6) (6) - 0.0%
Benefits paid by the Company (18) (15) 3 -16.7%
(Income) expense recognized in

profit loss (1) 37 38 -3,800.0%
(Income) expense recognized in

other comprehensive income (13) 7 20 -153.8%
Impact of DSAK IAI press release’s

adjusments - (27) (27) n/a
Total 116 112 (4) -3.4%

Derivative Assets (Liabilities)
Derivative Assets of Rp103 billion were recorded The Company’s mitigation of this risk takes the
on 31 December 2022, while at the end of form of a strict hedging policy for loans in foreign
2021, Derivative Liabilities stood at Rp48 billion. currencies and with floating interest rates. All
Derivative Assets (Liabilities) originate from the hedging activities take place through currency
Company’s swap agreements to hedge loans swap agreements with leading banks. Currently, all
in foreign currencies—particularly foreign loans loans have been hedged in foreign currency. There
denominated in US dollars—as one of its funding is no component in its financial position that is
sources, to anticipate interest rate risk and currency exposed to foreign currency risk and interest rate
exchange rate risk. risk.
Table 54 Derivative Assets (Liabilities)
2021 2022
Description USD Notional Derivative USD Notional Derivative

Amount Liabilities Amount Assets
(full amount) (Rp billion) (full amount) (Rp billion)
Standard Chartered Bank,

Jakarta Branch 75,000,000 23 25,000,000 34
PT Bank ANZ Indonesia 10,500,000 1 - -
PT Bank Permata Tbk 45,666,666 23 53,500,000 58
PT Bank CIMB Niaga Tbk 10,000,000 1 8,000,000 11
Total 141,166,666 48 86,500,000 103
Equity
Table 55 Total Equity

Total Percentage
Share Capital 399 399 - 0.0%
Additional Paid-in Capital - Net 553 610 57 10.3%
Treasury Stock (252) (233) 19 -7.5%
Other Comprehensive Income
Cumulative Losses on Derivative

Instrument for Cash Flows Hedges
- Net (31) (10) 21 -67.7%
Gain on Remeasurement of Defined

Benefit Actuarial Program 80 73 (7) -8.8%
152

Total Percentage
Retained Earnings
Appropriated 110 115 5 4.5%
Unappropriated 6,571 7,802 1,231 18.7%
Total 7,430 8,756 1,326 17.8%
Total Equity of BFI Finance on 31 December 2022 Treasury Stock

stood at Rp8,756 billion, an increase of 17.8% from
Rp7,430 billion at the end of 2021. The increase There was a 7.5% decrease in the value of Treasury
was mainly due to Unappropriated Retained Shares as of 31 December 2022 compared to the
Earnings, which reached Rp7,802 billion at the end same period in the previous year, namely from
of 2022, from Rp6,571 billion in the previous year’s Rp252 billion to Rp233 billion. This change in
period. value was caused by the transfer of some Treasury
Shares through MESOP on 11 October 2022,
amounting to Rp19 billion in 2022. The transferred
Additional Paid-in Capital – Net Treasury Shares comprised 75 million shares,
executed at Rp500 per share. Furthermore, the
As of 31 December 2022, Additional Paid-in Capital shares cannot be traded for three years from the
– Net was worth Rp610 billion, an increase of Rp57 date of transfer.
billion or 10.3% compared to Rp553 billion in 2021.
This increase was due to the transfer of some
Treasury Shares through the MESOP to be used as
additional working capital for the Company.
Table 56 Treasury Shares
Description Number of Shares Percentage
Treasury Stock 927,732,000 5.81%
Table 57 Share Ownership of Members of the Board of Commissioners and Board of Directors
2021 2022
Name Position
Total Shares % Shares Total Shares % Shares
Francis Lay President

Sioe Ho Director 391,171,480 2.45 386,771,480 2.42
Sudjono Director 26,310,800 0.16 26,310,800 0.16
Sutadi Director 17,388,100 0.11 17,517,000 0.11
Andrew Director
Adiwijanto 10,240,000 0.06 10,240,000 0.06
Sigit Hendra Director

Gunawan 10,000,00 0.06 10,000,000 0.06
Jumlah 455,110,380 2.84 450,839,280 2.81

Retained Earnings
The Company’s Retained Earnings in 2022 stood which was Rp6,681 billion. This was owing to the
at Rp7,917 billion, an increase of Rp1,236 billion or net profit recorded in 2022.
18.5% higher than the Retained Earnings in 2021,
CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME
Income
The Company’s revenue was derived from Total Revenue in 2022 increased by 30.6% from
Financing Income (95.1% of the total) and Other Rp4,123 billion in 2021 to Rp5,383 billion in
Income (4.9%). 2022. This increase was driven by an increase in
Financing Income.
Table 58 Income

Total Percentage
Income
Own & Joint Financing 3,835 5,119 1,284 33.5%
Other Income 302 266 -36 -11.9%
Total 4,137 5,385 1,248 30.2%
Less Joint Financing (14) (2) 12 -85.7%
Total Income 4,123 5,383 1,260 30.6%
Income (Own Financing)
Financing Receivables
Financing Income 2,922 3,670 748 25.6%
Administration 501 764 263 52.5%
Late Charges 250 329 79 31.6%
Termination 122 289 167 136.9%
Total Financing
Receivables Income 3,795 5,052 1,257 33.1%
Total Financing Income 3,821 5,117 1,296 33.9%
Other Income 302 266 (36) -11.9%
Total Income 4,123 5,383 1,260 30.6%
154
Financing Income
Financing Income (excluding Co-Financing) in 2022 new financing, and transaction fees recurring costs,
reached Rp5,117 billion, an increase of 33.9% such as late payment fees and penalties for early
from Rp3,821 billion in 2021. Financing Income settlement. The amount of the Financing Income
was mainly derived from the interest income from disbursed in 2022 rose sharply, surpassing its pre-
financing activities, service-based income from pandemic value.
Table 59 Financing Income by Asset Type

Total Percentage
Breakdown by Asset Type
Used Cars Financing 2,632 3,345 713 27.1%
Used Motorcycles Financing 724 1,104 380 52.5%
Heavy Equipment Financing 312 356 44 14.1%
Channeling 8 58 50 625.0%
Total Financing Income

(including Joint Financing) 3,835 5,119 1,284 33.5%
Persentase Jenis Aset
Used Cars Financing 68.6% 65.3% n/a -3.3%
Heavy Equipment Financing 8.1% 7.0% n/a -1.1%
New Cars Financing 1.5% 1.5% n/a 0.0%
Channeling 0.2% 1.1% n/a 0.9%
Total 100.0% 100.0%
Administrative Income in 2022 reached Rp764 portion of 65.3% of the total Financing Income.
billion, an increase of 52.5% from Rp501 billion This amount has increased by 27.1% or equivalent
in 2021. Likewise, Late Charges rose by 31.6%, to Rp713 billion in 2022, compared to 2021.
from Rp250 billion in 2021 to Rp329 billion in 2022,
while Termination experienced a sharp increase A significant increase in income in percentage
from Rp122 billion in 2021 to Rp289 billion in 2022, terms came from Channeling, which reached Rp58
which was equivalent to 136.9%. The analysis on billion or 625% from Rp8 billion in 2021. Another
Financing Income will be based on Asset Type. substantial increase in income came from Sharia
The biggest contributor in 2022 was Used Car Financing, which reached Rp65 billion in 2022, an
Financing, amounting to Rp3,345 billion, with a increase of 150% from Rp26 billion in 2021.

Other Income
Other Income includes all non-core sources of In 2022, Other Income decreased by 11.9% from
income originating from the Company’s main Rp302 billion in 2021 to Rp266 billion. This was
activities outside of financing activities, including due to the reduced Recovery from Write-Off
Interest from Cash Placed in Banks, as well as Receivables by 16.4% from Rp250 billion to Rp209
from other activities such as Recovery of Write-Off billion, in addition to a 28.1% decrease in the
Receivables, Net Gain on Sale of Fixed Assets, and Financial component, namely Interest from Cash
Others. Placed in Banks.
Table 60 Other Income

Total Percentage
Recovery on Written-Off
Receivables 250 209 (41) -16.4%
Finance 32 23 (9) -28.1%
Gain on Sale of Fixed Assets - Net 10 20 10 100.0%
Others 10 14 4 40.0%
Total 302 266 (36) -11.9%
Expenses
Table 61 Expenses

Total Percentage
Salaries and Benefits 1,023 1,325 302 29.5%
Interest and Financing Charges 570 624 54 9.5%
General and Administrative 647 771 124 19.2%
Provision for Impairment 435 367 (68) -15.6%

Losses
Others 37 57 20 54.1%
Total 2,712 3,144 432 15.9%
156

Total Percentage
Expenses in Percentage
Salaries and Benefits 37.7% 42.1% n/a 4.4%
Interest and Financing Charges 21.0% 19.9% n/a -1.1%
General and Administrative 23.9% 24.5% n/a 0.6%
Provision for Impairment

Losses 16.0% 11.7% n/a -4.3%
Others 1.4% 1.8% n/a 0.4%
Total 100.0% 100.0%
Total Expenses in 2022 reached Rp3,144 billion. Salaries and Benefits

Almost all components of Total Expenses
contributed to the increase of Total Expenses in Salaries and Benefits consist of all salaries and
2022, except Allowance for Impairment Losses benefits paid throughout the year, including all
which decreased by 15.6%, from Rp435 billion in types of employee benefits such as performance
2021 to Rp367 billion in 2022. This was due to the bonuses, employee benefits and pension
Company’s improving asset quality, in line with the compensation that have been determined in
post-pandemic “new normal” era. accordance with applicable accounting standards.
Salaries and Benefits once again contributed to Salaries and Benefits increased by 29.5% from
the increase, having risen by 29.5% to Rp1,023 billion in 2021 to Rp1,325 billion in 2022.
Rp1,325 billion in 2022. Increase in Total Expenses This increase was in line with the increase in the
in 2022 was also derived from the Rp124 billion number of Company employees by 7.0% from
increase in General and Administrative Expenses. 9,450 employees to 10,111 employees in 2022,
an increase in the value of the bonus expense
reserve, and the adjustment to the current year’s
post-employment benefit expense following the
implementation of DSAK IAI press release on
SFAS 24.
Table 62 Salaries and Benefits Expenses

Total Percentage
Salaries and Employee Benefits 1,025 1,277 252 24.6%
Post-employment Benefits* (2) 10 12 -600.0%
Others - 38 38 n/a
Total 1,023 1,325 302 29.5%
* There is an adjustment to post-employment benefits due to the implementation of the Job Creation Law No. 11/2020 and its derivative
regulation, that is Government Regulation No. 35/2021

Interest and Financing Charges
Interest and Finance Expenses originated from the Rp570 billion in 2021 to Rp624 billion in 2022. This
Company’s funding activities, both through bank was due to Total Borrowings increasing by a much
loans and securities issued, as well as related costs higher rate of 62.5%, from Rp7,277 billion in 2021
and expenses. to Rp11,828 billion in 2022. With the increase in
Total Borrowings, the Company was able to reduce
Interest and Finance Expenses during 2022 its Average Cost of Funds, from 8.3% in 2021 to
increased by Rp54 billion, or 9.5%, from 7.0% in 2022.
Table 63 Borrowings, Interest and Financing Charges, and Cost of Funds

Total Percentage
Fund Borrowings - Third parties 4,789 10,247 5,458 114.0%
Securities Issued - Net 2,488 1,581 (907) -36.5%
Total Borrowings 7,277 11,828 4,551 62.5%
Interest and Financing Charges 570 624 54 9.5%
Average Cost of Funds 8.3% 7.0% -1.3%
General and Administrative Expenses
General and Administrative Expenses consist conditions, in line with the increase in business
of expenses paid to support the Company’s volume, resulted in an increase of 19.2%, or
operational activities and business growth. The Rp124 billion, to Rp771 billion in 2022.
return of the Company’s business to pre-pandemic
Table 64 General and Administrative Expenses

Total Percentage
Professional Fees 100 148 48 48.0%
Depreciation of Fixed Assets 91 100 9 9.9%
Repairs and Maintenance 70 89 19 27.1%
Installment Collection Expense 130 81 (49) -37.7%
Marketing 34 58 24 70.6%
Travel and Transportation 16 34 18 112.5%
Membership and Subscription 22 30 8 36.4%
Communications 24 25 1 4.2%
158

Total Percentage
Traning and Education 5 23 18 360.0%
Amortization of Intangible Assets 13 22 9 69.2%
Depreciation of Right of Use Asset 22 22 - 0.0%
Courier, Postage and Stamp Duty 14 18 4 28.6%
Office Expense 15 17 2 13.3%
Insurance 15 17 2 13.3%
Outsourced Service Expenses 17 16 (1) -5.9%
Electricity and Water 15 16 1 6.7%
CSR Programs 3 3 - 0.0%
Bank Administration Charges 2 3 1 50.0%
Rental 3 2 (1) -33.3%
Legalized Document and Photocopy 4 2 (2) -50.0%
Others 32 45 13 40.6%
Total 647 771 124 19.2%
The main contributor to General and Administrative Provision for Impairment Losses
Expenses in 2022 was Professional Fees,
amounting to Rp148 billion, 48.0% higher than Provision for Impairment Losses is the value set
its value in 2021. They contributed 19.2% to the aside based on an evaluation of the value of the
total General and Administrative Expenses. The Company’s Financing Receivables, both individually
highest increase in percentage terms (360.0%) and collectively, which is calculated on a monthly
occurred in Training and Education. These two basis to ensure the adequacy of Allowance for
components show that the Company is intensifying Impairment Losses in Receivables stated in the
its digitalization strategy implementation as Statement of Financial Position, which represents
it continues to develop a digitally-oriented fair value according to the standard applicable
operational model. accounting standards (IFRS 9/SFAS 71).
The Company also recorded a 112.5% rise in Travel Economic activity returned to almost the pre-
and Transportation, as an impact of the return of pandemic condition, and various business sectors
normal business activities in the “new normal” era. in Indonesia had experienced a positive impact
Previously, almost all of them had taken place on from the implementation of OJK’s stimulus and
various digital platforms. restructuring programs. Along with that, the
Company recorded a depreciation of 15.6% in the
amount of Provision for Impairment Losses both
for Financing Receivables, from Rp432 billion in
2021 to Rp367 billion in 2022. The same situation
occurred in Ijarah and IMBT Receivables, which
shrank entirely from Rp3 billion in 2021 to
Rp223 million in 2022.

Table 65 Provision for Impairment Losses

Total Percentage
Provision for Impairment Losses -

Financing Receivables 432 367 (65) -15.0%
Provision for Impairment Losses -

Ijarah and IMBT Receivables 3 - (3) -100.0%
Total 435 367 (68) -15.6%
Other Expenses
Other Expenses consist of expenses that are not for Impairment Losses on Receivables in the
routine in nature or directly support the Company’s Settlement Process decreased by 79.5% from
operational activities and business growth. Rp39 billion in 2021 to Rp8 billion in 2022. Write-
off of Receivables in the Settlement Process in
In 2022, total Other Expenses reached 2022 was also 14.5% smaller in value than in 2021
Rp57 billion, an increase of 54.1% from its value of to Rp65 billion, due to the recovery in economic
Rp37 billion in 2021. The Component of Recoveries conditions described in the previous sections.
Table 66 Other Expenses

Total Percentage
Written-off Receivables in the 76 65 (11) -14.5%

Settlement Process
Recovery for Impairment Losses

of Receivables in the Settlement
Process (39) (8) 31 -79.5%
Total 37 57 20 54.1%
Profit for the Year
The Company paid Income Tax Expense of was in line with the increase in Profit Before Tax,
Rp432 billion or 19.3% of the total Profit Before by 58.7%, in 2022. Thus, the Profit for the Year
Tax in 2022, which reached Rp2,239 billion. The in 2022 was Rp1,807 billion, an increase of 59.8%
increase in Income Tax Expense, by 54.3%, or Rp676 billion of its value in 2021.
160
Table 67 Profit for the Year

Total Percentage
Profit Before Tax 1,411 2,239 828 58.7%
Income Tax Expense 280 432 152 54.3%
Profit for the Year 1,131 1,807 676 59.8%
Income Tax Expense Ratio 19.8% 19.3% n/a -0.5%
The income tax rate for the Company in 2021 and Comprehensive Income for the Year
2022 was 19%, lower than the generally accepted
rate of 22% since the Company met the following In 2022, the Company recorded Other
criteria: Comprehensive Income for the Year – After Tax
• At least 40% of the shares issued are owned by of Rp14 billion, which were derived from changes
the public; in the fair value of derivative instruments – cash
• The public must consist of a minimum of 300 flow hedges and (loss) gain on remeasurement of
individuals, each holding less than 5% of the defined benefit actuarial programs. Therefore, the
issued shares; and Total Comprehensive Income for the Year in 2022
• Both of these conditions must be fulfilled for at reached Rp1,821 billion, or 52.0% higher than in
least six months (183 days) in one tax year. 2021.
Table 68 Comprehensive Income for the Year

Total Percentage
Other Comprehensive Income for

the Year - Net of Tax 67 14 (53) -79.1%
Total Comprehensive Income

for the Year 1,198 1,821 623 52.0%
Basic Earnings per Share
With an increase in the Profit for the Year of 59.8% Share of Rp121 per share, an increase of 59.2%
in 2022, BFI Finance recorded Basic Earnings per compared to its value in 2021.
Table 69 Basic Earnings per Share

Total Percentage
Basic Earnings per Share (full amount) 76 121 45 59.2%

CONSOLIDATED STATEMENT OF CASH FLOWS
BFI Finance’s Cash Flows are classified into Operating, Investing and Funding Activities, as follows:
Table 70 Statements of Cash Flows

Total Percentage
Cash and Cash Equivalents at the

Beginning of the Year 1,415 969 (446) -31.5%
Net Cash Flows from (for) Operating

Activities 542 (3,507) (4,049) -747.0%
Net Cash Flows for Investing

Activities (108) (238) (130) 120.4%
Net Cash Flows from (for) Financing

Activities (880) 3,849 4,729 -537.4%
Net (Decrease) Increase in Cash

and Cash Equivalents (446) 104 550 -123.3%
Cash and Cash Equivalents at the

End of Year 969 1,073 104 10.7%
The Company’s Cash and Cash Equivalents and capital expenditures. Net Cash Outflow for
increased by Rp104 billion, from Rp969 billion in investing activities in 2022 reached Rp238 billion,
early 2022 to Rp1,073 billion at the end of 2022. an increase of 120.4% compared to cash outflow
The changes are described below. in 2021.
This was mainly due to investments in fixed

Net Cash Flows from assets, namely the rejuvenation of the Company’s
Operating Activities operational vehicles and intangible assets in the
form of software.
Net Cash Flows from (for) Operating Activities
represent cash movements to fund the Company’s
business activities, especially the disbursement Net Cash Flows from
of new financing. Net Cash Outflow for operating Funding Activities
activities in 2022 reached Rp3,507 billion, in line
with the Company’s strong performance in new Cash Flows from (to) Financing Activities refer to
financing during 2022, which was far above the financing transactions, including new funding, debt
amount disbursed in 2021. repayment, and interest payments on sources of
funds. Net Cash Inflows from financing activities
in 2022 reached Rp3,849 billion. This was due to
Net Cash Flows from an increase in the disbursement of new funding as
Investing Activities new loans were obtained from a number of financial
institutions in 2022.
Cash Flows from (for) Investing Activities originate
from gains and losses related to investing activities
162
ANALYSIS
OF KEY RATIOS
Profitability
The volume of business recorded by BFI Finance in in 2022, from 9.6% in 2021. This ROAA value was
2022 recovered strongly post-pandemic. This was far above the average of the financing industry in
consistent with the Company’s ability to capitalize Indonesia, which was 5.7%.
on Indonesia’s economic growth momentum, driven
by household consumption. Average Return on Equity (ROAE) increased from
16.1% in 2021 to 21.9% in 2022. This value was
Strong business activity resulted in the Company’s also higher than the financing industry’s average
Average Return on Assets (ROAA) rising to 12.2% ROAE, which was 14.4%.
Table 71 ROAA and ROAE
Ratios 2021 2022 Industry Average*
ROAA 9.6% 12.2% 5.7%
ROAE 16.1% 21.9% 14.4%
Profit for the Year / Total Income 27.4% 33.6% 19.3%
Debt Repayment Ability
The Company’s ability to pay debts is measured by • Rating results by accredited credit rating
the following criteria: agencies.
• Asset Solvency Ratio to measure the amount of
assets financed using liabilities; In 2022, with a much larger business scale
• Liquidity Ratio to measure the ability to meet compared to the previous year, the Company’s
Current Liabilities using Current Assets; solvency ratios increased yet remained much lower
• Gearing Ratio to measure Debt to Equity Ratio; than the industry averages.
and

Table 72 Debt Repayment Ability Ratios
Ratios 2021 2022 Industry Average*
Solvency
Liabilities to Assets Ratio 0.5 x 0.6 x 0.7 x
Liabilities to Equity Ratio 1.1 x 1.5 x 2.3 x
Gearing Ratio 1.0 x 1.4 x 2.1 x
Corporate Credit Ratings A+(idn) A+(idn) -
Receivables Collectibility Level

(Asset Quality)
Receivables collectibility is classified based on the in January 2022 to 1.6% at the end of December
number of days due. 2022, the Company’s Collectibility Ratio in 2022
showed a consistent increase. As of the end of
BFI Finance again reduced the proportion of 2022, the proportion of Current Receivables to
Restructured Receivables from its total receivables, Total Receivables reached 89.1%, while the total
continuing this positive performance since 2021. Receivables categorized as “Loss” only reached
Even though it was still carrying out a restructuring 0.3% of Total Receivables.
program according to OJK recommendations, the
number of consumers who demanded repeated As of the end of 2022 the Company recorded
restructuring in 2022 remained very small. an NPF of 1.00%, much lower than the average
financing industry in Indonesia, which was 2.32%,
The ratio of Restructured Receivables Value to and also lower than 1.25% at the end of 2021.
Total Managed Receivables decreased from 10.2%
Table 73 Receivables Collectibility (Asset Quality)
Amount of Percentage
Description Days Past Due
2021 2022 2021 2022
1 - Current 0 - 10 days 12,815 18,272 87.95% 89.14%
2a - Special Mention 11 - 60 days 1,427 1,895 9.80% 9.25%
2b - Special Mention 61 - 90 days 146 126 1.00% 0.61%
3a - Non-current 91 -120 days 60 67 0.41% 0.33%
3b - Non-current 121 - 150 days 37 47 0.25% 0.23%
4 - Doubtful 151 - 180 days 36 39 0.25% 0.19%
5 - Bad >180 days 50 52 0.34% 0.25%
Total 14,571 20,498 100.00% 100.00%
Non-NPF 0-90 days 14,388 20,293 98.75% 99.00%
NPF > 90 days 183 205 1.25% 1.00%
164
Other Relevant
Financial Ratios
BFI Finance continuously complies with all financial position at the end of 2022 compared to
applicable Bank Indonesia and OJK regulations, the previous year. These ratios were better than the
including those related to financial ratios. threshold values based on OJK criteria. Therefore,
the Company’s financial position was more
Overall, in light of the financial ratios shown in solid based on all these criteria compared to the
Table 74 below, the Company was in a stronger financing industry in Indonesia.
Table 74 Other Relevant Financial Ratios
Ratios OJK Requirement 2021 2022 Industry Average**
Financing-to-Assets
Ratio (FAR) ≥ 40% 87.5% 89.2% 85.2%
Financing-to-Debt Ratio ≥ 50%* 188.0% 165.4% 136.4%
Investment and Working

Capital Financing to Total
Financing Ratio ≥10% 78.1% 76.9% 43.6%
NPF Ratio - Gross ≤ 5% 1.25% 1.00% 2.32%
NPF Ratio - Net ≤ 5% 0.23% 0.38% n/a
Capital Ratio ≥10% 77.7% 62.6% n/a
Gearing Ratio ≤ 10x 1.0x 1.4x 2.1x
Equity-to-Paid-Up-
Capital Ratio ≥ 50% 1,861.4% 2,193.5% 302.2%
* The target set by management is in accordance with POJK No.35/POJK.05/2018

** Source: Data of Statistics of Indonesian Financial Institutions as of 31 December 2022 issued by OJK

COMPARISON OF
ACHIEVEMENTS AGAINST
TARGETS IN 2022
The Company’s performance for the 2022 period all targets listed in Table 75 were achieved. This
far exceeded the target set at the beginning of the success demonstrates the Company’s stronger
year. Along with the increase in financing volume financial fundamentals in 2022 compared to the
beyond pre-pandemic levels, which the Company previous period, driven bystrong growth amid
had tapped into with a more agile business model, improving levels of purchasing power and public
and its adaptation to the evolution of the market, spending.
Table 75 Comparison of Achievements Against Targets
Description (Rp billion) Target Realization
Net Receivables Growth 10% 43.0%
Asset Growth 15% 40.3%
Revenue Growth 5% 30.6%
Net Profit 10% 59.8%
NPF < 2.0% 1.00%
Debt-to-Equity Ratio < 2.0x 1.4x
Dividend Payout Ratio up to 50% *
* Pending 2023 GMS resolution
The 2022 Annual Business Plan was established hand, the Company has started to enjoy the results
amid the uncertainty over the prolonged impact of continuous improvement to the internal system
of the pandemic on the Company, as explained in and services in anticipation of its 2022 business
the 2021 Integrated Annual Report, Management performance.
Discussion and Analysis chapter, 2023 Business
Prospects section. Such growth caused the disbursement of new
financing to exceed the target, which in turn directly
Economic condition throughout 2022 turned out increased the Company’s net receivables growth
to be better than the Company management had and revenue growth, above their respective targets.
previously estimated, as described in the Industry The achievement in net receivables that surpassed
Overview section. The increase in commodity the target was supported by the commitment to
prices contributed to an increase in people’s adhering to the principle of prudence in disbursing
purchasing power as well as mobility, which directly new financing. This has been reflected from the
increased the need for motorized vehicles, and NPF figure which was better than the target, and
replacement or new investment in capital goods. All the contribution to the Company’s cash flow, which
of these factors contributed positively to business in turn had an impact on the Company’s revenue.
growth in the multifinance industry. On the other
166
CAPITAL STRUCTURE
(CAPITAL ADEQUANCY)
Management Policy on
Capital Structure
The Company’s articles of association stipulate For capital management, the Company refers to
that the Company’s Authorized Capital is Rp500 POJK 35, which requires:
billion, consisting of 20 billion shares with a nominal • A minimum capital of Rp100 billion;
value of Rp25 per share. Of the Authorized Capital, • Minimum equity of 50% of the total Paid-in
15,967,115,620 shares have been issued and fully Capital; and
paid up. A total of 1,002,732,000 shares have been • Gearing Ratio (Ratio of Total Financing to Equity
bought back by the Company as of 31 December minus Subordinated Bonds with Investment) of
2022. a maximum of 10 times, both for domestic and
international financing.
Table 76 Capital Structure
Company Realization
Decription (Rp billion) POJK Requirement
2021 2022
Equity Minimum Rp100 billion 7,430 8,756
Ratio of Total Equity to Paid-up Capital Minimum 50% 1,861.4% 2,193.5%
Ratio of Financing to Equity Maximum 10x 1.0x 1.4x
MATERIAL INVESTMENT
ON CAPITAL GOODS
In general, the Company’s Capital Expenditure In 2022, Total Capital Expenditures reached Rp270
in 2022 was in the form of investment in Vehicles billion. A total of Rp187 billion or 69.3% of this
and Office Equipment, in line with the Company’s amount has been completed, while the remaining
growing operational needs in line with its business Rp83 billion was still under construction. Sources
scale expansion. of funding for Capital Expenditures were derived
from the Company’s own funds.

Table 77 Value of Capital Goods Investment
Value of Capital Goods Investment (Rp billion)

Type of Capital Goods
Investment Completed In Progress Total
Building and Infrastructure 2 7 9
Office Equipment 52 75 127
Vehicles 132 - 132
Furniture and Fixtures 1 1 2
Total 187 83 270
Material Commitments
Throughout 2022, the Company did not enter into any material commitments other than those discussed in
the previous sections.
EVENTS AFTER THE

REPORTING PERIOD
On 27 January 2023, the Company issued Obligasi The upgrade reflects that the Company’s liquidity
Berkelanjutan V BFI Finance Indonesia Tahap III coverage and debt repayment capacity will remain
Tahun 2023, with a total amount of Rp1.1 trillion healthy and commensurate with the higher rating,
issued in 3 Series, each with a maturity period even as financing grows strongly amid a post
of 370 days, 2 years, and 3 years, respectively. Covid-19 pandemic recovery. This should be
These bonds were listed on the Indonesia Stock underpinned by BFI Finance’s acceptable asset
Exchange on 30 January 2023 and are traded quality, adequate profitability and modest leverage.
there.
In March 2023, Fitch Ratings Indonesia (Fitch) Further information is presented in Note 38 to the
has upgraded BFI Finance’s National Long-Term Consolidated Financial Statements, Exhibit E/95.
Rating to ‘AA-(idn)’, from ‘A+(idn)’. The Outlook is
Stable. Fitch has also upgraded the National Short-
Term Rating to ‘F1+(idn)’, from ‘F1(idn)’, and the
local-currency issuance ratings to ‘AA-(idn)’, from
‘A+(idn)’.
168
DIVIDENDS
The Company’s Dividend Policy is summarized as • Dividends can be distributed all at once in
follows: a year, or more than once through Interim
• All issued and fully paid shares have the same Dividends; and
rights, including the right to dividends, except • The Company’s Board of Directors meeting on
for repurchased shares (Treasury Shares); 2 December 2022 decided to distribute an
• Without prejudice to the right of the GMS to interim cash dividend for the 2022 financial
determine otherwise, the Company intends to year of Rp28 (twenty eight rupiah) per share.
distribute cash dividends with a value of up to Dividend payments to shareholders was made
50% of the current year’s net profit; on 22 December 2022.
Table 78 Dividend Policy and Payment
Description (Rp billion) Target Realization
Net Income for the Year 1,131 1,807
Cash Dividend 254 421+
% Cash Dividend to Previous Year

Net Income 22.5% *
+ Interim dividend
* Pending 2023 GMS resolution
USE OF PUBLIC
OFFERING FUNDS
In accordance with POJK requirements No. 30/POJK.04/2015 regarding the obligation to submit a Report
on the Realization of the Use of Funds from a Public Offering, the Company reports the use of funds from
each corporate action it performs.
During 2022, the Company did not raise funds through a public offering.

MATERIAL INVESTMENT,
DIVESTMENT, MERGER &
ACQUISITION, AND DEBT OR
CAPITAL RESTRUCTURING
The company did not make any Material Investments, Divestments, Mergers & Acquisitions, or Debt or
Capital Restructurings in 2022.
TRANSACTIONS WITH
POTENTIAL CONFLICTS OF
INTEREST AND RELATED
PARTIES
In carrying out its business activities, the Company and its subsidiaries carry out transactions with certain
related parties, as explained below:
Related Parties Nature of Relationship Transaction
Employees Key management personnel Short term employee benefits

Post-employment benefits
Transactions with related parties above consisted All transactions with related parties, except
of salaries and allowances in the amount of for salaries and employee benefits paid to key
Rp58 billion in 2022, which was 1.8% of the total management personnel, were carried out under the
expenses for the year. In 2021, the amount was normal business operations requirements.
Rp43 billion (1.6% of Total Expenses).
170
IMPACT FROM
REGULATORY CHANGES
ON THE COMPANY
In 2022, the Government of the Republic of 7. OJK Regulation No. 19 of 2022 on Special
Indonesia issued 10 new regulations related to Treatment for Financial Services Institutions
the implementation of business activities and in Certain Regions and Sectors in Indonesia
operations of finance companies, namely: Affected by Disasters;
8. OJK Circular No. 4/SEOJK.04/2022
1. RI Government Regulation No. 49/2022 on on Amendments to OJK Circular
Exempted Value Added Tax and Value Added No. 20/SEOJK.04/2021 on Stimulus Policies
Tax or Value Added Tax and Sales Tax on and Relaxation of Provisions regarding Issuers
Luxury Goods Free of Import and/or Delivery or Public Companies in Maintaining Capital
of Certain Taxable Goods and/or Delivery of Market Performance and Stability Due to the
Certain Taxable Services and/or Utilization Spread of Corona Virus Disease 2019;
of Certain Taxable Services from Outside the 9. OJK Circular No. 32/SEOJK.05/2022
Customs Area; on Amendments to OJK Circular
2. OJK Regulation No. 4/POJK.04/2022 No. 15/SEOJK.05/2019 concerning Revaluation
on Amendments to OJK Regulation for Main Parties of Non-Bank Financial Services
No. 7/POJK.04/2021 concerning Policies in Institutions; and
Maintaining Capital Market Performance and 10. Decree of the Board of Directors of PT Bursa
Stability Due to the Spread of Corona Virus Efek Indonesia No. Kep-00066/BEI/09-2022
Disease 2019; dated 30 September 2022 (effective 1 October
3. OJK Regulation No. 6/POJK.07/2022 on 2022) regarding Amendment to Regulation
Consumer and Community Protection in the No. I-E regarding Obligations for Submission of
Financial Services Sector; Information.
4. OJK Regulation No. 7/POJK.05/2022
on Amendments to OJK Regulation The Company views that these regulatory
No. 35/POJK.05/2018 concerning the changes are intended to bring about a positive,
Implementation of Financing Company strengthening impact on the Indonesian financing
Business; industry. Accordingly, it has taken every measure
5. OJK Regulation No. 14/POJK.04/2022 on necessary to comply with the requirements of these
Submission of Periodic Financial Reports of regulations.
Issuers or Public Companies;
6. OJK Regulation No. 18 of 2022 on Written
Orders;

ACCOUNTING POLICY
CHANGES
Changes to Statements of Financial Accounting Standards (SFAS) and

Interpretation of Financial Accounting Standards (ISAK) which Applied Effectively
in the Current Period
The adoption of changes in accounting standards • SFAS 71 (2020 Adjustment) “Financial

which became effective from 1 January 2022, and Instruments”
were relevant to the Company and its subsidiaries • SFAS 73 (2020 Adjustment) “Leases”
but did not have a significant impact on the
Company and its subsidiaries’ accounting policies, These new accounting standards have been
are as follows: implemented to the financial statements since 1
• Amendments to SFAS 22 “Business January 2022. A summary of the changes and their
Combination regarding Reference to the impact on the Company’s financial condition is
Conceptual Framework” presented in Table 79.
• Amendments to SFAS 57 “Provisions,
Contingent Liabilities and Contingent Assets
regarding Onerous Contracts – The Cost of
Fulfilling the Contract”
Table 79 Changes of SFAS that Affect the Company
Impact
Accounting Standards Summary of Changes Reason for the Change on the
Company
Amendment to SFAS 22 Addition of description on This amendment clarifies the No implications

“Business Definition for liabilities and contingency business definitions with the aim
Reference to Conceptual liabilities of assisting entities in determining
Framework” whether a transaction should be
recorded as a business combination
or asset acquisition
Amendment to SFAS 57 Fees for contract Has not been regulated by previous No implications
“Provisions, Contingent fulfillment consist of fees SFAS
Liabilities, and related directly to the
Contingent Assets contracts
regarding Onerous
Contracts”
Amendment to SFAS 71 This amendment clarifies Adjustment whereby the borrower, in No implications
“Financial Instruments” the recognition of rewards determining the fee to be paid after
recorded by the borrower deducting the fee to be received,
for the cessation of only considers the fee paid or
recognition of financial received between the borrower and
liabilities the lender
Amendment to SFAS 73 This amendment removes Illustration provided for the No implications
“Lease” the illustration of payment compensatory replacement of
from the lessee in relation leased property may be mistakenly
to the lease incentive interpreted when recording the
change of lease periods
172
2023 BUSINESS PROSPECTS
Following the gradual easing of restriction on The OJK is optimistic that the financing industry
community activities to propel the economy back will continue to grow at a solid pace, even with
on the move, the Government has continued to Indonesia’s economic growth expected to slow
accelerate the recovery by implementing certain slightly due to heavy global inflationary pressures.
economic policies that have proven effective. To This statement was reiterated by APPI, which views
stem the effects of inflation, Bank Indonesia in that inflationary sentiment and high interest rates
early 2023 raised its benchmark interest rate by should not have a serious impact on the growth of
0.25%. Furthermore, the enactment of the Job the financing industry.
Creation Law and the Tax Harmonization Law
helped maintain economic stability, create jobs, and BFI Finance is consistent in pursuing its tech-based
enhance the readiness for digital transformation transformation and strengthening its information
and innovation of business actors in Indonesia. security systems, especially in relation to customer
data. Supported by a new tech-enabled business
Conditions at the beginning of 2023, however, model, the Company will be able to run its business
continue to present challenges and uncertainties. in a more agile, flexible, and adaptive manner to
Nonetheless, supported by the prices of various developments in market conditions. Centralization
export commodities, which were predicted to and verticalization of business functions will also
remain high in line with strong post-pandemic enable the Company’s business to grow optimally.
demand from industries, the Government of For 2023, the Company is targeting growth of an
Indonesia projected GDP growth to be in the range average of 10% from the previous year, in terms of
of 4.9–5.2% for 2023. This range is weaker than new financing distribution, total managed financing
the growth rate in 2022, but slightly above the IMF receivables, and net income.
and World Bank’s projection of 4.8%. Meanwhile,
the domestic inflation rate is expected to be in the BFI Finance continues to deliver on its commitment
range of 3.25–3.75%, lower than in 2022. to becoming a trusted partner for financial
solutions, contributing to the improvement of
Household spending will continue to be the primary people’s lives, and continuously innovating. All this
driving force for the economy. Concurrently, the will create a strong and sustainable business, as
Government is directing its efforts towards creating the Company brings added value to the Indonesian
a conducive investment climate, especially in nation.
relation to downstream initiatives across various
economic sectors.
Table 80 2023 Business Targets
Description Target
New Financing Growth 10% above 2022 achievement
Net Receivables Growth 10% above 2022 achievement
Asset Growth 20% above 2022 achievement
Revenue Growth 20% above 2022 achievement
Net Profit 15% above 2022 achievement
NPF < 2.0%
Debt-to-Equity Ratio < 2.0x
Dividend Payout Ratio Up to 50%

Good Corporate Governance
174
Good Corporate
Governance
BFI Finance’s sound governance and

culture of compliance serve as a bedrock
in its transformation to maintain industry
leadership.

GOOD CORPORATE
GOVERNANCE REPORT
A consistent and disciplined Good Corporate Governance (GCG) practices

implemented in alignment with the relevant
implementation of good corporate authorities’ guidelines demonstrates the
management and employees’ accountability
governance serves as the basis to all stakeholders to maintain the long-term
sustainability of the Company.
for BFI Finance in building
BFI Finance is committed to carrying out its
customers’ and investors’ trust in business activities properly and in compliance with
all the regulations prevailing in the financial services
the Company. industry. The Company’s GCG Practices refer to
the applicable laws and regulations. The list of
regulations that govern the Company’s business
activities is updated regularly and is available on
the Company website at https://www.bfi.co.id/en/
corporate/Corporate-Good-Governance/corporate-
governance-guidelines.
176
Main Principles
The Company applies the following GCG principles in its business activities in all organizational levels:
Table 81 Main GCG Principles
No GCG Principle Implementation
1 Transparency in the decision-making process Transparency of business management to all

and in the availability and disclosure of relevant stakeholders, through the publication of various reports
information regarding the Company (including integrated annual reports and financial reports)
as well as business-related matters on the website
2 Accountability of all parties in the Company Clarity in the rights, authority, duties, and responsibilities
in conducting every action in accordance with of employees and all governance bodies of the Company
their respective functions
3 Responsibility in the Company’s management Compliance with the articles of association and the
according to the rules and regulations in prevailing regulations, and implementation of tax
financing sector, ethical values, as well as obligations and corporate social responsibility
sound business practices
4 Independence in The Company’s Principle of mutual respect upheld by every party within
management, free from interference from any the Company, and avoidance of conflict of interest in all
party which are not in line with the laws and business processes
regulations and free from conflict of interest
5 Equality and Fairness in fulfilling the rights of Fulfillment of the rights of stakeholders in a just and
Stakeholders arising from the agreement, rules equitable manner in accordance with the prevailing
and regulations regulations, maintenance of a decent and safe workplace,
and equal opportunity provided to every employee
The complete application of the GCG principles is detailed on the Company website at https://www.bfi.
co.id/en/corporate/Corporate-Good-Governance/corporate-governance-guidelines.
GCG Purposes
BFI Finance implements GCG principles to achieve, 4. Establishment of a financially sound business
among others: that is reliable and has a competitive edge in
1. Optimization of the Company’s values for order to maintain its presence and sustainability
stakeholders; to achieve the Company’s aims and objectives;
2. Improvement of the Company’s professional, and
effective, and efficient management; 5. Improvement of the Company’s contribution to
3. Improvement of the Company’s governance the national economy.
bodies’ and its subordinates’ compliance
with the strict ethical standards, rules
and regulations, and awareness of social
responsibility;

GCG Structure and Mechanism
The GCG structure at BFI Finance consists of the following governance bodies in the chart below:
Graph 6 GCG Structure of the Company
Governance
Transparency, Accountability, Responsibility, Independence, and Fairness Principles
GMS
Sharia
Supervisory • Audit Committee
BOC BOD
Board • Risk Oversight Committee
• Nomination and Governance
Remuneration Committee Structure
Internal
Internal Corporate Risk Compliance
Control
Audit Secretary Management
System
GMS; execution of functions, authorities and responsibilities of the BOC and the BOD;
meetings between the BOC and the BOD; execution of policies and strategies in line Governance
with vision and mission; human capital development and training; Processes
and implementation of CSR programs
Business sustainability, efficiency, benefits for society, compliance with regulations, Governance
consumer protection, and environmental protection Outcomes
The Company’s GCG structure is one of the procedures, management information system,
manifestations of GCG implementation for ensuring and main duties as well as functions of each
a clear mapping of functions or business activities governance body.
to avoid conflict of interest and to ensure that the
checks and balances mechanism takes place This GCG infrastructure is evaluated regularly
effectively and efficiently. and adjusted to the latest developments and best
practices in GCG. The latest enhancements to BFI
GCG is exercised by the governance bodies of Finance’s GCG Infrastructure were ratified in the
BFI Finance’s GCG structure takes within a GCG Policy/026 dated 1 July 2021 on Guidelines for the
infrastructure framework. This includes policies, Implementation of Good Corporate Governance.
178
Table 82 BFI Finance’s GCG Infrastructure
No GCG Infrastructure Form
1 Code of Business Principles which is applicable • Company Core Values (G.R.E.A.T.) as the guidelines
to all BFI Finance’s activities, both in head on the Company’s culture and behavior, added with
office and branches, and to all employees BFI New Mindset launched in 2022 to complete them
• Corporate Responsibilities
• Business Integrity
• Operational Activity Commitment
• Company Regulations 2022-2024
2 Procedures to carry out duties and Guidelines for Board of Commissioners and Board of
responsibilities of Board of Commissioners and Directors (Board Manual)
Board of Directors
3 Completeness and procedures of carrying out • Audit Committee Charter

the duties of committees and work units in • Risk Oversight Committee Manual
conducting internal control function • Nomination and Remuneration Committee Manual
• Sharia Product and Business Activity Development
Committee Charter
• Risk Management Committee Charter
• Information Technology (IT) Steering Committee
Charter
4 External audit, internal audit, compliance • Code of Business Principles

function implementation procedures and • G.R.E.A.T. (Company Core Values), guidelines on
policies behavior and culture, applicable to all employees,
added with BFI New Mindset in 2022 to complete
them
• Company Regulations 2022–2024
• Internal Audit Charter
• Various applicable policies, decrees, SOPs, and
guidelines in the Company
5 Policy of transparency of financial and non- • Quarterly Financial Statements

financial conditions • Mid-year Financial Statements
• Annual Financial Statements
• Integrated Annual Report (featuring both Annual
Report and Sustainability Report)
GCG Roadmap BOD, namely Sharia Product and Business

Activity Development Committee, Risk
Management Committee, and Information
The Company’s GCG Roadmap is implicitly stated Technology (IT) Steering Committee,
and aligned to OJK’s directive in every practice. to strengthen the foundation for better
Several important structures and mechanisms, decisionmaking;
which are still ongoing in GCG implementation at 2. Enhancement of regulations in the Company
the Company, are Code of Business Principles, with the latest external regulations, as a form of
Board Manual for the BOC and BOD as well as additional compliance with the prevailing laws
the Committees, and supporting procedures and and regulations across the organization, so
policies such as Whistleblowing System, Risk that the Company can be managed in a more
Management Policy, and Compliance Policy. professional, effective, and efficient manner;
and
As a part of GCG Roadmap, the Company regularly 3. Improving quality of outcome (implementation
evaluates, updates, and disseminates its GCG result) that meets the expectations of
practices to all employees. stakeholders. This is a result of GCG principles’
implementation, supported by adequate GCG
structure and infrastructure. This outcome
GCG Implementation includes qualitative and quantitative aspects, as
Focus follows:
a. Adequate transparency of reports;
In 2022, the Company’s focus of GCG b. Compliance with rules and regulations;
implementation was on: c. Consumer protection;
1. Fulfillment of GCG requirements with the d. Audit independence; and
establishment of three committees under the e. The Company’s performance and
achievements, financially and operationally.

GCG Implementation
Evaluation
Results of an internal assessment conducted by BFI Finance of its GCG achievements in 2022 showed that
the Management had implemented GCG satisfactorily, as summarized below:
Tabel 83 GCG Implementation Evaluation
Negative
No Aspect Positive Factors
Factors
A Governance Structure
1 The Number, Composition, In general, in accordance with the complexity and size None
Integrity and Competence of the Company and in compliance with applicable
of Members of BOC, regulations.
Committees under the
BOC, Sharia Supervisory
Board, BOD, and
Committees under the
BOD
2 Organizational Structure In general, BFI Finance has an organizational structure None

consisting of directorates, divisions, departments,
and work functions/units with clear division of duties,
responsibilities, and authorities. It support s business
and operational activities as well as internal control
implementation.
3 Policies and Procedures BFI Finance has policies and procedures consisting None
of the Board Manual for the BOC and the BOD, Audit
Committee Charter, Risk Oversight Committee Manual,
Nomination and Remuneration Committee Manual, Sharia
Product and Business Activity Development Committee
Charter, Risk Management Committee Charter, IT Steering
Committee Charter, Internal Audit Charter, Code of
Business Principles, Company Regulations 2020–2022,
Operational Commitments, Company Core Values and
Employee Behavior Guidelines (G.R.E.A.T. and the
launching of BFI New Mindset in 2022), and Information
Technology (IT) Procedures and Policies.
4 Information System BFI Finance runs a Management Information System None

(MIS) and Power Business Intelligence (Power BI) to
support operational and business activities as well as
internal control system.
B Governance Process
1 Execution of Duties and In general, the duties and responsibilities of the BOC, the None
Responsibilities BOD, and Committees under the BOC and the BOD have
been satisfactorily executed.
2 Human Capital BFI Finance has improved the human capital quantity and None
quality by intensifying training and focusing on human
capital availability and adequacy.
3 Risk Management BFI Finance regularly reviews risk limit, risk measuring, None
monitoring and control, and internal model assessment of
risk management.
4 Customer Complaint BFI Finance manages and resolves customer complaint None
according to SLA’s stipulations.
180
Negative
No Aspect Positive Factors
Factors
5 Compliance and Discipline BFI Finance continuously upholds discipline and None
Cultures compliance culture in all organizational levels by
establishing the Integrity Pact to increase legal
enforcement, to carry out anti-fraud policy and
Whistleblowing System, to apply G.R.E.A.T. as the
Company Core Values alongside the launching of BFI
New Mindset in 2022 to fortify the Company’s employee
behavior guidelines to enhance performance and attitude
in its digital transformation journey, and to strengthen the
Internal Control System.
6 CSR BFI Finance has carried out CSR as part of its business None
process.
C Governance Result
1 Recommendations from Recommendations from the BOC and the Committees None
the BOC and Committees under the BOC are documented in the meeting minutes
under the BOC and serve as input and considerations for the BOD in
making a decision.
2 Conflict of Interest There is no indication of any conflict of interest that bring None
losses to the Company.
3 Information Disclosure to BFI Finance has disclosed its financial and non-financial None
the Public information to public transparently, including through
quarterly financial statements, mid-year financial
statements, annual financial statements, and Integrated
Annual Report (consisting of Annual Report and
Sustainability Report).
4 Company Performance BFI Finance records growth and positive performance, as None
reflected in its growing assets and profit, and a controlled
Non-Performing Financing (NPF).

SUSTAINABILITY
GOVERNANCE
GCG implementation within BFI Finance has are stated in the table titled BOD Competence
been further enhanced with the enactment Enhancement in this chapter (page 204).
of Environmental, Social, and Governance
(ESG) principles that provides the foundation The risks faced by the Company in implementing
for sustainability governance and sustainable the sustainable finance programs are detailed
development, which also comprise the Company’s further in the section titled Risk Management in this
long-term vision. chapter (pages 242–243).
ESG practices within the Company throughout the

reporting period are presented in the Sustainability Stakeholder Engagement
chapter (pages 267–288), which constitutes an
inseparable part of this Integrated Annual Report.
As part of it sustainable governance, BFI Finance
engages its stakeholders in a multitude of ways.
Sustainable Finance
BFI Finance categorizes its stakeholder groups
based on the extent of their engagement with its
As one of the financial institutions with a vast business. These groups therefore are customers,
scope of business across Indonesia, one of the shareholders, suppliers, employees, business
components of ESG implementation within BFI partners, the public, and regulators. With each of
Finance deals with sustainable finance. The them, the Company strives to build a transparent
Company’s sustainable finance programs have way of communication with the aim of creating and
been designed in accordance with the guidelines in fostering mutual trust.
the Sustainable Finance Roadmap as formulated by
the Government of Indonesia through OJK. Effective communication is cultivated through
dialogue with various stakeholders to discern their
At BFI Finance, sustainable finance implementation needs and expectations, resolve issues, mitigate
is an inherent part of its core business thesis, impacts, and identify opportunities, which may
i.e., delivering economic empowerment in a arise from the interaction between the Company
widespread, equitable, and inclusive way to all and these stakeholder groups, to deliver optimal
members of the Indonesian society through BFI benefits to all parties.
Finance’s financing products.
As Indonesia gradually returned to normal
The Company’s sustainable finance implementation conditions amidst the ongoing Covid-19 pandemic
is within the remit of the Finance Directorate. in 2022, the processes of communication and
The Finance Director coordinates all sustainable dialog continued to be carried out by upholding the
finance programs and activities conducted in all the principle of physical distancing and observing the
Company’s outlets across Indonesia. health protocols.
To enhance the competence in executing the The various issues commonly encountered in
sustainable finance strategy, BOD members engaging the stakeholders, including in the
participated in various training programs over the implementation of sustainable finance, are
course of the reporting period. These programs presented in the table below.
182
Table 84 Summary of BFI Finance’s Stakeholders Issues in 2022
Stakeholder Engagement Method Issues Raised in 2022

Group
Customers Customer surveys, customers’ complaints data, Customer service, product description
responses and comments from customers via (including restructuring of consumer credit),
social media access to services
Employees Employee survey, virtual meetings with Launching of BFI New Mindset to complement
employee representatives, email blast, Leader’s G.R.E.A.T. as the previously-prevailing
Talk, Service Insight Community (SIC), BFI Agile Company’s Core Values and Corporate Culture,
Thought Community (BATC), various webinars, and its subsequent dissemination to all levels of
and technical and non-technical training the employees, dissemination and continuous
materials disseminated via M-BEAT application provision of information related to Covid-19
prevention so that employees remained alert
on the latest variants of the virus, innovations
in employee recruitment to attract new talent in
digital and technology, new training programs
within the scope of digital and technology skills,
welfare and benefits, competence development
and career path, productivity improvement in
line with the Company’s digital transformation
process, discussion on business opportunities
across the operational areas of the Company in
keeping with the post-pandemic conditions
Shareholders Quarterly and annual reports, one-on-one Benefits, business development, governance
and virtual meetings with investors, potential and accountability, business financial
investors and analysts, virtual conferences, soundness, voluntary tender offer of the
electronic AGMS and EGMS (e-GMS) Company’s shares from the controlling
shareholders, entry of a new controlling
shareholder and Ultimate Beneficial Owner
of the Company together with the previous
controlling shareholders
Suppliers Engagement based on contract Continuity of supply, level of performance,

timeliness
Business Engagement based on contract, performance Performance, timeliness, contract evaluation

Partners appraisal
Public Virtual forums and trainings, annual public Support to community’s socioeconomic and
expose to the mass media, partnerships with environmental aspects, Covid-19 booster
community institutions vaccination for the surrounding communities,
financial literacy education, financial inclusion,
Company performance reporting
Regulators Virtual regular meetings (including webinars and Compliance, business development,
FGDs), survey filling, reporting governance and accountability, business
financial soundness
The Company further engages its stakeholders through its participation in relevant external organizations
that support the achievement of its goals.

GENERAL MEETING
OF SHAREHOLDERS
The GMS is a governance body of the Company 6. Appoint the external public accounting firm;
that possesses certain powers not granted to the 7. Approve or reject the Company’s work plan and
BOC or the BOD within the limits prescribed by the budget, and the long-term work plan;
laws and/or the articles of association. 8. Make decisions through a process that is open,
fair, and accountable; and
The GMS is a forum for shareholders to influence 9. Implement GCG in accordance with its authority
the Company, as well as a forum for the BOC and and remits.
the BOD to report and be held accountable for the
implementation of their tasks and performance to
the shareholders. Shareholders’ Rights
The GMS consists of the Annual GMS (AGMS) and
the Extraordinary GMS (EGMS), which are held in The shareholders have the right to propose the
accordance with the articles of association and the agendas for every GMS that will be held by the
prevailing regulations. Company, propose the appointment of members
of the BOC and/or the BOD of the Company,
especially for measures that require prior approval
GMS Authority of the shareholders in accordance with the
prevailing regulations.
The GMS has the authority, among other things, to:

1. Appoint and dismiss the members of the BOC 2022 GMS
and the BOD based on policies/guidelines Implementation
established by shareholders;
2. Ratify or decide on issues that are necessary In 2022, BFI Finance held 1 AGMS and 1 EGMS.
to safeguard the long-term and short-term
interests of the Company in accordance with Procedures of 2022 GMS Implementation
the prevailing regulations and/or the articles of BFI Finance held the 2022 GMS by adhering to the
association; procedures stipulated in OJK Regulation No. 15/
3. Approve the annual report including financial POJK.04/2020 on the Plan and Implementation
statements, and approve the BOC’s supervisory of General Meeting of Shareholders of Public
duties in accordance with the prevailing Companies (POJK 15) and OJK Regulation No. 16/
regulations and/or the articles of association; POJK.04/2020 on Electronic Implementation of
4. Set targets and assess the performance of the General Meeting of Shareholders (POJK 16).
BOD and the BOC;
5. Determine remuneration for the BOC and the
BOD;
184
Table 85 AGMS and EGMS Procedures
No Activity Implementation Stages of AGMS & EGMS 2022 Legal Basis
1 Notification of plan and BFI Finance’s letter No. Corp/AA/L/IV/22-0054 dated Articles 4, 13,
agendas of the GMS to 11 April 2022 was sent to OJK, with copies sent to and 52 POJK 15
OJK no later than five the Chief Executive Supervisor of Non-Bank Financial
business days before the Institutions (IKNB), IDX, KSEI, PT Raya Saham Registra,
GMS announcement and The Indonesia Capital Market Institute (TICMI)
2 Notice for the GMS Plan to • Notice for the GMS Plan was announced on Articles 14 and
the Shareholders, at least the websites of IDX, KSEI, and the Company in 52 POJK 15
14 days prior to the GMS Indonesian and English on 17 May 2022
Summons • Correspondences of BFI Finance’s letter
No. Corp/SJN/L/V/22-0072 dated 17 May 2022 to
OJK, Chief Executive Supervisor of IKNB, and IDX,
with copies sent to IKNB and TICMI, by attaching
screen captures as proof of the Notice of the GMS
Plan to the Shareholders on the websites of IDX,
KSEI, and the Company
3 The final date for the Requested the Share Registrar (PT Raya Saham Registra) Article 23 POJK
Shareholders Register, at to recap the names of shareholders entitled to attend the 15
16:00 Western Indonesia GMS
Time, one day prior to
the date of the GMS
Summons
4 GMS Summons to the • GMS Summons to the Shareholders was announced Articles 17 and
Shareholders, at least 21 on the websites of IDX, KSEI, and the Company in 52 POJK 15
days prior to the GMS, Indonesian and English on 6 June 2022
excluding the date of • Correspondences of BFI Finance’s letter
summons and the date of Corp/Sjn/L/VI/22-0082 dated 6 June 2022 to OJK,
the GMS with copies sent to Chief Executive Supervisor of
IKNB, IDX, PT Raya Saham Registra, and TICMI,
by attaching screen captures as proof of the GMS
Summons to the Shareholders on the websites of IDX,
KSEI, and the Company
5 GMS implementation On 29 June 2022 at BFI Tower, Sunburst CBD Lot.1.2, -

Jl. Kapt. Soebijanto Djojohadikusumo, BSD City –
South Tangerang 15322, Indonesia
6 Delivery of the GMS BFI Finance’s letter No. Corp/Sjn/L/VI/22-0096 dated 30 Article 50 POJK
Minutes to OJK, no later June 2022 to OJK, with copies sent to the Chief Executive 15
than 30 days after the date Supervisor of IKNB, IDX, KSEI, PT Raya Saham Registra,
of the GMS and TICMI
7 Announcement of the • Notice for the GMS Minutes was announced on Articles 51 and
GMS Minutes to the the websites of IDX, KSEI, and the Company 52 POJK 15
public, no later than two in Indonesian and English on 1 July 2022
working days after the • Correspondences of BFI Finance’s letter No. Corp/
date of the GMS Sjn/L/VII/22-0099 dated 1 July 2022 to OJK, with
copies sent to IDX, KSEI, PT Raya Saham Registra,
and TICMI, by attaching screen captures as proof
of the announcement of the Summary of the GMS
Minutes on the websites of IDX, KSEI, and the
Company
Description and Resolutions of 2022 GMS the number of attendance at the Meetings; both the
On Wednesday, 29 June 2022, at BFI Tower, Company’s shareholders, invitees and management
Sunburst CBD Lot 1.2 Jl. Kapt. Soebijanto (Board of Directors, Board of Commissioners, and
Djojohadikusumo, BSD City – South Tangerang, Sharia Supervisory Board); but remained paying
the Annual General Meeting of Shareholders attention to the applicable laws and regulations.
(AGMS) and the Extraordinary General Meeting of
Shareholders (EGMS) of the Company were held. The summary of the AGMS and the EGMS
is presented on https://www.bfi.co.id/en/
The AGMS and EGMS were still held in the corporate/Investor-Relations/General-Meeting-of-
Coronavirus Disease Health Emergency Situation Shareholders?t=2
to promote the precautionary principle by limiting

2022 GMS Resolutions and Their Implementation

All of the 2022 GMS resolutions, i.e., those of the AGMS and EGMS held on 29 June 2022, were fully
implemented in 2022, as stated in Tables 86 and 87 below.
Table 86 Implementation of 29 June 2022 AGMS Resolutions
Resolution Implemented (Y)

Not Implemented (N)
To accept and approve the Company’s Annual Report for the fiscal year ended Y
31 December 2021, including the Financial Statements and the Supervisory Report
from the Company’s BOC
To accept and ratify the Company’s Financial Statements for the fiscal year ended Y
31 December 2021 as audited by the Public Accountant Firm “Tanubrata Sutanto
Fahmi Bambang & Rekan” whose Report Number: 00005/3.0423/AU.1/09/0116-1/1/
II/2022 expressed “Unmodified” opinion, thus granting the release and discharge
(acquit et de charge) to the BOD and the BOC relating to their duties of management
and supervision conducted during the fiscal year 2021, provided that such actions are
reflected in the Company’s Annual Report for the fiscal year 2021 and not in conflict
with statutory regulations
To set aside the amount of Rp5,000,000,000 (five billion rupiah) from the net profit Y
which can be attributed to the owners of the Company’s parent entity as mandatory
reserves, pursuant to the Company’s Articles of Association and the Company Law
No. 40 of 2007
To distribute as final cash dividends of Rp17 (seventeen rupiah) per share of the Y
Company’s net profit, including the Rp7 (seven rupiah) per share that have been
distributed as interim dividends and have been paid on 23 December 2021, so that the
remaining dividends to be distributed are Rp10 (ten rupiah) per share. The remaining
final dividends will be distributed to the Company Shareholders listed in the Register
of the Company Shareholders on 11 July 2022, at 16:00 WIB, and will be paid to the
Company Shareholders on 28 July 2022
The balance of 2021 net profit will be booked as Retained Earnings to strengthen the Y
Company’s capital
To give power and authority to the Company’s BOD with substitution rights to execute Y
the utilization of net profit as mentioned above, including to set up the schedule and
procedures of cash dividends distribution to the Company Shareholders, and to attend
and meet the authorities, one way or another without any exception, including the
procedure for taking dividends that have been included in special reserves
To authorize the Company’s BOC to appoint a Public Accountant and/or a Public Y

Accountant Firm registered with the Financial Services Authority (OJK) to audit the
Company’s Financial Statements for the financial year ended 31 December 2022 and
to authorize the Company’s BOC to determine the amount of honorarium and other
requirements relating to the appointment by taking into account the proposals from the
Company’s Audit Committee
To establish the remuneration of the BOC with the total amount of Rp283,405,500 (two Y
hundred and eighty three million four hundred and five thousand five hundred rupiah)
per month after tax for the fiscal year 2022 and to give tantieme to the BOC for the
fiscal year 2021 amounting to Rp2,325,925,000 (two billion three hundred and twenty
five million nine hundred and twenty five thousand rupiah)
To delegate the authority to the BOC in determining the amount for each member of Y
the BOC and to adjust the total amount of remuneration in the event of changes in the
number of members of the BOC in the fiscal year 2022
To approve the provision of power and authority to the BOC in determining the division Y
of duties and authorities to each member of the BOD as well as to determine the
remuneration for members of the BOD
The accountability report on the use of proceeds from the Continuous Public Offering Y
of Shelf Registration Bonds V BFI Finance Indonesia 1st and 2nd Tranches Year 2021
after deducting issuance costs has been used in accordance with the plan for the use
of funds set forth in the Prospectus
186
Table 87 Implementation of 29 June 2022 EGMS Resolutions

Not implemented (N)
Approval to transfer and/or pledge more than 50% of the Company’s assets in one Y
or more transactions, whether in relation to each other or not within a period of one
financial year or more, for obtaining loans from banks and non-banks, the issuance of
Bonds and Medium Term Notes (MTN), conducting joint financing with banks and non-
banks, securitization, and obtaining loans from various other funding sources needed
for the Company’s normal course of business activities
Approval to grant power and authority to the BOD of the Company to perform the Y
above actions, including to obtain loans from banks and non-banks, issue Bonds and
Medium Term Notes (MTN), carry out financing cooperation with banks and non-banks,
securitization, and obtain loans from various other funding sources in the Company’s
normal bussines activities, by taking into account the terms and conditions in the
applicable laws and regulations, especially the Capital Market regulations
To approve the reappointment of Andrew Adiwijanto as Director, Asrori S. Karni as Y

Chairman of the Sharia Supervisory Board (SSB), and Helda Rahmi Sina as member of
the SSB with an effective term of office as of the closing of this Meeting for a period of
five years in accordance with the provisions in the Company’s Articles of Association
Thus, the compositions of the Company’s BOC, BOD, and SSB as of the closing of this
Meeting are as follows:
President Commissioner : Kusmayanto Kadiman
Independent Commissioner : Johanes Sutrisno
Independent Commissioner : Alfonso Napitupulu
Commissioner : Dominic John Picone
Commissioner : Sunata Tjiterosampurno
BOARD OF DIRECTORS
President Director : Francis Lay Sioe Ho
Director : Sudjono
Director : Sutadi
Director : Andrew Adiwijanto
Director : Sigit Hendra Gunawan
SHARIA SUPERVISORY BOARD

Chairman : Asrori S. Karni
Member : Helda Rahmi Sina
To grant power and authority to the Company’s BOD with substitution rights to declare Y
changes to the members of the BOD and/or the BOC in a separate notarial deed and
arrange a notification and a registration to relevant authorities, as well as perform all
necessary actions in accordance with the prevailing legislation in connection with the
Meeting agenda resolutions
To approve the amendment to Article 3 of the Company’s Articles of Association which Y

is adjusted to Article 2 paragraph (2) of POJK 35/2018 on Business Operations of
Finance Companies, namely that the Company may conduct operating leases and/
or fee-based activities as long as they do not conflict with the provisions of the laws
and regulations in the financial services sector and to be adjusted with the Standard
Classification of Indonesian Business Fields in 2020 in conjunction with the Government
Regulation No. 5 of 2021 on Implementation of Risk-Based Business Licensing
To approve the amendment to Article 15 paragraph (3) of the Company’s Articles Y

of Association on the Duties and Authorities of the BOD, namely the addition of
parties that are excluded from the requirements for written approval from the BOC
in transactions providing guarantees for debts or dependents, namely government
institutions, banks, non-bank financial industry, institutions, and/or other business
entities or other third parties
To grant power and authority to the Company’s BOD with substitution rights to declare Y
and/or recast in a Notary deed (including making amendments and/or additions) in
connection with the amendments to the Company’s Articles of Association, submit a
request for approval and/or notification to the competent authority, and therefore has
the right to sign letters and other application documents, in short taking all necessary
actions in accordance with the provisions of the Articles of Association and the
prevailing laws and regulations


Not Implemented (N)
To approved and grant full authority to the Company’s BOD to transfer a portion of N*
Treasury Stock to a maximum of 927,732,000 (nine hundred and twenty seven million
seven hundred and thirty two thousand) shares by selling them either on the Stock
Exchange or outside the Stock Exchange to other parties, either to the Company’s
major shareholders (Trinugraha Capital & Co. SCA) as well as to other third parties
To grant power and authority to the Company’s BOD to take all and/or any necessary Y
actions in connection with the decisions that have been taken above, including but not
limited to making and/or delivering notifications or disclosures or reports related to the
decisions taken at this Meeting, as well as other matters related to or required for the
full implementation of the decisions taken at this Meeting in a separate Notary deed and
manage the notification and registration to the authorized agency, one thing or another
without being excluded and by taking into account the prevailing laws and regulations
To approve and grant full power and authority to the Company’s BOD to establish and Y
implement the Management and Employee Stock Ownership Program (or MESOP),
which derives from the Company’s Treasury Stock to a maximum of 75,000,000
(seventy five million) shares
To approve and grant power full and authority to the Company’s BOD to conduct and Y
take all and/or any necessary actions in connection with the decisions that have been
taken above, including but not limited to making and/or delivering notifications or
disclosures or reports related to the decisions taken at this Meeting, as well as other
matters related to or required for the full implementation of the decisions taken at this
Meeting, one thing or another without being excluded and by taking into account the
prevailing laws and regulations
* The transfer of part of the Treasury Stock by means of sale, both on the Stock Exchange and outside the Stock Exchange, could not
be realized due to unfavorable capital market conditions.
2021 GMS Resolutions and Their Counting of Votes at the GMS

Implementation The counting of votes for the 2022 AGMS and
All resolutions of the 2021 GMS, i.e., those of the EGMS was carried out through the KSEI system as
AGMS and EGMS held on 25 May 2021, were fully the e-GMS provider, accompanied by a physical
implemented in 2021. counting by the Share Registrar and witnessed by
a Notary.
188
BOARD OF
COMMISSIONERS
Main Tasks 6. The BOC shall ensure that the Company’s

Annual Report includes information about the
identity of the BOC members, its main tasks,
The Board of Commissioners (BOC) is a concurrent positions assumed by the BOC
representative body of the shareholders, members in other companies, membership
established to perform supervisory functions based of the BOC members in the Company’s
on the articles of association, to advise the BOD in Committees and in committees of other
managing the Company, as well as to monitor the companies, including meetings conducted
efficacy of GCG practices in the Company. in one year (BOC meeting and joint meetings
with the BOD), and the amount of honorarium
The supervision function of the BOC takes place on received from the Company as well as other
two levels, namely: information as stipulated in the applicable
1. Performance Level, i.e., supervision through regulations; and
joint meetings with the BOD to obtain 7. The BOC shall ensure that the BOD
explanation, provide assessment and has followed up on audit findings and
recommendation to the BOD, if necessary, and recommendations of the Company’s internal
submit a proposal in the GMS to gain approval. audit unit, external audit, and the results of OJK
2. Conformance Level, i.e., implementation of and/or other authorities’ supervision.
supervision function at a later stage to ensure
compliance with the applicable regulations and
the articles of association. BOC Appointment and
Dismissal Procedures
In exercising supervision:
1. The BOC acts collectively as the board and not Based on the articles of association, BOC members
individually; are appointed by the GMS for a period of five
2. The BOC is not allowed to perform executive years, without prejudice to the right of the GMS
tasks, which are the authority of the BOD, to dismiss them at any time before the tenure
except in certain circumstances and for a expires, if the BOC members are deemed to be
specific period of time, based on the articles of able to carry out their duties as stipulated in the
association or GMS resolution; articles of association and/or the GMS resolutions.
3. Supervision is conducted on the decisions Such dismissal is applicable after the close of the
that have been taken (ex-post facto) and/or meeting, unless otherwise determined by the GMS.
decisions to be taken (preventive basis); After their term of office ends, BOC members may
4. Supervision is conducted not only by receiving be reappointed by the GMS.
information from the BOD or the GMS, but
can also be conducted by taking other actions Prior to their appointment as BOC members,
according to accurate and reliable information candidates are required to meet the requirements
from other sources; set by OJK Regulation No. 34/POJK.03/2018
5. The BOC is not merely approving or dated 27 December 2018 on Reassessment of
disapproving of the acts that require the Key Personnel in Financial Services Institutions
approval of the BOC, but also supervising in conjunction with POJK No. 27/POJK.03/2016
all business and corporate aspects of the dated 22 July 2016 on Fit and Proper Test for
Company;

Key Personnel in Financial Services Institutions. •

Have been members of a BOD and/or
Candidates are required to pass the fit and proper a BOC whose accountability had not
test conducted by the fit and proper test team been accepted by the GMS or had not
formed by OJK. All current BOC members have provided accountability as members of a
complied with the applicable regulations. BOD and/or a BOC to the GMS; and
• Have never caused a company that
Upon reaching the end of their term of office, obtained a license, approval, or
the BOC members may be reappointed, subject registration of OJK to not fulfill the
to a performance assessment overseen by the obligation to submit annual reports and/
Nomination and Remuneration Committee. After or financial reports to OJK;
assessment, the Nomination and Remuneration e. Have commitment to complying with the
Committee will make a recommendation, prevailing regulations; and
should the Committee decide to authorize f. f. Have the required knowledge and/or
the BOC members’ reappointment. Based on expertise in the Company’s field of business;
the recommendations of the Nomination and 4. Have met the additional criteria for the
Remuneration Committee, the BOC will propose Commissioner who is also an Independent
the reappointment of the BOC members at the Commissioner, as outlined in the Independent
GMS. Commissioners section in this chapter.
Criteria for BOC BOD Composition

Members Appointment and Profile
Those who may be appointed as BOC members In 2022, there was a change to the number
are those who meet the requirements as specified of members or composition of the BOC of
by the applicable regulations in the Capital Market, BFI Finance, with Cornellius Henry Kho, a
and that upon appointment and during their period: Commissioner, reaching the end of his term of
1. Have a good character, morals, and integrity; office.
2. Are legally competent;
3. Within five years prior to appointment and The composition of the currently presiding BOC
during their tenure: is based on the Company’s Minutes of EGMS by
a. Have not been declared bankrupt; means of the Deed No. 17 dated 29 June 2022 in
b. Have never been members of a BOD and/ conjunction with the Deed of Statement of Meeting
or a BOC that has been found guilty for Resolutions No. 18 dated 29 June 2022 prepared
causing a company to go bankrupt; before Shanti Indah Lestari, S.H., M.Kn., Notary in
c. Have never been convicted of a criminal act Tangerang Regency, accepted and recorded in the
that is detrimental to the country’s financial SABH database of the Ministry of Law and Human
sector and/or related to the financial sector; Rights of the Republic of Indonesia No. AHU-
and AH.01.09-0036397 dated 25 Juli 2022 dan No.
d. Have never been members of a BOD and/or AHU-AH.01.09-0037327 dated 27 July 2022.
a BOC that during their period:
• Have never conducted an AGMS; The BOC composition is presented in Table 88.
Table 88 BOC Composition
Number and Date of

Country of Date of End of
Name Position the Decree of the Fit
Residence Appointment Term
and Proper Test
Kusmayanto President Indonesia Deed of the 2026 GMS Decree of Bapepam-LK

Kadiman Commissioner EGMS Minutes Chairman No. KEP-473/
No. 3 dated BL/2011 dated 11 August
25 May 2021 2011
Johanes Independent Indonesia Deed of the 2026 GMS Decree of the Board of
Sutrisno Commissioner EGMS Minutes Commissioners of OJK
No. 3 dated No. KEP-2020/NB.1/2014
25 May 2021 dated 4 August 2014
Alfonso Independent Indonesia Deed of the 2026 GMS Decree of the Board of
Napitupulu Commissioner EGMS Minutes Commissioners of OJK
25 May 2021 dated 4 August 2014
190
Number and Date of

and Proper Test
Dominic John Commissioner Singapore Deed of the 2025 GMS Decree of the Board of
Picone EGMS Minutes Commissioners of OJK
No. 7 dated No. Kep-283/NB.11/2015
29 June 2020 dated 1 June 2015
Sunata Commissioner Indonesia Deed of the 2025 GMS Decree of the Board of
Tjiterosampurno EGMS Minutes Commissioners of OJK
No. 7 dated No. Kep-282/NB.11/2015
29 June 2020 dated 1 June 2015
Profiles of each member of the BOC are presented Related to the BOC, the Board Manual stipulates:
in the BOC Profile section in the Company Profile 1. Function of the BOC;
chapter (pages 73–77). 2. Membership of the BOC;
3. General Guidelines for BOC Supervision;
4. Positional Ethics of the BOC;
BOC Guidelines 5. Duties and Authorities of the BOC;
and Work Rules 6. Rights of the BOC;
7. Meetings of the BOC;
In carrying out its duties and responsibilities, 8. Performance Evaluation of the BOC;
the BOC refers to its guidelines and work rules 9. Supporting Bodies of the BOC; and
prescribed in the Board Manual of the BOC and 10. Working Relationships between the BOC and
the BOD of PT BFI Finance Indonesia Tbk (Board the BOD.
Manual), issued on 1 December 2015.
Information on the Positional Ethics, Duties and
The Board Manual is a reference and/or guideline Authorities, and other matters related to the BOC
for the BOC and the BOD in performing the duties are available at https://www.bfi.co.id/en/corporate/
and functions as the respective governance Corporate-Good-Governance/board-manual.
bodies of the Company, to improve the quality and
effectiveness of the working relationship between
the BOC and the BOD; and to implement GCG Diversity of
principles. BOC Composition
The Board Manual is a compilation of the principles The BOC composition reflects the diversity
of corporate laws, the prevailing regulations, and of its members in terms of education, work
the Company’s articles of association governing experience, age, and skills. Each member of the
the working procedures of the BOC and the BOD. BOC competently supports the BOC supervisory
The Board Manual is the result of codification of the function to ensure the Company performs optimally.
various regulations applicable to the Company and
best practices in implementing GCG principles.
Table 89 Diversity of BOC Composition
Name Position Competence
Kusmayanto President Education: Doctor of Philosophy and Bachelor of Engineering Physics

Kadiman Commissioner Work Experience: President Commissioner, Vice President Commissioner,
Commissioner, Independent Commissioner, Director, ITB Rector, Minister of
Reseach and Technology of the Republic of Indonesia
Age: 68
Johanes Independent Education: Master of Business Administration (M.B.A.) and Bachelor of

Sutrisno Commissioner Economics in Management
Work Experience: President Commissioner, Commissioner, Director, Audit
Committee, Risk Management Committee, Risk Oversight Committee
Age: 71

Alfonso Independent Education: Bachelor of Law

Napitupulu Commissioner Work Experience: Lawyer, Legal Consultant, Commissioner, Independent
Commissioner, President Director, Nomination and Remuneration Committee
Age: 72
Dominic John Commissioner Education: Bachelor’s Degree in Laws and Bachelor of Commerce (Honours-
Picone Finance)
Work Experience: various positions in consumer finance, investment banking,
investment services, Audit Committee, Nomination and Remuneration
Committee, Risk Management Committee, Commissioner, Managing Director,
Head of Financial Services
Age: 44
Sunata Commissioner Education: Master of Finance and Bachelor of Business Administration

Tjiterosampurno Work Experience: Consultant, Director, Managing Director, Commissioner,
President Commissioner, Audit Committee, Risk Management Committee,
Nomination and Remuneration Committee
Age: 50
BOC Independence
Members of BFI Finance’s BOC have no financial (President Commissioner), Dominic John Picone
and family relationships to the second degree (Commissioner), and Sunata Tjiterosampurno
with fellow BOC members, members of the BOD, (Commissioner), who have financial relationships
and/or controlling shareholders, or relationships with the controlling shareholder.
with the Company, except Kusmayanto Kadiman
Table 90 BOC Independence
Financial Relationship with Family Relationship with
Name Controlling Commissioners Controlling

Commissioners Directors Directors
Shareholders Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No
Kusmayanto - √ - √ √ - - √ - √ - √
Kadiman
Johanes - √ - √ - √ - √ - √ - √
Sutrisno
Alfonso - √ - √ - √ - √ - √ - √
Napitupulu
Dominic John - √ - √ √ - - √ - √ - √
Picone
Sunata - √ - √ √ - - √ - √ - √
Tjiterosampurno
192
Table 91 BOC Share Ownership Amounting to 5% or More from the Paid-up Capital
Name Position BFI Finance Other Company
Kusmayanto Kadiman President Commissioner None None
Johanes Sutrisno Independent Commissioner None None
Alfonso Napitupulu Independent Commissioner None None
Dominic John Picone Commissioner None None
Sunata Tjiterosampurno Commissioner None None
Independent Commissioners
Independent Commissioners encourage the The Statement of Independence from Independent

creation of a working environment that is objective, Commissioners is disclosed in the annual report.
placing fairness and equality among various In the case of Independent Commissioners
interests, including the interests of minority serving on the Audit Committee, the Independent
shareholders and other stakeholders. Independent Commissioners concerned can only be reappointed
Commissioner should be free of any conflict of for one more term as member of the Audit
interest in conducting their duties. Committee.
Based on the Board Manual of the BOC and the
Independent Commissioners, based on OJK BOD, former members of the BOD or executive
Regulation No. 33/POJK.04/2014 on Board of officers of the Company or parties who have a
Directors and Board of Commissioners of Issuers or relationship with the Company, which may affect
Public Companies (POJK 33), are members of the their ability to act independently, cannot be
BOC from outside the Issuer or Public Company appointed as Independent Commissioners of the
who meet the requirements as Commissioners. Company, before completing a cooling off period of
In the event that the BOC consists of two one year.
members, one of them must be an Independent
Commissioner. Of the five BOC members who were in office as at
In addition to meeting the requirement provisions 31 December 2022, two of them are Independent
as a member of the BOC, an Independent Commissioners. Therefore, 40% of the total BOC
Commissioner shall meet the following members are Independent Commissioners, in
requirements: keeping with OJK provisions.
1. Is not a person who is working or having
authority and responsibility for planning, Independent Commissioner’s Statement of
directing, controlling, or supervising the Independence
activities of the Company within six months, With reference to Article 25 of POJK 33, each of the
except for reappointment as an Independent Company’s Independent Commissioners, namely
Commissioner of the Company in subsequent Johanes Sutrisno and Alfonso Napitupulu, have
periods; met the criteria as Independent Commissioners.
2. Does not own shares; either directly or Neither of them has any financial, management,
indirectly; in the Company; share ownership and/or family relationships with
3. Is not affiliated with the Company, members other BOC members, BOD and/or Controlling
of the BOC, members of the BOD, or major Shareholders or relationships with the Company,
shareholders of the Company; which may affect their ability to act independently
4. Does not have any business relationship; either as stipulated in the implementation of GCG for
directly or indirectly; relating to the Company’s finance companies.
business activities; and
5. Independent Commissioners who have
served for two periods may be reappointed
for the next period providing the Independent
Commissioners declare to remain independent
to the GMS.

Concurrent Positions
of BOC Members
Table 92 Concurrent Positions of BOC Members
Name Position Position Outside the Company
Kusmayanto Kadiman President Commissioner Vice President Commissioner of PT Adaro Power
President Commissioner of PT Setiabudi Investment

Management
Commissioner of PT Profesional Telekomunikasi Indonesia

(Protelindo)
Independent Commissioner of PT Sarana Menara

Nusantara Tbk
Independent Commissioner of PT Global Digital

Niaga Tbk
Member of International Advisory Board of Komatsu Ltd.,

Japan
Johanes Sutrisno Independent None

Commissioner
Alfonso Napitupulu Independent Managing Partner at the Law Office of Alfonso Napitupulu
Commissioner & Partners
Dominic John Picone Commissioner Partner & Co-Head of Southeast Asia at TPG, Singapore
Sunata Tjiterosampurno Commissioner Managing Director of Northstar Advisors Pte. Ltd.
Commissioner of PT Trimegah Sekuritas Indonesia Tbk
Commissioner of PT Bundamedik Healthcare System Tbk

(BMHS)
Based on Article 24 of POJK 33, BOC members and/or BOC members holding positions at non-
may hold concurrent positions as members of profit organizations or agencies, ensuring that
the BOD at no more than two other issuers or those concerned do not neglect their duties and
other public companies, and BOC members at responsibilities as the Company’s BOC members.
two issuers or other public companies at most.
In the case of none of the BOC members holds a All BOC members of the Company presiding up
position as a member of the BOD, BOC members to 31 December 2022 have complied with the
concerned may hold concurrent positions as BOC provisions of POJK 30 and POJK 33.
members at no more than four issuers or other
public companies. BOC members may serve as
a member of at most five committees of public BOC’S Duties
companies and also serve as a member of the BOD Execution
or the BOC.
In 2022, the BOC carried out among others the
Based on Article 18 of POJK No. 30/POJK.05/2014 following activities:
regarding GCG for Finance Companies (POJK 30), 1. Conducted 11 BOC Meetings;
BOC members are prohibited from concurrent 2. Conducted 11 BOC–BOD Joint Meetings;
positions as BOC members in more than three 3. Approved the appointment of the public
other companies. This excludes concurrent accounting firm for FY2022;
positions as referred to in Paragraph (4) if the 4. Approved the Company’s 2023 operating plan;
non-independent BOC members running the and
functional tasks of the Company’s shareholders, 5. Approved the BOD’s proposal for 2023 budget.
which are legal entities in the business group;
194
In 2022, the BOC made the following Policy on Determining

recommendations: BOC Remuneration
1. Proposed nomination of the Company’s internal
officials; The Company’s remuneration policy is based on
2. Proposed remuneration for the BOD and the Article 113 of the Limited Liability Company Law
BOC; and Article 17 Paragraph (10) of the Company’s
3. Appointment of the public accounting firm; articles of association. These laws describe the
4. Follow up on the public accounting firm’s amount of salary or honorarium and allowances for
recommendations; BOC members and the BOD to be determined by
5. Proposed the appropriation of the FY2021 the GMS. The GMS can also delegate the authority
earnings; to the BOC to establish and approve the amount of
6. Proposed matters related to the strategic the proposed remuneration.
business activities; and
7. Approved the actions of the BOD as stipulated The BOC’s and the BOD’s remunerations
in the Company’s articles of association. are recommended by the Nomination and
Remuneration Committee, based on a formula
referred to in the Company’s internal policies,
prevailing regulations, and taking into account the
Company’s performance.
Graph 7 BOC Remuneration Mechanism
Recommendation of BOC GMS

the Nomination and Approval Meeting Approval
The Nomination and Remuneration Committee’s The AGMS on 29 June 2022 determined that
recommendation is submitted to the BOC the total amount of the remuneration of the BOC
and delivered in the GMS. The mechanism for was Rp283.4 million per month after tax for
determining the remuneration for the BOC is as FY2022, and determined to give performance
follows: bonus (tantieme) for FY2021 amounting to Rp2.3
• The BOD, taking into account the Company’s billion. The total salary and allowances for all BOC
financial condition, prepares a proposal for the members for 2022 thus amounted to Rp8.1 billion.
amount of remuneration for the BOC to the
Nomination and Remuneration Committee;
• The Nomination and Remuneration Committee Orientation Program for
examines the remuneration proposal from the New BOC Members
BOD and the market conditions for the relevant
industry and business of a comparable size; For new BOC members, to enable them to
and determine the general condition of the Company
• Taking into account the business performance and be more familiar with the other members,
of the Company and its members’ contributions, and devise ways to collaborate as a solid,
the Nomination and Remuneration Committee comprehensive and effective team, the Company
will make recommendations to the BOC to organizes an orientation program. Orientation of
obtain their approval, in accordance with the new BOC members is held at the first BOC Meeting
authority granted by the GMS, approves the attended by the new members.
amount of remuneration, and determines
the distribution of remuneration among the
BOC members. The total remuneration for BOC Competence Enhancement
the BOC and the BOD will be reported to
and Training Programs
the Shareholders in the Annual Report of the
Company.
The Company allocates a budget for the BOC to
attend various training programs and seminars
BOC Remuneration Structure and Amount
in order to develop their competence. The list
The structure of remuneration for all BOC members
of training programs in 2022 attended by BOC
of the Company for 2022 consists of:
members is presented in Table 93.
• Honorarium;
• Allowances; and
• Performance bonus.

Table 93 BOC Competence Enhancement
Name Position Date Title/Theme Location Organizer
Kusmayanto President 1 March 2022 Online Seminar “The Online from APPI
Kadiman Commissioner Recovery Momentum Jakarta
of the Multifinance
Industry”
Johanes Independent 1 March 2022 Online Seminar “The Online from APPI
Sutrisno Commissioner Recovery Momentum Jakarta
of the Multifinance
Industry”
Alfonso Independent 1 March 2022 Online Seminar “The Online from APPI
Napitupulu Commissioner Recovery Momentum Jakarta
of the Multifinance
Industry”
Dominic Commissioner 27 September Online Seminar Online from APPI

John Picone 2022 “Economic Outlook Jakarta
2023”
Sunata Commissioner 1 March 2022 Online Seminar “The Online from APPI
Tjiterosampurno Recovery Momentum Jakarta
of the Multifinance
Industry”
Working Relationship between the 6. To obtain further information on a case, the

Board may request explanations from officials
BOC and the BOD under the BOD with prior coordination with the
BOD, so as to create a working relationship
A good working relationship between the BOC and
between the BOC and the BOD, so that the aim
the BOD is a crucial factor that ensures each party
of corporate communication through the one-
can work according to its functions effectively and
gate policy can be achieved;
efficiently. The Company thus maintains a good
7. The BOD is responsible for ensuring that
working relationship between the BOC and the
information about the Company is granted to
BOD by applying the following principles:
the BOC in a timely, accurate, consistent and
1. The BOC must respect the functions and
complete manner; and
roles of the BOD in managing the Company
8. Every working relationship between the BOC
as stipulated in the laws and the Company’s
and the BOD is an institutional relationship, i.e.,
articles of association;
the BOC and the BOD are collective offices
2. The BOD must respect the functions and roles
that represents all of its members, so that the
of the BOC in conducting monitoring and
working relationship between the BOC and the
providing policy advice to the management of
BOD is understood by BOC members and the
the Company;
BOD.
3. The working relationship between the BOC and
the BOD is a formal relationship, always guided
by a standard mechanism or correspondence
that can be accounted for;
BOC Committees
4. Informal working relationships are allowed
for the BOC members and BOD members,
In executing their duties, the BOC is assisted
but cannot be used as a formal policy
by three committees, i.e., Audit Committee,
before undergoing the proper mechanism or
Risk Oversight Committee, and Nomination and
correspondence that can be accounted for;
Remuneration Committee. Each committee holds
5. The BOC reserves the right to gain access
meetings regularly or whenever deemed necessary.
to timely, accurate, and complete company
Each committee consists of the Chairperson from
information;
one of the Independent Commissioners, and its
members, whom are appointed by the BOC.
196
The duties of the above three committees are Based on the result of assessment of each
elaborated in their own charter. The Committees committee under the BOC, considering the
report directly to the BOC, and at the Company’s collective performance, competence, and
expenses, each committee is entitled to ask for attendance in meetings of each committee, the
advisory service from external agencies if deemed BOC concluded that its committees carried out
necessary. The description of each committee their respective duties and responsibilities meetings
under the BOC is presented in subsequent sections in 2022, according to the mandate given to them.
in the Good Corporate Governance chapter
(pages 221–231).

BOARD OF DIRECTORS
Main Tasks Criteria for BOD

Members Appointment
The Board of Directors (BOD) is established as Those who may be appointed as BOD members
the Company’s governance body that is fully can be Indonesian citizens and/or foreign nationals
responsible for the management of the Company’s who are qualified to be appointed as Directors of
interests and objectives as well as representing the the Company, in line with the articles of association,
Company, both in and out of the court, in every way and following the provisions of the prevailing
and for any event. regulations in the Capital Market, among others:
1. Have a good character, morals and integrity;
2. Are legally competent;
BOD Appointment and 3. Within five years prior to appointment and
Dismissal Procedures during their period:
a. Have not been declared bankrupt;
Based on the articles of association, BOD members b. Have never been members of a BOD and/
are appointed by the shareholders at the GMS for a or a BOC that has been found guilty for
term commencing on the date of appointment until causing a company to bankruptcy;
the closing of the fifth AGMS. BOD members may c. Have never been convicted of a criminal act
be dismissed by the shareholders at the GMS at that is detrimental to the country’s financial
any time before their term of office expires. sector and/or related to the financial sector;
and
Prior to their appointment as BOD members, d. Have never been members of a BOD and/or
candidates are required to meet the requirements a BOC that during their period:
set by OJK Regulation No. 34/POJK.05/2018 • Have never conducted an AGMS;
dated 27 December 2018 on Reassessment of • Have been members of a BOD and/or
Key Personnel in Financial Services Institutions a BOC whose accountability had not
in conjunction with POJK No. 27/POJK.03/2016 been accepted by the GMS or had not
dated 22 July 2016 on Fit and Proper Test for provided the accountability as members
Key Personnel in Financial Services Institutions. of a BOD and/or a BOC to the GMS; and
Candidates are required to pass the fit and proper • Have caused a company that obtained
test conducted by the fit and proper test team a license, approval, or registration of
formed by OJK. All BOD members have complied OJK to not fulfill the obligation to submit
with the prevailing regulations. annual reports and/or financial reports to
OJK;
Upon reaching the end of their term of office, the e. Have commitment to comply with the
BOD members may be reappointed, subject to prevailing regulations; and
a performance assessment supervised by the f. Have the required knowledge and/or
Nomination and Remuneration Committee. After expertise in the Company’s field of business.
the assessment, the Nomination and Remuneration
Committee shall make a recommendation if the In addition to the above, BOD members are also
Committee authorizes the reappointment of those obliged to meet the following requirements:
members whose period has finished. Based on 1. Have sufficient knowledge and relevant to their
the recommendations of the Nomination and positions;
Remuneration Committee, the BOC will propose 2. Have an understanding of the laws and
the reappointment of the BOD members at the regulations concerning finance companies as
GMS. well as other laws and regulations relating to the
finance companies;
198
3. Have experience working in finance companies Finance. The composition of the currently presiding
and other fields that are relevant to their BOD is based on the Company’s Minutes of EGMS
positions; and by means of the Deed No. 17 dated 29 June 2022
4. Have the ability to make strategic management in conjunction with Deed of Statement of Meeting
decisions in order to develop the Company into Resolutions No. 18 dated 29 June 2022 prepared
a healthy financial institution. before Shanti Indah Lestari, S.H., M.Kn., Notary in
Tangerang Regency, accepted and recorded in the
SABH database of the Ministry of Law and Human
BOD Composition Rights of the Republic of Indonesia No. AHU-
and Profile AH.01.09-0036397 dated 25 July 2022 and No.
AHU-AH.01.03-0037327 dated 27 July 2022.
In 2022, there were no changes to the number
of members or composition of the BOD of BFI The BOD composition is presented in Table 94.
Table 94 BOD Composition
Number and Date of

and Proper Test
Francis Lay President Indonesia Deed of the 2026 GMS Decree of the Board of
Sioe Ho Director EGMS Minutes Commissioners of OJK
No. 3 dated 25 No. KEP-2021/NB.1/2014
May 2021 dated 4 August 2014
Sudjono Finance Indonesia Deed of the 2024 GMS Decree of the Board of
Director EGMS Minutes Commissioners of OJK
No. 59 dated 28 No. KEP-1294/NB.1/2014
May 2019 dated 3 June 2014
Sutadi Business Indonesia Deed of the 2024 GMS Decree of the Board of
Director EGMS Minutes Commissioners of OJK
No. 18 dated 28 No. KEP-1292/NB.1/2014
May 2019 dated 3 June 2014
Andrew Operations Indonesia Deed of the 2027 GMS Decree of the Board of
Adiwijanto and Human EGMS Minutes Commissioners of OJK
Capital No. 17 dated 29 No. KEP-465/NB.11/2017
Director June 2022 dated 14 August 2017
Sigit Hendra Enterprise Indonesia Deed of the 2026 GMS Decree of the Board of
Gunawan Risk Director EGMS Minutes Commissioners of OJK
No. 3 dated 25 No. KEP-218/NB.11/2016
May 2021 dated 29 March 2016
Profile of each BOD member is presented in the Related to the BOD, the Manual stipulates:
BOD Profile section in the Company Profile chapter 1. Function of the BOD;
(pages 78–82). 2. Membership of the BOD;
3. Term of the BOD;
4. Positional Ethics of the BOD;
BOD Guidelines 5. Duties and Authority of the BOD;
and Work Rules 6. Authority of the BOD;
7. Rights of the BOD;
In carrying out its duties and responsibilities, 8. Meetings of the BOD;
the BOD refers to its guidelines and work rules 9. Performance Evaluation of the BOD; and
prescribed in the BOC and the BOD Manual of 10. Supporting Bodies of the BOD.
PT BFI Finance Indonesia Tbk as discussed in
the Board of Commissioners section in the Good Information on the Positional Ethics, Duties and
Corporate Governance chapter (page 191). Authorities, and other matters related to the BOD
are available at https://www.bfi.co.id/en/corporate/
Corporate-Good-Governance/board-manual.

Division of BOD Duties

and Responsibilities
The details of duties and responsibilities for each BOD member is presented in Table 95.
Table 95 BOD Duties and Responsibilities
Name Position Duties and Responsibilities
Francis Lay President As a Chief Executive Officer (CEO), he holds the highest decision-making
Sioe Ho Director authority in the Company and is responsible for the achievement of the
Company’s business objectives and targets. Along with other BOD members,
he leads the formulation and implementation of the Company’s strategic
objectives and business plan. He receives direct reports from all Directors and
heads of work units, including Head of Digital & Business Incubation and Head
of Project Management Office (PMO). He also supervised the functions of
Corporate Compliance, Internal Audit, and Corporate Secretary. In relation to
the Company’s subsidiary (PT FIT), he serves as the President Commissioner.
Sudjono Finance As a Chief Financial Officer (CFO), he is responsible for directing and
Director monitoring all the financial activities, including funding sources and adequacy
of funding (including liquidity position) to support business growth, financial
control, oversight of strategic projects, and also the presentation of financial
statements in accordance with the applicable accounting standards and
regulations. He also serves as the Corporate Secretary and the partner for
business units and regional business operations in regards to reporting and
analysis of financial and operational performance of the Company’s business
lines. The units under his supervision are Financial Control, Finance & Treasury,
Corporate Secretariat (including Corporate Regulatory & Compliance), Investor
Relations, and Corporate Communication & CSR. In relation to the Company’s
subsidiary (PT FIT), he serves as a Commissioner.
Sutadi Business As a Chief Marketing Officer (CMO), he is responsible for formulating strategy
Director and marketing work plan to ensure the achievement of annual business
targets, developing an annual budget plan for the financing business that
includes product segments for retail customers (used and new cars, used
motorcycle, property, and non-collateral), commercial products for corporate
customers (heavy equipment and machinery), and sharia-based financing.
He cooperates with Enterprise Risk Directorate in managing the risk level of
each segment of retail and commercial products to support the profitability
target achievement. The units under his supervision include Consumer Product
(Product Development & Management for Cars, Motorcycles, Property-Backed
Financing (PBF), and Non-Collateral), Corporate Business (Heavy Equipment
and Machinery), Sharia Business Unit (SBU), Branch Sales, Telemarketing
& Direct Selling, Digital Marketing, Business Project & MIS, and Integrated
Marketing Communication (IMC).
Andrew Operations and As a Chief Operating Officer (COO), he is responsible for ensuring the
Adiwijanto Human Capital alignment of functions within the organization run properly and complying
Director with internal policies. He is also responsible for monitoring the development
and management of human capital as well as the standardization of
customer service in order to achieve sustainable consumer and customer
satisfaction level. Concurrently as a Chief Human Capital Officer (CHCO),
he is also responsible for monitoring the development and management
of human capital. He receives direct reports from Head of Human Capital,
Head of Operations & Service Excellence, Head of Network Development
& Management, Head of Insurance & Operational Services, and Head of
Operational Development.
Sigit Hendra Enterprise Risk As a Chief Risk Officer (CRO), he is responsible for supervising the risk
Gunawan Director management in the Company that covers risks from credit/financing, liquidity
and funding, operations, laws and regulations, strategy/business, and
Company reputation. His main tasks are to review and approve proposed
business risk management policies and procedures, implementation and
monitoring of policy and risk management procedures, credit operational
management to support business objectives, and maintain a comprehensive
analytical infrastructure. He cooperates with business and operational units to
ensure that the risks faced by the Company can be identified, measured, and
managed within the stipulated limits. The units under his supervision include
Operational Risk & KYC (including AML–CFT), Credit Operations, Recovery &
Inventory (including Legal & Litigation), and Risk Management.
200
BOD Authority 3. The BOD has the right to appoint one or more
and Rights as representatives or proxies to perform certain
legal actions by giving special powers set forth
The BOD, in carrying out the Company’s activities in the power of attorney;
and operations, reserves the authority to: 4. The BOD is entitled to represent the Company
1. Pursue business development; in and out of court on all matters and in any
2. Represent the Company in and out of court; event as well as perform all acts and deeds,
3. Develop provisions concerning employment both regarding maintenance and ownership, as
including recruitment, transfer, succession well as binding the Company with other parties,
and termination, salary determination, post- within the restrictions stipulated in the articles of
employment benefits and retirement, as well association of the Company; and
as other income based on the prevailing 5. The BOD members are entitled to a salary and/
regulations; or benefits.
4. Appoint and dismiss the Corporate Secretary;
and
5. Establish strategic and operational decisions Diversity of
that involve risks and uncertainties. BOD Composition
In carrying out the business and operational The composition of the Company’s BOD reflects
activities, BOD reserves the following rights: the diversity of its members, both in terms of
1. Every BOD member is entitled to resign by education, work experience, age, and skills. Each
submitting a written notification to the Company BOD member is highly competent with regards
of their intent at least 30 days before the date of to enhancing the Company’s performance. The
their resignation; diversity of the BOD members has been met
2. Every BOD member has the right to defend implicitly with the fulfillment of the requirements as
themselves at the GMS if the GMS at any time BOD members, one of which is having expertise in
dismiss said BOD member; the areas that are important for the Company.
Table 96 Diversity of BOD Composition
Francis Lay President Education: Master of Business Management (M.B.M.), Bachelor of Business
Sioe Ho Director Administration (B.B.A.)
Work Experience: President Commissioner of FIT, President Director, Director
and Company Founder, Credit Manager, Treasury Officer, Executive Officer at
the Ministry of Finance of Singapore
Age: 74
Sudjono Finance Education: Enterprise Risk Manager (ERM™), Master of Business

Director Administration (M.B.A.), Bachelor of Economics in Accounting
Work Experience: Commissioner of FIT, Director, Corporate Secretary,
Finance and Information Technology Division Head, Risk Management
Committee, Senior Auditor
Age: 52
Sutadi Business Education: Executive M.B.A., Bachelor of Industrial Engineering

Director Work Experience: Director, Division Head, Regional Manager, Branch
Manager, Sales Executive, Collection & Credit Analyst Officer
Age: 48
Andrew Operations and Education: Master of Business Administration (M.B.A.), Bachelor of Electrical
Adiwijanto Human Capital Engineering
Director Work Experience: Director, Nomination and Remuneration Committee,
Division Head and Department Head in various sections of the head office,
Regional Manager and Branch Manager in various regions in Indonesia,
Marketing Officer
Age: 54
Sigit Hendra Enterprise Risk Education: Certified Business Management, Certified Business Management-
Gunawan Director Operation, Bachelor of Industrial Engineering
Work Experience: Director, Head of Enterprise Risk, Head of Credit Division,
Deputy Director - Head of Credit & Collection, Account Management
Department Head, Credit Analyst & Risk Department Head (Fleet Division)
Age: 54

BOD Independence
Members of BFI Finance’s BOD have no financial Controlling Shareholders, or relationships with the
and family relationships to the second degree with Company.
fellow BOD members, members of the BOC, and/or
Table 97 BOD Independence
Name Controlling Commissioner Controlling

Commissioner Director Director
Francis Lay - √ - √ - √ - √ - √ - √
Sioe Ho
Sudjono - √ - √ - √ - √ - √ - √
Sutadi - √ - √ - √ - √ - √ - √
Andrew - √ - √ - √ - √ - √ - √
Adiwijanto
Sigit Hendra - √ - √ - √ - √ - √ - √
Gunawan
Table 98 BOD Share Ownership Amounting to 5% or More from the Paid-up Capital
Name Position BFI Finance Other Company
Francis Lay Sioe Ho Presiden Direktur None None
Sudjono Direktur Keuangan None None
Sutadi Direktur Bisnis None None
Andrew Adiwijanto Direktur Operasional dan None None

Sumber Daya Manusia
Sigit Hendra Gunawan Direktur Risiko Perusahaan None None
Concurrent Positions of
BOD Members
Based on Article 9 of POJK 30, the Company’s such concurrent positions do not result in neglect
BOD members are prohibited from concurrent of their duties and authorities as members of the
positions as executive directors at other Company’s BOD.
companies, except as a member of the BOC at
a maximum of three other companies, except In accordance with Article 6 of POJK 33, BOD
for BOD members who are responsible for the members may hold concurrent positions as BOD
supervision of investments in subsidiaries that members in not more than one other issuer or
conduct business in the financing industry, carrying other public company, BOC members in not more
out functional tasks as members of the BOC in than three other issuers or public companies, and
subsidiaries controlled by the Company, as long as members of committees in not more than five
202
committees in the issuers or public companies All BOD members of the Company presiding up to
where they serve as BOD or BOC members. 31 December 2022 have complied with POJK 30
and POJK 33 provisions.
Table 99 Concurrent Positions of BOD Members
Francis Lay Sioe Ho President Director None
Sudjono Finance Director None
Sutadi Business Director None
Andrew Adiwijanto Operation and Human Capital Director None
Sigit Hendra Gunawan Enterprise Risk Director None
Policy on Determining
BOD Remuneration
In accordance with the Company’s articles of The AGMS on 29 June 2022 approved to give
association, salaries and other benefits for the power and authority to the BOC to determine the
BOD members are determined by the BOC, who is duties and responsibilities of each BOD member
authorized by the AGMS. Remuneration of the BOD and determine the BOD members’ remuneration.
is determined by the BOC Meeting annually.
Graph 8 BOD Remuneration Mechanism
Recommendation of BOC GMS

the Nomination and Approval Meeting Approval
The mechanism for determining the remuneration • Benefits,

for BOD is as follows: • Facilities, and
• The BOD, by taking into account the Company’s • Performance bonus.
financial condition, develops a proposal of
remuneration amount for the BOD to the Total remuneration for the BOD in 2022 amounted
Nomination and Remuneration Committee; to Rp44.5 billion.
• The Nomination and Remuneration Committee
examines the proposed remuneration for the
BOD based on the duties and responsibilities Orientation Program for
of each Director, the Company’s financial New BOD Members
condition, and comparisons with relevant
industries and businesses of a comparable size; To enable new BOC members to determine
and the general condition of the Company and be
• The Nomination and Remuneration Committee more familiar with the other members, and
shall make recommendations to the BOC altogether devise ways to collaborate as a solid,
Meeting for approval, and then be brought to comprehensive and effective team, BFI Finance
the GMS. organizes an orientation program for these new
members. The orientation of new BOD members is
BOD Remuneration Structure held in the first BOD meeting attended by the new
The BOD’s remuneration structure consists of: members.
• Salaries,

BOD Competence Enhancement

The Company allocates a budget for the BOD programs in 2022 attended by BOD members is
members to attend training programs through presented in Table 100.
various seminars and trainings. The list of training
Table 100 BOD Competence Enhancement
Francis Lay President 27 January Webinar “The Impact Online from OJK
Sioe Ho Director 2022 of ESG on the Jakarta
Performance of the
Financial Services
Industry”
1 March 2022 Online Seminar “The Online from APPI

Recovery Momentum Jakarta
of the Multifinance
Industry”
Sudjono Finance 27 January Webinar “The Impact Online from OJK

Director 2022 of ESG on the Jakarta
Performance of the
Financial Services
Industry”

of the Multifinance
Industry”
Sutadi Business 27 January Webinar “The Impact Online from OJK

Director 2022 of ESG on the Jakarta
Performance of the
Financial Services
Industry”

of the Multifinance
Industry”
Andrew Operations 27 January Webinar “The Impact Online from OJK

Adiwijanto and Human 2022 of ESG on the Jakarta
Capital Performance of the
Director Financial Services
Industry”

of the Multifinance
Industry”
Sigit Hendra Enterprise 27 January Webinar “The Impact Online from OJK
Gunawan Risk Director 2022 of ESG on the Jakarta
Performance of the
Financial Services
Industry”

of the Multifinance
Industry”
27 July 2022 Online Seminar Online from APPI

“Managing Risk in the Jakarta
Midst of Uncertainty”
204
Committees Under the BOD
The BOD has three committees under the BOD to professionalism, accountability, and refrain from
support the management’s performance, with the taking personal advantage, either directly or
details for each as follows: indirectly, from the Company’s activities other
than the income received legitimately. The
1. Sharia Product and Business Activity Committee members are also committed to
Development Committee implementing POJK 10/2019 provisions.
This committee was formed based on the BOD
Decree No. SK/SYARIAH/21-0085 dated 1 Duties and Functions
May 2021 and in accordance with POJK No. 1. 1.Conducting studies and analysis of
10/POJK.05/2019 on Business Operations of product development or new business
Sharia Finance Companies and Sharia Business activities to be enacted or marketed;
Units of Finance Companies (POJK 10/2019). 2. Evaluating and improving each product or
The structure and duties of the Committee were business activity;
re-established through the BOD Decree No. SK/ 3. Providing recommendations, suggestions/
SYARIAH/22-0102 dated 27 April 2022. As at input, and evaluation of marketing aspects,
31 December 2022, the Committee was chaired fulfillment of sharia principles, and risk
by the Head of UUS, had three members, and mitigation; and
in possession of a charter. Committee meetings 4. Formulating and proposing monthly
are held at least once in six months. and annual performance achievements
for business activities based on sharia
Independence Statement principles.
In carrying out their duties and responsibilities,
all members of the Committee maintain their
Table 101 Profiles and Term of Office of Members of Sharia Product and Business Activity Development Committee
Internal
Educational Term of
Name Position Age Citizenship Position in
Background Office
the Company
Deni Nasri Chairman 44 Indonesia Bachelor of Economics in Head of SBU 2021-2026

Accounting, Universitas
Andalas, Padang, West
Sumatra (2001)
Master of Economics,
Sekolah Tinggi Ekonomi
Islam (STEI) Tazkia, Bogor,
West Java (2021)
August Rinaldi Member 40 Indonesia Associate Diploma in Head of Risk 2022-2026

Sanoesi Engineering, Mechanical Management
Engineering Major,
Politeknik Negeri Jakarta
(2003)
Credit Risk Program

Academy Global,
Singapore (2015)
Stephanus Member 48 Indonesia Bachelor of Economics Head of 2022-2026

Taufan in Marketing and Human Credit
Wibowo Resources Management, Operations
Satya Wacana Christian
University (UKSW),
Salatiga, Central Java
(1996)
International Master of
Management in Marketing
and Human Resources
Management, Universitas
Gadjah Mada (UGM),
Yogyakarta (2000)

Internal
Educational Term of
Background Office
the Company
John Piter Anggota 53 Indonesia Bachelor of Social Head of 2022-2026

Sinaga and Political Science, Asset
Universitas Sumatera Management,
Utara (USU), Medan, North Recovery &
Sumatra (1988) Inventory
Table 102 Schedule and Attendance of Sharia Product and Business Activity Development Committee Meetings
Deni August Rinaldi Stephanus John Piter

Date of Meeting
Nasri Sanoesi Taufan Wibowo Sinaga
15 February 2022 √ √ √ √
14 July 2022 √ √ √ √
Total Attendance of Each Member 2 2 2 2
Attendance Percentage
of Each Member 100% 100% 100% 100%
2. Risk Management Commitee and operational functions;

This committee was formed based on the 4. Monitoring the overall (composite) risk
BOD Decree No. SK/RPP/21-0116 dated 14 position, each type of risk, and each type
July 2021 to carry out the duties and functions of functional activity against the given risk
according to POJK No. 44/POJK.05/2020 on tolerance and predetermined limits, as well
Risk Management Application for Non-Bank as carry out stress testing to determine
Financial Services Institutions (POJK 44/2020). the impact of the implementation of Risk
The structure and duties of the Committee were Management policies/strategies on the
re-established through the BOD Decree No. Company’s performance as a whole and
SK/RPP/22-0103 dated 27 April 2022. As at 31 performing back testing to find out the
December 2022, the Committee was chaired appropriateness of the Risk measurement
by the Company’s Enterprise Risk Director, had method based on historical data kept by the
five members, and in possession of a charter. Company against the pre-established Risk
Committee meetings are held at least once in Management policies and strategies;
three months. 5. Periodically reviewing the Risk Management
process;
Independence Statement 6. Reviewing proposals for the development
In carrying out their duties and responsibilities, or expansion of the Company’s business
all members of the Committee maintain their activities which are focused on aspects of
professionalism, accountability, and refrain from the Company’s ability to develop or expand
taking personal advantage, either directly or business activities and their impact on the
indirectly, from the Company’s activities other Company’s overall risk exposure;
than the income received legitimately. The 7. Evaluating the accuracy of the model and
Committee members are also committed to the validity of the data used to measure risk
implementing POJK 44/2020 provisions. for companies that use models for internal
purposes (internal model) in the context of
Duties and Functions risk measurement;
1. Identifying risks including inherent risks in 8. Providing recommendations to the
the Company’s business activities; Company’s business and operational
2. Developing risk measurement methods functions (risk-taking functions), among
according to the size and complexity of the others, in determining the risk exposure
Company’s business, including designing limits acceptable to the Company, and/or to
and implementing the tools needed in the the Risk Management Committee, among
implementation of Risk Management; others, in formulating the policies, strategies,
3. Monitoring the implementation of the Risk and Risk Management framework, in
Management strategy, including monitoring accordance with their respective remit; and
the Risk Management strategy in business
206
9. Preparing and submitting the risk Management Committee on a regular basis,

profile reports to the President Director with the frequency of reporting able to be
or a Director who oversees the Risk increased in the event of rapidly changing
Management function and the Risk market conditions.
Table 103 Profiles and Term of Office of Members of Risk Management Committee
Internal
Educational Term of
Background Office
the Company
Sigit Hendra Chairman 54 Indonesia Bachelor of Industrial Enterprise 2021-2026

Gunawan Engineering degree from Risk Director
Trisakti University, Jakarta
(1993)
Certified Business
Management-Operation,
Prasetiya Mulya Business
School, Jakarta (2003)
Certified Business
Management, Prasetiya
Mulya Business School,
Jakarta (2004)
Certificate of Master
Class in “Enterprise Risk
Governance” from Center
for Risk Management &
Sustainability (CRMS)
Indonesia (2019)
Certificate of Competence
in Risk Management–
QRGP (Qualified Risk
Governance Professional)
from Professional
Certification Body of
Mitra Kalyana Sejahtera
(LSP MKS), National
Accreditation Committee
(KAN), and International
Accreditation Forum (2019)
Francis Lay Member 74 Indonesia Bachelor of Business President 2022-2026

Sioe Ho Administration, University Director
of Singapore (now the
National University of
Singapore or NUS),
Singapore (1972)
Master of Business
Management, Asian
Institute of Management
(AIM), Manila, Philippines
(1975)
Sudjono Member 52 Indonesia Bachelor of Economics in Finance 2021-2026

Accounting, Tarumanagara Director
University, Jakarta (1993)
Master of Business
Administration (M.B.A.),
Institut Pengembangan
Manajemen Indonesia
(IPMI), Jakarta (2006)

Internal
Educational Term of
Background Office
the Company
Enterprise Risk Manager

(ERM™), Asia Risk
Management Institute
(ARiMI) and National
University of Singapore
(NUS), Singapura (2009)
August Rinaldi Member 40 Indonesia See Table 101 Head of Risk 2022-2026
Sanoesi Management
Amy Member 50 Indonesia Bachelor of Economics Head of 2021-2026

Setyawati in Management, Operational
Satya Wacana Christian Risk & KYC
University (UKSW),
Salatiga, Central Java
(1996)
Nazarudin Member 41 Indonesia Bachelor of Economics in Head of 2021-2026

Financial Management, Risk Policy
Universitas Sriwijaya, & Internal
Palembang, South Report
Sumatra (2005)
Table 104 Schedule and Attendance of Risk Management Committee Meetings
Sigit Francis August

Amy
Date of Meeting Hendra Lay Sioe Sudjono Rinaldi Nazarudin
Setyawati
Gunawan Ho Sanoesi
17 January 2022 √ √ √ √ √ √
14 April 2022 √ √ √ √ √ √
15 July 2022 √ √ √ √ √ √
19 October 2022 √ √ √ √ √ √
Total Attendance
of Each Member 4 4 4 4 4 4
of Each Member 100% 100% 100% 100% 100% 100%
3. Information Technology Steering Committee Independence Statement

This committee was formed based on the BOD In carrying out their duties and responsibilities,
Decree No. SK/IT/21-0113 dated 4 August all members of the Committee maintain their
2021 to carry out the duties and functions in professionalism, accountability, and refrain from
accordance with POJK No. 4/POJK.05/2021 taking personal advantage, either directly or
on Application of Risk Management in the indirectly, from the Company’s activities other
Use of Information Technology by Non-Bank than the income received legitimately. The
Financial Services Institutions (POJK 4/2021). Committee members are also committed to
The structure and duties of the Committees implementing POJK 4/2021 provisions.
were re-established through the BOD Decree
No. SK/IT/22-0066 dated 16 March 2022. As at Duties and Functions
31 December 2022, the Committee was chaired 1. In relation to the Department’s Business
by the President Director, had six members, and Strategic Plan, periodically reviewing the
in possession of a charter. Committee meetings IT Department’s strategy, including the
are held at least once in six months. roadmap and required resources;
208
2. Providing recommendations for the IT investments and ensure the contribution

formulation of IT policies and procedures, of investments to the business of a unit/
and ensuring that IT policies and procedures division/department;
are implemented effectively in the work units 6. Monitoring IT performance and efforts to
of the IT users and operators; improve IT performance;
3. Monitoring the suitability and 7. Working towards resolving various IT-related
implementation of IT projects with the IT issues that cannot be resolved by work units
Development Strategic Plan and ensuring of IT users and operators in an effective,
the priorities; efficient and timely manner; and
4. Ensuring IT compatibility with the needs of 8. Ensuring sound and proper allocation of IT
management information systems and the resources. If necessary, the Committee may
needs of BFI Finance’s business activities; procure the services of a third party to assist
5. Reviewing the effectiveness of risk in project implementation.
mitigation plans for the implementation of
Table 105 Profiles and Term of Office of Members of IT Steering Committee
Internal
Educational Term of
Background Office
the Company
Francis Lay Chairman 74 Indonesia See Table 103 President 2021-2026

Sioe Ho Director
Sudjono Member 52 Indonesia See Table 103 Finance 2021-2026

Director
Sutadi Member 48 Indonesia Bachelor of Industrial Business 2021-2026

Engineering, Trisakti Director
University, Jakarta (1998)
Executive M.B.A., IPMI

International Business
School, Jakarta (2018)
Andrew Member 54 Indonesia Bachelor of Electrical Operations 2021-2026

Adiwijanto Engineering, Sekolah and Human
Tinggi Teknik Surabaya Capital
(STTS), Surabaya, East Director
Java (1992)
Master of Business
Administration (M.B.A.),
Universitas Gadjah Mada
(UGM), Jakarta (2013)
Certificate “Human Capital

Management: Making HR
& Business Partnership
Work”, Asian Institute
of Management (AIM),
Manila, Filipina (2008)
Sigit Hendra Member 54 Indonesia See Table 102 Enterprise 2021-2026

Gunawan Risk Director
Ari Binoto Member 43 Indonesia Bachelor of Science in Head of 2022-2026

Lumbantobing Mechanical Engineering, Digital &
University of Washington, Business
Seattle, Amerika Serikat Incubation
(2001)
Master of Science in
Mechanical Engineering,
University of California,
Berkeley, Amerika Serikat
(2003)

Internal
Educational Term of
Background Office
the Company
Goklas Member 44 Indonesia Bachelor of Economics in Head of 2021-2026

Financial Management, Project
Universitas Indonesia (UI), Management
Depok, West Java (2000) Office
Management Development
Program – Asian Institute
of Management (AIM),
Manila, Filipina (2007)
Table 106 Schedule and Attendance of IT Steering Committee
Date of Francis Andrew Sigit Ari Binoto

Lay Sioe Sudjono Sutadi Hendra Goklas
Meeting Adiwijanto Lumbantobing
Ho Gunawan
8 April 2022 √ √ √ √ √ √ √
12 October √ √ √ √ √ √ √
2022
Total
Attendance of
Each Member 2 2 2 2 2 2 2
Attendance
Percentage of
Each Member 100% 100% 100% 100% 100% 100% 100%
The BOD evaluates the performance of each of the committees based on a set of criteria, including the
Company’s performance and achievements in the aspects of concern for each respective committee
against the targets that have been set at the beginning of each year.
210
PERFORMANCE
ASSESSMENT OF THE
AND BOARD OF DIRECTORS
BOC Performance The results of the overall performance assessment

Assessment of the BOD and the performance of its each
individual member are based on two scoring
General Policy standards, i.e., collective assessment based on
Generally, the performance of the BOC is assessed of the achievement of budget enterprises, and
against the duties stipulated in the prevailing individual assessments based on the KPIs of each
regulations and the articles of association of Director, and as part of an integral part of the
the Company as well as the mandate of the compensation scheme and provision of incentives
shareholders. The results of the BOC’s performance for the BOD members.
assessment will be an inseparable part of the
compensation and incentive schemes for the BOC Results of the performance assessment of
members. individual BOD members are among the basic
considerations, especially for the shareholders, to
BOC Performance Assessment Criteria discharge and/or reappoint BOD members. These
The criteria for the BOC’s performance assessment results serve as a means for assessing as well as
at least contains the following: improving BOD effectiveness.
1. Level of achievement of quorum in any of the
BOC meetings, coordination meetings, and BOD Performance Assessment Criteria
committee meetings; The criteria for the BOD’s performance assessment
2. The Company’s contribution in the regulatory are found in the KPIs. The collective and individual
process; performance criteria for Directors are based on
3. Involvement in specific assignments; the proposal of the Nomination and Remuneration
4. Commitment in advancing the interests of the Committee or other committees that carry out the
Company; and nomination and remuneration function, then are
5. Compliance with the applicable regulations, the proposed by the BOC to shareholders for approval.
articles of association, the GMS provisions, as The BOD’s KPIs include at least, among others:
well as the Company’s policies. 1. Contribution to the Company’s business
activities;
2. Involvement in specific assignments;
BOD 3. Commitment to advancing the interests of the
Company;
Performance Assessment 4. Compliance with the prevailing regulations, and
Company policies;
General Policy 5. Achievement of targets set out in the
Performance of the BOD and its individual Company’s Annual Work Plan and Management
members is evaluated by the BOC. Generally, the Contract; and
BOD’s performance is determined based on the 6. Achievement of individual performance against
duties listed in the prevailing regulations and the the determined targets.
articles of association of the Company.
Details of the BOD performance assessment are
contained in the BOC Report in the Reports to
Stakeholders chapter (pages 35–37).

MEETINGS OF THE BOARD

OF COMMISSIONERS, BOARD
OF DIRECTORS, AND JOINT
MEETINGS OF THE BOARD
OF COMMISSIONERS AND
THE BOARD OF DIRECTORS
BOC Meetings and To abide by the government’s instructions to limit

BOC-BOD Joint Meetings the spread of Covid-19, throughout the pandemic
the BOC Meetings are held online.
BOC Meeting Policy
The BOC shall meet at least once every two Minutes of BOC Meeting
months if attended by a majority or two thirds of In each BOC Meeting, Minutes of Meeting shall
the BOC members. contain of matters discussed, including the
dissenting opinion from BOC members (if any) and
The BOC also holds joint meetings regularly with the decisions reached.
the BOD, and if required, a BOC Meeting may
be held after the joint meeting, if it is considered The Minutes of Meetings are signed by the
necessary by one member of the BOC by written Chairman of the Meeting and BOC members
request of one or more members of the BOD or present at the meeting.
if requested by one or more shareholders who
together own one tenth of the total shares issued Implementation of BOC Meetings and BOC-BOD
by the Company with valid voting rights. Joint Meetings
In 2022, the BOC held 22 meetings, consisting of:
BOC Meeting decisions are made based on a joint 1. 11 BOC Meetings; and
decision, and if the decision is not reached by 2. 11 BOC–BOD Joint Meetings.
consensus, then decisions will be made by way
of voting by more than half of the BOC members In carrying out the functions of monitoring and
present in the meeting. Each member of the BOC providing advice to the BOD, the BOC hold joint
who has a conflict of interest in decisions to be meetings together with the BOD to discuss the
made shall not vote on any decision related to it. implementation of decisions made in the previous
meeting, financial performance, risk management,
The BOC also can make valid and binding and other matters that may affect the financial
decisions without convening an authorized BOC performance and operations of the Company.
Meeting, provided that all the BOC members have
approved the proposal and signed the relevant The dates of the BOC Meetings and the attendance
documents. Decisions made in this way have the of BOC members at the BOC Meetings in 2022
same power as decisions made legitimately in the are presented in Table 107. The dates of the
official BOC Meetings. BOC–BOD Joint Meetings and the attendance of
BOC members at the Joint Meetings in 2022 are
presented in Table 108.
212
Table 107 Schedule and Attendance of BOC Meetings
Kusmayanto Johanes Alfonso Dominic John Sunata

Date
Kadiman Sutrisno Napitupulu Picone Tjiterosampurno
17 January √ √ √ √ √
2022
15 February √ √ √ √ √
2022
15 March 2022 √ √ √ √ √
27 April 2022 √ √ √ √ √
19 May 2022 √ √ √ √ √
14 June 2022 √ √ √ √ √
28 July 2022 √ √ √ √ √
11 August √ √ √ √ √
2022
13 September √ √ √ √ √
2022
26 October √ √ √ √ √
2022
15 November √ √ √ √ √
2022
Total
Attendance of
Each Member 11 11 11 11 11
Attendance
Percentage of
Each Member 100% 100% 100% 100% 100%
Table 108 Schedule and Attendance of the BOC in BOC-BOD Joint Meetings

Date
17 January √ √ √ √ √
2022
15 February √ √ √ √ √
2022
15 March 2022 √ √ √ √ √
27 April 2022 √ √ √ √ √
19 May 2022 √ √ √ √ √
14 June 2022 √ √ √ √ √
28 July 2022 √ √ √ √ √
11 August √ √ √ √ √
2022
2022
26 October √ √ √ √ √
2022


Date
15 November √ √ √ √ √
2022
Total
Attendance of
Each Member 11 11 11 11 11
Attendance
Percentage of
Each Member 100% 100% 100% 100% 100%
BOD Meetings
BOD Meeting Policy BOD members are present or represented at the

The BOD shall meet at least one time every month. meeting.
The BOD is also required to conduct joint meetings
with the BOC periodically at least one time every BOD Meetings shall be attended by the BOD
four months. members, and if required, officials from one level
below the BOD or other officials assigned by the
BOD Meeting is conducted at the Company’s President Director.
location or place of business of the Company.
BOD Meetings may also be carried out by way Minutes of BOD Meeting
of teleconference, Zoom Video Communications, Minutes of BOD Meeting shall be recorded for
or other similar digital communication systems, each BOD Meeting and on the minutes of meeting
whereby the BOD members participating in the shall be disclosed any dissenting opinions with the
meeting can communicate and participate thereby BOD Meeting decisions (if any). Minutes of BOD
being considered a present in the meeting. Meeting shall be recorded and documented by
the Corporate Secretary, including the filing and
BOD Meetings are chaired by the President distribution to the meeting participants. Each BOD
Director. In the event that the President Director is member is entitled to receive a copy of the Minutes
absent or unavailable for any reason, which is not of BOD Meetings, regardless of whether they were
required to be proven to the other members, the present or not at the meetings.
BOD Meeting will be chaired by a BOD member
selected by and among the BOD members in Implementation of BOD Meetings
attendance. In 2022, the BOD conducted 23 meetings,
comprising:
The BOD members may be represented in the 1. 12 BOD Meetings; and
BOD Meeting only by another BOD member 2. 11 BOC–BOD Joint Meetings.
based on a power of attorney. In the case that
the party granting the authority does not give Dates of the BOD meetings and attendance of BOD
special powers, then granted power is deemed members in the 2022 BOD Meetings are presented
absolute. BOD Meetings are valid and may adopt in Table 109.
binding resolutions if more than half of the total
Table 109 Schedule and Attendance of BOD Meetings
Francis Lay Andrew Sigit Hendra

Date Sudjono Sutadi
Sioe Ho Adiwijanto Gunawan
17 January √ √ √ √ √
2022
15 February √ √ √ √ √
2022
214

Date Sudjono Sutadi
15 March 2022 √ √ √ √ √
27 April 2022 √ √ √ √ √
19 May 2022 √ √ √ √ √
14 June 2022 √ √ √ √ √
28 July 2022 √ √ √ √ √
11 August √ √ √ √ √
2022
2022
26 October √ √ √ √ √
2022
15 November √ √ √ √ √
2022
2 December √ √ √ √ √
2022
Total
Attendance of
Each Member 12 12 12 12 12
Attendance
Percentage of
Each Member 100% 100% 100% 100% 100%
As presented in Table 109, the BOD has complied meetings with the BOC. In 2022, the BOC–BOD
with POJK 30 Article 16 Paragraph (2), in which the Joint Meetings were held 11 times.
BOD shall attend the BOD Meetings at least 50%
of the time within one-year period. The dates of the BOC–BOD Joint Meetings and the
attendance of BOD members at the Joint Meetings
Attendance of BOD Members in 2022 are presented in Table 110.
at the BOC-BOD Joint Meetings
The BOD on a regular basis conducts joint
Tabel 110 Schedule and Attendance of the BOD in BOC–BOD Joint Meetings

Date Sudjono Sutadi
17 January √ √ √ √ √
2022
15 February √ √ √ √ √
2022
15 March 2022 √ √ √ √ √
27 April 2022 √ √ √ √ √
19 May 2022 √ √ √ √ √
14 June 2022 √ √ √ √ √
28 July 2022 √ √ √ √ √


Date Sudjono Sutadi
11 August √ √ √ √ √
2022
2022
26 October √ √ √ √ √
2022
15 November √ √ √ √ √
2022
Total
Attendance of
Each Member 11 11 11 11 11
Attendance
Percentage of
Each Member 100% 100% 100% 100% 100%
216
SHARIA
SUPERVISORY BOARD
BFI Finance conducts sharia financing business 1. Asrori S. Karni (Chairman); and
through its Sharia Business Unit (SBU), as 2. Helda Rahmi Sina (Member).
stipulated in the Company’s Articles of Association.
In compliance with regulations related to the SBU’s The profiles of both members of the SSB are
business, in 2017 the Company established the presented in the SSB Profiles section in the
Sharia Supervisory Board (SSB). Company Profile chapter, on pages 83–84.
The establishment of SSB in BFI Finance was in Both members of the SSB of BFI Finance have
accordance with the Resolution of the EGMS on passed OJK’s fit and proper test. The decree from
25 October 2017. The SSB composition up to 31 the Members of the BOC of OJK on fulfillment of
December 2022 was as follows: said test was conveyed to the Company in January
2018.
Table 111 SSB Composition
Number and Date of

and Proper Test
Asrori S. Karni Chairman Indonesia Deed of the 2027 GMS Decree of the Board of
of SSB EGMS Minutes Commissioners of OJK
29 June 2022 dated 27 December 2017
Helda Rahmi Member Indonesia Deed of the 2027 GMS Decree of the Board of
Sina EGMS Minutes Commissioners of OJK
29 June 2022 dated 27 December 2017
Duties and 4. Act as a mediator between the Company

Responsibilities and the National Sharia Board in presenting
proposals and recommendations for the
The duties and main functions of the SSB are as development of the Company’s products and
follows: services which require the study and fatwa of
1. Represent the National Sharia Board assigned the National Sharia Board.
to the Company;
2. Supervise business activities of the Company’s
Sharia Representative Branches, to ensure SSB Independence
compliance with Sharia Principles;
3. Advise and facilitate the BOD, Head of SBU,
and Heads of Sharia Representative Branches Members of BFI Finance’s SSB have no financial
in matters related to Sharia Principles; and and family relationships to the second degree
with fellow BOD members, BOC members, and/or
Controlling Shareholders, or relationships with the
Company.

Table 112 SSB Independence
Name Controlling Controlling

Commissioners Directors Commissioners Directors
Asrori S. - √ - √ - √ - √ - √ - √
Karni
Helda Rahmi - √ - √ - √ - √ - √ - √
Sina
Concurrent
Positions of SSB
Based on Article 35 of OJK Regulation No. 30/ of the BOD, BOC, or SSB of more than four other
POJK.05/2014 on Good Corporate Governance sharia financial institutions.
for Finance Companies (POJK 30), members of
the SSB are prohibited from having concurrent All SSB members of the Company presiding up to
positions as members of the BOD or BOC of the 31 December 2022 have complied with the above
same multifinance company, however they are POJK 30 provisions.
allowed to have concurrent positions as members
Table 113 Concurrent Positions of SSB
Asrori S. Karni Chairman of SSB Chairman of the SSB of PT Sinar Mitra Sepadan (SMS)
Finance
Member of the SSB of PT Indomobil Finance Indonesia

(IMFI)
Deputy Secretary–General of Indonesian Ulema Council

(MUI) Headquarters
Lecturer of Sharia Economic Law Study Program at

Sharia and Law Faculty of the State Islamic University
(UIN) Syarif Hidayatullah Jakarta
Helda Rahmi Sina Member Head of Marketing and Training Division (main position)
and Head of Consultation and Development Division
(alternative position) at the International Center for
Development in Islamic Finance - Indonesian Banking
Development Institute (ICDIF–LPPI)
General Secretary of Yayasan Pendidikan Fatahillah

Jakarta (YPFJ)
Postgraduate Program Lecturer at Sekolah Tinggi Ilmu

Ekonomi Indonesia (STEI)
SSB Meetings
Pursuant to Article 40 of POJK 30, the SSB is In 2022, the SSB conducted six meetings. The
required to conduct a meeting on a regular basis, at dates of SSB meetings and the attendance of each
least six times within one-year period. member of the SSB in these meetings in 2022 are
218
Table 114 Schedule and Attendance of SSB Meetings
Date of Meeting Asrori S. Karni Helda Rahmi Sina
21 March 2022 √ √
29 March 2022 √ √
17 June 2022 √ √
15 September 2022 √ √
13 December 2022 √ √
23 December 2022 √ √
Total Attendance
of Each Member 6 6
of Each Member 100% 100%
SSB Competence
Enhancement
In order to enhance the competence of each The training programs and seminars attended by
member of the SSB, the Company maintains SSB members in 2022 are listed in Table 115.
a policy to encourage the participation of the
SSB members in various training programs and
seminars on a regular basis.
Table 115 SSB Competence Enhancement
Asrori S. Karni Chairman 31 May 2022 Online Seminar Online from APPI
of SSB “Challenges Jakarta
to Accelerate
Digital Economy
Transformation”
24 September Workshop of Pra- Jakarta National

2022 Ijtima’ Sanawi (Annual Sharia Board-
Meeting) of the 7th Indonesian
Sharia Supervisory Ulema Council
Boards in 2022 (DSN-MUI)
27 October Webinar “Socialization Online from DSN-MUI

2022 of the Latest DSN-MUI Jakarta
Fatwa for 2022”
Helda Rahmi Member 31 May 2022 Online Seminar Online from APPI
Sina “Challenges Jakarta
to Accelerate
Digital Economy
Transformation”
24 September Workshop of Pra- Jakarta DSN-MUI

2022 Ijtima’ Sanawi (Annual
Meeting) of the 7th
Sharia Supervisory
Boards in 2022
27 October Webinar “Socialization Online from DSN-MUI

2022 of the Latest DSN-MUI Jakarta
Fatwa for 2022”

AUDIT
COMMITTEE
Legal Basis Number of Members, Composition,

and Main Tasks and Membership Requirements
The Audit Committee was established in the The Audit Committee shall consist of at least three
Company in 2000, and performs its duties members from Independent Commissioners and
independently and in accordance with OJK external parties. The Audit Committee consisted
Regulation No. 55/POJK.04/2015 on the Guidance of 3 members, i.e., 1 Independent Commissioner
on Establishment and Work Implementation of as Chairman and 2 members from external parties.
Audit Committee (POJK 55). The Audit Committee is responsible to the BOC.
The duties of the Audit Committee are to assist Pursuant to the Audit Committee Charter, the
the BOC in carrying out management oversight membership requirements for the Company’s Audit
functions in accordance with the articles of Committee are as follows:
association and GCG principles, provide advice 1. Possess a strong integrity and excellent
and assistance to the BOC in identifying matters capability, knowledge, and experience
that require the latter’s attention, and execute in their respective fields, as well as good
other duties related to the duties of the BOC or as communication skills;
assigned by the BOC. 2. Able to comprehend financial statements,
the Company’s businesses particularly those
related to the Company’s services or activities,
Audit Committee audit process, risk management, and laws and
Charter regulations in the capital market as well as other
related laws and regulations;
The Audit Committee carries out its duties 3. Able to comply with the Audit Committee’s code
and responsibilities pursuant to the guidelines of conduct as determined by the Company;
summarized in Audit Committee Charter, allowing 4. Willing to continuously enhance their
for a consistent, transparent, and independent competence through education and training;
performance of its duties and responsibilities 5. Must have at least one member with
in accordance with the prevailing laws and educational background and expertise in
regulations. The Audit Committee Charter was accounting and/or finance;
established pursuant to the requirements of POJK 6. Is not a person who is employed in a Public
55 and as set out in the Company’s BOC Decree, Accounting Firm, Law Consultant, Public
with the update history as follows: Appraiser, or other parties providing assurance
• SK/BOC/VII/2011-15 dated 15 September 2011; services, non-assurance services, appraisal
• SK/BOC/II/2013-01 dated 7 February 2013; and services, and/or other consultative services to
• BOC Decree No. BOC/I/2016-01 dated the Company within the last six months;
26 January 2016. 7. Is not a person who has worked or had the
authority and responsibilities to plan, direct,
Then, this charter was renewed and ratified by SK/ control, or supervise the Company’s activities
BOC/I/21-0020A dated 26 January 2021. within the last six months, except as the
Independent Commissioner;
The Audit Committee Charter is available on 8. Does not own any shares in the Company,
the Company website at https://www.bfi.co.id/ whether directly or indirectly;
en/corporate/Corporate-Good-Governance/ 9. In the event that a member of the Audit
Committee-Manual. This Charter regulates, among Committee receives the Company shares due
others, duties and responsibilities as well as to a legal event, whether directly or indirectly,
authority of the Audit Committee. the shares shall be transferred to another party
within six months after the acquisition of such
shares;
220
10. Does not have any affiliation with any member Nomination and Remuneration Committee
of the BOC, the BOD, or the controlling shall subsequently conduct an interview and
shareholders of the Company; and examine the qualifications and competence of the
11. Does not have any business relations candidates. After the evaluation is completed, the
associated with the Company activities, Nomination and Remuneration Committee shall
whether directly or indirectly. submit a recommendation to the BOC regarding
the appointment of the Audit Committee members.
The BOD or the Chairman of the Audit Committee Once the recommendation is approved, the BOC
may propose candidates who are not BOC shall instruct the BOD to issue the appointment
members as Audit Committee members. The letter for the approved candidates.
Graph 9 Audit Committee Members’ Selection and Appointment
Recommendation of the Nomination

BOC Approval Meeting
and Remuneration Committee
Audit Committee
Composition
The composition of the Audit Committee as at The educational backgrounds and expertise of
31 December 2022 was as follows: the Audit Committee members are presented in
• Chairman: Johanes Sutrisno Table 116.
• Members:
- Friso Palilingan
- Edy Sugito Audit Committee
Members’ Term of Office
This Audit Committee composition was ratified by
the BOC Decree No. BOC/SK/I/2021-001 dated 26 Audit Committee members’ term of office shall not
January 2021, effective from 26 January 2021. exceed the BOC’s term of office, pursuant to the
articles of association, and a member may only be
re-elected for one subsequent term. The term of
Audit Committee office of the Audit Committee members presiding
Members’ Profiles up to 31 December 2022 is presented in Table 116.
Profiles of the Audit Committee members are

presented in the Company Profile chapter (pages
85–86).
Table 116 Audit Committee Members’ Profiles and Term of Office
Educational Background Date and Basis of Term of

Name Position
and Expertise Appointment Office
Johanes Independent Bachelor’s Degree in BOC Decree No. BOC/ 2021-2026

Sutrisno Commissioner Economics - Management, SK/I/2021-001 dated 26
and Chairman Master of Business January 2021
of the Audit Administration (M.B.A.),
Committee audit, finance, risk
management and
monitoring, GCG


Name Position
Friso Member Bachelor’s Degree in BOC Decree No. BOC/SK/ 2021-2026

Palilingan Economics - Accounting, IV/2015-0081 dated
Master of Accounting, 13 April 2015, was
CPA, CA, audit, reaffirmed by the BOC
management Decree No. BOC/SK/
VI/2016-05 dated 21 June
2016 (2016-2021) and
BOC Decree No. BOC/
SK/I/2021-001 dated
26 January 2021
Edy Member Bachelor’s Degree in BOC Decree No. BOC/ 2021-2026

Sugito Economics - Accounting, SK/VI/2016-05 dated
capital market, custodian, 21 June 2016 (2016-2021)
audit and was reaffirmed by the
BOC Decree No. BOC/
SK/I/2021-001 dated
26 January 2021
Audit Committee
Independence
Members of the Audit Committee are professional members of the Audit Committee have met the
individuals with no business relations to the required independence, skill, experience, and
Company, whether directly or indirectly, in order integrity criteria, pursuant to the applicable laws
to maintain their independence in the execution and regulations. The independence of each Audit
of their duties and responsibilities. Therefore, all Committee member is stated in Table 117.
Table 117 Audit Committee Independence

Johanes - √ - √ - √ - √ - √ - √
Sutrisno
Friso - √ - √ - √ - √ - √ - √
Palilingan
Edy - √ - √ - √ - √ - √ - √
Sugito
Audit Committee’s
Policies and Remuneration
The Nomination and Remuneration Committee Committee only consists of honorarium. Members
provides recommendations to the BOC regarding of the Audit Committee who hold concurrent
the remuneration of each member of the Audit positions as members of the BOC or senior
Committee, based on the Company’s policies management of the controlling shareholders are not
and market review on the remuneration of Audit entitled to additional remuneration as members of
Committee. The remuneration of the Audit the Audit Committee.
222
Audit Committee’s 4. The Audit Committee collaborates with the

Work Processes and Procedures Corporate Secretary for the administration
of Audit Committee’s documents and the
The Audit Committee Charter regulates the Audit execution of Audit Committee’s meetings.
Committee’s work processes and procedures as
follows:
1. In relation to the Company’s internal control Audit Committee
system, the Audit Committee conducts Meetings
regular meetings to discuss the planning of
activities and the scope of internal audits for The Audit Committee holds regular meetings at
the subsequent period, as well as evaluates least once every three months. An Audit Committee
previous audit results; meeting may only be held if attended by more than
2. In relation to the review of risks associated with half the number of members. The decisions of the
the Company’s business, the Audit Committee Audit Committee shall be reached by deliberation
holds discussions with the Risk Oversight and consensus. Each meeting shall be recorded
Committee on risk management activities the in minutes of meeting, including any dissenting
Company has performed; opinions. The minutes of the meeting shall be signed
3. The Audit Committee submits an annual by all members of the Audit Committee who are
accountability report on its performance to the present in the meeting and submitted to the BOC.
BOC prior to the submission of the BOC Report
on its duties and responsibilities to be published In 2022, the Audit Committee held four
in the Company’s Annual Report. The BOC meetings. The meetings’ results were reported
shall accordingly evaluate the Audit Committee to the BOC in the meetings with the BOC. The
annually; and meeting schedule and members’ attendance are
Table 118 Schedule and Attendance of Audit Committee Meetings
Date of Meeting Johanes Sutrisno Friso Palilingan Edy Sugito
14 February 2022 √ √ √
25 April 2022 √ √ √
25 July 2022 √ √ √
24 October 2022 √ √ √
Total Attendance
of Each Member 4 4 4
of Each Member 100% 100% 100%
Audit Committee’s
Competence Enhancement
In 2022, the Audit Committee members participated held online from Jakarta by Indonesian
in the following competence enhancement Institute of Certified Public Accountants
programs: (IAPI);
• Johanes Sutrisno as Independent 2. PPL Webinar of IAPI–OJK’s Capital
Commissioner and Chairman of the Audit Market Accountants Forum (FAPM) on
Committee attended one training/seminar, “PSAK Applicable as of 1 January 2020
detailed in Table 93. and Its Impact on Public Limited Liability
• Friso Palilingan participated in 10 trainings/ Companies’ Income Tax Provisions and
seminars, as follows: Dissemination of Regulation No. 01/
1. Continuing Professional Education (PPL) PKPAP/2021 on Procedures and Code of
Webinar on “Update on Effective Auditing Conduct for Electronic Court of Appeals
Standards 2021 for Audits of Financial at KPAP”, 4-5 April 2022, held online from
Statements for Periods Beginning on or Jakarta by IAPI;
After 1 January 2022”, 2–4 February 2022,

3. PPL Webinar of IAPI–OJK’s FAPM on 2. Webinar on “Indonesian Economic Outlook

“Update on Regulations and Circulars of the 2023”, 7 December 2022, held online from
Financial Services Authority for the Capital Jakarta by Creco Consulting and Research.
Market Sector Involving Public Accountants
and Overview of 2021 Audit Standards”,
12–13 May 2022, held online from Jakarta Activity
by IAPI; Reporting System
4. PSAK Series Webinar on “Issues in
the Preparation and Presentation of The Audit Committee shall submit periodic reports
Consolidated Financial Statements”, 20 May and/or report for each assignment to the BOC, as
2022, held online from Jakarta by IAPI; well as an annual report of the Audit Committee’s
5. Webinar on “Sharing of Public Accounting activities, which shall be included in the Company’s
Firms’ Examination Findings by PPPK and Annual Report.
Risk Mitigation to Improve Audit Quality”,
14–15 July 2022, held online from Jakarta by
IAPI; Complaint Handling or Reporting
6. Webinar on “Update on Auditing Standards
of Alleged Violations Related to
2021 which Will be Effective for Audit
Engagement of Financial Statements on 1 Financial Reporting
January 2022”, 18–20 July 2022, held online
from Jakarta by IAPI; Based on the BOC’s Letter of Assignment,
7. Webinar on “Accounting and Finance the Audit Committee may conduct review and
Aspects of: Investment, Divestment and investigation on any action that is detrimental
Business Merger”, 25 July 2022, held online to the Company, including alleged violations
from Jakarta by IAPI; related to Financial Reporting, as well as other
8. Mandatory PPL Webinar for Public tasks as required by the BOC. For the review and
Accountants in the Field of Guidance and investigation, the Audit Committee may appoint a
Supervision 2022–Batch 1, 11 August 2022, third party to carry out the fact-finding studies and
held online from Jakarta by IAPI; examinations upon the approval of the BOC. All
9. PPL Webinar of OJK’s Capital Market Sector costs incurred for the appointment of the third party
on “Urgency of Implementing Engagement shall be borne by the Company.
Quality Control Review (EQCR) and the
Role of Communication/Consultation to
Regulators According to POJK Number Audit Committee’s
13 of 2017 in the framework of Audit Risk 2022 Work Programs Report
Mitigation”, 28–29 July 2022, held online
from Jakarta by IAPI; and The Audit Committee’s work programs in 2022
10. PPL Webinar of IAPI–OJK IKNB on “OJK– encompassed the following:
IKNB’s Annual Update for Auditors of 1. Conducted the Audit Committee’s meetings
Insurance Sector and Accounting Aspects every three months;
and Implementation of PSAK 74”, 5–6 2. Evaluated the performance of external auditors
December 2022, held online from Jakarta by and provided recommendations to the BOC on
IAPI. the appointment of the external auditors;
• Edy Sugito participated in two trainings/ 3. Evaluated the compliance with rules and
seminars, as follows: regulations applicable to multifinance
1. Webinar on “2022 Board and Audit companies and public companies; and
Committee Priorities”, 31 May 2022, held 4. Evaluated the implementation of internal control
online by KPMG Cambodia Ltd.; and system and report of Internal Audit activities.
224
RISK OVERSIGHT
COMMITTEE
Legal Basis The duties and responsibilities, procedure of

and Main Tasks supervision, and reporting of the Risk Oversight
Committee are aligned with OJK Regulation No. 28/
The Risk Oversight Committee assists the BOC in POJK.05/2020 on Assessment of the Health Level
fulfilling the latter’s responsibilities to shareholders. of Non-Bank Financial Services Institutions (POJK
Moreover, the Committee is responsible for 28), OJK Regulation No. 44/POJK.05/2020 on Risk
reviewing the Company’s principal risks as stated in Management Application for Non-Bank Financial
the Company’s risk register and for ensuring that all Services Institutions (POJK 44), and OJK Circular
new or arising risks are appropriately evaluated and No. 7/SEOJK.05/2021 on Risk Management
further actions are identified. Application for Finance Companies and Sharia
Finance Companies (SEOJK 7).
Initially, the Risk Management Committee was
established pursuant to the BOC Decree No.
Com/JS/SK/III/2003 dated 18 March 2003. Then, Risk Oversight Committee
pursuant to OJK Regulation No. 29/POJK.05/2020 Manual
on Amendment to OJK Regulation No. 30/
POJK.05/2014 on Good Corporate Governance The Risk Oversight Committee Manual is published
for Multifinance Companies, the Risk Management on the Company website on https://www.bfi.
Committee changed its name to Risk Oversight co.id/en/corporate/Corporate-Good-Governance/
Committee, as ratified by BOC Decree No. Committee-Manual?t=2.
BOC/V/2020-001 dated 13 May 2020.
Graph 10 Risk Oversight Committee Members’ Selection and Appointment
Recommendation of the Nomination

BOC Approval Meeting
and Remuneration Committee
Risk Oversight Committee Risk Oversight Committee

Composition Members’ Profiles
The composition of the Risk Oversight Committee Profiles of all Risk Oversight Committee members
as at 31 December 2022 was as follows: are presented in the Company Profile chapter
• Chairman: Johanes Sutrisno (page 87).
(Independent Commissioner)
• Member: Jono Effendy The educational backgrounds and expertise of the
Risk Oversight Committee members are presented
This Risk Oversight Committee composition was in Table 119.
ratified by the BOC Decree No. BOC/SK/VI/2021-
0092 dated 15 June 2021, effective from 15 June
2021.

Risk Oversight Committee

Members’ Term of Office
The Risk Oversight Committee members’ term of subsequent term. The term of office of the Risk
office shall not exceed the BOC’s term of office, Oversight Committee presiding up to 31 December
and a member may only be re-elected for one 2022 is presented in Table 119.
Table 119 Risk Oversight Committee Members’ Profiles and Term of Office

Name Position
Johanes Independent Bachelor’s Degree in BOC Decree No. BOC/ 2021-2026

Sutrisno Commissioner Economics - Management, SK/VI/2016-05 dated 21
and Chairman Master of Business June 2016 (2016-2021)
of the Risk Administration (M.B.A.), and was reaffirmed by the
Oversight audit, finance, risk BOC Decree No. BOC/SK/
Committee management and VI/2021-0092 dated
monitoring, GCG 15 June 2021
Jono Member Bachelor’s Degree in BOC Decree No. BOC/SK/ 2021-2026

Effendy Economics - Accounting, IV/2015-0081 dated 13
Master of Finance, April 2015, was reaffirmed
CERP, QRGP, audit, by the BOC Decree No.
risk management and BOC/SK/VI/2016-05 dated
monitoring 21 June 2016 (2016-2021)
and BOC Decree
No. BOC/SK/VI/2021-0092
dated 15 June 2021
Risk Oversight Committee

Independence
Members of the Risk Oversight Committee are met the required independence, skill, experience,
professional individuals with no business relations and integrity criteria pursuant to the applicable
to the Company, whether directly or indirectly, laws and regulations. The independence of each
in order to maintain their independence in the Risk Oversight Committee member is stated in
execution of their duties and responsibilities. Table 120.
Therefore, all members of the Committee have
Table 120 Risk Oversight Committee Independence

Johanes - √ - √ - √ - √ - √ - √
Sutrisno
Jono - √ - √ - √ - √ - √ - √
Effendy
226
Risk Oversight Committee’s Risk Oversight Committee

Policies and Remuneration Meetings
The Nomination and Remuneration Committee The Risk Oversight Committee holds regular
provides recommendations to the BOC regarding the meetings at least four times every year and reports
remuneration of each member of the Risk Oversight the results to the BOC.
Committee, based on the Company’s policies and
market review on the remuneration of Risk Oversight In 2022, the Risk Oversight Committee held four
Committee. The remuneration of the Risk Oversight meetings. The meetings’ results were reported
Committee only consists of honorarium. Members of to the BOC in the meetings with the BOC. The
the Risk Oversight Committee who hold concurrent meeting schedule and members’ attendance are
positions as members of the BOC or senior presented in Table 121.
management of the controlling shareholders are not
entitled to additional remuneration as members of
the Risk Oversight Committee.
Table 121 Schedule and Attendance of Risk Oversight Committee Meetings
Date of Meeting Johanes Sutrisno Jono Effendy
18 January 2022 √ √
14 April 2022 √ √
15 July 2022 √ √
19 October 2022 √ √
Total Attendance
of Each Member 4 4
of Each Member 100% 100%
Risk Oversight Committee’s Being Drifted Away”, 8–9 December 2022,

Competence Enhancement held in Bali by ERMA International.
In 2022, Risk Oversight Committee members

participated in the following competence Risk Oversight Committee’s
enhancement programs: 2022 Work Programs Report
• Johanes Sutrisno as Independent
Commissioner and Chairman of the Risk The Risk Oversight Committee’s 2022 work
Oversight Committee attended one training/ programs were aimed at ensuring that the
seminar, detailed in Table 93. management had an early warning system on the
• Jono Effendy participated in three trainings/ likelihood of risks that may affect the running of the
seminars, as follows: Company, thus preventing the possibility of future
1. Webinar on “Introduction to Risk surprises. The programs included:
Management Implementation in Indonesia 1. Conducted quarterly meetings with the
Insurance Company (POJK 44, SEOJK Company’s Risk Management Division and the
8)”, 11 April 2022, held online from Jakarta BOD to discuss the risk monitoring dashboard;
by the Center for Risk Management & 2. Ensured that the measures taken in the field
Sustainability (CRMS) Indonesia; of risk management have been implemented
2. Insurance Forum 2022 and Digital & Risk properly; and
Management (DRiM) 2022: “Supporting 3. Reviewed the risk management report on the
a Strong, Inclusive and Sustainable Company’s risk exposure evaluation, especially
Recovery”, 16–18 October 2022, held in Bali in the risk-related activities of multifinance
by the Indonesian Life Insurance Association companies, i.e., strategic risk, operational
(AAJI); and risk, assets and liabilities risk, managerial risk,
3. Risk Beyond 2022–Conference on ERM: governance risk, funding risk, and financing risk,
“Cultivating the Perception: Managing It of pursuant to POJK 28, POJK 44, and SEOJK 7.

NOMINATION AND
REMUNERATION COMMITTEE
Legal Basis Remuneration Committee. This manual is published

and Main Tasks on the Company website on https://www.bfi.
co.id/en/corporate/Corporate-Good-Governance/
The Nomination and Remuneration Committee was Committee-Manual?t=1.
established in the Company pursuant to the BOC
Decree No. Com/JS/SK/XII/2005-007 dated 29
December 2005. The currently presiding members Nomination and Remuneration
of the Nomination and Remuneration Committee Committee Composition
were appointed pursuant to the BOC Decree No.
BOC/IV/2021-0049 dated 1 April 2021. As at 31 December 2022, the composition of the
Nomination and Remuneration Committee was as
The Nomination and Remuneration Committee is follows:
responsible to the BOC to assist the functions and • Chairman: Alfonso Napitupulu
duties of the BOC in relation to the nomination and (Independent Commissioner)
remuneration of the members of the BOD, BOC, • Members:
and other Committees under the BOC. - Sunata Tjiterosampurno (Commissioner)
- Elisabeth Vivi Jeki Aryani
Since 2015, the main tasks of the Nomination and (Head of Human Capital)
Remuneration Committee have been performed
in adherence to POJK No. 34/POJK.04/2014
concerning the Nomination and Remuneration Nomination and Remuneration
Committee of Public Companies (POJK 34). Committee Members’ Profiles
Profiles of all Nomination and Remuneration
Nomination and Remuneration Committee members are presented in the
Committee Manual Company Profile chapter (page 88).
On 1 December 2015, BFI Finance published The educational backgrounds and expertise of
the Nomination and Remuneration Committee the Nomination and Remuneration Committee
Guideline, which is aligned with POJK 34 and members are presented in Table 122.
the Company’s articles of association, to serve
as a guideline for the Committee in carrying out
its duties and responsibilities. The Committee Nomination and Remuneration
Guideline was published pursuant to the BOC Committee Members’ Term of Office
Decree No. BOC/I/2015-05, then renewed and
ratified by SK/BOC/IV/2021-0049A dated 1 April The Nomination and Remuneration Committee
2021. members’ term of office shall not exceed the
BOC’s term of office, pursuant to the articles of
The Nomination and Remuneration Committee association, and a member may only be re-elected
Guideline stipulates the duties and responsibilities, for one subsequent term. The term of office of
authorities, composition, structure and membership the Nomination and Remuneration Committee
requirements, processes, and procedures for members presiding up to 31 December 2022 is
implementing tasks, meetings, as well as term presented in Table 122.
of office of the members of the Nomination and
228
Table 122 Nomination and Remuneration Committee Members’ Profiles and Term of Office

Name Position
Alfonso Independent Bachelor’s Degree in Civil BOC Decree No. BOC/SK/ 2021-2026
Napitupulu Commissioner Law, legal consultancy, IV/2015-0081 dated 13
and Chairman management April 2015, was reaffirmed
of the by the BOC Decree No.
Nomination and BOC/SK/VI/2016-05 dated
Remuneration 21 June 2016 (2016-2021)
Committee and BOC Decree
No. BOC/IV/2021-0049
dated 1 April 2021
Sunata Commissioner Bachelor of Business BOC Decree No. BOC/ 2021-2026

Tjiterosampurno and Member Administration, Master of VI/2017-0103 dated 2
Finance, equity research, June 2017 as reaffirmed by
investment banking, audit, the BOC Decree No. BOC/
risk management and IV/2021-0049 dated
monitoring 1 April 2021
Elisabeth Vivi Member Bachelor’s Degree BOC Decree No. BOC/ 2021-2026
Jeki Aryani in Psychology, HC IV/2021-0049 dated
management 1 April 2021
Nomination and Remuneration

Committee Independence
The Nomination and Remuneration Committee Nomination and Remuneration Committee member
shall be independent in performing its duties, and is is stated in Table 123.
responsible to the BOC. The independence of each
Table 123 Nomination and Remuneration Committee Independence

Alfonso - √ - √ - √ - √ - √ - √
Napitupulu
Sunata - √ - √ √ - - √ - √ - √
Tjiterosampurno
Elisabeth Vivi - √ - √ - √ - √ - √ - √
Jeki Aryani

Committee’s Policies and
Remuneration
Each member of the Nomination and Remuneration Members of the BOC that also serve as Chair or
Committee is prohibited from gaining personal members of the Nomination and Remuneration
advantage, directly or indirectly, from BFI Finance’s Committee are not given any additional salary on top
business activities, other than their legitimate salary. of their salary as members of the BOC.

Nomination and Remuneration c. Performance targets or performance of each

Committee’s Work Processes member of the BOD and/or the BOC; and
d. Balance between the fixed component and
and Procedures the variable component of remuneration.
1. In performing the nomination function as
The structure, policies, and amount of remuneration
referred to in point 2(b) of the Nomination
shall be evaluated by the Nomination and
and Remuneration Committee Guideline,
Remuneration Committee at least once a year.
the Committee shall perform the following
procedures:
a. Compile the composition and nomination
processes for members of the BOD and/or
the BOC; Committee Meetings
b. Develop the required policies and criteria in
the nomination processes of candidates for The meetings of the Nomination and Remuneration
the members of the BOD and/or the BOC; Committee shall be held regularly, at least once
c. Assist the performance evaluation of in every four months. Meetings can only be held
members of the BOD and/or the BOC; if attended by the majority of the Nomination and
d. Prepare capacity-building programs for the Remuneration Committee members, and if one of
members of the BOD and/or the BOC; and the attended members is the Committee Chair.
e. Examine and propose qualified candidates
as members of the BOD and/or the BOC to The decisions of the Nomination and Remuneration
the BOC to be submitted to the GMS. Committee meetings shall be reached by
2. In performing the remuneration function as deliberation and consensus. Should the
referred to in point 2(a) of the Nomination deliberation fail to reach a consensus, decisions
and Remuneration Committee Guideline, shall be made based on majority vote. If there is
the Committee shall perform the following no majority vote, decisions shall be made through
procedures: a mechanism stipulated in the Nomination and
a. Establish remuneration structure for Remuneration Committee Guideline. In the event
members of the BOD and/or the BOC; of disagreement, the difference of opinion and
b. Develop remuneration policy for members of its reasons shall be recorded in the minutes of
the BOD and/or the BOC; meeting.
c. Establish remuneration amount for members
of the BOD and/or the BOC. Results of the Nomination and Remuneration
3. The Nomination and Remuneration Committee Committee meetings shall be recorded and
in carrying out its duties and responsibilities documented in minutes of meetings, which
related to remuneration policy shall ensure that subsequently shall be submitted in writing to the
the remuneration policy is in accordance with: BOC.
a. The applicable remuneration in the industry;
b. Duties, responsibilities, and authority of In 2022, the Nomination and Remuneration
members of the BOD and/or the BOC in Committee held three meetings. The meetings’
relation to the performance and achievement results were reported to the BOC in the meetings
of the Company’s goals; with the BOC. The meeting schedule and members’
attendance are presented in Table 124.
Table 124 Schedule and Attendance of Nomination and Remuneration Committee Meetings
Date of Meeting Alfonso Napitupulu Sunata Tjiterosampurno Elisabeth Vivi Jeki Aryani
18 January 2022 √ √ √
14 April 2022 √ √ √
15 July 2022 √ √ √
Total Attendance
of Each Member 3 3 3
of Each Member 100% 100% 100%
230
Nomination and Remuneration Activity

Committee’s Competence Reporting System
Enhancement
The Nomination and Remuneration Committee
The trainings/seminars participated by the shall report the performance of its duties,
Chairman and Member of the Nomination and responsibilities, as well as the nomination and
Remuneration Committee in 2022—Alfonso remuneration procedures, to the BOC as part of the
Napitupulu and Sunata Tjiterosampurno, BOC performance report which shall be submitted
respectively—are detailed in Table 92. to the GMS. The nomination and remuneration
functions’ implementation shall be reported by the
One other member, Elisabeth Vivi Jeki Aryani, Company in its Annual Report and website.
attended three trainings/seminars, as follows:
1. HR Director Summit, 24 February 2022, held
online from Jakarta by Intipesan Learning Nomination and Remuneration
Center; Committee’s 2022
2. Professional Coach Certified Program, 25 Work Programs Report
March–9 April 2022, held online from Jakarta by
Coaching Indonesia; In 2022, the Nomination and Remuneration
3. Certified Human Capital General Manager, Committee performed its duties and
13–26 June 2022, held online from Jakarta by responsibilities, which include evaluating the
Sahabat Karir Indonesia (SKI). recommendations of the BOD regarding the
remuneration of members of the BOD, the BOC,
and other Committees, to be submitted to the
BOC.

CORPORATE
SECRETARY
Legal Basis Corporate Secretary

and Main Tasks Requirements
The Corporate Secretary facilitates effective Requirements for the Corporate Secretary position
communication between BFI Finance and the are as follows:
shareholders, OJK, and other stakeholders, 1. Legally competent;
including investors. 2. Possess knowledge and understanding in
the fields of law, finance, and corporate
As part of its function, in accordance with POJK governance;
No. 35/POJK.04/2014 on Corporate Secretary 3. Understand the Company business activities;
of Issuers or Public Companies (POJK 35), 4. Able to communicate well; and
the Corporate Secretary is responsible for the 5. Domiciled in Indonesia.
implementation of GCG, the preparation of
management reports as well as other secretarial
activities, legal handling, public relations, quality Duties and
management system, and information management Responsibilities
system. Any information disclosed by the
Corporate Secretary to the public is considered as The duties and responsibilities of the Corporate
official information from BFI Finance. Secretary pursuant to POJK 35 are as follows:
1. Follow the development of the capital market,
BFI Finance’s Corporate Secretary was established particularly regarding applicable laws and
pursuant to the BOD Decree No. Corp/CH/L/VII/07- regulations in the capital market and inform
0115 dated 9 July 2007 with reference to POJK them to the BOC, BOD, and other stakeholders
35. The Corporate Secretary is appointed and of the Company;
dismissed by the decision of the BOD. 2. Provide input to the Company’s BOD and BOC
to ensure their compliance with applicable laws
Corporate Secretary is an individual position that and regulations in the capital market;
is also in charge of other work units that carry out 3. Assist the BOD and the BOC in the
Corporate Secretary’s functions, such as: implementation of GCG, which includes:
1. Corporate Secretariat Department, led by a a. Information disclosure to the public,
Head of Corporate Secretariat; including ensuring the information
2. Corporate Communication & CSR Department, availability on the website;
led by a Head of Corporate Communication & b. Timely report submission to OJK, IDX, and
CSR; and other regulatory institutions;
3. Investor Relations, which maintains c. GMS and the documentation thereof,
communications with the investors of the including preparation (reporting of
Company. GMS plan, announcement, distribution
of summons, and GMS resolutions
submission), GMS material preparation
Corporate Secretary (including the Company Annual Report), and
Position GMS execution;
d. Arrangement and documentation of the BOD
The Corporate Secretary is appointed and and the BOC Meetings; and
dismissed by the BOD decree. The position of e. Organization of the Company’s induction
Corporate Secretary may be held concurrently by program for new members of the BOD and
a BOD member. The Corporate Secretary shall not the BOC as well as other Committees under
hold any other concurrent position in other issuers the BOC;
or public companies. 4. Act as a liaison officer between the Company
and its shareholders, OJK, and other
stakeholders.
232
Details of the Corporate Secretary are published on 1. Provided input to the BOD and the BOC
the Company website on https://www.bfi.co.id/en/ regarding capital market developments,
corporate/Corporate-Good-Governance/Corporate- including new regulations in the capital market
Secretary issued by OJK and IDX;
2. Maintained rapport with Capital Market
Authority and prepared reports on the
Corporate Secretary Company’s information disclosure pursuant to
Profile the applicable laws and regulations;
3. Published the Company information
The Corporate Secretary up to 31 December 2022 transparently, which included information
was held by Sudjono. He is an Indonesian citizen disclosure report on the GMS, periodic financial
born in 1970, 52 years of age, who was appointed statements, annual report, sustainability report,
pursuant to the BOD Decree No. BOD-BOC/ public expose, share registration statements,
VI/2014-0011 dated 24 June 2014. He is also a ad-hoc reports related to new development
BOD member, serving as the Finance Director. plans, sustainable finance action plan (RAKB)
His profile is presented in the Board of Directors’ for OJK, as well as provided necessary
Profiles section in the Company Profile chapter information to shareholders;
(page 79). 4. Sent notices and prepared all matters related to
GMS and published the results;
5. Coordinated and administered share ownership
Competence Enhancement records and corporate actions;
6. Prepared the Integrated Annual Report;
7. Implemented various CSR programs, externally
and internally, through the CSR Unit in
Throughout 2022, Sudjono, who concurrently holds
coordination with the Corporate Communication
the position of Corporate Secretary and Finance
& CSR Department;
Director, participated in various seminars and
8. Maintained rapport with the media and other
training programs, as detailed in Table 100.
information channels;
9. Coordinated the Company meetings and public
exposes, and prepared their minutes;
Corporate Secretary’s 2022 10. Coordinated corporate actions, among others,
Activity Report bonds issuance and stock buyback;
11. Corresponded with OJK 95 times and with IDX
Throughout 2022, the Corporate Secretary 65 times.
successfully executed the following duties and
responsibilities:

INTERNAL AUDIT
Legal Basis of Establishment In the corporate governance structure of

and Main Duties BFI Finance, the Internal Audit Department
is responsible for improving the Company’s
In accordance with OJK Regulation No. 56/ operational processes through coordination with
POJK.04/2015 on the Establishment and Guidelines the Audit Committee who reports to the BOC. The
for the Preparation of the Internal Audit Unit Charter Internal Audit Department is led by a Department
(POJK 56), the Internal Audit has a function to Head (Head of Internal Audit) and must have at
provide confidence and independent and objective least ten members from within the Company.
consultation internally for the Company. Thus, all staff of the Internal Audit Department are
subject to the Company regulations, including in
the appointment and dismissal procedures, as
Internal Audit Charter well as the performance evaluation of the Internal
Audit staff.
The Internal Audit Charter was adopted on 1 The Head of Internal Audit is appointed and
March 2009 and re-evaluated on 26 January 2021 dismissed by the President Director with the
provides the work guideline for the Internal Audit approval of the BOC. Should the Head of Internal
Department in carrying out the duties and mandate Audit fail to meet the requirements as an internal
from the BOD. The Internal Audit Charter covers auditor and/or is not competent to carry out his/her
the technical, operational, and ethical aspects duties, the President Director can dismiss him/her
governing each member of the Internal Audit based on the approval of the BOC.
Department.
There were 214 internal auditors in the Company’s
Internal Audit Department as at 31 December 2022,
Structure and Position consisting of:
• General Audit: 75 auditors;
• Field Audit: 120 auditors; and
The Internal Audit Department was established on • Head Office: 19 auditors.
31 March 2010 based on the Letter of Appointment
of the Company’s Internal Audit Members. It In 2022, a number of competence enhancement
reports directly to the President Director and has training sessions were held, including advanced
direct access to the Audit Committee, ensuring training for internal auditors held online,
that the implementation of its duties is carried out Management Trainee Program (MTP), Leadership
independently. Development Program (LDP), and assessments.
Up to the end of 2022, no internal auditors of
the Company had professional certification or
qualification in the field of internal audit.
234
Graph 11 Internal Audit Department Structure
Head of Internal Audit
Strategic &
Operational
Development
Audit Head
Audit Head
Assurance
Investigation Business Asset Prevention General
Audit &
& Tele Audit & Credit Management Data Audit Head
Performance
Head Audit Head Audit Head Audit Head
Head
Assurance
Investigation Regional Prevention System Audit Internal IT Audit
Audit &
Audit Audit Data Audit Analytic Control Supervisor
Performance
Specialist Head Supervisor Supervisor Supervisor
Supervisor
Operational & Audit Business & System Audit Internal

Tele Audit Audit & QA IT Audit
Finance Audit Non-Retail Credit Data Analytic Control
Specialist Specialist Specialist
Supervisor Supervisor Analyitc Specialist Specialist
Operational & Audit Asset Audit

Finance Audit Non-Retail Management Performance
Specialist Specialist Data Analytic Specialist
Duties and
Responsibilities
The duties and responsibilities of the Internal Audit 8. Develop a program to evaluate the quality of
function include: Internal Audit activities it carries out;
1. Prepare and execute the annual Internal Audit 9. Carry out special examinations/audits if needed;
plan; and
2. Examine and evaluate the implementation of 10. Compile a ranking/scoring of audit results per
internal control and risk management systems branch office to assess the level of compliance
in accordance with the Company policies; of each branch office with the prevailing
3. Examine and assess the efficiency and regulations, policies and other provisions.
effectiveness of finance, accounting,
operations, human capital, marketing, The Internal Audit Department has the authority to:
information technology and other activities; 1. Access all relevant Company information related
4. Provide suggestions for improvements and to its duties and functions;
objective information about the activities 2. Communicate directly with the BOD, the BOC,
examined at all levels of management; and/or the Audit Committee as well as members
5. Prepare audit reports and report them to the of the BOD, the BOC, and/or the Audit
President Director and the BOC; Committee;
6. Monitor, analyze, and report on the 3. Hold regular and incidental meetings with the
implementation of the followed up BOD, the BOC, and/or the Audit Committee; and
improvements that have been suggested; 4. Coordinate its activities with external auditors’
7. Cooperate with the Audit Committee; activities.

Standards for the Implementation Qualifications for the Head of Internal Audit are:
of Internal Audit Activities 1. Provide an assessment of the adequacy and
effectiveness of the processes carried out
Internal Audit performs audit on the financial by the Company to control its activities and
aspect and monitors compliance with the Company manage risks from its coverage areas;
policies and SOPs, as well as evaluates the 2. Periodically provide information on the status
effectiveness of the Company’s internal control and results of the annual audit planning and
system in accordance with the Risk-Based adequacy of resources; and
Audit concept established by the Risk Oversight 3. Obliged to take responsibility for the
Committee and in line with the Audit Committee’s implementation of his/her duties to the
input. The Internal Audit Department reports all President Director and the BOC through the
potentially adverse findings to the Risk Oversight Audit Committee.
Committee and the Audit Committee. To ensure
their independence and objectivity, all members An Internal Auditor is not allowed to carry out
of the Internal Audit Department shall not accept concurrent duties as an executor of operational
assignments and take operational responsibilities in activities in the Company, except with written
any work units or business functions. approval from the President Director and President
Commissioner without reducing the Company’s
internal control functions. In the event that there are
Internal Audit double duties, if the department/work unit where
the party concurrently holds the position is being
Qualifications audited, then the person concerned may not be
involved in the audit process.
In general, the qualifications for members of the
Internal Audit Department include:
1. Have integrity and professional, independent,
Internal Audit
honest, and objective behavior in carrying out
their duties; Code of Conduct
2. Have knowledge and experience on technical
auditing and other disciplines relevant to their 1. Integrity
field of work; The integrity of Internal Auditors create trust so
3. Have knowledge of the laws and regulations in as to bestow confidence on the conclusions
the capital market sector and other related laws drawn.
and regulations; 2. Objectivity
4. Have the skills to interact and communicate Internal Auditors demonstrate the highest level
both verbally and in writing effectively; of objectivity and professionalism in retrieval,
5. Must comply with professional standards issued evaluation, and dissemination of information
by the Internal Audit association; regarding the activities or processes being
6. Must comply with the code of ethics of Internal audited. Internal auditors carry out a balanced
Audit; assessment of all relevant conditions and are
7. Obliged to maintain the confidentiality of the not influenced by personal interest or other
Company’s information and/or data related parties’ interests in making a conclusion.
to the implementation of the duties and 3. Confidentiality
responsibilities of the Internal Audit, unless Internal Auditors respect the value and
required by laws and regulations or court ownership of information and data received and
decisions; do not disseminate such information and data
8. Understand the principles of good corporate without the approval of the authorized parties.
governance and risk management; and 4. Competency
9. Willing to continuously improve their knowledge, Internal Auditors have the necessary
skills and professional abilities. knowledge, expertise and experience to carry
out their functions.
236
Profile of the Head

of Internal Audit
Fledy Rizmara
Nationality : Indonesia
Age : 42
Domicile : Jakarta
He has served since 2014, based on the • Middle-Management Development Program

Company’s BOD Decree No. SK/BOD/VII/14-009 (MMDP) 1st Batch, by BFI Finance in
dated 16 July 2014. He has worked at BFI Finance collaboration with Prasetiya Mulya Business
since 2005 as Audit Staff, then appointed as Audit School
Team Leader in 2007, Audit Supervisor in 2010, • Know Your Customer by BFI Finance (internal)
General Audit Unit Head in March 2011, and Field • Problem Solving & Decision Making by BFI
Audit Unit Head in August 2011. He obtained his Finance (internal)
Bachelor of Economics in Accounting degree from • Situational Leadership Training by BFI Finance
the Islamic University of Indonesia (UII) in 2004. (internal)
He has been active as trainer in various training • Fraud Mitigation & Investigation Training by BFI
programs for the Company employees since Finance (internal)
2009, and has also participated in the following • Training of Basic Certification Program – a
competence development programs including: training program by APPI for managerial
• Basic Principles of Internal Audit by BFI Finance certification in the form of ‘Basic Financing
(internal) Certification’ from PT Sertifikasi Profesi
• Fraud Detection by BFI Finance (internal) Pembiayaan Indonesia (SPPI)
Activities and Follow-up

on Audit Findings
In general, the Internal Audit Department has • Audit of work units at head office and branches;
independently and objectively carried out audit • Monitoring the implementation of audit
activities at the head office and all branches, recommendations as agreed; and
covering financial audits, audits of compliance • Regular meetings with the Audit Committee to
with policies and SOPs, and evaluation of the discuss the Internal Audit work program and
effectiveness of the internal control system. other matters related to findings in accordance
with the Audit Committee’s supervisory
In 2022, the internal audit process in the function.
Company was enriched by the input from the Risk
Management Department, including the results of In 2022, Internal Audit carried out 382 audits and
branches scoring in the field of risk management, 117,775 visit activities at branches, as well as
so that the internal audit process becomes more 8 audit tasks at the head office. The Management
preventive and corrective for cases that are often had properly responded to the internal audit
encountered in audits. Thus, risk mitigation and findings, and for the cases of fraud that were
problem solving rooted in the Company’s risk exposed, the Company had applied penalties
factors have thus become more effective. in stages, starting from compensation for the
Company losses to termination of employment.
Internal Audit activities in 2022 include: The total value of the Company’s financial losses in
• Compilation of the 2022 annual audit 2022 was less than 0.5% of its total revenue.
work program and evaluation of 2021
implementation;

INTERNAL CONTROL
SYSTEM
The internal control system is part of an integrated 4. Information and Communication System.
business process that ensures that all activities The Company prepares reports on its
are carried out in accordance with the prevailing operational and financial activities as well as
rules and support the achievement of the Company compliance and compliance with laws and
goals, which include effective and efficient business regulations in a timely, accurate, clear and
activities, accurate and reliable financial reporting, objective manner.
and prudent asset maintenance. 5. Supervision
The Company assesses the quality of its
internal control system, including the Internal
Financial and Audit function at each level and unit.
Operational Control
Overall, the Company maintains a tiered control
In controlling the financial aspect, the Company system covering the Company governance bodies,
separates the function of recording transactions as follows:
from the cash disbursement function. The 1. BOC: supervises and directs the Company’s
Company also runs a tiered budget approval management process, financial report
mechanism that involves a check and re-check preparation, and risk oversight by applying the
process. precautionary principle;
2. BOD: implements policies and work procedures
In controlling the operational aspect, the Company in accordance with applicable regulations,
assesses the level of compliance of each function including risk management and mitigation,
with the relevant policies and procedures determination of the Company’s strategic plans,
implemented through the implementation of and the division of duties and authorities of
Guidelines for Business Principles, operational each member of the BOD;
guidelines, procedures, implementation manuals, 3. Internal Audit: conducts audits and improves
work instructions, and other reference documents. the performance of internal control in various
operational and financial activities of the
Company;
Internal Control System 4. BOD: follows up on all audit findings based on
the Internal Audit report; and
Components
5. Audit Committee: assesses the implementation
of activities and the results of audits conducted
The internal control system consists of the
by the Internal Audit in order to provide
following components:
recommendations for improvements to the
1. Control Environment
Internal Control System. The Audit Committee
The BOD and all employees must create and
also ensures that there is a procedure for
maintain a work environment with a positive
reviewing information issued by the Company
attitude, support the internal control, and carry
and for identifying matters requiring the
out sound management.
attention of the BOC.
2. Risk Assessment
Each work unit must identify, analyze, and
assess the relevant risks in relation to its
operational activities, both within and outside of
Evaluation of Internal Control
the Company. System’s Effectiveness
3. Control Activity
This activity is applied to the implementation Using the Internal Audit Department and according
of activities at every level and unit in the to the Audit Committee evaluation criteria, the
organizational structure of the Company, among Company has evaluated the efficacy of the internal
others, by regulating authority, authorization, control system for the Company financial reporting
verification, reconciliation, appraisal of as at 31 December 2022.
work performance, division of duties, and
safeguarding of assets.
238
The result of the evaluation of the internal control The BOC and the BOD concluded that up to 31
system’s efficacy contains recommendations December 2022, the Company’s internal control
on the results of internal and external audits as system over its financial reporting had been
input for management in taking corrective steps effective, and that this system is adequate for
and improving policies and the internal control the scope of business the Company is currently
system, in order to support the achievement of the engaged in.
Company objectives.

RISK
MANAGEMENT
Over the past few years, BFI Finance has been 3. Adequacy of identification, assessment,
carrying out a digital transformation that has monitoring, and risk control processes
introduced improvements into the business The Company has adequate mechanisms
processes, technology, and procedures and structures for risk management, starting
implemented throughout the Company. To from risk identification to risk mitigation. This
adequately account for this ongoing transformation, mechanism is applied comprehensively, starting
the Company’s risk management system was from determination of customers’ profile to
expanded in 2022 to comprehensively cover the settlement of customers’ obligation.
various risk categories that may arise, both in terms 4. Risk management information system
of digitally-driven business development initiatives The Company’s risk management system is
as well as from conventional day-to-day business integrated with a robust database and adequate
activities. internal procedures to improve the quality of
risk management and portfolio performance
Furthermore, this risk management system has reporting.
incorporated steps to satisfy the requirements set 5. Comprehensive internal control system
in POJK on Anti-Money Laundering and Combating The Company implements an internal
the Financing of Terrorism (AML–CFT) and Know control system based on the Three Lines of
Your Customer (KYC). This is carried out by a Defense approach: supervisory, control, and
special unit under the coordination and supervision management functions.
of the Operational Risk & KYC Department. This • First Line of Defense
unit manages risks related to AML–CFT and KYC Business and operational units are
by intensively monitoring and reporting on related responsible for identifying, assessing,
risk profile, in addition to collaborating with third overseeing, and mitigating risks. Their main
parties, including authorities, and organizing responsibility is to manage risk exposure
employee training programs. daily in accordance with established market
targets, policies, and procedures.
The Company’s risk management has been • Second Line of Defense
designed and implemented to align with the The Enterprise Risk Directorate, the
various relevant OJK Regulations, by taking into Financial Control Department, as well as
consideration and ensuring the following matters: the Legal & Litigation Unit (as part of the
1. Active supervision of the BOD and BOC Asset Management, Recovery & Inventory
The BOD and BOC actively conduct their Department) carry out their independent
respective roles in risk management. The supervisory functions. The Enterprise Risk
BOC is supported by the Risk Management Directorate is responsible for carrying out
Committee responsible for approving the studies and approving acceptable risk levels
framework and risk management policies of the and strategies, as well as cooperating with
Company. The BOC grants authority to the BOD business and operational units in ensuring
to carry out business activities in accordance risk is managed according to established
with the Company’s risk profile and risk limits. The Legal & Litigation Unit manages
appetite. compliance risks related to legal matters and
2. Adequacy of policies, procedures, and risk- is responsible in ensuring the dissemination
limit setting and adherence of applicable regulations by
The Company’s risk management policies, all related units.
procedures, and limits are regularly assessed to • Third Line of Defense
ensure compliance with its business activities The Internal Audit Department periodically
and strategies, segment of new products and performs independent audit and assessment
customers, as well as compliance with the latest on each process undertaken by each unit on
regulations. These policies include authorization the first and second lines of defense.
for credit transactions and accounts receivable
loss reserve.
240
BFI Finance carries out a comprehensive risk system is evaluated periodically, to ensure effective
management system to ensure its business implementation, and is enhanced on an ongoing
continuity by managing each risk factor in its basis with the latest features and standards for an
operational activities. This risk management improved risk management performance.
Graph 12 Three Lines of Defense in Risk Management
General Meeting of Shareholders
Board of Commissioners
Audit Risk Oversight Nomination and

Committee Committee Remuneration Committee
President
Director
Internal Enterprise
Audit Risk Director
Risk Operational Credit Asset Management,

Management Risk & KYC Operations Recovery & Inventory
Risk Management Strategy and

Performance in 2022
In line with digitalization developments and BFI • Scalability; and
Finance’s need to maintain relevance to market • Ability to manage each product segment and
behavior, the Company undertook various specific consumer segment separately.
initiatives to improve end-to-end business
processes. These initiatives have changed the The shift in business scope in Indonesia,
Company’s risk management paradigm, from particularly in the multifinance industry, has
previously relying on a conventional system of changed the Company’s risk profile and matrix.
expert decision-making, to a digitally-empowered, This shift involves improving risk indicators,
data-driven decision-making. Innovation in risk including increases in approval, arrears (late
management is one of the Company’s principal repayments), and collection rates. The role of
investments that is expected to optimize digitalization in BFI Finance’s risk management is
productivity and performance, so that it can provide targeted at instigating two main changes, namely:
the best level of service to meet the demands and 1. Changing the mindset of the people to
needs of its consumers by continuously evaluating recognize that digitizing business processes
every risk factor it faces in the business. The comprehensively and integratively is of
primary benefits are as follows: utmost importance. This process includes
• Ability to rely on multiple sources of data credit applications, data collection, decision
collected independently; making, document management, assessment,
• Simpler controls; to disbursement, debt collection, and
• Speed in operation; withdrawals; and

2. Significantly increasing productivity for poses certain challenges in terms of acceptance,

all personnel involved in various business so manual intervention remains essential in daily
processes. Through the automation process business activities. Since the digitalization process
that is in line with the Company’s business is still in its pilot stage, an end-to-end automated
model, human errors, especially at the process intended to strengthen risk management
evaluation stage, can be minimized so that the is currently implemented in stages, with due care
speed and accuracy of decision making can be and due diligence. The Company expects this
maintained. journey will require a considerable amount of time,
effort, and collaboration, to ensure the effective
BFI Finance’s main improvement in risk functioning of the business.
management in 2022 was driven by its digital
transformation initiatives. This was done by For the future, with these enhancements, BFI
launching a pilot project, which was initiated in Finance aims to maintain and further improve
late 2021, that was subsequently rolled out at a the quality of its employees in all work units,
larger scale up to the end of 2022. This initiative improve data science and data analytics profiles,
enhanced the Company’s collection risk model and reduce manual work. To ensure continuous
with an algorithm-based scoring feature. This improvement related to digitalization of business
feature groups consumers into several different processes in the long term, BFI Finance invested
risk categories, from low to high categories, heavily in developing a data science team that was
and is handled according to their classification. established in 2022.
This increases collection productivity, as those
in the high-risk group are handled by special
collection officers, not through telemarketing and 2022 Risk Matrix
omnichannel, as was done before.
Users have responded to these system BFI Finance classifies various risks in its business
improvements through digitization in different ways based on POJK 44/2020, and has developed a
that largely depend on their level of readiness. risk matrix describing the potential impacts and
Particularly in remote areas, integrated digitization mitigation of each risk factor.
Table 125 Risk Matrix 2022
Risk Potential Risk

No Source Mitigation
Type Impact Rating
1 Strategic Failure to set All business 1. Active supervision of BOC Middle-Low

Risk appropriate and and BOD
strategy to achieve operational 2. Periodic evaluation and
main objectives aspects adjustment of strategic plans
2 Operational Failure of internal Products 1. SOP preparation and Middle-Low

Risk and external and services; implementation for each work
processes; business process to prevent violation
disruption to processes; 2. Establishment of Operational
operational operational Risk Management (ORM),
and financial activities; Risk Quality Management,
processes; systems and and Operational Risk
regulation issues; infrastructure; Monitoring Units
internal or external reputation 3. Establishment of Disaster
frauds Recovery Plan and Disaster
Recovery Center
4. Internal Audit monitoring
5. Comprehensive awareness
and fraud prevention
programs
6. Early warning indicators
242
Risk Potential Risk

No Source Mitigation
Type Impact Rating
3 Financing Failure of debtors Financial 1. Existence of policies Middle-Low

Risk to fulfill their conditions; and procedures for the
(Credit Risk) obligations to reputation determination of target
the Company; markets, credit approvals,
changes in interest rate, rate limits, and
external factors exposures
2. Billing management
3. Implementation of MIS
to measure portfolio
performance
4. Quick and accurate problem
detection and problem solving
5. Stress test and early detection
system
6. Portfolio diversification
policies and customer base
7. Loan loss provisions in
accordance with SFAS 71
4 Market Risk Changes in market None 1. Hedging for all debts taken in Middle-Low
prices of the foreign currencies
portfolio positions 2. Disbursement of financing in
and administrative rupiah
accounts including
derivative
transactions
5 Liquidity Risk Failure to service Financial 1. Effective management of cash Middle-Low

obligations that condition; flows
have come due reputation 2. Gathering and analysis of
data and key indicators
3. Management of liquidity,
gaps, and pricing
6 Legal Risk Failure that may All business 1. Proper business conduct in Middle-Low
result in legal and financing in accordance with
weaknesses operational the prevailing regulations
aspects 2. Transparency in every
financing provided
3. Review of every clause in the
financing document by the
Legal Team
7 Compliance Non-compliance Financial, 1. Proper business conduct in Middle-Low

Risk with the prevailing business financing in accordance with
regulations operations; the prevailing regulations
reputation 2. Timely fulfillment of
obligations related to the
authorities
8 Reputation Events that may Reputation 1. Collection and collateral Middle-Low

Risk create a negative execution activities ensured
perception on the to be in line with ethics and
Company the prevailing regulations
2. Civil and rapid handling of
complaints from debtors and
the public
3. Monitoring of negative
reporting from mass media
and social media, and
providing explanation as
required

Graph 13 Diversification of Financing by Managed Receivables
13.2%
Kalimantan 14.7%
Sulawesi and Eastern Indonesia
19.2%
Sumatra
25.5%
Greater Jakarta 27.4%
Java and Bali
Evaluation on the Effectiveness of direction from the BOD has increased the Company’s
Risk Management System in 2022 confidence to continuously improve every element of
risk management, to ensure proper implementation
The Company’s risk profile for 2022 was overall in of the overall business strategy and support its
the Middle-Low Risk category, based on the results business expansion more in coming years.
of self-assessment conducted in accordance with
POJK 28/2020 and POJK 44/2020. The Company’s
risk profile is reported quarterly to the Risk 2023 Risk Management Focus
Oversight Committee for follow up. and Development Plan
In relation to the restructuring program carried out The Company’s analysis and evaluation of its
by the Company in accordance with instructions risk factors in 2023 will closely track recent
from OJK regarding the Covid-19 pandemic, as developments, such as persistently high inflation
at 31 December 2022, the outstanding value of and the threat of a global recession, coupled with
its Receivables under Restructuring was Rp337 certain inertia in society vis-à-vis a more digital
billion, or 1.6% of the Total Managed Receivables. way of life. In line with the Company’s aspiration to
This figure had declined by 10.2% compared to the expand its digital risk management implementation,
figure in 2021. the Company will also strengthen and complement
its three lines of defense.
In 2022, the Company paid more attention to
improving its three lines of defense, namely internal Given the aspects that may affect the business
control, risk management and internal audit. This as mentioned above, BFI Finance will strengthen
was achieved by developing a mitigation plan and its risk management system especially with the
holding more frequent meetings and reporting following planned initiatives:
on several potential risks, as well as a follow-up 1. Launch a digital-based risk management
process when potential risks had been identified. system nationally;
The Enterprise Risk Directorate conducted risk 2. Implementation of new systems and
portfolio analyses, maintained credit quality and infrastructure to support risk management and
asset quality up to recovery; while the Internal collection processes;
Audit function, which acts independently, oversaw 3. Strengthen partnerships and use of external
and evaluated operational processes; and the Risk data sources;
Oversight Committee and the Audit Committee 4. Expand the statistical model for use in all areas
carried out independent oversight as needed. of risk management;
5. Develop of a stronger collection partnership
The extensive efforts of the Company’s risk team to ensure more effective management of
management resulted in effective business high-risk customers; and
performance in 2022. The BOC’s oversight and 6. Establish an ISO 27001-compliant information
security infrastructure.
244
LEGAL
CASES
There were 36 ongoing legal cases faced by the Based on the assessment carried out by the
Company as of the end of 2022 and by the time Company, these cases and/or legal cases did not
this report is printed. A total of 33 cases took have significant/material impacts on the Company’s
place in court, and the rest were handled by the business continuity, and were part of the
Consumer Dispute Settlement Agency (BPSK in Company’s routine activities. The total outstanding
Indonesian abbreviation). principal from all these cases is Rp14.8 billion, or
less than 0.1% of the Company’s Total Managed
Receivables.
Table 126 2022 Legal Cases
Case Type Handling Institution Number of Cases BFI Finance’s Status
Consumer Dispute Local District Courts 33 As Plaintiff :1

As Defendant : 32
Others : None
(bankruptcy litigation of other
companies)
BPSK 3 As Complainee :3
Total 36
The Company has ensured that all of the above cases will have no significant or material negative impact
on the Company’s business continuity and they are part of the Company’s normal course of doing
business.
ADMINISTRATIVE
SANCTIONS
In 2022, no administrative sanctions of any form were imposed by OJK, IDX, or other authorities on the
Company or the members of its BOD or BOC.

ACCESS TO INFORMATION
AND COMMUNICATION
Access to Company Stakeholders wishing to obtain other information

Information and Data not provided in the aforementioned channels can
address their inquiries directly to BFI Finance’s
It is in the interest of the Company to ensure the Head Office, with contact details as follows:
presence of a clear and effective mechanism for the
dissemination of information to all stakeholders, as PT BFI Finance Indonesia Tbk
part of the transparency or information disclosure attn. Corporate Communication (CorComm) Unit
principle’s implementation. BFI Tower
Sunburst CBD Lot 1.2
The mechanism of the Company’s information Jl. Kapt. Soebijanto Djojohadikusumo
dissemination covered internal and external BSD City, South Tangerang 15322
mechanisms, with the delivery depending on the Indonesia
stakeholders and the type of information they Phone : (62-21) 2965 0300, 2965 0500
require. Email : [email protected]
Website : bfi.co.id
The Company disseminates information to various
stakeholders in order to spread knowledge,
understanding, and to create and foster the Corporate Communication
stakeholders’ positive perception of the Company’s
policies and activities.
The function to disseminate information, latest
Access to Company’s information and data news, and messages on behalf of the Company,
is available to all stakeholders and investors as well as to foster an effective coordination, both
through bfi.co.id website, which contains various internally and externally, in order to build and
information on the Company’s profile, products and maintain the Company’s reputation in the view
services, performance reports, financial statements, of stakeholders, is shouldered by the Corporate
and others. Communication.
Other channels for the dissemination of information Corporate Communication is under the Corporate
include: Communication & Corporate Social Responsibility
1. Customer Care Hotline: 1500018 (CorComm & CSR) Department. Its duties include
(one-stop solution) to manage all communication activities and all
2. Customer Care Email: [email protected] internal and external communications of the
3. Customer Care SMS: 0815 8767 234 Company, maintain stakeholders’ satisfaction,
4. Customer Care WhatsApp: 08821 1500018 including that of the shareholders and the
5. Customer Care Zoom: CS Virtual Government, through the provision of information
6. Customer Care Live Chat: bfi.co.id and data related to the Company. The Company
7. Social media, i.e., Facebook, Twitter, Instagram, communication with all stakeholders is performed
YouTube, Linkedln, and TikTok: along three means, namely:
• Facebook : BFI Finance 1. External Communication (Public);
• Twitter : @BFIFinance 2. Internal Communication; and
• Instagram : @bfifinance 3. Corporate Branding.
• YouTube : BFI Finance Official
• LinkedIn : PT BFI Finance Indonesia Tbk External Communication (Public)
• TikTok : @bfifinanceofficial The Company communicates with external
shareholders by managing and disseminating the
Company’s information to various mass media and
246
other third parties in order to create harmonious public, customers and potential customers,
relations with all stakeholders and the general investors and potential investors, as well
public. Mandatory information, such as the as regulators, to know various news about
business condition of the Company, is conveyed in the latest performances, activities and
a timely and accurate manner. achievements of the Company.
• The Company’s website development and
The following describes the function of external updates are carried out in accordance with
communication of the Company: POJK No. 8/POJK.04/2015 concerning
1. To develop and implement communication Website of Issuers or Public Companies.
strategies in all of the Company’s • Since 2022, BFI Finance as a business
communication media; engaged in the financial sector, with the
2. To create publicity materials to enhance the Indonesian Business Field Standard
Company’s profile and marketing activities; Classification (KBLI) defining its field as
3. To ensure up-to-date and appropriate contents, Conventional Multifinance Company, has
improve functions, apply and expand social obtained a Business Permit to Support
media strategies in order to enhance the Business Activities (PB-UMKU) No.
Company profile; 812021319184101510001 and Domestic
4. To ensure strong brand communication and Electronic System Operator Registration
Corporate Brand Guidelines implementations, Certificate (TDPSE) No. 003857.01/DJAI.
and monitor all matters related to the Company PSE/07/2022 for the Company’s website,
brand; bfi.co.id. The PB-UMKU and Domestic
5. To ensure the countermeasures and handling of TDPSE were issued by the Electronic
the Company’s communication crisis in all lines; Certification Center on 12 July 2022, on
6. To be responsible for the contents and behalf of the RI Minister of Communication
information in each communication channel and Information and Minister of Investment/
and promotional material, be it above-the-line, Head of the Investment Coordinating
below-the-line, internally, or externally; Board (BKPM). This reflects the Company’s
7. To work closely with other related units to compliance with the regulations governing
ensure an integrated and complementary information and electronic transactions (ITE).
communication function; 2. Company’s Social Network
8. To support all activities or events, both internally BFI Finance pays attention to the latest
and externally; developments in social media and harnesses
9. To cooperate with communities or community them to facilitate interactive communications
development organizations to conduct with all stakeholders. The Company manages
economic activities that are aligned with the online communication channels, through
Company’s vision and mission; and Facebook, Instagram, Twitter, YouTube,
10.To cooperate comprehensively with the LinkedIn, and TikTok that was launched in
regulators, to foster a mutually-beneficial work 2022. They are managed collaboratively by
relationship that serve the interests of both the Corporate Communication and Digital
sides. Marketing Units.
3. Press Conference
Daily, the Company utilizes the following external BFI Finance issued 21 press releases to
communication channels: disclose information to the general public in
1. Communication through the Company Website 2022. These press releases were published in
The Company website, bfi.co.id, provides the various print and online media across Indonesia.
latest information related to the Company’s 4. Other Communication Channels
financial performance on a quarterly basis, The Company manages other communication
disclosure of information related to corporate channels to facilitate interactions with its
actions, and other current information regarding customers and potential customers (consumers
the Company, and the latest achievements. in general), such as SMS, email, WhatsApp,
The Company website is updated constantly, and Customer Care Hotline, as explained in the
to inform the customers and general public previous section.
of the latest promotional programs, customer
testimonials, and financial services offered by Internal Communication
the Company. The Company provides its employees with access
• Visitors to the website can communicate to information related to various aspects of the
with Customer Care staff and discuss Company’s business activities. This internal
matters regarding to financial products and communication and access ensures that all
services, file a complaint or suggestion, and employees have the latest information and accurate
inquire about job vacancies and scholarship understanding regarding the current condition of
opportunities. the Company, as well as other general information
• Since 2016, BFI Finance’s website has been related to the Company’s business activities.
equipped with communication functions and Similar to the external stakeholders, the Company
data access to make it easier for the general implements the same principle of information

disclosure towards its internal stakeholders in this identity as well as to seek effective ways to
manner, to continuously increase the quality of communicate these to the external and internal
interaction between the management and other stakeholders.
internal stakeholders, especially the employees.
To establish the image and representation of BFI
The Company employs a one-stop communication Finance in public, and to support the Company’s
system for its internal and external communications tools of communications, marketing, and
alike. All general information of the Company is promotional efforts, the Company relies on its
managed by the CorComm Unit. Corporate Brand Guidelines, which was established
in 2017.
The Company’s internal communication activities
include: Corporate Branding activities in 2022 include:
1. Digital Media 1. Ensuring that all attributes used and those
The Company uses digital media as a carrying the Company name in national or local
communication channel to minimize paper use, events at branch offices were in line with the
increase operational efficiency, and conserve Company’s corporate identity standards;
the environment. The various digital media 2. Continuing the campaign for the Company
used for internal communication include email tagline #SelaluAdaJalan (There is Always a Way)
blasts, the Company website, and the Service to promote the Company’s vision and mission
Insight Community (SIC) internal portal, which as a multifinance company that is prepared to
is a specialized electronic information center for assist community’s needs and support their
employees. SIC contains the latest information self-reliance programs through micro, small,
regarding business activities, fellow employees’ medium and even large scale enterprises;
activities, and serves as a venue for sharing 3. Providing consultation and support to all work
information among employees, accessing units of the Company in all activities and official
general information and healthy lifestyle and events of the Company, or those which involved
environmental campaigns. sponsorships so that they were in line with the
2. Meetings corporate identity standards;
The Company organizes various meetings to 4. Providing consultation and assistance to
facilitate dialogue and sharing from the senior support the campaign of financial products of
management of the Company and external the Company;
speakers regarding the latest topics: those 5. Monitoring the promotional materials and
related to the Company’s business activities campaigns for financing products from the
or personality development. These meetings Company as published in various media to
are held by the Human Capital Department ensure their compliance with the regulations set
as part of employee engagement program. by the Company and the regulators;
Since the Covid-19 pandemic was declared 6. Organizing a media gathering as one of
a national disaster, some planned meetings the media relations program to provide
were diverted to online. However, owing to the opportunities to stakeholders, i.e., members of
reduction in the number of Covid-19 cases in the press, to communicate directly in person
2022 and considering that all employees had to representatives of the management of the
been vaccinated in line with the Indonesian Company. At this informal event, the Company
Government’s stipulation, meetings are held delivered the latest developments in its
in a hybrid form, with the proviso that offline business, in collaboration with Pinjam Modal
meetings be held by enacting the specified (PT FIT);
health protocols. 7. Organizing community empowerment activities
3. Direct Engagement on the importance of financial literacy regarding
To strengthen employee camaraderie and financing practices and its processes, held
engagement, the Company conducted online for internal and external parties of the
various internal communication programs Company through these following various
intensively with its employees, and continued activities:
to communicate its objectives and targets. One • Public communication training program
of the measures taken was through gimmicks attended by internal parties as participants,
(small gifts) containing the Company values to namely Branch Managers, to become
shore up employee morale to every employee spokespersons in accordance with the
without exception. Company’s provisions and guidelines; and
• Published special articles on financial
Corporate Branding literacy in local mass media (printed and
Corporate branding is used to coordinate various online) that discussed various topics on
Company activities to improve the image of the financing products as well as debtor’s rights
Company in the public, especially the external and obligations in credit agreements;
stakeholders. The duties of the Corporate Branding 8. Posted videos on YouTube featuring
function is to standardize and define the standards inspirational customers of the Company who
for all matters related to the Company’s corporate have become successful entrepreneurs in
248
various regions thanks to the working capital products in the customers’ view as to meet the
financing at BFI Finance. These consumers also Company’s expectation.
have excellent credit track records so that they
become an example for other consumers and This function is managed by the Integrated
the community; Marketing Communication Unit or IMC (including
9. Managing the Company’s form of printed strategic communication and event activation
products such as calendars, greeting cards, and functions). Activities carried out to support the
souvenirs as the means to raise awareness on marketing include:
the Company presence; 1. Promoting financing products and services by
10. Conducted a talk show on financial literacy, participating in various exhibitions for machinery
aimed at raising public awareness and and heavy equipment financing segment, i.e.,
knowledge in making the right financial Surabaya Printing Expo, Mining Indonesia Expo,
decisions for their financial sustainability; and All Print Indonesia Expo;
11. Participated in the 2022 Financial Inclusion 2. Conducted meetings and appreciation events in
Month (BIK) Exhibition to encourage easy a number of cities for business partners, such
access to financing and approach the as Carsentro, Carshow.id, and car dealers; and
community in promoting the Company’s 3. Conducted promotional activation via ‘BFI
products and services; and Srikandi’ activity for motorcycle financing.
12. Organized BFI RUN 2022 and BFI RIDE 2022
as healthy lifestyle campaigns for customers, The unit’s activities are also detailed in the
business partners, communities, and the Marketing section in the Management Discussion
general public. and Analysis chapter (pages 133–136).
Product Promotion Correspondence

with OJK and IDX
The Company disseminates product information Throughout 2022, the Company corresponded
to cultivate customers’ interest in making use 95 times with OJK and 65 times with IDX. This
of the Company’s financial services, attract new function is conducted by the Corporate Regulatory
customers, maintain sales in a sluggish market Compliance Unit under the Corporate Secretariat
condition, differentiate its financial products to gain Department.
edge vis-à-vis its peers, and build the image of the

INVESTOR
RELATIONS
The Investor Relations function cultivates and Duties and

maintains communication and relationships Responsibilities
between BFI Finance and its various stakeholders,
specifically shareholders, potential investors, and The Investor Relations Unit has the following duties
analysts. and responsibilities:
1. To serve as a liaison between the Company
Via this function, the Company aims to update and external stakeholders, especially
and engage the public of all key developments the shareholders, potential investors and
and material information in a consistent and government institutions related to capital
transparent manner. This is done through various market and investments;
channels, such as analyst meetings (including 2. To act as a coordinator in preparing the
public exposes), conferences, investor visits and Company’s Annual Report;
conference calls, as well as information delivered 3. To manage the reports’ publication process
via the Company’s official website. . online, on the Company’s website, bfi.co.id; and
4. To act as the organizer, main coordinator and
supervisor of the Company’s various activities,
such as GMS and Public Expose.
Investor Relations
Profile
Ng Koon Pek
Nationality : Malaysian
Age : 45
Domicile : Jakarta
She has been serving the function of Investor Corporate Advisors, Kuala Lumpur, in 2001 before
Relations since January 2011 and passed the fit joining General Electric’s Financial Management
and proper test for foreign workers from OJK based Program from 2002–2004. She obtained her
on the Decree of the Board of Commissioners of Bachelor of Arts or B.A. (Hons) degree in Industrial
OJK No. KEP-860/NB.1/2014 dated 2 May 2014. Economics from the University of Nottingham,
Prior to joining BFI Finance, she was Vice President UK, in 1999, and Master of Science (M.Sc.) in
of Equity Capital Markets at CIMB Investment International Securities, Investment and Banking
Bank in Malaysia and Indonesia until 2009. She from ISMA Centre of the University of Reading, UK,
started her career as an Analyst for Nikkei Pacific in 2000.
250
Activities
The Investor Relations work programs in 2022 are as follows:
Table 127 Investor Activities in 2022
Type of Activity Total Activities
Analyst Meeting 4 times
Conferences 2 times
Investor One-on-One Meetings 61 times
Investor Group Virtual Meetings 3 times (total participants: 82)

COMPLIANCE
The Compliance Unit at BFI Finance is managed 2. Policies and procedures

by the BOD under the supervision of the President a. Adjustment to the policies and procedures
Director and the Corporate Secretary. The for implementing the AML–CFT Program in
unit oversees policies, regulations, systems, the Company’s operations according to the
procedures, and activities of the Company, as well regulatory requirements and the Company’s
as ensures compliance with applicable regulations. strategy;
b. Dissemination of policies and procedures
Consistent with its nature of business in the related to the implementation of AML–CFT
financial services sector, BFI Finance ensures its program in each function in the Company;
compliance with the government’s program in and
support of the global initiative to eradicate the c. Reporting of Cash Transactions and
criminal act of money laundering and combat the Suspicious Transactions to PPATK through
financing of terrorism. the GoAML application.
3. Internal control
Anti–Money Laundering and a. Collaboration with Internal Audit in the audit
Combating the Financing of of policies and procedures in accordance
with POJK 12/2017 and POJK 23/2019
Terrorism (AML– CFT) as well as auditing the implementation of
the Company’s AML–CFT policies and
BFI Finance established the AML–CFT & KYC Unit procedures;
which since 2021 has been under the coordination b. Data Updating program, for which the plans
and supervision of the Operational Risk & KYC and accomplishments have been reported
Department and the Enterprise Risk Directorate. to OJK; and
The Head of Operational Risk & KYC directly c. Selection as one of the participants
reports to the Enterprise Risk Director. of PPATK’s program that graded the
implementation of the Company’s AML–CFT
This unit’s supervisory function encompassed five Program through the Financial Integrity
programs in 2022, with detail of initiatives in each Rating on Money Laundering and Terrorist
program as outlined below: Financing (FIR on ML/TF) in 2021 and
2022 in the Leasing category, for which
1. Active supervision by the BOD and the BOC the Company was placed in the “Good”
a. Adjustment of the organizational structure in category in 2021 and 2022. The FIR score in
the Enterprise Risk Directorate and branch 2022 was 0.23 points higher than the 2021
offices in accordance with the regulations’ FIR score. The overall score assigned to the
requirements and the Company’s strategy; Company in 2022 FIR was even higher than
b. Discussion of the AML–CFT framework for the average score nationwide, the average
follow-up actions that need to be done by score for non-bank financial institutions, and
considering all aspects of the regulatory the average score for the Leasing category.
requirements and the Company’s strategy;
c. Update to the AML–CFT risk profile 4. Management information system
calculation reference to the National a. Quarterly reporting of debtors’ data to
Risk Assessment (NRA) published by PPATK through the SIPESAT application;
the Financial Transaction Reporting and b. Identification and implementation of AML–
Analysis Center (PPATK) and Sectoral Risk CFT “red flag tools” in accordance with
Assessment (SRA) published by OJK; and the Circular of the Head of PPATK No.
d. Discussion of AML–CFT risk profile and SE-03/1.02/PPATK/05/15 on the Indicators
its follow-up with the Risk Oversight of Suspicious Financial Transactions for
Committee. Financial Services Provider, for monitoring
of Cash Transactions and Suspicious
Transactions;
252
c. Testing of the strength of indicators in i. Reporting of AML–CFT risk scoring level

AML–CFT “red flag tools” to ensure that through OJK’s Online Reporting Application
the Company is not utilized as a means of (APOLO).
money laundering;
d. Monitoring of Cash Transactions and 5. Human resources and training
Suspicious Transactions on a regular basis a. The Company’s human capital training and
to ensure that no cash transactions whose monitoring on AML–CFT in 2022, which
value exceeded Rp500 million were reported was conducted by e-learning via M-BEAT
late; application (digital learning media for BFI
e. Creating a Watchlist Database related to Finance’s employees);
the implementation of AML–CFT Program b. Participation in AML–CFT trainings from
from various data sources that are not OJK, PPATK, and other parties, to ensure
only oriented towards domestic regulatory understanding and knowledge in line
compliance, but also the interests of with the latest regulatory developments
investors from the European Union and the and typologies of money laundering and
United States to identify the level of risk of terrorism financing activities;
Debtors and Prospective Debtors; c. Production of pocket books of AML–CFT
f. Creation of a Politically Exposed Persons as a practical guideline in AML–CFT
(PEPs) Database from various sources; implementation for several positions directly
g. E-register to the SIGAP system and report related to business transactions; and
the results of the debtor data examination d. Sharing of educational information on
of the List of Suspected Terrorists money laundering cases to employees
and Terrorist Organizations (DTTOT in in the Product Manager position who are
Indonesian abbreviation) data and the responsible for AML-CFT activities at the
List of Proliferation of Weapons of Mass branches.
Destruction;
h. Reporting of data enrichment on suspects
of terrorism financing through SIPENDAR
application; and

CODE OF CONDUCT AND

CORPORATE CULTURE
Code of Conduct with the rules of conduct in order to maintain good

name, confidentiality, and other important matters
that affect the Company’s reputation.
BFI Finance has established and is implementing
a Code of Conduct, i.e., a set of policies related The Company’s Code of Conduct contains
to business ethics and ethical conduct for its Corporate Values that are manifested in the
employees that govern all business activities, to following behaviors:
ensure their alignment with the Company’s vision, 1. Grow and Improve Continuously
mission, and culture. 2. Respect and Care
3. Excellent Service
The Company’s Code of Conduct is developed 4. Absolute Integrity
based on the following GCG principles: 5. Trust and Team Spirit
• Transparency, which is implemented by
ensuring the transparency and measurability The essence of the Company’s Code of Conduct is
of every step and process in policy formulation further reflected in the Code of Business Principles
and decision-making by the BOC, the BOD, and applicable in BFI Finance, as follows:
all levels of the Company;
• Independence, which is implemented by Corporate Responsibilities
carrying out its activities independently, In the Code of Business Principles, BFI Finance
professionally, in accordance with the code of acknowledges five corporate responsibilities, as
conduct, and free from influence from other follows:
parties; 1. To the Shareholders
• Accountability, which is implemented by clearly • BFI Finance conducts its business with an
defining the responsibilities and authorities aim to improve shareholders’ values based
of the BOC, the BOD, and all levels of the on GCG principles;
Company in the organizational structure and • BFI Finance intends to give optimum results
their respective job descriptions; and return on investment to shareholders,
• Responsibility, which is implemented by aligning while still retaining adequate fund to support
the management of the Company with the the Company’s growth;
applicable laws and regulations and sound • BFI Finance values good relationships with
business principles; and its shareholders and shall provide timely,
• Fairness, which is implemented by upholding regular, and reliable information on the
a sense of justice and equality in fulfilling the activities, financial status, and business
rights of the stake outcomes of the Company.
2. To the Customers
Code of Conduct Contents BFI Finance is committed to attracting and
The Company’s Code of Conduct consists of retaining customers by providing value-added
business ethics and ethical conduct. financial products and services which are cost-
effective and beneficial for the customers.
The business ethics part describes how the 3. To the Employees
Company, as a business entity, should behave, • BFI Finance values its employees as an
conduct, and act in an effort to balance the important resource and is committed to
interests of the Company and the interests of all continuously developing them;
stakeholders, in accordance with GCG principles • BFI Finance shall recruit, employ, train,
and the Corporate Values while still maintaining the and promote employees based on their
Company’s profitability. qualifications and capabilities;
• BFI Finance is responsible for creating a
Ethical Conduct is a set of value-based rules which healthy workplace and ensuring the safety of
reflects the attitude and commitment in complying its employees.
254
4. To All Stakeholders Implementation and Enforcement

BFI Finance always fosters mutually beneficial of the Code of Conduct
relationships with its creditors, business To support the implementation of the Code of
partners, and other stakeholders, and Conduct, the Company requires the following:
encourage these principles in its daily activities. 1. The Company’s Code of Conduct shall be
5. To the Communities applied to all employees, including all members
As a member of the community, BFI Finance of the BOC, all Committees under the BOC, as
always conducts its business responsibly, well as the BOD and all management;
by complying with the applicable laws 2. The Company’s Code of Conduct shall
and regulations, and by ensuring that the be disseminated to and understood by all
Company’s activities do not violate any human employees; and
rights. The Company’s community participation, 3. The management shall set an example to their
in the form of donation, training, and other subordinates on the implementation of the
social activities, is intended to improve the Code of Conduct.
quality of life of the surrounding communities
and to yield direct benefits to the people. Code of Conduct dissemination measures in
2022 were carried out in conjunction with the
Business Integrity dissemination of the Company’s Core Values and
BFI Finance and all of its branch offices uphold ethical conduct for employees. The Human Capital
honesty, integrity, and fairness in all business Department disseminated the Code of Conduct
aspects and they expect the same from their through e-mail blast.
business partners. All business transactions on
the Company’s behalf are recorded accurately in BFI Finance’s management maintains an Integrity
accordance with the standard operating procedures Pact containing the Company’s commitment to
and are subject to audit. All employees shall put implementing GCG principles. The BOC, BOD,
aside their personal interests when conducting the and all employees are committed to continuously
Company’s business. applying the Company’s Integrity Pact to the best
of their ability. The Integrity Pact of BFI Finance
Company Asset Utilization and Protection regulates the Guidelines on Business Principles.
BFI Finance memastikan setiap karyawan
bertanggung jawab atas pemakaian yang wajar, In implementing the Guidelines on Business
perlindungan dan pelestarian aset dan sumber daya Principles, the BOC, BOD, and all employees,
Perusahaan. Aset dan sumber daya Perusahaan, regardless of their positions, shall comply with
maupun kesempatan-kesempatan apapun yang the ethics embedded in the Company’s Core
timbul berdasarkan kedudukan seseorang, Values to the highest degree. The management
digunakan semata-mata untuk kepentingan and employees of the Company must understand
pencapaian tujuan Perusahaan dan bukan untuk and abide by the core values, which are crucial in
kepentingan pribadi. Karyawan BFI Finance maintaining the Company’s sustainable growth.
dilarang mencari keuntungan untuk diri mereka
sendiri atau orang lain melalui penyalahgunaan Handling of the Violations
jabatan. to the Code of Conduct
BFI Finance monitors the enforcement of the
Information Disclosure Company’s Code of Conduct and provides facilities
BFI Finance considers information on business to submit grievances related to related violations.
strategies as its crucial assets, which shall Employees who are found guilty of infringement
be protected from theft, violation, abuse, and shall be investigated by the Employee Disciplinary
inappropriate exposure. Violations Investigation Team, consisting of
representatives from the Internal Audit and Human
Insider Trading Capital Department, and shall be subject to
BFI Finance enforces strict regulations against sanctions commensurate to the type and level
insider-trading on all employees. This means of violation, in accordance with the applicable
that non-public information that may affect BFI provisions in the Company.
Finance’s share price shall be considered as
confidential until the announcement thereof by
a competent party (management). Employees Corporate Culture
with sensitive information that may affect the BFI
Finance’s share price and related rights shall not
engage in direct or indirect transactions of those The Company has established core values that
shares and other related rights. The BOC, BOD, should be understood and adhered to as corporate
and all employees are committed to continuously culture. The core values of the Company, which can
implementing the Company’s Integrity Pact to the be abbreviated as G.R.E.A.T., are:
best of their abilities along with the implementation • Grow and Improve Continuously;
of strategic policies to achieve sustainable growth. • Respect and Care;
• Excellent Service;

• Absolute Integrity; and based multifinance company. These three points

• Trust and Team Spirit. are:
1. Dare to Try and Learn;
In 2022, the Human Capital (HC) Department 2. Empower and Collaborate with Other Parties;
launched BFI New Mindset, consisting of three and
points that make up a statement of joint agreement 3. Listen, Speak Up, and Take Responsibility.
between the management and all employees of
the Company, to adopt a new mindset and set of Explanation on G.R.E.A.T. as the Core Values of BFI
behaviors, in order to support the development Finance and BFI New Mindset is presented in the
of digital transformation processes to achieve BFI Corporate Values and Corporate Culture section in
Finance’s aspiration, that is, to become a tech- the Company Profile chapter (pages 60-61).
MANAGEMENT AND EMPLOYEE

STOCK OWNERSHIP
PROGRAM (MESOP)
Pursuant to the EGMS Resolution on 29 June 2022, 2. Be registered as permanent employees and/or
the Company implemented the Management and have been working for the Company since
Employee Stock Ownership Program (MESOP) on 1 January 2019;
75 million of its treasury shares, with an execution 3. Have their average KPI for the last two years at
price of Rp500 per share, or amounting to a total of 2.5 at least;
Rp37.5 billion. 4. Purchase the number of shares based on their
personal grade (PG) as at 30 June 2022;
The transfer took place on 11 October 2022. Such 5. Have their MESOP eligibility revoked should
shares under this MESOP scheme are blocked from they no longer work with the Company for any
trading for three years since the transfer date. reason, including resignation, before
30 September 2022; and
Those among the Company’s management and 6. Be bound by other stipulations made separate
employees who are eligible to take part in the to this regulation for issues that are not covered
MESOP scheme must: herein.
1. Be active as employee of BFI Finance, and not
part of the members of the BOD, BOC, and SSB
of the Company;
256
INFORMATION
DISCLOSURE POLICY
BFI Finance maintains a policy which ensures that Each change to the share ownership as described
the ownership of shares of public companies by above is to be reported at the latest three business
any member of the BOD and the BOC, both directly days since the change takes place.
and indirectly, be disclosed according to the
prevailing regulations to the authorities. In 2022, the Company made four disclosures of
such information to the authorities.
WHISTLEBLOWING SYSTEM
The Company runs its Whistleblowing System 3. Mailing address:

established under Company Regulation Head Office of PT BFI Finance Indonesia Tbk
No. SOP/031 dated 22 March 2013, as an BFI Tower
implementation of GCG principles, especially Sunburst CBD Lot 1.2
responsibility and fairness. This Whistleblowing Jl. Kapt. Soebijanto Djojohadikusumo
System ensures optimal performance and legal BSD City, South Tangerang 15322
compliance of every BFI Finance employee in Indonesia
carrying out their duties and responsibilities. attn. Internal Audit Department
Whistleblowing Mechanism Protection for Reporters and

Handling of Complaints
Through BFI Finance Whistleblowing System, Any reporting party through BFI Finance
every individual within the Company can submit Whistleblowing System has their rights protected in
their grievance and/or report regarding fraud and/ accordance with Law No. 31/2014 on Protection of
or violations of the Company’s code of conduct or Witnesses and Victims.
the principles of good corporate governance, by
submitting their reports through: In 2022, 128 complaints and reports of violations
1. E-mail at [email protected]; were received with details: 125 sent by e-mail, 2 by
2. Short message service (SMS) at SMS, and 1 by mail. The details are presented in
0822 5888 8911; or Table 128 and the follow-up process is described in
Graph 14.

Table 128 Whistelblowing Reports in 2022 and Their Handling Status
Type of Report/Grievance In Process Completed Total
Alleged irregularities 0 58 58
Others 0 70 70
Total 0 128 128
Graph 14 Whistleblowing Reports Follow-up Flow Chart
Report Data Verification Findings Validation Report

Received Process Process Validation
by the Whistleblowing by the Internal Audit through valid investigation

System Department and the according to the procedure
Risk Management
Department
The Company shall impose a sanction on the perpetrator of the violation in accordance with
Allegation proven
the applicable regulations in the Company
Whistleblowing
Report Follow-up
In 2022, all reports of violations have been completely settled, and commensurate sanctions have been
given to the perpetrators.
ANTI-CORRUPTION
POLICY
BFI Finance obliges all members of the BOC, the This Anti-Corruption Policy is disseminated
BOD, and all employees to uphold fair business throughout the year, and in 2022 it took the forms
competition, sportsmanship and professionalism, of:
as well as the principles of GCG. • Anti-fraud campaign involving all employees of
the Company, as a form of dissemination of the
The Company is committed to creating a healthy anti-corruption policy and other provisions that
business climate, avoiding any actions, behaviors, form the basis of the Company’s integrity;
or activities that could lead to conflicts of interest, • Distribution of a series of e-mail blasts and
corruption, collusion, and nepotism, and always standing banners containing messages of anti-
putting the interest of the Company above personal fraud action in all of Company branches; and
interest, family interest, or group interest. • Establishment of provisions related to anti-fraud
strategy which contain prevention and handling
A complete information on the Anti-Corruption of fraud, bribery, gratuity, and other matters,
Policy is available at https://www.bfi.co.id/en/ including disciplinary issues in the follow-up of
corporate/Corporate-Good-Governance/Anti- sanctions affirmed by the Internal Discipline and
Corruption-System. Compliance Committee.
258
PROCUREMENT POLICY
Principle and Policy This system runs transparently and competitively,

by including prospective goods and services
suppliers whose ability and performance satisfy
The Company has procedures for the procurement the competence requirements of the Company.
of goods and services that are carried out quickly In addition to procurement, the Company also
and transparently, by applying the principles of employs other methods, such as auction, direct
GCG without conflict of interest. appointment, and direct purchase, performed both
conventionally and online.
The policy governing the Company’s procurement
of goods and services as well as supplier relations The above policy and system help to ensure that
encompasses: the quantity and quality of goods and services
1. Implementation of Internal Memos and procured by the Company are in accordance with
Operational Procedures for the procurement of the requirements, and the goods and services are
goods and services; obtained at the most competitive prices, with timely
2. Procurement of goods and services is based delivery and excellent after-sales service.
on the procurement value and level of authority,
particularly at the branch offices, to accelerate Procurement of goods, both at the head office and
the procurement process. Procurement of branches, can be monitored real-time through an
goods and services above a certain amount integrated system that allows monitoring; by the
shall be conducted centrally at the head office; users themselves, the branches, and the head
3. Major suppliers of goods and services are office; starting from the purchase up to asset
required to submit complete legal documents maintenance stage.
to ensure that the rights and obligations of both
the Company’s and suppliers’ comply with the To support the employees’ work in relation to
existing documents; the changes necessitated by the Company’s
4. The Company’s Code of Conduct and transformation, especially during the pandemic,
Regulations prohibit employees to accept gifts the Company rejuvenated employee work facilities
of any kind from suppliers; and in 2022. The Company gradually replaced desktop
5. The Company conducts periodic evaluations computers with laptops along with other work
on all suppliers to ensure that they are able to facilities needed by the employees to function with
support the Company’s activities. greater effectiveness and efficiency.
Amidst the ongoing pandemic and adaptation,

Procurement System in 2022 the Company continued its procurement
of health protection facilities for employees.
Health protection facilities for employees are a
The Company’s procurement processes consist of basic need that must be met by the Company;
the following stages: both at the head office and branches; such as
1. Planning: formulating the procurement plan; hand sanitizers, disinfectants, thermometers/
2. Preparation: terms of reference (TOR), pre- oximeters, Covid-19 test kits, and other cleaning
qualification requirements, procurement tools. The Company continues to implement health
documents, strategy in the selection of goods protocols in accordance with directions from the RI
and services providers; Government.
3. Selection of goods and services: announcing or
inviting certified vendors that have passed pre- In 2022, all procurement processes adhered to the
qualification, evaluating and negotiating bids, prevailing health protocol. Most discussions and
selecting the project winners, contracting; negotiations on procurement with vendors were
4. Goods and services procurement transactions; conducted online to minimize physical contact.
and
5. Utilization and management of the Company
assets.

Fixed Assets Insurance
To protect and minimize the risk of damage or loss 2. Moveable All Risk Policy on the loss of movable
of Company fixed assets, the Company made property;
provisions to mitigate the risk by insuring its fixed 3. Insurance policy on motor vehicles; and
assets with the following coverage: 4. Insurance policy on public liability.
1. Property All Risk Policy with a rider to cover risk
of earthquake to protect immovable property;
Table 129 Purchases of Assets in 2022 by Type
Procurement Value Number of Instances

Aset Type
Rp million Percentage Unit Percentage
Buildings 483 0.2% 84 1.4%
Vehicles 132,554 49.1% 705 11.9%
Software 105,799 39.2% 1,294 21.9%
Hardware 18,938 7.0% 2,167 36.7%
Machinery 2,567 1.0% 528 8.9%
Rental 8,019 3.0% 651 11.0%
Furniture 1,471 0.5% 482 8.2%
Total 269,831 100.0% 5,911 100.0%
Graph 15 Purchases of Assets in 2022 by Type
3.0 0.5 0.2

1.0
7.0 49.1
Buildings
Vehicles
Software
Hardware
Machinery
Rental
39.2
Furniture
260
Giving and
Accepting Gifts
Giving of gifts is defined to cover all forms of Taking into account the prevailing business ethics,
rewards given by the Company or other parties any employee receiving a gift of any price and any
representing the Company to certain parties, with form shall submit a report to their direct supervisor.
the intention of influencing those parties to benefit Accepting gifts from other parties for the purpose
the Company beyond reasonable limits. of promoting their Company, a token of gratitude,
religious celebrations, souvenirs, or mementos, is
Meanwhile, accepting of gifts is defined to cover allowed and considered appropriate in daily social
as all forms of rewards received by the Company relations, provided that:
or other parties representing the Company from • The giving is not intended for personal benefits/
relevant parties, with the intention of influencing the interests and is not material in nature;
decisions of the Company’s management to act • The giving does not affect any decision for
favorably to the giver of the gift. procurement or goods or services; and
• Gifts are not given continuously by the
The Company has a regulation that governs the same giver to the Company or any of its
giving of gifts, bribes and similar rewards, gifts representatives.
to other parties as a token of gratitude, gifts in
celebration of religious holidays, souvenirs, and
mementos in the form of goods or services.

TRANSPARENCY OF
FINANCIAL AND
NON-FINANCIAL
CONDITIONS NOT
DISCLOSED IN
OTHER REPORTS
BFI Finance compiles various reports that present c. Statement of Responsibility by BOC and
financial and non-financial information transparently BOD for accuracy of the Integrated Annual
for the stakeholders, and other related institutions, Report contents;
in a timely, complete, accurate, updated, and 2. Financial Statements published every six
complete manner. months in the mass media, on BFI Finance
website under the Press Releases and Info
Information on the Company’s financial and non- menu, and IDX website;
financial condition have been presented clearly 3. Quarterly Financial Statements, published in the
and transparently in several reports, including: websites of BFI Finance and IDX;
Integrated Annual Report, which among others 4. Sustainability Report published by BFI as an
includes inseparable part of its Integrated Annual Report;
1. Overview of Key Financial Data including: and
a. Share Highlights, BOC and BOD Reports, 5. Transparency of Non-Financial Condition
Company Profile, Business Supporting BFI Finance has provided information regarding
Units, Management Discussion and Analysis the Company’s products in a clear, accurate,
on financial and business performance, and updated manner. Such information has
Good Corporate Governance, and been made available to customers, in the
Sustainability that covers the discussions on form of, among others, leaflets, brochures
Human Capital and CSR; or other written forms at the BFI Finance
b. Annual Financial Statements audited by outlets, in locations that are easily accessible
Public Accountant and Public Accounting by customers; and/or through electronic
Firm registered on OJK. The Annual forms, such as through BFI Finance website,
Financial Statements is prepared for one an online portal that provides information on
financial year and presented in comparison the characteristics of financial and insurance
with the previous fiscal year; and products in Indonesia as well as the comparison
between the products.
262
STATEMENT OF
IMPLEMENTATION OF THE
CORPORATE GOVERNANCE
GUIDELINES FOR PUBLIC
COMPANIES
Implementation of Guidelines
Recommendations from OJK
BFI Finance’s GCG implementation performance Circular No. 32/POJK.04/2015 on Corporate
adheres to OJK Regulation No. 21/POJK.04/2015 Governance Guidelines for Public Companies,
on Implementation of Corporate Governance which encompass 5 aspects, 8 principles, and 25
Guidelines in Public Companies as amended by implementation recommendations, summed up in
OJK Regulation No. 29/POJK.05/2020 and OJK Table 130.
Table 130 Implementation of Corporate Governance Guidelines Recommendations for Public Companies
Principle Statement of Explanation

Aspect
Recommendation Compliance/Explanation (for non-compliance)
Aspect I : Relationship of Public Company with Shareholders in Ensuring Shareholders’ Rights
Principle 1 : Improving the Value of Implementation of GMS
1. The Public Company has a Compliant -

means or technical procedure
for voting both open and closed
voting mechanisms that uphold
the independence and interest of
shareholders.
2. All Members of the BOD and Explanation given Two members of the BOC
the BOC of the Public Company and one member of the
attend the AGMS and EGMS. BOD did not attend the
AGMS and the EGMS
on 29 June 2022 due to
the consideration of the
prevailing health protocols
as stipulated by the
prevailing regulations, as
reported to and accepted
by the GMS.
3. Summary of GMS minutes of Compliant -

meeting is provided in the Public
Company Website for at least
one year.
Principle 2 : Increasing the Quality of Communications between Public Company and Shareholders/Investors
4. The Public Company has Compliant -

communications policy with the
shareholders or investors.


Aspect
5. The Public Company discloses Compliant

its communications policy to the -
shareholders or investors on the
Website.
Aspect II : Functions and Roles of the BOC
Principle 3 : Strengthening the Membership and Composition of the BOC
6. Determination of the number of Compliant -

Members of the BOC takes into
consideration the conditions of
the Public Company.
7. Determination of BOC Compliant -

composition takes into
consideration its diversity in
terms of skills, knowledge, and
experience required.
Principle 4 : Improving the Quality of Implementation of Duties and Responsibilities of the BOC
8. The BOC has its self- Compliant -

assessment policy to evaluate its
performance.
9. Self-assessment policy to Compliant -

evaluate the BOC performance
is disclosed in the Integrated
Annual Report of the Public
Company.
10. BOC has a policy regarding the Compliant -

resignation of BOC members
should they be involved in a
financial crime.
11. BOC or the Committee carrying Compliant -

out the Nomination and
Remuneration function prepares
the succession policy in the BOD
Nomination process.
Aspect III : Functions and Roles of the BOD
Principle 5 : Strengthening the Membership and Composition of the BOD
12. Determination of BOD Compliant -

consideration the Public
Company’s conditions and
efficacy in decision making.
13. Determination of BOD Compliant -

consideration its diversity in
terms of skills, knowledge and
experience required.
14. Member of the BOD in charge Compliant -

of accounting or finance has an
expertise and/or knowledge in
accounting.
Principle 6 : Improving the Quality of Implementation of BOD Duties and Responsibilities
15. BOD has a self-assessment Compliant -

policy to evaluate its
performance.
264

Aspek
16. Self-assessment policy to Compliant -

evaluate the BOD performance is
disclosed in the annual report of
the Public Company.
17. BOD has a policy regarding the Compliant -

resignation of BOD members
should they be involved in a
financial crime.
Aspect IV : Stakeholders’ Participation
Principle 7 : Improving Corporate Governance Aspect via Stakeholders’ Participation
18. The Public Company has a policy Compliant -

to prevent insider trading.

on anticorruption and antifraud.

on vendor/supplier selection and
enhancement of skills.

on fulfilling creditors’ rights.
22. The Public Company has a Compliant -

whistleblowing system policy.

on long-term incentive provision
to the BOD and employees.
Aspect V : Information Disclosure
Principle 8 : Enhancing Information Disclosure Implementation
24. The Public Company utilizes Compliant -

information technology more
broadly than the website as a
means to disclose information.
25. The Public Company’s Integrated Compliant -

Annual Report discloses the
ultimate beneficiary of the
ownership of its shares for at
least 5% ownership as well as
the disclosure on the ultimate
beneficiary of the ownership of
shares of the public company
via the major and controlling
shareholders.

Sustainability
266
Sustainability
BFI Finance musters its efforts and

resources to foster a prosperous and resilient
society, one that is prepared to deal with
the ever-changing environment.

Sustainability
SUSTAINABILITY
STRATEGY
BFI Finance maintains a Sustainability Vision and Mission that guides the formulation and implementation
of its sustainability strategy, with due consideration of the relevant conditions and needs of its every
stakeholder.
Sustainability Sustainability
Vision Mission
To become a partner that contributes To support the Sustainable Development
positively to supporting the improvement of Goals through the Company’s social
social welfare by maintaining the 3P (Profit, programs in education, health, and social
People, Planet) balance welfare, along the Company’s internal and
external aspects
Sustainability Strategy
Direction 2020–2023
The Company’s sustainability strategy for 2020– The Company’s sustainability strategy and
2023 places emphasis on improvement of public programs have been aligned with the Company’s
health and restoration of activities by adhering support for the achievement of the United Nations
to the prevailing health protocols, as an effort to Sustainable Development Goals (SDGs), in
tackle the impacts of Covid-19 pandemic while particular:
empowering internal parties (employees) and
external ones (customers, communities and the
surrounding environment) in various aspects of life.
SDG 3 SDG 4 SDG 6 SDG 17

Good Health and Quality Clean Water and Partnership
Well-Being Education Sanitation for the Goals
268
Implementation of 2022 Sustainability Programs
Programs Implemented
Complimentary health services
BFI Finance Good Health
for Indonesian and Blood donations
Health Well-Being
Vaccinations
Support for mothers and kids
BFI 4U
BFI Finance Quality Creative Schools
for Indonesian Education
1000 Movement
Education
MSMEs seminar
Financial literacy
BFI Finance Clean Water Disaster relief
for Indonesian and
Donations on religious holidays
Community Welfare Sanitation
Environmental infrastructure
In conducting its sustainability programs, BFI Finance is guided by its CSR Program Policy, which is
enacted through three actions, namely:
THINK
Every layer, both inside and outside of the Company,

perceives and reflects on social issues happening
outside and inside the Company. This reflection is an
awareness of what is happening in the surroundings and
started to think of ways to be actively involved in it.
ACT
Every layer inside the Company takes action to provide

solutions to such issues and implements them in
real actions as a result of self-reflection and active
participation in the surrounding community.
PRESERVE
The results of implementation and concrete actions are

continuously maintained and carried out by all layers of
the Company, thus producing positive outcomes.

Sustainability
To finance its sustainability programs, the Company The programs that have been planned are
allocates a budget whose amount is adjusted to coordinated by the CSR Unit under the supervision
its financial performance, taking into account the of the Finance Directorate, in particular the
evaluation of the previous year’s programs. Corporate Communication & CSR Department.
CSR Program Budget (Rp million)
103,000
2020
2020 2021 2022
2021
95,959 145,445 103,000 2022
Environment and Community Employment Responsibility

Infrastructure Empowerment Practice and Social to Customers
Engagement
Rp922 million Rp2,501million Rp99,273 million Rp304 million
Building the Culture

of Sustainability
Based on its Sustainability Policy and CSR Policy, programs. A strong awareness among employees
BFI Finance fosters a culture of sustainability about sustainability issues gives a robust support
in each employee. It also disseminates its to the Company’s efforts to transform into a
sustainability principles to external stakeholders via financial institution that is not only superior, but
routine communication with them. also responsible and sustainable. Employees’
active involvement in CSR programs bolsters
The Company stresses the importance employee the Company’s image in the view of the direct
participation in working towards achieving the beneficiaries, as well as in the wider community.
sustainability goals within the Company and in
Indonesia. This is done among others through Details of the Company’s sustainability programs
regular dissemination events. and performance in the areas of employment,
environment, social, as well as product and
The Company encourages employees to be customer service responsibility, are presented in
directly involved in its sustainability and CSR subsequent sections within this chapter.
270
HUMAN
CAPITAL
Milestones in HC
Management in 2022
The Human Capital (HC) Department manages second semester, the Company returned to normal
and empowers the Company’s human resources work arrangements, although the policy of working
to propel them to move forward along with the outside of the office was not entirely eliminated.
digitalization initiatives taking place within the
Company’s scope of business. The HC Department BFI Finance’s focus on its digital transformation in
is not only active in supporting the transformation 2022 was also reflected in the measures taken by
of the Company, but also responding to emerging the HC Department in designing and deploying its
demands for change, especially in the financing programs. Some of the core programs that were
industry, and making adjustments to the carried out include talent fulfillment, especially
Company’s HC management policies. in fields related to digital, launching of BFI New
Mindset as the new corporate culture, and
During 2022 there were several changes made to optimization of the centralized work scheme.
the work arrangements, in adaptation to the social
dynamics of the times. The key driving factor for To meet the demand for quality talent in the
change was the recovery of economic activity and digital arena in 2022, BFI Finance recruited talent
public mobility with the easing of social restrictions with strong qualifications in a significant number.
by the government as the Covid-19 pandemic These employees were assigned to positions
crisis subsided. In the first semester of 2022, in that supported the seamless progress of various
continuation of the previous year’s scheme, the digitalization projects at BFI Finance.
Company implemented a hybrid work scheme to
optimally support the performance of its human Having key talents in the digital area joining the
resources, by complying with the health advice and Company as it adopted new and digital ways of
protocols from the government. Beginning in the working prompted the Company to formulate
Robertus Aji Priyonggo

Retail Manager
Tanah Bumbu, South Kalimantan
I am proud to be working at BFI Finance, which is a well-established

multifinance company with a long history in the industry in Indonesia. It has
gone through various economic crises while continuing to innovate along the
way. BFI Finance has given me numerous opportunities to work in different
regions in Indonesia, which has opened up my horizon of knowledge. I love
working here because this company upholds the spirit of togetherness and
everyone here feels like family. As an employee, I have been immensely helped
by the Car Ownership Program (COP) and BFI Tour, and I hope that going
forward the Company will be able to reward its high-performing employees
with more varied forms of tokens of appreciation.

Sustainability
a new work culture that would be more relevant to Recruitment Management

its latest developments. The Company launched and Policy
the new work culture, BFI New Mindset, to amplify
the synergy between existing employees and new By implementing an inclusive recruitment policy,
talent, thereby creating effective collaboration BFI Finance provides equal opportunity to all
within the organization as a whole, down to the job seekers with the required qualifications and
smallest units. The new spirit and way of working competences to work at the Company, irrespective
summarized in BFI New Mindset are based on of their gender, belief, political affiliation, or other
three important characteristics that is desired of backgrounds. The Company does not consider
every employee. These three characteristics are: these factors in treating the candidates during the
Dare to Try and Learn, Empower and Collaborate recruitment process. Furthermore, the Company
with Others, and Listen, Speak Up, and Take has never employed underage nor engaged any of
Responsibility. its employees forcefully.
To instill BFI New Mindset and align it with the The management introduced various innovations
employees’ mindset, BFI Finance held four to its recruitment techniques to attract the young
dissemination/internalization activities related generation, especially talent in the digital and
to this transformative corporate culture. The technology areas. A large number of them joined
series of activities began with the BFI Culture BFI Finance in 2022. As digitalization continues,
Workshop, followed by BFI New Mindset Kick-Off having a technologically-competent workforce will
involving top management and leaders. It was then be increasingly valuable in the future. Therefore,
introduced to all employees at BFI New Mindset BFI Finance continues to devise strategic measures
Grand Launching event. At the end of the year, that make its value proposition more attractive to
the Company held a Culture Advance Forum to the young generation.
evaluate the implementation of BFI New Mindset,
while equipping leaders so they could propel Throughout the year, the Company recruited new
change starting from themselves. employees with the capabilities, competence,
and mindset that are aligned with the digital
As a follow-up to the corporate culture transformation progress of the Company. The
transformation, BFI Finance has also enhanced recruitment procedures in the Company to meet its
its organizational structure. Previously, the workforce requirements are as follows:
organizational structure at BFI Finance emphasized • Performing a needs analysis using an
an agile work system that prioritized flexibility. anticipatory approach;
The structure was then transformed in line with • Posting job vacancies through social media,
the work arrangements in the “new normal” such as Facebook, Twitter, Instagram, LinkedIn,
era in the second half of 2022. Meanwhile, the and job portals such as JobStreet, Kalibrr, and
implementation of centralization and verticalization Tech in Asia;
continued to be optimized. A number of • Cooperating with universities in Indonesia to
administrative tasks that were previously scattered recruit their alumni;
at various points, have now been centralized at the • Collaborating with training institutions to recruit
area, regional, and also at the head office level. alumni and disseminating information on job
vacancies;
In addition to these centralized administrative • Utilizing the BFI Jobs digital platform and
processes, employees are also supported by a Applicant Tracking System to accept and
flexible way of working. With the new organizational process new candidates;
structure, employees continue to be facilitated with • Collaborating with headhunters to acquire talent
adequate mobile devices and internet connections, proficient in agile methodologies and digital
allowing them to work from anywhere. transformation;
• Utilizing the relationships of internal employees;
The Company enhanced its building infrastructure, and
especially at the head office, to make employees • Collaborating with the Culture team to run a
more productive and comfortable at work. The career acceleration program (bootcamp) for
work area in the Company’s office has now been digital talent.
configured as an open workspace, making it easier
for employees to collaborate across teams and In 2022, the Company recruited 4,470 new
functions. employees. This number increased from its 2021
figure. This was mainly owing to the Company’s
To protect its digital assets from the risk of increasing need for competent talent to accelerate
data leakage that may result from agile work digital business transformation journey. The new
methodologies, the Company ensures the safety hire rate in 2022 thus reached 45.9%.
of its security systems through best practices
and programs coordinated by the Information
Technology team.
272
Talent Development candidates who were then assigned to special

and Management teams. The participants took part in the
bootcamp program for one month before joining
The Company supports lifelong learning by teams responsible for quality assurance, back-
providing a wide variety of training and competence end, front-end, and others. After 3-4 months,
development programs. Therefore, all employees the participants took an exam to determine
can enhance their competence, according to their whether they pass and thus can continue
respective functions and roles. working at the Company.
Training and learning topics are specifically 2. The BFI Agile Thought Community (BATC)
designed for BFI Finance employees to enrich their program, a training held in collaboration
technical and non-technical knowledge and skills. between the HC and IT Departments. This
program takes place every month and is open
Training programs in 2022 were grouped into three to all employees. The topics discussed in this
categories, namely: program vary from Scrum, agile systems, to
1. Training programs deemed mandatory by OJK; data science.
2. Competence training programs, mostly
conducted online; and 3. Other supporting training programs, such as
3. New training programs in the areas of digital English Courses and Mind Mapping Courses for
and technology, such as BFI Technology employees at the regional level.
Development Program (BTDP).
The budget for employee development and training
In line with the digital transformation taking place amounted to Rp3.8 billion in 2022. This cost
in the Company, training programs in 2022 were included competence and capability development
focused on the third category. Some of these for employees, reimbursement for accommodation
programs implemented in 2022 were: during training, and other supporting expenses.
1. Management Trainee (MT) Tech in BTDP The increase in expenditures of Rp0.7 billion from
format, involving 20 people for a period of 6 its value in 2021 was mainly due to the higher
months (first batch). Through this program, demand for trainers and training support facilities,
the Company screened 17 qualified young considering that some sessions had begun to be
held in person.
Training Number of Training Number of Training

Expenditures Participants Programs
Rp3.8 billion 29,944 person 6 programs
Tabel 131 HC Development Metrics
Training Expenditures Rp4.1 billion Rp3.1 billion Rp3.8 billion
Number of Training Participants 8,319 72,425 29,944
Number of Training Programs 11 4 6
Tabel 132 Education and Training Programs
Training Classification Total Programs in 2022 Total Participants in 2022
Internal Training 4 1,665
External Training 3 28,279
Total 7 29,944

Sustainability
Tabel 133 Types of Training and Number of Participants
Type of Training Total Training Sessions in 2022 Total Participants in 2022
Qualification 3 3,339
Mandatory 2 561
Functional 1 26,044
Tabel 134 Training Participants by Position
Position External Training Internal Training Total Participants
BOC & BOD 19 4 23
Senior Manager 94 41 135
Junior Manager 481 832 1,313
Officer 673 5,237 5,910
Staff 398 22,165 22,563
Total 1,665 28,279 29,944
Tabel 135 Average Training Hours per Employee per Year
Male Female
Average
Number of Average Number of Average Training
Position Number Number
Employees Training Employees Training Hours per
of Training of Training
as at Hours per as at Hours per Employee
Hours Hours
31 Dec 2022 Employee 31 Dec 2022 Employee
BOC & BOD 134 14 10 7 3 2 8
Senior
Manager 832 86 10 213 23 9 10
Junior
Manager 48,786 748 65 16,923 231 73 67
Officer 182,162 2,345 78 50,815 880 58 72
Staff 66,638 4,319 15 23,319 1,369 17 16
Total 298,552 7,512 40 91,277 2,506 36 39
The number of participants accumulated from equivalent to 39 hours of training per person in one
all competence development programs in 2022 year. Employees at the Officer level recorded the
was 29,944, with total accumulated training hours largest amount of training hours in 2022, with an
reaching 389,828 hours. This achievement was average of 72 hours of training per person.
274
Performance Management
BFI Finance regularly monitors Key Performance mechanism is implemented on an continuous basis,
Indicators (KPI) for employees to ensure that all with the following stages:
targets can be achieved. KPI components are
reviewed periodically and, if deemed necessary, 1. Employee Goal Setting:
adjusted to the changes in business conditions. • Employees develop key performance
indicators or KPIs.
In response to the centralization and verticalization • Employee KPIs are cascaded from their
strategy which was continued in 2022, the supervisor’s KPIs to ensure continuity of
Company measured employee performance performance.
through their coordinators/leaders responsible • Superiors provide input and approval of
for managing, reviewing and evaluating the KPIs prepared by their subordinates.
performance of their members over time, using
criteria that have been adapted to the new 2. Performance Appraisal:
operational structure. Superiors assess the annual achievement
of their subordinates’ KPIs at the end of the
To ensure that each employee perform with year to determine a profit sharing scheme for
excellence, the performance management employees displaying superior performance.
Number of Number of Employees New Contracts

Employees Outlets per Outlet per Employee
10,111 persons 282 outlets 35.9 persons 51.1 contracts
Tabel 136 Employee Productivity
Number of Employees 8,995 9,450 10,111
Number of Outlets 391 319 282
Employees per Outlet 23.0 29.6 35.9
New Contracts per Employee 29.0 40.2 51.1
The online attendance system that has been used Career Development
by the Company since the previous year, was
improved to be web-based in 2022. This allowed
employee attendance and their working time to Every employee enjoys equal opportunity to have
be recorded in real time, both when working from their potentials reviewed, so they can pursue
home (WFH) and from the office (WFO). a higher career level during their tenure at the
Company.
The Company continues to expand automation and
digitalization of its business processes, including in Using the Human Asset Value (HAV) method
the management of employee performance. Several alongside the individual’s competence profile
routine activities, such as employee income tax projections, consisting of core, functional, and
reporting and employee enrolment with Indonesia’s technical competences, the Company assesses
health coverage (BPJS Kesehatan) program, are the performance and potential of each employee
now fully automated. along their career path. Furthermore,

Sustainability
the Company determines the talent to be progress can be more focused, thereby increasing
developed in appropriate programs. their work satisfaction.
During 2022, the Company was in the process With the Company’s firmer policy on career
of establishing a set of competences to be later development, the number of participants in talent
used as parameters for career development, and succession management programs had
for employees in certain positions. Through a increased sharply, from 177 personnel in 2021
clear career development path, each employee’s to 981 in 2022.
Managerial and Above Supervisor
236 persons 745 persons
Tabel 137 Participants of Talent Management and Succession Programs
2020 2021 2022

Position
Male Female Total Male Female Total Male Female Total
Managerial
and Above 11 0 11 11 - 11 179 57 236
Supervisor 107 59 166 107 59 166 575 170 745
Total 118 59 177 118 59 177 754 227 981
Employee Welfare
BFI Finance maintains its competitiveness and b. Travel allowance (transportation);

unique value proposition in the labor market. The c. Hardship allowance;
Company offers attractive remuneration packages d. Holiday allowance (THR) once a year;
and structure to each employee. The Company’s e. Medical benefits (reibursement for hospital
remuneration policy is continuously adjusted to its treatment costs);
internal requirements, as well as developments in f. Position allowance for structural positions;
the multifinance industry around the Company’s 3. Motorcycle Ownership Program (MOP) and Car
operational areas. Ownership Program (COP);
4. Work support facility ownership program;
The employee remuneration structure is formulated 5. Maternity leave;
based on the prevailing labor regulations regarding 6. Membership in the Employment BPJS
remuneration and minimum wage. Salaries and protection program (Work Accident Benefit, Old
performance bonuses are determined by basic Age Benefit, Death Benefit);
factors (one’s position) and other factors (such as 7. Personal accident insurance and life insurance;
achievements and contribution to the progress of and
individuals, teams, and the Company on the whole). 8. Performance bonuses (optional).
Any change made to the prevailing wage structure
in the Company is disseminated to all employees. As at end of 2022, the lowest remuneration given to
employees at the lowest level in the Company was
The remuneration package that applies to all higher or at least equal to the provincial minimum
permanent employees of the Company includes: wage in each region where it operates.
1. Basic salary;
2. Employee benefits, including: In addition to meeting the physical and financial
a. Housing allowance; needs of employees, the Company also pays
276
Yola Nasareth
Technology Application Operation Lead
Head Office
For me, BFI Finance is a company that provides a clear career path of its
employees. I am motivated to work and give my best for the Company so my
career can advance, as well as find the most suitable solutions in my area of
work for other employees, both at the branches as well as the head office.
attention to the mental well-being of employees. In 2022, BFI Finance did not receive any material
Employee rapport and camaraderie was thus grievances from its employees regarding industrial
fostered through informal interactions, thus relations.
eliminating rank boundaries. Such a program
involved all employees down to the smallest unit in
the organization. Occupational Health
and Safety
The Company conducted the Employee
Engagement Survey at the end of 2022, with more BFI Finance maintains an Occupational Health and
than 9,000 employees participating. This survey Safety Management System (OHSMS) managed
was held at the head office and all branches. The by the HC Department and the Infrastructure
results showed that 78.4% of respondents felt that Development Unit under the Operations Division.
they had good relations with fellow employees and
felt adequately engaged by the Company. Clauses on occupational health and safety (OHS)
are included in the Company Regulations, under
Prevention and Mitigation, and are applicable to all
Industrial Relations employees.
As part of OHS implementation, employees in all

Company regulations govern various aspects of operational areas of the Company are required to
employment, such as working conditions, dialogue, prevent and steer clear from any potential riots,
competency development, equal rights and justice, work accidents, incidents, or other events that may
and legal protection, while protecting the rights inflict harm to the Company’s assets. They are also
of all employees. The Company Regulations that required to take the initiative in solving the issues
were valid for 2022 had been ratified by the Ministry that arise should such an incident be encountered
of Law and Human Rights of the Republic of while working.
Indonesia and are valid for a period of three years.
BFI Finance regularly ensures that every supporting
BFI Finance ensures ongoing compliance with all system and infrastructure of building operations
applicable regulations related to employment, and work properly, and also updates their permits.
also carries out internal Company Regulations to Key assets, including customer documents at the
build productive and mutually beneficial industrial Custodian Center, are protected in an earthquake
relations with the employees. No employees of BFI and fire resistant room located at the head office,
Finance participate in labor unions. The Company’s BFI Tower. Evacuation drills, testing of firefighting
employees have not considered any need to form equipment and maintenance of building facilities
labor unions to voice their aspirations. are regularly performed. Each floor has a fire rescue
kit and a First Aid box. The emergency team is on
Employees are welcome to submit their grievances standby to deal with emergency incidents and to
regarding the fulfillment of their rights and muster all employees to respond and act properly
violation of agreements stated in the Company following an incident.
Regulations. Such grievances can be addressed
to the management verbally or in writing. These Some employees of BFI Finance conduct field
grievances are then resolved following the stages work, especially those in marketing, collection,
based on BFI Finance’s organizational structure. and operational functions. To minimize the risk of

Sustainability
being involved in a traffic accident, BFI Finance So that each employee can work at an optimum
exhorts them to comply with traffic regulations level of productivity, the Company advocates good
and wear adequate protective gear when driving. and healthy lifestyles as well as preservation of
As it recorded an increase in the number of surrounding environment. The Company also raised
work accidents in 2022, the Company intends to awareness about various occupational diseases
strengthen its emphasis on safe driving to all of its that may result from their daily activities, and
employees. disseminated relevant health-related information.
Tabel 138 Occupational Accident
Type of Occupational Accident Field Staff Non-Field Staff Total
Serious Accidents 3 - 3
Minor Accidents 14 2 16
Total Cases 17 2 19
278
ENVIRONMENTAL
PERFORMANCE
Sustainable Operations Up to the end of 2022, the Company had not

measured the amount of fuel used from the
transportation activities of its employees. Thus, the
BFI Finance is engaged in the multifinancing Company does not report its energy consumption
business. The Company’s operations in the nor its carbon emissions from these activities.
financial services sector thus take place in urban
or residential areas. They do not directly affect the At the head office and all outlets, the Company
natural environment, or any protected areas or encourages its employees to adopt work practices
ecosystems. that are environmentally friendly. Such practices
include reducing electricity and water use in the
The most material impact of BFI Finance’s workplace by turning off lights and air conditioning
operations on the environment is carbon emissions units in rooms that are not in use; reducing and
resulting from its employees who use various sorting domestic waste; reducing the use of paper
means of transportation to move from home to for printing documents; and prohibiting the use
office, as well as from office to other locations, of disposable items and Styrofoam material in its
such as the customers’ places of domicile, when premises. These initiatives have been carried out to
conducting surveys and collection. ensure that its operations are sustainable across all
of its locations.

Sustainability
Environmental Preservation A survey was conducted in these areas in 2022.

Program: RIDE to Plant The survey found the condition of the mangrove
trees in Cirebon, Semarang and Makassar to be
To mitigate the impacts of its operations on healthy and thriving. The Company views that
the environment, BFI Finance contributes to these mangroves are capable of, and have been,
ecosystem restoration efforts and natural carbon sequestering substantial amounts of carbon.
sequestration. One of the measures taken in 2022 However, mangrove trees in one location, Bontang,
was the “RIDE to Plant” program, which has been could not grow and withered due to extreme
ongoing since 2021. weather conditions and high tides. The Company
replanted this area on 12 June 2022 with 30% of
Through this program, the Company’s employees the number of trees planted in 2021.
ride to a certain location and take part in planting
a total of one thousand mangrove trees. In its Seeing that the overall results of the RIDE to Plant
inaugural year, 2021, this program was deployed in 2021 have been positive, the Company carried
in four locations: Caplok Barong Mangrove Forest out new plantings through the RIDE to Plant 2022
in Cirebon (West Java), Mangunharjo Mangkang program in the same locations as the previous year,
Beach in Semarang (Central Java), Untia Beach in as well as in five new locations: Indramayu (West
Makassar (South Sulawesi), and Bontang Mangrove Java), Brebes (Central Java), Surabaya and Gresik
Park in Bontang (East Kalimantan). (East Java), and Benoa Bay in Badung (Bali).
280
Table 139 Rizhopora Mangrove Planting - BFI RIDE to Plant
Number of
Location Date Description
Trees Planted
Pabean Ilir Village, Indramayu 12 November 1,500 New planting

2022
Trimulyo Mangunharjo, Semarang 12 November 2,500 Second planting, following previous

2022 planting of 250 trees
Mangrove Wonorejo, Surabaya 12 November 2,500 New planting

2022
Caplok Barong Mangrove Forest, 13 November 1,500 Second planting, following previous
Cirebon 2022 planting of 250 trees
Dukuh Sigempol, Randusaga 19 November 1,500 New planting

Village, Tegal 2022
Armapa Mangrove Ecotourism Site, 19 November 1,500 New planting

Gresik 2022
Untia Beach, Makassar 20 November 1,500 Second planting, following previous

2022 planting of 250 trees
Teluk Benoa, Denpasar 27 November 2,500 New planting

2022

Sustainability
SOCIAL PERFORMANCE
BFI Finance is committed to bringing a positive impact to the communities around its operational locations
throughout Indonesia. Several CSR activities in the Social sector that the Company conducted in 2022 are
highlighted below.
Health
Booster Vaccination Free Health Services Health Donation

Recipients Recipients Recipients
1,730 participants 200 families 759 persons
Provision of Complimentary Healthy for Freedom

Booster Vaccines Health Services August 2022
2–3 February and 20 July 2022
31 March 2022 Health Programs encompassing
In collaboration with Sekolah blood donation activities, health
Supporting the national Covid-19 Relawan, BFI Finance provided checks, and distribution of
vaccination program, BFI complimentary health services to vitamins for the community were
Finance held a mass booster 200 families in Cikeuling Village, held to celebrate Indonesia’s
vaccination event at a shopping Bogor Regency. In addition, Independence Day. This program
center in South Tangerang. The blood drives were carried out took place in 12 Company
events were attended by 530 in Makassar. As a result, 120 branches, namely Pangkal
participants in February 2022 blood bags were donated to Pinang, Karawang, Cirebon,
and 1,200 participants in March the Indonesian Red Cross. Semarang 3, Bojonegoro,
2022. In conducting this activity, The Company also distributed Gresik, Surabaya, Surabaya
BFI Finance collaborated with vitamin supplements to 1,600 3, Banjarmasin, Banjarbaru,
Sekolah Relawan, a social employees of its partners, along Tanah Bumbu, and Bolaang
humanitarian organization with outsourced staff. Mongondow Utara. Total
engaged in the field of community beneficiaries reached 759
education and empowerment. people.
282
Health Beneficiary Mom and Kids

Recipients Health Services
500 persons 410 persons
Support for Public Health Health Assistance for Mothers & Babies
26 and 27 November 2022 12–29 December 2022
On 26 and 27 November 2022, the Company The Company supports the health of mothers and
provided health services for the community in the children by conducting activities in commemoration
vicinity of its branches in Bandung, Lamongan, of Mother’s Day. This activity included general
and Sorong. Through this activity, the Company health check-up, examination for pregnant
distributed health packages, conducted free women, and examination for children at five
medical check-ups and blood donation, to Company branches, namely Kupang, Ketapang,
demonstrate BFI Finance’s concern for community Sidoarjo 2, Surabaya, Lamongan, and Semarang
health improvement. In addition, on 22 December 3. Total beneficiaries from this program were 410
2022, the Company provided complimentary health individuals.
services to 500 beneficiaries in Cibogo Village,
Ciseeng, Bogor Regency, in collaboration with
Sekolah Relawan. The health services provided
included medical check-up, health consultation,
distribution of medication, and handing out
of shopping coupons for 200 underprivileged
members of the community.

Sustainability
Education
Voluntary Program Number of Workshop School Uniforms

Participants Participants Donation
30 employees 50 participants 1,000 students
BFI 4U Program BFI 4U: 1,000 Movement

September – November 2022 Sustainable Workshop September 2022
8 September 2022
BFI 4U was a voluntary program The 1,000 Movement is the
involving the participation of 30 Sustainable Workshop is part Company’s annual program
employees for approximately of the BFI 4U umbrella program aimed at improving the quality of
2 months, from September to held in September 2022. The education in Indonesia. In 2022,
November 2022. This program’s training provided concerned BFI Finance’s CSR provided
wide range included: training on soap production from used assistance of school uniforms for
waste sorting at an elementary cooking oil. In deploying 1,000 students spread across 10
school in South Tangerang; this training, the Company elementary schools, in Lumajang
education on rubbish bins cooperated with Kertabumi on 15 September, and in Balaraja
provision at BFI Finance’s Recycling Center. This activity on 19 September. The students
head office; community was attended by 50 participants, also participated in educational
empowerment program that both online and offline. games, English learning activity,
transformed patchwork waste and dental care counselling.
into valuable products such as
nightgowns and tablecloths;
provision of sorting rubbish
bins and rubbish carts for the
community; education on plastic
waste processing in Bekasi; and
processing of organic waste for
maggot cultivation as animal
feed.
284
Distribution of Laptops MSMEs Training Teachers Training

and Computers Participants Participants
71 units 189 persons 34 teachers
Creative School MSMEs Talkshow: Creative Teachers

September – November 2022 SENSASI-Talk Go Digital
5 December 2022 December 2022 – March 2023
The Creative School aims to
support digital education in The Company held online The Creative Teachers Go Digital
Indonesia. Through this program, training entitled “Managing Program was a continuation
the Company distributed 71 Finances, Seeing Opportunities, of the Creative Teacher 4.0
laptops and computers and Rising from Failure, and Product training batches 1 and 2. It was
their supporting accessories. Innovation” for customers attended by 34 teachers from
The Company also renovated running MSMEs businesses. On 10 creative schools: Palembang
computer laboratories in the top of the training, BFI Finance Nurfauzan Junior High School,
vicinity of nine Company also paid the annual BPJS Pramula Junior High School
branches, namely Lampung, Ketenagakerjaan contribution Palembang, Bakti Ibu 2 Junior
Bogor, Cirebon, Rembang, of 189 owners of MSMEs who High School Palembang, MI
Blitar, Kendari, Central Maluku, participated in this program. Bahrul Ulum Keboan Sekaran
Banjarmasin, and Samarinda 2 Lamongan, Kertajaya High
Seberang. School Surabaya, Elementary
School 015 Central Balikpapan,
MTs Al Amin Wani Palu, MTs
Darul Iman Palu, Muhammadiyah
Elementary School Limehe Barat
Gorontalo, and Junior High
School 5 Satu Atap Kupang. The
curriculum-based Digital Skills
Training utilized Microsoft Teams
throughout its three months
online training period.

Sustainability
Disaster Sharing in
Relief Religious Festivities
Donation for Cianjur Takjil Food Package Commemoration of

Earthquake Distribution Eid al-Adha
14 customers 3,200 takjil 640 packs
Quick Response and Ngabuburide Donation of

Social Service Takjil Sharing Sacrificial Animals
September and Starting from 25 April 2022 9, 10, and 12 July 2022
December 2022
The Company distributed 3,200 In commemoration of Eid al-
BFI Finance pays attention to breakfasting food packages Adha, the Company donated
the people affected by natural during the Islamic month of sacrificial animals in three areas:
disasters, and delivers quick Ramadan in various regions in Palu, Makassar, and Tangerang,
response to help those people. Indonesia. The areas covered with 70, 120 and 450 packages
The Company gave assistance were Ambon, Sorong, Jambi, of sacrificial meat distributed to
to 36 employees in the Sorong Manado, Lampung, Ketapang, local residents in the respective
branch and 6 families in Palembang, Banjarmasin, areas.
Ketapang affected by floods, Mamuju, Kediri, Surabaya,
1 employee affected by the Denpasar, Tegal, Bandung,
Cianjur earthquake, as well as Pandaan, Balikpapan,
14 customers of the Sukabumi Samarinda, Palu , Makassar,
branch who were also affected Bekasi, Yogyakarta, Solo,
by the Cianjur earthquake. The Tangerang, and Bone. The
assistance provided included Company also distributed
food, basic goods for children, Ramadan gifts to 108 support
bedding, and medicine. Free staff and outsourced staff.
family tents and medical services
were also given to those who
contracted communicable
diseases such as itching,
coughing, fever, and diarrhea,
during the time they were unable
to return to their homes.
286
Graph 16 Graph 17
Distribution of CSR Programs by Region Distribution of CSR Programs by Island
4 5 3
16 12
11 62
80
West Indonesia 80% Java 62%
Central Indonesia 16% Sumatra 11%
East Indonesia 4% Kalimantan 7%
Sulawesi 12%
Bali and Nusa Tenggara 5%
Maluku and Papua 3%

Sustainability
RESPONSIBILITY FOR
SUSTAINABLE PRODUCT/
SERVICE DEVELOPMENT
Supporting Financial Inclusion and Ethical and Responsible

Sustainable Finance Programs Business Practices
BFI Finance offers financing products to many The Company collects payments from its
segments of society, most of whom from the lower customers in an ethical manner, in compliance
middle class. These financing products serve their with the applicable regulations based on POJK
various needs, whether productive or consumptive. No. 35/POJK.05/2018 on Business Operations of
Some of the Company’s customers would find it Finance Companies. Customers who experience
difficult to obtain access to financial services from difficulties in repaying their loans will be facilitated
banking institutions. Others live in remote areas by the Company in a way that is clear, respectful,
where conventional financial services are not widely and sensitive to the customer’s condition. This
available. helps ensure that the potential for disputes
arising in the process be minimized. At all times,
Through its outlets spread across Indonesia, the Company gives adequate information to all
BFI Finance realizes its commitment to providing customers regarding its ethical and responsible
equitable financial services to all segments of business practices, in an effort to foster a strong
society. Through this, the Company is supporting relationship with all customers.
the financial inclusion program initiated by the
Government of Indonesia. With respect to the financing restructuring
program in response to the impact of the Covid-19
With more individuals taking part in its financial pandemic, which has been implemented by OJK
services ecosystem, BFI Finance is increasingly since 2020, as at the end of 2022 the portion of
enhancing their economic capacity by offering financing receivables under restructuring in
targeted financing products. These products the Company’s financing portfolio was 1.6%.
empower people and make them more capable
to engage in various economic activities that will The Company’s success in upholding business
elevate their living standards. practices that are customer-oriented has been
demonstrated by its customer satisfaction level.
The Company’s own products and the financial The Company conducts a customer survey every
services from its subsidiary support the year to measure their level of satisfaction with the
implementation of the vision of Sustainable Company’s services. The survey for 2022, along
Finance for Indonesia. One product of BFI Finance with BFI Finance’s customer service programs are
in particular, working capital financing, plays an detailed in the Business Supporting Units chapter,
important role in supporting the community’s Customer Service section, pages 116-119.
economic self-reliance. Up to the end of 2022,
the Company had disbursed working capital
financing in the amount of Rp11.7 trillion to
MSMEs. This amount accounted for 57.3% of
the Company’s total financing receivables.
288

Supporting Data
290
Supporting
Data
With an extensive operational network and

competent staff, BFI Finance is ever-present
to serve what the customers need with
effective financing solutions.

Supporting Data
ADDRESSES
OF OUTLETS
Head Office
BFI Tower
Jl. Kapt. Soebijanto Djojohadikusumo
BSD City
Tangerang Selatan 15322
Phone : (62-21) 2965 0300, 2965 0500
Fax : (62-21) 2966 0757, 2966 0758
Website : www.bfi.co.id
Branches
JAVA, BALI & NUSA TENGGARA
Branch Address City / Regency
Jakarta Capital Region
Jakarta – Sunter Rukan Puri Mutiara Blok A No. 80 Jakarta Utara

Jl. Utama Griya, Sunter
Jakarta Utara Rukan Grand Orchard Square Blok C/20 Jakarta Utara
Jl. Terusan Kelapa Hybrida Sukapura
Jakarta Utara 2 Rukan Bandengan Indah Blok B-3 Jakarta Utara

Jl. Bandengan Utara No. 80
Kel. Penjaringan, Kec. Penjaringan
Jakarta – Meruya Jl. Lapangan Bola No. 1-1A Jakarta Barat

Meruya, Kebon Jeruk
Jakarta – Cengkareng Sedayu Square Blok C-02 Jakarta Barat

Jl. Outer Ring Road
Cengkareng Timur
Jakarta Timur Ruko Radin Inten Center No. 8D Jakarta Timur

Jl. Radin Inten, Duren Sawit
Jakarta Selatan Komplek Pertokoan Duta Mas Blok B2 No. 7 Jakarta Selatan
Jl. R.S. Fatmawati
Kel. Cipete, Kec. Kebayoran Baru
Jakarta Selatan 2 Jl. Raya Pasar Minggu KM 18.2 Jakarta Selatan

RT 12 / RW 01 Kel. Pejaten Timur, Kec. Pasar Minggu
Jakarta Selatan 3 Jl. Raya Pasar Minggu 12 B Jakarta Selatan

RT 1 / RW 7 Kel. Kalibata, Kec. Pancoran
292
Jakarta - Rukan Graha Cempaka Mas Blok A No. 31 Jakarta Pusat

Corporate Leasing Jl. Let. Jend. Suprapto
Kel. Sumur Batu, Kec. Kemayoran
Banten
Tangerang Jl. Imam Bonjol No. 279-281 Tangerang

RT 01 / RW 04 Kel. Bojong Jaya, Kel. Karawaci
Tangerang 2 Kompleks Balaraja Ultimate For Business Retail Tangerang

Ruko C No. 3A,
Jl. Raya Serang KM. 24
RT 001 / RW 001 Desa Telagasari, Kec. Balaraja
Tangerang 3 Ruko Prabu Kian Santang No. 2 Tangerang

Jl. Prabu Kian Santang
RT 01 / RW 04 Kel. Sangiang Jaya, Kec. Periuk
Tangerang 6 Komp Green Village Ruko Ginza Blok A No. 01 Tangerang

Jl. KH Hasyim Ashari
RT 002 / RW 002 Kel. Nerotog, Kec.Pinang
Bintaro Ruko Emerald Avenue I Blok EA – A36 CBD Emerald Tangerang

Jl. Boulevard Bintaro Jaya Sektor 9
Kel. Parigi Lama, Kec. Pondok Aren
Pamulang South City Square Tangerang

Jl. Raya South City Barat No. B1-03
Kel. Pondok Cabe Udik, Kec. Pamulang
Cikupa Citra Raya Grand Boulevard Blok E1 No. 286-288 Tangerang

RT 03 / RW 03 Desa Ciakar, Kec. Panongan
Serpong – Tangerang BFI Tower - Sunburst CBD Lot 1.2 Tangerang Selatan
Selatan Jl. Kapt. Soebijanto Djojohadikusumo, BSD City
West Java
Bandung Jl. Soekarno Hatta No. 472 Bandung

Kel. Batu Nunggal, Kec. Bandung Kidul
Bandung – Lengkong Jl. Lengkong Kecil No. 12B Bandung
Bandung 3 Komplek Pergudangan Katapang Indah Lestari Ruko No. 3 Bandung

Jl. Terusan Kopo Katapang No. 611
RT03 / RW 09 KM.13,2 Kec. Katapang
Bekasi Kompleks Ruko Suncity Square Blok A No. 46-47 Bekasi

Jl. Mayor Hasibuan, Margajaya
Bekasi 2 Ruko Mega Boulevard Blok RV 2 No. 3A Bekasi

Jl. Harapan Indah Boulevard
RT 10 / RW 08 Kel. Medan Satria, Kec. Medan Satria
Bekasi 3 Ruko Grand Galaxy City Blok RGK Boulevard Raya Bekasi
Jl. Pulo Sirih Utama No.628 RT 02 / RW 19
Kel. Jaka Setia, Kec. Bekasi Selatan
Bekasi 4 Jl. Sultan Hasanudin No. 233 Bekasi

Desa Tambun, Kec. Tambun Selatan
Bekasi 5 Ruko Mall Ciputra Blok R.2 No. 18 Bekasi

Jl. Alternative Kel. Jati Karya, Kec. Jati Sempurna
Bogor Jl. Raya Tajur No. 118 E-F Bogor

RT 001 / RW 006 Kel. Pakuan, Kec. Bogor Selatan
Cibinong Cibinong City Centre A-30 Bogor

Jl. Tegar Beriman I
RT 05 / RW 12 Kel. Pakansari, Kec. Cibinong

Supporting Data
Cikampek Ruko Sudirman Center Blok A No. 6 Karawang

Jl. Jenderal Sudirman No. 100
Desa Pucung, Kec. Kotabaru
Cikarang Ruko Golden Boulevard Blok CC.5 No. 3A Cikarang

Jl. Niaga Raya, Jababeka 2
Kel. Pasir Sari, Kec. Cikarang Selatan
Cimahi Jl. Jend. Amirmachmud No. 572 Cimahi

RT 002 / RW 001 Kel. Padasuka, Kec. Cimahi Tengah
Cirebon Jl. Tuparev No. 115A Cirebon

Desa Kertawinangun, Kec. Kedawung
Depok Ruko Margonda Residen No. 12A-14 Depok

Jl. Margonda Raya Kav. 461
Indramayu Jl. Raya Sleman No. 3B Indramayu

RT 01 / RW 03 Desa Sleman Lor, Kec. Sliyeg
Karawang Jl. Jend. Ahmad Yani No. 73 Bypass Karawang

RT 04 / RW 12, Karangpawitan Karawang Barat
Kuningan Jl. RE Martadinata 53A Cijoho Kuningan
Majalengka Jl. K.H. Abdul Halim No. 104 Majalengka

Kel. Majalengka Kulon, Kec. Majalengka
Purwakarta Jl. Veteran / Terusan Ibrahim Singadilaga Ruko No. 5-6, Purwakarta
Kel. Nagrikaler
Subang Jl. Kapten Hanafiah Blok B No. 4 Subang

RT 98 / RW 97 Kel. Karanganyar, Kec. Subang
Sukabumi Jl. Brawijaya No. 4 RT 02 / RW 12 Sukabumi

Kel. Sriwidari, Kec. Gunung Puyuh
Tasikmalaya Kompleks Pertokoan Plaza Asia Blok A No. 12A Tasikmalaya

Jl. H.Z. Mustofa
Central Java
Semarang Ruko Mataram Plaza Blok D No. 03 Semarang

Jl. M.T Haryono
Semarang 2 Jl. Taman Setiabudi Rukan A-8 Semarang

RT 01 / RW 18 Kel. Srondol Wetan, Kec. Banyumanik
Semarang 3 Jl. Raya Kudungmundu Semarang

RT 01 / RW 25 Kel. Sendangmulyo, Kec. Tembalang
Banjarnegara Jl. S. Parman No. 28 Banjarnegara

RT 01 / RW 04 Kel. Parakancanggah, Kec. Banjarnegara
Cilacap Ruko Dualima Jaya No. 7 Jl. Suprapto, Cilacap

RT 02 / RW 02 Kel. Sidanegara, Kec. Cilacap Tengah
Grobogan Ruko The Grand City Blok E Grobogan

Jl. Letjen R. Suprapto No. 61-63
Purwodadi
Jepara Jl. Pemuda No. 1A Jepara

RT 03 / RW 04 Kel. Potroyudan, Kec. Jepara
Kebumen Perum Graha Mahardika 2 Kebumen

Jl. Kutoarjo D3 Kel. Selang, Kec. Kebumen
Klaten Jl. Veteran No. 256A Klaten

Kel. Bareng Lor, Kec. Klaten Utara
Kudus Ruko Bitingan Indah (Panjunan) Kudus

Jl. Ahmad Yani, B07-B08
Kel. Panjunan, Kec. Kota Kudus
294
Magelang Ruko Metro Square F6 Magelang

Jl. Mayjen Bambang Soegeng, Mertoyudan
Pekalongan Jl. R.A Kartini No 8 Pekalongan

RT 01 / RW 04 Kel. Kauman, Kec. Pekalongan Timur
Purwokerto - Banyumas Jl. Gerliya Timur No. 35 Purwokerto

Ruko No. 3 Kel. Teluk,
Kec. Purwokerto Selatan
Rembang Jl. Pemuda No. 3B Rembang
Salatiga Ruko Wijaya Square Blok A3 Salatiga

Jl. Diponegoro RT 02 / RW 05, Sidorejo Lor
Solo Jl. R.M. Said No. 160C Surakarta

RT 2 / RW 3 Kel. Punggawan, Kec. Banjarsari
Solo 2 Jl. Raya Solo Permai HD 03 Sukoharjo

Solo Baru
Sragen Ruko Harlin Sragen Blok B-1 Sragen

Jl. Raya Sukowati, Kel. Sine, Kec. Sragen
Tegal Ruko Nirmala Estate No. 3-4 Tegal

Jl. Yos Sudarso No. 20, Kel. Mintaragen, Kec. Tegal Timur
Yogyakarta Special Region
Yogyakarta Ruko Monjali Permai Kav. 2 Yogyakarta

Jl. Monjali Sinduadi Mlati Sleman
Yogyakarta 2 Jl. Gedongkuning No. 110, RT 35 Yogyakarta

Kel. Rejowinangun, Kec. Kota Gede
East Java
Surabaya Jl. Ngagel Jaya 39 Surabaya
Surabaya 2 Jl. Patimura No. 14 Surabaya

RT 06 / RW 06, Kel. Sonokwijenan, Kec. Sukomanunggal
Surabaya 3 Jl. Raya Kapas Krampung No. 139 Surabaya

RT 001, RW 003 Kel. Rangkah, Kec. Tambaksari
Surabaya 4 Jl. Dupak 63-B5 Surabaya

Kel. Gundih, Kec. Bubutan
Banyuwangi Jl. S. Parman No. 98 Banyuwangi

Kel. Sumberrejo, Kec. Banyuwangi
Blitar Jl. Lawu RT 02 / RW 02 Blitar

Kel. Kauman, Kec. Kepanjen Kidul
Bojonegoro Jl. M.H. Thamrin 103 Bojonegoro

Ruko Green Garden Blok A-2
Gresik Jl. Dr. Wahidin No. 3-4 Gresik

Desa Dahanrejo, Kec. Kebomas
Jember Jl. Diponegoro No. 32 Ruko 32B Jember

Kel. Kepatihan, Kec. Kaliwates
Jombang Jl. K.H. Wahid Hasyim No. 19 Jombang

RT 001 / RW 001, Kel. Jombang, Kec. Jombang
Kediri Kompleks Pertokoan Hayam Wuruk Trade Center Kediri

Blok C No. 7-8, Jl. Hayam Wuruk
Lamongan Jl. Basuki Rahmat No. 203 Lamongan

Kel. Sukomulyo, Kec. Lamongan

Supporting Data
Madiun Jl. Serayu Timur No. 144 Madiun

RT 043 / RW 015, Kel. Pandean, Kec. Taman
Malang Jl. Tumenggung Suryo No. 27 Malang

RT 05 / RW 14 Kel. Purwantoro, Kec. Blimbing
Malang 3 Jl. Panglima Sudirman No. 148 Kav. E-E1 Malang

RT 003 / RW 007 Kel. Pagentan, Kec. Singosari
Mojokerto Ruko Kranggan Permai Blok A05-06 Mojokerto

Jl. Pahlawan
Nganjuk Jl. Gatot Subroto No. 29 Nganjuk

RT 03 / RW 04 Kel. Kauman, Kec. Nganjuk
Pandaan Ruko Pandaan Central Business Kav. A3-A5 Pasuruan

Jl. Raya Bypass Pandaan
RT 01 / RW 014, Desa Karangjati, Kec. Pandaan
Pasuruan Jl. Panglima Sudirman No. 40A Pasuruan

Kel. Purworejo, Kec. Purworejo
Ponorogo Jl. Jendral Sudirman No. 1 Ponorogo

Kel. Mangkujayan, Kec. Ponorogo
Probolinggo Jl. Panglima Sudirman No. 188 Probolinggo

RT 04 / RW 06 Kel. Jati, Kec. Mayangan
Sidoarjo Kompleks Ruko Gateway No. C1-C2 Sidoarjo

Jl. Raya Waru (Aloha)
Desa Sawotratap, Kec. Gedangan
Sidoarjo 2 Jl. Mojopahit No. 32B-32C Sidoarjo

Kel. Sidorake, Kec. Sidoarjo
Sidoarjo 3 Ruko La Diva Junction Blok B No. 27-28, Sidoarjo

Jl. Gubernur Sunandar
RT 01 / RW 01 Kel. Sidomulyo, Kec. Krian
Tuban Jl. Letda Sucipto No. 5A, Perbon Tuban
Tulungagung Jl. W.R. Supratman No. 103 Tulungagung

Kel. Kenayan, Kec. Tulungagung
Bali
Denpasar Jl. Gatot Subroto Barat 170 X Denpasar

Kec. Denpasar Barat
Denpasar - Sudirman Kompleks Sudirman Agung Blok C No. 8 Denpasar

Jl. PB. Sudirman
Denpasar 3 Kompleks Imam Bonjol Square 555B Blok A 8-9, Denpasar

Jl. Imam Bonjol
Desa Pemecutan Kelod, Denpasar Barat
Buleleng Jl. A. Yani No. 85C Buleleng

Kel. Kaliuntu, Kec. Buleleng
Gianyar Jl. Ciung Wanara No. 17 Gianyar

Lingkungan Candi Baru, Kel. Gianyar, Kec. Gianyar
Tabanan Jl. Ir. Soekarno Tabanan

Kel. Banjar Anyar, Kec. Kediri
West Nusa Tenggara
Mataram Jl. Brawijaya No. 22-24 Mataram

RT. 02, Lingk. Karang Kelebut
Kel. Cakranegara Selatan, Kec. Cakranegara
Lombok Barat Jl. Raya Dr. Sutomo No. 1A Lombok Barat

Desa Bekele, Kec. Gerung
296
Manggarai Jl. Wae Ces Manggarai

RT 004 / RW 02 Kel. Mbaumuku, Kec. Langke Rembong
Sumbawa Jl. Diponegoro No. 63 Sumbawa

RT 002 / RW 010 Kel. Bugis, Kec. Sumbawa
East Nusa Tenggara
Kupang Jl. Frans Seda Blok G-H Kupang

RT 042 / RW 013 Kel. Fatululi, Kec. Oebobo
SUMATRA
North Sumatra
Medan Jl. Ir. H. Juanda No. 26 Medan

Lingkungan IV Kel. Sukadamai, Kec. Medan Polonia
Medan 2 Jl. Bambu II No. 67 B-C Medan

Kel. Durian, Kec. Medan Timur
Asahan Jl. Sisingamangaraja No. 73 Asahan

Kel./Desa Kisaran Timur, Kec. Kota Kisaran Timur
Binjai Kompleks Ruko Surya Permai Binjai

Jl. T. Amir Hamzah No. 1L
Karo Jl. Veteran No. 57A Karo

Kel. Kampung Dalam, Kec. Kabanjahe
Rantauprapat Jl. Ahmad Yani No. 104 A-B Rantauprapat

Labuhan Batu
Padangsidimpuan Jl. Sudirman No. 8F Padangsidimpuan

Kel. Losung Batu, Kec. Padangsidimpuan Utara
Pematangsiantar Kompleks Megaland Blok N No. 10 Pematangsiantar

Jl. Sangnawaluh, Kel. Siopat Hulu, Kec. Siantar Timur
Riau
Pekanbaru Jl. Soekarno Hatta No. 88 Pekanbaru

Kel. Delima, Kec. Tampan
Pekanbaru 3 Jl. Setiabudi No. 89-89A Pekanbaru
Air Molek – Indragiri Hulu Jl. Jend. Sudirman Indragiri Hulu

RT 02 / RW 01 Kel. Kembang Harum, Kec. Pasir Penyu
Bagan Batu Jl. Jendral Sudirman Rokan Hilir

Kel. Bagan Batu, Kec. Bagan Sinembah
Dumai Jl. Sultan Hasanuddin Dumai

RT 14 / RW 00 Kel. Rimba Sekampung, Kec. Dumai Kota
Pelalawan Jl. Maharaja Indah Pelalawan

RT 001 / RW 009 Pangkalan Kerinci Kota
Pangkalan Kerinci
Ujung Batu Jl. Sudirman Rokan Hulu

Desa Ujung Batu Timur, Kec. Ujung Batu
Riau Islands
Tanjung Pinang Jl. D.I. Panjaitan KM. 08 Tanjung Pinang

Kel. Air Raja, Kec. Tanjung Pinang Timur

Supporting Data
Batam Komplek King Business Center Blok B2 No. 9-10 Batam

Jl. Raja Isa Batam Center Kel. Belian, Kec. Batam Kota
Batam 2 Komplek Mahkota Raya Blok B No. 11 Batam

Kel. Teluk Tering, Kec. Batam Kota
West Sumatra
Padang Jl. Khatib Sulaiman No. 63 D-E Padang

Kel. Lolong Belanti, Kec. Padang Utara
Bukittinggi Jl. Raya Kapas Panji No. 49B Bukittinggi

Jambu Air, Nagari Taluak IV Suku, Kec. Banuhampu, Agam
Dharmasraya Jl. Lintas Sumatera Jorong Dharmasraya

Pasar Koto Baru
Pasaman Barat Jl. Lintas Simpang Empat Manggopo 2 KM, Pasaman Barat
Kompleks Gunung Tulas, Lintang Selatan Jorong Simpang
Empat Kenagarian Lingkuang Aua, Kec. Pasaman
Jambi
Jambi Jl. Prof. M. Yamin S.H. No. 65-66 Jambi

RT 29, Kel. Lebak Bandung, Kec. Jelutung
Muara Bungo Jl. Sudirman No. 45-46 Muara Bungo

RT 003 / RW 001 Kel. Pasir Putih, Kec. Rimbo Tengah
Muaro Jambi Jl. Lintas Timur, RT 16 / RW 02 Muaro Jambi

Kel. Sengeti, Kec. Sekernan
Rimbo Bujang Jl. Pahlawan No. 3 Rimbo Bujang

Kel. Wirotho Agung, Kec. Rimbo Bujang, Tebo
Sarolangun Jl. Lintas Sumatera Pasar Sarolangun No. 17 Sarolangun

RT 06, Kel. Sukasari, Kec. Sarolangun
South Sumatra
Palembang Kompleks Ruko Rajawali No. B3-B4 Palembang

RT 016 / RW 012 Kel. 9 Ilir, Kec. Ilir Timur II
Palembang 2 Jl. Sultan Mahmud Badaruddin II No. 5 RT 20 / RW 04 Palembang

Kel. Alang-Alang Lebar, Kec. Alang-Alang Lebar
Baturaja Jl. Dr. Moh. Hatta, Baturaja

RT 04 / RW 04 Kel. Sukaraya, Kec. Baturaja Timur
Ogan Komering Ulu (OKU)
Lahat Jl. Kolonel Burlian No. 95 Lahat

RT 09 / RW 03 Kel. Bandar Agung, Kec. Lahat
Pangkalan Balai Jl. Merdeka No. 2E Banyuasin

RT 11 / RW 04 Kel. Pangkalan Balai, Kec. Banyuasin III
Prabumulih Jl. Jend. Sudirman No. 10 Prabumulih

Kel. Muara Dua, Kec. Prabumulih Timur
Bangka Belitung Islands
Pangkal Pinang Kompleks Bangka Square (Ruko No. 2) Bangka Tengah

Jl. Raya Koba KM. 5 No. 17, Kec. Pangkalan Baru
Belitung Jl. Jend. Sudirman No. 32B Belitung

RT 09 / RW 04 Kel. Pangkal Lalang, Kec. Tanjung Pandan
Lampung
Bandar Lampung Jl. Gajah Mada No. 55 Bandar Lampung

Kota Baru, Tanjung Karang Timur
298
Bandar Jaya Jl. Proklamator Raya No. 28-29 Lampung Tengah

Kec. Terbanggi Besar, Bandar Jaya
Metro Jl. Jend. Sudirman No. 282 Metro

Kel. Imopuro, Kec. Metro Pusat
Pringsewu Jl. A. Yani, Pringsewu

RT 012 / RW 01 Kel. Pringsewu Utara, Kec. Pringsewu
Tulang Bawang Jl. Lintas Timur Sumatera Tulang Bawang

Kel. Dwi Warga Tunggal Jaya, Kec. Banjar Agung
KALIMANTAN
West Kalimantan
Pontianak Jl. M. Sohor No. 45 Blok E-F Pontianak

RT 05 / RW 02 Kel. Akcaya, Kec. Pontianak Selatan
Ketapang Jl. DI Panjaitan Nomor 37 Ketapang

RT 002, RW 007 Kel. Sampit, Kec. Delta Pawan
Sanggau Jl. Jenderal Sudirman No. 23 Sanggau

RT 22 / RW 08 Kel. Beringin, Kec. Kapuas
Sintang Komplek Pertokoan Golden Square Sintang

Jl. Lintas Melawi No. E6
RT 003 / RW 001 Kel. Ladang, Kec. Sintang
Central Kalimantan
Palangkaraya Jl. RTA Milono KM. 3,5 No. 6-7 Palangkaraya

Kel. Menteng, Kec. Pahandut
Pangkalan Bun Jl. Pasanah (Kawitan 1), Pangkalan Bun

RT 23, Sidorejo
Sampit Jl. Jendral Sudirman KM. 1,5 No. 19 Sampit

RT 43 / RW 08 Kel. Mentawa Baru Hulu,
Kec. Mentawa Baru Ketapang, Kotawaringin Timur
South Kalimantan
Banjarmasin Jl. A. Yani KM. 7,8 No. 30 Banjarmasin

Kertak Hanyar, Kab. Banjar
Banjarbaru Jl. Ahmad Yani KM. 34,500 Banjarbaru

RT 003 / RW 002 Kel. Komet, Kec. Banjarbaru Utara
Tanah Bumbu Jl. Raya Batulicin, Tanah Bumbu

RT 3 / RW 1 Desa Sejahtera
Kampung Baru – Simpang Empat
Tanjung Jl. Ahmad Yani Tanjung

RT II Mabu’un Murung Pudak, Tabalong
East Kalimantan
Samarinda Jl. D.I. Panjaitan, Ruko No. 5-6 Samarinda
Samarinda 2 Seberang Jl. Bung Tomo, Samarinda

RT 09 Kel. Sungai Keledang, Kec. Samarinda Seberang
Balikpapan Jl. Jend. Sudirman No. 14/295, Balikpapan

RT 06 Kel. Damai, Kec. Balikpapan Selatan
Berau Jl. Pemuda, Berau

RT 09 Kel. Tanjung Redep, Kec. Tanjung Redep

Supporting Data
Bontang Ruko Primagama Bontang

Jl. Bhayangkara KM. 6 No. 16F
Paser Jl. Modang Paser

Rt 007 RW 02 Kel. Tanah Grogot, Kec. Tanah Grogot
Penajam Paser Utara Jl. Propinsi, Penajam Paser Utara

RT 007, KM.18 Kel. Petung, Kec. Penajam
Sengata Jl. A.W. Syahrani, Kutai Timur

RT 04 / RW 01Kel. Teluk Lingga, Kec. Sengata Utara
Tenggarong Jl. Patin No. 99B Tenggarong Kutai Kartanegara
North Kalimantan
Bulungan Jl. Durian No. 87, Bulungan

RT 41 / RW 05 Kel. Tanjung Selor Ilir, Kec. Tanjung Selor
Tarakan Jl. Gajah Mada No. 75 Tarakan

Kel. Karang Anyar Pantai
SULAWESI
North Sulawesi
Manado Jl. Bethesda No. 18 Manado

Kel. Ranotana, Kec. Sario
Bitung Jl. Wolter Monginsidi No. 45 Bitung

Kel. Girian Bawah, Kec. Girian
Bolaang Mongondow Jl. Trans Sulawesi Desa Bolang Itang Induk No. 26 Bolaang Mongondow
Utara Kec. Bolang Itang Barat Utara
Kotamobagu Jl. Brigjen Katamso, Kotamobagu

Kel. Kotobangun
Minahasa Selatan Lingkungan IV Kel. Uwuran I Minahasa Selatan

Kec. Amurang
Tahuna - Kepulauan Jl. Raramenusa Tahuna

Sangihe Kel. Sawang Bendar, Lingkungan III
Tomohon Jl. Samratulangi Lingkungan VI Tomohon

Kel. Matani 3, Kec. Tomohon Tengah
Gorontalo
Gorontalo Jl. Agus Salim No. 290 Gorontalo

Kel. Wumialo, Kec. Kota Tengah
Marisa Graha Arwana, Jl. Trans Sulawesi Pohuwato

Kel. Buntulia Selatan, Kec. Duhiada
West Sulawesi
Mamuju Jl. Jenderal Sudirman No. 15 Mamuju

Kel. Simboro, Kec. Simboro
Mamuju Utara Jl. Ir. Soekarno Mamuju Utara

Kel. Pasangkayu, Kec. Pasangkayu
Polewali Mandar Jl. H. Andi Depu, Ruko Taman Asri No. 1 Polewali Mandar
Kel. Takkatidung, Kec. Polewali
300
Central Sulawesi
Tolitoli Jl. Abdul Muis No. 16 Malosong Tolitoli

Kel. Baru, Kec. Baolan
Palu Ruko Moh. Hatta Center Palu

Jl. Dr. Moh. Hatta No. 21 D-E
RT 11 / RW 03 Kel. Besusu Tengah, Kec. Palu Timur
Kotaraya Jl. I Gusti Ngurah Rai Parigi Moutong

Desa Kotaraya, Kec. Mepanga
Luwuk Jl. Yos Sudarso No. 15 Banggai

Kel. Karaton, Kec. Luwuk
Parigi Moutong Jl. Trans Sulawesi Parigi Moutong

Kel. Bantaya, Kec. Parigi
Poso Jl. Pulau Sumba No. 7 Poso

Kel. Gebangrejo, Kec. Poso Kota
South Sulawesi
Makassar Jl. Hertasning Baru (Aeropala) No. 98 Makassar

Kel. Karunrung, Kec. Rappocini
Makassar 2 Jl. Kima Raya 2 No. A20 Makassar

Kel. Daya, Kec. Biringkanaya
Bone Jl. Ahmad Yani Kel. Jeppee, Bone

Kec. Tanete Riattang Barat
Bulukumba Jl. Samratulangi, Bulukumba

Dusun Lajae, Desa Polewali, Kec. Gantarang
Gowa Kompleks Yasmin Square No. YS 8 Gowa

Jl. Tumanurung Raya
Kel. Pandang-Pandang, Kec. Somba Opu
Luwu Timur Jl. Trans Sulawesi Luwu Timur

Desa Beringin Jaya, Kec. Tomoni
Luwu Utara Jl. Ahmad Yani No. 76, RT 1 / RW 1 Luwu Utara

Kel. Kappuna, Kec. Masamba
Palopo Jl. Kelapa Kel. Dangerakko, Palopo

Kec. Wara
Parepare Jl. Bau Massepe No. 74 Parepare

Kel. Ujung Sabbang, Kec. Ujung
Toraja Jl. Poros Makale - Rantepao No. 474A Tana Toraja

Kel. Tambunan, Kec. Makale Utara
Southeast Sulawesi
Kendari Jl. Brigjend. Moh. Yunus Bypass Kendari
Bau-Bau Jl. Bataraguru No. 39 Bau-Bau

Kel. Wajo, Kec. Murhum
Kolaka Jl. Dr. Sutomo No. 51 Kolaka

Kel. Lamokato, Kec. Kolaka
Konawe Jl. Sapati No. 15D Konawe

Kel. Tumpas, Kec. Unaha

Supporting Data
MALUKU & PAPUA
Maluku
Ambon Perumahan Citraland The Arkade Blok 06-07 Ambon

Jl. Wolter Monginsidi Kel. Lateri, Kec. Baguala
Maluku Tengah Jl. Abdullah Soulissa No. 20 Masohi

RT 02 / RW 03 Kel. Namaelo, Kec. Amahai
North Maluku
Ternate Jl. Cempaka I No. 342 Ternate

RT 013, RW 03 Kel. Tanah Tinggi, Kec. Ternate Selatan
Tobelo Jl. Kemakmuran, Desa Rawajaya, Halmahera Utara

Kec. Tobelo
West Papua
Manokwari Jl. Trikora Wosi, Ruko No. 3 Manokwari

RT 01 / RW 12 Kel. Wosi, Kec. Manokwari Barat
Southwest Papua
Sorong Jl. Basuki Rahmat KM. 9,5 Sorong

Kel. Remu Selatan
Papua
Jayapura Komplek Ruko No. 11-12 Jayapura

Jl. Amphibi Hamadi Kel. Argapura, Kec. Jayapura Selatan
Biak Numfor Jl. Selat Sunda No. 07, Fandoi, Biak Biak Numfor
Central Papua
Nabire Jl. Merdeka No. 69 Nabire

Kel. Karang Mulia, Kec. Nabire
South Papua
Merauke Ruko Parako No. 03 Merauke

Jl. Parakomando,
RT 001 / RW 001 Kel. Mandala, Kec. Merauke
Kiosks
JAVA, BALI & NUSA TENGGARA
Kiosks Address City / Regency
Jakarta Capital Region
Matraman Galur Sari Raya No. 26A Blok R Jakarta Timur

RT 02 / RW 01 Kel. Utan Kayu Selatan, Kec. Matraman
Pasar Rebo Jl. Raya Bogor KM 27 Nomor 27 Jakarta Timur

RT 002 / RW 004 Kel. Pekayon, Kec. Pasar Rebo
Tebet Gedung Regatama Blok A No. 106 Jakarta Selatan

Jl. Pariaman Kel. Manggarai, Kec. Setiabudi
Kembangan Jl. Kembangan Utara Nomor 10 Jakarta Barat

RT 002, RW 002 Kel. Kembangan Utara, Kec. Kembangan
302
Banten
Batuceper Jl. Raya Poris Indah Tangerang

RT 02 / RW 03 Kel. Poris Indah, Kec. Batuceper
Jatiuwung Jl. Raya Gatot Subroto Tangerang

Kp. Jatake, RT 006 / RW 002 Kel. Jatake, Kec. Jatiuwung
Larangan Jl. Inpres 14 No. 1 Tangerang

RT 03 / RW 04 Kel. Gaga, Kec. Larangan
Ciputat Timur Jl. W.R. Supratman No. 3 Tangerang Selatan

RT 01 / RW 08 Kel. Cempaka Putih, Kec. Ciputat Timur
Serpong Utara Jl. Jelupang Raya No. 14 RT 003, RW 002 Tangerang Selatan
Kel. Lengkong Karya, Kec. Serpong Utara
West Java
Kiaracondong Jl. Babakan Sari I No. 147 Bandung

RT 10 / RW 11 Kel. Babakan Sari, Kec. Kiaracondong
Rawalumbu Jl. Pengasinan, RT 002 / RW 001 Bekasi

Kel. Pengasinan Jaya, Kec. Rawalumbu
Karang Bahagia Kp. Sukamantri RT 06 / RW 01 Bekasi

Desa Sukaraya, Kec. Karang Bahagia
Bogor Utara Jl. K.S. Tubun, RT 1 / RW 3, No. 141 Bogor

Kel. Cibuluh, Kec. Bogor Utara
Bojong Gede Gelonggong Tengah, RT 04 / RW 07 Bogor

Kel. Kedungwaringin, Kec. Bojonggede
Parung Kp. Jati Parung RT 01 / RW 06 Bogor

Kel. Parung, Kec. Parung
Klari Perumahan Puri Kosambi Blok B No. 4 Karawang

Desa Duren, Kec. Klari
East Java
Tenggilis Mejoyo Jl. Raya Rungkut Kidul No.54 Surabaya

RT 001 / RW 005, Kel. Rungkut Kidul, Kec. Rungkut
Kepanjen Ruko C Dusun, Jl. Raya Dawuhan, Ds Dawuhan Malang

Kel. Jatirejoyoso, Kec. Kepanjen
Rogojampi Jl. Jember - Banyuwangi Dusun Karangsari

RT 01 / RW 01, Desa Kedaleman, Kec. Rogojampi Banyuwangi
Driyorejo Jl. Raya Driyorejo No. 127

Kel. Driyorejo Gresik
Menganti Jl. Raya Bringkang, RT 003 / RW 002

Kec. Menganti Gresik
Mojosari Jl. Airlangga Nomor 91 B

RT 004 / RW 001, Desa Kauman, Kec. Mojosari Mojokerto
Porong Jl. Bhayangkari, RT 12 / RW 04

Kel. Juwetkenongo, Kec. Porong Sidoarjo
Taman Ruko Graha Matahari Blok C 1-3

Kel. Bebekan Timur, Kec. Taman Sidoarjo

Supporting Data
KALIMANTAN
West Kalimantan
Pontianak Timur Jl. Tanjung Raya 2 No. 99 Pontianak

RT 004 / RW 002 Kel. Saigon, Kec. Pontianak Timur
South Kalimantan
Alalak Jl. Handil Bakti RT 9 Barito Kuala

Kel. Handil Bakti, Kec. Alalak
Barabai Jl. Brigjen H Hasan Basry Hulu Sungai Tengah

RT 001 / RW 000 Kel. Barabai Barat, Kec. Barabai
SULAWESI
North Sulawesi
Tuminting Jl. Pogidon Raya No. 103 Manado

Kel. Tumumpa Satu Lingk I, Kec. Tuminting
Mapanget Jl. A.A. Maramis Manado

Kel. Paniki Bawah Ling. III, Kec. Mapanget
Bolaang / Inobonto Jl. AKD Trans Sulawesi Lingkungan VII Bolaang Mongondow
Kel. Inobonto I, Kec. Bolaang
Kotamobagu Selatan Jl. Labot Dugian Kotamobagu

Kel. Kopandakan I, Kec. Kotamobagu Selatan
Gorontalo
Limboto Jl. K.H. Wahid Hasyim, Gorontalo

RT 008 / RW 03, Desa Kayubulan, Kec. Limboto
MALUKU & PAPUA
Maluku
Teluk Ambon Jl. Ir. Putuhena No. 3 Ambon

RT 007 / RW 004, Kel. Wayame, Kec. Teluk Ambon
Southwest Papua
Aimas Jl. Buncis, RT 09 / RW 11 Sorong

Kel. Walawele, Kec. Aimas
304
Sharia Representative
Branches
JAVA, BALI & NUSA

TENGGARA
Jakarta Meruya Syariah Jl. Lapangan Bola No. 1-1A Jakarta Barat
Kel. Kebon Jeruk, Kec. Kebon Jeruk
Jakarta Sunter Syariah Rukan Puri Mutiara Blok A No. 80 Jakarta Utara
Jl. Utama Griya, Sunter
Jakarta Utara Syariah Rukan Grand Orchard Square Blok C/20 Jakarta Utara
Jl. Terusan Kelapa Hybrida
Kel. Sukapura, Kec. Cilincing
Jakarta Timur Syariah Jl. Dewi Sartika No. 292F Jakarta Timur
RT 004 / RW 005, Kel. Cawang, Kec. Kramat Jati
Jakarta Selatan Syariah Komplek Pertokoan Duta Mas Blok B2 No. 7 Jakarta Selatan
Jl. R.S. Fatmawati Kel. Cipete, Kec. Kebayoran Baru
Tangerang Syariah Jl. Imam Bonjol No. 279-281 Tangerang

RT 01 / RW 04, Kel. Bojong Jaya, Kec. Karawaci
Serpong - Tangerang BFI Tower, Sunburst CBD Lot.1.2 Tangerang Selatan

Selatan Syariah Jl. Kapt. Soebijanto Djojohadikusumo
BSD City
Bekasi Syariah Kompleks Ruko Suncity Square Blok A No. 46-47 Bekasi
Jl. Mayor Hasibuan, Margajaya
Bogor Syariah Jl. Raya Tajur No. 118 E-F Bogor

RT 001 / RW 006, Kel. Pakuan, Kec. Bogor Selatan
Cirebon Syariah Jl. Tuparev No. 115A Cirebon

Desa Kertawinangun Kec. Kedawung
Depok Syariah Ruko Margonda Residen No. 12A-14 Depok

Jl. Margonda Raya Kav. 461
Bandung Syariah Jl. Soekarno Hatta No. 472 Bandung

Kel. Batu Nunggal, Kec. Bandung Kidul
Sukabumi Syariah Jl. Brawijaya No. 4 RT 02 / RW 12 Sukabumi

Kel. Sriwidari, Kec. Gunung Puyuh
Tasikmalaya Syariah Kompleks Pertokoan Plaza Asia Blok B No. 12A Tasikmalaya
Jl. H.Z. Mustofa Kel. Tugujaya, Kec. Cihideung
Karawang Syariah Jl. Jendral Ahmad Yani No. 73 Bypass Karawang

RT 04 / RW 12, Kel. Karangpawitan, Kec. Karawang Barat
Purwokerto Syariah Jl. Gerilya Timur No. 35 Purwokerto

Ruko No. 3 Kel. Teluk, Kec. Purwokerto Selatan
Semarang Syariah Jl. Raya Kedungmundu Semarang

RT 01 / RW 25, Kel. Sendangmulyo, Kec. Tembalang
Kudus Syariah Jl. Ahmad Yani Kudus

Ruko Bitingan Indah B-07 & B-08
Kel. Panjunan, Kec. Kota Kudus
Solo Syariah Jl. R.M. Said No. 160 C Surakarta

RT 002 / RW 003, Kel. Punggawan, Kec. Banjarsari
Yogyakarta Syariah Ruko Monjali Permai Kav. 2 Yogyakarta

Jl. Monjali RT 011 / RW 034, Desa Sinduadi, Kec. Mlati

Supporting Data
Surabaya Syariah Jl. Ngagel Jaya No. 39 Surabaya

Kel. Pucung Sewu, Kec. Gubeng
Gresik Syariah Ruko Green Garden Regency A2-03 & A2-04 Gresik
Desa Dahanrejo, Kec. Kebomas
Kediri Syariah Kompleks Pertokoan Hayam Wuruk Trade Center Kediri

Blok C No. 8, Jl. Hayam Wuruk
Malang Syariah Jl. Tumenggung Suryo No. 27 Malang

RT 05 / RW 14 Kel. Purwantoro, Kec. Blimbing
Mojokerto Syariah Ruko Kranggan Permai Blok A 05-06 Mojokerto

Jl. Pahlawan Kel. Kranggan, Kec. Prajurit Kulon
Sidoarjo Syariah Ruko Gateway Blok C-1 & C-2 Sidoarjo

Jl. Raya Waru (Aloha)
Desa Sawotratap, Kec. Gedangan
Mataram Syariah Jl. Brawijaya No. 22-24 Mataram

RT 02, Lingk. Karang Kelebut
Kel. Cakranegara Selatan, Kec. Cakranegara
SUMATRA
Medan Syariah Jl. Ir. H. Djuanda No. 26 Medan

Lingkungan IV Kel. Sukadamai, Kec. Medan Polonia
Padang Syariah Jl. Khatib Sulaiman No. 63 D-E Padang

Kel. Belanti Timur, Kec. Padang Utara
Batam Syariah Ruko King Business Center Blok B2 No. 9-10 Batam
Jl. Raja Isa, Kel. Belian, Kec. Batam Kota
Bukittinggi Syariah Jl. Raya Kapas Panji No. 49B Agam

Kel. Jambu Air, Kec. Banuhampu
Pekanbaru Syariah Jl. Soekarno Hatta No. 88 Pekanbaru

Kel. Delima, Kec.Tampan
Jambi Syariah Jl. Prof. M. Yamin S.H. No. 65-66 Jambi

RT 29 Kel. Lebak Bandung, Kec. Jelutung
Palembang Syariah Kompleks Ruko Rajawali No. B3-B4 Palembang

RT 016, RW 012 Kel. 9 Ilir, Kec. Ilir Timur II
Lampung Syariah Jl. Gajah Mada No. 55 Bandar Lampung

Kel. Kota Baru, Kec.Tanjung Karang Timur
KALIMANTAN
Pontianak Syariah Jl. M. Sohor No. 45 Pontianak

RT 05 / RW 02 Kel. Akcaya, Kec. Pontianak Selatan
Palangkaraya Syariah Jl. RTA Milono KM. 3,5 No. 6-7 Palangkaraya
Kel. Menteng, Kec. Jekan Raya
Banjarmasin Syariah Jl. A. Yani KM. 7,8 No. 30 Banjarmasin

Kel. Manarap Lama, Kec. Kertak Hanyar
Samarinda Syariah Jl. D.I. Panjaitan, Ruko No. 5-6 Samarinda

Kel. Sungai Pinang Dalam, Kec. Samarinda Utara
Balikpapan Syariah Jl. Jenderal Sudirman No.14/295 Balikpapan

RT 06 Kel. Damai, Kec. Balikpapan Selatan
SULAWESI
Gorontalo Syariah Jl. Agus Salim No. 290 Gorontalo

Kel. Wumialo, Kec. Kota Tengah
Makassar Syariah Jl. Hertasning Baru (Aeropala) Makassar

Kel. Karunrung, Kec. Rappocini
306
Kendari Syariah Jl. Brigjend. Moh. Yunus Kendari

Kel. Bende, Kec. Baruga
MALUKU & PAPUA
Ternate Syariah Jl. Cempaka I Nomor 342 Ternate

RT 013 / RW 03 Kel. Tanah Tinggi, Kec. Ternate Selatan
Sorong Syariah Jl. Basuki Rahmat KM. 9,5 Sorong

Kel. Remu Selatan, Kec. Sorong Timur

Supporting Data
GLOSSARY
3P Profit, People, Planet BPSK Badan Penyelesaian Sengketa

Konsumen (Consumer Dispute
AEI Asosiasi Emiten Indonesia Settlement Agency)
(Indonesian Public-Listed Companies
Association) BSD Bumi Serpong Damai (a city area in
South Tangerang, Banten Province)
AFTECH Indonesia Fintech Association
BTDP BFI Technology Development
AGMS Annual General Meeting Program
of Shareholders
CA Chartered Accountant
AISI Asosiasi Industri Sepeda Motor
Indonesia (Association of Indonesia CBD Central Business District
Motorcycle Industry)
CEO Chief Executive Officer
AML-CFT Anti-Money Laundering and
Combating the Financing of Terrorism CFO Chief Financial Officer
API Application Programming Interface CHCO Chief Human Capital Officer
APINDO Asosiasi Pengusaha Indonesia CMA Certified Management Accountant

(Indonesian Employers’ Association)
CMO Chief Marketing Officer
APOLO Aplikasi Pelaporan Online OJK
(OJK’s Online Reporting Application) COO Chief Operating Officer
APPI Asosiasi Perusahaan Pembiayaan COP Car Ownership Program

Indonesia (Indonesian Financial
Services Association or IFSA) Covid-19 Coronavirus Disease 2019
B2B Business-to-Business CPA Certified Public Accountant
B2B2C Business-to-Business-to-Consumer CPMA Certified Professional Management

Accountant
B2C Business-to-Consumer
CPO crude palm oil
BATC BFI Agile Thought Community
CRO Chief Risk Officer
BEI Bursa Efek Indonesia
(Indonesia Stock Exchange or IDX) CS Customer Service
BI Bank Indonesia, Business CSI Customer Satisfaction Index

Intelligence (Power BI)
CSR Corporate Social Responsibility
BI7DRR Bank Indonesia 7-day (Reverse)
Repo Rate DKI Daerah Khusus Ibukota
(Special Capital Region of Jakarta)
BIK Bulan Inklusi Keuangan
(Financial Inclusion Month) DLP Data Leak Prevention
BOC Board of Commissioners DSAK IAI Dewan Standar Akuntansi Keuangan

Ikatan Akuntan Indonesia (Financial
BOD Board of Directors Accounting Standards Board
(FASB) of the Institute of Indonesia
BPD Bank Pembangunan Daerah Chartered Accountants)
(Regional Development Bank)
DSN-MUI Dewan Syariah Nasional-Majelis
BPJS Badan Penyelenggara Jaminan Ulama Indonesia (National Sharia
Sosial (Social Security Administration Board-Indonesian Ulema Council)
Agency)
DTTOT Daftar Terduga Teroris dan Organisasi
bps basis points Teroris (List of Suspected Terrorists
and Terrorist Organizations)
308
e-GMS Electronic-General Meeting of IMF International Monetary Fund

Shareholders
IPO Initial Public Offering
e-KYC Electronic-Know Your Customer
IR Integrated Reporting
EGMS Extraordinary General Meeting
of Shareholders ISO International Organization for
Standardization
ERM Enterprise Risk Management
IT Information Technology
ESG Environmental, Social, and
Governance ITE Informasi dan Transaksi Elektronik
(Information and Electronic
EV electric vehicle Transactions)
FAR Financing-to-Asset Ratio KBLI Klasifikasi Baku Lapangan Usaha

Indonesia (Indonesian Business Field
FGD Focus Group Discussion Standard Classification)
FIT PT Finansial Integrasi Teknologi KNKG Komite Nasional Kebijakan

(subsidiary) Governance (National Committee on
Governance Policy)
FMCG Fast Moving Consumer Goods
KPI Key Performance Indicator
G20 Group of Twenty
KSEI Kustodian Sentral Efek
GAIKINDO Gabungan Industri Kendaraan Indonesia (Indonesian Central
Bermotor Indonesia (The Association Securities Depository)
of Indonesia Automotive Industries)
KYC Know Your Customer
GCG Good Corporate Governance
LAPS SJK Lembaga Alternatif Penyelesaian
GDP Gross Domestic Product Sengketa Sektor Jasa Keuangan
(Alternative Institution for Settlement
GMS General Meeting of Shareholders of Financial Services Sector
Disputes)
GoAML Go Anti-Money Laundering
LDP Leadership Development Program
HAV Human Asset Value
LMS Loan Management System
HC Human Capital
LOS Loan Origination System
HR Human Resources
LSP Lembaga Sertikasi Profesi
IAI Ikatan Akuntan Indonesia (Institute of (Professional Certification Body)
Indonesia Chartered Accountants)
M.Kn. Magister Kenotariatan (Master of
IAPI Ikatan Akuntan Publik Indonesia Notary Affairs)
(Indonesian Institute of Certified
Public Accountants) M.H. Magister Hukum (Master of Law)
IDX Indonesia Stock Exchange M-BEAT Mobile BFI Edustream and Training
IHSG Indeks Harga Saham Gabungan MESOP Management and Employee Stock
(Composite Share Price Index) Ownership Program
IFAS Interpretation of Financial Accounting MHLC Manufacturers Hanover Leasing

Standards Corporation
IFRS International Financial Reporting MI Madrasah Ibtidaiyah (Islamic

Standards Elementary School)
IICD Indonesian Institute for Corporate MIS Management Information System

Directorship
MOP Motorcycle Ownership Program
IIRC International Integrated Reporting
Council MPV Multipurpose Vehicle
IKNB Industri Keuangan Non-Bank (Non- MSMEs Micro, Small, and Medium
Bank Financial Institutions) Enterprises
IMBT Ijarah Muntahiyah Bittamlik (Islamic MT Management Trainee

Lease Agreement)
MTN Medium Term Notes
IMC Integrated Marketing Communication
MTP Management Trainee Program

Supporting Data
MTs Madrasah Tsanawiyah (Islamic Junior S.H. Sarjana Hukum (Bachelor of Law)
High School)
SBU Sharia Business Unit
NDF Non-Dealer Financing
SDGs Sustainable Development Goals
NPF Non-Performing Financing
SEO Search Engine Optimization
NPL Non-Performing Loan
SEOJK Surat Edaran Otoritas Jasa
NPS Net Promoter Score Keuangan (Financial Services
Authority Circular or OJK Circular)
NRA National Risk Assessment
SFAS Statement of Financial
OHS Occupational Health and Safety Accounting Standards
OHSMS Occupational Health and Safety SIC Service Insight Community

Management System
SIPENDAR Sistem Informasi Terduga Pendanaan
OJK Otoritas Jasa Keuangan (Financial Terorisme (Information System for
Services Authority) Suspected Terrorism Financing)
P2P peer-to-peer SIPESAT Sistem Informasi Penggunaan Jasa

Terpadu (Integrated Service Usage
PB-UMKU Perizinan Berusaha untuk Menunjang Information System)
Kegiatan Usaha (Business Permit to
Support Business Activities) SK Surat Keputusan (Decree)
PBF Property-Backed Financing SLA Service Level Agreement
PEPs Politically Exposed Persons SMEs Small and Medium-sized Enterprises
PG Personal Grade SMS Short Message Service
PMO Project Management Office SOC Security Operations Center
POJK Peraturan Otoritas Jasa Keuangan SOP Standard Operating Procedure

(Financial Services Authority
Regulation or OJK Regulation) SR Sustainability Report
PPATK Pusat Pelaporan dan Analisis SRA Sectoral Risk Assessment

Transaksi Keuangan (Financial
Transaction Reporting and Analysis SSB Sharia Supervisory Board
Center)
TCC Trinugraha Capital & Co SCA
PPL Pendidikan Profesional Berkelanjutan
(Continuing Professional Education) TDPSE Tanda Daftar Penyelenggara Sistem
Elektronik (Electronic System
PPPK Pusat Pembinaan Profesi Keuangan Operator Registration Certificate)
(Financial Profession Development
Center) THR Tunjangan Hari Raya (Holiday
Allowance)
PSN Program Strategis Nasional (National
Strategic Programs) TICMI The Indonesia Capital Market
Institute
PT Perseroan Terbatas (Limited Liability
Company) TOR Terms of Reference
QR Quick Response (QR code) UBO Ultimate Beneficial Owner
RAKB Rencana Aksi Keuangan USD United States dollar

Berkelanjutan (Sustainable Finance
Action Plan) UU PT Undang-Undang Perseroan Terbatas
(Law on Limited Liability Companies)
RAPINDO PT Rapi Utama Indonesia
VTO Voluntary Tender Offer
RI Republic of Indonesia
WFH Work from Home
ROAA Return on Average Assets
WFO Work from Office
ROAE Return on Average Equity
yoy year-over-year
Rp rupiah
S.E. Sarjana Ekonomi (Bachelor of

Economics)
310
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Annual Financial Statements
312
Annual Financial
Statements
BFI Finance has shown consistent

performance in creating growth, resulting in
strong financial results that deliver optimum
shareholder value.

PT BFI FINANCE INDONESIA Tbk

DAN ENTITAS ANAKNYA/AND ITS SUBSIDIARY
LAPORAN KEUANGAN KONSOLIDASIAN/
CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2022/

FOR THE YEAR ENDED 31 DECEMBER 2022
DAN/AND
LAPORAN AUDITOR INDEPENDEN/

INDEPENDENT AUDITORS’ REPORT
314
PT BFI FINANCE INDONESIA Tbk DAN ENTITAS ANAKNYA PT BFI FINANCE INDONESIA Tbk AND ITS SUBSIDIARY
LAPORAN KEUANGAN KONSOLIDASIAN CONSOLIDATED FINANCIAL STATEMENTS
UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2022 FOR THE YEAR ENDED 31 DECEMBER 2022
DAFTAR ISI CONTENTS
Pernyataan Direksi Directors’ Statement
Ekshibit/
Exhibit
Laporan Posisi Keuangan Konsolidasian A Consolidated Statement of Financial Position
Laporan Laba Rugi dan Penghasilan Komprehensif Consolidated Statement of Profit or Loss and
Lain Konsolidasian B Other Comprehensive Income
Laporan Perubahan Ekuitas Konsolidasian C Consolidated Statement of Changes in Equity
Laporan Arus Kas Konsolidasian D Consolidated Statement of Cash Flows
Catatan atas Laporan Keuangan Konsolidasian E Notes to the Consolidated Financial Statement
Laporan Auditor Independen Independent Auditors’ Report

316
These Consolidated Financial Statements are Originally Issued

in Indonesian Language
Ekshibit A Exhibit A
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENT OF FINANCIAL POSITION
PER 31 DESEMBER 2022 AS OF 31 DECEMBER 2022
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
Catatan/ 31 Desember/December
Notes 2022 2021
ASET ASSETS
KAS DAN SETARA KAS 2e,f,4 1.073.255 969.182 CASH AND CASH EQUIVALENTS
PIUTANG PEMBIAYAAN FINANCING RECEIVABLES

– setelah dikurangi cadangan kerugian – net of allowance for impairment
penurunan nilai sebesar Rp 833.435 losses of Rp 833,435 and
dan Rp 842.031 pada tanggal 2e,g,h,i Rp 842,031 as of 31 December
31 Desember 2022 dan 2021 5 19.554.254 13.676.190 2022 and 2021
PIUTANG IJARAH DAN IMBT IJARAH AND IMBT RECEIVABLES

– setelah dikurangi cadangan kerugian – net of allowance for impairment
penurunan nilai sebesar Rp 329 losses of Rp 329 and
dan Rp 1.128 pada tanggal Rp 1,128 as of 31 December
31 Desember 2022 dan 2021 2e,j,n,6 7.767 6.591 2022 and 2021
PIUTANG LAIN-LAIN – PIHAK KETIGA 2e,j,7 162.635 87.089 OTHER RECEIVABLES – THIRD PARTIES
ASET DERIVATIF 2e,l,w,8 103.056 - DERIVATIVE ASSETS
BEBAN DIBAYAR DI MUKA DAN PREPAID EXPENSES AND

UANG MUKA 2m,9 24.767 30.847 ADVANCES
ASET TETAP FIXED ASSETS

– setelah dikurangi akumulasi penyusutan - net of accumulated depreciation of
sebesar Rp 556.597 dan Rp 521.895 pada Rp 556,597 and Rp 521,895 as of
tanggal 31 Desember 2022 dan 2021 2o,10 659.145 606.641 31 December 2022 and 2021
ASET HAK-GUNA RIGHT-OF-USE ASSETS

- setelah dikurangi akumulasi penyusutan - net of accumulated depreciation of
tanggal 31 Desember 2022 dan 2021 2p,11 38.419 36.035 31 December 2022 and 2021
ASET TAKBERWUJUD INTANGIBLE ASSETS

– setelah dikurangi akumulasi amortisasi - net of accumulated amortization of
tanggal 31 Desember 2022 dan 2021 2q,12 139.499 56.193 31 December 2022 and 2021
ASET PAJAK TANGGUHAN 2r,14c 164.029 166.081 DEFERRED TAX ASSETS
ASET LAIN-LAIN 2e 2.808 890 OTHER ASSETS
JUMLAH ASET 21.929.634 15.635.739 TOTAL ASSETS
Lihat Catatan atas Laporan Keuangan Konsolidasian pada See accompanying Notes to Consolidated Financial Statements on
Ekshibit E terlampir yang merupakan bagian yang tidak terpisahkan Exhibit E which are an integral part of
dari Laporan Keuangan Konsolidasian secara keseluruhan the Consolidated Financial Statements taken as a whole

318

Ekshibit B Exhibit B
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENT OF PROFIT OR LOSS
KOMPREHENSIF LAIN KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
UNTUK TAHUN YANG BERAKHIR FOR THE YEAR ENDED
31 DESEMBER 2022 31 DECEMBER 2022
Notes 2022 2021
PENDAPATAN INCOME
Piutang pembiayaan 2e,g,h,v,22 5.052.248 3.794.182 Financing receivables
Keuangan 2e,v 22.870 32.323 Finance
Syariah 2e,i,j,v,23 65.157 26.454 Sharia
Lain-lain 2e,o,v,24 242.735 269.596 Others
Jumlah Pendapatan 5.383.010 4.122.555 Total Income
BEBAN EXPENSES
Gaji dan tunjangan 2u,v,25,29 (1.324.648 ) (1.023.279 ) Salaries and benefits
Beban bunga dan keuangan 2e,s,t,v,26 (624.099 ) (570.086 ) Interest and financing charges
Umum dan administrasi 2m,o,p,q,r,27 (771.052 ) (647.148 ) General and administrative
Cadangan kerugian penurunan nilai Provision for impairment losses
Piutang pembiayaan 2e,v,5 (367.235 ) (431.857 ) Financing receivables
Piutang ijarah dan IMBT 2e,v (223 ) (2.703 ) Ijarah and IMBT receivables
Lain-lain 2e,v,28,37 (57.072) (36.524) Others
Jumlah Beban (3.144.329) (2.711.597) Total Expenses
LABA SEBELUM PAJAK 2.238.681 1.410.958 PROFIT BEFORE TAX
Beban Pajak Penghasilan 2r,14b (432.002) (279.620) Income Tax Expenses
LABA TAHUN BERJALAN 1.806.679 1.131.338 PROFIT FOR THE YEAR
PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME

Pos-pos yang akan Items that will be
direklasifikasi ke laba rugi reclassified to profit or loss
Bagian efektif atas perubahan Effective portion of the fair value
nilai wajar instrumen derivatif - lindung change of the derivative
nilai arus kas 2l,8,33 26.409 69.101 Instrument - cash flow hedge
Pajak penghasilan terkait 14c,33 (5.018) (13.129) Related income tax
21.391 55.972
Pos-pos yang tidak akan Items that will not be
direklasifikasi ke laba rugi reclassified to profit or loss
(Kerugian) keuntungan pengukuran kembali (Loss) gain on remeasurement of
program aktuarial manfaat pasti 2u,17,33 (8.979) 12.817 defined benefit actuarial program
Pajak penghasilan terkait 14c,33 1.713 (2.436) Related income tax
(7.266) 10.381
PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME
TAHUN BERJALAN – Setelah Pajak 14.125 66.353 FOR THE YEAR – Net of Tax
JUMLAH PENGHASILAN KOMPREHENSIF TOTAL COMPREHENSIVE INCOME

TAHUN BERJALAN 1.820.804 1.197.691 FOR THE YEAR
Lihat Catatan atas Laporan Keuangan Konsolidasian pada See accompanying Notes to Consolidated Financial Statements on
Ekshibit E terlampir yang merupakan bagian yang tidak terpisahkan Exhibit E which are an integral part of

320
These Consolidated Financial Statements are Originally Issued in Indonesian Language
Ekshibit C Exhibit C
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/Equity attributable to owners of the parent
Keuntungan Keuntungan
(kerugian) (kerugian)
kumulatif atas pengukuran
instrumen kembali
derivatif untuk program
lindung nilai aktuarial
Tambahan arus kas - neto/ manfaat pasti/
modal Cumulative Gain (loss) on Jumlah sebelum
disetor gain (loss) on remeasurement Saldo laba/Retained earnings kepentingan
Modal - neto/ Saham derivative of defined Telah Belum nonpengendali/ Kepentingan Jumlah
saham/ Additional treasuri/ instrument benefit ditentukan ditentukan Total before nonpengendali/ ekuitas/
Catatan/ Share paid-in Treasury for cash flows actuarial penggunaannya/ penggunaannya/ non-controlling Non-controlling Total
Notes capital capital - net stock hedges - net program Appropriated Unappropriated interests interests equity
Saldo per 31 Desember 2021 399.178 553.286 (252.160) (31.658) 80.284 110.000 6.570.757 7.429.687 539 7.430.226 Balance as of 31 December 2021
Jumlah penghasilan
komprehensif Total comprehensive
tahun berjalan income for the year
Laba tahun berjalan - - - - - - 1.806.680 1.806.680 (1) 1.806.679 Profit for the year
Penghasilan
Komprehensif lain, Other comprehensive
setelah pajak: Income, net of tax:
Bagian yang
efektif dari Effective portion
lindung nilai of cash flows
arus kas 2l,8 - - - 21.391 - - - 21.391 - 21.391 hedges
Kerugian
pengukuran kembali Loss on remeasurement
program aktuarial of defined benefit
manfaat pasti 2u,17 - - - - (7.264) - - (7.264) (2) (7.266) actuarial program
- - - 21.391 (7.264) - 1.806.680 1.820.807 (3) 1.820.804
Penerbitan saham entitas Issuance of subsidiary’s
anak kepada kepentingan share to non-
Nonpengendali - - - --- - - - - 250 250 controlling interests
Penyisihan saldo laba 18 Appropriation for

untuk cadangan umum - - - - - 5.000 (5.000) - - - general reserve
Dividen tunai tahun 2021 2ac,18 - - - - - - (570.747) (570.747) - (570.747) Cash dividend of 2021
Program kepemilikan saham
oleh manajemen dan Management and employee
karyawan - 56.173 19.203 - - - - 75.376 - 75.376 stock ownership program
Saldo per 31 Desember 2022 399.178 609.459 (232.957) (10.267) 73.020 115.000 7.801.690 8.755.123 786 8.755.909 Balance as of 31 December 2022
Lihat Catatan atas Laporan Keuangan Konsolidasian pada Ekshibit E terlampir See accompanying Notes to Consolidated Financial Statements
yang merupakan bagian yang tidak terpisahkan dari on Exhibit E which are an integral part of
321
322
These Consolidated Financial Statements are Originally Issued in Indonesian Language
Ekshibit C/2 Exhibit C/2
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/Equity attributable to owners of the parent
Keuntungan
(kerugian)
kumulatif atas Keuntungan
instrumen pengukuran
derivatif untuk kembali
lindung nilai program
arus kas - neto/ aktuarial
Tambahan Cumulative manfaat pasti/
modal gain Gain on Jumlah sebelum
disetor (loss) on remeasurement Saldo laba/Retained earnings kepentingan
Modal - neto/ Saham derivative of defined Telah Belum nonpengendali/ Kepentingan Jumlah
saham/ Additional treasuri/ instrument benefit ditentukan ditentukan Total before nonpengendali/ ekuitas/
Catatan/ Share paid-in Treasury for cash flows actuarial penggunaannya/ penggunaannya/ noncontrolling Noncontrolling Total
Notes capital capital - net stock hedges - net program Appropriated Unappropriated interests interests equity
Saldo per 31 Desember 2020 399.178 553.286 (252.160 ) (87.630) 69.903 105.000 5.818.573 6.606.150 4 6.606.154 Balance as of 31 December 2020
Jumlah penghasilan
komprehensif Total comprehensive
tahun berjalan income for the year
Laba tahun berjalan - - - - - - 1.131.293 1.131.293 45 1.131.338 Profit for the year
Penghasilan
komprehensif lain, Other comprehensive
setelah pajak: Income, net of tax:
Bagian yang efektif
dari lindung nilai Effective portion of cash
arus kas 2l,8 - - - 55.972 - - - 55.972 - 55.972 flows hedges
Keuntungan
pengukuran kembali Gain on remeasurement
program aktuarial of defined benefit
manfaat pasti 2u,17 - - - - 10.381 - - 10.381 - 10.381 actuarial program
- - - 55.972 10.381 - 1.131.293 1.197.646 45 1.197.691

Penerbitan saham entitas Issuance of subsidiary’s
anak kepada kepentingan share to non-
nonpengendali - - - - - - - - 490 490 controlling interests
Penyisihan saldo laba Appropriation for

untuk cadangan umum 18 - - - - - 5.000 (5.000) - - - general reserve
Dividen tunai tahun 2020 2ac,18 - - - - - - (374.109) ) (374.109) - (374.109) Cash dividend of 2020
Saldo per 31 Desember 2021 399.178 553.286 (252.160 ) (31.658) 80.284 110.000 6.570.757 7.429.687 539 7.430.226 Balance as of 31 December 2021
Lihat Catatan atas Laporan Keuangan Konsolidasian pada Ekshibit E terlampir See accompanying Notes to Consolidated Financial Statements
yang merupakan bagian yang tidak terpisahkan dari on Exhibit E which are an integral part of

Ekshibit D Exhibit D
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENT OF CASH FLOWS
Notes 2022 2021
ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIES
Penerimaan kas dari: Cash received from:
Transaksi pembiayaan 22.232.359 16.391.349 Financing transactions
Pembiayaan bersama 105.581 - Joint financing
Penghasilan bunga bank dan deposito Interest income from banks
berjangka 24.211 37.052 and time deposits
Lain-lain 258.829 259.852 Others
Pengeluaran kas untuk: Cash disbursement for:

Transaksi pembiayaan baru (23.346.729) (13.672.271) New financing transactions
Beban umum dan administrasi (1.757.063) (1.422.126) General and administrative
Pembiayaan bersama 31a (47.050) (213.668) Joint financing
Beban bunga dan keuangan (629.813) (599.853) Interest and financing charges
Pajak penghasilan (346.829) (237.864) Income taxes
Arus kas bersih (untuk) dari aktivitas operasi (3.506.504) 542.471 Net cash flows (for) from operating activities
ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES
Hasil penjualan aset tetap 10 31.632 17.476 Proceeds from sale of fixed assets
Perolehan aset tetap 10 (164.033) (99.446) Acquisition of fixed assets
Perolehan aset takberwujud 12 (105.798) (26.186) Acquisition of intangible assets
Arus kas bersih untuk aktivitas investasi (238.199) (108.156) Net cash flows for investing activities
ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES
Penerimaan kas dari: Cash received from:
Pinjaman yang diterima 13,34 10.327.231 4.295.151 Fund borrowings
Surat berharga yang diterbitkan - 1.600.000 Securities issued
Penerimaan setoran modal dari kepentingan Receipts of paid-in capital from
nonpengendali 250 490 noncontrolling interests
Pengeluaran kas untuk: Cash disbursement for:
Pinjaman yang diterima 13,34 (4.982.868) (4.313.356) Fund borrowings
Pelunasan pokok surat berharga Repayment of securities
yang diterbitkan 15,34 (910.000) (2.088.000) issued principal
Dividen tunai (570.747) (374.109) Cash dividend
Program kepemilikan saham manajemen Management and employee stock
dan karyawan (15.090) - ownership program
Arus kas bersih dari (untuk) aktivitas pendanaan 3.848.776 (879.824) Net cash flows from (for) financing activities
KENAIKAN (PENURUNAN) NETO NET INCREASE (DECREASE) IN

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS
(Saldo dipindahkan) 104.073 (445.509) (Balance brought-forward)
Lihat Catatan atas Laporan Keuangan Konsolidasian See accompanying Notes to Consolidated Financial Statements
pada Ekshibit E terlampir yang merupakan bagian yang tidak terpisahkan on Exhibit E which are an integral part of


Ekshibit D/2 Exhibit D/2
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENT OF CASH FLOWS
Notes 2022 2021
KENAIKAN (PENURUNAN) NETO NET INCREASE (DECREASE) IN

(Saldo pindahan) 104.073 (445.509) (Balance carry-forward)
CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS PADA AWAL TAHUN 969.182 1.414.691 AT BEGINNING OF YEAR
KAS DAN SETARA KAS PADA CASH AND CASH EQUIVALENTS

AKHIR TAHUN 1.073.255 969.182 AT END OF YEAR

TERDIRI DARI: CONSIST OF:
Kas dan bank 4 803.732 214.616 Cash on hand and in banks
Deposito berjangka 4 269.523 754.566 Time deposits
1.073.255 969.182
Lihat Catatan atas Laporan Keuangan Konsolidasian See accompanying Notes to Consolidated Financial Statements
pada Ekshibit E terlampir yang merupakan bagian yang tidak terpisahkan on Exhibit E which are an integral part of
324

Ekshibit E Exhibit E
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
TAHUN YANG BERAKHIR 31 DESEMBER 2022 THE YEAR ENDED 31 DECEMBER 2022
1. UMUM 1. GENERAL
a. Pendirian dan Informasi Umum Perusahaan a. Establishment and General Information of the
Company
PT BFI Finance Indonesia Tbk (“Perusahaan”) didirikan PT BFI Finance Indonesia Tbk (the “Company”) was
dengan nama PT Manufacturers Hanover Leasing established as PT Manufacturers Hanover Leasing
Indonesia pada tanggal 7 April 1982 berdasarkan Akta Indonesia on 7 April 1982 based on Notarial Deed
No. 57 yang dibuat di hadapan Kartini Muljadi, S.H., No. 57 of Kartini Muljadi, S.H., Notary in Jakarta.
Notaris di Jakarta. Akta pendirian tersebut telah The deed of establishment was approved by the
memperoleh persetujuan dari Menteri Kehakiman Minister of Justice of the Republic of Indonesia in its
Republik Indonesia melalui Surat Keputusan decision letter No. C2-2091-HT01.01.TH82 dated
No. C2-2091-HT01.01.TH82 tanggal 28 Oktober 1982 dan 28 October 1982 and was published in the State
telah diumumkan dalam Lembaran Berita Negara Gazette No. 102, dated 21 December 1982, Supplement
No. 102 tanggal 21 Desember 1982, Tambahan No. 1390. No. 1390. Based on Notarial Deed No. 54 of Inge
Berdasarkan Akta No. 54 yang dibuat di hadapan Inge Hendarmin, S.H., a substitute of Kartini Muljadi, S.H.,
Hendarmin, S.H., pengganti dari Kartini Muljadi, S.H., Notary in Jakarta dated 17 September 1986, the
Notaris di Jakarta tanggal 17 September 1986, nama Company’s name changed from PT Manufacturers
Perusahaan diubah dari PT Manufacturers Hanover Hanover Leasing Indonesia to PT Bunas Intitama Leasing
Leasing Indonesia menjadi PT Bunas Intitama Leasing Indonesia, this amendment was approved by the
Indonesia, perubahan tersebut telah memperoleh Minister of Justice of the Republic of Indonesia in its
persetujuan dari Menteri Kehakiman Republik Indonesia decision letter No. C2-6977.HT.01.04.TH.86 dated
melalui Surat Keputusan No. C2-6977.HT.01.04.TH.86 7 October 1986 and was published in the State Gazette
tanggal 7 Oktober 1986 dan telah diumumkan No. 94 dated 25 November 1986, Supplement No. 1451.
dalam Lembaran Berita Negara No. 94 tanggal Based on Notarial Deed No. 80 dated 22 November
25 November 1986, Tambahan No. 1451. Berdasarkan 1989, Deed No. 27 dated 8 March 1990, both of which
Akta No. 80 tanggal 22 November 1989 Akta No. 27 were made before Kartini Muljadi, S.H. the Company’s
tanggal 8 Maret 1990 keduanya dibuat di hadapan Kartini name changed from PT Bunas Intitama Leasing
Muljadi, S.H., nama Perusahaan diubah dari PT Bunas Indonesia to PT Bunas Finance Indonesia, this
Intitama Leasing Indonesia menjadi PT Bunas Finance amendment was approved by the Minister of Justice of
Indonesia, perubahan tersebut telah memperoleh the Republic of Indonesia in its decision letter
persetujuan dari Menteri Kehakiman Republik Indonesia No. C2-1441-HT.01.04.TH.90 dated 13 March 1990
melalui Surat Keputusan No. C2-1441-HT.01.04.TH.90 and was published in the State Gazette No. 34
tanggal 13 Maret 1990 dan telah diumumkan dalam dated 28 April 1990, Supplement No. 1537. Based
Lembaran Berita Negara No. 34 tanggal 28 April 1990, on Deed No. 37 which were made before Achmad
Tambahan No. 1537. Berdasarkan Akta No. 37 yang Abid, S.H, a substitute of Sutjipto, S.H., Notary
dibuat di hadapan Achmad Abid, S.H., pengganti dari in Jakarta dated 8 August 1996, the name of the
Sutjipto, S.H., Notaris di Jakarta tanggal 8 Agustus 1996, Company was changed from PT Bunas Finance Indonesia
nama Perusahaan diubah dari PT Bunas Finance to PT Bunas Finance Indonesia Tbk, a change which
Indonesia menjadi PT Bunas Finance Indonesia Tbk, has been approved by the Minister of Justice of
perubahan tersebut telah memperoleh persetujuan dari the Republic of Indonesia through Decision Letter
Menteri Kehakiman Republik Indonesia melalui Surat No. C2-9625-HT.01.04.TH.96 dated 21 October 1996
Keputusan No. C2-9625-HT.01.04.TH.96 tanggal and was published in the State Gazette No. 11 dated
21 Oktober 1996 dan telah diumumkan dalam Lembaran 7 February 1997, Supplement No. 552. The Company’s
Berita Negara No. 11 tanggal 7 Februari 1997, Tambahan Articles of Association has been amended several
No. 552. Anggaran Dasar Perusahaan telah mengalami times, which one of the amendments was based on
beberapa kali perubahan, salah satunya berdasarkan Notarial Deed No. 116 dated 27 June 2001 of Aulia
Akta No. 116 tanggal 27 Juni 2001 yang dibuat di Taufani, S.H., a substitute of Sutjipto, S.H., Notary
hadapan Aulia Taufani, S.H., pengganti dari Sutjipto, in Jakarta, in connection with the change of name
S.H., Notaris di Jakarta, sehubungan dengan perubahan of the Company from PT Bunas Finance Indonesia Tbk
nama Perusahaan dari PT Bunas Finance Indonesia Tbk to PT BFI Finance Indonesia Tbk. This amendment
menjadi PT BFI Finance Indonesia Tbk. Perubahan was approved by the Minister of Law and Human
tersebut telah memperoleh persetujuan dari Menteri Rights of the Republic of Indonesia in its decision
Hukum dan Hak Asasi Manusia Republik Indonesia letter No. C-03668.HT.01.04.TH.2001 dated 24 July
melalui Surat Keputusan No. C-03668.HT.01. 04.TH.2001 2001 and was published in the State Gazette No. 35
tanggal 24 Juli 2001 dan telah diumumkan dalam dated 30 April 2002, Supplement No. 4195.
Lembaran Berita Negara No. 35 tanggal 30 April 2002,
Tambahan No. 4195.


Ekshibit E/2 Exhibit E/2
1. UMUM (Lanjutan) 1. GENERAL (Continued)
a. Pendirian dan Informasi Umum Perusahaan (Lanjutan) a. Establishment and General Information of the
Company (Continued)
Perubahan terakhir berdasarkan Akta No. 19 tanggal The latest amendment based on Deed No. 19 dated
29 Juni 2022 yang dibuat di hadapan Shanti Indah 29 June 2022 made before Shanti Indah Lestari, S.H.,
Lestari, S.H., M.Kn., Notaris di Kabupaten Tangerang, M.Kn., Notary in Tangerang District, regarding approval
mengenai persetujuan perubahan Pasal 3 dan Pasal 15 for amendment to Article 3 and Article 15 of the
Anggaran Dasar Perusahaan, yang telah diterima dan Company’s articles of association, which has been
dicatat dalam database Sistem Administrasi Badan accepted and recorded in Legal Entity Administration
Hukum Kementerian Hukum dan Hak Asasi Manusia System Minister of Law and Human Rights of the
Republik Indonesia melalui Surat Penerimaan Laporan Republic of Indonesia through Receipt of Notification
Akta Perubahan Anggaran Dasar nomor AHU-AH.01.03- of Amendments to Articles of Association Number AHU-
0271122 tanggal 27 Juli 2022 serta telah mendapat AH.01.03-0271122 dated 27 July 2022 and has been
persetujuan dari Menteri Hukum dan Hak Asasi Manusia approved by the Ministry of Law and Human Rights of
Republik Indonesia dengan keputusan nomor AHU- the Republic of Indonesia with Decree Number AHU-
0052483.AH.01.02.Tahun 2022 tanggal 27 Juli 2022 dan 0052483.AH.01.02.Tahun 2022 dated 27 July 2022
Berita Negara Republik Indonesia sampai saat ini masih Currently the changes are still in the process of being
dalam proses. announced in the State Gazette.
Perusahaan memperoleh izin usaha dalam The Company obtained its license to operate
bidang usaha lembaga Pembiayaan dari Menteri as a financing company from the Minister of Finance
Keuangan Republik Indonesia berdasarkan Surat by virtue of his decree No. KEP-038/KM.11/1982
Keputusan No. KEP-038/KM.11/1982 tanggal 12 Agustus dated 12 August 1982 as amended by Decree
1982, yang telah diperbaharui berdasarkan Surat No. 493/KMK.013/1990 dated 23 April 1990.
Keputusan No. 493/KMK.013/1990 tanggal 23 April 1990.
Pada tanggal 20 Februari 2006, Menteri Keuangan On 20 February 2006, the Minister of Finance of the
Republik Indonesia telah mengamandemen izin usaha Republic of Indonesia amended the Company’s license
Perusahaan melalui Keputusan Menteri Keuangan in its decision letter No. KEP-038/KM.5/2006.
Republik Indonesia No. KEP-038/KM.5/2006.
Melalui amandemen ini, izin usaha yang sebelumnya Through this amendment, the previous license granted
diberikan kepada PT Bunas Finance Indonesia Tbk to PT Bunas Finance Indonesia Tbk was applied for
berlaku surut sejak adanya persetujuan perubahan nama retroactively since the approval of the change in
Perusahaan dari PT Bunas Finance Indonesia Tbk the name of the Company from PT Bunas Finance
menjadi PT BFI Finance Indonesia Tbk dari instansi Indonesia Tbk to PT BFI Finance Indonesia Tbk from the
yang berwenang melalui Surat Keputusan Menteri regulatory authority in its decision letter of Minister
Hukum dan Hak Asasi Manusia Republik Indonesia of Law and Human Rights of the Republic of Indonesia
No. C-03668. HT.01.04.TH.2001 tanggal 24 Juli 2001. No. C-03668.HT.01.04.TH.2001 dated 24 July 2001.
Berdasarkan Pasal 3 Anggaran Dasar, Perusahaan Based on Article 3 of the Company's Articles of
dapat melaksanakan kegiatan usaha utama sebagai Association, the Company may carry out the following
berikut: main business activities:
I. Usaha Pembiayaan: I. Financing:

a. Pembiayaan investasi a. Investment financing
b. Pembiayaan modal kerja b. Working capital financing
c. Pembiayaan multiguna c. Multipurpose financing
d. Kegiatan usaha pembiayaan lain berdasarkan d. Other financing activities under the approval of
persetujuan Otoritas Jasa Keuangan the Financial Service Authority
II. Usaha Pembiayaan Syariah: II. Sharia Financing:

a. Pembiayaan jual beli a. Financing sale and purchase
b. Pembiayaan investasi b. Investment financing
c. Pembiayaan jasa c. Financing services
326

a. Pendirian dan Informasi Umum Perusahaan a. Establishment and General Information of the
(Lanjutan) Company (Continued)
Untuk mencapai maksud dan tujuan tersebut di atas To achieve the above-mentioned purpose and
serta untuk menunjang kegiatan usaha utama objective, and to support its main business activities,
Perusahaan tersebut di atas, Perusahaan dapat the Company may conduct supporting business
melaksanakan kegiatan usaha penunjang sebagai activities as follows:
berikut:
a. Melakukan perencanaan dan pengembangan, antara a. To undertake planning and development, among
lain menambah jaringan usaha, membangun others, to increase business network, build
infrastruktur dan kegiatan lain yang mendukung infrastructure, and other activities that support
usaha dan kinerja Perusahaan. the business and performance of the Company.
b. Melakukan kegiatan mencari dan/atau memperoleh b. To conduct activities to seek and/or obtain
sumber pendanaan. funding sources
c. Melakukan segala perbuatan pemilikan dan sewa c. To carry out all ownership and lease activities
menyewa dengan pihak lain. with other parties.
d. Menyelanggarakan kegiatan-kegiatan lain yang d. To carry out other activities needed to support
diperlukan dalam mendukung dan/atau terkait and/or related to the main business activities.
dengan kegiatan usaha utama.
e. Sewa operasi (operating lease) dan/atau kegiatan e. To provide operating lease and/or fee-based
berbasis imbal jasa sepanjang tidak bertentangan service as long as it is not against the stipulations
dengan ketentuan peraturan perundangan-undangan and laws in financial services sector.
di sektor jasa keuangan.
Perusahaan memulai kegiatan komersialnya pada tahun The Company started its commercial operations in
1982. Kantor pusat Perusahaan terletak di BFI Tower, 1982. The Company’s registered office is located at BFI
Sunburst CBD Lot 1.2, Jalan Kapten Soebijanto Tower, Sunburst CBD Lot 1.2, Jalan Kapten Soebijanto
Djojohadikusumo, BSD City, Tangerang Selatan. Djojohadikusumo, BSD City, South Tangerang.
Untuk menjalankan usaha pembiayaan syariah, To undertake a sharia financing business, the Company
Perusahaan telah menerima Salinan Keputusan Dewan has received a copy of the Decree of the Board of
Komisioner Otoritas Jasa Keuangan Nomor Kep-27/ Commissioners of the Financial Service Authority
NB.223/2018 tentang Pemberian Izin Pembukaan Unit Number Kep-27/NB.223/2018 concerning the License to
Usaha Syariah Perusahaan Pembiayaan kepada Open Sharia Business Unit to the Company and the
Perusahaan dan keputusan tersebut mulai berlaku sejak Decree effective on 8 February 2018.
tanggal ditetapkan, yaitu 8 Februari 2018.
Perusahaan dan entitas anaknya (secara bersama-sama The Company and its subsidiary (hereinafter
selanjutnya disebut sebagai grup) mempunyai kantor collectively referred to as the group) have branches,
cabang, gerai dan kantor cabang syariah yang tersebar kiosk and sharia branch throughout Indonesia as of
di seluruh wilayah Indonesia pada tanggal 31 Desember 31 December 2022 and 2021 as follow:
2022 dan 2021 sebagai berikut:
31 Desember/December
2022 2021
Kantor cabang 203 217 Branches
Gerai 34 57 Kiosk
Cabang Syariah *) 45 45 *) Sharia Branches
Jumlah 282 319 Total
*) 45 cabang syariah sharing tempat dengan cabang *) 45 sharia branches sharing premises with existing branches
konvensional
b. Penawaran Umum Saham Perusahaan b. Public Offering of the Company’s Shares
Pada tahun 1990, Perusahaan melakukan penawaran In 1990, the Company conducted an initial public
umum perdana atas 2.125.000 sahamnya dengan nilai offering of its 2,125,000 shares with a par value of
nominal Rp 1.000 (nilai penuh) per saham melalui bursa Rp 1,000 (full amount) per share through the stock
efek di Indonesia dengan harga penawaran sejumlah exchanges in Indonesia at an offering price of Rp 5,750
Rp 5.750 (nilai penuh) per saham. Pada tahun 1993, (full amount) per share. In 1993, the Company offered
Perusahaan melakukan penawaran tambahan sebanyak an additional of 8,500,000 shares at the same par value
8.500.000 saham dengan nilai nominal per saham yang per share through a stock exchange in Indonesia.
sama melalui bursa efek di Indonesia.


b. Penawaran Umum Saham Perusahaan (Lanjutan) b. Public Offering of the Company’s Shares (Continued)
Pada tanggal 8 April 1993, para pemegang On 8 April 1993, the shareholders of the Company
saham Perusahaan menyetujui untuk membagikan approved to distribute share dividends on the basis of
dividen saham dengan dasar 1 (satu) saham baru untuk 1 (one) new share for every 10 (ten) shares held
10 (sepuluh) saham yang dimiliki, sebanyak 1.062.500 totaling 1,062,500 shares with a par value of Rp 1,000
saham dengan nilai nominal Rp 1.000 (nilai penuh) per (full amount) per share. On the same date, the
saham. Pada tanggal yang sama, para pemegang saham shareholders of the Company also approved to issue
Perusahaan juga menyetujui untuk menerbitkan saham bonus shares on the basis of 17 (seventeen) new shares
bonus dengan dasar 17 (tujuh belas) saham baru untuk for every 20 (twenty) shares held totaling 9,934,668
setiap 20 (dua puluh) saham yang dimiliki, sebanyak shares at the same par value. On 22 January 1994, the
9.934.668 saham dengan nilai nominal yang sama. shareholders of the Company approved to distribute
Pada tanggal 22 Januari 1994, para pemegang saham share dividends on the basis of 1 (one) new share for
Perusahaan menyetujui untuk membagikan dividen every 3 (three) shares held totaling 7,207,390 shares at
saham dengan dasar 1 (satu) saham baru untuk 3 (tiga) a par value of Rp 1,000 (full amount) per share.
saham yang dimiliki, sebanyak 7.207.390 saham dengan
nilai nominal Rp 1.000 (nilai penuh) per saham.
Pada tanggal 18 April 1994, Perusahaan memperoleh On 18 April 1994, the Company received effective
surat pernyataan efektif dari Badan Pengawas Pasar statement from the Capital Market Supervisory
Modal (kemudian berubah menjadi Badan Pengawas Board (was then changed to Capital Market and
Pasar Modal dan Lembaga Keuangan/BAPEPAM-LK dan Financial Institutions Supervisory Agency/BAPEPAM-LK
terakhir dikenal sebagai Otoritas Jasa Keuangan/OJK) and recently known as the Financial Services
(BAPEPAM) melalui surat No. S-639/PM/1994 dalam Authority/OJK) (BAPEPAM) through letter No. S-639/
rangka penawaran umum terbatas pertama (I) PM/1994 to conduct the first rights issue of the
Perusahaan sebanyak 28.829.558 saham dengan harga Company’s shares on a 1 (one) for 1 (one) basis totaling
penawaran sejumlah Rp 1.500 (nilai penuh) per saham 28,829,558 shares at an offering price of Rp 1,500 (full
dimana setiap 1 (satu) saham yang dimiliki berhak atas amount) per share. Moreover, on 17 January 1997, the
1 (satu) saham baru. Selanjutnya, pada tanggal Company received effective statement from
17 Januari 1997, Perusahaan memperoleh surat the BAPEPAM-LK through letter No. S-71/PM/1997
pernyataan efektif dari BAPEPAM-LK melalui surat to conduct the second rights issue of the Company’s
No. S-71/PM/1997 dalam rangka penawaran umum shares on the basis of 2 (two) new shares for every
terbatas kedua Perusahaan sebanyak 115.318.232 saham 1 (one) shares held totaling 115,318,232 shares at an
dengan harga penawaran Rp 1.000 (nilai penuh) per offering price of Rp 1,000 (full amount) per share.
saham dimana setiap 1 (satu) saham yang dimiliki
berhak atas 2 (dua) saham baru.
Pada tanggal 17 Juni 1997, para pemegang saham On 17 June 1997, the shareholders of the Company
Perusahaan menyetujui pemecahan nilai nominal saham approved a stock split, resulting in a change in par
dari Rp 1.000 (nilai penuh) per saham menjadi Rp 500 value per share from Rp 1,000 (full amount) to Rp 500
(nilai penuh) per saham, sehingga mengakibatkan (full amount), thus resulting in the increase in number
peningkatan jumlah saham beredar Perusahaan dari of the Company’s subscribed shares from 172,977,348
sebanyak 172.977.348 saham menjadi sebanyak shares to 345,954,696 shares.
345.954.696 saham.
Dalam rangka restrukturisasi utang, para pemegang In respect with the debt restructuring, the Company’s
saham Perusahaan dalam Rapat Umum Pemegang Saham shareholders through Extraordinary General Meeting
Luar Biasa Para Pemegang Saham tanggal 27 Januari of Shareholders convened on 27 January 2000 approved
2000 menyetujui penerbitan Mandatory Convertible to issue the Mandatory Convertible Bonds (MCB)
Bonds atau Obligasi Wajib Konversi (MCB) yang wajib which should be converted into 414,384,585 shares of
dikonversikan menjadi sebanyak 414.384.585 saham the Company.
Perusahaan.
Pada bulan Mei 2006, seluruh MCB telah dikonversi In May 2006, all of the MCB was converted
menjadi sebanyak 414.384.585 saham biasa sehingga into common shares totaling 414,384,585 shares,
jumlah saham beredar Perusahaan menjadi sebanyak thus resulting in a total outstanding number of
760.339.281 saham pada tanggal 31 Desember 2006. the Company’s shares of 760,339,281 shares as of
31 December 2006.
328

Berdasarkan keputusan Rapat Umum Pemegang Saham Based on the resolution of the Extraordinary General
Luar Biasa (RUPSLB) Perusahaan yang diaktakan dengan Meeting of Shareholders (EGM) of the Company
Akta notaris No. 65 tanggal 21 Juni 2012 yang dibuat di as covered by Notarial Deed No. 65 dated 21 June 2012
hadapan Fathiah Helmi, S.H., Notaris di Jakarta, para of Fathiah Helmi, S.H., Notary in Jakarta,
pemegang saham menyetujui perubahan Pasal 4 ayat the shareholders approved the amendment to
1 dan 2 Anggaran Dasar Perusahaan mengenai Paragraphs 1 and 2 of Article 4 of the Articles of
perubahan nilai nominal saham Perusahaan (pemecahan Association concerning the changes in par value of the
saham) dari sebesar Rp 500 (nilai penuh) per saham Company’s share (stock split) from Rp 500 (full amount)
menjadi sebesar Rp 250 (nilai penuh) per saham, to Rp 250 (full amount) per share, thus, resulting in the
sehingga mengakibatkan peningkatan jumlah saham increase in number of the Company’s shares outstanding
beredar Perusahaan dari semula sebanyak 760.339.281 from 760,339,281 shares to 1,520,678,562 shares, and
saham menjadi sebanyak 1.520.678.562 saham, dan Paragraph 3b of Article 15, concerning the Duties and
menyetujui untuk mengubah Pasal 15 ayat 3b mengenai Authorities of the Directors.
Tugas dan Wewenang Direksi.
Pemecahan saham tersebut telah memperoleh The stock split was approved by the BEI through letter
persetujuan dari BEI melalui surat No. S-05439/BEI.PPJ/ No. S-05439/BEI.PPJ/07-2012 dated 31 July 2012.
07-2012 tertanggal 31 Juli 2012.
RUPSLB tersebut juga telah menyetujui penerbitan The EGM had also approved the issuance of shares for
saham untuk pelaksanaan program Management & the implementation of the Phase 1 of the Management
Employee Stock Option Program (MESOP) untuk Tahap I & Employee Stock Option Program (MESOP) on the
di BEI sebanyak 60.826.400 saham dengan nilai nominal Indonesia Stock Exchange, totaling 60,826,400 shares
sebesar Rp 250 (nilai penuh) per saham untuk periode with par value of Rp 250 (full amount) per shares, up
sampai dengan tanggal 20 Juni 2014. BEI melalui 20 June 2014. BEI through its letter No. S-04847/
suratnya No. S-04847/BEI.PPJ/07-2012 tertanggal 6 Juli BEI.PPJ/07-2012 dated 6 July 2012 had approved the
2012 telah menyetujui pencatatan saham Perusahaan Company’s pre-listing of its MESOP on the Indonesia
hasil pelaksanaan Program MESOP untuk tahap I Stock Exchange for the implementation of phase I.
tersebut secara pra-pencatatan di BEI.
Pada tanggal 31 Mei 2013, 30 Mei 2014, 29 Mei 2015, On 31 May 2013, 30 May 2014, 29 May 2015, and 31 May
dan 31 Mei 2016, Perusahaan telah menerbitkan saham 2016, the Company has issued the additional 5,936,000,
baru masing-masing sebanyak 5.936.000, 23.320.000, 23,320,000, 16,025,000 and 30,752,000 shares,
16.025.000 dan 30.752.000 saham sebagai pelaksanaan respectively, for the implementation of the MESOP for
Management & Employee Stock Option Program (MESOP) Phase I – Grant Date 1 and 2, and Phase II – Grant Date
untuk Tahap I – Grant Date 1 dan 2, dan Tahap II – Grant 1 and 2, for options that has been exercised, thus
Date 1 dan 2, yang telah dieksekusi sehingga jumlah resulting in a total outstanding number of
saham beredar Perusahaan menjadi 1.596.711.562 the Company’s shares of 1,596,711,562 shares as of
saham pada tanggal 31 Desember 2016. 31 December 2016.
Luar Biasa (RUPSLB) Perusahaan, yang telah diaktakan Meeting of Shareholders (EGM) of the Company as
dengan Akta Notaris No. 18 pada tanggal 6 Mei 2014 covered by Notarial Deed No. 18 dated 6 May 2014 of
yang dibuat di hadapan Aryanti Artisari, S.H., Notaris di Aryanti Artisari, S.H., Notary in Jakarta, had approved
Jakarta, telah disetujui penerbitan saham hasil the issuance of new shares the results of the
pelaksanaan MESOP untuk tahap II untuk periode sampai implementations of the MESOP program phase II up to
dengan tanggal 30 Juni 2016 dengan harga pelaksanaan 30 June 2016 with exercised price which referred
yang mengacu kepada sebagaimana diatur dalam butir to point V.I Listing Regulation No. I-A as included in
V.1 Peraturan Pencatatan No. I-A Lampiran II the Appendix of the Decision Decree of virtue
Keputusan Direksi PT Bursa Efek Indonesia of the Directors of PT Bursa Efek Indonesia
No. Kep-00001/BEI/01-2014 tanggal 20 Januari 2014. No. Kep-00001/BEI/01-2014 dated on 20 January 2014.
BEI melalui suratnya No. S-02280/BEI.PGI/06-2014 BEI through its letter No. S-02280/BEI.PGI/06-2014
tertanggal 6 Juni 2014 telah menyetujui pencatatan dated 6 June 2014 approved the registration of the
saham Perusahaan hasil pelaksanaan Program MESOP Company’s pre-listing of its MESOP on the Stock
untuk tahap II secara pra-pencatatan di BEI sebanyak- Exchange for the implementation of phase II maximum
banyaknya 46.777.000 saham dengan harga pelaksanaan 46,777,000 shares with exercised price Rp 2,205 (full
sebesar Rp 2.205 (nilai penuh) per saham. amount) per share.


Luar Biasa (RUPSLB) Perusahaan yang diaktakan dengan Meeting of Shareholders (EGM) of the Company as
Akta No. 25 tanggal 18 April 2017 yang dibuat di covered by Notarial Deed No. 25 dated 18 April 2017
hadapan Aryanti Artisari, S.H., M.Kn., Notaris di of Aryanti Artisari, S.H., M.Kn., Notary in Jakarta,
Jakarta, para pemegang saham menyetujui pemecahan the Company’s shareholders approved the par value
nilai nominal saham Perusahaan (stock split) dari split of the Company’s share from Rp 250 (full amount)
sebesar Rp 250 (nilai penuh) per saham menjadi Rp 25 per share to Rp 25 (full amount) per share (stock split).
(nilai penuh) per saham. Pemecahan nilai saham ini The stock split was approved by the BEI through
telah mendapat persetujuan dari BEI melalui surat its letter No.S-02820/BEI.PP1/05-2017 dated 23 May
No.S-02820/BEI.PP1/05-2017 tertanggal 23 Mei 2017. 2017. Therefore, since 31 December 2017 total issued
Dengan demikian, sejak 31 Desember 2017 jumlah and fully paid capital was 15,967,115,620 shares.
saham ditempatkan dan disetor penuh menjadi
15.967.115.620 saham.
c. Entitas Anak c. Subsidiary
Tahun Jumlah aset sebelum

beroperasi eliminasi/
komersial/ Persentase kepemilikan/ Total assets before
Year of Percentage of ownership elimination
Entitas anak/ Domisili/ commercial 31 Desember/December 31 Desember/December
Subsidiary Domicile operations 2022 2021 2022 2021
Kepemilikan langsung/ Direct ownership
PT Finansial Integrasi Teknologi Tangerang Selatan 2018 99,00% 63.574 36.108
Perusahaan mendirikan entitas anak dengan nama The Company established a subsidiary under the name
PT Finansial Integrasi Teknologi (FIT), berdasarkan of PT Finansial Integrasi Teknologi (FIT), based on
akta notaris Herna Gunawan, S.H., M.Kn. No. 4 tanggal Notarial Deed No. 4 of Herna Gunawan, S.H., M.Kn on
15 September 2017, yang telah disetujui oleh Menteri 15 September 2017. The deed of establishment
Hukum dan Hak Asasi Manusia Republik Indonesia was approved the Ministry of Law and Human Rights
berdasarkan surat No. AHU-0043022.AH.01.01.Tahun of the Republic of Indonesia in its decision letter
2017 tanggal 29 September 2017. FIT bergerak dalam No. AHU-0043022.AH.01.01 Tahun 2017 dated
bidang layanan pinjam meminjam uang berbasis 29 September 2017. FIT is engaged in lending and
teknologi informasi. borrowing services based on information technology.
Berdasarkan Akta Pernyataan Keputusan Rapat No. 6 Based on Deed of Meeting Decision Letter No.6 dated
tanggal 5 Agustus 2021 yang dibuat di hadapan Veronika 5 August 2021 made before Veronika Farida Riswanti,
Farida Riswanti, S.H., M.Kn, Notaris di Kabupaten S.H., M.Kn, Notary in Tangerang District, which has
Tangerang, yang telah diterima dan dicatat pada been accepted and recorded by the Ministry of Law and
Kementerian Hukum dan Hak Asasi Manusia Republik Human Rights of the Republic of Indonesia in its
Indonesia dalam Surat No. AHU-AH.01.03-0439070 Decision Letter No. AHU-AH.01.03-0439070 dated
tanggal 20 Agustus 2021, mengenai Perubahan 20 August 2021, regarding Changes in the Increase in
Peningkatan Modal Ditempatkan/Disetor sebesar 25.000 Issued/Paid-Up Capital of 25,000 shares or with a total
lembar saham atau dengan nilai nominal seluruhnya nominal value of Rp 25,000,000,000 (full amount).
Rp 25.000.000.000 (nilai penuh). Dengan demikian Thus, after the increase in the issued and paid-up
setelah peningkatan modal ditempatkan dan disetor capital of the Company to 50,000 shares with a total
Perusahaan menjadi 50.000 lembar saham dengan nilai nominal value of Rp 50,000,000,000 (full amount).
nominal seluruhnya sebesar Rp 50.000.000.000 (nilai
penuh).
330


c. Entitas Anak (Lanjutan) c. Subsidiary (Continued)
Berdasarkan Akta Pernyataan Keputusan Para Pemegang Based on the Deed of Statement of Meeting Resolutions
Saham di Luar Rapat No.1 tanggal 5 Agustus 2022 yang Shareholders Outside the Meeting No. 1 dated 5 August
dibuat di hadapan Geraldine H.S.S.U. Sianturi, S.H., 2022 made before Geraldine H.S.S.U. Sianturi, S.H.,
M.Kn, Notaris di Kota Tangerang Selatan, yang telah M.Kn, Notary in South Tangerang City, which has been
diterima dan dicatat pada Kementerian Hukum dan Hak received and recorded at the Ministry of Law and
Asasi Manusia Republik Indonesia dalam Surat No. AHU- Human Rights of the Republic of Indonesia in Letter No.
AH.01.09-0041558 tanggal 8 Agustus 2022 mengenai AHU-AH.01.09-0041558 dated 8 August 2022 regarding
perubahan susunan Dewan Komisaris dan Direksi changes in the composition of the Company's Board of
Perusahaan. Sehingga pada tanggal 31 Desember 2022 Commissioners and Directors. Therefore, as of
dan 2021, susunan Dewan Komisaris dan Direksi 31 December 2022 and 2021, the composition of the
Perusahaan adalah sebagai berikut: Company's Board of Commissioners and Directors are as
follows:
31 December/December
2022 2021
Dewan Komisaris Board of Commissioners
Presiden Komisaris : Francis Lay Sioe Ho Francis Lay Sioe Ho : President Commissioner
Komisaris : Sudjono Sudjono : Commissioner
Direksi Directors
Presiden Direktur : Tjiu Herman Handoko Tjiu Herman Handoko : President Director
Direktur : Ichwan Peryana Ichwan Peryana : Director
Direktur : Agus Ghozali - : Director
Berdasarkan Akta Pernyataan Keputusan Para Pemegang Based on the Deed of Statement of Resolutions of
Saham di Luar Rapat No.10 tanggal 28 Desember 2022 Shareholders Outside the Meeting No. 10 dated
yang dibuat di hadapan Geraldine H.S.S.U. Sianturi, 28 December 2022 made before Geraldine H.S.S.U.
S.H., M.Kn, Notaris di Kota Tangerang Selatan, yang Sianturi, S.H., M.Kn, Notary in South Tangerang City,
telah diterima dan dicatat pada Kementerian Hukum which has been received and recorded at the Ministry
dan Hak Asasi Manusia Republik Indonesia dalam Surat of Law and Human Rights of the Republic of Indonesia
No. AHU-AH.01.03-0497389 tanggal 29 Desember 2022 in Letter No. AHU-AH.01.03-0497389 dated
mengenai Perubahan Peningkatan Modal 29 December 2022 regarding Changes in the Increase in
Ditempatkan/Disetor sebesar 25.000 saham atau dengan Issued/Paid-Up Capital of 25,000 shares or with a total
nilai nominal seluruh Rp 25.000.000.000 (nilai penuh). nominal value of Rp 25,000,000,000 (full amount).
Dengan demikian setelah peningkatan modal Thus, after the increase in the issued and paid-up
ditempatkan dan disetor Perusahaan menjadi 75.000 capital of the Company to 75,000 shares with a total
lembar saham dengan nilai nominal seluruhnya sebesar nominal value of Rp 75,000,000,000 (full amount).
Rp 75.000.000.000 (nilai penuh).
OJK telah menyetujui permohonan FIT atas platform OJK has granted approval for FIT on the platform
http://www.pinjammodal.id sebagai penyelenggara http://www.pinjammodal.id as the operator of
Layanan Pinjam Meminjam Uang Berbasis Teknologi Information Technology-Based Lending and Borrowing
Informasi untuk terdaftar dan diawasi oleh OJK, melalui Services to be registered and supervised by the
surat No.S-588/NB.213/2018 tertanggal 31 Juli 2018. authority based on Decision Letter No.S-588/NB.213/
Selanjutnya, sesuai dengan ketentuan yang berlaku, FIT 2018 dated 31 July 2018. Furthermore, in accordance
telah mengajukan permohonan izin usaha sebagai with applicable regulations, FIT has applied for
penyelenggara Layanan Pinjam Meminjam Uang Berbasis a business license as an Information Technology-Based
Teknologi Informasi, dan melalui surat No. Kep- Money-Borrowing Service provider, and through letter
20/D.05/2020 tanggal 19 Mei 2020, OJK telah No. Kep-20/D.05/2020 dated 19 May 2020, OJK has
memberikan izin usaha Perusahaan Penyelenggara granted a business license for Information Technology-
Layanan Pinjam Meminjam Uang Berbasis Teknologi Based Money-Borrowing Service Provider to FIT
Informasi kepada FIT dengan Sistem Elektronik Pinjam with the Capital Loan Electronic System, the
Modal, laman web pinjammodal.id, nama dan merek pinjammodal.id webpage, the name and brand of the
Aplikasi Pinjam Modal pada sistem operasi Android, Capital Loan Application on the Android, iOS and
iOS dan Website, dan model bisnis konvensional. Website operating systems, and conventional business
models.


d. Pembelian Kembali (BuyBack) Saham Perusahaan d. Treasury Shares

Pada tanggal 15 April 2015, Rapat Umum Pemegang On 15 April 2015, the Extraordinary General Meeting of
Saham Luar Biasa (RUPSLB) menyetujui pembelian Shareholders (EGM) approved the buyback of
kembali saham yang beredar Perusahaan sampai jumlah outstanding shares of the Company up to a maximum of
maksimum sebanyak 10% dari seluruh jumlah saham 10% of the total shares issued and fully paid-up capital
yang ditempatkan dan disetor penuh Perusahaan atau of the Company or amounted of 154,993,456 shares
sebanyak-banyaknya sebesar 154.993.456 saham (before stock split). The funds reserved to repurchase
(sebelum pemecahan saham). Dana yang dicadangkan shares for a maximum period of 18 (eighteen) months
untuk pembelian kembali saham untuk periode paling from the EGMS should not more than Rp 341,000.
lama 18 (delapan belas) bulan sejak RUPSLB adalah
tidak lebih dari Rp 341.000.
Perusahaan telah melakukan pembelian kembali saham The Company has bought back its shares publicly
yang diperdagangkan di Bursa Efek Indonesia, traded on the Indonesia Stock Exchange, as allowed by
yang diperkenankan sesuai Peraturan OJK OJK Regulation No.2/POJK.04/2013 dated 23 August
No.2/POJK.04/2013 tanggal 23 Agustus 2013. 2013.
Per tanggal 15 Oktober 2016, program pembelian As of 15 October 2016, the shares buy back program
kembali saham ini dinyatakan berakhir dan jumlah was officially ended and total shares bought back by
saham yang telah dibeli kembali oleh Perusahaan adalah the Company was totaling 1,002,732,000 shares (after
sebanyak 1.002.732.000 saham (setelah pemecahan stock split) for a total purchase price of Rp 252,160.
saham) dengan nilai pembelian sebesar Rp 252.160.
Pelaksanaan pembelian kembali saham merupakan This repurchase transaction was intended to increase
salah satu bentuk usaha Perusahaan untuk the Company's capital management where the
meningkatkan manajemen permodalan Perusahaan implementation expected to increase the value of
dimana pelaksanaannya diharapkan akan meningkatkan Earnings per Share (EPS).
nilai laba bersih per saham Earnings per Share (EPS).
Pada tanggal 11 Oktober 2022, Perusahaan melakukan On 11 October 2022, the Company entered into a
transaksi pengalihan sebagian saham treasuri melalui transaction to transfer part of its treasury shares
program MESOP sejumlah 75.000.000 lembar saham through the MESOP program in the amount of
pada harga Rp 500 (nilai penuh) per lembar saham. 75,000,000 shares at a price of Rp 500 (full amount) per
Pengalihan tersebut berlaku efektif pada tanggal 13 share. The transfer is effective on 13 October 2022
Oktober 2022 di mana saham-saham telah berpindah where the shares have changed hands and are blocked
tangan dan diblock (tidak dapat diperdagangkan) selama (non-tradeable) for 3 years from the date of transfer.
3 tahun sejak tanggal dialihkan.
332

e. Surat Berharga yang Diterbitkan e. Securities Issued
Surat berharga yang diterbitkan selama 5 (lima) tahun Securities issued for the last 5 (five) years are as
terakhir adalah sebagai berikut: follows:
Tanggal Jumlah
pencatatan di Tanggal Total per seri Status
Bursa Efek efektif/ emisi/ obligasi/ Tanggal pembayaran/
Surat berharga/ Indonesia/ Effective Amount Amount per jatuh tempo/ Payment
Securities Listing date date issued serial Due date status
Obligasi Berkelanjutan IV 7 Juni/

BFI Finance Indonesia June 2018
(No.S-67/D.04/2018)
Total limit :
(Rp 8.000.000)
Tahap I Tahun 2018 27 Juni/ 740.000

Seri/Serial A: June 2018 188.000 6 Juli/
July 2019 Lunas/Paid
Seri/Serial B: 552.000 26 Juni/
June 2021 Lunas/Paid
Tahap II Tahun 2019 25 Februari/ 1.000.000
Seri/Serial A: February 2019 500.000 2 Maret/
March 2020 Lunas/Paid
Seri/Serial B: 500.000 22 Februari/
February 2022 Lunas/Paid
Tahap III Tahun 2020 8 September 832.000

Seri/Serial A: 2020 437.000 18 September Lunas/Paid
2021
Seri/Serial B: 395.000 8 September Belum jatuh tempo/
2023 Not yet due
Obligasi Berkelanjutan V 21 Mei/

BFI Finance Indonesia May 2021
(No.S-66/D.04/2021)
Total limit :
(Rp 6.000.000)
Tahap I Tahun 2021 31 Mei/ 600.000

Seri/Serial A: May 2021 200.000 8 Juni/
June 2022 Lunas/Paid
Seri/Serial B: 400.000 28 Mei/ Belum jatuh tempo/
May 2024 Not yet due
Tahap II Tahun 2021 9 Agustus/ 1.000.000

Seri/Serial A: August 2021 210.000 16 Agustus/
August 2022 Lunas/Paid
Seri/Serial B: 260.000 6 Agustus/ Belum jatuh tempo/
August 2023 Not yet due
Seri/Serial C: 530.000 6 Agustus/ Belum jatuh tempo/
August 2024 Not yet due


f. Dewan Komisaris, Dewan Direksi, Dewan Pengawas f. Boards of Commissioners, Board of Directors, Sharia
Syariah, Komite Audit, Internal Audit, Sekretaris Supervisory Board, Audit Committee, Internal Audit,
Perusahaan dan Karyawan Corporate Secretary and Employees
Berdasarkan Akta Pernyataan Keputusan Rapat No. 18 Based on Deed of Meeting Decision Letter No. 18 dated
tanggal 29 Juni 2022 yang dibuat di hadapan Shanti 29 June 2022 made before Shanti Indah Lestari, S.H.,
Indah Lestari, S.H., M.Kn, Notaris di Kabupaten M.Kn, Notary in Tangerang District, which has been
Tangerang, yang telah diterima dan dicatat pada accepted and recorded by the Ministry of Law and
Kementerian Hukum dan Hak Asasi Manusia Republik Human Rights of the Republic of Indonesia in its
Indonesia dalam Surat No. AHU-AH.01.09-0036397 Decision Letter No. AHU-AH.01.09-0036397 dated
tanggal 25 Juli 2022 dan surat nomor AHU- 25 July 2022 and Decision Letter No. AHU-
AH.01.09.0037327 tanggal 27 Juli 2022, susunan Dewan AH.01.09.0037327 dated 27 July 2022, the composition
Komisaris, Direksi dan Dewan Pengawas Syariah of the Company’s Board of Commisioners, Directors and
Perusahaan pada tanggal 31 Desember 2022 adalah Sharia Supervisory Board of as of 31 December 2022 are
sebagai berikut: as follows:
Presiden Komisaris : Kusmayanto Kadiman : President Commissioner
Komisaris (Independen) : Johanes Sutrisno : Commissioner (Independent)
Komisaris (Independen) : Alfonso Napitupulu : Commissioner (Independent)
Komisaris : Dominic John Picone : Commissioner
Komisaris : Sunata Tjiterosampurno : Commissioner
Direksi : : Directors
Presiden Direktur : Francis Lay Sioe Ho : President Director
Direktur Keuangan : Sudjono : Finance Director
Direktur Bisnis : Sutadi : Business Director
Direktur Operasional dan Sumber Operations and Human Capital
Daya Manusia : Andrew Adiwijanto : Director
Direktur Risiko Perusahaan : Sigit Hendra Gunawan : Enterprise Risk Director
Dewan Pengawas Syariah Sharia Supervisory Board

Ketua : Asrori S. Karni : Chairman
Anggota : Helda Rahmi Sina : Member
Berdasarkan Akta Pernyataan Keputusan Rapat No. 4 Based on Deed of Meeting Decision Letter No. 4 dated
tanggal 25 Mei 2021 yang dibuat di hadapan Shanti Indah 25 May 2021 made before Shanti Indah Lestari, S.H.,
Lestari, S.H., M.Kn, Notaris di Kabupaten Tangerang, M.Kn, Notary in Tangerang District, which has been
yang telah diterima dan dicatat pada Kementerian accepted and recorded by the Ministry of Law and
Hukum dan Hak Asasi Manusia Republik Indonesia dalam Human Rights of the Republic of Indonesia in its
Surat No. AHU-AH.01.03-0368622 tanggal 11 Juni 2021, Decision Letter No. AHU- AHU-AH.01.03-0368622 dated
susunan Dewan Komisaris, Direksi dan Dewan Pengawas 11 June 2021, the composition of the Company’s Board
Syariah Perusahaan pada tanggal 31 Desember 2021 of Commisioners, Directors and Sharia Supervisory
adalah sebagai berikut: Board of as of 31 December 2021 are as follows:

Presiden Komisaris : Kusmayanto Kadiman : President Commissioner
Komisaris (Independen) : Johanes Sutrisno : Commissioner (Independent)
Komisaris (Independen) : Alfonso Napitupulu : Commissioner (Independent)
Komisaris : Dominic John Picone : Commissioner
Komisaris : Sunata Tjiterosampurno : Commissioner
Komisaris Cornellius Henry Kho Commissioner
Direksi : : Directors
Presiden Direktur : Francis Lay Sioe Ho : President Director
Direktur Keuangan : Sudjono : Finance Director
Direktur Bisnis : Sutadi : Business Director
Direktur Operasional dan Sumber Operations and Human Capital
Daya Manusia : Andrew Adiwijanto : Director
Direktur Risiko Perusahaan : Sigit Hendra Gunawan : Enterprise Risk Director
Dewan Pengawas Syariah Sharia Supervisory Board

Ketua : Asrori S. Karni : Chairman
Anggota : Helda Rahmi Sina : Member
334

f. Dewan Komisaris, Direksi, Dewan Pengawas Syariah, f. Boards of Commissioners, Directors, Sharia
Komite Audit, Internal Audit, Sekretaris Perusahaan Supervisory Board, Audit Committee, Internal Audit,
dan Karyawan (Lanjutan) Corporate Secretary and Employees (Continued)
Susunan Komite Audit Perusahaan dan entitas anaknya The composition of the Audit Committee of the
pada tanggal 31 Desember 2022 dan 2021 adalah Company and its subsidiary as of 31 December 2022 and
sebagai berikut: 2021, are as follows:
Komite Audit Audit Committee

Ketua : Johanes Sutrisno : Chairman
Anggota : Edy Sugito : Member
Anggota : Friso Palilingan : Member
Internal Audit Internal Audit
Berdasarkan Surat Keputusan Direksi Perusahaan Based on the Virtue of the Board of Directors of
No. SK/BOD/VII/14-009 tanggal 16 Juli 2014, Kepala the Company No. SK/BOD/VII/14-009 dated 16 July
Unit Internal Audit Perusahaan pada tanggal 2014, Head of Internal Audit Unit of the Company as of
31 Desember 2022 dan 2021 adalah Fledy Rizmara. 31 December 2022 and 2021 is Fledy Rizmara.
Sekretaris Perusahaan Corporate Secretary
Berdasarkan Surat Keputusan Direksi Perusahaan Based on the Virtue of the Board of Directors of the
No. BOD-BOC/VI/2014-0011 tanggal 24 Juni 2014, Company No. BOD-BOC/VI/2014-0011 dated 24 June
Sekretaris Perusahaan pada tanggal 31 Desember 2022 2014, Corporate Secretary as of 31 December 2022 and
dan 2021 adalah Sudjono. 2021 is Sudjono.
Karyawan Employees
Jumlah karyawan Perusahaan dan entitas anaknya pada The total number of the Company and its subsidiary’s
tanggal 31 Desember 2022 dan 2021 adalah sebagai employees as of 31 December 2022 and 2021 are as
berikut: follows:
2022 2021
Karyawan tetap 6.100 5.933 Permanent employees
Karyawan tidak tetap 4.011 3.517 Non-permanent employees
Jumlah 10.111 9.450 Total
Personil manajemen kunci Perusahaan mencakup Key management personnel of the Company consist of
anggota Dewan Komisaris dan Direksi. members of Boards of Commissioners and Directors.


2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Kebijakan-kebijakan akuntansi di bawah ini telah diterapkan The significant accounting policies set out below have been
secara konsisten pada seluruh periode yang disajikan dalam applied consistently to all periods presented in these
laporan keuangan konsolidasian ini. consolidated financial statements.
Laporan keuangan konsolidasian Perusahaan dan entitas The consolidated financial statements of the Company and
anaknya disetujui untuk diterbitkan oleh Direksi pada tanggal its subsidiary were authorized for issuance by Directors on
13 Februari 2023. 13 February 2023.
a. Pernyataan Kepatuhan a. Statement of Compliance
Laporan keuangan konsolidasian telah disusun dan The consolidated financial statements have been
disajikan sesuai dengan Standar Akuntansi Keuangan di prepared and presented in accordance with Indonesian
Indonesia (“PSAK”), termasuk Interpretasi Standar Financial Accounting Standards (“IFAS”), which includes
Akuntansi Keuangan, yang diterbitkan oleh Ikatan the Interpretations of Financial Accounting Standards,
Akuntan Indonesia (IAI) dan Peraturan Badan Pengawas issued by the Indonesian Institute of Accountants
Pasar Modal dan Lembaga Keuangan (“Bapepam-LK”, and the Capital Market and Financial Institution
yang fungsinya dialihkan kepada Otoritas Jasa Keuangan Supervisory Agency (“Bapepam-LK”, which the function
(“OJK”) sejak tanggal 1 Januari 2013) No. VIII.G.7 has been transferred to Financial Service Authority
tentang “Penyajian dan Pengungkapan Laporan (“OJK”) since 1 January 2013) Regulation No. VIII.G.7
Keuangan Emiten atau Perusahaan Publik” yang terdapat regarding “Emiten or Public Compony’s Financial
dalam Lampiran Keputusan Ketua Bapepam-LK No. KEP- Statements Presentation and Disclosure Guidelines” as
347/BL/2012 tanggal 25 Juni 2012. included in the Appendix of the Decision Decree of the
Chairman of Bapepam-LK No. KEP-347/BL/2012 dated
25 June 2012.
b. Dasar Penyusunan Laporan Keuangan Konsolidasian b. Basis of Preparation of the Consolidated Financial
Statements
Laporan keuangan konsolidasian, kecuali laporan arus The consolidated financial statements, except the
kas konsolidasian, disusun atas dasar akrual dan consolidated statement of cash flows, were prepared
berdasarkan konsep nilai historis, kecuali untuk on the accrual basis and under the historical cost
instrumen keuangan derivatif yang diukur pada nilai concepts, excepts for derivative financial instruments
wajar dan utang atas kewajiban imbalan pasca-kerja which are measured at fair value and the liability for
yang diakui sebesar nilai kini kewajiban imbalan pasti post-employment benefit obligations which is
dikurangi dengan nilai wajar aset program. recognized at the present value of defined benefit
obligations less the fair value of plan asset.
Laporan arus kas konsolidasian disusun dengan The consolidated statement of cash flows are prepared
menggunakan metode langsung dengan mengelompokkan based on the direct method by classifying cash flows on
arus kas ke dalam aktivitas operasi, investasi dan the basis of operating, investing and financing
pendanaan. activities.
Seluruh angka dalam laporan keuangan konsolidasian ini Figures in the consolidated financial statements are
dibulatkan menjadi dan disajikan dalam jutaan Rupiah rounded to and expressed in millions of Rupiah, unless
yang terdekat, kecuali dinyatakan lain. otherwise stated.
Transaksi-transaksi yang termasuk dalam laporan Items included in the consolidated financial statements
keuangan konsolidasian pada tiap entitas diukur dengan of each entities are measured using the currency of
mata uang lingkungan ekonomi utama di mana entitas primary economic environment in which the entity
beroperasi (mata uang fungsional). Laporan keuangan operates (the functional currency). The consolidated
konsolidasian disajikan dalam Rupiah, yang merupakan financial statements are presented in Rupiah, which is
mata uang fungsional dan penyajian Perusahaan dan the Company and its subsidiary’ functional and
entitas anaknya. presentation currency.
Kebijakan-kebijakan akuntansi di bawah ini telah The significant accounting policies set out below have
ditetapkan secara konsisten pada seluruh periode yang been applied consistenly to all periods presented in
disajikan dalam laporan keuangan ini. these financial statements.
336

2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING (Lanjutan) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(Continued)
c. Perubahan Kebijakan Akuntansi c. Change in Accounting Policies
Perubahan atas Pernyataan Standar Akuntansi Changes to Statement of Financial Accounting

Keuangan (“PSAK”) dan Interpretasi Standar Standards (" SFAS ") and Interpretations of Financial
Akuntansi Keuangan (“ISAK”) yang berlaku efektif Accounting Standards ( " IFAS " ) effective in the
pada periode berjalan current period
Penerapan dari perubahan standar akuntansi yang The implementation of the following standards and
berlaku efektif sejak tanggal 1 Januari 2022, dan interpretations which effective for periods beginning
relevan bagi Perusahaan dan entitas anaknya namun on or after 1 January 2022 and relevant for Company
tidak memiliki dampak yang signifikan atas kebijakan and its subsidiary but did not result in substantial
akuntansi Perusahaan dan entitas anaknya, sebagai changes to the Company and its subsidiary’s
berikut: accounting policies are as follows:
- Amandemen PSAK 22 “Kombinasi Bisnis tentang - Amendment SFAS 22 “Business Combination for
Referensi ke Kerangka Konseptual” Reference to Conceptual Framework”
- Amandemen PSAK 57 “Provisi, Liabilitas Kontinjensi dan - Amendment SFAS 57 “Provision, Contingent
Aset Kontinjensi tentang Kontrak Memberatkan – Biaya Liabilities and Contingent Assets regarding Onerous
Memenuhi Kontrak” Contract”
- PSAK 71 (Penyesuaian 2020) “Instrumen Keuangan” - SFAS 71 (Improvements 2020) “Financial Instruments”
- PSAK 73 (Penyesuaian 2020) “Sewa” - SFAS 73 (Improvements 2020) “Lease”
Pada bulan April 2022, DSAK-IAI menerbitkan siaran In April 2022, DSAK-IAI issued a press release regarding
pers terkait PSAK 24: Imbalan Kerja terkait PSAK 24: Employee Benefits related to the attribution
pengatribusian imbalan kerja pada periode jasa, dengan in the service period, on the basis of an assessment
basis penilaian bahwa pola fakta program pension that the fact pattern of pension programs based on the
berbasis Undang-Undang Cipta Kerja yang berlaku applicable Omnibus Law has a similar pattern of facts
memiliki pola fakta serupa mengenai kapan entitas mulai regarding when entities start to attribute
mengatribusikan imbalan pada periode jasa dengan compensation in the service period with the pattern
pola jasa dalam IFRIC Agenda Decision IAS 19 service in the IFRIC Agenda Decision IAS 19 Employee
Employee Benefit. Dampak perubahan tersebut telah Benefit. The impact of these changes has been
dicatat pada laporan Keuangan tahun berjalan. recorded in the current year's financial statements.
d. Prinsip Konsolidasian d. Principles of Consolidation
Laporan keuangan konsolidasian meliputi laporan The consolidated financial statement consists of the
keuangan Perusahaan dan Entitas Anak. Transaksi antar Company and its Subsidiary financial statements.
entitas dan saldo antara Perusahaan dan Entitas anak Intercompany transactions and balance between Group
dieliminasi secara penuh. Companies are therefore eliminated in full.
Entitas Anak merupakan investee yang dikendalikan oleh A subsidiary is when an entity has control over an
Perusahaan. Perusahaan mengendalikan investee jika tiga investee. The entity controls an investee if all three of
elemen berikut terpenuhi: pengendalian atas investee, the following elements are present: power over the
eksposur atas hak imbal hasil variable dari investee, exposure to variable returns from the
keterlibatannya dengan investee, dan kemampuan untuk investee, and the ability of the investor to use its
menggunakan pengendaliannya atas investee untuk power to affect those variable returns. Control is
mempengaruhi jumlah imbal hasil variabel dari investor. reassessed whenever facts and circumstances indicate
Pengendalian dapat dikaji kembali ketika fakta dan that there may be a change in any of these elements of
kondisi mengindikasikan terdapat kemungkinan control.
perubahan pada elemen pengendalian tersebut.
Kepentingan nonpengendali merupakan proporsi atas hasil Non-controlling interests represent the proportion of
usaha dan aset neto Entitas Anak yang tidak diatribusikan the results and net assets of Subsidiary not
pada Perusahaan. attributable to the Company.
Perusahaan mengakui kepentingan nonpengendali The Company recognizes any non-controlling interest in
pada pihak yang diakuisisi baik sebesar nilai wajar atau the acquiree on an acquisitions-by-acquisition basis,
sebesar bagian proporsional kepentingan nonpengendali either at fair value or at the non-controlling interest
atas aset neto pihak yang diakuisisi. Kepentingan proportionate share of the acquiree’s net assets. Non-
nonpengendali disajikan di ekuitas dalam laporan posisi controlling interests is reported as equity in the
keuangan konsolidasian, terpisah dari ekuitas pemilik consolidated statement of financial position, separate
Entitas Induk. from the owner of the Parent’s equity.



(Continued)
e. Aset dan Liabilitas Keuangan e. Financial Assets and Liabilities
Aset keuangan diklasifikasikan ke dalam kategori Financial assets are classified in categories
(i) diukur pada nilai wajar melalui laporan laba rugi, of (i) fair value through profit or loss,
(ii) biaya perolehan diamortisasi, dan (iii) aset keuangan (ii) amortised cost, and (iii) fair value through other
yang diukur pada nilai wajar pendapatan komprehensif comprehensive income. At initial measurement, financial
lain. Pada pengakuan awal, aset keuangan diukur pada assets determined based on fair value, added with
nilai wajar, ditambah biaya transaksi yang dapat transactions cost attributable direct to financial assets.
diatribusikan langsung untuk aset keuangan yang yang Management determines the classification of
diukur pada biaya perolehan diamortisasi dan pendapatan its financial assets prior initial recognition
komprehensif lain. Manajemen menentukan klasifikasi based on assessment of businesss model for managing the
aset keuangan tersebut setelah pengakuan awal aset financial assets or contractual cashflows give rise to
keuangan berdasarkan model bisnis entitas dalam solely payments of principal and interest.
mengelola aset keuangan atau karakteristik arus kas
kontraktual hanya dari pembayaran pokok dan bunga
saja.
e.1. Klasifikasi e.1. Classification
Perusahaan dan entitas anaknya mengklasifikasi aset The Company and its subsidiary classify its financial
keuangannya dalam kategori: assets into the following category:
(i) Aset keuangan yang diukur pada nilai wajar (i) Financial assets at fair value through profit
melalui laporan laba rugi or loss
Aset keuangan yang diukur pada nilai wajar Financial assets at fair value through profit
melalui laporan laba rugi adalah aset keuangan or loss are financial assets classified as held for
yang diperdagangkan. Entitas dapat menetapkan trading. Entity may determine at initial
pilihan yang tidak dapat dibatalkan pada saat classification of an uncancellable chosen
pengakuan awal atas investasi pada intrumen category of an financial asset on a certain equity
ekuitas tertentu yang pada umumnya diukur pada instrument which commonly measured the fair
nilai wajar melalui laba rugi sehingga perubahan value through profit and loss rise change in the
nilai wajarnya disajikan dalam penghasilan fair value presented under fair value through
komprehensif lain. other comprehensive income.
(ii) Biaya perolehan diamortisasi (ii) Amortised cost
Aset keuangan diukur pada biaya perolehan Financial assets determined under amortised
diamortisasi jika memenuhi kriteria sebagai cost if met criteria as autlined below:
berikut:
a. aset keuangan dikelola dalam bisnis yang a. financial assets held within a business whose
bertujuan untuk memiliki arus kas keuangan objective is to hold financial assets in order
dalam rangka mendapatkan arus kas to collect contractual cashflows; and
kontraktual; dan
b. persyaratan kontraktual aset keuangan yang b. determining contractual financial assets give
menimbulkan arus kas yang hanya dari rise to solely payments of principal and
pembayaran pokok dan bunga. interest.
338


(Continued)
e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)
e.1. Klasifikasi (Lanjutan) e.1. Classification (Continued)
Perusahaan dan entitas anaknya mengklasifikasi aset The Company and its subsidiary classify its
keuangannya dalam kategori: (Lanjutan) financial assets into the following category:
(Continued)
(ii) Biaya perolehan diamortisasi (Lanjutan) (ii) Amortised cost (continued)
Pada saat pengakuan awal, aset keuangan diakui Financial assets are initially recognised at
pada nilai wajarnya ditambah nilai transaksi dan fair value plus transaction costs and
selanjutnya diukur pada biaya perolehan subsequently measured at amortised cost
diamortisasi dengan menggunakan metode suku using the effective interest rate method, less
bunga efektif, dikurangi penyisihan penurunan provision for impairment.
nilai.
(iii) Aset keuangan yang diukur pada nilai wajar (iv) (iii) A Fair value through other comprehensive
penghasilan komprehensif lain income
Aset keuangan yang diukur pada nilai wajar Fair value through other comprehensive
pendapatan komprehensif lain adalah aset income are non-derivative financial assets
keuangan non-derivatif dengan pembayaran with fixed or determined payments and fixed
tetap atau telah ditentukan dan jatuh temponya maturities that the management has positive
telah ditetapkan, serta manajemen mempunyai intention and ability to hold to maturity,
intensi positif dan kemampuan untuk memiliki other than:
aset keuangan tersebut hingga jatuh tempo,
kecuali:
a. Aset keuangan dikelola dalam model bisnis a. Financial assets managed under business
yang tujuannya akan terpenuhi dengan model which its objective is to both
mendapatkan arus kas kontraktual dan collect the contractual cash flows and
menjual aset keuangan; dan sell the financial assets; and
b. Persyaratan kontraktual dari aset keuangan b. Contractual cash flows characteristics
tersebut memberikan hak pada tanggal test resulting rights on certain basic term
tertentu atas arus kas yang hanya dari of cashflows meets the solely payments
pembayaran pokok dan bunga dari jumlah of principal and interest.
pokok terutang.
Perusahaan dan entitas anaknya mengklasifikasi The Company and its subsidiary classify its financial
liabilitas keuangannya dalam kategori: liabilities into the following category:
(i) Liabilitas keuangan yang diukur pada nilai (i) Financial liabilities at fair value through
wajar melalui laporan laba rugi profit or loss
Liabilitas keuangan yang diukur pada nilai Financial liabilities at fair value through
wajar melalui laporan laba rugi adalah liabilitas profit or loss are financial liabilities classified
keuangan yang diperdagangkan. as held for trading.
Liabilitas keuangan diklasifikasikan sebagai A financial liability is classified as held for

liabilitas keuangan yang diperdagangkan jika trading if it is acquired principally for the
perolehannya ditujukan untuk dijual atau dibeli purpose of selling or repurchasing it in the
kembali dalam waktu dekat dan terdapat adanya short-term and there is evidence of a recent
kecenderungan ambil untung. actual pattern of profit taking.



(Continued)
e.1. Klasifikasi (Lanjutan) e.1. Classification (Continued)

Perusahaan dan entitas anaknya mengklasifikasi The Company and its subsidiary classifies its
liabilitas keuangannya dalam kategori: (Lanjutan) financial liabilities into the following category:
(Continued)
(ii) Liabilitas keuangan yang diukur dengan biaya (iii) (ii) Financial liabilities measured at amortized
perolehan diamortisasi cost
Liabilitas keuangan yang tidak diklasifikasikan Financial liabilities that are not classified as at
sebagai liabilitas keuangan yang diukur pada fair value through profit and loss fall into this
nilai wajar melalui laporan laba rugi category and are measured at amortized cost.
diklasifikasikan dalam kategori ini dan diukur
pada biaya perolehan diamortisasi.
Perusahaan dan entitas anaknya mengelompokkan The Company and its subsidiary classify all of its
seluruh liabilitas keuangannya sebagai liabilitas financial liabilities as other financial liabilities
keuangan lainnya yang diukur pada biaya perolehan measured at amortized cost, except for derivative
diamortisasi, kecuali untuk liabilitas derivatif yang liabilities which are classified as financial
diklasifikasikan sebagai instrumen keuangan yang instruments measured at fair value through profit
diukur pada nilai wajar melalui laba rugi. or loss (“FVTPL”).
e.2. Pengakuan e.2. Recognition
Perusahaan dan entitas anaknya pada awalnya The Company and its subsidiary initially recognize
mengakui aset dan liabilitas keuangan pada tanggal financial assets and liabilities on the date of their
perolehan aset dan liabilitas keuangan tersebut. origination.
Pada saat pengakuan awal, aset atau liabilitas At intial recognition, the Company and its
keuangan Perusahaan dan entitas anaknya diukur subsidiary’s financial assets or liabilities are
pada nilai wajar ditambah/dikurangi (untuk measured at fair value plus/minus (for financial
instrumen keuangan yang tidak diukur pada nilai instruments not subsequently measured at fair
wajar melalui laba rugi setelah pengakuan awal) value through profit or loss) transaction costs that
biaya transaksi yang dapat diatribusikan secara are directly attributable to the acquisition of
langsung atas perolehan aset keuangan atau financial assets or issue of financial liabilities.
penerbitan liabilitas keuangan. Pengukuran aset dan The subsequent measurement of financial assets
liabilitas keuangan setelah pengakuan awal and liabilities depends on their classifications.
tergantung pada klarifikasi aset dan liabilitas
keuangan tersebut.
e.3. Penghentian pengakuan e.3. Derecognition
Biaya transaksi hanya meliputi biaya-biaya yang Transaction costs include only those costs that are
dapat diatribusikan secara langsung untuk perolehan directly attributable to the acquisition of a
suatu aset keuangan atau penerbitan suatu liabilitas financial asset or issuance of a financial liability
keuangan dan merupakan biaya tambahan yang tidak and they are incremental costs that would not
akan terjadi apabila instrumen keuangan tersebut have been incurred if the instrument had not been
tidak diperoleh atau diterbitkan. Untuk aset acquired or issued. In the case of financial assets,
keuangan, biaya transaksi ditambahkan pada jumlah transaction costs are added to the amount
yang diakui pada awal pengakuan aset, sedangkan recognized initially, while for financial liabilities,
untuk liabilitas keuangan, biaya transaksi transaction costs are deducted from the amount of
dikurangkan dari jumlah utang yang diakui pada debt recognized initially. Such transaction costs
awal pengakuan liabilitas. Biaya transaksi tersebut are amortized over the terms of the instruments
diamortisasikan selama umur instrumen berdasarkan based on the effective interest method and are
metode suku bunga efektif dan dicatat sebagai recorded as part of financing income for
bagian dari pendapatan pembiayaan untuk biaya transaction costs related to financial assets and as
transaksi sehubungan dengan aset keuangan dan part of interest and financing charges for
sebagai bagian dari beban bunga dan keuangan transaction costs related to financial liabilities.
untuk biaya transaksi sehubungan dengan liabilitas
keuangan.
340


(Continued)
e.3. Penghentian pengakuan (Lanjutan) e.3. Derecognition (Continued)

Setelah pengakuan awal, pinjaman yang diberikan Subsequent to initial recognition, loans and
dan piutang dicatat pada biaya perolehan receivables are measured at amortized cost using
diamortisasi dengan menggunakan metode suku the effective interest method.
bunga efektif.
Setelah pengakuan awal, Perusahaan mengukur Subsequent to initial recognition, the Company
seluruh liabilitas keuangan dicatat pada biaya measures all financial liabilities at amortized cost
perolehan diamortisasi dengan menggunakan using the effective interest method.
metode suku bunga efektif.
Perusahaan dan entitas anaknya menghentikan The Company and its subsidiary derecognize a
pengakuan aset keuangan pada saat hak kontraktual financial asset when the contractual rights to the
atas arus kas yang berasal dari aset keuangan cash flows from the asset expire, or when the
tersebut kadaluarsa, atau pada saat Perusahaan dan Company and its subsidiary transfer the rights to
entitas anaknya mentransfer seluruh hak untuk receive the contractual cash flows on the financial
menerima arus kas kontraktual dari aset keuangan asset in a transaction in which substantially all the
dalam transaksi di mana Perusahaan secara risks and rewards of ownership of the financial
substansial telah mentransfer seluruh risiko dan asset are transferred. Any interest in transferred
manfaat atas kepemilikan aset keuangan yang financial assets that is created or retained by the
ditransfer. Setiap hak atau kewajiban atas aset Company is recognized as a separate asset or
keuangan yang ditransfer yang timbul atau yang liability.
masih dimiliki oleh Perusahaan diakui sebagai aset
atau liabilitas secara terpisah.
Perusahaan dan entitas anaknya menghentikan The Company and its subsidiary derecognize
pengakuan piutang pembiayaan pada saat financing receivables at the time when the vehicle
dilakukannya penarikan jaminan kendaraan. Selain collateral has been taken out. In addition, the
itu, Perusahaan menghentikan pengakuan liabilitas Company derecognizes a financial liability when its
keuangan pada saat liabilitas yang ditetapkan dalam contractual obligations are discharged or cancelled
kontrak dilepaskan atau dibatalkan atau kadaluarsa. or expired.
Dalam transaksi di mana Perusahaan dan entitas In transaction where the Company and its subsidiary
anaknya secara subtansial tidak memiliki atau neither retain nor transfer substantially all the risks
tidak mentransfer seluruh risiko dan manfaat atas and rewards of a financial asset, the Company and
kepemilikan aset keuangan, Perusahaan dan entitas its subsidiary derecognize the asset if it does not
anaknya menghentikan pengakuan aset tersebut jika retain control over the asset. The right and
Perusahaan tidak lagi memiliki pengendalian atas obligation retained in the transfer are recognized
aset tersebut. Hak dan kewajiban yang timbul atau separately as assets and liabilities as appropriate. In
yang masih dimiliki dalam transfer tersebut diakui transfers where control over the asset is retained,
secara terpisah sebagai aset atau liabilitas. Dalam the Company and its subsidiary continue to
transfer di mana pengendalian atas aset masih recognize the asset to the extent of its continuing
dimiliki, Perusahaan dan entitas anaknya tetap involvement determined by the extent to which it is
mengakui aset yang ditransfer tersebut sebesar exposed to changes in the value of the transferred
keterlibatan berkelanjutan yang ditentukan oleh asset.
besarnya perubahan nilai aset yang ditransfer.
Perusahaan dan entitas anaknya menghapus bukukan The Company and its subsidiary write off a financing
saldo piutang pembiayaan, pada saat Perusahaan receivables, when the Company and its subsidiary
dan entitas anaknya menentukan bahwa aset determine that the asset is uncollectible. This
tersebut tidak dapat ditagih lagi. Keputusan ini decision was taken after consideration of
diambil setelah mempertimbangkan informasi information such as the occurrence of significant
seperti telah terjadinya perubahan signifikan pada changes to the financial ability of consumers so that
kemampuan keuangan konsumen sehingga konsumen consumers can no longer pay the loan, or consumer
tidak lagi dapat melunasi liabilitasnya, atau or units being financed cannot be found or is
konsumen atau unit yang dibiayai tidak dapat controlled by third party or the net realizable value
ditemukan atau dikuasai oleh pihak ketiga atau nilai of collateral is not expected to be sufficient to pay
realisasi neto atas jaminan yang dikuasai kembali the entire exposure for the financing receivables.
diperkirakan tidak akan cukup untuk melunasi
seluruh ekposur piutang pembiayaan.
Penerimaan atau pemulihan kembali aset keuangan Collection or recovery of financial assets which had
yang telah dihapusbukukan dicatat sebagai been written-off is recorded as other income.
pendapatan lain-lain.



(Continued)
e.4. Saling hapus e.4. Offsetting
Aset dan liabilitas keuangan dapat saling hapus dan Financial assets and liabilities are offset and the
nilai netonya disajikan dalam laporan posisi net amount is presented in the statement of
keuangan jika, dan hanya jika, Perusahaan dan financial position when and only when, the
entitas anaknya memiliki hak yang berkekuatan Company and its subsidiary have legally
hukum untuk melakukan saling hapus atas enforceable rights to offset the recognized
jumlah yang telah diakui tersebut dan berniat amounts and intends either to settle on a net basis
untuk menyelesaikan secara neto atau untuk or to realize the asset and settle the liability
merealisasikan aset dan menyelesaikan simultaneously.
liabilitasnya secara bersamaan.
Pendapatan dan beban disajikan dalam jumlah Income and expenses are presented on a net basis
neto hanya jika diperkenankan oleh standar only when permitted by accounting standards.
akuntansi.
e.5. Pengukuran biaya perolehan diamortisasi e.5. Amortized cost measurement
Biaya perolehan diamortisasi dari aset atau The amortized cost of a financial asset or liability
liabilitas keuangan adalah jumlah aset atau is the amount at which the financial asset or
liabilitas keuangan yang diukur pada saat liability is measured at initial recognition, minus
pengakuan awal, dikurangi pembayaran pokok, principal repayments, plus or minus the
ditambah atau dikurangi dengan amortisasi cumulative amortization using the effective
kumulatif dengan menggunakan metode suku bunga interest method of any difference between the
efektif yang dihitung dari selisih antara nilai awal initial amount recognized and the maturity
dan nilai jatuh temponya, dikurangi penyisihan amount, minus any reduction for impairment.
kerugian penurunan nilai.
e.6. Identifikasi dan pengukuran penurunan nilai aset e.6. Identification and measurement of impairment
keuangan for financial assets
Penurunan nilai diukur berdasarkan PSAK 71 Impairment of financial assets measured by SFAS
mensyaratkan pengakuan segera atas dampak 71 required immediate recognition of expected
perubahan kerugian kredit ekspektasian setelah credit losses at the initial recognition of financial
pengakuan awal aset keuangan yang tidak diukur assets that are not carried at fair value measured
pada nilai wajar berdasarkan kerugian kredit by expected credit loss. At the initial recognition,
ekspektasian. Pada saat pengakuan awal, the Company and its subsidiary measured
Perusahaan dan entitas anaknya mengukur allowance of impairment of financial assets using
penyisihan kerugian untuk aset keuangan tersebut 12-months expected credit losses (Stage 1).
sejumlah kerugian kredit ekspektasian 12 bulan
(Tahap 1).
Pada setiap tanggal pelaporan, Perusahaan dan The Company and its subsidiary at each reporting
entitas anaknya mengukur penyisihan kerugian aset date, measured allowance of impairment losses of
keuangan sejumlah kerugian kredit ekspektasian financial assets using lifetime expected credit
sepanjang umurnya, jika risiko kredit atas aset losses if there’s significant increase in credit risk
keuangan tersebut telah meningkat secara (Stage 2) or become credit impaired (Stage 3).
signifikan sejak pengakuan awal (Tahap 2) atau Otherwise, the Company and its subsidiary
menjadi memburuk (Tahap 3). Jika tidak, continue to measure allowance of impairment
Perusahaan dan entitas anaknya tetap mengukur losses of financial assets using 12-months expected
penyisihan kerugian untuk aset keuangan tersebut credit losses (Stage 1).
sejumlah kerugian kredit ekspektasian 12 bulan
(Tahap 1).
342


(Continued)
e.6. Identifikasi dan pengukuran penurunan nilai aset e.6. Identification and measurement of impairment
keuangan (Lanjutan) for financial assets (Continued)
Peningkatan risiko kredit yang signifikan dievaluasi Significant increase in credit risk is assessed by
dengan membandingkan risiko wanprestasi suatu comparing the risk of default of financial assets at
aset keuangan pada saat tanggal pelaporan the reporting date to the origination date.
terhadap tanggal pengakuan awal. Penentuan Whether a change in the risk of default is
adanya peningkatan risiko kredit yang signifikan significant or not is assessed using several criteria,
atau tidak dievaluasi menggunakan beberapa primarily based on 30 days past due. Financial
kriteria, utamanya jika telah mengalami assets determined as credit impaired primarily
keterlambatan pembayaran 30 hari. Aset keuangan after 90 days past due criteria.
dianggap menjadi memburuk, utamanya jika telah
mengalami keterlambatan pembayaran 90 hari.
Kerugian kredit ekspektasian diukur dalam suatu Expected credit losses measured in a way that
cara yang mencerminkan: reflects:
• Jumlah yang tidak bias dan rata-rata • An unbiased and probability-weighted amount
probabilitas tertimbang yang ditentukan that is determined by evaluating a range of
dengan mengevaluasi serangkaian possible outcomes;
kemungkinan yang dapat terjadi;
• Nilai waktu uang; dan • The time value of money; and
• Informasi yang wajar dan terdukung yang • Reasonable and supportable information that
tersedia tanpa biaya atau upaya berlebihan is available without undue cost or effort at
pada tanggal pelaporan mengenai peristiwa the reporting date about past events, current
masa lalu, kondisi kini dan perkiraan kondisi conditions and forecasts of future economic
ekonomi masa depan. conditions.
Penilaian secara individual dilakukan atas aset Individual assessment is performed on the
keuangan yang nilainya signifikan. Aset keuangan significant financial assets. The financial assets
yang tidak signifikan dan memiliki karakteristik that are not individually significant and have
risiko kredit yang sejenis dinilai secara kolektif. similar credit characteristic are assessed
collectively.
Dalam mengevaluasi penurunan nilai secara In assessing collective impairment, the Company
kolektif, Perusahaan dan entitas anaknya and its subsidiary use statistical modeling of
menggunakan model statistik dari tren historis atas historical trends of the probability of default,
probabilitas wanprestasi, waktu pemulihan kembali timing of recoveries and the amount of loss
dan jumlah kerugian yang terjadi serta perkiraan incurred as well as forecasts of future economic
kondisi ekonomi masa depan yang disesuaikan conditions adjusted for management’s judgement
dengan pertimbangan manajemen mengenai as to whether current economic and credit
apakah kondisi ekonomi dan kredit terkini conditions are such that the actual losses are likely
sedemikian rupa sehingga dapat mengakibatkan to be greater or less than suggested by historical
kerugian aktual yang jumlahnya akan lebih besar modeling. Default rates, loss rates and the
atau lebih kecil daripada jumlah yang ditentukan expected timing of future recoveries are reqularly
oleh model historis. Tingkat wanprestasi, tingkat benchmarked against actual outcomes to ensure
kerugian dan waktu yang diharapkan untuk that they remain appropriate.
pemulihan di masa datang akan diperbandingkan
secara berkala terhadap hasil aktual untuk
memastikan estimasi tersebut masih tepat.
Ketika peristiwa yang terjadi setelah penurunan When a subsequent event causes the amount of
nilai menyebabkan jumlah kerugian penurunan impairment loss to decrease, the previously
nilai berkurang, kerugian penurunan nilai yang recognized impairment loss is reversed by
sebelumnya diakui harus dipulihkan, dengan adjusting the allowance for impairment losses.
menyesuaikan akun cadangan. Jumlah pemulihan The amount of the reversal is recognized in the
aset keuangan diakui pada laba rugi tahun current year profit or loss.
berjalan.



(Continued)
e.7. Pengukuran nilai wajar e.7. Fair value measurement
Nilai wajar adalah harga yang akan diterima untuk Fair value is the price that would be received to
menjual suatu aset atau harga yang akan dibayar sell an asset or paid to transfer a liability in an
untuk mengalihkan suatu liabilitas dalam transaksi orderly transaction between market participants at
teratur (orderly transaction) antara pelaku pasar the measurement date in the principal market or,
(market participants) pada tanggal pengukuran di in its absence, the most advantageous market to
pasar utama atau, jika tidak terdapat pasar utama, which the Company and its subsidiary have access
di pasar yang paling menguntungkan dimana at that date. The fair value of a liability reflects
Perusahaan dan entitas anaknya memiliki akses its non-performance risk.
pada tanggal tersebut. Nilai wajar liabilitas
mencerminkan risiko wanprestasinya.
Jika tersedia, Perusahaan dan entitas anaknya When available, the Company and its subsidiary
mengukur nilai wajar instrumen keuangan dengan measure the fair value of an instrument using
menggunakan harga kuotasi di pasar aktif untuk quoted prices in an active market for that
instrumen tersebut. Suatu pasar dianggap aktif jika instrument. A market is regarded as active if
harga kuotasi sewaktu-waktu dan secara berkala quoted prices are readily and regularly occurring
tersedia dan mencerminkan transaksi pasar yang market transactions on an arm’s length basis.
aktual dan rutin dalam suatu transaksi yang wajar.
Jika pasar untuk suatu instrumen keuangan tidak If a market for a financial instrument is not active,
aktif, Perusahaan dan entitas anaknya menentukan the Company and its subsidiary establish fair value
nilai wajar dengan menggunakan teknik penilaian. using a valuation technique. Valuation techniques
Teknik penilaian mencakup penggunaan transaksi include using recent arm’s length transactions
pasar terkini yang dilakukan secara wajar oleh between knowledgeable and willing parties, and if
pihak-pihak yang memahami, berkeinginan, dan available, reference to the current fair value of
jika tersedia, referensi atas nilai wajar terkini dari other instruments that are substantially the same,
instrumen lain yang secara substansial sama, discounted cash flows analysis and option pricing
penggunaan analisa arus kas yang didiskonto dan models.
penggunaan model penetapan harga opsi (option
pricing model).
Teknik penilaian yang dipilih memaksimalkan The chosen valuation technique makes maximum
penggunaan input pasar, dan meminimalkan use of market inputs, relies as little as possible on
penggunaan taksiran yang bersifat spesifik dari estimates specific to the Company and its
Perusahaan dan entitas anaknya, memasukkan subsidiary, incorporate all factors that market
semua faktor yang akan dipertimbangkan oleh para participants would consider in setting a price,
pelaku pasar dalam menetapkan suatu harga dan and is consistent with accepted economic
konsisten dengan metodologi ekonomi yang methodologies for pricing financial instruments.
diterima dalam penetapan harga instrumen Inputs to valuation techniques reasonably
keuangan. Input yang digunakan dalam teknik represent market expectations and measures of
penilaian secara memadai mencerminkan the risk-return factors inherent in the financial
ekspektasi pasar dan ukuran atas faktor risiko dan instrument. The Company and its subsidiary
pengembalian (risk-return) yang melekat pada calibrate valuation techniques and tests them for
instrumen keuangan. Perusahaan dan entitas validity using prices from observable current
anaknya mengkalibrasi teknik penilaian dan market transactions in the same instrument or
menguji validitasnya dengan menggunakan harga- based on other available observable market data.
harga dari transaksi pasar terkini yang dapat
diobservasi untuk instrumen yang sama atau atas
dasar data pasar lainnya yang tersedia yang dapat
diobservasi.
344


(Continued)
e.7. Pengukuran nilai wajar (Lanjutan) e.7. Fair value measurement (Continued)
Bukti terbaik atas nilai wajar instrumen keuangan The best evidence of the fair value of a financial
pada saat pengakuan awal adalah harga transaksi, instrument at initial recognition is the transaction
yaitu nilai wajar dari pembayaran yang diberikan price, i.e., the fair value of the consideration
atau diterima, kecuali jika nilai wajar dari given or received, unless the fair value of that
instrumen keuangan tersebut ditentukan dengan instrument is evidenced by comparison with the
perbandingan dengan transaksi pasar terkini yang other observable current market transactions in
dapat diobservasi dari suatu instrumen yang sama the same instrument (i.e., without modification
(yaitu tanpa modifikasi atau pengemasan ulang), or repackaging), or based on a valuation technique
atau berdasarkan suatu teknik penilaian yang whose variables include only data from observable
variabelnya hanya menggunakan data dari pasar markets. When transaction price provides the best
yang dapat diobservasi. Jika harga transaksi evidence of fair value at initial recognition, the
memberikan bukti terbaik atas nilai wajar pada financial instrument is initially measured at the
saat pengakuan awal, maka instrumen keuangan transaction price and any difference between this
pada awalnya diukur pada harga transaksi dan price and the value initially obtained from a
selisih antara harga transaksi dan nilai yang valuation model is subsequently recognized in
sebelumnya diperoleh dari model penilaian diakui the statement of profit or loss depending on the
dalam laporan laba rugi setelah pengakuan awal individual facts and circumstances of the
tergantung pada masing-masing fakta dan keadaan transaction but not later than when the valuation
dari transaksi tersebut namun tidak lebih lambat is supported wholly by observable market data or
dari saat penilaian tersebut didukung sepenuhnya the transaction is closed out.
oleh data pasar yang dapat diobservasi atau saat
transaksi ditutup.
Nilai wajar mencerminkan risiko kredit atas Fair values reflect the credit risk of the financial
instrumen keuangan dan termasuk penyesuaian instruments and include adjustments to take into
yang dilakukan untuk memasukkan risiko kredit account the credit risk of the Company and
Perusahaan dan pihak lawan, mana yang lebih counterparty where appropriate. Fair value
sesuai. Taksiran nilai wajar yang diperoleh dari estimates obtained from models are adjusted for
model penilaian akan disesuaikan untuk any other factors, such as liquidity risk or
mempertimbangkan faktor-faktor lainnya, seperti valuation model uncertainties, to the extent that
risiko likuiditas atau ketidakpastian model the Company believes a third-party market
penilaian, sepanjang Perusahaan yakin bahwa participation would take them into account in
keterlibatan suatu pasar pihak ketiga akan pricing a transaction.
mempertimbangkan faktor-faktor tersebut dalam
penetapan harga suatu transaksi.
f. Kas dan Setara Kas f. Cash and Cash Equivalents
Kas dan setara kas terdiri dari kas, kas di bank dan Cash and cash equivalents consist of cash on hand, cash
deposito berjangka yang akan jatuh tempo dalam waktu in banks and time deposits with a maturity period of
tiga bulan atau kurang sejak tanggal penempatan, three months or less since the date of placement, as
sepanjang deposito berjangka tersebut tidak digunakan long as these time deposits are not pledged as
sebagai jaminan atas pinjaman yang diterima, serta collaterals for borrowings nor restricted. Cash and cash
tidak dibatasi penggunaannya. Kas dan setara kas equivalents are classified as amortized costs (Note 2e).
diklasifikasikan sebagai biaya perolehan diamortisasi
(Catatan 2e).



(Continued)
g. Piutang Pembiayaan g. Financing Receivables
Perusahaan dan entitas anaknya mengakui aset berupa The Company and its subsidiary recognizes assets as
piutang pembiayaan sebesar jumlah yang sama dengan financing receivables and present them at an amount
piutang neto. Penerimaan piutang diperlakukan sebagai equal to the net financing receivables. Receivables
pembayaran pokok dan pendapatan pembiayaan. payment is treated as repayment of principal and
Pengakuan pendapatan pembiayaan didasarkan pada financing income. The recognition of financing income is
suatu pola yang mencerminkan suatu tingkat based on a pattern reflecting a constant periodic rate of
pengembalian periodik yang konstan atas investasi return on the Company’s financing receivables.
Perusahaan.
Penyelesaian kontrak sebelum masa pembiayaan berakhir Early termination of a contract is treated as a
diperlakukan sebagai pembatalan kontrak pembiayaan cancellation of an existing contract and the resulting
dan pendapatan yang timbul terkait penyelesaian kontrak income related to this early termination of a contract is
ini diakui dalam laba rugi tahun berjalan. recognized in the current year profit or loss.
Restrukturisasi pembiayaan konsumen berupa modifikasi Restructuring of customer financing is a modification of

persyaratan kredit. Pembiayaan yang direstrukturiasi the terms of the loans. Restructured financing are
disajikan sebesar nilai kini atas arus kas kontraktual stated at present value of discounted contractual cash
setelah restrukturisasi yang didiskontokan menggunakan flows after restructuring using initial effective interest
suku bunga efektif awal. Selisih antara jumlah tercatat rate. Differences arising from the gross carrying value
bruto piutang pembiayaan konsumen pada tanggal of the consumer financing receivables at the time of
restrukturisasi dengan nilai kini arus kas kontraktual restructuring with present value of contractual cash
setelah restrukturisasi diakui dalam laba rugi. flows after restructuring are recognized to profit or
loss.
Setelah restrukturisasi, seluruh arus kas kontraktual Thereafter, all the contractual cash flows under the
dalam persyaratan baru dicatat sebagai pengembalian new terms shall be accounted for as the repayment of
pokok pembiayaan yang diberikan dan pendapatan bunga principal and interest income, in accordance with the
sesuai dengan syarat-syarat restrukturisasi. restructuring scheme.
Piutang pembiayaan akan dihapusbukukan setelah Financing receivables will be written-off when they are
menunggak lebih dari 210 hari (untuk produk mobil dan overdue for more than 210 days (for cars and
motor) dan lebih dari 270 hari (untuk alat berat dan motorcycles) and more than 270 days (for heavy
properti). Penerimaan dari piutang yang telah equipment and property). Recoveries from written-off
dihapusbukukan diakui sebagai pendapatan lain-lain pada receivables are recognized as other income upon
saat diterima. receipt.
g.1. Sewa Pembiayaan g.1. Finance Lease
Pada tanggal permulaan kontrak, Perusahaan At the inception of a contract, the Company
menilai apakah kontrak merupakan, atau assesses whether the contract is, or contains, a
mengandung, sewa. Suatu kontrak merupakan atau lease. A contract is or contains a lease if the
mengandung sewa jika kontrak tersebut contract conveys the right to control the use of an
memberikan hak untuk mengendalikan penggunaan identified asset for a period of time in exchange
aset identifikasian selama suatu jangka waktu untuk for consideration.
dipertukarkan dengan imbalan.
g.2. Pembiayaan Konsumen g.2. Consumer Financing
Piutang pembiayaan konsumen merupakan jumlah Consumer financing receivables are receivables
piutang setelah ditambah (dikurangi) biaya plus (minus) unamortized transaction cost (fee)
(pendapatan) transaksi yang belum di amortisasi dan and minus unearned consumer financing income
dikurangi dengan pendapatan pembiayaan konsumen and allowance for impairment losses of consumer
yang belum diakui dan cadangan kerugian penurunan financing receivables.
nilai piutang pembiayaan konsumen.
346


(Continued)
g. Piutang Pembiayaan (Lanjutan) g. Financing Receivables (Continued)
g.2. Pembiayaan Konsumen (Lanjutan) g.2. Consumer Financing (Continued)
Pendapatan pembiayaan konsumen yang belum Unearned consumer financing income, which
diakui, yang merupakan selisih antara jumlah represents the difference between total
keseluruhan pembayaran angsuran yang akan installments to be received from the consumer
diterima dari konsumen dan jumlah pokok and the principal amount financed, plus or
pembiayaan, ditambah (dikurangi) biaya deducted with the unamortized transaction cost
(pendapatan) transaksi yang belum diamortisasi, (income), will be recognized as income over the
akan diakui sebagai pendapatan selama jangka term of the contract using effective interest
waktu kontrak dengan menggunakan metode suku method of the related consumer financing
bunga efektif dari piutang pembiayaan konsumen. receivable. Consumer financing receivables are
Piutang pembiayaan konsumen diklasifikasikan classified as amortized costs (Note 2e).
sebagai biaya perolehan diamortisasi (Catatan 2e).
Biaya (pendapatan) transaksi yang belum Unamortized transaction cost (income) are
diamortisasi adalah pendapatan administrasi proses financing administration income and transaction
pembiayaan dan biaya transaksi yang timbul costs which are incurred at the first time the
pertama kali yang terkait langsung dengan financing agreement is signed and directly
pembiayaan konsumen tersebut. attributable to consumer financing.
h. Pembiayaan Bersama h. Joint Financing
Seluruh kontrak pembiayaan bersama yang dilakukan oleh All joint financing agreements entered by the Company
Perusahaan merupakan pembiayaan bersama konsumen are joint financing without recourse in which only the
tanpa tanggung renteng (without recourse) dimana hanya Company’s financing portion of the total installments
porsi jumlah angsuran piutang yang dibiayai Perusahaan are recorded as financing receivables in the statement
yang dicatat sebagai piutang pembiayaan di laporan of financial position (net approach). Financing income
posisi keuangan (pendekatan neto). Pendapatan is presented in the statement of profit or loss and
pembiayaan disajikan pada laporan laba rugi dan other comprehensive income after deducting the
penghasilan komprehensif lain setelah dikurangi dengan portions belong to other parties participated to these
bagian yang merupakan hak pihak-pihak lain yang joint financing transactions.
berpartisipasi pada transaksi pembiayaan bersama
tersebut.
Dalam pembiayaan bersama without recourse, antara In joint financing without recourse, arrangements
Perusahaan dan penyedia fasilitas pembiayaan bersama, between the Company and the joint financing facility
Perusahaan berhak menentukan tingkat bunga yang lebih provider, the Company has the right to set higher
tinggi kepada konsumen dibandingkan tingkat bunga yang interest rates to consumer than the interest rates
ditetapkan dalam perjanjian pembiayaan bersama stated in the joint financing agreement with the joint
dengan penyedia fasilitas pembiayaan bersama. financing facility provider. The difference is
Selisihnya merupakan pendapatan dan disajikan sebagai recognized as revenue and disclosed as “Financing
bagian dari “Pendapatan Pembiayaan”. Income”.



(Continued)
i. Piutang Pembiayaan Murabahah i. Murabahah Financing Receivables

Murabahah merupakan akad jual-beli barang dengan Murabahah is goods sell-buy contract with a sold price
harga jual sebesar biaya perolehan ditambah keuntungan amounting to acquisition cost plus agreed margin and
yang disepakati dan Perusahaan harus mengungkapkan the Company must to disclose the acquisition cost to
biaya perolehan barang tersebut kepada konsumen. Pada customer. When murabahah contract is signed,
saat akad murabahah, piutang pembiayaan murabahah murabahah financing receivables are recognized at
diakui dengan metode pendapatan efektif. Keuntungan effective income method. Murabahah margin are
murabahah diakui selama periode akad berdasarkan recognized over the period of the contract based on
pengakuan marjin dari piutang pembiayaan murabahah. margin of the murabahah financing receivables.
Akad murabahah secara substansi merupakan suatu Substantially, murabahah contract is a financing, so
pembiayaan, sehingga pengakuan marjin dilakukan that margin recognition is based on standards which
berdasarkan standar yang mengatur pembiayaan, seperti regulate financing, as mentioned in consumer financing
yang disebutkan di kebijakan pembiayaan konsumen. policy.
Pada setiap akhir periode laporan keuangan, piutang At the end of each period of financial statement,
pembiayaan murabahah disajikan sebesar nilai neto yang murabahah financing receivables are state at net
dapat direalisasi, yaitu saldo piutang murabahah realizable value, consist of outstanding murabahah
dikurangi marjin yang ditangguhkan dan cadangan receivables less unearned margin and allowance for
kerugian penurunan nilai. impairment loss.
j. Piutang Ijarah dan IMBT j. Ijarah and IMBT Receivables
Piutang ijarah (porsi pokok sewa) merupakan akrual Ijarah receivables are based on unrealized accrual rent
piutang sewa atas porsi pokok yang belum direalisasikan income from principal portion and ijarah receivable
oleh nasabah dan piutang pendapatan ijarah merupakan represents portion of accrual rent income from the
akrual piutang sewa atas bagian keuntungan (ujroh) following month’s installment of ijarah muntahiyah
transaksi ijarah muntahiyah bittamlik (IMBT) dari bittamlik (IMBT) which is recognized proportionally.
angsuran nasabah pada bulan berikutnya yang diakui
secara proporsional.
Akad ijarah adalah akad penyediaan dana dalam rangka Akad ijarah is a contract for the provision of funds in
memindahkan hak guna atau manfaat dari suatu barang the context of transferring the use rights or benefits of
atau jasa berdasarkan transaksi sewa, tanpa diikuti a good or service based on a lease transaction, without
dengan pemindahan kepemilikan barang tersebut kepada being followed by the transfer of ownership of such
penyewa. goods to the lessee.
Piutang pendapatan ijarah diakui pada saat jatuh tempo Ijarah revenue receivables are recognized at maturity
sebesar sewa porsi ujroh dan piutang ijarah sebesar sewa amounting to the rent of ujroh and ijarah receivables
porsi pokok yang belum diterima dan disajikan sebesar amounting to the portion of the principal outstanding
nilai neto yang dapat direalisasikan, yaitu sebesar saldo which has not been received and presented at net
piutang dikurangi penurunan nilai, jika ada pada akhir realizable value, which is the outstanding amount of
periode pelaporan. the receivables less impairment loss, if any, at the end
of reporting period.
k. Piutang dalam Proses Penyelesaian k. Receivables in the Settlement Process
Piutang dalam proses penyelesaian merupakan piutang Receivables in the settlement process represent
atas jaminan yang dikuasai kembali dan dinyatakan receivables from collateral recovered and stated at net
berdasarkan nilai realisasi neto yaitu nilai tercatat atau realizable value which is carrying amount or principal
pokok piutang pembiayaan terkait dikurangi penyisihan amount of related financing receivables, less allowance
penurunan nilai pasar atas jaminan yang dikuasai for decline in market value of the collateral retained.
kembali. Piutang pembiayaan direklasifikasikan menjadi Financing receivables are reclassified to receivables in
piutang dalam proses penyelesaian ketika jaminan the settlement process when the collateral is
ditarik karena konsumen tidak dapat memenuhi withdrawn because the consumer is not able to meet
kewajibannya setelah melalui proses tahapan yang its obligations after going through the stages
ditetapkan dalam perjanjian pembiayaan dengan stipulated in the financing agreement with the
konsumen. consumer.
348


(Continued)
k. Piutang dalam Proses Penyelesaian (Lanjutan) k. Receivables in the Settlement Process (Continued)
Pelanggan memberi kuasa kepada Perusahaan untuk Customer authorizes the Company to sell the pledged
menjual objek yang dijaminkan atau melakukan tindakan object or performing other actions in solving the debts
lainnya dalam upaya penyelesaian piutang bila terjadi in the event of default of the financing agreement.
wanprestasi terhadap perjanjian pembiayaan. Kelebihan Excess result of a settlement with the total obligations
hasil penyelesaian dengan jumlah seluruh kewajiban of the consumer is the right of the customer, while the
konsumen merupakan hak dari konsumen, sedangkan shortage of the settlement proceeds will be charged to
kekurangan hasil penyelesaian akan dibebankan sebagai written-off other receivables in the statement of
penghapusan piutang lain-lain pada laporan laba rugi dan profit or loss and other comprehensive income.
penghasilan komprehensif lain.
Piutang dalam proses penyelesaian diklasifikasikan Receivables in the settlement process are classified as
sebagai aset keuangan dalam kelompok biaya perolehan financial assets classified as amortized costs.
diamortisasi.
l. Instrumen Derivatif untuk Tujuan Manajemen Risiko l. Derivative Instrument for Risk Management
Purposes
Seluruh instrumen derivatif yang dimiliki Perusahaan All derivative instruments held by the Company are
digunakan untuk tujuan manajemen risiko. Instrumen for risk management purposes. These derivative
derivatif ini digunakan untuk lindung nilai eksposur instruments are used to hedge the Company’s
risiko suku bunga dan risiko mata uang Perusahaan. exposures to interest rate risk and currency risk.
Instrumen derivatif untuk tujuan manajemen risiko Derivative instruments held for risk management are
diukur pada nilai wajar dalam laporan posisi keuangan. measured at fair value in the statement of financial
Untuk memenuhi persyaratan akuntansi lindung nilai, position. To qualify for hedge accounting, certain
beberapa kriteria tertentu harus dipenuhi, termasuk criteria are to be met, including formal documentation
adanya dokumentasi formal pada awal lindung nilai. to be in place at the inception of the hedge.
Pada penetapan awal lindung nilai, Perusahaan On initial designation of the hedge, the Company
mendokumentasikan secara formal hubungan antara formally documents the relationship between the
instrumen lindung nilai dan unsur yang dilindung nilai, hedging instruments and hedge items, including the
termasuk tujuan manajemen risiko dan strategi risk management objective and strategy in undertaking
dalam melaksanakan transaksi lindung nilai, bersamaan the hedge transaction, together with the method that
dengan metode yang akan digunakan untuk menilai will be used to assess the effectiveness of the hedging
efektivitas hubungan lindung nilai. Perusahaan menilai, relationship. The Company makes an assessment, both
pada awal hubungan lindung nilai dan juga secara at the inception of the hedge relationship as well as on
berkesinambungan, apakah instrumen lindung nilai an ongoing basis, whether the hedging instruments are
diharapkan akan “sangat efektif” dalam rangka saling expected to be “highly effective” in offsetting the
hapus atas perubahan nilai wajar atau perubahan arus changes in the fair value or cash flows of the
kas dari unsur yang dilindung nilai sepanjang periode respective hedged item during the period for which the
dimana lindung nilai tersebut ditetapkan. hedge is designated.
Perubahan nilai wajar instrumen derivatif yang tidak Changes in fair value of derivative instruments that do
memenuhi kriteria lindung nilai dicatat dalam laporan not qualify for hedge accounting are recognized in the
laba rugi tahun yang bersangkutan. Jika instrumen current year statement of profit or loss. If derivative
derivatif dirancang dan memenuhi syarat akuntansi instruments are designated and qualify for hedge
lindung nilai, perubahan nilai wajar yang berkaitan accounting, changes in fair value of derivative
dengan lindung nilai diakui sebagai penyesuaian instruments are recorded as adjustments to the items
terhadap unsur yang dilindungi nilainya dalam being hedged in the current year other comprehensive
penghasilan komprehensif lainnya tahun berjalan atau income or in the equity, depending on the type of
disajikan dalam ekuitas, tergantung pada jenis transaksi hedge transaction represented and the effectiveness of
dan efektivitas dari lindung nilai tersebut. the hedge.



(Continued)
l. Instrumen Derivatif untuk Tujuan Manajemen Risiko l. Derivative Instrument for Risk Management Purposes
(Lanjutan) (Continued)
Perusahaan dan entitas anaknya menetapkan derivatif The Company and its subsidiary designate derivatives
sebagai instrumen lindung nilai atas arus kas apabila as the hedging instruments of cash flows hedges where
instrumen tersebut melindungi nilai variabilitas arus kas the instrument hedges the variability in cash flows
yang dapat diatribusikan pada risiko tertentu yang attributable to a particular risk associated with a
terkait dengan aset atau liabilitas yang telah diakui atau recognized asset or liability, or a highly probable
prakiraan transaksi yang kemungkinan besar terjadi. forecast transaction that could affect profit or loss.
Bagian efektif dari perubahan nilai wajar derivatif yang The effective portion of changes in the fair value of
ditetapkan sebagai instrumen lindung nilai atas arus kas derivatives designated as hedging instruments of cash
dalam hubungan lindung nilai yang memenuhi kualifikasi flows hedges in qualifying hedging relationships is
ditangguhkan pada keuntungan/(kerugian) kumulatif deferred to the cumulative gains/(losses) on derivative
atas instrumen derivatif untuk lindung nilai arus kas, instruments for cash flows hedges, which forms part
yang merupakan bagian dari ekuitas. Bagian yang tidak of equity. Any ineffective portion is recognized
efektif diakui secara langsung pada laporan laba rugi. immediately in the statement of profit or loss.
Jumlah yang ditangguhkan dalam ekuitas direklasifikasi Amounts deferred in equity are reclassified to the
ke dalam laporan laba rugi dalam tahun yang sama statement of income as a reclassification adjustment
dimana arus kas yang dilindung nilai mempengaruhi laba in the same year as the hedged cash flows affect profit
atau rugi, dan pada unsur yang sama dalam laporan laba or loss, and in the same line item in the statement of
rugi. profit or loss.
Ketika instrumen lindung nilai kadaluarsa atau dijual, When the hedging instrument expires or sold,
dihentikan, dilaksanakan, atau tidak lagi memenuhi terminated, exercised, or no longer qualifies for hedge
kriteria akuntansi lindung nilai, keuntungan atau accounting, the cumulative amount deferred in equity
kerugian kumulatif yang ditangguhkan di ekuitas tetap remains in the cumulative gains/(losses) on derivative
diakui pada keuntungan/(kerugian) kumulatif atas instruments for cash flows hedges, and is subsequently
instrumen derivatif untuk lindung nilai arus kas dan transferred to the statement of profit or loss when the
direklasifikasi ke laporan laba rugi ketika unsur yang hedged item is recognized in the statement of profit or
dilindung nilai diakui dalam laporan laba rugi. loss.
Ketika suatu prakiraan transaksi akan dilindung nilai When a forecast hedged transaction is no longer
tidak lagi diharapkan akan terjadi, jumlah yang expected to occur, the amount deferred in equity is
ditangguhkan dalam ekuitas diakui segera dalam laporan recognized immediately in the statement of profit or
laba rugi. loss.
m. Beban Dibayar di Muka m. Prepaid Expenses
Beban dibayar di muka diamortisasi dan dibebankan Prepaid expenses are amortized and charged as an
selama masa manfaat masing-masing beban dengan expense over the periods of benefit using the straight-
menggunakan metode garis lurus. line method.
n. Aset Ijarah dan IMBT n. Ijarah and IMBT Asset
Aset yang diperoleh untuk ijarah merupakan aset yang Assets acquired for ijarah represent object of leased
menjadi objek transaksi sewa (ijarah) dan dicatat di assets and are recorded in the statements of financial
laporan posisi keuangan sebesar harga perolehan positions at the acquisition cost, net of accumulated
dikurangi akumulasi penyusutan. Aset dalam transaksi depreciation. Assets in ijarah transaction are
ijarah disusutkan sesuai dengan jangka waktu sewa. depreciated over the lease period.
Perpindahan kepemilikan suatu aset dalam akad IMBT, The transfer of ownership of an asset in an IMBT
dilakukan jika akad ijarah terlah berakhir atau diakhiri contract is carried out if the ijarah contract has
dan aset ijarah telah diserahkan kepada penyewa expired or has been terminated and the ijarah assets
dengan membuat akad terpisah. have been transfer to the lessee by separate contract.
Pendapatan ijarah diakui selama masa akad Income from ijarah is recognised over the period of the
menggunakan metode flat (proporsional). contract with flat (proportional) method.
o. Aset Tetap o. Fixed Assets
Aset tetap pada awalnya dinyatakan sebesar harga Fixed assets are initially recognized at acquisition
perolehan. Setelah pengukuran awal, aset tetap diukur cost. After initial measurement, fixed assets are
dengan model biaya, dicatat pada harga perolehan measured using the cost model, carried at cost less
dikurangi akumulasi penyusutan dan akumulasi any accumulated depreciation and accumulated
penurunan nilai, jika ada. impairment losses, if any.
350


(Continued)
o. Aset Tetap (Lanjutan) o. Fixed Assets (Continued)
Harga perolehan mencakup harga pembelian dan semua Acquisition cost includes purchase price and any costs
beban yang terkait secara langsung untuk membawa directly attributable to bring the assets to the location
aset tersebut ke lokasi dan kondisi yang diperlukan and condition necessary for it to be capable of
untuk memungkinkan aset tersebut beroperasi operating in the manner intended by management.
sebagaimana ditentukan oleh manajemen.
Tanah dinyatakan sebesar harga perolehan dan tidak Land is stated at cost and not depreciated.
disusutkan.
Penyusutan aset tetap selain tanah dihitung dengan Depreciation of fixed assets other than land are
menggunakan metode garis lurus untuk mengalokasikan calculated on the straight-line method to allocate their
harga perolehan hingga mencapai nilai sisa sepanjang cost to their residual values over their estimated
estimasi masa manfaatnya sebagai berikut: useful life as follows:
Masa manfaat/
Useful life Tarif/
(Tahun/ Year) Rates
Bangunan dan prasarana 20 5% Building and improvements
Peralatan kantor 5 20 % Office equipment
Kendaraan 5 20 % Vehicles
Perabot dan perlengkapan kantor 5 20 % Furniture and fixtures
Beban perbaikan dan pemeliharaan dibebankan ke Repairs and maintenance costs, are charged to the the
dalam laporan laba rugi periode dimana beban-beban statement of profit or loss during the period in which
tersebut terjadi. Pengeluaran yang memperpanjang they are incurred. Expenditures that extend the future
masa manfaat aset atau yang memberikan tambahan life of assets or provide further economic benefits are
manfaat ekonomis dikapitalisasi dan disusutkan. capitalized and depreciated.
Jumlah tercatat aset tetap dihentikan pengakuannya The carrying amount of fixed assets are derecognized
pada saat pelepasan atau ketika tidak terdapat lagi upon disposal or when there is no longer a future
manfaat ekonomi masa depan yang diekspektasikan dari economic benefit expected from its use or disposal.
penggunaan atau pelepasannya.
Apabila aset tetap dihentikan pengakuannya (tidak When fixed assets are derecognized (retired or
digunakan lagi atau dijual), maka nilai tercatat dan disposed of), their carrying values and the related
akumulasi penyusutannya dikeluarkan dari laporan posisi accumulated depreciation are removed from the
keuangan, dan keuntungan atau kerugian yang terjadi statement of financial position, and the resulting gains
diakui dalam laporan laba rugi. or losses are recognized in the statement of profit or
loss.
Aset dalam penyelesaian untuk pengembangan Asset in progress under development are stated
dinyatakan sebesar biaya perolehan dan disajikan at cost and presented as part of the fixed assets.
sebagai bagian dari aset tetap. Akumulasi biaya The accumulated cost will be reclassified to the
perolehan akan dipindahkan ke masing-masing akun aset appropriate fixed assets account when the installation
tetap yang bersangkutan pada saat aset tersebut selesai is substantially completed and the asset is ready for its
dikerjakan dan siap digunakan. intended use.
Apabila nilai tercatat aset tetap lebih besar dari nilai When the carrying amount of fixed assets is greater
yang dapat dipulihkan, nilai tercatat aset tersebut than its estimated recoverable amount, it is written
diturunkan menjadi sebesar nilai yang dapat dipulihkan down to its recoverable amount which is determined at
kembali, yang ditentukan sebagai nilai tertinggi antara the higher of net selling price or value in use.
harga jual neto dan nilai pakai.
Pada setiap akhir tahun, nilai residu, umur dan metode At the end of each year, residual values, useful life
penyusutan dikaji ulang dan disesuaikan secara and method of depreciation are reviewed and adjusted
prospektif jika diperlukan. prospectively, if necessary.



(Continued)
p. Sewa p. Leases
Pada tanggal permulaan suatu kontrak, Perusahaan dan At inception of a contract, the Company and its
entitas anaknya menilai apakah suatu kontrak subsidiary asseses whether a contract is, or contains,
merupakan, atau mengandung, sewa. Suatu kontrak a lease. A contract is, or contains, a lease if the
merupakan, atau mengandung, sewa jika kontrak contract conveys the right to control the use of an
tersebut memberikan hak untuk mengendalikan identified asset for a period of time in exchange for
penggunaan suatu aset identifikasian selama suatu jangka consideration.
waktu untuk dipertukarkan dengan imbalan.
Untuk menilai apakah suatu kontrak memberikan hak To assess whether a contract conveys the right to
untuk mengendalikan suatu aset identifikasian, control the use of an identified asset, the Company
Perusahaan menilai apakah: asseses whether:
- Perusahaan memiliki hak untuk memperoleh secara - The Company has the right to obtain substantially all
substansial seluruh manfaat ekonomik dari of the economic benefits from use of the asset
penggunaan aset selama periode penggunaan; dan throughout the period of use;and
- Perusahaan memiliki hak untuk mengarahkan - The Company has the right to direct the use of the
penggunaan aset identifikasian. Perusahaan memiliki identified assets. The Company has this right when it
hak ini ketika hak pengambilan keputusan yang paling has the decision-making rights that are most
relevan untuk mengubah bagaimana dan untuk tujuan relevant to changing how and for what purpose the
apa aset tersebut digunakan. Dalam kondisi tertentu asset is used. In certain circumstances where all the
dimana semua keputusan tentang bagaimana dan decisions about how and for what purpose the asset
untuk tujuan apa aset digunakan telah ditentukan is used are predetermined, the Company has the
sebelumnya, Perusahaan memiliki hak untuk right to direct the use of the asset if either:
mengarahkan penggunaan aset tersebut jika:
- Perusahaan memiliki hak untuk mengoperasikan - The Company has the right to operate the
aset;atau asset;or
- Perusahaan mendesain aset dengan cara - The Company designed the asset in a way that
menetapkan sebelumnya bagaimana dan untuk predetermines how and for what purpose the
tujuan apa aset akan digunakan selama periode asset will be used.
penggunaan.
Pada tanggal insepsi atau pada saat penilaian kembali At inception or on reassessment of a contract that
suatu kontrak yang mengandung suatu komponen sewa, contains a lease component, the Company allocates
Perusahaan mengalokasikan imbalan dalam kontrak ke consideration in the contract to each lease component
masing-masing komponen sewa berdasarkan harga on the basis of their relative stand-alone prices and
tersendiri relatif dari komponen sewa dan harga the aggregate stand-alone price of the nonlease
tersendiri agregat dari komponen nonsewa. Namun, components. However, for the leases of improvements
untuk sewa penunjang dimana Perusahaan bertindak in which the Company is a lessee, the Company has
sebagai penyewa, Perusahaan memutuskan untuk tidak elected not to separate nonlease components and
memisahkan komponen nonsewa dan mencatat account for the lease and non-lease components as
komponen sewa dan nonsewa tersebut sebagai satu a single lease component.
komponen sewa.
Perusahaan dan entitas anaknya mengakui aset hak-guna The Company and its subsidiary recognize a right-of-
dan liabilitas sewa pada tanggal dimulainya sewa. Aset use asset and a lease liability at the lease
hak-guna awalnya diukur pada biaya perolehan, yang commencement date. The right-of-use asset is initially
terdiri dari jumlah pengukuran awal dari liabilitas sewa measured at cost, which comprises the initial amount
disesuaikan dengan pembayaran sewa yang dilakukan of the lease liability adjusted for any lease payments
pada atau sebelum tanggal permulaan, ditambah dengan made at or before the commencement date, plus any
biaya langsung awal yang dikeluarkan, dan estimasi biaya initial direct costs incurred and an estimate of costs to
untuk membongkar dan memindahkan aset pendasar atau dismantle and remove the underlying asset or to
untuk merestorasi aset pendasar atau tempat dimana restore the underlying asset or the site on which it is
aset berada, dikurangi insentif sewa yang diterima. located, less any lease incentives received.
352


(Continued)
p. Sewa (Lanjutan) p. Leases (Continued)
Perusahaan dan entitas anaknya menyajikan aset hak- The Company and its subsidiary present right-of-use
guna sebagai bagian dari “Aset hak-guna” di dalam assets as part of “Right-of-use assets” in the
laporan posisi keuangan konsolidasian. consolidated statement of financial position.
Perusahaan dan entias anaknya tidak mengakui aset hak- The Company and its subsidiary not recognize right-of-
guna dan liabilitas sewa untuk sewa jangka pendek yang use assets and lease liabilities for short-term leases
memiliki masa sewa 12 bulan atau kurang, pembayaran that have a lease term of 12 months or less, the lease
atas sewa tersebut diakui sebagai beban dengan dasar payment recognize as expenses on a straight-line basis
garis lurus selama masa sewa. over the lease term.
Jika sewa mengalihkan kepemilikan aset pendasar If the lease transfers the ownership of the underlying
kepada Perusahaan pada akhir masa sewa atau jika biaya asset to the Company by the end of the lease term or
perolehan aset hak-guna merefleksikan Perusahaan akan if the cost of the right-of-use asset reflects that the
mengeksekusi opsi beli, maka Perusahaan menyusutkan Company will exercise a purchase option, the Company
aset hak-guna dari tanggal permulaan hingga akhir umur depreciates the right-of-use asset from the
manfaat aset pendasar. Jika tidak, maka Perusahaan commencement date to the end of the useful life of
menyusutkan aset hak-guna dari tanggal permulaan the underlying asset. Otherwise, the Company
hingga tanggal yang lebih awal antara akhir umur depreciates the right-of-use asset from the
manfaat aset hak-guna atau akhir masa sewa. commencement date to the earlier of the end of the
useful life of the right-of-use asset or the end of the
lease term.
Sewa Tanah dan Bangunan Land and Building Leases
Opsi Perpanjangan Extention Options
Beberapa sewa gedung kantor mengandung opsi Some leases of office buildings contain extension
perpanjangan yang dapat dieksekusi Perusahaan options exercisable by the Company before the end of
sebelum periode kontrak yang tidak dapat dibatalkan the non-cancellable contract period. Where
tersebut berakhir. Jika memungkinkan, Perusahaan practicable, the Company seeks to include extension
berupaya untuk memasukkan opsi perpanjangan dalam options in new leases to provide operational flexibility.
sewa baru untuk memberikan fleksibilitas operasional. The Company assesses at lease commencement
Perusahaan menilai pada saat permulaan sewa apakah whether it is reasonably certain to exercise the
Perusahaan cukup pasti untuk mengeksekusi opsi extension options. The Company reassesses whether it
perpanjangan. Perusahaan menilai kembali apakah is reasonably certain to exercise the options if there is
cukup pasti untuk mengeksekusi opsi tersebut jika ada a significant event or significant change in
peristiwa signifikan atau perubahan signifikan dalam circumstances within its control.
kondisi yang berada dalam pengendalian Perusahaan.
Sewa Jangka-Pendek dan Sewa Aset Bernilai-Rendah Short-Term Leases and Leases of Low-Value Assets
Perusahaan memilih untuk tidak mengakui aset hak- The Company has elected not to recognize right-of-use
guna dan liabilitas sewa untuk sewa jangka-pendek yang assets and lease liabilities for short-term leases that
memiliki masa sewa 12 bulan atau kurang dan sewa atas have a lease term of 12 months or less and leases of
aset bernilai rendah. Perusahaan mengakui pembayaran low-value assets. The Company recognizes the lease
sewa terkait dengan sewa ini sebagai beban dengan payments associated with these leases as an expense
dasar garis-lurus selama masa sewa. on a straight-line basis over the lease term.
q. Aset Takberwujud q. Intangible Assets
Perangkat lunak Software
Perangkat lunak pada awalnya dinyatakan sebesar biaya Software is initially recognized at acquisition cost.
perolehan. Biaya perolehan awal perangkat lunak The acquisition cost of software consists of its purchase
meliputi harga pembelian, termasuk biaya-biaya yang price, including any directly attributable costs in
dapat diatribusikan secara langsung untuk membawa bringing the software to its intended use. After initial
perangkat lunak siap dipakai. Setelah pengakuan awal, recognition, software is measured using cost model,
perangkat lunak diukur menggunakan model biaya, stated at cost less accumulated amortization and
dicatat sebesar biaya perolehannya dikurangi akumulasi accumulated impairment losses.
amortisasi dan akumulasi kerugian penurunan nilai.
Pengeluaran selanjutnya untuk perangkat lunak akan Subsequent expenditure on software assets is
dikapitalisasi hanya jika pengeluaran tersebut menambah capitalized only when it increases the future economic
manfaat ekonomi di masa mendatang untuk asset yang benefits embodied in the specific asset to which it
bersangkutan. Semua pengeluaran lainnya dibebankan relates. All other expenditures are expensed as
pada saat terjadinya. incurred.



(Continued)
q. Aset Takberwujud (Lanjutan) q. Intangible Assets (Continued)
Amortisasi diakui dalam laporan laba rugi dan Amortization is recognized in the statement of profit
penghasilan komprehensif lain dengan menggunakan or loss and other comprehensive income on a straight-
metode garis lurus sepanjang estimasi masa manfaatnya, line method over the estimated useful life of software,
dimulai dari tanggal perangkat lunak tersebut tersedia from the date that it is available for use.
untuk dipakai. Estimasi masa manfaat perangkat lunak The estimated useful life of software is five years.
adalah lima tahun.
Metode amortisasi, estimasi masa manfaat dan nilai Amortization methods, useful life and residual values
residual ditelaah pada setiap akhir tahun pelaporan dan are reviewed at each financial year-end and adjusted if
disesuaikan jika dianggap tepat. appropriate.
Keuntungan atau kerugian pelepasan aset takberwujud Gains or losses on disposal of intangible assets are
ditentukan dengan membandingkan penerimaan dengan determined by comparing proceeds with the carrying
nilai tercatat dan diakui di dalam laporan laba rugi. amount and are recognized in profit or loss.
r. Pajak Penghasilan r. Income Tax
Beban pajak terdiri dari beban pajak kini dan beban Income tax expense comprises current and deferred
pajak tangguhan. Beban pajak diakui pada laporan laba tax. Income tax expense is recognized in the statement
rugi kecuali untuk bagian yang langsung diakui di of profit or loss except to the extent it relates to items
komponen ekuitas lainnya, dimana beban pajak yang recognized directly in other equity components, in
terkait dengan bagian tersebut diakui di penghasilan which case it is recognized in other comprehensive
komprehensif lain. income.
Beban pajak kini adalah utang pajak yang ditentukan Current tax is the expected tax payable on the taxable
berdasarkan laba kena pajak untuk tahun yang income for the current year, using tax rates enacted or
bersangkutan yang dihitung berdasarkan tarif pajak yang substantively enacted at reporting date.
berlaku atau yang secara substansial telah berlaku pada
tanggal pelaporan.
Beban pajak tangguhan diakui sehubungan dengan adanya Deferred tax is recognized in respect of temporary
perbedaan temporer antara nilai tercatat aset dan differences between the carrying amounts of assets
liabilitas untuk tujuan pelaporan keuangan, dan nilai aset and liabilities for financial reporting purposes and the
dan liabilitas yang digunakan untuk tujuan perpajakan. amounts used for taxation purposes. Deferred tax is
Pajak tangguhan diukur dengan menggunakan tarif pajak measured at the tax rates that are expected to be
yang diharapkan untuk diterapkan atas perbedaan applied to temporary differences when they reverse,
temporer pada saat pembalikan, berdasarkan peraturan based on the laws that have been enacted or
yang telah berlaku atau secara substantif berlaku pada substantively enacted at the reporting date.
tanggal pelaporan.
Metode ini juga mengharuskan pengakuan manfaat pajak This method also requires the recognition of future tax
di masa depan, seperti kompensasi rugi fiskal, apabila benefits, such as tax loss carryforwards, to the extent
besar kemungkinan manfaat pajak tersebut dapat that realization of such benefits is probable.
direalisasi.
Aset dan liabilitas pajak tangguhan diakui untuk Deferred tax assets and liabilities are recognized for
perbedaan temporer antara basis komersial dan basis temporary differences between the financial and the
fiskal atas aset dan liabilitas pada setiap tanggal tax bases of assets and liabilities at each reporting
pelaporan. date.
Aset pajak tangguhan dikaji ulang setiap tanggal Deferred tax assets are reviewed at each reporting
pelaporan dan dikurangi apabila besar kemungkinan date and are reduced to the extent that it is no longer
manfaat pajak terkait tidak lagi mungkin direalisasi. probable that the related tax benefit will be realized;
Pengurangan tersebut akan berlaku terbalik saat such reductions are reversed when the probability of
kemungkinan laba fiskal di masa depan membaik. Aset future taxable profits improves. Unrecognized deferred
pajak tangguhan yang belum diakui dikaji ulang pada tax assets are reassessed at each reporting date and
setiap tanggal pelaporan dan diakui apabila besar recognized to the extent that it has become probable
kemungkinan bahwa jumlah laba fiskal pada masa that future taxable profits will be available against
mendatang akan tersedia untuk merealisasikan manfaat which they can be used.
pajak tersebut.
354


(Continued)
r. Pajak Penghasilan (Lanjutan) r. Income Tax (Continued)
Aset pajak kini dan liabilitas pajak kini saling hapus dan Current tax assets and current tax liabilities shall be
nilai netonya disajikan dalam laporan posisi keuangan offset and the net amount is presented in the
jika, dan hanya jika, Perusahaan memiliki hak yang statement of financial position when and only when,
berkekuatan hukum untuk melakukan saling hapus atas the Company has a legal enforceable right to set off
jumlah yang telah diakui tersebut dan berniat untuk the amounts and intends either to settle on a net basis
menyelesaikan secara neto atau untuk merealisasikan or to realise the asset and settle the liability
aset dan menyelesaikan liabilitasnya secara simultan. simultaneously.
Perpajakan lainnya Other taxation matters
Penyesuaian atas liabilitas pajak dicatat pada saat Surat Amendments to tax obligations are recorded when an
Ketetapan Pajak diterima atau jika mengajukan tax assessment letter is received and/or, if objected to
keberatan dan banding, pada saat keputusan atas and/or appealed against by Company, when the result
keberatan dan banding tersebut diterima. of the objection and/or appeal is determined.
Jumlah tambahan pokok dan denda pajak yang The extra amount of tax principal and penalties
ditetapkan dengan Surat Ketetapan Pajak (SKP) stipulated by the Tax Assessment Letter (SKP) is
diakui sebagai pendapatan atau beban dalam operasi recognized as income or expense in the current
periode berjalan, kecuali jika diajukan upaya operations, unless further proposed settlement efforts.
penyelesaian selanjutnya. Jumlah tambahan pokok The extra amount of tax principal and penalties
dan denda pajak yang ditetapkan dengan SKP stipulated by SKP are deferred as long as it meets the
ditangguhkan pembebanannya sepanjang memenuhi criteria for asset recognition.
kriteria pengakuan aset.
s. Pinjaman yang Diterima s. Fund Borrowings
Pinjaman yang diterima merupakan dana yang diterima Borrowings represent funds received from various
dari berbagai bank dan institusi keuangan, termasuk banks and financial institutions, including with
fasilitas pembiayaan bersama (joint financing) with recourse joint financing facilities. With recourse joint
recourse. Fasilitas pembiayaan bersama (joint financing facilities are presented gross, i.e loans
financing) with recourse disajikan secara gross, yaitu granted to customers and borrowings received from
sebanyak pinjaman yang diberikan kepada konsumen banks are recorded at their full amount with
dan pinjaman yang diterima dari bank dicatat dalam repayment obligations in accordance with the terms of
nilai penuh dengan kewajiban pembayaran kembali the agreement.
sesuai dengan persyaratan perjanjian pinjaman.
Pinjaman yang diterima diklasifikasikan sebagai liabilitas Borrowings are classified as financial liabilities
keuangan yang diukur dengan biaya perolehan measured at amortized cost. Additional costs that are
diamortisasi. Biaya tambahan yang dapat diatribusikan directly attributable to the acquisition of loans are
secara langsung dengan perolehan pinjaman dikurangkan deducted from total borrowings. See Note 2e for the
dari jumlah pinjaman yang diterima. Lihat Catatan 2e accounting policy on financial liabilities measured at
untuk kebijakan akuntansi atas liabilitas keuangan yang amortized cost.
diukur pada biaya perolehan diamortisasi.
t. Surat Berharga yang Diterbitkan t. Securities Issued
Surat berharga yang diterbitkan meliputi utang Obligasi Securities issued consist of Bonds payable and Medium
dan Medium Term Notes. Term Notes.
Surat berharga yang diterbitkan diklasifikasikan sebagai Securities issued are classified as financial liabilities at
liabilitas keuangan yang diukur dengan biaya perolehan amortized cost.
diamortisasi.
Biaya tambahan yang dapat diatribusikan secara Additional cost directly attributable to the issuance of
langsung dengan penerbitan surat berharga diakui securities are recognized as a discount and offset
sebagai diskonto dan dikurangkan langsung dari hasil directly from the proceeds derived from such offerings
emisi dan diamortisasi selama jangka waktu surat and amortized over the period of the securities issued
berharga yang diterbitkan tersebut dengan using effective interest rate method.
menggunakan metode suku bunga efektif.
Lihat Catatan 2e untuk kebijakan akuntansi atas Refer to Note 2e for accounting policy of financial
liabilitas keuangan yang diukur dengan biaya perolehan liabilities at amortized cost.
diamortisasi.



(Continued)
u. Imbalan Kerja u. Employees’ Benefits
Imbalan kerja jangka pendek Short-term employees’ benefits
Imbalan kerja jangka pendek diakui pada saat terutang Short-term employees’ benefits are recognized when
kepada karyawan berdasarkan metode akrual. they are owed to the employees based on an accrual
method.
Imbalan kerja jangka panjang dan imbalan pasca-kerja Long-term and post-employment benefits
Perusahaan dan entitas anaknya mencadangkan jumlah The Company and its subsidiary are provide a minimum
minimum imbalan panjang sesuai dengan Undang- amount of pension benefit in accordance with Labor
Undang Ketenagakerjaan (UUCK) atau Kontrak Kerja Law or collective Labour Agreement (CLA), whichever
Bersama (KKB), mana yang lebih tinggi, karena UUCK is higher, since the labour law or the CLA represent
atau KKB adalah program imbalan pasti yang defined benefit plans which sets the formula for
menentukan rumus tertentu untuk menghitung jumlah determining the minimum amount of benefit.
minimal imbalan pensiun.
Kewajiban imbalan pasca-kerja yang diakui di laporan The obligation for post-employment benefits
posisi keuangan dihitung berdasarkan nilai kini dari recognized in the statement of financial position is
estimasi kewajiban imbalan pasca-kerja dimasa depan calculated at present value of estimated future
yang timbul dari jasa yang telah diberikan oleh benefits that the employees have earned in return for
karyawan pada masa kini dan masa lalu, dikurangi their services in the current and prior years, deducted
dengan nilai wajar aset neto dana pensiun. Perhitungan by any plan assets. The calculation is performed by an
dilakukan oleh aktuaria independen dengan metode independent actuary using the projected-unit-credit
projected-unit-credit. method.
Beban jasa kini, beban bunga, beban jasa lalu yang Current service costs, interest costs, vested past
telah menjadi hak karyawan, dan dampak kurtailmen service costs, and effect of curtailment or settlement
atau penyelesaian (jika ada) diakui segera sebagai (if any) are recognized immediately in the statement
beban dalam laporan laba rugi dan penghasilan of profit or loss and other comprehensive income.
komprehensif lain.
Keuntungan atau kerugian aktuarial yang timbul dari Actuarial gains or losses arising from experience
penyesuaian dan perubahan dalam asumsi-asumsi adjustments and changes in actuarial assumptions are
aktuarial langsung diakui seluruhnya melalui directly fully recognized to other comprehensive
penghasilan atau beban komprehensif lainnya pada income or expense in the year when such actuarial
tahun dimana keuntungan/(kerugian) aktuarial terjadi. gain/(losses) occur. Accumulated actuarial gains and
Akumulasi keuntungan dan kerugian aktuarial dicatat di losses are recorded in retained earnings.
saldo laba.
Perusahaan dan entitas anaknya telah memiliki program The Company and its subsidiary have a defined
pensiun iuran pasti yang mana Perusahaan membayar contribution pension program where the Company pays
iuran ke dana pensiun lembaga keuangan yang dihitung contributions to a financial institution pension plan
berdasarkan persentase tertentu dari penghasilan tetap which is calculated at a certain percentage of fixed
yang diterima karyawan yang sudah memenuhi kriteria income of the employees who meet the Company’s
yang ditetapkan Perusahaan. Iuran dibebankan ke dalam criteria. The contributions are charged to the
laporan laba rugi dan penghasilan komprehensif lain statement of profit or loss and other comprehensive
pada saat terutang. income as they become payable.
v. Pengakuan Pendapatan dan Beban v. Revenue and Expenses Recognition
Pendapatan dari piutang pembiayaan (Catatan 2g Income from financing receivables (Notes 2g and 2h),
dan 2h), pendapatan bunga dan beban bunga diakui interest income and interest expense are recognized
sesuai dengan jangka waktu kontrak berdasarkan over the term of the contract based on the effective
metode suku bunga efektif. interest method.
356


(Continued)
v. Pengakuan Pendapatan dan Beban (Lanjutan) v. Revenue and Expenses Recognition Continued)
Pada saat menghitung suku bunga efektif, Perusahaan When calculating the effective interest rate, the
dan entitas anaknya mengestimasi arus kas di masa Company and its subsidiary estimate future cash flow
datang dengan mempertimbangkan seluruh persyaratan considering all contractual term of the financial
kontraktual dalam instrumen keuangan tersebut (seperti instrument (for example, prepayment options, call
pelunasan dipercepat, opsi beli (call option) dan opsi option and other similar options) but does not
serupa lainnya), tetapi tidak mempertimbangkan consider future credit losses.
kerugian kredit di masa datang.
Perhitungan suku bunga efektif mencakup seluruh biaya The calculation includes all fees, commissions and
yang dibayarkan atau diterima oleh para pihak dalam other fees paid or received between parties to the
kontrak yang merupakan bagian tak terpisahkan dari contract that are an integral part of the effective
suku bunga efektif, biaya transaksi dan seluruh premi interest rate, transaction costs and all other
atau diskon lainnya. premiums discounts.
Biaya transaksi merupakan biaya tambahan yang Transaction costs are additional charges that are
dapat diatribusikan secara langsung untuk perolehan, directly attributable to the acquisition, issuance or
penerbitan atau pelepasan aset keuangan atau liabilitas disposal of financial assets or financial liabilities.
keuangan.
Biaya tambahan merupakan biaya yang tidak akan Additional costs are costs that would not occur if the
terjadi apabila Perusahaan dan entitas anaknya tidak Company and its subsidiary do not obtain, publish or
memperoleh, menerbitkan atau melepaskan instrumen otherwise dispose of financial instruments.
keuangan.
Jika aset keuangan atau kelompok aset keuangan serupa Once a financial asset or a group of similar financial
telah diturunkan nilainya sebagai akibat kerugian assets has been written down as a result of an
penurunan nilai, maka pendapatan bunga yang diperoleh impairment loss, interest income is recognised using
setelahnya diakui berdasarkan suku bunga yang the rate of interest used to discount the future cash
digunakan untuk mendiskonto arus kas masa datang flows for the purpose of measuring the impairment
dalam menghitung kerugian penurunan nilai. loss.
Pendapatan pembiayaan Perusahaan disajikan neto The Company’s financing income is presented net
setelah dikurangi dengan bagian pendapatan milik bank of with financing income belongs to the bank in
atau pihak lain sehubungan dengan transaksi-transaksi relation with channeling transactions, joint financing
penerusan pinjaman, pembiayaan bersama, anjak cooperations, factoring, and the appointment as
piutang dan penunjukan selaku pengelola piutang. manager of accounts receivable.
Pendapatan selisih premi asuransi dan selisih atas beban Income from excess of insurance premiums and excess
komisi dan subsidi dealer, pendapatan administrasi, of commission expenses and subsidy to dealer,
denda keterlambatan dan pendapatan terminasi diakui administration income, late charges and termination
sebagai penyesuaian atas suku bunga efektif atas income are recognised as an adjustment to the
pinjaman yang diberikan dan piutang (Catatan 2e). effective interest rate of the loan and receivables
(Note 2e).
Pendapatan syariah terdiri dari pendapatan dan Sharia income consist of ijarah income and ijarah
transaksi piutang ijarah yang diakui dengan metode receivables on accrual basis over the period of ijarah
akrual selama masa akad ijarah dan IMBT. and IMBT contract.
Beban diakui pada saat terjadinya dengan menggunakan Expenses are recognized as incurred on an accrual
dasar akrual. basis.



(Continued)
w. Penurunan Nilai Aset Non-Keuangan w. Impairment of non-financial assets
Pengujian penurunan nilai suatu aset non-keuangan Impairment test on non-financial assets with
menggunakan masa manfaat ekonomi tidak terbatas indefinite useful economic life are undertaken
dilakukan setiap tahun pada akhir periode pelaporan annually at the financial year end. Other non-
keuangan. Aset non-keuangan lain duji penurunan nilai financial assets are subject to impairment test
ketika telah terjadi atau ada perubahan dalam keadaan whenever events or changes in circumstances indicate
yang mengindikasikan bahwa nilai tercatat tidak that their carrying amount may not be recoverable.
terpulihkan. Apabila nilai tercatat aset melebihi jumlah Where the carrying value of an asset exceedsits
terpulihkan (yaitu mana yang lebih tinggi antara nilai recoverable amount (i.e. the higher of value in use
pakai dan nilai wajar dikurangi untuk menjual), maka and fair value less costs to sell), the asset is written
aset tersebut diturunkan nilainya. down accordingly.
x. Transaksi dan Saldo dalam Mata Uang Asing x. Balances in Foreign Currency Transactions
Transaksi-transaksi dalam mata uang asing dijabarkan Transactions denominated in foreign currencies are
ke dalam Rupiah dengan menggunakan kurs yang translated into Rupiah at the exchange rates
berlaku pada tanggal transaksi. Pada tanggal pelaporan, prevailing at the date of the transaction. At the
aset dan liabilitas moneter dalam mata uang asing reporting date, monetary assets and liabilities
dijabarkan ke dalam Rupiah dengan menggunakan kurs denominated in foreign currencies are translated into
yang berlaku pada tanggal laporan posisi keuangan. Rupiah using the exchange rates prevailing at the
statement of financial position date.
Keuntungan dan kerugian selisih kurs yang timbul dari Exchange gains and losses arising from transactions in
transaksi dalam mata uang asing dan dari penjabaran foreign currencies and from the translation of foreign
aset dan liabilitas moneter dalam mata uang asing, currency monetary assets and liabilities are
diakui pada laporan laba rugi dan penghasilan recognized in the current year statement of profit or
komprehensif lain tahun berjalan. loss and other comprehensive income.
Kurs yang digunakan untuk penjabaran mata uang asing The exchange rates applied for translating the
pada tanggal 31 Desember 2022 dan 2021, berdasarkan foreign currency as of 31 December 2022 and 2021
kurs tengah yang diterbitkan Bank Indonesia, yaitu sebagai are based of the mid exchange rate published by Bank
berikut: Indonesia, are as follows:
31 Desember/ 31 Desember/
December 2022 December 2021
(nilai penuh)/ (nilai penuh)/
(full amount) (full amount)
1 Dollar Amerika Serikat (USD) 15.731 14.269 1 United States Dollars (USD)
Penjabaran mata uang asing dicatat sesuai dengan PSAK 10 Foreign currency translation is recorded in accordance
(revisi 2010) – Pengaruh Perubahan Nilai Tukar Valuta with SFAS 10 (revised 2010) – The Effects of Changes in
Asing. Foreign Exchange Rates.
y. Segmen Operasi y. Operating Segment
Segmen operasi adalah suatu komponen dari entitas: An operating segment is a component of entity which:
(1) yang terlibat dalam aktivitas bisnis yang mana (1) involves with business activities to generate
memperoleh pendapatan dan menimbulkan beban income and expenses (include income and
(termasuk pendapatan dan beban terkait dengan expenses relating to the transactions with other
transaksi dengan komponen lain dari entitas yang components with the same entity);
sama);
(2) hasil operasinya dikaji ulang secara regular oleh (2) operations result is observed regularly by chief
pengambil keputusan operasional untuk membuat decision maker to make decisions regarding the
keputusan tentang sumber daya yang dialokasikan allocation of resources and to evaluate the
pada segmen tersebut dan menilai kinerjanya; dan works; and
(3) tersedia informasi keuangan yang dapat dipisahkan. (3) separate financial information is available.
Hasil segmen yang dilaporkan kepada pengambil Segment results that are reported to the chief
keputusan operasional termasuk bagian yang dapat operating decision maker include items directly
diatribusikan secara langsung kepada segmen dan juga attributable to a segment as well as those that can
yang dapat dialokasikan dengan basis yang wajar. be allocated on a reasonable basis.
358


(Continued)
y. Segmen Operasi (Lanjutan) y. Operating Segment (Continued)
Perusahaan dan entitas anaknya mengelola kegiatan The Company and its subsidiary manage its business
usahanya dan mengidentifikasi segmen yang dilaporkan activities and identifies its segments reported based on
berdasarkan jenis produk dan wilayah geografis. product categories and geographic area.
Perusahaan dan entitas anaknya menentukan dan The Company and its subsidiary determine and present
menyajikan segmen operasi berdasarkan informasi yang operating segments based on the information that is
secara internal diberikan kepada pengambil keputusan internally provided to the chief operating decision
operasional. maker.
z. Saham Treasuri z. Treasury Stock
Jika entitas memperoleh kembali instrumen ekuitasnya, If the entity regain its equity instruments, then those
maka instrumen tersebut (saham treasuri) dikurangkan instruments (treasury shares) are deducted from
dari ekuitas. Keuntungan atau kerugian yang timbul dari equity. Gains or losses arising from the purchase, sale,
pembelian, penjualan, penerbitan, atau pembatalan issuance, or cancellation of the entity's equity
instrumen ekuitas entitas tersebut tidak diakui dalam instruments are not recognized in profit or loss.
laba rugi. Imbalan yang dibayarkan atau diterima diakui Compensation paid or received is recognized directly in
secara langsung di ekuitas. equity.
aa. Program Kompensasi Manajemen dan Karyawan aa. Management and Employees Stock Option Program
Berbasis Saham
Karyawan (termasuk eksekutif senior) Perusahaan Employees (including senior executives) of the
menerima remunerasi dalam bentuk pembayaran Company receive remuneration in the form of share-
berbasis saham, dimana karyawan memberikan jasa based payment transactions, whereby employees
sebagai pertimbangan untuk instrumen ekuitas (‘equity- render services as consideration for equity instruments
settled transactions’). Saat opsi di eksekusi, Perusahaan (‘equity-settled transactions’). When the options are
menerbitkan saham baru. Hasil neto dari eksekusi exercised, the Company issues new shares.
berupa biaya yang dapat diatribusikan secara langsung The proceeds received net of any directly attributable
dikreditkan ke modal saham (nilai nominal) dan premi transaction costs are credited to share capital
saham. (nominal value) and share premium.
Dalam situasi di mana instrumen ekuitas yang diterbitkan In situations where equity instruments are issued and
dan beberapa atau seluruh barang atau jasa yang some or all of the goods or services received by the
diterima oleh entitas sebagai pertimbangan tidak dapat entity as consideration cannot be specifically
diidentifikasi secara khusus, barang atau jasa yang identified, the unidentified goods or services received
diterima (atau yang akan diterima) yang tidak dapat (or to be received) are measured as the difference
diidentifikasi diukur sebagai selisih antara nilai wajar between the fair value of the share-based payment
pembayaran berbasis saham dan nilai wajar dari barang transaction and the fair value of any identifiable goods
atau jasa yang diterima yang teridentifikasi pada tanggal or services received at the grant date. This is then
pemberian hak. Hal ini kemudian dikapitalisasi atau capitalised or expensed as appropriate.
dibebankan secara tepat.
Beban program opsi karyawan berbasis saham dan beban Employee stock option program and management
program opsi manajemen diukur pada tanggal option program costs are measured at grant date
pemberian kompensasi (grant date) berdasarkan nilai based on the fair value of the stock option using
wajar dari seluruh opsi yang diberikan yang dihitung a black-scholes model.
dengan menggunakan metode black-scholes.
ab. Laba per Saham ab. Earnings per Share
Sesuai dengan PSAK 56 “Laba per saham”, laba per In accordance with SFAS 56 “Earning per share”,
saham dasar dihitung dengan cara membagi laba bersih earnings per share is calculated by dividing net profit
yang tersedia bagi pemegang saham dengan jumlah rata- available to shareholders by the weighted average
rata tertimbang saham biasa yang beredar pada tahun number of common shares outstanding during current
yang berjalan. year.
Laba per saham dilusian dihitung dengan cara membagi Dilluted earning per share is calculated by dividing net
laba bersih yang tersedia bagi pemegang saham dengan profit available to shareholders by the weighted
jumlah rata-rata tertimbang saham biasa yang telah average number of shares outstanding as adjusted for
disesuaikan dengan dampak dari semua efek berpotensi the effect of all dilutive potential ordinary shares.
saham biasa yang dilutif.



(Continued)
ab. Laba per Saham (Lanjutan) ab. Earnings per Share (Continued)
Jika jumlah saham yang beredar meningkat akibat dari If the outstanding number of shares increase as result
pemisahan saham (stock split), maka perhitungan laba of stock split, the computation of basic earnings per
per saham dasar untuk seluruh periode penyajian harus share for all presentation periods is adjusted
disesuaikan secara retrospektif. retrospectively.
Perusahaan dan entitas anaknya tidak mempunyai efek The Company and its subsidiary have no outstanding
berpotensi saham biasa yang bersifat dilutif pada dilutive potential dilutive ordinary shares as of
tanggal 31 Desember 2022 dan 2021, oleh karena itu 31 December 2022 and 2021, accordingly no diluted
laba per saham dilusian tidak dihitung dan disajikan earnings per share is calculated and presented in the
pada laporan laba rugi dan penghasilan komprehensif consolidated statements of profit or loss other
lain konsolidasian. comprehensive income.
ac. Dividen ac. Dividends
Pembagian dividen kepada para pemegang saham Dividend distributions to the Company’s shareholders is
Perusahaan diakui sebagai sebuah liabilitas dalam recognised as a liability in the financial statement in
laporan keuangan pada periode ketika dividen tersebut the period which the dividends are approved by the
disetujui oleh para pemegang saham Perusahaan. Company’s shareholders. Interim dividend distributions
Pembagian dividen interim diakui sebagai liabilitas are recognised as a liability when the dividends are
ketika dividen disetujui berdasarkan keputusan rapat approved based on a Board of Directors resolution in
Direksi sesuai dengan Anggaran Dasar Perusahaan. accordance with the Company’s Articles of Association.
ad. Provisi ad. Provisions
Provisi diakui ketika Perusahaan dan entitas anaknya Provisions are recognized when the Company and its
memiliki kewajiban legal maupun konstruktif sebagai subsidiary have a legal or constructive obligation as a
hasil peristiwa lalu, yaitu kemungkinan besar arus keluar result of past events, it is more likely than not that an
sumber daya ekonomi diperlukan untuk menyelesaikan outflow of resources will be required to settle the
kewajiban dan suatu estimasi terhadap jumlah dapat obligation and a reliable estimate of the amount can
dilakukan. be made.
Provisi ditelaah pada akhir tiap periode pelaporan dan Provisions are reviewed at the end of each reporting
disesuaikan untuk mencerminkan estimasi terbaik. period and adjusted to reflect the current best
Apabila tidak ada lagi kemungkinan arus keluar sumber estimate. If it is no longer probable that an outflow of
daya ekonomi diperlukan untuk menyelesaikan economic resources will be required to settle the
kewajiban, maka provisi tersebut dipulihkan. obligation, the provision is reversed.
Apabila dampak nilai waktu uang adalah material, maka If the effect of the time value of money is material,
provisi didiskontokan dengan menggunakan tarif sebelum provisions are discounted using a current pre - tax rate
pajak, jika lebih tepat, untuk mencerminkan risiko that reflects, where appropriate, the risk specific to
spesifik liabilitas. Ketika pendiskontoan digunakan, the liability. When discounting is used, the increase in
kenaikan provisi terkait dengan berlalunya waktu diakui the provision due to the passage of time is recognized
sebagai beban keuangan. as a finance cost.
ae. Kontinjensi ae. Contingencies
Liabilitas kontinjen tidak diakui di dalam laporan Contingent liabilities are not recognized in the
keuangan. Liabilitas kontinjensi diungkapkan di dalam financial statements. They are disclosed in the notes
catatan atas laporan keuangan kecuali kemungkinan arus to the financial statements unless the possibility of an
keluar sumber daya ekonomi adalah kecil. outflow of resources embodying economic benefits is
remote.
Aset kontinjen tidak diakui di dalam laporan keuangan, Contingent assets are not recognized in the financial
namun diungkapkan di dalam catatan atas laporan statements but are disclosed in the notes to the
keuangan jika terdapat kemungkinan suatu arus masuk financial statements when an inflow of economic
manfaat ekonomis. benefits is probable.
360


(Continued)
af. Peristiwa Setelah Periode Pelaporan af. Events After the Reporting Period
Peristiwa setelah periode pelaporan yang menyajikan Events after the reporting period that provide
bukti dari kondisi yang terjadi pada akhir periode evidence of conditions that existed at the end of the
pelaporan (peristiwa penyesuaian) yang dicerminkan di reporting period (adjusting events) are reflected in the
dalam laporan keuangan. Peristiwa setelah periode financial statements. Events after the reporting period
pelaporan yang bukan merupakan peristiwa penyesuaian, that are not adjusting events are disclosed in the notes
diungkapkan di dalam catatan laporan keuangan bila to the financial statements when material.
material.
3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN 3. USE OF ESTIMATES AND JUDGEMENTS

Pertimbangan Akuntansi yang Penting, Estimasi dan Significant Accounting Judgements, Estimates and
Asumsi Assumptions
Penyusunan laporan keuangan sesuai dengan Standar The preparation of the Company’s financial statements, in
Akuntansi Keuangan di Indonesia, mengharuskan manajemen conformity with Indonesian Financial Accounting Standards
membuat pertimbangan, estimasi dan asumsi yang requires management to make judgements, estimates and
mempengaruhi aset, liabilitas, komitmen dan kontinjensi assumptions that affect the reported amounts of assets,
yang dilaporkan. Karena adanya unsur ketidakpastian liabilities, commitments and contingent liabilities which
melekat dalam melakukan estimasi sehingga dapat are reported. Due to inherent uncertainty in the estimates
menyebabkan jumlah sesungguhnya yang dilaporkan pada thus can lead to actual results reported in future periods
periode yang akan datang berbeda dengan jumlah yang differ from those estimates.
diestimasikan.
I. Penggunaan Pertimbangan I. Use of Judgements
Pertimbangan berikut ini dibuat oleh manajemen dalam The following judgements are made by management in
rangka penerapan kebijakan akuntansi Perusahaan yang the process of applying the Company’s accounting
memiliki pengaruh paling signifikan atas jumlah yang policies that have the most significant effects on the
diakui dalam laporan keuangan: amounts recognized in the financial statements:
(i) Klasifikasi aset dan liabilitas keuangan (i) Classification of financial assets and financial
liabilities
Perusahaan dan entitas anaknya menetapkan The Company and its subsidiary determine the
kategori atas aset dan liabilitas tertentu sebagai category of certain assets and liabilities as
aset keuangan dan liabilitas keuangan dengan financial assets and financial liabilities by judging
mempertimbangkan definisi yang ditetapkan if they meet the definition set forth in SFAS 71.
PSAK 71 dipenuhi. Dengan demikian, aset keuangan Accordingly, the financial assets and financial
dan liabilitas keuangan diakui sesuai dengan liabilities are accounted for in accordance with
kebijakan akuntansi Perusahaan seperti the Company’s accounting policies as disclosed in
diungkapkan pada Catatan 2e. Note 2e.
(ii) Cadangan atas kerugian penurunan nilai aset (ii) Allowance for impairment of financial assets
keuangan
Perusahaan dan entitas anaknya mengevaluasi The Company and its subsidiary evaluate specific
akun tertentu yang diketahui bahwa para accounts where it has information that certain
pelanggannya tidak dapat memenuhi liabilitas customers are unable to meet their financial
keuangannya. Dalam hal tersebut, Perusahaan obligations. In these cases, the Company uses
mempertimbangkan, berdasarkan fakta dan situasi judgement, based on available facts and
yang tersedia, termasuk namun tidak terbatas circumstances, including but not limited to, the
pada jangka waktu, hubungan dengan pelanggan length of its relationship with the customer and
dan status piutang dari pelanggan berdasarkan the customer’s current receivables status based
catatan piutang pihak ketiga yang tersedia dan on any available third party receivables reports
faktor pasar yang telah diketahui, untuk mencatat and known market factors, to record specific
cadangan spesifik atas pelanggan terhadap jumlah allowance for customers against amounts due to
terutang guna mengurangi jumlah piutang yang reduce its receivable amounts that the Company
diharapkan dapat diterima oleh Perusahaan dan and its subsidiary expected to collect.
entitas anaknya.


3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN (Lanjutan) 3. USE OF ESTIMATES AND JUDGEMENTS (Continued)
Asumsi (Lanjutan) Assumptions (Continued)
I. Penggunaan Pertimbangan (Lanjutan) I. Use of Judgements (Continued)
Pertimbangan berikut ini dibuat oleh manajemen dalam The following judgements are made by management
rangka penerapan kebijakan akuntansi Perusahaan yang in the process of applying the Company’s accounting
memiliki pengaruh paling signifikan atas jumlah yang policies that have the most significant effects on the
diakui dalam laporan keuangan: (Lanjutan) amounts recognized in the financial statements:
(Continued)
(ii) Cadangan atas kerugian penurunan nilai aset (ii) Allowance for impairment of financial assets
keuangan (Lanjutan) (Continued)
Cadangan spesifik ini dievaluasi kembali dan These specific allowances are re-evaluated and
disesuaikan jika tambahan informasi yang diterima adjusted as additional information received
mempengaruhi jumlah cadangan kerugian affects the amounts of allowance for impairment
penurunan nilai piutang pembiayaan. Nilai tercatat of financing receivables. The carrying amount
dari piutang pembiayaan sebelum cadangan of the Company’s financing receivables
kerugian penurunan nilai pada tanggal before allowance for impairment losses as of
31 Desember 2022 dan 2021 masing-masing sebesar 31 December 2022 and 2021 were amounted to
Rp 20.387.689 dan Rp 14.518.221. Penjelasan lebih Rp 20,387,689 and Rp 14,518,221, respectively.
rinci diungkapkan dalam Catatan 5. Further details are shown in Note 5.
II. Estimasi dan Asumsi II. Estimates and Assumptions
Asumsi utama masa depan dan sumber utama estimasi The key assumptions concerning the future and
ketidakpastian lain pada akhir periode pelaporan yang other key sources of estimation uncertainty at
memiliki risiko signifikan bagi penyesuaian yang material the reporting date that have a significant risk of
terhadap nilai tercatat aset dan liabilitas untuk causing a material adjustment to the carrying amounts
tahun/periode berikutnya, diungkapkan dibawah ini. of assets and liabilities within the next financial
Perusahaan mendasarkan asumsi dan estimasi pada year/period are disclosed below. The Company based
parameter yang tersedia pada saat laporan keuangan its assumptions and estimates on parameters
disusun. Asumsi dan situasi mengenai perkembangan available when the financial statements were
masa depan, mungkin berubah akibat perubahan pasar prepared. Existing assumptions and circumstances
atau situasi diluar kendali Perusahaan dan entitas about future developments may change due to market
anaknya. Perubahan tersebut dicerminkan dalam asumsi changes or circumstances arising beyond the control of
terkait pada saat terjadinya. the Company and its subsidiary. Such changes
reflected in the assumptions as they occur.
(i) Nilai wajar atas instrumen keuangan (i) Fair value of financial instruments
Nilai wajar instrumen keuangan yang secara aktif The fair value of financial instruments that
diperdagangkan di pasar keuangan ditentukan are actively traded in organized financial
dengan mengacu pada kuotasi harga pasar yang markets is determined by reference to quoted
berlaku pada penutupan pasar pada akhir tahun market bid prices at the close of business at the
pelaporan. Untuk instrumen keuangan yang tidak end of the reporting year. For financial
diperdagangkan di pasar aktif, nilai wajar instruments where there is no active market, fair
ditentukan dengan menggunakan teknik penilaian. value is determined using valuation techniques.
Teknik penilaian tersebut meliputi penggunaan Such techniques may include using recent arm’s
transaksi pasar terkini yang dilakukan secara wajar length market transaction, reference to the
(arm’s length market transactions), referensi atas current fair value of another instrument that is
nilai wajar terkini dari instrumen lain yang secara substantially the same, discounted cash flow
substantial sama, analisis arus kas yang didiskonto, analysis, or other valuation models. Further
atau model penilaian lainnya. Penjelasan lebih rinci details are shown in Note 36.
diungkapkan dalam Catatan 36.
362

II. Estimasi dan Asumsi (Lanjutan) II. Estimates and Assumptions (Continued)
(ii) Cadangan kerugian penurunan nilai aset (ii) Allowance for impairment losses of financial
keuangan assets
Perusahaan dan entitas anaknya telah menelaah The Company and its subsidiary have reviewed
pinjaman yang diberikan dan piutang pada setiap loans and receivables at each statements of
tanggal laporan posisi keuangan untuk menilai financial positions date to assess whether
apakah penurunan nilai harus diakui dalam laporan impairment should be recognized in the profit or
laba rugi. Secara khusus, justifikasi oleh loss or not. In particular, justification by
manajemen diperlukan dalam estimasi jumlah dan management is required to estimate the amount
waktu arus kas di masa mendatang ketika and timing of future cash flows when determining
menentukan penurunan nilai. Dalam estimasi arus impairment. In the estimation of cash flows, the
kas ini, Perusahaan membuat justifikasi tentang Company makes the justification of the financial
situasi keuangan debitur dan nilai realisasi neto condition of debtors and net realizable value of
agunan. Estimasi-estimasi ini didasarkan pada collateral. These estimates are based on
asumsi-asumsi tentang sejumlah faktor dan hasil assumptions about a number of factors and actual
aktual mungkin berbeda, yang tercermin dalam results may differ, as reflected in changes in
perubahan cadangan perubahan kerugian reserves of changes in these impairment losses in
penurunan nilai tersebut di masa mendatang. the future.
Evaluasi cadangan kerugian penurunan nilai secara Allowance for impairment losses that collectively
kolektif mencakup kerugian kredit yang melekat assessed includes inherent credit losses in
pada portofolio piutang pembiayaan dengan financing receivables portfolios with similar credit
karakteristik risiko kredit yang sejenis ketika risk characteristics when objective evidence
terdapat bukti objektif bahwa telah terjadi of impairment exist for those portfolios. In
penurunan nilai piutang dalam portofolio tersebut. assessing the need for collective allowances for
Dalam menentukan perlunya untuk membentuk impairment losses, management considers factors
cadangan kerugian penurunan nilai secara kolektif, such as credit quality, portfolio size, credit
manajemen mempertimbangkan faktor-faktor concentrations and economic factors. In order to
seperti kualitas kredit, besarnya portofolio, estimate the required allowance, assumptions are
konsentrasi kredit dan faktor-faktor ekonomi. made to define the way inherent losses are
Dalam mengestimasi cadangan yang dibutuhkan, modeled and to determine the required input
asumsi-asumsi dibuat untuk menentukan model parameters, based on historical experience and
kerugian bawaan dan untuk menentukan parameter current economic conditions. The accuracy of the
input yang diperlukan, berdasarkan pengalaman allowances depends on the model assumptions and
historis dan keadaan ekonomi saat ini. Ketepatan parameters used in determining collective
dari cadangan ini bergantung pada asumsi model allowances. Further details are shown in Note 5.
dan parameter yang digunakan dalam penentuan
cadangan kolektif. Penjelasan lebih rinci
diungkapkan dalam Catatan 5.
(iii) Estimasi umur manfaat aset tetap dan aset (iii) Useful life estimate for fixed assets and
takberwujud intangible assets
Perusahaan dan entitas anaknya melakukan The Company and its subsidiary review
penelahaan berkala atas masa manfaat ekonomis periodically the estimated useful life of fixed
aset tetap berdasarkan faktor-faktor seperti kondisi assets based on factors such as technical
teknis dan perkembangan teknologi di masa depan. specification and future technological
Hasil operasi di masa depan akan dipengaruhi developments. Future results of operations could
secara material atas perubahan estimasi ini yang be materially affected by changes in these
diakibatkan oleh perubahan faktor yang telah estimates brought about by changes in the factors
disebutkan di atas. Lihat Catatan 10 untuk jumlah mentioned. See Note 10 for the carrying amount
tercatat aset tetap. of fixed assets.
(iv) Imbalan pasca-kerja (iv) Post-employment benefits

Nilai kini liabilitas imbalan pasca-kerja tergantung The present value of the post-employment
pada beberapa faktor yang ditentukan dengan benefits obligations depends on a number of
dasar aktuarial berdasarkan beberapa asumsi. factors that are determined on an actuarial basis
Asumsi yang digunakan untuk menentukan biaya using a number of assumptions. The assumptions
(penghasilan) pensiun neto mencakup tingkat used in determining the net cost (income) for
diskonto. Perubahan asumsi ini akan mempengaruhi pensions include the discount rate. Any changes in
jumlah tercatat liabilitas imbalan pasca-kerja. these assumptions will impact the carrying
amount of post-employment benefits obligations.


II. Estimasi dan Asumsi (Lanjutan) II. Estimates and Assumptions (Continued)
(iv) Imbalan pasca-kerja (Lanjutan) (iv) Post-employment benefits (Continued)
Perusahaan dan entitas anaknya menentukan The Company and its subsidiary determine the
tingkat diskonto yang sesuai pada akhir periode appropriate discount rate at the end of each
pelaporan, yakni tingkat suku bunga yang harus reporting period. This is the interest rate that
digunakan untuk menentukan nilai kini arus kas should be used to determine the present value of
keluar masa depan estimasian yang diharapkan estimated future cash outflows expected to be
untuk menyelesaikan kewajiban. required to settle the obligations.
Dalam menentukan tingkat suku bunga yang sesuai, In determining the appropriate discount rate, the
Perusahaan mempertimbangkan tingkat suku bunga Company considers the interest rates of
obligasi pemerintah yang didenominasikan dalam government bonds that are denominated in the
mata uang imbalan akan dibayar dan memiliki currency in which the benefits will be paid and
jangka waktu yang serupa dengan jangka waktu that have terms to maturity approximating the
liabilitas yang terkait. terms of the related post-employment benefit
obligation.
Asumsi kunci liabilitas imbalan pasca-kerja lainnya Other key assumptions for post-employment
sebagian ditentukan berdasarkan kondisi pasar saat benefit obligations are based in part on current
ini. Penjelasan lebih rinci diungkapkan dalam market conditions. Further details are shown in
Catatan 17. Note 17.
(v) Program kompensasi manajemen dan karyawan (v) Management and employees stock option
berbasis saham program
Perusahaan dan entitas anaknya mengukur biaya The Company and its subsidiary measure the cost
equity-settled transactions karyawan dengan of equity-settled transactions with employees by
mengacu pada nilai wajar instrumen ekuitas pada reference to the fair value of the equity
tanggal diberikan. Estimasi nilai wajar untuk instruments at the date at which they are
pembayaran berbasis saham untuk menentukan granted. Estimating fair value for share-based
model penilaian yang paling sesuai, tergantung payment transactions requires determining the
pada persyaratan dan kondisi pemberian. most appropriate valuation model, which is
Estimasi ini juga mengharuskan menentukan dependent on the terms and conditions of the
input yang paling tepat untuk valuasi model grant. This estimate also requires determining the
termasuk masa manfaat yang diharapkan dari most appropriate inputs to the valuation model
opsi saham, volatilitas dan dividend yield dan including the expected life of the share option,
membuat asumsi yang digunakan. volatility and dividend yield and making
assumptions about them.
(vi) Pajak penghasilan (vi) Income tax
Pertimbangan signifikan dilakukan dalam Significant judgement is involved in determining
menentukan provisi atas pajak penghasilan provision for corporate income tax. There are
badan. Terdapat transaksi dan perhitungan certain transaction and computation for which the
tertentu yang penentuan pajak akhirnya adalah ultimate tax determination is uncertain during
tidak pasti sepanjang kegiatan usaha normal. the ordinary course of business. The Company and
Perusahaan dan entitas anaknya mengakui liabilitas its subsidiary recognize liabilities for expected
atas pajak penghasilan badan berdasarkan estimasi corporate income tax issues based on estimates of
apakah terdapat tambahan pajak penghasilan whether additional corporate income tax will be
badan. Penjelasan lebih rinci diungkapkan dalam due. Further details are shown in Note 14b.
Catatan 14b.
(vii) Aset pajak tangguhan (vii) Deferred tax assets
Aset pajak tangguhan diakui atas seluruh Deferred tax assets are recognized for all
perbedaan temporer yang dapat dikurangkan, deductible temporary differences, to the extent
sepanjang besar kemungkinannya bahwa that it is probable that taxable profit will be
penghasilan kena pajak akan tersedia sehingga available against which the deductible temporary
perbedaan temporer tersebut dapat digunakan. differences. Significant management estimates
Estimasi signifikan oleh manajemen disyaratkan are required to determine the amount of
dalam menentukan jumlah aset pajak tangguhan deferred tax assets that can be recognized, based
yang dapat diakui, berdasarkan saat penggunaan upon the likely timing and the level of the future
dan tingkat penghasilan kena pajak serta strategi taxable profits together with future tax planning
perencanaan pajak masa depan. Penjelasan lebih strategies. Further details are shown in Note 14c.
rinci diungkapkan dalam Catatan 14c.
364

4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS
Kas dan setara kas terdiri dari: Cash and cash equivalents consist of the followings:
2022 2021
Kas - Rupiah 11.495 8.027 Cash on hand - Rupiah

Bank – Rupiah Cash in banks - Rupiah
PT Bank Mandiri (Persero) Tbk 259.182 16.351 PT Bank Mandiri (Persero) Tbk
PT Bank Victoria International Tbk 149.565 - PT Bank Victoria International Tbk
PT Bank Rakyat Indonesia (Persero) Tbk 128.083 30.419 PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank Jabar Banten Syariah 102.930 47.665 PT Bank Jabar Banten Syariah
PT Bank Tabungan Negara (UU Syariah) 60.115 30.000 PT Bank Tabungan Negara (UU Syariah)
PT Bank Central Asia Tbk 37.836 19.039 PT Bank Central Asia Tbk
PT Bank Tabungan Negara (Persero) Tbk 31.248 50.023 PT Bank Tabungan Negara (Persero) Tbk
Standard Chartered Bank, Cabang Jakarta 7.280 4.984 Standard Chartered Bank, Jakarta Branch
PT Bank CIMB Niaga Tbk 4.928 1.102 PT Bank CIMB Niaga Tbk
PT Bank Negara Indonesia (Persero) Tbk 4.658 2.985 PT Bank Negara Indonesia (Persero) Tbk
PT Bank Syariah Indonesia Tbk 4.437 2.136 PT Bank Syariah Indonesia Tbk
PT Bank Permata Tbk 1.687 1.678 PT Bank Permata Tbk
Lain-lain (saldo di bawah Rp 1.000) 288 207 Others (balance below Rp 1,000)
Jumlah bank 792.237 206.589 Total cash in banks
Jumlah kas dan bank 803.732 214.616 Total cash on hand and in banks
Deposito berjangka - Rupiah Time deposits - Rupiah
PT Bank KB Bukopin Syariah 150.000 382.552 PT Bank KB Bukopin Syariah
PT Bank Jabar Banten Syariah 50.000 - PT Bank Jabar Banten Syariah
PT Bank Sahabat Sampoerna 50.000 - PT Bank Sahabat Sampoerna
PT Bank Jago Tbk 7.500 5.038 PT Bank Jago Tbk
PT Bank BTPN Syariah Tbk 7.500 2.024 PT Bank BTPN Syariah Tbk
PT Bank Mandiri Taspen 4.182 6.075 PT Bank Mandiri Taspen
PT Bank Rakyat Indonesia (Persero) Tbk 341 52.835 PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank Victoria International Tbk - 250.000 PT Bank Victoria International Tbk
PT Bank KB Bukopin Tbk - 55.872 PT Bank KB Bukopin Tbk
PT Bank Pan Indonesia Tbk - 170 PT Bank Pan Indonesia Tbk
Jumlah deposito berjangka 269.523 754.566 Total time deposits
Jumlah kas dan setara kas 1.073.255 969.182 Total cash and cash equivalents
Kisaran suku bunga kontraktual dari deposito berjangka The range of the contractual interest rates from the above
diatas adalah sebagai berikut: time deposits is as follows:
2022 2021
Tingkat bunga deposito Time deposit interest rate
berjangka per tahun per annum
Rupiah 5,00% - 7,00% 4,50% - 7,50% Rupiah
Tidak terdapat saldo kas dan setara kas yang dibatasi There is no restricted cash and cash equivalents as of
penggunaannya pada tanggal 31 Desember 2022 dan 2021. 31 December 2022 and 2021.


5. PIUTANG PEMBIAYAAN 5. FINANCING RECEIVABLES
2022 2021
Piutang pembiayaan konvensional 25.432.460 17.919.943 Conventional financing receivables

Piutang pembiayaan murabahah 510.314 206.530 Murabahah financing receivables
Jumlah piutang pembiayaan - bruto 25.942.774 18.126.473 Total financing receivables - gross
Rincian piutang pembiayaan adalah sebagai berikut: The details of financing receivables are as follows:
2022 2021
Piutang pembiayaan – bruto 25.942.774 18.126.473 Financing receivables – gross

Pendapatan pembiayaan yang
belum diakui (5.389.631) (3.458.292) Unearned financing income
Biaya transaksi yang belum diamortisasi (63.335) (105.170) Unamortized transaction costs
20.489.808 14.563.011
Pembiayaan bersama dan penerusan Joint financing and
pinjaman – neto (102.119) (44.790) channeling – net
20.387.689 14.518.221
Dikurangi : cadangan kerugian Less : allowance for
penurunan nilai (833.435) (842.031) impairment losses
Jumlah piutang pembiayaan - neto 19.554.254 13.676.190 Total financing receivables - net
Angsuran piutang pembiayaan – bruto, yang akan diterima The installments of financing receivables - gross, which will
dari konsumen sesuai dengan tanggal jatuh temponya be collected from consumers in accordance with the due
adalah sebagai berikut: dates are as follows:
2022 2021
<= 1 tahun 13.616.597 10.385.015 <= 1 year

1 – 2 tahun 7.594.289 5.029.960 1 – 2 years
> 2 tahun 4.731.888 2.711.498 > 2 years
Jumlah 25.942.774 18.126.473 Total
Pengelompokan piutang pembiayaan - bruto menurut jumlah The classification of financing receivables - gross based on
hari tunggakan adalah sebagai berikut: days overdue are as follows:
31 Desember/December 2022 2021
2022 2021 % %
Belum jatuh tempo 22.083.727 15.335.638 85,13 84,60 Current

Lewat jatuh tempo: Past due:
1-30 hari 3.240.739 2.211.188 12,49 12,20 1-30 days
31-90 hari 413.108 397.843 1,59 2,20 31-90 days
91-120 hari 67.146 59.873 0,26 0,33 91-120 days
121-180 hari 86.287 72.798 0,33 0,40 121-180 days
> 180 hari 51.767 49.133 0,20 0,27 > 180 days
Jumlah 25.942.774 18.126.473 100,00 100,00 Total
366

5. PIUTANG PEMBIAYAAN (Lanjutan) 5. FINANCING RECEIVABLES (Continued)

Tabel berikut menunjukkan perubahan nilai tercatat piutang The following tables show movement of carrying amount
pembiayaan selama periode berjalan: of receivables during the period:
31 Desember/December 2022
Tahap 1/ Tahap 2/ Tahap 3/ Jumlah/
Stage 1 Stage 2 Stage 3 Total
Saldo awal 14.034.387 346.818 181.806 14.563.011 Begining balance
Pergerakan antar tahap : Interstage movement:

- Pindah ke tahap 1 38.616 (35.899) (2.717) - Transfer to stage 1 -
- Pindah ke tahap 2 (241.647) 244.462 (2.815) - Transfer to stage 2 -
- Pindah ke tahap 3 (139.920) (27.280) 167.200 - Transfer to stage 3 -
Aset keuangan yang telah Financial assets that have
dilunasi, perubahan pada been repaid, changes in
biaya transaksi dan piutang transaction cost and
bunga pembiayaan (9.548.799) (370.517) 137.209 (9.782.107) accrued interest
Aset keuangan yang baru New financial assets
diperoleh 15.795.248 189.139 100.348 16.084.735 originated
Penghapusan - - (375.831) (375.831) Written-off
Saldo akhir 19.937.885 346.723 205.200 20.489.808 Ending balance
Saldo awal 13.115.220 569.003 237.627 13.921.850 Begining balance

Aset keuangan yang telah Financial assets that have
dilunasi, perubahan pada been repaid, changes in
biaya transaksi dan piutang transaction cost and
bunga pembiayaan (8.854.821) (597.471) 286.090 (9.166.202) accrued interest
diperoleh 10.223.579 105.360 54.656 10.383.595 originated
Saldo akhir 14.034.387 346.818 181.806 14.563.011 Ending balance
Tabel berikut menunjukkan perubahan cadangan kerugian The following tables show movement of the allowance for
penurunan nilai piutang pembiayaan selama periode berjalan: impairment losses of financing receivables during the
period:
Saldo awal 569.178 124.934 147.919 842.031 Begining balance

Aset keuangan yang telah dilunasi Financial assets that have been
dan pengukuran kembali repaid and remeasurement
penurunan nilai – neto (341.147) (73.716) 279.520 (135.343) of loss impairment
diperoleh 416.499 29.168 56.911 502.578 originated
Saldo akhir 623.311 82.102 128.022 833.435 Ending balance


Tabel berikut menunjukkan perubahan cadangan kerugian The following tables show movement of the allowance for
penurunan nilai piutang pembiayaan selama periode berjalan: impairment losses of financing receivables during the
(Lanjutan) period: (Continued)
Saldo awal 609.116 182.976 194.313 986.405 Begining balance

Aset keuangan yang telah dilunasi Financial assets that have been
dan pengukuran kembali repaid and remeasurement
penurunan nilai - neto (264.321) (88.406) 477.094 124.367 of loss impairment
diperoleh 251.270 20.758 35.463 307.491 originated
Saldo akhir 569.178 124.934 147.919 842.031 Ending balance
Mutasi cadangan kerugian penurunan nilai piutang The movements in the allowance for impairment losses of
pembiayaan berdasarkan penilaian secara individual dan financing receivables based on individual and collective
kolektif adalah sebagai berikut: assessments are as follows:
Individual/ Kolektif/ Jumlah/
Individual Collective Total
Saldo awal 423.649 418.382 842.031 Beginning balance

Penambahan (pemulihan) cadangan Additions (recovery) to allowance
selama tahun berjalan – neto (162.401) 529.636 367.235 during the year – net
Penghapusan (102.220) (273.611) (375.831) Written-off
Saldo akhir 159.028 674.407 833.435 Ending balance
Saldo awal - 986.405 986.405 Beginning balance

Penambahan (pemulihan) cadangan Additions (recovery) to allowance
selama tahun berjalan – neto 798.848 (366.990 ) 431.858 during the year – net
Penghapusan (375.199) (201.033) (576.232) Written-off
Saldo akhir 423.649 418.382 842.031 Ending balance
368

a. Piutang pembiayaan berdasarkan tujuan pembiayaan a. Financing receivables based on purpose of financing
Syariah/
Konvensional/Conventional Sharia
Modal
Kerja/ Multiguna/
Investasi/ Working Multi- Jumlah/ Jumlah/
Investment Capital purpose Total Murabahah Total
Piutang pembiayaan Financing receivables

- bruto 4.140.081 15.729.183 5.563.196 25.432.460 510.314 25.942.774 - gross
Pendapatan
pembiayaan Unearned financing
yang belum diakui (672.153) (3.360.801) (1.219.275) (5.252.229) (137.402) (5.389.631) income
Biaya transaksi yang Unamortized
belum diamortisasi (22.876) (57.579) 7.006 (73.449) 10.114 (63.335) transaction cost
3.445.052 12.310.803 4.350.927 20.106.782 383.026 20.489.808
Pembiayaan bersama Joint financing
dan penerusan and channeling -
pinjaman - neto (109) (79.711 ) (22.299) (102.119) - (102.119) net
3.444.943 12.231.092 4.328.628 20.004.663 383.026 20.387.689
Cadangan kerugian Allowance for
penurunan nilai (147.441) (472.990) (204.505) (824.936) (8.499) (833.435) impairment losses
Jumlah piutang
pembiayaan - Total financing
neto 3.297.502 11.758.102 4.124.123 19.179.727 374.527 19.554.254 receivables - net
Syariah/
Konvensional/Conventional Sharia
Modal
Kerja/ Multiguna/
Investasi/ Working Multi- Jumlah/ Jumlah/
Investment Capital purpose Total Murabahah Total
Piutang pembiayaan Financing receivables

- bruto 2.774.586 11.364.222 3.781.135 17.919.943 206.530 18.126.473 - gross
Pendapatan
pembiayaan Unearned financing
yang belum diakui (382.943) (2.287.889) (732.448) (3.403.280) (55.012) (3.458.292) income
belum diamortisasi (13.641) (101.450) 9.189 (105.902) 732 (105.170) transaction cost
2.378.002 8.974.883 3.057.876 14.410.761 152.250 14.563.011
Pembiayaan bersama Joint financing
dan penerusan and channeling -
pinjaman - neto (6.579) - (38.211) (44.790) - (44.790) net
2.371.423 8.974.883 3.019.665 14.365.971 152.250 14.518.221
penurunan nilai (210.488) (422.968) (205.580) (839.036) (2.995) (842.031) impairment losses
Jumlah piutang
pembiayaan - Total financing
neto 2.160.935 8.551.915 2.814.085 13.526.935 149.255 13.676.190 receivables - net


a. Piutang pembiayaan berdasarkan tujuan pembiayaan a. Financing receivables based on purpose of financing
Pembiayaan investasi diberikan untuk pembiayaan Investment financing were extended to finance
barang modal beserta jasa yang diperlukan untuk capital goods and services needed for
aktivitas usaha/investasi. business/investment activities.
Pembiayaan modal kerja diberikan untuk memenuhi Working capital financing were extended for working
kebutuhan pengeluaran yang habis dalam satu siklus capital needs which fully utilized within one cycle of
aktivitas usaha. business activities.
Kegiatan pembiayaan investasi dan modal kerja Investment and working capital financing activities
ditujukan untuk debitur yang : were intended to borrowers which :
a. memiliki usaha produktif; dan/atau a. have productive businesses; and/or
b. memiliki ide untuk pengembangan usaha produktif. b. have ideas to develop the productive businesses.
Pembiayaan multiguna diberikan untuk pembiayaan Multipurpose financing were extended for financing of
barang dan/atau jasa untuk pemakaian/konsumsi dan goods/services for consumption and non-business
bukan untuk keperluan usaha atau aktivitas produktif. related or productive activities.
b. Piutang pembiayaan berdasarkan jenis pengikatan b. Financing receivables based on type of contract
Pembiayaan Pembiayaan
Sewa konsumen/ Murabahah/
pembiayaan/ Consumer Murabahah Jumlah/
Finance lease financing financing Total
Piutang pembiayaan - Financing receivables -
bruto 17.445.172 7.987.288 510.314 25.942.774 gross
Pendapatan pembiayaan Unearned financing
yang belum diakui (3.540.554) (1.711.675) (137.402) (5.389.631) income
belum diamortisasi (80.460) 7.011 10.114 (63.335) transaction cost
13.824.158 6.282.624 383.026 20.489.808
Pembiayaan bersama
dan penerusan Joint financing
pinjaman - neto (77.612 ) (24.507) - (102.119) and channeling - net
13.746.546 6.258.117 383.026 20.387.689
penurunan nilai (548.780) (276.156) (8.499) (833.435) impairment losses
Jumlah piutang Total financing
pembiayaan - neto 13.197.766 5.981.961 374.527 19.554.254 receivables – net
370


b. Piutang pembiayaan berdasarkan jenis pengikatan b. Financing receivables based on type of contract
Pembiayaan Pembiayaan
Sewa konsumen/ Murabahah/
pembiayaan/ Consumer Murabahah Jumlah/
Finance lease financing financing Total
Piutang pembiayaan - Financing receivables -
bruto 12.735.187 5.184.756 206.530 18.126.473 gross
Pendapatan pembiayaan Unearned financing
yang belum diakui (2.418.216) (985.064) (55.012) (3.458.292) income
belum diamortisasi (112.489) 6.587 732 (105.170) transaction cost
10.204.482 4.206.279 152.250 14.563.011
Pembiayaan bersama
dan penerusan Joint financing
pinjaman - neto - (44.790) - (44.790) and channeling - net
10.204.482 4.161.489 152.250 14.518.221
penurunan nilai (552.532) (286.504) (2.995) (842.031) impairment losses
Jumlah piutang Total financing
pembiayaan - neto 9.651.950 3.874.985 149.255 13.676.190 receivables – net
Informasi pokok lainnya sehubungan dengan piutang Other significant information relating to financing
pembiayaan adalah sebagai berikut: receivables is as follows:
Persentase cadangan kerugian penurunan nilai terhadap Percentage of the allowance for impairment losses
jumlah piutang pembiayaan sebesar 4,09% dan 5,80% masing- to financing receivables was 4.09% and 5.80% as of
masing pada tanggal 31 Desember 2022 dan 2021. 31 December 2022 and 2021, respectively.
Manajemen berkeyakinan bahwa cadangan kerugian The management believes that the allowance for
penurunan nilai yang dibentuk memadai untuk menutup impairment losses was sufficient to cover possible losses
kerugian yang mungkin timbul akibat tidak tertagihnya arising from uncollectible financing receivables.
piutang pembiayaan tersebut.
Seluruh transaksi pembiayaan dilakukan dengan pihak ketiga. All of the Company’s financing transactions are entered
into with third parties.
Jangka waktu kontrak pembiayaan yang disalurkan oleh The period of financing installment contract for vehicle
Perusahaan atas kendaraan bermotor dan alat-alat berat and heavy equipment cranged from 6–60 months, and for
berkisar antara 6–60 bulan, serta perumahan (KPR) berkisar housing ranges between 12-84 months.
12-84 bulan.
Rincian bunga kontraktual per tahun untuk piutang The detail of contractual interest rates per annum on
pembiayaan adalah sebagai berikut: financing receivables are as follows:
2022 2021
% %
Mobil 16 - 21 15 - 21 Cars
Sepeda motor 36 - 40 34 - 39 Motorcycles
Properti 18 - 20 18 - 20 Property
Alat berat dan mesin 14 - 16 14 - 17 Heavy equipment and machinery
Channeling 18 - 30 30 - 41 Channeling
Syariah 19 - 26 19 - 26 Sharia



Sebagai jaminan atas piutang pembiayaan yang diberikan, As the collateral to the financing receivables, the Company
Perusahaan menerima jaminan dari konsumen berupa Buku receives the Book of Vehicle Ownership (BPKB), Proprietary
Pemilik Kendaraan Bermotor (BPKB), Sertifikat Hak Milik Certificate (SHM) and Property Use Right Certificate (SHGB)
(SHM) dan Sertifikat Hak Guna Bangunan (SHGB) atas of the vehicles and property (building) financed by the
kendaraan bermotor dan properti (bangunan) yang dibiayai Company and purchase invoices of the motor vehicles/heavy
Perusahaan dan faktur atas kendaraan bermotor/alat equipment/collateral asset financed by the Company.
berat/obyek jaminan yang dibiayai oleh Perusahaan.
Piutang pembiayaan pada tanggal 31 Desember 2022 dan Financing receivable as of 31 December 2022 and 2021
2021 masing-masing sebesar Rp 8.902.225 dan Rp 4.368.084 amounting to Rp 8,902,225 and Rp 4,368,084 were used as
digunakan sebagai jaminan atas pinjaman yang diterima collateral to borrowings (Note 13) and amounting to
(Catatan 13) dan sebesar Rp 832.102 dan Rp 1.337.103 Rp 832,102 and Rp 1,337,103 were used as collateral to
digunakan sebagai jaminan surat berharga yang diterbitkan securities issued, respectively (Note 15).
(Catatan 15).
Channeling adalah platform layanan teknologi peer-to-peer Channeling is a peer-to-peer lending platform with
milik FIT, entitas anak. technology services owns by FIT, a subsidiary.
Pada tanggal 31 Desember 2022 dan 2021, piutang As of 31 December 2022 and 2021, financing receivable has
pembiayaan yang telah direstrukturisasi terkait dengan been restructured as impact of the Covid-19 pandemic
pandemi Covid-19 adalah masing-masing sebesar amounted to Rp 336,971 and Rp 1,479,787, respectively.
Rp 336.971 dan Rp 1.479.787.
Perusahaan bekerjasama dengan beberapa perusahaan The Company engages several insurance companies to
asuransi untuk memberikan perlindungan risiko terhadap provide risk protection for assets and financing provided by
aset dan pembiayaan yang diberikan Perusahaan, terutama the Company, mainly PT Asuransi Bina Dana Arta Tbk,
PT Asuransi Bina Dana Arta Tbk, PT Asuransi Sinar Mas, PT Asuransi Sinar Mas, PT Asuransi Wahana Tata,
PT Asuransi Wahana Tata, PT Asuransi Astra Buana, PT Asuransi Astra Buana, PT Asuransi Raksa Pratikara,
PT Asuransi Raksa Pratikara, PT Asuransi FPG Indonesia, PT Asuransi FPG Indonesia, PT Asuransi Etiqa Internasional
PT Asuransi Etiqa Internasional Indonesia, PT AIA Financial, Indonesia, PT AIA Financial, PT FWD Insurance Indonesia,
PT FWD Insurance Indonesia, PT Asuransi Cigna, PT Asuransi PT Asuransi Cigna, PT Asuransi ASEI Indonesia and PT Chubb
ASEI Indonesia dan PT Chubb Life Insurance Indonesia. Life Insurance Indonesia. All insurance companies that the
Seluruh perusahaan asuransi yang bekerjasama dengan engaged by the Company are third parties.
Perusahaan adalah pihak ketiga.
6. PIUTANG IJARAH DAN IMBT 6. IJARAH AND IMBT RECEIVABLES
2022 2021
Piutang ijarah 307 1.154 Ijarah receivables
Piutang ijarah muntahiyah bittamlik (IMBT) 216 - Ijarah muntahiyah bittamlik (IMBT) receivables
Jumlah 523 1.154 Total
Cadangan kerugian penurunan nilai (114) (213) Allowance for impairment losses
Neto 409 941 Net
Aset ijarah 8.436 22.622 Ijarah assets

Akumulasi penyusutan (6.007) (16.057) Accumulated depreciation
Cadangan kerugian penurunan nilai (170) (915) Allowance for impairment losses
Sub - Jumlah 2.259 5.650 Sub - Total
Aset IMBT 5.313 - IMBT assets

Akumulasi penyusutan (169) - Accumulated depreciation
Cadangan kerugian penurunan nilai (45) - Allowance for impairment losses
Sub - Jumlah 5.099 - Sub - Total
Jumlah piutang ijarah dan IMBT - neto 7.767 6.591 Total ijarah and IMBT receivables - net
Aset ijarah terdiri dari pembiayaan umroh, pendidikan, Ijarah assets consist of financing for umrah, education,
kebutuhan multijasa dan wisata halal. multiservices needs and halal tourism.
Penyusutan dan kerugian penurunan nilai dibebankan pada Depreciation and impairment losses was charged to the
laporan laba rugi dan penghasilan komprehensif lain consolidated statements of profit or loss and other
konsolidasian. comprehensive income.
372

7. PIUTANG LAIN-LAIN – PIHAK KETIGA 7. OTHER RECEIVABLES – THIRD PARTIES
2022 2021
Piutang dalam proses penyelesaian – neto 72.045 45.553 Receivables in the settlement process - net
Piutang karyawan 52.921 14.473 Employee receivables
Piutang penerimaan angsuran konsumen 33.086 22.681 Customer installment receipt receivables
Premi asuransi 2.240 1.175 Insurance premium
Piutang penerimaan angsuran konsumen merupakan Customer installment receipt receivables are customer
pembayaran angsuran konsumen yang diantaranya dilakukan installment such paid through online customer’s payment
secara online melalui fasilitas layanan pembayaran pelanggan channel (payment point) such as ATM networks of Prima,
(payment point) seperti jaringan ATM Prima, ATM Bersama, ATM Bersama and outlets of Indomaret and Alfamart retail
jaringan toko ritel Indomaret dan Alfamart (termasuk di stores (including the store chains of Alfa Midi, Dandan, and
dalamnya jaringan Alfa Midi, Dandan, dan Lawson) serta Lawson) and marketplace such as Tokopedia, Shopee, Blibli
marketplace seperti Tokopedia, Shopee, Blibli dan Gojek. and Gojek. These channels will transfer the installment
Fasilitas payment point ini akan meneruskan angsuran yang paid to the Company’s bank account in several bank within
dibayarkan konsumen tersebut ke rekening Perusahaan di 1 (one) day up to 2 (two) days from the date that the
beberapa bank dalam jangka waktu 1 (satu) hari sampai customer installment is received.
dengan 2 (dua) hari dari tanggal angsuran konsumen diterima.
Piutang dalam proses penyelesaian – pihak ketiga dinyatakan Receivables in the settlement process – third parties are
dalam nilai neto setelah dikurangi dengan cadangan kerugian recorded at net amount, after deducting the allowance for
penurunan nilai pada tanggal 31 Desember 2022 dan 2021 impairment losses as of 31 December 2022 and 2021
masing-masing sebesar Rp 10.205 dan Rp 17.639. Manajemen amounting to Rp 10,205 and Rp 17,639, respectively.
berpendapat bahwa jumlah cadangan kerugian penurunan Management believes that the allowance for impairment
nilai tersebut, cukup untuk menutupi kerugian yang mungkin losses are adequate to cover possible losses from
timbul akibat tidak tertagihnya piutang dalam proses uncollectible receivables from receivables in the
penyelesaian - pihak ketiga. settlement process – third parties.
8. ASET (LIABILITAS) DERIVATIF 8. DERIVATIVE ASSETS (LIABILITIES)
Perusahaan memiliki beberapa kontrak cross currency dan The Company has several cross currency and interest rate
interest rate swap dengan beberapa bank. Perincian dari swap contracts with several banks. The details of these
kontrak-kontrak tersebut adalah sebagai berikut: contracts are as follows:
Tanggal Nilai wajar/Fair value
Jumlah nosional
(nilai penuh)/ perjanjian/ Tanggal
Pihak lawan/ Notional amount Agreement jatuh tempo/ Aset derivatif/
Counterparty (full amount) date Due date Derivative assets
Cross Currency and Interest
Rate Swap
Standard Chartered Bank, Jakarta Branch USD 2.500.000 19-Mar-2020 23-Mar-2023 515
PT Bank Permata Tbk USD 5.000.000 7-Apr-2021 15-Apr-2024 2.368
Standard Chartered Bank, Jakarta Branch USD 10.500.000 16-Sep-2021 17-Sep-2024 15.785
Standard Chartered Bank, Jakarta Branch USD 12.000.000 13-Oct-2021 15-Oct-2024 17.430
PT Bank CIMB Niaga Tbk USD 8.000.000 23-Nov-2021 25-Nov-2024 11.438
PT Bank Permata Tbk USD 9.000.000 18-Jan-2022 20-Jan-2025 13.478
PT Bank Permata Tbk USD 13.500.000 14-Feb-2022 14-Feb-2025 18.744
PT Bank Permata Tbk USD 13.500.000 14-Mar-2022 14-Mar-2025 19.242
103.056


8. ASET (LIABILITAS) DERIVATIF (Lanjutan) 8. DERIVATIVE ASSETS (LIABILITIES) (Continued)
Perusahaan memiliki beberapa kontrak cross currency dan The Company has several cross currency and interest rate
interest rate swap dengan beberapa bank. Perincian dari swap contracts with several banks. The details of these
kontrak-kontrak tersebut adalah sebagai berikut: (Lanjutan) contracts are as follows: (Continued)
Tanggal Nilai wajar/Fair value
Jumlah nosional
(nilai penuh)/ perjanjian/ Tanggal Liabilitas derivatif/
Pihak lawan/ Notional amount Agreement jatuh tempo/ Derivative
Counterparty (full amount) date Due date liabilities
Cross Currency and Interest
Rate Swap
PT Bank ANZ Indonesia USD 2.500.000 10-Jan-2019 18-Jan-2022 (78)
Standard Chartered Bank, Jakarta Branch USD 3.000.000 10-Jan-2019 23-Jan-2022 (239)
Standard Chartered Bank, Jakarta Branch USD 6.000.000 16-Apr-2019 29-Apr-2022 (728)
PT Bank Permata Tbk USD 6.000.000 16-Apr-2019 16-May-2022 (557)

Standard Chartered Bank, Jakarta Branch USD 7.000.000 16-Apr-2019 24-Jun-2022 (221)
PT Bank Permata Tbk USD 10.500.000 16-Apr-2019 15-Jul-2022 (2.095)
Standard Chartered Bank, Jakarta Branch USD 4.500.000 16-Apr-2019 15-Aug-2022 (666)
PT Bank ANZ Indonesia USD 8.000.000 1-Nov-2019 7-Nov-2022 (583)
Standard Chartered Bank, Jakarta Branch USD 6.000.000 22-Oct-2019 23-Oct-2022 (793)
Standard Chartered Bank, Jakarta Branch USD 6.000.000 6-Nov-2019 12-Nov-2022 (156)
Standard Chartered Bank, Jakarta Branch USD 12.500.000 18-Mar-2020 23-Mar-2023 (17.074)
PT Bank Permata Tbk USD 8.333.333 7-Apr-2021 15-Apr-2024 (5.022)
Standard Chartered Bank, Jakarta Branch USD 15.000.000 10-Sep-2021 17-Sep-2024 (199)
Standard Chartered Bank, Jakarta Branch USD 15.000.000 11-Oct-2021 15-Oct-2024 (2.684)
PT Bank CIMB Niaga Tbk USD 10.000.000 11-Nov-2021 23-Nov-2024 (1.520)

(48.115)
Perusahaan melakukan kontrak cross currency swap dan The Company entered into cross currency swap and
interest rate swap dengan tujuan lindung nilai atas risiko interest rate swap contracts to hedge the risk of
fluktuasi arus kas yang ditimbulkan oleh kurs mata uang dan fluctuations in cash flows arising from exchange rates and
tingkat suku bunga atas pinjaman yang diterima. interest rates on borrowing.
Perubahan atas nilai wajar dari kontrak cross currency swap Changes in the fair value of cross currency swap and
dan interest rate swap yang ditetapkan sebagai instrumen interest rate swap contract designated hedging
lindung nilai, yang secara efektif menghapus variabilitas arus instruments that effectively offset the variability of cash
kas dari pinjaman terkait, dicatat di ekuitas. Nilai ini flows associated with the borrowings are recorded in
kemudian diakui dalam laporan laba rugi sebagai penyesuaian equity. The amounts subsequently are recognized to the
atas laba atau rugi selisih kurs dan beban bunga pinjaman profit or loss as adjustments of the exchange rate
terkait yang dilindungi nilai pada periode yang sama dimana differences and interest payments related to the hedged
selisih kurs dan beban bunga tersebut diakui pada perkiraan borrowings in the same period in which the related
laba rugi. exchange rate differences and interest affects profit or
loss.
Kerugian kumulatif yang timbul dari perubahan nilai wajar The cumulative loss arising from the changes in fair values
instrumen derivatif pada tanggal 31 Desember 2022 dan 2021 of the derivative instruments as of 31 December 2022 and
sebesar Rp 10.267 dan Rp 31.658 disajikan sebagai “Kerugian 2021 amounting to Rp 10,267 and Rp 31,658 were
kumulatif atas instrumen derivatif untuk lindung nilai arus presented as “Cumulative loss on derivative instrument for
kas–neto” sebagai bagian “Ekuitas” pada laporan posisi cash flow hedges – net” under the “Equity” section in the
keuangan konsolidasian dan akan diakui dalam laporan laba consolidated statement of financial position and will be
rugi pada saat realisasinya. recognized in the statement of profit or loss upon its
realization.
374

9. BEBAN DIBAYAR DI MUKA DAN UANG MUKA 9. PREPAID EXPENSES AND ADVANCES
2022 2021
Akses biro kredit 13.147 16.599 Loan access bureou
Implementasi proyek IT 6.671 3.244 IT implementation project
Uang muka 1.181 371 Advance payment
Sewa 496 1.613 Rent
Asuransi 333 303 Insurance
10. ASET TETAP 10. FIXED ASSETS
Saldo awal/ A Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Ending
balance Additions Deductions Reclassifications balance
Harga perolehan Acquisition cost

Pemilikan langsung Direct ownership
Tanah 207.193 - - - 207.193 Land
Bangunan dan prasarana 425.524 1.900 (123 ) 5.304 432.605 Building and improvements
Peralatan kantor 253.157 19.820 (4.968 ) 5.803 273.812 Office equipment
Kendaraan 216.083 132.555 (71.198 ) - 277.440 Vehicles
Perabot dan
perlengkapan kantor 22.149 832 (538 ) 347 22.790 Furniture and fixtures
1.124.106 155.107 (76.827 ) 11.454 1.213.840

Aset dalam penyelesaian 4.430 8.926 - (11.454) 1.902 Asset in progress
Jumlah Harga Perolehan 1.128.536 164.033 (76.827 ) - 1.215.742 Total Acquisition Cost
Akumulasi penyusutan Accumulated depreciation
Bangunan dan prasarana 197.626 24.461 (105) - 221.982 Building and improvements
Peralatan kantor 172.566 31.789 (4.873) - 199.482 Office equipment
Kendaraan 131.010 43.048 (59.911) - 114.147 Vehicles
Perabot dan
perlengkapan kantor 20.693 808 (515 ) - 20.986 Furniture and fixtures
Jumlah Akumulasi Total Accumulated

Penyusutan 521.895 100.106 (65.404) - 556.597 Depreciation
Nilai Tercatat 606.641 659.145 Carrying Amount


10. ASET TETAP (Lanjutan) 10. FIXED ASSETS (Continued)

Pemilikan langsung Direct ownership
Tanah 207.193 - - - 207.193 Land
Bangunan dan prasarana 334.856 46.940 (800 ) 44.528 425.524 Building and improvements
Peralatan kantor 247.400 6.669 (3.468 ) 2.556 253.157 Office equipment
Kendaraan 210.273 22.324 (32.514 ) 16.000 216.083 Vehicles
Perabot dan
perlengkapan kantor 22.558 170 (581 ) 2 22.149 Furniture and fixtures
1.022.280 76.103 (37.363 ) 63.086 1.124.106

Aset dalam penyelesaian 44.173 23.343 - (63.086) 4.430 Asset in progress
Jumlah Harga Perolehan 1.066.453 99.446 (37.363 ) - 1.128.536 Total Acquisition Cost
Akumulasi penyusutan Accumulated depreciation

Bangunan dan prasarana 176.328 22.025 (727) - 197.626 Building and improvements
Peralatan kantor 145.092 30.809 (3.335) - 172.566 Office equipment
Kendaraan 118.409 37.720 (25.119) - 131.010 Vehicles
Perabot dan
perlengkapan kantor 20.320 896 (523 ) - 20.693 Furniture and fixtures
Jumlah Akumulasi Total Accumulated

Penyusutan 460.149 91.450 (29.704) - 521.895 Depreciation

3
Pada tanggal 31 Desember 2022 dan 2021, rincian aset As of 31 December 2022 and 2021, the details of asset in
dalam penyelesaian dengan persentase penyelesaian masing- progress with percentage of completion of are 43% and
masing sebesar 43% dan 75% sebagai berikut: 75%, respectively, are as follows:
Perkiraan tahun penyelesaian/ 31 Desember/December

Proyek Estimation of completion 2022 2021 Project
Bangunan dan prasarana 2023 1.610 313 Building and improvement

Peralatan kantor 2023 - 4.117 Office equipment
Perabot dan
perlengkapan kantor 2023 292 - Furniture and fixtures
1.902 4.430
Jumlah penyusutan yang dibebankan pada operasi adalah Depreciation charged to operations was amounted to
sejumlah Rp 100.106 dan Rp 91.450 masing-masing untuk Rp 100,106 and Rp 91,450 for the year ended 31 December
tahun yang berakhir pada tanggal 31 Desember 2022 dan 2022 and 2021, respectively (Note 27).
2021 (Catatan 27).
Perusahaan memiliki beberapa bidang tanah dengan status The Company owns several plots of land with “Property
Hak Guna Bangunan (“HGB”) yang memiliki masa manfaat Use Rights” titles (“HGB”) with remaining useful lifes that
yang akan berakhir antara tahun 2023 sampai tahun 2051. will expire in the various years between 2023 to 2051. The
Manajemen Perusahaan berkeyakinan bahwa tidak akan management of the Company believes that there will be no
terdapat kesulitan dalam memperpanjang hak atas tanah difficulty in extending the land rights as the land were
karena tanah tersebut diperoleh secara sah dan dilengkapi acquired legally and supported by sufficient evidences of
dengan bukti kepemilikan yang sah. ownership.
376

10. ASET TETAP (Lanjutan) 10. FIXED ASSETS (Continued)

Pengurangan aset tetap untuk tahun yang berakhir pada Deductions of fixed assets for the year ended 31 December
tanggal 31 Desember 2022 dan 2021 terdiri dari 2022 and 2021 consisted of writen off office equipment
penghapusbukuan peralatan kantor dan rehabilitasi gedung and leasehold improvement, and sales of fixed assets -
kantor, serta penjualan aset tetap kendaraan dan peralatan vehicles and office equipment with details of gain on sale
kantor dengan rincian keuntungan yang diperoleh adalah are as follows:
sebagai berikut:
2022 2021
Hasil penjualan 31.632 17.476 Proceeds
Nilai tercatat (11.423) (7.723) Carrying amount
Laba penjualan aset tetap 20.209 9.753 Gain on sale of fixed assets
Keuntungan atas penjualan aset tetap diakui sebagai bagian Gain on sale of fixed assets is recognized as part of “Other
dari “Pendapatan Lain-lain” pada laporan laba rugi dan Income” in the consolidated statement of profit or loss and
penghasilan komprehensif lain konsolidasian (Catatan 24). other comprehensive income (Note 24).
Pada tanggal 31 Desember 2022 dan 2021, jumlah harga As of 31 December 2022 and 2021, the cost of fixed asset
perolehan aset tetap yang telah disusutkan penuh tetapi which have been fully depreciated but still in use in the
masih digunakan dalam kegiatan operasional adalah masing- operational activities amounted to Rp 251,363 and
masing sebesar Rp 251.363 dan Rp 222.189. Rp 222,189, respectively.
Seluruh aset tetap, kecuali tanah, telah diasuransikan All fixed assets, except for land, are covered against losses
terhadap risiko kerugian kebakaran, banjir dan risiko from fire, flood and other risks (all risks) with a total
kerugian lainnya (all risks) dengan jumlah nilai sum insured amounting to Rp 448,977 as of 31 December
pertanggungan masing-masing sebesar Rp 448.977 pada 2022 and 2021, respectively. The management believes
tanggal 31 Desember 2022 dan 2021. Manajemen that the sum insured is sufficient to cover the possible
berkeyakinan bahwa nilai pertanggungan tersebut telah losses that may arise from the said insured risks.
memadai untuk menutup kemungkinan kerugian atas aset
tetap terhadap risiko-risiko yang dipertanggungkan.
Manajemen Perusahaan dan entitas anaknya berkeyakinan The management of the Company and its subsidiary
bahwa tidak terdapat kondisi atau peristiwa yang believes that there were no conditions or event that
menimbulkan indikasi penurunan nilai atas jumlah tercatat indicate impairment in the carrying amount of its fixed
aset tetap, sehingga tidak diperlukan cadangan kerugian assets, and therefore an allowance for impairment losses
penurunan nilai untuk aset tetap. of fixed assets was not considered necessary.
Manajemen Perusahaan dan entitas anaknya berkeyakinan The management of the Company and its subsidiary
bahwa tidak ada perbedaan secara signifikan antara nilai believes that there is no significant difference between
wajar aset tetap dengan jumlah tercatat. the fair value and the carrying amount of fixed assets.
Seluruh aset tetap yang ada pada tanggal pelaporan All of fixed assets as at the reporting date are fully used
digunakan untuk menunjang aktivitas operasi Perusahaan. to support the Company’s operation activities.


11. ASET HAK-GUNA 11. RIGHT-OF-USE ASSETS
Klasifikasi kelompok utama aset hak-guna adalah sebagai The Major classification of right-of-use assets are as
berikut: follows:
Saldo awal/ Penambahan/ Pengurangan/ Saldo akhir/
Beginning balance Additions Deductions Ending balance
Sewa bangunan 81.391 23.928 - 105.319 Buildings leases
Akumulasi Accumulated
penyusutan Depreciation
Saldo awal/ Penambahan/ Pengurangan/ Saldo akhir/
Beginning balance Additions Deductions Ending balance
Akumulasi Accumulated
penyusutan depreciation
Jumlah penyusutan yang dibebankan pada operasi adalah Depreciation charged to operations was amounted to
sejumlah Rp 21.544 dan Rp 22.334 untuk tahun yang berakhir Rp 21,544 and Rp 22,334 for the year ended 31 December
pada tanggal 31 Desember 2022 dan 2021 (Catatan 27). 2022 and 2021, respectively (Note 27).
Beberapa transaksi sewa gudang dan kantor mengandung opsi Some leases of warehouses and offices contain extension
perpanjangan yang dapat diambil oleh Perusahaan sebelum options exercisable by the Company before the end of the
masa berakhirnya kontrak yang tidak dapat dibatalkan. Opsi non-cancellable contract period. The extension options
perpanjangan yang dimiliki hanya dapat diambil oleh held are exercisable only by the Company. The Company
Perusahaan. Perusahaan mengevaluasi pada awal dimulainya assesses at lease commencement whether it is reasonably
masa sewa apakah besar kemungkinan akan diambilnya opsi certain to exercise the extension options. The Company
perpanjangan. Perusahaan mengevaluasi kembali penentuan reassesses this assessment if there is a significant event or
ini apabila ada peristiwa signifikan atau ada perubahan significant change in circumstances within its control.
keadaan signifikan di dalam kendali Perusahaan.
378

12. ASET TAKBERWUJUD 12. INTANGIBLE ASSETS

Piranti lunak 146.720 32.228 - 12.111 191.059 Software
Piranti lunak dalam

penyelesaian 7.618 73.570 - (12.111) 69.077 Software in progress
Jumlah Harga Perolehan 154.338 105.798 - - 260.136 Total Acquisition Cost
Akumulasi amortisasi Accumulated amortization

Piranti lunak 98.145 22.492 - - 120.637 Software

Piranti lunak 118.849 16.610 (81 ) 11.342 146.720 Software
Piranti lunak dalam

penyelesaian 9.384 9.576 - (11.342 ) 7.618 Software in progress
Jumlah Harga Perolehan 128.233 26.186 (81 ) - 154.338 Total Acquisition Cost
Akumulasi amortisasi Accumulated amortization

Piranti lunak 85.224 12.937 (16) - 98.145 Software
Jumlah amortisasi yang dibebankan pada operasi adalah Amortization charged to operations was amounted
sejumlah Rp 22.492 dan Rp 12.937 masing-masing untuk to Rp 22,492 and Rp 12,937 for the year ended
tahun yang berakhir pada tanggal 31 Desember 2022 dan 31 December 2022 and 2021, respectively (Note 27).
2021 (Catatan 27).


13. PINJAMAN YANG DITERIMA - PIHAK KETIGA 13. FUND BORROWINGS – THIRD PARTIES
Pinjaman yang diterima terdiri dari: Borrowings consist of the followings:

2022 2021
Pinjaman (Dolar AS) Borrowings (US Dollar)

Pinjaman Sindikasi 1.085.439 1.598.128 Syndicated Loan
responsAbility SICAV (Lux) - konsolidasian 275.292 416.179 responsAbility SICAV (Lux) - consolidated
Sub-jumlah pinjaman (Dolar AS) 1.360.731 2.014.307 Sub-total borrowings (US Dollar)
Pinjaman (Rupiah) Borrowings (Rupiah)
PT Bank Mandiri (Persero) Tbk 1.963.402 450.955 PT Bank Mandiri (Persero) Tbk
PT Bank Pan Indonesia Tbk 1.667.859 810.556 PT Bank Pan Indonesia Tbk
PT Bank Central Asia Tbk 1.654.167 856.222 PT Bank Central Asia Tbk
Pinjaman Sindikasi Syndicated Loan
(Agen : PT Bank DKI) 931.386 - (Agent : PT Bank DKI)
PT Bank DKI 422.774 - PT Bank DKI
PT United Tractors Tbk 407.100 393.322 PT United Tractors Tbk
PT Bank UOB Indonesia 400.000 - PT Bank UOB Indonesia
PT Bank Jago Tbk 300.000 - PT Bank Jago Tbk
PT Bank KEB Hana Indonesia 237.778 285.278 PT Bank KEB Hana Indonesia
PT Bank CIMB Niaga Tbk 230.756 - PT Bank CIMB Niaga Tbk
PT Bank China Construction PT Bank China Construction
Bank Indonesia Tbk 212.787 - Bank Indonesia Tbk
PT Bank Shinhan Indonesia 166.667 - PT Bank Shinhan Indonesia
PT Bank Permata Tbk 135.417 - PT Bank Permata Tbk
PT Bank Victoria International Tbk 100.000 - PT Bank Victoria International Tbk
PT Gaya Makmur Tractors 52.618 - PT Gaya Makmur Tractors
PT Bank Permata Syariah Tbk 35.417 - PT Bank Permata Syariah Tbk
Sub-jumlah pinjaman (Rupiah) 8.918.128 2.796.333 Sub-total borrowings (Rupiah)
Jumlah pinjaman 10.278.859 4.810.640 Total borrowings
Dikurangi: Less:
Biaya transaksi yang belum diamortisasi (31.951) (21.218) Unamortized transaction costs
Pinjaman – neto 10.246.908 4.789.422 Borrowings – net
Kisaran suku bunga kontraktual setahun untuk pinjaman dari The range of contractual interest rates per annum on the
bank di atas adalah sebagai berikut: above bank loans are as follows:
2022 2021
Rupiah 5,00 – 8,50 3,75 – 9,75 Rupiah

Dolar AS 2,25 - 6,45 1,27 – 2,25 US Dollar
380

13. PINJAMAN YANG DITERIMA - PIHAK KETIGA (Lanjutan) 13. FUND BORROWINGS – THIRD PARTIES (Continued)
Rincian dari fasilitas pinjaman yang diterima adalah sebagai The detail of loan facilities are as follows:
berikut:
Perjanjian Jatuh tempo Saldo pinjaman/

terakhir/ fasilitas/ Outstanding loan
Nama Bank/ Latest Facility Batas fasilitas/ 31 Desember/December
`
Bank's Name agreement due date** Facility limit 2022 2021
Dolar AS/US Dollar
Pinjaman Sindikasi
(Agen : PT Bank Central Asia Tbk) 15-Apr-2019 15-Aug-2022 USD 200.000.000* - 563.626
(Agen : Standard Chartered Bank
(Hong Kong) Ltd.) 17-Mar-2020 23-Mar-2023 USD 100.000.000* 39.327 463.742
(Agen : Standard Chartered Bank
(Hong Kong) Ltd.) 30-Aug-2021 14-Mar-2025 USD 80.000.000* 1.046.112 570.760
responsAbility SICAV (Lux) - konsolidasian 5-Apr-2021 22-Apr-2024 USD 35.000.000* 275.292 416.179
Jumlah Dolar AS/Total US Dollar USD 415.000.000* 1.360.731 2.014.307
Rupiah
PT Bank Mandiri (Persero) Tbk 20-Feb-2019 27-Jun-2022 500.000 - 84.675

29-Dec-2020 23-Feb-2024 250.000 104.167 187.500
31-Mar-2021 14-Jul-2025 200.000 132.232 178.780
8-Dec-2021 8-Mar-2026 250.000 207.169 -
29-Mar-2022 26-Apr-2026 750.000 614.697 -
26-Jul-2022 22-Aug-2024 500.000 412.925 -
20-Sep-2022 9-Dec-2024 500.000 492.212 -
PT Bank Pan Indonesia Tbk 6-Dec-2019 27-Feb-2023 500.000 16.667 183.334

31-Aug-2022 6-Jan-2023 100.000 100.000 -
30-Apr-2021 24-Jan-2025 1.000.000 609.526 627.222
24-Aug-2022 12-Dec-2025 1.000.000 941.666 -
PT Bank Central Asia Tbk 24-Oct-2019 19-Feb-2023 500.000 11.111 111.111

24-Oct-2022 24-Jan-2024 800.000 - 159.000
14-Dec-2020 18-Feb-2025 1.000.000 595.834 586.111
26-Jan-2022 22-Dec-2025 1.200.000 1.047.222 -
29-Dec-2022 31-Dec-2027 2.000.000 - -
Pinjaman Sindikasi
(Agen : PT Bank DKI) 23-Sep-2022 10-Oct-2025 1.600.000 931.386 -
PT Bank DKI 16-Jun-2022 29-Jun-2025 500.000 422.774 -
PT United Tractors Tbk 21-Jun-2022 12-Dec-2025 1.250.000 407.100 393.322
PT Bank UOB Indonesia 28-Sep-2022 15-Nov-2023 400.000 400.000 -
PT Bank Jago Tbk 22-Sep-2022 27-Dec-2025 300.000 300.000 -
PT Bank KEB Hana Indonesia 11-Feb-2020 3-Mar-2023 400.000 23.611 156.945

11-Feb-2022 5-Jan-2023 100.000 100.000 100.000
23-Sep-2021 21-Oct-2024 200.000 114.167 28.333
13-Dec-2022 13-Jun-2026 300.000 - -
PT Bank CIMB Niaga Tbk 17-Mar-2022 14-Mar-2025 300.000 230.756 -

17-Mar-2022 22-Dec-2022 100.000 - -
PT Bank China Construction Bank
Indonesia Tbk 9-Jun-2022 7-Jul-2025 250.000 212.787 -
Saldo dipindahkan/ Balance brought foward 16.750.000 8.428.009 2.796.333


Rincian dari fasilitas pinjaman yang diterima adalah sebagai The detail of loan facilities are as follows: (Continued)
berikut: (Lanjutan)
Perjanjian Jatuh tempo Saldo pinjaman/

terakhir/ fasilitas/ Outstanding loan
Nama Bank/ Latest Facility Batas fasilitas/ 31 Desember/December
Bank's Name agreement due date** Facility limit 2022 2021
Rupiah
`
Saldo pindahan/Balance carry foward 16.750.000 8.428.009 2.796.333
PT Bank Shinhan Indonesia 28-Apr-2022 19-May-2025 200.000 166.667 -
PT Bank Permata Tbk 28-Mar-2022 28-Mar-2023 100.000 - -

28-May-2021 24-May-2024 200.000 135.417 -
PT Bank Victoria International Tbk 9-Jun-2022 6-Jan-2023 250.000 100.000 -
PT Bank Mizuho Indonesia 25-Nov-2022 25-Nov-2023 150.000 - -
PT Gaya Makmur Tractors 6-Jan-2022 20-Dec-2025 67.106 52.618 -
PT Bank Permata Syariah Tbk 28-May-2021 24-May-2024 50.000 35.417 -
Jumlah Rupiah/Total Rupiah 17.767.106 8.918.128 2.796.333
Jumlah pinjaman/Total borrowings 10.278.859 4.810.640
*) Nilai penuh *) Full amount

**) Tanggal angsuran terakhir dari pinjaman yang diterima **) The date of the last installment of the loan received
Pada tanggal 31 Maret 2021, Perusahaan menandatangani On 31 March 2021, the Company entered into a Working
Perjanjian Kredit Modal Kerja dengan PT Bank Mandiri Capital Credit Agreement with PT Bank Mandiri (Persero)
(Persero) Tbk sebesar Rp 200.000. Tbk amounting to Rp 200,000.
Pada tanggal 5 April 2021, Perusahaan menandatangani On 5 April 2021, the Company entered into Loan
Perjanjian Pinjaman dengan 2 sub fund dari responsAbility Agreements with 2 sub funds of responsAbility SICAV (LUX),
SICAV (Lux) yaitu: responsAbility SICAV (Lux) Micro and i.e.: responsAbility SICAV (Lux) Micro and SME Finance
SME Finance Debt Fund; dan responsAbility SICAV (Lux) Debt Fund; and responsAbility SICAV (Lux) Financial
Financial Inclusion Fund serta MultiConcept Fund Inclusion Fund, concurrently with a Loan Agreement with
Management S.A. dengan total keseluruhan fasilitas sebesar MultiConcept Fund Management S.A. with overall
USD 35.000.000 (nilai penuh). facilities amounting to USD 35,000,000 (full amount).
Pada tanggal 30 April 2021, Perusahaan menandatangani On 30 April 2021, the Company entered into a Credit
Perjanjian Kredit Pinjaman Tetap V dengan PT Bank Pan Agreement Fixed Loan V with PT Bank Pan Indonesia
Indonesia Tbk sebesar Rp 1.000.000. amounting to Rp 1,000,000.
Pada tanggal 28 Mei 2021, Perusahaan menandatangani On 28 May 2021, the Company entered into a Credit
Perjanjian Kredit Fasilitas Term Loan 2 sebesar Rp 200.000 Agreement Term Loan 2 facility amounting to Rp 200,000
dan Fasilitas Term Loan 3 Musyarakah Mutanaqisoh sebesar and Term Loan 3 Facility Musyarakah Mutanaqisoh
Rp 50.000 dengan PT Bank Permata Tbk. amounting to Rp 50,000 with PT Bank Permata Tbk.
Pada tanggal 24 Juni 2021, Perusahaan menandatangani On 24 June 2021, the Company entered into a Term Loan
Perjanjian Kredit Angsuran Berjangka sebesar Rp 600.000 Credit Agreement amounting to Rp 600,000 with PT Bank
dengan PT Bank Jago Tbk. Jago Tbk.
Pada tanggal 30 Agustus 2021, Perusahaan menandatangani On 30 August 2021, the Company entered into a Secured
perjanjian Fasilitas Sindikasi Pinjaman Berjangka dengan Syndicated Term Loan Facility Agreement amounting to
Jaminan (Term Loan) sebesar USD 80.000.000 (nilai penuh), USD 80,000,000 (full amount), whereas Standard Chartered
dimana Standard Chartered Bank (Hong Kong) Limited Bank (Hong Kong) Limited, whose acting as the Facility
sebagai Agen Fasilitas (the “Facility Agent”), dan PT Bank Agent, and PT Bank Central Asia Tbk, whose acting as the
Central Asia Tbk sebagai Agen Jaminan (the “Security Security Agent.
Agent”).
Pada tanggal 23 September 2021, Perusahaan On 23 September 2021, the Company entered into Working
menandatangani Perjanjian Working Capital Installment Capital Installment Agreement amounting to Rp 200,000
sebesar Rp 200.000 dengan PT Bank KEB Hana Indonesia. with PT Bank KEB Hana Indonesia.
Pada tanggal 8 Desember 2021, Perusahaan menandatangani On 8 December 2021, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar Rp 250.000 dengan Capital Credit Agreement amounting to Rp 250,000 with
PT Bank Mandiri (Persero) Tbk. PT Bank Mandiri (Persero) Tbk.
382

Pada tanggal 6 Januari 2022, Perusahaan menandatangani On 6 January 2022, the Company entered into a Credit
Perjanjian Kredit sebesar Rp 50.000 dengan PT Gaya Agreement amounting to Rp 50,000 with PT Gaya Makmur
Makmur Tractors. Tractors.
Pada tanggal 14 Oktober 2022, plafon fasilitas kredit dari On 14 October 2022, the credit facility limit from PT Gaya
PT Gaya Makmur Tractors dinaikkan menjadi Rp 67.106. Makmur Tractors increased to Rp 67,106.
Pada tanggal 26 Januari 2022, Perusahaan menandatangani On 26 January 2022, the Company entered into a Working
Perjanjian Kredit Modal Kerja sebesar Rp 1.000.000 dengan Capital Credit Agreement amounting to Rp 1,000,000 with
PT Bank Central Asia Tbk. PT Bank Central Asia Tbk.
PT Bank CIMB Niaga Tbk. PT Bank CIMB Niaga Tbk.
Pada tanggal 28 April 2022, Perusahaan menandatangani On 28 April 2022, the Company entered into a Working
PT Bank Shinhan Indonesia. PT Bank Shinhan Indonesia.
Pada tanggal 9 Juni 2022, Perusahaan menandatangani On 9 June 2022, the Company entered into a Working
PT Bank China Construction Bank Indonesia Tbk dan PT Bank China Construction Bank Indonesia Tbk and
Rp 250.000 dengan PT Bank Victoria International Tbk. Rp 250,000 with PT Bank Victoria International Tbk.
Pada tanggal 16 Juni 2022, Perusahaan menandatangani On 16 June 2022, the Company entered into a Working
PT Bank DKI. PT Bank DKI.
Pada tanggal 26 Juli 2022, Perusahaan menandatangani On 26 July 2022, the Company entered into a Working
Pada tanggal 24 Agustus 2022, Perusahaan menandatangani On 24 August 2022, the Company entered into a Credit
Perjanjian Kredit Pinjaman Tetap VI dengan PT Bank Pan Agreement Fixed Loan VI with PT Bank Pan Indonesia
Indonesia Tbk sebesar Rp 1.000.000. amounting to Rp 1,000,000.
Pada tanggal 20 September 2022, Perusahaan On 20 September 2022, the Company entered into a
menandatangani Perjanjian Kredit Modal Kerja sebesar Working Capital Credit Agreement amounting to
Rp 500.000 dengan PT Bank Mandiri (Persero) Tbk. Rp 500,000 with PT Bank Mandiri (Persero) Tbk.
menandatangani Perjanjian Kredit Sindikasi dengan 4 BPD Syndication Credit Agreement with 4 BPD amounting to
sebesar Rp 1.600.000 dimana PT Bank DKI bertindak Rp 1,600,000 whereas PT Bank DKI acting as the Agent.
sebagai Agen.
Rp 400.000 dengan PT Bank UOB Indonesia. Rp 400,000 with PT Bank UOB Indonesia.
Pada tanggal 25 November 2022, Perusahaan On 25 November 2022, the Company entered into a
Rp 150.000 dengan PT Bank Mizuho Indonesia. Rp 150,000 with PT Bank Mizuho Indonesia.
Pada tanggal 13 Desember 2022, Perusahaan On 13 December 2022, the Company entered into a
Rp 300.000 dengan PT Bank KEB Hana Indonesia. Rp 300,000 with PT Bank KEB Hana Indonesia.
Pada tanggal 29 Desember 2022, Perusahaan On 29 December 2022, the Company entered into a Credit
menandatangani Perjanjian Kredit (Installment Loan-6) Facility (Installment Loan-6) Agreement amounting to
sebesar Rp 2.000.000 dan penambahan limit fasilitas Kredit Rp 2,000,000 and additional Multi Credit Facility limits
Multi Fasilitas sebesar Rp 300.000 dengan PT Bank Central amounting Rp 300,000 with PT Bank Central Asia Tbk.
Asia Tbk.


Seluruh perjanjian di atas mencakup adanya pembatasan- All loan agreements include certain covenants which are
pembatasan tertentu yang umumnya diharuskan untuk normally required for such credit facilities, such as
fasilitas-fasilitas kredit tersebut, antara lain, pembatasan limitations to initiate merger or consolidation with other
untuk melakukan penggabungan usaha atau konsolidasi parties, obtain loans from other parties except loans
dengan pihak lain, mengadakan perjanjian pinjaman obtained in the normal course of business, or changes in its
dengan pihak lain selain yang timbul dalam kegiatan capital structure and/or articles of association without
usaha yang normal atau melakukan perubahan atas struktur notification to/prior written approval from creditors and
modal dan/atau anggaran dasar tanpa adanya maintenance of certain agreed financial ratios.
pemberitahuan/persetujuan tertulis dari kreditur dan
mempertahankan rasio-rasio keuangan tertentu.
Pada tanggal 31 Desember 2022 dan 2021, fasilitas As of 31 December 2022 and 2021, the loan facilities,
pinjaman, selain sebagaimana dijelaskan pada paragraf di except for as explained in below paragraph, are secured by
bawah, dijamin dengan piutang pembiayaan (Catatan 5). financing receivables (Note 5).
Pembayaran bunga dan pokok pinjaman telah dibayarkan Interest and principal loan payments have been paid by
oleh Perusahaan sesuai dengan jadwal. Pembayaran pokok the Company on schedule. Payment of principal borrowings
pinjaman untuk tahun yang berakhir 31 Desember 2022 dan for the year ended 31 December 2022 and 2021 amounting
2021 adalah masing-masing sebesar Rp 4.982.868 dan to Rp 4,982,868 and Rp 4,315,011, respectively.
Rp 4.315.011.
Pada tanggal 31 Desember 2022 dan 2021, Perusahaan dan As of 31 December 2022 and 2021, the Company and its
entitas anaknya telah memenuhi seluruh persyaratan yang subsidiary have complied with all the requirements
disebutkan dalam perjanjian fasilitas-fasilitas pinjaman ini. mentioned in the loan facility agreements.
14. PERPAJAKAN 14. TAXATION

a. Utang pajak a. Taxes payable
2022 2021
Pajak Penghasilan: Income Taxes:
Pasal 21 38.902 24.050 Article 21
Pasal 23 1.391 666 Article 23
Pasal 25 37.161 23.755 Article 25
Pasal 26 60.125 14.370 Article 26
Pasal 4(2) – Final 341 223 Article 4(2) –Final
Pajak Pertambahan Nilai (PPN) 2.426 1.343 Value Added Tax (VAT)
Taksiran Pajak Penghasilan Badan Estimated Corporate Income Tax
(Pasal 29) terutang tahun berjalan 122.923 55.724 (Article 29) for the year
Jumlah 263.269 120.131 Total
b. Beban pajak penghasilan b. Income tax expenses
2022 2021
Pajak kini Current
Perusahaan 429.256 243.270 The Company
Entitas anak - - Subsidiary
Tangguhan Deferred
Perusahaan (1.400 ) 24.731 The Company
Entitas anak 147 (1.353) Subsidiary
Penyesuaian tahun lalu - Perusahaan 3.999 12.972 Prior years adjustment – The Company
Jumlah 432.002 279.620 Total
384

14. PERPAJAKAN (Lanjutan) 14. TAXATION (Continued)

b. Beban pajak penghasilan (Lanjutan) b. Income tax expenses (Continued)
Rekonsiliasi antara laba sebelum pajak, sebagaimana yang A reconciliation between profit before tax, as
disajikan dalam laporan laba rugi dan penghasilan presented in the consolidated statement of profit or
komprehensif lain konsolidasian, dengan taksiran laba loss and other comprehensive income, and estimated
kena pajak untuk tahun yang berakhir pada tanggal taxable profit for the year ended 31 December 2022
31 Desember 2022 dan 2021 adalah sebagai berikut: and 2021 are as follows:
2022 2021
Laba sebelum pajak menurut Profit before tax per
laporan laba rugi dan consolidated statements of
penghasilan komprehensif profit or loss and other
lain konsolidasian 2.238.681 1.410.958 comprehensive income
(Laba) rugi entitas anak sebelum
pajak penghasilan (26) 6.063 (Profit) loss before tax of subsidiary
Laba sebelum pajak Perusahaan 2.238.655 1.417.021 Profit before tax of the Company
Beda tetap: Permanent differences:
Beban sewa 952 1.103 Rent expenses
Pendapatan keuangan yang Finance income subjected
pajaknya bersifat final (22.870) (32.406) to final tax
Beban asuransi 13.869 11.910 Insurance expenses
Beban depresiasi 2.289 1.604 Depreciation expenses
Beban lain-lain 18.982 11.299 Other expenses
Jumlah beda tetap 13.222 (6.490) Total permanent differences
Beda temporer: Temporary differences:
Gaji dan imbalan pasca-kerja 60.940 43.940 Salaries and post-employment benefits
Cadangan kerugian penurunan Allowance for impairment losses
nilai piutang pembiayaan of financing receivables and
dan piutang lain-lain 424.530 543.384 other receivables
Penghapusan piutang (431.456) (728.558) Receivables written-off
Penyusutan aset tetap 12.112 9.626 Depreciation of fixed assets
Keuntungan neto atas
penjualan aset tetap (10.202) (3.358) Net gain on sale of fixed assets
Amortisasi biaya emisi surat Amortization of securities
berharga yang diterbitkan 4.007 (3.148) issuance cost
Biaya transaksi yang belum diamortisasi Unamortized transaction cost
atas pinjaman yang diterima (10.732) (905) on fund borrowings
Biaya transaksi yang belum diamortisasi Unamortized transaction cost
atas piutang pembiayaan (41.835) 8.855 on financing receivables
Jumlah beda temporer 7.364 (130.164) Total temporary differences
Taksiran laba kena pajak 2.259.241 1.280.367 Estimated taxable profit
Tarif pajak 19% 19% Tax rate
Taksiran beban pajak kini 429.256 243.270 Estimated current tax expense
Dikurang: pajak dibayar di muka (306.333) (187.546) Less : prepaid taxes
Taksiran utang pajak kini 122.923 55.724 Estimated current tax payable
Perhitungan pajak penghasilan badan untuk tahun yang The corporate income tax calculation for the year
berakhir pada tanggal 31 Desember 2022 dan 2021 ended 31 December 2022 and 2021 was a preliminary
adalah suatu perhitungan sementara yang dibuat untuk estimate made for accounting purposes and is subject
tujuan akuntansi dan dapat berubah pada saat to revision when the Company filed its Annual
Perusahaan menyampaikan Surat Pemberitahuan (SPT) Corporate Income Tax Return (“CIT”).
Tahunan PPh Badan.


c. Pajak tangguhan c. Deferred tax
Rekonsiliasi antara beban pajak penghasilan dihitung A reconciliation between the income tax expense
dengan menggunakan tarif pajak yang berlaku atas laba calculated by applying the applicable tax rates to
sebelum pajak penghasilan, dengan beban pajak profit before income tax, and the income tax expenses
penghasilan sebagaimana disajikan dalam laporan laba as presented in the statement of profit or loss and
rugi dan penghasilan komprehensif lain untuk tahun yang other comprehensive income for the year ended
berakhir pada tanggal 31 Desember 2022 dan 2021 adalah 31 December 2022 and 2021 are as follows:
sebagai berikut:
2022 2021
Laba sebelum pajak menurut Profit before tax per

laporan laba rugi dan consolidated statements
penghasilan komprehensif of profit or loss and other
lain konsolidasian 2.238.681 1.410.958 comprehensive income
(Laba) rugi entitas anak sebelum
pajak (26 ) 6.063 (Profit) loss before tax of subsidiary
Laba sebelum pajak Perusahaan 2.238.655 1.417.021 Profit before tax of the Company
Beban pajak dengan tarif pajak Tax expense at the applicable

tunggal yang berlaku 425.344 269.234 single tax rate
Pengaruh pajak penghasilan atas: Tax effects on:
Beda tetap pada tarif pajak Permanent differences at the
tunggal yang berlaku 2.512 (1.233) applicable single tax rate
Penyesuaian tahun lalu 3.999 12.972 Prior years adjustment
Jumlah 431.855 280.973 Total
Pengaruh pajak tangguhan atas beda temporer yang The deferred tax effects of the significant temporary
signifikan antara laporan komersial dan fiskal terdiri differences between commercial and fiscal reporting
dari: are as follows:
Dikreditkan
(dibebankan)
ke ekuitas dari
penghasilan
Dikreditkan komprehensif
(dibebankan) lain/
ke laporan Credited
laba rugi / (charged) to
Credited equity from
31 Desember/ (charged) to other 31 Desember/
December statement of comprehensive December
2021 profit or loss income 2022
Aset (liabilitas) pajak tangguhan Deferred tax assets (liabilities)

penurunan nilai 96.058 (1.316) - 94.742 impairment losses
Imbalan pasca-kerja 21.858 (2.365) 1.713 21.206 Post-employment benefits
Beban yang masih harus dibayar 34.758 14.087 - 48.845 Accrued expenses
Penyusutan aset tetap Depreciation of fixed assets
dan amortisasi aset takberwujud (9.816) 370 - (9.446) and amortization of intangible assets
Biaya transaksi yang belum Unamortized
diamortisasi atas transaction cost on
piutang pembiayaan 19.982 (7.948) - 12.034 financing receivables
Biaya emisi surat berharga
yang diterbitkan Unamortized securities
belum diamortisasi (1.428) 761 - (667) issued cost
diamortisasi atas transaction cost
pinjaman yang diterima (4.031) (2.039) - (6.070) on fund borrowings
Penghasilan komprehensif lain 7.425 - (5.018) 2.407 Other comprehensive income
Rugi (laba) fiskal 1.275 (297) - 978 Fiscal loss (profit)
Aset pajak tangguhan – neto 166.081 1.253 (3.305) 164.029 Deferred tax assets – net
386

c. Pajak tangguhan (Lanjutan) c. Deferred tax (Continued)
Pengaruh pajak tangguhan atas beda temporer yang The deferred tax effects of the significant temporary
signifikan antara laporan komersial dan laporan fiskal differences between commercial and fiscal reporting
terdiri dari: (Lanjutan) are as follows: (Continued)
Dibebankan ke
ekuitas dari
Dikreditkan penghasilan
(dibebankan) komprehensif
ke laporan lain/
laba rugi / Charged to
Credited equity from
31 Desember/ (charged) to other 31 Desember/
December statement of comprehensive December
2020 profit or loss income 2021
Aset (liabilitas) pajak tangguhan Deferred tax assets (liabilities)

penurunan nilai 131.241 (35.183) - 96.058 impairment losses
Imbalan pasca-kerja 29.210 (4.916) (2.436) 21.858 Post-employment benefits
Beban yang masih harus dibayar 21.408 13.350 - 34.758 Accrued expenses
Penyusutan aset tetap Depreciation of fixed assets
dan amortisasi aset takberwujud (11.000) 1.184 - (9.816) and amortization of intangible assets
diamortisasi atas transaction cost on
piutang pembiayaan 18.300 1.682 - 19.982 financing receivables
Biaya emisi surat berharga
yang diterbitkan Unamortized securities
belum diamortisasi (830) (598) - (1.428) issued cost
diamortisasi atas transaction cost
pinjaman yang diterima (3.859) (172) - (4.031) on fund borrowings
Penghasilan komprehensif lain 20.554 - (13.129) 7.425 Other comprehensive income
Rugi fiskal - 1.275 - 1.275 Fiscal loss
Aset pajak tangguhan – neto 205.024 (23.378) (15.565) 166.081 Deferred tax assets – net
Manajemen berkeyakinan bahwa laba fiskal pada masa The management believes that future taxable profit
datang akan memadai untuk mengkompensasikan will be sufficient to be compensated against the
perbedaan temporer yang dapat dikurangkan. deductible of temporary differences.
d. Administrasi d. Administration
Berdasarkan Undang-Undang Perpajakan yang berlaku di Based on the Taxation Laws in Indonesia, the
Indonesia, Perusahaan menghitung, menetapkan dan Company submits tax returns on the basis of self
membayar sendiri besarnya jumlah pajak yang terutang. assessment. The Director General of Tax (DGT) may
Direktur Jenderal Pajak ("DJP") dapat menetapkan atau assess or amend taxes within 5 (five) years of the
mengubah kewajiban pajak dalam batas waktu 5 (lima) time the tax becomes due. Amendments to tax
tahun sejak saat terutangnya pajak. Koreksi terhadap obligations of the Company are recorded when an
kewajiban pajak Perusahaan diakui pada saat Surat assessment is received or, if appealed against, when
Ketetapan Pajak diterima atau jika Perusahaan the result of the appeal is determined.
mengajukan keberatan, pada saat keputusan atas
keberatan Perusahaan tersebut telah ditetapkan.


d. Administrasi (lanjutan) d. Administration (Continued)
Pada tanggal 31 Maret 2020, Presiden Republik On 31 March 2020, the President of the Republic
Indonesia menetapkan Peraturan Pemerintah Pengganti Indonesia established Government Regulation in Lieu
Undang-Undang (Perpu) Republik Indonesia No. 1 Tahun of Law (Perpu) of the Republic of Indonesia No. 1 of
2020 (“PP No. 1/2020”) tentang “Kebijakan Keuangan Year 2020 (“PP No. 1/2020”) concerning “State
Negara Dan Stabilitas Sistem Keuangan Untuk Financial Policy and Financial System Stability for
Penanganan Pandemi Corona Virus Disease 2019 Handling the 2019 Corona Virus Disease (“Covid-19”)
(“Covid-19”) dan/atau Dalam Rangka Menghadapi Pandemic and/or In Order to Face Threats that Harm
Ancaman Yang Membahayakan Perekonomian Nasional National Economy and/or Financial System Stability”
dan/atau Stabilitas Sistem Keuangan” yang telah which has become Law (UU) No.2 Year 2020, as well as
menjadi Undang-Undang (UU) No.2 Tahun 2020, serta stipulated Government Regulation (PP) No. 30 Year
menetapkan Peraturan Pemerintah (PP) No. 30 Tahun 2020 concerning Tariff Reduction for Domestic Public
2020 tentang Penurunan Tarif Pajak Penghasilan Bagi Companies Taxpayers and effective since 19 June
Wajib Pajak Badan Dalam Negeri yang Berbentuk 2020. The regulation has stipulated the reduction in
Perseroan Terbuka dan berlaku sejak tanggal 19 Juni the income tax rates for domestic corporate taxpayers
2020. Aturan tersebut menetapkan penurunan tarif and business establishment from 25% to 22% for fiscal
pajak penghasilan Wajib Pajak Badan Dalam Negeri dan year 2020 and 2021 and 20% for the Fiscal Year 2022
bentuk usaha tetap dari semula 25% menjadi 22% untuk onwards.
tahun pajak 2020 dan 2021 dan 20% mulai Tahun Pajak
2022 dan seterusnya.
Pada tanggal 18 Juni 2020, PP No. 56/2015 tentang On 18 June 2020, PP No. 56/2015 concerning the
Perubahan atas Peraturan Pemerintah No. 77 Tahun Amendment of Government Regulation No. 77 Year
2013, dicabut dan dinyatakan tidak berlaku, digantikan 2013, revoked and declared invalid, replaced by
dengan Peraturan Pemerintah No. 30 Tahun 2020 (“PP Government Regulation No. 30 Year 2020 ("PP No.
No. 30/2020”) tentang “Penurunan Tarif Pajak 30/2020") on “Income Tax Rate Reduction Corporate
Penghasilan Bagi Wajib Pajak Badan Dalam Negeri yang Taxpayers in the Form of Publicly-listed Companies".
Berbentuk Perseroan Terbuka”.
PP No. 30/2020 ini mengatur perseroan terbuka dalam PP No. 30/2020 regulates publicly-listed companies in
negeri di Indonesia dapat memperoleh penurunan tarif Indonesia can obtain the reduced income tax rate of
pajak penghasilan sebesar 3% lebih rendah dari tarif 3% lower than the income tax rate corporate
pajak penghasilan Wajib Pajak badan dalam negeri, taxpayer in the country, provided they meet the
dengan memenuhi kriteria yang ditentukan, yaitu paling prescribed criteria, ie at least 40% of the total paid-
sedikit 40% dari jumlah keseluruhan saham yang disetor up shares recorded to be traded on the stock
dicatat untuk diperdagangkan di bursa efek di Indonesia; exchanges in Indonesia; the shares must be held by at
saham tersebut harus dimiliki oleh paling sedikit least 300 Parties; each Party may only have a share of
300 Pihak; masing-masing Pihak hanya boleh memiliki less than 5% of the total shares issued and fully paid;
saham kurang dari 5% dari keseluruhan saham yang and must be met in a short time at least 183 calendar
ditempatkan dan disetor penuh; dan harus dipenuhi days within a fiscal year.
dalam waktu paling singkat 183 hari kalender dalam
jangka waktu satu tahun pajak.
Pada tanggal 29 Oktober 2021, Pemerintah menerbitkan On 29 October 2021, the Government issue Law of the
Undang-Undang Republik Indonesia No.7 Tahun 2021 Republic of Indonesia No. 7 Year 2021 concerning
tentang Harmonisasi Peraturan Perpajakan (“UU HPP”). Harmonisation of Taz Regulations (“UU HPP”). The
Aturan tersebut menetapkan tarif pajak penghasilan regulation has stipulated the income tax rate for
wajib pajak dalam negeri dan bentuk usaha tetap domestic taxpayer and business establishment of 22%
sebesar 22% yang mulai berlaku pada Tahun Pajak 2022 which will be effective from the Fiscal Year 2022
dan seterusnya. Dengan demikian, penetapan tarif pajak onwards. Hence, the previously tax rate
sebelumnya sebesar 20% menjadi tidak berlaku setelah determination of 20% will be invalid after the
Undang-Undang ini disahkan. ratification of this Law.
Pada tanggal 31 Desember 2022 dan 2021, Perusahaan As of 31 December 2022 and 2021, the Company has
telah memenuhi persyaratan di atas (sesuai “UU HPP” met requirements (“UU HPP” and “PP No. 30/2020”)
dan “PP No.30/2020”) untuk mendapatkan penurunan to obtain the reduced income tax rate of 3%, so that
tarif sebesar 3%, sehingga menggunakan tarif 19% untuk the rate using of 19% for corporate income tax
perhitungan PPh Badan. calculation.
Sesuai dengan peraturan perpajakan di Indonesia, Under the taxation laws of Indonesia, the Company
Perusahaan melaporkan/menyetorkan pajak berdasarkan submits tax returns on the basis of self-assesment.
sistem self-assesment. Fiskus dapat menetapkan atau The tax authorities may assess or amend taxes within
mengubah pajak-pajak tersebut dalam jangka waktu the statute of limitations, under prevailing
tertentu sesuai dengan peraturan yang berlaku. regulations.
388


e. Pemeriksaan Pajak e. Tax Assessment
Tahun Pajak 2016 Fiscal Year 2016
Pada tanggal 9 Maret 2021, Perusahaan telah menerima On 9 March 2021, the Company received a Tax
Surat Ketetapan Pajak Kurang Bayar (SKPKB) untuk tahun Underpayment Assessment Letters (SKPKB) for corporate
pajak 2016 sehubungan dengan pajak penghasilan badan, income tax, value added tax and various other taxes for
pajak pertambahan nilai serta pajak penghasilan lainnya fiscal year 2016 amounting to Rp 10,505, Rp 1,654 and
masing-masing sebesar Rp 10.505, Rp 1.654 dan Rp 616. Rp 616, respectively. In addititon the company also
Selain itu, Perusahaan juga telah menerima Surat received Tax Collection Letter (STP) from Tax Office
Tagihan Pajak (STP) dari Kantor Pajak sebesar Rp 115. amounting Rp 115.
Perusahaan telah membayar kekurangan pajak tersebut On 6 April 2021, the Company has paid the tax
ke Kantor Pajak pada tanggal 6 April 2021 sebesar underpayment to the Tax Office amounting to Rp 12,890
Rp 12.890 dan telah dicatat sebagai beban pajak and has been recorded as income tax expense.
penghasilan.
15. SURAT BERHARGA YANG DITERBITKAN 15. SECURITIES ISSUED
2022 2021
Nilai nominal: Nominal value:

Obligasi Berkelanjutan IV BFI Finance Obligasi Berkelanjutan IV BFI Finance
Indonesia Tahap II Tahun 2019 - 500.000 Indonesia Tahap II Tahun 2019
Obligasi Berkelanjutan IV BFI Finance Obligasi Berkelanjutan IV BFI Finance
Indonesia Tahap III Tahun 2020 395.000 395.000 Indonesia Tahap III Tahun 2020
Obligasi Berkelanjutan V BFI Finance Obligasi Berkelanjutan V BFI Finance
Indonesia Tahap I Tahun 2021 400.000 600.000 Indonesia Tahap I Tahun 2021
Obligasi Berkelanjutan V BFI Finance Obligasi Berkelanjutan V BFI Finance
Indonesia Tahap II Tahun 2021 790.000 1.000.000 Indonesia Tahap II Tahun 2021
Jumlah nilai nominal 1.585.000 2.495.000 Total nominal value
Dikurangi: Less:
Biaya emisi Obligasi yang
belum diamortisasi (3.510) (7.517) Unamortized Bonds issuance cost
Jumlah – neto 1.581.490 2.487.483 Total - net
2022 2021
Utang Obligasi sesuai jatuh temponya: Bonds payable by maturity profile::

• < 1 tahun 655.000 910.000 < 1 year •
• 1-2 tahun 930.000 655.000 1-2 years •
• 2-3 tahun - 930.000 2-3 years •
1.585.000 2.495.000
Amortisasi biaya emisi Obligasi yang Amortization of Bonds issuance costs

dibebankan ke laporan charged to the consolidated
laba rugi dan penghasilan statement of profit or loss
komprehensif lain and other comprehensive
konsolidasian (Catatan 26) 4.026 5.385 income (Note 26)


15. SURAT BERHARGA YANG DITERBITKAN (Lanjutan) 15. SECURITIES ISSUED (Continued)
Obligasi Berkelanjutan IV BFI Finance Indonesia Tahap I Obligasi Berkelanjutan IV BFI Finance Indonesia Tahap I
Tahun 2018 Tahun 2018
Obligasi/ Nilai nominal/ Tingkat bunga tetap/ Jatuh tempo/ Status pembayaran/ Peringkat/
Bonds Nominal value Fixed interest rate Due date Payment status Rating
Seri/Serial A Rp 188.000 6,75% 6 Juli/July 2019 Lunas/Paid A+(idn)

Seri/Serial B Rp 552.000 7,75% 26 Juni/June 2021 Lunas/Paid A+(idn)
Obligasi Berkelanjutan IV BFI Finance Indonesia Tahap II Obligasi Berkelanjutan IV BFI Finance Indonesia Tahap II
Seri/Serial A Rp 500.000 9,00% 2 Maret/March 2020 Lunas/Paid A+(idn)

Seri/Serial B Rp 500.000 10,50% 22 Februari/ Lunas/Paid A+(idn)
February 2022
Obligasi Berkelanjutan IV BFI Finance Indonesia Tahap III Obligasi Berkelanjutan IV BFI Finance Indonesia Tahap
Tahun 2020 III Tahun 2020
Seri/Serial A Rp 437.000 8,00% 18 September 2021 Lunas/Paid A+(idn)

Seri/Serial B Rp 395.000 9,50% 8 September 2023 Belum jatuh tempo/Not yet due A+(idn)
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap I Obligasi Berkelanjutan V BFI Finance Indonesia Tahap I
Seri/Serial A Rp 200.000 6,00% 8 Juni/June 2022 Lunas/Paid A+(idn)

Seri/Serial B Rp 400.000 7,75% 28 Mei/May 2024 Belum jatuh tempo/Not yet due A+(idn)
Obligasi Berkelanjutan V BFI Finance Indonesia Tahap II Obligasi Berkelanjutan V BFI Finance Indonesia Tahap II
Seri/Serial A 210.000 5,25% 16 Agustus/August 2022 Lunas/Paid A+(idn)

Seri/Serial B 260.000 6,25% 6 Agustus/August 2023 Belum jatuh tempo/Not yet due A+(idn)
Seri/Serial C 530.000 7,25% 6 Agustus/August 2024 Belum jatuh tempo/Not yet due A+(idn)
390

15. SURAT BERHARGA YANG DITERBITKAN (Lanjutan) 15. SECURITIES ISSUED (Continued)
Sesuai dengan Perjanjian Perwaliamanatan Obligasi, According to the Bonds Trustee agreement, the Company
Perusahaan memberikan jaminan fidusia berupa piutang provides collateral with fiduciary transfer of financing
pembiayaan dengan kategori lancar sebesar 60% untuk receivables amounting to 60% for Obligasi Berkelanjutan III
Obligasi Berkelanjutan III BFI Finance Indonesia dan Obligasi BFI Finance Indonesia and Obligasi Berkelanjutan IV BFI
Berkelanjutan IV BFI Finance Indonesia dan 50% untuk Finance Indonesia and 50% for Obligasi Berkelanjutan V BFI
Obligasi Berkelanjutan V BFI Finance Indonesia, dari nilai Finance Indonesia, of the outstanding principal amount of
pokok Obligasi yang terutang (Catatan 5). the Bonds (Note 5).
Selain itu, selama pokok Obligasi belum dilunasi, Perusahaan Moreover, during the time that the Bonds principals are
tidak diperkenankan antara lain, membagi dividen dalam hal still outstanding, the Company is not allowed to, among
Perusahaan lalai dalam membayar jumlah terutang obligasi, others, declare dividends in the event that the Company
melakukan penggabungan usaha kecuali dilakukan pada defaults in bond obligations, merge unless performed on
bidang usaha yang sama, dan menjual atau mengalihkan the same business, and sells or hand over more than 50% of
lebih dari 50% aset Perusahaan, kecuali dalam rangka the Company’s assets, except for daily operation activity.
kegiatan usaha sehari-hari. Perusahaan telah memenuhi The Company has complied with the covenants on the
batasan-batasan yang diwajibkan dalam perjanjian tersebut. trustee agreements.
Semua pembayaran pokok Obligasi dilakukan secara penuh All Bonds principal is paid in full as they fall due. All Bonds
pada saat jatuh tempo. Pembayaran bunga Obligasi Interest is paid on quarterly basis.
dilakukan secara triwulan.
Pada tanggal 7 Maret 2022, Perusahaan telah menerima On 7 March 2022, the Company has received a letter
surat dari PT Fitch Ratings Indonesia (“Fitch”) from PT Fitch Ratings Indonesia (“Fitch”)
No.038/DIR/RATLTR/III/2022 yang menerangkan bahwa No.038/DIR/RATLTR/III/2022 which affirmed the credit
Fitch telah mengafirmasi peringkat kredit Perusahaan pada rating of the Company at “A+(idn)” with the outlook
saat ini “A+ (idn)” dengan outlook stabil. Outlook stabil stable. The stable outlook reflects Fitch’s view that the
mencerminkan pandangan Fitch bahwa risiko penurunan downside risk to the Company’s profile due to the
profil Perusahaan akibat pandemi COVID-19 telah berkurang, COVID-19 pandemic have eased, and Fitch expect the
dan Fitch mengharapkan metrik keuangan Perusahaan Company’s financial metrics to remain largerly consistent
sebagian besar tetap konsisten dengan peringkat saat ini with the current rating over the next one to two years.
selama satu hingga dua tahun ke depan.
16. BEBAN YANG MASIH HARUS DIBAYAR 16. ACCRUED EXPENSES
2022 2021
Bonus dan tunjangan lainnya 259.129 182.935 Bonus and other allowances
Jasa tenaga ahli 129.387 78.111 Professional fees
Bunga 48.133 49.782 Interest
Jumlah 479.299 338.442 Total
17. LIABILITAS IMBALAN PASCA-KERJA 17. POST-EMPLOYMENT BENEFIT LIABILITIES
Perusahaan memberikan imbalan pasca-kerja kepada The Company is required to provide post-employment
karyawannya pada saat pemutusan hubungan kerja atau benefits to its employees when their employment is
pada saat karyawan menyelesaikan masa kerjanya. terminated or when they retire. These benefits are
Imbalan pasca-kerja ini diberikan terutama berdasarkan primarily based on years of service and the employees’
masa kerja dan kompensasi karyawan pada saat pemutusan compensation at termination or retirement.
hubungan kerja atau selesainya masa kerja.
Perusahaan dan entitas anaknya menyelenggarakan The Company and its subsidiary have defined contribution
program pensiun untuk karyawan tetap yang sudah pension program covering its qualified permanent
memenuhi kriteria yang ditetapkan Perusahaan, dimana employees who meets the Company’s criteria, where the
program pensiun ini dikelola dan diadministrasikan oleh contribution pension program is defined and administered
PT Asuransi Jiwa Manulife Indonesia. by PT Asuransi Jiwa Manulife Indonesia.


17. LIABILITAS IMBALAN PASCA-KERJA (Lanjutan) 17. POST-EMPLOYMENT BENEFITS LIABILITIES (Continued)
Imbalan pasca-kerja meliputi pensiun, uang pisah, uang Post-employment benefits include pensions, severance
penghargaan dan imbalan lainnya (Imbalan pasca-kerja pay, service pay and other benefits (Post-employment
(“IPK”) sesuai dengan Undang-Undang Cipta Kerja benefits (“PEB”) as stipulated under the Job Creation
No.11/2020, Peraturan Pemerintah No.35/202 (“PP Law No.11/2020, Government Regulation No.35/2021
35/2021”) dan Program Pensiun Iuran Pasti (PPIP)) dihitung (“GR 35/2021”) and Defined Contribution (DC) Plan)
oleh Steven & Mourits, aktuaris independen, dalam is calculated by Steven & Mourits, an independent actuary,
laporannya bertanggal 25 Januari 2023 dan 10 Januari 2022 in its report dated 25 January 2023 and 10 January 2022 for
masing-masing untuk tahun yang berakhir pada tanggal the year ended 31 December 2022 and 2021, by using the
31 Desember 2022 dan 2021, dengan menggunakan metode Projected Unit Credit method. Number of employees
Projected Unit Credit. Jumlah karyawan yang berhak entitled for the employee benefits for the year ended
memperoleh imbalan kerja tersebut untuk tahun yang 31 December 2022 and 2021 was 6,040 and 5,917 employees,
berakhir pada tanggal 31 Desember 2022 dan 2021 adalah respectively.
6.040 dan 5.917 karyawan.
Rincian liabilitas atas imbalan pasca-kerja yang diakui di The details of the liabilities for post-employment benefits
laporan posisi keuangan konsolidasian adalah sebagai recognized in the consolidated statements of financial
berikut: position are as follows:
2022 2021
Nilai kini kewajiban imbalan pasti 180.474 181.820 Present value of defined benefit obligation
Nilai wajar aset program (68.589) (66.363) Fair value of plan asset
Imbalan pasca-kerja 111.885 115.457 Post-employment benefits
Mutasi nilai kini kewajiban imbalan pasti yang diakui pada Movements in the present value of defined benefit
laporan posisi keuangan konsolidasian sebagai berikut: obligation recognised in the consolidated statement of
financial position are as follows:
2022 2021
Nilai kini kewajiban imbalan pasti Present value of defined benefit obligation
pada awal tahun 181.820 215.418 at beginning of year
Biaya jasa kini 20.368 17.130 Current service cost
Biaya jasa lalu atas perubahan imbalan - (41.764 ) Past service cost due to plan amendment
Biaya bunga 10.768 14.095 Interest cost
Pembayaran imbalan kerja Benefit payment from Company
(sesuai provisi yang dihitung) (4.821 ) (6.221 ) (based on computed provision)
Pembayaran imbalan aset program (2.770 ) (2.321 ) Benefit payment from plan assets
Penyesuaian liabilitas akibat Liability assumed due to recognition of
pengakuan masa kerja lalu 768 1.154 past services
Penyesuaian liabilitas atas Liability released due to employee
karyawan transfer keluar - (12) transferred out
Pengukuran kembali atas nilai kini Remeasurement of present value of
kewajiban imbalan pasti: defined benefit obligation:
Keuntungan atas perubahan Gain from changes in financial
asumsi ekonomis (5.406 ) (2.474 ) assumption
Keuntungan (kerugian) atas Gain (loss) from
penyesuaian pengalaman 6.588 (13.185 ) experience adjustments
Dampak penyesuaian atas siaran pers Impact of DSAK IAI press release's
DSAK IAI (Catatan 2c) (26.841 ) - adjustments (Note 2c)
Nilai kini kewajiban imbalan pasti Present value of defined benefit
pada akhir tahun 180.474 181.820 obligation at end of year
2022 2021
Nilai wajar aset program pada Fair value of plan assets at
awal tahun 66.363 61.207 beginning of year
Pendapatan bunga atas aset program 4.962 4.319 Interest income on plan assets
Iuran Perusahaan 6.000 6.000 Company contribution
Pembayaran imbalan dari aset program (2.770) (2.321 ) Benefit payment from plan assets
Imbal hasil aset program (tidak termasuk Return on plan assets (excluding
pendapatan bunga) (5.966) (2.842 ) interest income)
Nilai wajar aset program pada akhir tahun 68.589 66.363 Fair value of plan assets at end of year
392

2022 2021
Saldo awal 115.457 154.211 Beginning balance
Iuran Perusahaan yang dibayarkan (6.000 ) (6.000 ) Contribution plan of the Company
Pembayaran imbalan kerja (14.663 ) (18.510) Benefits paid by the Company
(Pendapatan) beban yang diakui pada laba rugi 36.784 (1.427) (Income) expense recognized in profit loss
(Pendapatan) beban yang diakui pada (Income) expense recognized in other
penghasilan komprehensif lain 7.148 (12.817 ) comprehensive income
DSAK IAI (Catatan 2c) (26.841 ) - adjustments (Note 2c)
Liabilitas yang diakui di laporan Liability recognized in statement of
posisi keuangan 111.885 115.457 financial position
Jumlah yang diakui pada laporan laba rugi dan penghasilan The amounts recognised in the consolidated statement of
komprehensif lain konsolidasian adalah sebagai berikut: profit or loss and other comprehensive income are as
follows:
2022 2021
Biaya jasa kini 20.368 17.130 Current service cost

Biaya bunga 10.768 14.095 Interest cost
Pendapatan bunga atas aset program (4.962) (4.319 ) Interest income on plan assets
Penyesuaian liabilitas akibat pengakuan Liabilities assumed due to recognition of
masa kerja lalu 768 1.154 past services
Penyesuaian liabilitas atas karyawan Liability released due to employee
transfer keluar - (12 ) transferred out
Biaya jasa lalu atas perubahan imbalan - (41.764 ) Past service cost due to changes in benefits
Biaya terminasi oleh Perusahaan 9.842 12.289 Termination benefit by Company
DSAK IAI (Catatan 2c) (26.841) - adjustments (Note 2c)
Jumlah beban (pendapatan) Total expenses (income)
(Catatan 25) 9.943 (1.427) (Note 25)
Riwayat penyesuaian pengalaman adalah sebagai berikut: The history of experience adjustment are as follows:
2022 2021 2020 2019 2018
Nilai kini kewajiban Present value of defined

imbalan pasti (180.474) (181.820 ) (215.418) (313.810 ) (249.508) benefit obligation
Nilai wajar aset program 68.589 66.363 61.207 55.473 47.010 Fair value of plan assets
Defisit (111.885) (115.457) (154.211) (258.337) (202.498) Deficit
Penyesuaian pengalaman Experience adjustment on

liabilitas program (6.588) 13.185 20.906 20.180 (5.324) plan liabilities
Penyesuaian pengalaman Experience adjustment on

aset program (5.966) (2.842 ) (525) 1.490 (5.364) plan assets
Kategori utama aset program per 31 Desember 2022 dan The main categories of plan assets as of 31 December 2022
2021 sebagai persentase dari total aset program adalah and 2021 as percentage of total plan assets was money
pasar uang 50%, pendapatan tetap 30% dan saham 20%. market 50%, fixed income 30% and shares 20%.


Tabel berikut menunjukkan sensitivitas atas kemungkinan The following table demonstrates the sensitivity to a
perubahan tingkat diskonto dan tingkat kenaikan gaji reasonably possible change in discount rates and salary
sebesar 1% dengan variabel lain dianggap tetap, terhadap increment rate of 1%, with all other variables held
nilai kini liabilitas imbalan pasca-kerja: constant, of the present value of post-employment
benefits liabilities:
Tingkat diskonto/ Tingkat kenaikan gaji/
Discount rate Salary increment rate
Kenaikan/ Penurunan/ Kenaikan/ Penurunan/
Increase Decrease Increase Decrease
Dampak pada nilai kini Impact on present value of post-
liabilitas imbalan pasca-kerja 168.164 194.385 194.554 167.748 employment benefits liabilities
Tingkat diskonto/ Tingkat kenaikan gaji/
Discount rate Salary increment rate
Kenaikan/ Penurunan/ Kenaikan/ Penurunan/
Increase Decrease Increase Decrease
Dampak pada nilai kini Impact on present value of post-
liabilitas imbalan pasca-kerja 166.985 198.965 199.313 166.339 employment benefits liabilities
Analisa sensitivitas didasarkan pada perubahan atas satu The sensitivity analysis are based on a change in an
asumsi aktuarial dimana asumsi lainnya dianggap konstan. assumption while holding all other assumptions constant.
Dalam prakteknya, hal ini jarang terjadi dan perubahan In practice, this is unlikely to accur an changes in some of
beberapa asumsi mungkin saling berkorelasi. Dalam the assumptions may be correlated. When calculating the
perhitungan sensitivitas kewajiban imbalan pasti atas sensitivity of the defined benefit obligation to significant
asumsi aktuarial utama, metode yang sama (perhitungan actuarial assumptions, the same method (present value of
nilai kini kewajiban imbalan pasti dengan menggunakan the defined benefit obligation calculated with the
metode Modified Discount Yield Curve/Mercer Pension Modified Discount Yield Curve/Mercer Pension Discount
Discount Yield Curve di akhir periode) telah diterapkan Yield Curve method at the end of the reporting period)
seperti dalam perhitungan kewajiban pensiun yang diakui has been applied as when calculating the pension liability
dalam laporan posisi keuangan. recognized within the statements of financial position.
Asumsi-asumsi utama yang digunakan dalam perhitungan di Key assumptions used in the above calculation:
atas:
2022 2021
Asumsi ekonomi: Economic assumptions:

- Tingkat diskonto per tahun 7,30% - 7,40% 7,30% - 7,60% Annual discount rate -
- Kenaikan gaji per tahun 10% 10% Annual salary increase -
Asumsi demografi: Demographic assumptions:

- Tingkat kematian Tabel Mortalisasi Indonesia – 2019/ Mortality table of Mortality rate -
Indonesia – 2019
- Tingkat pengunduran diri 20% per tahun sebelum usia 25 dan terus menurun menjadi 0% Turnover rate -
pada usia 55 /
20% per annum before the age of 25 and linearly decreasing
to 0% per annum at age of 55
- Tingkat kecacatan per tahun 5% dari Tingkat Kematian/5% of Mortality Rates Disability rate per annum -
- Tingkat pensiun 100% di usia 56/100% at age 56 Retirement rate -
394

18. DIVIDEN KAS DAN SALDO LABA YANG TELAH DITENTUKAN 18. CASH DIVIDENDS AND APPROPRIATION OF RETAINED
PENGGUNAANNYA EARNINGS
Berdasarkan Berita Acara Rapat Direksi PT BFI Finance Based on the Minutes of Meeting of the Board Directors
Indonesia, Tbk pada tanggal 2 Desember 2022, Perusahaan PT BFI Finance Indonesia, Tbk on 2 December 2022, the
menyetujui pembagian dividen tunai interim untuk tahun Company approved interim cash dividend for the financial
buku 2022, sebesar Rp 28 (nilai penuh) per saham atau year 2022, amounted to Rp 28 (full amount) per share
setara dengan Rp 421.103 yang telah dibayarkan kepada amounting to Rp 421,103 to the shareholders of the
pemegang saham pada tanggal 22 Desember 2022. Company, which has been distributed on 22 December
2022.
Berdasarkan Berita Acara Rapat Umum Pemegang Saham Based on the decision of Shareholders’ Annual General
Tahunan PT BFI Finance Indonesia Tbk pada tanggal 29 Juni Meeting on 29 June 2022, the Company announced a cash
2022, Perusahaan menetapkan pembagian dividen tunai dari dividend from net profit in 2021 amounted to Rp 17 (full
laba bersih tahun 2021 sebesar Rp 17 (nilai penuh) per amount) per share. After taking into account the interim
saham. Setelah memperhitungkan dividen tunai interim cash dividend amounted to Rp 7 (full amount) per share
sebesar Rp 7 (nilai penuh) per lembar saham atau setara amounting to Rp 104,751 to the shareholders of the
dengan Rp 104.751 yang telah dibayarkan kepada pemegang Company, which has been distributed on 23 December
saham pada tanggal 23 Desember 2021 berdasarkan Berita 2021 based on the Minutes of Meeting of the Board of
Acara Rapat Direksi Perusahaan pada tanggal 6 Desember Directors on 6 December 2021, the remaining balance
2021, sisanya sebesar Rp 10 (nilai penuh) per lembar saham amounted to Rp 10 (full amount) per share amounting to
atau setara dengan Rp 149.644 telah dibayarkan pada Rp 149,644 has been distributed on 28 July 2022. The
tanggal 28 Juli 2022. Perusahaan juga menyetujui untuk Company agreed to set aside Rp 5,000 for the reserve.
menyisihkan sebesar Rp 5.000 sebagai cadangan.
Berdasarkan Berita Acara Rapat Umum Pemegang Saham Based on the Company’s Annual General Meeting of
Tahunan Perusahaan pada tanggal 25 Mei 2021, Perusahaan Shareholders on 25 May 2021, the Company approved cash
menyetujui pembagian dividen tunai sebesar Rp 18 (nilai dividend of Rp 18 (full amount) per share amounting
penuh) per saham atau setara dengan Rp 269.359 dari laba to Rp 269,359 from 2020 net profit which has been paid
bersih tahun 2020 yang telah dibayarkan pada tanggal on 25 June 2021. The Company agreed to set aside
25 Juni 2021. Perusahaan juga menyetujui untuk Rp 5,000 for the reserve.
menyisihkan sebesar Rp 5.000 sebagai cadangan.
19. UTANG LAIN-LAIN – PIHAK KETIGA 19. OTHER PAYABLES – THIRD PARTIES
2022 2021
Titipan konsumen 278.938 168.671 Customer deposits
Utang kepada supplier 84.116 28.452 Payable to suppliers
Premi asuransi 58.736 49.704 Insurance premium
Utang pengurusan fidusia 1.230 1.016 Fiducia processing payables
Jumlah 489.352 305.087 Total
20. MODAL SAHAM 20. SHARE CAPITAL

Susunan pemegang saham Perusahaan pada tanggal The composition of the shareholder of the Company based
31 Desember 2022 dan 2021 berdasarkan laporan daftar on the share register of PT Raya Saham Registra (RSR), the
pemegang saham dari PT Raya Saham Registra (RSR), Biro share registrar, as of 31 December 2022 and 2021, are as
Administrasi Efek, adalah sebagai berikut: follows:
Jumlah
saham/ Nilai
Number of nominal/
Pemegang saham Shares Amount %* Shareholders
Trinugraha Capital & Co SCA **) 7.688.125.938 192.203 51,12 **) Trinugraha Capital & Co SCA
Lainnya (masing-masing di bawah 5%) 7.351.257.682 183.782 48,88 Others (each below 5%)
15.039.383.620 375.985 100,00
Saham treasuri 927.732.000 23.193 - Treasury stock
Jumlah 15.967.115.620 399.178 100,00 Total


20. MODAL SAHAM (Lanjutan) 20. SHARE CAPITAL (Continued)
Susunan pemegang saham Perusahaan pada tanggal The composition of the shareholder of the Company based
31 Desember 2022 dan 2021 berdasarkan laporan daftar on the share register of PT Raya Saham Registra (RSR), the
pemegang saham dari PT Raya Saham Registra (RSR), Biro share registrar, as of 31 December 2022 and 2021, are as
Administrasi Efek, adalah sebagai berikut: (Lanjutan) follows: (Continued)
Jumlah
saham/ Nilai
Number of nominal/
Pemegang saham shares Amount %* Shareholders
Trinugraha Capital & Co SCA 6.835.249.660 170.881 45,68 Trinugraha Capital & Co SCA
DB SPORE DCS A/C DB SPORE DCS A/C
NTAsian Discovery Master NTAsian Discovery Master
Fund-864134218 835.000.000 20.875 5,58 Fund-864134218
Lainnya (masing-masing di bawah 5%) 7.294.133.960 182.354 48,74 Others (each below 5%)
14.964.383.620 374.110 100,00
Saham treasuri 1.002.732.000 25.068 - Treasury stock
Jumlah 15.967.115.620 399.178 100,00 Total
*) % kepemilikan saham disajikan secara neto, diluar saham *) % share ownership is presented on a net basis, excluded
treasuri. treasury stock.
**) Pada tanggal 20 Januari 2022, Trinugraha Capital & Co SCA **) On 20 January 2022, Trinugraha Capital & Co SCA (TC)
(TC) menerbitkan keterbukaan informasi mengenai published an information disclosure regarding the plan
rencana pembelian saham Perusahaan dengan cara to purchase the Company's shares through voluntary
Penawaran Tender Sukarela (voluntary tender offer yang tender offer which obtained the effective statement
memperoleh pernyataan efektif oleh OJK pada tanggal from OJK on 11 March 2022.
11 Maret 2022).
Jumlah saham yang dimiliki anggota Dewan komisaris dan The number of shares held by the member of the board
Direksi Perusahaan berdasarkan laporan daftar pemegang of commissioners and directors of the Company based on
saham dari PT Raya Saham Registra (RSR), biro administrasi the share register of PT Raya Saham Registra (RSR), the
efek, adalah sebanyak 450.839.280 dan 455.110.380 saham, share registrar, was 450,839,280 and 455,110,380 shares
yang merupakan kepemilikan sebesar 2,81% dan 2,84% dari representing 2.81% and 2.84% of the total outstanding
jumlah saham Perusahaan yang beredar masing-masing pada shares of the Company as of 31 December 2022 and 2021,
tanggal 31 Desember 2022 dan 2021 dengan rincian sebagai respectively with detail as follows:
berikut:
Jumlah Saham/Total Shares %

Nama Anggota/ 31 Desember/December 31 Desember/December
Name of Members Jabatan/Positions 2022 2021 2022 2021
Francis Lay Sioe Ho Presiden Direktur/ 386.771.480 391.171.480 2,42 2,45

President Director
Sudjono Direktur/Director 26.310.800 26.310.800 0,16 0,16
Sutadi Direktur/Director 17.517.000 17.388.100 0,11 0,11
Sigit Hendra Gunawan Direktur/Director 10.000.000 10.000.000 0,06 0,06
Andrew Adiwijanto Direktur/Director 10.240.000 10.240.000 0,06 0,06
Jumlah/ Total 450.839.280 455.110.380 2,81 2,84
396

20. MODAL SAHAM (Lanjutan) 20. SHARE CAPITAL (Continued)
Saham Treasuri Treasury stock
Pada tanggal 29 Juni 2022, RUPSLB menyetujui pengalihan On 29 June 2022, the Extraordinary General Meetings of
sebagian saham melalui Program Kepemilikan Saham oleh Shareholders (EGMS) has approved to form and
Manajemen dan Karyawan (Management and Employee implement Management and Employee Stock Ownership
Stock Ownership Program atau disebut juga sebagai Program (MESOP Program) by transferring a maximum of
(program MESOP), yang berasal dari saham treasuri milik 75,000,000 of the Company’s treasury shares.
Perusahaan sebanyak-banyaknya 75.000.000 lembar saham.
RUPSLB juga telah menyetujui pengalihan sisa saham The EGMS has also approved the transfer of the
treasuri sebanyak-banyaknya 927.732.000 lembar saham remaining 927,732,000 treasury shares by selling either
dengan cara dijual baik di Bursa Efek maupun di luar Bursa on or outside the Stock Exchange to other parties,
Efek kepada pihak lain, baik kepada pemegang saham including to the main shareholders of the Company
utama Perusahaan (Trinugraha Capital & Co. SCA) maupun (Trinugraha Capital & Co. SCA) or other third parties.
kepada pihak ketiga lainnya.
Pada tanggal 11 Oktober 2022, Perusahaan melakukan On 11 October 2022, the Company entered into a
transaksi pengalihan sebagian saham treasuri melalui transaction to transfer part of its treasury shares through
program MESOP sejumlah 75.000.000 lembar saham pada the MESOP program in the amount of 75,000,000 shares at
harga Rp 500 (nilai penuh) per lembar saham. Pengalihan a price of Rp 500 (full amount) per share. The transfer is
tersebut berlaku efektif pada tanggal 13 Oktober 2022 di effective on 13 October 2022 where the shares have
mana saham-saham telah berpindah tangan dan diblock changed hands and are blocked (non-tradeable) for 3 years
(tidak dapat diperdagangkan) selama 3 tahun sejak tanggal from the date of transfer.
dialihkan.
Pelaksanaan program MESOP ini tidak menimbulkan dampak The implementation of the MESOP program does not have
dilusi kepada pemegang saham atas kepemilikan saham a dilutive impact on shareholders on share ownership in
dalam Perusahaan, dikarenakan saham-saham yang the Company, causes the shares included in the MESOP
dimasukkan ke dalam program MESOP merupakan saham program are treasury shares and are not new shares issued
treasuri dan bukan merupakan saham baru yang dikeluarkan from the Company's portfolio. The proceeds from the
dari portepel Perusahaan. Hasil pengalihan saham MESOP transfer of MESOP shares will be additional working capital
akan menjadi tambahan modal kerja bagi Perusahaan. for the Company.
Pada tanggal 31 Desember 2022 dan 2021, jumlah saham As of 31 December 2022 and 2021, total treasury stock
treasuri masing-masing adalah sebanyak 927.732.000 dan were 927,732,000 and 1,002,732,000 shares, respectively.
1.002.732.000 saham.
21. TAMBAHAN MODAL DISETOR - NETO 21. ADDITIONAL PAID-IN CAPITAL - NET
Pada tanggal 31 Desember 2022 dan 2021, akun ini On 31 December 2022 and 2021, this account represents
merupakan selisih lebih antara hasil yang diterima dengan the difference between amount received and par value
nilai nominal dari setoran modal, penawaran umum perdana from paid-in capital, initial public offering and conversion
dan konversi dari obligasi konversi termasuk penyesuaian of convertible bonds including adjustments balance of
saldo karena kuasi reorganisasi. quasi reorganization.


22. PENDAPATAN PIUTANG PEMBIAYAAN 22. FINANCING RECEIVABLES INCOME

2022 2021
Pendapatan piutang pembiayaan Financing receivables income

Pihak ketiga 3.672.506 2.936.227 Third parties
Pendapatan administrasi 763.781 500.341 Administration income
Denda keterlambatan 328.755 249.412 Late charges
Pendapatan terminasi 289.397 122.118 Termination income
5.054.439 3.808.098
Jumlah Total
Dikurangi: Less:
Bagian pendapatan yang dibiayai Portion of funds financed by
bank sehubungan dengan kerjasama banks in relation to channeling
penerusan pinjaman dan pembiayaan and joint financing
bersama (Catatan 31) (2.191) (13.916 ) cooperation (Note 31)
Pendapatan piutang pembiayaan - neto 5.052.248 3.794.182 Financing receivables income - net
Pada tahun yang berakhir pada tanggal 31 Desember 2022 For the year ended 31 December 2022 and 2021, the
dan 2021, amortisasi biaya transaksi yang diakui sebagai amortization of transaction costs recognized as a reduction
pengurang dari pendapatan piutang pembiayaan masing- to financing receivables income was amounted to
masing sebesar Rp 100.222 dan Rp 45.919. Rp 100,222 and Rp 45,919, respectively.
23. PENDAPATAN SYARIAH 23. SHARIA INCOME
2022 2021
Marjin murabahah 63.679 21.125 Murabahah margin
Pendapatan ijarah 1.267 5.329 Ijarah income
Pendapatan IMBT 211 - IMBT income
24. PENDAPATAN LAIN-LAIN 24. OTHER INCOME
2022 2021
Pemulihan dari piutang Recovery on written-off

yang dihapusbukukan 208.407 249.529 receivables
Keuntungan neto penjualan Gain on sale of fixed
aset tetap (Catatan 10) 20.209 9.753 assets - net (Note 10)
Jumlah 242.735 269.596 Total
398

25. BEBAN GAJI DAN TUNJANGAN 25. SALARIES AND BENEFITS EXPENSES
2022 2021
Pihak ketiga Third parties
Gaji dan imbalan kerja 1.220.271 979.900 Salaries and allowances
Imbalan pasca-kerja (Catatan 17)* 8.527 402 Post-employment benefits (Note 17)*
Lain-lain (Catatan 20) 37.875 - Others (Note 20)
1.266.673 980.302
Pihak berelasi (Catatan 29) Related parties (Note 29)
Gaji dan imbalan kerja 56.559 44.806 Salaries and allowances
Imbalan pasca-kerja (Catatan 17, 29)* 1.416 (1.829) Post-employment benefits (Note 17, 29)*
57.975 42.977
Jumlah 1.324.648 1.023.279 Total
*)Terdapat penyesuaian biaya imbalan pasca-kerja atas penerapan *)There is an adjustment to post-employment benefits due to the
Undang-undang Cipta Kerja No.11/2020 dan peraturan turunannya implementation of the Job Creation Law No.11/2020 and its
yaitu Peraturan Pemerintah No.35/2021. derivative regulation, that is Government Regulation No.35/2021.
26. BEBAN BUNGA DAN KEUANGAN 26. INTEREST AND FINANCING CHARGES
2022 2021
Bunga atas pinjaman yang diterima 476.916 353.349 Interest on borrowings
Bunga atas surat berharga yang Interest on securities
diterbitkan (Catatan 15) 143.157 211.352 issued (Note 15)
Amortisasi biaya emisi atas surat berharga Amortization of securities
yang diterbitkan (Catatan 15) 4.026 5.385 issuance cost (Note 15)
Jumlah 624.099 570.086 Total
27. BEBAN UMUM DAN ADMINISTRASI 27. GENERAL AND ADMINISTRATIVE EXPENSES
2022 2021
Honorarium tenaga ahli 148.269 99.686 Professional fees
Penyusutan aset tetap (Catatan 10) 100.106 91.450 Depreciation of fixed assets (Note 10)
Perbaikan dan pemeliharaan 89.072 69.688 Repairs and maintenance
Beban penerimaan angsuran 80.592 129.927 Installment collection expense
Pemasaran 57.554 34.585 Marketing
Perjalanan dinas dan transportasi 33.772 16.093 Travel and transportation
Keanggotaan dan langganan 29.907 21.539 Membership and subscription
Komunikasi 25.328 23.788 Communications
Pendidikan dan pelatihan 23.170 5.158 Training and education
Amortisasi aset takberwujud (Catatan 12) 22.492 12.937 Amortization of intangible assets (Note 12)
Penyusutan aset hak-guna (Catatan 11) 21.544 22.334 Depreciation of right-of-use assets (Note 11)
Pengiriman, perangko dan materai 18.043 14.429 Courier, postage and stamp duty
Beban kantor 17.303 14.864 Office expense
Asuransi 16.560 14.721 Insurance
Beban alih daya 16.034 17.532 Outsourced service expenses
Listrik dan air 15.702 14.597 Electricity and water
Program CSR 3.423 2.930 CSR program
Beban administrasi bank 2.667 2.040 Bank administration charges
Sewa 2.480 3.019 Rental
Legalisir dokumen dan fotokopi 1.933 4.122 Legalized document and photocopy
Jumlah 771.052 647.148 Total


28. BEBAN LAIN-LAIN 28. OTHER EXPENSES
Rincian beban lain-lain adalah sebagai berikut: The details of other expenses are as follows:
2022 2021
Penghapusan piutang dalam Written-off receivables in the
proses penyelesaian 64.505 75.582 settlement process
Pemulihan kerugian penurunan nilai Recovery for impairment losses of
atas piutang dalam proses penyelesaian (7.433) (39.058) receivables in the settlement process
29. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 29. RELATED PARTY TRANSACTIONS
Dalam menjalankan kegiatan usahanya, Perusahaan dan In carrying out its business activities, the Company and its
entitas anaknya melakukan transaksi-transaksi dengan subsidiary enter into transactions with certain related
pihak-pihak berelasi tertentu sebagai berikut: parties as the followings:
Sifat hubungan/
Pihak berelasi/Related party Nature of relationship Transaksi/Transactions
Karyawan/Employee Personil manajemen kunci/ Imbalan kerja jangka-pendek/

Key management personnel Short-term employees’ benefits
Imbalan pasca-kerja/ Post-employment benefits
Program kompensasi manajemen dan karyawan
berbasis saham/Management and employee
stock options program
Saldo dan transaksi–transaksi kepada/dari pihak yang Balances and transactions to or from a related party are as
berelasi adalah sebagai berikut: follows:
Beban gaji dan tunjangan Salaries and employee benefits
2022 2021
Personil manajemen kunci: Key management personnel:
Imbalan kerja jangka-pendek 56.559 44.806 Short-term employees’ benefits
Imbalan pasca-kerja* 1.416 (1.829) Post-employment benefits*
57.975 42.977
Persentase terhadap jumlah beban 1,84% 1,58% Percentage of total expenses
*)Terdapat penyesuaian biaya imbalan pasca-kerja atas penerapan *)There is an adjustment to post-employment benefits due to the
Undang-undang Cipta Kerja No.11/2020 dan peraturan implementation of the Job Creation Law No.11/2020 and its
turunannya yaitu Peraturan Pemerintah No.35/2021. derivative regulation, that is Government Regulation No.35/2021.
Transaksi dengan pihak berelasi, kecuali beban gaji dan Transaction with related parties, except salary expense
imbalan kerja kepada personil manajemen kunci, dilakukan and employee benefits to key management personnel,
dengan menggunakan persyaratan usaha normal. conducted by normal operations requirements.
400

30. SEGMEN OPERASI 30. OPERATING SEGMENT
Perusahaan dan entitas anaknya mengelola kegiatan The Company and its subsidiary manage its business
usahanya dan mengidentifikasi segmen yang dilaporkan activities and identifies its reported segments based on
berdasarkan jenis produk dan wilayah geografis. Laba atau product categories and geographic area. Profit or loss from
rugi dari masing-masing segmen digunakan untuk menilai each segment is used to measure performance of each
kinerja masing-masing segmen. Informasi yang berkaitan segment’s information concerning the main segments are
dengan segmen usaha utama disajikan sebagai berikut: set out as follows:
2022
Sepeda
Mobil/ motor/ Lain-lain/ Jumlah/
Cars Motorcycles Others Total
Laporan laba rugi Statement of profit or loss

Pendapatan Income
Pendapatan pembiayaan 3.462.187 1.104.184 551.034 5.117.405 Financing income
Lain-lain 143.905 28.568 93.132 265.605 Others
Jumlah pendapatan 3.606.092 1.132.752 644.166 5.383.010 Total income
Beban Expenses
Beban operasional 1.843.495 542.003 391.373 2.776.871 Operating expenses
Penyisihan kerugian penurunan nilai 192.226 118.326 56.906 367.458 Provision for impairment losses
Jumlah beban 2.035.721 660.329 448.279 3.144.329 Total expenses
Laba sebelum pajak 1.570.371 472.423 195.887 2.238.681 Profit before tax
Beban pajak penghasilan (303.037 ) (91.164) (37.801 ) (432.002) Income tax expense
Laba tahun berjalan 1.267.334 381.259 158.086 1.806.679 Profit for the year
Laporan posisi keuangan / Statement of financial position

Aset Assets
Piutang pembiayaan - neto 13.494.914 2.319.601 3.739.739 19.554.254 Financing receivables - net
Piutang ijarah & IMBT - neto - - 7.767 7.767 Ijarah & IMBT receivables - net
Lain-lain 53.736 16.023 2.297.854 2.367.613 Others
Jumlah aset 13.548.650 2.335.624 6.045.360 21.929.634 Total assets
Liabilitas Liabilities
Pinjaman yang diterima - - 10.246.908 10.246.908 Fund borrowings
Surat berharga yang diterbitkan -
neto - - 1.581.490 1.581.490 Securities issued - net
Lain-lain 112.715 19.574 1.213.038 1.345.327 Others
Jumlah liabilitas 112.715 19.574 13.041.436 13.173.725 Total liabilities


30. SEGMEN OPERASI (Lanjutan) 30. OPERATING SEGMENT (Continued)
2021
Sepeda
Mobil/ motor/ Lain-lain/ Jumlah/
Cars Motorcycles Others Total
Laporan laba rugi Statement of profit or loss
Pendapatan Income
Pendapatan pembiayaan 2.674.681 723.726 422.229 3.820.636 Financing income
Lain-lain 178.798 35.260 87.861 301.919 Others
Jumlah pendapatan 2.853.479 758.986 510.090 4.122.555 Total income
Beban Expenses
Beban operasional 1.556.157 402.089 318.791 2.277.037 Operating expenses

Penyisihan kerugian penurunan nilai 260.176 79.031 95.353 434.560 Provision for impairment losses
Jumlah beban 1.816.333 481.120 414.144 2.711.597 Total expenses
Laba sebelum pajak 1.037.146 277.866 95.946 1.410.958 Profit before tax
Beban pajak penghasilan (205.538) (55.067) (19.015 ) (279.620 ) Income tax expense
Laba tahun berjalan 831.608 222.799 76.931 1.131.338 Profit for the year
Laporan posisi keuangan Statement of financial position

Aset Assets
Piutang pembiayaan - neto 10.132.869 1.324.257 2.219.064 13.676.190 Financing receivables - net
Piutang ijarah - neto - - 941 941 Ijarah receivables - net
Lain-lain 35.787 5.421 1.917.400 1.958.608 Others
Jumlah aset 10.168.656 1.329.678 4.137.405 15.635.739 Total assets
Pinjaman yang diterima - - 4.789.422 4.789.422 Fund borrowings
Surat berharga yang diterbitkan -
neto - - 2.487.483 2.487.483 Securities issued - net
Lain-lain 66.716 12.415 849.477 928.608 Others
Jumlah liabilitas 66.716 12.415 8.126.382 8.205.513 Total liabilities
Berikut ini adalah informasi yang berkaitan dengan segmen The following tables present information concerning the
usaha utama berdasarkan wilayah geografis: main segments based on geographic area:
Segmen Geografis Geographical Segments
2022
Sulawesi dan
Indonesia Timur/
Jawa dan Bali/ Kalimantan/ Sumatera/ Sulawesi and Jumlah/
Java and Bali Kalimantan Sumatera East Indonesia Total
Jumlah Pendapatan 2.960.283 650.417 947.292 825.018 5.383.010 Total Income
Jumlah Aset 13.347.967 3.313.769 3.701.852 1.566.046 21.929.634 Total Assets
2021
Sulawesi dan
Indonesia Timur/
Jawa dan Bali/ Kalimantan/ Sumatera/ Sulawesi and Jumlah/
Java and Bali Kalimantan Sumatera East Indonesia Total
Jumlah Pendapatan 2.292.255 471.223 735.565 623.512 4.122.555 Total Income
Jumlah Aset 9.874.803 2.414.055 2.590.826 756.055 15.635.739 Total Assets
402

31. PERJANJIAN KERJASAMA YANG PENTING 31. SIGNIFICANT COOPERATION AGREEMENTS
a. Pembiayaan Bersama a. Joint Financing
Dalam kaitan untuk mendukung kebutuhan pendanaan For the purpose to support funding requirement on
untuk pengembangan usaha, Perusahaan juga business expansion, the Company has also engaged a
melakukan berbagai kerjasama dengan perbankan, partnership with banking institutions in the form of
antara lain dalam bentuk perjanjian pembiayaan joint financing which are classified as “off balance
bersama (joint financing) yang dibukukan secara off sheet” transactions.
balance sheet.
2022 2021
PT Bank Jago Tbk 102.899 - PT Bank Jago Tbk
PT Bank Rakyat Indonesia (Persero) Tbk 714 45.082 PT Bank Rakyat Indonesia (Persero) Tbk
Dikurangi: Less:
Biaya transaksi belum diamortisasi (282) (145) Unamortized transaction costs
Jumlah - neto 103.331 44.937 Total – net
Dalam perjanjian kerjasama dengan skema pembiayaan Pursuant to the agreement with joint financing scheme
bersama (joint financing) antara Perusahaan dan between the Company and PT Bank Rakyat Indonesia
PT Bank Rakyat Indonesia (Persero) Tbk porsi fasilitas Tbk (Persero), the amount of funds to be financed by
pembiayaan yang akan diberikan untuk konsumen dari each party range from 5% from the Company, and 95%
masing-masing pihak adalah berkisar 5% dari from joint financing providers (banks). As for The tenor
Perusahaan, dan 95% dari pemberi pembiayaan bersama of joint financing scheme is available up to 48 (forty
(bank). Sedangkan untuk jangka waktu pembiayaan eight) months.
bersama sampai dengan 48 (empat puluh delapan)
bulan kepada konsumen.
Pada tanggal 5 Agustus 2021, Perusahaan On 5 August 2021, the Company entered into joint
menandatangani perjanjian kerjasama dengan skema financing agreement amounting to Rp 150,000 with
pembiayaan bersama (joint financing) sebesar PT Bank Jago Tbk. On 25 March 2022, the amount of
Rp 150.000 dengan PT Bank Jago Tbk. Pada tanggal this facility has been increased to Rp 300,000.
25 Maret 2022, jumlah fasilitas ini meningkat menjadi The amount of funds to be financed by each party
Rp 300.000. Porsi fasilitas pembiayaan yang akan range from 10% from the Company, and 90% from joint
diberikan untuk konsumen dari masing-masing pihak financing providers (banks).
adalah berkisar 10% dari Perusahaan, dan 90% dari
pemberi pembiayaan bersama (bank).
Rincian dari pembiayaan bersama adalah sebagai The detail of joint financing are as follows:
berikut:
Fasilitas maksimum Jangka waktu/
pembiayaan/ Period
Pemberi pembiayan bersama/ Maximum financing Perjanjian terakhir/ (bulan/
Joint financing provider facility Latest agreement months)
PT Bank Rakyat Indonesia (Persero) Tbk 1.000.000 26 Agustus/August 2020 24

PT Bank Jago Tbk 300.000 25 Maret/March 2022 36
Fasilitas tersebut di atas berlaku sampai dengan The above facility will be expired at the time
dibayarkannya angsuran terakhir piutang pembiayaan customers pay the latest installment of joint financing
bersama oleh konsumen. receivables.
Perusahaan bersama dengan pemberi pembiayaan The Company, together with the joint financing
bersama di atas bertindak sebagai penyedia dana dalam providers mentioned above, extend credit to consumers
pemberian pembiayaan kepada konsumen yang in accordance with certain criteria laid down in
memenuhi kriteria tertentu. Perusahaan bertanggung agreements. The Company is responsible to maintain
jawab untuk mengelola dokumentasi dan administrasi the customer’s documentation and administration.
setiap konsumen.
Kerjasama pembiayaan bersama yang dilakukan ini The joint financing facilities were arranged without
bersifat without recourse, dimana Perusahaan tidak recourse, whereby the Company is not obliged to pay
memiliki kewajiban untuk membayar atau menyetor installments including interest to joint financing
angsuran pokok termasuk bunganya kepada pemberi providers in the event that the customers fail to meet
pembiayaan bersama jika konsumen gagal melakukan their installment obligation to the Company.
pembayaran angsurannya kepada Perusahaan.


31. PERJANJIAN KERJASAMA YANG PENTING (Lanjutan) 31. SIGNIFICANT COOPERATION AGREEMENTS (Continued)
b. Penyalur kendaraan b. Dealers of Motor Vechicles
Perusahaan mengadakan perjanjian kerjasama dengan The Company has entered into cooperation agreements
beberapa penyalur kendaraan. Pembiayaan yang telah with dealers of motor vehicles. Approved financing
disetujui namun belum dibayarkan kepada penyalur that has not yet been paid to dealers are recorded as
kendaraan dicatat sebagai utang kepada penyalur payable to dealers.
kendaraan.
c. Asuransi c. Insurance
Perusahaan mengadakan kerjasama dengan beberapa The Company has entered into cooperation agreements
perusahaan asuransi seperti PT Asuransi Bina Dana Arta with insurance companies which are PT Asuransi Bina
Tbk, PT Asuransi Sinar Mas, PT Asuransi Wahana Tata, Dana Arta Tbk, PT Asuransi Sinar Mas, PT Asuransi
PT Asuransi Astra Buana, PT Asuransi Raksa Pratikara, Wahana Tata, PT Asuransi Astra Buana, PT Asuransi
PT Asuransi FPG Indonesia, PT Asuransi Etiqa Raksa Pratikara, PT Asuransi FPG Indonesia,
Internasional Indonesia, PT AIA Financial, PT FWD PT Asuransi Etiqa Internasional Indonesia, PT AIA
Insurance Indonesia, PT Asuransi Cigna, PT Asuransi ASEI Financial, PT FWD Insurance Indonesia, PT Asuransi
Indonesia, dan PT Chubb Life Insurance Indonesia dalam Cigna, PT Asuransi ASEI Indonesia, and PT Chubb Life
rangka penyediaan asuransi perlindungan kredit dan Insurance Indonesia to provide credit shield and
penutupan asuransi kendaraan bermotor yang dibiayai. insurance coverage of financed vehicles.
Perusahaan melakukan penutupan asuransi atas The Company insures vehicles for the interest of the
kendaraan bermotor demi kepentingan Perusahaan Company in its capacity as financing provider.
dalam kapasitasnya sebagai penyedia pembiayaan. Insurance premium payments received from customers
Pembayaran premi asuransi yang telah diterima dari that have not yet been paid to insurance companies
konsumen namun belum dibayarkan kepada perusahaan are recorded as insurance premium payable.
asuransi dicatat sebagai utang premi asuransi.
32. LABA PER SAHAM 32. EARNINGS PER SHARE
Laba per saham dasar dihitung dengan cara membagi laba Earnings per share is calculated by dividing net profit
bersih yang tersedia bagi pemegang saham dengan rata-rata available to shareholders by the weighted average common
tertimbang saham biasa yang beredar pada tahun berjalan. shares outstanding during the year.
2022 2021
Laba bersih untuk perhitungan Net profit for the computation of basic
laba per saham dasar 1.806.679 1.131.338 earning per shares
Jumlah rata-rata tertimbang The weighted average of
saham yang beredar 14.975.068.552 14.964.383.620 shares outstanding
Laba bersih per saham Basic earnings per

dasar (nilai penuh) 121 76 share (full amount)
404

33. PENGHASILAN KOMPREHENSIF LAIN 33. OTHER COMPREHENSIVE INCOME
Perubahan komponen penghasilan komprehensif lain yang The movement of other comprehensive income component
tidak mempengaruhi laba rugi adalah sebagai berikut: that have not yet affected the profit and loss were as
follows:
2022 2021
Saldo awal tahun – setelah Beginning balance of the
pajak tangguhan 48.626 (17.727) year after deferred tax
(Kerugian) keuntungan pengukuran kembali (Loss) gain on remeasurement of
program aktuarial manfaat pasti (8.979) 12.817 defined benefit actuarial program
Effective portion of the fair value change
Bagian efektif atas perubahan nilai wajar of the derivative instrument -
instrumen derivatif - lindung nilai arus kas 26.409 69.101 cash flow hedge
66.056 64.191
Aset pajak tangguhan (Catatan 14c) (3.305) (15.565) Deferred tax assets (Note 14c)
Saldo akhir tahun – setelah Balance at the end of year -
pajak tangguhan 62.751 48.626 after deferred tax
34. PERUBAHAN PADA LIABILITAS DARI AKTIVITAS PENDANAAN 34. CHANGES IN LIABILITIES ARISED FROM FINANCING
ACTIVITIES
Perubahan pada liabilitas yang timbul dari aktivitas Changes in liabilities arised from financing activities are as
pendanaan adalah sebagai berikut: follows:
Pergerakan non-kas/
Non-cash changes
Pergerakan
Pergerakan beban
valuta asing/ transaksi/
Saldo awal/ Movement in Changes in Saldo akhir/
Beginning Arus kas/ Foreign transaction Ending
balance Cashflows Exchange cost balance
Pinjaman yang diterima 4.789.422 5.344.363 123.855 (10.732) 10.246.908 Funds borrowings
Surat berharga yang
diterbitkan - neto 2.487.483 (910.000) - 4.007 1.581.490 Securities issued - net
Jumlah liabilitas dari Total liabilities from

aktivitas pendanaan 7.276.905 4.434.363 123.855 (6.725) 11.828.398 financing activities
Pergerakan non-kas/
Non-cash changes
Pergerakan
Pergerakan beban
valuta asing/ transaksi/
Saldo awal/ Movement in Changes in Saldo akhir/
Beginning Arus kas/ Foreign transaction Ending
balance Cashflows Exchange cost balance
Pinjaman yang diterima 4.794.844 (18.205) 13.688 (905) 4.789.422 Funds borrowings
Surat berharga yang
diterbitkan - neto 2.978.631 (488.000) - (3.148) 2.487.483 Securities issued - net
Jumlah liabilitas dari Total liabilities from

aktivitas pendanaan 7.773.475 (506.205) 13.688 (4.053) 7.276.905 financing activities
Perusahaan dan entitas anaknya telah melakukan kebijakan The Company and its subsidiary have conducted hedge
lindung nilai untuk pinjaman yang diterima dalam mata policy to borrowings denominated in foreign currencies.
uang asing.


35. MANAJEMEN RISIKO 35. RISK MANAGEMENT
Pendahuluan dan gambaran umum Introduction and general description
Perkembangan dunia multifinance yang disertai dengan The development in multifinance industry followed with
meningkatnya kompleksitas aktivitas pembiayaan semakin the improvement in complexity of financing activity has
mempertegas pentingnya tata kelola perusahaan yang emphasized more on the importance of good corporate
sehat (good corporate governance) dan manajemen risiko governance and a reliable risk management. Such both
yang dapat diandalkan. Kedua hal tersebut merupakan matters are important factors, which bring the investors’
faktor penting yang menjadi perhatian para investor dalam attention in assessing their investment targeting.
penilaian pilihan target investasinya. Penerapan Basically, the implementation of risk management within
manajemen risiko di Perusahaan dan entitas anaknya pada the Company and its subsidiary had been carried out since
dasarnya sudah dilakukan sejak perusahaan berdiri, the establishment of the Company, eventhough the
meskipun dengan cara yang masih konvensional dan Company was still using a conventional manner and keep
berkembang sesuai dengan perkembangan kondisi internal improving in accordance with the recent development of
dan eksternal. internal and external circumstances.
Perusahaan dan entitas anaknya menyadari bahwa risiko The Company and its subsidiary realize that risk is an
merupakan bagian yang tidak terpisahkan dari operasional integral part of its operational activity and can be
dan dapat dikelola secara praktis dan efektif setiap hari, managed practically and effectively day by day, with the
dengan empat tipe risiko utama: following four particular risks:
1. Risiko kredit 1. Credit risk
2. Risiko pasar 2. Market risk
3. Risiko pendanaan dan likuiditas 3. Funding and liquidity risk
4. Risiko operasional 4. Operational risk
5. Risiko permodalan 5. Capital risk
Pengelolaan risiko di Perusahaan mencakup keseluruhan Risk management within the Company includes overall
lingkup aktivitas usaha di Perusahaan, yang didasarkan scope of business activity within the Company, which
pada kebutuhan akan keseimbangan antara fungsi based on the necessity of balance between business
operasional bisnis dengan pengelolaan risikonya. Dengan operational function and its risk management thereof. By
kebijakan dan manajemen risiko yang berfungsi baik, means of proper risk management and policy, thus the risk
maka manajemen risiko akan menjadi strategic partner management will become a strategic partner to the
bagi bisnis dalam mendapatkan hasil optimal dari operasi business in obtaining optimal outcome from the Company’s
Perusahaan. course of operation.
Dalam rangka pengembangan manajemen risiko yang In the event of development of proper risk management,
sesuai, Perusahaan dan entitas anaknya terus the Company and its subsidiary keep developing and
mengembangkan dan meningkatkan kerangka sistem improving the integrated and comprehensive framework of
pengelolaan risiko dan struktur pengendalian internal yang risk management system and internal control structure, in
terpadu dan komprehensif, sehingga dapat memberikan order that they are able to provide information as an early
informasi adanya potensi risiko secara lebih dini dan warning of any potential risk and accordingly, take
selanjutnya mengambil langkah-langkah yang memadai appropriate actions to mitigate the risk.
untuk meminimalkan dampak risiko.
Kerangka manajemen risiko dituangkan dalam kebijakan, The framework of risk management is implemented under
prosedur, batasan transaksi, kewenangan dan ketentuan the form of policy, procedures, transactional limits,
lain serta berbagai perangkat manajemen risiko, yang authorizations, and other rules as well as various risk
berlaku di seluruh aktivitas lingkup usaha. Untuk management instruments applicable to entire business
memastikan bahwa kebijakan dan prosedur tersebut activity. In order to ensure that the policy and procedures
sesuai dengan perkembangan bisnis yang ada, maka is in line with the current business development,
evaluasi selalu dilakukan berkala sesuai dengan perubahan evaluation is frequently carried out in accordance with the
parameter risikonya. change in its risk parameter.
406

35. MANAJEMEN RISIKO (Lanjutan) 35. RISK MANAGEMENT (Continued)
Kerangka manajemen risiko Framework of risk management
Dalam penerapan manajemen risiko, Perusahaan In the implementation of risk management, the Company
menyadari pentingnya memiliki sebuah mekanisme yang realizes the importance of having an adequate mechanism
memadai dalam mengakomodasi risiko-risiko yang dihadapi to accommodate the risks faced by the Company. The
Perusahaan. Perusahaan bertumpu pada 4 (empat) pilar Company has a mechanism that is based upon 4 (four) risk
manajemen risiko sebagai berikut: management pillars, in which could be described as
follows:
1. Pengawasan aktif Dewan Komisaris dan Direksi, yang 1. Active supervision by the Board of Commissioners
mencakup: and Directors, which includes:
- Menyetujui dan melakukan evaluasi kebijakan - Approving and evaluating risk management policies
manajemen risiko secara berkala; on a regular basis;
- Menetapkan kebijakan dan strategi Manajemen - Establishing risk management policies and
Risiko termasuk penetapan otoritas dalam pemberian strategies, which include determining the
batasan serta tinjauan atas kualitas portfolio secara authorization in limits and reviewing the quality of
berkala; portfolio on a regular basis;
- Terdapatnya Komite Audit dan Manajemen Risiko - Presence of Audit Committee and Risk Management
dalam melakukan fungsi pengawasan. Committee in carrying out their supervisory
functions.
2. Kebijakan dan penerapan Batasan 2. Policy and implementation limits
Perusahaan menyusun kebijakan-kebijakan manajemen The Company develops policies related to risk
risiko yang diperiksa secara berkala dan selalu management, which are assessed periodically and
disesuaikan dengan kondisi usaha terkini. Kebijakan aligned constantly to fit the most recent business
tersebut diterjemahkan ke dalam Prosedur Operasi situation. The policy is translated into Standard
Standar, Ketentuan Umum dan Surat Keputusan Dewan Operating Procedures and Internal Memo, which are
Direksi, dan disosialisasikan kepada seluruh karyawan being socialized to all employees. The Company also
terkait. Perusahaan juga menerapkan batasan has policies concerning the level of authority on
persetujuan atau otorisasi untuk transaksi kredit approval or authorization for both credit and non-
maupun yang bukan transaksi kredit. credit transactions.
3. Identifikasi, pengukuran, pengawasan dan sistem 3. Identification, measurement, monitoring, and

informasi manajemen management information system
Perusahaan memiliki perangkat untuk mengidentifikasi, The Company has a set of tools to identify, measure,
mengukur dan mengawasi risiko, terutama risiko kredit and monitor risks, particularly the credit risk and
dan operasional melalui mekanisme pelaporan dan operational risk through the existing reporting and
sistem informasi manajemen. Untuk menjamin management information system mechanism. In order
ketersediaan data risiko yang terkini dan komprehensif, to ensure the availability of updated and
Perusahaan telah melakukan mengkonversi sistem comprehensive risk data, the Company had converted
operasi Perusahaan yang ada menjadi centralized the existing operating system into a centralized
system yang dikenal dengan CONFINS. Selain itu, system, which known as CONFINS. Moreover, the
Perusahaan juga melakukan implementasi sistem Company has also implemented business intelligence
informasi business intelligence agar data atau informasi information system in order that data or risk
risiko dapat disediakan secara cepat dan akurat kepada information could be provided to the management or
pihak manajemen atau pihak ketiga lainnya. other third parties on a prompt and accurate manner.


35. MANAJEMEN RISIKO (Lanjutan) 35. RISK MANAGEMENT(Continued)

Kerangka manajemen risiko (Lanjutan) Framework of risk management (Continued)
Dalam penerapan manajemen risiko, Perusahaan In the implementation of risk management, the Company
menyadari pentingnya memiliki sebuah mekanisme yang realizes the importance of having an adequate mechanism
memadai dalam mengakomodasi risiko-risiko yang dihadapi to accommodate the risks faced by the Company. The
Perusahaan. Perusahaan bertumpu pada 4 (empat) pilar Company has a mechanism that is based upon 4 (four) risk
manajemen risiko sebagai berikut: (Lanjutan) management pillars, in which could be described as
follows: (Continued)
4. Pengendalian internal 4. Internal control
Perusahaan memiliki Departemen Audit Internal yang The Company has the Internal Audit Division in place,
secara independen melaporkan hasil pemeriksaannya which independently reports on process and results of
kepada Dewan Komisaris dan Dewan Direksi. assessment to the Board of Commissioners and
Directors. The responsibility of the Internal Audit
Tanggungjawab dari Departemen Audit Internal
Division includes:
mencakup:
- Menyediakan penilaian atas kecukupan dan - Providing assessment on the adequacy and
efektifitas dari proses bisnis yang ada di dalam effectiveness of the entire existing business process
Perusahaan; within the Company;
- Melakukan pemeriksaan atas kepatuhan terhadap - Conducting examination on compliance to the
kebijakan-kebijakan risiko Perusahaan; Company’s risk policies;
- Melaporkan masalah-masalah penting yang terkait - Reporting on significant issues related to the control
dengan proses pengendalian di dalam Perusahaan activities within the Company, including potential
termasuk rekomendasi perbaikan yang potensial improvements to these processes; and
terhadap proses tersebut; dan
- Melakukan koordinasi strategis dengan fungsi - Coordinating with other controlling and supervisory
pengendali dan pengawasan lainnya (manajemen functions (risk management, compliance, legal,
risiko, hukum, sistem dan prosedur, dan audit system and procedures, and external auditor)
eksternal).
Proses dan penilaian risiko Process and risk assessments
Pada dasarnya proses manajemen risiko dilakukan oleh Basically, risk management processes are carried out by
masing-masing unit mengingat risiko yang dihadapi each unit considering that the risk faced represents
merupakan risiko individual yang melekat pada produk, individual risks which are embedded into the products,
transaksi maupun proses pada unit yang bersangkutan. transactions, as well as process in the related unit. The
Tugas utama dari Departemen Manajemen Risiko adalah primary task of Risk Management Division is to determine
menetapkan kebijakan dan prosedur manajemen risiko policies and procedures as well as doing a series of
serta melakukan serangkaian proses untuk mengumpulkan, processes of collecting, measuring, and reporting to the
melakukan pengukuran dan pelaporan kepada Dewan Board of Commissioners and Directors. The determination
Komisaris dan Dewan Direksi. Penetapan kebijakan of risk management policies is carried out through
manajemen risiko dilakukan melalui proses persetujuan approval process by the Board of Directors.
Direksi.
1. Risiko Kredit 1. Credit Risk
Risiko kredit adalah risiko utama Perusahaan, yaitu Credit risk is the main risk of the Company, that is the
risiko yang timbul apabila konsumen tidak dapat risk arising when the customer are unable to meet its
memenuhi kewajibannya sesuai dengan perjanjian yang obligation in accordance with the agreement as agreed
telah disepakati antara konsumen dengan Perusahaan. upon between the customer and the Company.
Manajemen risiko yang telah diterapkan Perusahaan Risk management that has been applied by the
adalah sebagai berikut: Company are as follows:
• Diversifikasi portofolio menurut wilayah, sektor • Diversify the portfolio by region, economic sector
ekonomi dan industri, merk dan tipe barang. and industry, brand and type of goods.
• Risk Adjusted Pricing Method, yaitu penetapan • Risk Adjusted Pricing Method, namely setting the
tingkat bunga pembiayaan berdasarkan risiko yang interest rate of financing based on the risks faced
dihadapi, antara lain dinilai dari tingkat uang muka by, among others, assessed based on the level of
yang dibayar konsumen, usia kendaraan yang advances paid by consumers, age of vehicles
dibiayai, jenis penutupan asuransi yang dipilih dan financed, type of insurance coverage selected and so
lain sebagainya. forth.
• Adanya Key Performance Indicators (KPI) sebagai • The Key Performance Indicators (KPI) as an
“early warning system” atas suatu masing-masing “early warning system” of an individual loan
produk pembiayaan maupun kantor cabang. products as well as branch offices.
• Penanganan kontrak bermasalah yang dilakukan • Handling of problematic contracts in a discipline and
secara disiplin dan proaktif. proactive manner.
408

Proses dan penilaian risiko (Lanjutan) Process and risk assessments (Continued)
1. Risiko Kredit (Lanjutan) 1. Credit Risk (Continued)
Manajemen risiko yang telah diterapkan Perusahaan Risk management that has been applied by the
adalah sebagai berikut: (Lanjutan) Company are as follows: (Continued)
• Analisa atas kualitas portofolio secara periodik dan • Analysis of portfolio quality through periodic and
tindakan preventif dan sanksi bagi cabang-cabang preventive actions and sanctions for branches whose
yang kualitas portofolionya tidak sesuai target. quality of its portfolio is not on target.
Tabel berikut menjelaskan eksposur maksimum sesuai The following table illustrates the Company’s
dengan konsentrasi risiko kredit: maximum exposure based on credit risk concentration:
Eksposur
maksimum/
Korporasi/ Ritel/ Maximum
Corporate Retail exposure
Kas dan setara kas 1.073.255 - 1.073.255 Cash and cash equivalents
Piutang pembiayaan 2.774.668 17.613.021 20.387.689 Financing receivables
Piutang ijarah & IMBT - 8.096 8.096 Ijarah & IMBT receivables
Aset derivatif 103.056 - 103.056 Derivative Assets
Piutang karyawan - 52.921 52.921 Employee receivables
3.950.979 17.674.038 21.625.017
Eksposur
maksimum/
Korporasi/ Ritel/ Maximum
Corporate Retail exposure
Kas dan setara kas 969.182 - 969.182 Cash and cash equivalents
Piutang ijarah - 7.720 7.720 Ijarah receivables
Piutang karyawan - 14.473 14.473 Employee receivables
2.807.857 12.701.739 15.509.596
Tabel berikut menjelaskan rincian aset keuangan The following table illustrates the detail of financial
Perusahaan yang dibedakan antara yang mengalami assets distinguished between those which impaired and
penurunan nilai dan yang tidak: not impaired:
Tidak
mengalami Mengalami
penurunan penurunan
nilai/ nilai/ Jumlah/
Not impaired Impaired Total
Piutang pembiayaan 20.182.489 205.200 20.387.689 Financing receivables
Piutang ijarah & IMBT 7.948 148 8.096 Ijarah & IMBT receivables
Aset derivatif 103.056 - 103.056 Derivative assets
Piutang karyawan 52.921 - 52.921 Employee receivables
21.419.669 205.348 21.625.017

Dikurangi: Less:
Cadangan kerugian
penurunan nilai (833.764 ) Allowance for impairment losses
20.791.253


1. Risiko Kredit (Lanjutan) 1. Credit Risk (Continued)
Perusahaan yang dibedakan antara yang mengalami assets distinguished between those which impaired
penurunan nilai dan yang tidak: (Lanjutan) and not impaired: (Continued)
Tidak
mengalami Mengalami
penurunan penurunan
nilai/ nilai/ Jumlah/
Not impaired Impaired Total
Piutang pembiayaan 14.336.417 181.804 14.518.221 Financing receivables
Piutang ijarah 7.012 708 7.720 Ijarah receivables
15.327.084 182.512 15.509.596

Dikurangi: Less:
Cadangan kerugian
14.666.437
Perusahaan yang penilaian penurunan nilainya assets distinguished between those assessed
dibedakan antara yang dinilai secara individual dan individually and collectively.
kolektif.
Piutang pembiayaan 341.111 20.046.578 20.387.689 Financing receivables
Piutang ijarah & IMBT 819 7.277 8.096 Ijarah & IMBT receivables
Aset derivatif 103.056 - 103.056 Derivative assets
1.571.162 20.053.855 21.625.017
Dikurangi: Less:
Cadangan kerugian
20.791.253
Piutang ijarah 3.632 4.088 7.720 Ijarah receivables
2.481.151 13.028.445 15.509.596

Dikurangi: Less:
Cadangan kerugian
14.666.437
410

2. Risiko Pasar 2. Market Risk
Risiko pasar merupakan risiko yang terutama berkaitan Market risk is the risk primarily due to changes in
dengan perubahan perubahan nilai suku bunga dan interest rates and exchange rates which could
nilai tukar mata uang yang akan menyebabkan resulting in decrease in revenue, or increase in cost
berkurangnya pendapatan, atau bertambahnya biaya of capital of the Company. With the pattern of
modal Perusahaan. Dengan pola aktivitas usaha yang business activity currently operated by the Company,
dijalankan Perusahaan saat ini, risiko pasar Perusahaan the market risk of the Company is mitigated to the
adalah minimal. Perusahaan tidak mempunyai kegiatan minimum level. The Company has neither financing
usaha pembiayaan dalam bentuk maupun menggunakan business activity that denominated in foreign
mata uang asing, sementara seluruh utang Perusahaan currencies, while all borrowings of the Company that
dalam mata uang asing telah diproteksi dengan swap denominated in foreign currencies have been
dalam jumlah dan tanggal jatuh tempo yang sama protected by entering into swap transactions at
dengan utangnya. Dalam hal suku bunga, seluruh bunga amount and settlement date that similar to the
yang dibebankan ke konsumen adalah suku bunga tetap borrowings thereof. In terms of interest rate, all
(fixed interest rate), sementara utang yang diperoleh interest rate charged to the customer is fixed interest
sebagian besar juga dalam suku bunga tetap dan hanya rate, while most of the borrowings received bear
sebagian kecil utang dalam bentuk bunga mengambang fixed interest rate, and only a small portion the
(floating interest rate). borrowings bear floating interest rate.
Manajemen risiko yang telah diterapkan oleh Risk management that has been applied by the
Perusahaan adalah sebagai berikut: Company are as follows:
• Mengelola risiko perubahan nilai tukar mata uang • Managing risks of foreign exchange rates.
asing.
• Melakukan penelaahan atas tingkat bunga • Performing review over the interest rate on
pembiayaan yang dikaitkan dengan tingkat suku financing associated with interest rate on
bunga pinjaman. borrowings.
• Membatasi eksposur dalam investasi yang memiliki • Limiting exposure in the investment that has
harga pasar yang fluktuatif. fluctuating market prices.
Tabel berikut menjelaskan eksposur Perusahaan atas The following table illustrates the Company’s
risiko nilai tukar mata uang asing pada tanggal exposure to foreign currency exchange rate risk as of
31 Desember 2022. Termasuk didalamnya adalah 31 December 2022. Included in the table are financial
instrumen keuangan Perusahaan pada nilai tercatat, instruments of the Company at carrying amounts,
dikategorikan berdasarkan jenis mata uang. categorised by currency.
USD
(Nilai penuh)/ Nilai (Rp)/
(Full amount) Equivalent (Rp)
Pinjaman yang diterima 86.500.000 1.360.732 Fund borrowings
Beban yang masih harus dibayar 825.730 12.990 Accrued expenses
Jumlah liabilitas 87.325.730 1.373.722 Total liabilities
Liabilitas neto Net liabilities

Kontrak valuta berjangka Foreign currency swap transactions
pertukaran mata uang asing (87.325.730) (1.373.722) contract
Eksposur neto dalam mata uang

asing - - Net exposure in foreign currency
Manajemen risiko tingkat suku bunga terhadap limit The management of interest rate risk against interest
perubahan tingkat suku bunga dilengkapi dengan rate gap limits is supplemented by monitoring the
pemantauan atas sensitivitas aset dan liabilitas sensitivity of the Company’s financial assets and
keuangan Perusahaan terhadap beberapa skenario suku liabilities to various standard and non-standard
bunga baku maupun non-baku. interest rate scenarios.



2. Risiko Pasar (Lanjutan) 2. Market Risk (Continued)

Tabel berikut menjelaskan sensitivitas atas The following table illustrates the sensitivity to a
kemungkinan perubahan tingkat suku bunga pasar, reasonably possible change in market interest rates,
dengan variabel lain dianggap tetap, terhadap with all other variables held constant, of the
pendapatan pembiayaan: financing income:
2022 2021
Pendapatan pembiayaan: Financing income:
Kenaikan suku bunga 1% Increase in interest rate by 1%
(100 basis poin) 149.972 119.899 (100 basis point)
Penurunan suku bunga 1% Decrease in interest rate by 1%
(100 basis poin) (149.972) (119.899) (100 basis point)
Tabel berikut menjelaskan rincian aset dan liabilitas The following table illustrates the Company’s
keuangan Perusahaan yang dikelompokkan menurut mana financial assets and liabilities at carrying amounts,
yang lebih awal antara tanggal repricing atau tanggal categorized by the earlier of contractual repricing of
jatuh tempo kontraktual untuk melihat dampak perubahan maturity dates to analyze the impact of changes in
tingkat suku bunga: interest rate:
Tingkat bunga
mengambang/ Tingkat bunga tetap/ Fixed rate
Floating rate
< 3 bulan/ 3-36 bulan/ < 3 bulan/ 3-12 bulan/ 1-2 tahun/ > 2 tahun/ Jumlah/
months months months months years years Total
Aset keuangan Financial assets
Cash and cash
Kas dan setara kas 1.073.255 - - - - - 1.073.255 equivalents
Piutang pembiayaan - - 3.481.977 6.795.767 6.035.931 4.074.014 20.387.689 Financing receivables
Ijarah & IMBT
Piutang ijarah & IMBT - - 1.631 2.934 2.083 1.448 8.096 receivables
Jumlah aset keuangan 1.073.255 - 3.483.608 6.798.701 6.038.014 4.075.462 21.469.040 Total financial assets
Liabilitas keuangan Financial liabilities

Pinjaman yang diterima 20.763 83.077 1.453.896 3.744.385 3.653.518 1.291.269 10.246.908 Fund borrowings
Surat berharga yang
diterbitkan - - - 652.504 928.986 - 1.581.490 Securities issued
Jumlah liabilitas Total financial

keuangan 20.763 83.077 1.453.896 4.396.889 4.582.504 1.291.269 11.828.398 liabilities
Neto 1.052.492 (83.077) 2.029.712 2.401.812 1.455.510 2.784.193 9.640.642 Net
Tingkat bunga
mengambang/ Tingkat bunga tetap/ Fixed rate
Floating rate
< 3 bulan/ 3-36 bulan/ < 3 bulan/ 3-12 bulan/ 1-2 tahun/ > 2 tahun/ Jumlah/
months months months months years years Total
Cash and cash
Kas dan setara kas 969.182 - - - - - 969.182 equivalents
Piutang pembiayaan - - 2.817.826 5.270.105 4.076.720 2.353.570 14.518.221 Financing receivables
Piutang ijarah - - 2.633 2.531 1.970 586 7.720 Ijarah receivables
Jumlah aset keuangan 969.182 - 2.820.459 5.272.636 4.078.690 2.354.156 15.495.123 Total financial assets

Pinjaman yang diterima 20.763 166.130 989.403 1.798.009 1.091.914 723.203 4.789.422 Fund borrowings
Surat berharga yang
diterbitkan - - 498.679 407.314 652.504 928.986 2.487.483 Securities issued
Jumlah liabilitas Total financial

keuangan 20.763 166.130 1.488.082 2.205.323 1.744.418 1.652.189 7.276.905 liabilities
Neto 948.419 (166.130) 1.332.377 3.067.313 2.334.272 701.967 8.218.218 Net
412

3. Risiko Likuiditas 3. Liquidity Risk
Risiko likuiditas merupakan risiko terkait dengan Liquidity risk is the risk associated with the ability of
kemampuan sumber dana Perusahaan untuk memenuhi the Company to meet its obligations when they fall
liabilitasnya pada jatuh tempo. due.
Manajemen risiko yang diterapkan oleh Perusahaan Risk management that has been applied by the
• Mendapatkan pinjaman dengan skedul pembayaran • Obtaining borrowings with principal and interest
kembali pokok dan bunga yang sesuai dengan repayment schedule that aligns with the original
periode jatuh tempo piutang, sehingga tidak terjadi maturities of receivables, in order to prevent mis-
mis-match. match.
• Menjaga agar posisi kas dan Perusahaan selalu • Maintaining the cash and bank position of the
dalam posisi likuid untuk mendukung aktivitas Company to remain in a liquid position in
pembiayaan selama minimal 7 hari. supporting the financing activities for at least
7 days.
• Memonitor posisi kas dan bank Perusahaan secara • Monitoring the cash and bank position of the
periodik, baik tahunan, bulanan, mingguan maupun Company in a regular basis, whether annualy,
harian, guna memastikan agar selalu terdapat monthly, weekly or daily, to ensure that there is
surplus kas yang memadai. always sufficient cash surplus.
• Menjaga agar jumlah piutang yang jatuh tempo • Maintaining the number of receivables due in a
pada periode tertentu lebih besar dibanding dengan certain period higher than the debts maturing in
utang yang jatuh tempo pada periode yang sama. the same period.
Tabel berikut ini menyajikan profil perbedaan jatuh The following table presents the maturity gap profile
tempo atas aset dan liabilitas keuangan Perusahaan of the Company’s financial assets and liabilities as of
pada tanggal 31 Desember 2022 dan 2021: 31 December 2022 and 2021:
Tidak
memiliki
jatuh
tempo/
Don’t
have < 1 bulan/ 1-3 bulan/ >3-12 bulan/ 1-3 tahun/ >3 tahun/ Jumlah/
maturity month months months years years Total

Cash and cash
Kas dan setara kas 1.073.255 - - - - - 1.073.255 equivalents
Piutang pembiayaan - 1.682.792 1.799.185 6.795.766 9.076.297 1.033.649 20.387.689 Financing receivables
Ijarah & IMBT
Piutang ijarah & IMBT - 830 801 2.934 3.019 512 8.096 receivables
Aset derivatif 2.979 9.531 42.493 48.053 - 103.056 Derivative assets
Piutang karyawan - 4.079 3.235 6.963 37.139 1.505 52.921 Employees receivables
Jumlah aset keuangan 1.073.255 1.690.680 1.812.752 6.848.156 9.164.508 1.035.666 21.625.017 Total financial assets

Pinjaman yang diterima - 678.804 800.173 3.818.252 4.948.485 33.145 10.278.859 Fund borrowings
Surat berharga
yang diterbitkan - - - 655.000 930.000 - 1.585.000 Securities issued
Beban bunga yang masih Accrued interest
harus dibayar - 48.133 - - - - 48.133 expenses
Utang kepada supplier - 84.116 - - - - 84.116 Payable to suppliers
Insurance premium
Utang premi asuransi - - 58.736 - - - 58.736 payables
Jumlah liabilitas keuangan - 811.053 858.909 4.473.252 5.878.485 33.145 12.054.844 Total financial liabilities
Perbedaan jatuh tempo 1.073.255 879.627 953.843 2.374.904 3.286.023 1.002.521 9.570.173 Difference in maturity



3. Risiko Likuiditas (Lanjutan) 3. Liquidity Risk (Continued)
Tabel berikut ini menyajikan profil perbedaan jatuh The following table presents the maturity gap profile
tempo atas aset dan liabilitas keuangan Perusahaan of the Company’s financial assets and liabilities as of
pada tanggal 31 Desember 2022 dan 2021: (Lanjutan) 31 December 2022 and 2021: (Continued)
Tidak
memiliki
jatuh
tempo/
Don’t
have < 1 bulan/ 1-3 bulan/ >3-12 bulan/ 1-3 tahun/ >3 tahun/ Jumlah/
maturity month months months years years Total
Cash and cash
Kas dan setara kas 969.182 - - - - - 969.182 equivalents
Piutang pembiayaan - 1.336.804 1.481.022 5.270.105 5.907.767 522.523 14.518.221 Financing receivables
Piutang ijarah - 1.801 832 2.531 2.556 - 7.720 Ijarah receivables
Piutang karyawan - 4.300 1.127 3.370 3.546 2.130 14.473 Employees receivables
Jumlah aset keuangan 969.182 1.342.905 1.482.981 5.276.006 5.913.869 524.653 15.509.596 Total financial assets

Pinjaman yang diterima - 519.708 494.362 1.844.854 1.909.798 41.918 4.810.640 Fund borrowings
Surat berharga
yang diterbitkan - - 500.000 410.000 1.585.000 - 2.495.000 Securities issued
Beban bunga yang masih Accrued interest
harus dibayar - 49.782 - - - - 49.782 expenses
Liabilitas derivatif - 4.601 4.772 21.530 17.212 - 48.115 Derivative liabilities
Utang kepada supplier - 28.452 - - - - 28.452 Payable to suppliers
Insurance premium
Utang premi asuransi - - 49.704 - - - 49.704 payables
Jumlah liabilitas keuangan - 602.543 1.048.838 2.276.384 3.512.010 41.918 7.481.693 Total financial liabilities
Perbedaan jatuh tempo 969.182 740.362 434.143 2.999.622 2.401.859 482.735 8.027.903 Difference in maturity
4. Risiko Operasional 4. Operational Risk

Risiko operasional adalah risiko yang berpotensi Operational risk is the risk that could potentially
menyebabkan kerugian operasional karena kesalahan cause an operating loss due to employee error
karyawan baik yang disengaja maupun tidak; kegagalan whether intentional or not; system failures and
sistem dan proses operasional serta tidak berfungsinya operational processes as well as the malfunction of
sistem pengendalian internal dalam operasional the internal control system in the day-to-day
Perusahaan sehari-hari. operations.
Manajemen risiko yang diterapkan oleh Perusahaan Risk management that has been applied by the
• Menerapkan sistem yang tersentralisasi sehingga • Implementing a centralized system in order that
proses bisnis dapat terkontrol secara sistem dan business processes can be controlled by the system
dimonitor dari waktu ke waktu. and monitored from time to time.
• Menyiapkan backup dan Disaster Recovery Plan • Preparing backup and Disaster Recovery Plan that
yang memadai bila terjadi hal-hal yang tidak is sufficient whenever unexpected event or
diinginkan atas sistem aplikasi utama Perusahaan, condition occur towards the Company’s major
baik dari sisi hardware dan software. application systems, both in terms of hardware
and software.
• Menerapkan sistem audit kepatuhan yang • Implementing a sustainable compliance audit
berkelanjutan, baik di kantor cabang maupun system, both in branch offices or headquarters.
kantor pusat.
• Menerapkan aturan kerja yang jelas (SOP) dan • Implementing a clear code of conduct (SOP) and
sanksi yang tegas atas penyimpangan yang terjadi, strict sanctions for irregularities that occurred,
sesuai dengan tingkat kesalahan yang ditemukan. according to level of error identified.
• Adanya penanaman nilai-nilai dasar Perusahaan • Promoting the Company's core values to employees
sejak dini kepada karyawan, sehingga dapat since the early stage, in order to avoid/reduce the
menghindarkan/mengurangi potensi penyimpangan. potential for irregularities.
• Adanya penilaian kinerja yang fair dan transparan • Fair and transparent performance appraisal and
serta adanya kesempatan untuk pengembangan opportunities for career development.
karir.
414

5. Risiko Permodalan 5. Capital Risk
Tujuan Perusahaan dan entitas anaknya dalam The Company and its subsidiary’s objective in
mengelola permodalannya adalah menjaga managing its capital is to keep the Company’s
kelangsungan usaha Perusahaan untuk dapat capability in maintaining its going concern, so the
memberikan hasil kepada pemegang saham dan Company could distribute the return to shareholders,
manfaat kepada pemangku kepentingan lainnya, dan and maintain the optimization of capital structure to
memelihara optimalisasi struktur permodalan untuk reduce the cost of capital.
mengurangi biaya modal (cost of capital).
Dalam rangka memelihara atau menyesuaikan struktur In order to maintain or adjust the capital structure ,
permodalan, Perusahaan dapat menyesuaikan jumlah the Company may adjust the amount of dividends paid
dividen yang dibayarkan kepada pemegang saham, to shareholders, return for the results of capital to
imbalan hasil modal kepada pemegang saham atau shareholders or issue new shares to reduce lending
menerbitkan saham baru untuk mengurangi pinjaman.
Konsisten dengan pelaku industri lainnya, Perusahaan Consistent with other players in the industry, the
dan entitas anaknya memonitor permodalan Company and its subsidiary monitor capital on the
berdasarkan gearing ratio. Rasio ini dihitung dari nilai basis of the gearing ratio. This ratio is calculated as
neto pinjaman (termasuk obligasi dan medium-term net debt (including bonds payable and medium-terms
notes) dibagi dengan jumlah modal. Jumlah modal notes) divided by total capital. Total capital is
diambil dari ekuitas yang tercantum dalam laporan calculated as equity as shown in the statements of
posisi keuangan. financial position.
Berdasarkan Peraturan Menteri Keuangan Republik Based on Minister of Finance of the Republic of
Indonesia No. 84/PMK.012/2006 tanggal 26 September Indonesia Regulation No. 84/PMK.012/2006
2006 tentang Perusahaan Pembiayaan, juncto POJK dated 26 September 2006 regarding Multifinance
35/POJK.5/2018, jumlah maksimum gearing ratio Company, in conjunction with OJK Regulation
adalah sebesar 10 kali dari total modal. No.35/POJK.5/2018, the maximum gearing ratio is
10 times from total capital.
Struktur Modal Perusahaan/

Company’s Capital Structure
Keterangan PMK84/PMK.012/2006 2022 2021 Description
Modal Disetor Minimal Rp 100 miliar/ Paid- up Capital
(dalam miliar Rupiah) Minimum Rp 100 billion 399 399 (in billion Rupiah)
Rasio Utang Terhadap Maksimum 10x/
Ekuitas Maximum 10x 1,4 1,0 Debt to Equity Ratio
Pada tanggal 31 Desember 2022 dan 2021, tingkat rasio As of 31 December 2022 and 2021, debt-to-equity
utang terhadap ekuitas Perusahaan masing- masing ratio level of the Company was healthy at 1.4 times
berada pada kondisi sehat, yaitu 1,4 kali dan 1,0 kali. and 1.0 times, respectively.


Kondisi Pandemi Covid-19 Covid-19 Pandemic Condition
Penyebaran COVID-19 secara global telah berdampak The global spread of COVID-19 has affected the
terhadap kinerja dan kapasitas operasional konsumen dan performance and operational capacity of consumers and
Lembaga Jasa Keuangan Non-Bank (LKJNB), yang Non-Bank Financial Services Institutions (NBFSI), which
berpotensi mengganggu stabilitas sistem keuangan posed as a risk to stability of the financial system, which
yang dapat mempengaruhi pertumbuhan ekonomi. can in turn affect economic growth. To alleviate this
Untuk mengurangi dampak tersebut, pemerintah impact, the government passed the Countercyclical Policy
mengambil Kebijakan Countercyclical Dampak Penyebaran on the Impact of the Spread of COVID-19 for NBFSI by
COVID-19 bagi LKJNB dengan mengeluarkan POJK issuing POJK No.14/POJK.05/2020, which was later
No.14/POJK.05/2020, yang kemudian diubah menjadi POJK amended to POJK No.58/POJK.05/2020. In essence, this
No.58/POJK.05/2020. Secara umum peraturan ini regulation stipulates the provision of an economic
memberikan stimulus ekonomi berupa restrukturisasi stimulus in the form of financing restructuring for the
pembiayaan bagi masyarakat serta mendorong optimalisasi public and encourages optimization of NBFSI’s
kinerja LJKNB. performance.
Manajemen menyadari kondisi ini dan telah menilai Management is aware of this condition and has assessed
dampak dari pandemi terhadap kegiatan operasional the impact of the pandemic on the Company's operations
Perusahaan dan mengambil tindakan yang diperlukan and has taken the necessary actions to mitigate risks and
untuk memitigasi risiko serta memastikan kelangsungan ensure that the Company's operational continuity and
operasional dan tingkat kesehatan keuangan Perusahaan financial soundness level is well maintained. Actions taken
yang terus terjaga dengan baik. Adapun langkah-langkah by the Company are as follow:
yang dilakukan Perusahaan adalah sebagai berikut:
- Memberikan restrukturisasi kredit untuk debitur yang - Provide credit restructure to impacted COVID-19
berdampak COVID-19 sesuai dengan Peraturan Otoritas consumers based on OJK’s regulation.
Jasa Keuangan.
- Melakukan penyaluran kredit secara selektif dan - Provide loans to consumers selectively and prudently.
berhati-hati.
- Meningkatkan upaya penagihan dan penyelesaian - Increase efforts on collections and settlements of
kredit bermasalah. non-performing loans.
- Melakukan efisiensi operasional secara menyeluruh. - Manage overall operasional efficiency.
- Menjaga posisi likuiditas Perusahaan. - Maintain the Company’s liquidity position.
- Melakukan stress test keuangan untuk mengetahui - Conduct financial stress tests to find out the worst
dampak terburuk yang mungkin terjadi. possible impact.
Saat ini, Perusahaan sudah berhasil mengatasi penurunan / Currently, the Company has managed to overcome the
dampak negatif dari pandemi COVID-19. Hal ini dapat decline / negative impact of the COVID-19 pandemic. This
terlihat dari pertumbuhan bisnis selama tahun 2022 yang shows by the business growth during 2022 which reflected
tercermin dalam laporan keuangan. in the financial statements.
36. ASET DAN LIABILITAS KEUANGAN 36. FINANCIAL ASSETS AND LIABILITIES
Nilai wajar aset keuangan dan liabilitas keuangan Fair value of financial assets and financial liabilities
Pada tabel berikut ini, instrumen keuangan telah In the following table, financial instrument have been
dialokasikan berdasarkan klasifikasinya. Kebijakan allocated based on their respective. Significant
akuntansi penting pada Catatan 2d menjelaskan bagaimana accounting policies in Note 2d describes how each
setiap kategori aset keuangan dan liabilitas keuangan category of financial assets and financial liabilities are
diukur dan bagaimana pendapatan dan beban, termasuk measured and how revenue and expenses, including gains
keuntungan dan kerugian (perubahan nilai wajar instrumen and losses (changes in fair value of financial instruments)
keuangan) atas nilai wajar diakui. in the fair value is recognized.
Pengelompokan aset keuangan telah diklasifikasikan The classification of financial assets has been classified as
menjadi aset keuangan yang diukur pada nilai wajar melalui financial assets measured at fair value through profit and
laporan laba rugi, dan pinjaman yang diberikan dan loss, and loans and receivables. So with the financial
piutang. Demikian halnya dengan liabilitas keuangan telah liabilities has been classified as financial liabilities
diklasifikasikan sebagai liabilitas keuangan yang diukur measured at amortized cost.
pada biaya perolehan diamortisasi.
416

36. ASET DAN LIABILITAS KEUANGAN (Lanjutan) 36. FINANCIAL ASSETS AND LIABILITIES (Continued)
Tabel berikut menyajikan nilai tercatat dan nilai wajar dari The following table sets out the carrying value and fair
aset keuangan dan liabilitas keuangan Perusahaan pada value of financial assets and financial liabilities as of
tanggal 31 Desember 2022 dan 2021: 31 December 2022 and 2021:
Aset/ Assets Liabilitas/ Liabilities
Diukur pada
nilai wajar
Diukur pada melalui Diukur pada
nilai wajar penghasilan nilai wajar
melalui komprehensif melalui
laporan laba lain/ Fair laporan laba
rugi/ Fair value through rugi/ Fair
value through other Biaya perolehan value through Biaya perolehan
profit and comprehensive diamortisasi/ profit and diamortisasi/
31 Desember 2022 loss income amortized cost loss Amortized cost 31 December 2022
Kas dan setara kas - - 1.073.255 - - Cash and cash equivalents
Piutang pembiayaan - neto - - 19.554.254 - - Financing receivables - net
Piutang ijarah & IMBT– neto - - 7.767 - - Ijarah & IMBT receivables - net
Aset derivatif 103.056 - - - - Derivative assets
Piutang lain - lain - - 52.921 - - Other receivables
Jumlah 103.056 - 20.688.197 - - Total
Pinjaman yang diterima - - - - 10.246.908 Fund borrowings
Beban yang masih harus
dibayar - - - - 479.299 Accrued expenses
Surat berharga
yang diterbitkan - - - - 1.581.490 Securities issued
Utang lain-lain - - - - 489.352 Other payables
Jumlah - - - - 12.797.049 Total
Aset/ Assets Liabilitas/ Liabilities

Diukur pada
nilai wajar
Diukur pada melalui Diukur pada
nilai wajar penghasilan nilai wajar
melalui komprehensif melalui
laporan laba lain/ Fair laporan laba
rugi/ Fair value through rugi/ Fair
value through other Biaya perolehan value through Biaya perolehan
profit and comprehensive diamortisasi/ profit and diamortisasi/
31 Desember 2021 loss income amortized cost loss Amortized cost 31 December 2021

Kas dan setara kas - - 969.182 - - Cash and cash equivalents
Piutang pembiayaan - neto - - 13.676.190 - - Financing receivables - net
Piutang ijarah – neto - - 6.591 - - Ijarah receivables - net
Piutang lain - lain - - 14.473 - - Other receivables
Jumlah - - 14.666.436 - - Total

Pinjaman yang diterima - - - - 4.789.422 Fund borrowings
Liabilitas derivatif - - - 48.115 - Derivative liabilities
Beban yang masih harus
dibayar - - - - 338.442 Accrued expenses
Surat berharga
yang diterbitkan - - - - 2.487.483 Securities issued
Utang lain-lain - - - - 305.087 Other payables
Jumlah - - - 48.115 7.920.434 Total


36. ASET DAN LIABILITAS KEUANGAN (Lanjutan) 36. FINANCIAL ASSETS AND LIABILITIES (Continued)
Metode dan asumsi yang digunakan untuk estimasi nilai The following methods and assumptions are used to
wajar adalah sebagai berikut: estimate the fair value:
• Nilai wajar kas dan setara kas, deposito berjangka, • The fair values of cash and cash equivalents, time
beban yang masih harus dibayar dan utang lain-lain deposit, accrued expenses and other payables
mendekati nilai tercatat karena jangka waktu jatuh approximate their carrying amounts largerly due to
tempo yang singkat atas instrumen keuangan tersebut. short-term maturities of these instruments.
• Estimasi nilai wajar terhadap pinjaman yang diterima • The estimated fair value of fund borrowings not
yang tidak memiliki kuotasi di pasar aktif ditetapkan quoted in an active market is based on discounted
berdasarkan diskonto arus kas dengan menggunakan cash flows using interest rates for new debts with
suku bunga utang baru dengan sisa jatuh tempo yang similar remaining maturity. The fair value of floating
serupa. Nilai wajar pinjaman yang diterima dengan rate fund borrowings approximate their carrying
tingkat suku bunga mengambang mendekati nilai amounts because the interest rate is repriced
tercatatnya karena tingkat suku bunganya sering frequently.
ditinjau ulang.
• Piutang pembiayaan dan aset lain-lain dinyatakan • Financing receivables and other assets are recorded at
berdasarkan jumlah nilai tercatat setelah dikurangi carrying amount net of charges for impairment. The
oleh beban penurunan nilai. Estimasi nilai wajar estimated fair value represents the discounted
mencerminkan jumlah diskonto dari estimasi kini dari amount of estimated future cash flows expected to be
arus kas masa depan yang diharapkan akan diterima. received. Expected cash flows are discounted at
Arus kas yang diharapkan didiskontokan pada tingkat current market rates to determine fair value.
suku bunga pasar terkini untuk menentukan nilai wajar.
• Nilai wajar untuk aset keuangan derivatif ditetapkan • The fair value for derivative financial assets is based
menggunakan harga pasar. on market rates.
• Nilai wajar agregat untuk surat berharga yang • The aggregate fair values securities issued is
diterbitkan dihitung berdasarkan harga pasar kuotasi. calculated based on quoted market prices. For those
Jika informasi ini tidak tersedia, model diskonto arus notes where quoted market prices are not available, a
kas digunakan berdasarkan kurva yield terkini yang discounted cash flow model is used based on a current
sesuai dengan sisa periode jatuh temponya. yield curve appropriate for the remaining term of
maturity.
PSAK 68, “Pengukuran Nilai Wajar” mensyaratkan SFAS No. 68, “Fair Value Measurement” requires
pengungkapan atas pengukuran nilai wajar dengan tingkat disclosure of fair value measurements by level of the
hirarki nilai wajar sebagai berikut: following fair value measurement hierarchy:
(a) harga kuotasian (tidak disesuaikan) dalam pasar aktif (a) quoted prices (unadjusted) in active markets for
untuk aset atau liabilitas yang identik (tingkat 1); identical assets or liabilities (level 1);
(b) input selain harga kuotasian yang termasuk dalam (b) inputs other than quoted prices included within level
tingkat 1 yang dapat diobservasi untuk aset atau 1 that are observable for the asset or liability, either
liabilitas, baik secara langsung (misalnya harga) atau directly (as prices) or indirectly (derived from prices)
secara tidak langsung (misalnya derivasi dari harga) (level 2); and
(tingkat 2); dan
(c) input untuk aset atau liabilitas yang bukan berdasarkan (c) inputs for the asset or liability that are not based on
data pasar yang dapat diobservasi (input yang tidak observable market data (unobservable inputs)
dapat diobservasi) (tingkat 3). (level 3).
Aset keuangan Perusahaan yang diukur dan diakui pada The Company’s financial assets that are measured and
nilai wajar (tingkat 2) adalah aset keuangan derivatif. recognised at fair value (level 2) are derivative financial
assets.
418

37. RASIO KEUANGAN YANG RELEVAN 37. RELEVANT FINANCIAL RATIOS
Berdasarkan POJK No. 35/POJK.05/2018 tanggal Based on POJK No.35/POJK.05/2018 dated 31 December
31 Desember 2018 tentang Penyelenggaraan Usaha 2018 regarding the Organisation of Financing Company
Perusahaan Pembiayaan, Perusahaan diharuskan untuk Business, the Company is required to comply with several
mematuhi sejumlah rasio keuangan tertentu. Rasio-rasio ini financial ratios. These ratios have been prepared by the
dibuat oleh Perusahaan berdasarkan formula sebagaimana Company based on the formula as prescribed in the said
ditentukan dalam peraturan OJK untuk tujuan kepatuhan OJK regulation for regulatory compliance purposes,
terhadap peraturan, dimana rasio tersebut dapat berbeda where such ratios may differ had the ratios been
jika rasio tersebut dihitung berdasarkan Standar Akuntansi computed based on Indonesian Financial Accounting
Keuangan Indonesia Standards.
Tabel berikut menyajikan rasio–rasio keuangan perusahaan The following table sets out the Company financial ratios
berdasarkan peraturan OJK pada tanggal 31 Desember 2022 based on OJK Regulation as of 31 December 2022 and
dan 2021: 2021:
Ketentuan
OJK/POJK 31 Desember /December
No. Rasio Requirement 2022 2021 Ratio
1 Rasio Saldo Piutang Pembiayaan Financing-to-Assets Ratio
Neto terhadap Total Aset >= 40% 89,20% 87,51% (FAR)
2 Rasio Saldo Piutang Pembiayaan
Neto terhadap Total Pinjaman >= 50%* 165,38% 188,03% Financing to Debt Ratio
3 Rasio Saldo Piutang Pembiayaan
Investasi dan Pembiayaan Modal Investment and Working
Kerja terhadap Total Saldo Piutang Capital Financing to Total
Pembiayaan >= 10% 76,86% 78,11% Financing Ratio
4 Rasio Piutang Pembiayaan
Bermasalah (Non-Performing Non-Performing Financing
Financing)- bruto <= 5% 1,00% 1,25% Ratio - gross
5 Rasio Piutang Pembiayaan
Bermasalah (Non-Performing Non-Performing Financing
Financing) - neto <= 5% 0,38% 0,23% Ratio - net
6 Rasio Permodalan >= 10% 62,63% 77,69% Capital Ratio
7 Gearing Ratio <= 10 x 1,35 x 0,98 x Gearing Ratio
8 Rasio Modal Sendiri terhadap Equity-to-Paid-up-Capital
Modal Disetor (MSMD) >= 50% 2193,49% 1861,38% Ratio
* Target yang ditetapkan manajemen sesuai ketentuan The target set by management is in accordance with *
POJK No.35/POJK.05/2018 POJK No.35/POJK.05/2018
38. PERISTIWA SETELAH TANGGAL PELAPORAN KEUANGAN 38. EVENT AFTER THE REPORTING PERIOD
Pada tanggal 27 Januari 2023, Perusahaan melakukan On 27 January 2023, the Company issued Continuing
emisi Obligasi Berkelanjutan V BFI Finance Indonesia Bonds V BFI Finance Indonesia Phase III Year 2023 with a
Tahap III Tahun 2023 dengan jumlah total sebesar Rp 1,1 total amount of Rp 1,1 trillion and in 3 Bond Series with
triliun dan dalam 3 Seri Obligasi dengan jangka waktu 370 maturities of 370 days, 2 years and 3 years. The said
hari, 2 tahun dan 3 tahun. Obligasi dimaksud telah bonds were listed and became dealers on the Indonesia
tercatat dan diperdagangkan di Bursa Efek Indonesia pada Stock Exchange on 30 January 2023.
tanggal 30 Januari 2023.

420

422

424

Appendices
SUMMARY REPORT OF
THE SUSTAINABLE FINANCIAL
ACTION PLAN (RAKB)
Background Sustainable Finance Goals
• Presidential Regulation No. 59/2017 on The Company strives to provide various

Implementation of the Achievement of financing products that are able to support the
Sustainable Development Goals; enhancement of community business activities
• POJK No. 51/POJK.03/2017 on Implementation and carry out business processes that always
of Sustainable Finance for Financial Services take sustainable development into account and
Institutions, Issuers, and Public Companies; and support environmental sustainability for the period
• Company strategy and policies regarding 2021–2025.
Sustainability.
Governance Structure
Sustainable Finance Vision
• The President Director as the main person in
To become a multifinance company that is always charge and supervisor in the implementation of
at the forefront of the non-bank financial industry Sustainable Finance in the Company;
by upholding its commitment to becoming a trusted • Finance Director concurrently serving as
partner in the public’s financial solutions, paying Corporate Secretary as the person in charge
attention to the balance of achieving economic, and daily supervisor in the implementation of
social, and environmental sustainability, to support Sustainable Finance in the Company;
sustainable development of the nation and improve • The Corporate Compliance Unit tasked
the living standards of the community wherever the with providing assistance and direction to
Company operates the President Director and Finance Director
concurrently serving as the Corporate Secretary
in their duties and responsibilities to carry
Sustainable Finance Mission out the primary and daily supervision of the
implementation of Sustainable Finance in the
Company, based on GCG principles; and
Capable of carrying out business activities in a • Three work units under the supervision of
sustainable manner, supporting the development of the Finance Director concurrently serving as
entrepreneurs in the low- to middle-income groups Corporate Secretary who assists the duties and
to boost the local economy and social welfare by responsibilities of the Director(s) concerned
being always mindful of environmental impacts in implementing the work programs related to
Sustainable Finance in the Company, namely:
o Corporate Regulatory Compliance;
o CSR; and
o Corporate Communication.
426
Programs and Goals
BFI Sustainable Development (BUILD)
2021 2022 2023 2024 2025
Eco-friendly Office Growth and Development Entrepreneurial

and Culture of SMEs Quality Financing
Financing Digitalization
2023 Activity Targets
The RAKB was submitted to OJK in December commitment to accelerating digitalization,

2022. It consisted of short-term (1-year) and fulfillment of qualified talent in the technology
long-term (5-year) action plans for implementing field to support the commitment, inculcation of
Sustainable Finance within the period 2021–2025. the BFI New Mindset to foster the commitment
among employees to engage in new ways
Broadly, the activity targets included in the short- of working that are more agile, innovative,
term action plan in 2023 include: and collaborative, as well as initiatives to
• Continuation of the digital transformation create a new work ecosystem supported
process to augment the business scale; by collaboration between work units in a
• Continuous development of business activation coordinated and transparent manner;
and marketing activities for various financing • CSR programs focusing on environmental
products and services geared for the public, sustainability and guided by the 2030
which will be supported by accelerated SDGs commitment as agreed upon by
digitalization of the Company’s business the management and the BOD, namely,
operating systems to deliver customer development of the education sector
satisfaction; (scholarships and financial literacy programs for
• Exploration of new product lines and MSMEs), health sector, access to clean water
development of agency management to and sanitation, and partnership with various
enhance leads and support business growth; parties outside of the Company to achieve the
• Continuous development of a digitalized goals;
risk management, asset management, and • Adjustment of various internal policies,
operational systems grounded upon Big Data encompassing business activation,
analytics, with the supporting technologies implementation of social and environmental
updated regularly; commitments supported by digital
• Innovations in corporate communication transformation initiatives, while always
(corporate branding) activities in general adhering to GCG principles and the concept of
and business/marketing communications for Sustainable Finance; and
financing products and activities across all • Accountable and timely evaluation of the
channels; Company’s Sustainable Finance implementation
• Focus of HR competence development and performance and its reporting to the
talent management in accordance with the stakeholders.

Appendices
FEEDBACK FORM
We thank you for your time reading this 2022 Integrated Annual Report of PT BFI Finance Indonesia Tbk.
To improve our services as well as enhance the contents of this report in the future, we kindly ask you to fill in this
Feedback Form and provide us with your valuable suggestion, critique, and further input.
Respondent Profile
Name and Organization :

(this field may be left blank if so preferred)
Point of Contact :
(phone/email)
Stakeholder Group :
(please tick the relevant box)
Shareholder/Investor Government Agency

Customer Media
Employee Public
Business Partner Others (please specify) :
Questionnaire
No Statement Yes No
1 The contents of this report are easy to comprehend.
2 The contents of this report are useful to you in obtaining information

and making decisions.
3 The contents of this report have described the Company’s

sustainable performance in a good, accurate, and balanced fashion.
4 This report contains information related to various aspects of

sustainability that you deem important to obtain.
5 This report has been presented in a well-designed, highly legible,

and carefully organized layout.
6 Were there any sustainability aspects that you wish to know more from the Company that were not covered in
this report? If yes, please specify these aspects.
7 Aspects that you wish to be discussed in greater depth in the subsequent reports are:
Thank you for your time in filling out this Feedback Form. PT BFI Finance Indonesia Tbk
BFI Tower, Sunburst CBD Lot 1.2
Please send this Feedback Form either physically or Jl. Kapt. Soebijanto Djojohadikusumo
electronically to: BSD City – South Tangerang 15322
Indonesia
Email: [email protected]
428
CROSS REFERENCE
OJK CIRCULAR
NO.16/SEOJK.04/2021
FORM AND CONTENT OF ANNUAL REPORTS
OF ISSUERS OR PUBLIC COMPANIES
Description Page
1. The Annual Report shall at least contain:
a. key financial highlights √
b. stock information (if any) √
c. report of the Board of Directors √
d. report of the Board of Commissioners √
e. profile of the Issuer or Public Company √
f. management discussion and analysis √
g. corporate governance of the Issuer or Public Company √
h. social and environmental responsibility of the Issuer or Public Company √
i. audited financial statements for the year √
j. statement of members of the Board of Directors and members of the Board of √

Commissioners regarding their responsibility for the Annual Report
2. Details of the Annual Report Content
a. Key Financial Highlights 18-19
Summary of important financial data including financial information presented in the form
of a comparison for 3 (three) financial years or since starting the business if the Issuer or
Public Company has carried out its business activities for less than 3 (three) years, at least
containing:
1. revenue/sales
2. gross profit
3. profit (loss)
4. profit (loss) attributable to owners of the parent and non-controlling interests
5. total comprehensive profit (loss)
6. total comprehensive profit (loss) attributable to owners of the parent and non-controlling
interests
7. profit (loss) per share
8. total assets
9. total liabilities
10. total equity
11. return on assets
12. return on equity
13. net profit margin
14. current ratio
15. liabilities to equity ratio
16. liabilities to assets ratio
17. other information and financial ratios relevant to the Issuer or Public Company and the
type of industry
b. Stock Information 20-22
Information on the stock of the Public Company shall at least contain: 20

1. shares that have been issued for each quarterly period presented in the form of a
comparison for the last 2 (two) financial years, containing at least:
a. number of shares outstanding

Appendices
Description Page
b. market capitalization based on the price on the stock exchange where the shares are
listed
c. highest, lowest, and closing prices based on the stock exchange where the shares are
listed
d. volume of trading on the stock exchange where the shares are listed
Information in points b), c), and d) is only disclosed if the shares are listed on the stock
exchange
2. in the event of a corporate action that causes changes in shares, such as stock splits, 21
reverse stock, stock dividends, bonus shares, changes in the par value of shares,
issuance of convertible securities, as well as capital additions and deductions, the share
information as referred to in number 1) shall at least include an explanation regarding:
a. date of implementation of corporate action
b. stock split ratio, reverse stock, stock dividends, bonus shares, number of convertible
securities issued, and changes in the par value of the shares
c. number of shares outstanding prior to and after the corporate action
d. number of convertible securities executed (if any)
e. share price before and after corporate action
3. in the event of a temporary suspension of trading and/or delisting of shares in the financial 22
year, the reasons for such suspension and/or delisting shall be provided
4. in the event that the temporary suspension of trading as referred to in number 3) and/or 22
the process of delisting of the shares is ongoing until the end of the Annual Report period,
the actions taken to resolve the temporary suspension of trading and/or delisting of the
shares must be detailed
c. Report of the Board of Directors 41-44
1. The Board of Directors’ report shall at least contain a brief description of:
a. the Issuer or Public Company’s strategic strategies and policies 43-44
b. roles of the Board of Directors in formulating strategies and strategic policies of the 42-43
Issuer or Public Company
c. processes carried out by the Board of Directors to ensure the implementation of the 42-43
Issuer or Public Company’s strategy
d. comparison between the results achieved with those targeted by the Issuer or Public 42-43
Company
e. constraints faced by the Issuer or Public Company 41-43
2. overview of the business prospects of the Issuer or Public Company 43-44
3. implementation of governance in the Issuer or Public Company 43
d. Report of the Board of Commissioners 35-37
The Board of Commissioners’ report shall at least contain a brief description of: 35-36
1. assessment of the performance of the Board of Directors regarding the management of
the Issuer or Public Company, including the supervision of the Board of Commissioners
in the formulation and implementation of the strategy of the Issuer or Public Company
carried out by the Board of Directors
2. views on the business prospects of the Issuer or Public Company prepared by the Board 37
of Directors
3. views on the implementation of governance in the Issuer or Public Company 36-37
e. Issuer or Public Company’s Profile 51-107
The profile of the Issuer or Public Company shall contain at least the following information:
1. name of the Issuer or Public Company, including whether there has been a change 52-53
of name, the reason for the change, and the effective date of the name change in the
financial year
2. access to the Issuer or Public Company including branch offices or representative offices 53, 292-307
that allow the public to obtain information about the Issuer or Public Company, including:
a. address
b. phone number
c. e-mail address
d. website
3. brief history of the Issuer or Public Company 56-57
4. vision and mission of the Issuer or Public Company as well as the corporate culture or 54-55, 60-61
values
5. business activities according to the latest articles of association, business activities 63-65
carried out in the financial year, and types of goods and/or services produced
6. the operational area of the Issuer or Public Company 66-67, 292-307
430
Description Page
7. the organizational structure of the Issuer or Public Company in the form of a chart, at 68-69
least up to a structure of 1 (one) level below the Board of Directors including committees
under the Board of Directors (if any) and committees under the Board of Commissioners,
alongside the names and positions
8. list of memberships in industry associations both on a national and international scale 52

related to the implementation of sustainable finance
9. profile of the Board of Directors, at least containing: 78-82, 202

a. name and position in accordance with the duties and responsibilities
b. latest photo
c. age
d. citizenship
e. education history and/or certification
f. work experience, including information on:
(1) the legal basis for appointment as a member of the Board of Directors of the
Issuer or Public Company
(2) concurrent positions, either as a member of the Board of Directors, a member of
the Board of Commissioners, and/or a member of committees and other positions
both inside and outside the Issuer or Public Company
In the event that a member of the Board of Directors does not have concurrent
positions, then this shall be disclosed
(3) work experience and period of time both inside and outside the Issuer or Public
Company
g. affiliation with other members of the Board of Directors, members of the Board of
Commissioners, majority shareholders, and controlling shareholders, either directly or
indirectly, to individual owners, including names of the affiliated parties
In the event that a member of the Board of Directors does not have an affiliated
relationship, the Issuer or Public Company shall disclose this matter
h. changes in the composition of the members of the Board of Directors and reasons for NA
such changes
In the event of no change in the composition of the members of the Board of
Directors, this shall be disclosed
10. profile of the Board of Commissioners, at least containing: 73-77, 194

a. name and position
b. latest photo
c. age
d. citizenship
e. education history and/or certification
f. work experience, including information on:
(1) the legal basis for appointment as a member of the Board of Commissioners of
the Issuer or Public Company
(2) legal basis for initial appointment as an independent member of the Board of
Commissioners of the Issuer or Public Company
(3) concurrent positions, either as a member of the Board of Commissioners, a
member of the Board of Directors, and/or a member of committees and other
positions both inside and outside the Issuer or Public Company
In the event that a member of the Board of Commissioners does not have
concurrent positions, then this shall be disclosed
(4) work experience and period of time both inside and outside the Issuer or Public
Company
g. affiliation with other members of the Board of Commissioners, members of the Board
of Directors, majority shareholders, and controlling shareholders, either directly or
indirectly, to individual owners, including names of the affiliated parties
In the event that a member of the Board of Commissioners does not have an affiliated
relationship, the Issuer or Public Company shall disclose this matter
h. statement of independence of the independent commissioner(s) should the 193
independent commissioner(s) have served more than 2 (two) terms
i. changes in the composition of the members of the Board of Commissioners and 77
reasons for such changes
In the event of no change in the composition of the members of the Board of
Commissioners, this shall be disclosed
11. in the event that there is a change in the composition of the members of the Board of NA
Directors and/or members of the Board of Commissioners that occurs after the financial
year ends, up to the deadline for submitting the Annual Report, the compositions
presented in the Annual Report are the current and previous compositions of the
members of the Board of Directors and/or members of the Board of Commissioners
12. number of employees by gender, position, age, education level, and employment 70-72
status (permanent/contract) in the financial year
This information can be presented in tabulated format

Appendices
Description Page
13. names of shareholders and percentages of ownership at the beginning and end of the 98-100
financial year, consisting of the following information regarding:
a. shareholders who own 5% (five percent) or more shares of the Issuer or Public 98
Company
b. members of the Board of Directors and members of the Board of Commissioners 98
who own shares in the Issuer or Public Company
In the event that all members of the Board of Directors and/or all members of the
Board of Commissioners do not own shares, this shall be disclosed
c. public shareholders, namely shareholders who each own less than 5% (five 98-99
percent) of the shares of the Issuer or Public Company
14. percentage of indirect ownership of the shares of the Issuer or Public Company by 98
members of the Board of Directors and members of the Board of Commissioners at
the beginning and end of the financial year, including the shareholders registered in
the shareholder register for indirect ownership of interests by members of the Board of
Directors and members of the Board of Commissioners
In the event that all members of the Board of Directors and/or all members of the Board
of Commissioners do not have indirect ownership of the shares of the Issuer or Public
Company, this shall be disclosed
15. number of shareholders and the percentage of ownership at the end of the financial year, 99
classified by:
a. local institutional ownership
b. foreign institutional ownership
c. local individual ownership
d. foreign individual ownership
16. information regarding the majority and controlling shareholders of the Issuer or Public 100
Company, either directly or indirectly, down to the individual owners, presented in the form
of a scheme or chart
17. names of subsidiaries, associated entities, joint ventures in which the Issuer or Public 93-95
Company has joint control of the entities (if any), along with the percentages of share
ownership, lines of business, total assets, and operating status of the subsidiaries,
associated entities, and joint ventures
For subsidiaries, their addresses must be provided
18. chronology of share listing, number of shares, par value, and offering price from the 101-102
beginning of listing to the end of the financial year as well as the name of the stock
exchange where the shares of the Issuer or Public Company are listed, including events of
stock splits, reverse stock, stock dividends , bonus shares, and changes in the par value
of shares, issuance of convertible securities, capital additions and subtractions (if any)
19. information on the listing of securities other than those referred to in number 18), which 104-105
have not matured in the financial year, at least containing the names of the securities,
issuance year, interest rate/yield, maturity date, offering value, and ratings (if any)
20. information on the procurement of services from public accountants and public
accounting firms along with their networks/associations/alliances, including: 106
a. names and addresses
b. assignment periods
c. information on audit and/or non-audit services rendered
d. audit and/or non-audit fee for each assignment performed during the financial year
e. In the event that the appointed public accountants and public accounting firms and
their networks/associations/alliances did not provide non-audit services, this shall be
disclosed
Disclosure of information on the procurement of services from public accountants
and public accounting firms along with their networks/associations/alliances can be
presented in tabulated format
21. names and addresses of capital market supporting institutions and/or professions other 107
than the public accountants and public accounting firms
f. Management Analysis and Discussion
Management’s analysis and discussion contains analysis and discussion of financial

statements and other important information with an emphasis on material changes that
occurred in the financial year, which at least contains:
1. review of operations for each business segment, according to the type of industry of the 113-115,
Issuer or Public Company, at least regarding: 125-133
a. production, which includes the process, capacity, and developments thereof
b. revenue/sales
c. profitability
432
Description Page
2. comprehensive financial performance, which includes a comparison of financial 137-165

performance in the last 2 (two) financial years, an explanation of the causes of the
changes and the impact of these changes, at least regarding:
a. current assets, non-current assets, and total assets 137-147
b. current liabilities, non-current liabilities, and total liabilities 147-152
c. equity 152-154
d. revenue/sales, expenses, profit (loss), other comprehensive income, and total 154-161
comprehensive profit (loss)
e. cash flows 162
3. ability to pay debts or obligations, by presenting the calculations for the relevant ratios 163
4 collectibility of the Issuer or Public Company’s receivables, by presenting the calculations 164
for the relevant ratios
5 capital structure and management policy on the capital structure along with the basis for 167
determining such policy
6 discussion of material commitments for capital goods investments, with the explanation 167
containing at least:
a. purposes of commitments
b. expected sources of funding to fulfill such commitments
c. currencies in which such commitments are denominated
d. measures planned by the Issuer or Public Company to take to protect against the risk
arising from the related foreign currency positions
7 discussion of capital goods investments realized in the last financial year, containing at 167-168
least:
a. types of capital goods investments
b. purposes of capital goods investments
c. amounts disbursed in capital goods investments
8 material information and facts occurring after the date of the accountant’s report (if any) 168
9 business prospects of the Issuer or Public Company related to the conditions in the 173
relevant industry, the general economy, and the international market, accompanied by
supporting quantitative data from reliable sources
10 comparison between the target/projection at the beginning of the financial year with the 166
results achieved, regarding:
a. revenue/sales
b. profit (loss)
c. capital structure or
d other matters deemed important to the Issuer or Public Company
11 targets/projections to be achieved by the Issuer or Public Company for the next 1 (one) 173
year, regarding:
a. revenue/sales
b. profit (loss)
c. capital structure
d. dividend policy or
e. other matters deemed important to the Issuer or Public Company
12 marketing aspects of the goods and/or services of the Issuer or Public Company, at least 110-119,
regarding marketing strategy and market share 133-136
13 description of dividends for the last 2 (two) financial years, at least containing: 169
a dividend policy, which includes information on the ratio of dividends to net income
b. cash dividend payment date and/or non-cash dividend distribution date
c. amount of dividend per share (cash and/or non-cash)
d. amount of dividends disbursed per year
In the event that the Issuer or Public Company did not distribute dividends in the last
2 (two) years, this shall be disclosed
14 realization of the use of public offering proceeds, by taking into consideration the 170
following:
a. in the event that during the financial year the Issuer has an obligation to submit a
report on the realization of the use of proceeds, then the realization of the cumulative
use of the public offering proceeds shall be disclosed up to the end of the financial
year
b. in the event of a change in the use of proceeds, as stipulated in the Regulation of the
Financial Services Authority regarding the report on the realization of the use of public
offering proceeds, the Issuer shall explain such change

Appendices
Description Page
15 material information (if any), among others regarding investments, expansions, 170
divestments, business mergers/consolidations, acquisitions, debt/capital restructurings,
material transactions, affiliated transactions, and transactions with conflict of interest
which occurred during the financial year, containing at least:
a. dates, values, and objects of the transactions
b. names of parties conducting the transactions
c. nature of the affiliations (if any)
d. explanation of the fairness of the transactions
e. compliance with related provisions
f. in the event that there is an affiliation relationship, in addition to disclosing the
information as referred to in letters a) to e) above, the Issuer or Public Company also
shall disclose the following:
(1) a statement from the Board of Directors that the affiliated transactions have
undergone adequate procedures to ensure that affiliated transactions have been
carried out in accordance with generally accepted business practices, among
others, by complying with the arms-length principle
(2) the roles of the Board of Commissioners and the audit committee in undertaking
the adequate procedures to ensure that the affiliated transactions have been
carried out in accordance with generally accepted business practices, among
others, by complying with the arms-length principle
g. for affiliated transactions or material transactions that are business activities carried
out in order to generate business revenue and are carried out regularly, repeatedly,
and/or continuously, an explanation shall be added that the affiliated transactions or
material transactions are related to business activities carried out in order to generate
business revenue and are carried out regularly, repeatedly, and/or continuously
In the event that the affiliated transactions or material transactions have been
disclosed in the annual financial statements, an information regarding the reference to
such disclosure in the annual financial statements shall be provided
h. for disclosure of affiliated transactions and/or conflict of interest transactions
resulting from the implementation of affiliated transactions and/or conflict of interest
transactions that have been approved by independent shareholders, additional
information regarding the date of the GMS which approved the affiliated transactions
and/or transactions with conflict of interest shall be provided
i. in the event of no affiliated transaction and/or transaction with conflict of interest, this
shall be disclosed
16. changes in the laws and regulations that bear a significant effect on the Issuer or Public 171
Company and their impact on the financial statements (if any)
17. changes in accounting policies, the reasons for such changes, and their impact on the
financial statements (if any) 172
g. Governance of the Issuer or Public Company 175-265
Details on the governance of the Issuer or Public Company must contain at least a brief
explanation on:
1. GMS, at least regarding: 184-188
a. Resolutions of the GMS in the financial year and 1 (one) year prior to the financial year,
including:
(1) resolutions of the GMS in the financial year and 1 (one) year before the financial
year that were implemented in the financial year
(2) resolutions of the GMS in the financial year and 1 (one) year before the financial 186-188
year that were not implemented along with the reasons for not implementing them
b. in the event that the Issuer or Public Company uses an independent party at the GMS
to calculate the votes, then this matter shall be disclosed
2. Board of Directors, at least regarding: 198-210

a. Duties and responsibilities of each member of the Board of Directors 200
This information shall be described and may be presented in tabulated format
b. statement that the Board of Directors has guidelines or charter of the Board of 199
Directors
c. policy and implementation of the frequency of meetings of the Board of Directors, 214-216
meetings of the Board of Directors with the Board of Commissioners, and the level
of attendance of members of the Board of Directors in these meetings including
attendance at the GMS
Level of attendance of members of the Board of Directors in meetings of the Board of
Directors, meetings of the Board of Directors with the Board of Commissioners, or the
GMS, can be presented in tabulated format
d. training and/or competence development for members of the Board of Directors: 204
(1) policy on training and/or competence development for members of the Board of
Directors, including an orientation program for newly appointed members of the
Board of Directors (if any) and
(2) training and/or competence development programs attended by members of the
Board of Directors in the financial year (if any)
434
Description Page
e. The Board of Directors’ assessment of the performance of the committees that 211
support the implementation of the duties of the Board of Directors in the financial year
shall at least contain:
(1) performance appraisal procedure
(2) criteria used, such as performance achievements during the financial year,
competence and attendance at meetings
f. in the event that the Issuer or Public Company does not have a committee that
supports the implementation of the duties of the Board of Directors, then this shall be
disclosed
3. The Board of Commissioners, at least regarding: 189-197

a. duties and responsibilities of the Board of Commissioners 189
b. statement that the Board of Commissioners has guidelines or charter of the Board of 191
Commissioners
c. policy and implementation of the frequency of meetings of the Board of
Commissioners, meetings of the Board of Commissioners with the Board of Directors, 212-214
and the level of attendance of members of the Board of Commissioners in these
meetings, including attendance at the GMS
Level of attendance of members of the Board of Commissioners at the meeting of the
Board of Commissioners, the meeting of the Board of Commissioners with the Board
of Directors, or the GMS can be presented in tabulated format
d. training and/or competence development for members of the Board of 195-196
Commissioners:
(1) policy on training and/or competence development for members of the Board of
Commissioners, including an orientation program for newly appointed members of
the Board of Commissioners (if any)
(2) training and/or competence development programs attended by members of the
Board of Commissioners in the financial year (if any)
e. performance appraisal of the Board of Directors and the Board of Commissioners as 211
well as each member of the Board of Directors and the Board of Commissioners, at
least containing:
(1) performance appraisal procedures
competence, and attendance at meetings
(3) the party conducting the assessment
f. The Board of Commissioners’ assessment of the performance of the Committees 196-197
that support the implementation of the duties of the Board of Commissioners in the
financial year, including:
(1) performance appraisal procedures
competence, and attendance at meetings
4. The nomination and remuneration of the Board of Directors and the Board of 195, 203
Commissioners shall at least contain:
a. nomination procedure, including a brief description of the policy and process of
nomination of members of the Board of Directors and/or members of the Board of
Commissioners
b. procedures and implementation of remuneration for the Board of Directors and the
Board of Commissioners, among others:
(1) procedures for determining remuneration for the Board of Directors and the Board
of Commissioners
(2) the remuneration structure of the Board of Directors and the Board of
Commissioners, such as salary, allowances, tantiem/bonus and others
(3) the amount of remuneration for each member of the Board of Directors and
member of the Board of Commissioners
Disclosure of information can be presented in tabulated format
5. The sharia supervisory board, should the Issuer or Public Company carry out business 217-219
activities based on sharia principles as stated in the articles of association, at least
regarding:
a. names 83-84
b. legal basis for appointment
c. term of office 217
d. duties and responsibilities 217
e. frequency and method of providing advice and suggestions as well as supervision 218-219
of compliance with sharia principles in the capital market for the Issuer or Public
Company
6. The audit committee, at least contains: 220-224

a. name and position in the committee membership 85-86
b. age
c. citizenship
d. educational background

Appendices
Description Page
e. work experience, including information on:

(1) legal basis for appointment as committee member
member of the Board of Directors, and/or a member of a committee as well as
other positions (if any)
(3) work experience and time period both inside and outside the Issuer or Public
Company
f. period and term of office of audit committee members 221
g. audit committee independence statement 222
h. training and/or competence development programs attended in the financial year (if 223-224
any)
i. policies and implementation of the frequency of audit committee meetings and level of 223
attendance of audit committee members in these meetings
j. implementation of audit committee activities in the financial year in accordance with 224
those stated in the audit committee guidelines or charter
7. Committee or function of nomination and remuneration of the Issuer or Public Company, 228-231
at least regarding:
a. name and position in the committee membership 88
b. age
c. citizenship
Company
f. period and term of office of committee members 229
g. committee independence statement 229
h. training and/or competence development attended in the financial year (if any) 231
i. description of duties and responsibilities 228
j. a statement that the committee has a guideline or charter 228
k. policy and implementation of the frequency of meetings and the level of attendance of 230
members in the meetings
l. brief description of the activities carried out in the financial year 231
m. in the event that no nomination and remuneration committee is formed, the Issuer or NA
Public Company shall disclose the information as referred to in letter i) to letter l) and
disclose:
(1) reasons for not forming the committee
(2) the party carrying out the nomination and remuneration function
8. other committees in the Issuer or Public Company that support the functions and duties 225-227
of the Board of Directors (if any) and/or committees that support the functions and duties
of the Board of Commissioners, at least regarding:
a. name and position in the committee membership
b. age 87
c. citizenship
Company
f. period and term of office of committee members 226
g. committee independence statement 226
h. training and/or competence development attended in the financial year (if any) 227
i. description of duties and responsibilities 225
j. statement that the committee has a committee guideline or charter 225
k. policy and implementation of the frequency of committee meetings and the level of 227
attendance of committee members in the meetings
l. brief description of the activities carried out in the financial year 227
9. Corporate Secretary, at least regarding:

a. name 79, 233
b. domicile
c. work experience, including:
(1) legal basis for appointment as company secretary
Company
436
Description Page
e. training and/or competence development attended in the financial year

f. brief description of the implementation of the duties of the company secretary in the 233
financial year
10. Internal audit unit, at least regarding: 234-237

a. name of head of internal audit unit 237
b. work experience, including:
(1) legal basis for appointment as head of internal audit unit
Company
c. qualification or certification in the internal audit profession (if any)
d. training and/or competence development attended in the financial year 237
e. structure and position of the internal audit unit 234-235
f. description of duties and responsibilities 235-236
g. statement that there is a guideline or charter of the internal audit unit 234
h. brief description of the implementation of the duties of the internal audit unit in the 237
financial year including the policy and implementation of the frequency of meetings
with the Board of Directors, Board of Commissioners, and/or audit committee
11. description of the internal control system implemented by the Issuer or Public Company, 238-239
at least regarding:
a. financial and operational control, as well as compliance with other laws and 238
regulations
b. review of the effectiveness of the internal control system 238-239
c. statement of the Board of Directors and/or Board of Commissioners on the adequacy 238-239
of the internal control system
12. risk management system implemented by the Issuer or Public Company, at least 240-245
regarding:
a. overview of the risk management system in the Issuer or Public Company 240-241
b. types of risks and ways to manage them 242-243
c. review of the effectiveness of the risk management system 244
d. statement from the Board of Directors and/or the Board of Commissioners or the audit 244
committee on the adequacy of the risk management system
13. legal cases with a material impact involving the Issuer or Public Company, its subsidiaries, 245
the members of the Board of Directors and members of the Board of Commissioners (if
any), at least regarding:
a. legal case/lawsuit matter
b. status of settlement
c. effect on the condition of the Issuer or Public Company
14. information on administrative sanctions imposed on the Issuer or Public Company, 245
members of the Board of Commissioners and members of the Board of Directors, by the
Financial Services Authority and other authorities in the financial year (if any)
15. information on the code of ethics prevailing in the Issuer or Public Company, including: 254-256
a. code of ethics 254-255
b. dissemination of the code of ethics and enforcement mechanisms 255-256
c. statement that the code of ethics applies to members of the Board of Directors, 255
members of the Board of Commissioners, and employees of the Issuer or Public
Company
16. brief description of the policy of providing long-term performance-based compensation 256
to management and/or employees of the Issuer or Public Company (if any), including
the management stock ownership program (MSOP) and/or employee stock ownership
program (ESOP)
In the event that the compensation is provided in the form of MSOP and/or ESOP, the
information disclosed must at least contain:
a. number of shares and/or options
b. implementation period
c. requirements for the eligibility of employees and/or management
d. exercise price or determination thereof
17. brief description of the information disclosure policy, regarding: 257

a. share ownership of members of the Board of Directors and members of the Board of
Commissioners no later than 3 (three) working days after the occurrence of ownership
or any change in ownership of shares of a Public Company
b. implementation of said policy
18. description of the whistleblowing system prevailing in the Issuer or Public Company, at 257-258
least regarding:
a. mechanism for reporting submission
b. protection for whistleblowers

Appendices
Description Page
c. handling of complaints/reports
d. party managing the reports
e. results of the handling of complaints/reports, at least:
(1) the number of reports received and processed in the financial year
(2) follow-up to the reports.
In the event that the Issuer or Public Company does not have a whistleblowing
system, then this shall be disclosed
19. description of the anti-corruption policy of the Issuer or Public Company, at least 258
regarding:
a. programs and procedures carried out to address practices of corruption, kickbacks,
fraud, bribery and/or gratuities in the Issuer or Public Company
b. anti-corruption training/dissemination thereof to employees of the Issuer or Public
Company
In the event that the Issuer or Public Company does not have an anti-corruption
policy, the reasons for not having said policy shall be provided
20. implementation of the guidelines for the governance of issuers and public companies, 263-265
including:
a. a statement regarding the recommendations that have been implemented and/or
b. an explanation of the recommendations that have not been implemented, along with
reasons and alternative implementations (if any)
h. Issuer or Public Company’s Corporate Social and Environmental Responsibility 12-15, 267-289
1. Information disclosed in the corporate social and environmental responsibility chapter

shall be the Sustainability Report as referred to in the Financial Services Authority
Regulation No. 51/POJK.03/2017 on the Implementation of Sustainable Finance for
Financial Services Institutions, Issuers, and Public Companies, and the report shall
contain at least:
a. explanation of sustainability strategy 268-270
b. overview of sustainability aspects (economic, social, and environmental) 12-15
c. brief profile of the Issuer or Public Company 52-57
d. explanation by the Board of Directors 41-44
e. sustainability governance 182-183, 426-427
f. sustainability performance 271-288
g. written verification from an independent party, if any NA
h. feedback sheet for readers, if any 428
i. Issuer or Public Company’s response to the previous year’s report feedback NA
2. Sustainability Report as referred to in number 1) shall be prepared in accordance with the √

Technical Guidelines for the Preparation of Sustainability Reports for Issuers and Public
Companies, as contained in Appendix II of this Circular of the Financial Services Authority
3. information on the Sustainability Report in number 1) may: √

a. disclosed in other relevant sections outside of the social and environmental √
responsibility section, such as the Directors’ explanation regarding the Sustainability
Report disclosed in the section related to the Directors’ Report and/or
b. refer to other sections outside the social and environmental responsibility section √
while still referring to the Technical Guidelines for the Preparation of Sustainability
Reports for Issuers and Public Companies as listed in Appendix II which is an integral
part of this Financial Services Authority Circular Letter, such as profiles Issuer or
Public Company
4. The Sustainability Report as referred to in number 1) is an inseparable part of the Annual √

Report, however it may be presented separately from the Annual Report
5. In the event that the Sustainability Report is presented separately from the Annual Report, NA
the information disclosed in the Sustainability Report shall:
a. contain all the information as referred to in number 1)
b. be prepared in accordance with the Technical Guidelines for the Preparation of
Sustainability Reports for Issuers and Public Companies as listed in Appendix II of this
Circular of the Financial Services Authority
6. In the event that the Sustainability Report is presented separately from the Annual Report, NA
then the social and environmental responsibility section shall state that the information
regarding social and environmental responsibility is disclosed in the Sustainability Report
presented separately from the Annual Report
7. Submission of the Sustainability Report which is presented separately from the Annual NA
Report must be done together with the submission of the Annual Report
438
Description Page
i. Audited Financial Statements for the Year 313-424
The financial statements contained in the Annual Report shall be prepared in accordance with
the financial accounting standards prevailing in Indonesia and have been audited by a public
accountant registered with the Financial Services Authority. Said annual financial statements
shall contain a statement regarding the accountability for the financial statements as regulated
in the Financial Services Authority Regulation on the responsibility of the Board of Directors
for financial reporting, or the laws and regulations in the capital market which regulate the
periodic reporting of securities companies, in the event that the Issuer is a securities company
j. Statement Letter of Members of the Board of Directors and Members of the Board of 48-49
Commissioners regarding Responsibility for the Annual Report
The statement letter from members of the Board of Directors and members of the Board
of Commissioners regarding the responsibility for the Annual Report shall be prepared in
accordance with the prescribed format provided in Appendix I of this Circular of the Financial
Services Authority.

Appendices
CROSS REFERENCE
OJK REGULATION
NO.51/POJK.03/2017
IMPLEMENTATION OF SUSTAINABLE FINANCE FOR FINANCIAL
SERVICES INSTITUTIONS, ISSUERS, AND PUBLIC COMPANIES
Description Page
1. Explanation on sustainability strategy 268-270
2. Summary of sustainability aspects 12-15
a. Economic aspect, including:

1. Quantity of products/services sold 14
2. Income/sales
3. Net profit/loss
4. Environmentally friendly products
5. Local parties involvement related to the Sustainable Finance business process 15
b. Environmental aspect, including: 279-281

1. Energy usage (among others, water and electricity) 279
2. Emission reduction (for companies whose business processes are directly related to the 279
environment)
3. Reduction of waste and effluents into the surrounding environment (for companies whose 279
business processes are directly related to the environment)
4. Conservation of biodiversity (for companies whose business processes are directly related 280-281
to the environment)
c. Social aspect 282-287
3. Brief profile of the company
a. Vision, mission, sustainability value 55
b. Name, address, telephone number, facsimile number, e-mail address, and website, and also 53
branch offices and/or representative offices
c. Business scale, covering:

1. Total assets/asset capitalization and total liabilities
2. Total employees based on gender, position, age, education, and status of employment 14-15
3. Percentage of share ownership
4. Operational areas
d. Brief explanation of products, services, and business activities 63-65
e. Membership in associations 52
f. Significant changes, among others those related to the closure or opening of branches and NA
ownership structure
4. Directors’ exposition
a. Policy to respond to challenges in the fulfillment of sustainability strategy, including:

1. Explaination of sustainability value for the Company
2. Explanation of the Company’s response to issue related to the implementation
of Sustainable Finance
3. Explanation of the Company’s leadership’s commitment towards the implementation of
Sustainable Finance
4. Performance achievement regarding the implementation of Sustainable Finance
5. Challenges related to the implementation and performance of Sustainable Finance
41-44
b. Implementation of Sustainable Finance, including:
1. Target vs. achievements
2. Achievements and challenges during the reporting period
440
Description Page
c. Strategy to achieve the targets, including:

1. Risk management related to the implementation of Sustainable Finance
2. Utilization of business opportunities and prospects
3. Explanation of the external economic, social and environmental milieu that may affect the
Company’s sustainability
5. Sustainability governance 192-193
a. Roles and responsibilities of the Board of Directors and the Board of Commissioners, 192-193
employees, officers and/or work units responsible for implementing Sustainable Finance
b. Competence development for members of the Board of Directors, members of the Board 192
of Commissioners, employees, officers and/or work units responsible for implementing
Sustainable Finance
c. Identification, measurement, monitoring and control of risks related to the implementation of 192
Sustainable Finance
d. Description of the stakeholders, including:

1. Stakeholder involvement based on management’s assessment, AGMS, decree, or others 192-193
2. Approach employed by the Company in involving stakeholders in the implementation of
Sustainable Finance
e. Problems, developments, and effects on the implementation of Sustainable Finance 192-193
6. Sustainability performance
a. Internal activities to foster the sustainability culture in the Company 270
b. Description of economic performance in the last 3 years, including:

1. Comparison of production targets vs. achievements, portfolio, financing/investment 166
targets, income and profit and loss
2. Comparison of portfolio targets and performance, financing/investment targets in financial 166
instruments or projects in line with the implementation of Sustainable Finance
c. Social performance in the last 3 years, including:

1. The Company’s commitment to providing equitable products/services to customers 288
2. Employment, including:
a. Statement of equality of employment opportunities and the presence/absence of 272
forced labor and child labor
b. Percentage of permanent employee remuneration at the lowest level compared to the 276
regional minimum wage
c. A decent and safe work environment 277-278
d. Employee training and competence development 273-274
3. Society, including:
a. Operational activities or areas that have positive and negative impacts on the 282-287
surrounding community, including financial inclusion and literacy initiatives
b. Mechanisms for the public to air grievances and the number of grievances received 282-287
and followed up
c. CSR related to the fulfillment of sustainable development goals, including the types 282-287
and achievements of community empowerment programs
d. Environmental performance, including:

1. Environmental costs incurred NA
2. Use of environmentally friendly materials (for example, recyclable or recycled products) 279
3. Energy usage, including:
a. Amount and intensity of energy used NA
b. Energy efficiency initiatives and achievements, including utilization of renewable 279
energy
e. Environmental performance for companies whose business processes are directly related to NA
the environment
f. Responsibility for developing Sustainable Finance products and/or services, including:

1. Innovation and development of Sustainable Finance products and/or services 288
2. The number and percentage of products/services that have been evaluated for its safety NA
3. Positive and negative impacts caused by products and/or services, distribution 288
processes, and the mitigation thereof
4. Number of products withdrawn and their reasons NA
5. Customer satisfaction surveys for Sustainable Finance products and/or services 116-119, 288
7. Written verification from an independent party, if present NA

Appendices
442

BFI Tower
Jl. Kapt. Soebijanto Djojohadikusumo
BSD City, South Tangerang 15322
Indonesia
1500018
[email protected]
www.bfi.co.id

Ir Bfin 2022 - Eng

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Building

The Next Chapter

PT BFI Finance Indonesia Tbk 3

3 Cover Story 58 Milestones

ABOUT THIS REPORT 60 Core Values and Corporate Culture

6 Building the Next Chapter 62 Corporate Identity

7 Theme Continuity 63 Line of Business

8 Introduction to Integrated Reporting 66 Map and Operational Network

10 Summary of 2022 Integrated Annual Report 68 Organization Structure

12 Summary of 2022 Sustainability Performance 70 Workforce Profile

14 2022 Key Highlights 73 Board of Commissioners Profiles

01 2022 PERFORMANCE HIGHLIGHTS 78 Board of Directors Profiles

18 Key Financial Highlights 83 Sharia Supervisory Board Profiles

20 Share Highlights 85 Committees under the Board of

41 Report of the Board of Directors 104 Chronological Listing of Other Securities

48 Statement of the Board of Commissioners 106 Public Accountant Services

56 Brief Company History 122 Industry Overview

125 Business Review 240 Risk Management

133 Marketing 245 Legal Cases

137 Financial Performance Review 245 Administrative Sanctions

154 • Consolidated Statement of Profit or Loss 250 Investor Relations

167 Material Investment on Capital Goods 257 Information Disclosure Policy

168 Events After the Reporting Period 257 Whistleblowing System

169 Dividends 258 Anti-Corruption Policy

169 Use of Public Offering Funds 259 Procurement Policy

171 Impact from Regulatory Changes 07 SUSTAINABILITY

184 General Meeting of Shareholders 08 SUPPORTING DATA

189 Board of Commissioners 292 Addresses of Outlets

198 Board of Directors 308 Glossary

211 Performance Assessment of the Board of 09 ANNUAL FINANCIAL STATEMENTS

225 Risk Oversight Committee 428 Feedback Form

234 Internal Audit 440 Cross Reference OJK Regulation

PT BFI Finance Indonesia Tbk 5

2021 2020 2019 2018

PT BFI Finance Indonesia Tbk 7

About the Integrated Report

Graph 1 IIRC Reporting Framework

Purpose, Mission & Vision

Social and Social and

Value Creation, Preservation or Erosion Over Time

More on the IR framework and its supporting information is available on https://integratedreporting.org.

PT BFI Finance Indonesia Tbk 9

1. About This Report 6. Management Discussion and Analysis

References Sustainability Element

Financial Intellectual Manufactured Human Relationship & Natural

Customers Shareholders/ Employees Regulators General Environment Business

PT BFI Finance Indonesia Tbk 11

BFI Finance’s Value Distribution

By conducting a superior business in the across Indonesia, creating economic ripple

Financial Value Creation And Distribution

Description 2020 2021 2022

Revenue 4,569,778 4,122,555 5,383,010

Shareholders and Investors 179,573 374,109 570,747*

Employees 1,122,266 1,023,279 1,324,648

Business Partners and Other Operations 2,572,710 1,685,388 1,816,258

Government 168,404 279,620 432,002

Surrounding Communities 4,806 2,930 3,423

Business Continuity 701,592 1,131,338 1,806,679

CAPITAL UTILIZATION AND VALUE CREATION

Type of Form of Utilization and Value Beneficiary Explained in

Financial Financing facility Normal business activities, Customers, 2, 3, 4, 6, 10

Intellectual Business model Development of a robust and Customers, 2, 3, 4, 5, 6